A busy morning of corporate news spans results, deals and strategic updates across the small and mid-cap universe. Wise (LSE:WISE) headlines after posting a strong full-year profit beat and lifting its margin guidance to the top of its medium-term range, while XPS Pensions Group (LSE:XPS) moves into general insurance actuarial consulting with a bolt-on acquisition, and Distribution Finance Capital Holdings (AIM:DFCH) upgrades its full-year profit outlook after record loan origination.
Wise beats FY26 targets and lifts FY27 margin guidance
Wise (LSE:WISE) reported income before tax of $660 million for the year ended 31 March, with both revenue and underlying margins finishing above its previously stated mid-term targets. The cross-border payments group now expects its FY27 underlying profit margin to come in at the top of its 20-25% guidance range, a signal of sustained operating leverage as its customer base and transfer volumes continue to expand.
DF Capital upgrades profit outlook on record loan origination
Distribution Finance Capital Holdings (AIM:DFCH) has lifted its full-year profit guidance, saying it now expects earnings to materially exceed market expectations after a record first half for loan origination. The AIM-listed specialist bank's loan book has surged past £915 million, driven by rapid growth in its asset finance product alongside its established distribution finance offering.
XPS Pensions acquires APR to enter general insurance consulting
XPS Pensions Group (AIM:XPS) is acquiring the trade and assets of Austin Professional Resourcing, a specialist insurance actuarial consultancy, for up to £16.3 million. The deal gives XPS a foothold in what it describes as a £1.5 billion general insurance consulting market, accelerating a diversification strategy beyond its core pensions advisory business.
Zegona cuts annual interest bill by €60 million with full debt refinancing
Zegona Communications (AIM:ZEG) has completed a €3.7 billion refinancing of its entire senior debt stack, reducing its annualised interest cost from €230 million to €170 million. The transaction delivers a €60 million annual saving and materially improves the financial flexibility of the group as it continues to develop its Spanish telecoms operations.
Cirata raises up to £6.3 million to fund data analytics growth
Cirata (AIM:CRTA) has raised £5.9 million through an institutional placing and subscription, with a retail offer component remaining open until 29 June and the potential to bring the total raise to £6.3 million. The data analytics software company is deploying the proceeds to support its commercial growth strategy.
Arc Minerals regains full Zambian project control after Anglo JV exit
Arc Minerals (AIM:ARCM) published full-year results showing a loss for the period, reflecting a year of significant strategic repositioning. The Africa-focused copper explorer regained full control of its Zambian flagship project in 2025 following Anglo American's exit from their joint venture, and is now targeting a drilling campaign at its Botswana asset in the second half of 2026.
Zenith Energy arbitration award expected in Q1 2027
Zenith Energy (AIM:ZEN) has provided an update on its international arbitration proceedings against Tunisia, with the ICSID tribunal setting a timetable that puts a final award approximately nine months away. The company's claim stands at $572.65 million, and the case is now in its final phase.
Defence Holdings raises £4 million in oversubscribed placing
Defence Holdings (AIM) has raised £4 million through the placing of 400 million new shares at 1p each, with demand described as significantly exceeding supply and the raise scaled back accordingly. The UK software-led defence technology group intends to use the proceeds to accelerate its defence technology strategy.
Avon Technologies confirms $40 million in US Army helmet orders
Avon Technologies (AIM:AVON) has confirmed that its Team Wendy Ceradyne subsidiary has received delivery orders worth more than $40 million under a 2021 US Army helmet protection programme. The orders represent a meaningful step in the conversion of that contract's potential value into firm revenue.
Kistos narrows loss as Balder Future reaches first oil
Kistos Holdings (AIM:KIST) reported adjusted EBITDA of $97 million for 2025, with its statutory loss narrowing sharply to $2 million as the Balder Future project in Norway delivered first oil during the year. The result marks a significant operational milestone for the North Sea and Norway-focused producer.
Zephyr Energy doubles Paradox Basin acreage with Utah acquisition
Zephyr Energy (AIM:ZPHR) has acquired an additional 27,000 acres in the Paradox Basin in Utah, doubling its footprint in the play at a critical juncture in its ongoing farm-out process. Simultaneously, the company completed the disposal of non-core Wyoming assets for $2.2 million, sharpening its focus on the Paradox project.
Devolver Digital flags 60% revenue growth but STARSEEKER disappoints
Devolver Digital (AIM) expects first-half revenue to come in at least 60% above the prior year, driven by a strong slate of releases. However, the indie games publisher flagged that the launch of STARSEEKER, a title from its System Era studio, has been slower than anticipated, with full-year guidance to be provided alongside half-year results in late September.
BSF Enterprise subsidiary wins four Lions at Cannes 2026
BSF Enterprise (AQSE:BSFA) announced that its Lab-Grown Leather subsidiary took home four Lions at Cannes Lions 2026, including a Gold, a Silver and two Bronze awards, for its T-Rex Leather campaign. The recognition validates the commercial positioning of BSF's bioengineered material and raises the profile of the brand ahead of planned commercial rollout.
Hercules upsizes debt facilities to £25 million with IGF
Hercules (AIM:HERC) has expanded its financing arrangements with IGF, upsizing its invoice discounting facility and securing £5 million in new term loans to bring total facilities to £25 million. The bulk of the new term debt is earmarked to cover an acquisition earnout payment, supporting the AIM-listed infrastructure and construction group's balance sheet through a period of growth.
GreenRoc draws down €2 million EIFO tranche for Greenland graphite work
GreenRoc Strategic Materials (AIM:GROC) has drawn down the third tranche of its Danish state-backed EIFO loan facility, pulling €2 million to fund drilling, bulk sample processing and pilot plant work at its Greenland graphite project. The drawdown keeps the critical minerals developer on track with its development programme for a material on the EU's strategic raw materials list.
