| GBP millions | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Trend | YoY |
|---|---|---|---|---|---|---|---|---|
| Net income | (73.2) | (166.0) | (83.4) | (154.5) | (146.2) | (145.2) | +0.7% | |
| Depreciation & amortization | 17.3 | 24.7 | 31.9 | 41.6 | 43.3 | 49.8 | +15.1% | |
| Stock-based compensation | 6.9 | 62.5 | 48.8 | 34.9 | 3.9 | 20.4 | +420.5% | |
| Change in working capital | (23.4) | 17.0 | (27.7) | (41.4) | (23.0) | 2.1 | +109.1% | |
| Operating cash flow | (63.8) | (53.8) | (49.4) | (137.3) | (109.9) | (62.8) | +42.8% | |
| Capital expenditure | (26.5) | (30.8) | (42.2) | (27.3) | (13.9) | (3.5) | +74.9% | |
| Acquisitions | (0.5) | (1.0) | 42.5 | (3.0) | 0.0 | 0.0 | — | |
| Investing cash flow | (26.9) | (162.0) | (65.8) | (61.8) | 15.0 | 48.5 | +222.8% | |
| 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 | (2.1) | (2.4) | (9.5) | (4.3) | (4.7) | 0.0 | +100.0% | |
| Financing cash flow | 158.6 | 622.9 | (13.7) | 64.7 | 73.6 | (2.1) | −102.9% | |
| Free cash flow | (90.3) | (84.6) | (91.6) | (164.6) | (123.8) | (66.3) | +46.5% | |
| Net change in cash | 67.8 | 407.0 | (131.1) | (136.2) | (21.0) | (18.4) | +12.4% |
Amounts are shown in the stated units; per-share amounts and shares are unscaled. Negative amounts are in brackets.
