M 
834.00p
+1.46%
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.
Net income
£5.0m
FY2017FY2026
Free cash flow
—
FY2017FY2026
Shareholders' equity
£210.4m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Research and development | — | — | — | £10 | £1 | £1 | £2 | £2 | £1 | £1 |
| Operating income | £5.1m | −£19.4m | £52.6m | £25.0m | −£38.6m | £81.8m | £30.6m | £26.4m | £18.3m | £23.8m |
| Net income | £5.0m | −£19.8m | £52.1m | £24.0m | −£39.3m | £81.2m | £29.9m | £26.0m | £17.9m | £23.5m |
| Diluted earnings per share | 0.18 | -0.55 | 1.09 | 0.42 | -0.60 | 1.33 | 0.56 | 0.61 | 0.47 | 0.72 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £212.3m | £308.2m | £405.8m | £451.9m | £471.2m | £462.7m | £318.9m | £232.0m | £189.8m | £147.4m |
| Cash and short-term investments | £1.3m | £4.1m | £5.7m | £12.2m | £7.1m | £16.6m | £14.7m | £5.5m | £6,000 | £3.8m |
| Total liabilities | £1.9m | £705,000 | £1.7m | £2.8m | £18.5m | £10.7m | £10.8m | £5.9m | £6.3m | £4.3m |
| Debt | — | — | — | £6.0m | £6.0m | £9.9m | £9.4m | £5.0m | £4.4m | £3.8m |
| Shareholders' equity | £210.4m | £307.5m | £404.1m | £449.0m | £452.7m | £452.1m | £308.0m | £226.1m | £183.5m | £143.1m |
| Shares outstanding | 27m | 36m | 48m | 57m | 66m | 61m | 53m | 43m | 38m | 33m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £416,000 | £576,000 | £3.1m | £5.1m | £4.4m | £2.4m | £2.1m | £1.9m | £1.5m | £1.4m |
| Capital spending | −£416,000 | — | −£3.1m | — | — | — | — | — | — | — |
| Free cash flow | — | £576,000 | — | £5.1m | £4.4m | £2.4m | £2.1m | £1.9m | £1.5m | £1.4m |
| Dividends paid | −£2.7m | −£3.7m | −£5.3m | −£7.0m | −£4.3m | −£3.5m | −£3.0m | −£2.2m | −£731,000 | −£2.3m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Operating income | −£5.7m | £10.8m | −£21.8m | £2.5m | £52.6m | £26.3m | £26.2m | £13.1m |
| Net income | −£5.6m | £10.6m | −£22.1m | £2.3m | £25.9m | £12.9m | £26.2m | £13.1m |
| Diluted earnings per share | -0.21 | 0.30 | -0.62 | 0.05 | 0.54 | 0.27 | 0.46 | 0.23 |
| Cash from operations | — | — | — | — | £1.0m | — | £1.0m | — |
| Capital spending | — | — | — | — | −£2.0m | — | — | — |
| Free cash flow | — | — | — | — | −£1.0m | — | — | — |
| Total assets | £212.3m | £259.3m | £308.2m | £371.5m | £405.8m | £405.8m | £419.9m | £419.9m |
| Cash and short-term investments | £1.3m | £2.7m | £4.1m | £7.2m | £5.7m | £5.7m | £7.0m | £7.0m |
| Shareholders' equity | £210.4m | £258.4m | £307.5m | £370.8m | £404.1m | £404.1m | £419.3m | £419.3m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 39.4% | -34.3% | -7.4% |
| Operating income | -41.1% | -42.6% | -10.1% |
| Net income | -40.8% | -42.7% | -10.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 123.3% | 138.3% | 82.4% | 90.4% |
| Net margin | 127.6% | 134.1% | 79.9% | 88.2% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 45.4 | -14.0 | 7.3 | 17.9 | -11.9 | 6.5 | 12.8 | 9.9 | 9.9 | 6.8 |
| Price to sales | 32.8 | -15.0 | 6.9 | 168.5 | 17.4 | 9.3 | 12.4 | 9.7 | 9.6 | 6.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 8 Oct 2026.
| FY2027 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.048 | 0.084 | 0.08 | 0.078 | 0.076 | 0.068 | 0.062 | 0.069 |
- 5-for-1 split · 11 Oct 2011
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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