Ashtead non-exec sells stake worth £740,000

13th Oct 2014 16:32

Michael Burrow, a non-executive director of equipment rental group Ashtead, has sold 80,000 shares in the FTSE 250-listed company.The 924p-a-share deal, which saw Burrow pocket a total of £739,200, comes around a month or so since the group revealed it expects to beat full-year estimates after profits jumped by a third to a record high in its first quarter. Results were supported by strong revenue growth and improving margins.Pre-tax profit totalled £120m in the three months to 31 July, up 33% on the year before, on underlying rental revenues that rose 22% at constant currency to £417.7m.Ashtead's US and UK divisions,Sunbelt and A-Plant, took further market share during the period, while its end markets were "clearly [...] at the early stages of recovery", with 8% year-on-year growth seen during the quarter. The company also said that bolt-on acquisitions and greenfields contributed to growth.Top Director BuysTaylor Wimpey (TW.) Director name: Mr Mike HusseyAmount purchased: 25,000 @ 107.90p Value: £26,975Venture Life Group (VLG) Director name: Mr Gianluca BragutiAmount purchased: 14,000 @ 100.00p Value: £14,000Top Director SellsAshtead Group (AHT) Director name: Mr Michael BurrowAmount sold: 80,000 @ 924.00p Value: £739,200