K 
2,938.00p
-2.00%
Close of 6 Nov 2026, in pence
At a glance
Figures in GBP, from our data supplier.
Revenue
£3.09bn
FY2016FY2025
Net income
£142.7m
FY2016FY2025
Free cash flow
£171.6m
FY2016FY2025
Shareholders' equity
£641.4m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £3.09bn | £2.99bn | £2.97bn | £2.94bn | £2.22bn | £2.06bn | £2.30bn | £2.22bn | £2.07bn | £1.78bn |
| Operating income | £218.0m | £205.1m | £153.1m | £67.8m | £76.4m | £77.0m | £74.1m | £88.4m | £121.3m | £85.2m |
| Net income | £142.7m | £142.3m | £89.4m | £46.0m | £56.5m | £42.5m | £21.4m | −£14.8m | £87.1m | £47.2m |
| Diluted earnings per share | 2.00 | 1.93 | 1.20 | 0.62 | 0.77 | 0.58 | 0.30 | -0.21 | 1.21 | 0.65 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £1.83bn | £1.79bn | £1.68bn | £1.70bn | £1.45bn | £1.24bn | £1.43bn | £1.44bn | £1.39bn | £1.39bn |
| Cash and short-term investments | £281.5m | £202.7m | £151.4m | £101.1m | £82.7m | £66.3m | £98.9m | £110.5m | £67.7m | £84.4m |
| Total liabilities | £1.18bn | £1.19bn | £1.16bn | £1.21bn | £1.01bn | £825.4m | £1.03bn | £999.5m | £912.8m | £960.3m |
| Debt | £310.4m | £334.6m | £388.7m | £400.0m | £276.0m | £258.8m | £388.7m | £396.7m | £297.2m | £390.0m |
| Shareholders' equity | £641.4m | £593.7m | £515.3m | £494.5m | £439.9m | £406.3m | £392.2m | £440.4m | £468.4m | £425.4m |
| Shares outstanding | 71m | 74m | 74m | 74m | 73m | 73m | 72m | 72m | 72m | 73m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £261.9m | £265.9m | £197.0m | £54.8m | £155.7m | £210.5m | £163.9m | £124.8m | £107.8m | £103.0m |
| Capital spending | −£90.3m | −£89.0m | −£94.3m | −£81.7m | −£84.4m | −£73.0m | −£62.9m | −£85.6m | −£85.0m | −£78.8m |
| Free cash flow | £171.6m | £176.9m | £102.7m | −£26.9m | £71.3m | £137.5m | £101.0m | £39.2m | £22.8m | £24.2m |
| Dividends paid | −£36.7m | −£34.6m | −£27.7m | −£26.4m | −£25.9m | −£25.9m | −£26.3m | −£26.3m | −£21.2m | −£20.5m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £1.61bn | £1.63bn | £1.46bn | £1.50bn | £1.49bn | £1.50bn | £1.47bn | £1.61bn |
| Operating income | £111.1m | £120.7m | £97.3m | £99.2m | £105.9m | £133.3m | £63.0m | £54.0m |
| Net income | £79.3m | £76.3m | £66.4m | £72.8m | £69.5m | £56.2m | £33.2m | £21.4m |
| Diluted earnings per share | 1.14 | 1.07 | 0.93 | 0.99 | 0.94 | 0.75 | 0.45 | 0.29 |
| Cash from operations | £53.0m | £217.0m | £44.0m | £153.0m | £118.0m | £162.0m | £35.0m | £71.0m |
| Capital spending | −£42.0m | −£53.0m | −£36.0m | −£51.0m | −£37.0m | −£52.0m | −£42.0m | −£55.0m |
| Free cash flow | £11.0m | £164.0m | £8.0m | £102.0m | £81.0m | £110.0m | −£7.0m | £16.0m |
| Total assets | £1.87bn | £1.83bn | £1.73bn | £1.79bn | £1.81bn | £1.68bn | £1.66bn | £1.70bn |
| Cash and short-term investments | £209.7m | £281.5m | £156.6m | £202.7m | £196.5m | £151.4m | £92.4m | £91.2m |
| Debt | £31.5m | £248.8m | £29.1m | £264.1m | £88.6m | £323.0m | £30.7m | £343.5m |
| Shareholders' equity | £650.6m | £641.4m | £575.3m | £593.7m | £552.3m | £515.3m | £482.6m | £494.5m |
Financial ratios
Data as of 3 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2014 | FY2011 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 7.1% | 6.9% | 5.2% | 2.4% | 3.8% | 4.5% | — | — |
| Net margin | 4.6% | 4.8% | 3.0% | 1.6% | 2.5% | 2.1% | — | — |
| Return on equity | 22.2% | 24.0% | 17.3% | 9.3% | 12.8% | 10.5% | — | — |
| Return on assets | 7.8% | 7.9% | 5.3% | 2.7% | 3.9% | 3.4% | — | — |
| Free cash flow yield | 0.2% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | — | — |
| Revenue growth | 3.4% | 0.7% | 0.7% | 32.4% | 7.8% | -10.3% | — | — |
| Earnings growth | 0.3% | 59.2% | 94.3% | -18.6% | 32.9% | 98.6% | — | — |
| Current ratio | 1.44x | 1.41x | 1.33x | 1.38x | 1.24x | 1.25x | — | — |
| Debt to equity | 0.39x | 0.44x | 0.63x | 0.69x | 0.52x | 0.52x | — | — |
| Equity ratio | 35.1% | 33.2% | 30.7% | 29.1% | 30.3% | 32.9% | — | — |
| Interest coverage | 9.01x | 7.73x | 5.42x | 4.66x | 9.98x | 7.35x | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.0% | 0.0% |
| Buybacks as a share of market value | 3.3% | 0.9% | -0.6% | -1.0% | -0.8% | -0.9% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 1.6% | 8.4% | 7.0% |
| Operating income | 47.6% | 23.1% | 12.9% |
| Net income | 45.8% | 27.4% | 18.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 7.0% | 5.4% | 4.9% | 4.7% |
| Net margin | 4.7% | 3.5% | 3.2% | 2.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 8.3 | 7.5 | 7.3 | 12.9 | 12.8 | 11.9 | 25.3 | -24.0 | 8.1 | 13.0 |
| Price to sales | 0.4 | 0.4 | 0.2 | 0.2 | 0.3 | 0.3 | 0.2 | 0.2 | 0.3 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 32 years. Last went ex-dividend on 28 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.521 | 0.514 | 0.689 | 0.139 | 0.61 | 0.359 | 0.359 | 0.365 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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