2024 | 2023 | ||
Average | Sterling | 0.78 | 0.80 |
Euro | 0.92 | 0.92 | |
Chinese Renminbi | 7.20 | 7.08 | |
Indian Rupee | 83.66 | 82.56 | |
Turkish Lira* | 32.82 | 23.79 | |
Period end | Sterling | 0.80 | 0.79 |
Euro | 0.97 | 0.91 | |
Chinese Renminbi | 7.30 | 7.10 | |
Indian Rupee | 85.55 | 83.19 | |
Turkish Lira | 35.34 | 29.48 |
Brands and trade names | 5 years to 20 years |
Technology | 4 years to 10 years |
Customer relationships | 9 years to 15 years |
Freehold buildings | 50 years to 100 years |
Leasehold improvements | 10 years to 50 years or over the term of the lease if shorter |
Plant and equipment | 3 years to 20 years |
Vehicles and office equipment | 2 years to 10 years |
2024 | 2023 | ||
Average | Sterling | 0.78 | 0.80 |
Euro | 0.92 | 0.92 | |
Chinese Renminbi | 7.20 | 7.08 | |
Indian Rupee | 83.66 | 82.56 | |
Turkish Lira* | 32.82 | 23.79 | |
Period end | Sterling | 0.80 | 0.79 |
Euro | 0.97 | 0.91 | |
Chinese Renminbi | 7.30 | 7.10 | |
Indian Rupee | 85.55 | 83.19 | |
Turkish Lira | 35.34 | 29.48 |
Freehold buildings | 50 years to 100 years |
Leasehold improvements | 10 years to 50 years or over the term of the lease if shorter |
Plant and equipment | 3 years to 20 years |
Vehicles and office equipment | 2 years to 10 years |
Brands and trade names | 5 years to 20 years |
Technology | 4 years to 10 years |
Customer relationships | 9 years to 15 years |
Freehold buildings | 50 years to 100 years |
Leasehold improvements | 10 years to 50 years or over the term of the lease if shorter |
Plant and equipment | 3 years to 20 years |
Vehicles and office equipment | 2 years to 10 years |
Brands and trade names | 5 years to 20 years |
Technology | 4 years to 10 years |
Customer relationships | 9 years to 15 years |
Brands and trade names | 5 years to 20 years |
Technology | 4 years to 10 years |
Customer relationships | 9 years to 15 years |
| Performance | ||||
| Apparel | Footwear | Materials | Total | |
| Year ended 31 December 2024 | US$m | US$m | US$m | US$m |
| Continuing operations | ||||
Revenue | 769.8 | 403.5 | 327.6 | 1,500.9 |
Segment profit | 150.6 | 94.8 | 24.2 | 269.6 |
Exceptional and acquisition related items (note 4) | (69.8) | |||
Operating profit | 199.8 | |||
Share of profits of joint ventures | 1.9 | |||
Finance income | 3.1 | |||
Finance costs | (32.7) | |||
Profit before taxation from continuing operations | 172.1 |
Revenue by origin | Revenue by destination | Non-current assets | ||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| Year ended 31 December | US$m | US$m | US$m | US$m | US$m | US$m |
| Europe, Middle East & Africa (EMEA) | ||||||
UK | 29.2 | 29.8 | 9.1 | 12.5 | 263.1 | 258.7 |
Rest of EMEA | 273.1 | 295.5 | 236.7 | 257.2 | 160.9 | 182.3 |
| Americas | ||||||
USA | 124.4 | 141.9 | 130.6 | 155.9 | 29.9 | 37.6 |
Rest of Americas | 110.0 | 104.4 | 116.4 | 99.6 | 45.1 | 62.0 |
| Asia & Rest of World | ||||||
India | 173.6 | 163.4 | 173.3 | 162.1 | 38.9 | 34.6 |
China and Hong Kong | 276.9 | 228.4 | 242.0 | 192.5 | 259.3 | 277.6 |
Vietnam | 232.1 | 198.4 | 213.7 | 173.5 | 34.8 | 34.7 |
Other | 281.6 | 232.4 | 379.1 | 340.9 | 66.4 | 60.2 |
1,500.9 | 1,394.2 | 1,500.9 | 1,394.2 | 898.4 | 947.7 |
| Performance | ||||
| Apparel | Footwear | Materials | Total | |
| Year ended 31 December 2023 | US$m | US$m | US$m | US$m |
| Continuing operations | ||||
Revenue | 689.4 | 368.4 | 336.4 | 1,394.2 |
Segment profit | 120.4 | 84.1 | 28.9 | 233.4 |
Exceptional and acquisition related items (note 4) | (49.4) | |||
Operating profit | 184.0 | |||
Share of profits of joint ventures | 1.1 | |||
Finance income | 4.6 | |||
Finance costs | (33.9) | |||
Profit before taxation from continuing operations | 155.8 |
Revenue by origin | Revenue by destination | Non-current assets | ||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| Year ended 31 December | US$m | US$m | US$m | US$m | US$m | US$m |
| Europe, Middle East & Africa (EMEA) | ||||||
UK | 29.2 | 29.8 | 9.1 | 12.5 | 263.1 | 258.7 |
Rest of EMEA | 273.1 | 295.5 | 236.7 | 257.2 | 160.9 | 182.3 |
| Americas | ||||||
USA | 124.4 | 141.9 | 130.6 | 155.9 | 29.9 | 37.6 |
Rest of Americas | 110.0 | 104.4 | 116.4 | 99.6 | 45.1 | 62.0 |
| Asia & Rest of World | ||||||
India | 173.6 | 163.4 | 173.3 | 162.1 | 38.9 | 34.6 |
China and Hong Kong | 276.9 | 228.4 | 242.0 | 192.5 | 259.3 | 277.6 |
Vietnam | 232.1 | 198.4 | 213.7 | 173.5 | 34.8 | 34.7 |
Other | 281.6 | 232.4 | 379.1 | 340.9 | 66.4 | 60.2 |
1,500.9 | 1,394.2 | 1,500.9 | 1,394.2 | 898.4 | 947.7 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Goods transferred at a point in time | 1,489.6 | 1,385.1 |
Software solutions services transferred over time | 11.3 | 9.1 |
1,500.9 | 1,394.2 | |
Other operating income | \u2013 | 5.8 |
Finance income | 3.1 | 4.6 |
1,504.0 | 1,404.6 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Continuing operations: | ||
Asia | 964.2 | 822.6 |
Americas | 234.4 | 246.3 |
EMEA | 302.3 | 325.3 |
1,500.9 | 1,394.2 | |
| Continuing operations: | ||
Apparel | 769.8 | 689.4 |
Footwear | 403.5 | 368.4 |
Performance Materials | 327.6 | 336.4 |
1,500.9 | 1,394.2 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Exceptional items: | ||
| Strategic project costs/(income): | ||
\u2013 Cost of sales | 21.5 | 18.2 |
\u2013 Distribution costs | 1.0 | 1.3 |
\u2013 Administration costs | 4.3 | 9.1 |
26.8 | 28.6 | |
\u2013 Other operating income \u2013 profit on sale of property | \u2013 | (5.8) |
26.8 | 22.8 | |
| Costs to deliver Footwear acquisitions integration synergies: | ||
\u2013 Distribution costs | 0.5 | 1.3 |
\u2013 Administration costs | 0.8 | 0.2 |
1.3 | 1.5 | |
| Costs relating to rightsizing North America Yarns footprint: | ||
\u2013 Cost of sales | 15.3 | \u2013 |
| Lower Passaic River non-cash impairment charge: | ||
\u2013 Administration costs | \u2013 | 3.6 |
| UK pension scheme costs: | ||
\u2013 Administration costs | 1.8 | \u2013 |
Total exceptional items charged to profit before taxation from continuing operations | 45.2 | 27.9 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Acquisition related items: | ||
| Administrative expenses: | ||
Acquired intangibles assets \u2013 amortisation and impairment charges | 24.6 | 21.5 |
Total acquisition related items charged to profit before taxation from continuing operations | 24.6 | 21.5 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Interest on bank and other borrowings | 31.3 | 30.3 |
Interest expense on lease liabilities | 5.2 | 5.6 |
Net interest on pension scheme assets and liabilities | (4.2) | (4.4) |
Other finance costs including unrealised gains and losses on foreign exchange contracts | 0.4 | 2.4 |
32.7 | 33.9 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Interest on bank and other borrowings | 31.3 | 30.3 |
Interest expense on lease liabilities | 5.2 | 5.6 |
Net interest on pension scheme assets and liabilities | (4.2) | (4.4) |
Other finance costs including unrealised gains and losses on foreign exchange contracts | 0.4 | 2.4 |
32.7 | 33.9 |
Year ended 31 December | 2024 | 2023 |
| Continuing operations: | ||
Manufacturing | 12,970 | 12,635 |
Other staff | 2,908 | 2,904 |
15,878 | 15,539 | |
Discontinued operations 1 | \u2013 | 457 |
Total number of employees | 15,878 | 15,996 |
| Comprising: | ||
UK | 75 | 220 |
Overseas | 15,803 | 15,319 |
15,878 | 15,539 | |
| The total numbers employed at the end of the year were: | ||
UK | 90 | 199 |
Overseas | 15,952 | 15,203 |
Total number of employees | 16 ,0 42 | 15,402 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Employee aggregate remuneration comprised (including directors): | ||
Wages and salaries | 270.2 | 261.4 |
Social security costs | 28.1 | 25.9 |
Other pension costs (note 10) | 6.0 | 6.4 |
304.3 | 293.7 | |
Discontinued operations | \u2013 | 12.5 |
304.3 | 306.2 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Profit for the year is stated after charging/(crediting): | ||
Amortisation and impairment of intangible assets | 26.2 | 22.9 |
Depreciation of owned property, plant and equipment | 25.4 | 27.0 |
Depreciation of right-of-use assets | 18.0 | 18.8 |
Impairment of property, plant and equipment and other assets | 18.9 | 9.4 |
Profit on disposal of property, plant and equipment | (2.4) | (5.9) |
| Fees charged by EY LLP | ||
| Group audit fees: | ||
\u2013 Fees payable for the audit of the Company\u2019s annual accounts | 1.9 | 2.1 |
\u2013 Fees payable for the audit of the Company\u2019s subsidiaries | 1.4 | 1.8 |
Fees payable to the Company\u2019s auditor in respect of non-audit related services 1 | 0.5 | 0.6 |
Total fees charged by EY LLP | 3.8 | 4.5 |
Research and development expenditure | 5.7 | 6.5 |
Expected credit losses | 3.6 | 1.6 |
Net foreign exchange (gains)/losses | (2.8) | 4.4 |
Rental income from land and buildings | (0.1) | (0.1) |
Inventory as a material component of cost of sales | 602.3 | 585.4 |
Inventory write-downs to net realisable value | 5.9 | 5.1 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Profit for the year is stated after charging/(crediting): | ||
Amortisation and impairment of intangible assets | 26.2 | 22.9 |
Depreciation of owned property, plant and equipment | 25.4 | 27.0 |
Depreciation of right-of-use assets | 18.0 | 18.8 |
Impairment of property, plant and equipment and other assets | 18.9 | 9.4 |
Profit on disposal of property, plant and equipment | (2.4) | (5.9) |
| Fees charged by EY LLP | ||
| Group audit fees: | ||
\u2013 Fees payable for the audit of the Company\u2019s annual accounts | 1.9 | 2.1 |
\u2013 Fees payable for the audit of the Company\u2019s subsidiaries | 1.4 | 1.8 |
Fees payable to the Company\u2019s auditor in respect of non-audit related services 1 | 0.5 | 0.6 |
Total fees charged by EY LLP | 3.8 | 4.5 |
Research and development expenditure | 5.7 | 6.5 |
Expected credit losses | 3.6 | 1.6 |
Net foreign exchange (gains)/losses | (2.8) | 4.4 |
Rental income from land and buildings | (0.1) | (0.1) |
Inventory as a material component of cost of sales | 602.3 | 585.4 |
Inventory write-downs to net realisable value | 5.9 | 5.1 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Profit for the year is stated after charging/(crediting): | ||
Amortisation and impairment of intangible assets | 26.2 | 22.9 |
Depreciation of owned property, plant and equipment | 25.4 | 27.0 |
Depreciation of right-of-use assets | 18.0 | 18.8 |
Impairment of property, plant and equipment and other assets | 18.9 | 9.4 |
Profit on disposal of property, plant and equipment | (2.4) | (5.9) |
| Fees charged by EY LLP | ||
| Group audit fees: | ||
\u2013 Fees payable for the audit of the Company\u2019s annual accounts | 1.9 | 2.1 |
\u2013 Fees payable for the audit of the Company\u2019s subsidiaries | 1.4 | 1.8 |
Fees payable to the Company\u2019s auditor in respect of non-audit related services 1 | 0.5 | 0.6 |
Total fees charged by EY LLP | 3.8 | 4.5 |
Research and development expenditure | 5.7 | 6.5 |
Expected credit losses | 3.6 | 1.6 |
Net foreign exchange (gains)/losses | (2.8) | 4.4 |
Rental income from land and buildings | (0.1) | (0.1) |
Inventory as a material component of cost of sales | 602.3 | 585.4 |
Inventory write-downs to net realisable value | 5.9 | 5.1 |
| US$m | |
Revenue | 25.3 |
Cost of sales | (23.7) |
Gross profit | 1.6 |
Distribution costs | (2.6) |
Administrative expenses | (2.0) |
Operating loss from discontinued operations | (3.0) |
Loss on disposal (note 31 (b)) | (17.1) |
Exchange losses transferred to income statement on disposal | (6.6) |
Total loss from discontinued operations | (26.7) |
| US$m | |
Strategic project costs | (1.7) |
Loss on disposal | (17.1) |
Exchange losses transferred to income statement on disposal | (6.6) |
Total exceptional items \u2013 discontinued operations | (25.4) |
| 2024 | 2023 | |
| Year Ended 31 December | Cents | Cents |
| Loss per ordinary share from discontinued operations: | ||
Basic loss per ordinary share | (0.04) | (1.66) |
Diluted loss per ordinary share | (0.03) | (1.64) |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Net cash outflow from operating activities | (1.4) | (4.0) |
Net cash outflow from investing activities | \u2013 | (0.1) |
Net cash flows from discontinued operations | (1.4) | (4.1) |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Profit for the year is stated after charging/(crediting): | ||
Amortisation and impairment of intangible assets | 26.2 | 22.9 |
Depreciation of owned property, plant and equipment | 25.4 | 27.0 |
Depreciation of right-of-use assets | 18.0 | 18.8 |
Impairment of property, plant and equipment and other assets | 18.9 | 9.4 |
Profit on disposal of property, plant and equipment | (2.4) | (5.9) |
| Fees charged by EY LLP | ||
| Group audit fees: | ||
\u2013 Fees payable for the audit of the Company\u2019s annual accounts | 1.9 | 2.1 |
\u2013 Fees payable for the audit of the Company\u2019s subsidiaries | 1.4 | 1.8 |
Fees payable to the Company\u2019s auditor in respect of non-audit related services 1 | 0.5 | 0.6 |
Total fees charged by EY LLP | 3.8 | 4.5 |
Research and development expenditure | 5.7 | 6.5 |
Expected credit losses | 3.6 | 1.6 |
Net foreign exchange (gains)/losses | (2.8) | 4.4 |
Rental income from land and buildings | (0.1) | (0.1) |
Inventory as a material component of cost of sales | 602.3 | 585.4 |
Inventory write-downs to net realisable value | 5.9 | 5.1 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Profit for the year is stated after charging/(crediting): | ||
Amortisation and impairment of intangible assets | 26.2 | 22.9 |
Depreciation of owned property, plant and equipment | 25.4 | 27.0 |
Depreciation of right-of-use assets | 18.0 | 18.8 |
Impairment of property, plant and equipment and other assets | 18.9 | 9.4 |
Profit on disposal of property, plant and equipment | (2.4) | (5.9) |
| Fees charged by EY LLP | ||
| Group audit fees: | ||
\u2013 Fees payable for the audit of the Company\u2019s annual accounts | 1.9 | 2.1 |
\u2013 Fees payable for the audit of the Company\u2019s subsidiaries | 1.4 | 1.8 |
Fees payable to the Company\u2019s auditor in respect of non-audit related services 1 | 0.5 | 0.6 |
Total fees charged by EY LLP | 3.8 | 4.5 |
Research and development expenditure | 5.7 | 6.5 |
Expected credit losses | 3.6 | 1.6 |
Net foreign exchange (gains)/losses | (2.8) | 4.4 |
Rental income from land and buildings | (0.1) | (0.1) |
Inventory as a material component of cost of sales | 602.3 | 585.4 |
Inventory write-downs to net realisable value | 5.9 | 5.1 |
| 2024 | 2023 | |
| Analysis of net book value of land and buildings 31 December | US$m | US$m |
Freehold | 54.5 | 57.8 |
| Leasehold improvements: | ||
Over 50 years unexpired | 2.4 | 2.5 |
Under 50 years unexpired | 9.6 | 10.0 |
66.5 | 70.3 |
| Vehicles | ||||
| Land and | Plant and | and office | ||
| buildings | equipment | equipment | Total | |
| Cost | US$m | US$m | US$m | US$m |
At 1 January 2023 | 157.4 | 529.1 | 60.9 | 747.4 |
Currency translation differences | (0.3) | (6.1) | 0.2 | (6.2) |
Application of IAS 29 (see note 1) | \u2013 | 1.5 | \u2013 | 1.5 |
Disposal of subsidiaries (see note 31) | (9.0) | (40.3) | (4.2) | (53.5) |
Additions | 0.5 | 23.9 | 1.5 | 25.9 |
Transfer to non-current assets held for sale | (2.5) | \u2013 | \u2013 | (2.5) |
