Pace have fallen a lot over the last 6 months. The move to digital is near, do you think they can recover. Presently way off previous highs.

It will but we don't know how far and when it's going to happen. Does anyone know? IMO

In a nutshell (and IMHO) yes very much so they will recover into three figures. Suggest you visit www.pacemicro.com (lots of recent positive news - getting big in SE Asia) also to-day details of Business Wire announcement that PACE is at USA Nation Cable & Telecommunications Accociations National Show in San Francisco 3 - 5 April - ,where they are unveilling two new Set-top box solutions - this can be found on www.uk.finance.yahoo.com and by searching for news on PIC.
On the original board on this site I recently asked what is involved by satement on 18 Mar and 1 Apr (no fool) that "Price Monitoring Extension has been applied to this security" - any idea what this means.
I could publish the rather long article yahoo here but dont know how to copy and paste or whatever its called.
Some years ago I sold this share at something over 900p - I dont see that occuring again but with the "foot in the door" in USA, much activity in SE Asia (PACE sponsored a recent visit by Gordon Brown) and UK being forced to go digital by AD 2010 - it will move on a "pace" anytime now.

Oakapples142 - 'Price monitoring extension has been applied to this security'

Always used to make me panic as I didn't understand what it meant. I'm still not totally sure, but I do recall somebody answered this question last year on a diferent thread. In a nutshell:

At the begining and end of the trading day there is a period of time when all the MMs and guys trading in the pits set the buy and sell prices of all the listed securities based on the numbers of orders going through. Sometimes it is not possible to set the buy and sell prices within this time period because there are order backlogs (and other reasons) and so a price monitoring extension is granted.

Conclusion: It really is nothing to worry about at all. Just means that they havent't decided the prices within an alloted time.

Hope this helps. :>)

P.S. the share price of PIC follows BSkyB (historicaly).

I don't know if this helps but had telewest upgrade me to digital and they fitted a Pace Box however the chap saw I had a Sony TV and said you will be ok because we are going over to Sony Boxes shortly as they knock the spots off the Pace Box and it will tie in nicely with TV.
I don't have any shares and only post this as it is factual.

Time Warner Inc. and Comcast Corp. have reached a tentative agreement to buy the cable TV company Adelphia Communications Corp. for nearly $18 billion, according to newspaper reports.
http://biz.yahoo.com/ap/050408/adelphia_sale.html?.v=11

Looks like we can expect another "Price Monitoring Extension" - To-day 3 times as many buys as sells and SP is down 7%.

Wait for today's PME

Set a limit buy at 34p and limit sell at 35p everyday. It works regardless of FTSE and Nasdaq.

http://biz.yahoo.com/prnews/050524/mo011.html?.v=2

Pace Micro Licenses Espial Evo for Delivery of Interactive Services in Innovative New Set-Top Box
Tuesday May 24, 8:57 am ET
- Espial(R) Evo(TM), a beyond brandable(TM), entertainment-grade client middleware solution allows operators to create personalized, revenue generating IPTV applications and services
- Integrated with the Pace IP215, the industry's first truly entry-level solution for H.264, Espial Evo delivers high-quality performance in a cutting-edge product ..............

Huge volume today.
One of the trades is for 445K buy at 34.98p. OOPs only 500 shares are reported so far!
Someone wants it to be stable at these levels. But why?

This little gem which I once owned when 9 is climbing just the way I like it and with no fuss, bother or PMEs

It should reverse the gear at 40p. I am hoping to get my money back at 100p

Hightech - your hopes may not now be that ambitious ! - what a deal Posts on this site total 13 and that has always been my lucky number - profit on this one now more that my first house cost !!!
Just noticed that there have been 7.5 mil sells recorded

what a fantastic deal this is only going one way and thats up.

This is not a good share to be involved in and you may well be in for some bad news shortly. My advice is to sell up ASAP!!!

on what basis. the share price move on friday does not indicate that

Informer or brad pitt lookalike - can you please stop posting this pointless, unreasoned one liner on various stocks bbs both here and on other sites

ok i did not realise he was a one of the idiots roaming the site

Why are you so afraid of bad news???
Pull that wool from over your eyes which Kivver and others have put there. This share is a dog with fleas and has never been worth any attention. You should sell now before the bad news hits the fan - or your pocket will feel the pinch!!!

informer and pro are short sellers in the squeeze!

upwards and onwards, without being tipped

informer and pro (AND LOTS OF OTHER NAMES)is the same person albeit VERY SAD.

Just to let everyone know i am kivver on moneyAM and dutty7 on thisismoney. If thats being a 'multiposter' then I admit. At least i have the guts, balls and bottle to admit who i am and stand up and admit it when ive made a mistake, unlike some eh!!!!

I am disgusted by what I read here. If you have nothing useful to say then keep quiet. Should you have something derogatory to say, all well and good, provided you can justify what you say even if its a simple IMHO

Can you make it clear who you are talking too, your post directly follows mine so is confusing and a litle misleading? By the way people starving and dying is disgusting!! pro/informer is incredibly irritating but its not the end of the world. Hope you made some money on pic since i highlighted it?????

After the news of the Comcast deal, there is more good news today:

"Pace Micro Technology PLC
01 2005


UGC selects Pace Micro Technology as one of the interactive television cable
set-top box providers for its Accelerated Digital Rollout"

I think that the Comcast deal is a good endorsement of Pace's products which could help to influence the buying decisions of others.

well this share is not a dog after all

Still a hold for me this pace micro from a 40.67 buy in december,,but looking to sell today..

I can't see one single reason to hold onto this share a moment longer. It's one thing to be hopeful -another to be a lamb to the slaughter. We keep hearing promising bleats from the desperate but the fact is there are many far more worthy shares to invest in than this one these days. One time a long time ago it was an okay investment. Not anymore.

I am out - nice 67% profit - stays on the watch list as I see deals in Australia and Italy on the cards.

Someone said this deal worth 10p. SP is up only 1.5p

Like some of you, I've taken some profit on this one, but it still has only a modest PE and Price to sales, has no debt and has 20M of cash to fund the extra production from these deals IMHO. I'm holding the rest for further gains.DYOR

I see the price is down again today. It appears that it will drop further yet. The recent rise was overdone and the price is set to drop quite a bit more before levelling out. A good time to sell and then get back in after the fall.

Interesting - I think we have a gremlin as kivvver - with 3 v's seems to be posting randomly all over this board to destabilise it. He has posted similar doom & Gloom stories on other threads as well.

I have no interest in this share - so apologise to those who post regularly - just that I found this guy posting on other threads and thought I would check him/her out. Likes to use names that are similar to others to make u think its them - somethimes he just changes a capital letter or adds another letter in the name.

Ian (Moneyam) - you might like to check this out i case I an wrong

baza

Can anyone understand the logic behind the multiposters (mrsmoneypenney/informer/pro/wa157te/etc) comments. I highlight this pic and kmr and it shoots up. He highlights afd and axm and they lose loads. 'He is not very good'

Now that this BB is so full of nonsense I am pleased I got out of PIC at 61p with 67% profit. However, if you talk it down to 50p again I will be back as more good news is on its way from USA, Australia and Italy - mark my words

Thats the way oakapples,,best we fill are bags now,,happy days.

Aha

pace up ahead of another announcement for more orders

up 9.8% .... 3 500,000 trades @60+

anyone in this one except me...

sorry////just SOLD for a nice PROFIT only had them for aday WISHi could do this more often

Sold some to reduce exposure, but waiting for 80p+ for the rest.

NEWS RELEASE.

14 June 2005


Pace Micro Technology enters Chinese market
First deal signed with Galaxy Satellite Broadcasting Ltd in Hong Kong


BroadcastAsia 2005, Singapore, 14 June 2005: Pace Micro Technology (pic.l), the leading dedicated innovator of technology solutions for the payTV industry, has today signed an agreement with Galaxy Satellite Broadcasting Ltd (Galaxy) to supply subscribers of SuperSUN, the payTV service of Galaxy in Hong Kong, with Pace`s latest Asia-Pacific set-top box, the DC235.


Designed specifically for the Asia-Pacific audience, the DC235 - which was first launched at BroadcastAsia 2004 - offers advanced technology with an entry-level price, enabling broadcasters such as SuperSUN to take advantage of the growing digital TV market in the Asia Pacific region.


Utilising MPEG-2 decoding technology, the DC235 enables SuperSUN to offer superb audio and visual quality in an easy-to-use format. The DC235 can be `self-installed` by the end-consumer in minutes - once plugged in to the TV, this clever set-top box automatically scans for all available channels, making it ready for use immediately.


Despite being entry-level, the DC235 boasts a range of features to meet most consumers` needs, including a multi-lingual electronic programme guide (EPG) and RCA phono outputs to enable hi-fi system and AV amplifier connectivity, for easy integration into a home audio or theatre system.


A key feature of the DC235 for SuperSUN is the ability to incorporate its own front-end, specific software and applications onto Pace`s common hardware design, giving this payTV operator a truly tailored solution.


The DC235 can also be adapted for satellite or terrestrial front ends, and can be integrated with any CA or middleware. Galaxy has chosen MediaHighway Core(tm) middleware and NDS Videoguard CA for their deployment.


Jeremy Roberts, Director of Engineering of SuperSUN commented: "This concept is ideal for us as it allows us to deploy our digital service at a price that is right for our customers, with a product that they can rely on and with all the features we want to incorporate. Thanks to Pace`s extensive expertise in the digital cable market, it was clear to us that they were the perfect partner to work with for the roll-out of our digital TV service."


Sandy Barblett, Regional Director of Pace Micro Technology commented: "Since the conception of digital TV, Pace has led the way in the digital cable market in Europe and America. We are pleased that this heritage is now opening up new opportunities for us in the Asia-Pacific market. We launched digital cable with Foxtel the leading Australian payTV operator last year and this agreement with SuperSUN demonstrates how Pace is going to be a key technology partner to operators in Asia Pacific."


Sue Taylor, Vice President of NDS commented: "This is our first deployment of our MediaHighway Core(tm) middleware with Pace in this region. We have worked together on a number of deployments for major pay TV operators across the rest of the world and we believe that our strong relationship will provide the added value that Galaxy is looking for in their digital roll-out."


Shipments of the DC235 are due to commence in September 2005.


Ends

And another one just heard about:
Videotron Orders Pace Set-top Boxes For its illico Digital TV Service

SAN ANTONIO--(BUSINESS WIRE)--June 16, 2005--Pace Micro Technology, a leading digital set-top box provider specializing in the development of emerging technologies across all television platforms, today announced that Videotron, an integrated communications company serving 1,455,000 cable television customers in Quebec, Canada, has placed orders for two of Pace's set-top boxes - the Indiana DC511 and the Laguna DC551HD - for Videotron's illico Digital TV service.

............
Go to www.pacemicro.com

Pace Teams with Alticast to Deliver its First OCAP STB for US Cable
http://www.pacemicro.com/corporate/home/main.asp

SAN ANTONIO, Texas (SCTE Cable-Tec Expo) Alticast has been selected by Pace Micro Technology, a leading digital set-top box provider specializing in the development of emerging technologies across all television platforms, as a technology partner for the development of Paces OCAP set-top box products.

...............

http://www.stuff.co.nz/stuff/0,2106,3318494a11275,00.html
"Subscribers have been calling us for some time asking for this."

http://www.stuff.co.nz/stuff/0,2106,3318494a11275,00.html

Plan to Take Cablevision Private Proposed
Monday June 20, 8:50 am ET

http://biz.yahoo.com/ap/050620/cablevision_spinoff.html?.v=6

.....Cablevision shares jumped $6.38, or 23.7 percent, to $33.25 in premarket trading......

Cisco Systems to hold press conference to announce new technology
http://event.on24.com/r.htm?e=13918&s=1&k=F2506CABEB38E5475AAF5D33BB75

Is this the only website Pace has? http://www.pacemicro.com/corporate/home/main.asp

Is there any dedicated web site specifically for the USA or Asia?

http://www.advfn.com/p.php?pid=nmona&cb=1120045793&article=11736216&symbol=LSE%3APIC

Pace Micro reported a pre-tax profit before goodwill and exceptional items of 8.1 million pounds in the year ending June 4. Turnover rose to 253.3 million pounds from 239.9 million pounds.
PE is less than 10, I think.

Spirent at 77p and rising. Pace is quiet!

This baby is finally starting to move. 100p to come.

I agree heading to 100p

My wife made 10 grand on these when they got to 11 quid, on the rise again so maybe a good time to get in...

Pace Micro Technology PLC
04 June 2007


Pace Micro Technology plc

Period end trading update and notice of results


Pace Micro Technology plc, the leading independent developer of digital TV
technologies for the global payTV industry, is providing a period end update for
the year ending 2nd June 2007. The Company will release its Preliminary results
on Tuesday 24th July.


The foundations put in place over the last year by the new Pace management team,
including enhanced customer focus, company structure, operating model and
product execution, have delivered improved results in the second half of the
financial year. Consequently, overall performance for the year ending 2nd June
2007 is expected to be slightly ahead of current market expectations.


Pace is benefiting from better than expected performance in the US market where
in the case of some of its customers it has executed better than the
competition, as well as ongoing strong performance in the Group's other world
markets. Common to all Pace markets, most importantly the US, is growing
consumer demand for high definition (HD) products, in particular HD personal
video recorders (PVR), following rapid growth in sales of HD-ready flat panel
televisions and expanding HD content.


Pace has taken advantage of this growing market by building long-term
relationships with the world's leading pay TV operators, as well as being first
to market in new technologies such as MPEG-4 compression, which is enabling
operators to drive ahead with their HD launches. With a further eight million
MPEG-4 HD set-bop boxes expected to be installed in Europe alone by 2010, Pace
is well placed to benefit from its early investment in this and other new
technology platforms.

A recommendation in Shares mag. on friday too...

i just wish i'd stayed in a lot longer than i did.

