Company slashes shares in circulation with £22.5m buyback move
A major share buyback has reduced the number of shares in circulation for the company. On 25 February 2026, it repurchased 15,000 of its own shares at an average price of 1500 pence each. The move follows authorisation granted by shareholders last year to acquire up to 14.99% of its ordinary shares.
Before this transaction, the company had 100 million shares in total, with 2 million already held in treasury. The latest buyback increases its 10-year treasury holdings to 1,937,106 shares. As a result, the number of shares in issue—excluding those held in 10-year treasury—now stands at 61,617,086.
The repurchase was carried out through Deutsche Numis, the company's designated broker for such transactions. Shareholders had approved the buyback programme at the Annual General Meeting in June 2025, allowing the firm to acquire shares up to the 14.99% limit. All repurchased shares will remain in 10-year treasury for future use.
The latest buyback reduces the company's total shares in circulation while increasing its 10-year treasury stock. With 1,937,106 shares now held in 10-year treasury, the firm retains flexibility for future capital management. The process was executed within the limits set by last year's shareholder approval.
