Hot Pace is set by set-top box firm (From Bradford Telegraph and Argus)

Hot Pace is set by set-top box firm

7:17pm Monday 27th July 2009

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People staying in to watch TV and save money have helped the dramatic progress of Saltaire-based digital TV technology company Pace.

It achieved record results in the six months to June and the firm, which has launched 16 new products, looks set to continue booming with full order books into 2010.

Pace, the world’s third-largest producer of set-top boxes, trebled its interim profits, tripled the number of products delivered and more than doubled revenues.

It has also won two new significant contracts. Canal Digital, the largest Scandinavian pay TV operator, has become the first customer for Pace’s pioneering Multidweller product, which was developed at Saltaire and enables digital signals to be provided to apartment blocks without the need to rewire the premises. Pace has also scooped the contract to supply high definition set top boxes to Sky in Germany and Austria from next month.

Chief executive Neil Gaydon said Pace was geared for continued success through innovation, better supply chains and becoming the first choice of international pay TV operators. He said: “We signalled significant upgrades to management’s expectations for the full year and with strong half year results we are firmly on track.

“Pace is taking full advantage of the growing global demand for our products and technologies in digital pay TV markets, which, when coupled with our scale and excellent operational execution, is enabling us to grow operating margins.

“We expect our strong performance to continue during the second half and, with good order visibility, we are confident in our ability to deliver against management’s expectations for the full year.”

In the six months to June 30 Pace’s revenues soared to £526.5 million, against £231.1 million in the first half of 2008. Pre-tax profits tripled from £10.5 million to £31 million and the group increased its cash in the bank from £37.7 million to £48.9 million.

Demand for Pace’s products surged to 8.5m units, against 2.8m units in the first six months of 2008.

The directors declared an interim dividend of 0.5p per ordinary share compared with no interim payment in 2008.

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