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1. Summary of significant accounting policies
Authorisation of financial statements
The consolidated financial statements of Ibstock Plc, which has a premium listing on the London
Stock Exchange, for the year ended 31 December 2025 were authorised for issue in accordance with
a resolution of the Directors on 4 March 2026. The balance sheet was signed on behalf of the Board
by J Hudson and R Akers.
Ibstock Plc is a public company limited by shares, which is incorporated in the United Kingdom and
registered in England. The registered office is Leicester Road, Ibstock, Leicestershire LE67 6HS and
the company registration number is 09760850.
The principal activities of the Company and its subsidiaries (the \u2018Group\u2019) and the nature of the
Group\u2019s operations are set out in the Strategic Report on pages 1 to 54 .
Basis of preparation
The consolidated financial statements of Ibstock Plc for the year ended 31 December 2025 have
been prepared in accordance with UK adopted International Accounting Standards (IAS). They are
prepared on the basis of all IFRS accounting standards and interpretations that are mandatory for
the year ended 31 December 2025 and in accordance with the Companies Act 2006. The
comparative financial information has also been prepared on this basis.
These consolidated financial statements are prepared on a going concern basis, under the historical
cost convention modified by revaluation of certain financial instruments and pension balances. The
consolidated financial statements are presented in Sterling and all values are rounded to the nearest
thousand, except where otherwise indicated.
The material accounting policies are set out below.
Basis of consolidation
The consolidated financial statements comprise the financial statements of Ibstock Plc and its
subsidiaries as at 31 December 2025. The financial statements of subsidiaries are prepared for the
same reporting period as the Parent Company, using consistent accounting policies. All intra-Group
balances, transactions, income and expenses and profit and losses resulting from intra-Group
transactions have been eliminated in full. Subsidiaries are consolidated from the date on which the
Group obtains control and cease to be consolidated from the date on which the Group no longer
retains control. Details of all the subsidiaries of the Group are given in Note 29.
The subsidiaries are all entities over which the Group has control. The Group controls an entity when
the Group is exposed to, or has rights to, variable returns from its involvement with the entity and
has the ability to affect those returns through its power over the entity.
Going concern
Despite the macroeconomic downturn, there are initial positive external market indicators with
inflation continuing to fall and mortgage rates stabilising, and proposed housing and planning
policy changes which could increase both housing construction activity and effective demand for
housing looking forward. The directors do not believe that the going concern basis of preparation
represents a significant judgement.
The Group\u2019s financial planning and forecasting process consists of a budget for the next year
followed by a medium-term projection. The Directors have reviewed and robustly challenged the
assumptions about future trading performance, operational and capital expenditure and debt
requirements within these forecasts including the Group\u2019s liquidity and covenant forecasts, and
stress testing within their going concern assessment.
In arriving at their conclusion on going concern, the Directors have given due consideration to
whether the funding and liquidity resources above are sufficient to accommodate the principal risks
and uncertainties faced by the Group, particularly those relating to economic conditions and
operational disruption. The strategic report sets out in more detail the Group\u2019s approach and risk
management framework.
Group forecasts have been prepared which reflect both actual conditions and estimates of the
future reflecting macroeconomic and industry-wide projections, as well as matters specific to
the Group.
The Group has financing arrangements comprising \u00a3100 million of private placement notes
with maturities between November 2028 and November 2033, and a \u00a3125 million RCF maturing
in November 2029, with a one-year extension option. At 31 December 2025 the RCF was
\u00a342.0 million drawn.
Covenants under the Group\u2019s RCF and private placement notes require leverage of no more than
3 times net debt to adjusted EBITDA
1
, and interest cover of no less than 4 times, tested bi-annually
at each reporting date with reference to the previous 12 months. At 31 December 2025 covenant
requirements were met with significant headroom.
The key uncertainty faced by the Group is the industry demand for its products. Accordingly, the
Group has modelled financial scenarios which see reduction in the industry demand for its products
thereby stress testing the Group\u2019s resilience. For each scenario, cash flow and covenant compliance
forecasts have been prepared. In the most severe but plausible scenario industry demand for Clay
products is projected to be around 35% lower than the demand levels experienced in five of the past
ten years (\u2018benchmarked demand levels\u2019), in the 2026 year (10% below 2025 levels) recovering to
around 25% lower in 2027 (5% above 2025 levels), with management\u2019s base case reflecting a
modest cyclical recovery following the prolonged sector downturn.
In the severe but plausible scenario, the Group has sufficient liquidity and headroom against its
covenants, with covenant headroom expressed as a percentage of annual adjusted EBITDA
1
being
in excess of 20%.
In addition, the Group has prepared a reverse stress test to evaluate the industry demand reduction
at which it would be likely to breach the debt covenants, before any further mitigating actions are
taken. This test indicates that, at a reduction of 41% in sales volumes versus benchmarked demand
levels, in 2026 and a reduction of 43% in the first half of 2027, the Group would be at risk of breaching
its covenants.
The Directors consider this to be a highly unlikely scenario, and in the event of an anticipated
covenant breach, the Group would seek to take further steps to mitigate, including the disposal of
valuable land and building assets and additional restructuring steps to reduce the fixed cost base of
the Group.
Having taken account of the various scenarios modelled, and in light of the mitigations available to
the Group, the Directors are satisfied that the Group has sufficient resources to continue in operation
for a period of not less than 12 months from the date of this report. Accordingly, the consolidated
financial information has been prepared on a going concern basis.
New or amended standards that are effective for the current year
In the current year, the Group has applied the amendment below to IFRS Standards and
Interpretations issued by the International Accounting Standards Board (IASB) that is mandatorily
effective for an accounting period that begins on or after 1 January 2025.
@ Amendments to IAS 21 \u2013 Lack of Exchangeability.
The amendment listed above did not have any impact on the amounts recognised in prior periods
and are not expected to significantly affect the current or future periods.
New and revised standards in issue but not yet effective
At the date of authorisation of these financial statements, the Group has not applied the following
new and revised IFRS Standards that have been issued but are not yet effective:
@ Amendments to IFRS 9 and IFRS 7 \u2013 Classification and Measurement of Financial Instruments;
@ IFRS 18 \u2013 Presentation and Disclosure in Financial Statements; and
@ IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures.
The Directors do not expect that the adoption of the Standards listed above will have a material
impact on the financial statements of the Group in the current or future reporting periods, except
if indicated below.
IFRS 18 Presentation and Disclosures in Financial Statements
IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and
complementing them with new requirements. In addition, some paragraphs from IAS 1 have been
moved to IAS 8 and IFRS 7. Furthermore, the IASB has made minor amendments to IAS 7 and
IAS 33 Earnings per Share.
IFRS 18 introduces new requirements to:
@ present specified categories and defined subtotals in the statement of profit or loss
@ provide disclosures on management-defined performance measures (MPMs) in the notes to the
financial statements
@ improve aggregation and disaggregation.
An entity is required to apply IFRS 18 for annual reporting periods beginning on or after 1 January 2027,
with earlier application permitted. The amendments to IAS 7 and IAS 33, as well as the revised IAS 8
and IFRS 7, become effective when an entity applies IFRS 18. IFRS 18 requires retrospective
application with specific transition provisions.
The Directors anticipate that the application of these amendments will have an impact on the
Group\u2019s consolidated financial statements in future periods.
Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the
chief operating decision-makers (CODMs). The CODMs, who are responsible for allocating resources
and assessing performance of the operating segments, have been identified as the Chief Executive
Officer and Chief Financial Officer of the Group.
The CODMs review the key profit measure, Adjusted EBITDA
1
, as defined in Note 3, and consider the
Group\u2019s reportable segments to be Clay and Concrete.
Foreign currency translation
(a) Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured using the
currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019).
The consolidated financial statements are presented in Sterling (\u00a3), which is the Group\u2019s
presentation currency.
(b) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions or valuation where items are remeasured. Foreign
exchange gains and losses resulting from the settlement of such transactions and from the
translation at year end exchange rates of monetary assets and liabilities denominated in foreign
currencies are recognised in the income statement, except when deferred in other comprehensive
income as qualifying cash flow hedges and qualifying net investment hedges. Foreign exchange
gains and losses that relate to borrowings and cash and cash equivalents are presented in the
income statement within net finance costs. All other foreign exchange gains and losses are
presented within the income statement.
Property, plant and equipment
Property, plant and equipment is stated at the cost to the Group less depreciation. The cost of property,
plant and equipment includes directly attributable costs. Costs incurred to gain access to mineral
reserves (typically stripping costs) are capitalised and depreciated over the life of the quarry, which is
based on the estimated tonnes of raw material to be extracted from the reserves. Management
assesses the Group\u2019s assets separating their cost into (i) the local statutory books\u2019 historical cost
and (ii) the associated fair value uplift, which arose on the acquisition of the Group in 2015.
Details of cost and accumulated depreciation are included in Note 13.
Depreciation is provided on the cost of all assets (except assets in the course of construction and
land), so as to write off the cost, less residual value, on a straight line basis over the expected useful
economic life of the assets concerned, as follows:
Asset classification Useful life
Land Not depreciated
Freehold buildings 15 \u2013 60 years
Plant, machinery and equipment 2 \u2013 40 years
Mineral reserves Amortised on a usage basis
Exploration expenditure relates to the initial search for mineral deposits with economic potential
and is not capitalised. Evaluation expenditure relates to a detailed assessment of deposits or other
projects that have been identified as having economic potential and in obtaining permissions to
extract clay. Capitalisation of evaluation expenditure within \u2018Mineral reserves\u2019 commences when
there is a high degree of confidence that the Group will determine that a project is commercially
viable, i.e., the project will provide a satisfactory return relative to its perceived risks, and therefore it
is considered probable that future economic benefits will flow to the Group.
Mineral reserves may be declared for an undeveloped project before its commercial viability has
been fully determined. Evaluation costs may continue to be capitalised during the period between
declaration of reserves and approval to extract clay as further work is undertaken in order to refine
the development case to maximise the project\u2019s returns.
The carrying values of property, plant and equipment are reviewed for impairment if events or
changes in circumstances indicate the carrying value may not be recoverable. The carrying values of
capitalised evaluation expenditure are reviewed for impairment by management.
Useful lives and residual values are reviewed at each balance sheet date and revised where
expectations are significantly different from previous estimates. In such cases, the depreciation
charge for current and future periods is adjusted accordingly.
Intangible assets
Separately acquired brands and non-contractual customer relationships are shown at historical cost.
Brands and customer relationships have a finite useful life and are carried at cost less accumulated
amortisation. Amortisation is calculated using the straight line method to allocate the cost of brands
and customer relationships over their estimated useful lives as follows:
Asset classification Useful life
Brands 10 \u2013 50 years
Customer contracts and relationships 10 \u2013 20 years
Licences represent carbon allowances the Group purchased to meet carbon emissions in excess of
the Group\u2019s granted allowances under the UK Emission Trading Scheme (ETS). The carbon allowances
are recognised as intangible assets and classified as non-current assets. The costs to settle the
forecast emissions in the year in excess of granted allowances are recognised across the year.
For implementation costs in a cloud service contract that are distinct from the related software, the
costs are recognised as an expense as incurred (as the service is received) unless it gives rise to a
separate intangible asset. The costs of services provided by the cloud vendor, which are not distinct
from access to the software, are recognised as an expense over the period of access to the software.
Goodwill is initially recognised and measured as the excess of consideration transferred over the fair
value of the net assets acquired in a business combination. Goodwill is not amortised but is reviewed
for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to the
Group\u2019s cash-generating unit (or groups of cash-generating units) expected to benefit from the
synergies of the combination. Cash-generating units to which goodwill has been allocated are
tested for impairment annually, or more frequently when there is an indication that the asset may
be impaired.
If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit,
the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the
unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each
asset in the unit. Any impairment loss recognised for goodwill is not reversed in a subsequent period.
On disposal of a cash-generating unit, the attributable amount of goodwill is included in the
determination of the profit or loss on disposal. There has been no impairment of goodwill in the
current or prior year.
For further details, see Note 12.
Impairment of non-financial assets
Assets that are subject to amortisation or depreciation, such as brands and non-contractual
customer relationships and property, plant and equipment, are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognised immediately within the income statement for the amount by which
the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher
of an asset\u2019s fair value less costs of disposal and value-in-use.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are
largely independent cash inflows (cash-generating units). Prior impairments of non-financial assets
(other than goodwill) are reviewed for possible reversal at each reporting date at which point they
are immediately recognised within the income statement.
For assets excluding goodwill, an assessment is made at each reporting date whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the asset\u2019s or cash-generating unit\u2019s (CGU\u2019s) recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. As the Group has no assets carried at revalued amounts, such reversal is recognised in the consolidated income statement. The Group, where appropriate, separately applies the requirements of IAS 36 to land and to buildings on sites owned considering the individual recoverable values of each and the reliability in estimating these. For further details, see Note 17. Assets held for sale Non-current assets and disposal groups are classified as held for sale only if available for immediate sale in their present condition and a sale is highly probable and expected to be completed within one year from the date of classification. Such assets and disposal groups are measured at the lower of carrying amount and fair value less the costs to sell. Non-current assets classified as held for sale (or that form part of a disposal group classified as held for sale) are not depreciated or amortised. Leases The Group as lessee The Group leases various offices, warehouses, factories, equipment, mobile plant and cars. Rental contracts are typically made for fixed periods of three to twelve years, but may have extension options, as described below, and contain a range of terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. Management also reviews other contracts entered into during the period to assess whether they may contain embedded leases. Such contracts are, or contain, a lease if it conveys the right to control the use of a specified asset (e.g. plant, property and equipment) over a period in exchange for consideration. Leases are recognised as right-of-use assets and a corresponding liability at the date on which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the income statement over the lease period, so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight line basis.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease
liabilities include the net present value of the following lease payments:
@ fixed payments (including in-substance fixed payments), less any incentives receivable;
@ variable lease payments that are based on an index or rate;
@ the exercise price of a purchase option, if the lessee is reasonably certain to exercise that option; and
@ payments of penalties for terminating the lease, if the lease term reflects the lessee exercising
that option.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be
determined, the lessee\u2019s incremental borrowing rate is used, 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.
Right-of-use assets are measured at cost comprising the following:
@ the amount of the initial measurement of lease liability;
@ any lease payments made at or before the commencement date less any lease incentives received;
@ any initial direct costs; and
@ restoration costs.
Payments associated with short-term leases and leases of low-value assets are recognised on a
straight line basis as an expense within the income statement. Short-term leases are leases with a
term of 12 months or less.
(i) Variable lease payments
Some property leases contain variable lease payment terms that are linked to the extraction of raw
materials. For individual properties, a percentage of the lease payments are on the basis of the
variable payment terms.
Variable lease payments that are dependent upon the level of extraction are recognised within
the income statement in the period in which the extraction which triggers that payment occurs.
The value of variable lease payments and the impact of movements in the Group\u2019s levels of
extraction are insignificant in current and prior periods.
(ii) Extension and termination options
Extension and termination options are included in a small number of property leases across the
Group. The majority of such options are exercisable only by the Group and not by the respective
lessor. In determining the lease term, management considers all facts and circumstances that create
an economic incentive to exercise an extension option or not exercise a termination option.
Extension options (or periods after termination options) are only included in the future cash outflows
if the lease is reasonably certain to be extended (or not terminated). This assessment is reviewed if
a significant event or a significant change in circumstances occurs that affects this assessment and
that is within the control of the lessee.
The Group as lessor
The Group enters into lease agreements as a lessor with respect to some of its surplus properties.
Leases for which the Group is a lessor are classified as either finance or operating leases. Whenever
the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the
contract is classified as a finance lease. All other leases are classified as operating leases.
When the Group is an intermediate lessor, it accounts for the head lease and the sub-lease as two
separate contracts. The sub-lease is classified as a finance or operating lease by reference to the
right-of-use asset arising from the head lease.
Rental income from operating leases is recognised on a straight-line basis over the term of the
relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are
added to the carrying amount of the leased asset and amortised on a straight-line basis over the
lease term.
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost includes all costs incurred in
bringing each product to its present location and condition. Raw materials, consumables and goods
for resale are recognised on a weighted average cost basis, while work in progress and finished goods
are held at direct cost plus an appropriate proportion of production overheads. Net realisable value is
the estimated selling price in the ordinary course of business, less applicable variable selling expenses.
The Group records provisions for obsolete and slow-moving inventory on the basis of historical sales
values and volumes, respectively. These inventory provisions are updated regularly to reflect
management\u2019s most recent information.
Investments and other financial assets
Classification
The Group classifies its financial assets in the following measurement categories:
@ those to be measured subsequently at fair value (either through other comprehensive income
(OCI) or through profit or loss); and
@ those to be measured at amortised cost.
The classification depends on the entity\u2019s business model for managing the financial assets and the
contractual terms of the cash flows.
The Group reclassifies debt investments when and only when its business model for managing those
assets changes.
Recognition and derecognition
Purchases and sales of financial assets are recognised on trade date, the date on which the Group
commits to purchase or sell the asset.
Financial assets are derecognised when the rights to receive cash flows from the financial assets
have expired or have been transferred and the Group has transferred substantially all the risks and
rewards of ownership.
On derecognition of a financial asset measured at amortised cost, the difference between the
asset\u2019s carrying amount and the sum of the consideration received and receivable is recognised
within the income statement.
Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of
a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly
attributable to the acquisition of the financial asset.
Forward energy contracts
The Group has a long-standing practice of locking in prices for gas and electricity used in its
production activities and achieves this by committing to take delivery of a certain volume of energy
in future months, which creates a contractual commitment and secures a certain price.
The Group takes delivery of the energy and so the Directors believe it meets the requirements of the
own use scope exemption in IFRS 9 Financial Instruments. As such, these contracts are not held on
the balance sheet at fair value but rather treated as executory contracts and energy purchases are
accounted for in the period in which the gas and electricity is consumed, at the contracted price.
Derivatives and hedging
The Group enters into derivative transactions to manage its exposure to foreign exchange rate risks
on major capital expenditure projects.
Derivatives are recognised initially at fair value on the date the contract is entered into and
subsequently remeasured to their fair value at each reporting date.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with
a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial
statements unless the Group has both the legal right and intention to offset.
A derivative is presented as a non-current asset or a non-current liability if the remaining maturity
of the instrument is more than 12 months and is not expected to be realised or settled within
12 months. Other derivatives are presented as current assets or current liabilities.
The Group designates certain derivatives as hedging instruments in respect of foreign currency risk.
These derivatives are designated and effective as hedging instruments, in which event the timing of
the transfer within the balance sheet or recognition in the income statement depends on the nature
of the hedge relationship.
Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges. At the
inception of the hedge relationship, the Group documents the relationship between the hedging
instrument and the hedged item, along with its risk management objectives and its strategy for
undertaking various hedge transactions. The Group documents whether the hedging instrument is
effective in offsetting the hedged risk, by confirming that:
@ there is an economic relationship between hedged items and the hedging instrument;
@ the effect of credit risk does not dominate the value changes that result from that economic
relationship; and
@ the planned ratio of hedge: hedge item is the same as the actual ratio of hedge: hedge item.
The effective portion of changes in the fair value of derivatives that are designated as cash flow
hedges is recognised in other comprehensive income and accumulated under the cash flow hedging
reserve. Any gain or loss relating to the ineffective portion of the hedge is recognised immediately
in profit or loss. Amounts previously recognised in other comprehensive income and accumulated
in equity are reclassified to the related capital expenditure project within the balance sheet in the
periods when the underlying hedged item affects the balance sheet.
The Group discontinues hedge accounting should the hedge relationship cease to meet the
qualifying criteria, or when the hedging instrument expires, is sold, terminated or exercised.
Debt instruments
Subsequent measurement of debt instruments depends on the Group\u2019s business model for
managing the asset and the cash flow characteristics of the asset. The measurement category into
which the Group classifies its debt instruments is amortised cost.
Assets that are held for collection of contractual cash flows where those cash flows represent solely
payments of principal and interest are measured at amortised cost. Interest income from these
financial assets is included in finance income using the effective interest rate method. Any gain or
loss arising on derecognition is recognised directly in the income statement.
Impairment
The Group assesses on a forward-looking basis the expected credit losses associated with its debt
instruments carried at amortised cost and fair value through other comprehensive income. The
impairment methodology applied depends on whether there has been a significant increase in
credit risk. For trade receivables, the Group applies the simplified approach permitted by IFRS 9,
which requires expected lifetime losses to be recognised from initial recognition of the receivables,
see Note 23 for further details.
No significant impairment losses were recorded in the current or prior year. Should they arise,
impairment losses are presented as a separate line item in the Group consolidated income statement.
Trade and other receivables
Trade receivables are amounts due from customers for merchandise sold in the ordinary course of
business. Collection is expected in one year or less and trade receivables are classified as current
assets accordingly. Trade receivables are measured at amortised cost using the effective interest
method, less provision for impairment.
Cash and cash equivalents
In the consolidated balance sheet, cash and cash equivalents reflects cash in hand at the balance
sheet date, deposits held at call with banks, other short-term highly liquid investments with original
maturities of three months or less.
Trade payables
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary
course of business from suppliers. Accounts payable are classified as current liabilities where
payment is due within one year or less. If not, they are presented as non-current liabilities.
Trade payables are recognised initially at fair value and subsequently measured at amortised cost
using the effective interest method.
Borrowings
The Group\u2019s borrowings comprise a Revolving Credit Facility (RCF) and private placement loan notes.
Borrowings are recognised initially at fair value, net of directly attributable transaction costs incurred.
All other costs are expensed as incurred. Borrowings are subsequently carried at amortised cost.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer
settlement of the liability for at least 12 months after the balance sheet date.
Finance cost on borrowings is treated as an expense in the income statement, with the exception of
interest costs incurred on the financing of major projects, which are capitalised within property, plant
and equipment.
Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to
the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee
is deferred until the draw-down occurs.
To the extent there is evidence that it is not probable that some or all of the facility will be drawn
down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of
the facility to which it relates. Fees relating to short-term variations in financing conditions and terms
are recognised in profit or loss in the period in which they are incurred.
An exchange of debt instruments with substantially different terms is accounted for as an
extinguishment of the original financial liability and the recognition of a new financial liability.
Similarly, a substantial modification of the terms of an existing financial liability is accounted for as
an extinguishment of the original financial liability and the recognition of a new financial liability.
Employee benefits
The Group operates various post-employment schemes, including both defined benefit and defined
contribution pension plans.
Pensions
A defined contribution plan is a pension plan under which the Group pays fixed contributions into a
separate entity. The Group has no legal or constructive obligations to pay further contributions if the
fund does not hold sufficient assets to pay all employees the benefits relating to employee service in
the current and prior periods.
For defined contribution plans, the Group pays contributions to publicly or privately administered
pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further
payment obligations once the contributions have been paid. The Group recognises contributions
payable to defined contribution plans in exchange for employee services in employee benefit expense.
A defined benefit plan is a pension plan that is not a defined contribution plan. Typically defined
benefit plans define an amount of pension benefit that an employee will receive on retirement,
usually dependent on one or more factors such as age, years of service and compensation.
The amount recognised in the balance sheet in respect of defined benefit pension plans is the fair
value of plan assets less the present value of the defined benefit obligation at the end of the
reporting period. The defined benefit obligation is calculated annually by independent actuaries
using the projected unit credit method. The present value of the defined benefit obligation is
determined by discounting the estimated future cash outflows using interest rates of high-quality
corporate bonds that are denominated in the currency in which the benefits will be paid, and that
have terms to maturity approximating to the terms of the related pension obligation.
Where defined benefit schemes have a surplus, the surplus is recognised if future economic benefits
are available to the entity in the form of a reduction in the future contributions or a right to refund.
Past-service costs are recognised immediately in the income statement. The net interest cost is
calculated by applying the discount rate to the net balance of the defined benefit obligation and the
fair value of plan assets, taking account of any changes in the defined benefit asset/liability during
the period as a result of contributions and benefit payments. This cost is included in interest expense
in the income statement.
When the benefits of a defined benefit plan are changed or when the plan is curtailed, the change
in the present value of the defined benefit obligation arising that relates to the plan amendment
or curtailment is recognised immediately within the income statement on its occurrence. Before
determining the past service cost (including curtailment gains or losses) or a gain or loss on
settlement, the net defined benefit obligation (asset) is remeasured using the current fair value of
plan assets and current actuarial assumptions (including current market interest rates and other
current market prices) reflecting the benefits offered under the plan before the plan amendment,
curtailment or settlement.
Costs of managing the plan assets, remeasurement gains and losses arising from experience
adjustments and changes in actuarial assumptions are charged or credited in other comprehensive
income in the period in which they arise.
Provisions
Provisions are recognised when: the Group has a present legal or constructive obligation as a result
of past events; it is probable that an outflow of resources will be required to settle the obligation;
and the amount has been reliably estimated. Provisions are not recognised for future operating losses.
Provisions are measured at the present value of the risk-assessed expenditures expected to be
required to settle the obligation using a pre-tax risk-free discount rate to reflect current market
assessments of the time value of money. The increase in the provision due to passage of time is
recognised as interest expense.
The restoration provision is to fund future obligations at a number of sites that the Group is
associated with and where the Group has any constructive obligation to restore once it has fully
utilised the site. Provisions for dilapidations are recognised on a lease-by-lease basis and are based
on the Group\u2019s discounted best estimate of the likely committed cash outflows. The restructuring
provision is to fund the estimated restructuring costs and only arises when all the criteria in IAS 37
Provisions are met by the Group.
Revenue
Revenue represents the fair value of consideration receivable for goods supplied by the Group,
exclusive of local sales tax and trade discounts and after eliminating sales within the Group. All of
revenue is attributable to the principal activities of the Group being the manufacture and sale of
concrete products, clay facing bricks and associated special shaped and fabricated clay products.
Revenue is recognised when the Group\u2019s performance obligation is satisfied, which is usually when
the promised goods and services are transferred to the customer. In a bill and hold arrangement,
revenue is recognised when a customer has obtained control of a product, which arises when all of
the following criteria are met: (a) the reason for the arrangement is substantive, (b) the product has
been identified separately as belonging to the customer, (c) the product is ready for delivery in
accordance with the terms of the arrangement, and (d) the Company does not have the ability to
use the product or sell the product to another customer.
Customer rebates
Provisions for rebates to customers are based upon the terms of individual contracts, with rebates
granted based upon a tiered structure dependent upon an individual customer\u2019s purchases during
the rebate period. Customer rebates are recorded in the same period as the related sales as a
deduction from revenue and the vast majority are coterminous with the Group\u2019s financial year end.
For those individual contracts that are non-coterminous, the Group estimates the provision for this
variable consideration based on the most likely outcome amount determined by the terms of each
agreement at the time the revenue is recognised. At the financial year end, due to settlement of
rebates with customers, the level of remaining estimation is limited and the risk of a significant
reversal of recognised revenue is negligible.
Other income
Other income is attributable to rental income from properties, landfill and gas activity. Other
expenses represent associated expenses. This is not deemed to be a principal activity of the Group.
Rental income received under operating leases is recognised on a straight line basis over the term
of the relevant lease. Assets leased by the Group to third parties are depreciated in line with the
Group\u2019s normal depreciation policy.
Research and development Research and development expenditure is written off as incurred, except that development expenditure incurred on an individual project is capitalised when relevant criteria under IAS 38 have been met. Any expenditure carried forward is amortised in line with the expected future sales from the related project. Exceptional items The Group presents as exceptional on the face of the income statement those items of income and expense which, because of the materiality, nature and/or expected infrequency of the events giving rise to them, merit separate presentation to allow Shareholders to further understand elements of financial performance in the period, so as to facilitate comparison with future years and to assess trends in financial performance. See Note 5 for further details of exceptional items 1 recognised in the current period. The Directors believe that the use of alternative performance measures (APMs), such as exceptional items 1 , provide useful information for Shareholders. The Group uses APMs to aid comparability of its performance and position between periods. The APMs used represent measures used by management and Board to monitor performance and plan. Additionally, certain APMs are used by the Group in setting Director and management remuneration. Detailed descriptions of APMs used throughout these financial statements are included within Note 3. APMs used by the Group are generally not defined under IFRS and may not be comparable with similarly titled measures reported by other companies. It is not believed that adjusted measures are a substitute for, or superior to, statutory measurements. Government grants Government grants are recognised within the income statement on a systematic basis over the periods in which the Group recognises as expenses the related costs for which the grants are intended to compensate. Grants are presented as part of the income statement and are deducted in reporting the related expense. Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognised within the income statement in the period in which they become receivable. Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attached to them and that the grants will be received. Taxation Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except for tax relating to items recognised in other comprehensive income or directly in equity. Current tax is the expected tax payable or recoverable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. 1 Alternative performance measures are described in Note 3 and exceptional items are described in Note 5 to the consolidated financial statements.
During the ordinary course of business, there are transactions and calculations for which the
ultimate tax determination may be uncertain. The calculation of the tax charge therefore
necessarily involves a degree of estimation and judgement. The tax liabilities are based on
estimates of whether additional taxes will be due and tax assets are recognised on the basis of
probable future recoverability. This requires management to exercise judgement based on its
interpretation of tax laws and the likelihood of settlement of tax liabilities or recoverability of tax
assets. To the extent that the final outcome differs from the estimates made, tax adjustments may
be required which could have an impact on the tax charge and profit for the year in which such a
determination is made.
Deferred tax is provided on temporary differences between the tax bases of assets and liabilities
and their carrying amounts included in the financial statements. However, deferred tax liabilities are
not recognised if they arise from the initial recognition of goodwill; deferred tax is not accounted for
if it arises from initial recognition of an asset or liability in a transaction other than a business
combination that at the time of the transaction affects neither accounting nor taxable profit or loss.
The amount of deferred tax is calculated using tax rates that have been enacted or substantively
enacted at the balance sheet date and are expected to apply when the related deferred tax asset
is realised or deferred tax liability is settled. Deferred tax assets and liabilities are not subject
to discounting.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will
be available, against which the temporary difference can be utilised.
Deferred tax liabilities are provided on taxable temporary differences arising from investments in
subsidiaries except for deferred tax liabilities where the timing of the reversal of the temporary
difference is controlled by the Group and it is probable that the temporary difference will not reverse
in the foreseeable future.
Deferred tax assets are recognised on deductible temporary differences arising from investments in
subsidiaries only to the extent that it is probable the temporary difference will reverse in the future
and there is sufficient taxable profit available against which the temporary difference can be
utilised. Deferred tax assets and liabilities are offset where there is a legally enforceable right to
offset current tax assets against current tax liabilities where these have been levied by the same tax
authority on either the same taxable entity or different taxable entities within the Group where
there is an intention to settle the balances on a net basis.
Dividend distribution
Dividend distributions to Ibstock Plc Shareholders are recognised in the Group\u2019s financial statements
in the period in which the dividends are approved in a general meeting, or when paid in the case of
an interim dividend.
