C 
527.00p
-1.13%
Close of 6 Nov 2026, in pence
At a glance
Figures in GBP, from our data supplier.
Revenue
£497.5m
FY2016FY2025
Net income
£48.2m
FY2016FY2025
Free cash flow
−£5.6m
FY2016FY2025
Shareholders' equity
£382.0m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £497.5m | £510.4m | £472.6m | £401.0m | £393.3m | £402.5m | £335.2m | £297.4m | £547.5m | £477.1m |
| Research and development | — | — | £130.9m | £81.5m | £64.3m | £63.7m | £61.8m | £62.8m | £63.4m | £51.1m |
| Operating income | £73.4m | £58.1m | £45.4m | £49.4m | £50.4m | £46.3m | £31.3m | −£15.9m | £15.3m | £26.2m |
| Net income | £48.2m | £39.5m | £5.4m | £47.4m | £41.5m | £34.7m | £21.9m | −£40.8m | £6.6m | £11.1m |
| Diluted earnings per share | 0.17 | 0.14 | 0.02 | 0.16 | 0.14 | 0.12 | 0.08 | -0.15 | 0.02 | 0.04 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £863.1m | £692.1m | £596.4m | £620.1m | £531.5m | £541.4m | £498.3m | £550.2m | £702.0m | £773.0m |
| Cash and short-term investments | £65.3m | £45.0m | £6.4m | £19.8m | £5.8m | £14.7m | £1.3m | £9.6m | £33.6m | £63.1m |
| Total liabilities | £481.1m | £335.8m | £217.9m | £202.0m | £178.7m | £211.8m | £192.5m | £256.0m | £301.0m | £359.6m |
| Debt | £154.3m | £97.7m | £20.8m | £27.0m | £32.3m | £62.9m | £76.9m | £91.3m | £113.5m | £150.6m |
| Shareholders' equity | £382.0m | £356.3m | £378.5m | £418.1m | £352.8m | £329.6m | £305.8m | £294.2m | £401.0m | £413.4m |
| Shares outstanding | 276m | 278m | 279m | 289m | 288m | 282m | 286m | 280m | 285m | 284m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £84.6m | £81.0m | £65.9m | £80.5m | £75.7m | £75.9m | £61.9m | £35.9m | £32.2m | £65.2m |
| Capital spending | −£90.2m | −£69.6m | −£34.2m | −£34.5m | −£30.2m | −£40.8m | −£44.8m | −£22.0m | −£16.5m | −£17.0m |
| Free cash flow | −£5.6m | £11.4m | £31.7m | £46.0m | £45.5m | £35.1m | £17.1m | £13.9m | £15.7m | £48.2m |
| Dividends paid | −£21.5m | −£19.8m | −£17.3m | −£14.4m | −£11.9m | −£10.4m | −£9.5m | −£8.7m | −£6.4m | −£6.4m |
Latest quarters
By quarter end
| Apr 2026 | Oct 2025 | Apr 2025 | Oct 2024 | Apr 2024 | Oct 2023 | Apr 2023 | Oct 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £237.3m | £263.2m | £234.3m | £287.0m | £223.4m | £260.5m | £212.1m | £222.4m |
| Operating income | £21.7m | £43.9m | £29.5m | £40.6m | £17.5m | £22.4m | £23.0m | £24.0m |
| Net income | £6.1m | £27.8m | £20.4m | £23.1m | £16.4m | −£13.3m | £18.7m | £20.9m |
| Diluted earnings per share | 0.02 | 0.10 | 0.07 | 0.08 | 0.06 | -0.05 | 0.07 | 0.07 |
| Cash from operations | £8.0m | £67.0m | £18.0m | £59.0m | £19.0m | £48.0m | £15.0m | £41.0m |
| Capital spending | −£39.0m | −£49.0m | −£40.0m | −£30.0m | −£34.0m | −£22.0m | −£12.0m | −£16.0m |
| Free cash flow | −£31.0m | £18.0m | −£22.0m | £29.0m | −£15.0m | £26.0m | £3.0m | £25.0m |
| Total assets | £908.1m | £863.1m | £755.1m | £692.1m | £615.4m | £596.4m | £628.2m | £620.1m |
| Cash and short-term investments | £44.7m | £65.3m | £22.6m | £45.0m | £4.6m | £6.4m | £6.9m | £19.8m |
| Debt | £177.6m | £141.9m | £104.2m | £88.8m | £74.4m | £15.2m | £28.1m | £22.7m |
| Shareholders' equity | £368.7m | £382.0m | £352.5m | £356.3m | £350.9m | £378.5m | £399.6m | £418.1m |
Financial ratios
Data as of 2 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 14.8% | 11.4% | 9.5% | 12.3% | 12.8% | 11.5% | — | — |
| Net margin | 9.7% | 7.7% | 1.1% | 11.8% | 10.6% | 8.6% | — | — |
| Return on equity | 12.6% | 11.1% | 1.4% | 11.3% | 11.8% | 10.5% | — | — |
| Return on assets | 5.6% | 5.7% | 0.9% | 7.6% | 7.8% | 6.4% | — | — |
| Free cash flow yield | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | — | — |
| Revenue growth | -2.5% | 8.0% | 17.9% | 2.0% | -2.3% | 20.1% | — | — |
| Earnings growth | 22.0% | 631.5% | -88.6% | 14.2% | 19.6% | 58.4% | — | — |
| Current ratio | 1.60x | 1.22x | 1.29x | 1.59x | 1.44x | 1.51x | — | — |
| Debt to equity | 0.37x | 0.25x | 0.04x | 0.05x | 0.08x | 0.18x | — | — |
| Equity ratio | 44.3% | 51.5% | 63.5% | 67.4% | 66.4% | 60.9% | — | — |
| Interest coverage | 12.88x | 12.10x | 64.00x | 32.93x | 31.50x | 15.43x | — | — |
| R&D as a share of sales | — | — | 27.7% | 20.3% | 16.3% | 15.8% | 18.4% | 21.1% |
| Buybacks as a share of market value | 0.8% | 0.5% | 3.2% | -0.3% | -2.0% | 1.5% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 7.5% | 4.3% | 2.8% |
| Operating income | 14.1% | 9.7% | 29.6% |
| Net income | 0.6% | 6.8% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 13.0% | 12.0% | 12.1% | 8.2% |
| Net margin | 8.7% | 7.5% | 8.1% | 4.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 27.1 | 23.1 | 181.4 | 18.1 | 20.5 | 23.2 | 31.5 | -11.1 | 79.2 | 43.4 |
| Price to sales | 2.6 | 1.8 | 2.1 | 2.1 | 2.2 | 2.0 | 2.1 | 1.5 | 0.9 | 1.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 9 years. Last went ex-dividend on 13 Aug 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.081 | 0.079 | 0.072 | 0.061 | 0.083 | 0.042 | 0.037 | 0.034 |
- 5-for-1 split · 28 Mar 2011
- 4-for-1 split · 1 Feb 1993
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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