Pace Micro Technology has said the growing demand for high definition television products, particularly in the United States, has delivered improved results in the second half of the financial year. In a year-end update, the company says that its overall performance for the period ending June 2, 2007 is expected to be slightly ahead of current market expectations, when it releases its preliminary results on July 24.
The US market, which in previous years has been at the centre of Pace’s failings, is now delivering a better than expected performance. HD is also fuelling growth, although the enthusiasm for HD Ready television displays has yet to translate into subscriber numbers for the pay-TV operators.
Over the last year Pace says that its new management team has enhanced customer focus, developed customer focus, and improved product execution.
In the first half of the year Pace said it made pre-tax profits of £1.4m (€2.06m) compared with a loss of £8.9m in the previous period.