Buildings | 50 years |
Fixtures and \ufb01ttings | 3-20 years |
Ocean cruise ships | 30 years |
Computers | 3-6 years |
Plant, vehicles and other equipment | 3-10 years |
Initial recognition | Subsequent measurement | |
Amortised | A financial asset is classified as amortised cost (initially | These assets are subsequently measured at amortised |
cost | measured at fair value plus any directly attributable | cost using the EIR method. The amortised cost is reduced |
transaction costs) if it meets both of the following conditions | by any impairment losses (see (ii) below). Interest income, | |
and is not elected to be designated as FVTPL: | foreign exchange gains and losses and impairments | |
It is held within a business model whose objective is to hold | are\u00a0recognised in profit or loss as they are incurred. | |
assets to collect contractual cash flows. | Any\u00a0gain or\u00a0loss on derecognition is recognised in profit | |
or\u00a0loss immediately. | ||
Its contractual terms give rise, on specified dates, | ||
to\u00a0cash\u00a0flows that are solely payments of principal and | ||
interest on the principal amount outstanding. | ||
The Group classifies trade receivables and other | ||
receivables as held at amortised cost. | ||
FVTPL | All financial assets not classified as amortised cost | These assets are subsequently measured at fair value. |
(or\u00a0FVOCI) as described above are classified as FVTPL and | Net\u00a0gains and losses, including any interest or dividend | |
held at fair value. This includes all derivative financial assets. | income (separately disclosed), are recognised in profit | |
On initial recognition, the Group may irrevocably elect to | or\u00a0loss, unless such instrument is designated in a hedging | |
designate a financial asset, that otherwise meets the | relationship (see (vi) overleaf). | |
requirements, to be measured at amortised cost or FVOCI, | ||
as FVTPL if doing so eliminates, or significantly reduces, | ||
an\u00a0accounting mismatch that would otherwise arise. | ||
This\u00a0election is made on an individual instrument basis. | ||
This election has been made for the Group\u2019s debt securities. | ||
The Group classifies loan funds, money market funds held | ||
within the Insurance business and foreign exchange forward | ||
contracts not designated in a hedging relationship, as FVTPL. |
2024 | 2023 | |
(restated 15 ) | ||
\u00a3m | \u00a3m | |
Staff costs (excluding restructuring costs) | 93.3 | 82.7 |
Marketing and fulfilment costs | 39.6 | 41.0 |
Short-term lease rentals | 0.2 | 0.1 |
Auditors\u2019 remuneration | 2.5 | 2.1 |
Other administrative costs | 48.6 | 41.0 |
Depreciation \u2013 property, plant and equipment (Note 17) | 1.0 | 1.7 |
Depreciation \u2013 right-of-use assets (Note 18) | 2.0 | 1.1 |
Amortisation of intangible assets (Note 15) | 7.5 | 8.1 |
Restructuring costs | 19.5 | 3.7 |
214.2 | 181.5 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Audit of the parent company and consolidated financial statements | 1.0 | 0.6 |
Audit of subsidiary financial statements | 1.2 | 1.3 |
Audit-related assurance services | 0.3 | 0.2 |
Total auditors\u2019 remuneration | 2.5 | 2.1 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Interest and charges on debt and borrowings using the EIR method | 40.2 | 41.0 |
Net fair value loss on derivative financial instruments | 1.4 | \u2013 |
Net finance costs on retirement benefit schemes | 0.5 | \u2013 |
Debt issue costs | 0.4 | \u2013 |
Net interest and finance charges payable on lease liabilities | 1.9 | 1.2 |
44.4 | 42.2 |
Buildings | 50 years |
Fixtures and \ufb01ttings | 3-20 years |
Ocean cruise ships | 30 years |
Computers | 3-6 years |
Plant, vehicles and other equipment | 3-10 years |
Buildings | 50 years |
Fixtures and \ufb01ttings | 3-20 years |
Ocean cruise ships | 30 years |
Computers | 3-6 years |
Plant, vehicles and other equipment | 3-10 years |
Initial recognition | Subsequent measurement | |
Amortised | A financial asset is classified as amortised cost (initially | These assets are subsequently measured at amortised |
cost | measured at fair value plus any directly attributable | cost using the EIR method. The amortised cost is reduced |
transaction costs) if it meets both of the following conditions | by any impairment losses (see (ii) below). Interest income, | |
and is not elected to be designated as FVTPL: | foreign exchange gains and losses and impairments | |
It is held within a business model whose objective is to hold | are\u00a0recognised in profit or loss as they are incurred. | |
assets to collect contractual cash flows. | Any\u00a0gain or\u00a0loss on derecognition is recognised in profit | |
or\u00a0loss immediately. | ||
Its contractual terms give rise, on specified dates, | ||
to\u00a0cash\u00a0flows that are solely payments of principal and | ||
interest on the principal amount outstanding. | ||
The Group classifies trade receivables and other | ||
receivables as held at amortised cost. | ||
FVTPL | All financial assets not classified as amortised cost | These assets are subsequently measured at fair value. |
(or\u00a0FVOCI) as described above are classified as FVTPL and | Net\u00a0gains and losses, including any interest or dividend | |
held at fair value. This includes all derivative financial assets. | income (separately disclosed), are recognised in profit | |
On initial recognition, the Group may irrevocably elect to | or\u00a0loss, unless such instrument is designated in a hedging | |
designate a financial asset, that otherwise meets the | relationship (see (vi) overleaf). | |
requirements, to be measured at amortised cost or FVOCI, | ||
as FVTPL if doing so eliminates, or significantly reduces, | ||
an\u00a0accounting mismatch that would otherwise arise. | ||
This\u00a0election is made on an individual instrument basis. | ||
This election has been made for the Group\u2019s debt securities. | ||
The Group classifies loan funds, money market funds held | ||
within the Insurance business and foreign exchange forward | ||
contracts not designated in a hedging relationship, as FVTPL. |
Initial recognition | Subsequent measurement | |
Amortised | A financial asset is classified as amortised cost (initially | These assets are subsequently measured at amortised |
cost | measured at fair value plus any directly attributable | cost using the EIR method. The amortised cost is reduced |
transaction costs) if it meets both of the following conditions | by any impairment losses (see (ii) below). Interest income, | |
and is not elected to be designated as FVTPL: | foreign exchange gains and losses and impairments | |
It is held within a business model whose objective is to hold | are\u00a0recognised in profit or loss as they are incurred. | |
assets to collect contractual cash flows. | Any\u00a0gain or\u00a0loss on derecognition is recognised in profit | |
or\u00a0loss immediately. | ||
Its contractual terms give rise, on specified dates, | ||
to\u00a0cash\u00a0flows that are solely payments of principal and | ||
interest on the principal amount outstanding. | ||
The Group classifies trade receivables and other | ||
receivables as held at amortised cost. | ||
FVTPL | All financial assets not classified as amortised cost | These assets are subsequently measured at fair value. |
(or\u00a0FVOCI) as described above are classified as FVTPL and | Net\u00a0gains and losses, including any interest or dividend | |
