C 
253.50p
+1.60%
Close of 6 Nov 2026, in pence
At a glance
Figures in GBP, from our data supplier.
Revenue
£1.05bn
FY2016FY2025
Net income
£37.3m
FY2016FY2025
Free cash flow
£49.9m
FY2016FY2025
Shareholders' equity
£258.2m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £1.05bn | £1.25bn | £1.33bn | £1.42bn | £1.14bn | £978.4m | £1.16bn | £1.46bn | £1.68bn | £1.57bn |
| Gross profit | £112.7m | £103.3m | £103.5m | £82.2m | £39.1m | −£59.1m | £47.9m | £89.9m | £88.2m | £76.0m |
| Research and development | — | — | £5.3m | — | — | — | — | — | — | — |
| Operating income | £48.1m | £31.1m | £34.8m | £34.9m | −£9.5m | −£92.0m | £15.6m | £51.7m | £46.6m | £33.8m |
| Net income | £37.3m | £30.6m | £22.1m | £25.9m | −£5.8m | −£78.0m | −£2.9m | £32.8m | £32.6m | £26.4m |
| Diluted earnings per share | 0.14 | 0.11 | 0.08 | 0.09 | -0.02 | -0.28 | -0.03 | 0.30 | 0.31 | 0.25 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £561.9m | £547.2m | £468.6m | £482.2m | £532.4m | £489.9m | £552.5m | £574.6m | £663.0m | £646.2m |
| Cash and short-term investments | £215.3m | £158.5m | £164.4m | £123.8m | £159.4m | £150.9m | £180.9m | £189.3m | £248.7m | £210.2m |
| Total liabilities | £303.7m | £311.5m | £249.2m | £271.0m | £333.4m | £333.4m | £394.8m | £392.3m | £509.0m | £546.6m |
| Debt | £25.0m | £25.8m | £24.3m | £29.5m | £66.2m | £80.1m | £146.0m | £70.5m | £71.0m | £70.0m |
| Shareholders' equity | £258.2m | £235.7m | £219.4m | £211.2m | £199.0m | £156.5m | £157.7m | £182.3m | £154.0m | £99.6m |
| Shares outstanding | 276m | 273m | 277m | 275m | 275m | 275m | 115m | 108m | 106m | 105m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £51.3m | £42.7m | £55.7m | £14.1m | £29.5m | −£46.8m | −£32.2m | −£48.1m | £51.6m | £67.1m |
| Capital spending | −£1.4m | −£5.5m | −£100,000 | −£500,000 | −£2.2m | −£4.1m | −£6.9m | −£1.0m | −£1.8m | −£7.0m |
| Free cash flow | £49.9m | £37.2m | £55.6m | £13.6m | £27.3m | −£50.9m | −£39.1m | −£49.1m | £49.8m | £60.1m |
| Dividends paid | −£7.3m | −£3.2m | −£1.1m | — | — | — | −£13.5m | −£13.7m | −£11.9m | −£11.0m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £543.1m | £520.3m | £525.4m | £611.8m | £639.3m | £667.6m | £664.4m | £756.2m |
| Gross profit | £53.1m | £61.4m | £51.9m | £58.7m | £44.6m | £57.5m | £46.0m | £54.6m |
| Operating income | £17.3m | £30.5m | £16.4m | £17.2m | £13.9m | £25.1m | £15.0m | £32.3m |
| Net income | £14.9m | £23.1m | £14.2m | £17.1m | £13.5m | £17.0m | £5.1m | £16.8m |
| Diluted earnings per share | 0.06 | 0.08 | 0.05 | 0.06 | 0.05 | 0.06 | 0.02 | 0.06 |
| Cash from operations | £11.0m | £63.0m | −£12.0m | £28.0m | £20.0m | £52.0m | £17.0m | £34.0m |
| Capital spending | — | −£1.0m | — | −£3.0m | −£1.0m | — | — | — |
| Free cash flow | — | £62.0m | — | £25.0m | £19.0m | — | — | — |
| Total assets | £583.1m | £561.9m | £535.3m | £547.2m | £493.3m | £468.6m | £489.8m | £482.2m |
| Cash and short-term investments | £202.7m | £215.3m | £144.9m | £158.5m | £166.0m | £164.4m | £132.1m | £123.8m |
| Debt | £12.4m | £8.5m | £7.5m | £13.0m | £9.9m | £10.9m | £10.3m | £11.0m |
| Shareholders' equity | £257.7m | £258.2m | £243.5m | £235.7m | £230.3m | £219.4m | £210.3m | £211.2m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -9.7% | 1.3% | -1.9% |
| Operating income | 11.3% | — | 5.4% |
| Net income | 12.9% | — | 5.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 9.4% | 8.0% | 5.3% | 5.2% |
| Operating margin | 3.4% | 2.9% | 0.7% | 1.6% |
| Net margin | 3.0% | 2.3% | 0.4% | 1.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 11.7 | 9.6 | 8.1 | 4.5 | -20.3 | -1.5 | -17.0 | 1.4 | 1.4 | 1.7 |
| Price to sales | 0.4 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 3 years. Last went ex-dividend on 17 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.052 | 0.03 | 0.012 | 0.004 | 0.13 | 0.136 | 0.124 | 0.109 |
- 10-to-1 reverse split · 10 May 2010
- 10-to-1 reverse split · 9 Jun 1995
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.