Thursday's small-cap session was dominated by one brutal profit warning even as a broad sweep of trading updates painted a more resilient picture elsewhere. Videndum's shares were cut in half after a fresh guidance downgrade and a leadership change, while results from Naked Wines, SRT Marine, The Works and Mortgage Advice Bureau showed several small caps outperforming a choppy macro backdrop. Deal activity was equally busy, spanning a Boeing distribution tie-up for LPA Group, a Swiss Post contract expansion for Spectra Systems, and Serica Energy's $750m debt refinancing.
Videndum slashes profit guidance and installs new chief executive
Videndum (LSE:VID) delivered the day's sharpest shock, cutting its full-year adjusted EBITDA guidance to a range of £15m to £18m while simultaneously naming Jan Peter Tewes as group chief executive. The double hit of weaker earnings and a leadership reshuffle sent the shares down 36.79% to 256.0p, as investors digested the scale of the downgrade alongside the uncertainty of a new management team taking the reins.
StarEdge rebrand advances Golden Rock reverse takeover
The reverse takeover target for Golden Rock Global (LSE:GCG) has completed a corporate restructuring and rebranded as StarEdge Digital Infrastructure, a step that moves the long-anticipated deal closer to completion. The transaction still awaits a share purchase agreement and prospectus, with Golden Rock shares trading at 3.45p as the market awaits further detail on the enlarged group's structure.
Enwell wins procedural shield in Ukraine arbitration
Enwell Energy (LSE:ENW) secured interim protective measures from an ICSID tribunal, safeguarding its treaty arbitration claim from being undermined by parallel legal proceedings in Ukraine. The procedural win offers the AIM-listed oil and gas producer greater confidence in pursuing its claim, even as the shares dipped 1.96% to 12.5p on the day.
Naked Wines beats EBITDA target as revenue slips
Naked Wines (LSE:WINE) grew adjusted EBITDA to £7.6m and strengthened its balance sheet to £33.4m of net cash even as top-line revenue declined, chief executive Rodrigo Maza said, adding that the group returned over £6m to shareholders. The results, which beat the group's own guidance, lifted the shares 2.86% to 74.06p.
Spectra expands Swiss Post deal after hybrid stamps trial
Spectra Systems (LSE:SPSC) will see its contract value with Swiss Post rise by roughly 40% after the postal operator committed to converting its entire stamp programme to hybrid, data-matrix-coded stamps following a successful trial. Shares in the anti-counterfeiting technology group, led by Andrew Brigham, traded at 160.0p on the news.
ProBiotix signs Belgian supply deal with Nutrisan
ProBiotix Health (LSE:PBX) struck a new supply agreement with Belgian partner Nutrisan, with chief executive Steen Andersen describing Belgium as "a growing market" offering "plenty of opportunity to drive further revenue." Shares in the probiotics group stood at 7.02p following the announcement.
SRT Marine confirms results in line as revenue surges 49%
SRT Marine Systems (LSE:SRT) confirmed full-year results in line with expectations, with chief executive Simon Tucker hailing a 49% jump in revenue and a 105% increase in profit as "an excellent result" that shows the business "scaling at pace." The shares were little changed, down 0.86% to 80.8p.
capAI licenses longevity platform for new medical division
capAI (LSE:CPAI) signed an exclusive licence and option agreement with R42 Group for its Ageotype longevity platform, marking the launch of the company's new capMedical division. The news drove the shares up 24.74% to 0.6p, as the group led by Sarah Jane Davy and Professor Ronjon Nag pushes into a fresh growth avenue.
Boeing Distribution to sell LPA's aviation products globally
LPA Group (LSE:LPA) struck a global distribution agreement with Boeing Distribution to sell its aviation products worldwide, with chief executive Philo Daniel-Tran saying the partner's "developed network and established global operations" would enhance LPA's reach into the general aviation market. The deal lifted the shares 11.72% to 81.0p.
Talisman uncovers new copper outcrop at Tirzzit
Talisman Metals (LSE:TLM) identified a new copper outcrop at its Tirzzit project, with chief executive Tim McCutcheon noting that "sometimes the best geology is uncovered the old-fashioned way, by mapping and prospecting." The exploration update sent the shares up 7.69% to 7.0p.
Metir resolves Qatar project uncertainty, resets handover to October
Metir (LSE:MET) secured confirmation on its Qatar project, resetting the handover date to October after what executive chairman and chief executive Bob Moore called "a difficult period of restricted activity in the region." Despite the resolution of the uncertainty, the shares fell 5.0% to 0.665p.
