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.
Friday
Thursday
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Profit outlook Camellia CAM£135m
Full-year trading outlook
On 26 Aug Kakuzi flagged 2026 net earnings at least 25% lower, and the H1 results (3 Sep) added El Nino as a headwind.
Direction below expectations / warningReaction on the day −7%In 12 months 2 statements in the same directionNext final 2026 trading result, shaped by Q4 phasing -
Profit outlook Essentra ESNT£326m new
Profit upgrade
Essentra raised its guidance on 22 Oct 2026; the shares moved +5% on the day.
Stage Guidance raisedDirection ahead of expectations / raisedReaction on the day +5%In 12 months 1 statement in the same direction
Wednesday
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Profit outlook Hardide HDD£94m
Profit upgrade
Hardide said it is trading ahead of expectations on 21 Oct 2026; the shares moved +7% on the day. It is the fourth such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +7%In 12 months 6 statements in the same direction -
Profit outlook Hercules Plc HERC£30m new
Profit upgrade
Hercules Plc raised its guidance on 21 Oct 2026; the shares moved +9% on the day. It is the second such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +9%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
Earlier this month
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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 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 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 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 Iofina IOF£90m new
Results below expectations
Iofina said it is trading below expectations on 16 Oct 2026; the shares moved −7% on the day.
Stage Below expectationsDirection below expectations / warningReaction on the day −7%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 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 Dunelm Group DNLM£1,727m
Furniture availability recovery
Guidance went from 'in line' in October 2025 to the lower end of consensus in April 2026, then in line with £210m consensus in July. FY26 PBT of £211.0m was flat.
FY26 PBT £211.0m, flat on FY25Early FY27 significantly softer first six weeks due to hot weather; …Next Q2 trading update 14 Jan · in 79 days -
Profit outlook XPS Pensions Group XPS£692m new
Results ahead of expectations
XPS Pensions Group said it is trading ahead of expectations on 15 Oct 2026; the shares moved +8% on the day.
Stage Ahead of expectationsDirection ahead of expectations / raisedReaction on the day +8%In 12 months 1 statement in the same direction -
Profit outlook Vertu Motors VTU£264m
Profit upgrade
Vertu Motors raised its guidance on 14 Oct 2026; the shares moved +4% on the day. It is the third such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +4%In 12 months 3 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 -
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 Caledonia Mining Corporation CMCL£310m
Profit warning
Caledonia Mining Corporation issued a profit warning on 9 Oct 2026; the shares moved −4% on the day. It is the second such statement in 12 months.
Direction below expectations / warningReaction on the day −4%In 12 months 2 statements in the same direction -
Profit outlook Oxford Metrics OMG£39m
FY26 guidance cut
On 17 June 2026 FY26 revenue guidance of c.£56m for the 15 months was confirmed. On 9 October 2026 the Board cut it to £47-51m with an Adjusted EBIT loss of £0.5-3.9m, against market expectations of £56.2m and a £3.0m profit.
Direction below expectations / warningReaction on the day −6%In 12 months 1 statement in the same directionNext Interim results for 12 months to 30 September 2026 -
Profit outlook Mincon Group (CDI) MCON£164m
Profit upgrade
Mincon Group raised its guidance on 9 Oct 2026; the shares moved +6% on the day.
Stage Guidance raisedDirection ahead of expectations / raisedReaction on the day +6%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 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 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 Clarkson CKN£1,525m
Profit upgrade
Clarkson raised its guidance on 6 Oct 2026; the shares moved +2% on the day. It is the second such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +2%In 12 months 2 statements in the same direction -
Profit outlook Quartix Technologies QTX£111m
Results ahead of expectations
Quartix Technologies said it is trading ahead of expectations on 5 Oct 2026; the shares moved +3% on the day. It is the third such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +3%In 12 months 3 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 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 NAHL Group NAH£22m
Lower FY26 Consumer Legal Services outlook
Earlier guidance flagged notably weaker H2 NAL settlements, with H1 in line. The interims reconfirm lower H2 NAL settlements but now say FY26 profit and cash will be materially above market expectations.
