Pace warns of sluggish sales

Oliver Smith
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PACE, the set-top box maker, said that revenues fell during the third quarter to 13 November in an interim management statement.

The company, which bought US network firm Aurora for $310m (£191.7m) last month, said the fall was due to a large North American customer using another supplier.

Despite this the company said yesterday it expects full year revenues to be in line with 2012 and to report an operating margin greater than 7.5 per cent for 2013.

The company added that recent key customer wins would improve Pace’s outlook in 2014.

Pace saw its share price fall 3.4 per cent yesterday on the news to close at 294.9p a share.