M 
4,342.00p
+0.74%
Close of 6 Nov 2026, in pence
At a glance
Figures in GBP, from our data supplier.
Revenue
£5.02bn
FY2016FY2025
Net income
£174.9m
FY2016FY2025
Free cash flow
£189.9m
FY2016FY2025
Shareholders' equity
£748.8m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £5.02bn | £4.55bn | £4.12bn | £3.61bn | £3.21bn | £3.03bn | £3.07bn | £2.97bn | £2.79bn | £2.56bn |
| Gross profit | £612.0m | £529.9m | £446.7m | £370.9m | £382.8m | £315.8m | £331.4m | £315.3m | £274.4m | £243.7m |
| Operating income | £219.4m | £162.0m | £140.6m | £88.3m | £129.8m | £65.4m | £91.3m | £84.5m | £67.4m | £47.4m |
| Net income | £174.9m | £131.7m | £117.7m | £60.9m | £97.9m | £45.4m | £71.2m | £66.8m | £52.4m | £36.8m |
| Diluted earnings per share | 3.53 | 2.69 | 2.50 | 1.31 | 2.03 | 0.98 | 1.54 | 1.37 | 1.11 | 0.80 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £2.45bn | £2.13bn | £2.03bn | £1.79bn | £1.71bn | £1.49bn | £1.40bn | £1.36bn | £1.25bn | £1.09bn |
| Cash and short-term investments | £590.5m | £544.2m | £541.3m | £431.7m | £468.6m | £400.5m | £192.7m | £217.2m | £221.2m | £228.5m |
| Total liabilities | £1.70bn | £1.48bn | £1.46bn | £1.30bn | £1.23bn | £1.06bn | £998.7m | £1.01bn | £936.2m | £816.1m |
| Debt | £132.9m | £118.5m | £144.4m | £134.0m | £163.4m | £118.7m | £59.7m | £57.1m | £28.7m | £21.0m |
| Shareholders' equity | £748.8m | £647.2m | £568.1m | £496.2m | £474.2m | £420.1m | £396.8m | £346.6m | £316.6m | £277.2m |
| Shares outstanding | 50m | 49m | 47m | 46m | 48m | 46m | 46m | 49m | 47m | 46m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £205.9m | £128.8m | £196.0m | £54.7m | £110.5m | £177.7m | £48.9m | £73.5m | £33.8m | £178.7m |
| Capital spending | −£16.0m | −£18.2m | −£14.3m | −£11.8m | −£8.0m | −£5.8m | −£15.3m | −£10.8m | −£6.3m | −£5.8m |
| Free cash flow | £189.9m | £110.6m | £181.7m | £42.9m | £102.5m | £171.9m | £33.6m | £62.7m | £27.5m | £172.9m |
| Dividends paid | −£65.8m | −£56.1m | −£48.1m | −£43.5m | −£32.3m | −£9.6m | −£24.8m | −£21.5m | −£16.8m | −£13.2m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £2.56bn | £2.65bn | £2.37bn | £2.33bn | £2.21bn | £2.18bn | £1.94bn | £1.91bn |
| Gross profit | £308.0m | £336.8m | £275.2m | £293.7m | £235.3m | £233.4m | £211.4m | £178.1m |
| Operating income | £112.1m | £130.4m | £91.3m | £115.2m | £65.5m | £90.2m | £43.0m | £41.3m |
| Net income | £87.1m | £101.9m | £73.0m | £79.1m | £52.6m | £71.4m | £46.3m | £17.9m |
| Diluted earnings per share | 1.77 | 2.05 | 1.47 | 1.62 | 1.07 | 1.52 | 0.99 | 0.39 |
| Cash from operations | −£13.0m | £221.0m | −£15.0m | £176.0m | −£27.0m | £224.0m | −£19.0m | £99.0m |
| Capital spending | −£4.0m | −£12.0m | −£3.0m | −£7.0m | −£10.0m | −£5.0m | −£8.0m | −£7.0m |
| Free cash flow | −£17.0m | £209.0m | −£18.0m | £169.0m | −£37.0m | £219.0m | −£27.0m | £92.0m |
| Total assets | £2.50bn | £2.45bn | £2.25bn | £2.13bn | £2.03bn | £2.03bn | £1.80bn | £1.79bn |
| Cash and short-term investments | £491.6m | £590.5m | £450.9m | £544.2m | £391.9m | £541.3m | £322.7m | £431.7m |
| Debt | £97.5m | £84.1m | £98.8m | £74.4m | £62.6m | £99.7m | £80.0m | £93.1m |
| Shareholders' equity | £773.3m | £748.8m | £677.3m | £647.2m | £580.1m | £568.1m | £513.5m | £496.2m |
Financial ratios
Data as of 27 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 12.2% | 11.7% | 10.8% | 10.3% | 11.9% | 10.4% |
| Operating margin | 4.4% | 3.9% | 3.2% | 2.4% | 3.9% | 2.1% |
| Net margin | 3.5% | 2.9% | 2.9% | 1.7% | 3.0% | 1.5% |
| Return on equity | 23.4% | 20.3% | 20.7% | 12.3% | 20.6% | 10.8% |
| Return on assets | 7.1% | 6.2% | 5.8% | 3.4% | 5.7% | 3.0% |
| Free cash flow yield | 0.1% | 0.1% | 0.1% | 0.0% | 0.1% | 0.1% |
| Revenue growth | 10.4% | 10.4% | 14.0% | 12.4% | 5.9% | -1.2% |
| Earnings growth | 32.8% | 11.9% | 93.3% | -37.8% | 115.6% | -36.2% |
| Current ratio | 1.18x | 1.22x | 1.19x | 1.19x | 1.18x | 1.12x |
| Debt to equity | 0.11x | 0.11x | 0.18x | 0.19x | 0.26x | 0.19x |
| Equity ratio | 30.6% | 30.4% | 28.0% | 27.7% | 27.8% | 28.2% |
| Interest coverage | 25.22x | 21.17x | 17.76x | 16.25x | 29.76x | 11.64x |
| Buybacks as a share of market value | -1.3% | -4.2% | -1.2% | 3.6% | -4.2% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 11.6% | 10.6% | 7.7% |
| Operating income | 35.4% | 27.4% | — |
| Net income | 42.1% | 31.0% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 11.9% | 11.3% | 11.3% | 10.7% |
| Operating margin | 4.0% | 3.5% | 3.4% | 2.9% |
| Net margin | 3.2% | 2.8% | 2.7% | 2.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 13.2 | 14.5 | 8.8 | 11.6 | 12.4 | 15.6 | 10.5 | 7.7 | 12.9 | 9.3 |
| Price to sales | 0.5 | 0.4 | 0.3 | 0.2 | 0.4 | 0.2 | 0.2 | 0.2 | 0.2 | 0.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 33 years. Last went ex-dividend on 14 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.08 | 1.40 | 1.195 | 1.04 | 0.95 | 0.70 | 0.21 | 0.55 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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