Situations
Where money or control changes hands at a UK small cap – takeovers, disposals, capital returns, activists, stake building, refinancings. Each one followed from the first announcement to the outcome.
Results and guidance ahead of or below expectations, upgrades and profit warnings.
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Profit outlook Celebrus Technologies CLBS£19m
New business and logo wins
The go-to-market restructure (Marketing, Sales, Customer Success) was meant to fix FY26's new business shortfall.
Direction below expectations / warningReaction on the day −40%In 12 months 2 statements in the same directionNext H1 FY27 results and presentation 8 Dec · in 42 days -
Profit outlook GB Group GBG£354m
Profit warning
GB Group issued a profit warning on 14 Aug 2026; the shares moved −31% on the day.
Stage Profit warningDirection below expectations / warningReaction on the day −31%In 12 months 1 statement in the same direction -
Profit outlook CT Automotive Group CTA£14m
Key customer price dispute
CT Automotive Group issued a profit warning on 16 Sep 2026; the shares moved −30% on the day.
Direction below expectations / warningReaction on the day −30%In 12 months 1 statement in the same directionNext update market as discussions conclude and range narrows -
Profit outlook Vanquis Banking Group 20 VANQ£181m
Returns guidance reset
Vanquis had guided to low double digit statutory ROTE for 2026 as recently as May 2026. At the half year it cut 2026 to low single digit, as lower Credit Card yields from new customers and cautious spending moderate returns.
Direction below expectations / warningReaction on the day −26%In 12 months 1 statement in the same directionNext FY26 results: dividend decision and ROTE delivery -
Profit outlook Craneware CRW£374m
Profit warning
Craneware issued a profit warning on 21 Sep 2026; the shares moved −26% on the day. It is the second such statement in 12 months.
Direction below expectations / warningReaction on the day −26%In 12 months 2 statements in the same direction -
Profit outlook Saga SAGA£1,165m
Profit upgrade
Saga raised its guidance on 30 Sep 2026; the shares moved +23% on the day. It is the third such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +23%In 12 months 3 statements in the same direction -
Profit outlook Kainos Group KNOS£1,520m
Profit upgrade
Kainos Group raised its guidance on 18 Aug 2026; the shares moved +22% on the day. It is the second such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +22%In 12 months 2 statements in the same direction -
Profit outlook iFOREX Financial Trading Holdings Ltd. IFRX£32m
Profit warning
IFOREX Financial Trading Holdings Ltd. issued a profit warning on 19 Aug 2026; the shares moved −22% on the day.
Stage Profit warningDirection below expectations / warningReaction on the day −22%In 12 months 1 statement in the same direction -
Profit outlook Corero Network Security CNS£77m
Profit upgrade
Corero Network Security raised its guidance on 9 Sep 2026; the shares moved +21% on the day. It is the third such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +21%In 12 months 3 statements in the same direction -
Profit outlook Mortgage Advice Bureau (Holdings) MAB1£220m
Profit warning
Mortgage Advice Bureau issued a profit warning on 9 Sep 2026; the shares moved −20% on the day.
Stage Profit warningDirection below expectations / warningReaction on the day −20%In 12 months 1 statement in the same direction -
Profit outlook MyCelx Technologies Corporation MYX£12m
Middle East conflict exposure
Impact on 2026 business was not assessable in May. In July several large Middle East projects were expected within six months.
