B 
912.00p
+3.99%
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
£697.2m
FY2016FY2025
Net income
£688.6m
FY2016FY2025
Free cash flow
£25.9m
FY2016FY2025
Shareholders' equity
£1.60bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £697.2m | −£106.3m | −£64.8m | £206.8m | £197.6m | £217.6m | £117.2m | −£88.7m | £162.2m | £337.1m |
| Research and development | — | — | £1 | £1 | £1 | £1 | £1 | — | — | — |
| Operating income | £685.3m | −£213.7m | −£75.8m | £210.4m | £196.6m | £216.5m | £116.2m | −£86.6m | £165.7m | £339.8m |
| Net income | £688.6m | −£119.9m | −£79.0m | £202.4m | £192.5m | £216.5m | £114.1m | −£91.1m | £158.9m | £333.9m |
| Diluted earnings per share | 3.69 | -0.63 | -0.41 | 1.07 | 1.05 | 1.25 | 0.73 | -0.52 | 0.90 | 1.89 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £1.70bn | £1.12bn | £1.32bn | £1.47bn | £1.29bn | £1.06bn | £852.2m | £817.0m | £911.7m | £767.8m |
| Cash and short-term investments | £18.2m | £21.4m | £10.6m | £29.5m | £26.3m | £6.4m | £1.4m | £35.5m | £2.7m | £2.5m |
| Total liabilities | £106.4m | £148.5m | £160.1m | £167.1m | £146.1m | £131.2m | £593.7m | £131.4m | £107.1m | £90.3m |
| Debt | £96.7m | £135.7m | £149.8m | £158.8m | £139.2m | £124.8m | £90.7m | £114.2m | £101.0m | £86.3m |
| Shareholders' equity | £1.60bn | £975.2m | £1.16bn | £1.30bn | £1.14bn | £930.8m | £757.1m | £685.6m | £804.6m | £677.5m |
| Shares outstanding | 187m | 191m | 191m | 189m | 184m | 174m | 157m | 176m | 176m | 176m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £25.9m | £99.2m | £50.9m | £52.0m | −£10.9m | £13.9m | £31.7m | £57.4m | £11.4m | £6.9m |
| Free cash flow | £25.9m | £99.2m | £50.9m | £52.0m | −£10.9m | £13.9m | £31.7m | £57.4m | £11.4m | £6.9m |
| Dividends paid | −£43.3m | −£64.0m | −£75.9m | −£80.9m | −£43.2m | −£38.2m | −£37.0m | −£27.5m | −£31.8m | −£31.8m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £128.8m | £622.3m | £74.8m | −£84.3m | −£12.3m | −£6.2m | £21.1m | £10.5m |
| Operating income | £120.9m | £615.3m | £82.9m | −£89.3m | −£17.5m | −£8.5m | £15.6m | £7.8m |
| Net income | £114.8m | £610.9m | £77.7m | −£96.9m | −£23.1m | −£11.5m | £9.7m | £4.8m |
| Diluted earnings per share | 0.62 | 3.27 | 0.42 | -0.51 | -0.12 | -0.06 | 0.05 | 0.03 |
| Cash from operations | £31.0m | £13.0m | £11.0m | £19.0m | £17.0m | — | £26.0m | −£2.0m |
| Total assets | £1.87bn | £1.70bn | £1.12bn | £1.12bn | £1.24bn | — | £1.32bn | £1.32bn |
| Cash and short-term investments | £33.8m | £18.2m | £21.4m | £21.4m | £16.0m | — | £10.6m | £10.6m |
| Debt | £151.1m | £96.7m | £92.9m | £135.7m | £134.5m | — | £149.8m | £149.8m |
| Shareholders' equity | £1.70bn | £1.60bn | £1.01bn | £975.2m | £1.09bn | — | £1.16bn | £1.16bn |
Financial ratios
Data as of 1 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 98.3% | 100.5% | 116.8% | 101.8% | 99.5% | 99.5% | — |
| Net margin | 98.8% | 112.9% | 121.9% | 97.9% | 97.4% | 99.5% | — |
| Return on equity | 43.1% | -12.3% | -6.8% | 15.6% | 16.8% | 23.3% | — |
| Return on assets | 40.4% | -10.7% | -6.0% | 13.8% | 14.9% | 20.4% | — |
| Revenue growth | -755.9% | 64.0% | -131.3% | 4.6% | -9.2% | 85.6% | — |
| Earnings growth | -674.1% | 51.9% | -139.0% | 5.2% | -11.1% | 89.8% | — |
| Current ratio | 0.22x | 0.15x | 0.14x | 0.18x | 0.22x | 0.03x | — |
| Debt to equity | 0.06x | 0.14x | 0.13x | 0.12x | 0.12x | 0.13x | — |
| Equity ratio | 93.8% | 86.8% | 87.9% | 88.6% | 88.7% | 87.6% | — |
| Interest coverage | 110.71x | -12.08x | -7.93x | 44.74x | 131.85x | 127.63x | — |
| R&D as a share of sales | — | — | -0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | 2.3% | 0.0% | -1.3% | -2.7% | -5.9% | -10.9% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 50.0% | 26.2% | — |
| Operating income | 48.2% | 25.9% | — |
| Net income | 50.4% | 26.0% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 79.8% | 82.7% | 88.8% | 91.7% |
| Net margin | 96.2% | 94.4% | 95.9% | 95.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 2.2 | -7.7 | -14.2 | 6.5 | 5.6 | 4.2 | 5.3 | -6.6 | 4.4 | 1.8 |
| Price to sales | 2.1 | -8.7 | -17.3 | 6.4 | 5.5 | 4.2 | 5.1 | -6.8 | 4.3 | 1.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 31 years. Last went ex-dividend on 17 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.185 | 0.23 | 0.335 | 0.40 | 0.435 | 0.238 | 0.22 | 0.21 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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