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U.K. (FTSE) Tech Sector Analysis

UpdatedJun 18, 2026
DataAggregated Company Financials
Companies113
  • 7D-5.3%
  • 3M16.9%
  • 1Y2.7%
  • YTD10.5%

Over the last 7 days, the Tech industry has dropped 5.3%, driven by Softcat declining 1.6%. In contrast, Raspberry Pi Holdings has gained 11%. As for the longer term, the industry's performance has been flat for the past year. Looking forward, 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
Fri, 19 Jun 2026UK£48.6bUK£24.2bUK£1.0b26.9x47.5x2x
Sun, 17 May 2026UK£50.3bUK£24.0bUK£1.0b27.5x49.2x2.1x
Tue, 14 Apr 2026UK£45.0bUK£24.0bUK£1.0b31.8x44.5x1.9x
Thu, 12 Mar 2026UK£44.0bUK£22.3bUK£1.0b29.6x43.8x2x
Sat, 07 Feb 2026UK£42.9bUK£22.3bUK£1.0b31.4x42.4x1.9x
Mon, 05 Jan 2026UK£44.8bUK£22.3bUK£1.0b28.3x44.5x2x
Wed, 03 Dec 2025UK£51.0bUK£23.9bUK£917.8m29.3x55.6x2.1x
Fri, 31 Oct 2025UK£52.2bUK£23.6bUK£907.2m29.9x57.5x2.2x
Sun, 28 Sep 2025UK£51.5bUK£23.5bUK£1.0b30.2x50.5x2.2x
Tue, 26 Aug 2025UK£50.8bUK£22.7bUK£1.1b29.7x48.3x2.2x
Thu, 24 Jul 2025UK£52.0bUK£22.6bUK£1.3b31.3x41x2.3x
Sat, 21 Jun 2025UK£52.6bUK£23.0bUK£1.2b30.4x42.4x2.3x
Mon, 19 May 2025UK£50.8bUK£23.1bUK£1.3b26.8x40.1x2.2x
Wed, 16 Apr 2025UK£46.0bUK£22.9bUK£1.2b23x37.4x2x
Fri, 14 Mar 2025UK£47.5bUK£22.5bUK£1.2b22.8x39.2x2.1x
Sun, 09 Feb 2025UK£52.4bUK£22.6bUK£1.2b26.8x42.3x2.3x
Tue, 07 Jan 2025UK£50.9bUK£22.6bUK£1.2b28.4x41.1x2.3x
Thu, 05 Dec 2024UK£51.2bUK£22.6bUK£1.3b29.2x40.6x2.3x
Sat, 02 Nov 2024UK£46.8bUK£22.4bUK£1.1b27.5x41x2.1x
Mon, 30 Sep 2024UK£54.5bUK£23.4bUK£1.2b27.5x45.5x2.3x
Wed, 28 Aug 2024UK£55.5bUK£23.9bUK£1.3b27.8x44.3x2.3x
Fri, 26 Jul 2024UK£56.3bUK£24.2bUK£1.2b27.4x47.8x2.3x
Sun, 23 Jun 2024UK£58.1bUK£24.3bUK£1.2b28.7x49.3x2.4x
Tue, 21 May 2024UK£55.5bUK£24.0bUK£1.1b29.3x52.5x2.3x
Thu, 18 Apr 2024UK£50.8bUK£24.1bUK£957.6m27.7x53x2.1x
Sat, 16 Mar 2024UK£53.3bUK£24.3bUK£872.7m30x61x2.2x
Mon, 12 Feb 2024UK£52.9bUK£24.4bUK£908.2m28.8x58.2x2.2x
Wed, 10 Jan 2024UK£72.3bUK£31.4bUK£947.1m26.6x76.3x2.3x
Fri, 08 Dec 2023UK£71.1bUK£31.4bUK£954.2m25.4x74.5x2.3x
Sun, 05 Nov 2023UK£67.9bUK£31.9bUK£1.0b27.5x67.6x2.1x
Tue, 03 Oct 2023UK£70.4bUK£31.9bUK£989.1m26.2x71.2x2.2x
Thu, 31 Aug 2023UK£71.2bUK£30.8bUK£1.0b28.5x69.9x2.3x
Sat, 29 Jul 2023UK£73.4bUK£31.2bUK£1.1b30.2x69.6x2.4x
Mon, 26 Jun 2023UK£73.5bUK£31.1bUK£1.1b30.1x68.7x2.4x
Price to Earnings Ratio

68.7x


Total Market Cap: UK£73.5bTotal Earnings: UK£1.1bTotal Revenue: UK£31.1bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Tech Sector Price to Earnings3Y Average 52x202420252026
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 47.5x which is lower than its 3-year average PE of 52.1x.
  • 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 remained mostly flat over the last three years.
  • Meanwhile revenues for these companies have declined 8.1% per year.
  • This means that the cost of doing business could be reducing since sales have declined but profits have remained steady.

