| GBP millions | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Trend | YoY |
|---|---|---|---|---|---|---|---|---|
| Revenue | 21.6 | 37.9 | 59.2 | 49.5 | 43.7 | 34.7 | −20.5% | |
| Cost of revenue | 23.5 | 23.9 | 30.3 | 35.0 | 31.4 | 31.6 | +0.8% | |
| Gross profit | (1.9) | 14.0 | 28.9 | 14.4 | 12.3 | 3.1 | −74.8% | |
| Research & development | 382.9 | 377.3 | 0.1 | 2.0 | 2.0 | 0.7 | −62.7% | |
| Selling, general & administrative | 5.3 | 5.8 | 6.2 | 7.3 | 7.4 | 4.9 | −33.5% | |
| Selling & marketing | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | |
| Operating expenses | 40.2 | 23.0 | 42.2 | 9.2 | 9.4 | 5.6 | −40.1% | |
| Operating income | (11.7) | 6.5 | 20.8 | 5.2 | 2.9 | (2.5) | −185.4% | |
| Interest expense | 2.1 | 1.8 | 1.9 | 2.0 | 2.2 | 1.9 | −12.0% | |
| Interest income | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | |
| Other income / expense | (32.3) | (18.8) | (39.2) | (2.4) | (7.4) | 3.6 | +149.0% | |
| Pre-tax income | (44.1) | (12.3) | (18.4) | 2.8 | (4.5) | 1.1 | +125.0% | |
| Income tax | (2.0) | (6.2) | (6.6) | 8.3 | 8.1 | 9.0 | +10.1% | |
| Net income | (42.1) | (6.2) | (11.8) | (4.5) | (11.3) | (7.3) | +35.3% | |
| Discontinued operations | 0.0 | (0.2) | 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) | (0.34) | (0.05) | (0.09) | (0.04) | (0.09) | (0.06) | +36.0% | |
| EPS, diluted (per share) | (0.34) | (0.05) | (0.09) | (0.04) | (0.09) | (0.06) | +36.0% | |
| EBITDA | (34.2) | (3.9) | (8.4) | 15.4 | 6.8 | 7.5 | +10.9% | |
| Depreciation & amortization | 7.8 | 6.6 | 8.1 | 8.3 | 9.1 | 10.0 | +10.6% | |
| Weighted average shares (shares) | 122,537,605 | 125,269,135 | 125,923,609 | 127,671,520 | 129,275,298 | 130,654,553 | +1.1% | |
| Weighted average diluted shares (shares) | 122,537,605 | 125,269,135 | 125,923,609 | 127,671,520 | 129,275,298 | 130,654,553 | +1.1% | |
| Gross margin | −9.0% | 37.0% | 48.8% | 29.2% | 28.1% | 8.9% | −19.2 pts | |
| Operating margin | −54.4% | 17.2% | 35.1% | 10.5% | 6.7% | −7.2% | −13.9 pts | |
| Net margin | −195.1% | −16.5% | −19.9% | −9.1% | −25.9% | −21.0% | +4.8 pts |
Amounts are shown in the stated units; per-share amounts and shares are unscaled. Negative amounts are in brackets.
