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U.K. (FTSE) Tech Sector Analysis

UpdatedJan 29, 2026
DataAggregated Company Financials
Companies113
  • 7D-0.1%
  • 3M-1.6%
  • 1Y-1.9%
  • YTD2.6%

Over the last 7 days, the Tech industry has remained flat, although notably Computacenter gained 7.5%. Furthermore, the industry has been flat for the past year as well. Earnings are forecast to grow by 17% annually.

Sector Valuation and Performance

Has the U.K. Tech Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 29 Jan 2026UK£45.8bUK£22.2bUK£1.0b32.8x45.2x2.1x
Sat, 27 Dec 2025UK£45.3bUK£22.3bUK£996.0m29.8x45.5x2x
Mon, 24 Nov 2025UK£50.4bUK£23.9bUK£944.8m28.1x53.3x2.1x
Wed, 22 Oct 2025UK£51.2bUK£23.2bUK£883.6m29x58x2.2x
Fri, 19 Sep 2025UK£52.1bUK£23.5bUK£1.1b29.9x49.6x2.2x
Sun, 17 Aug 2025UK£50.1bUK£22.7bUK£1.1b29.8x47.7x2.2x
Tue, 15 Jul 2025UK£52.5bUK£22.8bUK£1.2b31.8x42.4x2.3x
Thu, 12 Jun 2025UK£52.7bUK£22.9bUK£1.2b29.4x42.2x2.3x
Sat, 10 May 2025UK£50.2bUK£23.0bUK£1.3b26.3x39.9x2.2x
Mon, 07 Apr 2025UK£45.1bUK£23.0bUK£1.2b21x36.5x2x
Wed, 05 Mar 2025UK£48.9bUK£22.5bUK£1.2b24.6x40.4x2.2x
Fri, 31 Jan 2025UK£52.8bUK£22.6bUK£1.2b27x42.7x2.3x
Sun, 29 Dec 2024UK£50.6bUK£22.6bUK£1.2b28.4x40.9x2.2x
Tue, 26 Nov 2024UK£51.0bUK£22.6bUK£1.3b29x40.6x2.3x
Thu, 24 Oct 2024UK£48.7bUK£23.0bUK£1.1b25.6x43.7x2.1x
Sat, 21 Sep 2024UK£54.0bUK£23.4bUK£1.2b26.6x44.5x2.3x
Mon, 19 Aug 2024UK£55.8bUK£24.0bUK£1.3b28.6x44.1x2.3x
Wed, 17 Jul 2024UK£57.7bUK£24.2bUK£1.2b27.9x49.1x2.4x
Fri, 14 Jun 2024UK£56.3bUK£24.0bUK£1.1b29.2x50.2x2.3x
Sun, 12 May 2024UK£54.8bUK£24.0bUK£999.6m28x54.9x2.3x
Tue, 09 Apr 2024UK£52.6bUK£24.1bUK£883.6m28.5x59.6x2.2x
Thu, 07 Mar 2024UK£53.5bUK£24.3bUK£876.5m31.1x61x2.2x
Sat, 03 Feb 2024UK£73.7bUK£31.4bUK£937.8m29x78.5x2.3x
Mon, 01 Jan 2024UK£74.1bUK£31.4bUK£948.4m27.8x78.2x2.4x
Wed, 29 Nov 2023UK£70.7bUK£32.0bUK£1.0b26.6x69.1x2.2x
Fri, 27 Oct 2023UK£66.0bUK£32.0bUK£1.0b26.1x65.9x2.1x
Sun, 24 Sep 2023UK£71.4bUK£31.8bUK£1.0b28.1x69.3x2.2x
Tue, 22 Aug 2023UK£69.9bUK£30.8bUK£1.0b28.3x67.5x2.3x
Thu, 20 Jul 2023UK£75.2bUK£31.1bUK£1.1b29.5x71.6x2.4x
Sat, 17 Jun 2023UK£75.2bUK£31.1bUK£1.1b29.5x70.2x2.4x
Mon, 15 May 2023UK£73.7bUK£31.0bUK£1.1b30.9x68x2.4x
Wed, 12 Apr 2023UK£72.0bUK£30.8bUK£1.3b30.4x56.3x2.3x
Fri, 10 Mar 2023UK£98.2bUK£40.4bUK£2.9b29.3x33.4x2.4x
Sun, 05 Feb 2023UK£100.7bUK£39.8bUK£2.8b30.1x36.1x2.5x
Price to Earnings Ratio

36.1x


Total Market Cap: UK£100.7bTotal Earnings: UK£2.8bTotal Revenue: UK£39.8bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Tech Sector Price to Earnings3Y Average 53.1x202420252026
Current Industry PE
  • Investors are pessimistic on the British Information Technology industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 45.2x which is lower than its 3-year average PE of 53.1x.
  • The industry is trading close to its 3-year average PS ratio of 2.2x.
Past Earnings Growth
  • The earnings for companies in the Information Technology industry have declined 29% per year over the last three years,
  • Revenues have also declined 18% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

Which industries have driven the changes within the U.K. Tech sector?

