R 
81.00p
+0.62%
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
−£104.2m
FY2016FY2025
Net income
−£129.9m
FY2016FY2025
Free cash flow
£120.8m
FY2016FY2025
Shareholders' equity
£2.49bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | −£104.2m | −£112.9m | £123.3m | £522.8m | £212.2m | £101.8m | £163.4m | £124.2m | £91.1m | £68.7m |
| Gross profit | −£104.2m | −£112.9m | −£24.2m | £522.8m | £212.2m | £101.8m | £163.4m | £124.0m | £90.9m | £68.5m |
| Operating income | −£110.6m | −£115.4m | £5.0m | £520.7m | £210.5m | £100.2m | £162.0m | £123.2m | £90.2m | £67.9m |
| Net income | −£129.9m | −£115.2m | £5.8m | £520.7m | £210.5m | £100.2m | £162.0m | £123.2m | £90.2m | £67.9m |
| Diluted earnings per share | -0.05 | -0.05 | 0.00 | 0.23 | 0.10 | 0.03 | 0.11 | 0.11 | 0.10 | 0.08 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £2.49bn | £2.86bn | £3.18bn | £3.36bn | £2.71bn | £2.20bn | £1.88bn | £1.29bn | £985.0m | £837.1m |
| Cash and short-term investments | £7.1m | £11.7m | £18.1m | £24.5m | £28.2m | £23.1m | £127.6m | £16.8m | £10.6m | £18.5m |
| Total liabilities | £5.3m | £1.3m | £2.7m | £20.0m | £362,000 | £1.7m | £339,000 | £1.7m | £2.2m | £2.8m |
| Shareholders' equity | £2.49bn | £2.86bn | £3.17bn | £3.34bn | £2.71bn | £2.19bn | £1.88bn | £1.28bn | £982.8m | £834.3m |
| Shares outstanding | 2,392m | 2,474m | 2,484m | 2,311m | 2,198m | 3,530m | 1,535m | 1,119m | 945m | 801m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £120.8m | £132.1m | £132.9m | £192.4m | £156.6m | £115.5m | £87.1m | £52.1m | £55.6m | £41.6m |
| Capital spending | — | — | — | −£251.8m | — | −£20,000 | — | — | — | — |
| Free cash flow | £120.8m | £132.1m | £132.9m | −£59.4m | £156.6m | £115.5m | £87.1m | £52.1m | £55.6m | £41.6m |
| Dividends paid | −£182.1m | −£183.5m | −£176.2m | −£160.5m | −£134.1m | −£107.0m | −£86.3m | −£56.9m | −£51.9m | −£53.0m |
Latest quarters
By quarter end
| Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | Jun 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | −£9.3m | −£94.9m | −£69.7m | −£43.2m | −£21.6m | −£37.1m | −£18.6m | £12.9m |
| Gross profit | −£9.3m | −£94.9m | −£115.2m | −£43.2m | −£21.6m | −£37.1m | −£18.6m | £12.9m |
| Operating income | −£14.0m | −£96.6m | −£70.8m | −£44.6m | −£22.3m | −£38.6m | −£19.3m | £11.0m |
| Net income | −£16.1m | −£113.8m | −£99.4m | −£15.8m | −£7.9m | −£21.9m | −£10.9m | £27.7m |
| Diluted earnings per share | -0.01 | -0.05 | -0.04 | -0.01 | -0.00 | -0.01 | -0.00 | 0.01 |
| Cash from operations | £51.0m | £69.0m | £66.0m | £65.0m | £32.0m | £34.0m | £17.0m | £98.0m |
| Total assets | £2.49bn | £2.62bn | £2.86bn | £3.07bn | £3.07bn | £3.18bn | £3.18bn | £3.29bn |
| Cash and short-term investments | £7.1m | £10.1m | £11.7m | £10.9m | £10.9m | £18.1m | £18.1m | £23.4m |
| Shareholders' equity | £2.49bn | £2.61bn | £2.86bn | £3.07bn | £3.07bn | £3.17bn | £3.17bn | £3.28bn |
Financial ratios
Data as of 1 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2013 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 100.0% | 100.0% | -19.6% | 100.0% | 100.0% | 100.0% | — | — | — | — |
| Operating margin | 106.1% | 102.1% | 4.1% | 99.6% | 99.2% | 98.4% | — | — | — | — |
| Net margin | 124.7% | 102.0% | 4.7% | 99.6% | 99.2% | 98.4% | — | — | — | — |
| Return on equity | -5.2% | -4.0% | 0.2% | 15.6% | 7.8% | 4.6% | — | — | — | — |
| Return on assets | -5.2% | -4.0% | 0.2% | 15.5% | 7.8% | 4.6% | — | — | — | — |
| Free cash flow yield | — | — | — | 0.2% | — | 0.0% | — | — | — | — |
| Revenue growth | -7.7% | -191.6% | -76.4% | 146.4% | 108.5% | -37.7% | — | — | — | — |
| Earnings growth | 12.8% | -2086.2% | -98.9% | 147.4% | 110.1% | -38.2% | — | — | — | — |
| Current ratio | 6.55x | 10.64x | 35.13x | 11.71x | 156.17x | 21.05x | — | — | — | — |
| Debt to equity | — | — | — | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | — |
| Equity ratio | 99.8% | 100.0% | 99.9% | 99.4% | 100.0% | 99.9% | — | — | — | — |
| Interest coverage | — | — | — | — | — | — | — | — | — | 1718.83x |
| Buybacks as a share of market value | 3.3% | 0.4% | -7.5% | -5.1% | 37.7% | -130.0% | — | — | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 100.0% | 65.6% | 80.1% | 87.7% |
| Operating margin | 104.1% | 69.9% | 82.2% | 88.6% |
| Net margin | 112.9% | 65.6% | 79.7% | 87.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -12.7 | -18.4 | 487.4 | 5.8 | 14.0 | 44.8 | 13.0 | 10.2 | 11.3 | 12.8 |
| Price to sales | -15.8 | -18.8 | 22.9 | 5.8 | 13.9 | 44.1 | 12.9 | 10.1 | 11.2 | 12.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 12 years. Last went ex-dividend on 13 Aug 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.057 | 0.075 | 0.074 | 0.071 | 0.068 | 0.068 | 0.067 | 0.05 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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