The British retailer is the latest in a string of UK companies to face the heat from tax campaigners over the way it structures its online sales to Europe.

Internal documents, obtained by The Guardian, show that the company’s structure involves shipping goods from the UK but invoicing the transaction to Ireland.

The revelation has unfolded as the group expands its online operations across Europe with its new marksandspencer.eu site.

While orders made through the website from European customers are shipped from the UK warehouse, the transactions are all made with and charged to the company’s subsidiary Marks & Spencer (Ireland).

Ireland has the lowest corporation tax rates in Europe at 12.5% compared to 23% in the UK.

The UK branch is paid a wholesale price for the goods it ships by M&S Ireland which is subject to a UK corporation tax. However, the rest of the retail markup is subject to Ireland’s much lower corporation tax rate.

The process of using internal billing between countries in order to ship goods from one country when doing business in another is referred to as ‘transfer pricing’. Although it is legal, the practice has been criticised by tax campaigners.

Ed Miliband pledged to tackle the mounting corporation tax avoidance after the public accounts committee chair, Margaret Hodge, said Google’s tax structure was evil.

M&S dismissed claims it was trying to avoid higher UK corporation taxes, saying Ireland was a logical host for its European website.

‘M&S is a major UK taxpayer, contributing over £800m to the UK exchequer in 2011/12,’ it said.

‘We pay UK corporation tax on all profits generated by UK sales and comply with the tax laws of all jurisdictions in which we operate. We conduct our tax affairs in a transparent and legally compliant manner that is consistent with our longstanding values and complies with the tax laws of all jurisdictions in which we operate.

‘Our European websites are owned by M&S Ireland. This is made clear to all customers shopping on our European websites. Ireland is our largest international online market, taking over 50% of our online European sales, which is why we structure our other European websites around it. It would not make good business sense for us to set up anew in every market we enter.’

Suzy Blackwell of UK Uncut, a tax campaigner, accused the retailer of using ‘disgraceful’ measures to avoid paying tax in the UK.

‘The government must stop letting companies like Marks & Spencer dodge tax which could go towards funding vital public services,’ she said.

Shares fell 1.95% to 442.20p at 10:31 Monday.

RD

The Footsie finished at a closing price of 6,803.87 (up 0.7% on the day), trading at levels not seen in over a decade. The next major milestone for the index is now the all-time closing high of 6,930.2 reached on December 30th 1999.

‘After a quiet morning throughout Europe, equity markets have pushed on again this afternoon as traders display an impressive appetite for risk assets despite growing calls amongst retail clients for stocks to cool off after what has been a meteoric rise,’ said Alex Young, a Senior Sales Traders at CMC Markets.

The rise in UK consumer prices slowed sharply from an annual rate of 2.8% to 2.4% in April, as decline in the price of fuel offset an increase in food prices. Analysts had expected a figure closer to 2.7%.

This was the first drop in inflation since last September and the lowest since June last year. Analyst Simon Hayes from Barclays Research said that if this fall in inflation is sustained it should provide a ‘welcome fillip’ to the UK economy.

He said: ‘It lessens the chronic squeeze on real pay and should help support domestic demand. In addition, with inflation less egregiously adrift of the 2.0% target, the Bank of England has more leeway to boost policy should the recovery falter.’

FTSE 100: M&S, Capita and Burberry surge

High Street chain M&S pleased with its full-year results as a 5.8% fall in underlying profits met market forecasts. The company posted flat sales owing as a strong performance in food was offset by weakness in general merchandise.

Outsourcing giant Capita was a high riser after being selected by O2 as its preferred bidder to form a 10-year strategic partnership for customer management services. Meanwhile, a report in the Financial Times yesterday suggested that the company could be up for a large contract with the Metropolitan Police.

Burberry, the British luxury brand, advanced after a strong performance in Asia helped drive record annual revenue and profit in 2012/13, with both figures beating analysts’ expectations.

Telecoms group Vodafone was also in positive territory after its full-year results as the company announced plans to reinvest the bumper dividend it received from Verizon Wireless. Both annual profits and revenues at the UK firm slipped year-on-year.

Mining stocks meanwhile were also providing a lift as risk appetite improved with precious metals peers Polymetal and Randgold performing well after gold prices surged yesterday.

