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The multi-year record shows revenue growth followed by retrenchment, with operating profitability moving more sharply than sales as margins and costs shift. The business has continued to produce positive free cash flow with relatively modest capital spending, but cash generation varies with working-capital movements.
The latest annual results show revenue still contracting while operating income improved, reflecting better margins and cost control rather than a return to sales growth. That is a meaningful earnings recovery, but not yet evidence that the underlying revenue pattern has changed.
Whether direct-to-consumer revenue stabilizes while operating profitability is sustained without depending on working-capital inflows.
| Metric | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|
| (5.7m) | 17.2m | 74.8m | 35.7m | 181.2m | 128.9m | 69.2m | 4.5m | 23.8m | |
| 6.5m | 10.6m | 29.5m | 35m | 36.9m | 58.1m | 72.3m | 76.8m | 72.6m | |
| — | — | — | 11.5m | 5.2m | 500k | 4m | 7.2m | 5.2m | |
| 34.2m | 41m | 42.4m | 49.3m | 17m | 28m | 60m | 39.1m | 38.7m | |
| (900k) | 400k | 8.3m | (2.1m) | 8.1m | (8.2m) | 18.8m | 12.2m | 10.9m | |
| 5.3m | 5.2m | 5.4m | 12.8m | 10.8m | 12m | 28.5m | 38.4m | 27.2m | |
| 11m | (12.8m) | (25.3m) | 40.2m | (50.7m) | (137.7m) | (33.6m) | 75.9m | 7.6m | |
| 46m | 56m | 121.4m | 160.2m | 184.4m | 77.3m | 167.9m | 196.3m | ||
| (16.4m) | (17.1m) | (21.9m) | (18.6m) | (25m) | (51.4m) | (28.4m) | (18.7m) | ||
| 0 | 0 | 0 | — | — | 800k | 2.9m | 3.4m | 3.7m | |
| (16.4m) | (17.1m) | (21.9m) | (18.6m) | (25m) | (50.6m) | (25.5m) | (15.3m) | (8.2m) | |
| 0 | (60m) | (35m) | (303.6m) | 0 | — | (50.5m) | 0 | (6.7m) | |
| (4m) | (4.1m) | (3.6m) | 183.5m | (24m) | (29.1m) | (43.6m) | (82.3m) | (49.3m) | |
| — | — | — | — | (12.2m) | (58.4m) | (57.8m) | (9.5m) | (24.6m) | |
| (5.3m) | (5.2m) | (5.4m) | (12.8m) | (10.8m) | (12m) | (34m) | (42.4m) | (27.2m) | |
| (9.3m) | (69.3m) | (44m) | (132.9m) | (47m) | (99.5m) | (185.9m) | (134.2m) | (107.8m) | |
| (1.1m) | 2.4m | 3.3m | (12.3m) | 2m | 2.3m | (2.9m) | (2m) | (2.3m) | |
| 19.2m | (28m) | 58.8m | (3.6m) | 114.4m | (70.5m) | (46.4m) | 44.8m | 24.4m | |
| 29.6m | 38.9m | 99.5m | 141.6m | 159.4m | 25.9m | 139.5m | 177.6m |
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Stock intrinsic value is the real worth of a company's stock, based on its financial health and performance.
Instead of looking at the stock's current market price, which can change due to people's opinions and emotions, intrinsic value helps us understand if a stock is truly a good deal or not.
By focusing on the company's actual financial strength, like its earnings and debts, we can make better decisions about which stocks to buy and when.
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