New Autoclenz boss buys in after results

Autoclenz's new chairman James Leek has topped up his holding in the car valeter the day after it announced it fell into losses on the back of difficulties across the automotive sector.

He bought 50,000 at 22p a time, taking his holding to 905,000, which amounts to 8.7% of the company.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

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

In yesterday's results, adjusted profit before tax was £0.9m (2007: £1.55m) but on a pre-tax level, the group fell into losses of £246,000 versus £393,000 profit last year. Sales improved 3.5% to £27.97m.

The group said it has been a challenging year with the effects of the recession increasingly impacting its revenue from the automotive sector particularly during the last quarter.

"I am pleased to report that despite the increasingly difficult market conditions, these results are slightly ahead of stockbrokers forecasts issued after our trading update in August 2008," said Leek

Top Director Buys

Value: £25,012

Value: £19,950

Value: £15,000

Value: £13,860

Value: £11,000

Value: £10,416

Value: £10,005

Top Director Sells

Value: £72,123

Value: £47,500

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.