Pace plc Interim results for the half year ended 30 June 2008
Strong performance momentum continues with increasing volume shipments and successful acquisition
July 28 2008
Pace, the leading independent developer of digital TV technologies for the global payTV industry, announces its Interim results for the half year to 30 June 2008.
Operating Highlights
* Strong operating performance during the period with volume shipments up 55% to 2.8m set-top boxes (six months ended 1 December 2007: 1.8m)
* Launched ten new HDPVR products with customers globally including: Foxtel, UPC, Viasat, Sky Italia, Sky New Zealand & US cable
* Acquisition completed and integration progressing well of set-top box business of Royal Philips Electronics which is already profitable
* Announced significant new cable contract with Comcast in the US (as previously announced)
Financial Highlights
* Revenues up 22% to £231.1m (six months ended 1 December 2007: £190.0m)
* Pace France revenues of £75.4m with profit before tax of £2.1m on volumes of 1.4m set-top boxes (for the period 21 April to 30 June 2008).
* Gross margin improved to 21.0% (six months ended 1 December 2007: 20.7%)
* Profit before tax and exceptional items up to £11.2m (six months ended 1 December 2007: £10.6m)
* Earnings per share of 3.1p (six months ended 1 December 2007: 4.6p)
* Net cash of £13.7m (31 December 2007: net borrowings £12.1m)
Outlook
* The Board reiterates its confidence in Pace’s expectations for the 2008 and 2009 financial years
Commenting on the results, Neil Gaydon, Chief Executive Officer, said:
“Pace made strong progress in the first half, building on the performance momentum it has created over the last three years, with early beneficial results from our successful Philips acquisition. We launched ten new high definition products with customers around the world and improved the overall performance across the Group. The business is in good shape to capitalise on growth in our core set-top box business, new markets and new technologies as the world embraces the wide range of digital TV solutions. We look forward to the future with confidence.”
Ends
Contacts
Sarah West/Jonathan Glass
Brunswick
+44 20 7404 5959
Helen Kettleborough
Pace plc
Today only +44 20 7404 5959
Thereafter +44 1274 538005
