Wolseley chairman spends £200,000

Gareth Davis, the chairman of Wolseley, has splashed out nearly £200,000 on shares in the plumbing supplies group.

Davis, who took up his post at Wolseley at the beginning of the year after he stepped down as the chief of Lambert & Butler cigarettes maker Imperial Tobacco, took 9,720 shares at 2,142.5p a go. He now has 13,038.

Shares in Wolseley, whose brands include the Plumb Center and the Bathstore retail chain, have staged a strong recovery over the past year, helped by a recovery in Europe and the US.

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Profits for the half year to January came in at £195m, compared to a loss of £261m, with trading profits up 64% at £275m. Revenues rose by 5% to £6.6bn. The interim dividend is 15p.

Like-for-like revenue growth was 5% and the rate continued to improve in the first half driven principally by the US, which generated 41% of group revenue.

Chief executive Ian Meakin said Wolseley expects to continue to grow in the second half of the year, "though the comparatives will now be much more demanding", while the impact of recent VAT increases and government spending cuts leaves the outlook in the UK "more uncertain," he said.

Top Director Buys

Wolseley (WOS) Director name: Mr Gareth DavisAmount purchased: 9,270 @ 2,142.50p Value: £198,610

Planet Payment Inc. (PPT) Director name: Mr Jonathan KaidenAmount purchased: 42,550 @ 144.45p Value: £61,463

AIREA (AIEA) Director name: Mr Neil RylanceAmount purchased: 425,000 @ 10.00p Value: £42,500

AIREA (AIEA) Director name: Mr Martin ToogoodAmount purchased: 425,000 @ 10.00p Value: £42,500

SIG (SHI) Director name: Mr Leslie Van de WalleAmount purchased: 30,000 @ 138.87p Value: £41,661

SIG (SHI) Director name: Mr Christopher DaviesAmount purchased: 25,000 @ 137.37p Value: £34,342

Games Workshop Group (GAW) Director name: Mr Mark WellsAmount purchased: 7,051 @ 430.00p Value: £30,319

URU Metals Ltd. (DI) (URU) Director name: Mr Paul R LoudonAmount purchased: 250,000 @ 8.68p Value: £21,700

LMS Capital (LMS) Director name: Mr John C BarnsleyAmount purchased: 33,000 @ 61.60p Value: £20,328

Planet Payment Inc. (PPT) Director name: Lady Barbara JudgeAmount purchased: 10,000 @ 156.50p Value: £15,650

Top Director Sells

Mulberry Group (MUL) Director name: Mr Roger T MatherAmount sold: 78,000 @ 1,275.00p Value: £994,500

Planet Payment Inc. (PPT) Director name: Mr Philip D BeckAmount sold: 150,000 @ 144.45p Value: £216,675