PIC.L Share News (PIC)

(ShareCast News) - PayTV and broadband products developer Pace said its performance in the first half of 2015 was in line with expectations.The group posted a 5.3% year-on-year decline in revenue to $1.078bn (£0.69bn), due to strong currency headwinds and a decline in demand in a number of regions.However, the figure was in line with the group's expectations and was offset by an 11% increase in adjusted earnings before interest, tax and amortisation to $118m, while profit after tax jumped 54.2% to $84.5m.The group added revenue momentum is expected to increase as the year progresses driven by new product launches and additional demand for existing products, indicating it anticipates strong revenue growth in the second half.Pace added adjusted earnings per share grew 11.4% to 28.4 cents, while net debt was almost completely wiped out, declining 97.5% to $2.3m.The group, said it expects revenue for the current financial year to be between $2.65bn and $2.72bn compared with $2.62bn in 2014, with adjusted earnings before interest, tax and amortisation are expected to total $255m, up 5.76% year-on-year.Pace shares were down 0.19% to 361.60p at 0841 BST on Tuesday.