2025 | 2024 | ||
Average | Sterling | 0.76 | 0.78 |
Euro | 0.88 | 0.92 | |
Chinese Renminbi | 7.19 | 7.20 | |
Indian Rupee | 87.12 | 83.66 | |
Turkish Lira* | 39.52 | 32.82 | |
Period end | Sterling | 0.74 | 0.80 |
Euro | 0.85 | 0.97 | |
Chinese Renminbi | 6.99 | 7.30 | |
Indian Rupee | 89.85 | 85.55 | |
Turkish Lira | 42.95 | 35.34 |
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 15 years |
Customer relationships | 9 years to 20 years |
2025 | 2024 | ||
Average | Sterling | 0.76 | 0.78 |
Euro | 0.88 | 0.92 | |
Chinese Renminbi | 7.19 | 7.20 | |
Indian Rupee | 87.12 | 83.66 | |
Turkish Lira* | 39.52 | 32.82 | |
Period end | Sterling | 0.74 | 0.80 |
Euro | 0.85 | 0.97 | |
Chinese Renminbi | 6.99 | 7.30 | |
Indian Rupee | 89.85 | 85.55 | |
Turkish Lira | 42.95 | 35.34 |
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 15 years |
Customer relationships | 9 years to 20 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 15 years |
Customer relationships | 9 years to 20 years |
Brands and trade names | 5 years to 20 years |
Technology | 4 years to 15 years |
Customer relationships | 9 years to 20 years |
| Performance | ||||
| Apparel | Footwear | Materials | Total | |
| Year ended 31 December 2025 | US$m | US$m | US$m | US$m |
| Continuing operations | ||||
Revenue | 768.7 | 440.0 | 256.2 | 1,464.9 |
Segment profit | 155.5 | 105.3 | 29.0 | 289.8 |
Exceptional and acquisition related items (note 4) | (48.4) | |||
Operating profit | 241.4 | |||
Share of profits of joint ventures | 1.3 | |||
Finance income | 11.0 | |||
Finance costs | (52.1) | |||
Profit before taxation from continuing operations | 201.6 |
| 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 | 259.7 | 1,433.0 |
Segment profit | 150.6 | 94.8 | 26.5 | 271.9 |
Exceptional and acquisition related items (note 4) | (47.4) | |||
Operating profit | 224.5 | |||
Share of profits of joint ventures | 1.9 | |||
Finance income | 3.1 | |||
Finance costs | (31.5) | |||
Profit before taxation from continuing operations | 198.0 |
Revenue by origin | Revenue by destination | Non-current assets | ||||
| 2025 | 2024* | 2025 | 2024 * | 2025 | 2024 | |
| Year ended 31 December | US$m | US$m | US$m | US$m | US$m | US$m |
| Europe, Middle East & Africa (EMEA) | ||||||
UK | 17.3 | 29.2 | 7.3 | 9.1 | 271.6 | 263.1 |
Rest of EMEA | 266.5 | 273.1 | 236.1 | 236.7 | 173.6 | 160.9 |
| Americas | ||||||
USA | 49.6 | 56.5 | 55.8 | 62.7 | 823.6 | 29.9 |
Rest of Americas | 113.2 | 110.0 | 123.7 | 116.4 | 41.0 | 45.1 |
| Asia | ||||||
India | 170.8 | 173.6 | 170.7 | 173.3 | 38.9 | 38.9 |
China and Hong Kong | 285.8 | 276.9 | 227.9 | 242.0 | 258.1 | 259.3 |
Vietnam | 262.8 | 232.1 | 246.8 | 213.7 | 47.1 | 34.8 |
Other | 298.9 | 281.6 | 396.6 | 379.1 | 78.8 | 66.4 |
1,464.9 | 1,433.0 | 1,464.9 | 1,433.0 | 1,732.7 | 898.4 |
| Performance | ||||
| Apparel | Footwear | Materials | Total | |
| Year ended 31 December 2025 | US$m | US$m | US$m | US$m |
| Continuing operations | ||||
Revenue | 768.7 | 440.0 | 256.2 | 1,464.9 |
Segment profit | 155.5 | 105.3 | 29.0 | 289.8 |
Exceptional and acquisition related items (note 4) | (48.4) | |||
Operating profit | 241.4 | |||
Share of profits of joint ventures | 1.3 | |||
Finance income | 11.0 | |||
Finance costs | (52.1) | |||
Profit before taxation from continuing operations | 201.6 |
| 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 | 259.7 | 1,433.0 |
Segment profit | 150.6 | 94.8 | 26.5 | 271.9 |
Exceptional and acquisition related items (note 4) | (47.4) | |||
Operating profit | 224.5 | |||
Share of profits of joint ventures | 1.9 | |||
Finance income | 3.1 | |||
Finance costs | (31.5) | |||
Profit before taxation from continuing operations | 198.0 |
Revenue by origin | Revenue by destination | Non-current assets | ||||
| 2025 | 2024* | 2025 | 2024 * | 2025 | 2024 | |
| Year ended 31 December | US$m | US$m | US$m | US$m | US$m | US$m |
| Europe, Middle East & Africa (EMEA) | ||||||
UK | 17.3 | 29.2 | 7.3 | 9.1 | 271.6 | 263.1 |
Rest of EMEA | 266.5 | 273.1 | 236.1 | 236.7 | 173.6 | 160.9 |
| Americas | ||||||
USA | 49.6 | 56.5 | 55.8 | 62.7 | 823.6 | 29.9 |
Rest of Americas | 113.2 | 110.0 | 123.7 | 116.4 | 41.0 | 45.1 |
| Asia | ||||||
India | 170.8 | 173.6 | 170.7 | 173.3 | 38.9 | 38.9 |
China and Hong Kong | 285.8 | 276.9 | 227.9 | 242.0 | 258.1 | 259.3 |
Vietnam | 262.8 | 232.1 | 246.8 | 213.7 | 47.1 | 34.8 |
Other | 298.9 | 281.6 | 396.6 | 379.1 | 78.8 | 66.4 |
1,464.9 | 1,433.0 | 1,464.9 | 1,433.0 | 1,732.7 | 898.4 |
| 2025 | 2024* | |
| Year ended 31 December | US$m | US$m |
Goods transferred at a point in time | 1,452.7 | 1,421.7 |
Software solutions services transferred over time | 12.2 | 11.3 |
1,464.9 | 1,433.0 | |
Finance income | 11.0 | 3.1 |
1,475.9 | 1,436.1 |
| 2025 | 2024 * | |
| Year ended 31 December | US$m | US$m |
| Continuing operations: | ||
Asia | 1,018.3 | 964.2 |
Americas | 162.8 | 166.5 |
EMEA | 283.8 | 302.3 |
1,464.9 | 1,433.0 | |
| Continuing operations: | ||
Apparel | 768.7 | 769.8 |
Footwear | 440.0 | 403.5 |
Performance Materials | 256.2 | 259.7 |
1,464.9 | 1,433.0 |
Revenue by origin | Revenue by destination | Non-current assets | ||||
| 2025 | 2024* | 2025 | 2024 * | 2025 | 2024 | |
| Year ended 31 December | US$m | US$m | US$m | US$m | US$m | US$m |
| Europe, Middle East & Africa (EMEA) | ||||||
UK | 17.3 | 29.2 | 7.3 | 9.1 | 271.6 | 263.1 |
Rest of EMEA | 266.5 | 273.1 | 236.1 | 236.7 | 173.6 | 160.9 |
| Americas | ||||||
USA | 49.6 | 56.5 | 55.8 | 62.7 | 823.6 | 29.9 |
Rest of Americas | 113.2 | 110.0 | 123.7 | 116.4 | 41.0 | 45.1 |
| Asia | ||||||
India | 170.8 | 173.6 | 170.7 | 173.3 | 38.9 | 38.9 |
China and Hong Kong | 285.8 | 276.9 | 227.9 | 242.0 | 258.1 | 259.3 |
Vietnam | 262.8 | 232.1 | 246.8 | 213.7 | 47.1 | 34.8 |
Other | 298.9 | 281.6 | 396.6 | 379.1 | 78.8 | 66.4 |
1,464.9 | 1,433.0 | 1,464.9 | 1,433.0 | 1,732.7 | 898.4 |
| 2025 | 2024* | ||
| Year ended 31 December | US$m | US$m | |
| Exceptional items: | |||
| Strategic project costs: | |||
\u2013 | Cost of sales | 1.3 | 18.7 |
\u2013 | Distribution costs | 0.2 | \u2013 |
\u2013 | Administration costs | 0.1 | 4.3 |
1.6 | 23.0 | ||
| Costs to deliver Footwear acquisitions integration synergies: | |||
\u2013 | Distribution costs | 0.2 | 0.5 |
\u2013 | Administration costs | \u2013 | 0.8 |
0.2 | 1.3 | ||
| UK pension scheme costs: | |||
\u2013 | Administration costs | \u2013 | 1.8 |
Total exceptional items charged to profit before taxation from continuing operations | 1.8 | 26.1 |
| 2025 | 2024* | |
| Year ended 31 December | US$m | US$m |
| Acquisition related items: | ||
| Administrative expenses: | ||
Acquisition transaction costs | 19.6 | \u2013 |
Amortisation of acquired intangible assets | 27.0 | 21.3 |
46.6 | 21.3 | |
| Finance costs: | ||
Acquisition transaction costs | 3.2 | \u2013 |
Total acquisition related items charged to profit before taxation from continuing operations | 49.8 | 21.3 |
| 2025 | 2024 | ||
| Year ended 31 December | US$m | US$m | |
| Profit for the year is stated after charging/(crediting): | |||
Amortisation and impairment of intangible assets | 28.5 | 26.2 | |
Depreciation of owned property, plant and equipment | 23.9 | 25.4 | |
Depreciation of right-of-use assets | 17.8 | 18.0 | |
Impairment of property, plant and equipment and other assets | 13.5 | 18.9 | |
Profit on disposal of property, plant and equipment | (2.3) | (2.4) | |
| Fees charged by EY LLP | |||
| Group audit fees: | |||
\u2013 | Fees payable for the audit of the Company\u2019s annual accounts | 2.4 | 1.9 |
\u2013 | Fees payable for the audit of the Company\u2019s subsidiaries | 1.7 | 1.4 |
Fees payable to the Company\u2019s auditor in respect of non-audit related services 1 | 0.4 | 0.5 | |
Total fees charged by EY LLP | 4.5 | 3.8 | |
Research and development expenditure | 6.1 | 5.7 | |
Expected credit losses | 0.9 | 3.6 | |
Net foreign exchange losses/(gains) | 3.7 | (2.8) | |
Rental income from land and buildings | (0.1) | (0.1) | |
Inventory as a material component of cost of sales | 575.3 | 602.3 | |
Inventory write-downs to net realisable value | 6.7 | 5.9 |
| 2025 | 2024 | ||
| Year ended 31 December | US$m | US$m | |
| Profit for the year is stated after charging/(crediting): | |||
Amortisation and impairment of intangible assets | 28.5 | 26.2 | |
Depreciation of owned property, plant and equipment | 23.9 | 25.4 | |
Depreciation of right-of-use assets | 17.8 | 18.0 | |
Impairment of property, plant and equipment and other assets | 13.5 | 18.9 | |
Profit on disposal of property, plant and equipment | (2.3) | (2.4) | |
| Fees charged by EY LLP | |||
| Group audit fees: | |||
\u2013 | Fees payable for the audit of the Company\u2019s annual accounts | 2.4 | 1.9 |
\u2013 | Fees payable for the audit of the Company\u2019s subsidiaries | 1.7 | 1.4 |
Fees payable to the Company\u2019s auditor in respect of non-audit related services 1 | 0.4 | 0.5 | |
Total fees charged by EY LLP | 4.5 | 3.8 | |
Research and development expenditure | 6.1 | 5.7 | |
Expected credit losses | 0.9 | 3.6 | |
Net foreign exchange losses/(gains) | 3.7 | (2.8) | |
Rental income from land and buildings | (0.1) | (0.1) | |
Inventory as a material component of cost of sales | 575.3 | 602.3 | |
Inventory write-downs to net realisable value | 6.7 | 5.9 |
| 2025 | 2024 | ||
| Year ended 31 December | US$m | US$m | |
| Profit for the year is stated after charging/(crediting): | |||
Amortisation and impairment of intangible assets | 28.5 | 26.2 | |
Depreciation of owned property, plant and equipment | 23.9 | 25.4 | |
Depreciation of right-of-use assets | 17.8 | 18.0 | |
Impairment of property, plant and equipment and other assets | 13.5 | 18.9 | |
Profit on disposal of property, plant and equipment | (2.3) | (2.4) | |
| Fees charged by EY LLP | |||
| Group audit fees: | |||
\u2013 | Fees payable for the audit of the Company\u2019s annual accounts | 2.4 | 1.9 |
\u2013 | Fees payable for the audit of the Company\u2019s subsidiaries | 1.7 | 1.4 |
Fees payable to the Company\u2019s auditor in respect of non-audit related services 1 | 0.4 | 0.5 | |
Total fees charged by EY LLP | 4.5 | 3.8 | |
Research and development expenditure | 6.1 | 5.7 | |
Expected credit losses | 0.9 | 3.6 | |
Net foreign exchange losses/(gains) | 3.7 | (2.8) | |
Rental income from land and buildings | (0.1) | (0.1) | |
Inventory as a material component of cost of sales | 575.3 | 602.3 | |
Inventory write-downs to net realisable value | 6.7 | 5.9 |
| 2025 | 2024* | |
| Year ended 31 December | US$m | US$m |
Revenue | 26.3 | 67.9 |
Cost of sales | (40.6) | (84.9) |
Gross profit | (14.3) | (17.0) |
Distribution costs | (1.0) | (3.6) |
Administrative expenses | (2.1) | (4.1) |
Other operating income | 1.2 | \u2013 |
Operating loss | (16.2) | (24.7) |
Finance costs | \u2013 | (1.2) |
Loss before taxation | (16.2) | (25.9) |
Taxation | 0.7 | (0.4) |
Loss from discontinued operations | (15.5) | (26.3) |
| 2025 | 2024* | ||
| Year ended 31 December | US$m | US$m | |
| Costs of exiting Americas Yarns business | |||
\u2013 | Cost of Sales | (16.0) | (15.3) |
\u2013 | Administrative expenses | (1.9) | \u2013 |
(17.9) | (15.3) | ||
| Strategic project costs: | |||
\u2013 | Cost of sales | \u2013 | (2.8) |
\u2013 | Distribution costs | \u2013 | (1.0) |
\u2013 | (3.8) | ||
| Administrative expenses: | |||
Acquired intangible assets \u2013 amortisation and impairment charges | \u2013 | (3.3) | |
| Other Operating income: | |||
Profit on disposal of property | 1.2 | \u2013 | |
| Total exceptional and acquisition related items \u2013 discontinued | |||
operations | (16.7) | (22.4) |
| 2025 | 2024* | |
| Year ended 31 December | Cents | Cents |
| Loss per ordinary share from discontinued operations: | ||
Loss per ordinary share | (0.88) | (1.67) |
Diluted loss per ordinary share | (0.88) | (1.65) |
| 2025 | 2024* | |
| Year ended 31 December | US$m | US$m |
Net cash inflow/(outflow) from operating activities | 1.1 | (10.2) |
Net cash inflow/(outflow) from investing activities | 14.8 | (1.3) |
Net cash outflow from financing activities | (1.2) | (1.8) |
Net cash flows from discontinued operations | 14.7 | (13.3) |
| 2025 | 2024 | ||
| Year ended 31 December | US$m | US$m | |
| Profit for the year is stated after charging/(crediting): | |||
Amortisation and impairment of intangible assets | 28.5 | 26.2 | |
Depreciation of owned property, plant and equipment | 23.9 | 25.4 | |
Depreciation of right-of-use assets | 17.8 | 18.0 | |
Impairment of property, plant and equipment and other assets | 13.5 | 18.9 | |
Profit on disposal of property, plant and equipment | (2.3) | (2.4) | |
| Fees charged by EY LLP | |||
| Group audit fees: | |||
\u2013 | Fees payable for the audit of the Company\u2019s annual accounts | 2.4 | 1.9 |
\u2013 | Fees payable for the audit of the Company\u2019s subsidiaries | 1.7 | 1.4 |
Fees payable to the Company\u2019s auditor in respect of non-audit related services 1 | 0.4 | 0.5 | |
Total fees charged by EY LLP | 4.5 | 3.8 | |
Research and development expenditure | 6.1 | 5.7 | |
Expected credit losses | 0.9 | 3.6 | |
Net foreign exchange losses/(gains) | 3.7 | (2.8) | |
Rental income from land and buildings | (0.1) | (0.1) | |
Inventory as a material component of cost of sales | 575.3 | 602.3 | |
Inventory write-downs to net realisable value | 6.7 | 5.9 |
| 2025 | 2024 | ||
| Year ended 31 December | US$m | US$m | |
| Profit for the year is stated after charging/(crediting): | |||
Amortisation and impairment of intangible assets | 28.5 | 26.2 | |
Depreciation of owned property, plant and equipment | 23.9 | 25.4 | |
Depreciation of right-of-use assets | 17.8 | 18.0 | |
Impairment of property, plant and equipment and other assets | 13.5 | 18.9 | |
Profit on disposal of property, plant and equipment | (2.3) | (2.4) | |
| Fees charged by EY LLP | |||
| Group audit fees: | |||
\u2013 | Fees payable for the audit of the Company\u2019s annual accounts | 2.4 | 1.9 |
\u2013 | Fees payable for the audit of the Company\u2019s subsidiaries | 1.7 | 1.4 |
Fees payable to the Company\u2019s auditor in respect of non-audit related services 1 | 0.4 | 0.5 | |
Total fees charged by EY LLP | 4.5 | 3.8 | |
Research and development expenditure | 6.1 | 5.7 | |
Expected credit losses | 0.9 | 3.6 | |
Net foreign exchange losses/(gains) | 3.7 | (2.8) | |
Rental income from land and buildings | (0.1) | (0.1) | |
Inventory as a material component of cost of sales | 575.3 | 602.3 | |
Inventory write-downs to net realisable value | 6.7 | 5.9 |
| Vehicles and | ||||
| Land and | Plant and | office | ||
| buildings | equipment | equipment | Total | |
| Cost | US$m | US$m | US$m | US$m |
At 1 January 2024 | 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 |
Currency translation differences | 0.2 | 4.3 | 0.7 | 5.2 |
Application of IAS 29 (see note 1) | \u2013 | 1.4 | \u2013 | 1.4 |
Acquisition of subsidiaries (see note 31) | 16.3 | 9.9 | 0.8 | 27.0 |
Transfer to non-current assets held for sale | (0.4) | \u2013 | \u2013 | (0.4) |