G4S, the security firm which dropped earlier this month after giving disappointing guidance on margins, edged higher after announcing the resignation of CEO Nick Buckles. He will be replaced by Ashley Almanza, who has been working as CFO for just three weeks.

Cruise ship operator Carnival, the world’s largest, took a hit after it issued a brutal profit warning overnight for its full-year earnings per share, primarily as a result of lower net revenue yield expectations due to its current cruise ticket pricing.

FTSE 250: HomeServe jumps

Homeserve shares were rising strongly after the group said it is confident it will return to modest growth in 2014/2015. The group said it has clear Sales and Marketing plans for increasing both customer acquisition and retention and expects UK customer numbers to stabilise at around 1.9m from March 2014.

Ophir Energy made gains after Exane upgraded the stock to outperform, with a target price of 570p.

Meanwhile, online gaming group bwin.party was in the red after seeing sales shrink sharply in the first quarter as it looks to restructure in the face of increased regulation.

FTSE 100 – Risers
Polymetal International (POLY) 669.00p +8.43%
Marks & Spencer Group (MKS) 467.90p +6.22%
Capita (CPI) 1,005.00p +5.90%
Burberry Group (BRBY) 1,541.00p +5.33%
Randgold Resources Ltd. (RRS) 4,931.00p +5.00%
Anglo American (AAL) 1,621.50p +4.41%
Evraz (EVR) 158.80p +4.27%
Antofagasta (ANTO) 964.00p +4.10%
Aggreko (AGK) 1,856.00p +3.80%
Pearson (PSON) 1,262.00p +3.44%

FTSE 100 – Fallers
Carnival (CCL) 2,267.00p -5.93%
ARM Holdings (ARM) 1,065.00p -2.83%
Royal Bank of Scotland Group (RBS) 342.20p -2.76%
British Land Co (BLND) 643.00p -2.28%
Intertek Group (ITRK) 3,274.00p -1.59%
SABMiller (SAB) 3,537.50p -1.35%
Land Securities Group (LAND) 981.00p -1.31%
International Consolidated Airlines Group SA (CDI) (IAG) 279.20p -1.20%
Lloyds Banking Group (LLOY) 61.53p -1.08%
British Sky Broadcasting Group (BSY) 798.50p -0.99%

FTSE 250 – Risers
Homeserve (HSV) 250.20p +10.22%
New World Resources A Shares (NWR) 120.00p +8.40%
Ophir Energy (OPHR) 411.90p +7.52%
Kenmare Resources (KMR) 31.50p +5.46%
Inmarsat (ISAT) 698.50p +4.88%
Hochschild Mining (HOC) 260.00p +4.42%
Hiscox Ltd (HSX) 600.00p +4.17%
QinetiQ Group (QQ.) 207.00p +4.02%
Kazakhmys (KAZ) 365.30p +3.87%
Kier Group (KIE) 1,245.00p +3.75%

FTSE 250 – Fallers
Paragon Group Of Companies (PAG) 325.00p -6.12%
Telecom Plus (TEP) 1,245.00p -3.11%
Bwin.party Digital Entertainment (BPTY) 139.20p -2.86%
COLT Group SA (COLT) 116.50p -2.02%
St. Modwen Properties (SMP) 315.00p -1.87%
Rank Group (RNK) 160.00p -1.84%
National Express Group (NEX) 212.10p -1.81%
Wetherspoon (J.D.) (JDW) 649.50p -1.81%
Thomas Cook Group (TCG) 151.60p -1.81%
PayPoint (PAY) 883.00p -1.67%

FTSE-100: 0.50%
Dax-30: -0.02%
Cac-40: 0.08%
FTSE Mibtel 30: -0.45%
Ibex 35: -0.87%
Stoxx 600:-0.09%

European equities ended mixed Tuesday as investors continued wait with bated breath for an update on the US Federal Reserve’s stimulus programme.

Fed Chairman Ben Bernanke will release a testimony in Congress on Wednesday when the central bank also releases its minutes from its last meeting.

Markets are also holding out for guidance from two prominent monetary policy speeches by St. Louis and New York Federal Reserve Presidents James Bullard and Bill Dudley, respectively.

‘Fed-speak has the markets’ on its toes after Fed voting member Charles Evans said though that although there are signs of recovery in the US, the Fed may not be ready to turn the liquidity taps off just yet,’ said Ishaq Siddiqi, Market Strategist at ETX Capital.

Evans pointed out that the recovery we are seeing in the US may be temporary.

