Pace expects to halve debt
January 10, 2013 11.20 Europe/London By Julian Clover
Record Q4 revenue, driven by sales of its media server product to North America, is expected to deliver Pace results ahead of its full year guidance.
The UK-based firm, which is increasing focused on the US market, said it expects its net debt to be reduced by 47% on the coming year.
Full year revenues for the financial year ending December 31, 2012 are expected to be around $2.4 billion, 4% ahead of 2011 and prior guidance.
Pace said it had made good progress on the strategic plan instigated by chairman Allan Leighton.
This includes pay-TV hardware leadership, which has seen high demand for media servers in the second half of 2012 from DirectTV’s Genie and Advanced Whole-Home HD DVR and the XG1 for Comcast’s new X1 service.
Approval for production of production of DirectTV’s next generation HR44 GenieTM Media Server and C41 mini GenieTM client device was recently announced.
Foxtel, the largest pay-TV operator in Australia, has selected Pace to provide an integrated whole home solution consisting of Pace Media Server hardware and Pace Elements software along with Pace Systems Integration services to help deploy the solution, while BSkyB has deployed the Pace Component Management System (CMS) which will support its customers in the UK.
Pace will announce its preliminary results on March 5.