27th Apr 2016 11:51
LONDON (Alliance News) - Publisher St Ives PLC Wednesday said a group of directors bought a total of 92,532 shares on Tuesday in wake of a profit warning.
Chief Executive Officer Matt Armitage bought 30,000 shares at 122.6 pence each and Chairman Richard Stillwell bought 15,000 shares at 119.7p each. In addition, Chief Financial Officer Brad Gray bought 12,532 shares at 120.9p each.
The company also said three non-executive directors also bought shares. Helen Stevenson bought 5,000 shares at 127.4 p each and Ben Gordon and Mike Butterworth each bought 15,000 shares at 126.3p and 121.0p each respectively.
St Ives said Monday it expects its underling pretax profit for its current financial year to be "materially below" its current expectations, and warned the following year would also be hit.
St Ives said its trading overall in the eight months to the beginning of April had continued to be "broadly in line" with its expectations, with revenue up 5% compared to the previous year, however its outlook for the final quarter to end-July and following financial year has deteriorated.
Whilst trading across its Strategic Marketing segment has seen a strong year to date, current global economic uncertainty is resulting in greater caution in the allocation of marketing budgets, and this level of uncertainty has increased of late, resulting in significant projects being deferred or cancelled.
The stock was trading down 1.2% to 124.00p.
By Arvind Bhunjun; [email protected]; @ArvindBhunjun
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