The results, issued on Monday (8 July), showed unit sales down by 19 per cent to 2.2 million, turnover down 33 per cent to £352m and a pre-tax loss of £29.5m compared with a profit of £38.1m last year. Shares closed at 37p, down 12p from the previous week.
According to a statement, the results reflect 'turbulence in the broadcasting market and a difficult trading environment faced by global digital TV operators'.
The firm has already taken steps to cut costs and in April announced a restructure that would result in the loss of 180 jobs - 20 per cent of its workforce - by August ( Broadcast, 16.4.02).
However, Pace has warned it will be six months before it expects to return to the black. Hopes of recovery are pinned on sales of its low cost digital TV adaptor (DTVA) and the Sky+ box, despite the fact the latter will be supplied at below cost for the next nine months following revised terms to the contract imposed by BSkyB ( Broadcast, 5.7.02).