Changes which have transformed the fortunes of Saltaire-based digital TV technology firm Pace plc have been recognised by UK business leaders.

The company, led by chief executive Neil Gaydon who was recently named Yorkshire director of the year by the Institute of Directors, has won the CBI’s Human Capital Award for Change Management.

In the past three years Pace has gone from the brink of extinction to become a global leader in its field.

Pace has its international headquarters base in Salts Mill where 450 staff work and employs more than 950 people in total at locations including France, the United States, India and Hong Kong.

The CBI said the award, judged by leading figures in British industry, recognised Pace’s commitment to putting its people and culture at the heart of its business and the resulting dramatic impact this had on Pace’s commercial success over the past three years.

The transformation project, instigated by Mr Gaydon, who joined the company in 1995 and became chief executive in 2006, created a new company culture, organisational structure, management systems and processes to drive its success.

It enabled Pace to take advantage of emerging market opportunities such as the growth in digital TV, the switch-off of analogue signals in many countries across the world, and the move to new technologies such as high definition television.

The project has led to significant improvements in employee satisfaction, loyalty and working relationships.

It also transformed Pace’s business performance. The company has gone from revenues of £175 million with losses of more than £15 million to revenues of more than £745 million and profits of £28.5 million with cash in the bank.

Pace has increased the number of customers from 20 to more than 100 and last year shipped more than 13 million set top boxes, compared with two million in 2006.

Jill Ezard, director of human resources, said: “This isn’t simply a pat on the back for an HR initiative we’ve implemented. It’s about how the fundamental changes we’ve made have driven our impressive commercial success.

“We want to be known locally, nationally and globally as the best in our industry and beyond at putting people first. Recognition from the CBI is this is testament to our achievements.”

Mr Gaydon said: “If the culture is vibrant and people enjoy coming to work, they are better-placed to handle the challenges and pressure demanded of them.

“Pace is about ground-breaking innovation and that requires dedicated, clever people who need to remain motivated and committed. We demand a lot from our staff, but try to make their time at work as enjoyable and stimulating as possible.”

Andrew Palmer, CBI regional director, said: “Our awards celebrate the impact of people and HR-led programmes on the business performance and profitability of organisations across the UK and Pace’s transformation is the best example we’ve seen.”