A trading update from Time Out Group headlined a session heavy on contract wins and capital deployment across the small-cap board, with Made Tech landing its largest-ever government deal and Seraphim Space Investment Trust committing fresh capital to satellite connectivity. Elsewhere, resource explorers pushed ahead with drilling programmes at copper, zinc and tungsten projects, while Sabien Technology and Pulsar both moved to address unresolved financial questions.
Time Out grows revenue as Piccadilly Circus flagship secured
Time Out Group (LSE:TMO), the media and leisure company behind the Time Out Market food hall concept, reported group revenue of approximately £72m for the year ended 30 June, against £73m the year before, though continuing operations, stripping out licensed, franchised or closed businesses, rose 11% to £61m. The shares climbed 11.11% to 7.5p on the update, which showed both halves of the business gaining traction: continuing Markets revenue rose 8% to £40m across 13 operational venues that drew 12m visitors, while continuing Media revenue grew 17% to £21m and swung back into adjusted EBITDA profit.
The portfolio expansion was the standout feature of the year. Three new Markets opened, in Budapest, New York Union Square and Vancouver, taking the estate from 10 to 13 locations, with five more in development including the first two under a new capital-light franchise model in New Delhi and São Paulo. Since the year-end, the group has added a sixth site in the pipeline at Piccadilly Circus in London. Time Out also topped up an existing loan note with shareholder Oakley Capital from £1.1m to £2.1m, earmarking the extra £1m as growth capital for the London Market, with the SONIA-plus-8% interest margin unchanged.
"Securing our London flagship at Piccadilly Circus marked one of the most important milestones in Time Out's history," said Chris Ohlund, chief executive.
The Piccadilly Circus deal gives Time Out a marquee London presence to anchor its brand just as the Media arm returns to profitability and the franchise model offers a way to scale Markets without tying up as much balance-sheet capital. The refinancing of the group's maturing senior debt remains ongoing rather than resolved, which keeps a question mark over the capital structure even as the operating trajectory improves, investors will want that resolved before crediting the growth story in full.
Seraphim Space Trust invests $30m in satellite Bluetooth firm Hubble
Seraphim Space Investment Trust (LSE:SSIT), the London-listed SpaceTech investor, has committed $30m (approximately £22.2m) to Hubble Network, which is building what it calls the first satellite-powered Bluetooth network. The technology lets standard off-the-shelf Bluetooth Low Energy chips connect directly to space without cell towers or gateways, targeting asset tracking, logistics, supply chain and industrial monitoring markets by extending connectivity to billions of existing Bluetooth-enabled devices. Shares in the trust slipped 2.6% to 183.114p despite the deployment news.
Hubble was already held within Seraphim Space Venture Fund II, and this investment marks the first new addition to SSIT's C Share portfolio since its £137m C Share issue earlier this year. The trust has now deployed more than £40m of those proceeds, a threshold expected to trigger a partial conversion of C Shares into shares at the end of the current quarter.
James Bruegger, chief investment officer of Seraphim Space, framed the deal as validation of a portfolio company graduating from venture-stage backing to a larger institutional cheque. The conversion trigger matters for existing shareholders because it collapses the dual share structure investors have had to track since the C Share raise, simplifying the trust's capital account at a moment when capital is visibly being put to work rather than sitting uninvested.
Made Tech lands largest-ever contract, lifts FY27 guidance
Made Tech Group (AIM:MTEC), a provider of digital, data and technology services to the UK public sector, has been appointed as part of a consortium to a four-year contract with a UK government department worth approximately £40m to the company over its life, the largest in its history. Shares jumped 13.33% to 43.35p as the market digested both the award and the accompanying guidance upgrade.
Revenue from the contract begins in FY27 and builds more meaningfully in FY28, prompting the board to lift FY27 revenue guidance to £63m–£66m and adjusted EBITDA guidance to £6.3m–£6.6m, both ahead of prior market expectations of £60.3m and £6.0m respectively. It is the second guidance upgrade this year, following a second-half acceleration in sales bookings the company had already flagged, and combined with the new award it pushes the group's Contracted Backlog to approximately £115m. "This is the largest contract award in our history and marks an important milestone in our growth. The award also endorses our position at the centre of a number of critical programmes across government," said Rory MacDonald, chief executive.
The backlog build extends revenue visibility well into FY27 and validates management's read that public-sector digital spending is accelerating rather than stalling, a reassuring signal for a stock whose investment case rests almost entirely on winning and renewing government framework work.
Huddled launches live-commerce software, JV with AEWW
Huddled Group (AIM:HUD) has launched proprietary live-commerce software and formed a joint venture with AEWW, operator of the AE Stores channel on the livestream shopping platform Whatnot. The AIM-listed circular-economy e-commerce group built the system to solve a coordination bottleneck across live commerce, managing stock, orders and fulfilment across multiple sellers and platforms, with the shares up 22.86% to 0.43p on the announcement.
The software connects third-party live-commerce sellers into Huddled's centralised stock pool and fulfilment infrastructure, freeing presenters to focus on content while the group handles allocation, order processing and delivery. AEWW, incorporated only in March 2026, has already grown its AE Stores following on Whatnot to 36,500 in under six months; under the joint venture those stores will be rebranded Peeko Gadgets and folded into the existing Peeko brand, with further stores planned as the venture scales. "The ability to offer next-day delivery on these platforms will, we believe, be a genuine game changer," Martin Higginson, executive chairman of Huddled Group, while Jason McNeill of AEWW, added that "the addition of AE Stores' audience and experience provides immediate scale."
