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"pp-value-3": {
"value": "company incorporated in the UK. ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
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},
"pp-value-4": {
"value": " PLC ",
"dimensions": {
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"language": "en",
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},
"pp-value-6-1": {
"value": "The Group Financial Statements have been prepared and approved by the Directors in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and UK-adopted International Accounting Standards. The\ue878Company has elected to prepare its Parent Company Financial Statements, which are presented on pages 198 to 209, in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (\u201cFRS 101\u201d).",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
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"pp-value-5-2": {
"value": "Basis of preparationThe consolidated financial statements comprise the financial statements of the Company, Hill & Smith PLC, and its subsidiaries as at\ue87831 December 2024. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The\ue878acquisition date is the date on which control is transferred to the acquirer. The financial statements of subsidiaries are included in\ue878the Group Financial Statements from the date that control commences until the date that control ceases.In preparing the consolidated financial statements, management has considered the impact of climate change, taking into account the\ue878relevant disclosures in the Strategic Report, including those made in accordance with the recommendations of the Taskforce on\ue878Climate-related Financial Disclosures. This included an assessment of assets with indefinite and long lives and how they could be\ue878impacted by measures taken to address global warming. As outlined in the Operational and Financial Review on page 30, physical climate change presents a relatively low risk to the Group\u2019s future business operations and transition risks are also expected to have a\ue878relatively low impact when considered together with the mitigating actions that the Group intends to take. As such, no issues were identified that would impact the carrying values of such assets or have any other impact on the financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-2-1": {
"value": "Measurement conventionThe Group Financial Statements are prepared on the historical cost basis except where the measurement of balances at fair value is required as explained below. The Group Financial Statements are presented in Sterling and all values are stated in million (\u00a3m) rounded to one decimal place, except where otherwise indicated.Basis of preparationThe consolidated financial statements comprise the financial statements of the Company, Hill & Smith PLC, and its subsidiaries as at\ue87831 December 2024. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The\ue878acquisition date is the date on which control is transferred to the acquirer. The financial statements of subsidiaries are included in\ue878the Group Financial Statements from the date that control commences until the date that control ceases.In preparing the consolidated financial statements, management has considered the impact of climate change, taking into account the\ue878relevant disclosures in the Strategic Report, including those made in accordance with the recommendations of the Taskforce on\ue878Climate-related Financial Disclosures. This included an assessment of assets with indefinite and long lives and how they could be\ue878impacted by measures taken to address global warming. As outlined in the Operational and Financial Review on page 30, physical climate change presents a relatively low risk to the Group\u2019s future business operations and transition risks are also expected to have a\ue878relatively low impact when considered together with the mitigating actions that the Group intends to take. As such, no issues were identified that would impact the carrying values of such assets or have any other impact on the financial statements.Going concern and liquidity riskIn determining the appropriate basis of preparation of its financial statements, the Directors are required to assess whether the Group can continue in operational existence for the foreseeable future, at least 12 months from the date of approval of these financial statements. The Group\u2019s going concern assessment period is the 18-month period from the balance sheet date to 30 June 2026 (referred to throughout as \u2018the going concern period\u2019). When making this assessment, the Group considers whether it will be able to\ue878maintain adequate liquidity headroom above the level of its borrowing facilities and to operate within the financial covenants on\ue878those facilities during the going concern period. At 31 December 2024, the Group had \u00a3308.1m of committed borrowing facilities, of which only \u00a328.5m matures within the going concern period, and a further \u00a36.7m of on-demand facilities. The Group\u2019s principal debt facilities include: its core \u00a3250m revolving credit facility, which expires in November 2027; $70m of US Senior Unsecured Notes, one tranche ($35m) of which is due to expire in June 2026 and the second tranche ($35m) is due to expire in June 2029; and other local committed borrowing facilities of \u00a32.1m. The amount drawn down under these committed facilities at 31 December 2024 was \u00a3100.7m, which together with cash and cash equivalents (including any overdrafts classified as held for sale) of \u00a351.6m gave total headroom of \u00a3265.4m (\u00a3259m committed, \u00a36.4m on demand). The Group has not made any changes to its principal borrowing facilities between 31 December 2024 and the date of\ue878approval of these financial statements. The only significant changes to liquidity headroom during that period were the disposals of\ue878Hill & Smith Pty and Parking Facilities (see Note 14 for further details) which positively impacted headroom. The principal borrowing facilities are subject to covenants that are measured biannually in June and December, being net debt to EBITDA of a maximum of 3.0x and interest cover of a minimum of 4.0x, based on measures as defined in the facilities agreements which are adjusted from the equivalent IFRS amounts. The ratio of net debt to EBITDA at 31 December 2024 was 0.3 times and interest cover was 20.4 times. Note 23 to the Financial Statements sets out more information on the Group\u2019s objectives, policies and processes for managing its capital, its financial risk management objectives, details of its financial instruments and hedging activities, and its exposures to credit and liquidity risk.Going concern and liquidity risk continuedThe Group has carefully modelled its cash flow outlook for the going concern period, taking account of the current global economic conditions. In this \u2018base case\u2019 scenario, the forecasts indicate significant liquidity headroom will be maintained above the Group\u2019s borrowing facilities and financial covenants will be met throughout the period, including the covenant tests at 30 June 2025, 31 December 2025 and 30 June 2026. The base case scenario assumes full repayment of the first tranche of US Senior Unsecured Notes ($35m) which are due to expire in June 2026. The Group has carried out stress tests against the base case to determine the performance levels that would result in a breach of covenants or a reduction of headroom against its borrowing facilities to nil. For a breach of covenants to occur during the relevant period, the Group would need to experience a sustained revenue reduction of 32% compared with current expectations throughout the going concern period. A reduction in headroom against borrowing facilities to nil would occur if the Group experienced a sustained revenue reduction of 33% compared with current expectations for the going concern period. The Directors do not consider any of these scenarios to be plausible given the generally positive outlook across the infrastructure markets in which the Group operates. The Directors also noted the Group\u2019s ability to continue its operations throughout the COVID-19 pandemic, noting that revenues fell by only 22% in the second quarter of 2020, the worst-affected period. Furthermore, the Group has several mitigating actions under its control including minimising capital expenditure to critical requirements, reducing levels of discretionary spend, rationalising its overhead base and curtailing future dividend payments which, although not forecast to be required, could be implemented in order to be able to meet the covenant tests and to continue to operate within borrowing facility limits.After making these assessments, the Directors have reasonable expectation that the Company and its subsidiaries have adequate resources to continue in operational existence during the going concern period. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and Financial Statements.New IFRS standards and interpretations adopted during 2024The following amendments and interpretations applied for the first time in 2024, and therefore were adopted by the Group:\u2022 Amendments to IAS 1 \u2014 Classification of liabilities as current or non-current and non-current liabilities with covenants\u2022 Amendments to IFRS 16 \u2014 Lease Liability in a Sale and Leaseback\u2022 Amendments to IAS 7 and IFRS 7 \u2014 Supplier Finance ArrangementsThese amendments have not had a material impact on the financial statements.New IFRS standards and interpretations to be adopted in the futureThe following standards and interpretations, which are not yet effective and have not been early adopted by the Group, will, where relevant, be adopted in future accounting periods:To be adopted for year-ending 31 December 2025:\u2022 Amendments to IAS 21 \u2014 Lack of exchangeabilityTo be adopted for year-ending 31 December 2026:\u2022 Amendments to IFRS 9 and IFRS 7 \u2014 Classification and Measurement of Financial Instruments\u2022 IFRS 9 and IFRS 7 \u2014 Contracts Referencing Nature-dependent ElectricityTo be adopted for year-ending 31 December 2027:\u2022 IFRS 18 \u2014 Presentation and Disclosure in Financial Statements\u2022 IFRS 19 \u2014 Subsidiaries without Public AccountabilityThe above changes are not expected to have a material impact on the Group.Business combinationsBusiness combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of\ue878the\ue878consideration transferred, which is measured at acquisition date fair value. Acquisition-related costs are expensed as incurred and included in non-underlying costs (see accounting policy \u2018non-underlying items\u2019). Fair value adjustments are always considered to\ue878be\ue878provisional at the first year end date after the acquisition to allow the maximum time to elapse for management to make a reliable\ue878estimate.The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organised workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs.Contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Where it meets the definition of a financial liability, the fair value will be re-measured at each subsequent reporting period and the re-remeasurement will be\ue878recognised as a non-underlying charge or credit in the consolidated income statement. The determination of fair value is based on\ue878discounted cash flows. The key assumptions take into consideration the probability of meeting each performance target and the discount factor (see note 23 for further details). Intangible assets \u2014 OtherOther intangible assets that are acquired by the Group as part of a business combination, such as brands, patents and customer lists, are stated at cost less accumulated amortisation and impairment losses (see accounting policy \u2018Impairment of assets\u2019). Cost reflects management\u2019s judgement of the fair value of the individual intangible asset calculated by reference to the net present value of future benefits accruing to the Group from the utilisation of the asset, discounted at an appropriate discount rate.Certain US brands are considered to have an indefinite life and are therefore subject to annual impairment testing (see accounting policy \u2018Impairment of assets\u2019). In determining that these brands have indefinite lives, consideration was given to the extent of their trading history, which in all cases exceeds 50 years, their prominence in the markets in which they operate, and the nature of the products sold under those brands in the context of potential for future development. For other brands, patents and customer lists, amortisation is provided equally over the estimated useful economic life of the assets concerned, currently up to 20 years. Amortisation of such items is recorded as a non-underlying item within administrative expenses (note 5).Where computer software is non-cloud based and not an integral part of a related item of computer hardware, the software is treated as an intangible asset. Acquired computer software licences are capitalised on the basis of costs incurred to acquire and bring into use the specific software. Where software is cloud-based (stored, managed and available through the cloud), the associated licence costs generally do not meet the criteria for recognition of an intangible asset since cloud-based arrangements generally do not provide a resource that the Group can control. Accordingly, such licenses are expensed to the Consolidated Income Statement. The development and implementation of a cloud-based system could give rise to an intangible asset. Each cloud-based computing arrangement is considered on a case-by-case basis. Where it is determined that a cloud computing arrangement does not include an intangible asset, the implementation costs are expensed to the Consolidated Income Statement.An internally generated intangible asset arising from the Group\u2019s development of computer systems (including websites) is recognised if, and only if, the costs are directly associated with the production of identifiable and unique software products controlled by the Group, and it is probable that future economic benefits will flow to the Group. Amortisation is provided equally over the estimated useful economic life of the assets concerned, currently up to seven years. Trade licences are amortised over the specific term granted to each individual licence.An intangible asset is derecognised upon disposal (i.e. at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the\ue878net disposal proceeds and the carrying amount of the asset) is included in the Consolidated Income Statement.Intangible assets \u2014 GoodwillGoodwill on acquisition of subsidiaries is initially measured at cost and comprises the excess of the fair value of the purchase consideration paid for subsidiaries over the Group\u2019s share of the fair value of the identifiable assets and liabilities acquired. After initial recognition, goodwill is measured at cost less impairment losses (see accounting policy \u2018Impairment of assets\u2019). Property, plant, equipment and depreciationProperty, plant and equipment are recorded in the Group\u2019s Consolidated Statement of Financial Position at cost less accumulated depreciation and any recognised impairment loss. Cost includes, where appropriate, directly attributable costs incurred in bringing each asset to its present condition and location. Assets in the course of construction are stated at cost, net of any accumulated impairment losses. Certain of the Group\u2019s Roads businesses routinely generate revenue from the rental of assets to customers. Such assets are accounted for as plant and equipment. If an asset that is held for rental is sold, the asset is transferred from property, plant and equipment to\ue878inventories at the carrying amount when the asset ceases to be rented. The proceeds from the sale of such assets are recognised as\ue878revenue in the Consolidated Income Statement. Depreciation is provided to write off the cost or deemed cost less the estimated residual value of property, plant and equipment (excluding assets in the course of construction) by equal instalments over their estimated useful economic lives as follows:Buildings and leasehold improvements 5 to 50 years Plant, machinery and vehicles up to 20 years No depreciation is provided on freehold land.The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal (i.e. at the date the\ue878recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on\ue878derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is\ue878included in the Consolidated Income Statement when the asset is derecognised.Repair and maintenance costs are recognised in the Consolidated Income Statement as incurred.Impairment of assetsFor goodwill and intangible assets that have an indefinite life, the recoverable amount is assessed at each year end date, or when indicators of impairment exist, and an impairment loss is recognised, where appropriate, for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. Impairment reviews are undertaken at the level of each significant cash generating unit, which are no larger than operating segments as defined in IFRS 8 \u2014 Segmental reporting.The carrying amounts of the Group\u2019s other non-financial assets, other than inventories (see accounting policy \u2018Inventories\u2019) and deferred tax balances (see accounting policy \u2018Deferred taxation\u2019), are reviewed at each year end date to determine whether there is an indication of impairment. If such an indication exists, the relevant asset\u2019s recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of the asset or its cash generating unit exceeds its recoverable amount.The recoverable amount of an asset or cash generating unit is the greater of its value in use and its fair value less costs to sell. 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.Non-current assets held for sale and discontinued operationsThe Group classifies non-current assets and disposal groups as held for sale if their carrying amount will be recovered principally through sale rather than through continuing use. On initial classification as held for sale, non-current assets and disposal groups are measured at the lower of the previous carrying amount and fair value less costs to sell with any adjustments taken to the Consolidated Income Statement. The same applies to gains and losses on subsequent remeasurement. Costs to sell are the incremental costs directly attributable to the disposal of an asset or disposal group, excluding finance costs and income tax expense. The criteria for held for sale classification are regarded as met only when the sale is highly probable, and the asset or disposal group is\ue878available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. The Group must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification.Property, plant and equipment, intangible assets and right-of-use assets are not depreciated or amortised once classified as held for sale.Assets and liabilities classified as held for sale are presented separately as current items in the Group\u2019s Consolidated Statement of\ue878Financial Position.Financial instrumentsFinancial assets and liabilities are recognised in the Group\u2019s Consolidated Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.Trade receivables and trade payables are initially measured at fair value. Subsequent to initial recognition, they are carried at amortised cost using the effective interest method, and in the case of trade receivables, less any impairment losses. Impairment losses are measured using an expected credit loss model. The Group uses the simplified approach to measure expected credit losses for trade receivables and therefore does not track changes in credit risk, but instead recognises a loss allowance based on lifetime expected credit losses at each reporting date. Further details are provided in note 23(e).Derivative financial instruments of the Group are used to hedge its exposure to interest rate and foreign currency risks arising from operational, financing and investment activities.In accordance with its treasury policy, the Group does not hold or issue derivative financial instruments for trading purposes. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments, as follows:\u2022 Derivative financial instruments are stated at fair value. The unhedged gain or loss on remeasurement to fair value is recognised immediately in the Consolidated Income Statement.\u2022 The fair value of foreign exchange contracts is the estimated amount that the Group would receive or pay to terminate such contracts at the year end date, taking into account the forward exchange rates prevailing at that date.To qualify for hedge accounting the hedging relationship must meet several conditions with respect to documentation, probability of\ue878occurrence, hedge effectiveness and reliability of measurement. At the inception of the transaction, the Group documents the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking the hedge transaction. This process includes linking all derivatives designated as hedges to specific assets and liabilities or to specific firm commitments or forecast transactions. The Group also documents its assessment, at hedge inception and on a half yearly basis, of whether the derivatives that are used in hedging transactions have been, and are likely to continue to be, effective in offsetting changes in fair value or cash flows of hedged items.Interest bearing borrowings are recognised initially at fair value. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the Consolidated Income Statement over the period of the borrowings on an effective interest basis.Cash and cash equivalentsCash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are, where there is a right of and intention to offset, included as a component of cash and cash equivalents for the purpose of the Consolidated Financial Statement and Consolidated Statement of Cash Flows. The Group\u2019s bank arrangements and facilities with Barclays Bank plc provide the legally enforceable right to offset and the Group demonstrates its intention to offset by regularly sweeping cash balances within each bank. Consequently, the balances have been offset in the financial statements.Foreign currenciesTransactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Any gain or loss on translation of monetary foreign currency assets and liabilities arising from a movement in exchange rates subsequent to initial measurement is included as an exchange gain or loss in the Consolidated Income Statement.Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined.The assets and liabilities of overseas subsidiary undertakings, including goodwill and fair value adjustments arising on acquisition, are\ue878translated at the closing exchange rate. Income statements and cash flows of such undertakings are translated into Sterling at weighted average rates of exchange, other than substantial transactions that are translated at the rate on the date of the transaction. The adjustments to period end rates are taken to the cumulative translation reserve in equity and reported in the Consolidated Statement of Comprehensive Income. When an overseas operation is disposed of, in part or in full, the relevant amount in the translation reserve is transferred to profit or loss.Foreign currency differences arising on the retranslation of a financial liability designated as a hedge of a net investment in a foreign operation are recognised and reported in the Consolidated Statement of Comprehensive Income, to the extent that the hedge is effective. To the extent that the hedge is ineffective, such differences are recognised in profit or loss. When the hedged part of a net investment is disposed of, the associated cumulative amount in the translation reserve is transferred to profit or loss as an adjustment to the profit or loss on disposal.Foreign currencies continuedThe principal exchange rates used were as follows:2024 2023Average Closing Average ClosingSterling to US Dollar (\u00a31 = USD) 1.28 1.25 1.24 1.27Sterling to Indian Rupee (\u00a31 = INR) 106.95 107.22 102.68 106.08Sterling to Australian Dollar (\u00a31 = AUD) 1.94 2.02 1.87 1.87InventoriesInventories are stated at the lower of cost and net realisable value. In determining the cost of raw materials, consumables and goods purchased for resale, either the FIFO or average cost method is used depending on the nature of the inventory. Cost for work in progress and finished goods comprises direct materials, direct labour and an appropriate proportion of attributable overheads.ProvisionsA provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and\ue878a\ue878reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are\ue878determined by discounting the expected future cash flows at a pre tax rate that reflects current market assessments of the time value of money and, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to\ue878the passage of time is recognised as a finance cost.A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan and the restructuring has either commenced or been announced publicly. Future operating costs are not provided for.In accordance with the Group\u2019s environmental policy and applicable legal requirements, a provision for site restoration in respect of\ue878contaminated land is recognised as an obligation arises.Provisions relating to legal claims or disputes are recognised when it is probable that the Group will be required to settle claims against it as a result of a past event and the amount of the obligation can be reliably estimated. The Group recognises a provision based on the expected settlement amount for the claim. A separate receivable (or \u2019reimbursement asset\u2019) from insurers is recognised within other receivables to the extent it is virtually certain of being received. LeasesTo the extent that a right-of-control exists over an asset subject to a lease and with a lease term exceeding one year, the Group recognises a right-of-use asset, representing the underlying lease asset, and a lease liability, representing the Group\u2019s obligation to make lease payments. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, any initial direct costs incurred and an estimate of the dismantling, removal and restoration costs as required by the terms of the lease contract.The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of\ue878the asset. The right-of-use assets are also subject to review for impairment (see accounting policy \u2018Impairment of assets\u2019).The lease liability is measured at the present value of the future lease payments discounted using the Group\u2019s incremental borrowing rate, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Future lease payments include fixed payments, variable lease payments that\ue878depend on an index or a rate (initially measured using the index or rate as at the commencement date), amounts expected to be\ue878payable under a residual guarantee, and the exercise price of purchased options where it is reasonably certain that the option will be\ue878exercised. Finance charges, representing the unwinding of the discount rate, are recognised in the Consolidated Income Statement over the period of the lease.Lease payments for low value assets and short term leases (less than 12 months) are recognised as an expense on a straight-line basis over the lease term.RevenueRevenue is measured based on the consideration specified in a contract with a customer for the provision of goods and services. The\ue878amount recognised excludes sales taxes and is adjusted for any discounts or volume rebates that are included in the contract. It\ue878includes consideration received from the customer for freight activities only if the transportation activities are required to fulfil a\ue878performance obligation. If the transportation activities are determined to be a separate performance obligation, an entity will only recognise the consideration as revenue if the entity is determined to be acting as principal in the agreement, otherwise the consideration received from the customer for transport costs is recognised net of the related cost, rather than as revenue. The Group\u2019s contracts with customers do not contain significant financing components and payment terms are generally customary to the jurisdictions in which each subsidiary operates. The Group recognises revenue when it transfers control over a good or service to a customer. The following information sets out the Group\u2019s approach to the nature and timing of the satisfaction of performance obligations in contracts with customers in each of its operating segments and the related revenue recognition policies.Engineered Solutions and Roads & SecurityFor standard products that are manufactured, revenue is recognised when goods are accepted by customers, which is usually on delivery depending on the Incoterms defined in the contract. The Group also enters into certain contracts which require customers to\ue878inspect and accept goods that have been manufactured but retained in the Group\u2019s facilities; in these cases the customer is deemed to have accepted the product when they have provided evidence of their acceptance and revenue is therefore recognised at that point, assuming that the other criteria set out in IFRS 15 have been met.Certain of the Group\u2019s businesses in the Engineered Solutions and Roads & Security segments manufacture non-standard products that are specific to customer requirements and therefore require a high degree of customisation. The Group has determined that in these cases a product with no alternative use is created. Where the contractual terms are such that if the contract is terminated by the customer then the Group has a right to reimbursement of the costs incurred including a reasonable margin, revenue is recognised over time i.e. before the completed goods are delivered to the customer\u2019s premises. Progress is generally determined using input methods (such as costs incurred), unless the circumstances of the contract are such that output methods (such as milestones reached) are considered more appropriate.In some cases the Group provides installation of its products to customers as an additional service. Revenue from installation services is recognised over the period that the installation takes place, which is generally less than one month.Certain of the Group\u2019s businesses engage in contracts with customers which include variable consideration. This occurs where the Group provides retrospective sales volume rebates to certain customers once, amongst other matters, the quantity of goods purchased during a predetermined period exceeds thresholds specified in the sales contract. To estimate the variable consideration for these expected future rebates, the Group applies the most likely amount method to reflect the consideration that the Group is entitled to. Variable consideration is only recognised to the extent that it is highly probable that the inclusion will not result in a significant revenue reversal in the future. Certain of the Group\u2019s Roads businesses routinely generate revenue from the rental of assets to customers. Revenue from these rental agreements is recognised over the period over which the assets are available to the customer. If an asset that is held for rental is sold, the asset is transferred from property, plant and equipment to inventories at the carrying amount when the asset ceases to be rented. The proceeds from the sale of such assets are recognised as revenue in the Consolidated Income Statement. Transportation costs relating to the rental of temporary road barrier are included in cost of sales.The Group classifies proceeds from the sale of scrap products generated in the manufacturing process within revenue. Galvanizing ServicesContracts with customers in the Galvanizing Services segment are generally simple. Revenue is recognised at a point in time, which is\ue878when the galvanized goods are either despatched or collected by the customer.The Group classifies proceeds from the sale of by-products generated during the galvanizing process within revenue. Contract assetsContract assets primarily relate to the rights to consideration for work completed but not billed at the reporting date. Contract assets are transferred to receivables when the rights become unconditional.Retirement benefitsThe Group operates pension schemes under which contributions by employees and by the sponsoring companies are held in trust funds separated from the Group\u2019s finances.Obligations for contributions to defined contribution pension schemes are recognised as an expense in the Consolidated Income Statement as incurred. The Group\u2019s net obligation in respect of defined benefit pension schemes is calculated separately for each scheme by estimating the\ue878amount of future benefit that employees have earned in return for their service in the current and prior periods. This benefit is discounted to determine its present value, and the fair value of any scheme assets is deducted. The discount rate is the yield at the year\ue878end date on AA rated bonds that have maturity dates approximating to the terms of the Group\u2019s obligations. The calculation is\ue878performed by a qualified actuary using the projected unit method. Scheme assets are valued at bid price.In the Consolidated Income Statement, current and past service costs are recognised in operating profit and the interest cost on the net\ue878defined benefit obligations is included in financial expense.All actuarial gains and losses in calculating the Group\u2019s obligation in respect of defined benefit schemes are recognised annually and reported in the Consolidated Statement of Comprehensive Income.Share-based payment transactionsThe Group issues equity settled share-based payments to certain employees, including those in the form of buy-out awards or deferred bonus awards. The fair value of shares/options granted is recognised as an employee expense, with a corresponding increase in equity reserves. The fair value is calculated at the grant date and spread over the period during which the employees become unconditionally entitled to the shares/options. The Black\u2014Scholes model has been adopted as the method of evaluating the fair value of the options where vesting is based on non-market conditions, while a Monte Carlo Simulation is used where vesting is based on market conditions. The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such conditions and there is\ue878no\ue878adjustment for differences between expected and actual outcomes.The fair value of amounts payable to employees in respect of share appreciation rights settled in cash is recognised as an employee expense and corresponding increase in liabilities. The fair value of the liability is remeasured at each reporting date and spread over the\ue878period during which employees become unconditionally entitled to the payment.Financial income and expenseFinancial income comprises interest income on funds invested and gains on the fair value of financial assets and liabilities at fair value through profit or loss. Interest income is recognised as it accrues in the Consolidated Income Statement using the effective interest method.Financial expense comprises interest expense on borrowings, interest cost on net pension scheme obligations, unwinding of discounts, losses on the fair value of financial assets and liabilities at fair value through profit or loss, the interest expense on lease liabilities, and financial expenses related to refinancing. All borrowing costs are recognised in the Consolidated Income Statement using the effective interest method.Contract liabilitiesContract liabilities arise when the Group receives consideration from customers based on an agreed billing schedule, as established in\ue878the contract, which may not correspond with the pattern of performance under the contract. Where consideration has been received but a performance obligation not satisfied at the reporting date, a contract liability is recorded in the Consolidated Statement of\ue878Financial Position.Non-underlying itemsNon-underlying items are presented separately in the Consolidated Income Statement where, in the Directors\u2019 judgement, the quantum, nature or volatility of such items gives further information to obtain a fuller understanding of the underlying performance of the business. The following are included by the Group in its assessment of non-underlying items:\u2022 Gains or losses arising on disposal, closure, restructuring or reorganisation of businesses that do not meet the definition of\ue878discontinued operations\u2022 Amortisation of intangible fixed assets arising on acquisitions, which can vary depending on the nature, size and frequency of\ue878acquisitions in each financial period\u2022 Expenses associated with acquisitions and disposals, comprising professional fees incurred, any consideration which, under IFRS 3 is required to be treated as a post-acquisition employment expense, and changes in contingent consideration payable on acquisitions\u2022 Impairment charges in respect of tangible or intangible fixed assets, or right-of-use assets\u2022 Changes in the fair value of derivative financial instruments\u2022 Significant past service items or curtailments and settlements relating to defined benefit pension obligations resulting from material changes in the terms of the schemes.The non-underlying tax charge or credit comprises the tax effect of the above items.Details in respect of the non-underlying items recognised in the current and prior year are set out in note 5 to the Financial Statements.Income taxIncome tax on the profit or loss for the year represents the sum of the tax currently payable and deferred tax. Income tax is recognised in the Consolidated Income Statement except to the extent that it relates to items either recognised in other comprehensive income or\ue878directly in equity.Current tax is the expected tax payable on the taxable profit for the year. Taxable profit differs from net profit as reported in the Consolidated Income Statement because it excludes items of income or expense that are not taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates enacted or substantively enacted at the year end date, and any adjustments to tax payable in respect of previous years.Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates, with effect from 1 January 2024. An assessment of the potential exposure to Pillar Two income taxes has been performed, noting that the Group primarily operates in the UK and US where Pillar Two effective tax rates are higher than 15%. Currently the only jurisdiction identified where the transitional safe harbour relief may not be available is in respect of the Group\u2019s small trading operation in Ireland, however the Group does not expect a significant exposure to Pillar Two income taxes to result given the relatively low level of profitability in\ue878the\ue878Irish entity.Deferred taxationDeferred tax is provided in full using the Consolidated Statement of Financial Position liability method and represents the tax expected to be payable or recoverable on the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: goodwill not deductible for tax purposes, the initial recognition of assets and liabilities not resulting from a business combination that affects neither accounting nor taxable profit, and differences relating to investments in subsidiaries to the extent that they will not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the year end date.A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. The carrying amount of deferred tax assets is reviewed at each year end date and reduced to the extent that it\ue878is\ue878no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered.Deferred tax assets and liabilities are offset 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.Ordinary dividendsDividends are recognised as a liability in the period in which they are approved by the Company\u2019s shareholders.2. Accounting judgements, estimates and assumptionsThe preparation of the Group\u2019s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of income, expenses, assets and liabilities. Actual\ue878results may differ from these estimates. Impairment of goodwill (note 12)EstimatesThe determination of whether goodwill and other indefinite life intangible assets should be impaired requires the estimation of future cash flows and growth factors adopted by each cash generating unit (\u201cCGU\u2019s\u201d). Furthermore, discount rates applied to these cash flows are determined by reference to the markets in which they operate and are risk adjusted to reflect risks and opportunities existing for\ue878each CGU. These factors are all affected by prevailing market and economic factors outside the Group\u2019s control. Further information on this issue, including sensitivity analyses for certain CGUs, is included in note 12.Actuarial assumptions on pension obligations (note 26)EstimatesIn determining the valuation of the UK defined benefit pension deficit, certain estimates and assumptions about the scheme have been\ue878made, notably the inflation rates, discount rates, mortality and pension increases. The factors affecting these assumptions are\ue878influenced by wider macro-economic factors that are largely outside of the Group\u2019s control. A sensitivity analysis of the impact of\ue878changes in key assumptions is set out in note 26.Taxation (notes 9 and 16)JudgementsLiabilities for uncertain tax positions require management judgements in respect of tax audit issues and exposures in each of the jurisdictions in which the Group operates. Where management judges that a tax position is uncertain, a current tax liability is held for anticipated taxes that are considered to be probable based on the information available. The key judgement area for the Group is the pricing of intercompany goods and services and other cross border transactions between subsidiaries in different countries.EstimatesManagement is required to make an estimate of the current tax liability together with an assessment of the temporary differences which arise as a consequence of different accounting and tax treatments. Liabilities for uncertain tax positions also require management estimates in respect of the amount of tax that may become payable. Management engages with professional advisors in making its assessment and, if appropriate, will liaise with the relevant tax authorities to resolve the matter. The tax liability is reassessed in each period to reflect management\u2019s best estimate in light of the information available. Included in the current tax payable is a liability of \u00a36.0m (2023: \u00a34.5m) for uncertain tax positions. In addition, \u00a30.6m (2023: \u00a30.6m) of the deferred tax liability relates to uncertain tax positions. Depending on the conclusions of any tax audits conducted by the tax authorities in the various jurisdictions in which the Group operates, management estimate the range of possible outcomes to be between \u00a3nil and \u00a38.4m (2023: \u00a3nil to \u00a36.1m) and therefore it is possible that, if the outcomes are different to those estimated by management, the difference may materially impact the income tax charge / (credit) in the year in which the matter is concluded. Further information is set out in note 9 and note 16.Non-current assets held for sale (note 14)JudgementsThe criteria for held for sale classification are regarded as met only when the sale is highly probable, and the asset or disposal group is\ue878available for immediate sale in its present condition. Determining whether a sale is highly probable can require some judgement and requires analysis of all relevant facts and circumstances as at the balance sheet date. Business segment analysisThe Group has three reportable segments which are Engineered Solutions, Roads & Security and Galvanizing Services. The Group\u2019s internal management structure and financial reporting systems differentiate between these segments, and, in reporting, management have taken the view that they comprise a reporting segment on the basis of the following economic characteristics:\u2022 The Engineered Solutions segment contains a group of businesses supplying products characterised by a degree of engineering expertise, to public and private customers involved in the construction of facilities serving the utilities and other infrastructure markets; \u2022 The Roads & Security segment contains a group of businesses supplying products designed to ensure the safety and security of roads and other national infrastructure, many of which have been developed to address national and international safety standards, to customers involved in the construction of that infrastructure; and\u2022 The Galvanizing Services segment contains a group of companies supplying galvanizing and related materials coating services to\ue878companies in a wide range of markets including construction, agriculture and infrastructure.Corporate costs are allocated to reportable segments in proportion to the revenue of each of those segments.Segmental Income Statement2024 2023Reported Underlying Reported Underlying operating operating operating operating Revenue profit profit* Revenue profit profit* \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mEngineered Solutions 418.7 71.2 77.8 367.0 59.7 64.4Roads & Security 238.6 (5.0) 15.4 266.1 0.3 12.4Galvanizing Services 197.8 49.2 50.3 196.7 43.8 45.7Group 855.1 115.4 143.5 829.8 103.8 122.5Net financing costs (10.9) (10.9) (10.6) (10.6)Profit before taxation 104.5 132.6 93.2 111.9Taxation (28.1) (34.0) (24.4) (27.6)Profit after taxation 76.4 98.6 68.8 84.3 * Underlying operating profit is stated before non-underlying items as defined in the Group Accounting Policies on page 151 and is the measure of segment profit used by the Chief Operating Decision Maker, who is the Chief Executive. The reported operating profit columns are included as additional information.Transactions between operating segments are on an arm\u2019s length basis similar to transactions with third parties. Galvanizing Services sold \u00a34.9m (2023: \u00a35.2m) of products and services to Roads & Security and \u00a33.3m (2023: \u00a32.5m) of products and services to Engineered Solutions. Engineered Solutions sold \u00a30.1m (2023: \u00a30.6m) of products and services to Roads & Security. These internal revenues, along with revenues generated from within their own segments, have been eliminated on consolidation.3. Segmental information continuedIn the following tables, revenue from contracts with customers is disaggregated by primary geographical market, major product/service lines and timing of revenue recognition. Revenue by primary geographical market is defined as the end location of the Group\u2019s product or service. The table also includes a reconciliation of the disaggregated revenue with the Group\u2019s reportable segments.Engineered Solutions Roads & Security Galvanizing Services Total20242023202420232024202320242023Primary geographical markets\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUK 74.9 80.6 146.3 155.0 80.9 83.9 302.1 319.5Rest of Europe 9.4 8.2 13.5 11.0 \u2014 \u2014 22.9 19.2North America 316.4 259.2 74.5 90.4 116.9 112.8 507.8 462.4The Middle East 10.0 12.5 1.2 1.9 \u2014 \u2014 11.2 14.4Rest of Asia 6.2 5.5 0.5 0.7 \u2014 \u2014 6.7 6.2Rest of the world 1.8 1.0 2.6 7.1 \u2014 \u2014 4.4 8.1418.7 367.0 238.6 266.1 197.8 196.7 855.1 829.8Major product/service lineManufacture, supply and installation of products 418.7 367.0 215.0 241.2 \u2014 \u2014 633.7 608.2Galvanizing Services \u2014 \u2014 \u2014 \u2014 197.8 196.7 197.8 196.7Rental of assets to customers \u2014 \u2014 23.6 24.9 \u2014 \u2014 23.6 24.9418.7 367.0 238.6 266.1 197.8 196.7 855.1 829.8Timing of revenue recognitionProducts and services transferred at a point in time 212.7 172.7 174.9 208.1 197.8 196.7 585.4 577.5Products and services transferred over time 206.0 194.3 63.7 58.0 \u2014 \u2014 269.7 252.3418.7 367.0 238.6 266.1 197.8 196.7 855.1 829.8The Group has no material unsatisfied or partially satisfied performance obligations at the balance sheet date that have an expected duration of more than one year and therefore has taken the practical expedient under IFRS 15 not to disclose such details.Additional segmental analysisCapital expenditure and amortisation/depreciation2024 2023Impairment Impairment losses, losses, amortisation amortisation Capital and Capital and expendituredepreciationexpendituredepreciation\u00a3m\u00a3m\u00a3m\u00a3mEngineered Solutions 13.3 10.7 11.7 7.4Roads & Security 8.5 27.1 8.2 14.9Galvanizing Services 5.6 7.7 11.0 7.7Total Group 27.4 45.5 30.9 30.0Property, plant and equipment (note 13) 22.4 22.5 28.1 20.4Intangible assets (note 12) 5.0 23.0 2.8 9.6Total Group 27.4 45.5 30.9 30.0The 2024 amounts for impairment losses, amortisation and depreciation relating to the Roads and Security segment included asset impairments of \u00a313.2m relating to H&S Inc. as explained in note 5.3. Segmental information continuedGeographical analysis Total assets20242023\u00a3m\u00a3mUK 292.8 262.8Rest of Europe 4.0 3.6North America 473.9 419.6Asia 17.4 16.0Rest of the world 7.9 13.0Total Group 796.0 715.0Non-current assets20242023\u00a3m\u00a3mUK 168.4 181.0Rest of Europe 1.5 0.8North America 291.1 239.8Asia 3.4 3.2Rest of the world \u2014 9.1Total Group 464.4 433.9Capital expenditure20242023\u00a3m\u00a3mUK 9.1 12.7Rest of Europe 0.5 0.3North America 17.1 16.6Asia 0.6 0.6Rest of the world 0.1 0.7Total Group 27.4 30.94. Alternative Performance MeasuresThe Group presents Alternative Performance Measures (\u201cAPMs\u201d) in addition to its statutory results. These are presented in\ue878accordance with the Guidelines on APMs issued by the European Securities and Markets Authority. The principal APMs are:\u2022 Underlying profit before taxation\u2022 Underlying operating profit\u2022 Underlying operating margin\u2022 Organic and constant currency measures of change in revenue and underlying operating profit\u2022 Underlying cash conversion ratio\u2022 Capital expenditure to depreciation and amortisation ratio \u2022 Covenant net debt to EBITDA ratio\u2022 Underlying earnings per share. A reconciliation of statutory earnings per share to underlying earnings per share is provided in\ue878note\ue87810.All underlying measures exclude certain non-underlying items, which are detailed in note 5. References to an underlying profit measure are made on this basis and, in the opinion of the Directors, aid the understanding of the underlying business performance as\ue878they exclude items whose quantum, nature or volatility gives further information to obtain a fuller understanding of the underlying performance of the business. APMs are presented on a consistent basis over time to assist in comparison of performance.Reconciliation of underlying to reported profit before tax 20242023\u00a3m\u00a3mUnderlying profit before tax 132.6 111.9Non-underlying items included in operating profit (28.1) (18.7)Reported profit before tax 104.5 93.2Reconciliation of underlying to reported operating profit by segmentEngineered Solutions Roads & Security Galvanizing Services Total20242023202420232024202320242023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUnderlying operating profit 77.8 64.4 15.4 12.4 50.3 45.7 143.5 122.5Non-underlying itemsAmortisation of acquisition intangibles (5.1) (3.0) (3.7) (4.2) (1.1) (1.2) (9.9) (8.4)Business reorganisation costs \u2014 \u2014 \u2014 (0.2) \u2014 \u2014 \u2014 (0.2)Impairment of assets \u2014 \u2014 (13.2) (0.6) \u2014 \u2014 (13.2) (0.6)Loss on remeasurement of assets held for sale \u2014 \u2014 (3.1) \u2014 \u2014 \u2014 (3.1) \u2014Expenses related to acquisitions and disposals (1.5) (1.7) (0.4) (2.9) \u2014 (0.7) (1.9) (5.3)Loss on disposal of subsidiaries \u2014 \u2014 \u2014 (4.2) \u2014 \u2014 \u2014 (4.2)Reported operating profit/(loss) 71.2 59.7 (5.0) 0.3 49.2 43.8 115.4 103.8Calculation of underlying operating margin Engineered Solutions Roads & Security Galvanizing Services Total20242023202420232024202320242023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUnderlying operating profit 77.8 64.4 15.4 12.4 50.3 45.7 143.5 122.5Revenue 418.7 367.0 238.6 266.1 197.8 196.7 855.1 829.8Underlying operating margin (%) 18.6% 17.5% 6.5% 4.7% 25.4% 23.2% 16.8% 14.8%4. Alternative Performance Measures continuedMeasures of organic and constant currency change in revenue and underlying operating profit Organic constant currency measures exclude the impact of currency translation movements, acquisitions, disposals and closures of\ue878subsidiary businesses. In respect of acquisitions, the amounts referred to represent the amounts for the period in the current year that the business was not held in the prior year. In respect of disposals and closures of subsidiary businesses, the amounts referred to represent the amounts for the period in the prior year that the business was not held in the current year. Constant currency amounts are prepared using exchange rates which prevailed in the current year.Engineered Solutions Roads & Security Galvanizing Services TotalUnderlying Underlying Underlying Underlying Revenueoperating profitRevenueoperating profitRevenueoperating profitRevenueoperating profit\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m2023 367.0 64.4 266.1 12.4 196.7 45.7 829.8 122.5Impact of exchange rate movements from 2023 to 2024 (9.0) (2.1) (2.9) (0.2) (3.5) (1.1) (15.4) (3.4)2023 translated at 2024 exchange rates (A) 358.0 62.3 263.2 12.2 193.2 44.6 814.4 119.1Acquisition, disposals and closures 44.1 9.4 (1.9) \u2014 1.3 0.4 43.5 9.8Organic growth/(decline) (B) 16.6 6.1 (22.7) 3.2 3.3 5.3 (2.8) 14.62024 (C) 418.7 77.8 238.6 15.4 197.8 50.3 855.1 143.5Organic growth % (B divided by A) 4.6% 9.8% -8.6% 26.2% 1.7% 11.9% -0.3% 12.3%Constant currency change % ((C-A) divided by A) 17.0% 24.9% -9.3% 26.2% 2.4% 12.8% 5.0% 20.5%Calculation of underlying cash conversion ratio20242023\u00a3m\u00a3mUnderlying operating profit 143.5 122.5Calculation of adjusted operating cash flow:Cash generated by operations 168.6 173.4Purchase of assets for rental to customers (2.3) (2.3)Purchase of property, plant and equipment (21.3) (26.7)Purchase of intangible assets (5.0) (2.8)Repayment of lease liabilities (9.0) (9.4)Proceeds on disposal of non-current assets and assets held for sale 3.4 3.3Defined benefit pension scheme deficit payments 3.7 3.7Add back: Cash flows relating to non-underlying items 4.0 1.9Adjusted operating cash flow 142.1 141.1Underlying cash conversion (%) 99% 115%4. Alternative Performance Measures continuedCalculation of capital expenditure to depreciation and amortisation ratio20242023\u00a3m\u00a3mCalculation of capital expenditure:Purchase of assets for rental customers 2.3 2.3Purchase of property, plant and equipment 21.3 26.7Purchase of intangible assets 5.0 2.828.6 31.8Calculation of depreciation and amortisation:Depreciation of property, plant and equipment 20.8 19.7Amortisation of development costs 1.1 1.0Amortisation of other intangible assets 0.1 0.222.0 20.9Capital expenditure to depreciation and amortisation ratio 1.3x 1.5xCalculation of covenant net debt to EBITDA ratio20242023\u00a3m\u00a3mNet debt (note 19) 96.9 108.4Lease liabilities (46.0) (43.7)Lease liabilities classified as held for sale (3.0) \u2014Amounts related to refinancing 1.5 2.0Covenant net debt (A) 49.4 66.7Underlying operating profit 143.5 122.5Depreciation of owned assets 20.8 19.7Right-of-use asset depreciation 10.4 9.3Amortisation of development costs 1.1 1.0Amortisation of other intangible assets 0.1 0.2Underlying EBITDA 175.9 152.7Adjusted for:Lease payments (11.0) (10.4)Share-based payments expense 3.4 4.1Annualised EBITDA of subsidiaries acquired/disposed 5.5 3.5Covenant EBITDA (B) 173.8 149.9Covenant net debt to EBITDA (A divided by B) 0.3 0.45. Non-underlying itemsIncluded in operating profit 20242023\u00a3m\u00a3mLoss on disposal of subsidiaries \u2014 (4.2)Business reorganisation costs \u2014 (0.2)Impairment of assets (a) (13.2) (0.6)Loss on remeasurement of assets held for sale (b) (3.1) \u2014Amortisation of acquisition intangibles (9.9) (8.4)Expenses related to acquisitions and disposals (c) (1.9) (5.3)Total non-underlying items (28.1) (18.7)Notes:a) The impairment charge of \u00a313.2m relates to H&S Inc., the Group\u2019s US road products business, comprising \u00a38.6m of goodwill and \u00a32.0m of acquisition intangible assets (explained in note 12), and a further \u00a31.5m relating to property, plant and equipment, \u00a30.7m relating to other intangible assets and \u00a30.4m relating to right-of-use assets. In assessing the carrying value of the H&S Inc. CGU, the projected cash flows showed that its message boards division, operating out of Garland, Texas, is not expected to generate sufficient future cash flows to support the carrying value of the property, plant and equipment and\ue878intangible fixed assets utilised in that part of the business. We therefore assessed the fair value less costs of disposal of those assets, concluding that their fair value was \u00a32.2m lower than their previous carrying value. Similarly an impairment of \u00a30.4m was recognised in respect of the fair value of the Garland property right-of-use asset, reflecting its estimated recoverable value.b) The loss on remeasurement of assets held for sale relates primarily to the two businesses classified as individual disposal groups as at 31 December 2024, as\ue878explained in note 14. The carrying amounts were reduced to their fair value less costs to sell, resulting in a loss on remeasurement of \u00a33.1m.c) Expenses related to acquisitions and disposals include a credit of \u00a31.7m in respect of previously accrued contingent consideration on\ue878the National Signal acquisition that is not now expected to be paid, and additional costs of \u00a30.4m relating to the Group\u2019s disposal of its small, loss-making Berry Systems business in 2023, together with professional fees incurred on the four US acquisitions in 2024 and the two disposals initiated in 2024 which have been classified as disposal groups (see note 14 for further details).Included in taxationThe tax effect of the above items is a credit to the income statement of \u00a35.9m (2023: \u00a33.2m). 20242023\u00a3m\u00a3mTotal employee benefit expense for the yearWages and salaries 192.5 171.4Share-based payments (note 24) 3.4 4.1Social security costs 26.2 23.1Pension costs (note 26) 5.1 4.6227.2 203.220242023\u00a3m\u00a3mRemuneration of key management personnelRemuneration in relation to short term benefits 4.8 2.8Share based payments 1.7 0.8Company contributions to money purchase pension plans 0.1 0.16.6 3.76. Employees continuedKey management personnel are those persons having authority and responsibility for planning, directing, and controlling the activities of the Group, directly or indirectly, including any directors (whether executive or otherwise) of the Group. Key management personnel are considered to be the Board of Directors of Hill & Smith PLC and the members of the Executive Board who are not also Directors of\ue878the Group. Further details of the Directors\u2019 remuneration and share interests are given in the Directors\u2019 Remuneration Report on pages 102 to 120.7. Net financing costs 20242023\u00a3m\u00a3mInterest on bank deposits 0.5 0.5Financial income 0.5 0.5Interest on loans and borrowings (8.8) (8.9)Interest on lease liabilities (note 15) (2.0) (1.3)Financial expenses related to refinancing activities (0.5) (0.6)Interest cost on net pension scheme deficit (note 26) (0.1) (0.3)Financial expense (11.4) (11.1)Net financing costs (10.9) (10.6)8. Expenses and auditor\u2019s remuneration 20242023\u00a3m\u00a3mIncome statement chargesDepreciation of property, plant and equipment (20.8) (19.7)Right-of-use asset depreciation (10.4) (9.3)Short term leases (3.7) (1.0)Low value leases (0.1) \u2014Loss on disposal of non-current assets \u2014 (0.2)Loss on disposal of assets held for sale (0.2) \u2014Research and development expenditure (1.5) (1.0)Amortisation of acquisition related intangibles (9.9) (8.4)Amortisation of development costs (1.1) (1.0)Amortisation of other intangible assets (0.1) (0.2)Impairment losses:Intangible fixed assets (11.9) \u2014Tangible fixed assets (1.7) (0.7)Right-of-use lease assets (0.4) (0.6)Income statement creditsGain on disposal of assets held for sale \u2014 0.7Gain on lease terminations 0.6 0.1Gain on disposal of non-current assets 0.4 \u2014Foreign exchange gain 0.4 0.2Sublease income (note 15) 0.1 0.18. Expenses and auditor\u2019s remuneration continued A detailed analysis of the auditor\u2019s remuneration worldwide is as follows:20242023\u00a3m\u00a3mAudit of the Company\u2019s Annual Accounts 0.7 0.5Audit of the Company\u2019s subsidiaries 1.3 1.12.0 1.6A description of the work of the Audit Committee is set out in the Audit Committee Report on pages 96 to 101 and includes an explanation of how auditor objectivity and independence is safeguarded when non-audit services are provided by the auditor. Audit-related assurance services totalled \u00a3nil (2023: \u00a313,000).9. Taxation20242023\u00a3m\u00a3mCurrent taxUK corporation tax 4.1 4.1Overseas tax at prevailing local rates 23.4 20.7Adjustments in respect of prior years (2.3) 1.325.2 26.1Deferred tax (note 16)UK deferred tax 3.7 1.1Overseas tax at prevailing local rates (2.4) (0.4)Adjustments in respect of prior years 1.6 (2.4)2.9 (1.7)Tax on profit in the Consolidated Income Statement 28.1 24.4Deferred Tax (note 16)Relating to defined benefit pension schemes \u2014 (0.1)Tax on items taken directly to other comprehensive income \u2014 (0.1)Current taxRelating to share-based payments (0.2) \u2014Deferred tax (note 16)Relating to share-based payments 0.4 (1.3)Tax taken directly to the Consolidated Statement of Changes in Equity 0.2 (1.3)The tax charge in the Consolidated Income Statement for the period is higher (2023: higher) than the standard rate of corporation tax in the UK. The differences are explained below:20242023\u00a3m\u00a3mProfit before taxation 104.5 93.2Profit before taxation multiplied by the effective rate of corporation tax in the UK of 25.0% (2023: 23.5%) 26.1 21.9Expenses not deductible/income not chargeable for tax purposes 3.1 2.3Benefits from international financing arrangements \u2014 current and prior years (0.1) (0.1)Local tax incentives (0.1) (0.1)Overseas profits taxed at higher/(lower) rates (0.2) 1.5Adjustments in respect of prior years (0.7) (1.1)Tax charge 28.1 24.49. Taxation continuedIn October 2017, the European Commission opened a state aid investigation into the Group Financing Exemption in the UK Controlled Foreign Company (\u2018CFC\u2019) legislation, announcing in April 2019 that it believed in certain circumstances the CFC regime constituted State Aid. In 2021 the Group received a charging notice from HMRC requiring it to pay \u00a31.6m in respect of state aid that HMRC considers had been unlawfully received in previous years, which was paid in full in February 2021. Applications to annul the Commission\u2019s decision had been made in prior years by the UK Government, the Group and other affected taxpayers. The EU General Court delivered its decision on these applications in June 2022, finding in favour of the Commission. In\ue878August 2022, the UK Government and several multinationals, including the Group, appealed against the General Court\u2019s decision. The appeal was heard by the Court of Justice of the European Union (\u2018CJEU\u2019) on 10 January 2024, and the CJEU\u2019s judgement was delivered on 19 September 2024 overturning the Commission\u2019s original decision. Following this, HMRC have enacted legislation which will provide for the tax, and interest, to be repaid, which we expect to be in 2025.10. Earnings per shareThe weighted average number of ordinary shares in issue during the year was 80.4m (2023: 80.0m), diluted for the effects of the outstanding dilutive share options 81.4m (2023: 81.0m). Diluted earnings per share takes account of the dilutive effect of all outstanding share options disclosed in note 24, calculated using the treasury share method. Underlying earnings per share have been\ue878shown because the Directors consider that this provides valuable additional information about the underlying performance of\ue878the\ue878Group.2024 2023Pence per Pence per share \u00a3mshare \u00a3mBasic earnings 95.0 76.4 86.0 68.8Non-underlying items* 27.6 22.2 19.4 15.5Underlying earnings 122.6 98.6 105.4 84.3Diluted earnings 93.9 76.4 85.0 68.8Non-underlying items* 27.2 22.2 19.1 15.5Underlying diluted earnings 121.1 98.6 104.1 84.3 * Non-underlying items as detailed in note 5.11. DividendsDividends paid during the year2024 2023Pence per Pence per share \u00a3mshare \u00a3mInterim dividend paid in relation to year-ended 31 December 2022 \u2014 \u2014 13.0 10.4Final dividend paid in relation to year-ended 31 December 2022 \u2014 \u2014 22.0 17.6Interim dividend paid in relation to year ended 31 December 2023 15.0 12.0 \u2014 \u2014Final dividend paid in relation to year ended 31 December 2023 28.0 22.5 \u2014 \u2014Total 43.0 34.5 35.0 28.011. Dividends continuedDividends declared in respect of the year2024 2023Pence per Pence per share \u00a3mshare \u00a3mInterim dividend declared in relation to year-ended 31 December 2023 \u2014 \u2014 15.0 12.0Final dividend declared in relation to year-ended 31 December 2023 \u2014 \u2014 28.0 22.5Interim dividend declared in relation to year ended 31 December 2024 16.5 13.3 \u2014 \u2014Final dividend proposed in relation to year ended 31 December 2024 32.5 26.1 \u2014 \u2014Total 49.0 39.4 43.0 34.5The final dividend for 2024 was proposed after the year end date and was not recognised as a liability at 31 December 2024, in\ue878accordance with IAS 10. 12. Intangible assetsCapitalised Contracts, development licences and Goodwill Brands Customer lists costs other assets Total \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCostAt 1 January 2023 160.4 28.6 66.8 21.4 17.9 295.1Exchange adjustments (5.3) (1.2) (2.2) (0.1) (0.4) (9.2)Acquisitions of subsidiaries 17.2 1.3 16.3 \u2014 2.0 36.8Reclassification from tangible fixed assets \u2014 \u2014 \u2014 0.2 0.6 0.8Additions \u2014 \u2014 \u2014 2.1 0.7 2.8Disposals of subsidiaries (8.6) (0.2) (3.9) (0.9) (0.4) (14.0)At 31 December 2023 163.7 28.5 77.0 22.7 20.4 312.3Exchange adjustment 1.8 0.3 1.5 \u2014 0.1 3.7Acquisitions of subsidiaries 8.1 1.5 31.7 \u2014 4.1 45.4Additions \u2014 \u2014 \u2014 1.9 3.1 5.0Transfers to assets held for sale (1.6) (0.9) (9.1) \u2014 (0.1) (11.7)Reclassifications \u2014 \u2014 \u2014 0.8 (0.8) \u2014At 31 December 2024 172.0 29.4 101.1 25.4 26.8 354.7Amortisation and impairment lossesAt 1 January 2023 29.0 13.7 42.1 15.6 12.1 112.5Exchange adjustments (0.9) (0.5) (1.1) \u2014 (0.2) (2.7)Reclassification from tangible fixed assets \u2014 \u2014 \u2014 \u2014 0.5 0.5Disposals of subsidiaries (8.0) (0.2) (3.9) (0.7) (0.5) (13.3)Amortisation charge for the year \u2014 0.9 4.6 1.0 3.1 9.6At 31 December 2023 20.1 13.9 41.7 15.9 15.0 106.6Exchange adjustments 0.4 0.1 0.3 (0.2) 0.2 0.8Transfers to assets held for sale (1.6) (0.9) (9.1) \u2014 (0.1) (11.7)Amortisation charge for the year \u2014 0.9 6.2 1.1 2.9 11.1Impairment 8.6 0.3 1.7 1.1 0.2 11.9Reclassifications \u2014 \u2014 \u2014 0.8 (0.8) \u2014At 31 December 2024 27.5 14.3 40.8 18.7 17.4 118.7Carrying valuesAt 1 January 2023 131.4 14.9 24.7 5.8 5.8 182.6At 31 December 2023 143.6 14.6 35.3 6.8 5.4 205.7At 31 December 2024 144.5 15.1 60.3 6.7 9.4 236.012. Intangible assets continued2024Capital SteelIn January 2024 the Group acquired the trade and assets of Capital Steel for cash consideration after working capital adjustments of\ue878\u00a35.5m. Capital Steel is a structural steel electrical infrastructure manufacturer which provides engineering and fabrication capabilities on a range of structural steel and substation components, principally for the electrical utility and heavy highway construction end markets. The acquisition was a highly strategic bolt-on acquisition opportunity for V&S Schuler and subsequent to\ue878acquisition the business has become part of V&S Utilities, within the Group\u2019s Engineered Solutions division. Details of the acquisition are set out below:Provisional policy Pre-acquisition alignment and carrying fair value amount adjustment Total \ue878\u00a3m\u00a3m\u00a3mIntangible AssetsCustomer lists \u2014 1.9 1.9Brand name \u2014 0.3 0.3Order backlog \u2014 0.7 0.7Property, plant and equipment 0.2 \u2014 0.2Right-of-use assets 0.4 0.3 0.7Inventories 2.4 (0.5) 1.9Other current assets 1.9 0.7 2.6Total assets 4.9 3.4 8.3Lease liabilities (0.4) (0.3) (0.7)Current liabilities (2.9) (0.1) (3.0)Total liabilities (3.3) (0.4) (3.7)Net assets 1.6 3.0 4.6ConsiderationInitial consideration paid in the year 4.9Working capital adjustments paid in the year 0.6Fair value of contingent consideration due within one year 0.3Fair value of contingent consideration due between one and two years 0.3Goodwill \ue878 \ue878 1.5Brands, customer lists and the order backlog have been recognised as specific intangible assets as a result of the acquisition. The\ue878residual goodwill is attributable to opportunities with new customers as the business expands its product and customer base, and Capital Steel\u2019s highly skilled workforce. Capital Steel will form part of the V&S Utilities CGU for the purpose of annual goodwill impairment testing. Policy alignment and fair value adjustments have been made to align the accounting policies of the acquired business with the Group\u2019s accounting policies and to reflect the fair value of assets and liabilities acquired. In respect of leases, the\ue878Group measured the acquired lease liabilities using the present value of the remaining lease payments at the date of acquisition. The right-of-use assets were measured at an amount equal to the lease liabilities and adjusted to reflect the terms of the leases relative to market terms. The fair value of the current assets acquired includes \u00a31.9m of trade receivables, which have a gross value\ue878of \u00a31.9m.As part of the acquisition agreement, contingent consideration has been agreed. The amount of contingent consideration is\ue878dependent on revenue and adjusted EBITDA for the two-year period ending 31 December 2025. The maximum contingent consideration payable is \u00a31.0m. As at the acquisition date, the fair value of the contingent consideration was estimated to be\ue878\u00a30.6m, calculated on a probability-weighted basis.Post-acquisition the acquired business has contributed \u00a311.6m revenue and \u00a33.0m underlying and reported operating profit, which are included in the Group\u2019s Consolidated Income Statement. As the acquisition was made on 5 January 2024, the Group\u2019s results for the year would be materially unchanged had the acquisition been made on 1 January 2024. The Group incurred expenses of \u00a30.5m relating to the acquisition, \u00a30.3m of which were incurred in the current year, and are included in non-underlying costs (see note 5).12. Intangible assets continuedFM StainlessIn March 2024 the Group acquired the trade and assets of FM Stainless for a cash consideration after working capital adjustments of\ue878\u00a36.8m. FM Stainless is a fabricator and distributor of high-alloy, stainless steel engineered pipe supports, expansion anchors and\ue878fasteners. The acquisition is a highly strategic bolt-on opportunity for The Paterson Group (\u2018TPG\u2019) and subsequent to acquisition the business has become part of TPG, within the Group\u2019s Engineered Solutions division. Details of the acquisition are set out below:Provisional policy Pre-acquisition alignment and carrying fair value amount adjustment Total \ue878\u00a3m\u00a3m\u00a3mIntangible AssetsBrand name \u2014 0.2 0.2Customer lists \u2014 2.6 2.6Order backlog \u2014 0.3 0.3Property, plant and equipment 0.1 1.5 1.6Inventories 2.0 (0.4) 1.6Other current assets 1.3 \u2014 1.3Total assets 3.4 4.2 7.6Current liabilities (0.3) (0.4) (0.7)Total liabilities (0.3) (0.4) (0.7)Net assets 3.1 3.8 6.9ConsiderationInitial consideration paid in the year 6.7Working capital adjustments paid in the year 0.1Fair value of contingent consideration due within one year 0.4Goodwill \ue878 \ue878 0.3Brands, customer lists and the order backlog have been recognised as specific intangible assets as a result of the acquisition. The\ue878residual goodwill is attributable to opportunities with new customers as the business expands its product and customer base, opportunities for expansion into new territories/geographies, and FM Stainless\u2019 highly skilled workforce. Policy alignment and fair value adjustments have been made to align the accounting policies of the acquired business with the Group\u2019s accounting policies and to reflect the fair value of assets and liabilities acquired. The fair value of the current assets acquired includes \u00a31.3m of trade receivables, which have a gross value of \u00a31.3m.As part of the acquisition agreement, contingent consideration has been agreed. The amount of contingent consideration is\ue878dependent on adjusted EBIT for the 12-month period ending 31 March 2025. The maximum contingent consideration payable is\ue878\u00a30.4m. As at the acquisition date, the fair value of the contingent consideration was estimated to be \u00a30.4m, calculated on a\ue878probability-weighted basis.Post-acquisition the acquired business has contributed \u00a36.5m revenue and \u00a31.2m underlying and reported operating profit, which are included in the Group\u2019s Consolidated Income Statement. If the acquisition had been made on 1 January 2024, the Group\u2019s results for the year would have shown revenue of \u00a3856.3m, underlying operating profit of \u00a3143.8m and reported operating profit of \u00a3115.7m. The Group incurred expenses of \u00a30.3m relating to the acquisition, which are included in non-underlying costs (see note 5).12. Intangible assets continuedTridentIn July 2024 the Group acquired the trade and assets of Trident for cash consideration after closing and working capital adjustments of \u00a38.2m and further cash consideration of up to \u00a325.4m, payable based on future revenues over the five years post-acquisition. Located in Greater St Louis, Illinois, Trident is a designer and supplier of composite utility poles, serving utility company needs across North America and the Caribbean. The business has a long-term outsourced manufacturing relationship with Enduro Composites, and will become part of the Creative Composites Group, within the Engineered Solutions division. Details of the acquisition are set out below:Provisional policy Pre-acquisition alignment and carrying fair value amount adjustment Total \ue878\u00a3m\u00a3m\u00a3mIntangible AssetsCustomer lists \u2014 16.0 16.0Brand names \u2014 0.4 0.4Order backlog \u2014 1.7 1.7Property, plant and equipment 0.2 (0.1) 0.1Right-of-use assets \u2014 0.1 0.1Inventories 1.8 \u2014 1.8Other current assets 3.2 \u2014 3.2Total assets 5.2 18.1 23.3Lease liabilities \u2014 (0.1) (0.1)Current liabilities (3.9) \u2014 (3.9)Non-current liabilities (0.7) (0.2) (0.9)Total liabilities (4.6) (0.3) (4.9)Net assets 0.6 17.8 18.4ConsiderationInitial consideration paid in the year 7.8Working capital adjustments paid in the year 0.4Fair value of contingent consideration due within one year 3.7Fair value of contingent consideration due between two and five years \ue878 \ue878 9.6Goodwill \ue878 \ue878 3.1Brands, customer lists and the order backlog have been recognised as specific intangible assets as a result of the acquisition. The\ue878residual goodwill is attributable to opportunities with new customers as the business expands its product and customer base, opportunities for expansion into new territories/geographies, and Trident\u2019s highly skilled workforce. Trident will form part of the Creative Composites Group CGU for the purpose of annual goodwill impairment testing. Policy alignment and fair value adjustments have been made to align the accounting policies of the acquired business with the Group\u2019s accounting policies and to reflect the fair value of assets and liabilities acquired. The fair value of the current assets acquired includes \u00a33.2m of trade receivables, which have a gross value of \u00a33.2m.As part of the acquisition agreement, contingent consideration has been agreed. The amount of contingent consideration is dependent on revenue over the five years subsequent to acquisition. The maximum contingent consideration payable is \u00a325.4m. As\ue878at the acquisition date, the fair value of the contingent consideration was estimated to be \u00a313.3m, calculated on a probability-weighted basis.Post-acquisition the acquired business has contributed \u00a37.2m revenue and \u00a31.8m underlying and reported operating profit, which are\ue878included in the Group\u2019s Consolidated Income Statement. If the acquisition had been made on 1 January 2024, the Group\u2019s results for the year would have shown revenue of \u00a3865.5m, underlying operating profit of \u00a3146.2m and reported operating profit of \u00a3118.1m. The Group incurred expenses of \u00a30.4m relating to the acquisition, which are included in non-underlying costs (see note 5).12. Intangible assets continuedWhitlow ElectricIn September 2024 the Group acquired the trade and assets of Whitlow Electric Service Company (\u201cWhitlow\u201d) for initial cash consideration of \u00a324.0m. Located in Elberton, Georgia, Whitlow designs and manufactures a range of structural steel and substation components for the US electrical infrastructure market. Whitlow will become part of V&S Utilities, within the Engineered Solutions division, and builds on the successful acquisition and integration of Capital Steel, broadening the geographic footprint in the US and\ue878providing new customers in the attractive Southeast market and increasing the Group\u2019s structural steel fabrication capacity, presenting opportunities for cross selling and margin expansion.Details of the acquisition are set out below:Provisional policy Pre-acquisition alignment and carrying fair value amount adjustment Total \ue878\u00a3m\u00a3m\u00a3mIntangible AssetsBrand name \u2014 0.6 0.6Customer lists \u2014 11.2 11.2Order backlog \u2014 1.4 1.4Property, plant and equipment 1.1 4.5 5.6Inventories 1.2 (0.6) 0.6Other current assets 1.8 0.7 2.5Total assets 4.1 17.8 21.9Current liabilities (1.4) \u2014 (1.4)Total liabilities (1.4) \u2014 (1.4)Net assets 2.7 17.8 20.5ConsiderationConsideration paid in the year 24.0Working capital adjustments receivable within one year (0.3)Goodwill \ue878 \ue878 3.2Brands, customer lists and the order backlog have been recognised as specific intangible assets as a result of the acquisition. The\ue878residual goodwill is attributable to opportunities with new customers as the business expands its product and customer base, opportunities for expansion into new territories/geographies, and Whitlow\u2019s highly skilled workforce. Whitlow will form part of the V&S Utilities CGU for the purpose of annual goodwill impairment testing. Policy alignment and fair value adjustments have been made to align the accounting policies of the acquired business with the Group\u2019s accounting policies and to reflect the fair value of assets and liabilities acquired. The fair value of the current assets acquired includes \u00a31.8m of trade receivables, which have a gross value of \u00a31.8m.Post-acquisition the acquired business has contributed \u00a36.0m revenue and \u00a30.9m underlying and reported operating profit, which are included in the Group\u2019s Consolidated Income Statement. If the acquisition had been made on 1 January 2024, the Group\u2019s results for the year would have shown revenue of \u00a3868.6m, underlying operating profit of \u00a3145.5m and reported operating profit of \u00a3117.4m. The Group incurred expenses of \u00a30.5m relating to the acquisition, which are included in non-underlying costs (see note 5).12. Intangible assets continued2023Enduro Composites, Inc.On 17 February 2023 the Group acquired 100% of the share capital of Enduro Composites, Inc. (\u201cEnduro\u201d) for cash consideration after working capital adjustments of \u00a328.7m. Enduro, located in Houston, Texas, is a designer, manufacturer and supplier of engineered composite solutions focused on industrial and infrastructure market segments. Enduro has become part of the Creative Composites Group within the Group\u2019s Engineered Solutions division.Details of the acquisition are set out below:Policy alignmentPre-acquisitionand fair valuecarrying amountadjustmentsTotal\u00a3m\u00a3m\u00a3mIntangible AssetsBrands \u2014 1.0 1.0Customer lists \u2014 9.9 9.9Order backlog \u2014 1.6 1.6Property, plant and equipment 2.7 (0.2) 2.5Right-of-use assets \u2014 2.3 2.3Inventories 4.5 (0.5) 4.0Current assets 6.5 (0.1) 6.4Deferred tax asset 1.4 \u2014 1.4Cash and cash equivalents 1.8 \u2014 1.8Total assets 16.9 14.0 30.9Lease liabilities \u2014 (2.3) (2.3)Current liabilities (4.8) (0.3) (5.1)Corporation tax \u2014 (0.2) (0.2)Deferred tax liability \u2014 (2.9) (2.9)Total liabilities (4.8) (5.7) (10.5)Net assets 12.1 8.3 20.4ConsiderationTotal consideration 28.7Goodwill 8.3Cash flow effectConsideration paid in the year of acquisition 28.7Cash acquired with the business (1.8)Net cash consideration shown in the Consolidated Statement of Cash Flows 26.9Brands, customer lists and an order backlog were recognised as specific intangible assets as a result of the acquisition. The\ue878residual goodwill arising, which was allocated to the Engineered Solutions segment, primarily represents the highly skilled workforce, future technological advantages and potential for geographical expansion afforded to the Group. Policy alignment and fair value adjustments were made to align the accounting policies of the acquired business with the Group\u2019s accounting policies and to reflect the fair value of assets and liabilities acquired. In respect of leases, the Group measured the acquired lease liabilities using the present value of\ue878the\ue878remaining lease payments at the date of acquisition. The right-of-use assets were measured at an amount equal to the lease liabilities and adjusted to reflect the terms of the leases relative to market terms. The fair value of the current assets acquired included \u00a35.8m of trade receivables, which had a gross value of \u00a36.2m.12. Intangible assets continuedKorns Galvanizing Company Inc.On 8 March 2023 the Group acquired the business and assets of Korns Galvanizing Company Inc. (\u201cKorns\u201d) for a cash consideration of \u00a39.4m. Korns, located in Johnstown, Pennsylvania, has a single site specialising in spin galvanizing and has a customer base spread across a wide range of infrastructure related end markets, including commercial construction, fire protection, oil & gas and\ue878utilities.Details of the acquisition are set out below:Policy alignmentPre-acquisitionand fair valuecarrying amountadjustmentsTotal\u00a3m\u00a3m\u00a3mIntangible AssetsCustomer lists \u2014 1.6 1.6Property, plant and equipment 1.2 \u2014 1.2Inventories 0.5 (0.1) 0.4Current assets 0.3 \u2014 0.3Total assets 2.0 1.5 3.5Current liabilities (0.2) (0.1) (0.3)Total liabilities (0.2) (0.1) (0.3)Net assets 1.8 1.4 3.2ConsiderationTotal consideration 9.4Goodwill 6.2Cash flow effectConsideration paid in the year of acquisition 9.4Cash acquired with the business \u2014Net cash consideration shown in the Consolidated Statement of Cash Flows 9.4Customer lists were recognised as a specific intangible asset as a result of the acquisition. The residual goodwill arising, which was\ue878allocated to the US Galvanizing CGU within the Galvanizing Services segment, primarily represents the highly skilled workforce and potential for geographical expansion afforded to the Group. Policy alignment and fair value adjustments were made to align the\ue878accounting policies of the acquired business with the Group\u2019s accounting policies and to reflect the fair value of assets and liabilities acquired. The fair value of the current assets acquired included \u00a30.3m of trade receivables, which had a gross value of\ue878\u00a30.3m.12. Intangible assets continuedUnited Fiberglass of America Inc.On 16 November 2023 the Group acquired the business and assets of United Fiberglass of America Inc. (\u201cUnited Fiberglass\u201d) for\ue878cash consideration after working capital adjustments of \u00a312.4m. United Fiberglass, located in Springfield, Ohio, is a designer, manufacturer and supplier of composite pipe, conduit and bridge drain infrastructure systems. The business has become part of Creative Composites Group, within our Engineered Solutions division. The business is highly complementary to our existing composite activities and will\ue878further accelerate our strategy in this exciting and growing market, expanding our customer base and\ue878product range, while also providing additional manufacturing capability.Details of the acquisition are set out below:Policy alignmentPre-acquisitionand fair valuecarrying amountadjustmentsTotal\u00a3m\u00a3m\u00a3mIntangible AssetsBrand name \u2014 0.3 0.3Customer lists \u2014 4.0 4.0Order backlog \u2014 0.4 0.4Property, plant and equipment 0.6 2.4 3.0Inventories 1.8 (0.1) 1.7Current assets 1.2 \u2014 1.2Total assets 3.6 7.0 10.6Current liabilities (0.7) \u2014 (0.7)Total liabilities (0.7) \u2014 (0.7)Net assets 2.9 7.0 9.9ConsiderationTotal consideration 12.4Goodwill 2.5Cash flow effectConsideration paid in the year of acquisition (2023) 11.8Working capital adjustments paid in 2024 0.6Total cash consideration 12.4Brands, customer lists and an order backlog were recognised as specific intangible assets as a result of the acquisition. The\ue878residual goodwill arising, which was allocated to the Engineered Solutions segment, primarily represents the highly skilled workforce, future technological advantages and potential for geographical expansion afforded to the Group. Policy alignment and fair value adjustments were made to align the accounting policies of the acquired business with the Group\u2019s accounting policies and to reflect the fair value of assets and liabilities acquired. The fair value of the current assets acquired included \u00a31.1m of trade receivables, which had a gross value of \u00a31.2m.Conn-Fab Sales, Inc.In December 2023, we acquired the equipment, inventory, customer lists, order book and intellectual property of Conn-Fab Sales, Inc. (\u201cConn-Fab\u201d), which specialises in adapter curbs, rails, and other customised rooftop seismic support solutions. The acquisition supports the expansion of our existing product portfolio and geographical reach across the US and southern Canada. Consideration paid in the year of acquisition was \u00a30.3m. A further \u00a30.5m was payable over the 18 months following acquisition, once the qualifying accepted order value (as agreed at acquisition date) has converted to sale; \u00a30.3m of this was paid during 2024 and is included in the Consolidated Statement of Cash Flows. The remainder is expected to be paid during 2025. As the fair value of assets acquired was minimal, the total consideration of \u00a30.8m was allocated to customer lists acquired.12. Intangible assets continuedCash generating units with significant amounts of goodwill20242023\u00a3m\u00a3mEngineered SolutionsCreative Composites Group* 32.7 19.3V&S Utilities 10.6 5.7Enduro Composites* \u2014 8.3Others <\u00a35m individually 4.1 5.2Roads & SecurityNational Signal 7.1 7.0ATG Access 4.7 4.7H&S Inc. \u2014 8.7Hill & Smith Infrastructure 9.8 9.8Mallatite 9.6 9.6Prolectric 5.5 5.5Others <\u00a35m individually 0.2 0.2Galvanizing ServicesUSA 33.3 32.7UK 26.9 26.9144.5 143.6* Enduro Composites now forms part of the Creative Composites Group and has therefore been incorporated into the Creative Composites Group CGU for the purposes of goodwill impairment testing.Goodwill impairment reviews have been carried out on all CGUs to which goodwill is allocated.Methodology and assumptionsImpairment tests on the carrying values of goodwill and certain brand names* of \u00a38.1m (2023: \u00a38.0m), which are the Group\u2019s only other indefinite life intangible assets, are performed by analysing the carrying value allocated to each significant CGU against its value in use. All goodwill is allocated to specific CGUs, which are in all cases no larger than operating segments. Value in use is calculated for each CGU as the net present value of that unit\u2019s discounted future cash flows. These cash flows are based on budget cash flow information for a period of one year and strategic plans for 2026 through 2028, both of which are prepared taking into account a range of factors including past experience, the forecast future trading environment and macroeconomic conditions in the Group\u2019s key markets. The cash flows beyond the strategic plan period use growth rates which reflect the long-term historical growth in GDP of the economies in which each CGU is located, excluding 2020 and 2021 given the sharp economic movements in those years due to COVID-19. The long-term growth rates are 2.0% in the UK and 2.5% in the USA.12. Intangible assets continuedSummary of results of goodwill impairment reviewsThe calculated headroom between value in use and carrying value of each of the Group\u2019s CGUs with significant amounts of goodwill, together with the pre-tax discount rates applied, are set out below. The pre-tax discount rates are derived from a market participant\u2019s cost of capital and risk adjusted for individual CGUs\u2019 circumstances. 