B 
917.00p
-0.05%
Close of 6 Nov 2026, in pence
At a glance
Figures in GBP, from our data supplier.
Revenue
£727.1m
FY2016FY2025
Net income
£54.9m
FY2016FY2025
Free cash flow
£58.9m
FY2016FY2025
Shareholders' equity
£640.2m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £727.1m | £757.1m | £802.5m | £743.6m | £615.8m | £598.0m | £719.7m | £728.6m | £690.2m | £600.6m |
| Operating income | £99.3m | £37.9m | £119.2m | £102.3m | £83.8m | £5.0m | £128.5m | £135.1m | £118.3m | £94.8m |
| Net income | £54.9m | £20.0m | £85.6m | £73.7m | £59.5m | £400,000 | £93.8m | £103.2m | £97.1m | £67.0m |
| Diluted earnings per share | 0.32 | 0.11 | 0.45 | 0.38 | 0.31 | 0.00 | 0.49 | 0.53 | 0.51 | 0.35 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £1.05bn | £1.07bn | £1.14bn | £1.17bn | £1.07bn | £1.11bn | £1.03bn | £1.05bn | £959.7m | £924.4m |
| Cash and short-term investments | £25.2m | £19.1m | £45.2m | £37.2m | £39.3m | £30.7m | £22.0m | £38.5m | £41.0m | £12.0m |
| Total liabilities | £411.7m | £397.5m | £344.4m | £385.7m | £384.4m | £428.6m | £321.3m | £330.0m | £262.2m | £296.1m |
| Debt | £190.8m | £150.9m | £96.9m | £136.6m | £156.2m | £128.8m | £80.5m | £82.6m | £1.4m | £10.9m |
| Shareholders' equity | £640.2m | £668.1m | £790.8m | £780.9m | £684.7m | £680.5m | £705.0m | £718.6m | £697.0m | £627.9m |
| Shares outstanding | 172m | 185m | 191m | 192m | 191m | 190m | 192m | 193m | 190m | 190m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £135.3m | £152.6m | £191.6m | £142.9m | £144.3m | £139.1m | £177.3m | £190.1m | £159.9m | £125.9m |
| Capital spending | −£76.4m | −£70.1m | −£82.4m | −£67.0m | −£52.0m | −£59.9m | −£78.7m | −£82.4m | −£73.3m | −£64.7m |
| Free cash flow | £58.9m | £82.5m | £109.2m | £75.9m | £92.3m | £79.2m | £98.6m | £107.7m | £86.6m | £61.2m |
| Dividends paid | −£40.9m | −£42.9m | −£40.6m | −£38.5m | −£49.0m | −£25.1m | −£74.9m | −£81.8m | −£30.6m | −£48.1m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £381.2m | £358.1m | £369.0m | £358.1m | £399.0m | £382.4m | £420.1m | £210.1m |
| Operating income | £56.8m | £55.3m | £41.2m | £7.1m | £30.8m | £61.3m | £57.9m | £27.9m |
| Net income | £31.0m | £27.2m | £27.7m | £700,000 | £19.3m | £43.3m | £42.3m | £21.4m |
| Diluted earnings per share | 0.18 | 0.16 | 0.16 | 0.00 | 0.10 | 0.23 | 0.22 | 0.11 |
| Cash from operations | £58.0m | £73.0m | £61.0m | £75.0m | £67.0m | £95.0m | £89.0m | — |
| Capital spending | −£35.0m | −£38.0m | −£38.0m | −£38.0m | −£31.0m | −£43.0m | −£39.0m | — |
| Free cash flow | £23.0m | £35.0m | £23.0m | £37.0m | £36.0m | £52.0m | £50.0m | — |
| Total assets | £1.07bn | £1.05bn | £1.05bn | £1.07bn | £1.14bn | £1.14bn | £1.12bn | £1.12bn |
| Cash and short-term investments | £23.2m | £25.2m | £20.2m | £19.1m | £21.7m | £45.2m | £25.9m | £25.9m |
| Debt | £15.1m | £143.6m | £145.3m | £184.8m | £102.3m | £44.4m | £64.2m | £103.0m |
| Shareholders' equity | £611.2m | £640.2m | £639.4m | £668.1m | £746.6m | £790.8m | £754.8m | £756.0m |
Financial ratios
Data as of 3 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 13.7% | 5.1% | 14.9% | 13.8% | 13.6% | 0.9% |
| Net margin | 7.6% | 2.6% | 10.7% | 9.9% | 9.7% | 0.1% |
| Return on equity | 8.6% | 3.0% | 10.8% | 9.4% | 8.7% | 0.1% |
| Return on assets | 5.2% | 1.9% | 7.5% | 6.3% | 5.6% | 0.0% |
| Free cash flow yield | 0.1% | 0.1% | 0.2% | 0.1% | 0.1% | 0.1% |
| Revenue growth | -4.0% | -5.7% | 7.9% | 20.8% | 3.0% | -16.9% |
| Earnings growth | 174.5% | -76.6% | 16.1% | 23.9% | 14775.0% | -99.6% |
| Current ratio | 1.15x | 0.68x | 1.05x | 0.93x | 0.75x | 0.63x |
| Debt to equity | 0.22x | 0.28x | 0.06x | 0.11x | 0.15x | 0.10x |
| Equity ratio | 60.8% | 62.6% | 69.6% | 66.9% | 64.0% | 61.3% |
| Interest coverage | 10.45x | 5.55x | 15.14x | 14.61x | 12.92x | 0.77x |
| Buybacks as a share of market value | 7.0% | 3.1% | 0.5% | -0.3% | -0.5% | 0.7% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -0.7% | 4.0% | 2.5% |
| Operating income | -1.0% | 81.8% | 0.2% |
| Net income | -9.3% | 167.6% | -0.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 9.2% | 11.8% | 10.5% | 13.5% |
| Net margin | 5.0% | 7.7% | 6.9% | 9.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 21.9 | 58.4 | 13.3 | 14.7 | 27.9 | — | 19.5 | 13.6 | 17.9 | 18.3 |
| Price to sales | 1.6 | 1.5 | 1.4 | 1.5 | 2.7 | 2.4 | 2.5 | 1.9 | 2.5 | 2.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 30 Apr 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.161 | 0.23 | 0.229 | 0.216 | 0.202 | 0.196 | 0.193 | 0.193 |
- 19-to-11 reverse split · 9 Dec 2008
- 5-for-2 split · 8 Jun 1999
- 2-for-1 split · 8 Jun 1993
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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