Pace sees growth in 2011 after full year earnings rise
PACE, the world’s biggest maker of set-top boxes, reported a 36 per cent rise in core earnings after it shipped 22.2m devices for cable and satellite customers such as Comcast.
Saltaire-based Pace, which competes with Motorola, said it believed the growing complexity and inter-dependency of pay TV and broadband services would drive demand for the group’s services in the year ahead.
It forecast revenue would grow at around the same level as the 17 per cent level seen in 2010.
Pace reported adjusted core earnings of £103.6m on sales 17.4 per cent higher at £1.33bn.
Pre-tax profit nudged 1.7 per cent higher to £71.1m after £19m of exceptional costs, the company said today.