Director dealings: Breedon's Peter Tom sells £5.1m of shares

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Sharecast News | 07 Dec, 2016

Breedon's executive chairman and a divisional chief executive pocketed a combined £5.2m after selling shares in the construction materials group a week after it announced full year earnings would be ahead of expectations.

Chairman Peter Tom, founder of Breedon and 50-year aggregates industry veteran, sold the bulk of the shares, 7m at a price of 72.75p per share.

However he still holds 41.1m shares, around 2.9% of the total, and assured that the share sale "forms part of his wider personal estate planning, and that he has no intention of making any further reduction in his holding" in the foreseeable future.

Tim Hall, chief executive of Breedon Southern, also pocketed £145,000 by selling 200,000 at a price of 72.75p.

Last Wednesday the company confirmed volumes and revenues in the former Breedon Aggregates business were ahead of the prior year, and now accompanied by three months from the acquired Hope Construction Materials business, which was delivering synergies faster than expected.

"Assuming that weather conditions remain favourable for the remainder of the financial year, the group's underlying EBIT for the full year is expected to be ahead of current market expectations," it added.

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