held at fair value. This includes all derivative financial assets. | income (separately disclosed), are recognised in profit | |
On initial recognition, the Group may irrevocably elect to | or\u00a0loss, unless such instrument is designated in a hedging | |
designate a financial asset, that otherwise meets the | relationship (see (vi) overleaf). | |
requirements, to be measured at amortised cost or FVOCI, | ||
as FVTPL if doing so eliminates, or significantly reduces, | ||
an\u00a0accounting mismatch that would otherwise arise. | ||
This\u00a0election is made on an individual instrument basis. | ||
This election has been made for the Group\u2019s debt securities. | ||
The Group classifies loan funds, money market funds held | ||
within the Insurance business and foreign exchange forward | ||
contracts not designated in a hedging relationship, as FVTPL. |
Initial recognition | Subsequent measurement | |
Amortised | A financial asset is classified as amortised cost (initially | These assets are subsequently measured at amortised |
cost | measured at fair value plus any directly attributable | cost using the EIR method. The amortised cost is reduced |
transaction costs) if it meets both of the following conditions | by any impairment losses (see (ii) below). Interest income, | |
and is not elected to be designated as FVTPL: | foreign exchange gains and losses and impairments | |
It is held within a business model whose objective is to hold | are\u00a0recognised in profit or loss as they are incurred. | |
assets to collect contractual cash flows. | Any\u00a0gain or\u00a0loss on derecognition is recognised in profit | |
or\u00a0loss immediately. | ||
Its contractual terms give rise, on specified dates, | ||
to\u00a0cash\u00a0flows that are solely payments of principal and | ||
interest on the principal amount outstanding. | ||
The Group classifies trade receivables and other | ||
receivables as held at amortised cost. | ||
FVTPL | All financial assets not classified as amortised cost | These assets are subsequently measured at fair value. |
(or\u00a0FVOCI) as described above are classified as FVTPL and | Net\u00a0gains and losses, including any interest or dividend | |
held at fair value. This includes all derivative financial assets. | income (separately disclosed), are recognised in profit | |
On initial recognition, the Group may irrevocably elect to | or\u00a0loss, unless such instrument is designated in a hedging | |
designate a financial asset, that otherwise meets the | relationship (see (vi) overleaf). | |
requirements, to be measured at amortised cost or FVOCI, | ||
as FVTPL if doing so eliminates, or significantly reduces, | ||
an\u00a0accounting mismatch that would otherwise arise. | ||
This\u00a0election is made on an individual instrument basis. | ||
This election has been made for the Group\u2019s debt securities. | ||
The Group classifies loan funds, money market funds held | ||
within the Insurance business and foreign exchange forward | ||
contracts not designated in a hedging relationship, as FVTPL. |
Acc. policy | Items involving judgement | Critical accounting judgement |
2.3a | Revenue recognition | Management has exercised judgement in identifying separate performance obligations arising from |
\u2013 identification of | insurance policies brokered by the Group, namely: | |
| performance | where the insurance contract is also underwritten by the Group, the judgement that the | |
| obligations arising | arrangement of\u00a0the insurance policy is a service (performance obligation) that is distinct from the | |
| from insurance | insurance underwriting service. The revenue allocated to the arrangement performance obligation | |
| policies brokered | is recognised earlier than the revenue that is allocated to the insurance underwriting service; and | |
| by\u00a0the Group | the judgement that the option to fix the customer\u2019s premium at renewal for three-year fixed-price | |
insurance policies is a separate performance obligation to the arrangement of the insurance policy. | ||
This results in the deferral of a portion of revenue from policy years one and two to policy years two | ||
and three. | ||
Please refer to Note 2.3a for further information on the Group\u2019s performance obligations relating to | ||
revenue recognition. | ||
2.3r | Classification of the | This judgement is now made by applying the principles of IFRS 17 rather than IFRS 4 (the previous |
Group\u2019s risk transfer | international accounting standard for insurance and reinsurance contracts). This has not resulted | |
arrangements as | in\u00a0any changes to the conclusions reached. | |
| reinsurance | The Group\u2019s excess of loss and funds-withheld quota share reinsurance arrangements, relating to | |
| contracts | its\u00a0motor underwriting line of business, are deemed to transfer significant insurance risk to the | |
reinsurers. They are, therefore, classified as reinsurance contracts under IFRS 17. | ||
Separately, the Group had previously entered into contracts to transfer part of the risk arising | ||
from\u00a0the Group\u2019s promise to fix the customer\u2019s annual premium for three-year fixed-price policies. | ||
The Group continues to recognise amounts arising from those contracts. As the underlying promise | ||
is not an insurance contract, the contracts that transfer part of the risk arising from the promise | ||
are\u00a0not classified as reinsurance contracts. Instead, they are classified as insurance contracts held, | ||
which are not in the scope of IFRS 17. | ||
2.3h | Impairment testing | Goodwill |
of goodwill and | The Group determines whether goodwill needs to be impaired at least annually, and twice-yearly | |
other\u00a0major classes | if\u00a0indicators of impairment exist at the interim reporting date of 31 July. | |
| of assets | New pricing rules set by the Financial Conduct Authority ( FCA ) came into effect on 1 January 2022, | |
following the conclusion of the General Insurance Pricing Practices market study ( GIPP ) market | ||
study. As a result of\u00a0the impact of the GIPP changes on customer pricing, especially in the highly | ||
competitive motor insurance market, there was a fall in policy volumes in the period to 31 July 2022, | ||
year to 31 January 2023, period to 31 July 2023 and year to 31 January 2024, with a consequential | ||
adverse impact on the profitability of the Insurance business. Management considered this to be an | ||
indicator of impairment and therefore conducted full impairment reviews of the Insurance Broking | ||
CGU as at\u00a031 July 2022, 31 January 2023, 31 July 2023 and 31 January 2024. As a result of these | ||
reviews, management deemed it necessary to impair the goodwill allocated to the Insurance Broking | ||
CGU by \u00a3269.0m at 31 July 2022, by \u00a368.1m at 31 July 2023 and by \u00a336.8m at 31 January 2024. | ||
No further impairment was deemed necessary at 31 January 2023. | ||
Given the low materiality of the amounts in question, the Group decided to write off, in full, the \u00a30.5m | ||
goodwill arising on acquisition of The Big Window Consulting Limited ( the Big Window ) in the period | ||
to 31 July 2022. | ||
Property, plant and equipment | ||
Following the continued impact of the COVID-19 pandemic on the Group\u2019s Cruise and Travel | ||
