Randall & Quilter founder sells shares

Moreover, managing the run-off of insurance companies and Lloyd's of London syndicates is hugely profitable, which explains why in the past three years Randall & Quilter has been able to pay out 23p a share of dividends: 8.3p a share in 2012, up from 7.65p in 2011 and 7.1p in 2010.

To put that into perspective, at 130p, the shares are offering a chunky 6.4 per cent historic yield covered 1.6 times by forward EPS of 13.4p, trade on only 10 times earnings and well below book value of 139p. Income and value buy.

Simon Thompson

Directors at Volex take advantage of the upturn

Volex (VLX) took a nasty knock last year when its largest customer, Apple - which accounted for around a third of sales - decided to use a different component for its new iPhone and iPad chargers. This left the electrical, digital and optical connections supplier with a problem as profits to the September half-year collapsed from $10.4m (£6.7m) to $2.2m. And since the interims were announced at the start of November, the share price has fallen 32 per cent. However, management has been busy restoring value with new business wins, while a cost reduction programme remains on target to deliver annualised savings of $10m. And last December Daniel Abrams joined as chief financial officer, and more recently opened his shareholding account through the purchase of 71,849 shares at 96.7p each, which is already showing a decent return with the share price currently trading at 114p. At the same time, non-executive director Chris Geoghegan bought 30,000 shares at 97p, and deputy chairman Karen Slatford scooped up 30,000 shares at 99p. The group is also broadening its operating base, and in January it bought the active optical technology platform from Applied Micro Circuits, based in California, giving Volex an accelerated entry path into the optical transceiver market.

Jonas Crosland

Cartwright offloads shares as she pursues new interests

Burberry’s (BRBY) finance director Stacey Cartwright offloaded 61,171 shares in the company, representing 12 per cent of her total holding, after she announced her resignation on 7 Feb to “pursue new interests”. She sold her shares at 1,363p which gave her a tasty Valentine’s Day treat of £833,944. Over the nine years that Ms Cartwright worked with the company the share price increased 293 per cent.

Unsurprisingly, much of Burberry’s growth has been fuelled in recent years by the growing number of wealthy consumers hungry for luxury goods in Asia Pacific, a region now representing 41 per cent of the fashion house’s total revenue and one of its fastest growing markets. In fact, there are now more millionaires in Asia than in Europe.

And with a great deal of money still tied up in Burberry shares, Ms Cartwright must believe there is more upside to come. Still, we think the shares are highly overvalued - trading at 26 times earnings - particularly given the measly dividend yield of 1.2 per cent.

Julia Bradshaw

Buys

Sells

Table compiled by Robert Ansted

Key to abbreviations: ch = chairman; ce = chief executive; cfo = chief financial officer; fd = finance director; coo = chief operating officer; cs =company secretary; md = managing director