Disposals | (15.1) | (49.2) | (6.5) | (70.8) |
At 31 December 2023 | 131.0 | 458.9 | 51.9 | 641.8 |
Currency translation differences | (2.1) | (11.7) | (0.7) | (14.5) |
Application of IAS 29 (see note 1) | \u2013 | 1.5 | \u2013 | 1.5 |
Additions | 4.8 | 22.4 | 1.9 | 29.1 |
Disposals | (1.2) | (3.5) | (2.1) | (6.8) |
At 31 December 2024 | 132.5 | 467.6 | 51.0 | 651.1 |
| Cumulative amounts charged | ||||
At 1 January 2023 | 75.4 | 363.2 | 52.5 | 491.1 |
Currency translation differences | \u2013 | (3.9) | 0.2 | (3.7) |
Depreciation charge for the year | 5.1 | 19.3 | 2.6 | 27.0 |
Impairment charge (see note 4) | 1.2 | 0.5 | \u2013 | 1.7 |
Transfer to non-current assets held for sale | (1.5) | \u2013 | \u2013 | (1.5) |
Disposal of subsidiaries (note 31) | (7.6) | (39.3) | (4.2) | (51.1) |
Disposals | (11.9) | (46.5) | (6.5) | (64.9) |
At 31 December 2023 | 60.7 | 293.3 | 44.6 | 398.6 |
Currency translation differences | (1.1) | (8.4) | (0.9) | (10.4) |
Depreciation charge for the year | 4.4 | 18.9 | 2.1 | 25.4 |
Impairment charge (see note 4) | 2.5 | 14.6 | 0.1 | 17.2 |
Disposals | (0.5) | (3.8) | (1.7) | (6.0) |
At 31 December 2024 | 66.0 | 314.6 | 44.2 | 424.8 |
Net book value at 31 December 2024 | 66.5 | 153.0 | 6.8 | 226.3 |
| Net book value at 31 December 2023 | 70.3 | 165.6 | 7.3 | 243.2 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Income from investments | 0.3 | 0.1 |
Net monetary gain arising from hyperinflation accounting (see note 1) | 0.3 | 2.3 |
Other interest receivable and similar income | 2.5 | 2.2 |
3.1 | 4.6 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Interest on bank and other borrowings | 31.3 | 30.3 |
Interest expense on lease liabilities | 5.2 | 5.6 |
Net interest on pension scheme assets and liabilities | (4.2) | (4.4) |
Other finance costs including unrealised gains and losses on foreign exchange contracts | 0.4 | 2.4 |
32.7 | 33.9 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Income from investments | 0.3 | 0.1 |
Net monetary gain arising from hyperinflation accounting (see note 1) | 0.3 | 2.3 |
Other interest receivable and similar income | 2.5 | 2.2 |
3.1 | 4.6 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Income from investments | 0.3 | 0.1 |
Net monetary gain arising from hyperinflation accounting (see note 1) | 0.3 | 2.3 |
Other interest receivable and similar income | 2.5 | 2.2 |
3.1 | 4.6 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Interest on bank and other borrowings | 31.3 | 30.3 |
Interest expense on lease liabilities | 5.2 | 5.6 |
Net interest on pension scheme assets and liabilities | (4.2) | (4.4) |
Other finance costs including unrealised gains and losses on foreign exchange contracts | 0.4 | 2.4 |
32.7 | 33.9 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Income from investments | 0.3 | 0.1 |
Net monetary gain arising from hyperinflation accounting (see note 1) | 0.3 | 2.3 |
Other interest receivable and similar income | 2.5 | 2.2 |
3.1 | 4.6 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Current tax charge | (72.6) | (64.0) |
Deferred tax credit | 0.7 | 9.0 |
Total tax charge | (71.9) | (55.0) |
2024 | 2023 | ||||||
| Exceptional and | Exceptional and | ||||||
| acquisition related | acquisition | Other | |||||
| Adjusted | items | Total | Adjusted | related items | adjustments 1 | Total | |
| Year ended 31 December | US$m | US$m | US$m | US$m | US$m | US$m | US$m |
Profit before tax | 241.9 | (69.8) | 172.1 | 200.8 | (49.4) | 4.4 | 155.8 |
| Expected tax charge/ | |||||||
| (credit) at the UK | |||||||
| statutory rate of 25% | |||||||
(2023: 23.5%) | 60.5 | (17.5) | 43.0 | 47.2 | (11.6) | 1.0 | 36.6 |
Differences between overseas and UK | |||||||
taxation rate | (6.7) | 0.9 | (5.8) | (7.7) | \u2013 | \u2013 | (7.7) |
| Non-deductible | |||||||
expenses | 2.3 | 3.4 | 5.7 | 7.9 | 8.7 | (1.0) | 15.6 |
Non-taxable income | (1.8) | (0.1) | (1.9) | (2.5) | \u2013 | (0.2) | (2.7) |
Local tax incentives | (2.3) | \u2013 | (2.3) | (0.4) | \u2013 | \u2013 | (0.4) |
Utilisation of unrecognised | |||||||
deferred tax assets | (1.0) | \u2013 | (1.0) | (3.3) | \u2013 | \u2013 | (3.3) |
| Potential deferred | |||||||
tax assets not recognised | 6.8 | 15.1 | 21.9 | 9.8 | \u2013 | \u2013 | 9.8 |
| Prior year | |||||||
adjustments | (2.9) | \u2013 | (2.9) | (2.8) | \u2013 | \u2013 | (2.8) |
Withholding tax on remittances (net of double tax credits) | 15.2 | \u2013 | 15.2 | 9.9 | \u2013 | \u2013 | 9.9 |
| Income tax charge/ | |||||||
(credit) | 70.1 | 1.8 | 71.9 | 58.1 | (2.9) | (0.2) | 55.0 |
Effective tax rate | 29% | (3)% | 42% | 29% | 6% | 5% | 35% |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
UK | 16.0 | 8.2 |
Vietnam | 12.4 | 12.3 |
Indonesia | 6.6 | 11.0 |
Hong Kong | 6.8 | 4.4 |
India | 5.5 | 4.1 |
China | 4.8 | 1.9 |
USA | 3.2 | 1.7 |
Others (26 countries each less than $2.5 million) | 14.1 | 16.1 |
Total Corporate Income Tax paid | 69.4 | 59.7 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Deferred tax assets | 13.6 | 18.0 |
| 2024 | 2023 | |
| US$m | US$m | |
At 1 January | 18.0 | 24.4 |
Currency translation differences | (0.3) | (1.1) |
Charged to the income statement | (3.5) | (5.1) |
Charged to other comprehensive income and expense | (0.6) | (0.2) |
At 31 December | 13.6 | 18.0 |
| 2024 | 2023 | |
| US$m | US$m | |
At 1 January | 63.9 | 78.2 |
Currency translation differences | (1.7) | (0.2) |
Credited to the income statement | (4.2) | (14.1) |
At 31 December | 58.0 | 63.9 |
2024 | 2023 | |||
| Provided/ | Unprovided/ | Provided/ | Unprovided/ | |
| (recognised) | (unrecognised) | (recognised) | (unrecognised) | |
| US$m | US$m | US$m | US$m | |
| The Group\u2019s net deferred tax liabilities/(assets) are analysed | ||||
| as follows: | ||||
Accelerated tax depreciation on tangible fixed assets | (1.3) | 0.2 | (3.8) | 0.1 |
Other temporary differences | (20.6) | (8.8) | (5.8) | (7.3) |
Revenue losses carried forward 1 | (59.6) | (408.1) | (65.2) | (330.1) |
Capital losses carried forward | \u2013 | (369.5) | \u2013 | (362.8) |
Investment in subsidiaries | 12.0 | 14.2 | 10.0 | 8.6 |
Acquired intangibles | 107.1 | \u2013 | 104.3 | \u2013 |
Retirement benefit obligations | 6.8 | (10.9) | 6.4 | (0.7) |
44.4 | (782.9) | 45.9 | (692.2) |
2024 | 2023 | ||
| Provided/ | Provided/ | ||
| (recognised) | (recognised) | ||
| US$m | US$m | ||
Deferred tax assets (note 17) | (13.6) | (18.0) | |
Deferred tax liabilities | 58.0 | 63.9 | |
44.4 | 45.9 |
| 2024 | 2023 | |
| US$m | US$m | |
Expiring within 5 years | 24.7 | 23.2 |
Expiring in more than 5 years | 53.7 | 19.0 |
Available indefinitely | 1,824.8 | 1,573.5 |
1,903.2 | 1,615.7 |
Risk | Description | Commentary | ||||||
| Investment | The scheme assets are shown on a mark-to- | The UK funded scheme\u2019s bought in status means | ||||||
| risk | market basis. A decrease in asset values at a | investment risk is carried on the illiquid assets still | ||||||
| relevant measurement date, to the extent assets | held whilst awaiting their redemption. | |||||||
| do not hedge liabilities, would lead to an increased | ||||||||
| disclosed deficit or reduced surplus. | The US scheme is fully funded and has a significant | |||||||
| proportion of fixed income. The fixed income is | ||||||||
| invested directly to protect the funded status of | ||||||||
| the scheme. Trustees work with fixed income | ||||||||
managers | to | consider | the | liabilities | (including | |||
key | period | durations, | credit | spread | duration | |||
and | convexity) | and | have | created | a | custom | ||
| fixed income benchmark to match the liabilities | ||||||||
| and protect the funded status. In addition the | ||||||||
| schemes\u2019 investment policies recognise the need | ||||||||
| to generate cash flows to meet members\u2019 benefits | ||||||||
| as they fall due. | ||||||||
| Liquidity risk | The scheme needs available financial resources | The schemes\u2019 investment policies recognise the | ||||||
| to meet obligations when they fall due. Not being | need to generate cash flows to meet members\u2019 | |||||||
| able to sell assets in a timely manner for the | benefits as they fall due. The buy-ins for the Coats | |||||||
| expected valuation could lead to an increased | UK Pension Scheme means income equal to the | |||||||
| disclosed deficit or reduced surplus. | benefits payable is being received on a monthly | |||||||
| basis. |
Risk | Description | Commentary | ||||||
| Interest rate | The present value of the defined benefit plan | The impact of the movement in discount rates are | ||||||
| risk | liabilities is calculated using a discount rate | shown on page 152. The Trustees of the UK and | ||||||
| determined by reference to bond yields. A | US schemes hedge these sensitivities through | |||||||
| decrease in bond yield rates will increase defined | physical | bonds, | derivatives | and | insurance | |||
| benefit obligations. | policies. The buy-ins for the Coats UK Pension | |||||||
| Scheme means this risk is fully hedged in the UK. | ||||||||
| Inflation | The present value of the defined benefit liabilities | The impact of the movement in inflation rates are | ||||||
| are calculated by reference to assumed future | shown on page 152. The Trustees of the UK and | |||||||
| inflation rates. An increase in inflation rates will | US schemes hedge these sensitivities through | |||||||
| increase defined benefit obligations. | physical | bonds, | derivatives, | real | assets | and | ||
| insurance policies. The buy-ins for the Coats UK | ||||||||
| Pension Scheme means this risk is fully hedged | ||||||||
| in the UK. | ||||||||
| Longevity risk | The present value of the defined benefit plan | The impact of an increase in life expectancy is | ||||||
| liability is calculated by reference to the best | shown on page 152. The buy-ins for the Coats UK | |||||||
| estimate of member life expectancies. An increase | Pension Scheme means this risk is fully hedged | |||||||
| in life expectancy will increase liabilities. | in the UK. |
| Coats UK | ||||
| Pension Scheme | Coats US | Other | Group | |
| Year ended 31 December 2024 | US$m | US$m | US$m | US$m |
Current service cost | \u2013 | \u2013 | (3.2) | (3.2) |
Past service credit/(cost) | 6.7 | \u2013 | (0.3) | 6.4 |
Administrative expenses | (11.4) | (0.5) | \u2013 | (11.9) |
(4.7) | (0.5) | (3.5) | (8.7) | |
Interest on defined benefit obligations \u2013 unwinding of discount | (82.4) | (1.2) | (4.6) | (88.2) |
Interest income on pension scheme assets | 89.9 | 5.0 | 0.6 | 95.5 |
Effect of asset ceiling | (1.5) | (1.6) | \u2013 | (3.1) |
6.0 | 2.2 | (4.0) | 4.2 |
| Coats UK | ||||
| Pension Scheme | Coats US | Other | Group | |
| Year ended 31 December 2023 | US$m | US$m | US$m | US$m |
Current service cost | \u2013 | \u2013 | (3.3) | (3.3) |
Past service credit/(cost) | \u2013 | (0.2) | 0.6 | 0.4 |
Settlements | \u2013 | \u2013 | (0.3) | (0.3) |
Administrative expenses | (4.0) | (0.5) | (0.1) | (4.6) |
(4.0) | (0.7) | (3.1) | (7.8) | |
Interest on defined benefit obligations \u2013 unwinding of discount | (84.9) | (1.4) | (4.8) | (91.1) |
Interest income on pension scheme assets | 94.5 | 5.0 | 0.5 | 100.0 |
Effect of asset ceiling | (3.1) | (1.4) | \u2013 | (4.5) |
6.5 | 2.2 | (4.3) | 4.4 |
| Coats UK | |||
| Pension Scheme | Coats US | Other | |
| Principal assumptions at 31 December 2024 | % | % | % |
Rate of increase in salaries | \u2013 | \u2013 | 5.9 |
Rate of increase for pensions in payment | Various | \u2013 | 1.7 |
Discount rate | 5.4 | 5.6 | 6.7 |
Inflation assumption | 3.3 | \u2013 | 5.0 |
| Coats UK | |||
| Pension Scheme | Coats US | Other | |
| Principal assumptions at 31 December 2023 | % | % | % |
Rate of increase in salaries | \u2013 | \u2013 | 5.8 |
Rate of increase for pensions in payment | Various | \u2013 | 1.7 |
Discount rate | 4.5 | 5.0 | 6.0 |
Inflation assumption | 3.2 | \u2013 | 4.1 |
Year ended 31 December 2024 | Year ended 31 December 2023 | |||
| Coats UK | Coats UK | |||
| Pension Scheme | Coats US | Pension Scheme | Coats US | |
| Years | Years | Years | Years | |
| Retiring today at age 60: | ||||
Males | 24.8 | 25.0 | 25.0 | 25.0 |
Females | 27.6 | 27.2 | 27.9 | 27.2 |
| Retiring in 20 years at age 60: | ||||
Males | 26.0 | 26.7 | 26.1 | 26.6 |
Females | 28.8 | 28.8 | 29.0 | 28.7 |
| Coats UK | ||||
| Pension Scheme | Coats US | Other | Total | |
| Year ended 31 December 2024 | US$m | US$m | US$m | US$m |
Cash and cash equivalents | 16.9 | 1.0 | 2.5 | 20.4 |
Other scheme liabilities | (129.9) | \u2013 | \u2013 | (129.9) |
| Equity instruments: | ||||
US | \u2013 | 13.1 | \u2013 | 13.1 |
UK | 2.2 | 1.2 | \u2013 | 3.4 |
Eurozone | 0.5 | 3.9 | \u2013 | 4.4 |
Other regions | \u2013 | 7.4 | 1.7 | 9.1 |
| Debt instruments: | ||||
Corporate bonds (Investment grade) | \u2013 | 44.4 | \u2013 | 44.4 |
Corporate bonds (Non-investment grade) | 25.2 | 1.3 | \u2013 | 26.5 |
Government/sovereign instruments | \u2013 | 25.5 | \u2013 | 25.5 |
Global real estate | 78.1 | \u2013 | \u2013 | 78.1 |
| Assets held by insurance company: | ||||
Insurance contracts | 1,664.6 | 0.2 | 0.8 | 1,665.6 |
Other | (1.9) | \u2013 | 2.2 | 0.3 |
Total market value of assets | 1,655.7 | 98.0 | 7.2 | 1,760.9 |
Actuarial value of scheme liabilities | (1,664.8) | (25.4) | (82.0) | (1,772.2) |
Net asset/(liability) in the scheme | (9.1) | 72.6 | (74.8) | (11.3) |
Adjustment due to asset ceiling 1 | \u2013 | (31.1) | \u2013 | (31.1) |
Recoverable net asset/(liability) in the scheme | (9.1) | 41.5 | (74.8) | (42.4) |
| Year ended | Year ended | |
| 31 December | 31 December | |
| 2024 | 2023 | |
| US$m | US$m | |
Effect of changes in demographic assumptions | 39.3 | 33.7 |
Effect of changes in financial assumptions | 142.2 | (63.0) |
Effect of experience adjustments | (46.7) | (39.9) |
Remeasurement on assets (excluding interest income) | (398.0) | (33.4) |
Adjustment due to asset ceiling | 38.1 | 31.8 |
Included in the statement of comprehensive income | (225.1) | (70.8) |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Non-current assets: | ||
Funded | 44.0 | 148.2 |
| Current assets: | ||
Funded | 1.5 | 1.6 |
| Current liabilities: | ||
Funded | (0.4) | (0.8) |
Unfunded | (7.5) | (7.7) |
| Non-current liabilities: | ||
Funded | (14.4) | (2.9) |
Unfunded | (65.6) | (75.6) |
(42.4) | 62.8 |
| Coats UK | ||||
| Pension Scheme | Coats US | Other | Total | |
| Year ended 31 December 2023 | US$m | US$m | US$m | US$m |
Cash and cash equivalents | 53.5 | 0.5 | 3.4 | 57.4 |
| Equity instruments: | ||||
US | 62.2 | 13.1 | \u2013 | 75.3 |
UK | 5.2 | 1.2 | \u2013 | 6.4 |
Eurozone | 8.6 | 4.2 | \u2013 | 12.8 |
Other regions | 28.9 | 7.0 | 1.6 | 37.5 |
| Debt instruments: | ||||
Corporate bonds (Investment grade) | 519.3 | 46.7 | \u2013 | 566.0 |
Corporate bonds (Non-investment grade) | 74.0 | 1.4 | \u2013 | 75.4 |
Government/sovereign instruments | 611.1 | 26.8 | \u2013 | 637.9 |
Global real estate | 127.0 | \u2013 | \u2013 | 127.0 |
| Derivatives: | ||||
Total return, interest and inflation swaps | (7.5) | \u2013 | \u2013 | (7.5) |
| Assets held by insurance company: | ||||
Insurance contracts | 396.4 | 0.2 | 0.8 | 397.4 |
Diversified investment fund | 17.2 | \u2013 | \u2013 | 17.2 |
Other | 134.6 | \u2013 | 0.2 | 134.8 |
Total market value of assets | 2,030.5 | 101.1 | 6.0 | 2,137.6 |
