8th Jan 2009 07:00
Pace plc Post Period End Update
8th January 2009: Pace plc, the leading independent developer of digital TV technologies for the global payTV industry, is pleased to report that the Company is on target to meet expectations for the year to 31 December 2008, after a year of record shipments, revenues and customer numbers.
Neil Gaydon, Chief Executive Officer commented: "2008 was a strong year for the Group, as we captured solid growth in the payTV market, which was driven by operator and consumer adoption of high definition and standard definition digital TV services, in addition to analogue switch-off in many countries. During the year Pace more than doubled in size and significantly grew its global customer base through organic development in our main markets of Europe, the Americas and Australasia; and through the acquisition of Philips set-top box and connectivity solutions business. We are pleased to have delivered this excellent performance against the macro environment that prevailed in 2008."
The Company has continued its careful management of the balance sheet, closing the year with a positive net cash balance of over £36m. Pace is already starting to benefit from the measures to manage costs and mitigate foreign exchange risk that were outlined in its Interim Management Statement on 5th November 2008. Furthermore, the business secured a £35m revolving credit facility with the Royal Bank of Scotland, replacing a previous facility with Landsbanki.
Given current global economic uncertainties, the Board continues to take a prudent view of the market in 2009, however with strong ongoing demand from the Group's diverse customer base and with its current visibility, the Board remains confident in Pace's ability to deliver on expectations for 2009.
Pace will announce its preliminary financial results for the twelve months ending 31 December 2008 on Tuesday 3rd March.
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For further information, please contact:
Pace plc +44 (0) 1274 532000
Helen Kettleborough
Brunswick Group LLP + 44 (0) 207 404 5959
Sarah West/Jonathan Glass/Aideen Lee
About Pace plc
Pace plc (pic.l) is a leading technology developer for the global payTV industry. Pace's main focus is on creating intelligent and innovative products and services that benefit our customers and fuel the development of digital TV. Over the last 25 years, Pace has developed one of the world's most experienced specialist engineering teams and is now the partner of choice for leading payTV operators across the globe.
Pace's international headquarters are in Saltaire, West Yorkshire, UK, with further offices in the USA, France, India and Hong Kong. For more information on Pace, please visit www.pace.com
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