A 
92.00p
-0.54%
Close of 9 Nov 2026, in pence
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At a glance
Figures in GBP, from our data supplier.
Revenue
£1.27bn
FY2017FY2026
Net income
£35.9m
FY2017FY2026
Free cash flow
£91.3m
FY2017FY2026
Shareholders' equity
£175.5m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £1.27bn | £1.14bn | £1.04bn | £1.14bn | £1.56bn | £1.66bn | £1.05bn | £902.6m | £796.8m | £701.2m |
| Gross profit | £316.1m | £276.0m | £243.3m | £238.3m | £269.4m | £292.5m | £178.3m | £152.4m | £141.8m | £129.2m |
| Research and development | — | — | — | £17.5m | £17.5m | £15.4m | £9.3m | £6.9m | — | — |
| Operating income | £49.4m | £21.1m | £36.2m | £12.5m | −£32.3m | £29.7m | −£3.8m | −£15.2m | −£16.2m | −£12.0m |
| Net income | £35.9m | £10.5m | £24.7m | −£2.6m | −£30.4m | £17.7m | £1.7m | −£17.5m | −£13.4m | −£6.6m |
| Diluted earnings per share | 0.06 | 0.02 | 0.04 | -0.00 | -0.05 | 0.04 | 0.00 | -0.04 | -0.03 | -0.01 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £485.4m | £426.6m | £441.8m | £460.3m | £549.2m | £615.7m | £449.0m | £378.8m | £258.9m | £203.0m |
| Cash and short-term investments | £81.3m | £27.4m | £40.1m | £19.1m | £19.5m | £67.1m | £6.9m | £28.9m | £56.0m | £29.4m |
| Total liabilities | £308.6m | £282.1m | £304.0m | £354.6m | £476.8m | £519.3m | £369.3m | £292.2m | £179.3m | £162.5m |
| Debt | £64.8m | £63.3m | £70.9m | £95.3m | £153.6m | £95.3m | £106.0m | £37.9m | £17.7m | £17.4m |
| Shareholders' equity | £175.5m | £144.5m | £137.8m | £105.7m | £73.4m | £97.7m | £80.7m | £87.5m | £81.2m | £42.2m |
| Shares outstanding | 560m | 592m | 598m | 603m | 607m | 479m | 480m | 480m | 468m | 459m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £96.5m | £58.0m | £61.6m | £24.4m | −£52.4m | £114.6m | £14.1m | −£34.5m | −£15.4m | £3.5m |
| Capital spending | −£5.2m | −£8.9m | −£8.3m | −£2.1m | −£9.6m | −£9.1m | −£8.0m | −£5.0m | −£5.3m | −£6.0m |
| Free cash flow | £91.3m | £49.1m | £53.3m | £22.3m | −£62.0m | £105.5m | £6.1m | −£39.5m | −£20.7m | −£2.5m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Dec 2023 | Sept 2023 | Jun 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £681.0m | £585.6m | £625.4m | £512.1m | £557.6m | £278.8m | £481.7m | £240.8m |
| Gross profit | £168.2m | £147.9m | £151.1m | £124.9m | £130.3m | £65.2m | £111.8m | £56.5m |
| Operating income | £31.9m | £17.5m | £46.3m | £16.3m | £36.2m | £10.8m | £14.0m | £7.3m |
| Net income | £23.3m | £12.6m | −£700,000 | £11.2m | £15.3m | £7.7m | £9.4m | £4.7m |
| Diluted earnings per share | 0.04 | 0.02 | -0.00 | 0.02 | 0.03 | 0.01 | 0.02 | 0.01 |
| Cash from operations | £26.0m | £70.0m | £23.0m | £33.0m | £33.0m | £16.0m | £26.0m | £13.0m |
| Capital spending | −£3.0m | −£1.0m | −£2.0m | −£6.0m | −£1.0m | — | −£4.0m | −£2.0m |
| Free cash flow | £23.0m | £69.0m | £21.0m | £27.0m | £32.0m | — | £22.0m | £11.0m |
| Total assets | £485.4m | £477.9m | £426.6m | £455.8m | £441.8m | £441.8m | £439.8m | £439.8m |
| Cash and short-term investments | £81.3m | £79.6m | £27.4m | £43.1m | £40.1m | £40.1m | £22.4m | £22.4m |
| Debt | £18.4m | £19.6m | £20.4m | £18.9m | £19.0m | £17.1m | £19.2m | £17.2m |
| Shareholders' equity | £175.5m | £156.1m | £144.5m | £141.7m | £137.8m | £137.8m | £118.7m | £118.7m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 3.6% | -5.3% | 7.8% |
| Operating income | 58.1% | 10.7% | — |
| Net income | — | 15.2% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 24.6% | 23.4% | 21.0% | 19.8% |
| Operating margin | 2.9% | 2.6% | 1.5% | 0.5% |
| Net margin | 1.9% | 1.5% | 0.7% | 0.1% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 14.5 | 63.9 | 25.0 | -228.0 | -10.4 | 29.9 | — | -24.8 | -44.8 | -76.5 |
| Price to sales | 0.4 | 0.6 | 0.6 | 0.5 | 0.2 | 0.3 | 1.9 | 0.5 | 0.8 | 0.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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