Absolute bargain, getin quick guys4 Mar 2010 07:36
Shares in digital TV technology firm Pace (PIC)) fell by 11.8p to 178.2p, as it announced a 405% rise in pre-tax profits for 2009 to 69.9 million pounds, with its adjusted operating margin expanding to 6.7% from 3.9% in 2008. Revenues were up by 52% to 1.13 billion pounds, and adjusted earnings per share leapt 147% to 19.3p. The total dividend was up 150% at 1.5p. 17.2 million set-top boxes were shipped in the year, from 13.1 million in 2008, as strong demand continued despite the economic downturn. Separately, the firm announced that it has acquired French IP and cable gateways specialist Bewan Systems for 12.5 million euros. Bewan reported revenues of 16.3 million euros in 2009. Seymour Pierce kept its 'buy' stance and 270p target, saying that the shares are significantly undervalued.
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