Director dealings: Convatec CFO ups stake following profit warning
Convatec Group
227.00p
17:15 09/01/25
Convatec chief financial officer Frank Schulkes purchased 65,000 ordinary shares in the FTSE 250-listed medical products and technologies company on Monday.
FTSE 250
20,005.14
16:50 09/01/25
FTSE 350
4,563.23
16:44 09/01/25
FTSE All-Share
4,517.93
17:05 09/01/25
Health Care Equipment & Services
10,882.20
16:44 09/01/25
Schulkes, who took over the role of CFO back in October 2017, acquired the shares at an average prie of 150.42p each, for a total value of £97,773.
ConvaTec revised its guidance for both full-year organic revenue growth and adjusted EBIT margins on Monday.
The London-based firm said that revised guidance was driven primarily by a change in inventory policy by the biggest customer in its Infusion Devices franchise, which was expected to have a material negative impact on revenues in the fourth quarter of between $18m and $23m, and to a lesser extent due to “challenging” market dynamics in specific markets in Advanced Wound Care.
As a result, the group now expected full-year organic revenue growth to be between flat to up by 1.0%, versus a prior range for growth of 2.5% to 3.0%.
ConvaTec also announced on Monday that its chief executive officer Paul Moraviec was leaving amid the sour news for investors.
As of 1635 BST, Convatec shares had tumbled 33.7% to 148.65p.
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