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97.30p
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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
£259.0m
FY2016FY2025
Net income
£119.0m
FY2016FY2025
Free cash flow
—
FY2016FY2025
Shareholders' equity
£2.55bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £259.0m | £181.7m | £169.8m | £85.7m | £222.7m | £128.6m | −£46.5m | £79.6m | £72.5m | £67.4m |
| Gross profit | £232.0m | £155.7m | £151.0m | £85.7m | £222.7m | £128.6m | −£46.5m | £76.4m | £71.3m | £66.6m |
| Research and development | — | — | £0 | £0 | £1 | £1 | £1 | £1 | £1 | £1 |
| Operating income | £202.0m | £93.8m | £84.3m | £97.4m | £219.5m | £112.4m | −£31.7m | £93.1m | £91.9m | £59.3m |
| Net income | £119.0m | £41.4m | £27.3m | £56.3m | £140.1m | £112.0m | −£71.3m | £74.3m | £91.9m | £43.7m |
| Diluted earnings per share | 0.05 | 0.03 | 0.02 | 0.04 | 0.10 | 0.08 | -0.06 | 0.10 | 0.14 | 0.06 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £6.04bn | £2.79bn | £2.83bn | £2.86bn | £2.85bn | £2.70bn | £2.57bn | £1.51bn | £1.37bn | £1.23bn |
| Cash and short-term investments | £20.0m | £3.5m | £13.7m | £29.1m | £33.4m | £103.6m | £143.1m | £5.9m | £4.1m | £5.1m |
| Total liabilities | £3.48bn | £1.42bn | £1.40bn | £1.38bn | £1.35bn | £1.28bn | £1.34bn | £726.0m | £785.6m | £729.4m |
| Debt | £3.31bn | £1.34bn | £1.33bn | £1.30bn | £1.28bn | £1.22bn | £1.27bn | £676.1m | £730.4m | £668.4m |
| Shareholders' equity | £2.55bn | £1.38bn | £1.42bn | £1.48bn | £1.50bn | £1.41bn | £1.23bn | £788.0m | £586.8m | £499.2m |
| Shares outstanding | 2,606m | 1,337m | 1,337m | 1,337m | 1,440m | 1,398m | 1,190m | 740m | 648m | 683m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £104.0m | £135.2m | £133.6m | £79.3m | £100.2m | £79.2m | £57.6m | £68.5m | £60.1m | £56.8m |
| Capital spending | −£104.0m | — | — | — | −£146.4m | — | −£55.8m | — | −£75.4m | — |
| Free cash flow | — | £135.2m | £133.6m | £79.3m | −£46.2m | £79.2m | £1.8m | £68.5m | −£15.3m | £56.8m |
| Dividends paid | −£144.0m | −£92.1m | −£89.5m | −£81.6m | −£74.4m | −£69.1m | −£54.4m | −£34.7m | −£29.8m | −£24.7m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £197.0m | £169.3m | £89.7m | £89.8m | £91.9m | £85.9m | £83.9m | £42.0m |
| Gross profit | £176.0m | £152.7m | £78.5m | £78.0m | £77.3m | £75.4m | £75.6m | £38.0m |
| Operating income | £163.0m | £135.5m | £67.6m | £67.7m | £30.5m | £9.0m | £75.3m | £23.6m |
| Net income | £99.0m | £59.6m | £59.4m | £37.8m | £3.6m | −£12.2m | £39.5m | £19.8m |
| Diluted earnings per share | 0.04 | 0.02 | 0.02 | 0.03 | 0.00 | -0.01 | 0.03 | 0.01 |
| Cash from operations | £89.0m | £53.0m | £50.0m | £46.0m | £42.0m | £43.0m | £43.0m | — |
| Capital spending | — | −£53.0m | — | — | — | — | — | — |
| Free cash flow | — | £0 | — | — | — | — | — | — |
| Total assets | £6.10bn | £6.04bn | £2.87bn | £2.79bn | £2.79bn | £2.83bn | £2.84bn | £2.84bn |
| Cash and short-term investments | £31.0m | £20.0m | £11.5m | £3.5m | £4.1m | £3.2m | £2.4m | £2.4m |
| Debt | £104.0m | £9.0m | £154.1m | £151.7m | £2.6m | £2.4m | £2.4m | £1.29bn |
| Shareholders' equity | £2.56bn | £2.55bn | £1.39bn | £1.38bn | £1.38bn | £1.42bn | £1.48bn | £1.48bn |
Financial ratios
Data as of 27 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2013 | FY2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 89.6% | 85.7% | 88.9% | 100.0% | 100.0% | 100.0% | — | — | — | — | — |
| Operating margin | 79.5% | 51.6% | 46.5% | 113.7% | 63.6% | 87.4% | — | — | — | — | — |
| Net margin | 45.9% | 22.8% | 16.1% | 65.7% | 62.9% | 87.1% | — | — | — | — | — |
| Return on equity | 4.7% | 3.0% | 1.9% | 3.8% | 9.3% | 7.9% | — | — | — | — | — |
| Return on assets | 2.0% | 1.5% | 1.0% | 2.0% | 4.9% | 4.2% | — | — | — | — | — |
| Free cash flow yield | 0.1% | — | — | — | 0.2% | — | 0.1% | — | 0.2% | 0.2% | 0.3% |
| Revenue growth | 42.5% | 7.0% | 98.1% | -61.5% | 73.2% | -376.6% | — | — | — | — | — |
| Earnings growth | 187.4% | 51.6% | -51.5% | -59.8% | 25.1% | -257.1% | — | — | — | — | — |
| Current ratio | 6.67x | 0.02x | 0.63x | 0.75x | 0.73x | 1.78x | — | — | — | — | — |
| Debt to equity | 0.00x | 0.11x | 0.00x | 0.00x | 0.00x | 0.86x | — | — | — | — | — |
| Equity ratio | 42.3% | 49.3% | 50.4% | 51.7% | 52.6% | 52.4% | — | — | — | — | — |
| Interest coverage | 2.42x | 2.00x | 1.66x | 2.40x | 3.58x | 2.66x | — | — | — | — | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.0% | -0.0% | 0.0% | — | — | — |
| Buybacks as a share of market value | -95.0% | 0.0% | 0.0% | 7.2% | -3.0% | -17.4% | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 44.6% | 15.0% | 15.2% |
| Operating income | 27.5% | 12.4% | 13.8% |
| Net income | 28.3% | 1.2% | 7.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 88.0% | 89.7% | 93.1% | 93.9% |
| Operating margin | 67.1% | 68.6% | 77.3% | 83.9% |
| Net margin | 36.4% | 35.0% | 47.4% | 53.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 21.4 | 30.1 | 50.8 | 26.3 | 15.6 | 19.1 | -26.7 | 11.1 | 8.3 | 17.4 |
| Price to sales | 9.8 | 6.9 | 8.2 | 17.3 | 9.8 | 16.6 | -41.0 | 10.3 | 10.5 | 11.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 29 years. Last went ex-dividend on 15 Oct 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.073 | 0.091 | 0.089 | 0.06 | 0.065 | 0.062 | 0.021 | 0.026 |
- 4-for-1 split · 12 Nov 2015
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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