UK small-cap RNS · 24 Mar 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

16:45

Seascape Energy Asia Plc SEA £76m
Proposed Equity Fundraise Fundraise
Raises about £4m at 70p, a 12.5% discount to the 80p close, issuing up to 10% new shares to fund the Temaris, DEWA and Block 2A growth plans; dilutive, with some directors subscribing.

Project milestones £4.0m · 5% of mcapoutlook positivefirst since Oct 2023 −5.0% on the day

Moved: Temaris block gas development: Independent CPR upgraded prospective resources → Fundraise to fund development; farm-out targeted H1 2026 · new: Equity fundraise at 70p – Bookbuild launched; retail offer to follow
16:37

Optima Health OPT £265m
Irish FDI Clearance & Expected Acquisition of PAM
Clearance of the Irish FDI condition makes the c.£100m debt-funded PAM deal unconditional, with completion due around 26 March. Positive for scale, but £70m of new bank debt plus the £35m open offer follow.

Large acquisition / reverse takeover £100.0m · 38% of mcap −0.5% on the day

Moved: PAM Healthcare acquisition: Signed; awaiting completion; CFO handover planned → Unconditional; completion expected on or around 26 March
16:30

Faron Pharmaceuticals Oy FARN £66m
Holding(s) In Company Holding
12:00

Touchstar TST £5.6m
Director/PDMR Shareholding Director dealing
07:05

Xaar XAR £130m
Final Results Results
Results confirm the January trading update, and 2026 is only said to be in line. Guidance is not raised again, so 'upgrade' overstates it.

Segment turn in lineoutlook positivefirst in 7 months +3.4% on the day

Moved: New applications beyond ceramics: Contributing to 2025 revenue; timing uncertain → Wax breakthrough achieved; other applications progressing · new: Dongguan ink-delivery facility – Facility opened in 2025 · new: EPS turnaround – New management; revenue fell 10% in 2025
07:00

Hardide HDD £94m
AGM Trading Statement Trading update
The Board only says it is well positioned to deliver the full-year expectations already upgraded on 26 February; the new H1 figures are strong, but the guidance is confirmed, not raised again.

Segment turn ahead of expectationsoutlook positive +4.7% on the day

Moved: New North American energy customer: Third order tranche won; framework talks under way → Framework arrangement being worked on · Medium-term revenue doubling target: First milestone now expected ahead of target in FY26 → H1 FY26 revenue up over 50%
07:00

Fevertree Drinks FEVR £1,035m
FY25 Preliminary Results to 31 December 2025 Results
Ex-EPR EBITDA of £45.2m matches January guidance and 2026 expectations hold. But reported EBITDA fell 16% to £42.4m after a new £2.8m EPR provision, and the US transition cut margin.

Segment turn £375.3m · 36% of mcapin lineoutlook positivefirst in 6 months +7.0% on the day

Moved: Molson Coors US distribution transition: Transition progressing to plan, marketing upweighted → Largely embedded; about 400 regional distributors · UK EPR levy provision: Unprovided; engaging with Environment Agency → Legal challenge launched; £2.8m provision booked
07:00

Henry Boot BOOT £195m
Final Results Results
2025 profit of £29.1m matches the guidance and consensus given in January, helped by record plot sales. It still fell year on year, Stonebridge Homes lost £9.2m and net debt rose to £108.0m.

Disposal of a part (break-up) in lineoutlook mixedfirst in 6 months −0.6% on the day

Moved: 2026 earnings reset: 2026 profit guided significantly below consensus → Company says 2026 expectations achievable, H2-weighted · Stonebridge Homes MD succession: MD replaced; reset and cost savings under way → Integration continuing; sales rates improving
07:00

Zephyr Energy ZPHR £65m
Operations Update
Update shows Q4 non-operated output up, further non-core disposals that speed payback on the acquisition, and Paradox pipeline inspection work under way. First gas is still undated.

Project milestones outlook positive −1.5% on the day

Moved: Paradox project first gas: Enbridge framework agreed; marketing/farm-in proposals received → Enbridge in-line pipeline inspection under way · Paradox marketing / farm-in partner: Multiple proposals received, no guarantee of a deal → Indicative non-binding proposals received · Non-operated portfolio growth partnership: Six-month term extended; about $2.5m committed of $100m → US$2.5m of approved investments through US$100m partnership
07:00

Distil DIS £1.2m
Trading Update Trading update
Q4 revenue is significantly below forecast and full-year revenue is materially below market expectations. The loss will be bigger than expected, and the company states no offset beyond higher sales to end customers.

