Pace Micro Technology has recently acquired Vegastream Ltd for a maximum of £40m in Pace shares. Vegastream is a software company specialising in "Voice over Internet Protocol" products, which allow any combination of voice, data and video to be integrated into a single data stream for delivery over data networks. As well as its use in business applications, Pace Micro see opportunities to develop "voice integration" for its set-top boxes for broadcast customers.
The internet access contest is being fought worldwide on three fronts : via a TV set, via a PC and modem to the telephone system, and via a mobile phone. The outcome of this contest over the next five years will have a profound effect on Pace and its Saltaire neighbour Filtronic. If the consumer opts for the TV set, through subscription to BSkyB, OnDigital or a cable system, then Pace will see good growth. Access via a mobile phone will favour Filtronic, who are developing new products for the next generation of mobile phones with internet access. Meanwhile BT has this week announced a significant reduction in the costs of telephone access to the internet which will benefit many home PC users. The new surftime tariff offers fixed telephone charges for unlimited access or for night time and weekend only access, together with a series of new agreements to improve BT's offer to internet users.
Provident Financial was one of only two local companies whose share price rose last week. Following its recent results the company has continued its share buy back programme to improve earnings by reducing the number of shares in issue. 12.3 million shares have now been repurchased.
The company's results, showing pre-tax profits up 6.3% to £155m, were in line with analysts' expectations. Most of the profit arises from its UK home credit operation, where the bad debt provision has increased from £55m to £72m. However, the company is looking overseas for its future growth, with operations in Poland and the Czech Republic already developing well. With 149,000 customers now, Provident is targetting 1 million within five years, and other countries such as Hungary, Slovakia or Slovenia may be covered soon.
Converted for the new archive on 30 June 2000. Some images and formatting may have been lost in the conversion.
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