Directors at Pace took advantage of a sharp fall in the set-top box maker's share price yesterday to add to their stakes in the company.
The shares fell sharply after figures for 2010 showed that hefty one-off costs cut profits growth to a minimum. The BSkyB supplier also said that a US customer had deferred a major order until next year when the next generation of equipment will be available.
Chairman Mike McTighe, chief executive Neil Gaydon, chief operating officer David McKinney and chief financial officer Stuart Hall each took 10,000 shares at between 183p and 186p.
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Of the four directors, McTighe has the biggest stake at 60,000 shares, equivalent to 0.2% of the company.
Pace's 2010 revenues were up by 17.4% to £1.33bn, with organic revenues growing 9.7%. Operating profits rose by 32% to £92m, though pre-tax profits rose only slightly to £71m after one-off costs of £19m relating to its acquisitions last year and the closure of its European free-to-air business.
Despite the setback, Pace is confident of the company's prospects.
"The board expects 2011 revenue growth of a similar level to that achieved in 2010," the company said.
Top Director Buys
Capital & Counties Properties (CAPC) Director name: Mr Andrew J M HuntleyAmount purchased: 26,000 @ 151.67p Value: £39,434
Capital & Counties Properties (CAPC) Director name: Mr Andrew J M HuntleyAmount purchased: 25,000 @ 149.30p Value: £37,325
Pace (PIC) Director name: Mr David McKinneyAmount purchased: 10,000 @ 184.30p Value: £18,430
Pace (PIC) Director name: Mr Michael McTigheAmount purchased: 10,000 @ 184.05p Value: £18,405
Pace (PIC) Director name: Mr Neil GaydonAmount purchased: 10,000 @ 183.70p Value: £18,370
Pace (PIC) Director name: Mr Stuart Andrew HallAmount purchased: 10,000 @ 183.70p Value: £18,370
Johnson Matthey (JMAT) Director name: Mr Alan M FergusonAmount purchased: 626 @ 1,902.90p Value: £11,912
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Virgin Media Inc. (VMED) Director name: Mr Neil BerkettAmount sold: 17,477 @ 1,732.60p Value: £302,807
Virgin Media Inc. (VMED) Director name: Mr Neil BerkettAmount sold: 12,988 @ 1,731.98p Value: £224,950
Virgin Media Inc. (VMED) Director name: Mr Neil BerkettAmount sold: 7,810 @ 1,729.50p Value: £135,074
Virgin Media Inc. (VMED) Director name: Mr Neil BerkettAmount sold: 6,700 @ 1,730.74p Value: £115,960
Virgin Media Inc. (VMED) Director name: Mr Neil BerkettAmount sold: 6,090 @ 1,730.12p Value: £105,364
Genus (GNS) Director name: Mr Richard WoodAmount sold: 15,000 @ 965.00p Value: £144,750
Virgin Media Inc. (VMED) Director name: Mr Neil BerkettAmount sold: 4,750 @ 1,733.22p Value: £82,328
Virgin Media Inc. (VMED) Director name: Mr Neil BerkettAmount sold: 4,000 @ 1,731.36p Value: £69,254
Virgin Media Inc. (VMED) Director name: Mr Neil BerkettAmount sold: 900 @ 1,728.89p Value: £15,560
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