Pace takes advantage of ‘excellent position’
SET-top box manufacturer Pace said today it was on target to meet half-year expectations.
Neil Gaydon, chief executive of the Saltaire-based group which makes devices for BSkyB, Canal Plus and Comcast Corp, said that Pace had continued to capitalise on its “excellent position” in the growing global market for digital TV technology.
“The strong operating performance anticipated for the full year that was outlined in our trading update on April 7 and reiterated in the AGM statement on April 22 remains unchanged,” he continued.
In April, the firm’s share price rocketed after a succession of positive announcement about its market position. Philips Electronics also sold its 17% stake in the company.
Mike McTighe, Pace’s chairman, told shareholders at its annual general meeting that the company expected its significantly improved expectations and “exceptionally positive situation” to remain unchanged.
He said that more than 181 million digital set-top boxes were shipped into global markets in 2008, a figure expected to grow to more than 201 million in 2012.
Pace has carefully targeted the most successful pay-TV operators and invested its engineering capability in high-end product segments such as high definition, personal video recording, broadband and pay-TV.
Last month Pace announced an agreement with Visat – the largest free and pay-TV operator in Scandinavia and the Baltic States.
The deal will see Pace launch its next generation high definition receiver.
Pace will announce its interim financial results for the six months ended June 30 2009 July 27.
