S 
280.80p
-1.13%
Close of 6 Nov 2026, in pence
At a glance
Figures in GBP, from our data supplier.
Revenue
£4.88bn
FY2016FY2025
Net income
£145.6m
FY2016FY2025
Free cash flow
£405.6m
FY2016FY2025
Shareholders' equity
£873.6m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £4.88bn | £4.79bn | £4.87bn | £4.53bn | £4.42bn | £3.88bn | £3.25bn | £2.84bn | £2.95bn | £3.01bn |
| Gross profit | £562.0m | £518.6m | £495.5m | £493.5m | £468.0m | £383.0m | £320.1m | £290.2m | £248.9m | £243.4m |
| Research and development | £100,000 | £1.3m | £2.9m | £2.6m | £1.2m | £1.8m | £600,000 | £600,000 | £1.7m | £3.6m |
| Operating income | £294.1m | £130.1m | £230.6m | £217.2m | £216.2m | £179.2m | £145.4m | £80.5m | £30.0m | £42.2m |
| Net income | £145.6m | £44.2m | £202.4m | £155.4m | £303.9m | £133.8m | £50.4m | £67.4m | −£200,000 | −£1.2m |
| Diluted earnings per share | 0.14 | 0.04 | 0.18 | 0.13 | 0.25 | 0.11 | 0.04 | 0.06 | -0.00 | -0.00 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £2.80bn | £2.66bn | £2.61bn | £2.75bn | £2.73bn | £2.41bn | £2.08bn | £1.55bn | £1.51bn | £1.76bn |
| Cash and short-term investments | £199.3m | £183.0m | £94.4m | £57.2m | £198.4m | £335.7m | £89.5m | £62.5m | £112.1m | £177.8m |
| Total liabilities | £1.92bn | £1.82bn | £1.58bn | £1.72bn | £1.73bn | £1.70bn | £1.54bn | £1.17bn | £1.21bn | £1.37bn |
| Debt | £909.3m | £806.4m | £659.9m | £708.9m | £807.3m | £791.4m | £674.9m | £254.3m | £291.7m | £328.1m |
| Shareholders' equity | £873.6m | £842.5m | £1.03bn | £1.03bn | £1.01bn | £713.3m | £541.4m | £385.4m | £305.9m | £397.4m |
| Shares outstanding | 1,042m | 1,010m | 1,101m | 1,209m | 1,222m | 1,226m | 1,219m | 1,133m | 1,088m | 1,088m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £427.1m | £419.4m | £393.1m | £327.2m | £349.9m | £268.5m | £102.9m | £2.7m | −£15.8m | −£62.3m |
| Capital spending | −£21.5m | −£34.4m | −£24.7m | −£19.4m | −£32.1m | −£50.1m | −£24.3m | −£35.3m | −£36.2m | −£32.3m |
| Free cash flow | £405.6m | £385.0m | £368.4m | £307.8m | £317.8m | £218.4m | £78.6m | −£32.6m | −£52.0m | −£94.6m |
| Dividends paid | −£43.3m | −£38.4m | −£33.7m | −£30.3m | −£26.5m | −£26.5m | −£26.5m | −£26.5m | — | — |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £2.50bn | £2.49bn | £2.42bn | £2.47bn | £2.36bn | £2.49bn | £2.42bn | £2.57bn |
| Gross profit | £255.7m | £262.8m | £266.3m | £280.1m | £247.5m | £300.3m | £196.8m | £435.7m |
| Operating income | £124.4m | £162.6m | £131.5m | £141.4m | £119.4m | £157.2m | £64.6m | £302.8m |
| Net income | £96.0m | £57.0m | £88.6m | −£40.0m | £84.2m | £54.8m | £147.6m | £64.5m |
| Diluted earnings per share | 0.10 | 0.05 | 0.09 | -0.04 | 0.08 | 0.05 | 0.13 | 0.05 |
| Cash from operations | £172.0m | £239.0m | £187.0m | £239.0m | £181.0m | £186.0m | £201.0m | £134.0m |
| Capital spending | −£12.0m | −£11.0m | −£10.0m | −£12.0m | −£12.0m | −£15.0m | −£9.0m | −£10.0m |
| Free cash flow | £160.0m | £228.0m | £177.0m | £227.0m | £169.0m | £171.0m | £192.0m | £124.0m |
| Total assets | £2.86bn | £2.80bn | £2.84bn | £2.66bn | £2.76bn | £2.61bn | £2.62bn | £2.75bn |
| Cash and short-term investments | £182.2m | £199.3m | £173.6m | £183.0m | £142.4m | £94.4m | £98.7m | £57.2m |
| Debt | £582.3m | £572.0m | £610.1m | £444.7m | £426.3m | £346.2m | £449.9m | £407.3m |
| Shareholders' equity | £869.7m | £873.6m | £871.3m | £842.5m | £994.7m | £1.03bn | £983.8m | £1.03bn |
Financial ratios
Data as of 25 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 11.5% | 10.8% | 10.2% | 10.9% | 10.6% | 9.9% |
| Operating margin | 6.0% | 2.8% | 5.7% | 4.6% | 4.9% | 4.6% |
| Net margin | 3.0% | 0.9% | 4.2% | 3.4% | 6.9% | 3.4% |
| Return on equity | 16.7% | 5.2% | 19.6% | 15.1% | 30.2% | 18.8% |
| Return on assets | 5.2% | 1.7% | 7.8% | 5.7% | 11.1% | 5.6% |
| Free cash flow yield | 0.2% | 0.2% | 0.1% | 0.1% | 0.1% | 0.1% |
| Revenue growth | 1.9% | -1.8% | 7.5% | 2.5% | 13.9% | 19.6% |
| Earnings growth | 229.4% | -78.2% | 30.2% | -48.9% | 127.1% | 165.5% |
| Current ratio | 0.93x | 0.87x | 0.87x | 0.79x | 0.97x | 1.12x |
| Debt to equity | 0.65x | 0.53x | 0.33x | 0.40x | 0.50x | 0.70x |
| Equity ratio | 31.2% | 31.7% | 39.6% | 37.4% | 36.8% | 29.6% |
| Interest coverage | 5.94x | 3.57x | 8.95x | 9.10x | 8.36x | 6.63x |
| R&D as a share of sales | 0.0% | 0.0% | 0.1% | 0.1% | 0.0% | 0.0% |
| Buybacks as a share of market value | -3.1% | 8.2% | 8.9% | 1.1% | 0.4% | -0.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 2.5% | 4.7% | 4.4% |
| Operating income | 10.6% | 10.4% | — |
| Net income | -2.1% | 1.7% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 11.2% | 10.9% | 10.7% | 10.2% |
| Operating margin | 4.4% | 4.6% | 4.6% | 3.7% |
| Net margin | 2.0% | 2.9% | 3.6% | 2.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 20.0 | 34.6 | 8.8 | 12.1 | 5.4 | 10.9 | 39.1 | 16.1 | -5381.6 | -1299.0 |
| Price to sales | 0.6 | 0.3 | 0.4 | 0.4 | 0.4 | 0.4 | 0.6 | 0.4 | 0.4 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 27 Aug 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2014 | FY2013 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.047 | 0.043 | 0.036 | 0.031 | 0.026 | 0.022 | 0.095 | 0.095 |
- 1-to-1 reverse split · 7 Mar 2005
- 1-to-1 reverse split · 3 Jul 2003
- 1-to-1 reverse split · 6 Jun 2002
- 6-for-1 split · 10 Apr 2000
- 5-for-1 split · 8 Apr 1994
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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