D 
858.50p
+0.35%
Close of 9 Nov 2026, in pence
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in GBP, from our data supplier.
Revenue
£5.36bn
FY2016FY2025
Net income
£73.0m
FY2016FY2025
Free cash flow
£527.8m
FY2016FY2025
Shareholders' equity
£1.71bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £5.36bn | £6.16bn | £8.13bn | £7.78bn | £5.09bn | £4.24bn | £4.71bn | £4.23bn | £3.69bn | £2.95bn |
| Gross profit | £1.15bn | £1.88bn | £1.78bn | £1.02bn | £891.2m | £725.7m | £734.3m | £639.4m | £545.0m | £376.4m |
| Research and development | — | — | £22.8m | £12.5m | £11.4m | £11.5m | £2.7m | — | — | — |
| Operating income | £529.7m | £850.2m | £908.2m | £251.1m | £196.5m | £122.3m | £86.1m | £59.9m | −£152.4m | £203.5m |
| Net income | £73.0m | £526.6m | £562.2m | £85.1m | £55.1m | −£194.6m | £500,000 | £20.2m | −£151.1m | £193.9m |
| Diluted earnings per share | 0.17 | 1.34 | 1.41 | 0.21 | 0.13 | -0.49 | 0.00 | 0.05 | -0.37 | 0.49 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £4.50bn | £5.39bn | £6.04bn | £6.39bn | £5.82bn | £4.19bn | £4.68bn | £4.53bn | £3.52bn | £3.67bn |
| Cash and short-term investments | £302.1m | £356.0m | £379.5m | £238.0m | £317.4m | £289.8m | £404.1m | £289.0m | £222.3m | £228.4m |
| Total liabilities | £2.78bn | £3.30bn | £4.06bn | £5.07bn | £4.52bn | £2.85bn | £2.97bn | £2.76bn | £1.80bn | £1.62bn |
| Debt | £1.08bn | £1.29bn | £1.56bn | £1.59bn | £1.49bn | £1.10bn | £1.28bn | £608.5m | £589.7m | £321.9m |
| Shareholders' equity | £1.71bn | £2.08bn | £1.97bn | £1.31bn | £1.29bn | £1.34bn | £1.72bn | £1.77bn | £1.72bn | £2.05bn |
| Shares outstanding | 432m | 392m | 397m | 399m | 415m | 397m | 397m | 405m | 407m | 399m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £809.8m | £859.5m | £835.6m | £207.7m | £306.5m | £306.2m | £413.4m | £311.1m | £315.2m | £190.9m |
| Capital spending | −£282.0m | −£387.5m | −£441.1m | −£174.7m | −£209.7m | −£174.4m | −£171.4m | −£132.6m | −£174.7m | −£93.2m |
| Free cash flow | £527.8m | £472.0m | £394.5m | £33.0m | £96.8m | £131.8m | £242.0m | £178.5m | £140.5m | £97.7m |
| Dividends paid | −£95.7m | −£93.5m | −£86.3m | −£78.9m | −£70.9m | −£64.7m | −£58.9m | −£52.5m | −£21.6m | −£11.0m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £2.43bn | £2.75bn | £2.65bn | £3.02bn | £3.06bn | £3.88bn | £3.96bn | £2.05bn |
| Gross profit | £471.0m | £560.6m | £754.0m | £762.3m | £793.3m | £874.7m | £651.8m | £441.1m |
| Operating income | £193.5m | £257.8m | £301.2m | £350.1m | £444.9m | £475.5m | £306.8m | £169.8m |
| Net income | £166.8m | −£147.8m | £220.8m | £186.9m | £339.7m | £314.1m | £248.1m | £123.6m |
| Diluted earnings per share | 0.48 | -0.34 | 0.51 | 0.48 | 0.87 | 0.79 | 0.62 | 0.30 |
| Cash from operations | £5.0m | £522.0m | £286.0m | £561.0m | £296.0m | £578.0m | £256.0m | — |
| Capital spending | −£97.0m | −£142.0m | −£139.0m | −£191.0m | −£188.0m | −£282.0m | −£158.0m | — |
| Free cash flow | −£92.0m | £380.0m | £147.0m | £370.0m | £108.0m | £296.0m | £98.0m | — |
| Total assets | £4.76bn | £4.50bn | £5.27bn | £5.39bn | £6.02bn | £6.04bn | £5.97bn | £5.97bn |
| Cash and short-term investments | £179.6m | £302.1m | £276.0m | £356.0m | £262.8m | £379.5m | £124.9m | £124.9m |
| Debt | £164.6m | £957.1m | £1.17bn | £1.20bn | £1.29bn | £1.45bn | £1.39bn | £1.16bn |
| Shareholders' equity | £1.74bn | £1.71bn | £1.99bn | £2.08bn | £2.16bn | £1.97bn | £1.62bn | £1.63bn |
Financial ratios
Data as of 25 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 21.5% | 30.5% | 21.9% | 13.2% | 17.5% | 17.1% | — |
| Operating margin | 9.9% | 14.0% | 11.2% | 2.1% | 3.8% | -4.2% | — |
| Net margin | 1.4% | 8.5% | 6.9% | 1.1% | 1.1% | -4.6% | — |
| Return on equity | 4.3% | 25.4% | 28.5% | 6.5% | 4.3% | -14.5% | — |
| Return on assets | 1.6% | 9.8% | 9.3% | 1.3% | 0.9% | -4.6% | — |
| Free cash flow yield | 0.3% | 0.4% | 0.4% | 0.1% | 0.2% | 0.2% | — |
| Revenue growth | -13.1% | -24.2% | 4.5% | 52.8% | 19.9% | -9.9% | — |
| Earnings growth | -86.1% | -6.3% | 560.6% | 54.4% | -128.3% | -39020.0% | — |
| Current ratio | 1.07x | 1.20x | 1.12x | 1.07x | 1.05x | 1.23x | — |
| Debt to equity | 0.59x | 0.58x | 0.74x | 1.12x | 1.07x | 0.80x | — |
| Equity ratio | 38.1% | 38.5% | 32.6% | 20.5% | 22.1% | 31.9% | — |
| Interest coverage | 7.06x | 8.01x | 7.90x | 1.95x | 2.72x | -2.62x | — |
| R&D as a share of sales | — | — | 0.3% | 0.2% | 0.2% | 0.3% | 0.1% |
| Buybacks as a share of market value | -10.3% | 1.4% | 0.5% | 3.7% | -4.6% | -0.1% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -11.7% | 4.8% | 5.7% |
| Operating income | 28.3% | 34.1% | 21.4% |
| Net income | -5.0% | — | 2.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 26.3% | 21.3% | 20.3% | 18.3% |
| Operating margin | 12.0% | 9.3% | 7.8% | 5.7% |
| Net margin | 5.2% | 4.5% | 3.0% | 2.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 49.6 | 4.8 | 3.5 | 33.0 | 45.6 | -7.7 | — | 71.9 | -7.3 | 7.8 |
| Price to sales | 0.7 | 0.4 | 0.2 | 0.4 | 0.5 | 0.3 | 0.3 | 0.3 | 0.3 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 20 years. Last went ex-dividend on 23 Apr 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.174 | 0.272 | 0.243 | 0.218 | 0.197 | 0.178 | 0.163 | 0.149 |
- 1.004-to-1 reverse split · 30 Apr 2007
- 1.005-for-1 split · 9 Oct 2006
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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