Monday's small-cap session was dominated by growth capital being put to work: distribution capacity, gold processing, and drone-led exploration all featured heavily, while the M&A battle for Pharos Energy sharpened as Serica Energy held its ground against a rival bidder. Elsewhere, contract wins across security screening, defence engineering and airport technology underscored a steady drumbeat of commercial progress across the mid- and small-cap universe, even as several names traded down on profit-taking or partial newsflow.
Likewise Group commits £9.57m to Corby distribution hub
Likewise Group (AIM:LIKE) has exchanged contracts on a new 60,000 square foot High Bay Distribution Hub in Corby for £9.57m, with completion targeted for 21 August. The AIM-listed flooring distributor expects the site to materially expand storage, cutting and trunking capacity across its Likewise Floors Logistics Network once it becomes operational in January 2027, shares in the company rose 4.41% to 30.8p on the news.
The purchase lands against a backdrop of accelerating trading: July sales climbed 23.9% year-on-year, with year-to-date revenue up 18.3% on a like-for-like basis, and August order intake and invoicing have started strongly heading into the group's traditionally busier autumn period. The acquisition is being funded through a mix of existing and new shareholders alongside facilities from the group's principal bankers, following an approximately £28.5m accelerated bookbuild completed in late July.
"Significant flexibility... to become a meaningfully larger business than we have currently," said Tony Brewer, chief executive of Likewise Group.
The £9.57m outlay is sizeable relative to the recent raise, but it is backed by demonstrated revenue acceleration rather than speculative growth plans, giving the company more cover than a typical capacity bet. The real test arrives with the January 2027 ramp: if the expanded hub converts into margin-accretive volume rather than simply absorbing existing demand, Likewise's ambition to become "meaningfully larger" will look well-timed rather than merely well-funded.
Thruvision lands £3m South-East Asian airport screening deal
Thruvision Group (AIM:THRU), the maker of walk-through security screening technology, said its principal regional partner in Asia has secured a contract expected to generate more than £3m of revenue for the company, sending shares up 43.2% to 0.895p. The deployment covers multiple high-throughput people-screening systems across several major South-East Asian airports, targeting aviation worker screening and insider-threat mitigation.
It marks Thruvision's largest Asian deployment to date and its third contract worth more than £1m in the region within 14 months, following prior use of its WalkTHRU lanes at a major cultural event in South-East Asia. Chief executive Victoria Balchin called it "our largest contract award in Asia to date" and "our second major regional order this calendar year", crediting scale gains from working with experienced regional partners. Executive chairman Tom Black added, "the aviation sector increasingly recognises that security extends well beyond passenger screening, with insider threat becoming a major operational priority worldwide."
The repeated pattern of seven-figure Asian contracts in little over a year points to a maturing regional sales channel rather than a one-off win, giving Thruvision a growing base of recurring aviation-sector demand to build on as insider-threat screening becomes a standard airport requirement rather than a niche add-on.
ECR Minerals raises new capital to push Maddens gold towards production
Ecr Minerals (AIM:ECR) has conditionally raised £636,250 before expenses through a placing with existing shareholders and other investors, issuing 363.57m new shares at 0.175p each, a 12.5% discount to the prior closing price. Shares fell 12.1% to 0.1758p following the dilutive raise.
Most of the proceeds will fund the Maddens Gold Project in Northern Queensland, Australia, where ECR holds a 50% interest and has recently identified an additional mineralised quartz vein containing visible gold. The money will support continued development of the Maddens Underground Mine, processing of stockpiled ore, trial alluvial mining within the Brothers Mining Lease using equipment redeployed from Raglan, and further exploration following a LiDAR survey pointing to potential extensions toward the historic Sisters Mine.
The discounted pricing and share-count dilution explain the negative market reaction, but the funding is directly earmarked for near-term production milestones rather than general exploration, meaning the raise's success will be judged quickly against tangible outputs at Maddens rather than distant drill results.
Angus Energy says it's repaid £5.24m debt since restructuring
Angus Energy (ANGS) has cleared its ORRI liability in full and made a further prepayment on its Trafigura facility following the company's first post-restructuring cash sweep, with the AIM-listed oil and gas producer's shares climbing 9.14% to 0.2019p.
The debt reduction marks an early proof point for the restructuring plan, showing the cash sweep mechanism is functioning as intended and giving creditors and shareholders tangible evidence that the balance sheet is being repaired on schedule.