Sale process / strategic review below expectationsoutlook negative, loweredfirst since Oct 2023 −55.6% on the day

Moved: Blackwoods Brand Home opening: Opening due by end of January → Opened; 5* Google reviews, early revenue (closed) · Blavod US relaunch: TTB approval received; ready to ship → Delayed by CBMA submission; Q1 FY27 expected · September 2025 equity fundraise: Proceeds used for stock, packaging, EU set-up, Brand Home → Proceeds insufficient; new short-term funding need
07:00

Chesnara CSN £775m
Final Results Results
FY2025 shows growth in operating capital generation, cash remittances, adjusted operating profit and solvency, and a 6% higher final dividend. IFRS profit before tax slipped to £19m from £21m.

Large acquisition / reverse takeover £247.0m · 32% of mcapoutlook positivefirst in 6 months −2.8% on the day

Moved: Scottish Widows Europe acquisition: Agreed; completion expected around end 2026 → Agreed; completion expected around end 2026
07:00

YouGov YOU £314m
Results for the six months to 31 January 2026 Results
The £52-56m FY26 adjusted operating profit range was already guided; it is restated, now explicitly including £6m of incremental Shopper investment. That is a confirmation, not a raise, after H1 profit fell 20%.

Capital return in lineoutlook mixedfirst in 2 year −11.6% on the day

Moved: FY26 modest revenue growth and adjusted operating profit of £52-56m: pending → on_track – FY26 adjusted operating profit guidance of £52-56m reiterated, including £6m incremental Shopper investment, alongside modest revenue growth. · Recruit a new permanent CEO: pending → on_track – The Board has started the CEO search, with Shakespeare staying until the business is positioned for its next stage. · Appoint a new independent Non-Executive Director: pending → changed – Rather than adding a NED, the Board is shrinking: one NED leaves now and another will not stand for re-election.
07:00

KEFI Gold and Copper KEFI £91m
Result of RetailBook Offer
Retail investors take 78.5m new shares at 1.2p, the same price as the c.15% discounted Placing. It adds a little more dilution on top of December's issue and depends on shareholder approval.

Project milestones £0.9m · 1% of mcap −5.1% on the day

Moved: Tulu Kapi project financing and construction: Placing priced; first tranche settles 24 March → Retail offer closed; awaiting General Meeting approval
07:00

The Mission Group TMG £23m
Final Results Results
These are the final results confirming the profit warning already given in January, not a new warning. Continuing headline operating profit fell to £5.1m from £7.6m, and the dividend stays paused.

Turnaround plan with targets £68.5m · 300% of mcapoutlook mixed −22.2% on the day

Moved: Agency consolidation and simplification: Consolidation announced; savings to be delivered → Restructure implemented; savings target raised to £4.0m · new: Debt reduction and dividend restart – Total debt at historic low; dividend paused
07:00

Niox Group NIOX £279m
Final Results Results
Full-year figures confirm the January trading update: revenue +17% to £48.7m and adjusted EBITDA +21% to £16.7m, with cash up to £19.9m and a higher final dividend. Clinical growth was only 7%, and Research drove the beat.

Project milestones £48.7m · 17% of mcapoutlook positive +8.5% on the day

Moved: NIOX PRO device rollout: Launched; first sale December 2025 → Launched; first sale December 2025; approvals pending · US direct sales transition: Transition under way → Direct sales team added alongside distributors · new: NIOX MyNO home-use device – Early-stage development
07:00

Real Estate Investors RLE £54m
Final Results Results
Underlying profit slipped to £2.9m and NTA fell to 49.1p, but the pre-tax loss narrowed to £0.8m, the dividend is covered and debt is falling; asset sales are running slower than planned.

Sale process / strategic review £8.0m · 15% of mcapoutlook mixed, loweredfirst in 6 months −1.7% on the day

Moved: Orderly portfolio sales programme: Year two of three; debt £34.3m → Year three; slower than planned; extension may be needed · Possible sale of entire portfolio: Open to exploring; nothing active stated → Board open to all options; nothing active · Re-letting of vacated units: Lettings at advanced stages in legals → Pipeline in legals; strong occupier interest
07:00

Ultimate Products ULTP £40m
Half-year Results Results
Continued focus on strengthening our commercial function to help drive future growth

Turnaround plan with targets ahead of expectationsoutlook mixed +2.7% on the day

Moved: Move from Main Market to AIM: Shareholders approved; admission expected mid-January → Completed; listing now on AIM (closed) · new: Commercial function overhaul – Restructuring under way; clearance closed, promotions made
07:00

Gemfields Group Limited GEM £56m
GGL Trading Statement to 31 December 2025 Trading update
Gemfields expects a loss for 2025, though smaller than 2024, and calls it a difficult year. PP2 final commissioning is now delayed well into H1 2026, and deleveraging is the priority.

Project milestones outlook mixed, loweredfirst in 6 months −2.5% on the day

Moved: MRM second processing plant: Final commissioning, materially on budget → Producing rubies since Sept 2025; commissioning delayed