2024 2023Headroom/ Headroom/ Goodwill(impairment) Discount Goodwill(impairment) Discount\u00a3m\u00a3mrate\u00a3m\u00a3mrateCreative Composites Group 32.7 457.4 14.3% 19.3 185.6 15.3%V&S Utilities 10.6 155.1 14.4% 5.7 95.5 15.2%Hill & Smith Infrastructure 9.8 49.8 14.8% 9.8 26.7 14.8%ATG Access 4.7 8.3 14.8% 4.7 5.5 14.6%Mallatite 9.6 31.5 14.9% 9.6 30.0 14.8%Prolectric 5.5 4.4 14.7% 5.5 15.6 14.4%H&S Inc. 8.6 (10.6) 14.7% 8.7 15.9 15.0%National Signal 7.1 21.5 14.1% 7.0 38.9 15.1%Galvanizing Services \u2014 USA* 33.3 332.4 14.4% 32.7 210.4 15.2%Galvanizing Services \u2014 UK 26.9 55.1 15.0% 26.9 90.6 14.6%* The Group\u2019s only other indefinite life intangible assets relate to brand names allocated to the Galvanizing Services \u2014 USA CGU.Based on the methodology set out above, the impairment review for H&S Inc. concluded that the carrying value of the business exceeded its estimated recoverable amount and accordingly an impairment charge of \u00a310.6m has been recognised, comprising a\ue878full impairment of the goodwill of \u00a38.6m and the remaining acquisition intangible assets of \u00a32.0m.H&S Inc. manufactures, sells and rents a range of work zone protection products including crash attenuators, trailer-mounted message boards, and temporary road safety barriers, to construction contractors and traffic specialists across the US roads market. The business\u2019 performance in 2022 and 2023 was subdued and was impacted by operational challenges and consequent improvement costs. The operational challenges related primarily to the trailer-mounted message board division, operating out of the Garland, Texas facility. Whilst demand across the rest of the product portfolio gradually improved in 2024 and the operational challenges were\ue878largely addressed, demand for message boards saw further weakening driven by market competition and some supply chain constraints. The combination of ongoing difficulties in the message board division and a slower recovery elsewhere led the Board to\ue878reassess the business\u2019 future prospects, which in addition to reflecting a significantly more muted outlook for message boards, concluded that the pace of growth across certain other elements of the product range was likely to be slower than previously anticipated. Consequently the impairment review based on this revised assessment concluded that H&S Inc.\u2019s future cash flows were not sufficient to support its carrying value, resulting in a full impairment of the acquisition goodwill of \u00a38.6m and of\ue878the remaining acquisition intangible assets of \u00a32.0m. 12. Intangible assets continuedSensitivitiesThe Group has applied sensitivities to assess whether any reasonable possible changes in assumptions could cause an impairment of the goodwill in any CGU that would be material to these Consolidated Financial Statements. The sensitivity analyses did not identify any potential impairment for any CGU, with the exception of Prolectric.ProlectricProlectric manufactures, sells and rents a range of off-grid solar energy products including temporary and permanent solar lighting, lighting towers and hybrid power generators, to construction contractors, hire companies and private businesses across the UK infrastructure markets. Following strong performance subsequent to the Group\u2019s acquisition of the business in 2021, its results in\ue8782023 were impacted by a downturn in the UK construction market as well as operational challenges, which led to lower revenues and profitability. As expected, performance in 2024 remained subdued while the operational challenges were resolved, however recent order intake rates have improved and the pipeline for 2025 is encouraging. The Group\u2019s projections for the business result in\ue878calculated headroom of \u00a34.4m, lower than the prior year (\u00a315.6m) reflecting a more cautious assumption on the rate of recovery. We acknowledge that there could be variations in the pace of recovery in underlying UK construction activity and in growth across Prolectric\u2019s other markets, and if lower than that assumed in our projections, could result in a future impairment. Revenue growth and gross profit margins are the key assumptions on which the impairment calculations are most sensitive. The following table provides information on the impact on calculated headroom of possible scenarios for each of those key assumptions (independently in each case), the first showing the Board approved projections, the second the assumptions that result in zero headroom, and the third a severe but plausible downside scenario which would trigger a material impairment. The calculations are not particularly sensitive to other assumptions such as long-term growth rates or the discount rate and we do not believe that there are any reasonable possible changes in assumptions for these metrics that could lead to a material impairment.Headroom/ Sensitivity (impairment) Input Scenarioapplied %\u00a3m Compound annual revenue growth 2025-2029 Base case 24.9% 4.4 Zero headroom 23.0% \u2014 \ue878 H&S sensitivity 20.2% (5.0)Average gross profit margin 2025-2029 Base case 46.5% 4.4 Zero headroom 44.5% \u2014 \ue878 H&S sensitivity 41.6% (5.0)13. Property, plant and equipment Plant, Land and machinery and buildings vehicles Total \u00a3m\u00a3m\u00a3mCostAt 1 January 2023 107.1 229.3 336.4Exchange adjustments (4.4) (5.4) (9.8)Acquisitions of subsidiaries 3.9 2.6 6.5Additions 6.8 21.3 28.1Disposals of subsidiaries (0.4) (0.8) (1.2)Transfers from right-of-use lease asset \u2014 1.1 1.1Transfers to inventory \u2014 (6.9) (6.9)Transfers to assets held for sale (3.4) \u2014 (3.4)Reclassification to intangible fixed assets \u2014 (0.8) (0.8)Reclassification 2.4 (2.4) \u2014Disposals (1.6) (12.9) (14.5)At 31 December 2023 110.4 225.1 335.5Exchange adjustments 1.5 1.1 2.6Acquisitions of subsidiaries 3.8 3.7 7.5Additions 7.2 15.2 22.4Transfers to inventory \u2014 (1.5) (1.5)Transfers to assets held for sale (0.1) (9.9) (10.0)Disposals (0.5) (10.5) (11.0)At 31 December 2024 122.3 223.2 345.5Depreciation and impairment lossesAt 1 January 2023 31.3 118.8 150.1Exchange adjustments (1.5) (2.1) (3.6)Disposals of subsidiaries (0.4) (0.7) (1.1)Disposals (1.9) (11.6) (13.5)Transfers to assets held for sale (0.9) \u2014 (0.9)Transfers from right-of-use lease asset \u2014 0.2 0.2Reclassification to intangible fixed assets \u2014 (0.5) (0.5)Charge for the year 3.8 15.9 19.7Impairment 0.7 \u2014 0.7At 31 December 2023 31.1 120.0 151.1Exchange adjustments 0.5 0.7 1.2Disposals (1.2) (9.1) (10.3)Transfers to asset held for sale \u2014 (2.6) (2.6)Transfers to inventory \u2014 (1.5) (1.5)Charge for the year 4.0 16.8 20.8Impairment \u2014 1.7 1.7At 31 December 2024 34.4 126.0 160.4Carrying ValuesAt 1 January 2023 75.8 110.5 186.3At 31 December 2023 79.3 105.1 184.4At 31 December 2024 87.9 97.2 185.1The gross book value of land and buildings includes freehold land of \u00a318.0m (2023: \u00a317.8m). Included within plant, machinery and vehicles are assets held for rental with a cost of \u00a395.8m (2023 \u00a3103.9m) and accumulated depreciation of \u00a354.2m (2023: \u00a351.5m)14. Assets and liabilities held for sale20242023\u00a3m\u00a3mAssets held for saleAt 1 January 2.5 1.8Disposals (2.5) (1.8)Transfers from property, plant and equipment (note 13) 7.4 2.5Transfers from right-of-use assets (note 15) 2.8 \u2014Transfers from working capital 5.7 \u2014Loss on remeasurement (3.1) \u2014Exchange adjustments (0.1) \u2014Total assets held for sale at 31 December 12.7 2.5Liabilities held for saleLease liabilities (note 15) (3.0) \u2014Deferred tax liability (note 16) (0.5) \u2014Bank overdraft (3.4) \u2014Total liabilities held for sale at 31 December (6.9) \u2014Total net assets held for sale at 31 December 5.8 2.5Following a strategic review during 2024, the Group took the decision to seek buyers for Hill & Smith Pty Limited, the Group\u2019s Australian roads business, and Parking Facilities Limited, one of our smaller UK security businesses. At 31 December 2024, in each case the Group had committed to a sale, actively marketed the business and was in advanced stages of negotiation with the buyer. Subsequent to the year end, in January 2025 the sale of Hill & Smith Pty\u2019s trade and assets was completed and in February 2025 we\ue878sold our shareholding in Parking Facilities. In accordance with IFRS 5, the assets and liabilities of the businesses have been recognised as disposal groups held for sale at\ue87831 December 2024 and reported separately in the Consolidated Statement of Financial Position.Immediately before the classification of the two businesses as held for sale, their recoverable amount was estimated, with no\ue878impairment loss being identified. Following the classification, losses on remeasurement of \u00a31.1m relating to Parking Facilities and\ue878\u00a32.0m related to Hill & Smith Pty Limited were recognised to reduce the carrying amount of the assets in the disposal groups to\ue878their fair value less costs to sell.Assets held for sale at 31 December 2023 represented a property held by one of the Group\u2019s UK roads businesses, which was sold in December 2024 for a consideration of \u00a32.3m resulting in a loss on disposal of \u00a30.2m.15. LeasesThe leases held by the Group can be split into two categories: land and buildings, and plant and equipment. The Group leases various properties for its manufacturing and distribution activities. Plant and equipment includes all other leases, such as vehicles and machinery.The movements in the carrying value of the right-of-use assets and lease liabilities in the years ended 31 December 2023 and 31 December 2024 were as follows:Land and Plant and buildings equipment Total \u00a3m\u00a3m\u00a3mRight-of-use assetsAt 1 January 2023 29.5 9.2 38.7Acquisitions of subsidiaries 2.2 0.1 2.3Additions 10.6 4.1 14.7Disposals of subsidiaries (0.1) (0.2) (0.3)Terminations (2.2) (0.1) (2.3)Depreciation charge for the year (5.6) (3.7) (9.3)Transfers to property, plant and equipment \u2014 (0.9) (0.9)Re-measurement 0.1 0.1 0.2Impairment (0.6) \u2014 (0.6)Effect of movements in foreign exchange (0.7) \u2014 (0.7)At 31 December 2023 33.2 8.6 41.8Acquisition of subsidiaries 0.8 \u2014 0.8Additions 8.4 7.5 15.9Terminations (1.5) (0.1) (1.6)Depreciation charge for the year (6.2) (4.2) (10.4)Transfers to assets held for sale (2.7) (0.1) (2.8)Re-measurement (0.3) (0.1) (0.4)Impairment (0.4) \u2014 (0.4)Effect of movement in foreign exchange 0.3 \u2014 0.3At 31 December 2024 31.6 11.6 43.220242023\u00a3m\u00a3mLease liabilitiesAt 1 January 43.7 39.3Additions 16.0 14.6Terminations (2.2) (2.4)Interest expense 2.0 1.3Disposals of subsidiaries \u2014 (0.3)Acquisitions of subsidiaries 0.8 2.3Lease payments (11.0) (10.4)Re-measurement (0.5) \u2014Effects of movements in foreign exchange 0.2 (0.7)Transfers to liabilities held for sale (3.0) \u2014At 31 December 46.0 43.715. Leases continuedThe following table shows the breakdown of the lease expense between amounts charged to operating profit and amounts charged to finance costs:20242023\u00a3m\u00a3mDepreciation of right-of-use assets 10.4 9.3Short-term lease expense 3.7 1.0Low-value lease expense 0.1 \u2014Sublease income (0.1) (0.1)Charged to operating profit 14.1 10.2Interest expense relating to lease liabilities 2.0 1.3Charged to profit before taxation 16.1 11.5The maturity of the lease liabilities at 31 December was as follows:20242023\u00a3m\u00a3mDue within one year 9.1 8.0Due between one and two years 7.8 6.7Due between two and three years 6.5 5.5Due between three and four years 5.7 4.1Due between four and five years 5.0 3.0Due after more than five years 11.9 16.4Total lease liabilities 46.0 43.7The Group has several lease contracts that include extension and termination options. These options are negotiated by management to provide flexibility in managing the leased asset portfolio and align with the Group\u2019s business needs. Management exercise judgement in determining whether these extension and termination options are reasonably certain to be exercised.Set out below are the:\u2022 Undiscounted potential future rental payments relating to periods following the exercise date of extension that are not included in\ue878the lease term; and \u2022 Undiscounted future rental payments relating to periods that are included in the lease term as the break clauses are not expected to be exercised.2024 2023Within five More than five Within five More than five years yearsTotalyears yearsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mExtension options expected not to be exercised 0.4 20.5 20.9 0.3 9.4 9.7Termination options expected not to be exercised 0.8 3.2 4.0 1.3 5.3 6.6The Group has lease contracts that have not yet commenced as at 31 December 2024. The total future lease payments for these non-cancellable lease contracts are \u00a32.6m (2023: \u00a34.5m). 16. Deferred taxationIntangible Property, plant Retirement Other timing Assetsand equipmentInventoriesobligationdifferencesTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 1 January 2023 (8.7) (12.8) (0.1) 1.8 8.3 (11.5)Exchange adjustments 0.2 0.3 0.1 \u2014 (0.2) 0.4Acquisitions of subsidiaries (2.8) (0.3) 0.2 \u2014 1.4 (1.5)Credited/(charged) for the year in the Consolidated Income Statement 0.9 (4.4) 0.4 (0.9) 5.7 1.7Credited for the year in the Consolidated Statement of Comprehensive Income \u2014 \u2014 \u2014 0.1 \u2014 0.1Credited for the year in the Consolidated Statement of Changes in Equity \u2014 \u2014 \u2014 \u2014 1.3 1.3At 31 December 2023 (10.4) (17.2) 0.6 1.0 16.5 (9.5)Exchange adjustments 0.1 \u2014 \u2014 \u2014 \u2014 0.1Transfer to liabilities held for sale \u2014 2.4 \u2014 \u2014 (1.9) 0.5Credited/(charged) for the year in the Consolidated Income Statement 5.0 (0.6) 0.2 (0.8) (6.7) (2.9)Charged for the year in the Consolidated Statement of Changes in Equity \u2014 \u2014 \u2014 \u2014 (0.4) (0.4)At 31 December 2024 (5.3) (15.4) 0.8 0.2 7.5 (12.2)20242023\u00a3m\u00a3mDeferred tax assets 0.1 0.4Deferred tax liabilities (12.3) (9.9)Deferred tax liability (12.2) (9.5)The deferred tax asset of \u00a37.5m (2023: \u00a316.5m) in respect of other timing differences includes \u00a31.9m (2023: \u00a310.3m) in relation to\ue878tax losses and \u00a32.9m (2023: \u00a32.9m) in relation to share based payments. No deferred tax asset has been recognised in respect of other tax losses of \u00a316.2m (2023: \u00a316.5m) as their future use is uncertain. There is no time limit on the carrying forward of the losses. The losses are predominantly capital losses. No deferred tax liability is recognised on temporary differences of \u00a30.3m (2023: \u00a30.7m) relating to the unremitted earnings of overseas subsidiaries as the Group is able to control the timings of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future. The Group does not expect this to crystallise into a cash expense in the near\ue878future.17. Inventories20242023\u00a3m\u00a3mRaw materials and consumables 62.5 64.4Work in progress 5.1 9.6Finished goods and goods for resale 32.5 32.1100.1 106.1The amount of inventories expensed to the Consolidated Income Statement in the year was \u00a3432.2m (2023: \u00a3442.6m). The value of\ue878inventories written down and expensed in the Consolidated Income Statement during the year amounted to \u00a34.8m (2023: \u00a33.7m). 18. Trade and other receivables20242023\u00a3m\u00a3mTrade and other current receivablesTrade receivables 129.3 118.4Prepayments 7.2 6.2Other receivables 3.0 0.9Insurance reimbursement asset (note 22) 3.8 \u2014Contract assets 19.2 11.8162.5 137.3The movements in contract assets and contract liabilities (note 20) during the year correspond to the completion of performance obligations partially satisfied as at 31 December 2023 offset by contracts that are in progress at 31 December 2024. 19. Cash and borrowings20242023\u00a3m\u00a3mCash and cash equivalents in the Consolidated Statement of Financial PositionCash and cash equivalents net of bank overdrafts* 55.0 34.4Bank overdraft+ (0.3) \u2014Bank overdraft classified as held for sale (3.4) \u2014Cash and cash equivalents net of bank overdrafts and overdraft classified as held for sale 51.3 34.4Interest bearing loans and other borrowingsAmounts due within one year (0.5) (1.4)Amounts due after more than one year (98.7) (97.7)Lease liabilities due within one year (9.1) (8.0)Lease liabilities due after more than one year (36.9) (35.7)Lease liabilities classified as held for sale (3.0) \u2014Net debt (96.9) (108.4)Change in net debtOperating profit 115.4 103.8Non-cash items 59.8 47.6Operating cash flow before movement in working capital 175.2 151.4Net movement in working capital 0.6 22.8Increase in insurance reimbursement asset (3.8) \u2014Decrease in provisions and employee benefits (3.4) (0.8)Operating cash flow 168.6 173.4Income taxes paid (26.5) (31.7)Net financing costs paid (8.3) (8.4)Capital expenditure (28.6) (31.8)Proceeds on disposal of non-current assets and assets held for sale 3.4 3.319. Cash and borrowings continued20242023\u00a3m\u00a3mFree cash flow 108.6 104.8Dividends paid (34.5) (28.0)Acquisitions of subsidiaries (47.4) (53.5)Disposals of subsidiaries \u2014 (0.2)Amortisation of costs associated with refinancing activities (0.5) (0.6)Purchase of shares for employee benefit trust (1.2) (2.6)Issue of new shares 2.5 1.8Lease additions, terminations and remeasurements (13.3) (12.6)Leases disposed of \u2014 0.3Interest on lease liabilities (2.0) (1.3)Net debt decrease 12.2 8.1Effect of exchange rate fluctuations (0.7) 3.2Net debt at the beginning of the year (108.4) (119.7)Net debt at the end of the year (96.9) (108.4)*Included within cash and cash equivalents net of bank overdrafts are overdrafts amounting to \u00a319.9m (2023: \u00a319.6m) for which the Group has a legally enforceable right of offset and the intention to settle on a net basis. +Represents an overdraft for which the Group has no right of offset.Reconciliation of movements in financial liabilities to cash flows arising from financing activities20242023\u00a3m\u00a3mInterest bearing loans and other borrowings and lease liabilitiesAt 1 January 142.8 144.2New loans and borrowings 62.5 73.9Repayment of loans and borrowings (63.7) (76.3)Repayment of lease liabilities (9.0) (9.4)Costs associated with refinancing during the year \u2014 (0.5)Cash flows used in financing activities (10.2) (12.3)Other changesEffect of exchange rate fluctuations 0.8 (3.2)Amortisation of costs associated with refinancing activities 0.5 0.6Lease changes:Effect of exchange rate fluctuations 0.2 (0.7)New leases 16.0 14.6Terminations (2.2) (2.4)Re-measurement (0.5) \u2014Acquisitions of subsidiaries 0.8 2.3Disposals of subsidiaries \u2014 (0.3)Interest expense 2.0 1.3Interest paid (2.0) (1.3)At 31 December 148.2 142.820. Current liabilities20242023\u00a3m\u00a3mInterest bearing loans and borrowingsLoans and borrowings 0.5 1.4Bank overdrafts 0.3 \u20140.8 1.4Trade and other current liabilitiesTrade Payables 61.5 53.4Other taxation and social expenses 4.2 4.1Accrued expenses 46.4 47.0Contingent consideration on acquisitions 4.5 \u2014Deferred consideration on acquisitions \u2014 2.2Contract liabilities 13.3 9.3Fair value derivatives 0.1 0.3Other payables 3.5 3.3133.5 119.6During the year, \u00a38.6m (2023: \u00a32.0m) of revenue was recognised in respect of contract liabilities present as at 1 January 2024.21. Non-current liabilities20242023\u00a3m\u00a3mInterest bearing loans and borrowingsLoans and borrowings 98.7 97.798.7 97.7Other non-current liabilitiesContract liabilities > 1 year* 1.1 \u2014Contingent consideration on acquisitions 10.1 \u2014Deferred consideration on acquisitions \u2014 1.011.2 1.0 * Contract liabilities > 1 year do not represent partially satisfied performance obligations as at the balance sheet date.22. ProvisionsProduct EnvironmentalRestructuringrectificationOtherTotal \u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 1 January 2023 1.2 3.4 \u2014 1.8 6.4Exchange adjustments \u2014 \u2014 \u2014 (0.1) (0.1)Charged during the year \u2014 1.1 3.1 \u2014 4.2Utilised during the year \u2014 (1.2) (0.1) \u2014 (1.3)At 31 December 2023 1.2 3.3 3.0 1.7 9.2Exchange adjustments \u2014 \u2014 \u2014 \u2014 \u2014Charged during the year \u2014 \u2014 \u2014 4.3 4.3Utilised during the year \u2014 (1.2) (1.4) \u2014 (2.6)Released during the year \u2014 \u2014 (1.2) (0.3) (1.5)At 31 December 2024 1.2 2.1 0.4 5.7 9.422. Provisions continued20242023\u00a3m\u00a3mProvisions \u2014 amounts due within one year 7.1 6.6Provisions \u2014 amounts due after more than one year and less than five years 2.3 2.69.4 9.2Environmental provisionsEnvironmental provisions recognise the estimated cost of remediating contaminated land at a number of the Group\u2019s operating sites, where it is considered probable that the Group will be obliged to carry out the necessary remediation work. Primarily the issues identified relate to sites acquired through acquisitions of businesses. As a consequence of the nature of the liabilities, the timescales are uncertain and the provisions represent the Directors\u2019 best estimate of the associated costs. The Group has sought expert external valuations where appropriate. Restructuring provisionsRestructuring provisions represent the cash costs of closing or rationalising operations. The provisions represent the Directors\u2019 best\ue878estimate of the liabilities arising and are expected to be settled within the next twelve months. The provision of \u00a33.3m at\ue87831 December 2023 included \u00a32.7m relating to the closure of the Group\u2019s variable message sign business that was announced in\ue8782021, of which \u00a31.1m has been utilised during 2024. The remaining provision is expected to be utilised in 2025. Product rectification The \u00a33.0m provision brought forward was in respect of an issue identified with the historical installation of certain products by our UK off-grid solar business. The issue has been substantially resolved in 2024 and the total cost of remediation was less than had been estimated, resulting in a \u00a31.2m release in the year. The remaining provision of \u00a30.4m is expected to be utilised in 2025. Other provisionsOther provisions relate to various matters including obligations in respect of property dilapidations and legal claims or disputes which arise from various legal actions, proceedings or other claims that are pending against the Group\u2019s operating companies and are based on management\u2019s best estimates of the most likely outcome, taking into account the opinions of legal counsel. The charge for the year includes \u00a33.3m recognised in the current year relating to a claim which arose during the year and is fully covered by\ue878an\ue878insurance policy; a corresponding asset has been recognised within the Group\u2019s insurance reimbursement asset (note 18). 24. Called up share capital 20242023\u00a3m\u00a3mAllotted, called up and fully paid80.4m ordinary shares of 25p each (2023: 80.2m) 20.1 20.0In 2024 the Company issued 0.2m shares under its various share option schemes (2023: 0.2m), realising \u00a32.5m (2023: \u00a31.8m).Each ordinary share carries equal voting rights and there are no restrictions on any share.Options outstanding over the Company\u2019s shares The Group operates a number of employee share schemes categorised as follows:\u2022 Save As You Earn (\u201cSAYE\u201d) schemes \u2014 SAYE is a tax qualifying monthly savings scheme facilitating the purchase of shares at a discount as permitted by the applicable legislation (currently up to a maximum discount of 20%). SAYE options may be exercised in\ue878the event of a change of control to the extent permitted by the rules of the scheme. Such schemes are typically issued annually, are either three or five years and are offered to employees in the UK \u2022 Long Term Incentive Plans (\u201cLTIP\u201d), Restricted Stock Units (\u201cRSU\u201d) and Executive Share Option Schemes (\u201cESOS\u201d) \u2014 the Remuneration Committee may, at its discretion, structure awards as approved awards comprising a tax qualifying option granted under the ESOS, RSU and LTIP awards. LTIP and RSU awards are at nil cost and ESOS is a costed option \u2022 Buy-out awards \u2014 on joining the Company, certain senior managers may forfeit long term incentive awards at their previous employer. The Company may compensate them for these awards by granting awards over Hill & Smith shares. The awards are at\ue878nil\ue878cost.The number of options outstanding by scheme is as follows:2024 2023NumberOption NumberOption of sharesprice range (p)of sharesprice range (p)SAYE schemes \u2020 714,415 794p to 1,640p 823,938 794p to 1,485pLTIP awards \u2020^ 517,481 \u2014 567,808 \u2014ESOS awards \u2020^ 93,926 316p to 1,113p 265,233 316p to 1,113pRSU awards \u2020 86,550 \u2014 44,400 \u2014Buy-out awards 75,496 \u2014 21,187 \u2014Outstanding at the end of the year 1,487,868 1,722,566Exercisable at the year end 168,049 288,173Not exercisable at the year end 1,319,819 1,434,393Outstanding at the end of the year 1,487,868 1,722,566\u2020 Options may be exercised early under the terms of this scheme if employees meet the criteria of \u2018good leaver\u2019, which encompasses circumstances such as\ue878retirement or redundancy. Otherwise, awards will vest if the participants continue to be in employment at the vesting date.^ Vesting of awards under the LTIP and ESOS schemes is subject to various financial performance criteria.24. Called up share capital continuedThe remaining weighted average life of the outstanding share options is 5 years 0 months (2023: 5 years 0 months). The movement and weighted average exercise prices of share options during the year are as follows:WeightedWeightedaverage average exerciseMillions ofexercise Millions ofprice (p)optionsprice (p)options2024202420232023Outstanding at the beginning of the year 610 1.7 655 1.8Granted during the year 483 0.4 480 0.3Exercised during the year (733) (0.4) (810) (0.2)Lapsed during the year (405) (0.2) (583) (0.2)Outstanding at the end of the year 559 1.5 610 1.7The weighted average share price on the dates of exercise of share options during the year was 1,913p (2023: 1,483p), and the weighted average fair value of options and awards granted in the year was 1,636p (2023: 1,214p). The weighted average exercise price of outstanding options exercisable at the year-end was 1,110p (2023: 1,102p).Share-based payments \u2014 optionsThe fair value of services received in return for share options granted is measured by reference to the fair value of the share options granted. The estimate of the fair value of the services received is measured based on the Black\u2014Scholes model where vesting is\ue878based on non-market conditions, or a Monte Carlo Simulation where vesting is based on market conditions. The contractual life is\ue878the life of the option in question and the growth in dividend yield is based on the best current estimate of future yields over the contractual period.The expected volatility is wholly based on the historical volatility (calculated based on the weighted average remaining life of the share options), adjusted for any expected changes to future volatility due to publicly available information.Share options have been granted to qualifying employees in line with HMRC approved or unapproved schemes. Other than the LTIP, RSU and Buy-out awards, the strike price for the option is made based on the market values of shares at the date the option is offered.As explained in the Directors Remuneration Report on pages 102 to 120, bonuses awarded to the Executive Directors include an element awarded in shares, deferred for a period of two years. The Group has determined the fair value of such awards to be equal to their cash equivalent. The resulting charge is included in the expense arising from share-based payments in the year to which the awards relate.The key assumptions for the grants in the current and prior year were as follows:2024 2023Buy-out Buy-out SAYE LTIP/RSUawards SAYE LTIP/RSUawardsExpected share price volatility (%) 30%/19% 28% n/a 24%/15% 32% n/aDividend yield (%) 2.17% 0.0% n/a 2.07% 0.0% n/aOption life (years) 3/5 3 n/a 3/5 3 n/aRisk free interest rate (%) 4.0%/4.1% 4.2% n/a 4.6%/4.5% 3.4% n/aThe total expense recognised for the period arising from share-based payments is as follows:20242023\u00a3m\u00a3mEquity-settled 3.4 3.7Cash-settled \u2014 (0.4)Total expensed during the year 3.4 4.1The carrying amount of the liability in relation to cash-settled share-based payments at the end of the year was \u00a30.4m (2023: \u00a30.7m). (a) GuaranteesSubsidiary audit exemptionsHill & Smith PLC has issued guarantees over the liabilities of the following predominantly non-trading UK subsidiaries as at 31 December 2024 under Section 479C of the Companies Act 2006. These entities are exempt from the requirements of the Act relating to the audit of individual accounts by virtue of Section 479A of the Act:Company Name Company NumberBergen Pipe Supports Limited 00926644Bergen Pipe Supports Group Limited 01013871Hill & Smith (International) Limited 11331411Hill & Smith (Americas) Limited 07269581Hill & Smith (Americas) 2 Limited 10783462Hill & Smith (Americas) 3 Limited 12060645Asset International Structures Limited 15082506Hill & Smith Overseas Limited 06614400Hill & Smith (Treasury) Limited 06814150Hill & Smith (USA) Limited 06876775Hardstaff Barriers Limited 02791285Cobaco Holdings Limited 08317210Signpost Solutions Limited 01084535Mallatite Minor Structures & Products Limited 13717429Bowater Doors Limited 13738120Expamet Limited 13748629VMS Newco Limited 12968560Varley & Gulliver Limited 00330433Ash & Lacy Limited 00047169Ash & Lacy Manufacturing Limited 03008964Ash & Lacy Services Limited 02798286Hawkshead Properties Limited 00562451Redman Fisher Engineering Limited 00169316Hill & Smith (Australia) Limited 14411306Widnes Galvanising Limited 02206443Black Oldco Limited 14466538The Group had no financial guarantee contracts outstanding as at 31 December 2024.26. PensionsTotalThe total Group retirement benefit assets and obligations are detailed below:UKUS2024UKUS2023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mTotal fair value of scheme assets 47.0 2.6 49.6 48.5 2.7 51.2Present value of scheme funded obligations (47.2) (3.2) (50.4) (51.9) (3.4) (55.3)Retirement benefit obligation (0.2) (0.6) (0.8) (3.4) (0.7) (4.1)United KingdomThe Group operates one main pension scheme in the UK, the Hill & Smith 2016 Pension Scheme (\u2018the Scheme\u2019), providing benefits on a\ue878defined benefit and defined contribution basis. The Scheme is closed to future accrual and is subject to the statutory scheme specific funding requirements outlined in UK legislation. The weighted average maturity (the \u2018duration\u2019) of the defined benefit plan obligations at\ue878the end of the reporting period is approximately 9 years (2023: 10 years).The assets of the Scheme are administered by Trustees and are kept entirely separate from those of the Group. The Trustees undertake a full funding valuation of the Scheme every three years, which is used to determine the rates at which the Group contributes to the Scheme, with the objective of providing the funds required to meet pension obligations as they fall due.The Group remains actively engaged in dialogue with the Scheme\u2019s Trustees with regard to management, funding and investment strategy. Following the triennial funding valuation of the Scheme as at April 2022, the Group continues to have a deficit recovery plan with the Trustees that requires cash contributions of \u00a33.7m per annum until March 2026. The results of the triennial valuation have been incorporated in the IAS 19 position at 31 December 2024, updated by an independent qualified actuary.The Consolidated Income Statement for the year includes a pension charge within operating profit of \u00a33.0m (2023: \u00a33.3m), which includes the costs of the defined contribution and the defined benefit sections of the Scheme. All actuarial gains and losses are recognised immediately in the Consolidated Statement of Comprehensive Income.26. Pensions continuedThe Scheme exposes the Group to a number of risks, the most significant being:Risk DescriptionVolatile asset returns The defined benefit obligation is calculated using a discount rate set with reference to high quality corporate bond yields. If assets underperform against this discount rate, this will create a plan deficit. The Scheme holds a proportion of its assets in growth assets which are expected to outperform corporate bonds in the long term. However, returns are likely to be volatile in the short term, potentially resulting in short term cash requirements and an increase in the deficit recorded in the Consolidated Statement of Financial Position. The allocation to growth assets is monitored to ensure it remains appropriate given the Scheme\u2019s long term objectives.Changes in bond yields A decrease in corporate bond yields will increase the funding and accounting liabilities, although this will\ue878be partially offset by an increase in the value of the Scheme\u2019s investments in Liability Driven Investment and bond funds.Inflation risk A significant proportion of the defined benefit obligation is indexed in line with price inflation, with higher inflation leading to higher liabilities. This risk will be partially offset by the Scheme\u2019s Liability Driven Investments, which will increase in value in line with market inflation expectations.Life expectancy The majority of the Scheme\u2019s obligations are to provide a pension for the life of each of the members, so\ue878increases in life expectancy will result in an increase in the liabilities.The principal assumptions used to value the Scheme\u2019s liabilities at 31 December:2024 2023Rate of increase in salaries n/a n/aRate of increase in pensions payment 3.2% 3.1%Discount rate 5.4% 4.5%Inflation \u2014 RPI 3.3% 3.2%Inflation \u2014 CPI 2.4% 2.3%Mortality table 114%/117% 114%/117%CMI 2023 CMI 20221.25% 1.25%The mortality assumptions imply the following expected future lifetimes from age 65:2024 2023Males currently aged 45 21.8 years 21.6 yearsFemales currently aged 45 24.4 years 24.1 yearsMales currently aged 65 20.6 years 20.4 yearsFemales currently aged 65 23.0 years 22.7 yearsThe assumptions have been chosen by the Directors from a range of possible actuarial assumptions which, due to the timescales covered, may not be borne out in practice. The Group takes advice from an independent actuary regarding the appropriateness of the assumptions used.Over the last three years, short-term inflation in the UK has at times been significantly higher than we have seen in previous years. The\ue878Group has made an allowance for this higher inflation experience within the liabilities of the Scheme. Over the duration of the Scheme\u2019s liabilities, market expectations of inflation (which have been used to derive the inflation assumptions above) are significantly\ue878lower than this recent experience.26. Pensions continuedAssets and liabilitiesThe Scheme holds assets and liabilities in respect of defined contribution benefits which are equal in value and are excluded from the\ue878following figures. The fair values of Scheme assets in respect of the defined benefit scheme, which are not intended to be realised in the short term and may be subject to significant change before they are realised, are detailed below. In addition, the value of the Scheme liabilities, which is derived from cash flow projections over an average period of approximately 9 years (the weighted average term maturity of the Scheme\u2019s liabilities) and which is therefore inherently uncertain is also set out below.Market value Market value 2024 2023 \u00a3m\u00a3mAssetsQuoted Investment FundsEquities 3.6 \u2014Bonds 7.0 15.6Diversified growth funds 8.4 \u2014Liability Driven Investment (\"LDI\") funds 10.6 15.0*Alternatives12.1 12.2Unquoted Investment FundsWith profits policies 1.0 0.9Cash 4.3 4.8Total fair value of Scheme assets 47.0 48.5Present value of Scheme funded obligations (47.2) (51.9)Retirement benefit obligation (0.2) (3.4) * Alternatives are investments in asset classes other than traditional equities, bonds, property and cash. They include investments in private equity, private credit, hedge funds, infrastructure, and renewable energy investments.In 2017 the Group and the Trustees undertook an investment review of the Scheme. The intention of the strategy for the Scheme is to reduce a proportion of interest rate and inflation risk by investing a portion of the Scheme\u2019s assets in Liability Driven Investment funds. This strategy resulted in an initial shift between bonds and LDI funds in the asset categories in 2017. The strategy was reassessed as part of the April 2019 triennial valuation exercise, which resulted in a further shift from growth assets to bonds in 2020, reducing the level of risk in the Scheme\u2019s asset strategy. The Scheme\u2019s LDI investment is structured as investment in a number of unit-linked funds of short and long-dated nominal and index-linked government bonds, some of which are leveraged, held with the Scheme\u2019s investment manager. This is designed to reflect the size and shape of the Scheme\u2019s interest rate and inflation exposure. Following the April 2022 triennial valuation, there has been no further change to the previously agreed strategy.Assets in the bonds and equities categories, which account for approximately 23% (2023: 32%) of total Scheme assets, have quoted market prices in active markets. Excluding cash, the balance of \u00a332.1m (2023: \u00a328.1m) represents the Scheme\u2019s investment in LDI funds and Secure Income Assets Funds. The LDI funds are invested in inflation linked bonds issued by the UK Government as well as\ue878fixed rate bonds. Secure Income Assets Funds (Alternatives) are invested in a diversified portfolio of infrastructure debts, private corporate debts and real estate debts. The sensitivity of these funds to changes in interest rates is measured using hedging multiples. Where asset prices are not directly derivable, an accurate price is determined from a subset of observable market data.Total expense recognised in the Consolidated Income Statement2024 2023Defined Defined contribution Defined benefit contribution Defined benefit schemesschemesTotalschemesschemesTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCurrent service costs 1.9 \u2014 1.9 2.3 \u2014 2.3Expenses 0.8 0.3 1.1 0.5 0.5 1.0Charge to operating profit 2.7 0.3 3.0 2.8 0.5 3.3Interest on net Scheme deficit \u2014 0.1 0.1 \u2014 0.2 0.2Total charge to profit before tax 2.7 0.4 3.1 2.8 0.7 3.526. Pensions continuedChange in the present value of the defined benefit obligations20242023\u00a3m\u00a3mOpening defined benefit obligations 51.9 51.4Interest cost 2.3 2.4Actuarial (gain)/loss arising from:Financial assumptions (3.5) 1.6Demographic assumptions 0.2 (1.0)Experience assumptions 0.1 1.4Benefits paid (3.8) (3.9)Closing defined benefit obligations 47.2 51.9Changes in fair values of Scheme assets20242023\u00a3m\u00a3mOpening fair value of assets 48.5 44.9Interest income 2.2 2.2Return on plan assets excluding interest income (3.6) 1.6Employer contributions 3.7 3.7Benefits paid (3.8) (3.9)Closing fair value of assets 47.0 48.5Actual return on Scheme assets (1.4) 3.8Expected employer contributions in the following yearDefined benefit scheme 4.0 4.0Defined contribution schemes 1.9 2.0Amounts recognised in the Consolidated Statement of Comprehensive Income% of Scheme % of Scheme assets/2024 assets/2023 liabilities %\u00a3mliabilities %\u00a3mReturn on plan assets excluding interest income (8) (3.6) 3 1.6Changes in assumptions underlying the present value of Scheme obligations 7 3.2 (4) (2.0)Amount recognised in the year (1) (0.4) (1) (0.4)The table below shows the sensitivity of the Consolidated Statement of Financial Position to certain changes in the significant pension assumptions:Increase in Decrease in Balance at pensions pensions 31 December payment paymentDiscount rate Discount rateInflation rate Inflation rateLife expectancyLife expectancy2024(+0.1% p.a.)(-0.1% p.a.)(+0.1% p.a.)(-0.1% p.a.)(+0.1% p.a.)(-0.1% p.a.)(+1 year)(-1 year)\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mValue of funded obligations (47.2) (47.4) (47.0) (46.8) (47.6) (47.5) (46.9) (49.3) (45.1)Fair value of plan assets 47.0 47.0 47.0 47.0 47.0 47.0 47.0 47.0 47.0Deficit (0.2) (0.4) (0.0) 0.2 (0.6) (0.5) 0.1 (2.3) 1.9The sensitivity analyses above have been determined based on a method that extrapolates the impact on the defined benefit obligation as a result of changes in key assumptions occurring at the end of the year. The sensitivity analyses are based on a change in a significant assumption, keeping all other assumptions constant. As such the sensitivity analyses may not be representative of an actual change in\ue878the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation from one another.26. Pensions continuedThe Group has considered the requirements of IFRIC 14. The terms of the Scheme give the Group the right to recover any surplus assets in the Scheme upon wind up and therefore management have concluded that there is no impact on the amounts recognised in\ue878respect of retirement benefit obligations.The Group is aware of the Court of Appeal\u2019s ruling on 25 July 2024 in the case of Virgin Media v NTL Pension Trustees II Limited (and\ue878others) which confirmed the implications of not having a confirmation from the actuary in accordance with Section 37 of the Pension Schemes Act 1993, when rule changes were made to pension schemes such as the Group\u2019s UK Scheme, between 6 April 1997 and 6 April 2016. The Board of Trustees of the Hill & Smith Pension Scheme, which is responsible for compliance with Section 37, is\ue878continuing to liaise with its professional advisers in respect of rule changes that occurred in the relevant period. An initial compliance investigation has been completed and, based upon the information currently available, we are not aware of any material omissions in\ue878compliance, hence the Group does not expect any material change to the pension accounting reflected in these financial statements.USAIn the US, Bergen Pipe Supports, Inc. operates a defined benefit pension plan comprising current and deferred pensioners such that no\ue878future benefits accrue. The average duration of the defined benefit plan obligation at the end of the reporting period is approximately 7 years (2023: 7 years).The Group also operates defined contribution plans in a number of other overseas operations. The amount contributed to these plans during the year was \u00a32.1m (2023: \u00a31.2m).The Consolidated Income Statement for the year includes a pension charge within operating profit of \u00a32.1m (2023: \u00a31.3m), which includes the costs of the defined contribution schemes and the defined benefit schemes. Actuarial valuations of the above schemes were carried out by independent actuaries as at 31 December 2024. All actuarial gains and losses are recognised immediately in the Consolidated Statement of Comprehensive Income.The principal assumptions used by the actuaries:2024 2023Rate of increase in salaries n/a n/aDiscount rate 5.31% 4.68%Inflation 0.00% 0.0%Mortality table PRI \u2014 2012 Private PRI \u2014 2012 Private Retirement Plans; Retirement Plans; Scale Scale MP \u2014 2021 MP \u2014 2021 improvementsimprovementsAssets and liabilitiesThe fair values of scheme assets, which are not intended to be realised in the short term and may be subject to significant change before they are realised, and the value of the scheme liabilities, which is derived from cash flow projections over long periods and which is therefore inherently uncertain, are as follows:Market value Market value 2024 2023 \u00a3m\u00a3mAssetsInsured fixed interest assets quoted in active markets 2.5 2.7Cash 0.1 \u2014Total fair value of scheme assets 2.6 2.7Present value of Scheme funded obligations (3.2) (3.4)Retirement benefit obligation (0.6) (0.7)Cash and other insured fixed interest assets \u2014 where assets are held in cash or a policy with a fixed interest asset allocation, the\ue878expected long term rate of return is taken to be the yields generally prevailing on such assets as at the year end date.26. Pensions continuedTotal expense recognised in the Consolidated Income Statement2024 2023Defined Defined contribution Defined benefit contribution Defined benefit schemesschemesTotalschemesschemesTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCurrent service costs 2.0 0.1 2.1 1.2 0.1 1.3Charge to operating profit 2.0 0.1 2.1 1.2 0.1 1.3Interest on net Scheme deficit \u2014 \u2014 \u2014 \u2014 0.1 0.1Total charge to profit before tax 2.0 0.1 2.1 1.2 0.2 1.4Change in the present value of the defined benefit obligation2024 2023\u00a3m\u00a3mOpening defined benefit obligations 3.4 3.4Interest cost 0.1 0.2Actuarial (gain)/loss arising from:Financial assumptions (0.1) 0.1Demographic assumptions \u2014 (0.2)Experience assumptions \u2014 0.3Benefits paid (0.2) (0.2)Exchange adjustments \u2014 (0.2)Closing defined benefit obligations 3.2 3.4Changes in fair values of scheme assets2024 2023\u00a3m\u00a3mOpening fair value of assets 2.7 2.7Return on plan assets excluding interest income 0.1 0.2Interest on plan assets 0.1 0.1Employer contributions \u2014 0.1Admin expenses (0.1) (0.1)Benefits paid (0.2) (0.2)Exchange adjustments \u2014 (0.1)Closing fair value of assets 2.6 2.7Actual return on Scheme assets 0.2 0.3Expected employer contributions in the following yearDefined contribution schemes 2.0 1.2Amounts recognised in the Consolidated Statement of Comprehensive Income% of Scheme % of Scheme assets/2024 assets/2023 liabilities %\u00a3mliabilities %\u00a3mExperience loss on scheme obligations \u2014 \u2014 (9) (0.3)Return on plan assets excluding interest income 4 0.1 7 0.2Changes in assumptions underlying the present value of Scheme obligations 3 0.1 2 0.1Amount recognised in the year 7 0.2 \u2014 \u2014The Group considers that any reasonable sensitivities applied to the assumptions for the overseas schemes would not have a material impact on the Consolidated Financial Statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-2-2": {