I think it's just the beginning. It was 13 before.

ahoj....13 -does anyone else seriously think this will be reached again?....Not I!

The co was swept along in the early dot-com era with the promise that they supplied these new interactive digital thingy set-top boxes and every TV would need at least one!
The reality is that digital is still not universal and the rush to receive that funny Monkey-channel was doomed. The freeview scene has finally put paid to anything that doesn't have sports-exlusive (and /or maybe porn?)...there are so many free channels that makers are struggling to make the box for 20 retail and the retailer's price is nearer 10.
Sky is the alternative player with the strength of their Sports deals and I suspect over time they will struggle, as Governments realise this is not a level playing-field and possibly the long-awaited High definition will draw crowds to alternative channels, like BBC.
Such dedicated commercial boxes can be made anywhere...I don't see Pace was smart enough to buy/invent the technology (did they?) .....so....Not much profit for Pace, although I understand they are stronger in the HDD Personal Video Recorder market, but for how long, as computers take over all media activities?
So-called set-top boxes are cheap and likely to be surpassed by decoders in the TV - so where does this leave Pace?
Not convinced it leaves them anywhere.
If you've "broken even", I'd be inclined to sell.
But DYOR first!

It's definitely starting to look interesting.

Pace has been very stable in recent month, after the rise to 130 three month ago.

680,000 buy this morning should start to effect soon.

It is one of the cheapest hightech companies. Given LG and Samsung sale of HDTV, we should see a big jump in TopBox sale.

Pace Micro Technology PLC
19 October 2007



Pace Micro Technology plc AGM and Interim Management Statement


Mike McTighe, Chairman of Pace Micro Technology plc, the leading independent
developer of digital TV technologies for the global payTV industry will give the
following update at the Company's AGM later today:

'I am pleased to say that Pace is on track to meet the Board's recently revised
expectations for the shortened 2007 financial year. As previously stated this
strong performance is due to us exceeding margin improvement targets across the
range of Pace's set-top box products following management action to improve
operational and business efficiencies, and an exceptional performance from our
US business for this period.

'While the current exceptional sales performance in the US, as previously noted,
is anticipated to adjust to more sustainable levels in 2008, Pace has continued
to develop its business across all of the major world markets for payTV. In
these markets the momentum towards high definition is increasing and demand for
PVR products continues to grow. Pace has announced new business with BSkyB, won
new business for high definition PVRs and interactive standard definition
products with Multichoice of South Africa, and continued to extend the number of
cable customers it serves in the US.

'The company-wide restructuring implemented in 2006, the establishment of
Customer Account Teams as well as wide-ranging business improvements have
delivered greater customer focus, improved product execution and margins.
Looking further ahead, the Board continues to be confident that Pace, through
its growing customer base, technology leadership, new products and further
improvements in operational performance will meet its expectations for the 2008
financial year. '

-ends-


Note to editors: Pace's shortened financial year commenced 3rd June 2007,
following a change to Pace's accounting year-end, where future financial
year-ends will close at the end of the calendar year.


Contacts

Fiona Laffan/Tim Williamson/Raphael Mazet Helen Kettleborough
Brunswick Pace Micro Technology

+44 20 7404 5959 +44 1274 538005


About Pace Micro Technology
Pace Micro Technology plc (pic.l) is a leading technology developer for the
global payTV industry. Pace's main focus is on creating intelligent and
innovative products and services that benefit our customers and fuel the
development of digital TV. Over the last 25 years, Pace has developed one of the
world's most experienced specialist engineering teams and is now the partner of
choice for leading payTV operators across the globe.
Pace's international headquarters are in Saltaire, West Yorkshire, UK, with
further offices in the USA, France, India and Hong Kong. For more information on
Pace, please visit

www.pacemicro.com

i think we can safely it will recover, just wish i had held for longer.

Something is expected to happen.... Reasons:
- HongKong bring introduction of digital TV forward...
- Olympic should start to impact tooooooo.
- HDTV sale has been rising much faster than expected

Pace Micro Technology PLC
19 December 2007


Pace Micro Technology plc


Pace agrees to acquire the set top box and connectivity solutions business of
Royal Philips Electronics


Pace Micro Technology plc ('Pace'), a leading digital TV technology company,
today announces that it has entered into a conditional agreement to acquire the
set-top box and connectivity solutions business ('the Philips STB and CS
Business') of Royal Philips Electronics ('Philips') (the 'Acquisition'). The
Philips STB and CS Business employs approximately 335 staff predominantly based
in France and is a leading designer and supplier of a range of digital TV
products including satellite, cable, terrestrial and IPTV set-top box products.
The proposed transaction values the business at up to 95.0 million (68.0m).

Pace and the Philips STB and CS Business each have over 20 years experience in
the digital set-top box market. The combined business will be a global top three
set-top box company(1) with a strong customer and product portfolio.

The Philips STB and CS Business has long-established relationships with a number
of key additional payTV operators in multiple geographies, major IPTV customers
and a strong international retail business. As part of this transaction, Pace
will be entitled to utilise the Philips brand in retail distribution for an
agreed range of products for the next three years.

Commenting on the acquisition, Neil Gaydon, Chief Executive Officer of Pace
said:

'Based on 2006 performance, this deal will create a company with pro forma
revenues of over US$1.0bn, producing approximately 8.5m set top boxes a year.
Pace and the Philips STB and CS Business combined technologies, expertise and
customer reach will create a leading centre of excellence in the set-top box
industry. There is a strong strategic fit from customer, product, geographic,
culture and scale perspectives. We have minimal customer overlap and the
combined group will have a significantly enhanced technological position.

'The Acquisition brings capabilities in IPTV, terrestrial, retail and
connectivity products, which will extend the strong position we have built
through relationships with leading payTV operators. We also believe there is
potential for improved efficiencies by utilising the operating model and
business structure we have built at Pace over the last two years.'

Details of the proposed transaction(2)

The proposed transaction values the business at up to 95.0 million (68.0m).
The consideration for the Acquisition will be satisfied by the issue of 68.0m
new Pace shares to Philips at completion and up to a further 1.9m new Pace
shares on or shortly after completion together with a further 5m (3.6m) in
cash over 3 years from completion. At completion, Philips will hold
approximately 22.5% per cent. of the enlarged share capital of Pace, of which
17% is subject to a one year lock-in from the date of completion. There is also
a cash adjustment mechanism based on the net indebtedness and working capital
position of the Philips STB and CS Business at completion. The agreement is
conditional upon, inter alia, the conclusion of the consultation procedure by
the Philips STB and CS Business with its Works Council in relation to the
Acquisition, certain anti-trust approvals being obtained and Pace shareholders
approving the Acquisition.

The Philips STB and CS Business turnover and EBITDA for the year ended 31
December 2006 were 357.2m and a loss of 39.3m, and for the year ended 31
December 2005 were 473.6m and a profit of 16.4m respectively. Gross assets(3)
as at 31 December 2006 were 100.9m. These figures have been extracted from
Philips STB and CS Business management accounts, prepared under US GAAP, and
when reconciled to Pace's accounting policies under IFRS may differ from those
shown above. The Board of Pace believes that the operational performance of the
Philips STB and CS Business has improved significantly during 2007 over 2006,
and will benefit further from increased efficiencies after completion. The Pace
Board will not alter and the senior management of the Philips STB and CS
Business will remain within the enlarged group.

The Acquisition is classified as a 'reverse takeover' under the Listing Rules by
virtue of its size and is as a result conditional, inter alia, on the approval
of Pace shareholders which will be sought at a General Meeting of Pace expected
to take place in March 2008 following posting of the requisite circular to Pace
shareholders and publication of the prospectus. As the Acquisition is classified
as a 'reverse takeover', the ordinary shares of Pace will be suspended from
trading from the date of this announcement. The shares will re-commence trading
on the posting of the circular to shareholders and publication of the
prospectus.

Current Trading

Pace's last market update on 19 October 2007 stated that Pace was on track to
meet the Board's expectations for the shortened financial year for the seven
months to 31 December 2007. The Board confirms that Pace continues to perform in
line with its expectations for this financial period. In addition, the Board is
confident in the outlook and prospects for Pace for the year ending 31 December
2008.

Analyst and investor conference call

A conference call for analysts and investors hosted by Neil Gaydon, CEO, and
Stuart Hall, CFO, will be held at 12:00pm UK time today. To access the call,
dial +44 (0) 1452 561 263 and quote reference number 28833961. Slides will be
available from the IR section of the Pace website -

www.pacemicro.com

- from
11.45am UK time. A recording of the call will be available for replay from
1:30pm by dialling 0145 255 0000 and quoting reference number 28833961.



For further information, please contact:

Pace Micro Technology plc +44 (0) 1274 532000
Neil Gaydon Chief Executive Officer
Stuart Hall Chief Financial Officer
Helen Kettleborough Director of Corporate Communications

NM Rothschild & Sons Ltd
Scott Sheldon +44 (0) 207 280 5000
David Forbes +44 (0) 113 200 1900

Hoare Govett Ltd
Alexander Garton +44 (0) 207 678 8000

Brunswick Group LLP + 44 (0) 207 404 5959
Fiona Laffan
Tim Williamson
Raphael Mazet


About Pace Micro Technology

Pace Micro Technology plc (pic.l) is a leading technology developer for the
global payTV industry. Pace's main focus is on creating intelligent and
innovative products and services that benefit our customers and fuel the
development of digital TV. Over the last 25 years, Pace has developed one of the
world's most experienced specialist engineering teams and is now the partner of
choice for leading payTV operators across the globe.

Pace's international headquarters are in Saltaire, West Yorkshire, UK, with
further offices in the USA, France, India and Hong Kong. For more information on
Pace, please visit

www.pacemicro.com

.


Disclaimer

This announcement has been issued by, and is the sole responsibility of, Pace.

N M Rothschild & Sons Ltd, which is authorised and regulated in the United
Kingdom by the Financial Services Authority, is acting as financial
adviser and sponsor to Pace and no-one else in connection with the matters
referred to herein and will not be responsible to anyone other than Pace for
providing the protections afforded to clients of N M Rothschild & Sons Ltd or
for giving advice in relation to such matters.


--------------------------

(1) According to latest figures from IMS Research on global set-top box shipment
data for 2006.

(2) Acquisition consideration based on the 10-day average closing price of
Pace's ordinary shares of 92.10 pence as of 18 December 2007. Foreign exchange
rate of 1: 1.40.

(3) Gross assets represent total current and non-current assets, as outlined in
LR10 (UKLA)



This information is provided by RNS
The company news service from the London Stock Exchange

I suspect this is reasonably good news; although how long the UK-operation will remain is - - - - .
The name Philips gives an air of respect and should improve their market penetration. But you have to wonder what "value" they saw.....they could have used one of their existing designs surely?

Or - is this a move to prevent a Competitor getting a foothold, ah ha . . . ?

Pace is taking over a respectable brand which is well known in Europe and Asia, reoving them from the list of competitors, and use Philips production facility. There is little overlap in thier operating morket.
I see the merger has already been done. See "Pace V-Box will be produced by Philips (Model number DIT9719)" @ http://www.radioandtelly.co.uk/btvision/box.html.

Pace plc Trading Update
7 April 2009: "Pace plc, the leading independent developer of digital TV technologies for the global payTV industry is today announcing a very significant upgrade on its current performance expectations for 2009.

Since announcing preliminary results on 3 March 2009, demand for Pace's products has increased across many of the Group's global markets and technologies. Pace's improved market position, the breadth of its product offering and track record for innovation and delivery means Pace is increasingly viewed as a supplier of choice by many of its payTV operator customers. This combination along with strong market demand and enhanced competitive position has resulted in further orders from new and existing customers to fulfil consumer demand for digital and high definition services. At the same time Pace has continued to benefit from its programme of operational synergies and business efficiencies to improve margin performance across the Group.

Consequently, Pace now expects that its performance will result in a very significant increase on management's expectations for 2009 and also that it will be in a strong position as it enters 2010. The market for high-end products is growing rapidly, even in an advanced market such as Western Europe, less than 2% of television households are so far subscribing to a high definition TV service (Screen Digest data, April 2009). The Pace Board recognises that these factors have created an exceptionally positive situation for Pace, which is expected to continue, reflecting the strong foundations established over the last three years."

The Brokers following this one obviously like it and on a forward P/E of just over 7 there is certainly room for this one to double and more.....

Pace PLC

FORECASTS
2009 2010

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Altium Securities
20-04-09 BUY 76.90 18.30 0.80 94.20 22.10 1.00

KBC Peel Hunt Ltd
15-04-09 BUY 74.31 17.25 2.00 86.16 19.93 3.00

Milkstone Ltd
09-04-09 BUY 70.97 16.55 1.50 86.60 19.83 1.80

ABN AMRO [A]
30-03-09 BUY 42.00 9.67 0.90 50.30 11.54 1.00

FinnCap [A]
05-03-09 BUY 44.70 13.00 0.90 54.30 15.90 0.90

Singer Capital Markets Ltd [A]
06-11-08 BUY 23.70 5.60

2009 2010
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 74.31 17.25 1.50 86.38 19.88 1.80

1 Month Change 34.01 7.73 0.60 35.48 8.27 0.80
3 Month Change 52.82 12.26 1.50 52.78 12.01 1.80

Notes to forecasts (07 April 09) A flag refers to outlook

GROWTH
2008 (A) 2009 (E) 2010 (E)

Norm. EPS -14.10% 68.11% 15.25%
DPS % % 20.00%

INVESTMENT RATIOS
2008 (A) 2009 (E) 2010 (E)

EBITDA 55.57m 93.58m 107.26m

EBIT 32.17m m m

Dividend Yield % 0.98% 1.17%

Dividend Cover x 11.50x 11.04x

PER 14.96x 8.90x 7.72x

PEG -1.06f 0.13f 0.51f

Net Asset Value PS 5.77p p p

yesterdays AGM presentation....

http://www.pace.com/media/corporate/PDF/090422_agm.pdf

Zak Mir PRO TAer at SC across the road as just given this analysis on PIC....



