XP Power Chairman sells 50,000 shares after bullish update

11th Oct 2013 16:14

XP Power's Chairman, Larry Tracey, on Friday sold 50,000 shares in the manufacturer of electronic equipment components after it issued a bullish update on trading.Tracey disposed of the shares at 1,500p each, leaving him with 1.23m shares and a 6.38% stake in the group. The company reported that third quarter revenues were up 11% year-on-year, helped by a positive trading environment.It said its order intake for the quarter had exceeded revenues and therefore it expected a modest sequential improvement in revenues for the second half as a whole.It promised investors a 13p a share dividend for the third quarter, bringing the total dividend payments for the first three quarters to 36p a share which marks a 9% increase over the 33p paid in respect of the same period last year. Looking forward, the company said there were encouraging signs that global demand for the equipment that its customers make was growing again.It added: "XP Power is benefiting from these improving market conditions as end users take advantage of the low cost of funds to invest in new equipment, incorporating the latest technologies, to improve their productivity."Top Director BuysWaterlogic (WTL) Director name: Mr Jeremy Ben-DavidAmount purchased: 50,000 @ 116.00p Value: £58,000Shanta Gold Ltd. (SHG) Director name: Mr Anthony DurrantAmount purchased: 225,606 @ 17.73p Value: £40,000Top Director SellsArrow Global Group (ARW) Director name: Mr Robert Memmott Amount sold: 915,266 @ 205.00p Value: £1,876,295XP Power Ltd. (DI) (XPP) Director name: Mr Larry TraceyAmount sold: 50,000 @ 1,500.00p Value: £750,000Dairy Farm International Holdings Ltd. (Singapore) (DFI) Director name: Mr Michael KokAmount sold: 60,300 @ $10.56 Value: $636,696Irish Continental Group Units (ICGC) Director name: Mr Eamonn RothwellAmount sold: 20,000 @ € 25.70 Value: € 514,000TT Electronics (TTG) Director name: Mr Tim Roberts Amount sold: 26,000 @ 193.00p Value: £50,180NR