Buy Or Sell Opportunity • May 27
Now 21% overvalued Over the last 90 days, the stock has fallen 14% to UK£6.30. The fair value is estimated to be UK£5.19, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Earnings per share has grown by 7.4%. Revenue is forecast to grow by 8.3% in 2 years. Earnings are forecast to grow by 15% in the next 2 years. Buy Or Sell Opportunity • May 07
Now 21% overvalued Over the last 90 days, the stock has fallen 14% to UK£6.00. The fair value is estimated to be UK£4.97, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Earnings per share has grown by 7.4%. Revenue is forecast to grow by 8.1% in 2 years. Earnings are forecast to grow by 15% in the next 2 years. Upcoming Dividend • Apr 30
Upcoming dividend of UK£0.04 per share Eligible shareholders must have bought the stock before 07 May 2026. Payment date: 04 June 2026. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (2.7%). Buy Or Sell Opportunity • Apr 10
Now 21% overvalued Over the last 90 days, the stock has fallen 17% to UK£6.29. The fair value is estimated to be UK£5.18, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Earnings per share has grown by 7.4%. Revenue is forecast to grow by 8.6% in 2 years. Earnings are forecast to grow by 19% in the next 2 years. Price Target Changed • Mar 31
Price target decreased by 10.0% to UK£6.67 Down from UK£7.41, the current price target is an average from 8 analysts. New target price is 20% above last closing price of UK£5.58. Stock is down 0.4% over the past year. The company is forecast to post earnings per share of UK£0.48 for next year compared to UK£0.60 last year. Declared Dividend • Mar 23
First half dividend of UK£0.04 announced Dividend of UK£0.04 is the same as last year. Ex-date: 7th May 2026 Payment date: 4th June 2026 Dividend yield will be 2.1%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (23% earnings payout ratio) and cash flows (12% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. EPS is expected to grow by 29% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 20
First half 2026 earnings: EPS misses analyst expectations First half 2026 results: EPS: UK£0.19 (down from UK£0.28 in 1H 2025). Revenue: UK£1.09b (up 5.7% from 1H 2025). Net income: UK£19.4m (down 40% from 1H 2025). Profit margin: 1.8% (down from 3.1% in 1H 2025). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.8%. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Hospitality industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Mar 20
J D Wetherspoon plc Declares Interim Dividend for the 26 Weeks Ended 25 January 2026, Payable on 4 June 2026 J D Wetherspoon plc declared an interim dividend of 4.0 pence (2025: 4.0 pence) per share for the 26 weeks ended 25 January 2026. The interim dividend will be paid on 4 June 2026 to shareholders who are on the register of members at close of business on 8 May 2026 (the Record Date). Buy Or Sell Opportunity • Feb 13
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to UK£7.47. The fair value is estimated to be UK£6.20, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Earnings per share has grown by 18%. For the next 3 years, revenue is forecast to grow by 4.6% per annum. Earnings are also forecast to grow by 3.6% per annum over the same time period. Announcement • Jan 12
J D Wetherspoon plc Announces Appointment of John Herring as Non-Executive Director and Chair of Audit Committee, Effective January 12, 2026 J D Wetherspoon plc announced the appointment of John Herring as a non-executive director of the Company with immediate effect. He will become chair of the audit committee. John is a qualified Chartered Accountant and in 1986, joined the corporate finance department of Kleinwort Benson, where he was involved in the IPOs on the London Stock Exchange for several companies, including that of JD Wetherspoon plc. In 1996 he established his own private equity advisory business and has acted as a non-executive director on the boards of several public and private companies, including JD Wetherspoon plc from 1997 to 2011, the restaurant company, Hawksmoor Limited and sandwich shop chain, Eat Limited. He is currently non-executive chairman of Ceiba Investments Limited. John Herring has had the following directorships in publicly quoted companies during the previous five years: 2018 to date - non-executive chairman of Ceiba Investments Limited (Prior to 2018 he was a non-executive director of the company from 2009. The company listed in 2018). Announcement • Oct 29
J D Wetherspoon plc, Annual General Meeting, Nov 20, 2025 J D Wetherspoon plc, Annual General Meeting, Nov 20, 2025. Location: etc venues, 50 52 chancery lane, wc2a 1hl, london United Kingdom Declared Dividend • Oct 06
