F 
926.50p
+0.43%
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
£325.0m
FY2016FY2025
Net income
£22.6m
FY2016FY2025
Free cash flow
£30.3m
FY2016FY2025
Shareholders' equity
£223.1m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £325.0m | £368.5m | £364.4m | £344.3m | £311.1m | £252.1m | £260.5m | £237.4m | £170.2m | £102.2m |
| Gross profit | £107.3m | £138.4m | £109.0m | £118.8m | £130.9m | £116.3m | £131.5m | £123.0m | £91.1m | £56.4m |
| Operating income | £29.7m | £32.8m | £20.8m | £30.6m | £55.9m | £51.3m | £72.2m | £75.4m | £56.4m | £34.4m |
| Net income | £22.6m | £24.4m | £15.4m | £24.9m | £44.6m | £41.7m | £58.5m | £61.8m | £45.5m | £27.5m |
| Diluted earnings per share | 0.19 | 0.21 | 0.13 | 0.21 | 0.38 | 0.36 | 0.50 | 0.53 | 0.39 | 0.24 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £287.0m | £321.9m | £313.7m | £311.6m | £336.1m | £298.4m | £260.5m | £225.4m | £171.8m | £118.2m |
| Cash and short-term investments | £91.1m | £96.0m | £59.9m | £95.3m | £166.2m | £143.1m | £128.3m | £89.7m | £57.0m | £33.0m |
| Total liabilities | £63.9m | £75.2m | £75.9m | £72.4m | £54.5m | £45.8m | £34.4m | £42.2m | £41.7m | £29.2m |
| Debt | £3.8m | £12.1m | £15.2m | £16.9m | £2.9m | £1.9m | £1.8m | £6.1m | £6.1m | £6.1m |
| Shareholders' equity | £223.1m | £246.7m | £237.8m | £239.2m | £281.6m | £252.6m | £226.1m | £183.2m | £130.1m | £89.0m |
| Shares outstanding | 116m | 117m | 117m | 117m | 117m | 117m | 117m | 117m | 116m | 116m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £33.6m | £70.2m | −£1.9m | £8.5m | £46.8m | £38.1m | £68.0m | £45.6m | £34.0m | £20.6m |
| Capital spending | −£3.3m | −£14.1m | −£9.6m | −£7.1m | −£4.6m | −£2.6m | −£2.6m | −£1.5m | −£1.2m | −£823,011 |
| Free cash flow | £30.3m | £56.1m | −£11.5m | £1.4m | £42.2m | £35.5m | £65.4m | £44.2m | £32.7m | £19.8m |
| Dividends paid | −£20.7m | −£19.6m | −£19.1m | −£68.8m | −£18.4m | −£17.8m | −£18.0m | −£13.7m | −£8.9m | −£4.4m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £165.1m | £180.7m | £144.3m | £195.6m | £172.9m | £188.8m | £175.6m | £183.4m |
| Gross profit | £50.3m | £56.5m | £50.8m | £71.0m | £57.8m | £59.3m | £49.7m | £55.3m |
| Operating income | £13.2m | £17.7m | £12.0m | £25.6m | £12.2m | £20.2m | £600,000 | £13.2m |
| Net income | £11.0m | £14.2m | £8.4m | £16.8m | £7.6m | £14.3m | £1.1m | £10.8m |
| Diluted earnings per share | 0.10 | 0.12 | 0.07 | 0.14 | 0.06 | 0.12 | 0.01 | 0.09 |
| Cash from operations | £14.0m | £21.0m | £12.0m | £47.0m | £25.0m | £3.0m | −£5.0m | £13.0m |
| Capital spending | −£1.0m | −£2.0m | — | −£1.0m | −£2.0m | −£6.0m | −£2.0m | −£4.0m |
| Free cash flow | £13.0m | £19.0m | — | £46.0m | £23.0m | −£3.0m | −£7.0m | £9.0m |
| Total assets | £266.0m | £287.0m | £327.4m | £321.9m | £296.8m | £313.7m | £309.0m | £311.6m |
| Cash and short-term investments | £68.0m | £91.1m | £130.0m | £96.0m | £65.9m | £59.9m | £75.8m | £95.3m |
| Debt | £1.9m | £1.0m | £200,000 | £3.6m | £3.5m | £3.4m | £3.4m | £3.4m |
| Shareholders' equity | £201.3m | £223.1m | £262.1m | £246.7m | £233.0m | £237.8m | £229.6m | £239.2m |
Financial ratios
Data as of 5 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 33.0% | 37.6% | 29.9% | 34.5% | 42.1% | 46.1% |
| Operating margin | 9.1% | 9.8% | 6.3% | 9.1% | 18.0% | 20.5% |
| Net margin | 7.0% | 6.6% | 4.2% | 7.2% | 14.3% | 16.5% |
| Return on equity | 10.1% | 9.9% | 6.5% | 10.4% | 15.8% | 16.5% |
| Return on assets | 7.9% | 7.6% | 4.9% | 8.0% | 13.3% | 14.0% |
| Free cash flow yield | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% |
| Revenue growth | -11.8% | 1.1% | 5.8% | 10.7% | 23.4% | -3.2% |
| Earnings growth | -7.4% | 58.4% | -38.2% | -44.2% | 7.0% | -28.7% |
| Current ratio | 3.57x | 3.75x | 3.71x | 4.00x | 5.43x | 5.37x |
| Debt to equity | 0.00x | 0.01x | 0.01x | 0.01x | 0.00x | 0.00x |
| Equity ratio | 77.7% | 76.6% | 75.8% | 76.8% | 83.8% | 84.7% |
| Interest coverage | 74.25x | 60.17x | 38.00x | 78.50x | 186.33x | 259.00x |
| Buybacks as a share of market value | 0.9% | -0.2% | -0.0% | 0.1% | -0.3% | -0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -1.9% | 5.2% | 18.6% |
| Operating income | -1.0% | -10.4% | 5.6% |
| Net income | -3.2% | -11.5% | 5.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 35.4% | 33.8% | 36.7% | 41.3% |
| Operating margin | 9.0% | 8.1% | 11.2% | 17.1% |
| Net margin | 6.8% | 6.2% | 8.8% | 13.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 42.0 | 32.3 | 79.6 | 48.4 | 70.9 | 70.7 | 41.7 | 41.5 | 58.1 | 48.1 |
| Price to sales | 2.9 | 2.1 | 3.4 | 3.5 | 10.2 | 11.7 | 9.4 | 10.8 | 15.5 | 12.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 11 years. Last went ex-dividend on 21 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.113 | 0.171 | 0.247 | 0.164 | 0.161 | 0.158 | 0.153 | 0.155 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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