Values representative of modulation signal components are extracted from a modulated signal. The modulated signal contains a modulation signal. A local clock signal is developed which correlates in time to the modulated signal and has a plurality of non-overlapping phase sectors per cycle. Signal values are acquired from the modulated signal, separately for at least one phase sector of one cycle of the local clock signal. At least two signal values from the same local clock cycle, but different phase sectors are combined to obtain at least one combined signal value representative of a modulation signal component.