M 
4.25p
0.00%
Close of 9 Nov 2026, in pence
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At a glance
Figures in GBP, from our data supplier.
Revenue
£29.9m
FY2017FY2026
Net income
−£5.3m
FY2017FY2026
Free cash flow
£464,000
FY2017FY2026
Shareholders' equity
−£1.6m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £29.9m | £38.6m | £44.9m | £55.0m | £48.7m | £39.4m | £48.2m | £42.1m | £37.0m | £30.6m |
| Gross profit | £24.6m | £33.4m | £38.7m | £48.7m | £42.4m | £34.4m | £38.6m | £33.9m | £29.3m | £23.8m |
| Operating income | −£847,000 | −£6.0m | −£12.0m | £3.1m | −£349,000 | −£219,000 | £7.4m | £6.6m | £6.2m | £4.6m |
| Net income | −£5.3m | −£8.2m | −£10.9m | £2.9m | £1.6m | −£232,000 | £5.9m | £4.0m | £4.4m | £3.4m |
| Diluted earnings per share | -0.05 | -0.08 | -0.11 | 0.03 | 0.02 | -0.00 | 0.06 | 0.04 | 0.04 | 0.03 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £8.3m | £12.4m | £22.4m | £37.4m | £34.6m | £34.6m | £31.3m | £23.4m | £20.1m | £14.3m |
| Cash and short-term investments | £494,000 | £570,000 | £1.4m | £7.6m | £10.0m | £16.8m | £16.0m | £8.3m | £5.5m | £3.7m |
| Total liabilities | £9.9m | £8.9m | £10.5m | £14.6m | £15.0m | £17.1m | £13.7m | £9.8m | £7.9m | £8.1m |
| Debt | £1.5m | £1.2m | £2.0m | £3.1m | £2.2m | £3.2m | £4.4m | £50,000 | — | £51,199 |
| Shareholders' equity | −£1.6m | £3.5m | £11.8m | £22.8m | £19.6m | £17.5m | £17.6m | £13.6m | £12.2m | £6.2m |
| Shares outstanding | 100m | 100m | 100m | 100m | 101m | 100m | 100m | 100m | 102m | 102m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £500,000 | £1.9m | −£665,000 | £3.6m | £352,000 | £5.4m | £11.3m | £6.9m | £2.5m | £2.7m |
| Capital spending | −£36,000 | −£1.5m | −£4.2m | −£5.1m | −£6.1m | −£3.2m | −£650,000 | −£137,000 | −£309,000 | −£335,255 |
| Free cash flow | £464,000 | £431,000 | −£4.9m | −£1.5m | −£5.8m | £2.2m | £10.6m | £6.8m | £2.2m | £2.4m |
| Dividends paid | — | — | — | — | — | −£2.5m | −£2.5m | −£4.0m | −£310,000 | −£1.3m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £16.4m | £13.5m | £18.4m | £20.2m | £24.0m | £20.9m | £10.4m | £28.3m |
| Gross profit | £13.6m | £11.0m | £15.3m | £15.6m | £19.4m | £16.5m | £8.9m | £25.0m |
| Operating income | £861,000 | −£1.7m | £71,000 | −£840,000 | £2.3m | −£5.4m | −£2.8m | £2.4m |
| Net income | −£2.8m | −£2.5m | −£7.4m | −£787,000 | £476,000 | −£11.4m | −£5.7m | £2.1m |
| Diluted earnings per share | -0.03 | -0.02 | -0.07 | -0.01 | 0.00 | -0.11 | -0.06 | 0.02 |
| Cash from operations | £1.0m | — | — | £1.0m | £1.0m | −£1.0m | — | £6.0m |
| Capital spending | — | — | — | — | −£1.0m | −£2.0m | — | −£2.0m |
| Free cash flow | — | — | — | — | £0 | −£3.0m | — | £4.0m |
| Total assets | £8.3m | £11.2m | £12.4m | £19.6m | £22.4m | £24.2m | £24.2m | £37.4m |
| Cash and short-term investments | £494,000 | £355,000 | £570,000 | £746,000 | £1.4m | £2.1m | £2.1m | £7.6m |
| Debt | £1.3m | £1.9m | £518,000 | £1.3m | £980,000 | £1.1m | £1.5m | £1.1m |
| Shareholders' equity | −£1.6m | £984,000 | £3.5m | £10.8m | £11.8m | £11.5m | £11.5m | £22.8m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -18.4% | -5.4% | 1.8% |
| Operating income | — | 31.1% | — |
| Net income | — | 86.7% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 84.7% | 86.3% | 86.6% | 83.4% |
| Operating margin | -10.1% | -9.4% | -6.4% | 2.3% |
| Net margin | -19.6% | -12.7% | -7.8% | -0.2% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -0.8 | -1.5 | -2.0 | 13.3 | 33.4 | -381.5 | 15.2 | 27.1 | 22.2 |
| Price to sales | 0.1 | 0.3 | 0.5 | 0.7 | 1.1 | 2.3 | 1.9 | 2.5 | 2.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 19 Dec 2019.
| FY2020 | FY2019 | |
|---|---|---|
| Paid in the year | 0.025 | 0.008 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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