The impact of the hard disk drive shortages is beginning to ease on Pace as the set-top developer looks to increased efficiencies to compensate for flat revenues.
Reporting first half revenues of $1,006.5 million (€817.88 million), down from $1,187.1 million though in line with management expectations, the company said the next six months would be underpinned by next generation hardware rollouts.
The company reported reduced pre-tax profits of $21.4 million. The impact of the 2011 Thailand floods that resulted in a reduction in the supply of hard disk drives was put at $76.8 million.
Commenting on the results, Mike Pulli, chief executive officer said: “Pace has had an encouraging start to 2012; recovery is underway and we are becoming a more profitable, cash generative company. We have a clear strategy and are making good progress in implementing our plans. We are leading the market in the evolution to next generation Media Servers and our widening out into software and services is gaining momentum.
Pace says the outlook for the remainder of the year has improved from a better operating performance and new business wins.