Additions | 4.9 | 22.5 | 2.0 | 29.4 |
Disposals | (5.5) | (16.5) | (2.0) | (24.0) |
At 31 December 2025 | 148.0 | 489.2 | 52.5 | 689.7 |
| Cumulative amounts charged | ||||
At 1 January 2024 | 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 |
Currency translation differences | 1.2 | 1.9 | 0.9 | 4.0 |
Depreciation charge for the year | 4.2 | 17.8 | 1.9 | 23.9 |
Impairment charge (see note 32) | 1.1 | 4.3 | \u2013 | 5.4 |
Disposals | (2.5) | (12.9) | (1.7) | (17.1) |
At 31 December 2025 | 70.0 | 325.7 | 45.3 | 441.0 |
Net book value at 31 December 2025 | 78.0 | 163.5 | 7.2 | 248.7 |
Net book value at 31 December 2024 | 66.5 | 153.0 | 6.8 | 226.3 |
| 2025 | 2024 | |
| Analysis of net book value of land and buildings 31 December | US$m | US$m |
Freehold | 63.9 | 54.5 |
| Leasehold improvements: | ||
Over 50 years unexpired | 0.6 | 2.4 |
Under 50 years unexpired | 13.5 | 9.6 |
78.0 | 66.5 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
Income from investments | 0.2 | 0.3 |
Net gain arising from hyperinflation accounting (see note 1) | 2.0 | 0.3 |
Other interest receivable and similar income | 8.8 | 2.5 |
11.0 | 3.1 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
Income from investments | 0.2 | 0.3 |
Net gain arising from hyperinflation accounting (see note 1) | 2.0 | 0.3 |
Other interest receivable and similar income | 8.8 | 2.5 |
11.0 | 3.1 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
Income from investments | 0.2 | 0.3 |
Net gain arising from hyperinflation accounting (see note 1) | 2.0 | 0.3 |
Other interest receivable and similar income | 8.8 | 2.5 |
11.0 | 3.1 |
| 2025 | 2024 * | |
| Year ended 31 December | US$m | US$m |
Interest on bank and other borrowings | 37.3 | 31.3 |
Interest expense on lease liabilities | 4.1 | 4.0 |
Net interest on pension scheme assets and liabilities | 2.3 | (4.2) |
| Other finance costs including unrealised gains and losses on foreign | ||
| exchange contracts | 8.4 | 0.4 |
52.1 | 31.5 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
Income from investments | 0.2 | 0.3 |
Net gain arising from hyperinflation accounting (see note 1) | 2.0 | 0.3 |
Other interest receivable and similar income | 8.8 | 2.5 |
11.0 | 3.1 |
| 2025 | 2024 * | |
| Year ended 31 December | US$m | US$m |
Interest on bank and other borrowings | 37.3 | 31.3 |
Interest expense on lease liabilities | 4.1 | 4.0 |
Net interest on pension scheme assets and liabilities | 2.3 | (4.2) |
| Other finance costs including unrealised gains and losses on foreign | ||
| exchange contracts | 8.4 | 0.4 |
52.1 | 31.5 |
| 2025 | 2024 * | |
| Year ended 31 December | US$m | US$m |
Interest on bank and other borrowings | 37.3 | 31.3 |
Interest expense on lease liabilities | 4.1 | 4.0 |
Net interest on pension scheme assets and liabilities | 2.3 | (4.2) |
| Other finance costs including unrealised gains and losses on foreign | ||
| exchange contracts | 8.4 | 0.4 |
52.1 | 31.5 |
Year ended 31 December | 2025 | 2024* |
Continuing operations 1 : | ||
Manufacturing | 15,659 | 12,624 |
Other staff | 3,475 | 2,890 |
19,134 | 15,514 | |
Discontinued operations | 93 | 364 |
Total number of employees | 19,227 | 15,878 |
| Comprising: | ||
UK | 95 | 75 |
Overseas | 19,132 | 15,803 |
19,227 | 15,878 | |
| The total numbers employed at the end of the year were: | ||
UK | 100 | 90 |
Overseas | 18,789 | 15,772 |
Discontinued operations | \u2013 | 180 |
Total number of employees | 18,889 | 16,042 |
| 2025 | 2024* | |
| Year ended 31 December | US$m | US$m |
| Employee aggregate remuneration comprised (including directors): | ||
Wages and salaries | 265.4 | 258.0 |
Social security costs | 29.4 | 27.2 |
Other pension costs (note 10) | 5.8 | 5.9 |
300.6 | 291.1 | |
Discontinued operations | 4.7 | 13.2 |
305.3 | 304.3 |
| 2025 | 2024* | |
| Year ended 31 December | US$m | US$m |
Current tax charge | (70.5) | (72.6) |
Deferred tax credit | 5.6 | 1.1 |
Total tax charge | (64.9) | (71.5) |
2025 | 2024* | |||||
| Exceptional | Exceptional | |||||
| and | and | |||||
| acquisition | acquisition | |||||
| related | related | |||||
| Adjusted | items | Total | Adjusted | items | Total | |
| Year ended 31 December | US$m | US$m | US$m | US$m | US$m | US$m |
Profit before tax | 253.2 | (51.6) | 201.6 | 245.4 | (47.4) | 198.0 |
| Expected tax charge/ | ||||||
| (credit) at the UK | ||||||
| statutory rate of 25% | ||||||
(2024:\ue01f25%) | 63.3 | (12.9) | 50.4 | 61.4 | (11.9) | 49.5 |
Differences between overseas and UK | ||||||
taxation rate | (5.9) | 1.2 | (4.7) | (6.2) | 0.8 | (5.4) |
| Non-deductible | ||||||
expenses and other adjustments | 15.4 | 4.0 | 19.4 | 2.0 | 3.4 | 5.4 |
Non-taxable income | (2.5) | \u2013 | (2.5) | (1.2) | (0.1) | (1.3) |
Local tax incentives | (3.2) | \u2013 | (3.2) | (2.3) | \u2013 | (2.3) |
Utilisation of unrecognised deferred | ||||||
tax assets | (5.4) | \u2013 | (5.4) | (1.0) | \u2013 | (1.0) |
| Potential deferred tax | ||||||
assets not recognised | 4.8 | \u2013 | 4.8 | 5.0 | 9.3 | 14.3 |
Impact of changes in tax rates | (1.9) | (1.9) | \u2013 | \u2013 | \u2013 | |
Prior year adjustments | (2.1) | 1.1 | (1.0) | (2.9) | \u2013 | (2.9) |
Withholding tax on remittances (net of double tax credits) | 9.0 | \u2013 | 9.0 | 15.2 | \u2013 | 15.2 |
| Income tax charge/ | ||||||
(credit) | 73.4 | (8.5) | 64.9 | 70.0 | 1.5 | 71.5 |
Effective tax rate | 29% | (16)% | 32% | 29% | (3)% | 36% |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
Vietnam | 18.0 | 12.4 |
UK | 13.9 | 16.0 |
Indonesia | 7.8 | 6.6 |
Hong Kong | 6.1 | 6.8 |
China | 5.2 | 4.8 |
India | 4.4 | 5.5 |
Bangladesh | 3.0 | 2.5 |
Pakistan | 2.8 | 2.5 |
Others (26 countries each less than $2.5m) | 9.6 | 12.3 |
Total Corporate Income Tax paid | 70.8 | 69.4 |
| 2025 | 2024 | |
| US$m | US$m | |
At 1 January | 13.6 | 18.0 |
Currency translation differences | 0.5 | (0.3) |
Acquisition of subsidiaries (note 31) | 1.5 | \u2013 |
Credited/(charged) to the income statement | 2.8 | (3.5) |
Credited/(charged) to other comprehensive income and expense | 0.2 | (0.6) |
Charged to equity | (0.7) | \u2013 |
At 31 December | 17.9 | 13.6 |
| 2025 | 2024 | |
| US$m | US$m | |
At 1 January | 58.0 | 63.9 |
Currency translation differences | 2.3 | (1.7) |
Acquisition of subsidiaries | 49.8 | \u2013 |
Credited to the income statement | (2.8) | (4.2) |
Charged to other comprehensive income and expense | 0.2 | \u2013 |
At 31 December | 107.5 | 58.0 |
2025 | 2024 | |||
| Provided/ | Unprovided/ | Provided/ | Unprovided/ | |
| (recognised) | (unrecognised) | (recognised) | (unrecognised) | |
| US$m | US$m | US$m | US$m | |
| The Group\u2019s net deferred tax liabilities/ | ||||
| (assets) are analysed as\ue01efollows: | ||||
Accelerated tax depreciation on tangible fixed assets | (2.0) | 1.4 | (1.3) | 0.2 |
Other temporary differences | (17.3) | (21.1) | (20.6) | (8.8) |
Revenue losses carried forward 1 | (95.3) | (442.1) | (59.6) | (408.1) |
Capital losses carried forward | \u2013 | (376.4) | \u2013 | (369.5) |
Investment in subsidiaries | 17.0 | 19.4 | 12.0 | 14.2 |
Acquired intangibles | 179.6 | \u2013 | 107.1 | \u2013 |
Retirement benefit obligations | 7.6 | (8.8) | 6.8 | (10.9) |
89.6 | (827.6) | 44.4 | (782.9) |
2025 | 2024 | |
| Provided/ | Provided/ | |
| (recognised) | (recognised) | |
| US$m | US$m | |
Deferred tax assets (note 17) | (17.9) | (13.6) |
Deferred tax liabilities | 107.5 | 58.0 |
89.6 | 44.4 |
| 2025 | 2024 | |
| US$m | US$m | |
Expiring within 5 years | 16.4 | 24.7 |
Expiring in more than 5 years | 128.6 | 53.7 |
Available indefinitely | 2,224.8 | 1,824.8 |
2,369.8 | 1,903.2 |
| Year ended | Year ended | |
| 31 December | 31 December | |
| 2025 | 2024 | |
| US$m | US$m | |
Defined contribution schemes | 2.3 | 2.8 |
Defined benefit schemes \u2013 funded and unfunded schemes | 3.5 | 3.2 |
Past service credit | (0.1) | (6.4) |
Settlements | 0.1 | \u2013 |
Administrative expenses for defined benefit schemes | 0.6 | 11.9 |
6.4 | 11.5 |
Risk | Description | Commentary |
| Interest rate risk | The present value of the defined benefit plan liabilities is calculated using a discount rate | The impact of the movement in discount rates are shown on page 145. The Trustees of the UK |
| determined by reference to bond yields. A decrease in bond yield rates will increase defined | and US schemes hedge these sensitivities through 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 are calculated by reference to assumed future | The impact of the movement in inflation rates are shown on page 145. The Trustees of the UK |
| inflation rates. An increase in inflation rates will increase defined benefit obligations. | and US schemes hedge these sensitivities through 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 liability is calculated by reference to the best | The impact of an increase in life expectancy is shown on page 145. The buy-ins for the Coats |
| estimate of member life expectancies. An increase in life expectancy will increase liabilities. | UK Pension Scheme means this risk is fully hedged in the UK. | |
| The UK funded scheme\u2019s bought in status means investment risk is carried on the illiquid assets | ||
| still held whilst awaiting their redemption. | ||
| 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 | ||
| The scheme assets are shown on a mark-to-market basis. A decrease in asset values at a relevant | convexity) and have created a custom fixed income benchmark to match the liabilities and | |
| measurement date, to the extent assets do not hedge liabilities, would lead to an increased | protect the funded status. In addition the schemes\u2019 investment policies recognise the need to | |
| Investment risk | disclosed deficit or reduced surplus. | generate cash flows to meet members\u2019 benefits as they fall due. |
| The scheme needs available financial resources to meet obligations when they fall due. Not being | The schemes\u2019 investment policies recognise the need to generate cash flows to meet members\u2019 | |
| able to sell assets in a timely manner for the expected valuation could lead to an increased | benefits as they fall due. The buy-ins for the Coats UK Pension Scheme means income equal to | |
| Liquidity risk | disclosed deficit or reduced surplus. | the benefits payable is being received on a monthly basis. |
| Coats UK | |||
| Pension | |||
| Scheme | Coats US | Other | |
| Principal assumptions at 31 December 2025 | % | % | % |
Rate of increase in salaries | \u2013 | \u2013 | 5.8 |
Rate of increase for pensions in payment | Various | \u2013 | 1.7 |
Discount rate | 5.4 | 5.5 | 6.7 |
Inflation assumption | 2.9 | \u2013 | 4.8 |
| 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 |
Year ended 31 December 2025 | Year ended 31 December 2024 | |||
| Coats UK | ||||
| Pension | Coats UK | |||
| Scheme | Coats US | Pension Scheme | Coats US | |
| Years | Years | Years | Years | |
| Retiring today at age 60: | ||||
Males | 25.2 | 25.1 | 24.8 | 25.0 |
Females | 27.8 | 27.3 | 27.6 | 27.2 |
| Retiring in 20 years at age 60: | ||||
Males | 26.3 | 26.8 | 26.0 | 26.7 |
Females | 28.9 | 28.9 | 28.8 | 28.8 |
| Coats UK | ||||
| Pension | ||||
| Scheme | Coats US | Other | Group | |
| Year ended 31 December 2025 | US$m | US$m | US$m | US$m |
Current service cost | \u2013 | \u2013 | (3.5) | (3.5) |
Past service credit | \u2013 | \u2013 | 0.1 | 0.1 |
Settlements | \u2013 | \u2013 | (0.1) | (0.1) |
Administrative expenses | \u2013 | (0.6) | \u2013 | (0.6) |
| Interest on defined benefit obligations \u2013 unwinding | \u2013 | (0.6) | (3.5) | (4.1) |
| of discount | (90.1) | (1.4) | (4.8) | (96.3) |
Interest income on pension scheme assets | 89.6 | 5.4 | 0.7 | 95.7 |
Effect of asset ceiling | \u2013 | (1.7) | \u2013 | (1.7) |
(0.5) | 2.3 | (4.1) | (2.3) |
| Coats UK | ||||
| Pension | ||||
| Scheme | Coats US | Other | Group | |
| Year ended 31 December 2024 | US$m | US$m | US$m | US$m |
Current service cost | \u2013 | \u2013 | (3.2) | (3.2) |
Past service credit/(cost) | 6.7 | \u2013 | (0.3) | 6.4 |
Administrative expenses | (11.4) | (0.5) | \u2013 | (11.9) |
(4.7) | (0.5) | (3.5) | (8.7) | |
| Interest on defined benefit obligations \u2013 unwinding | ||||
of discount | (82.4) | (1.2) | (4.6) | (88.2) |
Interest income on pension scheme assets | 89.9 | 5.0 | 0.6 | 95.5 |
Effect of asset ceiling | (1.5) | (1.6) | \u2013 | (3.1) |
6.0 | 2.2 | (4.0) | 4.2 |
| Year ended | Year ended | |
| 31 December | 31 December | |
| 2025 | 2024 | |
| US$m | US$m | |
Effect of changes in demographic assumptions | (6.7) | 39.3 |
Effect of changes in financial assumptions | 42.4 | 142.2 |
Effect of experience adjustments | (23.0) | (46.7) |
Remeasurement on assets (excluding interest income) | (20.8) | (398.0) |
Adjustment due to asset ceiling | (2.0) | 38.1 |
Included in the statement of comprehensive income | (10.1) | (225.1) |
| Coats UK | ||||
| Pension | ||||
| Scheme | Coats US | Other | Total | |
| Year ended 31 December 2025 | US$m | US$m | US$m | US$m |
Cash and cash equivalents | 23.9 | 1.2 | 3.2 | 28.3 |
Other scheme liabilities | (113.8) | \u2013 | \u2013 | (113.8) |
| Equity instruments: | ||||
US | 0.6 | 13.9 | \u2013 | 14.5 |
UK | 0.1 | 1.2 | \u2013 | 1.3 |
Eurozone | 0.6 | 4.1 | \u2013 | 4.7 |
Other regions | \u2013 | 8.1 | 2.1 | 10.2 |
| Debt instruments: | ||||
Corporate bonds (Investment grade) | \u2013 | 45.8 | \u2013 | 45.8 |
Corporate bonds (Non-investment grade) | 9.6 | 1.7 | \u2013 | 11.3 |
Government/sovereign instruments | \u2013 | 29.1 | \u2013 | 29.1 |
Global real estate | 45.0 | \u2013 | \u2013 | 45.0 |
| Assets held by insurance company: | ||||
Insurance contracts | 1,734.1 | \u2013 | 1.0 | 1,735.1 |
Other | \u2013 | \u2013 | 4.8 | 4.8 |
Total market value of assets | 1,700.1 | 105.1 | 11.1 | 1,816.3 |
Actuarial value of scheme liabilities | (1,725.3) | (25.2) | (85.7) | (1,836.2) |
Net asset/(liability) in the scheme | (25.2) | 79.9 | (74.6) | (19.9) |
Adjustment due to asset ceiling 1 | \u2013 | (34.8) | \u2013 | (34.8) |
Recoverable net asset/(liability) in the scheme | (25.2) | 45.1 | (74.6) | (54.7) |
| Coats UK | ||||
| Pension Scheme | Coats US | Other | Total | |
| Year ended 31 December 2024 | US$m | US$m | US$m | US$m |
Cash and cash equivalents | 16.9 | 1.0 | 2.5 | 20.4 |
Other scheme liabilities | (129.9) | \u2013 | \u2013 | (129.9) |
| Equity instruments: | ||||
US | \u2013 | 13.1 | \u2013 | 13.1 |
UK | 2.2 | 1.2 | \u2013 | 3.4 |
Eurozone | 0.5 | 3.9 | \u2013 | 4.4 |
Other regions | \u2013 | 7.4 | 1.7 | 9.1 |
| Debt instruments: | ||||
Corporate bonds (Investment grade) | \u2013 | 44.4 | \u2013 | 44.4 |
Corporate bonds (Non-investment grade) | 25.2 | 1.3 | \u2013 | 26.5 |
Government/sovereign instruments | \u2013 | 25.5 | \u2013 | 25.5 |
Global real estate | 78.1 | \u2013 | \u2013 | 78.1 |
| Assets held by insurance company: | ||||
Insurance contracts | 1,664.6 | 0.2 | 0.8 | 1,665.6 |
Other | (1.9) | \u2013 | 2.2 | 0.3 |
