M 
312.00p
-2.50%
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
£2.71bn
FY2016FY2025
Net income
£177.0m
FY2016FY2025
Free cash flow
£199.0m
FY2016FY2025
Shareholders' equity
£2.82bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £2.71bn | £2.61bn | £2.50bn | £2.21bn | £1.06bn | £1.48bn | £2.24bn | £2.15bn | £2.18bn | £2.09bn |
| Operating income | £327.0m | £300.0m | £98.0m | £124.0m | £81.0m | £8.0m | £297.0m | £255.0m | £208.0m | £231.0m |
| Net income | £177.0m | £149.0m | −£4.0m | £13.0m | −£65.0m | −£112.0m | £143.0m | £104.0m | £63.0m | £89.0m |
| Diluted earnings per share | 0.29 | 0.25 | -0.01 | 0.02 | -0.11 | -0.24 | 0.30 | 0.24 | 0.15 | 0.22 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £5.39bn | £5.25bn | £4.80bn | £4.95bn | £5.21bn | £5.11bn | £4.89bn | £4.88bn | £4.94bn | £4.96bn |
| Cash and short-term investments | £216.0m | £176.0m | £126.0m | £207.0m | £252.0m | £173.0m | £133.0m | £242.0m | £267.0m | £278.0m |
| Total liabilities | £2.58bn | £2.68bn | £2.67bn | £2.81bn | £3.10bn | £3.43bn | £2.94bn | £3.11bn | £3.31bn | £3.56bn |
| Debt | £1.51bn | £1.63bn | £1.79bn | £1.95bn | £2.06bn | £2.32bn | £1.75bn | £1.98bn | £2.06bn | £2.17bn |
| Shareholders' equity | £2.82bn | £2.57bn | £2.13bn | £2.14bn | £2.10bn | £1.68bn | £1.95bn | £1.77bn | £1.63bn | £1.41bn |
| Shares outstanding | 601m | 600m | 594m | 594m | 594m | 474m | 475m | 428m | 423m | 413m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £368.0m | £386.0m | £248.0m | £238.0m | £25.0m | £127.0m | £266.0m | £240.0m | £226.0m | £222.0m |
| Capital spending | −£169.0m | −£154.0m | −£157.0m | −£122.0m | −£33.0m | −£108.0m | −£147.0m | −£167.0m | −£166.0m | −£166.0m |
| Free cash flow | £199.0m | £232.0m | £91.0m | £116.0m | −£8.0m | £19.0m | £119.0m | £73.0m | £60.0m | £56.0m |
| Dividends paid | — | — | — | −£48.0m | −£60.0m | −£23.0m | — | −£7.0m | −£12.0m | −£31.0m |
Latest quarters
By quarter end
| Apr 2026 | Sept 2025 | Apr 2025 | Sept 2024 | Apr 2024 | Apr 2024 | Sept 2023 | Jun 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £1.49bn | £1.26bn | £1.45bn | £1.21bn | £1.40bn | £1.40bn | £1.22bn | £610.5m |
| Operating income | £181.0m | £146.0m | £181.0m | £148.0m | £164.0m | £164.0m | −£1.0m | £34.5m |
| Net income | £107.0m | £77.0m | £100.0m | £68.0m | £81.0m | £81.0m | −£36.0m | −£18.0m |
| Diluted earnings per share | 0.18 | 0.13 | 0.17 | 0.11 | 0.14 | 0.14 | -0.06 | -0.03 |
| Cash from operations | £252.0m | £122.0m | £246.0m | £145.0m | £241.0m | — | £113.0m | — |
| Capital spending | −£115.0m | −£80.0m | −£89.0m | −£72.0m | −£80.0m | — | −£58.0m | — |
| Free cash flow | £137.0m | £42.0m | £157.0m | £73.0m | £161.0m | — | £55.0m | — |
| Total assets | £5.44bn | £5.39bn | £5.30bn | £5.25bn | £4.82bn | £4.82bn | £4.80bn | £4.80bn |
| Cash and short-term investments | £240.0m | £216.0m | £253.0m | £176.0m | £194.0m | £194.0m | £126.0m | £126.0m |
| Debt | £209.0m | £1.33bn | £200.0m | £1.47bn | £182.0m | £1.54bn | £1.36bn | £1.64bn |
| Shareholders' equity | £2.93bn | £2.82bn | £2.67bn | £2.57bn | £2.20bn | £2.20bn | £2.13bn | £2.13bn |
Financial ratios
Data as of 31 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 12.5% | 11.8% | 4.1% | 5.5% | 7.4% | 0.3% |
| Net margin | 6.5% | 5.7% | -0.2% | 0.6% | -6.1% | -7.6% |
| Return on equity | 6.3% | 5.8% | -0.2% | 0.6% | -3.1% | -6.7% |
| Return on assets | 3.3% | 2.8% | -0.1% | 0.3% | -1.2% | -2.2% |
| Free cash flow yield | 0.3% | 0.3% | 0.2% | 0.2% | 0.0% | 0.2% |
| Revenue growth | 3.9% | 4.3% | 13.4% | 107.3% | -27.8% | -34.1% |
| Earnings growth | 18.8% | -3825.0% | -130.8% | -120.0% | -42.0% | -178.3% |
| Current ratio | 0.47x | 0.46x | 0.41x | 0.52x | 0.53x | 0.34x |
| Debt to equity | 0.40x | 0.47x | 0.64x | 0.71x | 0.76x | 1.12x |
| Equity ratio | 52.2% | 48.9% | 44.4% | 43.3% | 40.4% | 32.8% |
| Interest coverage | 3.38x | 2.83x | 0.88x | 1.06x | 0.65x | 0.04x |
| Buybacks as a share of market value | -0.2% | -1.1% | -0.0% | 0.1% | -25.2% | 0.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 7.1% | 12.9% | 2.6% |
| Operating income | 38.2% | 110.0% | 1.9% |
| Net income | 138.8% | — | 5.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 11.8% | 8.5% | 7.5% | 9.4% |
| Net margin | 6.1% | 3.3% | 1.3% | 2.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 8.9 | 9.9 | -382.7 | 63.0 | -23.4 | -10.2 | 9.3 | 6.5 | 11.6 | 7.1 |
| Price to sales | 0.6 | 0.6 | 0.6 | 0.4 | 1.4 | 0.8 | 0.6 | 0.3 | 0.3 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 14 Dec 2017.
| FY2018 | FY2017 | FY2016 | FY2008 | FY2007 | FY2006 | FY2005 | FY2004 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.045 | 0.068 | 0.073 | 0.146 | 0.129 | 1.129 | 0.11 | 0.857 |
- 1.002-to-1 reverse split · 18 Oct 2006
- 1.008-to-1 reverse split · 2 Dec 2003
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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