GB Market0.52%
Tech-0.11%
Semiconductors7.56%
IT4.46%
Tech Hardware1.62%
Communications1.57%
Software-0.19%
Electronic Equipment and Components-2.23%
Industry PE
  • Investors are most optimistic about the Tech Hardware industry which is trading above its 3-year average PE ratio of 753x.
    • Analysts are expecting annual earnings growth of 21.0%, which is higher than its past year's earnings decline of 29.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Tech Hardware industry, expecting annual earnings growth of 21% over the next 5 years.
  • This is better than its past earnings decline of 29% per year.
  • In contrast, the Semiconductors industry is expected to see its earnings decline by 135% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
CER CerillionUK£17.3010.2%
+UK£47.2m		9.1%PE30.7x
NET NetcallUK£1.3715.6%
+UK£31.5m		26.3%PE57.7x
FDM FDM Group (Holdings)UK£1.6313.7%
+UK£21.4m		-32.4%PE11.5x
DOTD dotdigital GroupUK£0.739.6%
+UK£19.5m		-15.1%PE19.9x
TRCS TracsisUK£3.6821.5%
+UK£19.3m		2.1%PE210.3x

Latest News

SATS
UK£0.003
Satsuma Technology
7D
-16.7%
1Y
-70.0%
NET
UK£1.35
Netcall
7D
14.4%
1Y
24.4%
CNC
UK£2.59
Concurrent Technologies
7D
14.3%
1Y
39.2%
RPI
UK£2.77
Raspberry Pi Holdings
7D
-2.5%
1Y
-61.0%

RPI: AI Expansion And CFO Transition Will Support Future Upside

Narrative Update on Raspberry Pi Holdings The analyst price target for Raspberry Pi Holdings has been revised lower to reflect updated views on fair value, a higher assumed future P/E multiple, and changes to expected revenue growth and profit margins, with analysts highlighting a rebalanced mix of growth and profitability assumptions behind the move. What's in the News Raspberry Pi Holdings launched the Raspberry Pi AI HAT+ 2, an add on board for Raspberry Pi 5 that expands the company's on device AI capabilities into generative AI workloads, using the Hailo 10H neural network accelerator with 8GB of dedicated DRAM and support for large language and vision language models (Key Developments).
OXIG
UK£25.40
Oxford Instruments
7D
5.2%
1Y
23.6%
QTX
UK£3.05
Quartix Technologies
7D
-8.7%
1Y
71.8%

QTX: Shares Will Rise On Unified Dividend Policy And Payout Visibility

Analysts have modestly lifted their price target for Quartix Technologies to £3.60 from £3.60, reflecting slightly adjusted assumptions around the discount rate, revenue growth and profit margin, while keeping the fair value estimate steady. What's in the News The Board plans to consolidate Quartix Technologies' separate ordinary and supplementary dividends into a single ordinary dividend, with details to be set out in the upcoming annual report (Key Developments).
SCT
UK£14.30
Softcat
7D
2.4%
1Y
-6.5%

SCT: Buybacks And Dividends Will Shape Future Fairly Valued Share Appeal

Analysts have nudged their price target on Softcat slightly higher to reflect modest adjustments to the discount rate, revenue growth assumptions, profit margin and future P/E expectations, indicating a marginally more constructive view on the company’s valuation drivers. What's in the News Softcat began a share repurchase program on January 8, 2026, following shareholder approval at the December 15, 2025 AGM.
CCC
UK£32.88
Computacenter
7D
7.5%
1Y
44.6%
HLMA
UK£35.68
Halma
7D
-3.8%
1Y
18.5%

HLMA: Higher Fair Value Assumptions Will Likely Support Premium P/E Multiple

Halma's analyst price target has been lifted by £0.72 to £38.05, with analysts pointing to updated assumptions around fair value, revenue growth, profit margins and future P/E levels as key drivers behind the change. Analyst Commentary Bullish Takeaways Bullish analysts see the higher £38.05 target as better reflecting their updated fair value work, which now builds in revised assumptions around revenue, margins and the P/E they are prepared to apply.
SGE
UK£9.95
Sage Group
7D
-2.9%
1Y
-25.5%

SGE: Durable Model And Capital Returns Will Support Further Share Price Upside

Narrative update on Sage Group The updated analyst price target for Sage Group reflects a modest fair value adjustment to £13.02. Analysts point to recent mixed target changes across £12.50 to £14.25 and differing views on growth, valuation and the durability of its model.
CER
UK£17.50
Cerillion
7D
12.9%
1Y
9.4%

Cerillion Plc's (LON:CER) 26% Share Price Surge Not Quite Adding Up

Jan 20
Cerillion Plc's (LON:CER) 26% Share Price Surge Not Quite Adding Up
SEE
UK£0.045
Seeing Machines
7D
-6.8%
1Y
15.0%
KETL
UK£0.46
Strix Group
7D
-4.4%
1Y
0.5%
PINE
UK£3.80
Pinewood Technologies Group
7D
10.8%
1Y
10.3%
GBG
UK£2.45
GB Group
7D
6.1%
1Y
-27.7%
SWC
UK£0.47
Smarter Web
7D
-5.6%
1Y
n/a