18th Sep 2015 06:34
LONDON (Alliance News) - Pace PLC Friday said that revenue growth in 2015 will be lower than in 2014 due to a challenging economic environment and delays with some of its customers, although it said that its profit forecasts will stay the same.
The technology company for PayTV and broadband services said that it expects revenue for the full year to be around USD2.55 billion, lower than the USD2.62 billion it made last year, as although it expects strong revenue growth in the second half compared with the first half, it said it has faced challenging economic conditions in certain regions, phasing delays at major customers in North America and delayed decisions by customers.
However, Pace said that due to an improved product mix, improving supply chain effectiveness and increased operational efficiencies, there will be no change to its profit forecasts. Adjusted earnings before interest, tax, depreciation and amortisation is still expected to be around USD255 million, up from USD241.1 million the year before, while free cash flow will still be in the range of USD185 million to USD195 million, down from USD204 million in 2014.
The company added that its merger with ARRIS Group continues to progress in line with expectations and should close in late 2015.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
PIC.L