Sharp declines in sales of Pace 's (PIC) set-top boxes and media equipment, which it sells to telecom and PayTV providers, precipitated a 4 per cent drop in the group's shares. The abrupt departure of its finance chief won't have filled investors with confidence, either.
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Pace's troubles were rooted in a 23 per cent sales slump at its PayTV consumer premise equipment (CPE) segment to $971m (£571m). Revenues from set-top boxes and media gateways fell 17 per cent, while sales of network gateways dropped 59 per cent. Pace blames those declines on the loss of sole-supplier arrangements with major North American customers last year.