Pace plc, a leading global developer of technologies and products for PayTV and broadband service providers, today announces its Interim Management Statement for the 15 week period from 1 January 2012 to 14 April 2012.
At its Annual General Meeting scheduled to take place today, Allan Leighton, Chairman, will say:
"I am pleased to report that Pace has had an encouraging start to the new financial year with revenue in line with our expectations. The business is benefitting from a stronger operational focus and this is delivering tangible benefits in procurement, operating efficiency and costs.
"Profitability in the period continues to be impacted by HDD supply issues but is in line with our expectations. Cash performance in the period has been strong and the financial position of the company remains robust.
"The new management team is tightly focused on delivering an improved performance in 2012 by: meeting our customers' needs, widening out our product offer and delivering a leaner, more profitable business underpinned by strong underlying cash flow.
"We remain confident that revenue in 2012 will be broadly flat, prior to the impact of HDD supply issues, and that a c.7% underlying EBITA margin will be achieved."
Charles Chichester / Andrew Dowler Mike Pulli / Roddy Murray
RLM Finsbury Pace plc
+44 (0) 207 251 3801 +44 (0) 1274 537 002
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