P 
345.60p
+0.99%
Close of 9 Nov 2026, in pence
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At a glance
Figures in GBP, from our data supplier.
Revenue
£1.29bn
FY2017FY2026
Net income
£91.5m
FY2017FY2026
Free cash flow
−£253.3m
FY2017FY2026
Shareholders' equity
£1.41bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £1.29bn | £1.05bn | £906.8m | £797.2m | £792.3m | £624.1m | £636.7m | £632.6m | £1.39bn | £1.35bn |
| Research and development | — | £1.1m | £600,000 | £800,000 | £200,000 | — | £100,000 | £200,000 | £100,000 | £200,000 |
| Operating income | £320.7m | £110.9m | £140.4m | £106.3m | £236.2m | £194.7m | £242.8m | £248.5m | £314.7m | £297.1m |
| Net income | £91.5m | −£57.9m | −£9.5m | £100,000 | £15.4m | £79.5m | £207.4m | £231.5m | £200.6m | £164.3m |
| Diluted earnings per share | 0.19 | -0.12 | -0.03 | 0.00 | 0.07 | 0.29 | 0.49 | 1.04 | 0.95 | 0.79 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £7.48bn | £7.05bn | £6.23bn | £5.19bn | £5.34bn | £6.42bn | £6.76bn | £6.46bn | £6.16bn | £5.95bn |
| Cash and short-term investments | £388.3m | £417.9m | £145.4m | £165.4m | £519.0m | £2.92bn | £665.9m | £569.6m | £598.2m | £612.2m |
| Total liabilities | £6.07bn | £5.60bn | £5.07bn | £4.06bn | £4.06bn | £3.44bn | £5.35bn | £5.08bn | £4.82bn | £4.73bn |
| Debt | £4.90bn | £4.54bn | £3.97bn | £3.13bn | £3.20bn | £2.85bn | £4.01bn | £3.95bn | £3.68bn | £3.56bn |
| Shareholders' equity | £1.41bn | £1.45bn | £1.16bn | £1.12bn | £1.27bn | £2.98bn | £1.42bn | £1.38bn | £1.34bn | £1.21bn |
| Shares outstanding | 472m | 473m | 286m | 262m | 209m | 277m | 422m | 223m | 211m | 208m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £376.1m | £93.5m | £148.9m | £152.6m | £252.3m | £210.5m | £366.0m | £296.7m | £347.4m | £317.4m |
| Capital spending | −£629.4m | −£668.6m | −£598.9m | −£331.2m | −£229.0m | −£190.3m | −£333.4m | −£356.0m | −£391.6m | −£354.1m |
| Free cash flow | −£253.3m | −£575.1m | −£450.0m | −£178.6m | £23.3m | £20.2m | £32.6m | −£59.3m | −£44.2m | −£36.7m |
| Dividends paid | −£133.7m | −£126.9m | −£111.7m | −£101.6m | −£1.59bn | −£184.3m | −£172.6m | −£162.0m | −£107.8m | −£131.6m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £633.3m | £658.1m | £259.8m | £527.2m | £458.2m | £448.6m | £224.3m | £371.7m |
| Operating income | £162.1m | £158.6m | £61.6m | £49.3m | £60.4m | £85.9m | £1.7m | £28.1m |
| Net income | £34.3m | £57.2m | −£13.8m | −£30.3m | −£10.9m | £1.4m | £900,000 | −£18.2m |
| Diluted earnings per share | 0.07 | 0.12 | -0.03 | -0.11 | -0.04 | 0.01 | 0.00 | -0.07 |
| Cash from operations | £209.0m | £167.0m | £36.0m | £67.0m | £109.0m | £43.0m | — | £20.0m |
| Capital spending | −£344.0m | −£285.0m | −£155.0m | −£352.0m | −£305.0m | −£270.0m | — | −£86.0m |
| Free cash flow | −£135.0m | −£118.0m | −£119.0m | −£285.0m | −£196.0m | −£227.0m | — | −£66.0m |
| Total assets | £7.48bn | £7.38bn | £7.05bn | £6.47bn | £6.23bn | £5.34bn | £5.34bn | £5.19bn |
| Cash and short-term investments | £388.3m | £489.0m | £417.9m | £137.0m | £145.4m | £94.4m | £73.7m | £165.4m |
| Debt | £3.82bn | £3.89bn | £3.52bn | £3.38bn | £2.90bn | £2.36bn | £3.29bn | £2.09bn |
| Shareholders' equity | £1.41bn | £1.36bn | £1.45bn | £1.01bn | £1.16bn | £1.01bn | £1.01bn | £1.12bn |
Financial ratios
Data as of 25 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 24.8% | 11.1% | 16.3% | 13.3% | 28.0% | 30.6% | — | — |
| Net margin | 7.1% | -5.5% | -1.0% | 0.0% | 1.9% | 12.7% | — | — |
| Return on equity | 6.5% | -4.0% | -0.8% | 0.0% | 1.2% | 2.7% | — | — |
| Return on assets | 1.2% | -0.8% | -0.2% | 0.0% | 0.3% | 1.2% | — | — |
| Free cash flow yield | 0.6% | 0.5% | 0.8% | 0.6% | 0.7% | 0.4% | — | — |
| Revenue growth | 23.2% | 15.5% | 13.7% | 0.6% | 27.0% | -2.0% | — | — |
| Earnings growth | -258.0% | 509.5% | -9600.0% | -99.4% | -80.6% | -61.7% | — | — |
| Current ratio | 1.51x | 1.51x | 0.97x | 1.24x | 1.94x | 14.04x | — | — |
| Debt to equity | 2.71x | 2.43x | 2.50x | 1.86x | 1.69x | 0.49x | — | — |
| Equity ratio | 18.8% | 20.5% | 18.6% | 21.7% | 23.9% | 46.5% | — | — |
| Interest coverage | 1.50x | 0.58x | 0.94x | 0.70x | 2.27x | 3.05x | — | — |
| R&D as a share of sales | — | 0.1% | 0.1% | 0.1% | 0.0% | — | 0.0% | 0.0% |
| Buybacks as a share of market value | 0.3% | -65.5% | -9.2% | -25.2% | 24.5% | 34.3% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 17.4% | 15.7% | -0.5% |
| Operating income | 44.5% | 10.5% | 2.2% |
| Net income | 870.8% | 2.9% | -5.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 18.5% | 16.8% | 20.3% | 22.8% |
| Net margin | 1.4% | 0.6% | 2.2% | 9.9% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 17.5 | -43.2 | -178.6 | — | 120.7 | 40.7 | 12.5 | 6.4 | 4.7 | 6.4 |
| Price to sales | 1.2 | 2.4 | 1.9 | 2.5 | 2.4 | 5.2 | 4.1 | 2.3 | 0.7 | 0.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 23 Jul 2026.
| FY2027 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.20 | 0.093 | 0.548 | 0.344 | 0.313 | 279.375 | 0.08 | 0.849 |
- 3-to-2 reverse split · 5 Jul 2021
- 3-for-1 split · 31 Jul 2006
- 11-to-10 reverse split · 20 Feb 2006
- 111-to-100 reverse split · 2 Sept 2002
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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