M 
44.00p
+0.32%
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
£2.74bn
FY2016FY2025
Net income
−£294.3m
FY2016FY2025
Free cash flow
−£59.7m
FY2016FY2025
Shareholders' equity
−£256.3m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £2.74bn | £3.41bn | £3.15bn | £2.81bn | £2.17bn | £1.96bn | £2.74bn | £2.45bn | £2.32bn | £2.10bn |
| Operating income | £124.1m | −£519.9m | −£21.4m | £86.7m | −£36.2m | −£381.4m | £242.3m | £215.4m | £197.9m | £185.2m |
| Net income | −£294.3m | −£824.1m | −£163.8m | −£253.6m | −£102.0m | −£331.7m | £141.1m | £135.7m | £131.0m | £117.2m |
| Diluted earnings per share | -0.48 | -1.35 | -0.27 | -0.41 | -0.17 | -0.54 | 0.27 | 0.26 | 0.25 | 0.23 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £2.72bn | £3.24bn | £4.08bn | £4.15bn | £4.29bn | £4.38bn | £4.41bn | £3.53bn | £3.45bn | £3.43bn |
| Cash and short-term investments | £406.8m | £244.5m | £356.3m | £291.8m | £508.4m | £520.5m | £478.3m | £117.5m | £314.3m | £318.1m |
| Total liabilities | £2.93bn | £3.02bn | £3.01bn | £2.76bn | £2.84bn | £2.90bn | £3.30bn | £2.33bn | £2.29bn | £2.31bn |
| Debt | £1.51bn | £1.47bn | £1.56bn | £1.49bn | £1.60bn | £1.67bn | £1.76bn | £1.09bn | £1.23bn | £1.26bn |
| Shareholders' equity | −£256.3m | £184.8m | £1.04bn | £1.35bn | £1.43bn | £1.44bn | £1.07bn | £1.17bn | £1.15bn | £1.11bn |
| Shares outstanding | 614m | 611m | 613m | 613m | 613m | 613m | 515m | 515m | 515m | 516m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £109.6m | £259.0m | £230.0m | £221.2m | £170.9m | −£96.7m | £356.2m | £306.8m | £295.5m | £316.6m |
| Capital spending | −£169.3m | −£195.6m | −£141.1m | −£179.7m | −£212.9m | −£238.0m | −£144.5m | −£166.4m | −£136.5m | −£136.6m |
| Free cash flow | −£59.7m | £63.4m | £88.9m | £41.5m | −£42.0m | −£334.7m | £211.7m | £140.4m | £159.0m | £180.0m |
| Dividends paid | −£21.3m | −£21.3m | −£62.4m | −£21.3m | −£5.3m | −£1.13bn | −£78.3m | −£70.8m | −£64.7m | −£58.9m |
Latest quarters
By quarter end
| Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £1.41bn | £1.32bn | £1.76bn | £1.65bn | £1.58bn | £1.57bn | £784.7m | £1.48bn |
| Operating income | £76.0m | £35.1m | £16.6m | £45.5m | −£12.8m | £34.9m | −£600,000 | −£215.8m |
| Net income | −£36.4m | −£257.9m | −£806.4m | −£7.2m | −£134.0m | −£51.1m | −£19.7m | −£244.5m |
| Diluted earnings per share | -0.06 | -0.42 | -1.32 | -0.01 | -0.22 | -0.08 | -0.04 | -0.40 |
| Cash from operations | £10.0m | £98.0m | £118.0m | £140.0m | £109.0m | £120.0m | — | £128.0m |
| Capital spending | −£58.0m | −£110.0m | −£97.0m | −£97.0m | −£94.0m | −£46.0m | — | −£104.0m |
| Free cash flow | −£48.0m | −£12.0m | £21.0m | £43.0m | £15.0m | £74.0m | — | £24.0m |
| Total assets | £2.72bn | £3.00bn | £3.24bn | £4.04bn | £4.08bn | £4.07bn | £4.07bn | £4.15bn |
| Cash and short-term investments | £406.8m | £197.8m | £244.5m | £244.7m | £356.3m | £356.3m | £356.8m | £291.8m |
| Debt | £278.8m | £252.9m | £1.33bn | £241.2m | £1.43bn | £673.9m | £925.2m | £1.36bn |
| Shareholders' equity | −£256.3m | −£110.5m | £184.8m | £1.02bn | £1.01bn | £1.18bn | £1.23bn | £1.35bn |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -0.8% | 7.0% | 3.6% |
| Operating income | 12.7% | — | -3.0% |
| Net income | 5.1% | -2.4% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -6.4% | -2.7% | -4.6% | 0.9% |
| Net margin | -18.2% | -12.7% | -12.1% | -4.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -0.5 | -0.3 | -1.9 | -1.9 | -9.1 | -2.6 | 10.1 | 8.4 | 8.8 | 9.2 |
| Price to sales | 0.1 | 0.1 | 0.1 | 0.2 | 0.4 | 0.4 | 0.5 | 0.5 | 0.5 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 3 Aug 2023.
| FY2023 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.067 | 0.153 | 0.139 | 0.127 | 0.115 | 0.118 | 0.112 | 0.109 |
- 1-to-1 reverse split · 9 Jul 2002
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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