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"value": " incorporated in the UK. ",
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"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 Financial Reporting Standards. The Company has elected to prepare its Parent Company Financial Statements, which are presented on pages 210 to 221, in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (\u201cFRS 101\u201d). The Accounting Policies set out below have, unless otherwise stated, been applied consistently in all periods presented in these Group Financial Statements. Judgements made by the Directors in the application of these Accounting Policies that have a signi\uf0decant effect on the Group Financial Statements and estimates with a signi\uf0decant risk of material adjustment in the next year are discussed in note 2. ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
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},
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"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
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"value": "Measurement convention The 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 2025 The following amendments and interpretations apply for the \uf0derst time in 2025, and therefore were adopted by the Group: \u2022 Amendments to IAS 21 \u2013 Lack of exchangeability The amendment noted above has not had a material impact on the \uf0denancial statements. New IFRS standards and interpretations to be adopted in the future The 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 2026: \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Classification and Measurement of Financial Instruments \u2022 IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity To be adopted for year-ending 31 December 2027: \u2022 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements \u2022 IFRS 19 \u2013 Subsidiaries without Public Accountability The above changes are not expected to have a material impact on the Group. ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
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"value": "Going concern and liquidity risk In determining the appropriate basis of preparation of its \uf0denancial 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 \uf0denancial statements. The Group\u2019s going concern assessment period is the 18-month period from the balance sheet date to 30 June 2027 (referred to throughout as \u2018the going concern period\u2019. When making this assessment, the Group considers whether it will be able to maintain adequate liquidity headroom above the level of its borrowing facilities and to operate within the \uf0denancial covenants on those facilities. At 31 December 2025, the Group had \u00a3353.5m of committed borrowing facilities, and a further \u00a36.2m of on-demand facilities. The Group re\uf0denanced its revolving credit facility in November 2025, entering into an \u2018Amend and Extend\u2019 addendum to the original agreement signed in November 2022. The amendments include increasing the total facility to \u00a3300m and extending the term for another two years to November 2029. The Group also holds $70m of 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 \u00a31.7m. The amount drawn down under these committed facilities at 31 December 2025 was \u00a382.9m, which together with cash and cash equivalents of \u00a369.7m gave total headroom of \u00a3346.5m (\u00a3340.3m committed, \u00a36.2m on demand). The Group has not made any changes to its principal borrowing facilities between 31 December 2025 and the date of approval of these \uf0denancial statements. Going concern and liquidity risk continued 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 de\uf0dened in the facilities agreements which are adjusted from the equivalent IFRS amounts. The ratio of net debt to EBITDA at 31 December 2025 was 0.1 times and interest cover was 28.4 times. Note 23 to the Financial Statements sets out more information on the Group\u2019s objectives, policies and processes for managing its capital, its \uf0denancial risk management objectives, details of its \uf0denancial instruments and hedging activities, and its exposures to credit and liquidity risk. The Group has carefully modelled its cash \uf0dfow outlook for the period to 30 June 2027, taking account of the current global economic conditions. In this \u2018base case\u2019 scenario, the forecasts indicate signi\uf0decant liquidity headroom will be maintained above the Group\u2019s borrowing facilities and \uf0denancial covenants will be met throughout the period, including the covenant tests at 30 June 2026, 31 December 2026 and 30 June 2027. 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 29% compared with current expectations throughout the 18-month period ending 30 June 2027. A reduction in headroom against borrowing facilities to nil would occur if the Group experienced a sustained revenue reduction of 28% compared with current expectations for the 18-month period ending 30 June 2027, noting that the stress test assumes repayment of $35m of Senior Unsecured Notes on expiry of the agreement in June 2026. 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. ",
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"entity": "scheme:2138003A3ISGQZBOWI83",
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"value": "Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration 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 be provisional at the \uf0derst year end date after the acquisition to allow the maximum time to elapse for management to make a reliable estimate. 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 signi\uf0decantly 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 signi\uf0decantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without signi\uf0decant 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 de\uf0denition of a \uf0denancial liability, the fair value will be re-measured at each subsequent reporting period and the re-remeasurement will be recognised as a non-underlying charge or credit in the consolidated income statement. The determination of fair value is based on discounted cash \uf0dfows. 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:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-10-2": {
"value": "Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration 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 be provisional at the \uf0derst year end date after the acquisition to allow the maximum time to elapse for management to make a reliable estimate. 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 signi\uf0decantly 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 signi\uf0decantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without signi\uf0decant 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 de\uf0denition of a \uf0denancial liability, the fair value will be re-measured at each subsequent reporting period and the re-remeasurement will be recognised as a non-underlying charge or credit in the consolidated income statement. The determination of fair value is based on discounted cash \uf0dfows. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-11-1": {
"value": "Intangible assets \u2013 Goodwill Goodwill 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 identi\uf0deable 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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-11-2": {
"value": "Intangible assets \u2013 Goodwill Goodwill 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 identi\uf0deable 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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-12-1": {
"value": "Intangible assets \u2013 Other Other 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 re\uf0dfects management\u2019s judgement of the fair value of the individual intangible asset calculated by reference to the net present value of future bene\uf0dets accruing to the Group from the utilisation of the asset, discounted at an appropriate discount rate. Certain US brands are considered to have an inde\uf0denite life and are therefore subject to annual impairment testing (see accounting policy \u2018Impairment of assets\u2019). In determining that these brands have inde\uf0denite 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 speci\uf0dec 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 identi\uf0deable and unique software products controlled by the Group, and it is probable that future economic bene\uf0dets will \uf0dfow 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 speci\uf0dec 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 bene\uf0dets are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the net 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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-13-1": {
"value": "Intangible assets \u2013 Research and development costs Research 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 bene\uf0det. Amortisation is recorded 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 depreciation Property, 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 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. 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 \uf0denancial year end and adjusted prospectively, if appropriate. An item of property, plant and equipment and any signi\uf0decant part initially recognised is derecognised upon disposal (i.e. at the date the recipient obtains control) or when no future economic bene\uf0dets are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included 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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-15-1": {
"value": "For goodwill and intangible assets that have an inde\uf0denite 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 signi\uf0decant cash generating unit, which are no larger than operating segments as de\uf0dened in IFRS 8 \u2013 Segmental reporting. The carrying amounts of the Group\u2019s other non-\uf0denancial 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. Impairment of assets continued 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 \uf0dfows are discounted to their present value using a pre tax discount rate that re\uf0dfects current market assessments of the time value of money and the risks speci\uf0dec to the asset. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-17-1": {
"value": "Non-current assets held for sale and discontinued operations The Group classi\uf0dees 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 classi\uf0decation 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 (disposal group), excluding \uf0denance costs and income tax expense. The criteria for held for sale classi\uf0decation are regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that signi\uf0decant 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 classi\uf0decation. Property, plant and equipment, intangible assets and right-of-use assets are not depreciated or amortised once classi\uf0deed as held for sale. Assets and liabilities classi\uf0deed as held for sale are presented separately as current items in the Group\u2019s Consolidated Statement of Financial Position. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-18-1": {
"value": "Financial instruments Financial 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 simpli\uf0deed 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 \uf0denancial instruments of the Group are used to hedge its exposure to interest rate and foreign currency risks arising from operational, \uf0denancing and investment activities. In accordance with its treasury policy, the Group does not hold or issue derivative \uf0denancial 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 occurrence, 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 objective and strategy for undertaking the hedge transaction. This process includes linking all derivatives designated as hedges to speci\uf0dec assets and liabilities or to speci\uf0dec \uf0derm commitments or forecast transactions. The Group also documents its assessment, at hedge inception and on a half yearly basis, as to 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 \uf0dfows 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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-19-1": {
"value": "Cash and cash equivalents Cash 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 offset, included as a component of cash and cash equivalents for the purpose of the 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 routinely sweeping cash balances within each bank. Consequently, the balances have been offset in the \uf0denancial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-20-1": {
"value": "Foreign currencies Transactions 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 translated at the closing exchange rate. Income statements and cash \uf0dfows 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 pro\uf0det or loss. Foreign currency differences arising on the retranslation of a \uf0denancial 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 pro\uf0det or loss. When the hedged part of a net investment is disposed of, the associated cumulative amount in the translation reserve is transferred to pro\uf0det or loss as an adjustment to the pro\uf0det or loss on disposal. The principal exchange rates used were as follows: 2025 2024 Average Closing Average Closing Sterling to US Dollar (\u00a31 = USD) 1.32 1.35 1.28 1.25 Sterling to Indian Rupee (\u00a31 = INR) 114.93 120.85 106.95 107.22 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-21-1": {
"value": "Inventories Inventories 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 \uf0denished goods comprises direct materials, direct labour and an appropriate proportion of attributable overheads. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-22-1": {
"value": "Provisions A 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 out\uf0dfow of economic bene\uf0dets will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash \uf0dfows at a pre tax rate that re\uf0dfects current market assessments of the time value of money and, when appropriate, the risks speci\uf0dec to the liability. When discounting is used, the reduction in the provision due to the passage of time is recognised as a \uf0denance cost. A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan and the restructuring either has commenced or has been announced publicly. Future operating costs are not provided for. Provisions continued In accordance with the Group\u2019s environmental policy and applicable legal requirements, a provision for site restoration in respect of contaminated 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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-24-1": {