Final dividend of UK£0.08 announced Shareholders will receive a dividend of UK£0.08. Ex-date: 23rd October 2025 Payment date: 27th November 2025 Dividend yield will be 1.9%, which is lower than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (9% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 18% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Oct 05
Full year 2025 earnings released: EPS: UK£0.60 (vs UK£0.41 in FY 2024) Full year 2025 results: EPS: UK£0.60 (up from UK£0.41 in FY 2024). Revenue: UK£2.13b (up 4.5% from FY 2024). Net income: UK£68.0m (up 39% from FY 2024). Profit margin: 3.2% (up from 2.4% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Hospitality industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Oct 03
J D Wetherspoon plc Proposes Final Dividend for the Year Ended 27 July 2025, Payable on 27 November 2025 J D Wetherspoon plc board proposed, subject to shareholders' consent at the annual general meeting, to pay a final dividend of 8.0 pence (2024: 12.0 pence) per share for the year ended 27 July 2025, on 27 November 2025, to those shareholders on the register on 24 October 2025, resulting in a total dividend for the year of 12.0 pence per share (2024: 12.0 pence). Upcoming Dividend • Apr 24
Upcoming dividend of UK£0.04 per share Eligible shareholders must have bought the stock before 01 May 2025. Payment date: 30 May 2025. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of British dividend payers (6.1%). Lower than average of industry peers (2.2%). Reported Earnings • Mar 23
First half 2025 earnings: EPS exceeds analyst expectations First half 2025 results: EPS: UK£0.28 (up from UK£0.15 in 1H 2024). Revenue: UK£1.03b (up 3.9% from 1H 2024). Net income: UK£32.2m (up 73% from 1H 2024). Profit margin: 3.1% (up from 1.9% in 1H 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.1%. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Hospitality industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Mar 21
J D Wetherspoon plc Declares Interim Dividend for Financial Period Ending 26 January 2025, Payable on 30 May 2025 The board of J D Wetherspoon plc declared an interim dividend of 4.0 pence per share for the current interim financial period ending 26 January 2025 (2024: nil). The interim dividend will be paid on 30 May 2025 to those shareholders on the register at 1 May 2025. Announcement • Jan 22
J D Wetherspoon plc to Report First Half, 2025 Results on Mar 21, 2025 J D Wetherspoon plc announced that they will report first half, 2025 results on Mar 21, 2025 Buy Or Sell Opportunity • Dec 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to UK£6.21. The fair value is estimated to be UK£7.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.2% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Buy Or Sell Opportunity • Nov 12
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to UK£6.06. The fair value is estimated to be UK£7.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.1% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Price Target Changed • Nov 08
Price target decreased by 7.6% to UK£8.38 Down from UK£9.07, the current price target is an average from 9 analysts. New target price is 34% above last closing price of UK£6.24. Stock is down 5.6% over the past year. The company is forecast to post earnings per share of UK£0.49 for next year compared to UK£0.41 last year. Announcement • Oct 29
J D Wetherspoon plc, Annual General Meeting, Nov 21, 2024 J D Wetherspoon plc, Annual General Meeting, Nov 21, 2024. Location: etc venues, 50 52 chancery lane, wc2a 1hl, london United Kingdom Upcoming Dividend • Oct 17
Upcoming dividend of UK£0.12 per share Eligible shareholders must have bought the stock before 24 October 2024. Payment date: 28 November 2024. Trailing yield: 1.7%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (1.9%). New Risk • Oct 08
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.2x net interest cover). Minor Risks Large one-off items impacting financial results. Significant insider selling over the past 3 months (UK£10m sold). Reported Earnings • Oct 06
Full year 2024 earnings released: EPS: UK£0.41 (vs UK£0.47 in FY 2023) Full year 2024 results: EPS: UK£0.41 (down from UK£0.47 in FY 2023). Revenue: UK£2.04b (up 5.7% from FY 2023). Net income: UK£48.8m (down 18% from FY 2023). Profit margin: 2.4% (down from 3.1% in FY 2023). The decrease in margin was driven by higher expenses. Same store sales growth: 7.6% vs FY 2023 Total stores: 800 (down by 26 from FY 2023). Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Hospitality industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. New Risk • Jul 30
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: UK£10m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.1% net profit margin). Significant insider selling over the past 3 months (UK£10m sold). Recent Insider Transactions • Jul 30