Actuarial value of scheme liabilities | (1,894.3) | (25.5) | (89.1) | (2,008.9) |
Net asset/(liability) in the scheme | 136.2 | 75.6 | (83.1) | 128.7 |
Adjustment due to asset ceiling 1 | (34.0) | (31.9) | \u2013 | (65.9) |
Recoverable net asset/(liability) in the scheme | 102.2 | 43.7 | (83.1) | 62.8 |
| Year ended | Year ended | |
| 31 December | 31 December | |
| 2024 | 2023 | |
| US$m | US$m | |
| Movements in the present value of defined benefit obligations were as follows: | ||
At 1 January | (2,008.9) | (1,912.2) |
Current service cost | (3.2) | (3.3) |
Decrease in liabilities on settlements | \u2013 | 3.8 |
Past service credit | 6.4 | 0.4 |
Interest on defined benefit obligations \u2013 unwinding of discount | (88.2) | (91.1) |
Actuarial gains/(losses) on obligations | 134.8 | (69.2) |
Benefits paid | 154.3 | 154.1 |
Net movement due to acquisitions and disposals of subsidiaries | \u2013 | 1.1 |
Exchange difference | 32.6 | (92.5) |
At 31 December | (1,772.2) | (2,008.9) |
| Movements in the fair value of scheme assets were as follows: | ||
At 1 January | 2,137.6 | 2,072.3 |
Interest income on scheme assets | 95.5 | 100.0 |
Remeasurement on assets (excluding interest income) | (398.0) | (33.4) |
Decrease in assets on settlements | \u2013 | (4.1) |
Contribution from sponsoring companies | 108.2 | 56.1 |
Benefits paid | (154.3) | (154.1) |
Administrative expenses paid from plan assets | (0.5) | (0.6) |
Exchange difference | (27.6) | 101.4 |
At 31 December | 1,760.9 | 2,137.6 |
| Administrative expenses paid from plan assets excludes those expenses paid directly by the Group. | ||
| The reconciliation of the effect of the asset ceiling is as follows: | ||
Unrecognised surplus at 1 January | 65.9 | 90.5 |
Interest cost on unrecognised surplus | 3.1 | 4.5 |
| Changes in the effect of limiting a net defined benefit asset to the asset ceiling (excluding | ||
interest) | (38.1) | (31.8) |
Exchange difference | 0.2 | 2.7 |
Unrecognised surplus at 31 December | 31.1 | 65.9 |
| Year ended | Year ended | |||
| 31 December | 31 December | |||
| 2024 | 2023 | |||
| +1% | -1% | +1% | -1% | |
| US$m | US$m | US$m | US$m | |
| Sensitivity of medical schemes to medical cost trend rate assumptions: | ||||
Effect on total service cost and interest cost components of other schemes | \u2013 | \u2013 | \u2013 | \u2013 |
Effect on defined benefit obligation of other schemes | 0.5 | (0.3) | 0.5 | (0.5) |
| Year ended | Year ended | |||
| 31 December | 31 December | |||
| 2024 | 2023 | |||
| +0.25% | -0.25% | +0.25% | -0.25% | |
| US$m | US$m | US$m | US$m | |
Coats UK Pension Scheme discount rate | (39.5) | 41.1 | (55.9) | 58.7 |
Coats US discount rate | (0.6) | 0.6 | (0.7) | 0.7 |
Coats UK Pension Scheme inflation rate | 26.1 | (22.7) | 32.3 | (36.6) |
Coats US inflation rate | \u2013 | \u2013 | \u2013 | \u2013 |
| Year ended | Year ended | |
| 31 December | 31 December | |
| 2024 | 2023 | |
| US$m | US$m | |
Defined contribution schemes | 2.8 | 3.1 |
Defined benefit schemes \u2013 funded and unfunded schemes | 3.2 | 3.3 |
Past service credit | (6.4) | (0.4) |
Settlements | \u2013 | 0.3 |
Administrative expenses for defined benefit schemes | 11.9 | 4.6 |
11.5 | 10.9 |
Risk | Description | Commentary | ||||||
| Investment | The scheme assets are shown on a mark-to- | The UK funded scheme\u2019s bought in status means | ||||||
| risk | market basis. A decrease in asset values at a | investment risk is carried on the illiquid assets still | ||||||
| relevant measurement date, to the extent assets | held whilst awaiting their redemption. | |||||||
| do not hedge liabilities, would lead to an increased | ||||||||
| disclosed deficit or reduced surplus. | The US scheme is fully funded and has a significant | |||||||
| proportion of fixed income. The fixed income is | ||||||||
| invested directly to protect the funded status of | ||||||||
| the scheme. Trustees work with fixed income | ||||||||
managers | to | consider | the | liabilities | (including | |||
key | period | durations, | credit | spread | duration | |||
and | convexity) | and | have | created | a | custom | ||
| fixed income benchmark to match the liabilities | ||||||||
| and protect the funded status. In addition the | ||||||||
| schemes\u2019 investment policies recognise the need | ||||||||
| to generate cash flows to meet members\u2019 benefits | ||||||||
| as they fall due. | ||||||||
| Liquidity risk | The scheme needs available financial resources | The schemes\u2019 investment policies recognise the | ||||||
| to meet obligations when they fall due. Not being | need to generate cash flows to meet members\u2019 | |||||||
| able to sell assets in a timely manner for the | benefits as they fall due. The buy-ins for the Coats | |||||||
| expected valuation could lead to an increased | UK Pension Scheme means income equal to the | |||||||
| disclosed deficit or reduced surplus. | benefits payable is being received on a monthly | |||||||
| basis. |
Risk | Description | Commentary | ||||||
| Interest rate | The present value of the defined benefit plan | The impact of the movement in discount rates are | ||||||
| risk | liabilities is calculated using a discount rate | shown on page 152. The Trustees of the UK and | ||||||
| determined by reference to bond yields. A | US schemes hedge these sensitivities through | |||||||
| decrease in bond yield rates will increase defined | physical | bonds, | derivatives | and | insurance | |||
| benefit obligations. | policies. The buy-ins for the Coats UK Pension | |||||||
| Scheme means this risk is fully hedged in the UK. | ||||||||
| Inflation | The present value of the defined benefit liabilities | The impact of the movement in inflation rates are | ||||||
| are calculated by reference to assumed future | shown on page 152. The Trustees of the UK and | |||||||
| inflation rates. An increase in inflation rates will | US schemes hedge these sensitivities through | |||||||
| increase defined benefit obligations. | physical | bonds, | derivatives, | real | assets | and | ||
| insurance policies. The buy-ins for the Coats UK | ||||||||
| Pension Scheme means this risk is fully hedged | ||||||||
| in the UK. | ||||||||
| Longevity risk | The present value of the defined benefit plan | The impact of an increase in life expectancy is | ||||||
| liability is calculated by reference to the best | shown on page 152. The buy-ins for the Coats UK | |||||||
| estimate of member life expectancies. An increase | Pension Scheme means this risk is fully hedged | |||||||
| in life expectancy will increase liabilities. | in the UK. |
| Coats UK | ||||
| Pension Scheme | Coats US | Other | Group | |
| Year ended 31 December 2024 | US$m | US$m | US$m | US$m |
Current service cost | \u2013 | \u2013 | (3.2) | (3.2) |
Past service credit/(cost) | 6.7 | \u2013 | (0.3) | 6.4 |
Administrative expenses | (11.4) | (0.5) | \u2013 | (11.9) |
(4.7) | (0.5) | (3.5) | (8.7) | |
Interest on defined benefit obligations \u2013 unwinding of discount | (82.4) | (1.2) | (4.6) | (88.2) |
Interest income on pension scheme assets | 89.9 | 5.0 | 0.6 | 95.5 |
Effect of asset ceiling | (1.5) | (1.6) | \u2013 | (3.1) |
6.0 | 2.2 | (4.0) | 4.2 |
| Coats UK | ||||
| Pension Scheme | Coats US | Other | Group | |
| Year ended 31 December 2023 | US$m | US$m | US$m | US$m |
Current service cost | \u2013 | \u2013 | (3.3) | (3.3) |
Past service credit/(cost) | \u2013 | (0.2) | 0.6 | 0.4 |
Settlements | \u2013 | \u2013 | (0.3) | (0.3) |
Administrative expenses | (4.0) | (0.5) | (0.1) | (4.6) |
(4.0) | (0.7) | (3.1) | (7.8) | |
Interest on defined benefit obligations \u2013 unwinding of discount | (84.9) | (1.4) | (4.8) | (91.1) |
Interest income on pension scheme assets | 94.5 | 5.0 | 0.5 | 100.0 |
Effect of asset ceiling | (3.1) | (1.4) | \u2013 | (4.5) |
6.5 | 2.2 | (4.3) | 4.4 |
| Coats UK | |||
| Pension Scheme | Coats US | Other | |
| Principal assumptions at 31 December 2024 | % | % | % |
Rate of increase in salaries | \u2013 | \u2013 | 5.9 |
Rate of increase for pensions in payment | Various | \u2013 | 1.7 |
Discount rate | 5.4 | 5.6 | 6.7 |
Inflation assumption | 3.3 | \u2013 | 5.0 |
| Coats UK | |||
| Pension Scheme | Coats US | Other | |
| Principal assumptions at 31 December 2023 | % | % | % |
Rate of increase in salaries | \u2013 | \u2013 | 5.8 |
Rate of increase for pensions in payment | Various | \u2013 | 1.7 |
Discount rate | 4.5 | 5.0 | 6.0 |
Inflation assumption | 3.2 | \u2013 | 4.1 |
Year ended 31 December 2024 | Year ended 31 December 2023 | |||
| Coats UK | Coats UK | |||
| Pension Scheme | Coats US | Pension Scheme | Coats US | |
| Years | Years | Years | Years | |
| Retiring today at age 60: | ||||
Males | 24.8 | 25.0 | 25.0 | 25.0 |
Females | 27.6 | 27.2 | 27.9 | 27.2 |
| Retiring in 20 years at age 60: | ||||
Males | 26.0 | 26.7 | 26.1 | 26.6 |
Females | 28.8 | 28.8 | 29.0 | 28.7 |
| Coats UK | ||||
| Pension Scheme | Coats US | Other | Total | |
| Year ended 31 December 2024 | US$m | US$m | US$m | US$m |
Cash and cash equivalents | 16.9 | 1.0 | 2.5 | 20.4 |
Other scheme liabilities | (129.9) | \u2013 | \u2013 | (129.9) |
| Equity instruments: | ||||
US | \u2013 | 13.1 | \u2013 | 13.1 |
UK | 2.2 | 1.2 | \u2013 | 3.4 |
Eurozone | 0.5 | 3.9 | \u2013 | 4.4 |
Other regions | \u2013 | 7.4 | 1.7 | 9.1 |
| Debt instruments: | ||||
Corporate bonds (Investment grade) | \u2013 | 44.4 | \u2013 | 44.4 |
Corporate bonds (Non-investment grade) | 25.2 | 1.3 | \u2013 | 26.5 |
Government/sovereign instruments | \u2013 | 25.5 | \u2013 | 25.5 |
Global real estate | 78.1 | \u2013 | \u2013 | 78.1 |
| Assets held by insurance company: | ||||
Insurance contracts | 1,664.6 | 0.2 | 0.8 | 1,665.6 |
Other | (1.9) | \u2013 | 2.2 | 0.3 |
Total market value of assets | 1,655.7 | 98.0 | 7.2 | 1,760.9 |
Actuarial value of scheme liabilities | (1,664.8) | (25.4) | (82.0) | (1,772.2) |
Net asset/(liability) in the scheme | (9.1) | 72.6 | (74.8) | (11.3) |
Adjustment due to asset ceiling 1 | \u2013 | (31.1) | \u2013 | (31.1) |
Recoverable net asset/(liability) in the scheme | (9.1) | 41.5 | (74.8) | (42.4) |
| Year ended | Year ended | |
| 31 December | 31 December | |
| 2024 | 2023 | |
| US$m | US$m | |
Effect of changes in demographic assumptions | 39.3 | 33.7 |
Effect of changes in financial assumptions | 142.2 | (63.0) |
Effect of experience adjustments | (46.7) | (39.9) |
Remeasurement on assets (excluding interest income) | (398.0) | (33.4) |
Adjustment due to asset ceiling | 38.1 | 31.8 |
Included in the statement of comprehensive income | (225.1) | (70.8) |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Non-current assets: | ||
Funded | 44.0 | 148.2 |
| Current assets: | ||
Funded | 1.5 | 1.6 |
| Current liabilities: | ||
Funded | (0.4) | (0.8) |
Unfunded | (7.5) | (7.7) |
| Non-current liabilities: | ||
Funded | (14.4) | (2.9) |
Unfunded | (65.6) | (75.6) |
(42.4) | 62.8 |
| Coats UK | ||||
| Pension Scheme | Coats US | Other | Total | |
| Year ended 31 December 2023 | US$m | US$m | US$m | US$m |
Cash and cash equivalents | 53.5 | 0.5 | 3.4 | 57.4 |
| Equity instruments: | ||||
US | 62.2 | 13.1 | \u2013 | 75.3 |
UK | 5.2 | 1.2 | \u2013 | 6.4 |
Eurozone | 8.6 | 4.2 | \u2013 | 12.8 |
Other regions | 28.9 | 7.0 | 1.6 | 37.5 |
| Debt instruments: | ||||
Corporate bonds (Investment grade) | 519.3 | 46.7 | \u2013 | 566.0 |
Corporate bonds (Non-investment grade) | 74.0 | 1.4 | \u2013 | 75.4 |
Government/sovereign instruments | 611.1 | 26.8 | \u2013 | 637.9 |
Global real estate | 127.0 | \u2013 | \u2013 | 127.0 |
| Derivatives: | ||||
Total return, interest and inflation swaps | (7.5) | \u2013 | \u2013 | (7.5) |
| Assets held by insurance company: | ||||
Insurance contracts | 396.4 | 0.2 | 0.8 | 397.4 |
Diversified investment fund | 17.2 | \u2013 | \u2013 | 17.2 |
Other | 134.6 | \u2013 | 0.2 | 134.8 |
Total market value of assets | 2,030.5 | 101.1 | 6.0 | 2,137.6 |
Actuarial value of scheme liabilities | (1,894.3) | (25.5) | (89.1) | (2,008.9) |
Net asset/(liability) in the scheme | 136.2 | 75.6 | (83.1) | 128.7 |
Adjustment due to asset ceiling 1 | (34.0) | (31.9) | \u2013 | (65.9) |
Recoverable net asset/(liability) in the scheme | 102.2 | 43.7 | (83.1) | 62.8 |
| Year ended | Year ended | |
| 31 December | 31 December | |
| 2024 | 2023 | |
| US$m | US$m | |
| Movements in the present value of defined benefit obligations were as follows: | ||
At 1 January | (2,008.9) | (1,912.2) |
Current service cost | (3.2) | (3.3) |
Decrease in liabilities on settlements | \u2013 | 3.8 |
Past service credit | 6.4 | 0.4 |
Interest on defined benefit obligations \u2013 unwinding of discount | (88.2) | (91.1) |
Actuarial gains/(losses) on obligations | 134.8 | (69.2) |
Benefits paid | 154.3 | 154.1 |
Net movement due to acquisitions and disposals of subsidiaries | \u2013 | 1.1 |
Exchange difference | 32.6 | (92.5) |
At 31 December | (1,772.2) | (2,008.9) |
| Movements in the fair value of scheme assets were as follows: | ||
At 1 January | 2,137.6 | 2,072.3 |
Interest income on scheme assets | 95.5 | 100.0 |
Remeasurement on assets (excluding interest income) | (398.0) | (33.4) |
Decrease in assets on settlements | \u2013 | (4.1) |
Contribution from sponsoring companies | 108.2 | 56.1 |
Benefits paid | (154.3) | (154.1) |
Administrative expenses paid from plan assets | (0.5) | (0.6) |
Exchange difference | (27.6) | 101.4 |
At 31 December | 1,760.9 | 2,137.6 |
| Administrative expenses paid from plan assets excludes those expenses paid directly by the Group. | ||
| The reconciliation of the effect of the asset ceiling is as follows: | ||
Unrecognised surplus at 1 January | 65.9 | 90.5 |
Interest cost on unrecognised surplus | 3.1 | 4.5 |
| Changes in the effect of limiting a net defined benefit asset to the asset ceiling (excluding | ||
interest) | (38.1) | (31.8) |
Exchange difference | 0.2 | 2.7 |
Unrecognised surplus at 31 December | 31.1 | 65.9 |
| Year ended | Year ended | |||
| 31 December | 31 December | |||
| 2024 | 2023 | |||
| +1% | -1% | +1% | -1% | |
| US$m | US$m | US$m | US$m | |
| Sensitivity of medical schemes to medical cost trend rate assumptions: | ||||
Effect on total service cost and interest cost components of other schemes | \u2013 | \u2013 | \u2013 | \u2013 |
Effect on defined benefit obligation of other schemes | 0.5 | (0.3) | 0.5 | (0.5) |
| Year ended | Year ended | |||
| 31 December | 31 December | |||
| 2024 | 2023 | |||
| +0.25% | -0.25% | +0.25% | -0.25% | |
| US$m | US$m | US$m | US$m | |
Coats UK Pension Scheme discount rate | (39.5) | 41.1 | (55.9) | 58.7 |
Coats US discount rate | (0.6) | 0.6 | (0.7) | 0.7 |
Coats UK Pension Scheme inflation rate | 26.1 | (22.7) | 32.3 | (36.6) |
Coats US inflation rate | \u2013 | \u2013 | \u2013 | \u2013 |
| Year ended | Year ended | |
| 31 December | 31 December | |
| 2024 | 2023 | |
| US$m | US$m | |
| Movements in the present value of defined benefit obligations were as follows: | ||
At 1 January | (2,008.9) | (1,912.2) |
Current service cost | (3.2) | (3.3) |
Decrease in liabilities on settlements | \u2013 | 3.8 |
Past service credit | 6.4 | 0.4 |
Interest on defined benefit obligations \u2013 unwinding of discount | (88.2) | (91.1) |
Actuarial gains/(losses) on obligations | 134.8 | (69.2) |