operations, management concluded that potential indicators of impairment existed and conducted | ||
impairment reviews at 31 July 2022 of the Group\u2019s two ocean cruise ships, Spirit of Discovery and | ||
Spirit of Adventure. Management considered a range of scenarios and used its judgement to conclude | ||
that no impairment was necessary. | ||
As at 31 January 2024, 31 July 2023 and 31 January 2023, management did not consider it necessary | ||
to conduct an impairment review of the Group\u2019s two ocean cruise ships since no new indicators of | ||
impairment were identified. Please refer to Note 17 for further detail. | ||
In the year ended 31 January 2024, management exercised its judgement in relation to the | ||
impairment of plant and equipment assets and performed an impairment review of the recoverable | ||
amount of plant and equipment assets used by the Group. As a result of this review, management | ||
deemed it necessary to impair plant and equipment assets by \u00a30.1m in the Central Costs division. | ||
Please refer to Note 17 for further detail. |
Acc. policy | Items involving judgement | Critical accounting judgement |
Right-of-use assets | ||
In the years to 31 January 2024 and 31 January 2023, management did not consider it necessary | ||
to\u00a0conduct an impairment review of right-of-use river cruise ship assets, since no indicators of | ||
impairment were identified. | ||
In the year ended 31 January 2024, management exercised its judgement in relation to the | ||
impairment of right-of-use assets used by the Group\u2019s Publishing business following a restructuring | ||
exercise. As a result of this review, management deemed it necessary to impair long leasehold land | ||
and building assets by \u00a30.1m in that business. Please refer to Note 18a for further detail. | ||
Assets held for sale | ||
In the years to 31 January 2024 and 31 January 2023, in light of the Group obtaining updated freehold | ||
property market valuation reports, management exercised judgement in relation to the impairment | ||
of property assets held for sale. As a consequence of the remeasurement of the properties to the | ||
lower of fair value less cost to sell and the carrying value, management concluded that a net | ||
impairment charge of \u00a310.4m (2023: \u00a31.2m) should be accordingly recognised. Please refer to | ||
Note\u00a038 for further detail. | ||
Intangible assets | ||
In the year ended 31 January 2024, following the cessation of development work and the decision | ||
to\u00a0exit some of the Group\u2019s smaller, loss-making activities, management exercised its judgement | ||
in\u00a0relation to the impairment of software assets and performed an impairment review of the | ||
recoverable amount of software assets used by the Insurance Broking and Central Costs divisions. | ||
As\u00a0a result of this review, management deemed it necessary to impair software assets by \u00a31.2m in | ||
the\u00a0Insurance Broking business and also impair the software assets in the Central Costs division | ||
by\u00a0\u00a31.9m. Please refer to Note 16b for further detail. | ||
2.3r | Insurance contract | Eligibility of reinsurance contracts for the PAA |
liabilities (and related | Some of the Group\u2019s groups of reinsurance contracts have a coverage period of more than 12 months, | |
reinsurance | including the motor quota share arrangement, which has a three-year coverage period. Management | |
contract\u00a0assets) | has applied judgement in concluding that these groups are eligible for the PAA on the basis that, | |
at\u00a0initial recognition, it expects that the measurement of the asset for remaining coverage under | ||
the\u00a0PAA would not differ materially to that under the IFRS 17 general measurement model. | ||
Liability for incurred claims | ||
This judgement relates to the estimation of future claims costs in relation to areas of uncertainty. | ||
It\u00a0is\u00a0relevant to both components of the IFRS 17 liability for incurred claims: | ||
The estimate of the present value of future cash flows | ||
The risk adjustment | ||
The approach to determining the risk adjustment within the liability for incurred claims is a key area | ||
of\u00a0judgement. Under IFRS 17 the risk adjustment reflects the compensation required for bearing | ||
uncertainty about the amount and timing of the cash flows that arises from non-financial risk. | ||
The\u00a0Group determines the risk adjustment at the level of each IFRS 17 portfolio of insurance | ||
contracts, the most material of which is the motor portfolio, using a confidence level technique | ||
(also\u00a0referred to as a Value at Risk ( VaR ) approach). Following this approach, the total liability for | ||
incurred claims (net of reinsurance) is set at the 85% confidence level (ultimate basis), with the net | ||
risk adjustment being the difference between this total net liability for incurred claims and the net | ||
estimate of the present value of future cash flows. The gross risk adjustment is derived in a similar | ||
way, with the reinsurance risk adjustment being the difference between the gross and net risk | ||
adjustments. This approach, and in particular, the use of the 85% confidence level, results in a risk | ||
adjustment that meets the IFRS 17 requirements as a key judgement. | ||
As the risk adjustment is determined at the level of each IFRS 17 portfolio, the confidence level | ||
referred to above does not reflect diversification of risk across these portfolios. | ||
A further key area of judgement relates to the discount rate that is applied to the estimate of future | ||
cash flows. Under IFRS 17, the discount rate used should reflect the liquidity characteristics of the | ||
insurance liabilities. Assessing the liquidity characteristics of the liabilities requires significant | ||
judgement. Management concluded that cash flows relating to the liability for incurred claims are | ||
illiquid and, therefore, the discount rate should include an illiquidity premium above the risk-free rate. |
Acc. policy | Items involving estimation | Sources of estimation uncertainty |
2.3ai | Revenue recognition | The standalone selling price of the option to fix within the Group\u2019s three-year fixed-price insurance |
\u2013 three-year fixed- | policies has been estimated using the expected cost plus a margin approach, as set out in | |
price insurance | paragraph\u00a079 (b) of IFRS 15. | |
| policies | An allowance has also been made for the likelihood that the option will be exercised by factoring in | |
the\u00a0expected rate of renewal at the first and second renewal dates. The amount of revenue deferred | ||
upon initial recognition is, therefore, reduced to the extent that it is estimated that customers will not | ||
exercise the option because they either decide not to renew or they make a claim that releases the | ||
Group from its obligation to fix the customer price. | ||
2.3f and | Useful economic lives | The useful economic lives and residual values of software assets classified as intangible assets |
2.3i | and residual values of | (Note\u00a015) and ocean cruise ship assets classified as property, plant and equipment (Note 17) are |
software, intangible | assessed upon the capitalisation of each asset and, at each reporting date, are based upon the | |
assets and ocean | expected consumption of future economic benefits of the asset. | |
