C 
146.40p
+1.67%
Close of 9 Nov 2026, in pence
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At a glance
Figures in GBP, from our data supplier.
Revenue
£9.25bn
FY2017FY2026
Net income
£165.0m
FY2017FY2026
Free cash flow
£346.0m
FY2017FY2026
Shareholders' equity
£2.41bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £9.25bn | £8.71bn | £8.48bn | £9.51bn | £10.14bn | £10.34bn | £10.17bn | £10.43bn | £10.53bn | £10.59bn |
| Gross profit | £1.63bn | £1.62bn | £1.53bn | £1.66bn | £1.79bn | £1.75bn | £1.85bn | £2.10bn | £2.16bn | £2.34bn |
| Operating income | £260.0m | £198.0m | £117.0m | −£346.0m | £222.0m | £147.0m | −£28.0m | −£223.0m | £334.0m | £434.0m |
| Net income | £165.0m | £108.0m | £165.0m | −£481.0m | £71.0m | £12.0m | −£163.0m | −£320.0m | £166.0m | £295.0m |
| Diluted earnings per share | 0.15 | 0.09 | 0.15 | -0.42 | 0.06 | 0.01 | -0.14 | -0.28 | 0.14 | 0.25 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £5.63bn | £5.42bn | £5.31bn | £5.85bn | £6.91bn | £6.88bn | £7.73bn | £6.61bn | £7.30bn | £7.37bn |
| Cash and short-term investments | £176.0m | £179.0m | £125.0m | £97.0m | £126.0m | £175.0m | £660.0m | £125.0m | £228.0m | £209.0m |
| Total liabilities | £3.22bn | £3.18bn | £3.24bn | £3.96bn | £4.41bn | £4.50bn | £5.45bn | £3.96bn | £4.10bn | £4.31bn |
| Debt | £952.0m | £965.0m | £1.03bn | £1.43bn | £1.35bn | £1.33bn | £2.31bn | £390.0m | £477.0m | £480.0m |
| Shareholders' equity | £2.41bn | £2.24bn | £2.07bn | £1.89bn | £2.50bn | £2.38bn | £2.28bn | £2.64bn | £3.20bn | £3.06bn |
| Shares outstanding | 1,097m | 1,140m | 1,135m | 1,159m | 1,102m | 1,190m | 1,177m | 1,160m | 1,159m | 1,158m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £425.0m | £453.0m | £366.0m | £270.0m | £428.0m | £844.0m | £583.0m | £286.0m | £312.0m | £364.0m |
| Capital spending | −£79.0m | −£77.0m | −£48.0m | −£111.0m | −£133.0m | −£122.0m | −£191.0m | −£166.0m | −£187.0m | −£242.0m |
| Free cash flow | £346.0m | £376.0m | £318.0m | £159.0m | £295.0m | £722.0m | £392.0m | £120.0m | £125.0m | £122.0m |
| Dividends paid | −£24.0m | — | — | −£35.0m | −£46.0m | −£326.0m | −£78.0m | −£116.0m | −£130.0m | −£115.0m |
Latest quarters
By quarter end
| Apr 2026 | Oct 2025 | Apr 2025 | Oct 2024 | Apr 2024 | Oct 2023 | Jul 2023 | Apr 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £5.02bn | £4.23bn | £4.79bn | £3.92bn | £4.32bn | £4.16bn | £2.08bn | £5.04bn |
| Gross profit | £190.0m | — | — | £3.92bn | £4.32bn | £2.08bn | £2.08bn | £257.5m |
| Operating income | £177.0m | £43.0m | £169.0m | £29.0m | £109.0m | £8.0m | £14.0m | £152.0m |
| Net income | £149.0m | £16.0m | £116.0m | −£8.0m | £204.0m | −£39.0m | −£19.5m | £79.0m |
| Diluted earnings per share | 0.14 | 0.01 | 0.10 | -0.01 | 0.18 | -0.03 | -0.02 | 0.07 |
| Cash from operations | £226.0m | £132.0m | £241.0m | £145.0m | £175.0m | — | £75.0m | £142.0m |
| Capital spending | −£48.0m | −£31.0m | −£55.0m | −£22.0m | −£20.0m | — | −£14.0m | −£55.0m |
| Free cash flow | £178.0m | £101.0m | £186.0m | £123.0m | £155.0m | — | £61.0m | £87.0m |
| Total assets | £5.63bn | £5.89bn | £5.42bn | £5.58bn | £5.31bn | £6.17bn | £6.17bn | £5.85bn |
| Cash and short-term investments | £176.0m | £135.0m | £179.0m | £108.0m | £89.0m | £94.0m | £94.0m | £97.0m |
| Debt | £203.0m | £197.0m | £226.0m | £202.0m | £830.0m | £1.19bn | £178.0m | £407.0m |
| Shareholders' equity | £2.41bn | £2.24bn | £2.24bn | £2.04bn | £2.07bn | £1.89bn | £1.89bn | £1.89bn |
Financial ratios
Data as of 2 Nov 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 17.6% | 18.6% | 18.1% | 17.5% | 17.6% | 16.9% |
| Operating margin | 2.8% | 2.4% | 1.4% | -3.8% | 2.2% | 1.4% |
| Net margin | 1.8% | 1.2% | 1.9% | -5.1% | 0.7% | 0.1% |
| Return on equity | 6.9% | 4.8% | 8.0% | -25.4% | 2.8% | 0.5% |
| Return on assets | 2.9% | 2.0% | 3.1% | -8.2% | 1.0% | 0.2% |
| Free cash flow yield | 0.3% | 0.3% | 0.3% | 0.2% | 0.4% | 0.6% |
| Revenue growth | 6.3% | 2.7% | -10.9% | -6.2% | -1.9% | 1.7% |
| Earnings growth | 52.8% | -34.5% | -134.3% | -777.5% | 491.7% | -107.4% |
| Current ratio | 0.89x | 0.88x | 0.84x | 0.80x | 0.79x | 0.75x |
| Debt to equity | 0.08x | 0.10x | 0.11x | 0.22x | 0.12x | 0.09x |
| Equity ratio | 42.8% | 41.4% | 39.0% | 32.3% | 36.2% | 34.6% |
| Interest coverage | 3.51x | 2.53x | 1.30x | -3.50x | 2.31x | 1.30x |
| Buybacks as a share of market value | 3.8% | -0.4% | 2.1% | -5.2% | 7.4% | -1.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -0.9% | -2.2% | -0.5% |
| Operating income | — | 12.1% | -1.6% |
| Net income | — | 68.9% | 0.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 18.1% | 17.9% | 17.7% | 19.1% |
| Operating margin | 2.6% | 0.6% | 1.1% | 1.3% |
| Net margin | 1.5% | -0.1% | 0.1% | 0.2% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 9.3 | 13.3 | 6.5 | -1.2 | 8.3 | 113.5 | -8.4 | -5.2 | 8.4 | 7.8 |
| Price to sales | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.1 | 0.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 1 years. Last went ex-dividend on 27 Aug 2026.
| FY2027 | FY2026 | FY2023 | FY2022 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.023 | 0.022 | 0.032 | 0.04 | 0.068 | 0.10 | 0.113 | 0.10 |
- 2-to-1 reverse split · 29 Mar 2010
- 1-to-1 reverse split · 8 Mar 2004
- 1-to-1 reverse split · 28 Aug 2002
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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