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"value": "1. Significant accounting policiesGeneral informationSeverfield plc (\u2018the Company\u2019) is a company incorporated in the United Kingdom under the Companies Act 2006. The address of the registered office is provided on page 215. The registered number of the Company is 1721262. The nature of the Group\u2019s operations and its principal activities are set out on pages 18-35. These financial statements are presented in sterling, which is the currency of the primary economic environment in which the Group operates.Audit exemption The following subsidiaries are exempt from the requirements of the Companies Act 2006 relating to the audit of individual financial statements by virtue of a Parent Company guarantee: Severfield Modular Solutions Limited (registered in United Kingdom, company number 11180471)Severfield (Design and Build) Limited (registered in United Kingdom, company number 04107553)Under section 479A\u2013479C of the Companies Act 2006, the Company has guaranteed all outstanding liabilities to which the subsidiary is subject at the end of the financial year until they are satisfied in full. The consolidated financial statements include the results and financial position of the subsidiaries. The subsidiaries\u2019 individual financial statements have not been audited. Basis of preparationThe consolidated financial statements are prepared in accordance with UK-adopted international accounting standards and in conformity with the Companies Act 2006. The consolidated financial statements have been prepared under the historical cost convention, except for the revaluation of some financial instruments. The principal accounting policies adopted are set out below.Climate changeThe Group recognises the systematic risk posed by climate change and the need for urgent mitigating action and is committed to addressing climate-related risks and reducing the Group\u2019s environmental impact and carbon emissions.The impact of climate change has been considered in the preparation of these financial statements across a number of areas, including: the measurement of financial instruments, the carrying value and remaining useful lives of property, plant and equipment, the carrying value of goodwill and the Group\u2019s going concern and long-term viability assessments. None of these had a material impact on the consolidated financial statements. The Group will continue to develop its assessment of the financial impacts of climate change.Financial period The Group\u2019s annual report and accounts are made up to an appropriate Saturday around 31 March each year. For 2026, trading is shown for the 52-week period ended on 28 March 2026 (2025: 52-week period ended 29 March 2025). All references to \u2018the year ended 28 March 2026\u2019, throughout the annual report, relate to the 52-week period ended 28 March 2026.The financial statements of the Group\u2019s joint venture, JSSL, are made up to the year ended 31 March 2026 (2025: year ended 31 March 2025).Adoption of new and revised standardsThe following new and amended standard, adopted in the current financial year, had no significant impact on the financial statements.\u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of ExchangeabilityAccounting standards not yet adopted by the GroupThe following new or revised standards and interpretations issued by the International Accounting Standards Board have not been applied in preparing these financial statements as their effective dates fall in periods beginning on, or after, 1 April 2026.\u2022 IFRS 18 presentation and disclosure in financial statements\u2022 Amendments to IFRS 9, \u2018Financial Instruments\u2019 and IFRS 7, \u2018Financial Instruments: Disclosures\u2019 (Amendments to the Classification and Measurement of Financial Instruments)\u2022 Amendments to IFRS 9, \u2018Financial Instruments\u2019 and IFRS 7, \u2018Financial Instruments: Disclosures\u2019 (Nature-dependent Electricity Contracts)\u2022 Amendments to annual improvements to IFRS accounting standards to IFRS 7, 9 and 10 and IAS 7.The Group is assessing the impact of these new standards and the Group\u2019s financial reporting will be presented in accordance with these standards from the relevant accounting period.Going concernIn assessing whether it is appropriate to prepare the consolidated financial statements on a going concern basis, the Directors have considered the Group\u2019s current financial position, projected performance and cash flows, available liquidity, borrowing facilities and associated covenant requirements, together with the principal risks and uncertainties facing the business and the wider economic environment. In reaching their conclusion, the Directors considered, amongst other matters:\u2022 the Group\u2019s secured order book in the UK and Europe and pipeline of potential future orders;\u2022 the Group\u2019s cash position and committed borrowing facilities, which, following the successful refinancing completed after the year end, are available until June 2029. The refinancing also provides increased covenant headroom and greater financial flexibility throughout the assessment period (see note 31); and\u2022 current trading conditions and the potential impact of downside risks linked to the Group\u2019s principal risks.During the year, the Group\u2019s profitability and cash generation were adversely impacted by challenging market conditions, the discontinuation of the Modular Solutions business and the costs associated with the ongoing programme of bridge remedial works. Whilst certain cash outflows associated with these matters are expected to continue into FY27, the financial impact has now been recognised. Notwithstanding these challenges, the Group delivered an underlying profit before tax of \u00a310.5 million and maintained a strong order book of \u00a3507 million as at 1 June 2026, providing a significant level of revenue visibility and underpinning future cash generation.The Directors have assessed the Group\u2019s ability to continue as a going concern for at least 12 months from the date of approval of the financial statements. This assessment included consideration of forecasts under both a base case and a severe but plausible downside scenario.The base case forecast, which reflects the Directors\u2019 current expectations of future trading and cash performance, indicates that the Group will maintain adequate liquidity and covenant headroom throughout the assessment period. The severe but plausible downside scenario was designed to assess the resilience of the Group to adverse trading conditions and incorporated the following principal assumptions:\u2022 lower conversion of identified opportunities into secured orders over the next 12 months;\u2022 additional one-off contract losses and associated cash outflows; and\u2022 the implementation of mitigating actions within management\u2019s control, including reductions in discretionary operating expenditure, non-essential capital expenditure and bonus payments.Under the severe but plausible downside scenario, the Group is forecast to retain sufficient liquidity throughout the assessment period and remain in compliance with its covenant requirements. The Directors also considered the additional covenant headroom created through the refinancing completed after the reporting date, which further enhances the Group\u2019s resilience under stressed trading conditions.Having considered the results of this assessment, and after making appropriate enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and for a period of at least 12 months from the date of approval of these financial statements. Accordingly, the Directors continue to adopt the going concern basis of accounting in preparing the consolidated financial statements.Basis of consolidationThe consolidated financial statements incorporate the financial statements of the Company and the entities controlled by the Company made up to the reporting date each year. Control is achieved where the Company has the power over the investee, is exposed, or has rights, to variable returns from its involvement with the investee, and has the ability to use its power to affect its returns.Where relevant, the results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate.Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group.All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Unrealised gains (and losses) from transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest in the investee.Non-underlying itemsNon-underlying items have been separately identified by virtue of their magnitude or nature to enable a full understanding of the Group\u2019s financial performance and to make year-on-year comparisons. They are excluded by management for planning, budgeting and reporting purposes and for the internal assessment of operating performance across the Group and are normally excluded by investors, analysts and brokers when making investment and other decisions. For an item to be considered as non-underlying, it must satisfy at least one of the following criteria:\u2022 A significant item, which may span more than one accounting period\u2022 An item directly incurred as a result of either a business combination or disposal, or related to a major business change or restructuring programme\u2022 An item that is unusual in nature (outside the normal course of business) Non-underlying items have included the non-cash amortisation of acquired intangible assets, acquisition and similar transaction costs, and fair value adjustments for contingent consideration, all of which arise from business combinations and are classified as non-underlying because of the nature and expected infrequency of the events giving rise to them. Other non-underlying items have included, but are not limited to, significant rectification and remedial costs for contracts, business closure costs, certain one-off legal and consultancy costs, and impairments.Non-underlying items are presented as a separate column within their related consolidated income statement category on a consistent basis for each half-year and full-year results. The exclusion of non-underlying items may result in underlying earnings being materially higher or lower than total earnings. In particular, when items associated with purchase price allocations on business combinations are excluded, underlying earnings will be higher than total earnings.Further details of non-underlying items are disclosed in note 5 to the consolidated financial statements.Business combinations The acquisition of subsidiaries is accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. Acquisition-related costs are expensed as incurred. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities, which meet the conditions for recognition under IFRS 3, are recognised at their fair value at the acquisition date. Investments in joint ventures and associatesAn associated company is an entity over which the Group is in a position to exercise significant influence, but not control, through participation in the financial and operating policy decisions of the investee. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but not have control over those policies. A joint venture is an entity over which the Group is in a position to exercise joint control. The Group has adopted the equity method of accounting (as discussed below) for joint ventures and associated companies (together \u2018JVs and associates\u2019), in accordance with IFRS 11.The results and assets and liabilities of JVs and associates are incorporated in these financial statements using the equity method of accounting unless it meets the exceptions described in IAS 28. Investments in JVs and associates are carried in the balance sheet at cost as adjusted by post-acquisition changes in the Group\u2019s share of their net assets, less any impairment in the value of individual investments assessed in accordance with IAS 36 (impairment of assets). Losses in excess of the Group\u2019s interest in those JVs and associates are not recognised unless, and only to the extent that, the Group has incurred legal or constructive obligations on their behalf.Any excess of the cost of acquisition over the Group\u2019s share of the fair values of the identifiable net assets of the JVs and associates at the date of acquisition is recognised as goodwill. Any deficiency of the cost of acquisition below the Group\u2019s share of the fair values of the identifiable net assets of the JVs and associates at the date of acquisition (i.e. discount on acquisition) is credited in the consolidated income statement in the period of acquisition.The consolidated income statement includes the Group\u2019s share of the JVs and associates\u2019 profit less losses, whilst the Group\u2019s share of the net assets of the JVs and associates is shown in the consolidated balance sheet.GoodwillThe Group recognises goodwill at cost less accumulated impairment losses. Goodwill that is recognised as an asset is reviewed for impairment at least annually. Any impairment is recognised immediately as a loss and is not subsequently reversed.Any contingent consideration is recognised at the date of acquisition. For acquisitions, subsequent changes to the fair value of the contingent consideration are adjusted against the cost of acquisition where they qualify as measurement period adjustments. The measurement period is the period from the date of acquisition to the date that the Group obtains complete information about facts and circumstances that existed as at the date of acquisition and is subject to a maximum of one year. If the change does not qualify as a measurement period adjustment, it is reflected in the consolidated income statement.For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit, pro-rata, on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period.On disposal of a subsidiary, associate or jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.If the Group\u2019s interest in the fair value of the net assets acquired exceeds the cost of the business combination, the excess (a bargain purchase gain) is recognised immediately in the consolidated income statement, after reassessing whether all assets acquired and liabilities assumed have been correctly identified and measured.Revenue recognitionRevenue is measured at the fair value of the consideration received or receivable for goods and services provided, net of sales taxes, rebates and discounts, after eliminating revenue within the Group.Revenue from construction contracts is recognised in accordance with the Group\u2019s accounting policy on construction contracts (see below).Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable.Dividend income from investments is recognised when the shareholders\u2019 rights to receive payment have been established.Construction contractsRevenue arises mainly from contracts for the design, fabrication and construction of structural steelwork. To determine whether to recognise revenue, the Group applies this five-step process:\u2022 Identify the contract(s) with the customer\u2022 Identify the performance obligations in the contract(s)\u2022 Determine the transaction price of the contract(s)\u2022 Allocate the transaction price to each of the separate performance obligations\u2022 Recognise the revenue as each performance obligation is satisfiedThe Group enters into contracts for the design, fabrication and construction of structural steel projects in exchange for the agreed consideration, and recognises the related revenue over time. Due to the high degree of interdependence between the various elements of these projects, they are accounted for as a single performance obligation. The transaction price is measured based on the consideration specified in a contract with a customer and, where applicable, the best estimate of any consideration related to modifications to the contract. Revenue recognised includes retentions and is net of rebates, discounts and value added tax. To depict the progress by which the Group transfers control of the construction to the customer, and to establish when and to what extent revenue can be recognised, the Group measures its progress towards complete satisfaction of the performance obligation by use of the input method (costs to complete). Where a modification to an existing contract occurs, the Group assesses the nature of the modification and whether it represents a separate performance obligation required to be satisfied or whether it is a modification to the existing performance obligation. This method is considered to most faithfully depict the transfer of goods and services to the customer over the life of the performance obligation.The majority of construction contracts have payment terms based on contractual milestones, which are not necessarily aligned to when revenue is recognised, particularly for those contracts where revenue is recognised over time using the input method to determine the percentage of completion. This generally leads to recognition of revenue in advance of customer billings, for which a contract asset is recognised. Where cash is received from the customer in advance of recognising revenue under a contract, a contract liability is recorded (advance payments from customers). The practical expedient available under IFRS 15 has been taken, thus the Group does not adjust the promised amount of consideration for the effects of financing if the timing difference between the satisfaction of the performance obligations under the contract and the receipt of payment due under the contract are expected to be one year or less.The general principles for revenue recognition are as follows:\u2022 Revenues on contracts are recognised over time, using the input method, when progress towards complete satisfaction of the performance obligation can be reasonably measured. \u2022 Provision is made for total losses incurred or foreseen in bringing the contract to completion as soon as they become apparent.\u2022 Variations are included in the transaction price when the customer has agreed the revised scope of work, or a new legally enforceable right has arisen. Where a new legally enforceable right has arisen or a contract modification agreed, but the corresponding change in price has not yet been agreed by the customer, only the amount that is considered highly probable not to reverse in the future, and that can be measured reliably, is included in the transaction price and, therefore, revenue when the associated performance obligations are met. \u2022 Incentive payments are included in forecast contract revenues when the contract is sufficiently advanced that it is highly probable that the specified performance standards will be met or exceeded and the amount of the incentive payment can be reliably measured. \u2022 Claims receivable are recognised as income when negotiations have reached an advanced stage such that it is highly probable that the customer will accept the claim, and the amount that it is probable will be accepted by the customer can be measured reliably. \u2022 Rectification work that is reasonably foreseeable is provided for as a cost of the contract and taken into account when assessing its overall profitability. Claims for rectification arising after the end of a contract, and which have not been provided for, are recognised as losses as they arise. When determining whether a contract\u2019s outcome can be estimated reliably, management considers a number of indicators, including the stage of completion of the contract to provide assurance over: the reliability of costs to complete; cumulative cash received and agreed certifications; the inherent risk in certain industry sectors; and whether certain contract milestones have been satisfied.All costs relating to contracts are recognised as expenses in the period in which they are incurred. Where the outcome of a contract cannot be reliably estimated, contract revenue is recognised only to the extent that contract costs incurred are expected to be recovered. The input method is used to determine the percentage of completion by reference to the contract costs incurred to date (the proportion that estimated total contract costs are accounted for by contract costs incurred for work performed to date). Only those contract costs that reflect work performed are included in costs incurred to date.Total expected contract costs are initially determined by the estimating function during the contract tender process. At launch, responsibility for the contract is handed over to the commercial function (consisting of qualified quantity surveyors), which, on an ongoing basis, reassesses the expected contract costs as the contract progresses, taking into account the risks identified in contract risk registers.The assessment of the final outcome of each contract is determined by regular review of the revenues and costs to complete that contract. Regular monthly contract reviews form an integral part of the contract forecasting procedures.Revenue recognition \u2013 Bridge remedial costsDuring the prior year, certain bridge weld issues were identified on a number of ongoing bridge contracts. These costs have continued to be identified in the year as programmes have progressed, resulting in additional costs associated with a remedial and testing programme. These costs have been recognised in accordance with IAS 37 \u2018Provisions, contingent liabilities and contingent assets\u2019, reflecting management\u2019s best estimate of the associated obligations.The Group has not revised the measure of progress on affected contracts, as the previously recognised revenue continues to fairly reflect the transfer of control of goods and services to the customer in line with contractual milestones and client certifications.The additional remedial costs do not reflect incremental performance towards the satisfaction of performance obligations under IFRS 15 and, therefore, have been excluded from the measure of progress in accordance with paragraph B19 of IFRS 15. The Group considers that including such costs in the percentage of completion calculation would distort revenue recognition, as the remedial works do not represent productive inputs that contribute to contract fulfilment. These costs are, instead, recognised directly in the income statement as a non-underlying cost. The Group has revised the measure of progress on certain ongoing contracts where revenue has been reversed relating to variation orders or consequential claims, as these items represent forms of variable consideration under IFRS 15 and, therefore, affect the estimated transaction price.Contract assetsContract assets primarily relate to the Group\u2019s enforceable rights to consideration for work completed on construction contracts that has not yet been billed at the reporting date. Contract assets are transferred to receivables when the right to consideration becomes unconditional. This usually occurs when the Group issues an invoice to the customer.Pre-contract tender costs are not considered material costs to the Group.Contract liabilitiesContract liabilities primarily relate to the advance payments from customers for construction contracts, for which revenue is recognised over time.Retirement benefit obligationsThe Group operates two defined contribution pension schemes and costs of these schemes are charged to the income statement in the period in which they are incurred.The Group has a defined benefit pension scheme, which is now closed to new members. The liability recognised in the balance sheet comprises the present value of the defined benefit pension obligation, determined by discounting the estimated future cash flows using the market yield on a high-quality corporate bond, less the fair value of the scheme assets.The cost of providing benefits recognised within operating costs in the income statement and the defined benefit obligations is determined at the reporting date by independent actuaries, using the projected unit credit method.Actuarial gains and losses are recognised in the period in which they occur in the statement of comprehensive income.TaxationThe tax expense represents the sum of the tax currently payable and deferred tax.Tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted, or substantively enacted, by the balance sheet date.Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all, or part of, the asset to be recovered.Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. These are determined based on future changes in tax rates that have been enacted rather than simply future changes that have been proposed but not enacted. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case, the deferred tax is also dealt with in equity.Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.DividendsDividends are recorded in the consolidated financial statements in the period in which they are declared, appropriately authorised and no longer at the discretion of the Company.Property, plant and equipmentProperty, plant and equipment is stated at cost less accumulated depreciation and any impairment losses.Land and buildings held for use in the production or supply of goods or services, or for administrative purposes, and plant and machinery, are stated at cost in the balance sheet. Depreciation on buildings is included within operating costs.Depreciation is provided on other property, plant and equipment to write off the cost of each asset over its estimated useful life at the following rates:Freehold buildings 1 per cent straight-lineLong leasehold buildings Shorter of 1 per cent straight-line or lease termPlant and machinery 10 per cent straight-lineFixtures, fittings and office equipment 10 per cent written down valueComputer equipment 20 per cent straight-lineMotor vehicles 25 per cent written down valueSite safety equipment 20 per cent straight-lineThe gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is included within operating costs.Right-of-use assets and lease liabilitiesThe Group adopted IFRS 16 \u2018Leases\u2019 on 1 April 2019 using the modified retrospective approach. The standard has resulted in operating leases being recognised as right-of-use assets and lease liabilities on the consolidated balance sheet, as the classification, as either operating leases or finance leases, has been eliminated. Under IFRS 16 \u2018Leases\u2019, at the inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether it has both the right to obtain, substantially, all of the economic benefits from the use of the identified asset and the right to direct the use of the identified asset throughout the period of use.Leases in which the Group is a lesseeThe Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is measured equal to the lease liability and adjusted for the amount of any prepaid or accrued lease payments relating to the lease before the commencement date, any lease incentives received, initial direct costs associated with the lease and an initial estimate of restoration costs. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate.Lease payments included in the measurement of the lease liability comprise the following: \u2022 Fixed payments, including in-substance fixed payments \u2022 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date\u2022 Amounts expected to be payable under a residual value guarantee \u2022 The exercise price under a purchase option that the Group is reasonably certain to exercise \u2022 Penalties for the early termination of a lease unless the Group is reasonably certain not to terminate earlyShort-term leases and leases of low-value assets The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases, in accordance with the exemption available under IFRS 16. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.Intangible assetsThe Group recognises intangible assets at cost less accumulated amortisation and impairment losses. Intangible assets acquired through acquisitions arise as a result of applying IFRS 3, which requires the separate recognition of intangible assets from goodwill.Other acquired intangible assets include software costs.Intangible assets are amortised on a straight-line basis over their useful economic lives as follows:Amortisation periodCustomer relationships 3\u20135 yearsBrands 5 yearsOrder book 18 monthsImpairment of tangible and intangible assets excluding goodwillAt each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. An intangible asset with an indefinite useful life is tested for impairment annually and whenever there is an indication that the asset may be impaired.The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately, unless the relevant asset is carried at a revalued amount, in which case, the impairment loss is treated as a revaluation decrease.Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised as income immediately, unless the relevant asset is carried at a revalued amount, in which case, the reversal of the impairment loss is treated as a revaluation increase.InventoriesInventories (raw materials and consumables and work in progress) are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.Financial instrumentsFinancial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument.Trade and other receivablesTrade and other receivables are measured at amortised cost using the effective interest method, with an appropriate allowance for estimated irrecoverable amounts recognised in the income statement in line with the requirements of IFRS 9. No expected credit losses (\u2018ECLs\u2019) have been provided for in respect of trade receivables, contract assets and intercompany receivables as these are not material.Cash and cash equivalentsCash and cash equivalents comprise cash in hand and bank overdrafts. Bank overdrafts are shown in current liabilities on the balance sheet unless a legally enforceable right of offset exists, in accordance with IFRS 7, to allow net presentation of a financial asset and a financial liability.Bank borrowingsInterest-bearing bank loans and overdrafts are recorded at the proceeds received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for in the income statement using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest over the relevant period.Trade payablesTrade payables are initially measured at fair value, and are subsequently measured at amortised cost.Equity instrumentsEquity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.Share-based payment transactionsThe Group issues equity-settled share-based payments. These share-based payments are measured at fair value at the date of grant based on the Group\u2019s estimate of shares that will eventually vest. The fair value determined is then expensed in the consolidated income statement on a straight-line basis over the vesting period, with a corresponding increase in equity. Further details regarding the determination of the fair value of equity-settled share-based transactions are set out in note 23.ProvisionsProvisions are recognised when: (i) the Group has a present legal or constructive obligation as a result of a past event; (ii) it is probable that an outflow of resources will be required to settle the obligation; and (iii) the amount of the obligation can be estimated reliably. Provisions are recognised for items such as legal claims, disputes and onerous contracts.When the Group expects some or all of a provision to be reimbursed, for example under and insurance contract or a back-to-back contractual agreement, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit or loss net of any reimbursement where the virtually certain recognition criteria is met.Provisions are discounted where appropriate to do so and the impact is material.Derivative financial instruments and hedge accountingThe Group enters into certain foreign exchange forward contracts to manage its exposure to currency movements. Further details of derivative financial instruments are disclosed in note 22.Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. The resulting gain or loss is recognised in profit or loss, except where hedge accounting is used, provided the conditions specified by IFRS 9 are met. Hedge accounting is applied in respect of hedge relationships where it is both permissible under IFRS 9 and practical to do so. When hedge accounting is used, the relevant hedging relationships are classified as cash flow hedges.Where the hedging relationship is classified as a cash flow hedge, to the extent that the hedge is effective, changes in the fair value of the hedging instrument will be recognised directly in other comprehensive income rather than in the income statement. When the hedged item is recognised in the financial statements, the accumulated gains and losses recognised in other comprehensive income will be recycled to the income statement (operating costs).Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. At that point in time, any cumulative gain or loss on the hedging instrument recognised in other comprehensive income is kept in other comprehensive income until the forecast transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in other comprehensive income is transferred to net profit or loss for the period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__6-1": {
