Shanks Chairman buys shares as profits fall

The Chairman of Shanks Group, the FTSE 250 waste management firm, has bought 60,000 shares in the firm following the company's announcement that half year profits fell by 29 per cent.Chairman Adrian Auer purchased the shares at 82.93p each for a total of £49,758. On Thursday the company revealed that underlying profit before tax fell to £14.3m for the six months ended September 30th 2012 versus £20.2m the same time a year earlier. Revenue dropped to £339.6m during the period from £397.7m previously. The firm attributed the declines to the fact markets in the UK and Netherlands are hit by recession and record lows on construction output, but said that with a clear strategy, robust balance sheet and its ongoing investment programme, it remains confident in its medium term growth prospects. Top Director BuysBank of America Corp. (BAC) Director name: Mr R David YostAmount purchased: 10,000 @ $9.48 Value: $94,800Shanks Group (SKS) Director name: Mr Adrian AuerAmount purchased: 60,000 @ 82.93p Value: £49,758Praetorian Resources Ltd (PRAE) Director name: Mr Malcolm Alec BurneAmount purchased: 27,500 @ 46.00p Value: £12,650Mission Marketing Group (TMMG) Director name: Mr Peter FitzwilliamAmount purchased: 36,000 @ 28.00p Value: £10,080Top Director SellsAllergy Therapeutics (AGY) Director name: Mr Ian D PostlewaiteAmount sold: 493,000 @ 12.75p Value: £62,858