A 
266.00p
+4.31%
Close of 9 Nov 2026, in pence
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At a glance
Figures in GBP, from our data supplier.
Revenue
£107.1m
FY2017FY2026
Net income
£7.3m
FY2017FY2026
Free cash flow
£5.0m
FY2017FY2026
Shareholders' equity
£43.7m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £107.1m | £113.4m | £100.7m | £89.1m | £89.4m | £77.8m | £76.0m | £90.1m | £87.0m | £104.8m |
| Gross profit | £38.6m | £43.0m | £38.3m | £32.7m | £33.3m | £29.4m | £22.3m | £26.8m | £26.9m | £32.7m |
| Research and development | — | — | £355,000 | £258,000 | £242,000 | £114,000 | £105,000 | £111,000 | £224,000 | £176,000 |
| Operating income | £10.8m | £13.6m | £13.2m | £11.5m | £12.7m | £10.2m | £4.3m | £4.9m | £5.7m | £8.3m |
| Net income | £7.3m | £9.3m | £8.7m | £6.6m | −£7.0m | £7.6m | £2.3m | £729,000 | £4.3m | £6.5m |
| Diluted earnings per share | 0.20 | 0.25 | 0.24 | 0.18 | -0.19 | 0.21 | 0.06 | 0.02 | 0.12 | 0.18 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £98.1m | £92.0m | £82.4m | £68.2m | £73.3m | £77.6m | £84.2m | £76.2m | £74.7m | £69.7m |
| Cash and short-term investments | £6.3m | £6.4m | £6.4m | £6.0m | £8.3m | £5.0m | £16.1m | £8.0m | £4.7m | £9.0m |
| Total liabilities | £54.4m | £51.0m | £48.9m | £42.5m | £47.6m | £41.5m | £64.4m | £50.7m | £50.3m | £49.2m |
| Debt | £20.8m | £19.1m | £19.5m | £14.1m | £18.1m | £11.5m | £26.4m | £13.1m | £9.5m | £2.9m |
| Shareholders' equity | £43.7m | £41.0m | £33.5m | £25.7m | £25.7m | £36.1m | £19.8m | £25.4m | £24.4m | £20.4m |
| Shares outstanding | 36m | 37m | 37m | 36m | 36m | 36m | 36m | 36m | 36m | 36m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £7.7m | £12.4m | £14.1m | £11.7m | £3.9m | £8.4m | £4.5m | £1.3m | £1.7m | £864,000 |
| Capital spending | −£2.6m | −£2.5m | −£3.6m | −£2.7m | −£2.6m | −£2.0m | −£1.8m | −£2.3m | −£3.0m | −£909,000 |
| Free cash flow | £5.0m | £9.9m | £10.5m | £9.0m | £1.3m | £6.4m | £2.7m | −£1.0m | −£1.2m | −£45,000 |
| Dividends paid | −£4.0m | −£3.9m | −£3.7m | −£3.6m | −£3.4m | −£1.9m | −£1.6m | −£2.6m | −£2.6m | −£2.4m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £56.7m | £50.4m | £56.1m | £57.4m | £52.9m | £47.8m | £44.2m | £45.0m |
| Gross profit | £20.6m | £18.0m | £21.5m | £21.6m | £20.3m | £17.9m | £16.2m | £16.5m |
| Operating income | £6.5m | £4.3m | £6.4m | £7.2m | £7.0m | £6.7m | £6.1m | £6.0m |
| Net income | £4.2m | £3.1m | £4.4m | £4.9m | £4.6m | £4.1m | £3.9m | £4.5m |
| Diluted earnings per share | 0.12 | 0.08 | 0.12 | 0.13 | 0.13 | 0.11 | 0.11 | 0.12 |
| Cash from operations | £4.0m | £2.0m | £3.0m | £7.0m | £6.0m | £6.0m | £7.0m | £3.0m |
| Capital spending | −£1.0m | −£1.0m | — | −£1.0m | −£1.0m | −£1.0m | −£1.0m | −£1.0m |
| Free cash flow | £3.0m | £1.0m | — | £6.0m | £5.0m | £5.0m | £6.0m | £2.0m |
| Total assets | £98.1m | £87.9m | £92.0m | £82.2m | £82.4m | £77.6m | £68.2m | £65.9m |
| Cash and short-term investments | £6.3m | £5.0m | £6.4m | £6.6m | £6.4m | £7.2m | £6.0m | £6.0m |
| Debt | £1.9m | £14.9m | £13.6m | £13.1m | £15.8m | £15.4m | £9.7m | £13.7m |
| Shareholders' equity | £43.7m | £42.4m | £41.0m | £37.4m | £33.5m | £26.3m | £25.7m | £20.7m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 6.3% | 6.6% | 1.5% |
| Operating income | -2.1% | 1.1% | 4.5% |
| Net income | 3.5% | -0.7% | 3.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 37.0% | 37.2% | 37.3% | 34.5% |
| Operating margin | 11.1% | 12.0% | 12.5% | 9.9% |
| Net margin | 7.6% | 7.8% | 5.6% | 5.0% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 12.3 | 10.0 | 13.2 | 9.7 | -7.8 | 11.3 | 18.2 | 46.9 | 9.0 | 9.1 |
| Price to sales | 0.8 | 0.8 | 1.1 | 0.7 | 0.6 | 1.1 | 0.5 | 0.4 | 0.4 | 0.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 19 Feb 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.111 | 0.108 | 0.103 | 0.101 | 0.096 | 0.053 | 0.044 | 0.074 |
- 2-for-1 split · 21 Oct 1993
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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