S 
At a glance
Figures in GBP, from our data supplier.
Revenue
£738.2m
FY2016FY2025
Net income
£29.4m
FY2016FY2025
Free cash flow
£24.9m
FY2016FY2025
Shareholders' equity
£380.3m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £738.2m | £977.1m | £963.5m | £848.4m | £658.7m | £733.6m | £1.11bn | £1.08bn | £1.02bn | £917.0m |
| Gross profit | £169.0m | £173.7m | £174.0m | £148.0m | £101.5m | £95.8m | £202.9m | £224.8m | £218.2m | £200.5m |
| Research and development | £15.7m | £20.0m | £20.0m | £19.8m | £19.2m | £18.7m | £28.1m | £29.7m | £25.6m | £18.7m |
| Operating income | £48.4m | £40.3m | £37.9m | £32.4m | £10.5m | −£177.3m | £75.9m | £69.7m | £64.4m | £64.9m |
| Net income | £29.4m | £25.9m | £31.1m | £20.2m | £24.2m | −£158.5m | £29.2m | £50.1m | £60.3m | £45.4m |
| Diluted earnings per share | 0.07 | 0.06 | 0.07 | 0.05 | 0.06 | -0.38 | 0.07 | 0.12 | 0.14 | 0.11 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £781.5m | £1.02bn | £985.3m | £976.9m | £827.8m | £814.7m | £1.06bn | £1.02bn | £950.8m | £976.3m |
| Cash and short-term investments | £82.0m | £45.5m | £47.6m | £43.2m | £51.1m | £23.6m | £15.8m | £17.2m | £12.6m | £17.5m |
| Total liabilities | £401.2m | £545.9m | £528.2m | £527.5m | £402.7m | £421.4m | £496.3m | £452.9m | £419.2m | £475.8m |
| Debt | £199.3m | £275.1m | £251.4m | £222.1m | £204.2m | £229.5m | £245.4m | £170.2m | £167.7m | £215.6m |
| Shareholders' equity | £380.3m | £469.9m | £457.1m | £449.4m | £425.1m | £393.3m | £559.6m | £571.8m | £531.6m | £500.5m |
| Shares outstanding | 413m | 423m | 424m | 427m | 426m | 415m | 414m | 423m | 423m | 419m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £56.9m | £49.4m | £41.4m | £57.7m | £27.1m | £49.1m | £115.9m | £100.7m | £110.9m | £100.3m |
| Capital spending | −£32.0m | −£43.2m | −£33.7m | −£30.5m | −£21.3m | −£26.8m | −£64.8m | −£54.6m | −£52.3m | −£50.7m |
| Free cash flow | £24.9m | £6.2m | £7.7m | £27.2m | £5.8m | £22.3m | £51.1m | £46.1m | £58.6m | £49.6m |
| Dividends paid | −£10.3m | −£10.1m | −£6.6m | −£1.2m | −£1.2m | −£1.2m | −£31.2m | −£29.6m | −£27.9m | −£26.4m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £390.8m | £367.0m | £371.2m | £475.7m | £501.4m | £481.2m | £482.3m | £241.2m |
| Gross profit | £36.8m | £140.4m | £28.6m | £150.1m | £23.6m | £152.9m | £21.1m | £10.6m |
| Operating income | £36.2m | £19.4m | £29.0m | £19.7m | £23.1m | £16.7m | £20.2m | £5.8m |
| Net income | −£13.1m | £8.4m | £21.0m | £15.0m | £10.9m | £19.5m | £11.6m | £5.8m |
| Diluted earnings per share | -0.03 | 0.02 | 0.05 | 0.04 | 0.03 | 0.05 | 0.03 | 0.01 |
| Cash from operations | £13.0m | £55.0m | £15.0m | £39.0m | £19.0m | £45.0m | — | — |
| Capital spending | −£10.0m | −£18.0m | −£13.0m | −£25.0m | −£16.0m | −£22.0m | −£13.0m | — |
| Free cash flow | £3.0m | £37.0m | £2.0m | £14.0m | £3.0m | £23.0m | — | — |
| Total assets | £757.7m | £781.5m | £948.8m | £1.02bn | £990.8m | £985.3m | £959.5m | £959.5m |
| Cash and short-term investments | £36.7m | £82.0m | £26.7m | £45.5m | £36.4m | £47.6m | £35.7m | £35.7m |
| Debt | £33.5m | £162.9m | £195.9m | £212.5m | £205.5m | £192.0m | £166.3m | £215.0m |
| Shareholders' equity | £340.9m | £380.3m | £424.6m | £469.9m | £454.1m | £457.1m | £438.2m | £438.2m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -4.5% | 0.1% | -1.4% |
| Operating income | 14.3% | — | -4.0% |
| Net income | 13.3% | — | -4.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 20.0% | 18.8% | 17.5% | 19.3% |
| Operating margin | 5.2% | 4.5% | -0.2% | 3.4% |
| Net margin | 3.2% | 3.0% | -0.6% | 2.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 27.4 | 26.1 | 24.2 | 26.5 | 25.9 | -2.3 | 24.5 | 16.0 | 18.3 | 17.9 |
| Price to sales | 1.1 | 0.7 | 0.8 | 0.6 | 0.9 | 0.5 | 0.6 | 0.7 | 1.1 | 0.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 4 years. Last went ex-dividend on 30 Apr 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.022 | 0.025 | 0.025 | 0.016 | 0.003 | 0.075 | 0.071 | 0.067 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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