B 
279.60p
-0.14%
Close of 9 Nov 2026, in pence
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At a glance
Figures in GBP, from our data supplier.
Revenue
£5.78bn
FY2017FY2026
Net income
£164.0m
FY2017FY2026
Free cash flow
£534.0m
FY2017FY2026
Shareholders' equity
£798.0m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £5.78bn | £5.57bn | £5.48bn | £4.98bn | £4.67bn | £4.80bn | £3.81bn | £3.27bn | £3.03bn | £2.43bn |
| Gross profit | £2.10bn | £2.09bn | £2.04bn | £1.80bn | £1.75bn | £1.76bn | £1.29bn | £1.12bn | £1.03bn | £844.3m |
| Operating income | £402.0m | £566.0m | £608.0m | £536.0m | £610.0m | £613.0m | £332.8m | £318.7m | £239.8m | £204.5m |
| Net income | £164.0m | £319.0m | £367.0m | £348.0m | £422.0m | £428.0m | £90.0m | £193.9m | £185.9m | £142.9m |
| Diluted earnings per share | 0.16 | 0.32 | 0.37 | 0.35 | 0.42 | 0.43 | 0.09 | 0.50 | 0.19 | 0.14 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £3.97bn | £4.01bn | £3.63bn | £3.56bn | £3.64bn | £3.36bn | £4.45bn | £4.36bn | £2.89bn | £2.21bn |
| Cash and short-term investments | £342.0m | £217.0m | £182.0m | £237.0m | £173.0m | £218.0m | £533.7m | £112.3m | £127.4m | £194.2m |
| Total liabilities | £3.17bn | £3.25bn | £4.36bn | £4.28bn | £2.89bn | £2.63bn | £3.37bn | £3.06bn | £1.59bn | £1.20bn |
| Debt | £2.45bn | £2.57bn | £2.27bn | £2.25bn | £2.27bn | £2.03bn | £2.58bn | £2.47bn | £871.2m | £688.2m |
| Shareholders' equity | £798.0m | £752.0m | £926.2m | −£720.0m | £746.0m | £733.0m | £1.08bn | £1.29bn | £1.28bn | £999.0m |
| Shares outstanding | 1,005m | 1,006m | 1,004m | 1,005m | 1,003m | 1,003m | 1,002m | 387m | 1,001m | 1,001m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £673.0m | £675.0m | £746.0m | £782.0m | £491.0m | £827.0m | £549.6m | £375.7m | £198.0m | £179.1m |
| Capital spending | −£139.0m | −£131.0m | −£123.0m | −£93.0m | −£96.0m | −£87.0m | −£123.3m | −£103.3m | −£111.3m | −£49.2m |
| Free cash flow | £534.0m | £544.0m | £623.0m | £689.0m | £395.0m | £740.0m | £426.3m | £272.4m | £86.7m | £130.0m |
| Dividends paid | −£133.0m | −£300.0m | −£348.0m | −£366.0m | −£430.0m | −£697.0m | −£76.0m | −£75.0m | −£63.0m | −£151.0m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Dec 2023 | Sept 2023 | Jun 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £3.03bn | £2.75bn | £2.93bn | £2.64bn | £2.94bn | £1.47bn | £2.55bn | £1.27bn |
| Gross profit | £950.0m | £1.00bn | £1.10bn | £996.0m | £1.09bn | £547.0m | £941.0m | £470.5m |
| Operating income | £248.0m | £149.0m | £331.0m | £235.0m | £333.0m | £166.5m | £275.0m | £137.5m |
| Net income | £111.0m | £53.0m | £196.0m | £123.0m | £203.0m | £101.5m | £164.0m | £82.0m |
| Diluted earnings per share | 0.11 | 0.05 | 0.19 | 0.12 | 0.20 | 0.10 | 0.16 | 0.08 |
| Cash from operations | £460.0m | £213.0m | £433.0m | £242.0m | £452.0m | £226.0m | £294.0m | £147.0m |
| Capital spending | −£63.0m | −£76.0m | −£57.0m | −£74.0m | −£80.0m | −£40.0m | −£43.0m | −£21.0m |
| Free cash flow | £397.0m | £137.0m | £376.0m | £168.0m | £372.0m | £186.0m | £251.0m | £126.0m |
| Total assets | £3.97bn | £4.01bn | £4.01bn | £5.20bn | £4.57bn | £3.63bn | £4.57bn | £3.73bn |
| Cash and short-term investments | £342.0m | £168.0m | £217.0m | £247.5m | £229.7m | £182.0m | £274.2m | £224.0m |
| Debt | £1.21bn | £2.23bn | £2.22bn | £576.5m | £1.13bn | £199.0m | £275.4m | £225.0m |
| Shareholders' equity | £798.0m | £711.0m | £752.0m | £992.5m | £926.2m | £734.0m | £973.0m | £795.0m |
Financial ratios
Data as of 31 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 36.4% | 37.6% | 37.1% | 36.1% | 37.5% | 36.7% |
| Operating margin | 6.6% | 10.3% | 11.3% | 10.8% | 13.1% | 12.6% |
| Net margin | 2.8% | 5.7% | 6.7% | 7.0% | 9.0% | 8.9% |
| Return on equity | 20.6% | 42.4% | 39.6% | -48.3% | 56.6% | 58.4% |
| Return on assets | 4.1% | 8.0% | 10.1% | 9.8% | 11.6% | 12.7% |
| Free cash flow yield | 0.3% | 0.3% | 0.3% | 0.3% | 0.2% | 0.3% |
| Revenue growth | 3.7% | 1.6% | 10.1% | 6.6% | -2.7% | 25.9% |
| Earnings growth | -48.6% | -13.1% | 5.5% | -17.5% | -1.4% | 375.4% |
| Current ratio | 1.42x | 1.35x | 1.32x | 1.29x | 1.49x | 1.19x |
| Debt to equity | 1.51x | 1.76x | 1.17x | -1.57x | 1.51x | 1.22x |
| Equity ratio | 20.1% | 18.8% | 25.6% | -20.2% | 20.5% | 21.8% |
| Interest coverage | 2.47x | 4.04x | 5.18x | 5.32x | 6.97x | 6.73x |
| Buybacks as a share of market value | 0.0% | -0.2% | 0.1% | -0.1% | -0.0% | -0.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 5.0% | 3.8% | 11.0% |
| Operating income | -9.1% | -8.1% | 8.7% |
| Net income | -22.2% | -17.5% | 2.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 37.0% | 36.8% | 36.9% | 36.0% |
| Operating margin | 8.5% | 9.7% | 10.7% | 10.0% |
| Net margin | 4.3% | 5.5% | 6.5% | 6.1% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 17.4 | 5.3 | 10.0 | 16.2 | 9.8 | 14.9 | 57.5 | 8.2 | 15.2 | 29.7 |
| Price to sales | 0.5 | 0.3 | 0.7 | 1.1 | 0.9 | 1.3 | 1.4 | 0.5 | 0.9 | 1.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 12 years. Last went ex-dividend on 11 Jun 2026.
| FY2027 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.061 | 0.132 | 0.669 | 0.347 | 0.365 | 0.43 | 0.297 | 0.226 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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