Non-execs show confidence in Devro

Buying by Devro directors has kept the share price rising after yesterday's annual results from the sausage casings manufacturer. The shares rose a further 9% to 265.1p each. Chairman Steve Hannam bought 16,616 shares at 240p each, taking his stake to 149,306. The total investment was nearly £39,000. Hannam has been chairman since May 2009. Non-executive director Paul Neep acquired 6,070 shares at 241p each, which cost £14,629. He owns 193,593 shares in Devro. Neep, who is chief executive of LVMH subsidiary Glenmorangie, has been on the board since 2005. Devro's profit before tax and exceptional items in 2010 rose 44% to £36.3m. Reported profit before tax doubled to £55.2m from £26.9m, as 2010's results benefited from an £18.9m exceptional credit derived from a reduction in the liabilities of the group's UK defined benefit pension scheme. Operating margin improved to 16.1% from 12.4%, reflecting higher prices and a more efficient manufacturing cost base.Panmure Gordon raised its 2011 profit forecast after the figures. The earnings per share forecast was increased from 18.1p to 19.5p. Top Director BuysDevro (DVO) Director name: Mr Steve HannamAmount purchased: 16,616 @ 240.00pValue: £39,878Devro (DVO) Director name: Mr Paul NeepAmount purchased: 6,070 @ 241.00Value: £14,629Top Director SellsCarnival (CCL) Director name: Mr Peter RatcliffeAmount sold: 22,909 @ 2,838.95p Value: £650,375Carnival (CCL) Director name: Mr Pier Luigi FoschiAmount sold: 16,593 @ 2,838.95p Value: £471,067GlaxoSmithKline (GSK) Director name: Mr Simon BicknellAmount sold: 1,286 @ 1,201.00p Value: £15,445Europa Oil & Gas (EOG) Director name: Mr Paul A BarrettAmount sold: 25,000 @ 41.64p Value: £10,410Europa Oil & Gas (EOG) Director name: Mr Paul A BarrettAmount sold: 25,000 @ 41.62p Value: £10,405 Europa Oil & Gas Glaxosmithkline