As several UK food chains scale back overly-ambitious – not to mentioned overly-leveraged – expansion plans, it’s refreshing to find a company that is growing sales at a rate that justifies high levels of internal investment. Unfortunately, it’s that spending which has kept profits subdued at bakery chain Greggs (GRG). Last year revenues grew by a steady 7 per cent (3.7 per cent on a like-for-like basis across company managed stores), but profits fell by 4 per cent as the group pursued its target to invest £100m by 2020.
IC TIP:
Hold
at
1217p
Unsurprisingly, as the consumer picture worsens in Britain, Greggs shares have failed to find momentum. That didn’t stop chief executive Roger Whiteside from netting himself a quarter of a million pounds via a 20,601 share sale. Mr Whiteside also spent just over £41,000 on 3,477 new shares, and was joined by finance director Richard Hutton who spent £13,540 to top up his stake.
| Buys | |||||||
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| 4imprint | David Seekings | 27 Mar 18 | 1,000 | 1,818 | 18,180 | 177,269 | 0.631 |
| 4imprint | Kevin Lyons-Tarr | 28 Mar 18 | 1,000 | 1,818 | 18,180 | 252,827 | 0.900 |
| Augean♥ | Christopher Mills | 22 Mar 18 | 450,000 | 27 | 121,500 | 21,850,000 | 21.224 |
| Augean♥ | Christopher Mills | 22 Mar 18 | 1,550,000 | 27 | 418,500 | 20,150,000 | 19.573 |
| Augean♥ | Christopher Mills | 23 Mar 18 | 350,000 | 26 | 91,000 | 22,200,000 | 21.564 |
| Augean♥ | Christopher Mills | 23 Mar 18 | 1,250,000 | 26 | 325,000 | 21,400,000 | 20.787 |
| Augean | Jim Meredith (ch) | 22 Mar 18 | 1,000,000 | 27 | 270,000 | 2,500,000 | 2.428 |
| Augean | Roger McDowell | 23 Mar 18 | 1,000,000 | 26.03 | 260,300 | 4,000,000 | 3.885 |
| Baillie Gifford US Growth Trust | Graham Paterson | 23 Mar 18 | 50,000 | 100 | 50,000 | 50,000 | 0.029 |
| Baillie Gifford US Growth Trust | Tom Burnet (ch) | 23 Mar 18 | 50,000 | 100 | 50,000 | 50,000 | 0.029 |
| Baillie Gifford US Growth Trust | Sue Inglis | 23 Mar 18 | 50,000 | 100 | 50,000 | 50,000 | 0.029 |
| BCA Marketplace | Avril Palmer-Baunack | 21 Mar 18 | 13,524 | 147.05 | 19,887 | 13,839,162 | 1.721 |
| BCA Marketplace | Avril Palmer-Baunack | 22 Mar 18 | 1,315 | 150.35 | 1,977 | 13,847,729 | 1.722 |
| BCA Marketplace | Avril Palmer-Baunack | 22 Mar 18 | 1,317 | 150.18 | 1,978 | 13,842,458 | 1.721 |
| BCA Marketplace | Avril Palmer-Baunack | 22 Mar 18 | 1,971 | 150.8 | 2,972 | 13,849,700 | 1.722 |
| BCA Marketplace | Avril Palmer-Baunack | 22 Mar 18 | 1,976 | 150.4 | 2,972 | 13,846,414 | 1.722 |
| BCA Marketplace | Avril Palmer-Baunack | 22 Mar 18 | 1,979 | 150.2 | 2,972 | 13,841,141 | 1.721 |
| BCA Marketplace | Avril Palmer-Baunack | 22 Mar 18 | 1,980 | 150.1 | 2,972 | 13,844,438 | 1.721 |
| BCA Marketplace | Avril Palmer-Baunack | 22 Mar 18 | 3,291 | 150.8 | 4,963 | 13,852,991 | 1.722 |
| BCA Marketplace | Avril Palmer-Baunack | 23 Mar 18 | 17,144 | 152.41 | 26,129 | 13,870,135 | 1.725 |
| Dunelm | Keith Down (cfo) | 22 Mar 18 | 7,645 | 518 | 39,601 | 47,743 | 0.024 |
| FIH | Robin Williams | 27-Mar-18 | 1,935 | 303 | 5,863 | 1,935 | 0.016 |
| Fevertree | Jeff Popkin | 27 Mar 18 | 600 | 2844.64 | 17,068 | 1,100 | 0.001 |
