C 
29.50p
0.00%
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
£21.9m
FY2016FY2025
Net income
−£19.5m
FY2016FY2025
Free cash flow
£11.6m
FY2016FY2025
Shareholders' equity
£41.9m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £21.9m | £5.9m | £14.0m | £7.1m | £2.6m | £1.7m | £1.8m | £1.5m | £5.0m | £9.4m |
| Research and development | — | — | £2 | — | £11 | £5 | £8 | £1 | £0 | £0 |
| Operating income | −£14.2m | −£33.3m | −£31.4m | −£508,000 | £28.2m | −£1.2m | −£20.1m | −£4.9m | £678,000 | £1.9m |
| Net income | −£19.5m | −£33.7m | −£29.5m | −£53,000 | £26.5m | −£8.0m | −£14.0m | −£3.7m | £855,000 | −£5.4m |
| Diluted earnings per share | -0.33 | -0.56 | -0.50 | -0.00 | 0.51 | -0.15 | -0.25 | -0.06 | 0.01 | -0.88 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £101.0m | £126.8m | £119.4m | £132.3m | £127.8m | £90.2m | £102.8m | £120.9m | £136.9m | £248.4m |
| Cash and short-term investments | £3.2m | £4.7m | £2.7m | £17.4m | £13.7m | £32.1m | £39.9m | £49.3m | £37.2m | £63.7m |
| Total liabilities | £59.5m | £65.7m | £24.3m | £7.7m | £13.6m | £1.3m | £624,000 | £375,000 | £334,000 | £96.4m |
| Debt | £48.0m | £55.9m | £17.2m | — | £34,000 | £123,000 | — | — | — | £81.6m |
| Shareholders' equity | £41.9m | £61.4m | £95.1m | £124.6m | £114.1m | £88.8m | £100.7m | £120.3m | £135.8m | £152.0m |
| Shares outstanding | 60m | 60m | 60m | 60m | 52m | 54m | 57m | 63m | 69m | 6m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £12.7m | −£10.0m | £5.0m | £4.0m | −£1.8m | −£6.1m | −£2.0m | −£1.0m | −£201,000 | £2.5m |
| Capital spending | −£1.0m | −£315,000 | −£479,000 | −£970,000 | −£970,000 | −£2.3m | −£2.0m | −£25.1m | −£12,000 | −£14,000 |
| Free cash flow | £11.6m | −£10.3m | £4.5m | £3.0m | −£2.7m | −£8.4m | −£4.0m | −£26.1m | −£213,000 | £2.5m |
| Dividends paid | — | — | — | — | — | — | — | — | — | −£1.4m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £21.1m | £11.0m | £10.9m | £3.7m | £2.3m | £2.7m | £1.3m | £11.4m |
| Operating income | £14.5m | −£19.9m | £5.7m | −£1.4m | −£31.9m | −£2.4m | −£3.7m | −£2.3m |
| Net income | £12.8m | −£22.2m | £2.7m | −£29.8m | −£3.8m | −£27.3m | −£13.6m | −£2.3m |
| Diluted earnings per share | 0.21 | -0.37 | 0.05 | -0.50 | -0.06 | -0.46 | -0.23 | -0.04 |
| Cash from operations | £15.0m | £5.0m | £7.0m | −£6.0m | −£3.0m | −£4.0m | — | £9.0m |
| Total assets | £99.4m | £101.0m | £127.3m | £126.8m | £139.9m | £119.4m | £119.4m | £134.7m |
| Cash and short-term investments | £6.3m | £3.2m | £7.0m | £4.7m | £6.1m | £2.7m | £2.7m | £13.3m |
| Debt | £38.7m | £48.0m | £54.4m | £55.9m | £40.8m | £17.2m | £17.2m | — |
| Shareholders' equity | £54.6m | £41.9m | £64.1m | £61.4m | £91.2m | £95.1m | £95.1m | £122.3m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 45.8% | 67.2% | 6.4% |
| Operating income | 203.6% | 64.5% | — |
| Net income | 617.1% | 19.7% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -170.7% | -162.3% | -98.5% | -82.0% |
| Net margin | -191.2% | -169.2% | -120.6% | -96.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -1.0 | -0.8 | -1.8 | -1502.2 | 3.3 | -7.0 | -6.5 | -31.1 | 132.5 | -1.8 |
| Price to sales | 0.9 | 4.5 | 3.8 | 11.3 | 32.8 | 33.4 | 51.0 | 74.3 | 22.5 | 1.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 7 Jan 2016.
| FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2010 | |
|---|---|---|---|---|---|---|
| Paid in the year | 0.019 | 0.019 | 0.017 | 0.014 | 0.012 | 0.011 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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