In a statement Pace said trading conditions in the first months of 2002 had been difficult and concluded that sales for the year ending May 31, 2002 are expected to be around £350 million. This represented a significant shortfall on the company’s previous expectations.
Along with problems at NTL, Pace also cited slower than expected US deployment of its products. The company went on to say that it expects to achieve a profit for the period despite the fall in revenues.
