Pace posts £15.4mn profit for seven month period ending Dec 31 2007

January 29, 2008 – UK set-top box (STB) firm Pace has announced that it achieved a profit of £15.4mn for the seven month period ending December 31 of last year, compared to a profit of £4.9mn for the year ending June 2, 2007.

Total revenues for the seven month period ending December 31 of last year reached £249.9mn, compared to revenues of £386.5mn for the year ending June 2, 2007.  Revenues were described as remaining “well balanced” between its markets in North America (58% of the total) and European and Australasian markets (42%).

Total shipments of set-top boxes reached 2.4mn for the seven months ending December 31 of last year, compared to 3.9mn for the year ending June 2, 2007.  North America accounted for 0.9mn of total shipments, while the EMEA region accounted for 1.3mn of total shipments, and the APAC region accounted for 0.2mn of total shipments.

“I am pleased to report exceptional results for the shortened financial year, which met our increased expectations,” said Neil Gaydon, CEO of Pace.  “We strengthened our position as the leading digital TV technology company with both new and existing customers, delivered new products and technologies and increased market share in key areas such as high-definition and PVR.  We continue to focus on delivering profitable products on time, closely managing our business and investing in the right key technologies for the future. 

“At the end of 2007 we announced we intend to acquire the set-top box and connectivity solutions business of Royal Philips Electronics.  This deal would make Pace the world leading set-top box technology company with an unmatched global customer portfolio.”

Pace reports that its board is confident that the company is on track to meet its expectations for the 2008 financial year.