G 
14,480.00p
-0.69%
Close of 6 Nov 2026, in pence
At a glance
Figures in GBP, from our data supplier.
Revenue
£68.9m
FY2017FY2026
Net income
£55.5m
FY2017FY2026
Free cash flow
£48.5m
FY2017FY2026
Shareholders' equity
£130.6m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £68.9m | £219.7m | £191.3m | £185.7m | £144.1m | £131.2m | £144.5m | £127.0m | £124.8m | £131.6m |
| Research and development | — | — | £3.2m | £3.8m | £4.5m | £4.2m | £306,000 | £38,000 | £308,000 | £1.5m |
| Operating income | £9.9m | £37.1m | £26.9m | £20.3m | £18.3m | £17.1m | £12.9m | £16.4m | £13.6m | £9.9m |
| Net income | £55.5m | £24.6m | £16.9m | £15.9m | £13.0m | £12.5m | £7.9m | £11.5m | £8.5m | £6.1m |
| Diluted earnings per share | 7.38 | 3.27 | 2.25 | 2.11 | 1.69 | 1.62 | 1.05 | 1.53 | 1.16 | 0.84 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £323.5m | £285.9m | £284.2m | £262.8m | £219.0m | £202.4m | £192.3m | £189.4m | £157.6m | £156.9m |
| Cash and short-term investments | £14.1m | £18.5m | £32.1m | £19.7m | £11.7m | £15.2m | £9.8m | £9.6m | £7.5m | £5.2m |
| Total liabilities | £187.5m | £143.7m | £157.6m | £133.7m | £99.2m | £84.4m | £82.7m | £80.1m | £52.8m | £63.3m |
| Debt | £1.4m | £32.1m | £75.9m | £54.0m | £43.1m | £34.7m | £30.2m | £30.7m | £18.2m | £33.2m |
| Shareholders' equity | £130.6m | £138.2m | £122.3m | £124.7m | £115.3m | £113.1m | £105.0m | £105.2m | £99.6m | £89.4m |
| Shares outstanding | 8m | 8m | 8m | 8m | 8m | 8m | 8m | 8m | 7m | 7m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £61.8m | £58.2m | £27.1m | £29.1m | £18.0m | £21.2m | £19.2m | £11.2m | £31.1m | £5.3m |
| Capital spending | −£13.3m | −£16.3m | −£17.4m | −£20.7m | −£18.0m | −£13.9m | −£9.0m | −£13.3m | −£12.7m | −£8.4m |
| Free cash flow | £48.5m | £41.9m | £9.7m | £8.4m | −£8,000 | £7.3m | £10.2m | −£2.1m | £18.4m | −£3.1m |
| Dividends paid | −£61.0m | −£10.0m | −£8.6m | −£8.3m | −£7.9m | −£6.0m | −£6.9m | −£6.1m | −£3.1m | −£3.1m |
Latest quarters
By quarter end
| Oct 2025 | Apr 2025 | Oct 2024 | Jul 2024 | Apr 2024 | Jan 2024 | Oct 2023 | Jul 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £135.6m | £113.3m | £106.4m | £53.2m | £93.7m | £46.8m | £97.6m | £48.8m |
| Operating income | £37.2m | £18.9m | £18.2m | £9.1m | £14.4m | £7.2m | £12.5m | £6.3m |
| Net income | £26.4m | £13.2m | £11.3m | £5.7m | £8.2m | £4.1m | £8.7m | £4.4m |
| Diluted earnings per share | 3.52 | 1.76 | 1.51 | 0.75 | 1.09 | 0.54 | 1.16 | 0.58 |
| Cash from operations | £27.0m | £27.0m | £30.0m | £7.0m | £27.0m | £13.0m | — | — |
| Capital spending | −£7.0m | −£11.0m | −£4.0m | −£2.0m | −£12.0m | −£6.0m | −£2.0m | −£1.0m |
| Free cash flow | £20.0m | £16.0m | £26.0m | £5.0m | £15.0m | £7.0m | — | — |
| Total assets | £298.8m | £285.9m | £287.0m | £287.0m | £284.2m | £284.2m | £269.4m | £269.4m |
| Cash and short-term investments | £19.9m | £18.5m | £15.1m | £15.1m | £33.3m | £30.7m | £13.4m | £13.4m |
| Debt | £26.4m | £29.7m | £50.3m | £20.9m | £69.0m | £14.0m | £62.4m | £13.9m |
| Shareholders' equity | £101.2m | £138.2m | £123.9m | £123.9m | £122.3m | £122.3m | £114.2m | £114.2m |
Financial ratios
Data as of 30 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating margin | 14.4% | 16.9% | 14.9% | 11.9% | 10.9% | 14.7% | — | — | — |
| Net margin | 80.5% | 11.2% | 8.8% | 8.2% | 8.6% | 9.0% | — | — | — |
| Return on equity | 42.4% | 17.8% | 13.8% | — | 12.7% | 11.3% | 11.0% | — | — |
| Return on assets | 17.1% | 8.6% | 5.9% | — | 6.1% | 5.9% | 6.2% | — | — |
| Free cash flow yield | 0.1% | 0.1% | 0.0% | — | 0.0% | 0.0% | 0.0% | — | — |
| Revenue growth | -68.7% | 14.9% | -1.4% | 4.4% | 28.9% | 9.8% | — | — | — |
| Earnings growth | 125.7% | 45.4% | 6.5% | -0.2% | 22.5% | 3.9% | — | — | — |
| Current ratio | 0.25x | 1.43x | 2.21x | — | 1.64x | 1.94x | 2.11x | — | — |
| Debt to equity | 0.00x | 0.22x | 0.56x | — | 0.43x | 0.34x | 0.28x | — | — |
| Equity ratio | 40.4% | 48.3% | 43.0% | — | 47.5% | 52.7% | 55.9% | — | — |
| Interest coverage | 114.22x | 12.55x | 6.63x | 10.92x | 10.10x | 15.99x | — | — | — |
| R&D as a share of sales | — | — | 1.7% | — | 2.0% | 3.1% | 3.2% | 0.2% | 0.0% |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.5% | — | 1.9% | 0.0% | -2.2% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -28.2% | -12.1% | -5.7% |
| Operating income | -21.2% | -10.3% | -2.5% |
| Net income | 51.6% | 34.7% | 20.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 16.3% | 14.2% | 13.8% | 12.3% |
| Net margin | 27.7% | 17.0% | 14.7% | 11.4% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 20.6 | 34.0 | 18.2 | 14.3 | 10.3 | 10.4 | 15.2 | 10.2 | 11.4 | 12.5 |
| Price to sales | 16.6 | 3.8 | 1.6 | 1.2 | 0.9 | 1.0 | 0.8 | 0.9 | 0.8 | 0.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 16 Sept 2026.
| FY2027 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 3.30 | 8.12 | 1.33 | 1.15 | 1.617 | 1.022 | 0.817 | 0.962 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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