R 
493.00p
-0.12%
Close of 6 Nov 2026, in pence
At a glance
Figures in GBP, from our data supplier.
Revenue
£777.3m
FY2016FY2025
Net income
£115.4m
FY2016FY2025
Free cash flow
£116.2m
FY2016FY2025
Shareholders' equity
£581.6m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £777.3m | £754.4m | £719.1m | £641.8m | £569.2m | £604.5m | £669.3m | £695.7m | £642.2m | £590.1m |
| Gross profit | £382.7m | £371.9m | £339.1m | £291.7m | £262.8m | £284.3m | £311.6m | £311.5m | £284.1m | £261.7m |
| Research and development | £8.5m | £9.1m | £12.2m | £13.7m | £12.5m | £14.6m | £14.1m | £15.0m | £16.7m | £11.1m |
| Operating income | £184.8m | £135.9m | £148.8m | £137.3m | £112.3m | £119.0m | £133.8m | £125.0m | £83.8m | £92.8m |
| Net income | £115.4m | £103.6m | £113.1m | £93.2m | £80.2m | £85.8m | £94.1m | £91.7m | £55.6m | £67.2m |
| Diluted earnings per share | 0.14 | 0.12 | 0.13 | 0.11 | 0.09 | 0.10 | 0.11 | 0.11 | 0.06 | 0.07 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £813.8m | £780.5m | £773.8m | £735.7m | £676.1m | £753.8m | £724.8m | £758.3m | £738.6m | £775.4m |
| Cash and short-term investments | £110.0m | £150.0m | £146.4m | £114.8m | £123.5m | £187.2m | £117.6m | £104.5m | £63.2m | £61.4m |
| Total liabilities | £229.4m | £182.0m | £151.5m | £145.8m | £142.1m | £183.1m | £185.4m | £244.7m | £281.4m | £341.3m |
| Debt | £44.7m | £24.6m | £12.0m | £8.8m | £9.3m | £9.2m | £11.5m | £60.9m | £75.8m | £116.4m |
| Shareholders' equity | £581.6m | £595.8m | £620.6m | £588.5m | £534.1m | £570.8m | £539.4m | £513.6m | £457.2m | £434.1m |
| Shares outstanding | 835m | 852m | 862m | 862m | 867m | 874m | 874m | 842m | 915m | 975m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £125.6m | £148.8m | £124.9m | £59.5m | £85.4m | £137.3m | £154.4m | £117.9m | £106.2m | £118.7m |
| Capital spending | −£9.4m | −£19.9m | −£11.8m | −£12.9m | −£20.1m | −£26.6m | −£19.2m | −£10.4m | −£12.5m | −£14.7m |
| Free cash flow | £116.2m | £128.8m | £113.1m | £46.6m | £65.3m | £110.7m | £135.2m | £107.5m | £93.7m | £104.0m |
| Dividends paid | −£66.6m | −£63.3m | −£58.8m | −£55.4m | −£75.5m | −£33.9m | −£52.3m | −£48.3m | −£45.2m | −£43.9m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £367.2m | £410.0m | £367.3m | £393.0m | £361.4m | £384.5m | £334.7m | £361.8m |
| Gross profit | £182.4m | £203.1m | £182.2m | £198.0m | £173.9m | £187.3m | £151.8m | £166.9m |
| Operating income | £80.3m | £102.4m | £64.7m | £69.0m | £66.9m | £103.2m | £59.4m | £89.4m |
| Net income | £54.7m | £67.7m | £47.7m | £51.9m | £51.7m | £67.4m | £45.7m | £59.5m |
| Diluted earnings per share | 0.07 | 0.08 | 0.06 | 0.06 | 0.06 | 0.08 | 0.05 | 0.07 |
| Cash from operations | £31.0m | £86.0m | £39.0m | £96.0m | £52.0m | £91.0m | £36.0m | £14.0m |
| Capital spending | −£3.0m | −£3.0m | −£5.0m | −£8.0m | −£5.0m | −£7.0m | −£4.0m | −£3.0m |
| Free cash flow | £28.0m | £83.0m | £34.0m | £88.0m | £47.0m | £84.0m | £32.0m | £11.0m |
| Total assets | £766.2m | £813.8m | £746.3m | £780.5m | £748.0m | £773.8m | £709.7m | £735.7m |
| Cash and short-term investments | £70.0m | £110.0m | £67.1m | £150.0m | £131.2m | £146.4m | £105.3m | £114.8m |
| Debt | £4.6m | £26.6m | £5.0m | £8.7m | £3.6m | £3.2m | £2.3m | £3.5m |
| Shareholders' equity | £558.1m | £581.6m | £566.9m | £595.8m | £606.4m | £620.6m | £572.0m | £588.5m |
Financial ratios
Data as of 24 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 49.2% | 49.3% | 47.2% | 45.5% | 46.2% | 47.0% |
| Operating margin | 23.8% | 18.9% | 21.1% | 19.5% | 18.8% | 18.5% |
| Net margin | 14.8% | 13.7% | 15.7% | 14.5% | 14.1% | 14.2% |
| Return on equity | 19.8% | 17.4% | 18.2% | 15.8% | 15.0% | 15.0% |
| Return on assets | 14.2% | 13.3% | 14.6% | 12.7% | 11.9% | 11.4% |
| Free cash flow yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Revenue growth | 3.0% | 4.9% | 12.0% | 12.8% | -5.9% | -9.7% |
| Earnings growth | 11.4% | -8.4% | 21.3% | 16.2% | -6.4% | -8.9% |
| Current ratio | 2.50x | 2.77x | 3.09x | 3.27x | 2.99x | 3.26x |
| Debt to equity | 0.05x | 0.01x | 0.01x | 0.01x | 0.01x | 0.01x |
| Equity ratio | 71.5% | 76.3% | 80.2% | 80.0% | 79.0% | 75.7% |
| Interest coverage | 88.00x | 63.68x | 116.70x | 99.41x | 61.44x | 56.42x |
| R&D as a share of sales | 1.1% | 1.2% | 1.7% | 2.1% | 2.2% | 2.4% |
| Buybacks as a share of market value | 2.0% | 1.2% | -0.1% | 0.6% | 0.8% | -0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 6.6% | 5.2% | 3.6% |
| Operating income | 10.4% | 9.2% | 5.9% |
| Net income | 7.4% | 6.1% | 4.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 49.3% | 47.9% | 47.5% | 46.5% |
| Operating margin | 20.9% | 21.0% | 20.6% | 19.1% |
| Net margin | 14.3% | 14.7% | 14.5% | 13.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 23.6 | 25.8 | 24.7 | 28.3 | 38.6 | 32.4 | 31.1 | 22.7 | 43.9 | 35.0 |
| Price to sales | 3.5 | 3.5 | 3.9 | 4.1 | 5.4 | 4.6 | 4.4 | 3.0 | 3.8 | 4.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 23 Apr 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.054 | 0.08 | 0.104 | 0.069 | 0.065 | 0.087 | 0.039 | 0.06 |
- 10-for-1 split · 18 May 2015
- 3-for-1 split · 1 Jun 1993
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
Nothing here is investment advice. Prices can be delayed or wrong, so check with the exchange before relying on them. Data for this page. How we cover markets.