Computacenter has had a strong start to 2026, with first-quarter trading coming in significantly ahead of both last year and its own expectations, prompting the technology services group to upgrade its full-year guidance.
Group Technology Sourcing revenue led the charge, powered by hyperscale customers in North America and the UK, while Services revenue also edged ahead on the back of strong organic growth in Professional Services. A dip in Managed Services was more than offset by momentum elsewhere.
North America delivered what the company described as an excellent quarter, helped along by a record product order backlog carried over from the end of 2025 and stronger-than-expected hyperscale volumes.
The UK also posted excellent growth in Technology Sourcing, with AI-related project completions feeding through and Professional Services continuing to build. Germany was steady, though Professional Services there remains subdued, and Western Europe nudged slightly ahead.
On the outlook, Computacenter now expects a much stronger first half than previously thought. While management flagged the usual caveats around the macroeconomic and geopolitical backdrop, and a tougher comparative in H2, it now anticipates full-year results will be comfortably ahead of market expectations, assuming no material deterioration in conditions.
Computacenter shares are around 50% higher over the past year, and today’s update has helped extend the rally with a 3% gain.
Rising transport costs, disruption across rail and air networks, and ongoing economic uncertainty are forcing UK businesses to reassess how they manage travel spend. What was once a routine operational cost is now a clear area of financial risk. A well-structured travel policy provides a way to manage that risk. It gives organisations control over spend, supports operational continuity and maintains employee performance without restricting essential travel.
What Defines a Resilient Corporate Travel Policy?
A resilient travel policy is designed to manage uncertainty while keeping spending predictable. It combines flexibility in bookings, clear cost controls, compliance with HMRC rules and contingency planning.
Together, these elements give finance teams visibility over travel costs while allowing business-critical trips to proceed. They also reduce exposure to last-minute price changes and disruption, which remain common in the UK market.
Factors Shaping Business Travel Policy
Rail accounts for most UK domestic business travel, yet fares remain volatile, and disruption is frequent. Strikes and delays often force last-minute changes, which quickly increase costs when policies lack flexibility.
Compliance adds another layer of complexity. HMRC rules determine how travel expenses are treated, including what qualifies as business travel and how reimbursements are handled. Poorly structured policies create tax risk and increase administrative burden.
Sustainability is also shaping decision-making. Many organisations now prioritise rail over domestic flights and require some level of emissions tracking. However, cost and time constraints still apply, which makes trade-offs unavoidable.
This combination of cost pressure, disruption and compliance requirements means policy design needs to be both structured and adaptable.
Key Strategies for Controlling Corporate Travel Costs
Move to Dynamic Travel Budgeting
Fixed annual travel budgets are less effective in a volatile environment, particularly when rail and air fares can shift within weeks. Many UK firms now review travel spend monthly.
This allows finance teams to adjust budgets in line with pricing trends and business demand, rather than applying broad restrictions that may limit revenue-generating activity. The shift in budgeting also affects how bookings are managed.
Prioritise Flexible Booking Options
Lower upfront cost often leads to higher total spend when plans change. Non-refundable tickets can become expensive if rebooking is required at short notice.
A clear policy defines when flexibility is necessary, particularly for routes with known disruption risk or trips tied to uncertain schedules. Rail travel during periods of industrial action is a common example, where fixed tickets can quickly lose value.
Introduce Structured Approval Workflows
Approval processes control unnecessary travel without slowing down essential trips. A tiered system keeps oversight where it matters.
Low-cost, policy-compliant bookings can be approved automatically, while higher-cost or international travel requires a manager’s sign-off. This approach maintains efficiency while keeping spending under control.
Use Travel Management Platforms
Travel management tools give organisations real-time visibility over bookings and spend. They also enforce policy rules at the point of booking, which reduces manual intervention. These systems can flag out-of-policy bookings, track unused tickets and help teams respond more quickly to disruption.
Build in Contingency Planning
Disruption is a consistent feature of travel. Policies need to include clear guidance on alternative routes, rebooking procedures and support for employees affected by delays.
Without this structure, organisations are forced into reactive decisions that increase both cost and operational disruption. In time-sensitive situations, some organisations may also consider premium alternatives such as private jet hire for critical travel, where delays would have a direct financial or operational impact.
