S 
1,157.00p
-0.69%
Close of 9 Nov 2026, in pence
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At a glance
Figures in GBP, from our data supplier.
Revenue
£2.51bn
FY2016FY2025
Net income
£369.0m
FY2016FY2025
Free cash flow
£487.0m
FY2016FY2025
Shareholders' equity
£720.0m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £2.51bn | £2.33bn | £2.18bn | £1.95bn | £1.85bn | £1.90bn | £1.94bn | £1.85bn | £1.72bn | £1.44bn |
| Gross profit | £2.24bn | £2.07bn | £2.03bn | £1.71bn | £1.63bn | £1.65bn | £1.72bn | £1.65bn | £1.54bn | £1.30bn |
| Research and development | £379.0m | £344.0m | £342.0m | £302.0m | £281.0m | £252.0m | £220.0m | £210.0m | £193.0m | £144.0m |
| Operating income | £560.0m | £481.0m | £315.0m | £335.0m | £327.0m | £378.0m | £417.0m | £458.0m | £440.0m | £382.0m |
| Net income | £369.0m | £323.0m | £211.0m | £260.0m | £285.0m | £310.0m | £266.0m | £295.0m | £275.0m | £208.0m |
| Diluted earnings per share | 0.38 | 0.32 | 0.20 | 0.25 | 0.26 | 0.28 | 0.24 | 0.27 | 0.25 | 0.19 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £3.71bn | £3.64bn | £3.94bn | £3.90bn | £3.33bn | £3.71bn | £3.35bn | £3.32bn | £3.20bn | £2.66bn |
| Cash and short-term investments | £390.0m | £508.0m | £696.0m | £489.0m | £553.0m | £831.0m | £371.0m | £272.0m | £231.0m | £264.0m |
| Total liabilities | £2.99bn | £2.54bn | £2.53bn | £2.50bn | £2.22bn | £2.06bn | £1.85bn | £1.99bn | £2.03bn | £1.60bn |
| Debt | £1.58bn | £1.25bn | £1.26bn | £1.22bn | £814.0m | £990.0m | £765.0m | £921.0m | £969.0m | £578.0m |
| Shareholders' equity | £720.0m | £1.09bn | £1.41bn | £1.40bn | £1.11bn | £1.65bn | £1.50bn | £1.33bn | £1.17bn | £1.05bn |
| Shares outstanding | 978m | 1,016m | 1,041m | 1,031m | 1,078m | 1,105m | 1,101m | 1,094m | 1,084m | 1,084m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £528.0m | £491.0m | £387.0m | £285.0m | £376.0m | £406.0m | £472.0m | £393.0m | £302.0m | £285.0m |
| Capital spending | −£41.0m | −£37.0m | −£22.0m | −£52.0m | −£56.0m | −£40.0m | −£27.0m | −£20.0m | −£30.0m | −£23.0m |
| Free cash flow | £487.0m | £454.0m | £365.0m | £233.0m | £320.0m | £366.0m | £445.0m | £373.0m | £272.0m | £262.0m |
| Dividends paid | −£207.0m | −£199.0m | −£190.0m | −£183.0m | −£189.0m | −£186.0m | −£181.0m | −£171.0m | −£157.0m | −£144.8m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £1.36bn | £1.27bn | £1.24bn | £1.18bn | £1.15bn | £1.10bn | £548.5m | £1.09bn |
| Gross profit | £1.21bn | £1.14bn | £1.10bn | £1.05bn | £1.02bn | £964.0m | £508.5m | £956.0m |
| Operating income | £304.0m | £292.0m | £268.0m | £253.0m | £228.0m | £192.0m | £109.5m | £201.0m |
| Net income | £196.0m | £189.0m | £180.0m | £167.0m | £156.0m | £111.0m | £55.5m | £100.0m |
| Diluted earnings per share | 0.20 | 0.19 | 0.18 | 0.16 | 0.15 | 0.11 | 0.05 | 0.10 |
| Cash from operations | £255.0m | £283.0m | £256.0m | £289.0m | £210.0m | £207.0m | — | £192.0m |
| Capital spending | −£15.0m | −£16.0m | −£12.0m | −£15.0m | −£4.0m | −£12.0m | — | −£10.0m |
| Free cash flow | £240.0m | £267.0m | £244.0m | £274.0m | £206.0m | £195.0m | — | £182.0m |
| Total assets | £3.99bn | £3.71bn | £3.83bn | £3.64bn | £3.65bn | £3.94bn | £3.94bn | £3.79bn |
| Cash and short-term investments | £518.0m | £390.0m | £574.0m | £508.0m | £448.0m | £696.0m | £696.0m | £575.0m |
| Debt | £1.93bn | £1.49bn | £1.47bn | £1.17bn | £1.18bn | £1.19bn | £1.24bn | £1.19bn |
| Shareholders' equity | £220.0m | £720.0m | £799.0m | £1.09bn | £1.09bn | £1.41bn | £1.41bn | £1.31bn |
Financial ratios
Data as of 10 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 89.1% | 88.7% | 92.9% | 87.9% | 88.2% | 86.9% |
| Operating margin | 21.5% | 20.1% | 14.9% | 18.9% | 20.3% | 19.9% |
| Net margin | 14.7% | 13.9% | 9.7% | 13.3% | 15.4% | 16.3% |
| Return on equity | 51.2% | 29.6% | 15.0% | 18.6% | 25.7% | 18.8% |
| Return on assets | 9.9% | 8.9% | 5.4% | 6.7% | 8.6% | 8.3% |
| Free cash flow yield | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Revenue growth | 7.8% | 6.8% | 12.1% | 5.6% | -3.0% | -1.7% |
| Earnings growth | 14.2% | 53.1% | -18.8% | -8.8% | -8.1% | 16.5% |
| Current ratio | 0.60x | 0.76x | 0.94x | 0.63x | 0.64x | 1.19x |
| Debt to equity | 2.07x | 1.07x | 0.84x | 0.82x | 0.66x | 0.54x |
| Equity ratio | 19.4% | 30.0% | 35.7% | 35.9% | 33.4% | 44.5% |
| Interest coverage | 9.49x | 10.91x | 7.41x | 11.87x | 13.85x | 13.50x |
| R&D as a share of sales | 15.1% | 14.8% | 15.7% | 15.5% | 15.2% | 13.2% |
| Buybacks as a share of market value | 3.7% | 2.5% | -1.1% | 4.4% | 2.5% | -0.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 8.8% | 5.7% | 5.8% |
| Operating income | 18.7% | 8.2% | 4.4% |
| Net income | 12.4% | 3.5% | 6.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 88.9% | 89.7% | 89.0% | 89.3% |
| Operating margin | 21.5% | 18.8% | 18.8% | 21.1% |
| Net margin | 14.3% | 13.0% | 13.8% | 14.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 28.7 | 40.1 | 58.2 | 29.6 | 32.3 | 20.8 | 31.0 | 22.2 | 31.5 | 34.0 |
| Price to sales | 4.2 | 5.6 | 5.6 | 3.9 | 5.0 | 3.4 | 4.3 | 3.5 | 5.0 | 4.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 4 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.225 | 0.21 | 0.287 | 0.187 | 0.296 | 0.174 | 0.171 | 0.166 |
- 81-to-77 reverse split · 10 Jun 2013
- 1-to-1 reverse split · 9 Mar 2004
- 1-to-1 reverse split · 24 Oct 2003
- 1-to-1 reverse split · 22 Sept 2003
- 1-to-1 reverse split · 7 Jan 2003
- 10-for-1 split · 20 Dec 1999
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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