C 
1,244.00p
+1.80%
Close of 6 Nov 2026, in pence
At a glance
Figures in GBP, from our data supplier.
Revenue
£306.4m
FY2017FY2026
Net income
£23.9m
FY2017FY2026
Free cash flow
−£5.9m
FY2017FY2026
Shareholders' equity
£186.4m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £306.4m | £270.0m | £202.5m | £182.7m | £137.8m | £143.3m | £131.1m | £121.2m | £111.8m | £112.7m |
| Gross profit | £87.3m | £90.4m | £76.3m | £64.9m | £56.6m | £53.4m | £51.0m | £43.0m | £39.4m | £39.0m |
| Research and development | — | — | £17.7m | £12.7m | £12.3m | £9.5m | £9.7m | £8.8m | £5.9m | £7.9m |
| Operating income | £31.5m | £26.1m | £21.2m | £15.3m | £11.1m | £7.8m | £10.7m | £5.9m | £10.0m | £963,000 |
| Net income | £23.9m | £19.2m | £15.3m | £11.4m | £9.2m | £5.5m | £9.6m | £5.4m | £8.1m | £3.7m |
| Diluted earnings per share | 0.51 | 0.41 | 0.37 | 0.28 | 0.23 | 0.13 | 0.23 | 0.13 | 0.45 | 0.13 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £421.0m | £396.6m | £252.5m | £222.3m | £203.2m | £190.9m | £154.4m | £148.4m | £115.6m | £116.9m |
| Cash and short-term investments | £49.6m | £74.6m | £55.2m | £51.0m | £40.4m | £32.3m | £20.6m | £18.8m | £20.5m | £12.0m |
| Total liabilities | £232.8m | £236.5m | £142.7m | £122.5m | £114.0m | £105.8m | £72.6m | £71.5m | £39.9m | £42.9m |
| Debt | £56.3m | £78.9m | £40.5m | £44.5m | £39.5m | £37.4m | £32.8m | £25.2m | £9.2m | £3.5m |
| Shareholders' equity | £186.4m | £158.6m | £108.7m | £97.0m | £84.0m | £79.3m | £75.5m | £70.7m | £73.1m | £69.8m |
| Shares outstanding | 47m | 47m | 41m | 41m | 41m | 41m | 41m | 41m | 18m | 29m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £11.7m | £51.2m | £23.0m | £16.5m | £19.5m | £16.2m | £11.6m | £8.6m | £13.2m | £659,000 |
| Capital spending | −£17.6m | −£13.2m | −£6.7m | −£5.2m | −£2.0m | −£1.2m | −£2.7m | −£2.1m | −£747,000 | −£875,000 |
| Free cash flow | −£5.9m | £38.0m | £16.4m | £11.3m | £17.5m | £15.0m | £8.9m | £6.6m | £12.5m | −£216,000 |
| Dividends paid | −£7.7m | −£6.5m | −£5.6m | −£5.1m | −£4.7m | −£4.2m | −£3.9m | −£3.5m | −£3.0m | −£2.5m |
Latest quarters
By quarter end
| Apr 2026 | Oct 2025 | Apr 2025 | Oct 2024 | Apr 2024 | Oct 2023 | Apr 2023 | Oct 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £177.6m | £128.8m | £151.8m | £118.2m | £108.2m | £94.3m | £105.2m | £77.5m |
| Gross profit | £52.2m | £35.1m | £44.1m | £34.7m | £38.6m | £27.4m | £36.2m | £21.9m |
| Operating income | £23.3m | £8.2m | £15.6m | £9.1m | £14.2m | £4.4m | £13.2m | £3.2m |
| Net income | £17.8m | £6.1m | £12.1m | £7.1m | £12.3m | £3.0m | £10.2m | £1.1m |
| Diluted earnings per share | 0.38 | 0.13 | 0.26 | 0.17 | 0.30 | 0.07 | 0.25 | 0.03 |
| Cash from operations | £43.0m | −£31.0m | £20.0m | £31.0m | £15.0m | £7.0m | £26.0m | −£5.0m |
| Capital spending | −£7.0m | −£10.0m | −£6.0m | −£6.0m | −£3.0m | −£2.0m | −£2.0m | −£2.0m |
| Free cash flow | £36.0m | −£41.0m | £14.0m | £25.0m | £12.0m | £5.0m | £24.0m | −£7.0m |
| Total assets | £421.0m | £413.9m | £396.6m | £278.0m | £252.5m | £214.2m | £222.3m | £193.6m |
| Cash and short-term investments | £49.6m | £53.2m | £74.6m | £75.4m | £55.2m | £36.1m | £51.0m | £29.0m |
| Debt | £49.5m | £88.0m | £71.7m | £41.1m | £33.8m | £24.3m | £37.0m | £30.9m |
| Shareholders' equity | £186.4m | £165.5m | £158.6m | £110.4m | £108.7m | £96.8m | £97.0m | £83.6m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 18.8% | 16.4% | 10.5% |
| Operating income | 27.4% | 32.2% | 19.6% |
| Net income | 28.2% | 34.3% | 11.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 30.8% | 33.2% | 34.5% | 34.6% |
| Operating margin | 10.0% | 9.8% | 9.1% | 8.0% |
| Net margin | 7.5% | 7.3% | 6.8% | 6.5% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 23.8 | 21.8 | 29.2 | 19.9 | 22.3 | 40.1 | 27.3 | 54.2 | 8.4 | 26.8 |
| Price to sales | 1.9 | 1.6 | 2.2 | 1.2 | 1.5 | 1.5 | 2.0 | 2.4 | 0.6 | 0.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 20 years. Last went ex-dividend on 20 Aug 2026.
| FY2027 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.121 | 0.169 | 0.154 | 0.139 | 0.126 | 0.077 | 0.18 | 0.095 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
Nothing here is investment advice. Prices can be delayed or wrong, so check with the exchange before relying on them. Data for this page. How we cover markets.