S 
7,300.00p
-0.68%
Close of 6 Nov 2026, in pence
At a glance
Figures in GBP, from our data supplier.
Revenue
£1.70bn
FY2016FY2025
Net income
£163.4m
FY2016FY2025
Free cash flow
£211.8m
FY2016FY2025
Shareholders' equity
£1.22bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £1.70bn | £1.67bn | £1.68bn | £1.61bn | £1.34bn | £1.19bn | £1.24bn | £1.15bn | £998.7m | £757.4m |
| Research and development | £8.6m | £13.9m | £16.8m | £15.8m | £13.0m | £10.0m | £10.2m | £12.0m | £14.5m | £13.4m |
| Operating income | £300.1m | £304.6m | £298.4m | £314.8m | £319.7m | £242.5m | £253.6m | £296.9m | £217.1m | £172.0m |
| Net income | £163.4m | £191.2m | £183.6m | £224.7m | £234.6m | £173.6m | £166.6m | £223.1m | £157.6m | £121.1m |
| Diluted earnings per share | 2.21 | 2.58 | 2.49 | 3.04 | 3.17 | 2.35 | 2.25 | 3.02 | 2.04 | 1.70 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £2.66bn | £2.65bn | £2.71bn | £2.78bn | £1.86bn | £1.74bn | £1.86bn | £1.55bn | £1.48bn | £864.0m |
| Cash and short-term investments | £369.0m | £334.2m | £359.7m | £328.9m | £274.6m | £246.2m | £330.6m | £187.1m | £152.1m | £119.2m |
| Total liabilities | £1.44bn | £1.44bn | £1.55bn | £1.62bn | £853.2m | £889.1m | £1.03bn | £786.9m | £867.0m | £339.6m |
| Debt | £1.02bn | £1.03bn | £1.12bn | £1.08bn | £465.2m | £509.1m | £664.7m | £422.9m | £525.7m | £91.8m |
| Shareholders' equity | £1.22bn | £1.21bn | £1.16bn | £1.17bn | £1.01bn | £851.3m | £825.3m | £765.8m | £608.4m | £523.4m |
| Shares outstanding | 74m | 74m | 74m | 74m | 74m | 74m | 74m | 74m | 77m | 71m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £259.6m | £312.8m | £298.6m | £241.1m | £273.4m | £259.2m | £227.4m | £212.6m | £159.4m | £157.9m |
| Capital spending | −£47.8m | −£74.3m | −£105.4m | −£117.5m | −£64.1m | −£49.6m | −£62.4m | −£33.5m | −£29.7m | −£28.1m |
| Free cash flow | £211.8m | £238.5m | £193.2m | £123.6m | £209.3m | £209.6m | £165.0m | £179.1m | £129.7m | £129.8m |
| Dividends paid | −£122.8m | −£119.3m | −£114.5m | −£103.6m | −£91.0m | −£82.5m | −£76.3m | −£67.3m | −£58.4m | −£52.1m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £863.8m | £880.7m | £822.2m | £838.2m | £827.0m | £831.8m | £850.8m | £860.5m |
| Operating income | £154.2m | £193.3m | £106.8m | £157.4m | £147.2m | £159.1m | £153.2m | £186.4m |
| Net income | £97.5m | £100.7m | £62.7m | £100.0m | £91.2m | £100.7m | £82.9m | £127.6m |
| Diluted earnings per share | 1.32 | 1.36 | 0.85 | 1.35 | 1.23 | 1.36 | 1.12 | 1.73 |
| Cash from operations | £66.0m | £179.0m | £79.0m | £198.0m | £93.0m | £192.0m | £68.0m | £60.0m |
| Capital spending | −£12.0m | −£20.0m | −£27.0m | −£41.0m | −£33.0m | −£54.0m | −£50.0m | −£29.0m |
| Free cash flow | £54.0m | £159.0m | £52.0m | £157.0m | £60.0m | £138.0m | £18.0m | £31.0m |
| Total assets | £2.72bn | £2.66bn | £2.58bn | £2.65bn | £2.69bn | £2.71bn | £2.68bn | £2.78bn |
| Cash and short-term investments | £378.3m | £369.0m | £303.2m | £334.2m | £330.1m | £359.7m | £322.8m | £328.9m |
| Debt | £1.01bn | £950.8m | £977.0m | £947.6m | £1.06bn | £1.04bn | £1.08bn | £1.03bn |
| Shareholders' equity | £1.25bn | £1.22bn | £1.14bn | £1.21bn | £1.16bn | £1.16bn | £1.12bn | £1.17bn |
Financial ratios
Data as of 14 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 17.6% | 17.9% | 17.4% | 20.1% | 24.0% | 20.9% |
| Net margin | 9.6% | 11.5% | 10.9% | 14.0% | 17.4% | 14.5% |
| Return on equity | 13.4% | 15.8% | 15.9% | 19.2% | 23.3% | 20.4% |
| Return on assets | 6.1% | 7.2% | 6.8% | 8.1% | 12.6% | 10.0% |
| Free cash flow yield | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| Revenue growth | 2.3% | -1.0% | 4.5% | 19.8% | 12.7% | -3.9% |
| Earnings growth | -14.5% | 4.1% | -18.3% | -4.2% | 35.1% | 4.2% |
| Current ratio | 1.85x | 1.85x | 2.26x | 1.65x | 2.11x | 3.04x |
| Debt to equity | 0.78x | 0.78x | 0.90x | 0.88x | 0.41x | 0.57x |
| Equity ratio | 45.9% | 45.7% | 42.7% | 42.0% | 54.2% | 48.9% |
| Interest coverage | 6.62x | 5.44x | 5.73x | 19.85x | 32.96x | 24.64x |
| R&D as a share of sales | 0.5% | 0.8% | 1.0% | 1.0% | 1.0% | 0.8% |
| Buybacks as a share of market value | 0.3% | -0.2% | -0.1% | 0.1% | 0.0% | 0.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 1.9% | 7.4% | 9.8% |
| Operating income | -1.6% | 4.4% | 7.5% |
| Net income | -10.1% | -1.2% | 5.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 18.0% | 18.3% | 19.4% | 20.4% |
| Net margin | 10.5% | 11.5% | 12.7% | 13.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 30.8 | 26.5 | 42.3 | 34.9 | 50.6 | 48.1 | 39.5 | 20.7 | 27.6 | 24.6 |
| Price to sales | 3.0 | 3.0 | 4.6 | 4.9 | 8.8 | 7.0 | 5.3 | 4.0 | 4.4 | 3.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 23 Apr 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.211 | 1.664 | 1.615 | 1.555 | 1.40 | 1.23 | 1.115 | 1.03 |
- 28-to-27 reverse split · 15 Jun 2015
- 27-to-26 reverse split · 3 Jun 2013
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
Nothing here is investment advice. Prices can be delayed or wrong, so check with the exchange before relying on them. Data for this page. How we cover markets.