Pace bosses invest after share slump

9th Mar 2011 16:26

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.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 BuysCapital & Counties Properties (CAPC) Director name: Mr Andrew J M HuntleyAmount purchased: 26,000 @ 151.67p Value: £39,434Capital & Counties Properties (CAPC) Director name: Mr Andrew J M HuntleyAmount purchased: 25,000 @ 149.30p Value: £37,325Pace (PIC) Director name: Mr David McKinneyAmount purchased: 10,000 @ 184.30p Value: £18,430Pace (PIC) Director name: Mr Michael McTigheAmount purchased: 10,000 @ 184.05p Value: £18,405Pace (PIC) Director name: Mr Neil GaydonAmount purchased: 10,000 @ 183.70p Value: £18,370Pace (PIC) Director name: Mr Stuart Andrew HallAmount purchased: 10,000 @ 183.70p Value: £18,370Johnson Matthey (JMAT) Director name: Mr Alan M FergusonAmount purchased: 626 @ 1,902.90p Value: £11,912Top Director SellsVirgin Media Inc. (VMED) Director name: Mr Neil BerkettAmount sold: 17,477 @ 1,732.60p Value: £302,807Virgin Media Inc. (VMED) Director name: Mr Neil BerkettAmount sold: 12,988 @ 1,731.98p Value: £224,950Virgin Media Inc. (VMED) Director name: Mr Neil BerkettAmount sold: 7,810 @ 1,729.50p Value: £135,074Virgin Media Inc. (VMED) Director name: Mr Neil BerkettAmount sold: 6,700 @ 1,730.74p Value: £115,960Virgin Media Inc. (VMED) Director name: Mr Neil BerkettAmount sold: 6,090 @ 1,730.12p Value: £105,364Genus (GNS) Director name: Mr Richard WoodAmount sold: 15,000 @ 965.00p Value: £144,750Virgin Media Inc. (VMED) Director name: Mr Neil BerkettAmount sold: 4,750 @ 1,733.22p Value: £82,328Virgin Media Inc. (VMED) Director name: Mr Neil BerkettAmount sold: 4,000 @ 1,731.36p Value: £69,254Virgin Media Inc. (VMED) Director name: Mr Neil BerkettAmount sold: 900 @ 1,728.89p Value: £15,560OMG (OMG) Director name: Mr Catherine RobertsonAmount sold: 24,000 @ 42.00p Value: £10,080