Directors dealings: Howden Joinery boss takes some money off the table
Howden Joinery’s chief cut his stake in the company even after it recently reported stable trading conditions over the first 16 weeks of 2016, assuaging some market watchers’ concerns that it might be impacted by the uncertainty surrounding the upcoming 23 June referendum on the UK’s membership of the European Union.
FTSE 250
20,522.81
16:38 14/11/24
FTSE 350
4,459.02
16:38 14/11/24
FTSE All-Share
4,417.25
16:54 14/11/24
Howden Joinery Group
824.00p
16:40 14/11/24
Support Services
10,979.10
16:38 14/11/24
The fitted kitchens, appliances and joinery products manufacturer’s boss, Matthew Ingle, sold 1.4m shares at an individual price of 486.62p for a total of £6,812,679.96, the company said in a statement.
On 28 April, Howden Joinery announced that its performance thus far in 2016 had been “in line” with management’s expectations.
That prompted Canaccord Genuity analysts Aynsley Lammin and Matthew Walker to put out a research note entitled “put at ease by sound trading update”.
In it, Lammin and Walker said their estimates “looked very well supported” and that the “market should also be reassured that very recent trading has not seen any significant drop off from any erosion in confidence over Brexit worries for example.”
However, the outfit’s share buy-back programme was likely to be put on hold from then until later in the year, following the good progress made thus far in the year, to the tune of about £53m.
To take note of, on 17 May company chairman Richard Pennycook picked up £250,000 in shares and non-executive director Andrew Cripps another £14,500.
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Howden Joinery Group (HWDN)
Director name: Ingle,Matthew
Amount sold: 1,400,000 @ 486.62p
Value: £6,812,679.96