F 
469.50p
+0.86%
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
£179.7m
FY2016FY2025
Net income
£158.4m
FY2016FY2025
Free cash flow
£37.0m
FY2016FY2025
Shareholders' equity
£1.27bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £179.7m | £225.1m | £55.9m | −£42.4m | £330.2m | −£132.4m | −£34.8m | £60.0m | £110.3m | £53.0m |
| Research and development | — | — | £1 | £1 | £1 | £1 | £1 | £1 | £1 | £1 |
| Operating income | £165.4m | £224.2m | £55.0m | −£42.0m | £329.5m | −£133.3m | −£35.7m | £58.5m | £109.1m | £52.3m |
| Net income | £158.4m | £223.3m | £54.3m | −£43.4m | £329.1m | −£133.7m | −£36.1m | £58.3m | £108.8m | £52.1m |
| Diluted earnings per share | 0.49 | 0.69 | 0.17 | -0.13 | 1.04 | -0.46 | -0.13 | 0.22 | 0.41 | 0.20 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £1.27bn | £1.14bn | £952.9m | £935.3m | £959.2m | £586.0m | £717.3m | £733.1m | £684.5m | £594.5m |
| Cash and short-term investments | £94.1m | £11.7m | £59.5m | £80.5m | £63.8m | £9.8m | £2.2m | £2.3m | £2.0m | £2.5m |
| Total liabilities | £4.5m | £1.4m | £1.8m | £12.7m | £5.1m | £4.5m | £18.7m | £8.1m | £11.0m | £16.2m |
| Shareholders' equity | £1.27bn | £1.14bn | £951.0m | £922.6m | £954.1m | £579.5m | £698.7m | £725.0m | £673.5m | £578.3m |
| Shares outstanding | 324m | 324m | 324m | 324m | 316m | 292m | 282m | 268m | 264m | 265m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £37.0m | £36.9m | £36.0m | −£43.4m | £19.3m | £16.3m | £18.0m | £13.7m | £13.7m | £13.7m |
| Free cash flow | £37.0m | £36.9m | £36.0m | −£43.4m | £19.3m | £16.3m | £18.0m | £13.7m | £13.7m | £13.7m |
| Dividends paid | −£31.3m | −£30.8m | −£25.9m | −£21.6m | −£17.4m | −£20.6m | −£14.2m | −£12.3m | −£12.3m | −£12.3m |
Latest quarters
By quarter end
| Feb 2026 | Aug 2025 | Feb 2025 | Aug 2024 | Feb 2024 | Nov 2023 | Aug 2023 | May 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £221.7m | £146.8m | £26.4m | £192.8m | £43.9m | £22.0m | −£32.1m | −£16.0m |
| Operating income | £217.2m | £142.7m | £22.6m | £189.1m | £40.6m | £20.3m | −£35.4m | −£17.7m |
| Net income | £214.6m | £138.9m | £19.5m | £185.6m | £37.7m | £18.8m | −£40.8m | −£20.4m |
| Diluted earnings per share | 0.66 | 0.43 | 0.06 | 0.57 | 0.12 | 0.06 | -0.13 | -0.06 |
| Cash from operations | £15.0m | £21.0m | £15.0m | £22.0m | £14.0m | £7.0m | £20.0m | £10.0m |
| Capital spending | — | −£21.0m | — | — | — | — | — | — |
| Free cash flow | — | £0 | — | — | — | — | — | — |
| Total assets | £1.47bn | £1.27bn | £1.15bn | £1.14bn | £976.7m | £976.7m | £952.9m | £952.9m |
| Cash and short-term investments | £56.4m | £94.1m | £41.7m | £11.7m | £55.2m | £55.2m | £59.5m | £59.5m |
| Debt | — | — | — | — | £5.3m | £5.3m | — | — |
| Shareholders' equity | £1.47bn | £1.27bn | £1.14bn | £1.14bn | £968.4m | £968.4m | £951.0m | £951.0m |
Financial ratios
Data as of 3 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2008 | FY2007 | FY2006 | FY2005 | FY2004 | FY2003 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | 92.1% | 107.4% | 98.3% | 99.0% | 99.8% | 100.7% | — | — | — | — | — | — | — | — |
| Net margin | 88.2% | 99.2% | 97.1% | 102.4% | 99.7% | 100.9% | — | — | — | — | — | — | — | — |
| Return on equity | 12.5% | 19.5% | 5.7% | -4.7% | 34.5% | -23.1% | — | — | — | — | — | — | — | — |
| Return on assets | 12.5% | 19.5% | 5.7% | -4.6% | 34.3% | -22.8% | — | — | — | — | — | — | — | — |
| Revenue growth | -20.2% | 302.4% | -231.9% | -112.8% | -349.3% | 280.5% | — | — | — | — | — | — | — | — |
| Earnings growth | -29.1% | 311.2% | -225.1% | -113.2% | -346.2% | 269.9% | — | — | — | — | — | — | — | — |
| Current ratio | 94.20x | 17.19x | 38.79x | 7.21x | 13.86x | 2.87x | — | — | — | — | — | — | — | — |
| Debt to equity | — | — | — | — | — | — | — | — | 0.08x | 0.09x | 0.11x | 0.13x | 0.06x | 0.18x |
| Equity ratio | 99.6% | 99.9% | 99.8% | 98.6% | 99.5% | 98.9% | — | — | — | — | — | — | — | — |
| Interest coverage | 26.58x | 41.71x | 11.52x | -33.78x | 871.70x | -249.68x | — | — | — | — | — | — | — | — |
| R&D as a share of sales | — | — | 0.0% | -0.0% | 0.0% | -0.0% | -0.0% | 0.0% | — | — | — | — | — | — |
| Buybacks as a share of market value | 0.1% | 0.0% | 0.0% | -2.7% | -8.1% | -3.6% | — | — | — | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | — | — | 17.0% |
| Operating income | — | — | 16.6% |
| Net income | — | — | 16.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 96.3% | 96.3% | 97.2% | 97.2% |
| Net margin | 94.3% | 93.9% | 95.4% | 95.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 8.6 | 4.5 | 16.6 | -20.8 | 2.9 | -5.3 | -21.6 | 10.5 | 6.2 | 11.6 |
| Price to sales | 7.5 | 4.5 | 16.2 | -21.3 | 2.9 | -5.4 | -22.5 | 10.2 | 6.1 | 11.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 29 years. Last went ex-dividend on 14 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.103 | 0.097 | 0.095 | 0.08 | 0.068 | 0.059 | 0.057 | 0.053 |
- 5-for-1 split · 29 Jun 2015
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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