The tech company focusing on safety equipment, Halma announced the acquisition of Deep Trekker for roughly £36m on Thursday.

Deep Trekker is a market-leading manufacturer of remotely driven underwater robots used for inspection, surveying, analysis, and maintenance, with headquarters in Ontario, Canada.

Aquaculture, renewable energy, and ocean science and research are among the markets it services.

Deep Trekker will be paid cash and debt-free cash consideration of around £36m, which will be funded from Halma’s current facilities.

Deep Trekker’s unaudited revenue for the year ended 31 December 2021 was over £12m, with a return on sales that were higher than Halma’s planned range of 18-22%.

The group’s Environmental & Analysis department will house Deep Trekker post the acquisition.

“Deep Trekker is an exciting addition to Halma, which is highly aligned with our purpose, both in terms of helping to ensure a cleaner environment, and in improving the safety of underwater inspections,” said Andrew Williams, Group Chief Executive Officer, Halma.

“It offers new opportunities for growth in a number of markets, driven by increasing health, safety and environmental regulation, and global efforts to address climate change, waste and pollution.”

Halma shares gained 1% to 2,472p after the acquisition of Deep Trekker was announced in early morning trade on Thursday.

UK small and mid caps suffered on Wednesday as the market digested the latest round of inflation figures pointing to rising prices and increased pressures on households.

Oxford Instruments

Oxford Instruments shares enjoyed a 7.3% rise to 22,275p after the company announced revenue and operating profit projections marginally ahead of management expectations, alongside a positive outlook for 2022.

The firm attributed its positive results to good progress in the second half of the financial year, reportedly driven by strong order growth supported by resilient end markets.

Derwent London shares increased 2.2% to 31,890p after JP Morgan raised the stock to overweight from neutral, with a price target of 4,200p compared to its previous price of 3,600p.

PZ Cussons shares rose 2.3% to 205.2p following the group’s report of continued improvement in revenue, with an 8.5% like-for-like revenue growth in the third quarter.

“We are focusing on building our Must Win Brands, driving executional excellence, dramatically reducing complexity and transforming our functional capabilities,” said PZ Cussons CEO Jonathan Myers.

Dr Martens shares dropped 7.6% to 221.4p after Barclays cut the company’s price target to 360p from 480p.

Hammerson suffered a loss of 4% to 30.8p following JP Morgan’s recommendation to lower the shares to underweight from neutral, with a price target of 29p down from 40p.

Liontrust Asset Management shares fell 3.5% to 12,400p following the company’s release of its annual financial results, which reported a slowdown in growth due to supply chain issues, macro-economic factors and high dealer sales.

ImmuPharma shares spiked 40.1% to 7.9p following positive data from the group’s Lupuzor/P140 pharmacokinetic study as part of its optimised international Phase three trial of Lupzor in lupus patients, which revealed that the study successfully met key endpoints required by the US Food and Drug Administration (FDA).

“This positive PK data now clears the path for commencement of all clinical studies within the P140 platform,” said a spokesperson for the company.

“In addition to lupus, there is a planned Phase 2a/3 pivotal trial in chronic inflammatory demyelinating polyneuropathy.”

Shearwater Group shares were up 26.9% to 139p after the company won a new contract with a potential value of up to £21 million with an unidentified leading telecommunications and media firm.

Empire Metals shares increased 21.3% to 1.8p following the group’s completed acquisition of the Pitfield Copper-Gold Project.

Amur Minerals Corp shares dropped 12.6% to 1.5p after the company was slightly impacted by the latest wave of anti-Russian sanctions, which saw its lead legal representation in Moscow suspend their operations in Russia.

Amur Minerals confirmed that the sanctions have not affected its AO Kun-Manie mine in the far east of Russia, and that it is currently seeking alternative legal representation in the country.

Diversified Energy Company shares were down 2.6% to 115.4p in late afternoon trading on Wednesday, following the company’s acquisition of the Opgal EyeCGas 2.0.

The firm also reported the acquisition of the technology’s companion state-of-the-art emissions measurement devices, the EyeCSite Tablet software and the Semtech Hi-Flow 2 sampler.

The move comes as part of the group’s ongoing evaluation and deployment of new technologies to reach its stated emissions goals.

Diversified Energy commented that the acquisitions positioned the company as the first group in the US to deploy the technology in upstream natural gas operations.

The energy firm has already rolled out the new acquisitions across its operations based in Appalachia and the Central Region.

According to the company, the Opgal EyeCGas 2.0 uses an Optical Gas Imaging Camera and Artificial Intelligence software to quantify methane leaks, particularly emissions sourced from difficult to access breaches.

Diversified Energy added that the Semtech Hi-Flow 2 sampler uses Tunable Laser Absorption Spectroscopy to accurately measure fugitive methane emissions, with the specialised equipment to support additional validation of reported leak quantities.

