Pace doubles customer base

Pace CEO Neil Gaydon has said the company is on track to meet expectations for 2009.

Describing a year of record shipments, revenues and customer numbers, Gaydon said the adoption of high definition and standard definition digital TV services had helped the company capture solid growth in the pay-TV market.

“During the year Pace more than doubled in size and significantly grew its global customer base through organic development in our main markets of Europe, the Americas and Australasia; and through the acquisition of Philips set-top box and connectivity solutions business.  We are pleased to have delivered this excellent performance against the macro environment that prevailed in 2008,” said Gaydon.

In a statement the company said it was already beginning to benefit from measures taken to mitigate the foreign exchange risk – the majority of the materials involved in the manufacture of set-top boxes is priced in dollars – and that Pace remains confident of delivering on 2009 expectations.

A £35 million revolving credit facility with the Royal Bank of Scotland, has replaced a previous facility with Landsbanki.

Pace will announce its full 2008 results on March 3, 2009.