How To Balance Travel Cost Savings With Employee Productivity
Cost control should not reduce employee effectiveness. Travel conditions have a direct impact on productivity, particularly for longer journeys or client-facing roles.
Effective policies set clear expectations while allowing reasonable flexibility. This often includes allowing higher travel classes for longer journeys or setting minimum accommodation standards.
Fairness and transparency remain important. Employees are more likely to follow a policy that is consistent and clearly explained, especially when travel conditions are demanding.
Managing Sustainability Alongside Cost
Sustainability targets are now part of many travel policies, but financial and operational constraints remain. Rail-first approaches and emissions tracking are becoming standard in larger UK organisations.
A practical policy allows informed decisions rather than fixed rules. Rail may be preferred for shorter journeys, while flights remain appropriate where they offer a clear time or cost advantage.
Practical Takeaways for Business Leaders
Corporate travel policy is a controllable area of spend that supports wider financial stability. In uncertain conditions, the focus should be on structure and adaptability rather than restriction. Key actions include adopting flexible budgeting, defining when flexible fares are required, implementing tiered approval processes, using travel management tools for visibility and preparing for disruption through clear contingency planning. A resilient approach ensures that travel supports business performance while keeping costs predictable. In a volatile market, that balance has a direct impact on cost control and operational performance.
Professional services provider Diales (LON: DIAL) says interim operating profit will be 43% higher at £1m on revenues up 10% at £23.7m. Cash was £3.9m at the end of March 2026. The interims will be published on 1 June. The share price increased 19.2% to 28p.
Active Energy Group (LON: AEG) is acquiring a 2.5 MVA grid connection located at Taweela, UAE for £1.25m in cash and shares. The cash portion of £625,000 will be deferred and paid in two equal parts over 12 months. This takes total grid connection capacity to 15.5 MVA. The share price gained 12.4% to 0.15p.
Microchip designer and supplier EnSilica (LON: ENSI) has won two new space contracts and one could be worth more than $50m over its life. There should initially be $6,8m of non-recurring engineering revenues in the next three years and potential UK Space Agency funding of up to $3m on top. EnSilica should return to profit this year. The share price improved 11.4% to 73.5p.
Translation software and services provider RWS Holdings (LON: RWS) says interim revenues will be around 5% higher at £360m, with organic constant currency growth of 7%. Underlying pre-tax profit should be one-third higher at £24m after cost savings. Net debt was £33m at the end of March. Low single digit constant currency growth in revenues is expected for the full year. The share price recovered 11.3% to 93.75p.
FALLERS
In content advertising technology developer Mirriad Advertising (LON: MIRI) says trading conditions are difficult, and the US joint venture partner has performed below expectations. Costs have been reduced, but cash is running out. The board believes it may have to place operating subsidiaries in administration or liquidation if no new capital is raised. That would lead to a suspension in trading of the shares. The share price slumped 73.3% to 0.0008p.
Powerhouse Energy (LON: PHE) has raised £400,000 in a placing at 0.2p/share and could add a further £250,000 from a retail offer. The cash will be used to progress the development of the Ballymena waste to hydrogen project in Northern Ireland. This will include gaining permitting and the design of the project. The company will also develop alternative fuels that can come from the distributed modular generation units. The share price dipped 28.8% to 0.21p.
Helium projects developer Rift Helium (LON: RIFT) joined AIM on Wednesday having raised £8.09m at 10p/share. The shares initially went to a premium but ended the first day at 9.75p. They have fallen a further 7.69% to 9p.
Deltic Energy (LON: DELT) says it is in discussions with three parties – Capricorn Energy, Petrogas International E&P Coöperatief U.A. and (iii) Blue Concept Hld AS, a private Norwegian company – about potential cash offers for the company. The share price more than doubled yesterday and it has fallen back 13.3% to 6.5p.
Health and beauty brands owner Creightons (LON: CRL) is changing its name to Potter & Moore, which has always been the main trading name, as part of a corporate rebrand. Full year revenues were flat at £53.8m with problems at customers and reduced contract manufacturing business hampering the progress of the business. Gross margin was maintained as NI and other cost increases were offset by improved efficiency. Even so, pre-tax profit is expected to decline from £3.5m to £2.7m. Cash was £3.6m at the end of March 2026. The share price fell 6.38% to 22p.