Share-based payments
The Group operates a number of equity-settled share based compensation plans, under which the
entity receives services from employees as consideration for equity instruments (for example options
or shares) of Ibstock Plc. The fair value of the employee services received in exchange for the grant
of the equity instruments is recognised as an expense. The total amount to be expensed is
determined by reference to the fair value of the instruments granted:
including any market performance conditions (for example, the Group\u2019s share price); @ excluding the impact of any service and non-market performance vesting conditions (for example, profitability, sales growth targets and remaining an employee of the entity over a specified time period); and @ including the impact of any non-vesting conditions (for example, the requirement for employees to save or hold shares for a specific period of time). At the end of each reporting period, the Group revises its estimates of the number of instruments that are expected to vest based on the non-market vesting conditions and service conditions. It recognises the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment to equity. In addition, in some circumstances employees may provide services in advance of the grant date and therefore the grant date fair value is estimated for the purposes of recognising the expense during the year between service commencement period and grant date. For the equity-settled share based payment transactions, the fair value of the share instruments granted is derived from established option pricing models. Further details on share based payments are set out in Note 26.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-384": { "value": "Authorisation of financial statements The consolidated financial statements of Ibstock Plc, which has a premium listing on the London Stock Exchange, for the year ended 31 December 2025 were authorised for issue in accordance with a resolution of the Directors on 4 March 2026. The balance sheet was signed on behalf of the Board by J Hudson and R Akers. Ibstock Plc is a public company limited by shares, which is incorporated in the United Kingdom and registered in England. The registered office is Leicester Road, Ibstock, Leicestershire LE67 6HS and the company registration number is 09760850. The principal activities of the Company and its subsidiaries (the \u2018Group\u2019) and the nature of the Group\u2019s operations are set out in the Strategic Report on pages 1 to 54 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-326": { "value": "Authorisation of financial statements The consolidated financial statements of Ibstock Plc, which has a premium listing on the London Stock Exchange, for the year ended 31 December 2025 were authorised for issue in accordance with a resolution of the Directors on 4 March 2026. The balance sheet was signed on behalf of the Board by J Hudson and R Akers. Ibstock Plc is a public company limited by shares, which is incorporated in the United Kingdom and registered in England. The registered office is Leicester Road, Ibstock, Leicestershire LE67 6HS and the company registration number is 09760850. The principal activities of the Company and its subsidiaries (the \u2018Group\u2019) and the nature of the Group\u2019s operations are set out in the Strategic Report on pages 1 to 54 . ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "Ibstock Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-321": { "value": "Ibstock Plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "Ibstock Plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-10": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-8": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-322": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-324": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-9": { "value": "Leicester Road, Ibstock, Leicestershire LE67 6HS ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-327": { "value": "Basis of preparation The consolidated financial statements of Ibstock Plc for the year ended 31 December 2025 have been prepared in accordance with UK adopted International Accounting Standards (IAS). They are prepared on the basis of all IFRS accounting standards and interpretations that are mandatory for the year ended 31 December 2025 and in accordance with the Companies Act 2006. The comparative financial information has also been prepared on this basis. These consolidated financial statements are prepared on a going concern basis, under the historical cost convention modified by revaluation of certain financial instruments and pension balances. The consolidated financial statements are presented in Sterling and all values are rounded to the nearest thousand, except where otherwise indicated. The material accounting policies are set out below. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-385": { "value": "The consolidated financial statements of Ibstock Plc for the year ended 31 December 2025 have been prepared in accordance with UK adopted International Accounting Standards (IAS). They are prepared on the basis of all IFRS accounting standards and interpretations that are mandatory for the year ended 31 December 2025 and in accordance with the Companies Act 2006. The comparative financial information has also been prepared on this basis. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-323": { "value": "thousand", "dimensions": { "concept": "ifrs-full:LevelOfRoundingUsedInFinancialStatements", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-328": { "value": "Basis of consolidation The consolidated financial statements comprise the financial statements of Ibstock Plc and its subsidiaries as at 31 December 2025. The financial statements of subsidiaries are prepared for the same reporting period as the Parent Company, using consistent accounting policies. All intra-Group balances, transactions, income and expenses and profit and losses resulting from intra-Group transactions have been eliminated in full. Subsidiaries are consolidated from the date on which the Group obtains control and cease to be consolidated from the date on which the Group no longer retains control. Details of all the subsidiaries of the Group are given in Note 29. The subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-386": { "value": "The consolidated financial statements comprise the financial statements of Ibstock Plc and its subsidiaries as at 31 December 2025. The financial statements of subsidiaries are prepared for the same reporting period as the Parent Company, using consistent accounting policies. All intra-Group balances, transactions, income and expenses and profit and losses resulting from intra-Group transactions have been eliminated in full. Subsidiaries are consolidated from the date on which the Group obtains control and cease to be consolidated from the date on which the Group no longer retains control. Details of all the subsidiaries of the Group are given in Note 29. The subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-329": { "value": "Going concern Despite the macroeconomic downturn, there are initial positive external market indicators with inflation continuing to fall and mortgage rates stabilising, and proposed housing and planning policy changes which could increase both housing construction activity and effective demand for housing looking forward. The directors do not believe that the going concern basis of preparation represents a significant judgement. The Group\u2019s financial planning and forecasting process consists of a budget for the next year followed by a medium-term projection. The Directors have reviewed and robustly challenged the assumptions about future trading performance, operational and capital expenditure and debt requirements within these forecasts including the Group\u2019s liquidity and covenant forecasts, and stress testing within their going concern assessment. In arriving at their conclusion on going concern, the Directors have given due consideration to whether the funding and liquidity resources above are sufficient to accommodate the principal risks and uncertainties faced by the Group, particularly those relating to economic conditions and operational disruption. The strategic report sets out in more detail the Group\u2019s approach and risk management framework. Group forecasts have been prepared which reflect both actual conditions and estimates of the future reflecting macroeconomic and industry-wide projections, as well as matters specific to the Group. The Group has financing arrangements comprising \u00a3100 million of private placement notes with maturities between November 2028 and November 2033, and a \u00a3125 million RCF maturing in November 2029, with a one-year extension option. At 31 December 2025 the RCF was \u00a342.0 million drawn. Covenants under the Group\u2019s RCF and private placement notes require leverage of no more than 3 times net debt to adjusted EBITDA1 , and interest cover of no less than 4 times, tested bi-annually at each reporting date with reference to the previous 12 months. At 31 December 2025 covenant requirements were met with significant headroom. The key uncertainty faced by the Group is the industry demand for its products. Accordingly, the Group has modelled financial scenarios which see reduction in the industry demand for its products thereby stress testing the Group\u2019s resilience. For each scenario, cash flow and covenant compliance forecasts have been prepared. In the most severe but plausible scenario industry demand for Clay products is projected to be around 35% lower than the demand levels experienced in five of the past ten years (\u2018benchmarked demand levels\u2019), in the 2026 year (10% below 2025 levels) recovering to around 25% lower in 2027 (5% above 2025 levels), with management\u2019s base case reflecting a modest cyclical recovery following the prolonged sector downturn. In the severe but plausible scenario, the Group has sufficient liquidity and headroom against its covenants, with covenant headroom expressed as a percentage of annual adjusted EBITDA1 being in excess of 20%. In addition, the Group has prepared a reverse stress test to evaluate the industry demand reduction at which it would be likely to breach the debt covenants, before any further mitigating actions are taken. This test indicates that, at a reduction of 41% in sales volumes versus benchmarked demand levels, in 2026 and a reduction of 43% in the first half of 2027, the Group would be at risk of breaching its covenants. The Directors consider this to be a highly unlikely scenario, and in the event of an anticipated covenant breach, the Group would seek to take further steps to mitigate, including the disposal of valuable land and building assets and additional restructuring steps to reduce the fixed cost base of the Group. Having taken account of the various scenarios modelled, and in light of the mitigations available to the Group, the Directors are satisfied that the Group has sufficient resources to continue in operation for a period of not less than 12 months from the date of this report. Accordingly, the consolidated financial information has been prepared on a going concern basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-387": { "value": "New or amended standards that are effective for the current year In the current year, the Group has applied the amendment below to IFRS Standards and Interpretations issued by the International Accounting Standards Board (IASB) that is mandatorily effective for an accounting period that begins on or after 1 January 2025. @ Amendments to IAS 21 \u2013 Lack of Exchangeability. The amendment listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-330": { "value": "New or amended standards that are effective for the current year In the current year, the Group has applied the amendment below to IFRS Standards and Interpretations issued by the International Accounting Standards Board (IASB) that is mandatorily effective for an accounting period that begins on or after 1 January 2025. @ Amendments to IAS 21 \u2013 Lack of Exchangeability. The amendment listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. New and revised standards in issue but not yet effective At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRS Standards that have been issued but are not yet effective: @ Amendments to IFRS 9 and IFRS 7 \u2013 Classification and Measurement of Financial Instruments; @ IFRS 18 \u2013 Presentation and Disclosure in Financial Statements; and @ IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures. The Directors do not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Group in the current or future reporting periods, except if indicated below. IFRS 18 Presentation and Disclosures in Financial Statements IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing them with new requirements. In addition, some paragraphs from IAS 1 have been moved to IAS 8 and IFRS 7. Furthermore, the IASB has made minor amendments to IAS 7 and IAS 33 Earnings per Share. IFRS 18 introduces new requirements to: @ present specified categories and defined subtotals in the statement of profit or loss @ provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements @ improve aggregation and disaggregation. An entity is required to apply IFRS 18 for annual reporting periods beginning on or after 1 January 2027, with earlier application permitted. The amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and IFRS 7, become effective when an entity applies IFRS 18. IFRS 18 requires retrospective application with specific transition provisions. The Directors anticipate that the application of these amendments will have an impact on the Group\u2019s consolidated financial statements in future periods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-388": { "value": "New and revised standards in issue but not yet effective At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRS Standards that have been issued but are not yet effective: @ Amendments to IFRS 9 and IFRS 7 \u2013 Classification and Measurement of Financial Instruments; @ IFRS 18 \u2013 Presentation and Disclosure in Financial Statements; and @ IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures. The Directors do not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Group in the current or future reporting periods, except if indicated below. IFRS 18 Presentation and Disclosures in Financial Statements IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing them with new requirements. In addition, some paragraphs from IAS 1 have been moved to IAS 8 and IFRS 7. Furthermore, the IASB has made minor amendments to IAS 7 and IAS 33 Earnings per Share. IFRS 18 introduces new requirements to: @ present specified categories and defined subtotals in the statement of profit or loss @ provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements @ improve aggregation and disaggregation. An entity is required to apply IFRS 18 for annual reporting periods beginning on or after 1 January 2027, with earlier application permitted. The amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and IFRS 7, become effective when an entity applies IFRS 18. IFRS 18 requires retrospective application with specific transition provisions. The Directors anticipate that the application of these amendments will have an impact on the Group\u2019s consolidated financial statements in future periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-331": { "value": "Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-makers (CODMs). The CODMs, who are responsible for allocating resources and assessing performance of the operating segments, have been identified as the Chief Executive Officer and Chief Financial Officer of the Group. The CODMs review the key profit measure, Adjusted EBITDA1 , as defined in Note 3, and consider the Group\u2019s reportable segments to be Clay and Concrete. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-332": { "value": "Foreign currency translation (a) Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in Sterling (\u00a3), which is the Group\u2019s presentation currency. (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the income statement within net finance costs. All other foreign exchange gains and losses are presented within the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-389": { "value": "(a) Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in Sterling (\u00a3), which is the Group\u2019s presentation currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-445": { "value": "Sterling", "dimensions": { "concept": "ifrs-full:DescriptionOfPresentationCurrency", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-333": { "value": "Property, plant and equipment Property, plant and equipment is stated at the cost to the Group less depreciation. The cost of property, plant and equipment includes directly attributable costs. Costs incurred to gain access to mineral reserves (typically stripping costs) are capitalised and depreciated over the life of the quarry, which is based on the estimated tonnes of raw material to be extracted from the reserves. Management assesses the Group\u2019s assets separating their cost into (i) the local statutory books\u2019 historical cost and (ii) the associated fair value uplift, which arose on the acquisition of the Group in 2015. Details of cost and accumulated depreciation are included in Note 13. Depreciation is provided on the cost of all assets (except assets in the course of construction and land), so as to write off the cost, less residual value, on a straight line basis over the expected useful economic life of the assets concerned, as follows: Asset classification Useful life Land Not depreciated Freehold buildings 15 \u2013 60 years Plant, machinery and equipment 2 \u2013 40 years Mineral reserves Amortised on a usage basis Exploration expenditure relates to the initial search for mineral deposits with economic potential and is not capitalised. Evaluation expenditure relates to a detailed assessment of deposits or other projects that have been identified as having economic potential and in obtaining permissions to extract clay. Capitalisation of evaluation expenditure within \u2018Mineral reserves\u2019 commences when there is a high degree of confidence that the Group will determine that a project is commercially viable, i.e., the project will provide a satisfactory return relative to its perceived risks, and therefore it is considered probable that future economic benefits will flow to the Group. Mineral reserves may be declared for an undeveloped project before its commercial viability has been fully determined. Evaluation costs may continue to be capitalised during the period between declaration of reserves and approval to extract clay as further work is undertaken in order to refine the development case to maximise the project\u2019s returns. The carrying values of property, plant and equipment are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. The carrying values of capitalised evaluation expenditure are reviewed for impairment by management. Useful lives and residual values are reviewed at each balance sheet date and revised where expectations are significantly different from previous estimates. In such cases, the depreciation charge for current and future periods is adjusted accordingly. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-446": { "value": "Costs incurred to gain access to mineral reserves (typically stripping costs) are capitalised and depreciated over the life of the quarry, which is based on the estimated tonnes of raw material to be extracted from the reserves.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForStrippingCostsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-425": { "value": "Depreciation is provided on the cost of all assets (except assets in the course of construction and land), so as to write off the cost, less residual value, on a straight line basis over the expected useful economic life of the assets concerned, as follows: Asset classification Useful life Land Not depreciated Freehold buildings 15 \u2013 60 years Plant, machinery and equipment 2 \u2013 40 years Mineral reserves Amortised on a usage basis Exploration expenditure relates to the initial search for mineral deposits with economic potential and is not capitalised. Evaluation expenditure relates to a detailed assessment of deposits or other projects that have been identified as having economic potential and in obtaining permissions to extract clay. Capitalisation of evaluation expenditure within \u2018Mineral reserves\u2019 commences when there is a high degree of confidence that the Group will determine that a project is commercially viable, i.e., the project will provide a satisfactory return relative to its perceived risks, and therefore it is considered probable that future economic benefits will flow to the Group. Research and development Research and development expenditure is written off as incurred, except that development expenditure incurred on an individual project is capitalised when relevant criteria under IAS 38 have been met. Any expenditure carried forward is amortised in line with the expected future sales from the related project. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-390": { "value": "Depreciation is provided on the cost of all assets (except assets in the course of construction and land), so as to write off the cost, less residual value, on a straight line basis over the expected useful economic life of the assets concerned, as follows: Asset classification Useful life Land Not depreciated Freehold buildings 15 \u2013 60 years Plant, machinery and equipment 2 \u2013 40 years Mineral reserves Amortised on a usage basis ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-391": { "value": "Exploration expenditure relates to the initial search for mineral deposits with economic potential and is not capitalised. Evaluation expenditure relates to a detailed assessment of deposits or other projects that have been identified as having economic potential and in obtaining permissions to extract clay. Capitalisation of evaluation expenditure within \u2018Mineral reserves\u2019 commences when there is a high degree of confidence that the Group will determine that a project is commercially viable, i.e., the project will provide a satisfactory return relative to its perceived risks, and therefore it is considered probable that future economic benefits will flow to the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-392": { "value": "Mineral reserves may be declared for an undeveloped project before its commercial viability has been fully determined. Evaluation costs may continue to be capitalised during the period between declaration of reserves and approval to extract clay as further work is undertaken in order to refine the development case to maximise the project\u2019s returns. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMiningAssetsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-447": { "value": "Intangible assets Separately acquired brands and non-contractual customer relationships are shown at historical cost. Brands and customer relationships have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight line method to allocate the cost of brands and customer relationships over their estimated useful lives as follows: Asset classification Useful life Brands 10 \u2013 50 years Customer contracts and relationships 10 \u2013 20 years Licences represent carbon allowances the Group purchased to meet carbon emissions in excess of the Group\u2019s granted allowances under the UK Emission Trading Scheme (ETS). The carbon allowances are recognised as intangible assets and classified as non-current assets. The costs to settle the forecast emissions in the year in excess of granted allowances are recognised across the year. For implementation costs in a cloud service contract that are distinct from the related software, the costs are recognised as an expense as incurred (as the service is received) unless it gives rise to a separate intangible asset. The costs of services provided by the cloud vendor, which are not distinct from access to the software, are recognised as an expense over the period of access to the software. Goodwill is initially recognised and measured as the excess of consideration transferred over the fair value of the net assets acquired in a business combination. Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to the Group\u2019s cash-generating unit (or groups of cash-generating units) expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the asset may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. Any impairment loss recognised for goodwill is not reversed in a subsequent period. On disposal of a cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. There has been no impairment of goodwill in the current or prior year. For further details, see Note 12. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-426": { "value": "Intangible assets Separately acquired brands and non-contractual customer relationships are shown at historical cost. Brands and customer relationships have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight line method to allocate the cost of brands and customer relationships over their estimated useful lives as follows: Asset classification Useful life Brands 10 \u2013 50 years Customer contracts and relationships 10 \u2013 20 years Licences represent carbon allowances the Group purchased to meet carbon emissions in excess of the Group\u2019s granted allowances under the UK Emission Trading Scheme (ETS). The carbon allowances are recognised as intangible assets and classified as non-current assets. The costs to settle the forecast emissions in the year in excess of granted allowances are recognised across the year. For implementation costs in a cloud service contract that are distinct from the related software, the costs are recognised as an expense as incurred (as the service is received) unless it gives rise to a separate intangible asset. The costs of services provided by the cloud vendor, which are not distinct from access to the software, are recognised as an expense over the period of access to the software. Goodwill is initially recognised and measured as the excess of consideration transferred over the fair value of the net assets acquired in a business combination. Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to the Group\u2019s cash-generating unit (or groups of cash-generating units) expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the asset may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. Any impairment loss recognised for goodwill is not reversed in a subsequent period. On disposal of a cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. There has been no impairment of goodwill in the current or prior year. For further details, see Note 12. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-393": { "value": "Intangible assets Separately acquired brands and non-contractual customer relationships are shown at historical cost. Brands and customer relationships have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight line method to allocate the cost of brands and customer relationships over their estimated useful lives as follows: Asset classification Useful life Brands 10 \u2013 50 years Customer contracts and relationships 10 \u2013 20 years Licences represent carbon allowances the Group purchased to meet carbon emissions in excess of the Group\u2019s granted allowances under the UK Emission Trading Scheme (ETS). The carbon allowances are recognised as intangible assets and classified as non-current assets. The costs to settle the forecast emissions in the year in excess of granted allowances are recognised across the year. For implementation costs in a cloud service contract that are distinct from the related software, the costs are recognised as an expense as incurred (as the service is received) unless it gives rise to a separate intangible asset. The costs of services provided by the cloud vendor, which are not distinct from access to the software, are recognised as an expense over the period of access to the software. Goodwill is initially recognised and measured as the excess of consideration transferred over the fair value of the net assets acquired in a business combination. Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to the Group\u2019s cash-generating unit (or groups of cash-generating units) expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the asset may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. Any impairment loss recognised for goodwill is not reversed in a subsequent period. On disposal of a cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. There has been no impairment of goodwill in the current or prior year. For further details, see Note 12. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-334": { "value": "Intangible assets Separately acquired brands and non-contractual customer relationships are shown at historical cost. Brands and customer relationships have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight line method to allocate the cost of brands and customer relationships over their estimated useful lives as follows: Asset classification Useful life Brands 10 \u2013 50 years Customer contracts and relationships 10 \u2013 20 years Licences represent carbon allowances the Group purchased to meet carbon emissions in excess of the Group\u2019s granted allowances under the UK Emission Trading Scheme (ETS). The carbon allowances are recognised as intangible assets and classified as non-current assets. The costs to settle the forecast emissions in the year in excess of granted allowances are recognised across the year. For implementation costs in a cloud service contract that are distinct from the related software, the costs are recognised as an expense as incurred (as the service is received) unless it gives rise to a separate intangible asset. The costs of services provided by the cloud vendor, which are not distinct from access to the software, are recognised as an expense over the period of access to the software. Goodwill is initially recognised and measured as the excess of consideration transferred over the fair value of the net assets acquired in a business combination. Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to the Group\u2019s cash-generating unit (or groups of cash-generating units) expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the asset may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. Any impairment loss recognised for goodwill is not reversed in a subsequent period. On disposal of a cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. There has been no impairment of goodwill in the current or prior year. For further details, see Note 12. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-394": { "value": "Impairment of non-financial assets Assets that are subject to amortisation or depreciation, such as brands and non-contractual customer relationships and property, plant and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised immediately within the income statement for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value-in-use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows (cash-generating units). Prior impairments of non-financial assets (other than goodwill) are reviewed for possible reversal at each reporting date at which point they are immediately recognised within the income statement. For assets excluding goodwill, an assessment is made at each reporting date whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the asset\u2019s or cash-generating unit\u2019s (CGU\u2019s) recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. As the Group has no assets carried at revalued amounts, such reversal is recognised in the consolidated income statement. The Group, where appropriate, separately applies the requirements of IAS 36 to land and to buildings on sites owned considering the individual recoverable values of each and the reliability in estimating these. For further details, see Note 17. Impairment The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost and fair value through other comprehensive income. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables, see Note 23 for further details. No significant impairment losses were recorded in the current or prior year. Should they arise, impairment losses are presented as a separate line item in the Group consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-335": { "value": "Impairment of non-financial assets Assets that are subject to amortisation or depreciation, such as brands and non-contractual customer relationships and property, plant and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised immediately within the income statement for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value-in-use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows (cash-generating units). Prior impairments of non-financial assets (other than goodwill) are reviewed for possible reversal at each reporting date at which point they are immediately recognised within the income statement.
For assets excluding goodwill, an assessment is made at each reporting date whether there is any
indication that previously recognised impairment losses may no longer exist or may have decreased.
If such indication exists, the Group estimates the asset\u2019s or cash-generating unit\u2019s (CGU\u2019s)
recoverable amount. A previously recognised impairment loss is reversed only if there has been a
change in the assumptions used to determine the asset\u2019s recoverable amount since the last
impairment was recognised. The reversal is limited so that the carrying amount of the asset does not
exceed its recoverable amount, nor exceed the carrying amount that would have been determined,
net of depreciation, had no impairment loss been recognised for the asset in prior years. As the
Group has no assets carried at revalued amounts, such reversal is recognised in the consolidated
income statement.
The Group, where appropriate, separately applies the requirements of IAS 36 to land and to
buildings on sites owned considering the individual recoverable values of each and the reliability
in estimating these.
For further details, see Note 17.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-336": { "value": "
Assets held for sale
Non-current assets and disposal groups are classified as held for sale only if available for immediate
sale in their present condition and a sale is highly probable and expected to be completed within
one year from the date of classification. Such assets and disposal groups are measured at the lower
of carrying amount and fair value less the costs to sell. Non-current assets classified as held for sale
(or that form part of a disposal group classified as held for sale) are not depreciated or amortised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-395": { "value": "Assets held for sale Non-current assets and disposal groups are classified as held for sale only if available for immediate sale in their present condition and a sale is highly probable and expected to be completed within one year from the date of classification. Such assets and disposal groups are measured at the lower of carrying amount and fair value less the costs to sell. Non-current assets classified as held for sale (or that form part of a disposal group classified as held for sale) are not depreciated or amortised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-337": { "value": "
Leases
The Group as lessee
The Group leases various offices, warehouses, factories, equipment, mobile plant and cars. Rental
contracts are typically made for fixed periods of three to twelve years, but may have extension
options, as described below, and contain a range of terms and conditions. The lease agreements do
not impose any covenants, but leased assets may not be used as security for borrowing purposes.
Management also reviews other contracts entered into during the period to assess whether they
may contain embedded leases. Such contracts are, or contain, a lease if it conveys the right to
control the use of a specified asset (e.g. plant, property and equipment) over a period in exchange
for consideration.
Leases are recognised as right-of-use assets and a corresponding liability at the date on which the
leased asset is available for use by the Group. Each lease payment is allocated between the liability
and finance cost.
The finance cost is charged to the income statement over the lease period, so as to produce a
constant periodic rate of interest on the remaining balance of the liability for each period. The
right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a
straight line basis.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: @ fixed payments (including in-substance fixed payments), less any incentives receivable; @ variable lease payments that are based on an index or rate; @ the exercise price of a purchase option, if the lessee is reasonably certain to exercise that option; and @ payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee\u2019s incremental borrowing rate is used, 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. Right-of-use assets are measured at cost comprising the following: @ the amount of the initial measurement of lease liability; @ any lease payments made at or before the commencement date less any lease incentives received; @ any initial direct costs; and @ restoration costs. Payments associated with short-term leases and leases of low-value assets are recognised on a straight line basis as an expense within the income statement. Short-term leases are leases with a term of 12 months or less. (i) Variable lease payments Some property leases contain variable lease payment terms that are linked to the extraction of raw materials. For individual properties, a percentage of the lease payments are on the basis of the variable payment terms. Variable lease payments that are dependent upon the level of extraction are recognised within the income statement in the period in which the extraction which triggers that payment occurs. The value of variable lease payments and the impact of movements in the Group\u2019s levels of extraction are insignificant in current and prior periods. (ii) Extension and termination options Extension and termination options are included in a small number of property leases across the Group. The majority of such options are exercisable only by the Group and not by the respective lessor. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option or not exercise a termination option. Extension options (or periods after termination options) are only included in the future cash outflows if the lease is reasonably certain to be extended (or not terminated). This assessment is reviewed if a significant event or a significant change in circumstances occurs that affects this assessment and that is within the control of the lessee. The Group as lessor The Group enters into lease agreements as a lessor with respect to some of its surplus properties. Leases for which the Group is a lessor are classified as either finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. When the Group is an intermediate lessor, it accounts for the head lease and the sub-lease as two separate contracts. The sub-lease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and amortised on a straight-line basis over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-338": { "value": "Inventories Inventories are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition. Raw materials, consumables and goods for resale are recognised on a weighted average cost basis, while work in progress and finished goods are held at direct cost plus an appropriate proportion of production overheads. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. The Group records provisions for obsolete and slow-moving inventory on the basis of historical sales values and volumes, respectively. These inventory provisions are updated regularly to reflect management\u2019s most recent information. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-457": { "value": "Investments and other financial assets Classification The Group classifies its financial assets in the following measurement categories: @ those to be measured subsequently at fair value (either through other comprehensive income (OCI) or through profit or loss); and @ those to be measured at amortised cost. The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. The Group reclassifies debt investments when and only when its business model for managing those assets changes. Recognition and derecognition Purchases and sales of financial assets are recognised on trade date, the date on which the Group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. On derecognition of a financial asset measured at amortised cost, the difference between the asset\u2019s carrying amount and the sum of the consideration received and receivable is recognised within the income statement. Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Forward energy contracts The Group has a long-standing practice of locking in prices for gas and electricity used in its production activities and achieves this by committing to take delivery of a certain volume of energy in future months, which creates a contractual commitment and secures a certain price. The Group takes delivery of the energy and so the Directors believe it meets the requirements of the own use scope exemption in IFRS 9 Financial Instruments. As such, these contracts are not held on the balance sheet at fair value but rather treated as executory contracts and energy purchases are accounted for in the period in which the gas and electricity is consumed, at the contracted price. Derivatives and hedging The Group enters into derivative transactions to manage its exposure to foreign exchange rate risks on major capital expenditure projects. Derivatives are recognised initially at fair value on the date the contract is entered into and subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements unless the Group has both the legal right and intention to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and is not expected to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. The Group designates certain derivatives as hedging instruments in respect of foreign currency risk. These derivatives are designated and effective as hedging instruments, in which event the timing of the transfer within the balance sheet or recognition in the income statement depends on the nature of the hedge relationship. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. The Group documents whether the hedging instrument is effective in offsetting the hedged risk, by confirming that: @ there is an economic relationship between hedged items and the hedging instrument; @ the effect of credit risk does not dominate the value changes that result from that economic relationship; and @ the planned ratio of hedge: hedge item is the same as the actual ratio of hedge: hedge item. The effective portion of changes in the fair value of derivatives that are designated as cash flow hedges is recognised in other comprehensive income and accumulated under the cash flow hedging reserve. Any gain or loss relating to the ineffective portion of the hedge is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to the related capital expenditure project within the balance sheet in the periods when the underlying hedged item affects the balance sheet. The Group discontinues hedge accounting should the hedge relationship cease to meet the qualifying criteria, or when the hedging instrument expires, is sold, terminated or exercised. Debt instruments Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash flow characteristics of the asset. The measurement category into which the Group classifies its debt instruments is amortised cost. Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in the income statement. Impairment The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost and fair value through other comprehensive income. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables, see Note 23 for further details. No significant impairment losses were recorded in the current or prior year. Should they arise, impairment losses are presented as a separate line item in the Group consolidated income statement. Borrowings The Group\u2019s borrowings comprise a Revolving Credit Facility (RCF) and private placement loan notes. Borrowings are recognised initially at fair value, net of directly attributable transaction costs incurred. All other costs are expensed as incurred. Borrowings are subsequently carried at amortised cost. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. Finance cost on borrowings is treated as an expense in the income statement, with the exception of interest costs incurred on the financing of major projects, which are capitalised within property, plant and equipment. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is evidence that it is not probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. Fees relating to short-term variations in financing conditions and terms are recognised in profit or loss in the period in which they are incurred. An exchange of debt instruments with substantially different terms is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-448": { "value": "Investments and other financial assets Classification The Group classifies its financial assets in the following measurement categories: @ those to be measured subsequently at fair value (either through other comprehensive income (OCI) or through profit or loss); and @ those to be measured at amortised cost. The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. The Group reclassifies debt investments when and only when its business model for managing those assets changes. Recognition and derecognition Purchases and sales of financial assets are recognised on trade date, the date on which the Group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. On derecognition of a financial asset measured at amortised cost, the difference between the asset\u2019s carrying amount and the sum of the consideration received and receivable is recognised within the income statement. Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Forward energy contracts The Group has a long-standing practice of locking in prices for gas and electricity used in its production activities and achieves this by committing to take delivery of a certain volume of energy in future months, which creates a contractual commitment and secures a certain price. The Group takes delivery of the energy and so the Directors believe it meets the requirements of the own use scope exemption in IFRS 9 Financial Instruments. As such, these contracts are not held on the balance sheet at fair value but rather treated as executory contracts and energy purchases are accounted for in the period in which the gas and electricity is consumed, at the contracted price. Derivatives and hedging The Group enters into derivative transactions to manage its exposure to foreign exchange rate risks on major capital expenditure projects. Derivatives are recognised initially at fair value on the date the contract is entered into and subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements unless the Group has both the legal right and intention to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and is not expected to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. The Group designates certain derivatives as hedging instruments in respect of foreign currency risk. These derivatives are designated and effective as hedging instruments, in which event the timing of the transfer within the balance sheet or recognition in the income statement depends on the nature of the hedge relationship. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. The Group documents whether the hedging instrument is effective in offsetting the hedged risk, by confirming that: @ there is an economic relationship between hedged items and the hedging instrument; @ the effect of credit risk does not dominate the value changes that result from that economic relationship; and @ the planned ratio of hedge: hedge item is the same as the actual ratio of hedge: hedge item. The effective portion of changes in the fair value of derivatives that are designated as cash flow hedges is recognised in other comprehensive income and accumulated under the cash flow hedging reserve. Any gain or loss relating to the ineffective portion of the hedge is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to the related capital expenditure project within the balance sheet in the periods when the underlying hedged item affects the balance sheet. The Group discontinues hedge accounting should the hedge relationship cease to meet the qualifying criteria, or when the hedging instrument expires, is sold, terminated or exercised. Debt instruments Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash flow characteristics of the asset. The measurement category into which the Group classifies its debt instruments is amortised cost. Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in the income statement. Impairment The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost and fair value through other comprehensive income. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables, see Note 23 for further details. No significant impairment losses were recorded in the current or prior year. Should they arise, impairment losses are presented as a separate line item in the Group consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-339": { "value": "Investments and other financial assets Classification The Group classifies its financial assets in the following measurement categories: @ those to be measured subsequently at fair value (either through other comprehensive income (OCI) or through profit or loss); and @ those to be measured at amortised cost. The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. The Group reclassifies debt investments when and only when its business model for managing those assets changes. Recognition and derecognition Purchases and sales of financial assets are recognised on trade date, the date on which the Group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. On derecognition of a financial asset measured at amortised cost, the difference between the asset\u2019s carrying amount and the sum of the consideration received and receivable is recognised within the income statement. Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Forward energy contracts The Group has a long-standing practice of locking in prices for gas and electricity used in its production activities and achieves this by committing to take delivery of a certain volume of energy in future months, which creates a contractual commitment and secures a certain price. The Group takes delivery of the energy and so the Directors believe it meets the requirements of the own use scope exemption in IFRS 9 Financial Instruments. As such, these contracts are not held on the balance sheet at fair value but rather treated as executory contracts and energy purchases are accounted for in the period in which the gas and electricity is consumed, at the contracted price. Derivatives and hedging The Group enters into derivative transactions to manage its exposure to foreign exchange rate risks on major capital expenditure projects. Derivatives are recognised initially at fair value on the date the contract is entered into and subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements unless the Group has both the legal right and intention to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and is not expected to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. The Group designates certain derivatives as hedging instruments in respect of foreign currency risk. These derivatives are designated and effective as hedging instruments, in which event the timing of the transfer within the balance sheet or recognition in the income statement depends on the nature of the hedge relationship. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. The Group documents whether the hedging instrument is effective in offsetting the hedged risk, by confirming that: @ there is an economic relationship between hedged items and the hedging instrument; @ the effect of credit risk does not dominate the value changes that result from that economic relationship; and @ the planned ratio of hedge: hedge item is the same as the actual ratio of hedge: hedge item. The effective portion of changes in the fair value of derivatives that are designated as cash flow hedges is recognised in other comprehensive income and accumulated under the cash flow hedging reserve. Any gain or loss relating to the ineffective portion of the hedge is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to the related capital expenditure project within the balance sheet in the periods when the underlying hedged item affects the balance sheet. The Group discontinues hedge accounting should the hedge relationship cease to meet the qualifying criteria, or when the hedging instrument expires, is sold, terminated or exercised. Debt instruments Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash flow characteristics of the asset. The measurement category into which the Group classifies its debt instruments is amortised cost. Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in the income statement. Impairment The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost and fair value through other comprehensive income. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables, see Note 23 for further details. No significant impairment losses were recorded in the current or prior year. Should they arise, impairment losses are presented as a separate line item in the Group consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-396": { "value": "Recognition and derecognition Purchases and sales of financial assets are recognised on trade date, the date on which the Group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. On derecognition of a financial asset measured at amortised cost, the difference between the asset\u2019s carrying amount and the sum of the consideration received and receivable is recognised within the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-466": { "value": "Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Derivatives and hedging The Group enters into derivative transactions to manage its exposure to foreign exchange rate risks on major capital expenditure projects. Derivatives are recognised initially at fair value on the date the contract is entered into and subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements unless the Group has both the legal right and intention to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and is not expected to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. The Group designates certain derivatives as hedging instruments in respect of foreign currency risk. These derivatives are designated and effective as hedging instruments, in which event the timing of the transfer within the balance sheet or recognition in the income statement depends on the nature of the hedge relationship. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. The Group documents whether the hedging instrument is effective in offsetting the hedged risk, by confirming that: @ there is an economic relationship between hedged items and the hedging instrument; @ the effect of credit risk does not dominate the value changes that result from that economic relationship; and @ the planned ratio of hedge: hedge item is the same as the actual ratio of hedge: hedge item. The effective portion of changes in the fair value of derivatives that are designated as cash flow hedges is recognised in other comprehensive income and accumulated under the cash flow hedging reserve. Any gain or loss relating to the ineffective portion of the hedge is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to the related capital expenditure project within the balance sheet in the periods when the underlying hedged item affects the balance sheet. The Group discontinues hedge accounting should the hedge relationship cease to meet the qualifying criteria, or when the hedging instrument expires, is sold, terminated or exercised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-463": { "value": "Derivatives and hedging The Group enters into derivative transactions to manage its exposure to foreign exchange rate risks on major capital expenditure projects. Derivatives are recognised initially at fair value on the date the contract is entered into and subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements unless the Group has both the legal right and intention to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and is not expected to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. The Group designates certain derivatives as hedging instruments in respect of foreign currency risk. These derivatives are designated and effective as hedging instruments, in which event the timing of the transfer within the balance sheet or recognition in the income statement depends on the nature of the hedge relationship. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. The Group documents whether the hedging instrument is effective in offsetting the hedged risk, by confirming that: @ there is an economic relationship between hedged items and the hedging instrument; @ the effect of credit risk does not dominate the value changes that result from that economic relationship; and @ the planned ratio of hedge: hedge item is the same as the actual ratio of hedge: hedge item. The effective portion of changes in the fair value of derivatives that are designated as cash flow hedges is recognised in other comprehensive income and accumulated under the cash flow hedging reserve. Any gain or loss relating to the ineffective portion of the hedge is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to the related capital expenditure project within the balance sheet in the periods when the underlying hedged item affects the balance sheet. The Group discontinues hedge accounting should the hedge relationship cease to meet the qualifying criteria, or when the hedging instrument expires, is sold, terminated or exercised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-427": { "value": "Derivatives and hedging The Group enters into derivative transactions to manage its exposure to foreign exchange rate risks on major capital expenditure projects. Derivatives are recognised initially at fair value on the date the contract is entered into and subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements unless the Group has both the legal right and intention to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and is not expected to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. The Group designates certain derivatives as hedging instruments in respect of foreign currency risk. These derivatives are designated and effective as hedging instruments, in which event the timing of the transfer within the balance sheet or recognition in the income statement depends on the nature of the hedge relationship. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. The Group documents whether the hedging instrument is effective in offsetting the hedged risk, by confirming that: @ there is an economic relationship between hedged items and the hedging instrument; @ the effect of credit risk does not dominate the value changes that result from that economic relationship; and @ the planned ratio of hedge: hedge item is the same as the actual ratio of hedge: hedge item. The effective portion of changes in the fair value of derivatives that are designated as cash flow hedges is recognised in other comprehensive income and accumulated under the cash flow hedging reserve. Any gain or loss relating to the ineffective portion of the hedge is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to the related capital expenditure project within the balance sheet in the periods when the underlying hedged item affects the balance sheet. The Group discontinues hedge accounting should the hedge relationship cease to meet the qualifying criteria, or when the hedging instrument expires, is sold, terminated or exercised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-397": { "value": "Derivatives and hedging The Group enters into derivative transactions to manage its exposure to foreign exchange rate risks on major capital expenditure projects. Derivatives are recognised initially at fair value on the date the contract is entered into and subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements unless the Group has both the legal right and intention to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and is not expected to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. The Group designates certain derivatives as hedging instruments in respect of foreign currency risk. These derivatives are designated and effective as hedging instruments, in which event the timing of the transfer within the balance sheet or recognition in the income statement depends on the nature of the hedge relationship. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. The Group documents whether the hedging instrument is effective in offsetting the hedged risk, by confirming that: @ there is an economic relationship between hedged items and the hedging instrument; @ the effect of credit risk does not dominate the value changes that result from that economic relationship; and @ the planned ratio of hedge: hedge item is the same as the actual ratio of hedge: hedge item. The effective portion of changes in the fair value of derivatives that are designated as cash flow hedges is recognised in other comprehensive income and accumulated under the cash flow hedging reserve. Any gain or loss relating to the ineffective portion of the hedge is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to the related capital expenditure project within the balance sheet in the periods when the underlying hedged item affects the balance sheet. The Group discontinues hedge accounting should the hedge relationship cease to meet the qualifying criteria, or when the hedging instrument expires, is sold, terminated or exercised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-428": { "value": "Impairment The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost and fair value through other comprehensive income. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables, see Note 23 for further details. No significant impairment losses were recorded in the current or prior year. Should they arise, impairment losses are presented as a separate line item in the Group consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-340": { "value": "Trade and other receivables Trade receivables are amounts due from customers for merchandise sold in the ordinary course of business. Collection is expected in one year or less and trade receivables are classified as current assets accordingly. Trade receivables are measured at amortised cost using the effective interest method, less provision for impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-341": { "value": "Cash and cash equivalents In the consolidated balance sheet, cash and cash equivalents reflects cash in hand at the balance sheet date, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-342": { "value": "Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities where payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-449": { "value": "Borrowings The Group\u2019s borrowings comprise a Revolving Credit Facility (RCF) and private placement loan notes. Borrowings are recognised initially at fair value, net of directly attributable transaction costs incurred. All other costs are expensed as incurred. Borrowings are subsequently carried at amortised cost. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. Finance cost on borrowings is treated as an expense in the income statement, with the exception of interest costs incurred on the financing of major projects, which are capitalised within property, plant and equipment. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is evidence that it is not probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. Fees relating to short-term variations in financing conditions and terms are recognised in profit or loss in the period in which they are incurred. An exchange of debt instruments with substantially different terms is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-343": { "value": "Borrowings The Group\u2019s borrowings comprise a Revolving Credit Facility (RCF) and private placement loan notes. Borrowings are recognised initially at fair value, net of directly attributable transaction costs incurred. All other costs are expensed as incurred. Borrowings are subsequently carried at amortised cost. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. Finance cost on borrowings is treated as an expense in the income statement, with the exception of interest costs incurred on the financing of major projects, which are capitalised within property, plant and equipment. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is evidence that it is not probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. Fees relating to short-term variations in financing conditions and terms are recognised in profit or loss in the period in which they are incurred. An exchange of debt instruments with substantially different terms is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-467": { "value": "Finance cost on borrowings is treated as an expense in the income statement, with the exception of interest costs incurred on the financing of major projects, which are capitalised within property, plant and equipment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-344": { "value": "Employee benefits The Group operates various post-employment schemes, including both defined benefit and defined contribution pension plans. Pensions A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The Group recognises contributions payable to defined contribution plans in exchange for employee services in employee benefit expense. A defined benefit plan is a pension plan that is not a defined contribution plan. Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The amount recognised in the balance sheet in respect of defined benefit pension plans is the fair value of plan assets less the present value of the defined benefit obligation at the end of the reporting period. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. Where defined benefit schemes have a surplus, the surplus is recognised if future economic benefits are available to the entity in the form of a reduction in the future contributions or a right to refund. Past-service costs are recognised immediately in the income statement. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets, taking account of any changes in the defined benefit asset/liability during the period as a result of contributions and benefit payments. This cost is included in interest expense in the income statement. When the benefits of a defined benefit plan are changed or when the plan is curtailed, the change in the present value of the defined benefit obligation arising that relates to the plan amendment or curtailment is recognised immediately within the income statement on its occurrence. Before determining the past service cost (including curtailment gains or losses) or a gain or loss on settlement, the net defined benefit obligation (asset) is remeasured using the current fair value of plan assets and current actuarial assumptions (including current market interest rates and other current market prices) reflecting the benefits offered under the plan before the plan amendment, curtailment or settlement. Costs of managing the plan assets, remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited in other comprehensive income in the period in which they arise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-398": { "value": "Provisions Provisions are recognised when: the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are measured at the present value of the risk-assessed expenditures expected to be required to settle the obligation using a pre-tax risk-free discount rate to reflect current market assessments of the time value of money. The increase in the provision due to passage of time is recognised as interest expense. The restoration provision is to fund future obligations at a number of sites that the Group is associated with and where the Group has any constructive obligation to restore once it has fully utilised the site. Provisions for dilapidations are recognised on a lease-by-lease basis and are based on the Group\u2019s discounted best estimate of the likely committed cash outflows. The restructuring provision is to fund the estimated restructuring costs and only arises when all the criteria in IAS 37 Provisions are met by the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-345": { "value": "Provisions Provisions are recognised when: the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are measured at the present value of the risk-assessed expenditures expected to be required to settle the obligation using a pre-tax risk-free discount rate to reflect current market assessments of the time value of money. The increase in the provision due to passage of time is recognised as interest expense. The restoration provision is to fund future obligations at a number of sites that the Group is associated with and where the Group has any constructive obligation to restore once it has fully utilised the site. Provisions for dilapidations are recognised on a lease-by-lease basis and are based on the Group\u2019s discounted best estimate of the likely committed cash outflows. The restructuring provision is to fund the estimated restructuring costs and only arises when all the criteria in IAS 37 Provisions are met by the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-346": { "value": "Revenue Revenue represents the fair value of consideration receivable for goods supplied by the Group, exclusive of local sales tax and trade discounts and after eliminating sales within the Group. All of revenue is attributable to the principal activities of the Group being the manufacture and sale of concrete products, clay facing bricks and associated special shaped and fabricated clay products. Revenue is recognised when the Group\u2019s performance obligation is satisfied, which is usually when the promised goods and services are transferred to the customer. In a bill and hold arrangement, revenue is recognised when a customer has obtained control of a product, which arises when all of the following criteria are met: (a) the reason for the arrangement is substantive, (b) the product has been identified separately as belonging to the customer, (c) the product is ready for delivery in accordance with the terms of the arrangement, and (d) the Company does not have the ability to use the product or sell the product to another customer. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-347": { "value": "Customer rebates Provisions for rebates to customers are based upon the terms of individual contracts, with rebates granted based upon a tiered structure dependent upon an individual customer\u2019s purchases during the rebate period. Customer rebates are recorded in the same period as the related sales as a deduction from revenue and the vast majority are coterminous with the Group\u2019s financial year end. For those individual contracts that are non-coterminous, the Group estimates the provision for this variable consideration based on the most likely outcome amount determined by the terms of each agreement at the time the revenue is recognised. At the financial year end, due to settlement of rebates with customers, the level of remaining estimation is limited and the risk of a significant reversal of recognised revenue is negligible. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-348": { "value": "Other income Other income is attributable to rental income from properties, landfill and gas activity. Other expenses represent associated expenses. This is not deemed to be a principal activity of the Group. Rental income received under operating leases is recognised on a straight line basis over the term of the relevant lease. Assets leased by the Group to third parties are depreciated in line with the Group\u2019s normal depreciation policy. ", "dimensions": { "concept": "ibstockplc:DescriptionOfAccountingPolicyForOtherIncome", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-349": { "value": "
Research and development
Research and development expenditure is written off as incurred, except that development
expenditure incurred on an individual project is capitalised when relevant criteria under IAS 38 have
been met. Any expenditure carried forward is amortised in line with the expected future sales from
the related project.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-350": { "value": "
Exceptional items
The Group presents as exceptional on the face of the income statement those items of income and
expense which, because of the materiality, nature and/or expected infrequency of the events giving
rise to them, merit separate presentation to allow Shareholders to further understand elements of
financial performance in the period, so as to facilitate comparison with future years and to assess
trends in financial performance. See Note 5 for further details of exceptional items
1
recognised in
the current period.
The Directors believe that the use of alternative performance measures (APMs), such as exceptional
items
1
, provide useful information for Shareholders. The Group uses APMs to aid comparability of its
performance and position between periods. The APMs used represent measures used by management
and Board to monitor performance and plan. Additionally, certain APMs are used by the Group in
setting Director and management remuneration. Detailed descriptions of APMs used throughout
these financial statements are included within Note 3.
APMs used by the Group are generally not defined under IFRS and may not be comparable with
similarly titled measures reported by other companies.
It is not believed that adjusted measures are a substitute for, or superior to, statutory measurements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-351": { "value": "
Government grants
Government grants are recognised within the income statement on a systematic basis over the
periods in which the Group recognises as expenses the related costs for which the grants are intended
to compensate. Grants are presented as part of the income statement and are deducted in reporting
the related expense.
