Technology names delivered a mixed but news-dense session, headlined by a bullish trading update from a UK manufacturer riding the data centre boom. Elsewhere, defence software, smart eyewear and IT services all produced fresh commercial developments, while one small-cap crypto treasury vehicle confirmed a leadership departure.
Volex guides FY2027 profit above forecasts as data centre demand holds
Volex (AIM:VLX) told shareholders ahead of its annual general meeting that the new financial year has started strongly enough for the board to now expect full-year underlying operating profit to beat market expectations, sending the shares up 17.6% to 628.0p. The specialist manufacturer of power and data transmission products sits at the centre of the infrastructure build-out underpinning AI and cloud computing, and its update suggests that theme still has room to run even after a period of exceptional growth.
Constant currency organic revenue rose 28.0% year on year in the four months to 31 July, with growth broad-based across all five end-markets. Complex Industrial Technology led the charge as data centre customer demand held at the elevated exit rate seen in the 2026 financial year, while EV and electrification products, Consumer Electricals, Off-Highway and Medical all contributed. Volex was careful to flag that the headline 28% figure is flattered by a weak prior-year comparator as new data centre programmes were ramping up, pointing instead to average monthly revenue running 8% above the second-half FY2026 monthly average as the cleaner sequential signal. The company also completed the buy-in of the remaining stake in Kepler SignalTek during the period, pushing its medical offering into patient-to-device applications. Analyst consensus going into the update pointed to underlying operating profit of $138.3 million for the year to 31 March 2027; Volex now expects to clear that bar.
"The group remains well positioned to make further progress against the medium-term strategic plan set out at our Capital Markets Day in April," said Volex.
The update matters because it separates Volex from the broader worry that data centre capex could cool: customer demand at the elevated exit rate, not just a comparator effect, is what's driving the beat, and efficiency savings and operating leverage are feeding through to margins in line with the medium-term plan. A profit upgrade delivered at an AGM, rather than held back for interims, signals management confidence that the strength is durable rather than a one-quarter blip, and raises the bar for what the market will now expect from the full-year print.
Pennant lands second Siemens-driven Auxilium defence sale
Pennant International Group (AIM:PEN) has secured a further Auxilium software sale to a major US defence end user through its Siemens Digital Industries Software channel partnership, with shares up 3.4% to 30.0p. It is the second commercial win generated through the Siemens tie-up following an initial order earlier this year, and it comes as annual recurring revenue from Auxilium climbs to approximately £2.9 million, up from £2.4 million at the end of FY2025.
The growth in recurring revenue reflects both new customer wins and expansion within Pennant's existing base, giving the systems support and training solutions provider a steadily broadening annuity income stream alongside its project work. "Achieving a second channel-driven win with a major US defence customer provides further validation of both our product offering and our go-to-market strategy," said Phil Walker, chief executive of Pennant International Group.
A repeat win through the same channel partner is more telling than the first: it suggests the Siemens relationship is a genuine route to market rather than a one-off referral, and with Auxilium recurring revenue now at a new high, Pennant is building a more predictable earnings base to sit alongside its historically lumpier defence contract pipeline.
Innovative Eyewear lands 150-store US retail rollout
Tekcapital (AIM:TEK), the UK intellectual property investment group, said portfolio company Innovative Eyewear (NASDAQ:LUCY) (NASDAQ:LUCY) has begun a test rollout into more than 150 stores of one of the largest big box retailers in the United States, with sales through the new channel expected to start in October. Tekcapital shares slipped 3.2% to 3.34p despite the news from its portfolio holding. Innovative Eyewear develops smart eyewear under the Lucyd, Lucyd Armor, Reebok, Eddie Bauer and Nautica brands, and the rollout centres on Lucyd Armor, its smart safety glasses line combining protection with hands-free communication, translation and AI access.
"We believe one of the largest big box stores in the United States introducing our smart eyewear into more than 150 locations is a real vote of confidence in our most popular product line, Lucyd Armor," Harrison Gross, chief executive of Innovative Eyewear. Gross, noted that thousands of workers worldwide already use Lucyd Armor daily, positioning the retail push as an extension of proven workplace demand rather than a speculative new market.
A physical shelf presence at scale in a major US retail chain is a meaningfully different distribution test than online or niche channels, and a successful pilot could open the door to a wider national rollout, a key catalyst for Tekcapital's stake in the business even if the parent's own shares moved lower on the day.
Tialis formalises advisory pact with AI Auxesis JV
Tialis Essential IT (LSE:TIA) (LSE:TIA), the mid-market IT managed services provider, has formalised its strategic advisory relationship with joint venture company AI Auxesis, with shares easing 3.1% to 46.5p. The Strategic Advisory Agreement covers the group's growth and financing strategy, key commercial relationships, and transaction origination and execution, running for an initial 12 months before either party can terminate on three months' notice.
AI Auxesis will receive an annual cash fee of £192,000 for the initial term, paid monthly, resetting from the second year to the greater of £192,000 or 0.7% of Tialis's market capitalisation. The arrangement also lets AI Auxesis earn a 10% fee on any audited profit or gain from a disposal, but only where independent directors Peter Hallett and Rachel Horsefield separately designate that disposal as "mandated."
The governance guardrails built into the fee structure, independent director sign-off before any disposal-linked payout, suggest Tialis is trying to secure AI Auxesis's transaction expertise without ceding control over capital allocation decisions, a structure likely to be watched closely given the fee's ability to scale with market capitalisation.
Smarter Web Company confirms departure of Jesse Myers
Smarter Web Company (LSE:SWC) (SWC) said Jesse Myers will leave the business on 1 September, with shares falling 8.5% to 32.25p on the day the departure was confirmed. The Bitcoin treasury company said its Bitcoin strategy remains unaffected by the change.
The size of the share price move against a relatively procedural personnel announcement points to investor sensitivity around leadership stability at a company whose value proposition rests heavily on confidence in its treasury strategy, even where the underlying approach to holding Bitcoin is unchanged.
