Retail in Asia

In Sectors

OrotonGroup boardroom comes out to buy

When fashion apparel retailer OrotonGroup released its interim results the other day, investors pushed the selling button.

The scrip fell from AUD2.71 to as low as AUD2.42 on the news that pre-tax earnings fell 48 percent to AUD4.2 million (USD3.2m) and that "modest" earnings before interest and tax growth was forecast for the current half year.

The reaction in the group’s boardroom was to come out and buy the stock. The day after the result turnover in the shares was relatively heavy and it turned out that most of the board bought 93 percent of the volume.