Colt chief executive Rakesh Bhasin took advantage of a sharp drop in the communications company's share price to buy a big stake.

The firm, which used to be called City of London Communications, yesterday announced a revenue decline of 3.5% in the first half of the year, mainly driven by a decline in mobile termination rates.

"While economic conditions remain challenging, we continue to see signs of improved pipeline," Bhasin said.

"We expect incremental growth in the latter part of the year."

The shares dived following the announcement, allowing Bhasin to pick up 200,000 at 119.5p a pop. He paid a total of £239,000.

He now has 800,000 shares.

Top Director Buys

COLT Group SA (COLT)
Director name: Mr Rakesh Bhasin
Amount purchased: 200,000 @ 119.51p
Value: £239,020

Rolls-Royce Group (RR.)
Director name: Mr James M Guyette
Amount purchased: 5,703 @ 654.29p
Value: £37,314

Amphion Innovations (AMP)
Director name: Mr Richard James Macaleer
Amount purchased: 577,107 @ 2.40p
Value: £13,851

Amphion Innovations (AMP)
Director name: Mr Richard James Macaleer
Amount purchased: 577,107 @ 2.40p
Value: £13,851

Sacoil Holdings (DI) (SAC)
Director name: Mr Colin Bird
Amount purchased: 200,000 @ 6.25p
Value: £12,500

Related share prices
COLT Group SA (COLT) share price
Rolls-Royce Holdings (RR.) share price
Amphion Innovations (AMP) share price
Sacoil Holdings (DI) (SAC) share price