Over the past week, directors have taken advantage of their strong corporate results to take profits at a number of well-followed companies including Dechra Pharmaceuticals (DPH), Keystone Law (KEYS:AIM) and Churchill China (CHH:AIM).

Dechra chief executive Ian Page and managing director Anthony Griffin took profits on their holdings after the global veterinary drug maker posted strong annual profits growth.

The combined value of their disposals was just over £1.1 million, following the 56% increase in the share price in the last six months.

Coincidentally, Numis analyst Kate Slutkin recently highlighted that the trailing EV to EBITDA (enterprise value to earnings before interest tax, depreciation and amortization) ratio of 31 times was ahead of the historic norms and the firm’s peer group.

Meanwhile Keystone chief executive James Knight and finance director Ashley Miller sold shares in the legal services 'disruptor' for a combined haul of £2 million.

The firm recently posted interim results well ahead of estimates and said it expected its annual performance to 'materially' exceed market expectations.

Over the last six months the share price has rallied 31%, in line with the increase in first half revenues.

Lastly, three directors at ceramic tableware maker Churchill China (CHH:AIM) sold shares with a combined value of more than £400,000.

Chief executive David O’Connor, finance director David Taylor and sales and marketing director James Roper took the opportunity to cash in on the 32% increase in the share price over the last six months, despite the group confirming at its recent first half results that trading has continued to recover strongly since the easing of Covid restrictions on the hospitality sector.

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Issue Date: 23 Sep 2021