News

Pace on track, cuts 2009 profit expectations

05 November 2008 07:46:00

Shares in Pace are in demand after the TV set-top supplier said underlying demand remains strong, though recent currency movements have forced the group to reduce its profit expectations for 2009.

"Demand for Pace's products has been strong, and we are on target to meet 2008 expectations," chief executive Neil Gaydon said.

"The ongoing transition to digital TV and consumer demand for high quality home entertainment is a very positive driver for Pace's business and we expect strong revenue growth to continue in 2009. As a result of the recent fluctuation in exchange rates, the board believes it is prudent to revise down expectations for 2009 profitability."

To mitigate the impact of currency movements on 2009 performance, Pace has already embarked on a review of costs, projects and future expenditure and is maintaining its hedging programme to manage exchange rate risk during 2009 and beyond.

The group said it is positive about its future and is confident in the company's ability to manage the challenges of currency volatility and general economic uncertainty.

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