T 
82.92p
-0.84%
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
£3.84bn
FY2016FY2025
Net income
£100.4m
FY2016FY2025
Free cash flow
£141.0m
FY2016FY2025
Shareholders' equity
£4.19bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £3.84bn | £3.40bn | £3.51bn | £4.42bn | £4.28bn | £2.79bn | £4.34bn | £4.08bn | £3.97bn | £3.68bn |
| Gross profit | £658.4m | £647.6m | £716.5m | £1.13bn | £1.03bn | £496.7m | £1.04bn | £1.07bn | £1.03bn | £939.9m |
| Research and development | — | — | — | — | — | £3.8m | £1.6m | £1.0m | £1.1m | £1.2m |
| Operating income | £411.0m | £407.6m | £467.8m | £852.0m | £698.2m | £282.4m | £856.8m | £828.8m | £703.6m | £762.6m |
| Net income | £100.4m | £219.6m | £349.0m | £643.6m | £555.5m | £217.0m | £673.9m | £656.6m | £555.3m | £589.3m |
| Diluted earnings per share | 0.03 | 0.06 | 0.10 | 0.18 | 0.15 | 0.06 | 0.21 | 0.20 | 0.17 | 0.18 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £6.07bn | £6.29bn | £6.25bn | £6.48bn | £6.24bn | £5.75bn | £5.18bn | £5.25bn | £4.97bn | £4.75bn |
| Cash and short-term investments | £429.6m | £647.4m | £764.9m | £952.3m | £921.0m | £823.0m | £630.4m | £734.2m | £600.5m | £450.2m |
| Total liabilities | £1.88bn | £1.89bn | £1.73bn | £1.98bn | £1.93bn | £1.73bn | £1.87bn | £2.03bn | £1.83bn | £1.84bn |
| Debt | £124.0m | £121.0m | £126.8m | £115.5m | £111.4m | £131.6m | £112.6m | £117.5m | £88.7m | £85.5m |
| Shareholders' equity | £4.19bn | £4.41bn | £4.52bn | £4.50bn | £4.31bn | £4.02bn | £3.31bn | £3.23bn | £3.14bn | £2.90bn |
| Shares outstanding | 3,557m | 3,554m | 3,538m | 3,551m | 3,650m | 3,638m | 3,276m | 3,274m | 3,283m | 3,290m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £145.2m | £164.9m | £129.6m | £477.5m | £431.9m | −£301.2m | £510.0m | £641.3m | £604.1m | £537.7m |
| Capital spending | −£4.2m | −£3.4m | −£6.9m | −£2.1m | −£4.6m | −£8.0m | −£12.6m | −£2.4m | −£5.7m | −£5.1m |
| Free cash flow | £141.0m | £161.5m | £122.7m | £475.4m | £427.3m | −£309.2m | £497.4m | £638.9m | £598.4m | £532.6m |
| Dividends paid | −£330.4m | −£339.4m | −£337.9m | −£323.8m | −£301.5m | −£301.5m | −£599.7m | −£499.5m | −£450.5m | −£355.9m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £1.68bn | £2.19bn | £1.65bn | £1.88bn | £1.52bn | £758.9m | £1.88bn | £938.7m |
| Gross profit | £253.9m | £375.9m | £282.5m | £356.5m | £292.2m | £146.1m | £362.6m | £181.3m |
| Operating income | £122.1m | £250.7m | £159.8m | £231.2m | £174.9m | £90.4m | £246.4m | £111.7m |
| Net income | £86.7m | £162.2m | −£61.8m | £146.6m | £73.0m | £36.5m | £173.3m | £86.7m |
| Diluted earnings per share | 0.02 | 0.05 | -0.02 | 0.04 | 0.02 | 0.01 | 0.05 | 0.02 |
| Cash from operations | −£5.0m | £199.0m | −£54.0m | £144.0m | £31.0m | £15.0m | £197.0m | — |
| Capital spending | −£1.0m | −£2.0m | −£1.0m | −£1.0m | −£2.0m | −£1.0m | −£6.0m | — |
| Free cash flow | −£6.0m | £197.0m | −£55.0m | £143.0m | £29.0m | £14.0m | £191.0m | — |
| Total assets | £5.92bn | £6.07bn | £6.25bn | £6.29bn | £6.28bn | £6.28bn | £6.25bn | £6.25bn |
| Cash and short-term investments | £254.8m | £429.6m | £412.1m | £647.4m | £668.7m | £668.7m | £764.9m | £764.9m |
| Debt | £11.5m | £98.7m | £96.7m | £93.0m | £94.5m | £9.8m | £95.8m | £8.8m |
| Shareholders' equity | £4.12bn | £4.19bn | £4.18bn | £4.41bn | £4.43bn | £4.43bn | £4.52bn | £4.52bn |
Financial ratios
Data as of 23 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 17.1% | 19.0% | 20.4% | 25.6% | 24.0% | 17.8% | — | — | — | — | — |
| Operating margin | 10.7% | 10.2% | 14.2% | 19.3% | 16.5% | 10.5% | — | — | — | — | — |
| Net margin | 2.6% | 6.5% | 9.9% | 14.6% | 13.0% | 7.8% | — | — | — | — | — |
| Return on equity | 2.4% | 5.0% | 7.7% | 14.3% | 12.9% | 5.4% | — | — | — | — | — |
| Return on assets | 1.7% | 3.5% | 5.6% | 9.9% | 8.9% | 3.8% | — | — | — | — | — |
| Free cash flow yield | 0.1% | 0.1% | 0.0% | 0.2% | 0.1% | -0.1% | — | — | — | — | — |
| Revenue growth | 13.0% | -3.2% | -20.5% | 3.2% | 53.6% | -35.7% | — | — | — | — | — |
| Earnings growth | -54.3% | -37.1% | -45.8% | 15.9% | 156.0% | -67.8% | — | — | — | — | — |
| Current ratio | 4.96x | 4.90x | 5.37x | 4.71x | 5.83x | 5.49x | — | — | — | — | — |
| Debt to equity | 0.02x | 0.02x | 0.02x | 0.02x | 0.02x | 0.03x | — | — | — | — | — |
| Equity ratio | 69.0% | 70.0% | 72.3% | 69.4% | 69.1% | 69.9% | — | — | — | — | — |
| Interest coverage | 39.20x | 36.39x | 19.65x | 35.35x | 27.55x | 9.99x | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | -0.1% | -0.4% | 0.4% | 2.7% | -0.3% | -11.0% | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -4.5% | 6.6% | 2.0% |
| Operating income | -21.6% | 7.8% | -4.2% |
| Net income | -46.2% | -14.3% | -14.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 18.0% | 20.8% | 21.0% | 23.1% |
| Operating margin | 11.3% | 14.1% | 14.0% | 16.6% |
| Net margin | 4.4% | 8.6% | 9.4% | 12.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 38.1 | 19.8 | 14.9 | 5.6 | 11.5 | 27.8 | 9.4 | 6.8 | 12.2 | 8.6 |
| Price to sales | 1.0 | 1.3 | 1.5 | 0.8 | 1.5 | 2.2 | 1.5 | 1.1 | 1.7 | 1.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 8 Oct 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.042 | 0.093 | 0.096 | 0.096 | 0.091 | 0.083 | 0.183 | 0.153 |
- 1-to-1 reverse split · 24 Nov 2003
- 1-to-1 reverse split · 2 Mar 2001
- 2-for-1 split · 19 Jun 1989
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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