Pace Micro Technology issues market update, expects better than forecast results

July 18, 2007 – UK set-top box manufacturer Pace Micro Technology has issued a market update on its expected performance for its shortened financial period ending 31st December 2007.

The company reports that “good progress is being made”, and now anticipates that profit before tax for the shortened 2007 year will be “significantly ahead of market expectations of 8m”.  The company attributes this to further progressed on product approvals for its US customer base, and “anticipated increased volumes” to a US-based customer. 

Ongoing improvement in gross margins is also forecast due to improvements in operational efficiencies over the past 12 months.  Additionally, with a further 8mn MPEG-4 high-definition set-top boxes expected to be installed in Europe alone by 2010, Pace’s prospects currently look very healthy.

The company will announce its preliminary financial results for the year ending June 2 2007 on July 24.