G 
184.60p
+0.16%
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
£258.9m
FY2016FY2025
Net income
£202.6m
FY2016FY2025
Free cash flow
£121.0m
FY2016FY2025
Shareholders' equity
£2.04bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £258.9m | £284.6m | £271.7m | £285.2m | £256.1m | £219.2m | £222.8m | £270.7m | £264.7m | £219.9m |
| Gross profit | £164.8m | £162.1m | £160.9m | £161.1m | £151.5m | £147.9m | £134.5m | £132.1m | £119.2m | £114.6m |
| Research and development | — | — | £0 | £1 | £1 | £0 | £1 | £0 | £0 | £0 |
| Operating income | £128.0m | £119.1m | £128.4m | £122.2m | £113.8m | £104.4m | £105.5m | £102.6m | £85.5m | £79.0m |
| Net income | £202.6m | £31.2m | £25.6m | £229.4m | £109.5m | £82.8m | £114.9m | £87.4m | £74.7m | £74.5m |
| Diluted earnings per share | 0.27 | 0.04 | 0.03 | 0.34 | 0.16 | 0.12 | 0.19 | 0.12 | 0.10 | 0.10 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £3.77bn | £3.74bn | £3.72bn | £3.58bn | £3.27bn | £2.97bn | £2.63bn | £1.89bn | £1.77bn | £1.61bn |
| Cash and short-term investments | £85.8m | £93.2m | £121.0m | £110.2m | £317.6m | £369.1m | £189.3m | £109.3m | £88.9m | £90.7m |
| Total liabilities | £1.73bn | £1.85bn | £1.79bn | £1.61bn | £1.53bn | £1.53bn | £1.41bn | £1.07bn | £1.02bn | £937.7m |
| Debt | £1.60bn | £1.60bn | £1.54bn | £1.36bn | £1.35bn | £1.39bn | £1.28bn | £961.2m | £925.7m | £843.7m |
| Shareholders' equity | £2.04bn | £1.89bn | £1.93bn | £1.97bn | £1.74bn | £1.44bn | £1.22bn | £815.6m | £745.3m | £675.1m |
| Shares outstanding | 743m | 743m | 743m | 680m | 683m | 673m | 611m | 741m | 741m | 741m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £122.4m | £136.6m | £184.7m | £102.0m | £148.0m | £93.1m | £184.1m | £126.3m | £45.5m | £54.0m |
| Capital spending | −£1.4m | −£4.3m | −£6.1m | −£3.7m | −£300,000 | −£12.3m | −£7.9m | −£2.9m | −£800,000 | −£600,000 |
| Free cash flow | £121.0m | £132.3m | £178.6m | £98.3m | £147.7m | £80.8m | £176.2m | £123.4m | £44.7m | £53.4m |
| Dividends paid | −£58.1m | −£51.0m | −£45.7m | −£40.0m | −£36.8m | −£33.5m | −£25.2m | −£20.8m | −£19.3m | −£14.7m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £113.4m | £125.9m | £136.4m | £174.3m | £114.5m | £159.7m | £78.3m | £112.0m |
| Gross profit | £73.7m | £81.2m | £136.4m | £88.9m | £73.2m | £87.1m | £42.5m | £73.8m |
| Operating income | £57.3m | £58.7m | £69.3m | £64.0m | £60.9m | £68.0m | £23.5m | £57.2m |
| Net income | −£15.8m | £147.2m | £55.4m | £53.2m | −£22.0m | £20.9m | £10.4m | £4.7m |
| Diluted earnings per share | -0.02 | 0.20 | 0.07 | 0.07 | -0.03 | 0.03 | 0.01 | 0.01 |
| Cash from operations | £33.0m | £57.0m | £64.0m | £100.0m | £36.0m | £129.0m | — | £55.0m |
| Capital spending | — | −£72.0m | −£77.0m | −£140.0m | −£125.0m | −£140.0m | — | −£167.0m |
| Free cash flow | — | −£15.0m | −£13.0m | −£40.0m | −£89.0m | −£11.0m | — | −£112.0m |
| Total assets | £3.76bn | £3.77bn | £3.74bn | £3.74bn | £3.67bn | £3.72bn | £3.72bn | £3.64bn |
| Cash and short-term investments | £150.9m | £85.8m | £74.9m | £93.2m | £65.8m | £131.2m | £166.3m | £92.4m |
| Debt | £1.66bn | £1.59bn | £1.56bn | £1.59bn | £1.56bn | £1.53bn | £1.54bn | £1.47bn |
| Shareholders' equity | £1.99bn | £2.04bn | £1.91bn | £1.89bn | £1.86bn | £1.93bn | — | £1.92bn |
Financial ratios
Data as of 4 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 63.7% | 57.0% | 59.2% | 56.5% | 59.2% | 67.5% | — | — |
| Operating margin | 55.5% | 27.7% | 46.1% | 42.3% | 43.9% | 47.6% | — | — |
| Net margin | 78.3% | 11.0% | 9.4% | 80.4% | 42.8% | 37.8% | — | — |
| Return on equity | 9.9% | 1.6% | 1.3% | 11.7% | 6.3% | 5.7% | — | — |
| Return on assets | 5.4% | 0.8% | 0.7% | 6.4% | 3.3% | 2.8% | — | — |
| Free cash flow yield | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | — | — |
| Revenue growth | -9.0% | 4.7% | -4.7% | 11.4% | 16.8% | -1.6% | — | — |
| Earnings growth | 549.4% | 21.9% | -88.8% | 109.5% | 32.2% | -27.9% | — | — |
| Current ratio | 2.71x | 4.49x | 0.93x | 1.50x | 4.37x | 8.26x | — | — |
| Debt to equity | 0.78x | 0.84x | 0.80x | 0.69x | 0.78x | 0.97x | — | — |
| Equity ratio | 54.1% | 50.6% | 51.8% | 55.0% | 53.1% | 48.6% | — | — |
| Interest coverage | 3.49x | 2.06x | 4.06x | 3.87x | 3.55x | 2.41x | — | — |
| 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 | -0.0% | -0.0% | -9.2% | 0.4% | -1.5% | -10.1% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -3.2% | 3.4% | 3.0% |
| Operating income | 1.6% | 4.2% | 6.0% |
| Net income | -4.1% | 19.6% | 16.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 60.1% | 59.0% | 60.2% | 55.7% |
| Operating margin | 45.5% | 45.2% | 45.4% | 42.2% |
| Net margin | 43.0% | 44.4% | 43.2% | 39.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 6.7 | 53.6 | 76.7 | 7.5 | 19.6 | 23.0 | 16.7 | 17.8 | 26.0 | 21.4 |
| Price to sales | 5.2 | 5.9 | 7.2 | 6.0 | 8.4 | 8.7 | 8.6 | 5.7 | 7.3 | 7.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 21 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.084 | 0.079 | 0.069 | 0.062 | 0.054 | 0.055 | 0.053 | 0.053 |
- 1-to-1 reverse split · 18 Apr 2005
- 5-for-1 split · 25 Feb 2005
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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