October 28th, 2010
DIGITAL television technology developer Pace today said it was on track to deliver a strong second half as the company continues to deliver on its strategy within the 'payTV' market.
Chief executive Neil Gaydon said: "Our consistent delivery against a clear strategy has enabled Pace to deliver excellent operational performance, building further on our market leadership position. Pace remains on track to deliver a second half performance as strong as the first half."
Shareholders at Saltaire-based Pace overwhelmingly approved the firms plans to buy US firm 2Wire for £308m earlier this month.
Speaking as Pace announced an interim management statement for the four months from June 30, Mr Gaydon added: "With the acquisition of 2Wire we have not only extended our customer base beyond cable and satellite to the telco market, but further widened our technology capability.
"The global market continues to evolve: we have now built a unique vantage point from which to partner with operators as they develop the next generation of interconnected home entertainment and broadband services.
"Our immediate focus is on the integration of 2Wire into the Pace Group, whilst continuing to grow our core business. We are confident that the powerful combination of Pace and 2Wire will deliver enhanced returns for our shareholders, deepen customer relationships and strengthen our leadership position."
Customers of 2Wire including US telecoms giant AT&T and the company has a balance sheet with cash holdings of around £36m.
Source: Business Desk
