M 
118.00p
-0.84%
Close of 9 Nov 2026, in pence
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in GBP, from our data supplier.
Revenue
£347.4m
FY2016FY2025
Net income
−£2.2m
FY2016FY2025
Free cash flow
£10.1m
FY2016FY2025
Shareholders' equity
£34.5m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £347.4m | £395.4m | £420.0m | £462.5m | £394.6m | £323.3m | £256.4m | £431.8m | £251.5m | £225.4m |
| Operating income | £21.8m | £22.5m | £5.7m | £13.5m | £27.3m | £3.1m | £5.1m | −£6.9m | £8.7m | £9.0m |
| Net income | −£2.2m | £14.7m | −£3.5m | £90,000 | £12.8m | −£9.9m | −£11.8m | £8.3m | £2.7m | £144,000 |
| Diluted earnings per share | -0.02 | 0.12 | -0.03 | 0.00 | 0.09 | -0.09 | -0.13 | 0.10 | 0.03 | 0.00 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £199.7m | £235.8m | £247.3m | £291.1m | £317.0m | £270.9m | £311.9m | £309.0m | £264.6m | £234.6m |
| Cash and short-term investments | £21.6m | £25.9m | £24.3m | £41.5m | £69.4m | £76.3m | £67.2m | £50.1m | £49.0m | £32.2m |
| Total liabilities | £164.8m | £195.6m | £217.8m | £252.9m | £284.2m | £226.5m | £259.5m | £220.1m | £200.6m | £185.2m |
| Debt | £45.6m | £55.7m | £65.4m | £66.8m | £91.4m | £89.7m | £107.1m | £52.2m | £41.5m | £31.9m |
| Shareholders' equity | £34.5m | £40.0m | £29.0m | £38.0m | £32.5m | £44.9m | £52.0m | £81.7m | £57.5m | £42.6m |
| Shares outstanding | 122m | 122m | 122m | 122m | 137m | 115m | 93m | 85m | 85m | 75m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £12.4m | £19.2m | −£3.6m | £22.5m | £18.9m | £33.7m | £33.6m | £8.8m | £23.6m | £18.7m |
| Capital spending | −£2.3m | −£2.9m | −£1.8m | −£5.6m | −£2.6m | −£3.7m | −£5.8m | −£5.5m | −£3.8m | −£3.9m |
| Free cash flow | £10.1m | £16.3m | −£5.4m | £16.9m | £16.3m | £30.0m | £27.8m | £3.3m | £19.7m | £14.8m |
| Dividends paid | −£2.4m | −£1.9m | −£1.8m | — | — | — | −£9.8m | −£8.4m | −£6.7m | −£5.5m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £163.8m | £174.0m | £173.4m | £181.9m | £213.6m | £237.2m | £216.7m | £240.8m |
| Operating income | £5.3m | £15.6m | £10.1m | £18.7m | £15.9m | £23.2m | £152,000 | £2.0m |
| Net income | −£4.8m | −£5.4m | £3.1m | £6.6m | £8.1m | £2.8m | −£6.4m | £4.2m |
| Diluted earnings per share | -0.04 | -0.04 | 0.03 | 0.05 | 0.07 | 0.02 | -0.05 | 0.03 |
| Cash from operations | −£3.0m | £8.0m | £3.0m | £7.0m | £12.0m | — | −£4.0m | £9.0m |
| Capital spending | — | −£1.0m | — | — | — | — | −£1.0m | −£4.0m |
| Free cash flow | — | £7.0m | — | — | — | — | −£5.0m | £5.0m |
| Total assets | £212.2m | £199.7m | £223.3m | £235.8m | £253.9m | £247.3m | £268.4m | £291.1m |
| Cash and short-term investments | £19.8m | £21.6m | £24.2m | £25.9m | £31.9m | £24.3m | £27.4m | £41.5m |
| Debt | £20.7m | £12.5m | £19.9m | £18.5m | £24.6m | £21.7m | £18.0m | £17.7m |
| Shareholders' equity | £28.0m | £34.5m | £39.5m | £40.0m | £34.6m | £29.0m | £26.7m | £38.0m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -9.1% | 1.5% | 6.9% |
| Operating income | 17.3% | 47.9% | 4.0% |
| Net income | — | -25.8% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 6.0% | 3.9% | 4.0% | 3.4% |
| Net margin | 1.7% | 0.6% | 0.5% | 0.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -71.8 | 14.1 | -55.4 | — | 18.1 | -9.7 | -9.8 | 16.0 | 63.4 | — |
| Price to sales | 0.5 | 0.5 | 0.5 | 0.4 | 0.6 | 0.3 | 0.5 | 0.3 | 0.7 | 0.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 3 years. Last went ex-dividend on 8 May 2025.
| FY2025 | FY2024 | FY2023 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.02 | 0.016 | 0.015 | 0.11 | 0.099 | 0.086 | 0.075 | 0.072 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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