Executive Chairman recently sold UK£10m worth of stock On the 26th of July, Timothy Martin sold around 1m shares on-market at roughly UK£7.39 per share. This transaction amounted to 4.3% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Timothy's only on-market trade for the last 12 months. Announcement • May 09
J D Wetherspoon plc Provides Earnings Guidance for the Year Ending July 28, 2024 J D Wetherspoon plc provided earnings guidance for the year ending July 28, 2024. For the year, sales in the period continued the steady recovery from the pandemic. The company expects profits in the current financial year to be towards the top of market expectations. New Risk • Mar 31
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.2x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.1% net profit margin). New Risk • Mar 24
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.1% Last year net profit margin: 3.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (191% net debt to equity). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.1% net profit margin). Price Target Changed • Jan 25
Price target increased by 7.2% to UK£8.74 Up from UK£8.15, the current price target is an average from 10 analysts. New target price is 5.3% above last closing price of UK£8.30. Stock is up 85% over the past year. The company is forecast to post earnings per share of UK£0.44 for next year compared to UK£0.47 last year. New Risk • Oct 09
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.6x net interest cover). Minor Risk Large one-off items impacting financial results. Reported Earnings • Oct 06
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: UK£0.47 (up from UK£0.15 in FY 2022). Revenue: UK£1.92b (up 11% from FY 2022). Net income: UK£59.6m (up 209% from FY 2022). Profit margin: 3.1% (up from 1.1% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 112%. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Hospitality industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. New Risk • Oct 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.4% 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 Interest payments are not well covered by earnings (2.3x net interest cover). Earnings are forecast to decline by an average of 3.4% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Announcement • Jul 12
J D Wetherspoon plc to Report Fiscal Year 2023 Results on Oct 06, 2023 J D Wetherspoon plc announced that they will report fiscal year 2023 results on Oct 06, 2023 Price Target Changed • Jun 30
Price target increased by 7.6% to UK£7.87 Up from UK£7.31, the current price target is an average from 11 analysts. New target price is 17% above last closing price of UK£6.73. Stock is up 5.9% over the past year. The company is forecast to post earnings per share of UK£0.23 for next year compared to UK£0.15 last year. Major Estimate Revision • Jun 01
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from UK£0.204 to UK£0.228. Revenue forecast steady at UK£1.89b. Net income forecast to shrink 43% next year vs 9.2% growth forecast for Hospitality industry in the United Kingdom . Consensus price target up from UK£7.31 to UK£7.70. Share price rose 2.7% to UK£7.32 over the past week. Recent Insider Transactions • May 15
Key Executive recently sold UK£140k worth of stock On the 12th of May, John Hutson sold around 18k shares on-market at roughly UK£7.80 per share. This transaction amounted to 9.3% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. John has been a net seller over the last 12 months, reducing personal holdings by UK£140k. Price Target Changed • May 10
Price target increased by 7.8% to UK£6.63 Up from UK£6.15, the current price target is an average from 11 analysts. New target price is 15% below last closing price of UK£7.84. Stock is up 8.7% over the past year. The company is forecast to post earnings per share of UK£0.22 for next year compared to UK£0.15 last year. Reported Earnings • Mar 28
First half 2023 earnings released First half 2023 results: Net income: UK£36.9m (up UK£48.4m from 1H 2022). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Hospitality industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 8% per year. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to UK£6.78, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 18x in the Hospitality industry in the United Kingdom. Total loss to shareholders of 18% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£3.50 per share. Recent Insider Transactions • Feb 03
Chairman recently bought UK£12m worth of stock On the 1st of February, Timothy Martin bought around 3m shares on-market at roughly UK£4.57 per share. This transaction amounted to 9.2% 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 Timothy's only on-market trade for the last 12 months. Announcement • Feb 03
Tim Martin acquired a 2.050473% stake in J D Wetherspoon plc for £11.9 million. Tim Martin acquired a 2.050473% stake in J D Wetherspoon plc for £11.9 million on February 1, 2023.