Government grants that are receivable as compensation for expenses or losses already incurred or
for the purpose of giving immediate financial support to the Group with no future related costs are
recognised within the income statement in the period in which they become receivable. Government
grants are not recognised until there is reasonable assurance that the Group will comply with the
conditions attached to them and that the grants will be received.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-354": { "value": "Taxation Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except for tax relating to items recognised in other comprehensive income or directly in equity. Current tax is the expected tax payable or recoverable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. 1 Alternative performance measures are described in Note 3 and exceptional items are described in Note 5 to the consolidated financial statements. During the ordinary course of business, there are transactions and calculations for which the ultimate tax determination may be uncertain. The calculation of the tax charge therefore necessarily involves a degree of estimation and judgement. The tax liabilities are based on estimates of whether additional taxes will be due and tax assets are recognised on the basis of probable future recoverability. This requires management to exercise judgement based on its interpretation of tax laws and the likelihood of settlement of tax liabilities or recoverability of tax assets. To the extent that the final outcome differs from the estimates made, tax adjustments may be required which could have an impact on the tax charge and profit for the year in which such a determination is made. Deferred tax is provided on temporary differences between the tax bases of assets and liabilities and their carrying amounts included in the financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill; deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. The amount of deferred tax is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred tax asset is realised or deferred tax liability is settled. Deferred tax assets and liabilities are not subject to discounting. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available, against which the temporary difference can be utilised. Deferred tax liabilities are provided on taxable temporary differences arising from investments in subsidiaries except for deferred tax liabilities where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognised on deductible temporary differences arising from investments in subsidiaries only to the extent that it is probable the temporary difference will reverse in the future and there is sufficient taxable profit available against which the temporary difference can be utilised. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets against current tax liabilities where these have been levied by the same tax authority on either the same taxable entity or different taxable entities within the Group where there is an intention to settle the balances on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-399": { "value": "Deferred tax is provided on temporary differences between the tax bases of assets and liabilities and their carrying amounts included in the financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill; deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. The amount of deferred tax is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred tax asset is realised or deferred tax liability is settled. Deferred tax assets and liabilities are not subject to discounting. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available, against which the temporary difference can be utilised. Deferred tax liabilities are provided on taxable temporary differences arising from investments in subsidiaries except for deferred tax liabilities where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognised on deductible temporary differences arising from investments in subsidiaries only to the extent that it is probable the temporary difference will reverse in the future and there is sufficient taxable profit available against which the temporary difference can be utilised. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets against current tax liabilities where these have been levied by the same tax authority on either the same taxable entity or different taxable entities within the Group where there is an intention to settle the balances on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-352": { "value": "Dividend distribution Dividend distributions to Ibstock Plc Shareholders are recognised in the Group\u2019s financial statements in the period in which the dividends are approved in a general meeting, or when paid in the case of an interim dividend. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-353": { "value": "Share-based payments The Group operates a number of equity-settled share based compensation plans, under which the entity receives services from employees as consideration for equity instruments (for example options or shares) of Ibstock Plc. The fair value of the employee services received in exchange for the grant of the equity instruments is recognised as an expense. The total amount to be expensed is determined by reference to the fair value of the instruments granted: including any market performance conditions (for example, the Group\u2019s share price); @ excluding the impact of any service and non-market performance vesting conditions (for example, profitability, sales growth targets and remaining an employee of the entity over a specified time period); and @ including the impact of any non-vesting conditions (for example, the requirement for employees to save or hold shares for a specific period of time). At the end of each reporting period, the Group revises its estimates of the number of instruments that are expected to vest based on the non-market vesting conditions and service conditions. It recognises the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment to equity. In addition, in some circumstances employees may provide services in advance of the grant date and therefore the grant date fair value is estimated for the purposes of recognising the expense during the year between service commencement period and grant date. For the equity-settled share based payment transactions, the fair value of the share instruments granted is derived from established option pricing models. Further details on share based payments are set out in Note 26.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-356": { "value": "
2. Critical accounting judgements and key sources of estimation uncertainty
In applying the Group\u2019s accounting policies, as described in Note 1, the Directors are required to
make judgements (other than those involving estimations) that have a significant impact on the
amounts recognised and to make estimates and assumptions that affect the reported amounts
of assets, liabilities, income and expenses. Due to the inherent uncertainty in making these critical
judgements and estimates, actual outcomes could be different.
Critical judgements in applying the Group\u2019s accounting policies
The following critical judgement, that the Directors made in the process of applying the Group\u2019s
accounting policies, has the most significant effect on the amounts recorded in the financial statements.
Exceptional items
1
Exceptional items
1
are disclosed separately in the financial statements where the Directors believe it
is necessary to do so to provide further understanding of the financial performance of the Group.
The Group presents as exceptional items
1
in Note 5 those items of income and expense which,
because of the materiality, nature and/or expected infrequency of the events giving rise to them,
merit separate presentation to allow Shareholders to understand elements of financial performance
in the financial period, so as to facilitate comparison with future years and further assess underlying
trends in financial performance. Judgement is required in relation to significant material transactions
as to whether they are exceptional in nature.
Further details on exceptional items
1
are given within Note 5.
1 Alternative performance measures are described in Note 3 and exceptional items are described in Note 5 to the consolidated financial statements.
Key sources of estimation uncertainty
Estimates and underlying assumptions are reviewed by management on an ongoing basis, with
revisions recognised in the period in which the estimates are revised, and in any future period
affected. The areas that may have a significant risk of resulting in a material adjustment to the
carrying amounts of assets and liabilities within the next financial year are as follows:
Defined benefit pension schemes \u2013 valuation of liabilities
For defined benefit schemes, management is required to make annual estimates and assumptions
about future changes in discount rates, inflation, the rate of increase in pensions in payment and life
expectancy. The buy-in agreement in place assumed the insured asset and the corresponding
liabilities are broadly matched, but the assumptions used would still affect the pension liabilities at
the year end.
In making these estimates and assumptions, management considers advice provided by external
advisers, such as actuaries. These assumptions are subject to periodic review.
Note 21 describes the assumptions used together with an analysis of the sensitivity of the defined
benefit scheme liability (\u00a3316.9 million at 31 December 2025) to changes in key assumptions.
Impairment of property, plant and equipment
Assessing the Group\u2019s property, plant and equipment assets for impairment requires estimation of
the present value of future cash flows. The calculations require the Group to estimate the future cash
flows expected to arise from cash-generating units (CGUs). The key assumption in this regard relates
to long-term industry demand for the Group\u2019s products.
Note 17 describes the other assumptions used together with an analysis of the sensitivity of the
impairment assessment to changes in the key assumption.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-400": { "value": "2. Critical accounting judgements and key sources of estimation uncertainty In applying the Group\u2019s accounting policies, as described in Note 1, the Directors are required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Due to the inherent uncertainty in making these critical judgements and estimates, actual outcomes could be different. Critical judgements in applying the Group\u2019s accounting policies The following critical judgement, that the Directors made in the process of applying the Group\u2019s accounting policies, has the most significant effect on the amounts recorded in the financial statements. Exceptional items1 Exceptional items1 are disclosed separately in the financial statements where the Directors believe it is necessary to do so to provide further understanding of the financial performance of the Group. The Group presents as exceptional items1 in Note 5 those items of income and expense which, because of the materiality, nature and/or expected infrequency of the events giving rise to them, merit separate presentation to allow Shareholders to understand elements of financial performance in the financial period, so as to facilitate comparison with future years and further assess underlying trends in financial performance. Judgement is required in relation to significant material transactions as to whether they are exceptional in nature. Further details on exceptional items1 are given within Note 5. 1 Alternative performance measures are described in Note 3 and exceptional items are described in Note 5 to the consolidated financial statements. Key sources of estimation uncertainty Estimates and underlying assumptions are reviewed by management on an ongoing basis, with revisions recognised in the period in which the estimates are revised, and in any future period affected. The areas that may have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Defined benefit pension schemes \u2013 valuation of liabilities For defined benefit schemes, management is required to make annual estimates and assumptions about future changes in discount rates, inflation, the rate of increase in pensions in payment and life expectancy. The buy-in agreement in place assumed the insured asset and the corresponding liabilities are broadly matched, but the assumptions used would still affect the pension liabilities at the year end. In making these estimates and assumptions, management considers advice provided by external advisers, such as actuaries. These assumptions are subject to periodic review. Note 21 describes the assumptions used together with an analysis of the sensitivity of the defined benefit scheme liability (\u00a3316.9 million at 31 December 2025) to changes in key assumptions. Impairment of property, plant and equipment Assessing the Group\u2019s property, plant and equipment assets for impairment requires estimation of the present value of future cash flows. The calculations require the Group to estimate the future cash flows expected to arise from cash-generating units (CGUs). The key assumption in this regard relates to long-term industry demand for the Group\u2019s products. Note 17 describes the other assumptions used together with an analysis of the sensitivity of the impairment assessment to changes in the key assumption.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-355": { "value": "
3. Alternative performance measures
Alternative Performance Measures (APMs) are disclosed within the consolidated financial
statements where management believes it is necessary to do so to provide further understanding
of the financial performance of the Group.
Management uses APMs in its own assessment of the Group\u2019s performance and in order to plan
the allocation of internal capital and resources. Certain APMs are used in the remuneration of
management and Executive Directors, as set out in the Directors\u2019 Remuneration Report on pages 91
to 110.
APMs serve as supplementary information for users of the financial statements and it is not intended
that they are a substitute for, or superior to, statutory measures. None of the APMs are outlined within
IFRS and they may not be comparable with similarly titled APMs used by other companies.
Within the notes to the consolidated financial statements, all APMs are identified with a superscript.
Exceptional items
The Group presents as exceptional those items of income and expense which, because of their
materiality, nature and/or expected infrequency of the events giving rise to them, merit separate
presentation to allow users of the financial statements to understand further elements of financial
performance in the year. This facilitates comparison with future periods and to assess trends in
financial performance over time.
Details of all exceptional items are disclosed in Note 5.
Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA margin
Adjusted EBIT represents earnings before interest and taxation and is adjusted to exclude
exceptional items and the incremental depreciation and amortisation arising from historic fair value
uplifts. Adjusted EBITDA is Adjusted EBIT adjusted for depreciation and amortisation pre fair value
uplift and Adjusted EBITDA margin is Adjusted EBITDA shown as a proportion of revenue.
The Directors regularly use Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA margin as key
performance measures in assessing the Group\u2019s profitability. The measures are considered useful to
users of the financial statements as they represent common APMs used by investors in assessing a
company\u2019s operating performance, when comparing its performance across periods as well as being
used in the determination of Directors\u2019 variable remuneration.
A full reconciliation of Adjusted EBIT and Adjusted EBITDA is included at the foot of the Group\u2019s
Consolidated income statement within the consolidated financial statements. Adjusted EBITDA
margin is included within Note 4.
Adjusted EPS
Adjusted EPS is the basic earnings per share adjusted for exceptional items, fair value adjustments
being the amortisation and depreciation on fair value uplifted assets and non-cash interest, net of
associated taxation on the adjusted items.
The Directors have presented Adjusted EPS as they believe the APM represents useful information to
the user of the financial statements in assessing the performance of the Group, when comparing its
performance across periods, as well as being used within the determination of Directors\u2019 variable
remuneration. Additionally, the APM is considered by the Board when determining the proposed
level of ordinary dividend.
A full reconciliation is provided in Note 11.
Net debt and Net debt to Adjusted EBITDA (\u201cleverage\u201d) ratio
Net debt is defined as the sum of cash and cash equivalents less total borrowings at the balance
sheet date. This does not include lease liabilities arising upon application of IFRS 16 in order to align
with the Group\u2019s banking facility covenant definition.
The Net debt to Adjusted EBITDA ratio definition removes the operating lease expense benefit
generated from IFRS 16 compared to IAS 17 within Adjusted EBITDA.
The Directors disclose these APMs to provide information as a useful measure for assessing the
Group\u2019s overall level of financial indebtedness and when comparing its performance and position
across periods.
Net debt is shown at the foot of the Group consolidated cash flow statement on page 128.
A full reconciliation of the net debt to Adjusted EBITDA ratio (also referred to as \u2018leverage\u2019) is set out below:
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Net debt
(120,043)
(121,560)
Adjusted EBITDA
71,044
79,350
Impact of IFRS 16 (Note 27)
(12,045)
(12,134)
Adjusted EBITDA prior to IFRS 16
58,999
67,216
Ratio of net debt to Adjusted EBITDA (prior to IFRS 16)
2.0
1.8
Adjusted return on capital employed
Adjusted return on capital employed (Adjusted ROCE) is defined as earnings before interest and
taxation adjusted for exceptional items as a proportion of the average capital employed (defined as
net debt plus equity excluding the pension surplus). The average is calculated using the period end
balance and corresponding preceding reported period end balance (year end or interim).
The Directors disclose the Adjusted ROCE APM in order to provide users of the financial statements with
an indication of the relative efficiency of capital use by the Group over the period, assessing performance
between periods as well as being used within the determination of executives\u2019 variable remuneration.
The calculation of Adjusted ROCE is set out below:
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Adjusted EBITDA
71,044
79,350
Less: depreciation
(35,210)
(33,619)
Less: amortisation
(6,322)
(6,938)
Adjusted earnings before interest and taxation
29,512
38,793
Average net debt
132,275
129,699
Average equity
386,673
394,836
Average pension
(6,483)
(8,305)
Average capital employed
512,465
516,230
Adjusted return on capital employed
5.8%
7.5%
Average capital employed figures comprise:
31 December
30 June
31 December
30 June
2025
2025
2024
2024
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Net debt
120,043
144,506
121,560
137,838
Equity
382,460
390,886
395,263
394,409
Less: pension assets
(5,984)
(6,982)
(7,839)
(8,771)
Capital employed
496,519
528,410
508,984
523,476
Adjusted effective tax rate (ETR)
The Group presents an adjusted effective tax rate (Adjusted ETR) within its Financial Review. This is
disclosed in order to provide users of the financial statements with a view of the rate of taxation
borne by the Group adjusted for exceptional items, fair value adjustments being the amortisation
and depreciation on fair value uplifted assets, non-cash interest and changes in taxation rates on
deferred taxation. A reconciliation of the Adjusted ETR to the statutory UK rate of taxation is
included in Note 10.
Cash flow related APMs
The Group presents an adjusted cash flow statement within its Financial Review on page 32. This is
disclosed in order to provide users of the financial statements with a view of the Group\u2019s operating
cash generation before the impact of cash flows associated with exceptional items (as set out in
Note 5) and stated after interest, lease payments and non-exceptional property disposal-related
cash flows.
The Directors use this APM table to allow Shareholders to further understand the Group\u2019s cash flow
performance in the period, to facilitate comparison with comparative periods and to assess trends
in financial performance. This table contains a number of APMs, as described below and reconciled
in the following table.
Adjusted change in working capital
Adjusted change in working capital represents the statutory change in working capital adjusted for
the cash inflow associated with exceptional items arising in the year of \u00a34.2 million (2024: cash
outflow of \u00a33.1 million).
Adjusted operating cash flow
Adjusted operating cash flows are the cash flows arising from operating activities adjusted to
exclude cash outflow relating to exceptional items of \u00a35.1 million (2024: cash outflows of
\u00a311.2 million) but stated after cash flows associated with interest income, proceeds from the sale
of property, plant and equipment and lease payments reclassified from investing or financing
activities totalling cash inflow of \u00a39.7 million (2024: cash outflow of \u00a39.0 million).
Cash conversion
Cash conversion is the ratio of Adjusted operating cash flow (defined above) to Adjusted EBITDA
(defined above). The Directors believe this APM provides a useful measure of the Group\u2019s efficiency
of its cash management during the period.
Adjusted free cash flow
Adjusted free cash flow represents Adjusted operating cash flow (defined above) less total capital
expenditure. The Directors use the measure of Adjusted free cash flow as a measure of the funds
available to the Group for the payment of distributions to Shareholders, for use within M&A activity
and other investing and financing activities.
Reconciliation of statutory cash flow statement to adjusted cash flow statement
Statutory
Exceptional
Reclassification
Adjusted
Year ended 31 December 2025
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
EBITDA
51,566
19,478
\u2013
71,044
Change in working capital
(9,901)
(4,228)
\u2013
(14,129)
Impairment charges
6,336
(6,336)
\u2013
\u2013
Write-off of inventory
2,408
(2,408)
\u2013
\u2013
Net interest
(9,824)
\u2013
(898)
(10,722)
Tax
1,359
\u2013
\u2013
1,359
Post-employment benefits
1,247
\u2013
(1,247)
\u2013
Other
(3,621)
(1,414)
(7, 529)
(12,564)
Operating cash flow
39,570
5,092
(9,674)
34,988
Cash conversion
49%
Total capex
(44,776)
\u2013
\u2013
(44,776)
Free cash flow
(5,206)
5,092
(9,674)
(9,788)
Statutory
Exceptional
Reclassification
Adjusted
Year ended 31 December 2024
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
EBITDA
67,630
11,720
\u2013
79,350
Change in working capital
(7,627)
3,103
\u2013
(4,524)
Impairment charges
3,832
(3,832)
\u2013
\u2013
Net interest
(8,751)
\u2013
139
(8,612)
Tax
(500)
\u2013
\u2013
(500)
Post-employment benefits
959
\u2013
(959)
\u2013
Other
(1,644)
212
(8,142)
(9,574)
Operating cash flow
53,899
11,203
(8,962)
56,140
Cash conversion
71%
Total capex
(45,235)
\u2013
\u2013
(45,235)
Free cash flow
8,664
11,203
(8,962)
10,905
", "dimensions": { "concept": "ibstockplc:DisclosureOfAlternativePerformanceMeasures", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-357": { "value": "
4. Segment reporting
The Directors consider the Group\u2019s reportable segments to be Clay and Concrete.
The key Group performance measure is Adjusted EBITDA
1
, as detailed below, which is defined in
Note 3. The tables below present revenue and Adjusted EBITDA
1
and profit before taxation for the
Group\u2019s segments.
Included within the \u2018Unallocated and elimination\u2019 columns in the tables below are costs including
share-based payments and Group employment costs. Unallocated assets and liabilities are pensions,
taxation and certain centrally held provisions. Eliminations represent the removal of inter-company
balances. Transactions between segments are carried out at arm\u2019s length. There is no material
inter-segmental revenue, and no aggregation of segments has been applied.
For both years presented, the activities of Ibstock Futures were managed and reported as part of the
Clay division. Consequently, the position and performance of Ibstock Futures for all periods have
been classified within the Clay segment.
Year ended 31 December 2025
Unallocated
Clay
Concrete
and elimination
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Product type:
Bricks and masonry
250,827
17, 25 8
\u2013
268,085
Roofing
\u2013
18,662
\u2013
18,662
Fencing and landscaping
\u2013
24,824
\u2013
24,824
Flooring and lintels
\u2013
40,969
\u2013
40,969
Facades
9,170
\u2013
\u2013
9,170
Rail and infrastructure
\u2013
9,762
\u2013
9,762
Other
\u2013
632
\u2013
632
Total revenue
259,997
112,107
\u2013
372,104
Adjusted EBITDA
1
68,062
9,289
(6,307)
71,044
Adjusted EBITDA margin
1
26.2%
8.3%
19.1%
Exceptional items
1
impacting
operating profit (see Note 5)
(17,453)
(1,974)
(51)
(19,478)
Depreciation and amortisation pre
fair value uplift
(25,858)
(5,299)
(139)
(31,296)
Incremental depreciation and
amortisation following fair value
uplift
(6,080)
(4 ,156)
\u2013
(10,236)
Net finance costs
(1,850)
(268)
(7,020)
(9,138)
Profit before tax
16,821
(2,408)
(13,517)
896
Taxation
2 ,178
Profit for the year
3,074
Consolidated total assets
636,724
95,308
12,716
744,748
\u00a32.4 million of inventory relating to bill and hold transactions remained on the Clay division\u2019s premises and \u00a30.2 million on the Concrete division\u2019s premises. In 2025, the Group disposed of its Roofing business in the Concrete segment, as it does not represent a major line of business for the Group and also the disposal does not impact the geographical operations for the Group. It has not been classified as a discontinued operation. The unallocated segment balance includes the fair value of the Group\u2019s share-based payments and associated taxes (\u00a30.5 million), plc Board and other plc employment costs (\u00a36.0 million), pension costs (\u00a31.2 million) and legal/administrative expenses (\u00a33.2 million) These costs have been offset by research and development taxation credits (\u00a34.6 million). During the current period, two customers accounted for greater than 10% of Group revenues with \u00a395.0 million of sales across the Clay and Concrete divisions. The Group defined benefit pension scheme surplus was an unallocated asset and amounted to \u00a36.0 million. Year ended 31 December 2025
Unallocated
Clay
Concrete
and elimination
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Consolidated total liabilities
(170,731)
(41,424)
(150,133)
(362,288)
Non-current assets
Consolidated total intangible assets
48,772
17,675
\u2013
66,447
Property, plant and equipment
425,717
29,430
\u2013
455,147
Right-of-use assets
15,929
6,980
383
23,292
Total non-current assets
490,418
54,085
383
544,886
Total non-current asset additions
48,915
4,991
\u2013
53,906
Included within revenue for the year ended 31 December 2025 were \u00a32.5 million of bill and hold
transactions in the Clay division and \u00a30.1 million in Concrete division. At 31 December 2025,
1 Alternative performance measures are described in Note 3 and exceptional items are described in Note 5 to the consolidated financial statements.
Year ended 31 December 2024
Unallocated and
Clay
Concrete
elimination
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Product type:
Bricks and masonry
238,932
15,874
\u2013
254,806
Roofing
\u2013
18,346
\u2013
18,346
Fencing and landscaping
\u2013
24,168
\u2013
24,168
Flooring and lintels
\u2013
45,762
\u2013
45,762
Facades
9,832
\u2013
\u2013
9,832
Rail and infrastructure
\u2013
12,562
\u2013
12,562
Other
\u2013
731
\u2013
731
Total revenue
248,764
117,443
\u2013
366,207
Adjusted EBITDA
1
72,287
14,646
(7,583)
79,350
Adjusted EBITDA margin
1
2 9.1%
12.5%
21.7%
Exceptional items
1
impacting
operating profit (see Note 5)
(11,336)
(384)
\u2013
(11,720)
Depreciation and amortisation pre
fair value uplift
(24,188)
(5,446)
(144)
(29,778)
Incremental depreciation and
amortisation following fair value uplift
(5,926)
(4,853)
\u2013
(10,779)
Net finance costs
(1,303)
(509)
(4,581)
(6,393)
Profit before tax
29,534
3,454
(12,308)
20,680
Taxation
(5,588)
Profit for the year
15,092
Consolidated total assets
611,544
127,371
13,190
752,105
Consolidated total liabilities
(168,917)
(48,023)
(139,902)
(356,842)
Non-current assets
Consolidated total intangible assets
52,649
21,301
\u2013
73,950
Property, plant and equipment
411,111
51,393
\u2013
462,504
Right-of-use assets
19,300
8,541
522
28,363
Total non-current assets
483,060
81,235
522
564 ,817
Total non-current asset additions
49,381
4,050
\u2013
53,431
Included within revenue for the year ended 31 December 2024 were \u00a30.1 million of bill and hold
transactions in the Concrete division. At 31 December 2024, \u00a30.1 million of inventory relating to
these bill and hold transactions remained on the Concrete division\u2019s premises. Additionally,
\u00a30.1 million of inventory related to bill and hold sales in previous years remained on the Concrete
division\u2019s premises and \u00a30.4 million on the Clay division\u2019s premises.
The unallocated segment balance includes the fair value of the Group\u2019s share based payments and
associated taxes (\u00a31.5 million), plc Board and other plc employment costs (\u00a35.2 million), pension
costs (\u00a31.0 million) and legal/administrative expenses (\u00a33.6 million). These costs have been offset
by research and development taxation credits (\u00a32.6 million) and segmental recharges (\u00a31.1 million).
During the current period, one customer accounted for greater than 10% of Group revenues with
\u00a355.7 million of sales across the Clay and Concrete divisions.
The Group defined benefit pension scheme surplus was an unallocated asset and amounted to
\u00a37.8 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-429": { "value": "4. Segment reporting The Directors consider the Group\u2019s reportable segments to be Clay and Concrete. The key Group performance measure is Adjusted EBITDA1 , as detailed below, which is defined in Note 3. The tables below present revenue and Adjusted EBITDA1 and profit before taxation for the Group\u2019s segments. Included within the \u2018Unallocated and elimination\u2019 columns in the tables below are costs including share-based payments and Group employment costs. Unallocated assets and liabilities are pensions, taxation and certain centrally held provisions. Eliminations represent the removal of inter-company balances. Transactions between segments are carried out at arm\u2019s length. There is no material inter-segmental revenue, and no aggregation of segments has been applied. For both years presented, the activities of Ibstock Futures were managed and reported as part of the Clay division. Consequently, the position and performance of Ibstock Futures for all periods have been classified within the Clay segment.
Year ended 31 December 2025
Unallocated
Clay
Concrete
and elimination
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Product type:
Bricks and masonry
250,827
17, 25 8
\u2013
268,085
Roofing
\u2013
18,662
\u2013
18,662
Fencing and landscaping
\u2013
24,824
\u2013
24,824
Flooring and lintels
\u2013
40,969
\u2013
40,969
Facades
9,170
\u2013
\u2013
9,170
Rail and infrastructure
\u2013
9,762
\u2013
9,762
Other
\u2013
632
\u2013
632
Total revenue
259,997
112,107
\u2013
372,104
Adjusted EBITDA
1
68,062
9,289
(6,307)
71,044
Adjusted EBITDA margin
1
26.2%
8.3%
19.1%
Exceptional items
1
impacting
operating profit (see Note 5)
(17,453)
(1,974)
(51)
(19,478)
Depreciation and amortisation pre
fair value uplift
(25,858)
(5,299)
(139)
(31,296)
Incremental depreciation and
amortisation following fair value
uplift
(6,080)
(4 ,156)
\u2013
(10,236)
Net finance costs
(1,850)
(268)
(7,020)
(9,138)
Profit before tax
16,821
(2,408)
(13,517)
896
Taxation
2 ,178
Profit for the year
3,074
Consolidated total assets
636,724
95,308
12,716
744,748
\u00a32.4 million of inventory relating to bill and hold transactions remained on the Clay division\u2019s premises and \u00a30.2 million on the Concrete division\u2019s premises. In 2025, the Group disposed of its Roofing business in the Concrete segment, as it does not represent a major line of business for the Group and also the disposal does not impact the geographical operations for the Group. It has not been classified as a discontinued operation. The unallocated segment balance includes the fair value of the Group\u2019s share-based payments and associated taxes (\u00a30.5 million), plc Board and other plc employment costs (\u00a36.0 million), pension costs (\u00a31.2 million) and legal/administrative expenses (\u00a33.2 million) These costs have been offset by research and development taxation credits (\u00a34.6 million). During the current period, two customers accounted for greater than 10% of Group revenues with \u00a395.0 million of sales across the Clay and Concrete divisions. The Group defined benefit pension scheme surplus was an unallocated asset and amounted to \u00a36.0 million. Year ended 31 December 2025
Unallocated
Clay
Concrete
and elimination
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Consolidated total liabilities
(170,731)
(41,424)
(150,133)
(362,288)
Non-current assets
Consolidated total intangible assets
48,772
17,675
\u2013
66,447
Property, plant and equipment
425,717
29,430
\u2013
455,147
Right-of-use assets
15,929
6,980
383
23,292
Total non-current assets
490,418
54,085
383
544,886
Total non-current asset additions
48,915
4,991
\u2013
53,906
Included within revenue for the year ended 31 December 2025 were \u00a32.5 million of bill and hold
transactions in the Clay division and \u00a30.1 million in Concrete division. At 31 December 2025,
1 Alternative performance measures are described in Note 3 and exceptional items are described in Note 5 to the consolidated financial statements.
Year ended 31 December 2024
Unallocated and
Clay
Concrete
elimination
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Product type:
Bricks and masonry
238,932
15,874
\u2013
254,806
Roofing
\u2013
18,346
\u2013
18,346
Fencing and landscaping
\u2013
24,168
\u2013
24,168
Flooring and lintels
\u2013
45,762
\u2013
45,762
Facades
9,832
\u2013
\u2013
9,832
Rail and infrastructure
\u2013
12,562
\u2013
12,562
Other
\u2013
731
\u2013
731
Total revenue
248,764
117,443
\u2013
366,207
Adjusted EBITDA
1
72,287
14,646
(7,583)
79,350
Adjusted EBITDA margin
1
2 9.1%
12.5%
21.7%
Exceptional items
1
impacting
operating profit (see Note 5)
(11,336)
(384)
\u2013
(11,720)
Depreciation and amortisation pre
fair value uplift
(24,188)
(5,446)
(144)
(29,778)
Incremental depreciation and
amortisation following fair value uplift
(5,926)
(4,853)
\u2013
(10,779)
Net finance costs
(1,303)
(509)
(4,581)
(6,393)
Profit before tax
29,534
3,454
(12,308)
20,680
Taxation
(5,588)
Profit for the year
15,092
Consolidated total assets
611,544
127,371
13,190
752,105
Consolidated total liabilities
(168,917)
(48,023)
(139,902)
(356,842)
Non-current assets
Consolidated total intangible assets
52,649
21,301
\u2013
73,950
Property, plant and equipment
411,111
51,393
\u2013
462,504
Right-of-use assets
19,300
8,541
522
28,363
Total non-current assets
483,060
81,235
522
564 ,817
Total non-current asset additions
49,381
4,050
\u2013
53,431
Included within revenue for the year ended 31 December 2024 were \u00a30.1 million of bill and hold transactions in the Concrete division. At 31 December 2024, \u00a30.1 million of inventory relating to these bill and hold transactions remained on the Concrete division\u2019s premises. Additionally, \u00a30.1 million of inventory related to bill and hold sales in previous years remained on the Concrete division\u2019s premises and \u00a30.4 million on the Clay division\u2019s premises. The unallocated segment balance includes the fair value of the Group\u2019s share based payments and associated taxes (\u00a31.5 million), plc Board and other plc employment costs (\u00a35.2 million), pension costs (\u00a31.0 million) and legal/administrative expenses (\u00a33.6 million). These costs have been offset by research and development taxation credits (\u00a32.6 million) and segmental recharges (\u00a31.1 million). During the current period, one customer accounted for greater than 10% of Group revenues with \u00a355.7 million of sales across the Clay and Concrete divisions. The Group defined benefit pension scheme surplus was an unallocated asset and amounted to \u00a37.8 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-401": { "value": "4. Segment reporting The Directors consider the Group\u2019s reportable segments to be Clay and Concrete. The key Group performance measure is Adjusted EBITDA1 , as detailed below, which is defined in Note 3. The tables below present revenue and Adjusted EBITDA1 and profit before taxation for the Group\u2019s segments. Included within the \u2018Unallocated and elimination\u2019 columns in the tables below are costs including share-based payments and Group employment costs. Unallocated assets and liabilities are pensions, taxation and certain centrally held provisions. Eliminations represent the removal of inter-company balances. Transactions between segments are carried out at arm\u2019s length. There is no material inter-segmental revenue, and no aggregation of segments has been applied. For both years presented, the activities of Ibstock Futures were managed and reported as part of the Clay division. Consequently, the position and performance of Ibstock Futures for all periods have been classified within the Clay segment.
Year ended 31 December 2025
Unallocated
Clay
Concrete
and elimination
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Product type:
Bricks and masonry
250,827
17, 25 8
\u2013
268,085
Roofing
\u2013
18,662
\u2013
18,662
Fencing and landscaping
\u2013
24,824
\u2013
24,824
Flooring and lintels
\u2013
40,969
\u2013
40,969
Facades
9,170
\u2013
\u2013
9,170
Rail and infrastructure
\u2013
9,762
\u2013
9,762
Other
\u2013
632
\u2013
632
Total revenue
259,997
112,107
\u2013
372,104
Adjusted EBITDA
1
68,062
9,289
(6,307)
71,044
Adjusted EBITDA margin
1
26.2%
8.3%
19.1%
Exceptional items
1
impacting
operating profit (see Note 5)
(17,453)
(1,974)
(51)
(19,478)
Depreciation and amortisation pre
fair value uplift
(25,858)
(5,299)
(139)
(31,296)
Incremental depreciation and
amortisation following fair value
uplift
(6,080)
(4 ,156)
\u2013
(10,236)
Net finance costs
(1,850)
(268)
(7,020)
(9,138)
Profit before tax
16,821
(2,408)
(13,517)
896
Taxation
2 ,178
Profit for the year
3,074
Consolidated total assets
636,724
95,308
12,716
744,748
\u00a32.4 million of inventory relating to bill and hold transactions remained on the Clay division\u2019s
premises and \u00a30.2 million on the Concrete division\u2019s premises.
In 2025, the Group disposed of its Roofing business in the Concrete segment, as it does not
represent a major line of business for the Group and also the disposal does not impact the
geographical operations for the Group. It has not been classified as a discontinued operation.
The unallocated segment balance includes the fair value of the Group\u2019s share-based payments and
associated taxes (\u00a30.5 million), plc Board and other plc employment costs (\u00a36.0 million), pension
costs (\u00a31.2 million) and legal/administrative expenses (\u00a33.2 million) These costs have been offset by
research and development taxation credits (\u00a34.6 million). During the current period, two customers
accounted for greater than 10% of Group revenues with \u00a395.0 million of sales across the Clay and
Concrete divisions.
The Group defined benefit pension scheme surplus was an unallocated asset and amounted to
\u00a36.0 million.
Year ended 31 December 2025
Unallocated
Clay
Concrete
and elimination
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Consolidated total liabilities
(170,731)
(41,424)
(150,133)
(362,288)
Non-current assets
Consolidated total intangible assets
48,772
17,675
\u2013
66,447
Property, plant and equipment
425,717
29,430
\u2013
455,147
Right-of-use assets
15,929
6,980
383
23,292
Total non-current assets
490,418
54,085
383
544,886
Total non-current asset additions
48,915
4,991
\u2013
53,906
Included within revenue for the year ended 31 December 2025 were \u00a32.5 million of bill and hold
transactions in the Clay division and \u00a30.1 million in Concrete division. At 31 December 2025,
1 Alternative performance measures are described in Note 3 and exceptional items are described in Note 5 to the consolidated financial statements.
Year ended 31 December 2024
Unallocated and
Clay
Concrete
elimination
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Product type:
Bricks and masonry
238,932
15,874
\u2013
254,806
Roofing
\u2013
18,346
\u2013
18,346
Fencing and landscaping
\u2013
24,168
\u2013
24,168
Flooring and lintels
\u2013
45,762
\u2013
45,762
Facades
9,832
\u2013
\u2013
9,832
Rail and infrastructure
\u2013
12,562
\u2013
12,562
Other
\u2013
731
\u2013
731
Total revenue
248,764
117,443
\u2013
366,207
Adjusted EBITDA
1
72,287
14,646
(7,583)
79,350
Adjusted EBITDA margin
1
2 9.1%
12.5%
21.7%
Exceptional items
1
impacting
operating profit (see Note 5)
(11,336)
(384)
\u2013
(11,720)
Depreciation and amortisation pre
fair value uplift
(24,188)
(5,446)
(144)
(29,778)
Incremental depreciation and
amortisation following fair value uplift
(5,926)
(4,853)
\u2013
(10,779)
Net finance costs
(1,303)
(509)
(4,581)
(6,393)
Profit before tax
29,534
3,454
(12,308)
20,680
Taxation
(5,588)
Profit for the year
15,092
Consolidated total assets
611,544
127,371
13,190
752,105
Consolidated total liabilities
(168,917)
(48,023)
(139,902)
(356,842)
Non-current assets
Consolidated total intangible assets
52,649
21,301
\u2013
73,950
Property, plant and equipment
411,111
51,393
\u2013
462,504
Right-of-use assets
19,300
8,541
522
28,363
Total non-current assets
483,060
81,235
522
564 ,817
Total non-current asset additions
49,381
4,050
\u2013
53,431
Included within revenue for the year ended 31 December 2024 were \u00a30.1 million of bill and hold transactions in the Concrete division. At 31 December 2024, \u00a30.1 million of inventory relating to these bill and hold transactions remained on the Concrete division\u2019s premises. Additionally, \u00a30.1 million of inventory related to bill and hold sales in previous years remained on the Concrete division\u2019s premises and \u00a30.4 million on the Clay division\u2019s premises. The unallocated segment balance includes the fair value of the Group\u2019s share based payments and associated taxes (\u00a31.5 million), plc Board and other plc employment costs (\u00a35.2 million), pension costs (\u00a31.0 million) and legal/administrative expenses (\u00a33.6 million). These costs have been offset by research and development taxation credits (\u00a32.6 million) and segmental recharges (\u00a31.1 million). During the current period, one customer accounted for greater than 10% of Group revenues with \u00a355.7 million of sales across the Clay and Concrete divisions. The Group defined benefit pension scheme surplus was an unallocated asset and amounted to \u00a37.8 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-358": { "value": "
5. Exceptional items
1
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Exceptional cost of sale
Impairment charge \u2013 Property plant and equipment
(6,141)
(1,126)
Impairment charge \u2013 Right-of-use assets
(195)
(2,706)
Total impairment charge (Note 17)
(6,336)
(3,832)
Write-off of inventory (Note 14)
(2,408)
\u2013
Redundancy costs
(1,904)
(581)
Other costs associated with site closure
(1,135)
(5,358)
Total exceptional cost of sales
(11,783)
(9,771)
Exceptional administrative expenses:
Redundancy costs
(2,239)
(992)
Other costs associated with site closure
(3,699)
(957)
Total exceptional administrative expenses
(5,938)
(1,949)
Exceptional net loss on disposal of business and fixed assets
(1,757)
\u2013
Exceptional items
1
impacting operating profit
(19,478)
(11,720)
Total exceptional items
1
(19,478)
(11,720)
In the second half of 2025, the Group announced a restructuring programme in response to
weaker-than-expected market volumes and adverse pricing dynamics, together with revised industry
forecasts signalling a prolonged downturn in construction and RMI activity.
1 Alternative performance measures are described in Note 3 and exceptional items are described in Note 5 to the consolidated financial statements.
Unlike the 2023 enterprise-wide restructuring programme, which responded to broad-based
softening in market demand, and the 2024 restructuring focused specifically on the Glass Reinforced
Concrete (GRC) business, the 2025 programme is targeted at rationalising the organisational cost
base, streamlining operational overheads, and optimising the Group\u2019s manufacturing footprint to
more appropriately align capacity with projected demand levels.
Because the total financial impact of each coordinated programme or activity exceeded the Group\u2019s
quantitative threshold for exceptional items, and due to their non recurring nature, the associated
financial impact has been presented as an exceptional item.
During the 2025 year, the total exceptional charge arising from the restructuring programmes
initiated in the prior periods was \u00a34.7 million (related cash paid in the year: \u00a34.2 million), while the
total charge arising from the enterprise restructuring programme initiated in 2025 was \u00a313.1 million
(related cash paid in the year \u00a30.9 million).
2025
Included within the current year are the following exceptional items
1
:
Exceptional cost of sales
Impairment charges arising in the current year relate to the impairment of non-current assets as set
out in Note 17. Due to the materiality and non-recurring nature, these costs have been categorised
as exceptional.
Redundancy costs relate to the severance for employees engaged in production activities following
the Group\u2019s announced restructuring activities. These costs have been categorised as exceptional
due to their materiality, and unusual and non-recurring nature of the events giving rise to the costs.
Write-off of inventory relate to write-off of non-best soft-mud brick products identified through the
production-footprint rationalisation undertaken as part of the 2025 restructuring, and write-off of certain
inventories related to sites that will be closed permanently and temporarily, as the net realisable value is \u00a3nil.
Other costs associated with site closure relate to other costs incurred as a result of the Group\u2019s
restructuring decisions during the current and prior year. These incremental costs include closed site
security and decommissioning activities.
Exceptional administration expenses
Exceptional redundancy costs arising in the current period relate to costs of redundancy of employees
within the Group\u2019s selling, general and administrative (\u201cSG&A\u201d) functions associated with the Group\u2019s
restructuring announced in the second half of 2025.
Other costs associated with site closure relate to other SG&A costs directly attributable to the Group\u2019s
restructuring decision in 2025 and cessation of the GRC business announced in October 2024.
The costs have been treated as exceptional due to their materiality, and the unusual and
non-recurring nature of the event giving rise to the costs.
Exceptional net loss on disposal of business and fixed assets
In 2025, the Group disposed of its Roofing business within the Concrete segment, resulting in a total
loss of \u00a36.3 million. This loss was partially offset by a gain of \u00a34.5 million from the sale and
leaseback of the Bedford site, also within the Concrete segment. The current operations on the
Bedford site will not change in the foreseeable future.
Given their material financial impact and non-recurring nature, the net loss arising from these asset
disposals has been presented as an exceptional item.
During the year, the Group also realised proceeds from the disposal of several surplus land assets.
None of the individual transactions exceeded the Group\u2019s quantitative threshold for exceptional
items, therefore, the aggregate profit on disposal of \u00a32.0 million has been presented within
underlying profit on sale of business and fixed assets.
2024
Included within the year were the following exceptional items
1
:
Exceptional cost of sales
Impairment charges arising in the current year relate to the impairment of non-current assets and
working capital items, as set out in Note 17. Due to the materiality and non-recurring nature, these
costs had been categorised as exceptional.
Redundancy costs related to the severance for employees engaged in production activities following
the Group\u2019s announced restructuring activities. These costs had been categorised as exceptional
due to their materiality, and unusual and non-recurring nature of the events giving rise to the costs.
Costs associated with the closure of sites related to other costs incurred as a result of the Group\u2019s
restructuring decisions in 2024. These incremental costs include closed site security and
decommissioning activities.
Exceptional administration expenses
Exceptional redundancy costs arising in the current period relate to costs of redundancy of
employees within the Group\u2019s selling, general and administrative (\u201cSG&A\u201d) functions following the
Group\u2019s restructuring announced in October 2023 and the GRC closure announced in October 2024.
Other costs associated with closure of site relate to other SG&A costs directly attributable to the
Group\u2019s cessation of the GRC business announced in October 2024.
The costs had been treated as exceptional due to their materiality, and the unusual and non-recurring
nature of the event giving rise to the costs.
Cash flow on exceptional items
1
In relation to the exceptional disposal of business and fixed assets, total cash proceeds of
\u00a331.2 million were received in 2025.
