Wednesday's small-cap session was dominated by one sharp divergence: strong operational upgrades across industrials and miners set against a brutal reset for a UK media stalwart. Dialight surged on an upgraded profit outlook, Harena Rare Earths rocketed on US government interest in its Madagascar project, and Mulberry's margin rebuild pleased the market, while Reach cratered after admitting AI search has gutted its traffic, and Henry Boot warned profit will miss forecasts by a wide margin.
Dialight lifts profit outlook on strong start to year
Dialight (DIA) said full-year profit is now likely to beat previous expectations after first-quarter sales growth and margins both outpaced internal targets. The update sent shares up 9.23% to 441.28p, marking one of the standout moves of the day as the LED lighting specialist's operational momentum translated directly into upgraded guidance.
Tristel confirms double-digit growth trajectory intact
Tristel (TSTL) reported full-year results in line with expectations, with interim chief executive Anna Wasyl confirming the infection prevention group continues to deliver double-digit revenue growth while holding adjusted EBITDA margins above 25%. Shares edged up 1.38% to 390.299p as the company reaffirmed its consistent performance targets.
Shepherd Neame confirms results and sets succession plan
Shepherd Neame, Britain's oldest brewer, confirmed full-year profit in line with expectations while unveiling a leadership succession plan alongside the appointment of a new non-executive director, signalling a steady hand at the helm as the business moves into its next phase.
Harena Rare Earths surges on US government backing signal
Harena Rare Earths (HREE) jumped 26.6% to 2.437p after news of US government investment interest in its Ampasindava rare earth project in Madagascar. Executive chairman Ivan Murphy called the move "a powerful endorsement of Ampasindava's importance as a Western-aligned source of critical magnet rare earths," positioning the project within the broader push to diversify critical minerals supply chains away from China.
Firering hits inflection point as third kiln comes online
Firering Strategic Minerals (FRG) rose 4.11% to 0.989p after hot-commissioning the third kiln at its Limeco project in Zambia. Chief executive Youval Rasin described the milestone as "the inflection point for Limeco, moving from an effective breakeven operation into profitable production," with the business expected to turn cash flow positive by year end.
IntelliAM broadens Mars UK footprint with Wrigley win
IntelliAM AI (INT) extended its relationship with Mars UK, adding the Wrigley confectionery brand to its roster of client sites. Chief executive Tom Clayton welcomed Wrigley joining "the growing number of Mars UK sites using IntelliAM's capabilities," though the commercial win did little to steady the shares, which fell 14.53% to 70.0p.
Transense lands first mainland Europe distributor
Transense Technologies (TRT) signed its first mainland European distributor for its Translogik tyre management platform, a deal management said strengthens local customer support while extending the reach of the Translogik and TireTask platforms across the continent. Shares rose 3.09% to 50.0p.
Frontier IP portfolio company wins EU grant for pharma push
Frontier IP Group (FIPP) saw portfolio company Cambridge Raman Imaging secure a €400,000 non-dilutive EU grant, as the business pivots toward industrial pharmaceutical quality control, a market expected to triple in size by 2033. Frontier IP shares slipped 1.89% to 13.0p despite the portfolio progress.
Oriole completes maiden drilling at Wapouzé
Oriole Resources (ORR) completed maiden drilling at its Wapouzé project, with chief executive Martin Rosser saying the campaign had "gone extremely well." He added that a forthcoming maiden mineral resource estimate "will considerably enhance our efforts to bring in a cement industry partner and potentially to achieve royalty-based" income. Shares dipped 1.41% to 0.35p.
Reach reveals AI search has punched 40% hole in traffic
Reach (RCH), publisher of the Mirror and Express, plummeted 22.66% to 45.6335p after revealing that AI-driven search has stripped 40% from its traffic. The company said it remains on track to meet market expectations for the year despite first-half revenue falling, but it halved its interim dividend as it grapples with the structural shift in how readers find news.
