UK small-cap RNS · 28 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.

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

07:00

Prospex Energy PXEN £26m
Italy: Selva Malvezzi Production Concession
PM-1 output held at about 80,000 scm/d and the 3D survey finished on time and under budget, but the weighted gas price fell to €0.33 and net revenue to €851,594, so cash flow is slipping.

Project milestones outlook mixed5 signals in 3 months – usually about 2 +0.0% on the day

Moved: Selva Malvezzi development wells and 3D: 3D survey completed; JV payments up to date → 3D acquired; processing; EIA under update
07:00

Pulsar Helium Inc PLSR £144m
Completion Jetstream 5 & Mobilization Jetstream 6
As reported earlier (news releases January 9, 2026 & December 8, 2025) multiple pressurized gas influxes were encountered at depths of 837 feet (255 meters), 1,481 feet (451 meters) and 2,857 feet (871 meters).

Project milestones outlook mixed −1.9% on the day

Moved: Topaz multi-well drilling campaign: Jetstream #5 drilling; testing planned February → Jetstream #5 done but stuck pipe; #6 drilling
07:00

Boohoo Group DEBS £400m
Trading Update Trading update
FY26 Adjusted EBITDA guidance rises to £50m from about £45m on Debenhams momentum, better Youth Brands and faster transformation, extending the turnaround story.

Upgrade / downgrade cycle £50.0m · 13% of mcapahead of expectationsoutlook positive, raisedfirst since Oct 2023 +5.5% on the day

Moved: Marketplace turnaround: Under way; all brands EBITDA-profitable → Ahead of plan; all brands profitable; PLT turnaround · Disposals and warehouse exits: Daventry exited; Burnley sale in process → Non-core sales advancing; PLT removed from sale
07:00

FDM Group (Holdings) FDM £113m
Trading Statement Trading update
FY25 profit lands within analyst range (£13.5m-£14.4m), but revenue fell 31% to £178m and cash dropped to £35m. Activity is picking up into early 2026, which offsets the weak year.

Segment turn outlook mixed +12.2% on the day

Moved: Consultant demand and utilisation recovery: Early pick-up; training volumes cautiously raised → Activity uptick continuing into early 2026
07:00

Hargreaves Services HSP £265m
Half-year Results Results
Interim PBT rose to £14.3m from £5.3m on Services growth, and the Board now expects Services to beat market expectations (PBT +4% group, revenue +6% in Services), so the full year should come in ahead.

Project milestones £15.0m · 6% of mcapahead of expectationsoutlook positive, raisedfirst since Oct 2023 +6.6% on the day

Moved: Renewable energy land asset disposals: First tranche sold; top-up due by Sept 2029 → First tranche sold, £8.8m cash received · new: Tender offer returning up to £15m – Announced; details to follow · new: CEO succession – Announced; handover planned
07:00

Franchise Brands FRAN £289m
Trading Update Trading update
Confirms FY2025 Adjusted EBITDA in line with the £33.8m-£35.3m expectations, repeating the November message; record System sales but subdued project work, so no change to the story.

Capital return £10.0m · 3% of mcapin lineoutlook mixedfirst since Oct 2023 +1.3% on the day

Moved: One Franchise Brands IT rollout: One Finance and One CRM rolling out → Good progress reported; rollout continuing · new: Share buy-back programme – Intention announced, subject to consents
07:00

Fadel Partners Inc FADL £4.9m
2025 Trading Update and FY 2026 Outlook Trading update
Revenue and LBITDA met expectations and cash beat them, but revenue fell 4% and cash fell 27% to $1.9M. Growth rests on ARR, much of it added late in Q4.

Turnaround plan with targets in lineoutlook positive +0.0% on the day

Moved: new: Cost restructuring and path to profitability – LBITDA down to $0.8M; FY26 loss reduction guided
07:00

Colefax Group CFX £68m
Half-year Results Results
for the six months ended 31 October 2025

Upgrade / downgrade cycle 10% of mcapahead of expectationsfirst in 6 months +15.9% on the day
07:00

Malvern International MLVN £2.8m
Contract win: London Metropolitan University
Exclusive 15-year partnership adds a new university pathway centre from September 2026, with fees largely collected in advance; Malvern expects it to be cash flow positive and profitable in the year to 30 September 2027.

Transformational contract / build-out outlook positivefirst in 8 months +2.0% on the day

Moved: new: London Met University partnership – Signed; launch September 2026
07:00

Pets at Home Group PETS £1,029m
Q3 FY26 Trading Statement Trading update
Q3 sits within expectations and FY26 underlying PBT is guided in line with consensus (£93m, range £90-97m). After a weak H1 this confirms the guidance, with Vet strong and Retail improving sequentially.

Turnaround plan with targets in lineoutlook mixedfirst since Oct 2023 +5.4% on the day

Moved: Retail turnaround plan: Permanent CEO named to lead turnaround → Sequential Retail improvement; price cuts implemented
07:00

Metals Exploration MTL £498m
Quarterly Update to 31 December 2025
Record FY2025 revenue and free cash flow, helped by a realised gold price of US$3,995/oz in Q4. This leaves the company debt free and funds La India from Runruno cash flow.

Project milestones outlook mixed −1.7% on the day

Moved: La India construction: 24% complete, ahead of schedule; first gold Q4 2026 → 33% complete, ahead of schedule, within revised budget · Runruno typhoon recovery: Mains power restored, processing restarted 14 November → Recovered; FY2025 outcome reported (closed) · new: Runruno end of mine life – FY2026 guidance lower; Dupax extension ruled out
07:00

PayPoint PAY £418m
Trading update for the three months ended 31 December 2025 Trading update
The company only says it is on track to meet FY26 expectations and deliver record profits. Nothing is raised, so this confirms the November guidance after the delayed £100m EBITDA target.

Turnaround plan with targets in lineoutlook mixed +14.8% on the day

Moved: Cut share capital by at least 20%, later circa 30%, by FY28 via at least £30m a : pending → on_track – Buyback continues, with £17.2m spent by 26 January 2026 against the at least £30m a year and 20% equity reduction target. · Grow dividend cover to over 2.0 times earnings: pending → on_track – The company restates its plan to lift dividend cover above 2.0 times earnings by FY28. · InPost/Yodel network harmonisation impact: Impact greater than anticipated → Disruption navigated; volumes recovering over peak
07:00

Next 15 Group NFG £330m
Trading Statement Trading update
Confirms FY26 in line with market expectations (revenue £450m, adjusted operating profit £66.6m), repeating the November message; the company calls trading robust and gives no upgrade.

Disposal of a part (break-up) in lineoutlook positivefirst in 12 months −0.7% on the day

Moved: Deliver solid trading performance in FY26 despite Mach49 contract loss.: pending → on_track – Group trading is described as robust and in line for FY26, with no problem from the Mach49 contract loss mentioned. · Increase AI investment by £5m and invest in other medium to long-term growth are: pending → changed – The FY27 growth investment is now sized at £4m-£6m, partly offset by cost efficiencies, with details due at the Capital Markets Day. · Portfolio review and simplification: Portfolio review ongoing; Capital Markets Day scheduled → Review concluding; simplification to continue in FY27