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UK small-cap RNS · 30 Sep 2026

Every announcement of UK small & mid caps under £2bn. The ones that started or moved a situation are marked – a click opens it.

  1. 07:00
    Trading Update Trading update
    FY26 adjusted EBIT of c.£6.0m beats the £5.5m consensus, after April's guidance of only 'in line'. Cash conversion also left net debt better than anticipated, so the turnaround is running ahead of plan.
    Project milestones £6.0m · 8% of mcapahead of expectationsoutlook positivefirst in 1 year +5.0% on the day
    Moved: Medium-term financial targets: Targets set, 3-5 year horizon → Targets reaffirmed; FY26 profit ahead of consensus · Brazil São Paulo production facility: Acquisition completed; local production being set up → Low Moisture Block installation in progress
  2. 07:00
    Trading Update Trading update
    Second upgrade in about two weeks: the Board now expects FY26 revenue and EBITDA materially ahead of consensus that has already risen to £197.6m and £57.2m, from £175.2m and £50.7m, as Wardogs and Hell Let Loose: Vietnam beat plans.
    Upgrade / downgrade cycle ahead of expectationsoutlook positive, raised3 guidance upgrades in 3 months – usually less than 1 +7.3% on the day
    Moved: Bulkhead FPS partnership and Wardogs: Wardogs launched, stake raised to 28% → Wardogs ~3m Early Access sales, ahead of expectations · new: FY26 guidance upgrades – Second upgrade after July 'in line'
  3. 07:00
    Trading update & Board Changes Trading update
    Adjusted EBITDA for FY27 now expected at no less than £3.75m, ahead of market expectations, after the FY26 recovery to £2.65m. Margin and fixed-cost focus drive it while revenue stays in line.
    Upgrade / downgrade cycle £3.8m · 7% of mcapahead of expectationsoutlook positive, raisedfirst in 6 months +7.7% on the day
  4. 07:00
    Pre-close trading update Trading update
    Confirms FY2026 will meet consensus after the March margin cut; second-half trends 'as expected', so no new warning, but the lower consensus (EBITDA £180m vs £221m earlier) shows the reset already absorbed.
    in linefirst in 7 months +0.3% on the day
    Moved: Execute a share buyback of up to £55m by 1 December 2025 or the FY2026 AGM.: on_track → changed – Buyback is paused with about £24m executed, so the programme will not be completed in full. · Maintain minimum leverage of 1x by returning excess free cash.: on_track → changed – Board now prioritises deleveraging over returning excess cash; consensus leverage is 1.7x, up from 1.6x at March. · Share buyback programme: Just over £20m of £30m remaining at 1 April → Paused at ~£24m of £30m
  5. 07:00
    September 2026 Trading Update Trading update
    Restates the 9 September sale of most of Mechanical Engineering to a Cerberus affiliate for up to £1.1bn cash; completion still expected Q1 2027, with no UK corporation tax on the gain, so more proceeds are available for shareholders.
    Project milestones £1,100.0m · 102% of mcapoutlook positive −7.9% on the day
    Moved: Mechanical Engineering strategic review: Agreed; option deed signed, awaiting conditions → Agreed; awaiting regulatory approvals, completion Q1 2027 · Dividend policy review: Sale agreed; payout form still open → Mechanism under consideration; no decision · new: Duvelco polyimide plant ramp-up – Dryer issue; fix lead time about ten months
  6. 07:00
    Trading Statement Trading update
    Company now expects full-year trading ahead of market expectations after a strong first half, moving beyond the earlier 'confident' stance; summer weather and World Cup helped, so part of the gain may be one-off.
    Upgrade / downgrade cycle ahead of expectationsoutlook positive, raisedfirst since Oct 2023 +8.3% on the day
    Moved: Cubitt House integration: Integration under way, early contribution → Integration completed (closed) · Share buyback programme: New £10m programme launched 8 July 2026 → New £10m programme running

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