Small Cap Awards 2026: Technology Company of the Year Award

Inaugurated in 2013, the Small Cap Awards is an annual event celebrating and rewarding the finest in the sub-£350m market cap quoted company sector.

The Awards celebrates those professionals and companies that work within the AIM and Aquis communities and is attended by listed companies, institutions, fund managers, brokers and advisors.

The 2026 Awards will be held on Thursday 11th June 2026 at Merchant Taylors Hall in London.

The nominees for Technology Company of the Year are as follows:

Cerillion Plc

Cerillion Plc has a 26-year track record in providing critical software for billing, charging and customer relationship management (“CRM”) to the telecommunications sector.

Since joining AIM in 2016, Cerillion has generated strong revenue growth and increased profits significantly. In the 10 years since its IPO, Cerillion has delivered:

• revenue compound annual growth rate of 13.4%1 p.a.;
• adj. EBITDA compound annual growth rate of 23.5%1p.a.;
• dividend compound annual growth rate of 16.5%1 p.a.; and
• a total shareholder return of 1,925%2. This compares to a total shareholder return of the FTSE AIM market of 131%2 over the same period.

¹All data is based on information in full year results published by Cerillion plc, unless otherwise specified.

²TSR information as of 5 May 2026

Cerillion’s success reflects its highly differentiated approach of providing all customers with the same comprehensive, off-the-shelf product, which can be upgraded seamlessly on an ongoing basis. This approach makes its solution faster to implement (in less than 12 months, if necessary) and much easier to upgrade. This ‘productised’ approach significantly lowers the total cost of ownership for customers while conferring operational advantages. It contrasts with traditional solutions, which are bespoke to each customer – and therefore very costly – and typically take multiple years to implement.

Cerillion continually enhances its offering, investing in product innovation and regularly launching user-friendly modules and features to extend and enhance its service capabilities. It has also shifted to a subscription-based, SaaS model, away from perpetual licences, thereby increasing recurring revenues and improving the quality of its earnings.

Building on this platform, Cerillion has been able to win larger contracts, which has reinforced its position in the market and its reference base. In January 2026, the Company secured its largest ever contract win with an agreement worth approximately £42.5 million. Cerillion is addressing a multi-billion market opportunity and, its estimated market share is currently less than 1%. The scope for further growth is therefore significant. It continues to gain market recognition, and the growth in the size of its contract wins is testimony to the quality of its technology.

SRT Marine Systems plc

SRT Marine Systems plc is a global provider of civil defence maritime intelligence and surveillance systems, as well as navigation safety and efficiency solutions.

The company enables sovereign agencies, including coast guards, fisheries authorities, ports and waterways authorities, to achieve maritime domain awareness and adopt intelligence-led operations in support of public safety, maritime security, environmental protection and sovereign enforcement. Its navigation safety systems also help commercial, leisure and regulated vessel operators navigate more safely and efficiently in an increasingly digital maritime environment.

SRT’s systems business is focused on the delivery of national-scale maritime surveillance and intelligence programmes. These systems bring together multiple sources of information, including AIS, radar, satellite, sensors, transceivers, autonomous platforms and other intelligence inputs, into a single operational environment. This helps users move beyond fragmented data and build a clearer, trusted picture of maritime activity, enabling them to detect risks, prioritise responses and coordinate action more effectively.

At the centre of this capability is SRT’s proprietary GeoVS platform, which enables operators to visualise, investigate and act on fused information. SRT’s broader ecosystem connects sensors, platforms, software, data services and operational workflows into a scalable architecture that can grow with customer requirements over time.

SRT’s progress in 2025/26 reflects the growing demand for independent, nationally controlled maritime surveillance capability. Maritime nations face long-term challenges across border protection, economic security, illegal fishing, smuggling, environmental enforcement, search and rescue, and the protection of critical infrastructure and trade routes. SRT’s technology addresses these challenges by helping customers turn surveillance into actionable intelligence.

The company operates through two complementary business areas: sovereign systems programmes and transceivers/navigation safety products. Its systems business serves an established and growing sovereign customer base, while its navigation safety business is supported by a large global distribution network.

SRT’s progress has been driven by its proprietary technology, specialist maritime expertise, proven delivery capability and long-term relationships with sovereign customers. Its national programmes are typically delivered in phases, with customers able to expand coverage, integrate additional capabilities and add longer-term support and service elements as their operational requirements evolve.

