Pace sees “solid” H1
July 28, 2015
Pace, developer of technologies and products for pay-TV and broadband service providers, has published its results for the 6 months to June 30th 2015.
Over the first half, EBITA rose 11 per cent to $118 million (€
107m). H1 revenue was $1.08 billion, compared with $1.14 billion a year ago.
In April, it was announced that Pace is to be sold to US rival Arris Group for over £1.5bn in a deal that is expected to safeguard Pace’s 500 UK employees and provide a bumper payout for investors.
Commenting on the results, Mike Pulli, Chief Executive Officer said: “I am pleased to report we have had a solid first half of the year. As expected, revenue was lower than the comparable period as challenging economic conditions, the strength of the US Dollar and industry consolidation reduced demand in a number of regions. However, through a broader mix of revenue, improving supply chain effectiveness and continuing improvements in operational efficiency, the Group has shown the flexibility to continue to deliver improved profitability and strong cash generation despite weaker trading conditions”
“On April 22nd 2015 the Board of Pace reached an agreement with ARRIS regarding the terms of a recommended combination of Pace with ARRIS. The transaction is progressing in-line with expectations and we expect to complete in Q4 2015”
Whilst we are focused on closing the transaction with ARRIS, we continue to make good progress on executing our strategy as a standalone entity; key wins, deployments and increasing demand coupled with ongoing operational improvements give us confidence that we will maintain our momentum and make further progress in the second half of 2015 and beyond.”