"value": "Leases To 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 re\uf0dfects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the 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: \uf0dexed payments, variable lease payments that depend on an index or a rate (initially measured using the index or rate as at the commencement date), amounts expected to be payable under a residual guarantee and the exercise price of purchase options where it is reasonably certain that the option will be exercised. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-25-1": {
"value": "Revenue Revenue is measured based on the consideration speci\uf0deed in a contract with a customer for the provision of goods and services. The amount recognised excludes sales taxes and is adjusted for any discounts or volume rebates that are included in the contract. It includes consideration received from the customer for freight activities only if the transportation activities are required to ful\uf0del a performance 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 signi\uf0decant \uf0denancing 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. UK & India and US Engineered Solutions For standard products that are manufactured, revenue is recognised when goods are accepted by customers, which is usually on delivery depending on the Incoterms de\uf0dened in the contract. The Group also enters into certain contracts which require customers to inspect 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. UK & India and US Engineered Solutions continued Certain of the Group\u2019s businesses in the Engineered Solutions segments manufacture non-standard products that are speci\uf0dec 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 in these segments 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 speci\uf0deed in the sales contract. To estimate the variable consideration for these expected future rebates, the Group applies the most likely amount method to re\uf0dfect 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 signi\uf0decant revenue reversal in the future. Certain of the Group\u2019s businesses in these segments 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 the rental of temporary road barrier are included in cost of sales. The Group classi\uf0dees proceeds from the sale of scrap products generated in the manufacturing process within revenue. Galvanizing Services Contracts with customers in the Galvanizing Services segment are generally simple. Revenue is recognised at a point in time, which is when the galvanized goods are either despatched to, or collected by, the customer. The Group classi\uf0dees proceeds from the sale of by-products generated during the galvanizing process within revenue. Contract assets Contract 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 liabilities Contract liabilities arise when the Group receives consideration from customers based on an agreed billing schedule, as established in the contract, which may not correspond with the pattern of performance under the contract. Where consideration has been received but a performance obligation not satis\uf0deed at the reporting date, a contract liability is recorded in the Consolidated Statement of Financial Position. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-27-1": {
"value": "Retirement benefits The Group operates pension schemes under which contributions by employees and by the sponsoring companies are held in trust funds separated from the Group\u2019s \uf0denances. Obligations for contributions to de\uf0dened contribution pension schemes are recognised as an expense in the Consolidated Income Statement as incurred. The Group\u2019s net surplus or obligation in respect of de\uf0dened bene\uf0det pension schemes is calculated separately for each scheme by estimating the amount of future bene\uf0det that employees have earned in return for their service in the current and prior periods. This bene\uf0det 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 end date on AA rated bonds that have maturity dates approximating to the terms of the Group\u2019s obligations. The calculation is performed by a quali\uf0deed actuary using the projected unit method. Scheme assets are valued at bid price. The terms of the scheme give the Group the right to recover any surplus assets and therefore the Group recognise any calculated IAS 19 surplus in the Consolidated Statement of Financial Position. Tax calculated on pension movements during the year is recognised in the Consolidated Statement of Other Comprehensive Income. In the Consolidated Income Statement, current and past service costs are recognised in operating pro\uf0det and the interest cost on the net de\uf0dened bene\uf0det obligations is included in \uf0denancial expense. Retirement benefits continued All actuarial gains and losses in calculating the Group\u2019s surplus or obligation in respect of de\uf0dened bene\uf0det schemes are recognised annually and reported in the Consolidated Statement of Comprehensive Income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-29-1": {
"value": "Share-based payment transactions The 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\u2013Scholes 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 re\uf0dfect 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 re\uf0dfect such conditions and there is no adjustment 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 period during which employees become unconditionally entitled to the payment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-30-1": {
"value": "Financial income and expense Financial income comprises interest income on funds invested and gains on the fair value of \uf0denancial assets and liabilities at fair value through pro\uf0det 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 \uf0denancial assets and liabilities at fair value through pro\uf0det or loss, the interest expense on lease liabilities, and \uf0denancial expenses related to re\uf0denancing. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-31-1": {
"value": "Non-underlying items Non-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 discontinued operations \u2022 Amortisation of intangible fixed assets arising on acquisitions, which can vary depending on the nature, size and frequency of acquisitions in each financial period \u2022 Expenses associated with acquisitions and disposals, comprising professional fees incurred, any consideration which, under IFRS 3 (Revised) 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 non-underlying 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 items Included in operating profit 2025 2024 \u00a3m \u00a3m Pro\uf0det on disposal of subsidiaries (a) 1.1 \u2013 Business reorganisation costs (b) (3.7) \u2013 Impairment of assets (c) (14.7) (13.2) Loss on remeasurement of assets held for sale (a) \u2013 (3.1) Amortisation of acquisition intangibles (10.8) (9.9) Expenses related to acquisitions and disposals (3.1) (1.9) Total non-underlying items (31.2) (28.1) Notes: a) Following a strategic review in 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 accordance with IFRS 5, the assets and liabilities of the businesses were recognised as disposal groups held for sale. Following the classi\uf0decation, losses on remeasurement of \u00a31.1m relating to Parking Facilities and \u00a32.0m related to Hill & Smith Pty Limited were recognised in 2024 to reduce the carrying amount of the assets in the disposal groups to their fair value less costs to sell. In January 2025 the sale of Hill & Smith Pty\u2019s trade and assets was completed and in February 2025 the Group sold its shareholding in Parking Facilities. The pro\uf0det on disposal for each disposal group was as follows: Parking Hill & Smith Facilities Australia Pty Total Consideration 2.8 5.7 8.5 Net assets disposed (2.2) (5.2) (7.4) Pro\uf0det on disposal 0.6 0.5 1.1 The Group also incurred legal fees and other disposal costs of \u00a31.5m, comprising cash costs of \u00a31.1m in the year and a further \u00a30.4m expected to be spent in 2026, which are included within \u2018expenses related to acquisition and disposals\u2019. b) Business reorganisation costs of \u00a33.7m relate to the closure of the Group\u2019s trailer-mounted message board manufacturing facility in Garland, Texas, during the second half of the year. Message board operations have now been relocated to National Signal\u2019s La Mirada, California facility. The costs include \u00a31.9m of inventory write-downs and other net closure expenses of \u00a31.8m. A further impairment charge of \u00a31.1m was recognised, comprising \u00a30.5m relating to property right-of-use assets, \u00a30.2m relating to capitalised development costs and \u00a30.4m relating to tangible \uf0dexed assets. c) In addition to the Garland closure, impairment of assets also includes a full impairment of goodwill and acquisition intangible assets relating to National Signal, the Group\u2019s US off-grid solar business. In assessing the carrying value of the National Signal CGU, the Board concluded that National Signal\u2019s future cash \uf0dfows were not su\ufb03cient to support its carrying value, resulting in an impairment of the acquisition goodwill of \u00a36.7m, acquisition intangible assets of \u00a36.7m and capitalised development costs of \u00a30.2m. Impairment losses in the prior year related to H&S Inc., the Group\u2019s US road products business. Included in taxation The tax effect of the above items is a credit to the income statement of \u00a37.5m (2024: \u00a35.9m). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-32-1": {
"value": "Income tax Income tax on the pro\uf0det 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 directly in equity. Income tax continued Current tax is the expected tax payable on the taxable pro\uf0det for the year. Taxable pro\uf0det differs from net pro\uf0det 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 identi\uf0deed 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 signi\uf0decant exposure to Pillar Two income taxes to result given the relatively low level of pro\uf0detability in the Irish entity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-34-1": {
"value": "Deferred taxation Deferred 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 \uf0denancial 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 or taxable pro\uf0det, 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 pro\uf0dets 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 is no longer probable that su\ufb03cient taxable pro\uf0det 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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-35-1": {
"value": "Ordinary dividends Dividends 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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-36-1": {
"value": "2. Accounting judgements, estimates and assumptions The preparation of the Group\u2019s consolidated \uf0denancial 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 results may differ from these estimates. Impairment of goodwill (note 12) Estimates The determination of whether goodwill and other inde\uf0denite life intangible assets should be impaired requires the estimation of future cash \uf0dfows and growth factors adopted by each cash generating unit. Furthermore, discount rates applied to these cash \uf0dfows are determined by reference to the markets in which they operate and are risk adjusted to re\uf0dfect risks and opportunities existing for each cash generating unit. These factors are all affected by prevailing market and economic factors outside the Group\u2019s control. Further information on this issue, including sensitivity analyses, is included in note 12. Actuarial assumptions on pension obligations (note 26) Estimates In determining the valuation of the UK de\uf0dened bene\uf0det pension de\uf0decit, certain estimates and assumptions about the scheme have been made, notably the in\uf0dfation rates, discount rates, mortality and pension increases. The factors affecting these assumptions are in\uf0dfuenced by wider macro-economic factors that are largely outside of the Group\u2019s control. A sensitivity analysis of the impact of changes in key assumptions is set out in note 26. Taxation (notes 9 and 16) Judgements Liabilities 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. Estimates Management 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 re\uf0dfect management\u2019s best estimate in light of the information available. Included in the current tax payable is a liability of \u00a36.7m (2024: \u00a36.0m) for uncertain tax positions. In addition, \u00a3nil (2024: \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 \u00a38.2m (2024: \u00a3nil and \u00a38.4m) 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. Non-current assets held for sale (note 14) Judgements The criteria for held for sale classi\uf0decation are regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Determining whether a sale is highly probable requires judgement and analysis of all relevant facts and circumstances as at the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-37-1": {
"value": "3. Segmental information Business segment analysis The Group previously reported three operating segments: Engineered Solutions, Galvanizing Services and Roads & Security. During the year ended 31 December 2025, the Group has reassessed its reportable segments under IFRS 8 Operating Segments and has determined that these are now US Engineered Solutions, UK & India Engineered Solutions, and Galvanizing Services. The Board concluded these changes better re\uf0dfect the way the Group is now managed, enabling closer focus on geographic end markets and growth opportunities. The Group\u2019s internal management structure and \uf0denancial 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 characteristics: \u2022 The US Engineered Solutions segment comprises all US operating companies excluding Galvanizing Services; \u2022 The UK & India Engineered Solutions segment comprises all UK operating companies and India, excluding Galvanizing Services; and \u2022 The Galvanizing Services segment contains a group of companies supplying galvanizing and related materials coating services. Corporate costs are allocated to reportable segments in proportion to the revenue of each of those segments. The revised segmental structure was effective from 1 January 2025. As required by IFRS 8, comparative segment information for the US Engineered Solutions and the UK & India Engineered Solutions segments for the year ended 31 December 2024 has been restated, as indicated by \u201crestated\u201d throughout these Consolidated Financial Statements. The restatement does not result in any change to the results of the Galvanizing Services segment or the consolidated Group. In 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 de\uf0dened 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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-38-1": {
