Hopes for Pace spark shares rise

Shares in the TV set-top box maker Pace yesterday jumped 10 per cent as traders hoped that the chairman, Allan Leighton, and his management team can turn it around.

Pace admitted that its pre-tax profits crashed by half to $54m (£34m) in 2011. But the firm offered some hope as it expects underlying growth of 7 per cent this year.

The shares, up 9p to 90p, have doubled from a low of 43p in November.