Amount at stake £1.85m due on or before 15 October 2026Board view FY26 profit and cash generation materially higher than … -
Profit outlook Marks Electrical Group MRK£51m
Profit upgrade
Marks Electrical Group raised its guidance on 30 Sep 2026; the shares moved +8% on the day. It is the second such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +8%In 12 months 2 statements in the same direction -
Profit outlook Everplay Group plc EVPL£599m
FY26 guidance upgrades
The Board only said 'in line' in July, then on 15 Sep said FY26 would be materially ahead of consensus (£175.2m revenue, £50.7m EBITDA).
Direction ahead of expectations / raisedReaction on the day +7%In 12 months 2 statements in the same directionNext FY26 results against raised consensus -
Profit outlook Young & Co's Brewery 'A' Shares YNGA£708m
Profit upgrade
Young & Co's Brewery 'A' Shares raised its guidance on 30 Sep 2026; the shares moved +8% on the day.
Stage Guidance raisedDirection ahead of expectations / raisedReaction on the day +8%In 12 months 1 statement in the same direction -
Profit outlook Skillcast Group SKL£36m
ARR growth slowdown
The delays in decision-making have particularly impacted new business opportunities and resulted in a slowdown in growth in ARR in the first half of the year.
Next full-year ARR growth, expected slightly below 14% -
Profit outlook Smiths News SNWS£195m
Profit upgrade
Smiths News raised its guidance on 29 Sep 2026; the shares moved +4% on the day. It is the second such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +4%In 12 months 2 statements in the same direction -
Profit outlook Tekmar Group TGP£16m
Middle East disruption to projects
The 18 June 2026 interims reported Middle East delays, higher costs and deferred Offshore Energy Services activity, with bottlenecks easing.
Direction below expectations / warningReaction on the day −6%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 Character Group CCT£52m
Profit upgrade
Character Group raised its guidance on 28 Sep 2026; the shares moved +3% on the day. It is the second such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +3%In 12 months 2 statements in the same direction
September 2026
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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 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 System1 Group SYS1£43m
Profit upgrade
System1 Group raised its guidance on 24 Sep 2026; the shares moved +8% on the day. It is the second such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +8%In 12 months 2 statements in the same direction -
Profit outlook Vistry Group VTY£806m
Return to net cash
Net debt was £144.2m at end-2025 and the buyback was paused on 13 May 2026 with a target of over £100m net cash. On 24 Sep 2026 net debt at 30 June was £468.8m and the year-end target was cut to broadly neutral cash.
Next milestone Future distributions reviewed at the half yearBuyback Remaining share buyback paused on 13 May 2026 to prioritise …Next Year-end cash position; distributions reconsidered after deleveraging 31 Dec · in 65 days -
Profit outlook Chapel Down Group CDGP£73m
Profit upgrade
Chapel Down Group raised its guidance on 23 Sep 2026; the shares moved +5% on the day. It is the second such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +5%In 12 months 2 statements 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 Midwich Group MIDW£163m
Middle East conflict impact
The business in the Middle East continued to trade profitably despite the disruptions, albeit on significantly lower volumes.
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Profit outlook Porvair PRV£391m
Results ahead of expectations
Porvair said it is trading ahead of expectations on 22 Sep 2026; the shares moved +2% on the day. It is the second such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +2%In 12 months 2 statements in the same direction -
Profit outlook Oxford Biomedica OXB£622m
FY26 guidance trend
In March 2026 OXB guided FY26 revenue of £220–240m and a c.10% EBITDA margin. The 22 Sep 2026 H1 results reiterate guidance given after the August trading update: £180–200m revenue and a mid-single-digit margin ex one-offs …
FY26 revenue £180–200m constant currency (was £220–240m in March 2026)FY26 EBITDA margin Mid-single-digit % ex one-offs; low-single-digit % reported …Next H2-weighted delivery against £180–200m revenue guidance -
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 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 Resolute Mining Limited RSG£1,137m
Mali supply chain and operating risk
Mali security and supply problems cut Syama Q2 output (5 June 2026) and pushed Syama to the lower end of guidance (20 August 2026).
