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UK small-cap RNS · 14 Jan 2026

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. 13:13
    Holding(s) in Company Holding
  2. 07:00
    Complementary strategic expansion
    Adds a capital-light critical and precious metals strategy beside gasification, aimed at earlier cash flow, with lenders supportive. No asset is named yet, and the company still depends on creditors.
    Turnaround plan with targets outlook mixedfirst since Oct 2023 +54.5% on the day
    Moved: Cost reset and leadership overhaul: New executive team in place; cuts under way → Metals expansion announced; pipeline under evaluation · new: Debt restructuring with lenders – Advanced discussions; no certainty of terms
  3. 07:00
    Trading Update and Update on move to Main Market Trading update
    Not an upgrade: FY25 margin of ~34% is below the ~35% guided in October. Only the FY26 aim of a return towards 40% is restated, so guidance is not raised.
    Turnaround plan with targets outlook positive −3.0% on the day
    Moved: Progress to 45% Adjusted EBITDA margin over the plan period to end-2026.: on_track → changed – The 2026 margin aim is now 'towards 40%', short of the 45% plan target. · Main Market listing move: Committed; timing not yet given → Timetable set; admission 5 March 2026 · Growth Transformation Plan execution: Margin trimmed; revenue momentum building → FY25 margin ~34%; recovery to ~40% targeted 2026
  4. 07:00
    Half-year Results Results
    Reported PBT slipped to £8.47m from £8.77m on slightly higher revenue, as guided, because of defence order timing; excluding derivative effects profit rose to £9.28m and the interim dividend was raised to 6p.
    Disposal of a part (break-up) outlook positivefirst in 6 months −2.5% on the day
    Moved: new: Disposal of non-core divisions – Financial buyer interest received; trade buyers next · new: Defence US and European expansion – US support facility established; Poland investment under way · new: Forgings MLA programme ramp-up – Initial deliveries to MLA under way
  5. 07:00
    Final Results Results
    Record FY25 with PBT up 43% to £16.2m, marginally ahead of market expectations, driven by gold price and all four income streams; dividend raised 43% including specials.
    Upgrade / downgrade cycle ahead of expectationsoutlook positivefirst in 7 months −1.2% on the day
    Moved: new: New store opening programme – Wakefield opened; three in shop fit · new: FY26 operating cost inflation – cost increases flagged for FY26
  6. 07:00
    Year End Trading Update Trading update
    Sales programme has cut drawn debt to £34.3m, but 2025 sales were only £8.0m, occupancy and contracted rent fell, and the three-year timeframe may need extending.
    Sale process / strategic review £26.9m · 50% of mcapoutlook mixed −1.5% on the day
    Moved: new: Orderly portfolio sales programme – Year two of three; debt £34.3m · new: Possible sale of entire portfolio – Open to exploring; nothing active stated · new: Re-letting of vacated units – Lettings at advanced stages in legals
  7. 07:00
    Trading update Trading update
    Strong second half performance, full year profit growth
    Transformational contract / build-out in lineoutlook mixedfirst in 9 months −9.0% on the day
    Moved: Deliver year-on-year profit increase in FY25: on_track → delivered – FY25 adjusted PBT of about £270m is up on FY24's £263.5m, in line with expectations; full results due 4 March 2026. · Reduce net debt year-on-year at 31 December 2025: on_track → delivered – Year-end net debt of c.£145m is down from £180.7m a year earlier. · Keep FY25 Open Market and Partner Funded volumes similar to FY24: pending → missed – Completions fell: Partner Funded down c.8% to c.11,600 and Open Market down c.11% to c.4,100, so volumes were not similar to FY24.
  8. 07:00
    Trading Statement Trading update
    Outflows narrowed to £1.0bn from £1.6bn a year earlier and two institutional mandates were funded, but retail outflows of £1.3bn continue and AuMA is down from £22.0bn at 30 September.
    Upgrade / downgrade cycle outlook mixed +2.6% on the day
    Moved: Institutional mandate wins: Won, awaiting funding → Two mandates funded, £330m institutional inflows (closed) · Net outflows and return to inflows: Net outflows continue, inflows delayed → Outflows narrowed but retail outflows persist · Share buyback programme: Launched, buying via Panmure Liberum → Ongoing, management cites continued buy backs

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