Buying by Devro directors has kept the share price rising after yesterday's annual results from the sausage casings manufacturer.
The shares rose a further 9% to 265.1p each.
Chairman Steve Hannam bought 16,616 shares at 240p each, taking his stake to 149,306. The total investment was nearly £39,000. Hannam has been chairman since May 2009.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Non-executive director Paul Neep acquired 6,070 shares at 241p each, which cost £14,629. He owns 193,593 shares in Devro. Neep, who is chief executive of LVMH subsidiary Glenmorangie, has been on the board since 2005.
Devro's profit before tax and exceptional items in 2010 rose 44% to £36.3m. Reported profit before tax doubled to £55.2m from £26.9m, as 2010's results benefited from an £18.9m exceptional credit derived from a reduction in the liabilities of the group's UK defined benefit pension scheme.
Operating margin improved to 16.1% from 12.4%, reflecting higher prices and a more efficient manufacturing cost base.
Panmure Gordon raised its 2011 profit forecast after the figures. The earnings per share forecast was increased from 18.1p to 19.5p.
Top Director Buys
Devro (DVO) Director name: Mr Steve HannamAmount purchased: 16,616 @ 240.00pValue: £39,878
Devro (DVO) Director name: Mr Paul NeepAmount purchased: 6,070 @ 241.00Value: £14,629
Top Director Sells
Carnival (CCL) Director name: Mr Peter RatcliffeAmount sold: 22,909 @ 2,838.95p Value: £650,375
Carnival (CCL) Director name: Mr Pier Luigi FoschiAmount sold: 16,593 @ 2,838.95p Value: £471,067
GlaxoSmithKline (GSK) Director name: Mr Simon BicknellAmount sold: 1,286 @ 1,201.00p Value: £15,445
Europa Oil & Gas (EOG) Director name: Mr Paul A BarrettAmount sold: 25,000 @ 41.64p Value: £10,410
-
House prices rise 2.9% – will the recovery continue?House prices grew by 2.9% on an annual basis in September. Will Budget policies and ‘higher-for-longer’ rates dent the recovery?
-
Nvidia earnings: what to expectNvidia announces earnings after market close on 20 November. What should investors expect from the semiconductor giant?
