Pace “continues to evolve”
March 3, 2015
Pace, the global developer of technologies and products for pay-TV and broadband service providers, has published its results for the year ended December 31st 2014.
Revenue for the company was up 6.1 per cent to $2,620 million (2013: $2,469.2m). Adjusted EBITA was up 24.5 per cent to $241.1 million (2013: $193.6m). Profit after tax was up 53.1 per cent to $148 million (2013: $96.7m).
The Board is confident that the Group will make further progress in 2015. Revenues for the year are expected to be around $2.75 billion. Adjusted EBITA for 2015 is expected to be circa $255 million.
Commenting on the results, Mike Pulli, Chief Executive Officer said: “I am pleased to report we have had a very successful year making considerable progress in all areas of the business. Pace is continuing to evolve into a more profitable, cash generative business with a broader spread of offerings and customers and finishes the year in a strong position.
During 2014, we have launched a record number of products across the globe and continued to lead the market in both product innovation and the service we deliver to our customers. Demand from our customers has remained strong and we continue to win new business.
Aurora Networks has been a great strategic addition to the Pace Group, enabling Pace to widen out into network infrastructure and build deeper, more embedded relationships with our customers. The integration was achieved ahead of plan and the Networks business achieved a record year due to strong underlying customer demand.
In delivering a 9.2 per cent operating margin we have achieved our mid-term target a year ahead of plan. However, despite the good progress that has been made there remains significant opportunity for the performance of the Company to continue to improve. The Board are confident that, through Aurora Networks, potential additional acquisitions and the ongoing delivery of our Strategic Plan, Pace will continue to strengthen its position as a market leading technology solutions provider for the pay-TV and broadband industries and deliver further value to our shareholders.
The strong performance in 2014 and the momentum of the business going into 2015 give the Board confidence to increase the final dividend by 29.8 per cent. The Board is recommending a final dividend of 4.75c per share, giving a full year dividend of 7.00c per share, a 27.5 per cent increase.
We are confident about our trajectory and are focused on making further progress in 2015 and beyond”.