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Set-top box maker Pace raises full-year profit guidance

Reuters - UK Focus

July 28 (Reuters) - British set-top box maker Pace Plc (Other OTC: PCMXF - news) said it expected full-year profit and cash flow to exceed previous guidance, driven by new product launches and contract wins.

The company, whose customers include Sky Deutschland AG (Other OTC: SKDTY - news) and AT&T Inc (Xetra: A0HL9Z - news) , said its operating margin for 2014 was expected to be no less than 8.5 percent, a rise from 7.8 percent in 2013.

Cash flow was projected at more than $200 million, an increase from the previous estimate of more than $185 million.

The company reiterated its full-year revenue guidance of about $2.7 billion, compared with $2.47 in 2013.

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The Yorkshire-based company's revenue fell 13.6 percent in the first half ended June 30, while gross profit rose 5.4 percent to $245.8 million.

Pace announced an interim dividend of 2.25 cents per share, up from 1.83 cents a year earlier. (Reporting by Noor Zainab Hussain; Editing by Ted Kerr)