A busy Tuesday for small-cap newsflow was headlined by Character Group's surprise profit upgrade, with the toy distributor lifting its full-year outlook well above consensus after a strong first half, while Angling Direct (AIM:ANG) broke through £100m in annual revenue and raised its medium-term targets. Elsewhere, deal activity spanned a platinum project disposal in Western Australia, a €13.3m bond launch in West Africa, and a fresh Bitcoin accumulation, as earnings updates from Marston's (LSE:MARS), Wickes, Frontier Developments (AIM:FDEV) and On the Beach painted a mixed picture across consumer-facing sectors.
Character Group lifts full-year outlook above consensus
The Character Group (AIM:CCT) delivered the day's standout upgrade, telling the market that full-year results are expected to be significantly ahead of current market expectations after a first half that saw margins and profits rise despite softer top-line sales. The shares responded sharply, adding 13.82% to 280.0p.
The update signals that Character's brand and product mix is generating stronger conversion than the market had modelled, with the margin improvement doing the heavy lifting even as headline revenues came in lighter. The company did not provide specific profit figures in the update, but the language, "significantly ahead", is unambiguous in its direction.
Marston's holds guidance as H1 margins improve
Marston's (LSE:MARS) reaffirmed its full-year guidance for FY2026, reporting underlying profit before tax of £20.5m for the first half alongside underlying EBITDA of £85.9m, with margins moving in the right direction. Despite the constructive operational update, the shares fell 6.69% to 47.4p, suggesting the market had positioned for something more.
The pub chain's message was one of steady execution rather than acceleration, costs are being managed, margins are improving, and the full-year consensus target remains intact. Chief executive Justin Platt's strategy appears to be bearing fruit at the operating level, even if investor appetite for the stock cooled on the day.
Alien Metals divests 70% of Munni Munni to GreenTech
Alien Metals (AIM:UFO) struck a deal to hand a 70% interest in its Munni Munni platinum group metals project in Western Australia to GreenTech Metals, retaining a 30% free-carried stake through to the completion of a bankable feasibility study. The disposal structure means Alien Metals (AIM:UFO) avoids further capital calls on the project while preserving meaningful upside. The shares slipped 8.33% to 0.1375p on the day.
Pharos Energy hits output guidance as Vietnam wells come onstream
Pharos Energy (AIM:PHAR) reported that five of its six offshore Vietnam wells have been drilled on time and within budget and are now producing, lifting group working interest production to 5,561 boepd for the four months to 30 April. Year-to-date revenue stands at approximately US$49m, consistent with full-year guidance. The update, delivered by chief executive Katherine Roe, pushed the shares up 4.49% to 27.9p.
Angling Direct breaks £100m revenue barrier and raises targets
Angling Direct (AIM:ANG) reported record group revenue of £103.9m for the year to 31 January, up 13.8% year-on-year, and used the milestone to upgrade its medium-term financial objectives. Chief executive Steve Crowe framed the result as validation of the retailer's multichannel strategy across the UK and Europe. The shares eased 1.66% to 48.677p on the day, a modest pullback against the scale of the operational beat.
Frontier Developments upgrades revenue and profit on Jurassic World strength
Frontier Developments (AIM:FDEV) upgraded its FY26 revenue forecast to approximately £103m and Adjusted Operating Profit to approximately £16m, both ahead of prior guidance, driven by stronger-than-expected sales of Jurassic World Evolution 3. The shares surged 20.27% to 396.3p, making it one of the session's most dramatic movers.
On the Beach reinstates guidance as H1 profit falls sharply
On the Beach (LSE:OTB) reinstated full-year adjusted PBT guidance of £18m–£25m after a difficult first half in which adjusted profit before tax fell to £2.3m from £8.4m a year earlier for the six months to 31 March. The stock fell 16.63% to 141.4p, with the H1 deterioration clearly unsettling investors even as the full-year range was restored.
Wickes reiterates profit comfort despite modest revenue growth
Wickes Group (LSE:WIX) reported 1.3% revenue growth in the 17 weeks to 25 April and said it remains comfortable with consensus expectations for adjusted profit before tax in 2026. The measured tone was not enough to hold the shares, which dropped 11.87% to 178.904p, a significant de-rating for what was, on the surface, an in-line trading statement.
Dekel Agri-Vision launches €13.3m bond bookbuild
Dekel Agri-Vision (AIM:DKL) received regulatory approval in Côte d'Ivoire to issue a new €13.3m bond and commenced the bookbuild. The fundraise is designed to support the company's agri-processing operations in West Africa. Chief executive Youval Rasin is leading the process. The shares fell 5.88% to 0.4p on the day.
