Pace rides US media boom

PACE, the Yorkshire-based provider of set-top TV boxes, yesterday said its first-half profits had tripled thanks to huge sales growth in the North American market.

A massive increase in demand in the US for media servers – devices that transmit TV and internet feeds to the screens of laptops, tablet and smartphones – means the firm is now the world’s leading provider of such equipment.

Revenues at the company grew 31 per cent to $1.3bn (£850m), with pre-tax profits hitting $68.6m for the first six months of 2013.

Following its bumper results, Pace, whose clients include BT and Sky, has upgraded its full year profit forecast.

Yesterday its shares closed up 12 per cent at 310.9p.