N 
84.00p
-0.59%
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
£65.9m
FY2016FY2025
Net income
−£2.4m
FY2016FY2025
Free cash flow
£2.9m
FY2016FY2025
Shareholders' equity
£27.3m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £65.9m | £56.7m | £88.7m | £98.4m | £77.3m | £125.7m | £155.1m | £134.9m | £135.0m | £135.7m |
| Gross profit | £10.3m | £7.7m | £6.0m | £9.9m | £6.0m | £16.7m | £27.9m | £27.6m | £27.2m | £26.3m |
| Research and development | — | — | — | — | £133,000 | — | — | — | — | — |
| Operating income | −£2.6m | −£1.9m | −£7.7m | −£325,000 | −£1.3m | −£1.8m | £6.0m | £9.4m | £7.6m | £10.4m |
| Net income | −£2.4m | −£2.8m | £58.8m | £2.7m | £3.0m | −£2.4m | £4.2m | £7.3m | £5.8m | £8.4m |
| Diluted earnings per share | -0.26 | -0.31 | 6.51 | 0.06 | 0.07 | -0.06 | 0.11 | 0.19 | 0.15 | 0.22 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £51.7m | £55.0m | £60.8m | £121.0m | £113.7m | £102.8m | £94.9m | £81.4m | £76.0m | £75.0m |
| Cash and short-term investments | £10.9m | £12.8m | £14.6m | £4.6m | £29.5m | £32.1m | £27.4m | £26.4m | £27.1m | £34.0m |
| Total liabilities | £24.3m | £25.0m | £27.8m | £86.9m | £81.6m | £74.0m | £71.6m | £59.6m | £59.0m | £61.6m |
| Debt | £21.4m | £11.2m | £11.6m | £12.5m | £14.0m | £12.9m | £9.3m | £7.0m | £9.7m | £11.4m |
| Shareholders' equity | £27.3m | £30.0m | £33.0m | £34.1m | £32.1m | £28.8m | £23.3m | £21.8m | £17.0m | £13.4m |
| Shares outstanding | 9m | 9m | 9m | 46m | 45m | 39m | 39m | 38m | 39m | 38m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £3.6m | −£221,000 | −£7.6m | −£3.2m | £2.7m | −£418,000 | £8.2m | £4.7m | £2.7m | £9.0m |
| Capital spending | −£730,000 | −£801,000 | −£1.8m | −£795,000 | −£7.7m | −£6.5m | −£2.1m | −£815,000 | −£4.1m | −£1.1m |
| Free cash flow | £2.9m | −£1.0m | −£9.5m | −£4.0m | −£4.9m | −£6.9m | £6.1m | £3.9m | −£1.4m | £8.0m |
| Dividends paid | −£276,000 | −£271,000 | −£90,000 | −£1.1m | −£272,000 | −£1.7m | −£2.5m | −£2.4m | −£3.5m | −£11.0m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Mar 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £32.3m | £35.3m | £30.6m | £30.9m | £25.8m | £37.7m | £51.0m | £25.5m |
| Gross profit | £4.9m | £5.7m | £4.6m | £4.2m | £3.5m | £211,000 | £5.8m | £2.9m |
| Operating income | −£835,000 | −£1.5m | −£1.6m | −£2.5m | −£1.3m | −£4.8m | −£23,000 | −£147,000 |
| Net income | −£1.1m | −£515,000 | −£1.9m | −£1.3m | −£1.4m | −£8.9m | £72.5m | £36.4m |
| Diluted earnings per share | -0.12 | -0.06 | -0.21 | -0.15 | -0.16 | -0.99 | 8.03 | 0.90 |
| Cash from operations | — | £1.0m | £2.0m | £4.0m | −£4.0m | −£73.0m | £66.0m | — |
| Capital spending | — | — | −£1.0m | — | — | — | −£1.0m | — |
| Free cash flow | — | — | £1.0m | — | — | — | £65.0m | — |
| Total assets | £50.7m | £51.7m | £53.4m | £55.0m | £56.0m | £60.8m | £76.9m | £76.9m |
| Cash and short-term investments | £8.5m | £10.9m | £9.6m | £12.8m | £9.2m | £14.6m | £16.0m | £15.9m |
| Debt | £1.7m | £1.6m | £1.9m | £1.5m | £1.8m | £1.8m | £2.0m | £10.1m |
| Shareholders' equity | £26.2m | £27.3m | £28.1m | £30.0m | £31.6m | £33.0m | £42.1m | £42.1m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -12.5% | -12.1% | -6.6% |
| Operating income | 99.6% | 7.6% | — |
| Net income | — | 0.1% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 14.6% | 10.9% | 11.0% | 15.5% |
| Operating margin | -3.7% | -4.1% | -3.1% | 2.1% |
| Net margin | -4.2% | 18.2% | 11.1% | 7.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -4.5 | -4.1 | 0.1 | 29.9 | 33.7 | -27.4 | 18.7 | 10.1 | 14.7 |
| Price to sales | 0.2 | 0.2 | 0.1 | 0.8 | 1.3 | 0.5 | 0.5 | 0.6 | 0.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 9 years. Last went ex-dividend on 22 May 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.05 | 0.03 | 0.01 | 0.038 | 0.006 | 0.044 | 0.066 | 0.064 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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