Director Dealings: Bateman bosses buy

A RAFT of cancelled and postponed orders recently led Bateman Engineering to warn profits would be materially below market expectations.

The group, which specialises in working on mining and minerals projects in developing economies, is carrying out a full review of its operations and has said it would provide further guidance to the market when that process is completed.

Bateman's shares have fallen by more than three-quarters over the past year but recent director buys suggest things may not be as gloomy as it's market value suggests.

Last week chief executive Eddie Du Rand bought shares for the second time in a month to significantly up his stake.

He purchased 50,000 shares at 26.5p each to add to the 25,000 he bought at 17p in December and he now holds 90,000 shares.

Chief financial officer Pieter Du Plessis also bought his first stake in the company, purchasing 20,000 shares.

• Charles Wigoder, chief executive of utility firm Telecom Plus, topped up his already substantial stake in the business. He bought 20,000 shares at 299.75p each to increase his holding to 16.1 million shares. The group recently reported a 55% jump in interim pre-tax profits.

• Frank Bandura, finance director at Italian restaurant chain Carluccio's, bought 48,000 shares at 52p each. He now holds 178,600 shares in the company, which recently announced a 14% rise in full year profits.

• Norman Yarrow, a non-executive director at the Dunedin Smaller Companies Investment Trust, has upped his holding in the trust managed by Aberdeen Asset Management. He purchased 15,000 shares at 76p each and now holds 35,000.

• Several directors at healthcare company William Ransom bought shares following a failed attempt by rebel shareholders to oust them. Chief executive Ivor Harrison bought 1.4 million shares, chairman David Suddens bought 150,000 and non-executive director Tim Bridge 300,000 shares, all at about 6.5p.