UK set top box maker Pace delivered a half year to June 30 2009, with revenues of £526.5 million ($861 million) compared to £231.1 million ($378 million) a year earlier. Most of the new revenues came from merging the Pace operation with the Philips set top business, which happened a year ago. The results were in line with the upgraded expectations that Pace set earlier in the year.
Profit was up dramatically to £34.3 million ($56 million) from £11.2 million ($18.3 million) with net cash gains of £48.9 million and the company declared a dividend.
Pace shipped 8.5 million devices for the half year and said it achieved significant operational improvements in project delivery and supply chain. During the period the company began shipping HD boxes into Comcast in the US, and announced Sky Germany as a new HD customer. On the day of the results Pace also said that Scandinavia’s Canal Digital, part of Telenor Broadcast, would be the first operator customer for Pace’s MultiDweller multi-dwelling unit technology, which uses existing cabling to simplify HD program delivery into hard-to-reach multi-dweller-subscribers. The company also said that it made good inroads into the Latin American market. Pace said that average selling prices would go up in the second half of the year because of a shift in product mix towards HD.