Benefits paid | 154.3 | 154.1 |
Net movement due to acquisitions and disposals of subsidiaries | \u2013 | 1.1 |
Exchange difference | 32.6 | (92.5) |
At 31 December | (1,772.2) | (2,008.9) |
| Movements in the fair value of scheme assets were as follows: | ||
At 1 January | 2,137.6 | 2,072.3 |
Interest income on scheme assets | 95.5 | 100.0 |
Remeasurement on assets (excluding interest income) | (398.0) | (33.4) |
Decrease in assets on settlements | \u2013 | (4.1) |
Contribution from sponsoring companies | 108.2 | 56.1 |
Benefits paid | (154.3) | (154.1) |
Administrative expenses paid from plan assets | (0.5) | (0.6) |
Exchange difference | (27.6) | 101.4 |
At 31 December | 1,760.9 | 2,137.6 |
| Administrative expenses paid from plan assets excludes those expenses paid directly by the Group. | ||
| The reconciliation of the effect of the asset ceiling is as follows: | ||
Unrecognised surplus at 1 January | 65.9 | 90.5 |
Interest cost on unrecognised surplus | 3.1 | 4.5 |
| Changes in the effect of limiting a net defined benefit asset to the asset ceiling (excluding | ||
interest) | (38.1) | (31.8) |
Exchange difference | 0.2 | 2.7 |
Unrecognised surplus at 31 December | 31.1 | 65.9 |
| Year ended | Year ended | |||
| 31 December | 31 December | |||
| 2024 | 2023 | |||
| +0.25% | -0.25% | +0.25% | -0.25% | |
| US$m | US$m | US$m | US$m | |
Coats UK Pension Scheme discount rate | (39.5) | 41.1 | (55.9) | 58.7 |
Coats US discount rate | (0.6) | 0.6 | (0.7) | 0.7 |
Coats UK Pension Scheme inflation rate | 26.1 | (22.7) | 32.3 | (36.6) |
Coats US inflation rate | \u2013 | \u2013 | \u2013 | \u2013 |
| Year ended | Year ended | |||
| 31 December | 31 December | |||
| 2024 | 2023 | |||
| +1% | -1% | +1% | -1% | |
| US$m | US$m | US$m | US$m | |
| Sensitivity of medical schemes to medical cost trend rate assumptions: | ||||
Effect on total service cost and interest cost components of other schemes | \u2013 | \u2013 | \u2013 | \u2013 |
Effect on defined benefit obligation of other schemes | 0.5 | (0.3) | 0.5 | (0.5) |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
2024 interim dividend paid \u2013 0.93 cents per share | 14.8 | \u2013 |
2023 final dividend paid \u2013 1.99 cents per share | 31.7 | \u2013 |
2023 interim dividend paid \u2013 0.81 cents per share | \u2013 | 13.0 |
2022 final dividend paid \u2013 1.73 cents per share | \u2013 | 27.6 |
46.5 | 40.6 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Profit from continuing operations attributable to equity shareholders | 80.6 | 83.2 |
Profit from continuing and discontinued operations attributable to equity shareholders | 80.1 | 56.5 |
| 2024 | 2023 | |
| Number of | Number of | |
| shares | shares | |
| Year ended 31 December | m | m |
Weighted average number of ordinary shares in issue for basic earnings per share | 1,604.5 | 1,605.0 |
Adjustment for share options and LTIP awards | 20.1 | 16.4 |
Weighted average number of ordinary shares in issue for diluted earnings per share | 1,624.6 | 1,621.4 |
| 2024 | 2023 | |
| Year ended 31 December | cents | cents |
| Continuing operations: | ||
Basic earnings per ordinary share | 5.03 | 5.18 |
Diluted earnings per ordinary share | 4.96 | 5.13 |
| Continuing and discontinued operations: | ||
Basic earnings per ordinary share | 4.99 | 3.52 |
Diluted earnings per ordinary share | 4.93 | 3.48 |
| Acquired intangibles | |||||||
| Brands &\ue01e | Customer | Total | Computer | ||||
| Goodwill | trade names | Technology | relationships | acquired | software | Total | |
| Cost | US$m | US$m | US$m | US$m | US$m | US$m | US$m |
At 1 January 2023 | 124.7 | 284.5 | 57.4 | 166.6 | 508.5 | 76.1 | 709.3 |
Currency translation differences | 1.4 | 0.6 | 0.8 | 2.4 | 3.8 | 0.6 | 5.8 |
Disposal of subsidiaries | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (1.7) | (1.7) |
Additions | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 2.0 | 2.0 |
Disposals | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (2.1) | (2.1) |
At 31 December 2023 | 126.1 | 285.1 | 58.2 | 169.0 | 512.3 | 74.9 | 713.3 |
Currency translation differences | (3.1) | (1.0) | (1.6) | (3.7) | (6.3) | (1.0) | (10.4) |
Additions | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1.1 | 1.1 |
Disposals | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (0.1) | (0.1) |
At 31 December 2024 | 123.0 | 284.1 | 56.6 | 165.3 | 506.0 | 74.9 | 703.9 |
| Cumulative amounts charged | |||||||
At 1 January 2023 | \u2013 | 3.8 | 13.6 | 7.9 | 25.3 | 70.6 | 95.9 |
Currency translation differences | \u2013 | \u2013 | 0.4 | 0.2 | 0.6 | 0.7 | 1.3 |
Amortisation charge for the year | \u2013 | 4.5 | 6.1 | 10.9 | 21.5 | 1.4 | 22.9 |
Disposal of subsidiaries | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (1.7) | (1.7) |
Disposals | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (1.9) | (1.9) |
At 31 December 2023 | \u2013 | 8.3 | 20.1 | 19.0 | 47.4 | 69.1 | 116.5 |
Currency translation differences | \u2013 | (0.2) | (0.7) | (0.6) | (1.5) | (1.1) | (2.6) |
Amortisation charge for the year | \u2013 | 4.7 | 5.7 | 11.2 | 21.6 | 1.6 | 23.2 |
Impairment charge (see note 4) | 2.6 | \u2013 | 0.4 | \u2013 | 0.4 | \u2013 | 3.0 |
Disposals | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (0.1) | (0.1) |
At 31 December 2024 | 2.6 | 12.8 | 25.5 | 29.6 | 67.9 | 69.5 | 140.0 |
Net book value at 31 December 2024 | 120.4 | 271.3 | 31.1 | 135.7 | 438.1 | 5.4 | 563.9 |
Net book value at 31 December 2023 | 126.1 | 276.8 | 38.1 | 150.0 | 464.9 | 5.8 | 596.8 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Footwear | 98.6 | 100.8 |
Gotex | 11.9 | 12.6 |
US and Mexico | \u2013 | 2.6 |
Coats Digital | 8.2 | 8.4 |
Other | 1.7 | 1.7 |
120.4 | 126.1 |
| Operating | Operating | Terminal | |||
| Revenue | Revenue | margin | margin | value | |
| growth | growth | improvement | improvement | growth | |
| 2028 | 2029 | 2028 | 2029 | rate | |
| % | % | % | % | % | |
US and Mexico | 3.3 | 3.3 | 0.6 | 0.4 | 1.9 |
| Acquired intangibles | |||||||
| Brands &\ue01e | Customer | Total | Computer | ||||
| Goodwill | trade names | Technology | relationships | acquired | software | Total | |
| Cost | US$m | US$m | US$m | US$m | US$m | US$m | US$m |
At 1 January 2023 | 124.7 | 284.5 | 57.4 | 166.6 | 508.5 | 76.1 | 709.3 |
Currency translation differences | 1.4 | 0.6 | 0.8 | 2.4 | 3.8 | 0.6 | 5.8 |
Disposal of subsidiaries | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (1.7) | (1.7) |
Additions | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 2.0 | 2.0 |
Disposals | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (2.1) | (2.1) |
At 31 December 2023 | 126.1 | 285.1 | 58.2 | 169.0 | 512.3 | 74.9 | 713.3 |
Currency translation differences | (3.1) | (1.0) | (1.6) | (3.7) | (6.3) | (1.0) | (10.4) |
Additions | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1.1 | 1.1 |
Disposals | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (0.1) | (0.1) |
At 31 December 2024 | 123.0 | 284.1 | 56.6 | 165.3 | 506.0 | 74.9 | 703.9 |
| Cumulative amounts charged | |||||||
At 1 January 2023 | \u2013 | 3.8 | 13.6 | 7.9 | 25.3 | 70.6 | 95.9 |
Currency translation differences | \u2013 | \u2013 | 0.4 | 0.2 | 0.6 | 0.7 | 1.3 |
Amortisation charge for the year | \u2013 | 4.5 | 6.1 | 10.9 | 21.5 | 1.4 | 22.9 |
Disposal of subsidiaries | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (1.7) | (1.7) |
Disposals | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (1.9) | (1.9) |
At 31 December 2023 | \u2013 | 8.3 | 20.1 | 19.0 | 47.4 | 69.1 | 116.5 |
Currency translation differences | \u2013 | (0.2) | (0.7) | (0.6) | (1.5) | (1.1) | (2.6) |
Amortisation charge for the year | \u2013 | 4.7 | 5.7 | 11.2 | 21.6 | 1.6 | 23.2 |
Impairment charge (see note 4) | 2.6 | \u2013 | 0.4 | \u2013 | 0.4 | \u2013 | 3.0 |
Disposals | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (0.1) | (0.1) |
At 31 December 2024 | 2.6 | 12.8 | 25.5 | 29.6 | 67.9 | 69.5 | 140.0 |
Net book value at 31 December 2024 | 120.4 | 271.3 | 31.1 | 135.7 | 438.1 | 5.4 | 563.9 |
Net book value at 31 December 2023 | 126.1 | 276.8 | 38.1 | 150.0 | 464.9 | 5.8 | 596.8 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Footwear | 98.6 | 100.8 |
Gotex | 11.9 | 12.6 |
US and Mexico | \u2013 | 2.6 |
Coats Digital | 8.2 | 8.4 |
Other | 1.7 | 1.7 |
120.4 | 126.1 |
| Operating | Operating | Terminal | |||
| Revenue | Revenue | margin | margin | value | |
| growth | growth | improvement | improvement | growth | |
| 2028 | 2029 | 2028 | 2029 | rate | |
| % | % | % | % | % | |
US and Mexico | 3.3 | 3.3 | 0.6 | 0.4 | 1.9 |
| Acquired intangibles | |||||||
| Brands &\ue01e | Customer | Total | Computer | ||||
| Goodwill | trade names | Technology | relationships | acquired | software | Total | |
| Cost | US$m | US$m | US$m | US$m | US$m | US$m | US$m |
At 1 January 2023 | 124.7 | 284.5 | 57.4 | 166.6 | 508.5 | 76.1 | 709.3 |
Currency translation differences | 1.4 | 0.6 | 0.8 | 2.4 | 3.8 | 0.6 | 5.8 |
Disposal of subsidiaries | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (1.7) | (1.7) |
Additions | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 2.0 | 2.0 |
Disposals | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (2.1) | (2.1) |
At 31 December 2023 | 126.1 | 285.1 | 58.2 | 169.0 | 512.3 | 74.9 | 713.3 |
Currency translation differences | (3.1) | (1.0) | (1.6) | (3.7) | (6.3) | (1.0) | (10.4) |
Additions | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1.1 | 1.1 |
Disposals | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (0.1) | (0.1) |
At 31 December 2024 | 123.0 | 284.1 | 56.6 | 165.3 | 506.0 | 74.9 | 703.9 |
| Cumulative amounts charged | |||||||
At 1 January 2023 | \u2013 | 3.8 | 13.6 | 7.9 | 25.3 | 70.6 | 95.9 |
Currency translation differences | \u2013 | \u2013 | 0.4 | 0.2 | 0.6 | 0.7 | 1.3 |
Amortisation charge for the year | \u2013 | 4.5 | 6.1 | 10.9 | 21.5 | 1.4 | 22.9 |
Disposal of subsidiaries | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (1.7) | (1.7) |
Disposals | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (1.9) | (1.9) |
At 31 December 2023 | \u2013 | 8.3 | 20.1 | 19.0 | 47.4 | 69.1 | 116.5 |
Currency translation differences | \u2013 | (0.2) | (0.7) | (0.6) | (1.5) | (1.1) | (2.6) |
Amortisation charge for the year | \u2013 | 4.7 | 5.7 | 11.2 | 21.6 | 1.6 | 23.2 |
Impairment charge (see note 4) | 2.6 | \u2013 | 0.4 | \u2013 | 0.4 | \u2013 | 3.0 |
Disposals | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (0.1) | (0.1) |
At 31 December 2024 | 2.6 | 12.8 | 25.5 | 29.6 | 67.9 | 69.5 | 140.0 |
Net book value at 31 December 2024 | 120.4 | 271.3 | 31.1 | 135.7 | 438.1 | 5.4 | 563.9 |
Net book value at 31 December 2023 | 126.1 | 276.8 | 38.1 | 150.0 | 464.9 | 5.8 | 596.8 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Footwear | 98.6 | 100.8 |
Gotex | 11.9 | 12.6 |
US and Mexico | \u2013 | 2.6 |
Coats Digital | 8.2 | 8.4 |
Other | 1.7 | 1.7 |
120.4 | 126.1 |
| Operating | Operating | Terminal | |||
| Revenue | Revenue | margin | margin | value | |
| growth | growth | improvement | improvement | growth | |
| 2028 | 2029 | 2028 | 2029 | rate | |
| % | % | % | % | % | |
US and Mexico | 3.3 | 3.3 | 0.6 | 0.4 | 1.9 |
| Vehicles | ||||
| Land and | Plant and | and office | ||
| buildings | equipment | equipment | Total | |
| Net carrying amount | US$m | US$m | US$m | US$m |
At 1 January 2024 | 67.3 | 1.7 | 5.4 | 74.4 |
At 31 December 2024 | 59.0 | 4.4 | 5.5 | 68.9 |
| Depreciation expense for the year ended | ||||
31 December 2023 | 15.0 | 1.4 | 2.4 | 18.8 |
31 December 2024 | 14.3 | 1.0 | 2.7 | 18.0 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Current | 16.6 | 17.5 |
Non-current | 66.6 | 69.3 |
83.2 | 86.8 |
| Undiscounted | Undiscounted | Discounted | Discounted | |
| 2024 | 2023 | 2024 | 2023 | |
| Lease liability maturity analysis | US$m | US$m | US$m | US$m |
Payable within one year | 20.8 | 22.0 | 16.6 | 17.5 |
Payable between one and two years | 17.7 | 16.0 | 14.0 | 12.3 |
Payable between two and five years | 43.4 | 38.8 | 37.0 | 31.5 |
Payable after more than five years | 19.3 | 30.6 | 15.6 | 25.5 |
At 31 December 2024 | 101.2 | 107.4 | 83.2 | 86.8 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Depreciation expense | 18.0 | 18.8 |
Interest expense on lease liabilities | 5.2 | 5.6 |
Expenses relating to short-term leases | 0.2 | 0.3 |
Expenses relating to leases of low value assets | 0.1 | 0.1 |
Expense relating to variable lease payments not included in the measurement of the lease liability | 1.8 | 1.7 |
Impairment of right-of-use assets | 3.3 | 4.6 |
Income from subleasing right-of-use assets | (0.1) | (0.1) |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Receivable within one year | 0.1 | 0.1 |
Receivable between one and two years | 0.1 | \u2013 |
0.2 | 0.1 |
| Vehicles | ||||
| Land and | Plant and | and office | ||
| buildings | equipment | equipment | Total | |
| Net carrying amount | US$m | US$m | US$m | US$m |
At 1 January 2024 | 67.3 | 1.7 | 5.4 | 74.4 |
At 31 December 2024 | 59.0 | 4.4 | 5.5 | 68.9 |
| Depreciation expense for the year ended | ||||
31 December 2023 | 15.0 | 1.4 | 2.4 | 18.8 |
31 December 2024 | 14.3 | 1.0 | 2.7 | 18.0 |
| Vehicles | ||||
| Land and | Plant and | and office | ||
| buildings | equipment | equipment | Total | |
| Cost | US$m | US$m | US$m | US$m |
At 1 January 2023 | 157.4 | 529.1 | 60.9 | 747.4 |
Currency translation differences | (0.3) | (6.1) | 0.2 | (6.2) |
Application of IAS 29 (see note 1) | \u2013 | 1.5 | \u2013 | 1.5 |
Disposal of subsidiaries (see note 31) | (9.0) | (40.3) | (4.2) | (53.5) |
Additions | 0.5 | 23.9 | 1.5 | 25.9 |
Transfer to non-current assets held for sale | (2.5) | \u2013 | \u2013 | (2.5) |
Disposals | (15.1) | (49.2) | (6.5) | (70.8) |
At 31 December 2023 | 131.0 | 458.9 | 51.9 | 641.8 |
Currency translation differences | (2.1) | (11.7) | (0.7) | (14.5) |
Application of IAS 29 (see note 1) | \u2013 | 1.5 | \u2013 | 1.5 |
Additions | 4.8 | 22.4 | 1.9 | 29.1 |
Disposals | (1.2) | (3.5) | (2.1) | (6.8) |
At 31 December 2024 | 132.5 | 467.6 | 51.0 | 651.1 |
| Cumulative amounts charged | ||||
At 1 January 2023 | 75.4 | 363.2 | 52.5 | 491.1 |
Currency translation differences | \u2013 | (3.9) | 0.2 | (3.7) |
Depreciation charge for the year | 5.1 | 19.3 | 2.6 | 27.0 |
Impairment charge (see note 4) | 1.2 | 0.5 | \u2013 | 1.7 |
Transfer to non-current assets held for sale | (1.5) | \u2013 | \u2013 | (1.5) |
Disposal of subsidiaries (note 31) | (7.6) | (39.3) | (4.2) | (51.1) |
Disposals | (11.9) | (46.5) | (6.5) | (64.9) |
At 31 December 2023 | 60.7 | 293.3 | 44.6 | 398.6 |
Currency translation differences | (1.1) | (8.4) | (0.9) | (10.4) |
Depreciation charge for the year | 4.4 | 18.9 | 2.1 | 25.4 |
Impairment charge (see note 4) | 2.5 | 14.6 | 0.1 | 17.2 |
Disposals | (0.5) | (3.8) | (1.7) | (6.0) |
At 31 December 2024 | 66.0 | 314.6 | 44.2 | 424.8 |
Net book value at 31 December 2024 | 66.5 | 153.0 | 6.8 | 226.3 |
| Net book value at 31 December 2023 | 70.3 | 165.6 | 7.3 | 243.2 |
| 2024 | 2023 | |
| Analysis of net book value of land and buildings 31 December | US$m | US$m |
Freehold | 54.5 | 57.8 |
| Leasehold improvements: | ||
Over 50 years unexpired | 2.4 | 2.5 |
Under 50 years unexpired | 9.6 | 10.0 |
66.5 | 70.3 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Interests in joint ventures (see below) | 13.7 | 12.8 |
