Pace trebles profits
July 30, 2013
British STB maker Pace has reported that profits in the first half more than tripled, driven by continuing demand for its media-server products in North America.
Pace, which supplies STBs to broadcasters, said pretax profits rose to $68.6 million (€51.7m) from $21.4 million a year before. Pace said it expected full year profit for the group to be higher than its previous forecast.
Revenues rose 31 per cent to $1.32 billion in the first-half of 2013.
Pace’s 2012 first-half was hurt by a disruption in supply of hard disk drives due to flooding in Thailand in late 2011.
Commenting on the results, Mike Pulli, Pace CEO, commented: “Pace has had a strong first half. Revenue growth in the period was driven largely by the continuing demand for Media Server products in North America. The revenue growth coupled with our continued focus on operating efficiency has enabled Pace to deliver significant EPS growth and a third consecutive half of strong cash generation.”
“The 27.1 per cent increase in the interim dividend is in line with Pace’s progressive dividend policy and reflects both the solid cash flow performance as well as the Board’s continued confidence in the outlook and future prospects for Pace.”
We continue to make good headway on executing our strategy; key wins of both integrated “Pace solutions and next generation hardware with major customers along with ongoing operational improvements give management confidence that we will make further progress in the second half of 2013 and beyond.”