Pace gathers £34m as HDTV boom continues

Pace, the electronics group that makes high definition set-top boxes for pay- television companies including BSkyB, saw its pre-tax profits more than triple in the first half of this year.

Neil Gaydon, chief executive, said Pace was "taking full advantage of the growing global demand for our products and technologies in digital pay-TV markets" as he announced profits of £34.3m for the six months to 30 June. Revenues rose from £231.1m in the first half of 2008 to £526.5m this year. Mr Gaydon said: "We expect our strong performance to continue during the second half." He added that Pace had won more business with Sky to provide high-definition technology in Germany and Austria. Dan Ridsdale, an analyst at Singer Capital Markets, said the cost savings, outlook and inventory levels suggested Pace could beat management's full-year expectations, while Jonathan Imlah, of Altium Securities, said: "The group continues to win market share from key rivals."