Declared Dividend • May 21
Final dividend of UK£0.017 announced Dividend of UK£0.017 is the same as last year. Ex-date: 27th August 2026 Payment date: 7th October 2026 Dividend yield will be 3.8%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is not covered by earnings (103% earnings payout ratio). However, it is well covered by cash flows (19% cash payout ratio). The dividend has increased by an average of 1.1% per year over the past 4 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 15% to bring the payout ratio under control. EPS is expected to grow by 138% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Board Change • May 20
High number of new directors Independent Non-Executive Director Robert Hanson was the last director to join the board, commencing their role in 2025. Ankündigung • May 06
Dr. Martens plc to Report Fiscal Year 2026 Results on May 19, 2026 Dr. Martens plc announced that they will report fiscal year 2026 results at 6:00 AM, Coordinated Universal Time on May 19, 2026 Ankündigung • Nov 21
Dr. Martens plc Declares Interim Dividend, Payable on April 9, 2026 The Board of Dr. Martens plc declared an interim dividend of 0.85 pence per share (Sep 24: 0.85 pence). This will be paid on 9 April 2026 to shareholders on the register as at 6 March 2026. Ankündigung • Nov 13
Gen Phoenix and Dr. Martens Celebrate Four Seasons of Waste Reduction with the Launch of the Solar Flare Collection Gen Phoenixand heritage footwear brand Dr. Martens are marking a major milestone in sustainable design: four consecutive seasons of partnership. In celebration of this continued collaboration, which began with the launch of the Genix Nappa collection in 2024, and just in time for the holidays, Dr. Martens is introducing the Solar Flare collection made with Genix Nappa to underscore both brands' shared commitment to long-term impact over one-off pilots and capsules. According to one report, more than 380 brand-innovator collaborations launched in 2023, though many exist as exploratory, pilot or capsule partnerships in nature rather than multi-year programs. Against that backdrop, Gen Phoenix and Dr. Martens stand out as a rare example of a long-term strategic partnership. From its first collection of Genix Nappa reclaimed leather boots in 2024 to the Solar Flare line - which for the very first time includes kids' footwear and bags - the brands have steadily expanded the use of Gen Phoenix's material made from recycled leather fibres across categories while maintaining Dr. Martens' signature durability and comfort. Each season has pushed the boundaries of what heritage design can look like when paired with next-generation materials, furthering a trend Gen Phoenix has pioneered called "luxcycling" turning waste into premium recycled materials without compromising style or quality. Introducing the Next Generation: Solar Flare Kids' Boot: With the launch of the Solar Flare kids' boot, Dr. Martens brings its reclaimed leather innovation to a new audience. The Solar Flare kids boot is crafted from Gen Phoenix's soft and lightweight yet durable Genix Nappa material, with a silver sun, moon and star print across the upper, delivering the same comfort of the original adult Genix Nappa styles. Perfect for growing feet that don't keep still, while aligning with the values of climate conscious shoppers and wearers. Expanding the Circular Revolution: From Boots to Bags: The Solar Flare collection also introduces Dr. Martens' first bag crafted from Gen Phoenix's reclaimed leather material, a category expansion that demonstrates the scalability of Gen Phoenix's circular technology platform. Together, the brands continue to advance their shared goal of achieving net-zero emissions by 2040, showing how material innovation can be woven into iconic design without compromising identity or integrity. To date, Gen Phoenix has helped Dr. Martens: Divert 15 tonnes of leather offcuts from going to waste, roughly the weight of 15 compact cars; Save 693 tCO2e compared to conventional leather, approximately 1.7 million air miles, or 300 round-trip flights from London to New York. These joint efforts from Gen Phoenix and Dr. Martened to transform landfill-destined leather into high-performance Genix Nappa material have resulted in four seasons of durable, comfortable, waste-reducing footwear and accessories. The partnership embodies a simple philosophy: reclaimed leather, remade to last. Ankündigung • Jun 18
