I 
860.00p
+2.77%
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
£4.04bn
FY2016FY2025
Net income
£11.0m
FY2016FY2025
Free cash flow
£867.5m
FY2016FY2025
Shareholders' equity
£5.65bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £4.04bn | £3.55bn | £3.19bn | £2.26bn | £1.58bn | £1.66bn | £2.89bn | £2.37bn | £1.76bn | £1.34bn |
| Research and development | — | £13.6m | £7.4m | £5.7m | £8.0m | £8.0m | £11.3m | £18.5m | £8.8m | £3.6m |
| Operating income | £793.9m | £542.8m | £507.8m | £223.9m | £149.4m | −£29.1m | £609.9m | £480.4m | £390.9m | £299.5m |
| Net income | £11.0m | £297.7m | £419.0m | −£108.8m | £77.9m | −£1.04bn | £225.5m | £207.9m | £311.3m | £171.6m |
| Diluted earnings per share | 0.01 | 0.22 | 0.30 | -0.07 | 0.05 | -0.69 | 0.18 | 0.21 | 0.38 | 0.23 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £12.32bn | £13.69bn | £11.52bn | £12.15bn | £10.20bn | £9.72bn | £10.72bn | £11.04bn | £4.82bn | £5.03bn |
| Cash and short-term investments | £330.5m | £546.1m | £389.3m | £2.13bn | £884.8m | £299.4m | £195.1m | £168.8m | £54.9m | £49.6m |
| Total liabilities | £6.06bn | £6.37bn | £4.34bn | £4.68bn | £4.15bn | £4.09bn | £4.89bn | £4.97bn | £2.59bn | £2.84bn |
| Debt | — | £3.49bn | £1.78bn | £2.21bn | £2.29bn | £2.37bn | £2.85bn | £2.83bn | £1.43bn | £1.54bn |
| Shareholders' equity | £5.65bn | £6.49bn | £6.75bn | £7.15bn | £5.76bn | £5.45bn | £5.64bn | £5.88bn | £2.22bn | £2.19bn |
| Shares outstanding | 1,314m | 1,329m | 1,385m | 1,522m | 1,505m | 1,501m | 1,253m | 992m | 826m | 749m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £894.9m | £801.6m | £620.2m | £450.9m | £480.0m | −£139.5m | £719.6m | £486.3m | £433.9m | £336.3m |
| Capital spending | −£27.4m | −£30.6m | −£116.6m | −£77.3m | −£41.7m | −£55.7m | −£109.2m | −£23.4m | −£14.7m | −£4.6m |
| Free cash flow | £867.5m | £771.0m | £503.6m | £373.6m | £438.3m | −£195.2m | £610.4m | £462.9m | £419.2m | £331.7m |
| Dividends paid | −£268.1m | −£248.2m | −£176.6m | −£43.3m | −£43.3m | −£200,000 | −£280.0m | −£260.9m | −£162.0m | −£131.9m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £2.06bn | £2.01bn | £1.02bn | £1.86bn | £1.70bn | £1.67bn | £1.52bn | £760.3m |
| Operating income | £369.5m | £395.0m | −£68.5m | £279.9m | £262.9m | £273.5m | £261.4m | £112.6m |
| Net income | £132.7m | £88.4m | −£38.7m | £150.4m | £147.3m | £165.5m | £253.5m | £134.9m |
| Diluted earnings per share | 0.10 | 0.07 | -0.03 | 0.11 | 0.11 | 0.12 | 0.18 | 0.09 |
| Cash from operations | £302.0m | £560.0m | £334.0m | £523.0m | £285.0m | £442.0m | £227.0m | — |
| Capital spending | −£10.0m | −£16.0m | −£5.0m | −£22.0m | −£8.0m | −£68.0m | −£48.0m | — |
| Free cash flow | £292.0m | £544.0m | £329.0m | £501.0m | £277.0m | £374.0m | £179.0m | — |
| Total assets | £13.51bn | £12.32bn | £12.79bn | £13.69bn | £11.55bn | £11.52bn | £12.12bn | £12.12bn |
| Cash and short-term investments | £597.6m | £330.5m | £764.9m | £546.1m | £342.0m | £389.3m | £1.06bn | £1.06bn |
| Debt | £3.44bn | £3.23bn | £3.60bn | £3.24bn | £1.68bn | £1.54bn | £1.93bn | £2.24bn |
| Shareholders' equity | £5.68bn | £5.65bn | £5.75bn | £6.49bn | £6.43bn | £6.75bn | £6.98bn | £7.39bn |
Financial ratios
Data as of 5 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 19.6% | 15.3% | 15.9% | 9.9% | 9.4% | -1.8% | — |
| Net margin | 0.3% | 8.4% | 13.1% | -4.8% | 4.9% | -62.8% | — |
| Return on equity | 0.2% | 4.6% | 6.2% | -1.5% | 1.4% | -19.1% | — |
| Return on assets | 0.1% | 2.2% | 3.6% | -0.9% | 0.8% | -10.7% | — |
| Free cash flow yield | 0.1% | 0.1% | 0.1% | 0.0% | 0.0% | -0.0% | — |
| Revenue growth | 13.7% | 11.4% | 41.0% | 42.9% | -4.7% | -42.5% | — |
| Earnings growth | -96.3% | -28.9% | -485.1% | -239.7% | -107.5% | -562.3% | — |
| Current ratio | 0.44x | 0.44x | 0.59x | 1.31x | 0.94x | 0.58x | — |
| Debt to equity | 0.57x | 0.50x | 0.23x | 0.28x | 0.36x | 0.39x | — |
| Equity ratio | 45.9% | 47.4% | 58.6% | 58.9% | 56.5% | 56.1% | — |
| Interest coverage | 5.00x | 5.86x | 7.32x | 3.08x | 2.10x | -0.28x | — |
| R&D as a share of sales | — | 0.4% | 0.2% | 0.3% | 0.5% | 0.5% | 0.4% |
| Buybacks as a share of market value | 1.2% | 4.1% | 9.0% | -1.1% | -0.3% | -19.8% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 21.3% | 19.5% | 12.8% |
| Operating income | 52.5% | — | 11.5% |
| Net income | — | — | -24.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 17.6% | 15.9% | 13.4% | 16.4% |
| Net margin | 4.1% | 4.7% | -2.1% | 2.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | — | 35.6 | 25.8 | -86.7 | 99.8 | -7.9 | 47.6 | 30.1 | 19.2 | 29.7 |
| Price to sales | 2.9 | 3.0 | 3.4 | 4.2 | 4.9 | 5.0 | 3.7 | 2.6 | 3.4 | 3.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 4 years. Last went ex-dividend on 28 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.15 | 0.206 | 0.186 | 0.126 | 0.03 | 0.224 | 0.209 | 0.197 |
- 1-to-1 reverse split · 30 May 2014
- 1-to-1 reverse split · 30 Jun 2009
- 1-to-1 reverse split · 10 May 2004
- 1-to-1 reverse split · 11 Sept 2003
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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