Buildings | up to 30 years |
Plant, equipment and vehicles | 3 to 10 years |
| Development costs: | |
Product upgrades | 3 years |
New products | 4 years |
Control and technology-related products | 5 years |
Patents | 3 to 5 years |
Software | 3 years |
Buildings | up to 30 years |
Plant, equipment and vehicles | 3 to 10 years |
| Development costs: | |
Product upgrades | 3 years |
New products | 4 years |
Control and technology-related products | 5 years |
Patents | 3 to 5 years |
Software | 3 years |
Buildings | up to 30 years |
Plant, equipment and vehicles | 3 to 10 years |
Buildings | up to 30 years |
Plant, equipment and vehicles | 3 to 10 years |
| Development costs: | |
Product upgrades | 3 years |
New products | 4 years |
Control and technology-related products | 5 years |
Patents | 3 to 5 years |
Software | 3 years |
| Development costs: | |
Product upgrades | 3 years |
New products | 4 years |
Control and technology-related products | 5 years |
Patents | 3 to 5 years |
Software | 3 years |
| Signals & | Central & | ||||
| Lighting | Components | Unallocated | Total | ||
2026 | Note | $m | $m | $m | $m |
Revenue | 122.1 | 44.8 | \u2013 | 166.9 | |
Gross profit | 49.8 | 15.3 | \u2013 | 65.1 | |
Underlying overheads | (38.7) | (6.9) | (9.2) | (54.8) | |
Underlying operating profit/(loss) | 11.1 | 8.4 | (9.2) | 10.3 | |
Non-underlying items | 7 | \u2013 | 0.4 | (4.4) | (4.0) |
Loss on disposal of business | \u2013 | (0.1) | \u2013 | (0.1) | |
Operating profit/(loss) | 11.1 | 8.7 | (13.6) | 6.2 | |
Net finance expense | 9 | \u2013 | \u2013 | (2.4) | (2.4) |
Profit/(loss) before tax | 11.1 | 8.7 | (16.0) | 3.8 | |
Taxation expense | 10 | \u2013 | \u2013 | (3.3) | (3.3) |
Profit/(loss) after tax | 11.1 | 8.7 | (19.3) | 0.5 |
| Signals & | Central & | ||||
| Lighting | Components | Unallocated | Total | ||
2025 | Note | $m | $m | $m | $m |
Revenue | 138.0 | 45.5 | \u2013 | 183.5 | |
Underlying gross profit | 54.1 | 11.2 | \u2013 | 65.3 | |
Underlying overheads | (41.2) | (7.9) | (12.0) | (61.1) | |
Underlying operating profit/(loss) | 12.9 | 3.3 | (12.0) | 4.2 | |
Non-underlying items | 7 | (18.6) | 0.9 | (3.9) | (21.6) |
Gain on disposal of business | \u2013 | 5.8 | \u2013 | 5.8 | |
Operating (loss)/profit | (5.7) | 10.0 | (15.9) | (11.6) | |
Net finance expense | 9 | \u2013 | \u2013 | (2.5) | (2.5) |
(Loss)/profit before tax | (5.7) | 10.0 | (18.4) | (14.1) | |
Taxation credit | 10 | \u2013 | \u2013 | 0.5 | 0.5 |
(Loss)/profit after tax | (5.7) | 10.0 | (17.9) | (13.6) |
2026 | 2025 | |||||||
| Signals & | Central & | Signals & | Central & | |||||
| Lighting | Components | Unallocated | Total | Lighting | Components | Unallocated | Total | |
| Other segmental data | $m | $m | $m | $m | $m | $m | $m | $m |
| Cost of inventories recognised | ||||||||
as an expense | (37.3) | (16.9) | \u2013 | (54.2) | (47.9) | (19.3) | \u2013 | (67.2) |
Personnel expenses 1 | (29.1) | (8.0) | (4.0) | (41.1) | (36.4) | (11.0) | (3.3) | (50.7) |
| Depreciation of property, plant | ||||||||
and equipment | (2.3) | (0.8) | \u2013 | (3.1) | (2.4) | (0.8) | \u2013 | (3.2) |
Depreciation of right-of-use assets | (1.9) | (0.7) | \u2013 | (2.6) | (1.9) | (0.6) | \u2013 | (2.5) |
Amortisation of intangible assets | (2.3) | \u2013 | \u2013 | (2.3) | (2.6) | \u2013 | \u2013 | (2.6) |
| Impairment of property, plant | ||||||||
and equipment | (0.6) | (0.1) | \u2013 | (0.7) | \u2013 | \u2013 | \u2013 | \u2013 |
Impairment of intangible assets | (1.2) | (0.4) | \u2013 | (1.6) | (0.1) | (0.1) | \u2013 | (0.2) |
| 2026 | 2025 | |
| $m | $m | |
North America | 139.9 | 155.3 |
EMEA | 10.1 | 10.7 |
Rest of the world 1 | 16.9 | 17.5 |
Total | 166.9 | 183.5 |
| 2026 | 2025 | |
| $m | $m | |
North America | 21.7 | 25.5 |
EMEA | 0.6 | 0.4 |
Rest of the world | 5.6 | 6.1 |
Total | 27.9 | 32.0 |
| Signals & | Central & | ||||
| Lighting | Components | Unallocated | Total | ||
2026 | Note | $m | $m | $m | $m |
Revenue | 122.1 | 44.8 | \u2013 | 166.9 | |
Gross profit | 49.8 | 15.3 | \u2013 | 65.1 | |
Underlying overheads | (38.7) | (6.9) | (9.2) | (54.8) | |
Underlying operating profit/(loss) | 11.1 | 8.4 | (9.2) | 10.3 | |
Non-underlying items | 7 | \u2013 | 0.4 | (4.4) | (4.0) |
Loss on disposal of business | \u2013 | (0.1) | \u2013 | (0.1) | |
Operating profit/(loss) | 11.1 | 8.7 | (13.6) | 6.2 | |
Net finance expense | 9 | \u2013 | \u2013 | (2.4) | (2.4) |
Profit/(loss) before tax | 11.1 | 8.7 | (16.0) | 3.8 | |
Taxation expense | 10 | \u2013 | \u2013 | (3.3) | (3.3) |
Profit/(loss) after tax | 11.1 | 8.7 | (19.3) | 0.5 |
| Signals & | Central & | ||||
| Lighting | Components | Unallocated | Total | ||
2025 | Note | $m | $m | $m | $m |
Revenue | 138.0 | 45.5 | \u2013 | 183.5 | |
Underlying gross profit | 54.1 | 11.2 | \u2013 | 65.3 | |
Underlying overheads | (41.2) | (7.9) | (12.0) | (61.1) | |
Underlying operating profit/(loss) | 12.9 | 3.3 | (12.0) | 4.2 | |
Non-underlying items | 7 | (18.6) | 0.9 | (3.9) | (21.6) |
Gain on disposal of business | \u2013 | 5.8 | \u2013 | 5.8 | |
Operating (loss)/profit | (5.7) | 10.0 | (15.9) | (11.6) | |
Net finance expense | 9 | \u2013 | \u2013 | (2.5) | (2.5) |
(Loss)/profit before tax | (5.7) | 10.0 | (18.4) | (14.1) | |
Taxation credit | 10 | \u2013 | \u2013 | 0.5 | 0.5 |
(Loss)/profit after tax | (5.7) | 10.0 | (17.9) | (13.6) |
2026 | 2025 | |||||||
| Signals & | Central & | Signals & | Central & | |||||
| Lighting | Components | Unallocated | Total | Lighting | Components | Unallocated | Total | |
| Other segmental data | $m | $m | $m | $m | $m | $m | $m | $m |
| Cost of inventories recognised | ||||||||
as an expense | (37.3) | (16.9) | \u2013 | (54.2) | (47.9) | (19.3) | \u2013 | (67.2) |
Personnel expenses 1 | (29.1) | (8.0) | (4.0) | (41.1) | (36.4) | (11.0) | (3.3) | (50.7) |
| Depreciation of property, plant | ||||||||
and equipment | (2.3) | (0.8) | \u2013 | (3.1) | (2.4) | (0.8) | \u2013 | (3.2) |
Depreciation of right-of-use assets | (1.9) | (0.7) | \u2013 | (2.6) | (1.9) | (0.6) | \u2013 | (2.5) |
Amortisation of intangible assets | (2.3) | \u2013 | \u2013 | (2.3) | (2.6) | \u2013 | \u2013 | (2.6) |
| Impairment of property, plant | ||||||||
and equipment | (0.6) | (0.1) | \u2013 | (0.7) | \u2013 | \u2013 | \u2013 | \u2013 |
Impairment of intangible assets | (1.2) | (0.4) | \u2013 | (1.6) | (0.1) | (0.1) | \u2013 | (0.2) |
| 2026 | 2025 | |
| $m | $m | |
North America | 139.9 | 155.3 |
EMEA | 10.1 | 10.7 |
Rest of the world 1 | 16.9 | 17.5 |
Total | 166.9 | 183.5 |
| 2026 | 2025 | |
| $m | $m | |
North America | 21.7 | 25.5 |
EMEA | 0.6 | 0.4 |
Rest of the world | 5.6 | 6.1 |
Total | 27.9 | 32.0 |
| 2026 | 2025 | |
| $m | $m | |
North America | 139.9 | 155.3 |
EMEA | 10.1 | 10.7 |
Rest of the world 1 | 16.9 | 17.5 |
Total | 166.9 | 183.5 |
| 2026 | 2025 | |
| $m | $m | |
North America | 21.7 | 25.5 |
EMEA | 0.6 | 0.4 |
Rest of the world | 5.6 | 6.1 |
Total | 27.9 | 32.0 |
| 2026 | 2025 | ||
| Note | $m | $m | |
| Research and development costs: | |||
Expensed as incurred | 3.9 | 3.4 | |
Amortisation and impairment of capitalised development costs | 15 | 2.7 | 1.5 |
Total research and development costs | 6.6 | 4.9 | |
Depreciation of property, plant and equipment | 13 | 3.1 | 3.2 |
Depreciation of right-of-use assets | 14 | 2.6 | 2.5 |
Amortisation of intangible assets (excluding development costs) | 15 | 0.9 | 1.1 |
Impairment losses on property, plant and equipment | 13 | 0.7 | \u2013 |
Impairment losses on intangible assets (excluding development costs) | 15 | 0.3 | 0.2 |
Net impairment losses on financial assets | 24 | 0.5 | 2.1 |
Cost of inventories recognised as an expense | 18 | 54.2 | 67.2 |
Personnel expenses | 8 | 41.1 | 50.7 |
| 2026 | 2025 | |
