| GBP millions | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Trend | YoY |
|---|---|---|---|---|---|---|---|---|
| Net income | (410.5) | (189.3) | (527.7) | (228.1) | (323.5) | (493.2) | −52.5% | |
| Depreciation & amortization | 234.1 | 212.2 | 308.1 | 380.9 | 353.7 | 339.9 | −3.9% | |
| Stock-based compensation | 4.2 | 3.1 | 1.8 | 0.0 | 0.0 | 0.0 | — | |
| Change in working capital | (98.7) | 63.7 | (16.2) | (82.1) | (114.9) | 9.5 | +108.3% | |
| Operating cash flow | (198.6) | 178.9 | 127.1 | 145.9 | 123.9 | (67.5) | −154.5% | |
| Capital expenditure | (260.7) | (184.7) | (286.9) | (397.4) | (400.6) | (69.6) | +82.6% | |
| Acquisitions | 0.0 | 0.5 | 0.0 | 0.0 | 0.0 | 0.0 | — | |
| Investing cash flow | (258.4) | (184.1) | (284.7) | (383.4) | (374.8) | (232.5) | +38.0% | |
| 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 | 157.2 | 40.3 | (167.0) | (128.2) | 269.4 | 159.5 | −40.8% | |
| Financing cash flow | 840.2 | (66.5) | 315.0 | 59.7 | 215.8 | 196.6 | −8.9% | |
| Free cash flow | (459.3) | (5.8) | (159.8) | (251.5) | (276.7) | (137.1) | +50.5% | |
| Net change in cash | 381.5 | (70.5) | 164.4 | (190.9) | (32.8) | (109.7) | −234.5% |
Amounts are shown in the stated units; per-share amounts and shares are unscaled. Negative amounts are in brackets.