"value": "General informationSeverfield plc (\u2018the Company\u2019) is a company incorporated in the United Kingdom under the Companies Act 2006. The address of the registered office is provided on page 215. The registered number of the Company is 1721262. The nature of the Group\u2019s operations and its principal activities are set out on pages 18-35. These financial statements are presented in sterling, which is the currency of the primary economic environment in which the Group operates.Audit exemption The following subsidiaries are exempt from the requirements of the Companies Act 2006 relating to the audit of individual financial statements by virtue of a Parent Company guarantee: Severfield Modular Solutions Limited (registered in United Kingdom, company number 11180471)Severfield (Design and Build) Limited (registered in United Kingdom, company number 04107553)Under section 479A\u2013479C of the Companies Act 2006, the Company has guaranteed all outstanding liabilities to which the subsidiary is subject at the end of the financial year until they are satisfied in full. The consolidated financial statements include the results and financial position of the subsidiaries. The subsidiaries\u2019 individual financial statements have not been audited.Financial period The Group\u2019s annual report and accounts are made up to an appropriate Saturday around 31 March each year. For 2026, trading is shown for the 52-week period ended on 28 March 2026 (2025: 52-week period ended 29 March 2025). All references to \u2018the year ended 28 March 2026\u2019, throughout the annual report, relate to the 52-week period ended 28 March 2026.The financial statements of the Group\u2019s joint venture, JSSL, are made up to the year ended 31 March 2026 (2025: year ended 31 March 2025).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__7": {
"value": "Severfield plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__8": {
"value": "plc",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__12": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__11": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__10": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__13": {
"value": "Basis of preparationThe consolidated financial statements are prepared in accordance with UK-adopted international accounting standards and in conformity with the Companies Act 2006. The consolidated financial statements have been prepared under the historical cost convention, except for the revaluation of some financial instruments. The principal accounting policies adopted are set out below.Climate changeThe Group recognises the systematic risk posed by climate change and the need for urgent mitigating action and is committed to addressing climate-related risks and reducing the Group\u2019s environmental impact and carbon emissions.The impact of climate change has been considered in the preparation of these financial statements across a number of areas, including: the measurement of financial instruments, the carrying value and remaining useful lives of property, plant and equipment, the carrying value of goodwill and the Group\u2019s going concern and long-term viability assessments. None of these had a material impact on the consolidated financial statements. The Group will continue to develop its assessment of the financial impacts of climate change.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__14": {
"value": "Climate changeThe Group recognises the systematic risk posed by climate change and the need for urgent mitigating action and is committed to addressing climate-related risks and reducing the Group\u2019s environmental impact and carbon emissions.The impact of climate change has been considered in the preparation of these financial statements across a number of areas, including: the measurement of financial instruments, the carrying value and remaining useful lives of property, plant and equipment, the carrying value of goodwill and the Group\u2019s going concern and long-term viability assessments. None of these had a material impact on the consolidated financial statements. The Group will continue to develop its assessment of the financial impacts of climate change.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__16": {
"value": "Adoption of new and revised standardsThe following new and amended standard, adopted in the current financial year, had no significant impact on the financial statements.\u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of ExchangeabilityAccounting standards not yet adopted by the GroupThe following new or revised standards and interpretations issued by the International Accounting Standards Board have not been applied in preparing these financial statements as their effective dates fall in periods beginning on, or after, 1 April 2026.\u2022 IFRS 18 presentation and disclosure in financial statements\u2022 Amendments to IFRS 9, \u2018Financial Instruments\u2019 and IFRS 7, \u2018Financial Instruments: Disclosures\u2019 (Amendments to the Classification and Measurement of Financial Instruments)\u2022 Amendments to IFRS 9, \u2018Financial Instruments\u2019 and IFRS 7, \u2018Financial Instruments: Disclosures\u2019 (Nature-dependent Electricity Contracts)\u2022 Amendments to annual improvements to IFRS accounting standards to IFRS 7, 9 and 10 and IAS 7.The Group is assessing the impact of these new standards and the Group\u2019s financial reporting will be presented in accordance with these standards from the relevant accounting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__17": {
"value": "Going concernIn assessing whether it is appropriate to prepare the consolidated financial statements on a going concern basis, the Directors have considered the Group\u2019s current financial position, projected performance and cash flows, available liquidity, borrowing facilities and associated covenant requirements, together with the principal risks and uncertainties facing the business and the wider economic environment. In reaching their conclusion, the Directors considered, amongst other matters:\u2022 the Group\u2019s secured order book in the UK and Europe and pipeline of potential future orders;\u2022 the Group\u2019s cash position and committed borrowing facilities, which, following the successful refinancing completed after the year end, are available until June 2029. The refinancing also provides increased covenant headroom and greater financial flexibility throughout the assessment period (see note 31); and\u2022 current trading conditions and the potential impact of downside risks linked to the Group\u2019s principal risks.During the year, the Group\u2019s profitability and cash generation were adversely impacted by challenging market conditions, the discontinuation of the Modular Solutions business and the costs associated with the ongoing programme of bridge remedial works. Whilst certain cash outflows associated with these matters are expected to continue into FY27, the financial impact has now been recognised. Notwithstanding these challenges, the Group delivered an underlying profit before tax of \u00a310.5 million and maintained a strong order book of \u00a3507 million as at 1 June 2026, providing a significant level of revenue visibility and underpinning future cash generation.The Directors have assessed the Group\u2019s ability to continue as a going concern for at least 12 months from the date of approval of the financial statements. This assessment included consideration of forecasts under both a base case and a severe but plausible downside scenario.The base case forecast, which reflects the Directors\u2019 current expectations of future trading and cash performance, indicates that the Group will maintain adequate liquidity and covenant headroom throughout the assessment period. The severe but plausible downside scenario was designed to assess the resilience of the Group to adverse trading conditions and incorporated the following principal assumptions:\u2022 lower conversion of identified opportunities into secured orders over the next 12 months;\u2022 additional one-off contract losses and associated cash outflows; and\u2022 the implementation of mitigating actions within management\u2019s control, including reductions in discretionary operating expenditure, non-essential capital expenditure and bonus payments.Under the severe but plausible downside scenario, the Group is forecast to retain sufficient liquidity throughout the assessment period and remain in compliance with its covenant requirements. The Directors also considered the additional covenant headroom created through the refinancing completed after the reporting date, which further enhances the Group\u2019s resilience under stressed trading conditions.Having considered the results of this assessment, and after making appropriate enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and for a period of at least 12 months from the date of approval of these financial statements. Accordingly, the Directors continue to adopt the going concern basis of accounting in preparing the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__18": {
"value": "Basis of consolidationThe consolidated financial statements incorporate the financial statements of the Company and the entities controlled by the Company made up to the reporting date each year. Control is achieved where the Company has the power over the investee, is exposed, or has rights, to variable returns from its involvement with the investee, and has the ability to use its power to affect its returns.Where relevant, the results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate.Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group.All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Unrealised gains (and losses) from transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest in the investee.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__19": {
"value": "Business combinations The acquisition of subsidiaries is accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. Acquisition-related costs are expensed as incurred. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities, which meet the conditions for recognition under IFRS 3, are recognised at their fair value at the acquisition date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__20": {
"value": "Investments in joint ventures and associatesAn associated company is an entity over which the Group is in a position to exercise significant influence, but not control, through participation in the financial and operating policy decisions of the investee. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but not have control over those policies. A joint venture is an entity over which the Group is in a position to exercise joint control. The Group has adopted the equity method of accounting (as discussed below) for joint ventures and associated companies (together \u2018JVs and associates\u2019), in accordance with IFRS 11.The results and assets and liabilities of JVs and associates are incorporated in these financial statements using the equity method of accounting unless it meets the exceptions described in IAS 28. Investments in JVs and associates are carried in the balance sheet at cost as adjusted by post-acquisition changes in the Group\u2019s share of their net assets, less any impairment in the value of individual investments assessed in accordance with IAS 36 (impairment of assets). Losses in excess of the Group\u2019s interest in those JVs and associates are not recognised unless, and only to the extent that, the Group has incurred legal or constructive obligations on their behalf.Any excess of the cost of acquisition over the Group\u2019s share of the fair values of the identifiable net assets of the JVs and associates at the date of acquisition is recognised as goodwill. Any deficiency of the cost of acquisition below the Group\u2019s share of the fair values of the identifiable net assets of the JVs and associates at the date of acquisition (i.e. discount on acquisition) is credited in the consolidated income statement in the period of acquisition.The consolidated income statement includes the Group\u2019s share of the JVs and associates\u2019 profit less losses, whilst the Group\u2019s share of the net assets of the JVs and associates is shown in the consolidated balance sheet.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__22": {
"value": "GoodwillThe Group recognises goodwill at cost less accumulated impairment losses. Goodwill that is recognised as an asset is reviewed for impairment at least annually. Any impairment is recognised immediately as a loss and is not subsequently reversed.Any contingent consideration is recognised at the date of acquisition. For acquisitions, subsequent changes to the fair value of the contingent consideration are adjusted against the cost of acquisition where they qualify as measurement period adjustments. The measurement period is the period from the date of acquisition to the date that the Group obtains complete information about facts and circumstances that existed as at the date of acquisition and is subject to a maximum of one year. If the change does not qualify as a measurement period adjustment, it is reflected in the consolidated income statement.For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit, pro-rata, on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period.On disposal of a subsidiary, associate or jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.If the Group\u2019s interest in the fair value of the net assets acquired exceeds the cost of the business combination, the excess (a bargain purchase gain) is recognised immediately in the consolidated income statement, after reassessing whether all assets acquired and liabilities assumed have been correctly identified and measured.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__21-1": {
"value": "GoodwillThe Group recognises goodwill at cost less accumulated impairment losses. Goodwill that is recognised as an asset is reviewed for impairment at least annually. Any impairment is recognised immediately as a loss and is not subsequently reversed.Any contingent consideration is recognised at the date of acquisition. For acquisitions, subsequent changes to the fair value of the contingent consideration are adjusted against the cost of acquisition where they qualify as measurement period adjustments. The measurement period is the period from the date of acquisition to the date that the Group obtains complete information about facts and circumstances that existed as at the date of acquisition and is subject to a maximum of one year. If the change does not qualify as a measurement period adjustment, it is reflected in the consolidated income statement.For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit, pro-rata, on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period.On disposal of a subsidiary, associate or jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.If the Group\u2019s interest in the fair value of the net assets acquired exceeds the cost of the business combination, the excess (a bargain purchase gain) is recognised immediately in the consolidated income statement, after reassessing whether all assets acquired and liabilities assumed have been correctly identified and measured.11. GoodwillThe goodwill movements in the year were as follows:Goodwill\u00a3000At 31 March 2024 98,469Exchange adjustments (882)At 29 March 2025 97,587Impairments (11,474)Exchange adjustments 667At 28 March 2026 86,780During the year, the goodwill associated with the DAM Structures CGU was fully impaired, reducing the carrying value of goodwill to \u00a386,780,000 at the reporting date. The impairment arose following a reassessment of the CGU\u2019s future cash flow forecasts, reflecting lower anticipated activity levels, changes in the expected timing and mix of future projects and an increase in the discount rate applied to those cash flows to reflect current market conditions and risk factors. These assumptions resulted in a reduction in the recoverable amount of the CGU below its carrying value and consequently the goodwill attributable to the CGU was fully impaired. Management has implemented a revised operating strategy for the business, including a renewed focus on core markets and operational improvements designed to support future performance.The goodwill balance was created on the following acquisitions:\u00a3000On the Voortman Steel Construction Holdings acquisition in 2023 15,399On the DAM Structures acquisition in 2022 11,474On the Harry Peers acquisition in 2019 16,002On the Fisher Engineering acquisition in 2007 47,980On the Atlas Ward acquisition in 2005 6,571On the Watson Steel Structures acquisition in 2001 16197,587Goodwill arising from business combinations is allocated to the cash-generating units (\u2018CGUs\u2019) that are expected to benefit from the synergies of the acquisition. All acquired businesses and the associated goodwill are included within the Group\u2019s single reported segment: Core Construction Operations.Goodwill is monitored by management at the level of individual CGUs. CGUs are defined as the lowest level within the Group at which goodwill is monitored for internal management purposes, and at which independent cash flows can be reasonably identified. As at 28 March 2026, the Group carried goodwill with a total net book value of \u00a386,780,000 (2025: \u00a397,587,000), allocated across the following three CGUs:Goodwill CGU Historical acquisition(s)\u00a3000Commercial and Industrial Fisher Engineering 70,714Atlas Ward Watson Steel Structures Harry PeersSeverfield Europe Holdings Voortman Steel Construction Holdings 16,066Infrastructure Dam Structures \u201386,780These CGUs broadly align with the entities originally acquired, with the exception of the Commercial and Industrial CGU, which includes goodwill arising from a number of historical acquisitions, including Harry Peers. In March 2026, management transitioned to a new operating model under which the Group\u2019s former Nuclear activities will be managed and reported within the Commercial & Industrial business from FY27 onwards.As part of the year-end impairment assessment, management first assessed goodwill under the CGU structure that existed throughout the majority of the financial year. Following this assessment, and prior to finalising the year-end impairment review, the Nuclear goodwill was combined with the Commercial and Industrial CGU to reflect the new operating model and the manner in which future cash flows will be monitored and managed. An impairment assessment was performed both before and after this combination and no impairment was identified in respect of these CGUs.Whilst the revised operating model will be reflected in the Group\u2019s segmental reporting from FY27, it has been considered in the current year impairment assessment as the cash flow forecasts used in the value-in-use calculations have been prepared on this basis.The Group tests goodwill for impairment annually, or more frequently if indicators of impairment arise. The recoverable amounts of each CGU are determined using value-in-use calculations. This method reflects the present value of future cash flows expected to be derived from each CGU. Key assumptions used in these calculations include:\u2022 pre-tax discount rates \u2013 reflecting current market assessments of the time value of money and risks specific to each CGU;\u2022 long-term growth rates \u2013 aligned with external forecasts and industry outlooks; and\u2022 forecast changes in selling prices and direct costs \u2013 based on historical performance and expected market conditions.Cash flow forecasts for the next financial year reflect management\u2019s latest and most realistic projections, followed by two years of internal strategic projections. A terminal growth rate of 2.0 per cent (2025: 2.0 per cent) is applied thereafter, which does not exceed the expected long-term growth rates of the respective markets. The forecasts have been discounted using a pre-tax discount rate of 16.7 per cent (2025: 15.5 per cent).As a result of the Group\u2019s impairment testing, an impairment charge of \u00a311,474,000 was recognised in the year ended 28 March 2026, wholly allocated against the Infrastructure goodwill balance.Sensitivity analysisManagement has considered reasonably possible changes in key assumptions. For the Infrastructure CGU, a 1.5 percentage point reduction in forecast operating margin would reduce the recoverable amount by \u00a34.5 million and a 1.0 percentage point increase in the discount rate would reduce the recoverable amount by \u00a31.0 million. Movements in these assumptions in the opposite direction would result in a corresponding decrease in the impairment charge. As goodwill has been fully impaired, any further reduction in recoverable amount would be allocated against other assets within the CGU in accordance with IAS 36.Climate changeIn performing the Group\u2019s impairment assessments, management considered the potential impact of climate change and the associated transition and physical risks. Based on current regulatory developments, customer expectations and the nature of the Group\u2019s operations, management does not believe that climate-related factors give rise to any indication of impairment or materially affect the key assumptions used in the value-in-use calculations. The Group will continue to monitor climate-related risks as part of its ongoing strategic planning and impairment review process. However, based on information available at the reporting date, no adjustments to cash flow forecasts or discount rates were considered necessary, and climate change is not expected to have a material impact on the Group\u2019s CGUs in the foreseeable future.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__23-1": {
"value": "Revenue recognitionRevenue is measured at the fair value of the consideration received or receivable for goods and services provided, net of sales taxes, rebates and discounts, after eliminating revenue within the Group.Revenue from construction contracts is recognised in accordance with the Group\u2019s accounting policy on construction contracts (see below).Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable.Dividend income from investments is recognised when the shareholders\u2019 rights to receive payment have been established.Revenue and profit recognition (estimate)Revenue recognition under long-term construction contracts involves significant estimation uncertainty. In accordance with IFRS 15, the Group recognises revenue and profit over time based on the proportion of work completed. This requires management to estimate both total contract consideration and total contract costs, which are then used to determine the stage of completion, assess the recoverability of contract assets and evaluate whether a contract loss provision is required.These estimates are based on management\u2019s assessment of the recovery of pre-contract costs, surveys of progress against the construction programme, changes in design and work scope, the contractual terms and site conditions under which the work is being performed, delays, costs incurred, claims received by the Group, external certification of the work performed and the recoverability of any unagreed income from claims and variations.Where the total estimated costs exceed total contract revenue, a contract loss provision is recognised. This is measured at the present value of the lower of expected costs of terminating the contract and the expected net costs to complete, based on both the incremental costs of fulfilling the obligation under the contract and an allocation of other costs directly related to fulfilling the contract. Management continually reviews the estimated final outturn on contracts and makes adjustments where necessary. The Group has considered the nature of the estimates involved in determining these contract outcomes and concluded that it is reasonably possible, on the basis of existing knowledge, that actual results within the next financial year may differ from the assumptions applied at the balance sheet date and could result in a material adjustment to the carrying amounts of related assets and liabilities. For a limited number of long-term contracts, revenue and profit has been recognised based on estimates that are sensitive to future events and assumptions. These include estimates relating to the recoverability of claims, future cost escalation, and entitlement to variations. However, due to the level of uncertainty, combination of cost and income variables, and timing across a large portfolio of contracts at different stages of their contract life, it is impracticable to provide a quantitative analysis of the estimates that are made at a portfolio level.Within this portfolio, there are a limited number of long-term contracts where the Group has recognised revenue and profit only to the extent that it is considered highly probable that a significant reversal will not occur. However, there are a host of factors affecting potential outcomes in respect of these entitlements, including claim recoverability, entitlement to variations and cost forecasts, which could result in a range of reasonably possible outcomes on these contracts in the following financial year, ranging from a gain of \u00a319,000,000 (2025: \u00a39,000,000) to a loss of \u00a310,000,000 (2025: \u00a34,000,000), excluding the impact of bridge testing and remedial costs. Management has assessed the range of reasonably possible outcomes on this limited number of contracts based on facts and circumstances that were present and known at the balance sheet date. As with any contract applying long-term contract accounting, these estimates are affected by a variety of uncertainties that depend on future events and are, therefore, subject to change as the contracts progress.At the balance sheet date, amounts due from construction contract customers, included in contract assets, trade and other receivables, was \u00a350,737000 (2025: \u00a347,685,000). See note 18 for further details.Bridge remedial provisions (estimate)The estimation of provisions requires management to assess expected future costs based on the best information available at the reporting date. A significant source of estimation uncertainty in the current year relates to the provisions related to the bridge weld issue. The provision includes management\u2019s best estimate of the total expected costs associated with the affected bridge projects, including direct testing and remedial activities and certain third-party consequential costs and claims. These estimates have been informed by forecasts provided by internal technical experts and, where appropriate, external advisers. Judgement has been applied in determining the likely scale and timing of the required works. The amounts provided represent management\u2019s best estimate based on the information available at this time; however, these liabilities are subject to potential material change basedon new information, future developments or changes in circumstances. The provision is expected to be substantially utilised over the next financial years, although actual timing may vary depending on project progression. See note 20 for further details.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__24-1": {
