P 
189.00p
+1.61%
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
FY2017FY2026
Net income
−£5.1m
FY2017FY2026
Free cash flow
−£3.0m
FY2017FY2026
Shareholders' equity
£42.5m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £7.6m | £13.2m | £19.6m | £33.0m | £49.1m | £17.3m | £21.1m | £18.8m | £16.7m | £14.3m |
| Operating income | −£1.2m | £2.1m | £5.8m | £10.1m | £27.5m | £10.5m | £13.7m | £12.5m | £11.5m | £9.4m |
| Net income | −£5.1m | £1.4m | −£9.4m | −£35.7m | £24.5m | −£5.5m | −£5.4m | £5.2m | £12.5m | £9.4m |
| Diluted earnings per share | -0.25 | 0.05 | -0.28 | -0.86 | 0.54 | -0.12 | -0.12 | 0.11 | 0.27 | 0.37 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £44.9m | £77.0m | £110.8m | £201.8m | £288.6m | £301.2m | £303.5m | £316.3m | £300.3m | £197.7m |
| Cash and short-term investments | £12.8m | £22.2m | £19.8m | £5.5m | £28.1m | £9.4m | £14.9m | £22.9m | £19.0m | £11.2m |
| Total liabilities | £2.4m | £4.5m | £13.0m | £73.3m | £111.4m | £143.4m | £137.1m | £136.0m | £117.0m | £88.1m |
| Debt | — | — | £8.3m | £64.9m | £102.3m | £129.2m | £121.5m | £119.6m | £101.4m | £79.7m |
| Shareholders' equity | £42.5m | £72.5m | £97.8m | £128.5m | £177.2m | £157.8m | £166.3m | £180.3m | £183.3m | £109.6m |
| Shares outstanding | 20m | 27m | 34m | 42m | 45m | 46m | 46m | 46m | 46m | 25m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −£3.0m | £7.1m | £1.1m | £14.5m | £32.7m | £6.5m | £9.9m | £6.9m | £6.8m | £6.7m |
| Capital spending | — | −£175,000 | −£1.5m | −£1.4m | −£6.5m | −£21.2m | −£23.5m | −£7,000 | −£123,000 | −£26,000 |
| Free cash flow | −£3.0m | £6.9m | −£443,000 | £13.1m | £26.1m | −£14.7m | −£13.6m | £6.8m | £6.7m | £6.7m |
| Dividends paid | −£3.7m | −£4.7m | −£6.0m | −£6.5m | −£5.4m | −£3.5m | −£8.7m | −£8.7m | −£6.7m | −£4.6m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £3.5m | £4.0m | £5.1m | £8.1m | £7.5m | £12.1m | £6.0m | £18.6m |
| Operating income | −£888,000 | −£822,000 | £631,000 | −£1.3m | −£8.8m | −£173,000 | £1.1m | −£23.4m |
| Net income | −£5.4m | £275,000 | £2.4m | −£945,000 | −£9.2m | £41.5m | −£86,000 | £43.7m |
| Diluted earnings per share | -0.27 | 0.01 | 0.09 | -0.03 | -0.27 | 1.00 | -0.00 | 1.05 |
| Cash from operations | £1.0m | −£4.0m | £3.0m | £3.0m | −£1.0m | £2.0m | — | £11.0m |
| Capital spending | −£1.0m | — | — | — | — | — | — | — |
| Free cash flow | £0 | — | — | — | — | — | — | — |
| Total assets | £44.9m | £52.2m | £77.0m | £85.0m | £110.8m | £137.0m | £137.1m | £201.8m |
| Cash and short-term investments | £12.8m | £4.6m | £22.2m | £21.3m | £19.8m | £8.9m | £8.9m | £5.5m |
| Debt | — | — | — | £7.8m | £8.3m | £20.1m | £8.1m | £63.9m |
| Shareholders' equity | £42.5m | £49.4m | £72.5m | £72.3m | £97.8m | £110.0m | £110.0m | £128.5m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -38.7% | -15.2% | -6.3% |
| Net income | -47.6% | -1.5% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 4.5% | 22.9% | 39.3% | 50.1% |
| Net margin | -17.8% | -66.4% | -21.3% | 1.2% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -7.4 | 40.0 | -8.1 | -2.6 | 3.9 | -22.1 | -17.0 | 28.9 | 11.6 | 8.9 |
| Price to sales | 5.0 | 4.3 | 3.9 | 2.8 | 2.0 | 7.0 | 4.4 | 8.0 | 8.7 | 5.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 12 years. Last went ex-dividend on 18 Dec 2025.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.113 | 0.15 | 0.15 | 0.15 | 0.125 | 0.10 | 0.13 | 0.19 |
- 100-to-1 reverse split · 21 Oct 2013
- 10-to-1 reverse split · 6 Jan 2006
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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