Grin with cat attached (wechsler) wrote,
Grin with cat attached

Europe's largest TV set-top box manufacturer Pace (PIC.L) yesterday warned that pre-tax profits would fall £1.7m ($2.6m) short of target for the year ended June 1 and £8m behind forecasts for the year to June 2003. The announcement, the third profit warning in four months, forced Pace shares down 40%, or 28½p, to 43¾p, and resulted from a contract with BSkyB (LSE: BSY.L - news - msgs) (BSY.L) where Pace had been forced to sell set-top boxes to the pay-TV giant for less than it cost to make them. Analysts said that BSkyB 'clearly had them over a barrel', and it seemed to be 'just one thing after another'. Pace reports annual figures next Tuesday.
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