New FD buys M&S shares

23rd Nov 2010 16:43

New finance director Alan Stewart has bought his first shares in Marks & Spencer. Stewart, who took up his new role in October, has bought 10,000 shares at 375.44p each - a total cost of £37,544.Stewart has previously been finance director of WH Smith, aircraft leasing company AWAS and Thomas Cook. Prior to that he worked for HSBC. Earlier this month, M&S set itself the target of becoming the UK's leading multi-channel retailer by 2013-14.New chief executive Marc Bolland set out this target when he was reporting interim results that showed adjusted profit before tax in the 26 weeks to 2 October 2010 up 17% to £348.6m from £298.3m a year earlier.Sales were more or less as trailed in the interim management statement, up 5% on a year ago at £4,569.7m. UK sales grew 6% year-on-year while international sales climbed 4%.Net debt at the end of the reporting period was down to £2.bn from £2.4bn a year earlier. The interim dividend was increased by 13% to 6.2p a share.Top Director BuysRM (RM.) Director name: Mr Iain McIntosh Amount purchased: 25,000 @ 155.00p Value: £38,750Lamprell (LAM) Director name: Mr Jonathan SilverAmount purchased: 12,673 @ 298.33p Value: £37,807Marks & Spencer Group (MKS) Director name: Mr Alan StewartAmount purchased: 10,000 @ 375.44p Value: £37,544Trifast (TRI) Director name: Mr Neil ChapmanAmount purchased: 40,000 @ 49.00p Value: £19,600