B 
2,300.00p
+0.44%
Close of 9 Nov 2026, in pence
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At a glance
Figures in GBP, from our data supplier.
Revenue
£3.16bn
FY2017FY2026
Net income
£193.4m
FY2017FY2026
Free cash flow
£334.0m
FY2017FY2026
Shareholders' equity
£3.52bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £3.16bn | £2.78bn | £2.38bn | £3.41bn | £3.54bn | £3.12bn | £2.23bn | £3.21bn | £2.96bn | £2.56bn |
| Gross profit | £497.8m | £456.8m | £367.0m | £687.3m | £787.0m | £651.9m | £422.2m | £790.2m | £757.5m | £661.6m |
| Operating income | £325.0m | £304.8m | £212.8m | £545.1m | £653.0m | £531.8m | £324.8m | £674.9m | £652.8m | £571.4m |
| Net income | £193.4m | £157.5m | £130.5m | £365.0m | £242.6m | £390.7m | £192.9m | £538.6m | £519.9m | £454.1m |
| Diluted earnings per share | 1.67 | 1.32 | 1.09 | 2.98 | 1.97 | 3.17 | 1.57 | 4.36 | 4.22 | 3.69 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £5.09bn | £5.19bn | £5.00bn | £5.11bn | £4.99bn | £4.68bn | £4.08bn | £3.89bn | £3.54bn | £3.15bn |
| Cash and short-term investments | £287.7m | £171.8m | £119.5m | £362.0m | £375.3m | £460.3m | £51.4m | £201.2m | £99.0m | £46.0m |
| Total liabilities | £1.57bn | £1.64bn | £1.53bn | £1.65bn | £1.62bn | £1.39bn | £1.09bn | £968.7m | £987.4m | £956.0m |
| Debt | — | £487.7m | £130.0m | £513.8m | £540.6m | £603.0m | £184.2m | £312.9m | £365.4m | £396.8m |
| Shareholders' equity | £3.52bn | £3.56bn | £3.47bn | £3.46bn | £3.37bn | £3.29bn | £2.99bn | £2.92bn | £2.56bn | £2.19bn |
| Shares outstanding | 116m | 119m | 119m | 123m | 123m | 123m | 123m | 123m | 123m | 123m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £340.3m | £146.0m | −£65.5m | £236.2m | £45.0m | £432.5m | −£57.9m | £291.9m | £254.0m | £153.1m |
| Capital spending | −£6.3m | −£11.9m | −£1.4m | −£2.7m | −£500,000 | −£3.3m | −£8.3m | −£5.1m | −£3.9m | −£2.1m |
| Free cash flow | £334.0m | £134.1m | −£66.9m | £233.5m | £44.5m | £429.2m | −£66.2m | £286.8m | £250.1m | £151.0m |
| Dividends paid | −£83.9m | −£70.0m | −£131.7m | −£171.7m | −£157.2m | −£104.7m | −£123.1m | −£178.9m | −£162.6m | −£136.6m |
Latest quarters
By quarter end
| Jul 2026 | Jan 2026 | Jul 2025 | Jan 2025 | Jul 2024 | Jan 2024 | Jul 2023 | Jan 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £1.64bn | £1.52bn | £1.35bn | £1.43bn | £1.11bn | £1.27bn | £1.60bn | £1.81bn |
| Gross profit | £250.8m | £247.0m | £223.0m | £233.8m | £163.9m | £203.1m | £298.0m | £389.3m |
| Operating income | £164.3m | £160.7m | £147.9m | £156.9m | £80.3m | £132.5m | £227.1m | £318.0m |
| Net income | £93.7m | £99.7m | £57.1m | £100.4m | £46.5m | £84.0m | £135.0m | £230.0m |
| Diluted earnings per share | 0.81 | 0.86 | 0.48 | 0.84 | 0.39 | 0.70 | 1.10 | 1.88 |
| Cash from operations | £342.0m | −£2.0m | £90.0m | £55.0m | −£64.0m | −£1.0m | £72.0m | £173.0m |
| Capital spending | −£1.0m | −£5.0m | −£5.0m | −£6.0m | — | — | −£1.0m | −£1.0m |
| Free cash flow | £341.0m | −£7.0m | £85.0m | £49.0m | — | — | £71.0m | £172.0m |
| Total assets | £5.09bn | £5.06bn | £5.19bn | £5.08bn | £5.00bn | £4.90bn | £5.11bn | £5.05bn |
| Cash and short-term investments | £287.7m | £118.0m | £171.8m | £122.0m | £119.5m | £206.6m | £362.0m | £422.5m |
| Debt | — | £190.0m | £267.2m | £130.0m | — | £130.0m | £133.1m | £130.0m |
| Shareholders' equity | £3.52bn | £3.52bn | £3.56bn | £3.52bn | £3.47bn | £3.43bn | £3.46bn | £3.48bn |
Financial ratios
Data as of 22 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 15.7% | 16.4% | 15.4% | 15.4% | 20.2% | 22.3% | — | — |
| Operating margin | 10.3% | 8.8% | 9.2% | 9.2% | 14.8% | 8.7% | — | — |
| Net margin | 6.1% | 5.7% | 5.5% | 5.5% | 10.7% | 6.9% | — | — |
| Return on equity | 5.5% | 4.4% | 3.8% | 3.8% | 10.5% | 7.2% | — | — |
| Return on assets | 3.8% | 3.0% | 2.6% | 2.6% | 7.1% | 4.9% | — | — |
| Free cash flow yield | 0.1% | 0.1% | -0.0% | — | 0.1% | 0.0% | 0.2% | — |
| Revenue growth | 13.6% | 16.9% | 0.0% | -30.1% | -3.7% | 13.3% | — | — |
| Earnings growth | 22.8% | 20.7% | 0.0% | -64.2% | 50.5% | -37.9% | — | — |
| Current ratio | 5.08x | 4.77x | 5.26x | 5.26x | 5.01x | 5.06x | — | — |
| Debt to equity | — | 0.08x | 0.04x | — | 0.04x | 0.04x | 0.04x | 0.02x |
| Equity ratio | 69.1% | 68.5% | 69.3% | 69.3% | 67.7% | 67.6% | — | — |
| Interest coverage | 13.83x | 10.93x | 6.06x | 6.02x | 16.37x | 22.53x | — | — |
| Buybacks as a share of market value | 3.0% | -0.0% | 2.5% | — | 0.5% | 0.2% | -0.3% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -2.5% | 0.3% | 3.5% |
| Operating income | -15.8% | -9.4% | -4.1% |
| Net income | -19.1% | -13.1% | -7.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 16.1% | 17.1% | 18.7% | 21.1% |
| Operating margin | 10.6% | 11.8% | 14.0% | 16.7% |
| Net margin | 5.9% | 7.2% | 8.0% | 11.4% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 13.5 | 20.8 | 22.8 | 8.6 | 9.7 | 10.5 | 18.8 | 8.7 | 6.0 | 9.7 |
| Price to sales | 0.8 | 1.2 | 1.3 | 0.9 | 0.7 | 1.3 | 1.6 | 1.5 | 1.1 | 1.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 37 years. Last went ex-dividend on 21 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.72 | 0.59 | 1.11 | 1.40 | 1.275 | 0.85 | 1.00 | 1.454 |
- 2-for-1 split · 24 Jan 1994
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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