PACE has increased its full year profit guidance and revealed the identity of its new chief financial officer.
The company which develops technologies and products for PayTV and broadband service providers, said profitability was ahead of expectations in the period from July 1 to November 17.
The Saltaire-based company said that a record fourth quarter profit was anticipated, and its full year profit guidance had increased. Underlying demand for Pace’s products and services continues to be strong and revenues in the period were ahead of the prior year, the statement said. Cash flow continues to be strong and the company is on track to achieve its cash flow targets for the year, the company said.
The statement added: “The company is pleased to announce that after completing a thorough search and interviewing a high calibre shortlist, Mark Shuttleworth, former CFO of Emirates Integrated Telecommunication Company will be appointed as chief financial officer and join the board of directors with effect from January 12 2015.”
Commenting on today’s announcement, Mike Pulli, the CEO, said: “We continue to make good progress and have delivered another period of strong profitability and cash generation.
“In the period, Pace has achieved a record number of major product launches across the globe, regaining leadership with a number of key customers and reinforcing Pace as a leader in innovation and delivery for the PayTV and broadband industries.
“The company continues to make further progress on its self-help initiatives with improvements in the efficiency of its supply chain and a reduction in operating costs. Notwithstanding the benefits realised over the last three years, there remains significant opportunity for further improvement. We have a good line of sight to a record Q4 and remain firmly focused on closing out the year and maintaining this momentum into 2015.”