E 
684.40p
-0.81%
Close of 6 Nov 2026, in pence
At a glance
Figures in GBP, from our data supplier.
Revenue
£10.11bn
FY2016FY2025
Net income
£494.0m
FY2016FY2025
Free cash flow
£804.0m
FY2016FY2025
Shareholders' equity
£3.50bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £10.11bn | £9.31bn | £8.17bn | £5.77bn | £1.46bn | £3.01bn | £6.38bn | £5.90bn | £5.05bn | £4.67bn |
| Gross profit | £1.70bn | £1.56bn | £1.38bn | £801.0m | −£663.0m | −£267.0m | £1.55bn | £1.44bn | £1.12bn | £1.07bn |
| Operating income | £703.0m | £589.0m | £453.0m | £3.0m | −£1.01bn | −£778.0m | £466.0m | £589.0m | £432.0m | £507.0m |
| Net income | £494.0m | £452.0m | £324.0m | −£169.0m | −£858.0m | −£1.08bn | £349.0m | £358.0m | £305.0m | £427.0m |
| Diluted earnings per share | 0.65 | 0.60 | 0.43 | -0.22 | -1.14 | -1.77 | 0.74 | 0.47 | 0.40 | 0.57 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £11.51bn | £11.04bn | £9.84bn | £10.45bn | £9.77bn | £8.47bn | £8.16bn | £6.99bn | £5.97bn | £5.48bn |
| Cash and short-term investments | £3.53bn | £3.46bn | £2.92bn | £3.64bn | £3.55bn | £2.33bn | £1.58bn | £1.37bn | £1.33bn | £969.0m |
| Total liabilities | £8.01bn | £8.06bn | £7.05bn | £7.92bn | £7.13bn | £6.57bn | £5.18bn | £3.76bn | £3.17bn | £2.79bn |
| Debt | £2.93bn | £3.28bn | £2.88bn | £4.31bn | £4.45bn | £3.44bn | £1.90bn | £977.0m | £971.0m | £756.0m |
| Shareholders' equity | £3.50bn | £2.97bn | £2.79bn | £2.53bn | £2.64bn | £1.90bn | £2.98bn | £3.23bn | £2.80bn | £2.69bn |
| Shares outstanding | 759m | 756m | 755m | 755m | 756m | 610m | 470m | 754m | 754m | 754m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £1.72bn | £1.47bn | £1.55bn | £776.0m | −£1.03bn | −£588.0m | £994.0m | £1.12bn | £877.0m | £606.0m |
| Capital spending | −£912.0m | −£929.0m | −£754.0m | −£530.0m | −£149.0m | −£695.0m | −£954.0m | −£931.0m | −£586.0m | −£549.0m |
| Free cash flow | £804.0m | £536.0m | £797.0m | £246.0m | −£1.18bn | −£1.28bn | £40.0m | £192.0m | £291.0m | £57.0m |
| Dividends paid | −£91.0m | −£34.0m | −£203.0m | −£206.0m | −£1.55bn | −£174.0m | −£233.0m | −£162.0m | −£214.0m | −£219.0m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Mar 2023 | Sept 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £3.95bn | £6.57bn | £3.53bn | £6.04bn | £3.27bn | £5.48bn | £2.69bn | £4.27bn |
| Gross profit | £15.0m | £972.0m | £723.0m | £1.48bn | £663.0m | £4.22bn | £285.0m | £1.33bn |
| Operating income | −£533.0m | £1.07bn | −£376.0m | £937.0m | −£337.0m | £3.89bn | −£37.0m | £1.04bn |
| Net income | −£377.0m | £791.0m | −£297.0m | £709.0m | −£257.0m | £631.0m | −£307.0m | £262.0m |
| Diluted earnings per share | -0.50 | 1.04 | -0.39 | 0.94 | -0.34 | 0.84 | -0.41 | 0.35 |
| Cash from operations | £558.0m | £926.0m | £790.0m | £850.0m | £683.0m | £582.0m | £969.0m | £333.0m |
| Capital spending | −£532.0m | −£428.0m | −£484.0m | −£385.0m | −£426.0m | −£277.0m | −£477.0m | −£283.0m |
| Free cash flow | £26.0m | £498.0m | £306.0m | £465.0m | £257.0m | £305.0m | £492.0m | £50.0m |
| Total assets | £12.74bn | £11.51bn | £11.75bn | £11.04bn | £10.91bn | £9.84bn | £10.54bn | £10.45bn |
| Cash and short-term investments | £3.45bn | £3.53bn | £3.62bn | £3.46bn | £3.33bn | £2.92bn | £3.49bn | £3.64bn |
| Debt | £2.27bn | £2.13bn | £3.29bn | £3.28bn | £2.39bn | £2.11bn | £2.88bn | £3.44bn |
| Shareholders' equity | £3.66bn | £3.50bn | £2.65bn | £2.97bn | £2.41bn | £2.79bn | £1.92bn | £2.53bn |
Financial ratios
Data as of 21 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 16.8% | 16.8% | 16.9% | 13.9% | -45.5% | -8.9% |
| Operating margin | 8.1% | 7.9% | 7.5% | -1.1% | -63.0% | -40.0% |
| Net margin | 4.9% | 4.9% | 4.0% | -2.9% | -58.8% | -35.9% |
| Return on equity | 14.1% | 15.2% | 11.6% | -6.7% | -32.5% | -56.8% |
| Return on assets | 4.3% | 4.1% | 3.3% | -1.6% | -8.8% | -12.7% |
| Free cash flow yield | 0.5% | 0.5% | 0.4% | 0.3% | -0.2% | 0.0% |
| Revenue growth | 8.6% | 13.9% | 41.6% | 295.7% | -51.5% | -52.9% |
| Earnings growth | 9.3% | 39.5% | -291.7% | -80.3% | -20.5% | -409.2% |
| Current ratio | 1.11x | 1.02x | 1.00x | 1.34x | 1.56x | 0.67x |
| Debt to equity | 0.61x | 0.78x | 0.76x | 1.36x | 1.35x | 1.56x |
| Equity ratio | 30.4% | 26.9% | 28.3% | 24.2% | 27.0% | 22.4% |
| Interest coverage | 5.19x | 5.55x | 3.41x | -0.45x | -7.79x | -16.04x |
| Buybacks as a share of market value | -0.4% | -0.2% | 0.1% | 0.1% | -23.8% | -29.8% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 20.5% | 27.4% | 8.0% |
| Operating income | 516.5% | — | 0.1% |
| Net income | — | — | -1.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 16.8% | 16.3% | 11.9% | 16.9% |
| Operating margin | 6.7% | 5.2% | -0.1% | 4.1% |
| Net margin | 4.9% | 3.3% | -2.2% | 1.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 7.8 | 9.4 | 11.8 | -14.5 | -4.9 | -4.7 | 19.1 | 23.3 | 36.0 | 17.7 |
| Price to sales | 0.4 | 0.5 | 0.5 | 0.4 | 2.9 | 1.7 | 1.1 | 1.4 | 2.2 | 1.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 19 Feb 2026.
| FY2026 | FY2025 | FY2024 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.132 | 0.121 | 0.045 | 0.37 | 0.493 | 0.344 | 0.453 | 0.516 |
- 12-to-11 reverse split · 5 Mar 2012
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
Nothing here is investment advice. Prices can be delayed or wrong, so check with the exchange before relying on them. Data for this page. How we cover markets.