"value": "Measurement conventionThe Group Financial Statements are prepared on the historical cost basis except where the measurement of balances at fair value is required as explained below. The Group Financial Statements are presented in Sterling and all values are stated in million (\u00a3m) rounded to one decimal place, except where otherwise indicated.New IFRS standards and interpretations adopted during 2024The following amendments and interpretations applied for the first time in 2024, and therefore were adopted by the Group:\u2022 Amendments to IAS 1 \u2014 Classification of liabilities as current or non-current and non-current liabilities with covenants\u2022 Amendments to IFRS 16 \u2014 Lease Liability in a Sale and Leaseback\u2022 Amendments to IAS 7 and IFRS 7 \u2014 Supplier Finance ArrangementsThese amendments have not had a material impact on the financial statements.New IFRS standards and interpretations to be adopted in the futureThe following standards and interpretations, which are not yet effective and have not been early adopted by the Group, will, where relevant, be adopted in future accounting periods:To be adopted for year-ending 31 December 2025:\u2022 Amendments to IAS 21 \u2014 Lack of exchangeabilityTo be adopted for year-ending 31 December 2026:\u2022 Amendments to IFRS 9 and IFRS 7 \u2014 Classification and Measurement of Financial Instruments\u2022 IFRS 9 and IFRS 7 \u2014 Contracts Referencing Nature-dependent ElectricityTo be adopted for year-ending 31 December 2027:\u2022 IFRS 18 \u2014 Presentation and Disclosure in Financial Statements\u2022 IFRS 19 \u2014 Subsidiaries without Public AccountabilityThe above changes are not expected to have a material impact on the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-7-2": {
"value": "Going concern and liquidity riskIn determining the appropriate basis of preparation of its financial statements, the Directors are required to assess whether the Group can continue in operational existence for the foreseeable future, at least 12 months from the date of approval of these financial statements. The Group\u2019s going concern assessment period is the 18-month period from the balance sheet date to 30 June 2026 (referred to throughout as \u2018the going concern period\u2019). When making this assessment, the Group considers whether it will be able to\ue878maintain adequate liquidity headroom above the level of its borrowing facilities and to operate within the financial covenants on\ue878those facilities during the going concern period. At 31 December 2024, the Group had \u00a3308.1m of committed borrowing facilities, of which only \u00a328.5m matures within the going concern period, and a further \u00a36.7m of on-demand facilities. The Group\u2019s principal debt facilities include: its core \u00a3250m revolving credit facility, which expires in November 2027; $70m of US Senior Unsecured Notes, one tranche ($35m) of which is due to expire in June 2026 and the second tranche ($35m) is due to expire in June 2029; and other local committed borrowing facilities of \u00a32.1m. The amount drawn down under these committed facilities at 31 December 2024 was \u00a3100.7m, which together with cash and cash equivalents (including any overdrafts classified as held for sale) of \u00a351.6m gave total headroom of \u00a3265.4m (\u00a3259m committed, \u00a36.4m on demand). The Group has not made any changes to its principal borrowing facilities between 31 December 2024 and the date of\ue878approval of these financial statements. The only significant changes to liquidity headroom during that period were the disposals of\ue878Hill & Smith Pty and Parking Facilities (see Note 14 for further details) which positively impacted headroom. The principal borrowing facilities are subject to covenants that are measured biannually in June and December, being net debt to EBITDA of a maximum of 3.0x and interest cover of a minimum of 4.0x, based on measures as defined in the facilities agreements which are adjusted from the equivalent IFRS amounts. The ratio of net debt to EBITDA at 31 December 2024 was 0.3 times and interest cover was 20.4 times. Note 23 to the Financial Statements sets out more information on the Group\u2019s objectives, policies and processes for managing its capital, its financial risk management objectives, details of its financial instruments and hedging activities, and its exposures to credit and liquidity risk.Going concern and liquidity risk continuedThe Group has carefully modelled its cash flow outlook for the going concern period, taking account of the current global economic conditions. In this \u2018base case\u2019 scenario, the forecasts indicate significant liquidity headroom will be maintained above the Group\u2019s borrowing facilities and financial covenants will be met throughout the period, including the covenant tests at 30 June 2025, 31 December 2025 and 30 June 2026. The base case scenario assumes full repayment of the first tranche of US Senior Unsecured Notes ($35m) which are due to expire in June 2026. The Group has carried out stress tests against the base case to determine the performance levels that would result in a breach of covenants or a reduction of headroom against its borrowing facilities to nil. For a breach of covenants to occur during the relevant period, the Group would need to experience a sustained revenue reduction of 32% compared with current expectations throughout the going concern period. A reduction in headroom against borrowing facilities to nil would occur if the Group experienced a sustained revenue reduction of 33% compared with current expectations for the going concern period. The Directors do not consider any of these scenarios to be plausible given the generally positive outlook across the infrastructure markets in which the Group operates. The Directors also noted the Group\u2019s ability to continue its operations throughout the COVID-19 pandemic, noting that revenues fell by only 22% in the second quarter of 2020, the worst-affected period. Furthermore, the Group has several mitigating actions under its control including minimising capital expenditure to critical requirements, reducing levels of discretionary spend, rationalising its overhead base and curtailing future dividend payments which, although not forecast to be required, could be implemented in order to be able to meet the covenant tests and to continue to operate within borrowing facility limits.After making these assessments, the Directors have reasonable expectation that the Company and its subsidiaries have adequate resources to continue in operational existence during the going concern period. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and Financial Statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-10-2": {
"value": "Business combinationsBusiness combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of\ue878the\ue878consideration transferred, which is measured at acquisition date fair value. Acquisition-related costs are expensed as incurred and included in non-underlying costs (see accounting policy \u2018non-underlying items\u2019). Fair value adjustments are always considered to\ue878be\ue878provisional at the first year end date after the acquisition to allow the maximum time to elapse for management to make a reliable\ue878estimate.The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organised workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs.Contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Where it meets the definition of a financial liability, the fair value will be re-measured at each subsequent reporting period and the re-remeasurement will be\ue878recognised as a non-underlying charge or credit in the consolidated income statement. The determination of fair value is based on\ue878discounted cash flows. The key assumptions take into consideration the probability of meeting each performance target and the discount factor (see note 23 for further details). Intangible assets \u2014 OtherOther intangible assets that are acquired by the Group as part of a business combination, such as brands, patents and customer lists, are stated at cost less accumulated amortisation and impairment losses (see accounting policy \u2018Impairment of assets\u2019). Cost reflects management\u2019s judgement of the fair value of the individual intangible asset calculated by reference to the net present value of future benefits accruing to the Group from the utilisation of the asset, discounted at an appropriate discount rate.Certain US brands are considered to have an indefinite life and are therefore subject to annual impairment testing (see accounting policy \u2018Impairment of assets\u2019). In determining that these brands have indefinite lives, consideration was given to the extent of their trading history, which in all cases exceeds 50 years, their prominence in the markets in which they operate, and the nature of the products sold under those brands in the context of potential for future development. For other brands, patents and customer lists, amortisation is provided equally over the estimated useful economic life of the assets concerned, currently up to 20 years. Amortisation of such items is recorded as a non-underlying item within administrative expenses (note 5).Where computer software is non-cloud based and not an integral part of a related item of computer hardware, the software is treated as an intangible asset. Acquired computer software licences are capitalised on the basis of costs incurred to acquire and bring into use the specific software. Where software is cloud-based (stored, managed and available through the cloud), the associated licence costs generally do not meet the criteria for recognition of an intangible asset since cloud-based arrangements generally do not provide a resource that the Group can control. Accordingly, such licenses are expensed to the Consolidated Income Statement. The development and implementation of a cloud-based system could give rise to an intangible asset. Each cloud-based computing arrangement is considered on a case-by-case basis. Where it is determined that a cloud computing arrangement does not include an intangible asset, the implementation costs are expensed to the Consolidated Income Statement.An internally generated intangible asset arising from the Group\u2019s development of computer systems (including websites) is recognised if, and only if, the costs are directly associated with the production of identifiable and unique software products controlled by the Group, and it is probable that future economic benefits will flow to the Group. Amortisation is provided equally over the estimated useful economic life of the assets concerned, currently up to seven years. Trade licences are amortised over the specific term granted to each individual licence.An intangible asset is derecognised upon disposal (i.e. at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the\ue878net disposal proceeds and the carrying amount of the asset) is included in the Consolidated Income Statement.Intangible assets \u2014 GoodwillGoodwill on acquisition of subsidiaries is initially measured at cost and comprises the excess of the fair value of the purchase consideration paid for subsidiaries over the Group\u2019s share of the fair value of the identifiable assets and liabilities acquired. After initial recognition, goodwill is measured at cost less impairment losses (see accounting policy \u2018Impairment of assets\u2019). Intangible assets \u2014 Research and development costsResearch costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale;\u2022 Its intention to complete and its ability and intention to use or sell the asset;\u2022 How the asset will generate future economic benefits;\u2022 The availability of resources to complete the asset; and\u2022 The ability to measure reliably the expenditure during development.The expenditure capitalised includes the cost of materials, direct labour and an appropriate amount of directly attributable overheads. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses (see accounting policy \u2018Impairment of assets\u2019). Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised over the period of expected future benefit. Amortisation is\ue878recorded in administrative expenses. During the period of development, the asset is tested for impairment annually. Other development expenditure is recognised in the Consolidated Income Statement as an expense as incurred.Property, plant, equipment and depreciationProperty, plant and equipment are recorded in the Group\u2019s Consolidated Statement of Financial Position at cost less accumulated depreciation and any recognised impairment loss. Cost includes, where appropriate, directly attributable costs incurred in bringing each asset to its present condition and location. Assets in the course of construction are stated at cost, net of any accumulated impairment losses. Certain of the Group\u2019s Roads businesses routinely generate revenue from the rental of assets to customers. Such assets are accounted for as plant and equipment. If an asset that is held for rental is sold, the asset is transferred from property, plant and equipment to\ue878inventories at the carrying amount when the asset ceases to be rented. The proceeds from the sale of such assets are recognised as\ue878revenue in the Consolidated Income Statement. Depreciation is provided to write off the cost or deemed cost less the estimated residual value of property, plant and equipment (excluding assets in the course of construction) by equal instalments over their estimated useful economic lives as follows:Buildings and leasehold improvements 5 to 50 years Plant, machinery and vehicles up to 20 years No depreciation is provided on freehold land.The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal (i.e. at the date the\ue878recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on\ue878derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is\ue878included in the Consolidated Income Statement when the asset is derecognised.Repair and maintenance costs are recognised in the Consolidated Income Statement as incurred.Impairment of assetsFor goodwill and intangible assets that have an indefinite life, the recoverable amount is assessed at each year end date, or when indicators of impairment exist, and an impairment loss is recognised, where appropriate, for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. Impairment reviews are undertaken at the level of each significant cash generating unit, which are no larger than operating segments as defined in IFRS 8 \u2014 Segmental reporting.The carrying amounts of the Group\u2019s other non-financial assets, other than inventories (see accounting policy \u2018Inventories\u2019) and deferred tax balances (see accounting policy \u2018Deferred taxation\u2019), are reviewed at each year end date to determine whether there is an indication of impairment. If such an indication exists, the relevant asset\u2019s recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of the asset or its cash generating unit exceeds its recoverable amount.The recoverable amount of an asset or cash generating unit is the greater of its value in use and its fair value less costs to sell. 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.Non-current assets held for sale and discontinued operationsThe Group classifies non-current assets and disposal groups as held for sale if their carrying amount will be recovered principally through sale rather than through continuing use. On initial classification as held for sale, non-current assets and disposal groups are measured at the lower of the previous carrying amount and fair value less costs to sell with any adjustments taken to the Consolidated Income Statement. The same applies to gains and losses on subsequent remeasurement. Costs to sell are the incremental costs directly attributable to the disposal of an asset or disposal group, excluding finance costs and income tax expense. The criteria for held for sale classification are regarded as met only when the sale is highly probable, and the asset or disposal group is\ue878available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. The Group must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification.Property, plant and equipment, intangible assets and right-of-use assets are not depreciated or amortised once classified as held for sale.Assets and liabilities classified as held for sale are presented separately as current items in the Group\u2019s Consolidated Statement of\ue878Financial Position.Financial instrumentsFinancial assets and liabilities are recognised in the Group\u2019s Consolidated Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.Trade receivables and trade payables are initially measured at fair value. Subsequent to initial recognition, they are carried at amortised cost using the effective interest method, and in the case of trade receivables, less any impairment losses. Impairment losses are measured using an expected credit loss model. The Group uses the simplified approach to measure expected credit losses for trade receivables and therefore does not track changes in credit risk, but instead recognises a loss allowance based on lifetime expected credit losses at each reporting date. Further details are provided in note 23(e).Derivative financial instruments of the Group are used to hedge its exposure to interest rate and foreign currency risks arising from operational, financing and investment activities.In accordance with its treasury policy, the Group does not hold or issue derivative financial instruments for trading purposes. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments, as follows:\u2022 Derivative financial instruments are stated at fair value. The unhedged gain or loss on remeasurement to fair value is recognised immediately in the Consolidated Income Statement.\u2022 The fair value of foreign exchange contracts is the estimated amount that the Group would receive or pay to terminate such contracts at the year end date, taking into account the forward exchange rates prevailing at that date.To qualify for hedge accounting the hedging relationship must meet several conditions with respect to documentation, probability of\ue878occurrence, hedge effectiveness and reliability of measurement. At the inception of the transaction, the Group documents the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking the hedge transaction. This process includes linking all derivatives designated as hedges to specific assets and liabilities or to specific firm commitments or forecast transactions. The Group also documents its assessment, at hedge inception and on a half yearly basis, of whether the derivatives that are used in hedging transactions have been, and are likely to continue to be, effective in offsetting changes in fair value or cash flows of hedged items.Interest bearing borrowings are recognised initially at fair value. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the Consolidated Income Statement over the period of the borrowings on an effective interest basis.Cash and cash equivalentsCash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are, where there is a right of and intention to offset, included as a component of cash and cash equivalents for the purpose of the Consolidated Financial Statement and Consolidated Statement of Cash Flows. The Group\u2019s bank arrangements and facilities with Barclays Bank plc provide the legally enforceable right to offset and the Group demonstrates its intention to offset by regularly sweeping cash balances within each bank. Consequently, the balances have been offset in the financial statements.Foreign currenciesTransactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Any gain or loss on translation of monetary foreign currency assets and liabilities arising from a movement in exchange rates subsequent to initial measurement is included as an exchange gain or loss in the Consolidated Income Statement.Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined.The assets and liabilities of overseas subsidiary undertakings, including goodwill and fair value adjustments arising on acquisition, are\ue878translated at the closing exchange rate. Income statements and cash flows of such undertakings are translated into Sterling at weighted average rates of exchange, other than substantial transactions that are translated at the rate on the date of the transaction. The adjustments to period end rates are taken to the cumulative translation reserve in equity and reported in the Consolidated Statement of Comprehensive Income. When an overseas operation is disposed of, in part or in full, the relevant amount in the translation reserve is transferred to profit or loss.Foreign currency differences arising on the retranslation of a financial liability designated as a hedge of a net investment in a foreign operation are recognised and reported in the Consolidated Statement of Comprehensive Income, to the extent that the hedge is effective. To the extent that the hedge is ineffective, such differences are recognised in profit or loss. When the hedged part of a net investment is disposed of, the associated cumulative amount in the translation reserve is transferred to profit or loss as an adjustment to the profit or loss on disposal.Foreign currencies continuedThe principal exchange rates used were as follows:2024 2023Average Closing Average ClosingSterling to US Dollar (\u00a31 = USD) 1.28 1.25 1.24 1.27Sterling to Indian Rupee (\u00a31 = INR) 106.95 107.22 102.68 106.08Sterling to Australian Dollar (\u00a31 = AUD) 1.94 2.02 1.87 1.87InventoriesInventories are stated at the lower of cost and net realisable value. In determining the cost of raw materials, consumables and goods purchased for resale, either the FIFO or average cost method is used depending on the nature of the inventory. Cost for work in progress and finished goods comprises direct materials, direct labour and an appropriate proportion of attributable overheads.ProvisionsA provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and\ue878a\ue878reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are\ue878determined by discounting the expected future cash flows at a pre tax rate that reflects current market assessments of the time value of money and, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to\ue878the passage of time is recognised as a finance cost.A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan and the restructuring has either commenced or been announced publicly. Future operating costs are not provided for.In accordance with the Group\u2019s environmental policy and applicable legal requirements, a provision for site restoration in respect of\ue878contaminated land is recognised as an obligation arises.Provisions relating to legal claims or disputes are recognised when it is probable that the Group will be required to settle claims against it as a result of a past event and the amount of the obligation can be reliably estimated. The Group recognises a provision based on the expected settlement amount for the claim. A separate receivable (or \u2019reimbursement asset\u2019) from insurers is recognised within other receivables to the extent it is virtually certain of being received. LeasesTo the extent that a right-of-control exists over an asset subject to a lease and with a lease term exceeding one year, the Group recognises a right-of-use asset, representing the underlying lease asset, and a lease liability, representing the Group\u2019s obligation to make lease payments. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, any initial direct costs incurred and an estimate of the dismantling, removal and restoration costs as required by the terms of the lease contract.The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of\ue878the asset. The right-of-use assets are also subject to review for impairment (see accounting policy \u2018Impairment of assets\u2019).The lease liability is measured at the present value of the future lease payments discounted using the Group\u2019s incremental borrowing rate, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Future lease payments include fixed payments, variable lease payments that\ue878depend on an index or a rate (initially measured using the index or rate as at the commencement date), amounts expected to be\ue878payable under a residual guarantee, and the exercise price of purchased options where it is reasonably certain that the option will be\ue878exercised. Finance charges, representing the unwinding of the discount rate, are recognised in the Consolidated Income Statement over the period of the lease.Lease payments for low value assets and short term leases (less than 12 months) are recognised as an expense on a straight-line basis over the lease term.RevenueRevenue is measured based on the consideration specified in a contract with a customer for the provision of goods and services. The\ue878amount recognised excludes sales taxes and is adjusted for any discounts or volume rebates that are included in the contract. It\ue878includes consideration received from the customer for freight activities only if the transportation activities are required to fulfil a\ue878performance obligation. If the transportation activities are determined to be a separate performance obligation, an entity will only recognise the consideration as revenue if the entity is determined to be acting as principal in the agreement, otherwise the consideration received from the customer for transport costs is recognised net of the related cost, rather than as revenue. The Group\u2019s contracts with customers do not contain significant financing components and payment terms are generally customary to the jurisdictions in which each subsidiary operates. The Group recognises revenue when it transfers control over a good or service to a customer. The following information sets out the Group\u2019s approach to the nature and timing of the satisfaction of performance obligations in contracts with customers in each of its operating segments and the related revenue recognition policies.Engineered Solutions and Roads & SecurityFor standard products that are manufactured, revenue is recognised when goods are accepted by customers, which is usually on delivery depending on the Incoterms defined in the contract. The Group also enters into certain contracts which require customers to\ue878inspect and accept goods that have been manufactured but retained in the Group\u2019s facilities; in these cases the customer is deemed to have accepted the product when they have provided evidence of their acceptance and revenue is therefore recognised at that point, assuming that the other criteria set out in IFRS 15 have been met.Certain of the Group\u2019s businesses in the Engineered Solutions and Roads & Security segments manufacture non-standard products that are specific to customer requirements and therefore require a high degree of customisation. The Group has determined that in these cases a product with no alternative use is created. Where the contractual terms are such that if the contract is terminated by the customer then the Group has a right to reimbursement of the costs incurred including a reasonable margin, revenue is recognised over time i.e. before the completed goods are delivered to the customer\u2019s premises. Progress is generally determined using input methods (such as costs incurred), unless the circumstances of the contract are such that output methods (such as milestones reached) are considered more appropriate.In some cases the Group provides installation of its products to customers as an additional service. Revenue from installation services is recognised over the period that the installation takes place, which is generally less than one month.Certain of the Group\u2019s businesses engage in contracts with customers which include variable consideration. This occurs where the Group provides retrospective sales volume rebates to certain customers once, amongst other matters, the quantity of goods purchased during a predetermined period exceeds thresholds specified in the sales contract. To estimate the variable consideration for these expected future rebates, the Group applies the most likely amount method to reflect the consideration that the Group is entitled to. Variable consideration is only recognised to the extent that it is highly probable that the inclusion will not result in a significant revenue reversal in the future. Certain of the Group\u2019s Roads businesses routinely generate revenue from the rental of assets to customers. Revenue from these rental agreements is recognised over the period over which the assets are available to the customer. If an asset that is held for rental is sold, the asset is transferred from property, plant and equipment to inventories at the carrying amount when the asset ceases to be rented. The proceeds from the sale of such assets are recognised as revenue in the Consolidated Income Statement. Transportation costs relating to the rental of temporary road barrier are included in cost of sales.The Group classifies proceeds from the sale of scrap products generated in the manufacturing process within revenue. Galvanizing ServicesContracts with customers in the Galvanizing Services segment are generally simple. Revenue is recognised at a point in time, which is\ue878when the galvanized goods are either despatched or collected by the customer.The Group classifies proceeds from the sale of by-products generated during the galvanizing process within revenue. Contract assetsContract assets primarily relate to the rights to consideration for work completed but not billed at the reporting date. Contract assets are transferred to receivables when the rights become unconditional.Retirement benefitsThe Group operates pension schemes under which contributions by employees and by the sponsoring companies are held in trust funds separated from the Group\u2019s finances.Obligations for contributions to defined contribution pension schemes are recognised as an expense in the Consolidated Income Statement as incurred. The Group\u2019s net obligation in respect of defined benefit pension schemes is calculated separately for each scheme by estimating the\ue878amount of future benefit that employees have earned in return for their service in the current and prior periods. This benefit is discounted to determine its present value, and the fair value of any scheme assets is deducted. The discount rate is the yield at the year\ue878end date on AA rated bonds that have maturity dates approximating to the terms of the Group\u2019s obligations. The calculation is\ue878performed by a qualified actuary using the projected unit method. Scheme assets are valued at bid price.In the Consolidated Income Statement, current and past service costs are recognised in operating profit and the interest cost on the net\ue878defined benefit obligations is included in financial expense.All actuarial gains and losses in calculating the Group\u2019s obligation in respect of defined benefit schemes are recognised annually and reported in the Consolidated Statement of Comprehensive Income.Share-based payment transactionsThe Group issues equity settled share-based payments to certain employees, including those in the form of buy-out awards or deferred bonus awards. The fair value of shares/options granted is recognised as an employee expense, with a corresponding increase in equity reserves. The fair value is calculated at the grant date and spread over the period during which the employees become unconditionally entitled to the shares/options. The Black\u2014Scholes model has been adopted as the method of evaluating the fair value of the options where vesting is based on non-market conditions, while a Monte Carlo Simulation is used where vesting is based on market conditions. The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such conditions and there is\ue878no\ue878adjustment for differences between expected and actual outcomes.The fair value of amounts payable to employees in respect of share appreciation rights settled in cash is recognised as an employee expense and corresponding increase in liabilities. The fair value of the liability is remeasured at each reporting date and spread over the\ue878period during which employees become unconditionally entitled to the payment.Financial income and expenseFinancial income comprises interest income on funds invested and gains on the fair value of financial assets and liabilities at fair value through profit or loss. Interest income is recognised as it accrues in the Consolidated Income Statement using the effective interest method.Financial expense comprises interest expense on borrowings, interest cost on net pension scheme obligations, unwinding of discounts, losses on the fair value of financial assets and liabilities at fair value through profit or loss, the interest expense on lease liabilities, and financial expenses related to refinancing. All borrowing costs are recognised in the Consolidated Income Statement using the effective interest method.Contract liabilitiesContract liabilities arise when the Group receives consideration from customers based on an agreed billing schedule, as established in\ue878the contract, which may not correspond with the pattern of performance under the contract. Where consideration has been received but a performance obligation not satisfied at the reporting date, a contract liability is recorded in the Consolidated Statement of\ue878Financial Position.Non-underlying itemsNon-underlying items are presented separately in the Consolidated Income Statement where, in the Directors\u2019 judgement, the quantum, nature or volatility of such items gives further information to obtain a fuller understanding of the underlying performance of the business. The following are included by the Group in its assessment of non-underlying items:\u2022 Gains or losses arising on disposal, closure, restructuring or reorganisation of businesses that do not meet the definition of\ue878discontinued operations\u2022 Amortisation of intangible fixed assets arising on acquisitions, which can vary depending on the nature, size and frequency of\ue878acquisitions in each financial period\u2022 Expenses associated with acquisitions and disposals, comprising professional fees incurred, any consideration which, under IFRS 3 is required to be treated as a post-acquisition employment expense, and changes in contingent consideration payable on acquisitions\u2022 Impairment charges in respect of tangible or intangible fixed assets, or right-of-use assets\u2022 Changes in the fair value of derivative financial instruments\u2022 Significant past service items or curtailments and settlements relating to defined benefit pension obligations resulting from material changes in the terms of the schemes.The non-underlying tax charge or credit comprises the tax effect of the above items.Details in respect of the non-underlying items recognised in the current and prior year are set out in note 5 to the Financial Statements.Income taxIncome tax on the profit or loss for the year represents the sum of the tax currently payable and deferred tax. Income tax is recognised in the Consolidated Income Statement except to the extent that it relates to items either recognised in other comprehensive income or\ue878directly in equity.Current tax is the expected tax payable on the taxable profit for the year. Taxable profit differs from net profit as reported in the Consolidated Income Statement because it excludes items of income or expense that are not taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates enacted or substantively enacted at the year end date, and any adjustments to tax payable in respect of previous years.Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates, with effect from 1 January 2024. An assessment of the potential exposure to Pillar Two income taxes has been performed, noting that the Group primarily operates in the UK and US where Pillar Two effective tax rates are higher than 15%. Currently the only jurisdiction identified where the transitional safe harbour relief may not be available is in respect of the Group\u2019s small trading operation in Ireland, however the Group does not expect a significant exposure to Pillar Two income taxes to result given the relatively low level of profitability in\ue878the\ue878Irish entity.Deferred taxationDeferred tax is provided in full using the Consolidated Statement of Financial Position liability method and represents the tax expected to be payable or recoverable on the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: goodwill not deductible for tax purposes, the initial recognition of assets and liabilities not resulting from a business combination that affects neither accounting nor taxable profit, and differences relating to investments in subsidiaries to the extent that they will not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the year end date.A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. The carrying amount of deferred tax assets is reviewed at each year end date and reduced to the extent that it\ue878is\ue878no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered.Deferred tax assets and liabilities are offset 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.Ordinary dividendsDividends are recognised as a liability in the period in which they are approved by the Company\u2019s shareholders.Business segment analysisThe Group has three reportable segments which are Engineered Solutions, Roads & Security and Galvanizing Services. The Group\u2019s internal management structure and financial reporting systems differentiate between these segments, and, in reporting, management have taken the view that they comprise a reporting segment on the basis of the following economic characteristics:\u2022 The Engineered Solutions segment contains a group of businesses supplying products characterised by a degree of engineering expertise, to public and private customers involved in the construction of facilities serving the utilities and other infrastructure markets; \u2022 The Roads & Security segment contains a group of businesses supplying products designed to ensure the safety and security of roads and other national infrastructure, many of which have been developed to address national and international safety standards, to customers involved in the construction of that infrastructure; and\u2022 The Galvanizing Services segment contains a group of companies supplying galvanizing and related materials coating services to\ue878companies in a wide range of markets including construction, agriculture and infrastructure.Corporate costs are allocated to reportable segments in proportion to the revenue of each of those segments.4. Alternative Performance MeasuresThe Group presents Alternative Performance Measures (\u201cAPMs\u201d) in addition to its statutory results. These are presented in\ue878accordance with the Guidelines on APMs issued by the European Securities and Markets Authority. The principal APMs are:\u2022 Underlying profit before taxation\u2022 Underlying operating profit\u2022 Underlying operating margin\u2022 Organic and constant currency measures of change in revenue and underlying operating profit\u2022 Underlying cash conversion ratio\u2022 Capital expenditure to depreciation and amortisation ratio \u2022 Covenant net debt to EBITDA ratio\u2022 Underlying earnings per share. A reconciliation of statutory earnings per share to underlying earnings per share is provided in\ue878note\ue87810.All underlying measures exclude certain non-underlying items, which are detailed in note 5. References to an underlying profit measure are made on this basis and, in the opinion of the Directors, aid the understanding of the underlying business performance as\ue878they exclude items whose quantum, nature or volatility gives further information to obtain a fuller understanding of the underlying performance of the business. APMs are presented on a consistent basis over time to assist in comparison of performance.Reconciliation of underlying to reported profit before tax 20242023\u00a3m\u00a3mUnderlying profit before tax 132.6 111.9Non-underlying items included in operating profit (28.1) (18.7)Reported profit before tax 104.5 93.2Reconciliation of underlying to reported operating profit by segmentEngineered Solutions Roads & Security Galvanizing Services Total20242023202420232024202320242023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUnderlying operating profit 77.8 64.4 15.4 12.4 50.3 45.7 143.5 122.5Non-underlying itemsAmortisation of acquisition intangibles (5.1) (3.0) (3.7) (4.2) (1.1) (1.2) (9.9) (8.4)Business reorganisation costs \u2014 \u2014 \u2014 (0.2) \u2014 \u2014 \u2014 (0.2)Impairment of assets \u2014 \u2014 (13.2) (0.6) \u2014 \u2014 (13.2) (0.6)Loss on remeasurement of assets held for sale \u2014 \u2014 (3.1) \u2014 \u2014 \u2014 (3.1) \u2014Expenses related to acquisitions and disposals (1.5) (1.7) (0.4) (2.9) \u2014 (0.7) (1.9) (5.3)Loss on disposal of subsidiaries \u2014 \u2014 \u2014 (4.2) \u2014 \u2014 \u2014 (4.2)Reported operating profit/(loss) 71.2 59.7 (5.0) 0.3 49.2 43.8 115.4 103.8Calculation of underlying operating margin Engineered Solutions Roads & Security Galvanizing Services Total20242023202420232024202320242023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUnderlying operating profit 77.8 64.4 15.4 12.4 50.3 45.7 143.5 122.5Revenue 418.7 367.0 238.6 266.1 197.8 196.7 855.1 829.8Underlying operating margin (%) 18.6% 17.5% 6.5% 4.7% 25.4% 23.2% 16.8% 14.8%4. Alternative Performance Measures continuedMeasures of organic and constant currency change in revenue and underlying operating profit Organic constant currency measures exclude the impact of currency translation movements, acquisitions, disposals and closures of\ue878subsidiary businesses. In respect of acquisitions, the amounts referred to represent the amounts for the period in the current year that the business was not held in the prior year. In respect of disposals and closures of subsidiary businesses, the amounts referred to represent the amounts for the period in the prior year that the business was not held in the current year. Constant currency amounts are prepared using exchange rates which prevailed in the current year.Engineered Solutions Roads & Security Galvanizing Services TotalUnderlying Underlying Underlying Underlying Revenueoperating profitRevenueoperating profitRevenueoperating profitRevenueoperating profit\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m2023 367.0 64.4 266.1 12.4 196.7 45.7 829.8 122.5Impact of exchange rate movements from 2023 to 2024 (9.0) (2.1) (2.9) (0.2) (3.5) (1.1) (15.4) (3.4)2023 translated at 2024 exchange rates (A) 358.0 62.3 263.2 12.2 193.2 44.6 814.4 119.1Acquisition, disposals and closures 44.1 9.4 (1.9) \u2014 1.3 0.4 43.5 9.8Organic growth/(decline) (B) 16.6 6.1 (22.7) 3.2 3.3 5.3 (2.8) 14.62024 (C) 418.7 77.8 238.6 15.4 197.8 50.3 855.1 143.5Organic growth % (B divided by A) 4.6% 9.8% -8.6% 26.2% 1.7% 11.9% -0.3% 12.3%Constant currency change % ((C-A) divided by A) 17.0% 24.9% -9.3% 26.2% 2.4% 12.8% 5.0% 20.5%Calculation of underlying cash conversion ratio20242023\u00a3m\u00a3mUnderlying operating profit 143.5 122.5Calculation of adjusted operating cash flow:Cash generated by operations 168.6 173.4Purchase of assets for rental to customers (2.3) (2.3)Purchase of property, plant and equipment (21.3) (26.7)Purchase of intangible assets (5.0) (2.8)Repayment of lease liabilities (9.0) (9.4)Proceeds on disposal of non-current assets and assets held for sale 3.4 3.3Defined benefit pension scheme deficit payments 3.7 3.7Add back: Cash flows relating to non-underlying items 4.0 1.9Adjusted operating cash flow 142.1 141.1Underlying cash conversion (%) 99% 115%4. Alternative Performance Measures continuedCalculation of capital expenditure to depreciation and amortisation ratio20242023\u00a3m\u00a3mCalculation of capital expenditure:Purchase of assets for rental customers 2.3 2.3Purchase of property, plant and equipment 21.3 26.7Purchase of intangible assets 5.0 2.828.6 31.8Calculation of depreciation and amortisation:Depreciation of property, plant and equipment 20.8 19.7Amortisation of development costs 1.1 1.0Amortisation of other intangible assets 0.1 0.222.0 20.9Capital expenditure to depreciation and amortisation ratio 1.3x 1.5xCalculation of covenant net debt to EBITDA ratio20242023\u00a3m\u00a3mNet debt (note 19) 96.9 108.4Lease liabilities (46.0) (43.7)Lease liabilities classified as held for sale (3.0) \u2014Amounts related to refinancing 1.5 2.0Covenant net debt (A) 49.4 66.7Underlying operating profit 143.5 122.5Depreciation of owned assets 20.8 19.7Right-of-use asset depreciation 10.4 9.3Amortisation of development costs 1.1 1.0Amortisation of other intangible assets 0.1 0.2Underlying EBITDA 175.9 152.7Adjusted for:Lease payments (11.0) (10.4)Share-based payments expense 3.4 4.1Annualised EBITDA of subsidiaries acquired/disposed 5.5 3.5Covenant EBITDA (B) 173.8 149.9Covenant net debt to EBITDA (A divided by B) 0.3 0.45. Non-underlying itemsIncluded in operating profit 20242023\u00a3m\u00a3mLoss on disposal of subsidiaries \u2014 (4.2)Business reorganisation costs \u2014 (0.2)Impairment of assets (a) (13.2) (0.6)Loss on remeasurement of assets held for sale (b) (3.1) \u2014Amortisation of acquisition intangibles (9.9) (8.4)Expenses related to acquisitions and disposals (c) (1.9) (5.3)Total non-underlying items (28.1) (18.7)Notes:a) The impairment charge of \u00a313.2m relates to H&S Inc., the Group\u2019s US road products business, comprising \u00a38.6m of goodwill and \u00a32.0m of acquisition intangible assets (explained in note 12), and a further \u00a31.5m relating to property, plant and equipment, \u00a30.7m relating to other intangible assets and \u00a30.4m relating to right-of-use assets. In assessing the carrying value of the H&S Inc. CGU, the projected cash flows showed that its message boards division, operating out of Garland, Texas, is not expected to generate sufficient future cash flows to support the carrying value of the property, plant and equipment and\ue878intangible fixed assets utilised in that part of the business. We therefore assessed the fair value less costs of disposal of those assets, concluding that their fair value was \u00a32.2m lower than their previous carrying value. Similarly an impairment of \u00a30.4m was recognised in respect of the fair value of the Garland property right-of-use asset, reflecting its estimated recoverable value.b) The loss on remeasurement of assets held for sale relates primarily to the two businesses classified as individual disposal groups as at 31 December 2024, as\ue878explained in note 14. The carrying amounts were reduced to their fair value less costs to sell, resulting in a loss on remeasurement of \u00a33.1m.c) Expenses related to acquisitions and disposals include a credit of \u00a31.7m in respect of previously accrued contingent consideration on\ue878the National Signal acquisition that is not now expected to be paid, and additional costs of \u00a30.4m relating to the Group\u2019s disposal of its small, loss-making Berry Systems business in 2023, together with professional fees incurred on the four US acquisitions in 2024 and the two disposals initiated in 2024 which have been classified as disposal groups (see note 14 for further details).Included in taxationThe tax effect of the above items is a credit to the income statement of \u00a35.9m (2023: \u00a33.2m). (a) GuaranteesSubsidiary audit exemptionsHill & Smith PLC has issued guarantees over the liabilities of the following predominantly non-trading UK subsidiaries as at 31 December 2024 under Section 479C of the Companies Act 2006. These entities are exempt from the requirements of the Act relating to the audit of individual accounts by virtue of Section 479A of the Act:Company Name Company NumberBergen Pipe Supports Limited 00926644Bergen Pipe Supports Group Limited 01013871Hill & Smith (International) Limited 11331411Hill & Smith (Americas) Limited 07269581Hill & Smith (Americas) 2 Limited 10783462Hill & Smith (Americas) 3 Limited 12060645Asset International Structures Limited 15082506Hill & Smith Overseas Limited 06614400Hill & Smith (Treasury) Limited 06814150Hill & Smith (USA) Limited 06876775Hardstaff Barriers Limited 02791285Cobaco Holdings Limited 08317210Signpost Solutions Limited 01084535Mallatite Minor Structures & Products Limited 13717429Bowater Doors Limited 13738120Expamet Limited 13748629VMS Newco Limited 12968560Varley & Gulliver Limited 00330433Ash & Lacy Limited 00047169Ash & Lacy Manufacturing Limited 03008964Ash & Lacy Services Limited 02798286Hawkshead Properties Limited 00562451Redman Fisher Engineering Limited 00169316Hill & Smith (Australia) Limited 14411306Widnes Galvanising Limited 02206443Black Oldco Limited 14466538The Group had no financial guarantee contracts outstanding as at 31 December 2024.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-10-3": {
"value": "Business combinationsBusiness combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of\ue878the\ue878consideration transferred, which is measured at acquisition date fair value. Acquisition-related costs are expensed as incurred and included in non-underlying costs (see accounting policy \u2018non-underlying items\u2019). Fair value adjustments are always considered to\ue878be\ue878provisional at the first year end date after the acquisition to allow the maximum time to elapse for management to make a reliable\ue878estimate.The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organised workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs.Contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Where it meets the definition of a financial liability, the fair value will be re-measured at each subsequent reporting period and the re-remeasurement will be\ue878recognised as a non-underlying charge or credit in the consolidated income statement. The determination of fair value is based on\ue878discounted cash flows. The key assumptions take into consideration the probability of meeting each performance target and the discount factor (see note 23 for further details). ",
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"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "Business combinationsBusiness combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of\ue878the\ue878consideration transferred, which is measured at acquisition date fair value. Acquisition-related costs are expensed as incurred and included in non-underlying costs (see accounting policy \u2018non-underlying items\u2019). Fair value adjustments are always considered to\ue878be\ue878provisional at the first year end date after the acquisition to allow the maximum time to elapse for management to make a reliable\ue878estimate.The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organised workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs.Contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Where it meets the definition of a financial liability, the fair value will be re-measured at each subsequent reporting period and the re-remeasurement will be\ue878recognised as a non-underlying charge or credit in the consolidated income statement. The determination of fair value is based on\ue878discounted cash flows. The key assumptions take into consideration the probability of meeting each performance target and the discount factor (see note 23 for further details). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"pp-value-13-3": {
"value": "Intangible assets \u2014 GoodwillGoodwill on acquisition of subsidiaries is initially measured at cost and comprises the excess of the fair value of the purchase consideration paid for subsidiaries over the Group\u2019s share of the fair value of the identifiable assets and liabilities acquired. After initial recognition, goodwill is measured at cost less impairment losses (see accounting policy \u2018Impairment of assets\u2019). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-13-4": {
"value": "Intangible assets \u2014 GoodwillGoodwill on acquisition of subsidiaries is initially measured at cost and comprises the excess of the fair value of the purchase consideration paid for subsidiaries over the Group\u2019s share of the fair value of the identifiable assets and liabilities acquired. After initial recognition, goodwill is measured at cost less impairment losses (see accounting policy \u2018Impairment of assets\u2019). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"pp-value-12-3": {
"value": "Intangible assets \u2014 OtherOther intangible assets that are acquired by the Group as part of a business combination, such as brands, patents and customer lists, are stated at cost less accumulated amortisation and impairment losses (see accounting policy \u2018Impairment of assets\u2019). Cost reflects management\u2019s judgement of the fair value of the individual intangible asset calculated by reference to the net present value of future benefits accruing to the Group from the utilisation of the asset, discounted at an appropriate discount rate.Certain US brands are considered to have an indefinite life and are therefore subject to annual impairment testing (see accounting policy \u2018Impairment of assets\u2019). In determining that these brands have indefinite lives, consideration was given to the extent of their trading history, which in all cases exceeds 50 years, their prominence in the markets in which they operate, and the nature of the products sold under those brands in the context of potential for future development. For other brands, patents and customer lists, amortisation is provided equally over the estimated useful economic life of the assets concerned, currently up to 20 years. Amortisation of such items is recorded as a non-underlying item within administrative expenses (note 5).Where computer software is non-cloud based and not an integral part of a related item of computer hardware, the software is treated as an intangible asset. Acquired computer software licences are capitalised on the basis of costs incurred to acquire and bring into use the specific software. Where software is cloud-based (stored, managed and available through the cloud), the associated licence costs generally do not meet the criteria for recognition of an intangible asset since cloud-based arrangements generally do not provide a resource that the Group can control. Accordingly, such licenses are expensed to the Consolidated Income Statement. The development and implementation of a cloud-based system could give rise to an intangible asset. Each cloud-based computing arrangement is considered on a case-by-case basis. Where it is determined that a cloud computing arrangement does not include an intangible asset, the implementation costs are expensed to the Consolidated Income Statement.An internally generated intangible asset arising from the Group\u2019s development of computer systems (including websites) is recognised if, and only if, the costs are directly associated with the production of identifiable and unique software products controlled by the Group, and it is probable that future economic benefits will flow to the Group. Amortisation is provided equally over the estimated useful economic life of the assets concerned, currently up to seven years. Trade licences are amortised over the specific term granted to each individual licence.An intangible asset is derecognised upon disposal (i.e. at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the\ue878net disposal proceeds and the carrying amount of the asset) is included in the Consolidated Income Statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-14-2": {
"value": "Intangible assets \u2014 Research and development costsResearch costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale;\u2022 Its intention to complete and its ability and intention to use or sell the asset;\u2022 How the asset will generate future economic benefits;\u2022 The availability of resources to complete the asset; and\u2022 The ability to measure reliably the expenditure during development.The expenditure capitalised includes the cost of materials, direct labour and an appropriate amount of directly attributable overheads. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses (see accounting policy \u2018Impairment of assets\u2019). Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised over the period of expected future benefit. Amortisation is\ue878recorded in administrative expenses. During the period of development, the asset is tested for impairment annually. Other development expenditure is recognised in the Consolidated Income Statement as an expense as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-14-3": {
"value": "Intangible assets \u2014 Research and development costsResearch costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale;\u2022 Its intention to complete and its ability and intention to use or sell the asset;\u2022 How the asset will generate future economic benefits;\u2022 The availability of resources to complete the asset; and\u2022 The ability to measure reliably the expenditure during development.The expenditure capitalised includes the cost of materials, direct labour and an appropriate amount of directly attributable overheads. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses (see accounting policy \u2018Impairment of assets\u2019). Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised over the period of expected future benefit. Amortisation is\ue878recorded in administrative expenses. During the period of development, the asset is tested for impairment annually. Other development expenditure is recognised in the Consolidated Income Statement as an expense as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-15-3": {
"value": "Property, plant, equipment and depreciationProperty, plant and equipment are recorded in the Group\u2019s Consolidated Statement of Financial Position at cost less accumulated depreciation and any recognised impairment loss. Cost includes, where appropriate, directly attributable costs incurred in bringing each asset to its present condition and location. Assets in the course of construction are stated at cost, net of any accumulated impairment losses. Certain of the Group\u2019s Roads businesses routinely generate revenue from the rental of assets to customers. Such assets are accounted for as plant and equipment. If an asset that is held for rental is sold, the asset is transferred from property, plant and equipment to\ue878inventories at the carrying amount when the asset ceases to be rented. The proceeds from the sale of such assets are recognised as\ue878revenue in the Consolidated Income Statement. Depreciation is provided to write off the cost or deemed cost less the estimated residual value of property, plant and equipment (excluding assets in the course of construction) by equal instalments over their estimated useful economic lives as follows:Buildings and leasehold improvements 5 to 50 years Plant, machinery and vehicles up to 20 years No depreciation is provided on freehold land.The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal (i.e. at the date the\ue878recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on\ue878derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is\ue878included in the Consolidated Income Statement when the asset is derecognised.Repair and maintenance costs are recognised in the Consolidated Income Statement as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-16-3": {
"value": "Impairment of assetsFor goodwill and intangible assets that have an indefinite life, the recoverable amount is assessed at each year end date, or when indicators of impairment exist, and an impairment loss is recognised, where appropriate, for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. Impairment reviews are undertaken at the level of each significant cash generating unit, which are no larger than operating segments as defined in IFRS 8 \u2014 Segmental reporting.The carrying amounts of the Group\u2019s other non-financial assets, other than inventories (see accounting policy \u2018Inventories\u2019) and deferred tax balances (see accounting policy \u2018Deferred taxation\u2019), are reviewed at each year end date to determine whether there is an indication of impairment. If such an indication exists, the relevant asset\u2019s recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of the asset or its cash generating unit exceeds its recoverable amount.The recoverable amount of an asset or cash generating unit is the greater of its value in use and its fair value less costs to sell. 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-17-3": {
"value": "Non-current assets held for sale and discontinued operationsThe Group classifies non-current assets and disposal groups as held for sale if their carrying amount will be recovered principally through sale rather than through continuing use. On initial classification as held for sale, non-current assets and disposal groups are measured at the lower of the previous carrying amount and fair value less costs to sell with any adjustments taken to the Consolidated Income Statement. The same applies to gains and losses on subsequent remeasurement. Costs to sell are the incremental costs directly attributable to the disposal of an asset or disposal group, excluding finance costs and income tax expense. The criteria for held for sale classification are regarded as met only when the sale is highly probable, and the asset or disposal group is\ue878available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. The Group must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification.Property, plant and equipment, intangible assets and right-of-use assets are not depreciated or amortised once classified as held for sale.Assets and liabilities classified as held for sale are presented separately as current items in the Group\u2019s Consolidated Statement of\ue878Financial Position.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-18-3": {
"value": "Financial instrumentsFinancial assets and liabilities are recognised in the Group\u2019s Consolidated Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.Trade receivables and trade payables are initially measured at fair value. Subsequent to initial recognition, they are carried at amortised cost using the effective interest method, and in the case of trade receivables, less any impairment losses. Impairment losses are measured using an expected credit loss model. The Group uses the simplified approach to measure expected credit losses for trade receivables and therefore does not track changes in credit risk, but instead recognises a loss allowance based on lifetime expected credit losses at each reporting date. Further details are provided in note 23(e).Derivative financial instruments of the Group are used to hedge its exposure to interest rate and foreign currency risks arising from operational, financing and investment activities.In accordance with its treasury policy, the Group does not hold or issue derivative financial instruments for trading purposes. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments, as follows:\u2022 Derivative financial instruments are stated at fair value. The unhedged gain or loss on remeasurement to fair value is recognised immediately in the Consolidated Income Statement.\u2022 The fair value of foreign exchange contracts is the estimated amount that the Group would receive or pay to terminate such contracts at the year end date, taking into account the forward exchange rates prevailing at that date.To qualify for hedge accounting the hedging relationship must meet several conditions with respect to documentation, probability of\ue878occurrence, hedge effectiveness and reliability of measurement. At the inception of the transaction, the Group documents the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking the hedge transaction. This process includes linking all derivatives designated as hedges to specific assets and liabilities or to specific firm commitments or forecast transactions. The Group also documents its assessment, at hedge inception and on a half yearly basis, of whether the derivatives that are used in hedging transactions have been, and are likely to continue to be, effective in offsetting changes in fair value or cash flows of hedged items.Interest bearing borrowings are recognised initially at fair value. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the Consolidated Income Statement over the period of the borrowings on an effective interest basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-19-3": {
"value": "Cash and cash equivalentsCash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are, where there is a right of and intention to offset, included as a component of cash and cash equivalents for the purpose of the Consolidated Financial Statement and Consolidated Statement of Cash Flows. The Group\u2019s bank arrangements and facilities with Barclays Bank plc provide the legally enforceable right to offset and the Group demonstrates its intention to offset by regularly sweeping cash balances within each bank. Consequently, the balances have been offset in the financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-20-3": {
"value": "Foreign currenciesTransactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Any gain or loss on translation of monetary foreign currency assets and liabilities arising from a movement in exchange rates subsequent to initial measurement is included as an exchange gain or loss in the Consolidated Income Statement.Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined.The assets and liabilities of overseas subsidiary undertakings, including goodwill and fair value adjustments arising on acquisition, are\ue878translated at the closing exchange rate. Income statements and cash flows of such undertakings are translated into Sterling at weighted average rates of exchange, other than substantial transactions that are translated at the rate on the date of the transaction. The adjustments to period end rates are taken to the cumulative translation reserve in equity and reported in the Consolidated Statement of Comprehensive Income. When an overseas operation is disposed of, in part or in full, the relevant amount in the translation reserve is transferred to profit or loss.Foreign currency differences arising on the retranslation of a financial liability designated as a hedge of a net investment in a foreign operation are recognised and reported in the Consolidated Statement of Comprehensive Income, to the extent that the hedge is effective. To the extent that the hedge is ineffective, such differences are recognised in profit or loss. When the hedged part of a net investment is disposed of, the associated cumulative amount in the translation reserve is transferred to profit or loss as an adjustment to the profit or loss on disposal.Foreign currencies continuedThe principal exchange rates used were as follows:2024 2023Average Closing Average ClosingSterling to US Dollar (\u00a31 = USD) 1.28 1.25 1.24 1.27Sterling to Indian Rupee (\u00a31 = INR) 106.95 107.22 102.68 106.08Sterling to Australian Dollar (\u00a31 = AUD) 1.94 2.02 1.87 1.87",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-22-3": {
"value": "InventoriesInventories are stated at the lower of cost and net realisable value. In determining the cost of raw materials, consumables and goods purchased for resale, either the FIFO or average cost method is used depending on the nature of the inventory. Cost for work in progress and finished goods comprises direct materials, direct labour and an appropriate proportion of attributable overheads.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-23-3": {
"value": "ProvisionsA provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and\ue878a\ue878reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are\ue878determined by discounting the expected future cash flows at a pre tax rate that reflects current market assessments of the time value of money and, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to\ue878the passage of time is recognised as a finance cost.A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan and the restructuring has either commenced or been announced publicly. Future operating costs are not provided for.In accordance with the Group\u2019s environmental policy and applicable legal requirements, a provision for site restoration in respect of\ue878contaminated land is recognised as an obligation arises.Provisions relating to legal claims or disputes are recognised when it is probable that the Group will be required to settle claims against it as a result of a past event and the amount of the obligation can be reliably estimated. The Group recognises a provision based on the expected settlement amount for the claim. A separate receivable (or \u2019reimbursement asset\u2019) from insurers is recognised within other receivables to the extent it is virtually certain of being received. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-24-3": {
"value": "LeasesTo the extent that a right-of-control exists over an asset subject to a lease and with a lease term exceeding one year, the Group recognises a right-of-use asset, representing the underlying lease asset, and a lease liability, representing the Group\u2019s obligation to make lease payments. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, any initial direct costs incurred and an estimate of the dismantling, removal and restoration costs as required by the terms of the lease contract.The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of\ue878the asset. The right-of-use assets are also subject to review for impairment (see accounting policy \u2018Impairment of assets\u2019).The lease liability is measured at the present value of the future lease payments discounted using the Group\u2019s incremental borrowing rate, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Future lease payments include fixed payments, variable lease payments that\ue878depend on an index or a rate (initially measured using the index or rate as at the commencement date), amounts expected to be\ue878payable under a residual guarantee, and the exercise price of purchased options where it is reasonably certain that the option will be\ue878exercised. Finance charges, representing the unwinding of the discount rate, are recognised in the Consolidated Income Statement over the period of the lease.Lease payments for low value assets and short term leases (less than 12 months) are recognised as an expense on a straight-line basis over the lease term.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-25-3": {
"value": "RevenueRevenue is measured based on the consideration specified in a contract with a customer for the provision of goods and services. The\ue878amount recognised excludes sales taxes and is adjusted for any discounts or volume rebates that are included in the contract. It\ue878includes consideration received from the customer for freight activities only if the transportation activities are required to fulfil a\ue878performance obligation. If the transportation activities are determined to be a separate performance obligation, an entity will only recognise the consideration as revenue if the entity is determined to be acting as principal in the agreement, otherwise the consideration received from the customer for transport costs is recognised net of the related cost, rather than as revenue. The Group\u2019s contracts with customers do not contain significant financing components and payment terms are generally customary to the jurisdictions in which each subsidiary operates. The Group recognises revenue when it transfers control over a good or service to a customer. The following information sets out the Group\u2019s approach to the nature and timing of the satisfaction of performance obligations in contracts with customers in each of its operating segments and the related revenue recognition policies.Engineered Solutions and Roads & SecurityFor standard products that are manufactured, revenue is recognised when goods are accepted by customers, which is usually on delivery depending on the Incoterms defined in the contract. The Group also enters into certain contracts which require customers to\ue878inspect and accept goods that have been manufactured but retained in the Group\u2019s facilities; in these cases the customer is deemed to have accepted the product when they have provided evidence of their acceptance and revenue is therefore recognised at that point, assuming that the other criteria set out in IFRS 15 have been met.Certain of the Group\u2019s businesses in the Engineered Solutions and Roads & Security segments manufacture non-standard products that are specific to customer requirements and therefore require a high degree of customisation. The Group has determined that in these cases a product with no alternative use is created. Where the contractual terms are such that if the contract is terminated by the customer then the Group has a right to reimbursement of the costs incurred including a reasonable margin, revenue is recognised over time i.e. before the completed goods are delivered to the customer\u2019s premises. Progress is generally determined using input methods (such as costs incurred), unless the circumstances of the contract are such that output methods (such as milestones reached) are considered more appropriate.In some cases the Group provides installation of its products to customers as an additional service. Revenue from installation services is recognised over the period that the installation takes place, which is generally less than one month.Certain of the Group\u2019s businesses engage in contracts with customers which include variable consideration. This occurs where the Group provides retrospective sales volume rebates to certain customers once, amongst other matters, the quantity of goods purchased during a predetermined period exceeds thresholds specified in the sales contract. To estimate the variable consideration for these expected future rebates, the Group applies the most likely amount method to reflect the consideration that the Group is entitled to. Variable consideration is only recognised to the extent that it is highly probable that the inclusion will not result in a significant revenue reversal in the future. Certain of the Group\u2019s Roads businesses routinely generate revenue from the rental of assets to customers. Revenue from these rental agreements is recognised over the period over which the assets are available to the customer. If an asset that is held for rental is sold, the asset is transferred from property, plant and equipment to inventories at the carrying amount when the asset ceases to be rented. The proceeds from the sale of such assets are recognised as revenue in the Consolidated Income Statement. Transportation costs relating to the rental of temporary road barrier are included in cost of sales.The Group classifies proceeds from the sale of scrap products generated in the manufacturing process within revenue. Galvanizing ServicesContracts with customers in the Galvanizing Services segment are generally simple. Revenue is recognised at a point in time, which is\ue878when the galvanized goods are either despatched or collected by the customer.The Group classifies proceeds from the sale of by-products generated during the galvanizing process within revenue. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-26-3": {
"value": "Contract assetsContract assets primarily relate to the rights to consideration for work completed but not billed at the reporting date. Contract assets are transferred to receivables when the rights become unconditional.Contract liabilitiesContract liabilities arise when the Group receives consideration from customers based on an agreed billing schedule, as established in\ue878the contract, which may not correspond with the pattern of performance under the contract. Where consideration has been received but a performance obligation not satisfied at the reporting date, a contract liability is recorded in the Consolidated Statement of\ue878Financial Position.4. Alternative Performance MeasuresThe Group presents Alternative Performance Measures (\u201cAPMs\u201d) in addition to its statutory results. These are presented in\ue878accordance with the Guidelines on APMs issued by the European Securities and Markets Authority. The principal APMs are:\u2022 Underlying profit before taxation\u2022 Underlying operating profit\u2022 Underlying operating margin\u2022 Organic and constant currency measures of change in revenue and underlying operating profit\u2022 Underlying cash conversion ratio\u2022 Capital expenditure to depreciation and amortisation ratio \u2022 Covenant net debt to EBITDA ratio\u2022 Underlying earnings per share. A reconciliation of statutory earnings per share to underlying earnings per share is provided in\ue878note\ue87810.All underlying measures exclude certain non-underlying items, which are detailed in note 5. References to an underlying profit measure are made on this basis and, in the opinion of the Directors, aid the understanding of the underlying business performance as\ue878they exclude items whose quantum, nature or volatility gives further information to obtain a fuller understanding of the underlying performance of the business. APMs are presented on a consistent basis over time to assist in comparison of performance.Reconciliation of underlying to reported profit before tax 20242023\u00a3m\u00a3mUnderlying profit before tax 132.6 111.9Non-underlying items included in operating profit (28.1) (18.7)Reported profit before tax 104.5 93.2Reconciliation of underlying to reported operating profit by segmentEngineered Solutions Roads & Security Galvanizing Services Total20242023202420232024202320242023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUnderlying operating profit 77.8 64.4 15.4 12.4 50.3 45.7 143.5 122.5Non-underlying itemsAmortisation of acquisition intangibles (5.1) (3.0) (3.7) (4.2) (1.1) (1.2) (9.9) (8.4)Business reorganisation costs \u2014 \u2014 \u2014 (0.2) \u2014 \u2014 \u2014 (0.2)Impairment of assets \u2014 \u2014 (13.2) (0.6) \u2014 \u2014 (13.2) (0.6)Loss on remeasurement of assets held for sale \u2014 \u2014 (3.1) \u2014 \u2014 \u2014 (3.1) \u2014Expenses related to acquisitions and disposals (1.5) (1.7) (0.4) (2.9) \u2014 (0.7) (1.9) (5.3)Loss on disposal of subsidiaries \u2014 \u2014 \u2014 (4.2) \u2014 \u2014 \u2014 (4.2)Reported operating profit/(loss) 71.2 59.7 (5.0) 0.3 49.2 43.8 115.4 103.8Calculation of underlying operating margin Engineered Solutions Roads & Security Galvanizing Services Total20242023202420232024202320242023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUnderlying operating profit 77.8 64.4 15.4 12.4 50.3 45.7 143.5 122.5Revenue 418.7 367.0 238.6 266.1 197.8 196.7 855.1 829.8Underlying operating margin (%) 18.6% 17.5% 6.5% 4.7% 25.4% 23.2% 16.8% 14.8%4. Alternative Performance Measures continuedMeasures of organic and constant currency change in revenue and underlying operating profit Organic constant currency measures exclude the impact of currency translation movements, acquisitions, disposals and closures of\ue878subsidiary businesses. In respect of acquisitions, the amounts referred to represent the amounts for the period in the current year that the business was not held in the prior year. In respect of disposals and closures of subsidiary businesses, the amounts referred to represent the amounts for the period in the prior year that the business was not held in the current year. Constant currency amounts are prepared using exchange rates which prevailed in the current year.Engineered Solutions Roads & Security Galvanizing Services TotalUnderlying Underlying Underlying Underlying Revenueoperating profitRevenueoperating profitRevenueoperating profitRevenueoperating profit\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m2023 367.0 64.4 266.1 12.4 196.7 45.7 829.8 122.5Impact of exchange rate movements from 2023 to 2024 (9.0) (2.1) (2.9) (0.2) (3.5) (1.1) (15.4) (3.4)2023 translated at 2024 exchange rates (A) 358.0 62.3 263.2 12.2 193.2 44.6 814.4 119.1Acquisition, disposals and closures 44.1 9.4 (1.9) \u2014 1.3 0.4 43.5 9.8Organic growth/(decline) (B) 16.6 6.1 (22.7) 3.2 3.3 5.3 (2.8) 14.62024 (C) 418.7 77.8 238.6 15.4 197.8 50.3 855.1 143.5Organic growth % (B divided by A) 4.6% 9.8% -8.6% 26.2% 1.7% 11.9% -0.3% 12.3%Constant currency change % ((C-A) divided by A) 17.0% 24.9% -9.3% 26.2% 2.4% 12.8% 5.0% 20.5%Calculation of underlying cash conversion ratio20242023\u00a3m\u00a3mUnderlying operating profit 143.5 122.5Calculation of adjusted operating cash flow:Cash generated by operations 168.6 173.4Purchase of assets for rental to customers (2.3) (2.3)Purchase of property, plant and equipment (21.3) (26.7)Purchase of intangible assets (5.0) (2.8)Repayment of lease liabilities (9.0) (9.4)Proceeds on disposal of non-current assets and assets held for sale 3.4 3.3Defined benefit pension scheme deficit payments 3.7 3.7Add back: Cash flows relating to non-underlying items 4.0 1.9Adjusted operating cash flow 142.1 141.1Underlying cash conversion (%) 99% 115%4. Alternative Performance Measures continuedCalculation of capital expenditure to depreciation and amortisation ratio20242023\u00a3m\u00a3mCalculation of capital expenditure:Purchase of assets for rental customers 2.3 2.3Purchase of property, plant and equipment 21.3 26.7Purchase of intangible assets 5.0 2.828.6 31.8Calculation of depreciation and amortisation:Depreciation of property, plant and equipment 20.8 19.7Amortisation of development costs 1.1 1.0Amortisation of other intangible assets 0.1 0.222.0 20.9Capital expenditure to depreciation and amortisation ratio 1.3x 1.5xCalculation of covenant net debt to EBITDA ratio20242023\u00a3m\u00a3mNet debt (note 19) 96.9 108.4Lease liabilities (46.0) (43.7)Lease liabilities classified as held for sale (3.0) \u2014Amounts related to refinancing 1.5 2.0Covenant net debt (A) 49.4 66.7Underlying operating profit 143.5 122.5Depreciation of owned assets 20.8 19.7Right-of-use asset depreciation 10.4 9.3Amortisation of development costs 1.1 1.0Amortisation of other intangible assets 0.1 0.2Underlying EBITDA 175.9 152.7Adjusted for:Lease payments (11.0) (10.4)Share-based payments expense 3.4 4.1Annualised EBITDA of subsidiaries acquired/disposed 5.5 3.5Covenant EBITDA (B) 173.8 149.9Covenant net debt to EBITDA (A divided by B) 0.3 0.4",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-27-3": {
