Meggitt CFO restores some faith after more than doubling stake

7th Nov 2013 16:01

Meggitt's Chief Financial Officer helped lift the share price higher on Thursday after growing his stake in the aerospace and defence manufacturer. The purchase of 15,000 shares at 505.38p each came one week after the group served up a double dose of bad news for investors, when it told them trading had been "slightly" below expectations and a supply hiccup could cost as much as £20m. The FTSE 100 company warned it now expected 2013 revenue growth rates to be in the "low single digits". It had given guidance of mid-single digit revenue growth for the full year at its interims in August.It blamed short term production difficulties at its Meggitt Sensing Systems unit as well as the timing of contract wins and project milestones at one of its energy businesses. The strengthening of the US dollar didn't help either. It reported that civil aftermarket revenues were up 2% year-on-year in the third quarter while military revenues had remained flat.Looking further ahead the company said it continued to expected revenue growth to be in the mid-single digits in 2014.Webb, who spent £75,807 on his purchase, now owns 25,648 shares in the company. Top Director BuysCroda International (CRDA) Director name: Mr Steve FootsAmount purchased: 4,233 @ 2,339.00p Value: £99,010Meggitt (MGGT) Director name: Mr Doug WebbAmount purchased: 15,000 @ 505.38p Value: £75,807JPMorgan Overseas Inv Trust (JMO) Director name: Mr Simon DaviesAmount purchased: 5,600 @ 900.00p Value: £50,400JPMorgan Overseas Inv Trust (JMO) Director name: Ms Gay Collins Amount purchased: 5,600 @ 900.00p Value: £50,400Top Director SellsM Winkworth (WINK) Director name: Mr Anthony SnareyAmount sold: 800,000 @ 169.00p Value: £1,352,000Amati VCT (ATI) Director name: Mr Peter LawrenceAmount sold: 42,293 @ 69.75p Value: £29,499Andes Energia (AEN) Director name: Mr David JacksonAmount sold: 50,000 @ 21.00p Value: £10,500Amati VCT (ATI) Director name: Mr Charles Frederick PinneyAmount sold: 14,968 @ 69.75p Value: £10,440NR