The CEO of Hostelworld, Gary Morrison, has sold over £370,000 worth of shares to cover tax liabilities. The online travel agent, which focuses on backpackers, has seen its shares rise by over 21% in the past six months, benefiting from the easing of Covid restrictions in Asia and the recovery of European travel. Hostelworld reported positive full-year results, with net bookings increasing by 228% year-on-year and net revenue reaching €69.7 million.
Andre Lacroix, CEO of quality insurance company Intertek, has also sold over £620,000 worth of shares to cover tax and national insurance liabilities. Intertek’s shares have remained stable around the £42 mark over the past six months. The company has seen an 11% increase in revenue in the first four months of the year, reaching £1.059 billion. Intertek recently announced its acquisition of a leading provider of environmental analysis, focusing on water testing, to enhance its environmental credentials.
Alexander Ospelt, a non-executive director of Billington Holdings, has sold £1 million worth of shares. Billington, a specialist in structural steel and construction safety solutions, reported a significant increase in pre-tax profits for the year ending December 31. The company’s profits rose from £1.3 million to £5.8 million. Billington also declared its largest-ever dividend at 15.5p per share, reflecting its strong financial performance. The company is optimistic about winning new contracts and improving margins in the future.
These divestments by high-ranking executives indicate their actions to settle tax liabilities or diversify their investments. Hostelworld has experienced a boost in its share price due to the lifting of Covid restrictions and a recovery in travel. Intertek has maintained steady share prices and has reported strong revenue growth, while also focusing on expanding its environmental capabilities. Billington has seen significant profit growth and rewarded its shareholders with a higher dividend. These actions could reflect confidence in the companies’ prospects and the potential for further growth.
Overall, these divestments and the positive performance of these companies suggest a positive outlook for the travel industry, quality insurance, and construction solutions sectors. It will be interesting to monitor how these companies continue to leverage their strengths and navigate any potential challenges in the future.