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Last Trade - 29/07/21

Sector
Financials
Size
Mid Cap
Market Cap £440.7m
Enterprise Value £440.2m
Revenue £n/a
Position in Universe 3414th / 7008

Pace profit jumps on North American sales

Tue 5th March, 2013 7:33am

March 5 (Reuters) - British set-top box maker Pace Plc

PIC.L said full-year profit rose 46 percent, boosted by higher demand from North American clients such as Comcast Corp

CMCSA.O and DirecTV DTV.O , but forecast 2013 revenue to be almost at last year's levels.

The company, which supplies decoders to global television operators like Virgin Media Inc VMED.O , Sky Deutschland AG

SKYDn.DE and AT&T Inc T.N , said it expects operating margin to increase to about 7.5 percent this year from 6.6 percent last year.

Pace's revenue rose 4.1 percent to $2.4 billion in 2012, helped by higher demand in the fourth quarter. Revenue in North America, the company's largest market, increased about 24 percent to $1.32 billion. ID:nRS9pgSZb

Pretax profit increased to $80.1 million from $54.7 million.

Strong demand for Pace's next-generation media servers - advanced set-top boxes such as the DMS7000 and DMC7000 - in its North American market prompted the company to raise its earnings forecast twice last year, despite a weak first half.

"We believe the digital PayTV market in North America will continue to see low single-digit annual growth in subscribers for the foreseeable future," the company said.

The set-top box market has become hotly competitive with the entry of companies like Apple Inc AAPL.O , Amazon.com Inc

AMZN.O and Netflix Inc NFLX.O . Even chipmaker Intel Corp

INTC.O has begun eyeing it. ID:nL1N0BCAM9

Pace's shares closed at 227.5 pence on the London Stock Exchange on Monday.

(Reporting By Richa Naidu in Bangalore; Editing by Joyjeet Das)

((richa.naidu@thomsonreuters.com)(within UK +44 20 7542 1810, outside UK +91 80 4135 6102)(Reuters Messaging: richa.naidu.thomsonreuters.com@reuters.net))

Keywords: PACE RESULTS/

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