| GBP millions | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Trend | YoY |
|---|---|---|---|---|---|---|---|---|
| Net income | (134.3) | (223.2) | (455.5) | (403.2) | (374.5) | (382.1) | −2.0% | |
| Depreciation & amortization | 163.5 | 228.0 | 335.1 | 383.3 | 465.5 | 372.8 | −19.9% | |
| Stock-based compensation | 22.4 | 0.0 | 0.0 | 33.3 | 37.2 | 0.0 | −100.0% | |
| Change in working capital | 129.6 | (27.5) | 110.7 | 67.8 | 104.1 | 232.8 | +123.6% | |
| Operating cash flow | 237.8 | (7.3) | 25.5 | 82.2 | 268.9 | 371.2 | +38.0% | |
| Capital expenditure | (451.8) | (690.7) | (785.9) | (536.4) | (399.4) | (218.7) | +45.2% | |
| Acquisitions | 3.0 | (190.1) | (5.5) | (21.4) | (10.0) | 0.0 | +100.0% | |
| Investing cash flow | (695.7) | (532.7) | (735.0) | (500.1) | (353.7) | (412.2) | −16.5% | |
| Dividends paid | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | |
| Share buybacks | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | |
| Debt issued / repaid | 950.0 | 266.6 | 37.2 | 54.1 | 45.7 | 55.1 | +20.6% | |
| Financing cash flow | 1,526.5 | 282.5 | 547.1 | (10.1) | (24.3) | 14.8 | +160.9% | |
| Free cash flow | (214.0) | (698.0) | (760.4) | (454.2) | (130.5) | 152.5 | +216.9% | |
| Net change in cash | 956.2 | (238.2) | (140.6) | (443.2) | (113.3) | 7.5 | +106.6% |
Amounts are shown in the stated units; per-share amounts and shares are unscaled. Negative amounts are in brackets.
