Pace profits

UK STB maker Pace Micro posted strong profits for the second half of 2007, and said it was confident of meeting full-year 2008 expectations.

The company, currently in the process of buying Philips Electronics set-top box business for a reported E95 million, reported a net profit of £14.4 million (E19.3m) for the seven months, compared with £6.8 million for the full financial year ended June 2007. Revenue for the period was £250 million versus £386 million for the previous year.

Pace Micro said that growth was driven by cost cutting and efficiency improvements in the business, as well as an exceptional performance in North America. The company, which shifted 2.4 million set-top boxes during the period, saw gross margins improve to 20.3 per cent from 15.9 per cent, for the year. Pace also saw strong growth in European and Australasian markets, where there has been demand for new High-Definition digital personal video recorders.

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