V 
637.00p
-0.78%
Close of 6 Nov 2026, in pence
At a glance
Figures in GBP, from our data supplier.
Revenue
£484.8m
FY2017FY2026
Net income
£62.5m
FY2017FY2026
Free cash flow
£89.3m
FY2017FY2026
Shareholders' equity
£309.8m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £484.8m | £419.1m | £347.6m | £328.0m | £307.7m | £272.6m | £216.6m | £235.7m | £205.7m | £185.1m |
| Research and development | — | £1.1m | £5.2m | £4.5m | £4.5m | £4.5m | £3.9m | £4.3m | £3.7m | £3.2m |
| Operating income | £98.4m | £67.2m | £70.4m | £58.6m | £49.7m | £38.6m | £14.9m | £26.3m | £22.5m | £22.0m |
| Net income | £62.5m | £41.5m | £42.8m | £37.4m | £35.6m | £20.8m | £9.7m | £18.2m | £13.3m | £13.9m |
| Diluted earnings per share | 0.31 | 0.21 | 0.22 | 0.19 | 0.18 | 0.10 | 0.05 | 0.09 | 0.07 | 0.07 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £718.0m | £602.5m | £430.3m | £440.6m | £411.4m | £384.0m | £326.5m | £327.7m | £326.9m | £277.5m |
| Cash and short-term investments | £21.9m | £18.8m | £18.2m | £21.2m | £14.6m | £20.0m | £18.5m | £11.5m | £18.2m | £14.5m |
| Total liabilities | £408.2m | £332.5m | £184.4m | £214.4m | £203.1m | £198.7m | £150.9m | £151.6m | £161.7m | £117.3m |
| Debt | £51.8m | £183.4m | £86.0m | £120.5m | £108.0m | £108.3m | £92.2m | £85.4m | £94.6m | £51.1m |
| Shareholders' equity | £309.8m | £270.0m | £245.9m | £226.2m | £208.2m | £185.3m | £175.6m | £176.1m | £165.2m | £160.1m |
| Shares outstanding | 201m | 201m | 198m | 200m | 200m | 203m | 198m | 199m | 199m | 199m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £95.9m | £85.0m | £75.7m | £64.8m | £39.0m | £50.4m | £39.2m | £31.9m | £25.8m | £32.9m |
| Capital spending | −£6.6m | −£6.6m | −£7.4m | −£8.0m | −£7.0m | −£4.7m | −£4.5m | −£4.2m | −£4.6m | −£2.4m |
| Free cash flow | £89.3m | £78.4m | £68.3m | £56.8m | £32.0m | £45.7m | £34.6m | £27.7m | £21.1m | £30.5m |
| Dividends paid | −£22.6m | −£19.0m | −£16.4m | −£14.8m | −£13.3m | −£3.8m | −£6.5m | −£9.1m | −£8.5m | −£7.9m |
Latest quarters
By quarter end
| Jul 2026 | Jan 2026 | Jul 2025 | Jan 2025 | Jul 2024 | Jan 2024 | Jul 2023 | Jan 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £256.1m | £228.7m | £231.3m | £187.8m | £175.1m | £172.5m | £165.7m | £162.3m |
| Operating income | £52.7m | £45.7m | £35.6m | £31.6m | £34.9m | £33.7m | £30.8m | £28.0m |
| Net income | £33.7m | £28.8m | £22.7m | £18.9m | £20.8m | £22.0m | £20.5m | £16.9m |
| Diluted earnings per share | 0.17 | 0.14 | 0.11 | 0.09 | 0.11 | 0.11 | 0.10 | 0.08 |
| Cash from operations | £53.0m | £42.0m | £39.0m | £40.0m | £38.0m | £34.0m | £38.0m | £26.0m |
| Capital spending | −£3.0m | −£3.0m | −£4.0m | −£2.0m | −£2.0m | −£2.0m | −£3.0m | −£4.0m |
| Free cash flow | £50.0m | £39.0m | £35.0m | £38.0m | £36.0m | £32.0m | £35.0m | £22.0m |
| Total assets | £718.0m | £690.6m | £602.5m | £589.4m | £430.3m | £444.9m | £440.6m | £409.2m |
| Cash and short-term investments | £21.9m | £106.4m | £18.8m | £10.7m | £18.2m | £17.1m | £21.2m | £16.6m |
| Debt | £7.0m | £253.9m | £6.4m | £163.6m | £64.7m | £84.4m | £93.0m | £83.4m |
| Shareholders' equity | £309.8m | £287.8m | £270.0m | £250.0m | £245.9m | £235.4m | £226.2m | £214.2m |
Financial ratios
Data as of 3 Nov 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 19.6% | 17.9% | 18.0% | 17.9% | 16.1% | 12.2% | — |
| Net margin | 12.9% | 9.9% | 12.3% | 11.4% | 11.6% | 7.6% | — |
| Return on equity | 20.2% | 15.4% | 17.4% | 16.5% | 17.1% | 11.2% | — |
| Return on assets | 8.7% | 6.9% | 9.9% | 8.5% | 8.7% | 5.4% | — |
| Free cash flow yield | 0.1% | 0.1% | 0.1% | 0.1% | 0.0% | 0.0% | — |
| Revenue growth | 15.7% | 20.6% | 6.0% | 6.6% | 12.9% | 25.8% | — |
| Earnings growth | 50.5% | -3.0% | 14.5% | 5.0% | 70.9% | 115.6% | — |
| Current ratio | 1.65x | 1.32x | 1.28x | 1.96x | 1.85x | 1.55x | — |
| Debt to equity | 0.68x | 0.56x | 0.26x | 0.41x | 0.42x | 0.47x | — |
| Equity ratio | 43.1% | 44.8% | 57.1% | 51.3% | 50.6% | 48.3% | — |
| Interest coverage | 6.98x | 8.00x | 9.46x | 11.92x | 14.74x | 10.18x | — |
| R&D as a share of sales | — | 0.3% | 1.5% | 1.4% | 1.5% | 1.6% | 1.8% |
| Buybacks as a share of market value | -0.0% | -1.8% | 1.0% | 0.1% | 1.7% | -2.5% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 13.9% | 12.2% | 12.1% |
| Operating income | 18.9% | 20.6% | 17.3% |
| Net income | 18.7% | 24.6% | 14.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 18.3% | 18.6% | 17.7% | 15.5% |
| Net margin | 11.5% | 11.7% | 11.1% | 9.9% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 20.7 | 31.3 | 25.9 | 23.2 | 20.5 | 54.0 | 57.3 | 28.0 | 21.5 | 29.4 |
| Price to sales | 2.7 | 3.1 | 3.2 | 2.6 | 2.4 | 4.1 | 2.5 | 2.2 | 1.4 | 2.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 26 Mar 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.114 | 0.096 | 0.083 | 0.075 | 0.067 | 0.019 | 0.033 | 0.046 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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