| FirstGroup | Tim O'Toole (ceo) | 23 Mar 18 | 18,083 | 78.25 | 14,150 | 1,246,120 | 0.103 |
| GETECH | Peter Stephens | 23 Mar 18 | 250,000 | 26.5 | 66,250 | 1,888,500 | 5.027 |
| Greggs | Richard Hutton (fd) | 23 Mar 18 | 1,146 | 1,181.50 | 13,540 | 30,820 | 0.030 |
| Greggs | Roger Whiteside (ceo) | 23 Mar 18 | 3,477 | 1,181.50 | 41,081 | 198,949 | 0.197 |
| HICL Infrastructure | Chris Russell | 26 Mar 18 | 20,000 | 135.85 | 27,170 | 113,895 | 0.006 |
| HICL Infrastructure | Susie Farnon | 26 Mar 18 | 20,000 | 135.85 | 27,170 | 59,931 | 0.003 |
| HSBC | Joachim Faber | 27 Mar 18 | 26,616 | 672.85 | 179,086 | 93,221 | 0.000 |
| Horizon Discovery♥ | Jonathan Milner | 26 Mar 18 | 304,000 | 161.7 | 491,568 | 10,445,172 | 7.006 |
| JPMorgan Mid Cap Investment Trust | Michael Hughes (ch) | 22 Mar 18 | 3,500 | 1190 | 41,650 | 12,500 | 0.052 |
| Johnson Matthey♥ | John O'Higgins | 23 Mar 18 | 1,500 | 3072 | 46,080 | 1,500 | 0.001 |
| Kenmare Resources | Graham Martin | 23 Mar 18 | 20,500 | 235 | 48,175 | 57,820 | 0.053 |
| Murray International Trust | Kevin Carter (ch) | 21 Mar 18 | 5,000 | 1,195.24 | 59,762 | 35,000 | 0.027 |
| Murray International Trust | Kevin Carter (ch) | 21 Mar 18 | 5,000 | 1,196 | 59,800 | 40,000 | 0.031 |
| Pennon | Sir John Parker (ch) | 27 Mar 18 | 17,027 | 587.28 | 99,996 | 27,027 | 0.006 |
| Pets at Home | Mike Iddon (cfo) | 27 Mar 18 | 30,333 | 163.88 | 49,710 | 76,329 | 0.014 |
| Pets at Home | Stanislas Laurent | 27 Mar 18 | 30,000 | 167 | 50,100 | 30,000 | 0.005 |
| Segro | Carol Fairweather | 23 Mar 18 | 12,000 | 584.6483 | 70,158 | 12,000 | 0.001 |
| Taptica International | Hagai Tal (ceo) | 26 Mar 18 | 17,250 | 365.75 | 63,092 | 9,428,759 | 13.950 |
| Taptica International | Hagai Tal (ceo) | 26 Mar 18 | 25,000 | 360 | 90,000 | 9,453,759 | 13.987 |
| Taptica International | Tim Weller (ch) | 26 Mar 18 | 5,634 | 354.75 | 19,987 | 87,332 | 0.129 |
| Vectura | Juliet Thompson | 22 Mar 18 | 49,033 | 74 | 36,284 | 49,033 | 0.007 |
| Venture Life | Sharon Collins | 26 Mar 18 | 82,916 | 47.6288 | 39,492 | 1,665,333 | 4.521 |
| Wood (John) | Roy Franklin | 23 Mar 18 | 6,000 | 555.996 | 33,360 | 6,000 | 0.001 |
| Sells | |||||||
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| BlackRock Frontiers Investment Trust | Sarmad El Zaouk | 21 Mar 18 | 1,578 | 162 | 2,556 | 8,378 | 0.004 |
| BlackRock Frontiers Investment Trust | Sarmad El Zaouk | 22 Mar 18 | 8,378 | 160.835 | 13,475 | 0 | 0.000 |
| Escher | Fionnuala Higgins | 27 Mar 18 | 895,160 | 185 | 1,656,046 | 0 | 0.000 |
| Escher | Liam Church (ceo) | 27 Mar 18 | 895,160 | 185 | 1,656,046 | 0 | 0.000 |
| Greggs | Roger Whiteside (ceo) | 27 Mar 18 | 20,601 | 1,209.91 | 249,253 | 222,451 | 0.220 |
| Impax Asset Management♥ | Ian Simm (ceo) | 27 Mar 18 | 8,955 | 153 | 13,701 | 9,477,047 | 7.267 |
| Independent Investment Trust (The) | D McDougall (ch) | 21 Mar 18 | 50,000 | 741 | 370,500 | 8,299,500 | 14.962 |
| Independent Investment Trust (The)♥ | James Ferguson | 23 Mar 18 | 15,000 | 720.5 | 108,075 | 925,000 | 1.668 |
| *Placing/tender/open offer ♥Spouse/connected party | |||||||