Getech secures €1m EU hydrogen exploration study
Getech Group (LSE:GTC) won a €1m contract from the European Commission to conduct a natural hydrogen exploration study, which chief executive Chris Jepps said was "both financially material" and offers a chance to validate the company's exploration methodology "at continental scale." The shares slipped 1.22% to 2.42p regardless.
Ethtry commits £1m to Apatura infrastructure investment
Ethtry committed £1m to an investment in Apatura, with director Mike Murphy framing the deal as exposure to "two of the defining infrastructure requirements of the next decade": large-scale storage for a renewables-led grid and resilient power capacity for AI and data centres.
Oriole Resources lifts Mbe gold resource to 1.66m ounces
Oriole Resources (LSE:ORR) upgraded its mineral resource estimate at the Mbe project in Cameroon to 1.66m ounces of gold, a figure chief executive Martin Rossell called "a tremendous achievement" that supports the company's belief in the licence's "multi-million-ounce gold potential." The shares climbed 9.86% to 0.39p on the update.
The Works delivers 47% profit jump on strategy execution
The Works (LSE:WRKS) reported a 47% rise in profit, which chief executive Gavin Peck attributed to "continued execution against our growth strategy and a step change in underlying profitability" in what he called a pivotal year for the retailer. Despite the strong results, the shares fell 6.96% to 73.4999p.
Cobra Resources strengthens team as Blue Rose drilling expands
Cobra Resources (LSE:COBR) appointed a new chief financial officer and exploration manager to support its growing project pipeline, with the company noting recent drilling at Manna Hill was "adding considerable scale to the Blue Rose copper-gold-molybdenum system." The appointments come as the shares rose 3.7% to 4.2p.
hVIVO orderbook doubles to £65m on new bookings
hVIVO (LSE:HVO) saw its orderbook more than double to £65m since the start of the year, chief executive Yamin "Mo" Khan said, giving the human challenge trials specialist improved revenue visibility "for the remainder of 2026, 2027 and into 2028." The shares edged up 2.22% to 6.9p.
Record grows assets under management to $122bn
Record (LSE:REC) lifted assets under management to $122bn in its first quarter, reporting net inflows across all three of its product pillars even as foreign exchange movements offset some of the underlying growth. The specialist currency and asset manager's shares rose 4.15% to 45.2p.
Creo Medical device passes 100-case clinical milestone
Creo Medical Group (LSE:CREO) saw its MicroBlate Flex device surpass 100 clinical cases, a milestone chief executive Craig Gulliford said reflects "growing clinician engagement and real-world momentum" as physicians build experience with the device. The shares were broadly flat, down 0.48% to 13.809p.
Motorpoint retail volumes climb 11.1% in first quarter
Motorpoint (LSE:MOTR) reported retail volumes up 11.1% in the first quarter of its 2027 financial year, with profitability improving strongly year-on-year as a new store opened in Leeds. The used car retailer's shares rose 4.12% to 126.5p.
Smarter Web Company clears TOBAM convertible ahead of schedule
Smarter Web Company (LSE:SWC) settled its $11.7m Smarter Convert instrument with TOBAM two weeks ahead of maturity, funding the early repayment by selling all the Bitcoin the facility had originally purchased. The Bitcoin treasury company's shares rose 1.52% to 30.0p.
Caledonia identifies new gold zone at Blanket mine
Caledonia Mining (LSE:CMCL) discovered a new near-surface gold mineralisation zone at its Blanket mine, with the company's Learmonth noting the potential for "a low-cost processing route" that could "complement Blanket's existing underground operations and unlock additional value." The shares gained 1.7% to 1439.0p.
Mortgage Advice Bureau revenue rises 8% on completions growth
Mortgage Advice Bureau (LSE:MAB1) grew revenue 8% as mortgage completions jumped, with founder and chief executive Peter Brodnicki saying the group "continued to demonstrate its strength and resilience" and reaffirming confidence in the full-year outlook. The shares slipped 1.21% to 534.44p despite the growth.
Richmond Hill secures drill permit for Martello project
Richmond Hill Resources (LSE:RHR) obtained a drill permit for its Martello project, with chief executive Hamish Harris saying it was "pleasing to get the drill permit obtained in a timely fashion." The shares traded at 1.4p following the announcement.