"value": "Construction contractsRevenue arises mainly from contracts for the design, fabrication and construction of structural steelwork. To determine whether to recognise revenue, the Group applies this five-step process:\u2022 Identify the contract(s) with the customer\u2022 Identify the performance obligations in the contract(s)\u2022 Determine the transaction price of the contract(s)\u2022 Allocate the transaction price to each of the separate performance obligations\u2022 Recognise the revenue as each performance obligation is satisfiedThe Group enters into contracts for the design, fabrication and construction of structural steel projects in exchange for the agreed consideration, and recognises the related revenue over time. Due to the high degree of interdependence between the various elements of these projects, they are accounted for as a single performance obligation. The transaction price is measured based on the consideration specified in a contract with a customer and, where applicable, the best estimate of any consideration related to modifications to the contract. Revenue recognised includes retentions and is net of rebates, discounts and value added tax. To depict the progress by which the Group transfers control of the construction to the customer, and to establish when and to what extent revenue can be recognised, the Group measures its progress towards complete satisfaction of the performance obligation by use of the input method (costs to complete). Where a modification to an existing contract occurs, the Group assesses the nature of the modification and whether it represents a separate performance obligation required to be satisfied or whether it is a modification to the existing performance obligation. This method is considered to most faithfully depict the transfer of goods and services to the customer over the life of the performance obligation.The majority of construction contracts have payment terms based on contractual milestones, which are not necessarily aligned to when revenue is recognised, particularly for those contracts where revenue is recognised over time using the input method to determine the percentage of completion. This generally leads to recognition of revenue in advance of customer billings, for which a contract asset is recognised. Where cash is received from the customer in advance of recognising revenue under a contract, a contract liability is recorded (advance payments from customers). The practical expedient available under IFRS 15 has been taken, thus the Group does not adjust the promised amount of consideration for the effects of financing if the timing difference between the satisfaction of the performance obligations under the contract and the receipt of payment due under the contract are expected to be one year or less.The general principles for revenue recognition are as follows:\u2022 Revenues on contracts are recognised over time, using the input method, when progress towards complete satisfaction of the performance obligation can be reasonably measured. \u2022 Provision is made for total losses incurred or foreseen in bringing the contract to completion as soon as they become apparent.\u2022 Variations are included in the transaction price when the customer has agreed the revised scope of work, or a new legally enforceable right has arisen. Where a new legally enforceable right has arisen or a contract modification agreed, but the corresponding change in price has not yet been agreed by the customer, only the amount that is considered highly probable not to reverse in the future, and that can be measured reliably, is included in the transaction price and, therefore, revenue when the associated performance obligations are met. \u2022 Incentive payments are included in forecast contract revenues when the contract is sufficiently advanced that it is highly probable that the specified performance standards will be met or exceeded and the amount of the incentive payment can be reliably measured. \u2022 Claims receivable are recognised as income when negotiations have reached an advanced stage such that it is highly probable that the customer will accept the claim, and the amount that it is probable will be accepted by the customer can be measured reliably. \u2022 Rectification work that is reasonably foreseeable is provided for as a cost of the contract and taken into account when assessing its overall profitability. Claims for rectification arising after the end of a contract, and which have not been provided for, are recognised as losses as they arise. When determining whether a contract\u2019s outcome can be estimated reliably, management considers a number of indicators, including the stage of completion of the contract to provide assurance over: the reliability of costs to complete; cumulative cash received and agreed certifications; the inherent risk in certain industry sectors; and whether certain contract milestones have been satisfied.All costs relating to contracts are recognised as expenses in the period in which they are incurred. Where the outcome of a contract cannot be reliably estimated, contract revenue is recognised only to the extent that contract costs incurred are expected to be recovered. The input method is used to determine the percentage of completion by reference to the contract costs incurred to date (the proportion that estimated total contract costs are accounted for by contract costs incurred for work performed to date). Only those contract costs that reflect work performed are included in costs incurred to date.Total expected contract costs are initially determined by the estimating function during the contract tender process. At launch, responsibility for the contract is handed over to the commercial function (consisting of qualified quantity surveyors), which, on an ongoing basis, reassesses the expected contract costs as the contract progresses, taking into account the risks identified in contract risk registers.The assessment of the final outcome of each contract is determined by regular review of the revenues and costs to complete that contract. Regular monthly contract reviews form an integral part of the contract forecasting procedures.Revenue recognition \u2013 Bridge remedial costsDuring the prior year, certain bridge weld issues were identified on a number of ongoing bridge contracts. These costs have continued to be identified in the year as programmes have progressed, resulting in additional costs associated with a remedial and testing programme. These costs have been recognised in accordance with IAS 37 \u2018Provisions, contingent liabilities and contingent assets\u2019, reflecting management\u2019s best estimate of the associated obligations.The Group has not revised the measure of progress on affected contracts, as the previously recognised revenue continues to fairly reflect the transfer of control of goods and services to the customer in line with contractual milestones and client certifications.The additional remedial costs do not reflect incremental performance towards the satisfaction of performance obligations under IFRS 15 and, therefore, have been excluded from the measure of progress in accordance with paragraph B19 of IFRS 15. The Group considers that including such costs in the percentage of completion calculation would distort revenue recognition, as the remedial works do not represent productive inputs that contribute to contract fulfilment. These costs are, instead, recognised directly in the income statement as a non-underlying cost. The Group has revised the measure of progress on certain ongoing contracts where revenue has been reversed relating to variation orders or consequential claims, as these items represent forms of variable consideration under IFRS 15 and, therefore, affect the estimated transaction price.17. Construction contracts20262025\u00a3000\u00a3000Contracts in progress at balance sheet date:Amounts due from construction contract customers included in contract assets, trade and other receivables 88,096 77,213Amounts due to construction contract customers included in trade and other payables (note 19) (2,797) \u2013 85,299 77,213Contract costs incurred plus recognised profits less recognised losses to date 488,945 319,838Less: progress billings received (403,646) (242,625)85,299 77,213",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__25": {
"value": "Contract assetsContract assets primarily relate to the Group\u2019s enforceable rights to consideration for work completed on construction contracts that has not yet been billed at the reporting date. Contract assets are transferred to receivables when the right to consideration becomes unconditional. This usually occurs when the Group issues an invoice to the customer.Pre-contract tender costs are not considered material costs to the Group.Contract liabilitiesContract liabilities primarily relate to the advance payments from customers for construction contracts, for which revenue is recognised over time.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__26": {
"value": "Retirement benefit obligationsThe Group operates two defined contribution pension schemes and costs of these schemes are charged to the income statement in the period in which they are incurred.The Group has a defined benefit pension scheme, which is now closed to new members. The liability recognised in the balance sheet comprises the present value of the defined benefit pension obligation, determined by discounting the estimated future cash flows using the market yield on a high-quality corporate bond, less the fair value of the scheme assets.The cost of providing benefits recognised within operating costs in the income statement and the defined benefit obligations is determined at the reporting date by independent actuaries, using the projected unit credit method.Actuarial gains and losses are recognised in the period in which they occur in the statement of comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__27": {
"value": "TaxationThe tax expense represents the sum of the tax currently payable and deferred tax.Tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted, or substantively enacted, by the balance sheet date.Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all, or part of, the asset to be recovered.Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. These are determined based on future changes in tax rates that have been enacted rather than simply future changes that have been proposed but not enacted. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case, the deferred tax is also dealt with in equity.Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__28": {
"value": "DividendsDividends are recorded in the consolidated financial statements in the period in which they are declared, appropriately authorised and no longer at the discretion of the Company.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__29": {
"value": "Property, plant and equipmentProperty, plant and equipment is stated at cost less accumulated depreciation and any impairment losses.Land and buildings held for use in the production or supply of goods or services, or for administrative purposes, and plant and machinery, are stated at cost in the balance sheet. Depreciation on buildings is included within operating costs.Depreciation is provided on other property, plant and equipment to write off the cost of each asset over its estimated useful life at the following rates:Freehold buildings 1 per cent straight-lineLong leasehold buildings Shorter of 1 per cent straight-line or lease termPlant and machinery 10 per cent straight-lineFixtures, fittings and office equipment 10 per cent written down valueComputer equipment 20 per cent straight-lineMotor vehicles 25 per cent written down valueSite safety equipment 20 per cent straight-lineThe gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is included within operating costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__30": {
"value": "Right-of-use assets and lease liabilitiesThe Group adopted IFRS 16 \u2018Leases\u2019 on 1 April 2019 using the modified retrospective approach. The standard has resulted in operating leases being recognised as right-of-use assets and lease liabilities on the consolidated balance sheet, as the classification, as either operating leases or finance leases, has been eliminated. Under IFRS 16 \u2018Leases\u2019, at the inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether it has both the right to obtain, substantially, all of the economic benefits from the use of the identified asset and the right to direct the use of the identified asset throughout the period of use.Leases in which the Group is a lesseeThe Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is measured equal to the lease liability and adjusted for the amount of any prepaid or accrued lease payments relating to the lease before the commencement date, any lease incentives received, initial direct costs associated with the lease and an initial estimate of restoration costs. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate.Lease payments included in the measurement of the lease liability comprise the following: \u2022 Fixed payments, including in-substance fixed payments \u2022 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date\u2022 Amounts expected to be payable under a residual value guarantee \u2022 The exercise price under a purchase option that the Group is reasonably certain to exercise \u2022 Penalties for the early termination of a lease unless the Group is reasonably certain not to terminate earlyShort-term leases and leases of low-value assets The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases, in accordance with the exemption available under IFRS 16. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__31": {
"value": "Intangible assetsThe Group recognises intangible assets at cost less accumulated amortisation and impairment losses. Intangible assets acquired through acquisitions arise as a result of applying IFRS 3, which requires the separate recognition of intangible assets from goodwill.Other acquired intangible assets include software costs.Intangible assets are amortised on a straight-line basis over their useful economic lives as follows:Amortisation periodCustomer relationships 3\u20135 yearsBrands 5 yearsOrder book 18 months",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__33": {
"value": "Impairment of tangible and intangible assets excluding goodwillAt each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. An intangible asset with an indefinite useful life is tested for impairment annually and whenever there is an indication that the asset may be impaired.The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately, unless the relevant asset is carried at a revalued amount, in which case, the impairment loss is treated as a revaluation decrease.Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised as income immediately, unless the relevant asset is carried at a revalued amount, in which case, the reversal of the impairment loss is treated as a revaluation increase.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__32": {
"value": "Impairment of tangible and intangible assets excluding goodwillAt each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. An intangible asset with an indefinite useful life is tested for impairment annually and whenever there is an indication that the asset may be impaired.The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately, unless the relevant asset is carried at a revalued amount, in which case, the impairment loss is treated as a revaluation decrease.Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised as income immediately, unless the relevant asset is carried at a revalued amount, in which case, the reversal of the impairment loss is treated as a revaluation increase.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__34": {
"value": "InventoriesInventories (raw materials and consumables and work in progress) are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__35": {
"value": "Financial instrumentsFinancial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__36": {
"value": "Trade and other receivablesTrade and other receivables are measured at amortised cost using the effective interest method, with an appropriate allowance for estimated irrecoverable amounts recognised in the income statement in line with the requirements of IFRS 9. No expected credit losses (\u2018ECLs\u2019) have been provided for in respect of trade receivables, contract assets and intercompany receivables as these are not material.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__37": {
"value": "Cash and cash equivalentsCash and cash equivalents comprise cash in hand and bank overdrafts. Bank overdrafts are shown in current liabilities on the balance sheet unless a legally enforceable right of offset exists, in accordance with IFRS 7, to allow net presentation of a financial asset and a financial liability.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__38": {
"value": "Bank borrowingsInterest-bearing bank loans and overdrafts are recorded at the proceeds received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for in the income statement using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest over the relevant period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__39": {
"value": "Trade payablesTrade payables are initially measured at fair value, and are subsequently measured at amortised cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__40": {
"value": "Equity instrumentsEquity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__41": {
"value": "Share-based payment transactionsThe Group issues equity-settled share-based payments. These share-based payments are measured at fair value at the date of grant based on the Group\u2019s estimate of shares that will eventually vest. The fair value determined is then expensed in the consolidated income statement on a straight-line basis over the vesting period, with a corresponding increase in equity. Further details regarding the determination of the fair value of equity-settled share-based transactions are set out in note 23.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__42": {
"value": "ProvisionsProvisions are recognised when: (i) the Group has a present legal or constructive obligation as a result of a past event; (ii) it is probable that an outflow of resources will be required to settle the obligation; and (iii) the amount of the obligation can be estimated reliably. Provisions are recognised for items such as legal claims, disputes and onerous contracts.When the Group expects some or all of a provision to be reimbursed, for example under and insurance contract or a back-to-back contractual agreement, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit or loss net of any reimbursement where the virtually certain recognition criteria is met.Provisions are discounted where appropriate to do so and the impact is material.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__43": {
"value": "Derivative financial instruments and hedge accountingThe Group enters into certain foreign exchange forward contracts to manage its exposure to currency movements. Further details of derivative financial instruments are disclosed in note 22.Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. The resulting gain or loss is recognised in profit or loss, except where hedge accounting is used, provided the conditions specified by IFRS 9 are met. Hedge accounting is applied in respect of hedge relationships where it is both permissible under IFRS 9 and practical to do so. When hedge accounting is used, the relevant hedging relationships are classified as cash flow hedges.Where the hedging relationship is classified as a cash flow hedge, to the extent that the hedge is effective, changes in the fair value of the hedging instrument will be recognised directly in other comprehensive income rather than in the income statement. When the hedged item is recognised in the financial statements, the accumulated gains and losses recognised in other comprehensive income will be recycled to the income statement (operating costs).Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. At that point in time, any cumulative gain or loss on the hedging instrument recognised in other comprehensive income is kept in other comprehensive income until the forecast transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in other comprehensive income is transferred to net profit or loss for the period.",
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"value": "2. Use of judgements and key sources of estimation uncertaintyThe preparation of financial statements under IFRS requires management to make judgements, assumptions and estimates that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates. Assumptions and estimates are reviewed on an ongoing basis and any revisions to them are recognised in the period in which they are revised.The significant accounting estimates and judgements with a significant risk of material change to the carrying value of the Group\u2019s assets and liabilities within the next financial year are discussed below.Revenue and profit recognition (estimate)Revenue recognition under long-term construction contracts involves significant estimation uncertainty. In accordance with IFRS 15, the Group recognises revenue and profit over time based on the proportion of work completed. This requires management to estimate both total contract consideration and total contract costs, which are then used to determine the stage of completion, assess the recoverability of contract assets and evaluate whether a contract loss provision is required.These estimates are based on management\u2019s assessment of the recovery of pre-contract costs, surveys of progress against the construction programme, changes in design and work scope, the contractual terms and site conditions under which the work is being performed, delays, costs incurred, claims received by the Group, external certification of the work performed and the recoverability of any unagreed income from claims and variations.Where the total estimated costs exceed total contract revenue, a contract loss provision is recognised. This is measured at the present value of the lower of expected costs of terminating the contract and the expected net costs to complete, based on both the incremental costs of fulfilling the obligation under the contract and an allocation of other costs directly related to fulfilling the contract. Management continually reviews the estimated final outturn on contracts and makes adjustments where necessary. The Group has considered the nature of the estimates involved in determining these contract outcomes and concluded that it is reasonably possible, on the basis of existing knowledge, that actual results within the next financial year may differ from the assumptions applied at the balance sheet date and could result in a material adjustment to the carrying amounts of related assets and liabilities. For a limited number of long-term contracts, revenue and profit has been recognised based on estimates that are sensitive to future events and assumptions. These include estimates relating to the recoverability of claims, future cost escalation, and entitlement to variations. However, due to the level of uncertainty, combination of cost and income variables, and timing across a large portfolio of contracts at different stages of their contract life, it is impracticable to provide a quantitative analysis of the estimates that are made at a portfolio level.Within this portfolio, there are a limited number of long-term contracts where the Group has recognised revenue and profit only to the extent that it is considered highly probable that a significant reversal will not occur. However, there are a host of factors affecting potential outcomes in respect of these entitlements, including claim recoverability, entitlement to variations and cost forecasts, which could result in a range of reasonably possible outcomes on these contracts in the following financial year, ranging from a gain of \u00a319,000,000 (2025: \u00a39,000,000) to a loss of \u00a310,000,000 (2025: \u00a34,000,000), excluding the impact of bridge testing and remedial costs. Management has assessed the range of reasonably possible outcomes on this limited number of contracts based on facts and circumstances that were present and known at the balance sheet date. As with any contract applying long-term contract accounting, these estimates are affected by a variety of uncertainties that depend on future events and are, therefore, subject to change as the contracts progress.At the balance sheet date, amounts due from construction contract customers, included in contract assets, trade and other receivables, was \u00a350,737000 (2025: \u00a347,685,000). See note 18 for further details.Bridge remedial provisions (estimate)The estimation of provisions requires management to assess expected future costs based on the best information available at the reporting date. A significant source of estimation uncertainty in the current year relates to the provisions related to the bridge weld issue. The provision includes management\u2019s best estimate of the total expected costs associated with the affected bridge projects, including direct testing and remedial activities and certain third-party consequential costs and claims. These estimates have been informed by forecasts provided by internal technical experts and, where appropriate, external advisers. Judgement has been applied in determining the likely scale and timing of the required works. The amounts provided represent management\u2019s best estimate based on the information available at this time; however, these liabilities are subject to potential material change basedon new information, future developments or changes in circumstances. The provision is expected to be substantially utilised over the next financial years, although actual timing may vary depending on project progression. See note 20 for further details.Contingent liability \u2013 Bridge remedial costs (judgement)Management exercises judgement in determining whether a provision should be recognised or whether a disclosure as a contingent liability is more appropriate.Whilst management is able to reliably estimate the direct costs and some third-party exposures, other potential consequential claims remain uncertain. In the absence of notification of further claims and considering contractual liability caps in place, these potential exposures are disclosed as contingent liabilities rather than included within the provision. Whilst the amounts provided represent management\u2019s best estimate based on the information available at this time, the financial impact of any future claims or adjustments to cost estimates is currently uncertain and these potential liabilities are subject to potentially material change based on new information, future developments or changes in circumstances. See note 28 for further details.Non-underlying items (judgement)In presenting the Group\u2019s financial performance, management has elected to separately disclose certain items as \u2018non-underlying\u2019 to provide users of the financial statements with a clearer understanding of the underlying operating results and trends. This presentation is consistent with how results and forecasts are prepared internally by management and how performance is reviewed internally by the Board and key decision makers and generally how results are analysed by investors, analysts and brokers when making investment and other decisions.The classification of items as non-underlying requires significant judgement. In making this assessment, management considers the nature, frequency and materiality of the item. Non-underlying items are those which, in management\u2019s view, are not indicative of the Group\u2019s core trading performance. The distinction between underlying and non-underlying items is reassessed at each reporting period to ensure consistency and relevance. This classification impacts the presentation of certain subtotals within the income statement, although all items are included in the statutory results in accordance with IFRS.Further details on non-underlying items, including the rationale for their classification, are provided in note 5.Goodwill impairment testing (estimate)The Group carries significant goodwill balances arising from historical acquisitions. Goodwill is tested annually for impairment, or more frequently if events or changes in circumstances indicate that the carrying value may not be recoverable. The impairment assessments require the use of significant estimates and assumptions, which represent a key source of estimation uncertainty.The recoverable amounts of cash-generating units (\u2018CGUs\u2019) to which goodwill is allocated are determined based on value-in-use calculations, which rely on management to estimate future cash flows, discount rates, long-term growth rates and expected margins. These assumptions reflect management\u2019s best estimates of market conditions, performance expectations and strategic plans at the reporting date.During the year, the goodwill relating to the Infrastructure CGU was fully impaired (see note 11). The impairment was calculated using judgements for discount rate, revenue and profit growth, and long-term growth rates. Any changes in the key judgements would result in a movement in the impairment charge, specifically: a 1.5 percentage point reduction in the forecast operating margin would result in an increases impairment of \u00a34,500,000. A 1.0 percentage point increase in the discount rate would result in an increase to the impairment of \u00a31,000,000. Movements in these assumptions in the opposite direction would result in a corresponding decrease in the impairment charge. Additionally there was an impairment in our joint venture CMF during the year. See note 15 for more details. The impairment was calculated using the same key judgements as described above . Any changes in the key judgements would result in a movement in the impairment charge, specifically: a 1.5 percentage point reduction in the forecast operating margin would result in an increases impairment of \u00a32,500,000. A 1.0 percentage point increase in the discount rate would result in an impairment of \u00a3700,000. Movements in these assumptions in the opposite direction would result in a corresponding decrease in the impairment charge. Management reviews and challenges these assumptions annually with reference to internal forecasts, market outlooks and external benchmarking. However, due to the inherent uncertainty involved in long-term projections and the sensitivity of the valuation to key assumptions, the estimation of recoverable amounts remains an area of potential variability.Other areas of judgement and accounting estimatesThe consolidated financial statements also include other areas where judgement and estimation are applied. Whilst these do not meet the definition of significant accounting estimates or critical accounting judgements under IAS 1, the recognition and measurement of certain material assets and liabilities are nonetheless based on assumptions and may be subject to longer-term uncertainties. These other areas of judgement and estimation are discussed below.Other contingent liabilities (judgement)On an ongoing basis, the Group is a party to uncertain contract positions, various actions, disputes and circumstances that could give rise to actions and disputes, the outcomes of which cannot be assessed with a high degree of certainty. A liability is recognised only where, based on the Directors\u2019 best estimate and taking into account legal and expert advice, it is considered probable that an outflow of resources will be required to settle a present obligation that can be measured reliably. Disclosure of contingent liabilities is made in note 28, unless the possibility of a loss arising is considered remote. These potential liabilities are subject to uncertain future events, may extend over several years and their timing may differ from current assumptions. Management applies its judgement in determining whether or not a liability on the balance sheet should be recognised or a contingent liability should be disclosed.Retirement benefit obligations (estimate)The Group\u2019s defined benefit pension scheme has been accounted for in accordance with IAS 19 \u2018Employee Benefits\u2019. The valuation of the defined benefit obligation involves significant estimation, particularly in determining actuarial assumptions, such as the discount rate, mortality rates and future salary increases (as disclosed in note 29). These assumptions are based on market data and management\u2019s expectations at the balance sheet date. The present value of the obligation is calculated by discounting future benefits using market yields on high-quality AA-rated corporate bonds.In addition, judgement is required in selecting the appropriate valuation methodology and in assessing the suitability of actuarial assumptions. Changes in these assumptions, as well as differences between expected and actual outcomes, may result in actuarial gains or losses recognised in other comprehensive income. These sensitivities are disclosed in note 29. The defined benefit obligation recognised at the balance sheet date was \u00a32,873,000 (2025: \u00a36,855,000).Onerous leases provisions (judgement)The Group has recognised provisions for onerous lease contracts in respect of certain leasehold properties where the unavoidable costs of meeting lease obligations exceed the economic benefits expected to be received. In determining the provision, management has exercised significant judgement in estimating both the unavoidable lease costs and the expected economic benefits, including forecast income from subleasing arrangements. As a result of the above judgements, the amount of the onerous lease provision recognised is sensitive to changes in key assumptions, particularly those relating to future sublease income and market conditions.",