| $m | $m | |
Audit of these financial statements | 1.1 | 1.1 |
Audit of financial statements of subsidiaries pursuant to legislation | 0.1 | 0.1 |
Total | 1.2 | 1.2 |
| 2026 | 2025 2 | |
| $m | $m | |
ERCs 1 | 2.9 | \u2013 |
Transformation Plan | (4.4) | (4.1) |
Defined benefit pension scheme administrative costs | (1.3) | \u2013 |
Sanmina litigation costs | (0.2) | (17.8) |
Other non-underlying costs | (1.0) | (0.6) |
Business disposal income | \u2013 | 0.9 |
Total non-underlying items | (4.0) | (21.6) |
(restated 1 ) | |||
| 2026 | 2025 | ||
| Note | $m | $m | |
Wages and salaries | 31.0 | 42.9 | |
Severance costs | 3.2 | 1.0 | |
Social security costs | 3.7 | 5.5 | |
Equity-settled share-based payment transactions | 26 | 1.0 | 0.3 |
Contributions to defined contribution plans | 1.0 | 1.0 | |
Charge for defined benefit pension schemes | 17 | 1.2 | \u2013 |
Total personnel expenses | 41.1 | 50.7 |
| 2026 | 2025 | |
| Number | Number | |
North America | 1,002 | 1,254 |
Rest of the world | 171 | 171 |
Total average number of employees | 1,173 | 1,425 |
(restated 1 ) | ||
| 2026 | 2025 | |
| $m | $m | |
Short-term employee benefits | 2.6 | 2.1 |
Termination benefits | 0.2 | 0.2 |
Share-based payments | 0.1 | \u2013 |
Total | 2.9 | 2.3 |
(restated 1 ) | ||
| 2026 | 2025 | |
| $m | $m | |
Short-term employee benefits | 2.6 | 2.1 |
Termination benefits | 0.2 | 0.2 |
Share-based payments | 0.1 | \u2013 |
Total | 2.9 | 2.3 |
| 2026 | 2025 | ||
| Notes | $m | $m | |
Net interest income on defined benefit pension schemes | 17 | 0.1 | 0.3 |
Interest expense on borrowings | (1.6) | (2.2) | |
Interest expense on lease liabilities | 14 | (0.5) | (0.6) |
Unwinding of Sanmina settlement | 21, 24 | (0.4) | \u2013 |
Net finance expense | (2.4) | (2.5) |
| 2026 | 2025 | ||
| Notes | $m | $m | |
Net interest income on defined benefit pension schemes | 17 | 0.1 | 0.3 |
Interest expense on borrowings | (1.6) | (2.2) | |
Interest expense on lease liabilities | 14 | (0.5) | (0.6) |
Unwinding of Sanmina settlement | 21, 24 | (0.4) | \u2013 |
Net finance expense | (2.4) | (2.5) |
| 2026 | 2025 | ||
| Notes | $m | $m | |
Net interest income on defined benefit pension schemes | 17 | 0.1 | 0.3 |
Interest expense on borrowings | (1.6) | (2.2) | |
Interest expense on lease liabilities | 14 | (0.5) | (0.6) |
Unwinding of Sanmina settlement | 21, 24 | (0.4) | \u2013 |
Net finance expense | (2.4) | (2.5) |
| 2026 | 2025 | ||
| Notes | $m | $m | |
Net interest income on defined benefit pension schemes | 17 | 0.1 | 0.3 |
Interest expense on borrowings | (1.6) | (2.2) | |
Interest expense on lease liabilities | 14 | (0.5) | (0.6) |
Unwinding of Sanmina settlement | 21, 24 | (0.4) | \u2013 |
Net finance expense | (2.4) | (2.5) |
| 2026 | 2025 | ||
| Note | $m | $m | |
| Current tax expense | |||
Current year | (1.4) | (1.2) | |
Adjustment in respect of prior years | (0.8) | \u2013 | |
Total current tax expense | (2.2) | (1.2) | |
| Deferred tax (expense)/credit | |||
Origination and reversal of temporary differences | (1.2) | 1.1 | |
Adjustment in respect of prior years | \u2013 | 0.3 | |
Impact of change in tax laws and rates | 0.1 | 0.3 | |
Total deferred tax (expense)/credit | 16 | (1.1) | 1.7 |
Total tax (expense)/credit | (3.3) | 0.5 |
| 2026 | 2025 | |||
| % | $m | % | $m | |
Profit/(loss) for the year after tax | 0.5 | (13.6) | ||
Total tax expense/(credit) | 3.3 | (0.5) | ||
Profit/(loss) before tax | 3.8 | (14.1) | ||
Income tax using the UK corporation rate of 25.0% (2025: 25.0%) | 25.0 | (1.0) | 25.0 | 3.5 |
Effect of higher taxes on overseas earnings | 2.7 | (0.1) | (7.8) | (1.1) |
Change in tax laws and rates | (2.0) | 0.1 | 2.1 | 0.3 |
Expenses not deductible for tax purposes | 5.9 | (0.2) | \u2013 | \u2013 |
Current year losses for which no deferred tax is recognised | 34.0 | (1.3) | (17.7) | (2.5) |
Adjustment in respect of prior years | 21.1 | (0.8) | 2.1 | 0.3 |
Research and development credits | (2.6) | 0.1 | 0.7 | 0.1 |
Foreign taxes incurred | (2.6) | 0.1 | \u2013 | \u2013 |
Other | 5.3 | (0.2) | (0.7) | (0.1) |
Total | 86.8 | (3.3) | 3.5 | 0.5 |
| 2026 | 2025 | |
| $m | $m | |
Deferred tax credit on remeasurement of defined benefit pension schemes | 0.2 | 1.0 |
Assets | Liabilities | Net | ||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |
| $m | $m | $m | $m | $m | $m | |
Property, plant and equipment | \u2013 | \u2013 | (0.2) | (0.6) | (0.2) | (0.6) |
Intangible assets | \u2013 | 0.4 | (1.1) | \u2013 | (1.2) | 0.4 |
Employee benefits | 1.1 | 0.2 | \u2013 | \u2013 | 1.1 | 0.2 |
Provisions | 2.3 | 5.0 | \u2013 | \u2013 | 2.4 | 5.0 |
Right-of-use assets | \u2013 | \u2013 | (1.6) | (2.0) | (1.6) | (2.0) |
Lease liabilities | 1.9 | 2.3 | \u2013 | \u2013 | 1.9 | 2.3 |
Restricted interest | 1.9 | 1.1 | \u2013 | \u2013 | 1.9 | 1.1 |
Losses and other items | 3.4 | 2.1 | \u2013 | \u2013 | 3.4 | 2.1 |
Total | 10.6 | 11.1 | (2.9) | (2.6) | 7.7 | 8.5 |
| Property, | Right- | Losses | |||||||
| plant and | Intangible | Employee | of-use | Lease | Restricted | and other | |||
| equipment | assets | benefits | Provisions | assets | liabilities | interest | items | Total | |
| $m | $m | $m | $m | $m | $m | $m | $m | $m | |
At 1 April 2024 | (0.5) | 0.7 | (1.0) | 3.4 | (2.0) | 2.4 | 0.8 | 2.0 | 5.8 |
Recognised in income | (0.1) | (0.3) | 0.2 | 1.6 | \u2013 | (0.1) | 0.3 | 0.1 | 1.7 |
Recognised in equity | \u2013 | \u2013 | 1.0 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1.0 |
At 31 March 2025 | (0.6) | 0.4 | 0.2 | 5.0 | (2.0) | 2.3 | 1.1 | 2.1 | 8.5 |
Recognised in income | 0.4 | (1.6) | 0.7 | (2.7) | 0.4 | (0.4) | 0.8 | 1.3 | (1.1) |
Recognised in equity | \u2013 | \u2013 | 0.2 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.2 |
Foreign exchange | \u2013 | \u2013 | \u2013 | 0.1 | \u2013 | \u2013 | \u2013 | \u2013 | 0.1 |
At 31 March 2026 | (0.2) | (1.2) | 1.1 | 2.4 | (1.6) | 1.9 | 1.9 | 3.4 | 7.7 |
2026 | 2025 | |||
| All other | All other | |||
| US | jurisdictions | US | jurisdictions | |
| $m | $m | $m | $m | |
Property, plant and equipment | (0.5) | 0.3 | (0.7) | 0.1 |
Intangible assets | (1.2) | \u2013 | 0.4 | \u2013 |
Employee benefits | 0.4 | 0.7 | 0.4 | (0.2) |
Provisions | 2.4 | \u2013 | 4.0 | 1.0 |
Right-of-use assets and lease liabilities | 0.1 | 0.2 | (0.1) | 0.4 |
Restricted interest | 1.9 | \u2013 | 1.1 | \u2013 |
Losses and other items | 3.2 | 0.2 | 1.3 | 0.8 |
Total | 6.3 | 1.4 | 6.4 | 2.1 |
2026 | 2025 | |||
| Gross | Tax | Gross | Tax | |
| amount | effect | amount | effect | |
| $m | $m | $m | $m | |
Deductible temporary differences | 2.4 | 0.6 | 0.8 | 0.2 |
Tax losses | 67.5 | 17.0 | 61.1 | 15.4 |
Total | 69.9 | 17.6 | 61.9 | 15.6 |
| 2026 | 2025 | |
| Entity | $m | $m |
Dialight plc | 28.5 | 24.0 |
Dialight Europe Limited | 37.2 | 35.1 |
Dialight GmbH | 1.8 | 2.0 |
Total | 67.5 | 61.1 |
| 2026 | 2025 | ||
| Note | $m | $m | |
| Research and development costs: | |||
Expensed as incurred | 3.9 | 3.4 | |
Amortisation and impairment of capitalised development costs | 15 | 2.7 | 1.5 |
Total research and development costs | 6.6 | 4.9 | |
Depreciation of property, plant and equipment | 13 | 3.1 | 3.2 |
Depreciation of right-of-use assets | 14 | 2.6 | 2.5 |
Amortisation of intangible assets (excluding development costs) | 15 | 0.9 | 1.1 |
Impairment losses on property, plant and equipment | 13 | 0.7 | \u2013 |
Impairment losses on intangible assets (excluding development costs) | 15 | 0.3 | 0.2 |
Net impairment losses on financial assets | 24 | 0.5 | 2.1 |
Cost of inventories recognised as an expense | 18 | 54.2 | 67.2 |
Personnel expenses | 8 | 41.1 | 50.7 |
| 2026 | 2025 | |
| $m | $m | |
Audit of these financial statements | 1.1 | 1.1 |
