M 
217.00p
+3.33%
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
£125.5m
FY2017FY2026
Net income
−£8.4m
FY2017FY2026
Free cash flow
−£1.4m
FY2017FY2026
Shareholders' equity
−£12.2m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £125.5m | £120.4m | £152.8m | £159.1m | £152.4m | £115.0m | £149.3m | £166.3m | £169.7m | £168.1m |
| Gross profit | £75.8m | £80.4m | £107.1m | £113.3m | £109.3m | £59.9m | £91.1m | £102.3m | £107.7m | £101.7m |
| Operating income | −£2.7m | −£26.9m | −£29.1m | £17.0m | £24.6m | £5.4m | −£43.0m | −£742,000 | £8.0m | £7.5m |
| Net income | −£8.4m | −£30.4m | −£33.5m | £13.2m | £20.0m | £4.8m | −£44.1m | −£2.5m | £6.4m | £5.3m |
| Diluted earnings per share | -0.12 | -0.43 | -0.56 | 0.22 | 0.34 | 0.08 | -0.74 | -0.04 | 0.11 | 0.09 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £82.5m | £86.7m | £117.7m | £159.3m | £133.8m | £119.9m | £133.6m | £109.2m | £119.3m | £115.3m |
| Cash and short-term investments | £6.7m | £8.2m | £7.1m | £6.9m | £25.7m | £11.8m | £8.0m | £12.4m | £25.1m | £21.1m |
| Total liabilities | £103.6m | £97.5m | £106.8m | £112.5m | £96.0m | £101.2m | £120.1m | £28.5m | £31.1m | £29.6m |
| Debt | £65.9m | £64.7m | £81.2m | £84.2m | £68.7m | £78.5m | £98.1m | £4.5m | £1.4m | — |
| Shareholders' equity | −£12.2m | −£2.6m | £17.4m | £53.2m | £42.2m | £22.3m | £17.3m | £82.1m | £87.5m | £84.7m |
| Shares outstanding | 71m | 70m | 60m | 60m | 60m | 60m | 60m | 59m | 59m | 60m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −£990,000 | £8.1m | £133,000 | £834,000 | £19.2m | £16.6m | £18.6m | £4.1m | £11.5m | £15.7m |
| Capital spending | −£425,000 | −£3.0m | −£9.8m | −£11.0m | −£5.3m | −£4.1m | −£6.8m | −£9.5m | −£4.7m | −£4.4m |
| Free cash flow | −£1.4m | £5.1m | −£9.6m | −£10.2m | £13.9m | £12.4m | £11.7m | −£5.4m | £6.8m | £11.3m |
| Dividends paid | — | — | −£597,000 | −£1.8m | −£308,000 | −£7.9m | −£3.0m | −£3.0m | −£3.0m | −£3.0m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £71.5m | £53.9m | £64.2m | £56.1m | £83.1m | £69.7m | £34.9m | £94.2m |
| Gross profit | £44.7m | £37.3m | £43.1m | £37.3m | £59.1m | £40.2m | £24.0m | £59.7m |
| Operating income | £2.8m | −£4.9m | −£13.0m | −£13.1m | −£10.1m | −£9.9m | −£6.1m | £8.6m |
| Net income | −£1.8m | −£6.6m | −£15.3m | −£15.1m | −£21.2m | −£12.3m | −£6.7m | £16.0m |
| Diluted earnings per share | -0.03 | -0.09 | -0.22 | -0.25 | -0.36 | -0.21 | -0.10 | 0.27 |
| Cash from operations | £5.0m | −£6.0m | −£2.0m | £5.0m | £4.0m | −£3.0m | — | £8.0m |
| Capital spending | — | — | — | — | −£2.0m | −£5.0m | — | −£1.0m |
| Free cash flow | — | — | — | — | £2.0m | −£8.0m | — | £7.0m |
| Total assets | £82.5m | £83.4m | £86.7m | £103.1m | £117.7m | £138.6m | £138.6m | £159.3m |
| Cash and short-term investments | £6.7m | £7.2m | £8.2m | £8.8m | £7.1m | £5.9m | £5.8m | £6.9m |
| Debt | £44.2m | £59.4m | £54.6m | £67.9m | £71.3m | £33.9m | £43.0m | £22.5m |
| Shareholders' equity | −£12.2m | −£9.2m | −£2.6m | £2.4m | £17.4m | £39.5m | £33.2m | £53.2m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -7.6% | 1.8% | -2.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 63.6% | 67.5% | 66.1% | 64.0% |
| Operating margin | -12.0% | -7.5% | -1.4% | -2.1% |
| Net margin | -15.8% | -10.6% | -4.2% | -4.1% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -15.9 | -2.4 | -1.9 | 7.4 | 6.9 | 39.9 | -3.1 | -68.3 | 27.6 | 117.6 |
| Price to sales | 1.1 | 0.6 | 0.4 | 0.6 | 0.9 | 1.7 | 0.9 | 1.0 | 1.0 | 3.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 26 Oct 2023.
| FY2024 | FY2023 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.01 | 0.03 | 0.05 | 0.05 | 0.05 | 0.05 | 0.056 | 0.056 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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