Dr. Martens plc to Report First Half, 2026 Results on Nov 20, 2025 Dr. Martens plc announced that they will report first half, 2026 results on Nov 20, 2025 Ankündigung • Jun 17
Dr. Martens plc, Annual General Meeting, Jul 10, 2025 Dr. Martens plc, Annual General Meeting, Jul 10, 2025. Location: 1 11 hawley crescent, camden, nw1 8np, london United Kingdom Ankündigung • Jun 05
Dr. Martens plc Proposes Final Dividend for Fiscal Year 2025, Payable on 8 October 2025 The Board of Dr. Martens plc proposed a final dividend of 1.70 pence, taking the total dividend for fiscal year 2025, including the interim dividend of 0.85 pence, to 2.55 pence (fiscal year 2024: 2.55 pence). This will be paid to shareholders on the register as at 29 August 2025 with payment on 8 October 2025. The proposed dividend is subject to shareholder approval. Ankündigung • Feb 12
Dr. Martens plc Announces the Appointments of Robert Hanson and Benoit Vauchy as Non-Executive Directors with Effect from 26 March 2025 Dr. Martens plc announced the appointments of Robert Hanson and Benoit Vauchy as Non-Executive Directors of the Company with effect from 26 March 2025. Robert is an experienced executive with a strong track record of delivering growth at consumer brands. He was CEO of John Hardy and American Eagle Outfitters and also served as EVP Wines and Spirits for Constellation Brands. Prior to this he served for over a decade in senior roles at Levi Strauss & Co, including as President of the Americas division and, latterly, as Global Brand President, Americas. Robert brings a broad, multidisciplinary skillset and significant experience of the North American market combined with global expertise. His prior non-executive experience includes positions on the boards of Canopy Growth, Urban Outfitters and Constellation Brands. He was recently appointed as CEO of US wine company The Duckhorn Portfolio. Benoit is a Partner at the Company's largest investor, global investment firm Permira, where he is a member of the Investment and Executive Committees. He has served on the board of Spanish online travel company eDreams ODIGEO as a Non-Executive Director for a decade, during which time the business has undergone a significant period of transformation. Benoit also serves on the board of Permira Holdings Limited and has previously served on the boards of Universidad Europea, VacanceSelect and Exclusive Networks. He has worked at Permira since 2006, and previously spent six years at JPMorgan in London and Frankfurt. Ankündigung • Dec 03
Dr. Martens plc to Report Fiscal Year 2025 Results on Jun 05, 2025 Dr. Martens plc announced that they will report fiscal year 2025 results on Jun 05, 2025 Ankündigung • Oct 08
Dr. Martens plc to Report First Half, 2025 Results on Nov 28, 2024 Dr. Martens plc announced that they will report first half, 2025 results on Nov 28, 2024 Ankündigung • Jun 14
Dr. Martens plc, Annual General Meeting, Jul 11, 2024 Dr. Martens plc, Annual General Meeting, Jul 11, 2024. Location: holiday inn london camden lock, 30 jamestown road, camden, nw1 7by, london United Kingdom Ankündigung • Jun 05
Dr. Martens plc Announces Executive Changes Dr. Martens plc announced that Katherine Bellau has been appointed as Company Secretary with effect from 3 June 2024. Katherine succeeds Emily Reichwald, who will be taking up a different role within the business. Ankündigung • Jun 02
Dr. Martens plc Proposes Final Dividend for Fiscal Year Ended 31 March 2024, Payable on 1 October 2024 The board of Dr. Martens plc has proposed, subject to shareholder approval, a final dividend of 0.99 pence (fiscal year 2023: 4.28 pence), taking the total dividend for fiscal year ended 31 March 2024, including the interim dividend of 1.56 pence, to 2.55 pence, a 35% payout ratio. Whilst this is a year-on-year reduction given the higher payout in fiscal year 2023 and lower earnings achieved 2024, the 35% payout for fiscal year 2024 is at the top of the policy range. The board's intention is to hold the fiscal year 2025 dividend flat in absolute terms, before returning to an earnings payout in line with its dividend policy (of 25% to 35% payout) in fiscal year 2026 onwards. The final dividend for fiscal year 2024 will be paid to shareholders on the register as at 30 August 2024 with payment on 1 October 2024. Ankündigung • May 21
Marathon Partners Urges Dr. Martens to Buy Back Stock On May 20, 2024, Marathon Partners Equity Management announced that it is turning up the heat on Dr. Martens plc by urging the Company to detail planned expense cuts and to buy back stock. Buy Or Sell Opportunity • Apr 19
