T 
560.50p
-0.09%
Close of 9 Nov 2026, in pence
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At a glance
Figures in GBP, from our data supplier.
Revenue
£2.01bn
FY2017FY2026
Net income
£97.0m
FY2017FY2026
Free cash flow
£122.0m
FY2017FY2026
Shareholders' equity
£1.60bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £2.01bn | £1.74bn | £1.65bn | £1.75bn | £1.38bn | £1.21bn | £2.88bn | £2.75bn | £2.71bn | £2.75bn |
| Research and development | — | — | £44.0m | £46.0m | £41.0m | £42.0m | £34.0m | £36.0m | £35.0m | £37.0m |
| Operating income | £225.0m | £106.0m | £207.0m | £196.0m | £67.0m | £116.0m | £322.0m | £296.0m | £285.0m | £262.0m |
| Net income | £97.0m | £143.0m | £188.0m | £190.0m | £236.0m | £253.0m | £245.0m | £181.0m | £265.0m | £256.0m |
| Diluted earnings per share | 0.22 | 0.32 | 0.47 | 0.47 | 0.59 | 0.63 | 0.61 | 0.45 | 0.66 | 0.63 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £3.67bn | £3.73bn | £2.28bn | £2.51bn | £3.25bn | £2.97bn | £2.85bn | £2.79bn | £2.57bn | £2.77bn |
| Cash and short-term investments | £344.0m | £334.0m | £437.0m | £475.0m | £112.0m | £371.0m | £271.0m | £290.0m | £190.0m | £289.0m |
| Total liabilities | £2.07bn | £2.14bn | £1.04bn | £1.32bn | £1.63bn | £1.51bn | £1.45bn | £1.30bn | £1.20bn | £1.44bn |
| Debt | £1.29bn | £1.31bn | £590.0m | £713.0m | £679.0m | £786.0m | £720.0m | £595.0m | £568.0m | £690.0m |
| Shareholders' equity | £1.60bn | £1.59bn | £1.24bn | £1.19bn | £1.62bn | £1.45bn | £1.40bn | £1.49bn | £1.37bn | £1.33bn |
| Shares outstanding | 448m | 447m | 398m | 404m | 403m | 402m | 403m | 402m | 403m | 404m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £238.0m | £164.0m | £208.0m | £66.0m | £103.0m | £369.0m | £385.0m | £330.0m | £286.0m | £298.0m |
| Capital spending | −£116.0m | −£121.0m | −£110.0m | −£78.0m | −£148.0m | −£152.0m | −£167.0m | −£103.0m | −£111.0m | −£127.0m |
| Free cash flow | £122.0m | £43.0m | £98.0m | −£12.0m | −£45.0m | £217.0m | £218.0m | £227.0m | £175.0m | £171.0m |
| Dividends paid | −£88.0m | −£80.0m | −£76.0m | −£570.0m | −£144.0m | −£137.0m | −£137.0m | −£134.0m | −£131.0m | −£130.0m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £982.0m | £1.02bn | £961.0m | £775.0m | £790.0m | £857.0m | £428.5m | £902.0m |
| Operating income | £127.0m | £98.0m | £3.0m | £103.0m | £84.0m | £123.0m | £59.0m | −£18.0m |
| Net income | £41.0m | £56.0m | −£22.0m | £165.0m | £86.0m | £102.0m | £51.0m | £69.0m |
| Diluted earnings per share | 0.09 | 0.13 | -0.05 | 0.41 | 0.22 | 0.25 | 0.13 | 0.17 |
| Cash from operations | £118.0m | £120.0m | £68.0m | £105.0m | £177.0m | £86.0m | — | £65.0m |
| Capital spending | −£66.0m | −£50.0m | −£67.0m | −£47.0m | −£64.0m | −£42.0m | — | −£45.0m |
| Free cash flow | £52.0m | £70.0m | £1.0m | £58.0m | £113.0m | £44.0m | — | £20.0m |
| Total assets | £3.67bn | £3.60bn | £3.73bn | £2.21bn | £2.28bn | £2.33bn | £2.33bn | £2.51bn |
| Cash and short-term investments | £344.0m | £325.0m | £334.0m | £594.0m | £437.0m | £391.0m | £391.0m | £475.0m |
| Debt | £1.25bn | £155.0m | £1.25bn | £524.0m | £554.0m | £598.0m | £630.0m | £669.0m |
| Shareholders' equity | £1.60bn | £1.55bn | £1.59bn | £1.19bn | £1.24bn | £1.21bn | £1.21bn | £1.19bn |
Financial ratios
Data as of 31 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 11.2% | 7.3% | 15.2% | 10.5% | 4.9% | 9.7% | — | — |
| Net margin | 4.8% | 8.2% | 11.4% | 10.9% | 17.2% | 20.9% | — | — |
| Return on equity | 6.1% | 9.0% | 15.2% | 16.0% | 14.6% | 17.4% | — | — |
| Return on assets | 2.6% | 3.8% | 8.2% | 7.6% | 7.3% | 8.5% | — | — |
| Free cash flow yield | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.2% | — | — |
| Revenue growth | 15.6% | 5.4% | -5.9% | 27.3% | 13.5% | -58.0% | — | — |
| Earnings growth | -32.2% | -23.9% | -1.1% | -19.5% | -6.7% | 3.3% | — | — |
| Current ratio | 2.71x | 2.16x | 3.22x | 2.24x | 3.15x | 2.34x | — | — |
| Debt to equity | 0.78x | 0.79x | 0.45x | 0.56x | 0.39x | 0.46x | — | — |
| Equity ratio | 43.6% | 42.6% | 54.3% | 47.4% | 49.8% | 49.0% | — | — |
| Interest coverage | 3.95x | 3.32x | 10.04x | 5.75x | 2.62x | 4.33x | — | — |
| R&D as a share of sales | — | — | 2.7% | 2.6% | 3.0% | 3.5% | 1.2% | 1.3% |
| Buybacks as a share of market value | -0.3% | -12.3% | 1.7% | -0.3% | -0.2% | 0.3% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.6% | 10.6% | -1.6% |
| Operating income | 4.7% | 14.2% | 2.4% |
| Net income | -20.1% | -17.4% | -5.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 8.8% | 10.3% | 9.4% | 9.7% |
| Net margin | 6.4% | 8.7% | 11.4% | 9.6% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 26.0 | 11.7 | 13.7 | 14.0 | 12.2 | 12.3 | 12.9 | 19.7 | 11.7 | 12.9 |
| Price to sales | 1.3 | 1.0 | 1.6 | 1.5 | 2.1 | 2.6 | 1.1 | 1.3 | 1.1 | 1.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 37 years. Last went ex-dividend on 18 Jun 2026.
| FY2027 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.132 | 0.20 | 0.193 | 0.193 | 107.182 | 0.362 | 0.345 | 0.345 |
- 7-to-6 reverse split · 3 May 2022
- 1-to-1 reverse split · 29 Nov 2004
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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