A 
88.00p
-1.12%
Close of 9 Nov 2026, in pence
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At a glance
Figures in GBP, from our data supplier.
Revenue
£45.0m
FY2017FY2026
Net income
−£2.3m
FY2017FY2026
Free cash flow
£12.0m
FY2017FY2026
Shareholders' equity
£8.4m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £45.0m | £30.5m | £26.8m | £25.5m | £22.9m | £20.4m | £20.4m | £18.0m | £16.0m | £11.4m |
| Research and development | — | £517,000 | £537,000 | £73,000 | £2.18bn | £1.84bn | £1.91bn | £1.85bn | — | £1.32bn |
| Operating income | −£2.0m | £1.0m | £855,000 | −£217,000 | −£2.5m | −£1.8m | −£2.4m | −£1.2m | £183,449 | £1.1m |
| Net income | −£2.3m | £1.1m | £845,000 | −£497,000 | −£2.7m | £9.0m | −£530,000 | −£1.1m | −£139,063 | £1.2m |
| Diluted earnings per share | -0.03 | 0.02 | 0.01 | -0.01 | -0.04 | 0.13 | -0.00 | -0.00 | -0.00 | 0.00 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £53.3m | £33.0m | £30.0m | £28.3m | £24.0m | £29.4m | £24.7m | £12.1m | £13.7m | £8.0m |
| Cash and short-term investments | £23.8m | £20.6m | £17.6m | £15.4m | £13.8m | £16.6m | £2.6m | £2.0m | £2.6m | £3.5m |
| Total liabilities | £44.9m | £23.1m | £21.2m | £20.4m | £15.5m | £18.9m | £24.8m | £11.8m | £12.4m | £6.9m |
| Debt | £126,000 | £212,000 | £308,000 | £464,000 | £640,000 | £817,000 | £8.4m | £2.0m | £3.4m | £1.7m |
| Shareholders' equity | £8.4m | £9.9m | £8.8m | £7.9m | £8.5m | £10.5m | −£363,000 | −£1.4m | £414,465 | £1.1m |
| Shares outstanding | 72m | 71m | 73m | 71m | 71m | 71m | 1,354m | 1,351m | 1,361m | 1,366m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £12.3m | £4.5m | £3.8m | £3.0m | −£2.3m | £4.2m | £776,524 | £996,834 | £2.0m | £2.1m |
| Capital spending | −£299,000 | −£1.1m | −£1.5m | −£981,000 | −£460,000 | −£98,000 | −£52,332 | −£315,735 | −£273,222 | −£60,449 |
| Free cash flow | £12.0m | £3.4m | £2.3m | £2.1m | −£2.7m | £4.1m | £724,192 | £681,099 | £1.7m | £2.1m |
| Dividends paid | — | — | — | −£2.88bn | −£2.69bn | −£2.26bn | −£2.34bn | — | — | — |
Latest quarters
By quarter end
| Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £24.2m | £12.1m | £20.8m | −£12.1m | £8.1m | £8.1m | £7.2m | £7.2m |
| Operating income | −£1.2m | −£590,000 | −£812,000 | £590,000 | £358,000 | £358,000 | £143,000 | £143,000 |
| Net income | −£1.4m | −£683,000 | −£937,000 | £683,000 | £367,000 | £367,000 | £185,000 | £185,000 |
| Diluted earnings per share | -0.02 | -0.01 | -0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 |
| Cash from operations | £13.0m | £6.0m | −£1.0m | — | £8.0m | £4.0m | −£3.0m | −£1.0m |
| Total assets | £53.3m | £53.3m | £44.8m | £44.8m | £33.0m | £33.0m | £23.6m | £23.6m |
| Cash and short-term investments | £23.8m | £23.8m | £13.3m | £13.3m | £20.6m | £20.6m | £13.4m | £13.4m |
| Debt | £126,000 | £126,000 | £1.4m | £1.4m | £106,000 | £106,000 | £68,000 | £68,000 |
| Shareholders' equity | £8.4m | £8.4m | £9.1m | £9.1m | £9.9m | £9.9m | £9.3m | £9.3m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 20.9% | 17.2% | 19.3% |
| Operating income | 108.8% | 2.2% | -2.6% |
| Net income | 66.7% | — | -0.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -1.3% | -0.3% | -2.7% | -3.9% |
| Net margin | -1.6% | -0.7% | 3.2% | 1.0% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Price to earnings | -27.6 | 74.2 | 46.7 | -66.1 | -9.9 | 6.7 |
| Price to sales | 1.4 | 2.7 | 1.5 | 1.3 | 1.2 | 2.9 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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