MYCELX Technologies secures equipment lease with oil major
MYCELX Technologies (AIM:MYX) announced a lease of its produced water treatment equipment with a global integrated oil company, described as a super major, that is expected to contribute approximately $850,000 to FY2026 revenue and around $1.5m annually thereafter. Chief executive Connie Mixon called the win a validation of the company's technology in high-demand oilfield applications. The shares rose 9.89% to 50.0p.
RUA Life Sciences spins out cardiac unit and secures £3m funding
Rua Life Sciences (AIM:RUA) completed the spin-out of RUA Structural Heart, converting £4.8m of intercompany debt and raising £3m via convertible unsecured loan stock from the Leducq Foundation to fund design, testing and pre-clinical work on the AurTex mitral valve. The company retains majority equity in the new entity. The shares fell 6.3% to 23.425p.
Seeing Machines wins North American autonomous driving order
Seeing Machines (AIM:SEE) secured a US$3.8m purchase order to supply its Guardian Backup-driver Monitoring System to a leading North American autonomous driving company. The contract represents a meaningful step into the autonomous vehicle sector for the driver monitoring specialist, whose shares gained 5.11% to 4.3199p.
Norcros opens process to sell South African operations
Norcros (LSE:NXR) launched a formal process to divest its South African business, which comprises three brands, TAL, Tile Africa and House of Plumbing. The move signals a strategic focus on the UK business. The shares edged up 1.04% to 292.0p.
Corcel names new CFO as KON-16 seismic work advances
Corcel (AIM:CRCL) appointed Leandro Schujmann as chief financial officer as the company advances seismic interpretation on its KON-16 block, pursues farm-down discussions and launches refreshed corporate branding. The shares rose 3.81% to 0.436p.
Safestay partners with Zostel for 8,000-bed cross-listing network
Safestay (AIM:SSTY) entered a strategic marketing partnership with Indian hostel operator Zostel, creating a combined network of more than 8,000 beds across Europe, the UK and India. The deal gives both operators access to each other's customer bases and booking infrastructure. Chairman Larry Lipman backed the tie-up as a low-cost route to distribution growth. The shares were unchanged at 13.5p.
Avingtrans subsidiary Adaptix wins CE mark for Ortho350
Avingtrans imaging subsidiary Adaptix received CE certification for its Ortho350 portable X-ray device, clearing the path for commercial sales across the UK and European markets. The CE mark removes the principal regulatory barrier to revenue generation for the product and positions Adaptix for a formal commercial launch.
Restore reiterates full-year guidance after robust four-month start
Restore (AIM:RST) said trading was robust in the four months to 30 April, with significant revenue growth and margins in line with internal plans, and reiterated that full-year adjusted profit before tax is expected to be in line with market expectations. The shares were broadly flat, dipping 0.19% to 268.5p.
Kromek expects FY26 revenue and profit in line with consensus
Kromek Group confirmed that full-year revenue and profit before tax for the 12 months to 30 April are expected to be in line with consensus, £27.2m revenue and £2.15m PBT, supported by £8.8m of H2 order wins. The shares fell 3.98% to 9.698p.
IXICO upgrades neuroimaging processing speed and precision
IXICO (AIM:IXI) released an upgraded version of its neuroimaging processing platform, improving image-reading precision and boosting throughput capacity. The company said the development lays the technical groundwork to offer the platform to partners and licensees, building on a recently announced Medidata collaboration. The shares gained 4.0% to 6.89p.
XP Factory earnings marginally ahead of revised consensus
XP Factory (AIM:XPF) reported FY26 revenue of more than £59m and said pre-IFRS 16 adjusted EBITDA for the 52 weeks to 29 March is expected to be marginally ahead of the revised market consensus of £5.1m. Chief executive Richard Harpham described the outcome as a solid result in a challenging consumer environment. The shares fell 3.12% to 15.5p.
Smarter Web Company adds 25 Bitcoin, taking holdings to 2,830 BTC
Smarter Web Company (AIM:SWC) purchased a further 25 Bitcoin for £1.5m, bringing its total holdings to 2,830 BTC with an aggregate book value of £230.23m. The acquisition continues the company's systematic accumulation strategy. The shares slipped 1.3% to 38.0p.
Device Authority's KeyScaler to be embedded in Xalient's security platform
Device Authority, in which Tern holds a 25.3% stake, signed a strategic partnership with managed security provider Xalient to embed its KeyScaler platform into Xalient's identity-led cybersecurity offering for IoT and OT environments. The deal extends KeyScaler's commercial reach into Xalient's enterprise customer base without requiring Device Authority to build its own direct sales infrastructure.
Physiomics brings in AstraZeneca programme leader as consultant
Physiomics (AIM:PYC) appointed Stewart Williams as a consultant to support its senior leadership transition. Williams brings more than 30 years of transformation experience and currently serves as Head of Planning on AstraZeneca's approximately $2bn AXIAL programme. The shares fell 3.54% to 0.6125p.
