Cellular Goods PLC (LSE:CBX) shares spiked 30% higher in Wednesday morning’s early deals to trade at 0.53p after the company reported that executive director Michael Edwards had increased his shareholding.
Edwards bought 2.5 million shares in the company, at a price of 0.417p, increasing his shareholding to 8 million shares and representing 1.33% if the company.
It was the second such notification this week, as yesterday the company revealed that Edwards purchased 5.5 million shares in the company, paying 0.325p per share.
Edwards was on Monday appointed as executive director and the company announced the resignation of Darcy Taylor from the position as chair and interim chief executive.
The micro-cap skincare and sustainability company appears to be starting 2024 putting its front foot forward.
In late December, Cellular Goods said it is cautiously optimistic about its prospects, as the benefits from its cost-cutting and revenue growth initiatives continue to kick in.
Despite facing industry headwinds, the company, which has developed a range of lab-made cannabinoid products, reported a 132% year-on-year increase in sales, largely driven by its successful refocusing on marketing strategies and the expansion of its 'Look Better' range.
In a challenging economic climate, it has effectively navigated the premium goods sector's difficulties by implementing a 50% reduction in its overall cost base. This action has bolstered the company's performance in its wellness division, demonstrating resilience and adaptability.
The company's expansion into new markets, including the US, France and Germany, along with strategic e-commerce partnerships with Sephora UK and Debenhams, has further strengthened its market position.