A 
2,335.00p
-1.89%
Close of 6 Nov 2026, in pence
At a glance
Figures in USD, from our data supplier.
Revenue
$313.9m
FY2016FY2025
Net income
$10.3m
FY2016FY2025
Free cash flow
$17.8m
FY2016FY2025
Shareholders' equity
—
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $313.9m | $275.0m | $243.8m | $263.5m | $248.3m | $213.6m | $158.1m | $203.7m | $196.0m | $172.8m |
| Gross profit | $129.8m | $106.8m | $85.9m | $88.9m | $80.5m | $83.5m | $61.3m | $80.8m | $75.8m | $63.8m |
| Research and development | $12.0m | $11.5m | $10.0m | $8.8m | — | — | — | — | — | — |
| Operating income | $34.6m | $25.4m | $14.9m | $16.6m | $5.4m | $22.5m | $12.2m | $29.8m | $28.4m | $22.3m |
| Net income | $10.3m | $3.0m | −$14.4m | −$7.6m | −$25.6m | $171.4m | $17.4m | $26.3m | $26.5m | $22.1m |
| Diluted earnings per share | 0.34 | 0.10 | -0.48 | -0.25 | -0.83 | 5.52 | 0.56 | 0.85 | 0.88 | 0.73 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | — | $313.0m | $348.1m | $348.0m | $398.7m | $454.5m | $228.2m | $204.5m | $181.2m | $157.6m |
| Cash and short-term investments | — | $14.0m | $13.2m | $9.5m | $14.1m | $187.2m | $59.6m | $57.4m | $32.6m | $5.4m |
| Total liabilities | — | $146.0m | $188.7m | $137.5m | $193.3m | $225.0m | $135.6m | $100.1m | $112.8m | $106.8m |
| Debt | — | $79.0m | $98.6m | $77.5m | $70.0m | $68.5m | $14.3m | $123,100 | $2.2m | $3.0m |
| Shareholders' equity | — | $167.0m | $159.4m | $210.5m | $205.4m | $229.5m | $92.6m | $104.4m | $68.4m | $50.8m |
| Shares outstanding | 31m | 31m | 30m | 30m | 31m | 31m | 31m | 31m | 31m | 31m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $27.4m | $53.9m | $7.1m | $28.7m | $7.4m | $6.8m | $21.9m | $38.7m | $40.0m | $36.7m |
| Capital spending | −$9.6m | −$11.2m | −$11.0m | −$8.9m | −$31.6m | −$19.9m | −$7.0m | −$11.0m | −$6.8m | −$8.3m |
| Free cash flow | $17.8m | $42.7m | −$3.9m | $19.8m | −$24.2m | −$13.1m | $14.9m | $27.7m | $33.2m | $28.4m |
| Dividends paid | −$7.2m | −$6.8m | −$13.4m | −$13.4m | −$12.1m | −$8.9m | −$6.6m | −$5.0m | −$3.9m | −$2.9m |
Latest quarters
By quarter end
| Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Jun 2023 | Apr 2023 | Jan 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $165.2m | $148.7m | $147.9m | $127.1m | $127.6m | $63.8m | $116.2m | $58.1m |
| Gross profit | $71.0m | $58.8m | $60.6m | $46.2m | $47.1m | $23.8m | $38.8m | $19.2m |
| Operating income | $22.8m | $17.5m | $19.7m | $11.9m | $17.0m | $4.8m | $4.2m | −$1.4m |
| Net income | $7.9m | $2.4m | $4.1m | −$1.1m | −$11.0m | −$6.1m | −$3.4m | −$2.1m |
| Diluted earnings per share | 0.26 | 0.08 | 0.13 | -0.04 | -0.36 | -0.20 | -0.11 | -0.07 |
| Cash from operations | $23.0m | $3.0m | $32.0m | $21.0m | $16.0m | — | −$9.0m | — |
| Capital spending | −$6.0m | −$3.0m | −$5.0m | −$5.0m | −$6.0m | — | −$4.0m | — |
| Free cash flow | $17.0m | $0 | $27.0m | $16.0m | $10.0m | — | −$13.0m | — |
| Total assets | $314.8m | $311.7m | $312.9m | $327.8m | $348.1m | $348.1m | $371.3m | $371.3m |
| Cash and short-term investments | $13.4m | $9.6m | $14.0m | $11.2m | $13.2m | $13.5m | $14.9m | $14.9m |
| Debt | $78.6m | $81.1m | $75.5m | $83.4m | $94.3m | $94.3m | $105.6m | $105.6m |
| Shareholders' equity | $166.7m | $168.4m | $166.5m | $142.5m | $159.4m | $159.4m | $192.8m | $192.8m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 6.0% | 8.0% | 8.9% |
| Operating income | 27.7% | 9.0% | 5.8% |
| Net income | — | -43.0% | -2.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 40.2% | 37.5% | 36.9% | 37.3% |
| Operating margin | 10.2% | 8.3% | 7.7% | 9.6% |
| Net margin | 2.3% | -0.8% | 8.8% | 10.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 72.2 | 202.7 | -23.3 | -57.5 | -18.1 | 3.8 | 24.6 | 9.8 | 9.3 | 9.7 |
| Price to sales | 2.4 | 2.2 | 1.4 | 1.7 | 1.9 | 3.1 | 2.7 | 1.3 | 1.3 | 1.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 15 years. Last went ex-dividend on 6 Aug 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.206 | 0.186 | 0.178 | 0.365 | 0.65 | 0.284 | 0.229 | 0.176 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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