Audit of financial statements of subsidiaries pursuant to legislation | 0.1 | 0.1 |
Total | 1.2 | 1.2 |
| 2026 | 2025 | ||
| Note | $m | $m | |
| Research and development costs: | |||
Expensed as incurred | 3.9 | 3.4 | |
Amortisation and impairment of capitalised development costs | 15 | 2.7 | 1.5 |
Total research and development costs | 6.6 | 4.9 | |
Depreciation of property, plant and equipment | 13 | 3.1 | 3.2 |
Depreciation of right-of-use assets | 14 | 2.6 | 2.5 |
Amortisation of intangible assets (excluding development costs) | 15 | 0.9 | 1.1 |
Impairment losses on property, plant and equipment | 13 | 0.7 | \u2013 |
Impairment losses on intangible assets (excluding development costs) | 15 | 0.3 | 0.2 |
Net impairment losses on financial assets | 24 | 0.5 | 2.1 |
Cost of inventories recognised as an expense | 18 | 54.2 | 67.2 |
Personnel expenses | 8 | 41.1 | 50.7 |
| 2026 | 2025 | |
| $m | $m | |
Audit of these financial statements | 1.1 | 1.1 |
Audit of financial statements of subsidiaries pursuant to legislation | 0.1 | 0.1 |
Total | 1.2 | 1.2 |
| 2026 | 2025 | ||
| Note | $m | $m | |
| Research and development costs: | |||
Expensed as incurred | 3.9 | 3.4 | |
Amortisation and impairment of capitalised development costs | 15 | 2.7 | 1.5 |
Total research and development costs | 6.6 | 4.9 | |
Depreciation of property, plant and equipment | 13 | 3.1 | 3.2 |
Depreciation of right-of-use assets | 14 | 2.6 | 2.5 |
Amortisation of intangible assets (excluding development costs) | 15 | 0.9 | 1.1 |
Impairment losses on property, plant and equipment | 13 | 0.7 | \u2013 |
Impairment losses on intangible assets (excluding development costs) | 15 | 0.3 | 0.2 |
Net impairment losses on financial assets | 24 | 0.5 | 2.1 |
Cost of inventories recognised as an expense | 18 | 54.2 | 67.2 |
Personnel expenses | 8 | 41.1 | 50.7 |
| 2026 | 2025 | |
| $m | $m | |
Audit of these financial statements | 1.1 | 1.1 |
Audit of financial statements of subsidiaries pursuant to legislation | 0.1 | 0.1 |
Total | 1.2 | 1.2 |
| 2026 | 2025 | ||
| Note | $m | $m | |
| Research and development costs: | |||
Expensed as incurred | 3.9 | 3.4 | |
Amortisation and impairment of capitalised development costs | 15 | 2.7 | 1.5 |
Total research and development costs | 6.6 | 4.9 | |
Depreciation of property, plant and equipment | 13 | 3.1 | 3.2 |
Depreciation of right-of-use assets | 14 | 2.6 | 2.5 |
Amortisation of intangible assets (excluding development costs) | 15 | 0.9 | 1.1 |
Impairment losses on property, plant and equipment | 13 | 0.7 | \u2013 |
Impairment losses on intangible assets (excluding development costs) | 15 | 0.3 | 0.2 |
Net impairment losses on financial assets | 24 | 0.5 | 2.1 |
Cost of inventories recognised as an expense | 18 | 54.2 | 67.2 |
Personnel expenses | 8 | 41.1 | 50.7 |
| 2026 | 2025 | |
| $m | $m | |
Audit of these financial statements | 1.1 | 1.1 |
Audit of financial statements of subsidiaries pursuant to legislation | 0.1 | 0.1 |
Total | 1.2 | 1.2 |
2026 | 2025 | |
Profit/(loss) for the year attributable to equity owners ($m) | 0.4 | (13.8) |
Weighted average number of shares (000s) | 39,961 | 39,786 |
Basic earnings/(loss) per share (cents) | 1.0 | (34.7) |
2026 | 2025 | |
Profit/(loss) for the year attributable to equity owners ($m) | 0.4 | (13.8) |
Weighted average number of shares for basic earnings per share (000s) | 39,961 | 39,786 |
| Effect of dilution: | ||
Employee share awards (000s) | 668 | \u2013 |
Weighted average number of shares for diluted earnings per share (000s) | 40,629 | 39,786 |
Diluted earnings/(loss) per share (cents) | 1.0 | (34.7) |
| Plant, | ||||
| Land and | equipment | |||
| buildings | and vehicles | Total | ||
| Note | $m | $m | $m | |
| Cost | ||||
At 1 April 2024 | 5.4 | 68.1 | 73.5 | |
Additions | \u2013 | 4.3 | 4.3 | |
Disposals | (0.1) | (8.4) | (8.5) | |
Foreign exchange | \u2013 | 0.5 | 0.5 | |
At 31 March 2025 | 5.3 | 64.5 | 69.8 | |
Additions | 0.2 | 1.9 | 2.1 | |
Disposals | \u2013 | (0.3) | (0.3) | |
Transfer between categories | 0.4 | (0.4) | \u2013 | |
At 31 March 2026 | 5.9 | 65.7 | 71.6 | |
| Depreciation and impairment | ||||
At 1 April 2024 | (4.2) | (56.6) | (60.8) | |
Depreciation | (0.2) | (3.0) | (3.2) | |
Disposals | 0.1 | 8.1 | 8.2 | |
Foreign exchange | \u2013 | (0.5) | (0.5) | |
At 31 March 2025 | (4.3) | (52.0) | (56.3) | |
Depreciation | (0.1) | (3.0) | (3.1) | |
Impairment | 7 | (0.5) | (0.2) | (0.7) |
Disposals | \u2013 | 0.3 | 0.3 | |
Transfer between categories | (0.4) | 0.4 | \u2013 | |
Foreign exchange | 0.1 | 0.4 | 0.5 | |
At 31 March 2026 | (5.2) | (54.1) | (59.3) | |
| Net book value | ||||
At 31 March 2026 | 0.7 | 11.6 | 12.3 | |
At 31 March 2025 | 1.0 | 12.5 | 13.5 | |
At 31 March 2024 | 1.2 | 11.5 | 12.7 |
| Industrial premises | ||
| and office buildings | Total | |
| $m | $m | |
| Cost | ||
At 1 April 2024 | 17.7 | 17.7 |
Additions (including modifications) | 2.6 | 2.6 |
Disposals (including modifications) | (1.8) | (1.8) |
Foreign exchange | 0.2 | 0.2 |
At 31 March 2025 | 18.7 | 18.7 |
Additions (including modifications) | 0.6 | 0.6 |
Foreign exchange | 0.3 | 0.3 |
At 31 March 2026 | 19.6 | 19.6 |
| Depreciation and impairment | ||
At 1 April 2024 | (8.9) | (8.9) |
Depreciation | (2.5) | (2.5) |
Disposals | 1.8 | 1.8 |
Foreign exchange | (0.1) | (0.1) |
At 31 March 2025 | (9.7) | (9.7) |
Depreciation | (2.6) | (2.6) |
At 31 March 2026 | (12.3) | (12.3) |
| Net book value | ||
At 31 March 2026 | 7.3 | 7.3 |
At 31 March 2025 | 9.0 | 9.0 |
At 31 March 2024 | 8.8 | 8.8 |
| Industrial premises | |||
| and office buildings | Total | ||
| Note | $m | $m | |
At 1 April 2024 | 10.1 | 10.1 | |
Interest expense | 9 | 0.6 | 0.6 |
Repayment of lease liabilities | (2.9) | (2.9) | |
Additions | 2.1 | 2.1 | |
Foreign exchange | 0.1 | 0.1 | |
At 31 March 2025 | 10.0 | 10.0 | |
Interest expense | 9 | 0.5 | 0.5 |
Repayment of lease liabilities | (3.0) | (3.0) | |
Additions | 0.6 | 0.6 | |
Foreign exchange | 0.2 | 0.2 | |
At 31 March 2026 | 8.3 | 8.3 |
| 2026 | 2025 | ||
| Note | $m | $m | |
Depreciation charge on right-of-use assets | 2.6 | 2.5 | |
Interest expense on lease liabilities | 9 | 0.5 | 0.6 |
Expense relating to short-term leases | \u2013 | 0.1 | |
Expense relating to leases of low-value items | \u2013 | \u2013 | |
Total | 3.1 | 3.2 |
| 2026 | 2025 | |
| $m | $m | |
Repayment of lease liabilities | 2.5 | 2.3 |
Payment of interest expense on lease liabilities | 0.5 | 0.6 |
Payments relating to short-term leases | \u2013 | 0.1 |
Payments relating to leases of low-value items | \u2013 | \u2013 |
Total | 3.0 | 3.0 |
| 2026 | 2025 | |
| $m | $m | |
Less than one year | 0.3 | 0.4 |
One to two years | \u2013 | 0.3 |
Two to three years | \u2013 | \u2013 |
Total | 0.3 | 0.7 |
| Industrial premises | ||
| and office buildings | Total | |
| $m | $m | |
| Cost | ||
At 1 April 2024 | 17.7 | 17.7 |
Additions (including modifications) | 2.6 | 2.6 |
Disposals (including modifications) | (1.8) | (1.8) |
Foreign exchange | 0.2 | 0.2 |
At 31 March 2025 | 18.7 | 18.7 |
Additions (including modifications) | 0.6 | 0.6 |
Foreign exchange | 0.3 | 0.3 |
At 31 March 2026 | 19.6 | 19.6 |
| Depreciation and impairment | ||
At 1 April 2024 | (8.9) | (8.9) |
Depreciation | (2.5) | (2.5) |
Disposals | 1.8 | 1.8 |
Foreign exchange | (0.1) | (0.1) |
At 31 March 2025 | (9.7) | (9.7) |
Depreciation | (2.6) | (2.6) |
At 31 March 2026 | (12.3) | (12.3) |
| Net book value | ||
At 31 March 2026 | 7.3 | 7.3 |
At 31 March 2025 | 9.0 | 9.0 |
At 31 March 2024 | 8.8 | 8.8 |
| Development | |||||
| costs | Patents | Software | Goodwill | Total | |
| $m | $m | $m | $m | $m | |
| Cost | |||||
At 1 April 2024 | 25.2 | 15.8 | 8.1 | 16.4 | 65.5 |
Additions | 2.8 | 0.8 | 0.1 | \u2013 | 3.7 |
