Pace plc Trading Update
April 7 2009
Pace plc the leading independent developer of digital TV technologies for the global payTV industry, is today announcing a very significant upgrade on its current performance expectations for 2009.
Since announcing preliminary results on 3 March 2009, demand for Pace’s products has increased across many of the Group’s global markets and technologies. Pace’s improved market position, the breadth of its product offering and track record for innovation and delivery means Pace is increasingly viewed as a supplier of choice by many of its payTV operator customers. This combination along with strong market demand and enhanced competitive position has resulted in further orders from new and existing customers to fulfil consumer demand for digital and high definition services. At the same time Pace has continued to benefit from its programme of operational synergies and business efficiencies to improve margin performance across the Group.
Consequently, Pace now expects that its performance will result in a very significant increase on management’s expectations for 2009 and also that it will be in a strong position as it enters 2010. The market for high-end products is growing rapidly, even in an advanced market such as Western Europe, less than 2% of television households are so far subscribing to a high definition TV service (Screen Digest data, April 2009). The Pace Board recognises that these factors have created an exceptionally positive situation for Pace, which is expected to continue, reflecting the strong foundations established over the last three years.
Pace will issue a combined IMS and AGM statement on 22 April 2008.