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"value": "Contingent liability \u2013 Bridge remedial costs (judgement)Management exercises judgement in determining whether a provision should be recognised or whether a disclosure as a contingent liability is more appropriate.Whilst management is able to reliably estimate the direct costs and some third-party exposures, other potential consequential claims remain uncertain. In the absence of notification of further claims and considering contractual liability caps in place, these potential exposures are disclosed as contingent liabilities rather than included within the provision. Whilst the amounts provided represent management\u2019s best estimate based on the information available at this time, the financial impact of any future claims or adjustments to cost estimates is currently uncertain and these potential liabilities are subject to potentially material change based on new information, future developments or changes in circumstances. See note 28 for further details.Non-underlying items (judgement)In presenting the Group\u2019s financial performance, management has elected to separately disclose certain items as \u2018non-underlying\u2019 to provide users of the financial statements with a clearer understanding of the underlying operating results and trends. This presentation is consistent with how results and forecasts are prepared internally by management and how performance is reviewed internally by the Board and key decision makers and generally how results are analysed by investors, analysts and brokers when making investment and other decisions.The classification of items as non-underlying requires significant judgement. In making this assessment, management considers the nature, frequency and materiality of the item. Non-underlying items are those which, in management\u2019s view, are not indicative of the Group\u2019s core trading performance. The distinction between underlying and non-underlying items is reassessed at each reporting period to ensure consistency and relevance. This classification impacts the presentation of certain subtotals within the income statement, although all items are included in the statutory results in accordance with IFRS.Further details on non-underlying items, including the rationale for their classification, are provided in note 5.Goodwill impairment testing (estimate)The Group carries significant goodwill balances arising from historical acquisitions. Goodwill is tested annually for impairment, or more frequently if events or changes in circumstances indicate that the carrying value may not be recoverable. The impairment assessments require the use of significant estimates and assumptions, which represent a key source of estimation uncertainty.The recoverable amounts of cash-generating units (\u2018CGUs\u2019) to which goodwill is allocated are determined based on value-in-use calculations, which rely on management to estimate future cash flows, discount rates, long-term growth rates and expected margins. These assumptions reflect management\u2019s best estimates of market conditions, performance expectations and strategic plans at the reporting date.During the year, the goodwill relating to the Infrastructure CGU was fully impaired (see note 11). The impairment was calculated using judgements for discount rate, revenue and profit growth, and long-term growth rates. Any changes in the key judgements would result in a movement in the impairment charge, specifically: a 1.5 percentage point reduction in the forecast operating margin would result in an increases impairment of \u00a34,500,000. A 1.0 percentage point increase in the discount rate would result in an increase to the impairment of \u00a31,000,000. Movements in these assumptions in the opposite direction would result in a corresponding decrease in the impairment charge. Additionally there was an impairment in our joint venture CMF during the year. See note 15 for more details. The impairment was calculated using the same key judgements as described above . Any changes in the key judgements would result in a movement in the impairment charge, specifically: a 1.5 percentage point reduction in the forecast operating margin would result in an increases impairment of \u00a32,500,000. A 1.0 percentage point increase in the discount rate would result in an impairment of \u00a3700,000. Movements in these assumptions in the opposite direction would result in a corresponding decrease in the impairment charge. Management reviews and challenges these assumptions annually with reference to internal forecasts, market outlooks and external benchmarking. However, due to the inherent uncertainty involved in long-term projections and the sensitivity of the valuation to key assumptions, the estimation of recoverable amounts remains an area of potential variability.Other areas of judgement and accounting estimatesThe consolidated financial statements also include other areas where judgement and estimation are applied. Whilst these do not meet the definition of significant accounting estimates or critical accounting judgements under IAS 1, the recognition and measurement of certain material assets and liabilities are nonetheless based on assumptions and may be subject to longer-term uncertainties. These other areas of judgement and estimation are discussed below.Other contingent liabilities (judgement)On an ongoing basis, the Group is a party to uncertain contract positions, various actions, disputes and circumstances that could give rise to actions and disputes, the outcomes of which cannot be assessed with a high degree of certainty. A liability is recognised only where, based on the Directors\u2019 best estimate and taking into account legal and expert advice, it is considered probable that an outflow of resources will be required to settle a present obligation that can be measured reliably. Disclosure of contingent liabilities is made in note 28, unless the possibility of a loss arising is considered remote. These potential liabilities are subject to uncertain future events, may extend over several years and their timing may differ from current assumptions. Management applies its judgement in determining whether or not a liability on the balance sheet should be recognised or a contingent liability should be disclosed.",
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"value": "Retirement benefit obligations (estimate)The Group\u2019s defined benefit pension scheme has been accounted for in accordance with IAS 19 \u2018Employee Benefits\u2019. The valuation of the defined benefit obligation involves significant estimation, particularly in determining actuarial assumptions, such as the discount rate, mortality rates and future salary increases (as disclosed in note 29). These assumptions are based on market data and management\u2019s expectations at the balance sheet date. The present value of the obligation is calculated by discounting future benefits using market yields on high-quality AA-rated corporate bonds.In addition, judgement is required in selecting the appropriate valuation methodology and in assessing the suitability of actuarial assumptions. Changes in these assumptions, as well as differences between expected and actual outcomes, may result in actuarial gains or losses recognised in other comprehensive income. These sensitivities are disclosed in note 29. The defined benefit obligation recognised at the balance sheet date was \u00a32,873,000 (2025: \u00a36,855,000).Onerous leases provisions (judgement)The Group has recognised provisions for onerous lease contracts in respect of certain leasehold properties where the unavoidable costs of meeting lease obligations exceed the economic benefits expected to be received. In determining the provision, management has exercised significant judgement in estimating both the unavoidable lease costs and the expected economic benefits, including forecast income from subleasing arrangements. As a result of the above judgements, the amount of the onerous lease provision recognised is sensitive to changes in key assumptions, particularly those relating to future sublease income and market conditions.",
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"value": "3. Revenue and segmental analysisRevenueAn analysis of the Group\u2019s revenue is as follows:20262025\u00a3000\u00a3000Revenue from construction contracts 454,254 450,913Other operating income (note 4) 2,110 2,901Interest received (note 7) 393 369Total income 456,757 454,183Segmental resultsIn line with the requirements of IFRS 8, operating segments are identified on the basis of the information that is regularly reported and reviewed by the chief operating decision maker (\u2018CODM\u2019). The Group\u2019s CODM is deemed to be the executive committee, who are primarily responsible for the allocation of resources and the assessment of performance of the segments. Consistent with previous periods, management continues to identify multiple operating segments, primarily at an individual statutory entity level, which are reported and reviewed by the CODM. For the purpose of presentation under IFRS 8, the individual operating segments meet the aggregation criteria that allows them to be aggregated and presented as one reportable segment for the Group. However, management consider it appropriate to disclose two operating segments as described below. \u2022 Core Construction Operations \u2013 comprising the combined results of the Commercial and Industrial (\u2018C&I\u2019) and Nuclear and Infrastructure (\u2018N&I\u2019) divisions, including the results of the European operations.\u2022 Modular Solutions \u2013 Comprising Severfield Modular Solutions (\u2018SMS\u2019) and the Group\u2019s share of profit (50 per cent) from the joint venture company, Construction Metal Forming Limited (\u2018CMF\u2019).The separate presentation of the modular businesses, as \u2018Modular Solutions\u2019, aligns with the maturity of the SMS business, which was established in 2018. The constituent operating segments that make up \u2018Core Construction Operations\u2019 have been aggregated because the nature of the products across the businesses, whilst serving different market sectors, are consistent in that they relate to the design, fabrication and erection of steel products. They have similar production processes and facilities, types of customers, methods of distribution, regulatory environments and economic characteristics. This is reinforced through the use of shared production facilities across the Group. The C&I and N&I divisions were established in April 2022 to provide better client service and increased organisational clarity, both internally and externally. These still meet the aggregation criteria to be presented as one reportable segment under IFRS 8 and are, therefore, presented as such within Core Construction Operations.Segment assets and liabilities are not presented as these are not reported to the CODM.Core Central Construction Modular costs/ Operations SolutionsJSSLeliminationsTotalYear ended 28 March 2026:\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000Revenue 442,472 16,323 \u2013 (4,541) 454,254Underlying operating profit 12,697 \u2013 \u2013 \u2013 12,697Underlying operating profit margin 2.9% 0.0% 2.8%Results from joint ventures (note 15)\u2013 Bouwcombinatie Van Wijnen \u2013 \u2013 \u2013 \u2013 \u2013\u2013 Construction Metal Forming Limited \u2013 (489) \u2013 \u2013 (489)\u2013 JSSL \u2013 \u2013 2,966 \u2013 2,966Finance expense (note 7) \u2013 \u2013 \u2013 (4,716) (4,716)Underlying profit/(loss) before tax 12,697 (489) 2,966 (4,716) 10,458Non-underlying items (note 5) (25,004) (22,720) \u2013 (2,607) (50,331)(Loss)/profit before tax (12,307) (23,209) 2,966 (7,323) (39,873)Other material items of income and expense\u2013 Depreciation of owned property, plant and equipment (note 13) (6,809) (189) \u2013 \u2013 (6,998)\u2013 Depreciation of right-of-use assets (note 14) (3,770) (42) \u2013 \u2013 (3,812)\u2013 Other operating income (note 4) 2,070 40 \u2013 \u2013 2,110Core Central Construction Modular costs/ Operations SolutionsJSSLeliminationsTotalYear ended 29 March 2025:\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000Revenue 435,448 24,152 \u2013 (8,687) 450,913Underlying operating profit 21,285 368 \u2013 \u2013 21,653Underlying operating profit margin 4.9% 1.5% 4.8%Results from joint ventures (note 15)\u2013 Bouwcombinatie Van Wijnen 6 \u2013 \u2013 \u2013 6\u2013 Construction Metal Forming Limited \u2013 8 \u2013 \u2013 8\u2013 JSSL \u2013 \u2013 87 \u2013 87Finance expense (note 7) \u2013 \u2013 \u2013 (3,621) (3,621)Underlying profit before tax 21,291 376 87 (3,621) 18,133Non-underlying items (note 5) (36,610) \u2013 \u2013 965 (35,645)Profit/(loss) before tax (15,319) 376 87 (2,656) (17,512)Other material items of income and expense\u2013 Depreciation of owned property, plant and equipment (note 13) (7,028) (189) \u2013 \u2013 (7,217)\u2013 Depreciation of right-of-use assets (note 14) (2,687) (42) \u2013 \u2013 (2,729)\u2013 Other operating income (note 4) 2,557 344 \u2013 \u2013 2,901RevenueAll revenue is derived from construction contracts and related assets. Additional disclosures are made under IFRS 15 to enable users to understand the relative size of the divisions. An analysis of the Group\u2019s revenue is as follows:2026 2025\u00a3000\u00a3000\u2013 Commercial and Industrial 318,232 349,588\u2013 Nuclear and Infrastructure 124,240 85,860Total revenue from Core Construction Operations 442,472 435,448Modular Solutions 16,323 24,152Elimination of inter-segment revenue (Modular Solutions) (4,541) (8,687)Total Group revenue 454,254 450,913Geographical informationThe following table presents revenue according to the primary geographical markets in which the Group operates. This disaggregation of revenue is presented for the Group\u2019s two operating segment described above.2026 2025Core Construction Operations \u2013 revenue by destination\u00a3000\u00a3000United Kingdom 274,086 265,300Republic of Ireland and continental Europe 168,386 170,148442,472 435,4482026 2025Modular Solutions \u2013 revenue by destination\u00a3000\u00a3000United Kingdom 16,323 23,007Rest of world \u2013 1,14516,323 24,152Elimination of intercompany revenue (UK) (4,541) (8,687)11,782 15,465Non-current asset geographyThe following table provides information about the geography of non-current assets, excluding goodwill, as this asset is not attributable to a geographical location.2026 2025Non-current assets by destination\u00a3000\u00a3000United Kingdom 123,832 148,394Europe 8,060 8,305131,892 156,699Contract balancesThe following table provides information about the receivables, contract assets and contract liabilities from contracts with customers:20262025 \u00a3000\u00a3000Trade and other receivables (note 18) 38,017 29,528Contract assets (note 18) 50,737 47,685Contract liabilities (note 19) (2,797) \u2013Contract assets primarily relate to the Group\u2019s right to consideration for work completed but not billed at the reporting date on construction contracts. Contract assets are transferred to receivables when the rights become unconditional. This usually occurs when the Group issues an invoice to the customer.The contract liabilities primarily relate to advance payments from customers for construction contracts, for which revenue is recognised over time. The aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially satisfied) as at 28 March 2026 and have an original expected contract duration of more than one year are \u00a3118,221,000 (2025: \u00a3112,785,000), of which \u00a336,000,000 (2025: \u00a313,941,000) is expected to have a duration of more than two years.The total transaction price allocated to the remaining performance obligations represents the contracted revenue to be earned by the Group for goods and services that the Group has promised to deliver to its customers, where the original contract duration is more than one year. This includes performance obligations that are partially satisfied at the year end or those which are unsatisfied but which the Group has committed to providing. The transaction price does not contain variable consideration for items such as discounts or rebates. The practical expedient available under IFRS 15 has been taken and, therefore, no information is provided for the transaction price allocated to the remaining performance obligations where the original expected contract duration is one year or less.Information about major customersGroup revenue includes revenue of \u00a3108,503,000 (2025: \u00a350,262,000), relating to two major clients (2025: one major client), who individually contributed more than 10 per cent of Group revenue in the year ended 28 March 2026.",
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"value": "3. Revenue and segmental analysisRevenueAn analysis of the Group\u2019s revenue is as follows:20262025\u00a3000\u00a3000Revenue from construction contracts 454,254 450,913Other operating income (note 4) 2,110 2,901Interest received (note 7) 393 369Total income 456,757 454,183Segmental resultsIn line with the requirements of IFRS 8, operating segments are identified on the basis of the information that is regularly reported and reviewed by the chief operating decision maker (\u2018CODM\u2019). The Group\u2019s CODM is deemed to be the executive committee, who are primarily responsible for the allocation of resources and the assessment of performance of the segments. Consistent with previous periods, management continues to identify multiple operating segments, primarily at an individual statutory entity level, which are reported and reviewed by the CODM. For the purpose of presentation under IFRS 8, the individual operating segments meet the aggregation criteria that allows them to be aggregated and presented as one reportable segment for the Group. However, management consider it appropriate to disclose two operating segments as described below. \u2022 Core Construction Operations \u2013 comprising the combined results of the Commercial and Industrial (\u2018C&I\u2019) and Nuclear and Infrastructure (\u2018N&I\u2019) divisions, including the results of the European operations.\u2022 Modular Solutions \u2013 Comprising Severfield Modular Solutions (\u2018SMS\u2019) and the Group\u2019s share of profit (50 per cent) from the joint venture company, Construction Metal Forming Limited (\u2018CMF\u2019).The separate presentation of the modular businesses, as \u2018Modular Solutions\u2019, aligns with the maturity of the SMS business, which was established in 2018. The constituent operating segments that make up \u2018Core Construction Operations\u2019 have been aggregated because the nature of the products across the businesses, whilst serving different market sectors, are consistent in that they relate to the design, fabrication and erection of steel products. They have similar production processes and facilities, types of customers, methods of distribution, regulatory environments and economic characteristics. This is reinforced through the use of shared production facilities across the Group. The C&I and N&I divisions were established in April 2022 to provide better client service and increased organisational clarity, both internally and externally. These still meet the aggregation criteria to be presented as one reportable segment under IFRS 8 and are, therefore, presented as such within Core Construction Operations.Segment assets and liabilities are not presented as these are not reported to the CODM.Core Central Construction Modular costs/ Operations SolutionsJSSLeliminationsTotalYear ended 28 March 2026:\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000Revenue 442,472 16,323 \u2013 (4,541) 454,254Underlying operating profit 12,697 \u2013 \u2013 \u2013 12,697Underlying operating profit margin 2.9% 0.0% 2.8%Results from joint ventures (note 15)\u2013 Bouwcombinatie Van Wijnen \u2013 \u2013 \u2013 \u2013 \u2013\u2013 Construction Metal Forming Limited \u2013 (489) \u2013 \u2013 (489)\u2013 JSSL \u2013 \u2013 2,966 \u2013 2,966Finance expense (note 7) \u2013 \u2013 \u2013 (4,716) (4,716)Underlying profit/(loss) before tax 12,697 (489) 2,966 (4,716) 10,458Non-underlying items (note 5) (25,004) (22,720) \u2013 (2,607) (50,331)(Loss)/profit before tax (12,307) (23,209) 2,966 (7,323) (39,873)Other material items of income and expense\u2013 Depreciation of owned property, plant and equipment (note 13) (6,809) (189) \u2013 \u2013 (6,998)\u2013 Depreciation of right-of-use assets (note 14) (3,770) (42) \u2013 \u2013 (3,812)\u2013 Other operating income (note 4) 2,070 40 \u2013 \u2013 2,110Core Central Construction Modular costs/ Operations SolutionsJSSLeliminationsTotalYear ended 29 March 2025:\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000Revenue 435,448 24,152 \u2013 (8,687) 450,913Underlying operating profit 21,285 368 \u2013 \u2013 21,653Underlying operating profit margin 4.9% 1.5% 4.8%Results from joint ventures (note 15)\u2013 Bouwcombinatie Van Wijnen 6 \u2013 \u2013 \u2013 6\u2013 Construction Metal Forming Limited \u2013 8 \u2013 \u2013 8\u2013 JSSL \u2013 \u2013 87 \u2013 87Finance expense (note 7) \u2013 \u2013 \u2013 (3,621) (3,621)Underlying profit before tax 21,291 376 87 (3,621) 18,133Non-underlying items (note 5) (36,610) \u2013 \u2013 965 (35,645)Profit/(loss) before tax (15,319) 376 87 (2,656) (17,512)Other material items of income and expense\u2013 Depreciation of owned property, plant and equipment (note 13) (7,028) (189) \u2013 \u2013 (7,217)\u2013 Depreciation of right-of-use assets (note 14) (2,687) (42) \u2013 \u2013 (2,729)\u2013 Other operating income (note 4) 2,557 344 \u2013 \u2013 2,901RevenueAll revenue is derived from construction contracts and related assets. Additional disclosures are made under IFRS 15 to enable users to understand the relative size of the divisions. An analysis of the Group\u2019s revenue is as follows:2026 2025\u00a3000\u00a3000\u2013 Commercial and Industrial 318,232 349,588\u2013 Nuclear and Infrastructure 124,240 85,860Total revenue from Core Construction Operations 442,472 435,448Modular Solutions 16,323 24,152Elimination of inter-segment revenue (Modular Solutions) (4,541) (8,687)Total Group revenue 454,254 450,913Geographical informationThe following table presents revenue according to the primary geographical markets in which the Group operates. This disaggregation of revenue is presented for the Group\u2019s two operating segment described above.2026 2025Core Construction Operations \u2013 revenue by destination\u00a3000\u00a3000United Kingdom 274,086 265,300Republic of Ireland and continental Europe 168,386 170,148442,472 435,4482026 2025Modular Solutions \u2013 revenue by destination\u00a3000\u00a3000United Kingdom 16,323 23,007Rest of world \u2013 1,14516,323 24,152Elimination of intercompany revenue (UK) (4,541) (8,687)11,782 15,465Non-current asset geographyThe following table provides information about the geography of non-current assets, excluding goodwill, as this asset is not attributable to a geographical location.2026 2025Non-current assets by destination\u00a3000\u00a3000United Kingdom 123,832 148,394Europe 8,060 8,305131,892 156,699Contract balancesThe following table provides information about the receivables, contract assets and contract liabilities from contracts with customers:20262025 \u00a3000\u00a3000Trade and other receivables (note 18) 38,017 29,528Contract assets (note 18) 50,737 47,685Contract liabilities (note 19) (2,797) \u2013Contract assets primarily relate to the Group\u2019s right to consideration for work completed but not billed at the reporting date on construction contracts. Contract assets are transferred to receivables when the rights become unconditional. This usually occurs when the Group issues an invoice to the customer.The contract liabilities primarily relate to advance payments from customers for construction contracts, for which revenue is recognised over time. The aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially satisfied) as at 28 March 2026 and have an original expected contract duration of more than one year are \u00a3118,221,000 (2025: \u00a3112,785,000), of which \u00a336,000,000 (2025: \u00a313,941,000) is expected to have a duration of more than two years.The total transaction price allocated to the remaining performance obligations represents the contracted revenue to be earned by the Group for goods and services that the Group has promised to deliver to its customers, where the original contract duration is more than one year. This includes performance obligations that are partially satisfied at the year end or those which are unsatisfied but which the Group has committed to providing. The transaction price does not contain variable consideration for items such as discounts or rebates. The practical expedient available under IFRS 15 has been taken and, therefore, no information is provided for the transaction price allocated to the remaining performance obligations where the original expected contract duration is one year or less.Information about major customersGroup revenue includes revenue of \u00a3108,503,000 (2025: \u00a350,262,000), relating to two major clients (2025: one major client), who individually contributed more than 10 per cent of Group revenue in the year ended 28 March 2026.",
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}
},
"f0__s8__6__50": {
"value": "Segmental resultsIn line with the requirements of IFRS 8, operating segments are identified on the basis of the information that is regularly reported and reviewed by the chief operating decision maker (\u2018CODM\u2019). The Group\u2019s CODM is deemed to be the executive committee, who are primarily responsible for the allocation of resources and the assessment of performance of the segments. Consistent with previous periods, management continues to identify multiple operating segments, primarily at an individual statutory entity level, which are reported and reviewed by the CODM. For the purpose of presentation under IFRS 8, the individual operating segments meet the aggregation criteria that allows them to be aggregated and presented as one reportable segment for the Group. However, management consider it appropriate to disclose two operating segments as described below. \u2022 Core Construction Operations \u2013 comprising the combined results of the Commercial and Industrial (\u2018C&I\u2019) and Nuclear and Infrastructure (\u2018N&I\u2019) divisions, including the results of the European operations.\u2022 Modular Solutions \u2013 Comprising Severfield Modular Solutions (\u2018SMS\u2019) and the Group\u2019s share of profit (50 per cent) from the joint venture company, Construction Metal Forming Limited (\u2018CMF\u2019).The separate presentation of the modular businesses, as \u2018Modular Solutions\u2019, aligns with the maturity of the SMS business, which was established in 2018. The constituent operating segments that make up \u2018Core Construction Operations\u2019 have been aggregated because the nature of the products across the businesses, whilst serving different market sectors, are consistent in that they relate to the design, fabrication and erection of steel products. They have similar production processes and facilities, types of customers, methods of distribution, regulatory environments and economic characteristics. This is reinforced through the use of shared production facilities across the Group. The C&I and N&I divisions were established in April 2022 to provide better client service and increased organisational clarity, both internally and externally. These still meet the aggregation criteria to be presented as one reportable segment under IFRS 8 and are, therefore, presented as such within Core Construction Operations.",
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}
},
"f0__s8__6__51-1": {
