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UK small-cap RNS · 29 Apr 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. 16:53
    Appointment of Administrators over UK Subsidiary
    Failure to secure urgent funding has put the UK operating subsidiary into administration. The group can no longer trade, and the Company expects to need more funds soon.
    Cash shell / net cash above market value outlook negative, lowered4 signals in 3 months – usually less than 1 −0.0% on the day
    Moved: Cash runway and funding: Funding failed; subsidiaries entering insolvency → UK subsidiary in administration · AIM cash shell status: Suspended; becomes cash shell on administrator appointment → Cash shell confirmed; shares suspended
  2. 16:23
    Holding(s) in Company Holding
  3. 12:12
    Final Results - Replacement Results
    Audited FY2025 results confirm the January update: EBITDA up 202% to £1.5m, free cash flow £3.7m and a 20% dividend rise. The drawback is ARR growth slowing to about 15% in 2026.
    Upgrade / downgrade cycle outlook mixedfirst since Oct 2023 −8.3% on the day
    Moved: Bolt-on acquisition search: Limited progress; valuation expectations mismatched → Limited progress; valuation expectations mismatched · ARR growth slowdown: 2026 growth moderated to about 15% → 2026 ARR growth moderated to about 15%
  4. 07:13
    Operational Update
    First deliveries are now guided for May, ahead of the earlier end-Q2 date, with only a four-day delay. But the stated ramp (2,500tpm by June, 7,500tpm full capacity by end-2026) looks lower than the earlier 6,000 to 15,000tpm targets, and there is still no revenue.
    Project milestones outlook mixed, lowered4 signals in 3 months – usually less than 1 −4.0% on the day
    Moved: DMS Plant production ramp-up: Restart under way; stockpile moving to plant → Plant reconfiguration nearing completion; first deliveries imminent
  5. 07:01
    Final Results Results
    Cash of $277.1m and runway to end-2028 are solid, and the cost base is set to shrink. Against that, the Celea financing is still not closed and has slipped to early Q3 2026.
    Project milestones outlook mixedfirst in 7 months −4.2% on the day
    Moved: Maintain at least three years of operating cash runway: pending → on_track – Runway is stated as at least through end-2028, including expected participation in Founded Entity fundraisings. · Close Celea financing by H1 2026 (originally early 2026): on_track → delayed – Target close moves from H1 2026 to early Q3 2026. Commitments are non-binding and negotiations continue. · Significantly reduce operating expenses in 2026 as Celea and Gallop become indep: pending → on_track – The company again expects significantly lower burn after Celea's financing, as the Celea team transfers to the externally funded entity.
  6. 07:00
    Drilling Results Results
    Excellent copper grades, thickness and continuity of mineralisation at Agadir Melloul
    Project milestones ahead of expectationsoutlook positive −2.1% on the day
    Moved: Agadir Melloul resource and mine development: Drilling at 1,200m/month; first assays imminent → First assays reported; JORC due Sept 2026
  7. 07:00
    Q1 2026 Quarterly Activities and Cash Flow Report
    Quarterly report shows Phase 2 HY-Range sampling finished on budget, cash up to A$3.314m after Molyhil proceeds and no new shares issued, with Phase 2 results and seismic details due in Q2.
    Project milestones outlook positive +8.3% on the day
    Moved: HY-Range hydrogen and helium exploration: Seismic planning nearing completion; acquisition mid-2026 → Phase 2 sampling done; results and seismic tender pending · Alford East copper-gold plan: Retained; copper, gold and REE focus maintained → Retained; board seat added at EnviroCopper
  8. 07:00
    Unaudited Results for the Year Ended 31 Dec 2025 Results
    FY25 revenue fell to £1.7m from £13.9m, with an operating loss of £9.1m against a prior profit, after weak Eroxon repeat sales. The revenue figure only slightly beat the £1.3-1.4m guided in September.
    Sale process / strategic review £1.7m · 71% of mcapahead of expectationsoutlook mixed, loweredfirst in 7 months −31.5% on the day
    Moved: Going concern and funding: Milestone now expected before end Q2 2026 → Milestone disputed; runway to June without it · Strategic review and turnaround: Review to conclude Q1 2026 → Review complete; new strategy set out
  9. 07:00
    March 2026 Quarterly Report
    Quarterly report with no new financials; it recaps the completed DFS (NPV8 US$2.2bn, capex US$727M), the upgraded resource and the two non-binding offtake MOUs, so the quarter's story is positive but financing is still to be secured.
    Project milestones outlook positive4 signals in 3 months – usually less than 1 +0.0% on the day
    Moved: Kasiya project financing with IFC: DFS done; IFC co-lead arranger role → DFS done; financing still to be secured · Kasiya heavy rare earth by-product: Excluded from DFS; evaluation underway → Excluded from DFS; evaluation underway · Kasiya graphite marketing agreement: Non-binding MOU, now cited in DFS → Non-binding MOU; seeking binding terms
  10. 07:00
    Final Results Results
    Net debt rose to US$541.5m and the June 2025 and December 2025 coupons remain unpaid pending licences. The maturity extension to 2030 is not mentioned in this announcement, so the refinancing risk remains open.
