H 
2,845.00p
+2.89%
Close of 9 Nov 2026, in pence
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At a glance
Figures in GBP, from our data supplier.
Revenue
£868.8m
FY2016FY2025
Net income
£82.5m
FY2016FY2025
Free cash flow
£107.5m
FY2016FY2025
Shareholders' equity
£475.0m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £868.8m | £855.1m | £829.8m | £732.1m | £625.2m | £660.5m | £694.7m | £637.9m | £585.1m | £540.1m |
| Gross profit | £353.5m | £341.8m | £316.7m | £270.5m | £236.0m | £244.6m | £256.5m | £228.6m | £219.3m | £199.5m |
| Research and development | — | £1.5m | £2.0m | £300,000 | £700,000 | £500,000 | £400,000 | £400,000 | £300,000 | £500,000 |
| Operating income | £140.2m | £115.4m | £103.4m | £78.5m | £48.9m | £42.8m | £69.2m | £65.2m | £74.1m | £51.8m |
| Net income | £82.5m | £76.4m | £68.8m | £56.7m | £34.2m | £24.0m | £48.4m | £47.2m | £53.9m | £33.8m |
| Diluted earnings per share | 1.02 | 0.93 | 0.84 | 0.70 | 0.42 | 0.30 | 0.61 | 0.59 | 0.68 | 0.43 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £761.9m | £796.0m | £715.0m | £694.3m | £673.3m | £646.7m | £712.5m | £630.8m | £527.2m | £517.4m |
| Cash and short-term investments | £70.4m | £55.0m | £34.4m | £24.8m | £18.8m | £22.0m | £26.0m | £36.9m | £16.4m | £15.6m |
| Total liabilities | £286.9m | £320.3m | £290.5m | £299.3m | £333.7m | £326.2m | £405.5m | £337.6m | £268.6m | £285.2m |
| Debt | £121.2m | £145.5m | £142.8m | £144.5m | £161.8m | £168.2m | £241.3m | £169.8m | £115.4m | £127.6m |
| Shareholders' equity | £475.0m | £475.7m | £424.5m | £395.0m | £339.6m | £320.5m | £307.0m | £293.2m | £258.6m | £232.2m |
| Shares outstanding | 81m | 82m | 82m | 81m | 81m | 79m | 80m | 79m | 80m | 79m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £136.7m | £129.0m | £129.2m | £49.6m | £65.7m | £91.9m | £60.9m | £55.5m | £56.4m | £59.3m |
| Capital spending | −£29.2m | −£21.3m | −£29.5m | −£20.9m | −£19.2m | −£17.3m | −£31.6m | −£18.3m | −£20.7m | −£21.7m |
| Free cash flow | £107.5m | £107.7m | £99.7m | £28.7m | £46.5m | £74.6m | £29.3m | £37.2m | £35.7m | £37.6m |
| Dividends paid | −£39.4m | −£34.5m | −£28.0m | −£24.7m | −£21.2m | −£8.4m | −£25.1m | −£23.6m | −£20.7m | −£16.2m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £451.0m | £437.2m | £431.6m | £432.4m | £422.7m | £409.0m | £420.8m | £382.2m |
| Gross profit | £173.9m | £178.5m | £175.0m | £174.2m | £167.6m | £146.0m | £161.1m | £135.1m |
| Operating income | £70.8m | £72.4m | £68.0m | £52.4m | £63.0m | £63.8m | £57.7m | £44.2m |
| Net income | £35.5m | £35.2m | £47.3m | £33.6m | £42.8m | £34.0m | £34.8m | £30.5m |
| Diluted earnings per share | 0.44 | 0.43 | 0.58 | 0.41 | 0.52 | 0.42 | 0.43 | 0.38 |
| Cash from operations | £38.0m | £74.0m | £62.0m | £78.0m | £51.0m | £82.0m | £47.0m | £47.0m |
| Capital spending | −£16.0m | −£18.0m | −£10.0m | −£14.0m | −£7.0m | −£17.0m | −£12.0m | −£10.0m |
| Free cash flow | £22.0m | £56.0m | £52.0m | £64.0m | £44.0m | £65.0m | £35.0m | £37.0m |
| Total assets | £644.8m | £761.9m | £772.0m | £796.0m | £772.5m | £715.0m | £720.3m | £694.3m |
| Cash and short-term investments | £46.6m | £70.4m | £71.4m | £55.0m | £55.8m | £34.4m | £22.3m | £24.8m |
| Debt | £144.3m | £89.9m | £92.7m | £108.6m | £115.7m | £107.1m | £123.4m | £113.9m |
| Shareholders' equity | £345.9m | £475.0m | £476.8m | £475.7m | £458.9m | £424.5m | £407.3m | £395.0m |
Financial ratios
Data as of 31 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 40.7% | 40.0% | 38.2% | 36.9% | 37.7% | 37.0% | — |
| Operating margin | 16.1% | 13.5% | 12.5% | 10.4% | 7.8% | 6.4% | — |
| Net margin | 9.5% | 8.9% | 8.3% | 7.7% | 5.5% | 3.6% | — |
| Return on equity | 17.4% | 16.1% | 16.2% | 14.4% | 10.1% | 7.5% | — |
| Return on assets | 10.8% | 9.6% | 9.6% | 8.2% | 5.1% | 3.7% | — |
| Free cash flow yield | 0.1% | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | — |
| Revenue growth | 1.6% | 3.0% | 13.3% | 17.1% | -5.3% | -4.9% | — |
| Earnings growth | 8.0% | 11.0% | 21.3% | 65.8% | 42.5% | -50.4% | — |
| Current ratio | 1.85x | 2.10x | 2.02x | 2.01x | 1.70x | 1.70x | — |
| Debt to equity | 0.19x | 0.23x | 0.25x | 0.29x | 0.39x | 0.45x | — |
| Equity ratio | 62.3% | 59.8% | 59.4% | 56.9% | 50.4% | 49.6% | — |
| Interest coverage | 15.08x | 10.62x | 9.85x | 10.48x | 8.22x | 5.96x | — |
| R&D as a share of sales | — | 0.2% | 0.2% | 0.0% | 0.1% | 0.1% | 0.1% |
| Buybacks as a share of market value | 0.9% | -0.3% | -1.2% | 0.2% | -1.6% | 0.2% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 5.9% | 5.6% | 6.4% |
| Operating income | 21.3% | 26.8% | 14.2% |
| Net income | 13.3% | 28.0% | 13.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 40.3% | 39.0% | 38.6% | 37.8% |
| Operating margin | 14.8% | 13.3% | 11.6% | 11.0% |
| Net margin | 9.2% | 8.7% | 7.5% | 7.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 21.0 | 20.0 | 22.6 | 16.7 | 42.4 | 46.7 | 24.2 | 20.2 | 19.8 | 28.2 |
| Price to sales | 2.0 | 1.8 | 1.9 | 1.3 | 2.3 | 1.7 | 1.7 | 1.5 | 1.8 | 1.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 28 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.35 | 0.505 | 0.445 | 0.37 | 0.32 | 0.295 | 0.092 | 0.324 |
- 16-for-15 split · 1 Apr 1996
- 11-for-10 split · 3 Apr 1995
- 1.1-for-1 split · 28 Mar 1994
- 16-for-15 split · 29 Mar 1993
- 1.1-for-1 split · 30 Mar 1992
- 1.1-for-1 split · 25 Mar 1991
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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