Shares of Linlithgow-based Calnex Solutions plc, a provider of test and measurement solutions for telecoms, cloud computing and defence markets, rose as much as 10% on Monday after it published a strong update on trading for the year ended March 31, 2026 and an outlook for FY27 and FY28.
Calnex said its diversification across the cloud computing & datacentres and government & defence markets continued to gain traction in FY26 against a backdrop of a stable telecoms market, which supports its confidence in continued growth in FY27 and FY28.
Calnex shares rose 10% to about 53p to give the firm a stock market value of roughly £47 million. Calnex went public at about 48p per share in October 2020 and its shares soared as high as around £1.95 in January 2023. Calnex is one of the very few Scottish companies to join the London Stock Market in recent years.
Founded in 2006, Calnex is headquartered in Linlithgow, with additional locations in Belfast, Stevenage and California, supported by sales teams in China and India. To date, Calnex has secured and delivered orders in 68 countries across the world. Customers include BT, China Mobile, NTT, Ericsson, Nokia, Intel, Qualcomm, Nvidia and Meta.
“Calnex has made good progress in FY26, trading slightly ahead of market expectations, delivering double-digit revenue growth and improved profitability, while continuing to invest in its long-term strategy,” said the Linlithgow firm.
“The group expects revenue to have increased by approximately 19% to £21.9m (FY25: £18.4m). Gross margins have remained strong, which has contributed to an improvement in profitability for the year.
“The Group maintained a strong balance sheet, with cash as at 31 March 2026 of £9.3m (31 March 2025: £10.9m), with a further c£3m of customer receipts expected in the early months of FY27 due to the phasing of shipments through Q4.
“Diversification across the cloud computing & datacentres and government & defence markets continued to gain traction in FY26 and, against a backdrop of a stable telecoms market, supports confidence in continued growth in FY27 and FY28.
“Channel and operational enhancements continued to strengthen market access during the year. The Group expanded its global partner network, onboarded new North American partners and increased its focus on partner enablement to enhance sales coverage, particularly in higher growth markets.
“The progress achieved in FY26 provides a strong foundation for continued profitable growth through FY27 and FY28. FY27 will be a year of targeted investment directed towards key product launches and the development of the market and customer relationships which will underpin future growth.
“The Board’s confidence is based on a number of key factors that will position the Group for accelerated growth in FY28 as these initiatives in rapidly growing markets are launched and commercialised.”
Calnex CEO and founder Tommy Cook said: “I am pleased to report on a good performance in FY26, our 20th year of operations, delivered against a challenging global macroeconomic backdrop.
“We achieved double digit revenue growth and improved profitability, reflecting the successful diversification beyond our core telecoms heritage.
“We are seeing growing traction across cloud computing, datacentres, government and defence and are continuing with important development programmes to address these growth markets.
“With a strong balance sheet, expanding partner network, increasingly developed and diversified offering, and strengthened sales and marketing capability we are well positioned to build on this momentum and deliver sustainable growth in FY27 and beyond.”