| GBP millions | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Trend | YoY |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11.0 | 9.9 | 12.1 | 20.0 | 17.7 | 17.2 | −3.2% | |
| Cost of revenue | 0.2 | 0.2 | 0.4 | 0.6 | 0.5 | 1.3 | +143.7% | |
| Gross profit | 10.7 | 9.7 | 11.7 | 19.4 | 17.2 | 15.9 | −7.6% | |
| Research & development | 2.9 | 3.0 | 3.1 | 0.0 | 3.6 | 4.1 | +15.9% | |
| Selling, general & administrative | 5.8 | 6.0 | 8.1 | 14.1 | 9.3 | 8.4 | −9.7% | |
| Selling & marketing | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | |
| Operating expenses | 9.1 | 9.3 | 11.1 | 14.1 | 13.2 | 12.5 | −5.6% | |
| Operating income | 1.6 | 0.4 | 0.6 | 5.4 | 3.9 | 3.4 | −14.6% | |
| Interest expense | 0.5 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | +9.1% | |
| Interest income | 0.0 | 0.0 | 0.1 | 0.4 | 0.7 | 0.7 | −11.0% | |
| Other income / expense | (0.5) | (0.1) | 0.1 | 0.2 | 0.7 | 0.4 | −45.0% | |
| Pre-tax income | 1.1 | 0.3 | 0.6 | 5.6 | 4.6 | 3.7 | −18.9% | |
| Income tax | (0.4) | (0.4) | (0.7) | (0.4) | 0.5 | 0.4 | −34.9% | |
| Net income | 1.5 | 0.7 | 1.3 | 6.0 | 4.1 | 3.4 | −16.7% | |
| 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) | 0.03 | 0.01 | 0.02 | 0.10 | 0.07 | 0.06 | −17.5% | |
| EPS, diluted (per share) | 0.03 | 0.01 | 0.02 | 0.10 | 0.07 | 0.05 | −15.8% | |
| EBITDA | 1.9 | 0.7 | 1.1 | 6.1 | 5.2 | 3.9 | −23.8% | |
| Depreciation & amortization | 0.3 | 0.3 | 0.4 | 0.5 | 0.5 | 0.6 | +16.4% | |
| Weighted average shares (shares) | 51,359,410 | 57,265,739 | 57,939,548 | 58,231,712 | 58,493,958 | 59,335,337 | +1.4% | |
| Weighted average diluted shares (shares) | 54,049,938 | 59,413,261 | 60,595,485 | 62,492,062 | 62,429,062 | 61,714,945 | −1.1% | |
| Gross margin | 97.9% | 98.0% | 96.7% | 97.2% | 97.0% | 92.5% | −4.5 pts | |
| Operating margin | 14.5% | 3.9% | 4.7% | 27.2% | 22.3% | 19.6% | −2.6 pts | |
| Net margin | 13.9% | 7.3% | 10.8% | 30.2% | 22.9% | 19.7% | −3.2 pts |
Amounts are shown in the stated units; per-share amounts and shares are unscaled. Negative amounts are in brackets.
