UPDATE 2-Pace H1 pretax triples; on track for year

* H1 adjusted pretax 34.3 mln stg on sales of 526.5 mln stg

* Says firmly on track for full year

* Pays maiden interim dividend

* Shares down 2.25 percent

(Adds Chief Executive comments, analyst reaction, shares)

By Paul Sandle

LONDON, July 27 (Reuters) - British set-top box maker Pace (PIC.L) tripled first-half pretax profit and said on Monday it was firmly on track to meet its expectations for the full year.

The company, which makes devices for BSkyB (BSY.L), Comcast Corp (CMCSA.O) and Canal Plus (CNLP.PA), posted adjusted pretax profit of 34.3 million pounds ($56.7 million) on revenue of 526.5 million pounds for the six months to end-June, up from 231.1 million pounds.

Chief Executive Neil Gaydon said Pace was benefiting from high demand for digital and high-definition television as broadcasters turned off analogue signals and customers choose home entertainment over going out.

"Pay-TV offers unrivalled value for money," he told reporters on a conference call.

"Taking your family out for a pizza can be the same as a monthly subscription for entertainment 24/7."

Pace, which doubled its global market share following the acquisition of Philips Electronics (PHG.AS) set-top box business in April 2008 and now ranks third behind Motorola MOT.N and Thomson TMS.PA, shipped 8.5 million boxes in the half at an average 62 pounds.

Gaydon said the average selling price would edge above 70 pounds in the second half, due to a shift towards more high-definition boxes and as shipments of lower-value DTA (digital television adapter) boxes to Comcast tailed off.

"We expect our strong performance to continue during the second half and, with good order visibility, we are confident in our ability to deliver against management's expectations for the full year," he said.

Shares in Pace, which have increased by 266 percent since the start of the year, were 2.25 percent lower at 195.75 pence by 0855 GMT, while the index of medium-sized companies .FTMC was down 0.57 percent.

Analyst Jonathan Imlah at Altium Securities, who has a "buy" recommendation on the stock, said the company's revenue was a fraction lower than his forecast of 536.1 million pounds but a better-than-expected operating margin of 6.5 percent helped adjusted pretax profit meet expectations.

"Even after a strong run over the past few months, Pace shares are still not expensive," he said in a note.

Analysts expect the group to report adjusted pretax profit of 73.2 million pounds and revenue of 1.1 billion pounds in 2009, according to a Reuters poll of six analysts.

Pace said it would pay a maiden interim dividend of 0.5 pence a share. ($1=.6049 pounds) (Reporting by Paul Sandle; Editing by Victoria Bryan)