News

Paul Cosh, managing director of Highway Retail, bought shares in parent company Highway Insurance on the day the shares provided one of the few bright spots, after the insurer declared well received interims.

Cosh bought 26,785 shares at 74p each, taking his shareholding up to 294,461.

Highway announced today that profits rose sharply in the six months to June despite difficult conditions. The pre-tax total came in at £11.8m, up from £7.5m, with gross written premiums up from £119.3m to £131.2m.

The dividend was increased by 3.1% to 1.65p from 1.6p.

"Underwriting conditions remained challenging during the six months to 30 June 2007 and the widely anticipated market recovery appears to be finally under way," the company said. The company added that price comparison web sites continue to act as a deterrent to the raising of premiums but said there was now some evidence that premium rate increases are being achieved.
Top Director Buys

Jupiter European Opps Trust (JEO)
Director name: Mr J D A Wallinger
Amount purchased: 105,000 @ 224.00p
Value: £235,200

Highway Insurance (HWY)
Director name: Mr Paul Nigel Cosh
Amount purchased: 26,785 @ 74.00p
Value: £19,821

Eurogold Limited (EUG)
Director name: Mr Brett Montgomery
Amount purchased: 800,000 @ 0.82p
Value: £6,560
Top Director Sells

Liberty International (LII)
Director name: Mr David A Fischel
Amount sold: 126,000 @ 1,172.00p
Value: £1,476,720

LogicaCMG (LOG)
Director name: Dr Martin Read
Amount sold: 28,158 @ 164.75p
Value: £46,390

Ashtead Group (AHT)
Director name: Mr Sat Dhaiwal
Amount sold: 22,301 @ 128.50p
Value: £28,657