R 
318.00p
+1.92%
Close of 9 Nov 2026, in pence
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At a glance
Figures in GBP, from our data supplier.
Revenue
£10.5m
FY2016FY2025
Net income
−£8.1m
FY2016FY2025
Free cash flow
−£6.3m
FY2016FY2025
Shareholders' equity
£43.5m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £10.5m | £18.0m | £18.7m | £30.4m | £4.0m | — | — | — | — | £8,980 |
| Research and development | — | — | — | — | — | £1,350 | £2,060 | £1,780 | £1,540 | £6,130 |
| Operating income | −£3.0m | −£2.3m | £877,904 | £20.9m | £734,921 | −£16,520 | −£19,910 | −£7,440 | −£35,150 | −£12,790 |
| Net income | −£8.1m | −£14.5m | −£2.6m | £14.3m | £628,239 | −£30,230 | −£22,450 | £990 | −£31,310 | −£1,500 |
| Diluted earnings per share | -0.02 | -0.02 | -0.00 | 0.02 | 0.00 | -0.00 | -0.00 | 0.00 | -0.00 | -0.00 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £69.1m | £69.2m | £83.4m | £77.6m | £30.1m | £180,170 | £148,220 | £146,760 | £153,930 | £129,630 |
| Cash and short-term investments | £2.2m | £7.6m | £2.7m | £6.7m | £1.3m | £39,400 | £10,840 | £10,800 | £21,850 | £12,730 |
| Total liabilities | £25.6m | £31.4m | £35.5m | £32.6m | £7.4m | £24,790 | £5,520 | £3,870 | £5,840 | £6,350 |
| Debt | £17.5m | £19.5m | £26.2m | £18.8m | £3.0m | £80 | £530 | — | — | — |
| Shareholders' equity | £43.5m | £37.9m | £47.9m | £45.0m | £22.7m | £155,380 | £142,700 | £142,890 | £148,090 | £123,280 |
| Shares outstanding | 407m | 722m | 722m | 722m | 722m | 722m | 173m | 173m | 132m | 20m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −£1.3m | £9.6m | £8.6m | £20.2m | £691,211 | −£13,500 | −£16,570 | −£16,760 | −£19,650 | −£30,450 |
| Capital spending | −£5.1m | −£10.2m | −£23.8m | −£20.1m | −£13.9m | −£3,550 | −£4,280 | −£10,020 | −£19,900 | −£2,720 |
| Free cash flow | −£6.3m | −£556,376 | −£15.2m | £65,935 | −£13.2m | −£17,050 | −£20,850 | −£26,780 | −£39,550 | −£33,170 |
Latest quarters
By quarter end
| Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | Jun 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £6.2m | £4.3m | £7.2m | £9.2m | £4.6m | £8.2m | £4.1m | £9.1m |
| Operating income | £1.4m | −£51,118 | −£5.1m | £2.8m | £1.4m | £3.8m | −£60,379 | £725,290 |
| Net income | £1.5m | −£9.6m | −£12.3m | −£2.2m | −£1.1m | −£875,682 | −£437,841 | −£1.7m |
| Diluted earnings per share | 0.00 | -0.02 | -0.02 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 |
| Cash from operations | −£1.0m | £1.0m | £5.0m | £4.0m | £2.0m | £3.0m | £1.0m | £5.0m |
| Capital spending | −£3.0m | −£1.0m | −£2.0m | −£7.0m | −£3.0m | −£8.0m | −£4.0m | −£15.0m |
| Free cash flow | −£4.0m | £0 | £3.0m | −£3.0m | −£1.0m | −£5.0m | −£3.0m | −£10.0m |
| Total assets | £69.1m | £63.4m | £69.2m | £82.0m | £82.0m | £83.4m | £83.4m | £87.6m |
| Cash and short-term investments | £2.2m | £4.3m | £7.6m | £809,746 | £809,746 | £2.7m | £2.7m | £4.6m |
| Debt | £17.5m | £17.4m | £19.5m | £21.6m | £15.4m | £26.2m | £21.5m | £25.0m |
| Shareholders' equity | £43.5m | £37.7m | £37.9m | £50.7m | £50.7m | £47.9m | £47.9m | £48.7m |
Financial ratios
Data as of 3 Nov 2026
| FY2025 | FY2024 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | 13.3% | — | — | — | — | -141.4% | -228.2% | -186.4% | -50.2% | 3.2% | — |
| Net margin | -10.8% | — | — | — | — | -16.7% | -209.9% | -189.8% | -58.0% | -9.4% | — |
| Return on equity | -3.1% | -19.6% | -7.2% | 0.7% | -23.7% | -1.2% | — | — | — | — | — |
| Return on assets | -1.8% | -17.6% | -6.9% | 0.7% | -22.8% | -1.2% | — | — | — | — | — |
| Free cash flow yield | -0.1% | — | -0.0% | -0.0% | 0.0% | -0.0% | 0.0% | — | — | — | — |
| Revenue growth | — | — | — | — | — | -75.0% | 60.4% | -68.5% | -0.0% | 57.3% | 44.2% |
| Earnings growth | 470.0% | 977.9% | -1121.4% | -102.9% | 2068.8% | -98.0% | — | — | — | — | — |
| Current ratio | 1.76x | 11.26x | 2.46x | 3.89x | 4.74x | 3.95x | — | — | — | — | — |
| Debt to equity | 0.34x | 0.00x | — | 0.03x | — | — | — | — | — | — | — |
| Equity ratio | 59.0% | 89.8% | 96.3% | 97.4% | 96.2% | 95.1% | — | — | — | — | — |
| Interest coverage | 3.93x | — | — | — | -8.15x | — | -1972.14x | -63.72x | -25.27x | 1.41x | — |
| R&D as a share of sales | — | — | — | — | — | 68.3% | 7.9% | 10.4% | — | — | — |
| Buybacks as a share of market value | -135.1% | — | 0.0% | -30.9% | -547.0% | 0.0% | 0.0% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -29.8% | — | 12.6% |
| Operating income | — | 183.5% | -8.4% |
| Net income | — | 206.2% | 1.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -18.8% | 21.2% | — | — |
| Net margin | -79.4% | -14.1% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | |
|---|---|---|
| Price to earnings | -174.9 | -116.1 |
| Price to sales | 135.3 | 93.6 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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