Zak Mir



Reged: 28/06/07
Posts: 766
Re: CHART ATTACK - Longs and Shorts.
#444126 - 23/04/09 07:01 AM Edit Reply Quote



A major uptrend in force here. I would expect another gap higher in the next week or two.

Strong BUY from hemscott..

http://www.hemscott.com/companies/company-summary.do?companyId=3113

Recent Broker note from KBC Peel Hunt... a forward P/E of just under a miserly 8, far too cheap IMHO.

Pace PLC

SUMMARY CHARTS DIRECTOR DEALINGS FORECASTS WIRES
2009 2010

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

KBC Peel Hunt Ltd
27-04-09 BUY 74.31 17.25 2.00 86.16 19.93 3.00

Milkstone Ltd [A]
23-04-09 BUY 70.97 16.55 1.50 86.60 19.83 1.80

Altium Securities
22-04-09 BUY 76.90 18.30 0.80 94.20 22.10 1.00

ABN AMRO [A]
30-03-09 BUY 42.00 9.67 0.90 50.30 11.54 1.00

FinnCap [A]
05-03-09 BUY 44.70 13.00 0.90 54.30 15.90 0.90

2009 2010
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 75.62 17.78 1.39 90.22 21.03 1.99

1 Month Change 36.17 8.24 0.49 39.32 9.38 0.99
3 Month Change 53.80 12.70 56.73 13.19

Notes to forecasts
(07 April 09) A flag refers to outlook


GROWTH
2008 (A) 2009 (E) 2010 (E)

Norm. EPS -14.10% 73.27% 18.28%
DPS % % 43.16%

INVESTMENT RATIOS

2008 (A) 2009 (E) 2010 (E)

EBITDA 55.57m 111.00m 120.94m

EBIT 32.17m m m

Dividend Yield % 0.84% 1.20%

Dividend Cover x 12.79x 10.57x

PER 16.18x 9.34x 7.89x

PEG -1.15f 0.13f 0.43f

Net Asset Value PS 5.77p p p

Thursday, May 07, 2009

FinnCap raises Pace target price as drive to digital should benefit company

Broker FinnCap has increased its price target for set-top box maker Pace PLC (LSE: PIC) to 253 pence a share from 180p on the back of resilient first quarter results from US cable operator Comcast and Paces perception as supplier of choice by many of the PayTV operators.

In a note, the broker said; Clearly Pace is a technology leader in the digital space and actually only ships digital equipment, so any trend to digital should be read as positive for Pace.

It cited Pace shipping more than 1 million analogue to digital converters or digital television adapters (DTAs) in the Portland, Seattle and San Francisco Bay as part of Comcast's All-Digital initiative as an indication for the markets potential.

Given the increasing visibility for Pace and the encouraging signs from the PayTV industry for digital transmission in general and high definition (HD) content in particular, we are confident Pace will continue to grow strongly to 2010, FinnCap added.

A summary of latest Broker positions.....

Pace PLC

FORECASTS
2009 2010

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Altium Securities
01-05-09 BUY 76.90 18.30 0.80 94.20 22.10 1.00

Milkstone Ltd [A]
30-04-09 BUY 70.97 16.55 1.50 86.60 19.83 1.80

KBC Peel Hunt Ltd
29-04-09 BUY 74.31 17.25 2.00 86.16 19.93 3.00

ABN AMRO [A]
30-03-09 BUY 42.00 9.67 0.90 50.30 11.54 1.00

FinnCap [A]
05-03-09 BUY 44.70 13.00 0.90 54.30 15.90 0.90

2009 2010
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 75.63 17.78 1.39 90.25 21.04 1.98
1 Month Change 0.12 0.05 -0.01 0.17 0.02 -0.02
3 Month Change 53.82 12.70 1.39 56.75 13.19 1.98

Notes to forecasts
(07 April 09) A flag refers to outlook


GROWTH
2008 (A) 2009 (E) 2010 (E)

Norm. EPS -14.10% 73.27% 18.34%
DPS % % 42.45%

INVESTMENT RATIOS

2008 (A) 2009 (E) 2010 (E)

EBITDA 55.57m 111.00m 120.94m

EBIT 32.17m m m

Dividend Yield % 0.75% 1.06%

Dividend Cover x 12.79x 10.63x

PER 18.13x 10.46x 8.84x

PEG -1.29f 0.14f 0.48f

Net Asset Value PS 5.77p p p

Lets not forget that quality broker analysis of just a few days ago....

Thursday, May 07, 2009

FinnCap raises Pace target price as drive to digital should benefit company

Broker FinnCap has increased its price target for set-top box maker Pace PLC (LSE: PIC) to 253 pence a share from 180p on the back of resilient first quarter results from US cable operator Comcast and Paces perception as supplier of choice by many of the PayTV operators.

In a note, the broker said; Clearly Pace is a technology leader in the digital space and actually only ships digital equipment, so any trend to digital should be read as positive for Pace.

It cited Pace shipping more than 1 million analogue to digital converters or digital television adapters (DTAs) in the Portland, Seattle and San Francisco Bay as part of Comcast's All-Digital initiative as an indication for the markets potential.

Given the increasing visibility for Pace and the encouraging signs from the PayTV industry for digital transmission in general and high definition (HD) content in particular, we are confident Pace will continue to grow strongly to 2010, FinnCap added.

14 was the peak. Can it pass this time?

Brokers with their backing behind the company and a forward P/E of just 8-9 way undervalued imho....

Pace PLC

FORECASTS
2009 2010

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

KBC Peel Hunt Ltd
15-05-09 BUY 74.31 17.25 2.00 86.16 19.93 3.00

Altium Securities
01-05-09 BUY 76.90 18.30 0.80 94.20 22.10 1.00

Milkstone Ltd [A]
30-04-09 BUY 70.97 16.55 1.50 86.60 19.83 1.80

ABN AMRO [A]
30-03-09 BUY 42.00 9.67 0.90 50.30 11.54 1.00

FinnCap [A]
05-03-09 BUY 44.70 13.00 0.90 54.30 15.90 0.90

2009 2010
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 75.60 17.77 1.40 90.17 21.01 2.00

1 Month Change 0.11 0.05 0.00 0.12 0.00 -0.01
3 Month Change 53.78 12.68 1.40 56.73 13.18 2.00

Notes to forecasts
(07 April 09) A flag refers to outlook


GROWTH
2008 (A) 2009 (E) 2010 (E)

Norm. EPS -14.10% 73.21% 18.22%
DPS % % 42.87%

INVESTMENT RATIOS
2008 (A) 2009 (E) 2010 (E)

EBITDA 55.57m 111.00m 120.94m

EBIT 32.17m m m

Dividend Yield % 0.79% 1.13%

Dividend Cover x 12.68x 10.49x

PER 17.25x 9.96x 8.42x

PEG -1.22f 0.14f 0.46f

Net Asset Value PS 5.77p p p

PIC toying with 2

Nice break through of a flag formation on PIC PACE with good volume. The arrow points to where the SP as broken through....

"

I see Milkstone???? have slapped a broker Buy on PIC over the last couple of days 86.6 pre tax for 2010, rather interesting.....

Pace PLC

FORECASTS
2009 2010

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Milkstone Ltd [A]
18-06-09 BUY 70.97 16.55 1.50 86.60 19.83 1.80

Thomson, Pace seek DTA waivers from FCC mayo101

http://www.cedmagazine.com/News-Thomson-Pace-DTA-waivers-FCC-061909.aspx

Thomson, Pace seek DTA waivers from FCC
By Mike Robuck
CedMagazine.com - June 19, 2009
Add Thomson and Pace to the list of companies that are seeking waivers for their digital terminal adapters (DTAs) from the Federal Communications Commission.

Like Cisco and Motorola (story here), Pace and Thomson filed for the waivers after Evolution Broadband was granted its three-year waiver earlier this month for its DMS-1002 and DMS-1002 CA boxes with DTAs, which have a price range of $44-$50 per box (story here).

Evolutions waiver request was the first of its kind at the time, since it was an equipment vendor rather than a cable operator seeking exemption from the integrated set-top box decree by the FCC that went into effect in July of 2007.

The waiver allows Evolution to sell its boxes without the more expensive CableCards that were required by the separable security mandate.

In the FCCs Evolution ruling, it said it would expedite similar waiver requests from other DTA vendors, which include Cisco, Motorola, Thomson and Pace, in order to meet the low-cost, limited-capability standard set forth in the FCCs 2005 Deferral Order.

On Thursday, the FCCs Media Bureau issued notices for public comment on Pace and Thomsons waiver requests. The public comment period lasts until June 29.

Pace filed a request for a waiver pursuant to the FCCs streamlined process for its DC50X and DC50Xu DTAs, while Thomson filed on its DCI104 and DCI105 DTAs.

Comcast has been a big proponent of DTAs as it moves analog channels over to digital in order to reclaim bandwidth. Thomson, Pace and Motorola have provided DTAs to Comcast (story here).

Cable operators can reclaim between 250 MHz and 300 MHz in each system that goes all-digital. If a typical cable system has 79 analog channels and the operator decides to move 59 of those channels to digital, while perhaps leaving 20 or so as a life-line analog service for some select markets, it would reclaim 354 MHz.

Given 354 MHz of reclaimed spectrum in the example above and the fact that, on average, 10 standard-definition MPEG-2 digital programs can be inserted into one 6 MHz slot this yields enough bandwidth for nearly 590 channels.

Further to yesterdays post re- to Broker notes very interesting to see 2 latest notes out last week with Altium underlining.....

"We expect a trading update for the half to June in early July and would not rule out further upgrades for the year."

BROKER CALL Altium remains buyer of Pace; sees possible upgrades later
16 June, 2009 09:17:34 AM


Broker maintains its buy stance on Pace with a target price of 250p after the company hosted a teach-in and product demonstration for analysts and investors last night.

"Overall, our impression from the event was that the planets remain aligned for Pace and that there is still plenty of growth to come in the business in the next 2-3 years. We expect a trading update for the half to June in early July and would ot rule out further upgrades for the year."

And other broker reporting.....

BROKER CALL Pace initiated buy at WHIreland
16 June, 2009 09:12:33 AM


Broker initates Pace with a buy recommendation and target price of 235p, saying that it sees a 28% upside to the share price.

"At this point in the cycle, we suggest Pace can easily justify a 20% premium to our blended peer group valuation which suggests a target price of 235p."...ENDS

Obviously if the company are going to update come early July with further upgrades possible, brokers are going to be conservative at the moment.

Full Broker List...

Pace PLC

FORECASTS
2009 2010

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Milkstone Ltd [A]
18-06-09 BUY 70.97 16.55 1.50 86.60 19.83 1.80

Altium Securities
16-06-09 BUY 76.90 18.30 0.80 94.20 22.10 1.00

KBC Peel Hunt Ltd
12-06-09 BUY 74.31 17.25 2.00 86.16 19.93 3.00

ABN AMRO
05-06-09 BUY 72.82 16.77 0.90 84.86 19.48 1.00

FinnCap [A]
05-06-09 BUY 44.70 13.00 0.90 54.30 15.90 0.90

2009 2010
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 74.31 17.25 0.85 85.46 19.69 1.00

1 Month Change -1.28 -0.52 -0.56 -4.68 -1.31 -1.01
3 Month Change 34.01 7.73 -0.05 34.56 8.08 0.00

Notes to forecasts
(07 April 09) A flag refers to outlook


GROWTH
2008 (A) 2009 (E) 2010 (E)

Norm. EPS -14.10% 68.11% 14.14%
DPS % % 17.65%

INVESTMENT RATIOS

2008 (A) 2009 (E) 2010 (E)

EBITDA 55.57m 93.66m 104.57m

EBIT 32.17m m m

Dividend Yield % 0.42% 0.50%

Dividend Cover x 20.29x 19.69x

PER 19.49x 11.59x 10.16x

PEG -1.38f 0.17f 0.72f

Net Asset Value PS 5.77p 62.03p 78.34p ...............................ends


a full deck of Buys rather rare in the present climate.

PIC toying with 2 again.

Close above 2!

LOVELY 48 hpours above 200p aswell.

BROKER CALL Altium remains buyer of Pace; sees possible upgrades later
16 June, 2009 09:17:34 AM


Broker maintains its buy stance on Pace with a target price of 250p after the company hosted a teach-in and product demonstration for analysts and investors last night.

"Overall, our impression from the event was that the planets remain aligned for Pace and that there is still plenty of growth to come in the business in the next 2-3 years. We expect a trading update for the half to June in early July and would ot rule out further upgrades for the year."...ends

Final sentence made my mind up for me.

Pace plc Post Period End Update (Pace Micro Technology)





TIDMPIC

RNS Number : 1137V
Pace PLC
06 July 2009

?
Pace plc Post Period End Update
Saltaire, West Yorkshire, UK, 6 July 2009:Pace plc (PIC.L), the leading
independent developer of digital TV technologies for the global payTV industry,
is pleased to report that the Company is on target to meet management
expectations for the six months ended 30 June 2009.
Neil Gaydon, Chief Executive Officer commented: "Pace has continued to
capitalise on its excellent position in the growing global market for digital TV
technology. The strong operating performance anticipated for the full year that
was outlined in our trading update on 7 April 2009 and reiterated in the AGM
statement on 22 April 2009 remains unchanged."
Pace will announce its Interim financial results for the six months ended 30
June 2009 on Monday 27 July 2009.
-ends-

On track then......nice.

Toying with 2 again - interims on Monday.

Pace triples H1 profits

My target is four digits a couple of years.

Chart starting to look interesting - 7 year high.

http://www.moneyam.com/InvestorsRoom/posts.php?tid=14307&from=1&to=500

Rather than polluting unrelated threads with you ramping - why not play here.

New 7 year high again today.

Broken out of a rectangle trading range and heading up in another upleg.

Looks like feb 260p upper trend line is first target.

