Allan Leighton, Pace’s chairman, added “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.”
Leighton says that prospects for 2012 will see Pace widen its product offerings and strive to achieve a “leaner, more profitable business underpinned by strong underlying cash flow”.
Pace’s share price has seen some recent significant gains (March saw its share price rise to 90p, for example) following on from the catastrophic fall last year (which took its share price down to 44p). Monday’s opening price saw a modest improvement from 71.5p to 73p.