| GBP millions | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | Trend | YoY |
|---|---|---|---|---|---|---|---|---|
| Net income | 154.0 | 222.0 | (346.0) | 117.0 | 108.0 | 165.0 | +52.8% | |
| Depreciation & amortization | 362.0 | 338.0 | 333.0 | 299.0 | 289.0 | 294.0 | +1.7% | |
| Stock-based compensation | 21.0 | 23.0 | 15.0 | 8.0 | 15.0 | 0.0 | −100.0% | |
| Change in working capital | 319.0 | (123.0) | (136.0) | (33.0) | 1.0 | (27.0) | −2800.0% | |
| Operating cash flow | 844.0 | 428.0 | 270.0 | 366.0 | 453.0 | 358.0 | −21.0% | |
| Capital expenditure | (122.0) | (133.0) | (111.0) | (48.0) | (77.0) | (79.0) | −2.6% | |
| Acquisitions | 1.0 | (1.0) | 0.0 | 0.0 | 0.0 | 0.0 | — | |
| Investing cash flow | (103.0) | (134.0) | (111.0) | 143.0 | (82.0) | (79.0) | +3.7% | |
| Dividends paid | 0.0 | (46.0) | (35.0) | 0.0 | 0.0 | (24.0) | — | |
| Share buybacks | 0.0 | (32.0) | 0.0 | 0.0 | 0.0 | (73.0) | — | |
| Debt issued / repaid | (558.0) | 80.0 | (93.0) | (373.0) | 0.0 | 0.0 | — | |
| Financing cash flow | (672.0) | (340.0) | (197.0) | (493.0) | (285.0) | (291.0) | −2.1% | |
| Free cash flow | 722.0 | 295.0 | 159.0 | 318.0 | 376.0 | 279.0 | −25.8% | |
| Net change in cash | 49.0 | (45.0) | (43.0) | 15.0 | 88.0 | (33.0) | −137.5% |
Amounts are shown in the stated units; per-share amounts and shares are unscaled. Negative amounts are in brackets.
