P 
563.00p
+3.02%
Close of 9 Nov 2026, in pence
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At a glance
Figures in GBP, from our data supplier.
Net income
£3.75bn
FY2017FY2026
Free cash flow
−£100.7m
FY2017FY2026
Shareholders' equity
£7.32bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Research and development | — | — | — | — | — | — | — | £238,000 | £209,000 | — |
| Operating income | £3.76bn | £120.7m | £1.12bn | −£109.8m | −£273.2m | £1.07bn | £357.9m | £386.4m | £286.6m | £451.7m |
| Net income | £3.75bn | £118.4m | £1.12bn | −£105.2m | −£258.6m | £1.06bn | £360.1m | £383.6m | £284.6m | £449.8m |
| Diluted earnings per share | 3.37 | 0.10 | 0.93 | -0.08 | -1.98 | 7.82 | 1.32 | 2.87 | 2.13 | 3.38 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £7.51bn | £3.91bn | £3.86bn | £2.90bn | £3.16bn | £3.50bn | £2.42bn | £2.03bn | £1.60bn | £1.31bn |
| Cash and short-term investments | £583.6m | £188.9m | £103.0m | £239.1m | £311.4m | £216.2m | £146.7m | £194.5m | £101.2m | £63.6m |
| Total liabilities | £187.5m | £102.1m | £59.8m | £74.7m | £109.3m | £90.8m | £107.1m | £98.9m | £52.9m | £52.7m |
| Debt | £70.4m | £79.8m | £48.5m | £50.8m | £52.0m | £54.6m | £57.0m | £54.1m | £35.3m | £37.2m |
| Shareholders' equity | £7.32bn | £3.80bn | £3.80bn | £2.83bn | £3.05bn | £3.41bn | £2.31bn | £1.94bn | £1.55bn | £1.25bn |
| Shares outstanding | 1,114m | 1,142m | 1,196m | 1,247m | 131m | 136m | 274m | 134m | 134m | 133m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −£50.4m | £175.8m | £9.3m | £38.5m | £178.2m | £36.3m | −£65.4m | £72.3m | £27.3m | −£18.1m |
| Capital spending | −£50.4m | −£10.5m | −£38.3m | — | — | — | — | — | — | — |
| Free cash flow | −£100.7m | £165.3m | −£29.0m | £38.5m | £178.2m | £36.3m | −£65.4m | £72.3m | £27.3m | −£18.1m |
| Dividends paid | — | — | — | — | — | −£29.7m | — | — | — | — |
Latest quarters
By quarter end
| Apr 2026 | Oct 2025 | Apr 2025 | Oct 2024 | Apr 2024 | Jan 2024 | Oct 2023 | Jul 2023 | |
|---|---|---|---|---|---|---|---|---|
| Operating income | £1.31bn | £2.45bn | −£317.2m | £441.5m | £790.4m | £395.2m | £330.1m | £165.1m |
| Net income | £1.30bn | £2.46bn | −£317.4m | £435.7m | £783.3m | £391.6m | £332.1m | £166.1m |
| Diluted earnings per share | 1.16 | 2.15 | -0.28 | 0.36 | 0.65 | 0.33 | 0.27 | 0.13 |
| Cash from operations | −£43.0m | £379.0m | −£7.0m | −£3.0m | −£65.0m | −£32.0m | £74.0m | £37.0m |
| Capital spending | −£43.0m | — | −£7.0m | — | −£21.0m | — | — | — |
| Free cash flow | −£86.0m | — | −£14.0m | — | −£86.0m | — | — | — |
| Total assets | £7.51bn | £6.23bn | £3.91bn | £4.27bn | £3.86bn | £3.86bn | £3.20bn | £3.20bn |
| Cash and short-term investments | £583.6m | £415.6m | £188.9m | £191.4m | £103.0m | £103.0m | £246.8m | £247.5m |
| Debt | — | — | — | — | £48.5m | £48.5m | £50.7m | £50.7m |
| Shareholders' equity | £7.32bn | £6.11bn | £3.80bn | £4.18bn | £3.80bn | £3.80bn | £3.09bn | £3.09bn |
Financial ratios
Data as of 14 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating margin | 249.7% | 197.2% | 195.0% | 102.8% | 100.9% | 99.8% | — | — | — |
| Net margin | 249.5% | 95.3% | 97.2% | 103.3% | 101.3% | 99.7% | — | — | — |
| Return on equity | 51.2% | 3.1% | 29.3% | -3.7% | -8.5% | 31.2% | — | — | — |
| Return on assets | 50.0% | 3.0% | 28.9% | -3.6% | -8.2% | 30.4% | — | — | — |
| Free cash flow yield | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — |
| Revenue growth | 1111.3% | -89.2% | -1227.8% | -60.1% | -123.9% | 194.1% | — | — | — |
| Earnings growth | 3070.5% | -89.4% | -1160.5% | -59.3% | -124.3% | 195.4% | — | — | — |
| Current ratio | 5.68x | 11.74x | 2.57x | 11.02x | 3.19x | 6.46x | — | — | — |
| Debt to equity | — | — | 0.01x | — | 0.02x | 0.02x | 0.02x | 0.03x | 0.02x |
| Equity ratio | 97.5% | 97.4% | 98.5% | 97.4% | 96.5% | 97.4% | — | — | — |
| Interest coverage | 2354.26x | 138.98x | 1194.20x | -69.11x | -264.77x | 1170.46x | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | — | 0.1% | 0.1% |
| Buybacks as a share of market value | 2.4% | 4.5% | 4.1% | -853.6% | 3.9% | 50.3% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | — | 7.1% | 65.7% |
| Operating income | — | 28.5% | 82.3% |
| Net income | — | 28.7% | 84.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 238.1% | 182.7% | 163.1% | 144.0% |
| Net margin | 237.8% | 182.5% | 163.1% | 143.9% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 1.7 | 44.8 | 3.7 | -30.8 | -0.9 | 0.3 | 1.8 | 0.6 | 0.5 | 0.3 |
| Price to sales | 4.3 | 42.7 | 3.6 | -31.8 | -0.9 | 0.3 | 1.7 | 0.6 | 0.5 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 10-for-1 split · 13 Sept 2024
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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