A lot of Broker Buys and coverage on this stock and why not with a miserly forward P/E of just over 10 going into 2010.....

Pace PLC

FORECASTS
2009 2010

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Milkstone Ltd
07-08-09 BUY 76.25 18.25 1.50 89.04 20.73 1.80

W H Ireland Ltd
06-08-09 BUY 73.70 17.70 3.50 91.50 22.00 4.50

KBC Peel Hunt Ltd
06-08-09 BUY 73.50 17.24 2.00 87.32 19.65 3.00

Altium Securities
30-07-09 BUY 77.00 18.60 0.80 93.60 22.30 1.00

Noble & Company
30-07-09 None 79.10 18.30 1.10 97.50 22.60 1.20

Seymour Pierce
27-07-09 HOLD 76.00 18.80 1.50 86.90 21.00 1.90

ABN AMRO
27-07-09 BUY 72.82 16.77 0.90 84.86 19.48 1.00

Singer Capital Markets Ltd
27-07-09 UREV
FinnCap [A]

07-07-09 BUY 44.70 13.00 0.90 54.30 15.90 0.90

2009 2010
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 75.30 18.22 1.32 89.63 21.23 1.68
1 Month Change 1.33 0.72 0.10 0.48 -0.18 0.04
3 Month Change -0.33 0.44 -0.07 -0.62 0.19 -0.30

Notes to forecasts
(07 April 09) A flag refers to outlook


GROWTH
2008 (A) 2009 (E) 2010 (E)

Norm. EPS -14.10% 77.56% 16.52%
DPS % % 27.27%

INVESTMENT RATIOS
2008 (A) 2009 (E) 2010 (E)

EBITDA 55.57m 81.91m 97.28m

EBIT 32.17m 72.80m 91.60m

Dividend Yield % 0.61% 0.78%

Dividend Cover x 13.80x 12.64x

PER 21.05x 11.86x 10.17x

PEG -1.49f 0.15f 0.62f

Net Asset Value PS 5.77p 62.03p 78.34p

7 year high again today.

Interesting trading last couple of days got in at 2.12 a couple of weeks ago but could not have envisaged this rapid increase in sp... : )

Have just gone long - Upgrade today and the news below yesterday.

Pace initiated with buy rating at Singer, 270p price target.




Pace Introduces First to Market Multiroom DVR Solution


Pace (LSE:PIC), a leading global developer of digital TV technologies, has today revealed an advanced multiroom DVR solution, Home Content Sharing (HCS). Paces HCS, which utilizes centralized storage to connect multiple high definition (HD) set-top boxes within the home, is integrated with Rovis Interactive Program Guide (IPG) and Rovis Connected Platform software to enhance the products advanced functionality.


Paces multiroom DVR is a market first and delivers full dual tuner HD-DVR functionality to each connected television in the home. The product is built around a single Network Attached Storage (NAS) device that provides centralized storage and enables multiple non-DVR set-top boxes in the home to access and share recorded content. Rovis IPG provides an advanced, easy to navigate graphical interface for the HCS solution. Subscribers and cable operators will be instantly familiar with the user interface and will enjoy key features such as watch and record, pausing live TV, and managing recordings from connected televisions.


Paces advanced software and NAS architecture make it possible for the HCS solution to distribute nine simultaneous HD streams throughout the home. Subscribers will be able to concurrently record six HD programs while maintaining full trick mode[1] capability, which is an industry first. The HCS solution also offers advanced DVR features including a folder system, a bulk delete tool, and the ability to bookmark playback to resume in another room.


Rovis Connected Platform software product is also being used in Paces HCS to provide a standards-based, secure content sharing platform. When used in conjunction with Paces advanced multiroom DVR software, the Connected Platform product can enable cable operators to evolve their whole home services to include more personalised content. This includes music, video, photos and Internet content, delivered using DLNA-, UPnP- and DTCP-IP-compliant devices via the home data network.


Paces product development teams have achieved an important industry first in creating a multiroom DVR platform with a groundbreaking number of simultaneous recordings and HD streams that will delight cable subscribers, said Pace Americas VP of Sales and Marketing, Tim OLoughlin. We have chosen to launch our HCS system alongside Rovis IPG due to its extraordinary prevalence in the cable market and its flexibility as an integration platform.

Cable operators continue to look to deploy solutions that provide added value to their service offerings and provide subscribers with a cutting-edge home entertainment experience, said Simon Adams, senior vice president of CE sales, Rovi. We are excited to collaborate with Pace on the launch of an innovative multiroom DVR solution that brings consumers seamless access to digital content while also giving operators more choice on how to implement content sharing capabilities in their infrastructure.

Availability

Paces HCS solution, including the set-top box and the NAS, are available for immediate deployment. For cable operators who are not currently Rovi IPG customers, the Rovi IPG is available now from Rovi.


Pace will demonstrate its HCS solution at booth #206 at the Cable & Telecommunications Association for Marketing conference and at booth #13065 at the Society of Cable Telecommunications Engineers annual trade show.

Pace Micro Technology Interim Management Statement





TIDMPIC

RNS Number : 9048B
Pace PLC
04 November 2009

?


Pace plc Interim Management Statement
4 November 2009: Pace plc, the leading independent developer of digital TV
technologies for the global payTV industry, is providing its second Interim
Management Statement for the 2009 financial year.
In the four months since 30 June, Pace has continued to execute against its
strategy to be a leader in technologies and products for the global payTV
market. Group revenues and volume deliveries are tracking to plan and Pace has
maintained a strong balance sheet and robust financial position. As anticipated
in the half yearly statement, average selling prices are increasing in the
second half of 2009 when compared to the first half due to a greater proportion
of high definition (HD) PVRs1 in the product mix. Operating margin for the full
year is expected to increase slightly over the first half.
Therefore, given current market strengths, Pace's position and good order
visibility, the Group continues to be confident in management's expectations for
the full year 2009.
During the period, Pace announced a series of HD contract wins with operators
that included Europe's largest cable TV company UPC Broadband, satellite
operator Viasat in Scandinavia, Brazil's NET Servis and new customer Sky in
Germany. An increasing number of operators ordering HD PVRs are moving to hybrid
platforms that combine broadcast and broadband delivery, where Pace has
established early market leadership.
Additionally, there was news on the first customer for Pace's new
MultiDweller(TM) technology - Canal Digital, the leading television distributor
in the Nordic market - and a series of customers for the Group's first 'whole
home' solution for US cable operators, which delivers HD content and PVR1
capability to multiple connected TVs in the home.
Commenting on the period, Neil Gaydon, Pace's Chief Executive Officer, said:
"I am pleased to report Pace is firmly on track to meet management's
expectations for the 2009 financial year as the Group continues to perform well
strategically, commercially and operationally. Pace is operating in a strong
market and has taken a leadership position in high definition and hybrid
products, where there is significant consumer demand.
"As part of Pace's ongoing growth and diversification strategy we successfully
launched our MultiDweller product, which extends triple-play delivery into hard
to reach places. We also launched the very first whole home PVR solution for the
American cable market ahead of all competition."
-ends-

http://www.thetelegraphandargus.co.uk/business/4744824.Change_of_Pace_recognised_by_CBI/

Post Period End Update

RNS Number : 1481F
Pace PLC
07 January 2010

?
Pace plc Post Period End Update
Saltaire, West Yorkshire, UK, 07 January 2010:Pace plc (PIC.L), the leading
independent developer of digital TV technologies for the global payTV industry,
is pleased to report that the Company is on target to meet management
expectations for the twelve months ended 31 December 2009.
Neil Gaydon, Chief Executive Officer commented: "2009 was a record year for Pace
with excellent growth in shipments, revenue and profitability as we delivered
against our strategic, commercial and operational targets. We also continued
our careful management of the balance sheet, closing the year with a positive
net cash balance of over GBP70m."
Pace will announce its Preliminary financial results for the twelve months
ended 31 December 2009 on Tuesday 2 March 2010.
-ends-

Final Results.

Financial Highlights1

Revenues increased 52% to 1,133.4m (2008: 745.5m)

Profit before tax up 405% to 69.9m (2008 13.8m)

Adjusted2 Group profit before tax up 168% to 76.5m (2008: 28.5m)

Strong balance sheet with net cash of 73.5m (2008: 37.7m)

Adjusted2 operating margin increased to 6.7% (2008: 3.9%)

Gross margin of 17.6% (2008: 18.1%) reflecting the increased diversification of the enlarged Group product mix

Basic EPS of 17.7p (2008: 4.0p), with adjusted EPS of 19.3p (2008: 7.8p)

Final dividend of 1.0p proposed (2008: 0.6p) taking total dividend for year to 1.5p (2008: 0.6p

Pace plc AGM and Interim Management Statement

"In the Preliminary results announcement on 2 March we updated our outlook for 2010. I am pleased to report that trading has continued in line with our expectations and Pace continues to deliver against management's plan.

"We entered 2010 in a strong operating and financial position with our payTV markets continuing to be positive and with good demand for the Group's products. For the full year we expect a combination of solid volume growth and a modestly lower ASP resulting from product mix, to lead to mid single digit revenue growth. Gross margins are expected to increase, with a focus on operating cost and efficiency generating further improvements in operating margin. We will also continue tight management of the supply chain as we manage a sector-wide risk of component shortages.

Am looking around the technology sector atm. Any thoughts on this one as a recovery play for 2011? Possible downside on the chart looks a bit worrying.

Harry - its had a reasonable run this month (but then so have most) interims on the 27th.

Interim Results.

Financial Highlights

Revenues increased 21% to 635.2m (six months ended 30 June 2009: 526.5m)

Improvement in gross margin to 18.6% (six months ended 30 June 2009: 17.2%)

Adjusted[1] operating margin increased to 7.5% (six months ended 30 June 2009: 6.5%)

Profit before tax up 46% to 45.4m (six months ended 30 June 2009: 31.0m)

Adjusted1 profit before tax up 39% to 47.8m (six months ended 30 June 2009: 34.3m)

Basic EPS of 10.7p up 43% (six months ended 30 June 2009: 7.5p), with adjusted basic EPS of 11.6p up 40% (six months ended 30 June 2009: 8.3p)

Interim dividend of 0.725p, increased by 45% (six months ended 30 June 2009: 0.5p)

Strong balance sheet with cash of 94.1m (at 31 December 2009: 73.5m, at 30 June 2009: 48.9m)


Proposed acquisition

Pace today announced the proposed acquisition of 2Wire Inc, a leading provider of advanced residential gateways and associated software and services for the broadband service provider market to widen Pace's US customer base and opportunity

I bought a few of these yesterday morning on the back of the article in the Times.

and.....

RNS Number : 6139A

Pace PLC

03 February 2011

Statement from Pace:

"Pace plc notes recent press comment regarding its business in India and can confirm that it is currently working to agree contract terms with a satellite operator for the launch of a new digital service".

Quiet thread considering the potential here?

Pace plc Preliminary Results for the year ended 31 December 2010



Financial Highlights

Revenues increased by 17.4% to 1,330.9m (2009: 1,133.5m), with organic revenues[1] growing 9.7%

Adjusted[2] EBITA up 35.6% to 103.6m (2009: 76.4m) with organic business1 contributing 94.3m and acquisitions 9.3m

Return on sales[3] increased to 7.8% (2009: 6.7%)

Total operating profit before exceptionals up 31.9% to 91.9m (2009: 69.7m)

Profit before tax (after exceptionals) up 1.7% to 71.1m (2009: 69.9m)

One-off exceptional costs of 19.0m from transaction related expenses, acquisition integration costs and restructuring to implement post-acquisition operating structure

Adjusted[4] basic EPS up 23.8% to 23.9p (2009: 19.3p), basic EPS 17.0p, down 4% post one-off exceptional costs (2009:17.7p)

Proposed final dividend of 1.45p, resulting in total full year dividend of 2.175p, up 45% (2009: 1.5p)

Closing net debt[5] of 200.7m, after successful $450m debt raising to fund acquisitions

Usual reaction after results. The direction can change fast.

Broker Buy list from hemscott premium.........

Forward P/E of just over 5 for 2012, derd cheap and way undervalued imo.

Pace PLC

FORECASTS 2011 2012
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Peel Hunt
05-04-11 BUY 113.37 25.67 2.50 125.49 28.41 3.00
The Royal Bank of Scotland NV
28-03-11 BUY 118.44 26.36 2.40 135.71 29.89 2.50
W H Ireland Ltd
23-03-11 BUY 114.28 27.24 2.50
Execution Noble
14-03-11 BUY 27.80 2.60 32.40 3.10
Altium Securities
09-03-11 BUY 114.90 27.80 2.40 136.00 32.60 2.60
Numis Securities Ltd
09-03-11 HOLD 103.00 24.10 113.00 26.40
Seymour Pierce [R]
07-03-11 BUY 115.10 25.30 2.20 136.20 30.70 2.50
Milkstone Ltd
14-02-11 BUY 115.30 26.30 2.50
Collins Stewart [R]
04-11-10 BUY 30.00 32.70

2011 2012
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 104.69 25.98 2.48 115.08 28.98 2.80
1 Month Change -1.03 0.15 0.04 2.65 0.37 0.20
3 Month Change -10.29 -0.80 0.10 -15.08 -1.59 0.06


GROWTH
2010 (A) 2011 (E) 2012 (E)

Norm. EPS 14.74% 16.26% 11.58%
DPS 56.82% 43.77% 12.86%

INVESTMENT RATIOS
2010 (A) 2011 (E) 2012 (E)

EBITDA 114.40m 159.88m 172.04m
EBIT 92.20m 108.04m 119.84m
Dividend Yield 1.08% 1.56% 1.76%
Dividend Cover 12.95x 10.47x 10.35x
PER 7.13x 6.13x 5.50x
PEG 0.48f 0.38f 0.48f
Net Asset Value PS -59.48p 97.17p 117.06p

Nice to see a drop in stock on loan (proxy for shorters) to about half in recent days.



