No one knows a company quite as well as its directors, which is why it is worth keeping an eye on director buying and selling.
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We have combed through UK directors' deals and published the purchases and sales that caught our eyes. Our table is compiled using company announcements, and is not exhaustive.
Serica paints gloomy picture, but CEO is buying
Despite the energy industry’s gloom about Labour’s plans to bring in higher taxes and block new developments in the North Sea, investors are far more optimistic. Serica Energy (SQZ), one of the hardest hit by the windfall tax, was in the top-10 additions to Fidelity ISAs in June, alongside BP (BP.).
Serica itself has warned of the impact of the government’s plan to reduce tax relief for capital expenditure, which will “rapidly and terminally accelerate the decline in UK oil and gas production”, in the words of chair David Latin. But it’s not just retail shareholders who are optimistic.
“We see the market as more than discounting the impact of windfall taxes, with c.95 per cent of the current market cap generated in free cash flow across 2024-2026 at our $70 (£55) a barrel oil price forecast,” said Stifel analyst Chris Wheaton, not an advocate for Labour’s North Sea policies.
On an operational basis, 2024 has been good for Serica thus far. Production guidance has recently been reiterated at around 43,500 barrels of oil equivalent per day (boepd), after successful well campaigns at the Bruce and Guillemot fields. The company also has net cash of £121mn, providing “significant firepower” for M&A alongside its free cash flow generation, argued Investec analyst Alex Smith.
A new government is not the only change Serica is dealing with. Chief executive Chris Cox started this month, replacing Mitch Flegg. Cox, formerly the boss of Centrica (CNA) subsidiary Spirit Energy, has quickly joined the ranks of shareholders. In his first week in the job, the chief executive bought 390mn shares in the company, in one purchase worth £426,000 and another worth £170,000. He now holds 0.11 per cent of Serica shares. The company declined to comment on the purchases. AH
| Buys | ||||
| Company | Director/PDMR | Date | Price (p) | Aggregate value (£) |
| Bluejay Mining | Roderick McIllree | 01 Jul 24 | 0.4 | 20,873 |
| Currys | Steve Johnson | 02 Jul 24 | 73 | 29,200 |
| Jardine Matheson | Graham Baker (cfo) | 02 Jul 24 | 2,722 † | 863,007 † |
| Jardine Matheson | John Witt (ce) | 02 Jul 24 | 2,687 † | 1,289,874 † |
| Marwyn Value Investors | James Corsellis * | 01 Jul 24 | 92 | 99,820 |
| Prudential | George Sartorel | 04 Jul 24 | 725 | 58,000 |
| Prudential | Amy Yip | 02 Jul 24 | 710 | 29,993 |
| Raspberry Pi | Daniel Labbad | 18-25 Jun 24 | 402 | 96,661 |
| Record | David Morrison (ch) * | 03 Jul 24 | 63 | 249,956 |
| RS | Simon Pryce (ce) | 02 Jul 24 | 688 | 99,775 |
| S4 Capital | Wesley ter Haar * | 01 Jul 24 | 45 | 453,100 |
| S4 Capital | Scott Spirit | 01 Jul 24 | 46 | 24,703 |
| Science in Sport | Christopher Welsh (cfo) ** | 05 Jul 24 | 17 | 25,000 |
| Science in Sport | Daniel Wright (ch) ** | 05 Jul 24 | 17 | 1,104,335 |
| Serica Energy | Christopher Cox (ce) | 02-05 July 24 | 137 | 596,372 |
| Tap Global | Arsen Torosian (ce) | 04 Jul 24 | 0.5 | 61,231 |
| TheWorks.co.uk | John Goold and Mark Kirkland * | 27 Jun 24 | 24 | 24,325 |
| Victrex | Jakob Sigurdsson (ce) | 05 Jul 24 | 1,189 | 35,661 |
| Vp | Sarah Jones * | 03 Jul 24 | 709 | 251,992 |
| Sells | ||||
| Company | Director/PDMR | Date | Price (p) | Aggregate value (£) |
| Raspberry Pi | Mike Buffham | 04-08 July 24 | 417 | 709,446 |
| Staffline | Martina McKenzie | 21 Jun 24 | 38 | 38,000 |
| Staffline | Thomas Spain (ch) * | 05 Jul 24 | 38 | 39,794 |
| Vertu Motors | Christopher Taylor | 27 Jun 24 | 75 | 29,912 |
| * Spouse/Family/Close Associate. ** placing / open offer † converted from $ | ||||
