TT Electronics non-exec doubles stake

30th Aug 2012 16:19

Stephen King, an Independent Non-executive Director of electronic component and sensor technology firm TT Electronics, has doubled his stake in the company with the purchase of 50,000 shares. King, who joined TT in October last year, handed over £74,125 for the shares, which he purchased for 148.25p each. The transaction comes just one week after the company saw its shares plummeton the back of declining first-half revenues amid tough market conditions. The Surrey-based group, which supplies electronic components to manufacturers in the automotive, defence, aerospace and medical industries, saw revenue fall 3.8% to £271.2m from £281.8m the same time a year earlier "reflecting more difficult market conditions and the planned exit from certain lower margin projects". Last year's period also benefitted from a pull-forward of orders following the Japanese earthquake. Adjusted for a foreign exchange loss of 0.9%, the underlying decrease was 2.9%. The share price is now around 21p lower than it was prior to the publication of the half-year results, having regained around 14p in the last week. Top Director BuysTT Electronics (TTG) Director name: Mr Stephen King Amount purchased: 50,000 @ 148.25p Value: £74,125Halfords Group (HFD) Director name: Ms Claudia ArneyAmount purchased: 21,052 @ 237.09p Value: £49,912Finsbury Growth & Income Trust (FGT) Director name: Mr Anthony TownsendAmount purchased: 7,330 @ 367.00p Value: £26,901F&C Asset Management (FCAM) Director name: Mr Edward BramsonAmount purchased: 15,000 @ 89.96p Value: £13,494Top Director SellsTelford Homes (TEF) Director name: Mr David J HollandAmount sold: 50,000 @ 115.00p Value: £57,500Vitec Group (VTC) Director name: Mr Jon BoltonAmount sold: 1,740 @ 668.67p Value: £11,635