Total market value of assets | 1,655.7 | 98.0 | 7.2 | 1,760.9 |
Actuarial value of scheme liabilities | (1,664.8) | (25.4) | (82.0) | (1,772.2) |
Net asset/(liability) in the scheme | (9.1) | 72.6 | (74.8) | (11.3) |
Adjustment due to asset ceiling1 | \u2013 | (31.1) | \u2013 | (31.1) |
Recoverable net asset/(liability) in the scheme | (9.1) | 41.5 | (74.8) | (42.4) |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
| Non-current assets: | ||
Funded | 48.7 | 44.0 |
| Current assets: | ||
Funded | 1.5 | 1.5 |
| Current liabilities: | ||
Funded | (0.4) | (0.4) |
Unfunded | (6.8) | (7.5) |
| Non-current liabilities: | ||
Funded | (30.0) | (14.4) |
Unfunded | (67.7) | (65.6) |
(54.7) | (42.4) |
| Year ended | Year ended | |
| 31 December | 31 December | |
| 2025 | 2024 | |
| US$m | US$m | |
| Movements in the present value of defined benefit obligations were as follows: | ||
At 1 January | (1,772.2) | (2,008.9) |
Current service cost | (3.5) | (3.2) |
Increase in liabilities on settlements | (0.1) | \u2013 |
Past service credit | 0.1 | 6.4 |
Interest on defined benefit obligations \u2013 unwinding of discount | (96.3) | (88.2) |
Actuarial losses on obligations | 12.7 | 134.8 |
Benefits paid | 154.7 | 154.3 |
Net movement due to acquisitions and disposals of subsidiaries | (0.6) | \u2013 |
Exchange difference | (131.0) | 32.6 |
At 31 December | (1,836.2) | (1,772.2) |
| Movements in the fair value of scheme assets were as follows: | ||
At 1 January | 1,760.9 | 2,137.6 |
Interest income on scheme assets | 95.7 | 95.5 |
Remeasurement on assets (excluding interest income) | (20.8) | (398.0) |
Contribution from sponsoring companies | 9.5 | 108.2 |
Benefits paid | (154.7) | (154.3) |
Administrative expenses paid from plan assets | (0.6) | (0.5) |
Exchange difference | 126.3 | (27.6) |
At 31 December | 1,816.3 | 1,760.9 |
| Administrative expenses paid from plan assets excludes those expenses paid directly by the Group. | ||
| The reconciliation of the effect of the asset ceiling is as follows: | ||
Unrecognised surplus at 1 January | 31.1 | 65.9 |
Interest cost on unrecognised surplus | 1.7 | 3.1 |
| Changes in the effect of limiting a net defined benefit asset to the asset ceiling | ||
(excluding interest) | 2.0 | (38.1) |
Exchange difference | \u2013 | 0.2 |
Unrecognised surplus at 31 December | 34.8 | 31.1 |
| Year ended | Year ended | |||
| 31 December | 31 December | |||
| 2025 | 2024 | |||
| +0.25% | -0.25% | +0.25% | -0.25% | |
| US$m | US$m | US$m | US$m | |
Coats UK Pension Scheme discount rate | (40.9) | 42.6 | (39.5) | 41.1 |
Coats US discount rate | (0.6) | 0.6 | (0.6) | 0.6 |
Coats UK Pension Scheme inflation rate | 28.4 | (22.0) | 26.1 | (22.7) |
Coats US inflation rate | \u2013 | \u2013 | \u2013 | \u2013 |
| Year ended | Year ended | |||
| 31 December | 31 December | |||
| 2025 | 2024 | |||
| +1% | -1% | +1% | -1% | |
| US$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 | 0.6 | (0.5) | 0.5 | (0.3) |
Risk | Description | Commentary |
| Interest rate risk | The present value of the defined benefit plan liabilities is calculated using a discount rate | The impact of the movement in discount rates are shown on page 145. The Trustees of the UK |
| determined by reference to bond yields. A decrease in bond yield rates will increase defined | and US schemes hedge these sensitivities through 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 are calculated by reference to assumed future | The impact of the movement in inflation rates are shown on page 145. The Trustees of the UK |
| inflation rates. An increase in inflation rates will increase defined benefit obligations. | and US schemes hedge these sensitivities through 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 liability is calculated by reference to the best | The impact of an increase in life expectancy is shown on page 145. The buy-ins for the Coats |
| estimate of member life expectancies. An increase in life expectancy will increase liabilities. | UK Pension Scheme means this risk is fully hedged in the UK. | |
| The UK funded scheme\u2019s bought in status means investment risk is carried on the illiquid assets | ||
| still held whilst awaiting their redemption. | ||
| 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 | ||
| The scheme assets are shown on a mark-to-market basis. A decrease in asset values at a relevant | convexity) and have created a custom fixed income benchmark to match the liabilities and | |
| measurement date, to the extent assets do not hedge liabilities, would lead to an increased | protect the funded status. In addition the schemes\u2019 investment policies recognise the need to | |
| Investment risk | disclosed deficit or reduced surplus. | generate cash flows to meet members\u2019 benefits as they fall due. |
| The scheme needs available financial resources to meet obligations when they fall due. Not being | The schemes\u2019 investment policies recognise the need to generate cash flows to meet members\u2019 | |
| able to sell assets in a timely manner for the expected valuation could lead to an increased | benefits as they fall due. The buy-ins for the Coats UK Pension Scheme means income equal to | |
| Liquidity risk | disclosed deficit or reduced surplus. | the benefits payable is being received on a monthly basis. |
| Coats UK | |||
| Pension | |||
| Scheme | Coats US | Other | |
| Principal assumptions at 31 December 2025 | % | % | % |
Rate of increase in salaries | \u2013 | \u2013 | 5.8 |
Rate of increase for pensions in payment | Various | \u2013 | 1.7 |
Discount rate | 5.4 | 5.5 | 6.7 |
Inflation assumption | 2.9 | \u2013 | 4.8 |
| 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 |
Year ended 31 December 2025 | Year ended 31 December 2024 | |||
| Coats UK | ||||
| Pension | Coats UK | |||
| Scheme | Coats US | Pension Scheme | Coats US | |
| Years | Years | Years | Years | |
| Retiring today at age 60: | ||||
Males | 25.2 | 25.1 | 24.8 | 25.0 |
Females | 27.8 | 27.3 | 27.6 | 27.2 |
| Retiring in 20 years at age 60: | ||||
Males | 26.3 | 26.8 | 26.0 | 26.7 |
Females | 28.9 | 28.9 | 28.8 | 28.8 |
| Coats UK | ||||
| Pension | ||||
| Scheme | Coats US | Other | Group | |
| Year ended 31 December 2025 | US$m | US$m | US$m | US$m |
Current service cost | \u2013 | \u2013 | (3.5) | (3.5) |
Past service credit | \u2013 | \u2013 | 0.1 | 0.1 |
Settlements | \u2013 | \u2013 | (0.1) | (0.1) |
Administrative expenses | \u2013 | (0.6) | \u2013 | (0.6) |
| Interest on defined benefit obligations \u2013 unwinding | \u2013 | (0.6) | (3.5) | (4.1) |
| of discount | (90.1) | (1.4) | (4.8) | (96.3) |
Interest income on pension scheme assets | 89.6 | 5.4 | 0.7 | 95.7 |
Effect of asset ceiling | \u2013 | (1.7) | \u2013 | (1.7) |
(0.5) | 2.3 | (4.1) | (2.3) |
| Coats UK | ||||
| Pension | ||||
| Scheme | Coats US | Other | Group | |
| Year ended 31 December 2024 | US$m | US$m | US$m | US$m |
Current service cost | \u2013 | \u2013 | (3.2) | (3.2) |
Past service credit/(cost) | 6.7 | \u2013 | (0.3) | 6.4 |
Administrative expenses | (11.4) | (0.5) | \u2013 | (11.9) |
(4.7) | (0.5) | (3.5) | (8.7) | |
| Interest on defined benefit obligations \u2013 unwinding | ||||
of discount | (82.4) | (1.2) | (4.6) | (88.2) |
Interest income on pension scheme assets | 89.9 | 5.0 | 0.6 | 95.5 |
Effect of asset ceiling | (1.5) | (1.6) | \u2013 | (3.1) |
6.0 | 2.2 | (4.0) | 4.2 |
| Year ended | Year ended | |
| 31 December | 31 December | |
| 2025 | 2024 | |
| US$m | US$m | |
Effect of changes in demographic assumptions | (6.7) | 39.3 |
Effect of changes in financial assumptions | 42.4 | 142.2 |
Effect of experience adjustments | (23.0) | (46.7) |
Remeasurement on assets (excluding interest income) | (20.8) | (398.0) |
Adjustment due to asset ceiling | (2.0) | 38.1 |
Included in the statement of comprehensive income | (10.1) | (225.1) |
| Coats UK | ||||
| Pension | ||||
| Scheme | Coats US | Other | Total | |
| Year ended 31 December 2025 | US$m | US$m | US$m | US$m |
Cash and cash equivalents | 23.9 | 1.2 | 3.2 | 28.3 |
Other scheme liabilities | (113.8) | \u2013 | \u2013 | (113.8) |
| Equity instruments: | ||||
US | 0.6 | 13.9 | \u2013 | 14.5 |
UK | 0.1 | 1.2 | \u2013 | 1.3 |
Eurozone | 0.6 | 4.1 | \u2013 | 4.7 |
Other regions | \u2013 | 8.1 | 2.1 | 10.2 |
| Debt instruments: | ||||
Corporate bonds (Investment grade) | \u2013 | 45.8 | \u2013 | 45.8 |
Corporate bonds (Non-investment grade) | 9.6 | 1.7 | \u2013 | 11.3 |
Government/sovereign instruments | \u2013 | 29.1 | \u2013 | 29.1 |
Global real estate | 45.0 | \u2013 | \u2013 | 45.0 |
| Assets held by insurance company: | ||||
Insurance contracts | 1,734.1 | \u2013 | 1.0 | 1,735.1 |
Other | \u2013 | \u2013 | 4.8 | 4.8 |
Total market value of assets | 1,700.1 | 105.1 | 11.1 | 1,816.3 |
Actuarial value of scheme liabilities | (1,725.3) | (25.2) | (85.7) | (1,836.2) |
Net asset/(liability) in the scheme | (25.2) | 79.9 | (74.6) | (19.9) |
Adjustment due to asset ceiling 1 | \u2013 | (34.8) | \u2013 | (34.8) |
Recoverable net asset/(liability) in the scheme | (25.2) | 45.1 | (74.6) | (54.7) |
| Coats UK | ||||
| Pension Scheme | Coats US | Other | Total | |
| Year ended 31 December 2024 | US$m | US$m | US$m | US$m |
Cash and cash equivalents | 16.9 | 1.0 | 2.5 | 20.4 |
Other scheme liabilities | (129.9) | \u2013 | \u2013 | (129.9) |
| Equity instruments: | ||||
US | \u2013 | 13.1 | \u2013 | 13.1 |
UK | 2.2 | 1.2 | \u2013 | 3.4 |
Eurozone | 0.5 | 3.9 | \u2013 | 4.4 |
Other regions | \u2013 | 7.4 | 1.7 | 9.1 |
| Debt instruments: | ||||
Corporate bonds (Investment grade) | \u2013 | 44.4 | \u2013 | 44.4 |
Corporate bonds (Non-investment grade) | 25.2 | 1.3 | \u2013 | 26.5 |
Government/sovereign instruments | \u2013 | 25.5 | \u2013 | 25.5 |
Global real estate | 78.1 | \u2013 | \u2013 | 78.1 |
| Assets held by insurance company: | ||||
Insurance contracts | 1,664.6 | 0.2 | 0.8 | 1,665.6 |
Other | (1.9) | \u2013 | 2.2 | 0.3 |
Total market value of assets | 1,655.7 | 98.0 | 7.2 | 1,760.9 |
Actuarial value of scheme liabilities | (1,664.8) | (25.4) | (82.0) | (1,772.2) |
Net asset/(liability) in the scheme | (9.1) | 72.6 | (74.8) | (11.3) |
Adjustment due to asset ceiling1 | \u2013 | (31.1) | \u2013 | (31.1) |
Recoverable net asset/(liability) in the scheme | (9.1) | 41.5 | (74.8) | (42.4) |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
| Non-current assets: | ||
Funded | 48.7 | 44.0 |
| Current assets: | ||
Funded | 1.5 | 1.5 |
| Current liabilities: | ||
Funded | (0.4) | (0.4) |
Unfunded | (6.8) | (7.5) |
| Non-current liabilities: | ||
Funded | (30.0) | (14.4) |
Unfunded | (67.7) | (65.6) |
(54.7) | (42.4) |
| Year ended | Year ended | |
| 31 December | 31 December | |
| 2025 | 2024 | |
| US$m | US$m | |
| Movements in the present value of defined benefit obligations were as follows: | ||
At 1 January | (1,772.2) | (2,008.9) |
Current service cost | (3.5) | (3.2) |
Increase in liabilities on settlements | (0.1) | \u2013 |
Past service credit | 0.1 | 6.4 |
Interest on defined benefit obligations \u2013 unwinding of discount | (96.3) | (88.2) |
Actuarial losses on obligations | 12.7 | 134.8 |
Benefits paid | 154.7 | 154.3 |
Net movement due to acquisitions and disposals of subsidiaries | (0.6) | \u2013 |
Exchange difference | (131.0) | 32.6 |
At 31 December | (1,836.2) | (1,772.2) |
| Movements in the fair value of scheme assets were as follows: | ||
At 1 January | 1,760.9 | 2,137.6 |
Interest income on scheme assets | 95.7 | 95.5 |
Remeasurement on assets (excluding interest income) | (20.8) | (398.0) |
Contribution from sponsoring companies | 9.5 | 108.2 |
Benefits paid | (154.7) | (154.3) |
Administrative expenses paid from plan assets | (0.6) | (0.5) |
Exchange difference | 126.3 | (27.6) |
At 31 December | 1,816.3 | 1,760.9 |
| Administrative expenses paid from plan assets excludes those expenses paid directly by the Group. | ||
| The reconciliation of the effect of the asset ceiling is as follows: | ||
Unrecognised surplus at 1 January | 31.1 | 65.9 |
Interest cost on unrecognised surplus | 1.7 | 3.1 |
| Changes in the effect of limiting a net defined benefit asset to the asset ceiling | ||
(excluding interest) | 2.0 | (38.1) |
Exchange difference | \u2013 | 0.2 |
Unrecognised surplus at 31 December | 34.8 | 31.1 |
| Year ended | Year ended | |||
| 31 December | 31 December | |||
| 2025 | 2024 | |||
| +0.25% | -0.25% | +0.25% | -0.25% | |
| US$m | US$m | US$m | US$m | |
Coats UK Pension Scheme discount rate | (40.9) | 42.6 | (39.5) | 41.1 |
Coats US discount rate | (0.6) | 0.6 | (0.6) | 0.6 |
Coats UK Pension Scheme inflation rate | 28.4 | (22.0) | 26.1 | (22.7) |
Coats US inflation rate | \u2013 | \u2013 | \u2013 | \u2013 |
| Year ended | Year ended | |||
| 31 December | 31 December | |||
| 2025 | 2024 | |||
| +1% | -1% | +1% | -1% | |
| US$m | US$m | US$m | US$m | |
| Sensitivity of medical schemes to medical cost trend | ||||
| rate assumptions: | ||||
| Effect on total service cost and interest cost | ||||
components of other schemes | \u2013 | \u2013 | \u2013 | \u2013 |
Effect on defined benefit obligation of other schemes | 0.6 | (0.5) | 0.5 | (0.3) |
| Year ended | Year ended | |
| 31 December | 31 December | |
| 2025 | 2024 | |
| US$m | US$m | |
| Movements in the present value of defined benefit obligations were as follows: | ||
At 1 January | (1,772.2) | (2,008.9) |
Current service cost | (3.5) | (3.2) |
Increase in liabilities on settlements | (0.1) | \u2013 |
Past service credit | 0.1 | 6.4 |
Interest on defined benefit obligations \u2013 unwinding of discount | (96.3) | (88.2) |
Actuarial losses on obligations | 12.7 | 134.8 |
Benefits paid | 154.7 | 154.3 |
Net movement due to acquisitions and disposals of subsidiaries | (0.6) | \u2013 |
Exchange difference | (131.0) | 32.6 |
At 31 December | (1,836.2) | (1,772.2) |
| Movements in the fair value of scheme assets were as follows: | ||
At 1 January | 1,760.9 | 2,137.6 |
Interest income on scheme assets | 95.7 | 95.5 |
Remeasurement on assets (excluding interest income) | (20.8) | (398.0) |
Contribution from sponsoring companies | 9.5 | 108.2 |
Benefits paid | (154.7) | (154.3) |
Administrative expenses paid from plan assets | (0.6) | (0.5) |
Exchange difference | 126.3 | (27.6) |
At 31 December | 1,816.3 | 1,760.9 |
| Administrative expenses paid from plan assets excludes those expenses paid directly by the Group. | ||
| The reconciliation of the effect of the asset ceiling is as follows: | ||
Unrecognised surplus at 1 January | 31.1 | 65.9 |
Interest cost on unrecognised surplus | 1.7 | 3.1 |
| Changes in the effect of limiting a net defined benefit asset to the asset ceiling | ||
(excluding interest) | 2.0 | (38.1) |
Exchange difference | \u2013 | 0.2 |
Unrecognised surplus at 31 December | 34.8 | 31.1 |
| Year ended | Year ended | |||
| 31 December | 31 December | |||
| 2025 | 2024 | |||
| +0.25% | -0.25% | +0.25% | -0.25% | |
| US$m | US$m | US$m | US$m | |
Coats UK Pension Scheme discount rate | (40.9) | 42.6 | (39.5) | 41.1 |