Investments in equity securities: Unlisted investments | 0.6 | 0.9 |
14.3 | 13.7 |
Interests in joint ventures | US$m |
At 1 January 2023 | 12.8 |
Dividends receivable | (1.0) |
Share of profit after tax | 1.9 |
At 31 December 2024 | 13.7 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Share of net assets on acquisition | 10.6 | 11.3 |
Disposals | \u2013 | (0.7) |
Share of post-acquisition retained profits | 3.1 | 2.2 |
Share of net assets | 13.7 | 12.8 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Summarised income statement information: | ||
Revenue | 28.7 | 24.7 |
Profit before tax | 2.5 | 1.5 |
Taxation | (0.6) | (0.4) |
Profit after tax | 1.9 | 1.1 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Summarised balance sheet information: | ||
Non-current assets | 5.2 | 4.8 |
Current assets | 17.4 | 16.1 |
22.6 | 20.9 | |
Liabilities due within one year | (8.9) | (8.1) |
Net assets | 13.7 | 12.8 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Interests in joint ventures (see below) | 13.7 | 12.8 |
Investments in equity securities: Unlisted investments | 0.6 | 0.9 |
14.3 | 13.7 |
Interests in joint ventures | US$m |
At 1 January 2023 | 12.8 |
Dividends receivable | (1.0) |
Share of profit after tax | 1.9 |
At 31 December 2024 | 13.7 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Share of net assets on acquisition | 10.6 | 11.3 |
Disposals | \u2013 | (0.7) |
Share of post-acquisition retained profits | 3.1 | 2.2 |
Share of net assets | 13.7 | 12.8 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Summarised income statement information: | ||
Revenue | 28.7 | 24.7 |
Profit before tax | 2.5 | 1.5 |
Taxation | (0.6) | (0.4) |
Profit after tax | 1.9 | 1.1 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Summarised balance sheet information: | ||
Non-current assets | 5.2 | 4.8 |
Current assets | 17.4 | 16.1 |
22.6 | 20.9 | |
Liabilities due within one year | (8.9) | (8.1) |
Net assets | 13.7 | 12.8 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Non-current assets: | ||
Trade receivables | 6.5 | 2.9 |
Other receivables | 13.7 | 14.0 |
Current income tax assets | 2.4 | \u2013 |
Prepaid pension contributions | 2.4 | 2.6 |
25.0 | 19.5 | |
| Current assets: | ||
Trade receivables | 245.7 | 238.1 |
Current income tax assets | 2.8 | 1.2 |
Prepayments and accrued income | 7.3 | 7.6 |
Derivative financial instruments | 0.9 | 1.3 |
Prepaid pension contributions | 2.2 | 2.3 |
Other receivables | 33.3 | 41.5 |
292.2 | 292.0 |
| 1\u20133 months past | 3\u20136 months | 6+ months past | Total | ||
| Current | due | past due | due | 2024 | |
Expected loss rate | 0.2% | 3% | 35% | 83% | |
Gross carrying amount (US$m) | 226.6 | 23.0 | 3.1 | 9.6 | 262.3 |
Loss allowance provision (US$m) | 0.4 | 0.6 | 1.1 | 8.0 | 10.1 |
| 1\u20133 months past | 3\u20136 months past | 6+ months past | Total | ||
| Current | due | due | due | 2023 | |
Expected loss rate | 0.2% | 2% | 27% | 79% | |
Gross carrying amount (US$m) | 213.5 | 25.4 | 2.2 | 7.2 | 248.3 |
Loss allowance provision (US$m) | 0.4 | 0.4 | 0.6 | 5.9 | 7.3 |
| 2024 | 2023 | |
| US$m | US$m | |
At 1 January | 7.3 | 7.6 |
Currency translation differences | (0.3) | (0.1) |
Disposal of subsidiaries | \u2013 | (0.9) |
Charged to the income statement | 3.6 | 1.6 |
Amounts written off during the year | (0.5) | (0.9) |
At 31 December | 10.1 | 7.3 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Non-current assets: | ||
Trade receivables | 6.5 | 2.9 |
Other receivables | 13.7 | 14.0 |
Current income tax assets | 2.4 | \u2013 |
Prepaid pension contributions | 2.4 | 2.6 |
25.0 | 19.5 | |
| Current assets: | ||
Trade receivables | 245.7 | 238.1 |
Current income tax assets | 2.8 | 1.2 |
Prepayments and accrued income | 7.3 | 7.6 |
Derivative financial instruments | 0.9 | 1.3 |
Prepaid pension contributions | 2.2 | 2.3 |
Other receivables | 33.3 | 41.5 |
292.2 | 292.0 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Non-current assets: | ||
Trade receivables | 6.5 | 2.9 |
Other receivables | 13.7 | 14.0 |
Current income tax assets | 2.4 | \u2013 |
Prepaid pension contributions | 2.4 | 2.6 |
25.0 | 19.5 | |
| Current assets: | ||
Trade receivables | 245.7 | 238.1 |
Current income tax assets | 2.8 | 1.2 |
Prepayments and accrued income | 7.3 | 7.6 |
Derivative financial instruments | 0.9 | 1.3 |
Prepaid pension contributions | 2.2 | 2.3 |
Other receivables | 33.3 | 41.5 |
292.2 | 292.0 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Deferred tax assets | 13.6 | 18.0 |
| 2024 | 2023 | |
| US$m | US$m | |
At 1 January | 18.0 | 24.4 |
Currency translation differences | (0.3) | (1.1) |
Charged to the income statement | (3.5) | (5.1) |
Charged to other comprehensive income and expense | (0.6) | (0.2) |
At 31 December | 13.6 | 18.0 |
| 2024 | 2023 | |
| US$m | US$m | |
At 1 January | 63.9 | 78.2 |
Currency translation differences | (1.7) | (0.2) |
Credited to the income statement | (4.2) | (14.1) |
At 31 December | 58.0 | 63.9 |
| 2024 | 2023 | |
| US$m | US$m | |
Expiring within 5 years | 24.7 | 23.2 |
Expiring in more than 5 years | 53.7 | 19.0 |
Available indefinitely | 1,824.8 | 1,573.5 |
1,903.2 | 1,615.7 |
2024 | 2023 | |||
| Provided/ | Unprovided/ | Provided/ | Unprovided/ | |
| (recognised) | (unrecognised) | (recognised) | (unrecognised) | |
| US$m | US$m | US$m | US$m | |
| The Group\u2019s net deferred tax liabilities/(assets) are analysed | ||||
| as follows: | ||||
Accelerated tax depreciation on tangible fixed assets | (1.3) | 0.2 | (3.8) | 0.1 |
Other temporary differences | (20.6) | (8.8) | (5.8) | (7.3) |
Revenue losses carried forward 1 | (59.6) | (408.1) | (65.2) | (330.1) |
Capital losses carried forward | \u2013 | (369.5) | \u2013 | (362.8) |
Investment in subsidiaries | 12.0 | 14.2 | 10.0 | 8.6 |
Acquired intangibles | 107.1 | \u2013 | 104.3 | \u2013 |
Retirement benefit obligations | 6.8 | (10.9) | 6.4 | (0.7) |
44.4 | (782.9) | 45.9 | (692.2) |
2024 | 2023 | ||
| Provided/ | Provided/ | ||
| (recognised) | (recognised) | ||
| US$m | US$m | ||
Deferred tax assets (note 17) | (13.6) | (18.0) | |
Deferred tax liabilities | 58.0 | 63.9 | |
44.4 | 45.9 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Deferred tax assets | 13.6 | 18.0 |
| 2024 | 2023 | |
| US$m | US$m | |
At 1 January | 18.0 | 24.4 |
Currency translation differences | (0.3) | (1.1) |
Charged to the income statement | (3.5) | (5.1) |
Charged to other comprehensive income and expense | (0.6) | (0.2) |
At 31 December | 13.6 | 18.0 |
| 2024 | 2023 | |
| US$m | US$m | |
At 1 January | 63.9 | 78.2 |
Currency translation differences | (1.7) | (0.2) |
Credited to the income statement | (4.2) | (14.1) |
At 31 December | 58.0 | 63.9 |
| 2024 | 2023 | |
| US$m | US$m | |
Expiring within 5 years | 24.7 | 23.2 |
Expiring in more than 5 years | 53.7 | 19.0 |
Available indefinitely | 1,824.8 | 1,573.5 |
1,903.2 | 1,615.7 |
2024 | 2023 | |||
| Provided/ | Unprovided/ | Provided/ | Unprovided/ | |
| (recognised) | (unrecognised) | (recognised) | (unrecognised) | |
| US$m | US$m | US$m | US$m | |
| The Group\u2019s net deferred tax liabilities/(assets) are analysed | ||||
| as follows: | ||||
Accelerated tax depreciation on tangible fixed assets | (1.3) | 0.2 | (3.8) | 0.1 |
Other temporary differences | (20.6) | (8.8) | (5.8) | (7.3) |
Revenue losses carried forward 1 | (59.6) | (408.1) | (65.2) | (330.1) |
Capital losses carried forward | \u2013 | (369.5) | \u2013 | (362.8) |
Investment in subsidiaries | 12.0 | 14.2 | 10.0 | 8.6 |
Acquired intangibles | 107.1 | \u2013 | 104.3 | \u2013 |
Retirement benefit obligations | 6.8 | (10.9) | 6.4 | (0.7) |
44.4 | (782.9) | 45.9 | (692.2) |
2024 | 2023 | ||
| Provided/ | Provided/ | ||
| (recognised) | (recognised) | ||
| US$m | US$m | ||
Deferred tax assets (note 17) | (13.6) | (18.0) | |
Deferred tax liabilities | 58.0 | 63.9 | |
44.4 | 45.9 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Raw materials and consumables | 93.8 | 84.9 |
Work in progress | 17.0 | 22.0 |
Finished goods and goods for resale | 65.3 | 66.6 |
176.1 | 173.5 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Amounts falling due within one year: | ||
Trade payables | 167.2 | 163.2 |
Amounts owed to joint ventures | 16.1 | 15.3 |
Other tax and social security payable | 4.3 | 5.6 |
Other payables | 23.9 | 33.7 |
Accruals | 43.1 | 38.7 |
Contract liabilities | 9.5 | 11.1 |
Derivative financial instruments | 2.3 | 3.6 |
Employee entitlements | 32.8 | 14.4 |
299.2 | 285.6 | |
| Amounts falling due after more than one year: | ||
Contract liabilities | 7.2 | 1.6 |
Employee entitlements | 0.2 | 1.6 |
7.4 | 3.2 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Amounts falling due within one year: | ||
Trade payables | 167.2 | 163.2 |
Amounts owed to joint ventures | 16.1 | 15.3 |
Other tax and social security payable | 4.3 | 5.6 |
Other payables | 23.9 | 33.7 |
Accruals | 43.1 | 38.7 |
Contract liabilities | 9.5 | 11.1 |
Derivative financial instruments | 2.3 | 3.6 |
Employee entitlements | 32.8 | 14.4 |
299.2 | 285.6 | |
| Amounts falling due after more than one year: | ||
Contract liabilities | 7.2 | 1.6 |
Employee entitlements | 0.2 | 1.6 |
7.4 | 3.2 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Amounts falling due within one year: | ||
Trade payables | 167.2 | 163.2 |
Amounts owed to joint ventures | 16.1 | 15.3 |
Other tax and social security payable | 4.3 | 5.6 |
Other payables | 23.9 | 33.7 |
Accruals | 43.1 | 38.7 |
Contract liabilities | 9.5 | 11.1 |
Derivative financial instruments | 2.3 | 3.6 |
Employee entitlements | 32.8 | 14.4 |
299.2 | 285.6 | |
| Amounts falling due after more than one year: | ||
Contract liabilities | 7.2 | 1.6 |
Employee entitlements | 0.2 | 1.6 |
7.4 | 3.2 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Amounts falling due within one year: | ||
Trade payables | 167.2 | 163.2 |
Amounts owed to joint ventures | 16.1 | 15.3 |
Other tax and social security payable | 4.3 | 5.6 |
Other payables | 23.9 | 33.7 |
Accruals | 43.1 | 38.7 |
Contract liabilities | 9.5 | 11.1 |
Derivative financial instruments | 2.3 | 3.6 |
Employee entitlements | 32.8 | 14.4 |
299.2 | 285.6 | |
| Amounts falling due after more than one year: | ||
Contract liabilities | 7.2 | 1.6 |
Employee entitlements | 0.2 | 1.6 |
7.4 | 3.2 |
| 1\u20133 months past | 3\u20136 months | 6+ months past | Total | ||
| Current | due | past due | due | 2024 | |
Expected loss rate | 0.2% | 3% | 35% | 83% | |
Gross carrying amount (US$m) | 226.6 | 23.0 | 3.1 | 9.6 | 262.3 |
Loss allowance provision (US$m) | 0.4 | 0.6 | 1.1 | 8.0 | 10.1 |
| 1\u20133 months past | 3\u20136 months past | 6+ months past | Total | ||
| Current | due | due | due | 2023 | |
Expected loss rate | 0.2% | 2% | 27% | 79% | |
Gross carrying amount (US$m) | 213.5 | 25.4 | 2.2 | 7.2 | 248.3 |
Loss allowance provision (US$m) | 0.4 | 0.4 | 0.6 | 5.9 | 7.3 |
| 2024 | 2023 | |
| US$m | US$m | |
At 1 January | 7.3 | 7.6 |
Currency translation differences | (0.3) | (0.1) |
Disposal of subsidiaries | \u2013 | (0.9) |
Charged to the income statement | 3.6 | 1.6 |
Amounts written off during the year | (0.5) | (0.9) |
At 31 December | 10.1 | 7.3 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Provisions are included as follows: | ||
Current liabilities | 26.5 | 17.1 |
Non-current liabilities | 25.1 | 19.3 |
51.6 | 36.4 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Property related provisions | 2.3 | 3.4 |
UK pension related provisions | 14.5 | \u2013 |
Other provisions | 34.8 | 33.0 |
51.6 | 36.4 |
| UK pension | ||||
| Property related | related | Other | ||
| provisions | provisions | provisions | Total | |
| US$m | US$m | US$m | US$m | |
At 1 January 2024 | 3.4 | \u2013 | 33.0 | 36.4 |
Currency translation differences | \u2013 | \u2013 | (0.5) | (0.5) |
Charged to the income statement | 0.4 | 8.5 | 22.8 | 31.7 |
Charged to other comprehensive income | \u2013 | 6.8 | \u2013 | 6.8 |
Utilised in year | (1.5) | (0.8) | (20.5) | (22.8) |
At 31 December 2024 | 2.3 | 14.5 | 34.8 | 51.6 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Fair value through the income statement: | ||
Forward foreign currency contracts | 0.9 | 1.3 |
Amounts shown within current assets | 0.9 | 1.3 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Fair value through the income statement: | ||
Forward foreign currency contracts | 2.3 | 1.8 |
Interest rate swap contracts | \u2013 | 1.8 |
Amounts shown within current liabilities | 2.3 | 3.6 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Bank overdrafts | 0.2 | 20.9 |
Borrowings repayable within one year | \u2013 | 123.4 |
Due within one year | 0.2 | 144.3 |
Borrowings repayable between two and five years | 246.8 | 272.7 |
Due after more than five years | 348.3 | 99.5 |
Due after more than one year | 595.1 | 372.2 |
Bank overdrafts | 0.2 | 20.9 |
Series A and Series B Senior Notes | 595.1 | 472.3 |
Bank and other borrowings | \u2013 | 23.3 |
595.3 | 516.5 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Financial liabilities carried at amortised cost: | ||
Trade payables (note 21) | 167.2 | 163.2 |
Amounts owed to joint ventures (note 21) | 16.1 | 15.3 |
Other financial liabilities | 67.0 | 72.4 |
Provisions | 0.7 | 0.8 |
Lease liabilities (note 15) | 83.2 | 86.8 |
Borrowings (note 23) | 595.3 | 516.5 |
929.5 | 855.0 | |
| Financial liabilities carried at fair value through the income statement: | ||
Derivative financial instruments (note 22) | 2.3 | 3.6 |
Total financial liabilities | 931.8 | 858.6 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Financial assets carried at amortised cost: | ||
Cash and cash equivalents | 146.0 | 132.4 |
Trade receivables (note 19) | 252.2 | 241.0 |
Loan receivable (note 10) | 38.3 | \u2013 |
Other receivables (note 19), net of non-financial assets $31.7 million (2023: $35.6 million) | 15.3 | 19.9 |
451.8 | 393.3 | |
| Financial assets carried at fair value through the income statement: | ||
Derivative financial instruments (note 20) | 0.9 | 1.3 |
0.9 | 1.3 | |
| Other financial assets carried at fair value through the statement of comprehensive income: | ||
Other investments (note 16) | 0.6 | 0.9 |
0.6 | 0.9 | |
Total financial assets | 453.3 | 395.5 |
| Total | Level 1 | Level 2 | Level 3 | |
| Year ended 31 December | US$m | US$m | US$m | US$m |
| 2024 | ||||
| Financial assets measured at fair value through the income | ||||
| statement: | ||||
Trading derivatives | 0.9 | \u2013 | 0.9 | \u2013 |
Financial assets measured at fair value through the statement of comprehensive income: | ||||
Other investments | 0.6 | \u2013 | \u2013 | 0.6 |
| 2023 | ||||
| Financial assets measured at fair value through the income | ||||
| statement: | ||||
Trading derivatives | 1.3 | \u2013 | 1.3 | \u2013 |
Financial assets measured at fair value through the statement of comprehensive income: | ||||
Other investments | 0.9 | \u2013 | \u2013 | 0.9 |
| Total | Level 1 | Level 2 | Level 3 | |
| Year ended 31 December | US$m | US$m | US$m | US$m |
| 2024 | ||||
| Financial liabilities measured at fair value through the income | ||||
| statement: | ||||
Trading derivatives | (2.3) | \u2013 | (2.3) | \u2013 |
| 2023 | ||||
| Financial liabilities measured at fair value through the income | ||||
| statement: | ||||