Disposals | (2.8) | (11.9) | (2.6) | \u2013 | (17.3) |
At 31 March 2025 | 25.2 | 4.7 | 5.6 | 16.4 | 51.9 |
Additions | 2.1 | 0.5 | \u2013 | \u2013 | 2.6 |
Disposals | (12.2) | (1.8) | \u2013 | \u2013 | (14.0) |
Foreign exchange | (0.1) | \u2013 | \u2013 | \u2013 | (0.1) |
At 31 March 2026 | 15.0 | 3.4 | 5.6 | 16.4 | 40.4 |
| Amortisation and impairment | |||||
At 1 April 2024 | (19.4) | (14.2) | (7.4) | (16.4) | (57.4) |
Amortisation | (1.5) | (0.9) | (0.2) | \u2013 | (2.6) |
Impairment | \u2013 | (0.2) | \u2013 | \u2013 | (0.2) |
Disposals | 2.8 | 11.9 | 2.6 | \u2013 | 17.3 |
Transfers | 0.1 | 0.1 | (0.2) | \u2013 | \u2013 |
At 31 March 2025 | (18.0) | (3.3) | (5.2) | (16.4) | (42.9) |
Amortisation | (1.4) | (0.6) | (0.3) | \u2013 | (2.3) |
Impairment | (1.3) | (0.3) | \u2013 | \u2013 | (1.6) |
Disposals | 12.2 | 1.8 | \u2013 | \u2013 | 14.0 |
At 31 March 2026 | (8.5) | (2.4) | (5.5) | (16.4) | (32.8) |
| Net book value | |||||
At 31 March 2026 | 6.5 | 1.0 | 0.1 | \u2013 | 7.6 |
At 31 March 2025 | 7.2 | 1.4 | 0.4 | \u2013 | 9.0 |
At 31 March 2024 | 5.8 | 1.6 | 0.7 | \u2013 | 8.1 |
2026 | 2025 | |
Discount rate (pre-tax) | 14.5% | 17.9% |
Terminal growth rate | 2.0% | 2.0% |
Next financial year\u2019s growth rate | 7.0% | \u2013 |
Annual five-year revenue growth rate for Lighting segment (after next financial year) | 4.0% | 5.0% |
Annual five-year gross margin improvement | 5.0% | 6.0% |
Stewardship allocation | 80.0% | 80.0% |
| Development | |||||
| costs | Patents | Software | Goodwill | Total | |
| $m | $m | $m | $m | $m | |
| Cost | |||||
At 1 April 2024 | 25.2 | 15.8 | 8.1 | 16.4 | 65.5 |
Additions | 2.8 | 0.8 | 0.1 | \u2013 | 3.7 |
Disposals | (2.8) | (11.9) | (2.6) | \u2013 | (17.3) |
At 31 March 2025 | 25.2 | 4.7 | 5.6 | 16.4 | 51.9 |
Additions | 2.1 | 0.5 | \u2013 | \u2013 | 2.6 |
Disposals | (12.2) | (1.8) | \u2013 | \u2013 | (14.0) |
Foreign exchange | (0.1) | \u2013 | \u2013 | \u2013 | (0.1) |
At 31 March 2026 | 15.0 | 3.4 | 5.6 | 16.4 | 40.4 |
| Amortisation and impairment | |||||
At 1 April 2024 | (19.4) | (14.2) | (7.4) | (16.4) | (57.4) |
Amortisation | (1.5) | (0.9) | (0.2) | \u2013 | (2.6) |
Impairment | \u2013 | (0.2) | \u2013 | \u2013 | (0.2) |
Disposals | 2.8 | 11.9 | 2.6 | \u2013 | 17.3 |
Transfers | 0.1 | 0.1 | (0.2) | \u2013 | \u2013 |
At 31 March 2025 | (18.0) | (3.3) | (5.2) | (16.4) | (42.9) |
Amortisation | (1.4) | (0.6) | (0.3) | \u2013 | (2.3) |
Impairment | (1.3) | (0.3) | \u2013 | \u2013 | (1.6) |
Disposals | 12.2 | 1.8 | \u2013 | \u2013 | 14.0 |
At 31 March 2026 | (8.5) | (2.4) | (5.5) | (16.4) | (32.8) |
| Net book value | |||||
At 31 March 2026 | 6.5 | 1.0 | 0.1 | \u2013 | 7.6 |
At 31 March 2025 | 7.2 | 1.4 | 0.4 | \u2013 | 9.0 |
At 31 March 2024 | 5.8 | 1.6 | 0.7 | \u2013 | 8.1 |
2026 | 2025 | |
Discount rate (pre-tax) | 14.5% | 17.9% |
Terminal growth rate | 2.0% | 2.0% |
Next financial year\u2019s growth rate | 7.0% | \u2013 |
Annual five-year revenue growth rate for Lighting segment (after next financial year) | 4.0% | 5.0% |
Annual five-year gross margin improvement | 5.0% | 6.0% |
Stewardship allocation | 80.0% | 80.0% |
| Development | |||||
| costs | Patents | Software | Goodwill | Total | |
| $m | $m | $m | $m | $m | |
| Cost | |||||
At 1 April 2024 | 25.2 | 15.8 | 8.1 | 16.4 | 65.5 |
Additions | 2.8 | 0.8 | 0.1 | \u2013 | 3.7 |
Disposals | (2.8) | (11.9) | (2.6) | \u2013 | (17.3) |
At 31 March 2025 | 25.2 | 4.7 | 5.6 | 16.4 | 51.9 |
Additions | 2.1 | 0.5 | \u2013 | \u2013 | 2.6 |
Disposals | (12.2) | (1.8) | \u2013 | \u2013 | (14.0) |
Foreign exchange | (0.1) | \u2013 | \u2013 | \u2013 | (0.1) |
At 31 March 2026 | 15.0 | 3.4 | 5.6 | 16.4 | 40.4 |
| Amortisation and impairment | |||||
At 1 April 2024 | (19.4) | (14.2) | (7.4) | (16.4) | (57.4) |
Amortisation | (1.5) | (0.9) | (0.2) | \u2013 | (2.6) |
Impairment | \u2013 | (0.2) | \u2013 | \u2013 | (0.2) |
Disposals | 2.8 | 11.9 | 2.6 | \u2013 | 17.3 |
Transfers | 0.1 | 0.1 | (0.2) | \u2013 | \u2013 |
At 31 March 2025 | (18.0) | (3.3) | (5.2) | (16.4) | (42.9) |
Amortisation | (1.4) | (0.6) | (0.3) | \u2013 | (2.3) |
Impairment | (1.3) | (0.3) | \u2013 | \u2013 | (1.6) |
Disposals | 12.2 | 1.8 | \u2013 | \u2013 | 14.0 |
At 31 March 2026 | (8.5) | (2.4) | (5.5) | (16.4) | (32.8) |
| Net book value | |||||
At 31 March 2026 | 6.5 | 1.0 | 0.1 | \u2013 | 7.6 |
At 31 March 2025 | 7.2 | 1.4 | 0.4 | \u2013 | 9.0 |
At 31 March 2024 | 5.8 | 1.6 | 0.7 | \u2013 | 8.1 |
2026 | 2025 | |
Discount rate (pre-tax) | 14.5% | 17.9% |
Terminal growth rate | 2.0% | 2.0% |
Next financial year\u2019s growth rate | 7.0% | \u2013 |
Annual five-year revenue growth rate for Lighting segment (after next financial year) | 4.0% | 5.0% |
Annual five-year gross margin improvement | 5.0% | 6.0% |
Stewardship allocation | 80.0% | 80.0% |
Assets | Liabilities | Net | ||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |
| $m | $m | $m | $m | $m | $m | |
Property, plant and equipment | \u2013 | \u2013 | (0.2) | (0.6) | (0.2) | (0.6) |
Intangible assets | \u2013 | 0.4 | (1.1) | \u2013 | (1.2) | 0.4 |
Employee benefits | 1.1 | 0.2 | \u2013 | \u2013 | 1.1 | 0.2 |
Provisions | 2.3 | 5.0 | \u2013 | \u2013 | 2.4 | 5.0 |
Right-of-use assets | \u2013 | \u2013 | (1.6) | (2.0) | (1.6) | (2.0) |
Lease liabilities | 1.9 | 2.3 | \u2013 | \u2013 | 1.9 | 2.3 |
Restricted interest | 1.9 | 1.1 | \u2013 | \u2013 | 1.9 | 1.1 |
Losses and other items | 3.4 | 2.1 | \u2013 | \u2013 | 3.4 | 2.1 |
Total | 10.6 | 11.1 | (2.9) | (2.6) | 7.7 | 8.5 |
| Property, | Right- | Losses | |||||||
| plant and | Intangible | Employee | of-use | Lease | Restricted | and other | |||
| equipment | assets | benefits | Provisions | assets | liabilities | interest | items | Total | |
| $m | $m | $m | $m | $m | $m | $m | $m | $m | |
At 1 April 2024 | (0.5) | 0.7 | (1.0) | 3.4 | (2.0) | 2.4 | 0.8 | 2.0 | 5.8 |
Recognised in income | (0.1) | (0.3) | 0.2 | 1.6 | \u2013 | (0.1) | 0.3 | 0.1 | 1.7 |
Recognised in equity | \u2013 | \u2013 | 1.0 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1.0 |
At 31 March 2025 | (0.6) | 0.4 | 0.2 | 5.0 | (2.0) | 2.3 | 1.1 | 2.1 | 8.5 |
Recognised in income | 0.4 | (1.6) | 0.7 | (2.7) | 0.4 | (0.4) | 0.8 | 1.3 | (1.1) |
Recognised in equity | \u2013 | \u2013 | 0.2 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.2 |
Foreign exchange | \u2013 | \u2013 | \u2013 | 0.1 | \u2013 | \u2013 | \u2013 | \u2013 | 0.1 |
At 31 March 2026 | (0.2) | (1.2) | 1.1 | 2.4 | (1.6) | 1.9 | 1.9 | 3.4 | 7.7 |
2026 | 2025 | |||
| All other | All other | |||
| US | jurisdictions | US | jurisdictions | |
| $m | $m | $m | $m | |
Property, plant and equipment | (0.5) | 0.3 | (0.7) | 0.1 |
Intangible assets | (1.2) | \u2013 | 0.4 | \u2013 |
Employee benefits | 0.4 | 0.7 | 0.4 | (0.2) |
Provisions | 2.4 | \u2013 | 4.0 | 1.0 |
Right-of-use assets and lease liabilities | 0.1 | 0.2 | (0.1) | 0.4 |
Restricted interest | 1.9 | \u2013 | 1.1 | \u2013 |
Losses and other items | 3.2 | 0.2 | 1.3 | 0.8 |
Total | 6.3 | 1.4 | 6.4 | 2.1 |
2026 | 2025 | |||
| Gross | Tax | Gross | Tax | |
| amount | effect | amount | effect | |
| $m | $m | $m | $m | |
Deductible temporary differences | 2.4 | 0.6 | 0.8 | 0.2 |
Tax losses | 67.5 | 17.0 | 61.1 | 15.4 |
Total | 69.9 | 17.6 | 61.9 | 15.6 |
| 2026 | 2025 | |
| Entity | $m | $m |
Dialight plc | 28.5 | 24.0 |
Dialight Europe Limited | 37.2 | 35.1 |
Dialight GmbH | 1.8 | 2.0 |
Total | 67.5 | 61.1 |
Fair value of plan assets | Defined benefit liabilities | Net balance | ||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |
| $m | $m | $m | $m | $m | $m | |
At 1 April | 20.9 | 25.6 | (18.7) | (20.2) | 2.2 | 5.4 |
| Recognised in profit or loss | ||||||
Administrative costs | (1.2) | (0.2) | \u2013 | \u2013 | (1.2) | (0.2) |