Ex-dividends
Airea (LON: AIEA) is paying a final dividend of 1p/share and the share price declined 0.5p to 23.5p.
Mortgage Advice Bureau (LON: MAB1) is paying a final dividend of 15.3p/share and the share price slipped 27.5p to 545.5p.
MP Evans (LON: MPE) is paying a final dividend of 42p/share and the share price fell 46p to £17.08.
Uniphar (LON: UPR) is paying a final dividend of 1.31 cents/share and the share price is 1p lower at 349p.
The FTSE fell again on Thursday as oil prices jumped back above $100 with little progress in talks between the US and Iran.
Oil prices reflected the generally cautious mood in markets currently, with Brent trading at $104.
The risk for equity bulls is, and has been for some time since the ceasefire was first announced, that an agreement between Iran and the US takes a long time to thrash out, and more barrels of oil are removed from global supply.
Some analysts estimate that around 1 billion barrels of supply have been lost due to the war.
As we saw with UK inflation data this week, higher oil prices are starting to filter through into economic data, risking tighter monetary policy for the rest of this year.
We’re seeing signs of this realisation this week with declines in the FTSE 100, which was down again on Thursday, losing around 0.9%.
“Even though equity markets have been remarkably resilient of late, oil prices above $100 a barrel are a reminder to investors that the Middle East conflict still presents an inflation risk,” said Dan Coatsworth, head of markets at AJ Bell.
“There continue to be mixed messages around peace talks, creating an air of uncertainty that periodically stops investors in their tracks. It’s one of those days where investors have dialled back risk appetite to consider what could go wrong, rather than shrugging off the backdrop of conflict to bid markets higher.”
FTSE 100 movers
Around 80 of the FTSE 100’s constituents were trading negatively at the time of writing.
Sainsbury’s was firmly among the worst performers of the session after warning of the impact of the war in Iran on its customers.
Adam Vettese, market analyst for eToro, said: “shares opened significantly lower after management issued a cautious outlook for the year ahead.”
“Retail underlying operating profit edged 1.1% lower to £1.025 billion amid cost inflation and heavy investment in value. Total underlying operating profit is guided at £975 million – £1.075 billion, reflecting uncertainty from the Middle East conflict, which CEO Simon Roberts noted is making customers even more cost conscious while disrupting supply chains.”
Ex-dividends played a role in the FTSE 100’s performance on Thursday after names such as Legal & General, Fresnillo and BAE Systems lost the right to their upcoming dividend payments.
Minor gains in defensive stocks such as BT, SSE and Unilever underscored a risk-off tone for stocks on Thursday.
London Stock Exchange Group
The London Stock Exchange Group shares were 1% higher after the company released a trading statement focused on the rollout of AI services, which should help cement the view that LSEG is going to be a beneficiary rather than a casualty of the AI revolution.
“LSEG spent their FY25 results highlighting how AI is an enabler for their business, vs a threat to positive market reaction over the time period following,” said Max Harper, Senior Analyst at Third Bridge.
“Our experts agree with management broadly, highlighting that LSEG everywhere allows them to cover multiple leading horses in the race, in the form of LLMs such as Claude, where LSEG wouldn’t have the budget to compete on their own platform.
“LSEG could see income compression as clients shift from per-seat licenses to usage-based AI revenues, with Phase 1 up to 2027, offering stable revenues, with early API revenues. 2027 onwards could see income pressure, with AI benefits being felt, and AI cutting seat-based revenue. Phase 3, as early as 2029, should unveil winners, with our experts predicting LSEG could be better positioned, based on their LSEG everywhere strategy, as LSEG and competitors such as Bloomberg, S&P, and Factset, adapt to a AI usage-driven world.”
Analysis for informational purposes only. Capital at risk.
A premium SUV offering Range Rover aesthetics for nearly half the price.
Many assumed that deep-rooted brand loyalty would provide a natural buffer against aggressive pricing from untested entrants.
The retail data indicates otherwise.
In under two years, Chinese automaker Chery has captured the second-largest market share in the UK.