Coats US discount rate | (0.6) | 0.6 | (0.6) | 0.6 |
Coats UK Pension Scheme inflation rate | 28.4 | (22.0) | 26.1 | (22.7) |
Coats US inflation rate | \u2013 | \u2013 | \u2013 | \u2013 |
| Year ended | Year ended | |||
| 31 December | 31 December | |||
| 2025 | 2024 | |||
| +1% | -1% | +1% | -1% | |
| US$m | US$m | US$m | US$m | |
| Sensitivity of medical schemes to medical cost trend | ||||
| rate assumptions: | ||||
| Effect on total service cost and interest cost | ||||
components of other schemes | \u2013 | \u2013 | \u2013 | \u2013 |
Effect on defined benefit obligation of other schemes | 0.6 | (0.5) | 0.5 | (0.3) |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
2025 interim dividend paid \u2013 1.0 cents per share | 19.2 | \u2013 |
2024 final dividend paid \u2013 2.19 cents per share | 34.9 | \u2013 |
2024 interim dividend paid \u2013 0.93 cents per share | \u2013 | 14.8 |
2023 final dividend paid \u2013 1.99 cents per share | \u2013 | 31.7 |
54.1 | 46.5 |
| 2025 | 2024* | |
| Year ended 31 December | US$m | US$m |
Profit from continuing operations attributable to equity shareholders | 118.9 | 106.9 |
| Profit from continuing and discontinued operations attributable to equity | ||
shareholders | 103.4 | 80.1 |
| 2024 | ||
| Number of | ||
| shares | shares | |
| m | m | |
| Weighted average number of ordinary shares in issue for basic earnings per | ||
| share | 1,750.6 | 1,604.5 |
Adjustment for share options and LTIP awards | 10.6 | 20.1 |
| Weighted average number of ordinary shares in issue for diluted | ||
| earnings per share | 1,761.2 | 1,624.6 |
| 2025 | 2024* | |
| Year ended 31 December | cents | cents |
| Continuing operations: | ||
Basic earnings per ordinary share | 6.79 | 6.66 |
Diluted earnings per ordinary share | 6.75 | 6.58 |
| Continuing and discontinued operations: | ||
Basic earnings per ordinary share | 5.91 | 4.99 |
Diluted earnings per ordinary share | 5.87 | 4.93 |
| Acquired intangibles | |||||||
| Brands &\ue01f | |||||||
| trade | Customer | Total | Computer | ||||
| Goodwill | names | Technology | relationships | acquired | software | Total | |
| Cost | US$m | US$m | US$m | US$m | US$m | US$m | US$m |
At 1 January 2024 | 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 |
Currency translation differences | 6.8 | 2.1 | 3.4 | 7.7 | 13.2 | 1.4 | 21.4 |
| Acquisition of subsidiaries (see | |||||||
| note 31) | 245.7 | 59.7 | 77.2 | 439.7 | 576.6 | 0.6 | 822.9 |
Additions | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1.6 | 1.6 |
Disposals | (2.6) | (1.3) | (0.7) | \u2013 | (2.0) | (0.8) | (5.4) |
At 31 December 2025 | 372.9 | 344.6 | 136.5 | 612.7 | 1,093.8 | 77.7 | 1,544.4 |
| Cumulative amounts charged | |||||||
At 1 January 2024 | \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 | 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 |
Currency translation differences | \u2013 | 0.6 | 1.9 | 1.6 | 4.1 | 1.6 | 5.7 |
Amortisation charge for the year | \u2013 | 5.1 | 6.6 | 15.3 | 27.0 | 1.5 | 28.5 |
Disposals | (2.6) | (1.3) | (0.7) | \u2013 | (2.0) | (0.4) | (5.0) |
At 31 December 2025 | \u2013 | 17.2 | 33.3 | 46.5 | 97.0 | 72.2 | 169.2 |
Net book value at 31 December 2025 | 372.9 | 327.4 | 103.2 | 566.2 | 996.8 | 5.5 | 1,375.2 |
Net book value at 31 December 2024 | 120.4 | 271.3 | 31.1 | 135.7 | 438.1 | 5.4 | 563.9 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
Footwear Insoles | 242.2 | \u2013 |
Footwear thread and structural components | 103.2 | 98.6 |
Gotex | 13.5 | 11.9 |
Coats Digital | 8.8 | 8.2 |
Viz Reflectives | 3.5 | \u2013 |
Other | 1.7 | 1.7 |
372.9 | 120.4 |
| Acquired intangibles | |||||||
| Brands &\ue01f | |||||||
| trade | Customer | Total | Computer | ||||
| Goodwill | names | Technology | relationships | acquired | software | Total | |
| Cost | US$m | US$m | US$m | US$m | US$m | US$m | US$m |
At 1 January 2024 | 126.1 | 285.1 | 58.2 | 169.0 | 512.3 | 74.9 | 713.3 |
Currency translation differences | (3.1) | (1.0) | (1.6) | (3.7) | (6.3) | (1.0) | (10.4) |
Additions | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1.1 | 1.1 |
Disposals | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (0.1) | (0.1) |
At 31 December 2024 | 123.0 | 284.1 | 56.6 | 165.3 | 506.0 | 74.9 | 703.9 |
Currency translation differences | 6.8 | 2.1 | 3.4 | 7.7 | 13.2 | 1.4 | 21.4 |
| Acquisition of subsidiaries (see | |||||||
| note 31) | 245.7 | 59.7 | 77.2 | 439.7 | 576.6 | 0.6 | 822.9 |
Additions | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1.6 | 1.6 |
Disposals | (2.6) | (1.3) | (0.7) | \u2013 | (2.0) | (0.8) | (5.4) |
At 31 December 2025 | 372.9 | 344.6 | 136.5 | 612.7 | 1,093.8 | 77.7 | 1,544.4 |
| Cumulative amounts charged | |||||||
At 1 January 2024 | \u2013 | 8.3 | 20.1 | 19.0 | 47.4 | 69.1 | 116.5 |
Currency translation differences | \u2013 | (0.2) | (0.7) | (0.6) | (1.5) | (1.1) | (2.6) |
Amortisation charge for the year | \u2013 | 4.7 | 5.7 | 11.2 | 21.6 | 1.6 | 23.2 |
Impairment charge | 2.6 | \u2013 | 0.4 | \u2013 | 0.4 | \u2013 | 3.0 |
Disposals | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (0.1) | (0.1) |
At 31 December 2024 | 2.6 | 12.8 | 25.5 | 29.6 | 67.9 | 69.5 | 140.0 |
Currency translation differences | \u2013 | 0.6 | 1.9 | 1.6 | 4.1 | 1.6 | 5.7 |
Amortisation charge for the year | \u2013 | 5.1 | 6.6 | 15.3 | 27.0 | 1.5 | 28.5 |
Disposals | (2.6) | (1.3) | (0.7) | \u2013 | (2.0) | (0.4) | (5.0) |
At 31 December 2025 | \u2013 | 17.2 | 33.3 | 46.5 | 97.0 | 72.2 | 169.2 |
Net book value at 31 December 2025 | 372.9 | 327.4 | 103.2 | 566.2 | 996.8 | 5.5 | 1,375.2 |
Net book value at 31 December 2024 | 120.4 | 271.3 | 31.1 | 135.7 | 438.1 | 5.4 | 563.9 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
Footwear Insoles | 242.2 | \u2013 |
Footwear thread and structural components | 103.2 | 98.6 |
Gotex | 13.5 | 11.9 |
Coats Digital | 8.8 | 8.2 |
Viz Reflectives | 3.5 | \u2013 |
Other | 1.7 | 1.7 |
372.9 | 120.4 |
| Acquired intangibles | |||||||
| Brands &\ue01f | |||||||
| trade | Customer | Total | Computer | ||||
| Goodwill | names | Technology | relationships | acquired | software | Total | |
| Cost | US$m | US$m | US$m | US$m | US$m | US$m | US$m |
At 1 January 2024 | 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 |
Currency translation differences | 6.8 | 2.1 | 3.4 | 7.7 | 13.2 | 1.4 | 21.4 |
| Acquisition of subsidiaries (see | |||||||
| note 31) | 245.7 | 59.7 | 77.2 | 439.7 | 576.6 | 0.6 | 822.9 |
Additions | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1.6 | 1.6 |
Disposals | (2.6) | (1.3) | (0.7) | \u2013 | (2.0) | (0.8) | (5.4) |
At 31 December 2025 | 372.9 | 344.6 | 136.5 | 612.7 | 1,093.8 | 77.7 | 1,544.4 |
| Cumulative amounts charged | |||||||
At 1 January 2024 | \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 | 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 |
Currency translation differences | \u2013 | 0.6 | 1.9 | 1.6 | 4.1 | 1.6 | 5.7 |
Amortisation charge for the year | \u2013 | 5.1 | 6.6 | 15.3 | 27.0 | 1.5 | 28.5 |
Disposals | (2.6) | (1.3) | (0.7) | \u2013 | (2.0) | (0.4) | (5.0) |
At 31 December 2025 | \u2013 | 17.2 | 33.3 | 46.5 | 97.0 | 72.2 | 169.2 |
Net book value at 31 December 2025 | 372.9 | 327.4 | 103.2 | 566.2 | 996.8 | 5.5 | 1,375.2 |
Net book value at 31 December 2024 | 120.4 | 271.3 | 31.1 | 135.7 | 438.1 | 5.4 | 563.9 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
Footwear Insoles | 242.2 | \u2013 |
Footwear thread and structural components | 103.2 | 98.6 |
Gotex | 13.5 | 11.9 |
Coats Digital | 8.8 | 8.2 |
Viz Reflectives | 3.5 | \u2013 |
Other | 1.7 | 1.7 |
372.9 | 120.4 |
| Vehicles and | ||||
| Land and | Plant and | office | ||
| buildings | equipment | equipment | Total | |
| Cost | US$m | US$m | US$m | US$m |
At 1 January 2024 | 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 |
Currency translation differences | 0.2 | 4.3 | 0.7 | 5.2 |
Application of IAS 29 (see note 1) | \u2013 | 1.4 | \u2013 | 1.4 |
Acquisition of subsidiaries (see note 31) | 16.3 | 9.9 | 0.8 | 27.0 |
Transfer to non-current assets held for sale | (0.4) | \u2013 | \u2013 | (0.4) |
Additions | 4.9 | 22.5 | 2.0 | 29.4 |
Disposals | (5.5) | (16.5) | (2.0) | (24.0) |
At 31 December 2025 | 148.0 | 489.2 | 52.5 | 689.7 |
| Cumulative amounts charged | ||||
At 1 January 2024 | 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 |
Currency translation differences | 1.2 | 1.9 | 0.9 | 4.0 |
Depreciation charge for the year | 4.2 | 17.8 | 1.9 | 23.9 |
Impairment charge (see note 32) | 1.1 | 4.3 | \u2013 | 5.4 |
Disposals | (2.5) | (12.9) | (1.7) | (17.1) |
At 31 December 2025 | 70.0 | 325.7 | 45.3 | 441.0 |
Net book value at 31 December 2025 | 78.0 | 163.5 | 7.2 | 248.7 |
Net book value at 31 December 2024 | 66.5 | 153.0 | 6.8 | 226.3 |
| 2025 | 2024 | |
| Analysis of net book value of land and buildings 31 December | US$m | US$m |
Freehold | 63.9 | 54.5 |
| Leasehold improvements: | ||
Over 50 years unexpired | 0.6 | 2.4 |
Under 50 years unexpired | 13.5 | 9.6 |
78.0 | 66.5 |
| Operating | Operating | Terminal | |||
| Revenue | Revenue | margin | margin | value | |
| growth | growth | improvement | improvement | growth | |
| 2029 | 2030 | 2029 | 2030 | rate | |
| % | % | % | % | % | |
US and Mexico | 6.4 | 5.5 | 1.5 | 0.1 | 2.2 |
| Vehicles and | ||||
| Land and | Plant and | office | ||
| buildings | equipment | equipment | Total | |
| Net carrying amount | US$m | US$m | US$m | US$m |
At 1 January 2025 | 59.0 | 4.4 | 5.5 | 68.9 |
At 31 December 2025 | 65.9 | 3.6 | 5.5 | 75.0 |
| Depreciation expense for the year ended | ||||
31 December 2024* | 13.3 | 1.0 | 2.7 | 17.0 |
31 December 2025 | 13.5 | 1.1 | 3.2 | 17.8 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
Current | 21.2 | 16.6 |
Non-current | 71.7 | 66.6 |
92.9 | 83.2 |
| Undiscounted | Undiscounted | Discounted | Discounted | |
| 2025 | 2024 | 2025 | 2024 | |
| Lease liability maturity analysis | US$m | US$m | US$m | US$m |
Payable within one year | 25.7 | 20.8 | 21.2 | 16.6 |
Payable between one and two years | 22.6 | 17.7 | 18.8 | 14.0 |
Payable between two and five years | 43.4 | 43.4 | 37.1 | 37.0 |
Payable after more than five years | 19.3 | 19.3 | 15.8 | 15.6 |
At 31 December 2025 | 111.0 | 101.2 | 92.9 | 83.2 |
| 2025 | 2024* | |
| Year ended 31 December | US$m | US$m |
Depreciation expense | 17.8 | 17.0 |
Interest expense on lease liabilities | 4.1 | 4.0 |
Expenses relating to short-term leases | 0.3 | 0.2 |
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 | 1.9 | 1.8 |
Impairment of right-of-use assets (see note 32) | 7.5 | 3.3 |
Income from subleasing right-of-use assets | (0.1) | (0.1) |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
Receivable within one year | 0.1 | 0.1 |
Receivable between one and two years | \u2013 | 0.1 |
0.1 | 0.2 |
| Vehicles and | ||||
| Land and | Plant and | office | ||
| buildings | equipment | equipment | Total | |
| Net carrying amount | US$m | US$m | US$m | US$m |
At 1 January 2025 | 59.0 | 4.4 | 5.5 | 68.9 |
At 31 December 2025 | 65.9 | 3.6 | 5.5 | 75.0 |
| Depreciation expense for the year ended | ||||
31 December 2024* | 13.3 | 1.0 | 2.7 | 17.0 |
31 December 2025 | 13.5 | 1.1 | 3.2 | 17.8 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
Interests in joint ventures (see below) | 13.3 | 13.7 |
Investments in equity securities: Unlisted investments | 0.5 | 0.6 |
13.8 | 14.3 |
Interests in joint ventures | US$m |
At 1 January 2024 | 13.7 |
Dividends receivable | (1.7) |
Share of profit after tax | 1.3 |
At 31 December 2025 | 13.3 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
Share of net assets on acquisition | 10.6 | 10.6 |
Share of post-acquisition retained profits | 2.7 | 3.1 |
Share of net assets | 13.3 | 13.7 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
| Summarised income statement information: | ||
Revenue | 28.4 | 28.7 |
Profit before tax | 1.8 | 2.5 |
Taxation | (0.5) | (0.6) |
Profit after tax | 1.3 | 1.9 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
| Summarised balance sheet information: | ||
Non-current assets | 4.7 | 5.2 |
Current assets | 18.1 | 17.4 |
22.8 | 22.6 | |
Liabilities due within one year | (9.5) | (8.9) |
Net assets | 13.3 | 13.7 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
Interests in joint ventures (see below) | 13.3 | 13.7 |
Investments in equity securities: Unlisted investments | 0.5 | 0.6 |
13.8 | 14.3 |
Interests in joint ventures | US$m |
At 1 January 2024 | 13.7 |
Dividends receivable | (1.7) |
Share of profit after tax | 1.3 |
At 31 December 2025 | 13.3 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
Share of net assets on acquisition | 10.6 | 10.6 |
Share of post-acquisition retained profits | 2.7 | 3.1 |
Share of net assets | 13.3 | 13.7 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
| Summarised income statement information: | ||
Revenue | 28.4 | 28.7 |
Profit before tax | 1.8 | 2.5 |
Taxation | (0.5) | (0.6) |
Profit after tax | 1.3 | 1.9 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
| Summarised balance sheet information: | ||
Non-current assets | 4.7 | 5.2 |
Current assets | 18.1 | 17.4 |
22.8 | 22.6 | |
Liabilities due within one year | (9.5) | (8.9) |
Net assets | 13.3 | 13.7 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
| Non-current assets: | ||
Trade receivables | 3.7 | 6.5 |
Other receivables | 11.2 | 13.7 |
Current income tax assets | 1.6 | 2.4 |
Prepaid pension contributions | 3.6 | 2.4 |
20.1 | 25.0 | |
| Current assets: | ||
Trade receivables | 269.5 | 245.7 |
Current income tax assets | 5.7 | 2.8 |
Prepayments and accrued income | 16.1 | 7.3 |
Derivative financial instruments | 0.9 | 0.9 |
Prepaid pension contributions | 0.5 | 2.2 |
Other receivables | 43.6 | 33.3 |
336.3 | 292.2 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
| Non-current assets: | ||
Trade receivables | 3.7 | 6.5 |
Other receivables | 11.2 | 13.7 |
Current income tax assets | 1.6 | 2.4 |
Prepaid pension contributions | 3.6 | 2.4 |
20.1 | 25.0 | |
| Current assets: | ||
Trade receivables | 269.5 | 245.7 |
Current income tax assets | 5.7 | 2.8 |
Prepayments and accrued income | 16.1 | 7.3 |
Derivative financial instruments | 0.9 | 0.9 |
Prepaid pension contributions | 0.5 | 2.2 |
Other receivables | 43.6 | 33.3 |
336.3 | 292.2 |
| 1\u20133 months | 3\u20136 months | 6+ months | Total | ||
| Current | past due | past due | past due | 2025 | |
Expected loss rate | 0.2% | 2% | 25% | 85% | |
Gross carrying amount (US$m) | 242.3 | 28.6 | 2.4 | 9.6 | 282.9 |
Loss allowance provision (US$m) | 0.4 | 0.5 | 0.6 | 8.2 | 9.7 |
| 1\u20133 months | 3\u20136 months | 6+ months | Total | ||
| Current | past due | past due | past 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 |
| 2025 | 2024 | |
| US$m | US$m | |
At 1 January | 10.1 | 7.3 |
Currency translation differences | \u2013 | (0.3) |
Acquisition of subsidiaries | 0.1 | \u2013 |
Charged to the income statement | 0.9 | 3.6 |
Amounts written off during the year | (1.4) | (0.5) |
