Corporate reshuffling dominates the morning's news, with Halma completing a divestment of its NovaBone orthobiologics unit even as the wider market absorbs a blockbuster £14bn takeover of Segro by US logistics giant Prologis. Elsewhere, deal activity runs through the small and mid-cap space, Caledonia Investments backing infrastructure specialist Conquip, Volution expanding into German ventilation, and a clutch of half-year results from Fresnillo, BP, Travis Perkins, Capita, Keller, Smith+Nephew, A.G. Barr, XP Power and HSBC rounding out a dense reporting slate.
Halma completes $60m sale of NovaBone to Isto Biologics
Halma (LSE:HLMA) has completed the sale of its NovaBone Products orthobiologics unit and subsidiaries to Isto Biologics for total consideration of $60m (£45m), on a cash and debt-free basis. NovaBone, headquartered in Florida, designs and manufactures orthobiologic products; Halma acquired the business in January 2020 for an initial consideration of $97m (£74m).
Halma said a strategic review concluded that NovaBone would grow better under ownership more closely aligned with its market and investment needs, and that Isto Biologics offers a complementary portfolio and capabilities to support that growth. The group expects no material gain or loss on the disposal. The transaction comes just weeks after Halma agreed to acquire Dreampath Diagnostics for up to €275m, underlining a broader pattern of capital reallocation away from smaller, non-core units and toward larger strategic bets.
"We are pleased to have found a new home for NovaBone. Isto Biologics' deep industry expertise and complementary portfolio make it a clear strategic fit for NovaBone, while enabling Halma to continue focusing investment in areas where we see the best opportunities for long-term growth and returns," said Marc Ronchetti, Chief Executive.
The disposal is a modest but telling data point on Halma's capital discipline: rather than holding an underperforming or misaligned asset, management has moved to exit at a level that avoids a material write-down while freeing resources for the Dreampath deal and other growth priorities. For a group built on continuous portfolio rotation across safety, environmental and healthcare markets, the NovaBone exit reinforces the credibility of that model rather than signalling any strain on the wider business.
Prologis agrees £14bn recommended takeover of Segro
Prologis (NYSE:PLD) has agreed a recommended takeover of Segro (LSE:SGRO), valuing the UK's largest listed warehouse and logistics landlord at approximately £14bn. Segro shareholders will receive 0.0920 new Prologis shares for each Segro share held, with the option to take up to 25% of consideration in cash, capped at roughly £3.5bn in aggregate.
The combination values each Segro share at 1,031.7p, a 39% premium to Segro's closing price before the offer period began and 14.4% above its EPRA net tangible asset value of 902p as at 30 June. Including Segro's expected 2026 final dividend of up to 22.56p per share, the total value rises to 1,054.3p, a 42.1% premium to the undisturbed price. Segro shareholders will hold approximately 8.9% of the enlarged group, which becomes the world's largest logistics REIT with a $138bn market capitalisation.
"This deal brings together Segro's exceptional portfolio and customer relationships with Prologis' global platform, operating expertise and financial strength," said Daniel S. Letter, Chief Executive. The deal marks one of the largest-ever cross-border consolidations of European logistics real estate, cementing Prologis's global scale at a moment when warehouse demand tied to e-commerce and supply-chain reconfiguration remains a structural growth theme.
Caledonia takes 61% stake in Conquip Engineering for £49.5m
Caledonia Investments (LSE:CLDN) has invested £49.5m to acquire a 61% stake in Conquip Engineering Group Holding Company, a business it describes as a market leader in safety-critical products for infrastructure, utilities, energy and construction projects. Founded in 2003, Conquip employs approximately 250 people across nine regional depots serving customers concentrated in infrastructure, utilities and housebuilding.
Brothers Daniel and George Critchley will continue running the business and are reinvesting alongside Caledonia, preserving management continuity through the ownership change. Caledonia's capital will fund expansion of Conquip's rental fleet, a national rollout of its specialist shoring proposition, and further product development, building on the group's recent acquisition of ProMech, which added complex shoring engineering capabilities.