Trading derivatives | (1.8) | \u2013 | (1.8) | \u2013 |
Derivatives designated as effective hedging instruments | (1.8) | \u2013 | (1.8) | \u2013 |
(3.6) | \u2013 | (3.6) | \u2013 |
2024 | 2023 | |||
| Book value | Fair value | Book value | Fair value | |
| Year ended 31 December | US$m | US$m | US$m | US$m |
| Primary financial instruments: | ||||
Cash and cash equivalents | 146.0 | 146.0 | 132.4 | 132.4 |
Trade receivables | 252.2 | 252.2 | 241.0 | 241.0 |
Loan receivable | 38.3 | 38.3 | \u2013 | \u2013 |
Other receivables | 15.3 | 15.3 | 19.9 | 19.9 |
Other investments | 0.6 | 0.6 | 0.9 | 0.9 |
Trade payables | (167.2) | (167.2) | (163.2) | (163.2) |
Amounts owed to joint ventures | (16.1) | (16.1) | (15.3) | (15.3) |
Other financial liabilities and provisions | (67.7) | (67.7) | (73.2) | (73.2) |
Borrowings | (595.3) | (595.3) | (516.5) | (516.5) |
| Derivative financial instruments: | ||||
Forward foreign currency contracts | (1.4) | (1.4) | (0.5) | (0.5) |
Interest rate swaps | \u2013 | \u2013 | (1.8) | (1.8) |
Net financial liabilities | (395.3) | (395.3) | (376.3) | (376.3) |
| Net foreign currency financial assets/(liabilities) | ||||||
| Sterling | US dollars | Euro | Indian Rupees | Other | Total | |
| Functional currency 2024 | US$m | US$m | US$m | US$m | US$m | US$m |
Sterling | \u2013 | 2.5 | 2.9 | \u2013 | \u2013 | 5.4 |
United States dollars | (16.4) | \u2013 | (1.8) | 0.9 | 6.4 | (10.9) |
Euros | \u2013 | (3.4) | \u2013 | \u2013 | 0.4 | (3.0) |
Indian Rupees | \u2013 | 3.2 | (0.5) | \u2013 | \u2013 | 2.7 |
Other currencies | (1.7) | 12.8 | 3.9 | \u2013 | 8.6 | 23.6 |
(18.1) | 15.1 | 4.5 | 0.9 | 15.4 | 17.8 |
| Net foreign currency financial assets/(liabilities) | ||||||
| Sterling | US dollars | Euro | Indian Rupees | Other | Total | |
| Functional currency 2023 | US$m | US$m | US$m | US$m | US$m | US$m |
Sterling | \u2013 | (9.4) | 0.8 | \u2013 | 0.5 | (8.1) |
United States dollars | (16.0) | \u2013 | (7.0) | 0.7 | 6.0 | (16.3) |
Euros | \u2013 | 17.5 | \u2013 | \u2013 | (0.6) | 16.9 |
Indian Rupees | (0.2) | 3.3 | \u2013 | \u2013 | 0.9 | 4.0 |
Other currencies | (0.8) | 20.7 | 8.4 | \u2013 | 4.6 | 32.9 |
(17.0) | 32.1 | 2.2 | 0.7 | 11.4 | 29.4 |
| Sterling | Euro | Indian Rupees | |
| 2024 | US$m | US$m | US$m |
Increase in US dollar exchange rate | 10% | 10% | 10% |
(Decrease)/increase in profit before tax | (2.1) | 0.2 | (0.2) |
Increase in shareholders\u2019 funds | 6.8 | 4.3 | 6.5 |
| Sterling | Euro | Indian Rupees | |
| 2023 | US$m | US$m | US$m |
Increase in US dollar exchange rate | 10% | 10% | 10% |
Decrease in profit before tax | (0.8) | (2.5) | (0.3) |
Increase in shareholders\u2019 funds | 13.9 | 7.9 | 5.3 |
2024 | 2023 | |||||
| Financial | Financial | |||||
| liabilities | liabilities | |||||
| Fixed rate | on which | Fixed rate | on which | |||
| financial | no interest | financial | no interest | |||
| liabilities | is paid | liabilities | is paid | |||
| Weighted | Weighted | |||||
| Weighted | average | Weighted | Weighted | average | Weighted | |
| average | period for | average | average | period for | average | |
| interest | which rate | period until | interest | which rate | period until | |
| rate | is fixed | maturity | rate | is fixed | maturity | |
| Year ended 31 December | % | (months) | (months) | % | (months) | (months) |
| Currency: | ||||||
Sterling | \u2013 | \u2013 | 18 | \u2013 | \u2013 | 18 |
United States dollars | 5.15 | 61 | \u2013 | 4.79 | 49 | \u2013 |
Weighted average | 5.15 | 61 | 18 | 4.79 | 49 | 18 |
Assets | Liabilities | |||
| 2024 | 2023 | 2024 | 2023 | |
| Year ended 31 December | US$m | US$m | US$m | US$m |
| Currency: | ||||
Sterling | 11.3 | 18.0 | \u2013 | \u2013 |
United States dollars | 18.8 | 26.1 | (66.4) | (42.7) |
Euros | 0.2 | \u2013 | (12.6) | (16.3) |
Indian Rupee | \u2013 | 3.2 | \u2013 | \u2013 |
Other currencies | 52.8 | 21.9 | (5.5) | (10.7) |
83.1 | 69.2 | (84.5) | (69.7) |
2024 | 2023 | |||||||||
| Cash | Trade | Derivative | Cash | Trade | Derivative | |||||
| and cash | and other | financial | and cash | and other | financial | |||||
| Investments | equivalents | receivables | instruments | Total | Investments | equivalents | receivables | instruments | Total | |
| 31 December | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m |
| Currency: | ||||||||||
Sterling | \u2013 | \u2013 | 42.1 | \u2013 | 42.1 | \u2013 | 0.9 | 6.2 | 2.9 | 10.0 |
United States dollars | \u2013 | 81.7 | 138.1 | 10.5 | 230.3 | \u2013 | 70.9 | 127.8 | (18.7) | 180.0 |
Euros | 0.1 | 3.9 | 26.4 | (12.6) | 17.8 | 0.1 | 9.4 | 36.5 | (0.4) | 45.6 |
Indian Rupees | 0.5 | 17.8 | 29.9 | \u2013 | 48.2 | 0.5 | 19.5 | 26.0 | 0.5 | 46.5 |
Other currencies | \u2013 | 42.6 | 69.3 | 3.0 | 114.9 | 0.3 | 31.7 | 64.4 | 17.0 | 113.4 |
Total financial assets | 0.6 | 146.0 | 305.8 | 0.9 | 453.3 | 0.9 | 132.4 | 260.9 | 1.3 | 395.5 |
2024 | 2023 | |||||||||||
| Derivative | Derivative | |||||||||||
| Floating | Interest | Lease | financial | Floating | Interest | Lease | financial | |||||
| rate | Fixed rate | free | liabilities | instruments | Total | rate | Fixed rate | free | liabilities | instruments | Total | |
| 31 December | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m |
| Currency: | ||||||||||||
Sterling | \u2013 | \u2013 | 2.1 | 2.7 | (11.3) | (6.5) | 0.8 | \u2013 | 6.1 | 3.6 | (15.1) | (4.6) |
| United States | ||||||||||||
dollars | \u2013 | 595.1 | 115.1 | 23.9 | 58.0 | 792.1 | 102.4 | 410.0 | 102.8 | 25.5 | (0.4) | 640.3 |
Euros | 0.2 | \u2013 | 17.5 | 8.5 | (0.2) | 26.0 | 3.3 | \u2013 | 21.5 | 10.3 | 15.9 | 51.0 |
Indian Rupees | \u2013 | \u2013 | 34.3 | 5.8 | \u2013 | 40.1 | \u2013 | \u2013 | 43.0 | 2.2 | (2.7) | 42.5 |
Other currencies | \u2013 | \u2013 | 82.0 | 42.3 | (44.2) | 80.1 | \u2013 | \u2013 | 78.3 | 45.2 | 5.9 | 129.4 |
| Total financial | ||||||||||||
liabilities | 0.2 | 595.1 | 251.0 | 83.2 | 2.3 | 931.8 | 106.5 | 410.0 | 251.7 | 86.8 | 3.6 | 858.6 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
In one year or less, or on demand | 271.6 | 417.6 |
In more than one year but not more than two years | 17.7 | 16.1 |
In more than two years but not more than five years | 293.4 | 313.8 |
In more than five years | 370.6 | 131.9 |
953.3 | 879.4 |
Assets | Liabilities | |||
| 2024 | 2023 | 2024 | 2023 | |
| Year ended 31 December | US$m | US$m | US$m | US$m |
In one year or less, or on demand | 83.0 | 69.2 | (84.4) | (71.9) |
83.0 | 69.2 | (84.4) | (71.9) |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Impact of a 10% increase in prices: | ||
Increase in pre-tax profit for the year | \u2013 | \u2013 |
Increase in equity shareholders\u2019 funds | 0.1 | 0.1 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Expiring between one and two years | \u2013 | \u2013 |
Expiring between two and five years | 420.0 | 335.0 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
In one year or less, or on demand | 403.0 | 387.9 |
In more than one year but not more than two years | 10.5 | 5.4 |
In more than two years but not more than five years | 38.3 | \u2013 |
In more than five years | 0.6 | 0.9 |
452.4 | 394.2 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| The Group considers its maximum exposure to credit risk to be as follows: | ||
Cash and cash equivalents | 146.0 | 132.4 |
Derivative financial instruments | 0.9 | 1.3 |
Trade receivables (net of impairment provision) | 252.2 | 241.0 |
Loan receivable | 38.3 | \u2013 |
Other receivables | 15.3 | 19.9 |
452.7 | 394.6 | |
| Financial assets considered not to have exposure to credit risk: | ||
Other investments | 0.6 | 0.9 |
Total financial assets | 453.3 | 395.5 |
| Analysis of trade receivables over permitted credit period: | ||
Trade receivables up to 1 month over permitted credit period | 15.3 | 19.6 |
Trade receivables between 1 and 2 months over permitted credit period | 5.2 | 3.7 |
Trade receivables between 2 and 3 months over permitted credit period | 1.9 | 1.7 |
Trade receivables between 3 and 6 months over permitted credit period | 2.0 | 1.6 |
Trade receivables in excess of 6 months over permitted credit period | 1.6 | 1.3 |
Total trade receivables (net of impairment provision) in excess of permitted credit period | 26.0 | 27.9 |
Trade receivables within permitted credit period | 226.2 | 213.1 |
Total net trade receivables | 252.2 | 241.0 |
| Analysis of trade receivables impairment provision: | ||
Trade receivables up to 1 month over permitted credit period | 0.5 | 0.6 |
Trade receivables between 1 and 2 months over permitted credit period | 0.1 | 0.1 |
Trade receivables between 2 and 3 months over permitted credit period | 0.4 | 0.1 |
Trade receivables between 3 and 6 months over permitted credit period | 1.1 | 0.6 |
Trade receivables in excess of 6 months over permitted credit period | 8.0 | 5.9 |
Total impairment provision | 10.1 | 7.3 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Fair value through the income statement: | ||
Forward foreign currency contracts | 0.9 | 1.3 |
Amounts shown within current assets | 0.9 | 1.3 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Fair value through the income statement: | ||
Forward foreign currency contracts | 0.9 | 1.3 |
Amounts shown within current assets | 0.9 | 1.3 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Fair value through the income statement: | ||
Forward foreign currency contracts | 2.3 | 1.8 |
Interest rate swap contracts | \u2013 | 1.8 |
Amounts shown within current liabilities | 2.3 | 3.6 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Financial liabilities carried at amortised cost: | ||
Trade payables (note 21) | 167.2 | 163.2 |
Amounts owed to joint ventures (note 21) | 16.1 | 15.3 |
Other financial liabilities | 67.0 | 72.4 |
Provisions | 0.7 | 0.8 |
Lease liabilities (note 15) | 83.2 | 86.8 |
Borrowings (note 23) | 595.3 | 516.5 |
929.5 | 855.0 | |
| Financial liabilities carried at fair value through the income statement: | ||
Derivative financial instruments (note 22) | 2.3 | 3.6 |
Total financial liabilities | 931.8 | 858.6 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Financial assets carried at amortised cost: | ||
Cash and cash equivalents | 146.0 | 132.4 |
Trade receivables (note 19) | 252.2 | 241.0 |
Loan receivable (note 10) | 38.3 | \u2013 |
Other receivables (note 19), net of non-financial assets $31.7 million (2023: $35.6 million) | 15.3 | 19.9 |
451.8 | 393.3 | |
| Financial assets carried at fair value through the income statement: | ||
Derivative financial instruments (note 20) | 0.9 | 1.3 |
0.9 | 1.3 | |
| Other financial assets carried at fair value through the statement of comprehensive income: | ||
Other investments (note 16) | 0.6 | 0.9 |
0.6 | 0.9 | |
Total financial assets | 453.3 | 395.5 |
| Total | Level 1 | Level 2 | Level 3 | |
| Year ended 31 December | US$m | US$m | US$m | US$m |
| 2024 | ||||
| Financial assets measured at fair value through the income | ||||
| statement: | ||||
Trading derivatives | 0.9 | \u2013 | 0.9 | \u2013 |
Financial assets measured at fair value through the statement of comprehensive income: | ||||
Other investments | 0.6 | \u2013 | \u2013 | 0.6 |
| 2023 | ||||
| Financial assets measured at fair value through the income | ||||
| statement: | ||||
Trading derivatives | 1.3 | \u2013 | 1.3 | \u2013 |
Financial assets measured at fair value through the statement of comprehensive income: | ||||
Other investments | 0.9 | \u2013 | \u2013 | 0.9 |
| Total | Level 1 | Level 2 | Level 3 | |
| Year ended 31 December | US$m | US$m | US$m | US$m |
| 2024 | ||||
| Financial liabilities measured at fair value through the income | ||||
| statement: | ||||
Trading derivatives | (2.3) | \u2013 | (2.3) | \u2013 |
| 2023 | ||||
| Financial liabilities measured at fair value through the income | ||||
| statement: | ||||
Trading derivatives | (1.8) | \u2013 | (1.8) | \u2013 |
Derivatives designated as effective hedging instruments | (1.8) | \u2013 | (1.8) | \u2013 |
(3.6) | \u2013 | (3.6) | \u2013 |
2024 | 2023 | |||
| Book value | Fair value | Book value | Fair value | |
| Year ended 31 December | US$m | US$m | US$m | US$m |
| Primary financial instruments: | ||||
Cash and cash equivalents | 146.0 | 146.0 | 132.4 | 132.4 |
Trade receivables | 252.2 | 252.2 | 241.0 | 241.0 |
Loan receivable | 38.3 | 38.3 | \u2013 | \u2013 |
Other receivables | 15.3 | 15.3 | 19.9 | 19.9 |
Other investments | 0.6 | 0.6 | 0.9 | 0.9 |
Trade payables | (167.2) | (167.2) | (163.2) | (163.2) |
Amounts owed to joint ventures | (16.1) | (16.1) | (15.3) | (15.3) |
Other financial liabilities and provisions | (67.7) | (67.7) | (73.2) | (73.2) |
Borrowings | (595.3) | (595.3) | (516.5) | (516.5) |
| Derivative financial instruments: | ||||
Forward foreign currency contracts | (1.4) | (1.4) | (0.5) | (0.5) |
Interest rate swaps | \u2013 | \u2013 | (1.8) | (1.8) |
Net financial liabilities | (395.3) | (395.3) | (376.3) | (376.3) |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Bank overdrafts | 0.2 | 20.9 |
Borrowings repayable within one year | \u2013 | 123.4 |
Due within one year | 0.2 | 144.3 |
Borrowings repayable between two and five years | 246.8 | 272.7 |
Due after more than five years | 348.3 | 99.5 |
Due after more than one year | 595.1 | 372.2 |
Bank overdrafts | 0.2 | 20.9 |
Series A and Series B Senior Notes | 595.1 | 472.3 |
Bank and other borrowings | \u2013 | 23.3 |
595.3 | 516.5 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Provisions are included as follows: | ||
Current liabilities | 26.5 | 17.1 |
Non-current liabilities | 25.1 | 19.3 |
51.6 | 36.4 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Property related provisions | 2.3 | 3.4 |
UK pension related provisions | 14.5 | \u2013 |
Other provisions | 34.8 | 33.0 |
51.6 | 36.4 |
| UK pension | ||||
| Property related | related | Other | ||
| provisions | provisions | provisions | Total | |
| US$m | US$m | US$m | US$m | |
At 1 January 2024 | 3.4 | \u2013 | 33.0 | 36.4 |
Currency translation differences | \u2013 | \u2013 | (0.5) | (0.5) |
Charged to the income statement | 0.4 | 8.5 | 22.8 | 31.7 |
Charged to other comprehensive income | \u2013 | 6.8 | \u2013 | 6.8 |
Utilised in year | (1.5) | (0.8) | (20.5) | (22.8) |
At 31 December 2024 | 2.3 | 14.5 | 34.8 | 51.6 |
| Share | Capital | Retained | Non- | ||||
| premium | Own | Translation | reduction | Other | (loss)/ | controlling | |
| account | shares | reserve | reserve | reserves | profit | interests | |
| US$m | US$m | US$m | US$m | US$m | US$m | US$m | |
At 1 January 2024 | 111.4 | (6.1) | (109.7) | 59.8 | 246.3 | 157.4 | 31.3 |
Dividends | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (46.5) | (18.0) |
Currency translation differences | \u2013 | \u2013 | (20.0) | \u2013 | \u2013 | \u2013 | (0.4) |
| Actuarial losses on employee | |||||||
benefits | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (225.1) | \u2013 |
Tax on actuarial gains | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (0.6) | \u2013 |
Purchase of own shares | \u2013 | (8.7) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Movement in own shares | \u2013 | 9.5 | \u2013 | \u2013 | \u2013 | (8.6) | \u2013 |
Share based payments | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 7.9 | \u2013 |
Profit for the year | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 80.1 | 19.6 |
