Q 
513.00p
-2.29%
Close of 6 Nov 2026, in pence
At a glance
Figures in GBP, from our data supplier.
Revenue
£1.92bn
FY2017FY2026
Net income
£107.5m
FY2017FY2026
Free cash flow
£159.3m
FY2017FY2026
Shareholders' equity
£553.0m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £1.92bn | £1.93bn | £1.91bn | £1.58bn | £1.32bn | £1.28bn | £1.07bn | £911.1m | £833.0m | £783.1m |
| Research and development | £370.5m | £344.9m | £331.7m | £328.4m | £302.1m | £300.4m | £292.3m | £300.0m | £311.6m | £307.7m |
| Operating income | £204.8m | −£90.5m | £192.5m | £152.1m | £114.3m | £131.4m | £117.5m | £122.4m | £119.6m | £114.8m |
| Net income | £107.5m | −£185.7m | £139.6m | £154.4m | £90.0m | £121.7m | £106.3m | £113.9m | £138.1m | £123.3m |
| Diluted earnings per share | 0.21 | -0.33 | 0.24 | 0.26 | 0.15 | 0.21 | 0.18 | 0.20 | 0.24 | 0.22 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £1.74bn | £1.83bn | £2.11bn | £2.10bn | £1.79bn | £1.50bn | £1.45bn | £1.28bn | £1.20bn | £973.0m |
| Cash and short-term investments | £259.2m | £290.6m | £231.0m | £155.6m | £248.3m | £190.6m | £112.1m | £190.8m | £270.5m | £223.5m |
| Total liabilities | £1.19bn | £1.20bn | £1.18bn | £1.13bn | £746.7m | £611.6m | £561.2m | £496.9m | £453.7m | £440.4m |
| Debt | £410.3m | £428.9m | £391.8m | £368.9m | £22.1m | £26.7m | £27.9m | £30.3m | −£86.1m | −£96.8m |
| Shareholders' equity | £553.0m | £626.5m | £926.1m | £968.3m | £1.04bn | £884.6m | £884.7m | £776.8m | £744.1m | £532.4m |
| Shares outstanding | 522m | 564m | 577m | 587m | 584m | 581m | 578m | 574m | 572m | 567m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £231.8m | £221.3m | £243.1m | £206.0m | £188.7m | £181.6m | £156.0m | £123.5m | £116.7m | £109.3m |
| Capital spending | −£72.5m | −£108.8m | −£96.3m | −£109.0m | −£84.3m | −£79.5m | −£109.4m | −£77.0m | −£46.0m | −£30.7m |
| Free cash flow | £159.3m | £112.5m | £146.8m | £97.0m | £104.4m | £102.1m | £46.6m | £46.5m | £70.7m | £78.6m |
| Dividends paid | −£48.7m | −£47.9m | −£45.6m | −£42.6m | −£40.2m | −£37.7m | −£38.0m | −£35.7m | −£34.5m | −£33.4m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Dec 2023 | Sept 2023 | Jun 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £1.02bn | £900.4m | £984.8m | £946.8m | £1.03bn | £514.5m | £883.1m | £441.6m |
| Operating income | £110.2m | £64.3m | −£184.8m | £94.3m | £101.2m | £61.2m | £81.1m | £47.0m |
| Net income | £69.2m | £38.3m | −£248.7m | £63.0m | £75.9m | £38.0m | £63.7m | £31.9m |
| Diluted earnings per share | 0.13 | 0.07 | -0.44 | 0.11 | 0.13 | 0.06 | 0.11 | 0.05 |
| Cash from operations | £159.0m | £72.0m | £138.0m | £83.0m | £206.0m | £103.0m | £36.0m | £18.0m |
| Capital spending | −£26.0m | −£33.0m | −£54.0m | −£41.0m | −£42.0m | −£21.0m | −£46.0m | −£21.0m |
| Free cash flow | £133.0m | £39.0m | £84.0m | £42.0m | £164.0m | £82.0m | −£10.0m | −£3.0m |
| Total assets | £1.74bn | £1.69bn | £1.83bn | £2.02bn | £2.11bn | £2.11bn | £2.05bn | £2.05bn |
| Cash and short-term investments | £259.2m | £233.5m | £290.6m | £195.3m | £231.0m | £231.0m | £104.0m | £104.0m |
| Debt | £333.6m | — | £348.3m | £11.3m | £344.4m | £9.2m | £7.9m | £7.9m |
| Shareholders' equity | £553.0m | £558.8m | £626.5m | £928.0m | £926.1m | £926.1m | £995.7m | £995.7m |
Financial ratios
Data as of 26 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating margin | 10.7% | -4.4% | 10.6% | 9.6% | 8.7% | 11.3% |
| Net margin | 5.6% | -9.6% | 7.3% | 9.8% | 6.8% | 9.5% |
| Return on equity | 19.4% | -29.6% | 15.1% | 15.9% | 8.6% | 13.8% |
| Return on assets | 6.2% | -10.2% | 6.6% | 7.4% | 5.0% | 8.1% |
| Free cash flow yield | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| Revenue growth | -0.5% | 1.0% | 21.0% | 19.7% | 3.3% | 19.1% |
| Earnings growth | -157.9% | -233.0% | -9.6% | 71.6% | -26.0% | 14.5% |
| Current ratio | 1.13x | 1.12x | 1.15x | 1.12x | 1.33x | 1.35x |
| Debt to equity | 0.60x | 0.56x | 0.37x | 0.36x | 0.01x | -0.15x |
| Equity ratio | 31.8% | 34.3% | 44.0% | 46.2% | 58.2% | 59.1% |
| Interest coverage | 8.98x | -3.83x | 10.37x | 11.44x | 60.16x | 72.20x |
| R&D as a share of sales | 19.3% | 17.9% | 17.3% | 20.8% | 22.9% | 23.5% |
| Buybacks as a share of market value | 7.5% | 2.3% | 1.6% | -0.6% | -0.5% | -0.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 6.7% | 8.5% | 9.8% |
| Operating income | 10.4% | 9.3% | 6.7% |
| Net income | -11.4% | -2.5% | 0.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 3.0% | 6.2% | 7.1% | 9.0% |
| Net margin | -2.0% | 2.9% | 4.3% | 7.1% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 26.7 | -13.4 | 17.2 | 11.8 | 23.1 | 12.7 | 17.4 | 18.0 | 11.8 | 10.6 |
| Price to sales | 1.5 | 1.3 | 1.3 | 1.1 | 1.6 | 1.2 | 1.7 | 2.3 | 2.0 | 1.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 20 years. Last went ex-dividend on 23 Jul 2026.
| FY2027 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.08 | 0.091 | 0.085 | 0.079 | 0.074 | 0.07 | 0.066 | 0.067 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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