S 
131.00p
+0.61%
Close of 9 Nov 2026, in pence
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At a glance
Figures in GBP, from our data supplier.
Revenue
£1.04bn
FY2016FY2025
Net income
£79.9m
FY2016FY2025
Free cash flow
£75.7m
FY2016FY2025
Shareholders' equity
£825.6m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £1.04bn | £962.5m | £541.7m | £538.0m | £272.0m | £124.2m | £70.4m | £41.2m | £27.1m | £36,000 |
| Gross profit | £269.0m | £228.6m | £123.6m | £115.9m | £61.9m | £34.2m | £19.4m | £11.4m | £6.0m | £36,000 |
| Operating income | £152.5m | £82.9m | £65.5m | £57.4m | £4.4m | £11.9m | £4.6m | £4.8m | £1.5m | £983,207 |
| Net income | £79.9m | £23.3m | £13.5m | £31.2m | −£7.6m | £6.5m | £1.7m | £3.6m | £355,458 | −£2.4m |
| Diluted earnings per share | 0.07 | 0.02 | 0.02 | 0.05 | -0.02 | 0.02 | 0.01 | 0.02 | 0.00 | -0.02 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £2.26bn | £2.15bn | £1.02bn | £966.9m | £769.3m | £257.2m | £207.8m | £84.0m | £81.6m | £340,333 |
| Cash and short-term investments | £166.7m | £131.4m | £55.9m | £68.6m | £69.9m | £27.5m | £9.9m | £3.8m | £7.0m | £181,434 |
| Total liabilities | £1.41bn | £1.39bn | £500.4m | £497.1m | £358.2m | £133.7m | £105.7m | £29.9m | £31.1m | £1.8m |
| Debt | £639.0m | £641.8m | £238.3m | £262.5m | £233.9m | £71.3m | £59.7m | £19.8m | £18.8m | — |
| Shareholders' equity | £825.6m | £724.8m | £500.7m | £458.1m | £400.3m | £123.6m | £102.0m | £54.1m | £50.5m | −£1.4m |
| Shares outstanding | 1,098m | 1,197m | 694m | 667m | 336m | 280m | 198m | 209m | 150m | 117m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £171.1m | £117.0m | £52.1m | £78.6m | £29.5m | £28.5m | £2.2m | £5.5m | −£361,949 | −£302,765 |
| Capital spending | −£95.4m | −£75.0m | −£43.0m | −£52.7m | −£22.6m | −£6.6m | −£3.4m | −£6.7m | −£1.8m | −£4,590 |
| Free cash flow | £75.7m | £42.0m | £9.1m | £25.9m | £6.9m | £21.9m | −£1.2m | −£1.2m | −£2.2m | −£307,355 |
| Dividends paid | — | −£3.1m | −£1.3m | −£3.0m | −£601,000 | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £523.1m | £525.6m | £510.3m | £493.7m | £468.8m | £290.3m | £290.0m | £290.9m |
| Gross profit | £126.3m | £145.3m | £123.7m | £117.7m | £103.8m | £67.6m | £63.3m | £56.5m |
| Operating income | £70.3m | £85.8m | £66.7m | £66.4m | £58.4m | £37.2m | £33.1m | £32.7m |
| Net income | £32.9m | £55.3m | £24.3m | £20.0m | £3.3m | −£5.5m | £19.0m | £18.7m |
| Diluted earnings per share | 0.03 | 0.05 | 0.02 | 0.02 | 0.00 | -0.01 | 0.03 | 0.03 |
| Cash from operations | £71.0m | £101.0m | £69.0m | £23.0m | £53.0m | £43.0m | £8.0m | £63.0m |
| Capital spending | −£35.0m | −£70.0m | −£24.0m | −£45.0m | −£26.0m | −£28.0m | −£14.0m | −£37.0m |
| Free cash flow | £36.0m | £31.0m | £45.0m | −£22.0m | £27.0m | £15.0m | −£6.0m | £26.0m |
| Total assets | £2.28bn | £2.26bn | £2.23bn | £2.15bn | £2.15bn | £1.02bn | £963.8m | £966.9m |
| Cash and short-term investments | £183.7m | £166.7m | £172.8m | £131.4m | £152.8m | £55.9m | £62.5m | £68.6m |
| Debt | £12.8m | £597.0m | £638.8m | £601.7m | £652.2m | £217.6m | £227.3m | £242.8m |
| Shareholders' equity | £846.0m | £825.6m | £748.2m | £724.8m | £699.9m | £500.7m | £485.2m | £458.1m |
Financial ratios
Data as of 4 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | FY2010 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 26.0% | 23.7% | 22.8% | 21.5% | 22.8% | 27.5% | — | — | — | — | — | — |
| Operating margin | 14.7% | 9.5% | 7.1% | 9.8% | 1.4% | 7.6% | — | — | — | — | — | — |
| Net margin | 7.7% | 2.4% | 2.5% | 5.8% | -2.8% | 5.2% | — | — | — | — | — | — |
| Return on equity | 9.7% | 3.2% | 2.7% | 6.8% | -1.9% | 5.3% | — | — | — | — | — | — |
| Return on assets | 3.5% | 1.1% | 1.3% | 3.2% | -1.0% | 2.5% | — | — | — | — | — | — |
| Free cash flow yield | 0.2% | 0.1% | 0.1% | 0.2% | 0.1% | 0.1% | — | — | — | — | — | — |
| Revenue growth | 7.6% | 77.7% | 0.7% | 97.8% | 118.9% | 76.6% | — | — | — | — | — | — |
| Earnings growth | 243.4% | 71.8% | -56.7% | -513.1% | -216.1% | 277.1% | — | — | — | — | — | — |
| Current ratio | 1.17x | 1.12x | 1.14x | 1.24x | 1.49x | 1.22x | — | — | — | — | — | — |
| Debt to equity | 0.72x | 0.83x | 0.43x | 0.53x | 0.53x | 0.52x | — | — | — | — | — | — |
| Equity ratio | 36.5% | 33.7% | 49.3% | 47.4% | 52.0% | 48.0% | — | — | — | — | — | — |
| Interest coverage | 3.88x | 1.83x | 2.42x | 4.94x | 0.61x | 3.89x | — | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 29.1% | 34.2% | 31.5% | 24.4% | 18.4% | 16.6% |
| Buybacks as a share of market value | 8.2% | -72.6% | -3.9% | -98.5% | -20.3% | -41.3% | — | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 24.4% | 52.8% | 76.8% |
| Operating income | 38.5% | 66.5% | — |
| Net income | 36.7% | 65.1% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 24.9% | 23.9% | 24.0% | 24.1% |
| Operating margin | 11.8% | 11.6% | 10.8% | 10.7% |
| Net margin | 5.2% | 4.8% | 4.2% | 4.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 17.5 | 37.1 | 27.4 | 11.9 | -37.2 | 27.1 | 56.8 | 22.7 | 179.1 | -19.5 |
| Price to sales | 1.4 | 0.9 | 0.7 | 0.7 | 1.0 | 1.4 | 1.4 | 2.0 | 2.4 | — |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 104-to-1 reverse split · 5 Jan 2017
- 2-for-1 split · 23 Aug 2016
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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