Increasing demand for new media server products has helped Pace increase revenues by 31% with US product continuing to dominate.
The Saltaire-based company has seen a 51.8% increase in set-top box and media server revenue, principally attributed to sustained high demand for its media servers. However, revenue from Gateway products fell by 23% as one of its major customers began dual sourcing.
“We continue to make good headway on executing our strategy; key wins of both integrated Pace solutions and next generation hardware with major customers along with ongoing operational improvements give management confidence that we will make further progress in the second half of 2013 and beyond,” said Pace CEO Mike Pulli.
Revenues from North America accounted for $839 million in the first half of 2013, compared to $517.60 in the first half of 2012. However, European revenues fell to $158.8 million from $189.5 million.
In total revenues of $1,318.4 million compared favorably with the $1,006.50 of the prior year. Pre-tax profit in the first half grew to $68.6 million from $21.4 million in 2013.
Pace blames the increase on the reduced win rate of new products in 2011 and points out it has achieved a number of key wins among new and existing customers that it anticipates will result in additional revenues from 2014.
The wins include the media server delivery to Norway’s Get and, significantly, the supply of media servers to Liberty Global in a number of unspecified markets.
