P 
1,289.00p
-1.23%
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
£3.75bn
FY2016FY2025
Net income
£285.7m
FY2016FY2025
Free cash flow
−£12.0m
FY2016FY2025
Shareholders' equity
£3.61bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £3.75bn | £3.20bn | £2.77bn | £3.82bn | £3.61bn | £3.33bn | £3.65bn | £3.74bn | £3.60bn | £3.14bn |
| Operating income | £409.9m | £394.2m | £346.9m | £722.0m | £960.7m | £783.6m | £1.02bn | £1.08bn | £950.1m | £766.2m |
| Net income | £285.7m | £267.1m | £255.4m | £561.0m | £787.2m | £638.4m | £848.8m | £886.4m | £786.9m | £625.3m |
| Diluted earnings per share | 0.88 | 0.83 | 0.80 | 1.73 | 2.46 | 1.99 | 2.66 | 2.81 | 2.40 | 1.97 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £5.32bn | £4.83bn | £4.79bn | £5.03bn | £4.79bn | £4.62bn | £4.49bn | £4.65bn | £4.76bn | £4.14bn |
| Cash and short-term investments | £117.0m | £258.6m | £420.1m | £861.6m | £1.25bn | £1.23bn | £843.9m | £1.05bn | £1.30bn | £913.0m |
| Total liabilities | £1.70bn | £1.33bn | £1.37bn | £1.59bn | £1.17bn | £1.10bn | £1.23bn | £1.46bn | £1.56bn | £1.41bn |
| Debt | £16.8m | £453.6m | £392.7m | £498.0m | £436.9m | £362.6m | £481.2m | £588.6m | £611.2m | £333.3m |
| Shareholders' equity | £3.61bn | £3.51bn | £3.42bn | £3.44bn | £3.63bn | £3.52bn | £3.26bn | £3.19bn | £3.20bn | £2.74bn |
| Shares outstanding | 324m | 324m | 320m | 323m | 320m | 320m | 319m | 315m | 328m | 318m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £28.6m | £84.9m | −£129.8m | £402.3m | £784.8m | £765.5m | £620.0m | £654.3m | £824.0m | £698.2m |
| Capital spending | −£40.6m | −£32.3m | −£36.4m | −£30.5m | −£20.9m | −£18.9m | −£27.5m | −£15.5m | −£18.0m | −£14.7m |
| Free cash flow | −£12.0m | £52.6m | −£166.2m | £371.8m | £763.9m | £746.6m | £592.5m | £638.8m | £806.0m | £683.5m |
| Dividends paid | −£192.1m | −£191.8m | −£255.4m | −£750.1m | −£749.6m | −£350.7m | −£747.8m | −£732.3m | −£416.6m | −£338.3m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £1.73bn | £2.25bn | £1.50bn | £1.88bn | £1.32bn | £1.58bn | £1.19bn | £2.13bn |
| Operating income | £189.1m | £260.3m | £153.8m | £227.9m | £149.4m | £202.3m | £152.2m | £290.8m |
| Net income | £119.8m | £185.7m | £100.0m | £156.4m | £110.7m | £145.7m | £109.7m | £221.2m |
| Diluted earnings per share | 0.37 | 0.57 | 0.31 | 0.48 | 0.34 | 0.45 | 0.34 | 0.68 |
| Cash from operations | −£265.0m | £135.0m | −£106.0m | £117.0m | −£33.0m | £143.0m | −£278.0m | £449.0m |
| Capital spending | −£11.0m | −£14.0m | −£25.0m | −£18.0m | −£13.0m | −£16.0m | −£20.0m | −£16.0m |
| Free cash flow | −£276.0m | £121.0m | −£131.0m | £99.0m | −£46.0m | £127.0m | −£298.0m | £433.0m |
| Total assets | £5.48bn | £5.32bn | £4.99bn | £4.83bn | £4.80bn | £4.79bn | £4.71bn | £5.03bn |
| Cash and short-term investments | £110.0m | £117.0m | £123.0m | £258.6m | £350.2m | £420.1m | £357.0m | £861.6m |
| Debt | £286.3m | £11.0m | £11.3m | £247.1m | £5.6m | £5.6m | £5.6m | £5.6m |
| Shareholders' equity | £3.61bn | £3.61bn | £3.48bn | £3.51bn | £3.41bn | £3.42bn | £3.36bn | £3.44bn |
Financial ratios
Data as of 17 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 10.9% | 11.7% | 13.2% | 18.9% | 26.6% | 23.6% |
| Net margin | 7.6% | 8.3% | 9.2% | 14.7% | 21.8% | 19.2% |
| Return on equity | 7.9% | 7.6% | 7.5% | 16.3% | 21.7% | 18.1% |
| Return on assets | 5.4% | 5.5% | 5.3% | 11.1% | 16.4% | 13.8% |
| Free cash flow yield | 0.0% | 0.0% | -0.0% | 0.1% | 0.2% | 0.2% |
| Revenue growth | 17.2% | 15.4% | -27.3% | 5.7% | 8.5% | -8.8% |
| Earnings growth | 7.0% | 4.6% | -54.5% | -28.7% | 23.3% | -24.8% |
| Current ratio | 3.99x | 4.71x | 4.54x | 4.17x | 4.88x | 4.85x |
| Debt to equity | 0.00x | 0.07x | 0.06x | 0.08x | 0.06x | 0.05x |
| Equity ratio | 68.0% | 72.5% | 71.4% | 68.3% | 75.6% | 76.1% |
| Interest coverage | 13.27x | 27.02x | 27.77x | 176.20x | 266.39x | 91.30x |
| Buybacks as a share of market value | -0.2% | -1.0% | 0.9% | -1.0% | -0.0% | -0.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -0.6% | 2.4% | 2.6% |
| Operating income | -17.2% | -12.2% | -4.1% |
| Net income | -20.1% | -14.9% | -5.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 11.6% | 13.8% | 17.7% | 21.5% |
| Net margin | 8.0% | 10.1% | 13.6% | 17.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 15.4 | 14.5 | 17.4 | 7.0 | 11.6 | 13.9 | 10.1 | 6.9 | 11.4 | 9.0 |
| Price to sales | 1.2 | 1.2 | 1.6 | 1.0 | 2.5 | 2.7 | 2.4 | 1.6 | 2.5 | 1.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 10 years. Last went ex-dividend on 18 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.40 | 0.60 | 0.60 | 0.80 | 2.35 | 2.35 | 1.10 | 2.35 |
- 1-to-1 reverse split · 14 Mar 2001
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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