| GBP millions | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Trend | YoY |
|---|---|---|---|---|---|---|---|---|
| Revenue | 30.8 | 96.8 | 54.4 | 37.8 | 32.0 | 33.3 | +4.0% | |
| Cost of revenue | 4.1 | 8.1 | 13.5 | 14.5 | 15.4 | 15.7 | +2.0% | |
| Gross profit | 26.7 | 88.7 | 40.9 | 23.4 | 16.6 | 17.6 | +6.0% | |
| Research & development | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | |
| Selling, general & administrative | 9.3 | 9.7 | 9.8 | 11.0 | 2.7 | 0.0 | −100.0% | |
| Selling & marketing | 0.0 | 0.1 | 0.0 | 0.2 | 0.0 | 0.0 | — | |
| Operating expenses | 14.5 | 14.6 | 12.9 | 199.5 | (22.1) | 8.2 | +136.8% | |
| Operating income | 31.6 | 74.1 | 28.0 | (176.1) | 38.7 | 9.4 | −75.7% | |
| Interest expense | 14.1 | 13.3 | 11.1 | 8.6 | 7.0 | 6.6 | −5.1% | |
| Interest income | 0.1 | 0.0 | 0.3 | 0.7 | 1.7 | 1.6 | −4.8% | |
| Other income / expense | (11.1) | (1.2) | 1.8 | (13.6) | (10.8) | (3.8) | +65.2% | |
| Pre-tax income | 20.5 | 72.9 | (64.5) | (189.6) | 27.9 | 5.7 | −79.8% | |
| Income tax | 2.6 | (16.0) | (12.8) | 0.2 | 0.0 | (0.0) | — | |
| Net income | 17.9 | 88.9 | (51.8) | (189.8) | 27.9 | 5.7 | −79.7% | |
| Discontinued operations | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | |
| Other net income adjustments | 2.4 | 0.0 | 3.5 | 0.0 | 0.0 | 0.0 | — | |
| EPS, basic (per share) | 0.15 | 0.73 | (0.42) | (1.55) | 0.23 | 0.05 | −79.9% | |
| EPS, diluted (per share) | 0.15 | 0.71 | (0.42) | (1.55) | 0.23 | 0.05 | −79.9% | |
| EBITDA | 35.4 | 87.0 | (52.6) | (179.5) | 36.3 | 12.8 | −64.7% | |
| Depreciation & amortization | 0.8 | 0.8 | 0.8 | 1.5 | 1.3 | 0.5 | −61.5% | |
| Weighted average shares (shares) | 120,984,000 | 122,084,000 | 122,459,000 | 122,753,000 | 122,753,000 | 122,403,000 | −0.3% | |
| Weighted average diluted shares (shares) | 123,137,000 | 124,446,000 | 122,459,000 | 122,753,000 | 123,015,000 | 122,723,000 | −0.2% | |
| Gross margin | 86.8% | 91.6% | 75.1% | 61.8% | 51.9% | 52.8% | +1.0 pts | |
| Operating margin | 102.7% | 76.6% | 51.5% | −465.3% | 121.1% | 28.3% | −92.8 pts | |
| Net margin | 58.1% | 91.8% | −95.1% | −501.6% | 87.4% | 17.0% | −70.4 pts |
Amounts are shown in the stated units; per-share amounts and shares are unscaled. Negative amounts are in brackets.
