LONDON (ShareCast) - Meggitt's Chief Financial Officer helped lift the share price higher on Thursday after growing his stake in the aerospace and defence manufacturer.

The purchase of 15,000 shares at 505.38p each came one week after the group served up a double dose of bad news for investors, when it told them trading had been “slightly” below expectations and a supply hiccup could cost as much as £20m.

The FTSE 100 company warned it now expected 2013 revenue growth rates to be in the “low single digits”. It had given guidance of mid-single digit revenue growth for the full year at its interims in August.

It blamed short term production difficulties at its Meggitt Sensing Systems unit as well as the timing of contract wins and project milestones at one of its energy businesses. The strengthening of the US dollar didn't help either.

It reported that civil aftermarket revenues were up 2% year-on-year in the third quarter while military revenues had remained flat.

Looking further ahead the company said it continued to expected revenue growth to be in the mid-single digits in 2014.

Webb, who spent £75,807 on his purchase, now owns 25,648 shares in the company.


Top Director Buys

Croda International (CRDA)
Director name: Mr Steve Foots
Amount purchased: 4,233 @ 2,339.00p
Value: £99,010

Meggitt (MGGT)
Director name: Mr Doug Webb
Amount purchased: 15,000 @ 505.38p
Value: £75,807

JPMorgan Overseas Inv Trust (JMO)
Director name: Mr Simon Davies
Amount purchased: 5,600 @ 900.00p
Value: £50,400

JPMorgan Overseas Inv Trust (JMO)
Director name: Ms Gay Collins
Amount purchased: 5,600 @ 900.00p
Value: £50,400


Top Director Sells

M Winkworth (WINK)
Director name: Mr Anthony Snarey
Amount sold: 800,000 @ 169.00p
Value: £1,352,000

Amati VCT (ATI)
Director name: Mr Peter Lawrence
Amount sold: 42,293 @ 69.75p
Value: £29,499

Andes Energia (AEN)
Director name: Mr David Jackson
Amount sold: 50,000 @ 21.00p
Value: £10,500

Amati VCT (ATI)
Director name: Mr Charles Frederick Pinney
Amount sold: 14,968 @ 69.75p
Value: £10,440

NR

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