Shares digital

Pace Micro Technology (PIC) – Interims PTP: £10.64m (£0.51m) Divi: n/a (n/a)

Unit volumes were flat at 1.8 million, but prices rose marginally and profits soared at the set-top box maker as chief executive Neil Gaydon’s extensive restructuring of the £213 million cap began to really pay off.

Gaydon has now moved on to the next leg of his strategy, with the planned acquisition of Philips’ (PHG:AS) rival set-top box and connectivity business, in a deal worth a maximum of £68 million.

Shares in the West Yorkshire firm were suspended at 91.25p back in December, as the Philips deal has been classified as a reverse takeover. Trading should resume in spring, upon publication of a prospectus.

Shares says: Philips has always been a shrewd seller of assets so integrating this deal will be key.

by: Russ Mould