N 
0.42
+2.93%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in GBP, from our data supplier.
Revenue
£20.4m
FY2016FY2025
Net income
−£23.3m
FY2016FY2025
Free cash flow
−£9.0m
FY2016FY2025
Shareholders' equity
£23.3m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £20.4m | £19.6m | £11.6m | £21.0m | £92.6m | £277.2m | £11.0m | £11.6m | £10.8m | £9.4m |
| Research and development | £4.2m | £2.8m | £3.2m | £5.0m | £4.8m | £1.6m | £325,630 | £343,120 | £529,048 | £688,232 |
| Operating income | −£13.2m | −£37.3m | −£29.5m | −£23.4m | −£3.9m | £167.4m | −£983,516 | −£260,298 | −£103,105 | −£2.5m |
| Net income | −£23.3m | −£41.8m | −£28.3m | −£25.7m | −£9.7m | £132.4m | −£5.5m | −£4.0m | −£4.1m | −£4.1m |
| Diluted earnings per share | -0.33 | -0.59 | -0.40 | -0.36 | -0.14 | 1.87 | -0.11 | -0.11 | -0.16 | -0.30 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £40.3m | £70.6m | £133.8m | £140.9m | £183.7m | £234.3m | £22.4m | £24.8m | £25.5m | £21.9m |
| Cash and short-term investments | £19.1m | £30.5m | £44.1m | £87.0m | £101.8m | £91.8m | £1.3m | £870,053 | £3.7m | £2.1m |
| Total liabilities | £16.9m | £22.8m | £46.6m | £25.7m | £41.9m | £83.6m | £11.9m | £9.4m | £6.8m | £9.1m |
| Debt | £10.4m | £11.9m | £13.7m | £872,000 | £1.9m | £2.8m | £8.5m | £4.4m | £2.9m | £4.5m |
| Shareholders' equity | £23.3m | £47.9m | £87.2m | £115.2m | £141.8m | £150.7m | £10.5m | £15.3m | £21.1m | £12.8m |
| Shares outstanding | 71m | 71m | 71m | 71m | 71m | 71m | 50m | 38m | 25m | 14m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −£8.8m | −£8.5m | −£25.0m | −£13.7m | £15.7m | £103.0m | −£774,724 | −£949,287 | −£3.5m | −£1.8m |
| Capital spending | −£273,014 | −£1.9m | −£671,000 | −£416,000 | −£4.1m | −£1.2m | −£242,597 | −£521,118 | −£733,748 | −£394,772 |
| Free cash flow | −£9.0m | −£10.4m | −£25.7m | −£14.1m | £11.6m | £101.8m | −£1.0m | −£1.5m | −£4.2m | −£2.2m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £11.6m | £10.3m | £5.1m | £4.9m | £4.9m | £7.8m | £4.8m | £4.4m |
| Operating income | −£5.0m | −£6.4m | £414,819 | −£3.6m | −£3.6m | −£6.2m | −£12.9m | −£6.9m |
| Net income | −£5.8m | −£16.6m | −£8.3m | −£3.2m | −£3.2m | −£20.1m | −£12.0m | −£7.5m |
| Diluted earnings per share | -0.08 | -0.23 | -0.12 | -0.04 | -0.04 | -0.28 | -0.17 | -0.11 |
| Cash from operations | −£4.0m | −£3.0m | −£1.0m | −£2.0m | −£2.0m | — | — | −£3.0m |
| Total assets | £37.5m | £40.3m | £40.3m | £63.3m | £63.9m | £70.6m | £70.9m | £99.4m |
| Cash and short-term investments | £8.9m | £19.1m | £19.3m | £23.9m | £24.1m | £30.5m | £30.7m | £32.9m |
| Debt | £1.0m | £856,000 | £856,000 | £11.0m | £971,163 | £11.9m | £1.3m | £13.1m |
| Shareholders' equity | £18.6m | £23.3m | £23.4m | £41.1m | £41.5m | £47.9m | £48.1m | £70.4m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -1.0% | -40.7% | 10.5% |
| Operating income | -17.4% | — | 17.3% |
| Net income | -3.2% | — | 10.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -126.2% | -142.4% | 13.6% | 10.9% |
| Net margin | -162.5% | -163.9% | 0.8% | -4.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -0.0 | -0.0 | -0.0 | -0.0 | -0.3 | 0.0 | -0.0 | -0.0 | -0.0 | -0.0 |
| Price to sales | 0.0 | 0.0 | 0.0 | 0.0 | 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
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