JLG directors sell shares worth $13 million

Johns Lyng Group (JLG), parent of Johns Lyng Insurance Builders, leads the biggest director sales in the ASX, according to Stockhead, with executive director and chief operating officer Lindsay Barber selling 1 million shares at $6.65 apiece on May 16.

Two days later, Scott Didier, chief executive officer and managing director of JLG, also sold 1 million shares at $6.25 apiece directly and indirectly through entities he is associated with.

The company reported that Didier and Barber had sold these shares to “manage their personal asset portfolio.” Both sales are only a small percentage of their holdings with JLG. In fact, the completion of the transaction still leaves Didier with 20.6% of the shares at $53.3 million and Barber with 4.95% of the shares at $12.8 million.

Didier expressed his high confidence in JLG, having owned the company for 14 years before placing it on the ASX in 2017. In December 2021, he located to the US to leverage opportunities following JLG’s acquisition of Reconstruction Experts for $144 million.

In addition, JLG has recently been selected as the managing contractor of the NSW government-funded $142 million program to provide free structural assessments of eligible flood-impacted properties.

“I am incredibly proud of what JLG does every day in Australia and now in the US,” Didier said. “The recent flood events have demonstrated how robust our business model is and what a critical role we play in the catastrophe management chain.”

JLG has reconfirmed its FY22 earnings guidance, including sales revenue of $802.4 million – almost twice its $481.8 million in FY21. Meanwhile, its share price has risen 38% to $6.01 in the past year.