Pace plc results for the year ended 31 December 2008

Tuesday, March 3rd, 2009
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Pace plc (LSE:PIC), the leading independent developer of digital TV technologies for the global pay TV industry, announces its results for the year to 31 December 2008.

Operating Highlights

  • Record operating performance
  • Volume shipments increased substantially to 13.1m set-top boxes (seven months ended 31 December 2007: 2.4m), including nearly 6 million from Pace France.
  • Increased market share through the Pace France acquisition and organic growth, becoming a top three global player.
  • A series of high profile products were launched
  • Over 20 new high definition PVR products for markets worldwide, unmatched by any competitor.
  • A digital to analogue converter (DTA) for the US cable market ahead of all major competitors.
  • Winner of a 2008 Queen’s Award for International Trade.

Pace sold 4.7m set-top boxes into the EMEA region (seven months ended 31 December 2007: 1.3m), with shipments into APAC of 1.1m (seven months ended 31 December 2007: 0.2m). Americas shipments totalled 7.3m units (seven months ended 31 December 2007: 0.9m).

Pace France

Pace France was acquired on 21 April 2008 for a consideration of £65.6m. Pace France moved into profitability within three months, ahead of schedule, with overall contributed revenues of £292.9m with profit before tax, amortisation of other intangibles and exceptional items of £8.4m on volumes of 5.7m set-top boxes.

The acquisition added 20 customers, over 30 products, IPTV and a retail capability to the Group portfolio, enabling Pace to noticeably expand its global scale and footprint. Pace France has continued to win repeat business and launch new products, which so far has included a contract win with BT in the UK for its next-generation V-box, a hybrid HD-capable PVR due for delivery in 2009 and the launch of Le Cube for French operator CANAL+, Europe’s first satellite / IP hybrid set-top box.

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