G 
1,034.20p
-1.47%
Close of 6 Nov 2026, in pence
At a glance
Figures in GBP, from our data supplier.
Revenue
£2.52bn
FY2016FY2025
Net income
£136.6m
FY2016FY2025
Free cash flow
£232.3m
FY2016FY2025
Shareholders' equity
£1.65bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £2.52bn | £2.28bn | £2.32bn | £2.30bn | £2.11bn | £2.51bn | £2.67bn | £2.95bn | £2.72bn | £2.51bn |
| Operating income | £162.4m | £152.6m | £183.2m | £264.3m | £269.2m | £159.7m | £197.8m | £187.5m | £160.9m | £120.1m |
| Net income | £136.6m | £122.0m | £148.7m | £208.6m | £206.8m | £107.5m | £119.2m | £150.4m | £127.7m | £93.3m |
| Diluted earnings per share | 0.71 | 0.61 | 0.71 | 0.91 | 0.86 | 0.45 | 0.50 | 0.63 | 0.54 | 0.39 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £2.82bn | £2.75bn | £2.81bn | £2.99bn | £2.95bn | £2.98bn | £2.88bn | £2.31bn | £2.19bn | £2.02bn |
| Cash and short-term investments | £495.8m | £509.4m | £583.9m | £711.7m | £844.7m | £456.0m | £348.8m | £223.0m | £253.7m | £205.9m |
| Total liabilities | £1.17bn | £1.16bn | £1.15bn | £1.24bn | £1.23bn | £1.52bn | £1.52bn | £1.01bn | £1.01bn | £950.3m |
| Debt | £619.1m | £641.1m | £633.2m | £702.8m | £705.6m | £811.0m | £882.6m | £276.0m | £316.1m | £301.5m |
| Shareholders' equity | £1.65bn | £1.60bn | £1.66bn | £1.75bn | £1.72bn | £1.47bn | £1.36bn | £1.30bn | £1.17bn | £1.06bn |
| Shares outstanding | 193m | 199m | 209m | 229m | 240m | 239m | 239m | 238m | 238m | 237m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £269.2m | £246.8m | £272.8m | £217.3m | £239.0m | £316.3m | £233.5m | £178.3m | £186.1m | £145.4m |
| Capital spending | −£37.0m | −£46.8m | −£48.8m | −£57.8m | −£44.4m | −£37.1m | −£52.4m | −£73.6m | −£81.4m | −£60.4m |
| Free cash flow | £232.3m | £200.0m | £224.0m | £159.5m | £194.6m | £279.3m | £181.0m | £104.7m | £104.7m | £84.9m |
| Dividends paid | −£72.6m | −£73.2m | −£72.6m | −£73.9m | −£84.9m | — | −£44.0m | −£38.6m | −£33.7m | −£30.0m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £1.34bn | £1.27bn | £1.25bn | £1.15bn | £1.14bn | £568.6m | £1.13bn | £565.0m |
| Operating income | £85.9m | −£5.1m | £167.5m | £78.6m | £71.3m | £35.7m | £89.3m | £45.7m |
| Net income | £62.3m | £67.8m | £68.7m | £64.7m | £57.3m | £28.7m | £73.9m | £37.0m |
| Diluted earnings per share | 0.33 | 0.35 | 0.36 | 0.32 | 0.29 | 0.14 | 0.35 | 0.18 |
| Cash from operations | £121.0m | £140.0m | £128.0m | £121.0m | £136.0m | £68.0m | £125.0m | £56.0m |
| Capital spending | −£21.0m | −£20.0m | −£16.0m | −£16.0m | −£23.0m | −£11.0m | −£26.0m | −£12.0m |
| Free cash flow | £100.0m | £120.0m | £112.0m | £105.0m | £113.0m | £57.0m | £99.0m | £44.0m |
| Total assets | £3.03bn | £2.82bn | £2.87bn | £2.75bn | £2.76bn | £2.76bn | £2.81bn | £2.81bn |
| Cash and short-term investments | £394.9m | £495.8m | £494.5m | £509.4m | £553.4m | £553.4m | £583.9m | £583.9m |
| Debt | £397.6m | £298.9m | £323.2m | £309.5m | £258.9m | £66.6m | £269.1m | £64.9m |
| Shareholders' equity | £1.63bn | £1.65bn | £1.61bn | £1.60bn | £1.59bn | £1.59bn | £1.66bn | £1.66bn |
Financial ratios
Data as of 31 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY1994 | FY1993 | FY1992 | FY1991 | FY1990 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | 6.4% | 7.7% | 8.9% | 11.8% | 12.8% | 6.3% | — | — | — | — | — |
| Net margin | 5.4% | 5.3% | 6.4% | 9.1% | 9.8% | 4.3% | — | — | — | — | — |
| Return on equity | 8.3% | 7.6% | 9.0% | 12.0% | 12.0% | 7.3% | — | — | — | — | — |
| Return on assets | 4.8% | 4.4% | 5.3% | 7.0% | 7.0% | 3.6% | — | — | — | — | — |
| Free cash flow yield | 0.2% | 0.1% | 0.2% | 0.1% | 0.1% | 0.1% | — | — | — | — | — |
| Revenue growth | 10.4% | -1.6% | 0.8% | 9.1% | -15.9% | -6.1% | — | — | — | — | — |
| Earnings growth | 11.9% | -18.0% | -28.7% | 0.9% | 92.3% | -9.8% | — | — | — | — | — |
| Current ratio | 2.11x | 2.16x | 2.46x | 2.73x | 2.47x | 1.79x | — | — | — | — | — |
| Debt to equity | 0.18x | 0.19x | 0.16x | 0.18x | 0.18x | 0.23x | — | — | — | — | — |
| Equity ratio | 58.5% | 58.0% | 59.0% | 58.4% | 58.2% | 49.2% | — | — | — | — | — |
| Interest coverage | 6.84x | 7.55x | 8.68x | 13.27x | 12.96x | 6.62x | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% |
| Buybacks as a share of market value | 3.3% | 4.7% | 8.5% | 4.8% | -0.4% | -0.2% | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 3.1% | 0.1% | 1.3% |
| Operating income | -15.0% | 0.3% | 2.4% |
| Net income | -13.2% | 4.9% | 3.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 6.6% | 8.1% | 8.5% | 7.3% |
| Net margin | 5.4% | 6.5% | 6.6% | 5.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 13.2 | 15.7 | 12.8 | 8.6 | 14.3 | 20.5 | 17.4 | 10.2 | 14.9 | 14.0 |
| Price to sales | 0.7 | 0.8 | 0.8 | 0.8 | 1.4 | 0.9 | 0.8 | 0.5 | 0.7 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 10 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.38 | 0.373 | 0.365 | 0.338 | 0.313 | 0.355 | 0.185 | 0.163 |
- 1-to-1 reverse split · 29 Jul 2002
- 10-for-1 split · 14 May 2001
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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