"value": " 2025 2024 (restated) Reported Underlying Reported Underlying Operating operating Operating operating Revenue Pro\uf0det pro\uf0det Revenue Pro\uf0det pro\uf0det \u00a3m \u00a3m \u00a3m* \u00a3m \u00a3m \u00a3m* US Engineered Solutions 416.649.075.0390.349.569.4UK & India Engineered Solutions 239.416.820.9267.016.723.8Galvanizing Services 212.854.355.4197.849.250.3Group 868.8120.1151.3855.1115.4143.5Net \uf0denancing costs (8.8)(8.8) (10.9)(10.9)Pro\uf0det before taxation 111.3142.5 104.5132.6Taxation (28.8)(36.3) (28.1)(34.0)Pro\uf0det after taxation 82.5106.2 76.498.6* Underlying operating profit is stated before non-underlying items as defined in the Group Accounting Policies on page 160 and is the measure of segment profit used by the Chief Operating Decision Maker, who is the Chief Executive Officer. 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 \u00a31.0m (2024 (restated): \u00a30.9m) of products and services to US Engineered Solutions and \u00a36.8m (2024 (restated): \u00a37.4m) of products and services to UK & India Engineered Solutions. UK & India Engineered Solutions sold \u00a30.2m (2024 (restated): \u00a30.2m) of products and services to US Engineered Solutions. These internal revenues, along with revenues generated from within their own segments, have been eliminated on consolidation. 3. Segmental information continued UK & India Engineered US Engineered Solutions Solutions Galvanizing Services Total 2024 2024 2025 (restated) 2025 (restated) 2025 2024 2025 2024 Primary Geographical Markets \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m UK 0.1 \u2013 188.8 221.2 85.2 80.9 274.1 302.1 Rest of Europe 0.2 0.2 27.0 22.7 \u2013 \u2013 27.2 22.9 North America 414.5 388.2 1.7 2.7 127.6 116.9 543.8 507.8 The Middle East 1.5 1.3 7.9 9.9 \u2013 \u2013 9.4 11.2 Rest of Asia \u2013 0.1 11.9 6.6 \u2013 \u2013 11.9 6.7 Rest of the world 0.3 0.5 2.1 3.9 \u2013 \u2013 2.4 4.4 416.6 390.3 239.4 267.0 212.8 197.8 868.8 855.1 Major product/service lines Manufacture, supply and installation of products 411.7 385.3 225.7 248.4 \u2013 \u2013 637.4 633.7 Galvanizing Services \u2013 \u2013 \u2013 \u2013 212.8 197.8 212.8 197.8 Rental of assets to customers 4.9 5.0 13.7 18.6 \u2013 \u2013 18.6 23.6 416.6 390.3 239.4 267.0 212.8 197.8 868.8 855.1 Timing of revenue recognition Products and services transferred at a point in time 200.0 210.4 156.1 177.2 212.8 197.8 568.9 585.4 Products and services transferred over time 216.6 179.9 83.3 89.8 \u2013 \u2013 299.9 269.7 416.6 390.3 239.4 267.0 212.8 197.8 868.8 855.1 The Group has no material unsatis\uf0deed or partially satis\uf0deed 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 analysis Capital expenditure and amortisation/depreciation 2025 2024 (restated) \u00a3m \u00a3mImpairment losses, Impairment losses, Capital amortisation and Capital amortisation and expenditure depreciation expenditure depreciation \u00a3m \u00a3m \u00a3m \u00a3m US Engineered Solutions 13.5 28.6 13.4 25.7 UK & India Engineered Solutions 11.0 10.6 8.4 12.1 Galvanizing Services 10.1 7.6 5.6 7.7 Total Group 34.6 46.8 27.4 45.5 Property, plant and equipment (note 13) 30.9 20.9 22.4 22.5 Intangible assets (note 12) 3.7 25.9 5.0 23.0 Total Group 34.6 46.8 27.4 45.5 The 2025 amounts for impairment losses, amortisation and depreciation relating to the US Engineered Solutions segment included asset impairments of \u00a314.7m relating to National Signal and H&S Inc. as explained in note 5. The 2024 amounts include asset impairments of \u00a313.2m relating to H&S Inc. 3. Segmental information continued Geographical analysis Total assets 2025 2024 \u00a3m \u00a3mUK 251.1 292.8Rest of Europe 3.9 4.0North America 483.6 473.9Asia 20.5 17.4Rest of the world 2.8 7.9Total Group 761.9 796.0Non-current assets 2025 2024 \u00a3m \u00a3m UK 168.9 168.4Rest of Europe 1.41.5North America 256.5291.1Asia 3.23.4Total Group 430.0464.4Capital expenditure 2025 2024 \u00a3m \u00a3m UK 12.39.1Rest of Europe \u20130.5North America 21.717.1Asia 0.60.6Rest of the world \u20130.1Total Group 34.627.44. Alternative Performance Measures The Group presents Alternative Performance Measures (\u201cAPMs\u201d) in addition to its statutory results. These are presented in accordance 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 note 10. 4. Alternative Performance Measures continued All underlying measures exclude certain non-underlying items, which are detailed in note 5. References to an underlying pro\uf0det measure are made on this basis and, in the opinion of the Directors, aid the understanding of the underlying business performance as they 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 2025 2024 \u00a3m \u00a3mUnderlying pro\uf0det before tax 142.5 132.6 Non-underlying items included in operating pro\uf0det (31.2) (28.1) Reported pro\uf0det before tax 111.3 104.5 Reconciliation of underlying to reported operating profit by segment UK & India Engineered US Engineered Solutions Solutions Galvanizing Services Total 2024 2024 2025 (restated) 2025 (restated) 2025 2024 2025 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Underlying operating pro\uf0det 75.0 69.4 20.9 23.8 55.4 50.3 151.3 143.5 Non-underlying items Pro\uf0det on disposal of subsidiaries \u2013 \u2013 1.1 \u2013 \u2013 \u2013 1.1 \u2013 Business reorganisation costs (3.7) \u2013 \u2013 \u2013 \u2013 \u2013 (3.7) \u2013 Impairment of assets (14.7) (13.2) \u2013 \u2013 \u2013 \u2013 (14.7) (13.2) Loss on remeasurement of assets held for sale \u2013 \u2013 \u2013 (3.1) \u2013 \u2013 \u2013 (3.1) Amortisation of acquisition intangibles (7.2) (6.2) (2.5) (2.6) (1.1) (1.1) (10.8) (9.9) Expenses related to acquisitions and disposals (0.4) (0.5) (2.7) (1.4) \u2013 \u2013 (3.1) (1.9) Reported operating pro\uf0det 49.0 49.5 16.8 16.7 54.3 49.2 120.1 115.4 Calculation of underlying operating margin US Engineered Solutions UK & India Engineered Solutions Galvanizing Services Total 2024 2024 2025 (restated) 2025 (restated) 2025 2024 2025 2024 \u00a3m \u00a3m \u00a3m\u00a3m \u00a3m\u00a3m \u00a3m\u00a3m Underlying operating pro\uf0det 75.0 69.4 20.9 23.8 55.4 50.3 151.3 143.5 Revenue 416.6 390.3 239.4 267.0 212.8 197.8 868.8 855.1 Underlying operating pro\uf0det margin (%) 18.0% 17.8% 8.7% 8.9% 26.0% 25.4% 17.4% 16.8% 4. Alternative Performance Measures continued Measures 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 subsidiary 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. UK & India Engineered US Engineered Solutions Solutions Galvanizing Services Total Underlying Underlying Underlying Underlying operating operating operating operating Revenue pro\uf0det Revenue pro\uf0det Revenue pro\uf0det Revenue pro\uf0det \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m 2024 (restated)390.369.4267.0 23.8197.8 50.3855.1 143.5Impact of exchange rate movements from 2024 to 2025(11.8)(2.4)(1.4) (0.3)(3.6) (1.3)(16.8) (4.0)2024 translated at 2025 exchange rates (A)378.567.0265.6 23.5194.2 49.0838.3 139.5Acquisitions and disposals16.22.5(10.1) 1.5\u2013 \u20136.1 4.0Organic growth/(decline) (B)21.95.5(16.1) (4.1)18.6 6.424.4 7.82025 (C)416.675.0239.4 20.9212.8 55.4868.8 151.3Organic growth % (B divided by A)6%8%\u20136% \u201317%10% 13%3% 6%Constant currency change % ((C-A) divided by A)10%12%\u201310% \u201311%10% 13%4% 8%Calculation of underlying cash conversion ratio 2025 2024 \u00a3m\u00a3mUnderlying operating pro\uf0det151.3143.5Calculation of adjusted operating cash \uf0dfow:Cash generated by operations173.1168.6Purchase of assets for rental to customers(1.3) (2.3)Purchase of property, plant and equipment(29.2) (21.3)Purchase of intangible assets(3.7) (5.0)Repayment of lease liabilities(9.5) (9.0)Proceeds on disposal of non-current assets and assets held for sale1.13.4De\uf0dened bene\uf0det pension scheme de\uf0decit payments3.83.7Add back: Cash \uf0dfows relating to non-underlying items3.34.0Adjusted operating cash \uf0dfow137.6142.1Underlying cash conversion (%)91% 99%4. Alternative Performance Measures continued Calculation of capital expenditure to depreciation and amortisation ratio 2025 2024 \u00a3m \u00a3mCalculation of capital expenditure cash\uf0dfows: Purchase of assets for rental customers 1.3 2.3 Purchase of property, plant and equipment 29.2 21.3 Purchase of intangible assets 3.7 5.0 34.2 28.6 Calculation of depreciation and amortisation: Depreciation of property, plant and equipment 20.5 20.8 Amortisation of development costs 1.1 1.1 Amortisation of other intangible assets 0.2 0.1 21.8 22.0 Capital expenditure to depreciation and amortisation ratio 1.6x 1.3x Calculation of covenant net debt to EBITDA ratio 2025 2024 \u00a3m \u00a3m Reported net debt 50.8 96.9 Lease liabilities (39.9) (46.0) Lease liabilities included in liabilities held for sale \u2013 (3.0) Amounts related to re\uf0denancing under IFRS 9 2.3 1.5 Covenant net debt (A) 13.2 49.4 Underlying operating pro\uf0det 151.3 143.5 Depreciation of owned assets 20.5 20.8 Right-of-use asset depreciation 10.1 10.4 Amortisation of development costs 1.1 1.1 Amortisation of other intangible assets 0.2 0.1 Underlying EBITDA 183.2 175.9 Adjusted for: Lease payments (11.5) (11.0) Share-based payments expense 2.9 3.4 Annualised EBITDA of subsidiaries acquired/disposed \u2013 5.5 Covenant EBITDA (B) 174.6 173.8 Covenant net debt to EBITDA (A divided by B) 0.1 0.3 ",
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"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-46-1": {
"value": "6. Employees 2025 2024 (restated) The average number of people employed by the Group during the year \u00a3m\u00a3m US Engineered Solutions 1,524 1,420 UK & India Engineered Solutions 1,741 1,853 Galvanizing Services 1,358 1,358 Total Group 4,623 4,631 2025 2024 Total employee bene\uf0det expense for the year \u00a3m\u00a3m Wages and salaries 197.4 192.5 Share-based payments (note 24) 2.9 3.4 Social security costs 28.4 26.2 Pension costs (note 26) 5.6 5.1 234.3 227.2 2025 2024 Remuneration of key management personnel \u00a3m\u00a3m Remuneration in relation to short term bene\uf0dets 4.7 4.8 Share based payments 1.6 1.7 Company contributions to money purchase pension plans 0.2 0.1 6.5 6.6 Key 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 Committee who are not also Directors of the Group. Further details of the Directors\u2019 remuneration and share interests are given in the Directors\u2019 Remuneration Report on pages 102 to 129. 26. Pensions Total The total Group retirement bene\uf0det assets and obligations are detailed below: UKUS 2025 UK US 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Total fair value of scheme assets 51.3 2.5 53.8 47.0 2.6 49.6 Present value of scheme funded obligations (46.1) (3.1) (49.2) (47.2) (3.2) (50.4) Retirement bene\uf0det surplus/(obligation) 5.2 (0.6) 4.6 (0.2) (0.6) (0.8) United Kingdom The Group operates one main pension scheme in the UK, the Hill & Smith 2016 Pension Scheme (\u2018the Scheme\u2019), providing bene\uf0dets on a de\uf0dened bene\uf0det and de\uf0dened contribution basis. The Scheme is closed to future accrual and is subject to the statutory scheme speci\uf0dec funding requirements outlined in UK legislation. The weighted average maturity (the \u2018duration\u2019) of the de\uf0dened bene\uf0det plan obligations at the end of the reporting period is approximately 8 years (2024: 9 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 de\uf0decit 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 2025, updated by an independent quali\uf0deed actuary. The triennial valuation as at April 2025 is expected to be \uf0denalised in the \uf0derst half of 2026. The Consolidated Income Statement for the year includes a pension charge within operating pro\uf0det of \u00a32.9m (2024: \u00a33.0m), which includes the costs of the de\uf0dened contribution and the de\uf0dened bene\uf0det sections of the Scheme. All actuarial gains and losses are recognised immediately in the Consolidated Statement of Comprehensive Income. 26. Pensions continued United Kingdom continued The Scheme exposes the Group to a number of risks, the most signi\uf0decant being: Risk Description Volatile asset returns The de\uf0dened bene\uf0det obligation is calculated using a discount rate set with reference to high quality corporate bond yields. If assets underperform against this discount rate, this could create a plan de\uf0decit. 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 decrease in the surplus 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 be partially offset by an increase in the value of the Scheme\u2019s investments in Liability Driven Investment and bond funds. In\uf0dfation risk A signi\uf0decant proportion of the de\uf0dened bene\uf0det obligation is indexed in line with price in\uf0dfation, with higher in\uf0dfation 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 in\uf0dfation expectations. Life expectancy The majority of the Scheme\u2019s obligations are to provide a pension for the life of each of the members, so increases in life expectancy will result in an increase in the liabilities. The principal assumptions used to value the Scheme\u2019s liabilities at 31 December: 2025 2024 Rate of increase in salaries n/a n/a Rate of increase in pensions payment 2.9% 3.2% Discount rate 5.4% 5.4% In\uf0dfation - RPI 2.9% 3.3% In\uf0dfation - CPI 2.0% 2.4% Mortality table 114%/117% 114%/117% CMI 2024 CMI 2023 1.25% 1.25% The mortality assumptions imply the following expected future lifetimes from age 65: 2025 2024 Males currently aged 45 22.2 years 21.8 years Females currently aged 45 24.5 years 24.4 years Males currently aged 65 20.9 years 20.6 years Females currently aged 65 23.1 years 23.0 years The 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 four years, short-term in\uf0dfation in the UK has at times been signi\uf0decantly higher than we have seen in previous years. The Group has made an allowance for this higher in\uf0dfation experience within the liabilities of the Scheme. Over the duration of the Scheme\u2019s liabilities, market expectations of in\uf0dfation (which have been used to derive the in\uf0dfation assumptions above) are signi\uf0decantly lower than this recent experience. 