Set-top box manufacturer Pace has downplayed investor concern over a delayed order for its set-top boxes.

The West Yorkshire-based firm’s share price fell by 21% after chief executive Neil Gaydon said a major order from an unnamed US customer had been pushed back.

Revenue for the order for an unspecified size would now be booked in 2012.

Gaydon said: “This particular customer has said they want the next generation model because they want to launch new services.

“We feel it answers some questions asked of the pay TV industry about innovation…[the unnamed firm] is just playing a bit of catch up.”

Despite its alliance with the pay TV sector Gaydon indicated that Pace is likely to provide technology for accessing UK free-to-air IPTV platform YouView, which is due to launch in 2012.

At last week’s Digital TV Group (DTG) annual summit, YouView chief executive Richard Halton said the internet TV provider will publish its full technical specifications on 14 April, with the API to follow.

Speaking during a conference call for the firm’s 2010 year-end financial results, Gaydon said: “BT Vision is part of the YouView consortium, and we are the sole supplier to BT Vision, so you can read across from that.”

Pace today posted a 1.7% increase in pre-tax profits of £71.1m for 2010, with revenue up 17.4% to £1.33b. European revenue declined by 14% to £367m in 2010 as BSkyB brought its set-top box supply in-house.