Operating exceptional cash cost of \u00a37.4 million (2024: \u00a38.1 million) associated with the Group\u2019s 2025
restructuring programme, decommissioning activities and other costs associated with previously
closed sites as well as costs directly arising from our decision to close the GRC business. Total related
cash outflow of \u00a35.1 million in relation to operating exceptional items in 2025 (2024: \u00a311.2 million)
comprised \u00a33.9 million relating to in-year exceptional charges (2024: \u00a36.8 million) and the settlement
of provisions within the opening balance sheet totalling \u00a31.2 million (2024: \u00a34.4 million). \u00a34.5 million
cash related to the exceptional cash charges is expected to be paid in the next financial year.
Tax on exceptional items
1
In the current year, impairment charges arising on non-current assets are not tax deductible but give
rise to a deferred tax credit in the period. The redundancy and site closure costs are treated as tax
deductible in the period. The total tax credit on exceptional items is \u00a37.5 million (2024: \u00a32.9 million).
", "dimensions": { "concept": "ibstockplc:DisclosureOfExceptionalItems", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-359": { "value": "
6. Operating profit
Operating profit includes the effect of crediting/(charging):
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Changes in inventories of finished goods and work in progress
22,573
2,605
Raw material and consumables used
(68,649)
(63,368)
Employee benefit expense (Note 7)
(86,363)
(74,829)
Depreciation \u2013 Property, plant and equipment (Note 13)
(26,213)
(23,717)
Depreciation \u2013 Right-of-use assets (Note 27)
(8,997)
(9,778)
Amortisation (Note 12)
(6,322)
(7,062)
Exceptional cost of sales (Note 5)
(9,375)
(9,771)
Exceptional write-off of inventory
(2,408)
\u2013
Research and development costs
(14,706)
(13,312)
Other production costs
(75,661)
(62,418)
Total cost of sales
(276,121)
(261,650)
Distribution costs
(36,389)
(34,139)
Other employee benefit expenses (Note 7)
(33,289)
(31,442)
Profit on disposal of property, plant and equipment (Note 13)
1,935
261
Advertising costs
(994)
(1,141)
Operating lease income
122
105
Exceptional administrative expenses (Note 5)
(5,938)
(1,949)
Exceptional net loss on disposal of business and fixed assets
(Note\ue01f5)
(1,757)
\u2013
Auditor\u2019s remuneration
During the year the Group obtained the following services from the Company\u2019s auditor.
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Fees payable to the Company\u2019s auditor and its associates for
the audit of Parent Company and consolidated financial
statements
377
374
Fees payable to Company\u2019s auditor and its associates for
other services to the Group:
\u2013 Audit of the Company\u2019s subsidiaries
682
676
Total audit fees
1,059
1,050
\u2013 Audit related assurance services
84
84
Total non-audit fees
84
84
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-471": { "value": "6. Operating profit Operating profit includes the effect of crediting/(charging):
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Changes in inventories of finished goods and work in progress
22,573
2,605
Raw material and consumables used
(68,649)
(63,368)
Employee benefit expense (Note 7)
(86,363)
(74,829)
Depreciation \u2013 Property, plant and equipment (Note 13)
(26,213)
(23,717)
Depreciation \u2013 Right-of-use assets (Note 27)
(8,997)
(9,778)
Amortisation (Note 12)
(6,322)
(7,062)
Exceptional cost of sales (Note 5)
(9,375)
(9,771)
Exceptional write-off of inventory
(2,408)
\u2013
Research and development costs
(14,706)
(13,312)
Other production costs
(75,661)
(62,418)
Total cost of sales
(276,121)
(261,650)
Distribution costs
(36,389)
(34,139)
Other employee benefit expenses (Note 7)
(33,289)
(31,442)
Profit on disposal of property, plant and equipment (Note 13)
1,935
261
Advertising costs
(994)
(1,141)
Operating lease income
122
105
Exceptional administrative expenses (Note 5)
(5,938)
(1,949)
Exceptional net loss on disposal of business and fixed assets
(Note\ue01f5)
(1,757)
\u2013
Auditor\u2019s remuneration During the year the Group obtained the following services from the Company\u2019s auditor.
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Fees payable to the Company\u2019s auditor and its associates for
the audit of Parent Company and consolidated financial
statements
377
374
Fees payable to Company\u2019s auditor and its associates for
other services to the Group:
\u2013 Audit of the Company\u2019s subsidiaries
682
676
Total audit fees
1,059
1,050
\u2013 Audit related assurance services
84
84
Total non-audit fees
84
84
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-470": { "value": "6. Operating profit Operating profit includes the effect of crediting/(charging):
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Changes in inventories of finished goods and work in progress
22,573
2,605
Raw material and consumables used
(68,649)
(63,368)
Employee benefit expense (Note 7)
(86,363)
(74,829)
Depreciation \u2013 Property, plant and equipment (Note 13)
(26,213)
(23,717)
Depreciation \u2013 Right-of-use assets (Note 27)
(8,997)
(9,778)
Amortisation (Note 12)
(6,322)
(7,062)
Exceptional cost of sales (Note 5)
(9,375)
(9,771)
Exceptional write-off of inventory
(2,408)
\u2013
Research and development costs
(14,706)
(13,312)
Other production costs
(75,661)
(62,418)
Total cost of sales
(276,121)
(261,650)
Distribution costs
(36,389)
(34,139)
Other employee benefit expenses (Note 7)
(33,289)
(31,442)
Profit on disposal of property, plant and equipment (Note 13)
1,935
261
Advertising costs
(994)
(1,141)
Operating lease income
122
105
Exceptional administrative expenses (Note 5)
(5,938)
(1,949)
Exceptional net loss on disposal of business and fixed assets
(Note\ue01f5)
(1,757)
\u2013
Auditor\u2019s remuneration During the year the Group obtained the following services from the Company\u2019s auditor.
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Fees payable to the Company\u2019s auditor and its associates for
the audit of Parent Company and consolidated financial
statements
377
374
Fees payable to Company\u2019s auditor and its associates for
other services to the Group:
\u2013 Audit of the Company\u2019s subsidiaries
682
676
Total audit fees
1,059
1,050
\u2013 Audit related assurance services
84
84
Total non-audit fees
84
84
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-468": { "value": "6. Operating profit Operating profit includes the effect of crediting/(charging):
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Changes in inventories of finished goods and work in progress
22,573
2,605
Raw material and consumables used
(68,649)
(63,368)
Employee benefit expense (Note 7)
(86,363)
(74,829)
Depreciation \u2013 Property, plant and equipment (Note 13)
(26,213)
(23,717)
Depreciation \u2013 Right-of-use assets (Note 27)
(8,997)
(9,778)
Amortisation (Note 12)
(6,322)
(7,062)
Exceptional cost of sales (Note 5)
(9,375)
(9,771)
Exceptional write-off of inventory
(2,408)
\u2013
Research and development costs
(14,706)
(13,312)
Other production costs
(75,661)
(62,418)
Total cost of sales
(276,121)
(261,650)
Distribution costs
(36,389)
(34,139)
Other employee benefit expenses (Note 7)
(33,289)
(31,442)
Profit on disposal of property, plant and equipment (Note 13)
1,935
261
Advertising costs
(994)
(1,141)
Operating lease income
122
105
Exceptional administrative expenses (Note 5)
(5,938)
(1,949)
Exceptional net loss on disposal of business and fixed assets
(Note\ue01f5)
(1,757)
\u2013
Auditor\u2019s remuneration During the year the Group obtained the following services from the Company\u2019s auditor.
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Fees payable to the Company\u2019s auditor and its associates for
the audit of Parent Company and consolidated financial
statements
377
374
Fees payable to Company\u2019s auditor and its associates for
other services to the Group:
\u2013 Audit of the Company\u2019s subsidiaries
682
676
Total audit fees
1,059
1,050
\u2013 Audit related assurance services
84
84
Total non-audit fees
84
84
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-464": { "value": "6. Operating profit Operating profit includes the effect of crediting/(charging):
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Changes in inventories of finished goods and work in progress
22,573
2,605
Raw material and consumables used
(68,649)
(63,368)
Employee benefit expense (Note 7)
(86,363)
(74,829)
Depreciation \u2013 Property, plant and equipment (Note 13)
(26,213)
(23,717)
Depreciation \u2013 Right-of-use assets (Note 27)
(8,997)
(9,778)
Amortisation (Note 12)
(6,322)
(7,062)
Exceptional cost of sales (Note 5)
(9,375)
(9,771)
Exceptional write-off of inventory
(2,408)
\u2013
Research and development costs
(14,706)
(13,312)
Other production costs
(75,661)
(62,418)
Total cost of sales
(276,121)
(261,650)
Distribution costs
(36,389)
(34,139)
Other employee benefit expenses (Note 7)
(33,289)
(31,442)
Profit on disposal of property, plant and equipment (Note 13)
1,935
261
Advertising costs
(994)
(1,141)
Operating lease income
122
105
Exceptional administrative expenses (Note 5)
(5,938)
(1,949)
Exceptional net loss on disposal of business and fixed assets
(Note\ue01f5)
(1,757)
\u2013
Auditor\u2019s remuneration During the year the Group obtained the following services from the Company\u2019s auditor.
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Fees payable to the Company\u2019s auditor and its associates for
the audit of Parent Company and consolidated financial
statements
377
374
Fees payable to Company\u2019s auditor and its associates for
other services to the Group:
\u2013 Audit of the Company\u2019s subsidiaries
682
676
Total audit fees
1,059
1,050
\u2013 Audit related assurance services
84
84
Total non-audit fees
84
84
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-430": { "value": "6. Operating profit Operating profit includes the effect of crediting/(charging):
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Changes in inventories of finished goods and work in progress
22,573
2,605
Raw material and consumables used
(68,649)
(63,368)
Employee benefit expense (Note 7)
(86,363)
(74,829)
Depreciation \u2013 Property, plant and equipment (Note 13)
(26,213)
(23,717)
Depreciation \u2013 Right-of-use assets (Note 27)
(8,997)
(9,778)
Amortisation (Note 12)
(6,322)
(7,062)
Exceptional cost of sales (Note 5)
(9,375)
(9,771)
Exceptional write-off of inventory
(2,408)
\u2013
Research and development costs
(14,706)
(13,312)
Other production costs
(75,661)
(62,418)
Total cost of sales
(276,121)
(261,650)
Distribution costs
(36,389)
(34,139)
Other employee benefit expenses (Note 7)
(33,289)
(31,442)
Profit on disposal of property, plant and equipment (Note 13)
1,935
261
Advertising costs
(994)
(1,141)
Operating lease income
122
105
Exceptional administrative expenses (Note 5)
(5,938)
(1,949)
Exceptional net loss on disposal of business and fixed assets
(Note\ue01f5)
(1,757)
\u2013
Auditor\u2019s remuneration During the year the Group obtained the following services from the Company\u2019s auditor.
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Fees payable to the Company\u2019s auditor and its associates for
the audit of Parent Company and consolidated financial
statements
377
374
Fees payable to Company\u2019s auditor and its associates for
other services to the Group:
\u2013 Audit of the Company\u2019s subsidiaries
682
676
Total audit fees
1,059
1,050
\u2013 Audit related assurance services
84
84
Total non-audit fees
84
84
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-402": { "value": "6. Operating profit Operating profit includes the effect of crediting/(charging):
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Changes in inventories of finished goods and work in progress
22,573
2,605
Raw material and consumables used
(68,649)
(63,368)
Employee benefit expense (Note 7)
(86,363)
(74,829)
Depreciation \u2013 Property, plant and equipment (Note 13)
(26,213)
(23,717)
Depreciation \u2013 Right-of-use assets (Note 27)
(8,997)
(9,778)
Amortisation (Note 12)
(6,322)
(7,062)
Exceptional cost of sales (Note 5)
(9,375)
(9,771)
Exceptional write-off of inventory
(2,408)
\u2013
Research and development costs
(14,706)
(13,312)
Other production costs
(75,661)
(62,418)
Total cost of sales
(276,121)
(261,650)
Distribution costs
(36,389)
(34,139)
Other employee benefit expenses (Note 7)
(33,289)
(31,442)
Profit on disposal of property, plant and equipment (Note 13)
1,935
261
Advertising costs
(994)
(1,141)
Operating lease income
122
105
Exceptional administrative expenses (Note 5)
(5,938)
(1,949)
Exceptional net loss on disposal of business and fixed assets
(Note\ue01f5)
(1,757)
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-469": { "value": "Operating profit includes the effect of crediting/(charging):
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Changes in inventories of finished goods and work in progress
22,573
2,605
Raw material and consumables used
(68,649)
(63,368)
Employee benefit expense (Note 7)
(86,363)
(74,829)
Depreciation \u2013 Property, plant and equipment (Note 13)
(26,213)
(23,717)
Depreciation \u2013 Right-of-use assets (Note 27)
(8,997)
(9,778)
Amortisation (Note 12)
(6,322)
(7,062)
Exceptional cost of sales (Note 5)
(9,375)
(9,771)
Exceptional write-off of inventory
(2,408)
\u2013
Research and development costs
(14,706)
(13,312)
Other production costs
(75,661)
(62,418)
Total cost of sales
(276,121)
(261,650)
Distribution costs
(36,389)
(34,139)
Other employee benefit expenses (Note 7)
(33,289)
(31,442)
Profit on disposal of property, plant and equipment (Note 13)
1,935
261
Advertising costs
(994)
(1,141)
Operating lease income
122
105
Exceptional administrative expenses (Note 5)
(5,938)
(1,949)
Exceptional net loss on disposal of business and fixed assets
(Note\ue01f5)
(1,757)
\u2013
Auditor\u2019s remuneration During the year the Group obtained the following services from the Company\u2019s auditor.
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Fees payable to the Company\u2019s auditor and its associates for
the audit of Parent Company and consolidated financial
statements
377
374
Fees payable to Company\u2019s auditor and its associates for
other services to the Group:
\u2013 Audit of the Company\u2019s subsidiaries
682
676
Total audit fees
1,059
1,050
\u2013 Audit related assurance services
84
84
Total non-audit fees
84
84
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-458": { "value": "Operating profit includes the effect of crediting/(charging):
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Changes in inventories of finished goods and work in progress
22,573
2,605
Raw material and consumables used
(68,649)
(63,368)
Employee benefit expense (Note 7)
(86,363)
(74,829)
Depreciation \u2013 Property, plant and equipment (Note 13)
(26,213)
(23,717)
Depreciation \u2013 Right-of-use assets (Note 27)
(8,997)
(9,778)
Amortisation (Note 12)
(6,322)
(7,062)
Exceptional cost of sales (Note 5)
(9,375)
(9,771)
Exceptional write-off of inventory
(2,408)
\u2013
Research and development costs
(14,706)
(13,312)
Other production costs
(75,661)
(62,418)
Total cost of sales
(276,121)
(261,650)
Distribution costs
(36,389)
(34,139)
Other employee benefit expenses (Note 7)
(33,289)
(31,442)
Profit on disposal of property, plant and equipment (Note 13)
1,935
261
Advertising costs
(994)
(1,141)
Operating lease income
122
105
Exceptional administrative expenses (Note 5)
(5,938)
(1,949)
Exceptional net loss on disposal of business and fixed assets
(Note\ue01f5)
(1,757)
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-450": { "value": "
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Changes in inventories of finished goods and work in progress
22,573
2,605
Raw material and consumables used
(68,649)
(63,368)
Employee benefit expense (Note 7)
(86,363)
(74,829)
Depreciation \u2013 Property, plant and equipment (Note 13)
(26,213)
(23,717)
Depreciation \u2013 Right-of-use assets (Note 27)
(8,997)
(9,778)
Amortisation (Note 12)
(6,322)
(7,062)
Exceptional cost of sales (Note 5)
(9,375)
(9,771)
Exceptional write-off of inventory
(2,408)
\u2013
Research and development costs
(14,706)
(13,312)
Other production costs
(75,661)
(62,418)
Total cost of sales
(276,121)
(261,650)
Distribution costs
(36,389)
(34,139)
Other employee benefit expenses (Note 7)
(33,289)
(31,442)
Profit on disposal of property, plant and equipment (Note 13)
1,935
261
Advertising costs
(994)
(1,141)
Operating lease income
122
105
Exceptional administrative expenses (Note 5)
(5,938)
(1,949)
Exceptional net loss on disposal of business and fixed assets
(Note\ue01f5)
(1,757)
\u2013
12. Intangible assets
Customer
contracts and Other
Goodwill
relationships
Brands
Licences
intangibles
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2024
4,061
93,447
37,159
5,995
\u2013
140,662
Additions in the year
\u2013
\u2013
\u2013
1,260
\u2013
1,260
Business combination
finalisation
(171)
\u2013
\u2013
\u2013
\u2013
(171)
Utilised in the year
\u2013
\u2013
\u2013
(2,094)
\u2013
(2,094)
At 31 December 2024
3,890
93,447
37,159
5,161
\u2013
139,657
Additions in the year
\u2013
\u2013
\u2013
\u2013
652
652
Utilised in the year
\u2013
\u2013
\u2013
(1,833)
\u2013
(1,833)
At 31 December 2025
3,890
93,447
37,159
3,328
652
138,476
Accumulated amortisation
and impairment
At 1 January 2024
\u2013
(49,919)
(8,726)
\u2013
\u2013
(58,645)
Charge for the year
\u2013
(6,007)
(1,055)
\u2013
\u2013
(7,062)
At 31 December 2024
\u2013
(55,926)
(9,781)
\u2013
\u2013
(65,707)
Charge for the year
\u2013
(5,333)
(989)
\u2013
\u2013
(6,322)
At 31 December 2025
\u2013
(61,259)
(10,770)
\u2013
\u2013
(72,029)
Net book amount
At 31 December 2024
3,890
37,521
27,378
5,161
\u2013
73,950
At 31 December 2025
3,890
32,188
26,389
3,328
652
66,447
Management performed a goodwill impairment test in both the current and prior year, with no goodwill impairment recognised (see Note 17). The Group has been part of the UK ETS scheme since 01 January 2021. Licences represent carbon allowances purchased by the Group and surrendered, as required, to meet carbon emissions in excess of the Group\u2019s granted allowances. During the current year, the Group received 212,722 (2024: 217,197) free allowances from the Government at no cost. The other intangibles category consists of patent and development costs. These are attributable to the Clay segments. Amortisation is included within cost of sales in the income statement. The remaining amortisation period of customer contracts and relationships is one to eleven years. At 31 December 2025, the remaining amortisation period of brands is outlined below:
Net book value
at 31 December
Remaining
2025
amortisation
Brands
\u00a3\u2019000
period (years)
Ibstock Brick
25,068
39
Supreme
834
4
Longley
487
4
26,389
13. Property, plant and equipment
Assets in the
course of
Land and
Mineral
Plant, machinery
construction
buildings
reserves
and equipment
(AICC)
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost
At 1 January 2024
204,315
63,193
217,6 83
95,329
580,520
Additions
16,240
\u2013
8,007
22,943
47,190
Transfer to assets held for sale
(200)
\u2013
\u2013
\u2013
(200)
Transfer from AICC
4,021
\u2013
21,565
(25,586)
\u2013
Disposals
(6,640)
(367)
(20,496)
\u2013
(27,503)
At 31 December 2024
217,736
62,826
226,759
92,686
600,007
Additions
3,470
\u2013
31,679
13,984
49,133
Transfer from AICC
8,578
\u2013
85,870
(94,448)
\u2013
Disposals
(27,275)
(110)
(32,272)
\u2013
(59,657)
At 31 December 2025
202,509
62,716
312,036
12,222
589,483
Accumulated depreciation and
impairment
At 1 January 2024
(52,117)
(19,862)
(67,788)
(353)
(140,120)
Charge for the year
(2,586)
(952)
(20,179)
\u2013
(23,717)
Disposals
6,636
363
20,461
\u2013
27,460
Impairment
(852)
\u2013
(274)
\u2013
(1,126)
At 31 December 2024
(48,919)
(20,451)
(67,780)
(353)
(137,503)
Charge for the year
(3,144)
(1,406)
(21,663)
\u2013
(26,213)
Disposals
12,420
110
22,991
\u2013
35,521
Impairment
(2,071)
(360)
(3,710)
\u2013
(6,141)
At 31 December 2025
(41,714)
(22,107)
(70,162)
(353)
(134,336)
Net book amount
At 31 December 2024
168, 817
42,375
158,979
92,333
462,504
At 31 December 2025
160,795
40,609
241,874
11,869
455,147
Management reviews business performance based on segments reported in Note 4. In the current year, impairments totalling \u00a36.1 million relating to the Clay division (2024: \u00a31.1 million relating to the GRC business in the Clay division) were recognised as set out in Note 5. Further tangible asset impairment tests were conducted at the end of 2025 with no impairments required for the remainder of the assets (see Note 17). In second half 2025, the Group disposed all Roofing related property, plant and equipment totalling \u00a319.7 million as part of the Roofing business disposal. The Group has also sold the Bedford site in the year and lease it back for a five-year period with various breaks in the lease term. Further details can be found in Note 5. As part of the Group\u2019s strategic planning process, the Group has considered the impact of both transitional and physical risks and opportunities with regard to several climate change scenarios. Through its scenario analysis, management has assessed no indicators of impairment for property, plant and equipment as a result of changes in precipitation patterns and variability in weather patterns such as more frequent storms, cyclones and floods. It anticipates that any impacts arising from climate change would be covered by business-as-usual site refurbishments with no material impact to current useful economic lives or carrying values. The Group has also considered the potential future requirement to switch to alternative fuels in order to reduce its CO 2 emissions. Although this is an evolving area as technology and capability advances, management\u2019s current assumption is that existing factories, and in particular kilns, will be able to be retrofitted with no material impact to current useful economic lives or carrying values. There are no assets which are pledged as security.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-403": { "value": "Auditor\u2019s remuneration During the year the Group obtained the following services from the Company\u2019s auditor.
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Fees payable to the Company\u2019s auditor and its associates for
the audit of Parent Company and consolidated financial
statements
377
374
Fees payable to Company\u2019s auditor and its associates for
other services to the Group:
\u2013 Audit of the Company\u2019s subsidiaries
682
676
Total audit fees
1,059
1,050
\u2013 Audit related assurance services
84
84
Total non-audit fees
84
84
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-360": { "value": "
7. Employees and Directors
Employee benefit expenses for the Group during the period:
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Wages and salaries \u2013 gross
100,507
91,352
Social security costs
11,677
8,014
Pensions costs \u2013 defined benefit plans (Note 21)
1,247
959
Pensions costs \u2013 defined contribution plans (Note 21)
5,737
4,693
Share based payments (Note 26)
484
1,253
119,652
106,271
Average monthly number of people (including Executive Directors) employed:
Year ended
Year ended
31 December
31 December
2025
2024
Sales staff
193
187
Administrative staff
294
170
Production staff
1,519
1,492
2,006
1,849
Key management compensation:
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Short-term employee benefits
5,298
3,674
Post-employment benefits
112
248
Termination benefits
\u2013
132
Share-based payment
243
617
5,653
4,671
Key management personnel has been defined as the Board of Ibstock Plc, together with the Group\u2019s
Executive Team (ET). Members of the ET are set out on pages 58 to 59 of the Annual Report and
Accounts 2025. Details of remuneration for Ibstock Plc Directors, including the highest paid director,
are presented in the Remuneration Report on pages 91 to 110. The aggregate remuneration of the
Directors for the purposes of the financial statements is \u00a31.9 million (year ended 31 December 2024:
\u00a32.7 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-404": { "value": "Key management compensation:
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Short-term employee benefits
5,298
3,674
Post-employment benefits
112
248
Termination benefits
\u2013
132
Share-based payment
243
617
5,653
4,671
Key management personnel has been defined as the Board of Ibstock Plc, together with the Group\u2019s Executive Team (ET). Members of the ET are set out on pages 58 to 59 of the Annual Report and Accounts 2025. Details of remuneration for Ibstock Plc Directors, including the highest paid director, are presented in the Remuneration Report on pages 91 to 110. The aggregate remuneration of the Directors for the purposes of the financial statements is \u00a31.9 million (year ended 31 December 2024: \u00a32.7 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-361": { "value": "
8. Finance costs
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Interest costs:
Interest payable on Revolving Credit Facility
(5,648)
(4,231)
Interest payable on Private Placement
(2,220)
(2,226)
Total interest payable on bank borrowings
(7, 86 8)
(6,457)
Capitalised interest
860
828
Other interest payable
(310)
(164)
Interest expense on financial liabilities at amortised cost
(7,318)
(5,793)
Interest on lease liabilities (Note 27)
(2,048)
(2,494)
Net unwinding of discount on provisions/change in discount rate
(Note 20)
(445)
\u2013
Other interest payable
(2,493)
(2,494)
Total finance costs
(9,811)
(8,287)
Individual tranches totalling \u00a384.0 million (2024: \u00a387.0 million) of Revolving Credit Facility (RCF) were
drawn, with \u00a373.0 million (2024: \u00a381.0 million) subsequently repaid. Interest expense comprised
\u00a34.7 million (2024: \u00a33.3 million) interest on funds drawn down, \u00a30.3 million (2024: \u00a30.4 million) of
facility commitment fees, \u00a30.1 million (2024: \u00a30.1 million) of other arrangement costs and \u00a30.5 million
(2024: \u00a30.4 million) of deal fee amortisation.
\u00a30.9 million (2024: \u00a30.8 million) of borrowing costs are directly attributable to the construction or
production of qualifying assets, and therefore, have been capitalised in the relevant assets. The
average capitalisation rate was 4.00% (2024: 3.66%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-459": { "value": "8. Finance costs
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Interest costs:
Interest payable on Revolving Credit Facility
(5,648)
(4,231)
Interest payable on Private Placement
(2,220)
(2,226)
Total interest payable on bank borrowings
(7, 86 8)
(6,457)
Capitalised interest
860
828
Other interest payable
(310)
(164)
Interest expense on financial liabilities at amortised cost
(7,318)
(5,793)
Interest on lease liabilities (Note 27)
(2,048)
(2,494)
Net unwinding of discount on provisions/change in discount rate
(Note 20)
(445)
\u2013
Other interest payable
(2,493)
(2,494)
Total finance costs
(9,811)
(8,287)
Individual tranches totalling \u00a384.0 million (2024: \u00a387.0 million) of Revolving Credit Facility (RCF) were drawn, with \u00a373.0 million (2024: \u00a381.0 million) subsequently repaid. Interest expense comprised \u00a34.7 million (2024: \u00a33.3 million) interest on funds drawn down, \u00a30.3 million (2024: \u00a30.4 million) of facility commitment fees, \u00a30.1 million (2024: \u00a30.1 million) of other arrangement costs and \u00a30.5 million (2024: \u00a30.4 million) of deal fee amortisation. \u00a30.9 million (2024: \u00a30.8 million) of borrowing costs are directly attributable to the construction or production of qualifying assets, and therefore, have been capitalised in the relevant assets. The average capitalisation rate was 4.00% (2024: 3.66%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-451": { "value": "8. Finance costs
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Interest costs:
Interest payable on Revolving Credit Facility
(5,648)
(4,231)
Interest payable on Private Placement
(2,220)
(2,226)
Total interest payable on bank borrowings
(7, 86 8)
(6,457)
Capitalised interest
860
828
Other interest payable
(310)
(164)
Interest expense on financial liabilities at amortised cost
(7,318)
(5,793)
Interest on lease liabilities (Note 27)
(2,048)
(2,494)
Net unwinding of discount on provisions/change in discount rate
(Note 20)
(445)
\u2013
Other interest payable
(2,493)
(2,494)
Total finance costs
(9,811)
(8,287)
Individual tranches totalling \u00a384.0 million (2024: \u00a387.0 million) of Revolving Credit Facility (RCF) were drawn, with \u00a373.0 million (2024: \u00a381.0 million) subsequently repaid. Interest expense comprised \u00a34.7 million (2024: \u00a33.3 million) interest on funds drawn down, \u00a30.3 million (2024: \u00a30.4 million) of facility commitment fees, \u00a30.1 million (2024: \u00a30.1 million) of other arrangement costs and \u00a30.5 million (2024: \u00a30.4 million) of deal fee amortisation. \u00a30.9 million (2024: \u00a30.8 million) of borrowing costs are directly attributable to the construction or production of qualifying assets, and therefore, have been capitalised in the relevant assets. The average capitalisation rate was 4.00% (2024: 3.66%). 9. Finance income
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Interest income:
Net interest income arising on the UK pension scheme (Note 21)
394
423
Net unwinding of discount on provisions/change in discount rate
(Note 20)
\u2013
1,332
Other interest receivable
279
139
Total finance income
673
1,894
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-405": { "value": "8. Finance costs
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Interest costs:
Interest payable on Revolving Credit Facility
(5,648)
(4,231)
Interest payable on Private Placement
(2,220)
(2,226)
Total interest payable on bank borrowings
(7, 86 8)
(6,457)
Capitalised interest
860
828
Other interest payable
(310)
(164)
Interest expense on financial liabilities at amortised cost
(7,318)
(5,793)
Interest on lease liabilities (Note 27)
(2,048)
(2,494)
Net unwinding of discount on provisions/change in discount rate
(Note 20)
(445)
\u2013
Other interest payable
(2,493)
(2,494)
Total finance costs
(9,811)
(8,287)
Individual tranches totalling \u00a384.0 million (2024: \u00a387.0 million) of Revolving Credit Facility (RCF) were drawn, with \u00a373.0 million (2024: \u00a381.0 million) subsequently repaid. Interest expense comprised \u00a34.7 million (2024: \u00a33.3 million) interest on funds drawn down, \u00a30.3 million (2024: \u00a30.4 million) of facility commitment fees, \u00a30.1 million (2024: \u00a30.1 million) of other arrangement costs and \u00a30.5 million (2024: \u00a30.4 million) of deal fee amortisation. \u00a30.9 million (2024: \u00a30.8 million) of borrowing costs are directly attributable to the construction or production of qualifying assets, and therefore, have been capitalised in the relevant assets. The average capitalisation rate was 4.00% (2024: 3.66%). 9. Finance income
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Interest income:
Net interest income arising on the UK pension scheme (Note 21)
394
423
Net unwinding of discount on provisions/change in discount rate
(Note 20)
\u2013
1,332
Other interest receivable
279
139
Total finance income
673
1,894
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-465": { "value": "Individual tranches totalling \u00a384.0 million (2024: \u00a387.0 million) of Revolving Credit Facility (RCF) were drawn, with \u00a373.0 million (2024: \u00a381.0 million) subsequently repaid. Interest expense comprised \u00a34.7 million (2024: \u00a33.3 million) interest on funds drawn down, \u00a30.3 million (2024: \u00a30.4 million) of facility commitment fees, \u00a30.1 million (2024: \u00a30.1 million) of other arrangement costs and \u00a30.5 million (2024: \u00a30.4 million) of deal fee amortisation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-362": { "value": "
9. Finance income
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Interest income:
Net interest income arising on the UK pension scheme (Note 21)
394
423
Net unwinding of discount on provisions/change in discount rate
(Note 20)
\u2013
1,332
Other interest receivable
279
139
Total finance income
673
1,894
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-460": { "value": "9. Finance income
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Interest income:
Net interest income arising on the UK pension scheme (Note 21)
394
423
Net unwinding of discount on provisions/change in discount rate
(Note 20)
\u2013
1,332
Other interest receivable
279
139
Total finance income
673
1,894
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-363": { "value": "
10. Taxation
Analysis of income tax charge
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Current tax on profit for the year
\u2013
1,306
Adjustments in respect of prior period
749
1,696
Total current tax charge
749
3,002
Deferred tax on profit for the year
(1,787)
4,831
Adjustments in respect of prior period
(1,140)
(2,245)
Total deferred tax (credit)/charge
(2,927)
2,586
Total income tax (credit)/charge
(2,178)
5,588
Income tax recognised within the consolidated statement of other comprehensive income
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Tax adjustments arising on the UK pension scheme assets and
liabilities:
Deferred tax credit
(324)
(437)
Tax adjustments arising on gains and losses relating to cash flow
hedges:
Deferred tax charge/(credit)
20
(14)
Income tax recognised within the consolidated statement of changes in equity
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Current tax credit on share-based payments
(45)
(18)
Deferred tax credit on share-based payments
(13)
(124)
The tax expense for the period differs from the applicable standard rate of corporation tax in the UK
of 25% for the year ended 31 December 2025 (2024: 25%). The differences are explained below:
Exceptional
and other
adjusting
Statutory
items
Adjusted
Year ended 31 December 2025
\u00a3\u2019000
Percentage
\u00a3\u2019000
Percentage
\u00a3\u2019000
Percentage
Profit before tax
896
100%
29,307
100%
30,203
100%
Profit before tax multiplied
by the rate of corporation tax
in the UK
224
25.00%
7, 327
25.00%
7,551
25.00%
Effects of:
Items not taxable/
deductable
(2,011)
(224.39%)
2,557
8.72%
546
1.81%
Changes in estimates
relating to prior periods
(391)
(43.64%)
\u2013
\u2013
(391)
(1.29%)
Total taxation expense
from continuing operations
(2,178)
(243.03%)
9,884
33.72%
7,70 6
25.52%
Exceptional
and other
adjusting
Statutory
items
Adjusted
Year ended 31 December 2024
\u00a3\u2019000
Percentage
\u00a3\u2019000
Percentage
\u00a3\u2019000
Percentage
Profit before tax
20,680
100%
20,280
100%
40,960
100%
Profit before tax multiplied
by the rate of corporation tax
in the UK
5,170
25.00%
5,070
25.00%
10,240
25.00%
Effects of:
Expenses not deductible
967
4.68%
\u2013
\u2013
967
2.36%
Changes in estimates
relating to prior periods
(549)
(2.65%)
\u2013
\u2013
(549)
(1.34%)
Total taxation expense
from continuing operations
5,588
27.03%
5,070
25.00%
10,658
26.02%
There are no income tax consequences for the Company in respect of dividends declared prior to the
date of authorisation of these financial statements and for which a liability has not been recognised.
The Group expects its effective tax rate in the future to be affected by the outcome of any future
tax audits as well as the impact of changes in tax law.
The Finance Act 2024 received Royal Ascent on 22 February 2024, which amended certain aspects
of the multinational top-up tax and domestic top-up tax rules contained in Finance (No 2) Act
2023. The amendments will have retrospective effect for accounting periods beginning on or after
31 December 2023. The Group is below the \u20ac750 million income threshold and therefore the rules
will not impact the tax liabilities reported by the Group.
22. Deferred tax assets/liabilities
The movement on the deferred tax account is shown below:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Net deferred tax liability at beginning of period
(91,940)
(89,929)
Tax credited/(charged) to the consolidated income statement
2,928
(2,586)
Tax credited within other comprehensive income
304
451
Tax credit directly to equity
13
124
Net deferred tax liability at period end
(88,695)
(91,940)
Presented in the consolidated balance sheet after offset as:
Deferred tax liabilities
(88,695)
(91,940)
(88,695)
(91,940)
Deferred tax assets and liabilities before offsetting of balances
within the same tax jurisdiction are as follows:
Deferred tax assets
5,138
5,427
Deferred tax liabilities
(93,833)
(97,367)
Net deferred tax liability at period end
(88,695)
(91,940)
Deferred tax assets expected to unwind within one year
3,151
3,005
Deferred tax assets expected to unwind after one year
1,987
2,422
Total deferred tax assets
5,138
5,427
Deferred tax liabilities expected to unwind within one year
(5,982)
(5,975)
Deferred tax liabilities expected to unwind after one year
(87,851)
(91,392)
Total deferred tax liabilities
(93,833)
(97,367)
The movement in the net deferred tax liability analysed by each type of temporary difference is as follows:
Year ended 31 December 2025
As at 31 December 2025
Net balance at
Recognised
Recognised
1 January
in income
Recognised
directly
Deferred tax
Deferred tax
2025
statement
in OCI
in equity
Net
assets
liabilities
Deferred tax assets/(liabilities)
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Intangible fixed assets
(16,111)
1,559
\u2013
\u2013
(14,552)
\u2013
(14,552)
Tangible fixed assets
(76,598)
1,511
\u2013
\u2013
(75,087)
\u2013
(75,087)
Right-of-use assets
1,679
(126)
\u2013
\u2013
1,553
1,553
\u2013
Rolled-over and held-over capital gains
(2,699)
\u2013
\u2013
\u2013
(2,699)
\u2013
(2,699)
Employee pension liabilities
(1,959)
140
324
\u2013
(1,495)
\u2013
(1,495)
Provisions
2,922
100
\u2013
\u2013
3,022
3,022
\u2013
Share incentive plans
783
(256)
\u2013
13
540
540
\u2013
Derivative financial instrument
20
\u2013
(20)
\u2013
\u2013
\u2013
\u2013
Tax losses
23
\u2013
\u2013
\u2013
23
23
\u2013
Deferred tax (liabilities)/assets before offsetting
(91,940)
2,928
304
13
(88,695)
5,138
(93,833)
Offset of balances within the same tax jurisdiction
(5,138)
5,138
Net deferred tax liabilities
(88,695)
Year ended 31 December 2024
As at 31 December 2024
Net balance at
Recognised
Recognised
1 January
in income
Recognised
directly
Deferred tax
Deferred tax
2024
statement
in OCI
in equity
Net
assets
liabilities
Deferred tax assets/(liabilities)
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Intangible fixed assets
(17, 8 46)
1,735
\u2013
\u2013
(16,111)
\u2013
(16,111)
Tangible fixed assets
(72,547)
(4,051)
\u2013
\u2013
(76,598)
\u2013
(76,598)
Right-of-use assets
1,025
654
\u2013
\u2013
1,679
1,679
\u2013
Rolled-over and held-over capital gains
(2,699)
\u2013
\u2013
\u2013
(2,699)
\u2013
(2,699)
Employee pension liabilities
(2,458)
62
437
\u2013
(1,959)
\u2013
(1,959)
Provisions
3,771
(849)
\u2013
\u2013
2,922
2,922
\u2013
Share incentive plans
796
(137)
\u2013
124
783
783
\u2013
Derivative financial instrument
6
\u2013
14
\u2013
20
20
\u2013
Tax losses
23
\u2013
\u2013
\u2013
23
23
\u2013
Deferred tax (liabilities)/assets before offsetting
(89,929)
(2,586)
451
124
(91,940)
5,427
(97,367)
Offset of balances within the same tax jurisdiction
(5,427)
5,427
Net deferred tax liabilities
(91,940)
There are no unrecognised deferred tax assets or liabilities as at 31 December 2025 or the prior year end.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-364": { "value": "
11. Earnings per share
The basic earnings per share figures are calculated by dividing profit for the year attributable to the
Parent Shareholders by the weighted average number of Ordinary Shares in issue during the year.
The diluted earnings per share figures allow for the dilutive effect of the conversion into Ordinary
Shares of the weighted average number of options outstanding during the year. Where the average
share price for the year is lower than the option price the options become anti-dilutive and are
excluded from the calculation.
The number of shares used for the earnings per share calculation are as follows:
Year ended
Year ended
31 December
31 December
2025
2024
Basic weighted average number of Ordinary Shares
394,453
393,091
Effect of share incentive awards and options
6,112
3,372
Diluted weighted average number of Ordinary Shares
400,565
396,463
The calculation of adjusted earnings per share
1
is a key measurement used by management that is
not defined by IFRS. The adjusted earnings per share
1
measures should not be viewed in isolation
but rather treated as supplementary information.
