J 
1,204.00p
+1.01%
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.
Net income
£471.8m
FY2015FY2024
Free cash flow
£14.9m
FY2015FY2024
Shareholders' equity
£1.99bn
FY2015FY2024
Income statement
Fiscal years
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross profit | £476.0m | £321.8m | −£139.4m | £333.1m | £225.3m | £197.3m | £7.2m | £115.5m | £239.0m | £39.7m |
| Operating income | £474.8m | £320.7m | −£140.2m | £332.3m | £224.7m | £196.6m | £6.6m | £114.9m | £238.2m | £39.0m |
| Net income | £471.8m | £318.3m | −£143.6m | £328.6m | £221.1m | £193.7m | £4.1m | £112.2m | £235.3m | £36.5m |
| Diluted earnings per share | 2.60 | 1.73 | -0.75 | 1.68 | 1.08 | 0.91 | 0.02 | 0.47 | 0.88 | 0.13 |
Balance sheet
At each fiscal year end
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £2.07bn | £1.64bn | £1.42bn | £1.60bn | £1.31bn | £1.10bn | £919.7m | £1.09bn | £1.08bn | £906.0m |
| Cash and short-term investments | £25.0m | £34.2m | £34.9m | £28.4m | £43.4m | £8.6m | £7.9m | £13.7m | £10.1m | £18.8m |
| Total liabilities | £80.5m | £79.3m | £112.8m | £101.7m | £100.6m | £39.0m | £515,000 | £105.8m | £95.0m | £89.3m |
| Debt | £79.6m | £78.2m | £111.9m | £100.9m | £100.0m | £38.7m | — | £105.4m | £94.5m | £85.4m |
| Shareholders' equity | £1.99bn | £1.56bn | £1.30bn | £1.50bn | £1.21bn | £1.06bn | £919.2m | £980.4m | £985.2m | £816.7m |
| Shares outstanding | 182m | 184m | 191m | 196m | 204m | 214m | 224m | 241m | 266m | 278m |
Cash flow
Fiscal years
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £14.9m | £10.8m | £14.6m | £4.4m | £6.7m | £15.3m | £13.3m | £5.6m | £10.5m | £6.9m |
| Free cash flow | £14.9m | £10.8m | £14.6m | £4.4m | £6.7m | £15.3m | £13.3m | £5.6m | £10.5m | £6.9m |
| Dividends paid | −£14.6m | −£13.3m | −£13.4m | −£13.2m | −£13.3m | −£14.0m | −£12.9m | −£12.1m | −£12.7m | −£10.4m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Gross profit | £207.4m | £183.4m | −£95.5m | £179.0m | £302.7m | £151.3m | £129.7m | £65.9m |
| Operating income | £206.8m | £182.8m | −£98.7m | £178.5m | £299.6m | £149.8m | £129.2m | £64.6m |
| Net income | £201.0m | £177.4m | −£95.9m | £175.5m | £296.3m | £148.2m | £127.7m | £63.9m |
| Diluted earnings per share | 1.20 | 1.05 | -0.57 | 0.98 | 1.65 | 0.83 | 0.70 | 0.35 |
| Cash from operations | £5.0m | £5.0m | £4.0m | £6.0m | £6.0m | £3.0m | £3.0m | £2.0m |
| Capital spending | — | −£5.0m | — | −£6.0m | — | — | — | — |
| Free cash flow | — | £0 | — | £0 | — | — | — | — |
| Total assets | £2.25bn | £2.06bn | £1.96bn | £2.07bn | £1.95bn | — | £1.64bn | £1.64bn |
| Cash and short-term investments | £27.1m | £1.5m | £10.5m | £25.0m | £15.4m | — | £34.2m | £34.2m |
| Debt | — | — | — | — | £4.8m | — | £1.1m | £1.1m |
| Shareholders' equity | £2.09bn | £1.95bn | £1.86bn | £1.99bn | £1.85bn | — | £1.56bn | £1.56bn |
Financial ratios
Data as of 31 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 93.9% | 96.8% | 100.0% | 100.0% | 100.0% | 100.0% | — | — |
| Operating margin | 92.7% | 284.6% | 197.3% | 100.6% | 99.8% | 99.7% | — | — |
| Net margin | 89.8% | 280.9% | 98.2% | 102.9% | 99.1% | 98.6% | — | — |
| Return on equity | 4.2% | 23.7% | 20.4% | -11.0% | 22.0% | 18.3% | — | — |
| Return on assets | 4.0% | 22.8% | 19.4% | -10.1% | 20.6% | 16.9% | — | — |
| Free cash flow yield | — | — | 0.0% | — | — | — | — | — |
| Revenue growth | -46.0% | -48.2% | -332.2% | -142.1% | 47.9% | 13.7% | — | — |
| Earnings growth | -82.7% | 48.2% | -321.7% | -143.7% | 48.6% | 14.1% | — | — |
| Current ratio | 0.53x | 25.79x | 44.08x | 40.89x | 45.54x | 68.19x | — | — |
| Debt to equity | — | — | 0.00x | 0.02x | 0.02x | 0.08x | 0.04x | 0.00x |
| Equity ratio | 94.8% | 96.1% | 95.2% | 92.0% | 93.6% | 92.3% | — | — |
| Interest coverage | 22.93x | 194.01x | 210.32x | -43.07x | 172.02x | 99.87x | — | — |
| R&D as a share of sales | — | — | 0.0% | -0.0% | 0.0% | 0.0% | 0.0% | — |
| Buybacks as a share of market value | 5.3% | 1.9% | 3.9% | 2.3% | 3.2% | 4.9% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 12.7% | 19.5% | 12.5% |
| Operating income | 12.6% | 19.3% | 12.9% |
| Net income | 12.8% | 19.5% | 13.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 98.2% | 97.3% | 97.8% | 96.4% |
| Operating margin | 97.9% | 97.0% | 97.4% | 96.0% |
| Net margin | 97.2% | 95.7% | 96.1% | 94.4% |
Valuation history
At each fiscal year end
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 4.3 | 5.0 | -9.1 | 4.6 | 5.3 | 5.3 | 216.8 | 8.7 | 4.2 | 21.2 |
| Price to sales | 4.2 | 4.8 | -9.9 | 4.5 | 5.1 | 5.2 | 65.4 | 7.8 | 4.0 | 16.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 27 Aug 2026.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.11 | 0.08 | 0.073 | 0.07 | 0.068 | 0.065 | 0.065 | 0.057 |
- 5-for-1 split · 8 May 2014
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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