C 
5,530.00p
+1.10%
Close of 9 Nov 2026, in pence
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At a glance
Figures in GBP, from our data supplier.
Revenue
£2.98bn
FY2017FY2026
Net income
£158.3m
FY2017FY2026
Free cash flow
£102.3m
FY2017FY2026
Shareholders' equity
£1.09bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £2.98bn | £2.72bn | £2.60bn | £2.32bn | £2.01bn | £1.90bn | £1.67bn | £1.44bn | £1.46bn | £1.25bn |
| Gross profit | £471.5m | £408.8m | £376.9m | £295.7m | £276.8m | £265.7m | £217.6m | £186.5m | £186.8m | £158.9m |
| Research and development | — | — | £29.0m | £10.8m | £9.1m | £6.9m | £2.5m | £700,000 | £1.0m | £2.6m |
| Operating income | £235.0m | £190.6m | £166.9m | £130.8m | £136.7m | £128.1m | £101.3m | £89.5m | £90.5m | £74.6m |
| Net income | £158.3m | £134.3m | £113.1m | £111.4m | £103.5m | £92.5m | £82.7m | £69.6m | £70.0m | £67.2m |
| Diluted earnings per share | 2.89 | 2.47 | 2.10 | 2.07 | 1.93 | 1.74 | 1.57 | 1.34 | 1.36 | 1.32 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £1.74bn | £1.53bn | £1.38bn | £1.26bn | £1.14bn | £1.04bn | £995.5m | £717.9m | £651.3m | £610.9m |
| Cash and short-term investments | £12.5m | £5.9m | £27.0m | £20.4m | £200,000 | £39.9m | £23.0m | £20.5m | £20.6m | £4.1m |
| Total liabilities | £648.4m | £543.3m | £472.5m | £421.5m | £373.6m | £355.0m | £380.2m | £183.0m | £171.4m | £189.5m |
| Debt | £253.3m | £178.3m | £126.5m | £121.7m | £106.2m | £131.4m | £168.4m | £14.2m | £900,000 | £15.1m |
| Shareholders' equity | £1.09bn | £987.9m | £911.5m | £842.9m | £768.9m | £686.1m | £614.5m | £534.9m | £479.9m | £421.4m |
| Shares outstanding | 55m | 54m | 54m | 54m | 54m | 53m | 53m | 52m | 51m | 51m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £268.4m | £216.3m | £228.4m | £149.2m | £158.4m | £180.9m | £115.8m | £87.7m | £112.1m | £72.9m |
| Capital spending | −£166.1m | −£137.6m | −£100.5m | −£85.1m | −£93.7m | −£71.9m | −£101.2m | −£79.2m | −£58.7m | −£47.0m |
| Free cash flow | £102.3m | £78.7m | £127.9m | £64.1m | £64.7m | £109.0m | £14.6m | £8.5m | £53.4m | £25.9m |
| Dividends paid | −£55.1m | −£49.5m | −£43.9m | −£36.3m | −£32.8m | −£27.9m | −£22.6m | −£22.1m | −£18.2m | −£14.6m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Mar 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £1.51bn | £1.47bn | £1.39bn | £1.33bn | £1.35bn | £1.25bn | £1.21bn | £603.4m |
| Gross profit | £243.7m | £228.8m | £216.5m | £203.4m | £198.1m | £176.6m | £155.1m | £77.5m |
| Operating income | £123.0m | £112.0m | £96.6m | £94.0m | £97.0m | £83.1m | £75.6m | £35.1m |
| Net income | £78.0m | £80.3m | £67.7m | £66.6m | £48.9m | £64.2m | £62.3m | £31.1m |
| Diluted earnings per share | 1.42 | 1.50 | 1.25 | 1.23 | 0.91 | 1.19 | 1.16 | 0.58 |
| Cash from operations | £171.0m | £97.0m | £109.0m | £106.0m | £148.0m | £78.0m | £102.0m | £52.0m |
| Capital spending | −£77.0m | −£89.0m | −£89.0m | −£47.0m | −£52.0m | −£48.0m | −£47.0m | −£23.0m |
| Free cash flow | £94.0m | £8.0m | £20.0m | £59.0m | £96.0m | £30.0m | £55.0m | £29.0m |
| Total assets | £1.74bn | £1.72bn | £1.53bn | £1.42bn | £1.38bn | £1.37bn | £1.26bn | £1.26bn |
| Cash and short-term investments | £12.5m | £10.0m | £5.9m | £8.4m | £27.0m | £27.8m | £20.4m | £20.3m |
| Debt | £96.8m | £268.9m | £62.0m | £17.2m | £109.2m | £155.3m | £54.9m | — |
| Shareholders' equity | £1.09bn | £1.02bn | £987.9m | £940.0m | £911.5m | £878.4m | £842.9m | £670.0m |
Financial ratios
Data as of 25 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 15.8% | 15.0% | 14.5% | 12.7% | 13.8% | 14.0% | — | — |
| Operating margin | 7.9% | 7.0% | 6.4% | 6.3% | 6.7% | 6.2% | — | — |
| Net margin | 5.3% | 4.9% | 4.4% | 4.8% | 5.2% | 4.9% | — | — |
| Return on equity | 14.5% | 13.6% | 12.4% | 13.2% | 13.5% | 13.5% | — | — |
| Return on assets | 9.1% | 8.8% | 8.2% | 8.8% | 9.1% | 8.9% | — | — |
| Free cash flow yield | 0.2% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | — | — |
| Revenue growth | 9.5% | 4.8% | 11.9% | 15.7% | 5.8% | 13.9% | — | — |
| Earnings growth | 17.9% | 18.7% | 1.5% | 7.6% | 11.9% | 11.9% | — | — |
| Current ratio | 1.76x | 1.69x | 1.66x | 1.72x | 1.54x | 1.66x | — | — |
| Debt to equity | 0.09x | 0.06x | 0.05x | 0.07x | 0.07x | 0.11x | — | — |
| Equity ratio | 62.7% | 64.5% | 65.9% | 66.6% | 67.3% | 65.9% | — | — |
| Interest coverage | 13.82x | 20.74x | 18.75x | 22.46x | 35.18x | 39.27x | — | — |
| R&D as a share of sales | — | — | 1.1% | 0.5% | 0.5% | 0.4% | 0.1% | 0.0% |
| Buybacks as a share of market value | -0.9% | -0.7% | -0.1% | -0.3% | -0.9% | -0.8% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 8.7% | 9.5% | 11.4% |
| Operating income | 21.6% | 12.9% | 14.0% |
| Net income | 12.4% | 11.3% | 13.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 15.4% | 14.6% | 14.4% | 14.0% |
| Operating margin | 7.5% | 6.8% | 6.8% | 6.6% |
| Net margin | 5.1% | 4.9% | 4.9% | 4.9% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 18.6 | 20.0 | 23.2 | 18.4 | 16.0 | 21.3 | 22.5 | 25.3 | 19.3 | 25.3 |
| Price to sales | 1.0 | 1.0 | 1.0 | 0.9 | 0.8 | 1.0 | 1.1 | 1.2 | 0.9 | 1.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 37 years. Last went ex-dividend on 16 Jul 2026.
| FY2027 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.855 | 1.03 | 0.923 | 0.815 | 0.762 | 0.713 | 0.624 | 0.167 |
- 2-for-1 split · 30 Jul 2002
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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