J 
2,420.00p
+0.83%
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
£12.57bn
FY2017FY2026
Net income
−£96.0m
FY2017FY2026
Free cash flow
£159.0m
FY2017FY2026
Shareholders' equity
£2.02bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £12.57bn | £11.67bn | £12.84bn | £14.93bn | £16.02bn | £15.44bn | £14.58bn | £10.74bn | £10.27bn | £12.04bn |
| Gross profit | £629.0m | £899.0m | £927.0m | £989.0m | £1.05bn | £944.0m | £981.0m | £995.0m | £886.0m | £826.6m |
| Research and development | £82.0m | £98.0m | £152.0m | £175.0m | £179.0m | £168.0m | £176.0m | £171.0m | £175.0m | £181.8m |
| Operating income | £330.0m | £538.0m | £249.0m | £505.0m | £503.0m | £488.0m | £526.0m | £543.0m | £509.0m | £501.7m |
| Net income | −£96.0m | £373.0m | £108.0m | £276.0m | −£101.0m | £205.0m | £255.0m | £413.0m | £298.0m | £386.0m |
| Diluted earnings per share | -0.57 | 2.22 | 0.59 | 1.50 | -0.53 | 1.06 | 1.32 | 2.15 | 1.55 | 2.01 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £5.97bn | £6.19bn | £6.34bn | £7.03bn | £6.67bn | £7.74bn | £7.36bn | £5.95bn | £5.08bn | £4.67bn |
| Cash and short-term investments | £590.0m | £898.0m | £542.0m | £697.0m | £418.0m | £625.0m | £332.0m | £459.0m | £389.0m | £337.9m |
| Total liabilities | £3.96bn | £3.90bn | £3.96bn | £4.49bn | £4.22bn | £5.06bn | £4.54bn | £3.34bn | £2.70bn | £2.45bn |
| Debt | £1.41bn | £1.70bn | £1.49bn | £1.67bn | £1.25bn | £1.38bn | £1.43bn | £1.32bn | £1.06bn | £1.06bn |
| Shareholders' equity | £2.02bn | £2.29bn | £2.38bn | £2.54bn | £2.44bn | £2.69bn | £2.82bn | £2.61bn | £2.38bn | £2.24bn |
| Shares outstanding | 168m | 168m | 182m | 184m | 192m | 193m | 193m | 192m | 193m | 192m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £376.0m | £381.0m | £592.0m | £291.0m | £605.0m | £769.0m | £598.0m | £287.0m | £345.0m | £485.6m |
| Capital spending | −£217.0m | −£373.0m | −£368.0m | −£316.0m | −£453.0m | −£381.0m | −£443.0m | −£301.0m | −£216.0m | −£259.5m |
| Free cash flow | £159.0m | £8.0m | £224.0m | −£25.0m | £152.0m | £388.0m | £155.0m | −£14.0m | £129.0m | £226.1m |
| Dividends paid | −£129.0m | −£138.0m | −£141.0m | −£141.0m | −£139.0m | −£99.0m | −£167.0m | −£156.0m | −£146.0m | −£139.0m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £7.22bn | £5.35bn | £6.04bn | £5.63bn | £6.31bn | £6.53bn | £3.27bn | £7.61bn |
| Gross profit | £317.0m | £312.0m | £490.0m | £408.0m | £453.0m | £445.0m | £222.5m | £504.0m |
| Operating income | £159.0m | £131.0m | −£37.0m | £575.0m | £113.0m | £159.0m | £47.5m | £280.0m |
| Net income | −£78.0m | −£18.0m | −£111.0m | £484.0m | £45.0m | £63.0m | £31.5m | £114.0m |
| Diluted earnings per share | -0.46 | -0.11 | -0.66 | 2.66 | 0.25 | 0.34 | 0.17 | 0.62 |
| Cash from operations | £258.0m | £118.0m | £403.0m | −£22.0m | £356.0m | £202.0m | — | £73.0m |
| Capital spending | −£106.0m | −£111.0m | −£165.0m | −£150.0m | −£176.0m | −£158.0m | — | −£71.0m |
| Free cash flow | £152.0m | £7.0m | £238.0m | −£172.0m | £180.0m | £44.0m | — | £2.0m |
| Total assets | £5.97bn | £5.83bn | £6.19bn | £6.13bn | £6.34bn | £6.51bn | £6.51bn | £7.03bn |
| Cash and short-term investments | £590.0m | £547.0m | £898.0m | £621.0m | £542.0m | £551.0m | £493.0m | £697.0m |
| Debt | £1.39bn | £1.47bn | £1.66bn | £1.38bn | £1.47bn | £1.51bn | £1.48bn | £1.64bn |
| Shareholders' equity | £2.02bn | £2.10bn | £2.29bn | £2.42bn | £2.38bn | £2.43bn | £2.43bn | £2.54bn |
Financial ratios
Data as of 20 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 5.0% | 7.7% | 7.2% | 6.6% | 6.5% | 6.1% |
| Operating margin | 2.6% | 5.3% | 2.3% | 2.9% | 1.7% | 2.4% |
| Net margin | -0.8% | 3.2% | 0.8% | 1.8% | -0.6% | 1.3% |
| Return on equity | -4.8% | 16.3% | 4.5% | 10.9% | -4.1% | 7.6% |
| Return on assets | -1.6% | 6.0% | 1.7% | 3.9% | -1.5% | 2.6% |
| Free cash flow yield | 0.1% | 0.2% | 0.2% | 0.1% | 0.2% | 0.2% |
| Revenue growth | 7.7% | -9.1% | -14.0% | -6.8% | 3.8% | 5.9% |
| Earnings growth | -125.7% | 245.4% | -60.9% | -373.3% | -149.3% | -19.6% |
| Current ratio | 1.56x | 1.42x | 1.45x | 1.51x | 1.33x | 1.35x |
| Debt to equity | 0.69x | 0.73x | 0.62x | 0.64x | 0.50x | 0.49x |
| Equity ratio | 33.7% | 37.1% | 37.6% | 36.1% | 36.6% | 34.7% |
| Interest coverage | 1.81x | 4.77x | 2.24x | 4.82x | 3.38x | 2.49x |
| R&D as a share of sales | 0.7% | 0.8% | 1.2% | 1.2% | 1.1% | 1.1% |
| Buybacks as a share of market value | -0.0% | 7.7% | 1.2% | 4.2% | 0.4% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -5.6% | -4.0% | 1.6% |
| Operating income | -13.2% | -7.5% | -2.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 6.3% | 6.6% | 6.5% | 7.0% |
| Operating margin | 3.6% | 3.1% | 3.1% | 3.6% |
| Net margin | 1.1% | 1.3% | 0.9% | 1.7% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -42.5 | 7.5 | 17.7 | 8.9 | -31.7 | 15.1 | 14.4 | 10.9 | 14.2 | 12.1 |
| Price to sales | 0.3 | 0.2 | 0.1 | 0.2 | 0.2 | 0.2 | 0.3 | 0.4 | 0.4 | 0.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 37 years. Last went ex-dividend on 17 Aug 2026.
| FY2027 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 5.498 | 1.027 | 1.727 | 1.027 | 1.027 | 0.293 | 0.933 | 0.742 |
- 18-to-17 reverse split · 11 Jan 2016
- 22-to-21 reverse split · 6 Aug 2012
- 1-to-1 reverse split · 2 Dec 2002
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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