Chemring CEO doubles stake

31st Jan 2013 16:21

The Chief Executive Officer of defence products group Chemring doubled his stake in the company on Thursday, just one week after the company revealed a 'disappointing' set of results for 2012. Mark Papworth, who only joined the board back in October, purchased 50,000 shares at 279.99p each for a total of £139,995. He now holds a 100,000 shares, equal to a 0.052% interest, in the company.On January 24th, the firm, which develops pyrotechnics for the aerospace and military defence sectors, reported a 35% decline in its underlying operating profit, while revenues increased by just 2.0%, as its performance continued to be affected by "uncertainty in key markets and operational issues". Chairman Peter Hickson said: "These difficult market conditions are expected to remain in place in 2013, with defence spending in the US, UK and Europe likely to remain under significant pressure."Chemring is now undergoing a five-point 24-month recovery plan, which includes simplified management structure; integration of operations; operational improvement; business development; prioritise cash.Mark Cashmore, the Chief Executive Officer of Smiths News, a newspaper, magazine and book wholesaler, has generated £360,152 on the sale of 219,605 shares sold at 164.00p a time. The transaction comes just over a week after the company announced it had acquired Erasmus Antiquariaat en Boekhandel, a Netherlands-based supplier of books and journals to academic libraries and government institutions across Northern Europe, for €1.5m. Cashmore said at the time: "We are delighted to have completed another strategic bolt-on acquisition, which is an excellent addition to our books business. "Erasmus extends our Northern European academic business and accelerates our expansion plans. The group will benefit from an increase in scale and a stronger sales presence in Northern Europe." Top Director BuysChemring Group (CHG) Director name: Mr Mark PapworthAmount purchased: 50,000 @ 279.99p Value: £139,995GB Group (GBG) Director name: Mr David A RascheAmount purchased: 25,000 @ 90.00p Value: £22,500Top Director SellsSmiths News (NWS) Director name: Mr Mark CashmoreAmount sold: 219,605 @ 164.00p Value: £360,152