At 31 December 2024 | 111.4 | (5.3) | (129.7) | 59.8 | 246.3 | (35.4) | 32.5 |
| Profit allocated to | Accumulated | |||
| non-controlling interests | non-controlling interests | |||
| Year ended | Year ended | |||
| 31 December | 31 December | 31 December | 31 December | |
| 2024 | 2023 | 2024 | 2023 | |
| US$m | US$m | US$m | US$m | |
EMEA | \u2013 | 0.9 | 1.4 | 1.7 |
Asia & Rest of World | 19.6 | 16.7 | 31.1 | 29.6 |
19.6 | 17.6 | 32.5 | 31.3 |
| Profit allocated to | Accumulated | |||
| non-controlling interests | non-controlling interests | |||
| Year ended | Year ended | |||
| 31 December | 31 December | 31 December | 31 December | |
| 2024 | 2023 | 2024 | 2023 | |
| US$m | US$m | US$m | US$m | |
EMEA | \u2013 | 0.9 | 1.4 | 1.7 |
Asia & Rest of World | 19.6 | 16.7 | 31.1 | 29.6 |
19.6 | 17.6 | 32.5 | 31.3 |
2024 | 2023 | |||
| Year ended 31 December | Number | US$m | Number | US$m |
Ordinary Shares of 5p each | 1,597,810,385 | 99.0 | 1,597,810,385 | 99.0 |
| Share | Capital | Retained | Non- | ||||
| premium | Own | Translation | reduction | Other | (loss)/ | controlling | |
| account | shares | reserve | reserve | reserves | profit | interests | |
| US$m | US$m | US$m | US$m | US$m | US$m | US$m | |
At 1 January 2024 | 111.4 | (6.1) | (109.7) | 59.8 | 246.3 | 157.4 | 31.3 |
Dividends | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (46.5) | (18.0) |
Currency translation differences | \u2013 | \u2013 | (20.0) | \u2013 | \u2013 | \u2013 | (0.4) |
| Actuarial losses on employee | |||||||
benefits | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (225.1) | \u2013 |
Tax on actuarial gains | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (0.6) | \u2013 |
Purchase of own shares | \u2013 | (8.7) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Movement in own shares | \u2013 | 9.5 | \u2013 | \u2013 | \u2013 | (8.6) | \u2013 |
Share based payments | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 7.9 | \u2013 |
Profit for the year | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 80.1 | 19.6 |
At 31 December 2024 | 111.4 | (5.3) | (129.7) | 59.8 | 246.3 | (35.4) | 32.5 |
| Profit allocated to | Accumulated | |||
| non-controlling interests | non-controlling interests | |||
| Year ended | Year ended | |||
| 31 December | 31 December | 31 December | 31 December | |
| 2024 | 2023 | 2024 | 2023 | |
| US$m | US$m | US$m | US$m | |
EMEA | \u2013 | 0.9 | 1.4 | 1.7 |
Asia & Rest of World | 19.6 | 16.7 | 31.1 | 29.6 |
19.6 | 17.6 | 32.5 | 31.3 |
2024 | 2023 | |||
| Year ended 31 December | Number | US$m | Number | US$m |
Ordinary Shares of 5p each | 1,597,810,385 | 99.0 | 1,597,810,385 | 99.0 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Operating profit 1 | 199.8 | 184.0 |
Depreciation of owned property, plant and equipment | 25.4 | 27.0 |
Deprecation of right-of-use assets | 18.0 | 18.8 |
Amortisation and impairment of intangible assets | 26.2 | 22.9 |
Impairment of property, plant and equipment and other assets | 18.9 | 9.4 |
(Increase)/decrease in inventories | (9.4) | 21.1 |
Increase in debtors | (16.4) | (22.8) |
Increase in creditors | 26.5 | 18.9 |
Provisions and pension movements | (93.0) | (53.1) |
Foreign exchange and other non-cash movements | 2.1 | (4.9) |
Discontinued operations | (1.4) | (4.0) |
Cash generated from operations | 196.7 | 217.3 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Interest paid | (31.5) | (33.7) |
| Total | |||||||
| Series A | financing | Cash | |||||
| and Series B | Bank | Lease | activity | Bank | at bank | ||
| Senior Notes | loans | liabilities | liabilities | overdrafts | and in hand | Net debt | |
| US$m | US$m | US$m | US$m | US$m | US$m | US$m | |
At 1 January 2023 | (222.3) | (329.8) | (105.4) | (657.5) | (14.7) | 172.4 | (499.8) |
Financing cash flows | (248.6) | 307.0 | 18.5 | 76.9 | \u2013 | \u2013 | 76.9 |
Other cash flows | \u2013 | \u2013 | 5.6 | 5.6 | (6.2) | (36.0) | (36.6) |
Disposal of subsidiaries | \u2013 | \u2013 | 0.9 | 0.9 | \u2013 | (1.2) | (0.3) |
Non-cash movements | (1.4) | (1.3) | (7.5) | (10.2) | \u2013 | \u2013 | (10.2) |
Foreign exchange | \u2013 | 0.8 | 1.1 | 1.9 | \u2013 | (2.8) | (0.9) |
At 31 December 2023 | (472.3) | (23.3) | (86.8) | (582.4) | (20.9) | 132.4 | (470.9) |
Financing cash flows | (123.7) | 28.0 | 19.2 | (76.5) | \u2013 | \u2013 | (76.5) |
Other cash flows | \u2013 | \u2013 | 5.2 | 5.2 | 20.7 | 9.8 | 35.7 |
Non-cash movements | 0.9 | (4.7) | (18.2) | (22.0) | \u2013 | \u2013 | (22.0) |
Foreign exchange | \u2013 | \u2013 | (2.6) | (2.6) | \u2013 | 3.8 | 1.2 |
At 31 December 2024 | (595.1) | \u2013 | (83.2) | (678.3) | (0.2) | 146.0 | (532.5) |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Overseas tax paid | (69.4) | (59.7) |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Dividends received from joint ventures | 1.0 | 0.6 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Purchase of property, plant and equipment and intangible assets | (27.7) | (31.0) |
Purchase of other equity investments | \u2013 | (0.4) |
Proceeds from disposal of property, plant and equipment | 3.7 | 11.8 |
Discontinued operations | \u2013 | (0.1) |
(24.0) | (19.7) |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Disposal of businesses | \u2013 | (1.2) |
\u2013 | (1.2) |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Cash and cash equivalents | 146.0 | 132.4 |
Bank overdrafts | (0.2) | (20.9) |
Net cash and cash equivalents | 145.8 | 111.5 |
Borrowings (see note 23) | (595.1) | (495.6) |
Net debt excluding lease liabilities | (449.3) | (384.1) |
Lease liabilities (see note 15) | (83.2) | (86.8) |
Total net debt | (532.5) | (470.9) |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Current assets: | ||
Cash and cash equivalents | 146.0 | 132.4 |
| Current liabilities: | ||
Bank overdrafts and other borrowings | (0.2) | (144.3) |
Lease liabilities | (16.6) | (17.5) |
| Non-current liabilities: | ||
Borrowings | (595.1) | (372.2) |
Lease liabilities | (66.6) | (69.3) |
Total net debt | (532.5) | (470.9) |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Disposal of businesses | \u2013 | (1.2) |
\u2013 | (1.2) |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Cash and cash equivalents | 146.0 | 132.4 |
Bank overdrafts | (0.2) | (20.9) |
Net cash and cash equivalents | 145.8 | 111.5 |
Borrowings (see note 23) | (595.1) | (495.6) |
Net debt excluding lease liabilities | (449.3) | (384.1) |
Lease liabilities (see note 15) | (83.2) | (86.8) |
Total net debt | (532.5) | (470.9) |
| Total | |||||||
| Series A | financing | Cash | |||||
| and Series B | Bank | Lease | activity | Bank | at bank | ||
| Senior Notes | loans | liabilities | liabilities | overdrafts | and in hand | Net debt | |
| US$m | US$m | US$m | US$m | US$m | US$m | US$m | |
At 1 January 2023 | (222.3) | (329.8) | (105.4) | (657.5) | (14.7) | 172.4 | (499.8) |
Financing cash flows | (248.6) | 307.0 | 18.5 | 76.9 | \u2013 | \u2013 | 76.9 |
Other cash flows | \u2013 | \u2013 | 5.6 | 5.6 | (6.2) | (36.0) | (36.6) |
Disposal of subsidiaries | \u2013 | \u2013 | 0.9 | 0.9 | \u2013 | (1.2) | (0.3) |
Non-cash movements | (1.4) | (1.3) | (7.5) | (10.2) | \u2013 | \u2013 | (10.2) |
Foreign exchange | \u2013 | 0.8 | 1.1 | 1.9 | \u2013 | (2.8) | (0.9) |
At 31 December 2023 | (472.3) | (23.3) | (86.8) | (582.4) | (20.9) | 132.4 | (470.9) |
Financing cash flows | (123.7) | 28.0 | 19.2 | (76.5) | \u2013 | \u2013 | (76.5) |
Other cash flows | \u2013 | \u2013 | 5.2 | 5.2 | 20.7 | 9.8 | 35.7 |
Non-cash movements | 0.9 | (4.7) | (18.2) | (22.0) | \u2013 | \u2013 | (22.0) |
Foreign exchange | \u2013 | \u2013 | (2.6) | (2.6) | \u2013 | 3.8 | 1.2 |
At 31 December 2024 | (595.1) | \u2013 | (83.2) | (678.3) | (0.2) | 146.0 | (532.5) |
| US$m | |
Revenue | 25.3 |
Cost of sales | (23.7) |
Gross profit | 1.6 |
Distribution costs | (2.6) |
Administrative expenses | (2.0) |
Operating loss from discontinued operations | (3.0) |
Loss on disposal (note 31 (b)) | (17.1) |
Exchange losses transferred to income statement on disposal | (6.6) |
Total loss from discontinued operations | (26.7) |
| US$m | |
Strategic project costs | (1.7) |
Loss on disposal | (17.1) |
Exchange losses transferred to income statement on disposal | (6.6) |
Total exceptional items \u2013 discontinued operations | (25.4) |
| 2024 | 2023 | |
| Year Ended 31 December | Cents | Cents |
| Loss per ordinary share from discontinued operations: | ||
Basic loss per ordinary share | (0.04) | (1.66) |
Diluted loss per ordinary share | (0.03) | (1.64) |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Net cash outflow from operating activities | (1.4) | (4.0) |
Net cash outflow from investing activities | \u2013 | (0.1) |
Net cash flows from discontinued operations | (1.4) | (4.1) |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Short-term employee benefits | 8.7 | 6.2 |
Share based payments | 3.9 | 3.0 |
12.6 | 9.2 |
Sale of goods | Purchase of goods | |||
| 2024 | 2023 | 2024 | 2023 | |
| US$m | US$m | US$m | US$m | |
Joint ventures | 1.9 | 1.4 | 63.2 | 55.7 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Short-term employee benefits | 8.7 | 6.2 |
Share based payments | 3.9 | 3.0 |
12.6 | 9.2 |
Sale of goods | Purchase of goods | |||
| 2024 | 2023 | 2024 | 2023 | |
| US$m | US$m | US$m | US$m | |
Joint ventures | 1.9 | 1.4 | 63.2 | 55.7 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Financial liabilities carried at amortised cost: | ||
Trade payables (note 21) | 167.2 | 163.2 |
Amounts owed to joint ventures (note 21) | 16.1 | 15.3 |
Other financial liabilities | 67.0 | 72.4 |
Provisions | 0.7 | 0.8 |
Lease liabilities (note 15) | 83.2 | 86.8 |
Borrowings (note 23) | 595.3 | 516.5 |
929.5 | 855.0 | |
| Financial liabilities carried at fair value through the income statement: | ||
Derivative financial instruments (note 22) | 2.3 | 3.6 |
Total financial liabilities | 931.8 | 858.6 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Financial assets carried at amortised cost: | ||
Cash and cash equivalents | 146.0 | 132.4 |
Trade receivables (note 19) | 252.2 | 241.0 |
Loan receivable (note 10) | 38.3 | \u2013 |
Other receivables (note 19), net of non-financial assets $31.7 million (2023: $35.6 million) | 15.3 | 19.9 |
451.8 | 393.3 | |
| Financial assets carried at fair value through the income statement: | ||
Derivative financial instruments (note 20) | 0.9 | 1.3 |
0.9 | 1.3 | |
| Other financial assets carried at fair value through the statement of comprehensive income: | ||
Other investments (note 16) | 0.6 | 0.9 |
0.6 | 0.9 | |
Total financial assets | 453.3 | 395.5 |
2024 | 2023 | |||
| Book value | Fair value | Book value | Fair value | |
| Year ended 31 December | US$m | US$m | US$m | US$m |
| Primary financial instruments: | ||||
Cash and cash equivalents | 146.0 | 146.0 | 132.4 | 132.4 |
Trade receivables | 252.2 | 252.2 | 241.0 | 241.0 |
Loan receivable | 38.3 | 38.3 | \u2013 | \u2013 |
Other receivables | 15.3 | 15.3 | 19.9 | 19.9 |
Other investments | 0.6 | 0.6 | 0.9 | 0.9 |
Trade payables | (167.2) | (167.2) | (163.2) | (163.2) |
Amounts owed to joint ventures | (16.1) | (16.1) | (15.3) | (15.3) |
Other financial liabilities and provisions | (67.7) | (67.7) | (73.2) | (73.2) |
Borrowings | (595.3) | (595.3) | (516.5) | (516.5) |
| Derivative financial instruments: | ||||
Forward foreign currency contracts | (1.4) | (1.4) | (0.5) | (0.5) |
Interest rate swaps | \u2013 | \u2013 | (1.8) | (1.8) |
Net financial liabilities | (395.3) | (395.3) | (376.3) | (376.3) |
| Total | Level 1 | Level 2 | Level 3 | |
| Year ended 31 December | US$m | US$m | US$m | US$m |
| 2024 | ||||
| Financial assets measured at fair value through the income | ||||
| statement: | ||||
Trading derivatives | 0.9 | \u2013 | 0.9 | \u2013 |
Financial assets measured at fair value through the statement of comprehensive income: | ||||
Other investments | 0.6 | \u2013 | \u2013 | 0.6 |
| 2023 | ||||
| Financial assets measured at fair value through the income | ||||
| statement: | ||||
Trading derivatives | 1.3 | \u2013 | 1.3 | \u2013 |
Financial assets measured at fair value through the statement of comprehensive income: | ||||
Other investments | 0.9 | \u2013 | \u2013 | 0.9 |
| Total | Level 1 | Level 2 | Level 3 | |
| Year ended 31 December | US$m | US$m | US$m | US$m |
| 2024 | ||||
| Financial liabilities measured at fair value through the income | ||||
| statement: | ||||
Trading derivatives | (2.3) | \u2013 | (2.3) | \u2013 |
| 2023 | ||||
| Financial liabilities measured at fair value through the income | ||||
| statement: | ||||
Trading derivatives | (1.8) | \u2013 | (1.8) | \u2013 |
Derivatives designated as effective hedging instruments | (1.8) | \u2013 | (1.8) | \u2013 |
(3.6) | \u2013 | (3.6) | \u2013 |
2024 | 2023 | |||
| Book value | Fair value | Book value | Fair value | |
| Year ended 31 December | US$m | US$m | US$m | US$m |
| Primary financial instruments: | ||||
Cash and cash equivalents | 146.0 | 146.0 | 132.4 | 132.4 |
Trade receivables | 252.2 | 252.2 | 241.0 | 241.0 |
Loan receivable | 38.3 | 38.3 | \u2013 | \u2013 |
Other receivables | 15.3 | 15.3 | 19.9 | 19.9 |
Other investments | 0.6 | 0.6 | 0.9 | 0.9 |
Trade payables | (167.2) | (167.2) | (163.2) | (163.2) |
Amounts owed to joint ventures | (16.1) | (16.1) | (15.3) | (15.3) |
Other financial liabilities and provisions | (67.7) | (67.7) | (73.2) | (73.2) |
Borrowings | (595.3) | (595.3) | (516.5) | (516.5) |
| Derivative financial instruments: | ||||
Forward foreign currency contracts | (1.4) | (1.4) | (0.5) | (0.5) |
Interest rate swaps | \u2013 | \u2013 | (1.8) | (1.8) |
Net financial liabilities | (395.3) | (395.3) | (376.3) | (376.3) |
| Total | Level 1 | Level 2 | Level 3 | |
| Year ended 31 December | US$m | US$m | US$m | US$m |
| 2024 | ||||
| Financial assets measured at fair value through the income | ||||
| statement: | ||||
Trading derivatives | 0.9 | \u2013 | 0.9 | \u2013 |
Financial assets measured at fair value through the statement of comprehensive income: | ||||
Other investments | 0.6 | \u2013 | \u2013 | 0.6 |
| 2023 | ||||
| Financial assets measured at fair value through the income | ||||
| statement: | ||||
Trading derivatives | 1.3 | \u2013 | 1.3 | \u2013 |
Financial assets measured at fair value through the statement of comprehensive income: | ||||
Other investments | 0.9 | \u2013 | \u2013 | 0.9 |
| Total | Level 1 | Level 2 | Level 3 | |
| Year ended 31 December | US$m | US$m | US$m | US$m |
| 2024 | ||||
| Financial liabilities measured at fair value through the income | ||||
| statement: | ||||
Trading derivatives | (2.3) | \u2013 | (2.3) | \u2013 |
| 2023 | ||||
| Financial liabilities measured at fair value through the income | ||||
| statement: | ||||
Trading derivatives | (1.8) | \u2013 | (1.8) | \u2013 |
Derivatives designated as effective hedging instruments | (1.8) | \u2013 | (1.8) | \u2013 |
(3.6) | \u2013 | (3.6) | \u2013 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Impact of a 10% increase in prices: | ||
Increase in pre-tax profit for the year | \u2013 | \u2013 |
Increase in equity shareholders\u2019 funds | 0.1 | 0.1 |
| Net foreign currency financial assets/(liabilities) | ||||||
| Sterling | US dollars | Euro | Indian Rupees | Other | Total | |
| Functional currency 2024 | US$m | US$m | US$m | US$m | US$m | US$m |
