XP Power deputy chairman James Peters raised £1.47m from a share disposal two days after bumper interim figures from the power control products supplier.
Peters sold 200,000 shares at 735p each. Peters founded XP in 1988 and still owns nearly 2.7m shares, which is equivalent to 14%. That still makes him the biggest shareholder in XP.
It was announced yesterday evening that finance director Mickey Lynch had sold 25,000 shares at 730.21p a share. That raised nearly £183,000 and left Lynch with 81,000 shares. Lynch bought 3,500 shares at 372p each and 2,500 shares at 362p each last November. That indicates how strong the XP share price has been in recent months.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Get 6 issues 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
The share price is more than five times the level it was at the beginning of 2009.
XP nearly doubled its pre-tax profit from £3.8m to £7.3m in the six months to June 2010. Revenues were 23% higher at £40.7m and they should continue to improve in the second half. XP Power has record order books.
Edison Investment Research says that a higher proportion of own-designed/own-manufactured products has enabled XP to increase its margins. XP is using around 50% of its Chinese capacity and it is planning a factory in Vietnam, which should be in production before the end of 2011.
Edison upgraded its 2010 earnings per share forecast by 13% to 62p. That means that the shares are trading on less than 12 times prospective earnings for 2010.
Top Director Buys
Capital & Counties Properties (CAPC) Director name: Mr Gary YardleyAmount purchased: 88,579 @ 112.05p Value: £99,253
Capital & Counties Properties (CAPC) Director name: Mr Ian DurantAmount purchased: 64,024 @ 112.05p Value: £71,739
Mid Wynd International Inv Trust (MWY) Director name: Mr Russell Napier Amount purchased: 5,200 @ 960.00p Value: £49,920
Filtronic (FTC) Director name: Mr Edwin Graham MeekAmount purchased: 50,000 @ 38.00p Value: £19,000
Filtronic (FTC) Director name: Mr Howard FordAmount purchased: 42,204 @ 35.00p Value: £14,771
Summit Corporation (SUMM) Director name: Mr Raymond SpencerAmount purchased: 400,000 @ 2.93p Value: £11,720
Severn Trent (SVT) Director name: Mr Gordon FryettAmount purchased: 1,000 @ 1,141.00p Value: £11,410
Top Director Sells
XP Power (XPP) Director name: Mr James E PetersAmount sold: 200,000 @ 735.00p Value: £1,470,000
BT Group (BT.A) Director name: Mr Ian LivingstonAmount sold: 72,725 @ 141.99p Value: £103,262
BT Group (BT.A) Director name: Mr Tony ChanmugamAmount sold: 19,635 @ 141.99p Value: £27,880
Will “Liberation Day” strike again?
Israel claims victory in the '12-day war' with Iran