Adjusted earnings per share
1
figures are calculated as the basic earnings per share adjusted for
exceptional items
1
, and fair value adjustments (being the amortisation and depreciation on fair
value uplifted assets and non-cash interest expenses). Adjustments are made net of the associated
taxation on the adjusted items. A reconciliation of the statutory profit to that used in the adjusted
earnings per share
1
calculations is as follows:
Year ended
Year ended
31 December
31 December
2025
2024
Total
Total
\u00a3\u2019000
\u00a3\u2019000
Profit for the period attributable to the Parent Shareholders
3,074
15,092
Add back exceptional items
1
(Note 5)
19,478
11,720
Less tax credit on exceptional items
1
(7,501)
(2,930)
Add back incremental depreciation and amortisation following fair
value uplift (Note 4)
10,236
10,779
Less tax on incremental depreciation and amortisation following
fair value uplift
(2,559)
(2,695)
Less net non-cash interest
(407)
(2,219)
Add back tax expense on non-cash interest
102
555
Adjusted profit for the period attributable to the
Parent Shareholders
22,423
30,302
Year ended
Year ended
31 December
31 December
2025
2024
Total
Total
pence
pence
Basic EPS on profit for the year
0.8
3.8
Diluted EPS on profit for the year
0.8
3.8
Adjusted basic EPS
1
on profit for the year
5.7
7.7
Adjusted diluted EPS
1
on profit for the year
5.6
7.6
1 Alternative performance measures are described in Note 3 and exceptional items are described in Note 5 to the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-365": { "value": "
12. Intangible assets
Customer
contracts and Other
Goodwill
relationships
Brands
Licences
intangibles
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2024
4,061
93,447
37,159
5,995
\u2013
140,662
Additions in the year
\u2013
\u2013
\u2013
1,260
\u2013
1,260
Business combination
finalisation
(171)
\u2013
\u2013
\u2013
\u2013
(171)
Utilised in the year
\u2013
\u2013
\u2013
(2,094)
\u2013
(2,094)
At 31 December 2024
3,890
93,447
37,159
5,161
\u2013
139,657
Additions in the year
\u2013
\u2013
\u2013
\u2013
652
652
Utilised in the year
\u2013
\u2013
\u2013
(1,833)
\u2013
(1,833)
At 31 December 2025
3,890
93,447
37,159
3,328
652
138,476
Accumulated amortisation
and impairment
At 1 January 2024
\u2013
(49,919)
(8,726)
\u2013
\u2013
(58,645)
Charge for the year
\u2013
(6,007)
(1,055)
\u2013
\u2013
(7,062)
At 31 December 2024
\u2013
(55,926)
(9,781)
\u2013
\u2013
(65,707)
Charge for the year
\u2013
(5,333)
(989)
\u2013
\u2013
(6,322)
At 31 December 2025
\u2013
(61,259)
(10,770)
\u2013
\u2013
(72,029)
Net book amount
At 31 December 2024
3,890
37,521
27,378
5,161
\u2013
73,950
At 31 December 2025
3,890
32,188
26,389
3,328
652
66,447
Management performed a goodwill impairment test in both the current and prior year, with no
goodwill impairment recognised (see Note 17).
The Group has been part of the UK ETS scheme since 01 January 2021. Licences represent carbon
allowances purchased by the Group and surrendered, as required, to meet carbon emissions in
excess of the Group\u2019s granted allowances.
During the current year, the Group received 212,722 (2024: 217,197) free allowances from the
Government at no cost.
The other intangibles category consists of patent and development costs. These are attributable
to the Clay segments.
Amortisation is included within cost of sales in the income statement.
The remaining amortisation period of customer contracts and relationships is one to eleven years.
At 31 December 2025, the remaining amortisation period of brands is outlined below:
Net book value
at 31 December
Remaining
2025
amortisation
Brands
\u00a3\u2019000
period (years)
Ibstock Brick
25,068
39
Supreme
834
4
Longley
487
4
26,389
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-431": { "value": "12. Intangible assets
Customer
contracts and Other
Goodwill
relationships
Brands
Licences
intangibles
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2024
4,061
93,447
37,159
5,995
\u2013
140,662
Additions in the year
\u2013
\u2013
\u2013
1,260
\u2013
1,260
Business combination
finalisation
(171)
\u2013
\u2013
\u2013
\u2013
(171)
Utilised in the year
\u2013
\u2013
\u2013
(2,094)
\u2013
(2,094)
At 31 December 2024
3,890
93,447
37,159
5,161
\u2013
139,657
Additions in the year
\u2013
\u2013
\u2013
\u2013
652
652
Utilised in the year
\u2013
\u2013
\u2013
(1,833)
\u2013
(1,833)
At 31 December 2025
3,890
93,447
37,159
3,328
652
138,476
Accumulated amortisation
and impairment
At 1 January 2024
\u2013
(49,919)
(8,726)
\u2013
\u2013
(58,645)
Charge for the year
\u2013
(6,007)
(1,055)
\u2013
\u2013
(7,062)
At 31 December 2024
\u2013
(55,926)
(9,781)
\u2013
\u2013
(65,707)
Charge for the year
\u2013
(5,333)
(989)
\u2013
\u2013
(6,322)
At 31 December 2025
\u2013
(61,259)
(10,770)
\u2013
\u2013
(72,029)
Net book amount
At 31 December 2024
3,890
37,521
27,378
5,161
\u2013
73,950
At 31 December 2025
3,890
32,188
26,389
3,328
652
66,447
Management performed a goodwill impairment test in both the current and prior year, with no goodwill impairment recognised (see Note 17). The Group has been part of the UK ETS scheme since 01 January 2021. Licences represent carbon allowances purchased by the Group and surrendered, as required, to meet carbon emissions in excess of the Group\u2019s granted allowances. During the current year, the Group received 212,722 (2024: 217,197) free allowances from the Government at no cost. The other intangibles category consists of patent and development costs. These are attributable to the Clay segments. Amortisation is included within cost of sales in the income statement. The remaining amortisation period of customer contracts and relationships is one to eleven years. At 31 December 2025, the remaining amortisation period of brands is outlined below:
Net book value
at 31 December
Remaining
2025
amortisation
Brands
\u00a3\u2019000
period (years)
Ibstock Brick
25,068
39
Supreme
834
4
Longley
487
4
26,389
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-406": { "value": "12. Intangible assets
Customer
contracts and Other
Goodwill
relationships
Brands
Licences
intangibles
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2024
4,061
93,447
37,159
5,995
\u2013
140,662
Additions in the year
\u2013
\u2013
\u2013
1,260
\u2013
1,260
Business combination
finalisation
(171)
\u2013
\u2013
\u2013
\u2013
(171)
Utilised in the year
\u2013
\u2013
\u2013
(2,094)
\u2013
(2,094)
At 31 December 2024
3,890
93,447
37,159
5,161
\u2013
139,657
Additions in the year
\u2013
\u2013
\u2013
\u2013
652
652
Utilised in the year
\u2013
\u2013
\u2013
(1,833)
\u2013
(1,833)
At 31 December 2025
3,890
93,447
37,159
3,328
652
138,476
Accumulated amortisation
and impairment
At 1 January 2024
\u2013
(49,919)
(8,726)
\u2013
\u2013
(58,645)
Charge for the year
\u2013
(6,007)
(1,055)
\u2013
\u2013
(7,062)
At 31 December 2024
\u2013
(55,926)
(9,781)
\u2013
\u2013
(65,707)
Charge for the year
\u2013
(5,333)
(989)
\u2013
\u2013
(6,322)
At 31 December 2025
\u2013
(61,259)
(10,770)
\u2013
\u2013
(72,029)
Net book amount
At 31 December 2024
3,890
37,521
27,378
5,161
\u2013
73,950
At 31 December 2025
3,890
32,188
26,389
3,328
652
66,447
Management performed a goodwill impairment test in both the current and prior year, with no goodwill impairment recognised (see Note 17). The Group has been part of the UK ETS scheme since 01 January 2021. Licences represent carbon allowances purchased by the Group and surrendered, as required, to meet carbon emissions in excess of the Group\u2019s granted allowances. During the current year, the Group received 212,722 (2024: 217,197) free allowances from the Government at no cost. The other intangibles category consists of patent and development costs. These are attributable to the Clay segments. Amortisation is included within cost of sales in the income statement. The remaining amortisation period of customer contracts and relationships is one to eleven years. At 31 December 2025, the remaining amortisation period of brands is outlined below:
Net book value
at 31 December
Remaining
2025
amortisation
Brands
\u00a3\u2019000
period (years)
Ibstock Brick
25,068
39
Supreme
834
4
Longley
487
4
26,389
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-367": { "value": "
13. Property, plant and equipment
Assets in the
course of
Land and
Mineral
Plant, machinery
construction
buildings
reserves
and equipment
(AICC)
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost
At 1 January 2024
204,315
63,193
217,6 83
95,329
580,520
Additions
16,240
\u2013
8,007
22,943
47,190
Transfer to assets held for sale
(200)
\u2013
\u2013
\u2013
(200)
Transfer from AICC
4,021
\u2013
21,565
(25,586)
\u2013
Disposals
(6,640)
(367)
(20,496)
\u2013
(27,503)
At 31 December 2024
217,736
62,826
226,759
92,686
600,007
Additions
3,470
\u2013
31,679
13,984
49,133
Transfer from AICC
8,578
\u2013
85,870
(94,448)
\u2013
Disposals
(27,275)
(110)
(32,272)
\u2013
(59,657)
At 31 December 2025
202,509
62,716
312,036
12,222
589,483
Accumulated depreciation and
impairment
At 1 January 2024
(52,117)
(19,862)
(67,788)
(353)
(140,120)
Charge for the year
(2,586)
(952)
(20,179)
\u2013
(23,717)
Disposals
6,636
363
20,461
\u2013
27,460
Impairment
(852)
\u2013
(274)
\u2013
(1,126)
At 31 December 2024
(48,919)
(20,451)
(67,780)
(353)
(137,503)
Charge for the year
(3,144)
(1,406)
(21,663)
\u2013
(26,213)
Disposals
12,420
110
22,991
\u2013
35,521
Impairment
(2,071)
(360)
(3,710)
\u2013
(6,141)
At 31 December 2025
(41,714)
(22,107)
(70,162)
(353)
(134,336)
Net book amount
At 31 December 2024
168, 817
42,375
158,979
92,333
462,504
At 31 December 2025
160,795
40,609
241,874
11,869
455,147
Management reviews business performance based on segments reported in Note 4. In the current
year, impairments totalling \u00a36.1 million relating to the Clay division (2024: \u00a31.1 million relating to the
GRC business in the Clay division) were recognised as set out in Note 5. Further tangible asset
impairment tests were conducted at the end of 2025 with no impairments required for the
remainder of the assets (see Note 17).
In second half 2025, the Group disposed all Roofing related property, plant and equipment totalling
\u00a319.7 million as part of the Roofing business disposal.
The Group has also sold the Bedford site in the year and lease it back for a five-year period with various
breaks in the lease term. Further details can be found in Note 5.
As part of the Group\u2019s strategic planning process, the Group has considered the impact of both
transitional and physical risks and opportunities with regard to several climate change scenarios.
Through its scenario analysis, management has assessed no indicators of impairment for property,
plant and equipment as a result of changes in precipitation patterns and variability in weather
patterns such as more frequent storms, cyclones and floods. It anticipates that any impacts arising
from climate change would be covered by business-as-usual site refurbishments with no material
impact to current useful economic lives or carrying values.
The Group has also considered the potential future requirement to switch to alternative fuels in order
to reduce its CO
2
emissions. Although this is an evolving area as technology and capability advances,
management\u2019s current assumption is that existing factories, and in particular kilns, will be able to be
retrofitted with no material impact to current useful economic lives or carrying values.
There are no assets which are pledged as security.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-366": { "value": "
14. Inventories
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Raw materials
39,620
41,018
Work in progress
4,006
4,240
Finished goods
93,822
79,561
137,448
124,819
The replacement cost of inventories is not considered to be materially different from the values above. At
31 December 2025, a provision of \u00a33.4 million (2024: \u00a32.9 million) was held against the inventory balance.
Inventory write downs recognised during the financial year as part of the 2025 restructuring single
coordinated plan totalled \u00a32.4 million (2024: \u00a3nil). See further details in Note 5.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-368": { "value": "
15. Trade and other receivables
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Trade receivables
28,472
38,866
Loss allowance
(1,217)
(1,296)
Net trade receivables
27, 255
37,570
Prepayments
3,597
5,145
Other tax
636
689
Other receivables
785
411
Total trade and other receivables
32,273
43,815
The Directors consider that the carrying amount of trade and other receivables approximates their fair value. The Group\u2019s assessment of any expected credit losses is included in Note 23. The Group has sold without recourse certain trade receivables, sold trade receivables under this agreement as at 31 December 2025 amounted to \u00a34.7 million (2024: \u00a3nil). The proceeds were presented within operating cash flows.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-407": { "value": "15. Trade and other receivables
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Trade receivables
28,472
38,866
Loss allowance
(1,217)
(1,296)
Net trade receivables
27, 255
37,570
Prepayments
3,597
5,145
Other tax
636
689
Other receivables
785
411
Total trade and other receivables
32,273
43,815
The Directors consider that the carrying amount of trade and other receivables approximates their
fair value. The Group\u2019s assessment of any expected credit losses is included in Note 23.
The Group has sold without recourse certain trade receivables, sold trade receivables under this
agreement as at 31 December 2025 amounted to \u00a34.7 million (2024: \u00a3nil). The proceeds were
presented within operating cash flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-369": { "value": "
16. Assets held for sale
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Assets classified as held for sale as of the beginning of the year
200
\u2013
Additions
\u2013
200
Disposals
(200)
\u2013
Assets classified as held for sale as of the end of the year
\u2013
200
In 2024, the Group\u2019s surplus property in Matlock has been categorised as held for sale. The property
was sold in 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-408": { "value": "16. Assets held for sale
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Assets classified as held for sale as of the beginning of the year
200
\u2013
Additions
\u2013
200
Disposals
(200)
\u2013
Assets classified as held for sale as of the end of the year
\u2013
200
In 2024, the Group\u2019s surplus property in Matlock has been categorised as held for sale. The property was sold in 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-370": { "value": "
17. Impairment
In the year, in light of the lower activity levels across the UK construction industry, management
identified indicators of potential impairment. Subsequently recoverable amounts across the Group\u2019s
cash-generating units (CGUs) were calculated and compared with the carrying value of the assets
that were allocated to the relevant CGUs.
For tangible asset impairment testing purposes, the Group has determined that each factory is a
separate Cash Generating Unit (CGU), except for Bedford and Barnwell which are considered as one
Southern fencing and building CGU in the Concrete Segment. In 2025, the Group disposed the
Roofing CGU.
For impairment testing of intangible assets such as brands, customer relationships and goodwill,
CGUs are grouped at the legal entity level, as this is the lowest level that cash inflows generated
from these assets can be identified.
Following announcement of the 2025 restructuring, in the Clay segment, management performed
detailed impairment testing for the carrying value of the assets associated with the sites that will
cease production permanently, being Gatwick and Stowmarket.
The Group determined the recoverable amount based on the fair value less costs to disposal
(\u201cFVLCTD\u201d). This assessment falls within level 3 of the fair value hierarchy and was based on
management\u2019s judgement that the assets could not be sold for any value, this being the assumption
the recoverable amount is most sensitive to.
Determination of FVLCTD by management reflected full impairment of all items of plant and
machinery, building improvement, right-of-use (ROU) assets for which management\u2019s assessment
was that no alternative use, future salvage value or disposal proceeds are expected for the impacted
assets. This led to an impairment charge of \u00a30.3m.
Additionally, management completed detailed impairment testing based on value-in-use (\u201cVIU\u201d),
for the Group\u2019s other operating CGUs as at 31 December 2025.
The key assumptions used within the VIU calculation are noted below:
Management has used the latest Board approved budget and strategic planning forecasts in its
estimated future cash flows, covering the period 2026 to 2030, which includes assumptions
regarding industry demand for the Group\u2019s products. These forecasts assume a return to normalised
levels of industry demand for the Group\u2019s products over the medium term.
For the CGUs within the clay segment, management has identified a downside risk: an unforeseen,
structural decline of more than 15% in management\u2019s forecast for long-term demand for the
Group\u2019s brick products, benchmarked against demand levels experienced in five of the past ten
years. Should this occur, the Group might make the decision to close or mothball certain CGUs,
potentially leading to an impairment of property, plant and equipment up to \u00a340 million. The final
impairment charge would be influenced by management\u2019s strategic response to the altered market
demand and product mix.
The other assumptions used within the VIU calculation are noted below:
1. A pre-tax weighted average cost of capital (\u2018WACC\u2019) of 11%-21% was used within the VIU calculation
based on an externally derived rate and benchmarked against industry peer group companies.
2. Terminal nominal growth rates of 2% were used reflecting long-term inflationary expectations
and management\u2019s past experience and expectations.
Management is of the view that no reasonable movement in the assumptions of the WACC or
terminal growth rate outlined would result a material impairment of the Group\u2019s non-current assets.
Management do not deem there to be any reasonably possible changes in the next 12 months that
would cause a material impairment in any of the CGUs of the concrete segment.
The cash flows include ongoing capital expenditure required to maintain the productive capacity
of the network but exclude any growth capital initiatives not committed.
The immediately quantifiable impacts of climate change and costs expected to be incurred in
connection with the Group\u2019s climate resilience plan, are included within the budget and strategic plan,
which have been used to support the impairment reviews, with no material impact on cash flows. It
also expects any changes required due to physical risks arising from its assessment of climate change
would be covered by business-as-usual site refurbishments and phased over multiple years. Therefore,
the related cash outflow would not have a material impact in any given year. As a consequence, there
has been no material impact on the forecast cash flows used for impairment testing.
As a result of the detailed impairment testing performed as at 31 December 2025, a further
impairment of \u00a36.0 million was identified at the Leicester site factory, which will be temporarily
closed from April 2026, with a recoverable value of \u00a317.6 million. The identified impairment was
proportionally allocated to the building, mineral reserves and plant machinery and equipment assets.
The impairment of assets valued at historical cost impacted the Clay segment of the Group in the current period as follows:
Clay
\u00a3\u2019000
Cost
Building improvements
2,071
Mineral reserves
360
Plant, machinery and equipment
3,710
Right-of-use assets
195
6,336
No further impairment charges were recognised in other CGUs and no impairment reversals arose during the year. Goodwill and other intangibles Goodwill and other intangibles (see note 12) are reviewed annually for impairment. Recoverability is assessed by comparing the carrying amount of the intangible assets and the CGUs/group of CGUs that derive benefit from the assets with the expected recoverable amount determined on a value-in-use basis. See below for a summary of which operations our goodwill and other intangibles are allocated to:
31 December
31 December
2025
2024
CGU or group of CGUs
\u00a3\u2019000
\u00a3\u2019000
Goodwill
Longley (Concrete Segment)
2,964
2,964
Generix (Clay Segment)
888
888
Coltman (Concrete Segment)
38
38
3,890
3,890
Other intangibles
Ibstock Brick (Clay Segment)
47,604
52,216
Generix (Clay Segment)
652
\u2013
Forticrete (Concrete Segment)
\u2013
140
Supreme (Concrete Segment)
11,640
14,432
Longley (Concrete Segment)
2,661
3,272
62,557
70,060
Management is of the view that no reasonably possible change could cause impairment of goodwill or other intangibles due to the significant headroom at a legal entity level. Key assumptions used within the testing are consistent with those set out above. No impairment was indicated. For the Longley CGU, a pre-tax discount rate of 12.31% has been used, together with a long-term growth rate of 2%. CGU-specific cash flows for the detailed five-year time period used by management contain a revenue compound growth rate of 7.8%", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-371": { "value": "
18. Trade and other payables
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Trade payables
52,877
53,806
Other tax and social security payable
6,936
5,629
Energy accruals
3,606
3,026
Customer rebates payable
7,363
7,988
Accruals and other payables
18,700
18,404
89,482
88,853
There are no material differences between the fair values and book values stated above. As at
31 December 2025 all items were payable within 12 months of the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-409": { "value": "18. Trade and other payables
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Trade payables
52,877
53,806
Other tax and social security payable
6,936
5,629
Energy accruals
3,606
3,026
Customer rebates payable
7,363
7,988
Accruals and other payables
18,700
18,404
89,482
88,853
There are no material differences between the fair values and book values stated above. As at 31 December 2025 all items were payable within 12 months of the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-372": { "value": "
19. Borrowings
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Current
Private Placement
339
339
Revolving Credit Facility
40,813
31,086
41,152
31,425
Non-current
Private Placement
99,862
99,427
Total borrowings
141,014
130,852
At current and prior year end, the Group held \u00a3100 million of private placement notes from PRICOA
Private Capital, with maturities of between 2028 and 2033, and an average total cost of funds of
2.19% (range 2.04% \u2013 2.27%). The agreement contains debt covenant requirements of leverage
(net debt to Adjusted EBITDA) and interest cover (Adjusted EBITDA to net finance charges) of no
more than 3 times and at least 4 times, respectively, tested semi-annually on 30 June and
31 December in respect of the preceding 12-month period.
Additionally, the Group renewed the \u00a3125 million RCF facility in 2025, of which is held with a
syndicate of four banks for an initial four-year period ending in November 2029, with one year
extension option. Interest is charged at a margin (depending upon the ratio of net debt to Adjusted
EBITDA) of between 160bps and 260bps above SONIA, SOFR or EURIBOR according to the currency
of the borrowing. The facility also includes an additional \u00a350 million uncommitted accordion facility.
Based on current leverage, the Group will pay interest under the RCF initially at a margin of 255 bps.
This facility contains debt covenant requirements that align with those of the private placement with
the same testing frequency. As at 31 December 2025, the RCF was drawn down by \u00a342.0 million
(2024: \u00a331.0 million).
The carrying values of financial liabilities have been assessed as materially in line with their fair values, with the exception of \u00a3100 million of private placement notes. The fair value of these borrowings has been assessed as \u00a390.1 million (2024: \u00a387.8 million). No security is provided over the Group\u2019s borrowings.
23. Financial instruments \u2013 risk management
Financial assets
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Trade and other receivables (Note 15)
28,040
37,981
Cash and cash equivalents
20,971
9,292
Total
49,011
47,273
Financial liabilities
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Trade and other payables (Note 18)
84,526
83,224
Derivative financial instruments
\u2013
78
Lease liabilities (Note 27)
29,510
35,082
Borrowings (Note 19)
141,014
130,852
Total
255,050
249,236
With the exception of the Group\u2019s derivative financial instruments, detailed below, all financial
assets and liabilities are held at amortised cost.
Credit risk
Credit risk arises from cash and cash equivalents, trade receivables and deposits with banks and is
managed on a Group basis. This risk arises from transactions with banks, such as those involving
cash and cash equivalents and deposits. To reduce the credit risk, the Group has concentrated its
main activities with a Group of banks that have strong, independently verified credit ratings. For
each bank, individual risk limits are set based on its \ufb01nancial position, credit ratings, past experience
and other factors. The utilisation of credit limits is regularly monitored.
The Group has significant sales contracts with a number of blue-chip companies and accordingly the
Directors believe there is a limited exposure to credit risk, although this is actively monitored at the
operational Company level. The Group\u2019s policy on credit risk requires appropriate credit checks on
potential customers before sales commence. The Group also maintains credit insurance.
The Group applies the simplified approach to providing for expected credit losses prescribed by IFRS
9, which permits the use of the lifetime expected loss provision for all trade receivables. To measure
the expected credit losses, trade receivables have been grouped based on shared credit risk
characteristics and the days past due.
The ageing analysis of the trade receivables (from date of past due) assessed for impairment, but
concluded as no impairment is required, is as follows:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Not past due
16,500
25,573
Less than one month past due
8,047
8,833
One to six months past due
2,063
1,762
Six to twelve months past due
781
596
More than twelve months past due
649
1,217
28,040
37,981
The loss allowance recognised against the receivables in the above table are as follows:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Less than one month past due
535
295
One to six months past due
\u2013
103
Six to twelve months past due
36
377
More than twelve months past due
646
521
1,217
1,296
Movements in the provision for impairment of trade receivables are as follows:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Opening balance
(1,296)
(965)
Charged to the income statement
(449)
(748)
Utilised
8
75
Released
520
342
Closing impairment provision
(1,217)
(1,296)
The gross carrying amount of trade receivables, reflecting the maximum exposure to credit risk,
is \u00a328.5 million (2024: \u00a338.9 million).
Other financial assets at amortised cost are insignificant and the associated credit risk is
considered immaterial.
Market risk
Market risk is defined as the risk that the fair value of future cash flows of a financial instrument
will fluctuate because of changes in market prices. Market risk comprises three types of risk, being
currency risk, interest rate risk and other price risk. The Group\u2019s interest rate risk arises principally from
the Revolving Credit Facility, which attracts floating rate interest, see Note 19. The Group manages
its interest rate risk through the use of the fixed rate Private Placement in addition to using this
floating rate RCF debt with varying repayment terms. The Group does not trade in derivative
financial instruments and is not considered to be significantly exposed to this and other price risks.
The exposure to currency risk is considered low.
Interest rate sensitivity analysis:
For the Group\u2019s borrowings, sensitivity analysis is considered assuming the amount of liability
outstanding at the reporting date was outstanding for the whole year. A 0.25 percentage points
increase or decrease represents management\u2019s assessment of the reasonably possible change in
interest rates.
If interest rates had been 0.25 percentage points higher/lower and all other variables were held
constant, the Group\u2019s profit for the year ended 31 December 2025 would decrease/increase by
\u00a30.2 million (2024: \u00a30.1 million), which is attributable to the Group\u2019s exposure to interest rates on
its variable rate borrowings.
The exposure in different currencies of financial assets and liabilities is as follows:
Sterling
US Dollar
Euro
Other
Total
At 31 December 2025
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets
Cash and cash equivalents
19,386
3
1,582
\u2013
20,971
Trade and other receivables (Note 15)
27,678
\u2013
362
\u2013
28,040
47,064
3
1,944
\u2013
49,011
Financial liabilities
Borrowings (Note 19)
(141,014)
\u2013
\u2013
\u2013
(141,014)
Lease liabilities (Note 27)
(29,510)
\u2013
\u2013
\u2013
(29,510)
Trade and other payables (Note 18)
(84,229)
\u2013
(288)
(9)
(84,526)
(254,753)
\u2013
(288)
(9)
(255,050)
Sterling
US Dollar
Euro
Other
Total
At 31 December 2024
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets
Cash and cash equivalents
7,918
136
1,238
\u2013
9,292
Trade and other receivables (Note 15)
37,741
\u2013
240
\u2013
37,981
45,659
136
1,477
\u2013
47,273
Financial liabilities
Borrowings (Note 19)
(130,852)
\u2013
\u2013
\u2013
(130,852)
Lease liabilities (Note 27)
(35,082)
\u2013
\u2013
\u2013
(35,082)
Derivative financial instruments
(78)
\u2013
\u2013
\u2013
(78)
Trade and other payables (Note 18)
(82,591)
(206)
(440)
13
(83,224)
(248,603)
(206)
(440)
13
(249,236)
At 31 December 2025, the Group had negligible risk to currency fluctuations as the majority of
assets and liabilities are held in the same functional currency.
Derivative financial instruments
The Group entered into forward currency contracts as cash flow hedges to manage its exposure to
foreign currency fluctuations associated with the future purchase of plant and equipment required
for the construction of the major capital expenditure projects. These instruments are measured at
fair value using Level 2 valuation techniques subsequent to initial recognition.
At 31 December 2025, no derivative financial instrument was recognised (2024: liability of \u00a30.1 million).
No amounts have been reclassified to profit or loss as a result of the hedged cash flow during the
year. The cash flow hedging reserve within equity includes an accumulated amount of \u00a30.1 million
deficit (2024: \u00a30.1 million deficit) relating to these derivative financial instruments.
Liquidity risk
The Group has generated sufficient cash from operations to meet its working capital requirements.
The Group manages liquidity risk by entering into committed bank borrowing facilities to ensure the
Group has sufficient funds available, and monitors cash flow forecasts to ensure the Group has
adequate borrowing facilities. Excess cash is placed on interest-bearing deposits with maturity fixed
at no more than three months.
The maturity of the Group\u2019s borrowings is as follows:
Less than six
Six months to
One to two
Two to five
Greater than
months
one year
years
years
five years
Total
At 31 December 2025
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Borrowings
Borrowings
41,152
\u2013
\u2013
29,972
69,890
141,014
Total
41,152
\u2013
\u2013
29,972
69,890
141,014
Less than six
Six months to
One to two
Two to five
Greater than
months
one year
years
years
five years
Total
At 31 December 2024
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Borrowings
Borrowings
425
\u2013
31,000
30,404
69,023
130,852
Total
425
\u2013
31,000
30,404
69,023
130,852
At 31 December 2025, the Group had a \u00a3125 million Revolving Credit Facility (31 December 2024:
\u00a3125 million). \u00a384.0 million (2024: \u00a387.0 million) of these facilities were utilised during the year
with a repayment of \u00a373.0 million (2024: \u00a381.0 million). The RCF was drawn down by \u00a342.0 million
as at 31 December 2025 (2024: \u00a331 million). This resulted in an interest charge of \u00a35.1 million
(2024: \u00a33.8 million).
For details of the maturity of other financial liabilities, see Notes 19 and 27.
The contractual non-discounted future cash flows in respect of borrowings and lease liabilities are:
Less than
One to two
Two to five
Greater than
one year
years
years
five years
Total
At 31 December 2025
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Lease liabilities
10,962
8,754
9,509
3,446
32,671
Borrowings
45,317
3,295
37,602
72,491
158,705
Total
56,279
12,049
47,111
75,937
191,376
Less than
One to two
Two to five
Greater than
one year
years
years
five years
Total
At 31 December 2024
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Lease liabilities
11,279
10,001
14,403
4,505
40,188
Borrowings
33,897
2,897
35,955
74,068
146,817
Total
45,176
12,898
50,358
78,573
187,0 05
(The RCF balance has been added in the 2024 comparison to provide a like for like view of the
contractual non-discounted minimum future cash flows of the borrowings).
The table below details changes in the Group\u2019s liabilities arising from financing actives, including
both cash and non-cash changes. Liabilities arising from financing activities are those for which cash
flows were, or future cash flows will be, classified in the Group\u2019s Consolidated Cash Flow Statement
as cash flows from financing activities.
Addition to
Financing Lease
1 January from cash liabilities 31 December
2025 flows
(note 27)
Other
 2025
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Lease liabilities (Note 27)
35,082
(9,998)
4,426
\u2013
29,510
Borrowings (Note 19)
130,852
9,960
\u2013
202
141,014
165,934
(38)
4,426
202
170,524
Addition to
Financing Lease Lease
1 January from cash liabilities modification 31 December
2024 flows (note 27)
(note 27)
Other
 2024
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Lease liabilities (Note 27)
43,833
(9,651)
4,999
(3,858)
(241)
35,082
Borrowings (Note 19)
124,488
6,000
\u2013
\u2013
364
130,852
168,321
(3,651)
4,999
(3,858)
123
165,934
Fair value hierarchy
IFRS 13 Financial Instruments: Disclosures requires fair value measurements to be recognised using
a fair value hierarchy that reflects the significance of the inputs used in the measurements,
according to the following levels:
Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset
or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
Level 3 Inputs for the asset or liability that are not based on observable market data (that is,
unobservable inputs).
At 31 December 2025 and 31 December 2024 all of the Group\u2019s fair value measurements have been
categorised as Level 2 with the exception of (i) certain equities within the Group\u2019s pension scheme,
which were categorised as Level 1 valuations and (ii) the insured pensioner and deferred pensioner
asset, which was categorised as a Level 3 valuation and uses assumptions set out in Note 21 to align
its valuation to the related liability.
Capital risk management The capital structure of the Group consists of net debt 1 (borrowings disclosed in Note 19 after deducting cash and bank balances) and equity of the Parent Company, comprising issued capital, reserves and retained earnings, as disclosed in Note 24 and Note 25. The Group\u2019s objectives when managing capital are to safeguard its ability to continue as a going concern in order to provide returns for Shareholders and benefits for other stakeholders and to maintain an optimal cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to Shareholders, return capital to Shareholders, issue new shares, or borrow additional debt. The Group must comply with two covenants each half year, as set out in Note 19. The covenants are certain ratios of interest cover and leverage, which are monitored on a regular basis by the Board. At the year end date, significant headroom existed on both covenant conditions. Dividend policy In line with the Group capital allocation framework, it will look to pay an ordinary dividend. It is committed to paying dividends that are sustainable and progressive, with a targeted cover of approximately two times adjusted profit after tax. This adjusted profit measure can be seen in Note 11 to the Group financial statements. After investing to maintain, enhance and grow our assets, it will return surplus capital to Shareholders. The Board is recommending a final ordinary dividend of 1.5 pence per share for the 2025 (2024: 2.5 pence per share). See Note 31 for further detail. At 31 December 2025, the Parent maintains significant distributable reserves of around \u00a3237 million (2024: around \u00a3267 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-410": { "value": "19. Borrowings
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Current
Private Placement
339
339
Revolving Credit Facility
40,813
31,086
41,152
31,425
Non-current
Private Placement
99,862
99,427
Total borrowings
141,014
130,852
At current and prior year end, the Group held \u00a3100 million of private placement notes from PRICOA Private Capital, with maturities of between 2028 and 2033, and an average total cost of funds of 2.19% (range 2.04% \u2013 2.27%). The agreement contains debt covenant requirements of leverage (net debt to Adjusted EBITDA) and interest cover (Adjusted EBITDA to net finance charges) of no more than 3 times and at least 4 times, respectively, tested semi-annually on 30 June and 31 December in respect of the preceding 12-month period. Additionally, the Group renewed the \u00a3125 million RCF facility in 2025, of which is held with a syndicate of four banks for an initial four-year period ending in November 2029, with one year extension option. Interest is charged at a margin (depending upon the ratio of net debt to Adjusted EBITDA) of between 160bps and 260bps above SONIA, SOFR or EURIBOR according to the currency of the borrowing. The facility also includes an additional \u00a350 million uncommitted accordion facility. Based on current leverage, the Group will pay interest under the RCF initially at a margin of 255 bps. This facility contains debt covenant requirements that align with those of the private placement with the same testing frequency. As at 31 December 2025, the RCF was drawn down by \u00a342.0 million (2024: \u00a331.0 million).
The carrying values of financial liabilities have been assessed as materially in line with their fair
values, with the exception of \u00a3100 million of private placement notes. The fair value of these
borrowings has been assessed as \u00a390.1 million (2024: \u00a387.8 million).
No security is provided over the Group\u2019s borrowings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-374": { "value": "
20. Provisions
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Restoration (i)
4,795
4,405
Dilapidations (ii)
4,646
3,816
Restructuring (iii)
3,357
1,397
Other (iv)
789
419
13,587
10,037
Current
5,595
3,010
Non-current
7,992
7,027
13,587
10,037
Restoration
Dilapidations
Restructuring
Other
(i) (ii)
(iii)
(iv)
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 1 January 2025
4,405
3,816
1,397
419
10,037
Utilised
\u2013
(175)
(1,096)
(407)
(1,678)
Charged to the income
statement
131
819
3,056
777
4,783
Unwind of discount/change
in rate
259
186
\u2013
\u2013
445
At 31 December 2025
4,795
4,646
3,357
789
13,587
The current expected timeframe of provision requirements is as follows:
Restoration
Dilapidations
Restructuring
Other
(i) (ii)
(iii)
(iv)
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Within one year
1,307
142
3,357
789
5,595
Between two and five years
\u2013
2,199
\u2013
\u2013
2,199
Between five and ten years
170
1,868
\u2013
\u2013
2,038
Between ten and twenty years
3,264
407
\u2013
\u2013
3,671
Over twenty years
54
30
\u2013
\u2013
84
4,795
4,646
3,357
789
13,587
(i) The restoration provision comprises obligations governing site remediation and improvement
costs to be incurred in compliance with applicable environmental regulations together with
constructive obligations stemming from established practice once the sites have been fully
utilised. Provisions are based upon management\u2019s best estimate of the ultimate cash outflows.
The key estimates associated with calculating the provision relate to the cost per acre to
perform the necessary remediation work as at the reporting date together with determining the
expected year of retirement. Climate change is specifically considered at the planning stage of
developments when restoration provisions are initially estimated. This includes projection of
costs associated with future water management requirements and the form of the ultimate
expected restoration activity. Other changes to legislation, including in relation to climate
change, are factored into the provisions when legislation becomes enacted. Estimates are
reviewed and updated annually based on the total estimated available reserves and the
expected mineral extraction rates. Whilst an element of the total provision will reverse in the
medium term (one to ten years), the majority of the legal and constructive obligations
applicable to mineral-bearing land will unwind within a twenty-year timeframe. In discounting
the related obligations, expected future cash outflows have been determined with due regard
to extraction status and anticipated remaining life. Discount rates used are based upon UK
Government bond rates with similar maturities.
(ii) Provisions for dilapidations are recognised on a lease by lease basis and are based on the
Group\u2019s best estimate of the likely contractual cash outflows, which are estimated to occur over
the lease term. Third party valuation experts are used periodically in the determination of the
best estimate of the contractual obligation, with expected cash flows discounted based upon
UK Government bond rates with similar maturities. The legal and constructive obligations will
unwind within one year to fifty years.
(iii) The restructuring provision relates to obligations arising from the Group\u2019s restructuring
programmes (see further details in Note 5). The provision primarily comprises site closure costs
and redundancy expenses. The key estimates involved concern the expected redundancy cost
per impacted employee. All costs are expected to be incurred within twelve months of the
balance sheet date.
(iv) Other provisions include provisions for legal and warranty claim costs, which are expected to be
incurred within one year of the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-412": { "value": "20. Provisions
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Restoration (i)
4,795
4,405
Dilapidations (ii)
4,646
3,816
Restructuring (iii)
3,357
1,397
Other (iv)
789
419
13,587
10,037
Current
5,595
3,010
Non-current
7,992
7,027
13,587
10,037
Restoration
Dilapidations
Restructuring
Other
(i) (ii)
(iii)
(iv)
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 1 January 2025
4,405
3,816
1,397
419
10,037
Utilised
\u2013
(175)
(1,096)
(407)
(1,678)
Charged to the income
statement
131
819
3,056
777
4,783
Unwind of discount/change
in rate
259
186
\u2013
\u2013
445
At 31 December 2025
4,795
4,646
3,357
789
13,587
The current expected timeframe of provision requirements is as follows:
Restoration
Dilapidations
Restructuring
Other
(i) (ii)
(iii)
(iv)
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Within one year
1,307
142
3,357
789
5,595
Between two and five years
\u2013
2,199
\u2013
\u2013
2,199
Between five and ten years
170
1,868
\u2013
\u2013
2,038
Between ten and twenty years
3,264
407
\u2013
\u2013
3,671
Over twenty years
54
30
\u2013
\u2013
84
4,795
4,646
3,357
789
13,587
(i) The restoration provision comprises obligations governing site remediation and improvement costs to be incurred in compliance with applicable environmental regulations together with constructive obligations stemming from established practice once the sites have been fully utilised. Provisions are based upon management\u2019s best estimate of the ultimate cash outflows. The key estimates associated with calculating the provision relate to the cost per acre to perform the necessary remediation work as at the reporting date together with determining the expected year of retirement. Climate change is specifically considered at the planning stage of developments when restoration provisions are initially estimated. This includes projection of costs associated with future water management requirements and the form of the ultimate expected restoration activity. Other changes to legislation, including in relation to climate change, are factored into the provisions when legislation becomes enacted. Estimates are reviewed and updated annually based on the total estimated available reserves and the expected mineral extraction rates. Whilst an element of the total provision will reverse in the medium term (one to ten years), the majority of the legal and constructive obligations applicable to mineral-bearing land will unwind within a twenty-year timeframe. In discounting the related obligations, expected future cash outflows have been determined with due regard to extraction status and anticipated remaining life. Discount rates used are based upon UK Government bond rates with similar maturities. (ii) Provisions for dilapidations are recognised on a lease by lease basis and are based on the Group\u2019s best estimate of the likely contractual cash outflows, which are estimated to occur over the lease term. Third party valuation experts are used periodically in the determination of the best estimate of the contractual obligation, with expected cash flows discounted based upon UK Government bond rates with similar maturities. The legal and constructive obligations will unwind within one year to fifty years. (iii) The restructuring provision relates to obligations arising from the Group\u2019s restructuring programmes (see further details in Note 5). The provision primarily comprises site closure costs and redundancy expenses. The key estimates involved concern the expected redundancy cost per impacted employee. All costs are expected to be incurred within twelve months of the balance sheet date. (iv) Other provisions include provisions for legal and warranty claim costs, which are expected to be incurred within one year of the balance sheet date.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-373": { "value": "
21. Post-employment benefit obligations
(a) Defined benefit plan
Analysis of movements in the net asset during the year:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Funded plan at 31 December
Opening balance
7,839
9,832
Charge within operating profit
(1,247)
(959)
Interest income
394
423
Remeasurement loss recognised in the statement of
comprehensive income
(1,002)
(1,457)
Carried forward at 31 December
5,984
7,839
The Group participates in the Ibstock Pension Scheme (the \u2018Scheme\u2019), a defined benefit pension
scheme in the UK. The Scheme closed to future accrual from 1 February 2017. The Scheme has four
participating employers \u2013 Ibstock Brick Limited, Forticrete Limited, Anderton Concrete Products
Limited and Figgs Bidco Limited \u2013 and was funded by payment of contributions to a separate
Trustee administered fund. The Scheme is a revalued earnings plan and provides benefits to its
members based on their length of membership in the Scheme and their average salary over that
period. The Scheme is administered by Trustees who employ independent fund managers for the
investment of the pension scheme assets. These assets are kept entirely separate from those of
the Group.
