Insider: bosses spend over £¼m at these three companies

New directors at QinetiQ Group (LSE:QQ.), Marston's (LSE:MARS) and Mony Group (LSE:MONY) have spent a combined £270,000 on “skin-in-the-game” investments aligning them with the interests of shareholders.

Buyers included former Royal Bank of Scotland boss Ross McEwan, who joined the Qinetiq board in March and has committed £95,000 at a time when the FTSE 250-listed shares of the defence and security firm are at a record high.

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The non-executive director’s purchase at 474.8p followed the company’s first-quarter trading update, which showed continued strong demand for its services and products against the backdrop of an elevated threat environment.

Qinetiq also reiterated confidence in delivering its 2027 targets of £2.4 billion of organic revenue at a 12% margin and with “compelling value for our shareholders". Its next dividend payment on 22 August is 5.65p a share, resulting in a 7% increase for 2023/24.

Based on current projections, Shore Capital said Qinetiq shares were still below the peer average on about 11.1 times forecast 2025/26 earnings. Its analysts reckon the company can achieve an “undemanding” 12 times valuation, representing a price of 520p.

The broker added: “Qinetiq is an ambitious company with strong growth potential.”

McEwan’s appointment follows five years running National Australia Bank. Qinetiq said the New Zealander’s knowledge and understanding of the Australian market will be particularly advantageous.

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At fellow FTSE 250 stock Mony Group, chair designate Jonathan Bewes spent £67,200 shortly after the company behind savings brands MoneySuperMarket, MoneySavingExpert and Quidco delivered interim results on Monday.

Revenue growth slowed in the second quarter but still rose 5% to a record £223.5 million across the first half, thanks to strong performances in insurance and cashback. Underlying earnings lifted 8% to an all-time high of £73 million.

The company is on course to meet full-year City expectations, but with insurance set to return to more normal levels and energy switching unlikely to deliver any material revenues.

Shares closed the week near to where Bewes bought his shares on Wednesday at 224p, which compares with 277p at the start of this year.

Shore Capital notes shares are trading on a forward price/earnings multiple of 13.3 times and dividend yield of 5.5%, believing that current metrics materially undervalue the group’s “positive fundamentals and financial dynamics”.

The broker highlights the company’s large and growing market, the ability to deliver savings across a broad range of products and services and strong brand awareness and trust.

Its forecasts suggest that Mony will extend its track record by delivering three-year aggregate adjusted earnings and dividend per share growth of 24% and 12% respectively. Shore’s fair value estimate of 307p points to a 35% share price upside.

Bewes joined the board on 1 July and is due to take over as chair on 1 January following a period of handover with the current post holder Robin Freestone. An experienced non-executive director, Bewes is also senior independent director at Next and chairs the audit committees of FTSE 100-listed Sage and the Court of the Bank of England.

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At Marston’s, new chair Ken Lever disclosed a £107,000 purchase of shares the day after the pub chain reported 5.2% like-for-like sales growth in the first nine months of its financial year.

The performance included a 2.4% rise in the 16 weeks to 20 July as the “considerable uplift” from Euro 2024 offset unseasonably wet weather. Comparable sales for the week of the semi-final and final matches rose by 8%.

The company, which has an estate of 1,370 pubs, said on Wednesday it continued to see positive momentum across both food and drink occasions. It added: “Food sales have been particularly encouraging, with changes to our menu proving increasingly popular with guests.”

The group is now a pure play pub company after selling its 40% interest in its brewing joint venture to partner Carlsberg for £206 million. The move should accelerate a significant reduction in net debt to below £1 billion.

On the back of the disposal, broker Peel Hunt is forecasting net debt of £815 million in the 2025 financial year and £163 million of earnings. This implies an enterprise value to earnings multiple of 6.7 times, compared with the historic average of 9.7 times.

The broker believes the shares offer “deep value”, with a target price of 75p. The FTSE All-Share stock closed last week at 39.4p.

Lever became Marston’s chair on 8 July, replacing William Rucker following his appointment to lead the board of British Land.