UK small-cap RNS · 11 Nov 2025

Key = all announcements except routine filings (voting rights, buybacks, holdings, director forms), plus the ones that are part of a situation. Not investment advice.

1. 16:30
   Brooks Macdonald Group BRK £234m

   Holding(s) in Company Holding
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2. 08:48
   Staffline Group STAF £45m

   Director/PDMR Shareholding Director dealing
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3. 07:00
   Vesuvius VSVS £1,093m

   Trading Statement Trading update

   Revenue in line and full-year trading profit guided broadly in line, with price rises now offsetting cost inflation; weak Europe and Foundry inefficiencies temper this, so it is a confirmation rather than an upgrade.

   Turnaround plan with targets £20.0m · 2% of mcapin lineoutlook mixedfirst since Oct 2023 +2.2% on the day

   Moved: new: Morgan's Molten Metals Systems acquisition – Expected to complete by mid-November · new: Structural cost reduction programme – On track
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4. 07:00
   Ironveld IRON £4.0m

   Operational Progress Update

   Daemaneng has delivered a new generator and is preparing to run stockpiled material through the plant this week, so the ramp-up is moving from preparation to early production, though no output figures are given yet.

   Project milestones outlook positivefirst since Oct 2023 −6.2% on the day

   Moved: DMS Plant production ramp-up: Binding term sheet signed; mobilisation pending → Pre-commissioning; processing due later this week · Capital-light Daemaneng operating model: Plant-level term sheet added to mining agreement → Implementation under way; offtake talks advanced
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5. 07:00
   Shuka Minerals SKA £6.2m

   Receipt of initial tranche of financing for Kabwe

   Only $300,000 of the $1.35m consideration for the Kabwe/LEM deal has arrived from GMI after repeated delays. The balance is promised by end-November, so completion is still unfunded.

   Balance-sheet stress / refinancing outlook mixed6 acquisitions in 3 months – usually about 1 +11.1% on the day

   Moved: Kabwe/LEM acquisition completion: GMI funding delayed again, still unpaid → Initial $300,000 received; balance outstanding · Limited cash and GMI funding reliance: Limited cash; creditors supporting near term → Partly eased by first GMI tranche
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6. 07:00
   Hilton Food Group HFG £645m

   Trading Statement Trading update

   Cuts FY25 adjusted pre-tax profit guidance to £72m-£75m and warns 2026 profit progression will be difficult, as inflation hits demand and Foppen's US shipment disruption continues.

   Project milestones outlook negative, loweredfirst since Oct 2023 −22.7% on the day

   Moved: new: Business and portfolio review – Advanced stage, opportunities identified · new: Foppen US shipment disruption – Greek production not resuming in 2025 · new: Canada facilities and Saudi JV – On schedule
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7. 07:00
   Team Internet Group plc TIG £85m

   Strategic Review to Unlock Shareholder Value

   Board says the share price undervalues its parts and is exploring divestments or partnerships for substantially all businesses, after inbound approaches; it comes with a sharp 2025 EBITDA cut, so value realisation is uncertain.

   Sale process / strategic review outlook mixed, loweredfirst since Oct 2023 +14.0% on the day

   Moved: 2025 Group Adjusted EBITDA guidance of $60-68m: pending → missed – 2025 Group Adjusted EBITDA guidance is now $40-45m, below the earlier $60-68m, as Google's AFD sunset and RSOC delays hit Search. · Return to double-digit EBITDA/earnings growth from 2026: pending → changed – Double-digit earnings growth from 2026 is reiterated, but only under the current group structure, which the strategic review may alter. · Restore Search segment's historical profitability over time: pending → changed – Restoring Search profitability is replaced by a pivot to direct-to-advertiser and commerce media, with the segment expected to be held for sale.
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8. 07:00
   Oxford Instruments OXIG £1,365m

   Half-year Results Results

   H1 revenue fell 7.9% OCC and adjusted operating profit 22.9% after tariff and US funding disruption in Q1; full-year is only guided to the October trading update, so the H2 recovery must carry the year.

   Segment turn £57.0m · 4% of mcapin lineoutlook positive3 business updates in 3 months – usually less than 1 +15.0% on the day

   Moved: new: NanoScience business sale – Agreed; awaiting regulatory approvals · new: Imaging & Analysis recovery – H1 actions taken; H2 recovery expected
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9. 07:00
   FDM Group (Holdings) FDM £113m

   Trading Statement Trading update

   Full-year 2025 is confirmed in line, but assigned consultants fell to 2,003 from 2,906 a year earlier and the interim dividend was cut to 6p from 10p. Some pick-up in activity since summer offsets this.

   Segment turn in lineoutlook mixed +10.3% on the day

   Moved: new: Consultant demand and utilisation recovery – Early pick-up; training volumes cautiously raised
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