Thai floods likely to cost Pace more than £30m

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The Independent Online

Pace, the biggest set-top box maker in the world, warned the impact of the floods in Thailand could hit profits by as much as $50m (£32m) next year.

The Yorkshire-based group has already taken a $9.5m hit on operating profits following the devastating floods which hit the production of hard drives for its TV boxes.

After discussions with suppliers and customers, it yesterday forecast that profits in 2012 would be between $35m and $50m lower than previously expected. Neil Gaydon, Pace's chief executive, said: "In common with the broader consumer electronics industry, the immediate impact to our business of the Thailand flooding is significant, requiring diligent management."