Shares in precision measurement equipment firm Spectris PLC (LSE:SXS) have moved higher after an upbeat trading statement.
The company said it had made a strong start to the year, with sales up 12% in the first three months of the year.
It also began the first stage of a planned £300mln share buyback programme.
It announced the buyback plans earlier this month along with the sale of Omega Engineering to Arcline Investment Management for US$525mln (£403 mln).
Chief executive Andrew Heath said: "We have started the year strongly, building on the momentum of 2021 with continued strategic execution. Strong organic growth is supported by new products driving market share gains as we take action to mitigate inflation and supply chain challenges. Our strong order book provides confidence in continued sales momentum, supporting our outlook and positive prospects for 2022. Our focus on R&D and sustainability underpins continued future growth.
"Following the divestment of Omega, Spectris is now focused on premium precision measurement businesses with highly attractive financial profiles and growth prospects. We are confident in our ability to drive continued organic growth while further expanding operating margins and return on capital employed, with our strong balance sheet providing capacity to compound growth through M&A aligned to our strategy and purpose."
Its shares have climbed 7.8% to 2876p.
2.59pm: SIMEC changes tack on Uskmouth
SIMEC Atlantis Energy Ltd (AIM:SAE, OTC:SMAYF) has changed course on its Uskmouth power station site and seen a surge in its shares as a result.
The company had planned to convert the coal fired station to run on fuel pellets but has now withdrawn its application for that project.
Now it will develop a Battery Energy Storage System (BESS) at the site as part of a move to turn it into a sustainable energy park.
The company has made an application to National Grid to vary the Uskmouth site's connection agreement to accommodate a BESS facility.
It now plans to sell certain items of plant that are no longer required for its future plans of the site. A contract, worth £1.2mln, has been awarded to a local company, Wye Valley Demolition, to remove the surplus plant and equipment. This contract brings in immediate funding to SIMEC's business, helping to secure its broader objectives and delivering value for shareholders.
Chief executive Graham Reid said: "The team and I are tremendously excited about this next step for the Uskmouth site, which will help deliver the UK's net zero targets, release important value for the business and allow the team to build on the lessons learnt to help countries around the world to achieve the targets of reducing reliance on coal, increasing energy security, and finding long term solutions to the growing waste problem."
Its shares are up 16.3% at 2.68p.
12.25pm: Aptitude Software boosted by positive update
Aptitude Software, which specialises in finance and subscription systems, is on the rise after an upbeat annual meeting statement.
The firm said it had won new business across its product range in the opening months of the year, and it had been selected to deliver finance automation to a Big-4 accountancy firm's mergers and acquisitions division.
Chairman Ivan Martin told sharehol
Aptitude Software, which specialises in finance and subscription systems, is on the rise after an upbeat annual meeting statement.
The firm said it had won new business across its product range in the opening months of the year, and it had been selected to deliver finance automation to a Big-4 accountancy firm's mergers and acquisitions division.
Chairman Ivan Martin told shareholders: "We are pleased with the progress achieved in the opening months of the year and the board is confident that its financial expectations for 2022 will be achieved."
Aptitude shares are up 9.52% at 345p.
11.51am: Synthomer (LSE:SYNT) upbeat after strong first quarter
Synthomer (LSE:SYNT), the former Yule Catto, has been boosted by an upbeat trading statement.
The speciality chemicals company said the year had started well, with all businesses ahead of in line with the strong results in the first quarter of 2021.
The only exception was the Performance Elastomers division where there had been reduced demand for medical gloves due to the easing of the COVID 19 pandemic. It expects these trading conditions to normalise by the end of the first half with market growth returning to 2019 levels in the second half of 2022.
It said: "Whilst macroeconomic conditions remain uncertain, we are encouraged by the underlying trading conditions and a strong first quarter performance with continued margin growth reflecting our ability to successfully manage the inflationary environment.
"Accordingly, our full year outlook is unchanged. The board remains confident that the benefits of recent acquisitions, continued investment in new capacity and our proven growth strategy will underpin sustainable profit growth in the coming years."
Its shares are up 4.97% at 300.2p.
10.46am: Robinson builds up gains after £2.47mln property sale
Robinson PLC (AIM:RBN) is rising after successfully completing the sale of an unwanted property.
The plastic and paperboard packaging group, whose customers include the likes of Unilever and Reckitt Benckiser, has raised £2.47mln in cash from the disposal of the site in Sutton-in-Ashfield to a joint venture between Rotherhill Developments Limited and Euro Property Investments Limited.
The site was in the books at £986,000.
The company will lease back the property for six to nine months while it moves its plastic packaging manufacturing to a recently refurbished building on existing Robinson premises in Kirkby-in-Ashfield at a cost of around £600,000.
Once this is paid, the rest of the proceeds will be used to reduce bank debt.
Robinson expects further property sales in the next 18 months.
It said: "The intention of the group remains, over time, to realise the maximum value from the disposal of surplus properties and to reinvest the proceeds in developing our packaging business."
Its shares have added 13.55% to 88p.
10.04am: Corcel lifted by funding agreement
Corcel PLC (LSE:CRCL) is climbing after signing a deal with a UK investment group to fund its its current and future UK energy storage and generation projects.
The agreement includes an option for the group, Altana Social Impact Partnership, to invest directly in Corcel's UK subsidiary which holds the portfolio of UK based energy generation and storage projects.
Under the terms of the deal, Altana has the option to take a 50% stake in the subsidiary, Flexible Grid Solutions, for £500,000.
The new partnership originated from the funding process for two 50MW gas peaker projects at Avonmouth and Tring Road, but is now designed to be broader, potentially including multiple battery storage sites across the UK alongside other projects.
Corcel shares are up 9.26% at 1.48p.
9.21am: Rental group VP hoists the for sale sign
VP PLC (LSE:VP.) has seen its shares jump after the equipment rental group put itself up for sale.
The move comes after its controlling shareholder Ackers P Investment Company Limited, which owns 50.26% of the business and is connected to Vp's Chairman Jeremy Pilkington, said it wanted to dispose of its stake.
So it is now launching a formal sales process, although it has not received an approach and is not in discussions.
Pilkington said: "Vp's controlling shareholder, a company connected to me, has decided that it wishes to diversify its investments. This does not in any way reflect a dissatisfaction with the company or its direction. Indeed, they are strongly supportive of management and highly satisfied by the continuing strong performance of the group. But they do have to take into account their current and future obligations to my family as a whole."
The company - founded in 1954 and floated in 1973 - said it intended to seek a buyer who would "respect Vp's unique heritage, family culture and committed employee base, support its environmental and sustainability goals and commitments, and enable the company to continue to prosper in the long term."
Its shares are up 14.39% to 938p.
Elsewhere Hays PLC (LSE:HAS) is 4.43% higher at 122.5p after the recruitment group announced the launch of a share buyback programme to purchase up to £75mln of ordinary shares.
The news comes as Hays holds a capital markets day for investors, setting out its financial aspirations for the next five years.
In a buy note, analysts at UBS said: "We expect presentations to focus on the opportunities for growth in key markets and key segments, building on Hays' previous aims to double its Technology fees (currently around 25% of total) to around £500mln by 2026 from around £250mln pre-pandemic levels, and announced £35m of strategic growth investments over the past 2 years (adding around 650 headcount in key areas).
"While macroeconomic uncertainty is high, we also expect Hays to outline the resilience of its contracting model, its positive exposure to wage inflation, and strong balance sheet allowing significant ongoing cash returns"