S 
1,502.00p
+2.18%
Close of 9 Nov 2026, in pence
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At a glance
Figures in GBP, from our data supplier.
Revenue
£3.16bn
FY2017FY2026
Net income
£3.10bn
FY2017FY2026
Free cash flow
−£68.7m
FY2017FY2026
Shareholders' equity
£13.82bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £3.16bn | £1.29bn | £1.45bn | −£2.91bn | −£2.54bn | £9.22bn | £979.1m | £887.8m | £1.22bn | £1.31bn |
| Gross profit | £3.11bn | £1.24bn | £1.38bn | −£2.95bn | −£2.59bn | £9.28bn | £1.05bn | £951.7m | £1.20bn | £1.29bn |
| Operating income | £3.14bn | £1.22bn | £1.37bn | −£2.78bn | −£2.46bn | £9.23bn | £1.02bn | £925.5m | £1.23bn | £1.32bn |
| Net income | £3.10bn | £1.22bn | £1.37bn | −£2.92bn | −£2.54bn | £9.21bn | £973.1m | £883.3m | £1.21bn | £1.30bn |
| Diluted earnings per share | 2.88 | 1.05 | 1.03 | -2.08 | -1.80 | 6.41 | 0.67 | 0.60 | 0.83 | 0.93 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £15.46bn | £13.74bn | £14.51bn | £13.35bn | £16.91bn | £18.28bn | £9.17bn | £8.16bn | £6.68bn | £5.39bn |
| Cash and short-term investments | £11.0m | £9.0m | £123.8m | £184.9m | £230.0m | £212.1m | £38.5m | £35.6m | £35.0m | £76.6m |
| Total liabilities | £1.64bn | £1.66bn | £1.88bn | £1.85bn | £2.16bn | £1.29bn | £922.0m | £732.4m | £496.0m | £517.7m |
| Debt | £1.61bn | £1.62bn | £1.64bn | £1.82bn | £2.13bn | £1.28bn | £922.0m | £703.5m | £485.7m | £509.6m |
| Shareholders' equity | £13.82bn | £12.08bn | £12.63bn | £11.50bn | £14.76bn | £16.99bn | £8.24bn | £7.43bn | £6.19bn | £4.87bn |
| Shares outstanding | 1,078m | 1,161m | 1,330m | 1,402m | 1,417m | 1,437m | 1,447m | 1,461m | 1,462m | 1,399m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −£68.7m | −£82.5m | −£62.4m | −£63.5m | −£85.9m | −£58.0m | −£31.7m | −£23.3m | −£9.7m | −£10.7m |
| Free cash flow | −£68.7m | −£82.5m | −£62.4m | −£63.5m | −£85.9m | −£58.0m | −£31.7m | −£23.3m | −£9.7m | −£10.7m |
| Dividends paid | −£50.2m | −£55.3m | −£57.7m | −£52.6m | −£49.8m | −£48.5m | −£46.1m | −£44.0m | −£41.7m | −£39.1m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Dec 2023 | Sept 2023 | Jun 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £509.2m | £2.68bn | £1.08bn | £222.3m | £1.76bn | £879.7m | −£313.6m | −£156.8m |
| Gross profit | £488.9m | £2.66bn | £1.08bn | £222.3m | £1.76bn | £879.7m | −£330.8m | −£156.8m |
| Operating income | £486.4m | £2.65bn | £1.05bn | £201.9m | £1.74bn | £868.8m | −£333.2m | −£166.6m |
| Net income | £441.9m | £2.66bn | £1.00bn | £214.1m | £1.74bn | £871.7m | −£377.3m | −£188.7m |
| Diluted earnings per share | 0.41 | 2.29 | 0.86 | 0.16 | 1.31 | 0.62 | -0.27 | -0.13 |
| Cash from operations | −£41.0m | −£27.0m | −£47.0m | −£35.0m | −£35.0m | −£17.0m | −£13.0m | −£13.0m |
| Total assets | £15.46bn | £15.57bn | £13.74bn | £13.56bn | £14.51bn | £14.51bn | £12.80bn | £12.80bn |
| Cash and short-term investments | £11.0m | £68.2m | £9.0m | £77.7m | £123.8m | £123.8m | £31.4m | £31.4m |
| Debt | £618.9m | £423.4m | £441.6m | £201.3m | £213.7m | £213.7m | £245.8m | £245.8m |
| Shareholders' equity | £13.82bn | £13.94bn | £12.08bn | £11.93bn | £12.63bn | £12.63bn | £11.07bn | £11.07bn |
Financial ratios
Data as of 2 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 98.3% | 95.7% | 95.3% | 101.2% | 102.0% | 100.6% | — |
| Operating margin | 99.3% | — | 192.0% | 195.8% | 197.1% | 100.1% | 107.0% |
| Net margin | 98.1% | 94.3% | 94.5% | 100.3% | 100.3% | 99.9% | — |
| Return on equity | 22.4% | 10.1% | 10.8% | -25.4% | -17.2% | 54.2% | — |
| Return on assets | 20.1% | 8.9% | 9.4% | -21.9% | -15.0% | 50.4% | — |
| Revenue growth | 144.8% | -10.7% | -149.6% | 14.9% | -127.5% | 842.0% | — |
| Earnings growth | 154.7% | -10.8% | -146.7% | 14.8% | -127.6% | 846.9% | — |
| Current ratio | 0.31x | 2.07x | 0.58x | 0.49x | 0.46x | 0.75x | — |
| Debt to equity | 0.04x | 0.04x | 0.02x | 0.03x | 0.03x | 0.07x | — |
| Equity ratio | 89.4% | 87.9% | 87.1% | 86.1% | 87.2% | 93.0% | — |
| Interest coverage | 59.59x | — | 50.49x | -85.59x | -111.95x | 305.03x | 33.43x |
| Buybacks as a share of market value | 7.1% | 12.7% | 5.1% | 1.1% | 1.4% | 0.7% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | — | -19.3% | — |
| Operating income | — | -19.4% | 93.1% |
| Net income | — | -19.6% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 97.6% | 92.9% | 97.9% | 99.2% |
| Operating margin | 98.0% | 98.8% | 100.6% | 101.3% |
| Net margin | 97.0% | 92.5% | 97.5% | 98.1% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 5.2 | 11.3 | 9.3 | -3.9 | -4.0 | 2.1 | 18.1 | 9.6 | 5.6 | 4.8 |
| Price to sales | 5.1 | 10.7 | 8.8 | -3.9 | -4.0 | 2.1 | 17.9 | 9.5 | 5.6 | 4.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 11 Jun 2026.
| FY2027 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.03 | 0.044 | 0.042 | 0.041 | 0.037 | 0.035 | 0.033 | 0.031 |
- 5-for-1 split · 30 Jun 2014
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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