DATA EXPLORERS

Interim Management Statement.

Key Points

Volume shipments and revenues have continued to meet Pace's expectations (Q1 2011 revenues up 24% on Q1 2010), but profitability has been impacted due to the following factors:

o Pace has built inventory and purchased components ahead of schedule to ensure that it can deliver on customer orders within a tight supply chain environment. This has increased costs;

o The Japanese Tsunami has further exacerbated the supply chain environment in the period and increased risk for the year;

o Profitability in the Pace Europe business unit during the period has been below expectations, despite this unit having achieved its revenue and volume targets;

o Insufficient demand for Pace Networks products, which resulted in the closure of this division as a standalone business unit.

Down 50 after extended auction.

sales up - h1 profit down by about only 3 to 3.5% - profit f/c to recover h2 - one of the reasons h1 profit down a bit japanese tseunami - sp down 40% - this will bounce of current low imo

Have been watching this one for a while now and couldn't decide whether to invest or not. Am I glad I stayed out!!! Still not convinced that a turnaround is on the cards yet.

upside in the share price from this level........... good sp to buy in at......???

http://www.growthcompany.co.uk/news/1622898/losing-pace.thtml

10/05/2011 Ben Jaglom
Reduce text size Decrease text size Increase text size Increase text size Print article Print Share this article Share Email article to a friend Email Set top box manufacturer Pace (PIC) has issued a profit warning blaming factors including the Japanese tsunami for a fall in first-quarter profits.

The fully-listed venture warns it expects that as a result of a challenging first half year so far, profits for 2011 will be in range of $150 million- $170 million (97 million- 110 million) - substantially below the circa 129 million analysts were forecasting. The company blames the tsunami for having 'exacerbated the supply chain environment in the period' and increasing risk, while also conceding that there was 'insufficient demand for Pace Networks products' , which led to the closure of the division as a standalone business unit.

Chief executive officer Neil Gaydon laments that Pace had made a 'disappointing start to the financial year'. He warns that the business will 'now not be able to make up this first half under-performance in the second half.'

Following the announcement analysts at house broker Collins Stewart have placed both their forecasts and recommendation under review. The broker had forecast profits of 129 million (2010: 71.1 million) in 2011 on turnover of 1.55 billion.

Shares in the company have come under considerable pressure after the warning, plummeting almost 40 per cent to their current price of 93.25p. While the news is likely to be devastating for existing Pace shareholders, we think there is an opportunity to profit from the fall in the share price, with the company's fundamentals still remaining relatively solid, particularly overseas where it has recently won contracts in both Asia and Latin America.

We see some short-term upside to the share price, certainly not to the previous level but a modest recovery is certainly a distinct possibility once investor panic begins to settle down.

seymour pierce maintain buy rating:

Analyst view

Jonathan Imlah at Collins Stewart is holding fire for now: Ahead of a conference call this morning, we have placed our forecasts and recommendation under review. The shares are clearly likely to come under severe pressure in the short term.

However, Ian Robertson at Seymour Pierce remained positive on Pace based on valuation and maintained his buy recommendation, pending the results of the conference call this morning. He said in a note: Paces IMS does not make for good reading. Green shoots of hope may have stopped the management taking the knife to this business at the end of FY10 but it has taken action now.

Guidance for EBITA is below our estimate $190 million and so we expect to revise profit forecasts downward although our revenues figures ($2.6 billion) should remain intact. This is not a disastrous statement but it is a further hit to management and company credibility.

come on pace!!! the rns was not that bad!!

Pace profit warning


Set-top box manufacturer Pace said volume shipments and revenues have continued to meet expectations but operating profit is likely to be below targets.

Q1 2011 revenues are up 24% on Q1 2010, however, profitability has been impacted due to the following factors:-

o Pace has built inventory and purchased components ahead of schedule to ensure that it can deliver on customer orders within a tight supply chain environment. This has increased costs;

o The Japanese Tsunami has further exacerbated the supply chain environment in the period and increased risk for the year;

o Profitability in the Pace Europe business unit during the period has been below expectations, despite this unit having achieved its revenue and volume targets;

o Insufficient demand for Pace Networks products, which resulted in the closure of this division as a standalone business unit.

The Board has reviewed the potential impact of the above factors on the rest of the 2011 financial year. In the first half the Board now expects operating margins to be at around 5.5%. In the second half the Board is confident that Pace will return to close to its medium term 8% operating margin target. For the full year the Board expects operating profit to be below management expectations and in the range of $150m - $170m (97m - 110m1).

During this period the build-up of inventory ahead of schedule has caused a higher than planned cash outflow. The Board expects cash to return to prior-year-end levels by the half year.

The Pace Americas business unit has performed ahead of management plan in the period. The 2Wire acquisition integration programme has proceeded as expected with the Americas 2Wire business fully integrated into a new Americas Telco customer account team (CAT), which has performed well.

Pace Europe has continued to win business, for example new contracts with Tata Sky in India and Net Servicos in Brazil. Pace also marked its one millionth shipment of standard definition set-top boxes to the Net Servicos business. It was announced by the European Commission on 14 April that Pace had won its long-running case with the European Court to prevent a change of classification by the European Commission to impose duty charges on set-top boxes with a recording function.

Pace Enterprise has continued to build its businesses in telecom gateways and software and services outside of the Americas. Following the closure of Pace Networks, its existing customers and related opportunities will be managed through Pace Europe.

As previously stated Pace will provide details of its dollar conversion by the end of May.

Commenting on today's announcement, Neil Gaydon, CEO, said:

"It is clear from today's statement that despite revenues and product shipments being on track, we have made a disappointing start to the financial year with our profitability. We have taken action and are making changes to improve our second half performance and beyond and to ensure we return to our 8% operating margin target.

"Although we will now not be able to make up this first half under-performance in the second half we continue to drive long-term growth and profitability. The demand for our products and technologies continues to grow, ensuring our ongoing market leadership."

hyleo - i am out here now - i noticed at least 1 broker target reduced to 80p an hour or 2 after my last post here - hence swift exit before my profit disappeared - looks like others must have read the same later - interesting tomorrow not made up my mind here yet

gl

RNS Number : 4986G

Pace PLC

12 May 2011

Pace plc: AGM Statement

Saltaire, UK, 12 May 2011: Pace plc has today held its Annual General Meeting. At the meeting Pace's Chairman, Mike McTighe, gave the following statement:

"As we reported in our Interim Management Statement on Tuesday 10 May, since the start of 2011, volume shipments and revenues have continued to meet Pace's expectations. Due to a number of factors detailed in that statement the Board now expects full year operating profit to be in the range of $150m - $170m (GBP97m - GBP110m)[1].

"The Board is disappointed in this expected outcome for 2011 and will be looking at lessons that need to be learned, and ensuring they are implemented. At the same time the Board continues to be confident in the fundamentals of the business, the management team's ability to deliver against the Group's business objectives and the ongoing opportunities within our global markets for digital and broadband technology and services."

No longer a penny share (for now).

Firmly away from a quid.

Getting up ahead of steam in the last hour - up 7.6% hmmm.

On edit :- Well that was the kiss of death !

Statement re appointment of new Chairman

Saltaire, 31 May 2011: Pace plc today announces the proposed appointment of Allan Leighton as its new Non-executive Chairman and the retirement of Mike McTighe, who will be stepping down after ten years as Non-executive Director including five as Chairman.

The Board is pleased to have recruited Allan Leighton, former CEO of Asda and former Non-executive Chairman of the Royal Mail. Allan has today joined the Board as a Non-executive Director and is expected to be appointed Chairman over the summer months, allowing a period for Mike and Allan to undertake an orderly transition of responsibilities.

Gap to be filled but U know what they say about profit warnings coming in 3s. Certainly didnt like the way this company were having to reduce margins at last results. Will keep an eye out on it but not for me until more positive news.

Goldfinger - agreed. I'm in from mid 90s and 102 with stop in place, so I'm happy. These made me quite a lot of money late last century!

Has done for me aswel Skinny but looking at chart weve had 2 profit warnings so third may be on its way. Like U say tight stop loss.

RNS Number : 0297L

Pace PLC

26 July 2011

Pace plc Interim Results for the six months ended 30 June 2011

Pace on track to meet revised May 2011 guidance

Saltaire, UK, 26 July 2011: Pace, a leading developer of technologies, products and services for global broadband and broadcast markets, announces its results for the six months ended 30 June 2011.

Financial Highlights1

-- On track to meet revised May 2011 guidance

-- Revenues increased 21% to $1,187.1m (six months ended 30 June 2010: $978.2m)

o Increase acquisition-related; organic revenue down 3.5%

-- Gross margin 19.0% (six months ended 30 June 2010: 18.6%)

o Organic gross margin 15.6% (six months ended 30 June 2010: 18.5%)

o Acquisitions gross margin 31.7% (pro forma six months ended 30 June 2010: 27.5%)

-- Profit before interest, tax, and amortisation (EBITA) $68.4m, giving return on sales of 5.8% (six months ended 30 June 2010: $73.3m, return on sales 7.5%)

-- Basic EPS of 7.1c (six months ended 30 June 2010: 16.5c), with adjusted(2) basic EPS of 17.1c (six months ended 30 June 2010: 17.9c)

-- Interim dividend increased to 1.25c (six months ended 30 June 2010: 1.12c)

-- Net debt at $293.2m (at 31 December 2010: $311.1m)

Operating Highlights

-- Progress made since May 2011 IMS update:

o Inventory management has been normalised, with the majority of the financial impact absorbed in H1

o The Networks business has been re-sized and is no longer loss-making

o Impact of the Japanese Tsunami on potential availability of components has been largely mitigated;

however a small number of at-risk components remain

o Initial corrective measures have been implemented to address the profitability levels in Pace Europe

-- Acquisition-related synergies were achieved earlier and are greater than anticipated

-- Strategic review announced June 2011 underway; aiming to conclude around the time of the Group's Q3 IMS

Commenting on the results, Neil Gaydon, Chief Executive Officer, said:

"Our first half results put Pace on track to meet its revised May 2011 profit guidance3 of $150-170m for FY 2011. Progress is being made on each of the issues identified in May, and we continue to address those issues not fully resolved, particularly in Pace Europe.

"Acquisition-related synergies have been achieved ahead of plan. Additionally, this period has seen continued free cash flow generation, leading to a reduced net debt position of $293.2m.

"The strategic review announced last month is underway, with focus on Pace's strategy and opportunities for business improvements, aiming to conclude around the time of the Group's Q3 IMS."

Outlook

Given the Group's first half performance, including corrective actions identified and implemented, the Board reaffirms its May profit guidance of $150-170m for Full Year 2011.

Directors are selling shares

RNS Number : 5290Q

Pace PLC

20 October 2011

Pace plc

Update on the effect of Western Digital's Thailand factory closure and 2011 Operating profit guidance

Saltaire, UK, 20 October 2011

Following the recent announcement by Western Digital Corporation that it has suspended production of hard disk drives at its manufacturing facilities in Thailand as a result of severe flooding, Pace has completed an initial assessment of the potential impact on its 2011 business. Because Western Digital is the major supplier of hard disk drives to Pace, this will negatively impact expected shipments of products with hard disk drives from this supplier during the remainder of this year.

Pace estimates the worst case impact on 2011 operating profit to be $9.5m, before taking account of possible mitigating actions. As a result, Pace's operating profit for 2011 is now likely to fall below previous guidance of $150m-$170m.

Pace will provide its upcoming interim management statement, together with an update on its strategic review, on 17 November 2011.

There will be an analysts' call this morning at 9am BST.

Out of auction down 13.3%

Profit warning on its way for Pace.

It will interesting to see how the analyst call goes this morning.

On edit - from the last interims.

Given the Group's first half performance, including corrective actions identified and implemented, the Board reaffirms its May profit guidance of $150-170m for Full Year 2011.

I've had a small punt @81.06.

High risk!

Harry - its great buying for yields - sometimes you have to get the blood moving :-)

Its only small - and as you can tell from earlier posts - I've been in and out of these since the mid 1990s.

Volume is up for the first time after it fell below 100p

Interim Management Statement and Strategy Update

Trading update and 2011 outlook

Including the impact of Hard Disk Drive (HDD) supply issues, full year group operating profit1 is expected to be c.$141m on revenues of c.$2.3bn

o With the exception of the HDD supply issue, volume and revenues are in-line with expectations

o Impact of HDD supply issues on 2011 operating profit is expected to be c.$9.5m

o There will be a consequent impact to cash through lost profit and increased working capital, with net debt at year end now expected to be c.$320m-$330m

A consultation is underway on a proposed reorganisation of the Pace Europe business, the details of which are subject to finalisation. A corresponding exceptional charge of c.$12m will be taken in 2011 and the consultation is expected to conclude before the end of H1 2012. The proposal is targeting annualised savings of c.$7m, with c.50% expected in 2012.

2012 outlook: underlying business and impact of HDD supply issues

The Board now expects 2012 group operating margin to be c.7% on broadly flat revenues before the impact of HDD supply issues, reflecting:

o Increased pricing pressure, particularly in North American Cable, impacting group operating margins by c.1%

o Near term cost containment measures to improve operational efficiency, benefiting group operating margins by c.1%

Impact of HDD supply issues on 2012

o Pace's HDD suppliers remain uncertain on capacity and pricing - impact on 2012 revenue, profit and cash flow remains uncertain

o All efforts are being taken to mitigate this, including seeking alternative supplies, working with customers and aggressively managing working capital

o Based on dialogue with our suppliers and customers, and our detailed analysis, our current working assumption of operating profit impact in 2012 is $35m-$50m of which the majority is expected to fall in H1

Taking account of the 2011 and 2012 outlook given above, including our working assumption for the HDD supply issue, we will remain within our banking covenants

Extended auction -12.9%

High risk still expensive.

