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Set-top box maker Pace says margins "well ahead" of last year

Reuters - UK Focus

(Corrects paragraph 2 to say Pace (Other OTC: PCMXF - news) expected revenue to increase by about 9.3 pct, not 12.5 pct, in 2014)

April 24 (Reuters) - British set-top box maker Pace Plc said its gross margins were "well ahead" of last year and that it was on track to meet its full-year revenue growth target of about $2.7 billion, sending its shares up as much as 5 percent.

Pace said last month it expected revenue to increase by about 9.3 percent in 2014, while its operating margin would be about 8.5 percent.

The company, which supplies decoders to television operators such as Sky Deutschland AG (Other OTC: SKDTY - news) and AT&T Inc (NYSE: T - news) , said in a trading update on Thursday that its gross margins had benefited from an improved revenue mix and the acquisition of Aurora Networks earlier this year.

Pace's shares were up 2.8 percent at 408.92 pence at 0823 GMT, making it one of the top percentage gainers on the FTSE-250 Midcap Index. (Reporting by Tasim Zahid and Noor Zainab Hussain in Bangalore; Editing by Ted Kerr)