However, he predicts self-sustaining growth by 2014 before the Fed starts tapering off stimulus within the year.

Former Italian PM says EU crisis largely over

Italy’s former technocrat Prime Minister Mario Monti said that the worst of the European crisis has passed and that the current Italian government would remain unchanged in the short-term.

Monti said that the Eurozone debt crisis was ‘largely over’ thanks to actions taken by the European Central Bank (ECB), noting that sovereign debt yields had fallen and that Europe is ‘much better equipped’ to deal with new episodes of financial stress.

Germany tries to speed up EU decision making

Germany is working on minor changes to European Union (EU) treaties in the hopes of speeding up the decision-making process.

At the same time it will try to avoid an overhaul that might result in the repatriation of powers from Brussels to the UK.

Berlin hopes to follow a minor treaty framework that was used to create the Eurozone rescue fund and the agreement on budgets in order to avoid a full-out treaty change.

It is also trying to thwart a plan by UK Prime Minister David Cameron to renegotiate Britain’s relationship with the EU, and, according to Financial Times.

Carnival falls to lead travel firms lower

Carnival Corp., the world’s biggest cruise operator, led travel companies lower after the company cut its profit forecasts for the second half of 2013.

Marks & Spencer advanced after the retailer said it will reduce capital spending to £775m this year and £550m next year.

Hearing aid maker Sonova Holding tumbled after saying profit growth will slow.
United Internet declined after the German broadband provider reported first-quarter sales that trailed below forecasts.

Crude futures slide

The euro/dollar climbed 0.12% to the 1.2898 dollar mark.

Front month Brent crude futures fell by $0.857 to $103.910 per barrel on the ICE.

RD

The UK company’s underlying profit before tax for the year to March 30th came to £665.2m, a 5.8% fall from the previous year’s £705.9m and in line with analysts’ expectations.

Group revenue was broadly flat with meagre growth of 0.09% to £10bn, reflecting a 4.1% drop in like-for-like sales of general merchandise.

The slump in general merchandise, which includes clothing and shoes, failed to offset a 1.7% jump in like-for-like food sales.

Total UK like-for-like sales were down 1.0% while international sales grew 4.5% and multi-channel sales were up 16.6%.

Total UK gross margin was up 10 basis points (bps) at 40.9%.

Marc Bolland, who recently unveiled the group’s new autumn/winter clothing range and his strategy to turn its fashion sales around, said three of the four parts of the business made strong progress.

‘We are working hard to get the general merchandise performance back on track,’ he said.

‘We have already made progress in our operational execution, and our new autumn/winter ranges have received a positive reaction.

‘We are very pleased with food performance which benefitted from our continued focus on delivering innovation, and unrivalled quality and provenance. Our international operations performed well in key markets and our multi-channel business delivered strong growth.’

M&S recommended a full-year dividend of 17p in line with the previous year’s.

Net debt stood at £2.6bn, compared to a reported £1.9bn a year earlier (£2.5bn in ‘pro-forma’ terms), while capital expenditure rose to £829.7m from £720.7m as a result of ongoing investment in stores and the new multi-channel platform.

The group opened 45 new international stores and seven international websites in Europe and China during the year.

The firm expects capital expenditure to fall to £775m in the next fiscal year and to £550m in 2014/15.

Operating costs are anticipated to increase 3.5% next year as a result of inflation and volume growth, the addition of new space and increase in depreciation.

Gross margins are forecast to grow by 30bps to 50bps.

M&S is targeting underlying profit improvement in the 2013/14 fiscal year, but expects £30m of non-recurring dual running costs as a result of the transition to the new web platform and the opening of the new distribution centre in Castle Donington.

Analysts at Investec recommended a ‘sell’ rating on the company’s stocks, saying profits are still in the ‘doldrums’.

While the broker was impressed with a renewed focus on product quality in the clothing division, it viewed the current sector rating as ‘overvaluing the shares given the significant operational risks that remain’.

Shares rose 5.11% to 463p at 15:43 Tuesday.

RD

Bird & Bird has agreed to lease the 12-storey office building which covers 142,500 square feet (sq ft) in the city. The firm has the option to hand back up to 25,900 sq ft up to six months prior practical completion.

The legal business will take four 20.25 year leases, without break, and pay an initial rent of £8.27m per annum. They will receive seven months rent free from the at the beginning of the lease.

