2nd Nov 2006 11:20
Pace Micro Technology PLC02 November 2006 AGM statement November 2, 2006 Mike McTighe, Chairman of Pace Micro Technology plc, will give the followingupdate at the Company's AGM today: "I am pleased to say that the business is on track to meet the Board'sexpectations for the 2006/7 financial year, with orders and shipments flowingacross all regions. Competition between payTV operators to retain and acquire new subscribers isstrong and is driving demand for our new and existing products as the migrationto digital continues. Consumer demand is growing for solutions that offer highdefinition and PVR. The major issues from last year regarding new productdelivery to our US customers are now largely resolved and shipments to thesecustomers are ramping up. We have also secured new business from both new andexisting customers in the rest of the world, which supports our outlook for theyear. The new management team, led by Chief Executive Neil Gaydon, remains focused onprofitability through the improvement of gross margins, maintaining the pressureon costs and ensuring on time product delivery. This year's implementation of anew company structure, which has reshaped Pace's business more around ourcustomers, has been a key enabler towards achieving these goals. These changes will allow us to deepen existing customer relationships, place usin a stronger position to secure new business and operationally will ensuregreater effectiveness in the design, manufacture and delivery of new products.We expect to see the full benefits come through over the next 12 to 24 months,given the nature of product development cycles in our industry. There is still much work to do, but the changes that have been made are alreadycreating a more motivated and accountable organisation, thereby enabling morepredictable engineering delivery. I would like to thank all Pace employees fortheir hard work in supporting the restructure, while continuing to meet ongoingcustomer needs. In conclusion, Pace has turned the corner after a difficult period and isbeginning to make solid progress." -ends- Contacts for further information: Pace Micro Technology plcHelen Kettleborough01274 538005 Citigate Dewe RogersonGinny Pulbrook020 7282 2945 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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