Greggs Chairman shows faith after reporting reduced footfall

2nd May 2013 16:14

The Chairman of Greggs, the FTSE 250 baking group, on Thursday purchased 2,500 shares just a few days after the company warned investors profits are likely to come in at the lower end of the range of market expectations. Derek Netherton's £10,000 purchase saw him buy the shares at 399.9p each, and took his stake in the group to 14,446 shares. At the same time, Julie Baddeley, the group's Senior Independent Director, purchased 3,000 shares at 400p, while fellow board member Iain Ferguson added 5,000 shares to his stake at the same price. The largest purchase was made by Ian Durant, another board member, who bought 9,750 shares at 399.6p each. On Monday the company said it was "continuing to experience lower footfall across much of the estate" and that sales of promotional deals have been "particularly strong" - this has had a "slight impact" on margins and is expected to continue. The group also reported that total sales for the 17 weeks to April 27th 2013 grew by 3.0%, driven by its new shop opening programme as well as wholesale and franchise sales. Like-for-like sales in its own shops during the period fell 4.4% after adverse weather in January and March kept customers away. Top Director BuysRandall & Quilter Investment Holdings (RQIH) Director name: Mr Alan QuilterAmount purchased: 200,000 @ 135.50p Value: £271,000Brady (BRY) Director name: Mr Paul G FullagarAmount purchased: 150,000 @ 75.00p Value: £112,500Environmental Recycling Tech. (ENRT) Director name: Mr Kenneth Williams BrooksAmount purchased: 3,303,326 @ 1.25p Value: £41,292Reckitt Benckiser Group (RB.) Director name: Mr Adrian D BellamyAmount purchased: 845 @ 4,694.00p Value: £39,664Reckitt Benckiser Group (RB.) Director name: Mr Peter HarfAmount purchased: 303 @ 4,694.00p Value: £14,223Top Director SellsCLS Holdings (CLI) Director name: Mr Sten A MortstedtAmount sold: 516,337 @ 970.00p Value: £5,008,469Aberdeen Asset Management (ADN) Director name: Mr Martin J GilbertAmount sold: 1,078,253 @ 444.00p Value: £4,787,443Synectics (SNX) Director name: Mr David CoghlanAmount sold: 500,000 @ 410.00p Value: £2,050,000Clinigen Group (CLIN) Director name: Mr John HartupAmount sold: 500,000 @ 265.00p Value: £1,325,000SpaceandPeople (SAL) Director name: Mr Maurice HelfgottAmount sold: 1,033,894 @ 86.00p Value: £889,149Admiral Group (ADM) Director name: Mr Kevin ChidwickAmount sold: 45,010 @ 1,276.00p Value: £574,328St. Modwen Properties (SMP) Director name: Mr Steve BurkeAmount sold: 84,896 @ 269.10p Value: £228,455CLS Holdings (CLI) Director name: Mr Richard TiceAmount sold: 7,262 @ 970.00p Value: £70,441CLS Holdings (CLI) Director name: Mr Thomas J ThomsonAmount sold: 2,236 @ 970.00p Value: £21,689CLS Holdings (CLI) Director name: Mr H O Thomas LundqvistAmount sold: 2,201 @ 970.00p Value: £21,350NR