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413.20p
+1.10%
Close of 9 Nov 2026, in pence
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At a glance
Figures in GBP, from our data supplier.
Revenue
£13.55bn
FY2016FY2025
Net income
−£215.0m
FY2016FY2025
Free cash flow
£633.0m
FY2016FY2025
Shareholders' equity
£2.54bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £13.55bn | £14.74bn | £14.84bn | £14.43bn | £12.80bn | £12.00bn | £13.23bn | £13.05bn | £13.15bn | £14.89bn |
| Gross profit | £2.15bn | £2.45bn | £2.52bn | £2.54bn | £2.20bn | £2.01bn | £2.41bn | £2.49bn | £2.66bn | £3.04bn |
| Research and development | — | — | — | £29.0m | — | — | — | — | — | — |
| Operating income | £480.0m | £1.32bn | £531.0m | £1.36bn | £1.23bn | £2.28bn | £1.30bn | £1.25bn | £1.57bn | £2.06bn |
| Net income | −£215.0m | £542.0m | £110.4m | £682.7m | £637.7m | −£2.97bn | £844.1m | £824.6m | £1.96bn | £1.40bn |
| Diluted earnings per share | -0.20 | 0.50 | 0.10 | 0.62 | 0.53 | -2.43 | 0.67 | 0.70 | 1.67 | 1.46 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £24.07bn | £25.51bn | £26.62bn | £28.82bn | £27.87bn | £36.17bn | £39.58bn | £42.22bn | £43.04bn | £35.03bn |
| Cash and short-term investments | £2.69bn | £2.64bn | £2.22bn | £2.49bn | £3.88bn | £12.90bn | £11.31bn | £2.64bn | £2.39bn | £2.44bn |
| Total liabilities | £21.30bn | £21.77bn | £22.79bn | £24.66bn | £23.80bn | £31.12bn | £31.29bn | £32.44bn | £33.08bn | £25.26bn |
| Debt | £6.83bn | £6.35bn | £6.88bn | £7.18bn | £6.83bn | £15.75bn | £15.10bn | £15.08bn | £16.33bn | £6.57bn |
| Shareholders' equity | £2.54bn | £3.48bn | £3.38bn | £3.68bn | £3.62bn | £4.73bn | £7.93bn | £9.36bn | £9.49bn | £9.32bn |
| Shares outstanding | 1,078m | 1,079m | 1,074m | 1,095m | 1,202m | 1,221m | 1,263m | 1,174m | 1,174m | 960m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £724.0m | £1.41bn | £1.24bn | £700.9m | £2.03bn | £2.05bn | £1.85bn | £1.69bn | £1.41bn | £1.77bn |
| Capital spending | −£91.0m | −£236.0m | −£217.2m | −£223.3m | −£293.1m | −£272.7m | −£394.1m | −£314.8m | −£288.9m | −£252.1m |
| Free cash flow | £633.0m | £1.17bn | £1.02bn | £477.6m | £1.74bn | £1.78bn | £1.46bn | £1.38bn | £1.12bn | £1.52bn |
| Dividends paid | −£343.0m | −£425.0m | −£422.8m | −£365.4m | −£314.7m | −£122.0m | −£750.5m | −£747.4m | −£751.5m | −£616.5m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £6.37bn | £6.89bn | £6.66bn | £7.51bn | £7.23bn | £3.61bn | £7.62bn | £3.81bn |
| Gross profit | £805.0m | £1.31bn | £837.0m | £1.41bn | £1.04bn | £520.0m | £1.45bn | £727.4m |
| Operating income | £366.0m | £884.0m | £382.0m | £902.0m | £423.0m | £211.5m | £224.9m | £107.3m |
| Net income | £19.0m | −£259.0m | £44.0m | £337.0m | £205.0m | £102.5m | −£1.6m | −£800,000 |
| Diluted earnings per share | 0.02 | -0.24 | 0.04 | 0.31 | 0.19 | 0.10 | -0.00 | -0.00 |
