Director Dealings: All change at HiWave

RECENT results from HiWave Technologies have showed a deterioration in its financial fortunes, but the firm said the figures reflected the changing face of its business model.

The company, formerly known as NXT, saw pre-tax losses of 1.9 million for the six months to the end of December, up from 911,000 in the same period last year.

Revenues also fell to 741,000 from 951,000, but the company said the results were in line with expectations and due to the continued decline in revenues from licensing and consultancy as it moves its business model towards the development and sale of electronic components.

Chairman David Bramwell said the new model was beginning to take shape but admitted "there was a lot of hard work to be done" to generate growth opportunities.

Following the results, Bramwell went into the market to double his stake with the purchase of one million shares at 3.6p each.

• Justin King, chief executive of retail giant Sainsbury, has sold 50,000 shares at 390.15p each. He still holds almost 1.4 million shares in the company.

• Alan Parker, a non-executive director of electronics retailer Kesa Electricals, has bought his first shares in the company with the purchase of 20,000 at 133p each.

• Stephanie George, a non-executive director at luxury goods company Burberry, has bought 5,000 shares at 1,189.99p each to take her stake up to 15,000 shares.

• Les Owen, chairman of financial planning consultancy Jelf, has bought his first shares in the company. He bought 9,503 shares at 65.3p each.

• Christopher Greig, a non-executive director at Glasgow-based patent group Murgitroyd, has sold his holding in the company for tax-planning purposes. He disposed of 10,000 shares at 330p each.