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Connaught executive chairman in £8.5m sell-off

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By Rory Gallivan

Date: Tuesday 29 Apr 2008

LONDON (ShareCast) - Connaught executive chairman Mark Tincknell remains “extremely positive” about the social housing maintenance company’s prospects, despite selling £8.5m in shares yesterday, the company said today.

He offloaded 2.25m shares at 375p a go, leaving him with 1.3m shares, or just over 1% of the company. Connaught said he sold the shares to "satisfy institutional demand".

“Mr Tincknell remains a significant shareholder in Connaught and, as stated in the announcement of the interim results of the company for the 6 months to 29 February 2008 on 22 April 2008, is extremely positive about the future prospects of the company,” the company said.

Connaught, which fixes, maintains and cleans homes and neighbourhoods for local authorities and social landlords, last week reported a 20% hike in first half pre-tax profit and said its order book stood at £2.5bn.

Pre-tax profit rose to £9.7m for the six months ended 29 February while sales for the period rose to £255.5m from £165.2 the year before, driven by stronger demand and acquisitions. Net debt stands at £81.5m.


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