Directors show their faith in Spirax-Sarco’s prospects
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Narrated by Jessica Newman
A fresh bout of boardroom buying at Spirax-Sarco encouraged investors to top up their holdings in the FTSE 100 engineer. Nicholas Anderson, the group’s chief executive, and Nimesh Patel, its finance boss, each bought shares worth £100,000 on Friday, according to a stock exchange filing — the same day that the company warned of lower group sales this year. Clare Pike, an associate of Jamie Pike, Spirax-Sarco’s chairman, also acquired £100,000-worth of shares.
The purchases were a show of confidence in the group, whose star has faded in recent years having been one of the big winners of the pandemic, when it manufactured equipment for producing Covid vaccines. Its shares were changing hands for more than £170 two years ago, but have almost halved