The group mentioned that its previous generation of equipment only served to visually detect fugitive methane emissions. However, its new technology is reportedly capable of estimating the level of emissions in an environment.

“Our investment into advanced and innovative emissions measurement technology advances our efforts to reduce our methane emissions by 30% by 2026 from 2020 levels on the way to net-zero greenhouse gas emissions by 2040,” said Diversified Energy Company CEO Rusty Huston Jr.

“Adding this technology to the aerial surveillance and handheld detection devices we’ve placed in the hands of our skilled well tenders further enhances our ability to proactively detect, accurately measure and repair fugitive emissions across our asset base.” 

“Diversified remains committed to the continuous improvement of our environmental performance and to outpacing the expectations of our stakeholders.”

Darktrace shares plummeted 11.3% to 401.3p in late afternoon trading on Wednesday, despite a reported revenue of $109.8 million in the company’s latest trading update for Q3 2022.

The cybersecurity firm confirmed a year-on-year growth of 50.1%, with its current year-to-date revenue climbing to $302 million.

Darktrace brought in 359 new customers to its client base, with its its total number amounting to 6,890 and representing a year-on-year increase of more than 37%.

The technology group also highlighted its acquisition of surface attack management technology company Cybersprint for €47.5 million in March, contributing to the firm’s ambition to develop a continuous AI loop for addressing international cyber challenges.

“In March, we took a step closer to [our] goal when we completed our acquisition of Cybersprint and welcomed their outstanding attack surface management technology and talented team to Darktrace,” said Darktrace CEO Cathy Graham.

“Together, we are driven by innovation and committed to developing the world-class technologies, underpinned by our powerful Self-Learning AI, that are so critical to our customers remaining protected in a rapidly evolving threat landscape.”

The cybersecurity group said that its strong results had persuaded Darktrace to increase its FY 2022 guidance, with an estimated year-on-year growth of between 40% to 41.5% compared to the company’s previous guidance of 38.5% to 40%.

The firm added that it expected a FY 2022 year-on-year revenue growth between 45.5% to 47% against its previously anticipated 44.5% to 46.5% growth.

“In our third quarter, we sustained strong growth trends across our customer base, ARR and revenue, as well as maintaining the gains in churn and net ARR retention rates we made in the first half of the financial year,” said Graham.

“Year-to-date results and a continuing positive operating outlook have led us to again increase our FY 2022 expectations across all financial and customer measures.”

A fertilizer development company, Gensource Potash announced the agreement to acquire 100% of the issued and outstanding shares of Innovare Technologies which is a software development solutions and services company, on Wednesday.

The acquisition of Innovare’s shares by Gensource Potash will be accomplished through a reorganisation in which existing Innovare owners will transfer their shares to Gensource in return for new Gensource common shares.

Following the reorganisation, Innovare will be a wholly-owned subsidiary of Gensource Potash, with Innovare’s operations being integrated and overseen by Gensource.

For potash and other soluble mineral mining projects, Innovare Technologies specialises in drilling, solution mining, and processing technologies.

Gensource is a fertiliser development firm situated in Saskatoon, Saskatchewan, with plans to become the province’s next fertiliser producer.

Over the last 6 years, Gensource and Innovare have collaborated on the development of Gensource’s modular potash production module.

The first project to use a Gensource module will be the company’s potash operation near Tugaske, Saskatchewan.

Innovare’s technology brings together industry-proven approaches with new, inventive, and patented technologies to reduce capital and operating expenses for the Tugaske Project and beyond.

Gensource will be able to control the intellectual property that allows it to fulfil its strategic business strategy, which management believes will be the future of potash production, by bringing this technology in-house.

The purchase values Innovare at approximately $11.5m, which represents the current value of the company’s existing licencing agreements with Innovare.

The agreement is expected to close in Q2 2022, subject to the satisfaction of certain conditions precedent, including TSX Venture Exchange approval.

“The acquisition will place the company in a strong competitive position in an industry dominated by producing facilities based on conventional 1950s and older technology,” said Mike Ferguson, President and CEO of Gensource.

“With Innovare’s technology integrated into our business, we will have total control over production processes at the Tugaske Project and future projects we anticipate rolling out in Saskatchewan and globally, while also anticipating a reduction in life of mine costs.”

“This transaction will strengthen Gensource’s differentiated market position as a near term potash producer into a market that continues to see global supply challenges and is in need of a structural change if we are to support the world’s growing agricultural requirement for environmentally sustainable potash.”

Weir Group shares were down 0.9% to 1,520p in early afternoon trading on Wednesday, after the company reported the completion of its $800 million refinancing for its main banking facility with a syndicate of 11 banks.

The company confirmed that the new $800 million Revolving Credit Facility is set to mature in April 2027, with an option to extend for up to an additional two years.