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.9% to UK£0.68. The fair value is estimated to be UK£0.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 27%. Revenue is forecast to decline by 8.3% in 2 years. Earnings are forecast to decline by 44% in the next 2 years. New Risk • Apr 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 9.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 22% per year for the foreseeable future. Minor Risks High level of debt (74% net debt to equity). Dividend is not well covered by cash flows (200% cash payout ratio). Share price has been volatile over the past 3 months (9.9% average weekly change). Profit margins are more than 30% lower than last year (11% net profit margin). Ankündigung • Apr 17
Dr. Martens plc Announces CEO Changes Dr. Martens plc announced that Kenny Wilson has decided that this will be his final year as Chief Executive Officer (CEO) of the Company. As part of an orderly succession plan, and following a thorough search process, the Board announced that Ije Nwokorie, currently Chief Brand Officer (CBO), will succeed Kenny as CEO. Kenny and Ije will work together to ensure a smooth handover, with Ije becoming CEO before the end of the current financial year. Ije will remain as CBO in the meantime, with his focus being on the brand and driving demand ahead of the important AW24 season. Ije Nwokorie was a Non-Executive Director on the Board from January 2021 until early 2024, when he joined the business as Chief Brand Officer, with responsibility for product, marketing and strategy. Ije was previously at Apple Inc, where he was Senior Director, Apple Retail from January 2018. Prior to this he spent 11 years at global brand consultancy Wolff Olins, where he was latterly CEO, leading teams in offices in San Francisco, London, Dubai and New York. He is currently also Chair of water UK. Ankündigung • Apr 03
Marathon Partners Calls for Strategic Review Process for Dr. Martens On April 2, 2024, Marathon Partners Equity Management, LLC and its affiliated investment funds announced that they recently delivered a letter to Chairman Paul Mason and the Board of Directors, urging the Board to commence a process of evaluating alternatives to maximize shareholder value, including a potential sale of Dr. Martens plc. In the letter to the Board, Marathon Partners recommended that the Company’s Board hire an advisor and commence a strategic review process, including a potential sale or merger of the Company to interested parties, with the express goal of maximizing shareholder value. Marathon Partners stated that prior to the release of its letter, it held discussions with multiple Directors of the Company to privately resolve these matters. Marathon Partners also stated that while these conversations were friendly and productive, they did not lead to a satisfactory resolution of important shareholder issues. Ankündigung • Feb 27
Giles Wilson to Join Dr. Martens plc as CFO on May 27, 2024 Dr. Martens plc announced that Giles Wilson, who has been appointed to the role of Chief Financial Officer (CFO), will join the business and Board on 27th May 2024 and will present the fiscal year 2024 results on 30th May 2024. New Risk • Jan 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.1% per year for the foreseeable future. Minor Risks High level of debt (74% net debt to equity). Dividend is not well covered by cash flows (200% cash payout ratio). Profit margins are more than 30% lower than last year (11% net profit margin). Upcoming Dividend • Dec 28
Upcoming dividend of UK£0.016 per share at 6.5% yield Eligible shareholders must have bought the stock before 04 January 2024. Payment date: 02 February 2024. Payout ratio is a comfortable 57% but the company is paying out more than the cash it is generating. Trailing yield: 6.5%. Within top quartile of British dividend payers (5.8%). Higher than average of industry peers (4.3%). New Risk • Dec 02
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 74% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (74% net debt to equity). Dividend is not well covered by cash flows (202% cash payout ratio). Share price has been volatile over the past 3 months (7.7% average weekly change). Profit margins are more than 30% lower than last year (11% net profit margin). Buying Opportunity • Nov 30
