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Update Pace refinances, but on track
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Update Pace refinances, but on track - 10-January-2009, 15:10

Pace refinances, but on track

Paces last trading statement (Nov 5) stressed that demand for Paces products remained strong, but that the significant fluctuations in currency exchange rates was having an impact and thus revised downward its guidance for profitability. Their latest trading statement talks about a record year for shipments, revenues and customer numbers.

Neil Gaydon, Chief Executive Officer commented: "2008 was a strong year for the Group, as we captured solid growth in the pay-TV market, which was driven by operator and consumer adoption of high definition and standard definition digital TV services, in addition to analogue switch-off in many countries. During the year Pace more than doubled in size and significantly grew its global customer base through organic development in our main markets of Europe, the Americas and Australasia; and through the acquisition of Philips set-top box and connectivity solutions business. We are pleased to have delivered this excellent performance against the macro environment that prevailed in 2008."

In a statement, Pace says it will close the year with a positive net cash balance of over 36m. Pace is already starting to benefit from the measures to manage costs and mitigate foreign exchange risk that were outlined in its Interim Management Statement on 5th November 2008. Furthermore, the business secured a 35m revolving credit facility with the Royal Bank of Scotland, replacing a previous facility with Landsbanki.

Given current global economic uncertainties, the Board continues to take a prudent view of the market in 2009, however with strong ongoing demand from the Group's diverse customer base and with its current visibility, the Board remains confident in Pace's ability to deliver on expectations for 2009.
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