Lord Philip Harris of Peckham, also known as the chief executive of Carpetright, has bought himself an early Christmas present in the form of
£214,750-worth of shares.
Harris purchased 50,000 shares at 429.50p each, on the same day the flooring specialist firm announced a 3.9% drop in revenue in the half year to October 29, contributing to a significant fall in underlying profit before tax.
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Hit by a challenging trading environment, revenues fell from £248m to £238.4m, with underlying pre-tax profit down from £10m to £1.4m, equivalent to earnings per share (EPS) of 1.2p (2010: 10.7p). The performance was marginally ahead of the expectations of broker Singer Capital Markets, which had forecast underlying profit before tax of £1.2m, and EPS of 1.2p.
In statutory figures, the firm made a loss before tax of £0.8m, compared to a profit of £9.8m the same period the previous year.
Speaking on Tuesday, Harris said: "Like many other retailers we are continuing to experience a very challenging trading environment, with significant sales volatility and a corresponding decrease in the gross margin. Against this backdrop, the group has remained profitable on an underlying basis and continues to generate net cash.
"With the consumer environment expected to remain difficult, we are focusing on those opportunities that are under our direct control. We have reduced our total cost base in the first half and will continue to take a determined approach to reducing this further."
Top Director Buys
Carpetright (CPR)
Director name: Lord Philip Harris of Peckham
Amount purchased: 50,000 @ 429.50p
Value: £214,750
Marwyn Management Partners (MMP)
Director name: Mr Robert T E Ware
Amount purchased: 95,318 @ 50.00p
Value: £47,659
Marwyn Management Partners (MMP)
Director name: Mr Ian Steer
Amount purchased: 60,000 @ 50.00p
Value: £30,000
May Gurney Integrated Services (MAYG)
Director name: Baroness Margaret Ford
Amount purchased: 6,690 @ 296.50p
Value: £19,836
African Barrick Gold (ABG)
Director name: Mr Andre Falzon
Amount purchased: 4,000 @ 476.79p
Value: £19,072
Marwyn Management Partners (MMP)
Director name: Mr Stephen East
Amount purchased: 30,000 @ 50.00p
Value: £15,000
Top Director Sells
Discovery Metals Ltd. (CDI) (DME)
Director name: Mr Stuart Bradley (Brad) Sampson
Amount sold: 1,000,000 @ 87.36p
Value: £873,600
Ruukki Group (DI) (RKKI)
Director name: Mr Markku Kankaala
Amount sold: 400,000 @ 75.80p
Value: £303,200
Discovery Metals Ltd. (CDI) (DME)
Director name: Mr Gordon Galt
Amount sold: 125,000 @ 89.30p
Value: £111,625
CVS Group (CVSG)
Director name: Mr Simon Innes
Amount sold: 113,793 @ 102.00p
Value: £116,069
CVS Group (CVSG)
Director name: Mr Paul Coxon
Amount sold: 50,069 @ 102.00p
Value: £51,070
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