"value": "4. Operating costs20262025 \u00a3000\u00a3000Raw materials and consumables (including subcontractor costs) 234,240 231,379Staff costs (note 6) 130,473 127,590Other operating charges 67,549 62,653Amortisation of other intangible assets (note 12) 67 90Lease expense:\u2013 plant and machinery 226 103\u2013 land and buildings 164 262\u2013 motor vehicles 138 138Depreciation:\u2013 owned property, plant and equipment (note 13) 6,998 7,217\u2013 right-of-use assets (note 14) 3,812 2,729Other operating income (2,110) (2,901)Operating costs before non-underlying items 441,557 429,260Non-underlying items (note 5) 50,319 35,475491,876 464,735Other operating charges include:Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts 60 60Fees payable to the Company\u2019s auditor for other services:\u2013 the audit of the Company\u2019s subsidiaries pursuant to legislation 775 776\u2013 audit-related assurance services \u2013 89\u2013 other assurance services \u2013 \u2013Other operating income mainly represents research and development tax credits.Fees payable to KPMG LLP and their associates for non-audit services to the Company are not required to be disclosed because the consolidated financial statements are required to disclose such fees on a consolidated basis. Details of the Group\u2019s policy on the use of the auditor for non-audit services, the reason the auditor was used, and how the auditor\u2019s independence and objectivity were safeguarded, are set out in the audit committee report on pages 112 and 115. No services were performed pursuant to contingent fee arrangements.5. Non-underlying items20262025 \u00a3000\u00a3000Operating costs 50,319 35,475Finance expense 12 170Non-underlying items before tax 50,331 35,645Tax on non-underlying items (6,616) (8,620)Non-underlying items after tax 43,715 27,02520262025Non-underlying items before tax consist of: \u00a3000\u00a3000Amortisation of acquired intangible assets (note 12) 2,606 2,609Legacy employment tax credit \u2013 (1,373)Impairment charges 22,186 \u2013Unwinding of discount on contingent consideration \u2013 DAM Structures 12 170Fair value adjustment to contingent consideration \u2013 DAM Structures \u2013 (1,135)Modular Solutions closure costs 12,640 \u2013Other non-underlying costs 4,608 2,848Bridge testing and remedial costs 13,208 43,367Insurance recoveries (7,500) (20,000)Other bridge-related costs 2,571 9,159Non-underlying items before tax 50,331 35,645The amortisation of acquired intangible assets of \u00a32,606,000 (2025: \u00a32,609,000) represents the amortisation of customer relationships that were identified on the acquisitions of DAM Structures and VSCH in 2021 and 2023, respectively. The impairment charges of \u00a322,186,000 include the non-cash impairments of the Infrastructure CGU goodwill of \u00a311,474,000 and our joint venture investment in CMF of \u00a39,872,000. Further information on both impairments can be found in notes 11 and 15, respectively.The Modular Solutions closure costs of \u00a312,640,000 include all costs associated with the Group\u2019s strategic decision to discontinue the business. Following the Board\u2019s decision to exit the business during the second half of FY26, management implemented a controlled withdrawal from new sales and tendering activity whilst continuing to fulfil the remaining customer order book and undertake an orderly wind-down of operations. As a result, the business experienced a significant reduction in future workload and overhead recovery during the period, whilst the underlying fixed cost base could not be removed immediately due to operational requirements, employee consultation processes and the consideration of potential sale opportunities. Losses recognised of \u00a33,843,000 (including \u00a31,143,000 recognised in H1), therefore, reflect the direct financial consequences of implementing the exit decision, including reduced operational leverage, under the recovery of fixed costs. Other closure and restructuring-related costs from the discontinuation process of \u00a38,797,000 were also recognised, including \u00a34,075,000 in relation to an onerous lease provision for the new Modular Solutions factory, which is now surplus to requirements.The bridge testing and remedial programme continued to progress throughout the year. Following further testing activities and the continued development of project-specific remedial solutions, the Group has updated its estimate of the total cost to complete the programme and recognised an additional \u00a313,208,000 provision in the year. This reflects both costs incurred during the period and the Group\u2019s current estimate of the remaining testing and remedial costs across all affected bridge projects. During the year, the Group recognised additional insurance recoveries of \u00a37,500,000 in respect of bridge testing and remedial costs. These recoveries were received in full during the year and increase the total insurance recoveries recognised to \u00a327,500,000.Other bridge-related costs of \u00a32,571,000 include provisions for third-party claims, along with other incremental costs associated with the bridge remedial programme. These have been presented as a non-underlying expense as the Directors believe presenting an underlying result that excludes the effect of bridge remedial works to be meaningful and useful information, and facilitates the analysis of the impact of the remedial programme. In the absence of notification of any further consequential claims and noting that, in certain cases, such claims may be limited by contractual liability caps, the Group\u2019s current assumption is that any further costs will remain with the respective parties. See note 28 for further details.Other non-underlying costs of \u00a34,608,000 comprise \u00a31,513,000 of transformation-related expenditure incurred in support of the Group\u2019s strategic transformation programme and the delivery of the Board\u2019s refreshed strategy. The charge also includes \u00a31,163,000 relating to changes within the executive management team during the year, including severance costs associated with the departure of the former Chief Financial Officer, as further detailed in the Directors\u2019 remuneration report, and recruitment costs of the new Executive Directors.The balance includes \u00a31,405,000 of exceptional refinancing costs incurred in connection with the one-year extension of the Group\u2019s banking facilities agreed in July 2025. Given the uncertainty arising from the bridge testing and remedial programme and its impact on the Group\u2019s financial position, the refinancing was limited to a one-year extension and required extensive engagement with lenders and advisers. The refinancing arrangements incorporated specific amendments and additional requirements reflecting the bridge testing and remedial programme, resulting in advisory and transaction fees that were significantly higher than would typically be incurred as part of a routine refinancing. Accordingly, these costs are considered non-recurring in nature and are not reflective of the Group\u2019s underlying financing activities.Costs related to the bridge weld issue, along with the associated insurance recovery income, and redundancies have been separately identified and presented as non-underlying items, reflecting their one-off and material nature.A corporation tax credit of \u00a36,616,000 has been recognised in the year, comprising a \u00a36,959,000 credit on non-underlying items, partially offset by a \u00a3343,000 charge for prior-year adjustments. All non-underlying items attracted a corresponding tax effect, except for amortisation (which gives rise to a deferred tax credit) and non-deductible goodwill and joint venture impairments.The basis for stating results on an underlying basis is set out on page 165. The Board believes that non-underlying items should be separately identified on the face of the income statement to assist in understanding the underlying performance of the Group. Their separate identification results in the calculation of an underlying profit measure, which is the same as that presented and reviewed by management, and are normally excluded by investors, analysts and brokers when making investment and other decisions. Accordingly, certain alternative performance measures (\u2018APMs\u2019) have been used throughout this annual report to supplement rather than replace the measures provided under IFRS. See note 32.",
"dimensions": {
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"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__54-1": {
"value": "5. Non-underlying items20262025 \u00a3000\u00a3000Operating costs 50,319 35,475Finance expense 12 170Non-underlying items before tax 50,331 35,645Tax on non-underlying items (6,616) (8,620)Non-underlying items after tax 43,715 27,02520262025Non-underlying items before tax consist of: \u00a3000\u00a3000Amortisation of acquired intangible assets (note 12) 2,606 2,609Legacy employment tax credit \u2013 (1,373)Impairment charges 22,186 \u2013Unwinding of discount on contingent consideration \u2013 DAM Structures 12 170Fair value adjustment to contingent consideration \u2013 DAM Structures \u2013 (1,135)Modular Solutions closure costs 12,640 \u2013Other non-underlying costs 4,608 2,848Bridge testing and remedial costs 13,208 43,367Insurance recoveries (7,500) (20,000)Other bridge-related costs 2,571 9,159Non-underlying items before tax 50,331 35,645The amortisation of acquired intangible assets of \u00a32,606,000 (2025: \u00a32,609,000) represents the amortisation of customer relationships that were identified on the acquisitions of DAM Structures and VSCH in 2021 and 2023, respectively. The impairment charges of \u00a322,186,000 include the non-cash impairments of the Infrastructure CGU goodwill of \u00a311,474,000 and our joint venture investment in CMF of \u00a39,872,000. Further information on both impairments can be found in notes 11 and 15, respectively.The Modular Solutions closure costs of \u00a312,640,000 include all costs associated with the Group\u2019s strategic decision to discontinue the business. Following the Board\u2019s decision to exit the business during the second half of FY26, management implemented a controlled withdrawal from new sales and tendering activity whilst continuing to fulfil the remaining customer order book and undertake an orderly wind-down of operations. As a result, the business experienced a significant reduction in future workload and overhead recovery during the period, whilst the underlying fixed cost base could not be removed immediately due to operational requirements, employee consultation processes and the consideration of potential sale opportunities. Losses recognised of \u00a33,843,000 (including \u00a31,143,000 recognised in H1), therefore, reflect the direct financial consequences of implementing the exit decision, including reduced operational leverage, under the recovery of fixed costs. Other closure and restructuring-related costs from the discontinuation process of \u00a38,797,000 were also recognised, including \u00a34,075,000 in relation to an onerous lease provision for the new Modular Solutions factory, which is now surplus to requirements.The bridge testing and remedial programme continued to progress throughout the year. Following further testing activities and the continued development of project-specific remedial solutions, the Group has updated its estimate of the total cost to complete the programme and recognised an additional \u00a313,208,000 provision in the year. This reflects both costs incurred during the period and the Group\u2019s current estimate of the remaining testing and remedial costs across all affected bridge projects. During the year, the Group recognised additional insurance recoveries of \u00a37,500,000 in respect of bridge testing and remedial costs. These recoveries were received in full during the year and increase the total insurance recoveries recognised to \u00a327,500,000.Other bridge-related costs of \u00a32,571,000 include provisions for third-party claims, along with other incremental costs associated with the bridge remedial programme. These have been presented as a non-underlying expense as the Directors believe presenting an underlying result that excludes the effect of bridge remedial works to be meaningful and useful information, and facilitates the analysis of the impact of the remedial programme. In the absence of notification of any further consequential claims and noting that, in certain cases, such claims may be limited by contractual liability caps, the Group\u2019s current assumption is that any further costs will remain with the respective parties. See note 28 for further details.Other non-underlying costs of \u00a34,608,000 comprise \u00a31,513,000 of transformation-related expenditure incurred in support of the Group\u2019s strategic transformation programme and the delivery of the Board\u2019s refreshed strategy. The charge also includes \u00a31,163,000 relating to changes within the executive management team during the year, including severance costs associated with the departure of the former Chief Financial Officer, as further detailed in the Directors\u2019 remuneration report, and recruitment costs of the new Executive Directors.The balance includes \u00a31,405,000 of exceptional refinancing costs incurred in connection with the one-year extension of the Group\u2019s banking facilities agreed in July 2025. Given the uncertainty arising from the bridge testing and remedial programme and its impact on the Group\u2019s financial position, the refinancing was limited to a one-year extension and required extensive engagement with lenders and advisers. The refinancing arrangements incorporated specific amendments and additional requirements reflecting the bridge testing and remedial programme, resulting in advisory and transaction fees that were significantly higher than would typically be incurred as part of a routine refinancing. Accordingly, these costs are considered non-recurring in nature and are not reflective of the Group\u2019s underlying financing activities.Costs related to the bridge weld issue, along with the associated insurance recovery income, and redundancies have been separately identified and presented as non-underlying items, reflecting their one-off and material nature.A corporation tax credit of \u00a36,616,000 has been recognised in the year, comprising a \u00a36,959,000 credit on non-underlying items, partially offset by a \u00a3343,000 charge for prior-year adjustments. All non-underlying items attracted a corresponding tax effect, except for amortisation (which gives rise to a deferred tax credit) and non-deductible goodwill and joint venture impairments.The basis for stating results on an underlying basis is set out on page 165. The Board believes that non-underlying items should be separately identified on the face of the income statement to assist in understanding the underlying performance of the Group. Their separate identification results in the calculation of an underlying profit measure, which is the same as that presented and reviewed by management, and are normally excluded by investors, analysts and brokers when making investment and other decisions. Accordingly, certain alternative performance measures (\u2018APMs\u2019) have been used throughout this annual report to supplement rather than replace the measures provided under IFRS. See note 32.7. Net finance expense20262025\u00a3000\u00a3000Finance income (393) (369)Finance expense 5,109 3,9904,716 3,621Unwinding of discount on contingent consideration (note 5) 12 1704,728 3,791",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__53": {
"value": "5. Non-underlying items20262025 \u00a3000\u00a3000Operating costs 50,319 35,475Finance expense 12 170Non-underlying items before tax 50,331 35,645Tax on non-underlying items (6,616) (8,620)Non-underlying items after tax 43,715 27,02520262025Non-underlying items before tax consist of: \u00a3000\u00a3000Amortisation of acquired intangible assets (note 12) 2,606 2,609Legacy employment tax credit \u2013 (1,373)Impairment charges 22,186 \u2013Unwinding of discount on contingent consideration \u2013 DAM Structures 12 170Fair value adjustment to contingent consideration \u2013 DAM Structures \u2013 (1,135)Modular Solutions closure costs 12,640 \u2013Other non-underlying costs 4,608 2,848Bridge testing and remedial costs 13,208 43,367Insurance recoveries (7,500) (20,000)Other bridge-related costs 2,571 9,159Non-underlying items before tax 50,331 35,645The amortisation of acquired intangible assets of \u00a32,606,000 (2025: \u00a32,609,000) represents the amortisation of customer relationships that were identified on the acquisitions of DAM Structures and VSCH in 2021 and 2023, respectively. The impairment charges of \u00a322,186,000 include the non-cash impairments of the Infrastructure CGU goodwill of \u00a311,474,000 and our joint venture investment in CMF of \u00a39,872,000. Further information on both impairments can be found in notes 11 and 15, respectively.The Modular Solutions closure costs of \u00a312,640,000 include all costs associated with the Group\u2019s strategic decision to discontinue the business. Following the Board\u2019s decision to exit the business during the second half of FY26, management implemented a controlled withdrawal from new sales and tendering activity whilst continuing to fulfil the remaining customer order book and undertake an orderly wind-down of operations. As a result, the business experienced a significant reduction in future workload and overhead recovery during the period, whilst the underlying fixed cost base could not be removed immediately due to operational requirements, employee consultation processes and the consideration of potential sale opportunities. Losses recognised of \u00a33,843,000 (including \u00a31,143,000 recognised in H1), therefore, reflect the direct financial consequences of implementing the exit decision, including reduced operational leverage, under the recovery of fixed costs. Other closure and restructuring-related costs from the discontinuation process of \u00a38,797,000 were also recognised, including \u00a34,075,000 in relation to an onerous lease provision for the new Modular Solutions factory, which is now surplus to requirements.The bridge testing and remedial programme continued to progress throughout the year. Following further testing activities and the continued development of project-specific remedial solutions, the Group has updated its estimate of the total cost to complete the programme and recognised an additional \u00a313,208,000 provision in the year. This reflects both costs incurred during the period and the Group\u2019s current estimate of the remaining testing and remedial costs across all affected bridge projects. During the year, the Group recognised additional insurance recoveries of \u00a37,500,000 in respect of bridge testing and remedial costs. These recoveries were received in full during the year and increase the total insurance recoveries recognised to \u00a327,500,000.Other bridge-related costs of \u00a32,571,000 include provisions for third-party claims, along with other incremental costs associated with the bridge remedial programme. These have been presented as a non-underlying expense as the Directors believe presenting an underlying result that excludes the effect of bridge remedial works to be meaningful and useful information, and facilitates the analysis of the impact of the remedial programme. In the absence of notification of any further consequential claims and noting that, in certain cases, such claims may be limited by contractual liability caps, the Group\u2019s current assumption is that any further costs will remain with the respective parties. See note 28 for further details.Other non-underlying costs of \u00a34,608,000 comprise \u00a31,513,000 of transformation-related expenditure incurred in support of the Group\u2019s strategic transformation programme and the delivery of the Board\u2019s refreshed strategy. The charge also includes \u00a31,163,000 relating to changes within the executive management team during the year, including severance costs associated with the departure of the former Chief Financial Officer, as further detailed in the Directors\u2019 remuneration report, and recruitment costs of the new Executive Directors.The balance includes \u00a31,405,000 of exceptional refinancing costs incurred in connection with the one-year extension of the Group\u2019s banking facilities agreed in July 2025. Given the uncertainty arising from the bridge testing and remedial programme and its impact on the Group\u2019s financial position, the refinancing was limited to a one-year extension and required extensive engagement with lenders and advisers. The refinancing arrangements incorporated specific amendments and additional requirements reflecting the bridge testing and remedial programme, resulting in advisory and transaction fees that were significantly higher than would typically be incurred as part of a routine refinancing. Accordingly, these costs are considered non-recurring in nature and are not reflective of the Group\u2019s underlying financing activities.Costs related to the bridge weld issue, along with the associated insurance recovery income, and redundancies have been separately identified and presented as non-underlying items, reflecting their one-off and material nature.A corporation tax credit of \u00a36,616,000 has been recognised in the year, comprising a \u00a36,959,000 credit on non-underlying items, partially offset by a \u00a3343,000 charge for prior-year adjustments. All non-underlying items attracted a corresponding tax effect, except for amortisation (which gives rise to a deferred tax credit) and non-deductible goodwill and joint venture impairments.The basis for stating results on an underlying basis is set out on page 165. The Board believes that non-underlying items should be separately identified on the face of the income statement to assist in understanding the underlying performance of the Group. Their separate identification results in the calculation of an underlying profit measure, which is the same as that presented and reviewed by management, and are normally excluded by investors, analysts and brokers when making investment and other decisions. Accordingly, certain alternative performance measures (\u2018APMs\u2019) have been used throughout this annual report to supplement rather than replace the measures provided under IFRS. See note 32.",
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"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
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"f0__s8__6__56-1": {
"value": "6. Staff costsDetails of Directors\u2019 remuneration for the year are provided in the audited part of the Directors\u2019 remuneration report on page 128.The average number of persons employed by the Group (including Executive Directors) during the year was:20262025NumberNumberProduction and site 1,590 1,608Sales and administration 362 3561,952 1,964The aggregate payroll costs of these persons were as follows:20262025\u00a3000\u00a3000Wages and salaries 110,343 108,828Social security costs 13,802 12,620Other pension costs 6,328 6,142130,473 127,590In addition, in 2026, there were share-based payment charges of \u00a3434,000 (2025: \u00a31,194,000), as detailed in note 23.29. Retirement benefit obligationsDefined contribution schemesThe Group operates two defined contribution retirement benefit schemes. The assets of the schemes are held separately from those of the Group in funds under the control of trustees.The total cost charged to income of \u00a36,301,000 (2025: \u00a36,142,000) represents contributions payable to these schemes by the Group at rates specified in the rules of the plans. As at 28 March 2026, contributions of \u00a31,662,000 (2025: \u00a31,204,000) due in respect of the current reporting period had not been paid over to the schemes.Defined benefit schemesThe Group has a defined benefit scheme, which is now closed to new members and no defined benefit membership rights will accrue under the scheme. The scheme exposes the Group to actuarial and other risks, the most significant of which are considered to be:Investment risk The present values of the scheme liabilities are calculated using a discount rate determined by reference to corporate bond yields; if the return on scheme assets is below this rate, it will create a plan deficit. The Group holds a significant proportion of growth assets (bonds, gilts and equities) to leverage the return generated by the scheme.Interest risk A decrease in the corporate bond interest rate will increase the scheme liabilities, although this will be partially offset by an increase in the return on the scheme\u2019s assets.Longevity risk The present values of the scheme liabilities are calculated by reference to the best estimate of the mortality of scheme participants, which reflect continuing improvements in life expectancy. An increase in the life expectancy of the scheme participants will increase the scheme\u2019s liabilities.The latest actuarial valuation of the Atlas Ward Pension (\u2018the Scheme\u2019), carried out with an effective date of 5 April 2023, showed a funding deficit. In order to make good the deficit, a Schedule of Contributions was put in place requiring employer contributions of \u00a32,689,186 per annum from 5 April 2023 until 30 November 2028, increasing by 3.2 per cent per annum on 6 April 2024 and each subsequent 6 April. In addition, the employer meets the cost of the Scheme\u2019s expenses. The next actuarial valuation of the Scheme is due to have an effective date of 5 April 2026.The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation was carried out at 28 March 2026 by Mr Chris Hunter, Fellow of the Institute of Actuaries. The future liabilities are based on liabilities calculated as at the latest triennial valuation of 5 April 2023 and rolled forward using an approximate method allowing for benefit payments out of the scheme. The present value of the defined benefit obligation, the related current service cost and past service cost were measured using the projected unit credit method.2026 2025 %%Key assumptions used:Discount rate 6.2 5.7Inflation (RPI) 3.4 3.3When considering mortality assumptions, a life expectancy to 85 at age 65 has been used for the year ended 28 March 2026 (2025: 85). For the year ended 28 March 2026, the Group updated the allowance for future mortality improvements from the CMI 2023 model to the CMI 2024 model. The 2024 model has an updated methodology so that mortality experience through and since the COVID-19 pandemic is incorporated within the core model. It treats the pandemic as a \u2018shock\u2019, the impact of which reduces over time, to balance the use of data from the height of the pandemic with emerging data that is likely to be more indicative of longer-term trends in mortality rates. The discount rate and RPI inflation assumptions for the 2026 disclosures in this note have been calculated using a cash-flow-weighted single-equivalent approach based on the iBoxx Corporate AA index yield curve and the Bank of England\u2019s inflation yield curve, respectively, in line with the prior year.Below shows the impact on scheme liabilities of changes to key assumptions. The sensitivities are applied to the defined benefit obligation at the end of the reporting period.Assumption Change in assumption Impact on scheme liabilitiesDiscount rate Decrease by 0.25% Increase by 3% (2025: 3%)Rate of mortality Reducing by 10% Increase by 2% (2025: 2%)Price inflation Increase by 0.25% Increase by 2% (2025: 2%)Amounts recognised in income in respect of these defined benefit schemes are as follows:20262025\u00a3000\u00a3000Interest cost 1,620 1,570Interest income (1,313) (1,091)307 479The charge for the year has been included in operating costs. Actuarial gains and losses have been reported in the statement of comprehensive income. The cumulative actuarial gains and losses recognised amount to a loss of \u00a316,600,000 (2025: \u00a318,032,000).The actual return on scheme assets was a gain of \u00a31,424,000 (2025: loss of \u00a3643,000).The amount included in the balance sheet arising from the Group\u2019s obligations in respect of the defined benefit retirement scheme is as follows:20262025\u00a3000\u00a3000Present value of defined benefit obligations (28,034) (29,610)Fair value of scheme assets 25,161 22,755(2,873) (6,855)The major categories of scheme assets as a percentage of the total scheme assets are as follows:202620252026 2025\u00a3000\u00a3000%%Equities 4,021 3,488 16.0 15.3Bonds and gilts 12,123 10,183 48.2 44.7Cash 863 1,468 3.4 6.5Property 2,349 2,050 9.3 9.0LDI funds 4,987 5,176 19.8 22.8Other 818 390 3.3 1.725,161 22,755 100.0 100.0Bonds and gilts include a mixture of corporate and government bonds and fixed and index-linked gilts. Movements in the present value of defined benefit obligations were as follows:20262025\u00a3000\u00a3000At start of year (29,610) (34,003)Interest cost (1,620) (1,570)Actuarial gains/(losses) 1,321 4,047Benefits paid 1,875 1,916At end of year (28,034) (29,610)Actuarial gains arising from changes in demographic assumptions, changes in financial assumptions and gains or losses arising from experience were losses of \u00a3147,000 (2025: gains of \u00a371,000), gains of \u00a31,549,000 (2025: \u00a33,930,000) and losses of \u00a381,000 (2025: gains of \u00a346,000), respectively. The large gains in 2025 and 2026 on \u2018changes in financial assumptions\u2019 are driven by an increase in the discount rate. Movements in the fair value of scheme assets were as follows:20262025\u00a3000\u00a3000At start of year 22,755 22,539Interest income 1,313 1,091Return-on-plan assets 111 (1,734)Employer contributions 2,857 2,775Benefits paid (1,875) (1,916)At end of year 25,161 22,755During the course of 2026, bond yields increased, which increased the discount rate. Assumed future price inflation based on Bank of England projections is also higher at the year end. The defined benefit obligation, which is measured by the present value (\u2018PV\u2019) of the Scheme\u2019s liabilities, is explicitly linked to both bond yields and inflation, with the net effect being a decrease to the PV of the Scheme liabilities. The scheme\u2019s investment strategy also adopts a liability-driven investing (\u2018LDI\u2019) strategy, which invest in bonds/bond-type instruments in order to hedge a proportion of the expected movement in the value of the liabilities. Correspondingly, the value of LDI assets reduced during the period.The Group expects to contribute \u00a3246,000 per month to its defined benefit pension scheme in the year to 27 March 2027.History of experience of gains/(losses):2026 2025 2024 2023 2022Experience gains/(losses) on Scheme assets (\u00a3000) 111 (1,734) (294) (9,834) (60)Percentage of Scheme assets 0.4% (7.6%) (1.3%) (46.7%) (0.2%)Experience gains/(losses) on Scheme liabilities (\u00a3000) 1,321 4,047 (451) 1,350 157Percentage of the present value of Scheme liabilities 4.7% 13.7% (1.3%) 4.0% 0.4%Total amount recognised in the consolidated statement of comprehensive income (\u00a3000) 1,432 2,313 (745) (701) 5,938Percentage of the present value of Scheme liabilities 5.1% 7.8% (2.2%) (2.1%) 13.6%The weighted average period over which benefits are expected to be paid, or the duration of the liabilities, is currently around 12 years (2025: 12 years). Annual increases are provided to pensions in payment at the lower of RPI and 5 per cent for the majority of members.The Scheme\u2019s investments include holdings in the BNY Mellon Real Return Fund (formerly the Newton Real Return Fund), Liability Driven Investment (\u2018LDI\u2019) funds managed by Legal & General, and the M&G Alpha Opportunities Fund. The underlying securities within these funds are quoted on recognised stock exchanges and have identifiable market prices. In contrast, the Scheme\u2019s investments in Legal & General\u2019s LDI Funds and the abrdn Life PLL Pooled Property Fund are not publicly quoted and do not have readily observable market prices.The Scheme invests in several pooled LDI funds, through unit-linked insurance policies, with Legal & General and Aberdeen Standard, which, themselves, invest in a combination of gilts, gilt repos (synthetic gilts) and swap-based instruments of varying duration and interest rate/inflation characteristics. The composition of the funds is designed so as to hedge a proportion of the Scheme\u2019s liabilities and, specifically, the sensitivity of the liabilities to both changes in interest rates and longer-term inflation expectations. Such funds adopt a moderate degree of leverage (on average x2) and, as such, depending on market movements, the funds may call and/or distribute additional capital in order to maintain leverage within a particular range set by the pooled fund manager.The schemes operate under trust law and are managed and administered by trustees on behalf of the members in accordance with the terms of the trust deed and rules and relevant legislation. Defined benefit contributions are determined in consultation with the trustees, after taking actuarial advice. The trustees are responsible for establishing the investment strategy and ensuring that there are sufficient assets to meet the cost of current and future benefit.The recognition of a pension scheme surplus is determined by IAS 19 and applying IFRIC 14, which is an interpretation providing further guidance about when a surplus can be recognised. The Group considers that, under the Pension scheme rules, the Group has an unconditional right to a refund of surplus after all pension payments have been made. Hence, if the scheme was ever in a surplus, it would be recognised accordingly.In June 2023, the High Court handed down a decision in the case of Virgin Media Limited vs NTL Pension Trustees II Limited and others relating to the validity of certain historical pension changes due to the lack of actuarial confirmation required by law. On 29 April 2026, the Pensions Schemes Bill received royal assent (becoming the Pension Schemes Act 2026), passing into law legislation, which, in relation to validity issues arising from the Virgin Media ruling, gives affected pension schemes the ability to, retrospectively, obtain written actuarial confirmation that historical benefit changes met the necessary standards.Given the legislative solution provided by the Pension Schemes Act 2026, the Directors do not expect the Virgin Media ruling to give rise to any additional liabilities and so the defined benefit obligation has not been adjusted and continues to reflect the benefits currently being administered.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
