M&A took centre stage on a session dominated by contested bids, capital raises and a string of strong interim results across the small-cap board. Serica Energy (LSE:SQZ) muscled into a rival takeover battle for Pharos with a £145.7m counter-offer, while corporate updates from Shearwater, Everyman, Quartix and Zephyr Energy showed operational momentum translating into upgraded guidance, dividend growth and non-dilutive financing wins. Resources names were active too, with 80 Mile tapping the market for Greenland and Italy drilling and Forgent confirming gold at its Peak Hill project.
Serica gatecrashes Ratio's bid with £145.7m Pharos offer
Serica Energy (LSE:SQZ) has tabled a £145.7m offer for Pharos, stepping directly into a bid process already underway from Ratio. Chief executive Chris Cox framed the move as a first step toward international diversification, calling the acquisition "a compelling opportunity" to broaden Serica's business beyond its existing footprint. Serica shares eased 4.56% to 245.48p as the market digested the scale of the counter-bid.
Shearwater upgrades FY26 outlook on strong H2 trading
Shearwater Group (LSE:SWG) told investors it now expects full-year revenue and adjusted EBITDA to beat market expectations, citing a strong second half across its cybersecurity and managed security services operations. The upgrade sent shares up 13.74% to 51.75p, the standout mover among today's small-cap updates.
80 Mile raises £1.9m to fund Greenland and Italy work
80 Mile (LSE:80M) priced a placing of 283.6m new shares at 0.67p, a 10% discount to market, raising £1.9m to fund drilling campaigns in Greenland alongside a plant restart in Italy. Shares fell 7.91% to 0.687p as the discount weighed on the stock.
Everyman revenue jumps 24% as cinema group weighs delisting
Everyman Media Group (LSE:EMAN) reported a 23.9% rise in first-half revenue alongside lower net debt, but tempered the update with caution on the second half and confirmation it is considering delisting from AIM. Shares slipped 1.17% to 49.414p.
Quartix lifts interim dividend as profit climbs 21%
Quartix Technologies (LSE:QTX) grew half-year revenue 12% to £19.4m, driven by rising subscription pricing and upsell momentum in its vehicle tracking business, and raised its interim dividend as profit climbed 21%. The board reaffirmed full-year market expectations even as shares dipped 2.51% to 246.66p.
Zephyr Energy signs outline deal for $15m non-dilutive Paradox funding
Zephyr Energy (LSE:ZPHR) has inked a letter of intent with Atlas Oil for prepaid commodity purchase financing worth $15m, structured to avoid equity dilution or asset disposals. Shares were little changed, down 0.79% to 3.75p.
Mendell Helium settles broker debt via warrant exercise
Mendell Helium (LSE:MDH) confirmed a former broker will exercise warrants over 500,000 shares at 3p, offsetting £15,000 against money owed by the company. Shares traded at 4.9p.
Anglesey Mining appoints McFarlane as principal geologist
Anglesey Mining (LSE:AYM) has retained a chartered geologist with two decades of VMS and UK mine development experience to lead technical work at its Parys Mountain project. Shares fell 7.35% to 3.706p.
Technology Minerals extends St Patrick copper-cobalt licence to 2028
Technology Minerals (LSE:TM1) secured a two-year extension of its Spanish exploration permit, giving it more time to assess the Aramo Mine asset without committing to fresh spending. Shares dropped 11.76% to 0.045p.
Quantum Blockchain wins US patent approval for mining efficiency tech
Quantum Blockchain Technologies (LSE:QBT) saw the USPTO approve its ASIC UltraBoost patent application, though formal issuance still requires final procedural steps. Shares rose 6.96% to 0.369p on the news.
Forgent's Peak Hill drilling confirms gold, unlocks new target zone
Forgent (LSE:FORG)'s maiden drilling at the Peak Hill Gold-Copper Project has validated its geological model and uncovered an undrilled corridor that could expand the project. The company is accelerating a Phase 2 campaign to August, with shares trading at 0.016p.
Oracle Power clears key studies for Kalgoorlie mine permits
Oracle Power (LSE:ORCP) reported that geotechnical, hydrology and soil studies for its Kalgoorlie Gold Project returned no material red flags, moving the company closer to submitting mining permit applications. Shares gained 2.82% to 0.0437p.