"value": "Retirement benefitsThe Group operates pension schemes under which contributions by employees and by the sponsoring companies are held in trust funds separated from the Group\u2019s finances.Obligations for contributions to defined contribution pension schemes are recognised as an expense in the Consolidated Income Statement as incurred. The Group\u2019s net obligation in respect of defined benefit pension schemes is calculated separately for each scheme by estimating the\ue878amount of future benefit that employees have earned in return for their service in the current and prior periods. This benefit is discounted to determine its present value, and the fair value of any scheme assets is deducted. The discount rate is the yield at the year\ue878end date on AA rated bonds that have maturity dates approximating to the terms of the Group\u2019s obligations. The calculation is\ue878performed by a qualified actuary using the projected unit method. Scheme assets are valued at bid price.In the Consolidated Income Statement, current and past service costs are recognised in operating profit and the interest cost on the net\ue878defined benefit obligations is included in financial expense.All actuarial gains and losses in calculating the Group\u2019s obligation in respect of defined benefit schemes are recognised annually and reported in the Consolidated Statement of Comprehensive Income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-28-3": {
"value": "Share-based payment transactionsThe Group issues equity settled share-based payments to certain employees, including those in the form of buy-out awards or deferred bonus awards. The fair value of shares/options granted is recognised as an employee expense, with a corresponding increase in equity reserves. The fair value is calculated at the grant date and spread over the period during which the employees become unconditionally entitled to the shares/options. The Black\u2014Scholes model has been adopted as the method of evaluating the fair value of the options where vesting is based on non-market conditions, while a Monte Carlo Simulation is used where vesting is based on market conditions. The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such conditions and there is\ue878no\ue878adjustment for differences between expected and actual outcomes.The fair value of amounts payable to employees in respect of share appreciation rights settled in cash is recognised as an employee expense and corresponding increase in liabilities. The fair value of the liability is remeasured at each reporting date and spread over the\ue878period during which employees become unconditionally entitled to the payment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-29-3": {
"value": "Financial income and expenseFinancial income comprises interest income on funds invested and gains on the fair value of financial assets and liabilities at fair value through profit or loss. Interest income is recognised as it accrues in the Consolidated Income Statement using the effective interest method.Financial expense comprises interest expense on borrowings, interest cost on net pension scheme obligations, unwinding of discounts, losses on the fair value of financial assets and liabilities at fair value through profit or loss, the interest expense on lease liabilities, and financial expenses related to refinancing. All borrowing costs are recognised in the Consolidated Income Statement using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-31-3": {
"value": "Non-underlying itemsNon-underlying items are presented separately in the Consolidated Income Statement where, in the Directors\u2019 judgement, the quantum, nature or volatility of such items gives further information to obtain a fuller understanding of the underlying performance of the business. The following are included by the Group in its assessment of non-underlying items:\u2022 Gains or losses arising on disposal, closure, restructuring or reorganisation of businesses that do not meet the definition of\ue878discontinued operations\u2022 Amortisation of intangible fixed assets arising on acquisitions, which can vary depending on the nature, size and frequency of\ue878acquisitions in each financial period\u2022 Expenses associated with acquisitions and disposals, comprising professional fees incurred, any consideration which, under IFRS 3 is required to be treated as a post-acquisition employment expense, and changes in contingent consideration payable on acquisitions\u2022 Impairment charges in respect of tangible or intangible fixed assets, or right-of-use assets\u2022 Changes in the fair value of derivative financial instruments\u2022 Significant past service items or curtailments and settlements relating to defined benefit pension obligations resulting from material changes in the terms of the schemes.The non-underlying tax charge or credit comprises the tax effect of the above items.Details in respect of the non-underlying items recognised in the current and prior year are set out in note 5 to the Financial Statements.5. Non-underlying itemsIncluded in operating profit 20242023\u00a3m\u00a3mLoss on disposal of subsidiaries \u2014 (4.2)Business reorganisation costs \u2014 (0.2)Impairment of assets (a) (13.2) (0.6)Loss on remeasurement of assets held for sale (b) (3.1) \u2014Amortisation of acquisition intangibles (9.9) (8.4)Expenses related to acquisitions and disposals (c) (1.9) (5.3)Total non-underlying items (28.1) (18.7)Notes:a) The impairment charge of \u00a313.2m relates to H&S Inc., the Group\u2019s US road products business, comprising \u00a38.6m of goodwill and \u00a32.0m of acquisition intangible assets (explained in note 12), and a further \u00a31.5m relating to property, plant and equipment, \u00a30.7m relating to other intangible assets and \u00a30.4m relating to right-of-use assets. In assessing the carrying value of the H&S Inc. CGU, the projected cash flows showed that its message boards division, operating out of Garland, Texas, is not expected to generate sufficient future cash flows to support the carrying value of the property, plant and equipment and\ue878intangible fixed assets utilised in that part of the business. We therefore assessed the fair value less costs of disposal of those assets, concluding that their fair value was \u00a32.2m lower than their previous carrying value. Similarly an impairment of \u00a30.4m was recognised in respect of the fair value of the Garland property right-of-use asset, reflecting its estimated recoverable value.b) The loss on remeasurement of assets held for sale relates primarily to the two businesses classified as individual disposal groups as at 31 December 2024, as\ue878explained in note 14. The carrying amounts were reduced to their fair value less costs to sell, resulting in a loss on remeasurement of \u00a33.1m.c) Expenses related to acquisitions and disposals include a credit of \u00a31.7m in respect of previously accrued contingent consideration on\ue878the National Signal acquisition that is not now expected to be paid, and additional costs of \u00a30.4m relating to the Group\u2019s disposal of its small, loss-making Berry Systems business in 2023, together with professional fees incurred on the four US acquisitions in 2024 and the two disposals initiated in 2024 which have been classified as disposal groups (see note 14 for further details).Included in taxationThe tax effect of the above items is a credit to the income statement of \u00a35.9m (2023: \u00a33.2m). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-32-3": {
"value": "Income taxIncome tax on the profit or loss for the year represents the sum of the tax currently payable and deferred tax. Income tax is recognised in the Consolidated Income Statement except to the extent that it relates to items either recognised in other comprehensive income or\ue878directly in equity.Current tax is the expected tax payable on the taxable profit for the year. Taxable profit differs from net profit as reported in the Consolidated Income Statement because it excludes items of income or expense that are not taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates enacted or substantively enacted at the year end date, and any adjustments to tax payable in respect of previous years.Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates, with effect from 1 January 2024. An assessment of the potential exposure to Pillar Two income taxes has been performed, noting that the Group primarily operates in the UK and US where Pillar Two effective tax rates are higher than 15%. Currently the only jurisdiction identified where the transitional safe harbour relief may not be available is in respect of the Group\u2019s small trading operation in Ireland, however the Group does not expect a significant exposure to Pillar Two income taxes to result given the relatively low level of profitability in\ue878the\ue878Irish entity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-33-3": {
"value": "Deferred taxationDeferred tax is provided in full using the Consolidated Statement of Financial Position liability method and represents the tax expected to be payable or recoverable on the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: goodwill not deductible for tax purposes, the initial recognition of assets and liabilities not resulting from a business combination that affects neither accounting nor taxable profit, and differences relating to investments in subsidiaries to the extent that they will not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the year end date.A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. The carrying amount of deferred tax assets is reviewed at each year end date and reduced to the extent that it\ue878is\ue878no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered.Deferred tax assets and liabilities are offset 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:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-34-3": {
"value": "Ordinary dividendsDividends are recognised as a liability in the period in which they are approved by the Company\u2019s shareholders.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-35-2": {
"value": "2. Accounting judgements, estimates and assumptionsThe preparation of the Group\u2019s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of income, expenses, assets and liabilities. Actual\ue878results may differ from these estimates. Impairment of goodwill (note 12)EstimatesThe determination of whether goodwill and other indefinite life intangible assets should be impaired requires the estimation of future cash flows and growth factors adopted by each cash generating unit (\u201cCGU\u2019s\u201d). Furthermore, discount rates applied to these cash flows are determined by reference to the markets in which they operate and are risk adjusted to reflect risks and opportunities existing for\ue878each CGU. These factors are all affected by prevailing market and economic factors outside the Group\u2019s control. Further information on this issue, including sensitivity analyses for certain CGUs, is included in note 12.Actuarial assumptions on pension obligations (note 26)EstimatesIn determining the valuation of the UK defined benefit pension deficit, certain estimates and assumptions about the scheme have been\ue878made, notably the inflation rates, discount rates, mortality and pension increases. The factors affecting these assumptions are\ue878influenced by wider macro-economic factors that are largely outside of the Group\u2019s control. A sensitivity analysis of the impact of\ue878changes in key assumptions is set out in note 26.Taxation (notes 9 and 16)JudgementsLiabilities for uncertain tax positions require management judgements in respect of tax audit issues and exposures in each of the jurisdictions in which the Group operates. Where management judges that a tax position is uncertain, a current tax liability is held for anticipated taxes that are considered to be probable based on the information available. The key judgement area for the Group is the pricing of intercompany goods and services and other cross border transactions between subsidiaries in different countries.EstimatesManagement is required to make an estimate of the current tax liability together with an assessment of the temporary differences which arise as a consequence of different accounting and tax treatments. Liabilities for uncertain tax positions also require management estimates in respect of the amount of tax that may become payable. Management engages with professional advisors in making its assessment and, if appropriate, will liaise with the relevant tax authorities to resolve the matter. The tax liability is reassessed in each period to reflect management\u2019s best estimate in light of the information available. Included in the current tax payable is a liability of \u00a36.0m (2023: \u00a34.5m) for uncertain tax positions. In addition, \u00a30.6m (2023: \u00a30.6m) of the deferred tax liability relates to uncertain tax positions. Depending on the conclusions of any tax audits conducted by the tax authorities in the various jurisdictions in which the Group operates, management estimate the range of possible outcomes to be between \u00a3nil and \u00a38.4m (2023: \u00a3nil to \u00a36.1m) and therefore it is possible that, if the outcomes are different to those estimated by management, the difference may materially impact the income tax charge / (credit) in the year in which the matter is concluded. Further information is set out in note 9 and note 16.Non-current assets held for sale (note 14)JudgementsThe criteria for held for sale classification are regarded as met only when the sale is highly probable, and the asset or disposal group is\ue878available for immediate sale in its present condition. Determining whether a sale is highly probable can require some judgement and requires analysis of all relevant facts and circumstances as at the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-36-3": {
"value": "Business segment analysisThe Group has three reportable segments which are Engineered Solutions, Roads & Security and Galvanizing Services. The Group\u2019s internal management structure and financial reporting systems differentiate between these segments, and, in reporting, management have taken the view that they comprise a reporting segment on the basis of the following economic characteristics:\u2022 The Engineered Solutions segment contains a group of businesses supplying products characterised by a degree of engineering expertise, to public and private customers involved in the construction of facilities serving the utilities and other infrastructure markets; \u2022 The Roads & Security segment contains a group of businesses supplying products designed to ensure the safety and security of roads and other national infrastructure, many of which have been developed to address national and international safety standards, to customers involved in the construction of that infrastructure; and\u2022 The Galvanizing Services segment contains a group of companies supplying galvanizing and related materials coating services to\ue878companies in a wide range of markets including construction, agriculture and infrastructure.Corporate costs are allocated to reportable segments in proportion to the revenue of each of those segments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-37-2": {
"value": "Segmental Income Statement2024 2023Reported Underlying Reported Underlying operating operating operating operating Revenue profit profit* Revenue profit profit* \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mEngineered Solutions 418.7 71.2 77.8 367.0 59.7 64.4Roads & Security 238.6 (5.0) 15.4 266.1 0.3 12.4Galvanizing Services 197.8 49.2 50.3 196.7 43.8 45.7Group 855.1 115.4 143.5 829.8 103.8 122.5Net financing costs (10.9) (10.9) (10.6) (10.6)Profit before taxation 104.5 132.6 93.2 111.9Taxation (28.1) (34.0) (24.4) (27.6)Profit after taxation 76.4 98.6 68.8 84.3 * Underlying operating profit is stated before non-underlying items as defined in the Group Accounting Policies on page 151 and is the measure of segment profit used by the Chief Operating Decision Maker, who is the Chief Executive. The reported operating profit columns are included as additional information.Transactions between operating segments are on an arm\u2019s length basis similar to transactions with third parties. Galvanizing Services sold \u00a34.9m (2023: \u00a35.2m) of products and services to Roads & Security and \u00a33.3m (2023: \u00a32.5m) of products and services to Engineered Solutions. Engineered Solutions sold \u00a30.1m (2023: \u00a30.6m) of products and services to Roads & Security. These internal revenues, along with revenues generated from within their own segments, have been eliminated on consolidation.3. Segmental information continuedIn the following tables, revenue from contracts with customers is disaggregated by primary geographical market, major product/service lines and timing of revenue recognition. Revenue by primary geographical market is defined as the end location of the Group\u2019s product or service. The table also includes a reconciliation of the disaggregated revenue with the Group\u2019s reportable segments.Engineered Solutions Roads & Security Galvanizing Services Total20242023202420232024202320242023Primary geographical markets\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUK 74.9 80.6 146.3 155.0 80.9 83.9 302.1 319.5Rest of Europe 9.4 8.2 13.5 11.0 \u2014 \u2014 22.9 19.2North America 316.4 259.2 74.5 90.4 116.9 112.8 507.8 462.4The Middle East 10.0 12.5 1.2 1.9 \u2014 \u2014 11.2 14.4Rest of Asia 6.2 5.5 0.5 0.7 \u2014 \u2014 6.7 6.2Rest of the world 1.8 1.0 2.6 7.1 \u2014 \u2014 4.4 8.1418.7 367.0 238.6 266.1 197.8 196.7 855.1 829.8Major product/service lineManufacture, supply and installation of products 418.7 367.0 215.0 241.2 \u2014 \u2014 633.7 608.2Galvanizing Services \u2014 \u2014 \u2014 \u2014 197.8 196.7 197.8 196.7Rental of assets to customers \u2014 \u2014 23.6 24.9 \u2014 \u2014 23.6 24.9418.7 367.0 238.6 266.1 197.8 196.7 855.1 829.8Timing of revenue recognitionProducts and services transferred at a point in time 212.7 172.7 174.9 208.1 197.8 196.7 585.4 577.5Products and services transferred over time 206.0 194.3 63.7 58.0 \u2014 \u2014 269.7 252.3418.7 367.0 238.6 266.1 197.8 196.7 855.1 829.8The Group has no material unsatisfied or partially satisfied performance obligations at the balance sheet date that have an expected duration of more than one year and therefore has taken the practical expedient under IFRS 15 not to disclose such details.Additional segmental analysisCapital expenditure and amortisation/depreciation2024 2023Impairment Impairment losses, losses, amortisation amortisation Capital and Capital and expendituredepreciationexpendituredepreciation\u00a3m\u00a3m\u00a3m\u00a3mEngineered Solutions 13.3 10.7 11.7 7.4Roads & Security 8.5 27.1 8.2 14.9Galvanizing Services 5.6 7.7 11.0 7.7Total Group 27.4 45.5 30.9 30.0Property, plant and equipment (note 13) 22.4 22.5 28.1 20.4Intangible assets (note 12) 5.0 23.0 2.8 9.6Total Group 27.4 45.5 30.9 30.0The 2024 amounts for impairment losses, amortisation and depreciation relating to the Roads and Security segment included asset impairments of \u00a313.2m relating to H&S Inc. as explained in note 5.3. Segmental information continuedGeographical analysis Total assets20242023\u00a3m\u00a3mUK 292.8 262.8Rest of Europe 4.0 3.6North America 473.9 419.6Asia 17.4 16.0Rest of the world 7.9 13.0Total Group 796.0 715.0Non-current assets20242023\u00a3m\u00a3mUK 168.4 181.0Rest of Europe 1.5 0.8North America 291.1 239.8Asia 3.4 3.2Rest of the world \u2014 9.1Total Group 464.4 433.9Capital expenditure20242023\u00a3m\u00a3mUK 9.1 12.7Rest of Europe 0.5 0.3North America 17.1 16.6Asia 0.6 0.6Rest of the world 0.1 0.7Total Group 27.4 30.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-44-2": {
"value": "20242023\u00a3m\u00a3mTotal employee benefit expense for the yearWages and salaries 192.5 171.4Share-based payments (note 24) 3.4 4.1Social security costs 26.2 23.1Pension costs (note 26) 5.1 4.6227.2 203.220242023\u00a3m\u00a3mRemuneration of key management personnelRemuneration in relation to short term benefits 4.8 2.8Share based payments 1.7 0.8Company contributions to money purchase pension plans 0.1 0.16.6 3.76. Employees continuedKey management personnel are those persons having authority and responsibility for planning, directing, and controlling the activities of the Group, directly or indirectly, including any directors (whether executive or otherwise) of the Group. Key management personnel are considered to be the Board of Directors of Hill & Smith PLC and the members of the Executive Board who are not also Directors of\ue878the Group. Further details of the Directors\u2019 remuneration and share interests are given in the Directors\u2019 Remuneration Report on pages 102 to 120.26. PensionsTotalThe total Group retirement benefit assets and obligations are detailed below:UKUS2024UKUS2023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mTotal fair value of scheme assets 47.0 2.6 49.6 48.5 2.7 51.2Present value of scheme funded obligations (47.2) (3.2) (50.4) (51.9) (3.4) (55.3)Retirement benefit obligation (0.2) (0.6) (0.8) (3.4) (0.7) (4.1)United KingdomThe Group operates one main pension scheme in the UK, the Hill & Smith 2016 Pension Scheme (\u2018the Scheme\u2019), providing benefits on a\ue878defined benefit and defined contribution basis. The Scheme is closed to future accrual and is subject to the statutory scheme specific funding requirements outlined in UK legislation. The weighted average maturity (the \u2018duration\u2019) of the defined benefit plan obligations at\ue878the end of the reporting period is approximately 9 years (2023: 10 years).The assets of the Scheme are administered by Trustees and are kept entirely separate from those of the Group. The Trustees undertake a full funding valuation of the Scheme every three years, which is used to determine the rates at which the Group contributes to the Scheme, with the objective of providing the funds required to meet pension obligations as they fall due.The Group remains actively engaged in dialogue with the Scheme\u2019s Trustees with regard to management, funding and investment strategy. Following the triennial funding valuation of the Scheme as at April 2022, the Group continues to have a deficit recovery plan with the Trustees that requires cash contributions of \u00a33.7m per annum until March 2026. The results of the triennial valuation have been incorporated in the IAS 19 position at 31 December 2024, updated by an independent qualified actuary.The Consolidated Income Statement for the year includes a pension charge within operating profit of \u00a33.0m (2023: \u00a33.3m), which includes the costs of the defined contribution and the defined benefit sections of the Scheme. All actuarial gains and losses are recognised immediately in the Consolidated Statement of Comprehensive Income.26. Pensions continuedThe Scheme exposes the Group to a number of risks, the most significant being:Risk DescriptionVolatile asset returns The defined benefit obligation is calculated using a discount rate set with reference to high quality corporate bond yields. If assets underperform against this discount rate, this will create a plan deficit. The Scheme holds a proportion of its assets in growth assets which are expected to outperform corporate bonds in the long term. However, returns are likely to be volatile in the short term, potentially resulting in short term cash requirements and an increase in the deficit recorded in the Consolidated Statement of Financial Position. The allocation to growth assets is monitored to ensure it remains appropriate given the Scheme\u2019s long term objectives.Changes in bond yields A decrease in corporate bond yields will increase the funding and accounting liabilities, although this will\ue878be partially offset by an increase in the value of the Scheme\u2019s investments in Liability Driven Investment and bond funds.Inflation risk A significant proportion of the defined benefit obligation is indexed in line with price inflation, with higher inflation leading to higher liabilities. This risk will be partially offset by the Scheme\u2019s Liability Driven Investments, which will increase in value in line with market inflation expectations.Life expectancy The majority of the Scheme\u2019s obligations are to provide a pension for the life of each of the members, so\ue878increases in life expectancy will result in an increase in the liabilities.The principal assumptions used to value the Scheme\u2019s liabilities at 31 December:2024 2023Rate of increase in salaries n/a n/aRate of increase in pensions payment 3.2% 3.1%Discount rate 5.4% 4.5%Inflation \u2014 RPI 3.3% 3.2%Inflation \u2014 CPI 2.4% 2.3%Mortality table 114%/117% 114%/117%CMI 2023 CMI 20221.25% 1.25%The mortality assumptions imply the following expected future lifetimes from age 65:2024 2023Males currently aged 45 21.8 years 21.6 yearsFemales currently aged 45 24.4 years 24.1 yearsMales currently aged 65 20.6 years 20.4 yearsFemales currently aged 65 23.0 years 22.7 yearsThe assumptions have been chosen by the Directors from a range of possible actuarial assumptions which, due to the timescales covered, may not be borne out in practice. The Group takes advice from an independent actuary regarding the appropriateness of the assumptions used.Over the last three years, short-term inflation in the UK has at times been significantly higher than we have seen in previous years. The\ue878Group has made an allowance for this higher inflation experience within the liabilities of the Scheme. Over the duration of the Scheme\u2019s liabilities, market expectations of inflation (which have been used to derive the inflation assumptions above) are significantly\ue878lower than this recent experience.26. Pensions continuedAssets and liabilitiesThe Scheme holds assets and liabilities in respect of defined contribution benefits which are equal in value and are excluded from the\ue878following figures. The fair values of Scheme assets in respect of the defined benefit scheme, which are not intended to be realised in the short term and may be subject to significant change before they are realised, are detailed below. In addition, the value of the Scheme liabilities, which is derived from cash flow projections over an average period of approximately 9 years (the weighted average term maturity of the Scheme\u2019s liabilities) and which is therefore inherently uncertain is also set out below.Market value Market value 2024 2023 \u00a3m\u00a3mAssetsQuoted Investment FundsEquities 3.6 \u2014Bonds 7.0 15.6Diversified growth funds 8.4 \u2014Liability Driven Investment (\"LDI\") funds 10.6 15.0*Alternatives12.1 12.2Unquoted Investment FundsWith profits policies 1.0 0.9Cash 4.3 4.8Total fair value of Scheme assets 47.0 48.5Present value of Scheme funded obligations (47.2) (51.9)Retirement benefit obligation (0.2) (3.4) * Alternatives are investments in asset classes other than traditional equities, bonds, property and cash. They include investments in private equity, private credit, hedge funds, infrastructure, and renewable energy investments.In 2017 the Group and the Trustees undertook an investment review of the Scheme. The intention of the strategy for the Scheme is to reduce a proportion of interest rate and inflation risk by investing a portion of the Scheme\u2019s assets in Liability Driven Investment funds. This strategy resulted in an initial shift between bonds and LDI funds in the asset categories in 2017. The strategy was reassessed as part of the April 2019 triennial valuation exercise, which resulted in a further shift from growth assets to bonds in 2020, reducing the level of risk in the Scheme\u2019s asset strategy. The Scheme\u2019s LDI investment is structured as investment in a number of unit-linked funds of short and long-dated nominal and index-linked government bonds, some of which are leveraged, held with the Scheme\u2019s investment manager. This is designed to reflect the size and shape of the Scheme\u2019s interest rate and inflation exposure. Following the April 2022 triennial valuation, there has been no further change to the previously agreed strategy.Assets in the bonds and equities categories, which account for approximately 23% (2023: 32%) of total Scheme assets, have quoted market prices in active markets. Excluding cash, the balance of \u00a332.1m (2023: \u00a328.1m) represents the Scheme\u2019s investment in LDI funds and Secure Income Assets Funds. The LDI funds are invested in inflation linked bonds issued by the UK Government as well as\ue878fixed rate bonds. Secure Income Assets Funds (Alternatives) are invested in a diversified portfolio of infrastructure debts, private corporate debts and real estate debts. The sensitivity of these funds to changes in interest rates is measured using hedging multiples. Where asset prices are not directly derivable, an accurate price is determined from a subset of observable market data.Total expense recognised in the Consolidated Income Statement2024 2023Defined Defined contribution Defined benefit contribution Defined benefit schemesschemesTotalschemesschemesTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCurrent service costs 1.9 \u2014 1.9 2.3 \u2014 2.3Expenses 0.8 0.3 1.1 0.5 0.5 1.0Charge to operating profit 2.7 0.3 3.0 2.8 0.5 3.3Interest on net Scheme deficit \u2014 0.1 0.1 \u2014 0.2 0.2Total charge to profit before tax 2.7 0.4 3.1 2.8 0.7 3.526. Pensions continuedChange in the present value of the defined benefit obligations20242023\u00a3m\u00a3mOpening defined benefit obligations 51.9 51.4Interest cost 2.3 2.4Actuarial (gain)/loss arising from:Financial assumptions (3.5) 1.6Demographic assumptions 0.2 (1.0)Experience assumptions 0.1 1.4Benefits paid (3.8) (3.9)Closing defined benefit obligations 47.2 51.9Changes in fair values of Scheme assets20242023\u00a3m\u00a3mOpening fair value of assets 48.5 44.9Interest income 2.2 2.2Return on plan assets excluding interest income (3.6) 1.6Employer contributions 3.7 3.7Benefits paid (3.8) (3.9)Closing fair value of assets 47.0 48.5Actual return on Scheme assets (1.4) 3.8Expected employer contributions in the following yearDefined benefit scheme 4.0 4.0Defined contribution schemes 1.9 2.0Amounts recognised in the Consolidated Statement of Comprehensive Income% of Scheme % of Scheme assets/2024 assets/2023 liabilities %\u00a3mliabilities %\u00a3mReturn on plan assets excluding interest income (8) (3.6) 3 1.6Changes in assumptions underlying the present value of Scheme obligations 7 3.2 (4) (2.0)Amount recognised in the year (1) (0.4) (1) (0.4)The table below shows the sensitivity of the Consolidated Statement of Financial Position to certain changes in the significant pension assumptions:Increase in Decrease in Balance at pensions pensions 31 December payment paymentDiscount rate Discount rateInflation rate Inflation rateLife expectancyLife expectancy2024(+0.1% p.a.)(-0.1% p.a.)(+0.1% p.a.)(-0.1% p.a.)(+0.1% p.a.)(-0.1% p.a.)(+1 year)(-1 year)\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mValue of funded obligations (47.2) (47.4) (47.0) (46.8) (47.6) (47.5) (46.9) (49.3) (45.1)Fair value of plan assets 47.0 47.0 47.0 47.0 47.0 47.0 47.0 47.0 47.0Deficit (0.2) (0.4) (0.0) 0.2 (0.6) (0.5) 0.1 (2.3) 1.9The sensitivity analyses above have been determined based on a method that extrapolates the impact on the defined benefit obligation as a result of changes in key assumptions occurring at the end of the year. The sensitivity analyses are based on a change in a significant assumption, keeping all other assumptions constant. As such the sensitivity analyses may not be representative of an actual change in\ue878the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation from one another.26. Pensions continuedThe Group has considered the requirements of IFRIC 14. The terms of the Scheme give the Group the right to recover any surplus assets in the Scheme upon wind up and therefore management have concluded that there is no impact on the amounts recognised in\ue878respect of retirement benefit obligations.The Group is aware of the Court of Appeal\u2019s ruling on 25 July 2024 in the case of Virgin Media v NTL Pension Trustees II Limited (and\ue878others) which confirmed the implications of not having a confirmation from the actuary in accordance with Section 37 of the Pension Schemes Act 1993, when rule changes were made to pension schemes such as the Group\u2019s UK Scheme, between 6 April 1997 and 6 April 2016. The Board of Trustees of the Hill & Smith Pension Scheme, which is responsible for compliance with Section 37, is\ue878continuing to liaise with its professional advisers in respect of rule changes that occurred in the relevant period. An initial compliance investigation has been completed and, based upon the information currently available, we are not aware of any material omissions in\ue878compliance, hence the Group does not expect any material change to the pension accounting reflected in these financial statements.USAIn the US, Bergen Pipe Supports, Inc. operates a defined benefit pension plan comprising current and deferred pensioners such that no\ue878future benefits accrue. The average duration of the defined benefit plan obligation at the end of the reporting period is approximately 7 years (2023: 7 years).The Group also operates defined contribution plans in a number of other overseas operations. The amount contributed to these plans during the year was \u00a32.1m (2023: \u00a31.2m).The Consolidated Income Statement for the year includes a pension charge within operating profit of \u00a32.1m (2023: \u00a31.3m), which includes the costs of the defined contribution schemes and the defined benefit schemes. Actuarial valuations of the above schemes were carried out by independent actuaries as at 31 December 2024. All actuarial gains and losses are recognised immediately in the Consolidated Statement of Comprehensive Income.The principal assumptions used by the actuaries:2024 2023Rate of increase in salaries n/a n/aDiscount rate 5.31% 4.68%Inflation 0.00% 0.0%Mortality table PRI \u2014 2012 Private PRI \u2014 2012 Private Retirement Plans; Retirement Plans; Scale Scale MP \u2014 2021 MP \u2014 2021 improvementsimprovementsAssets and liabilitiesThe fair values of scheme assets, which are not intended to be realised in the short term and may be subject to significant change before they are realised, and the value of the scheme liabilities, which is derived from cash flow projections over long periods and which is therefore inherently uncertain, are as follows:Market value Market value 2024 2023 \u00a3m\u00a3mAssetsInsured fixed interest assets quoted in active markets 2.5 2.7Cash 0.1 \u2014Total fair value of scheme assets 2.6 2.7Present value of Scheme funded obligations (3.2) (3.4)Retirement benefit obligation (0.6) (0.7)Cash and other insured fixed interest assets \u2014 where assets are held in cash or a policy with a fixed interest asset allocation, the\ue878expected long term rate of return is taken to be the yields generally prevailing on such assets as at the year end date.26. Pensions continuedTotal expense recognised in the Consolidated Income Statement2024 2023Defined Defined contribution Defined benefit contribution Defined benefit schemesschemesTotalschemesschemesTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCurrent service costs 2.0 0.1 2.1 1.2 0.1 1.3Charge to operating profit 2.0 0.1 2.1 1.2 0.1 1.3Interest on net Scheme deficit \u2014 \u2014 \u2014 \u2014 0.1 0.1Total charge to profit before tax 2.0 0.1 2.1 1.2 0.2 1.4Change in the present value of the defined benefit obligation2024 2023\u00a3m\u00a3mOpening defined benefit obligations 3.4 3.4Interest cost 0.1 0.2Actuarial (gain)/loss arising from:Financial assumptions (0.1) 0.1Demographic assumptions \u2014 (0.2)Experience assumptions \u2014 0.3Benefits paid (0.2) (0.2)Exchange adjustments \u2014 (0.2)Closing defined benefit obligations 3.2 3.4Changes in fair values of scheme assets2024 2023\u00a3m\u00a3mOpening fair value of assets 2.7 2.7Return on plan assets excluding interest income 0.1 0.2Interest on plan assets 0.1 0.1Employer contributions \u2014 0.1Admin expenses (0.1) (0.1)Benefits paid (0.2) (0.2)Exchange adjustments \u2014 (0.1)Closing fair value of assets 2.6 2.7Actual return on Scheme assets 0.2 0.3Expected employer contributions in the following yearDefined contribution schemes 2.0 1.2Amounts recognised in the Consolidated Statement of Comprehensive Income% of Scheme % of Scheme assets/2024 assets/2023 liabilities %\u00a3mliabilities %\u00a3mExperience loss on scheme obligations \u2014 \u2014 (9) (0.3)Return on plan assets excluding interest income 4 0.1 7 0.2Changes in assumptions underlying the present value of Scheme obligations 3 0.1 2 0.1Amount recognised in the year 7 0.2 \u2014 \u2014The Group considers that any reasonable sensitivities applied to the assumptions for the overseas schemes would not have a material impact on the Consolidated Financial Statements.",
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"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"pp-value-46-2": {
"value": "7. Net financing costs 20242023\u00a3m\u00a3mInterest on bank deposits 0.5 0.5Financial income 0.5 0.5Interest on loans and borrowings (8.8) (8.9)Interest on lease liabilities (note 15) (2.0) (1.3)Financial expenses related to refinancing activities (0.5) (0.6)Interest cost on net pension scheme deficit (note 26) (0.1) (0.3)Financial expense (11.4) (11.1)Net financing costs (10.9) (10.6)",
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"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"pp-value-47-2": {
"value": "8. Expenses and auditor\u2019s remuneration 20242023\u00a3m\u00a3mIncome statement chargesDepreciation of property, plant and equipment (20.8) (19.7)Right-of-use asset depreciation (10.4) (9.3)Short term leases (3.7) (1.0)Low value leases (0.1) \u2014Loss on disposal of non-current assets \u2014 (0.2)Loss on disposal of assets held for sale (0.2) \u2014Research and development expenditure (1.5) (1.0)Amortisation of acquisition related intangibles (9.9) (8.4)Amortisation of development costs (1.1) (1.0)Amortisation of other intangible assets (0.1) (0.2)Impairment losses:Intangible fixed assets (11.9) \u2014Tangible fixed assets (1.7) (0.7)Right-of-use lease assets (0.4) (0.6)Income statement creditsGain on disposal of assets held for sale \u2014 0.7Gain on lease terminations 0.6 0.1Gain on disposal of non-current assets 0.4 \u2014Foreign exchange gain 0.4 0.2Sublease income (note 15) 0.1 0.1",
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"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"pp-value-48-2": {
"value": "8. Expenses and auditor\u2019s remuneration continued A detailed analysis of the auditor\u2019s remuneration worldwide is as follows:20242023\u00a3m\u00a3mAudit of the Company\u2019s Annual Accounts 0.7 0.5Audit of the Company\u2019s subsidiaries 1.3 1.12.0 1.6A description of the work of the Audit Committee is set out in the Audit Committee Report on pages 96 to 101 and includes an explanation of how auditor objectivity and independence is safeguarded when non-audit services are provided by the auditor. Audit-related assurance services totalled \u00a3nil (2023: \u00a313,000).",
"dimensions": {
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"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"pp-value-49-2": {
"value": "9. Taxation20242023\u00a3m\u00a3mCurrent taxUK corporation tax 4.1 4.1Overseas tax at prevailing local rates 23.4 20.7Adjustments in respect of prior years (2.3) 1.325.2 26.1Deferred tax (note 16)UK deferred tax 3.7 1.1Overseas tax at prevailing local rates (2.4) (0.4)Adjustments in respect of prior years 1.6 (2.4)2.9 (1.7)Tax on profit in the Consolidated Income Statement 28.1 24.4Deferred Tax (note 16)Relating to defined benefit pension schemes \u2014 (0.1)Tax on items taken directly to other comprehensive income \u2014 (0.1)Current taxRelating to share-based payments (0.2) \u2014Deferred tax (note 16)Relating to share-based payments 0.4 (1.3)Tax taken directly to the Consolidated Statement of Changes in Equity 0.2 (1.3)The tax charge in the Consolidated Income Statement for the period is higher (2023: higher) than the standard rate of corporation tax in the UK. The differences are explained below:20242023\u00a3m\u00a3mProfit before taxation 104.5 93.2Profit before taxation multiplied by the effective rate of corporation tax in the UK of 25.0% (2023: 23.5%) 26.1 21.9Expenses not deductible/income not chargeable for tax purposes 3.1 2.3Benefits from international financing arrangements \u2014 current and prior years (0.1) (0.1)Local tax incentives (0.1) (0.1)Overseas profits taxed at higher/(lower) rates (0.2) 1.5Adjustments in respect of prior years (0.7) (1.1)Tax charge 28.1 24.49. Taxation continuedIn October 2017, the European Commission opened a state aid investigation into the Group Financing Exemption in the UK Controlled Foreign Company (\u2018CFC\u2019) legislation, announcing in April 2019 that it believed in certain circumstances the CFC regime constituted State Aid. In 2021 the Group received a charging notice from HMRC requiring it to pay \u00a31.6m in respect of state aid that HMRC considers had been unlawfully received in previous years, which was paid in full in February 2021. Applications to annul the Commission\u2019s decision had been made in prior years by the UK Government, the Group and other affected taxpayers. The EU General Court delivered its decision on these applications in June 2022, finding in favour of the Commission. In\ue878August 2022, the UK Government and several multinationals, including the Group, appealed against the General Court\u2019s decision. The appeal was heard by the Court of Justice of the European Union (\u2018CJEU\u2019) on 10 January 2024, and the CJEU\u2019s judgement was delivered on 19 September 2024 overturning the Commission\u2019s original decision. Following this, HMRC have enacted legislation which will provide for the tax, and interest, to be repaid, which we expect to be in 2025.",
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"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"pp-value-51-2": {
"value": "10. Earnings per shareThe weighted average number of ordinary shares in issue during the year was 80.4m (2023: 80.0m), diluted for the effects of the outstanding dilutive share options 81.4m (2023: 81.0m). Diluted earnings per share takes account of the dilutive effect of all outstanding share options disclosed in note 24, calculated using the treasury share method. Underlying earnings per share have been\ue878shown because the Directors consider that this provides valuable additional information about the underlying performance of\ue878the\ue878Group.2024 2023Pence per Pence per share \u00a3mshare \u00a3mBasic earnings 95.0 76.4 86.0 68.8Non-underlying items* 27.6 22.2 19.4 15.5Underlying earnings 122.6 98.6 105.4 84.3Diluted earnings 93.9 76.4 85.0 68.8Non-underlying items* 27.2 22.2 19.1 15.5Underlying diluted earnings 121.1 98.6 104.1 84.3 * Non-underlying items as detailed in note 5.",
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"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"pp-value-52-2": {