In 1Q26, Chery’s brands (Chery/Omoda/Jaecoo) collectively commanded the No. 2 position in the UK auto market with 5.9% market share, ahead of BMW, Kia, Ford and just behind Volkswagen.
In March 2026, its premium Jaecoo 7 SUV officially topped the national monthly sales charts.
Source: SMMT, AP
Chery achieved this by executing a fast-fashion playbook: delivering the presence and features of an premium vehicle at a disruptive price.
Jaecoo 7: The “Baby Range Rover”
In March 2026, Chery’s Jaecoo 7 premium SUV displaced the Ford Puma at the top of the UK monthly sales charts.
The Jaecoo 7’s appeal is simple: executive presence at an accessible price.
Informally dubbed “Baby Range Rover” for its bold, boxy design, the Jaecoo 7 starts at ~£29k vs. the £55k+ feel it projects.
The entry-level model features a 13.2-inch touchscreen, 19-inch rims, a 360-degree camera system, and a panoramic sunroof, with the top trim adding a 14.8-inch display and ventilated seats.
PHEV with ~56 miles electric range and 0–62 mph in ~8.5s.
A seven‑year/100,000‑mile warranty—reducing buyer hesitation toward a newer brand.
Source: The Car Expert
Chery Auto At a Glance
Chery Auto (9973 HK) is the second largest domestic passenger vehicle maker in China. One thing that sets Chery apart from other Chinese auto maker is its export focus – it is the No. 1 passenger vehicle exporter in China for 22 consecutive years, with overseas sales accounting for about 50% of total revenue.
In the UK, it operates three distinct brands, offering a comprehensive product portfolio targeting different market segments.
Omoda: Positioned as the design-forward, accessible brand, focusing on stylish, modern crossovers like the Omoda 5.
Jaecoo: Pitched as the more premium, rugged alternative, delivering high-specification executive SUVs like the Jaecoo 7.
Chery: The Tiggo SUV lineup focuses on its ‘Super Hybrid’ (CSH) petrol-electric powertrains, targeting buyers who prioritise extended range and fuel economy.
In 2025, it achieved 11% and 35% revenue and profit growth driven by 15% volume growth (33% export volume growth).
Structural Shift
This disruption isn’t just Jaecoo.
Over the past year, market share has shifted away from incumbents (VW, BMW, Kia, Ford) toward Chinese OEMs such as BYD, Jaecoo (Chery) and Omoda (Chery), Leapmotor, and Geely.
What we’re seeing is a structural trend driven by several factors.
Source: SMMT, AP
Vertical Integration and Cost Advantage
Chinese entrants leverage deep vertical integration to compress costs.
While legacy automakers assemble vehicles using a variety of third-party suppliers, Chinse automakers such as BYD and Chery controls their supply chains such as battery to reduce input cost. For example, Chery has development its proprietary “Rhino” battery architecture.
In addition, to lower export bottlenecks, Chery partnered with Wuhu Shipyard to construct and operate its own fleet of cargo vessels.
The result: BYD and Chery were able to achieve superior profitability against major European peers such as Volkswagen and Stellantis while maintaining competitive pricing at the same time.
Source: The companies, AP
Financial Engineering and Demand Stimulation
In addition to pricing, Chinese automakers also leverage their strong balance‑sheet to make ownership cheaper:
Subvented finance packages produce materially lower monthly payments (up to ~25% in some comparisons).
Generous trade‑in valuations create immediate, cash‑like incentives at point of sale.
These mechanics lower the effective barrier to switching from legacy brands.
Winning Dealer Hearts
Fractured dealer relations among legacy OEMs opened a distribution opportunity for Chinese automakers.
Over the past few years, legacy OEMs, including Ford and Stellantis, attempted to force traditional dealers into low-margin “agency” sales models.
Although these legacy OEMs have later abandoned this model, the damage to dealer relations was already done.
Chinese automakers like Chery captured this opportunity. By offering traditional and profitable franchise terms, Chinese automakers rapidly expanded their distribution network.
In just about 2 years, Chery has rapidly established over 140 sites in the UK across its brands (Omoda/Jaecoo/Chery).
