| GBP millions | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Trend | YoY |
|---|---|---|---|---|---|---|---|---|
| Net income | (77.6) | 252.3 | (280.5) | (476.4) | 115.9 | 161.1 | +39.0% | |
| Depreciation & amortization | 0.7 | 0.9 | 1.0 | 1.1 | 1.0 | 0.8 | −20.0% | |
| Stock-based compensation | 5.8 | 4.3 | 2.1 | 2.5 | 3.1 | 0.0 | −100.0% | |
| Change in working capital | 0.0 | 0.0 | 9.7 | (13.4) | (52.6) | 117.2 | +322.8% | |
| Operating cash flow | 85.8 | 128.9 | 111.4 | 97.0 | 64.6 | 228.0 | +252.9% | |
| Capital expenditure | (0.4) | (1.6) | (2.0) | (0.7) | (141.5) | (10.0) | +92.9% | |
| Acquisitions | 0.4 | 0.2 | (0.3) | 0.6 | 0.0 | 0.0 | — | |
| Investing cash flow | (62.4) | (240.0) | (51.7) | (98.0) | (101.9) | (96.7) | +5.1% | |
| Dividends paid | (81.8) | (84.3) | (86.8) | (88.7) | (89.6) | (90.8) | −1.3% | |
| Share buybacks | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | |
| Debt issued / repaid | 55.7 | 212.5 | (2.7) | 84.3 | 126.0 | 21.0 | −83.3% | |
| Financing cash flow | (27.2) | 128.1 | (88.6) | (2.6) | 35.7 | (71.0) | −298.9% | |
| Free cash flow | 85.4 | 127.3 | 109.4 | 96.3 | (76.9) | 218.0 | +383.5% | |
| Net change in cash | (3.8) | 54.8 | (28.9) | (3.6) | (1.6) | 60.3 | +3868.7% |
Amounts are shown in the stated units; per-share amounts and shares are unscaled. Negative amounts are in brackets.
