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At a glance
Figures in GBP, from our data supplier.
Revenue
£150.5m
FY2016FY2025
Net income
£3.5m
FY2016FY2025
Free cash flow
£2.3m
FY2016FY2025
Shareholders' equity
£117.4m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £150.5m | £136.0m | £148.5m | £124.8m | £124.1m | £122.1m | £129.1m | £124.9m | £112.0m | £86.1m |
| Gross profit | £42.7m | £41.6m | £36.9m | £39.1m | £41.3m | £39.3m | £44.9m | £50.1m | £46.1m | £32.3m |
| Research and development | £7.3m | £7.8m | £7.4m | £9.2m | £8.1m | £7.9m | £7.1m | £8.2m | £8.1m | £6.7m |
| Operating income | £10.4m | £6.8m | £9.9m | £5.8m | £10.0m | £9.4m | £8.4m | £10.8m | £13.3m | £10.2m |
| Net income | £3.5m | −£6.4m | £4.0m | −£2.0m | £3.4m | £3.8m | £3.8m | £7.2m | £8.9m | £7.0m |
| Diluted earnings per share | 0.13 | -0.25 | 0.16 | -0.08 | 0.14 | 0.15 | 0.15 | 0.29 | 0.36 | 0.74 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £206.9m | £166.3m | £192.6m | £176.1m | £160.7m | £178.2m | £183.8m | £184.9m | £149.3m | £130.2m |
| Cash and short-term investments | £8.0m | £6.6m | £7.3m | £6.0m | £8.4m | £19.7m | £17.5m | £19.4m | £26.4m | £23.2m |
| Total liabilities | £89.4m | £57.9m | £72.9m | £57.5m | £46.4m | £64.8m | £70.9m | £77.1m | £51.2m | £40.0m |
| Debt | £51.1m | £32.4m | £39.0m | £25.1m | £17.6m | £34.5m | £31.8m | £30.0m | £11.5m | £11.5m |
| Shareholders' equity | £117.4m | £108.4m | £119.7m | £118.5m | £114.3m | £113.4m | £112.8m | £107.8m | £98.1m | £90.2m |
| Shares outstanding | 27m | 26m | 26m | 25m | 25m | 25m | 25m | 25m | 25m | 10m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £6.8m | £14.2m | £16.2m | £6.5m | £16.2m | £20.4m | £11.6m | £9.2m | £17.6m | £12.6m |
| Capital spending | −£4.6m | −£5.2m | −£7.3m | −£8.6m | −£6.2m | −£6.8m | −£7.4m | −£7.2m | −£6.4m | −£10.3m |
| Free cash flow | £2.3m | £8.9m | £8.8m | −£2.0m | £10.0m | £13.7m | £4.2m | £1.9m | £11.2m | £2.2m |
| Dividends paid | −£3.5m | −£3.4m | −£3.2m | −£3.1m | −£1.1m | −£1.8m | −£2.8m | −£2.6m | −£2.3m | −£2.1m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Mar 2023 | Sept 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £81.9m | £79.6m | £70.9m | £72.4m | £63.6m | £77.2m | £71.3m | £70.7m |
| Gross profit | £22.0m | £23.0m | £20.1m | £21.4m | £16.5m | £21.6m | £19.0m | £19.9m |
| Operating income | £4.6m | £5.6m | £4.7m | £5.2m | £2.5m | £4.7m | £4.1m | £3.7m |
| Net income | £2.5m | £1.4m | £2.1m | £3.1m | −£227,000 | £1.3m | £2.7m | −£3.7m |
| Diluted earnings per share | 0.09 | 0.05 | 0.08 | 0.12 | -0.01 | 0.05 | 0.11 | -0.15 |
| Cash from operations | £2.0m | £6.0m | £2.0m | £11.0m | £2.0m | £10.0m | £6.0m | £2.0m |
| Capital spending | −£3.0m | −£2.0m | −£3.0m | −£2.0m | −£3.0m | −£3.0m | −£4.0m | −£4.0m |
| Free cash flow | −£1.0m | £4.0m | −£1.0m | £9.0m | −£1.0m | £7.0m | £2.0m | −£2.0m |
| Total assets | £211.6m | £206.9m | £185.3m | £166.3m | £171.3m | £192.6m | £169.0m | £176.1m |
| Cash and short-term investments | £5.2m | £8.0m | £5.5m | £6.6m | £4.8m | £7.3m | £6.1m | £6.0m |
| Debt | £43.3m | £39.3m | £31.5m | £23.9m | £27.9m | £29.6m | £20.3m | £20.5m |
| Shareholders' equity | £119.1m | £117.4m | £110.5m | £108.4m | £107.0m | £119.7m | £114.6m | £118.5m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 6.4% | 4.3% | 6.7% |
| Operating income | 21.7% | 2.1% | 0.1% |
| Net income | — | -1.3% | -7.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 29.4% | 28.6% | 29.9% | 33.3% |
| Operating margin | 6.0% | 5.9% | 6.5% | 7.9% |
| Net margin | -1.0% | -0.1% | 0.8% | 3.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 45.0 | -20.9 | 37.6 | -67.0 | 90.1 | 78.1 | 92.5 | 41.1 | 41.2 | 13.5 |
| Price to sales | 1.1 | 1.0 | 1.0 | 1.1 | 2.5 | 2.4 | 2.7 | 2.4 | 3.3 | 1.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 15 years. Last went ex-dividend on 18 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.132 | 0.232 | 0.131 | 0.127 | 0.201 | 0.045 | 0.072 | 0.114 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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