GPE will offer £20.6m in cash in four equal quarterly instalments from lease completion to cover fitting out and other costs.

The development is held on a 154-year lease from the City of London Corporation at a 6.0% ground rent.

GPE will start demolition of the existing buildings on the site this summer with practical completion due 2015.

‘We are delighted to welcome Bird & Bird to the latest GPE development. We are looking forward to working with their team to create for them a world class London headquarters in this outstanding building,’ said Chief Executive Officer of GPE, Toby Courtauld.

Shares rose 1.10% to 600p at 08:30 Monday.

RD

Consistent high inflation in the UK could stop new Bank of England Governor Mark Carney from attempting ‘radical monetary policy to help the recovery reach ‘escape velocity’, The Telegraph says, citing a report by ITEM Club.

The Guardian writes that department store Marks & Spencer is being attacked over the way it structures its online sales to Europe, being accused of a scheme in which goods are invoiced to an Irish subsidiary at a lower rate.

Financial Times says that US hedge fund Monarch Capital is to open a new office in London ‘in a sign of growing interest in Europe as the continent’s banks prepare to offload troubled assets and undervalued loans’.

LVMH’s private-equity unit L Capital is considering to make a big investment in fashion retailer, The Independent says. Lloyds’s buyout division LDC is also among the potential suitors, the paper writes.

According to the Financial Times, European fashion retailer H&M is looking at sourcing clothes from Latin American and Africa for the first time as it rethink its sourcing policy in the aftermath of a factory collapse in Bangladesh that killed over 1,200 people.

BC

Analysts forecast M&S will report its lowest annual profit in four years, as the retailer’s struggling general merchandise division continues to offset a rise in food sales.

The firm’s clothing business has posted seven consecutive quarters of underlying sales declines, prompting an overhaul of the division to draw in more customers.

M&S is anticipated to post a pre-tax profit of £640 to £670m with a consensus of £658m, according to a company poll reported by Reuters. The group made a £706m profit the year earlier.

However, Panmure Gordon, which forecasts a pre-tax profit of £666m, reiterated a ‘buy’ rating saying the company’s new clothing range may facilitate growth down the road.

‘[...] We think that the market should be careful not to underestimate the positive effect that a well-received womenswear collection could have on the company’s financial performance,’ the broker said.

Chief Executive, Marc Bolland, recently unveiled the company’s new strategy to boost its fashion department along with a new autumn/winter collection which was well-received by analysts.

Meanwhile, Vodafone is expected to reveal annual results that show the impact of the continuing Eurozone crisis and European regulation on its core business.

Vodafone will report a drop in sales in the wake of heightened competition, analysts predict.

They have also projected that the company will show its growing reliance on Verizon Wireless for profits. Last week, Vodafone announced that will receive more than £2.0bn from its stake in the US join venture with Verizon.

Verizon Wireless, which has been at the centre of takeover rumours by Verizon for months, is paying a total of $7.0bn to shareholders at the end of June.

Vodafone, which owns 45% in VZW, will receive $3.2bn, while Verizon will pocket the rest.

Jefferies International, which recommended a ‘hold’ rating, said the announcement suggested an ‘upside to full-year expectations’.

‘We continue to see status quo as the most likely outcome for Verizon Wireless ownership given the on-going attraction of tax-free dividend income to Vodafone,’ the broker said.

‘However, we don’t believe Verizon’s ownership ambitions have receded. Indeed extracting dividends upfront would be tax efficient if a deal were forthcoming.’

Tuesday May 21th

INTERIMS
Greencore Group, Paragon Group Of Companies, Renew Holdings, Zytronic

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Producer Price Index (GER) (07:00)

GMS
Bankers Petroleum Ltd.(CDI)

FINALS
Big Yellow Group, Bloomsbury Publishing, Burberry Group, Chamberlin, China Food Co, Intermediate Capital Group, JZ Capital Partners Ltd, Marks & Spencer Group, Telecom Plus, Vectura Group, Vertu Motors, Vodafone Group

IMSS
Bwin.party Digital Entertainment

SPECIAL DIVIDEND PAYMENT DATE
Standard Life

AGMS
Alent, Cathay International Holdings Ltd., Chariot Oil & Gas Ltd., Concha, Escher Group Holdings, Glanbia, Hydrogen Group, Impax Environmental Markets, Instem, Invesco Perpetual UK Small Companies Inv Trust, JSC KazMunaiGaz Exploration Production GDR (Reg S), Kakuzi Ltd., Martin Currie Global Portfolio Trust, Regus, Royal Dutch Shell ‘A’, St James’s Place

