Elektron chairman swoops after profit warning

Shares in instrumentation and electronics supplier Elektron took a tumble last Thursday following a profts warning, and have continued falling since, prompting company chairman Keith Daley to whip out his cheque-book and snap up some cut-price shares.

Daley, who has been a shareholder in Elektron since 1996, topped up his holding with a purchase of 300,000 shares at 21.25p each, putting a £63,750 dent in his bank balance.

Daley owns 8.54m Elektron shares, representing just over 8% of the issued ordinary share capital of the company.

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As profits warnings go, last Thursday's announcement from Elektron was a relatively mild one.

"The group is on track to deliver operating profits before exceptional items for the year to 31 January 2012 at a level similar to last year's performance. This is a reduction in management expectations for the current financial year but matches last year's record profits," the statement said.

Market expectations had been for a pre-tax profit of £5.46m in the year to end-January 2012, up from £3.55m last year.

The group's dependence on Europe for much of its business is proving a weak point as the continent goes through its current economic tribulations. Performance of the company's Carnation Genisys and Henson brands remain strong in the UK.

The company is looking to reduce its dependence on Europe by building up its business in the Asia Pacific region. It has already opened a new office in Shanghai and is currently searching for an office in New Delhi to accommodate expansion of its existing facility.

Top Director Buys

Glencore International (GLEN)

Director name: Mr William Macaulay

Amount purchased: 1,875,000 @ 412.57p

Value: £7,735,688

Fenner (FENR)

Director name: Mr Mark Abrahams

Amount purchased: 138,673 @ 360.00p

Value: £499,223

Fenner (FENR)

Director name: Mr Richard John Perry

Amount purchased: 100,300 @ 360.00p

Value: £361,080

Fenner (FENR)

Director name: Mr Nick Hobson

Amount purchased: 94,385 @ 360.00p

Value: £339,786

Fenner (FENR)

Director name: Mrs Debra Bradbury

Amount purchased: 53,796 @ 360.00p

Value: £193,666

Capital & Regional (CAL)

Director name: Mr Louis Norval

Amount purchased: 497,920 @ 33.70p

Value: £167,799

Gable Holdings Inc. (GAH)

Director name: Mr William Dewsall

Amount purchased: 300,000 @ 22.00p

Value: £66,000

Elektron Technology (EKT)

Director name: Mr Keith Anthony Daley

Amount purchased: 300,000 @ 21.25p

Value: £63,750

Royal Bank of Scotland Group (RBS)

Director name: Mr Stephen Hester

Amount purchased: 318,678 @ 19.83p

Value: £63,194

Avocet Mining (AVM)

Director name: Mr Brett Allan Richards

Amount purchased: 25,000 @ 220.00p

Value: £55,000

Top Director Sells

Glencore International (GLEN)

Director name: Mr William Macaulay

Amount sold: 1,875,000 @ 412.57p

Value: £7,735,688

Fenner (FENR)

Director name: Mr Mark Abrahams

Amount sold: 72,110 @ 360.00p

Value: £259,596

Fiberweb (FWEB)

Director name: Mr Daniel Dayan

Amount sold: 426,829 @ 52.70p

Value: £224,939

Fenner (FENR)

Director name: Mr Richard John Perry

Amount sold: 52,156 @ 360.00p

Value: £187,762

Fenner (FENR)

Director name: Mr Nick Hobson

Amount sold: 45,147 @ 360.00p

Value: £162,529

Fiberweb (FWEB)

Director name: Mr Daniel Abrams

Amount sold: 237,127 @ 52.70p

Value: £124,966

Fenner (FENR)

Director name: Mrs Debra Bradbury

Amount sold: 27,974 @ 360.00p

Value: £100,706

Sierra Rutile Ltd (SRX)

Director name: Mr Franois Colette

Amount sold: 250,000 @ 30.00p

Value: £75,000