UK small-cap RNS · 26 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.

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

Sort: Newest · Largest companies

17:45

Evoke EVOK £190m
Response to the UK Budget
UK Budget lifts Remote Gaming Duty from 21% to 40% in April 2026 and sets a 25% online sports betting duty from April 2027, adding £125-135m annual cost before mitigation. This ends the recent run of growth and guidance reiteration.

Upgrade / downgrade cycle £130.0m · 69% of mcapoutlook negative, loweredfirst since Oct 2023 −21.7% on the day

Moved: new: UK gambling duty increases – Budget announced; mitigation plans starting immediately · Turnaround and profitability drive: Fifth growth quarter; guidance reiterated → Disrupted; medium-term targets withdrawn
17:00

Litigation Capital Management Limited LIT £0.4m
Strategic Review Update
Review is progressing with credible counterparties and could yield a transaction better than the run-off, with the secured lender granting covenant relief, though no transaction is certain.

Sale process / strategic review outlook mixed −5.0% on the day

Moved: new: Strategic review – Talks with credible counterparties; lender covenant relief
07:01

Energean ENOG £1,358m
Energean Israel 3Q 2025 Accounts
Energean Israel's nine-month accounts show the effect of the June 2025 FPSO suspension: revenue fell to $845m from $975m and net profit to $206m from $297m. Net cash from operations also dropped, and gas volumes slipped to 4.0 bcm.

Upgrade / downgrade cycle −0.2% on the day

Moved: Israel production disruptions: Q3 output recovered; 9M still down 3% → Suspension ended 25 June; ceasefire announced October
07:00

Elementis ELM £1,023m
Elementis acquires personal care specialist
Completes a small bolt-on in natural personal care rheology ingredients, adding complementary products to the hectorite range, in line with the Elevate Elementis strategy of disciplined bolt-ons.

Turnaround plan with targets £17.0m · 2% of mcapfirst since Oct 2023 +0.8% on the day

Moved: Elevate Elementis cost savings programme: on track; further c.$5m savings expected this year → First bolt-on acquisition completed
07:00

Cake Box Holdings CBOX £77m
Half-year Results Results
Revenue (+53.5%) and underlying EBITDA (+33.3%) rose on organic growth and the Ambala acquisition, but underlying PBT fell 4.5% and underlying EPS 11.5% on higher interest and more shares; net debt is now £11.6m.

Project milestones in lineoutlook positive −1.9% on the day

Moved: new: Cake Box store rollout – 9 opened in H1, 4 more since period end · new: Bradford warehouse build – Contractor selected · new: Acquisition debt and net debt – Net debt £11.6m after Ambala acquisition
07:00

Pets at Home Group PETS £1,029m
FY26 Interim Results Results
This is not a profit warning: the interims show H1 underlying PBT down 33.5% (Retail down 84%), but the company says full-year expectations are unchanged while it runs a Retail turnaround.

Turnaround plan with targets below expectationsoutlook mixed +4.8% on the day

Moved: new: Retail turnaround plan – Plan launched; four priorities set · new: CMA vets market review – Provisional findings published; engaging with CMA · new: Pets insurance launch – Building platform; progressing toward regulatory approval
07:00

Kazera Global KZG £17m
Retail Offer Fundraise
Offers existing shareholders up to £300k of new shares at 1.5p, a ~7.1% premium to the 1.4p close, to fund HMS and diamond expansion. Extra 3-for-2 warrants at 2.5p add potential dilution.

Project milestones £0.3m · 2% of mcap +0.0% on the day

Moved: HMS and diamond capacity expansion: Equipment procurement underway; Admission expected 17 November → Extra retail funding offered; upgrades under way · new: Retail Offer and warrants – Retail Offer open; results due 4 December
07:00

Helical HLCL £212m
Results for the Half Year to 30 September 2025 Results
IFRS profit fell to £1.8m from £4.7m and net rental income dropped 30% after disposals, but EPRA EPS edged up to 2.4p and the interim dividend is held at 1.50p.

Project milestones £333.0m · 157% of mcapoutlook positivefirst in 6 months −1.1% on the day

Moved: new: 100 New Bridge Street forward sale – Under construction, sale on track · new: London office development programme – Three schemes under construction for 2026 · new: Paddington office scheme – Preparatory works; lender credit approval obtained
07:00

Energean ENOG £1,358m
Trading Statement & Operational Update Trading update
Nine-month output of 151 kboed sits inside unchanged 145-155 kboed guidance; Cost of Production guidance is cut but net debt guidance rises on higher Israel capex, so the update is balanced.

Project milestones in lineoutlook mixed3 business updates in 3 months – usually less than 1 −0.2% on the day

Moved: Israel production disruptions: Output recovered in Q3 after June suspension → Q3 output recovered; 9M still down 3% · new: Katlan and Irena developments – On time and budget; first gas H1 2027 · new: Egypt concession merger – Advanced negotiations; terms targeted around year-end
07:00

Workspace Group WKP £637m
Portfolio disposal
Completes the sale of three low-conviction buildings for £41.7m at the September valuation, so no write-down on sale. It advances the £200m disposal target within the turnaround strategy.

Disposal of a part (break-up) £41.7m · 7% of mcap +4.2% on the day

Moved: Low-conviction building disposals: £52.4m exchanged or completed of £200m → £94.1m sold or exchanged; several more under offer
07:00

Mobico Group MCG £246m
Q3 Trading Update Trading update
Guidance of £180m-£195m is kept but now expected towards the lower end, because of UK Coach competition, weaker UK Bus passenger numbers and a loss-making WMATA contract; the hybrid is also not redeemed.

Disposal of a part (break-up) outlook mixedfirst in 6 months +0.7% on the day

Moved: FY2025 Adjusted Operating Profit of £180m-£195m excluding School Bus.: pending → delayed – FY2025 adjusted operating profit guidance of £180m-£195m is kept but now expected towards the lower end. · Integrate UK Coach operations with ALSA.: pending → on_track – The Chair cites leveraging ALSA's best practice across the business; UK Coach is still under competitive pressure and has exited loss-making NXTS units. · new: UK Bus asset monetisation – Exploring options; franchising 2027-2029
07:00

Spectra Systems Corporation (DI/REGS) SPSC £82m
Maintenance contract for new sensors
Five-year service agreement adds about $6.7M (about £5.1m) of recurring maintenance revenue over 2026-2030, following the $5.69M authorisation for the first tranche of new sensors. Timing depends on the customer's deployment schedule.

Transformational contract / build-out £5.1m · 6% of mcapfirst since Oct 2023 +0.0% on the day

Moved: new: New-generation sensor rollout and servicing – First tranche authorised; five-year service contract signed
07:00

FIH Group FIH £16m
Results for the Six Months Ended 30 September 2025 Results
Underlying pre-tax loss narrowed to £1.4m from £5.9m as Falkland construction recovered, but Momart weakened, a £4.1m impairment hit and management expects FIC to stay challenging for the rest of the year.

Project milestones £22.6m · 142% of mcapoutlook mixed −2.0% on the day

Moved: new: FIC and Momart turnaround – New management in place, action plans underway · new: Strategic options review – Ongoing; Leyton sale and leaseback completed · new: Falklands 70 houses contract – Delayed; power provided September 2025