UK ECONOMIC ANNOUNCEMENTS
Consumer Price Index (09:30)
Producer Price Index (09:30)

FINAL DIVIDEND PAYMENT DATE
Brady, Holders Technology, Kazakhmys, Rentokil Initial, Rotork, Standard Life, Taylor Wimpey

Q1
AFI Development, X5 Retail Group NV GDR (Reg S)

RD

The British retailer is the latest in a string of UK companies to face the heat from tax campaigners over the way it structures its online sales to Europe.

Internal documents, obtained by The Guardian, show that the company’s structure involves shipping goods from the UK but invoicing the transaction to Ireland.

The revelation has unfolded as the group expands its online operations across Europe with its new marksandspencer.eu site.

While orders made through the website from European customers are shipped from the UK warehouse, the transactions are all made with and charged to the company’s subsidiary Marks & Spencer (Ireland).

Ireland has the lowest corporation tax rates in Europe at 12.5% compared to 23% in the UK.

The UK branch is paid a wholesale price for the goods it ships by M&S Ireland which is subject to a UK corporation tax. However, the rest of the retail markup is subject to Ireland’s much lower corporation tax rate.

The process of using internal billing between countries in order to ship goods from one country when doing business in another is referred to as ‘transfer pricing’. Although it is legal, the practice has been criticised by tax campaigners.

Ed Miliband pledged to tackle the mounting corporation tax avoidance after the public accounts committee chair, Margaret Hodge, said Google’s tax structure was evil.

M&S dismissed claims it was trying to avoid higher UK corporation taxes, saying Ireland was a logical host for its European website.

‘M&S is a major UK taxpayer, contributing over £800m to the UK exchequer in 2011/12,’ it said.

‘We pay UK corporation tax on all profits generated by UK sales and comply with the tax laws of all jurisdictions in which we operate. We conduct our tax affairs in a transparent and legally compliant manner that is consistent with our longstanding values and complies with the tax laws of all jurisdictions in which we operate.

‘Our European websites are owned by M&S Ireland. This is made clear to all customers shopping on our European websites. Ireland is our largest international online market, taking over 50% of our online European sales, which is why we structure our other European websites around it. It would not make good business sense for us to set up anew in every market we enter.’

Suzy Blackwell of UK Uncut, a tax campaigner, accused the retailer of using ‘disgraceful’ measures to avoid paying tax in the UK.

‘The government must stop letting companies like Marks & Spencer dodge tax which could go towards funding vital public services,’ she said.

Shares fell 1.95% to 442.20p at 10:31 Monday.

RD

1437: FTSE presents the lowest short-dated ‘implied volatility’ across all indices, and as a global benchmark index denominated in Sterling there is potential for ongoing currency weakness to drive call options further ‘into the money’ (as seen for Nikkei 225 in recent months), UBS equities derivatives team writes today. The UBS FX Research team have recently flagged significant further potential downside for Sterling in its cross versus the US dollar, they add. FTSE 100 up 25 to 6,780.

1233: Economists at Barclays Research are pointing out how today’s inflation data (at the consumer and factory gate levels) constitute a hard won reprieve for consumers and their purchasing power. As well, they highlight the dichotomy evident in the data between moderating energy prices and still elevated food prices. Speaking of the latter, the Financial Times writes this morning about how record planting by US corn farmers could force prices lower on world agricultural commodity markets. According to data from the USDA, published yesterday, the top 18 corn producing states had planted 71% of their fields by the end of the week finished on May 19th, versus just 28% in the previous week. That is an expanse of terrain larger than Ireland’s total land-mass, the newspaper goes on to explain.

1058: Markets are still rangebound with the FTSE 100 trading just one point higher at 6,757 as traders remain nervous ahead of release of the minutes of the last FOMC meeting, due out tomorrow. In a research report last night, Goldman Sachs lifted its target for the S&P 500 by five per cent and now expects the index to reach 1,750 by the end of 2013, compared with last night’s closing price of 1,666, due to improving economic growth, rising dividends and low interest rates. The bank expects the benchmark to rise further in 2014 and 2015, to 1,900 and 2,100, respectively.

