9:33am Tuesday 5th March 2013
By Chris Holland
Set top box and digital technology firm Pace plc has restored its profitability and says it is well placed for further progress.
The Saltaire-based international group restored net profits by 50.5 per cent to $58.4 million (£38.6 million) after they halved last year to $38.8m.(£25.6 million).
Revenues in the year to December 31 2012 were up 4.1 per cent to $2.4billion (£1.58 billion) against $2.3 billion (£1.51 billion) the previous year. The directors are recommending a 20 per cent boost in dividends to 4.5 cents a share, against 3.75 cents in 2011.
Pace reduced its debts at the end of the year by 49.2 per cent to $163.3million ( £107.8 million) compared with $321.7million ( £211.9 million) in 2011.
Mike Pulli, chief executive, said: "I am pleased to report that Pace has performed impressively in 2012, by delivering increased operating profits through both top-line growth and operational efficiency, with a particularly strong second half of the year.
"We have made good headway on executing our strategy and Pace is becoming a more profitable, cash generative company."
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