| GBP millions | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Trend | YoY |
|---|---|---|---|---|---|---|---|---|
| Revenue | (58.1) | 152.1 | (9.3) | 40.0 | 50.5 | 94.8 | +87.7% | |
| Cost of revenue | 3.4 | 3.9 | 3.9 | 3.4 | 1.9 | 2.1 | +9.6% | |
| Gross profit | (61.5) | 148.2 | (13.2) | 36.6 | 50.5 | 92.7 | +83.5% | |
| Research & development | (0.0) | 0.0 | (0.0) | 0.0 | 0.0 | 0.0 | — | |
| Selling, general & administrative | 1.0 | 1.4 | 1.6 | 1.3 | 1.3 | 1.6 | +21.1% | |
| Selling & marketing | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | +13.3% | |
| Operating expenses | 1.6 | 1.5 | 1.7 | 1.4 | 1.4 | 1.7 | +18.6% | |
| Operating income | (59.7) | 150.6 | (9.0) | 38.6 | 49.1 | 91.0 | +85.4% | |
| Interest expense | 1.0 | 1.6 | 1.9 | 1.9 | 1.9 | 2.1 | +9.6% | |
| Interest income | 0.0 | 0.0 | 0.0 | 0.2 | 0.5 | 0.5 | +3.8% | |
| Other income / expense | (1.6) | (2.2) | (1.9) | (2.4) | 0.0 | (3.1) | — | |
| Pre-tax income | (59.7) | 150.6 | (10.9) | 38.6 | 49.1 | 91.0 | +85.4% | |
| Income tax | 0.6 | 4.1 | 0.1 | 3.4 | 11.8 | 1.1 | −90.7% | |
| Net income | (60.4) | 146.5 | (11.0) | 35.2 | 37.3 | 89.9 | +141.0% | |
| Discontinued operations | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | |
| Other net income adjustments | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | |
| EPS, basic (per share) | (0.34) | 0.92 | (0.07) | 0.22 | 0.24 | 0.60 | +150.0% | |
| EPS, diluted (per share) | (0.34) | 0.86 | (0.07) | 0.21 | 0.22 | 0.57 | +159.1% | |
| EBITDA | 0.0 | 152.7 | (10.9) | 41.0 | 52.2 | 91.0 | +74.5% | |
| Depreciation & amortization | 58.1 | 0.0 | 9.0 | 0.0 | 0.0 | 0.0 | — | |
| Weighted average shares (shares) | 177,933,450 | 170,437,079 | 169,459,584 | 165,111,226 | 154,769,839 | 149,238,494 | −3.6% | |
| Weighted average diluted shares (shares) | 177,933,450 | 171,154,920 | 169,459,584 | 169,366,591 | 167,264,923 | 157,863,004 | −5.6% | |
| Gross margin | 105.8% | 97.4% | 142.5% | 91.6% | 100.0% | 97.8% | −2.2 pts | |
| Operating margin | 102.7% | 99.0% | 97.3% | 96.4% | 97.2% | 96.0% | −1.2 pts | |
| Net margin | 103.8% | 96.3% | 118.7% | 88.0% | 73.9% | 94.9% | +21.0 pts |
Amounts are shown in the stated units; per-share amounts and shares are unscaled. Negative amounts are in brackets.