cruise ships | ||
2.3h | Goodwill impairment | The Group determines whether goodwill needs to be impaired on an annual basis, or more frequently |
testing | as required. This requires an estimation of the value-in-use of the CGUs to which goodwill is allocated. | |
The value-in-use calculation requires the Group to estimate the future cash flows expected to arise | ||
from the CGUs, discounted at a suitably risk-adjusted rate to calculate present value. | ||
The impact of changes to pricing rules set by the FCA following the completion of the GIPP market | ||
study, especially the highly competitive motor insurance market and the adverse impact on profit | ||
before tax for the current and prior year, has increased the estimation uncertainty in the Insurance | ||
Broking CGU. The outcome of the impairment reviews conducted concluded that impairment | ||
charges of \u00a3269.0m, \u00a368.1m and \u00a336.8m be recognised against the Group\u2019s Insurance Broking CGU | ||
as at 31\u00a0July 2022, 31\u00a0July 2023 and 31 January 2024 respectively. | ||
Sensitivity analysis was undertaken to determine the effect of changing the discount rate, the | ||
terminal value and future cash flows on the present value calculation, as shown in Note 16a. | ||
2.3h | Impairment of ocean | Following the continued impact of the COVID-19 pandemic on the Group\u2019s operations, management |
and river cruise ships | conducted impairment reviews at 31 July 2022 of the Group\u2019s two ocean cruise ships, Spirit of | |
Discovery and Spirit of Adventure. Based on these impairment reviews and looking at the probability | ||
of a range of outcomes, the Group remained comfortable that there was headroom over and above | ||
the carrying value of the two ocean cruise ship assets and, therefore, concluded that no impairment | ||
charges were necessary. | ||
No impairment indicators were identified in relation to the Group\u2019s two ocean cruise ships, or its river | ||
cruise ships, as at 31 January 2023 and 31 January 2024 and, therefore, no impairment reviews were | ||
conducted at these dates. |
Acc. policy | Items involving estimation | Sources of estimation uncertainty | ||||||
2.3r | Valuation of | Estimates of future cash flows to fulfil liabilities for incurred claims | ||||||
insurance contract | For insurance contracts, estimates have to be made for the expected cost of claims known but not yet | |||||||
liabilities (and | settled (case reserves) and for the expected cost of IBNR claims, as at the reporting date. It can take | |||||||
related reinsurance | a\u00a0signi\ufb01cant period of time before the ultimate claims cost can be established with certainty. | |||||||
contract assets) | ||||||||
The ultimate cost of incurred claims is estimated by using a range of standard actuarial claims | ||||||||
projection techniques, such as the Chain-Ladder and Bornhuetter-Ferguson methods. The main | ||||||||
assumption underlying these techniques is that past claims development experience can be used | ||||||||
to\u00a0project future claims development and hence ultimate claims costs. As such, these methods | ||||||||
extrapolate the development of paid and incurred losses, average costs per claim and claim numbers | ||||||||
based on the observed development of earlier years. Historical claims development is primarily | ||||||||
analysed by accident year, geographical area, signi\ufb01cant business line and peril. Additional qualitative | ||||||||
judgement is used to assess the extent to which past trends may not apply in the future (e.g. to re\ufb02ect | ||||||||
one-o\ufb00 occurrences, changes in external or market factors such as public attitudes to claiming, | ||||||||
economic conditions, levels of claims in\ufb02ation, judicial decisions and legislation, as well as internal | ||||||||
factors such as portfolio mix, policy features and claims handling procedures) in order to arrive at | ||||||||
the\u00a0best estimate of the ultimate cost of claims. | ||||||||
The estimate of future cash \ufb02ows arising from PPO liabilities requires an assumption for carer wage | ||||||||
in\ufb02ation. This assumption is currently set at 1.5% above the discount rate applied to liabilities for | ||||||||
incurred claims (see below). This assumption will continue to be assessed at future measurement dates. | ||||||||
Discount rate applied to liabilities for incurred claims | ||||||||
All the Group\u2019s liabilities for incurred claims (and related reinsurance assets) are discounted. | ||||||||
The determination of the discount rate applied to liabilities for incurred claims is an estimate. | ||||||||
This\u00a0discount rate re\ufb02ects the current risk-free interest rate in the currency of the insurance | ||||||||
liabilities, being British Pounds ( GBP ), plus an illiquidity premium. Such a discount rate is not | ||||||||
observable and, therefore, must be estimated. The discount rate is estimated by removing from | ||||||||
the\u00a0yield curve of a portfolio of GBP-denominated corporate bonds an estimate of the components | ||||||||
of\u00a0that yield that relate to expected and unexpected credit losses. The portfolio of corporate bonds | ||||||||
used re\ufb02ects the debt securities that the Group holds to support its insurance liabilities. | ||||||||
Following this approach, the GBP discount rate curves that were applied to liabilities for incurred | ||||||||
claims were as follows: | ||||||||
1 year | 3 years | 5 years | 10 years | 20 years | 30 years | |||
31 January 2024 | 4.9% | 4.4% | 4.1% | 4.3% | 4.9% | 4.9% | ||
31 January 2023 | 4.2% | 4.1% | 4.0% | 4.1% | 4.4% | 4.3% | ||
The sensitivity of this assumption is shown in Note 20a(iii). | ||||||||
Risk adjustment | ||||||||
The con\ufb01dence level technique used by the Group to determine the risk adjustment requires | ||||||||
estimation of the probability distribution of the present value of future cash \ufb02ows arising from | ||||||||
liabilities for incurred claims, including estimates of possible favourable and unfavourable outcomes. | ||||||||
These probability distributions are estimated both gross and net of reinsurance. | ||||||||
2.3u | Valuation of pension | The cost of de\ufb01ned bene\ufb01t pension plans, and the present value of the pension obligation, are | ||||||
bene\ufb01t obligation | determined using actuarial valuations. Actuarial valuations involve making assumptions about | |||||||
discount rates, expected rates of return on assets, future salary increases, mortality rates and | ||||||||
future\u00a0pension increases. Due to the complexity of the valuation, the underlying assumptions and | ||||||||
its\u00a0long-term nature, a de\ufb01ned bene\ufb01t obligation is highly sensitive to changes in these assumptions. | ||||||||
All assumptions are reviewed at each reporting date. | ||||||||
All signi\ufb01cant assumptions and estimates involved in arriving at the valuation of the pension scheme | ||||||||
obligation are set out in Note 27. |
Acc. policy | Items involving judgement | Critical accounting judgement |
2.3a | Revenue recognition | Management has exercised judgement in identifying separate performance obligations arising from |
\u2013 identification of | insurance policies brokered by the Group, namely: | |
| performance | where the insurance contract is also underwritten by the Group, the judgement that the | |
