A profit warning from Virgin Wines and a cash takeover approach for Alternative Income REIT headline a busy morning for small- and mid-cap corporate news. Elsewhere, input-cost pressures weighed on McBride's outlook, Kier Group secured a major infrastructure contract, and a string of operational and strategic updates rounded out the session's newsflow.
Virgin Wines cuts full-year revenue and profit forecasts
Virgin Wines UK (AIM:VINO) issued a profit warning, cutting both its full-year revenue and profit forecasts as sustained macro headwinds continue to weigh on consumer spending. The direct-to-consumer wine retailer cited a challenging trading environment as the primary driver of the downgrade.
The company did point to early-stage progress on its digital strategy: a new mobile app recorded approximately 13,000 downloads in April and May, offering a potential longer-term channel for customer acquisition and retention.
Glenstone launches cash takeover offer for Alternative Income REIT
Alternative Income REIT (LSE:AIRE) received a formal cash takeover offer from Glenstone, marking one of the more significant M&A moves in the small-cap property sector this morning. The bidder has already secured an irrevocable undertaking from a director and a non-binding letter of intent from Hawksmoor Investment Management, together representing an additional 8.53% of the REIT's share capital, a meaningful early show of support for the approach.
BSF Enterprise's 'T-Rex' handbag fails to sell at auction
BSF Enterprise (AIM:BSFA) confirmed that its high-profile cultivated-leather 'T-Rex' handbag did not find a buyer at auction. The company said the piece is now being prepared for direct sale to a select group of high-net-worth collectors and institutions, keeping open the prospect of a transaction outside the public auction process.
MedPal flags UK approval of oral GLP-1 as private market opportunity
MedPal AI (AIM:MPAL) told investors that the UK regulatory approval of the first oral GLP-1 weight-loss pill opens a significant private market opportunity for its platform. Oral semaglutide removes the requirement for self-injection and is already showing signs of expanding the treatable population in the US, a dynamic MedPal believes will be replicated in the UK private healthcare channel.
Cizzle Biotechnology secures US patent for CIZ1B diagnostic
Cizzle Biotechnology Holdings (AIM:CIZ) was granted a new patent by the USPTO, strengthening the intellectual property position underpinning its CIZ1B ELISA lung cancer detection test. The company said the grant is well-timed, aligning with active efforts to bring the test format to market alongside its US partner, Cizzle Bio. Chief Scientific Officer Dawn Coverley described the award as "perfectly aligned" with the commercialisation programme currently under way.
Quadrise delays Multifuel unit delivery as Utah pilot plant slips to Q4
Quadrise (AIM:QED) announced a delay to the delivery of its Multifuel unit to partner Valkor, after Valkor notified the company that commissioning of its 500 barrel-per-day oil-sands pilot plant in Utah has been pushed back to the fourth quarter of 2026. The setback defers a key operational milestone for the partnership and extends the timeline for demonstrating the technology at commercial scale.
Severfield renews £60m RCF and adds £30m accordion facility
Severfield (LSE:SFR) refinanced its core debt facilities, renewing a £60m revolving credit facility, continuing a £7.6m term loan, and adding a new £30m accordion option. Management said the new package extends the group's debt maturity profile, improves commercial terms, and provides a stronger platform for future growth, reflecting, in their words, the group's "strengthened financial position".
UK Oil & Gas sells entire Horse Hill stake for £1m
UK Oil & Gas (AIM:UKOG) agreed to sell its entire interest in the Horse Hill oil field for £1m, exiting the onshore UK asset entirely. The disposal completes the company's withdrawal from Horse Hill and crystallises proceeds from a field that has been a long-running focus of both operational activity and regulatory scrutiny.
McBride warns on profit as Middle East conflict inflates input costs
McBride (LSE:MCB) issued a profit warning, telling investors that sustained rises in petrochemical and energy-related input costs, driven in part by the Middle East conflict, will knock adjusted EBITA for the years to 30 June and 2027 by 5-10%. The household and professional cleaning products manufacturer said it expects to complete the acquisition of Eurotab on or around 1 July, adding a significant operational integration to an already pressured cost environment.
THG's €445m term loan trades above par for first time since issuance
THG (LSE:THG) highlighted that its €445m term loan B has traded above par for the first time since it was issued, a signal of improving creditor confidence in the business. Over the same period, the TLB has outperformed the European Leveraged Loan Index by approximately 400 basis points, a development the company is presenting as evidence of a strengthening balance sheet narrative.
Kier Group wins £140m South West Water alliance contract
Kier Group (LSE:KIE) was awarded a £140m Network Services Alliance contract with South West Water, adding a substantial regulated-sector infrastructure mandate to its order book. Kier will serve as sole contractor on the alliance, underlining its position as a preferred delivery partner in the UK water infrastructure market at a time of heightened regulatory and investment pressure on the sector.
GSK secures orphan drug status for momelotinib in rare VEXAS syndrome
GSK (LSE:GSK) received orphan drug designation for momelotinib in both the US and Europe for the treatment of VEXAS syndrome, a rare and severe inflammatory blood disorder for which no approved treatments currently exist. VEXAS affects tens of thousands of patients worldwide and carries a five-year mortality rate of 30% to 40%, making the designations commercially and clinically significant as GSK advances the drug's development in this indication.
European Commission approves €23bn Italian renewables support scheme
Zenith Energy (AIM:ZEN) welcomed the European Commission's approval of a €23bn Italian state-aid scheme supporting renewable energy, saying the mechanism materially improves the bankability and exit prospects for its 188.5 MWp Italian solar pipeline. The scheme delivers 20-year two-way Contracts for Difference, providing the long-term revenue certainty that project finance lenders and strategic acquirers typically require before committing capital to large-scale solar assets.
M.P. Evans reports higher early-year palm oil output with stable unit costs
M.P. Evans Group (AIM:MPE) reported higher production volumes in the early part of 2026 and said full-year unit costs are expected to remain broadly in line with 2025 levels. Management acknowledged upward pressure from higher diesel and fertiliser costs but said these were absorbed without a material deterioration in cost efficiency, pointing to operational resilience across its Indonesian palm oil estates.
