3rd Mar 2015 08:00
LONDON (Alliance News) - Pace PLC Tuesday expressed confidence in making "further progress" in 2015, saying it expects earnings to rise, as it posted a increase in pretax profit for 2014.
The maker of products such as set-top boxes for pay-TV and broadband providers proposed a final dividend of 4.75 cents per share, taking its total dividend to 7.00 cents, up 27.5% from 5.49 cents in 2013.
Pace posted a pretax profit of USD175.7 million, up from USD130.8 million, as a rise in revenue to USD2.62 billion from USD2.47 billion offset an increase in cost of sales and a rise in administrative expenses to USD351.6 million from USD309.4 million.
The company said revenue growth was boosted by its acquisition of Aurora Networks Inc last January, and strong demand for set-top boxes and media servers which helped to offset lower revenue in its Gateways business and flat revenue from software and services.
Pace said it expects to post earnings before interest, tax, depreciation and amortisation and adjusted for exceptional costs of around USD255 million for 2015, on revenue of around USD2.75 billion. It expects to generate between USD185 million to USD195 million of free cash flow in 2015.
It posted adjusted Ebitda of USD241.1 million for 2014, and free cash flow of USD204.0 million.
"We are confident about our trajectory and are focused on making further progress in 2015 and beyond," said Chief Executive Mike Pulli in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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