Bwin.party CEO and chairman show support after losses widen

29th Aug 2014 17:16

Purchases were made by both the chief executive officer and chairman of Bwin.party on Friday after the online gaming group posted wider first half losses.Chief executive Norbert Teufelberger acquired £206,203-worth of shares, paying 82.48p for each of the 250,000 shares. Chairman Philip Yea bought 178,477 shares at the higher price of 84.03p each, spending a total of £149,972. Although the results were unimpressive, the company reported progress with its cost-cutting measures and outlined plans for a "major change" to improve its performance going forward. The group reported a pre-tax loss of €94m, up from €11.6 the previous year, reflecting a fall in casino and poker revenues.Revenue declined to €317.1m from €342.5m as a solid performance from sports betting was offset by year-on-year declines in casino and poker.Teufelberger said the company is on track with planned €30m in cost reduction measures, with €13.8m achieved in the first half, but confessed that a "more fundamental" approach is needed to turnaround the business.Top Director BuysBwin.party Digital Entertainment (BPTY) Director name: Mr Norbert TeufelbergerAmount purchased: 250,000 @ 8,248.10p Value: £20,620,250AFH Financial Group (AFHP) Director name: Mr Toby Denne Amount purchased: 166,666 @ 150.00p Value: £249,999Bwin.party Digital Entertainment (BPTY) Director name: Mr Philip YeaAmount purchased: 178,477 @ 84.03p Value: £149,974easyJet (EZJ) Director name: Mr Keith HamillAmount purchased: 2,600 @ 1,358.96p Value: £35,333UK Commercial Property Trust (UKCM) Director name: Mr Ken McCullaghAmount purchased: 40,000 @ 80.50p Value: £32,200Greencore Group (GNC) Director name: Mr John HerlihyAmount purchased: 10,000 @ 266.00p Value: £26,600TT Electronics (TTG) Director name: Mr Michael Baunton CBEAmount purchased: 8,837 @ 169.80p Value: £15,005Top Director SellsAFH Financial Group (AFHP) Director name: Mr Alan Hudson Amount sold: 206,666 @ 150.00p Value: £309,999Playtech (PTEC) Director name: Mr Ron Hoffman Amount sold: 32,500 @ 715.00p Value: £232,375Playtech (PTEC) Director name: Mr Ron Hoffman Amount sold: 25,000 @ 704.10p Value: £176,025NR