26. Pensions continued Assets and liabilities The Scheme holds assets and liabilities in respect of de\uf0dened contribution bene\uf0dets which are equal in value and are excluded from the following \uf0degures. The fair values of Scheme assets in respect of the de\uf0dened bene\uf0det scheme, which are not intended to be realised in the short term and may be subject to signi\uf0decant change before they are realised are detailed below. In addition, the value of the Scheme liabilities, which is derived from cash \uf0dfow projections over an average period of approximately 8 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 2025 2024 \u00a3m \u00a3m Assets Quoted Investment Funds Equities 6.6 3.6 Bonds 7.6 7.0 Diversi\uf0deed growth funds 9.4 8.4 Liability Driven Investment (\"LDI\") funds 11.9 10.6 Alternatives* 3.6 12.1 Unquoted Investment Funds With pro\uf0dets policies \u2013 1.0 Cash 12.2 4.3 Total fair value of Scheme assets 51.3 47.0 Present value of Scheme funded obligations (46.1) (47.2) Retirement bene\uf0det surplus/(obligation) 5.2 (0.2) * 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 in\uf0dfation 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 re\uf0dfect the size and shape of the Scheme\u2019s interest rate and in\uf0dfation 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 28% (2024: 23%) of total Scheme assets, have quoted market prices in active markets. Excluding cash, the balance of \u00a324.9m (2024: \u00a332.1m) represents the Scheme\u2019s investment in LDI funds and Secure Income Asset Funds. The LDI funds are invested in in\uf0dfation linked bonds issued by the UK Government as well as \uf0dexed rate bonds. Secure Income Assets Funds (Alternatives) are invested in a diversi\uf0deed 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. 26. Pensions continued Total expense recognised in the Consolidated Income Statement De\uf0dened De\uf0dened De\uf0dened De\uf0dened contribution bene\uf0det contribution bene\uf0det schemes schemes Tot al schemes schemes Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Current service costs 1.9 \u2013 1.9 1.9 \u2013 1.9 Expenses 0.7 0.3 1.0 0.8 0.3 1.1 Charge to operating pro\uf0det 2.6 0.3 2.9 2.7 0.3 3.0 Interest on net Scheme surplus \u2013 \u2013 \u2013 \u2013 0.1 0.1 Total charge to pro\uf0det before tax 2.6 0.3 2.9 2.7 0.4 3.1 Change in the present value of the defined benefit obligations 2025 2024 \u00a3m \u00a3m Opening de\uf0dened bene\uf0det obligations 47.2 51.9 Interest cost 2.5 2.3 Actuarial (gain)/loss arising from: Financial assumptions (0.6) (3.5) Demographic assumptions 0.3 0.2 Experience assumptions 0.3 0.1 Bene\uf0dets paid (3.6) (3.8) Closing de\uf0dened bene\uf0det obligations 46.1 47.2 Changes in fair values of Scheme assets 2025 2024 \u00a3m \u00a3m Opening fair value of assets 47.0 48.5 Interest income 2.5 2.2 Return on plan assets excluding interest income 1.7 (3.6) Employer contributions 3.7 3.7 Bene\uf0dets paid (3.6) (3.8) Closing fair value of assets 51.3 47.0 Actual return on Scheme assets 4.2 (1.4) Expected employer contributions in the following year De\uf0dened bene\uf0det scheme 1.3 4.0 De\uf0dened contribution schemes 1.9 1.9 26. Pensions continued Amounts recognised in the Consolidated Statement of Comprehensive Income % of Scheme % of Scheme assets/ 2025 assets/ 2024 liabilities % \u00a3m liabilities % \u00a3m Return on plan assets excluding interest income 3 1.7 (8) (3.6) Changes in assumptions underlying the present value of Scheme obligations \u2013 \u2013 7 3.2 Amount recognised in the year 3 1.7 (1) (0.4) The table below shows the sensitivity of the Consolidated Statement of Financial Position to certain changes in the signi\uf0decant pension assumptions: Increase in Decrease in pensions pensions Life Life Balance at 31 payment payment Discount rate Discount rate In\uf0dfation rate In\uf0dfation rate expectancy expectancy December (+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) 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Value of funded obligations (46.1) (46.3) (45.9) (45.7) (46.5) (46.4) (45.8) (48.2) (44.0) Fair value of plan assets 51.3 51.3 51.3 51.3 51.3 51.3 51.3 51.3 51.3 Surplus 5.2 5.0 5.4 5.6 4.8 4.9 5.5 3.1 7.3 The sensitivity analyses above have been determined based on a method that extrapolates the impact on the de\uf0dened bene\uf0det 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 signi\uf0decant assumption, keeping all other assumptions constant. As such the sensitivity analyses may not be representative of an actual change in the de\uf0dened bene\uf0det obligation as it is unlikely that changes in assumptions would occur in isolation from one another. The 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 respect of retirement bene\uf0dets. 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 others) which con\uf0dermed the implications of not having a con\uf0dermation 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 continuing to liaise with its professional advisers in respect of rule changes that occurred in the relevant period. A compliance investigation has been completed and, based upon the information currently available, we are not aware of any material omissions in compliance, hence the Group does not expect any material change to the pension accounting re\uf0dfected in these \uf0denancial statements. Further, the Government has con\uf0dermed that it will legislate to provide a remedy for any such issues, with that legislation expected to come into force in 2026. The Board of Trustees, in conjunction with their legal and actuarial advisers, will take any steps needed to address the issue once the legislation is \uf0denalised. USA In the US, Bergen Pipe Supports, Inc. operates a de\uf0dened bene\uf0det pension plan comprising current and deferred pensioners such that no future bene\uf0dets accrue. The average duration of the de\uf0dened bene\uf0det plan obligation at the end of the reporting period is approximately 7 years (2024: 7 years). The Group also operates de\uf0dened contribution plans in a number of other overseas operations. The amount contributed to these plans during the year was \u00a32.6m (2024: \u00a32.1m). The Consolidated Income Statement for the year includes a pension charge within operating pro\uf0det of \u00a32.7m (2024: \u00a32.1m), which includes the costs of the de\uf0dened contribution schemes and the de\uf0dened bene\uf0det schemes. Actuarial valuations of the above schemes were carried out by independent actuaries as at 31 December 2025. All actuarial gains and losses are recognised immediately in the Consolidated Statement of Comprehensive Income. 26. Pensions continued USA continued The principal assumptions used by the actuaries: 2025 2024 Rate of increase in salaries n/a n/a Discount rate 5.31% 5.31% In\uf0dfation 0.0% 0.0% Mortality table PRI - 2012 Private PRI - 2012 Private Retirement Plans; Retirement Plans; Scale MP \u2013 2021 Scale MP \u2013 2021 improvements improvements Assets and liabilities The fair values of scheme assets, which are not intended to be realised in the short term and may be subject to signi\uf0decant change before they are realised, and the value of the scheme liabilities, which is derived from cash \uf0dfow projections over long periods and which is therefore inherently uncertain, are as follows: Market value Market value 2025 2024 \u00a3m \u00a3m Assets Insured \uf0dexed interest assets quoted in active markets 2.5 2.5 Cash \u2013 0.1 Total fair value of scheme assets 2.5 2.6 Present value of Scheme funded obligations (3.1) (3.2) Retirement bene\uf0det obligation (0.6) (0.6) Cash and other insured \uf0dexed interest assets \u2013 where assets are held in cash or a policy with a \uf0dexed interest asset allocation, the expected long term rate of return is taken to be the yields generally prevailing on such assets as at the year end date. Total expense recognised in the Consolidated Income Statement 2025 2024 De\uf0dened De\uf0dened contribution De\uf0dened bene\uf0det contribution De\uf0dened bene\uf0det schemes schemes Tot al schemes schemes Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Current service costs 2.6 0.1 2.7 2.0 0.1 2.1 Charge to operating pro\uf0det 2.6 0.1 2.7 2.0 0.1 2.1 Interest on net Scheme de\uf0decit \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total charge to pro\uf0det before tax 2.6 0.1 2.7 2.0 0.1 2.1 26. Pensions continued Change in the present value of the defined benefit obligation 2025 2024 \u00a3m \u00a3m Opening de\uf0dened bene\uf0det obligations 3.2 3.4 Interest cost 0.1 0.1 Actuarial (gain)/loss arising from: Financial assumptions 0.1 (0.1) Demographic assumptions \u2013 \u2013 Experience assumptions 0.1 \u2013 Bene\uf0dets paid (0.2) (0.2) Exchange adjustment (0.2) \u2013 Closing de\uf0dened bene\uf0det obligations 3.1 3.2 Changes in fair values of scheme assets 2025 2024 \u00a3m \u00a3m Opening fair value of assets 2.6 2.7 Return on plan assets excluding interest income 0.1 0.1 Interest on plan assets 0.1 0.1 Employer contributions 0.1 \u2013 Admin expenses (0.1) (0.1) Bene\uf0dets paid (0.2) (0.2) Exchange adjustments (0.1) \u2013 Closing fair value of assets 2.5 2.6 Actual return on Scheme assets 0.2 0.2 Expected employer contributions in the following year De\uf0dened bene\uf0det scheme \u2013 \u2013 De\uf0dened contribution schemes 2.6 2.0 26. Pensions continued Amounts recognised in the Consolidated Statement of Comprehensive Income % of Scheme % of Scheme assets/ 2025 assets/ 2024 liabilities % \u00a3m liabilities % \u00a3m Experience loss on scheme obligations (3) (0.1) \u2013 \u2013 Return on plan assets excluding interest income 4 0.1 4 0.1 Changes in assumptions underlying the present value of Scheme obligations (3) (0.1) 3 0.1 Exchange rate adjustment on assets and liabilities 17 0.1 \u2013 \u2013 Amount recognised in the year \u2013 \u2013 7 2.0 The 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:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-47-1": {
"value": "7. Net financing costs 2025 2024 \u00a3m \u00a3m Interest on bank deposits 0.6 0.5 Other interest receivable 0.2 \u2013 Financial income 0.8 0.5 Interest on loans and borrowings (6.7) (8.8) Interest on lease liabilities (note 15) (2.0) (2.0) Financial expenses related to re\uf0denancing activities (0.6) (0.5) Interest cost on net pension scheme surplus (note 26) \u2013 (0.1) Unwinding of discount and effect of changes in discount rate on deferred consideration (0.3) \u2013 Financial expense (9.6) (11.4) Net \uf0denancing costs (8.8) (10.9) ",
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"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-48-1": {
"value": "8. Expenses and auditor\u2019s remuneration 2025 2024 \u00a3m\u00a3mIncome statement charges Depreciation of property, plant and equipment (20.5) (20.8)Right-of-use asset depreciation (10.1) (10.4)Short term leases (3.6) (3.7)Low value leases (0.3) (0.1)Research and development expenditure (0.7) (1.5)Loss on disposal of assets held for sale \u2013 (0.2)Amortisation of acquisition related intangibles (10.8) (9.9)Amortisation of development costs (1.1) (1.1)Amortisation of other intangible assets (0.2) (0.1)Impairment losses: Intangible \uf0dexed assets (13.8) (11.9)Tangible \uf0dexed assets (0.4) (1.7)Right-of-use lease assets (0.5) (0.4)Income statement credits Gain on disposal of non-current assets 0.4 0.4Foreign exchange gain \u2013 0.4Sublease income (note 15) 0.1 0.1Gain on lease terminations \u2013 0.6Gain on revaluation of leases 0.6 \u2013",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-49-1": {
"value": "A detailed analysis of the auditor\u2019s remuneration worldwide is as follows: 2025 2024 \u00a3m \u00a3m Audit of the Company\u2019s Annual Accounts 0.6 0.7 Audit of the Company\u2019s subsidiaries 1.2 1.3 1.8 2.0 A description of the work of the Audit Committee is set out in the Audit Committee Report on pages 95 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 (2024: \u00a3nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-50-1": {
"value": "9. Taxation 2025 2024 \u00a3m \u00a3m Current tax UK corporation tax 5.4 4.1 Overseas tax at prevailing local rates 22.8 23.4 Adjustments in respect of prior years 0.6 (2.3) 28.8 25.2 Deferred tax UK deferred tax 1.4 3.7 Overseas tax at prevailing local rates (0.3) (2.4) Adjustments in respect of prior years (1.1) 1.6 \u2013 2.9 Tax on pro\uf0det in the Consolidated Income Statement 28.8 28.1 Deferred Tax (note 16) Relating to de\uf0dened bene\uf0det pension schemes 0.5 \u2013 Tax on items taken directly to other comprehensive income 0.5 \u2013 Current tax Relating to share-based payments (0.5) (0.2) Deferred tax (note 16) Relating to share-based payments (0.6) 0.4 Tax taken directly to the Consolidated Statement of Changes in Equity (1.1) 0.2 The tax charge in the Consolidated Income Statement for the period is higher (2024: higher) than the standard rate of corporation tax in the UK. The differences are explained below: 2025 2024 \u00a3m \u00a3m Pro\uf0det before taxation 111.3 104.5 Pro\uf0det before taxation multiplied by the effective rate of corporation tax in the UK of 25.0% (2024: 25.0%) 27.8 26.1 Expenses not deductible/income not chargeable for tax purposes 1.8 3.1 Bene\uf0dets from international \uf0denancing arrangements \u2014 current and prior years (0.1) (0.1) Local tax incentives \u2013 (0.1) Overseas pro\uf0dets taxed at higher/(lower) rates (0.2) (0.2) Adjustments in respect of prior years (0.5) (0.7) Tax charge 28.8 28.1 9. Taxation continued In 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 considered 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, \uf0dending in favour of the Commission. In August 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 enacted legislation to provide for the tax, and interest, to be repaid, of which \u00a31.6m was received by the Group in March 2025. ",
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"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"pp-value-52-1": {
"value": "10. Earnings per share The weighted average number of ordinary shares in issue during the year was 80.3m (2024: 80.4m), diluted for the effects of the outstanding dilutive share options to 81.2m (2024: 81.4m). 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 shown because the Directors consider that this provides valuable additional information about the underlying performance of the Group. 2025 2024 Pence Pence per share \u00a3m per share \u00a3m Basic earnings 102.7 82.5 95.0 76.4 Non-underlying items* 29.5 23.7 27.6 22.2 Underlying earnings 132.2 106.2 122.6 98.6 Diluted earnings 101.6 82.5 93.9 76.4 Non-underlying items* 29.2 23.7 27.2 22.2 Underlying diluted earnings 130.8 106.2 121.1 98.6 * Non-underlying items as detailed in note 5. ",
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"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"pp-value-53-1": {
"value": "11. DividendsDividends paid during the year2025 2024 Pence Pence per share \u00a3m per share \u00a3m Interim dividend paid in relation to year ended 31 December 2023 \u2013 \u2013 15.0 12.0Final dividend paid in relation to year ended 31 December 2023 \u2013 \u2013 28.0 22.5Interim dividend paid in relation to year ended 31 December 2024 16.5 13.3 \u2013 \u2013 Final dividend paid in relation to year ended 31 December 2024 32.5 26.1 \u2013 \u2013 Total 49.0 39.4 43.0 34.5Dividends declared in respect of the year 2025 2024 Pence Pence per share \u00a3m per share \u00a3m Interim dividend declared in relation to year ended 31 December 2024 \u2013 \u2013 16.5 13.3Final dividend declared in relation to year ended 31 December 2024 \u2013 \u2013 32.5 26.1Interim dividend declared in relation to year ended 31 December 2025 18.0 14.5 \u2013 \u2013 Final dividend proposed in relation to year ended 31 December 2025 35.0 27.9 \u2013 \u2013 Total 53.0 42.4 49.0 39.4The \uf0denal dividend for 2025 was proposed after the year end date and was not recognised as a liability at 31 December 2025, in accordance with IAS 10. ",