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"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
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"f0__s8__6__55": {
"value": "6. Staff costsDetails of Directors\u2019 remuneration for the year are provided in the audited part of the Directors\u2019 remuneration report on page 128.The average number of persons employed by the Group (including Executive Directors) during the year was:20262025NumberNumberProduction and site 1,590 1,608Sales and administration 362 3561,952 1,964The aggregate payroll costs of these persons were as follows:20262025\u00a3000\u00a3000Wages and salaries 110,343 108,828Social security costs 13,802 12,620Other pension costs 6,328 6,142130,473 127,590In addition, in 2026, there were share-based payment charges of \u00a3434,000 (2025: \u00a31,194,000), as detailed in note 23.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
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"f0__s8__6__58": {
"value": "7. Net finance expense20262025\u00a3000\u00a3000Finance income (393) (369)Finance expense 5,109 3,9904,716 3,621Unwinding of discount on contingent consideration (note 5) 12 1704,728 3,791",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__57": {
"value": "7. Net finance expense20262025\u00a3000\u00a3000Finance income (393) (369)Finance expense 5,109 3,9904,716 3,621Unwinding of discount on contingent consideration (note 5) 12 1704,728 3,791",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
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},
"f0__s8__6__60": {
"value": "8. Taxationa) The taxation credit/(charge) comprises:20262025\u00a3000\u00a3000Current taxCorporation tax charge (2,059) 3,945Foreign tax relief/other relief 1,550 445Foreign tax suffered (1,550) (445)Adjustments to prior years\u2019 provisions 390 (1,088)(1,669) 2,857Deferred tax (note 21)Current year charge 6,665 73Adjustments to prior years\u2019 provisions (733) 4955,932 5684,263 3,425",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
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},
"f0__s8__6__61-1": {
"value": "a) The taxation credit/(charge) comprises:20262025\u00a3000\u00a3000Current taxCorporation tax charge (2,059) 3,945Foreign tax relief/other relief 1,550 445Foreign tax suffered (1,550) (445)Adjustments to prior years\u2019 provisions 390 (1,088)(1,669) 2,857Deferred tax (note 21)Current year charge 6,665 73Adjustments to prior years\u2019 provisions (733) 4955,932 5684,263 3,42521. Deferred tax assets and liabilitiesThe following are the major deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting period:20262025\u00a3000\u00a3000Deferred tax liabilities (11,295) (12,786)Deferred tax assets 7,078 2,855(4,217) (9,931)Deferred tax assets and liabilities are offset against each other in the balance sheet where this is permitted and/or required by IAS 12. Where they are not offset, this is shown as a non-current asset in the balance sheet. At the year end, \u00a31,398,000 (2025: \u00a31,584,000) related to foreign deferred tax assets/(liabilities) and deferred tax assets/(liabilities) on right-of-use assets and, hence, have been classified as non-current assets/(liabilities).ExcessAcquired capital intangible Retirement Trading allowances assets benefit lossesOther Total\u00a3000\u00a3000\u00a3000 \u00a3000\u00a3000\u00a3000At 30 March 2024 (12,211) (1,319) 2,865 \u2013 628 (10,037)Prior year adjustment 480 \u2013 \u2013 \u2013 15 495(Charge)/credit to income statement (395) 659 (572) 702 (321) 73Exchange adjustments \u2013 \u2013 \u2013 \u2013 (59) (59)(Charge)/credit to other comprehensive income \u2013 \u2013 (578) \u2013 175 (403)At 29 March 2025 (12,126) (660) 1,715 702 438 (9,931)Prior year adjustment (734) \u2013 \u2013 \u2013 \u2013 (734)(Charge)/credit to income statement 1,569 660 (638) 3,212 1,862 6,665Exchange adjustments (4) \u2013 \u2013 \u2013 \u2013 (4)(Charge)/credit to other comprehensive income \u2013 \u2013 (358) \u2013 145 (213)At 28 March 2026 (11,295) - 719 3,914 2,445 (4,217)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
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"f0__s8__6__62": {
"value": "b) Tax reconciliationThe credit/(charge) for the year can be reconciled to the profit per the income statement as follows:20262025\u00a3000\u00a3000Loss before tax (39,873) (17,512)Tax on loss at standard UK corporation tax rate 9,968 4,378Expenses not deductible for tax purposes (645) (824)Income not taxable 99 425Effect of overseas tax rate (23) 14Tax effect of share of results of JVs and associates 543 25Adjustments to prior years\u2019 provisions (343) (593)Goodwill and JV impairments (5,336) \u2013 4,263 3,425The UK corporation and deferred tax is calculated at 25 per cent. The overseas tax is calculated at the rates prevailing in the respective jurisdictions.",
"dimensions": {
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"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
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"value": "9. Dividends20262025\u00a3000\u00a3000Amounts recognised as distributions to equity holders in the year:Final dividend for the year ended 29 March 2025 of nil per share (2025: 2.3p) \u2013 7,013Interim dividend for the year ended 28 March 2026 of nil per share (2025: 1.4p) \u2013 4,151\u2013 11,164The Directors have made the decision to continue to suspend the final dividend (2025: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
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},
"f0__s8__6__64": {
"value": "2.3",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
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},
"f0__s8__7__64": {
"value": "1.4",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:21380025AWPR781CY104",
"period": "2024-03-29T00:00:00/2025-03-29T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
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"f0__s8__6__65": {
"value": "10. Earnings per shareEarnings per share is calculated as follows:20262025\u00a3000\u00a3000Earnings/(loss) for the purposes of basic earnings per share being net profit/(loss) attributable to equity holders of the Parent Company (35,610) (14,087)Earnings for the purposes of underlying basic earnings per share being underlying net profit attributable to equity holders of the Parent Company 8,105 12,93820262025NumberNumberNumber of sharesWeighted average number of ordinary shares for the purposes of basic earnings per share 295,900,490 302,512,024Effect of dilutive potential ordinary shares \u2013 \u2013Weighted average number of ordinary shares for the purposes of diluted earnings per share 295,900,490 302,512,024Basic (loss)/earnings per share (12.03)p (4.66)pUnderlying basic earnings per share 2.74p 4.28pDiluted (loss)/earnings per share (12.03)p (4.66)pUnderlying diluted earnings per share 2.74p 4.28p20262025Reconciliation of earnings\u00a3000\u00a3000Net profit/(loss) attributable to equity holders of the Parent Company (35,610) (14,087)Non-underlying items (note 5) 43,715 27,025Underlying net profit attributable to equity holders of the Parent Company 8,105 12,938Basic earnings per share is calculated by dividing the profit after tax attributable to the equity holders of the Parent by the weighted average number of ordinary shares in issue during the year, excluding shares held in employee benefit trusts. These shares are treated as cancelled for the purpose of the calculation, as dividend rights have been waived other than for a nominal amount.For the purposes of diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to reflect the potential dilutive effect of outstanding share awards. However, as the Group incurred a loss in the current and prior year, no such adjustment has been made, in accordance with IAS 33, since the inclusion of potentially dilutive shares would be anti-dilutive. Underlying earnings per share are also presented to provide a more representative measure of the Group\u2019s underlying financial performance, excluding the impact of non-underlying items.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
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"f0__s8__6__67": {
"value": "11. GoodwillThe goodwill movements in the year were as follows:Goodwill\u00a3000At 31 March 2024 98,469Exchange adjustments (882)At 29 March 2025 97,587Impairments (11,474)Exchange adjustments 667At 28 March 2026 86,780During the year, the goodwill associated with the DAM Structures CGU was fully impaired, reducing the carrying value of goodwill to \u00a386,780,000 at the reporting date. The impairment arose following a reassessment of the CGU\u2019s future cash flow forecasts, reflecting lower anticipated activity levels, changes in the expected timing and mix of future projects and an increase in the discount rate applied to those cash flows to reflect current market conditions and risk factors. These assumptions resulted in a reduction in the recoverable amount of the CGU below its carrying value and consequently the goodwill attributable to the CGU was fully impaired. Management has implemented a revised operating strategy for the business, including a renewed focus on core markets and operational improvements designed to support future performance.The goodwill balance was created on the following acquisitions:\u00a3000On the Voortman Steel Construction Holdings acquisition in 2023 15,399On the DAM Structures acquisition in 2022 11,474On the Harry Peers acquisition in 2019 16,002On the Fisher Engineering acquisition in 2007 47,980On the Atlas Ward acquisition in 2005 6,571On the Watson Steel Structures acquisition in 2001 16197,587Goodwill arising from business combinations is allocated to the cash-generating units (\u2018CGUs\u2019) that are expected to benefit from the synergies of the acquisition. All acquired businesses and the associated goodwill are included within the Group\u2019s single reported segment: Core Construction Operations.Goodwill is monitored by management at the level of individual CGUs. CGUs are defined as the lowest level within the Group at which goodwill is monitored for internal management purposes, and at which independent cash flows can be reasonably identified. As at 28 March 2026, the Group carried goodwill with a total net book value of \u00a386,780,000 (2025: \u00a397,587,000), allocated across the following three CGUs:Goodwill CGU Historical acquisition(s)\u00a3000Commercial and Industrial Fisher Engineering 70,714Atlas Ward Watson Steel Structures Harry PeersSeverfield Europe Holdings Voortman Steel Construction Holdings 16,066Infrastructure Dam Structures \u201386,780These CGUs broadly align with the entities originally acquired, with the exception of the Commercial and Industrial CGU, which includes goodwill arising from a number of historical acquisitions, including Harry Peers. In March 2026, management transitioned to a new operating model under which the Group\u2019s former Nuclear activities will be managed and reported within the Commercial & Industrial business from FY27 onwards.As part of the year-end impairment assessment, management first assessed goodwill under the CGU structure that existed throughout the majority of the financial year. Following this assessment, and prior to finalising the year-end impairment review, the Nuclear goodwill was combined with the Commercial and Industrial CGU to reflect the new operating model and the manner in which future cash flows will be monitored and managed. An impairment assessment was performed both before and after this combination and no impairment was identified in respect of these CGUs.Whilst the revised operating model will be reflected in the Group\u2019s segmental reporting from FY27, it has been considered in the current year impairment assessment as the cash flow forecasts used in the value-in-use calculations have been prepared on this basis.The Group tests goodwill for impairment annually, or more frequently if indicators of impairment arise. The recoverable amounts of each CGU are determined using value-in-use calculations. This method reflects the present value of future cash flows expected to be derived from each CGU. Key assumptions used in these calculations include:\u2022 pre-tax discount rates \u2013 reflecting current market assessments of the time value of money and risks specific to each CGU;\u2022 long-term growth rates \u2013 aligned with external forecasts and industry outlooks; and\u2022 forecast changes in selling prices and direct costs \u2013 based on historical performance and expected market conditions.Cash flow forecasts for the next financial year reflect management\u2019s latest and most realistic projections, followed by two years of internal strategic projections. A terminal growth rate of 2.0 per cent (2025: 2.0 per cent) is applied thereafter, which does not exceed the expected long-term growth rates of the respective markets. The forecasts have been discounted using a pre-tax discount rate of 16.7 per cent (2025: 15.5 per cent).As a result of the Group\u2019s impairment testing, an impairment charge of \u00a311,474,000 was recognised in the year ended 28 March 2026, wholly allocated against the Infrastructure goodwill balance.Sensitivity analysisManagement has considered reasonably possible changes in key assumptions. For the Infrastructure CGU, a 1.5 percentage point reduction in forecast operating margin would reduce the recoverable amount by \u00a34.5 million and a 1.0 percentage point increase in the discount rate would reduce the recoverable amount by \u00a31.0 million. Movements in these assumptions in the opposite direction would result in a corresponding decrease in the impairment charge. As goodwill has been fully impaired, any further reduction in recoverable amount would be allocated against other assets within the CGU in accordance with IAS 36.Climate changeIn performing the Group\u2019s impairment assessments, management considered the potential impact of climate change and the associated transition and physical risks. Based on current regulatory developments, customer expectations and the nature of the Group\u2019s operations, management does not believe that climate-related factors give rise to any indication of impairment or materially affect the key assumptions used in the value-in-use calculations. The Group will continue to monitor climate-related risks as part of its ongoing strategic planning and impairment review process. However, based on information available at the reporting date, no adjustments to cash flow forecasts or discount rates were considered necessary, and climate change is not expected to have a material impact on the Group\u2019s CGUs in the foreseeable future.",
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"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
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"f0__s8__6__68": {
"value": "12. Other intangible assetsIntangible assets Other acquired on intangible acquisition assetsTotal\u00a3000 \u00a3000\u00a3000CostAt 31 March 2024 23,406 1,676 25,082Additions \u2013 \u2013 \u2013 At 29 March 2025 23,406 1,676 25,082Additions \u2013 \u2013 \u2013 At 28 March 2026 23,406 1,676 25,082AmortisationAt 31 March 2024 18,191 1,383 19,574Charge for the year 2,609 90 2,699 At 29 March 2025 20,800 1,473 22,273Charge for the year 2,606 67 2,673 At 28 March 2026 23,406 1,540 24,946Carrying amountAt 28 March 2026 \u2013 136 136At 29 March 2025 2,606 203 2,809The intangible assets acquired on acquisition arise as a result of applying IFRS 3, which requires the separate recognition of acquired intangibles from goodwill. The Group\u2019s acquired intangible assets are as follows:Customer Order relationshipsBrandsbook Total \u00a3000 \u00a3000\u00a3000\u00a3000CostAt 31 March 2024 17,435 813 5,158 23,406Additions \u2013 \u2013 \u2013 \u2013 At 29 March 2025 17,435 813 5,158 23,406Additions \u2013 \u2013 \u2013 \u2013 At 28 March 2026 17,435 813 5,158 23,406AmortisationAt 31 March 2024 12,220 813 5,158 18,191Charge for the year 2,609 \u2013 \u2013 2,609At 29 March 2025 14,829 813 5,158 20,800Charge for the year 2,606 \u2013 \u2013 2,606At 28 March 2026 17,435 813 5,158 23,406Carrying amountAt 28 March 2026 \u2013 \u2013 \u2013 \u2013At 29 March 2025 2,606 \u2013 \u2013 2,606 Amortisation of acquired intangible assets is included in the consolidated income statement as part of operating costs and is classified as a non-underlying item (see note 5).",
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"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
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},
"f0__s8__6__69": {
"value": "13. Property, plant and equipmentFixtures, Plant fittings Land and and and office Motorbuildings machinery equipment vehicles Total\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000 CostAt 31 March 2024 74,468 63,418 14,279 1,276 153,441Additions 32 7,095 879 74 8,080Disposals \u2013 (1,133) (56) (262) (1,451)Exchange adjustments \u2013 (89) (5) (27) (121)At 29 March 2025 74,500 69,291 15,097 1,061 159,949Additions \u2013 2,595 232 48 2,875Disposals (2,089) (2,064) (458) (71) (4,682)Exchange adjustments \u2013 96 6 25 127At 28 March 2026 72,411 69,918 14,877 1,063 158,269Accumulated depreciationAt 31 March 2024 13,985 35,998 6,777 247 57,007Charge for the year 750 4,668 1,498 301 7,217Disposals \u2013 (765) (49) (139) (953)Exchange adjustments \u2013 (14) (1) (6) (21)At 29 March 2025 14,735 39,887 8,225 403 63,250Charge for the year 710 4,639 1,376 273 6,998Disposals (161) (1,498) (288) (39) (1,986)Impairments 94 746 399 \u2013 1,239Exchange adjustments \u2013 28 2 10 40At 28 March 2026 15,378 43,802 9,714 647 69,541Carrying amountAt 28 March 2026 57,033 26,116 5,163 416 88,728 At 29 March 2025 59,765 29,404 6,872 658 96,699The impairment charges were included in the consolidated income statement as part of operating costs and were classified as a non-underlying item.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__70": {
"value": "14. Right-of-use assetsThe Group leases land and buildings, plant and equipment and motor vehicles and these are presented as non-current assets. Information about leases for which the Group is a lessee is presented below:Land andPlant and Motor buildingsequipmentvehiclesTotal\u00a3000\u00a3000\u00a3000\u00a3000 CostAt 31 March 2024 17,004 5,757 3,038 25,799Additions 2,192 1,321 769 4,282Disposals (1,582) (130) (309) (2,021)Exchange adjustments (123) (10) (6) (139)At 29 March 2025 17,491 6,938 3,492 27,921Additions 1,670 658 651 2,979Disposals (1,028) (190) (500) (1,718)Exchange adjustments 186 25 7 218At 28 March 2026 18,319 7,431 3,650 29,400Accumulated depreciationAt 31 March 2024 4,586 1,322 1,240 7,148Charge for the year 1,204 815 710 2,729Disposals (1,562) (130) (299) (1,991)Exchange adjustments (13) (3) \u2013 (16)At 29 March 2025 4,215 2,004 1,651 7,870Charge for the year 2,001 996 815 3,812Disposals (69) (101) (494) (664)Impairments 390 \u2013 \u2013 390Exchange adjustments 36 6 5 47At 28 March 2026 6,573 2,905 1,977 11,455Carrying amountAt 28 March 2026 11,746 4,526 1,673 17,945At 29 March 2025 13,276 4,934 1,841 20,051The impairment charges were included in the consolidated income statement as part of operating costs and were classified as a non-underlying item.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__71": {
"value": "15. Interests in JVs and associatesThe Group has an interest in an associated company and three joint ventures as follows:HoldingClass of %capitalAssociated companies:Fabsec Limited \u2013 Development of fire beam 33.0 OrdinaryJoint ventures:JSW Severfield Structures Limited \u2013 Structural steelwork serving the Indian market 50.0 OrdinaryConstruction Metal Forming Limited* \u2013 Manufacturer of cold rolled metal products 50.0 OrdinaryBouwcombinatie Van Wijnen \u2013 Construction activities 50.0 Ordinary* Construction Metal Forming Limited also includes the results of Red Dot One Limited, a 50 per cent owned entity established to facilitate a factory expansion.In 2008, a formal agreement was signed in India with JSW Building Systems Limited (a subsidiary of JSW Steel Limited of India) to form a 50/50 joint venture, JSW Severfield Structures Limited, to create a structural steelwork business in Bellary and Mumbai, India, primarily serving the Indian market. No investments were made in any joint ventures or associated companies during the period.Included in the prior year exchange adjustments line below is an amount of \u00a34.5m related to the cumulative retranslation of the investment in JSW Severfield Structures Limited since the Group\u2019s initial investment. The investment had not been correctly retranslated into the Group\u2019s presentational currency in previous periods. As the Directors did not consider the effect on the prior period financial statements to be material, this was corrected in the period.The Group tests investments for impairment annually, or more frequently if indicators of impairment arise. The recoverable amounts of each investment are determined using value-in-use calculations. This method reflects the present value of future cash flows expected to be derived from each investment. Key assumptions used in these calculations include:\u2022 Pre-tax discount rates \u2013 reflecting current market assessments of the time value of money and risks specific to each CGU;\u2022 Long-term growth rates \u2013 aligned with external forecasts and industry outlooks; and\u2022 Forecast changes in selling prices and direct costs \u2013 based on historical performance and expected market conditions.Cash flow forecasts for the next financial year reflect management\u2019s latest and most realistic projections, followed by four years of internal strategic projections. A terminal growth rate of 2.0% (2025: 2.0%) is applied thereafter, which does not exceed the expected long-term growth rates of the respective markets. The forecasts have been discounted using a pre-tax discount rate of 16.7% (2025: 15.5%).During the year, the Group recognised an impairment charge in respect of its investment in a CMF. The impairment arose principally as a result of a deterioration in market conditions within the Company\u2019s operating environment, leading to reductions in forecast revenues and future cash flows. In addition, an increase in the discount rate applied to the valuation further reduced the recoverable amount of the investment. As a result, the carrying value of the investment exceeded its recoverable amount, and an impairment loss of \u00a39,872,000 has been recognised. The charge has been presented as a non-underlying item within the Consolidated Income Statement.Share of net assets/Goodwill(liabilities)Total\u00a3000\u00a3000\u00a3000At 31 March 2024 5,326 32,038 37,364Profit retained \u2013 101 101Exchange adjustments \u2013 (4,529) (4,529)At 29 March 2025 5,326 27,610 32,936Profit retained \u2013 2,477 2,477Impairments (5,326) (4,546) (9,872)Exchange adjustments \u2013 (2,514) (2,514)At 28 March 2026 \u2013 23,027 23,027The Group\u2019s share of the retained profit for the year of JVs and associates is made up as follows:JSW Severfield Fabsec Structures CMFBouwcombinatie LimitedLimited Limited Van WijnenTotalShare of results \u00a3000\u00a3000\u00a3000\u00a3000\u00a3000 2026 \u2013 2,966 (489) \u2013 2,4772025 \u2013 87 8 6 101Summarised financial information in respect of the Group\u2019s JVs and associates is as follows:JSW SeverfieldFabsecStructures CMFBouwcombinatie LimitedLimitedLimitedVan Wijnen20262025\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000Current assets 184 146,640 11,989 243 159,056 111,133Non-current assets \u2013 29,085 25,396 \u2013 54,481 52,471Current liabilities (11) (128,450) (20,510) (43) (149,014) (101,749)Non-current liabilities \u2013 (7,739) (7,050) \u2013 (14,789) (12,052)Net assets 173 39,536 9,825 200 49,734 49,804Group\u2019s share of net (liabilities)/assets 86 19,768 4,913 100 24,867 24,902Goodwill \u2013 \u2013 \u2013 \u2013 - 5,326Investment \u2013 \u2013 2,444 \u2013 2,444 2,444 Impairment \u2013 \u2013 (4,546) \u2013 (4,546) \u2013Accounting policy alignment (86) 227 115 6 261 266Carrying amount of interest in JVs and associates \u2013 19,995 2,926 106 23,027 32,936Revenue 147 139,527 21,355 \u2013 161,029 122,010Depreciation and amortisation (1) (2,191) (172) \u2013 (2,364) (2,391)Net finance expense \u2013 (3,094) (1,071) \u2013 (4,165) (4,435)Taxation \u2013 (1,724) 728 \u2013 (996) 255Profit/(loss) after tax \u2013 5,932 (978) \u2013 4,954 202Group\u2019s share of profit/(loss) after tax \u2013 2,966 (489) \u2013 2,477 101There were no contingent liabilities or capital commitments (2025: none) associated with the Group\u2019s JVs and associates. Sensitivity analysisManagement has considered a range of downside sensitivity scenarios to assess the impact of a reasonably possible change in key assumption, which could lead to an impairment in the investment. Three of the four investments were not sensitive to changes in key assumptions, however as there is already an impairment for CMF, it is sensitive to any changes in key assumptions.A 1.5 percentage point reduction in the forecast operating margin would increase the impairment by \u00a32.5m. A 1.0 percentage point increase in the discount rate would increase the impairment by \u00a30.7m. Management considers the assumptions used to be reasonable and reflective of current economic conditions. However, given the sensitivity of the valuation, a reasonably possible adverse change in these assumptions could result in a material adustment to the impairment in future periods.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__72": {
"value": "16. Inventories20262025\u00a3000\u00a3000Raw materials and consumables 7,379 11,524Work-in-progress 40 2857,419 11,809",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__74": {
"value": "18. Contract assets, trade and other receivables 20262025Current assets\u00a3000\u00a3000Amounts due from construction contract customers (note 17):Trade and other receivables 37,359 26,910Contract assets 50,737 47,685Total 88,096 74,595Other receivables 3,930 25,384Prepayments and accrued income 16,551 15,717Amounts due from JVs and associates 1,894 697110,471 116,39320262025Non-current assets\u00a3000\u00a3000Trade and other receivables (note 17) 658 2,618658 2,618Contract assets of \u00a350,737,000 (2025: \u00a347,685,000) mainly reflect the Group\u2019s right to consideration for work completed but not yet invoiced at the year end. These are transferred to trade receivables when there is an unconditional right to payment. The average credit period taken on revenue, calculated on a count-back basis to make appropriate allowance for monthly revenue phasing, is 59 days (2025: 63 days). No interest is charged on receivables.In the prior year, other receivables contained a \u00a320,000,000 insurance receivable in respect of the bridge testing and remedial costs. The receivable was recognised as the recovery was considered virtually certain and the amount can be reliably measured. The Directors consider that the carrying amount of trade and other receivables approximates to their fair value.Before accepting any new customer, the Group uses an external credit rating agency to assess the potential customer\u2019s credit quality and defines credit limits by customer. It is Group policy that adequate credit insurance is taken out on all customers where possible to manage the exposure that may arise as the contractual work proceeds. The Group\u2019s executive risk committee reviews situations where adequate credit insurance on the Group\u2019s customers cannot be purchased as required. The Group has rigorous procedures in place for monitoring and obtaining the settlement of retentions in a prompt manner. Overdue retentions at 28 March 2026 were \u00a3nil (2025: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__75": {