Interest income/(cost) | 1.1 | 1.2 | (1.0) | (0.9) | 0.1 | 0.3 |
Total profit or loss | (0.1) | 1.0 | (1.0) | (0.9) | (1.1) | 0.1 |
| Recognised in OCI | ||||||
| IAS 19 (loss)/gain arising from: | ||||||
\u2013 changes in financial assumptions | \u2013 | \u2013 | (0.8) | 1.2 | (0.8) | 1.2 |
\u2013 other experience items | \u2013 | \u2013 | (0.6) | 0.2 | (0.6) | 0.2 |
| \u2013 return on plan assets excluding | ||||||
interest income | (0.2) | (5.4) | \u2013 | \u2013 | (0.2) | (5.4) |
Total OCI | (0.2) | (5.4) | (1.4) | 1.4 | (1.6) | (4.0) |
Other Contributions paid by the employer | 0.5 | 0.7 | \u2013 | \u2013 | 0.5 | 0.7 |
Benefits paid | (2.4) | (1.5) | 2.4 | 1.5 | \u2013 | \u2013 |
Total other | (1.9) | (0.8) | 2.4 | 1.5 | 0.5 | 0.7 |
Foreign exchange | 0.5 | 0.5 | (0.5) | (0.5) | \u2013 | \u2013 |
At 31 March | 19.2 | 20.9 | (19.2) | (18.7) | \u2013 | 2.2 |
| Presented in the consolidated statement of financial position as: | ||||||
Employee benefit assets | 0.7 | 2.2 | ||||
Employee benefit liabilities | (0.7) | \u2013 |
| 2026 | 2025 | |
| $m | $m | |
Executive Scheme | 0.7 | 0.9 |
Main Scheme | (0.7) | 1.3 |
Total | \u2013 | 2.2 |
| 2026 | 2025 | |
| $m | $m | |
Bonds and gilts (class 2) | 0.1 | 3.5 |
Insured annuities | 18.3 | 16.0 |
Cash | 0.8 | 1.4 |
Total | 19.2 | 20.9 |
| 2026 | 2025 | |
| % | % | |
Discount rate | 4.9 | 5.3 |
Future pension increases | 2.7 | 3.2 |
Inflation: retail price index (\u201cRPI\u201d) | 2.8 | 3.3 |
Inflation: CPI | 2.3 | 2.7 |
Executive Scheme | Main Scheme | |||
| 2026 | 2025 | 2026 | 2025 | |
| Years | Years | Years | Years | |
| Life expectancy at age 65 for current pensioners | ||||
Males | 88.1 | 88.1 | 85.1 | 85.1 |
Females | 89.8 | 89.7 | 88.4 | 88.4 |
| Life expectancy at age 65 for current members aged 45 | ||||
Males | 89.1 | 89.0 | 86.1 | 86.0 |
Females | 90.8 | 90.8 | 89.5 | 89.5 |
Executive Scheme | Main Scheme | |||
| 2026 | 2025 | 2026 | 2025 | |
| $m | $m | $m | $m | |
Discount rate \u2013 increase by 0.5% | (0.1) | (0.1) | (0.6) | (0.6) |
Discount rate \u2013 decrease by 0.5% | 0.1 | 0.1 | 0.6 | 0.7 |
Rate of inflation \u2013 increase by 0.5% | 0.1 | 0.1 | 0.4 | 0.4 |
Rate of inflation \u2013 decrease by 0.5% | (0.1) | (0.1) | (0.4) | (0.4) |
Assumed life expectancy at age 65 \u2013 increase by one year | 0.1 | 0.1 | 0.9 | 0.8 |
Fair value of plan assets | Defined benefit liabilities | Net balance | ||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |
| $m | $m | $m | $m | $m | $m | |
At 1 April | 20.9 | 25.6 | (18.7) | (20.2) | 2.2 | 5.4 |
| Recognised in profit or loss | ||||||
Administrative costs | (1.2) | (0.2) | \u2013 | \u2013 | (1.2) | (0.2) |
Interest income/(cost) | 1.1 | 1.2 | (1.0) | (0.9) | 0.1 | 0.3 |
Total profit or loss | (0.1) | 1.0 | (1.0) | (0.9) | (1.1) | 0.1 |
| Recognised in OCI | ||||||
| IAS 19 (loss)/gain arising from: | ||||||
\u2013 changes in financial assumptions | \u2013 | \u2013 | (0.8) | 1.2 | (0.8) | 1.2 |
\u2013 other experience items | \u2013 | \u2013 | (0.6) | 0.2 | (0.6) | 0.2 |
| \u2013 return on plan assets excluding | ||||||
interest income | (0.2) | (5.4) | \u2013 | \u2013 | (0.2) | (5.4) |
Total OCI | (0.2) | (5.4) | (1.4) | 1.4 | (1.6) | (4.0) |
Other Contributions paid by the employer | 0.5 | 0.7 | \u2013 | \u2013 | 0.5 | 0.7 |
Benefits paid | (2.4) | (1.5) | 2.4 | 1.5 | \u2013 | \u2013 |
Total other | (1.9) | (0.8) | 2.4 | 1.5 | 0.5 | 0.7 |
Foreign exchange | 0.5 | 0.5 | (0.5) | (0.5) | \u2013 | \u2013 |
At 31 March | 19.2 | 20.9 | (19.2) | (18.7) | \u2013 | 2.2 |
| Presented in the consolidated statement of financial position as: | ||||||
Employee benefit assets | 0.7 | 2.2 | ||||
Employee benefit liabilities | (0.7) | \u2013 |
| 2026 | 2025 | |
| $m | $m | |
Executive Scheme | 0.7 | 0.9 |
Main Scheme | (0.7) | 1.3 |
Total | \u2013 | 2.2 |
| 2026 | 2025 | |
| $m | $m | |
Bonds and gilts (class 2) | 0.1 | 3.5 |
Insured annuities | 18.3 | 16.0 |
Cash | 0.8 | 1.4 |
Total | 19.2 | 20.9 |
| 2026 | 2025 | |
| % | % | |
Discount rate | 4.9 | 5.3 |
Future pension increases | 2.7 | 3.2 |
Inflation: retail price index (\u201cRPI\u201d) | 2.8 | 3.3 |
Inflation: CPI | 2.3 | 2.7 |
Executive Scheme | Main Scheme | |||
| 2026 | 2025 | 2026 | 2025 | |
| Years | Years | Years | Years | |
| Life expectancy at age 65 for current pensioners | ||||
Males | 88.1 | 88.1 | 85.1 | 85.1 |
Females | 89.8 | 89.7 | 88.4 | 88.4 |
| Life expectancy at age 65 for current members aged 45 | ||||
Males | 89.1 | 89.0 | 86.1 | 86.0 |
Females | 90.8 | 90.8 | 89.5 | 89.5 |
Executive Scheme | Main Scheme | |||
| 2026 | 2025 | 2026 | 2025 | |
| $m | $m | $m | $m | |
Discount rate \u2013 increase by 0.5% | (0.1) | (0.1) | (0.6) | (0.6) |
Discount rate \u2013 decrease by 0.5% | 0.1 | 0.1 | 0.6 | 0.7 |
Rate of inflation \u2013 increase by 0.5% | 0.1 | 0.1 | 0.4 | 0.4 |
Rate of inflation \u2013 decrease by 0.5% | (0.1) | (0.1) | (0.4) | (0.4) |
Assumed life expectancy at age 65 \u2013 increase by one year | 0.1 | 0.1 | 0.9 | 0.8 |
Executive Scheme | Main Scheme | |||
| 2026 | 2025 | 2026 | 2025 | |
| $m | $m | $m | $m | |
Discount rate \u2013 increase by 0.5% | (0.1) | (0.1) | (0.6) | (0.6) |
Discount rate \u2013 decrease by 0.5% | 0.1 | 0.1 | 0.6 | 0.7 |
Rate of inflation \u2013 increase by 0.5% | 0.1 | 0.1 | 0.4 | 0.4 |
Rate of inflation \u2013 decrease by 0.5% | (0.1) | (0.1) | (0.4) | (0.4) |
Assumed life expectancy at age 65 \u2013 increase by one year | 0.1 | 0.1 | 0.9 | 0.8 |
| 2026 | 2025 | |
| $m | $m | |
Raw materials and consumables | 11.8 | 20.0 |
Work in progress | 7.8 | 10.7 |
Finished goods | 10.4 | 15.7 |
30.0 | 46.4 | |
Spare parts | \u2013 | 0.2 |
Total | 30.0 | 46.6 |
| 2026 | 2025 | ||
| Note | $m | $m | |
Gross trade receivables | 27.5 | 30.7 | |
ECL provision | 24 | (2.4) | (2.1) |
Net trade receivables | 25.1 | 28.6 | |
Other receivables | 0.7 | 3.1 | |
Prepayments | 2.0 | 2.6 | |
Total | 27.8 | 34.3 |
| 2026 | 2025 | |
| $m | $m | |
Other receivables | 0.7 | 0.5 |
| 2026 | 2025 | ||
| Note | $m | $m | |
Gross trade receivables | 27.5 | 30.7 | |
ECL provision | 24 | (2.4) | (2.1) |
Net trade receivables | 25.1 | 28.6 | |
Other receivables | 0.7 | 3.1 | |
Prepayments | 2.0 | 2.6 | |
Total | 27.8 | 34.3 |
| 2026 | 2025 | |
| $m | $m | |
Other receivables | 0.7 | 0.5 |
| 2026 | 2025 | ||
| Note | $m | $m | |
Gross trade receivables | 27.5 | 30.7 | |
ECL provision | 24 | (2.4) | (2.1) |
Net trade receivables | 25.1 | 28.6 | |
Other receivables | 0.7 | 3.1 | |
Prepayments | 2.0 | 2.6 | |
Total | 27.8 | 34.3 |
| 2026 | 2025 | ||
| Note | $m | $m | |
Gross trade receivables | 27.5 | 30.7 | |
ECL provision | 24 | (2.4) | (2.1) |
Net trade receivables | 25.1 | 28.6 | |
Other receivables | 0.7 | 3.1 | |
Prepayments | 2.0 | 2.6 | |
Total | 27.8 | 34.3 |
| 2026 | 2025 | |
| $m | $m | |
Other receivables | 0.7 | 0.5 |
| 2026 | 2025 | |
| $m | $m | |
Cash at bank available on demand | 6.3 | 7.9 |
Cash equivalents: short-term deposits | 0.8 | \u2013 |
Total cash and cash equivalents | 7.1 | 7.9 |
| 2026 | 2025 | |
| $m | $m | |
Trade payables | 13.3 | 18.9 |
Other taxes and social security | 0.9 | 3.0 |
Sanmina liability | \u2013 | 3.5 |
Other payables and accrued expenses | 18.1 | 14.7 |
Total | 32.3 | 40.1 |
| 2026 | 2025 | |
| $m | $m | |
Sanmina liability | \u2013 | 3.8 |
| 2026 | 2025 | |
| $m | $m | |
Trade payables | 13.3 | 18.9 |
Other taxes and social security | 0.9 | 3.0 |
Sanmina liability | \u2013 | 3.5 |
Other payables and accrued expenses | 18.1 | 14.7 |
Total | 32.3 | 40.1 |
| 2026 | 2025 | |
| $m | $m | |
Sanmina liability | \u2013 | 3.8 |
| 2026 | 2025 | |
| $m | $m | |
Trade payables | 13.3 | 18.9 |
Other taxes and social security | 0.9 | 3.0 |
Sanmina liability | \u2013 | 3.5 |