Industry Trends

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

GB Market2.43%
Tech-5.32%
Semiconductors27.04%
Communications11.52%
Tech Hardware0.96%
IT-0.73%
Software-1.25%
Electronic Equipment and Components-11.36%
Industry PE
  • Investors are most optimistic about the Communications industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 26.0%, which is higher than its past year's earnings growth of 17.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Semiconductors industry, expecting annual earnings growth of 53% over the next 5 years.
  • This is better than its past earnings decline of 13% per year.
  • In contrast, the Electronic Equipment and Components industry is expected to see its earnings grow by 15% 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
RPI Raspberry Pi HoldingsUK£8.8411.3%
+UK£174.3m		95.1%PE104.4x
OXIG Oxford InstrumentsUK£30.189.8%
+UK£149.1m		71.9%PE37.5x
FTC FiltronicUK£3.7019.4%
+UK£132.0m		137.2%PE81.7x
HLMA HalmaUK£39.580.8%
+UK£113.3m		26.6%PE40.1x
RSW RenishawUK£50.602.2%
+UK£78.6m		79.1%PE49.7x

Latest News

GBG
UK£1.91
GB Group
7D
-6.1%
1Y
-19.7%
HLMA
UK£39.58
Halma
7D
0.8%
1Y
26.6%
Narrative Update • Jun 17

HLMA: Post Selloff Repricing Will Likely Support Future Share Price

Halma's analyst price target has been revised higher to £43.76 from £41.69, with analysts pointing to valuation support after the recent selloff and the removal of what they describe as a "photonics premium" on the shares. Analyst Commentary Recent research on Halma highlights a split between analysts who see the recent share price pullback as an opportunity and those who remain more neutral, focusing on execution and valuation risk.
SCT
UK£17.78
Softcat
7D
-1.6%
1Y
-2.9%
QTX
UK£2.40
Quartix Technologies
7D
-5.9%
1Y
3.0%
Narrative Update • Jun 15

QTX: Dividend Continuity Will Sustain Confidence As Audit Delay Resolves

Analysts have kept their £3.65 price target for Quartix Technologies unchanged, citing stable assumptions on the discount rate, revenue growth, profit margin and future P/E as the basis for maintaining their view. What's in the News Quartix Technologies plc has proposed a final dividend of 7.5 pence per share for the year ended 31 December 2025, taking the total dividend for the financial year to 10 pence per share, subject to approval at the AGM on 22 April 2026.
OXIG
UK£30.18
Oxford Instruments
7D
9.8%
1Y
71.9%
Narrative Update • Jun 15

OXIG: Higher P/E Framework And Execution Confidence Will Drive Future Repricing

Oxford Instruments' analyst fair value estimate has been updated from £30.00 to £34.50. This reflects higher Street price targets around £30.00 to £34.50 as analysts factor in revised growth and profitability expectations alongside richer P/E assumptions.
SGE
UK£8.03
Sage Group
7D
-0.3%
1Y
-36.2%
Narrative Update • Jun 15

SGE: AI Rollout And Buybacks Will Support Durable Long Term Upside

Narrative Update on Sage Group Analysts have trimmed the central price target framework for Sage Group, with the fair value marker moving from about £15.22 to £13.34. This broadly aligns with recent Street price target cuts toward £9.00 and lower P/E assumptions, even as some research points to more supportive views around margins and a higher £11.65 target from other firms.
RPI
UK£8.84
Raspberry Pi Holdings
7D
11.3%
1Y
95.1%
NCC
UK£1.28
NCC Group
7D
-4.6%
1Y
-12.8%
IQE
UK£0.51
IQE
7D
16.2%
1Y
372.2%
ALFA
UK£1.54
Alfa Financial Software Holdings
7D
4.9%
1Y
-32.2%
Narrative Update • Jun 06

ALFA: Dividend Approval Will Support Future Upside Potential

Analysts have adjusted their price target on Alfa Financial Software Holdings, citing updated assumptions for the discount rate, revenue growth, profit margin and future P/E. These changes together refine their view of the stock's long term valuation in £ terms.
RSW
UK£50.60
Renishaw
7D
2.2%
1Y
79.1%
Narrative Update • Jun 05

RSW: Higher 2026 Guidance And Margins Are Expected To Support Future P/E Re-Rating

Renishaw's analyst price target has been lifted by £2.10 per share, as analysts cite updated assumptions on discount rates, revenue growth, profit margins and future P/E as supporting factors for the new valuation view. What's in the News Renishaw reaffirmed earnings guidance for 2026, with full year revenue expected in a range of £775 million to £805 million.
BYIT
UK£3.51
Bytes Technology Group
7D
-2.6%
1Y
-30.7%
Narrative Update • Jun 03

BYIT: UBS Downgrade And Cost Normalisation Will Pressure Future Returns

Analysts have adjusted their price target on Bytes Technology Group to £2.56, reflecting updated views on slightly different growth, margin and P/E assumptions following the recent downgrade in Street research. What's in the News The board has confirmed a new share repurchase program of up to £25 million of ordinary shares, with the intention to cancel all repurchased shares to reduce share capital.
FTC
UK£3.70
Filtronic
7D
19.4%
1Y
137.2%
CCC
UK£41.60
Computacenter
7D
1.6%
1Y
65.1%
KNOS
UK£7.90
Kainos Group
7D
-3.1%
1Y
6.6%
SRT
UK£0.80
SRT Marine Systems
7D
-3.6%
1Y
8.2%