D 
908.50p
+1.00%
Close of 9 Nov 2026, in pence
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At a glance
Figures in GBP, from our data supplier.
Revenue
£1.83bn
FY2017FY2026
Net income
£155.5m
FY2017FY2026
Free cash flow
£227.7m
FY2017FY2026
Shareholders' equity
£148.5m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £1.83bn | £1.77bn | £1.71bn | £1.64bn | £1.58bn | £1.34bn | £1.06bn | £1.10bn | £1.05bn | £955.6m |
| Gross profit | £959.0m | £928.3m | £883.3m | £741.8m | £730.3m | £611.4m | £454.1m | £545.6m | £503.6m | £467.6m |
| Operating income | £224.9m | £222.0m | £213.3m | £199.1m | £218.0m | £166.4m | £117.9m | £126.9m | £95.5m | £96.5m |
| Net income | £155.5m | £156.3m | £151.2m | £151.9m | £171.2m | £128.9m | £87.7m | £101.3m | £73.3m | £73.1m |
| Diluted earnings per share | 0.77 | 0.77 | 0.74 | 0.75 | 0.84 | 0.63 | 0.43 | 0.50 | 0.36 | 0.36 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £756.8m | £741.5m | £682.0m | £696.8m | £737.9m | £766.7m | £716.0m | £417.1m | £425.0m | £433.2m |
| Cash and short-term investments | £22.4m | £30.0m | £23.4m | £46.3m | £30.2m | £128.6m | £90.0m | £19.0m | £15.0m | £17.4m |
| Total liabilities | £608.3m | £622.7m | £544.1m | £559.3m | £559.6m | £485.5m | £542.6m | £231.3m | £290.3m | £323.1m |
| Debt | £383.9m | £377.7m | £326.6m | £334.1m | £330.9m | £293.3m | £359.0m | £44.3m | £139.0m | £139.5m |
| Shareholders' equity | £148.5m | £118.8m | £137.9m | £137.5m | £178.3m | £281.2m | £173.4m | £185.8m | £134.7m | £110.1m |
| Shares outstanding | 202m | 203m | 204m | 203m | 203m | 205m | 204m | 204m | 203m | 203m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £270.4m | £255.9m | £232.3m | £240.6m | £251.8m | £184.2m | £244.1m | £174.0m | £98.5m | £79.5m |
| Capital spending | −£42.7m | −£35.2m | −£32.4m | −£21.8m | −£24.0m | −£15.7m | −£24.9m | −£12.0m | −£34.1m | −£46.6m |
| Free cash flow | £227.7m | £220.7m | £199.9m | £218.8m | £227.8m | £168.5m | £219.2m | £162.0m | £64.4m | £32.9m |
| Dividends paid | −£141.0m | −£159.4m | −£157.6m | −£163.3m | −£282.1m | −£24.3m | −£106.0m | −£54.6m | −£53.4m | −£51.6m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Apr 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £899.2m | £926.3m | £877.3m | £893.7m | £834.0m | £872.5m | £803.8m | £401.9m |
| Gross profit | £416.9m | £494.7m | £456.4m | £471.9m | £423.8m | £459.5m | £353.6m | £196.9m |
| Operating income | £101.0m | £116.8m | £90.4m | £128.6m | £86.4m | £126.9m | £77.2m | £38.5m |
| Net income | £70.7m | £84.8m | £64.7m | £91.6m | £60.5m | £90.7m | £58.9m | £29.4m |
| Diluted earnings per share | 0.35 | 0.42 | 0.32 | 0.45 | 0.30 | 0.45 | 0.29 | 0.14 |
| Cash from operations | £41.0m | £225.0m | £15.0m | £237.0m | £90.0m | £142.0m | £48.0m | £48.0m |
| Capital spending | −£14.0m | −£17.0m | −£22.0m | −£13.0m | −£11.0m | −£18.0m | −£4.0m | −£4.0m |
| Free cash flow | £27.0m | £208.0m | −£7.0m | £224.0m | £79.0m | £124.0m | £44.0m | £44.0m |
| Total assets | £756.8m | £779.2m | £741.5m | £754.3m | £682.0m | £721.1m | £696.8m | £696.8m |
| Cash and short-term investments | £22.4m | £46.3m | £30.0m | £57.1m | £23.4m | £56.2m | £46.3m | £46.3m |
| Debt | £172.5m | £229.9m | £183.3m | £52.2m | £129.1m | £100.4m | £129.3m | — |
| Shareholders' equity | £148.5m | £163.6m | £118.8m | £183.7m | £137.9m | £175.0m | £137.5m | £99.5m |
Financial ratios
Data as of 30 Oct 2026
| FY2026 | FY2025 | FY2025 | FY2024 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 52.5% | 52.4% | — | 51.8% | 51.8% | 45.3% | 46.2% | — |
| Operating margin | 12.3% | 12.5% | — | 12.6% | 12.6% | 12.1% | 13.8% | — |
| Net margin | 8.5% | 8.8% | — | 8.9% | 8.9% | 9.3% | 10.8% | — |
| Return on equity | 104.7% | 131.6% | — | 109.6% | 109.6% | 110.5% | 96.0% | — |
| Return on assets | 20.5% | 21.1% | — | 22.2% | 22.2% | 21.8% | 23.2% | — |
| Free cash flow yield | 0.2% | 0.2% | — | 0.1% | — | 0.1% | 0.2% | 0.1% |
| Revenue growth | 3.1% | 3.8% | — | 0.0% | 4.1% | 3.6% | 18.4% | — |
| Earnings growth | -0.5% | 3.4% | — | 0.0% | -0.5% | -11.3% | 32.8% | — |
| Current ratio | 1.02x | 1.04x | 1.04x | 1.04x | 1.04x | 1.05x | — | — |
| Debt to equity | 1.16x | 1.54x | 0.45x | 0.94x | 0.38x | 0.94x | — | — |
| Equity ratio | 19.6% | 16.0% | 16.0% | 20.2% | 20.2% | 19.7% | — | — |
| Interest coverage | 15.86x | 18.50x | — | 21.75x | 21.75x | 25.53x | 35.74x | — |
| Buybacks as a share of market value | 0.9% | 0.1% | — | -0.2% | — | -0.2% | 0.9% | -0.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 3.7% | 6.4% | 7.6% |
| Operating income | 4.1% | 6.2% | 5.7% |
| Net income | 0.8% | 3.8% | 4.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 52.5% | 50.6% | 49.2% | 48.7% |
| Operating margin | 12.4% | 12.4% | 12.6% | 12.1% |
| Net margin | 8.7% | 8.9% | 9.3% | 9.1% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 11.6 | 14.7 | 14.4 | 14.7 | 11.6 | 21.9 | 28.3 | 23.3 | 15.0 | 19.2 |
| Price to sales | 1.0 | 1.3 | 1.3 | 1.4 | 1.3 | 2.1 | 2.3 | 2.1 | 1.0 | 1.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 22 Oct 2026.
| FY2027 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.285 | 0.45 | 0.44 | 0.43 | 0.41 | 1.39 | 0.12 | 0.525 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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