Corporate news dominated the small-cap tech and engineering space, with one profit upgrade, one takeover reaching its final stages, and one trading update showing a turnaround in a key division. The standout was a bumper quarter from precision engineering group Renishaw, while Cordel's takeover by Vossloh moved closer to completion and Team Internet confirmed its Search business had swung back into profit.
Renishaw beats forecasts on record fourth-quarter sales
Renishaw (RSW) said full-year profit will come in ahead of market expectations after fourth-quarter revenue hit a record £243m, capping a strong finish to its financial year. The update sent shares up 5.396% to 5215.0p, marking one of the day's sharpest moves in the sector as investors reassessed the earnings trajectory for the precision engineering group.
Cordel takeover timetable holds, delisting brought forward
CORDEL GROUP (CRDL) confirmed its scheme of arrangement with Vossloh remains on track for a 13 August effective date, with the only change being an earlier cancellation time for its AIM listing. Shares were little changed at 12.2p, down 0.41%, as the update offered no surprises to a deal that continues to progress toward completion.
Team Internet's Search arm returns to profit
Team Internet Group (TIG) said first-half trading matched market consensus, with its Search division turning profitable in June after a period of pressure, and net debt expected to fall sharply in the second half. Despite the improved underlying picture, shares slipped 4.49% to 42.5p on the day.
