Convatec’s chairman snaps up more stock after the company’s share price drop

The chairman of medical technology firm Convatec has used a drop in the company’s share price this week as an opportunity to snap up more stock.

On Monday, shares sank more than 25 per cent after Convatec warned full-year organic revenue growth would be lower than expected due to supply issues and poor new product sales.

However, Convatec said the business was still well positioned in the market and was now determined to drive performance and deliver margin improvement in the future.

That drove Sir Christopher Gent, the company’s chairman, to purchase £83,000 worth of shares yesterday, according to a filing published today.

Convatec made its way into the FTSE 100 index late last year following its float on the London Stock Exchange about a year ago.

However, shares in the firm have been on the decline since reaching a high of around 344p in June.

Convatec’s share price was down 1.25 per cent at 213.8p this morning.

Read more: Convatec’s shares plummet following news of a rare drop in profits