Pace increases its 2014 full year dividend by 27.5% in $ terms

DividendMax Ltd.

Pace increases its 2014 full year dividend by 27.5% in $ terms

Financial highlights

Revenue up 6.1% to $2,620.0m (2013: $2,469.2m).

Adjusted EBITA1 up 24.5% to $241.1m (2013: $193.6m).

Operating margin2 up 1.4ppt to 9.2% (2013: 7.8%).

Profit after tax up 53.1% to $148.0m (2013: $96.7m).

Basic EPS up 51.9% to 47.4c (2013: 31.2c) with Adjusted basic EPS3 up 43.6% to 63.6c (2013: 44.3c).

Proposed final dividend 4.75c per share, resulting in full year dividend of 7.00c per share, a 27.5% increase on 2013 (2013: 5.49c), reflecting the Board's confidence in the outlook for the Company.

Free cash flow4 $204.0m (2013: $209.0m), 84.6% of adjusted EBITA (2013: 108.0%).

Net debt of $93.1m as at 31 December 2014 (31 December 2013: $33.0m net cash). Since the completion of the acquisition of Aurora Networks, Inc. ("Aurora Networks") for a headline consideration of $310m on 6 January 2014, net debt has been reduced by $186.1m (66.7%).

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