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Trading statements

Pace upbeat

13 January 2015 07:30

Pace Plc said it performed well in 2014 and that FY profitability will be ahead of the Board's previous guidance:

- Record Q4 revenue has resulted in a strong finish to the year. Full year revenue expected to be up 6% to $2,610m (2013: $2,469.2m).

- Adjusted EBITA of at least $240m, 24% ahead of 2013 (2013: $193.6m).

- Underlying operating margin expected to be not less than 9.2%, 1.4ppts ahead of 2013 (2013: 7.8%).

- Adjusted basic EPS expected to be at least 56c, 26% ahead of 2013 (2013: 44.3c).

- Free cash flow in excess of $200m (2013: $209.0m).

- Net debt of less than $95m as at 31 December 2014 (31 December 2013: $33m net cash). Since the completion of the acquisition of Aurora Networks for a headline consideration of $310m on 6 January 2014, net debt has reduced by more than $180m (65%).

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