Pace now expects the loss for the six months to November 30 to be greater than expected, blaming weaker than expected sales in mainland European and US markets. This is despite the company recently starting shipments to its second major US customer. Pace claims performance in the UK remains solid, with shipments of its UK cable inventory ensuring its cash balances remain positive.
Pace says it is continuing to cut costs to a level that is commensurate with reduced revenue expectations, in addition to a previously announced £15 million cost savings plan that was completed at the end of last month.
