Pace moves up to FTSE 250 in reshuffle

TV decoder maker Pace is to be promoted to the FTSE 250 in the stock exchange’s latest quarterly reshuffle.

The Saltaire-based company’s shares have risen from lows of 70p in April to close at 174.5p yesterday.

The group is seeing a new lease of life under new chief executive Mike Pulli, who issued an upbeat trading statement in July.

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Pace has raised its full-year earnings forecasts as margins improved and supply disruptions eased.

Mr Pulli said he wanted to make the company more efficient, adding: “I don’t like debt in the company that I’m running. The faster you pay down debt the better.”

Other moves include interdealer broker ICAP and emerging-markets focused fund manager Ashmore being relegated from London’s blue-chip FTSE 100 index following the index’s latest quarterly review.

The pair will be replaced by energy services company John Wood Group, which will rejoin the large-caps after a year’s absence, and buyout group Melrose, in what will be its maiden appearance on the FTSE 100 index.

The index changes will be implemented from the start of business on Monday, September 24.