At 31 December | 9.7 | 10.1 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
| Non-current assets: | ||
Trade receivables | 3.7 | 6.5 |
Other receivables | 11.2 | 13.7 |
Current income tax assets | 1.6 | 2.4 |
Prepaid pension contributions | 3.6 | 2.4 |
20.1 | 25.0 | |
| Current assets: | ||
Trade receivables | 269.5 | 245.7 |
Current income tax assets | 5.7 | 2.8 |
Prepayments and accrued income | 16.1 | 7.3 |
Derivative financial instruments | 0.9 | 0.9 |
Prepaid pension contributions | 0.5 | 2.2 |
Other receivables | 43.6 | 33.3 |
336.3 | 292.2 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
| Non-current assets: | ||
Trade receivables | 3.7 | 6.5 |
Other receivables | 11.2 | 13.7 |
Current income tax assets | 1.6 | 2.4 |
Prepaid pension contributions | 3.6 | 2.4 |
20.1 | 25.0 | |
| Current assets: | ||
Trade receivables | 269.5 | 245.7 |
Current income tax assets | 5.7 | 2.8 |
Prepayments and accrued income | 16.1 | 7.3 |
Derivative financial instruments | 0.9 | 0.9 |
Prepaid pension contributions | 0.5 | 2.2 |
Other receivables | 43.6 | 33.3 |
336.3 | 292.2 |
| 2025 | 2024 | |
| US$m | US$m | |
At 1 January | 13.6 | 18.0 |
Currency translation differences | 0.5 | (0.3) |
Acquisition of subsidiaries (note 31) | 1.5 | \u2013 |
Credited/(charged) to the income statement | 2.8 | (3.5) |
Credited/(charged) to other comprehensive income and expense | 0.2 | (0.6) |
Charged to equity | (0.7) | \u2013 |
At 31 December | 17.9 | 13.6 |
| 2025 | 2024 | |
| US$m | US$m | |
At 1 January | 58.0 | 63.9 |
Currency translation differences | 2.3 | (1.7) |
Acquisition of subsidiaries | 49.8 | \u2013 |
Credited to the income statement | (2.8) | (4.2) |
Charged to other comprehensive income and expense | 0.2 | \u2013 |
At 31 December | 107.5 | 58.0 |
2025 | 2024 | |||
| 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\ue01efollows: | ||||
Accelerated tax depreciation on tangible fixed assets | (2.0) | 1.4 | (1.3) | 0.2 |
Other temporary differences | (17.3) | (21.1) | (20.6) | (8.8) |
Revenue losses carried forward 1 | (95.3) | (442.1) | (59.6) | (408.1) |
Capital losses carried forward | \u2013 | (376.4) | \u2013 | (369.5) |
Investment in subsidiaries | 17.0 | 19.4 | 12.0 | 14.2 |
Acquired intangibles | 179.6 | \u2013 | 107.1 | \u2013 |
Retirement benefit obligations | 7.6 | (8.8) | 6.8 | (10.9) |
89.6 | (827.6) | 44.4 | (782.9) |
2025 | 2024 | |
| Provided/ | Provided/ | |
| (recognised) | (recognised) | |
| US$m | US$m | |
Deferred tax assets (note 17) | (17.9) | (13.6) |
Deferred tax liabilities | 107.5 | 58.0 |
89.6 | 44.4 |
| 2025 | 2024 | |
| US$m | US$m | |
Expiring within 5 years | 16.4 | 24.7 |
Expiring in more than 5 years | 128.6 | 53.7 |
Available indefinitely | 2,224.8 | 1,824.8 |
2,369.8 | 1,903.2 |
| 2025 | 2024 | |
| US$m | US$m | |
At 1 January | 13.6 | 18.0 |
Currency translation differences | 0.5 | (0.3) |
Acquisition of subsidiaries (note 31) | 1.5 | \u2013 |
Credited/(charged) to the income statement | 2.8 | (3.5) |
Credited/(charged) to other comprehensive income and expense | 0.2 | (0.6) |
Charged to equity | (0.7) | \u2013 |
At 31 December | 17.9 | 13.6 |
| 2025 | 2024 | |
| US$m | US$m | |
At 1 January | 58.0 | 63.9 |
Currency translation differences | 2.3 | (1.7) |
Acquisition of subsidiaries | 49.8 | \u2013 |
Credited to the income statement | (2.8) | (4.2) |
Charged to other comprehensive income and expense | 0.2 | \u2013 |
At 31 December | 107.5 | 58.0 |
2025 | 2024 | |||
| 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\ue01efollows: | ||||
Accelerated tax depreciation on tangible fixed assets | (2.0) | 1.4 | (1.3) | 0.2 |
Other temporary differences | (17.3) | (21.1) | (20.6) | (8.8) |
Revenue losses carried forward 1 | (95.3) | (442.1) | (59.6) | (408.1) |
Capital losses carried forward | \u2013 | (376.4) | \u2013 | (369.5) |
Investment in subsidiaries | 17.0 | 19.4 | 12.0 | 14.2 |
Acquired intangibles | 179.6 | \u2013 | 107.1 | \u2013 |
Retirement benefit obligations | 7.6 | (8.8) | 6.8 | (10.9) |
89.6 | (827.6) | 44.4 | (782.9) |
2025 | 2024 | |
| Provided/ | Provided/ | |
| (recognised) | (recognised) | |
| US$m | US$m | |
Deferred tax assets (note 17) | (17.9) | (13.6) |
Deferred tax liabilities | 107.5 | 58.0 |
89.6 | 44.4 |
| 2025 | 2024 | |
| US$m | US$m | |
Expiring within 5 years | 16.4 | 24.7 |
Expiring in more than 5 years | 128.6 | 53.7 |
Available indefinitely | 2,224.8 | 1,824.8 |
2,369.8 | 1,903.2 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
Raw materials and consumables | 95.1 | 93.8 |
Work in progress | 8.6 | 17.0 |
Finished goods and goods for resale | 69.8 | 65.3 |
173.5 | 176.1 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
| Amounts falling due within one year: | ||
Trade payables | 194.6 | 167.2 |
Amounts owed to joint ventures | 16.0 | 16.1 |
Other tax and social security payable | 4.2 | 4.3 |
Other payables | 37.0 | 23.9 |
Accruals | 44.3 | 43.1 |
Contract liabilities | 7.9 | 9.5 |
Derivative financial instruments | 0.7 | 2.3 |
Employee entitlements | 33.4 | 32.8 |
338.1 | 299.2 | |
| Amounts falling due after more than one year: | ||
Contract liabilities | 4.9 | 7.2 |
Employee entitlements | \u2013 | 0.2 |
4.9 | 7.4 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
| Amounts falling due within one year: | ||
Trade payables | 194.6 | 167.2 |
Amounts owed to joint ventures | 16.0 | 16.1 |
Other tax and social security payable | 4.2 | 4.3 |
Other payables | 37.0 | 23.9 |
Accruals | 44.3 | 43.1 |
Contract liabilities | 7.9 | 9.5 |
Derivative financial instruments | 0.7 | 2.3 |
Employee entitlements | 33.4 | 32.8 |
338.1 | 299.2 | |
| Amounts falling due after more than one year: | ||
Contract liabilities | 4.9 | 7.2 |
Employee entitlements | \u2013 | 0.2 |
4.9 | 7.4 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
| Amounts falling due within one year: | ||
Trade payables | 194.6 | 167.2 |
Amounts owed to joint ventures | 16.0 | 16.1 |
Other tax and social security payable | 4.2 | 4.3 |
Other payables | 37.0 | 23.9 |
Accruals | 44.3 | 43.1 |
Contract liabilities | 7.9 | 9.5 |
Derivative financial instruments | 0.7 | 2.3 |
Employee entitlements | 33.4 | 32.8 |
338.1 | 299.2 | |
| Amounts falling due after more than one year: | ||
Contract liabilities | 4.9 | 7.2 |
Employee entitlements | \u2013 | 0.2 |
4.9 | 7.4 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
| Amounts falling due within one year: | ||
Trade payables | 194.6 | 167.2 |
Amounts owed to joint ventures | 16.0 | 16.1 |
Other tax and social security payable | 4.2 | 4.3 |
Other payables | 37.0 | 23.9 |
Accruals | 44.3 | 43.1 |
Contract liabilities | 7.9 | 9.5 |
Derivative financial instruments | 0.7 | 2.3 |
Employee entitlements | 33.4 | 32.8 |
338.1 | 299.2 | |
| Amounts falling due after more than one year: | ||
Contract liabilities | 4.9 | 7.2 |
Employee entitlements | \u2013 | 0.2 |
4.9 | 7.4 |
| 1\u20133 months | 3\u20136 months | 6+ months | Total | ||
| Current | past due | past due | past due | 2025 | |
Expected loss rate | 0.2% | 2% | 25% | 85% | |
Gross carrying amount (US$m) | 242.3 | 28.6 | 2.4 | 9.6 | 282.9 |
Loss allowance provision (US$m) | 0.4 | 0.5 | 0.6 | 8.2 | 9.7 |
| 1\u20133 months | 3\u20136 months | 6+ months | Total | ||
| Current | past due | past due | past 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 |
| 2025 | 2024 | |
| US$m | US$m | |
At 1 January | 10.1 | 7.3 |
Currency translation differences | \u2013 | (0.3) |
Acquisition of subsidiaries | 0.1 | \u2013 |
Charged to the income statement | 0.9 | 3.6 |
Amounts written off during the year | (1.4) | (0.5) |
At 31 December | 9.7 | 10.1 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
| Provisions are included as follows: | ||
Current liabilities | 32.3 | 26.5 |
Non-current liabilities | 19.6 | 25.1 |
51.9 | 51.6 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
Property related provisions | 2.1 | 2.3 |
UK pension related provisions | 9.0 | 14.5 |
Other provisions | 40.8 | 34.8 |
51.9 | 51.6 |
| Property | UK pension | |||
| related | related | Other | ||
| provisions | provisions | provisions | Total | |
| US$m | US$m | US$m | US$m | |
At 1 January 2025 | 2.3 | 14.5 | 34.8 | 51.6 |
Currency translation differences | 0.1 | 1.0 | 0.9 | 2.0 |
Acquisition of subsidiaries (see note 31) | \u2013 | \u2013 | 12.7 | 12.7 |
Charged to the income statement | 0.2 | 0.3 | 9.9 | 10.4 |
Charged to other comprehensive income | \u2013 | 0.3 | \u2013 | 0.3 |
Utilised in year | (0.5) | (7.1) | (17.5) | (25.1) |
At 31 December 2025 | 2.1 | 9.0 | 40.8 | 51.9 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
| Fair value through the income statement: | ||
Forward foreign currency contracts | 0.9 | 0.9 |
Amounts shown within current assets | 0.9 | 0.9 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
| Fair value through the income statement: | ||
Forward foreign currency contracts | 0.7 | 2.3 |
Amounts shown within current liabilities | 0.7 | 2.3 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
Bank overdrafts | 0.1 | 0.2 |
Borrowings repayable within one year | 0.4 | \u2013 |
Due within one year | 0.5 | 0.2 |
Borrowing repayable between one and two years | 400.0 | \u2013 |
Borrowings repayable between two and five years | 496.9 | 246.8 |
Due after more than five years | 149.3 | 348.3 |
Due after more than one year | 1,046.2 | 595.1 |
Bank overdrafts | 0.1 | 0.2 |
Series A and Series B Senior Notes | 596.2 | 595.1 |
Bank and other borrowings | 450.4 | \u2013 |
1,046.7 | 595.3 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
| Financial assets carried at amortised cost: | ||
Cash and cash equivalents | 232.0 | 146.0 |
Trade receivables (note 19) | 273.2 | 252.2 |
Loan receivable (note 10) | 43.6 | 38.3 |
Other receivables (note 19), net of non-financial assets $33.7m (2024: $31.7m) | 21.1 | 15.3 |
569.9 | 451.8 | |
| Financial assets carried at fair value through the income statement: | ||
Derivative financial instruments (note 20) | 0.9 | 0.9 |
0.9 | 0.9 | |
Other financial assets carried at fair value through the statement of comprehensive income: | ||
Other investments (note 16) | 0.5 | 0.6 |
0.5 | 0.6 | |
Total financial assets | 571.3 | 453.3 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
| Financial liabilities carried at amortised cost: | ||
Trade payables (note 21) | 194.6 | 167.2 |
Amounts owed to joint ventures (note 21) | 16.0 | 16.1 |
Other financial liabilities | 73.9 | 67.0 |
Provisions | 8.3 | 0.7 |
Lease liabilities (note 15) | 92.9 | 83.2 |
Borrowings (note 23) | 1,046.7 | 595.3 |
1,432.4 | 929.5 | |
| Financial liabilities carried at fair value through the income statement: | ||
Derivative financial instruments (note 22) | 0.7 | 2.3 |
Total financial liabilities | 1,433.1 | 931.8 |
2025 | 2024 | |||
| Book value | Fair value | Book value | Fair value | |
| US$m | US$m | US$m | US$m | |
| Primary financial instruments: | ||||
Cash and cash equivalents | 232.0 | 232.0 | 146.0 | 146.0 |
Trade receivables | 273.2 | 273.2 | 252.2 | 252.2 |
Loan receivable | 43.6 | 43.6 | 38.3 | 38.3 |
Other receivables | 21.1 | 21.1 | 15.3 | 15.3 |
Other investments | 0.5 | 0.5 | 0.6 | 0.6 |
Trade payables | (194.6) | (194.6) | (167.2) | (167.2) |
Amounts owed to joint ventures | (16.0) | (16.0) | (16.1) | (16.1) |
Other financial liabilities and provisions | (82.2) | (82.2) | (67.7) | (67.7) |
Borrowings | (1,046.7) | (1,046.7) | (595.3) | (595.3) |
| Derivative financial instruments: | ||||
Forward foreign currency contracts | 0.2 | 0.2 | (1.4) | (1.4) |
Net financial liabilities | (768.9) | (768.9) | (395.3) | (395.3) |
| Total | Level 1 | Level 2 | Level 3 | |
| Year ended 31 December | US$m | US$m | US$m | US$m |
| 2025 | ||||
Financial assets measured at fair value through the income statement: | ||||
Trading derivatives | 0.9 | \u2013 | 0.9 | \u2013 |
Financial assets measured at fair value through the statement of comprehensive income: | ||||
Other investments | 0.5 | \u2013 | \u2013 | 0.5 |
| 2024 | ||||
Financial assets measured at fair value through the income statement: | ||||
Trading derivatives | 0.9 | \u2013 | 0.9 | \u2013 |
Financial assets measured at fair value through the statement of comprehensive income: | ||||
Other investments | 0.6 | \u2013 | \u2013 | 0.6 |
| Total | Level 1 | Level 2 | Level 3 | |
| Year ended 31 December | US$m | US$m | US$m | US$m |
| 2025 | ||||
Financial liabilities measured at fair value through the income statement: | ||||
Trading derivatives | (0.7) | \u2013 | (0.7) | \u2013 |
Contingent consideration provision | (7.3) | \u2013 | \u2013 | (7.3) |
(8.0) | \u2013 | (0.7) | (7.3) | |
| 2024 | ||||
Financial liabilities measured at fair value through the income statement: | ||||
Trading derivatives | (2.3) | \u2013 | (2.3) | \u2013 |
| Net foreign currency financial assets/(liabilities) | ||||||
| Sterling | US dollars | Euro | Indian Rupees | Other | Total | |
| Functional currency 2025 | US$m | US$m | US$m | US$m | US$m | US$m |
Sterling | \u2013 | (0.7) | 3.3 | \u2013 | \u2013 | 2.6 |
United States dollars | (20.0) | \u2013 | (3.1) | 2.0 | (13.1) | (34.2) |
Euros | 0.1 | (9.3) | \u2013 | \u2013 | 0.1 | (9.1) |
Indian Rupees | \u2013 | 3.4 | \u2013 | \u2013 | \u2013 | 3.4 |
Other currencies | (0.2) | 16.7 | 6.1 | \u2013 | 12.2 | 34.8 |
(20.1) | 10.1 | 6.3 | 2.0 | (0.8) | (2.5) |
| Net foreign currency financial assets/(liabilities) | ||||||
| Sterling | US dollars | Euro | Indian Rupees | Other | Total | |
| Functional currency 2024 | US$m | US$m | US$m | US$m | US$m | US$m |
Sterling | \u2013 | 2.5 | 2.9 | \u2013 | \u2013 | 5.4 |
United States dollars | (16.4) | \u2013 | (1.8) | 0.9 | 6.4 | (10.9) |
Euros | \u2013 | (3.4) | \u2013 | \u2013 | 0.4 | (3.0) |
Indian Rupees | \u2013 | 3.2 | (0.5) | \u2013 | \u2013 | 2.7 |
Other currencies | (1.7) | 12.8 | 3.9 | \u2013 | 8.6 | 23.6 |
(18.1) | 15.1 | 4.5 | 0.9 | 15.4 | 17.8 |
| Indian | |||
| Sterling | Euro | Rupees | |
| 2025 | US$m | US$m | US$m |
Increase in US dollar exchange rate | 10% | 10% | 10% |
(Decrease)/increase in profit before tax | (2.2) | 0.6 | (0.1) |
Increase in shareholders\u2019 funds | 3.7 | 7.4 | 6.1 |
| Sterling | Euro | Indian Rupees | |
| 2024 | US$m | US$m | US$m |
Increase in US dollar exchange rate | 10% | 10% | 10% |
Decrease in profit before tax | (2.1) | 0.2 | (0.2) |
Increase in shareholders\u2019 funds | 6.8 | 4.3 | 6.5 |
2025 | 2024 | |||||||||
| Cash and cash | Trade and other | Derivative financial | Cash and cash | Trade and other | Derivative financial | |||||
| Investments | equivalents | receivables | instruments | Total | Investments | equivalents | receivables | instruments | Total | |
| 31 December | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m |
| Currency: | ||||||||||
Sterling | \u2013 | 0.1 | 47.7 | 15.9 | 63.7 | \u2013 | \u2013 | 42.1 | \u2013 | 42.1 |
United States dollars | \u2013 | 136.5 | 171.1 | (52.5) | 255.1 | \u2013 | 81.7 | 138.1 | 10.5 | 230.3 |
