I 
31.10p
+8.36%
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
£97.3m
FY2016FY2025
Net income
−£36.7m
FY2016FY2025
Free cash flow
−£4.6m
FY2016FY2025
Shareholders' equity
£89.7m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £97.3m | £118.0m | £115.3m | £167.5m | £154.1m | £178.0m | £140.0m | £156.3m | £154.5m | £132.7m |
| Research and development | — | £9.6m | £7.8m | £7.9m | £2.0m | £897,000 | £1.2m | £26,000 | £69,000 | £143,000 |
| Operating income | −£30.1m | −£33.0m | −£25.8m | −£73.0m | −£20.0m | −£5.5m | −£23.5m | £8.7m | £17.0m | £20.7m |
| Net income | −£36.7m | −£38.2m | −£29.4m | −£74.5m | −£31.0m | −£3.3m | −£35.1m | £966,000 | £14.4m | £19.3m |
| Diluted earnings per share | -0.04 | -0.04 | -0.03 | -0.09 | -0.04 | -0.00 | -0.04 | 0.00 | 0.02 | 0.03 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £213.3m | £247.0m | £273.5m | £296.1m | £351.2m | £371.3m | £372.6m | £362.0m | £336.4m | £279.5m |
| Cash and short-term investments | £15.7m | £4.7m | £5.6m | £11.6m | £10.8m | £24.7m | £8.8m | £20.8m | £45.6m | £5.0m |
| Total liabilities | £123.6m | £112.9m | £103.7m | £121.0m | £116.6m | £110.9m | £102.1m | £52.7m | £45.6m | £85.0m |
| Debt | £91.7m | £74.0m | £54.1m | £77.6m | £71.0m | £69.8m | £72.7m | — | — | £44.5m |
| Shareholders' equity | £89.7m | £134.1m | £169.8m | £175.1m | £234.6m | £260.4m | £266.6m | £305.7m | £287.6m | £191.3m |
| Shares outstanding | 978m | 967m | 963m | 805m | 802m | 800m | 796m | 767m | 748m | 726m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £3.7m | −£2.9m | £5.9m | £5.9m | £15.4m | £33.3m | £8.1m | £16.3m | £21.7m | £20.1m |
| Capital spending | −£8.4m | −£14.8m | −£18.1m | −£17.9m | −£18.4m | −£10.4m | −£42.1m | −£42.4m | −£28.2m | −£19.1m |
| Free cash flow | −£4.6m | −£17.7m | −£12.2m | −£12.0m | −£3.0m | £22.9m | −£34.0m | −£26.1m | −£6.4m | £1.1m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £64.6m | £52.0m | £45.3m | £52.0m | £66.0m | £63.2m | £52.0m | £81.3m |
| Operating income | −£5.9m | −£10.4m | −£14.3m | −£20.8m | −£12.1m | −£7.1m | −£18.7m | −£3.5m |
| Net income | −£12.9m | −£10.7m | −£26.0m | −£23.1m | −£15.1m | −£8.1m | −£21.3m | −£66.3m |
| Diluted earnings per share | -0.01 | -0.01 | -0.03 | -0.02 | -0.02 | -0.01 | -0.02 | -0.08 |
| Cash from operations | −£6.0m | £3.0m | — | £1.0m | −£4.0m | £5.0m | — | £1.0m |
| Capital spending | −£1.0m | −£7.0m | −£1.0m | −£6.0m | −£4.0m | −£6.0m | −£8.0m | −£10.0m |
| Free cash flow | −£7.0m | −£4.0m | — | −£5.0m | −£8.0m | −£1.0m | — | −£9.0m |
| Total assets | £238.2m | £213.3m | £228.3m | £247.0m | £286.3m | £273.5m | £271.1m | £296.1m |
| Cash and short-term investments | £41.6m | £15.7m | £17.0m | £4.7m | £7.8m | £5.6m | £12.3m | £11.6m |
| Debt | £5.5m | £51.8m | £49.6m | £29.1m | £32.1m | £13.7m | £14.1m | £31.7m |
| Shareholders' equity | £148.3m | £89.7m | £106.1m | £134.1m | £155.7m | £169.8m | £176.4m | £175.1m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -16.6% | -11.4% | -1.6% |
| Operating income | -25.6% | 40.4% | — |
| Net income | -21.0% | 62.2% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -29.3% | -32.5% | -22.6% | -9.4% |
| Net margin | -34.8% | -35.9% | -25.7% | -12.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -1.3 | -2.8 | -8.0 | -3.3 | -5.5 | -111.5 | -6.9 | 320.1 | 44.2 | 8.9 |
| Price to sales | 0.5 | 0.9 | 2.0 | 1.5 | 1.1 | 2.0 | 1.7 | 2.0 | 4.1 | 1.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 10-for-1 split · 11 Sept 2000
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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