T 
12.50p
+4.17%
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
£28.7m
FY2016FY2025
Net income
−£3.9m
FY2016FY2025
Free cash flow
−£2.1m
FY2016FY2025
Shareholders' equity
£24.4m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £28.7m | £32.8m | £39.9m | £30.2m | £29.1m | £40.9m | £28.1m | £21.9m | £19.4m | £17.2m |
| Gross profit | £10.7m | £10.5m | £9.3m | £7.0m | £8.3m | £11.9m | £9.9m | £8.9m | £8.0m | £6.6m |
| Research and development | — | — | — | £367,000 | — | £298,000 | £298,000 | £485,000 | £483,000 | £598,000 |
| Operating income | −£2.9m | −£3.8m | −£9.3m | −£4.6m | −£2.4m | £2.2m | £2.9m | £3.8m | £3.2m | £2.1m |
| Net income | −£3.9m | −£6.4m | −£10.1m | −£5.1m | −£2.4m | £2.0m | £2.4m | −£59,000 | −£1.5m | −£1.7m |
| Diluted earnings per share | -0.03 | -0.04 | -0.08 | -0.08 | -0.05 | 0.04 | 0.05 | -0.00 | -0.03 | -0.03 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £42.1m | £50.9m | £53.3m | £56.9m | — | £63.7m | £53.4m | £68.4m | £33.3m | £33.3m |
| Cash and short-term investments | £3.4m | £4.6m | £5.2m | £8.5m | — | £2.1m | £4.2m | £10.9m | £1.5m | £772,000 |
| Total liabilities | £17.6m | £22.7m | £18.6m | £17.7m | — | £17.7m | £10.6m | £78.2m | £43.0m | £41.5m |
| Debt | £6.8m | £7.5m | £7.9m | £7.4m | — | £814,000 | £865,000 | £941,000 | £32.8m | £33.2m |
| Shareholders' equity | £24.4m | £28.2m | £34.7m | £39.2m | — | £46.0m | £42.8m | −£9.7m | −£9.6m | −£8.2m |
| Shares outstanding | 139m | 153m | 128m | 61m | 51m | 51m | 52m | 50m | 50m | 50m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −£1.5m | £3.3m | −£5.7m | £1.9m | £530,000 | £2.3m | −£3.0m | £5.9m | £6.2m | £1.5m |
| Capital spending | −£664,000 | −£1.9m | −£1.3m | −£1.6m | −£1.3m | −£2.4m | −£1.9m | −£372,000 | −£616,000 | −£762,000 |
| Free cash flow | −£2.1m | £1.4m | −£7.0m | £256,000 | −£734,000 | −£152,000 | −£4.8m | £5.5m | £5.6m | £691,000 |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Mar 2023 | Sept 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £16.2m | £16.4m | £12.3m | £16.6m | £16.2m | £22.2m | £17.7m | £17.2m |
| Gross profit | £4.9m | £6.7m | £4.0m | £5.1m | £5.4m | £4.4m | £4.9m | £4.1m |
| Operating income | −£941,000 | −£1.0m | −£1.9m | −£3.8m | −£21,000 | −£9.3m | −£1.7m | −£1.5m |
| Net income | −£1.1m | −£1.3m | −£2.6m | −£5.7m | −£744,000 | −£8.4m | −£1.8m | −£1.9m |
| Diluted earnings per share | -0.01 | -0.01 | -0.02 | -0.04 | -0.00 | -0.07 | -0.01 | -0.03 |
| Cash from operations | −£2.0m | — | — | £3.0m | −£1.0m | −£1.0m | −£3.0m | −£2.0m |
| Capital spending | — | — | — | −£1.0m | — | — | — | −£1.0m |
| Free cash flow | — | — | — | £2.0m | — | — | — | −£3.0m |
| Total assets | £39.8m | £42.1m | £43.3m | £50.9m | £51.6m | £53.3m | £59.1m | £56.9m |
| Cash and short-term investments | £1.9m | £3.4m | £3.9m | £4.6m | £2.7m | £5.2m | £3.7m | £8.5m |
| Debt | £5.1m | £6.3m | £6.2m | £6.6m | £6.6m | £7.0m | £7.3m | £7.2m |
| Shareholders' equity | £23.5m | £24.4m | £25.1m | £28.2m | £33.9m | £34.7m | £37.2m | £39.2m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -1.6% | -6.8% | 10.7% |
| Operating income | -13.8% | — | -0.1% |
| Net income | -8.7% | — | -4.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 34.5% | 28.5% | 28.6% | 31.3% |
| Operating margin | -11.0% | -15.7% | -10.3% | -3.9% |
| Net margin | -16.8% | -19.4% | -12.9% | -11.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | -5.1 | -1.5 | -1.3 | -1.4 | -6.0 | 9.3 | 9.9 | -233.1 |
| Price to sales | 0.7 | 0.3 | 0.3 | 0.2 | 0.5 | 0.5 | 0.8 | 0.6 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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