ImmuPharma taps Thermo Fisher for Kapiglucagon production
ImmuPharma (IMM) selected Thermo Fisher as drug product contract manufacturer for its Kapiglucagon programme. Dr Sébastien Goudreau said the company was "pleased to select Thermo Fisher as DP CDMO for the Kapiglucagon program," as shares ticked up 0.89% to 4.54p.
Skillcast holds guidance as recurring revenue climbs 15%
Skillcast Group (SKL) traded in line with expectations as annual recurring revenue climbed 15%. Chief executive Vivek Dodd said growth from new clients and upsells matched the rate guided in April, though he cautioned that "political and economic uncertainty, both at home and abroad, has continued to slow decision-making." Shares fell 2.22% to 44.0p.
Ariana Resources completes Tavşan ramp-up
Ariana Resources (AAU) confirmed the ramp-up at its Tavşan mine is complete, with chief executive Dr Kerim Sener saying the company "remains very pleased with the progress being maintained" at the site. Shares rose 2.52% to 1.589p.
Mulberry narrows losses as margin discipline pays off
Mulberry Group (MUL) rose 5.84% to 145.0p after narrowing losses and rebuilding gross margin through tighter full-price discipline. Chief executive Andrea Baldo said the business had "returned to growth, significantly reduced our losses and strengthened gross margin," a turnaround the market rewarded on the day.
Orosur secures full ownership of El Pantano
Orosur Mining (OMI) took full ownership of its El Pantano project after completing maiden drilling. Chief executive Brad George said "we now own the project 100%, and so have many options available to us," as shares nudged up 0.65% to 15.5p.
EnSilica secures follow-on order for satellite chips
EnSilica (ENSI) landed a follow-on order for its ENS92040 satellite chips, which chief executive Ian Lankshear said "demonstrate continued commercial momentum" as the device progresses toward production. Shares gained 2.34% to 80.85p.
Henry Boot warns profit to miss forecasts
Henry Boot (BOOT) warned full-year profit will fall significantly below current market forecasts, citing materially lower plot sales and rising build costs across its land promotion and housebuilding operations. Shares fell 3.82% to 159.652p on the warning.
GreenX Metals kicks off Eleonore North fieldwork
GreenX Metals (GRX), trading at 47.5p, began 2026 fieldwork at its Eleonore North project. Chief executive Ben Stoikovich said the site "gives us high-grade occurrences of both in a stable Western jurisdiction at a time when supply is heavily concentrated in China," underscoring the project's strategic positioning.
Capita raises $55m via US private placement
Capita (CPI) raised $55m through US private placement notes carrying a 7.54% coupon, while loosening a key covenant across its borrowing facilities. Shares rose 1.15% to 243.2725p as the outsourcing group shored up its debt structure.
MP Evans lifts harvest as palm oil prices hold firm
MP Evans Group (MPE) harvested 14% more bunches amid broad-based estate growth and newly acquired areas at Bumi Mas, with palm oil prices holding firm. Shares rose 0.45% to 1699.6p.
Tamar Minerals spuds long-awaited Great Wheal Vor drilling
Tamar Minerals began drilling at its Great Wheal Vor project, with chairman Mark Thompson calling it "a programme I have wanted to drill for many years," marking a personal milestone as the campaign gets underway.
Great Southern Copper refines Monolith drill target
Great Southern Copper (GSCU) defined its Monolith drill target following channel sampling at the Cerro Negro prospect. Chief executive Sam Garrett said the results "reinforce Monolith as a priority target" as the company refines its geophysical interpretation and drill-targeting plans. Shares fell 4.17% to 2.3p.
Seeing Machines wins new European automotive monitoring deal
Seeing Machines (SEE) secured a new contract for its in-cabin monitoring technology with a European automotive manufacturer. Chief executive Paul McGlone said the industry is "transitioning from early adoption to broader deployment of camera-based in-cabin sensing," as shares climbed 4.32% to 4.757p.