Euros | \u2013 | 5.2 | 29.8 | (0.4) | 34.6 | 0.1 | 3.9 | 26.4 | (12.6) | 17.8 |
Indian Rupees | 0.5 | 29.1 | 28.1 | \u2013 | 57.7 | 0.5 | 17.8 | 29.9 | \u2013 | 48.2 |
Other currencies | \u2013 | 61.1 | 61.2 | 37.9 | 160.2 | \u2013 | 42.6 | 69.3 | 3.0 | 114.9 |
Total financial assets | 0.5 | 232.0 | 337.9 | 0.9 | 571.3 | 0.6 | 146.0 | 305.8 | 0.9 | 453.3 |
2025 | 2024 | |||||||||||
| Derivative | Derivative | |||||||||||
| financial | financial | |||||||||||
| Floating rate | Fixed rate | Interest free | Lease liabilities | instruments | Total | Floating rate | Fixed rate | Interest free | Lease liabilities | instruments | Total | |
| 31 December | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m |
| Currency: | ||||||||||||
Sterling | \u2013 | \u2013 | 22.7 | 1.9 | 0.1 | 24.7 | \u2013 | \u2013 | 2.1 | 2.7 | (11.3) | (6.5) |
United States dollars | 450.0 | 596.2 | 119.3 | 28.6 | 12.4 | 1,206.5 | \u2013 | 595.1 | 115.1 | 23.9 | 58.0 | 792.1 |
Euros | 0.2 | \u2013 | 20.7 | 9.4 | (10.9) | 19.4 | 0.2 | \u2013 | 17.5 | 8.5 | (0.2) | 26.0 |
Indian Rupees | 0.3 | \u2013 | 36.5 | 5.7 | (2.8) | 39.7 | \u2013 | \u2013 | 34.3 | 5.8 | \u2013 | 40.1 |
Other currencies | \u2013 | \u2013 | 93.6 | 47.3 | 1.9 | 142.8 | \u2013 | \u2013 | 82.0 | 42.3 | (44.2) | 80.1 |
Total financial liabilities | 450.5 | 596.2 | 292.8 | 92.9 | 0.7 | 1,433.1 | 0.2 | 595.1 | 251.0 | 83.2 | 2.3 | 931.8 |
2025 | 2024 | |||||
| Financial | Financial | |||||
| liabilities | liabilities | |||||
| Fixed rate | on which | Fixed rate | on which | |||
| financial | no interest | financial | no interest | |||
| liabilities | is paid | liabilities | is paid | |||
| Weighted | Weighted | |||||
| Weighted | average | Weighted | Weighted | average | Weighted | |
| average | period for | average | average | period for | average | |
| interest | which rate | period until | interest | which rate | period until | |
| rate | is fixed | maturity | rate | is fixed | maturity | |
| Year ended 31 December | % | (months) | (months) | % | (months) | (months) |
| Currency: | ||||||
Sterling | \u2013 | \u2013 | 18 | \u2013 | \u2013 | 18 |
United States dollars | 5.15 | 49 | \u2013 | 5.15 | 61 | \u2013 |
Weighted average | 5.15 | 49 | 18 | 5.15 | 61 | 18 |
Assets | Liabilities | |||
| 2025 | 2024 | 2025 | 2024 | |
| Year ended 31 December | US$m | US$m | US$m | US$m |
| Currency: | ||||
Sterling | 15.9 | 11.3 | (0.1) | \u2013 |
United States dollars | 22.2 | 18.8 | (63.7) | (66.4) |
Euros | \u2013 | 0.2 | (12.8) | (12.6) |
Indian Rupee | 2.8 | \u2013 | \u2013 | \u2013 |
Other currencies | 45.7 | 52.8 | (9.8) | (5.5) |
86.6 | 83.1 | (86.4) | (84.5) |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
| Impact of a 10% increase in prices: | ||
Increase in pre-tax profit for the year | \u2013 | \u2013 |
Increase in equity shareholders\u2019 funds | 0.1 | 0.1 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
Expiring between two and five years | 420.0 | 420.0 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
In one year or less, or on demand | 518.7 | 403.0 |
In more than one year but not more than two years | 51.1 | 10.5 |
In more than two years but not more than five years | \u2013 | 38.3 |
In more than five years | 0.5 | 0.6 |
570.3 | 452.4 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
In one year or less, or on demand | 314.7 | 271.6 |
In more than one year but not more than two years | 422.6 | 17.7 |
In more than two years but not more than five years | 543.4 | 293.4 |
In more than five years | 171.1 | 370.6 |
1,451.8 | 953.3 |
Assets | Liabilities | |||
| 2025 | 2024 | 2025 | 2024 | |
| Year ended 31 December | US$m | US$m | US$m | US$m |
In one year or less, or on demand | 86.6 | 83.0 | (86.4) | (84.4) |
86.6 | 83.0 | (86.4) | (84.4) |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
The Group considers its maximum exposure to credit risk to be as follows: | ||
Cash and cash equivalents | 232.0 | 146.0 |
Derivative financial instruments | 0.9 | 0.9 |
Trade receivables (net of impairment provision) | 273.2 | 252.2 |
Loan receivable | 43.6 | 38.3 |
Other receivables | 21.1 | 15.3 |
570.8 | 452.7 | |
| Financial assets considered not to have exposure to credit risk: | ||
Other investments | 0.5 | 0.6 |
Total financial assets | 571.3 | 453.3 |
| Analysis of trade receivables over permitted credit period: | ||
Trade receivables up to 1 month over permitted credit period | 21.6 | 15.3 |
Trade receivables between 1 and 2 months over permitted credit period | 5.1 | 5.2 |
Trade receivables between 2 and 3 months over permitted credit period | 1.4 | 1.9 |
Trade receivables between 3 and 6 months over permitted credit period | 1.8 | 2.0 |
Trade receivables in excess of 6 months over permitted credit period | 1.4 | 1.6 |
| Total trade receivables (net of impairment provision) in excess of permitted | ||
credit period | 31.3 | 26.0 |
Trade receivables within permitted credit period | 241.9 | 226.2 |
Total net trade receivables | 273.2 | 252.2 |
| Analysis of trade receivables impairment provision: | ||
Trade receivables up to 1 month over permitted credit period | 0.5 | 0.5 |
Trade receivables between 1 and 2 months over permitted credit period | 0.2 | 0.1 |
Trade receivables between 2 and 3 months over permitted credit period | 0.2 | 0.4 |
Trade receivables between 3 and 6 months over permitted credit period | 0.6 | 1.1 |
Trade receivables in excess of 6 months over permitted credit period | 8.2 | 8.0 |
Total impairment provision | 9.7 | 10.1 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
| Fair value through the income statement: | ||
Forward foreign currency contracts | 0.9 | 0.9 |
Amounts shown within current assets | 0.9 | 0.9 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
| Fair value through the income statement: | ||
Forward foreign currency contracts | 0.9 | 0.9 |
Amounts shown within current assets | 0.9 | 0.9 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
| Fair value through the income statement: | ||
Forward foreign currency contracts | 0.7 | 2.3 |
Amounts shown within current liabilities | 0.7 | 2.3 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
| Financial assets carried at amortised cost: | ||
Cash and cash equivalents | 232.0 | 146.0 |
Trade receivables (note 19) | 273.2 | 252.2 |
Loan receivable (note 10) | 43.6 | 38.3 |
Other receivables (note 19), net of non-financial assets $33.7m (2024: $31.7m) | 21.1 | 15.3 |
569.9 | 451.8 | |
| Financial assets carried at fair value through the income statement: | ||
Derivative financial instruments (note 20) | 0.9 | 0.9 |
0.9 | 0.9 | |
Other financial assets carried at fair value through the statement of comprehensive income: | ||
Other investments (note 16) | 0.5 | 0.6 |
0.5 | 0.6 | |
Total financial assets | 571.3 | 453.3 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
| Financial liabilities carried at amortised cost: | ||
Trade payables (note 21) | 194.6 | 167.2 |
Amounts owed to joint ventures (note 21) | 16.0 | 16.1 |
Other financial liabilities | 73.9 | 67.0 |
Provisions | 8.3 | 0.7 |
Lease liabilities (note 15) | 92.9 | 83.2 |
Borrowings (note 23) | 1,046.7 | 595.3 |
1,432.4 | 929.5 | |
| Financial liabilities carried at fair value through the income statement: | ||
Derivative financial instruments (note 22) | 0.7 | 2.3 |
Total financial liabilities | 1,433.1 | 931.8 |
2025 | 2024 | |||
| Book value | Fair value | Book value | Fair value | |
| US$m | US$m | US$m | US$m | |
| Primary financial instruments: | ||||
Cash and cash equivalents | 232.0 | 232.0 | 146.0 | 146.0 |
Trade receivables | 273.2 | 273.2 | 252.2 | 252.2 |
Loan receivable | 43.6 | 43.6 | 38.3 | 38.3 |
Other receivables | 21.1 | 21.1 | 15.3 | 15.3 |
Other investments | 0.5 | 0.5 | 0.6 | 0.6 |
Trade payables | (194.6) | (194.6) | (167.2) | (167.2) |
Amounts owed to joint ventures | (16.0) | (16.0) | (16.1) | (16.1) |
Other financial liabilities and provisions | (82.2) | (82.2) | (67.7) | (67.7) |
Borrowings | (1,046.7) | (1,046.7) | (595.3) | (595.3) |
| Derivative financial instruments: | ||||
Forward foreign currency contracts | 0.2 | 0.2 | (1.4) | (1.4) |
Net financial liabilities | (768.9) | (768.9) | (395.3) | (395.3) |
| Total | Level 1 | Level 2 | Level 3 | |
| Year ended 31 December | US$m | US$m | US$m | US$m |
| 2025 | ||||
Financial assets measured at fair value through the income statement: | ||||
Trading derivatives | 0.9 | \u2013 | 0.9 | \u2013 |
Financial assets measured at fair value through the statement of comprehensive income: | ||||
Other investments | 0.5 | \u2013 | \u2013 | 0.5 |
| 2024 | ||||
Financial assets measured at fair value through the income statement: | ||||
Trading derivatives | 0.9 | \u2013 | 0.9 | \u2013 |
Financial assets measured at fair value through the statement of comprehensive income: | ||||
Other investments | 0.6 | \u2013 | \u2013 | 0.6 |
| Total | Level 1 | Level 2 | Level 3 | |
| Year ended 31 December | US$m | US$m | US$m | US$m |
| 2025 | ||||
Financial liabilities measured at fair value through the income statement: | ||||
Trading derivatives | (0.7) | \u2013 | (0.7) | \u2013 |
Contingent consideration provision | (7.3) | \u2013 | \u2013 | (7.3) |
(8.0) | \u2013 | (0.7) | (7.3) | |
| 2024 | ||||
Financial liabilities measured at fair value through the income statement: | ||||
Trading derivatives | (2.3) | \u2013 | (2.3) | \u2013 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
Bank overdrafts | 0.1 | 0.2 |
Borrowings repayable within one year | 0.4 | \u2013 |
Due within one year | 0.5 | 0.2 |
Borrowing repayable between one and two years | 400.0 | \u2013 |
Borrowings repayable between two and five years | 496.9 | 246.8 |
Due after more than five years | 149.3 | 348.3 |
Due after more than one year | 1,046.2 | 595.1 |
Bank overdrafts | 0.1 | 0.2 |
Series A and Series B Senior Notes | 596.2 | 595.1 |
Bank and other borrowings | 450.4 | \u2013 |
1,046.7 | 595.3 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
| Provisions are included as follows: | ||
Current liabilities | 32.3 | 26.5 |
Non-current liabilities | 19.6 | 25.1 |
51.9 | 51.6 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
Property related provisions | 2.1 | 2.3 |
UK pension related provisions | 9.0 | 14.5 |
Other provisions | 40.8 | 34.8 |
51.9 | 51.6 |
| Property | UK pension | |||
| related | related | Other | ||
| provisions | provisions | provisions | Total | |
| US$m | US$m | US$m | US$m | |
At 1 January 2025 | 2.3 | 14.5 | 34.8 | 51.6 |
Currency translation differences | 0.1 | 1.0 | 0.9 | 2.0 |
Acquisition of subsidiaries (see note 31) | \u2013 | \u2013 | 12.7 | 12.7 |
Charged to the income statement | 0.2 | 0.3 | 9.9 | 10.4 |
Charged to other comprehensive income | \u2013 | 0.3 | \u2013 | 0.3 |
Utilised in year | (0.5) | (7.1) | (17.5) | (25.1) |
At 31 December 2025 | 2.1 | 9.0 | 40.8 | 51.9 |
| Share | Capital | Non- | |||||
| premium | Own | Translation | reduction | Other | Retained | controlling | |
| account | shares | reserve | reserve | reserves | loss | interests | |
| US$m | US$m | US$m | US$m | US$m | US$m | US$m | |
At 1 January 2025 | 111.4 | (5.3) | (129.7) | 59.8 | 246.3 | (35.4) | 32.5 |
Dividends | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (54.1) | (14.7) |
| Currency translation | |||||||
differences | \u2013 | \u2013 | 17.5 | \u2013 | \u2013 | \u2013 | \u2013 |
Actuarial losses on employee benefits | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (10.1) | \u2013 |
Acquisition of business | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 5.2 |
Issue of ordinary shares | 300.9 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Purchase of own shares | \u2013 | (9.0) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Movement in own shares | \u2013 | 11.1 | \u2013 | \u2013 | \u2013 | (10.8) | \u2013 |
| Deferred tax on share | |||||||
schemes | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (0.7) | \u2013 |
Share based payments | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 6.8 | \u2013 |
Profit for the year | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 103.4 | 17.8 |
At 31 December 2025 | 412.3 | (3.2) | (112.2) | 59.8 | 246.3 | (0.9) | 40.8 |
| Profit allocated to | Accumulated | |||
| non-controlling interests | non-controlling interests | |||
| Year ended | Year ended | |||
| 31 December | 31 December | 31 December | 31 December | |
| 2025 | 2024 | 2025 | 2024 | |
| US$m | US$m | US$m | US$m | |
EMEA | 0.3 | \u2013 | 1.4 | 1.4 |
Asia | 17.5 | 19.6 | 39.4 | 31.1 |
17.8 | 19.6 | 40.8 | 32.5 |
| Profit allocated to | Accumulated | |||
| non-controlling interests | non-controlling interests | |||
| Year ended | Year ended | |||
| 31 December | 31 December | 31 December | 31 December | |
| 2025 | 2024 | 2025 | 2024 | |
| US$m | US$m | US$m | US$m | |
EMEA | 0.3 | \u2013 | 1.4 | 1.4 |
Asia | 17.5 | 19.6 | 39.4 | 31.1 |
17.8 | 19.6 | 40.8 | 32.5 |
2025 | 2024 | |||
Number | US$m | Number | US$m | |
At 1 January | 1,597,810,385 | 99.0 | 1,597,810,385 | 99.0 |
Issue of ordinary shares | 319,562,076 | 21.4 | \u2013 | \u2013 |
At 31 December | 1,917,372,461 | 120.4 | 1,597,810,385 | 99.0 |
| Share | Capital | Non- | |||||
| premium | Own | Translation | reduction | Other | Retained | controlling | |
| account | shares | reserve | reserve | reserves | loss | interests | |
| US$m | US$m | US$m | US$m | US$m | US$m | US$m | |
At 1 January 2025 | 111.4 | (5.3) | (129.7) | 59.8 | 246.3 | (35.4) | 32.5 |
Dividends | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (54.1) | (14.7) |
| Currency translation | |||||||
differences | \u2013 | \u2013 | 17.5 | \u2013 | \u2013 | \u2013 | \u2013 |
Actuarial losses on employee benefits | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (10.1) | \u2013 |
Acquisition of business | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 5.2 |
Issue of ordinary shares | 300.9 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Purchase of own shares | \u2013 | (9.0) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Movement in own shares | \u2013 | 11.1 | \u2013 | \u2013 | \u2013 | (10.8) | \u2013 |
| Deferred tax on share | |||||||
schemes | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (0.7) | \u2013 |
Share based payments | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 6.8 | \u2013 |
Profit for the year | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 103.4 | 17.8 |
At 31 December 2025 | 412.3 | (3.2) | (112.2) | 59.8 | 246.3 | (0.9) | 40.8 |
| Profit allocated to | Accumulated | |||
| non-controlling interests | non-controlling interests | |||
| Year ended | Year ended | |||
| 31 December | 31 December | 31 December | 31 December | |
| 2025 | 2024 | 2025 | 2024 | |
| US$m | US$m | US$m | US$m | |
EMEA | 0.3 | \u2013 | 1.4 | 1.4 |
Asia | 17.5 | 19.6 | 39.4 | 31.1 |
17.8 | 19.6 | 40.8 | 32.5 |
2025 | 2024 | |||
Number | US$m | Number | US$m | |
At 1 January | 1,597,810,385 | 99.0 | 1,597,810,385 | 99.0 |
Issue of ordinary shares | 319,562,076 | 21.4 | \u2013 | \u2013 |
