Weir Group PLC (LSE:WEIR), the engineering firm specialising in the mining and minerals sector, is in demand after a positive update.
The company saw full year revenues dip 2% to £1.93bn but pretax profits climbed 18% to £209mln.
The recovery from the pandemic picked up towards the end of the year, giving a strong fourth quarter result despite the company suffering a major cybersecurity incident during the period.
It is also upbeat about the outlook, subject to the current geopolitical uncertainty.
Chief executive Jon Stanton said: "In 2021 we navigated successfully through a number of significant external challenges to deliver a strong performance for the year. Order momentum was strong, with a significant acceleration in the fourth quarter, and demand for recurring aftermarket consumables has now surpassed pre-COVID-19 levels.
"As events continue to unfold in Ukraine and Russia, where our operations are relatively small, our priority is the safety of our impacted colleagues; we are doing all we can to support them and our thoughts are with them and their families.
"We start 2022 with a record order book and market conditions continue to be favourable. Subject to ongoing geopolitical uncertainty, and with COVID-19, inflationary and supply chain pressures likely to persist, we currently expect to deliver strong growth in constant currency revenue and profit this year and further progress towards our medium-term performance goals.
"Longer-term, our mining technology focus places Weir at the heart of a multi-decade growth opportunity in partnership with the global mining industry as it delivers the minerals essential for the clean energy transition more efficiently and sustainably."
Weir shares have climbed 10.06% to 1673.5p.
3.22pm: Jadestone Energy lifted as full production restarts at Australian project
Jadestone Energy PLC (AIM:JSE) has seen its shares jump after it announced full production had restarted at its Montara project offshore Australia.
Montara production been running at reduced rates in recent weeks following an engine failure in the gas reinjection compressor. The engine has been replaced and gas lift reinstated, allowing for full production to be restored at rates seen immediately prior to the gas compressor fault.
President and chief executive Paul Blakeley said: "A key element of our strategy to increase efficiency and uptime at Montara is availability of key spares. Having a spare gas re-injection compressor engine core on hand allowed us to effect timely repairs, thereby limiting the period of reduced production. Our offshore team has worked diligently and safely to carry out this significant maintenance activity, with full production now restored as oil prices strengthen above US$100/bbl. "
Jadestone is up 6.8% at 103.6p.
12.45pm: Barkby boosted by positive update from heath firm investment
The Barkby Group PLC (AIM:BARK) - whose businesses run from property and pubs to stakes in a variety of firms - has been boosted by an update from one of its investments.
Verso Biosense, where it has a minority stake, said it had completed the first clinical study of its uterine monitory product Usense and was now applying for UK regulatory approval.
It now intends to seek formal commercial agreements with fertility clinics and clinicians within the UK and Europe to begin commercialisation of Usense.
Barkby chairman Charles Dickson said: "The success of this study is extremely good news for Barkby Group and its shareholders, Usense has the potential to become a 'blood pressure monitor' for infertility and become a commonly used medical tool used by fertility professionals globally."
Barkby shares are 9.5% better at 16.42p.
10.43am: Vistry builds up a good gain after profits surge
Vistry Group PLC (LSE:VTY) - the housebuilder formerly known as Bovis Homes - has seen buyers snap up its shares after its latest update.
The company reported a 32% rise in full year revenues to £2.69bn and a 140.4% jump in pretax profits to £346mln.
It reported strong demand across all areas of its business, both in housebuilding and partnerships [which focuses on mixed-tenure projects].
It said it was "well positioned to deliver a significant step up in profits and returns in 2022."
Greg Fitzgerald, chief executive, said: ""Notwithstanding the shocking events in Europe and the attendant political uncertainties, 2022 has got off to an incredibly positive start and the group is in great shape to deliver on its strategy of maximising the strengths and opportunities from the valuable combination of our housebuilding and partnerships businesses, and on achieving sector leading returns in the medium term."
