M 
343.00p
+0.15%
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
£174.1m
FY2016FY2025
Net income
−£9.5m
FY2016FY2025
Free cash flow
−£3.2m
FY2016FY2025
Shareholders' equity
£75.3m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £174.1m | £122.4m | £114.2m | £97.7m | £94.3m | £83.7m | £88.8m | £58.3m | £53.4m | £41.5m |
| Gross profit | £57.2m | £34.7m | £31.6m | £22.8m | £28.9m | £22.7m | £26.0m | £14.0m | £14.5m | £11.0m |
| Research and development | £500,000 | £2.0m | £2.0m | £500,000 | £900,000 | £1.1m | £800,000 | £1.1m | £800,000 | £600,000 |
| Operating income | £7.6m | £7.7m | £4.5m | £900,000 | £8.3m | £4.0m | £5.3m | −£7.6m | £4.6m | −£2.9m |
| Net income | −£9.5m | £1.4m | £2.7m | −£400,000 | £7.8m | £4.2m | £5.9m | −£6.0m | £1.6m | −£600,000 |
| Diluted earnings per share | -0.32 | 0.07 | 0.13 | -0.02 | 0.38 | 0.20 | 0.29 | -0.30 | 0.08 | -0.03 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £221.6m | £272.4m | £137.9m | £129.7m | £128.1m | £105.0m | £98.4m | £82.8m | £78.5m | £80.4m |
| Cash and short-term investments | £9.6m | £18.2m | £11.0m | £4.2m | £14.5m | £15.5m | £18.9m | £27.9m | £30.3m | £9.0m |
| Total liabilities | £146.3m | £164.4m | £73.9m | £67.5m | £62.7m | £58.8m | £50.9m | £42.2m | £35.7m | £45.0m |
| Debt | £68.5m | £67.6m | £15.1m | £14.2m | £6.9m | £5.1m | £5.7m | £900,000 | £900,000 | £8.2m |
| Shareholders' equity | £75.3m | £108.0m | £64.0m | £62.2m | £65.4m | £46.2m | £47.5m | £40.6m | £42.8m | £35.4m |
| Shares outstanding | 30m | 21m | 20m | 20m | 21m | 21m | 20m | 20m | 20m | 20m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −£2.6m | £2.6m | £11.2m | −£14.0m | £400,000 | £11.2m | £5.1m | −£900,000 | −£2.1m | £6.2m |
| Capital spending | −£600,000 | −£1.9m | −£2.6m | −£2.4m | −£1.7m | −£3.0m | −£2.3m | −£1.1m | −£1.6m | −£500,000 |
| Free cash flow | −£3.2m | £700,000 | £8.6m | −£16.4m | −£1.3m | £8.2m | £2.8m | −£2.0m | −£3.7m | £5.7m |
| Dividends paid | — | — | — | — | — | — | — | — | — | −£500,000 |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £71.0m | £89.4m | £84.7m | £62.4m | £60.0m | £61.4m | £52.8m | £47.1m |
| Gross profit | £18.7m | £29.7m | £27.5m | £18.6m | £16.9m | £19.8m | £11.8m | £13.7m |
| Operating income | £500,000 | £11.0m | −£2.1m | £4.5m | £3.1m | £2.3m | £1.6m | £600,000 |
| Net income | −£8.7m | £1.3m | −£10.8m | −£1.7m | £3.1m | £3.1m | −£400,000 | £300,000 |
| Diluted earnings per share | -0.29 | 0.04 | -0.36 | -0.08 | 0.15 | 0.15 | -0.02 | 0.01 |
| Cash from operations | −£2.0m | — | −£2.0m | £6.0m | −£4.0m | £2.0m | £8.0m | −£10.0m |
| Capital spending | — | — | — | — | −£1.0m | — | −£1.0m | −£1.0m |
| Free cash flow | — | — | — | — | −£5.0m | — | £7.0m | −£11.0m |
| Total assets | £207.4m | £221.6m | £219.5m | £272.4m | £138.3m | £137.9m | £132.9m | £129.7m |
| Cash and short-term investments | £1.7m | £9.6m | £8.6m | £18.2m | £6.0m | £11.0m | £8.1m | £4.2m |
| Debt | £57.8m | £60.3m | £57.8m | £60.1m | £12.2m | £10.2m | £7.2m | £10.3m |
| Shareholders' equity | £66.3m | £75.3m | £74.7m | £108.0m | £68.5m | £64.0m | £63.3m | £62.2m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 21.2% | 15.8% | 7.2% |
| Operating income | 103.6% | 13.7% | 10.1% |
| Net income | 187.4% | — | 8.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 31.0% | 28.8% | 28.8% | 28.2% |
| Operating margin | 5.2% | 4.1% | 4.8% | 3.5% |
| Net margin | -2.7% | -1.1% | 0.9% | 0.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -9.7 | 83.4 | 19.7 | -143.1 | 13.4 | 21.3 | 6.8 | -3.8 | 12.1 | -11.7 |
| Price to sales | 0.5 | 0.9 | 0.5 | 0.6 | 1.1 | 1.1 | 0.5 | 0.4 | 0.4 | 0.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 15 Sept 2016.
| FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | FY2010 | FY2009 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.028 | 0.061 | 0.061 | 0.061 | 0.058 | 0.056 | 0.056 | 0.056 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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