LONDON TOP DIRECTOR BUYS - Next boss Wolfson spends £400,000

Date: Thursday 20 May 2010

Next’s chief executive Simon Wolfson has splashed out £400,000 in shares in the fashion chain.

He took 19,231 shares at 2,080p a time, taking his stake to about 1.621m shares, some 0.865% of the company.

Wolfson’s purchase comes amid a period of weakness in Next’s share price in line with the broader market.

In a trading update the day before the UK General Election, Next said that it expects profits this year to be at the top end of market forecasts after sales in the first three months to April were strong, though it is still very cautious on the outlook for consumer spending.

‘We remain very cautious in our outlook for the year ahead,’ the company said.

‘Prior year comparisons become more demanding as the year progresses and we anticipate that a new government will have to take action to tackle the budget deficit.’

Wolfson, a prominent Conservative supporter, was among the signatories of a letter backing the party’s plans ahead of the election to halt Labour’s proposed rise in National Insurance (NI).

He joined Next in 1991, becoming a board member in 1997 and chief executive in 2001.

Top Director Buys

Next (NXT)
Director name: Mr Simon A Wolfson
Amount purchased: 19,231 @ 2,080.00p
Value: £400,005

Fidessa (FDSA)
Director name: Mr Andy Malpass
Amount purchased: 14,962 @ 1,320.00p
Value: £197,498

Capital & Counties Properties (CAPC)
Director name: Mr Gary Yardley
Amount purchased: 100,000 @ 114.83p
Value: £114,830

Jardine Lloyd Thompson Group (JLT)
Director name: Mr Richard J Harvey
Amount purchased: 10,000 @ 573.91p
Value: £57,391

Capital & Counties Properties (CAPC)
Director name: Mr Soumen Das
Amount purchased: 26,800 @ 115.42p
Value: £30,933

Cove Energy (COV)
Director name: Mr Frank Moxon
Amount purchased: 57,100 @ 52.50p
Value: £29,978

Axis-Shield (ASD)
Director name: Mr Ronny Hermansen
Amount purchased: 10,000 @ 297.60p
Value: £29,760

Edinburgh Worldwide Inv Trust (EWI)
Director name: Mr David E Reid
Amount purchased: 10,000 @ 255.00p
Value: £25,500

Aegis Group (AGS)
Director name: Mr John Brady
Amount purchased: 20,000 @ 119.59p
Value: £23,918

Mecom Group (MEC)
Director name: Mr David Montgomery
Amount purchased: 10,000 @ 194.65p
Value: £19,465


Top Director Sells

SABMiller (SAB)
Director name: Mr Miles Quintin Morland
Amount sold: 40,000 @ 1,928.96p
Value: £771,584

SABMiller (SAB)
Director name: Mr Graham Mackay
Amount sold: 4,980 @ 2,063.96p
Value: £102,785

SABMiller (SAB)
Director name: Mr M I Wyman
Amount sold: 3,031 @ 2,063.96p
Value: £62,559

Monks Inv Trust (MNKS)
Director name: Mr Douglas McDougall
Amount sold: 17,500 @ 302.00p
Value: £52,850