O 
334.20p
+0.91%
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
£1.38bn
FY2016FY2025
Net income
£405.2m
FY2016FY2025
Free cash flow
£152.5m
FY2016FY2025
Shareholders' equity
£1.56bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £1.38bn | £1.21bn | £2.83bn | £2.51bn | £2.50bn | £2.33bn | £1.76bn | £1.60bn | £1.45bn | £1.27bn |
| Research and development | — | — | — | — | £4.6m | £100,000 | £100,000 | — | £200,000 | £100,000 |
| Operating income | −£190.0m | −£336.6m | −£333.2m | −£452.6m | −£266.3m | −£172.7m | −£177.0m | −£32.1m | £4.7m | £22.6m |
| Net income | £405.2m | −£336.2m | −£314.0m | −£455.5m | −£223.2m | −£134.3m | −£213.1m | −£44.9m | −£8.3m | £12.0m |
| Diluted earnings per share | 0.49 | -0.41 | -0.38 | -0.57 | -0.30 | -0.18 | -0.31 | -0.07 | -0.01 | 0.02 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £4.28bn | £4.16bn | £4.43bn | £4.81bn | £4.38bn | £4.00bn | £2.29bn | £1.35bn | £909.0m | £700.6m |
| Cash and short-term investments | £754.4m | £743.4m | £884.8m | £1.33bn | £1.47bn | £2.11bn | £753.4m | £410.8m | £150.0m | £50.9m |
| Total liabilities | £2.72bn | £2.99bn | £2.92bn | £2.88bn | £2.67bn | £2.17bn | £1.23bn | £793.3m | £661.4m | £438.2m |
| Debt | £1.79bn | £1.70bn | £1.96bn | £1.91bn | £1.83bn | £1.41bn | £608.2m | £360.6m | £378.0m | £215.8m |
| Shareholders' equity | £1.56bn | £1.19bn | £1.49bn | £1.84bn | £1.59bn | £1.76bn | £1.05bn | £556.6m | £247.6m | £262.4m |
| Shares outstanding | 821m | 819m | 818m | 803m | 740m | 733m | 698m | 685m | 600m | 608m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £371.2m | £268.9m | £82.2m | £25.5m | −£7.3m | £237.8m | £70.1m | £128.4m | £118.3m | £96.9m |
| Capital spending | −£218.7m | −£399.4m | −£536.4m | −£785.9m | −£690.7m | −£451.8m | −£259.6m | −£112.8m | −£131.0m | −£85.3m |
| Free cash flow | £152.5m | −£130.5m | −£454.2m | −£760.4m | −£698.0m | −£214.0m | −£189.5m | £15.6m | −£12.7m | £11.6m |
Latest quarters
By quarter end
| May 2026 | Nov 2025 | Jun 2025 | Nov 2024 | May 2024 | Nov 2023 | May 2023 | Feb 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £1.04bn | £707.7m | £674.0m | −£328.5m | £1.54bn | £1.45bn | £1.37bn | £685.4m |
| Operating income | £156.7m | −£108.0m | −£124.9m | −£197.9m | −£138.7m | −£80.1m | −£173.5m | −£110.7m |
| Net income | −£32.7m | −£216.6m | £621.8m | −£199.9m | −£136.3m | −£80.3m | −£233.7m | −£137.7m |
| Diluted earnings per share | -0.04 | -0.26 | 0.76 | -0.24 | -0.17 | -0.10 | -0.29 | -0.16 |
| Cash from operations | £203.0m | £216.0m | £155.0m | £199.0m | £84.0m | £127.0m | £1.0m | — |
| Capital spending | −£65.0m | −£131.0m | −£86.0m | −£278.0m | −£120.0m | −£247.0m | −£288.0m | — |
| Free cash flow | £138.0m | £85.0m | £69.0m | −£79.0m | −£36.0m | −£120.0m | −£287.0m | — |
| Total assets | £4.17bn | £4.28bn | £4.39bn | £4.16bn | £4.28bn | £4.43bn | £4.49bn | £4.49bn |
| Cash and short-term investments | £764.6m | £754.4m | £745.8m | £745.4m | £789.7m | £928.5m | £1.01bn | £1.01bn |
| Debt | £376.5m | £90.4m | £168.8m | £1.67bn | £1.91bn | £1.90bn | £59.8m | £1.85bn |
| Shareholders' equity | £1.57bn | £1.56bn | £1.75bn | £1.19bn | £1.37bn | £1.49bn | £1.59bn | £1.65bn |
Financial ratios
Data as of 1 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating margin | -15.4% | -20.1% | -10.8% | -16.3% | -4.2% | 0.2% | — | — | — |
| Net margin | 29.3% | -27.7% | -11.1% | -18.1% | -8.9% | -5.8% | — | — | — |
| Return on equity | 26.0% | -28.4% | -21.1% | -24.8% | -14.1% | -7.6% | — | — | — |
| Return on assets | 9.5% | -8.1% | -7.1% | -9.5% | -5.1% | -3.4% | — | — | — |
| Free cash flow yield | 0.2% | 0.3% | 0.2% | 0.3% | 0.3% | 0.3% | — | — | — |
| Revenue growth | 13.8% | -57.0% | 12.4% | 0.6% | 7.1% | 32.7% | — | — | — |
| Earnings growth | -220.5% | 7.1% | -31.1% | 104.1% | 66.2% | -37.0% | — | — | — |
| Current ratio | 2.00x | 4.82x | 2.49x | 2.92x | 4.04x | 4.83x | — | — | — |
| Debt to equity | 0.06x | 0.03x | 0.04x | 0.04x | 0.03x | 0.03x | — | — | — |
| Equity ratio | 36.5% | 28.5% | 33.6% | 38.2% | 36.2% | 44.0% | — | — | — |
| Interest coverage | -1.46x | -2.50x | -3.17x | -4.58x | -1.45x | 0.08x | — | — | — |
| R&D as a share of sales | — | — | — | — | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | -0.3% | -0.1% | -1.9% | -8.5% | -1.0% | -4.9% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -18.1% | -9.9% | 2.2% |
| Operating income | -25.1% | 1.9% | — |
| Net income | — | — | 42.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -20.3% | -16.5% | -13.7% | -9.6% |
| Net margin | 2.7% | -8.8% | -8.3% | -6.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 4.8 | -7.4 | -19.8 | -10.9 | -55.6 | -124.8 | -41.9 | -120.5 | -287.1 | 133.8 |
| Price to sales | 1.4 | 2.0 | 2.2 | 2.0 | 5.0 | 7.2 | 5.1 | 3.4 | 1.6 | 1.3 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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