Set-top box maker Pace on track

SET-TOP box maker Pace yesterday announced that it is on target to reach its forecasted $2.7bn (£1.61bn) in revenue and 8.5 per cent operating margin by the end of this year.

Chairman Allan Leighton, who is also the former chief executive of Asda, said that first quarter revenues were lower than in 2013 due to dual sourcing of media servers and gateways.

However, analysts expect the firm’s latest contract wins with broadcasters like BeIN Sports, Tata Sky and Foxtel will raise revenues in the second half of 2014.

“Forecast demand for both current and new products is building as the year progresses, giving the board confidence that the company is on track,” Leighton said yesterday.

Shares in the firm, which have risen by 60 per cent over the past year but pared gains recently, closed at 396.8p yesterday.