Brendan Murtagh cuts Kingspan stake

A surge in the share price to a seven-month high has convinced Kingspan Group co-founder and director Brendan Murtagh to cash in part of his stake.

Murtagh, who along with elder brother Eugene set up the Irish insulation board maker in 1972, sold 500,000 shares at €4.75 each, netting €2.4m.

The shares have jumped from a low of around €2 in February, having fallen from over €8 last September. Murtagh still owns 4.6m shares, or 2.8% of the business.

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

Last month, Kingspan warned that trading in the first four months of 2009 had been "predictably tough" as customers remained reluctant to commit to newbuild construction projects.

Sales fell 34% to €350m and were down 39% excluding acquisitions, but the group expects some improvement in operating performance during the summer months.

The group has already scrapped its final dividend because of the tough conditions that caused a 70% plunge in full-year profit to €68.1m.

Two years ago, Murtagh pocketed nearly €90m from the sale of 2.4m shares at €20.05 each.

Top Director Buys

Value: £120,000

Value: £81,000

Value: £46,690

Value: £19,818

Value: £18,525

Value: £18,000

Value: £13,680

Value: £12,100

Top Director Sells

Value: € 2,375,000

Value: $499,680

Value: £313,072

Value: £244,009

Value: £127,467

Value: £127,467

Value: £123,424

Value: € 61,955

Value: £67,500

Value: £32,111