Pace expects to hit targets, doubles customer base
January 8, 2009
Set-top box maker Pace said it was confident in meeting City expectations for 2009, thanks to ongoing strong demand. The company, which confirmed it expected to meet 2008 forecasts, said it was continuing to take a prudent view of the market given the global economic downturn.
Pace had previously said that the strong dollar would hurt 2009 profit because more than 95 per cent of the components used in the group’s boxes were priced in dollars.
CEO Neil Gaydon said the adoption of high definition and standard definition digital TV services had helped the company capture solid growth in the pay-TV market. "During the year Pace more than doubled in size and significantly grew its global customer base through organic development in our main markets of Europe, the Americas and Australasia; and through the acquisition of Philips set-top box and connectivity solutions business. We are pleased to have delivered this excellent performance against the macro environment that prevailed in 2008." Pace will announce its full 2008 results in March.