C 
3,622.00p
-1.20%
Close of 9 Nov 2026, in pence
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At a glance
Figures in GBP, from our data supplier.
Revenue
£1.70bn
FY2016FY2025
Net income
£62.0m
FY2016FY2025
Free cash flow
£171.8m
FY2016FY2025
Shareholders' equity
£2.19bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £1.70bn | £1.63bn | £1.69bn | £2.09bn | £1.89bn | £1.39bn | £1.38bn | £1.39bn | £1.37bn | £1.24bn |
| Gross profit | £608.7m | £733.9m | £730.0m | £864.9m | £825.6m | £550.3m | £445.8m | £522.3m | £517.4m | £445.1m |
| Research and development | £60.2m | £63.6m | £62.3m | £66.3m | £58.7m | £38.2m | £37.6m | £41.9m | £37.5m | £34.6m |
| Operating income | £243.7m | £227.5m | £247.5m | £498.5m | £437.0m | £308.3m | £335.9m | £330.9m | £323.2m | £283.1m |
| Net income | £62.0m | £158.5m | £171.0m | £649.3m | £320.8m | £201.6m | £223.9m | £238.5m | £237.0m | £196.7m |
| Diluted earnings per share | 0.43 | 1.13 | 1.22 | 4.66 | 2.29 | 1.53 | 1.74 | 1.85 | 1.83 | 1.48 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £3.41bn | £3.51bn | £3.58bn | £3.61bn | £3.29bn | £3.03bn | £1.89bn | £1.91bn | £1.65bn | £1.50bn |
| Cash and short-term investments | £172.8m | £166.8m | £172.5m | £320.6m | £112.8m | £106.5m | £81.9m | £71.2m | £63.3m | £61.0m |
| Total liabilities | £1.21bn | £1.21bn | £1.21bn | £1.18bn | £1.53bn | £1.43bn | £1.02bn | £914.8m | £818.8m | £891.0m |
| Debt | £696.6m | £699.1m | £710.1m | £615.8m | £936.0m | £907.0m | £629.6m | £496.7m | £444.8m | £425.1m |
| Shareholders' equity | £2.19bn | £2.28bn | £2.35bn | £2.42bn | £1.75bn | £1.59bn | £861.6m | £990.5m | £822.3m | £600.6m |
| Shares outstanding | 143m | 140m | 140m | 139m | 140m | 132m | 129m | 129m | 129m | 133m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £289.5m | £319.4m | £337.5m | £308.2m | £347.7m | £287.0m | £303.9m | £262.0m | £262.5m | £263.8m |
| Capital spending | −£117.7m | −£181.8m | −£189.0m | −£152.4m | −£158.7m | −£121.2m | −£111.0m | −£100.2m | −£155.8m | −£103.8m |
| Free cash flow | £171.8m | £137.6m | £148.5m | £155.8m | £189.0m | £165.8m | £192.9m | £161.8m | £106.7m | £160.0m |
| Dividends paid | −£154.9m | −£152.2m | −£150.7m | −£144.4m | −£132.5m | −£115.9m | −£266.9m | −£110.5m | −£100.0m | −£230.2m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £880.5m | £843.6m | £855.8m | £812.2m | £815.9m | £813.6m | £880.9m | £440.4m |
| Gross profit | £323.4m | £292.5m | £316.2m | £298.6m | £367.2m | £281.8m | £322.0m | £191.3m |
| Operating income | £138.1m | £114.6m | £129.1m | £125.7m | £114.4m | £131.8m | £158.7m | £77.4m |
| Net income | £78.7m | £800,000 | £61.2m | £78.7m | £79.8m | £82.9m | £88.1m | £44.2m |
| Diluted earnings per share | 0.56 | 0.01 | 0.43 | 0.56 | 0.57 | 0.59 | 0.63 | 0.32 |
| Cash from operations | £91.0m | £192.0m | £97.0m | £129.0m | £194.0m | £196.0m | £149.0m | — |
| Capital spending | −£41.0m | −£53.0m | −£63.0m | −£82.0m | −£95.0m | −£101.0m | −£87.0m | — |
| Free cash flow | £50.0m | £139.0m | £34.0m | £47.0m | £99.0m | £95.0m | £62.0m | — |
| Total assets | £3.53bn | £3.41bn | £3.46bn | £3.51bn | £3.58bn | £3.58bn | £3.54bn | £3.54bn |
| Cash and short-term investments | £205.3m | £172.8m | £157.8m | £166.8m | £209.3m | £172.5m | £379.5m | £379.5m |
| Debt | £69.2m | £632.9m | £685.5m | £628.4m | £648.5m | £638.8m | £656.1m | £697.2m |
| Shareholders' equity | £2.17bn | £2.19bn | £2.22bn | £2.28bn | £2.32bn | £2.35bn | £2.31bn | £2.33bn |
Financial ratios
Data as of 21 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 35.8% | 45.1% | 43.1% | 41.4% | 43.7% | 39.6% |
| Operating margin | 14.3% | 14.7% | 15.5% | 38.5% | 23.1% | 20.7% |
| Net margin | 3.6% | 9.7% | 10.1% | 31.1% | 17.0% | 14.5% |
| Return on equity | 2.8% | 6.9% | 7.3% | 26.9% | 18.3% | 12.7% |
| Return on assets | 1.8% | 4.5% | 4.8% | 18.0% | 9.7% | 6.7% |
| Free cash flow yield | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| Revenue growth | 4.4% | -3.9% | -18.9% | 10.6% | 35.9% | 0.9% |
| Earnings growth | -60.9% | -7.3% | -73.7% | 102.4% | 59.1% | -10.0% |
| Current ratio | 1.99x | 2.63x | 2.84x | 2.38x | 1.94x | 2.02x |
| Debt to equity | 0.29x | 0.28x | 0.27x | 0.22x | 0.49x | 0.53x |
| Equity ratio | 64.1% | 65.0% | 65.7% | 66.9% | 53.2% | 52.4% |
| Interest coverage | 8.61x | 7.72x | 10.13x | 33.37x | 16.97x | 13.70x |
| R&D as a share of sales | 3.5% | 3.9% | 3.7% | 3.2% | 3.1% | 2.7% |
| Buybacks as a share of market value | -2.2% | -0.0% | -0.4% | 0.5% | -6.2% | -2.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -6.7% | 4.1% | 4.6% |
| Operating income | -21.2% | -4.6% | -0.6% |
| Net income | -54.3% | -21.0% | -10.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 40.3% | 41.3% | 41.5% | 39.3% |
| Operating margin | 14.2% | 17.1% | 18.9% | 20.7% |
| Net margin | 6.6% | 14.6% | 15.0% | 15.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 62.1 | 29.9 | 41.3 | 14.2 | 44.1 | 43.1 | 29.5 | 26.0 | 24.7 | 22.1 |
| Price to sales | 2.3 | 2.9 | 4.2 | 4.4 | 7.5 | 6.3 | 4.8 | 4.5 | 4.3 | 3.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 27 Aug 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.11 | 1.11 | 1.09 | 1.08 | 1.035 | 0.95 | 0.90 | 2.047 |
- 42-to-41 reverse split · 29 Apr 2019
- 29-to-28 reverse split · 9 May 2016
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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