15th Oct 2018 16:00
LONDON (Alliance News) - ConvaTec Group PLC said Monday that Chief Financial Officer Frank Schulkes bought shares worth GBP97,773 in the company, in the wake of the wound dresings maker's prfoit warnings.
Schulkes purchased 65,000 shares at 150.42 pence each. His total stake in the company following the deal is 165,000 shares.
ConvaTec on Monday issued a profit warning and said Chief Executive Paul Moraviec has stepped down from his role, effective immediately.
In a third quarter trading statement, the medical products and technologies firm warned on both its expected organic revenue growth and its adjusted earnings before interest and taxation margin for 2018.
The company said organic revenue growth for 2018 is now expected to fall between flat to 1.0%, having been previously guided to a range of 2.5% to 3.0% before.
The company's adjusted Ebit margin is now predicted to be between 23% and 24%, down from between 24% and 25% seen previously.
ConvaTec shares were trading down 33% at 150.50p each, the worst performer in the FTSE 250.
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