Other payables and accrued expenses | 18.1 | 14.7 |
Total | 32.3 | 40.1 |
| 2026 | 2025 | |
| $m | $m | |
Sanmina liability | \u2013 | 3.8 |
| Lease | Onerous | |||
| Warranty | dilapidations | contract | Total | |
| $m | $m | $m | $m | |
At 1 April 2025 | 2.9 | 0.7 | 0.9 | 4.5 |
Recognised | 1.5 | 0.1 | \u2013 | 1.6 |
Utilised | (1.2) | \u2013 | (0.9) | (2.1) |
Released | (0.3) | \u2013 | \u2013 | (0.3) |
At 31 March 2026 | 2.9 | 0.8 | \u2013 | 3.7 |
| Presented in the consolidated statement of financial position as: | ||||
Current | 1.4 | \u2013 | \u2013 | 1.4 |
Non-current | 1.5 | 0.8 | \u2013 | 2.3 |
| 2026 | 2025 | |
| $m | $m | |
At 1 April | 25.7 | 27.9 |
Drawdown | 3.9 | 3.0 |
Repayment | (20.8) | (5.2) |
Foreign exchange | 0.2 | \u2013 |
At 31 March | 9.0 | 25.7 |
Ratio | Calculation | Covenant |
Leverage ratio | Net bank debt/Adjusted EBITDA | <3.0x |
Interest cover | Adjusted EBITDA/Net interest expense | >4.0x |
| Lease | Sanmina | ||||
| Borrowings | liabilities | liability | Total | ||
| Note | $m | $m | $m | $m | |
At 1 April 2024 | 27.9 | 10.1 | \u2013 | 38.0 | |
| Cash flows: | |||||
Proceeds | 3.0 | \u2013 | \u2013 | 3.0 | |
Repayments | (5.2) | (2.3) | (4.0) | (11.5) | |
| Non-cash movements: | |||||
Additions | \u2013 | 2.1 | 11.3 | 13.4 | |
Foreign exchange | \u2013 | 0.1 | \u2013 | 0.1 | |
At 31 March 2025 | 25.7 | 10.0 | 7.3 | 43.0 | |
| Cash flows: | |||||
Proceeds | 3.9 | \u2013 | \u2013 | 3.9 | |
Repayments | (20.8) | (2.5) | (7.7) | (31.0) | |
| Non-cash movements: | |||||
Additions | \u2013 | 0.6 | \u2013 | 0.6 | |
Unwind of Sanmina settlement | 9 | \u2013 | \u2013 | 0.4 | 0.4 |
Foreign exchange | 0.2 | 0.2 | \u2013 | 0.4 | |
At 31 March 2026 | 9.0 | 8.3 | \u2013 | 17.3 |
2026 | 2025 | |||
| Gross | Gross | |||
| carrying | ECL | carrying | ECL | |
| amount | provision | amount | provision | |
| $m | $m | $m | $m | |
Not past due | 22.1 | \u2013 | 23.9 | \u2013 |
Past due 0\u201330 days | 2.3 | \u2013 | 3.0 | \u2013 |
Past due 31\u2013120 days | 0.7 | \u2013 | 3.5 | (1.8) |
Past 121+ days | 2.4 | (2.4) | 0.3 | (0.3) |
Total | 27.5 | (2.4) | 30.7 | (2.1) |
| 2026 | 2025 | |
| $m | $m | |
At 1 April | (2.1) | \u2013 |
Recognised | (0.7) | (2.1) |
Reversed | 0.2 | \u2013 |
Utilised | 0.2 | \u2013 |
At 31 March | (2.4) | (2.1) |
2026 | 2025 (restated 1 ) | |||
| Canadian | Canadian | |||
| dollar | Euro | dollar | Euro | |
| $m | $m | $m | $m | |
Trade and other receivables | 3.1 | 0.7 | 2.9 | 1.3 |
Cash and cash equivalents | 0.3 | 0.2 | 0.4 | 0.4 |
Trade and other payables | \u2013 | (0.3) | \u2013 | (0.2) |
Total | 3.4 | 0.6 | 3.3 | 1.5 |
2026 | 2025 | |
| Average for the year: | ||
Australian dollar | 1.5136 | 1.5336 |
Canadian dollar | 1.3815 | 1.3911 |
Euro | 0.8626 | 0.9318 |
Malaysian ringgit | 4.1619 | 4.5053 |
Mexican peso | 18.5041 | 19.1539 |
Pound sterling | 0.7461 | 0.7840 |
2026 | 2025 | |
| At balance sheet date: | ||
Australian dollar | 1.4545 | 1.5857 |
Canadian dollar | 1.3892 | 1.4293 |
Euro | 0.8686 | 0.9273 |
Malaysian ringgit | 3.9672 | 4.4297 |
Mexican peso | 18.1052 | 20.2480 |
Pound sterling | 0.7543 | 0.7733 |
| Due | Due | Due | |||||
| between | between | between | |||||
| Carrying | Contractual | Due within | 2 months | 1 and 2 | 2 and 5 | Due after | |
| amount | cash flow | 2 months | and 1 year | years | years | 5 years | |
| 2026 | $m | $m | $m | $m | $m | $m | $m |
| Non-derivative financial liabilities: | |||||||
Trade and other payables and accrued expenses | (31.4) | (31.4) | (18.6) | (12.8) | \u2013 | \u2013 | \u2013 |
Borrowings | (9.0) | (9.0) | \u2013 | \u2013 | (9.0) | \u2013 | \u2013 |
Lease liabilities | (8.3) | (9.0) | (0.5) | (2.6) | (3.1) | (2.1) | (0.7) |
Total | (48.7) | (49.4) | (19.1) | (15.4) | (12.1) | (2.1) | (0.7) |
| Due between | Due between | Due between | |||||
| Carrying | Contractual | Due within | 2 months | 1 and 2 | 2 and 5 | Due after | |
| amount | cash flow | 2 months | and 1 year | years | years | 5 years | |
| 2025 | $m | $m | $m | $m | $m | $m | $m |
| Non-derivative financial liabilities: | |||||||
Trade and other payables and accrued expenses (restated 1 ) | (33.6) | (33.6) | (19.1) | (14.5) | \u2013 | \u2013 | \u2013 |
Sanmina liability | (7.3) | (8.0) | \u2013 | (4.0) | (4.0) | \u2013 | \u2013 |
Borrowings | (25.7) | (25.7) | \u2013 | \u2013 | (25.7) | \u2013 | \u2013 |
Lease liabilities | (10.0) | (11.2) | (0.5) | (2.5) | (2.8) | (5.3) | (0.1) |
Total (restated 1 ) | (76.6) | (78.5) | (19.6) | (21.0) | (32.5) | (5.3) | (0.1) |
2026 | 2025 | |||
| Carrying | Carrying | |||
| amount | Fair value | amount | Fair value | |
| $m | $m | $m | $m | |
| Financial assets | ||||
Cash and cash equivalents | 7.1 | 7.1 | 7.9 | 7.9 |
| Loans and receivables | ||||
Trade and other receivables | 26.5 | 26.5 | 31.7 | 31.7 |
Total financial assets | 33.6 | 33.6 | 39.6 | 39.6 |
| Financial liabilities | ||||
Trade and other payables and accrued expenses | (31.4) | (31.4) | (33.6) | (33.6) |
Sanmina liability | \u2013 | \u2013 | (7.3) | (7.3) |
Borrowings | (9.0) | (9.0) | (25.7) | (25.7) |
Lease liabilities | (8.3) | (8.3) | (10.0) | (10.0) |
Total financial liabilities | (48.7) | (48.7) | (76.6) | (76.6) |
| 2026 | 2025 | |
| $m | $m | |
At 1 April | 25.7 | 27.9 |
Drawdown | 3.9 | 3.0 |
Repayment | (20.8) | (5.2) |
Foreign exchange | 0.2 | \u2013 |
At 31 March | 9.0 | 25.7 |
Ratio | Calculation | Covenant |
Leverage ratio | Net bank debt/Adjusted EBITDA | <3.0x |
Interest cover | Adjusted EBITDA/Net interest expense | >4.0x |
| Lease | Sanmina | ||||
| Borrowings | liabilities | liability | Total | ||
| Note | $m | $m | $m | $m | |
At 1 April 2024 | 27.9 | 10.1 | \u2013 | 38.0 | |
| Cash flows: | |||||
Proceeds | 3.0 | \u2013 | \u2013 | 3.0 | |
Repayments | (5.2) | (2.3) | (4.0) | (11.5) | |
| Non-cash movements: | |||||
Additions | \u2013 | 2.1 | 11.3 | 13.4 | |
Foreign exchange | \u2013 | 0.1 | \u2013 | 0.1 | |
At 31 March 2025 | 25.7 | 10.0 | 7.3 | 43.0 | |
| Cash flows: | |||||
Proceeds | 3.9 | \u2013 | \u2013 | 3.9 | |
Repayments | (20.8) | (2.5) | (7.7) | (31.0) | |
| Non-cash movements: | |||||
Additions | \u2013 | 0.6 | \u2013 | 0.6 | |
Unwind of Sanmina settlement | 9 | \u2013 | \u2013 | 0.4 | 0.4 |
Foreign exchange | 0.2 | 0.2 | \u2013 | 0.4 | |
At 31 March 2026 | 9.0 | 8.3 | \u2013 | 17.3 |
| 2026 | 2025 | |
| $m | $m | |
At 1 April | 25.7 | 27.9 |
Drawdown | 3.9 | 3.0 |
Repayment | (20.8) | (5.2) |
Foreign exchange | 0.2 | \u2013 |
At 31 March | 9.0 | 25.7 |
Ratio | Calculation | Covenant |
Leverage ratio | Net bank debt/Adjusted EBITDA | <3.0x |
Interest cover | Adjusted EBITDA/Net interest expense | >4.0x |
| Lease | Sanmina | ||||
| Borrowings | liabilities | liability | Total | ||
| Note | $m | $m | $m | $m | |
At 1 April 2024 | 27.9 | 10.1 | \u2013 | 38.0 | |
| Cash flows: | |||||
Proceeds | 3.0 | \u2013 | \u2013 | 3.0 | |
Repayments | (5.2) | (2.3) | (4.0) | (11.5) | |
| Non-cash movements: | |||||
Additions | \u2013 | 2.1 | 11.3 | 13.4 | |
Foreign exchange | \u2013 | 0.1 | \u2013 | 0.1 | |
At 31 March 2025 | 25.7 | 10.0 | 7.3 | 43.0 | |
| Cash flows: | |||||
Proceeds | 3.9 | \u2013 | \u2013 | 3.9 | |
Repayments | (20.8) | (2.5) | (7.7) | (31.0) | |
| Non-cash movements: | |||||
Additions | \u2013 | 0.6 | \u2013 | 0.6 | |
Unwind of Sanmina settlement | 9 | \u2013 | \u2013 | 0.4 | 0.4 |
Foreign exchange | 0.2 | 0.2 | \u2013 | 0.4 | |
At 31 March 2026 | 9.0 | 8.3 | \u2013 | 17.3 |
2026 | 2025 | |||
| Gross | Gross | |||
| carrying | ECL | carrying | ECL | |
| amount | provision | amount | provision | |
| $m | $m | $m | $m | |
Not past due | 22.1 | \u2013 | 23.9 | \u2013 |
Past due 0\u201330 days | 2.3 | \u2013 | 3.0 | \u2013 |
Past due 31\u2013120 days | 0.7 | \u2013 | 3.5 | (1.8) |
