Admiral COO shows support for company during tough times

8th Nov 2012 16:59

The Chief Operating Officer of Admiral Group has shown his faith in the company less than a week after it disappointed investors with its third-quarter revenues. David Stevens, the Chief Operating Officer and co-founder of the company, pushed his stake in the company to 10.63m with the addition of 97,500 shares. Stevens, who has held his role since 2004, purchased the shares at 1,022p each for a total of £996,450. The company reported that group turnover, defined as total premiums written (including co-insurers' share) and other revenue, fell by 2% to £570m during the three months to September 30th, down from £582m in the third quarter of 2011. Specifically, car insurance turnover fell by 5% from £527m to £502m, even though group vehicle count improved by 8% from 3.28m to 3.55m. The news prompted Investec to reiterate its 'sell' recommendation on the stock, saying its believes Admiral's earnings growth will slow from this point. Top Director BuysAdmiral Group (ADM) Director name: Mr David StevensAmount purchased: 97,500 @ 1,022.00p Value: £996,450Sierra Rutile Ltd (SRX) Director name: Mr Jan Alex CastroAmount purchased: 125,000 @ 49.80p Value: £62,250FirstGroup (FGP) Director name: Mr Chris SurchAmount purchased: 30,534 @ 196.50p Value: £59,999NR