L 
1,194.00p
+1.19%
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
£304.7m
FY2016FY2025
Total assets
£1.45bn
FY2016FY2025
Shareholders' equity
£1.20bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Research and development | — | — | £1 | £1 | £2 | £0 | £2 | £1 | £1 | £2 |
| Operating income | £314.3m | £111.5m | £83.3m | −£78.1m | £155.3m | £9.4m | £131.4m | −£54.2m | £112.2m | £129.8m |
| Net income | £304.7m | £97.0m | £75.2m | −£86.3m | £148.8m | £3.0m | £129.9m | −£59.8m | £104.9m | £124.3m |
| Diluted earnings per share | 2.29 | 0.73 | 0.58 | -0.68 | 1.19 | 0.02 | 1.10 | -0.51 | 0.89 | 1.05 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £1.45bn | £1.13bn | £1.06bn | £1.00bn | £1.09bn | £886.5m | £913.1m | £804.2m | £884.4m | £805.7m |
| Cash and short-term investments | £43.8m | £38.4m | £31.4m | £49.6m | £35.9m | £41.8m | £71.2m | £124.1m | £134.0m | £94.8m |
| Total liabilities | £243.5m | £204.9m | £208.4m | £205.1m | £213.2m | £159.5m | £137.8m | £134.8m | £136.2m | £143.4m |
| Debt | £218.2m | £169.1m | £169.6m | £170.6m | £170.6m | £119.8m | £115.2m | £114.1m | £114.1m | £114.0m |
| Shareholders' equity | £1.20bn | £920.8m | £854.2m | £799.1m | £878.8m | £727.0m | £775.3m | £669.4m | £748.3m | £662.3m |
| Shares outstanding | 133m | 133m | 131m | 128m | 125m | 118m | 118m | 118m | 118m | 118m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Operating income | £158.1m | £154.8m | £159.5m | £36.5m | £85.9m | £43.0m | £62.9m | £31.6m |
| Net income | £152.3m | £149.7m | £155.0m | £14.9m | £82.0m | £41.0m | £58.6m | £29.3m |
| Diluted earnings per share | 1.14 | 1.13 | 1.17 | 0.11 | 0.62 | 0.31 | 0.45 | 0.22 |
| Total assets | £1.58bn | £1.45bn | £1.26bn | £1.13bn | £1.11bn | £1.11bn | £1.06bn | £1.06bn |
| Cash and short-term investments | £38.6m | £43.8m | £1.9m | £38.4m | £27.3m | £27.3m | £31.4m | £31.4m |
| Debt | £992,000 | £708,000 | — | £1.0m | £792,000 | £792,000 | £1.0m | £1.0m |
| Shareholders' equity | £1.33bn | £1.20bn | £1.06bn | £920.8m | £913.2m | £913.2m | £854.2m | £854.2m |
Financial ratios
Data as of 2 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 84.0% | 58.7% | 63.0% | -72.2% | 79.0% | 13.9% | — | — |
| Net margin | 81.4% | 57.6% | 56.4% | -79.8% | 75.6% | 4.4% | — | — |
| Return on equity | 25.3% | 10.5% | 8.8% | -10.8% | 16.9% | 0.4% | — | — |
| Return on assets | 21.1% | 8.6% | 7.1% | -8.6% | 13.6% | 0.3% | — | — |
| Revenue growth | 122.3% | 26.2% | 23.3% | -45.1% | 190.5% | -58.0% | — | — |
| Earnings growth | 214.3% | 29.0% | -187.0% | -158.0% | 4943.5% | -97.7% | — | — |
| Current ratio | 84.30x | 2.02x | 1.06x | 3.81x | 2.15x | 2.35x | — | — |
| Debt to equity | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.16x | — | — |
| Equity ratio | 83.2% | 81.8% | 80.4% | 79.6% | 80.5% | 82.0% | — | — |
| Interest coverage | 43.59x | 14.53x | 12.33x | -11.42x | 29.49x | 1.78x | — | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -0.0% |
| Buybacks as a share of market value | 0.3% | -1.9% | -2.3% | -2.3% | -5.6% | 0.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 51.2% | 40.7% | 30.6% |
| Operating income | — | 101.7% | 50.7% |
| Net income | — | 152.8% | 82.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 78.5% | 55.0% | 56.8% | 61.9% |
| Net margin | 74.0% | 49.8% | 51.7% | 56.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 4.6 | 12.3 | 13.9 | -11.4 | 6.7 | 276.3 | 5.9 | -10.7 | 7.1 | 5.0 |
| Price to sales | 3.7 | 7.1 | 7.8 | 9.1 | 5.1 | 12.0 | 4.8 | -20.1 | 5.7 | 4.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 8 Oct 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.281 | 0.346 | 0.331 | 0.316 | 0.301 | 0.286 | 0.389 | 0.195 |
- 5-for-1 split · 12 Aug 2002
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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