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UK small-cap RNS · 18 Nov 2025

Every announcement of UK small & mid caps under £2bn. The ones that started or moved a situation are marked – a click opens it.

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  1. 07:31
    Italy: Selva Malvezzi Production Concession Update
    The 3D seismic survey promised for Q4 has started (13 Nov) and should finish by mid-December. A PM-1 well test found no water or sand, and output is back at ~80,000 scm/d, so cash flow continues.
    Project milestones outlook positive5 signals in 3 months – usually less than 1 +3.1% on the day
    Moved: Selva Malvezzi development wells and 3D: EIA revised; 3D survey permitting near complete → 3D acquisition underway since 13 November
  2. 07:07
    Final Results Results
    Revenue slipped to £7.6m after the European customer cancellation, while adjusted EBITDA rose to £1.5m on cost cuts. Cash fell to £14.0m after the buyback completed.
    Project milestones outlook mixed, loweredfirst in 7 months −7.6% on the day
    Moved: Become self-financing / cash breakeven during calendar 2025: pending → delayed – Cash breakeven was targeted for calendar 2025. The company now aims for break-even and financial sustainability in calendar 2027. · Complete £3.0m on-market share buyback: pending → delivered – The on-market buyback has been completed, fulfilling the commitment to return £33m to shareholders. · Appoint financial adviser and sell trading business (CDX): pending → on_track – CDX Advisors are retained and talks with several parties are ongoing. The company expects to announce the result post year end.
  3. 07:00
    Pressurised Gas Encounter at Jetstream #4
    This further underscores a highly charged gas reservoir and the well continues to progress to a total anticipated depth of 3,000 feet (914 meters).
    Project milestones outlook positive +0.0% on the day
    Moved: Topaz multi-well drilling campaign: Jetstream #3 drilling past 2,167 ft, gas encountered → Jetstream #3 at TD; Jetstream #4 drilling past 1,457 ft
  4. 07:00
    Half-year Results Results
    Revenue fell 27% and the pre-exceptional result was a £0.98m operating loss, but this matches management's expectations of a back-half-weighted year; the headline profit rests on a £3.41m land-sale gain.
    Upgrade / downgrade cycle £7.0m · 14% of mcapin lineoutlook positivefirst since Oct 2023 +0.4% on the day
    Moved: new: Surplus land disposal – Contract signed; £4m received · new: GNSS design and supply contract – Work commenced; early milestones completed · new: Second-half recovery – H2 guided to material sequential growth
  5. 07:00
    Half-year Results Results
    Adjusted EPS up 16% to 9.9p on 30% higher adjusted revenue and a higher interim dividend, with modest FY growth guided; offset by free cash outflow and margin dilution from lower-margin acquired revenue.
    Turnaround plan with targets outlook positive −9.3% on the day
    Moved: new: Open access rail expansion – Applications pending; Stirling trains secured · new: Business restructuring savings – c.£6m of £15m delivered · new: First Bus electrification investment – c.23% of fleet zero emission
  6. 07:00
    Half-year Results Results
    Revenue fell 7.0% at CER on tariffs and UK Automotive weakness, and underlying EPS fell 19%. Gross margin rose 150bps, GAAP profit improved and full-year underlying earnings expectations are unchanged.
    Upgrade / downgrade cycle outlook mixedfirst since Oct 2023 +0.0% on the day
    Moved: new: Saudi Arabia expansion – MISA approval received; Heads of Terms signed
  7. 07:00
    Wet Concentrator Plant A project update and 2025 guidance update
    Slower WCP A commissioning cuts 2025 ilmenite guidance to 870-905kt from 930-1,050kt and raises unit costs. Sales are protected from inventory, and Kenmare chose not to add costly dry mining, which softens the blow.
    Project milestones below expectationsoutlook mixed, lowered4 business updates in 3 months – usually about 1 −6.1% on the day
    Moved: new: WCP A upgrade and Nataka transition – Commissioning under way; optimisation to end-2025 · new: 2025 production guidance – 2025 ilmenite guidance cut

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