Sterling | \u2013 | 2.5 | 2.9 | \u2013 | \u2013 | 5.4 |
United States dollars | (16.4) | \u2013 | (1.8) | 0.9 | 6.4 | (10.9) |
Euros | \u2013 | (3.4) | \u2013 | \u2013 | 0.4 | (3.0) |
Indian Rupees | \u2013 | 3.2 | (0.5) | \u2013 | \u2013 | 2.7 |
Other currencies | (1.7) | 12.8 | 3.9 | \u2013 | 8.6 | 23.6 |
(18.1) | 15.1 | 4.5 | 0.9 | 15.4 | 17.8 |
| Net foreign currency financial assets/(liabilities) | ||||||
| Sterling | US dollars | Euro | Indian Rupees | Other | Total | |
| Functional currency 2023 | US$m | US$m | US$m | US$m | US$m | US$m |
Sterling | \u2013 | (9.4) | 0.8 | \u2013 | 0.5 | (8.1) |
United States dollars | (16.0) | \u2013 | (7.0) | 0.7 | 6.0 | (16.3) |
Euros | \u2013 | 17.5 | \u2013 | \u2013 | (0.6) | 16.9 |
Indian Rupees | (0.2) | 3.3 | \u2013 | \u2013 | 0.9 | 4.0 |
Other currencies | (0.8) | 20.7 | 8.4 | \u2013 | 4.6 | 32.9 |
(17.0) | 32.1 | 2.2 | 0.7 | 11.4 | 29.4 |
| Sterling | Euro | Indian Rupees | |
| 2024 | US$m | US$m | US$m |
Increase in US dollar exchange rate | 10% | 10% | 10% |
(Decrease)/increase in profit before tax | (2.1) | 0.2 | (0.2) |
Increase in shareholders\u2019 funds | 6.8 | 4.3 | 6.5 |
| Sterling | Euro | Indian Rupees | |
| 2023 | US$m | US$m | US$m |
Increase in US dollar exchange rate | 10% | 10% | 10% |
Decrease in profit before tax | (0.8) | (2.5) | (0.3) |
Increase in shareholders\u2019 funds | 13.9 | 7.9 | 5.3 |
2024 | 2023 | |||||
| Financial | Financial | |||||
| liabilities | liabilities | |||||
| Fixed rate | on which | Fixed rate | on which | |||
| financial | no interest | financial | no interest | |||
| liabilities | is paid | liabilities | is paid | |||
| Weighted | Weighted | |||||
| Weighted | average | Weighted | Weighted | average | Weighted | |
| average | period for | average | average | period for | average | |
| interest | which rate | period until | interest | which rate | period until | |
| rate | is fixed | maturity | rate | is fixed | maturity | |
| Year ended 31 December | % | (months) | (months) | % | (months) | (months) |
| Currency: | ||||||
Sterling | \u2013 | \u2013 | 18 | \u2013 | \u2013 | 18 |
United States dollars | 5.15 | 61 | \u2013 | 4.79 | 49 | \u2013 |
Weighted average | 5.15 | 61 | 18 | 4.79 | 49 | 18 |
Assets | Liabilities | |||
| 2024 | 2023 | 2024 | 2023 | |
| Year ended 31 December | US$m | US$m | US$m | US$m |
| Currency: | ||||
Sterling | 11.3 | 18.0 | \u2013 | \u2013 |
United States dollars | 18.8 | 26.1 | (66.4) | (42.7) |
Euros | 0.2 | \u2013 | (12.6) | (16.3) |
Indian Rupee | \u2013 | 3.2 | \u2013 | \u2013 |
Other currencies | 52.8 | 21.9 | (5.5) | (10.7) |
83.1 | 69.2 | (84.5) | (69.7) |
2024 | 2023 | |||||||||
| Cash | Trade | Derivative | Cash | Trade | Derivative | |||||
| and cash | and other | financial | and cash | and other | financial | |||||
| Investments | equivalents | receivables | instruments | Total | Investments | equivalents | receivables | instruments | Total | |
| 31 December | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m |
| Currency: | ||||||||||
Sterling | \u2013 | \u2013 | 42.1 | \u2013 | 42.1 | \u2013 | 0.9 | 6.2 | 2.9 | 10.0 |
United States dollars | \u2013 | 81.7 | 138.1 | 10.5 | 230.3 | \u2013 | 70.9 | 127.8 | (18.7) | 180.0 |
Euros | 0.1 | 3.9 | 26.4 | (12.6) | 17.8 | 0.1 | 9.4 | 36.5 | (0.4) | 45.6 |
Indian Rupees | 0.5 | 17.8 | 29.9 | \u2013 | 48.2 | 0.5 | 19.5 | 26.0 | 0.5 | 46.5 |
Other currencies | \u2013 | 42.6 | 69.3 | 3.0 | 114.9 | 0.3 | 31.7 | 64.4 | 17.0 | 113.4 |
Total financial assets | 0.6 | 146.0 | 305.8 | 0.9 | 453.3 | 0.9 | 132.4 | 260.9 | 1.3 | 395.5 |
2024 | 2023 | |||||||||||
| Derivative | Derivative | |||||||||||
| Floating | Interest | Lease | financial | Floating | Interest | Lease | financial | |||||
| rate | Fixed rate | free | liabilities | instruments | Total | rate | Fixed rate | free | liabilities | instruments | Total | |
| 31 December | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m |
| Currency: | ||||||||||||
Sterling | \u2013 | \u2013 | 2.1 | 2.7 | (11.3) | (6.5) | 0.8 | \u2013 | 6.1 | 3.6 | (15.1) | (4.6) |
| United States | ||||||||||||
dollars | \u2013 | 595.1 | 115.1 | 23.9 | 58.0 | 792.1 | 102.4 | 410.0 | 102.8 | 25.5 | (0.4) | 640.3 |
Euros | 0.2 | \u2013 | 17.5 | 8.5 | (0.2) | 26.0 | 3.3 | \u2013 | 21.5 | 10.3 | 15.9 | 51.0 |
Indian Rupees | \u2013 | \u2013 | 34.3 | 5.8 | \u2013 | 40.1 | \u2013 | \u2013 | 43.0 | 2.2 | (2.7) | 42.5 |
Other currencies | \u2013 | \u2013 | 82.0 | 42.3 | (44.2) | 80.1 | \u2013 | \u2013 | 78.3 | 45.2 | 5.9 | 129.4 |
| Total financial | ||||||||||||
liabilities | 0.2 | 595.1 | 251.0 | 83.2 | 2.3 | 931.8 | 106.5 | 410.0 | 251.7 | 86.8 | 3.6 | 858.6 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
In one year or less, or on demand | 271.6 | 417.6 |
In more than one year but not more than two years | 17.7 | 16.1 |
In more than two years but not more than five years | 293.4 | 313.8 |
In more than five years | 370.6 | 131.9 |
953.3 | 879.4 |
Assets | Liabilities | |||
| 2024 | 2023 | 2024 | 2023 | |
| Year ended 31 December | US$m | US$m | US$m | US$m |
In one year or less, or on demand | 83.0 | 69.2 | (84.4) | (71.9) |
83.0 | 69.2 | (84.4) | (71.9) |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Impact of a 10% increase in prices: | ||
Increase in pre-tax profit for the year | \u2013 | \u2013 |
Increase in equity shareholders\u2019 funds | 0.1 | 0.1 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Expiring between one and two years | \u2013 | \u2013 |
Expiring between two and five years | 420.0 | 335.0 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
In one year or less, or on demand | 403.0 | 387.9 |
In more than one year but not more than two years | 10.5 | 5.4 |
In more than two years but not more than five years | 38.3 | \u2013 |
In more than five years | 0.6 | 0.9 |
452.4 | 394.2 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| The Group considers its maximum exposure to credit risk to be as follows: | ||
Cash and cash equivalents | 146.0 | 132.4 |
Derivative financial instruments | 0.9 | 1.3 |
Trade receivables (net of impairment provision) | 252.2 | 241.0 |
Loan receivable | 38.3 | \u2013 |
Other receivables | 15.3 | 19.9 |
452.7 | 394.6 | |
| Financial assets considered not to have exposure to credit risk: | ||
Other investments | 0.6 | 0.9 |
Total financial assets | 453.3 | 395.5 |
| Analysis of trade receivables over permitted credit period: | ||
Trade receivables up to 1 month over permitted credit period | 15.3 | 19.6 |
Trade receivables between 1 and 2 months over permitted credit period | 5.2 | 3.7 |
Trade receivables between 2 and 3 months over permitted credit period | 1.9 | 1.7 |
Trade receivables between 3 and 6 months over permitted credit period | 2.0 | 1.6 |
Trade receivables in excess of 6 months over permitted credit period | 1.6 | 1.3 |
Total trade receivables (net of impairment provision) in excess of permitted credit period | 26.0 | 27.9 |
Trade receivables within permitted credit period | 226.2 | 213.1 |
Total net trade receivables | 252.2 | 241.0 |
| Analysis of trade receivables impairment provision: | ||
Trade receivables up to 1 month over permitted credit period | 0.5 | 0.6 |
Trade receivables between 1 and 2 months over permitted credit period | 0.1 | 0.1 |
Trade receivables between 2 and 3 months over permitted credit period | 0.4 | 0.1 |
Trade receivables between 3 and 6 months over permitted credit period | 1.1 | 0.6 |
Trade receivables in excess of 6 months over permitted credit period | 8.0 | 5.9 |
Total impairment provision | 10.1 | 7.3 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Expiring between one and two years | \u2013 | \u2013 |
Expiring between two and five years | 420.0 | 335.0 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
In one year or less, or on demand | 403.0 | 387.9 |
In more than one year but not more than two years | 10.5 | 5.4 |
In more than two years but not more than five years | 38.3 | \u2013 |
In more than five years | 0.6 | 0.9 |
452.4 | 394.2 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
In one year or less, or on demand | 271.6 | 417.6 |
In more than one year but not more than two years | 17.7 | 16.1 |
In more than two years but not more than five years | 293.4 | 313.8 |
In more than five years | 370.6 | 131.9 |
953.3 | 879.4 |
Assets | Liabilities | |||
| 2024 | 2023 | 2024 | 2023 | |
| Year ended 31 December | US$m | US$m | US$m | US$m |
In one year or less, or on demand | 83.0 | 69.2 | (84.4) | (71.9) |
83.0 | 69.2 | (84.4) | (71.9) |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| The Group considers its maximum exposure to credit risk to be as follows: | ||
Cash and cash equivalents | 146.0 | 132.4 |
Derivative financial instruments | 0.9 | 1.3 |
Trade receivables (net of impairment provision) | 252.2 | 241.0 |
Loan receivable | 38.3 | \u2013 |
Other receivables | 15.3 | 19.9 |
452.7 | 394.6 | |
| Financial assets considered not to have exposure to credit risk: | ||
Other investments | 0.6 | 0.9 |
Total financial assets | 453.3 | 395.5 |
| Analysis of trade receivables over permitted credit period: | ||
Trade receivables up to 1 month over permitted credit period | 15.3 | 19.6 |
Trade receivables between 1 and 2 months over permitted credit period | 5.2 | 3.7 |
Trade receivables between 2 and 3 months over permitted credit period | 1.9 | 1.7 |
Trade receivables between 3 and 6 months over permitted credit period | 2.0 | 1.6 |
Trade receivables in excess of 6 months over permitted credit period | 1.6 | 1.3 |
Total trade receivables (net of impairment provision) in excess of permitted credit period | 26.0 | 27.9 |
Trade receivables within permitted credit period | 226.2 | 213.1 |
Total net trade receivables | 252.2 | 241.0 |
| Analysis of trade receivables impairment provision: | ||
Trade receivables up to 1 month over permitted credit period | 0.5 | 0.6 |
Trade receivables between 1 and 2 months over permitted credit period | 0.1 | 0.1 |
Trade receivables between 2 and 3 months over permitted credit period | 0.4 | 0.1 |
Trade receivables between 3 and 6 months over permitted credit period | 1.1 | 0.6 |
Trade receivables in excess of 6 months over permitted credit period | 8.0 | 5.9 |
Total impairment provision | 10.1 | 7.3 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Long Term Incentive Plan (LTIP) | 7.0 | 6.1 |
Deferred bonuses | 0.9 | 0.9 |
7.9 | 7.0 |
| 2024 | 2023 | |
| Options | Options | |
Outstanding at 1 January | 35,570,376 | 40,895,571 |
Granted during the year | 11,317,541 | 11,100,414 |
Vested during the year | (432,103) | (10,718,829) |
Lapsed during the year | (4,474,341) | (2,819,551) |
Exercised during the year | (9,025,994) | (2,887,229) |
Outstanding at 31 December | 32,955,479 | 35,570,376 |
Exercisable at 31 December | 5,731,656 | 3,188,382 |
2024 | 2023 | |
Vesting period | 3 Years | 3 Years |
Share price at valuation date | 78.8p | 78.4p |
Exercise price | Nil | Nil |
Risk free rate | 3.93% | 3.29% |
Expected dividend yield | 0% | 0% |
Expected volatility | 34.16% | 35.84% |
Fair value per share | 49.2p | 56.5p |
| 2024 | 2023 | % | |
| Year ended 31 December | US$m | US$m | Growth |
Revenue from continuing operations | 1,500.9 | 1,394.2 | 8% |
Constant currency adjustment | \u2013 | (17.7) | |
Organic revenue on a CER basis | 1,500.9 | 1,376.5 | 9% |
| 2024 | 2023 | % | |
| Year ended 31 December | US$m | US$m | Growth |
Operating profit from continuing operations 1 | 199.8 | 184.0 | 9% |
Exceptional and acquisition related items (note 4) | 69.8 | 49.4 | |
Adjusted operating profit from continuing operations | 269.6 | 233.4 | 16% |
Constant currency adjustment | \u2013 | (4.1) | |
Organic adjusted operating profit on a CER basis | 269.6 | 229.3 | 18% |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Profit before taxation from continuing operations | 172.1 | 155.8 |
Share of profit of joint ventures | (1.9) | (1.1) |
Finance income (note 6) | (3.1) | (4.6) |
Finance costs (note 7) | 32.7 | 33.9 |
Operating profit from continuing operations 1 | 199.8 | 184.0 |
Exceptional and acquisition related items (note 4) | 69.8 | 49.4 |
Adjusted operating profit from continuing operations | 269.6 | 233.4 |
Depreciation of owned property, plant and equipment | 25.4 | 27.0 |
Amortisation of intangible assets | 1.6 | 1.4 |
Adjusted EBITDA including IFRS 16 depreciation of right-of-use assets (Pre-IFRS 16 basis) | 296.6 | 261.8 |
Depreciation of right-of-use assets | 18.0 | 18.8 |
Adjusted EBITDA | 314.6 | 280.6 |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Profit before taxation from continuing operations | 172.1 | 155.8 |
Exceptional and acquisition related items (note 4) | 69.8 | 49.4 |
Net interest on pension scheme assets and liabilities* | \u2013 | (4.4) |
Adjusted profit before taxation from continuing operations | 241.9 | 200.8 |
Taxation charge from continuing operations | 71.9 | 55.0 |
Tax (charge)/credit in respect of exceptional and acquisition related items | (1.8) | 2.9 |
Tax credit in respect of net interest on pension scheme assets and liabilities* | \u2013 | 0.2 |
Adjusted tax charge from continuing operations | 70.1 | 58.1 |
Adjusted effective tax rate | 29% | 29% |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Profit from continuing operations | 100.2 | 100.8 |
Non-controlling interests | (19.6) | (17.6) |
Profit from continuing operations attributable to equity shareholders | 80.6 | 83.2 |
Exceptional and acquisition related items net of non-controlling interests (note 4) | 69.8 | 48.8 |
Tax charge/(credit) in respect of exceptional and acquisition related items | 1.8 | (2.9) |
Adjusted profit from continuing operations | 152.2 | 129.1 |
Weighted average number of Ordinary Shares | 1,604,461,401 | 1,604,955,182 |
Adjusted earnings per share (cents) | 9.49 | 8.04 |
Adjusted earnings per share (growth %) | 18% |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
| Operating profit from continuing operations before exceptional and acquisition related items | ||
adjusted for full year impact of acquisitions 1 | 269.6 | 233.4 |
| Non-current assets: | ||
Acquired intangible assets | 317.2 | 349.6 |
Property, plant and equipment | 226.3 | 243.2 |
Right-of-use assets | 68.9 | 74.4 |
Trade and other receivables | 25.0 | 19.5 |
| Current assets: | ||
Inventories | 176.1 | 173.5 |
Trade and other receivables | 292.2 | 292.0 |
| Current liabilities: | ||
Trade and other payables | (299.2) | (285.6) |
Lease liabilities | (16.6) | (17.5) |
| Non-current liabilities | ||
Trade and other payables | (7.4) | (3.2) |
Lease liabilities | (66.6) | (69.3) |
Capital employed | 715.9 | 776.6 |
Adjusted ROCE | 38% | 30% |
| 2024 | 2023 | |
| Year ended 31 December | US$m | US$m |
Change in net debt resulting from cash flows (free cash flow) | (57.6) | 15.0 |
Disposal of businesses (note 31) | \u2013 | 1.2 |
Net cash outflow from discontinued operations (note 31) | 1.4 | 4.1 |
Payments to UK pension scheme | 135.6 | 48.9 |
Net cash flows in respect of other exceptional and acquisition related items | 20.9 | 12.6 |
Purchase of own shares by Employee Benefit Trust | 8.7 | 10.1 |
Dividends paid to equity shareholders | 46.2 | 40.3 |
Tax inflow in respect of adjusted cash flow items | (2.0) | (1.7) |
Adjusted free cash flow | 153.2 | 130.5 |