ValiRx subsidiary secures second European patent notice
Cytolytix, a subsidiary of VALIRX (VAL), has received a notice of intention to grant a second European patent, adding to the group's cancer therapeutics intellectual property portfolio ahead of formal grant. Shares in ValiRx rose 5.0% to 0.168p.
The additional patent notice strengthens the protective moat roughly ValiRx's pipeline at a stage when IP breadth is a key value driver for a pre-revenue biotech seeking partnering or licensing interest.
Aterian starts AI-guided drone survey in Botswana copper belt
ATERIAN (ATN) has begun a high-resolution drone magnetic survey over its top two licences in the Kalahari Copper Belt, feeding data into its AI exploration partnership with Lithosquare. Shares fell 5.33% to 26.0351p.
The survey represents an early practical application of Aterian's AI-driven targeting approach, aiming to sharpen drill target selection ahead of any follow-up exploration campaign across its Botswana copper assets.
Nichols buys VITHIT for €75m in earnings-boosting deal
NICHOLS (NICL), the owner of Vimto, has acquired functional soft drinks brand VITHIT for €75m in cash, a deal the company says will be earnings-accretive from day one. Shares in Nichols rose 2.4% to 1065.0p.
The acquisition extends Nichols beyond its core carbonated drinks portfolio into the faster-growing functional beverages category, giving the group a new growth vector to offset maturity in its legacy soft drinks business.
Marshalls lifts H1 profit as cost cuts offset weak markets
Marshalls (MSLH) grew adjusted operating profit 8.1% in the first half as its Landscaping Products turnaround plan began delivering savings, even as revenue held broadly flat against subdued end markets. Shares fell 2.43% to 176.99p despite the profit improvement.
The divergence between profit growth and a soft share price suggests the market remains cautious on the durability of end-market demand, even as management demonstrates it can extract margin gains through self-help measures rather than relying on a market recovery.
Fulcrum secures C$560,000 in Terra North shares under uranium option deal
FULCRUM METALS (FMET) has amended its Saskatchewan uranium option agreement, taking C$560,000 of deemed equity consideration in Terra North Resources instead of a scheduled cash and share payment. Fulcrum shares traded at 7.5p.
The switch to equity consideration preserves Fulcrum's cash position while giving it direct exposure to Terra North's share performance, a trade-off that shifts risk from near-term liquidity to counterparty equity value.
H-Power completes first phase of Komatsu ammonia engine deal
H-Power (HPOW) has finished the initial stage of its joint development agreement with Komatsu and will now move to build and demonstrate an ammonia-fuelled engine platform under a contract worth roughly $2m. Shares fell 5.66% to 10.472p.
Completing the first phase on schedule keeps H-Power's collaboration with a major industrial partner on track, with the build-and-demonstrate stage representing the next meaningful proof point for its ammonia engine technology.
Bluebird Mining's Bitcoin stream posts first full month of revenue
Bluebird Mining Ventures (BMV) said its initial Bitcoin streaming investment generated recurring revenue in line with expectations during its first complete month of production, with net asset value rising to $1.18m. Shares climbed 12.5% to 0.045p.
The result validates Bluebird's diversification into Bitcoin streaming as a source of recurring income, offering a complement to its traditional mining exploration activities at an early but encouraging stage.
Tertiary Minerals completes Phase 4 drilling at Mushima North
Tertiary Minerals (TYM) reported preliminary results from Zambia's Target A1 supporting both the near-surface silver exploration target and a higher-grade silver-copper zone within it. Shares rose 4.62% to 0.068p.
Confirmation of a higher-grade zone nested within the broader target adds a more compelling economic case to the project, potentially supporting a more focused follow-up drilling campaign.
Tandem Group names Simon Bragg as Non-Executive Chair
Tandem Group (TND) has promoted Simon Bragg to Non-Executive Chair as Jonathan Crookall steps down from the board after four years. Shares dipped 1.55% to 184.11p.
The leadership transition brings continuity to the board given Bragg's internal promotion, while Crookall's exit after a four-year tenure marks a natural changeover point for the sports and leisure products group.
Xtract Resources advances Amghas antimony mine towards plant commissioning
XTRACT RESOURCES (XTR) has appointed local mining and civil contractors to prepare its Amghas antimony project in Morocco for construction of a 70,000 tonnes per annum gravity processing plant. Shares fell 5.77% to 1.225p.
