A 
22.00p
0.00%
Close of 9 Nov 2026, in pence
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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
£19.9m
FY2016FY2025
Net income
−£7.3m
FY2016FY2025
Free cash flow
−£5.2m
FY2016FY2025
Shareholders' equity
£7.5m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £19.9m | £23.6m | £23.5m | £21.8m | £18.2m | £15.0m | £14.6m | £12.1m | £9.7m | £7.6m |
| Gross profit | £11.3m | £15.0m | £15.0m | £13.8m | £11.2m | £8.8m | £8.5m | £7.3m | £5.7m | £4.5m |
| Operating income | −£4.6m | −£717,000 | −£2.1m | −£1.5m | −£2.4m | −£872,000 | −£572,000 | −£533,000 | −£490,000 | £96,000 |
| Net income | −£7.3m | −£3.3m | −£3.8m | −£2.0m | −£3.7m | −£1.7m | −£1.3m | −£1.0m | −£758,000 | −£376,000 |
| Diluted earnings per share | -0.10 | -0.05 | -0.05 | -0.03 | -0.05 | -0.03 | -0.02 | -0.01 | -0.04 | -0.03 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £48.5m | £52.3m | £49.8m | £47.4m | £39.9m | £34.6m | £33.8m | £25.5m | £20.3m | £14.4m |
| Cash and short-term investments | £1.5m | £2.9m | £1.2m | £2.3m | £2.0m | £2.2m | £1.5m | £1.1m | £933,000 | £1.5m |
| Total liabilities | £40.9m | £37.2m | £31.5m | £25.3m | £16.0m | £21.6m | £20.0m | £14.4m | £7.8m | £2.9m |
| Debt | £36.7m | £32.9m | £27.0m | £20.7m | £10.8m | £17.4m | £15.5m | £4.0m | £6.0m | £1.8m |
| Shareholders' equity | £7.5m | £14.8m | £18.1m | £21.8m | £23.6m | £12.8m | £13.4m | £10.9m | £12.4m | £11.4m |
| Shares outstanding | 71m | 70m | 71m | 70m | 70m | 55m | 70m | 70m | 17m | 13m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −£4.5m | −£805,000 | −£5.5m | −£5.6m | −£4.7m | −£1.0m | −£3.4m | −£4.6m | −£5.6m | −£3.9m |
| Capital spending | −£718,000 | −£948,000 | −£2.1m | −£3.4m | −£1.2m | −£1.1m | −£1.7m | −£948,000 | −£835,000 | −£637,000 |
| Free cash flow | −£5.2m | −£1.8m | −£7.6m | −£9.0m | −£5.9m | −£2.1m | −£5.1m | −£5.5m | −£6.5m | −£4.6m |
| Dividends paid | — | −£213,000 | — | −£373,000 | −£385,000 | −£254,000 | −£124,000 | −£385,000 | — | — |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Sept 2023 | Jun 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £9.2m | £10.2m | £9.7m | £13.5m | £10.1m | £13.3m | £6.6m | £10.2m |
| Gross profit | £4.9m | £5.6m | £5.7m | £8.7m | £6.4m | £8.8m | £4.4m | £6.2m |
| Operating income | −£2.4m | −£2.2m | −£2.4m | £1.2m | −£1.9m | £814,000 | £407,000 | −£2.8m |
| Net income | −£3.7m | −£3.6m | −£3.6m | −£161,000 | −£3.1m | −£255,000 | −£127,500 | −£3.6m |
| Diluted earnings per share | -0.05 | -0.05 | -0.05 | -0.00 | -0.04 | -0.00 | -0.00 | -0.05 |
| Cash from operations | −£2.0m | −£1.0m | −£3.0m | £2.0m | −£3.0m | −£2.0m | −£1.0m | −£3.0m |
| Capital spending | — | — | — | — | — | −£1.0m | — | — |
| Free cash flow | — | — | — | — | — | −£3.0m | — | — |
| Total assets | £46.2m | £48.5m | £50.0m | £52.3m | £52.6m | £49.8m | £49.8m | £47.8m |
| Cash and short-term investments | £1.3m | £1.5m | £1.4m | £2.9m | £1.9m | £1.2m | £1.2m | £1.5m |
| Debt | £2.6m | £8.2m | £7.6m | £4.1m | £639,000 | £656,000 | £272,000 | £641,000 |
| Shareholders' equity | £3.7m | £7.5m | £11.2m | £14.8m | £14.9m | £18.1m | £18.1m | £18.4m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -3.0% | 5.7% | 16.8% |
| Operating income | 45.8% | 39.7% | — |
| Net income | 53.5% | 33.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 60.5% | 62.1% | 61.6% | 60.7% |
| Operating margin | -12.3% | -10.0% | -10.0% | -8.0% |
| Net margin | -24.3% | -18.5% | -17.8% | -14.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | -3.3 | -7.8 | -9.0 | -24.3 | -18.6 |
| Price to sales | 1.2 | 1.1 | 1.5 | 2.2 | 3.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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