| obligations arising | arrangement of\u00a0the insurance policy is a service (performance obligation) that is distinct from the | |
| from insurance | insurance underwriting service. The revenue allocated to the arrangement performance obligation | |
| policies brokered | is recognised earlier than the revenue that is allocated to the insurance underwriting service; and | |
| by\u00a0the Group | the judgement that the option to fix the customer\u2019s premium at renewal for three-year fixed-price | |
insurance policies is a separate performance obligation to the arrangement of the insurance policy. | ||
This results in the deferral of a portion of revenue from policy years one and two to policy years two | ||
and three. | ||
Please refer to Note 2.3a for further information on the Group\u2019s performance obligations relating to | ||
revenue recognition. | ||
2.3r | Classification of the | This judgement is now made by applying the principles of IFRS 17 rather than IFRS 4 (the previous |
Group\u2019s risk transfer | international accounting standard for insurance and reinsurance contracts). This has not resulted | |
arrangements as | in\u00a0any changes to the conclusions reached. | |
| reinsurance | The Group\u2019s excess of loss and funds-withheld quota share reinsurance arrangements, relating to | |
| contracts | its\u00a0motor underwriting line of business, are deemed to transfer significant insurance risk to the | |
reinsurers. They are, therefore, classified as reinsurance contracts under IFRS 17. | ||
Separately, the Group had previously entered into contracts to transfer part of the risk arising | ||
from\u00a0the Group\u2019s promise to fix the customer\u2019s annual premium for three-year fixed-price policies. | ||
The Group continues to recognise amounts arising from those contracts. As the underlying promise | ||
is not an insurance contract, the contracts that transfer part of the risk arising from the promise | ||
are\u00a0not classified as reinsurance contracts. Instead, they are classified as insurance contracts held, | ||
which are not in the scope of IFRS 17. | ||
2.3h | Impairment testing | Goodwill |
of goodwill and | The Group determines whether goodwill needs to be impaired at least annually, and twice-yearly | |
other\u00a0major classes | if\u00a0indicators of impairment exist at the interim reporting date of 31 July. | |
| of assets | New pricing rules set by the Financial Conduct Authority ( FCA ) came into effect on 1 January 2022, | |
following the conclusion of the General Insurance Pricing Practices market study ( GIPP ) market | ||
study. As a result of\u00a0the impact of the GIPP changes on customer pricing, especially in the highly | ||
competitive motor insurance market, there was a fall in policy volumes in the period to 31 July 2022, | ||
year to 31 January 2023, period to 31 July 2023 and year to 31 January 2024, with a consequential | ||
adverse impact on the profitability of the Insurance business. Management considered this to be an | ||
indicator of impairment and therefore conducted full impairment reviews of the Insurance Broking | ||
CGU as at\u00a031 July 2022, 31 January 2023, 31 July 2023 and 31 January 2024. As a result of these | ||
reviews, management deemed it necessary to impair the goodwill allocated to the Insurance Broking | ||
CGU by \u00a3269.0m at 31 July 2022, by \u00a368.1m at 31 July 2023 and by \u00a336.8m at 31 January 2024. | ||
No further impairment was deemed necessary at 31 January 2023. | ||
Given the low materiality of the amounts in question, the Group decided to write off, in full, the \u00a30.5m | ||
goodwill arising on acquisition of The Big Window Consulting Limited ( the Big Window ) in the period | ||
to 31 July 2022. | ||
Property, plant and equipment | ||
Following the continued impact of the COVID-19 pandemic on the Group\u2019s Cruise and Travel | ||
operations, management concluded that potential indicators of impairment existed and conducted | ||
impairment reviews at 31 July 2022 of the Group\u2019s two ocean cruise ships, Spirit of Discovery and | ||
Spirit of Adventure. Management considered a range of scenarios and used its judgement to conclude | ||
that no impairment was necessary. | ||
As at 31 January 2024, 31 July 2023 and 31 January 2023, management did not consider it necessary | ||
to conduct an impairment review of the Group\u2019s two ocean cruise ships since no new indicators of | ||
impairment were identified. Please refer to Note 17 for further detail. | ||
In the year ended 31 January 2024, management exercised its judgement in relation to the | ||
impairment of plant and equipment assets and performed an impairment review of the recoverable | ||
amount of plant and equipment assets used by the Group. As a result of this review, management | ||
deemed it necessary to impair plant and equipment assets by \u00a30.1m in the Central Costs division. | ||
Please refer to Note 17 for further detail. |
Acc. policy | Items involving judgement | Critical accounting judgement |
Right-of-use assets | ||
In the years to 31 January 2024 and 31 January 2023, management did not consider it necessary | ||
to\u00a0conduct an impairment review of right-of-use river cruise ship assets, since no indicators of | ||
impairment were identified. | ||
In the year ended 31 January 2024, management exercised its judgement in relation to the | ||
impairment of right-of-use assets used by the Group\u2019s Publishing business following a restructuring | ||
exercise. As a result of this review, management deemed it necessary to impair long leasehold land | ||
and building assets by \u00a30.1m in that business. Please refer to Note 18a for further detail. | ||
Assets held for sale | ||
In the years to 31 January 2024 and 31 January 2023, in light of the Group obtaining updated freehold | ||
property market valuation reports, management exercised judgement in relation to the impairment | ||
of property assets held for sale. As a consequence of the remeasurement of the properties to the | ||
lower of fair value less cost to sell and the carrying value, management concluded that a net | ||
impairment charge of \u00a310.4m (2023: \u00a31.2m) should be accordingly recognised. Please refer to | ||
Note\u00a038 for further detail. | ||
Intangible assets | ||
In the year ended 31 January 2024, following the cessation of development work and the decision | ||
to\u00a0exit some of the Group\u2019s smaller, loss-making activities, management exercised its judgement | ||
in\u00a0relation to the impairment of software assets and performed an impairment review of the | ||
recoverable amount of software assets used by the Insurance Broking and Central Costs divisions. | ||
As\u00a0a result of this review, management deemed it necessary to impair software assets by \u00a31.2m in | ||
the\u00a0Insurance Broking business and also impair the software assets in the Central Costs division | ||
by\u00a0\u00a31.9m. Please refer to Note 16b for further detail. | ||
2.3r | Insurance contract | Eligibility of reinsurance contracts for the PAA |
liabilities (and related | Some of the Group\u2019s groups of reinsurance contracts have a coverage period of more than 12 months, | |
reinsurance | including the motor quota share arrangement, which has a three-year coverage period. Management | |
