News

Telecom Plus investors had plenty to smile about today as bosses followed up this morning's interim profit hike and bullish profit forecasts by upping their stakes in the multi-utility.

Chief executive Charles Wigoder and finance head Richard Hateley bought shares worth more than £¼m following the announcement of a 15% hike in first half profit.

Profits in the six months to September rose to £6.34m, helped by a blistering performance by its 20% associate Oxford Power, on revenues of £71.1m, up from £68.5m a year ago.

Wigoder paid £176,000 for 100,000 at 176p each, taking his holding to around 24% of the company. Hateley bought half that amount at 167p, opening his account.

Non executive director Keith Stella chipped in with a purchase of 10,000 shares at 167p.

Telecom, which also supplies gas and electricity, says it will benefit from any widespread market move towards higher retail energy prices through increased turnover and an improvement in the net contribution it earns from supplying energy.

The firm added it is confident results for the full year will be substantially ahead of the pre-tax profits of £11.6m reported last time.

Top Director Buys

Anglo Irish Bank Corp (ANGL)
Director name: Ms Anne Heraty
Amount purchased: 28,000 @ € 10.75
Value: € 301,000

Telecom Plus (TEP)
Director name: Mr Charles Wigoder
Amount purchased: 100,000 @ 176.00p
Value: £176,000

Anglo Irish Bank Corp (ANGL)
Director name: Mr Michael Jacob
Amount purchased: 14,000 @ € 10.70
Value: € 149,800

Smurfit Kappa (SKG)
Director name: Mr Sean FitzPatrick
Amount purchased: 8,430 @ € 11.70
Value: € 98,631

Speedy Hire (SDY)
Director name: Mr David Wallis
Amount purchased: 10,000 @ 892.00p
Value: £89,200

Telecom Plus (TEP)
Director name: Mr Richard Hateley
Amount purchased: 50,000 @ 167.00p
Value: £83,500

Value and Income (VIN)
Director name: Mr Matthew A Oakeshott
Amount purchased: 25,000 @ 190.00p
Value: £47,500

ISIS Property Trust Ld (IPT)
Director name: Mr Michael Soames
Amount purchased: 30,000 @ 98.00p
Value: £29,400

ILX Group (ILX)
Director name: Mr Ken Scott
Amount purchased: 45,000 @ 65.00p
Value: £29,250

Restaurant Group (RTN)
Director name: Mr John Jackson
Amount purchased: 10,834 @ 222.38p
Value: £24,093

Top Director Sells

Albemarle & Bond (ABM)
Director name: Mr C L Nicolson
Amount sold: 35,000 @ 240.00p
Value: £84,000