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.
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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.
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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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