Pace Micro Technology Plc, the Shipley, UK-based set-top decoder company that has disappointed the market since its flotation in June last year, saw its share price hit a new low after a third profits warning in the last six months. A weak second half saw pre-tax profits for the year to May 31 virtually flat at 18.4m pounds. What really depressed the market was a warning that the outlook for this year is uncertain. The company is caught because few people are buying analog televisions because digital is just round the corner but digital has been not taken off because of delays in launching digital services. Pace shares, launched with such expectations at 172 pence, fell another 2.5 pence yesterday to reach a new low of 51 pence.
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