S 
149.10p
+0.47%
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
£234.5m
FY2016FY2025
Net income
£340.2m
FY2016FY2025
Free cash flow
£116.4m
FY2016FY2025
Shareholders' equity
£3.95bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £234.5m | £227.1m | £198.0m | £87.6m | £75.3m | £72.9m | £79.4m | £83.5m | £84.7m | £80.9m |
| Research and development | — | — | £4 | £2 | £0 | £10 | £1 | £1 | £1 | £3 |
| Operating income | £162.1m | £312.0m | £114.4m | −£175.5m | £72.3m | £26.8m | £24.0m | £12.3m | £12.5m | £10.8m |
| Net income | £340.2m | £252.1m | £750.4m | −£211.8m | £34.8m | −£703.7m | −£62.3m | £25.3m | £32.8m | £26.6m |
| Diluted earnings per share | 0.18 | 0.13 | 0.38 | -0.25 | 0.04 | -0.83 | -0.07 | 0.03 | 0.04 | 0.03 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £5.88bn | £5.23bn | £5.22bn | £2.35bn | £2.80bn | £2.91bn | £3.10bn | £3.66bn | £3.96bn | £4.12bn |
| Cash and short-term investments | £361.4m | £109.8m | £208.5m | £129.9m | £331.1m | £365.1m | £153.1m | £32.5m | £28.6m | £30.9m |
| Total liabilities | £1.31bn | £1.56bn | £1.74bn | £789.6m | £1.01bn | £1.15bn | £621.9m | £680.5m | £855.6m | £945.4m |
| Debt | £1.22bn | £1.47bn | £1.63bn | £744.4m | £941.0m | £1.08bn | £556.9m | £617.2m | £776.9m | £846.3m |
| Shareholders' equity | £3.95bn | £3.67bn | £3.48bn | £1.56bn | £1.79bn | £1.76bn | £2.48bn | £2.74bn | £2.80bn | £2.81bn |
| Shares outstanding | 1,845m | 1,950m | 1,950m | 851m | 851m | 851m | 853m | 851m | 853m | 850m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £116.4m | £51.7m | −£13.6m | £7.0m | −£900,000 | −£54.8m | −£21.6m | −£14.4m | −£7.6m | −£37.7m |
| Capital spending | — | −£2.3m | −£3.4m | −£11.1m | −£7.9m | −£23.9m | −£94.4m | — | — | — |
| Free cash flow | £116.4m | £49.4m | −£17.0m | −£4.1m | −£8.8m | −£78.7m | −£116.0m | −£14.4m | −£7.6m | −£37.7m |
| Dividends paid | −£66.7m | −£61.1m | −£41.9m | −£15.3m | −£4.0m | −£4.6m | −£9.5m | −£8.2m | −£6.7m | −£7.5m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £121.7m | £122.1m | £118.7m | £111.7m | £115.6m | £57.8m | £112.8m | £56.4m |
| Operating income | £65.4m | £59.3m | £210.7m | £55.2m | £110.6m | £32.5m | −£25.9m | £31.1m |
| Net income | £193.8m | £188.6m | £151.6m | £166.0m | £86.1m | £43.0m | −£48.7m | −£24.4m |
| Diluted earnings per share | 0.11 | 0.10 | 0.08 | 0.09 | 0.04 | 0.02 | -0.02 | -0.01 |
| Cash from operations | £10.0m | £46.0m | £69.0m | £33.0m | £19.0m | £9.0m | £22.0m | £10.0m |
| Capital spending | — | — | — | −£101.0m | — | — | −£24.0m | −£1.0m |
| Free cash flow | — | — | — | −£68.0m | — | — | −£2.0m | £9.0m |
| Total assets | £5.80bn | £5.88bn | £5.89bn | £5.23bn | £5.19bn | £5.19bn | £5.22bn | £5.22bn |
| Cash and short-term investments | £118.1m | £361.4m | £602.7m | £109.8m | £147.5m | £147.5m | £208.5m | £208.5m |
| Debt | £162.8m | £1.21bn | £1.41bn | £1.47bn | £1.56bn | £95.3m | £95.2m | £95.2m |
| Shareholders' equity | £4.11bn | £3.95bn | £3.80bn | £3.67bn | £3.54bn | £3.54bn | £3.48bn | £3.48bn |
Financial ratios
Data as of 25 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 192.3% | 142.8% | 413.2% | -200.3% | 89.2% | 36.8% | — | — |
| Net margin | 145.1% | 111.0% | 379.0% | -241.8% | 46.2% | -965.3% | — | — |
| Return on equity | 8.6% | 6.9% | 21.6% | -13.6% | 1.9% | -40.0% | — | — |
| Return on assets | 5.8% | 4.8% | 14.4% | -9.0% | 1.2% | -24.2% | — | — |
| Free cash flow yield | — | 0.0% | -0.0% | 0.0% | 0.0% | -0.0% | 0.1% | — |
| Revenue growth | 3.3% | 14.7% | 126.0% | 16.3% | 3.3% | -8.2% | — | — |
| Earnings growth | 34.9% | -66.4% | -454.3% | -708.6% | -104.9% | 1029.5% | — | — |
| Current ratio | 1.04x | 1.96x | 1.31x | 3.54x | 9.57x | 9.19x | — | — |
| Debt to equity | 0.31x | 0.40x | 0.47x | 0.47x | 0.52x | 0.00x | — | — |
| Equity ratio | 67.2% | 70.2% | 66.7% | 66.4% | 63.8% | 60.5% | — | — |
| Interest coverage | 7.07x | 4.51x | 12.12x | -6.45x | 2.12x | 1.11x | — | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | 5.4% | -0.0% | -129.1% | -0.0% | -0.0% | 0.2% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 38.9% | 26.3% | 8.9% |
| Operating income | — | 43.3% | 19.5% |
| Net income | — | — | -2.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 102.7% | 55.3% | 57.2% | 45.2% |
| Net margin | 128.3% | 151.4% | 51.6% | 69.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 7.9 | 9.7 | 3.6 | -4.3 | 41.2 | -1.8 | -35.8 | 77.7 | 83.1 | 94.9 |
| Price to sales | 11.4 | 10.8 | 13.6 | 10.3 | 19.0 | 16.9 | 28.1 | 23.5 | 32.2 | 31.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 16 years. Last went ex-dividend on 27 Aug 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.043 | 0.037 | 0.034 | 0.032 | 0.018 | 0.003 | 0.01 | 0.015 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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