| Cash from operations | −£660.0m | £1.76bn | −£1.04bn | £1.95bn | −£540.0m | −£270.0m | £1.68bn | £841.0m |
| Capital spending | −£34.0m | −£49.0m | −£42.0m | −£107.0m | −£82.0m | −£41.0m | −£96.0m | −£48.0m |
| Free cash flow | −£694.0m | £1.71bn | −£1.08bn | £1.84bn | −£622.0m | −£311.0m | £1.59bn | £793.0m |
| Total assets | £23.57bn | £24.07bn | £23.39bn | £25.51bn | £25.81bn | £25.81bn | £26.62bn | £26.62bn |
| Cash and short-term investments | £2.36bn | £2.69bn | £1.44bn | £2.64bn | £2.13bn | £2.13bn | £2.22bn | £2.22bn |
| Debt | £5.57bn | £5.16bn | £5.22bn | £4.57bn | £5.76bn | £1.46bn | £5.01bn | £1.24bn |
| Shareholders' equity | £2.60bn | £2.54bn | £3.16bn | £3.48bn | £3.50bn | £3.50bn | £3.38bn | £3.38bn |
Financial ratios
Data as of 25 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 15.8% | 16.6% | 17.0% | 17.6% | 17.2% | 16.8% |
| Operating margin | 9.0% | 9.5% | 5.0% | 10.5% | 9.6% | -20.7% |
| Net margin | -1.6% | 3.7% | 0.7% | 4.7% | 5.0% | -24.7% |
| Return on equity | -8.5% | 15.6% | 3.3% | 18.5% | 17.6% | -62.7% |
| Return on assets | -0.9% | 2.1% | 0.4% | 2.4% | 2.3% | -8.2% |
| Free cash flow yield | 0.2% | 0.4% | 0.3% | 0.2% | 0.5% | 0.5% |
| Revenue growth | -8.1% | -0.7% | 2.9% | 12.7% | 6.7% | -9.3% |
| Earnings growth | -139.7% | 390.9% | -83.8% | 7.1% | -121.5% | -451.3% |
| Current ratio | 0.89x | 0.88x | 0.86x | 0.85x | 0.93x | 1.03x |
| Debt to equity | 2.03x | 1.31x | 1.49x | 1.43x | 1.40x | 2.94x |
| Equity ratio | 10.6% | 13.6% | 12.7% | 12.8% | 13.0% | 13.1% |
| Interest coverage | 3.46x | 3.36x | 1.89x | 4.23x | 4.35x | -7.94x |
| R&D as a share of sales | — | — | — | 0.2% | — | — |
| Buybacks as a share of market value | 0.1% | -0.4% | 1.9% | 8.9% | 1.6% | 3.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -2.1% | 2.5% | 1.0% |
| Operating income | -29.3% | -26.8% | -11.5% |
| Net income | — | -40.8% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 16.2% | 16.8% | 16.8% | 18.1% |
| Operating margin | 6.4% | 6.4% | 8.7% | 10.1% |
| Net margin | 1.2% | 1.9% | -1.5% | 3.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -16.9 | 16.5 | 73.3 | 13.2 | 21.1 | -3.3 | 16.0 | 12.1 | 8.0 | 12.5 |
| Price to sales | 0.3 | 0.6 | 0.5 | 0.6 | 1.1 | 0.8 | 1.0 | 0.8 | 1.2 | 1.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 33 years. Last went ex-dividend on 4 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.075 | 0.319 | 0.394 | 0.394 | 0.337 | 0.265 | 0.10 | 0.60 |
- 1-to-1 reverse split · 2 Jan 2013
- 1-to-1 reverse split · 19 Nov 2008
- 1-to-1 reverse split · 25 Oct 2005
- 1-to-1 reverse split · 17 Nov 2004
- 1-to-1 reverse split · 1 Aug 2003
- 1-to-1 reverse split · 8 Nov 2001
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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