Now 34% undervalued after recent price drop Over the last 90 days, the stock is down 42%. The fair value is estimated to be UK£1.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 36%. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings is forecast to decline by 5.8% per annum over the same time period. Ankündigung • Nov 30
Dr. Martens plc Approves Interim Dividend, Payable on 2 February 2024 Dr. Martens plc has approved and the Company has declared an interim dividend of 1.56p per share (2023: 1.56 pence). The interim dividend will be paid to shareholders on the register as at 5 January 2024 with payment on 2 February 2024. Ankündigung • Nov 14
Dr. Martens plc to Report Fiscal Year 2024 Results on May 30, 2024 Dr. Martens plc announced that they will report fiscal year 2024 results on May 30, 2024 New Risk • Oct 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.09% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 0.09% per year for the foreseeable future. High level of non-cash earnings (22% accrual ratio). Minor Risks Dividend is not well covered by cash flows (222% cash payout ratio). Profit margins are more than 30% lower than last year (13% net profit margin). Buying Opportunity • Sep 19
Now 21% undervalued Over the last 90 days, the stock is up 14%. The fair value is estimated to be UK£1.84, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 36%. For the next 3 years, revenue is forecast to grow by 5.3% per annum. Earnings is also forecast to grow by 2.5% per annum over the same time period. Recent Insider Transactions • Jul 18
CEO & Director recently bought UK£400k worth of stock On the 14th of July, Kenneth Wilson bought around 310k shares on-market at roughly UK£1.29 per share. This transaction amounted to 2.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Kenneth's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to UK£1.33, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 17x in the Luxury industry in Europe. Total loss to shareholders of 44% over the past year. Simply Wall St's valuation model estimates the intrinsic value at UK£1.52 per share. Buying Opportunity • Jun 24
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 8.4%. The fair value is estimated to be UK£1.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 36%. For the next 3 years, revenue is forecast to grow by 5.4% per annum. Earnings is also forecast to grow by 3.1% per annum over the same time period. Buying Opportunity • Jun 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be UK£1.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 36%. For the next 3 years, revenue is forecast to grow by 4.4% per annum. Earnings is also forecast to grow by 4.6% per annum over the same time period. Reported Earnings • Jun 02
Full year 2023 earnings released: EPS: UK£0.13 (vs UK£0.18 in FY 2022) Full year 2023 results: EPS: UK£0.13 (down from UK£0.18 in FY 2022). Revenue: UK£1.00b (up 10% from FY 2022). Net income: UK£128.9m (down 29% from FY 2022). Profit margin: 13% (down from 20% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Luxury industry in the United Kingdom. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to UK£1.38, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 15x in the Luxury industry in Europe. Total loss to shareholders of 45% over the past year. Simply Wall St's valuation model estimates the intrinsic value at UK£1.23 per share. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to UK£1.66, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 17x in the Luxury industry in Europe. Total loss to shareholders of 28% over the past year. Simply Wall St's valuation model estimates the intrinsic value at UK£0.78 per share. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to UK£1.67, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Luxury industry in the United Kingdom. Total loss to shareholders of 44% over the past year. Simply Wall St's valuation model estimates the intrinsic value at UK£2.10 per share. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment deteriorated over the past week After last week's 31% share price decline to UK£1.47, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 16x in the Luxury industry in the United Kingdom. Total loss to shareholders of 55% over the past year. Simply Wall St's valuation model estimates the intrinsic value at UK£2.07 per share. Ankündigung • Jan 19
