| GBP millions | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Trend | YoY |
|---|---|---|---|---|---|---|---|---|
| Revenue | 75.9 | 79.9 | 93.3 | 91.9 | 91.0 | 78.6 | −13.6% | |
| Cost of revenue | 30.3 | 24.1 | 39.3 | 44.7 | 50.3 | 44.5 | −11.5% | |
| Gross profit | 45.7 | 55.8 | 54.2 | 47.2 | 40.7 | 34.1 | −16.2% | |
| Research & development | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | |
| Selling, general & administrative | 3.9 | 10.6 | 3.4 | 3.5 | 3.7 | 3.5 | −6.2% | |
| Selling & marketing | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | +16.9% | |
| Operating expenses | 67.4 | 18.2 | 125.0 | 91.3 | 64.6 | 9.4 | −85.4% | |
| Operating income | 39.3 | 37.6 | 73.8 | 35.8 | 34.7 | 24.7 | −28.9% | |
| Interest expense | 13.1 | 0.0 | 15.7 | 15.2 | 13.6 | 12.2 | −10.3% | |
| Interest income | 0.1 | 0.0 | 0.1 | 0.1 | 1.4 | 1.0 | −28.9% | |
| Other income / expense | (70.5) | (8.8) | (139.0) | (103.2) | (74.2) | (41.0) | +44.7% | |
| Pre-tax income | (31.2) | 28.8 | (65.2) | (67.4) | (39.5) | (16.4) | +58.5% | |
| Income tax | (0.2) | 0.0 | (0.0) | 0.0 | 0.1 | (0.0) | −121.5% | |
| Net income | (31.0) | 28.8 | (65.2) | (67.5) | (39.5) | (16.4) | +58.6% | |
| 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) | (0.07) | 0.63 | (0.99) | (0.83) | (0.33) | (0.10) | +69.7% | |
| EPS, diluted (per share) | (0.07) | 0.63 | (0.98) | (0.83) | (0.33) | (0.10) | +69.7% | |
| EBITDA | 39.4 | 45.4 | 74.0 | 35.9 | 34.8 | (4.1) | −111.9% | |
| Depreciation & amortization | 0.2 | 0.2 | 0.2 | 0.1 | 0.1 | 0.0 | −100.0% | |
| Weighted average shares (shares) | 431,506,583 | 45,966,042 | 66,058,694 | 81,554,466 | 118,199,045 | 162,088,483 | +37.1% | |
| Weighted average diluted shares (shares) | 431,506,583 | 45,966,017 | 66,564,076 | 81,554,466 | 118,199,045 | 162,088,483 | +37.1% | |
| Gross margin | 60.1% | 69.9% | 58.1% | 51.3% | 44.7% | 43.4% | −1.4 pts | |
| Operating margin | 51.7% | 47.0% | 79.1% | 38.9% | 38.1% | 31.4% | −6.7 pts | |
| Net margin | −40.8% | 36.0% | −69.8% | −73.4% | −43.5% | −20.8% | +22.7 pts |
Amounts are shown in the stated units; per-share amounts and shares are unscaled. Negative amounts are in brackets.
