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Saltaire set-top box maker Pace restores profitability
Set-top box and digital technology firm Pace has restored its profitability and says it is well placed for further progress.
The Saltaire-based global trading group is looking to clear its debts during 2013 while continuing to build sales of its hardware and emerging software products for pay-TV operators.
According to chief executive Mike Pulli, Pace has laid the foundations for future growth and now “has to build a couple of houses”.
The group, based at Salts Mill, which is also its key engineering research centre, restored net profits by 50.5 per cent to $58.4million (£38.6m) after they halved in 2011 to $38.8m (£25.6m).
Revenues in the year to December 31 were up 4.1 per cent to $2.4 billion (£1.58bn) against $2.3bn (£1.51bn) the previous year. The directors are recommending a boost in dividends by a fifth to 4.5 cents a share, against 3.75 cents in 2011.
By the end of 2012 Pace had cut its debts by 49.2 per cent to $163.3m (£107.8m) compared with $321.7m (£211.9m) in 2011.
Its success had also been driven by reducing costs, improving operating efficiency and transforming the supply chain of key components following serious disruption from flooding in Thailand.
Pace said its new executive management team had introduced robust management processes and a culture of accountability across the business.
As well as retaining its place as the world’s leading set-top box provider, Pace also achieved new business wins for its software products.
It plans to widen out its software, services and integrated solutions operations.
The company achieved record sales in the fourth quarter of 2012 and expects strong demand for its media server products from pay TV operators to continue during 2013.