I 
1,390.00p
+0.43%
Close of 9 Nov 2026, in pence
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At a glance
Figures in GBP, from our data supplier.
Revenue
£16.1m
FY2017FY2026
Net income
−£8.4m
FY2017FY2026
Free cash flow
£136.7m
FY2017FY2026
Shareholders' equity
£1.27bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £16.1m | £118.4m | £42.2m | £187.5m | £245.5m | £190.7m | £93.1m | £91.7m | £82.5m | £115.3m |
| Gross profit | £86,000 | £117.7m | £26.8m | £170.5m | £232.1m | £179.9m | £83.5m | £83.8m | £75.3m | £109.1m |
| Operating income | −£2.2m | £107.5m | £17.4m | £164.5m | £227.8m | £176.0m | £80.4m | £80.9m | £72.6m | £106.4m |
| Net income | −£8.4m | £107.5m | £17.4m | £164.5m | £226.5m | £175.1m | £80.5m | £81.8m | £73.3m | £108.9m |
| Diluted earnings per share | -0.14 | 1.69 | 0.26 | 2.66 | 3.31 | 2.56 | 1.17 | 1.19 | 1.06 | 1.57 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £1.34bn | £1.48bn | £1.31bn | £1.37bn | £1.17bn | £952.9m | £794.0m | £731.2m | £665.3m | £613.1m |
| Cash and short-term investments | £33.8m | £3.9m | £9.7m | £20.7m | £41.3m | £45.1m | £14.5m | £60.6m | £78.4m | £38.5m |
| Total liabilities | £71.7m | £143.1m | £25.1m | £65.3m | £9.3m | £851,000 | £483,000 | £386,000 | £963,000 | £354,000 |
| Debt | £66.6m | £131.9m | £20.0m | £65.3m | — | — | — | — | — | — |
| Shareholders' equity | £1.27bn | £1.33bn | £1.28bn | £1.30bn | £1.16bn | £952.0m | £793.5m | £730.9m | £664.3m | £612.7m |
| Shares outstanding | 61m | 64m | 66m | 62m | 68m | 69m | 69m | 69m | 69m | 69m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £159.0m | −£57.4m | £79.4m | £164.5m | £226.5m | £49.9m | −£25.9m | £81.8m | £73.3m | £108.9m |
| Capital spending | −£22.3m | — | −£20.8m | — | — | — | — | — | — | — |
| Free cash flow | £136.7m | −£57.4m | £58.6m | £164.5m | £226.5m | £49.9m | −£25.9m | £81.8m | £73.3m | £108.9m |
| Dividends paid | −£23.4m | −£22.3m | −£21.7m | −£19.9m | −£17.8m | −£15.8m | −£15.2m | −£14.5m | −£13.9m | −£11.4m |
Latest quarters
By quarter end
| Jul 2026 | Jan 2026 | Jul 2025 | Jan 2025 | Jul 2024 | Apr 2024 | Jan 2024 | Oct 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £45.6m | £21.4m | −£5.2m | £100.3m | £35.0m | £17.5m | £22.1m | £11.0m |
| Gross profit | £37.7m | £13.3m | −£5.2m | £100.3m | £27.0m | £17.5m | £14.0m | £11.0m |
| Operating income | £33.1m | £8.4m | −£20.3m | £86.4m | £22.3m | £11.1m | £13.1m | £2.8m |
| Net income | £32.3m | £9.7m | −£18.1m | £84.5m | £23.0m | £11.5m | £10.4m | £5.2m |
| Diluted earnings per share | 0.53 | 0.16 | -0.28 | 1.33 | 0.35 | 0.17 | 0.16 | 0.08 |
| Cash from operations | −£12.0m | −£10.0m | £93.0m | −£17.0m | −£39.0m | −£19.0m | £62.0m | £31.0m |
| Capital spending | — | −£10.0m | — | — | — | — | — | — |
| Free cash flow | — | −£20.0m | — | — | — | — | — | — |
| Total assets | £1.36bn | £1.34bn | £1.38bn | £1.48bn | £1.37bn | £1.37bn | £1.31bn | £1.31bn |
| Cash and short-term investments | £19.4m | £33.8m | £20.9m | £3.9m | £9.8m | £9.8m | £9.7m | £9.7m |
| Debt | £85.8m | £66.6m | £89.8m | £131.9m | £93.3m | £93.3m | £20.0m | £20.0m |
| Shareholders' equity | £1.27bn | £1.27bn | £1.29bn | £1.33bn | £1.27bn | £1.27bn | £1.28bn | £1.28bn |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -55.8% | -39.0% | -10.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 87.6% | 86.5% | 90.8% | 91.5% |
| Operating margin | 78.3% | 78.8% | 86.3% | 86.9% |
| Net margin | 73.7% | 77.1% | 85.3% | 86.7% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -102.3 | 8.8 | 49.4 | 4.6 | 3.6 | 5.0 | 8.2 | 8.3 | 7.6 | 5.1 |
| Price to sales | 53.4 | 8.0 | 20.3 | 4.1 | 3.3 | 4.6 | 7.1 | 7.4 | 6.8 | 4.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 13 Aug 2026.
| FY2027 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.215 | 0.375 | 0.345 | 0.40 | 0.29 | 0.26 | 0.18 | 0.22 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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