V 
520.00p
-0.76%
Close of 6 Nov 2026, in pence
At a glance
Figures in USD, from our data supplier.
Revenue
$1.09bn
FY2016FY2025
Net income
$47.9m
FY2016FY2025
Free cash flow
$31.2m
FY2016FY2025
Shareholders' equity
$361.0m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.09bn | $912.8m | $722.8m | $614.6m | $443.3m | $391.4m | $372.1m | $322.4m | $319.6m | $367.5m |
| Gross profit | $232.8m | $202.8m | $157.0m | $125.8m | $103.9m | $90.7m | $73.5m | $56.0m | $55.5m | $60.4m |
| Research and development | — | — | $5.2m | $3.8m | — | — | — | — | — | — |
| Operating income | $89.9m | $71.3m | $56.0m | $41.7m | $31.2m | $17.2m | $17.2m | $11.5m | $9.1m | $7.2m |
| Net income | $47.9m | $39.3m | $36.8m | $30.4m | $38.9m | $14.7m | $9.2m | $3.9m | −$7.0m | −$2.3m |
| Diluted earnings per share | 0.26 | 0.21 | 0.22 | 0.18 | 0.26 | 0.09 | 0.07 | 0.06 | -0.08 | -0.03 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $916.6m | $839.1m | $535.2m | $503.3m | $410.1m | $241.5m | $207.3m | $154.8m | $152.5m | $175.8m |
| Cash and short-term investments | $37.7m | $29.8m | $22.5m | $29.1m | $36.6m | $32.3m | $20.9m | $24.8m | $29.6m | $30.7m |
| Total liabilities | $555.6m | $511.9m | $309.9m | $302.2m | $226.1m | $110.9m | $91.6m | $106.7m | $106.2m | $124.4m |
| Debt | $212.5m | $183.8m | $126.2m | $124.4m | $63.8m | $11.1m | $320,000 | $14.9m | $18.2m | $34.0m |
| Shareholders' equity | $361.0m | $327.2m | $225.3m | $201.1m | $183.9m | $130.5m | $115.6m | $48.1m | $46.3m | $51.4m |
| Shares outstanding | 187m | 183m | 167m | 168m | 152m | 155m | 138m | 92m | 89m | 89m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $77.3m | $78.3m | $55.7m | $18.5m | $38.7m | $51.7m | −$6.7m | $4.9m | $15.9m | $1.8m |
| Capital spending | −$46.1m | −$31.6m | −$18.3m | −$15.0m | −$7.8m | −$5.0m | −$3.3m | −$2.4m | −$2.5m | −$6.6m |
| Free cash flow | $31.2m | $46.7m | $37.4m | $3.5m | $30.9m | $46.8m | −$10.1m | $2.5m | $13.4m | −$4.8m |
| Dividends paid | −$9.7m | −$6.7m | −$5.7m | −$7.2m | −$6.0m | −$2.0m | — | — | — | — |
Latest quarters
By quarter end
| Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Oct 2023 | Jul 2023 | Apr 2023 | Jan 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $583.9m | $568.3m | $518.2m | $515.3m | $397.5m | $198.8m | $365.3m | $182.7m |
| Gross profit | $136.1m | $119.7m | $113.1m | $111.6m | $91.2m | $45.6m | $83.4m | $41.7m |
| Operating income | $51.0m | $45.4m | $38.3m | $41.4m | $29.9m | $11.4m | $30.8m | $11.9m |
| Net income | $28.5m | $28.6m | $19.3m | $24.2m | $15.1m | $7.8m | $20.5m | $10.4m |
| Diluted earnings per share | 0.15 | 0.15 | 0.10 | 0.13 | 0.08 | 0.04 | 0.12 | 0.06 |
| Total assets | $975.6m | $916.6m | $917.6m | $839.1m | $843.2m | $839.2m | $535.2m | $535.2m |
| Cash and short-term investments | $27.7m | $37.7m | $18.4m | $29.8m | $47.2m | $47.2m | $22.5m | $22.5m |
| Debt | $198.5m | $186.8m | $196.2m | $159.2m | $202.9m | $203.4m | $110.6m | $110.6m |
| Shareholders' equity | $412.7m | $361.0m | $343.8m | $327.2m | $304.0m | $311.9m | $225.3m | $232.7m |
Financial ratios
Data as of 5 Nov 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2023 | FY2022 | FY2022 | FY2021 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 22.0% | 21.4% | 22.2% | — | 20.1% | — | 18.6% | — | 22.1% | — | — |
| Operating margin | 8.8% | 7.9% | 7.5% | — | 7.4% | — | 6.5% | — | 6.9% | — | — |
| Net margin | 5.3% | 4.4% | 4.3% | — | 5.0% | — | 5.1% | — | 8.3% | — | — |
| Return on equity | 14.7% | 13.3% | 12.0% | — | 16.4% | — | 15.2% | — | 21.1% | — | — |
| Return on assets | 6.2% | 5.2% | 4.7% | — | 6.9% | — | 6.1% | — | 9.4% | — | — |
| Free cash flow yield | 0.1% | 0.1% | 0.1% | 0.1% | — | 0.0% | — | 0.0% | — | — | — |
| Revenue growth | 12.5% | 19.0% | 23.2% | — | 25.4% | — | 26.2% | — | 22.6% | — | — |
| Earnings growth | 35.2% | 21.9% | 6.8% | — | 21.1% | — | -21.9% | — | 164.7% | — | — |
| Current ratio | 1.74x | 1.49x | 1.49x | 1.62x | 1.62x | 1.69x | — | — | — | — | — |
| Debt to equity | 0.42x | 0.52x | 0.51x | — | 0.48x | — | 0.54x | 0.37x | — | — | — |
| Equity ratio | 42.5% | 39.4% | 39.0% | 33.2% | 42.1% | 29.3% | — | — | — | — | — |
| Interest coverage | 5.07x | 3.60x | 4.07x | — | 6.08x | — | 9.95x | — | 15.30x | — | — |
| R&D as a share of sales | — | — | 0.5% | — | 0.7% | — | 0.6% | — | 0.7% | 0.7% | 0.7% |
| Buybacks as a share of market value | -1.1% | -3.4% | 4.4% | -13.5% | — | -0.3% | — | -2.5% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 20.9% | 22.7% | 9.9% |
| Operating income | 29.2% | 39.1% | 26.1% |
| Net income | 16.4% | 26.7% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 21.8% | 21.5% | 21.9% | 20.6% |
| Operating margin | 8.1% | 7.8% | 7.4% | 6.0% |
| Net margin | 4.4% | 4.6% | 5.0% | 3.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | 22.1 | 17.8 | 19.5 | 18.7 | 18.3 | 44.1 |
| Price to sales | 1.0 | 0.8 | 1.0 | 0.9 | 1.6 | 1.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 6 years. Last went ex-dividend on 13 Aug 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2014 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.046 | 0.043 | 0.04 | 0.037 | 0.034 | 0.031 | 0.01 | 0.021 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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