P 
211.00p
-3.83%
Close of 6 Nov 2026, in pence
At a glance
Figures in GBP, from our data supplier.
Revenue
£1.60bn
FY2016FY2025
Net income
£9.0m
FY2016FY2025
Free cash flow
£40.1m
FY2016FY2025
Shareholders' equity
£214.6m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £1.60bn | £1.74bn | £2.01bn | £1.99bn | £1.64bn | £1.30bn | £1.65bn | £1.55bn | £1.37bn | £1.20bn |
| Gross profit | £769.5m | £842.6m | £1.01bn | £1.08bn | £877.7m | £610.2m | £818.9m | £814.9m | £711.6m | £621.0m |
| Operating income | £20.9m | £52.4m | £118.8m | £203.7m | £175.3m | £22.2m | £148.5m | £142.5m | £118.3m | £100.5m |
| Net income | £9.0m | £28.4m | £77.1m | £139.0m | £118.4m | −£5.7m | £103.4m | £103.7m | £83.1m | £72.1m |
| Diluted earnings per share | 0.03 | 0.09 | 0.24 | 0.44 | 0.37 | -0.02 | 0.32 | 0.32 | 0.26 | 0.23 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £575.7m | £650.1m | £704.6m | £794.9m | £724.5m | £629.8m | £701.6m | £563.2m | £499.8m | £456.4m |
| Cash and short-term investments | £31.4m | £95.3m | £90.1m | £131.5m | £154.0m | £166.0m | £97.8m | £97.7m | £95.6m | £92.8m |
| Total liabilities | £361.1m | £387.7m | £398.1m | £442.7m | £384.4m | £313.9m | £377.2m | £244.6m | £229.8m | £209.8m |
| Debt | £132.3m | £136.8m | £110.9m | £109.8m | £102.3m | £91.6m | £128.6m | £1.7m | £1.1m | £1.2m |
| Shareholders' equity | £214.6m | £262.4m | £306.5m | £352.2m | £340.1m | £315.9m | £324.4m | £318.6m | £270.1m | £246.6m |
| Shares outstanding | 329m | 315m | 316m | 319m | 320m | 316m | 321m | 321m | 316m | 311m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £50.1m | £126.7m | £153.0m | £184.8m | £149.2m | £137.4m | £157.1m | £90.7m | £86.3m | £88.8m |
| Capital spending | −£10.0m | −£15.7m | −£31.4m | −£31.7m | −£28.4m | −£22.7m | −£26.4m | −£15.7m | −£13.4m | −£14.1m |
| Free cash flow | £40.1m | £111.0m | £121.6m | £153.1m | £120.9m | £114.7m | £130.8m | £75.0m | £72.9m | £74.7m |
| Dividends paid | −£53.6m | −£52.0m | −£100.1m | −£133.2m | −£100.2m | −£53.6m | −£83.5m | −£81.3m | −£78.3m | −£56.3m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £799.5m | £798.2m | £798.4m | £841.0m | £898.0m | £976.4m | £1.03bn | £516.9m |
| Gross profit | £385.2m | £379.9m | £389.7m | £398.4m | £444.1m | £480.3m | £526.8m | £263.4m |
| Operating income | £9.7m | £18.7m | £2.1m | £24.0m | £28.4m | £55.0m | £63.9m | £31.2m |
| Net income | £3.8m | £8.9m | £146,000 | £11.7m | £16.8m | £33.9m | £43.1m | £21.6m |
| Diluted earnings per share | 0.01 | 0.03 | 0.00 | 0.04 | 0.05 | 0.11 | 0.14 | 0.07 |
| Cash from operations | −£1.0m | £58.0m | −£8.0m | £85.0m | £41.0m | £97.0m | £56.0m | — |
| Capital spending | −£3.0m | −£2.0m | −£7.0m | −£7.0m | −£8.0m | −£20.0m | −£11.0m | — |
| Free cash flow | −£4.0m | £56.0m | −£15.0m | £78.0m | £33.0m | £77.0m | £45.0m | — |
| Total assets | £605.4m | £575.7m | £615.3m | £650.1m | £641.7m | £704.6m | £730.9m | £730.9m |
| Cash and short-term investments | £30.4m | £31.4m | £33.8m | £95.3m | £57.2m | £90.1m | £97.9m | £97.9m |
| Debt | £69.3m | £32.8m | £56.7m | £33.4m | £31.9m | £31.7m | £33.0m | £70.6m |
| Shareholders' equity | £211.6m | £214.6m | £217.0m | £262.4m | £274.0m | £306.5m | £333.9m | £333.9m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -7.1% | 4.1% | 4.1% |
| Operating income | -53.2% | -1.3% | -13.6% |
| Net income | -59.8% | — | -18.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 48.3% | 50.4% | 50.4% | 50.8% |
| Operating margin | 2.2% | 5.4% | 5.8% | 7.0% |
| Net margin | 1.1% | 3.5% | 3.6% | 4.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 85.8 | 38.0 | 20.0 | 10.6 | 17.1 | -246.1 | 16.2 | 13.9 | 17.8 | 16.9 |
| Price to sales | 0.5 | 0.6 | 0.8 | 0.7 | 1.2 | 1.1 | 1.0 | 0.9 | 1.1 | 1.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 14 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.032 | 0.171 | 0.236 | 0.159 | 0.152 | 0.047 | 0.133 | 0.127 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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