contract\u00a0assets) | has applied judgement in concluding that these groups are eligible for the PAA on the basis that, | |
at\u00a0initial recognition, it expects that the measurement of the asset for remaining coverage under | ||
the\u00a0PAA would not differ materially to that under the IFRS 17 general measurement model. | ||
Liability for incurred claims | ||
This judgement relates to the estimation of future claims costs in relation to areas of uncertainty. | ||
It\u00a0is\u00a0relevant to both components of the IFRS 17 liability for incurred claims: | ||
The estimate of the present value of future cash flows | ||
The risk adjustment | ||
The approach to determining the risk adjustment within the liability for incurred claims is a key area | ||
of\u00a0judgement. Under IFRS 17 the risk adjustment reflects the compensation required for bearing | ||
uncertainty about the amount and timing of the cash flows that arises from non-financial risk. | ||
The\u00a0Group determines the risk adjustment at the level of each IFRS 17 portfolio of insurance | ||
contracts, the most material of which is the motor portfolio, using a confidence level technique | ||
(also\u00a0referred to as a Value at Risk ( VaR ) approach). Following this approach, the total liability for | ||
incurred claims (net of reinsurance) is set at the 85% confidence level (ultimate basis), with the net | ||
risk adjustment being the difference between this total net liability for incurred claims and the net | ||
estimate of the present value of future cash flows. The gross risk adjustment is derived in a similar | ||
way, with the reinsurance risk adjustment being the difference between the gross and net risk | ||
adjustments. This approach, and in particular, the use of the 85% confidence level, results in a risk | ||
adjustment that meets the IFRS 17 requirements as a key judgement. | ||
As the risk adjustment is determined at the level of each IFRS 17 portfolio, the confidence level | ||
referred to above does not reflect diversification of risk across these portfolios. | ||
A further key area of judgement relates to the discount rate that is applied to the estimate of future | ||
cash flows. Under IFRS 17, the discount rate used should reflect the liquidity characteristics of the | ||
insurance liabilities. Assessing the liquidity characteristics of the liabilities requires significant | ||
judgement. Management concluded that cash flows relating to the liability for incurred claims are | ||
illiquid and, therefore, the discount rate should include an illiquidity premium above the risk-free rate. |
Acc. policy | Items involving estimation | Sources of estimation uncertainty |
2.3ai | Revenue recognition | The standalone selling price of the option to fix within the Group\u2019s three-year fixed-price insurance |
\u2013 three-year fixed- | policies has been estimated using the expected cost plus a margin approach, as set out in | |
price insurance | paragraph\u00a079 (b) of IFRS 15. | |
| policies | An allowance has also been made for the likelihood that the option will be exercised by factoring in | |
the\u00a0expected rate of renewal at the first and second renewal dates. The amount of revenue deferred | ||
upon initial recognition is, therefore, reduced to the extent that it is estimated that customers will not | ||
exercise the option because they either decide not to renew or they make a claim that releases the | ||
Group from its obligation to fix the customer price. | ||
2.3f and | Useful economic lives | The useful economic lives and residual values of software assets classified as intangible assets |
2.3i | and residual values of | (Note\u00a015) and ocean cruise ship assets classified as property, plant and equipment (Note 17) are |
software, intangible | assessed upon the capitalisation of each asset and, at each reporting date, are based upon the | |
assets and ocean | expected consumption of future economic benefits of the asset. | |
cruise ships | ||
2.3h | Goodwill impairment | The Group determines whether goodwill needs to be impaired on an annual basis, or more frequently |
testing | as required. This requires an estimation of the value-in-use of the CGUs to which goodwill is allocated. | |
The value-in-use calculation requires the Group to estimate the future cash flows expected to arise | ||
from the CGUs, discounted at a suitably risk-adjusted rate to calculate present value. | ||
The impact of changes to pricing rules set by the FCA following the completion of the GIPP market | ||
study, especially the highly competitive motor insurance market and the adverse impact on profit | ||
before tax for the current and prior year, has increased the estimation uncertainty in the Insurance | ||
Broking CGU. The outcome of the impairment reviews conducted concluded that impairment | ||
charges of \u00a3269.0m, \u00a368.1m and \u00a336.8m be recognised against the Group\u2019s Insurance Broking CGU | ||
as at 31\u00a0July 2022, 31\u00a0July 2023 and 31 January 2024 respectively. | ||
Sensitivity analysis was undertaken to determine the effect of changing the discount rate, the | ||
terminal value and future cash flows on the present value calculation, as shown in Note 16a. | ||
2.3h | Impairment of ocean | Following the continued impact of the COVID-19 pandemic on the Group\u2019s operations, management |
and river cruise ships | conducted impairment reviews at 31 July 2022 of the Group\u2019s two ocean cruise ships, Spirit of | |
Discovery and Spirit of Adventure. Based on these impairment reviews and looking at the probability | ||
of a range of outcomes, the Group remained comfortable that there was headroom over and above | ||
the carrying value of the two ocean cruise ship assets and, therefore, concluded that no impairment | ||
charges were necessary. | ||
No impairment indicators were identified in relation to the Group\u2019s two ocean cruise ships, or its river | ||
cruise ships, as at 31 January 2023 and 31 January 2024 and, therefore, no impairment reviews were | ||
conducted at these dates. |
Acc. policy | Items involving estimation | Sources of estimation uncertainty | ||||||
2.3r | Valuation of | Estimates of future cash flows to fulfil liabilities for incurred claims | ||||||
insurance contract | For insurance contracts, estimates have to be made for the expected cost of claims known but not yet | |||||||
liabilities (and | settled (case reserves) and for the expected cost of IBNR claims, as at the reporting date. It can take | |||||||
related reinsurance | a\u00a0signi\ufb01cant period of time before the ultimate claims cost can be established with certainty. | |||||||
contract assets) | ||||||||
The ultimate cost of incurred claims is estimated by using a range of standard actuarial claims | ||||||||
projection techniques, such as the Chain-Ladder and Bornhuetter-Ferguson methods. The main | ||||||||
assumption underlying these techniques is that past claims development experience can be used | ||||||||
to\u00a0project future claims development and hence ultimate claims costs. As such, these methods | ||||||||
extrapolate the development of paid and incurred losses, average costs per claim and claim numbers | ||||||||
based on the observed development of earlier years. Historical claims development is primarily | ||||||||
analysed by accident year, geographical area, signi\ufb01cant business line and peril. Additional qualitative | ||||||||
