A wave of full-year results dominated the small and mid-cap technology space, with Iomart delivering the sharpest negative surprise, a swing to a £4m adjusted loss that sent its shares down more than a fifth, while Filtronic beat earnings expectations yet still fell nearly 10% on the day. Against that backdrop, a bullish Deutsche Bank note on RELX and a steady trading update from Big Technologies offered a more constructive counterpoint.
Deutsche Bank sees 31% upside in RELX ahead of July results
RELX (LSE:REL) rose 1.7% to 2367p after analyst Steve Liechti reiterated a Buy rating and a 3050p price target, arguing that market anxiety over artificial intelligence disrupting the data analytics group's core business is overdone. Liechti's note, published ahead of the group's July results, contends that RELX is well positioned to monetise its proprietary content through AI rather than be threatened by it.
Big Technologies reaffirms 2026 guidance on US wins and Latin America renewals
Big Technologies (AIM:BIG) held at 101.5p after the electronic monitoring group confirmed full-year trading remains in line with market expectations. The company secured a three-year contract renewal in Guatemala and added six new US wins since April, with the Latin American renewal extending an existing relationship and the American wins broadening its geographic footprint. Management said the momentum across both regions underpins confidence in its 2026 guidance.
Iomart swings to loss as customer churn erodes cloud margins
Iomart Group (AIM:IOM) fell 21% to 14.2p after reporting a £4m adjusted pretax loss for the year to 31 March, reversing a £6.5m profit recorded twelve months earlier. The UK cloud services provider attributed the deterioration to customer departures that outpaced new order bookings, compressing margins across its hosting and managed services operations. Chairman Richard Last acknowledged the results reflected a difficult period of transition for the business.
Tern records deeper loss as IoT portfolio fair values fall
Tern (AIM:TERN) dropped 9% to 1.0p after the AIM-listed IoT investor reported a £5.1m full-year loss for 2025, driven by £4.1m in fair value write-downs across its portfolio holdings. Net assets fell to £6.9m as a result, leaving the group with headroom. The write-downs reflected deteriorating valuations at several portfolio companies rather than any single disposal or impairment event.
Intercede flags £9m post-year-end order intake despite modest revenue dip
Intercede Group (AIM:IGP) eased 2.1% to 118p despite reporting a resilient set of full-year numbers for the year ended 31 March. Revenue declined marginally, but the cybersecurity software group pointed to nearly £9m in post-year-end contract orders as evidence that demand for its digital identity and credential management products is accelerating. Chief executive Royston Hoggarth said the order pipeline signals a stronger opening to FY27 than the headline annual figures suggest.
Filtronic beats EBITDA expectations and wins new mmWave contract
Filtronic (AIM:FTC) fell 9.9% to 342.5p despite entering FY2027 with a full order book after beating adjusted EBITDA expectations for the year ended 31 May. The RF solutions maker also announced a new millimetre-wave contract win, adding to a run of space and defence-related awards. The shares' decline suggested investors had already priced in a strong outcome, with profit-taking outweighing the positive operational news and the modest upward revision to the profit forecast.
NCC Group joins OpenAI's invite-only Daybreak Cyber Partner Program
NCC Group (LSE:NCC) dipped 1% to 122.4p after announcing it had been admitted to OpenAI's invite-only Daybreak Cyber Partner Program, gaining access to a configured version of GPT-5.5 for defensive security research. The cybersecurity firm said the partnership would allow it to explore AI-assisted threat detection and vulnerability analysis, positioning it ahead of peers in applying large language models to offensive and defensive security use cases. The programme's exclusive nature underscores the growing intersection between frontier AI development and enterprise cybersecurity.
