C 
290.00p
0.00%
Close of 9 Nov 2026, in pence
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At a glance
Figures in GBP, from our data supplier.
Revenue
£20.4m
FY2017FY2026
Net income
−£54,000
FY2017FY2026
Free cash flow
£4.2m
FY2017FY2026
Shareholders' equity
£51.5m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £20.4m | £22.9m | £22.9m | £20.6m | £17.0m | £13.1m | £15.0m | £28.1m | £31.7m | £27.7m |
| Research and development | £1.2m | £1.3m | £961,000 | £676,000 | £1.3m | £932,000 | £526,000 | £6.2m | £5.9m | £5.2m |
| Operating income | −£2.7m | −£1.1m | £1.9m | £2.7m | £1.2m | −£431,000 | £1.2m | £2.4m | £4.8m | £3.4m |
| Net income | −£54,000 | −£18,000 | £2.1m | £4.8m | £1.2m | £1.8m | £1.5m | £2.7m | £4.1m | £3.9m |
| Diluted earnings per share | -0.00 | -0.00 | 0.13 | 0.31 | 0.08 | 0.11 | 0.09 | 0.16 | 0.24 | 0.23 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £63.5m | £63.2m | £69.1m | £60.5m | £59.3m | £65.2m | £57.2m | £55.9m | £53.5m | £50.7m |
| Cash and short-term investments | £12.8m | £9.9m | £18.2m | £22.3m | £25.0m | £32.2m | £8.5m | £13.5m | £13.8m | £12.4m |
| Total liabilities | £12.0m | £14.2m | £18.0m | £9.7m | £9.5m | £11.8m | £14.8m | £13.6m | £11.7m | £13.1m |
| Debt | £2.0m | £2.3m | £856,000 | £1.1m | £468,000 | £727,000 | £1.1m | £662,000 | — | — |
| Shareholders' equity | £51.5m | £49.0m | £51.1m | £50.8m | £49.9m | £53.4m | £42.4m | £42.3m | £41.8m | £37.6m |
| Shares outstanding | 17m | 16m | 16m | 16m | 16m | 17m | 17m | 17m | 17m | 17m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £4.8m | £3.1m | £5.0m | £5.4m | £3.9m | £8.2m | £7.1m | £7.2m | £9.1m | £10.8m |
| Capital spending | −£651,000 | −£4.8m | −£5.1m | −£5.5m | −£4.6m | −£7.7m | −£8.0m | −£294,000 | −£488,000 | −£450,000 |
| Free cash flow | £4.2m | −£1.8m | −£53,000 | −£73,000 | −£722,000 | £507,000 | −£938,000 | £6.9m | £8.7m | £10.4m |
| Dividends paid | −£1.8m | −£1.8m | −£1.7m | −£1.6m | −£9.0m | −£674,000 | −£1.3m | −£1.3m | −£1.6m | −£1.1m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Mar 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £11.3m | £9.2m | £10.4m | £12.5m | £12.3m | £10.6m | £10.6m | £5.3m |
| Operating income | −£2.1m | −£1.1m | −£135,000 | £602,000 | £247,000 | £1.5m | £1.0m | £591,000 |
| Net income | −£1.9m | £1.8m | −£715,000 | £697,000 | £593,000 | £1.5m | £2.9m | £1.5m |
| Diluted earnings per share | -0.11 | 0.12 | -0.04 | 0.04 | 0.04 | 0.09 | 0.19 | 0.09 |
| Cash from operations | £4.0m | — | £1.0m | £2.0m | £1.0m | £3.0m | £1.0m | £1.0m |
| Capital spending | — | — | — | — | — | −£2.0m | — | — |
| Free cash flow | — | — | — | — | — | £1.0m | — | — |
| Total assets | £63.5m | £64.2m | £63.2m | £68.0m | £69.1m | £58.1m | £60.5m | £60.5m |
| Cash and short-term investments | £12.8m | £10.7m | £9.9m | £15.0m | £18.2m | £20.9m | £22.3m | £22.3m |
| Debt | £408,000 | £370,000 | £395,000 | £385,000 | £219,000 | £198,000 | £210,000 | — |
| Shareholders' equity | £51.5m | £49.4m | £49.0m | £49.5m | £51.1m | £49.3m | £50.8m | £50.8m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -0.3% | 9.3% | -1.1% |
| Operating income | — | 44.1% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -8.7% | 1.0% | 1.4% | 6.8% |
| Net margin | -0.2% | 7.8% | 8.4% | 10.3% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -907.5 | -2660.6 | 22.5 | 12.3 | 63.5 | 37.4 | 33.3 | 19.5 | 15.1 | 19.3 |
| Price to sales | 2.4 | 2.1 | 2.0 | 2.9 | 4.6 | 5.2 | 3.4 | 1.9 | 2.0 | 2.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 15 years. Last went ex-dividend on 27 Nov 2025.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.11 | 0.11 | 0.11 | 0.10 | 0.54 | 0.04 | 0.078 | 0.078 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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