13th Nov 2015 13:40
LONDON (Alliance News) - Ceramic and carbon products manufacturer Morgan Advanced Materials PLC said three of its directors bought shares in the company, all on Friday.
Morgan Advanced said Chairman Andrew Shilston's wife, Catherine, bought 40,000 shares for 236.85 pence each. Shilton now is interested in 70,000 shares in the company.
Chief Financial Officer Kevin Dangerfield bought 10,000 shares for 223.40p, increasing his total shareholding to 289,933 shares.
And Peter Blaustein, director of human resources, bought 1,300 shares for 231,636 per share, his only holding.
On Thursday, Morgan Advanced said trading conditions have weakened in the second half and its earnings for the full year are set to come in at the low end of market expectations.
Though some of the hit for Morgan was attributed to the economic slowdown in the Chinese economy, its worst-affected operations were in North America, where weakness industrial demand has caused orders to slump in the second half, particularly from the oil and gas, transportation and mining markets.
Shares in Morgan were down 1.6% to 229.20p on Friday, having fallen 13% on Thursday after the profit warning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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