I 
141.80p
+0.57%
Close of 9 Nov 2026, in pence
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At a glance
Figures in GBP, from our data supplier.
Net income
£263.7m
FY2016FY2025
Free cash flow
£161.4m
FY2016FY2025
Shareholders' equity
£2.75bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross profit | £267.8m | £37.2m | £66.1m | £329.7m | £131.8m | £63.0m | £139.7m | £140.0m | £139.8m | £206.8m |
| Operating income | £263.9m | £2.0m | £34.1m | £326.8m | £129.2m | £60.8m | £137.8m | £142.0m | £110.3m | £185.9m |
| Net income | £263.7m | £465,000 | £27.9m | £326.9m | £129.2m | £60.7m | £138.2m | £138.4m | £106.5m | £177.2m |
| Diluted earnings per share | 0.14 | 0.00 | 0.01 | 0.17 | 0.08 | 0.02 | 0.09 | 0.09 | 0.07 | 0.12 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £2.76bn | £2.73bn | £2.99bn | £3.08bn | £2.70bn | £2.43bn | £2.46bn | £2.21bn | £2.07bn | £1.62bn |
| Cash and short-term investments | £54.5m | £76.5m | £128.6m | £92.8m | £56.1m | £44.3m | £45.6m | £84.7m | £33.9m | £71.0m |
| Total liabilities | £9.4m | £11.9m | £76.0m | £45.0m | £166.8m | £38.4m | £27.9m | £8.7m | £27.8m | £15.0m |
| Debt | — | — | £65.0m | £29.3m | £156.2m | £38.4m | £27.9m | — | £17.8m | — |
| Shareholders' equity | £2.75bn | £2.72bn | £2.92bn | £3.04bn | £2.53bn | £2.38bn | £2.43bn | £2.20bn | £2.04bn | £1.60bn |
| Shares outstanding | 1,863m | 1,906m | 1,911m | 1,912m | 1,700m | 3,233m | 1,529m | 1,507m | 1,507m | 1,507m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £161.4m | £141.0m | £133.3m | £138.6m | £83.3m | £84.2m | £90.5m | £78.2m | £61.3m | £46.9m |
| Free cash flow | £161.4m | £141.0m | £133.3m | £138.6m | £83.3m | £84.2m | £90.5m | £78.2m | £61.3m | £46.9m |
| Dividends paid | −£156.3m | −£156.8m | −£151.6m | −£136.0m | −£118.5m | −£101.5m | −£101.8m | −£92.8m | −£76.2m | −£61.9m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Sept 2023 | Jun 2023 | |
|---|---|---|---|---|---|---|---|---|
| Gross profit | £126.5m | £109.8m | £158.0m | £18.9m | £18.3m | £23.7m | £23.7m | £9.3m |
| Operating income | £110.5m | £121.9m | £141.9m | −£7.1m | £9.1m | £14.8m | £15.6m | −£185,500 |
| Net income | £106.5m | £121.3m | £142.4m | −£7.8m | £8.3m | £13.8m | £13.8m | £110,000 |
| Diluted earnings per share | 0.06 | 0.07 | 0.08 | -0.00 | 0.00 | 0.01 | 0.01 | 0.00 |
| Cash from operations | £82.0m | £91.0m | £69.0m | £78.0m | £62.0m | £75.0m | £37.0m | £28.0m |
| Total assets | £2.76bn | £2.76bn | £2.76bn | £2.73bn | £2.85bn | £2.99bn | £2.99bn | £3.09bn |
| Cash and short-term investments | £47.2m | £54.5m | £41.8m | £76.5m | £79.9m | £128.6m | £128.6m | £73.7m |
| Shareholders' equity | £2.75bn | £2.75bn | £2.74bn | £2.72bn | £2.84bn | £2.92bn | £2.92bn | £2.97bn |
Financial ratios
Data as of 28 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2017 | FY2014 | FY2012 | FY2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 98.8% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | — | — | — | — | — |
| Operating margin | 97.4% | 5.4% | 49.0% | 99.1% | 98.0% | 96.4% | — | — | — | — | — |
| Net margin | 97.3% | 1.3% | 42.2% | 99.1% | 98.0% | 96.4% | — | — | — | — | — |
| Return on equity | 9.6% | 0.0% | 1.0% | 10.8% | 5.1% | 2.5% | — | — | — | — | — |
| Return on assets | 9.6% | 0.0% | 0.9% | 10.6% | 4.8% | 2.5% | — | — | — | — | — |
| Revenue growth | 628.6% | -43.7% | -80.0% | 150.1% | 109.3% | -54.9% | — | — | — | — | — |
| Earnings growth | 56610.5% | -98.3% | -91.5% | 153.0% | 112.8% | -56.1% | — | — | — | — | — |
| Current ratio | 20.15x | 6.41x | 15.69x | 8.70x | 10.71x | 1.81x | — | — | — | — | — |
| Debt to equity | — | — | — | — | — | 0.02x | 0.01x | 0.02x | 0.03x | 4.71x | 6.73x |
| Equity ratio | 99.7% | 99.6% | 97.5% | 98.5% | 93.8% | 98.0% | — | — | — | — | — |
| Interest coverage | 82.33x | 0.50x | 4.44x | 91.91x | 37.41x | 16.00x | — | — | — | — | — |
| Buybacks as a share of market value | 2.2% | 0.3% | 0.1% | -12.5% | 47.4% | -111.5% | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -6.3% | 33.9% | 10.5% |
| Operating income | -6.9% | 34.1% | 12.2% |
| Net income | -6.9% | 34.1% | 12.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 99.0% | 99.5% | 99.6% | 99.8% |
| Operating margin | 86.3% | 89.0% | 90.9% | 90.8% |
| Net margin | 85.7% | 87.9% | 90.0% | 89.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 8.8 | — | 94.3 | 8.9 | 22.3 | 90.4 | 18.4 | 16.6 | 22.1 | 13.0 |
| Price to sales | 8.6 | 62.1 | 39.8 | 8.8 | 21.9 | 87.2 | 18.2 | 16.4 | 16.9 | 11.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 19 years. Last went ex-dividend on 13 Aug 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.065 | 0.085 | 0.082 | 0.079 | 0.076 | 0.074 | 0.073 | 0.071 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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