The Petrol Price Catalyst
Recent energy volatility has amplified appetite for PHEVs and BEVs. Faced with higher retail fuel prices, buyers are accelerating the switch to electrified models—precisely where competitively priced Chinese offerings are focused.
This is illustrated by Jaecoo’s strong sales volume in March (12K), which accounted for 63% of its total sale volume in 1Q26.
Tariff Hedges via Localisation
To mitigate trade‑barrier risk, Chinese OEMs are localising manufacturing in Europe:
BYD expanding production in Hungary and Turkey.
Chery creating assembly capacity (e.g., a JV in Barcelona) and increasing local content. It is also seeking partnerships with European car makers to expand its production capacity. For example, it is reportedly exploring local UK assembly via partnership with Nissan regarding the use of its facility in the UK.
This article is a “periodical publication” for information only and is not investment advice or a solicitation to buy or sell securities. This article does not constitute a “personal recommendation” or “investment advice” under UK FCA regulations. Investing in equities involves significant risk. The author holds NO position in the securities mentioned. There is no warranty as to completeness or correctness. Please do your own due diligence or consult a licensed financial adviser. Please read the Full Disclaimer before acting on any information. Images created with the assistance of Gemini AI.
Sainsbury’s shares were lower on Thursday as investors checked out following a warning on the impact of the Middle East war on its customers.
The warning overshadowed what was otherwise an upbeat set of preliminary results, with grocery sales rising 5.2% to drive total Sainsbury’s sales (ex-fuel) to £25.9bn, up 4.9%.
Retail underlying operating profit came in at £1,025m for 25/26, marginally down on last year as the group chose to absorb cost inflation rather than pass it all through, alongside a 5% pay rise for colleagues and continued investment in price.
“Sainsbury’s is enjoying some time in the sun, hitting upgraded profit expectations thanks to solid revenue growth and gains in volumes and market share,” explained Duncan Ferris, Investment Writer at Freetrade.
“But conflict-led uncertainty, and its impact on consumers, is clouding things for the supermarket, with its guidance leaving room for a further drop in annual operating profits and a weaker free cash flow.”
Guidance for 2026/27 is total underlying operating profit of £975m–£1,075m, with retail free cash flow expected to top £500m. The fairly wide range of the profit outlook means Sainsbury’s could see profits fall over the next year.
This was unacceptable for some investors who may look to Sainsbury’s for relative stability and reliability, and shares were down around 5% on Thursday.
“While free cash flow remains robust and the progressive dividend offers an attractive yield, there is now some more uncertainty on the horizon. Many investors will have had a good run in Sainsbury’s over the last 2 years, and this update may be triggering some profit taking,” said Adam Vettese, market analyst for eToro.
SEGRO has opened 2026 on a firm footing, contracting £23m of new headline rent in the first quarter and pushing ahead with its data centre ambitions despite a choppier geopolitical backdrop.
Of the £23m signed, £11m came from the existing portfolio as vacant space was leased and reversion captured, with the remaining £12m from development lettings. UK rent reviews, renewals and regears delivered a standout 38% uplift, pulling the group average to 19% and highlighting the mark-to-market rent still sitting in the portfolio.
Customer retention held at 83% and occupancy was broadly stable at 94.8%, helped by vacancy reductions in London and speculative completions in Germany, where multiple lease negotiations are now underway.
Development activity remains a key growth lever. Schemes under construction or in advanced negotiation represent £73m of potential rent at a 7.6% yield, with two-thirds already pre-let.
SEGRO reiterated its £450m–£550m development capex guidance for the year. Completions in Q1 totalled 40,000 sq m, generating £4m of headline rent, 37% of which is leased, a slightly lower mix reflecting the weighting towards urban speculative schemes.
Like its peer, British Land, which also recently provided an update, SEGRO is becoming an indirect beneficiary of the rapid expansion of AI through growing demand for office and warehouse space by companies operating in the sector.
In terms of new data centre leases, SEGRO has signed a 30,000 sq m powered shell pre-let on the Slough Trading Estate, secured planning for its first fully fitted 56MW data centre in West London, and is progressing power upgrades in Slough.
Capital recycling continues to fund future growth, with £106m of disposals completed at a premium to book value and a further £138m to be exchanged later in the year.