Tim Martin completed the acquisition of a 2.050473% stake in J D Wetherspoon plc on February 1, 2023. Major Estimate Revision • Feb 01
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from UK£0.253 to UK£0.218 per share. Revenue forecast steady at UK£1.83b. Net income forecast to grow 64% next year vs 3.9% growth forecast for Hospitality industry in the United Kingdom. Consensus price target down from UK£5.94 to UK£5.54. Share price rose 6.5% to UK£4.78 over the past week. Announcement • Jan 25
J D Wetherspoon plc to Report First Half, 2023 Results on Mar 24, 2023 J D Wetherspoon plc announced that they will report first half, 2023 results on Mar 24, 2023 Price Target Changed • Dec 12
Price target decreased to UK£5.94 Down from UK£6.46, the current price target is an average from 12 analysts. New target price is 39% above last closing price of UK£4.28. Stock is down 48% over the past year. The company is forecast to post earnings per share of UK£0.26 for next year compared to UK£0.15 last year. Major Estimate Revision • Nov 16
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate fell from UK£0.29 to UK£0.26 per share. Revenue forecast steady at UK£1.84b. Net income forecast to grow 66% next year vs 30% decline forecast for Hospitality industry in the United Kingdom. Consensus price target broadly unchanged at UK£6.35. Share price rose 2.4% to UK£4.68 over the past week. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Senior Independent Director Ben Thorne was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Nov 10
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate fell from UK£0.29 to UK£0.26 per share. Revenue forecast steady at UK£1.84b. Net income forecast to grow 66% next year vs 21% decline forecast for Hospitality industry in the United Kingdom. Consensus price target broadly unchanged at UK£6.35. Share price was steady at UK£4.57 over the past week. Major Estimate Revision • Nov 02
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate fell from UK£0.33 to UK£0.29 per share. Revenue forecast steady at UK£1.85b. Net income forecast to grow 98% next year vs 26% decline forecast for Hospitality industry in the United Kingdom. Consensus price target down from UK£6.67 to UK£6.46. Share price was steady at UK£4.62 over the past week. Reported Earnings • Oct 08
Full year 2022 earnings: Revenues exceed analyst expectations Full year 2022 results: Net income: UK£19.3m (up UK£200.3m from FY 2021). Revenue exceeded analyst estimates by 2.7%. Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Hospitality industry in the United Kingdom. Price Target Changed • Aug 19
Price target decreased to UK£7.66 Down from UK£8.39, the current price target is an average from 12 analysts. New target price is 43% above last closing price of UK£5.34. Stock is down 52% over the past year. The company is forecast to post a net loss per share of UK£0.19 next year compared to a net loss per share of UK£1.47 last year. Price Target Changed • Jul 14
Price target decreased to UK£9.07 Down from UK£9.95, the current price target is an average from 12 analysts. New target price is 68% above last closing price of UK£5.40. Stock is down 49% over the past year. The company is forecast to post earnings per share of UK£0.0009 next year compared to a net loss per share of UK£1.47 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Senior Independent Director Ben Thorne was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions Derivative • Oct 08
Key Executive exercised options and sold UK£72k worth of stock On the 4th of October, John Hutson exercised options to acquire 7k shares at no cost and sold these for an average price of UK£10.69 per share. This trade did not impact their existing holding. For the year to July 2020, John's total compensation was 71% salary and 29% non-salary. Since December 2020, John's direct individual holding has increased from 151.65k shares to 151.75k. Company insiders have collectively sold UK£5.4m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Oct 04
Full year 2021 earnings released: UK£1.47 loss per share (vs UK£0.92 loss in FY 2020) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2021 results: Revenue: UK£772.6m (down 39% from FY 2020). Net loss: UK£181.1m (loss widened 86% from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance.