I 
2,802.00p
-0.36%
Close of 6 Nov 2026, in pence
At a glance
Figures in GBP, from our data supplier.
Revenue
£2.30bn
FY2016FY2025
Net income
£309.9m
FY2016FY2025
Free cash flow
£300.9m
FY2016FY2025
Shareholders' equity
£1.11bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £2.30bn | £2.21bn | £2.20bn | £2.05bn | £1.87bn | £1.82bn | £1.87bn | £1.91bn | £1.75bn | £1.66bn |
| Gross profit | £1.07bn | £1.04bn | £1.01bn | £900.4m | £836.2m | £790.5m | £793.8m | £817.7m | £770.9m | £733.2m |
| Research and development | £65.0m | £67.1m | £73.6m | £62.1m | £38.0m | £24.8m | £37.2m | £41.2m | £48.0m | £51.5m |
| Operating income | £405.6m | £356.2m | £318.6m | £339.2m | £299.1m | £263.9m | £243.2m | £248.4m | £240.1m | £236.8m |
| Net income | £309.9m | £248.5m | £237.3m | £226.3m | £196.3m | £170.2m | £156.1m | £169.4m | £162.1m | £130.8m |
| Diluted earnings per share | 1.25 | 0.96 | 0.91 | 0.87 | 0.74 | 0.63 | 0.58 | 0.62 | 0.60 | 0.49 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £2.48bn | £2.49bn | £2.47bn | £2.52bn | £2.17bn | £1.98bn | £1.85bn | £1.80bn | £1.61bn | £1.65bn |
| Cash and short-term investments | £114.9m | £150.0m | £108.2m | £135.0m | £97.5m | £211.0m | £91.8m | £135.9m | £112.4m | £109.6m |
| Total liabilities | £1.37bn | £1.41bn | £1.44bn | £1.61bn | £1.39bn | £1.18bn | £1.14bn | £1.14bn | £997.7m | £1.07bn |
| Debt | £643.7m | £695.5m | £745.1m | £945.0m | £717.4m | £524.1m | £526.0m | £536.7m | £363.8m | £362.3m |
| Shareholders' equity | £1.11bn | £1.09bn | £1.03bn | £905.6m | £779.1m | £799.5m | £709.9m | £666.2m | £607.4m | £543.2m |
| Shares outstanding | 249m | 259m | 261m | 260m | 266m | 272m | 271m | 272m | 272m | 270m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £399.5m | £371.6m | £363.2m | £283.7m | £269.2m | £329.0m | £314.8m | £207.0m | £214.1m | £251.6m |
| Capital spending | −£98.6m | −£91.5m | −£79.9m | −£71.3m | −£57.5m | −£50.7m | −£65.8m | −£38.0m | −£69.8m | −£70.9m |
| Free cash flow | £300.9m | £280.1m | £283.3m | £212.4m | £211.7m | £278.3m | £249.0m | £169.0m | £144.3m | £180.7m |
| Dividends paid | −£80.6m | −£76.0m | −£68.8m | −£62.2m | −£61.8m | −£91.6m | −£110.8m | −£107.9m | −£105.5m | −£105.0m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £1.16bn | £1.21bn | £545.5m | £1.11bn | £1.10bn | £1.11bn | £1.08bn | £1.08bn |
| Gross profit | £552.5m | £569.5m | £255.6m | £528.0m | £516.6m | £487.5m | £494.4m | £473.1m |
| Operating income | £220.7m | £252.0m | £79.2m | £179.4m | £176.8m | £209.3m | £169.5m | £201.4m |
| Net income | £140.0m | £194.2m | £57.9m | £123.2m | £125.3m | £128.0m | £109.3m | £131.7m |
| Diluted earnings per share | 0.58 | 0.78 | 0.23 | 0.48 | 0.48 | 0.49 | 0.42 | 0.51 |
| Cash from operations | £206.0m | £286.0m | £112.0m | £240.0m | £124.0m | £221.0m | £119.0m | £70.0m |
| Capital spending | −£38.0m | −£64.0m | −£17.0m | −£34.0m | −£41.0m | −£43.0m | −£36.0m | −£17.0m |
| Free cash flow | £168.0m | £222.0m | £95.0m | £206.0m | £83.0m | £178.0m | £83.0m | £53.0m |
| Total assets | £2.49bn | £2.48bn | £2.50bn | £2.49bn | £2.55bn | £2.47bn | £2.49bn | £2.52bn |
| Cash and short-term investments | £90.2m | £114.9m | £123.6m | £150.0m | £144.2m | £108.2m | £114.0m | £135.0m |
| Debt | £711.8m | £589.4m | £792.6m | £629.6m | £679.4m | £670.1m | £809.4m | £865.1m |
| Shareholders' equity | £953.2m | £1.11bn | £914.8m | £1.09bn | £1.09bn | £1.03bn | £919.8m | £905.6m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.0% | 4.8% | 3.9% |
| Operating income | 6.1% | 9.0% | 5.0% |
| Net income | 11.0% | 12.7% | 9.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 46.8% | 46.0% | 45.4% | 44.6% |
| Operating margin | 16.9% | 16.2% | 15.9% | 15.1% |
| Net margin | 12.4% | 11.7% | 11.2% | 10.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 20.0 | 19.1 | 18.6 | 14.9 | 23.5 | 18.8 | 20.5 | 15.2 | 22.4 | 21.4 |
| Price to sales | 2.7 | 2.1 | 2.0 | 1.6 | 2.5 | 1.8 | 1.7 | 1.4 | 2.1 | 1.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 13 Aug 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.353 | 0.321 | 0.292 | 0.265 | 0.241 | 0.229 | 0.075 | 0.409 |
- 8-to-7 reverse split · 17 Feb 2014
- 1-to-1 reverse split · 8 Oct 2003
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
Nothing here is investment advice. Prices can be delayed or wrong, so check with the exchange before relying on them. Data for this page. How we cover markets.