judgement is used to assess the extent to which past trends may not apply in the future (e.g. to re\ufb02ect | ||||||||
one-o\ufb00 occurrences, changes in external or market factors such as public attitudes to claiming, | ||||||||
economic conditions, levels of claims in\ufb02ation, judicial decisions and legislation, as well as internal | ||||||||
factors such as portfolio mix, policy features and claims handling procedures) in order to arrive at | ||||||||
the\u00a0best estimate of the ultimate cost of claims. | ||||||||
The estimate of future cash \ufb02ows arising from PPO liabilities requires an assumption for carer wage | ||||||||
in\ufb02ation. This assumption is currently set at 1.5% above the discount rate applied to liabilities for | ||||||||
incurred claims (see below). This assumption will continue to be assessed at future measurement dates. | ||||||||
Discount rate applied to liabilities for incurred claims | ||||||||
All the Group\u2019s liabilities for incurred claims (and related reinsurance assets) are discounted. | ||||||||
The determination of the discount rate applied to liabilities for incurred claims is an estimate. | ||||||||
This\u00a0discount rate re\ufb02ects the current risk-free interest rate in the currency of the insurance | ||||||||
liabilities, being British Pounds ( GBP ), plus an illiquidity premium. Such a discount rate is not | ||||||||
observable and, therefore, must be estimated. The discount rate is estimated by removing from | ||||||||
the\u00a0yield curve of a portfolio of GBP-denominated corporate bonds an estimate of the components | ||||||||
of\u00a0that yield that relate to expected and unexpected credit losses. The portfolio of corporate bonds | ||||||||
used re\ufb02ects the debt securities that the Group holds to support its insurance liabilities. | ||||||||
Following this approach, the GBP discount rate curves that were applied to liabilities for incurred | ||||||||
claims were as follows: | ||||||||
1 year | 3 years | 5 years | 10 years | 20 years | 30 years | |||
31 January 2024 | 4.9% | 4.4% | 4.1% | 4.3% | 4.9% | 4.9% | ||
31 January 2023 | 4.2% | 4.1% | 4.0% | 4.1% | 4.4% | 4.3% | ||
The sensitivity of this assumption is shown in Note 20a(iii). | ||||||||
Risk adjustment | ||||||||
The con\ufb01dence level technique used by the Group to determine the risk adjustment requires | ||||||||
estimation of the probability distribution of the present value of future cash \ufb02ows arising from | ||||||||
liabilities for incurred claims, including estimates of possible favourable and unfavourable outcomes. | ||||||||
These probability distributions are estimated both gross and net of reinsurance. | ||||||||
2.3u | Valuation of pension | The cost of de\ufb01ned bene\ufb01t pension plans, and the present value of the pension obligation, are | ||||||
bene\ufb01t obligation | determined using actuarial valuations. Actuarial valuations involve making assumptions about | |||||||
discount rates, expected rates of return on assets, future salary increases, mortality rates and | ||||||||
future\u00a0pension increases. Due to the complexity of the valuation, the underlying assumptions and | ||||||||
its\u00a0long-term nature, a de\ufb01ned bene\ufb01t obligation is highly sensitive to changes in these assumptions. | ||||||||
All assumptions are reviewed at each reporting date. | ||||||||
All signi\ufb01cant assumptions and estimates involved in arriving at the valuation of the pension scheme | ||||||||
obligation are set out in Note 27. |
Acc. policy | Items involving judgement | Critical accounting judgement |
2.3a | Revenue recognition | Management has exercised judgement in identifying separate performance obligations arising from |
\u2013 identification of | insurance policies brokered by the Group, namely: | |
| performance | where the insurance contract is also underwritten by the Group, the judgement that the | |
| obligations arising | arrangement of\u00a0the insurance policy is a service (performance obligation) that is distinct from the | |
| from insurance | insurance underwriting service. The revenue allocated to the arrangement performance obligation | |
| policies brokered | is recognised earlier than the revenue that is allocated to the insurance underwriting service; and | |
| by\u00a0the Group | the judgement that the option to fix the customer\u2019s premium at renewal for three-year fixed-price | |
insurance policies is a separate performance obligation to the arrangement of the insurance policy. | ||
This results in the deferral of a portion of revenue from policy years one and two to policy years two | ||
and three. | ||
Please refer to Note 2.3a for further information on the Group\u2019s performance obligations relating to | ||
revenue recognition. | ||
2.3r | Classification of the | This judgement is now made by applying the principles of IFRS 17 rather than IFRS 4 (the previous |
Group\u2019s risk transfer | international accounting standard for insurance and reinsurance contracts). This has not resulted | |
arrangements as | in\u00a0any changes to the conclusions reached. | |
| reinsurance | The Group\u2019s excess of loss and funds-withheld quota share reinsurance arrangements, relating to | |
| contracts | its\u00a0motor underwriting line of business, are deemed to transfer significant insurance risk to the | |
reinsurers. They are, therefore, classified as reinsurance contracts under IFRS 17. | ||
Separately, the Group had previously entered into contracts to transfer part of the risk arising | ||
from\u00a0the Group\u2019s promise to fix the customer\u2019s annual premium for three-year fixed-price policies. | ||
The Group continues to recognise amounts arising from those contracts. As the underlying promise | ||
is not an insurance contract, the contracts that transfer part of the risk arising from the promise | ||
are\u00a0not classified as reinsurance contracts. Instead, they are classified as insurance contracts held, | ||
which are not in the scope of IFRS 17. | ||
2.3h | Impairment testing | Goodwill |
of goodwill and | The Group determines whether goodwill needs to be impaired at least annually, and twice-yearly | |
other\u00a0major classes | if\u00a0indicators of impairment exist at the interim reporting date of 31 July. | |
| of assets | New pricing rules set by the Financial Conduct Authority ( FCA ) came into effect on 1 January 2022, | |
following the conclusion of the General Insurance Pricing Practices market study ( GIPP ) market | ||
study. As a result of\u00a0the impact of the GIPP changes on customer pricing, especially in the highly | ||
competitive motor insurance market, there was a fall in policy volumes in the period to 31 July 2022, | ||
year to 31 January 2023, period to 31 July 2023 and year to 31 January 2024, with a consequential | ||
adverse impact on the profitability of the Insurance business. Management considered this to be an | ||
indicator of impairment and therefore conducted full impairment reviews of the Insurance Broking | ||
CGU as at\u00a031 July 2022, 31 January 2023, 31 July 2023 and 31 January 2024. As a result of these | ||
reviews, management deemed it necessary to impair the goodwill allocated to the Insurance Broking | ||
CGU by \u00a3269.0m at 31 July 2022, by \u00a368.1m at 31 July 2023 and by \u00a336.8m at 31 January 2024. | ||
