S 
1,140.00p
-0.35%
Close of 9 Nov 2026, in pence
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At a glance
Figures in GBP, from our data supplier.
Revenue
£2.55bn
FY2016FY2025
Net income
£70.9m
FY2016FY2025
Free cash flow
£152.7m
FY2016FY2025
Shareholders' equity
£766.4m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £2.55bn | £2.40bn | £2.24bn | £2.30bn | £2.15bn | £1.74bn | £1.91bn | £1.76bn | £1.60bn | £1.45bn |
| Operating income | £117.6m | £73.8m | £43.3m | £158.2m | £196.5m | £96.0m | £140.1m | £128.1m | £127.4m | £122.8m |
| Net income | £70.9m | £53.6m | £40.8m | £119.4m | £146.2m | £67.6m | £82.9m | £76.7m | £80.1m | £66.9m |
| Diluted earnings per share | 0.49 | 0.37 | 0.29 | 0.83 | 0.99 | 0.48 | 0.59 | 0.55 | 0.58 | 0.48 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £2.35bn | £2.25bn | £2.16bn | £2.32bn | £2.25bn | £1.96bn | £1.65bn | £1.40bn | £1.27bn | £1.15bn |
| Cash and short-term investments | £531.6m | £536.5m | £506.8m | £669.1m | £689.7m | £547.4m | £209.9m | £223.9m | £208.8m | £223.6m |
| Total liabilities | £1.55bn | £1.47bn | £1.41bn | £1.52bn | £1.49bn | £1.37bn | £1.15bn | £894.2m | £830.9m | £740.2m |
| Debt | £619.3m | £593.3m | £603.7m | £639.3m | £634.0m | £673.9m | £448.5m | £150.0m | £110.2m | £35.8m |
| Shareholders' equity | £766.4m | £746.8m | £717.9m | £768.1m | £724.2m | £580.9m | £502.5m | £504.3m | £440.2m | £405.6m |
| Shares outstanding | 146m | 144m | 142m | 144m | 148m | 141m | 141m | 141m | 139m | 140m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £180.5m | £158.6m | £18.8m | £164.0m | £302.7m | £248.6m | £95.4m | £104.3m | £111.7m | £93.3m |
| Capital spending | −£27.8m | −£11.7m | −£17.4m | −£26.8m | −£24.5m | −£18.1m | −£23.5m | −£16.9m | −£23.1m | −£12.8m |
| Free cash flow | £152.7m | £146.9m | £1.4m | £137.2m | £278.2m | £230.5m | £71.9m | £87.4m | £88.6m | £80.5m |
| Dividends paid | −£43.2m | −£33.8m | −£48.8m | −£85.5m | −£32.3m | −£400,000 | −£43.3m | −£41.6m | −£40.2m | −£36.3m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £1.23bn | £1.42bn | £1.13bn | £1.34bn | £1.06bn | £1.23bn | £1.01bn | £1.26bn |
| Operating income | £27.3m | £78.6m | £10.9m | £90.3m | £8.0m | £56.8m | £4.7m | £104.6m |
| Net income | £4.5m | £61.7m | £9.2m | £45.3m | £8.3m | £36.0m | £4.8m | £82.4m |
| Diluted earnings per share | 0.03 | 0.42 | 0.06 | 0.31 | 0.06 | 0.25 | 0.03 | 0.57 |
| Cash from operations | −£83.0m | £273.0m | −£93.0m | £217.0m | −£51.0m | £211.0m | −£182.0m | £232.0m |
| Capital spending | −£9.0m | −£17.0m | −£10.0m | −£5.0m | −£6.0m | −£10.0m | −£12.0m | −£15.0m |
| Free cash flow | −£92.0m | £256.0m | −£103.0m | £212.0m | −£57.0m | £201.0m | −£194.0m | £217.0m |
| Total assets | £2.30bn | £2.35bn | £2.06bn | £2.25bn | £2.04bn | £2.16bn | £2.01bn | £2.32bn |
| Cash and short-term investments | £512.7m | £531.6m | £445.6m | £505.0m | £461.3m | £506.8m | £442.7m | £669.1m |
| Debt | £607.1m | £414.9m | £514.1m | £409.9m | £479.0m | £402.6m | £481.6m | £414.9m |
| Shareholders' equity | £715.2m | £766.4m | £694.8m | £746.8m | £717.7m | £717.9m | £696.3m | £768.1m |
Financial ratios
Data as of 5 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 4.6% | 2.8% | 3.7% | 6.9% | 9.2% | 5.1% |
| Net margin | 2.8% | 2.2% | 1.8% | 5.2% | 6.8% | 3.9% |
| Return on equity | 9.3% | 7.2% | 5.7% | 15.5% | 20.2% | 11.6% |
| Return on assets | 3.0% | 2.4% | 1.9% | 5.1% | 6.5% | 3.5% |
| Free cash flow yield | 0.1% | 0.1% | 0.0% | 0.1% | 0.2% | 0.2% |
| Revenue growth | 6.1% | 7.4% | -2.6% | 7.0% | 23.4% | -9.0% |
| Earnings growth | 32.3% | 31.4% | -65.8% | -18.3% | 116.3% | -18.5% |
| Current ratio | 1.17x | 1.17x | 1.19x | 1.24x | 1.25x | 1.15x |
| Debt to equity | 0.54x | 0.55x | 0.56x | 0.54x | 0.55x | 0.71x |
| Equity ratio | 32.6% | 33.2% | 33.2% | 33.1% | 32.2% | 29.7% |
| Interest coverage | 2.81x | 1.61x | 2.16x | 8.85x | 13.78x | 5.49x |
| Buybacks as a share of market value | -1.3% | -1.7% | 1.9% | 2.6% | -5.1% | 0.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 3.5% | 7.9% | 7.1% |
| Operating income | -9.4% | 4.1% | 0.5% |
| Net income | -15.9% | 1.0% | 1.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 3.9% | 4.1% | 5.1% | 6.2% |
| Net margin | 2.5% | 3.0% | 3.7% | 4.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 20.5 | 27.9 | 33.7 | 10.0 | 14.3 | 19.9 | 19.3 | 13.0 | 17.2 | 14.7 |
| Price to sales | 0.6 | 0.6 | 0.6 | 0.5 | 1.0 | 0.8 | 0.8 | 0.6 | 0.9 | 0.7 |
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 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.342 | 0.16 | 0.091 | 0.225 | 0.493 | 0.23 | 0.206 | 0.199 |
- 2-for-1 split · 11 May 2006
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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