Crism Therapeutics widens loss as R&D trebles ahead of Phase 2 trial
Crism Therapeutics (AIM:CRTX) reported a full-year loss of £1.9 million for 2025, with research and development expenditure trebling as the AIM-listed biotech prepares for its Phase 2 clinical trial. Post-period milestones include FDA Orphan Drug Designation and nearly £1 million in non-dilutive grant awards, with first patient dosing now on the near-term horizon.
Ethtry posts loss as Ethereum treasury and renewables strategy takes shape
Ethtry (AQSE) reported a loss for the year ended 31 December 2025, reflecting a wholesale strategic repositioning that saw the company abandon battery storage and life sciences in favour of UK renewable energy development and an Ethereum treasury strategy. The Aquis-listed company is now operating under a fundamentally different business model from the prior year.
Physiomics reports record commercial pipeline after boardroom overhaul
Physiomics (AIM:PYC) says it is building its largest-ever commercial pipeline following the dismissal of former directors in April. The computational oncology company expects cost savings from the boardroom transition to outweigh one-off restructuring expenses, and is presenting the pipeline build as evidence that the leadership change has not disrupted commercial momentum.
Tap Global enables direct salary deposits into crypto-fiat accounts
Tap Global Group (AQSE:TAP) has launched a direct salary deposit feature, allowing customers to receive salaries and third-party payments into their Tap accounts via SEPA without requiring an intermediary bank account. The capability positions Tap accounts as a primary financial account rather than a supplementary crypto wallet, broadening the platform's everyday utility.
Clean Power Hydrogen settles Northern Ireland Water subcontract dispute
Clean Power Hydrogen (AIM:CPH2) has executed a deed of termination and settlement with subcontractor Lagan MEICA, closing out a contract dispute tied to its 1MW Northern Ireland Water hydrogen project. The settlement removes a source of legal and operational uncertainty as the company progresses its broader project pipeline.
BHP restructures Americas leadership ahead of Brandon Craig's CEO start
BHP (LSE:BHP) is splitting its Americas region into two separate presidencies as part of an executive leadership restructure timed to coincide with incoming chief executive Brandon Craig's start date of 1 July. The reorganisation reflects the scale and strategic importance of BHP's Americas operations and signals Craig's intent to reshape the group's management structure from day one.
Barratt Redrow sets 21 September start date for incoming CEO Dean Banks
Barratt Redrow (LSE:BTRW) has confirmed that Dean Banks will assume the role of chief executive on 21 September, with a formal handover period extending through to March 2027. The appointment provides clarity on the leadership transition at one of the UK's largest housebuilders.
Panther Securities disposes of Peterborough warehouse at £250,000 premium
Panther Securities (AIM) has sold a vacant 50,000 sq ft warehouse in Peterborough for £3.25 million, booking a £250,000 uplift to book value on an asset it has held since 2023. The disposal recycles capital from a non-income-producing asset and is consistent with the property investment company's active portfolio management approach.
Montanaro UK Smaller Companies posts 811% cumulative NAV return since launch
Montanaro UK Smaller Companies Investment Trust (LSE:MTU) reported a full-year NAV total return that lagged its benchmark over the twelve months to 31 March, though its cumulative gain since the 1995 launch stands at 811% against the benchmark's 651%. The trust attributed the near-term underperformance to a difficult environment for quality-growth smaller companies.
Heathrow trims 2026 passenger forecast as Middle East conflict weighs
Heathrow Funding has cut its base-case 2026 passenger traffic forecast in its semi-annual investor report, citing the impact of the Middle East conflict on route demand. The airport also flagged a £147 million decline in adjusted EBITDA versus 2025, reflecting both the traffic headwind and cost pressures.
JPMorgan EMEA trust outperforms benchmark despite Iran conflict disruption
JPMorgan Emerging Europe, Middle East & Africa Securities (LSE:JEMA) posted a NAV total return of 3.2% for the six months to 30 April, beating its reference index by 0.7 percentage points. The managers reduced Gulf exposure as the Iran conflict escalated, a tactical shift that proved beneficial to relative performance over the period.
RTW Bio adds $1.4 million to Lycia Therapeutics $75 million Series D round
RTW Biotech Opportunities (LSE) has made a follow-on investment of $1.4 million in Lycia Therapeutics as part of a $75 million Series D financing round. The proceeds will advance two clinical-stage programmes targeting food allergy and Graves' disease, with Lycia's targeted protein degradation platform underpinning both therapeutic approaches.
Guardian Metal to publish Pilot Mountain tungsten PFS on 30 June
Guardian Metal Resources (AIM:GMTL) has confirmed it will release its pre-feasibility study for the Pilot Mountain tungsten project in Nevada on 30 June. The study is backed by a $6.2 million US Department of Defense investment, underlining the strategic significance of the project within the context of Western critical minerals supply chain development.
Talon Resources outlines 2,000-metre drilling campaign at Ontario gold project
Talon Resources (AIM:TAR) has set out plans for a 2,000-metre diamond drilling programme at its Eagle Lake gold project in Ontario's Wabigoon Subprovince. The company says the project is fully permitted and capitalised ahead of the campaign, with the investor presentation providing detail on target geology and programme sequencing.
Beximco Pharma posts 11% revenue growth on 38% export surge
Beximco Pharmaceuticals (AIM:BXP) reported an 11% rise in revenue for the year ended 30 June 2025, driven by a 38% surge in export sales as the Bangladesh-based generic drugmaker expanded its international footprint. Profit also rose over the period, reflecting the higher-margin contribution from export markets.
