Pace plc Interim Results for the six months ended 30 June 2011
26 July 2011
Commenting on the results, Neil Gaydon, Chief Executive Officer, said: “Our first half results put Pace on track to meet its revised May 2011 profit guidance of $150-170m for FY 2011. Progress is being made on each of the issues identified in May, and we continue to address those issues not fully resolved, particularly in Pace Europe.
“Acquisition-related synergies have been achieved ahead of plan. Additionally, this period has seen continued free cash flow generation, leading to a reduced net debt position of $293.2m.
“The strategic review announced last month is underway, with focus on Pace’s strategy and opportunities for business improvements, aiming to conclude around the time of the Group’s Q3 IMS.”
Outlook
Given the Group’s first half performance, including corrective actions identified and implemented, the Board reaffirms its May profit guidance of $150-170m for Full Year 2011.
