Pace says on target with earnings

Set top box producer Pace has announced that it is on target with earnings after a rocky year.

While Pace remains a leading set-top box supplier, and saw record shipments, revenues and customer numbers, company operations were threatened by a combination of currency fluctuations, and lose of refinancing via Icelandic bank, Landsbanki.

However, Pace has announced that it expects to post an on-target profit of £36 million, and financing remains stable after transferring its refinancing operations to Royal Bank of Scotland.

According to Pace CEO Neil Gaydon, the group “captured solid growth in the payTV market, which was driven by operator and consumer adoption of high definition and standard definition digital TV services, in addition to analogue switch-off in many countries. During the year Pace more than doubled in size and significantly grew its global customer base through organic development in our main markets of Europe, the Americas and Australasia; and through the acquisition of Philips set-top box and connectivity solutions business. We are pleased to have delivered this excellent performance against the macro environment that prevailed in 2008.”

Given current global economic uncertainties, the Board continues to take a prudent view of the market in 2009, however with strong ongoing demand from the Group’s diverse customer base and with its current visibility, the Board remains confident in Pace’s ability to deliver on expectations for 2009.

Pace will announce its preliminary financial results for the twelve months ending 31 December 2008 on Tuesday 3rd March.