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"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"pp-value-54-1": {
"value": "12. Intangible assets Capitalised Contracts, licences GoodwillBrandsCustomer ListsDevelopment Costsand other assetsTotalCost At 1 January 2024 163.728.577.022.720.4312.3Exchange adjustments 1.80.31.5\u20130.13.7Acquisitions of subsidiaries 8.11.531.7\u20134.145.4Transfer to assets held for sale (1.6)(0.9)(9.1)\u2013(0.1) (11.7) Additions \u2013\u2013\u20131.93.15.0Reclassi\uf0decations \u2013\u2013\u20130.8(0.8)\u2013At 31 December 2024 172.0 29.4 101.1 25.4 26.8 354.7 Exchange adjustment (7.8) (1.7) (5.6) (0.3) (1.1) (16.5) Additions \u2013 \u2013 \u2013 1.4 2.3 3.7 At 31 December 2025 164.2 27.7 95.5 26.5 28.0 341.9 Amortisation and impairment losses At 1 January 2024 20.113.941.715.915.0106.6Exchange adjustments 0.40.10.3(0.2)0.20.8Transfers to assets held for sale (1.6)(0.9)(9.1)\u2013(0.1)(11.7)Amortisation charge for the year \u20130.96.21.12.911.1Impairment 8.60.31.71.10.211.9Reclassi\uf0decations \u2013\u2013\u20130.8(0.8)\u2013At 31 December 2024 27.5 14.3 40.8 18.7 17.4 118.7 Exchange adjustments (1.6) (0.8) (1.9) (0.1) (0.8) (5.2) Amortisation charge for the year \u2013 0.9 7.3 1.1 2.8 12.1 Impairment 6.7 0.8 5.9 0.4 \u2013 13.8 At 31 December 2025 32.6 15.2 52.1 20.1 19.4 139.4 Carrying values At 1 January 2024 143.614.635.36.85.4205.7At 31 December 2024 144.515.160.36.79.4236.0At 31 December 2025 131.6 12.5 43.4 6.4 8.6 202.5 ",
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"value": "12. Intangible assets continued 2024 acquisitions Capital Steel In January 2024 the Group acquired the trade and assets of Capital Steel for cash consideration after working capital adjustments of \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 since acquisition the business has become part of V&S Utilities, within the Group\u2019s US Engineered Solutions division. Details of the acquisition are set out below: Policy alignment Pre-acquisition and fair value carrying amount adjustment Total \u00a3m \u00a3m \u00a3m Intangible Assets Customer lists \u2013 1.9 1.9 Brand name \u2013 0.3 0.3 Order backlog \u2013 0.7 0.7 Property, plant and equipment 0.2 \u2013 0.2 Right-of-use assets 0.4 0.3 0.7 Inventories 2.4 (0.5) 1.9 Other current assets 1.9 0.7 2.6 Total assets 4.9 3.4 8.3 Lease 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 4.6 Consideration Initial consideration paid in the year of acquisition 4.9 Working capital adjustments paid in the year of acquisition 0.6 Fair value of contingent consideration due within one year of acquisition 0.3 Fair value of contingent consideration due between one and two years of acquisition 0.3 Goodwill 1.5 Brands, customer lists and the order backlog were recognised as speci\uf0dec intangible assets as a result of the acquisition. The residual goodwill was attributable to opportunities with new customers as the business expands its product and customer base, and Capital Steel\u2019s highly skilled workforce. Capital Steel formed part of the V&S Utilities CGU for the purpose of annual goodwill impairment testing during the current year. 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 re\uf0dfect the fair value of assets and liabilities acquired. In respect of leases, the Group 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 re\uf0dfect the terms of the leases relative to market terms. The fair value of the current assets acquired included \u00a31.9m of trade receivables, which have a gross value of \u00a31.9m. As part of the acquisition agreement, contingent consideration was agreed. The amount of contingent consideration is dependent on revenue and adjusted EBITDA for the two-year period ending 31 December 2025. The maximum contingent consideration payable was \u00a31.0m. As at the acquisition date, the fair value of the contingent consideration was estimated to be \u00a30.6m, calculated on a probability weighted basis. During the current year, \u00a30.3m was paid, with the fair value of the remaining payment measured at \u00a30.3m. 12. Intangible assets continued FM Stainless In March 2024 the Group acquired the trade and assets of FM Stainless for a cash consideration after working capital adjustments of \u00a36.8m. FM Stainless is a fabricator and distributor of high-alloy, stainless steel engineered pipe supports, expansion anchors and fasteners. The acquisition was a highly strategic bolt-on opportunity for The Paterson Group (\u2018TPG\u2019) and subsequent to acquisition the business became part of TPG, within the Group\u2019s US Engineered Solutions division. Details of the acquisition are set out below: Policy alignment Pre-acquisition and fair value carrying amount adjustment Total \u00a3m \u00a3m \u00a3m Intangible Assets Brand name \u2013 0.2 0.2 Customer lists \u2013 2.6 2.6 Order backlog \u2013 0.3 0.3 Property, plant and equipment 0.1 1.5 1.6 Inventories 2.0 (0.4) 1.6 Other current assets 1.3 \u2013 1.3 Total assets 3.4 4.2 7.6 Current liabilities (0.3) (0.4) (0.7) Total liabilities (0.3) (0.4) (0.7) Net assets 3.1 3.8 6.9 Consideration Initial consideration paid in the year of acquisition 6.7 Working capital adjustments paid in the year of acquisition 0.1 Fair value of contingent consideration due within one year of acquisition 0.4 Goodwill 0.3 Brands, customer lists and the order backlog were recognised as speci\uf0dec intangible assets as a result of the acquisition. The residual goodwill was 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 were made to align the accounting policies of the acquired business with the Group\u2019s accounting policies and to re\uf0dfect the fair value of assets and liabilities acquired. The fair value of the current assets acquired included \u00a31.3m of trade receivables, which had a gross value of \u00a31.3m. As part of the acquisition agreement, contingent consideration was agreed. The amount of contingent consideration was dependent on adjusted EBIT for the 12-month period ending 31 March 2025. The maximum contingent consideration payable was \u00a30.4m. As at the acquisition date, the fair value of the contingent consideration was estimated to be \u00a30.4m, calculated on a probability-weighted basis. During 2025, contingent consideration of \u00a30.1m was paid, leaving \u00a30.2m to be paid in the \uf0derst quarter of 2026. 12. Intangible assets continued Trident In 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 \uf0deve 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 had a long-term outsourced manufacturing relationship with Enduro Composites and became part of the Creative Composites Group within the US Engineered Solutions division. Details of the acquisition are set out below: Policy alignment Pre-acquisition and fair value carrying amount adjustment Total \u00a3m \u00a3m \u00a3m Intangible Assets Customer lists 16.0 16.0 Brand names 0.4 0.4 Order backlog 1.7 1.7 Property, plant and equipment 0.2 (0.1) 0.1 Right-of-use assets \u2013 0.1 0.1 Inventories 1.8 \u2013 1.8 Other current assets 3.2 \u2013 3.2 Total assets 5.2 18.1 23.3 Lease liabilities \u2013 (0.1) (0.1) Current liabilities (3.9) \u2013 (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 18.4 Consideration Initial consideration paid in the year of acquisition 7.8 Working capital adjustments paid in the year of acquisition 0.4 Fair value of contingent consideration due within one year of acquisition 3.7 Fair value of contingent consideration due between two and \uf0deve years of acquisition 9.6 Goodwill 3.1 Brands, customer lists and the order backlog were recognised as speci\uf0dec intangible assets as a result of the acquisition. The residual goodwill was 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 has become part of the Creative Composites Group CGU for the purpose of annual goodwill impairment testing. 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 re\uf0dfect 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 was agreed. The amount of contingent consideration is dependent on revenue over the \uf0deve years subsequent to acquisition. The maximum contingent consideration payable is \u00a325.4m. As at the acquisition date, the fair value of the contingent consideration was estimated to be \u00a313.3m, calculated on a probability-weighted basis. During the current year, \u00a32.7m has been paid in respect of the contingent consideration, with the fair value of the remaining contingent consideration estimated to be \u00a310.2m. 12. Intangible assets continued Whitlow Electric In 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 became part of V&S Utilities, within the US Engineered Solutions division, and builds on the successful acquisition and integration of Capital Steel, broadening the geographic footprint in the US and providing 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: Policy alignment Pre-acquisition and fair value carrying amount adjustment Total \u00a3m \u00a3m \u00a3m Intangible Assets Brand name \u2013 0.6 0.6 Customer lists \u2013 11.2 11.2 Order backlog \u2013 1.4 1.4 Property, plant and equipment 1.1 4.5 5.6 Inventories 1.2 (0.6) 0.6 Other current assets 1.8 0.7 2.5 Total assets 4.1 17.8 21.9 Current liabilities (1.4) \u2013 (1.4) Total liabilities (1.4) \u2013 (1.4) Net assets 2.7 17.8 20.5 Consideration Consideration paid in the year of acquisition 24.0 Working capital adjustments receivable within one year of acquisition (0.3) Goodwill 3.2 Brands, customer lists and the order backlog were recognised as speci\uf0dec intangible assets as a result of the acquisition. The residual goodwill was 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 became part of the V&S Utilities CGU for the purpose of annual goodwill impairment testing. 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 re\uf0dfect 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. ",
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"pp-value-59-1": {
"value": "12. Intangible assets continued Cash generating units with significant amounts of goodwill 2024 2025 \u00a3m \u00a3m (restated) US Engineered Solutions Creative Composites Group 30.3 32.7 V&S Utilities 9.8 10.6 National Signal \u2013 7.1 Others <\u00a35m individually 1.8 1.9 UK & India Engineered Solutions ATG Access 4.7 4.7 Hill & Smith Infrastructure 9.8 9.8 Mallatite 9.6 9.6 Prolectric 5.5 5.5 Others <\u00a35m individually 2.4 2.4 Galvanizing Services USA 30.8 33.3 UK 26.9 26.9 131.6 144.5 Goodwill impairment reviews have been carried out on all CGUs to which goodwill is allocated. Methodology and assumptions Impairment tests on the carrying values of goodwill and certain brand names of \u00a37.5m (2024: \u00a38.1m), which are the Group\u2019s only other inde\uf0denite life intangible assets within the Galvanizing Services - US CGU, are performed by analysing the carrying value allocated to each signi\uf0decant CGU against its value in use. All goodwill is allocated to speci\uf0dec 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 \uf0dfows. These cash \uf0dfows are based on budget cash \uf0dfow information for 2026 and strategic plans for 2027 through 2029, 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 \uf0dfows beyond the strategic plan period use growth rates which re\uf0dfect 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 continued Summary of results of goodwill impairment reviews The calculated headroom between value in use and carrying value of each of the Group\u2019s CGUs with signi\uf0decant 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. 2025 2024 Headroom/ Headroom/ Goodwill (impairment) Discount Goodwill (impairment) Discount \u00a3m \u00a3m rate \u00a3m \u00a3m rate Creative Composites Group 30.3 421.5 14.5% 32.7 457.4 14.3% V&S Utilities 9.8 226.5 14.5% 10.6 155.1 14.4% Hill & Smith Infrastructure 9.8 67.6 14.9% 9.8 49.8 14.8% ATG Access 4.7 6.1 15.0% 4.7 8.3 14.8% Mallatite 9.6 22.5 15.2% 9.6 31.5 14.9% Prolectric 5.5 15.0 14.9% 5.5 4.4 14.7% Hill & Smith Inc. \u2013 \u2013 \u2013 8.6 (10.6) 14.7% National Signal 6.7 (13.6) 14.4% 7.1 21.5 14.1% Galvanizing Services \u2013 USA* 30.8 347.4 14.6% 33.3 332.4 14.4% Galvanizing Services \u2013 UK 26.9 54.3 15.4% 26.9 55.1 15.0% * 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 National Signal concluded that the carrying value of the business exceeded its estimated recoverable amount and accordingly an impairment charge of \u00a313.6m has been recognised, comprising a full impairment of the goodwill of \u00a36.7m, the remaining acquisition intangible assets of \u00a36.7m and \u00a30.2m of capitalised development costs. National Signal is a US designer, manufacturer and supplier of off-grid solar and hybrid power lighting solutions. Following a strong performance in 2023, its results in 2024 and 2025 have been impacted by lower demand, particularly from its largest customer, leading to lower revenues and pro\uf0detability. Whilst our strategy continues to be one of customer diversi\uf0decation and product innovation, market demand for solar products has been impacted by some shift in sentiment away from sustainability-focused products, together with a slower than anticipated market penetration from newer products. The combination of these factors led the Board to reassess the business\u2019 future prospects, which in addition to re\uf0dfecting a more muted outlook for solar lighting, concluded that the pace of growth across other elements of the product range was likely to be slower than previously anticipated, and that future gross margins were likely to be impacted by pricing pressures given the weaknesses in demand. Consequently, the impairment review based on this revised assessment concluded that National Signal\u2019s future cash \uf0dfows were not su\ufb03cient to support its carrying value, resulting in a full impairment of the acquisition goodwill of \u00a36.7m, the acquisition intangible assets of \u00a36.7m and capitalised development costs of \u00a30.2m. In the prior year, the impairment review of H&S Inc. concluded that its future cash \uf0dfows were not su\ufb03cient to support its carrying value, resulting in a full impairment of the acquisition goodwill of \u00a38.6m and of the remaining acquisition intangible assets of \u00a32.0m. Sensitivities The 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 and ATG Access. 12. Intangible assets continued Prolectric Prolectric 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 a strong performance subsequent to the Group\u2019s acquisition of the business in 2021, its results in 2023 were impacted by a downturn in the UK construction market as well as operational challenges, which led to lower revenues and pro\uf0detability. As expected, performance in 2024 remained subdued while the operational challenges were resolved, however recent order intake rates have improved and the result for 2025 was more positive. The Group\u2019s projections for the business result in calculated headroom of \u00a315.0m, an increase of \u00a310.6m on the prior year, re\uf0dfecting the recovery that Prolectric has delivered in 2025 and the resulting improvement in the outlook. However, we acknowledge that there could be variations in the pace of further 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 pro\uf0det 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 \uf0derst 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 Scenario applied % \u00a3m Compound annual revenue growth 2026-2030 Base case 19.1% 15.0 Zero headroom 13.8% \u2013 H&S sensitivity 11.7% (5.0) Average gross pro\uf0det margin 2026-2030 Base case 47.0% 15.0 Zero headroom 38.2% \u2013 H&S sensitivity 35.0% (5.0) ATG Access ATG Access operates in niche security markets, manufacturing and distributing hostile vehicle mitigation and related products. Its future performance is largely dependent on the UK and global security products markets, which itself is inherently dependent on both public/customer behaviour and broader economic conditions. Following several years of growth, in 2025 ATG experienced a downturn in performance, principally re\uf0dfecting lower UK demand due to the weak economic backdrop. The Group\u2019s projections for the business result in calculated headroom of \u00a36.1m, lower than the prior year (\u00a38.3m). We acknowledge that there could be variations in the pace of recovery in underlying UK markets and in growth across ATG\u2019s other markets, and if lower than that assumed in our projections, could result in a future impairment. Revenue growth and gross pro\uf0det 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 \uf0derst 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 Scenario applied % \u00a3m Compound annual revenue growth 2026-2030 Base case 8.9% 6.1 Zero headroom 6.0% \u2013 H&S sensitivity 3.4% (5.0) Average gross pro\uf0det margin 2026-2030 Base case 40.0% 6.1 Zero headroom 35.3% \u2013 H&S sensitivity 31.5% (5.0) ",