Warnings 'show Pace is well run'
Katherine Rushton, 20:36, Thursday 17 November 2011

The boss of Pace (Xetra: 901454 - news) has claimed its succession of profit warnings show what a "well run company" it is, after the Yorkshire set-top box manufacturer revealed that flooding in Thailand could wipe a further $50m (32m) off its operating profits in 2012.

Shares in the company plunged by nearly a quarter to 45.9p on the trading update, marking a new low for Pace, which has lost 76pc of its value over the past year.

The business had already shaken investor faith with a hat-trick of revenue and profit warnings this year, including a one in October that the Thai disaster would take a $9.5m bite out of its 2011 operating profits, bringing them down to $141m.

The floods, which have claimed the lives of nearly 300 people and damaged more than 700,000 homes, forced one of Pace's key suppliers, hard-disk manufacturer Western Digital Corporation, to suspend production at its Bangkok factory.

However, Pace has now gone further, predicting that knock-on supply issues will hit the business even harder next year. "Our current working assumption of operating profit impact in 2012 is $35m to $50m, of which the majority is expected to fall in the first half," it said, adding that the impact was still "uncertain".

Neil Gaydon, chief executive, pointed out that the floods had impacted a large number of technology companies, and said the frequency of Pace's profit warnings were a testament to its transparency.

"[There have been a lot] because we're a really well run company so we can give a really clear view of where we are," he said.

A spokesman added that Pace should be commended for correctly assessing the 2011 impact of the floods so fast.

Pace also said it will write off about $12m this year relating to restructuring its European business, designed to strip out $3.5m in costs next year, eventually growing to $7m of annual savings.

In May, Pace lowered its earnings and profits guidance twice, first blaming an upgrade delay at one of its customers, and second blaming the Japanese tsunami.

High risk but this company has a history of climbing back.

Great recovery today.

It should be above 200, if no flood in Thailand and earquack in Japan.

It should come back to levels I baught 205p

Pace (Xetra: 901454 - news) powered ahead as Collins Stewart lifted its rating on the maker of television set-top boxes to buy from hold. Shares in Pace have tumbled 18pc since the company warned in November that shipments for the rest of the year will continue to be hit by flooding at the Thai factories of its hard disc drive supplier, Western Digital

But, Collins Stewart analysts noted that on Thursday night, Western Digital reported that it is resuming hard disc drive production this week, earlier than expected. This can only be regarded as a positive development for Pace, the broker added.

Pace put on 5.7 to 57p, but, based on Thursdays close, it could be poised for demotion to the small-caps at the next index reshuffle.

RNS Number : 9363T

Pace PLC

14 December 2011

Pace plc: New Chief Executive Officer Appointment

Saltaire, UK, 14 December 2011: Pace plc today announces that Mike Pulli, currently President of Pace Americas, has been appointed Chief Executive Officer of Pace plc and has joined the Board with immediate effect.

He succeeds Neil Gaydon who, after 16 years with Pace plc, has decided to step down to take some time off and look for a fresh challenge.

Chairman, Allan Leighton, comments: "Mike has developed a hugely successful business for Pace in the Americas, and his background and gravitas in the industry make him the right leader to succeed Neil and deliver our Strategic plan".

"We would like to thank Neil for his significant contribution to Pace over a 16 year period, the last five as CEO, and wish him and his family well for the future."

There is no information required to be disclosed pursuant to LR9.6.13R in respect of Mike Pulli.

-ends-

glad to hear it

Pace plc: Changes to Executive Management


Saltaire, UK, 6 January 2012: Pace plc today announces two changes to its executive management team.

Following a review of its senior operating structure, the role of Chief Operating Officer (COO) will cease to exist. David McKinney, Pace COO, will therefore leave the company and resigns from the Board with immediate effect. Key operations and procurement functions that previously reported to David will now report directly to the Chief Executive Officer (CEO).

Chairman, Allan Leighton, said: "The new senior structure gives the CEO direct line of sight to the critical areas of the business. However, it's important to acknowledge the significant contribution that David has made to Pace over the last six years in building its operational capabilities. We wish him all the best for the future."

Separately, Tim O'Loughlin has been appointed President of Pace Americas. Tim replaces Mike Pulli in the role, following Mike's appointment as Pace CEO in December 2011. Tim takes responsibility for the Pace Americas business, including customer relationships, operations and all administrative functions.

Commenting on Tim O'Loughlin's appointment, Pace CEO, Mike Pulli, said: "Tim has worked at Pace for over a decade, including eight years as part of my Americas leadership team, and is extremely well respected both within the company and by our customers and partners. His appointment as President ensures continuity of leadership and the customer relationships that are critical to our continued growth in this region."

Pace plc: New Chief Financial Officer Appointment

Saltaire, UK, 24 February 2012: Pace plc today announces that Roddy Murray has joined the Board of Pace plc and will be appointed Chief Financial Officer with effect from 6 March.

He will succeed Stuart Hall who, after 5 years with Pace plc, is stepping down from his role and the Board on 6 March.

Mike Pulli, CEO, commented: "We are delighted to welcome Roddy to the business. He brings with him a wealth of financial experience most recently as CFO of The BSS Group plc and prior to that Moss Bros Group plc. His background will be very valuable as we move into the next stage of Pace's development and deliver on our Strategic plan."

Chairman, Allan Leighton, commented: "We would like to thank Stuart for his contribution to Pace during his time here. He joined the company in 2007 and has helped steer the business through an important phase in its development. We wish him and his family well for the future."

Roddy Murray was CFO and director of The BSS Group plc between May 2006 and December 2010. There is no further information required to be disclosed pursuant to LR9.6.13R is respect of Roddy Murray.

-ends-

Preliminary Results.

Financial highlights

· Revenues up 11.9% to $2,309.3m (2010 restated1: $2,062.9m). Excluding the effect of acquisitions, organic revenue decreased 7.1%.

· Gross margin 19.2% (2010: 19.2%).

· Adjusted EBITA2 $141.4m (2010 restated: $160.6m) in line with November 2011 guidance (which includes Hard Disk Drive (HDD) supply disruption impact of $9m).

· Adjusted EBITA margin 6.1% (2010: 7.8%).

· Profit before tax $54.7m (2010 restated: $110.2m).

· Basic EPS 13.2c (2010 restated: 26.4c) with Adjusted basic EPS3 29.7c (2010 restated: 37.1c).

· Proposed final dividend 2.50c per share, resulting in full year dividend of 3.75c per share (2010 restated: 3.37c).

· Closing net debt4 $321.7m (2010 restated: $311.1m).

Interim Results

Financial highlights

· Revenue $1,006.5m (H1 2011: $1,187.1m) in line with management expectations:

o Impact of Hard Disk Drive (HDD) supply disruption $76.8m in H1.
o H2 revenue underpinned by next generation hardware rollouts.

· Gross margin 18.6% (H1 2011: 19.0%). Underlying1 gross margin 19.4% before $23.1m HDD impact in H1.

· Adjusted EBITA2 $61.6m, operating margin3 of 6.1% (H1 2011: $68.4m, operating margin 5.8%). Underlying operating margin of 7.8% before $23.1m HDD impact in H1.

· Profit before tax $21.4m (H1 2011: $29.4m) after exceptional costs of $4.4m (H1 2011: nil).

· Basic EPS 5.1c (H1 2011: 7.1c) with adjusted basic EPS4 12.8c (H1 2011: 14.2c).

· Interim dividend increased by 15% to 1.44c (H1 2011: 1.25c).

· Closing net debt5 $243.3m (31 December 2011: $321.7m), a $78.4m reduction (H1 2011: reduction of $17.9m).

Excellent candle and good volume today!

Pace leaps 17 percent as the TV decoder maker raises its full-year earnings forecast as margins improve and the supply disruptions that marred the company's profit in the first half abated.

Peel Hunt, in a note, says the progress on underlying operating margins, which is ahead of expectation, leads to a 13 percent upgrade to full-year 2012 forecasts as well as a 20 percent upgrade to full-year 2013 forecasts - which it anticipated.

"There are three upside drivers to the Pace share price: 1) margin-driven forecast upside (headroom for further upgrades); 2) management credibility to drive a re-rating and 3) debt paydown - 2 and 3 can drive target prices well above our current (130 pence) target price," the broker says.

If it can get through the next six weeks without a trip ...............it'll get back in the FTSE 250. That should send the price straight back over £2.00.

I should have bought more. It doesn't really seem worth selling half my holding at such an exciting point!

12 month high today @167.75p

Pace moves up to FTSE 250 in reshuffle

Published on Thursday 13 September 2012 08:55

TV decoder maker Pace is to be promoted to the FTSE 250 in the stock exchange’s latest quarterly reshuffle.

The Saltaire-based company’s shares have risen from lows of 70p in April to close at 174.5p yesterday.

The group is seeing a new lease of life under new chief executive Mike Pulli, who issued an upbeat trading statement in July.

Pace has raised its full-year earnings forecasts as margins improved and supply disruptions eased.

Mr Pulli said he wanted to make the company more efficient, adding: “I don’t like debt in the company that I’m running. The faster you pay down debt the better.”

Why the crash today?

BT Contract

Pace plc would like to confirm that any outcome of the commercial and technical discussions with BT on the YouView contract is of no material impact to the Company's earnings in this or future years.

Buy for monday then. Nice.

Potential acquisition of Google's Motorola Home

Pace plc ("Pace" or "the Company") notes the announcement from Google that it has reached agreement to sell its Motorola Home business. The Company was unable to reach an agreement with Google on terms that the Board believes would have been in the interests of Pace's shareholders. Accordingly, Pace has contacted the Financial Services Authority to request that the suspension of its securities from the Official List is lifted without delay. Pace expects the suspension to be lifted shortly.

Just posted on twitter.....

razer ‏@SharesMagSteve
More @Pace. 14 Nov @Canaccord BUY P/T 228p on more cost cuts.

Jefferies - Buy - 230p target.

PIC PACE

Just a re-cap on brokers with buy notes out
and their SP targets.....

Date Company Name Broker Rec. Price Old target price New target price Notes

12 Dec Pace PLC Peel Hunt Buy 188.05 250.00 - Retains
11 Dec Pace PLC Espirito Santo Execution Noble Buy 188.05 235.00 235.00 Reiterates
Reiterates
03 Dec Pace PLC JP Morgan Cazenove Overweight 188.05 216.00 - Retains
14 Nov Pace PLC Canaccord Genuity Buy 188.05 205.00 228.00 Retains
14 Nov Pace PLC Peel Hunt Buy 188.05 200.00 250.00 Retains

N@P Building Society.

PIC PACE

Broker BUY support for PIC....

Date Company Name Broker Rec. Price Old target price New target price Notes

21 Dec Pace PLC Canaccord Genuity Buy 190.30 150.00 228.00 Upgrades
21 Dec Pace PLC Peel Hunt Buy 190.30 - 250.00 Retains
11 Dec Pace PLC Espirito Santo Execution Noble Buy 190.30 235.00 235.00 Reiterates
03 Dec Pace PLC JP Morgan Cazenove Overweight 190.30 216.00 - Retains
14 Nov Pace PLC Peel Hunt Buy 190.30 200.00 250.00 Retains
06 Nov Pace PLC JP Morgan Cazenove Overweight 190.30 134.00 205.00 Retains
16 Oct Pace PLC Exane BNP Paribas Outperform 190.30 160.00 205.00 Retains

Trading Update

The Group performed strongly in H2; the full year results are anticipated to be ahead of the Board's previous guidance:

Record Q4 revenue has resulted in a strong finish to the year, largely driven by demand for next generation Media Server products in North America. Full year revenues expected to be around $2.4bn, 4% ahead of 2011 and of prior guidance.

Underlying operating margin expected to be 7.3%, after adjusting for the adverse impact of HDD supply disruption1, with adjusted EBITA2 of at least $157m (11% ahead of 2011).

Cash generation throughout H2 was strong, with free cash flow3 for the year expected to be not less than $175m (2011: $8.2m).

Closing net debt4 expected to be no greater than $170m (2011: $321.7m), a 47% reduction during the year (compared to a 3% increase in 2011).

We have made good progress throughout the year in the execution of our Strategic Plan:

Transform Core Economics: The continued focus on operating efficiency has delivered sustainable savings in the year, and we are well underway in the transformation of our supply chain that will deliver tangible benefits in 2013 and beyond.

PayTV Hardware Leadership: There has been high demand for Media Servers in H2 for both DIRECTV's Genie™ Advanced Whole-Home HD DVR and the XG1 for Comcast's new X1 service. We expect this technology trend to continue into 2013, and we recently announced the approval for production of DIRECTV's next generation HR44 GenieTM Media Server and C41 mini GenieTM client device.

Widen out into Software, Services and Integrated Solutions: We have achieved a number of key wins and deployments across all areas of our software and services offerings, and have a strong pipeline into next year. In particular, we are pleased to announce two standout wins:

Foxtel, the largest PayTV operator in Australia, have 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.

BSkyB has deployed the Pace Component Management System (CMS)5 which will support its customers in the UK.

Commenting on today's announcement, Mike Pulli, CEO, said: "Pace has performed impressively in 2012 with a particularly strong second half to the year. We have made good headway on executing our strategy and Pace is becoming a more profitable, cash generative company.

We have momentum and a sustainable platform to build from, and we expect to make further progress in 2013 and beyond."

The Group will be announcing its preliminary results for the year ended 31 December 2012 on 5 March 2013.
-ends-

why 5th March? so late!
Are they the second largest top box make in the world?

Todays Broker snaps.......so far.


Pace Broker Views

Date Broker Recommendation Price Old target price New target price Notes

10 Jan Canaccord Genuity Buy 198.25 228.00 233.00 Retains
10 Jan Espirito Santo Execution Noble Buy 198.25 235.00 260.00 Reiterates
10 Jan Peel Hunt Buy 198.25 250.00 250.00 Retains

N@P Building Society.

