Titan chief wheels out share purchases

Titan Europe chief executive Mike Akers has added a total of 200,000 shares to his shareholding in the agricultural and construction vehicle wheels manufacturer following yesterday's trading update.

AIM-quoted Titan said that its strong order book meant that it would perform ahead of budget in 2010.

Akers' pension fund has acquired a total of 180,000 shares for £62,700 and Akers himself paid £6,680 for 20,000 shares at 33.4p a share. Akers owns 900,000 shares in Titan.

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

Sign up

Unaudited figures show revenues of £103m in the first four months of 2010, which is £10m higher than budget.

This follows what the company describes as "the most difficult year in the history of the group".

For example, the UK construction vehicle wheels business suffered a sharp decline in 2009 but it is 75% ahead so far this year - albeit from a low base. The other operations around the world are doing much better as well.

The customer base is approximately 50% construction, 20% mining and 30% agriculture

Titan's stake in Indian associate Wheels India is worth around one-half of Titan's current market value.

Top Director Buys

Banco Santander SA (BNC) Director name: Mr Francisco Luzon LopezAmount purchased: 6,580 @ 629.29p Value: £41,408

Titan Europe (TSW) Director name: Mr John M A AkersAmount purchased: 100,000 @ 35.50p Value: £35,500

Titan Europe (TSW) Director name: Mr John M A AkersAmount purchased: 80,000 @ 34.00p Value: £27,200

Quintain Estates & Development (QED) Director name: Mr Simon T LaffinAmount purchased: 47,000 @ 43.32p Value: £20,360

Global Petroleum (GBP) Director name: Mr Peter TaylorAmount purchased: 128,427 @ 7.80p Value: £10,017

Global Petroleum (GBP) Director name: Mr Peter TaylorAmount purchased: 129,996 @ 7.69p Value: £9,997

Top Director Sells

General Electric (GEC) Director name: Mr Keith S. SherinAmount sold: 8,744 @ $15.68 Value: $137,106

General Electric (GEC) Director name: Ms Pamela DaleyAmount sold: 1,744 @ $15.68 Value: $27,346

General Electric (GEC) Director name: Ms Kathryn CassidyAmount sold: 1,718 @ $15.68 Value: $26,938