Beyond the FTSE: Three UK Small-Caps With Market Caps Above £90M Worth a Closer Look

London's blue-chip FTSE 100 index has felt the chill from global economic crosscurrents, notably recent concerns over Chinese trade data. For investors willing to look beyond the giants, the often-misunderstood world of smaller-cap stocks—sometimes colloquially, if imprecisely, called 'penny stocks'—can harbour companies with compelling narratives and robust fundamentals. The key is separating speculative ventures from those with solid financial footing and clear pathways to growth.

Here, we highlight three UK-listed companies, each with a market valuation exceeding £90 million, that have recently demonstrated operational milestones or financial strengthening worthy of investor attention.

Kodal Minerals PLC (AIM: KOD)

Market Cap: £96.33M | Simply Wall St Financial Health Rating: ★★★★★★

Focused on its flagship Bougouni Lithium Project in Mali, Kodal Minerals represents a pure-play on the electric vehicle supply chain. The pre-revenue explorer recently passed a critical inflection point, completing its first shipment of lithium spodumene concentrate to China. This milestone marks its transition from developer to near-term producer. Financially, the company operates debt-free with a strong liquidity position (short-term assets cover liabilities). While not yet profitable, its net loss has been shrinking at an average annual rate of 18.5% over five years. An experienced board (average tenure 6.8 years) is steering the company as it scales operations at Bougouni, with analyst forecasts pointing to significant earnings growth on the horizon.

Peel Hunt Limited (AIM: PEEL)

Market Cap: £142.46M | Simply Wall St Financial Health Rating: ★★★★★☆

This integrated investment bank has navigated a challenging market for UK small-cap finance with notable resilience. Peel Hunt returned to profitability last year, with half-year results to September 2025 showing net income soaring to £8.32 million from £0.889 million a year prior. A dramatic balance sheet cleanup is evident: its debt-to-equity ratio has plummeted from 62.3% to 6% over five years, and operating cash flow comfortably covers interest obligations. With £721.4 million in short-term assets significantly outweighing all liabilities, the firm has built a sturdy financial buffer. A recent one-off £2 million loss slightly marred results, but the underlying trend suggests a firm regaining its footing in the UK's brokerage and advisory landscape.

Integrated Diagnostics Holdings plc (LSE: IDHC)

Market Cap: $360.42M | Simply Wall St Financial Health Rating: ★★★★★☆

Operating a network of diagnostic labs primarily in Egypt and Jordan, IDHC is a play on the structural growth of private healthcare in emerging markets. Its financial performance has been robust, with earnings skyrocketing 55.5% in the past year—far exceeding its five-year average. High profitability metrics (17.8% net margin, 32.6% Return on Equity) underscore operational efficiency. While debt has increased to fund expansion, the company's interest coverage ratio is strong, and short-term assets exceed all liabilities. Recent Q3 2025 results confirmed the trend, showing continued sales growth and improved net income year-on-year, demonstrating resilience despite share price volatility.

Investor Perspectives:

"Kodal's first shipment is a de-risking event many were waiting for," notes Anya Sharma, a portfolio manager specialising in resources. "It transitions the story from 'if' to 'when and how much.' The debt-free status is a major positive in a capital-intensive sector."

David Chen, a private investor, adds: "IDHC's numbers are hard to ignore. That level of ROE in a essential service business across growing demographics is a powerful combo, even if geopolitical risk in the region is always a consideration."

Offering a more critical take, Marcus Thorne, an independent market commentator, said: "Let's be real. Two of these are classic 'story stocks'—a pre-revenue miner and a cyclical broker. Peel Hunt's 'resilience' is just a bounce from dreadful prior years, and the entire small-cap market remains a liquidity desert. These are high-risk picks, not for the faint-hearted."

This analysis is based on historical data and analyst forecasts using an unbiased methodology. It is not financial advice and does not constitute a recommendation to buy or sell any security. It does not consider your individual objectives or financial situation. Our long-term focused analysis is driven by fundamental data and may not incorporate the latest price-sensitive announcements. Simply Wall St has no position in any stocks mentioned.

Have feedback? Get in touch with us directly or email [email protected]