Dr. Martens plc Provides Revenue Guidance for Fiscal Year 2023 Dr. Martens plc provided revenue guidance for fiscal year 2023. For the period, revenue growth for the revenue on an actual currency basis will now be 11%-13% (4-6% CC). Buying Opportunity • Jan 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 7.3%. The fair value is estimated to be UK£2.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last year. Earnings per share has grown by 233%. Revenue is forecast to grow by 33% in 2 years. Earnings is forecast to grow by 16% in the next 2 years. Upcoming Dividend • Dec 29
Upcoming dividend of UK£0.016 per share Eligible shareholders must have bought the stock before 05 January 2023. Payment date: 03 February 2023. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of British dividend payers (5.8%). Higher than average of industry peers (2.7%). Reported Earnings • Nov 25
First half 2023 earnings released: EPS: UK£0.045 (vs UK£0.049 in 1H 2022) First half 2023 results: EPS: UK£0.045 (down from UK£0.049 in 1H 2022). Revenue: UK£418.6m (up 13% from 1H 2022). Net income: UK£44.7m (down 8.0% from 1H 2022). Profit margin: 11% (down from 13% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Luxury industry in the United Kingdom. Buying Opportunity • Nov 25
Now 37% undervalued after recent price drop Over the last 90 days, the stock is down 5.8%. The fair value is estimated to be UK£3.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last year. Earnings per share has grown by 233%. Revenue is forecast to grow by 36% in 2 years. Earnings is forecast to grow by 30% in the next 2 years. Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. CEO & Director Kenny Wilson was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Ankündigung • Jul 14
Dr. Martens plc to Report Fiscal Year 2023 Results on Jun 01, 2023 Dr. Martens plc announced that they will report fiscal year 2023 results on Jun 01, 2023 Reported Earnings • Jun 02
Full year 2022 earnings released: EPS: UK£0.18 (vs UK£0.036 in FY 2021) Full year 2022 results: EPS: UK£0.18 (up from UK£0.036 in FY 2021). Revenue: UK£908.3m (up 18% from FY 2021). Net income: UK£181.2m (up 408% from FY 2021). Profit margin: 20% (up from 4.6% in FY 2021). The increase in margin was primarily driven by higher revenue. Over the next year, revenue is forecast to grow 16%, compared to a 10% growth forecast for the industry in the United Kingdom. Board Change • Apr 27
High number of new directors There are 6 new directors who have joined the board in the last 3 years. CEO & Director Kenny Wilson was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorated over the past week After last week's 16% share price decline to UK£2.34, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 18x in the Luxury industry in Europe. Total loss to shareholders of 49% over the past year. Simply Wall St's valuation model estimates the intrinsic value at UK£3.80 per share. Buying Opportunity • Jan 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be UK£3.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last year. Earnings per share has declined by 39% over the last year. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment deteriorated over the past week After last week's 17% share price decline to UK£3.57, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 21x in the Luxury industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at UK£3.95 per share. Reported Earnings • Dec 11
First half 2022 earnings: EPS in line with analyst expectations despite revenue beat First half 2022 results: EPS: UK£0.049 (up from UK£0.03 in 1H 2021). Revenue: UK£369.9m (up 16% from 1H 2021). Net income: UK£48.6m (up 65% from 1H 2021). Profit margin: 13% (up from 9.3% in 1H 2021). Revenue exceeded analyst estimates by 5.2%. Over the next year, revenue is forecast to grow 20%, compared to a 13% growth forecast for the industry in the United Kingdom. Board Change • Oct 26
High number of new directors There are 6 new directors who have joined the board in the last 3 years. CEO & Director Kenny Wilson was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Jun 22
Independent Non-Executive Director recently bought UK£83k worth of stock On the 21st of June, Robyn Perriss bought around 20k shares on-market at roughly UK£4.16 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Jun 18
Full year 2021 earnings released: EPS UK£0.036 (vs UK£7.48 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: UK£773.0m (up 15% from FY 2020). Net income: UK£35.7m (down 52% from FY 2020). Profit margin: 4.6% (down from 11% in FY 2020). The decrease in margin was driven by higher expenses.