R 
1,082.00p
+1.69%
Close of 6 Nov 2026, in pence
At a glance
Figures in GBP, from our data supplier.
Revenue
£1.08bn
FY2016FY2025
Net income
£48.8m
FY2016FY2025
Free cash flow
£53.2m
FY2016FY2025
Shareholders' equity
£241.1m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £1.08bn | £1.01bn | £921.6m | £816.3m | £775.6m | £620.4m | £599.9m | £540.6m | £543.7m | £525.7m |
| Gross profit | £152.3m | £141.7m | £135.1m | £115.8m | £102.7m | £87.6m | £85.6m | £71.6m | £62.6m | £56.6m |
| Operating income | £60.1m | £61.2m | £59.0m | £50.0m | £41.3m | £33.6m | £32.3m | £24.2m | £26.1m | £19.6m |
| Net income | £48.8m | £41.6m | £43.4m | £37.7m | £30.5m | £20.8m | £22.3m | £9.2m | £12.4m | £14.6m |
| Diluted earnings per share | 0.62 | 0.53 | 0.55 | 0.48 | 0.38 | 0.26 | 0.29 | 0.13 | 0.20 | 0.23 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £530.6m | £547.7m | £449.6m | £400.9m | £374.1m | £358.8m | £297.2m | £304.9m | £214.3m | £195.0m |
| Cash and short-term investments | £6.2m | £80.2m | £35.7m | £27.6m | £881,000 | £13.4m | £11.7m | £9.2m | £7.0m | £14.1m |
| Total liabilities | £289.5m | £341.3m | £270.2m | £252.2m | £249.3m | £238.3m | £204.9m | £229.4m | £186.3m | £174.1m |
| Debt | £27.7m | £76.6m | £17.7m | £21.9m | £30.2m | £28.5m | £27.6m | £35.0m | £8.0m | £15.0m |
| Shareholders' equity | £241.1m | £206.4m | £179.4m | £148.7m | £124.8m | £120.4m | £92.3m | £75.5m | £28.1m | £20.9m |
| Shares outstanding | 79m | 79m | 79m | 79m | 79m | 79m | 76m | 73m | 63m | 63m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £59.0m | £44.4m | £53.8m | £57.2m | £39.2m | £51.9m | £23.4m | £16.6m | £15.0m | £17.6m |
| Capital spending | −£5.9m | −£6.1m | −£5.5m | −£5.1m | −£4.0m | −£3.8m | −£2.6m | −£1.3m | −£2.1m | −£1.3m |
| Free cash flow | £53.2m | £38.3m | £48.3m | £52.1m | £35.1m | £48.1m | £20.8m | £15.2m | £12.9m | £16.2m |
| Dividends paid | −£15.3m | −£14.5m | −£13.7m | −£13.3m | −£10.4m | −£5.8m | −£7.9m | −£6.3m | −£5.2m | −£4.6m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £574.3m | £534.3m | £546.6m | £481.2m | £527.8m | £467.9m | £233.9m | £453.7m |
| Gross profit | £80.8m | £79.4m | £77.4m | £66.9m | £71.1m | £65.3m | £34.3m | £63.5m |
| Operating income | £27.8m | £26.7m | £33.6m | £32.2m | £30.5m | £27.7m | £15.8m | £25.9m |
| Net income | £18.1m | £24.2m | £24.6m | £20.7m | £20.9m | £23.4m | £13.1m | £20.0m |
| Diluted earnings per share | 0.23 | 0.31 | 0.31 | 0.26 | 0.26 | 0.30 | 0.17 | 0.25 |
| Cash from operations | £30.0m | £32.0m | £26.0m | £19.0m | £25.0m | £29.0m | — | £24.0m |
| Capital spending | −£4.0m | −£4.0m | −£1.0m | −£5.0m | −£1.0m | −£3.0m | — | −£1.0m |
| Free cash flow | £26.0m | £28.0m | £25.0m | £14.0m | £24.0m | £26.0m | — | £23.0m |
| Total assets | £577.2m | £530.6m | £531.3m | £547.7m | £469.5m | £449.6m | £449.6m | £414.8m |
| Cash and short-term investments | £10.6m | £6.2m | £8.2m | £80.2m | £42.5m | £35.7m | £35.7m | £17.0m |
| Debt | £13.1m | £10.1m | £29.4m | £61.0m | £7.7m | £6.9m | £10.7m | £6.5m |
| Shareholders' equity | £249.2m | £241.1m | £221.4m | £206.4m | £190.3m | £179.4m | £179.4m | £160.1m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 9.8% | 11.7% | 7.6% |
| Operating income | 6.4% | 12.3% | 13.5% |
| Net income | 9.0% | 18.7% | 14.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 14.1% | 14.2% | 14.1% | 13.4% |
| Operating margin | 5.8% | 6.0% | 5.8% | 5.3% |
| Net margin | 4.3% | 4.5% | 4.3% | 3.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 14.5 | 17.2 | 15.7 | 15.4 | 21.8 | 21.3 | 18.6 | 26.9 | 22.8 | 19.2 |
| Price to sales | 0.7 | 0.7 | 0.7 | 0.7 | 0.9 | 0.7 | 0.7 | 0.5 | 0.5 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 20 years. Last went ex-dividend on 4 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.203 | 0.193 | 0.263 | 0.173 | 0.28 | 0.132 | 0.077 | 0.105 |
- 10-to-1 reverse split · 31 Jan 1994
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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