Stagecoach chief executive Brian Souter has taken advantage of a tumbling share price to buy nearly £3m worth of shares in the bus and train group.
The purchases, in two tranches at 139p, take Souter's stake in the firm he founded to 14.85%.
Stagecoach's share price has fallen by more than 40% this year after another hefty fall on Wednesday when it cautioned over the 2009/10 financial performance of its rail businesses.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely 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
"Based on our current assessment of the various risks and opportunities facing our rail businesses, we are likely to see downward pressure on 2009/10 rail profits," said the group.
Pre-tax profit rose to £105.2m in the six month ended 31 October compared with £84.6m last time on revenue of £1,045m from £820.8m previously. The interim dividend increased by 33% to 1.8p per share.
Top Director Buys
Value: £2,001,600
Value: £1,501,500
Value: £896,550
Value: £169,330
Value: £68,102
Value: £104,978
Value: £95,548
Value: £84,671
Value: £84,641
Value: £84,641
Top Director Sells
-
Rents rise at slowest pace for four years – is buy-to-let still worth it?Slowing rental growth and higher property taxes are creating a headache for landlords. Does buy-to-let still offer a good yield?
-
Should you bag a bargain with a half-price investment trust?Twenty-six investment trusts look cheap by historic standards, with some trading at a discount of more than 50%. Are they a bargain or value trap?
