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October 6, 1997updated 03 Sep 2016 7:24pm

PACE MICRO LOOKS TO SMOOTHER TIMES AHEAD, APPOINTS NEW CEO

By CBR Staff Writer

Troubled set-top decoder company Pace Micro Technology Plc has found a new boss to replace chief executive Barry Ruberry who jumped ship in February. He has been replaced by former Amstrad Plc managing director and Sega Enterprises Ltd’s European top man Malcolm Miller. The Shipley, West Yorkshire company that has been going through a rough trough of late saw its share price rise of Friday 4 to 61.5 pence, as the news broke, and on Monday saw the price rise to 63.5 pence as we went to press. The company floated in June last year (CI No 2,939), but has put in a disappointing performance of late, affected by a slower than expected take up of digital television. A couple of months ago, it hit further choppy water when it warned of an uncertain year ahead with pre- tax profits for the year to May 31 staying flat at 18.4m pounds, following prior profit warnings (CI No 3,211). Pace does not know exactly when Miller will start in his new post, but has said it won’t be before the end of the year. The company that employs around 1,000 people says it is extremely pleased about the appointment. Marketing services manager Gregory Thorp denied that Pace is off track at the moment, arguing that it has not been affected by the delayed possible deal with British Digital Broadcasting Ltd (CI No 3,246). Thorp said some 80% of the company’s business is conducted outside of the UK and said financial figures has been affected by the company’s year end falling in May.

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