Pace Micro Technology has told the City that it expects its results for its current shortened financial year to be significantly ahead of expectations. The company is changing its year-end from the curious June 2 to a more standard end of the calendar year. Improved business efficiencies are improving results across the technology company’s range. It is also benefiting from growth in its US business, itself boosted by the introduction of the cable card technology, which is helping to open up the cable set-top market to new suppliers.
However, despite the success the board has warned that annualized basis revenues in 2008 may not turn out to be as strong as in 2007.
The Saltaire-based firm, which this year celebrates its 25th anniversary has given a series of profit warnings over the past 36 months, but new management and improved efficiencies have begun to turn the company around.