Portfolio discipline defined the small-cap tech tape, with Tracsis offloading a division to sharpen its software focus and Microlise absorbing a revenue dip while defending margins. Contract wins at EnSilica and Pennant pointed to steady demand in satellite and shipbuilding niches, while Vodafone tidied its balance sheet with a long-flagged joint-venture exit. Smaller names brought a mixed bag of treasury moves, security disclosures and debt clean-up.
Tracsis sells Events unit for £7.25m to cut debt
Tracsis (AIM:TRCS) has sold its Events Transport Planning & Management business to Connection Capital, a London private capital investor, for an enterprise value of £7.25m paid entirely in cash on completion. The transport technology group's shares stood at 344.0p, up 0.44%, as it confirmed the disposal of a unit that supplied traffic management for major outdoor events and fixed venues across the UK.
The Events business generated revenue of roughly £20.4m and adjusted EBITDA of about £1.9m in the year to 31 July 2025, a margin of just over 9%. Net proceeds will be directed toward cutting net debt, accelerating the deleveraging plan Tracsis set out alongside its acquisition of Mistral Data, announced 29 July. Full-year trading to 31 July, including the Events business's contribution for the period, is expected to land in line with market expectations, with a further update due at the Group's FY26 trading statement on 27 August.
"[the business] has built a strong position in its market," said David Frost, chief executive of Tracsis.
Frost added that the unit is "better suited to an owner whose strategic priorities are more closely aligned with its next phase of growth," language that signals a deliberate narrowing of the Group's portfolio rather than a distress sale. Stripping out a services-led operation raises Tracsis's proportion of annual recurring revenue and improves its margin profile just as it digests the Mistral Data purchase, giving the balance sheet room to breathe without diluting shareholders. The timing, proceeds landing ahead of the FY26 update, suggests management is keen to show deleveraging progress before investors next get a formal read on the combined business.
Microlise reiterates FY26 profit outlook despite revenue dip
Microlise Group (AIM:SAAS) reported first-half revenue of £39.5m, down from £44.1m a year earlier, as weaker OEM revenues, lower non-recurring hardware sales and component availability issues weighed on the top line. Shares in the fleet management software provider traded at 39.5p following the update.
Direct Customer annual recurring revenue grew 12% to £47.1m, underpinned by renewals and expansion activity including a 10-year deal worth more than £20m in total contract value, though net revenue retention eased to 106% from 114% on previously flagged managed churn. OEM-related ARR fell to £13.7m from £16.7m on lower renewals. Adjusted EBITDA margin recovered sharply to 13.2% from 5.2% in the second half of last year, with adjusted EBITDA of £5.2m up 148% sequentially, helped by FY25 restructuring and a rising share of recurring revenue. "Microlise delivered a solid H1 performance, with Direct Customer ARR growing 12%, improved margins versus H2 2025, and a strong net cash position," said Nadeem, chief executive.
The margin recovery is the story beneath the revenue decline: management has traded lower hardware and OEM volumes for a leaner cost base and a growing recurring-revenue core, and the sharp sequential EBITDA jump suggests the restructuring is now flowing through. Investors will watch whether Direct Customer retention stabilises above 100%, given the drop from last year's 114% level.
EnSilica lands €1.7m second-phase satellite ASIC deal
EnSilica (AIM:ENSI) has secured a second contract worth €1.7m from a leading European satellite manufacturer, advancing a satellite payload communications chip programme into its next phase. Shares in the fabless ASIC designer rose 4.0% to 78.0p on the news.
The deal follows an earlier funded feasibility study, one of three satellite payload feasibility studies EnSilica disclosed on 3 November 2025, and covers roughly 10 months of work developing system architecture, signal processing algorithms and a systems demonstrator device, the steps required before the chip advances into full ASIC development. "We are delighted to have been selected again by this key European satellite manufacturer to continue this important programme," said chief executive Ian Lankshear. EnSilica is separately joining the 5G-aNTeNna project.
Winning the follow-on contract confirms the customer relationship is progressing past early-stage feasibility work toward a commercial ASIC design, a validation that matters more than the contract value itself for a company whose pipeline depends on converting funded studies into production business.
Pennant lands shipbuilding deal, lifts recurring revenue
Pennant International Group (AIM:PEN) has won a new contract for its Auxilium software suite with a major global shipbuilding organisation, expected to add about £0.2m to annual recurring revenue. Shares in the systems support and training solutions provider traded at 29.5p.
Auxilium, Pennant's next-generation integrated product support platform, will be deployed across a shipbuilding programme in the Asia-Pacific region to manage engineering, maintenance and logistics data. The win builds toward the Group's target of exceeding £3m in ARR by the end of its 2026 financial year. "Securing this contract with a major international shipbuilder is an important milestone for Pennant and a further endorsement of the capability and value of the Auxilium platform," said Phil Walker, chief executive of Pennant International Group.
The incremental £0.2m is modest, but it extends Auxilium's footprint into a new vertical and geography, evidence that Pennant's recurring-revenue push is broadening beyond its traditional defence customer base as it works toward the £3m ARR target.
Vodafone completes VodafoneZiggo sale to Liberty Global
Vodafone Group (LSE:VOD) has sold its stake in VodafoneZiggo for €1bn in cash plus a 10% shareholding in an enlarged Ziggo Group, with proceeds earmarked for debt reduction. Vodafone shares slipped 0.127% to 117.7p on the day.
The disposal closes out Vodafone's Dutch joint venture with Liberty Global, converting a co-controlled asset into cash and a minority stake, and gives management a further lever to trim leverage as it continues reshaping its European portfolio.
Smarter Web buys more Bitcoin as quarterly yield turns negative
Smarter Web Company (AIM:SWC) added 11.89 Bitcoin to its treasury, even as it reported a negative quarter-to-date Bitcoin yield of 4.80%. Shares fell 0.94% to 28.49p.
The continued accumulation despite the negative yield underlines that Smarter Web is treating Bitcoin as a long-term treasury strategy rather than a metric to be optimised quarter by quarter, a stance that leaves the shares exposed to crypto price swings regardless of near-term yield performance.
Quantum Blockchain reports AI Oracle progress on ASIC mining rig
Quantum Blockchain Technologies (AIM:QBT) has adapted its Method C AI Oracle software to a new ASIC mining rig, with early testing showing a consistent edge over traditional mining approaches. Shares fell 4.06% to 0.3406p.
Chief executive Francesco Gardin's team is pushing the AI Oracle technology, originally developed on other hardware, onto ASIC-based rigs, a step that could widen its addressable market if the efficiency gains hold up outside early testing conditions.
Accesso reports contained IT security incident
accesso Technology Group (AIM:ACSO) disclosed a temporary unauthorised access to its systems, which it says has been contained with no disruption to customers. Shares dipped 0.78% to 317.0p.
The leisure and entertainment technology provider's swift containment message aims to reassure venue-operator clients who depend on its ticketing and guest-experience platforms, though the incident will likely draw scrutiny on the robustness of its security controls going forward.
Tern clears outstanding loan facility in full
Tern (AIM:TERN) has repaid the remaining £125,957.26 owed under a loan facility first agreed in 2023, leaving no balance outstanding. Shares in the technology investment group stood at 1.4p.
Clearing the facility removes a legacy liability from Tern's balance sheet, giving the investment group a cleaner financial position as it manages its portfolio of technology holdings.
