Pace has recorded a 2.6% growth in revenues after increased demand from major customers and new wins in previously untapped markets such as European cable and IPTV.
Profit after tax was up by 65.6% to $96.7 million (€70.62 million).
Commenting on the results, Mike Pulli, Chief Executive Officer 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.”
Pulli said he was excited by the acquisition of Aurora Networks, which he said would help widen the company into the network infrastructure business. “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”.
Pace supplies into Comcast and Liberty Global. It is also picking up new business through its relationship with TiVo.
