T 
123.50p
+2.49%
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
£35.2m
FY2017FY2026
Net income
−£1.4m
FY2017FY2026
Free cash flow
£6.0m
FY2017FY2026
Shareholders' equity
£108.8m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £35.2m | £34.5m | £32.0m | £31.2m | £29.7m | £21.4m | £32.0m | £31.4m | £30.2m | £27.5m |
| Gross profit | £11.8m | £14.4m | £16.2m | £18.2m | £17.4m | £14.0m | £19.8m | £19.8m | £19.3m | £19.4m |
| Research and development | — | — | — | £1 | £0 | £0 | £1 | £0 | £0 | £0 |
| Operating income | £9.7m | £9.1m | −£3.6m | £8.9m | £9.6m | £7.6m | £9.8m | £13.3m | £13.4m | £13.9m |
| Net income | −£1.4m | −£3.4m | −£8.0m | −£29.5m | £11.0m | −£576,000 | −£24.1m | −£12.5m | £18.4m | £6.7m |
| Diluted earnings per share | -0.03 | -0.08 | -0.19 | -0.62 | 0.23 | -0.01 | -0.45 | -0.23 | 0.35 | 0.13 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £289.5m | £281.4m | £292.4m | £306.7m | £375.1m | £364.1m | £394.9m | £405.1m | £440.1m | £393.9m |
| Cash and short-term investments | £16.2m | £18.0m | £25.3m | £29.8m | £22.1m | £21.7m | £16.2m | £23.7m | £23.1m | £3.1m |
| Total liabilities | £180.7m | £169.1m | £172.8m | £165.6m | £195.8m | £208.7m | £239.8m | £216.9m | £236.0m | £202.8m |
| Debt | £167.5m | £157.9m | £159.4m | £153.2m | £185.9m | £197.2m | £226.9m | £205.6m | £215.7m | £192.0m |
| Shareholders' equity | £108.8m | £112.3m | £119.6m | £141.1m | £179.3m | £155.4m | £155.1m | £188.3m | £204.1m | £191.1m |
| Shares outstanding | 42m | 42m | 42m | 48m | 48m | 53m | 53m | 53m | 53m | 53m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £6.4m | £3.4m | £6.6m | £8.0m | £4.8m | −£2.3m | £6.8m | £31.6m | £7.3m | £11.1m |
| Capital spending | −£462,000 | −£4.8m | −£525,000 | −£576,000 | −£283,000 | −£198,000 | −£118,000 | −£1.1m | −£493,000 | −£1.1m |
| Free cash flow | £6.0m | −£1.4m | £6.1m | £7.5m | £4.6m | −£2.5m | £6.7m | £30.5m | £6.8m | £10.1m |
| Dividends paid | −£2.1m | −£1.1m | −£4.2m | −£2.4m | −£2.2m | −£1.9m | −£6.2m | −£6.2m | −£6.1m | −£5.9m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £17.3m | £17.9m | £16.5m | £8.3m | £15.8m | £16.1m | £16.5m | £7.3m |
| Gross profit | £5.6m | £6.3m | £4.2m | £10.2m | £8.0m | £8.2m | £10.8m | £3.5m |
| Operating income | £4.7m | £5.0m | £3.0m | £6.1m | £2.8m | −£6.3m | £7.6m | £2.0m |
| Net income | £12,000 | −£1.4m | −£3.9m | £435,000 | −£755,000 | −£7.3m | −£10.4m | −£5.2m |
| Diluted earnings per share | 0.00 | -0.03 | -0.09 | 0.01 | -0.02 | -0.15 | -0.22 | -0.11 |
| Cash from operations | £2.0m | £3.0m | — | £2.0m | £5.0m | £1.0m | £2.0m | £2.0m |
| Capital spending | — | — | −£4.0m | — | — | — | — | — |
| Total assets | £289.5m | £297.8m | £281.4m | £289.6m | £292.4m | £298.0m | £306.7m | £306.7m |
| Cash and short-term investments | £16.2m | £26.5m | £18.0m | £24.8m | £25.3m | £28.8m | £29.8m | £23.3m |
| Debt | £44.3m | £147.5m | £31.0m | £135.0m | £132.5m | £134.5m | £128.5m | — |
| Shareholders' equity | £108.8m | £108.9m | £112.3m | £119.6m | £119.6m | £124.0m | £141.1m | £136.4m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.1% | 10.4% | 3.0% |
| Operating income | 3.1% | 5.1% | -3.4% |
| Net income | -64.1% | 18.7% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 37.6% | 45.6% | 50.0% | 57.0% |
| Operating margin | 27.1% | 18.2% | 22.5% | 31.8% |
| Net margin | -6.9% | -31.9% | -17.3% | -9.5% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -38.3 | -15.4 | -6.5 | -2.2 | 6.6 | -127.9 | -2.5 | -9.4 | 6.0 | 23.1 |
| Price to sales | 1.5 | 1.5 | 1.6 | 2.1 | 2.4 | 3.4 | 1.9 | 3.7 | 3.6 | 5.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 37 years. Last went ex-dividend on 18 Dec 2025.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.025 | 0.025 | 0.05 | 0.05 | 0.043 | 0.035 | 0.073 | 0.118 |
- 1-to-1 reverse split · 12 Oct 2004
- 1-to-1 reverse split · 21 Oct 2003
- 1-to-1 reverse split · 2 Sept 1998
- 5-for-4 split · 15 Dec 1994
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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