M 
264.00p
-0.75%
Close of 6 Nov 2026, in pence
At a glance
Figures in GBP, from our data supplier.
Revenue
£996.6m
FY2016FY2025
Net income
£21.1m
FY2016FY2025
Free cash flow
£53.5m
FY2016FY2025
Shareholders' equity
£316.6m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £996.6m | £1.10bn | £1.11bn | £1.11bn | £950.5m | £910.7m | £1.05bn | £1.03bn | £1.00bn | £989.2m |
| Research and development | £28.9m | £31.1m | £32.9m | £31.6m | £28.5m | £28.0m | £34.0m | £36.2m | £34.3m | £29.2m |
| Operating income | £169.0m | £103.6m | £91.9m | £140.8m | £113.1m | £155.5m | £236.5m | £103.9m | £154.0m | £102.5m |
| Net income | £21.1m | £50.3m | £47.3m | £88.0m | £73.8m | −£22.5m | £73.1m | £46.3m | £107.6m | £52.3m |
| Diluted earnings per share | 0.08 | 0.18 | 0.16 | 0.31 | 0.26 | -0.08 | 0.26 | 0.16 | 0.38 | 0.18 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £984.8m | £1.08bn | £1.02bn | £1.03bn | £925.4m | £945.0m | £1.07bn | £964.5m | £929.7m | £1.04bn |
| Cash and short-term investments | £126.5m | £118.6m | £124.5m | £117.7m | £127.3m | £147.8m | £68.7m | £67.6m | £50.4m | £122.4m |
| Total liabilities | £635.9m | £687.8m | £626.1m | £602.3m | £575.8m | £705.0m | £757.5m | £687.3m | £695.4m | £874.6m |
| Debt | £360.7m | £393.7m | £356.8m | £318.1m | £223.8m | £303.4m | £354.4m | £247.6m | £231.7m | £364.9m |
| Shareholders' equity | £316.6m | £353.7m | £360.3m | £389.0m | £310.6m | £202.3m | £270.2m | £232.8m | £195.2m | £120.8m |
| Shares outstanding | 277m | 285m | 288m | 287m | 287m | 284m | 286m | 287m | 287m | 286m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £120.6m | £113.3m | £78.5m | £19.0m | £105.4m | £109.8m | £122.2m | £97.7m | £59.4m | £84.2m |
| Capital spending | −£67.1m | −£96.1m | −£60.4m | −£58.0m | −£31.6m | −£30.0m | −£56.4m | −£53.1m | −£33.7m | −£39.5m |
| Free cash flow | £53.5m | £17.2m | £18.1m | −£39.0m | £73.8m | £79.8m | £65.8m | £44.6m | £25.7m | £44.7m |
| Dividends paid | −£34.1m | −£34.5m | −£34.2m | −£31.6m | −£19.1m | −£5.7m | −£31.3m | −£31.4m | −£31.4m | −£31.4m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £518.1m | £474.0m | £522.6m | £528.1m | £572.6m | £560.8m | £553.9m | £581.9m |
| Operating income | £57.5m | £30.0m | £41.2m | £57.0m | £66.8m | £63.3m | £47.9m | £76.9m |
| Net income | £12.3m | £6.1m | £15.0m | £12.9m | £37.4m | £32.5m | £14.8m | £45.1m |
| Diluted earnings per share | 0.04 | 0.02 | 0.05 | 0.05 | 0.13 | 0.11 | 0.05 | 0.16 |
| Cash from operations | £20.0m | £73.0m | £46.0m | £74.0m | £40.0m | £90.0m | −£8.0m | −£5.0m |
| Capital spending | −£13.0m | −£26.0m | −£40.0m | −£50.0m | −£45.0m | −£36.0m | −£24.0m | −£35.0m |
| Free cash flow | £7.0m | £47.0m | £6.0m | £24.0m | −£5.0m | £54.0m | −£32.0m | −£40.0m |
| Total assets | £1.05bn | £984.8m | £1.02bn | £1.08bn | £1.05bn | £1.03bn | £1.05bn | £1.03bn |
| Cash and short-term investments | £153.1m | £126.5m | £84.6m | £118.6m | £116.6m | £124.5m | £137.5m | £117.7m |
| Debt | £368.6m | £322.2m | £344.9m | £357.6m | £347.8m | £319.8m | £357.2m | £276.3m |
| Shareholders' equity | £319.1m | £316.6m | £316.7m | £353.7m | £374.7m | £360.3m | £357.6m | £389.0m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -3.6% | 1.8% | 0.9% |
| Operating income | 6.3% | 1.7% | 5.9% |
| Net income | -37.9% | — | -4.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 13.0% | 11.7% | 12.5% | 13.1% |
| Net margin | 3.4% | 4.8% | 4.2% | 5.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 28.6 | 15.4 | 17.2 | 10.3 | 13.9 | -39.3 | 12.4 | 16.3 | 9.0 | 15.6 |
| Price to sales | 0.6 | 0.7 | 0.7 | 0.8 | 1.1 | 1.0 | 0.9 | 0.7 | 1.0 | 0.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 20 years. Last went ex-dividend on 22 Oct 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.122 | 0.122 | 0.121 | 0.12 | 0.112 | 0.067 | 0.02 | 0.11 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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