Director dealings: Spire's new CEO buys-in near 52 week lows
Spire Healthcare Group
246.00p
16:35 19/04/24
Spire Healthcare's incoming new chief Justin Ash bought into the stock of the company he will soon be running just off its 52-week lows.
FTSE 250
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Health Care Equipment & Services
11,690.05
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Ash, who is set to take over at the helm of Spire, picked up 89,100 shares at 225.5 apiece on 29 September, for a total transaction value of £200,030, the company said in a statement.
On 14 September, the hospital operator posted a 75% drop in first-half profits after a malpractice payment and warned that second half sales and profits would be lower than expected after a decline in NHS activity over the summer.
A week later, analysts at Berenberg lowered their target for the shares again, from 300p to 270p.
"Over the past few years, Spire has utilised NHS volumes to improve productivity and thus offset cost pressures; however, the larger the reliance on the NHS (32% of H1 2017 revenues, and 38% of volumes), the greater the exposure to NHS decisions, such as reducing tariffs and referral management efforts. The latter had a significant impact on growth in July and August, resulting in lower guidance for FY 2017 as well as greater uncertainty, in our view."
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