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UK small-cap RNS · 22 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. 19:05
    Future Acquires SheerLuxe
    Buys a fast-growing, Gen Z-skewed brand to add growth and new audience to a group with falling organic revenue, folded into the Women and Luxury vertical.
    Turnaround plan with targets first since Oct 2023 +4.6% on the day
    Moved: SheerLuxe acquisition: Acquisition agreed; earn-out capped at £80m total → Announced; founder stays to lead the brand · Growth strategic initiatives roadmap: M&A added; portfolio optimisation under review → M&A used to add audience and growth
  2. 07:42
    Proposed Acquisition, Suspension of Trading
    Only non-binding, conditional Heads of Terms for a share-funded reverse takeover of SSS Matrix, not an agreed deal. It needs due diligence, a prospectus, a fundraising and a Rule 9 waiver, and trading is suspended meanwhile.
    Large acquisition / reverse takeover first since Oct 2023 +0.0% on the day
    Moved: new: SSS Matrix reverse acquisition – Non-binding exclusive Heads of Terms signed
  3. 07:06
    December 2025 Quarterly Activities Report
    Q4 output and AISC met expectations and full-year production was within guidance, but 2026 guidance of 250-275koz at $2,000-2,200/oz AISC means lower output and higher costs than 2025.
    Project milestones in lineoutlook mixed3 signals in 3 months – usually less than 1 −0.2% on the day
    Moved: Doropo project development: Updated DFS published; awaiting mining licence → Updated DFS done; permits and FID awaited · Mali supply chain and operating risk: Syama normal; Mali still unpredictable → Explosives disruption cut sulphide mining; fix planned · Syama Sulphide Conversion Project: On budget; CCIL tanks commissioned → Commissioning and ramp-up ahead
  4. 07:00
    UK Retail Distribution Contract Award
    Repeat WalkTHRU order from a German logistics customer, the seventh deployment, in UK Retail Distribution, the weak market behind the November guidance cut. It adds to the order intake the going-concern case needs, though no value is given.
    Balance-sheet stress / refinancing 4 new orders in 3 months – usually less than 1 −9.5% on the day
    Moved: Going concern and cash runway: Order intake improving; value now disclosed → Order intake improving; this order has no value stated
  5. 07:00
    Acceptance onto Major UK Defence Framework
    Acceptance as a Specialist Provider keeps RC Fornax on a renewed framework after the approved supplier list was cut. It can keep bidding, but no work is guaranteed.
    Transformational contract / build-out outlook positive +4.2% on the day
    Moved: Post-SDR contract and framework pipeline: Follow-on extensions emerging from earlier project wins → Accepted as Aurora Evolve Specialist Provider
  6. 07:00
    Compulsory Partial Redemption
    Returns US$143.4m (about 94.41c a share, c.46% of shares) pro rata after the vessel sales, handing cash to shareholders. It is conditional on approval at the 27 January general meeting.
    Capital return £106.9m · 207% of mcap −0.9% on the day
    Moved: Partial compulsory redemption return: Price fixed at 94.41c; circular issued → Terms set; record date 30 Jan, payment c.13 Feb
  7. 07:00
    Acquisition of SheerLuxe
    Bolt-on buy of a 40%-margin, fast-growing Gen Z brand at 7.8x LTM EBITDA adds growth to a group with falling organic revenue; leverage is stated to return to 1.1x by September 2026.
    Turnaround plan with targets £39.9m · 16% of mcapoutlook positive +5.8% on the day
    Moved: new: SheerLuxe acquisition – Acquisition agreed; earn-out capped at £80m total · Share buyback programme: New £30.0m programme announced → Fifth £30m programme continues alongside acquisition · Growth strategic initiatives roadmap: 12 initiatives launched, early results encouraging → M&A added; portfolio optimisation under review
  8. 07:00
    Trading and Operations Update
    Production of 5,398 boepd matched guidance, and 2026 guidance is raised to 5,200-6,400 boepd. Year-end cash of c.$40m doubled after a $20m EGPC payment, and receivables fell to $7.4m, so this is better than merely in line.
    Disposal of a part (break-up) in lineoutlook positive, raised +0.2% on the day
    Moved: Vietnam six-well drilling programme: Two rigs running; first TGT well on production → Two TGT infills on production; three wells under way or pending · Egypt concession and work programme: EGPC approved; fiscal terms effective 5 October → Rig secured; preparations under way · Blocks 125 & 126 farm-in: Formal process continues, encouraging interest → Advanced-stage discussions with potential partners
  9. 07:00
    Trading update for the year ended 31 December 2025 Trading update
    FY2025 revenue of c.$128.5m and adjusted EBITDA of c.$41m beat the stated consensus of $127.5m and $39.8m, with growth led by Digital Wallets & A2A and Bundling.