Bringing in local contractors marks a tangible construction milestone for Amghas, moving the project from planning into physical build-out ahead of plant commissioning.
Dekel palm oil output falls as cashew plant hits record
Dekel Agri-Vision (DKL) reported crude palm oil production down 15.4% in July on seasonal lows, while its cashew plant processed a record 800 tonnes and palm kernel oil sales surged. Shares slipped 1.33% to 0.37p.
The record cashew processing volume shows Dekel's diversification strategy delivering results even as its palm oil segment experiences an expected seasonal dip.
Strip Tinning wins £3m DRIVE35 grant
Strip Tinning Holdings (STG) has secured £3m in UK government funding to expand manufacturing capacity ahead of expected demand growth from 2027. Shares surged 77.78% to 40.0p.
The grant gives Strip Tinning non-dilutive capital to scale ahead of an anticipated demand ramp, directly supporting capacity investment without diluting existing shareholders.
Cadence Minerals advances Azteca refurbishment to 87%
CADENCE MINERALS (KDNC) said refurbishment of the Azteca processing plant has advanced to 87% completion, keeping the project on track for an end-of-August target. Shares rose 6.8% to 5.5p.
Hitting the 87% mark on schedule reduces execution risk heading into the final stretch, with the project now closely tracking its stated completion timeline.
Kendrick Resources reports high-grade REE hits at Teufelskuppe
Kendrick Resources (KEN) reported new diamond drilling at the Namibian project delivering light rare earth oxide grades of up to 5.80% over continuous widths exceeding 36 metres. Shares fell 6.12% to 5.633p.
The grade and width combination is notable for a rare earth project, giving Kendrick strong technical grounds to expand the drilling programme despite the share price pullback.
Caledonia lifts quarterly dividend backdrop as Blanket output rebounds 18%
Caledonia Mining Corporation Di (CMCL) reported a 16% rise in second-quarter revenue to $75.9m as Blanket Mine gold output recovered from a weak first quarter, while the board declared a quarterly dividend of 14 US cents per share. Shares rose 5.26% to 1700.0p.
The 18% output rebound at Blanket, paired with a maintained dividend, signals management's confidence that the earlier production weakness was transitory rather than structural.
Hercules completes Pay and Bill platform rollout
HERCULES (HERC) has implemented its new Pay and Bill platform across the business, marking a key step in its transformation programme ahead of a planned ERP rollout. Shares fell 2.21% to 41.07p.
Completing this stage on schedule de-risks the next phase of the transformation programme, with the ERP rollout now the key milestone to watch.
ImmuPharma names Kymos Group bioanalytical partner for Kapiglucagon
Immupharma (IMM) has appointed the GLP-certified CRO Kymos Group to validate bioanalytical methods supporting Kapiglucagon's nonclinical and Phase 1 clinical programs. Shares dipped 2.1% to 3.9161p.
Securing a GLP-certified partner strengthens the regulatory credibility of ImmuPharma's clinical data package as it moves Kapiglucagon toward human trials.
Aurrigo wins £1.43m UK grant for airport autonomous vehicles
Aurrigo International (AURR) has secured government funding to test autonomous shuttles on security patrols and runway inspections at UK airports. Shares were roughly flat at 69.4816p, down 0.03%.
The grant funds real-world trials in a security-sensitive setting, giving Aurrigo a credible testbed to demonstrate autonomous vehicle capability to airport operators beyond the UK.
Luceco names Dr Thorsten Müller as new CEO
LUCECO (LUCE) has appointed Dr Thorsten Müller, currently head of Halma's safety division, to succeed John Hornby as chief executive from 1 September. Shares were little changed at 225.866p, down 0.06%.
Bringing in a safety-sector specialist from Halma signals a continued focus on product safety and compliance credentials as Luceco pursues its next phase of growth under new leadership.
Galantas expands Indiana drill programme to 12,500 metres
Galantas Gold (GAL) is extending exploration at its Indiana gold-copper project in Chile after visual signs of new mineralisation styles, funding the expansion from existing cash. Shares fell 2.04% to 24.0p.
Funding the expanded 12,500-metre programme internally avoids near-term dilution, with the new mineralisation styles observed on site giving geological grounds for the increased drilling commitment.