"The transformation of Pace, under the new management team led by Allan Leighton, the chairman, has been truly remarkable. The shares were the second-best performer in the FTSE 350 last year. The news flow of late has been negative however - the company lost the contract to supply the much-delayed YouView TV service and an attempt to take over Google's own set-top box maker Motorola Home late last year. But the other view is that these are positive developments. The YouView contract was of marginal profitability, at best. Pace refused to pay over the odds for Motorola, leaving this to Arris, of the United States. Not only that but, as can be gleaned from the company's trading statement yesterday, the company's current cash-flow means that it could be debt free by the end of the year, after which it could either reinvest those funds or return them to investors. The shares sell on about eight times this year's earnings. That still looks like good value, though some might care to take some profits, The Times's Tempus adds."

PIC breaking out.

WOW tight spread.

Back to summer 2009.

PIC PACE

Looks very cheap to me PIC.

Just look at the forward P/E to year ending 2013
and then compare it with the Historic P/E for
2011........ 22.14 V 9.01

DERD CHEAP and plenty more increase to come
here.

PEG for 2013 just 0.25.

INVESTMENT RATIOS
2011 (A) 2012 (E) 2013 (E)

EBITDA £110.68m £121.64m £138.36m
EBIT £56.17m £91.36m £104.96m
Dividend Yield 0.93% 1.03% 1.15%
Dividend Cover 4.86x 7.94x 9.65x
PER 22.14x 12.24x 9.01x
PEG -0.43f 0.15f 0.25f
Net Asset Value PS -42.27p 95.50p 120.97p

Hemscott Premium.

Time to dust this off again.

Preliminary Results

Adjusted EBITA up 11.8% to $158.1m, Free cash flow $182.7m, Dividend up 20.0% to 4.5c per share.

Financial highlights

· Revenues up 4.1% to $2,403.4m (2011: $2,309.3m).
· Adjusted EBITA(1) up 11.8% to $158.1m (2011: $141.4m) including the impact of Hard Disk Drive (HDD) supply disruption of $23.1m in H1 (2011: $8.9m).
· Adjusted EBITA margin 6.6% (2011: 6.1%), 7.3% before the impact of HDD supply disruption (2011: 6.4%).
· Profit after tax up 50.5% to $58.4m (2011: $38.8m).
· Basic EPS up 47.0% to 19.4c (2011: 13.2c) with Adjusted basic EPS(2) up 18.2% to 35.1c (2011: 29.7c).
· Proposed final dividend 3.06c per share, resulting in full year dividend of 4.50c per share, a 20.0% increase on 2011 (2011: 3.75c).
· Free cash flow(3) $182.7m (2011: $8.2m).
· Closing net debt(4) down 49.2% to $163.3m (2011: $321.7m).

Operating highlights

· New Executive Management team established in Q1 2012 with robust management processes and culture of accountability across the business.
· Significant progress made against the Strategic Plan laid out in November 2011:
o Transform core economics:
§ Focus on operating efficiency has delivered sustainable savings in the year.
§ Transformation of supply chain that will deliver tangible benefits in 2013 and beyond well underway.
§ Managed well through HDD supply disruption following major flooding in Thailand, containing the financial impact within H1.
o PayTV hardware leadership:
§ Reconfirmed as the market leader in PayTV hardware; global number one in Set-top boxes ("STBs")(5) and Residential Gateways(6).
§ Maintained position at the forefront of technological development with the launch and deployment of Media Server platforms at DirecTV and Comcast, and a number of Media Server wins at operators in Europe, Latam and Asia Pacific.
§ Continued demand for Gateway platforms; Pace recently announced the deployment of the Pace 5168 Triple-Play Gateway at MTS, the fourth largest Telco in Canada.
o Widen out into Software, Services and Integrated Solutions:
§ Achieved a number of key wins and deployments across all areas of our Software and Services offerings at customers such as BSkyB, Foxtel and Sky New Zealand, and have a strong pipeline into 2013.
§ Notable developments in H2 include:
· Telstra, Australia's leading telecommunications and information services company, has deployed the Pace ECO Service Management software suite. The ECO platform is currently supporting our customers to manage nearly 25 million devices across the world.
· The Latens software-based Conditional Access and Digital Rights Management (DRM) business made good headway, with a 68% growth in the number of subscribers the product is deployed to, on both Pace and other vendors' STB hardware.

2013 Outlook

Considerable progress has been made in delivering on our strategy in 2012 but there remains further opportunity in 2013 to develop and improve the performance of the Company.

The PayTV market remains resilient and demand for our products and services continues to be encouraging:
· Media Server upgrade cycle continues in North America and other markets.
· Increasing opportunities for software, services and integrated solutions.

Going into 2013, Pace has a clear plan and good line of sight to making further progress in the business:
· Revenues for 2013 expected to be broadly in line with 2012.
· Operating Margin for 2013 is expected to be c.7.5%.
· Strong cash flow will continue, and Pace expects to be in a positive cash position at the end of 2013.

Interim Management Statement

At its Annual General Meeting scheduled to take place today, Allan Leighton, Chairman, will say:

"I am pleased to report that Pace has made an encouraging start to the new financial year with strong revenue growth in the period, in line with our expectations. We expect revenue for H1 2013 will be ahead of H1 2012, driven largely by continuing demand for Media Server products in North America and the comparative half being impacted by Hard Disk Drive supply disruption.

Profitability is in line with our expectations and the robust cash flow generation has continued.

We continue to focus on the execution of our Strategic Plan and have made good headway in the period:

· Transform Core Economics: The transformation of our supply chain continues to progress well with the implementation of a single Product Lifecycle Management system and related engineering processes across the whole business. This will support the transition to two core Electronic Manufacturing Services (EMS) partners that will be completed later in the year.
· PayTV Hardware Leadership:
o Liberty Global, a leading international cable operator, has selected Pace to provide Media Server products to a number of their operations in Europe.
o Pace has been selected by Telefonica as the major supplier of High Definition Zapper and PVR devices for their IPTV operations in Latin America as part of their rollout of the Telefonica Global Service Platform. Initial deployments will take place in Brazil and Chile later in the year.
· Widen out into Software, Services and Integrated Solutions:
o The win rate and pipeline of new business remains strong across all areas of our software and services offerings and we have made good progress in the delivery of the landmark customer projects won in 2012.
o Our Latens business has deployed an integrated product combining Conditional Access (CA) and Digital Rights Management (DRM) for both Broadcast and Over-the-Top (OTT) services, the first deployment of its kind in the industry.

2013 Outlook
The Group has made a good start to the year and management remains confident of achieving the outlook stated on 5 March 2013:
· Revenues for 2013 expected to be broadly in line with 2012.
· Operating Margin for 2013 is expected to be c.7.5%.
· Strong cash flow will continue, and Pace expects to be in a positive cash position at the end of 2013."

The Group will be announcing its half year results for the period ending 30 June 2013 on 30 July 2013.
-ends-

Went long just after lunch, nicely in profit.

One heck of a tight spread.

Interims tomorrow.

Interim Results

Strong H1 trading performance: adjusted EBITA up 57.0% to $96.7m and free cash flow of $92.0m. Interim dividend increased 27.1% and full year profit guidance increased.

Financial highlights
· Revenues up 31.0% to $1,318.4m (H1 2012: $1,006.5m).
· Adjusted EBITA1 up 57.0% to $96.7m (H1 2012: $61.6m).
· Operating margin2 7.3% (H1 2012: 6.1%).
· Basic Earnings Per Share ("EPS") up 221.6% to 16.4c (H1 2012: 5.1c) with adjusted basic EPS3 up 72.7% to 22.1c (H1 2012: 12.8c).
· Interim dividend 1.83c per share, a 27.1% increase on H1 2012 (H1 2012: 1.44c).
· Free cash flow4 $92.0m (H1 2012: $94.6m).
· Closing net debt5 $68.2m (31 December 2012: $163.3m), a $95.1m (58.2%) reduction (H1 2012: reduction of $78.4m from 31 December 2011).

Operating highlights
· Significant further progress made against the Strategic Plan laid out in November 2011:
· Transform core economics:
o Underlying operating costs reduced whilst significantly investing in the growth areas of software and services.
o Transformation of our supply chain is progressing well; over 85% of volume with our core Electronic Manufacturing Services ("EMS") partners.
o Strong cash flow generation (95.1% conversion of adjusted EBITA to free cash flow) reflecting the benefits of working capital re-alignment, the EMS transition plus further measures to improve cash flow efficiency.
· PayTV hardware leadership:
o Reconfirmed market leader; global number 1 in Media Servers6, Set-top boxes ("STBs")7 and Telco Gateways8.
o Maintained position at the forefront of Media Server development with wins and deployments at major operators including Liberty Global and Get TV.
o Continuing strong Media Server demand in North America; Pace has shipped over 2 million GenieTM Advanced Whole-Home HD DVRs for DIRECTV since launch in June 2012 and the next generation HR44 GenieTM Media Server and C41 mini GenieTM client devices are now in production.
o Selected by GCI to deploy TiVo enabled Pace Media Server solution.
o Achieved next generation hardware wins at longstanding tier one customers across all regions.
· Widen out into Software, Services and Integrated Solutions:
o Pace achieved a number of key wins and deployments across all areas of our Software and Services offerings and has a strong pipeline.
o Notable developments in the period include:
§ Telefonica Group Cable Operator - Vivo TV Brazil has selected Pace to provide integrated Zapper and PVR solutions.
§ Telmex, the largest telco in Mexico, has selected Pace's next generation ECO Service Management platform.
§ Latens software based Conditional Access System ("CAS") deployed on over 3m devices across the world; growth of over 65% in the last 12 months.
2013 Outlook
Trading in the first half of the year has been strong and the outlook for the remainder of the year has improved. As a result we anticipate that full year profits for the Group will be higher than previous guidance:
· Revenues for FY2013 expected to be broadly in-line with 2012;
· Operating margin for FY2013 is expected to be greater than 7.5%; and
· Strong cash flow to continue and Pace expects to report a net cash position at the end of 2013.

Canaccord Genuity Buy 295.55 277.70 286.00 320.00 Reiterates

Espirito Santo Execution Noble Buy 306.85 270.00 350.00 Reiterates

Exane BNP Paribas Neutral 306.85 245.00 280.00 Retains

One to keep an eye on that downtrend channel.... looks like SP is going to break through ceiling. Gone long.

SP gone through ceiling of downtrend channel.
Momentum right behind this one now.

Pace acquisition of Aurora Networks, Inc.

Strategic rationale
· Positions Pace to support operators' and consumers' constant demand for cost effective delivery of ever increasing bandwidth
· Highly profitable and growing business with blue chip customer base and market leading positions, serving over 200 customers in 50 countries, including all of the top 10 cable operators in the US
· Strong management team that has delivered 30 straight quarters of profitability
· Creates deeper and more embedded relationships with key customers
· Cross-sell opportunity across customer footprints
· Further widens Pace out beyond PayTV Customer Premise Equipment ("CPE")

Financial rationale
· Significantly accretive to earnings in 2014 and accelerates Pace towards improved profitability target of 9% Return on Sales in 2015
· Expected to generate annual run rate cost synergies across CoGs and Opex of $8m by the end of 2014
· The headline consideration represents a historic EV/EBITDA[4] multiple of 10.5x before synergies and 8.2x after expected annual run rate synergies, based on the results of Aurora for the 12 months to 31 March 2013
· Opportunity to apply robust Pace working capital controls to deliver significant working capital benefits
· Following completion of the Acquisition Pace expects to be conservatively levered and retain significant financial flexibility

Breakout. What a lovely return is such a short term period. Very nice.

Interim Management Statement

Trading Update
Trading performance in the period has shown good progress with continued momentum across the business.
· Key wins have been achieved in the period giving further confidence for 2014. Project delivery for the new wins is well underway and the underlying demand across the business is strong.
· Revenue in the period, as expected, was lower than the same period in 2012, reflecting the impact of dual-sourcing of Media Server supply by a large North American satellite customer.
· Gross margins in the period however benefitted from improved revenue mix and procurement savings resulting from improved supply chain effectiveness.
· Operating costs in the period are lower than in the same period in 2012.
· Adjusted EBITA and Return on Sales are higher than the same period in 2012, despite the lower revenue, reflecting the Company's continued progress towards improved medium term profitability.
· Cash flow in the period has been strong following the completion of the Electronic Manufacturing Services ("EMS") consolidation, working capital has been further reduced and Pace is now in a net cash position (Peak net debt of $321.7m at 31 December 2011).

Outlook
Trading in the period has been strong and the outlook for the remainder of the year is reiterated:
· Revenues for FY2013 expected to be broadly in-line with 2012;
· Operating margin for FY2013 is expected to be greater than 7.5%; and
· Strong cash flow will continue, and excluding acquisitions, Pace expects to retain a net cash position through to the end of 2013.

Another up leg?

Pace plc: Completion of Aurora Networks acquisition and Trading Update notification

Pace plc ("Pace" or the "Company") today confirms the completion of its acquisition of Aurora Networks, Inc. ("Aurora") (the "Acquisition").

On completion of the Acquisition, Pace paid Aurora shareholders US$323 million comprising a headline consideration of US$310 million (on a debt and cash free basis) plus a further US$13 million relating to tax benefits to be recovered over the three years post Acquisition.

The consideration for the Acquisition is subject to post-completion cash and working capital adjustments.

A five year term loan for $310m to finance the acquisition of Aurora Networks Inc plus a new five year $150m revolving credit facility is now in place.

Pace will make a 2013 full year Trading Update to the market on Thursday 9 January at 07:00 GMT.

-ends-

Trading Update

FY2013 expected to be ahead of guidance: operating margin not less than 7.7%, revenue growth of 2.4% to $2,460m, free cash flow in excess of $200m

Saltaire, UK, 9 January 2014: Pace plc, a leading global developer of technologies and products for PayTV and broadband service providers, today announces the following unaudited update for the financial year ended 31 December 2013 ahead of preliminary results to be announced on 4 March 2014.