Past 121+ days | 2.4 | (2.4) | 0.3 | (0.3) |
Total | 27.5 | (2.4) | 30.7 | (2.1) |
| 2026 | 2025 | |
| $m | $m | |
At 1 April | (2.1) | \u2013 |
Recognised | (0.7) | (2.1) |
Reversed | 0.2 | \u2013 |
Utilised | 0.2 | \u2013 |
At 31 March | (2.4) | (2.1) |
2026 | 2025 (restated 1 ) | |||
| Canadian | Canadian | |||
| dollar | Euro | dollar | Euro | |
| $m | $m | $m | $m | |
Trade and other receivables | 3.1 | 0.7 | 2.9 | 1.3 |
Cash and cash equivalents | 0.3 | 0.2 | 0.4 | 0.4 |
Trade and other payables | \u2013 | (0.3) | \u2013 | (0.2) |
Total | 3.4 | 0.6 | 3.3 | 1.5 |
2026 | 2025 | |
| Average for the year: | ||
Australian dollar | 1.5136 | 1.5336 |
Canadian dollar | 1.3815 | 1.3911 |
Euro | 0.8626 | 0.9318 |
Malaysian ringgit | 4.1619 | 4.5053 |
Mexican peso | 18.5041 | 19.1539 |
Pound sterling | 0.7461 | 0.7840 |
2026 | 2025 | |
| At balance sheet date: | ||
Australian dollar | 1.4545 | 1.5857 |
Canadian dollar | 1.3892 | 1.4293 |
Euro | 0.8686 | 0.9273 |
Malaysian ringgit | 3.9672 | 4.4297 |
Mexican peso | 18.1052 | 20.2480 |
Pound sterling | 0.7543 | 0.7733 |
| Due | Due | Due | |||||
| between | between | between | |||||
| Carrying | Contractual | Due within | 2 months | 1 and 2 | 2 and 5 | Due after | |
| amount | cash flow | 2 months | and 1 year | years | years | 5 years | |
| 2026 | $m | $m | $m | $m | $m | $m | $m |
| Non-derivative financial liabilities: | |||||||
Trade and other payables and accrued expenses | (31.4) | (31.4) | (18.6) | (12.8) | \u2013 | \u2013 | \u2013 |
Borrowings | (9.0) | (9.0) | \u2013 | \u2013 | (9.0) | \u2013 | \u2013 |
Lease liabilities | (8.3) | (9.0) | (0.5) | (2.6) | (3.1) | (2.1) | (0.7) |
Total | (48.7) | (49.4) | (19.1) | (15.4) | (12.1) | (2.1) | (0.7) |
| Due between | Due between | Due between | |||||
| Carrying | Contractual | Due within | 2 months | 1 and 2 | 2 and 5 | Due after | |
| amount | cash flow | 2 months | and 1 year | years | years | 5 years | |
| 2025 | $m | $m | $m | $m | $m | $m | $m |
| Non-derivative financial liabilities: | |||||||
Trade and other payables and accrued expenses (restated 1 ) | (33.6) | (33.6) | (19.1) | (14.5) | \u2013 | \u2013 | \u2013 |
Sanmina liability | (7.3) | (8.0) | \u2013 | (4.0) | (4.0) | \u2013 | \u2013 |
Borrowings | (25.7) | (25.7) | \u2013 | \u2013 | (25.7) | \u2013 | \u2013 |
Lease liabilities | (10.0) | (11.2) | (0.5) | (2.5) | (2.8) | (5.3) | (0.1) |
Total (restated 1 ) | (76.6) | (78.5) | (19.6) | (21.0) | (32.5) | (5.3) | (0.1) |
2026 | 2025 | |||
| Carrying | Carrying | |||
| amount | Fair value | amount | Fair value | |
| $m | $m | $m | $m | |
| Financial assets | ||||
Cash and cash equivalents | 7.1 | 7.1 | 7.9 | 7.9 |
| Loans and receivables | ||||
Trade and other receivables | 26.5 | 26.5 | 31.7 | 31.7 |
Total financial assets | 33.6 | 33.6 | 39.6 | 39.6 |
| Financial liabilities | ||||
Trade and other payables and accrued expenses | (31.4) | (31.4) | (33.6) | (33.6) |
Sanmina liability | \u2013 | \u2013 | (7.3) | (7.3) |
Borrowings | (9.0) | (9.0) | (25.7) | (25.7) |
Lease liabilities | (8.3) | (8.3) | (10.0) | (10.0) |
Total financial liabilities | (48.7) | (48.7) | (76.6) | (76.6) |
2026 | 2025 | |||
| Gross | Gross | |||
| carrying | ECL | carrying | ECL | |
| amount | provision | amount | provision | |
| $m | $m | $m | $m | |
Not past due | 22.1 | \u2013 | 23.9 | \u2013 |
Past due 0\u201330 days | 2.3 | \u2013 | 3.0 | \u2013 |
Past due 31\u2013120 days | 0.7 | \u2013 | 3.5 | (1.8) |
Past 121+ days | 2.4 | (2.4) | 0.3 | (0.3) |
Total | 27.5 | (2.4) | 30.7 | (2.1) |
| 2026 | 2025 | |
| $m | $m | |
At 1 April | (2.1) | \u2013 |
Recognised | (0.7) | (2.1) |
Reversed | 0.2 | \u2013 |
Utilised | 0.2 | \u2013 |
At 31 March | (2.4) | (2.1) |
2026 | 2025 (restated 1 ) | |||
| Canadian | Canadian | |||
| dollar | Euro | dollar | Euro | |
| $m | $m | $m | $m | |
Trade and other receivables | 3.1 | 0.7 | 2.9 | 1.3 |
Cash and cash equivalents | 0.3 | 0.2 | 0.4 | 0.4 |
Trade and other payables | \u2013 | (0.3) | \u2013 | (0.2) |
Total | 3.4 | 0.6 | 3.3 | 1.5 |
2026 | 2025 | |
| Average for the year: | ||
Australian dollar | 1.5136 | 1.5336 |
Canadian dollar | 1.3815 | 1.3911 |
Euro | 0.8626 | 0.9318 |
Malaysian ringgit | 4.1619 | 4.5053 |
Mexican peso | 18.5041 | 19.1539 |
Pound sterling | 0.7461 | 0.7840 |
2026 | 2025 | |
| At balance sheet date: | ||
Australian dollar | 1.4545 | 1.5857 |
Canadian dollar | 1.3892 | 1.4293 |
Euro | 0.8686 | 0.9273 |
Malaysian ringgit | 3.9672 | 4.4297 |
Mexican peso | 18.1052 | 20.2480 |
Pound sterling | 0.7543 | 0.7733 |
| Due | Due | Due | |||||
| between | between | between | |||||
| Carrying | Contractual | Due within | 2 months | 1 and 2 | 2 and 5 | Due after | |
| amount | cash flow | 2 months | and 1 year | years | years | 5 years | |
| 2026 | $m | $m | $m | $m | $m | $m | $m |
| Non-derivative financial liabilities: | |||||||
Trade and other payables and accrued expenses | (31.4) | (31.4) | (18.6) | (12.8) | \u2013 | \u2013 | \u2013 |
Borrowings | (9.0) | (9.0) | \u2013 | \u2013 | (9.0) | \u2013 | \u2013 |
Lease liabilities | (8.3) | (9.0) | (0.5) | (2.6) | (3.1) | (2.1) | (0.7) |
Total | (48.7) | (49.4) | (19.1) | (15.4) | (12.1) | (2.1) | (0.7) |
| Due between | Due between | Due between | |||||
| Carrying | Contractual | Due within | 2 months | 1 and 2 | 2 and 5 | Due after | |
| amount | cash flow | 2 months | and 1 year | years | years | 5 years | |
| 2025 | $m | $m | $m | $m | $m | $m | $m |
| Non-derivative financial liabilities: | |||||||
Trade and other payables and accrued expenses (restated 1 ) | (33.6) | (33.6) | (19.1) | (14.5) | \u2013 | \u2013 | \u2013 |
Sanmina liability | (7.3) | (8.0) | \u2013 | (4.0) | (4.0) | \u2013 | \u2013 |
Borrowings | (25.7) | (25.7) | \u2013 | \u2013 | (25.7) | \u2013 | \u2013 |
Lease liabilities | (10.0) | (11.2) | (0.5) | (2.5) | (2.8) | (5.3) | (0.1) |
Total (restated 1 ) | (76.6) | (78.5) | (19.6) | (21.0) | (32.5) | (5.3) | (0.1) |
2026 | 2025 | |||
| Carrying | Carrying | |||
| amount | Fair value | amount | Fair value | |
| $m | $m | $m | $m | |
| Financial assets | ||||
Cash and cash equivalents | 7.1 | 7.1 | 7.9 | 7.9 |
| Loans and receivables | ||||
Trade and other receivables | 26.5 | 26.5 | 31.7 | 31.7 |
Total financial assets | 33.6 | 33.6 | 39.6 | 39.6 |
| Financial liabilities | ||||
Trade and other payables and accrued expenses | (31.4) | (31.4) | (33.6) | (33.6) |
Sanmina liability | \u2013 | \u2013 | (7.3) | (7.3) |
Borrowings | (9.0) | (9.0) | (25.7) | (25.7) |
Lease liabilities | (8.3) | (8.3) | (10.0) | (10.0) |
Total financial liabilities | (48.7) | (48.7) | (76.6) | (76.6) |
2026 | 2025 | |||
| Carrying | Carrying | |||
| amount | Fair value | amount | Fair value | |
| $m | $m | $m | $m | |
| Financial assets | ||||
Cash and cash equivalents | 7.1 | 7.1 | 7.9 | 7.9 |
| Loans and receivables | ||||
Trade and other receivables | 26.5 | 26.5 | 31.7 | 31.7 |
Total financial assets | 33.6 | 33.6 | 39.6 | 39.6 |
| Financial liabilities | ||||
Trade and other payables and accrued expenses | (31.4) | (31.4) | (33.6) | (33.6) |
Sanmina liability | \u2013 | \u2013 | (7.3) | (7.3) |
Borrowings | (9.0) | (9.0) | (25.7) | (25.7) |
Lease liabilities | (8.3) | (8.3) | (10.0) | (10.0) |
Total financial liabilities | (48.7) | (48.7) | (76.6) | (76.6) |
2026 | 2025 | |||
| Value | Value | |||
| Number | $m | Number | $m | |
| Authorised | ||||
Ordinary shares of 1.89p each Issued and fully paid | 40,406,483 | 1.2 | 40,202,936 | 1.2 |
At 1 April | 40,202,936 | 1.2 | 40,027,281 | 1.2 |
Ordinary shares issued | 203,547 | \u2013 | 175,655 | \u2013 |
At 31 March | 40,406,483 | 1.2 | 40,202,936 | 1.2 |
2026 | 2025 | |||
| Value | Value | |||
| Number | $m | Number | $m | |
| Authorised | ||||
