The turnaround at Pace Micro Technology could now be said to be complete. The digital TV developer today reported shipments of 2.4 million set-top boxes in the seven months to December 31, 2007. This compares to 3.9 million set-tops in the full year to June 2, 2007, though it is typical for more boxes to be shipped in the second half of the calendar year. Profit before tax reached £15. 4million, compared to £4.9 million in the year ending June 2, 2007.
Revenues reached £249.9 million, compared to £386.5 million in the full year, the seven-month period resulting from a change in the company’s financial reporting.
Pace CEO Neil Gaydon described the results as exceptional and said they met the company’s increased expectations. “We continue to focus on delivering profitable products on time, closely managing our business and investing in the right key technologies for the future.”
He added that the pre-Christmas deal to acquire the set-top box and connectivity solutions business of Royal Philips Electronics “would make Pace the world leading set-top box technology company with an unmatched global customer portfolio.”