P 
935.00p
+1.74%
Close of 9 Nov 2026, in pence
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At a glance
Figures in GBP, from our data supplier.
Net income
£380.0m
FY2017FY2026
Free cash flow
£1.3m
FY2017FY2026
Shareholders' equity
£918.5m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross profit | £389.5m | £48.7m | £38.5m | −£20.4m | −£111.0m | £208.3m | £81.4m | −£3.2m | £21.4m | £46.9m |
| Research and development | — | — | — | £1 | £2 | £4 | £4 | £1 | £1 | £4 |
| Operating income | £383.5m | £44.2m | £38.1m | −£21.2m | −£111.4m | £207.6m | £80.9m | −£3.7m | £22.5m | £47.6m |
| Net income | £380.0m | £43.6m | £26.9m | −£23.3m | −£108.2m | £199.2m | £80.7m | −£3.9m | £22.1m | £47.5m |
| Diluted earnings per share | 4.69 | 0.49 | 0.30 | -0.26 | -1.18 | 2.21 | 1.14 | -0.07 | 0.38 | 0.87 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £958.6m | £656.4m | £611.2m | £585.6m | £615.2m | £758.3m | £330.0m | £224.2m | £225.6m | £182.9m |
| Cash and short-term investments | £1.5m | £3.8m | £4.2m | £12.4m | £5.4m | £31.8m | £12.1m | £3.6m | £3.5m | £2.9m |
| Total liabilities | £40.0m | £43.0m | £9.2m | £52,000 | £4.6m | £71.0m | £25.6m | £20.9m | £20.8m | £15.2m |
| Debt | £37.0m | £35.8m | £52,000 | £52,000 | £52,000 | £60.8m | £25.5m | £20.4m | £20.2m | £14.8m |
| Shareholders' equity | £918.5m | £613.4m | £602.0m | £580.4m | £610.5m | £687.2m | £304.4m | £203.3m | £204.9m | £167.8m |
| Shares outstanding | 81m | 88m | 91m | 91m | 91m | 90m | 71m | 59m | 58m | 54m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £1.3m | £1.1m | −£3.2m | £4.4m | £2.5m | £396,000 | £656,000 | −£161,000 | −£186,000 | −£284,000 |
| Capital spending | — | — | −£3.2m | — | — | — | — | — | — | — |
| Free cash flow | £1.3m | £1.1m | −£6.3m | £4.4m | £2.5m | £396,000 | £656,000 | −£161,000 | −£186,000 | −£284,000 |
| Dividends paid | −£1.3m | −£2.4m | −£3.0m | −£2.7m | −£2.7m | −£171,000 | −£171,000 | −£171,000 | −£171,000 | −£200,000 |
Latest quarters
By quarter end
| Jul 2026 | Jan 2026 | Jul 2025 | Jan 2025 | Jul 2024 | Apr 2024 | Jan 2024 | Oct 2023 | |
|---|---|---|---|---|---|---|---|---|
| Gross profit | £168.0m | £219.2m | £29.0m | £19.7m | £58.7m | £31.2m | −£23.2m | −£9.9m |
| Operating income | £164.7m | £218.8m | £26.7m | £17.5m | £60.0m | £30.0m | −£21.9m | −£10.9m |
| Net income | £162.5m | £217.5m | £25.9m | £17.6m | £54.9m | £27.5m | −£28.0m | −£14.0m |
| Diluted earnings per share | 2.01 | 2.69 | 0.29 | 0.20 | 0.61 | 0.30 | -0.31 | -0.15 |
| Cash from operations | £5.0m | −£3.0m | — | — | −£2.0m | −£1.0m | — | — |
| Capital spending | — | — | — | — | −£5.0m | — | — | — |
| Free cash flow | — | — | — | — | −£7.0m | — | — | — |
| Total assets | £958.6m | £876.5m | £656.4m | £637.2m | £611.2m | £611.2m | £557.8m | £557.8m |
| Cash and short-term investments | £1.5m | £6.9m | £3.8m | £3.8m | £4.2m | £4.2m | £3.7m | £3.7m |
| Debt | £37.0m | £60.0m | £35.8m | £15.3m | — | — | — | — |
| Shareholders' equity | £918.5m | £809.9m | £613.4m | £613.7m | £602.0m | £602.0m | £547.6m | £547.6m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | — | 13.3% | 38.6% |
| Operating income | — | 13.1% | 38.7% |
| Net income | — | 13.8% | 38.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 100.0% | 99.1% | 99.3% | 99.0% |
| Operating margin | 97.6% | 96.6% | 97.0% | 97.4% |
| Net margin | 96.7% | 92.8% | 92.9% | 94.1% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 2.0 | 15.8 | 19.3 | -21.6 | -5.0 | 4.0 | 6.6 | -50.1 | 7.6 | 3.6 |
| Price to sales | 1.9 | 14.2 | 12.2 | -24.6 | -4.8 | 3.8 | 6.5 | -61.6 | 7.4 | 3.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 4 years. Last went ex-dividend on 23 Oct 2025.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2021 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.015 | 0.027 | 0.033 | 0.03 | 0.003 | 0.004 | 0.004 | 0.016 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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