"value": "11. DividendsDividends paid during the year2024 2023Pence per Pence per share \u00a3mshare \u00a3mInterim dividend paid in relation to year-ended 31 December 2022 \u2014 \u2014 13.0 10.4Final dividend paid in relation to year-ended 31 December 2022 \u2014 \u2014 22.0 17.6Interim dividend paid in relation to year ended 31 December 2023 15.0 12.0 \u2014 \u2014Final dividend paid in relation to year ended 31 December 2023 28.0 22.5 \u2014 \u2014Total 43.0 34.5 35.0 28.011. Dividends continuedDividends declared in respect of the year2024 2023Pence per Pence per share \u00a3mshare \u00a3mInterim dividend declared in relation to year-ended 31 December 2023 \u2014 \u2014 15.0 12.0Final dividend declared in relation to year-ended 31 December 2023 \u2014 \u2014 28.0 22.5Interim dividend declared in relation to year ended 31 December 2024 16.5 13.3 \u2014 \u2014Final dividend proposed in relation to year ended 31 December 2024 32.5 26.1 \u2014 \u2014Total 49.0 39.4 43.0 34.5The final dividend for 2024 was proposed after the year end date and was not recognised as a liability at 31 December 2024, in\ue878accordance with IAS 10. ",
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"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"pp-value-54-2": {
"value": "12. Intangible assetsCapitalised Contracts, development licences and Goodwill Brands Customer lists costs other assets Total \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCostAt 1 January 2023 160.4 28.6 66.8 21.4 17.9 295.1Exchange adjustments (5.3) (1.2) (2.2) (0.1) (0.4) (9.2)Acquisitions of subsidiaries 17.2 1.3 16.3 \u2014 2.0 36.8Reclassification from tangible fixed assets \u2014 \u2014 \u2014 0.2 0.6 0.8Additions \u2014 \u2014 \u2014 2.1 0.7 2.8Disposals of subsidiaries (8.6) (0.2) (3.9) (0.9) (0.4) (14.0)At 31 December 2023 163.7 28.5 77.0 22.7 20.4 312.3Exchange adjustment 1.8 0.3 1.5 \u2014 0.1 3.7Acquisitions of subsidiaries 8.1 1.5 31.7 \u2014 4.1 45.4Additions \u2014 \u2014 \u2014 1.9 3.1 5.0Transfers to assets held for sale (1.6) (0.9) (9.1) \u2014 (0.1) (11.7)Reclassifications \u2014 \u2014 \u2014 0.8 (0.8) \u2014At 31 December 2024 172.0 29.4 101.1 25.4 26.8 354.7Amortisation and impairment lossesAt 1 January 2023 29.0 13.7 42.1 15.6 12.1 112.5Exchange adjustments (0.9) (0.5) (1.1) \u2014 (0.2) (2.7)Reclassification from tangible fixed assets \u2014 \u2014 \u2014 \u2014 0.5 0.5Disposals of subsidiaries (8.0) (0.2) (3.9) (0.7) (0.5) (13.3)Amortisation charge for the year \u2014 0.9 4.6 1.0 3.1 9.6At 31 December 2023 20.1 13.9 41.7 15.9 15.0 106.6Exchange adjustments 0.4 0.1 0.3 (0.2) 0.2 0.8Transfers to assets held for sale (1.6) (0.9) (9.1) \u2014 (0.1) (11.7)Amortisation charge for the year \u2014 0.9 6.2 1.1 2.9 11.1Impairment 8.6 0.3 1.7 1.1 0.2 11.9Reclassifications \u2014 \u2014 \u2014 0.8 (0.8) \u2014At 31 December 2024 27.5 14.3 40.8 18.7 17.4 118.7Carrying valuesAt 1 January 2023 131.4 14.9 24.7 5.8 5.8 182.6At 31 December 2023 143.6 14.6 35.3 6.8 5.4 205.7At 31 December 2024 144.5 15.1 60.3 6.7 9.4 236.012. Intangible assets continuedCash generating units with significant amounts of goodwill20242023\u00a3m\u00a3mEngineered SolutionsCreative Composites Group* 32.7 19.3V&S Utilities 10.6 5.7Enduro Composites* \u2014 8.3Others <\u00a35m individually 4.1 5.2Roads & SecurityNational Signal 7.1 7.0ATG Access 4.7 4.7H&S Inc. \u2014 8.7Hill & Smith Infrastructure 9.8 9.8Mallatite 9.6 9.6Prolectric 5.5 5.5Others <\u00a35m individually 0.2 0.2Galvanizing ServicesUSA 33.3 32.7UK 26.9 26.9144.5 143.6* Enduro Composites now forms part of the Creative Composites Group and has therefore been incorporated into the Creative Composites Group CGU for the purposes of goodwill impairment testing.Goodwill impairment reviews have been carried out on all CGUs to which goodwill is allocated.Methodology and assumptionsImpairment tests on the carrying values of goodwill and certain brand names* of \u00a38.1m (2023: \u00a38.0m), which are the Group\u2019s only other indefinite life intangible assets, are performed by analysing the carrying value allocated to each significant CGU against its value in use. All goodwill is allocated to specific CGUs, which are in all cases no larger than operating segments. Value in use is calculated for each CGU as the net present value of that unit\u2019s discounted future cash flows. These cash flows are based on budget cash flow information for a period of one year and strategic plans for 2026 through 2028, both of which are prepared taking into account a range of factors including past experience, the forecast future trading environment and macroeconomic conditions in the Group\u2019s key markets. The cash flows beyond the strategic plan period use growth rates which reflect the long-term historical growth in GDP of the economies in which each CGU is located, excluding 2020 and 2021 given the sharp economic movements in those years due to COVID-19. The long-term growth rates are 2.0% in the UK and 2.5% in the USA.12. Intangible assets continuedSummary of results of goodwill impairment reviewsThe calculated headroom between value in use and carrying value of each of the Group\u2019s CGUs with significant amounts of goodwill, together with the pre-tax discount rates applied, are set out below. The pre-tax discount rates are derived from a market participant\u2019s cost of capital and risk adjusted for individual CGUs\u2019 circumstances. 2024 2023Headroom/ Headroom/ Goodwill(impairment) Discount Goodwill(impairment) Discount\u00a3m\u00a3mrate\u00a3m\u00a3mrateCreative Composites Group 32.7 457.4 14.3% 19.3 185.6 15.3%V&S Utilities 10.6 155.1 14.4% 5.7 95.5 15.2%Hill & Smith Infrastructure 9.8 49.8 14.8% 9.8 26.7 14.8%ATG Access 4.7 8.3 14.8% 4.7 5.5 14.6%Mallatite 9.6 31.5 14.9% 9.6 30.0 14.8%Prolectric 5.5 4.4 14.7% 5.5 15.6 14.4%H&S Inc. 8.6 (10.6) 14.7% 8.7 15.9 15.0%National Signal 7.1 21.5 14.1% 7.0 38.9 15.1%Galvanizing Services \u2014 USA* 33.3 332.4 14.4% 32.7 210.4 15.2%Galvanizing Services \u2014 UK 26.9 55.1 15.0% 26.9 90.6 14.6%* The Group\u2019s only other indefinite life intangible assets relate to brand names allocated to the Galvanizing Services \u2014 USA CGU.Based on the methodology set out above, the impairment review for H&S Inc. concluded that the carrying value of the business exceeded its estimated recoverable amount and accordingly an impairment charge of \u00a310.6m has been recognised, comprising a\ue878full impairment of the goodwill of \u00a38.6m and the remaining acquisition intangible assets of \u00a32.0m.H&S Inc. manufactures, sells and rents a range of work zone protection products including crash attenuators, trailer-mounted message boards, and temporary road safety barriers, to construction contractors and traffic specialists across the US roads market. The business\u2019 performance in 2022 and 2023 was subdued and was impacted by operational challenges and consequent improvement costs. The operational challenges related primarily to the trailer-mounted message board division, operating out of the Garland, Texas facility. Whilst demand across the rest of the product portfolio gradually improved in 2024 and the operational challenges were\ue878largely addressed, demand for message boards saw further weakening driven by market competition and some supply chain constraints. The combination of ongoing difficulties in the message board division and a slower recovery elsewhere led the Board to\ue878reassess the business\u2019 future prospects, which in addition to reflecting a significantly more muted outlook for message boards, concluded that the pace of growth across certain other elements of the product range was likely to be slower than previously anticipated. Consequently the impairment review based on this revised assessment concluded that H&S Inc.\u2019s future cash flows were not sufficient to support its carrying value, resulting in a full impairment of the acquisition goodwill of \u00a38.6m and of\ue878the remaining acquisition intangible assets of \u00a32.0m. 12. Intangible assets continuedSensitivitiesThe Group has applied sensitivities to assess whether any reasonable possible changes in assumptions could cause an impairment of the goodwill in any CGU that would be material to these Consolidated Financial Statements. The sensitivity analyses did not identify any potential impairment for any CGU, with the exception of Prolectric.ProlectricProlectric manufactures, sells and rents a range of off-grid solar energy products including temporary and permanent solar lighting, lighting towers and hybrid power generators, to construction contractors, hire companies and private businesses across the UK infrastructure markets. Following strong performance subsequent to the Group\u2019s acquisition of the business in 2021, its results in\ue8782023 were impacted by a downturn in the UK construction market as well as operational challenges, which led to lower revenues and profitability. As expected, performance in 2024 remained subdued while the operational challenges were resolved, however recent order intake rates have improved and the pipeline for 2025 is encouraging. The Group\u2019s projections for the business result in\ue878calculated headroom of \u00a34.4m, lower than the prior year (\u00a315.6m) reflecting a more cautious assumption on the rate of recovery. We acknowledge that there could be variations in the pace of recovery in underlying UK construction activity and in growth across Prolectric\u2019s other markets, and if lower than that assumed in our projections, could result in a future impairment. Revenue growth and gross profit margins are the key assumptions on which the impairment calculations are most sensitive. The following table provides information on the impact on calculated headroom of possible scenarios for each of those key assumptions (independently in each case), the first showing the Board approved projections, the second the assumptions that result in zero headroom, and the third a severe but plausible downside scenario which would trigger a material impairment. The calculations are not particularly sensitive to other assumptions such as long-term growth rates or the discount rate and we do not believe that there are any reasonable possible changes in assumptions for these metrics that could lead to a material impairment.Headroom/ Sensitivity (impairment) Input Scenarioapplied %\u00a3m Compound annual revenue growth 2025-2029 Base case 24.9% 4.4 Zero headroom 23.0% \u2014 \ue878 H&S sensitivity 20.2% (5.0)Average gross profit margin 2025-2029 Base case 46.5% 4.4 Zero headroom 44.5% \u2014 \ue878 H&S sensitivity 41.6% (5.0)",
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"value": "12. Intangible assets continued2024Capital SteelIn January 2024 the Group acquired the trade and assets of Capital Steel for cash consideration after working capital adjustments of\ue878\u00a35.5m. Capital Steel is a structural steel electrical infrastructure manufacturer which provides engineering and fabrication capabilities on a range of structural steel and substation components, principally for the electrical utility and heavy highway construction end markets. The acquisition was a highly strategic bolt-on acquisition opportunity for V&S Schuler and subsequent to\ue878acquisition the business has become part of V&S Utilities, within the Group\u2019s Engineered Solutions division. Details of the acquisition are set out below:Provisional policy Pre-acquisition alignment and carrying fair value amount adjustment Total \ue878\u00a3m\u00a3m\u00a3mIntangible AssetsCustomer lists \u2014 1.9 1.9Brand name \u2014 0.3 0.3Order backlog \u2014 0.7 0.7Property, plant and equipment 0.2 \u2014 0.2Right-of-use assets 0.4 0.3 0.7Inventories 2.4 (0.5) 1.9Other current assets 1.9 0.7 2.6Total assets 4.9 3.4 8.3Lease liabilities (0.4) (0.3) (0.7)Current liabilities (2.9) (0.1) (3.0)Total liabilities (3.3) (0.4) (3.7)Net assets 1.6 3.0 4.6ConsiderationInitial consideration paid in the year 4.9Working capital adjustments paid in the year 0.6Fair value of contingent consideration due within one year 0.3Fair value of contingent consideration due between one and two years 0.3Goodwill \ue878 \ue878 1.5Brands, customer lists and the order backlog have been recognised as specific intangible assets as a result of the acquisition. The\ue878residual goodwill is attributable to opportunities with new customers as the business expands its product and customer base, and Capital Steel\u2019s highly skilled workforce. Capital Steel will form part of the V&S Utilities CGU for the purpose of annual goodwill impairment testing. Policy alignment and fair value adjustments have been made to align the accounting policies of the acquired business with the Group\u2019s accounting policies and to reflect the fair value of assets and liabilities acquired. In respect of leases, the\ue878Group measured the acquired lease liabilities using the present value of the remaining lease payments at the date of acquisition. The right-of-use assets were measured at an amount equal to the lease liabilities and adjusted to reflect the terms of the leases relative to market terms. The fair value of the current assets acquired includes \u00a31.9m of trade receivables, which have a gross value\ue878of \u00a31.9m.As part of the acquisition agreement, contingent consideration has been agreed. The amount of contingent consideration is\ue878dependent on revenue and adjusted EBITDA for the two-year period ending 31 December 2025. The maximum contingent consideration payable is \u00a31.0m. As at the acquisition date, the fair value of the contingent consideration was estimated to be\ue878\u00a30.6m, calculated on a probability-weighted basis.Post-acquisition the acquired business has contributed \u00a311.6m revenue and \u00a33.0m underlying and reported operating profit, which are included in the Group\u2019s Consolidated Income Statement. As the acquisition was made on 5 January 2024, the Group\u2019s results for the year would be materially unchanged had the acquisition been made on 1 January 2024. The Group incurred expenses of \u00a30.5m relating to the acquisition, \u00a30.3m of which were incurred in the current year, and are included in non-underlying costs (see note 5).12. Intangible assets continuedFM StainlessIn March 2024 the Group acquired the trade and assets of FM Stainless for a cash consideration after working capital adjustments of\ue878\u00a36.8m. FM Stainless is a fabricator and distributor of high-alloy, stainless steel engineered pipe supports, expansion anchors and\ue878fasteners. The acquisition is a highly strategic bolt-on opportunity for The Paterson Group (\u2018TPG\u2019) and subsequent to acquisition the business has become part of TPG, within the Group\u2019s Engineered Solutions division. Details of the acquisition are set out below:Provisional policy Pre-acquisition alignment and carrying fair value amount adjustment Total \ue878\u00a3m\u00a3m\u00a3mIntangible AssetsBrand name \u2014 0.2 0.2Customer lists \u2014 2.6 2.6Order backlog \u2014 0.3 0.3Property, plant and equipment 0.1 1.5 1.6Inventories 2.0 (0.4) 1.6Other current assets 1.3 \u2014 1.3Total assets 3.4 4.2 7.6Current liabilities (0.3) (0.4) (0.7)Total liabilities (0.3) (0.4) (0.7)Net assets 3.1 3.8 6.9ConsiderationInitial consideration paid in the year 6.7Working capital adjustments paid in the year 0.1Fair value of contingent consideration due within one year 0.4Goodwill \ue878 \ue878 0.3Brands, customer lists and the order backlog have been recognised as specific intangible assets as a result of the acquisition. The\ue878residual goodwill is attributable to opportunities with new customers as the business expands its product and customer base, opportunities for expansion into new territories/geographies, and FM Stainless\u2019 highly skilled workforce. Policy alignment and fair value adjustments have been made to align the accounting policies of the acquired business with the Group\u2019s accounting policies and to reflect the fair value of assets and liabilities acquired. The fair value of the current assets acquired includes \u00a31.3m of trade receivables, which have a gross value of \u00a31.3m.As part of the acquisition agreement, contingent consideration has been agreed. The amount of contingent consideration is\ue878dependent on adjusted EBIT for the 12-month period ending 31 March 2025. The maximum contingent consideration payable is\ue878\u00a30.4m. As at the acquisition date, the fair value of the contingent consideration was estimated to be \u00a30.4m, calculated on a\ue878probability-weighted basis.Post-acquisition the acquired business has contributed \u00a36.5m revenue and \u00a31.2m underlying and reported operating profit, which are included in the Group\u2019s Consolidated Income Statement. If the acquisition had been made on 1 January 2024, the Group\u2019s results for the year would have shown revenue of \u00a3856.3m, underlying operating profit of \u00a3143.8m and reported operating profit of \u00a3115.7m. The Group incurred expenses of \u00a30.3m relating to the acquisition, which are included in non-underlying costs (see note 5).12. Intangible assets continuedTridentIn July 2024 the Group acquired the trade and assets of Trident for cash consideration after closing and working capital adjustments of \u00a38.2m and further cash consideration of up to \u00a325.4m, payable based on future revenues over the five years post-acquisition. Located in Greater St Louis, Illinois, Trident is a designer and supplier of composite utility poles, serving utility company needs across North America and the Caribbean. The business has a long-term outsourced manufacturing relationship with Enduro Composites, and will become part of the Creative Composites Group, within the Engineered Solutions division. Details of the acquisition are set out below:Provisional policy Pre-acquisition alignment and carrying fair value amount adjustment Total \ue878\u00a3m\u00a3m\u00a3mIntangible AssetsCustomer lists \u2014 16.0 16.0Brand names \u2014 0.4 0.4Order backlog \u2014 1.7 1.7Property, plant and equipment 0.2 (0.1) 0.1Right-of-use assets \u2014 0.1 0.1Inventories 1.8 \u2014 1.8Other current assets 3.2 \u2014 3.2Total assets 5.2 18.1 23.3Lease liabilities \u2014 (0.1) (0.1)Current liabilities (3.9) \u2014 (3.9)Non-current liabilities (0.7) (0.2) (0.9)Total liabilities (4.6) (0.3) (4.9)Net assets 0.6 17.8 18.4ConsiderationInitial consideration paid in the year 7.8Working capital adjustments paid in the year 0.4Fair value of contingent consideration due within one year 3.7Fair value of contingent consideration due between two and five years \ue878 \ue878 9.6Goodwill \ue878 \ue878 3.1Brands, customer lists and the order backlog have been recognised as specific intangible assets as a result of the acquisition. The\ue878residual goodwill is attributable to opportunities with new customers as the business expands its product and customer base, opportunities for expansion into new territories/geographies, and Trident\u2019s highly skilled workforce. Trident will form part of the Creative Composites Group CGU for the purpose of annual goodwill impairment testing. Policy alignment and fair value adjustments have been made to align the accounting policies of the acquired business with the Group\u2019s accounting policies and to reflect the fair value of assets and liabilities acquired. The fair value of the current assets acquired includes \u00a33.2m of trade receivables, which have a gross value of \u00a33.2m.As part of the acquisition agreement, contingent consideration has been agreed. The amount of contingent consideration is dependent on revenue over the five years subsequent to acquisition. The maximum contingent consideration payable is \u00a325.4m. As\ue878at the acquisition date, the fair value of the contingent consideration was estimated to be \u00a313.3m, calculated on a probability-weighted basis.Post-acquisition the acquired business has contributed \u00a37.2m revenue and \u00a31.8m underlying and reported operating profit, which are\ue878included in the Group\u2019s Consolidated Income Statement. If the acquisition had been made on 1 January 2024, the Group\u2019s results for the year would have shown revenue of \u00a3865.5m, underlying operating profit of \u00a3146.2m and reported operating profit of \u00a3118.1m. The Group incurred expenses of \u00a30.4m relating to the acquisition, which are included in non-underlying costs (see note 5).12. Intangible assets continuedWhitlow ElectricIn September 2024 the Group acquired the trade and assets of Whitlow Electric Service Company (\u201cWhitlow\u201d) for initial cash consideration of \u00a324.0m. Located in Elberton, Georgia, Whitlow designs and manufactures a range of structural steel and substation components for the US electrical infrastructure market. Whitlow will become part of V&S Utilities, within the Engineered Solutions division, and builds on the successful acquisition and integration of Capital Steel, broadening the geographic footprint in the US and\ue878providing new customers in the attractive Southeast market and increasing the Group\u2019s structural steel fabrication capacity, presenting opportunities for cross selling and margin expansion.Details of the acquisition are set out below:Provisional policy Pre-acquisition alignment and carrying fair value amount adjustment Total \ue878\u00a3m\u00a3m\u00a3mIntangible AssetsBrand name \u2014 0.6 0.6Customer lists \u2014 11.2 11.2Order backlog \u2014 1.4 1.4Property, plant and equipment 1.1 4.5 5.6Inventories 1.2 (0.6) 0.6Other current assets 1.8 0.7 2.5Total assets 4.1 17.8 21.9Current liabilities (1.4) \u2014 (1.4)Total liabilities (1.4) \u2014 (1.4)Net assets 2.7 17.8 20.5ConsiderationConsideration paid in the year 24.0Working capital adjustments receivable within one year (0.3)Goodwill \ue878 \ue878 3.2Brands, customer lists and the order backlog have been recognised as specific intangible assets as a result of the acquisition. The\ue878residual goodwill is attributable to opportunities with new customers as the business expands its product and customer base, opportunities for expansion into new territories/geographies, and Whitlow\u2019s highly skilled workforce. Whitlow will form part of the V&S Utilities CGU for the purpose of annual goodwill impairment testing. Policy alignment and fair value adjustments have been made to align the accounting policies of the acquired business with the Group\u2019s accounting policies and to reflect the fair value of assets and liabilities acquired. The fair value of the current assets acquired includes \u00a31.8m of trade receivables, which have a gross value of \u00a31.8m.Post-acquisition the acquired business has contributed \u00a36.0m revenue and \u00a30.9m underlying and reported operating profit, which are included in the Group\u2019s Consolidated Income Statement. If the acquisition had been made on 1 January 2024, the Group\u2019s results for the year would have shown revenue of \u00a3868.6m, underlying operating profit of \u00a3145.5m and reported operating profit of \u00a3117.4m. The Group incurred expenses of \u00a30.5m relating to the acquisition, which are included in non-underlying costs (see note 5).12. Intangible assets continued2023Enduro Composites, Inc.On 17 February 2023 the Group acquired 100% of the share capital of Enduro Composites, Inc. (\u201cEnduro\u201d) for cash consideration after working capital adjustments of \u00a328.7m. Enduro, located in Houston, Texas, is a designer, manufacturer and supplier of engineered composite solutions focused on industrial and infrastructure market segments. Enduro has become part of the Creative Composites Group within the Group\u2019s Engineered Solutions division.Details of the acquisition are set out below:Policy alignmentPre-acquisitionand fair valuecarrying amountadjustmentsTotal\u00a3m\u00a3m\u00a3mIntangible AssetsBrands \u2014 1.0 1.0Customer lists \u2014 9.9 9.9Order backlog \u2014 1.6 1.6Property, plant and equipment 2.7 (0.2) 2.5Right-of-use assets \u2014 2.3 2.3Inventories 4.5 (0.5) 4.0Current assets 6.5 (0.1) 6.4Deferred tax asset 1.4 \u2014 1.4Cash and cash equivalents 1.8 \u2014 1.8Total assets 16.9 14.0 30.9Lease liabilities \u2014 (2.3) (2.3)Current liabilities (4.8) (0.3) (5.1)Corporation tax \u2014 (0.2) (0.2)Deferred tax liability \u2014 (2.9) (2.9)Total liabilities (4.8) (5.7) (10.5)Net assets 12.1 8.3 20.4ConsiderationTotal consideration 28.7Goodwill 8.3Cash flow effectConsideration paid in the year of acquisition 28.7Cash acquired with the business (1.8)Net cash consideration shown in the Consolidated Statement of Cash Flows 26.9Brands, customer lists and an order backlog were recognised as specific intangible assets as a result of the acquisition. The\ue878residual goodwill arising, which was allocated to the Engineered Solutions segment, primarily represents the highly skilled workforce, future technological advantages and potential for geographical expansion afforded to the Group. Policy alignment and fair value adjustments were made to align the accounting policies of the acquired business with the Group\u2019s accounting policies and to reflect the fair value of assets and liabilities acquired. In respect of leases, the Group measured the acquired lease liabilities using the present value of\ue878the\ue878remaining lease payments at the date of acquisition. The right-of-use assets were measured at an amount equal to the lease liabilities and adjusted to reflect the terms of the leases relative to market terms. The fair value of the current assets acquired included \u00a35.8m of trade receivables, which had a gross value of \u00a36.2m.12. Intangible assets continuedKorns Galvanizing Company Inc.On 8 March 2023 the Group acquired the business and assets of Korns Galvanizing Company Inc. (\u201cKorns\u201d) for a cash consideration of \u00a39.4m. Korns, located in Johnstown, Pennsylvania, has a single site specialising in spin galvanizing and has a customer base spread across a wide range of infrastructure related end markets, including commercial construction, fire protection, oil & gas and\ue878utilities.Details of the acquisition are set out below:Policy alignmentPre-acquisitionand fair valuecarrying amountadjustmentsTotal\u00a3m\u00a3m\u00a3mIntangible AssetsCustomer lists \u2014 1.6 1.6Property, plant and equipment 1.2 \u2014 1.2Inventories 0.5 (0.1) 0.4Current assets 0.3 \u2014 0.3Total assets 2.0 1.5 3.5Current liabilities (0.2) (0.1) (0.3)Total liabilities (0.2) (0.1) (0.3)Net assets 1.8 1.4 3.2ConsiderationTotal consideration 9.4Goodwill 6.2Cash flow effectConsideration paid in the year of acquisition 9.4Cash acquired with the business \u2014Net cash consideration shown in the Consolidated Statement of Cash Flows 9.4Customer lists were recognised as a specific intangible asset as a result of the acquisition. The residual goodwill arising, which was\ue878allocated to the US Galvanizing CGU within the Galvanizing Services segment, primarily represents the highly skilled workforce and potential for geographical expansion afforded to the Group. Policy alignment and fair value adjustments were made to align the\ue878accounting policies of the acquired business with the Group\u2019s accounting policies and to reflect the fair value of assets and liabilities acquired. The fair value of the current assets acquired included \u00a30.3m of trade receivables, which had a gross value of\ue878\u00a30.3m.12. Intangible assets continuedUnited Fiberglass of America Inc.On 16 November 2023 the Group acquired the business and assets of United Fiberglass of America Inc. (\u201cUnited Fiberglass\u201d) for\ue878cash consideration after working capital adjustments of \u00a312.4m. United Fiberglass, located in Springfield, Ohio, is a designer, manufacturer and supplier of composite pipe, conduit and bridge drain infrastructure systems. The business has become part of Creative Composites Group, within our Engineered Solutions division. The business is highly complementary to our existing composite activities and will\ue878further accelerate our strategy in this exciting and growing market, expanding our customer base and\ue878product range, while also providing additional manufacturing capability.Details of the acquisition are set out below:Policy alignmentPre-acquisitionand fair valuecarrying amountadjustmentsTotal\u00a3m\u00a3m\u00a3mIntangible AssetsBrand name \u2014 0.3 0.3Customer lists \u2014 4.0 4.0Order backlog \u2014 0.4 0.4Property, plant and equipment 0.6 2.4 3.0Inventories 1.8 (0.1) 1.7Current assets 1.2 \u2014 1.2Total assets 3.6 7.0 10.6Current liabilities (0.7) \u2014 (0.7)Total liabilities (0.7) \u2014 (0.7)Net assets 2.9 7.0 9.9ConsiderationTotal consideration 12.4Goodwill 2.5Cash flow effectConsideration paid in the year of acquisition (2023) 11.8Working capital adjustments paid in 2024 0.6Total cash consideration 12.4Brands, customer lists and an order backlog were recognised as specific intangible assets as a result of the acquisition. The\ue878residual goodwill arising, which was allocated to the Engineered Solutions segment, primarily represents the highly skilled workforce, future technological advantages and potential for geographical expansion afforded to the Group. Policy alignment and fair value adjustments were made to align the accounting policies of the acquired business with the Group\u2019s accounting policies and to reflect the fair value of assets and liabilities acquired. The fair value of the current assets acquired included \u00a31.1m of trade receivables, which had a gross value of \u00a31.2m.Conn-Fab Sales, Inc.In December 2023, we acquired the equipment, inventory, customer lists, order book and intellectual property of Conn-Fab Sales, Inc. (\u201cConn-Fab\u201d), which specialises in adapter curbs, rails, and other customised rooftop seismic support solutions. The acquisition supports the expansion of our existing product portfolio and geographical reach across the US and southern Canada. Consideration paid in the year of acquisition was \u00a30.3m. A further \u00a30.5m was payable over the 18 months following acquisition, once the qualifying accepted order value (as agreed at acquisition date) has converted to sale; \u00a30.3m of this was paid during 2024 and is included in the Consolidated Statement of Cash Flows. The remainder is expected to be paid during 2025. As the fair value of assets acquired was minimal, the total consideration of \u00a30.8m was allocated to customer lists acquired.",
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"pp-value-62-3": {
"value": "12. Intangible assets continuedCash generating units with significant amounts of goodwill20242023\u00a3m\u00a3mEngineered SolutionsCreative Composites Group* 32.7 19.3V&S Utilities 10.6 5.7Enduro Composites* \u2014 8.3Others <\u00a35m individually 4.1 5.2Roads & SecurityNational Signal 7.1 7.0ATG Access 4.7 4.7H&S Inc. \u2014 8.7Hill & Smith Infrastructure 9.8 9.8Mallatite 9.6 9.6Prolectric 5.5 5.5Others <\u00a35m individually 0.2 0.2Galvanizing ServicesUSA 33.3 32.7UK 26.9 26.9144.5 143.6* Enduro Composites now forms part of the Creative Composites Group and has therefore been incorporated into the Creative Composites Group CGU for the purposes of goodwill impairment testing.Goodwill impairment reviews have been carried out on all CGUs to which goodwill is allocated.Methodology and assumptionsImpairment tests on the carrying values of goodwill and certain brand names* of \u00a38.1m (2023: \u00a38.0m), which are the Group\u2019s only other indefinite life intangible assets, are performed by analysing the carrying value allocated to each significant CGU against its value in use. All goodwill is allocated to specific CGUs, which are in all cases no larger than operating segments. Value in use is calculated for each CGU as the net present value of that unit\u2019s discounted future cash flows. These cash flows are based on budget cash flow information for a period of one year and strategic plans for 2026 through 2028, both of which are prepared taking into account a range of factors including past experience, the forecast future trading environment and macroeconomic conditions in the Group\u2019s key markets. The cash flows beyond the strategic plan period use growth rates which reflect the long-term historical growth in GDP of the economies in which each CGU is located, excluding 2020 and 2021 given the sharp economic movements in those years due to COVID-19. The long-term growth rates are 2.0% in the UK and 2.5% in the USA.12. Intangible assets continuedSummary of results of goodwill impairment reviewsThe calculated headroom between value in use and carrying value of each of the Group\u2019s CGUs with significant amounts of goodwill, together with the pre-tax discount rates applied, are set out below. The pre-tax discount rates are derived from a market participant\u2019s cost of capital and risk adjusted for individual CGUs\u2019 circumstances. 2024 2023Headroom/ Headroom/ Goodwill(impairment) Discount Goodwill(impairment) Discount\u00a3m\u00a3mrate\u00a3m\u00a3mrateCreative Composites Group 32.7 457.4 14.3% 19.3 185.6 15.3%V&S Utilities 10.6 155.1 14.4% 5.7 95.5 15.2%Hill & Smith Infrastructure 9.8 49.8 14.8% 9.8 26.7 14.8%ATG Access 4.7 8.3 14.8% 4.7 5.5 14.6%Mallatite 9.6 31.5 14.9% 9.6 30.0 14.8%Prolectric 5.5 4.4 14.7% 5.5 15.6 14.4%H&S Inc. 8.6 (10.6) 14.7% 8.7 15.9 15.0%National Signal 7.1 21.5 14.1% 7.0 38.9 15.1%Galvanizing Services \u2014 USA* 33.3 332.4 14.4% 32.7 210.4 15.2%Galvanizing Services \u2014 UK 26.9 55.1 15.0% 26.9 90.6 14.6%* The Group\u2019s only other indefinite life intangible assets relate to brand names allocated to the Galvanizing Services \u2014 USA CGU.Based on the methodology set out above, the impairment review for H&S Inc. concluded that the carrying value of the business exceeded its estimated recoverable amount and accordingly an impairment charge of \u00a310.6m has been recognised, comprising a\ue878full impairment of the goodwill of \u00a38.6m and the remaining acquisition intangible assets of \u00a32.0m.H&S Inc. manufactures, sells and rents a range of work zone protection products including crash attenuators, trailer-mounted message boards, and temporary road safety barriers, to construction contractors and traffic specialists across the US roads market. The business\u2019 performance in 2022 and 2023 was subdued and was impacted by operational challenges and consequent improvement costs. The operational challenges related primarily to the trailer-mounted message board division, operating out of the Garland, Texas facility. Whilst demand across the rest of the product portfolio gradually improved in 2024 and the operational challenges were\ue878largely addressed, demand for message boards saw further weakening driven by market competition and some supply chain constraints. The combination of ongoing difficulties in the message board division and a slower recovery elsewhere led the Board to\ue878reassess the business\u2019 future prospects, which in addition to reflecting a significantly more muted outlook for message boards, concluded that the pace of growth across certain other elements of the product range was likely to be slower than previously anticipated. Consequently the impairment review based on this revised assessment concluded that H&S Inc.\u2019s future cash flows were not sufficient to support its carrying value, resulting in a full impairment of the acquisition goodwill of \u00a38.6m and of\ue878the remaining acquisition intangible assets of \u00a32.0m. 12. Intangible assets continuedSensitivitiesThe Group has applied sensitivities to assess whether any reasonable possible changes in assumptions could cause an impairment of the goodwill in any CGU that would be material to these Consolidated Financial Statements. The sensitivity analyses did not identify any potential impairment for any CGU, with the exception of Prolectric.ProlectricProlectric manufactures, sells and rents a range of off-grid solar energy products including temporary and permanent solar lighting, lighting towers and hybrid power generators, to construction contractors, hire companies and private businesses across the UK infrastructure markets. Following strong performance subsequent to the Group\u2019s acquisition of the business in 2021, its results in\ue8782023 were impacted by a downturn in the UK construction market as well as operational challenges, which led to lower revenues and profitability. As expected, performance in 2024 remained subdued while the operational challenges were resolved, however recent order intake rates have improved and the pipeline for 2025 is encouraging. The Group\u2019s projections for the business result in\ue878calculated headroom of \u00a34.4m, lower than the prior year (\u00a315.6m) reflecting a more cautious assumption on the rate of recovery. We acknowledge that there could be variations in the pace of recovery in underlying UK construction activity and in growth across Prolectric\u2019s other markets, and if lower than that assumed in our projections, could result in a future impairment. Revenue growth and gross profit margins are the key assumptions on which the impairment calculations are most sensitive. The following table provides information on the impact on calculated headroom of possible scenarios for each of those key assumptions (independently in each case), the first showing the Board approved projections, the second the assumptions that result in zero headroom, and the third a severe but plausible downside scenario which would trigger a material impairment. The calculations are not particularly sensitive to other assumptions such as long-term growth rates or the discount rate and we do not believe that there are any reasonable possible changes in assumptions for these metrics that could lead to a material impairment.Headroom/ Sensitivity (impairment) Input Scenarioapplied %\u00a3m Compound annual revenue growth 2025-2029 Base case 24.9% 4.4 Zero headroom 23.0% \u2014 \ue878 H&S sensitivity 20.2% (5.0)Average gross profit margin 2025-2029 Base case 46.5% 4.4 Zero headroom 44.5% \u2014 \ue878 H&S sensitivity 41.6% (5.0)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-65-2": {
"value": "13. Property, plant and equipment Plant, Land and machinery and buildings vehicles Total \u00a3m\u00a3m\u00a3mCostAt 1 January 2023 107.1 229.3 336.4Exchange adjustments (4.4) (5.4) (9.8)Acquisitions of subsidiaries 3.9 2.6 6.5Additions 6.8 21.3 28.1Disposals of subsidiaries (0.4) (0.8) (1.2)Transfers from right-of-use lease asset \u2014 1.1 1.1Transfers to inventory \u2014 (6.9) (6.9)Transfers to assets held for sale (3.4) \u2014 (3.4)Reclassification to intangible fixed assets \u2014 (0.8) (0.8)Reclassification 2.4 (2.4) \u2014Disposals (1.6) (12.9) (14.5)At 31 December 2023 110.4 225.1 335.5Exchange adjustments 1.5 1.1 2.6Acquisitions of subsidiaries 3.8 3.7 7.5Additions 7.2 15.2 22.4Transfers to inventory \u2014 (1.5) (1.5)Transfers to assets held for sale (0.1) (9.9) (10.0)Disposals (0.5) (10.5) (11.0)At 31 December 2024 122.3 223.2 345.5Depreciation and impairment lossesAt 1 January 2023 31.3 118.8 150.1Exchange adjustments (1.5) (2.1) (3.6)Disposals of subsidiaries (0.4) (0.7) (1.1)Disposals (1.9) (11.6) (13.5)Transfers to assets held for sale (0.9) \u2014 (0.9)Transfers from right-of-use lease asset \u2014 0.2 0.2Reclassification to intangible fixed assets \u2014 (0.5) (0.5)Charge for the year 3.8 15.9 19.7Impairment 0.7 \u2014 0.7At 31 December 2023 31.1 120.0 151.1Exchange adjustments 0.5 0.7 1.2Disposals (1.2) (9.1) (10.3)Transfers to asset held for sale \u2014 (2.6) (2.6)Transfers to inventory \u2014 (1.5) (1.5)Charge for the year 4.0 16.8 20.8Impairment \u2014 1.7 1.7At 31 December 2024 34.4 126.0 160.4Carrying ValuesAt 1 January 2023 75.8 110.5 186.3At 31 December 2023 79.3 105.1 184.4At 31 December 2024 87.9 97.2 185.1The gross book value of land and buildings includes freehold land of \u00a318.0m (2023: \u00a317.8m). Included within plant, machinery and vehicles are assets held for rental with a cost of \u00a395.8m (2023 \u00a3103.9m) and accumulated depreciation of \u00a354.2m (2023: \u00a351.5m)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-66-2": {
"value": "14. Assets and liabilities held for sale20242023\u00a3m\u00a3mAssets held for saleAt 1 January 2.5 1.8Disposals (2.5) (1.8)Transfers from property, plant and equipment (note 13) 7.4 2.5Transfers from right-of-use assets (note 15) 2.8 \u2014Transfers from working capital 5.7 \u2014Loss on remeasurement (3.1) \u2014Exchange adjustments (0.1) \u2014Total assets held for sale at 31 December 12.7 2.5Liabilities held for saleLease liabilities (note 15) (3.0) \u2014Deferred tax liability (note 16) (0.5) \u2014Bank overdraft (3.4) \u2014Total liabilities held for sale at 31 December (6.9) \u2014Total net assets held for sale at 31 December 5.8 2.5Following a strategic review during 2024, the Group took the decision to seek buyers for Hill & Smith Pty Limited, the Group\u2019s Australian roads business, and Parking Facilities Limited, one of our smaller UK security businesses. At 31 December 2024, in each case the Group had committed to a sale, actively marketed the business and was in advanced stages of negotiation with the buyer. Subsequent to the year end, in January 2025 the sale of Hill & Smith Pty\u2019s trade and assets was completed and in February 2025 we\ue878sold our shareholding in Parking Facilities. In accordance with IFRS 5, the assets and liabilities of the businesses have been recognised as disposal groups held for sale at\ue87831 December 2024 and reported separately in the Consolidated Statement of Financial Position.Immediately before the classification of the two businesses as held for sale, their recoverable amount was estimated, with no\ue878impairment loss being identified. Following the classification, losses on remeasurement of \u00a31.1m relating to Parking Facilities and\ue878\u00a32.0m related to Hill & Smith Pty Limited were recognised to reduce the carrying amount of the assets in the disposal groups to\ue878their fair value less costs to sell.Assets held for sale at 31 December 2023 represented a property held by one of the Group\u2019s UK roads businesses, which was sold in December 2024 for a consideration of \u00a32.3m resulting in a loss on disposal of \u00a30.2m.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-67-2": {