1057: In their note this morning on Capita Goldman Sachs says that the company’s upwardly revised guidance is ‘in-line’ with their investment thesis and in their view the shares will ‘re-rate as organic growth returns to high single digit levels. We forecast 10% organic growth in 2013.’

0931: Factory gate inflation trailed off to a 1.1 per cent year-on-year rate of increase in April (Consensus: 1.6 per cent), according to the Office for National Statistics (ONS), versus a rise of 1.9 per cent in the month before. FTSE 100 up 6 to 6,761.

0930: Consumer price inflation (CPI) slowed to a 2.4 per cent year-on-year rate of advance in April, after a reading of 2.8 per cent in the month before and versus the 2.7 rise expected.

0907: Commenting on this morning’s announcement from Capita Jefferies highlights that the ‘substantial’ O2 contract win compensates for the disappointing news that Capita missed out on the NS&I bid yesterday. However, they add that ‘the short term corollary to large contract wins is often margin pressure as they are mobilised and we think margin guidance could drift by 10-20 basis points. We believe this could limit estimated fiscal year 2013 consensus earnings per share (EPS) upgrades.’ As an aside, the broker also says that a decision by the MET Police to outsource back-office operations to private service providers – as mooted by Monday’s FT – could potentially open up a 2bn pound market opportunity. Goldman Sachs has in parallel raised its target price on shares of Capita from 1140p to 1175p.

0845: London equities have turned slightly higher, following a dip early on tracking US stocks’ move lower overnight. Shares on Wall Street seemed to pause after the President of the Federal Reserve bank of Chicago, Charles Evans, asked for more time to confirm if recent gains in employment are sustainable or not. Be that as it may, crude oil futures found little impediment to continue advancing last night. Outsourcing giant Capita is leading gains on the Footsie on Tuesday after the firm raised its full-year guidance. Shares of precious metals miners are bouncing back alongside. Stock in security outfit G4S has found a bid after the surprise – because of the timing – ouster of its Chief Executive following the firm’s recent profit warning. UK inflation numbers are due out this morning, at 09:30. Overseas, the minutes of the Reserve Bank of Australia’s last policy meeting showed that when it last met – and decided to cut rates – it considered that ‘some of the scope to ease policy should be used at this meeting.’ FTSE 100 up 9 to 6,765.

The £56,031 sale comes less than a week after the company upgraded its 2013 revenue growth forecast following a strong start to the year.

In an announcment released May 16th, the group told investors it expects revenue to rise 13% this year, up from its previous guidance of 10%, driven by the performance of Branded and Injectables and Generics businesses in the year-to-date.

The Branded and Injectables unit is on track to meet the firm’s full-year guidance, while the Generics arm is continuing to benefit from its doxycycline product which is delivering revenue ahead of forecasts.

Branded revenue is expected to increase 11% in 2013, with a slight improvement in adjusted operating margin.

Goode now owns 17,000 shares.

Top Director Buys

Symphony International Holdings Ltd. (SIHL)
Amount purchased: 500,000 @ $0.78
Director name: Mr Anil Thadani
Value: $388,750

Symphony International Holdings Ltd. (SIHL)
Director name: Mr Anil Thadani
Amount purchased: 30,000 @ $0.76
Value: $22,800

Xchanging (XCH)
Director name: Mr Bill Thomas
Amount purchased: 14,289 @ 139.97p
Value: £20,000

Zotefoams (ZTF)
Director name: Ms Marie-Louise Clayton
Amount purchased: 8,000 @ 195.00p
Value: £15,600

JPMorgan Overseas Inv Trust (JMO)
Director name: Mr Jonathan Carey
Amount purchased: 1,500 @ 923.00p
Value: £13,845

JPMorgan Claverhouse Inv Trust (JCH)
Director name: Mr Andrew L Sutch
Amount purchased: 2,196 @ 521.39p
Value: £11,450

Top Director Sells

Sirius Minerals (SXX)
Director name: Mr Jason Murray
Amount sold: 2,166,667 @ 23.00p
Value: £498,333

Spectris (SXS)
Director name: Mr James Webster
Amount sold: 19,821 @ 2,129.31p
Value: £422,051

Hikma Pharmaceuticals (HIK)
Director name: Dr Ronald Goode
Amount sold: 5,700 @ 983.00p
Value: £56,031

NR