The valuation used as at 31 December 2025 has been based on the results of the 30 November 2023
triennial actuarial valuation, as updated for changes in demographic assumptions, as appropriate.
Total annual contributions, if any, to the Scheme are based on independent actuarial advice, and are
gauged to fund future pension liabilities in respect of service up to the balance sheet date. The
Scheme is subject to an independent actuarial valuation at least every three years using the
projected unit method. The next actuarial valuation is expected to be carried out in November 2026.
On 20 December 2022, the Scheme completed a full buy-in transaction with a specialist third party
provider, which represented a significant step in the Group\u2019s continuing strategy of de-risking its
pensions exposure. This transaction, together with the partial buy-in transaction in 2020 insure the
majority of the Group\u2019s defined benefit liabilities. As a result, the insured asset and the
corresponding liabilities of the Scheme are assumed to be broadly matched without exposure to
interest rate, inflation risk or longevity risk. However, there is a residual risk that the insurance
premium may change following a data cleanse to reflect a more accurate liability position. If the
surplus Scheme assets are insufficient to meet any additional premium, then the Group may need to
pay an additional contribution into the Scheme.
The defined benefit pension scheme (measured under IAS 19 Employee Benefits) is in a net surplus
position as the Trust Deed provides Ibstock with an unconditional right to a refund of surplus asset.
This assumes the full gradual settlement of plan liabilities over time until all members have left the
plan in the event of a plan wind-up. Furthermore, in the ordinary course of business the Trustees
have no right to unilaterally wind up or otherwise augment the benefits due to the members of the
Scheme. In line with IFRIC 14, a net pension asset has been recognised. The corresponding deferred
tax liability should be measured by applying the standard rate of corporation tax. A deferred tax
liability of \u00a31.5 million (2024: \u00a32.0 million) has been recognised.
Balance sheet assets/(obligations):
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Insured annuities
314,879
320,298
Cash fund investment
7,193
9,593
Cash
851
1,045
Total market value of assets
322,923
330,936
Present value of Scheme liabilities
(316,939)
(323,097)
Net Scheme asset
5,984
7, 839
Cash fund investment was held with M&G Investment Management in order to protect the capital
of the pension.
Cash fund investment is valued at Level 1 in the fair value hierarchy and all other assets held by the
Scheme are Level 2 in the hierarchy. The cash fund had a quoted market price in an active market,
whilst cash and insured annuities are unquoted.
The amounts recognised in the income statement are:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Administrative expenses
1,247
1,079
Past service income
\u2013
(120)
Defined contribution scheme costs (Note 21b)
5,737
4,693
Charge within labour costs and operating profit
6,984
5,652
Interest income
(394)
(423)
Total charge to the income statement
6,590
5,229
Remeasurements recognised in the statement of comprehensive income:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Remeasurement losses on defined benefit scheme assets
(3,117)
(37,470)
Remeasurement gains arising from changes in financial
assumptions
7,665
32,536
Remeasurement (losses)/gains arising from changes in
demographic assumptions
(2,892)
2,134
Experience (losses)/gains
(2,658)
1,343
Other comprehensive expense
(1,002)
(1,457)
Changes in the present value of the defined benefit obligations are analysed as follows:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Present value of defined benefit obligation at beginning of year
(323,097)
(363,887)
Past service income
\u2013
120
Interest cost
(17,0 42)
(16,090)
Experience (losses)/gains
(2,658)
1,343
Benefits paid
21,085
20,747
Remeasurement gains arising from changes in financial
assumptions
7,665
32,536
Remeasurement (losses)/gains arising from changes in
demographic assumptions
(2,892)
2,134
Present value of defined benefit obligations carried forward
at 31 December
(316,939)
(323,097)
Changes in the fair value of plan assets are analysed as follows:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Fair value of pension scheme assets at beginning of the year
330,936
373,719
Interest income
17, 436
16,513
Remeasurement losses on defined benefit scheme assets
(3,117)
(37,470)
Benefits paid
(21,085)
(20,747)
Administrative expenses
(1,247)
(1,079)
Fair value of pension scheme assets carried forward
322,923
330,936
Plan assets are comprised as follows:
31 December 2025
Quoted
Unquoted
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
%
Insured annuities
\u2013
314,879
314,879
98%
Cash and net current assets
7,193
851
8,044
2%
Total fair value of plan assets
7,193
315,730
322,923
100%
31 December 2024
Quoted
Unquoted
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
%
Insured annuities
\u2013
320,298
320,298
97%
Cash and net current assets
9,593
1,045
10,638
3%
Total
9,593
321,343
330,936
100%
In light of the fact that the pension scheme was in a net surplus position after the full buy-in, on
27 February 2023 the Trustees and the Group agreed that the Group would suspend paying regular
contributions with effect from 1 March 2023. The schedule of contributions was reviewed again as
part of the 30 November 2023 actuarial valuation, and as the net surplus position remained
unchanged, no further contributions were required.
The weighted average duration of the defined benefit obligation is 12 years (2024: 12 years).
The principal assumptions used by the actuary in their calculations were:
31 December
31 December
2025
2024
Per annum
Per annum
Discount rate
5.50%
5.45%
RPI inflation
2.95%
3.25%
CPI inflation
2.50%
2.75%
Rate of increase in pensions in payment
3.50%
3.65%
Commutation factors
19.3
19.5
Mortality assumptions: life expectancy from age 65
For a male currently aged 65
21.7 years
21.4 years
For a female currently aged 65
24.3 years
24.2 years
For a male currently aged 40
23.5 years
23.1 years
For a female currently aged 40
26.0 years
26.0 years
The post-retirement mortality assumptions allow for expected changes to life expectancy. The life
expectancies quoted for members currently aged 40 assume that they retire at age 65 (i.e. 25 years
after the balance sheet date).
The principal financial assumption is the real discount rate, being the excess of the discount rate over
the rate of inflation. The discount rate is based on the market yields on high-quality corporate bonds
of appropriate currency and term to the defined benefit obligations. The obligations are primarily in
Sterling and have a maturity in line with the duration of Scheme liabilities. If the real discount rate
increased/decreased by 0.25%, the defined benefit obligations at 31 December 2025 would
decrease/increase by approximately 2.9%.
The impact on the defined benefit obligation to changes in the financial and demographic
assumptions is shown below:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Present value of defined benefit obligations at 31 December
(316,939)
(323,097)
0.25% decrease in discount rate
(9,090)
(9,589)
0.25% increase in discount rate
8,669
9,133
0.25% increase in inflation rate
(5,572)
(5,432)
0.25% decrease in inflation rate
4,625
5,040
0.25% increase in pension growth rate
(6,609)
(6,863)
0.25% decrease in pension growth rate
6,366
6,610
1 year increase in life expectancy
(12,614)
(12,390)
1 year decrease in life expectancy
12,721
12,477
In July 2024, the Court of Appeal confirmed an earlier ruling by the High Court in the Virgin Media
Limited vs NTL Pension Trustees II Limited case that considered the implications of Section 37 of the
Pension Schemes Act 1993. The ruling determined that certain pension plan amendments were
invalid unless accompanied by the correct actuarial confirmation.
On 5 June 2025, the Government issued a statement recognising that schemes and sponsoring
employers need clarity around scheme liabilities and member benefit levels in order to plan for
the future, further to last year\u2019s Court of Appeal judgement in the Virgin Media pension case.
The Government is looking to introduce legislation to give affected pension scheme the ability
to retrospectively obtain written actuarial confirmation that historic benefit changes met the
necessary standards.
In 2024, the Group commenced an assessment of the potential impact of the Virgin Media ruling,
working in collaboration with the Trustees of its sponsored pension scheme. The Trustees have
engaged legal advisers to review all deeds executed between 6 April 1997 and 5 April 2016. This
review includes deeds related to the Ibstock Pension Scheme as well as those associated with various
other schemes that were subsequently merged into it.
Of the 52 deeds identified, 10 did not have appended actuarial confirmations. It remains unclear
whether amendments were made without the required \u2018Section 37\u2019 confirmation from the Scheme
Actuary, introducing uncertainty regarding the potential impact of these deeds on the valuation of
pension obligations.
As at 31 December 2025, the Group is unable to quantify any potential impact on its pension
scheme until the assessment in light of the Virgin Media ruling is complete. The Group understands
that the Trustees have established policies and procedures to ensure compliance with applicable
laws and regulations. These include regular Trustee meetings attended by professional advisers
such as the Scheme Actuary, ongoing involvement of legal counsel, annual scheme audits,
and triennial valuations.
(b) Defined contribution plan
The Group operates defined contribution schemes under the Ibstock Pension Scheme, the Supreme
Concrete Limited Pension Scheme, the Anderton Concrete Pension Scheme, the Supreme Concrete
Group Personal Plan and the Longley Concrete Pension scheme. Contributions by both employees
and Group companies are held in externally invested, externally administered funds.
The Group contributes a specified percentage of earnings for members of the above defined
contribution schemes and thereafter has no further obligations in relation to the Scheme. The total
cost charged to the income statement in relation to the defined contribution scheme in the year was
\u00a35.7 million (2024: \u00a34.7 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-461": { "value": "21. Post-employment benefit obligations (a) Defined benefit plan Analysis of movements in the net asset during the year:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Funded plan at 31 December
Opening balance
7,839
9,832
Charge within operating profit
(1,247)
(959)
Interest income
394
423
Remeasurement loss recognised in the statement of
comprehensive income
(1,002)
(1,457)
Carried forward at 31 December
5,984
7,839
The Group participates in the Ibstock Pension Scheme (the \u2018Scheme\u2019), a defined benefit pension scheme in the UK. The Scheme closed to future accrual from 1 February 2017. The Scheme has four participating employers \u2013 Ibstock Brick Limited, Forticrete Limited, Anderton Concrete Products Limited and Figgs Bidco Limited \u2013 and was funded by payment of contributions to a separate Trustee administered fund. The Scheme is a revalued earnings plan and provides benefits to its members based on their length of membership in the Scheme and their average salary over that period. The Scheme is administered by Trustees who employ independent fund managers for the investment of the pension scheme assets. These assets are kept entirely separate from those of the Group. The valuation used as at 31 December 2025 has been based on the results of the 30 November 2023 triennial actuarial valuation, as updated for changes in demographic assumptions, as appropriate. Total annual contributions, if any, to the Scheme are based on independent actuarial advice, and are gauged to fund future pension liabilities in respect of service up to the balance sheet date. The Scheme is subject to an independent actuarial valuation at least every three years using the projected unit method. The next actuarial valuation is expected to be carried out in November 2026. On 20 December 2022, the Scheme completed a full buy-in transaction with a specialist third party provider, which represented a significant step in the Group\u2019s continuing strategy of de-risking its pensions exposure. This transaction, together with the partial buy-in transaction in 2020 insure the majority of the Group\u2019s defined benefit liabilities. As a result, the insured asset and the corresponding liabilities of the Scheme are assumed to be broadly matched without exposure to interest rate, inflation risk or longevity risk. However, there is a residual risk that the insurance premium may change following a data cleanse to reflect a more accurate liability position. If the surplus Scheme assets are insufficient to meet any additional premium, then the Group may need to pay an additional contribution into the Scheme. The defined benefit pension scheme (measured under IAS 19 Employee Benefits) is in a net surplus position as the Trust Deed provides Ibstock with an unconditional right to a refund of surplus asset. This assumes the full gradual settlement of plan liabilities over time until all members have left the plan in the event of a plan wind-up. Furthermore, in the ordinary course of business the Trustees have no right to unilaterally wind up or otherwise augment the benefits due to the members of the Scheme. In line with IFRIC 14, a net pension asset has been recognised. The corresponding deferred tax liability should be measured by applying the standard rate of corporation tax. A deferred tax liability of \u00a31.5 million (2024: \u00a32.0 million) has been recognised. Balance sheet assets/(obligations):
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Insured annuities
314,879
320,298
Cash fund investment
7,193
9,593
Cash
851
1,045
Total market value of assets
322,923
330,936
Present value of Scheme liabilities
(316,939)
(323,097)
Net Scheme asset
5,984
7, 839
Cash fund investment was held with M&G Investment Management in order to protect the capital of the pension. Cash fund investment is valued at Level 1 in the fair value hierarchy and all other assets held by the Scheme are Level 2 in the hierarchy. The cash fund had a quoted market price in an active market, whilst cash and insured annuities are unquoted. The amounts recognised in the income statement are:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Administrative expenses
1,247
1,079
Past service income
\u2013
(120)
Defined contribution scheme costs (Note 21b)
5,737
4,693
Charge within labour costs and operating profit
6,984
5,652
Interest income
(394)
(423)
Total charge to the income statement
6,590
5,229
Remeasurements recognised in the statement of comprehensive income:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Remeasurement losses on defined benefit scheme assets
(3,117)
(37,470)
Remeasurement gains arising from changes in financial
assumptions
7,665
32,536
Remeasurement (losses)/gains arising from changes in
demographic assumptions
(2,892)
2,134
Experience (losses)/gains
(2,658)
1,343
Other comprehensive expense
(1,002)
(1,457)
Changes in the present value of the defined benefit obligations are analysed as follows:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Present value of defined benefit obligation at beginning of year
(323,097)
(363,887)
Past service income
\u2013
120
Interest cost
(17,0 42)
(16,090)
Experience (losses)/gains
(2,658)
1,343
Benefits paid
21,085
20,747
Remeasurement gains arising from changes in financial
assumptions
7,665
32,536
Remeasurement (losses)/gains arising from changes in
demographic assumptions
(2,892)
2,134
Present value of defined benefit obligations carried forward
at 31 December
(316,939)
(323,097)
Changes in the fair value of plan assets are analysed as follows:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Fair value of pension scheme assets at beginning of the year
330,936
373,719
Interest income
17, 436
16,513
Remeasurement losses on defined benefit scheme assets
(3,117)
(37,470)
Benefits paid
(21,085)
(20,747)
Administrative expenses
(1,247)
(1,079)
Fair value of pension scheme assets carried forward
322,923
330,936
Plan assets are comprised as follows:
31 December 2025
Quoted
Unquoted
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
%
Insured annuities
\u2013
314,879
314,879
98%
Cash and net current assets
7,193
851
8,044
2%
Total fair value of plan assets
7,193
315,730
322,923
100%
31 December 2024
Quoted
Unquoted
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
%
Insured annuities
\u2013
320,298
320,298
97%
Cash and net current assets
9,593
1,045
10,638
3%
Total
9,593
321,343
330,936
100%
In light of the fact that the pension scheme was in a net surplus position after the full buy-in, on 27 February 2023 the Trustees and the Group agreed that the Group would suspend paying regular contributions with effect from 1 March 2023. The schedule of contributions was reviewed again as part of the 30 November 2023 actuarial valuation, and as the net surplus position remained unchanged, no further contributions were required. The weighted average duration of the defined benefit obligation is 12 years (2024: 12 years). The principal assumptions used by the actuary in their calculations were:
31 December
31 December
2025
2024
Per annum
Per annum
Discount rate
5.50%
5.45%
RPI inflation
2.95%
3.25%
CPI inflation
2.50%
2.75%
Rate of increase in pensions in payment
3.50%
3.65%
Commutation factors
19.3
19.5
Mortality assumptions: life expectancy from age 65
For a male currently aged 65
21.7 years
21.4 years
For a female currently aged 65
24.3 years
24.2 years
For a male currently aged 40
23.5 years
23.1 years
For a female currently aged 40
26.0 years
26.0 years
The post-retirement mortality assumptions allow for expected changes to life expectancy. The life expectancies quoted for members currently aged 40 assume that they retire at age 65 (i.e. 25 years after the balance sheet date). The principal financial assumption is the real discount rate, being the excess of the discount rate over the rate of inflation. The discount rate is based on the market yields on high-quality corporate bonds of appropriate currency and term to the defined benefit obligations. The obligations are primarily in Sterling and have a maturity in line with the duration of Scheme liabilities. If the real discount rate increased/decreased by 0.25%, the defined benefit obligations at 31 December 2025 would decrease/increase by approximately 2.9%. The impact on the defined benefit obligation to changes in the financial and demographic assumptions is shown below:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Present value of defined benefit obligations at 31 December
(316,939)
(323,097)
0.25% decrease in discount rate
(9,090)
(9,589)
0.25% increase in discount rate
8,669
9,133
0.25% increase in inflation rate
(5,572)
(5,432)
0.25% decrease in inflation rate
4,625
5,040
0.25% increase in pension growth rate
(6,609)
(6,863)
0.25% decrease in pension growth rate
6,366
6,610
1 year increase in life expectancy
(12,614)
(12,390)
1 year decrease in life expectancy
12,721
12,477
In July 2024, the Court of Appeal confirmed an earlier ruling by the High Court in the Virgin Media Limited vs NTL Pension Trustees II Limited case that considered the implications of Section 37 of the Pension Schemes Act 1993. The ruling determined that certain pension plan amendments were invalid unless accompanied by the correct actuarial confirmation. On 5 June 2025, the Government issued a statement recognising that schemes and sponsoring employers need clarity around scheme liabilities and member benefit levels in order to plan for the future, further to last year\u2019s Court of Appeal judgement in the Virgin Media pension case. The Government is looking to introduce legislation to give affected pension scheme the ability to retrospectively obtain written actuarial confirmation that historic benefit changes met the necessary standards. In 2024, the Group commenced an assessment of the potential impact of the Virgin Media ruling, working in collaboration with the Trustees of its sponsored pension scheme. The Trustees have engaged legal advisers to review all deeds executed between 6 April 1997 and 5 April 2016. This review includes deeds related to the Ibstock Pension Scheme as well as those associated with various other schemes that were subsequently merged into it. Of the 52 deeds identified, 10 did not have appended actuarial confirmations. It remains unclear whether amendments were made without the required \u2018Section 37\u2019 confirmation from the Scheme Actuary, introducing uncertainty regarding the potential impact of these deeds on the valuation of pension obligations. As at 31 December 2025, the Group is unable to quantify any potential impact on its pension scheme until the assessment in light of the Virgin Media ruling is complete. The Group understands that the Trustees have established policies and procedures to ensure compliance with applicable laws and regulations. These include regular Trustee meetings attended by professional advisers such as the Scheme Actuary, ongoing involvement of legal counsel, annual scheme audits, and triennial valuations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-452": { "value": "21. Post-employment benefit obligations (a) Defined benefit plan Analysis of movements in the net asset during the year:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Funded plan at 31 December
Opening balance
7,839
9,832
Charge within operating profit
(1,247)
(959)
Interest income
394
423
Remeasurement loss recognised in the statement of
comprehensive income
(1,002)
(1,457)
Carried forward at 31 December
5,984
7,839
The Group participates in the Ibstock Pension Scheme (the \u2018Scheme\u2019), a defined benefit pension scheme in the UK. The Scheme closed to future accrual from 1 February 2017. The Scheme has four participating employers \u2013 Ibstock Brick Limited, Forticrete Limited, Anderton Concrete Products Limited and Figgs Bidco Limited \u2013 and was funded by payment of contributions to a separate Trustee administered fund. The Scheme is a revalued earnings plan and provides benefits to its members based on their length of membership in the Scheme and their average salary over that period. The Scheme is administered by Trustees who employ independent fund managers for the investment of the pension scheme assets. These assets are kept entirely separate from those of the Group. The valuation used as at 31 December 2025 has been based on the results of the 30 November 2023 triennial actuarial valuation, as updated for changes in demographic assumptions, as appropriate. Total annual contributions, if any, to the Scheme are based on independent actuarial advice, and are gauged to fund future pension liabilities in respect of service up to the balance sheet date. The Scheme is subject to an independent actuarial valuation at least every three years using the projected unit method. The next actuarial valuation is expected to be carried out in November 2026. On 20 December 2022, the Scheme completed a full buy-in transaction with a specialist third party provider, which represented a significant step in the Group\u2019s continuing strategy of de-risking its pensions exposure. This transaction, together with the partial buy-in transaction in 2020 insure the majority of the Group\u2019s defined benefit liabilities. As a result, the insured asset and the corresponding liabilities of the Scheme are assumed to be broadly matched without exposure to interest rate, inflation risk or longevity risk. However, there is a residual risk that the insurance premium may change following a data cleanse to reflect a more accurate liability position. If the surplus Scheme assets are insufficient to meet any additional premium, then the Group may need to pay an additional contribution into the Scheme. The defined benefit pension scheme (measured under IAS 19 Employee Benefits) is in a net surplus position as the Trust Deed provides Ibstock with an unconditional right to a refund of surplus asset. This assumes the full gradual settlement of plan liabilities over time until all members have left the plan in the event of a plan wind-up. Furthermore, in the ordinary course of business the Trustees have no right to unilaterally wind up or otherwise augment the benefits due to the members of the Scheme. In line with IFRIC 14, a net pension asset has been recognised. The corresponding deferred tax liability should be measured by applying the standard rate of corporation tax. A deferred tax liability of \u00a31.5 million (2024: \u00a32.0 million) has been recognised. Balance sheet assets/(obligations):
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Insured annuities
314,879
320,298
Cash fund investment
7,193
9,593
Cash
851
1,045
Total market value of assets
322,923
330,936
Present value of Scheme liabilities
(316,939)
(323,097)
Net Scheme asset
5,984
7, 839
Cash fund investment was held with M&G Investment Management in order to protect the capital of the pension. Cash fund investment is valued at Level 1 in the fair value hierarchy and all other assets held by the Scheme are Level 2 in the hierarchy. The cash fund had a quoted market price in an active market, whilst cash and insured annuities are unquoted. The amounts recognised in the income statement are:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Administrative expenses
1,247
1,079
Past service income
\u2013
(120)
Defined contribution scheme costs (Note 21b)
5,737
4,693
Charge within labour costs and operating profit
6,984
5,652
Interest income
(394)
(423)
Total charge to the income statement
6,590
5,229
Remeasurements recognised in the statement of comprehensive income:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Remeasurement losses on defined benefit scheme assets
(3,117)
(37,470)
Remeasurement gains arising from changes in financial
assumptions
7,665
32,536
Remeasurement (losses)/gains arising from changes in
demographic assumptions
(2,892)
2,134
Experience (losses)/gains
(2,658)
1,343
Other comprehensive expense
(1,002)
(1,457)
Changes in the present value of the defined benefit obligations are analysed as follows:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Present value of defined benefit obligation at beginning of year
(323,097)
(363,887)
Past service income
\u2013
120
Interest cost
(17,0 42)
(16,090)
Experience (losses)/gains
(2,658)
1,343
Benefits paid
21,085
20,747
Remeasurement gains arising from changes in financial
assumptions
7,665
32,536
Remeasurement (losses)/gains arising from changes in
demographic assumptions
(2,892)
2,134
Present value of defined benefit obligations carried forward
at 31 December
(316,939)
(323,097)
Changes in the fair value of plan assets are analysed as follows:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Fair value of pension scheme assets at beginning of the year
330,936
373,719
Interest income
17, 436
16,513
Remeasurement losses on defined benefit scheme assets
(3,117)
(37,470)
Benefits paid
(21,085)
(20,747)
Administrative expenses
(1,247)
(1,079)
Fair value of pension scheme assets carried forward
322,923
330,936
Plan assets are comprised as follows:
31 December 2025
Quoted
Unquoted
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
%
Insured annuities
\u2013
314,879
314,879
98%
Cash and net current assets
7,193
851
8,044
2%
Total fair value of plan assets
7,193
315,730
322,923
100%
31 December 2024
Quoted
Unquoted
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
%
Insured annuities
\u2013
320,298
320,298
97%
Cash and net current assets
9,593
1,045
10,638
3%
Total
9,593
321,343
330,936
100%
In light of the fact that the pension scheme was in a net surplus position after the full buy-in, on 27 February 2023 the Trustees and the Group agreed that the Group would suspend paying regular contributions with effect from 1 March 2023. The schedule of contributions was reviewed again as part of the 30 November 2023 actuarial valuation, and as the net surplus position remained unchanged, no further contributions were required. The weighted average duration of the defined benefit obligation is 12 years (2024: 12 years). ", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-432": { "value": "21. Post-employment benefit obligations (a) Defined benefit plan Analysis of movements in the net asset during the year:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Funded plan at 31 December
Opening balance
7,839
9,832
Charge within operating profit
(1,247)
(959)
Interest income
394
423
Remeasurement loss recognised in the statement of
comprehensive income
(1,002)
(1,457)
Carried forward at 31 December
5,984
7,839
The Group participates in the Ibstock Pension Scheme (the \u2018Scheme\u2019), a defined benefit pension scheme in the UK. The Scheme closed to future accrual from 1 February 2017. The Scheme has four participating employers \u2013 Ibstock Brick Limited, Forticrete Limited, Anderton Concrete Products Limited and Figgs Bidco Limited \u2013 and was funded by payment of contributions to a separate Trustee administered fund. The Scheme is a revalued earnings plan and provides benefits to its members based on their length of membership in the Scheme and their average salary over that period. The Scheme is administered by Trustees who employ independent fund managers for the investment of the pension scheme assets. These assets are kept entirely separate from those of the Group. The valuation used as at 31 December 2025 has been based on the results of the 30 November 2023 triennial actuarial valuation, as updated for changes in demographic assumptions, as appropriate. Total annual contributions, if any, to the Scheme are based on independent actuarial advice, and are gauged to fund future pension liabilities in respect of service up to the balance sheet date. The Scheme is subject to an independent actuarial valuation at least every three years using the projected unit method. The next actuarial valuation is expected to be carried out in November 2026. On 20 December 2022, the Scheme completed a full buy-in transaction with a specialist third party provider, which represented a significant step in the Group\u2019s continuing strategy of de-risking its pensions exposure. This transaction, together with the partial buy-in transaction in 2020 insure the majority of the Group\u2019s defined benefit liabilities. As a result, the insured asset and the corresponding liabilities of the Scheme are assumed to be broadly matched without exposure to interest rate, inflation risk or longevity risk. However, there is a residual risk that the insurance premium may change following a data cleanse to reflect a more accurate liability position. If the surplus Scheme assets are insufficient to meet any additional premium, then the Group may need to pay an additional contribution into the Scheme. The defined benefit pension scheme (measured under IAS 19 Employee Benefits) is in a net surplus position as the Trust Deed provides Ibstock with an unconditional right to a refund of surplus asset. This assumes the full gradual settlement of plan liabilities over time until all members have left the plan in the event of a plan wind-up. Furthermore, in the ordinary course of business the Trustees have no right to unilaterally wind up or otherwise augment the benefits due to the members of the Scheme. In line with IFRIC 14, a net pension asset has been recognised. The corresponding deferred tax liability should be measured by applying the standard rate of corporation tax. A deferred tax liability of \u00a31.5 million (2024: \u00a32.0 million) has been recognised. Balance sheet assets/(obligations):
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Insured annuities
314,879
320,298
Cash fund investment
7,193
9,593
Cash
851
1,045
Total market value of assets
322,923
330,936
Present value of Scheme liabilities
(316,939)
(323,097)
Net Scheme asset
5,984
7, 839
Cash fund investment was held with M&G Investment Management in order to protect the capital of the pension. Cash fund investment is valued at Level 1 in the fair value hierarchy and all other assets held by the Scheme are Level 2 in the hierarchy. The cash fund had a quoted market price in an active market, whilst cash and insured annuities are unquoted. The amounts recognised in the income statement are:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Administrative expenses
1,247
1,079
Past service income
\u2013
(120)
Defined contribution scheme costs (Note 21b)
5,737
4,693
Charge within labour costs and operating profit
6,984
5,652
Interest income
(394)
(423)
Total charge to the income statement
6,590
5,229
Remeasurements recognised in the statement of comprehensive income:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Remeasurement losses on defined benefit scheme assets
(3,117)
(37,470)
Remeasurement gains arising from changes in financial
assumptions
7,665
32,536
Remeasurement (losses)/gains arising from changes in
demographic assumptions
(2,892)
2,134
Experience (losses)/gains
(2,658)
1,343
Other comprehensive expense
(1,002)
(1,457)
Changes in the present value of the defined benefit obligations are analysed as follows:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Present value of defined benefit obligation at beginning of year
(323,097)
(363,887)
Past service income
\u2013
120
Interest cost
(17,0 42)
(16,090)
Experience (losses)/gains
(2,658)
1,343
Benefits paid
21,085
20,747
Remeasurement gains arising from changes in financial
assumptions
7,665
32,536
Remeasurement (losses)/gains arising from changes in
demographic assumptions
(2,892)
2,134
Present value of defined benefit obligations carried forward
at 31 December
(316,939)
(323,097)
Changes in the fair value of plan assets are analysed as follows:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Fair value of pension scheme assets at beginning of the year
330,936
373,719
Interest income
17, 436
16,513
Remeasurement losses on defined benefit scheme assets
(3,117)
(37,470)
Benefits paid
(21,085)
(20,747)
Administrative expenses
(1,247)
(1,079)
Fair value of pension scheme assets carried forward
322,923
330,936
Plan assets are comprised as follows:
31 December 2025
Quoted
Unquoted
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
%
Insured annuities
\u2013
314,879
314,879
98%
Cash and net current assets
7,193
851
8,044
2%
Total fair value of plan assets
7,193
315,730
322,923
100%
31 December 2024
Quoted
Unquoted
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
%
Insured annuities
\u2013
320,298
320,298
97%
Cash and net current assets
9,593
1,045
10,638
3%
Total
9,593
321,343
330,936
100%
In light of the fact that the pension scheme was in a net surplus position after the full buy-in, on 27 February 2023 the Trustees and the Group agreed that the Group would suspend paying regular contributions with effect from 1 March 2023. The schedule of contributions was reviewed again as part of the 30 November 2023 actuarial valuation, and as the net surplus position remained unchanged, no further contributions were required. The weighted average duration of the defined benefit obligation is 12 years (2024: 12 years). The principal assumptions used by the actuary in their calculations were:
31 December
31 December
2025
2024
Per annum
Per annum
Discount rate
5.50%
5.45%
RPI inflation
2.95%
3.25%
CPI inflation
2.50%
2.75%
Rate of increase in pensions in payment
3.50%
3.65%
Commutation factors
19.3
19.5
Mortality assumptions: life expectancy from age 65
For a male currently aged 65
21.7 years
21.4 years
For a female currently aged 65
24.3 years
24.2 years
For a male currently aged 40
23.5 years
23.1 years
For a female currently aged 40
26.0 years
26.0 years
The post-retirement mortality assumptions allow for expected changes to life expectancy. The life expectancies quoted for members currently aged 40 assume that they retire at age 65 (i.e. 25 years after the balance sheet date). The principal financial assumption is the real discount rate, being the excess of the discount rate over the rate of inflation. The discount rate is based on the market yields on high-quality corporate bonds of appropriate currency and term to the defined benefit obligations. The obligations are primarily in Sterling and have a maturity in line with the duration of Scheme liabilities. If the real discount rate increased/decreased by 0.25%, the defined benefit obligations at 31 December 2025 would decrease/increase by approximately 2.9%. The impact on the defined benefit obligation to changes in the financial and demographic assumptions is shown below:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Present value of defined benefit obligations at 31 December
(316,939)
(323,097)
0.25% decrease in discount rate
(9,090)
(9,589)
0.25% increase in discount rate
8,669
9,133
0.25% increase in inflation rate
(5,572)
(5,432)
0.25% decrease in inflation rate
4,625
5,040
0.25% increase in pension growth rate
(6,609)
(6,863)
0.25% decrease in pension growth rate
6,366
6,610
1 year increase in life expectancy
(12,614)
(12,390)
1 year decrease in life expectancy
12,721
12,477
In July 2024, the Court of Appeal confirmed an earlier ruling by the High Court in the Virgin Media Limited vs NTL Pension Trustees II Limited case that considered the implications of Section 37 of the Pension Schemes Act 1993. The ruling determined that certain pension plan amendments were invalid unless accompanied by the correct actuarial confirmation. On 5 June 2025, the Government issued a statement recognising that schemes and sponsoring employers need clarity around scheme liabilities and member benefit levels in order to plan for the future, further to last year\u2019s Court of Appeal judgement in the Virgin Media pension case. The Government is looking to introduce legislation to give affected pension scheme the ability to retrospectively obtain written actuarial confirmation that historic benefit changes met the necessary standards. In 2024, the Group commenced an assessment of the potential impact of the Virgin Media ruling, working in collaboration with the Trustees of its sponsored pension scheme. The Trustees have engaged legal advisers to review all deeds executed between 6 April 1997 and 5 April 2016. This review includes deeds related to the Ibstock Pension Scheme as well as those associated with various other schemes that were subsequently merged into it. Of the 52 deeds identified, 10 did not have appended actuarial confirmations. It remains unclear whether amendments were made without the required \u2018Section 37\u2019 confirmation from the Scheme Actuary, introducing uncertainty regarding the potential impact of these deeds on the valuation of pension obligations. As at 31 December 2025, the Group is unable to quantify any potential impact on its pension scheme until the assessment in light of the Virgin Media ruling is complete. The Group understands that the Trustees have established policies and procedures to ensure compliance with applicable laws and regulations. These include regular Trustee meetings attended by professional advisers such as the Scheme Actuary, ongoing involvement of legal counsel, annual scheme audits, and triennial valuations. (b) Defined contribution plan The Group operates defined contribution schemes under the Ibstock Pension Scheme, the Supreme Concrete Limited Pension Scheme, the Anderton Concrete Pension Scheme, the Supreme Concrete Group Personal Plan and the Longley Concrete Pension scheme. Contributions by both employees and Group companies are held in externally invested, externally administered funds. The Group contributes a specified percentage of earnings for members of the above defined contribution schemes and thereafter has no further obligations in relation to the Scheme. The total cost charged to the income statement in relation to the defined contribution scheme in the year was \u00a35.7 million (2024: \u00a34.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfAnalysisOfPresentValueOfDefinedBenefitObligationThatDistinguishesNatureCharacteristicsAndRisksExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-411": { "value": "21. Post-employment benefit obligations (a) Defined benefit plan Analysis of movements in the net asset during the year:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Funded plan at 31 December
Opening balance
7,839
9,832
Charge within operating profit
(1,247)
(959)
Interest income
394
423
Remeasurement loss recognised in the statement of
comprehensive income
(1,002)
(1,457)
Carried forward at 31 December
5,984
7,839
The Group participates in the Ibstock Pension Scheme (the \u2018Scheme\u2019), a defined benefit pension scheme in the UK. The Scheme closed to future accrual from 1 February 2017. The Scheme has four participating employers \u2013 Ibstock Brick Limited, Forticrete Limited, Anderton Concrete Products Limited and Figgs Bidco Limited \u2013 and was funded by payment of contributions to a separate Trustee administered fund. The Scheme is a revalued earnings plan and provides benefits to its members based on their length of membership in the Scheme and their average salary over that period. The Scheme is administered by Trustees who employ independent fund managers for the investment of the pension scheme assets. These assets are kept entirely separate from those of the Group. The valuation used as at 31 December 2025 has been based on the results of the 30 November 2023 triennial actuarial valuation, as updated for changes in demographic assumptions, as appropriate. Total annual contributions, if any, to the Scheme are based on independent actuarial advice, and are gauged to fund future pension liabilities in respect of service up to the balance sheet date. The Scheme is subject to an independent actuarial valuation at least every three years using the projected unit method. The next actuarial valuation is expected to be carried out in November 2026. On 20 December 2022, the Scheme completed a full buy-in transaction with a specialist third party provider, which represented a significant step in the Group\u2019s continuing strategy of de-risking its pensions exposure. This transaction, together with the partial buy-in transaction in 2020 insure the majority of the Group\u2019s defined benefit liabilities. As a result, the insured asset and the corresponding liabilities of the Scheme are assumed to be broadly matched without exposure to interest rate, inflation risk or longevity risk. However, there is a residual risk that the insurance premium may change following a data cleanse to reflect a more accurate liability position. If the surplus Scheme assets are insufficient to meet any additional premium, then the Group may need to pay an additional contribution into the Scheme. The defined benefit pension scheme (measured under IAS 19 Employee Benefits) is in a net surplus position as the Trust Deed provides Ibstock with an unconditional right to a refund of surplus asset. This assumes the full gradual settlement of plan liabilities over time until all members have left the plan in the event of a plan wind-up. Furthermore, in the ordinary course of business the Trustees have no right to unilaterally wind up or otherwise augment the benefits due to the members of the Scheme. In line with IFRIC 14, a net pension asset has been recognised. The corresponding deferred tax liability should be measured by applying the standard rate of corporation tax. A deferred tax liability of \u00a31.5 million (2024: \u00a32.0 million) has been recognised. Balance sheet assets/(obligations):
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Insured annuities
314,879
320,298
Cash fund investment
7,193
9,593
Cash
851
1,045
Total market value of assets
322,923
330,936
Present value of Scheme liabilities
(316,939)
(323,097)
Net Scheme asset
5,984
7, 839
Cash fund investment was held with M&G Investment Management in order to protect the capital of the pension. Cash fund investment is valued at Level 1 in the fair value hierarchy and all other assets held by the Scheme are Level 2 in the hierarchy. The cash fund had a quoted market price in an active market, whilst cash and insured annuities are unquoted. The amounts recognised in the income statement are:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Administrative expenses
1,247
1,079
Past service income
\u2013
(120)
Defined contribution scheme costs (Note 21b)
5,737
4,693
Charge within labour costs and operating profit
6,984
5,652
Interest income
(394)
(423)
Total charge to the income statement
6,590
5,229
Remeasurements recognised in the statement of comprehensive income:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Remeasurement losses on defined benefit scheme assets
(3,117)
(37,470)
Remeasurement gains arising from changes in financial
assumptions
7,665
32,536
Remeasurement (losses)/gains arising from changes in
demographic assumptions
(2,892)
2,134
Experience (losses)/gains
(2,658)
1,343
Other comprehensive expense
(1,002)
(1,457)
Changes in the present value of the defined benefit obligations are analysed as follows:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Present value of defined benefit obligation at beginning of year
(323,097)
(363,887)
Past service income
\u2013
120
Interest cost
(17,0 42)
(16,090)
Experience (losses)/gains
(2,658)
1,343
Benefits paid
21,085
20,747
Remeasurement gains arising from changes in financial
assumptions
7,665
32,536
Remeasurement (losses)/gains arising from changes in
demographic assumptions
(2,892)
2,134
Present value of defined benefit obligations carried forward
at 31 December
(316,939)
(323,097)
Changes in the fair value of plan assets are analysed as follows:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Fair value of pension scheme assets at beginning of the year
330,936
373,719
Interest income
17, 436
16,513
Remeasurement losses on defined benefit scheme assets
(3,117)
(37,470)
Benefits paid
(21,085)
(20,747)
Administrative expenses
(1,247)
(1,079)
Fair value of pension scheme assets carried forward
322,923
330,936
Plan assets are comprised as follows:
31 December 2025
Quoted
Unquoted
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
%
Insured annuities
\u2013
314,879
314,879
98%
Cash and net current assets
7,193
851
8,044
2%
Total fair value of plan assets
7,193
315,730
322,923
100%
31 December 2024
Quoted
Unquoted
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
%
Insured annuities
\u2013
320,298
320,298
97%
Cash and net current assets
9,593
1,045
10,638
3%
Total
9,593
321,343
330,936
100%
