Pace’s revenues for the year to-date are in line with expectations, according to chairman Allan Leighton.
Speaking at the set-top vendor’s AGM yesterday, Leighton said Pace had seen “an encouraging start” to the year.
“The business is benefitting from a stronger operational focus and this is delivering tangible benefits in procurement, operating efficiency and costs,” he said. “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 said Pace’s new management team, which includes CEO Mike Pulli, CFO Rod Murray and international president Shane McCarthy, was focussed on delivering an improved performance this year, “by meeting our customers’ needs, widening out our product offer and delivering a leaner, more profitable business underpinned by strong underlying cash flow.”
Leighton added that the company was confident that revenues will be broadly flat, prior to the impact of HDD supply issues, and that a circa 7% underlying EBITA margin will be achieved this financial year.