H 
2,650.00p
+3.31%
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
£114.5m
FY2016FY2025
Net income
£98.5m
FY2016FY2025
Free cash flow
£704,000
FY2016FY2025
Shareholders' equity
£1.29bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £114.5m | £137.5m | £63.3m | −£404.0m | £282.0m | £406.6m | £243.1m | −£47.3m | £203.7m | £144.6m |
| Research and development | — | — | £1 | £3 | £2 | £3 | £3 | £0 | £3 | £2 |
| Operating income | £99.7m | £134.8m | £50.0m | −£405.0m | £280.9m | £405.7m | £242.3m | −£47.9m | £203.6m | £145.2m |
| Net income | £98.5m | £134.3m | £48.1m | −£405.5m | £280.4m | £405.4m | £242.0m | −£48.3m | £202.8m | £143.8m |
| Diluted earnings per share | 2.00 | 2.67 | 0.81 | -6.52 | 4.33 | 6.09 | 3.57 | -0.70 | 2.87 | 1.94 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £1.29bn | £1.25bn | £1.25bn | £1.31bn | £1.76bn | £1.50bn | £1.12bn | £902.1m | £969.1m | £818.9m |
| Cash and short-term investments | £124.3m | £21.9m | £42.3m | £80.4m | £74.6m | £72.9m | £88.8m | £68.9m | £41.9m | £82.4m |
| Total liabilities | £1.5m | £1.2m | £1.2m | £1.2m | £1.5m | £1.6m | £1.2m | £961,000 | £1.5m | £27.5m |
| Debt | — | — | — | — | — | — | — | — | £2.25bn | £25.0m |
| Shareholders' equity | £1.29bn | £1.25bn | £1.25bn | £1.31bn | £1.76bn | £1.50bn | £1.12bn | £901.2m | £966.6m | £791.4m |
| Shares outstanding | 49m | 50m | 60m | 62m | 65m | 67m | 68m | 69m | 71m | 74m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £704,000 | £107.3m | £70.6m | £52.0m | £24.0m | £12.1m | £43.6m | £42.2m | £15.8m | £50.5m |
| Capital spending | — | — | — | — | — | — | — | — | −£576.0m | −£516.1m |
| Free cash flow | £704,000 | £107.3m | £70.6m | £52.0m | £24.0m | £12.1m | £43.6m | £42.2m | −£560.2m | −£465.6m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £348.6m | £74.1m | £40.4m | −£4.5m | £142.0m | £71.0m | £35.2m | £31.5m |
| Operating income | £360.6m | £66.7m | £33.0m | £52,000 | £134.9m | £67.4m | £56.5m | £28.2m |
| Net income | £363.2m | £66.9m | £31.5m | £130,000 | £134.2m | £67.1m | £56.7m | £28.4m |
| Diluted earnings per share | 7.59 | 1.36 | 0.64 | 0.00 | 2.67 | 1.33 | 0.95 | 0.48 |
| Cash from operations | −£1.0m | — | £59.0m | £1.0m | — | £20.0m | £1.0m | £26.0m |
| Capital spending | — | — | — | −£1.0m | — | — | — | — |
| Free cash flow | — | — | — | £0 | — | — | — | — |
| Total assets | £1.66bn | £1.29bn | £1.28bn | £1.25bn | £1.34bn | £1.34bn | £1.25bn | £1.25bn |
| Cash and short-term investments | £640.1m | £124.3m | £72.9m | £21.9m | £39.8m | £39.8m | £42.3m | £42.3m |
| Shareholders' equity | £1.66bn | £1.29bn | £1.28bn | £1.25bn | £1.34bn | £1.34bn | £1.25bn | £1.25bn |
Financial ratios
Data as of 5 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2002 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | 87.5% | 196.3% | 155.8% | 100.2% | 99.6% | 99.8% | — | — | — | — | — | — | — | — |
| Net margin | 86.0% | 97.7% | 76.0% | 100.4% | 99.4% | 99.7% | — | — | — | — | — | — | — | — |
| Return on equity | 7.6% | 10.7% | 3.9% | -31.1% | 15.9% | 27.0% | — | — | — | — | — | — | — | — |
| Return on assets | 7.6% | 10.7% | 3.9% | -31.0% | 15.9% | 26.9% | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | 0.3% | 0.3% | 0.3% | 0.3% | — | — |
| Revenue growth | -16.7% | 117.1% | -115.7% | -243.3% | -30.7% | 67.3% | — | — | — | — | — | — | — | — |
| Earnings growth | -26.7% | 179.1% | -111.9% | -244.6% | -30.8% | 67.5% | — | — | — | — | — | — | — | — |
| Current ratio | 82.83x | 18.79x | 38.95x | 67.28x | 51.58x | 46.35x | — | — | — | — | — | — | — | — |
| Debt to equity | — | — | — | — | — | — | — | — | 2.33x | 2.78x | 0.14x | 0.06x | 0.06x | 0.02x |
| Equity ratio | 99.9% | 99.9% | 99.9% | 99.9% | 99.9% | 99.9% | — | — | — | — | — | — | — | — |
| Interest coverage | — | — | — | — | 7802.72x | 40566.00x | 1552.97x | -308.14x | 798.35x | 238.02x | — | — | — | — |
| 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 | 2.4% | 15.5% | 4.2% | 4.0% | 2.7% | 1.9% | — | — | — | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | — | -22.4% | 8.2% |
| Operating income | — | -24.5% | 6.5% |
| Net income | — | -24.6% | 6.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 93.0% | 136.0% | 94.3% | 97.2% |
| Net margin | 92.4% | 140.7% | 93.5% | 96.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 12.0 | 9.1 | 23.8 | -2.7 | 5.8 | 3.7 | 4.2 | -15.3 | 4.1 | 4.5 |
| Price to sales | 10.3 | 8.9 | 18.1 | -2.7 | 5.8 | 3.7 | 4.1 | -15.7 | 4.1 | 4.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 10 Apr 2013.
| FY2013 | FY2012 | FY2010 | FY2009 | FY2008 | FY2007 | FY2006 | FY2005 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.011 | 0.011 | 0.003 | 0.017 | 0.006 | 0.013 | 0.007 | 0.003 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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