M 
206.40p
-0.29%
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
£446.3m
FY2016FY2025
Net income
£81.2m
FY2016FY2025
Free cash flow
£104.1m
FY2016FY2025
Shareholders' equity
£226.5m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £446.3m | £439.2m | £432.1m | £387.6m | £316.7m | £344.9m | £388.4m | £355.6m | £329.7m | £316.4m |
| Gross profit | £263.9m | £290.6m | £292.4m | £236.0m | £199.4m | £208.7m | £245.5m | £253.3m | £244.5m | £236.8m |
| Research and development | — | £14.0m | £15.5m | £16.8m | £16.6m | £14.6m | £14.7m | £12.0m | £60.5m | £57.8m |
| Operating income | £117.4m | £113.3m | £97.3m | £89.0m | £73.4m | £89.0m | £120.6m | £114.7m | £97.0m | £93.4m |
| Net income | £81.2m | £80.6m | £72.7m | £68.3m | £52.7m | £69.3m | £94.9m | £86.6m | £78.1m | £73.5m |
| Diluted earnings per share | 0.15 | 0.15 | 0.13 | 0.13 | 0.10 | 0.13 | 0.18 | 0.16 | 0.15 | 0.13 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £377.8m | £402.3m | £405.1m | £409.2m | £422.8m | £305.2m | £306.3m | £293.6m | £232.4m | £249.5m |
| Cash and short-term investments | £20.3m | £22.4m | £16.6m | £16.6m | £12.5m | £23.6m | £24.2m | £44.8m | £35.1m | £44.6m |
| Total liabilities | £152.9m | £157.4m | £179.0m | £194.5m | £215.2m | £96.7m | £107.0m | £93.1m | £62.4m | £63.1m |
| Debt | £34.0m | £35.0m | £60.7m | £72.6m | £89.2m | £32.8m | £34.4m | £15.0m | £400,000 | £149,000 |
| Shareholders' equity | £226.5m | £239.7m | £220.5m | £208.7m | £203.3m | £208.5m | £199.3m | £200.5m | £170.0m | £186.4m |
| Shares outstanding | 528m | 540m | 539m | 541m | 536m | 536m | 536m | 538m | 538m | 549m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £105.1m | £115.6m | £102.2m | £104.4m | £65.7m | £83.9m | £113.7m | £106.6m | £106.3m | £106.0m |
| Capital spending | −£1.0m | −£14.1m | −£11.0m | −£11.4m | −£9.8m | −£10.6m | −£15.2m | −£6.5m | −£1.5m | −£800,000 |
| Free cash flow | £104.1m | £101.5m | £91.2m | £93.0m | £55.9m | £73.3m | £98.5m | £100.1m | £104.8m | £105.2m |
| Dividends paid | −£66.9m | −£65.5m | −£63.4m | −£62.8m | −£62.8m | −£62.8m | −£100.0m | −£56.5m | −£54.1m | −£51.1m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £227.1m | £221.0m | £225.3m | £215.7m | £223.5m | £218.3m | £213.8m | £106.9m |
| Gross profit | £131.6m | £127.9m | £147.7m | £125.5m | £152.2m | £124.4m | £133.4m | £72.7m |
| Operating income | £62.4m | £56.2m | £61.2m | £52.9m | £60.4m | £41.6m | £55.7m | £26.6m |
| Net income | £46.5m | £35.3m | £45.9m | £36.4m | £44.2m | £32.0m | £40.7m | £20.5m |
| Diluted earnings per share | 0.09 | 0.07 | 0.09 | 0.07 | 0.08 | 0.06 | 0.08 | 0.04 |
| Cash from operations | £34.0m | £62.0m | £42.0m | £61.0m | £49.0m | £58.0m | £38.0m | — |
| Capital spending | — | — | — | — | −£5.0m | −£5.0m | −£6.0m | — |
| Free cash flow | — | — | — | — | £44.0m | £53.0m | £32.0m | — |
| Total assets | £391.4m | £377.8m | £420.0m | £402.3m | £412.8m | £405.1m | £427.3m | — |
| Cash and short-term investments | £18.5m | £20.3m | £28.7m | £22.4m | £24.9m | £16.6m | £20.2m | — |
| Debt | — | £14.0m | £45.0m | £26.8m | £48.0m | £37.2m | £63.0m | — |
| Shareholders' equity | £210.2m | £226.5m | £224.5m | £239.7m | £218.2m | £220.5m | £204.2m | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.8% | 5.3% | 4.7% |
| Operating income | 9.7% | 5.7% | 3.2% |
| Net income | 5.9% | 3.2% | 2.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 62.6% | 63.5% | 63.0% | 66.8% |
| Operating margin | 26.1% | 24.5% | 24.5% | 27.0% |
| Net margin | 18.3% | 17.8% | 17.9% | 20.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 12.0 | 12.8 | 20.8 | 15.2 | 22.1 | 20.2 | 18.7 | 17.1 | 24.5 | 22.0 |
| Price to sales | 2.2 | 2.4 | 3.5 | 2.7 | 3.7 | 4.0 | 4.6 | 4.2 | 5.8 | 5.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 18 years. Last went ex-dividend on 30 Jul 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.127 | 0.125 | 0.122 | 0.118 | 0.117 | 0.117 | 0.117 | 0.187 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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