By helping sovereign agencies move from fragmented data towards actionable intelligence, SRT supports clearer visibility, stronger decision-making and more effective operational response at national scale.

Filtronic Plc

Filtronic PLC is a UK-based technology company specialising in the design and manufacture of advanced RF, microwave, and millimetre-wave components and subsystems. With over four decades of industry experience, Filtronic delivers bespoke, high-performance communication solutions for mission-critical applications in the aerospace, defence, telecommunications, and space sectors. Operating from purpose-built facilities in the UK and the US, the company is recognised as a leader in RF innovation. Its products are instrumental in the performance and reliability of some of the world’s most advanced communications infrastructures.

The company’s success in 2025/26 can be attributed to a combination of strategic partnerships, technological innovation and operational expansion. A key driver of growth is Filtronic’s expanding strategic relationship with SpaceX, with the Company securing multiple follow-on contract awards during 2025, including a landmark $62.5 million order for next-generation E-band technology supporting the Starlink satellite constellation. These have strengthened revenue visibility, reinforced Filtronic’s position within the rapidly growing satellite communications markets and further validated its high-frequency RF expertise and manufacturing capabilities. Alongside this, Filtronic secured substantial contracts with Airbus, Leonardo and several other major aerospace and defence primes. These partnerships reflected Filtronic’s ability to meet the technical demands of leading organisations and reinforced its position as a strategic supplier of high-frequency solutions.

Supporting this growth, Filtronic made a significant investment in its operational infrastructure. In February 2026, the company opened a new state-of-the-art headquarters and manufacturing facility in County Durham, doubling its UK manufacturing capacity. This site features advanced cleanroom environments, engineering labs, and RF testing suites, enabling the business to scale production efficiently while maintaining exceptional quality standards. This expansion reflects Filtronic’s forward-thinking approach to capacity planning in response to surging demand from its international customer base.

All these initiatives translated into outstanding financial results. For the first half of the 2025 financial year, Filtronic reported revenues of £25.3 million and adjusted EBITDA of £5.1m million, signalling strong underlying profitability. This financial performance was a direct outcome of the company’s strategic execution, operational discipline, and focused investment in high-growth markets.

Overall, Filtronic’s success in 2025/26 is the result of visionary leadership, sustained innovation, strategic global partnerships, and an unwavering commitment to delivering high-quality, high-frequency communication solutions. The company is not only thriving in today’s competitive landscape but is also laying the foundations for continued excellence and expansion in the years ahead.

Netcall Plc

Netcall is a UK-based AIM-listed enterprise software company helping organisations automate workflows, modernise customer interactions and accelerate digital transformation through its AI-powered Liberty platform. Combining low-code development, intelligent automation, AI and customer engagement capabilities in a unified cloud platform, Netcall enables organisations to improve operational efficiency, enhance user experiences and reduce complexity. 

Netcall supports around 700 organisations across healthcare, government and financial services, including two-thirds of NHS Acute Health Trusts, around half of UK local authorities and major enterprises such as Legal & General, Baloise and Santander. Sector-specific solutions including Patient Hub, Citizen Hub and Tenant Hub strengthen Netcall’s position in key public sector markets. 

Netcall continues to benefit from growing demand for cloud-based automation and AI-enabled customer engagement solutions. The Group has delivered strong growth in recurring cloud revenues, with recurring revenue now representing 83% of total revenue and Cloud Annual Contract Value increasing 42% year-on-year to £42.6m in H1 FY26. 

AI is becoming an increasingly important driver of growth, with Netcall embedding generative AI and intelligent automation capabilities across the Liberty platform. AI-related bookings more than tripled year-on-year in the first half of FY26, reflecting rising customer demand for workflow automation and AI-enabled service delivery. 

The Group continues to execute successfully on its “land and expand” strategy, growing through both new customer wins and increased adoption within its existing customer base. Alongside organic growth, targeted acquisitions including Govtech, Parble and Jadu have broadened Netcall’s capabilities in local government digital services, intelligent document processing and digital experience technology. 

Netcall entered the second half of FY26 with a record contracted order book of £92.4m and a strong net cash position, providing significant visibility and supporting continued investment in product innovation and growth. 

ActiveOps Plc

ActiveOps is a global leader in automation and Decision Intelligence software that helps highly regulated organisations run smarter and more efficient operations. Its technology delivers high levels of ROI, through providing operations leaders with the insight to make better decisions faster, improving productivity and freeing people to focus on higher value work.