In light of the fact that the pension scheme was in a net surplus position after the full buy-in, on 27 February 2023 the Trustees and the Group agreed that the Group would suspend paying regular contributions with effect from 1 March 2023. The schedule of contributions was reviewed again as part of the 30 November 2023 actuarial valuation, and as the net surplus position remained unchanged, no further contributions were required. The weighted average duration of the defined benefit obligation is 12 years (2024: 12 years). The principal assumptions used by the actuary in their calculations were:
31 December
31 December
2025
2024
Per annum
Per annum
Discount rate
5.50%
5.45%
RPI inflation
2.95%
3.25%
CPI inflation
2.50%
2.75%
Rate of increase in pensions in payment
3.50%
3.65%
Commutation factors
19.3
19.5
Mortality assumptions: life expectancy from age 65
For a male currently aged 65
21.7 years
21.4 years
For a female currently aged 65
24.3 years
24.2 years
For a male currently aged 40
23.5 years
23.1 years
For a female currently aged 40
26.0 years
26.0 years
The post-retirement mortality assumptions allow for expected changes to life expectancy. The life expectancies quoted for members currently aged 40 assume that they retire at age 65 (i.e. 25 years after the balance sheet date). The principal financial assumption is the real discount rate, being the excess of the discount rate over the rate of inflation. The discount rate is based on the market yields on high-quality corporate bonds of appropriate currency and term to the defined benefit obligations. The obligations are primarily in Sterling and have a maturity in line with the duration of Scheme liabilities. If the real discount rate increased/decreased by 0.25%, the defined benefit obligations at 31 December 2025 would decrease/increase by approximately 2.9%. The impact on the defined benefit obligation to changes in the financial and demographic assumptions is shown below:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Present value of defined benefit obligations at 31 December
(316,939)
(323,097)
0.25% decrease in discount rate
(9,090)
(9,589)
0.25% increase in discount rate
8,669
9,133
0.25% increase in inflation rate
(5,572)
(5,432)
0.25% decrease in inflation rate
4,625
5,040
0.25% increase in pension growth rate
(6,609)
(6,863)
0.25% decrease in pension growth rate
6,366
6,610
1 year increase in life expectancy
(12,614)
(12,390)
1 year decrease in life expectancy
12,721
12,477
In July 2024, the Court of Appeal confirmed an earlier ruling by the High Court in the Virgin Media Limited vs NTL Pension Trustees II Limited case that considered the implications of Section 37 of the Pension Schemes Act 1993. The ruling determined that certain pension plan amendments were invalid unless accompanied by the correct actuarial confirmation. On 5 June 2025, the Government issued a statement recognising that schemes and sponsoring employers need clarity around scheme liabilities and member benefit levels in order to plan for the future, further to last year\u2019s Court of Appeal judgement in the Virgin Media pension case. The Government is looking to introduce legislation to give affected pension scheme the ability to retrospectively obtain written actuarial confirmation that historic benefit changes met the necessary standards. In 2024, the Group commenced an assessment of the potential impact of the Virgin Media ruling, working in collaboration with the Trustees of its sponsored pension scheme. The Trustees have engaged legal advisers to review all deeds executed between 6 April 1997 and 5 April 2016. This review includes deeds related to the Ibstock Pension Scheme as well as those associated with various other schemes that were subsequently merged into it. Of the 52 deeds identified, 10 did not have appended actuarial confirmations. It remains unclear whether amendments were made without the required \u2018Section 37\u2019 confirmation from the Scheme Actuary, introducing uncertainty regarding the potential impact of these deeds on the valuation of pension obligations. As at 31 December 2025, the Group is unable to quantify any potential impact on its pension scheme until the assessment in light of the Virgin Media ruling is complete. The Group understands that the Trustees have established policies and procedures to ensure compliance with applicable laws and regulations. These include regular Trustee meetings attended by professional advisers such as the Scheme Actuary, ongoing involvement of legal counsel, annual scheme audits, and triennial valuations. (b) Defined contribution plan The Group operates defined contribution schemes under the Ibstock Pension Scheme, the Supreme Concrete Limited Pension Scheme, the Anderton Concrete Pension Scheme, the Supreme Concrete Group Personal Plan and the Longley Concrete Pension scheme. Contributions by both employees and Group companies are held in externally invested, externally administered funds. The Group contributes a specified percentage of earnings for members of the above defined contribution schemes and thereafter has no further obligations in relation to the Scheme. The total cost charged to the income statement in relation to the defined contribution scheme in the year was \u00a35.7 million (2024: \u00a34.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-413": { "value": "22. Deferred tax assets/liabilities The movement on the deferred tax account is shown below:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Net deferred tax liability at beginning of period
(91,940)
(89,929)
Tax credited/(charged) to the consolidated income statement
2,928
(2,586)
Tax credited within other comprehensive income
304
451
Tax credit directly to equity
13
124
Net deferred tax liability at period end
(88,695)
(91,940)
Presented in the consolidated balance sheet after offset as:
Deferred tax liabilities
(88,695)
(91,940)
(88,695)
(91,940)
Deferred tax assets and liabilities before offsetting of balances
within the same tax jurisdiction are as follows:
Deferred tax assets
5,138
5,427
Deferred tax liabilities
(93,833)
(97,367)
Net deferred tax liability at period end
(88,695)
(91,940)
Deferred tax assets expected to unwind within one year
3,151
3,005
Deferred tax assets expected to unwind after one year
1,987
2,422
Total deferred tax assets
5,138
5,427
Deferred tax liabilities expected to unwind within one year
(5,982)
(5,975)
Deferred tax liabilities expected to unwind after one year
(87,851)
(91,392)
Total deferred tax liabilities
(93,833)
(97,367)
The movement in the net deferred tax liability analysed by each type of temporary difference is as follows:
Year ended 31 December 2025
As at 31 December 2025
Net balance at
Recognised
Recognised
1 January
in income
Recognised
directly
Deferred tax
Deferred tax
2025
statement
in OCI
in equity
Net
assets
liabilities
Deferred tax assets/(liabilities)
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Intangible fixed assets
(16,111)
1,559
\u2013
\u2013
(14,552)
\u2013
(14,552)
Tangible fixed assets
(76,598)
1,511
\u2013
\u2013
(75,087)
\u2013
(75,087)
Right-of-use assets
1,679
(126)
\u2013
\u2013
1,553
1,553
\u2013
Rolled-over and held-over capital gains
(2,699)
\u2013
\u2013
\u2013
(2,699)
\u2013
(2,699)
Employee pension liabilities
(1,959)
140
324
\u2013
(1,495)
\u2013
(1,495)
Provisions
2,922
100
\u2013
\u2013
3,022
3,022
\u2013
Share incentive plans
783
(256)
\u2013
13
540
540
\u2013
Derivative financial instrument
20
\u2013
(20)
\u2013
\u2013
\u2013
\u2013
Tax losses
23
\u2013
\u2013
\u2013
23
23
\u2013
Deferred tax (liabilities)/assets before offsetting
(91,940)
2,928
304
13
(88,695)
5,138
(93,833)
Offset of balances within the same tax jurisdiction
(5,138)
5,138
Net deferred tax liabilities
(88,695)
Year ended 31 December 2024
As at 31 December 2024
Net balance at
Recognised
Recognised
1 January
in income
Recognised
directly
Deferred tax
Deferred tax
2024
statement
in OCI
in equity
Net
assets
liabilities
Deferred tax assets/(liabilities)
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Intangible fixed assets
(17, 8 46)
1,735
\u2013
\u2013
(16,111)
\u2013
(16,111)
Tangible fixed assets
(72,547)
(4,051)
\u2013
\u2013
(76,598)
\u2013
(76,598)
Right-of-use assets
1,025
654
\u2013
\u2013
1,679
1,679
\u2013
Rolled-over and held-over capital gains
(2,699)
\u2013
\u2013
\u2013
(2,699)
\u2013
(2,699)
Employee pension liabilities
(2,458)
62
437
\u2013
(1,959)
\u2013
(1,959)
Provisions
3,771
(849)
\u2013
\u2013
2,922
2,922
\u2013
Share incentive plans
796
(137)
\u2013
124
783
783
\u2013
Derivative financial instrument
6
\u2013
14
\u2013
20
20
\u2013
Tax losses
23
\u2013
\u2013
\u2013
23
23
\u2013
Deferred tax (liabilities)/assets before offsetting
(89,929)
(2,586)
451
124
(91,940)
5,427
(97,367)
Offset of balances within the same tax jurisdiction
(5,427)
5,427
Net deferred tax liabilities
(91,940)
There are no unrecognised deferred tax assets or liabilities as at 31 December 2025 or the prior year end.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-433": { "value": "22. Deferred tax assets/liabilities The movement on the deferred tax account is shown below:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Net deferred tax liability at beginning of period
(91,940)
(89,929)
Tax credited/(charged) to the consolidated income statement
2,928
(2,586)
Tax credited within other comprehensive income
304
451
Tax credit directly to equity
13
124
Net deferred tax liability at period end
(88,695)
(91,940)
Presented in the consolidated balance sheet after offset as:
Deferred tax liabilities
(88,695)
(91,940)
(88,695)
(91,940)
Deferred tax assets and liabilities before offsetting of balances
within the same tax jurisdiction are as follows:
Deferred tax assets
5,138
5,427
Deferred tax liabilities
(93,833)
(97,367)
Net deferred tax liability at period end
(88,695)
(91,940)
Deferred tax assets expected to unwind within one year
3,151
3,005
Deferred tax assets expected to unwind after one year
1,987
2,422
Total deferred tax assets
5,138
5,427
Deferred tax liabilities expected to unwind within one year
(5,982)
(5,975)
Deferred tax liabilities expected to unwind after one year
(87,851)
(91,392)
Total deferred tax liabilities
(93,833)
(97,367)
The movement in the net deferred tax liability analysed by each type of temporary difference is as follows:
Year ended 31 December 2025
As at 31 December 2025
Net balance at
Recognised
Recognised
1 January
in income
Recognised
directly
Deferred tax
Deferred tax
2025
statement
in OCI
in equity
Net
assets
liabilities
Deferred tax assets/(liabilities)
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Intangible fixed assets
(16,111)
1,559
\u2013
\u2013
(14,552)
\u2013
(14,552)
Tangible fixed assets
(76,598)
1,511
\u2013
\u2013
(75,087)
\u2013
(75,087)
Right-of-use assets
1,679
(126)
\u2013
\u2013
1,553
1,553
\u2013
Rolled-over and held-over capital gains
(2,699)
\u2013
\u2013
\u2013
(2,699)
\u2013
(2,699)
Employee pension liabilities
(1,959)
140
324
\u2013
(1,495)
\u2013
(1,495)
Provisions
2,922
100
\u2013
\u2013
3,022
3,022
\u2013
Share incentive plans
783
(256)
\u2013
13
540
540
\u2013
Derivative financial instrument
20
\u2013
(20)
\u2013
\u2013
\u2013
\u2013
Tax losses
23
\u2013
\u2013
\u2013
23
23
\u2013
Deferred tax (liabilities)/assets before offsetting
(91,940)
2,928
304
13
(88,695)
5,138
(93,833)
Offset of balances within the same tax jurisdiction
(5,138)
5,138
Net deferred tax liabilities
(88,695)
Year ended 31 December 2024
As at 31 December 2024
Net balance at
Recognised
Recognised
1 January
in income
Recognised
directly
Deferred tax
Deferred tax
2024
statement
in OCI
in equity
Net
assets
liabilities
Deferred tax assets/(liabilities)
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Intangible fixed assets
(17, 8 46)
1,735
\u2013
\u2013
(16,111)
\u2013
(16,111)
Tangible fixed assets
(72,547)
(4,051)
\u2013
\u2013
(76,598)
\u2013
(76,598)
Right-of-use assets
1,025
654
\u2013
\u2013
1,679
1,679
\u2013
Rolled-over and held-over capital gains
(2,699)
\u2013
\u2013
\u2013
(2,699)
\u2013
(2,699)
Employee pension liabilities
(2,458)
62
437
\u2013
(1,959)
\u2013
(1,959)
Provisions
3,771
(849)
\u2013
\u2013
2,922
2,922
\u2013
Share incentive plans
796
(137)
\u2013
124
783
783
\u2013
Derivative financial instrument
6
\u2013
14
\u2013
20
20
\u2013
Tax losses
23
\u2013
\u2013
\u2013
23
23
\u2013
Deferred tax (liabilities)/assets before offsetting
(89,929)
(2,586)
451
124
(91,940)
5,427
(97,367)
Offset of balances within the same tax jurisdiction
(5,427)
5,427
Net deferred tax liabilities
(91,940)
There are no unrecognised deferred tax assets or liabilities as at 31 December 2025 or the prior year end.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-414": { "value": "23. Financial instruments \u2013 risk management Financial assets
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Trade and other receivables (Note 15)
28,040
37,981
Cash and cash equivalents
20,971
9,292
Total
49,011
47,273
Financial liabilities
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Trade and other payables (Note 18)
84,526
83,224
Derivative financial instruments
\u2013
78
Lease liabilities (Note 27)
29,510
35,082
Borrowings (Note 19)
141,014
130,852
Total
255,050
249,236
With the exception of the Group\u2019s derivative financial instruments, detailed below, all financial assets and liabilities are held at amortised cost. Credit risk Credit risk arises from cash and cash equivalents, trade receivables and deposits with banks and is managed on a Group basis. This risk arises from transactions with banks, such as those involving cash and cash equivalents and deposits. To reduce the credit risk, the Group has concentrated its main activities with a Group of banks that have strong, independently verified credit ratings. For each bank, individual risk limits are set based on its \ufb01nancial position, credit ratings, past experience and other factors. The utilisation of credit limits is regularly monitored. The Group has significant sales contracts with a number of blue-chip companies and accordingly the Directors believe there is a limited exposure to credit risk, although this is actively monitored at the operational Company level. The Group\u2019s policy on credit risk requires appropriate credit checks on potential customers before sales commence. The Group also maintains credit insurance. The Group applies the simplified approach to providing for expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The ageing analysis of the trade receivables (from date of past due) assessed for impairment, but concluded as no impairment is required, is as follows:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Not past due
16,500
25,573
Less than one month past due
8,047
8,833
One to six months past due
2,063
1,762
Six to twelve months past due
781
596
More than twelve months past due
649
1,217
28,040
37,981
The loss allowance recognised against the receivables in the above table are as follows:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Less than one month past due
535
295
One to six months past due
\u2013
103
Six to twelve months past due
36
377
More than twelve months past due
646
521
1,217
1,296
Movements in the provision for impairment of trade receivables are as follows:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Opening balance
(1,296)
(965)
Charged to the income statement
(449)
(748)
Utilised
8
75
Released
520
342
Closing impairment provision
(1,217)
(1,296)
The gross carrying amount of trade receivables, reflecting the maximum exposure to credit risk, is \u00a328.5 million (2024: \u00a338.9 million). Other financial assets at amortised cost are insignificant and the associated credit risk is considered immaterial. Market risk Market risk is defined as the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk, being currency risk, interest rate risk and other price risk. The Group\u2019s interest rate risk arises principally from the Revolving Credit Facility, which attracts floating rate interest, see Note 19. The Group manages its interest rate risk through the use of the fixed rate Private Placement in addition to using this floating rate RCF debt with varying repayment terms. The Group does not trade in derivative financial instruments and is not considered to be significantly exposed to this and other price risks. The exposure to currency risk is considered low. Interest rate sensitivity analysis: For the Group\u2019s borrowings, sensitivity analysis is considered assuming the amount of liability outstanding at the reporting date was outstanding for the whole year. A 0.25 percentage points increase or decrease represents management\u2019s assessment of the reasonably possible change in interest rates. If interest rates had been 0.25 percentage points higher/lower and all other variables were held constant, the Group\u2019s profit for the year ended 31 December 2025 would decrease/increase by \u00a30.2 million (2024: \u00a30.1 million), which is attributable to the Group\u2019s exposure to interest rates on its variable rate borrowings. The exposure in different currencies of financial assets and liabilities is as follows:
Sterling
US Dollar
Euro
Other
Total
At 31 December 2025
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets
Cash and cash equivalents
19,386
3
1,582
\u2013
20,971
Trade and other receivables (Note 15)
27,678
\u2013
362
\u2013
28,040
47,064
3
1,944
\u2013
49,011
Financial liabilities
Borrowings (Note 19)
(141,014)
\u2013
\u2013
\u2013
(141,014)
Lease liabilities (Note 27)
(29,510)
\u2013
\u2013
\u2013
(29,510)
Trade and other payables (Note 18)
(84,229)
\u2013
(288)
(9)
(84,526)
(254,753)
\u2013
(288)
(9)
(255,050)
Sterling
US Dollar
Euro
Other
Total
At 31 December 2024
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets
Cash and cash equivalents
7,918
136
1,238
\u2013
9,292
Trade and other receivables (Note 15)
37,741
\u2013
240
\u2013
37,981
45,659
136
1,477
\u2013
47,273
Financial liabilities
Borrowings (Note 19)
(130,852)
\u2013
\u2013
\u2013
(130,852)
Lease liabilities (Note 27)
(35,082)
\u2013
\u2013
\u2013
(35,082)
Derivative financial instruments
(78)
\u2013
\u2013
\u2013
(78)
Trade and other payables (Note 18)
(82,591)
(206)
(440)
13
(83,224)
(248,603)
(206)
(440)
13
(249,236)
At 31 December 2025, the Group had negligible risk to currency fluctuations as the majority of assets and liabilities are held in the same functional currency. Derivative financial instruments The Group entered into forward currency contracts as cash flow hedges to manage its exposure to foreign currency fluctuations associated with the future purchase of plant and equipment required for the construction of the major capital expenditure projects. These instruments are measured at fair value using Level 2 valuation techniques subsequent to initial recognition. At 31 December 2025, no derivative financial instrument was recognised (2024: liability of \u00a30.1 million). No amounts have been reclassified to profit or loss as a result of the hedged cash flow during the year. The cash flow hedging reserve within equity includes an accumulated amount of \u00a30.1 million deficit (2024: \u00a30.1 million deficit) relating to these derivative financial instruments. Liquidity risk The Group has generated sufficient cash from operations to meet its working capital requirements. The Group manages liquidity risk by entering into committed bank borrowing facilities to ensure the Group has sufficient funds available, and monitors cash flow forecasts to ensure the Group has adequate borrowing facilities. Excess cash is placed on interest-bearing deposits with maturity fixed at no more than three months. The maturity of the Group\u2019s borrowings is as follows:
Less than six
Six months to
One to two
Two to five
Greater than
months
one year
years
years
five years
Total
At 31 December 2025
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Borrowings
Borrowings
41,152
\u2013
\u2013
29,972
69,890
141,014
Total
41,152
\u2013
\u2013
29,972
69,890
141,014
Less than six
Six months to
One to two
Two to five
Greater than
months
one year
years
years
five years
Total
At 31 December 2024
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Borrowings
Borrowings
425
\u2013
31,000
30,404
69,023
130,852
Total
425
\u2013
31,000
30,404
69,023
130,852
At 31 December 2025, the Group had a \u00a3125 million Revolving Credit Facility (31 December 2024: \u00a3125 million). \u00a384.0 million (2024: \u00a387.0 million) of these facilities were utilised during the year with a repayment of \u00a373.0 million (2024: \u00a381.0 million). The RCF was drawn down by \u00a342.0 million as at 31 December 2025 (2024: \u00a331 million). This resulted in an interest charge of \u00a35.1 million (2024: \u00a33.8 million). For details of the maturity of other financial liabilities, see Notes 19 and 27. The contractual non-discounted future cash flows in respect of borrowings and lease liabilities are:
Less than
One to two
Two to five
Greater than
one year
years
years
five years
Total
At 31 December 2025
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Lease liabilities
10,962
8,754
9,509
3,446
32,671
Borrowings
45,317
3,295
37,602
72,491
158,705
Total
56,279
12,049
47,111
75,937
191,376
Less than
One to two
Two to five
Greater than
one year
years
years
five years
Total
At 31 December 2024
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Lease liabilities
11,279
10,001
14,403
4,505
40,188
Borrowings
33,897
2,897
35,955
74,068
146,817
Total
45,176
12,898
50,358
78,573
187,0 05
(The RCF balance has been added in the 2024 comparison to provide a like for like view of the contractual non-discounted minimum future cash flows of the borrowings). The table below details changes in the Group\u2019s liabilities arising from financing actives, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group\u2019s Consolidated Cash Flow Statement as cash flows from financing activities.
Addition to
Financing Lease
1 January from cash liabilities 31 December
2025 flows
(note 27)
Other
 2025
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Lease liabilities (Note 27)
35,082
(9,998)
4,426
\u2013
29,510
Borrowings (Note 19)
130,852
9,960
\u2013
202
141,014
165,934
(38)
4,426
202
170,524
Addition to
Financing Lease Lease
1 January from cash liabilities modification 31 December
2024 flows (note 27)
(note 27)
Other
 2024
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Lease liabilities (Note 27)
43,833
(9,651)
4,999
(3,858)
(241)
35,082
Borrowings (Note 19)
124,488
6,000
\u2013
\u2013
364
130,852
168,321
(3,651)
4,999
(3,858)
123
165,934
Fair value hierarchy IFRS 13 Financial Instruments: Disclosures requires fair value measurements to be recognised using a fair value hierarchy that reflects the significance of the inputs used in the measurements, according to the following levels: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Level 3 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). At 31 December 2025 and 31 December 2024 all of the Group\u2019s fair value measurements have been categorised as Level 2 with the exception of (i) certain equities within the Group\u2019s pension scheme, which were categorised as Level 1 valuations and (ii) the insured pensioner and deferred pensioner asset, which was categorised as a Level 3 valuation and uses assumptions set out in Note 21 to align its valuation to the related liability. Capital risk management The capital structure of the Group consists of net debt 1 (borrowings disclosed in Note 19 after deducting cash and bank balances) and equity of the Parent Company, comprising issued capital, reserves and retained earnings, as disclosed in Note 24 and Note 25. The Group\u2019s objectives when managing capital are to safeguard its ability to continue as a going concern in order to provide returns for Shareholders and benefits for other stakeholders and to maintain an optimal cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to Shareholders, return capital to Shareholders, issue new shares, or borrow additional debt. The Group must comply with two covenants each half year, as set out in Note 19. The covenants are certain ratios of interest cover and leverage, which are monitored on a regular basis by the Board. At the year end date, significant headroom existed on both covenant conditions. Dividend policy In line with the Group capital allocation framework, it will look to pay an ordinary dividend. It is committed to paying dividends that are sustainable and progressive, with a targeted cover of approximately two times adjusted profit after tax. This adjusted profit measure can be seen in Note 11 to the Group financial statements. After investing to maintain, enhance and grow our assets, it will return surplus capital to Shareholders. The Board is recommending a final ordinary dividend of 1.5 pence per share for the 2025 (2024: 2.5 pence per share). See Note 31 for further detail. At 31 December 2025, the Parent maintains significant distributable reserves of around \u00a3237 million (2024: around \u00a3267 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-434": { "value": "Financial assets
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Trade and other receivables (Note 15)
28,040
37,981
Cash and cash equivalents
20,971
9,292
Total
49,011
47,273
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-435": { "value": "Financial liabilities
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Trade and other payables (Note 18)
84,526
83,224
Derivative financial instruments
\u2013
78
Lease liabilities (Note 27)
29,510
35,082
Borrowings (Note 19)
141,014
130,852
Total
255,050
249,236
With the exception of the Group\u2019s derivative financial instruments, detailed below, all financial assets and liabilities are held at amortised cost. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-453": { "value": "Credit risk Credit risk arises from cash and cash equivalents, trade receivables and deposits with banks and is managed on a Group basis. This risk arises from transactions with banks, such as those involving cash and cash equivalents and deposits. To reduce the credit risk, the Group has concentrated its main activities with a Group of banks that have strong, independently verified credit ratings. For each bank, individual risk limits are set based on its \ufb01nancial position, credit ratings, past experience and other factors. The utilisation of credit limits is regularly monitored. The Group has significant sales contracts with a number of blue-chip companies and accordingly the Directors believe there is a limited exposure to credit risk, although this is actively monitored at the operational Company level. The Group\u2019s policy on credit risk requires appropriate credit checks on potential customers before sales commence. The Group also maintains credit insurance. The Group applies the simplified approach to providing for expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The ageing analysis of the trade receivables (from date of past due) assessed for impairment, but concluded as no impairment is required, is as follows:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Not past due
16,500
25,573
Less than one month past due
8,047
8,833
One to six months past due
2,063
1,762
Six to twelve months past due
781
596
More than twelve months past due
649
1,217
28,040
37,981
The loss allowance recognised against the receivables in the above table are as follows:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Less than one month past due
535
295
One to six months past due
\u2013
103
Six to twelve months past due
36
377
More than twelve months past due
646
521
1,217
1,296
Movements in the provision for impairment of trade receivables are as follows:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Opening balance
(1,296)
(965)
Charged to the income statement
(449)
(748)
Utilised
8
75
Released
520
342
Closing impairment provision
(1,217)
(1,296)
The gross carrying amount of trade receivables, reflecting the maximum exposure to credit risk, is \u00a328.5 million (2024: \u00a338.9 million). Other financial assets at amortised cost are insignificant and the associated credit risk is considered immaterial. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-436": { "value": "Credit risk Credit risk arises from cash and cash equivalents, trade receivables and deposits with banks and is managed on a Group basis. This risk arises from transactions with banks, such as those involving cash and cash equivalents and deposits. To reduce the credit risk, the Group has concentrated its main activities with a Group of banks that have strong, independently verified credit ratings. For each bank, individual risk limits are set based on its \ufb01nancial position, credit ratings, past experience and other factors. The utilisation of credit limits is regularly monitored. The Group has significant sales contracts with a number of blue-chip companies and accordingly the Directors believe there is a limited exposure to credit risk, although this is actively monitored at the operational Company level. The Group\u2019s policy on credit risk requires appropriate credit checks on potential customers before sales commence. The Group also maintains credit insurance. The Group applies the simplified approach to providing for expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The ageing analysis of the trade receivables (from date of past due) assessed for impairment, but concluded as no impairment is required, is as follows:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Not past due
16,500
25,573
Less than one month past due
8,047
8,833
One to six months past due
2,063
1,762
Six to twelve months past due
781
596
More than twelve months past due
649
1,217
28,040
37,981
The loss allowance recognised against the receivables in the above table are as follows:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Less than one month past due
535
295
One to six months past due
\u2013
103
Six to twelve months past due
36
377
More than twelve months past due
646
521
1,217
1,296
Movements in the provision for impairment of trade receivables are as follows:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Opening balance
(1,296)
(965)
Charged to the income statement
(449)
(748)
Utilised
8
75
Released
520
342
Closing impairment provision
(1,217)
(1,296)
The gross carrying amount of trade receivables, reflecting the maximum exposure to credit risk, is \u00a328.5 million (2024: \u00a338.9 million). Other financial assets at amortised cost are insignificant and the associated credit risk is considered immaterial. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-437": { "value": "Market risk Market risk is defined as the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk, being currency risk, interest rate risk and other price risk. The Group\u2019s interest rate risk arises principally from the Revolving Credit Facility, which attracts floating rate interest, see Note 19. The Group manages its interest rate risk through the use of the fixed rate Private Placement in addition to using this floating rate RCF debt with varying repayment terms. The Group does not trade in derivative financial instruments and is not considered to be significantly exposed to this and other price risks. The exposure to currency risk is considered low. Interest rate sensitivity analysis: For the Group\u2019s borrowings, sensitivity analysis is considered assuming the amount of liability outstanding at the reporting date was outstanding for the whole year. A 0.25 percentage points increase or decrease represents management\u2019s assessment of the reasonably possible change in interest rates. If interest rates had been 0.25 percentage points higher/lower and all other variables were held constant, the Group\u2019s profit for the year ended 31 December 2025 would decrease/increase by \u00a30.2 million (2024: \u00a30.1 million), which is attributable to the Group\u2019s exposure to interest rates on its variable rate borrowings. The exposure in different currencies of financial assets and liabilities is as follows:
Sterling
US Dollar
Euro
Other
Total
At 31 December 2025
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets
Cash and cash equivalents
19,386
3
1,582
\u2013
20,971
Trade and other receivables (Note 15)
27,678
\u2013
362
\u2013
28,040
47,064
3
1,944
\u2013
49,011
Financial liabilities
Borrowings (Note 19)
(141,014)
\u2013
\u2013
\u2013
(141,014)
Lease liabilities (Note 27)
(29,510)
\u2013
\u2013
\u2013
(29,510)
Trade and other payables (Note 18)
(84,229)
\u2013
(288)
(9)
(84,526)
(254,753)
\u2013
(288)
(9)
(255,050)
Sterling
US Dollar
Euro
Other
Total
At 31 December 2024
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets
Cash and cash equivalents
7,918
136
1,238
\u2013
9,292
Trade and other receivables (Note 15)
37,741
\u2013
240
\u2013
37,981
45,659
136
1,477
\u2013
47,273
Financial liabilities
Borrowings (Note 19)
(130,852)
\u2013
\u2013
\u2013
(130,852)
Lease liabilities (Note 27)
(35,082)
\u2013
\u2013
\u2013
(35,082)
Derivative financial instruments
(78)
\u2013
\u2013
\u2013
(78)
Trade and other payables (Note 18)
(82,591)
(206)
(440)
13
(83,224)
(248,603)
(206)
(440)
13
(249,236)
At 31 December 2025, the Group had negligible risk to currency fluctuations as the majority of assets and liabilities are held in the same functional currency. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-454": { "value": "Interest rate sensitivity analysis: For the Group\u2019s borrowings, sensitivity analysis is considered assuming the amount of liability outstanding at the reporting date was outstanding for the whole year. A 0.25 percentage points increase or decrease represents management\u2019s assessment of the reasonably possible change in interest rates. If interest rates had been 0.25 percentage points higher/lower and all other variables were held constant, the Group\u2019s profit for the year ended 31 December 2025 would decrease/increase by \u00a30.2 million (2024: \u00a30.1 million), which is attributable to the Group\u2019s exposure to interest rates on its variable rate borrowings. The exposure in different currencies of financial assets and liabilities is as follows:
Sterling
US Dollar
Euro
Other
Total
At 31 December 2025
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets
Cash and cash equivalents
19,386
3
1,582
\u2013
20,971
Trade and other receivables (Note 15)
27,678
\u2013
362
\u2013
28,040
47,064
3
1,944
\u2013
49,011
Financial liabilities
Borrowings (Note 19)
(141,014)
\u2013
\u2013
\u2013
(141,014)
Lease liabilities (Note 27)
(29,510)
\u2013
\u2013
\u2013
(29,510)
Trade and other payables (Note 18)
(84,229)
\u2013
(288)
(9)
(84,526)
(254,753)
\u2013
(288)
(9)
(255,050)
Sterling
US Dollar
Euro
Other
Total
At 31 December 2024
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets
Cash and cash equivalents
7,918
136
1,238
\u2013
9,292
Trade and other receivables (Note 15)
37,741
\u2013
240
\u2013
37,981
45,659
136
1,477
\u2013
47,273
Financial liabilities
Borrowings (Note 19)
(130,852)
\u2013
\u2013
\u2013
(130,852)
Lease liabilities (Note 27)
(35,082)
\u2013
\u2013
\u2013
(35,082)
Derivative financial instruments
(78)
\u2013
\u2013
\u2013
(78)
Trade and other payables (Note 18)
(82,591)
(206)
(440)
13
(83,224)
(248,603)
(206)
(440)
13
(249,236)
At 31 December 2025, the Group had negligible risk to currency fluctuations as the majority of assets and liabilities are held in the same functional currency. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-439": { "value": "Derivative financial instruments The Group entered into forward currency contracts as cash flow hedges to manage its exposure to foreign currency fluctuations associated with the future purchase of plant and equipment required for the construction of the major capital expenditure projects. These instruments are measured at fair value using Level 2 valuation techniques subsequent to initial recognition. At 31 December 2025, no derivative financial instrument was recognised (2024: liability of \u00a30.1 million). No amounts have been reclassified to profit or loss as a result of the hedged cash flow during the year. The cash flow hedging reserve within equity includes an accumulated amount of \u00a30.1 million deficit (2024: \u00a30.1 million deficit) relating to these derivative financial instruments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-455": { "value": "Derivative financial instruments The Group entered into forward currency contracts as cash flow hedges to manage its exposure to foreign currency fluctuations associated with the future purchase of plant and equipment required for the construction of the major capital expenditure projects. These instruments are measured at fair value using Level 2 valuation techniques subsequent to initial recognition. At 31 December 2025, no derivative financial instrument was recognised (2024: liability of \u00a30.1 million). No amounts have been reclassified to profit or loss as a result of the hedged cash flow during the year. The cash flow hedging reserve within equity includes an accumulated amount of \u00a30.1 million deficit (2024: \u00a30.1 million deficit) relating to these derivative financial instruments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-438": { "value": "Liquidity risk The Group has generated sufficient cash from operations to meet its working capital requirements. The Group manages liquidity risk by entering into committed bank borrowing facilities to ensure the Group has sufficient funds available, and monitors cash flow forecasts to ensure the Group has adequate borrowing facilities. Excess cash is placed on interest-bearing deposits with maturity fixed at no more than three months. The maturity of the Group\u2019s borrowings is as follows:
Less than six
Six months to
One to two
Two to five
Greater than
months
one year
years
years
five years
Total
At 31 December 2025
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Borrowings
Borrowings
41,152
\u2013
\u2013
29,972
69,890
141,014
Total
41,152
\u2013
\u2013
29,972
69,890
141,014
Less than six
Six months to
One to two
Two to five
Greater than
months
one year
years
years
five years
Total
At 31 December 2024
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Borrowings
Borrowings
425
\u2013
31,000
30,404
69,023
130,852
Total
425
\u2013
31,000
30,404
69,023
130,852
At 31 December 2025, the Group had a \u00a3125 million Revolving Credit Facility (31 December 2024: \u00a3125 million). \u00a384.0 million (2024: \u00a387.0 million) of these facilities were utilised during the year with a repayment of \u00a373.0 million (2024: \u00a381.0 million). The RCF was drawn down by \u00a342.0 million as at 31 December 2025 (2024: \u00a331 million). This resulted in an interest charge of \u00a35.1 million (2024: \u00a33.8 million). For details of the maturity of other financial liabilities, see Notes 19 and 27. The contractual non-discounted future cash flows in respect of borrowings and lease liabilities are:
Less than
One to two
Two to five
Greater than
one year
years
years
five years
Total
At 31 December 2025
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Lease liabilities
10,962
8,754
9,509
3,446
32,671
Borrowings
45,317
3,295
37,602
72,491
158,705
Total
56,279
12,049
47,111
75,937
191,376
Less than
One to two
Two to five
Greater than
one year
years
years
five years
Total
At 31 December 2024
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Lease liabilities
11,279
10,001
14,403
4,505
40,188
Borrowings
33,897
2,897
35,955
74,068
146,817
Total
45,176
12,898
50,358
78,573
187,0 05
(The RCF balance has been added in the 2024 comparison to provide a like for like view of the contractual non-discounted minimum future cash flows of the borrowings). The table below details changes in the Group\u2019s liabilities arising from financing actives, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group\u2019s Consolidated Cash Flow Statement as cash flows from financing activities.
Addition to
Financing Lease
1 January from cash liabilities 31 December
2025 flows
(note 27)
Other
 2025
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Lease liabilities (Note 27)
35,082
(9,998)
4,426
\u2013
29,510
Borrowings (Note 19)
130,852
9,960
\u2013
202
141,014
165,934
(38)
4,426
202
170,524
Addition to
Financing Lease Lease
1 January from cash liabilities modification 31 December
2024 flows (note 27)
(note 27)
Other
 2024
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Lease liabilities (Note 27)
43,833
(9,651)
4,999
(3,858)
(241)
35,082
Borrowings (Note 19)
124,488
6,000
\u2013
\u2013
364
130,852
168,321
(3,651)
4,999
(3,858)
123
165,934
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-456": { "value": "Fair value hierarchy IFRS 13 Financial Instruments: Disclosures requires fair value measurements to be recognised using a fair value hierarchy that reflects the significance of the inputs used in the measurements, according to the following levels: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Level 3 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). At 31 December 2025 and 31 December 2024 all of the Group\u2019s fair value measurements have been categorised as Level 2 with the exception of (i) certain equities within the Group\u2019s pension scheme, which were categorised as Level 1 valuations and (ii) the insured pensioner and deferred pensioner asset, which was categorised as a Level 3 valuation and uses assumptions set out in Note 21 to align its valuation to the related liability. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-440": { "value": "Fair value hierarchy IFRS 13 Financial Instruments: Disclosures requires fair value measurements to be recognised using a fair value hierarchy that reflects the significance of the inputs used in the measurements, according to the following levels: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Level 3 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). At 31 December 2025 and 31 December 2024 all of the Group\u2019s fair value measurements have been categorised as Level 2 with the exception of (i) certain equities within the Group\u2019s pension scheme, which were categorised as Level 1 valuations and (ii) the insured pensioner and deferred pensioner asset, which was categorised as a Level 3 valuation and uses assumptions set out in Note 21 to align its valuation to the related liability. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-441": { "value": "
Capital risk management
The capital structure of the Group consists of net debt
1
(borrowings disclosed in Note 19 after
deducting cash and bank balances) and equity of the Parent Company, comprising issued capital,
reserves and retained earnings, as disclosed in Note 24 and Note 25.
The Group\u2019s objectives when managing capital are to safeguard its ability to continue as a going
concern in order to provide returns for Shareholders and benefits for other stakeholders and to
maintain an optimal cost of capital. In order to maintain or adjust the capital structure, the Group
may adjust the amount of dividends paid to Shareholders, return capital to Shareholders, issue new
shares, or borrow additional debt.
The Group must comply with two covenants each half year, as set out in Note 19. The covenants are
certain ratios of interest cover and leverage, which are monitored on a regular basis by the Board.
At the year end date, significant headroom existed on both covenant conditions.
Dividend policy
In line with the Group capital allocation framework, it will look to pay an ordinary dividend. It is
committed to paying dividends that are sustainable and progressive, with a targeted cover of
approximately two times adjusted profit after tax. This adjusted profit measure can be seen in
Note 11 to the Group financial statements. After investing to maintain, enhance and grow our
assets, it will return surplus capital to Shareholders.
The Board is recommending a final ordinary dividend of 1.5 pence per share for the 2025
(2024: 2.5 pence per share). See Note 31 for further detail. At 31 December 2025, the Parent
maintains significant distributable reserves of around \u00a3237 million (2024: around \u00a3267 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-415": { "value": "
24. Share capital
Share
Number of
capital
shares
\u00a3\u2019000
At 1 January 2024
Issued, called-up and fully paid:
Ordinary Shares of \u00a30.01 each
409,631,594
4,096
At 31 December 2024 and 31 December 2025
409,631,594
4,096
Comprising:
Issued, called-up and fully paid:
Ordinary Shares of \u00a30.01 each
409,631,594
4,096
In the years ended 31 December 2025 and 31 December 2024, there were no changes to the
Group\u2019s issued share capital. The Company does not have a limited amount of authorised capital.
1 Alternative performance measures are described in Note 3 and exceptional items are described in Note 5 to the consolidated
financial statements.
25. Reserves
Share premium
The share premium account is used to record the aggregate amount or value of premia paid when
the Company\u2019s shares are issued/redeemed at a premium.
Other reserves
The movement in other reserves during the period is set out in the table below:
Cash flow
hedging
Merger
Own shares
Treasur y
Total other
reserve
reserve
held
shares
reserves
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Balance at 1 January 2025
(65)
(369,119)
\u2013
(27,907)
(397,091)
Other comprehensive expense
44
\u2013
\u2013
\u2013
44
Issue of own shares held on exercise
of share options
\u2013
\u2013
\u2013
1,193
1,193
At 31 December 2025
(21)
(369,119)
\u2013
(26,714)
(395,854)
Balance at 1 January 2024
(25)
(369,119)
(514)
(30,000)
(399,658)
Other comprehensive expense
(40)
\u2013
\u2013
\u2013
(40)
Issue of own shares held on exercise
of share options
\u2013
\u2013
514
2,093
2,607
At 31 December 2024
(65)
(369,119)
\u2013
(27,907)
(397,091)
Cash flow hedging reserve
The cash flow hedging reserve records movements for effective cash flow hedges measured at fair
value as set out in Note 23. The accumulated balance in the cash flow hedging reserve will be
reclassified to the cost of the designated hedged item in a future period.
Merger reserve
The merger reserve of \u00a3369.1 million arose on the acquisition of Figgs Topco Limited by Ibstock Plc
in the period ended 31 December 2015 and is the difference between the share capital and share
premium of Figgs Topco Limited and the nominal value of the investment and preference shares in
Figgs Topco Limited acquired by the Company.
Own shares held
The Group\u2019s holding in its own equity instruments is shown as a deduction from shareholders\u2019 equity
at cost. These shares represented shares held in the Employee Benefit Trust (EBT) to meet the future
requirements of the employee share-based payment plans. Consideration, if any, received for the
sale of such shares is also recognised in equity with any difference between the proceeds from sale
and the original cost being taken to the profit and loss reserve. No gain or loss is recognised in the
income statement on the purchase, sale, issue or cancellation of equity shares. All remaining shares
held in EBT were issued to meet share option requirements in the current year.
