RECORD profits are expected in the fourth quarter of its trading year by Saltaire-based global technology group Pace plc, according to its latest update.

The PayTV set top box and broadband technology business has also increased its full-year profit guidance after a positive trading period between July 1 and November 17.

Pace has also announced the appointment of Mark Shuttleworth as chief financial officer. He held a similar role at Emirates-based communication company PJSC, known as “du”. In its interim management statement Pace said underlying demand for its products and services continues to be strong. Gross margins were ahead of expectations due to an improved revenue mix and improved supply chain improvements, while improved efficiency resulted in low operating costs, while investment in growth opportunities had continued.

Full-year revenues are now expected to be between $2.6 billion and $2.65 billion, against $2.47billion last year. The operating margin for 2014 is now expected to be more than nine per cent compared with 7.8 per cent in 2013.

Mike Pulli, chief executive, said: “We continue to make good progress and have delivered another period of strong profitability and cash generation.”

“The company continues to make further progress on its self-help initiatives with improvements in the efficiency of its supply chain and a reduction in operating costs.“We have a good line of sight to a record Q4 and remain firmly focused on closing out the year and maintaining this momentum into 2015.

“We are delighted to welcome Mark to the business. He is a highly experienced and established finance leader with an entrepreneurial spirit and track record of delivering great results.”