U 
485.40p
-1.62%
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
£332.8m
FY2016FY2025
Net income
£97.6m
FY2016FY2025
Free cash flow
−£92.1m
FY2016FY2025
Shareholders' equity
£4.73bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £332.8m | £299.3m | £276.1m | £259.3m | £266.9m | £215.6m | £156.2m | £169.5m | £156.9m | £156.7m |
| Gross profit | £222.2m | £212.9m | £199.3m | £181.2m | £194.7m | £153.0m | £115.6m | £129.3m | £115.8m | £111.8m |
| Research and development | — | — | £0 | £1 | £1 | £1 | £1 | £1 | £1 | £1 |
| Operating income | £153.0m | £168.1m | £154.7m | £227.8m | £174.3m | £119.3m | £95.2m | £105.7m | £88.9m | £86.8m |
| Net income | £97.6m | £441.9m | £102.5m | £350.5m | £342.4m | −£121.0m | −£89.2m | £235.7m | £221.6m | £224.0m |
| Diluted earnings per share | 0.20 | 0.92 | 0.24 | 0.87 | 0.86 | -0.30 | -0.29 | 0.90 | 0.90 | 0.93 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £6.30bn | £6.42bn | £5.47bn | £5.40bn | £5.05bn | £5.23bn | £5.02bn | £2.85bn | £2.43bn | £2.09bn |
| Cash and short-term investments | £35.8m | £273.2m | £37.5m | £38.0m | £109.4m | £338.3m | £86.9m | £123.6m | £51.2m | £42.7m |
| Total liabilities | £1.57bn | £1.61bn | £1.38bn | £1.58bn | £1.50bn | £1.97bn | £1.92bn | £750.7m | £677.4m | £616.9m |
| Debt | £1.40bn | £1.35bn | £1.17bn | £1.36bn | £1.26bn | £1.79bn | £1.67bn | £592.6m | £512.8m | £484.2m |
| Shareholders' equity | £4.73bn | £4.81bn | £4.07bn | £3.79bn | £3.53bn | £3.23bn | £3.07bn | £2.07bn | £1.73bn | £1.45bn |
| Shares outstanding | 489m | 482m | 436m | 401m | 399m | 398m | 302m | 263m | 246m | 241m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £154.6m | £216.4m | £153.2m | £160.2m | £171.3m | £73.3m | £78.5m | £59.7m | £56.3m | £68.1m |
| Capital spending | −£246.7m | −£275.5m | −£138.0m | −£326.2m | −£99.5m | −£151.9m | −£184.9m | −£1.3m | −£4.4m | −£3.1m |
| Free cash flow | −£92.1m | −£59.1m | £15.2m | −£166.0m | £71.8m | −£78.6m | −£106.4m | £58.4m | £51.9m | £65.0m |
| Dividends paid | −£153.7m | −£124.2m | −£103.4m | −£85.1m | −£57.2m | −£300.7m | −£69.6m | −£62.3m | −£42.3m | −£34.2m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £208.4m | £143.6m | £181.1m | £141.0m | £209.6m | £128.0m | £148.1m | £122.5m |
| Gross profit | £143.5m | £86.0m | £128.1m | £95.9m | £168.3m | £83.8m | £109.3m | £82.5m |
| Operating income | £104.7m | £48.4m | £96.5m | £66.8m | £101.3m | £27.5m | £113.1m | £104.0m |
| Net income | −£417.7m | −£88.5m | £186.1m | £160.2m | £281.7m | −£12.7m | £115.2m | £24.1m |
| Diluted earnings per share | -0.80 | -0.18 | 0.38 | 0.33 | 0.58 | -0.03 | 0.26 | 0.06 |
| Cash from operations | £71.0m | £92.0m | £62.0m | £65.0m | £147.0m | −£8.0m | £151.0m | £51.0m |
| Capital spending | −£96.0m | −£245.0m | −£1.0m | −£2.0m | — | −£3.0m | −£6.0m | −£7.0m |
| Free cash flow | −£25.0m | −£153.0m | £61.0m | £63.0m | — | −£11.0m | £145.0m | £44.0m |
| Total assets | £6.84bn | £6.30bn | £6.43bn | £6.42bn | £6.17bn | £5.47bn | £5.48bn | £5.40bn |
| Cash and short-term investments | £53.1m | £35.8m | £83.3m | £273.2m | £591.7m | £37.5m | £65.5m | £38.0m |
| Debt | £6.0m | £1.26bn | £1.28bn | £1.28bn | £1.58bn | £1.09bn | £1.30bn | £1.27bn |
| Shareholders' equity | £4.52bn | £4.73bn | £4.88bn | £4.81bn | £4.27bn | £4.07bn | £3.84bn | £3.79bn |
Financial ratios
Data as of 23 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 66.8% | 71.1% | 72.2% | 69.9% | 72.9% | 71.0% | — | — |
| Operating margin | 36.2% | 159.1% | 50.9% | 151.8% | 65.3% | 55.3% | — | — |
| Net margin | 29.3% | 147.6% | 37.1% | 135.2% | 128.3% | -56.1% | — | — |
| Return on equity | 2.1% | 9.2% | 2.5% | 9.2% | 9.7% | -3.7% | — | — |
| Return on assets | 1.5% | 6.9% | 1.9% | 6.5% | 6.8% | -2.3% | — | — |
| Free cash flow yield | 0.2% | 0.2% | 0.1% | 0.3% | 0.1% | 0.1% | — | — |
| Revenue growth | 11.2% | 8.4% | 6.5% | -2.8% | 23.8% | 38.0% | — | — |
| Earnings growth | -77.9% | 331.1% | -70.8% | 2.4% | -383.0% | 35.7% | — | — |
| Current ratio | 0.72x | 1.99x | 0.43x | 0.69x | 1.91x | 2.69x | — | — |
| Debt to equity | 0.27x | 0.27x | 0.27x | 0.34x | 0.33x | 0.53x | — | — |
| Equity ratio | 75.1% | 74.9% | 74.3% | 70.2% | 69.8% | 61.8% | — | — |
| Interest coverage | 5.27x | 14.75x | 4.42x | 9.44x | 3.64x | 2.16x | — | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | -1.5% | -10.7% | -8.6% | -0.4% | -0.4% | -31.5% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 8.7% | 9.1% | 3.4% |
| Operating income | -12.4% | 5.1% | 5.0% |
| Net income | -34.7% | — | -12.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 68.8% | 69.9% | 70.5% | 69.6% |
| Operating margin | 50.8% | 60.3% | 60.4% | 58.1% |
| Net margin | 85.4% | 85.0% | 73.6% | 85.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 28.1 | 8.8 | 44.4 | 10.4 | 12.9 | -34.4 | -42.7 | 9.0 | 8.9 | 6.5 |
| Price to sales | 8.2 | 13.0 | 16.5 | 14.1 | 16.6 | 19.3 | 24.4 | 12.5 | 12.6 | 9.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 17 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.377 | 0.377 | 0.36 | 0.335 | 0.266 | 0.193 | 0.25 | 0.184 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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