N 
2.40p
-4.00%
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
£7.6m
FY2016FY2025
Net income
−£2.2m
FY2016FY2025
Free cash flow
−£5.2m
FY2016FY2025
Shareholders' equity
−£19.5m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £7.6m | £7.9m | £5.6m | £2.5m | £2.1m | £3.9m | £7.1m | £3.3m | £1.3m | £474,000 |
| Gross profit | £7.0m | £6.7m | £4.8m | £1.1m | £757,000 | £1.8m | £6.5m | £2.9m | £1.1m | £297,000 |
| Research and development | £1.3m | £853,000 | £1.3m | £1.8m | £2.1m | £3.1m | £4.4m | £4.0m | £5.5m | £6.0m |
| Operating income | −£1.6m | £1.7m | £15.0m | −£4.5m | −£4.9m | −£5.8m | −£5.5m | −£7.4m | −£10.9m | −£12.8m |
| Net income | −£2.2m | −£1.3m | £11.1m | −£4.7m | −£4.4m | −£5.1m | −£4.4m | −£6.0m | −£9.1m | −£10.6m |
| Diluted earnings per share | -0.01 | -0.00 | 0.03 | -0.02 | -0.01 | -0.02 | -0.02 | -0.02 | -0.04 | -0.04 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £21.2m | £30.7m | £50.8m | £10.9m | £9.2m | £11.9m | £14.1m | £19.8m | £12.4m | £22.4m |
| Cash and short-term investments | £14.0m | £20.3m | £8.2m | £6.8m | £3.8m | £5.2m | £7.0m | £10.7m | £5.7m | £14.5m |
| Total liabilities | £40.7m | £47.7m | £34.4m | £6.4m | £6.2m | £4.8m | £5.6m | £7.2m | £2.0m | £3.7m |
| Debt | £1.3m | £1.9m | £6.4m | £4.1m | £4.2m | £1.6m | £400,000 | £400,000 | £102,000 | £32,000 |
| Shareholders' equity | −£19.5m | −£17.0m | £16.4m | £4.5m | £3.1m | £7.2m | £8.5m | £12.6m | £10.4m | £18.8m |
| Shares outstanding | 182m | 309m | 332m | 311m | 306m | 287m | 286m | 286m | 238m | 238m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −£4.9m | £51.5m | −£27.8m | −£1.8m | −£3.4m | −£3.5m | −£612,000 | −£340,000 | −£7.8m | −£8.9m |
| Capital spending | −£377,000 | −£1.6m | −£305,000 | −£118,000 | −£392,000 | −£704,000 | −£2.1m | −£2.2m | −£374,000 | −£189,000 |
| Free cash flow | −£5.2m | £49.9m | −£28.1m | −£1.9m | −£3.8m | −£4.2m | −£2.7m | −£2.6m | −£8.2m | −£9.0m |
Latest quarters
By quarter end
| Jan 2026 | Jul 2025 | Jan 2025 | Jul 2024 | Jan 2024 | Jul 2023 | Jan 2023 | Jul 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £7.7m | £4.2m | £3.4m | £3.9m | £4.0m | £4.1m | £1.6m | £1.4m |
| Gross profit | £6.5m | £3.1m | £2.5m | £3.3m | £3.5m | £2.9m | £922,000 | £621,000 |
| Operating income | £3.9m | £50,000 | −£762,000 | £120,000 | £2.4m | −£51.8m | −£2.2m | −£2.8m |
| Net income | £2.3m | −£1.2m | −£1.0m | −£3.0m | £1.8m | £13.2m | −£2.1m | −£2.6m |
| Diluted earnings per share | 0.01 | -0.01 | -0.01 | -0.01 | 0.01 | 0.04 | -0.01 | -0.01 |
| Cash from operations | — | — | −£3.0m | — | £52.0m | −£32.0m | — | — |
| Capital spending | — | — | — | — | −£1.0m | −£1.0m | −£2.0m | — |
| Free cash flow | — | — | — | — | £51.0m | −£33.0m | — | — |
| Total assets | £20.5m | £21.2m | £25.1m | £30.7m | £75.3m | £50.8m | £10.8m | £10.9m |
| Cash and short-term investments | £14.4m | £14.0m | £15.5m | £20.3m | £59.3m | £8.2m | £6.0m | £6.8m |
| Debt | £545,000 | £643,000 | £693,000 | £621,000 | £4.9m | £5.0m | £429,000 | £4.1m |
| Shareholders' equity | −£17.2m | −£19.5m | −£18.6m | −£17.0m | £18.8m | £16.4m | £2.9m | £4.5m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 45.6% | 14.6% | 14.1% |
| Operating income | -29.0% | -22.7% | -16.7% |
| Net income | -22.4% | -15.4% | -13.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 88.2% | 82.8% | 74.7% | 78.7% |
| Operating margin | 0.6% | 44.9% | -0.4% | -106.8% |
| Net margin | -22.3% | 12.5% | -22.1% | -104.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -3.4 | -17.6 | 2.7 | -14.3 | -7.1 | -2.9 | -2.3 | -1.2 | -0.5 | -0.7 |
| Price to sales | 1.0 | 2.8 | 5.4 | 27.2 | 15.0 | 3.8 | 1.4 | 2.2 | 3.1 | 15.1 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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