Direction below expectations / warningReaction on the day −6%In 12 months 2 statements in the same directionNext Emulsion plant commissioning; Q4 Syama output of 45-50 koz 30 Nov · in 34 days -
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 Galliford Try GFRD£675m
Results ahead of expectations
Galliford Try said it is trading ahead of expectations on 17 Sep 2026; the shares moved +6% on the day. It is the third such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +6%In 12 months 3 statements 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 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 Sylvania Platinum Ltd SLP£232m
Results ahead of expectations
Sylvania Platinum Ltd said it is trading ahead of expectations on 15 Sep 2026; the shares moved +5% on the day.
Stage Ahead of expectationsDirection ahead of expectations / raisedReaction on the day +5%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 LPA Group LPA£11m
Profit upgrade
LPA Group raised its guidance on 11 Sep 2026; the shares moved +8% on the day.
Stage Guidance raisedDirection ahead of expectations / raisedReaction on the day +8%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 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 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 Somero Enterprises Inc. SOM£152m
Profit upgrade
Somero Enterprises Inc. raised its guidance on 8 Sep 2026; the shares moved +6% on the day.
Stage Guidance raisedDirection ahead of expectations / raisedReaction on the day +6%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 Concurrent Technologies CNC£250m
FY26 guidance trend
On 13 Jul 2026 the Board said FY26 would be at least in line with consensus. On 7 Sep 2026 it went further, expecting results ahead of consensus (revenue £52m, PBT £8m).
Direction ahead of expectations / raisedReaction on the day +6%In 12 months 2 statements in the same directionNext FY26 delivery against raised expectations; busy Q4 -
Profit outlook TheWorks.Co.Uk WRKS£57m
Profit upgrade
TheWorks.Co.Uk raised its guidance on 7 Sep 2026; the shares moved +6% on the day. It is the second such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +6%In 12 months 2 statements in the same direction -
Profit outlook Getbusy GETB£40m
Profit upgrade
Getbusy raised its guidance on 7 Sep 2026; the shares moved +9% on the day.
Stage Guidance raisedDirection ahead of expectations / raisedReaction on the day +9%In 12 months 1 statement in the same direction -
Profit outlook IQE IQE£471m
Guidance upgrades
On 28 May 2026 IQE guided FY 2026 revenue growth above 20% and high-single to low-double-digit adjusted EBITDA. On 21 Jul 2026 it raised this to above 30% and low-teens £m, driven by InP demand for AI and data centres.
Direction ahead of expectations / raisedReaction on the day +3%In 12 months 2 statements in the same directionNext H2 delivery against FY 2026 guidance -
Profit outlook Crest Nicholson Holdings CRST£169m
Profit warning
Crest Nicholson Holdings issued a profit warning on 3 Sep 2026; the shares moved −8% on the day. It is the third such statement in 12 months.
Direction below expectations / warningReaction on the day −8%In 12 months 3 statements 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 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
August 2026
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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 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 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 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 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 Telecom Plus TEP£682m
Profit upgrade
Telecom Plus raised its guidance on 17 Aug 2026; the shares moved +6% on the day.
Stage Guidance raisedDirection ahead of expectations / raisedReaction on the day +6%In 12 months 1 statement in the same direction -
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 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 B90 Holdings B90£19m
Profit upgrade
B90 Holdings raised its guidance on 5 Aug 2026; the shares moved +3% on the day. It is the second such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +3%In 12 months 2 statements 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 CLS Holdings CLI£189m
Profit warning
CLS Holdings issued a profit warning on 4 Aug 2026; the shares moved −8% on the day.
Stage Profit warningDirection below expectations / warningReaction on the day −8%In 12 months 1 statement in the same direction
A row opens the situation with its chart and every step. Company pages also show the smaller matters – a new CEO, a plan, a contract, director buying.