    Balance-sheet stress / refinancing outlook mixedfirst since Oct 2023 −22.3% on the day
    Moved: Delayed SSN and SUN coupon payment: In-principle agreement with Ad Hoc Group; licences pending → Coupons still unpaid; licences applied for · Stepnoy Leopard field development: Strategy review underway; no sanction yet → Review ongoing; no development sanctioned · Chinarevskoye drilling and workovers: Well 116_1 on production since 21 Nov 2025 → Well 116_1 producing; review underway
  11. 07:00
    Final Results Results
    Revenue, EBITDA and net assets fell and production missed, but the loss narrowed, net debt fell to £4.3m and cash rose to £7.6m on G&A savings and the land sale.
    Disposal of a part (break-up) outlook mixedfirst in 1 year −0.6% on the day
    Moved: Croatian geothermal sale (IGeoPen): Agreement signed; awaiting completion → Agreement signed; completion expected H2 2026 · Singleton gas-to-wire project: Delayed; plant installed, awaiting grid connection → Under way; £2.6m capex to complete · Stockbridge water disposal fix: Conversion under way → Conversion of well under way
  12. 07:00
    Trading Update Trading update
    FY26 Adjusted EBITDA of at least $3.8m and revenue of $42.3m match consensus, so the cost-cut turnaround is delivered but with no upside. Cash of $3.2m is above the $2.5m consensus.
    Turnaround plan with targets in lineoutlook positivefirst since Oct 2023 +4.3% on the day
    Moved: Post-restructuring turnaround: Cost savings complete; board refresh under way → Savings delivered; board succession being finalised · Two major studio RFP wins: Selected; initial orders received → On-boarding; volumes too early to determine · Fast Track and AI workflows: First premium projects delivered → Early stage; growing quarterly demand, incl. sports
  13. 07:00
    Mining Right Application Accepted
    Neo Energy Metals plc (LSE/A2X: NEO) (the "Company"), the uranium and gold development company, is pleased to announce that its South African subsidiary, Desert Star Uranium (Pty) Ltd (previously known as Desert Star Trading 130 (Pty) Ltd) ("Desert Star"), …
    Project milestones +2.5% on the day
    Moved: Henkries mining right application: Mining right application pending → Application accepted for processing and evaluation
  14. 07:00
    Trading Statement Trading update
    FY26 underlying EBIT of c.£16.0m matches consensus. Margins improve on self-help despite revenue down about 7%, so it confirms the earlier guidance rather than lifting it.
    Upgrade / downgrade cycle £8.0m · 7% of mcapin lineoutlook mixedfirst since Oct 2023 −3.9% on the day
    Moved: Saudi Arabia expansion: MISA approval received; Heads of Terms signed → Saudi customer disrupted by Iran conflict; revenue hit expected · new: Malaysia manufacturing closure – Manufacturing exit from April 2026; hub retained
  15. 07:00
    Final Results Results
    Delivers the guided underlying profit rise to £5.3m on flat revenue through cost savings, and swings statutory results from a £13.9m loss to profit. The dividend is held flat and the UK stays weak.
    Turnaround plan with targets £5.3m · 10% of mcapoutlook positivefirst in 11 months −1.3% on the day
    Moved: Future Factory to deliver £1.5m annualised manufacturing cost savings from FY202: pending → delivered – The £1.5m annualised manufacturing cost saving from Future Factory is reported as achieved in the year. · Reduce central overhead costs by about £1m annualised: pending → delivered – £1.0m of annualised head office cost savings achieved, matching the central overhead target. · Launch improved Trade Hub and Sanderson direct-to-consumer site in H2 FY26: pending → delivered – The Trade Hub was replatformed and DTC websites launched for all brands, including Sanderson.
  16. 07:00
    Final Results Results
    Confirms the January trading update: ARR up 19% to £13.8m and subscription revenue up 21%, lifting recurring mix to 87%. But ARR growth slowed from 25% and has moderated to c.15% in 2026.
    Upgrade / downgrade cycle outlook mixed −8.3% on the day
    Moved: new: Bolt-on acquisition search – Limited progress; valuation expectations mismatched · new: ARR growth slowdown – 2026 growth moderated to about 15%
  17. 07:00
    AGM Trading Update Trading update
    Q1 in line with expectations, and LFL revenue is back to growth after two periods of decline. This is a modest improvement after a year of shrinking underlying sales, though Q1 is a small part of the year.
    Upgrade / downgrade cycle in lineoutlook mixed +0.1% on the day
    Moved: Market recovery timing: Signs of stabilising UK markets; recovery awaited → Q1 LFL +2%; GB residential still weak

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