News

Investment management firm Hargreaves Lansdown is an ardent advocate of self-invested personal pensions (SIPPs) and today its group finance officer, Martin Mulligan, put his money where his company's mouth is.

Mulligan bought 56,033 Hargreaves shares for his SIPP at 210p per share to bring his holding up to 3,530,933 shares, representing 0.74% of the issued share capital of the company.

Last Friday, Mulligan exercised options to buy 1,650,000 at a cost of £925,000, which is equivalent to just over 56p per share.

The purchases follow strong results last week when the company reported an underlying operating profit before tax and exceptional items of £40.7m, up from £24.3m a year ago, on revenue 34% better at £98.8m.

Mulligan's actions represent a vote of confidence in the company's prospects, although officially the company is sounding a cautious note about the future.

"The market is still uncertain of the extent of the problems caused by the United States' sub-prime lending market," said chief executive Peter Hargreaves last week.

"Although Hargreaves Lansdown has no direct exposure to this area, sentiment is likely to cause an overreaction in markets and it is impossible to know when the bottom will occur."
Top Director Buys

Charlemagne Capital (CCAP)
Director name: Mr James Mellon
Amount purchased: 1,357,700 @ 60.00p
Value: £814,620

Galliford Try (GFRD)
Director name: Mr Greg Fitzgerald
Amount purchased: 133,000 @ 149.50p
Value: £198,835

Hargreaves Lansdown (HL.)
Director name: Mr Martin Mulligan
Amount purchased: 56,033 @ 210.00p
Value: £117,669

Candover Investments (CDI)
Director name: Mr Gerry E Grimstone
Amount purchased: 5,000 @ 2,174.00p
Value: £108,700

IFG Group (IFP)
Director name: Mr John Rowan
Amount purchased: 25,000 @ 143.00p
Value: £35,750

Imagesound (ISD)
Director name: Mr Ken Pratt
Amount purchased: 250,000 @ 13.25p
Value: £33,125

Tullett Prebon (TLPR)
Director name: Mr Rupert Robson
Amount purchased: 7,000 @ 412.00p
Value: £28,840

Greencore Group (GNC)
Director name: Ms Caroline M Bergin
Amount purchased: 4,995 @ € 2.37
Value: € 11,838

St. Modwen Properties (SMP)
Director name: Mr John Salmon
Amount purchased: 2,000 @ 541.50p
Value: £10,830

Diageo (DGE)
Director name: Lord James Blyth of Rowington
Amount purchased: 993 @ 1,051.00p
Value: £10,436
Top Director Sells

Consolidated Minerals (CNM)
Director name: Mr Richard (Dick) Carter
Amount sold: 81,000 @ 166.33p
Value: £134,727

News Corp A (NCRA)
Director name: Mr Andrew S B Knight
Amount sold: 6,000 @ $21.00
Value: $126,000