Pace chairman Allan Leighton says the set-top box developer has had an encouraging start to the year, but continues to face issues associated with shortages of hard disk drive (HDD) product.
“The business is benefitting from a stronger operational focus and this is delivering tangible benefits in procurement, operating efficiency and costs,” said Leighton, ahead of the company’s Annual General Meeting. “Profitability in the period continues to be impacted by HDD supply issues but is in line with our expectations. Cash performance in the period has been strong and the financial position of the company remains robust”.
Leighton said the management team, which has seen a series of changes since Mike Pulli replaced Neil Gaydon, was now tightly focused on delivering customer needs. This would be achieved in part by a widening of the product offer.
Leighton anticipated 2012 revenues would be broadly flat, but before the HDD issues were accounted for.
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