S 
229.00p
+0.88%
Close of 9 Nov 2026, in pence
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At a glance
Figures in USD, from our data supplier.
Net income
−$51.8m
FY2016FY2025
Free cash flow
−$6.8m
FY2016FY2025
Shareholders' equity
—
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Research and development | $1.1m | $1.6m | $2.6m | $250,300 | $251,100 | $3.7m | $80,000 | $7.4m | — | — |
| Operating income | $42.5m | $227.6m | $380.0m | $786.6m | $477.1m | −$14.1m | $78.1m | $8.4m | $15.5m | $3.9m |
| Net income | −$51.8m | $92.4m | $127.8m | $240.6m | $100.0m | $7.8m | $64.0m | $51.5m | $15.9m | $10.1m |
| Diluted earnings per share | -0.13 | 0.23 | 0.34 | 0.83 | 0.36 | 0.03 | 0.23 | 0.19 | 0.06 | 0.04 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | — | $1.46bn | $1.58bn | $1.14bn | $887.1m | $578.1m | $478.3m | $477.4m | $108.7m | $89.5m |
| Cash and short-term investments | — | $148.5m | $335.4m | $570.3m | $133.0m | $115.4m | $101.8m | $43.1m | $31.7m | $15.5m |
| Total liabilities | — | $668.3m | $741.9m | $598.1m | $535.0m | $319.9m | $280.3m | $345.6m | $13.4m | $10.2m |
| Debt | — | $224.3m | $273.6m | — | — | — | — | $15.9m | $3.6m | — |
| Shareholders' equity | — | $796.5m | $834.2m | $538.9m | $352.1m | $258.2m | $198.0m | $131.8m | $95.3m | $79.3m |
| Shares outstanding | 392m | 400m | 375m | 288m | 281m | 278m | 276m | 275m | 264m | 264m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $242.2m | $281.6m | $121.3m | $757.9m | $198.8m | $44.1m | $137.1m | −$9.9m | $16.3m | $127,700 |
| Capital spending | −$249.0m | −$260.2m | −$97.7m | −$131.4m | −$65.8m | −$26.6m | −$5.3m | −$5.6m | −$1.8m | −$1.3m |
| Free cash flow | −$6.8m | $21.4m | $23.7m | $626.5m | $133.0m | $17.4m | $131.8m | −$15.5m | $14.5m | −$1.2m |
| Dividends paid | −$84.9m | −$113.4m | −$110.4m | −$62.6m | −$11.8m | −$8.0m | — | — | — | — |
Latest quarters
By quarter end
| Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Operating income | −$24.6m | $67.0m | $7.5m | $220.1m | $141.0m | $239.1m | $82.3m | $319.1m |
| Net income | −$8.7m | −$43.1m | $10.0m | $82.5m | $29.3m | $98.5m | $87.7m | $61.1m |
| Diluted earnings per share | -0.02 | -0.11 | 0.03 | 0.20 | 0.07 | 0.29 | 0.26 | 0.21 |
| Cash from operations | $69.0m | $172.0m | $57.0m | $224.0m | −$34.0m | $155.0m | — | $293.0m |
| Capital spending | −$111.0m | −$137.0m | −$140.0m | −$119.0m | −$73.0m | −$23.0m | — | −$76.0m |
| Free cash flow | −$42.0m | $35.0m | −$83.0m | $105.0m | −$107.0m | $132.0m | — | $217.0m |
| Total assets | $1.53bn | $1.51bn | $1.46bn | $1.59bn | $1.58bn | $1.85bn | $1.47bn | $862.4m |
| Cash and short-term investments | $18.8m | $174.4m | $148.5m | $362.2m | $335.4m | $560.2m | $444.0m | $432.5m |
| Debt | $224.9m | $223.4m | $222.9m | $218.9m | $272.9m | $265.1m | $210.1m | — |
| Shareholders' equity | $669.6m | $722.1m | $796.5m | $831.9m | $834.2m | $952.3m | $754.8m | $408.7m |
Financial ratios
Data as of 3 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 5.1% | 26.4% | 43.9% | 71.4% | 26.4% | 10.4% | — |
| Net margin | -8.6% | 12.7% | 12.9% | 21.8% | 15.4% | 6.2% | — |
| Return on equity | -7.9% | 11.6% | 12.3% | 43.5% | 29.1% | 3.9% | — |
| Return on assets | -2.4% | 6.3% | 6.5% | 20.6% | 11.5% | 1.7% | — |
| Free cash flow yield | 0.5% | 0.5% | 0.2% | 0.9% | 0.3% | 0.1% | — |
| Revenue growth | -15.6% | 14.9% | -22.3% | 58.3% | 309.2% | -49.9% | — |
| Earnings growth | -157.2% | 13.4% | -54.2% | 124.2% | 919.3% | -87.8% | — |
| Current ratio | 1.14x | 1.93x | 2.19x | 2.42x | 1.57x | 1.42x | — |
| Debt to equity | 0.33x | 0.28x | 0.32x | 0.00x | — | 0.00x | 0.00x |
| Equity ratio | 30.9% | 54.4% | 52.9% | 47.4% | 39.7% | 44.7% | — |
| Interest coverage | 1.06x | 6.14x | 16.32x | 627.63x | 257.37x | 25.70x | — |
| Buybacks as a share of market value | 0.2% | -0.5% | -32.3% | -10.0% | 6.2% | -2.7% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -18.2% | 36.8% | 41.4% |
| Operating income | -62.2% | — | 15.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 20.3% | 44.7% | 47.6% | 46.4% |
| Net margin | 3.1% | 12.7% | 12.9% | 15.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -17.9 | 7.9 | 9.1 | 4.6 | 9.2 | 55.6 |
| Price to sales | 1.5 | 1.0 | 1.5 | 1.0 | 1.4 | 3.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 6 years. Last went ex-dividend on 25 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Paid in the year | 0.10 | 0.16 | 0.23 | 0.23 | 0.17 | 0.035 | 0.03 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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