Dianomi narrows H1 EBITDA loss as margins improve
Dianomi (LSE:DNM) narrowed its first-half EBITDA loss as margins improved, with chief executive Rupert Hodson pointing to expanded engagement from CNN News and Associated News as validation of the platform. "Ultimately, our products are only as good as our platform," Hodson said, calling the media partnerships "the strongest signal of the strength of our proposition." Shares traded at 21.5p.
Ajax Resources secures option over Spanish copper project
Ajax Resources (LSE:AJAX) has agreed a binding option to acquire Western Metallica's Nueva Celti copper project in Andalusia for $300,000, with drilling targeted for autumn. Shares eased 1.1% to 4.5p.
Pathos Communications posts double-digit H1 growth
Pathos Communications (LSE:NEWS) reported 14% revenue growth and a 31% rise in adjusted EBITDA for the first half, with the board confident of meeting full-year market expectations. Shares climbed 8.36% to 29.8p.
Sealand launches AI data security platform
Sealand Capital Galaxy (LSE:SCGL) has established SaturnGlitter, a new AI data security venture, through a collaboration and a newly incorporated Hong Kong subsidiary. Shares fell 5.45% to 0.26p.
Zinc Media flags £5m FY26 revenue slip into next year
Zinc Media Group (LSE:ZIN) said £5m of expected FY26 revenue has been pushed into FY27, though its Middle East and IP growth pillars are running ahead of target. Shares slipped 3.3% to 55.6p.
AOTI revenue rises 10% as Medicare coverage decision looms
AOTI (LSE:AOTI) posted first-half revenue growth of 10% and flagged a proposed Medicare coverage decision it says will transform its US addressable market for wound care technology. Shares jumped 14.29% to 100.0p.
RTC Group profit falls as fuel costs and softer energy demand bite
RTC Group (LSE:RTC) reported lower first-half revenue and profit as fuel costs and softer energy sector demand weighed on the engineering and technical recruitment group, though it held margins steady and increased its dividend payout. Shares edged up 0.56% to 90.5p.
Tortilla reports FY25 revenue growth as UK sales accelerate into 2026
Tortilla Mexican Grill (LSE:MEX) posted 8.5% revenue growth for FY25 and flagged accelerating UK like-for-like sales into the first half of 2026, even as accounting issues in its France operations cut adjusted EBITDA. Shares fell 5.0% to 68.4p.
Tristel launches paid tier for 3T compliance platform
Tristel (LSE:TSTL) opened a new recurring revenue line with a paid tier for its 3T compliance platform, sitting alongside its core infection prevention products. Shares dropped 7.98% to 414.1p.
HyProMag USA fast-tracks magnet finishing ahead of Texas Hub
Mkango Resources (LSE:MKA)'s HyProMag USA joint venture will bring forward finished magnet production to the first half of 2027, ahead of fully integrated recycling operations targeted for the second quarter of 2028. Shares fell 3.95% to 37.7p.
Science Group holds margin gains despite defence revenue pullback
Science Group (LSE:SAG) grew adjusted operating profit and margin in the first half despite a managed reduction in low-margin defence revenue amid geopolitical headwinds. Shares slipped 1.11% to 580.5p.
Estadio Gana reports 227% GGR jump over World Cup
Gana Media Group plc's betting platform Estadio Gana saw registrations top 40,000 as Mexico's World Cup run drove record wagering activity, with gross gaming revenue up 227%.
iFOREX flags FX hit to first-half earnings
iFOREX Financial Trading Holdings (LSE:IFRX) said currency swings cut adjusted EBITDA nearly in half over the first six months, even as underlying trading matched board expectations. Shares stood at 195.0p.
Aston Martin clarifies debt collateral structure
Aston Martin Lagonda Global Holdings (LSE:AML) detailed how its new debt financing is secured, responding to investor questions on the transaction disclosed two days earlier. Shares rose 2.08% to 36.32p.
Not the prospectus Shein wanted to publish
Shein swung to a first-quarter net loss as US tariff changes bit into the fast-fashion retailer's margins, filing draft prospectus terms as it prepares to list in Hong Kong.