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"pp-value-62-1": {
"value": "13. Property, plant and equipment Land and Plant, machinery buildings and vehicles Total Cost At 1 January 2024 110.4225.1335.5Exchange adjustments 1.51.12.6Acquisitions of subsidiaries 3.83.77.5Additions 7.215.222.4Transfers to inventory \u2013(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 122.3223.2345.5Exchange adjustments (6.9)(7.4) (14.3)Additions 16.214.730.9Transfers to inventory \u2013(7.9) (7.9) Disposals (0.5)(9.3)(9.8)At 31 December 2025 131.1 213.3 344.4 Depreciation and impairment losses At 1 January 2024 31.1120.0151.1Exchange adjustments 0.50.71.2Disposals (1.2)(9.1) (10.3) Transfers to assets held for sale \u2013(2.6) (2.6) Transfers to inventory \u2013(1.5) (1.5) Charge for the year 4.016.820.8Impairment \u20131.71.7At 31 December 2024 34.4 126.0 160.4 Exchange adjustments (2.0) (3.2) (5.2) Disposals (0.4) (8.8) (9.2) Transfers to inventory \u2013 (7.9) (7.9) Charge for the year 4.2 16.3 20.5 Impairment \u2013 0.4 0.4 At 31 December 2025 36.2 122.8 159.0 Carrying Values At 1 January 2024 79.3105.1184.4At 31 December 2024 87.997.2185.1At 31 December 2025 94.9 90.5 185.4 The gross book value of land and buildings includes freehold land of \u00a317.1m (2024: \u00a318.0m). Included within plant, machinery and vehicles are assets held for rental with a cost of \u00a385.5m (2024: \u00a395.8m) and accumulated depreciation of \u00a349.8m (2024: \u00a354.2m). ",
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"pp-value-63-1": {
"value": "14. Assets held for sale 2025 2024 \u00a3m \u00a3mAssets held for sale At 1 January 12.7 2.5 Exchange adjustments (0.1) (0.1) Transfers from property, plant and equipment (note 13) \u2013 7.4 Transfers from right-of-use assets (note 15) \u2013 2.8 Transfers from working capital \u2013 5.7 Disposals (12.6) (2.5) Loss on remeasurement \u2013 (3.1) Total assets held for sale at 31 December \u2013 12.7 Liabilities held for sale Lease liabilities (note 15) \u2013 (3.0) Deferred tax liability (note 16) \u2013 (0.5) Bank overdraft \u2013 (3.4) Total liabilities held for sale at 31 December \u2013 (6.9) Total net assets held for sale at 31 December \u2013 5.8 Following a strategic review in 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. In accordance with IFRS 5, the assets and liabilities of the businesses were recognised as disposal groups held for sale at 31 December 2024 and reported separately in the Consolidated Statement of Financial Position. Immediately before the classi\uf0decation of the two businesses as held for sale, their recoverable amount was estimated, with no impairment loss being identi\uf0deed. Following the classi\uf0decation, losses on remeasurement of \u00a31.1m relating to Parking Facilities and \u00a32.0m related to Hill & Smith Pty Limited were recognised in 2024 to reduce the carrying amount of the assets in the disposal groups to their fair value less costs to sell. In January 2025 the sale of Hill & Smith Pty\u2019s trade and assets was completed and in February 2025 we sold our shareholding in Parking Facilities. There were no assets or liabilities held for sale at 31 December 2025. ",
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},
"pp-value-64-1": {
"value": "15. Leases The 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 2024 and 31 December 2025 were as follows: Land and Plant, machinery buildings and vehicles Total \u00a3m \u00a3m \u00a3m Right-of-use assets At 1 January 2024 33.28.641.8Acquisitions of subsidiaries 0.8\u20130.8Additions 8.47.515.9Terminations (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)\u2013(0.4)Effect of movements in foreign exchange 0.3\u20130.3At 31 December 2024 31.6 11.6 43.2 Additions 3.1 4.2 7.3 Terminations \u2013 (0.1) (0.1) Depreciation charge for the year (5.7) (4.4) (10.1) Modi\uf0decation (1.9) \u2013 (1.9) Impairment (0.5) \u2013 (0.5) Effect of movements in foreign exchange (1.1) \u2013 (1.1) At 31 December 2025 25.5 11.3 36.8 2025 2024 \u00a3m \u00a3m Lease Liabilities At 1 January 46.0 43.7 Additions 7.3 16.0 Terminations (0.1) (2.2) Interest expense 2.0 2.0 Acquisitions of subsidiaries \u2013 0.8 Lease payments (11.5) (11.0) Re-measurement \u2013 (0.5) Modi\uf0decation (2.5) \u2013 Effects of movements in foreign exchange (1.3) 0.2 Transfers to liabilities held for sale \u2013 (3.0) At 31 December 39.9 46.0 15. Leases continued The following table shows the breakdown of the lease expense between amounts charged to operating pro\uf0det and amounts charged to \uf0denance costs: 2025 2024 \u00a3m \u00a3m Depreciation of right-of-use assets 10.1 10.4 Short-term lease expense 3.6 3.7 Low-value lease expense 0.3 0.1 Sublease income (0.1) (0.1) Charged to operating pro\uf0det 13.9 14.1 Interest expense relating to lease liabilities 2.0 2.0 Charged to pro\uf0det before taxation 15.9 16.1 The maturity of the lease liabilities at 31 December was as follows: 2025 2024 \u00a3m \u00a3m Due within one year 8.6 9.1 Due between one and two years 7.2 7.8 Due between two and three years 6.3 6.5 Due between three and four years 5.5 5.7 Due between four and \uf0deve years 4.0 5.0 Due after more than \uf0deve years 8.3 11.9 Total lease liabilities 39.9 46.0 The Group has several lease contracts that include extension and termination options. These options are negotiated by management to provide \uf0dfexibility 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 the 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. 2025 2024 More than \uf0deve More than \uf0deve Within \uf0deve years years Tot al Within \uf0deve years years Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Extension options expected not to be exercised 1.5 12.2 13.7 0.4 20.5 20.9 Termination options expected not to be exercised 0.8 3.0 3.8 0.8 3.2 4.0 The Group has lease contracts that had not yet commenced as at 31 December 2025. The total future lease payments for these non-cancellable lease contracts are \u00a32.0m (2024: \u00a32.6m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-66-1": {
"value": "16. Deferred taxation Intangible Property, plant and Retirement Other timing Assets equipment Inventories obligation differences Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 January 2024 (10.4) (17.2) 0.6 1.0 16.5 (9.5) Exchange adjustments 0.1 \u2013 \u2013 \u2013 \u2013 0.1 Transfer to asset held for sale \u2013 2.4 \u2013 \u2013 (1.9) 0.5 Credited/(charged) for the year in the Consolidated Income Statement 5.0 (0.6) 0.2 (0.8) (6.7) (2.9) Credited for the year in the Consolidated Statement of Changes in Equity \u2013 \u2013 \u2013 \u2013 (0.4) (0.4) At 31 December 2024 (5.3) (15.4) 0.8 0.2 7.5 (12.2) Exchange adjustments \u2013 0.7 (0.1) \u2013 (0.2) 0.4 Credited/(charged) for the year in Consolidated Income Statement 3.3 (0.7) \u2013 (0.9) (1.7) \u2013 Charged for the year in the Consolidated Statement of Comprehensive Income \u2013 \u2013 \u2013 (0.5) \u2013 (0.5) Credited for the year in the Consolidated Statement of Changes in Equity \u2013 \u2013 \u2013 \u2013 0.6 0.6 At 31 December 2025 (2.0) (15.4) 0.7 (1.2) 6.2 (11.7) 2025 2024 \u00a3m \u00a3m Deferred tax assets 0.1 0.1 Deferred tax liabilities (11.8) (12.3) Deferred tax liability (11.7) (12.2) The deferred tax asset of \u00a36.2m (2024: \u00a37.5m) in respect of other timing differences includes \u00a3nil (2024: \u00a31.9m) in relation to tax losses and \u00a33.6m (2024: \u00a32.9m) in relation to share based payments. No deferred tax asset has been recognised in respect of other tax losses of \u00a318.8m (2024: \u00a316.2m) 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 \u00a30.7m (2024: \u00a30.3m) 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 future. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-67-1": {
"value": "17. Inventories 2025 2024 \u00a3m \u00a3m Raw materials and consumables 55.8 62.5 Work in progress 6.4 5.1 Finished goods and goods for resale 35.0 32.5 97.2 100.1 The amount of inventories expensed to the Consolidated Income Statement in the year was \u00a3443.8m (2024: \u00a3432.2m). The value of inventories written down and movement in the inventory provision during the year amounted to a credit of \u00a30.2m (2024: charge of \u00a34.8m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-68-1": {
"value": "18. Trade and other receivables 2025 2024 \u00a3m \u00a3m Trade and other current receivables Trade receivables 124.9 129.3 Prepayments 6.6 7.2 VAT receivable 1.5 \u2013 Other receivables 4.1 3.0 Reimbursement asset 7.4 3.8 Unpaid share premium (note 24) 1.2 \u2013 Contract assets 16.2 19.2 161.9 162.5 The movements in contract assets and contract liabilities (note 21), during the year correspond to the completion of performance obligations partially satis\uf0deed as at 31 December 2024 offset by contracts that are in progress at 31 December 2025. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-69-1": {
"value": "19. Cash and borrowings 2025 2024 \u00a3m \u00a3m Cash and cash equivalents in the Consolidated Statement of Financial Position Cash and cash equivalents net of bank overdrafts* 70.4 55.0Bank overdraft+ (0.7) (0.3)Bank overdraft classi\uf0deed as held for sale \u2013 (3.4)Cash and cash equivalents net of bank overdraft and overdraft classi\uf0deed as held for sale 69.7 51.3Interest bearing loans and other borrowings Amounts due within one year (25.7) (0.5)Amounts due after more than one year (54.9) (98.7)Lease liabilities due within one year (8.6) (9.1)Lease liabilities due after more than one year (31.3) (36.9)Lease liabilities classi\uf0deed as held for sale \u2013 (3.0)Net debt (50.8) (96.9)Change in net debt Operating pro\uf0det 120.1 115.4Non-cash items 59.5 59.8Operating cash \uf0dfow before movement in working capital 179.6 175.2Net movement in working capital (3.1) 0.6Increase in insurance reimbursement asset (3.6) (3.8)Increase/(decrease) in provisions and employee bene\uf0dets 0.2 (3.4)Operating cash \uf0dfow 173.1 168.6Income taxes paid (27.3) (26.5) Net \uf0denancing costs paid (5.8) (8.3) Capital expenditure (34.2) (28.6) Proceeds on disposal of non-current assets and assets held for sale 1.1 3.4Free cash \uf0dfow 106.9 108.6Dividends paid (39.4) (34.5) Acquisitions of subsidiaries (including deferred consideration) (3.1) (47.4) Disposals of subsidiaries 7.4 \u2013Amortisation of costs associated with re\uf0denancing activities (0.6) (0.5)Purchase of shares for employee bene\uf0det trust (4.5) (1.2)Issue of new shares 0.8 2.5Leases disposed of 3.0 \u2013Lease additions, terminations and remeasurements (4.7) (13.3)Repurchase of shares (20.2) \u2013Interest on lease liabilities (2.0) (2.0)Net debt decrease 43.6 12.2Effect of exchange rate \uf0dfuctuations 2.5 (0.7)Net debt at the beginning of the year (96.9) (108.4)Net debt at the end of the year (50.8) (96.9)* Included within cash and cash equivalents net of bank overdrafts are overdrafts amounting to \u00a329.3m (2024: \u00a319.9m) 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. 19. Cash and borrowings continued Reconciliation of movements in financial liabilities to cash flows arising from financing activities 2025 2024 \u00a3m \u00a3m Interest bearing loans and other borrowings and lease liabilities At 1 January 148.2 142.8 New loans and borrowings 42.0 62.5 Repayments of loans and borrowings (55.4) (63.7) Repayment of lease liabilities (9.5) (9.0) Costs associated with re\uf0denancing during the year (1.3) \u2013 Cash \uf0dfows used in \uf0denancing activities (24.2) (10.2) Other changes Effect of exchange rate \uf0dfuctuations (4.3) 0.8 Amortisation of costs associated with re\uf0denancing activities 0.6 0.5 Lease changes: Effect of exchange rate \uf0dfuctuations (1.4) 0.2 New leases 7.3 16.0 Terminations (0.1) (2.2) Re-measurement (2.5) (0.5) Acquisitions of subsidiaries \u2013 0.8 Disposals of subsidiaries (3.1) \u2013 Interest expense 2.0 2.0 Interest paid (2.0) (2.0) At 31 December 120.5 148.2 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-71-1": {
"value": "20. Current liabilities 2025 2024 \u00a3m \u00a3m Interest bearing loans and borrowings Loans and borrowings 25.7 0.5 Bank overdrafts 0.7 0.3 26.4 0.8 Trade and other current liabilities Trade payables 66.5 61.5 Other taxation and social expenses 4.9 4.2 Accrued expenses 40.4 46.4 Contingent consideration on acquisitions 3.7 4.5 Contract liabilities 11.0 13.3 Fair value derivatives \u2013 0.1 Other payables 3.1 3.5 129.6 133.5 During the year, \u00a310.8m (2024: \u00a38.6m) of revenue was recognised in respect of contract liabilities present as at 1 January 2025. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-72-1": {
"value": "21. Non-current liabilities 2025 2024 \u00a3m \u00a3m Interest bearing loans and borrowings Loans and borrowings 54.9 98.7 54.9 98.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-73-1": {
