Davis FD increases stake

Davis Service Group finance director Kevin Quinn has increased his stake in the textile maintenance group following a strong performance by the shares since the interim figures one month ago.

Shares in Davis had risen by nearly 10% in the past month but they have fallen back today. Quinn acquired 7,500 shares at 407p each. This cost just over £30,000. Quinn owns 70,049 shares in Davis.

Adjusted interim profit rose 2% to £41m in the first half of 2010, with revenues 1% higher at £488.5m.

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Revenue in the Nordic region rose 4% to £171.9m and adjusted operating profit by 10% to £25.3m, while sales increased by 1% in the UK & Ireland to £195.6m and profit grew 6% to £17.4m. But revenue was down 2% in the rest of Europe at £121m and profit fell slightly to £15.4m.

The business is a strong cash generator and cost reductions are helping to improve operating margins. Second half trading is consistent with the trends in the first half.

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