M 
373.00p
+0.54%
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
£348.6m
FY2016FY2025
Free cash flow
—
FY2016FY2025
Shareholders' equity
£1.92bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Research and development | — | — | £1 | £1 | £1 | £0 | £1 | — | — | — |
| Operating income | £360.1m | £138.7m | £143.1m | £146.8m | £204.9m | £2.7m | £178.4m | −£108.3m | £219.4m | £434.7m |
| Net income | £348.6m | £126.7m | £131.8m | £134.7m | £198.1m | £257,000 | £172.8m | −£118.5m | £209.3m | £425.9m |
| Diluted earnings per share | 0.59 | 0.21 | 0.21 | 0.22 | 0.31 | 0.00 | 0.27 | -0.19 | 0.33 | 0.67 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £2.04bn | £1.79bn | £1.81bn | £1.82bn | £1.76bn | £1.66bn | £1.75bn | £1.61bn | £1.79bn | £1.64bn |
| Cash and short-term investments | £25.0m | £8.7m | £5.9m | £18.1m | £8.7m | £3.2m | £30.0m | £7.6m | £4.3m | £3.9m |
| Total liabilities | £114.3m | £113.0m | £143.1m | £202.7m | £202.3m | £202.2m | £199.7m | £187.7m | £187.8m | £187.8m |
| Debt | £109.9m | £109.9m | £139.9m | £199.9m | £199.8m | £199.8m | £199.7m | £184.7m | £184.7m | £185.2m |
| Shareholders' equity | £1.92bn | £1.68bn | £1.67bn | £1.62bn | £1.56bn | £1.46bn | £1.54bn | £1.42bn | £1.60bn | £1.45bn |
| Shares outstanding | 590m | 606m | 624m | 625m | 638m | 645m | 645m | 641m | 638m | 638m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £80.5m | £62.9m | £67.4m | £67.5m | £58.1m | £55.3m | £61.4m | £54.7m | £61.3m | £57.9m |
| Capital spending | −£80.5m | — | — | — | — | — | — | — | — | — |
| Free cash flow | — | £62.9m | £67.4m | £67.5m | £58.1m | £55.3m | £61.4m | £54.7m | £61.3m | £57.9m |
| Dividends paid | −£71.4m | −£71.9m | −£70.0m | −£69.0m | −£69.9m | −£69.2m | −£67.6m | −£65.3m | −£61.9m | −£59.3m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Operating income | £205.5m | £257.7m | £102.6m | £43.6m | £95.0m | £47.5m | £101.5m | £50.7m |
| Net income | £198.6m | £252.7m | £95.8m | £38.6m | £88.2m | £44.1m | £96.6m | £48.3m |
| Diluted earnings per share | 0.34 | 0.43 | 0.16 | 0.06 | 0.15 | 0.07 | 0.15 | 0.08 |
| Cash from operations | £37.0m | £37.0m | £42.0m | £29.0m | £33.0m | £16.0m | £33.0m | £16.0m |
| Capital spending | — | −£37.0m | — | — | — | — | — | — |
| Free cash flow | — | £0 | — | — | — | — | — | — |
| Total assets | £2.21bn | £2.04bn | £1.82bn | £1.79bn | £1.81bn | £1.81bn | £1.81bn | £1.81bn |
| Cash and short-term investments | £12.8m | £25.0m | £4.1m | £8.7m | £7.0m | £7.0m | £5.9m | £5.9m |
| Debt | — | — | — | — | — | — | £30.0m | £30.0m |
| Shareholders' equity | £2.09bn | £1.92bn | £1.71bn | £1.68bn | £1.70bn | £1.70bn | £1.67bn | £1.67bn |
Financial ratios
Data as of 29 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 97.6% | 187.9% | 185.6% | 102.1% | 99.2% | 58.2% | — | — |
| Net margin | 94.4% | 85.9% | 86.8% | 93.7% | 95.9% | 5.5% | — | — |
| Return on equity | 18.1% | 7.5% | 7.9% | 8.3% | 12.7% | 0.0% | — | — |
| Return on assets | 17.1% | 7.1% | 7.3% | 7.4% | 11.2% | 0.0% | — | — |
| Free cash flow yield | 0.1% | — | — | — | — | — | — | — |
| Revenue growth | 150.1% | -2.8% | 5.6% | -30.4% | 4293.4% | -97.4% | — | — |
| Earnings growth | 175.1% | -3.9% | -2.1% | -32.0% | 76987.2% | -99.9% | — | — |
| Current ratio | 8.18x | 6.15x | 64.43x | 0.44x | 0.39x | 0.34x | — | — |
| Debt to equity | — | — | 0.02x | 0.04x | 0.04x | 0.14x | 0.13x | 0.13x |
| Equity ratio | 94.4% | 93.7% | 92.1% | 88.9% | 88.5% | 87.8% | — | — |
| Interest coverage | 127.29x | 89.65x | 68.18x | 31.27x | 50.54x | 0.69x | — | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Buybacks as a share of market value | 2.6% | 2.9% | 0.1% | 2.0% | 1.1% | -0.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 36.9% | 139.3% | — |
| Operating income | 34.9% | 165.4% | — |
| Net income | 37.3% | 323.1% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 96.5% | 97.1% | 97.3% | 98.8% |
| Net margin | 92.0% | 91.3% | 91.9% | 93.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 5.7 | 12.3 | 12.2 | 12.4 | 7.4 | — | 9.4 | -12.2 | 7.7 | 3.6 |
| Price to sales | 5.4 | 10.6 | 10.6 | 11.6 | 7.1 | 310.0 | 9.0 | -13.2 | 7.5 | 3.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 37 years. Last went ex-dividend on 1 Oct 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.102 | 0.121 | 0.118 | 0.112 | 0.11 | 0.109 | 0.107 | 0.106 |
- 5-for-1 split · 24 Apr 2023
- 1.032-for-1 split · 14 Apr 1997
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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