"We are delighted to be working with Caledonia on the next stage of Conquip's development. Finding an investor that understands our culture and shares our ambitions was particularly important," said Daniel Critchley, Chief Executive Officer of Conquip. The deal sits within Caledonia's Private Capital arm and signals continued appetite for majority stakes in infrastructure-adjacent niche manufacturers, a segment the trust has targeted for durable, cash-generative growth.
Volution expands into Germany with €40m getAir acquisition
Volution Group (LSE:FAN), the designer and manufacturer of energy efficient indoor air quality solutions, has acquired getAir for €40m (approximately £34m) on a cash and debt-free basis, funded from existing debt facilities. Founded in 2014 and based in Mönchengladbach, getAir supplies decentralised residential heat recovery ventilation systems primarily to German and European OEM customers.
The business generated unaudited revenue of €13.9m and adjusted EBITDA of approximately €4.0m in the twelve months to 30 June, implying a multiple of roughly 10 times EBITDA. Volution said the deal will be immediately earnings accretive and adds inorganic revenue momentum for its new financial year. getAir will sit within Volution's Continental Europe region alongside its existing InVENTer brand, with its leadership team staying on.
The acquisition extends Volution's strategy of bolt-on consolidation in fragmented European ventilation markets, adding scale in Germany just as regional building regulations increasingly mandate heat recovery ventilation in new residential construction, a regulatory tailwind the company is positioning itself to capture through organic and acquired growth alike.
Gulf Marine restructures bridge loan into five-year term facility
Gulf Marine Services (LSE:GMS) has restructured the bridge financing it arranged in January into a five-year term loan, alongside a new $7.5m working capital facility to support day-to-day operations.
The refinancing extends the offshore support vessel operator's debt maturity profile well beyond the short-term horizon the original bridge loan implied, reducing near-term refinancing risk and giving management more headroom to plan fleet deployment and capital spending across the medium term.
Fresnillo profit more than triples on precious metals rally
Fresnillo (LSE:FRES), the world's largest silver producer, posted a 213% jump in first-half profit as surging silver and gold prices more than offset lower production volumes across its Mexican operations.
The scale of the earnings jump underscores how directly Fresnillo's profitability is now leveraged to the precious metals price cycle rather than to volume growth, with pricing power compensating for operational softness in output.
BP profit jumps as new CEO sets fix-it priorities
BP (LSE:BP.) reported underlying replacement cost profit up 78% quarter-on-quarter to $5.7bn, even as upstream plant reliability and refining throughput both declined. New chief executive Meg O'Neill used the results to unveil five strategic priorities aimed at addressing the operational shortfalls.
The combination of a strong headline profit figure alongside acknowledged reliability and throughput issues frames O'Neill's early agenda squarely roughly operational execution rather than strategic reinvention, with the new priorities set to serve as the benchmark against which her leadership is measured in coming quarters.
Travis Perkins holds profit steady, strengthens balance sheet
Travis Perkins (LSE:TPK) held profit steady in its latest results while reporting a strengthened balance sheet. "We can be confident and optimistic about our future prospects," said chief executive Gavin Slark.
The stable profit performance against a strengthening financial position gives the builders' merchant firmer footing heading into the next phase of the construction cycle, with management's tone suggesting confidence that demand conditions are stabilising.
Capita profit falls on pension contract costs, guidance held
Capita (LSE:CPI) saw adjusted operating profit drop 31.6% in the first half as costs mounted on its Civil Service Pension Scheme contract, though the outsourcer kept full-year guidance in line and reported record contract pipeline growth.
The gap between the profit decline and the reaffirmed guidance points to management confidence that the pension contract costs are a contained, contract-specific issue rather than a signal of broader margin erosion, with the record pipeline offering a counterweight for investors assessing the outsourcer's turnaround.
Keller lifts profit 17% on record North America performance
Keller Group (LSE:KLR) lifted profit 17% as North America drove a record first half. "We are building further momentum, with a record order book of £1.9bn demonstrating the benefits of our geographic and sector diversification," said chief executive James Wroath.
The record order book gives the ground engineering specialist visibility well into the second half, with diversification across geographies and sectors cited as the key structural driver insulating the group from any single-market slowdown.
