Devro Chairman buys up despite profit warning

Steve Hannam, the Chairman of FTSE 250 sausage casing supplier Devro, has added to 12,594 shares to his and his wife's stake in the company on the same day the company warned that full-year operating profits will be slightly below expectations, although still ahead of last year. Hannam purchased the shares at 317.61p each for a total of £40,000. He and his wife now hold 223,622 shares, equal to 0.135% of the issued share capital. The firm blamed the decrease in expected profits on a number of factors, namely adverse currency movements, increased raw material costs and extended plant commissioning periods. It said it expects the trend of increased raw material prices to continue into next year. Consensus forecasts for the full year ending December 31st are for pre-tax profits of £43.64m on turnover of £242.50m. Earnings per share are expected to come in at 21.15p, putting it on a price earnings ratio of 15.9. In an interim management statement covering the period from July 1st to date, the firm was upbeat about turnover, saying: "Sales volumes have continued to grow across a wide range of markets, notably in Japan, Europe and the Americas, with sales of the premium 'Select' range continuing the momentum of the first half. Overall market demand remains strong both in established and emerging markets." Top Director BuysPureCircle Ltd. (DI) (PURE) Director name: Mr Tan Boon SengAmount purchased: 35,000 @ 240.00p Value: £84,000Cash Converters International Ltd (CCVU) Director name: Mr Peter CuminsAmount purchased: 100,000 @ 52.28p Value: £52,280Devro (DVO) Director name: Mr Steve HannamAmount purchased: 12,594 @ 317.61p Value: £40,000UBM (UBM) Director name: Dame Helen AlexanderAmount purchased: 3,596 @ 690.00p Value: £24,812CLS Holdings (CLI) Director name: Mr Sten A MortstedtAmount purchased: 2,395 @ 710.00p Value: £17,004Top Director SellsXaar (XAR) Director name: Mr Ian DinwoodieAmount sold: 200,000 @ 255.00p Value: £510,000M. P. Evans Group (MPE) Director name: Mr James Derek ShawAmount sold: 5,000 @ 494.00p Value: £24,700