The Weir Group said that the margin on the new facility is substantially lower than the previous facility that the firm agreed to in the initial stages of the Covid-19 pandemic, and reportedly reflects the positive credit rating momentum that the company has gained over the last two years.

The firm attributed its momentum to its ability to reduce leverage and demonstrate resilience as a mining technology focused business during the volatility of the coronavirus pandemic.

The new facility was set up as a replacement for the existing $950 million Revolving Credit Facility which was scheduled to mature in June 2023.

The Weir Group noted that all key terms including covenants for the facility remained unchanged.

The FTSE 100 was broadly flat on Wednesday as investors accessed the possible impact of soaring prices after petrol sent UK inflation to a 30-year high.

“This is now the sixth consecutive month of rising inflation, and the data tells a story of what millions are currently living – steeper bills on everything from petrol to food and fuel, and less left over at the end of each month to put towards their future,” said Colin Dyer, Client Director at abrdn.

Miners have enjoyed a rise as investors prepared for higher commodity prices, while fashion companies including JD Sports and Next saw their shares fall as the market no doubt eyed the coming decline in more frivolous consumer spending.

Miners such as Glencore, Fresnillo, Anglo American and Antofagasta shares gained 1.7% to 534p, 1.3% to 810p, 1% to 4,139p and 1.4% to 1,702p as investors flocked to the stocks which “thrive in an inflationary environment,” according to  Danni Hewson, Financial Analyst at AJ Bell.

Anglo American shares also benefitted from its rough diamond sale valued at $565m through De Beers earlier today.

Retailers such as JD Sports and Next saw its shares fall 2.5% to 144p and 1.7% 6,034p as investors assume consumer spending will take a hit with the rising inflationary pressure.

Tesco’s annual results served as an indicator for possible upcoming trends, with the Big 4 grocer warning that looming inflationary pressure could potentially eat into its shining profits in the next year.

“Inflation is an issue for the business, nonetheless. The coming months will be challenging for Tesco as it faces higher cost inflation and a potential shift in how consumers spend their money,” said Hewson.

“That explains why its share price has fallen nearly 5% on the results, and why Ocado and Sainsbury’s shares are also weak.”

Tesco’s shares lost 4% to 260p as challenging months ahead pushed investors away from the stock. The company plans to invest in the company to meet competitive prices offered by its competitors and has seen a change in consumer behaviour in the past financial year.

The supermarket reported a 2.5% rise in group sales to £54.7bn compared to £53.4bn in its last annual report and saw 58% rise in profits.

Peer food retailers Sainsbury and Ocado shares lost 3.1% and 4.6% to 237p and 1,129p, respectively.

The price of oil also enjoyed a slight uptick in price, with Brent Crude futures changing hands at $106 per barrel. Despite the far cry from the mid-March heights of $120 per barrel, the update was no doubt welcome news for oil companies, with Shell shares increasing 1.6% to 22,017p and BP stock rising 1% to 399.8p.

GlaxoSmithKline shares rose 0.7% to 1,796p as the company has entered into an agreement to acquire Sierra Oncology for £1.5bn through $55 per share of common stock in cash.

Meggitt gained 0.08% to 769p after the company announced the disposal of Meggitt A/S to CTS Ceramics Denmark A/S for £59m.

Oxford Biomedica shares were down 0.4% to 649p in late morning trading on Wednesday after the company announced the appointment of Namrata P Patel as an independent non-executive director.

The gene and cell therapy firm confirmed Ms Patel’s appointment with immediate effect earlier today.

“Namrata is a high calibre and timely appointment for Oxford Biomedica as we advance our manufacturing and CMC capabilities, whilst expanding our global presence,” said Oxford Biomedia interim CEO Dr. Roch Doliveux.

“We warmly welcome her to the Board and look forward to utilising her international manufacturing and supply chain expertise, as well as her experience in sustainability as we deliver on our aim of becoming a global fully integrated viral vector leader.”

Oxford Biomedica highlighted Ms Patel’s previous work experience, such as her 25-year history with Procter and Gamble, including her current position as SVP, product supply at the group’s Global Beauty Sector.

The company further noted her selection of senior positions across multiple major global markets, and her key role as part of the team delivering on Procter and Gamble’s 2040 Sustainability Ambition Goals for its Beauty Business Portfolio.

Patel has also held senior positions at several multi-national companies including Gillete, WH Smith and Coca-Cola, with a particular focus on international supply chain management.

She holds a masters degree in Logistics and Management from the Cranfield School of Management, and a BA in Public Administration and Marketing from South Wales University.

“Oxford Biomedica is at an exciting time in its development as it broadens its scope into AAV and significantly expands its manufacturing capacity to meet the growing global demand for its viral vector capabilities,” said Patel.

“I look forward to working closely with the rest of the Board and the management team as the Company continues to progress as a global leader in the gene and cell therapy space.”