C 
4,570.00p
-2.97%
Close of 6 Nov 2026, in pence
At a glance
Figures in GBP, from our data supplier.
Revenue
£631.4m
FY2016FY2025
Net income
£65.7m
FY2016FY2025
Free cash flow
£70.4m
FY2016FY2025
Shareholders' equity
£525.1m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £631.4m | £661.4m | £639.4m | £603.8m | £443.3m | £358.2m | £363.0m | £337.6m | £324.0m | £306.1m |
| Gross profit | £586.5m | £627.7m | £609.0m | £582.0m | £426.8m | £344.9m | £348.7m | £324.7m | £314.3m | £297.2m |
| Research and development | — | £16.0m | £16.2m | £21.2m | £15.1m | £13.7m | £11.2m | £8.0m | £5.5m | £2.0m |
| Operating income | £80.9m | £98.5m | £99.8m | £100.1m | £70.8m | £48.8m | £4.7m | £42.8m | £45.0m | £46.7m |
| Net income | £65.7m | £84.9m | £83.8m | £75.6m | £50.1m | −£28.9m | −£10.9m | £29.8m | £31.4m | £35.7m |
| Diluted earnings per share | 2.12 | 2.74 | 2.71 | 2.46 | 1.64 | -0.95 | -0.36 | 0.99 | 1.04 | 1.19 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £978.5m | £900.3m | £875.6m | £832.3m | £682.1m | £572.7m | £619.4m | £599.5m | £585.3m | £601.4m |
| Cash and short-term investments | £471.5m | £493.5m | £439.0m | £387.9m | £271.9m | £204.5m | £191.3m | £166.2m | £167.5m | £183.8m |
| Total liabilities | £450.7m | £404.6m | £419.0m | £419.1m | £320.5m | £244.3m | £238.8m | £164.9m | £161.9m | £194.7m |
| Debt | £56.0m | £38.1m | £43.2m | £47.6m | £53.8m | £56.2m | £63.7m | £5.5m | £4.7m | £23.6m |
| Shareholders' equity | £525.1m | £492.0m | £452.6m | £409.7m | £356.9m | £324.1m | £377.5m | £430.6m | £419.7m | £403.5m |
| Shares outstanding | 31m | 31m | 31m | 31m | 30m | 30m | 30m | 30m | 30m | 30m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £75.9m | £114.7m | £155.3m | £178.9m | £113.8m | £65.9m | £67.8m | £22.7m | £48.0m | £45.6m |
| Capital spending | −£5.5m | −£7.3m | −£10.8m | −£9.6m | −£6.6m | −£9.8m | −£8.9m | −£6.1m | −£6.8m | −£3.1m |
| Free cash flow | £70.4m | £107.4m | £144.5m | £169.3m | £107.2m | £56.1m | £58.9m | £16.6m | £41.2m | £42.5m |
| Dividends paid | −£33.0m | −£31.5m | −£28.3m | −£25.9m | −£24.4m | −£23.7m | −£23.0m | −£22.5m | −£20.1m | −£18.5m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £413.5m | £333.6m | £297.8m | £351.3m | £310.1m | £318.3m | £321.1m | £160.6m |
| Gross profit | £386.6m | £310.1m | £279.3m | £334.5m | £293.2m | £300.1m | £304.1m | £153.2m |
| Operating income | £55.4m | £45.1m | £30.9m | £54.9m | £43.6m | £50.3m | £49.5m | £24.6m |
| Net income | £40.5m | £37.2m | £28.5m | £46.7m | £38.2m | £44.1m | £39.7m | £20.4m |
| Diluted earnings per share | 1.30 | 1.20 | 0.92 | 1.51 | 1.23 | 1.43 | 1.29 | 0.65 |
| Cash from operations | −£25.0m | £155.0m | −£80.0m | £182.0m | −£55.0m | £180.0m | −£17.0m | — |
| Capital spending | −£3.0m | −£3.0m | −£2.0m | −£3.0m | −£2.0m | −£7.0m | −£3.0m | — |
| Free cash flow | −£28.0m | £152.0m | −£82.0m | £179.0m | −£57.0m | £173.0m | −£20.0m | — |
| Total assets | £996.2m | £978.5m | £774.2m | £900.3m | £809.3m | £879.6m | £726.4m | £726.4m |
| Cash and short-term investments | £339.5m | £471.5m | £334.8m | £493.5m | £321.8m | £439.0m | £285.8m | £285.8m |
| Debt | £10.5m | £9.9m | £10.8m | £10.6m | £10.3m | −£10.5m | £9.9m | £34.9m |
| Shareholders' equity | £546.4m | £525.1m | £491.5m | £492.0m | £464.1m | £452.6m | £405.0m | £408.5m |
Financial ratios
Data as of 4 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 92.9% | 94.9% | 95.2% | 96.4% | 96.3% | 96.3% | — |
| Operating margin | 12.8% | 17.2% | 15.7% | 16.9% | 16.1% | -3.7% | — |
| Net margin | 10.4% | 12.8% | 13.1% | 12.5% | 11.3% | -8.1% | — |
| Return on equity | 12.5% | 17.3% | 18.5% | 18.5% | 14.0% | -8.9% | — |
| Return on assets | 6.7% | 9.4% | 9.6% | 9.1% | 7.3% | -5.0% | — |
| Free cash flow yield | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.0% | — |
| Revenue growth | -4.5% | 3.4% | 5.9% | 36.2% | 23.8% | -1.3% | — |
| Earnings growth | -22.6% | 1.3% | 10.8% | 50.9% | -273.4% | 165.1% | — |
| Current ratio | 1.78x | 1.76x | 1.59x | 1.48x | 1.52x | 1.59x | — |
| Debt to equity | 0.02x | 0.02x | 0.02x | 0.02x | 0.03x | 0.00x | — |
| Equity ratio | 53.7% | 54.6% | 51.7% | 49.2% | 52.3% | 56.6% | — |
| Interest coverage | 33.71x | 81.43x | 45.64x | 46.50x | 23.00x | -4.29x | — |
| R&D as a share of sales | — | 2.4% | 2.5% | 3.5% | 3.4% | 3.8% | 3.1% |
| Buybacks as a share of market value | -0.2% | -0.3% | -0.6% | -0.8% | -0.3% | -0.5% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 1.5% | 12.0% | 7.7% |
| Operating income | -6.9% | 10.6% | 9.8% |
| Net income | -4.6% | — | 12.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 93.9% | 94.8% | 95.2% | 95.6% |
| Operating margin | 13.9% | 15.0% | 14.9% | 13.5% |
| Net margin | 11.6% | 12.2% | 9.9% | 8.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 18.0 | 14.4 | 11.7 | 13.1 | 23.6 | -28.4 | -83.9 | 19.3 | 27.6 | 18.3 |
| Price to sales | 1.9 | 1.9 | 1.5 | 1.6 | 2.7 | 2.3 | 2.5 | 1.7 | 2.7 | 2.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 7 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.79 | 1.10 | 1.46 | 0.94 | 0.86 | 0.81 | 0.78 | 0.76 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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