The Group performed well in 2013; and full year results will be ahead of the Board's previous guidance:
· Full year revenues expected to be up 2.4% to $2,460m (2012: $2,403.4m).
· Adjusted EBITA1 of at least $190m, 20% ahead of 2012 (2012: $158.1m).
· Underlying operating margin expected to be not less than 7.7%, at least 1.1ppts ahead of 2012 (2012: 6.6%).
· Free cash flow2 in excess of $200m (2012: $182.7m).
· Debt repaid in full prior to the end of the financial year3 (zero debt), cash position in excess of $30m as at 31 December 2013 (31 December 2012: $163.3m net debt).

The Group has made good progress throughout the year in the execution of our Strategic Plan:
· Leadership in PayTV hardware:Pace maintained market leadership positions in Set-top Boxes, Media Servers and Gateways whilst making further progress into previously under-penetrated markets such as cable in Europe and IPTV.
· Widen out into software, services and integrated solutions: Pace built on the momentum of 2012 with a number of key wins and a strong focus on product and customer project delivery for major launches and deployments in 2014.
· Transform core economics: Continued focus on efficiency has delivered further sustainable overhead savings and the transformation and rationalisation of our supply chain was completed, delivering significant benefits in 2013 and beyond.

Preliminary Results

Strong performance in 2013: Adjusted EBITA up 22.5% to $193.6m, Free cash flow up 14.4% to $209.0m, Dividend up 22% to 5.49c per share.

Financial highlights
· Revenue up 2.7% to $2,469.2m (2012: $2,403.4m).
· Adjusted EBITA1 up 22.5% to $193.6m (2012: $158.1m).
· Operating margin2 up 1.2 percentage points to 7.8% (2012: 6.6%).
· Profit after tax up 65.6% to $96.7m (2012: $58.4m).
· Basic EPS up 60.8% to 31.2c (2012: 19.4c) with Adjusted basic EPS3 up 26.2% to 44.3c (2012: 35.1c).
· Proposed final dividend 3.66c per share, resulting in full year dividend of 5.49c per share, a 22% increase on 2012
(2012: 4.50c).
· Free cash flow4 $209.0m (2012: $182.7m).
· Debt repaid in full prior to the end of the financial year (nil gross debt), cash position of $33.0m as at 31 December 2013
(31 December 2012: $163.3m net debt5).

Operating highlights
· Increased operating profit through top-line growth, improved revenue mix, supply chain efficiency and increased operational efficiency.
· Highly accretive acquisition of Aurora Networks, Inc ("Aurora") (completed on 6 January 2014), a leading provider of Optical Transport and Access Network solutions.
· Further progress made against the Strategic Plan laid out in November 2011:
o Transform core economics:
§ The rationalisation of the Electronic Manufacturing Services ("EMS") footprint was completed, delivering significant operational and financial benefits in 2013 and beyond.
§ Continued focus on efficiency has delivered further sustainable overhead savings; $16.2m (5.8%) underlying savings compared to 2012.
§ Further Working Capital reductions and robust cash management enabled a second consecutive year of over 100% free cashflow to EBITA generation.
o PayTV hardware leadership:
§ Reconfirmed as the market leader in PayTV hardware; global number one in Media Servers6, Set-top boxes ("STBs")7 and Telco Gateways8.
§ 2.6% revenue growth in PayTV hardware (2012: 3.9%) to $2,355.4m with strong demand from major customers and a number of wins achieved in previously under-penetrated markets such as cable in Europe and Internet Protocol Television ("IPTV").
o Widen out into Software, Services and Integrated Solutions:
§ Built on the momentum of 2012 with a number of key wins across all areas of our software and services offerings and a strong focus on product and customer project delivery for major launches and deployments in 2014.
§ 5.4% growth in software and services revenue to $113.8m (2012: 7.6% to $108.0m).


2014 Outlook
Considerable progress has been made in delivering on our strategy in 2013 and there remains further opportunity in 2014 to build on this success to develop and improve the performance of the Company.

The Board is confident that the Group (including Aurora) will make further progress in 2014:
· Revenues for 2014 expected to be c. $2.7bn.
· Operating margin for 2014 is expected to be c. 8.5%.
· Strong cash flow will continue, and Pace expects to generate in excess of $185m of free cash flow.

Excelent results truly outstanding.

Added first thing.

direcotorstalk.com, cant post here for some reason.

Jeffries SP Target 467p

Peel Hunt Sp Target raised to 490p.

Worth a read as parts of the Full Note are on the site and its free to sign up.

Director's Talk :-)

Ohhhhhhh well done skinny but the main news is just below your link.

Could you please post the jeffries and Peel hunt part broker notes and post them across the road aswel .

No site seems to have got these upgrades yet.

cheers.

If you copy and paste the following,

<a href="http://www.directorstalk.com/peel-hunt-and-jefferies-thoughts-on-pace-today">Peel Hunt and Jefferies Thoughts on Pace Today</a>

it will give you this link :-


Peel Hunt and Jefferies Thoughts on Pace Today

Cheers skinny so thats the code you use. Appreciated. Ill save it.

skinny just tried it on advfn and hasnt worked. ??

Yes if you C&P it exactly as it is - obviously I've used some different HTML in order to make the code appear as it does above.

On edit - I've just done it by copying and pasting the above ?

It looks like afn don't like the direct link to director's talk - it works the 1st time and then is converted to .com.

Think its directors talk that dont like copying????.

Cant for some reason blue the text and use ctrl +c

Can on all other sites.

That's becoming more common - even PC World's site won't let you - it makes it more difficult to compare goods elsewhere!

GF - my post 41983 still seems to work.

Ahhhhhh right. Cheers skinny.

Comment on yesterdays results by broker JP MORGAN......

Bullish comment from management with
feet firmly planted on the ground realising their is more to be done.

ive added.

In auction - down 9.1%.

Why has it been fallen recently?

Profit taking amid rumours of AT&T/DirecTV merger?

Hovering @ the 200sma.

Barclays Capital Overweight 348.45 337.00 500.00 500.00 Reiterates

Director purchase of 30,000 shares

Old Mutual PLC < 6%

From Reuters earlier :- AT&T in talks to buy DirecTV for nearly $50 billion - sources

Barclays Capital Overweight 357.15 - - Reiterates

Goldman Sachs Neutral 357.15 385.00 385.00 Reiterates

Today's Market: Why Verizon Will Not Bid For Dish

Summary

Analyze why VZ will not be making a bid for DISH.

Discuss why the T and DTV deal makes more sense than anything VZ could put together in the industry.

Look at valuation in regards to the satellite providers.

Interim Results


Financial highlights
· Revenue down 13.6% to $1,138.9m (H1 2013: $1,318.4m), in-line with management expectations.
· Gross profit up 5.4% to $245.8m (H1 2013: $233.1m), gross margin 21.6% (H1 2013: 17.7%).
· Adjusted EBITA1 up 9.9% to $106.3m (H1 2013: $96.7m), operating margin2 9.3% (H1 2013: 7.3%).
· Profit after tax up 9.3% to $55.4m (H1 2013: $50.7m).
· Basic Earnings per Share ("EPS") up 8.5% to 17.8c (H1 2013: 16.4c) with adjusted basic EPS3 up 15.4% to 25.5c (H1 2013: 22.1c).
· Interim dividend 2.25c per share, a 23.0% increase on H1 2013 (H1 2013: 1.83c).
· Free cash flow4 up 18.4% to $108.9m (H1 2013: $92.0m).
· Closing net debt5 $167.6m (Pro forma net debt6 of $279.2m immediately following Aurora acquisition).

Operating highlights
· Increased operating profit on reduced revenues, due to Aurora contribution, improved revenue mix, improved supply chain efficiency and increased operational efficiency.
· Significant further progress made against the Strategic Plan laid out in November 2011:
· Continue to transform core economics:
o Underlying operating costs7 reduced by 6.1% whilst continuing to further invest in growth opportunities.
o Integration with Aurora complete and committed synergies, both cost and working capital, achieved ahead of plan with further opportunities for savings identified.
o Fifth consecutive half of strong cash flow generation (102.4% conversion of adjusted EBITA to free cash flow). Aggregate free cash flow of $500.6m over last five halves.
· Maintain PayTV hardware leadership:
o Reconfirmed market leader; global number 1 in Media Servers8, Set-top boxes ("STBs")9 and Advanced Telco Gateways10.
o Strong uplift in Customer Premise Equipment ("CPE") revenue in H2 2014 anticipated due to new product launches with key customers.
o A number of new wins and deployments have been achieved across all regions with customers including Sky Italia, Oi, GVT and BeIn Sports.
· Widening out:
o 213.8% increase in non-CPE revenue (H1 2013: 4.3% increase) to $167.9m (H1 2013: $53.5m) driven by the acquisition of Aurora Networks.
o Pace achieved a number of key wins across all areas of our Software, Networks and Services offerings and has made good progress on major product and customer project launches for this period and H2 2014.
o Demand for network products is stronger than anticipated; revenue and profit growth expected in H2 2014.

Changes to Executive Management

19 Nov 2014 Pace PLC PIC Exane BNP Paribas Outperform 0.00 340.10 530.00 530.00 Reiterates

19 Nov 2014 Pace PLC PIC JP Morgan Cazenove Overweight 0.00 340.10 445.00 441.00 Reiterates

Trading Update

Profitability for FY2014 expected to be ahead of guidance: operating margin not less than 9.2%, revenue growth of 6% to $2,610m, free cash flow in excess of $200m.

Saltaire, UK, 13 January 2015: Pace plc ("the Company", "Group"), a leading global developer of technologies and products for PayTV and broadband service providers, today announces the following unaudited update for the financial year ended 31 December 2014 ahead of preliminary results to be announced on 3 March 2015.

The Group performed well in 2014; full year profitability will be ahead of the Board's previous guidance:
· Record Q4 revenue has resulted in a strong finish to the year. Full year revenue expected to be up 6% to $2,610m (2013: $2,469.2m).
· Adjusted EBITA[1]of at least $240m, 24% ahead of 2013 (2013: $193.6m).
· Underlying operating margin expected to be not less than 9.2%, 1.4ppts ahead of 2013 (2013: 7.8%).
· Adjusted basic EPS[2] expected to be at least 56c, 26% ahead of 2013 (2013: 44.3c).
· Free cash flow[3] in excess of $200m (2013: $209.0m).
· Net debt of less than $95m as at 31 December 2014 (31 December 2013: $33m net cash). Since the completion of the acquisition of Aurora Networks for a headline consideration of $310m on 6 January 2014, net debt has reduced by more than $180m (65%).

more...

PIC PACE

13 Jan 15 JP Morgan Cazenove Overweight 358.90 441.00 444.00 Reiterates

441p SP TARGET

Preliminary Results for the year ended 31 December 2014

Strong performance in 2014: Adjusted EBITA up 24.5% to $241.1m, basic adjusted EPS up 43.6% to 63.6c and free cash flow of $204.0m. Dividend up 27.5% to 7.00c per share.

Financial highlights
· Revenue up 6.1% to $2,620.0m (2013: $2,469.2m).
· Adjusted EBITA1 up 24.5% to $241.1m (2013: $193.6m).
· Operating margin2 up 1.4ppt to 9.2% (2013: 7.8%).
· Profit after tax up 53.1% to $148.0m (2013: $96.7m).
· Basic EPS up 51.9% to 47.4c (2013: 31.2c) with Adjusted basic EPS3 up 43.6% to 63.6c (2013: 44.3c).
· Proposed final dividend 4.75c per share, resulting in full year dividend of 7.00c per share, a 27.5% increase on 2013 (2013: 5.49c), reflecting the Board's confidence in the outlook for the Company.
· Free cash flow4 $204.0m (2013: $209.0m), 84.6% of adjusted EBITA (2013: 108.0%).
· Net debt of $93.1m as at 31 December 2014 (31 December 2013: $33.0m net cash). Since the completion of the acquisition of Aurora Networks, Inc. ("Aurora Networks") for a headline consideration of $310m on 6 January 2014, net debt has been reduced by $186.1m (66.7%).

Operating highlights
· Increased operating profit through top-line growth due to the Aurora Networks acquisition, improved revenue mix, supply chain efficiency and increased operational efficiency.
o Increased profitability in underlying business (excluding the Networks business) on lower revenue.
o Strong trading in the Networks business; $264.6m revenue, $47.4m adjusted EBITA contribution.
· Further progress made against the Strategic Plan laid out in November 2011:
o Continue to transform core economics:
§ Underlying operating costs5 reduced by $19.3m (7.4%) whilst continuing to invest in growth opportunities.
§ Application of Pace efficiency and effectiveness principles to the Networks business enabled targeted cost and working capital synergies to be achieved ahead of plan.
§ Third consecutive year of strong free cashflow to EBITA generation; aggregate free cash flow of $595.7m over last three years due to continued focus on working capital and cash management.
o Maintain PayTV hardware leadership:
§ Reconfirmed as the market leader in PayTV hardware; global number one in Media Servers6, Set-top boxes ("STBs")7 and Advanced Telco Gateways8.
§ Record PayTV Consumer Premise Equipment ("CPE") revenue in H2 2014 only partially offset a weaker H1 2014 resulting in a 4.8% revenue decline to $2,243.2m (2013: $2,355.4m).
§ Wins achieved and a record number of project launches delivered across all regions with key customers including AT&T, BeIn Sports, Comcast, Liberty Global and Net Brazil.
o Widening out:
§ 231.1% increase in non-CPE revenue (2013: 5.4% increase) to $376.8m (2013: $113.8m) due to the contribution of the Networks business.
§ Strong year for Networks due to robust customer demand which is expected to continue into 2015.
§ Built on the momentum of 2013 with a number of key wins across all areas of our software and services offerings with key customers including Foxtel, TDS Telecom, Frontier Telecom and Viva Broadcast.

more....

JP Morgan Cazenove Overweight 363.45 444.00 457.00 Reiterates

Liberum Capital Hold 363.45 390.00 390.00 Reiterates

Interim Management Statement

Recommended Combination of Pace and ARRIS

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