Ordinary shares of 1.89p each Issued and fully paid | 40,406,483 | 1.2 | 40,202,936 | 1.2 |
At 1 April | 40,202,936 | 1.2 | 40,027,281 | 1.2 |
Ordinary shares issued | 203,547 | \u2013 | 175,655 | \u2013 |
At 31 March | 40,406,483 | 1.2 | 40,202,936 | 1.2 |
| Number | Number | ||||||
| of awards | of awards | ||||||
| outstanding | outstanding | ||||||
| Fair value | at 1 April | at 31 March | |||||
| Date of award | per share | Maturity date | 2025 | Granted | Exercised | Forfeited | 2026 |
5 April 2021 | \u00a32.57 | 5 April 2024 | 26,017 | \u2013 | (26,017) | \u2013 | \u2013 |
5 April 2022 | \u00a33.49 | 5 April 2025 | 175,655 | \u2013 | (175,655) | \u2013 | \u2013 |
5 April 2023 | \u00a32.03 | 5 April 2026 | 347,989 | \u2013 | \u2013 | (44,667) | 303,322 |
13 August 2024 | \u00a31.78 | 13 August 2027 | 510,208 | \u2013 | \u2013 | (124,435) | 385,773 |
6 August 2025 | \u00a31.96 | 6 August 2028 | \u2013 | 423,485 | \u2013 | (91,149) | 332,336 |
Total | 1,059,869 | 423,485 | (201,672) | (260,251) | 1,021,431 |
| Number of units | Number of units | |||||
| outstanding | outstanding | |||||
| Fair value | at 1 April | at 31 March | ||||
| Date of award | per share | Maturity date | Vesting period | 2025 | Granted | 2026 |
19 March 2025 | \u00a389.81 | 31 March 2027 | 3 years | 335 | \u2013 | 335 |
19 March 2025 | \u00a3196.61 | 31 March 2028 | 4 years | 335 | \u2013 | 335 |
3 July 2025 | \u00a3380.31 | 31 March 2027 | 3 years | \u2013 | 85 | 85 |
3 July 2025 | \u00a3622.39 | 31 March 2028 | 4 years | \u2013 | 85 | 85 |
24 March 2026 | \u00a3685.60 | 31 March 2027 | 3 years | \u2013 | 56 | 56 |
24 March 2026 | \u00a31,191.37 | 31 March 2028 | 4 years | \u2013 | 54 | 54 |
Total | 670 | 280 | 950 |
| 2026 | 2025 | |
| $m | $m | |
Contracted capital commitments | 0.6 | 2.3 |
| 2026 | 2025 | |
| $m | $m | |
Contracted capital commitments | 0.6 | 2.3 |
| 2026 | 2025 | ||
| Note | $m | $m | |
Gross profit | 65.1 | 66.5 | |
Non-underlying items (see below) | 7 | \u2013 | (1.2) |
Underlying gross profit | 5 | 65.1 | 65.3 |
Operating profit/(loss) | 5 | 6.2 | (11.6) |
Non-underlying items | 7 | 4.0 | 21.6 |
Loss/(gain) on disposal of business | 0.1 | (5.8) | |
Depreciation of property, plant and equipment | 3.1 | 3.2 | |
Loss on disposal of property, plant and equipment | \u2013 | 0.3 | |
Depreciation of right-of-use assets | 2.6 | 2.5 | |
Amortisation of intangible assets | 15 | 2.3 | 2.6 |
Impairment of intangible assets | 1.5 | 0.1 | |
Underlying EBITDA | 19.8 | 12.9 | |
Operating profit/(loss) | 5 | 6.2 | (11.6) |
Non-underlying items | 7 | 4.0 | 21.6 |
Loss/(gain) on disposal of business | 0.1 | (5.8) | |
Underlying operating profit | 5 | 10.3 | 4.2 |
Cash generated by operations | 35.4 | 12.4 | |
Cash impact of non-underlying items | 7 | 1.8 | 10.2 |
Lease payments (including interest paid) | (3.0) | (2.9) | |
Underlying operating cash flow | 34.2 | 19.7 |
| Percentage | ||||||
| Name | owned | Registered office | Principal activity | |||
| Trading companies | ||||||
Dialight Corporation | 100% | 1501 | Route, 34 South Farmingdale, | Design, assembly and sale of Lighting | ||
NJ | 07727, | United States | and Signals & Components products | |||
Dialight Europe Limited \u2020 | 100% | 60 Petty France, London, SW1H 9EU, | Sale of Lighting products | |||
| United Kingdom | ||||||
Dialight GmbH | 100% | Maximilianstra\u00dfe 54, 80538 M\u00fcnchen, | Sale of Lighting products | |||
| Germany | ||||||
| Dialight ILS Australia Pty | 87. 5% | Spectrum L2, 100 Railway Road, | Sale of Lighting products | |||
| Limited | Subiaco, WA, 6008, Australia | |||||
Dialight Asia Pte. Ltd. | 75% | 56 Kallang Pudding Road, #09-08, HH@ | Sale of Lighting products | |||
Kallang, | 349328, | Singapore | ||||
Dialight Penang Sdn. Bhd. | 100% | No. | 14 | 78B, | Lorong Perusahaan Maju 8, | Assembly and sale of Lighting and |
| Kawasan Perusahaan, Perai, 13600 Perai | Signals & Components products | |||||
| Penang, Malaysia | ||||||
| Dialight de M\u00e9xico, S. de R.L. | 100% | Calle Lirios S/N Colona Pacheco | Assembly and sale of Lighting and | |||
| de C.V. | Ensenada, Baja California, Mexico | Signals & Components products | ||||
| Dialight Latin America, S. de | Calle Lirios S/N Colona Pacheco | Sale of Lighting and Signals & | ||||
R.L. de C.V. | 100% | Ensenada, Baja California, Mexico | Components products | |||
| Other companies | ||||||
Belling Lee Limited \u2020 | 100% | 60 Petty France, London, SW1H 9EU, | Intermediary holding company | |||
| United Kingdom | ||||||
Roxboro Overseas Limited \u2020 | 100% | 60 Petty France, London, SW1H 9EU, | Intermediary holding company | |||
| United Kingdom | ||||||
| The Roxboro Trust Company | 100% | 60 Petty France, London, SW1H 9EU, | Dormant company | |||
Limited \u2020 | United Kingdom | |||||
| The Roxboro UK Pension | 50% | 60 Petty France, London, SW1H 9EU, | Corporate pension fund Trustee | |||
| Trustee Limited | United Kingdom | |||||
Roxboro Holdings Inc. | 100% | Trust Centre, 1209 Orange Street City of | The Corporation Trust Co. Corporation | Intermediary holding company | ||
| Wilmington, County of New Castle DE, | ||||||
| United States |
Name | Registered number |
Dialight Europe Limited | 00186538 |
Belling Lee Limited | 02534149 |
Roxboro Overseas Limited | 02534146 |
| Percentage | ||||||
| Name | owned | Registered office | Principal activity | |||
| Trading companies | ||||||
Dialight Corporation | 100% | 1501 | Route, 34 South Farmingdale, | Design, assembly and sale of Lighting | ||
NJ | 07727, | United States | and Signals & Components products | |||
Dialight Europe Limited \u2020 | 100% | 60 Petty France, London, SW1H 9EU, | Sale of Lighting products | |||
| United Kingdom | ||||||
Dialight GmbH | 100% | Maximilianstra\u00dfe 54, 80538 M\u00fcnchen, | Sale of Lighting products | |||
| Germany | ||||||
| Dialight ILS Australia Pty | 87. 5% | Spectrum L2, 100 Railway Road, | Sale of Lighting products | |||
| Limited | Subiaco, WA, 6008, Australia | |||||
Dialight Asia Pte. Ltd. | 75% | 56 Kallang Pudding Road, #09-08, HH@ | Sale of Lighting products | |||
Kallang, | 349328, | Singapore | ||||
Dialight Penang Sdn. Bhd. | 100% | No. | 14 | 78B, | Lorong Perusahaan Maju 8, | Assembly and sale of Lighting and |
| Kawasan Perusahaan, Perai, 13600 Perai | Signals & Components products | |||||
| Penang, Malaysia | ||||||
| Dialight de M\u00e9xico, S. de R.L. | 100% | Calle Lirios S/N Colona Pacheco | Assembly and sale of Lighting and | |||
| de C.V. | Ensenada, Baja California, Mexico | Signals & Components products | ||||
| Dialight Latin America, S. de | Calle Lirios S/N Colona Pacheco | Sale of Lighting and Signals & | ||||
R.L. de C.V. | 100% | Ensenada, Baja California, Mexico | Components products | |||
| Other companies | ||||||
Belling Lee Limited \u2020 | 100% | 60 Petty France, London, SW1H 9EU, | Intermediary holding company | |||
| United Kingdom | ||||||
Roxboro Overseas Limited \u2020 | 100% | 60 Petty France, London, SW1H 9EU, | Intermediary holding company | |||
| United Kingdom | ||||||
| The Roxboro Trust Company | 100% | 60 Petty France, London, SW1H 9EU, | Dormant company | |||
Limited \u2020 | United Kingdom | |||||
| The Roxboro UK Pension | 50% | 60 Petty France, London, SW1H 9EU, | Corporate pension fund Trustee | |||
| Trustee Limited | United Kingdom | |||||
Roxboro Holdings Inc. | 100% | Trust Centre, 1209 Orange Street City of | The Corporation Trust Co. Corporation | Intermediary holding company | ||
| Wilmington, County of New Castle DE, | ||||||
| United States |
Name | Registered number |
Dialight Europe Limited | 00186538 |
Belling Lee Limited | 02534149 |
Roxboro Overseas Limited | 02534146 |