LendInvest closed its financial year in style, delivering record originations and signalling a confident start to FY27 as borrower activity picked up following the Autumn Budget.
Full-year originations reached £1.437bn, with H2 alone contributing £774m. The final quarter was the strongest the group has ever posted at £415m, and March set a new monthly high of £196m.
Buy-to-Let lending totalled £917m across the year, also peaking in March, while Short Term Mortgages delivered record quarterly offers of £113m.
Assets under Management climbed to £3.82bn from £3.23bn a year earlier, and Funds under Management rose to £5.48bn.
FY26 is expected to be in line with market expectations despite one-off costs tied to the group’s fifth listed bond issuance. Management also flagged positive operating leverage, with record volumes delivered on a stable cost base. BTL customer retention held firm at 56%, a marked step up on the 35% seen in FY25.
CEO Rod Lockhart said the second half marked “a clear step forward”, citing the platform’s scalability and the establishment of a capital-light model as the foundation for more consistent earnings.
Looking ahead, LendInvest enters FY27 with its largest-ever pipeline and committed funding lined up.
Despite record figures announced on Thursday, the reaction in LendInvest shares was muted, with the shares slipping around 1%. LendInvest has lost about 85% of its value since listing and has never really gained any momentum.
EnSilica has signed two landmark development contracts with a leading European satellite operator, in what the fabless chipmaker is calling its largest long-term potential supply opportunity to date.
The deals cover two chips for the operator’s next-generation satellite network, spanning both payload and user-terminal silicon and combining ASIC and ASSP solutions.
Today’s contracts are set to deliver a material near-term revenue boost and could prove to be a game-changer over the long term.
On the user terminal side alone, the supply opportunity could exceed $50m from 2030 onwards, once the network is deployed and scaled. In the near term, the contracts generate $6.8m in non-recurring engineering revenue starting in FY26 and running into FY28, with the potential to unlock up to an additional $3m in matched funding from the UK Space Agency.
The payload chip has already cleared its study phase and moved into funded development, with supply revenues on that side still to be negotiated.
The customer is developing a communications system to improve resilience, flexibility and coverage across commercial, government and defence applications, with initial services targeted for the end of the decade.
Phased development runs over the next two and a half years.
Ian Lankshear, CEO of EnSilica, said “The award provides significant industry validation for EnSilica and we are very proud of our technology being selected for this major Space programme following extensive joint study phases. In addition, the scale and structure of the project means that it will generate attractive short term NRE revenues with the potential for substantial long-term supply revenues.”
Innovative Eyewear has opened 2026 with its strongest start to a year on record, posting preliminary first-quarter sales of around $0.81m.
This is up roughly 78% year-on-year and the eleventh consecutive quarter of growth.
Crucially, the pace of growth is accelerating rather than cooling with the smart eyewear group posting 63% growth across the whole of 2025.
Should the momentum continue, the firm could be on for revenue of $4m+, if the seasonal impact on sales is taken into consideration. Innovative Eyewear, like most consumer facing firms, tends to enjoy an uptick in sales in the fourth quarter.
The leading protagonist in the growth story is Lucyd Armor, the company’s smart safety glasses range, which has just picked up both the 2026 Red Dot Design Award and the NHPA Retailer’s Choice Award.
Innovative Eyewear says Armor now commands around 44% of the smart safety glasses category on Amazon, and says it remains the only product in the segment carrying full safety certification across the US, Canada and the EU.
The group is now setting its sights on the industry for further growth.
On that front, DHL, Do It Best / True Value and Thermo King are all trialling Lucyd products for workforce use. The company is also in talks with big-box retailers, traditional optical chains, and hardware and automotive chains about rolling Armor and the Reebok Powered by Lucyd line onto shelves in the US and Canada through 2026. A newly launched white-label offering has already landed its first committed customer for a smart safety glasses line.
Margins are moving in the right way too, with Q1 gross margins materially ahead of the 2025 full-year level as previously flagged tariff mitigation measures bed in.
CEO Harrison Gross described the quarter as the company’s strongest start to any year, flagging Armor’s workforce connectivity features as having “excellent market fit”. Results remain subject to audit.