    Capital return ahead of expectationsoutlook positivefirst in 12 months −2.6% on the day
    Moved: FY2025 revenue growth at least in line with underlying H1 rate of 27%.: pending → on_track – FY2025 revenue growth was c.29%, or c.27% at constant exchange rates, matching the target of at least 27%. · Organic revenue growth exceeding 20% CAGR over the medium term.: pending → on_track – Management reaffirms its medium-term guidance of organic revenue growth above 20% CAGR, after c.27% growth at constant exchange rates in FY2025. · Adjusted EBITDA margin above 30% with progressive accretion from 2026.: pending → on_track – Management reaffirms adjusted EBITDA margin above 30%, accreting from FY2026. The FY2025 margin was c.32%, after the FX-cost methodology change.
  10. 07:00
    Fourth Quarter 2025 Company Update
    Q4 shows a clear step up: Saltfleetby gas sales rose about 19% and revenue about 28%, with Brockham also higher, reversing the weaker Q3 revenue.
    Balance-sheet stress / refinancing £4.1m · 28% of mcapoutlook mixed +0.0% on the day
    Moved: Debt restructuring and going concern: Long-form term sheets being prepared; shares suspended → Positive talks ongoing; shares remain suspended · new: Saltfleetby well workovers – B2 done and flowing back; B7 phase 2 under way
  11. 07:00
    Placing and Subscription to Raise £4 Million Fundraise
    Raises £4m at 1.3p, the prior day's closing mid-price, so no discount. Funds a 16,000m infill programme at Redmoor towards a PFS, easing low cash (US$0.78m), but adds about 13% new shares.
    Project milestones £4.0m · 3% of mcapahead of expectationsoutlook positivefirst in 9 months +15.4% on the day
    Moved: Redmoor drilling and MRE update: Nine holes drilled; assays from three received → Funded; infill drilling expected to start this quarter
  12. 07:00
    Final Results Results
    Audited FY25 confirms the October pre-close: revenue up 27% to £6.0m, gross margin 57%, EBITDA £1.0m against break-even and first positive EPS in many years, so a clear turn to profit.
    Segment turn outlook positivefirst since Oct 2023 +4.5% on the day
    Moved: Medium-term revenue doubling target: FY26 orders boost path to £10m+ → Q1 FY26 revenue up almost 40%; target reiterated · New North American energy customer: initial £1.75m orders received → £1.75m orders in hand; trials ongoing
  13. 07:00
    Trading Update, Quarterly Results & Dividend Results
    Quarter shows a $3.2m net loss on a smaller fleet, but TCE earnings rose to $14,177 per day and bank debt stays at zero. The fleet underperformed both benchmark indices.
    Disposal of a part (break-up) outlook mixed3 signals in 3 months – usually less than 1 −0.9% on the day
    Moved: Managed realisation vessel sales: 21 sales in period; eight owned vessels, falling to seven → 50 disposals executed; one sale still to complete · Partial compulsory redemption return: c.$150m distribution planned; circular due January 2026 → Price fixed at 94.41c; circular issued · Strategic options review 2026: Options under consideration after the capital return → Pending the return of capital
  14. 07:00
    Trading Update Trading update
    FY25 revenue of £92.2m is below the £95.0m consensus, while Adjusted EBITDA of £7.2m is above the £7.0m consensus. The company calls this 'in line', but the revenue shortfall and subdued Public Sector sales temper the read.
    Turnaround plan with targets £50.0m · 450% of mcapin linefirst in 7 months +0.0% on the day
    Moved: new: Transformation programme – Ongoing, cost benefits being realised
  15. 07:00
    Q4 Trading Update Trading update
    Confirms FY25 adjusted PBT will fall within the consensus range of £46.8m-£50.7m, as already guided in October, after a year of volume-led growth, so no change but no slippage.
    Segment turn in lineoutlook positive +3.8% on the day
    Moved: Design & Installation recovery: Fourth quarter of order growth; LFL delivered sales positive → Ordered sales up five quarters; delivered sales up three · Store openings and SaaS investment: Two stores opened in Q3; two more due in Q4 → Five new stores in 2025; 83% of estate in new format

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