TV technology company Pace today has seen its half year revenue fall after it faced “challenging” financial conditions.
Saltaire-based Pace has issued its interim results for six months ended June 30 2015.
Over the first half, EBITA rose 11 per cent to $118m. H1 revenue was $1.08 billion, compared with $1.14 billion a year ago.
In April, it was announced that Pace is to be sold to US rival Arris Group for over £1.5bn in a deal that is expected to safeguard Pace’s 500 UK employees and provide a bumper payout for investors.
Commenting on the latest interim results, Mike Pulli, the chief executive, said today: “I am pleased to report we have had a solid first half of the year.
“As expected, revenue was lower than the comparable period as challenging economic conditions, the strength of the US Dollar and industry consolidation reduced demand in a number of regions.
“However, through a broader mix of revenue, improving supply chain effectiveness and continuing improvements in operational efficiency, the group has shown the flexibility to continue to deliver improved profitability and strong cash generation despite weaker trading conditions.
“On April 22 2015 the board of Pace reached an agreement with ARRIS regarding the terms of a recommended combination of Pace with ARRIS. The transaction is progressing in-line with expectations and we expect to complete in Q4 2015.
“While we are focused on closing the transaction with ARRIS, we continue to make good progress on executing our strategy as a standalone entity; key wins, deployments and increasing demand coupled with ongoing operational improvements give us confidence that we will maintain our momentum and make further progress in the second half of 2015 and beyond.”