WEIR, RNO, SXS: Stocks you may buy with launch of £50m data innovation hub

Highlights

• Ulster University will help manufacturers with a new manufacturing data innovation hub and testbed.
• The move will help to boost the UK economy and level-up regions.

UK manufacturers will get an opportunity to enhance their productivity, sustainability, and competitiveness, thanks to the new data innovation hub and testbed led by Ulster University. In a bid to capture and effectively utilise data of small and medium-sized manufacturers, the £50 million Smart Manufacturing Data Hub (SMDH) has been set to help manufacturers increase their productivity, which is aligned with modern technologies and sustainability. The support will be first accessible to North Ireland-based manufacturers in the coming months and will be available to the rest of the regions later.

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The programme will be supported in the UK by 12 delivery partners, including the University of Cambridge Institute for Manufacturing, Industry Wales, and Scottish Engineering. Companies will get desired support to develop and advance their technologies.

The move will help to boost the economy and level-up regions in the UK, as around 10,000 manufacturers are expected to benefit from the new data innovation hub, which will support as many as 13,000 jobs in the country.

The Ulster University-led new data hub will receive £20 million in funding from the UK government-backed Made Smarter Innovation Programme and £30 million of business co-investment.

The data hub will host an online Manufacturing Data Exchange Platform to help manufacturers improve and upgrade their products and processes. Besides, another £5 million funds will be provided to make improvements in some of the critical areas. The businesses will be provided with expert analysis of their GHG emissions and energy data. It will help the businesses in reducing their energy usage and wastage and improve their sustainability.

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Let us take a look at 4 FTSE-listed manufacturing stocks that may get benefited from the new data hub programme.

1. Weir Group Plc (LON: WEIR)

a.Mcap: £3,904.57 million

b. One-year return: -18.90%

c. YTD return: 27%

Weir Group Plc is an FTSE 250-listed multinational engineering company that is engaged in offering engineering solutions to sectors, such as mining, power, infrastructure, and oil & gas in over 50 countries.

Its share prices have fallen by 18.90%, while its year-to-date return stood at 12.27%. as of 18 May 2022. Weir Group Plc’s shares were trading at GBX 1,504.00, at 8:30 AM (GMT), as of 18 May 2022.

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2. Renold Plc (LON:RNO)

a. Mcap: £58.61 mn

b. One-year return: -10.71%

c. YTD return: -16.67%

Renold Plc is an FTSE AIM All-Share-listed international engineering group that is engaged in delivering advanced engineered products and solutions to its customers on a global scale. In the last one year, the share prices have gone down by 10.71%, while its year-to-date return stood at -16.67%, as of 18 May 2022. Renold Plc’s shares were trading at GBX 26.00, at 8:30 AM (GMT), as of 18 May 2022.

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3. Spectris Plc (LON: SXS)

a. Mcap: £3,325.78 mn

b. One-year return: -3.10%

c. YTD return: -17.20%

Spectris Plc is an FTSE 250-listed manufacturer and seller of measuring instruments and controls worldwide. In the last one year, its share value has dipped by 3.10%, while its year-to-date return stood at -17.20%, as of 18 May 2022. Spectris Plc’s shares were trading at GBX 3,028.00, up by 0.13%, at 8:30 AM (GMT), as of 18 May 2022.

Note: The above content constitutes a very preliminary observation or view based on market trends and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.