"value": "15. LeasesThe leases held by the Group can be split into two categories: land and buildings, and plant and equipment. The Group leases various properties for its manufacturing and distribution activities. Plant and equipment includes all other leases, such as vehicles and machinery.The movements in the carrying value of the right-of-use assets and lease liabilities in the years ended 31 December 2023 and 31 December 2024 were as follows:Land and Plant and buildings equipment Total \u00a3m\u00a3m\u00a3mRight-of-use assetsAt 1 January 2023 29.5 9.2 38.7Acquisitions of subsidiaries 2.2 0.1 2.3Additions 10.6 4.1 14.7Disposals of subsidiaries (0.1) (0.2) (0.3)Terminations (2.2) (0.1) (2.3)Depreciation charge for the year (5.6) (3.7) (9.3)Transfers to property, plant and equipment \u2014 (0.9) (0.9)Re-measurement 0.1 0.1 0.2Impairment (0.6) \u2014 (0.6)Effect of movements in foreign exchange (0.7) \u2014 (0.7)At 31 December 2023 33.2 8.6 41.8Acquisition of subsidiaries 0.8 \u2014 0.8Additions 8.4 7.5 15.9Terminations (1.5) (0.1) (1.6)Depreciation charge for the year (6.2) (4.2) (10.4)Transfers to assets held for sale (2.7) (0.1) (2.8)Re-measurement (0.3) (0.1) (0.4)Impairment (0.4) \u2014 (0.4)Effect of movement in foreign exchange 0.3 \u2014 0.3At 31 December 2024 31.6 11.6 43.220242023\u00a3m\u00a3mLease liabilitiesAt 1 January 43.7 39.3Additions 16.0 14.6Terminations (2.2) (2.4)Interest expense 2.0 1.3Disposals of subsidiaries \u2014 (0.3)Acquisitions of subsidiaries 0.8 2.3Lease payments (11.0) (10.4)Re-measurement (0.5) \u2014Effects of movements in foreign exchange 0.2 (0.7)Transfers to liabilities held for sale (3.0) \u2014At 31 December 46.0 43.715. Leases continuedThe following table shows the breakdown of the lease expense between amounts charged to operating profit and amounts charged to finance costs:20242023\u00a3m\u00a3mDepreciation of right-of-use assets 10.4 9.3Short-term lease expense 3.7 1.0Low-value lease expense 0.1 \u2014Sublease income (0.1) (0.1)Charged to operating profit 14.1 10.2Interest expense relating to lease liabilities 2.0 1.3Charged to profit before taxation 16.1 11.5The maturity of the lease liabilities at 31 December was as follows:20242023\u00a3m\u00a3mDue within one year 9.1 8.0Due between one and two years 7.8 6.7Due between two and three years 6.5 5.5Due between three and four years 5.7 4.1Due between four and five years 5.0 3.0Due after more than five years 11.9 16.4Total lease liabilities 46.0 43.7The Group has several lease contracts that include extension and termination options. These options are negotiated by management to provide flexibility in managing the leased asset portfolio and align with the Group\u2019s business needs. Management exercise judgement in determining whether these extension and termination options are reasonably certain to be exercised.Set out below are the:\u2022 Undiscounted potential future rental payments relating to periods following the exercise date of extension that are not included in\ue878the lease term; and \u2022 Undiscounted future rental payments relating to periods that are included in the lease term as the break clauses are not expected to be exercised.2024 2023Within five More than five Within five More than five years yearsTotalyears yearsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mExtension options expected not to be exercised 0.4 20.5 20.9 0.3 9.4 9.7Termination options expected not to be exercised 0.8 3.2 4.0 1.3 5.3 6.6The Group has lease contracts that have not yet commenced as at 31 December 2024. The total future lease payments for these non-cancellable lease contracts are \u00a32.6m (2023: \u00a34.5m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-69-2": {
"value": "16. Deferred taxationIntangible Property, plant Retirement Other timing Assetsand equipmentInventoriesobligationdifferencesTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 1 January 2023 (8.7) (12.8) (0.1) 1.8 8.3 (11.5)Exchange adjustments 0.2 0.3 0.1 \u2014 (0.2) 0.4Acquisitions of subsidiaries (2.8) (0.3) 0.2 \u2014 1.4 (1.5)Credited/(charged) for the year in the Consolidated Income Statement 0.9 (4.4) 0.4 (0.9) 5.7 1.7Credited for the year in the Consolidated Statement of Comprehensive Income \u2014 \u2014 \u2014 0.1 \u2014 0.1Credited for the year in the Consolidated Statement of Changes in Equity \u2014 \u2014 \u2014 \u2014 1.3 1.3At 31 December 2023 (10.4) (17.2) 0.6 1.0 16.5 (9.5)Exchange adjustments 0.1 \u2014 \u2014 \u2014 \u2014 0.1Transfer to liabilities held for sale \u2014 2.4 \u2014 \u2014 (1.9) 0.5Credited/(charged) for the year in the Consolidated Income Statement 5.0 (0.6) 0.2 (0.8) (6.7) (2.9)Charged for the year in the Consolidated Statement of Changes in Equity \u2014 \u2014 \u2014 \u2014 (0.4) (0.4)At 31 December 2024 (5.3) (15.4) 0.8 0.2 7.5 (12.2)20242023\u00a3m\u00a3mDeferred tax assets 0.1 0.4Deferred tax liabilities (12.3) (9.9)Deferred tax liability (12.2) (9.5)The deferred tax asset of \u00a37.5m (2023: \u00a316.5m) in respect of other timing differences includes \u00a31.9m (2023: \u00a310.3m) in relation to\ue878tax losses and \u00a32.9m (2023: \u00a32.9m) in relation to share based payments. No deferred tax asset has been recognised in respect of other tax losses of \u00a316.2m (2023: \u00a316.5m) as their future use is uncertain. There is no time limit on the carrying forward of the losses. The losses are predominantly capital losses. No deferred tax liability is recognised on temporary differences of \u00a30.3m (2023: \u00a30.7m) relating to the unremitted earnings of overseas subsidiaries as the Group is able to control the timings of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future. The Group does not expect this to crystallise into a cash expense in the near\ue878future.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-70-2": {
"value": "17. Inventories20242023\u00a3m\u00a3mRaw materials and consumables 62.5 64.4Work in progress 5.1 9.6Finished goods and goods for resale 32.5 32.1100.1 106.1The amount of inventories expensed to the Consolidated Income Statement in the year was \u00a3432.2m (2023: \u00a3442.6m). The value of\ue878inventories written down and expensed in the Consolidated Income Statement during the year amounted to \u00a34.8m (2023: \u00a33.7m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-71-2": {
"value": "18. Trade and other receivables20242023\u00a3m\u00a3mTrade and other current receivablesTrade receivables 129.3 118.4Prepayments 7.2 6.2Other receivables 3.0 0.9Insurance reimbursement asset (note 22) 3.8 \u2014Contract assets 19.2 11.8162.5 137.3The movements in contract assets and contract liabilities (note 20) during the year correspond to the completion of performance obligations partially satisfied as at 31 December 2023 offset by contracts that are in progress at 31 December 2024. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-72-2": {
"value": "19. Cash and borrowings20242023\u00a3m\u00a3mCash and cash equivalents in the Consolidated Statement of Financial PositionCash and cash equivalents net of bank overdrafts* 55.0 34.4Bank overdraft+ (0.3) \u2014Bank overdraft classified as held for sale (3.4) \u2014Cash and cash equivalents net of bank overdrafts and overdraft classified as held for sale 51.3 34.4Interest bearing loans and other borrowingsAmounts due within one year (0.5) (1.4)Amounts due after more than one year (98.7) (97.7)Lease liabilities due within one year (9.1) (8.0)Lease liabilities due after more than one year (36.9) (35.7)Lease liabilities classified as held for sale (3.0) \u2014Net debt (96.9) (108.4)Change in net debtOperating profit 115.4 103.8Non-cash items 59.8 47.6Operating cash flow before movement in working capital 175.2 151.4Net movement in working capital 0.6 22.8Increase in insurance reimbursement asset (3.8) \u2014Decrease in provisions and employee benefits (3.4) (0.8)Operating cash flow 168.6 173.4Income taxes paid (26.5) (31.7)Net financing costs paid (8.3) (8.4)Capital expenditure (28.6) (31.8)Proceeds on disposal of non-current assets and assets held for sale 3.4 3.319. Cash and borrowings continued20242023\u00a3m\u00a3mFree cash flow 108.6 104.8Dividends paid (34.5) (28.0)Acquisitions of subsidiaries (47.4) (53.5)Disposals of subsidiaries \u2014 (0.2)Amortisation of costs associated with refinancing activities (0.5) (0.6)Purchase of shares for employee benefit trust (1.2) (2.6)Issue of new shares 2.5 1.8Lease additions, terminations and remeasurements (13.3) (12.6)Leases disposed of \u2014 0.3Interest on lease liabilities (2.0) (1.3)Net debt decrease 12.2 8.1Effect of exchange rate fluctuations (0.7) 3.2Net debt at the beginning of the year (108.4) (119.7)Net debt at the end of the year (96.9) (108.4)*Included within cash and cash equivalents net of bank overdrafts are overdrafts amounting to \u00a319.9m (2023: \u00a319.6m) for which the Group has a legally enforceable right of offset and the intention to settle on a net basis. +Represents an overdraft for which the Group has no right of offset.Reconciliation of movements in financial liabilities to cash flows arising from financing activities20242023\u00a3m\u00a3mInterest bearing loans and other borrowings and lease liabilitiesAt 1 January 142.8 144.2New loans and borrowings 62.5 73.9Repayment of loans and borrowings (63.7) (76.3)Repayment of lease liabilities (9.0) (9.4)Costs associated with refinancing during the year \u2014 (0.5)Cash flows used in financing activities (10.2) (12.3)Other changesEffect of exchange rate fluctuations 0.8 (3.2)Amortisation of costs associated with refinancing activities 0.5 0.6Lease changes:Effect of exchange rate fluctuations 0.2 (0.7)New leases 16.0 14.6Terminations (2.2) (2.4)Re-measurement (0.5) \u2014Acquisitions of subsidiaries 0.8 2.3Disposals of subsidiaries \u2014 (0.3)Interest expense 2.0 1.3Interest paid (2.0) (1.3)At 31 December 148.2 142.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-74-2": {
"value": "20. Current liabilities20242023\u00a3m\u00a3mInterest bearing loans and borrowingsLoans and borrowings 0.5 1.4Bank overdrafts 0.3 \u20140.8 1.4Trade and other current liabilitiesTrade Payables 61.5 53.4Other taxation and social expenses 4.2 4.1Accrued expenses 46.4 47.0Contingent consideration on acquisitions 4.5 \u2014Deferred consideration on acquisitions \u2014 2.2Contract liabilities 13.3 9.3Fair value derivatives 0.1 0.3Other payables 3.5 3.3133.5 119.6During the year, \u00a38.6m (2023: \u00a32.0m) of revenue was recognised in respect of contract liabilities present as at 1 January 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-75-2": {
"value": "21. Non-current liabilities20242023\u00a3m\u00a3mInterest bearing loans and borrowingsLoans and borrowings 98.7 97.798.7 97.7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-76-2": {
"value": "Other non-current liabilitiesContract liabilities > 1 year* 1.1 \u2014Contingent consideration on acquisitions 10.1 \u2014Deferred consideration on acquisitions \u2014 1.011.2 1.0 * Contract liabilities > 1 year do not represent partially satisfied performance obligations as at the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-76-3": {
"value": "Other non-current liabilitiesContract liabilities > 1 year* 1.1 \u2014Contingent consideration on acquisitions 10.1 \u2014Deferred consideration on acquisitions \u2014 1.011.2 1.0 * Contract liabilities > 1 year do not represent partially satisfied performance obligations as at the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-77-2": {
"value": "22. ProvisionsProduct EnvironmentalRestructuringrectificationOtherTotal \u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 1 January 2023 1.2 3.4 \u2014 1.8 6.4Exchange adjustments \u2014 \u2014 \u2014 (0.1) (0.1)Charged during the year \u2014 1.1 3.1 \u2014 4.2Utilised during the year \u2014 (1.2) (0.1) \u2014 (1.3)At 31 December 2023 1.2 3.3 3.0 1.7 9.2Exchange adjustments \u2014 \u2014 \u2014 \u2014 \u2014Charged during the year \u2014 \u2014 \u2014 4.3 4.3Utilised during the year \u2014 (1.2) (1.4) \u2014 (2.6)Released during the year \u2014 \u2014 (1.2) (0.3) (1.5)At 31 December 2024 1.2 2.1 0.4 5.7 9.422. Provisions continued20242023\u00a3m\u00a3mProvisions \u2014 amounts due within one year 7.1 6.6Provisions \u2014 amounts due after more than one year and less than five years 2.3 2.69.4 9.2Environmental provisionsEnvironmental provisions recognise the estimated cost of remediating contaminated land at a number of the Group\u2019s operating sites, where it is considered probable that the Group will be obliged to carry out the necessary remediation work. Primarily the issues identified relate to sites acquired through acquisitions of businesses. As a consequence of the nature of the liabilities, the timescales are uncertain and the provisions represent the Directors\u2019 best estimate of the associated costs. The Group has sought expert external valuations where appropriate. Restructuring provisionsRestructuring provisions represent the cash costs of closing or rationalising operations. The provisions represent the Directors\u2019 best\ue878estimate of the liabilities arising and are expected to be settled within the next twelve months. The provision of \u00a33.3m at\ue87831 December 2023 included \u00a32.7m relating to the closure of the Group\u2019s variable message sign business that was announced in\ue8782021, of which \u00a31.1m has been utilised during 2024. The remaining provision is expected to be utilised in 2025. Product rectification The \u00a33.0m provision brought forward was in respect of an issue identified with the historical installation of certain products by our UK off-grid solar business. The issue has been substantially resolved in 2024 and the total cost of remediation was less than had been estimated, resulting in a \u00a31.2m release in the year. The remaining provision of \u00a30.4m is expected to be utilised in 2025. Other provisionsOther provisions relate to various matters including obligations in respect of property dilapidations and legal claims or disputes which arise from various legal actions, proceedings or other claims that are pending against the Group\u2019s operating companies and are based on management\u2019s best estimates of the most likely outcome, taking into account the opinions of legal counsel. The charge for the year includes \u00a33.3m recognised in the current year relating to a claim which arose during the year and is fully covered by\ue878an\ue878insurance policy; a corresponding asset has been recognised within the Group\u2019s insurance reimbursement asset (note 18). ",
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"pp-value-79-1": {
"value": "23. Financial instruments(a) Management of financial risksOverviewThe Group has exposure to a number of risks associated with its use of financial instruments.This note presents information about the Group\u2019s exposure to each of these risks, the Group\u2019s objectives, policies and processes for\ue878measuring and managing risk, and the Group\u2019s management of capital. Further quantitative disclosures are included throughout these Consolidated Financial Statements.The Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework.The Group\u2019s risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to\ue878reflect changes in market conditions and the Group\u2019s activities. The Group, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations.The Group Audit Committee oversees how management monitors compliance with the Group\u2019s risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. A programme of\ue878commercial, operating, financial and third party reviews is in place to assist the Group Audit Committee with its assessment of the effectiveness of risk management and internal control procedures.Counterparty riskA group of relationship banks provides the bulk of the banking services, with pre-approved credit limits set for each institution. Financial derivatives may be entered into with these core banks and the underlying credit exposure to these instruments is included when considering the credit exposure to the counterparties. At the end of 2024 credit exposure including cash deposited did not exceed \u00a312.9m with any single institution (2023: \u00a36.8m).Currency riskThe Group publishes its Consolidated Financial Statements in Sterling, but conducts business in several foreign currencies, including significant operations based in the US. This results in foreign currency exchange risk due to exchange rate movements, which will affect the Group\u2019s transaction costs and, more significantly, the translation of the results and net assets of its foreign operations. The\ue878Group\u2019s translation reserve includes a gain of \u00a35.6m (2023: loss of \u00a319.4m), principally as a result of Sterling\u2019s depreciation against the US Dollar in 2024, representing this translation effect on overseas earnings and net assets.The trading currency of each operation is predominantly in the same denomination. However, the Group uses forward exchange contracts to minimise currency risk where appropriate. The Group does not apply hedge accounting to these derivative financial instruments.The Group has hedged its investment in its US operations by way of financing the acquisitions through like denominations of its bank borrowings and the Senior Unsecured Notes. The Group\u2019s investments in other subsidiaries are not hedged because fluctuations on\ue878translation of their assets into Sterling are not significant to the Group.Interest rate riskThe Senior Unsecured Notes account for 56% (2023: 55%) of the Group\u2019s outstanding gross borrowings at 31 December 2024 and attract a\ue878fixed rate of interest averaging 3.92% (2023: 3.92%) per annum. All other borrowings bear interest at floating rates. At the current time the Group feels that this ratio of fixed to floating borrowings is appropriate but continues to monitor it in the context of economic indicators and wider market conditions.InsuranceThe Group purchases insurance for commercial, legal and contractual reasons. The Group retains insurable risk where external insurance is not commercially viable.Capital managementThe Group maintains a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The Board monitors both the demographic spread of shareholders, as well as the return, which the Group defines as total shareholders\u2019 equity and the level of dividends to ordinary shareholders.The Board seeks to maintain a balance between the higher returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position.There are financial covenants associated with the Group\u2019s borrowings, which are interest cover and EBITDA to net debt. The Group comfortably complied with these covenants in 2024 and 2023.The Group\u2019s revolving credit facility and Senior Unsecured Notes are both subject to two covenants: the Group is required to maintain a minimum interest cover of 4.0 to 1; and the Group is required to maintain a net debt to EBITDA ratio of less than 3.0 to 1. The revolving credit facility is also subject to an additional covenant which requires the aggregate of the assets of all Obligors to the facility to be at\ue878least 80% of the gross assets of the Group, and similarly the aggregate of the profits before interest and tax of all Obligors to be at\ue878least 80% of the profits before interest and tax of the Group. The covenants are tested every six months until the maturity of the respective borrowings. As set out in the going concern disclosure on page 143, the Group has no indication that it will have difficulty complying with these covenants. There were no significant changes in the Group\u2019s approach to capital management during the year.",
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"pp-value-80-1": {
"value": "Credit riskCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises from cash and cash equivalents, derivative financial instruments and principally from the Group\u2019s receivables from customers. The maximum exposure to credit risk for receivables and other financial assets is represented by their carrying amount.The Group has a policy of insuring a substantial majority of receivables in its UK businesses, which account for 39% (2023: 45%) of the Group\u2019s trade receivables. Any residual uninsured risk is spread across a significant number of customers. In our US businesses, which account for 53% (2023: 46%) of the Group\u2019s trade receivables, our operating companies have a policy of taking out trade references before granting credit limits and selectively insuring against credit risk where it is deemed appropriate by management. Purchase limits are established for each customer and are reviewed regularly. Customers that fail to meet the Group\u2019s benchmark creditworthiness may transact with the Group only on a prepayment basis. The Group\u2019s other overseas businesses operate on a\ue878similar basis to the US. As a result of these policies, impairment losses are not significant.(e) Credit riskExposure to credit riskThe exposure to credit risk is substantially mitigated by the credit insurance employed by the Group. In the absence of this insurance the maximum credit exposure on the carrying value of financial assets at the reporting date was:Carrying amount20242023\u00a3m\u00a3mTrade and other receivables and contract assets at amortised cost 151.5 131.1Cash and cash equivalents at the end of the year 55.0 34.4Total 206.5 165.523. Financial instruments continuedCarrying value of trade receivables by geography20242023\u00a3m\u00a3mUK 48.8 53.3Rest of Europe 2.8 3.2North America 69.0 54.6Rest of the world 8.7 7.3Total 129.3 118.4Carrying value of trade receivables by business segment20242023\u00a3m\u00a3mEngineered Solutions 67.8 37.0Roads & Security 33.8 51.6Galvanizing Services 27.7 29.8Total 129.3 118.4Impairment lossesThe Group maintains a level of credit insurance covering a significant part of its trade receivables which mitigates against possible impairment losses. An impairment assessment is performed at each reporting date to assess whether there has been a significant increase in the credit risk. Expected credit loss rates are calculated individually for each business within the Group and are based on\ue878historical observed default rates, adjusted for forward-looking information where applicable, which is based on available macroeconomic information. The assessment of the correlation between forecast economic conditions and expected future credit losses is an estimate but is not determined to be a significant estimate as the Group does not expect future credit losses to be materially different to the credit losses estimated at the reporting date. The charge to the Consolidated Income Statement in the year in respect of the expected loss of trade receivables was \u00a31.5m (2023: \u00a31.5m). The Group does not require collateral in respect of trade and other receivables. The Group does not have trade receivables or contract assets for which no loss allowance is recognised because of collateral.The ageing of trade receivables at the reporting date was:2024 2023Gross ProvisionsNetGross ProvisionsNet\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNot past due 83.6 \u2014 83.6 77.1 \u2014 77.1Past due 1 \u2014 30 days 25.7 (0.1) 25.6 26.8 (0.1) 26.7Past due 31 \u2014 120 days 14.6 (0.4) 14.2 11.6 (0.2) 11.4Past due more than 120 days 7.5 (1.6) 5.9 7.1 (3.9) 3.2Total 131.4 (2.1) 129.3 122.6 (4.2) 118.4The movements in provisions for impairment of trade receivables are as follows:\u00a3mAt 1 January 2023 3.4Exchange Adjustments (0.1)Acquisitions of subsidiaries 0.5Charged in the year 1.5Utilised in the year (1.1)At 31 December 2023 4.2Exchange Adjustments (0.1)Charged in the year 1.5Utilised in the year (2.4)Reclassifications (1.1)At 31 December 2024 2.1",
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"value": "Liquidity riskLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to\ue878managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under\ue878both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation.It is the Group\u2019s policy to minimise its liquidity risk in terms of limiting the amounts of loans and borrowings maturing within the next\ue87812 months. As at 31 December 2024 all such debt was covered by cash and cash equivalents netting to \u00a354.2m positive current liquidity (2023: \u00a333.0m).The Group\u2019s principal UK revolving credit facility is unsecured, has a value of \u00a3250m and has a maturity in November 2027. Along with various other secured and on demand lines of credit, including bank overdrafts, the Group has access to bank borrowing facilities of \u00a3258.8m at 31 December 2024 (2023: \u00a3256.6m).In addition, in 2019 the Group signed an agreement with an institutional investor for a private placement of $70m Senior Unsecured Notes. The issue consisted of two equal tranches with maturities in June 2026 and June 2029 respectively.At 31 December 2024, the Group\u2019s total committed borrowing facilities were \u00a3308.1m (2023: \u00a3307.3m) and the amount undrawn at\ue878this date was \u00a3207.5m (2023: \u00a3206.2m).",
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"value": "Market riskMarket risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and commodity prices will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk. The Group buys and sells derivatives in the ordinary course of business, and also incurs financial liabilities, in order to manage market risks. All such transactions are carried out within the guidelines set by the Board. Refer to note 23(f) for further details. (f) Market Risk \u2014 Sensitivity analysisIn managing interest rate and currency risks the Group aims to reduce the impact of short term fluctuations on the Group\u2019s earnings. Over the longer term, however, permanent changes in foreign exchange and interest rates may have an impact on consolidated earnings. At the end of the reporting periods, the effects of hypothetical changes in interest and currency rates are as follows:\u2022 Based on average month end net debt balances, if interest rates had varied throughout the year by 1% the positive or negative variation on the year\u2019s result would have been \u00a31.4m, which would directly impact on the Consolidated Income Statement.\u2022 Based on a 10% weakening in Sterling against all currencies throughout the year, the impact on the total group underlying operating profit in the Consolidated Income Statement would have been a gain of \u00a39.6m and the impact on equity would have been an increase of \u00a344.8m.\u2022 Based on a 10% strengthening in Sterling against all currencies throughout the year, the impact on the total group underlying operating profit in the Consolidated Income Statement would have been a loss of \u00a37.9m and the impact on equity would have been a decrease of \u00a336.6m.",
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"pp-value-86-1": {
"value": "(b) Total financial assets and liabilitiesThe table below sets out the Group\u2019s accounting classification of its financial assets and liabilities and their fair values as at 31 December. The fair values of all financial assets and liabilities are not materially different to the carrying values.Fair Amortised Total carrying Value cost value \u00a3m\u00a3m\u00a3mCash and cash equivalents net of bank overdraft* \u2014 55.0 55.0Bank overdraft+ \u2014 (0.3) (0.3)Bank overdraft classified as held for sale \u2014 (3.4) (3.4)Loans and other borrowings due within one year \u2014 (0.5) (0.5)Loans and other borrowings due after more than one year \u2014 (98.7) (98.7)Lease liabilities due within one year \u2014 (9.1) (9.1)Lease liabilities due after more than one year \u2014 (36.9) (36.9)Lease liabilities classified as held for sale \u2014 (3.0) (3.0)Derivative liability (0.1) \u2014 (0.1)Other assets \u2014 136.1 136.1Other liabilities \u2014 (111.4) (111.4)Contingent consideration (14.6) \u2014 (14.6)Total as at 31 December 2024 (14.7) (72.2) (86.9)Cash and cash equivalents net of bank overdraft* \u2014 34.4 34.4Loans and other borrowings due within one year \u2014 (1.4) (1.4)Loans and other borrowings due after more than one year \u2014 (97.7) (97.7)Lease liabilities due within one year \u2014 (8.0) (8.0)Lease liabilities due after more than one year \u2014 (35.7) (35.7)Derivative liability (0.3) \u2014 (0.3)Other assets \u2014 119.3 119.3Other liabilities \u2014 (106.9) (106.9)Total as at 31 December 2023 (0.3) (96.0) (96.3)*Included within cash and cash equivalents net of bank overdrafts are overdrafts amounting to \u00a319.9m (2023: \u00a319.6m) for which the Group has a legally enforceable right of offset and the intention to settle on a net basis. +Represents an overdraft for which the Group has no right of offset.Fair value hierarchyThe table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as\ue878follows:\u2022 Level 1: unadjusted quoted prices in active markets for identical assets or liabilities.\u2022 Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either as a direct price or indirectly derived from prices.\u2022 Level 3: inputs for the asset or liability that are not based on observable market data. Level 1 Level 2 Level 3 Total \u00a3m\u00a3m\u00a3m\u00a3mDerivative liabilites \u2014 (0.1) \u2014 (0.1)Contingent consideration \u2014 \u2014 (14.6) (14.6)Total at 31 December 2024 \u2014 (0.1) (14.6) (14.7)Derivative liabilities \u2014 (0.3) \u2014 (0.3)Total at 31 December 2023 \u2014 (0.3) \u2014 (0.3)At 31 December 2024 the Group did not have any assets or liabilities classified at Level 1 in the fair value hierarchy (2023: nil). There have been no transfers in any direction in the year.Details of the contingent consideration which arose on the acquisitions made during the year (see note 12) are set out below. The\ue878fair\ue878value of the contingent consideration liability as at 31 December 2024 was materially equal to the fair value determined as at\ue878the acquisition dates. No re-measurements have been recognised in the Consolidated Income Statement during the current year. Valuation technique Significant unobservable inputs Sensitivity of the input to fair valueContingent consideration liability Discounted cash flow method \u2022 Probability weighted revenue\u2022 10% increase/(decrease) in the \u2022 Discount rateprobability weighted revenues would result in an increase/(decrease) in the fair value of the liability by \u00a31.4m.\u2022 100bps increase/(decrease) in the discount rate would result in an increase/(decrease) in the fair value of the liability by \u00a30.3m. The Group\u2019s financial assets, excluding short term receivables, consist mainly of cash and call deposit accounts.Where cash surpluses arise in the short term, interest is earned based on a floating rate related to bank base rate or SONIA/SOFR. Where the Group\u2019s funding requirements allow longer term investment of surplus cash, management will review available options to\ue878obtain the best possible return whilst maintaining an appropriate degree of access to the funds.The Group\u2019s financial liabilities, excluding short term creditors, are set out below. Fixed rate financial liabilities comprise US Dollar denominated Senior Unsecured Notes. Floating rate financial liabilities comprise Sterling and US Dollar bank loans and overdrafts, and lease liabilities. The floating rate bank loans and overdrafts bear interest at rates related to bank base rates or SONIA/SOFR. The floating rates of the lease liabilities are determined using the Group\u2019s incremental borrowing rate, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Each subsidiary has financial assets and liabilities which are predominantly in the same denomination as that subsidiary\u2019s functional currency. The financial assets and liabilities not denominated in the functional currency of these entities are insignificant to the Group.Certain UK subsidiaries hold \u00a356.0m (2023: \u00a368.1m) of US Dollar denominated interest bearing loans, which are predominantly used\ue878to fund the Group\u2019s US operations and are designated as a hedge of the net investment in those foreign operations. The\ue878foreign\ue878currency loss of \u00a30.6m (2023: gain of \u00a34.2m) for the effective portion was recognised in the Consolidated Statement of\ue878Comprehensive Income netted against exchange differences on translation of foreign operations. Any ineffective portion recognised in the Consolidated Income Statement is insignificant.(d) Fair valuesThe fair value of forward currency exchange contracts realised in the Consolidated Income Statement as part of fair value derivatives amounted to \u00a3nil (2023: \u00a3nil). The fair values of the Group\u2019s other financial instruments at 31 December 2024 and 2023 were not materially different to their carrying value. Fair values were calculated using market rates where available, otherwise cash flows were discounted at prevailing rates.",
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"pp-value-88-1": {
"value": "Fixed rate financial liabilitiesWeighted averageWeighted average period forinterest ratewhich rate is fixed%YearsUS Dollar at 31 December 2024 3.9 3.0US Dollar at 31 December 2023 3.9 4.0(c) Maturity profileThe table below sets out the contractual cash flows associated with the Group\u2019s financial liabilities analysed by maturity:Due between Due between Carrying Contractual Due within one one and two two and five Due after more Effective amountscash flowsyearyearsyearsthan five yearsinterest rate\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUnsecured loans and borrowings Floating 42.6 (51.7) (2.7) (2.7) (46.3) \u2014Senior Unsecured Notes 3.92% 56.0 (62.6) (2.2) (29.6) (30.8) \u2014Lease liabilities Floating 46.0 (52.9) (10.5) (9.2) (19.8) (13.4)Other liabilities n/a 125.9 (125.9) (124.8) (1.1) \u2014 \u2014Contingent consideration 8.6%* 14.6 (17.3) (4.1) (3.7) (9.5) \u2014Derivative liabilities n/a 0.1 (0.1) (0.1) \u2014 \u2014 \u2014Total at 31 December 2024 285.2 (310.5) (144.4) (46.3) (106.4) (13.4)Unsecured loans and borrowings Floating 44.1 (57.3) (4.3) (2.9) (50.1) \u2014Senior Unsecured Notes 3.92% 55.0 (63.9) (2.2) (2.2) (31.4) (28.1)Lease liabilities Floating 43.7 (51.6) (9.5) (7.8) (14.7) (19.6)Other liabilities n/a 114.6 (114.6) (113.6) (1.0) \u2014 \u2014Derivative liabilities n/a 0.3 (0.3) (0.3) \u2014 \u2014 \u2014Total at 31 December 2023 257.7 (287.7) (129.9) (13.9) (96.2) (47.7)*This is the discount rate applied to discount future cash flows back to their present value. Further details of the method used to calculate the fair value of the contingent consideration liability are set out on page 185 above.The unsecured bank borrowings bear interest based on SONIA/SOFR, plus a margin (as defined in the facilities agreement) which varies depending on the Group\u2019s ratio of net debt to EBITDA. The Group had the following undrawn committed facilities at 31 December, in respect of which all conditions precedent had been met:20242023\u00a3m\u00a3mUndrawn committed borrowing facilities 207.5 206.2",
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"pp-value-93-2": {
"value": "24. Called up share capital 20242023\u00a3m\u00a3mAllotted, called up and fully paid80.4m ordinary shares of 25p each (2023: 80.2m) 20.1 20.0In 2024 the Company issued 0.2m shares under its various share option schemes (2023: 0.2m), realising \u00a32.5m (2023: \u00a31.8m).Each ordinary share carries equal voting rights and there are no restrictions on any share.Options outstanding over the Company\u2019s shares The Group operates a number of employee share schemes categorised as follows:\u2022 Save As You Earn (\u201cSAYE\u201d) schemes \u2014 SAYE is a tax qualifying monthly savings scheme facilitating the purchase of shares at a discount as permitted by the applicable legislation (currently up to a maximum discount of 20%). SAYE options may be exercised in\ue878the event of a change of control to the extent permitted by the rules of the scheme. Such schemes are typically issued annually, are either three or five years and are offered to employees in the UK \u2022 Long Term Incentive Plans (\u201cLTIP\u201d), Restricted Stock Units (\u201cRSU\u201d) and Executive Share Option Schemes (\u201cESOS\u201d) \u2014 the Remuneration Committee may, at its discretion, structure awards as approved awards comprising a tax qualifying option granted under the ESOS, RSU and LTIP awards. LTIP and RSU awards are at nil cost and ESOS is a costed option \u2022 Buy-out awards \u2014 on joining the Company, certain senior managers may forfeit long term incentive awards at their previous employer. The Company may compensate them for these awards by granting awards over Hill & Smith shares. The awards are at\ue878nil\ue878cost.The number of options outstanding by scheme is as follows:2024 2023NumberOption NumberOption of sharesprice range (p)of sharesprice range (p)SAYE schemes \u2020 714,415 794p to 1,640p 823,938 794p to 1,485pLTIP awards \u2020^ 517,481 \u2014 567,808 \u2014ESOS awards \u2020^ 93,926 316p to 1,113p 265,233 316p to 1,113pRSU awards \u2020 86,550 \u2014 44,400 \u2014Buy-out awards 75,496 \u2014 21,187 \u2014Outstanding at the end of the year 1,487,868 1,722,566Exercisable at the year end 168,049 288,173Not exercisable at the year end 1,319,819 1,434,393Outstanding at the end of the year 1,487,868 1,722,566\u2020 Options may be exercised early under the terms of this scheme if employees meet the criteria of \u2018good leaver\u2019, which encompasses circumstances such as\ue878retirement or redundancy. Otherwise, awards will vest if the participants continue to be in employment at the vesting date.^ Vesting of awards under the LTIP and ESOS schemes is subject to various financial performance criteria.24. Called up share capital continuedThe remaining weighted average life of the outstanding share options is 5 years 0 months (2023: 5 years 0 months). The movement and weighted average exercise prices of share options during the year are as follows:WeightedWeightedaverage average exerciseMillions ofexercise Millions ofprice (p)optionsprice (p)options2024202420232023Outstanding at the beginning of the year 610 1.7 655 1.8Granted during the year 483 0.4 480 0.3Exercised during the year (733) (0.4) (810) (0.2)Lapsed during the year (405) (0.2) (583) (0.2)Outstanding at the end of the year 559 1.5 610 1.7The weighted average share price on the dates of exercise of share options during the year was 1,913p (2023: 1,483p), and the weighted average fair value of options and awards granted in the year was 1,636p (2023: 1,214p). The weighted average exercise price of outstanding options exercisable at the year-end was 1,110p (2023: 1,102p).",
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},
"pp-value-95-2": {
"value": "Share-based payments \u2014 optionsThe fair value of services received in return for share options granted is measured by reference to the fair value of the share options granted. The estimate of the fair value of the services received is measured based on the Black\u2014Scholes model where vesting is\ue878based on non-market conditions, or a Monte Carlo Simulation where vesting is based on market conditions. The contractual life is\ue878the life of the option in question and the growth in dividend yield is based on the best current estimate of future yields over the contractual period.The expected volatility is wholly based on the historical volatility (calculated based on the weighted average remaining life of the share options), adjusted for any expected changes to future volatility due to publicly available information.Share options have been granted to qualifying employees in line with HMRC approved or unapproved schemes. Other than the LTIP, RSU and Buy-out awards, the strike price for the option is made based on the market values of shares at the date the option is offered.As explained in the Directors Remuneration Report on pages 102 to 120, bonuses awarded to the Executive Directors include an element awarded in shares, deferred for a period of two years. The Group has determined the fair value of such awards to be equal to their cash equivalent. The resulting charge is included in the expense arising from share-based payments in the year to which the awards relate.The key assumptions for the grants in the current and prior year were as follows:2024 2023Buy-out Buy-out SAYE LTIP/RSUawards SAYE LTIP/RSUawardsExpected share price volatility (%) 30%/19% 28% n/a 24%/15% 32% n/aDividend yield (%) 2.17% 0.0% n/a 2.07% 0.0% n/aOption life (years) 3/5 3 n/a 3/5 3 n/aRisk free interest rate (%) 4.0%/4.1% 4.2% n/a 4.6%/4.5% 3.4% n/aThe total expense recognised for the period arising from share-based payments is as follows:20242023\u00a3m\u00a3mEquity-settled 3.4 3.7Cash-settled \u2014 (0.4)Total expensed during the year 3.4 4.1The carrying amount of the liability in relation to cash-settled share-based payments at the end of the year was \u00a30.4m (2023: \u00a30.7m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-96-3": {
"value": "(a) GuaranteesSubsidiary audit exemptionsHill & Smith PLC has issued guarantees over the liabilities of the following predominantly non-trading UK subsidiaries as at 31 December 2024 under Section 479C of the Companies Act 2006. These entities are exempt from the requirements of the Act relating to the audit of individual accounts by virtue of Section 479A of the Act:Company Name Company NumberBergen Pipe Supports Limited 00926644Bergen Pipe Supports Group Limited 01013871Hill & Smith (International) Limited 11331411Hill & Smith (Americas) Limited 07269581Hill & Smith (Americas) 2 Limited 10783462Hill & Smith (Americas) 3 Limited 12060645Asset International Structures Limited 15082506Hill & Smith Overseas Limited 06614400Hill & Smith (Treasury) Limited 06814150Hill & Smith (USA) Limited 06876775Hardstaff Barriers Limited 02791285Cobaco Holdings Limited 08317210Signpost Solutions Limited 01084535Mallatite Minor Structures & Products Limited 13717429Bowater Doors Limited 13738120Expamet Limited 13748629VMS Newco Limited 12968560Varley & Gulliver Limited 00330433Ash & Lacy Limited 00047169Ash & Lacy Manufacturing Limited 03008964Ash & Lacy Services Limited 02798286Hawkshead Properties Limited 00562451Redman Fisher Engineering Limited 00169316Hill & Smith (Australia) Limited 14411306Widnes Galvanising Limited 02206443Black Oldco Limited 14466538The Group had no financial guarantee contracts outstanding as at 31 December 2024.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-97-1": {
"value": "(b) Capital commitments20242023\u00a3m\u00a3mContracted for but not provided in the accounts 3.6 5.6(c) Operating lease receivablesThe total future minimum commitments receivable under non-cancellable operating leases are analysed as follows:2024 2023Land and Land and Buildings Other Buildings Other \u00a3m\u00a3m\u00a3m\u00a3mWithin one year 0.1 7.4 0.1 6.4Between one and two years \u2014 0.6 \u2014 0.70.1 8.0 0.1 7.1(d) Purchase commitmentsCertain Group companies enter into purchase commitments which obligate the Group to buy specified amounts of raw materials from sellers at a future point in time (usually within one year from the balance sheet date). These commitments are summarised as follows:20242023\u00a3m\u00a3mContracted for but not provided in the accounts 22.7 19.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-97-2": {
"value": "(b) Capital commitments20242023\u00a3m\u00a3mContracted for but not provided in the accounts 3.6 5.6(c) Operating lease receivablesThe total future minimum commitments receivable under non-cancellable operating leases are analysed as follows:2024 2023Land and Land and Buildings Other Buildings Other \u00a3m\u00a3m\u00a3m\u00a3mWithin one year 0.1 7.4 0.1 6.4Between one and two years \u2014 0.6 \u2014 0.70.1 8.0 0.1 7.1(d) Purchase commitmentsCertain Group companies enter into purchase commitments which obligate the Group to buy specified amounts of raw materials from sellers at a future point in time (usually within one year from the balance sheet date). These commitments are summarised as follows:20242023\u00a3m\u00a3mContracted for but not provided in the accounts 22.7 19.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-105-1": {
"value": "27. Related Party Transactions As explained in note 6, the key management personnel are considered to be the Board of Directors of Hill & Smith PLC and the members of\ue878the Executive Board who are not also Directors of Hill & Smith PLC. The Board of Directors\u2019 remuneration can be seen in the Directors\u2019 Remuneration Report on pages 102 to 120. The combined remuneration of key management personnel can be seen in note 6 to the financial statements on page 159.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-106-1": {
"value": "28. Subsequent eventsAs part of the Group\u2019s active portfolio management, in the first quarter of 2025, the Group successfully divested two of its non-core, loss making Roads and Security businesses, Hill & Smith Pty Limited and Parking Facilities Limited; both of which were classified as\ue878held for sale as at 31 December 2024 (see note 14 for further details). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-107": {
"value": "Hill & Smith PLC",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-108-1": {
"value": "Westhaven House Arleston Way Shirley Solihull West Midlands B90 4LH",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"pp-value-109": {
"value": "Registered in England and Wales ",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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}
}
}