A busy Friday for small-cap news was headlined by a sharp profit upgrade from specialist lender DF Capital, whose surging loan book pushed shares to double-digit gains, while copper explorer Arc Minerals fell after posting a full-year loss following the exit of its Anglo American joint venture. Fundraisings at Cirata and Defence Holdings, a Cannes Lions haul for BSF Enterprise's lab-grown leather subsidiary, and a revenue surge at Devolver Digital rounded out a session rich in corporate newsflow across sectors from biotech to critical minerals.
Arc Minerals posts full-year loss after Anglo American JV exit
Arc Minerals (AIM:ARCM) reported a full-year loss as the Africa-focused copper explorer absorbed the consequences of regaining full control of its Zambian flagship project following the exit of Anglo American from their joint venture in 2025. The company is now targeting a drilling campaign at its Botswana asset in the second half of 2026 as it seeks to rebuild momentum as a standalone operator. The results weighed on the shares, which fell 8.45% to 0.65p.
DF Capital upgrades full-year profit outlook on record loan origination
Distribution Finance Capital Holdings (AIM:DFCH) issued a material profit upgrade after record first-half loan origination pushed its loan book past £915 million, with rapid growth in its asset finance product adding further momentum. The AIM-listed specialist bank said full-year profit is now expected to materially exceed market expectations, a statement that drove the shares up 11.6% to 66.4p, one of the session's standout moves.
Zenith Energy's $572 million Tunisia arbitration enters final phase
Zenith Energy (AIM:ZEN) updated the market on the timetable for its $572.65 million ICSID arbitration claim against Tunisia, with the tribunal setting a schedule that puts a final award in Q1 2027. The case is now in its final phase, though the lengthy runway to resolution did little to support sentiment, with the shares slipping 5.26% to 4.5p.
Cirata raises £5.9 million in placing with retail offer still live
Cirata (AIM:CRTA) secured £5.9 million through an institutional placing and subscription, with a separate retail component remaining open until 29 June that could lift the total raise to £6.3 million. The data analytics software company is deploying the proceeds to fund its growth strategy, though the dilutive nature of the raise pushed the shares down 5.11% to 16.63p.
Ethtry pivots to renewables and Ethereum treasury after strategic overhaul
Ethtry Plc reported a full-year loss for the year ended 31 December 2025 following a wholesale strategic repositioning that abandoned its earlier battery storage and life sciences ambitions. The Aquis-listed company has reoriented around UK renewable energy development and an Ethereum treasury strategy, marking a significant departure from its prior business model.
Defence Holdings raises £4 million in oversubscribed placing for defence tech push
Defence Holdings priced 400 million new shares at 1p each to raise £4 million, with the placing significantly oversubscribed and subsequently scaled back. The UK software-led defence technology group intends to deploy the proceeds to accelerate its strategy in a sector that has attracted sustained investor interest.
BSF Enterprise's Lab-Grown Leather wins four Lions at Cannes 2026
BSF Enterprise (AIM:BSFA) announced that its subsidiary Lab-Grown Leather took home four Lions at Cannes Lions 2026, including a Gold, a Silver and two Bronze, for its T-Rex Leather campaign, a result the company said validates the commercial positioning of its bioengineered material. The recognition at one of the advertising industry's most prominent awards festivals gave the shares a lift of 10.0% to 1.1p.
Physiomics flags record commercial pipeline following boardroom shake-up
Physiomics (AIM:PYC) said it is building its largest-ever commercial pipeline following the dismissal of former directors in April, with cost savings from the restructuring expected to outweigh one-off transition expenses. The computational oncology company's shares edged down 2.53% to 0.463p, though management struck an optimistic tone on the commercial outlook.
Crism Therapeutics trebles R&D spend ahead of Phase 2 trial
Crism Therapeutics Corporation (AIM:CRTX) reported a full-year loss of £1.9 million for 2025 as research and development expenditure trebled in preparation for its Phase 2 clinical programme. Post-period milestones, including FDA Orphan Drug Designation and nearly £1 million in non-dilutive grant awards, set the stage for first patient dosing, and the shares gained 5.0% to 10.5p.
Hercules upsizes debt facilities to £25 million with IGF backing
Hercules (AIM:HERC) expanded its total debt facilities to £25 million after upsizing its invoice discounting arrangement with IGF and securing £5 million in new term loans, the bulk of which will cover an acquisition earnout payment. The infrastructure and construction group's shares jumped 13.64% to 25.0p on the news, making it one of the session's strongest performers.
Devolver Digital flags 60%-plus revenue surge but STARSEEKER disappoints
Devolver Digital (AIM:DEVO) said first-half revenue is running at least 60% above the prior year period, a strong headline that was tempered by an admission that the launch of System Era title STARSEEKER has been slower than expected. Full-year guidance will follow at half-year results in late September, and the shares rose 8.57% to 19.0p as investors focused on the top-line momentum.