At 31 December | 1,917,372,461 | 120.4 | 1,597,810,385 | 99.0 |
| 2025 | 2024* | |
| Year ended 31 December | US$m | US$m |
Operating profit 1 | 241.4 | 224.5 |
Depreciation of owned property, plant and equipment | 23.9 | 24.3 |
Deprecation of right-of-use assets | 17.8 | 17.0 |
Amortisation and impairment of intangible assets | 28.5 | 22.9 |
Impairment of property, plant and equipment and other assets | 1.4 | 8.7 |
Decrease/(increase) in inventories | 13.7 | (7.2) |
Decrease/(increase) in debtors | 9.2 | (18.1) |
Increase in creditors | 9.0 | 25.4 |
Provisions and pension movements | (22.4) | (95.8) |
Foreign exchange and other non-cash movements | 6.1 | 2.1 |
Discontinued operations | 2.2 | (7.1) |
Cash generated from operations | 330.8 | 196.7 |
| 2025 | 2024* | |
| Year ended 31 December | US$m | US$m |
Interest paid | (34.2) | (30.3) |
Discontinued operations | (1.1) | (1.2) |
(35.3) | (31.5) |
| 2025 | 2024* | |
| Year ended 31 December | US$m | US$m |
Overseas tax paid | (70.8) | (67.5) |
Discontinued operations | \u2013 | (1.9) |
(70.8) | (69.4) |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
Dividends received from joint ventures | 1.7 | 1.0 |
| 2025 | 2024 * | |
| Year ended 31 December | US$m | US$m |
Purchase of property, plant and equipment and intangible assets | (32.1) | (25.7) |
Proceeds from disposal of property, plant and equipment | 0.9 | 3.0 |
Discontinued operations | 1.7 | (1.3) |
(29.5) | (24.0) |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
Acquisition of businesses | (552.0) | \u2013 |
Disposal of discontinued business | 13.1 | \u2013 |
(538.9) | \u2013 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
Cash and cash equivalents | 232.0 | 146.0 |
Bank overdrafts | (0.1) | (0.2) |
Net cash and cash equivalents | 231.9 | 145.8 |
Borrowings (see note 23) | (1,046.6) | (595.1) |
Net debt excluding lease liabilities | (814.7) | (449.3) |
Lease liabilities (see note 15) | (92.9) | (83.2) |
Total net debt | (907.6) | (532.5) |
| Series A | |||||||
| and Series | Total | Cash | |||||
| B | financing | at bank | |||||
| Senior | Bank | Lease | activity | Bank | and in | ||
| Notes | loans | liabilities | liabilities | overdrafts | hand | Net debt | |
| US$m | US$m | US$m | US$m | US$m | US$m | US$m | |
At 1 January 2024 | (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) |
Financing cash flows | \u2013 | (201.4) | 20.2 | (181.2) | \u2013 | \u2013 | (181.2) |
Other cash flows | \u2013 | \u2013 | 5.2 | 5.2 | 0.1 | 50.9 | 56.2 |
| Acquisition of subsidiaries | |||||||
(see note 31) | \u2013 | (248.6) | (11.4) | (260.0) | \u2013 | 33.7 | (226.3) |
Non-cash movements | (1.5) | \u2013 | (21.6) | (23.1) | \u2013 | \u2013 | (23.1) |
Foreign exchange | \u2013 | \u2013 | (2.1) | (2.1) | \u2013 | 1.4 | (0.7) |
At 31 December 2025 | (596.6) | (450.0) | (92.9) | (1,139.5) | (0.1) | 232.0 | (907.6) |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
| Current assets: | ||
Cash and cash equivalents | 232.0 | 146.0 |
| Current liabilities: | ||
Bank overdrafts and other borrowings | (0.5) | (0.2) |
Lease liabilities | (21.2) | (16.6) |
| Non-current liabilities: | ||
Borrowings | (1,046.2) | (595.1) |
Lease liabilities | (71.7) | (66.6) |
Total net debt | (907.6) | (532.5) |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
Acquisition of businesses | (552.0) | \u2013 |
Disposal of discontinued business | 13.1 | \u2013 |
(538.9) | \u2013 |
| Provisional | ||
| fair values | ||
| recognised on | ||
| acquisition of | ||
| OrthoLite | ||
| US$m | ||
| Assets | ||
| Acquired intangible assets | ||
\u2013 | Customer relationships | 437.4 |
\u2013 | Brands and trade names | 59.3 |
\u2013 | Technology | 72.4 |
| 569.1 | ||
Computer software | 0.6 | |
Property, plant and equipment | 26.9 | |
Right-of-use-assets | 11.3 | |
Deferred tax assets | 1.5 | |
Inventories | 23.6 | |
Trade and other receivables | 47.3 | |
Cash and cash equivalents | 33.7 | |
| 714.0 | ||
| Liabilities | ||
Trade and other payables | (54.0) | |
Deferred tax liabilities | (50.5) | |
Borrowings | (248.6) | |
Lease liabilities | (11.4) | |
Provisions | (6.0) | |
| (370.5) | ||
Non-controlling interests | (5.2) | |
Total identifiable net assets acquired at provisional fair values | 338.3 | |
Goodwill recognised on acquisition (provisional) | 242.2 | |
Total net assets acquired at provisional fair values | 580.5 | |
Cash purchase consideration paid | 581.7 | |
Completion and other adjustments | (1.2) | |
Total consideration payable | 580.5 |
| US$m | |
Purchase consideration paid to previous owners | 581.7 |
Cash and cash equivalents acquired | (33.7) |
Acquisition of businesses \u2013 investing cash flows | 548.0 |
External bank borrowings settled on completion \u2013 financing cash flows | 247.6 |
Total cash out flow on the acquisition date | 795.6 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
Cash and cash equivalents | 232.0 | 146.0 |
Bank overdrafts | (0.1) | (0.2) |
Net cash and cash equivalents | 231.9 | 145.8 |
Borrowings (see note 23) | (1,046.6) | (595.1) |
Net debt excluding lease liabilities | (814.7) | (449.3) |
Lease liabilities (see note 15) | (92.9) | (83.2) |
Total net debt | (907.6) | (532.5) |
| Series A | |||||||
| and Series | Total | Cash | |||||
| B | financing | at bank | |||||
| Senior | Bank | Lease | activity | Bank | and in | ||
| Notes | loans | liabilities | liabilities | overdrafts | hand | Net debt | |
| US$m | US$m | US$m | US$m | US$m | US$m | US$m | |
At 1 January 2024 | (472.3) | (23.3) | (86.8) | (582.4) | (20.9) | 132.4 | (470.9) |
Financing cash flows | (123.7) | 28.0 | 19.2 | (76.5) | \u2013 | \u2013 | (76.5) |
Other cash flows | \u2013 | \u2013 | 5.2 | 5.2 | 20.7 | 9.8 | 35.7 |
Non-cash movements | 0.9 | (4.7) | (18.2) | (22.0) | \u2013 | \u2013 | (22.0) |
Foreign exchange | \u2013 | \u2013 | (2.6) | (2.6) | \u2013 | 3.8 | 1.2 |
At 31 December 2024 | (595.1) | \u2013 | (83.2) | (678.3) | (0.2) | 146.0 | (532.5) |
Financing cash flows | \u2013 | (201.4) | 20.2 | (181.2) | \u2013 | \u2013 | (181.2) |
Other cash flows | \u2013 | \u2013 | 5.2 | 5.2 | 0.1 | 50.9 | 56.2 |
| Acquisition of subsidiaries | |||||||
(see note 31) | \u2013 | (248.6) | (11.4) | (260.0) | \u2013 | 33.7 | (226.3) |
Non-cash movements | (1.5) | \u2013 | (21.6) | (23.1) | \u2013 | \u2013 | (23.1) |
Foreign exchange | \u2013 | \u2013 | (2.1) | (2.1) | \u2013 | 1.4 | (0.7) |
At 31 December 2025 | (596.6) | (450.0) | (92.9) | (1,139.5) | (0.1) | 232.0 | (907.6) |
| 2025 | 2024* | |
| Year ended 31 December | US$m | US$m |
Revenue | 26.3 | 67.9 |
Cost of sales | (40.6) | (84.9) |
Gross profit | (14.3) | (17.0) |
Distribution costs | (1.0) | (3.6) |
Administrative expenses | (2.1) | (4.1) |
Other operating income | 1.2 | \u2013 |
Operating loss | (16.2) | (24.7) |
Finance costs | \u2013 | (1.2) |
Loss before taxation | (16.2) | (25.9) |
Taxation | 0.7 | (0.4) |
Loss from discontinued operations | (15.5) | (26.3) |
| 2025 | 2024* | ||
| Year ended 31 December | US$m | US$m | |
| Costs of exiting Americas Yarns business | |||
\u2013 | Cost of Sales | (16.0) | (15.3) |
\u2013 | Administrative expenses | (1.9) | \u2013 |
(17.9) | (15.3) | ||
| Strategic project costs: | |||
\u2013 | Cost of sales | \u2013 | (2.8) |
\u2013 | Distribution costs | \u2013 | (1.0) |
\u2013 | (3.8) | ||
| Administrative expenses: | |||
Acquired intangible assets \u2013 amortisation and impairment charges | \u2013 | (3.3) | |
| Other Operating income: | |||
Profit on disposal of property | 1.2 | \u2013 | |
| Total exceptional and acquisition related items \u2013 discontinued | |||
operations | (16.7) | (22.4) |
| 2025 | 2024* | |
| Year ended 31 December | Cents | Cents |
| Loss per ordinary share from discontinued operations: | ||
Loss per ordinary share | (0.88) | (1.67) |
Diluted loss per ordinary share | (0.88) | (1.65) |
| 2025 | 2024* | |
| Year ended 31 December | US$m | US$m |
Net cash inflow/(outflow) from operating activities | 1.1 | (10.2) |
Net cash inflow/(outflow) from investing activities | 14.8 | (1.3) |
Net cash outflow from financing activities | (1.2) | (1.8) |
Net cash flows from discontinued operations | 14.7 | (13.3) |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
Short-term employee benefits | 9.8 | 8.7 |
Share based payments | 3.0 | 3.9 |
12.8 | 12.6 |
Sale of goods | Purchase of goods | |||
| 2025 | 2024 | 2025 | 2024 | |
| US$m | US$m | US$m | US$m | |
Joint ventures | 0.9 | 1.9 | 63.3 | 63.2 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
Short-term employee benefits | 9.8 | 8.7 |
Share based payments | 3.0 | 3.9 |
12.8 | 12.6 |
Sale of goods | Purchase of goods | |||
| 2025 | 2024 | 2025 | 2024 | |
| US$m | US$m | US$m | US$m | |
Joint ventures | 0.9 | 1.9 | 63.3 | 63.2 |
2025 | 2024 | |||
| Book value | Fair value | Book value | Fair value | |
| US$m | US$m | US$m | US$m | |
| Primary financial instruments: | ||||
Cash and cash equivalents | 232.0 | 232.0 | 146.0 | 146.0 |
Trade receivables | 273.2 | 273.2 | 252.2 | 252.2 |
Loan receivable | 43.6 | 43.6 | 38.3 | 38.3 |
Other receivables | 21.1 | 21.1 | 15.3 | 15.3 |
Other investments | 0.5 | 0.5 | 0.6 | 0.6 |
Trade payables | (194.6) | (194.6) | (167.2) | (167.2) |
Amounts owed to joint ventures | (16.0) | (16.0) | (16.1) | (16.1) |
Other financial liabilities and provisions | (82.2) | (82.2) | (67.7) | (67.7) |
Borrowings | (1,046.7) | (1,046.7) | (595.3) | (595.3) |
| Derivative financial instruments: | ||||
Forward foreign currency contracts | 0.2 | 0.2 | (1.4) | (1.4) |
Net financial liabilities | (768.9) | (768.9) | (395.3) | (395.3) |
| Total | Level 1 | Level 2 | Level 3 | |
| Year ended 31 December | US$m | US$m | US$m | US$m |
| 2025 | ||||
Financial assets measured at fair value through the income statement: | ||||
Trading derivatives | 0.9 | \u2013 | 0.9 | \u2013 |
Financial assets measured at fair value through the statement of comprehensive income: | ||||
Other investments | 0.5 | \u2013 | \u2013 | 0.5 |
| 2024 | ||||
Financial assets measured at fair value through the income statement: | ||||
Trading derivatives | 0.9 | \u2013 | 0.9 | \u2013 |
Financial assets measured at fair value through the statement of comprehensive income: | ||||
Other investments | 0.6 | \u2013 | \u2013 | 0.6 |
| Total | Level 1 | Level 2 | Level 3 | |
| Year ended 31 December | US$m | US$m | US$m | US$m |
| 2025 | ||||
Financial liabilities measured at fair value through the income statement: | ||||
Trading derivatives | (0.7) | \u2013 | (0.7) | \u2013 |
Contingent consideration provision | (7.3) | \u2013 | \u2013 | (7.3) |
(8.0) | \u2013 | (0.7) | (7.3) | |
| 2024 | ||||
Financial liabilities measured at fair value through the income statement: | ||||
Trading derivatives | (2.3) | \u2013 | (2.3) | \u2013 |
2025 | 2024 | |||
| Book value | Fair value | Book value | Fair value | |
| US$m | US$m | US$m | US$m | |
| Primary financial instruments: | ||||
Cash and cash equivalents | 232.0 | 232.0 | 146.0 | 146.0 |
Trade receivables | 273.2 | 273.2 | 252.2 | 252.2 |
Loan receivable | 43.6 | 43.6 | 38.3 | 38.3 |
Other receivables | 21.1 | 21.1 | 15.3 | 15.3 |
Other investments | 0.5 | 0.5 | 0.6 | 0.6 |
Trade payables | (194.6) | (194.6) | (167.2) | (167.2) |
Amounts owed to joint ventures | (16.0) | (16.0) | (16.1) | (16.1) |
Other financial liabilities and provisions | (82.2) | (82.2) | (67.7) | (67.7) |
Borrowings | (1,046.7) | (1,046.7) | (595.3) | (595.3) |
| Derivative financial instruments: | ||||
Forward foreign currency contracts | 0.2 | 0.2 | (1.4) | (1.4) |
Net financial liabilities | (768.9) | (768.9) | (395.3) | (395.3) |
| Total | Level 1 | Level 2 | Level 3 | |
| Year ended 31 December | US$m | US$m | US$m | US$m |
| 2025 | ||||
Financial assets measured at fair value through the income statement: | ||||
Trading derivatives | 0.9 | \u2013 | 0.9 | \u2013 |
Financial assets measured at fair value through the statement of comprehensive income: | ||||
Other investments | 0.5 | \u2013 | \u2013 | 0.5 |
| 2024 | ||||
Financial assets measured at fair value through the income statement: | ||||
Trading derivatives | 0.9 | \u2013 | 0.9 | \u2013 |
Financial assets measured at fair value through the statement of comprehensive income: | ||||
Other investments | 0.6 | \u2013 | \u2013 | 0.6 |
| Total | Level 1 | Level 2 | Level 3 | |
| Year ended 31 December | US$m | US$m | US$m | US$m |
| 2025 | ||||
Financial liabilities measured at fair value through the income statement: | ||||
Trading derivatives | (0.7) | \u2013 | (0.7) | \u2013 |
Contingent consideration provision | (7.3) | \u2013 | \u2013 | (7.3) |
(8.0) | \u2013 | (0.7) | (7.3) | |
| 2024 | ||||
Financial liabilities measured at fair value through the income statement: | ||||
Trading derivatives | (2.3) | \u2013 | (2.3) | \u2013 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
| Financial assets carried at amortised cost: | ||
Cash and cash equivalents | 232.0 | 146.0 |
Trade receivables (note 19) | 273.2 | 252.2 |
Loan receivable (note 10) | 43.6 | 38.3 |
Other receivables (note 19), net of non-financial assets $33.7m (2024: $31.7m) | 21.1 | 15.3 |
569.9 | 451.8 | |
| Financial assets carried at fair value through the income statement: | ||
Derivative financial instruments (note 20) | 0.9 | 0.9 |
0.9 | 0.9 | |
Other financial assets carried at fair value through the statement of comprehensive income: | ||
Other investments (note 16) | 0.5 | 0.6 |
0.5 | 0.6 | |
Total financial assets | 571.3 | 453.3 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
| Financial liabilities carried at amortised cost: | ||
Trade payables (note 21) | 194.6 | 167.2 |
Amounts owed to joint ventures (note 21) | 16.0 | 16.1 |
Other financial liabilities | 73.9 | 67.0 |
Provisions | 8.3 | 0.7 |
Lease liabilities (note 15) | 92.9 | 83.2 |
Borrowings (note 23) | 1,046.7 | 595.3 |
1,432.4 | 929.5 | |
| Financial liabilities carried at fair value through the income statement: | ||
Derivative financial instruments (note 22) | 0.7 | 2.3 |
Total financial liabilities | 1,433.1 | 931.8 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
| Impact of a 10% increase in prices: | ||
Increase in pre-tax profit for the year | \u2013 | \u2013 |
Increase in equity shareholders\u2019 funds | 0.1 | 0.1 |
| Net foreign currency financial assets/(liabilities) | ||||||
| Sterling | US dollars | Euro | Indian Rupees | Other | Total | |
| Functional currency 2025 | US$m | US$m | US$m | US$m | US$m | US$m |
Sterling | \u2013 | (0.7) | 3.3 | \u2013 | \u2013 | 2.6 |
United States dollars | (20.0) | \u2013 | (3.1) | 2.0 | (13.1) | (34.2) |
Euros | 0.1 | (9.3) | \u2013 | \u2013 | 0.1 | (9.1) |
Indian Rupees | \u2013 | 3.4 | \u2013 | \u2013 | \u2013 | 3.4 |
Other currencies | (0.2) | 16.7 | 6.1 | \u2013 | 12.2 | 34.8 |
(20.1) | 10.1 | 6.3 | 2.0 | (0.8) | (2.5) |
| Net foreign currency financial assets/(liabilities) | ||||||
| Sterling | US dollars | Euro | Indian Rupees | Other | Total | |