"value": "19. Contract liabilities, trade and other payables20262025\u00a3000\u00a3000Trade creditors 50,697 41,610Other taxation and social security 6,484 3,964Other creditors and accruals 37,413 36,374Contract liabilities (note 17) 2,797 \u2013Amounts owed to JVs and associates 848 14498,239 82,092Contract liabilities of \u00a32,797,000 (2025: \u00a3nil) represents advance payments received from customers on construction contracts where the associated revenue had not been recognised as at 28 March 2026. 20262025Non-current liabilities\u00a3000\u00a3000Other creditors and accruals \u2013 130\u2013 130Non-current other creditors and accruals in the current and prior year reflects the outstanding contingent purchase consideration for DAM Structures of \u00a3nil (2025: \u00a3130,000), which is payable in the next two years, subject to certain conditions beyond the Group\u2019s control.The Directors consider that the carrying amount of trade payables approximates to their fair value.The average credit period taken for trade purchases, calculated on a count-back basis to make appropriate allowance for monthly revenue phasing, is 44 days (2025: 34 days).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__76": {
"value": "20. ProvisionsLegacy Bridge employment Loss remedial Onerous tax provisionsprovisionsleasesTotal\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000Balance at 31 March 2024 3,373 8,446 \u2013 \u2013 11,819Provisions made \u2013 4,445 43,367 \u2013 47,812Provisions released (1,373) \u2013 \u2013 \u2013 (1,373)Provisions used \u2013 (4,133) (16,036) \u2013 (20,169)Balance at 29 March 2025 2,000 8,758 27,331 \u2013 38,089Provisions made \u2013 8,460 13,208 4,075 25,743Provisions released \u2013 \u2013 \u2013 \u2013 \u2013Provisions used (2,000) (3,792) (19,800) \u2013 (25,592)Balance at 28 March 2026 \u2013 13,426 20,739 4,075 38,240Non-current \u2013 3,090 \u2013 3,439 6,529Current \u2013 10,336 20,739 636 31,711Legacy employment tax chargeDuring the prior year the Group reached a final settlement with HMRC, for an assessment on historical income tax and national insurance (\u2018NIC\u2019) liabilities. During the current year, full payment was made in line with the agreement.Loss provisionsThe Group has provided for certain losses where the costs of fulfilling our obligations under construction contracts exceed the current forecast revenue. These are assessed in line with the details set out in our critical accounting judgement, in note 2, and the criteria stipulated in IFRS 15.Bridge remedial provisionsThe provision for bridge remedial costs relates to the Group\u2019s ongoing bridge testing and remedial programme and reflects management\u2019s best estimate of the total expected costs associated with all the affected bridge projects together with an assessment of third-party consequential costs and claims. The provision is expected to be substantially utilised over the next year, depending on project timelines and the extent to which the Group is able to recover or challenge the items provided. Our costs have been partly mitigated by a \u00a327,500,000 insurance recovery, which was fully received in the year.The Group is able to reliably estimate the direct costs associated with the testing and remedial programme and certain third-party costs and claims. In the absence of the notification of any further consequential costs from third parties, and noting that, in some instances, such claims may be subject to contractual liability caps, we are not able to reliably quantify any other costs. See note 28 on contingent liabilities for further details.Onerous leasesThe provision relates to a property contract for which practical completion had not been achieved at the reporting date. As the property was not available for use by the Group as at 28 March 2026, a right-of-use asset and corresponding lease liability had not been recognised under IFRS 16. Accordingly, the contract has been assessed under IAS 37 and a provision recognised where the unavoidable costs associated with the contract exceed the expected economic benefits to be derived from it.The provision is measured at the present value of the estimated net unavoidable costs arising under the contract, taking account of expected sublease income and other anticipated economic benefits. The provision therefore represents management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date and is reassessed as facts and circumstances evolve.The valuation of the provision is sensitive to assumptions relating to future sublease income, discount rates and the period over which the contract is expected to remain onerous. A reasonably possible reduction of 10% in forecast sublease income would increase the provision by approximately \u00a3400,000. A 1.0 percentage point increase or decrease in the discount rate would decrease or increase the provision by approximately \u00a3100,000 respectively. A change of one year in the estimated onerous period would increase or decrease the provision by approximately \u00a3600,000.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__78": {
"value": "22. Financial instrumentsCapital risk managementThe Group manages its capital to ensure that entities in the Group will be able to continue as a going concern whilst optimising the return to stakeholders. The capital structure of the Group consists of debt, which includes borrowings, cash and cash equivalents and equity attributable to equity holders of the Parent, comprising issued capital, reserves and retained earnings.The Group monitors capital using the following indicators:i) Gearing ratio20262025\u00a3000\u00a3000Borrowings (52,600) (58,800)Cash and cash equivalents (net of overdraft) 24,361 15,520Unamortised debt arrangement fees 64 150Net debt (28,175) (43,130)Equity 146,641 182,960Net-debt-to-equity ratio 19.2% 23.6%Equity includes all capital and reserves of the Group attributable to equity holders of the Parent. There are no externally imposed capital requirements.The Group excludes IFRS 16 lease liabilities from its measure of net (debt)/funds as they are excluded from the definition of net (debt)/funds as set out in the Group\u2019s borrowing facilities.ii) Underlying return on capital employedUnderlying operating profit divided by the average of opening and closing capital employed. Capital employed is defined as shareholders\u2019 equity after adding back retirement benefit obligations (net of tax), acquired intangible assets and net (debt)/funds.20262025\u00a3000\u00a3000Underlying operating profitUnderlying operating profit (before JVs and associates) 12,697 21,653Share of results of JVs and associates 2,477 10115,174 21,754Capital employed:Shareholders\u2019 equity 146,641 182,960Cash and cash equivalents (net of overdrafts) (24,361) (15,520)Borrowings 52,600 58,800Net debt (for ROCE purposes) 28,239 43,280Acquired intangible assets (note 12) \u2013 (2,606)Retirement benefit obligations (net of deferred tax) (note 29) 2,155 5,140177,035 228,774Average capital employed 202,904 233,505Underlying return on capital employed 7.5% 9.3%Categories of financial instrumentsCarrying value 20262025\u00a3000\u00a3000Financial assetsCash and cash equivalents 24,361 15,520Trade and other receivables (note 18) 38,017 29,528Derivative financial instruments \u2013 103Financial liabilitiesDerivative financial instruments (507) \u2013Trade creditors (note 19) (50,697) (41,610)Other creditors and accruals (note 19) (38,213) (36,638)Borrowings (52,600) (58,800)Lease liabilities (18,446) (20,461)The Group\u2019s financial instruments consist of borrowings, cash, unamortised debt arrangement fees, items that arise directly from its operations and derivative financial instruments. Cash and cash equivalents, trade and other receivables and trade and other payables generally have short terms to maturity. For this reason, their carrying values approximate to fair value. The Group\u2019s borrowings relate principally to amounts drawn down against its revolving credit facility, the carrying amounts of which approximate to their fair values by virtue of being floating rate instruments.The Group is required to analyse financial instruments that are measured subsequent to initial recognition at fair value, grouped into levels 1 to 3 based on the degree to which the fair value is observable:Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities.Level 2 fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).Derivative financial instruments and contingent consideration are valued at fair value through profit or loss, and are valued as such on initial recognition. These relate to foreign currency forward contracts measured using quoted forward exchange rates and yield curves matching the maturities of the contracts. These derivative financial instruments are categorised as level 2 financial instruments. Except for derivative financial instruments, the carrying amounts of financial assets and financial liabilities are recorded at amortised cost in the consolidated financial statements.General risk management principlesThe Board has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. A formal risk assessment and management framework for assessing, monitoring and managing the strategic, operational and financial risks of the Group is in place to ensure appropriate risk management of its operations. Internal control and risk management systems are embedded in the operations of the divisions.Financial risks and managementThe Group has exposure to a variety of financial risks through the conduct of its operations. Risk management is governed by the Group\u2019s operational policies, which are subject to periodic review by the Board of Directors.Credit riskThe Group\u2019s primary exposure to credit risk arises from the potential for non-payment or default from construction contract customers, encompassing both trade receivables and contract assets. The degree to which the Group is exposed to this credit risk depends on the individual characteristics of the contract counterparty and the nature of the project. The Group\u2019s credit risk is also influenced by the general macroeconomic conditions. The Group does not have significant concentration of risk in respect of amounts due from construction contract customers at the reporting date due to the amount being spread across a wide range of customers. Due to the nature of the Group\u2019s operations, it is normal practice for customers to hold retentions in respect of contracts completed. Retentions held by customers at 28 March 2026 were \u00a33,242,000 (2025: \u00a35,644,000).The Group manages its exposure to credit risk through the application of its credit risk management policies, which specify the minimum requirements in respect of the creditworthiness of potential customers, assessed through reports from credit agencies, and the timing and extent of progress payments in respect of contracts. In addition, before accepting any new customer, adequate credit insurance is taken out as reported in note 18. Where credit insurance is difficult to acquire, the executive risk committee determines the appropriate exposure for the Group to take with a customer by, typically, structuring contracts to require payments on account or limit the amounts that the Group is outstanding at any one time.Consideration of potential future events is taken into account when deciding when, and how much, to impair the Group\u2019s contract assets and trade receivables. The Group does not expect to report credit losses, which would materially impact the income statement. In recent reporting periods, credit losses in the income statement have been immaterial. The Group manages the collection of retentions through its post-completion project monitoring procedures and ongoing contact with customers so as to ensure that potential issues that could lead to the non-payment of retentions are addressed as soon as they are identified.Amounts outstanding from construction contract customers are due with reference to the payment terms for each particular contract but the majority would be receivable within four months from the end of the reporting period. Amounts due for settlement after 12 months are disclosed in note 18.Liquidity riskLiquidity risk is the risk that the Group will not be able to meet its financial obligations as and when they fall due. The ultimate responsibility for liquidity risk rests with the Board.The Group generates cash through its operations and aims to manage liquidity by ensuring that it will always have sufficient financing facilities to meet its liabilities when due, under both normal and stress conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Forecast and actual cash flow is continuously monitored.The Group maintains a \u00a360 million revolving credit facility (\u2018RCF\u2019) with HSBC Bank PLC and Virgin Money, which now matures in June 2029 following a three-year extension with two one-year extension options subject to lender consent. The facility provides liquidity to support the Group\u2019s working capital needs and ongoing growth strategy.The RCF is subject to two financial covenants tested on a quarterly basis: net debt to EBITDA and interest cover.At the reporting dates, June 2025 and March 2026, the Group was subject to three covenants: net debt to EBITDA; interest cover; and debt service (cash flow) cover. Between July 2025 and February 2026 (inclusive), the Group was subject to a minimum liquidity cover. The Group remained comfortably within all covenant thresholds throughout the period and, facilitated by the extended facility agreement, is not forecast to breach any covenant requirements over the next 12 months.As at 28 March 2026, \u00a315,000,000 (2025: \u00a315,000,000) of this facility was not drawn but available, providing \u00a339,361,000 of headroom. Up to \u00a315,000,000 of this facility is available by way of an overdraft (2025: \u00a315,000,000).In accordance with IFRS 7, the following tables detail the Group\u2019s remaining contractual maturity for its financial liabilities at the reporting date. The amounts are gross, undiscounted and include contractual interest payments.Maturity analysisCarrying Less than 3 months 1\u20132 2\u20135 5+value3 months to 1 year years years years Total \u00a3000\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000 Liabilities \u2013 2026Trade and other payables 88,112 84,112 3,839 161 \u2013 \u2013 88,112Financial liabilities \u2013 leases 18,446 1,337 3,369 3,520 6,759 9,298 24,283Borrowings 52,600 1,683 2,549 3,966 45,000 \u2013 53,198159,158 87,132 9,757 7,647 51,759 9,298 165,593Liabilities \u2013 2025Trade and other payables 78,314 72,927 5,257 130 \u2013 \u2013 78,314Financial liabilities \u2013 leases 20,461 1,040 3,028 4,641 6,570 10,202 25,481Borrowings 58,800 1,792 5,212 49,232 3,966 \u2013 60,202157,575 75,759 13,497 54,003 10,536 10,202 163,997The Group\u2019s debt facility consists of the revolving credit facility of which \u00a345,000,000 is drawn and the overdraft facility of which \u00a3nil is drawn. This agreement expires in June 2029. In addition, \u00a37,600,000 is outstanding on the acquisition term loans, which is repayable in instalments until December 2027. Interest on both agreements is charged at a floating rate based on SONIA plus a variable margin.The Group\u2019s RCF is classified as a non-current liability as the facility is committed through to June 2029, and the Group has a right to defer settlement of any outstanding amounts for at least 12 months from the reporting date, in accordance with the criteria set out in IAS 1. The details of the associated covenants and compliance are disclosed in the section above the table.Reconciliation of movements of liabilities to cash flows arising from financing activitiesLease Revolving Loansliabilitiescredit facility\u00a3000\u00a3000\u00a3000Balance at 29 March 2025 13,800 20,461 45,000Changes from financing cash flowsPayments of borrowings (6,200) \u2013 \u2013Interest paid (764) (693) (2,703)Payments of lease liabilities \u2013 (4,136) \u2013Total changes arising from financing cash flows (6,964) (4,829) (2,703)Other changesInterest expense 764 693 2,703New leases \u2013 2,426 \u2013Lease disposals \u2013 (456) \u2013Exchange adjustments \u2013 151 \u2013Total other changes 764 2,814 2,703Balance at 28 March 2026 7,600 18,446 45,000Current 3,800 3,550 \u2013Non-current 3,800 14,896 45,000Market riskThe Group\u2019s activities expose it primarily to the market risks of foreign currency exchange rates and interest rates. The Group has entered into certain derivative financial instruments to manage its exposure to foreign currency risk.Market risk exposures are monitored and are supplemented by sensitivity analysis. There has been no change to the Group\u2019s exposure to market risks or the manner in which it manages and measures the risk.Foreign currency risk managementThe Group undertakes certain transactions denominated in foreign currencies. Hence, exposures to exchange rate fluctuations arise. Exchange rate exposures are managed within approved policy parameters utilising forward foreign exchange contracts.The Group seeks to minimise the effects of currency risks by using derivative financial instruments when appropriate to hedge these risk exposures against contracted sales. The use of financial derivatives is governed by the Group\u2019s policies approved by the Board of Directors. The Group does not enter into, or trade, financial instruments, including derivative financial instruments for speculative purposes.The carrying value of the Group\u2019s foreign currency denominated monetary assets and monetary liabilities at the reporting date are as follows:Liabilities Assets2026202520262025\u00a3000\u00a3000\u00a3000\u00a3000Euro (18,642) (14,847) 25,282 17,336US dollar (30) (31) 12 15(18,672) (14,878) 25,294 17,351Foreign currency sensitivity analysisThe Group only has material exposure to euro- and USD-denominated financial assets and liabilities.The following table details the Group\u2019s sensitivity to a 10 per cent increase and decrease in sterling against the relevant foreign currencies. Ten per cent is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management\u2019s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and derivative financial instruments and adjusts their translation at the year end for a 10 per cent change in foreign currency rates. A positive number below indicates an increase in profit and other equity where sterling strengthens 10 per cent against the relevant currency. For a 10 per cent weakening of sterling against the relevant currency, there would be an equal and opposite impact on the profit and other equity, and the balances below would be negative.US dollar currency Euro currency impactimpact2026202520262025\u00a3000\u00a3000\u00a3000\u00a3000Profit or loss and equity 2 2 223 2,741At present, the Group\u2019s translation exposure to the Indian rupee via its Indian joint venture is not significant. As the business grows, this exposure is expected to become more significant.Forward foreign exchange contractsIt is the Group\u2019s policy to enter into forward foreign exchange contracts to cover future euro and US dollar currency receipts on relevant contracts.The Group uses forward foreign currency contracts to hedge currency risk associated with expected future sales or purchases for which the Group has firm commitments. The terms of the forward foreign currency contracts are negotiated to match the terms of the commitments. During the year, the Group has applied cash flow hedge accounting to these forward foreign currency transactions. As at 28 March 2026, derivatives designated as cash flow hedges were a liability of \u00a3507,000 (2025: asset of \u00a3103,000) and recognised total losses of \u00a3639,000 (2025: losses of \u00a3721,000) in equity and gains of \u00a329,000 (2025: \u00a3149,000) in profit and loss in the year.At 28 March 2026, the Group had forward exchange contracts of 92.3m euros (2025: 29.9m) at an average exchange rate of \u20ac1.17/\u00a3 (2025: \u20ac1.18/\u00a3), which mature within 12 months of the year end. In addition, the Group had forward exchange contracts of 105m DKK (2025: nil) at an average exchange rate of 8.50 (2025: n/a), which mature within 12 months of the year end.Interest rate risk managementThe Group is exposed to interest rate risk as described under the market risk paragraph earlier in this note. The Group does not currently hedge any of its interest rate exposure.Interest rate sensitivity analysisThe sensitivity analysis below has been determined based on the exposure to interest rates at the balance sheet date. For floating rate liabilities, the analysis is prepared assuming the gross amount of liability outstanding at balance sheet date was outstanding for the whole period. A 0.5 per cent increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management\u2019s assessment of the reasonably possible change in interest rates.If interest rates had been 0.5 percentage points higher and all other variables were held constant, the Group\u2019s profit for the year ended 28 March 2026 and the Group\u2019s equity at that date would decrease by \u00a3302,000 (2025: \u00a3214,000). If the \u00a360,000,000 facility is fully utilised, the exposure increases by \u00a375,000. This is attributable to the Group\u2019s exposure to interest rates on its variable rate borrowings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__80": {
"value": "Capital risk managementThe Group manages its capital to ensure that entities in the Group will be able to continue as a going concern whilst optimising the return to stakeholders. The capital structure of the Group consists of debt, which includes borrowings, cash and cash equivalents and equity attributable to equity holders of the Parent, comprising issued capital, reserves and retained earnings.The Group monitors capital using the following indicators:i) Gearing ratio20262025\u00a3000\u00a3000Borrowings (52,600) (58,800)Cash and cash equivalents (net of overdraft) 24,361 15,520Unamortised debt arrangement fees 64 150Net debt (28,175) (43,130)Equity 146,641 182,960Net-debt-to-equity ratio 19.2% 23.6%Equity includes all capital and reserves of the Group attributable to equity holders of the Parent. There are no externally imposed capital requirements.The Group excludes IFRS 16 lease liabilities from its measure of net (debt)/funds as they are excluded from the definition of net (debt)/funds as set out in the Group\u2019s borrowing facilities.ii) Underlying return on capital employedUnderlying operating profit divided by the average of opening and closing capital employed. Capital employed is defined as shareholders\u2019 equity after adding back retirement benefit obligations (net of tax), acquired intangible assets and net (debt)/funds.20262025\u00a3000\u00a3000Underlying operating profitUnderlying operating profit (before JVs and associates) 12,697 21,653Share of results of JVs and associates 2,477 10115,174 21,754Capital employed:Shareholders\u2019 equity 146,641 182,960Cash and cash equivalents (net of overdrafts) (24,361) (15,520)Borrowings 52,600 58,800Net debt (for ROCE purposes) 28,239 43,280Acquired intangible assets (note 12) \u2013 (2,606)Retirement benefit obligations (net of deferred tax) (note 29) 2,155 5,140177,035 228,774Average capital employed 202,904 233,505Underlying return on capital employed 7.5% 9.3%Categories of financial instrumentsCarrying value 20262025\u00a3000\u00a3000Financial assetsCash and cash equivalents 24,361 15,520Trade and other receivables (note 18) 38,017 29,528Derivative financial instruments \u2013 103Financial liabilitiesDerivative financial instruments (507) \u2013Trade creditors (note 19) (50,697) (41,610)Other creditors and accruals (note 19) (38,213) (36,638)Borrowings (52,600) (58,800)Lease liabilities (18,446) (20,461)The Group\u2019s financial instruments consist of borrowings, cash, unamortised debt arrangement fees, items that arise directly from its operations and derivative financial instruments. Cash and cash equivalents, trade and other receivables and trade and other payables generally have short terms to maturity. For this reason, their carrying values approximate to fair value. The Group\u2019s borrowings relate principally to amounts drawn down against its revolving credit facility, the carrying amounts of which approximate to their fair values by virtue of being floating rate instruments.The Group is required to analyse financial instruments that are measured subsequent to initial recognition at fair value, grouped into levels 1 to 3 based on the degree to which the fair value is observable:Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities.Level 2 fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).Derivative financial instruments and contingent consideration are valued at fair value through profit or loss, and are valued as such on initial recognition. These relate to foreign currency forward contracts measured using quoted forward exchange rates and yield curves matching the maturities of the contracts. These derivative financial instruments are categorised as level 2 financial instruments. Except for derivative financial instruments, the carrying amounts of financial assets and financial liabilities are recorded at amortised cost in the consolidated financial statements.General risk management principlesThe Board has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. A formal risk assessment and management framework for assessing, monitoring and managing the strategic, operational and financial risks of the Group is in place to ensure appropriate risk management of its operations. Internal control and risk management systems are embedded in the operations of the divisions.Financial risks and managementThe Group has exposure to a variety of financial risks through the conduct of its operations. Risk management is governed by the Group\u2019s operational policies, which are subject to periodic review by the Board of Directors.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
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},
"f0__s8__6__81": {
"value": "Credit riskThe Group\u2019s primary exposure to credit risk arises from the potential for non-payment or default from construction contract customers, encompassing both trade receivables and contract assets. The degree to which the Group is exposed to this credit risk depends on the individual characteristics of the contract counterparty and the nature of the project. The Group\u2019s credit risk is also influenced by the general macroeconomic conditions. The Group does not have significant concentration of risk in respect of amounts due from construction contract customers at the reporting date due to the amount being spread across a wide range of customers. Due to the nature of the Group\u2019s operations, it is normal practice for customers to hold retentions in respect of contracts completed. Retentions held by customers at 28 March 2026 were \u00a33,242,000 (2025: \u00a35,644,000).The Group manages its exposure to credit risk through the application of its credit risk management policies, which specify the minimum requirements in respect of the creditworthiness of potential customers, assessed through reports from credit agencies, and the timing and extent of progress payments in respect of contracts. In addition, before accepting any new customer, adequate credit insurance is taken out as reported in note 18. Where credit insurance is difficult to acquire, the executive risk committee determines the appropriate exposure for the Group to take with a customer by, typically, structuring contracts to require payments on account or limit the amounts that the Group is outstanding at any one time.Consideration of potential future events is taken into account when deciding when, and how much, to impair the Group\u2019s contract assets and trade receivables. The Group does not expect to report credit losses, which would materially impact the income statement. In recent reporting periods, credit losses in the income statement have been immaterial. The Group manages the collection of retentions through its post-completion project monitoring procedures and ongoing contact with customers so as to ensure that potential issues that could lead to the non-payment of retentions are addressed as soon as they are identified.Amounts outstanding from construction contract customers are due with reference to the payment terms for each particular contract but the majority would be receivable within four months from the end of the reporting period. Amounts due for settlement after 12 months are disclosed in note 18.",
"dimensions": {
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"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
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},
"f0__s8__6__82": {
"value": "Liquidity riskLiquidity risk is the risk that the Group will not be able to meet its financial obligations as and when they fall due. The ultimate responsibility for liquidity risk rests with the Board.The Group generates cash through its operations and aims to manage liquidity by ensuring that it will always have sufficient financing facilities to meet its liabilities when due, under both normal and stress conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Forecast and actual cash flow is continuously monitored.The Group maintains a \u00a360 million revolving credit facility (\u2018RCF\u2019) with HSBC Bank PLC and Virgin Money, which now matures in June 2029 following a three-year extension with two one-year extension options subject to lender consent. The facility provides liquidity to support the Group\u2019s working capital needs and ongoing growth strategy.The RCF is subject to two financial covenants tested on a quarterly basis: net debt to EBITDA and interest cover.At the reporting dates, June 2025 and March 2026, the Group was subject to three covenants: net debt to EBITDA; interest cover; and debt service (cash flow) cover. Between July 2025 and February 2026 (inclusive), the Group was subject to a minimum liquidity cover. The Group remained comfortably within all covenant thresholds throughout the period and, facilitated by the extended facility agreement, is not forecast to breach any covenant requirements over the next 12 months.As at 28 March 2026, \u00a315,000,000 (2025: \u00a315,000,000) of this facility was not drawn but available, providing \u00a339,361,000 of headroom. Up to \u00a315,000,000 of this facility is available by way of an overdraft (2025: \u00a315,000,000).In accordance with IFRS 7, the following tables detail the Group\u2019s remaining contractual maturity for its financial liabilities at the reporting date. The amounts are gross, undiscounted and include contractual interest payments.Maturity analysisCarrying Less than 3 months 1\u20132 2\u20135 5+value3 months to 1 year years years years Total \u00a3000\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000 Liabilities \u2013 2026Trade and other payables 88,112 84,112 3,839 161 \u2013 \u2013 88,112Financial liabilities \u2013 leases 18,446 1,337 3,369 3,520 6,759 9,298 24,283Borrowings 52,600 1,683 2,549 3,966 45,000 \u2013 53,198159,158 87,132 9,757 7,647 51,759 9,298 165,593Liabilities \u2013 2025Trade and other payables 78,314 72,927 5,257 130 \u2013 \u2013 78,314Financial liabilities \u2013 leases 20,461 1,040 3,028 4,641 6,570 10,202 25,481Borrowings 58,800 1,792 5,212 49,232 3,966 \u2013 60,202157,575 75,759 13,497 54,003 10,536 10,202 163,997The Group\u2019s debt facility consists of the revolving credit facility of which \u00a345,000,000 is drawn and the overdraft facility of which \u00a3nil is drawn. This agreement expires in June 2029. In addition, \u00a37,600,000 is outstanding on the acquisition term loans, which is repayable in instalments until December 2027. Interest on both agreements is charged at a floating rate based on SONIA plus a variable margin.The Group\u2019s RCF is classified as a non-current liability as the facility is committed through to June 2029, and the Group has a right to defer settlement of any outstanding amounts for at least 12 months from the reporting date, in accordance with the criteria set out in IAS 1. The details of the associated covenants and compliance are disclosed in the section above the table.Reconciliation of movements of liabilities to cash flows arising from financing activitiesLease Revolving Loansliabilitiescredit facility\u00a3000\u00a3000\u00a3000Balance at 29 March 2025 13,800 20,461 45,000Changes from financing cash flowsPayments of borrowings (6,200) \u2013 \u2013Interest paid (764) (693) (2,703)Payments of lease liabilities \u2013 (4,136) \u2013Total changes arising from financing cash flows (6,964) (4,829) (2,703)Other changesInterest expense 764 693 2,703New leases \u2013 2,426 \u2013Lease disposals \u2013 (456) \u2013Exchange adjustments \u2013 151 \u2013Total other changes 764 2,814 2,703Balance at 28 March 2026 7,600 18,446 45,000Current 3,800 3,550 \u2013Non-current 3,800 14,896 45,000",