"value": "Other non-current liabilities Contract liabilities > 1 year* \u2013 1.1 Contingent consideration on acquisitions 7.0 10.1 7.0 11.2 * 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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-74-1": {
"value": "22. Provisions Product Environmental Restructuring recti\uf0decation Legal Claims Other \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Total At 1 January 2024 1.23.33.0\u20131.7 9.2Charged during the year \u2013\u2013\u20134.20.1 4.3Utilised during the year \u2013(1.2) (1.4) \u2013\u2013 (2.6)Released during the year \u2013\u2013(1.2)\u2013 (0.3) (1.5)At 31 December 2024 1.2 2.1 0.4 4.2 1.5 9.4 Exchange adjustments (0.1) \u2013 \u2013 \u2013 \u2013 (0.1) Charged in the year \u2013 3.0 \u2013 4.6 \u2013 7.6 Utilised in the year \u2013 (2.0) (0.2) (0.8) \u2013 (3.0) At 31 December 2025 1.1 3.1 0.2 8.0 1.5 13.9 2025 2024 \u00a3m \u00a3m Amounts due within one year 11.67.1 Amounts due after more than one year and less than \uf0deve years 2.32.3 13.99.4 Environmental provisions Environmental 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 identi\uf0deed 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 provisions Restructuring provisions represent the cash costs of closing or rationalising operations. The provisions represent the Directors\u2019 best estimate of the liabilities arising and are expected to be settled within the next twelve months. The provision of \u00a32.1m at 31 December 2024 included \u00a31.6m relating to the closure of the Group\u2019s variable message sign business that was announced in 2021. \u00a30.9m of this provision has been utilised during 2025, and the remainder is expected to be utilised in 2026. The charge for the year of \u00a33.0m includes \u00a32.4m in respect of the closure of the H&S Inc\u2019s operations based in Garland, Texas, as explained in note 5. \u00a31.1m of this provision has been utilised during 2025, with the remaining \u00a31.3m expected to be utilised in 2026. Product recti\uf0decation The \u00a30.4m provision brought forward was in respect of an issue identi\uf0deed with the historical installation of certain products by our UK off-grid solar business. \u00a30.2m of this provision has been utilised during 2025, and the remaining provision of \u00a30.2m is expected to be utilised in 2026. 22. Provisions continued Legal claims Legal claims relate to claims or disputes arising 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 \u00a33.7m recognised in the current year relating to a claim that is fully covered by an insurance policy; a corresponding asset has been recognised within the Group\u2019s insurance reimbursement asset (note 18). Other provisions Other provisions relate to various matters including obligations in respect of onerous leases and property dilapidations. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-76-1": {
"value": "23. Financial instruments (a) Management of financial risks Overview The Group has exposure to a number of risks associated with its use of \uf0denancial instruments. This note presents information about the Group\u2019s exposure to each of these risks, the Group\u2019s objectives, policies and processes for measuring 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 re\uf0dfect 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 commercial, operating, \uf0denancial 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 risk A 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 2025, credit exposure including cash deposited did not exceed \u00a316.6m with any single institution (2024: \u00a312.9m). Currency risk The Group publishes its Consolidated Financial Statements in Sterling, but conducts business in several foreign currencies, including signi\uf0decant 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 signi\uf0decantly, the translation of the results and net assets of its foreign operations. The Group\u2019s translation reserve includes a loss of \u00a330.4m (2024: gain of 5.6m), principally as a result of Sterling\u2019s appreciation against the US Dollar in 2025, 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 \uf0denancial instruments. The Group has hedged its investment in its US operations by way of \uf0denancing 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 \uf0dfuctuations on translation of their assets into Sterling are not signi\uf0decant to the Group. Interest rate risk The Senior Unsecured Notes account for 63% (2024: 56%) of the Group\u2019s outstanding gross borrowings at 31 December 2025 and attract a \uf0dexed rate of interest averaging 3.92% (2024: 3.92%) per annum. All other borrowings bear interest at \uf0dfoating rates. At the current time the Group feels that this ratio of \uf0dexed to \uf0dfoating borrowings is appropriate but continues to monitor it in the context of economic indicators and wider market conditions. Insurance The Group purchases insurance for commercial, legal and contractual reasons. The Group retains insurable risk where external insurance is not commercially viable. Capital management The Group maintains a strong capital base to maintain investor, creditor and market con\uf0dedence 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 de\uf0denes as total shareholders\u2019 equity and the level of dividends and other returns of capital 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 \uf0denancial covenants associated with the Group\u2019s borrowings, which are interest cover and EBITDA to net debt. The Group comfortably complied with these covenants in 2025 and 2024. There were no signi\uf0decant changes in the Group\u2019s approach to capital management during the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-77-1": {
"value": "Credit risk Credit risk is the risk of \uf0denancial loss to the Group if a customer or counterparty to a \uf0denancial instrument fails to meet its contractual obligations, and arises from cash and cash equivalents, derivative \uf0denancial instruments and principally from the Group\u2019s receivables from customers. The maximum exposure to credit risk for receivables and other \uf0denancial 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 41% (2024: 39%) of the Group\u2019s trade receivables. Any residual uninsured risk is spread across a signi\uf0decant number of customers. In our US businesses, which account for 53% (2024: 53%) 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 similar basis to the US. As a result of these policies, impairment losses are not signi\uf0decant. 23. Financial instruments continued (e) Credit risk Exposure to credit risk The 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 \uf0denancial assets at the reporting date was: Carrying amount 2025 2024 \u00a3m \u00a3m Trade and other receivables and contract assets at amortised cost 145.2 151.5 Cash and cash equivalents at the end of the year 70.4 55.0 Total 215.6 206.5 Carrying value of trade receivables by geography 2025 2024 \u00a3m \u00a3m United Kingdom46.548.8Rest of Europe3.72.8North America64.469.0Rest of World10.38.7124.9129.3Carrying value of trade receivables by business segment 2025 2024 (restated) \u00a3m \u00a3m US Engineered Solutions 50.8 55.1 UK & India Engineered Solutions 43.9 46.5 Galvanizing Services 30.2 27.7 Total 124.9 129.3 Impairment losses The Group maintains a level of credit insurance covering a signi\uf0decant 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 signi\uf0decant increase in the credit risk. Expected credit loss rates are calculated individually for each business within the Group and are based on historical 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 signi\uf0decant 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 \u00a30.3m (2024: \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: 2025 2024 Gross Provisions Net Gross Provisions Net \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Not past due 86.4 \u2013 86.4 83.6 \u2013 83.6 Past due 1 - 30 days 21.8 \u2013 21.8 25.7 (0.1) 25.6 Past due 31 - 120 days 12.4 (0.5) 11.9 14.6 (0.4) 14.2 Past due more than 120 days 5.9 (1.1) 4.8 7.5 (1.6) 5.9 Total 126.5 (1.6) 124.9 131.4 (2.1) 129.3 23. Financial instruments continued The movements in provisions for impairment of trade receivables are as follows: \u00a3m At 1 January 2024 4.2 Exchange Adjustments (0.1) Charged in the year 1.5 Utilised in the year (2.4) Reclassi\uf0decations (1.1) At 31 December 2024 2.1 Charged in the year 0.3 Utilised in the year (0.8) At 31 December 2025 1.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-78-1": {
"value": "Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its \uf0denancial obligations as they fall due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have su\ufb03cient liquidity to meet its liabilities when due, under both 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 12 months. As at 31 December 2025 all such debt was covered by cash and cash equivalents netting to \u00a344.0m positive current liquidity (2024: \u00a354.2m). The Group\u2019s principal UK revolving credit facility was increased and extended in November 2025, now having a value of \u00a3300m (2024: \u00a3250m) and a maturity of November 2029 with a further one-year extension option (2024: maturity of 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 \u00a3307.8m at 31 December 2025 (2024: \u00a3258.8m). Liquidity risk continued In addition, in 2019 the Group signed an agreement with an institutional investor for a private placement of $70m new senior unsecured notes (\u201cSenior Unsecured Notes\u201d). The issue consisted of two equal tranches with maturities in June 2026 and June 2029 respectively. At 31 December 2025, the Group\u2019s total committed borrowing facilities were \u00a3353.5m (2024: \u00a3308.1m) and the amount undrawn at this date was \u00a3270.6m (2024: \u00a3207.5m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-80-1": {
"value": "Market risk Market 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 \uf0denancial 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 \uf0denancial 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 \u2013 Sensitivity analysis In managing interest rate and currency risks the Group aims to reduce the impact of short term \uf0dfuctuations 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 \u00a30.5m, which would directly impact 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 \u00a311.0m and the impact on equity would have been an increase of \u00a342.3m. \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 \u00a39.0m and the impact on equity would have been a decrease of \u00a334.6m. ",
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"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"pp-value-82-1": {
"value": "23. Financial instruments continued (b) Total financial assets and liabilities The table below sets out the Group\u2019s accounting classi\uf0decation of its \uf0denancial assets and liabilities and their fair values as at 31 December. The fair values of all \uf0denancial assets and liabilities are not materially different to the carrying values. Designated at fair value Amortised cost Total carrying value Cash and cash equivalents net of bank overdraft* \u2013 70.4 70.4 Bank overdraft+ \u2013 (0.7) (0.7) Loans and other borrowings due within one year \u2013 (25.7) (25.7) Loans and other borrowings due after more than one year \u2013 (54.9) (54.9) Lease liabilities due within one year \u2013 (8.6) (8.6) Lease liabilities due after more than one year \u2013 (31.3) (31.3) Derivative asset 0.1 \u2013 0.1 Other assets \u2013 137.7 137.7 Other liabilities \u2013 (109.9) (109.9) Contingent consideration (10.7) \u2013 (10.7) Total as at 31 December 2025 (10.6) (23.0) (33.6) Cash and cash equivalents net of bank overdraft* \u2013 55.0 55.0 Bank overdraft+ \u2013 (0.3) (0.3) Bank overdraft classi\uf0deed as held for sale \u2013 (3.4) (3.4) Loans and other borrowings due within one year \u2013 (0.5) (0.5) Loans and other borrowings due after more than one year \u2013 (98.7) (98.7) Lease liabilities due within one year \u2013 (9.1) (9.1) Lease liabilities due after more than one year \u2013 (36.9) (36.9) Lease liabilities classi\uf0deed as held for sale \u2013 (3.0) (3.0) Derivative liability (0.1) \u2013 (0.1) Other assets \u2013 136.1 136.1 Other liabilities \u2013 (111.4) (111.4) Contingent consideration (14.6) \u2013 (14.6) Total as at 31 December 2024 (14.7) (72.2) (86.9) * Included within cash and cash equivalents net of bank overdrafts are overdrafts amounting to \u00a329.3m (2024: \u00a319.9m) 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 hierarchy The table below analyses \uf0denancial instruments carried at fair value, by valuation method. The different levels have been de\uf0dened as follows: \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. 