Pace profits up

UK set-top box maker Pace said strong demand for high-definition pay TV helped it beat market expectations for 2008 and significantly raise expectations for 2009. The company, which makes devices for BSkyB, Canal + and Comcast posted adjusted pretax profit of £28.5 million (E31.7m) on sales of £745.5 million, and said it was paying its first dividend since 2002.

Chief Executive Neil Gaydon said the results reflected new customer wins and higher box sales, with 13 million shipped, including 6 million by Pace France, acquired from Philips Electronics in April 2008.

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