Inmarsat chiefs cash in on rally

Bosses at Inmarsat have sold a quarter of a million shares in the satellite communications company following a 60% rally since last October.

Chairman and chief executive Andrew Sukawaty pocketed more than £1m from the sale of 200,000 shares at 538p each, although he still owns 933,393.

Rick Medlock, finance boss, also banked profits, offloading 50,000 shares at 541p to net £270,500. He keeps 460,000 shares.

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Earlier this month, the group said it is on target for solid revenue growth this year following a strong half-year performance from the maritime business.

Profit before tax for the six months ended 30 June 2009 jumped 10.5% to $97m following a 4.9% increase in revenue to $508.7m and lower operating costs. Maritime revenue grew 9.8%.

Inmarsat slumped to 330p during the stockmarket sell-off last autumn, but have moved steadily higher since.

Top Director Buys

Value: £49,571

Value: € 48,500

Value: £25,470

Top Director Sells

Value: £1,076,000

Value: £270,500