Filofax chief's million

MAGNUS GRIMOND

Robin Field, the chief executive brought in five years ago to turn round Filofax, was rewarded yesterday with a paper profit of pounds 1.06m after exercising share options. He and two other directors sold shares totalling pounds 2.58m as the company, famous for its personal organisers, announced a 37 per cent rise in half-way profits.

Mr Field's options were granted in 1992 at an average price of 37p. He immediately sold around 175,000 shares at 268.5p to realise a profit of pounds 405,000, but has retained enough shares to increase his stake in the company from 2.4 per cent to 3.4 per cent.

His fellow executive director, Richard Eteson, made a theoretical profit of close to pounds 326,000 from the exercise of options granted at an average price of 41p in 1990 and 1992. His sale of 34,000 shares yesterday netted a profit of pounds 77,000. The two were joined by Richard Koch, a non-executive director, who sold 750,000 shares worth a total of pounds 2.01m.

Mr Field is credited with turning round Filofax after over-expansion in the late 1980s. Yesterday the group reported pre-tax profits of pounds 2.91m (pounds 2.12m) for the six months to September. The interim dividend rises to 1.05p (1.35p).

Investment column, page 22