What's happened
A round-up of recent corporate earnings shows Mitie, SSE, Calnex and others reporting expanding profits or solid growth, while Nvidia dominates AI-driven markets; analysts highlight continued investment and strategic shifts as firms navigate inflation and energy transition costs.
What's behind the headline?
Analysis
- The earnings pictures across UK industrials and tech are converging on a theme: resilience amid inflation, with strategic investments underpinning near-term growth.
- Nvidia’s surge is reinforcing the AI-capital cycle; the ripple effects lift expectations for data-centre demand and semiconductor demand globally.
- In the UK, energy and infrastructure spend from SSE, alongside procurement and efficiency from Mitie, signals a broader push to modernise public and private service delivery while managing cost headwinds.
- Calnex’s profitability points to a steady demand for telecoms testing amid expanding network deployments and diversification into new customer segments.
- The standout message: firms are leveraging both organic growth and acquisitions to expand margins, while planning for continued investment in capital projects and technology.
Forecast: investment in energy, digital infrastructure and service delivery will support steady profit progression, though macro headwinds could test margins in the near term.
How we got here
The recent earnings season covers Mitie, SSE, Calnex Solutions and Nvidia. Mitie has posted revenue growth and an expanding order book, SSE reports robust investment and energy infrastructure activity, Calnex shows double-digit revenue growth in a diversified market, and Nvidia’s earnings continue to shape tech-sector sentiment. Reports from The Independent, The Scotsman, The Guardian and Al Jazeera/Associated outlets frame the different regional and sectoral perspectives.
Our analysis
The Independent (Henry Saker-Clark) reports Mitie’s revenue rise of 10.5% to a35.62bn for the year to March 31, with adjusted pre-tax profits at 3236.4m and a record order book. The Scotsman (Scott Reid) covers John Heaney Electrical’s profit surpassing 31m (year to Dec 2025) and Calnex Solutions’ revenue rising to a322m with a per-share dividend. The Guardian and Al Jazeera highlight Nvidia’s earnings surge and AI narrative, with Nvidia forecasting $91bn revenue for the current quarter and announcing an $80bn buyback and dividend uplift.
Go deeper
- What does the current earnings mix imply for UK-listed services and tech firms?
- How might continued Nvidia AI demand influence European supply chains?
- Will SSE’s investment plan translate into tangible consumer energy cost relief?
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United Kingdom - Country in Europe
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom or Britain, is a sovereign country located off the northwestern coast of the European mainland.