L 
10.05p
+11.67%
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
£472.8m
FY2018FY2025
Net income
−£4.4m
FY2018FY2025
Free cash flow
£23.0m
FY2018FY2025
Shareholders' equity
£40.8m
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £472.8m | £436.7m | £462.6m | £450.0m | £363.3m | £287.6m | £97.7m | £78.3m |
| Gross profit | £77.8m | £85.2m | £92.4m | £88.8m | £62.7m | £47.2m | £25.1m | £21.5m |
| Research and development | — | — | — | — | — | — | £84,440 | £88,585 |
| Operating income | £3.4m | £4.3m | £9.1m | £16.3m | £10.3m | £6.9m | −£271,000 | £1.3m |
| Net income | −£4.4m | −£2.0m | £1.4m | £9.1m | £4.8m | £2.4m | −£2.9m | £464,000 |
| Diluted earnings per share | -0.03 | -0.01 | 0.01 | 0.05 | 0.03 | 0.02 | -0.02 | 0.00 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | £247.2m | £247.2m | £264.5m | £239.9m | £172.3m | £163.8m | £149.4m | £74.6m |
| Cash and short-term investments | £15.0m | £10.3m | £19.8m | £16.0m | £11.4m | £16.3m | £3.4m | £2.5m |
| Total liabilities | £205.2m | £199.5m | £213.3m | £187.7m | £121.6m | £146.6m | £135.0m | £58.3m |
| Debt | £100.0m | £102.1m | £99.5m | £78.0m | £41.5m | £73.8m | £70.2m | £30.8m |
| Shareholders' equity | £40.8m | £45.8m | £49.5m | £50.9m | £39.7m | £45.9m | £11.2m | £14.0m |
| Shares outstanding | 166m | 167m | 165m | 167m | 158m | 119m | 158m | 158m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | £26.1m | £16.8m | £19.7m | £23.2m | £19.5m | £14.0m | £7.5m | £6.6m |
| Capital spending | −£3.1m | −£4.0m | −£5.6m | −£3.8m | −£1.9m | −£442,000 | −£1.8m | −£644,000 |
| Free cash flow | £23.0m | £12.9m | £14.0m | £19.4m | £17.6m | £13.5m | £5.7m | £6.0m |
| Dividends paid | −£1.4m | −£2.7m | −£3.3m | −£3.1m | −£999,000 | −£999,000 | −£200,000 | −£165,000 |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £232.1m | £240.7m | £232.1m | £222.5m | £214.2m | £107.1m | £240.0m | £120.0m |
| Gross profit | £39.1m | £40.6m | £44.8m | £42.0m | £43.2m | £21.6m | £47.0m | £23.5m |
| Operating income | £580,000 | £103,000 | £3.7m | −£203,000 | £4.5m | £2.2m | £1.2m | £2.1m |
| Net income | −£5.5m | −£4.6m | £237,000 | −£2.6m | £651,000 | £325,500 | −£2.5m | −£1.2m |
| Diluted earnings per share | -0.03 | -0.03 | 0.00 | -0.02 | 0.00 | 0.00 | -0.01 | -0.01 |
| Cash from operations | −£2.0m | £17.0m | £8.0m | £11.0m | £5.0m | £2.0m | £20.0m | £11.0m |
| Capital spending | −£1.0m | −£1.0m | −£1.0m | — | −£2.0m | −£1.0m | — | — |
| Free cash flow | −£3.0m | £16.0m | £7.0m | — | £3.0m | £1.0m | — | — |
| Total assets | £233.9m | £247.2m | £243.9m | £247.2m | £236.6m | £236.6m | £264.5m | £264.5m |
| Cash and short-term investments | £9.1m | £15.0m | £16.6m | £10.3m | £11.9m | £11.9m | £19.8m | £19.8m |
| Debt | £44.7m | £37.3m | £45.4m | £50.4m | £55.2m | £17.5m | £55.6m | £17.3m |
| Shareholders' equity | £35.7m | £40.8m | £46.9m | £45.8m | £48.4m | £48.4m | £49.5m | £49.5m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 1.4% | 10.4% | — |
| Operating income | -40.7% | -13.2% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 17.9% | 18.9% | 18.4% | — |
| Operating margin | 0.8% | 1.8% | 2.0% | — |
| Net margin | -0.7% | 0.2% | 0.5% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | -8.5 | -28.4 | 61.0 | 14.9 | 40.6 |
| Price to sales | 0.1 | 0.1 | 0.2 | 0.3 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 18 Sept 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Paid in the year | 0.008 | 0.017 | 0.033 | 0.019 | 0.006 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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