V 
452.00p
-1.99%
Close of 6 Nov 2026, in pence
At a glance
Figures in GBP, from our data supplier.
Revenue
£1.81bn
FY2016FY2025
Net income
£52.2m
FY2016FY2025
Free cash flow
£39.4m
FY2016FY2025
Shareholders' equity
£1.12bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £1.81bn | £1.82bn | £1.93bn | £2.05bn | £1.64bn | £1.46bn | £1.71bn | £1.80bn | £1.68bn | £1.40bn |
| Gross profit | £450.1m | £503.7m | £537.9m | £561.1m | £410.4m | £363.7m | £466.9m | £506.8m | £464.1m | £382.8m |
| Research and development | £35.3m | £36.9m | £37.4m | £35.9m | £30.3m | £27.9m | £29.1m | £33.6m | £33.2m | £28.6m |
| Operating income | £122.3m | £153.7m | £190.1m | £216.8m | £132.7m | £74.3m | £172.1m | £179.7m | £123.6m | £107.4m |
| Net income | £52.2m | £87.2m | £118.5m | £181.1m | £102.1m | £41.3m | £80.3m | £138.3m | £38.0m | £56.9m |
| Diluted earnings per share | 0.21 | 0.34 | 0.43 | 0.67 | 0.37 | 0.15 | 0.30 | 0.51 | 0.14 | 0.21 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £2.41bn | £2.29bn | £2.28bn | £2.33bn | £2.13bn | £2.05bn | £2.10bn | £2.19bn | £2.07bn | £2.08bn |
| Cash and short-term investments | £190.6m | £186.4m | £164.2m | £184.2m | £169.1m | £209.7m | £229.2m | £236.9m | £161.9m | £144.4m |
| Total liabilities | £1.17bn | £1.05bn | £962.0m | £1.01bn | £1.03bn | £919.1m | £990.1m | £1.05bn | £996.2m | £980.0m |
| Debt | £641.9m | £520.2m | £402.2m | £441.9m | £443.7m | £378.1m | £474.9m | £484.9m | £436.2m | £464.7m |
| Shareholders' equity | £1.12bn | £1.17bn | £1.25bn | £1.26bn | £1.04bn | £1.08bn | £1.06bn | £1.09bn | £1.03bn | £1.06bn |
| Shares outstanding | 248m | 260m | 273m | 272m | 273m | 272m | 271m | 271m | 271m | 271m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £117.5m | £158.7m | £216.5m | £211.1m | £45.2m | £152.5m | £184.1m | £141.9m | £125.5m | £83.9m |
| Capital spending | −£78.1m | −£88.1m | −£92.6m | −£89.2m | −£45.5m | −£40.5m | −£65.4m | −£41.2m | −£39.0m | −£31.3m |
| Free cash flow | £39.4m | £70.6m | £123.9m | £121.9m | −£300,000 | £112.0m | £118.7m | £100.7m | £86.5m | £52.6m |
| Dividends paid | −£57.9m | −£61.1m | −£60.7m | −£58.1m | −£55.5m | −£8.4m | −£53.9m | −£50.0m | −£45.6m | −£43.9m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £922.9m | £902.0m | £907.5m | £883.6m | £936.5m | £934.5m | £995.3m | £497.6m |
| Gross profit | £235.2m | £217.8m | £237.3m | £234.1m | £269.6m | £250.2m | £277.4m | £141.3m |
| Operating income | £65.5m | £68.5m | £65.5m | £69.6m | £84.1m | £90.4m | £99.7m | £44.1m |
| Net income | £16.9m | £21.3m | £30.9m | £39.4m | £47.8m | £56.2m | £62.3m | £34.5m |
| Diluted earnings per share | 0.07 | 0.09 | 0.12 | 0.15 | 0.18 | 0.21 | 0.23 | 0.12 |
| Cash from operations | £71.0m | £92.0m | £25.0m | £90.0m | £69.0m | £136.0m | £81.0m | — |
| Capital spending | −£36.0m | −£43.0m | −£34.0m | −£37.0m | −£50.0m | −£50.0m | −£41.0m | — |
| Free cash flow | £35.0m | £49.0m | −£9.0m | £53.0m | £19.0m | £86.0m | £40.0m | — |
| Total assets | £2.49bn | £2.41bn | £2.32bn | £2.29bn | £2.32bn | £2.28bn | £2.29bn | £2.29bn |
| Cash and short-term investments | £226.5m | £190.6m | £164.4m | £186.4m | £180.0m | £164.2m | £173.2m | £173.2m |
| Debt | £85.6m | £641.9m | £615.4m | £520.2m | £497.4m | £453.8m | £122.1m | £368.1m |
| Shareholders' equity | £1.15bn | £1.12bn | £1.08bn | £1.17bn | £1.20bn | £1.25bn | £1.22bn | £1.28bn |
Financial ratios
Data as of 5 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 24.9% | 27.7% | 27.9% | 27.4% | 25.0% | 24.9% |
| Operating margin | 6.8% | 8.8% | 10.5% | 10.9% | 8.5% | 5.6% |
| Net margin | 2.9% | 4.8% | 6.1% | 8.8% | 6.2% | 2.8% |
| Return on equity | 4.6% | 7.5% | 9.4% | 14.4% | 9.8% | 3.8% |
| Return on assets | 2.2% | 3.8% | 5.2% | 7.8% | 4.8% | 2.0% |
| Free cash flow yield | 0.2% | 0.2% | 0.2% | 0.2% | 0.1% | 0.2% |
| Revenue growth | -0.6% | -5.7% | -5.7% | 24.6% | 12.7% | -14.7% |
| Earnings growth | -40.1% | -26.4% | -34.6% | 77.4% | 147.2% | -48.6% |
| Current ratio | 2.35x | 2.03x | 1.95x | 1.87x | 1.76x | 2.09x |
| Debt to equity | 0.57x | 0.45x | 0.36x | 0.36x | 0.44x | 0.35x |
| Equity ratio | 46.6% | 50.9% | 55.0% | 54.0% | 49.0% | 52.7% |
| Interest coverage | 5.46x | 6.16x | 8.60x | 12.22x | 10.72x | 4.54x |
| R&D as a share of sales | 2.0% | 2.0% | 1.9% | 1.8% | 1.8% | 1.9% |
| Buybacks as a share of market value | 4.4% | 4.9% | -0.6% | 0.4% | -0.3% | -0.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -4.0% | 4.4% | 3.2% |
| Operating income | -17.4% | 10.5% | 1.4% |
| Net income | -33.9% | 4.8% | 0.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 26.3% | 27.0% | 26.4% | 26.9% |
| Operating margin | 7.6% | 9.0% | 8.3% | 8.5% |
| Net margin | 3.8% | 5.8% | 5.4% | 5.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 18.9 | 12.6 | 11.1 | 6.1 | 12.0 | 35.3 | 16.9 | 9.9 | 41.6 | 18.8 |
| Price to sales | 0.5 | 0.6 | 0.7 | 0.5 | 0.8 | 1.0 | 0.8 | 0.8 | 0.9 | 0.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 15 years. Last went ex-dividend on 3 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.236 | 0.235 | 0.233 | 0.226 | 0.215 | 0.205 | 0.031 | 0.20 |
- 1-to-1 reverse split · 17 Dec 2012
- 10-to-1 reverse split · 15 May 2009
- 10-to-1 reverse split · 27 May 2005
- 1.024-for-1 split · 6 Aug 2002
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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