Treasury share reserve The Treasury share reserve represents shares acquired by the Group as part of its share buyback programme in 2022. In 2022, the Group engaged its brokers to purchase up to \u00a330.0 million of shares on the open market on its behalf. These shares are held by the Group to meet future requirements of employee share based payment plans. At 31 December 2025, the treasury shares are shown as a deduction from Shareholders\u2019 equity at cost totalling \u00a326.7 million (31 December 2024: \u00a327.9 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-376": { "value": "24. Share capital
Share
Number of
capital
shares
\u00a3\u2019000
At 1 January 2024
Issued, called-up and fully paid:
Ordinary Shares of \u00a30.01 each
409,631,594
4,096
At 31 December 2024 and 31 December 2025
409,631,594
4,096
Comprising:
Issued, called-up and fully paid:
Ordinary Shares of \u00a30.01 each
409,631,594
4,096
In the years ended 31 December 2025 and 31 December 2024, there were no changes to the Group\u2019s issued share capital. The Company does not have a limited amount of authorised capital. 1 Alternative performance measures are described in Note 3 and exceptional items are described in Note 5 to the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-375": { "value": "25. Reserves Share premium The share premium account is used to record the aggregate amount or value of premia paid when the Company\u2019s shares are issued/redeemed at a premium. Other reserves The movement in other reserves during the period is set out in the table below:
Cash flow
hedging
Merger
Own shares
Treasur y
Total other
reserve
reserve
held
shares
reserves
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Balance at 1 January 2025
(65)
(369,119)
\u2013
(27,907)
(397,091)
Other comprehensive expense
44
\u2013
\u2013
\u2013
44
Issue of own shares held on exercise
of share options
\u2013
\u2013
\u2013
1,193
1,193
At 31 December 2025
(21)
(369,119)
\u2013
(26,714)
(395,854)
Balance at 1 January 2024
(25)
(369,119)
(514)
(30,000)
(399,658)
Other comprehensive expense
(40)
\u2013
\u2013
\u2013
(40)
Issue of own shares held on exercise
of share options
\u2013
\u2013
514
2,093
2,607
At 31 December 2024
(65)
(369,119)
\u2013
(27,907)
(397,091)
Cash flow hedging reserve The cash flow hedging reserve records movements for effective cash flow hedges measured at fair value as set out in Note 23. The accumulated balance in the cash flow hedging reserve will be reclassified to the cost of the designated hedged item in a future period. Merger reserve The merger reserve of \u00a3369.1 million arose on the acquisition of Figgs Topco Limited by Ibstock Plc in the period ended 31 December 2015 and is the difference between the share capital and share premium of Figgs Topco Limited and the nominal value of the investment and preference shares in Figgs Topco Limited acquired by the Company. Own shares held The Group\u2019s holding in its own equity instruments is shown as a deduction from shareholders\u2019 equity at cost. These shares represented shares held in the Employee Benefit Trust (EBT) to meet the future requirements of the employee share-based payment plans. Consideration, if any, received for the sale of such shares is also recognised in equity with any difference between the proceeds from sale and the original cost being taken to the profit and loss reserve. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of equity shares. All remaining shares held in EBT were issued to meet share option requirements in the current year.
Treasury share reserve
The Treasury share reserve represents shares acquired by the Group as part of its share buyback
programme in 2022.
In 2022, the Group engaged its brokers to purchase up to \u00a330.0 million of shares on the open
market on its behalf. These shares are held by the Group to meet future requirements of employee
share based payment plans.
At 31 December 2025, the treasury shares are shown as a deduction from Shareholders\u2019 equity at
cost totalling \u00a326.7 million (31 December 2024: \u00a327.9 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-442": { "value": "Treasury share reserve The Treasury share reserve represents shares acquired by the Group as part of its share buyback programme in 2022. In 2022, the Group engaged its brokers to purchase up to \u00a330.0 million of shares on the open market on its behalf. These shares are held by the Group to meet future requirements of employee share based payment plans. At 31 December 2025, the treasury shares are shown as a deduction from Shareholders\u2019 equity at cost totalling \u00a326.7 million (31 December 2024: \u00a327.9 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-377": { "value": "
26. Share incentive plans
Share based payment charges:
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Long Term Incentive Plan (26(a))
204
534
Senior Manager Share Plan (26(b))
(117)
232
Annual and Deferred Bonus Plan (26(c))
322
268
Save As You Earn/Share Incentive Plan (26(d)/(e)/(f))
75
219
484
1,253
Executive share option plans
The Group operates a Long-Term Incentive Plan (LTIP) a Senior Manager Share Plan (SMSP) and an
Annual and Deferred Bonus Plan (ADBP) that provide share-based payment awards for selected
members of senior management. Awards were also granted under a Share Option Plan (SOP) until 2018.
(a) Long-Term Incentive Plan (LTIP)
The Group granted awards under the LTIP during the year for members of key leadership group.
Awards were made at the discretion of the Board. For the year ended 31 December 2025, restricted
share awards under the LTIP were granted in the form of nil-priced share options. Prior to 2025,
awards under the LTIP were in the form of performance shares and contained performance
conditions dependent upon the growth of the Group\u2019s adjusted earnings per share (EPS), adjusted
Return on capital employed (ROCE), Total shareholder return (TSR) and certain Environmental, social
and governance (ESG) targets. Please refer to the information given in the Directors\u2019 Remuneration
Report on pages 91 to 110 for details in relation to these performance measures.
During the year, 643,592 options (2024: 1,392,639) were granted over Ibstock Ordinary Shares
of one penny each and 353,794 were exercised at a weighted average share price at the date
of exercise of 176 pence (2024: 298,403 were exercised at a weighted average share price at the
date of exercise of 156 pence). During the year ended 31 December 2025, 1,698,202 options
(2024: 611,465) lapsed and at 31 December 2025, the weighted average contractual life remaining
was 1.3 years (2024: 1.3 years).
(b) Senior Manager Share Plan (SMSP)
The Group introduced the SMSP in 2021 to grant share awards to certain members of management.
Awards under the scheme have been granted in the form of nil-priced share options and contain
performance conditions dependent upon the growth of the Group\u2019s adjusted EBITDA.
In the year ended 31 December 2025, no awards were granted (2024: 245,999) to management
under the SMSP. During the year 45,706 shares were exercised at a weighted average share price
at the date of exercise of 166 pence (2024: 98,655 were exercised with a weighted average share
price at the date of exercise of 160 pence). During the year 182,266 options (2024: 107,440 options)
lapsed or forfeited. At 31 December 2025, the weighted average contractual life remaining was
0.3 years (2024: 0.6 years).
(c) Annual and Deferred Bonus Plan (ADBP)
The ADBP provides for the delivery of annual bonus earned in the financial year, in cash or in the
form of Ibstock shares. Where the Board determines that part of the bonus earned under the ADBP
is provided as an award of shares, these are deferred for a period of three years in the form of a
nil-cost option. A third of a participant\u2019s bonus is usually deferred although it was agreed as part of
the Remuneration Policy review in 2025, that the level of deferral for the Executive Directors should
50% of bonus until they have reached the required level of shareholding that is required under the
Group\u2019s shareholding guidelines. In the year ended 31 December 2025, 223,576 options (2024:
113,109) were awarded over Ordinary Shares under the ADBP in relation to the prior year end bonus.
No performance conditions apply to these awards.
In the year ended 31 December 2025, 257,791 options (2024: nil) were exercised under the
ADBP at a weighted average share price at the date of exercise of 177 pence (2024: 167 pence).
At 31 December 2025, the weighted average contractual life remaining was 1.1 years (2024: 1.5 years).
At 31 December 2025 160,422 options (2024: nil) lapsed or forfeited. An amount of \u00a30.1 million
(2024: \u00a30.1 million) had been recorded in accruals for the award relating to the bonus earned for the
year ended 31 December 2025. In the current year, \u00a30.1 million (2024: \u00a30.1m) prior period accruals
for the ADBP were reclassified to the share-based payment reserve.
All-employee share schemes
In addition to the Executive share option plans, the Group has operated two all-employee share-
based payment arrangements \u2013 the Ibstock Plc Sharesave Plan and a Share Incentive Plan (SIP). The
Group also made a \u2018one-off\u2019 award of shares to employees during 2022 as part of a \u2018Fire Up Grant\u2019.
(d) Save As You Earn (SAYE)
In order to participate in the Group\u2019s Sharesave Plan, an employee must enter into a linked savings
contract with a bank or building society to make contributions from salary on a monthly basis over a
three year period. A participant who enters into a savings agreement is granted an option to acquire
Ordinary Shares of 1 pence each under the Sharesave Plan at a specified exercise price.
In the current year 4,255,913 awards were issued (2024: nil). In the current year, 10,227 shares were
exercised (2024: 308,180) with a weighted average share price of 114 pence (2024: 176 pence) and
226,440 options lapsed (2024: 1,370,889). As at 31 December 2025, the weighted average exercise
price of outstanding options was 114 pence (2024: 176 pence) and the remaining option life was
2.7 years (2024: nil).
(e) Share Incentive Plan (SIP)
Following the Group\u2019s Initial Public Offering in 2015, the Company launched a SIP. Subject to
qualifying employment conditions, all employees were entitled to apply for free shares up to a value
of \u00a3800 depending on their period of service. The number of shares issued under the SIP in the year
ended 31 December 2016 was 553,150. The free shares had a three-year employment condition and
no further vesting conditions. In the year ended 31 December 2025, 7,150 shares lapsed (2024: nil)
and no shares were exercised (2024: nil). No awards have been made under the SIP since the original
grant in 2015.
(f) Fire Up Grant
In 2022 the Company, introduced its \u2018Fire Up Share Grant\u2019. This provided that, subject to qualifying
employment conditions, all employees below senior management were entitled to receive 500
nil-cost options. The number of shares issued under the SIP in 2022 was 1,070,000. The free shares
had a two-year employment condition and no further vesting conditions. All awards had been
exercised or released in 2024.
Share Option Plan (SOP)
In addition to the above discretionary share plans, the Group operated a Share Option Plan from
2018 to 2018 at the discretion of the Board. No options have been granted to management under
the SOP since 2018. In current year and prior year no options were exercised under the historical
SOP awards. In the year ended 31 December 2025, 164,597 options (2024: 50,081 options) lapsed.
The weighted average exercise price of options outstanding is 255 pence (2024: 241 pence).
At 31 December 2025 and 2024 there was no contractual life remaining. The SOP has an
employment condition of two years and no other performance conditions.
The assumptions used to calculate the fair value of the LTIP, SOP and ADBP awards granted during
the year ended 31 December 2025 are detailed below:
ADBP
LTIP
SAYE
Grant date
20-Mar-25
23-May-25
12-Sep-25
Share price at grant date
\u00a31.84
\u00a31.92
\u00a31.35
Exercise price
Nil
Nil
\u00a31.14
Number of shares issued
191,765
595,882
4,255,913
Vesting period
3 years
3 years
3 years
Pricing model
Share price
Share price
Binomial
% expected to vest
100%
100%
90%
Expected share price
volatility
n/a
n/a
30%
Expected dividend yield
n/a
n/a
4%
Expected option life
n/a
3 years
3.4 years
Fair value per share
\u00a31.84
\u00a31.92
\u00a30.35
Risk-free rate
n/a
n/a
4%
Awards under the executive share option plans and all-employee share schemes are as follows:
Executive
All-employee
share options
schemes
Outstanding at 1 January 2025
4,918,210
147,435
Awards granted
787,647
4,255,913
Awards granted as dividend equivalent
79,521
\u2013
Awards exercised
(657,291)
(10,227)
Awards lapsed/forfeited
(2,205,487)
(233,590)
Awards outstanding at 31 December 2025
2,922,600
4,159,531
The expected volatility level has been calculated using historical daily data over a term
commensurate with the expected life of each award.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-378": { "value": "
27. Leases and commitments
Amounts recognised within the consolidated balance sheet
The balance sheet shows the following amounts relating to leases:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Right-of-use assets
Buildings
8,905
11,088
Equipment
11,444
13,196
Vehicles
2,943
4,079
Total right-of-use assets
23,292
28,363
Lease liabilities
Less than six months
(4,820)
(4,815)
Six months to one year
(4,768)
(4,656)
Current
(9,588)
(9,471)
One to two years
(8,163)
(8,750)
Two to five years
(8,833)
(13,004)
Greater than five years
(2,926)
(3,857)
Non-current
(19,922)
(25,611)
Total lease liabilities
(29,510)
(35,082)
Movement in right-of-use asset:
Buildings
Equipment
Vehicles
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost
At 1 January 2024*
31,219
28,316
7,6 83
67,218
Additions
\u2013
2,627
2,354
4,981
Disposals*
(964)
(6,692)
(2,108)
(9,764)
At 31 December 2024*
30,255
24,251
7,929
62,435
Additions
435
2,623
1,063
4,121
Disposals
(1,175)
(2,908)
(2,220)
(6,303)
At 31 December 2025
29,515
23,966
6,772
60,253
Accumulated depreciation and impairment
At 1 January 2024*
(10,522)
(13,153)
(3,712)
(27,387)
Charge for the year
(3,045)
(4,487)
(2,246)
(9,778)
Lease modification
(3,858)
\u2013
\u2013
(3,858)
Impairment
(2,706)
\u2013
\u2013
(2,706)
Disposals*
964
6,585
2,108
9,657
At 31 December 2024*
(19,167)
(11,055)
(3,850)
(34,072)
Charge for the year
(2,423)
(4,375)
(2,199)
(8,997)
Impairment
(195)
\u2013
\u2013
(195)
Disposals
1,175
2,908
2,220
6,303
At 31 December 2025
(20,610)
(12,522)
(3,829)
(36,961)
Net book amount
At 31 December 2024
11,088
13,196
4,079
28,363
At 31 December 2025
8,905
11,444
2,943
23,292
* The information has been updated after the data cleansing exercise carried out in 2025.
Movement in lease liabilities:
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
As at 1 January
(35,082)
(43,833)
Additions
(4,426)
(4,999)
Disposals
\u2013
252
Lease modification
\u2013
3,858
Interest payments
(2,048)
(2,494)
Cash rental payments
12,046
12,134
As at 31 December
(29,510)
(35,082)
Amounts recognised within the consolidated income statement
Depreciation charge of right-of-use assets
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Buildings
2,423
3,045
Equipment
4,375
4,487
Vehicles
2,199
2,246
8,997
9,778
Impairment
195
2,706
Depreciation expense (included within cost of sales)
9,192
12,484
Interest expense (included within finance costs)
2,048
2,494
In the year ended 31 December 2025, the benefit of Adjusted EBITDA as a result of IFRS 16 leases
was \u00a312.0 million (2024: \u00a312.1 million). Operating lease charges now expensed via depreciation
amount to \u00a39 million (2024: \u00a39.8 million) and interest of \u00a32 million (2024: \u00a32.5 million), resulting in a
net reduction in profit before taxation of \u00a31 million (2024: \u00a30.2 million).
The Group is lessee of a number of properties in addition to plant and machinery which it uses in its
operations. The operating leases run for a variety of terms and their non-cancellable commitments
are set out above. There is no material contingent rent payable, renewal or purchase options,
escalation clauses or restrictions imposed by the lease agreements.
The Group as lessor
The Group acts as lessor on a number of properties where it leases surplus land not currently utilised
by the business. The operating leases run for a variety of terms and their future minimum lease
payments receivable are set out as follows:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Within one year
6
64
Between one and five years
10
\u2013
After five years
15
\u2013
Capital commitments
Capital expenditure committed to but not yet incurred at the balance sheet date is as follows:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Amount contracted for, which has not been provided
4,510
16,021
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-462": { "value": "27. Leases and commitments Amounts recognised within the consolidated balance sheet The balance sheet shows the following amounts relating to leases:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Right-of-use assets
Buildings
8,905
11,088
Equipment
11,444
13,196
Vehicles
2,943
4,079
Total right-of-use assets
23,292
28,363
Lease liabilities
Less than six months
(4,820)
(4,815)
Six months to one year
(4,768)
(4,656)
Current
(9,588)
(9,471)
One to two years
(8,163)
(8,750)
Two to five years
(8,833)
(13,004)
Greater than five years
(2,926)
(3,857)
Non-current
(19,922)
(25,611)
Total lease liabilities
(29,510)
(35,082)
Movement in right-of-use asset:
Buildings
Equipment
Vehicles
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost
At 1 January 2024*
31,219
28,316
7,6 83
67,218
Additions
\u2013
2,627
2,354
4,981
Disposals*
(964)
(6,692)
(2,108)
(9,764)
At 31 December 2024*
30,255
24,251
7,929
62,435
Additions
435
2,623
1,063
4,121
Disposals
(1,175)
(2,908)
(2,220)
(6,303)
At 31 December 2025
29,515
23,966
6,772
60,253
Accumulated depreciation and impairment
At 1 January 2024*
(10,522)
(13,153)
(3,712)
(27,387)
Charge for the year
(3,045)
(4,487)
(2,246)
(9,778)
Lease modification
(3,858)
\u2013
\u2013
(3,858)
Impairment
(2,706)
\u2013
\u2013
(2,706)
Disposals*
964
6,585
2,108
9,657
At 31 December 2024*
(19,167)
(11,055)
(3,850)
(34,072)
Charge for the year
(2,423)
(4,375)
(2,199)
(8,997)
Impairment
(195)
\u2013
\u2013
(195)
Disposals
1,175
2,908
2,220
6,303
At 31 December 2025
(20,610)
(12,522)
(3,829)
(36,961)
Net book amount
At 31 December 2024
11,088
13,196
4,079
28,363
At 31 December 2025
8,905
11,444
2,943
23,292
* The information has been updated after the data cleansing exercise carried out in 2025. Movement in lease liabilities:
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
As at 1 January
(35,082)
(43,833)
Additions
(4,426)
(4,999)
Disposals
\u2013
252
Lease modification
\u2013
3,858
Interest payments
(2,048)
(2,494)
Cash rental payments
12,046
12,134
As at 31 December
(29,510)
(35,082)
Amounts recognised within the consolidated income statement Depreciation charge of right-of-use assets
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Buildings
2,423
3,045
Equipment
4,375
4,487
Vehicles
2,199
2,246
8,997
9,778
Impairment
195
2,706
Depreciation expense (included within cost of sales)
9,192
12,484
Interest expense (included within finance costs)
2,048
2,494
In the year ended 31 December 2025, the benefit of Adjusted EBITDA as a result of IFRS 16 leases was \u00a312.0 million (2024: \u00a312.1 million). Operating lease charges now expensed via depreciation amount to \u00a39 million (2024: \u00a39.8 million) and interest of \u00a32 million (2024: \u00a32.5 million), resulting in a net reduction in profit before taxation of \u00a31 million (2024: \u00a30.2 million). The Group is lessee of a number of properties in addition to plant and machinery which it uses in its operations. The operating leases run for a variety of terms and their non-cancellable commitments are set out above. There is no material contingent rent payable, renewal or purchase options, escalation clauses or restrictions imposed by the lease agreements. The Group as lessor The Group acts as lessor on a number of properties where it leases surplus land not currently utilised by the business. The operating leases run for a variety of terms and their future minimum lease payments receivable are set out as follows:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Within one year
6
64
Between one and five years
10
\u2013
After five years
15
\u2013
Capital commitments Capital expenditure committed to but not yet incurred at the balance sheet date is as follows:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Amount contracted for, which has not been provided
4,510
16,021
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-416": { "value": "27. Leases and commitments Amounts recognised within the consolidated balance sheet The balance sheet shows the following amounts relating to leases:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Right-of-use assets
Buildings
8,905
11,088
Equipment
11,444
13,196
Vehicles
2,943
4,079
Total right-of-use assets
23,292
28,363
Lease liabilities
Less than six months
(4,820)
(4,815)
Six months to one year
(4,768)
(4,656)
Current
(9,588)
(9,471)
One to two years
(8,163)
(8,750)
Two to five years
(8,833)
(13,004)
Greater than five years
(2,926)
(3,857)
Non-current
(19,922)
(25,611)
Total lease liabilities
(29,510)
(35,082)
Movement in right-of-use asset:
Buildings
Equipment
Vehicles
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost
At 1 January 2024*
31,219
28,316
7,6 83
67,218
Additions
\u2013
2,627
2,354
4,981
Disposals*
(964)
(6,692)
(2,108)
(9,764)
At 31 December 2024*
30,255
24,251
7,929
62,435
Additions
435
2,623
1,063
4,121
Disposals
(1,175)
(2,908)
(2,220)
(6,303)
At 31 December 2025
29,515
23,966
6,772
60,253
Accumulated depreciation and impairment
At 1 January 2024*
(10,522)
(13,153)
(3,712)
(27,387)
Charge for the year
(3,045)
(4,487)
(2,246)
(9,778)
Lease modification
(3,858)
\u2013
\u2013
(3,858)
Impairment
(2,706)
\u2013
\u2013
(2,706)
Disposals*
964
6,585
2,108
9,657
At 31 December 2024*
(19,167)
(11,055)
(3,850)
(34,072)
Charge for the year
(2,423)
(4,375)
(2,199)
(8,997)
Impairment
(195)
\u2013
\u2013
(195)
Disposals
1,175
2,908
2,220
6,303
At 31 December 2025
(20,610)
(12,522)
(3,829)
(36,961)
Net book amount
At 31 December 2024
11,088
13,196
4,079
28,363
At 31 December 2025
8,905
11,444
2,943
23,292
* The information has been updated after the data cleansing exercise carried out in 2025. Movement in lease liabilities:
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
As at 1 January
(35,082)
(43,833)
Additions
(4,426)
(4,999)
Disposals
\u2013
252
Lease modification
\u2013
3,858
Interest payments
(2,048)
(2,494)
Cash rental payments
12,046
12,134
As at 31 December
(29,510)
(35,082)
Amounts recognised within the consolidated income statement Depreciation charge of right-of-use assets
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Buildings
2,423
3,045
Equipment
4,375
4,487
Vehicles
2,199
2,246
8,997
9,778
Impairment
195
2,706
Depreciation expense (included within cost of sales)
9,192
12,484
Interest expense (included within finance costs)
2,048
2,494
In the year ended 31 December 2025, the benefit of Adjusted EBITDA as a result of IFRS 16 leases was \u00a312.0 million (2024: \u00a312.1 million). Operating lease charges now expensed via depreciation amount to \u00a39 million (2024: \u00a39.8 million) and interest of \u00a32 million (2024: \u00a32.5 million), resulting in a net reduction in profit before taxation of \u00a31 million (2024: \u00a30.2 million). The Group is lessee of a number of properties in addition to plant and machinery which it uses in its operations. The operating leases run for a variety of terms and their non-cancellable commitments are set out above. There is no material contingent rent payable, renewal or purchase options, escalation clauses or restrictions imposed by the lease agreements. The Group as lessor The Group acts as lessor on a number of properties where it leases surplus land not currently utilised by the business. The operating leases run for a variety of terms and their future minimum lease payments receivable are set out as follows:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Within one year
6
64
Between one and five years
10
\u2013
After five years
15
\u2013
Capital commitments Capital expenditure committed to but not yet incurred at the balance sheet date is as follows:
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Amount contracted for, which has not been provided
4,510
16,021
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-443": { "value": "
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Right-of-use assets
Buildings
8,905
11,088
Equipment
11,444
13,196
Vehicles
2,943
4,079
Total right-of-use assets
23,292
28,363
Lease liabilities
Less than six months
(4,820)
(4,815)
Six months to one year
(4,768)
(4,656)
Current
(9,588)
(9,471)
One to two years
(8,163)
(8,750)
Two to five years
(8,833)
(13,004)
Greater than five years
(2,926)
(3,857)
Non-current
(19,922)
(25,611)
Total lease liabilities
(29,510)
(35,082)
Movement in right-of-use asset:
Buildings
Equipment
Vehicles
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost
At 1 January 2024*
31,219
28,316
7,6 83
67,218
Additions
\u2013
2,627
2,354
4,981
Disposals*
(964)
(6,692)
(2,108)
(9,764)
At 31 December 2024*
30,255
24,251
7,929
62,435
Additions
435
2,623
1,063
4,121
Disposals
(1,175)
(2,908)
(2,220)
(6,303)
At 31 December 2025
29,515
23,966
6,772
60,253
Accumulated depreciation and impairment
At 1 January 2024*
(10,522)
(13,153)
(3,712)
(27,387)
Charge for the year
(3,045)
(4,487)
(2,246)
(9,778)
Lease modification
(3,858)
\u2013
\u2013
(3,858)
Impairment
(2,706)
\u2013
\u2013
(2,706)
Disposals*
964
6,585
2,108
9,657
At 31 December 2024*
(19,167)
(11,055)
(3,850)
(34,072)
Charge for the year
(2,423)
(4,375)
(2,199)
(8,997)
Impairment
(195)
\u2013
\u2013
(195)
Disposals
1,175
2,908
2,220
6,303
At 31 December 2025
(20,610)
(12,522)
(3,829)
(36,961)
Net book amount
At 31 December 2024
11,088
13,196
4,079
28,363
At 31 December 2025
8,905
11,444
2,943
23,292
* The information has been updated after the data cleansing exercise carried out in 2025. Depreciation charge of right-of-use assets
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Buildings
2,423
3,045
Equipment
4,375
4,487
Vehicles
2,199
2,246
8,997
9,778
Impairment
195
2,706
Depreciation expense (included within cost of sales)
9,192
12,484
Interest expense (included within finance costs)
2,048
2,494
In the year ended 31 December 2025, the benefit of Adjusted EBITDA as a result of IFRS 16 leases was \u00a312.0 million (2024: \u00a312.1 million). Operating lease charges now expensed via depreciation amount to \u00a39 million (2024: \u00a39.8 million) and interest of \u00a32 million (2024: \u00a32.5 million), resulting in a net reduction in profit before taxation of \u00a31 million (2024: \u00a30.2 million). The Group is lessee of a number of properties in addition to plant and machinery which it uses in its operations. The operating leases run for a variety of terms and their non-cancellable commitments are set out above. There is no material contingent rent payable, renewal or purchase options, escalation clauses or restrictions imposed by the lease agreements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-417": { "value": "
28. Notes to the Group cash flow statement
31 December
31 December
2025
2024
Cash flows from operating activities
\u00a3\u2019000
\u00a3\u2019000
Profit before taxation
896
20,680
Adjustments for:
Depreciation
35,210
33,495
Asset impairment charge \u2013 property, plant and equipment (Note 5)
6,141
1,126
Asset impairment charge \u2013 right-of-use assets (Note 5)
195
2,706
Write-off of inventory (Note 5)
2,408
\u2013
Amortisation of intangible assets
6,322
7, 062
Net finance costs
9,138
6,393
Gain on disposal of business and fixed assets
(178)
(261)
Research and development expenditure credit
(3,927)
(2,635)
Share based payments
484
1,253
Post-employment benefits
1,247
959
Other
\u2013
(245)
57,936
70,533
Increase in inventory
(24,196)
(5,633)
Decrease/(increase) in debtors
12,309
(5,529)
Increase in creditors
(565)
8,355
Increase/(decrease) in provisions
2,551
(4,820)
Cash generated from operations
48,035
62,906
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-379": { "value": "28. Notes to the Group cash flow statement
31 December
31 December
2025
2024
Cash flows from operating activities
\u00a3\u2019000
\u00a3\u2019000
Profit before taxation
896
20,680
Adjustments for:
Depreciation
35,210
33,495
Asset impairment charge \u2013 property, plant and equipment (Note 5)
6,141
1,126
Asset impairment charge \u2013 right-of-use assets (Note 5)
195
2,706
Write-off of inventory (Note 5)
2,408
\u2013
Amortisation of intangible assets
6,322
7, 062
Net finance costs
9,138
6,393
Gain on disposal of business and fixed assets
(178)
(261)
Research and development expenditure credit
(3,927)
(2,635)
Share based payments
484
1,253
Post-employment benefits
1,247
959
Other
\u2013
(245)
57,936
70,533
Increase in inventory
(24,196)
(5,633)
Decrease/(increase) in debtors
12,309
(5,529)
Increase in creditors
(565)
8,355
Increase/(decrease) in provisions
2,551
(4,820)
Cash generated from operations
48,035
62,906
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-380": { "value": "
29. Group subsidiaries
Ibstock Plc had the following subsidiaries as at 31 December 2025:
Proportion of
Proportion of
Ordinary Shares
Ordinary Shares
Registration
Country of
held directly by
held by the
Entity
Principal activity
number
incorporation
the parent
Group
Ibstock Building Products Limited
1
Holding Company
09329395
UK
100%
100%
Figgs Bidco Limited
Holding Company
09332893
UK
100%
100%
Ibstock Telling GRC Limited
Manufacturer and supplier of glass reinforced concrete products
09415340
UK
100%
100%
Ibstock Group Limited
Dormant
00984268
UK
100%
100%
Forticrete Limited
Manufacturer of concrete products
00221210
UK
100%
100%
Anderton Concrete Products Limited
Manufacturer and supplier of precast and prestressed concrete products
01900103
UK
100%
100%
Supreme Concrete Limited
Manufacturer and supplier of precast and prestressed concrete products
01410463
UK
100%
100%
Ibstock Brick Holding Company Limited
Holding Company
00784339
UK
100%
100%
Ibstock Brick Limited
Brick manufacturer
00063230
UK
100%
100%
Ibstock Manufacturing Services Limited
Brick manufacturer
12292985
UK
100%
100%
Kevington Building Products Limited
Dormant
02122467
UK
100%
100%
Ibstock Brick Leicester Limited
Dormant
00106667
UK
100%
100%
Ibstock Brick Aldridge Limited
Dormant
0 0614225
UK
100%
100%
Ibstock Brick Himley Limited
Dormant
00092769
UK
100%
100%
Ibstock Westbrick Limited
Dormant
01606990
UK
100%
100%
Ibstock Brick Aldridge Property Limited
Dormant
00251918
UK
100%
100%
Moore & Sons Limited
Dormant
00118818
UK
100%
100%
Manchester Brick & Precast Limited
Dormant
02888297
UK
100%
100%
Ibstock Brick Nostell Limited
Dormant
00531826
UK
100%
100%
Ibstock Brick Roughdales Limited
Dormant
00598862
UK
100%
100%
Ibstock Brick Cattybrook Limited
Dormant
00011298
UK
100%
100%
Ibstock Hathernware Limited
Dormant
00424843
UK
100%
100%
Ibstock Bricks (1996) Limited
Holding Company
00246855
UK
100%
100%
Loopfire Systems Limited
Dormant
04105160
UK
100%
100%
Longley Holdings Limited
Holding Company
02027916
UK
100%
100%
Longley Concrete Ltd
Manufacturer and supplier of precast and prestressed concrete products
00440463
UK
100%
100%
Generix Facades Ltd
Manufacturer and supplier of facades
08432030
UK
100%
100%
Generix Facades International Limited
Dormant
09777110
UK
100%
100%
G-Tech Coper Limited
Dormant
00888875
UK
100%
100%
Coltman Precast Concrete Limited
Manufacturer and supplier of precast and prestressed concrete products
01032721
UK
100%
100%
Valerie Coltman Holdings Limited
Holding Company
06824310
UK
100%
100%
All entities have a place of business in the UK. The registered office address for all entities is the same as for the ultimate Parent Company, Leicester Road, Ibstock, Leicestershire, LE67 6HS.
All subsidiary undertakings are included in the consolidated financial statements. The proportion of the voting rights in the subsidiary undertakings held directly by the Parent Company do not differ from
the proportion of Ordinary Shares held. At 31 December 2025, the Parent Company does not have any shareholdings in the preference shares of subsidiary undertakings included in the Group.
1 Ibstock Building Products Ltd is owned directly by Ibstock Plc. All other companies are indirectly owned.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-444": { "value": "29. Group subsidiaries Ibstock Plc had the following subsidiaries as at 31 December 2025:
Proportion of
Proportion of
Ordinary Shares
Ordinary Shares
Registration
Country of
held directly by
held by the
Entity
Principal activity
number
incorporation
the parent
Group
Ibstock Building Products Limited
1
Holding Company
09329395
UK
100%
100%
Figgs Bidco Limited
Holding Company
09332893
UK
100%
100%
Ibstock Telling GRC Limited
Manufacturer and supplier of glass reinforced concrete products
09415340
UK
100%
100%
Ibstock Group Limited
Dormant
00984268
UK
100%
100%
Forticrete Limited
Manufacturer of concrete products
00221210
UK
100%
100%
Anderton Concrete Products Limited
Manufacturer and supplier of precast and prestressed concrete products
01900103
UK
100%
100%
Supreme Concrete Limited
Manufacturer and supplier of precast and prestressed concrete products
01410463
UK
100%
100%
Ibstock Brick Holding Company Limited
Holding Company
00784339
UK
100%
100%
Ibstock Brick Limited
Brick manufacturer
00063230
UK
100%
100%
Ibstock Manufacturing Services Limited
Brick manufacturer
12292985
UK
100%
100%
Kevington Building Products Limited
Dormant
02122467
UK
100%
100%
Ibstock Brick Leicester Limited
Dormant
00106667
UK
100%
100%
Ibstock Brick Aldridge Limited
Dormant
0 0614225
UK
100%
100%
Ibstock Brick Himley Limited
Dormant
00092769
UK
100%
100%
Ibstock Westbrick Limited
Dormant
01606990
UK
100%
100%
Ibstock Brick Aldridge Property Limited
Dormant
00251918
UK
100%
100%
Moore & Sons Limited
Dormant
00118818
UK
100%
100%
Manchester Brick & Precast Limited
Dormant
02888297
UK
100%
100%
Ibstock Brick Nostell Limited
Dormant
00531826
UK
100%
100%
Ibstock Brick Roughdales Limited
Dormant
00598862
UK
100%
100%
Ibstock Brick Cattybrook Limited
Dormant
00011298
UK
100%
100%
Ibstock Hathernware Limited
Dormant
00424843
UK
100%
100%
Ibstock Bricks (1996) Limited
Holding Company
00246855
UK
100%
100%
Loopfire Systems Limited
Dormant
04105160
UK
100%
100%
Longley Holdings Limited
Holding Company
02027916
UK
100%
100%
Longley Concrete Ltd
Manufacturer and supplier of precast and prestressed concrete products
00440463
UK
100%
100%
Generix Facades Ltd
Manufacturer and supplier of facades
08432030
UK
100%
100%
Generix Facades International Limited
Dormant
09777110
UK
100%
100%
G-Tech Coper Limited
Dormant
00888875
UK
100%
100%
Coltman Precast Concrete Limited
Manufacturer and supplier of precast and prestressed concrete products
01032721
UK
100%
100%
Valerie Coltman Holdings Limited
Holding Company
06824310
UK
100%
100%
All entities have a place of business in the UK. The registered office address for all entities is the same as for the ultimate Parent Company, Leicester Road, Ibstock, Leicestershire, LE67 6HS. All subsidiary undertakings are included in the consolidated financial statements. The proportion of the voting rights in the subsidiary undertakings held directly by the Parent Company do not differ from the proportion of Ordinary Shares held. At 31 December 2025, the Parent Company does not have any shareholdings in the preference shares of subsidiary undertakings included in the Group. 1 Ibstock Building Products Ltd is owned directly by Ibstock Plc. All other companies are indirectly owned.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-418": { "value": "29. Group subsidiaries Ibstock Plc had the following subsidiaries as at 31 December 2025:
Proportion of
Proportion of
Ordinary Shares
Ordinary Shares
Registration
Country of
held directly by
held by the
Entity
Principal activity
number
incorporation
the parent
Group
Ibstock Building Products Limited
1
Holding Company
09329395
UK
100%
100%
Figgs Bidco Limited
Holding Company
09332893
UK
100%
100%
Ibstock Telling GRC Limited
Manufacturer and supplier of glass reinforced concrete products
09415340
UK
100%
100%
Ibstock Group Limited
Dormant
00984268
UK
100%
100%
Forticrete Limited
Manufacturer of concrete products
00221210
UK
100%
100%
Anderton Concrete Products Limited
Manufacturer and supplier of precast and prestressed concrete products
01900103
UK
100%
100%
Supreme Concrete Limited
Manufacturer and supplier of precast and prestressed concrete products
01410463
UK
100%
100%
Ibstock Brick Holding Company Limited
Holding Company
00784339
UK
100%
100%
Ibstock Brick Limited
Brick manufacturer
00063230
UK
100%
100%
Ibstock Manufacturing Services Limited
Brick manufacturer
12292985
UK
100%
100%
Kevington Building Products Limited
Dormant
02122467
UK
100%
100%
Ibstock Brick Leicester Limited
Dormant
00106667
UK
100%
100%
Ibstock Brick Aldridge Limited
Dormant
0 0614225
UK
100%
100%
Ibstock Brick Himley Limited
Dormant
00092769
UK
100%
100%
Ibstock Westbrick Limited
Dormant
01606990
UK
100%
100%
Ibstock Brick Aldridge Property Limited
Dormant
00251918
UK
100%
100%
Moore & Sons Limited
Dormant
00118818
UK
100%
100%
Manchester Brick & Precast Limited
Dormant
02888297
UK
100%
100%
Ibstock Brick Nostell Limited
Dormant
00531826
UK
100%
100%
Ibstock Brick Roughdales Limited
Dormant
00598862
UK
100%
100%
Ibstock Brick Cattybrook Limited
Dormant
00011298
UK
100%
100%
Ibstock Hathernware Limited
Dormant
00424843
UK
100%
100%
Ibstock Bricks (1996) Limited
Holding Company
00246855
UK
100%
100%
Loopfire Systems Limited
Dormant
04105160
UK
100%
100%
Longley Holdings Limited
Holding Company
02027916
UK
100%
100%
Longley Concrete Ltd
Manufacturer and supplier of precast and prestressed concrete products
00440463
UK
100%
100%
Generix Facades Ltd
Manufacturer and supplier of facades
08432030
UK
100%
100%
Generix Facades International Limited
Dormant
09777110
UK
100%
100%
G-Tech Coper Limited
Dormant
00888875
UK
100%
100%
Coltman Precast Concrete Limited
Manufacturer and supplier of precast and prestressed concrete products
01032721
UK
100%
100%
Valerie Coltman Holdings Limited
Holding Company
06824310
UK
100%
100%
All entities have a place of business in the UK. The registered office address for all entities is the same as for the ultimate Parent Company, Leicester Road, Ibstock, Leicestershire, LE67 6HS. All subsidiary undertakings are included in the consolidated financial statements. The proportion of the voting rights in the subsidiary undertakings held directly by the Parent Company do not differ from the proportion of Ordinary Shares held. At 31 December 2025, the Parent Company does not have any shareholdings in the preference shares of subsidiary undertakings included in the Group. 1 Ibstock Building Products Ltd is owned directly by Ibstock Plc. All other companies are indirectly owned.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-381": { "value": "
30. Related party transactions
Balances and transactions between Ibstock Plc (the ultimate Parent) and its subsidiaries (listed in
Note 29), which are related parties, are eliminated on consolidation and are not disclosed in this note.
See Note 7 for details of Director and key management personnel remuneration.
There are no further material related party transactions nor any related party balances in either the
2025 or 2024 financial years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-419": { "value": "30. Related party transactions Balances and transactions between Ibstock Plc (the ultimate Parent) and its subsidiaries (listed in Note 29), which are related parties, are eliminated on consolidation and are not disclosed in this note. See Note 7 for details of Director and key management personnel remuneration. There are no further material related party transactions nor any related party balances in either the 2025 or 2024 financial years.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-382": { "value": "
31. Dividends paid and proposed
31 December
31 December
2025
2024
Cash flows from operating activities
\u00a3\u2019000
\u00a3\u2019000
Declared and paid during the year
Equity dividends on Ordinary Shares:
Final dividend for 2024: 2.5 pence (2023: 3.6 pence)
9,865
14,135
Interim dividend for 2025: 1.5 pence (2024: 1.5 pence)
5,920
5,896
15,785
20,031
Proposed (not recognised as a liability as at 31 December)
Equity dividends on Ordinary Shares:
Final dividend for 2025: 1.5 pence (2024: 2.5 pence)
5,920
9,850
5,920
9,850
At the beginning of 2026, the Directors proposed a final dividend in respect of the financial year
ended 31 December 2025 of 1.5 pence (2024: 2.5 pence) per Ordinary Share, which will distribute an
estimated \u00a35.9 million (2024: \u00a39.9 million) of shareholders\u2019 funds. Subject to approval at the Annual
General Meeting, this will be paid on 8 May 2026, to shareholders on the register at the close of
business on 29 May 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-422": { "value": "0.015", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-420": { "value": "0.025", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-423": { "value": "5900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-421": { "value": "9900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-383": { "value": "
32. Post balance sheet events
Except for the proposed dividend (see Note 31), no further subsequent events requiring disclosure
or adjustment to these financial statements have been identified since the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-424": { "value": "0.03", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:2138003QHTNX34CN9V93", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } } } }