D 
6,450.00p
-0.15%
Close of 6 Nov 2026, in pence
At a glance
Figures in GBP, from our data supplier.
Revenue
£15.44bn
FY2017FY2026
Net income
£13.4m
FY2017FY2026
Free cash flow
£475.4m
FY2017FY2026
Shareholders' equity
£2.26bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £15.44bn | £18.01bn | £19.86bn | £22.20bn | £17.73bn | £13.41bn | £14.76bn | £15.23bn | £14.26bn | £12.27bn |
| Gross profit | £2.26bn | £2.40bn | £2.60bn | £2.40bn | £2.04bn | £1.82bn | £1.74bn | £1.64bn | £1.41bn | £1.26bn |
| Operating income | £532.9m | £396.3m | £529.4m | £512.0m | £458.4m | £422.9m | £366.6m | £369.0m | £295.2m | £269.6m |
| Net income | £13.4m | £206.5m | £326.3m | £334.0m | £312.4m | £292.6m | £245.5m | £262.6m | £261.8m | £216.2m |
| Diluted earnings per share | 0.14 | 2.10 | 3.30 | 3.37 | 3.16 | 2.96 | 2.49 | 2.67 | 2.66 | 2.42 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £8.27bn | £9.26bn | £9.48bn | £9.84bn | £9.56bn | £8.03bn | £7.92bn | £7.08bn | £6.03bn | £5.43bn |
| Cash and short-term investments | £1.09bn | £1.09bn | £1.11bn | £1.42bn | £1.39bn | £1.79bn | £1.79bn | £1.55bn | £1.04bn | £1.05bn |
| Total liabilities | £5.90bn | £6.09bn | £6.30bn | £6.78bn | £6.59bn | £5.33bn | £5.38bn | £4.64bn | £4.35bn | £3.92bn |
| Debt | £2.28bn | £2.28bn | £2.31bn | £2.60bn | £2.34bn | £2.09bn | £2.39bn | £1.77bn | £1.67bn | £1.47bn |
| Shareholders' equity | £2.26bn | £3.07bn | £3.09bn | £2.98bn | £2.91bn | £2.65bn | £2.49bn | £2.39bn | £1.64bn | £1.48bn |
| Shares outstanding | 98m | 98m | 99m | 99m | 99m | 99m | 99m | 99m | 98m | 89m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £684.1m | £582.0m | £722.0m | £656.9m | £451.8m | £727.8m | £529.1m | £460.4m | £325.5m | £383.3m |
| Capital spending | −£208.7m | −£214.3m | −£230.4m | −£229.4m | −£194.4m | −£162.9m | −£181.0m | −£182.3m | −£153.0m | −£143.7m |
| Free cash flow | £475.4m | £367.7m | £491.7m | £427.5m | £257.4m | £564.9m | £348.1m | £278.0m | £172.5m | £239.6m |
| Dividends paid | −£206.6m | −£197.3m | −£188.8m | −£177.8m | −£160.6m | −£143.5m | −£139.2m | −£117.0m | −£102.9m | −£90.0m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Dec 2023 | Sept 2023 | Jun 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £8.06bn | £7.38bn | £8.69bn | £9.33bn | £10.24bn | £5.12bn | £9.62bn | £4.81bn |
| Gross profit | £1.32bn | £945.1m | £1.09bn | £1.25bn | £1.35bn | £706.7m | £1.13bn | £591.9m |
| Operating income | £378.0m | £154.9m | £274.2m | £184.4m | £356.1m | £186.6m | £182.8m | £97.1m |
| Net income | £196.6m | −£183.3m | £109.9m | £96.5m | £116.6m | £116.6m | £93.0m | £46.5m |
| Diluted earnings per share | 2.01 | -1.87 | 1.12 | 0.98 | 1.18 | 1.18 | 0.94 | 0.47 |
| Cash from operations | £655.0m | £28.0m | £599.0m | −£14.0m | £622.0m | £311.0m | £107.0m | £49.0m |
| Capital spending | −£112.0m | −£96.0m | −£118.0m | −£95.0m | −£112.0m | −£56.0m | −£117.0m | −£58.0m |
| Free cash flow | £543.0m | −£68.0m | £481.0m | −£109.0m | £510.0m | £255.0m | −£10.0m | −£9.0m |
| Total assets | £8.27bn | £8.23bn | £9.26bn | £8.92bn | £9.48bn | £9.48bn | £9.23bn | £9.23bn |
| Cash and short-term investments | £1.09bn | £1.33bn | £1.09bn | £829.6m | £1.11bn | £1.11bn | £882.9m | £882.9m |
| Debt | £1.96bn | £1.97bn | £2.03bn | £2.02bn | £2.04bn | £389.7m | £2.12bn | £405.2m |
| Shareholders' equity | £2.26bn | £2.61bn | £3.07bn | £2.98bn | £3.09bn | £3.09bn | £2.97bn | £2.97bn |
Financial ratios
Data as of 18 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY1996 | FY1995 | FY1994 | FY1993 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 14.6% | 13.3% | 13.1% | 10.8% | 11.5% | 13.6% | — | — | — | — |
| Operating margin | 3.1% | 2.3% | 2.7% | 2.4% | 2.7% | 3.3% | — | — | — | — |
| Net margin | 0.1% | 1.1% | 1.6% | 1.5% | 1.8% | 2.2% | — | — | — | — |
| Return on equity | 0.6% | 6.7% | 10.6% | 11.2% | 10.8% | 11.1% | — | — | — | — |
| Return on assets | 0.2% | 2.2% | 3.4% | 3.4% | 3.3% | 3.6% | — | — | — | — |
| Free cash flow yield | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | — | — | — | — |
| Revenue growth | -14.3% | -9.3% | -10.6% | 25.2% | 32.2% | -9.1% | — | — | — | — |
| Earnings growth | -93.5% | -36.7% | -2.3% | 6.9% | 6.8% | 19.2% | — | — | — | — |
| Current ratio | 1.20x | 1.51x | 1.18x | 1.28x | 1.37x | 1.40x | — | — | — | — |
| Debt to equity | 0.87x | 0.66x | 0.65x | 0.78x | 0.71x | 0.69x | — | — | — | — |
| Equity ratio | 27.3% | 33.2% | 32.6% | 30.3% | 30.4% | 32.9% | — | — | — | — |
| Interest coverage | 4.55x | 3.48x | 4.80x | 5.64x | 6.44x | 5.40x | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.0% | 0.0% | 0.0% | 0.1% |
| Buybacks as a share of market value | 0.3% | 0.7% | 0.1% | -0.1% | -0.1% | -0.2% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -11.4% | 2.9% | 3.8% |
| Operating income | 1.3% | 4.7% | 7.7% |
| Net income | -65.8% | -46.1% | -22.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 13.9% | 12.8% | 12.7% | 11.9% |
| Operating margin | 2.8% | 2.6% | 2.7% | 2.5% |
| Net margin | 0.7% | 1.2% | 1.4% | 1.5% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 473.4 | 22.0 | 15.6 | 17.1 | 12.9 | 20.4 | 20.8 | 24.6 | 22.5 | 30.9 |
| Price to sales | 0.4 | 0.3 | 0.3 | 0.3 | 0.2 | 0.5 | 0.3 | 0.4 | 0.4 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 32 years. Last went ex-dividend on 28 May 2026.
| FY2027 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.472 | 2.097 | 1.997 | 1.902 | 1.80 | 1.637 | 1.477 | 1.429 |
- 1-to-1 reverse split · 1 Nov 2004
- 1-to-1 reverse split · 31 Aug 2004
- 1-to-1 reverse split · 29 Nov 2002
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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