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Pace confident despite the downturn
SET-top box maker Pace says it is confident it can meet expectations despite the economic turmoil.
The Saltaire-based group said last year was one of record shipments, sales and customer numbers as the demand for high definition and digital TV grows.
Neil Gaydon, chief executive, said: "2008 was a strongyear for the group, as we capturedsolidgrowth in the payTV market, whichwas driven by operator and consumer adoption of high definition and standard definition digital TV services,in addition toanalogue switch-off in many countries.
"During the year Pace more than doubled in size and significantly grew its global customer base through organic development in our main markets of Europe, theAmericasandAustralasia;and through the acquisition of Philips set-top box and connectivity solutions business.
"We are pleased to have delivered this excellent performance against the macro environment that prevailed in 2008."
Pace said it has a net cash balance of 36m, and is managing costs and mitigating against negative exchange rate movements.
It said it is in line to meet expectations for 2009.
Pace reports its results for the year to the end of 2008 on March 3.
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