Pace Micro Technology posts £6.1mn profit for year ending 2 June 2007

July 30, 2007 – Pace Micro Technology, a leading UK set-top box manufacturer, has announced a profit of £6.1mn for the full year ending 2 June 2007, compared to a loss of £15.6mn in the previous year.

Total revenue for the period reached £386.5mn, more than double the £178.1mn recorded in the same period of the previous year.  Volume shipments across all markets rose 77% in the period to reach 3.9mn set-top boxes, compared to 2.2mn in the previous year.  Average selling prices rose from £81 to £100 as a result of growing demand for higher specification products such as high-definition personal video recorders (PVRs).

Shipments to the Americas rose six-fold in the year to reach 1.2mn units, compared to 200,000 in the year ending 2 June 2006, helped by Pace’s ongoing commitments with operators DirecTV and Comcast.  Over 50% of the group’s revenue is now generated by the North American market.  Shipments to the EMEA region increased by over 37% to reach 2.2mn set-top boxes, compared to 1.6mn in the previous year.  Shipments to the APAC region grew slightly to reach 432,000, compared to 401,000 in the previous year.

“These results reflect our ability to support many of the world’s leading pay TV operators with high-value, specialist technology,” said Neil Gaydon, CEO.  “Our company wide restructure and new management team is delivering greater customer focus with an improved operating model.”