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.

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).