O 
210.40p
+2.24%
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
£223.9m
FY2016FY2025
Net income
−£145.2m
FY2016FY2025
Free cash flow
−£66.3m
FY2016FY2025
Shareholders' equity
£463.3m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £223.9m | £183.2m | £169.7m | £198.6m | £133.7m | £113.9m | £52.1m | £32.5m | £13.8m | £4.5m |
| Research and development | £97.7m | £98.9m | £103.8m | £64.8m | £76.0m | £48.6m | £40.5m | £37.1m | £35.0m | £38.1m |
| Operating income | −£155.3m | −£152.3m | −£168.6m | −£98.5m | −£165.3m | −£72.5m | −£80.9m | −£62.2m | −£65.9m | −£65.0m |
| Net income | −£145.2m | −£146.2m | −£154.5m | −£91.0m | −£167.6m | −£61.2m | −£72.2m | −£53.1m | −£56.5m | −£59.1m |
| Diluted earnings per share | -0.15 | -0.16 | -0.19 | -0.11 | -0.20 | -0.08 | -0.09 | -0.07 | -0.10 | -0.11 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £622.5m | £742.0m | £777.1m | £823.9m | £841.9m | £281.2m | £164.7m | £175.2m | £119.3m | £158.9m |
| Cash and short-term investments | £255.3m | £338.4m | £270.1m | £476.2m | £618.5m | £80.9m | £13.1m | £93.3m | £67.8m | £124.1m |
| Total liabilities | £159.2m | £155.7m | £133.2m | £130.3m | £137.9m | £95.3m | £55.2m | £32.3m | £25.7m | £13.7m |
| Debt | £41.5m | £46.0m | £41.7m | £34.1m | £24.8m | £23.6m | £19.1m | £9.5m | £9.5m | — |
| Shareholders' equity | £463.3m | £586.3m | £643.9m | £693.6m | £704.0m | £185.9m | £109.5m | £142.9m | £93.6m | £144.2m |
| Shares outstanding | 961m | 934m | 826m | 824m | 822m | 795m | 795m | 795m | 541m | 539m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −£62.8m | −£109.9m | −£137.3m | −£49.4m | −£53.8m | −£63.8m | −£48.7m | −£55.5m | −£66.3m | −£51.2m |
| Capital spending | −£3.5m | −£13.9m | −£27.3m | −£42.2m | −£30.8m | −£26.5m | −£30.3m | −£17.8m | −£19.7m | −£3.0m |
| Free cash flow | −£66.3m | −£123.8m | −£164.6m | −£91.6m | −£84.6m | −£90.3m | −£79.0m | −£73.3m | −£86.1m | −£54.2m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £116.7m | £171.1m | £52.8m | £99.1m | £84.1m | £42.0m | £83.7m | £41.8m |
| Operating income | −£50.7m | −£116.4m | −£38.9m | −£75.3m | −£77.0m | −£38.5m | −£93.8m | −£46.9m |
| Net income | −£48.0m | −£109.3m | −£35.9m | −£71.5m | −£74.7m | −£37.3m | −£84.4m | −£42.2m |
| Diluted earnings per share | -0.05 | -0.11 | -0.04 | -0.08 | -0.08 | -0.04 | -0.10 | -0.05 |
| Cash from operations | −£39.0m | −£18.0m | −£44.0m | −£45.0m | −£54.0m | −£29.0m | −£78.0m | −£42.0m |
| Capital spending | −£2.0m | −£1.0m | −£1.0m | −£9.0m | −£4.0m | −£2.0m | −£4.0m | −£4.0m |
| Free cash flow | −£41.0m | −£19.0m | −£45.0m | −£54.0m | −£58.0m | −£31.0m | −£82.0m | −£46.0m |
| Total assets | £565.4m | £622.5m | £671.7m | £742.0m | £722.7m | £722.7m | £787.4m | £777.1m |
| Cash and short-term investments | £184.8m | £255.3m | £331.8m | £338.4m | £259.0m | £259.0m | £270.1m | £270.1m |
| Debt | £5.7m | £5.2m | £5.8m | £10.7m | £5.1m | £5.1m | £4.3m | £4.3m |
| Shareholders' equity | £424.1m | £463.3m | £523.4m | £586.3m | £578.6m | £578.6m | £643.9m | £643.9m |
Financial ratios
Data as of 4 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -58.6% | -83.1% | -86.8% | -41.1% | -123.5% | -63.6% |
| Net margin | -64.9% | -79.8% | -91.1% | -45.8% | -125.4% | -53.8% |
| Return on equity | -31.3% | -24.9% | -24.0% | -13.1% | -23.8% | -32.9% |
| Return on assets | -23.3% | -19.7% | -19.9% | -11.0% | -19.9% | -21.8% |
| Free cash flow yield | -0.0% | -0.0% | -0.1% | -0.0% | -0.0% | -0.0% |
| Revenue growth | 22.2% | 8.0% | -14.6% | 48.6% | 17.4% | 118.7% |
| Earnings growth | -0.7% | -5.4% | 69.7% | -45.7% | 173.7% | -15.2% |
| Current ratio | 3.56x | 4.66x | 5.01x | 6.97x | 7.15x | 2.81x |
| Debt to equity | 0.01x | 0.01x | 0.01x | -0.01x | 0.02x | 0.06x |
| Equity ratio | 74.4% | 79.0% | 82.9% | 84.2% | 83.6% | 66.1% |
| Interest coverage | -46.86x | -42.72x | -66.79x | -50.09x | -181.75x | -96.93x |
| R&D as a share of sales | 43.6% | 54.0% | 61.2% | 32.6% | 56.8% | 42.6% |
| Buybacks as a share of market value | -3.2% | -13.1% | -0.2% | -0.3% | -3.4% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.1% | 14.5% | 76.9% |
| Operating income | 16.4% | 16.5% | 13.4% |
| Net income | 16.8% | 18.8% | 14.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -75.6% | -74.1% | -79.4% | -100.4% |
| Net margin | -71.6% | -69.2% | -74.9% | -92.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | -8.5 | -8.2 | -11.1 | -22.3 | -34.2 |
| Price to sales | 5.5 | 6.6 | 10.1 | 10.2 | 42.9 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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