 Contracts in Australia and Italy have boosted UK-based Pace Micro |
Digital TV set-top box maker, Pace Micro, has signalled a return to profits on the back of booming Asia Pacific and European sales. The UK group, which bore the brunt of the demise of ITV Digital, reported first-half profits of �1.1m ($2m).
That compares with losses of �15.9m recorded a year ago.
Pace said falling prices in the UK were offset by expansion at broadcaster BSkyB, which has seen increased demand for its Sky+ digital service.
Dividend wait
West Yorkshire-based Pace said major contracts with Foxtel in Australia and Sky Italia had also boosted its fortunes.
A turnaround programme, which led to 250 job losses over the past two years, also helped cut annual costs by �12.3m, the company said.
Chairman Sir Michael Bett said: "We see opportunities for development in both continental Europe and Asia, which should result in a modest improvement in the performance of the business."
However, the company said it would not be paying an interim dividend, and planned to look instead at its annual results before deciding whether to resume payments to shareholders.
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