H 
392.00p
+3.43%
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.
Net income
£236.1m
FY2016FY2024
Free cash flow
−£279.5m
FY2016FY2024
Shareholders' equity
£2.50bn
FY2016FY2024
Income statement
Fiscal years
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross profit | £247.6m | £246.6m | £118.3m | £604.1m | £253.4m | £181.6m | £104.6m | £131.2m | £103.7m |
| Operating income | £236.1m | £230.5m | £183.0m | £594.9m | £247.0m | £177.6m | £156.4m | £128.5m | £101.4m |
| Net income | £236.1m | £230.5m | £107.5m | £595.1m | £247.0m | £177.5m | £101.1m | £128.4m | £100.7m |
| Diluted earnings per share | 0.52 | 0.50 | 0.23 | 1.31 | 0.59 | 0.44 | 5.40 | 6.86 | 96.55 |
Balance sheet
At each fiscal year end
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | £2.60bn | £2.29bn | £2.23bn | £2.16bn | £1.29bn | £1.04bn | £805.9m | £722.8m | £618.6m |
| Cash and short-term investments | £18.5m | £275.4m | £323.1m | £94.3m | £187.6m | £4.6m | £3.4m | £3.9m | £6.2m |
| Total liabilities | £100.8m | £3.9m | £141.8m | £154.0m | £1.2m | £1.2m | £886,000 | £1.8m | £2.8m |
| Debt | £98.2m | — | £137.4m | £151.1m | — | — | — | — | £1.5m |
| Shareholders' equity | £2.50bn | £2.29bn | £2.09bn | £2.01bn | £1.29bn | £1.04bn | £805.0m | £721.0m | £615.8m |
| Shares outstanding | 458m | 458m | 458m | 455m | 416m | 407m | 19m | 19m | 1m |
Cash flow
Fiscal years
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −£279.5m | £125.6m | −£70.6m | −£2.1m | −£69.0m | −£4.7m | −£17.9m | £11.0m | £22.9m |
| Capital spending | — | — | — | −£7.2m | −£72.1m | — | — | — | — |
| Free cash flow | −£279.5m | £125.6m | −£70.6m | −£9.3m | −£141.1m | −£4.7m | −£17.9m | £11.0m | £22.9m |
| Dividends paid | −£29.8m | −£29.8m | −£34.2m | −£21.7m | −£20.4m | −£18.4m | −£17.2m | −£23.1m | −£14.9m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Gross profit | −£117.1m | £109.0m | £283,000 | £85.2m | £162.5m | £145.9m | £110.0m | £93.7m |
| Operating income | −£118.3m | £99.3m | −£957,000 | £76.7m | £159.4m | £141.2m | £107.7m | £90.4m |
| Net income | −£133.1m | £109.8m | −£11.4m | £89.7m | £146.4m | £134.3m | £96.2m | £72.3m |
| Diluted earnings per share | -0.29 | 0.24 | -0.02 | 0.20 | 0.32 | 0.29 | 0.21 | 0.16 |
| Cash from operations | −£76.0m | −£41.0m | £111.0m | −£196.0m | −£83.0m | £240.0m | −£114.0m | £27.0m |
| Total assets | £2.54bn | £2.61bn | £2.47bn | £2.60bn | £2.42bn | £2.29bn | £2.17bn | £2.23bn |
| Cash and short-term investments | £13.0m | £14.3m | £53.9m | £18.5m | £190.7m | £51.6m | £39.0m | £52.3m |
| Shareholders' equity | £2.40bn | £2.57bn | £2.47bn | £2.50bn | £2.42bn | £2.29bn | £2.17bn | £2.09bn |
Financial ratios
Data as of 29 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2016 | FY2015 | FY2014 | FY2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 98.5% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | — | — | — | — | — |
| Operating margin | 88.7% | 199.4% | 93.5% | 154.7% | 98.5% | 97.5% | — | — | — | — | — |
| Net margin | 88.7% | 95.3% | 93.5% | 90.9% | 98.5% | 97.5% | — | — | — | — | — |
| Return on equity | 3.8% | 9.5% | 10.1% | 5.1% | 29.7% | 19.1% | — | — | — | — | — |
| Return on assets | 3.8% | 9.1% | 10.0% | 4.8% | 27.6% | 19.1% | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | 0.0% | 0.0% | — | — | — | — | — |
| Revenue growth | -55.2% | 0.4% | 108.4% | -80.4% | 138.4% | 39.5% | — | — | — | — | — |
| Earnings growth | -58.3% | 2.4% | 114.5% | -81.9% | 141.0% | 39.1% | — | — | — | — | — |
| Current ratio | — | 7.18x | 131.50x | 42.77x | 68.05x | 229.12x | 47.79x | — | — | — | — |
| Debt to equity | — | — | — | — | — | — | — | 0.00x | 0.00x | 0.00x | 0.00x |
| Equity ratio | 98.5% | 96.1% | 99.8% | 93.6% | 92.9% | 99.9% | — | — | — | — | — |
| Interest coverage | 59.72x | 190.16x | 9.73x | 2.42x | 4.79x | 3.98x | — | — | — | — | — |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.1% | -0.6% | -9.4% | -2.1% | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -2.1% | -15.2% | 1.3% |
| Operating income | -18.7% | -16.8% | 4.2% |
| Net income | -2.9% | -16.8% | 4.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 99.5% | 99.8% | 99.9% | 99.9% |
| Operating margin | 93.3% | 103.4% | 100.6% | 100.9% |
| Net margin | 93.3% | 93.0% | 95.8% | 94.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 23.6 | 10.4 | 8.6 | 14.9 | 3.2 | 5.1 | 5.9 | 0.3 | 0.3 | 0.0 |
| Price to sales | 20.9 | 10.0 | 8.1 | 13.6 | 3.2 | 5.0 | 5.8 | 0.3 | 0.3 | 0.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 35 years. Last went ex-dividend on 24 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.05 | 0.055 | 0.065 | 0.065 | 0.075 | 0.05 | 0.05 | 0.048 |
- 10-for-1 split · 28 May 2019
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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