S 
187.30p
+0.70%
Close of 9 Nov 2026, in pence
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in GBP, from our data supplier.
Revenue
£3.64bn
FY2016FY2025
Net income
−£74.4m
FY2016FY2025
Free cash flow
£487.1m
FY2016FY2025
Shareholders' equity
£82.1m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £3.64bn | £3.43bn | £3.01bn | £2.19bn | £834.2m | £1.43bn | £2.79bn | £2.56bn | £2.38bn | £1.99bn |
| Operating income | £267.8m | £205.9m | £166.8m | −£7.3m | −£454.9m | −£423.9m | £219.2m | £193.0m | £160.7m | £119.1m |
| Net income | −£74.4m | £27.4m | £8.1m | −£10.2m | −£357.3m | −£375.0m | £126.9m | £117.2m | £92.8m | £72.0m |
| Diluted earnings per share | -0.09 | 0.03 | 0.01 | -0.01 | -0.45 | -0.58 | 0.23 | 0.25 | 0.21 | 0.16 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £3.42bn | £3.17bn | £2.90bn | £2.83bn | £3.18bn | £2.92bn | £1.79bn | £1.55bn | £1.44bn | £1.35bn |
| Cash and short-term investments | £342.0m | £254.8m | £303.3m | £543.6m | £773.6m | £185.0m | £233.3m | £147.8m | £178.1m | £155.8m |
| Total liabilities | £3.16bn | £2.79bn | £2.58bn | £2.52bn | £2.87bn | £2.72bn | £1.38bn | £1.10bn | £978.8m | £962.7m |
| Debt | £2.16bn | £1.94bn | £1.72bn | £1.69bn | £2.25bn | £2.23bn | £716.7m | £487.6m | £450.6m | £473.2m |
| Shareholders' equity | £82.1m | £227.2m | £226.2m | £225.0m | £240.3m | £130.1m | £328.0m | £376.5m | £400.3m | £350.6m |
| Shares outstanding | 801m | 803m | 801m | 796m | 795m | 649m | 550m | 463m | 448m | 443m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £711.9m | £566.5m | £478.7m | £396.0m | £99.6m | £2.4m | £301.2m | £272.9m | £246.9m | £188.5m |
| Capital spending | −£224.8m | −£297.1m | −£242.5m | −£159.6m | −£74.6m | −£137.6m | −£175.9m | −£146.6m | −£107.4m | −£97.6m |
| Free cash flow | £487.1m | £269.4m | £236.2m | £236.4m | £25.0m | −£135.2m | £125.3m | £126.3m | £139.5m | £90.9m |
| Dividends paid | −£29.6m | −£29.5m | — | — | — | −£26.8m | −£200.8m | −£145.8m | −£29.0m | −£22.3m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Mar 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £1.76bn | £1.98bn | £1.66bn | £1.92bn | £1.52bn | £1.69bn | £1.32bn | £659.2m |
| Operating income | £72.6m | £200.2m | £67.6m | £186.3m | £57.7m | £149.6m | £50.0m | −£150,000 |
| Net income | −£16.2m | −£12.9m | −£61.5m | £37.9m | −£10.5m | £18.1m | −£10.0m | £5.8m |
| Diluted earnings per share | -0.02 | -0.02 | -0.08 | 0.05 | -0.01 | 0.02 | -0.01 | -0.01 |
| Cash from operations | £164.0m | £527.0m | £184.0m | £395.0m | £163.0m | £311.0m | £128.0m | — |
| Capital spending | −£119.0m | −£88.0m | −£136.0m | −£124.0m | −£136.0m | −£135.0m | −£107.0m | — |
| Free cash flow | £45.0m | £439.0m | £48.0m | £271.0m | £27.0m | £176.0m | £21.0m | — |
| Total assets | £3.40bn | £3.42bn | £3.25bn | £3.17bn | £2.90bn | £2.90bn | £2.61bn | £2.61bn |
| Cash and short-term investments | £240.7m | £342.0m | £207.4m | £254.8m | £190.4m | £303.3m | £364.6m | £364.6m |
| Debt | £1.39bn | £1.24bn | £1.27bn | £1.15bn | £1.07bn | £947.7m | £959.7m | £1.32bn |
| Shareholders' equity | £6.4m | £82.1m | £169.2m | £227.2m | £190.3m | £226.2m | £210.7m | £289.1m |
Financial ratios
Data as of 2 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 2.7% | 6.8% | 6.4% | 4.0% | -54.5% | -25.8% |
| Net margin | -2.0% | 0.8% | 0.3% | -0.5% | -42.8% | -26.2% |
| Return on equity | -90.6% | 12.1% | 3.6% | -4.5% | -148.7% | -288.2% |
| Return on assets | -2.2% | 0.9% | 0.3% | -0.4% | -11.2% | -12.8% |
| Free cash flow yield | 0.6% | 0.6% | 0.5% | 0.4% | 0.1% | 0.1% |
| Revenue growth | 6.0% | 14.1% | 37.7% | 162.0% | -41.8% | -48.7% |
| Earnings growth | -371.5% | 238.3% | -179.4% | -97.1% | -4.7% | -395.5% |
| Current ratio | 0.44x | 0.44x | 0.48x | 0.69x | 0.80x | 0.39x |
| Debt to equity | 15.08x | 5.04x | 4.19x | 4.70x | 5.75x | 8.96x |
| Equity ratio | 2.4% | 7.2% | 7.8% | 8.0% | 7.5% | 4.5% |
| Interest coverage | 0.84x | 2.03x | 1.96x | 1.27x | -7.91x | -6.83x |
| Buybacks as a share of market value | 0.2% | -0.2% | -0.6% | -0.0% | -22.6% | -18.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 18.5% | 20.5% | 7.1% |
| Operating income | — | — | 11.3% |
| Net income | 93.9% | -27.6% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 6.7% | 5.2% | -1.7% | 2.1% |
| Net margin | -0.7% | -0.4% | -5.4% | -1.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -22.2 | 52.9 | 232.1 | -178.6 | -5.3 | -5.7 | 9.2 | 8.8 | 11.7 | 8.5 |
| Price to sales | 0.5 | 0.4 | 0.6 | 0.8 | 2.3 | 1.5 | 0.4 | 0.4 | 0.5 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 28 May 2026.
| FY2026 | FY2025 | FY2024 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.044 | 0.037 | 0.037 | 0.05 | 0.37 | 0.33 | 0.066 | 0.054 |
- 21-to-20 reverse split · 15 Apr 2019
- 31-to-30 reverse split · 16 Apr 2018
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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