A host of GVC directors have bought shares in the gambling company, months after chief executive Kenneth Alexander made a £13.7m share sale.
Mr Alexander was among six directors who increased their stakes. The chief executive bought £4.9m-worth of shares, saying that his purchase “demonstrates my conviction that GVC’s strategy and long-term outlook will provide shareholders with strong returns”. Mr Alexander now holds 2.5m shares in the company, including 1m in existing long-term incentive plan (LTIP) awards.
In early March, Mr Alexander sold 2,061,475 shares for £6.66 each, totalling £13.7m. GVC shares fell by over 10 per cent on the day. In an announcement detailing awards made under the company’s LTIP later that month, Mr Alexander said he “will not sell any further shares in GVC while I am CEO”. In April, he was quoted in The Times regarding his share sale: “If I knew the reaction was going to be as extreme as it was, then I wouldn’t have sold, but that’s all with hindsight.”
Numis expects adjusted earnings per share of 63.2p for 2019, rising to 80.8p in 2020.
Erwin Gunst, a non-executive director at software group Avast, has sold 974,728 shares for about £3.6m. He retains 1m shares. Mr Gunst joined Avast’s board in 2012. Between 2008 and 2010, he was chief operating officer at SAP.
Avast, which describes itself as the world’s leading consumer cybersecurity company, floated in May 2018. Results for the half year to June 2019 revealed revenue growth of almost a tenth to $425m (£348m). Adjusted revenues rose by 5.8 per cent to $427m, bolstered by a 9.5 per cent improvement in the largest business by sales — consumer direct desktop — to $308m. This was due to cross-selling of privacy software and performance products such as Cleanup and Driver Updater.
Avast said it expected full-year like-for-like revenue growth to sit at the upper end of its previously stated high single-digit percentage range.