| Functional currency 2024 | US$m | US$m | US$m | US$m | US$m | US$m |
Sterling | \u2013 | 2.5 | 2.9 | \u2013 | \u2013 | 5.4 |
United States dollars | (16.4) | \u2013 | (1.8) | 0.9 | 6.4 | (10.9) |
Euros | \u2013 | (3.4) | \u2013 | \u2013 | 0.4 | (3.0) |
Indian Rupees | \u2013 | 3.2 | (0.5) | \u2013 | \u2013 | 2.7 |
Other currencies | (1.7) | 12.8 | 3.9 | \u2013 | 8.6 | 23.6 |
(18.1) | 15.1 | 4.5 | 0.9 | 15.4 | 17.8 |
| Indian | |||
| Sterling | Euro | Rupees | |
| 2025 | US$m | US$m | US$m |
Increase in US dollar exchange rate | 10% | 10% | 10% |
(Decrease)/increase in profit before tax | (2.2) | 0.6 | (0.1) |
Increase in shareholders\u2019 funds | 3.7 | 7.4 | 6.1 |
| Sterling | Euro | Indian Rupees | |
| 2024 | US$m | US$m | US$m |
Increase in US dollar exchange rate | 10% | 10% | 10% |
Decrease in profit before tax | (2.1) | 0.2 | (0.2) |
Increase in shareholders\u2019 funds | 6.8 | 4.3 | 6.5 |
2025 | 2024 | |||||||||
| Cash and cash | Trade and other | Derivative financial | Cash and cash | Trade and other | Derivative financial | |||||
| Investments | equivalents | receivables | instruments | Total | Investments | equivalents | receivables | instruments | Total | |
| 31 December | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m |
| Currency: | ||||||||||
Sterling | \u2013 | 0.1 | 47.7 | 15.9 | 63.7 | \u2013 | \u2013 | 42.1 | \u2013 | 42.1 |
United States dollars | \u2013 | 136.5 | 171.1 | (52.5) | 255.1 | \u2013 | 81.7 | 138.1 | 10.5 | 230.3 |
Euros | \u2013 | 5.2 | 29.8 | (0.4) | 34.6 | 0.1 | 3.9 | 26.4 | (12.6) | 17.8 |
Indian Rupees | 0.5 | 29.1 | 28.1 | \u2013 | 57.7 | 0.5 | 17.8 | 29.9 | \u2013 | 48.2 |
Other currencies | \u2013 | 61.1 | 61.2 | 37.9 | 160.2 | \u2013 | 42.6 | 69.3 | 3.0 | 114.9 |
Total financial assets | 0.5 | 232.0 | 337.9 | 0.9 | 571.3 | 0.6 | 146.0 | 305.8 | 0.9 | 453.3 |
2025 | 2024 | |||||||||||
| Derivative | Derivative | |||||||||||
| financial | financial | |||||||||||
| Floating rate | Fixed rate | Interest free | Lease liabilities | instruments | Total | Floating rate | Fixed rate | Interest free | Lease liabilities | instruments | Total | |
| 31 December | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m |
| Currency: | ||||||||||||
Sterling | \u2013 | \u2013 | 22.7 | 1.9 | 0.1 | 24.7 | \u2013 | \u2013 | 2.1 | 2.7 | (11.3) | (6.5) |
United States dollars | 450.0 | 596.2 | 119.3 | 28.6 | 12.4 | 1,206.5 | \u2013 | 595.1 | 115.1 | 23.9 | 58.0 | 792.1 |
Euros | 0.2 | \u2013 | 20.7 | 9.4 | (10.9) | 19.4 | 0.2 | \u2013 | 17.5 | 8.5 | (0.2) | 26.0 |
Indian Rupees | 0.3 | \u2013 | 36.5 | 5.7 | (2.8) | 39.7 | \u2013 | \u2013 | 34.3 | 5.8 | \u2013 | 40.1 |
Other currencies | \u2013 | \u2013 | 93.6 | 47.3 | 1.9 | 142.8 | \u2013 | \u2013 | 82.0 | 42.3 | (44.2) | 80.1 |
Total financial liabilities | 450.5 | 596.2 | 292.8 | 92.9 | 0.7 | 1,433.1 | 0.2 | 595.1 | 251.0 | 83.2 | 2.3 | 931.8 |
2025 | 2024 | |||||
| Financial | Financial | |||||
| liabilities | liabilities | |||||
| Fixed rate | on which | Fixed rate | on which | |||
| financial | no interest | financial | no interest | |||
| liabilities | is paid | liabilities | is paid | |||
| Weighted | Weighted | |||||
| Weighted | average | Weighted | Weighted | average | Weighted | |
| average | period for | average | average | period for | average | |
| interest | which rate | period until | interest | which rate | period until | |
| rate | is fixed | maturity | rate | is fixed | maturity | |
| Year ended 31 December | % | (months) | (months) | % | (months) | (months) |
| Currency: | ||||||
Sterling | \u2013 | \u2013 | 18 | \u2013 | \u2013 | 18 |
United States dollars | 5.15 | 49 | \u2013 | 5.15 | 61 | \u2013 |
Weighted average | 5.15 | 49 | 18 | 5.15 | 61 | 18 |
Assets | Liabilities | |||
| 2025 | 2024 | 2025 | 2024 | |
| Year ended 31 December | US$m | US$m | US$m | US$m |
| Currency: | ||||
Sterling | 15.9 | 11.3 | (0.1) | \u2013 |
United States dollars | 22.2 | 18.8 | (63.7) | (66.4) |
Euros | \u2013 | 0.2 | (12.8) | (12.6) |
Indian Rupee | 2.8 | \u2013 | \u2013 | \u2013 |
Other currencies | 45.7 | 52.8 | (9.8) | (5.5) |
86.6 | 83.1 | (86.4) | (84.5) |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
| Impact of a 10% increase in prices: | ||
Increase in pre-tax profit for the year | \u2013 | \u2013 |
Increase in equity shareholders\u2019 funds | 0.1 | 0.1 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
Expiring between two and five years | 420.0 | 420.0 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
In one year or less, or on demand | 518.7 | 403.0 |
In more than one year but not more than two years | 51.1 | 10.5 |
In more than two years but not more than five years | \u2013 | 38.3 |
In more than five years | 0.5 | 0.6 |
570.3 | 452.4 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
In one year or less, or on demand | 314.7 | 271.6 |
In more than one year but not more than two years | 422.6 | 17.7 |
In more than two years but not more than five years | 543.4 | 293.4 |
In more than five years | 171.1 | 370.6 |
1,451.8 | 953.3 |
Assets | Liabilities | |||
| 2025 | 2024 | 2025 | 2024 | |
| Year ended 31 December | US$m | US$m | US$m | US$m |
In one year or less, or on demand | 86.6 | 83.0 | (86.4) | (84.4) |
86.6 | 83.0 | (86.4) | (84.4) |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
The Group considers its maximum exposure to credit risk to be as follows: | ||
Cash and cash equivalents | 232.0 | 146.0 |
Derivative financial instruments | 0.9 | 0.9 |
Trade receivables (net of impairment provision) | 273.2 | 252.2 |
Loan receivable | 43.6 | 38.3 |
Other receivables | 21.1 | 15.3 |
570.8 | 452.7 | |
| Financial assets considered not to have exposure to credit risk: | ||
Other investments | 0.5 | 0.6 |
Total financial assets | 571.3 | 453.3 |
| Analysis of trade receivables over permitted credit period: | ||
Trade receivables up to 1 month over permitted credit period | 21.6 | 15.3 |
Trade receivables between 1 and 2 months over permitted credit period | 5.1 | 5.2 |
Trade receivables between 2 and 3 months over permitted credit period | 1.4 | 1.9 |
Trade receivables between 3 and 6 months over permitted credit period | 1.8 | 2.0 |
Trade receivables in excess of 6 months over permitted credit period | 1.4 | 1.6 |
| Total trade receivables (net of impairment provision) in excess of permitted | ||
credit period | 31.3 | 26.0 |
Trade receivables within permitted credit period | 241.9 | 226.2 |
Total net trade receivables | 273.2 | 252.2 |
| Analysis of trade receivables impairment provision: | ||
Trade receivables up to 1 month over permitted credit period | 0.5 | 0.5 |
Trade receivables between 1 and 2 months over permitted credit period | 0.2 | 0.1 |
Trade receivables between 2 and 3 months over permitted credit period | 0.2 | 0.4 |
Trade receivables between 3 and 6 months over permitted credit period | 0.6 | 1.1 |
Trade receivables in excess of 6 months over permitted credit period | 8.2 | 8.0 |
Total impairment provision | 9.7 | 10.1 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
Expiring between two and five years | 420.0 | 420.0 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
In one year or less, or on demand | 518.7 | 403.0 |
In more than one year but not more than two years | 51.1 | 10.5 |
In more than two years but not more than five years | \u2013 | 38.3 |
In more than five years | 0.5 | 0.6 |
570.3 | 452.4 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
In one year or less, or on demand | 314.7 | 271.6 |
In more than one year but not more than two years | 422.6 | 17.7 |
In more than two years but not more than five years | 543.4 | 293.4 |
In more than five years | 171.1 | 370.6 |
1,451.8 | 953.3 |
Assets | Liabilities | |||
| 2025 | 2024 | 2025 | 2024 | |
| Year ended 31 December | US$m | US$m | US$m | US$m |
In one year or less, or on demand | 86.6 | 83.0 | (86.4) | (84.4) |
86.6 | 83.0 | (86.4) | (84.4) |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
The Group considers its maximum exposure to credit risk to be as follows: | ||
Cash and cash equivalents | 232.0 | 146.0 |
Derivative financial instruments | 0.9 | 0.9 |
Trade receivables (net of impairment provision) | 273.2 | 252.2 |
Loan receivable | 43.6 | 38.3 |
Other receivables | 21.1 | 15.3 |
570.8 | 452.7 | |
| Financial assets considered not to have exposure to credit risk: | ||
Other investments | 0.5 | 0.6 |
Total financial assets | 571.3 | 453.3 |
| Analysis of trade receivables over permitted credit period: | ||
Trade receivables up to 1 month over permitted credit period | 21.6 | 15.3 |
Trade receivables between 1 and 2 months over permitted credit period | 5.1 | 5.2 |
Trade receivables between 2 and 3 months over permitted credit period | 1.4 | 1.9 |
Trade receivables between 3 and 6 months over permitted credit period | 1.8 | 2.0 |
Trade receivables in excess of 6 months over permitted credit period | 1.4 | 1.6 |
| Total trade receivables (net of impairment provision) in excess of permitted | ||
credit period | 31.3 | 26.0 |
Trade receivables within permitted credit period | 241.9 | 226.2 |
Total net trade receivables | 273.2 | 252.2 |
| Analysis of trade receivables impairment provision: | ||
Trade receivables up to 1 month over permitted credit period | 0.5 | 0.5 |
Trade receivables between 1 and 2 months over permitted credit period | 0.2 | 0.1 |
Trade receivables between 2 and 3 months over permitted credit period | 0.2 | 0.4 |
Trade receivables between 3 and 6 months over permitted credit period | 0.6 | 1.1 |
Trade receivables in excess of 6 months over permitted credit period | 8.2 | 8.0 |
Total impairment provision | 9.7 | 10.1 |
| 2025 | 2024 | |
| Year ended 31 December | US$m | US$m |
Long Term Incentive Plan (LTIP) | 5.9 | 7.0 |
Deferred bonuses | 0.9 | 0.9 |
6.8 | 7.9 |
| 2025 | 2024 | |
| Options | Options | |
Outstanding at 1 January | 32,955,479 | 35,570,376 |
Granted during the year | 11,493,763 | 11,317,541 |
Vested during the year | (1,931,972) | (432,103) |
Lapsed during the year | (2,157,385) | (4,474,341) |
Exercised during the year | (8,137,938) | (9,025,994) |
Outstanding at 31 December | 32,221,947 | 32,955,479 |
Exercisable at 31 December | 5,419,006 | 5,731,656 |
2025 | 2024 | |
Vesting period | 3 Years | 3 Years |
Share price at valuation date | 81.7p | 78.8p |
Exercise price | Nil | Nil |
Risk free rate | 4.02% | 3.93% |
Expected dividend yield | 0% | 0% |
Expected volatility | 30.81% | 34.16% |
Fair value per share | 41.8p | 49.2p |
| 2025 | 2024* | % | |
| Year ended 31 December | US$m | US$m | Growth |
Revenue from continuing operations | 1,464.9 | 1,433.0 | 2% |
Constant currency adjustment | \u2013 | (9.3) | |
Revenue on a CER basis | 1,464.9 | 1,423.7 | 3% |
Revenue from acquisitions 1 | (43.3) | \u2013 | |
Organic revenue on a CER basis | 1,421.6 | 1,423.7 | \u2013 |
| 2025 | 2024 * | % | |
| Year ended 31 December | US$m | US$m | Growth |
Operating profit from continuing operations 2 | 241.4 | 224.5 | 8% |
Exceptional and acquisition related items (note 4) | 48.4 | 47.4 | |
Adjusted operating profit from continuing operations | 289.8 | 271.9 | 7% |
Constant currency adjustment | \u2013 | (1.8) | |
Adjusted operating profit on a CER basis | 289.8 | 270.1 | 7% |
Operating profit from acquisitions 1 | (10.8) | \u2013 | |
Organic adjusted operating profit on a CER basis | 279.0 | 270.1 | 3% |
| 2025 | 2024 * | |
| Year ended 31 December | US$m | US$m |
Profit before taxation from continuing operations | 201.6 | 198.0 |
Share of profit of joint ventures | (1.3) | (1.9) |
Finance income (note 6) | (11.0) | (3.1) |
Finance costs (note 7) | 52.1 | 31.5 |
Operating profit from continuing operations 1 | 241.4 | 224.5 |
Exceptional and acquisition related items (note 4) | 48.4 | 47.4 |
Adjusted operating profit from continuing operations | 289.8 | 271.9 |
Depreciation of owned property, plant and equipment | 23.9 | 24.3 |
Amortisation of intangible assets | 1.5 | 1.6 |
| Adjusted EBITDA including IFRS 16 depreciation of right-of-use assets (Pre-IFRS | ||
16 basis) | 315.2 | 297.8 |
Depreciation of right-of-use assets | 17.8 | 17.0 |
Adjusted EBITDA | 333.0 | 314.8 |
| 2025 | 2024 * | |
| Year ended 31 December | US$m | US$m |
Profit before taxation from continuing operations | 201.6 | 198.0 |
Exceptional and acquisition related items (note 4) | 51.6 | 47.4 |
Adjusted profit before taxation from continuing operations | 253.2 | 245.4 |
Taxation charge from continuing operations | 64.9 | 71.5 |
Tax credit/(charge) in respect of exceptional and acquisition related items | 8.5 | (1.5) |
Adjusted tax charge from continuing operations | 73.4 | 70.0 |
Adjusted effective tax rate | 29% | 29% |
| 2025 | 2024 * | |
| Year ended 31 December | US$m | US$m |
Profit from continuing operations | 136.7 | 126.5 |
Non-controlling interests | (17.8) | (19.6) |
| Profit from continuing operations attributable to equity | ||
| shareholders | 118.9 | 106.9 |
Exceptional and acquisition related items net of non-controlling interests (note 4) | 51.6 | 47.4 |
| Tax (credit)/charge in respect of exceptional and acquisition | ||
related items | (8.5) | 1.5 |
Adjusted profit from continuing operations | 162.0 | 155.8 |
Weighted average number of Ordinary Shares | 1,750,596,612 | 1,604,461,401 |
Adjusted earnings per share (cents) | 9.26 | 9.71 |
Adjusted earnings per share (decline %) | (5%) |
| 2025 | 2024 * | |
| Year ended 31 December | US$m | US$m |
Change in net debt resulting from cash flows (free cash flow) | (364.2) | (57.6) |
Acquisition of businesses | 808.1 | \u2013 |
Issue of ordinary shares in connection with the acquisition of OrthoLite | (322.9) | \u2013 |
Disposal of business and net cash flow from discontinued operations | (14.7) | 13.3 |
Dividends paid to equity shareholders | 53.6 | 46.2 |
Free cash flow pre-shareholder dividends and M&A | 159.9 | 1.9 |
Net cash flows in respect of exceptional items | 15.4 | 21.7 |
Purchase of own shares by Employee Benefit Trust | 9.0 | 8.7 |
Payment to UK pension scheme in connection with pension buy-in | \u2013 | 127.8 |
Tax inflow in respect of adjusted cash flow items | \u2013 | (2.0) |
Adjusted free cash flow | 184.3 | 158.1 |
| 2025 | 2024 * | |
| Year ended 31 December | US$m | US$m |
| Operating profit from continuing operations before exceptional and acquisition | ||
related items adjusted for full year impact of acquisitions 1 | 344.6 | 271.9 |
| Non-current assets: | ||
Acquired intangible assets | 1,128.3 | 317.2 |
Property, plant and equipment | 248.7 | 212.3 |
Right-of-use assets | 75.0 | 58.9 |
Trade and other receivables | 20.1 | 25.0 |
| Current assets: | ||
Inventories | 173.5 | 162.8 |
Trade and other receivables | 336.3 | 286.5 |
| Current liabilities: | ||
Trade and other payables | (338.1) | (290.7) |
Lease liabilities | (21.2) | (15.3) |
| Non-current liabilities | ||
Trade and other payables | (4.9) | (7.4) |
Lease liabilities | (71.7) | (54.4) |
Capital employed | 1,546.0 | 694.9 |
Adjusted ROCE | 22% | 39% |