- Convatec head sells shares to meet tax liabilities
- Ferro-Alloy Resources chief buys over £600,000 shares
- Morgan Advanced Materials director snaps up 35,000 shares
Convatec Group (CTEC) chief executive Karim Bitar has sold 429,441 shares at 216p for £929,479 on 2 May to meet income tax and social security liabilities.
The medical products and technologies company based in Reading sells various products from wound dressings to cannulas.
For the current year, the company expects report organic revenue growth of 4.5% to 6%.
The majority of its revenue (52%) is denominated in dollars, but also in euro and sterling. Reported gross margin fell from 55.1% to 53.3% year-on-year.
‘While we don't expect consensus to move much operationally speaking, net finance costs of $70 million-$80 million may put some pressure on earnings per share,’ said Numis analysts in a research note.
FERRO-ALLOY RESOURCES CEO BUYS OVER £600,000 SHARES
Nicholas Bridgen, head of Ferro-Alloy Resources Limited (FAR), bought 6,400,000 shares at 10.15p for £649,600 on 2 May. Following the purchase, Bridgen has a beneficial interest of 59,472,133 shares representing 13.22% of the issued share capital in the company.
The purchase comes as no surprise as the company said an ‘eventful year lay ahead’, after the vanadium producer and developer of the large Balasausqandiq deposit in Southern Kazakhstan announced a 35.4% increase of mineral resource and group revenues of $6.27 million compared to $4.73 million in 2021.
The feasibility study for Stage 1 of the Balasausqandiq project is expected to be completed in the final quarter of 2023 with Stage 2 to follow in 2024.
MORGAN ADVANCED MATERIALS NED SNAPS UP 35,000 SHARES
Ian Marchant, non-executive director (NED) of Morgan Advanced Materials (MGAM), bought 35,000 shares at 313p for £109,550 on 3 May.
The company, which manufactures specialist products using carbon, advanced ceramics and composites, reported a positive set of full year results.
Despite a challenging 2022 and a poor start to 2023, after it was hit by a cyber-attack in January, the firm expects revenue in the first half to be ‘in line with expectations.’
Pre-tax profit for the year ending 31 December 2022 was£132 million compared to £104 million in the same period a year before, a rise of 26%.
In respect to pricing, group chief executive Pete Raby said ‘efforts are still being made to offset input inflation’.
