V 
222.50p
+3.01%
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
£228.3m
FY2016FY2025
Net income
−£73.4m
FY2016FY2025
Free cash flow
−£22.9m
FY2016FY2025
Shareholders' equity
£16.2m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £228.3m | £283.6m | £306.9m | £451.2m | £394.3m | £290.5m | £376.1m | £385.4m | £353.3m | £376.2m |
| Gross profit | £69.1m | £94.5m | £114.0m | £195.5m | £173.1m | £112.0m | £161.8m | £166.0m | £156.5m | £148.1m |
| Research and development | £19.0m | £21.5m | £14.9m | £22.5m | £19.9m | £15.0m | £15.3m | £15.7m | £15.2m | £13.2m |
| Operating income | −£28.6m | −£96.5m | £800,000 | £49.0m | £33.5m | −£600,000 | £32.0m | £40.2m | £30.2m | £14.5m |
| Net income | −£73.4m | −£147.0m | −£77.1m | £32.9m | £25.9m | −£5.3m | £20.2m | £34.3m | £27.5m | £9.0m |
| Diluted earnings per share | -141.70 | -310.65 | -292.71 | 135.67 | 106.76 | -22.97 | 88.33 | 151.43 | 121.90 | 0.20 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £228.8m | £346.3m | £451.3m | £552.2m | £441.0m | £334.6m | £360.6m | £364.2m | £289.7m | £322.8m |
| Cash and short-term investments | £11.0m | £57.3m | £8.7m | £15.8m | £11.0m | £17.3m | £18.9m | £17.5m | £12.6m | £17.1m |
| Total liabilities | £212.6m | £260.4m | £213.8m | £328.5m | £267.1m | £189.2m | £203.9m | £201.9m | £154.1m | £183.0m |
| Debt | £153.3m | £190.3m | £137.2m | £209.3m | £156.2m | £108.1m | £114.9m | £98.5m | £55.5m | £92.2m |
| Shareholders' equity | £16.2m | £85.9m | £237.5m | £223.7m | £173.9m | £145.4m | £156.7m | £162.3m | £135.6m | £139.8m |
| Shares outstanding | 1m | 0m | 0m | 0m | 0m | 0m | 0m | 0m | 0m | 45m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −£15.7m | £12.7m | −£16.1m | £48.7m | £54.7m | £25.0m | £48.6m | £47.4m | £35.1m | £52.4m |
| Capital spending | −£7.2m | −£15.5m | −£18.5m | −£20.2m | −£21.7m | −£15.7m | −£18.6m | −£14.4m | −£15.1m | −£16.8m |
| Free cash flow | −£22.9m | −£2.8m | −£34.6m | £28.5m | £33.0m | £9.3m | £30.0m | £33.0m | £20.0m | £35.6m |
| Dividends paid | — | — | −£11.6m | −£18.0m | −£7.1m | — | −£17.1m | −£14.1m | −£12.4m | −£11.1m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £110.3m | £112.9m | £115.4m | £130.3m | £153.3m | £141.9m | £165.0m | £82.5m |
| Gross profit | £40.4m | £31.5m | £39.0m | £32.2m | £62.3m | £45.9m | £66.5m | £34.0m |
| Operating income | −£7.4m | −£46.9m | −£15.6m | −£89.8m | −£6.7m | −£10.2m | £11.0m | £2.5m |
| Net income | −£2.3m | −£47.7m | −£21.1m | −£134.2m | −£12.8m | −£31.6m | −£46.5m | £1.2m |
| Diluted earnings per share | -0.11 | -92.08 | -40.73 | -283.60 | -27.05 | -119.97 | -176.54 | 0.03 |
| Cash from operations | −£10.0m | −£3.0m | −£12.0m | −£6.0m | £19.0m | −£16.0m | — | — |
| Capital spending | −£2.0m | −£4.0m | −£2.0m | −£12.0m | −£3.0m | −£2.0m | −£9.0m | — |
| Free cash flow | −£12.0m | −£7.0m | −£14.0m | −£18.0m | £16.0m | −£18.0m | — | — |
| Total assets | £218.1m | £228.8m | £313.8m | £346.3m | £478.6m | £451.3m | £481.0m | £481.0m |
| Cash and short-term investments | £11.1m | £11.0m | £59.9m | £57.3m | £55.4m | £8.7m | £17.9m | £17.9m |
| Debt | £31.3m | £133.3m | £175.5m | £167.0m | £148.6m | £108.8m | £203.5m | £197.6m |
| Shareholders' equity | £116.1m | £16.2m | £60.8m | £85.9m | £223.0m | £237.5m | £155.6m | £155.6m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -20.3% | -4.7% | -3.3% |
| Operating income | — | 116.6% | — |
| Net income | — | 69.2% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 32.0% | 37.3% | 38.8% | 40.4% |
| Operating margin | -24.4% | -5.9% | -2.2% | 2.6% |
| Net margin | -43.1% | -20.8% | -12.5% | -3.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -0.0 | -0.1 | -0.1 | 0.6 | 0.9 | -2.8 | 0.9 | 0.6 | 0.7 | 229.0 |
| Price to sales | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 5.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 20 Apr 2023.
| FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 5,000.00 | 7,800.00 | 3,100.00 | 7,560.00 | 6,320.00 | 5,540.00 | 5,000.00 | 4,840.00 |
- 200-to-1 reverse split · 30 Mar 2026
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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