Direction below expectations / warningReaction on the day −20%In 12 months 1 statement in the same directionNext Middle East purchase order award for the delayed project -
Profit outlook Raspberry PI Holdings (WI) RPI£1,059m
Profit upgrade
Raspberry PI Holdings raised its guidance on 24 Sep 2026; the shares moved +20% on the day. It is the fourth such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +20%In 12 months 4 statements in the same direction -
Profit outlook RentGuarantor Holdings PLC RGG£174m
Profit upgrade
RentGuarantor Holdings PLC raised its guidance on 1 Oct 2026; the shares moved +18% on the day. It is the third such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +18%In 12 months 3 statements in the same direction -
Profit outlook TPXimpact Holdings TPX£90m new
Profit upgrade
TPXimpact Holdings raised its guidance on 15 Oct 2026; the shares moved +17% on the day. It is the second such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +17%In 12 months 2 statements in the same direction -
Profit outlook Ashtead Technology Holdings AT.£489m
Middle East conflict exposure
The Middle East conflict, unresolved since March 2026, has cut regional activity and pushed projects into 2027, prompting guidance cuts in July and August.
Direction below expectations / warningReaction on the day −16%In 12 months 1 statement in the same direction -
Profit outlook Facilities by ADF ADF£11m
Profit warning
Facilities by ADF issued a profit warning on 16 Sep 2026; the shares moved −16% on the day.
Stage Profit warningDirection below expectations / warningReaction on the day −16%In 12 months 1 statement in the same direction -
Profit outlook THG THG£630m
Profit upgrade
THG raised its guidance on 15 Oct 2026; the shares moved +16% on the day. It is the fourth such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +16%In 12 months 4 statements in the same direction -
Profit outlook Victrex plc VCT£777m
Profit upgrade
Victrex plc raised its guidance on 9 Sep 2026; the shares moved +16% on the day.
Stage Guidance raisedDirection ahead of expectations / raisedReaction on the day +16%In 12 months 1 statement in the same direction -
Profit outlook Medpal AI PLC MPAL£46m
Results ahead of expectations
Medpal AI PLC said it is trading ahead of expectations on 7 Sep 2026; the shares moved +15% on the day.
Stage Ahead of expectationsDirection ahead of expectations / raisedReaction on the day +15%In 12 months 1 statement in the same direction -
Profit outlook Winvia Entertainment PLC WVIA£292m
Profit upgrade
Winvia Entertainment PLC raised its guidance on 28 Sep 2026; the shares moved +15% on the day. It is the fourth such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +15%In 12 months 4 statements in the same direction -
Profit outlook Avon Technologies plc AVON£700m
Profit upgrade
Avon Technologies plc raised its guidance on 7 Oct 2026; the shares moved +15% on the day.
Stage Guidance raisedDirection ahead of expectations / raisedReaction on the day +15%In 12 months 1 statement in the same direction -
Profit outlook Marston's MARS£364m
Profit upgrade
Marston's raised its guidance on 13 Oct 2026; the shares moved +15% on the day. It is the third such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +15%In 12 months 3 statements in the same direction -
Profit outlook Hunting HTG£585m
Middle East conflict exposure
Middle East conflict was flagged in March 2026 as a tender slippage risk with minimal 2026 profit impact expected. By 21 Aug 2026 the delay has become material: the KOC tender re-run cuts 2026 EBITDA by c.$10m.
Direction below expectations / warningReaction on the day −14%In 12 months 1 statement in the same directionNext KOC OCTG tender re-issue in Q3 2026 -
Profit outlook Cropper (James) CRPR£76m
Profit upgrade
Cropper raised its guidance on 20 Oct 2026; the shares moved +14% on the day. It is the third such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +14%In 12 months 3 statements in the same direction -
Profit outlook ASOS ASC£524m
Profit upgrade
ASOS raised its guidance on 24 Sep 2026; the shares moved +14% on the day.
Stage Guidance raisedDirection ahead of expectations / raisedReaction on the day +14%In 12 months 1 statement in the same direction -
Profit outlook Cerillion CER£207m
Profit warning
Cerillion issued a profit warning on 14 Sep 2026; the shares moved −12% on the day.
Stage Profit warningDirection below expectations / warningReaction on the day −12%In 12 months 1 statement in the same direction -
Profit outlook Fonix Plc FNX£171m
Profit upgrade
Fonix Plc raised its guidance on 22 Sep 2026; the shares moved +12% on the day.
