UK small-cap RNS · 12 Dec 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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07:01

Capita CPI £356m
Trading Statement Trading update
Full-year divisional growth is trimmed (Public Service now slightly below mid single digit, Contact Centre down a high teen %), but margin, free cash flow, debt and medium-term targets are unchanged and £250m savings are delivered.

Disposal of a part (break-up) outlook mixedfirst in 2 years −1.1% on the day

Moved: Deliver £250m annualised cost savings by December 2025: pending → delivered – Company states it has delivered its targeted £250m of annualised cost savings. · Achieve positive free cash flow from end of 2025: changed → on_track – Guidance on free cash flow, including the £14m ICO settlement, is stated as unchanged. · Reach 6%-8% adjusted operating margin in the medium term: pending → on_track – Medium-term targets, including the margin target, are stated as unchanged.
07:00

Filtronic FTC £539m
Half year trading update Trading update
Board expects full-year FY2026 in line with market expectations (revenue £55.5m, EBITDA £10.9m consensus), backed by H1 contract wins. Guidance is confirmed, not raised.

Transformational contract / build-out £13.4m · 2% of mcapin lineoutlook positivefirst since Oct 2023 +0.7% on the day

Moved: new: European defence prime contract – Contract secured; delivery ahead · new: SpaceX E-band GaN contract – Largest-ever contract awarded; first deployment · 550W Ka-Band SSPA development: NSIP funding awarded; development starting → £1.2m funding awarded; development under way
07:00

Card Factory CARD £296m
Trading Statement Trading update
UK store sales in the key Christmas period fell below expectations, so FY adjusted PBT is now guided to £55m-£60m. Management cites weak consumer confidence and soft high street footfall.

below expectationsoutlook negative, loweredfirst since Oct 2023 −27.4% on the day

Moved: Full-year FY24 adjusted profit before tax at top of market expectations range.: pending → missed – Guidance for FY adjusted PBT is cut to £55m-£60m after weaker UK store sales, so the earlier top-of-range expectation will not be met. · Funky Pigeon acquisition earnings enhancing in the year ending January 2027.: pending → on_track – Management says Funky Pigeon integration is on track. · Progressive dividend with cover of 2x to 3x adjusted EPS.: pending → on_track – Board still expects a progressive full-year dividend in line with its capital allocation policy.
07:00

Tribal Group TRB £216m
Trading Update Trading update
Adjusted EBITDA is now expected ahead of consensus (£15.5m) and revenue comfortably in line, driven by strong H2 in SIS and Etio's return to growth.

ahead of expectationsoutlook positive, raisedfirst since Oct 2023 +5.6% on the day

Moved: new: Higher Education subscription pricing roll-out – progressing well; large proportion on subscription
07:00

Audioboom Group BOOM £85m
Flash November Trading Update Trading update
November was the best month on record, with revenue of US$9.1m gearing strongly to adjusted EBITDA, backed by record downloads and ad inventory in the seasonally strongest quarter. It supports the business during the ongoing strategic review.

outlook positive +4.9% on the day