Smith+Nephew trims revenue outlook, holds profit guidance
Smith+Nephew (LSE:SN.) cut its full-year revenue growth forecast to roughly 4% from 6% after a softer second quarter, while keeping profit, cash flow and returns targets unchanged.
Holding the profit and cash flow targets despite the topline downgrade suggests management sees the shortfall as demand-related rather than cost-driven, keeping the medical device maker's margin and cash generation story intact even as growth expectations reset lower.
A.G. Barr holds full-year guidance despite £10m supply hit
A.G. Barr (LSE:BAG) maintained full-year profit guidance despite absorbing a £10m hit from supply chain disruption. First-half revenue rose 8% to roughly £246m, with the drinks maker still targeting double-digit full-year revenue growth.
Sustaining guidance through a material supply disruption signals underlying demand strength for the group's drinks portfolio, with management evidently confident the disruption is a timing issue rather than a structural constraint on the double-digit growth target.
XP Power orders surge 55% on stronger second-half outlook
XP Power (LSE:XPP) posted a 55% surge in order intake in its first half, backing unchanged full-year guidance as £135m of firm orders point to a stronger second half.
The order intake jump gives the power controller maker concrete evidence of demand recovery, with the £135m firm order book providing tangible support for the reaffirmed guidance rather than relying on qualitative optimism alone.
Sound Energy completes $57m Meridja sale to Managem
Sound Energy (LSE:SOU) has completed the $57m sale of its Meridja asset to Managem. "We have capital to invest, a clear investment strategy and are already evaluating opportunities that can build a larger, diversified and cash-generative energy business," said chief executive Majid Shafiq.
The disposal hands Sound Energy a substantial cash position and a clean mandate to redeploy capital, positioning the company for acquisitive growth rather than continued reliance on a single asset base.
HSBC profit jumps as credit charges climb, guidance raised
HSBC (LSE:HSBA) reported first-half pre-tax profit of $19.5bn, up 23% year-on-year, boosted by favourable notable items and stronger banking income, while raising its 2026 net interest income guidance even as credit charges climbed.
The upgraded net interest income guidance signals management confidence that underlying banking momentum can absorb rising credit costs, a balance that will be closely watched as a bellwether for broader UK and Asian lending conditions.
Likewise doubles retail offer to £4m on strong demand
The AIM-listed flooring distributor Likewise Group (LSE:LIKE) has upsized its retail share offer to £4m after applications significantly exceeded the original £2m target.
The oversubscription points to healthy retail investor appetite for the flooring distributor's growth story, giving the company additional capital headroom beyond its original fundraising plan.
SIG suspends dividend as construction demand stays weak
SIG (LSE:SHI) suspended its dividend as first-half loss widened amid weak construction demand. Chief executive Pim Vervaat said markets are not expected to recover through the remainder of 2026 and "possibly throughout 2027."
The dividend suspension alongside an explicitly cautious multi-year outlook marks a significant reset of expectations for the building materials distributor, with management effectively signalling that any recovery catalyst lies well beyond the current financial year.
Metir strikes UK water alliance as kit production resumes
Metir (LSE:MET) has struck a UK distribution tie-up with MechLine-UK and confirmed that production of its QuickChek SRB kits will resume in October following a supply halt.
The combination of a new distribution partner and a firm restart date for production gives the environmental monitoring group a path back to revenue generation after the supply disruption, with the water sector alliance opening a fresh distribution channel for its testing kits.
Great Western sets drilling start date at Defender tungsten project
Great Western Mining Corporation (LSE:GWMO) has appointed Addison Mining Services as Competent Person ahead of drilling starting within two weeks at its Defender Tungsten Project in Nevada.
The appointment and imminent drill start mark a concrete step toward generating the first new subsurface data at Defender, a milestone investors will use to gauge the project's potential scale.
MedPal AI revenue run rate hits £8.6m after record July
MedPal AI (LSE:MPAL), the AI-native pharmacy and digital health group, has seen its annualised revenue run rate rise more than 70% in two months to £8.6m, with all three revenue streams recording their best month yet in July.
The broad-based nature of the growth, spanning all three revenue streams rather than a single product line, suggests the run-rate acceleration reflects genuine demand traction across the platform rather than a one-off contract win.
