B 
851.50p
+0.65%
Close of 6 Nov 2026, in pence
At a glance
Figures in GBP, from our data supplier.
Revenue
£9.49bn
FY2016FY2025
Net income
£263.0m
FY2016FY2025
Free cash flow
£643.0m
FY2016FY2025
Shareholders' equity
£1.14bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £9.49bn | £8.23bn | £7.99bn | £7.63bn | £7.20bn | £7.32bn | £7.31bn | £6.63bn | £6.92bn | £6.92bn |
| Gross profit | £453.0m | £417.0m | £412.0m | £421.0m | £335.0m | £233.0m | £376.0m | £371.0m | £355.0m | £284.0m |
| Research and development | — | — | — | — | — | — | — | — | £1.0m | £2.0m |
| Operating income | £186.0m | £173.0m | £211.0m | £275.0m | £97.0m | £63.0m | £159.0m | £147.0m | £148.0m | £17.0m |
| Net income | £263.0m | £178.0m | £197.0m | £288.0m | £140.0m | £30.0m | £130.0m | £135.0m | £168.0m | £24.0m |
| Diluted earnings per share | 0.53 | 0.34 | 0.35 | 0.47 | 0.20 | 0.04 | 0.19 | 0.20 | 0.24 | 0.03 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £6.09bn | £5.63bn | £5.26bn | £5.12bn | £4.85bn | £4.68bn | £4.84bn | £4.57bn | £4.88bn | £4.78bn |
| Cash and short-term investments | £1.86bn | £1.29bn | £1.41bn | £1.18bn | £1.03bn | £792.0m | £778.0m | £661.0m | £968.0m | £770.0m |
| Total liabilities | £4.94bn | £4.50bn | £4.06bn | £3.74bn | £3.47bn | £3.34bn | £3.46bn | £3.33bn | £3.81bn | £4.01bn |
| Debt | £1.02bn | £1.11bn | £981.0m | £738.0m | £615.0m | £653.0m | £798.0m | £739.0m | £1.06bn | £829.0m |
| Shareholders' equity | £1.14bn | £1.12bn | £1.20bn | £1.38bn | £1.37bn | £1.34bn | £1.37bn | £1.23bn | £1.06bn | £757.0m |
| Shares outstanding | 500m | 523m | 564m | 614m | 689m | 694m | 690m | 686m | 692m | 688m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £692.0m | £265.0m | £285.0m | £168.0m | £353.0m | £274.0m | £211.0m | −£130.0m | £38.0m | −£136.0m |
| Capital spending | −£49.0m | −£28.0m | −£66.0m | −£32.0m | −£37.0m | −£66.0m | −£75.0m | −£38.0m | −£20.0m | −£41.0m |
| Free cash flow | £643.0m | £237.0m | £219.0m | £136.0m | £316.0m | £208.0m | £136.0m | −£168.0m | £18.0m | −£177.0m |
| Dividends paid | −£64.0m | −£61.0m | −£58.0m | −£58.0m | −£29.0m | −£6.0m | −£48.0m | −£39.0m | −£32.0m | −£18.0m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £4.98bn | £4.97bn | £4.52bn | £4.35bn | £3.88bn | £4.18bn | £3.81bn | £4.03bn |
| Gross profit | £235.0m | £265.0m | £190.0m | £230.0m | £187.0m | £218.0m | £189.0m | £251.0m |
| Operating income | £76.0m | £105.0m | £48.0m | £82.0m | £45.0m | £146.0m | £65.0m | £193.0m |
| Net income | £97.0m | £162.0m | £101.0m | £82.0m | £96.0m | £134.0m | £63.0m | £189.0m |
| Diluted earnings per share | 0.20 | 0.32 | 0.20 | 0.16 | 0.18 | 0.24 | 0.11 | 0.31 |
| Cash from operations | £411.0m | £230.0m | £462.0m | £230.0m | £35.0m | £274.0m | £74.0m | £252.0m |
| Capital spending | −£18.0m | −£26.0m | −£23.0m | −£16.0m | −£12.0m | −£66.0m | −£72.0m | −£19.0m |
| Free cash flow | £393.0m | £204.0m | £439.0m | £214.0m | £23.0m | £208.0m | £2.0m | £233.0m |
| Total assets | £6.79bn | £6.09bn | £6.02bn | £5.63bn | £5.38bn | £5.26bn | £5.02bn | £5.12bn |
| Cash and short-term investments | £2.08bn | £1.86bn | £1.80bn | £1.29bn | £1.28bn | £1.41bn | £927.0m | £1.18bn |
| Debt | £930.0m | £895.0m | £848.0m | £1.01bn | £823.0m | £886.0m | £526.0m | £655.0m |
| Shareholders' equity | £1.12bn | £1.14bn | £1.07bn | £1.12bn | £1.17bn | £1.20bn | £1.23bn | £1.38bn |
Financial ratios
Data as of 21 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 4.8% | 5.1% | 5.2% | 5.5% | 4.7% | 3.2% | — | — | — | — | — | — |
| Operating margin | 2.0% | 2.3% | 2.9% | 2.9% | 0.9% | 0.9% | — | — | — | — | — | — |
| Net margin | 2.8% | 2.2% | 2.5% | 3.8% | 1.9% | 0.4% | — | — | — | — | — | — |
| Return on equity | 23.0% | 15.9% | 16.4% | 20.9% | 10.2% | 2.2% | — | — | — | — | — | — |
| Return on assets | 4.3% | 3.2% | 3.7% | 5.6% | 2.9% | 0.6% | — | — | — | — | — | — |
| Free cash flow yield | 0.2% | 0.1% | 0.1% | 0.0% | 0.1% | 0.1% | — | — | — | — | — | — |
| Revenue growth | 15.2% | 3.0% | 4.8% | 5.9% | -1.6% | 0.1% | — | — | — | — | — | — |
| Earnings growth | 47.8% | -9.6% | -31.6% | 105.7% | 366.7% | -76.9% | — | — | — | — | — | — |
| Current ratio | 1.02x | 1.02x | 1.01x | 0.91x | 0.93x | 0.93x | — | — | — | — | — | — |
| Debt to equity | 0.78x | 0.90x | 0.74x | 0.48x | 0.39x | 0.43x | — | — | — | — | — | — |
| Equity ratio | 18.8% | 19.9% | 22.8% | 26.9% | 28.3% | 28.5% | — | — | — | — | — | — |
| Interest coverage | 5.31x | 5.31x | 5.90x | 6.41x | 1.86x | 1.50x | — | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | 4.6% | 7.1% | 8.2% | 10.9% | 0.8% | -0.7% | — | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 7.5% | 5.3% | 3.2% |
| Operating income | -12.2% | 24.2% | — |
| Net income | -3.0% | 54.4% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 4.9% | 5.1% | 4.7% | 4.6% |
| Operating margin | 2.0% | 2.5% | 2.1% | 1.6% |
| Net margin | 2.5% | 2.8% | 2.3% | 1.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 13.5 | 13.4 | 9.5 | 7.2 | 12.9 | 62.5 | 13.9 | 12.7 | 12.2 | 77.1 |
| Price to sales | 0.4 | 0.3 | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 14 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.098 | 0.129 | 0.118 | 0.105 | 0.095 | 0.045 | 0.053 | 0.04 |
- 1-to-1 reverse split · 19 Mar 2002
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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