Saltaire-based digital TV technology company Pace Micro Technology is on course for continued growth and expansion after trebling its pre-tax profits to more than £15m in 2007.
The company, which implemented extensive management and structural changes in 2006, has recovered strongly from its loss-making days and is now performing at the top end of expectations.
Switching to a January to December financial year from 2008, Pace produced turnover of £249.9m in a shortened seven-month financial year ending December 31, 2007. That compares with £386.9m for the full year to 2 June 2007.
Pre-tax profits rose from £4.9m to £15.4m. Margins also improved from 15 .9 per cent to 20.3 per cent.
In the seven-month period, Pace shipped 2.4m set-top boxes and average selling prices rose from £100 to £102, reflecting the trend in demand for higher specification products such as high definition personal video recorders (PVR).
Chief executive Neil Gaydon said: "I am pleased to report exceptional results for the shortened financial year, which met our increased expectations. We strengthened our position as the leading digital TV technology company with both new and existing customers, delivered new products and technologies and increased market share in key areas such as high definition and PVR.
"We continue to focus on delivering profitable products on time, closely managing our business and investing in the right key technologies for the future. At the end of 2007 we announced we intend to acquire the set-top box and connectivity solutions business of Royal Philips Electronics."
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