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UK small-cap RNS · 19 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. 07:00
    Update on Kabwe transaction completion
    Vendors agree to tranche settlement, so a 22.2% LEM stake is taken now with $300,000 cash and shares. Full completion still depends on further GMI funds, which have repeatedly slipped.
    Balance-sheet stress / refinancing outlook mixed7 acquisitions in 3 months – usually about 1 +0.0% on the day
    Moved: Kabwe/LEM acquisition completion: Initial $300,000 received; balance outstanding → Initial 22.2% tranche agreed; balance outstanding · Limited cash and GMI funding reliance: Partly eased by first GMI tranche → Still dependent on further GMI funding
  2. 07:00
    Half-year Results Results
    H1 revenue fell 19% on the strike-backlog comparator but is flat on H2 FY25. Margin, adjusted EBITDA and Cash EBITDA improved after cost cuts, yet the operating loss remains and FY26 guidance is only confirmed.
    Turnaround plan with targets in lineoutlook positive +10.3% on the day
    Moved: new: Post-restructuring turnaround – Cost base reset; cash generative; revenue stabilised · new: Fast Track and AI workflows – First premium projects delivered
  3. 07:00
    Trading Ahead of Expectations
    Board now expects FY2025 revenue and adjusted EBITDA above prior market expectations (£117.0m / £29.7m), at no less than £128.0m and £32.0m, so strong trading continues after the IPO.
    Upgrade / downgrade cycle ahead of expectationsoutlook positive, raisedfirst since Oct 2023 +9.4% on the day
    Moved: Increase awareness of three premium brands and deliver sustained, profitable gro: pending → on_track – Strong sales growth across the core business and all key markets, with trading ahead of expectations, supports the sustained profitable growth aim.
  4. 07:00
    Workspace Group plc Half Year Results Results
    Half-year results match company expectations, but trading profit after interest fell 6.4% and a property revaluation drove a £71.1m pre-tax loss and a 6.8% fall in EPRA NTA, though the interim dividend is held at 9.4p.
    Turnaround plan with targets £52.4m · 8% of mcapin lineoutlook mixedfirst since Oct 2023 −5.3% on the day
    Moved: new: Low-conviction building disposals – £52.4m exchanged or completed of £200m · new: Fix, Accelerate and Scale turnaround – Early traction; occupancy still falling · new: Qube Old Dairy content hub – Lease agreed; fitout to come
  5. 07:00
    Operational and Financial Update
    Production is stable and net debt low at $7.5m, and Block 3/24 is awarded. But 2025 capex rises from $180m to ~$220m gross and the Etu completion slips to Q1 2026.
    Project milestones outlook positive +0.0% on the day
    Moved: new: Etu Energias acquisition – Approval process ongoing; completion slipped to Q1 2026 · new: Block 3/05 redevelopment and drilling – Water injection ramping; drilling preparations under way · new: Onshore Kwanza expansion – KON4 initialled; eFTG data acquisition under way
  6. 07:00
    Half-year Results Results
    Returns to profit (PBT £0.32m vs -£0.60m loss) on 29% lower overheads despite flat revenue; after a troubled 16-month period this shows the cost reset working, though sales are not growing.
    Turnaround plan with targets outlook positive +7.6% on the day
    Moved: new: Turnaround and churn reduction – Costs cut, back in profit, churn falling
  7. 07:00
    Proposed Strategic Agreement with COF
    Sabien will buy a 1.12% stake in COF for £600,000 paid in new shares, tying it to its plastic-to-oil partner. It adds dilution, conditions and no cash, for a company with going-concern doubt.
    Disposal of a part (break-up) £0.6m · 67% of mcapfirst since Oct 2023 +21.4% on the day
    Moved: City Oil Field plastic-to-oil rollout: First Korean modules entering operations; Arizona letter of intent signed → First Jeongeup RGO plant commissioned; PSA agreed, conditional · new: COF cross-shareholding strategic agreement – Proposed; conditional on PEDCO investment and registrations
  8. 07:00
    Genus GNS £1,504m
    AGM Trading Update Trading update
    Board now expects FY26 adjusted PBT modestly above the £80.5m consensus midpoint, driven by strong PIC growth, though slightly weaker ABS phasing tempers the beat.
    Segment turn ahead of expectationsoutlook positive, raised +8.8% on the day
    Moved: new: ABS second-half recovery – ABS slightly behind plan on phasing
  9. 07:00
    Term Sheet for High Grade Gold Project in Canada
    Legally binding term sheet for a 10% farm-in to the Eagle Gold Project is not yet a final agreement; the small stake costs £170k cash plus shares at 0.155p, with grades and drilling still historic.
    Large acquisition / reverse takeover £0.2m · 10% of mcap +0.0% on the day
    Moved: new: Eagle Gold Project farm-in – Binding term sheet signed; agreement pending

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