A 
1.27p
0.00%
Close of 9 Nov 2026, in pence
Search any instrument
Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in GBP, from our data supplier.
Revenue
£55.0m
FY2016FY2025
Net income
−£40.1m
FY2016FY2025
Free cash flow
−£32.0m
FY2016FY2025
Shareholders' equity
−£28.2m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £55.0m | £55.2m | £59.6m | £72.8m | £84.3m | £78.2m | £73.7m | £68.3m | £64.1m | £48.5m |
| Gross profit | £25.1m | £29.7m | £32.7m | £49.0m | £61.8m | £57.5m | £55.3m | £51.3m | £47.4m | £34.4m |
| Research and development | £15.4m | £22.9m | £20.1m | £15.7m | £12.9m | £9.0m | £7.0m | £16.0m | £9.3m | £16.2m |
| Operating income | −£29.5m | −£35.3m | −£34.9m | −£13.0m | £4.0m | £4.5m | −£1.8m | −£6.7m | −£2.0m | −£12.1m |
| Net income | −£40.1m | −£40.2m | −£43.1m | −£13.8m | £2.9m | £7.1m | £3.5m | −£7.5m | −£2.5m | −£13.1m |
| Diluted earnings per share | -0.01 | -0.01 | -0.02 | -0.02 | 0.00 | 0.01 | 0.01 | -0.01 | -0.00 | -0.02 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £67.5m | £64.8m | £66.8m | £72.9m | £88.1m | £86.2m | £68.5m | £51.0m | £57.2m | £56.7m |
| Cash and short-term investments | £12.8m | £12.9m | £14.8m | £20.5m | £40.3m | £37.0m | £27.4m | £15.5m | £22.1m | £23.4m |
| Total liabilities | £95.7m | £61.1m | £64.7m | £35.2m | £39.6m | £42.4m | £30.9m | £28.0m | £27.2m | £26.4m |
| Debt | £60.1m | £31.0m | £36.0m | £10.5m | £11.2m | £12.2m | £2.4m | £3.1m | £3.3m | £3.4m |
| Shareholders' equity | −£28.2m | £3.7m | £2.1m | £37.8m | £48.5m | £43.8m | £37.6m | £23.0m | £30.0m | £30.3m |
| Shares outstanding | 5,225m | 4,766m | 2,720m | 662m | 686m | 681m | 672m | 668m | 611m | 624m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −£28.7m | −£32.1m | −£30.9m | −£14.1m | £8.5m | £12.3m | £5.6m | −£3.8m | £178,000 | −£11.8m |
| Capital spending | −£3.3m | −£3.4m | −£4.7m | −£3.1m | −£2.6m | −£2.5m | −£2.8m | −£2.0m | −£1.5m | −£1.2m |
| Free cash flow | −£32.0m | −£35.5m | −£35.6m | −£17.2m | £6.0m | £9.7m | £2.8m | −£5.8m | −£1.3m | −£13.1m |
Latest quarters
By quarter end
| Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £36.3m | £21.0m | £34.0m | £21.6m | £33.6m | £19.7m | £10.5m | £39.9m |
| Gross profit | £19.3m | £4.3m | £20.9m | £9.2m | £20.5m | £7.5m | £4.4m | £25.8m |
| Operating income | −£11.9m | −£22.6m | −£6.8m | −£23.3m | −£11.9m | −£27.9m | −£13.1m | −£7.8m |
| Net income | −£19.9m | −£29.0m | −£11.1m | −£24.6m | −£15.7m | −£34.6m | −£21.3m | −£8.5m |
| Diluted earnings per share | -0.00 | -0.01 | -0.00 | -0.01 | -0.01 | -0.01 | -0.01 | -0.01 |
| Cash from operations | −£11.0m | −£21.0m | −£7.0m | −£21.0m | −£10.0m | −£23.0m | −£10.0m | −£7.0m |
| Capital spending | −£2.0m | −£1.0m | −£1.0m | −£1.0m | −£1.0m | −£1.0m | −£1.0m | −£2.0m |
| Free cash flow | −£13.0m | −£22.0m | −£8.0m | −£22.0m | −£11.0m | −£24.0m | −£11.0m | −£9.0m |
| Total assets | £71.0m | £67.5m | £73.0m | £64.8m | £69.1m | £66.8m | £68.4m | £71.6m |
| Cash and short-term investments | £10.1m | £12.8m | £21.7m | £12.9m | £13.5m | £14.8m | £14.8m | £15.2m |
| Debt | £21.7m | £54.9m | £40.4m | £24.6m | £2.7m | £28.7m | — | £3.1m |
| Shareholders' equity | £4.2m | −£28.2m | −£7.2m | £3.7m | £26.5m | £2.1m | −£168.0m | £38.0m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -8.9% | -6.8% | 2.4% |
| Operating income | 31.4% | — | — |
| Net income | 42.8% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 49.8% | 56.3% | 63.1% | 67.6% |
| Operating margin | -58.7% | -46.4% | -25.7% | -17.9% |
| Net margin | -72.9% | -56.6% | -31.4% | -20.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -6.0 | -3.2 | -0.7 | -0.1 | 1.5 | 0.3 | 0.4 | -0.1 | -0.8 | -0.1 |
| Price to sales | 4.3 | 2.3 | 0.5 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
Nothing here is investment advice. Prices can be delayed or wrong, so check with the exchange before relying on them. Data for this page. How we cover markets.