GreenRoc draws €2 million EIFO tranche to advance Greenland graphite work
Greenroc Strategic Materials (AIM:GROC) drew down the third tranche of its Danish state-backed EIFO loan facility, pulling €2 million to fund drilling, bulk sample processing and pilot plant work at its Greenland graphite project. The shares dipped 1.97% to 3.235p. The drawdown keeps the critical minerals developer on track with its development programme.
Tap Global enables direct salary deposits into crypto-fiat accounts
Tap Global Group (AIM:TAP) launched a feature allowing customers to receive salaries and third-party payments directly into their Tap accounts via SEPA, eliminating the need for an intermediary bank account. The move deepens the fintech's proposition as a standalone financial account and positions it more directly against traditional banking infrastructure. Shares edged down 1.32% to 1.3075p.
Panther Securities books £250,000 uplift on Peterborough warehouse sale
Panther Securities (AIM:PNS) sold a vacant 50,000 sq ft Peterborough warehouse for £3.25 million, booking a £250,000 premium to book value on an asset it has held since 2023. The AIM-listed property investment company's shares gained 1.89% to 290.4p on the clean disposal.
Clean Power Hydrogen settles Northern Ireland Water subcontract dispute
Clean Power Hydrogen (AIM:CPH2) executed a deed of termination and settlement with subcontractor Lagan MEICA, drawing a line under a contract dispute tied to its 1MW Northern Ireland Water hydrogen project. The settlement removes an overhang for the company, though the shares slipped 1.98% to 13.6p.
Zephyr Energy doubles Paradox Basin acreage with Utah acquisition
Zephyr Energy (AIM:ZPHR) acquired an additional 27,000 acres in Utah's Paradox Basin, doubling its footprint in the play at a critical juncture in its farm-out process. Simultaneously, the company completed the sale of non-core Wyoming assets for $2.2 million, sharpening its focus on the Paradox project. Shares slipped 1.62% to 3.148p.
Montanaro UK Smaller Companies marks 811% cumulative NAV return since launch
Montanaro UK Smaller Companies Investment Trust (AIM:MTU) reported a full-year NAV total return that lagged its benchmark over the twelve months to 31 March, though its cumulative gain since the 1995 launch stands at 811% against the benchmark's 651%. The trust's shares eased 1.64% to 105.25p.
Heathrow trims 2026 passenger forecast as Middle East conflict weighs
Heathrow Funding (44BI) cut its base-case 2026 passenger traffic forecast in its semi-annual investor report, citing the impact of the Middle East conflict on travel demand. The airport also flagged a £147 million decline in adjusted EBITDA versus 2025, a material deterioration that reflects both the traffic shortfall and broader cost pressures.
Kistos narrows statutory loss as Balder Future delivers first oil
Kistos Holdings (AIM:KIST) reported adjusted EBITDA of $97 million for 2025, with its statutory loss narrowing sharply to $2 million as the Balder Future project reached first oil. The North Sea and Norway-focused producer's improving operational profile drove the shares up 3.04% to 237.0p.
RTW Bio adds $1.4 million to Lycia Therapeutics' $75 million Series D round
RTW Venture Fund Limited made a follow-on investment of $1.4 million in Lycia Therapeutics as part of a $75 million Series D financing. The round will advance two clinical-stage programmes targeting food allergy and Graves' disease, extending RTW Biotech Opportunities' exposure to the targeted protein degradation space.
JPMorgan EMEA trust beats benchmark as managers cut Gulf exposure
JPMorgan Emerging Europe, Middle East & Africa Securities (LSE:JEMA) posted a 3.2% NAV total return for the six months to 30 April, outperforming its reference index by 0.7 percentage points. The managers reduced Gulf exposure amid the Iran conflict, a tactical shift that contributed to the relative outperformance. The shares eased 2.04% to 264.5p.
Beximco Pharma reports 11% revenue growth on 38% export surge
Beximco Pharmaceuticals (AIM:BXP) reported an 11% rise in revenue and higher profit for the year ended 30 June 2025, with international sales surging 38% as the Bangladesh-based generic drugmaker expanded its export footprint. The shares gained 3.81% to 43.6p.
Guardian Metal to release Pilot Mountain tungsten PFS on 30 June
Guardian Metal Resources (AIM:GMTL) confirmed it will publish its pre-feasibility study for the Pilot Mountain tungsten project in Nevada on 30 June, days away. The study is backed by a $6.2 million U.S. Department of Defense investment, underscoring the strategic significance of the asset. Shares were broadly flat at 15.81p, down just 0.25%.
Talon Resources outlines 2,000-metre drilling campaign at Ontario gold project
Talon Resources (AIM:TAR) detailed plans for a 2,000-metre diamond drilling campaign at its Eagle Lake gold project in Ontario's Wabigoon Subprovince, with the company saying the project is fully permitted and capitalised ahead of the programme. The shares were little changed at 1.2735p, off 0.12%.
