Chief executive of acquisitive legal services company Knights (KGH:AIM) David Beech purchased 936,345 shares at 106.53p on 19 May, worth just under £1 million. Beech is the largest shareholder in the company.
Other company directors purchased over £115,000 worth of shares following a positive full-year trading update. The group anticipates revenues to 30 April 2022 to increase by 22% to around £125.5 million and pre-tax profit of at least £18.1 million.
The group said its strong position, increased scale and unique culture was attracting high quality talent from top 40 law firms.
Thanks to its continued consolidation of the sector, including the south west’s OTB Eveling last autumn, Knights is the UK’s fastest-growing law firm in terms of revenue growth over the last four years.
Despite demonstrating continued growth in the business, the shares have lost two thirds of their value so far in 2022.
BUYING THE DIP
Chief executive and founder of online musical instrument retailer Gear4music (G4M:AIM) Andrew Wass picked up 50,000 shares on 16 May at 185p per share worth just over £90,000.
The purchase takes Wass’ holding to 4,751,993 shares representing 22.6% of the company. The shares have lost 73% year-to-date.
In April the company warned sales and earnings for the year to March 2022 came in ‘slightly lower’ than consensus expectations of £149.2 million and £12 million respectively.
Wass also warned ‘short term’ inflation-linked overhead cost pressures and weaker consumer confidence across the broader retail landscape will mean ‘the best opportunities for stronger growth’ during full year 2023 are likely to be in the second half.
