Pace bounces back to full-year profits

[BGonaSTICK]

Set-top box maker Pace Micro Technology has bounced back to full-year profits. In the year to the end of June the company posted a pre-tax and pre-exceptional items profit of £6.1m compared with a loss of £15.6m last year.

Revenues more than doubled to £386.5m, boosted by what Pace said was "significant success in North America" and ongoing "solid" performance from EMEA and APAC regions.

Volume shipments increased by 77% to 3.9m set-top boxes (2006: 2.2m). Pace said there was "growing operator demand for specialist high definition technology across all main pay-TV markets", and "increased consumer demand for digital TV, high definition and PVR [otherwise known as digital TV recorder] products".

Pace CEO Neil Gaydon said: "These results reflect our ability to support many of the world's leading pay-TV operators with high value, specialist technology.

"Our company-wide restructure and new management team is delivering greater customer focus with an improved operating model, and we have begun to see the benefits of this work.

"With flat panels, digital TV, high definition and PVR all becoming 'must haves' for the consumer, alongside increasing competition for subscribers amongst the operator community, the consequent demand for set-top boxes gives us an exciting market to address and one that we are well positioned to capture."