On the issue of fire safety in the wake of the Grenfell disaster, he added: "We are acutely aware of the anxiety faced by leaseholders in properties requiring cladding and fire safety remediation and we fully agree that the financial burden for this work should not rest with them. We remain committed to working with the government to fix this difficult issue for leaseholders."
Matt Britzman, equity analyst at Hargreaves Lansdown, said: “Today’s results should calm any concerns investors might have had about easing property demand in the wake of a hot year for the housing markets...
"2022 has got off to a flying start, with private sales rates and prices on the rise and when you add in strong forward sales figures to the mix, that starts to paint a pretty picture for a housing market that some feared may slow as mortgage rates rise along with the Bank of England’s base rate."
Vistry shares are up 7.13% at 1013p.
9.36am: Mckay Securities (LSE:MCKS) jumps by a third as it agrees £270mln offer from Workspace
Shares in Mckay Securities (LSE:MCKS) have soared after the property company agreed a £270mln takeover by flexible office group Workspace Group PLC (LSE:WKP).
Under the terms of the offer, Mckay investors will receive 209p in cash and 0.115 new Workspace shares for each share they hold.
Mckay shares have jumped 30.34% or 67.5p to 290p while Workspace is down 1.17% at 760p.
At this price, each Mckay share is valued at around 296p.
Workspace has received undertakings to accept the offer in respect of 37% of its target, including the Mckay directors.
Mckay chairman Richard Grainger said: "The McKay Board's recommendation of the acquisition follows a detailed and rigorous review during which we considered a broad range of options to unlock value for McKay shareholders and which determined Workspace's proposal to be the most attractive.
"The offer from Workspace provides McKay Shareholders with an opportunity to receive a return which values the business substantially above where it has been trading historically with a substantial proportion of this return payable in cash.
"It also provides McKay shareholders with the opportunity to participate in the future success of the enlarged and well capitalised Workspace Group, whose business model is well placed to meet post COVID-19 demand for high quality, flexible business space."
Workspace chief executive Graham Clemett said: "The market for office space is shifting, with businesses prioritising greater flexibility and the right location for their teams. This acquisition is a fantastic opportunity to accelerate our growth plans by capturing more of the strong demand we are seeing for our flexible offer in London, whilst selectively extending our reach into attractive commercial locations in the South-East.
"We will be a larger, more resilient company with an enhanced financial profile, and by applying our proven operational model and expertise, we expect to generate strong returns from McKay's portfolio of high-quality assets over the medium term."
8.47am: Osirium Technologies boosted by contract news
Osirium Technologies PLC (AIM:OSI) is flying high after unveiling new contracts.
The company, a specialist in cloud-based cybersecurity software, said it had won nine new customers in January and February.
It said four of these contracts were of a greater value than any deal signed in 2021.
Osirium, which raised £1mln in a placing last month, said it was seeing a return to pre-COVID-19 contract values, with organisations now picking up projects that were put on hold during the pandemic, and becoming more confident in deciding to reinforce their IT security.
It is seeing particular opportunities with NHS trusts and in the higher education sector alongside areas such as retail and financial services.
Its shares have jumped 26.32% to 6p.
Elsewhere Tern PLC (AIM:TERN), the Internet of Things technology specialist, has agreed to participate in a new venture capital fund, the Sure Valley Ventures UK Software Technology Fund, alongside the British Business Bank.
Tern will invest an initial £90,000 to help with the fund's first investment which has already been identified. Tern has committed to invest up to £5mln in total over the 10-year life of the fund, which would equate to an interest of around.5.9%.
Tern chief executive Al Sisto said: "We believe participation in the New SVV Fund is an excellent way to broaden Tern's exposure to exciting early-stage private UK technology companies with a modest capital commitment, whilst delivering a number of other potentially significant benefits to Tern and its shareholders.
"In addition to the attractive financial returns we envisage from our participation, we believe that it will provide important technology insights, assist with business development and increase our network."
Tern shares are up 8.29% to 11.10p.