Pace issues profit alert

By Daily Mail Reporter
Updated:

 

Set-top box maker Pace lost more than a third of its value after warning that profits will fall well short of targets.

The group said profit margins had tumbled after buying up swathes of components for its home entertainment kit. The Japanese earthquake has further disrupted supplies of raw materials.

Eric Burns at stock broker WH Ireland said the credibility of management will 'undoubtedly be called into question'.

In March Pace (down 59.9p to 93p) vexed investors after failing to reveal the delay of a major US order in its 2010 results.

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