23. Financial instruments continued Fair value hierarchy continued Level 1 Level 2 Level 3 Total Derivative assets \u2013 0.1 \u2013 0.1 Contingent consideration \u2013 \u2013 (10.7) (10.7) Total at 31 December 2025 \u2013 0.1 (10.7) (10.7) Derivative liabilities \u2013 (0.1) \u2013 (0.1) Contingent consideration \u2013 \u2013 (14.6) (14.6) Total at 31 December 2024 \u2013 (0.1) (14.6) (14.7) At 31 December 2025 the Group did not have any assets or liabilities classi\uf0deed at Level 1 in the fair value hierarchy (2024: nil). There have been no transfers in any direction in the year. The following table presents the changes in Level 3 instruments for the year ended 31 December 2025: Contingent consideration \u00a3m At 1 January 2025 (14.6) Payments of contingent consideration 3.1 Unwinding of discount on contingent consideration (0.3) Exchange adjustments 1.1 At 31 December 2025 (10.7) Details of the contingent consideration which arose on the acquisitions made during the prior year (see note 12) are set out below. During the year \u00a33.1m has been paid in respect of contingent consideration. As at 31 December 2025, the fair value of the contingent consideration liability was materially equal to the fair value determined at the acquisition dates, with any movement in the future expected cash \uf0dfows being off-set by the movement in the discount rate at the year-end date. No re-measurements have therefore been recognised in the Consolidated Income Statement during the current year. Valuation technique Signi\uf0decant unobservable inputs Sensitivity of the input to fair value Contingent Discounted cash \u2022 Probability weighted \u2022 10% increase/(decrease) in the probability weighted revenues consideration liability \uf0dfow method revenue would result in an increase/(decrease) in the fair value of the \u2022 Discount rate liability by \u00a31.0m. \u2022 500bps increase/(decrease) in the discount rate would result in an (decrease)/increase in the fair value of the liability by \u00a31.1m. The Group\u2019s \uf0denancial 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 \uf0dfoating 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 obtain the best possible return whilst maintaining an appropriate degree of access to the funds. The Group\u2019s \uf0denancial liabilities, excluding short term creditors, are set out below. Fixed rate \uf0denancial liabilities comprise US Dollar denominated Senior Unsecured Notes. Floating rate \uf0denancial liabilities comprise Sterling and US Dollar bank loans and overdrafts, and lease liabilities. The \uf0dfoating rate bank loans and overdrafts bear interest at rates related to bank base rates or SONIA/SOFR. The \uf0dfoating 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 \uf0denancial assets and liabilities which are predominantly in the same denomination as that subsidiary\u2019s functional currency. The \uf0denancial assets and liabilities not denominated in the functional currency of these entities are insigni\uf0decant to the Group. Certain UK subsidiaries hold US Dollar denominated interest bearing loans totalling \u00a351.9m (2024: \u00a356.0m), which are predominantly used to fund the Group\u2019s US operations and are designated as a hedge of the net investment in those foreign operations. The foreign currency gain of \u00a34.1m (2024: loss of \u00a30.6m) for the effective portion was recognised in the Consolidated Statement of 23. Financial instruments continued Fair value hierarchy continued Comprehensive Income netted against exchange differences on translation of foreign operations. Any ineffective portion recognised in the Consolidated Income Statement is insigni\uf0decant. Fixed rate \uf0denancial liabilities Weighted average Weighted average period for interest rate which rate is \uf0dexed % Years US Dollar at 31 December 2025 3.9 2.0 US Dollar at 31 December 2024 3.9 3.0 (d) Fair values The fair value of forward currency exchange contracts realised in the Consolidated Income Statement as part of fair value derivatives amounted to \u00a3nil (2024: \u00a3nil). The fair values of the Group\u2019s other \uf0denancial instruments at 31 December 2025 and 2024 were not materially different to their carrying value. Fair values were calculated using market rates where available, otherwise cash \uf0dfows were discounted at prevailing rates. ",
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"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-86-1": {
"value": "(c) Maturity profile The table below sets out the contractual cash \uf0dfows associated with the Group\u2019s \uf0denancial liabilities, including estimated interest payments, analysed by maturity: Contractual cash Due within one Due between one Due between two Due after more Carrying amounts \uf0dfows year and two years and \uf0deve years than \uf0deve years Effective interest rate \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Unsecured loans and borrowings Floating 28.7 (37.0) (1.5) (1.6) (33.9) \u2013 Senior Unsecured Notes 3.92% 51.9 (55.9) (27.4) (1.0) (27.5) \u2013 Lease liabilities Floating 39.9 (45.8) (10.1) (8.5) (17.9) (9.3) Contingent consideration 8.1%* 10.7 (12.4) (3.6) (3.1) (5.7) \u2013 Other liabilities n/a 110.0 (110.0) (110.0) \u2013 \u2013 \u2013 Total at 31 December 2025 241.2 (261.1) (152.6) (14.2) (85.0) (9.3) Unsecured loans and borrowings Floating 42.6 (51.7) (2.7) (2.7) (46.3) \u2013 Senior Unsecured Notes 3.92% 56.0 (62.6) (2.2) (29.6) (30.8) \u2013 Lease 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) \u2013 \u2013 Contingent consideration 8.6%* 14.6 (17.3) (4.1) (3.7) (9.5) \u2013 Derivative liabilities n/a 0.1 (0.1) (0.1) \u2013 \u2013 \u2013 Total at 31 December 2024 285.2 (310.5) (144.4) (46.3) (106.4) (13.4) * 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 195 above. The unsecured bank borrowings bear interest based on SONIA/SOFR, plus a margin (as de\uf0dened 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: 2025 2024 \u00a3m \u00a3m Undrawn committed borrowing facilities 270.6 207.5 ",
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"pp-value-90-1": {
"value": "24. Called up share capital 2025 2024 \u00a3m \u00a3m Allotted, called up and fully paid 79.5m ordinary shares of 25p each (2024: 80.4m) 19.9 20.1 Allotted, called up, unpaid 0.2m ordinary shares of 25p each (2024: nil) \u2013 \u2013 In 2025 the Company issued 0.2m shares under its various share option schemes (2024: 0.2m), realising \u00a32.0m (2024: \u00a32.5m). Of this amount, \u00a31.2m related to shares that were allotted and called up on 31 December 2025 for the purpose of satisfying share option schemes maturing on 1 January 2026, but with the funds clearing in early January 2026. These shares have been disclosed separately in the above table with a separate receivable recognised (see note 18). At the 2025 AGM, shareholders granted the Company the authority to repurchase up to 4,023,960 ordinary shares. The authority for purchase of the ordinary shares will expire at the end of the next Annual General Meeting of the Company in 2026 or, if earlier, at the close of business on 22 August 2026. Ordinary shares purchased by the Company pursuant to these authorities will either be cancelled or held in the Employee Bene\uf0det Trust. During the year, all shares purchased by the Company as part of the buyback programme have been cancelled. As at the year end date, the Group had a contractual right to terminate the share buyback programme, therefore any liability recognised would be limited to the Group\u2019s obligation to pay for shares already purchased on its behalf but not yet paid for. As at 31 December 2025, the liability in respect of this was \u00a3nil. 24. Called up share capital continued Nominal value Number of shares \u00a3m At 1 January 2025 80,443,391 20.1 Issued during the year 235,272 \u2013 Repurchased during the year (940,913) (0.2) At 31 December 2025 79,737,750 19.9 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 \u2013 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 the 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) \u2013 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 \u2013 On joining the Company, certain senior managers may forfeit long term incentive awards or similar schemes at their previous employer. The Company may compensate them for these awards by granting awards over Hill & Smith shares. The awards are at nil cost. The number of options outstanding by scheme is as follows: 2025 2024 Number Option Number Option of shares price range (p) of shares price range (p) SAYE schemes \u2020 585,499 794p to 1,652p 714,415 794p to 1,640p LTIP awards \u2020^ 451,977 \u2013 517,481 \u2013 ESOS awards \u2020^ 78,110 316p to 1,113p 93,926 316p to 1,113p RSU awards \u2020 123,888 \u2013 86,550 \u2013 Buy-out awards 87,050 \u2013 75,496 \u2013 Outstanding at the end of the year 1,326,524 1,487,868 Exercisable at the year end 118,748 168,049 Not exercisable at the year end 1,207,776 1,319,819 Outstanding at the end of the year 1,326,524 1,487,868 \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 retirement or redundancy. Otherwise, awards will ordinarily 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. The remaining weighted average life of the outstanding share options is 5 years 0 months (2024: 5 years 0 months). 24. Called up share capital continued Options outstanding over the Company\u2019s shares continued The movement and weighted average exercise prices of share options during the year are as follows: Weighted Weighted average exercise Millions of average exercise Millions of price (p) options price (p) options 2025 2025 2024 2024 Outstanding at the beginning of the year 559 1.5 610 1.7 Granted during the year 634 0.4 483 0.4 Exercised during the year (485) (0.4) (733) (0.4) Lapsed during the year (579) (0.2) (405) (0.2) Outstanding at the end of the year 600 1.3 559 1.5 The weighted average share price on the dates of exercise of share options during the year was 2,079p (2024: 1,913p), and the weighted average fair value of options and awards granted in the year was 1,550p (2024: 1,636p). The weighted average exercise price of outstanding options exercisable at the year-end was 1,113p (2024: 1,110p). ",
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"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"pp-value-93-1": {
"value": "Share-based payments \u2013 options The 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\u2013Scholes model where vesting is based on non-market conditions, or a Monte Carlo Simulation where vesting is based on market conditions. The contractual life is the 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 either 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 129, 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: 2025 2024 SAYE LTIP/RSU Buy-out awards SAYE LTIP Buy-out awards Expected share price volatility (%) 26%/17% 22% n/a 30%/19% 28% n/a Dividend yield (%) 2.33% 0.0% n/a 2.17% 0.0% n/a Option life (years) 3/5 3 n/a 3/5 3 n/a Risk free interest rate (%) 3.9%/4.0% 4.2% n/a 4.0%/4.1% 4.2% n/a The total expense recognised for the period arising from share-based payments is as follows: 2025 2024 Equity-settled 2.9 3.4 Cash-settled \u2013 \u2013 Total expensed during the year 2.9 3.4 The carrying amount of the liability in relation to cash-settled share-based payments at the end of the year was \u00a3nil (2024: \u00a30.4m). ",
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"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"pp-value-94-1": {
"value": "25. Guarantees and other financial commitments (a) Guarantees Subsidiary audit exemptions Hill & Smith PLC has issued guarantees over the liabilities of the following predominantly non-trading UK subsidiaries as at 31 December 2025 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 00926644 Bergen Pipe Supports Group Limited 01013871 Hill & Smith (International) Limited 11331411 Hill & Smith (Americas) Limited 07269581 Hill & Smith (Americas) 2 Limited 10783462 Hill & Smith (Americas) 3 Limited 12060645 Asset International Structures Limited 15082506 Hill & Smith Overseas Limited 06614400 Hill & Smith (Treasury) Limited 06814150 Hill & Smith (USA) Limited 06876775 Hardstaff Barriers Limited 02791285 Cobaco Holdings Limited 08317210 Signpost Solutions Limited 01084535 Mallatite Limited 02621328 Mallatite Minor Structures & Products Limited 13717429 ATG Access Limited 02643622 Bowater Doors Limited 13738120 Expamet Limited 13748629 Barkers Engineering Limited 00597466 VMS Newco Limited 12968560 Varley & Gulliver Limited 00330433 Ash & Lacy Limited 00047169 Ash & Lacy Manufacturing Limited 03008964 Ash & Lacy Services Limited 02798286 Hawkshead Properties Limited 00562451 Redman Fisher Engineering Limited 00169316 Hill & Smith (Australia) Limited 14411306 Widnes Galvanising Limited 02206443 Lionweld Kennedy Flooring Limited 05274797 Medway Galvanising Company Limited 01808205 Premier Galvanizing Limited 03873106 Prolectric Services Limited 04607208 Hill & Smith VRS Limited 16376823 Hill & Smith Tipi Newco Limited 16376962 Black Oldco Limited 14466538 ",
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"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"pp-value-95-1": {
"value": "25. Guarantees and other financial commitments continued The Group had no \uf0denancial guarantee contracts outstanding as at 31 December 2025. (b) Capital commitments 2025 2024 \u00a3m \u00a3m Contracted for but not provided in the accounts 4.7 3.6 (c) Operating lease receivables The total future minimum commitments receivable under non-cancellable operating leases are analysed as follows: 2025 2024 Land and Buildings Other Land and Buildings Other \u00a3m \u00a3m \u00a3m \u00a3m Within one year \u2013 6.6 0.1 7.4 Between one and \uf0deve years \u2013 \u2013 \u2013 0.6 \u2013 6.6 0.1 8.0 (d) Purchase commitments Certain Group companies enter into purchase commitments which obligate the Group to buy speci\uf0deed 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: 2025 2024 \u00a3m \u00a3m Contracted for but not provided in the accounts 28.2 22.7 ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"pp-value-95-2": {
"value": "25. Guarantees and other financial commitments continued The Group had no \uf0denancial guarantee contracts outstanding as at 31 December 2025. (b) Capital commitments 2025 2024 \u00a3m \u00a3m Contracted for but not provided in the accounts 4.7 3.6 (c) Operating lease receivables The total future minimum commitments receivable under non-cancellable operating leases are analysed as follows: 2025 2024 Land and Buildings Other Land and Buildings Other \u00a3m \u00a3m \u00a3m \u00a3m Within one year \u2013 6.6 0.1 7.4 Between one and \uf0deve years \u2013 \u2013 \u2013 0.6 \u2013 6.6 0.1 8.0 (d) Purchase commitments Certain Group companies enter into purchase commitments which obligate the Group to buy speci\uf0deed 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: 2025 2024 \u00a3m \u00a3m Contracted for but not provided in the accounts 28.2 22.7 ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"pp-value-104-1": {
"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 the 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 129. The combined remuneration of key management personnel can be seen in note 6 to the \uf0denancial statements on page 170. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"pp-value-105-1": {
"value": "28. Subsequent events In March 2026 the Group reached agreement to acquire 80% of the equity of Freeberg Industrial Fabrication Corp. for a headline cash consideration of $36m on a debt free, cash free basis. Further consideration of up to $50m is payable for the remaining 20% of equity, linked to the achievement of future pro\uf0det targets. The acquisition is subject to US regulatory approvals, which the Group expects in the second quarter of 2026. Located in Escondido, California, Freeberg is a leading US designer and manufacturer of custom enclosures and other engineered solutions that serve data centre, power generation, and other infrastructure markets. In March 2026 the Group also completed the acquisition of Hentech Fabrication Limited for a headline cash consideration of \u20ac7.3m. Located in Wexford, Ireland, Hentech is a designer, manufacturer and installer of engineered steel solutions, focused on access \uf0dfooring and other industrial fabrication. Acquisition accounting for both is currently ongoing.",
"dimensions": {
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"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"pp-value-106-1": {
"value": "Hill & Smith PLCWesthaven House Arleston Way Shirley Solihull West Midlands B90 4LH",
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"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"pp-value-107-1": {
"value": "Registration DetailsRegistered in England and Wales Company Number: 671474",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
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}