Pace founder standing down
13 April 2012
FOUNDER David Hood is standing down as a non-executive at Pace Micro, the maker of set-top boxes for digital TV. His stake is valued at £25m.
Pace swung from £50m annual losses to £3.9m pre-tax profits last year. But it set aside £1.5m to cover costs and a fine levied by the FSA for earlier breaches of financial disclosure rules. It is appealing the ruling.
Its core UK market is declining but overseas sales are booming, lifting total shipments 70%. Overseas sales are now 42% of the total, up from 17% a year ago.
Pace warns of continued UK decline, and rising component prices.
The shares jumped 10p to 58p, 13 times likely earnings.
