Pace Micro Technology has reported a doubling in revenues in its results for the year ending June 2, 2007. The digital TV technology company recorded revenues of £386.5 million (€524.79m) compared to £178.1 million in 2006. Pre-tax profits came in at £6.1 million compared to the 2006 loss of £15.6 million.
The turnaround for the new Pace management team has come as a result of the North American business finally coming good. This has coupled with a solid performance in the EMEA and APAC regions and increased consumer demand for digital TV, high definition and DVR products.
“With flat panels, digital TV, high definition and PVR all becoming ‘must haves’ for the consumer, alongside increasing competition for subscribers amongst the operator community, the consequent demand for set top boxes gives us an exciting market to address and one that we are well positioned to capture,” said Pace CEO Neil Gaydon.
The company said it was on track to deliver on expectations in the shortened financial year to December 31, 2007 as Pace moves to a more traditional reporting schedule.