Pace’s full year earnings rise

The Saltaire-based company, whose customers include Comcast, AT&T and DirecTV, said it expected revenue of about $2.70bn this year with an operating margin of around 8.5 per cent.

Adjusted earnings before interest, tax, and amortisation (EBITA) rose to $193.6m for the year ended December 31, 2013 from $158.1m a year earlier.

Revenue increased 2.7 per cent to $2.47bn.

Commenting on the results, Mike Pulli, the chief executive, said: “I am pleased to report that Pace has performed above expectations in 2013, by delivering increased operating profits through both top-line growth and operational efficiency, with a sustainable high level of cash generation. We have made good headway on executing our strategy and there remains significant opportunity for further improvement.

Pace continues to lead the market in innovation with great products and services, demand from our customers has remained strong and we continue to win new business.

“I am excited about the acquisition of Aurora Networks, which will enable Pace to widen out into network infrastructure and build deeper, more embedded relationships with our customers, strengthening Pace’s position as a market leading solutions provider for the PayTV and broadband industries. The teams have hit the ground running and made great progress with the integration of Aurora. I am confident that we will complete the integration by the end of Q2 2014 and deliver the expected synergy benefits.”