M 
209.00p
0.00%
Close of 6 Nov 2026, in pence
At a glance
Figures in GBP, from our data supplier.
Revenue
£5.62bn
FY2017FY2026
Net income
£82.6m
FY2017FY2026
Free cash flow
£215.7m
FY2017FY2026
Shareholders' equity
£514.3m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £5.62bn | £5.08bn | £4.45bn | £3.94bn | £3.90bn | £2.50bn | £2.17bn | £2.09bn | £2.03bn | £2.12bn |
| Gross profit | £604.2m | £569.7m | £499.9m | £407.3m | £422.9m | £258.5m | £276.1m | £281.5m | £267.8m | £229.8m |
| Operating income | £177.2m | £161.6m | £165.7m | £132.7m | £132.0m | £61.7m | £82.6m | £77.9m | £81.0m | −£8.2m |
| Net income | £82.6m | £101.4m | £126.3m | £91.1m | £37.7m | −£8.1m | £41.8m | £22.6m | −£17.6m | −£51.6m |
| Diluted earnings per share | 0.06 | 0.08 | 0.09 | 0.06 | 0.03 | -0.01 | 0.05 | 0.03 | -0.02 | -0.07 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £2.54bn | £2.12bn | £1.93bn | £1.83bn | £1.82bn | £1.63bn | £1.07bn | £983.9m | £886.3m | £1.08bn |
| Cash and short-term investments | £108.9m | £176.1m | £244.9m | £248.3m | £345.2m | £196.2m | £139.5m | £108.4m | £59.8m | £164.9m |
| Total liabilities | £2.01bn | £1.69bn | £1.45bn | £1.41bn | £1.40bn | £1.27bn | £988.7m | £996.3m | £910.3m | £992.1m |
| Debt | £553.4m | £375.1m | £321.5m | £286.0m | £300.6m | £278.8m | £320.7m | £265.5m | £259.4m | £312.1m |
| Shareholders' equity | £514.3m | £410.4m | £453.2m | £421.7m | £425.8m | £357.5m | £80.5m | −£12.4m | −£24.0m | £87.5m |
| Shares outstanding | 1,359m | 1,328m | 1,360m | 1,418m | 1,454m | 1,491m | 900m | 715m | 715m | 715m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £249.1m | £220.0m | £197.7m | £83.0m | £230.2m | £23.6m | £50.0m | £39.8m | −£9.8m | £122.8m |
| Capital spending | −£33.4m | −£31.6m | −£11.5m | −£25.2m | −£35.6m | −£21.7m | −£19.4m | −£12.1m | −£15.8m | −£14.5m |
| Free cash flow | £215.7m | £188.4m | £186.2m | £57.8m | £194.6m | £1.9m | £30.6m | £27.7m | −£25.6m | £108.3m |
| Dividends paid | −£54.7m | −£54.5m | −£41.5m | −£28.9m | −£5.7m | −£14.4m | −£14.4m | −£14.4m | −£4.8m | −£37.4m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £2.94bn | £2.68bn | £2.66bn | £2.43bn | £2.36bn | £2.08bn | £1.04bn | £2.07bn |
| Gross profit | £333.4m | £270.8m | £295.6m | £253.8m | £278.0m | £206.3m | £111.0m | £213.8m |
| Operating income | £99.8m | £77.4m | £117.1m | £63.4m | £108.9m | £55.7m | £30.5m | £64.3m |
| Net income | £51.1m | £31.5m | £64.2m | £37.2m | £83.4m | £42.9m | £21.4m | £55.8m |
| Diluted earnings per share | 0.04 | 0.02 | 0.05 | 0.03 | 0.06 | 0.03 | 0.02 | 0.04 |
| Cash from operations | £153.0m | £93.0m | £156.0m | £63.0m | £137.0m | £59.0m | — | £81.0m |
| Capital spending | −£17.0m | −£19.0m | −£20.0m | −£10.0m | −£11.0m | −£8.0m | — | −£11.0m |
| Free cash flow | £136.0m | £74.0m | £136.0m | £53.0m | £126.0m | £51.0m | — | £70.0m |
| Total assets | £2.54bn | £2.59bn | £2.12bn | £2.02bn | £1.93bn | £1.78bn | £1.78bn | £1.83bn |
| Cash and short-term investments | £108.9m | £169.8m | £176.1m | £159.0m | £244.9m | £180.2m | £180.2m | £248.3m |
| Debt | £421.0m | £61.4m | £230.4m | £79.1m | £191.9m | £36.0m | £250.5m | £32.0m |
| Shareholders' equity | £514.3m | £527.3m | £410.4m | £401.0m | £453.2m | £411.6m | £411.6m | £421.7m |
Financial ratios
Data as of 29 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 10.8% | 11.2% | 11.2% | 10.3% | 10.8% | 10.3% |
| Operating margin | 3.2% | 3.2% | 3.8% | 3.4% | 1.7% | 0.1% |
| Net margin | 1.5% | 2.0% | 2.8% | 2.3% | 1.0% | -0.3% |
| Return on equity | 16.1% | 24.7% | 27.9% | 21.6% | 8.9% | -2.3% |
| Return on assets | 3.2% | 4.8% | 6.6% | 5.0% | 2.1% | -0.5% |
| Free cash flow yield | 0.1% | 0.1% | 0.1% | 0.0% | 0.1% | 0.0% |
| Revenue growth | 10.5% | 14.3% | 12.7% | 1.1% | 56.2% | 15.0% |
| Earnings growth | -18.5% | -19.7% | 38.6% | 141.6% | -565.4% | -119.4% |
| Current ratio | 0.89x | 0.94x | 0.93x | 0.98x | 0.94x | 1.02x |
| Debt to equity | 0.82x | 0.56x | 0.42x | 0.45x | 0.29x | 0.56x |
| Equity ratio | 20.2% | 19.4% | 23.5% | 23.1% | 23.4% | 21.9% |
| Interest coverage | 5.72x | 8.39x | 13.81x | 9.90x | 3.52x | 0.16x |
| Buybacks as a share of market value | -2.3% | 2.3% | 4.1% | 2.5% | 2.4% | -65.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 12.5% | 17.6% | 10.1% |
| Operating income | 10.1% | 23.5% | 4.7% |
| Net income | -3.2% | — | 0.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 11.0% | 10.9% | 10.8% | 11.4% |
| Operating margin | 3.2% | 3.3% | 3.3% | 3.3% |
| Net margin | 1.7% | 2.1% | 1.7% | 1.4% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 34.5 | 21.8 | 11.8 | 15.4 | 28.8 | -118.7 | 8.8 | 23.6 | -11.7 |
| Price to sales | 0.5 | 0.4 | 0.3 | 0.4 | 0.3 | 0.4 | 0.2 | 0.3 | 0.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 16 Jul 2026.
| FY2027 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.031 | 0.044 | 0.083 | 0.032 | 0.021 | 0.004 | 0.021 | 0.021 |
- 1-to-1 reverse split · 12 Jun 2002
- 1-to-1 reverse split · 21 May 2002
- 2-for-1 split · 3 Apr 2001
- 2-for-1 split · 21 Sept 1998
- 5-for-2 split · 20 Sept 1996
- 2-for-1 split · 19 Sept 1994
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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