T 
656.00p
-1.20%
Close of 6 Nov 2026, in pence
At a glance
Figures in GBP, from our data supplier.
Revenue
£4.56bn
FY2016FY2025
Net income
−£176.3m
FY2016FY2025
Free cash flow
£281.3m
FY2016FY2025
Shareholders' equity
£1.78bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £4.56bn | £4.61bn | £4.86bn | £4.99bn | £4.59bn | £3.70bn | £6.96bn | £6.74bn | £6.43bn | £6.22bn |
| Gross profit | £1.18bn | £1.20bn | £1.31bn | £1.38bn | £1.31bn | £1.04bn | £2.03bn | £1.93bn | £1.91bn | £1.85bn |
| Operating income | £112.2m | £2.3m | £109.5m | £258.6m | £294.9m | £72.7m | £409.6m | −£51.4m | £292.0m | £80.4m |
| Net income | −£176.3m | −£77.4m | £38.1m | £192.2m | £278.9m | −£22.4m | £121.1m | −£85.6m | £232.8m | £12.7m |
| Diluted earnings per share | -0.83 | -0.37 | 0.18 | 0.89 | 1.20 | -0.10 | 0.55 | -0.35 | 0.93 | 0.06 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £3.81bn | £4.03bn | £4.03bn | £4.14bn | £4.40bn | £6.08bn | £6.44bn | £5.12bn | £5.14bn | £4.93bn |
| Cash and short-term investments | £426.9m | £244.4m | £131.5m | £235.7m | £459.8m | £505.6m | £207.9m | £255.4m | £276.8m | £250.5m |
| Total liabilities | £2.03bn | £2.06bn | £1.99bn | £2.03bn | £2.16bn | £3.37bn | £3.85bn | £2.40bn | £2.28bn | £2.27bn |
| Debt | £1.05bn | £1.09bn | £1.05bn | £1.05bn | £1.06bn | £1.90bn | £2.00bn | £609.0m | £618.3m | £628.0m |
| Shareholders' equity | £1.78bn | £1.97bn | £2.04bn | £2.10bn | £2.24bn | £2.71bn | £2.58bn | £2.71bn | £2.85bn | £2.65bn |
| Shares outstanding | 213m | 211m | 211m | 215m | 233m | 222m | 222m | 243m | 251m | 226m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £355.1m | £222.5m | £217.6m | £256.1m | £329.3m | £487.2m | £369.4m | £249.7m | £287.1m | £367.4m |
| Capital spending | −£73.8m | −£72.2m | −£131.1m | −£139.1m | −£164.7m | −£102.3m | −£133.6m | −£146.9m | −£179.0m | −£197.5m |
| Free cash flow | £281.3m | £150.3m | £86.5m | £117.0m | £164.6m | £384.9m | £235.8m | £102.8m | £108.1m | £169.9m |
| Dividends paid | −£28.6m | −£23.2m | −£82.1m | −£81.7m | −£105.4m | −£105.4m | −£116.2m | −£116.1m | −£113.0m | −£110.5m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £2.26bn | £2.27bn | £2.30bn | £2.25bn | £2.36bn | £2.39bn | £2.47bn | £2.46bn |
| Gross profit | £617.3m | £583.3m | £601.5m | £574.6m | £629.1m | −£1.17bn | £679.4m | −£1.15bn |
| Operating income | £59.5m | £56.2m | £56.0m | £65.9m | £36.5m | £3.0m | £106.9m | £127.4m |
| Net income | £30.3m | −£202.7m | £26.4m | −£82.1m | £4.7m | −£22.1m | £60.2m | £86.1m |
| Diluted earnings per share | 0.14 | -0.95 | 0.12 | -0.39 | 0.02 | -0.10 | 0.29 | 0.40 |
| Cash from operations | £155.0m | £195.0m | £160.0m | £70.0m | £157.0m | £77.0m | £145.0m | £64.0m |
| Capital spending | −£29.0m | −£35.0m | −£38.0m | −£35.0m | −£32.0m | −£82.0m | −£51.0m | −£34.0m |
| Free cash flow | £126.0m | £160.0m | £122.0m | £35.0m | £125.0m | −£5.0m | £94.0m | £30.0m |
| Total assets | £3.96bn | £3.81bn | £4.07bn | £4.03bn | £4.13bn | £4.03bn | £4.40bn | £4.14bn |
| Cash and short-term investments | £482.4m | £426.9m | £319.3m | £244.4m | £213.6m | £131.5m | £334.5m | £235.7m |
| Debt | £95.2m | £515.3m | £585.3m | £529.5m | £541.5m | £534.7m | £688.6m | £615.9m |
| Shareholders' equity | £1.80bn | £1.78bn | £1.99bn | £1.97bn | £2.04bn | £2.04bn | £2.11bn | £2.10bn |
Financial ratios
Data as of 2 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 26.0% | 26.1% | 26.8% | 27.7% | 28.5% | 28.0% |
| Operating margin | 2.5% | 0.3% | 2.5% | 5.8% | 6.4% | 1.0% |
| Net margin | -3.9% | -1.7% | 0.8% | 3.8% | 6.1% | -0.6% |
| Return on equity | -9.9% | -3.9% | 1.9% | 9.1% | 12.5% | -0.8% |
| Return on assets | -4.6% | -1.9% | 0.9% | 4.6% | 6.3% | -0.4% |
| Free cash flow yield | 0.3% | 0.2% | 0.3% | 0.3% | 0.3% | 0.4% |
| Revenue growth | -0.9% | -5.2% | -2.7% | 8.9% | 24.0% | -46.8% |
| Earnings growth | 127.8% | -303.1% | -80.2% | -31.1% | -1345.1% | -118.5% |
| Current ratio | 1.72x | 1.68x | 1.69x | 1.47x | 1.84x | 1.47x |
| Debt to equity | 0.29x | 0.27x | 0.26x | 0.29x | 0.28x | 0.26x |
| Equity ratio | 46.6% | 49.0% | 50.7% | 50.8% | 50.9% | 44.6% |
| Interest coverage | 1.95x | 0.24x | 2.44x | 6.26x | 6.87x | 0.64x |
| Buybacks as a share of market value | -0.7% | -0.1% | 2.0% | 7.6% | -5.0% | -0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -3.0% | 4.3% | -2.6% |
| Operating income | -24.3% | 9.1% | -6.7% |
| Net income | — | 51.1% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 26.0% | 26.7% | 27.2% | 28.4% |
| Operating margin | 1.2% | 2.5% | 3.1% | 3.0% |
| Net margin | -2.8% | -0.1% | 0.9% | 1.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -7.7 | -19.9 | 45.9 | 10.0 | 13.0 | -133.3 | 29.3 | -30.4 | 16.9 | 258.1 |
| Price to sales | 0.3 | 0.3 | 0.4 | 0.4 | 0.8 | 0.8 | 0.5 | 0.4 | 0.6 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 16 Apr 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.075 | 0.135 | 0.11 | 0.39 | 0.385 | 0.47 | 0.527 | 0.515 |
- 1-to-0.8925 reverse split · 29 Apr 2021
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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