Set-top box maker Pace has given an upbeat assessment of business conditions in the digital TV market.
At the Yorkshire-based company's AGM today, shareholders will hear that there has been increased demand for Pace's products across many global markets and technologies.
"In 2008 over 181 million digital set-top boxes were shipped into global markets and this number is expected to grow to over 201 million in 2012," said Mike McTighe, chairman of Pace.
"Pace has carefully targeted the most successful payTV operators and invested its engineering capability in high-end product segments such as high definition, personal video recording, broadband and payTV," said McTighe.
McTighe believed the high definition TV market has big potential. "The market is growing rapidly, but so far only 3.7% of households worldwide are watching television in high definition," said McTighe.
This confirms the company's April 7 update which described positive business conditions, which are now expected to continue.
"Strong market demand and enhanced competitive position has resulted in further orders from new and existing customers to fulfil consumer demand for digital and high definition services," said McTighe.
"At the same time Pace has continued to benefit from its programme of operational synergies and business efficiencies to improve margin performance across the Group," said McTighe.