Pace buys raise sales 17.4%

UK set top maker Pace PLC has reported its full year’s for 2010 with a 17.4 per cent year-on-year increase in sales to £1.331 billion with organic (extracting acquisitions) revenue up 9.7 per cent.

Adjusted EBITA is up 35.6 per cent to £103.6 million (2009: £76.4m) with organic business contributing £94.3 million and acquisitions £9.3 million. Operating margin (before exceptional) is up 32 per cent to £91.9 million (2009: £69.7m). Profit before tax came in at £71.1 million up just 1.7 per cent. There were £19 million of one-off costs related to acquisitions and integration. Net debt ended the year at £200.7 million following $450 million debt raising to fund acquisitions.

Commenting on the results, Neil Gaydon, Chief Executive Officer, said: “Pace has delivered a strong year with a 24 per cent increase in underlying earnings and we successfully completed three acquisitions that are already earnings enhancing and delivering significant synergies.”

“During 2010 we have continued to strengthen our position as a leading provider of technologies to the global market for managed subscription TV and broadband services. At the same time we opened up new opportunities in home networking and advanced gateways by adding significant new capabilities in software, services and support.”

“Conditions across our global markets continue to be positive. Operators are utilising Pace’s widening range of products, technologies and services to enhance their consumer offering; from launching digital in emerging markets to providing solutions and services that enable home convergence in advanced markets.”

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