Oh lord! Carpetright chief buys up shares

Lord Philip Harris of Peckham, also known as the chief executive of Carpetright, has bought himself an early Christmas present in the form of £214,750-worth of shares. Harris purchased 50,000 shares at 429.50p each, on the same day the flooring specialist firm announced a 3.9% drop in revenue in the half year to October 29, contributing to a significant fall in underlying profit before tax.Hit by a challenging trading environment, revenues fell from £248m to £238.4m, with underlying pre-tax profit down from £10m to £1.4m, equivalent to earnings per share (EPS) of 1.2p (2010: 10.7p). The performance was marginally ahead of the expectations of broker Singer Capital Markets, which had forecast underlying profit before tax of £1.2m, and EPS of 1.2p.In statutory figures, the firm made a loss before tax of £0.8m, compared to a profit of £9.8m the same period the previous year. Speaking on Tuesday, Harris said: "Like many other retailers we are continuing to experience a very challenging trading environment, with significant sales volatility and a corresponding decrease in the gross margin. Against this backdrop, the group has remained profitable on an underlying basis and continues to generate net cash."With the consumer environment expected to remain difficult, we are focusing on those opportunities that are under our direct control. We have reduced our total cost base in the first half and will continue to take a determined approach to reducing this further." Top Director BuysCarpetright (CPR) Director name: Lord Philip Harris of PeckhamAmount purchased: 50,000 @ 429.50p Value: £214,750Marwyn Management Partners (MMP) Director name: Mr Robert T E WareAmount purchased: 95,318 @ 50.00p Value: £47,659Marwyn Management Partners (MMP) Director name: Mr Ian SteerAmount purchased: 60,000 @ 50.00p Value: £30,000May Gurney Integrated Services (MAYG) Director name: Baroness Margaret FordAmount purchased: 6,690 @ 296.50p Value: £19,836African Barrick Gold (ABG) Director name: Mr Andre FalzonAmount purchased: 4,000 @ 476.79p Value: £19,072Marwyn Management Partners (MMP) Director name: Mr Stephen EastAmount purchased: 30,000 @ 50.00p Value: £15,000Top Director SellsDiscovery Metals Ltd. (CDI) (DME) Director name: Mr Stuart Bradley (Brad) SampsonAmount sold: 1,000,000 @ 87.36p Value: £873,600Ruukki Group (DI) (RKKI) Director name: Mr Markku KankaalaAmount sold: 400,000 @ 75.80p Value: £303,200Discovery Metals Ltd. (CDI) (DME) Director name: Mr Gordon GaltAmount sold: 125,000 @ 89.30p Value: £111,625CVS Group (CVSG) Director name: Mr Simon InnesAmount sold: 113,793 @ 102.00p Value: £116,069CVS Group (CVSG) Director name: Mr Paul CoxonAmount sold: 50,069 @ 102.00p Value: £51,070