R 
789.50p
+0.19%
Close of 6 Nov 2026, in pence
At a glance
Figures in GBP, from our data supplier.
Revenue
£2.88bn
FY2017FY2026
Net income
£162.0m
FY2017FY2026
Free cash flow
£244.9m
FY2017FY2026
Shareholders' equity
£1.41bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £2.88bn | £2.90bn | £2.94bn | £2.98bn | £2.55bn | £2.00bn | £1.95bn | £1.88bn | £1.71bn | £1.51bn |
| Gross profit | £1.25bn | £1.24bn | £1.26bn | £1.32bn | £1.10bn | £832.0m | £831.4m | £838.6m | £749.8m | £656.7m |
| Research and development | — | — | £700,000 | £1.0m | £1.0m | £200,000 | — | — | — | — |
| Operating income | £238.6m | £232.8m | £280.1m | £398.3m | £316.1m | £183.8m | £211.2m | £201.0m | £172.6m | £132.3m |
| Net income | £162.0m | £152.6m | £183.7m | £284.8m | £230.0m | £125.5m | £154.7m | £148.1m | £149.6m | £92.1m |
| Diluted earnings per share | 0.34 | 0.33 | 0.39 | 0.60 | 0.49 | 0.27 | 0.35 | 0.33 | 0.34 | 0.21 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £2.67bn | £2.62bn | £2.90bn | £2.54bn | £2.10bn | £1.85bn | £1.62bn | £1.40bn | £1.11bn | £1.06bn |
| Cash and short-term investments | £166.5m | £147.7m | £258.7m | £260.3m | £257.9m | £197.9m | £200.8m | £129.2m | £122.9m | £93.5m |
| Total liabilities | £1.26bn | £1.27bn | £1.47bn | £1.20bn | £990.2m | £943.8m | £894.8m | £810.0m | £624.9m | £674.2m |
| Debt | £495.4m | £511.9m | £676.9m | £373.3m | £299.9m | £321.0m | £391.6m | £253.4m | £188.4m | £208.6m |
| Shareholders' equity | £1.41bn | £1.35bn | £1.43bn | £1.34bn | £1.11bn | £899.4m | £719.9m | £589.3m | £482.5m | £389.0m |
| Shares outstanding | 474m | 469m | 472m | 473m | 472m | 473m | 448m | 446m | 445m | 446m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £263.8m | £259.1m | £196.6m | £306.5m | £203.0m | £187.6m | £147.1m | £127.3m | £126.9m | £127.7m |
| Capital spending | −£18.9m | −£49.3m | −£51.6m | −£46.1m | −£42.5m | −£54.7m | −£74.7m | −£50.8m | −£24.2m | −£19.0m |
| Free cash flow | £244.9m | £209.8m | £145.0m | £260.4m | £160.5m | £132.9m | £72.4m | £76.5m | £102.7m | £108.7m |
| Dividends paid | −£105.9m | −£104.7m | −£104.1m | −£88.6m | −£76.2m | −£71.2m | −£68.5m | −£58.9m | −£55.4m | −£51.7m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £1.48bn | £1.40bn | £1.46bn | £1.44bn | £1.50bn | £1.45bn | £723.4m | £1.52bn |
| Gross profit | £645.5m | £604.8m | £627.1m | £616.1m | £631.0m | £632.9m | £316.4m | £688.7m |
| Operating income | £116.5m | £122.1m | £112.7m | £120.1m | £141.3m | £138.8m | £61.8m | £196.0m |
| Net income | £79.0m | £83.0m | £74.4m | £78.2m | £91.5m | £92.2m | £46.1m | £143.4m |
| Diluted earnings per share | 0.17 | 0.18 | 0.16 | 0.17 | 0.19 | 0.19 | 0.10 | 0.30 |
| Cash from operations | £142.0m | £121.0m | £145.0m | £114.0m | £151.0m | £45.0m | — | £172.0m |
| Capital spending | −£10.0m | −£8.0m | −£11.0m | −£4.0m | −£8.0m | −£24.0m | — | −£3.0m |
| Free cash flow | £132.0m | £113.0m | £134.0m | £110.0m | £143.0m | £21.0m | — | £169.0m |
| Total assets | £2.67bn | £2.66bn | £2.62bn | £2.73bn | £2.90bn | £3.11bn | £3.11bn | £2.54bn |
| Cash and short-term investments | £166.5m | £219.2m | £147.7m | £274.2m | £258.7m | £379.1m | £379.1m | £260.3m |
| Debt | £457.7m | £169.9m | £470.7m | £669.3m | £619.0m | £820.2m | £865.1m | £339.0m |
| Shareholders' equity | £1.41bn | £1.39bn | £1.35bn | £1.31bn | £1.43bn | £1.40bn | £1.40bn | £1.34bn |
Financial ratios
Data as of 22 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 43.4% | 42.8% | 43.0% | 44.4% | 43.0% | 41.5% |
| Operating margin | 8.3% | 8.1% | 9.6% | 12.8% | 12.4% | 9.2% |
| Net margin | 5.6% | 5.3% | 6.2% | 9.5% | 9.0% | 6.3% |
| Return on equity | 11.5% | 11.3% | 12.8% | 21.2% | 20.7% | 14.0% |
| Return on assets | 6.1% | 5.8% | 6.3% | 11.2% | 10.9% | 6.8% |
| Free cash flow yield | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| Revenue growth | -0.8% | -1.3% | -1.3% | 16.8% | 27.5% | 2.5% |
| Earnings growth | 6.2% | -16.9% | -35.5% | 23.8% | 83.3% | -18.9% |
| Current ratio | 1.79x | 2.05x | 2.01x | 1.90x | 1.92x | 1.80x |
| Debt to equity | 0.32x | 0.35x | 0.43x | 0.25x | 0.24x | 0.31x |
| Equity ratio | 52.9% | 51.7% | 49.4% | 52.8% | 52.8% | 48.7% |
| Interest coverage | 10.65x | 7.34x | 7.94x | 28.80x | 40.01x | 23.27x |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | -1.1% | 0.7% | 0.3% | -0.2% | 0.1% | -5.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -1.1% | 7.5% | 8.4% |
| Operating income | -15.7% | 5.4% | 11.3% |
| Net income | -17.1% | 5.2% | 22.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 43.1% | 43.4% | 43.1% | 43.2% |
| Operating margin | 8.1% | 9.8% | 10.1% | 9.9% |
| Net margin | 5.4% | 6.7% | 7.0% | 6.9% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 23.1 | 19.2 | 17.5 | 13.6 | 18.4 | 45.5 | 25.2 | 20.4 | 15.1 | 30.4 |
| Price to sales | 1.3 | 1.0 | 1.1 | 1.3 | 1.7 | 2.9 | 2.0 | 1.6 | 1.3 | 1.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 37 years. Last went ex-dividend on 11 Jun 2026.
| FY2027 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.142 | 0.226 | 0.222 | 0.22 | 0.188 | 0.162 | 0.156 | 0.059 |
- 2-for-1 split · 4 Sept 1995
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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