Balfour Beatty (BBY) chairman Charles Allen, and chief executive Leo Quinn, have both acquired shares with a combined value of £430,00.
On 10 March Charles Allen acquired 100,000 shares at a price of £2.42. A day later Leo Quinn bought 78,740 shares at price of £2.39.
The share purchases follow the announcement of full year results for 2021, which were materially ahead of expectations.
The FTSE 250-listed construction firm nearly doubled its pretax profit in 2021 to £87 million from £48 million in 2020.
Underlying profit from earnings-based businesses more than doubled to £181 million from £75 million, and was ahead of the £172 million seen in 2019.
The robust results were achieved despite the challenge of Covid-19, and the group has increased its 2022 share buyback to £150 million.
Quinn commented: ‘In 2021, despite the challenges presented by Covid-19, we have delivered operating profits ahead of expectations.
‘Balfour Beatty emerges from the last two years with capabilities intact and a higher quality order book. Together these provide the visibility to deliver profitable managed growth and sustainable cash generation.’
In addition to a strong £671 million net cash performance, the group reported a higher quality order book at £16.1 billion.
To match the results, Balfour Beatty recommended a final dividend of 6p per share, bringing the total recommended dividend for the year to 9p, which is equivalent to £57 million.
‘The increased share buyback programme and recommended final dividend will bring the cumulative return to shareholders since the introduction in 2021 of the multi-year capital allocation framework to £367m.
PURPLEBRICKS
Simon Downing non-executive director of on-line estate agency Purplebricks (PURP) has bought shares worth £163,000
Downing’s share purchase on 11 March was timely as it coincided with the news that chief executive Vic Darvey had resigned from his position citing personal circumstances. He has been replaced by chief operating office Helena Marston.
The shares tumbled almost 20% on December 13,after the company announced it would delay the release of its half year results after it discovered a ‘process issue’ regarding tenants’ deposits.
Shares in the company were already under pressure after it warned in November 2021 that earnings would miss its own forecast due to a continued shortage of sellers putting their houses on the market.
The share price has fallen by 67% over the last six months, so perhaps given the appointment of a new CEO, this may prove to be an opportune time to revisit the stock.