The tie-up concentrates initially on Whatnot, where dwell times run to roughly 90 minutes, giving Huddled a fulfilment-as-a-service angle on a platform already showing fast follower growth, a template management will look to replicate with further channel partnerships if the logistics infrastructure proves it can scale.
Sabien scraps £2m financing framework, presses on with SMCC talks
Sabien Technology Group (SNT) has abandoned its proposed strategic investment and financing framework, worth up to £2m, but said commercial discussions with SaveMoneyCutCarbon remain constructive. Shares surged 45.45% to 4.0p despite the framework's withdrawal, with the market apparently focused on the surviving commercial relationship rather than the lapsed financing structure.
Richard Parris leads a group still working through the practicalities of a partnership without the dedicated funding line that had underpinned it, leaving the near-term financial runway as the open question investors will now watch.
Foresight Solar targets 14 GWh output boost from upgrade programme
Foresight Solar Fund (FSFL) is upgrading panels and inverters at nine UK sites, a programme expected to add up to £2.5m in annual revenue and strengthen dividend cover. Shares edged up 2.01% to 71.0p as the fund detailed the asset-level improvements.
The upgrade targets roughly 14 GWh of additional output, a modest but tangible lift to generation across the existing portfolio rather than new capacity, and one that management under Will Morgan is positioning as a direct support for the payout that income investors in the fund rely on.
Talisman Metals mobilises drilling rig at Tirzzit copper project
Talisman Metals (TLM) has engaged Geosond Maroc to carry out roughly 3,000 metres of reverse circulation drilling at its Tirzzit copper project in Morocco, with shares rising 4.35% to 6.0p on the mobilisation news.
Results are expected from late in the campaign, meaning the market will be waiting some weeks for the assay data that will determine whether the drilling confirms the scale of mineralisation the company is targeting at the site.
Shuka Minerals hits 68% zinc grade at new Kabwe orebody
Shuka Minerals (SKA) reported that drill hole KBDD10 returned 61.5 metres of surface mineralisation at the Kabwe Zinc Mine, with peak grades far above the project's existing resource estimate. Shares rose 2.71% to 3.03p on the result.
A 68% zinc grade at surface points to a higher-quality orebody than previously modelled, giving Richard Lloyd's team grounds to revisit the resource estimate once further drilling confirms the extent of the new mineralisation.
Pulsar addresses HMRC speculation over tax payment timing
Pulsar (PULS) confirmed it is in dialogue with HMRC over the timing of VAT and PAYE payments, following press speculation approximately the matter. The shares fell 10.0% to 25.2p as the company sought to draw a line under the reports.
Framing the issue as a timing dialogue rather than a dispute over liability is intended to calm nerves, but the sharp share price reaction suggests the market wants more clarity on cash position before taking that framing at face value.
Ten Lifestyle appoints ex-YOOX NET-A-PORTER product chief to board
Ten Lifestyle Group (TENG) has named Matt Lindsey, former Chief Product Officer at YOOX NET-A-PORTER, as a Non-Executive Director as the AIM-listed loyalty platform builds out its technology strategy. Shares dipped 1.83% to 94.242p on the appointment news.
Lindsey's background in luxury e-commerce technology brings product depth to a board led by Alex Cheatle, as Ten Lifestyle looks to sharpen the digital experience underpinning its concierge and loyalty offering.
Georgina Energy completes water well ahead of Hussar spud
Georgina Energy (GEX), the helium and hydrogen explorer, said site works are on track for a September spud date at its Hussar prospect in Western Australia. Shares ticked up 1.73% to 14.7p on confirmation that preparatory works remain on schedule.
Completion of the water well removes one of the practical hurdles to spudding, keeping Anthony Hamilton's team on track for a drilling milestone that will be the next major catalyst for the stock.
Great Western starts drilling at Defender tungsten project
Great Western Mining Corporation (GWMO) has begun a resource drilling programme at its Defender Tungsten Project in Nevada, targeting a maiden resource estimate by the end of 2026. Shares rose 10.25% to 3.7484p on the start of drilling.
A maiden resource by year-end would give Ed Loye's team its first quantified estimate of the tungsten deposit, a meaningful de-risking step for a project that has so far been defined largely by exploration potential rather than a defined resource.
Winvia Entertainment refinances with £33m loan
Winvia Entertainment (WVIA), the prize draw and online gaming group, has replaced its Eurobank facility with a new £33m Barclays loan, freeing up liquidity for acquisitions in the fragmented UK prize draw sector. The shares traded at 241.0p.
Swapping lenders for a UK high-street bank facility gives the group a domestic credit relationship better suited to funding bolt-on deals, positioning Winvia as a likely consolidator in a prize draw market that remains highly fragmented among smaller operators.
Neo Energy clears first regulatory hurdle for New Beisa
South Africa's mineral resources minister has granted Sibanye-Stillwater consent to transfer the mining right underpinning Neo Energy Metals (NEO)'s New Beisa gold and uranium project, the first of three approvals needed before the asset passes to Neo Energy. Shares gained 7.71% to 0.922p on the news.
Clearing the ministerial consent removes the highest-profile regulatory risk in the transfer process, though two further approvals still stand between Neo Energy and full control of the project.
