2nd Apr 2026. 9.05am
Regency View:
Update
Regency View:
Update
We’ve seen a steady stream of updates pointing to improving trading momentum, operational delivery and in several cases, performance ahead of expectations. Encouragingly, much of the newsflow reflects tangible progress rather than early-stage promise, with a number of companies demonstrating growth.
Strong contract momentum supports outlook at Billington
Billington (BILN) has secured new contract wins with a combined value of around £50m, reinforcing demand visibility across its core markets. Alongside this, the group confirmed that full year results are expected to be in line with market expectations.
The contract awards are notable in the context of a more uncertain construction backdrop, suggesting that Billington continues to execute well in its chosen segments. Order intake remains a key indicator here, and this latest update points to continued resilience.
While there is no upgrade to expectations at this stage, the tone remains steady. The focus remains on maintaining delivery and converting the order book into earnings.
Themes: Contract wins | Order visibility | Trading update
What we are watching next: Conversion of the order book into margins and any signs of further upgrades.
BILN Daily Candle Chart
Payments platform scaling drives strong growth at Boku
Boku (BOKU) delivered a strong set of full year results, with revenue up 30% and adjusted EBITDA rising 36%, reflecting both scale and improving product mix. Growth was driven by rapid expansion in digital wallets and account to account payments, alongside continued progress in bundling.
Importantly, the business is showing clear operating leverage, with margins expanding while continuing to invest in new capabilities. Monthly active users and total payment volumes both grew strongly, underlining the structural shift towards local payment methods.
With medium term guidance unchanged and growth already tracking ahead of targets, Boku enters 2026 with strong momentum and a robust balance sheet to support further expansion.
Themes: Full year results | Payments growth | Margin expansion
What we are watching next: Continued mix shift towards higher growth segments and sustainability of margin progression.
BOKU Daily Candle Chart
Revenue recovery underway but mix weighs on margins at CML Microsystems
CML Microsystems (CML) reported a return to revenue growth in the second half, with full year revenues expected to exceed £20m. Sequential improvement reflects better order intake and early signs of recovery in end markets.
However, profitability remains impacted by revenue mix, with a higher proportion of lower margin engineering income weighing on operating performance. The group expects a second half operating loss, albeit improved from the first half.
Looking ahead, management expects timing effects to unwind and for operational improvements to come through in FY27. The recovery story is intact, but not yet complete.
Themes: Trading update | Revenue recovery | Margin pressure
What we are watching next: Return to operating profitability and normalisation of product mix.
CML Daily Candle Chart
Earnings step change reflects contract execution at Spectra Systems
Spectra Systems (SPSY) delivered a standout performance, with revenue up over 30% and adjusted EBITDA rising more than 80%. The key driver was execution of its sensor contract, alongside improved performance in its gaming software division.
The business is now demonstrating the benefits of scale, with earnings and cash generation both strengthening. A maintenance contract extending into 2030 adds further visibility, while new opportunities in authentication and secure printing continue to develop.
While some revenue remains contract-driven and therefore lumpy, the underlying trajectory is clearly positive, supported by a growing pipeline of opportunities.
Themes: Full year results | Contract execution | Profit growth
What we are watching next: Continuity of contract wins and diversification of revenue streams.
SPSY Daily Candle Chart
Market share gains drive standout performance at Staffline
Staffline (STAF) reported results significantly ahead of expectations, with operating profit up over 30% and strong growth across both UK and Ireland recruitment operations. The group continues to gain market share despite a challenging sector backdrop.
The disposal of PeoplePlus has simplified the business into a focused recruitment platform, and operational efficiency is improving, as reflected in higher conversion from gross profit to operating profit.
While net cash has reduced, the balance sheet remains supportive, and management has initiated a share buyback programme. The outlook remains cautiously optimistic, supported by a healthy pipeline.
Themes: Full year results | Market share growth | Operational efficiency
What we are watching next: Sustainability of margins and resilience in a softer hiring environment.
STAF Daily Candle Chart
Profitability turnaround signals progress at tinyBuild
tinyBuild (TBLD) reported results ahead of expectations, with a return to positive EBITDA driven by improved revenue mix and tighter cost control. Revenue growth of 17% was supported by both new releases and a resilient back catalogue.
A greater contribution from own-IP titles highlights progress in strategic repositioning, while strong cash generation provides flexibility to invest in future releases. The pipeline remains active, with several titles in development.
The gaming market remains competitive, but the group appears to be executing more effectively, balancing growth with discipline.
Themes: Full year results | Profitability turnaround | Content pipeline
What we are watching next: Delivery of upcoming titles and consistency of earnings in a crowded market.
TBLD Daily Candle Chart
Data centre demand drives upgrade and strategic shift at Volex
Volex (VLX) has upgraded expectations for FY2026, with revenue now expected to exceed $1.2 billion and margins above the top end of its target range. The outperformance has been driven by strong demand for data centre products linked to AI applications.
The group’s ability to respond quickly to customer requirements has supported growth, although some of this accelerated demand may not repeat at the same level next year. Nevertheless, the broader structural drivers remain firmly in place.
In addition, the board is considering a move to the Main Market, reflecting the scale the business has now reached. This would mark a significant milestone in Volex’s development and could broaden its investor base.
Themes: Trading upgrade | Data centre growth | Strategic positioning
What we are watching next: Sustainability of demand in data centre markets and progress towards a potential Main Market listing.
VLX Daily Candle Chart
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