M 
347.50p
+0.87%
Close of 9 Nov 2026, in pence
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At a glance
Figures in GBP, from our data supplier.
Revenue
£13.5m
FY2016FY2025
Net income
£12.0m
FY2016FY2025
Free cash flow
−£1.5m
FY2016FY2025
Shareholders' equity
£159.1m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £13.5m | £24.2m | £21.0m | £27.9m | −£16.4m | −£16.4m | −£15.4m | £5.5m | £18.6m | £24.8m |
| Gross profit | £12.7m | £24.2m | £21.0m | £27.9m | −£16.4m | −£17.0m | −£16.1m | £4.7m | £18.0m | £24.0m |
| Research and development | — | — | £1 | — | — | £6 | £2 | £0 | £2 | £3 |
| Operating income | £12.0m | £22.0m | £17.6m | £26.9m | −£17.6m | −£17.6m | −£16.5m | £3.3m | £20.3m | £26.4m |
| Net income | £12.0m | £27.5m | £16.3m | £26.9m | −£17.6m | −£17.6m | −£16.5m | £1.6m | £17.5m | £23.6m |
| Diluted earnings per share | 0.23 | 0.52 | 0.31 | 0.51 | -0.33 | -0.33 | -0.31 | 0.03 | 0.33 | 0.44 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £159.9m | £173.0m | £150.7m | — | — | £153.6m | £176.7m | £200.2m | £217.6m | £205.2m |
| Cash and short-term investments | £5.5m | £3.8m | £5.4m | — | — | £6.8m | £2.6m | £2.8m | £2.9m | £3.5m |
| Total liabilities | £813,000 | £21.5m | £22.6m | — | — | £22.2m | £21.6m | £21.6m | £35.0m | £35.2m |
| Debt | — | £20.7m | £20.8m | — | — | £20.9m | £20.5m | £20.5m | £34.0m | £33.9m |
| Shareholders' equity | £159.1m | £151.5m | £128.1m | — | — | £131.3m | £155.1m | £178.6m | £182.5m | £170.0m |
| Shares outstanding | 53m | 53m | 53m | 53m | 53m | 53m | 53m | 53m | 53m | 53m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −£1.5m | £4.6m | £5.4m | £3.2m | £11.8m | £11.8m | £8.4m | £23.5m | £7.8m | £6.9m |
| Capital spending | — | — | −£1,000 | −£16,000 | −£3,000 | −£3,000 | −£4,000 | −£16,000 | −£23,000 | −£66,000 |
| Free cash flow | −£1.5m | £4.6m | £5.4m | £3.2m | £11.8m | £11.8m | £8.4m | £23.5m | £7.8m | £6.8m |
| Dividends paid | −£4.4m | −£4.1m | −£5.1m | −£6.0m | −£6.0m | −£6.0m | −£6.1m | −£5.5m | −£4.9m | −£4.3m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Dec 2023 | Sept 2023 | Jun 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £8.5m | £19.3m | −£2.2m | £8.1m | £16.1m | £8.1m | £2.2m | £1.1m |
| Gross profit | £7.9m | £14.9m | −£2.2m | £8.1m | £16.1m | £8.1m | £1.7m | £1.1m |
| Operating income | £6.9m | £15.2m | −£3.1m | £6.9m | £15.1m | £7.6m | £892,000 | £333,000 |
| Net income | £6.9m | £18.1m | −£6.2m | £10.5m | £17.0m | £8.5m | £111,000 | £55,500 |
| Diluted earnings per share | 0.13 | 0.34 | -0.12 | 0.20 | 0.32 | 0.16 | 0.00 | 0.00 |
| Cash from operations | −£3.0m | £1.0m | £26.0m | £2.0m | £1.0m | — | £7.0m | −£6.0m |
| Total assets | £165.4m | £159.9m | £143.7m | £173.0m | £164.6m | £164.6m | £150.7m | £150.7m |
| Cash and short-term investments | £9.3m | £5.5m | £6.4m | £3.8m | £4.3m | £4.3m | £5.4m | £5.4m |
| Debt | — | — | — | £20.7m | £20.7m | £20.7m | £68,000 | £68,000 |
| Shareholders' equity | £163.5m | £159.1m | £143.1m | £151.5m | £143.1m | £143.1m | £128.1m | £128.1m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -21.6% | — | -3.3% |
| Operating income | -23.5% | — | -5.1% |
| Net income | -23.6% | — | -3.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 98.0% | 99.1% | 97.5% | 96.1% |
| Operating margin | 90.3% | 90.6% | 80.6% | 91.6% |
| Net margin | 104.7% | 95.3% | 88.1% | 85.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 11.9 | 5.1 | 7.2 | 3.8 | -6.8 | -6.8 | -8.4 | 85.7 | 9.1 | 6.6 |
| Price to sales | 10.5 | 5.8 | 5.6 | 3.7 | -7.3 | -7.3 | -9.0 | 24.4 | 8.6 | 6.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 37 years. Last went ex-dividend on 13 Aug 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.093 | 0.083 | 0.077 | 0.098 | 0.114 | 0.07 | 0.114 | 0.114 |
- 2-for-1 split · 21 Dec 1992
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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