Leo Quinn, chief executive of construction and infrastructure group Balfour Beatty (BBY), has bought a total of 57,269 shares in two separate tranches this week – 32,269 at 308p and 25,000 at 310p for £198,992 on the 16 and 17 August 2023 respectively.

The purchases come after the company reported improved profitability at its construction division in the first half of the year.

Across the group, revenue rose 9% to £4.5 billion compared to £4.1 billion in the same year-ago period.

Underlying profit before tax was up 13% and underlying earnings per share were up 13p per share compared to 12.9p in the same year-ago period.

Quinn’s move could be viewed as a ‘vote of confidence’ in the company’s first half performance.

CONTRARIAN BUY BY ON THE BEACH BOSS

Simon Cooper, chief executive of online package holidays in the sun seller On the Beach (OTB), bought 2,823,862 shares or 1.26% of the issued share capital at 88p per share for a total value of £2,487,560 on 14 August 2023.

Cooper’s latest purchase gives him a total of 12,521,226 shares representing 7.51% of the issued share capital of the company.

The chief executive could be taking advantage of the company’s heavily discounted share price, which is down 30% year-to-date despite the recent consumer demand for holidays as the firm continues to lose money.

M&S DIRECTOR BUYS AFTER POSITIVE RESULTS

Cheryl Potter, non-executive director at UK high street retailer Marks & Spencer (MKS), bought 50,000 shares at 231p for a total value of £115,378 on 16 August 2023.

Marks & Spencer shares surge to one-year high on latest profit upgrade surprise

This move comes as shares in the British retail bellwether hit a one-year high of 221.8p on 15 August after the firm issued an unexpected update highlighting positive trading in its food, clothing and home divisions in the financial year so far.

Marks & Spencer now expects profit for the year to March 2024 to grow above the firm’s previous guidance.

 

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