Founded in Reading, UK, the Group operates across five continents and supports over 130,000 users in more than 40 countries. Customers include many of the world’s leading banks, insurers, healthcare providers and business services organisations.

At the heart of ActiveOps’ offering is Decision Intelligence which combines human and artificial intelligence to improve how operations are planned and managed. Its products draw on two decades of experience and are powered by the proprietary AOM (Active Operations Management) methodology, which turns complex data from disparate systems into clear, actionable insight.

The year to 31 March 2026 saw strong commercial momentum, with Group revenue rising by 48% to £45m (28% on an organic basis) and Annual Recurring Revenue reaching approximately £41.5m. Growth was driven by new account wins alongside high levels of customer retention and expansion. Net Revenue Retention increased to a record 119%, and the Group remained highly cash-generative and debt-free.

Innovation continues to lead the way. The launch of the latest iteration of the Group’s ControliQ platform introduced new AI-driven capabilities, and development of further AI features is progressing strongly. The earnings enhancing acquisition of Enlighten Group in June 2025 brought new capabilities and strengthened ActiveOps’ presence in North America and the Asia Pacific region.

The market for the Group’s solutions is large and global, due to the scale of operations in its target markets of banking, insurance, financial services and healthcare administration. The need to reduce cost bases and increase output per employee, combined with the urgent desire to adopt agentic AI are powerful long-term trends driving demand for ActiveOps’ products, supporting the Group’s ambitions. 

At a Capital Markets Day in November 2025, the Group launched medium-term growth ambitions of £100m ARR and a 25% EBITDA margin. These will be achieved thorough the continued deepening with its enterprise customers, expanding through partners, the acceleration of R&D activities to deliver unique capabilities that support further customer expansion, and continued disciplined execution and increasing operational leverage.

Concurrent Technologies plc

Concurrent Technologies plc (Concurrent) is an innovative leader in designing, developing and manufacturing high-performance embedded Plug-In Cards (PICs) and systems for some of the world’s largest OEMs

Primarily, the company supplies defence and aerospace, with secondary markets in telecoms and scientific instrumentation. Concurrent is known for delivering reliable, high-quality solutions that thrive in tough conditions, without compromising on performance. With 40 years of expertise, Concurrent aims to release its products ‘concurrently’ with the launch of new semiconductor technology from developers such as Intel®, helping customers to boost their own products in environments demanding an advantage. The company’s strong reputation for flexibility and long-term support underpins trusted relationships across its markets.

In FY24 Concurrent delivered a record year, with revenue and profit up 27% and 40% respectively, alongside a 28% increase in gross profit and a 30% rise in EBITDA.

The company secured 22 design wins (where customers integrate products into their programmes) in the year including 10 ‘major wins’ which represent a lifetime value to the business of at least £100m. Notably, in the year Concurrent also secured its largest-ever contract of $6m with a major US defence and aerospace prime contractor.

To support the growth of the Products Business Unit, which designs and manufactures computer boards, the company doubled the capacity of its Colchester facility during FY24 and post year-end, it reached an agreement to take a 20-year lease on a new property to house its headquarters and manufacturing operations, positioning the business for sustained expansion.

The Systems Business Unit, which is still in its early stages of development, performed well following the acquisition of Phillips Aerospace in the prior year. Early success has been driven by a significant $3.7m design win contract with a leading defence platform provider in Asia.

With a closing FY24 backlog of around $5 million and a growing pipeline, the Systems Business Unit is expected to deliver strong year-on-year growth in FY25. To support this expansion, the unit will relocate to a modern facility in Los Angeles in the second half of the year.

Looking ahead, Concurrent will continue to launch cutting-edge products and drive design wins across both business units, deepening relationships with new and existing customers.

FY25 has begun well with a significant £3.4m order for the company’s VME-based 6U computer boards from a long-standing European customer. This strong start has been strengthened by the launch of Kratos, one of the first and most powerful rugged plug-in cards available today, built on Intel’s latest 6516P-B processor which the company had access to six months early.

The progress at Concurrent reflects a relentless commitment to talent and culture. Its defined culture, which is centred on ‘get things done’, ‘no spectators’, ‘ambition’, and ‘buzzing, embodies a mindset that differentiates the business and keeps it ahead of the competition.