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"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
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},
"f0__s8__6__79": {
"value": "The Group\u2019s debt facility consists of the revolving credit facility of which \u00a345,000,000 is drawn and the overdraft facility of which \u00a3nil is drawn. This agreement expires in June 2029. In addition, \u00a37,600,000 is outstanding on the acquisition term loans, which is repayable in instalments until December 2027. Interest on both agreements is charged at a floating rate based on SONIA plus a variable margin.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__83-1": {
"value": "Market riskThe Group\u2019s activities expose it primarily to the market risks of foreign currency exchange rates and interest rates. The Group has entered into certain derivative financial instruments to manage its exposure to foreign currency risk.Market risk exposures are monitored and are supplemented by sensitivity analysis. There has been no change to the Group\u2019s exposure to market risks or the manner in which it manages and measures the risk.Interest rate risk managementThe Group is exposed to interest rate risk as described under the market risk paragraph earlier in this note. The Group does not currently hedge any of its interest rate exposure.Interest rate sensitivity analysisThe sensitivity analysis below has been determined based on the exposure to interest rates at the balance sheet date. For floating rate liabilities, the analysis is prepared assuming the gross amount of liability outstanding at balance sheet date was outstanding for the whole period. A 0.5 per cent increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management\u2019s assessment of the reasonably possible change in interest rates.If interest rates had been 0.5 percentage points higher and all other variables were held constant, the Group\u2019s profit for the year ended 28 March 2026 and the Group\u2019s equity at that date would decrease by \u00a3302,000 (2025: \u00a3214,000). If the \u00a360,000,000 facility is fully utilised, the exposure increases by \u00a375,000. This is attributable to the Group\u2019s exposure to interest rates on its variable rate borrowings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__84": {
"value": "Foreign currency risk managementThe Group undertakes certain transactions denominated in foreign currencies. Hence, exposures to exchange rate fluctuations arise. Exchange rate exposures are managed within approved policy parameters utilising forward foreign exchange contracts.The Group seeks to minimise the effects of currency risks by using derivative financial instruments when appropriate to hedge these risk exposures against contracted sales. The use of financial derivatives is governed by the Group\u2019s policies approved by the Board of Directors. The Group does not enter into, or trade, financial instruments, including derivative financial instruments for speculative purposes.The carrying value of the Group\u2019s foreign currency denominated monetary assets and monetary liabilities at the reporting date are as follows:Liabilities Assets2026202520262025\u00a3000\u00a3000\u00a3000\u00a3000Euro (18,642) (14,847) 25,282 17,336US dollar (30) (31) 12 15(18,672) (14,878) 25,294 17,351Foreign currency sensitivity analysisThe Group only has material exposure to euro- and USD-denominated financial assets and liabilities.The following table details the Group\u2019s sensitivity to a 10 per cent increase and decrease in sterling against the relevant foreign currencies. Ten per cent is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management\u2019s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and derivative financial instruments and adjusts their translation at the year end for a 10 per cent change in foreign currency rates. A positive number below indicates an increase in profit and other equity where sterling strengthens 10 per cent against the relevant currency. For a 10 per cent weakening of sterling against the relevant currency, there would be an equal and opposite impact on the profit and other equity, and the balances below would be negative.US dollar currency Euro currency impactimpact2026202520262025\u00a3000\u00a3000\u00a3000\u00a3000Profit or loss and equity 2 2 223 2,741At present, the Group\u2019s translation exposure to the Indian rupee via its Indian joint venture is not significant. As the business grows, this exposure is expected to become more significant.Forward foreign exchange contractsIt is the Group\u2019s policy to enter into forward foreign exchange contracts to cover future euro and US dollar currency receipts on relevant contracts.The Group uses forward foreign currency contracts to hedge currency risk associated with expected future sales or purchases for which the Group has firm commitments. The terms of the forward foreign currency contracts are negotiated to match the terms of the commitments. During the year, the Group has applied cash flow hedge accounting to these forward foreign currency transactions. As at 28 March 2026, derivatives designated as cash flow hedges were a liability of \u00a3507,000 (2025: asset of \u00a3103,000) and recognised total losses of \u00a3639,000 (2025: losses of \u00a3721,000) in equity and gains of \u00a329,000 (2025: \u00a3149,000) in profit and loss in the year.At 28 March 2026, the Group had forward exchange contracts of 92.3m euros (2025: 29.9m) at an average exchange rate of \u20ac1.17/\u00a3 (2025: \u20ac1.18/\u00a3), which mature within 12 months of the year end. In addition, the Group had forward exchange contracts of 105m DKK (2025: nil) at an average exchange rate of 8.50 (2025: n/a), which mature within 12 months of the year end.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__86": {
"value": "23. Share-based paymentsThe Group operates a share-based incentive scheme for the Company\u2019s Executive Directors (being both Board Directors and certain members of the executive committee) and selected senior management. These awards will, under normal circumstances, vest subject to continued service and the achievement of performance conditions over a three-year period. Further details are given in the audited section of the Directors\u2019 remuneration report on pages 128-132. The Group recognised a total charge of \u00a3434,000 (2025: \u00a31,194,000) relating to its performance share plan and Sharesave scheme, a breakdown is shown below:20262025\u00a3000\u00a3000Performance share plan 247 (528)Restricted share plan (758) 418Save as your earn 945 1,304434 1,194Performance share planThe vesting of awards under PSP and RSP is subject to performance conditions set by the remuneration committee. The Group recognised a total credit of \u00a3510,000 for the year (2025: \u00a3110,000) with a corresponding entry to reserves. The weighted average fair value of share options granted during the year was \u00a30.30 per share. Three outstanding awards had been granted to 28 March 2026:During the year ended 28 March 2026, the remuneration committee granted 5,713,302 ordinary shares of 2.5p each at \u00a3nil value. The vesting of these awards is dependent on several key KPIs, which are largely driven by the Group\u2019s underlying earnings per share performance over the three-year period from 28 March 2026 to 25 March 2028. The following vesting schedule applies:Underlying EPS performance for year ended 25 March 2028 % of award vestingEqual to less than 5.80p 0%Equal to 7.90p or better 100%Between 5.80p and 7.90p between 25% and 100%The assumptions used to measure the fair value of the shares granted are as follows:Share price on date of grant \u00a30.30*Exercise price nilExpected volatility (using historical performance) 137%Risk-free rate 4.5%Dividend nilActual life three years* Granted on 31 October 2025.The Black\u2013Scholes pricing model was used, with the above assumptions, to produce a grant date fair value of \u00a31,480,000. Subsequently, in line with IFRS 2, an annual charge is calculated based on the expected number of options to vest when factoring in changes to non-market conditions. For FY26, the charge was \u00a3247,000 (FY25: \u00a3nil).Restricted share planDuring the year ended 30 March 2024, the remuneration committee granted 1,480,979 shares of 2.5p each at \u00a3nil value. The vesting of these awards will be dependent on the Group achieving the five performance underpins as agreed by the remuneration committee and disclosed on page 130.The assumptions used to measure the fair value of the shares granted are as follows:Share price on date of grant \u00a30.63*Exercise price nilExpected volatility (using historical performance) 111%Risk-free rate 4.8%Dividend 3.4pActual life three years* Granted on 15 September 2023.The Black\u2013Scholes pricing model was used, with the above assumptions, to produce a grant date fair value of \u00a31,020,000. Subsequently, in line with IFRS 2, an annual charge/credit is calculated based on the expected number of options to vest when factoring in changes to non-market conditions. For FY26, the credit was \u00a3449,000 (FY25: charge of \u00a3110,000).During the year ended 29 March 2025, the remuneration committee granted 1,605,424 ordinary shares of 2.5p each at \u00a3nil value. The vesting of these awards will be dependent on the Group achieving the five performance underpins as agreed by the remuneration committee and disclosed on page 130.The assumptions used to measure the fair value of the shares granted are as follows:Share price on date of grant \u00a30.76*Exercise price nilExpected volatility (using historical performance) 116%Risk-free rate 3.8%Dividend 3.7pActual life three years* Granted on 20 June 2024.The Black\u2013Scholes pricing model was used, with the above assumptions, to produce a grant date fair value of \u00a3924,000. Subsequently, in line with IFRS 2, an annual charge is calculated based on the expected number of options to vest when factoring in changes to non-market conditions. For FY26, the credit was \u00a3308,000 (FY25: charge of \u00a3308,000).Reconciliation of share awards outstanding under the performance/restricted share plans are as follows:20262025NumberNumberOutstanding at the beginning of the year 3,086,402 6,005,563Granted during the year 5,713,302 1,605,424Vested during the year \u2013 (1,577,954)Lapsed during the year (2,866,364) (2,946,631)Outstanding at the end of the year 5,933,340 3,086,402Save As You Earn share option plan (\u2018Sharesave\u2019) The plan, which was established in 2015 and expired in 2025, is open to all employees on the UK payroll. Participants may elect to save up to \u00a3500 per month over the life of the plan under three-yearly savings schemes, each with a separate savings contract. Under the 2023 Sharesave scheme, options were granted by the Company to participating employees to buy shares at a discount of 20 per cent from the then market price. At the end of the 2023 Sharesave scheme in 2026, these options will become exercisable for a period of six months. A charge of \u00a3481,000 (2025: \u00a3481,000) was recognised in the current period in relation to the 2023 Sharesave scheme.Under the 2024 Sharesave scheme, options were granted by the Company to participating employees to buy shares at a discount of 20 per cent from the then market price. At the end of the 2024 Sharesave scheme in 2027, these options will become exercisable for a period of six months. A charge of \u00a3464,000 (2025: \u00a3464,000) was recognised in the current period in relation to the 2024 Sharesave scheme.Reconciliation of share awards outstanding under the Sharesave plan are as follows:Save As You Earn option plan (\u2018Sharesave\u2019)20262025NumberNumberOutstanding at the beginning of the year 5,164,689 6,120,063Granted during the year \u2013 2,628,173Lapsed during the year (3,212,497) (2,470,636)Vested during the year \u2013 (1,112,911)Outstanding at the end of the year 1,952,192 5,164,689",
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"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__87-1": {
"value": "24. Share capital20262025\u00a3000\u00a3000Issued and fully paid:296,181,987 ordinary shares of 2.5p each (2025: 296,181,987 ordinary shares of 2.5p each) 7,405 7,405The ordinary shares carry no right to fixed income. There are no share options outstanding as at 28 March 2026 (2025: nil).25. Other reservesShare-based Shares Capital Hedge Currency payment held in Revaluation redemption accounting translation reserve trustreservereservereservereserveTotal\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000At 31 March 2024 4,617 (1,527) 869 139 924 (294) 4,728Share-based payments (920) \u2013 \u2013 \u2013 \u2013 \u2013 (920)Treasury shares purchased \u2013 (9,262) \u2013 \u2013 \u2013 \u2013 (9,262)Shares cancelled \u2013 9,262 \u2013 334 \u2013 \u2013 9,596Shares utilised \u2013 1,317 \u2013 \u2013 \u2013 \u2013 1,317Gains taken to equity on cash flow hedges \u2013 \u2013 \u2013 \u2013 808 \u2013 808Reclassification adjustments on cash flow hedges \u2013 \u2013 \u2013 \u2013 (1,529) \u2013 (1,529)Exchange difference on foreign operations \u2013 \u2013 \u2013 \u2013 \u2013 (5,663) (5,663)At 29 March 2025 3,697 (210) 869 473 203 (5,957) (924)Share-based payments (643) \u2013 \u2013 \u2013 \u2013 \u2013 (643)Gains taken to equity on cash flow hedges \u2013 \u2013 \u2013 \u2013 (840) \u2013 (840)Reclassification adjustments on cash flow hedges \u2013 \u2013 \u2013 \u2013 201 \u2013 201Exchange difference on foreign operations \u2013 \u2013 \u2013 \u2013 \u2013 (1,719) (1,719)At 28 March 2026 3,054 (210) 869 473 (436) (7,676) (3,925)Reconciliation of share-based payment transactions in the statement of changes in equity:Year ended 28 March 2026 Year ended 29 March 2025Other Retained Other Retained reservesearningsreservesearnings\u00a3000\u00a3000\u00a3000\u00a30001Share-based payment charge430 \u2013 1,194 \u20131Tax paid on vesting of 2020 award\u2013 \u2013 (705) \u20132SAYE cash received\u2013 \u2013 706 \u2013Awards vested/lapsed in the year (1,073) 1,073 (2,115) 2,115 Equity-settled share-based payments (643) 1,073 (920) 2,115 2Purchase of own shares\u2013 \u2013 \u2013 \u2013Allocation of owned shares on vesting \u2013 \u2013 1,317 (1,317)Total reserves movements (643) 1,073 397 798 1 Operating cash flows.2 Cash flows from financing activities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
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},
"f0__s8__6__89": {
"value": "26. Net cash flow from operating activities20262025\u00a3000\u00a3000Profit/(loss) before tax (39,873) (17,512)Adjustments: Net finance expense (note 7) 4,728 3,791 Depreciation of property, plant and equipment (note 13) 6,998 7,217Depreciation of right-of-use assets (note 14) 3,812 2,729 Gain on disposal of other property, plant and equipment (1,133) (413) Fixed asset impairment (notes 5,13) 22,975 \u2013 Amortisation of intangible assets (note 12) 2,673 2,699 Movements in pension scheme (note 29) (2,550) (2,296) Share of results of JVs and associates (note 15) (2,477) (101) Share-based payments (note 23) 434 489 Exchange adjustments (355) 100Operating cash flows before movements in working capital (4,768) (3,297) (Increase)/decrease in inventories 4,390 (161) (Increase)/decrease in receivables 7,310 (30,597) Increase/(decrease) in payables 16,295 27,999Cash (used in)/generated from operations 23,227 (6,056)Tax received/(paid) (352) 5,534Net cash flow (used in)/from operating activities 22,875 (522)20262025\u00a3000\u00a3000Cash (used in)/generated from operations 23,227 (6,056)Non-underlying operating loss 50,319 35,475Non-underlying non-cash items* (25,581) (2,609)Non-underlying working capital movements** (13,758) (5,958)34,206 20,852Underlying EBITDA (before JVs and associates) 23,574 31,689Operating cash conversion 145% 66%* Includes amortisation and impairments that are classified as non-underlying.** Largely relates to movement on non-underlying provisions (i.e. bridges) and insurance debtors.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
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},
"f0__s8__6__90": {
"value": "27. Analysis of net debt20262025\u00a3000\u00a3000Borrowings (7,600) (13,800)Cash and cash equivalents (net of overdraft) 24,361 15,520Revolving credit facility (45,000) (45,000)Unamortised debt arrangement fees 64 150(28,175) (43,130)The Group excludes IFRS 16 lease liabilities from its measure of net debt/funds as they are excluded from the definition of net debt as set out in the Group\u2019s borrowing facilities. See note 32 for APM definitions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
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},
"f0__s8__6__91": {
"value": "28. Contingent liabilitiesLiabilities have been recorded for the Directors\u2019 best estimate of uncertain contract positions, known legal claims, legal actions in progress and circumstances that could give rise to claims or actions. In determining the level of provision required, the Group considers all relevant facts and circumstances, including external legal and professional advice where appropriate. No liability is recorded where the Directors consider that a claim or action is unlikely to succeed or where a sufficiently reliable estimate of any obligation cannot be made. During 2025, the Group identified a number of bridge structures that did not comply with the clients\u2019 weld specification requirements. These issues relate primarily to 12 bridge projects, either ongoing or completed within the past four years, and stem from a specific bridge design specification and sub-optimal welding procedure selections. The impact was further exacerbated by limitations in the specified weld testing regimes applied to these projects. Since identification of the issue, the Group has undertaken extensive assessment work across the affected portfolio and the scope of the required testing and remediation activities is now substantially established.The Group has recognised a non-underlying charge of \u00a313.2 million (2025: \u00a343.4 million), representing the estimated cost of testing and remediation across all affected projects, and a further \u00a32.6 million (2025: \u00a39.2 million) for provisions against other bridge-related costs, including third-party consequential costs and claims. As at 28 March 2026, provisions of \u00a320.7 million remain recognised (see note 20), representing management\u2019s current best estimate of the remaining expenditure required to complete the testing and remediation programme and settle associated obligations arising from these matters.The Group is able to reliably estimate the direct costs associated with the testing and remedial programme and certain third-party costs and claims based on the progress of the assessment and remediation activities undertaken to date. The provisions recognised reflect management\u2019s best estimate of the expenditure required to settle the obligations arising from the affected projects at the reporting date. The Group continues to engage constructively with clients and other stakeholders and, based on discussions to date, has not been notified of any significant additional consequential costs beyond those already provided for. Furthermore, in some instances, any potential claims may be subject to contractual liability caps or other contractual limitations. Based on the information currently available, the Directors consider that the provisions recognised appropriately reflect the Group\u2019s current obligations and expected future costs associated with these matters. All estimates and obligations will remain under review until the assessment of all affected structures has been finalised and all related matters have been concluded. In addition to the \u00a327.5m of insurance recoveries already received, the Group continues to pursue other potential avenues of recovery, including further insurance recoveries and contributions from third parties. No amounts have been recognised in respect of such potential recoveries as, at the reporting date, their receipt is not considered virtually certain. Whilst the ultimate outcome remains dependent on the resolution of the remaining matters and any new information that may emerge, the Directors do not presently expect any material change to the overall exposure recognised.The Group has also given performance bonds in the normal course of trade.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
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},
"f0__s8__6__93": {
"value": "30. Related party transactionsDirectors Key management2026 2025 2026 2025 \u00a3000\u00a3000\u00a3000\u00a3000Short-term employee benefits 849 1,107 1,419 2,128 Contributions into the pension schemes 39 73 83 110 Share-based payments 92 (116) (116) (40) Total income statement charge 980 1,064 1,386 2,198 1PSP awards vesting based on respective performance year \u2013 \u2013 \u2013 \u2013 2Gain on exercise of share options \u2013 596 \u2013 320 1 2026 relates to the 2022 PSP awards vesting June 2025, with a 2025 performance period. 2025 relates to the 2021 PSP award vested December 2024, with a 2024 performance period.2 No share options were exercised in 2026. 2025 relates to the gain on exercise of 2021 share options.Short-term employee benefits include salary, bonus, national insurance contributions, the provision of company cars, fuel for company cars, car allowances and private medical insurance.Further detail on Directors\u2019 remuneration is provided in the audited part of the Directors\u2019 remuneration report on page 128.Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its associated undertakings are disclosed below.During the year, the Group purchased services in the ordinary course of business from Fabsec Limited (\u2018Fabsec\u2019) at a cost of \u00a344,000 (2025: \u00a340,000). The amount due to Fabsec at 28 March 2026 was \u00a3117,000 (2025: \u00a3117,000).During the year, the Group has purchased services from Construction Metal Forming Limited (\u2018CMF\u2019) at a cost of \u00a35,858,000 (2025: \u00a38,710,000). The amount due from, and to, CMF at 28 March 2026 was \u00a32,168,000 (2025: \u00a3697,000) and \u00a3313,000 (2025: \u00a3nil), respectively. During the year, the Group made sales to JSSL of \u00a343,000 (2025: \u00a3386,000). The amount due to, and from, JSSL at 28 March 2026 was \u00a3143,000 (2025: \u00a327,000) and \u00a3155,000 (2025: \u00a3nil), respectively.",
"dimensions": {
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"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__94": {
"value": "31. Subsequent eventsOn 11 June 2026, the Group completed the refinancing of its banking facilities. The new facilities comprise a \u00a360.0 million revolving credit facility, a \u00a37.6 million term loan facility amortising through to December 2027, and an accordion option of up to \u00a330.0 million, subject to lender consent. The facilities have an initial term to June 2029, with two one-year extension options on the revolving credit facility, subject to lender consent. The facilities remain unsecured and replace the Group\u2019s previous banking facilities. The refinancing enhances the Group\u2019s liquidity position and financial flexibility and was completed on improved commercial terms, including the removal of the debt service cover covenant. The refinancing has no impact on the Group\u2019s financial position at the reporting date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__95": {
"value": "32. Alternative performance measures The Group provides alternative performance measures, including underlying operating profit and underlying profit before tax, to enable users to better understand the performance and earnings trends of the Group. The Group\u2019s alternative performance measures are not defined by IFRS and are, therefore, considered to be non-GAAP measures. The measures may not be comparable to similar measures used by other companies and they are not intended to be a substitute for, or superior to, measures defined under IFRS.In order to facilitate understanding of the APMs used by the Group, and their relationship to reported IFRS measures, definitions and numerical reconciliations are set out below. Alternative performance measure (\u2018APM\u2019) Definition RationaleUnderlying operating Operating profit before non-underlying items and Profit measure reflecting underlying trading profit/(before JVs and the results of JVs and associates. performance of wholly owned subsidiaries.associates)Underlying profit Profit before tax before non-underlying items. Profit measure widely used by investors and before taxanalysts.Underlying basic earnings Underlying profit after tax divided by the weighted Underlying EPS reflects the Group\u2019s operational per share (\u2018EPS\u2019)average number of shares in issue during the year.performance per ordinary share outstanding. Net debt Balance drawn down on the Group\u2019s revolving Measure of the Group\u2019s cash indebtedness before (pre-IFRS 16)credit facility, with unamortised debt arrangement IFRS 16 lease liabilities, which are excluded from costs added back, less cash and cash equivalents the definition of net funds/(debt) in the Group\u2019s (including bank overdrafts) before IFRS 16 lease borrowing facilities. This measure supports the liabilities.assessment of available liquidity and cash flow generation in the reporting period.Operating cash Cash generated from operations (before net Measure of how successful we are in converting conversioncapital expenditure, interest and tax) expressed profit to cash through management of working as a percentage of underlying EBITDA (before JVs capital and capital expenditure. Widely used by and associates) (see note 26).investors and analysts. Underlying return on Underlying operating profit divided by the average This measures the return generated on the capital capital employedof opening and closing capital employed. we have invested in the business and reflects our ability to add shareholder value over the long Capital employed is defined as shareholders\u2019 term. We have an asset-intensive business model equity excluding retirement benefit obligations and ROCE reflects how productively we deploy (net of tax), acquired intangible assets and net those capital resources.funds (see note 22).Economic value Economic value generated reflects Group revenue.A basic indication of how the Group has created generated and wealth for its stakeholders and an important ESG Economic value distributed is operating costs, distributedmeasure.employee wages and benefits, payments to providers of capital, payments to government by country, and community investments.Reconciliations to IFRS measures20262025Underlying operating profit (before JVs and associates) Note\u00a3000\u00a3000Underlying operating profit (before JVs and associates) 12,697 21,653Non-underlying operating items 5 (50,319) (35,475)Share of results of JVs and associates 15 2,477 101Operating loss (35,145) (13,721)20262025Underlying profit before tax Note\u00a3000\u00a3000Underlying profit before tax 10,458 18,133Non-underlying items 5 (50,331) (35,645)Loss before tax (39,873) (17,512)20262025Underlying basic earnings per share Note\u00a3000\u00a3000Underlying net profit attributable to equity holders of the Parent Company 10 8,105 12,938Non-underlying items after tax 5 (43,715) (27,025)Net loss attributable to equity holders of the Parent Company (35,610) (14,087)Weighted average number of ordinary shares 10 295,900,490 302,512,024Underlying basic earnings per share 2.74p 4.28pBasic loss per share (12.03)p (4.66)p20262025Net debt (pre-IFRS 16) Note\u00a3000\u00a3000Borrowings (7,600) (13,800)Cash and cash equivalents 24,361 15,520Revolving credit facility (45,000) (45,000)Unamortised debt arrangement costs 64 150Net debt (pre-IFRS 16) 27 (28,175) (43,130)IFRS 16 lease liabilities 22 (18,446) (20,461)Net debt (post-IFRS 16) (46,621) (63,591)20262025Economic value generated and distributed Note\u00a3000\u00a3000Revenue 3 454,254 450,913Economic value generated 454,254 450,913Operating costs 4 491,876 464,735Non-underlying operating items 5 (50,319) (35,475)Underlying operating costs 441,557 429,260Payments to providers of capital 4,728 4,160Non-underlying finance expense 5 (12) (170)Underlying payments to providers of capital 4,716 3,990Payments to government 2,353 5,275Economic value distributed 448,626 438,525",
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"concept": "SEV:DisclosureOfAlternativePerformanceMeasures",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
}
},
"f0__s8__6__9": {
"value": "Severs House, Dalton Airfield Industrial Estate Dalton, Thirsk, North Yorkshire, YO7 3JN",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:21380025AWPR781CY104",
"period": "2025-03-29T00:00:00/2026-03-29T00:00:00"
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}