Shares in Pace Group fell on the FTSE 250 in afternoon trading despite the technology company reporting a rise in revenue and pre-tax profit in the full year ended 31 December 2010.
Revenue rose 17.4 per cent to £1.3 billion while pre-tax profit after exceptional items climbed 1.7 per cent to £71.1 million. The group said that it had one off exceptional costs of £19 million following three acquisitions made during the year.
Net debt at the end of the year and after the acquisitions was reported as being £200.7 million.
Pace said that the volume of its shipments rose 29 per cent to 22.2 million during 2010.
The total dividend for the year was announced as being 2.175 pence per share, up 45 per cent from the previous year. The board of Pace also said it expected revenue growth in 2011 to be similar to that achieved last year.
Neil Gaydon, Chief Executive Officer of Pace, commented, "Pace has delivered a strong year with a 24% increase in underlying earnings and we successfully completed three acquisitions that are already earnings enhancing and delivering significant synergies.
"During 2010 we have continued to strengthen our position as a leading provider of technologies to the global market for managed subscription TV and broadband services. At the same time we opened up new opportunities in home networking and advanced gateways by adding significant new capabilities in software, services and support.
"Conditions across our global markets continue to be positive. Operators are utilising Pace's widening range of products, technologies and services to enhance their consumer offering; from launching digital in emerging markets to providing solutions and services that enable home convergence in advanced markets."
By 14:35 shares in Pace were down 19.46 per cent on the FTSE 250 to 177.60 pence per share.