P 
1,278.00p
-1.31%
Close of 9 Nov 2026, in pence
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At a glance
Figures in GBP, from our data supplier.
Revenue
£3.58bn
FY2016FY2025
Net income
£335.0m
FY2016FY2025
Free cash flow
£661.0m
FY2016FY2025
Shareholders' equity
£3.65bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £3.58bn | £3.55bn | £3.67bn | £3.84bn | £3.43bn | £3.40bn | £3.87bn | £4.13bn | £4.51bn | £4.55bn |
| Gross profit | £1.72bn | £1.81bn | £1.83bn | £1.79bn | £1.68bn | £1.63bn | £2.01bn | £2.19bn | £2.45bn | £2.46bn |
| Research and development | — | — | £284.0m | £303.0m | £279.0m | £280.0m | £13.0m | £14.0m | £14.0m | — |
| Operating income | £632.0m | £541.0m | £498.0m | £271.0m | £183.0m | £283.0m | £275.0m | £553.0m | £451.0m | −£2.50bn |
| Net income | £335.0m | £434.0m | £378.0m | £242.0m | £177.0m | £330.0m | £264.0m | £588.0m | £406.0m | −£2.34bn |
| Diluted earnings per share | 0.51 | 0.64 | 0.53 | 0.33 | 0.23 | 0.44 | 0.34 | 0.76 | 0.50 | -2.87 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £6.46bn | £6.89bn | £6.73bn | £7.31bn | £7.34bn | £7.45bn | £7.65bn | £7.91bn | £7.89bn | £10.07bn |
| Cash and short-term investments | £333.0m | £543.0m | £312.0m | £543.0m | £937.0m | £1.10bn | £437.0m | £568.0m | £526.0m | £1.47bn |
| Total liabilities | £2.79bn | £2.84bn | £2.74bn | £2.89bn | £3.06bn | £3.32bn | £3.33bn | £3.38bn | £3.87bn | £5.72bn |
| Debt | £1.48bn | £1.47bn | £1.16bn | £1.22bn | £1.40bn | £1.65bn | £1.66bn | £720.0m | £1.08bn | £2.47bn |
| Shareholders' equity | £3.65bn | £4.04bn | £3.97bn | £4.40bn | £4.27bn | £4.13bn | £4.31bn | £4.52bn | £4.01bn | £4.34bn |
| Shares outstanding | 651m | 682m | 716m | 730m | 759m | 752m | 779m | 778m | 812m | 815m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £690.0m | £627.0m | £525.0m | £361.0m | £326.0m | £389.0m | £369.0m | £462.0m | £298.0m | £410.0m |
| Capital spending | −£29.0m | −£124.0m | −£126.0m | −£147.0m | −£176.0m | −£134.0m | −£193.0m | −£200.0m | −£232.0m | −£245.0m |
| Free cash flow | £661.0m | £503.0m | £399.0m | £214.0m | £150.0m | £255.0m | £176.0m | £262.0m | £66.0m | £165.0m |
| Dividends paid | −£160.0m | −£156.0m | −£154.0m | −£156.0m | −£149.0m | −£146.0m | −£147.0m | −£136.0m | −£318.0m | −£424.0m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £1.78bn | £1.85bn | £1.72bn | £1.80bn | £1.75bn | £877.0m | £1.79bn | £897.5m |
| Gross profit | £910.0m | £981.0m | £879.0m | £932.0m | £879.0m | £439.5m | £916.0m | £458.0m |
| Operating income | £253.0m | £275.0m | £234.0m | £321.0m | £219.0m | £118.0m | £282.0m | £157.5m |
| Net income | £148.0m | £171.0m | £164.0m | £277.0m | £157.0m | £78.5m | £192.0m | £96.0m |
| Diluted earnings per share | 0.24 | 0.26 | 0.25 | 0.41 | 0.23 | 0.12 | 0.27 | 0.13 |
| Cash from operations | £354.0m | £472.0m | £218.0m | £845.0m | £75.0m | £37.0m | £822.0m | £256.0m |
| Capital spending | −£26.0m | −£15.0m | −£14.0m | −£15.0m | −£18.0m | −£9.0m | −£363.0m | −£7.0m |
| Free cash flow | £328.0m | £457.0m | £204.0m | £830.0m | £57.0m | £28.0m | £459.0m | £249.0m |
| Total assets | £6.37bn | £6.46bn | £6.22bn | £6.89bn | £6.71bn | £6.71bn | £6.73bn | £6.73bn |
| Cash and short-term investments | £339.0m | £333.0m | £347.0m | £543.0m | £332.0m | £332.0m | £312.0m | £312.0m |
| Debt | £1.36bn | £1.06bn | £1.07bn | £1.02bn | £1.16bn | £357.0m | £683.0m | £72.0m |
| Shareholders' equity | £3.34bn | £3.65bn | £3.59bn | £4.04bn | £3.80bn | £3.80bn | £3.97bn | £3.97bn |
Financial ratios
Data as of 12 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 48.0% | 51.0% | 49.9% | 46.7% | 49.0% | 48.0% | — | — |
| Operating margin | 17.7% | 16.3% | 14.9% | 9.9% | 6.8% | 12.6% | — | — |
| Net margin | 9.4% | 12.2% | 10.3% | 6.3% | 5.2% | 9.7% | — | — |
| Return on equity | 9.2% | 10.7% | 9.5% | 5.5% | 4.1% | 8.0% | — | — |
| Return on assets | 5.2% | 6.3% | 5.6% | 3.3% | 2.4% | 4.4% | — | — |
| Free cash flow yield | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | — | — |
| Revenue growth | 0.7% | -3.3% | -4.3% | 12.0% | 0.9% | -12.2% | — | — |
| Earnings growth | -22.8% | 14.8% | 56.2% | 36.7% | -46.4% | 25.0% | — | — |
| Current ratio | 2.00x | 1.85x | 1.73x | 1.91x | 2.04x | 2.03x | — | — |
| Debt to equity | 0.29x | 0.25x | 0.17x | 0.16x | 0.20x | 0.26x | — | — |
| Equity ratio | 56.5% | 58.6% | 59.1% | 60.2% | 58.2% | 55.4% | — | — |
| Interest coverage | 8.90x | 7.32x | 9.00x | 5.49x | 3.43x | 5.42x | — | — |
| R&D as a share of sales | — | — | 7.7% | 7.9% | 8.1% | 8.2% | 0.3% | 0.3% |
| Buybacks as a share of market value | 4.6% | 4.7% | 1.9% | 3.9% | -0.9% | 3.4% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -2.3% | 1.0% | -2.2% |
| Operating income | 32.6% | 17.4% | — |
| Net income | 11.4% | 0.3% | -8.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 49.5% | 48.9% | 48.8% | 51.3% |
| Operating margin | 16.5% | 13.3% | 11.2% | 1.8% |
| Net margin | 10.8% | 9.5% | 8.8% | 3.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 20.4 | 20.1 | 18.3 | 28.3 | 26.3 | 15.5 | 18.8 | 12.4 | 14.7 | -2.9 |
| Price to sales | 1.9 | 2.5 | 1.9 | 1.8 | 1.4 | 1.5 | 1.3 | 1.8 | 1.3 | 1.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 13 Aug 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.256 | 0.244 | 0.231 | 0.219 | 0.208 | 0.198 | 0.195 | 0.19 |
- 2-for-1 split · 15 Jun 1992
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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