Stage Guidance raisedDirection ahead of expectations / raisedReaction on the day +12%In 12 months 1 statement in the same direction -
Profit outlook Hilton Food Group HFG£645m
Results ahead of expectations
Hilton Food Group said it is trading ahead of expectations on 3 Sep 2026; the shares moved +12% on the day.
Stage Ahead of expectationsDirection ahead of expectations / raisedReaction on the day +12%In 12 months 1 statement in the same direction -
Profit outlook The Beauty Tech Group PLC TBTG£504m
Profit upgrade
The Beauty Tech Group PLC raised its guidance on 17 Sep 2026; the shares moved +12% on the day. It is the fourth such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +12%In 12 months 5 statements in the same direction -
Profit outlook Accsys Technologies AXS£134m
Profit warning
Accsys Technologies issued a profit warning on 21 Sep 2026; the shares moved −12% on the day.
Stage Profit warningDirection below expectations / warningReaction on the day −12%In 12 months 1 statement in the same direction -
Profit outlook Genuit Group GEN£640m new
Subdued market and profit guidance
Since Nov 2025 profit guidance has tracked a subdued market. In May 2026 FY26 was guided to the lower end of the £94.7m-£105.5m range, and on 11 Aug H1 came in line.
Direction below expectations / warningReaction on the day −12%In 12 months 1 statement in the same directionNext FY26 results with 2027 outlook 1 Mar · in 125 days -
Profit outlook 4Imprint Group FOUR£1,222m
Profit upgrade
4Imprint Group raised its guidance on 5 Aug 2026; the shares moved +11% on the day.
Stage Guidance raisedDirection ahead of expectations / raisedReaction on the day +11%In 12 months 1 statement in the same direction -
Profit outlook Investacc Group Limited INAC£99m
Profit upgrade
Investacc Group Limited raised its guidance on 17 Aug 2026; the shares moved +11% on the day.
Stage Guidance raisedDirection ahead of expectations / raisedReaction on the day +11%In 12 months 1 statement in the same direction -
Profit outlook Synthomer SYNT£185m
Profit upgrade
Synthomer said it is trading ahead of expectations on 4 Aug 2026; the shares moved +11% on the day. It is the second such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +11%In 12 months 2 statements in the same direction -
Profit outlook Serabi Gold SRB£137m new
Profit warning
Serabi Gold issued a profit warning on 21 Oct 2026; the shares moved −11% on the day.
Stage Profit warningDirection below expectations / warningReaction on the day −11%In 12 months 1 statement in the same direction -
Profit outlook Inspiration Healthcare Group IHC£17m
Results ahead of expectations
Inspiration Healthcare Group said it is trading ahead of expectations on 8 Sep 2026; the shares moved +11% on the day. It is the fourth such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +11%In 12 months 4 statements in the same direction -
Profit outlook TT Electronics TTG£331m
Profit upgrade
TT Electronics raised its guidance on 2 Sep 2026; the shares moved +11% on the day.
Stage Guidance raisedDirection ahead of expectations / raisedReaction on the day +11%In 12 months 1 statement in the same direction -
Profit outlook Diales Group Plc DIAL£17m new
Results ahead of expectations
Diales Group Plc said it is trading ahead of expectations on 19 Oct 2026; the shares moved +10% on the day. It is the second such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +10%In 12 months 2 statements in the same direction -
Profit outlook Ixico IXI£22m
Profit upgrade
Ixico raised its guidance on 20 Oct 2026; the shares moved +10% on the day. It is the second such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +10%In 12 months 2 statements in the same direction -
Profit outlook Thor Explorations Ltd THX£330m new
Profit warning
Thor Explorations Ltd issued a profit warning on 14 Oct 2026; the shares moved −9% on the day.
Stage Profit warningDirection below expectations / warningReaction on the day −9%In 12 months 1 statement in the same direction
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