Special situations

Strategic reviews, disposals, bids, activists, large orders and insider buying – each read from the company’s own announcement and weighed against its size.

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Orders and contracts worth at least 10% of the market value or 25% of annual revenue – multi-year contracts counted per year, renewals and order totals left out.

Newest first. Each situation is weighed against the company – the size of the event relative to its market value and revenue, who is involved and what happened before. Context is written by AI from the announcements and our data – check the source. Not investment advice.

Date	Company	Mcap	Theme	What happened
12 Oct	Tialis Essential IT TIA	£14m	Large orders	Secured £7.6m five-year Utilities contract and extended public sector agreement worth...
9 Oct	Hargreaves Services HSP	£256m	Large orders	Hargreaves awarded engineering contract for three foul water treatment facilities at...
5 Oct	Hercules Plc HERC	£29m	Large orders	£5m water contract wins
	Why it matters On 5 October 2026 Hercules said its Construction Services division won c. £5m of new Civils Projects contracts in the UK water sector in Q4 FY2026, mostly in the Thames Water region. That is about 4% of last-12-month revenue of £125.8m. Background On 14 July it announced £6.1m of water contracts. Directors, including the CEO, bought shares repeatedly in July, and on 1 October Gary Fraser was named CFO. Shares were suspended 1 April and restored 22 May after delayed FY2025 results. Latest results show an operating loss of £0.1m and net debt of £4.3m. What to watch Most contracts are expected to complete within six months. FY2026 ended 30 September 2026, so year-end results and any trading update are next. Market The shares closed at 34.5p on 2 October and 35.8p on 6 October (+3.6%). The latest close, 7 October, was 35.5p. Earlier on this situation 5 Oct Construction Services division wins approximately £5 million in water sector contracts during Q4 FY2026.
5 Oct	Fulcrum Metals FMET	£12m	Large orders	Secured pilot facility site in Mississauga and signed technology agreement with...
1 Oct	Filtronic FTC	£706m	Large orders	Filtronic secures $68.1m follow-on order from SpaceX for GaN power amplifier units.

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