No further impairment was deemed necessary at 31 January 2023. | ||
Given the low materiality of the amounts in question, the Group decided to write off, in full, the \u00a30.5m | ||
goodwill arising on acquisition of The Big Window Consulting Limited ( the Big Window ) in the period | ||
to 31 July 2022. | ||
Property, plant and equipment | ||
Following the continued impact of the COVID-19 pandemic on the Group\u2019s Cruise and Travel | ||
operations, management concluded that potential indicators of impairment existed and conducted | ||
impairment reviews at 31 July 2022 of the Group\u2019s two ocean cruise ships, Spirit of Discovery and | ||
Spirit of Adventure. Management considered a range of scenarios and used its judgement to conclude | ||
that no impairment was necessary. | ||
As at 31 January 2024, 31 July 2023 and 31 January 2023, management did not consider it necessary | ||
to conduct an impairment review of the Group\u2019s two ocean cruise ships since no new indicators of | ||
impairment were identified. Please refer to Note 17 for further detail. | ||
In the year ended 31 January 2024, management exercised its judgement in relation to the | ||
impairment of plant and equipment assets and performed an impairment review of the recoverable | ||
amount of plant and equipment assets used by the Group. As a result of this review, management | ||
deemed it necessary to impair plant and equipment assets by \u00a30.1m in the Central Costs division. | ||
Please refer to Note 17 for further detail. |
Acc. policy | Items involving judgement | Critical accounting judgement |
Right-of-use assets | ||
In the years to 31 January 2024 and 31 January 2023, management did not consider it necessary | ||
to\u00a0conduct an impairment review of right-of-use river cruise ship assets, since no indicators of | ||
impairment were identified. | ||
In the year ended 31 January 2024, management exercised its judgement in relation to the | ||
impairment of right-of-use assets used by the Group\u2019s Publishing business following a restructuring | ||
exercise. As a result of this review, management deemed it necessary to impair long leasehold land | ||
and building assets by \u00a30.1m in that business. Please refer to Note 18a for further detail. | ||
Assets held for sale | ||
In the years to 31 January 2024 and 31 January 2023, in light of the Group obtaining updated freehold | ||
property market valuation reports, management exercised judgement in relation to the impairment | ||
of property assets held for sale. As a consequence of the remeasurement of the properties to the | ||
lower of fair value less cost to sell and the carrying value, management concluded that a net | ||
impairment charge of \u00a310.4m (2023: \u00a31.2m) should be accordingly recognised. Please refer to | ||
Note\u00a038 for further detail. | ||
Intangible assets | ||
In the year ended 31 January 2024, following the cessation of development work and the decision | ||
to\u00a0exit some of the Group\u2019s smaller, loss-making activities, management exercised its judgement | ||
in\u00a0relation to the impairment of software assets and performed an impairment review of the | ||
recoverable amount of software assets used by the Insurance Broking and Central Costs divisions. | ||
As\u00a0a result of this review, management deemed it necessary to impair software assets by \u00a31.2m in | ||
the\u00a0Insurance Broking business and also impair the software assets in the Central Costs division | ||
by\u00a0\u00a31.9m. Please refer to Note 16b for further detail. | ||
2.3r | Insurance contract | Eligibility of reinsurance contracts for the PAA |
liabilities (and related | Some of the Group\u2019s groups of reinsurance contracts have a coverage period of more than 12 months, | |
reinsurance | including the motor quota share arrangement, which has a three-year coverage period. Management | |
contract\u00a0assets) | has applied judgement in concluding that these groups are eligible for the PAA on the basis that, | |
at\u00a0initial recognition, it expects that the measurement of the asset for remaining coverage under | ||
the\u00a0PAA would not differ materially to that under the IFRS 17 general measurement model. | ||
Liability for incurred claims | ||
This judgement relates to the estimation of future claims costs in relation to areas of uncertainty. | ||
It\u00a0is\u00a0relevant to both components of the IFRS 17 liability for incurred claims: | ||
The estimate of the present value of future cash flows | ||
The risk adjustment | ||
The approach to determining the risk adjustment within the liability for incurred claims is a key area | ||
of\u00a0judgement. Under IFRS 17 the risk adjustment reflects the compensation required for bearing | ||
uncertainty about the amount and timing of the cash flows that arises from non-financial risk. | ||
The\u00a0Group determines the risk adjustment at the level of each IFRS 17 portfolio of insurance | ||
contracts, the most material of which is the motor portfolio, using a confidence level technique | ||
(also\u00a0referred to as a Value at Risk ( VaR ) approach). Following this approach, the total liability for | ||
incurred claims (net of reinsurance) is set at the 85% confidence level (ultimate basis), with the net | ||
risk adjustment being the difference between this total net liability for incurred claims and the net | ||
estimate of the present value of future cash flows. The gross risk adjustment is derived in a similar | ||
way, with the reinsurance risk adjustment being the difference between the gross and net risk | ||
adjustments. This approach, and in particular, the use of the 85% confidence level, results in a risk | ||
adjustment that meets the IFRS 17 requirements as a key judgement. | ||
As the risk adjustment is determined at the level of each IFRS 17 portfolio, the confidence level | ||
referred to above does not reflect diversification of risk across these portfolios. | ||
A further key area of judgement relates to the discount rate that is applied to the estimate of future | ||
cash flows. Under IFRS 17, the discount rate used should reflect the liquidity characteristics of the | ||
insurance liabilities. Assessing the liquidity characteristics of the liabilities requires significant | ||
judgement. Management concluded that cash flows relating to the liability for incurred claims are | ||
illiquid and, therefore, the discount rate should include an illiquidity premium above the risk-free rate. |
Acc. policy | Items involving estimation | Sources of estimation uncertainty |
2.3ai | Revenue recognition | The standalone selling price of the option to fix within the Group\u2019s three-year fixed-price insurance |
\u2013 three-year fixed- | policies has been estimated using the expected cost plus a margin approach, as set out in | |
price insurance | paragraph\u00a079 (b) of IFRS 15. | |
| policies | An allowance has also been made for the likelihood that the option will be exercised by factoring in | |
the\u00a0expected rate of renewal at the first and second renewal dates. The amount of revenue deferred | ||
upon initial recognition is, therefore, reduced to the extent that it is estimated that customers will not | ||
exercise the option because they either decide not to renew or they make a claim that releases the | ||
Group from its obligation to fix the customer price. | ||
2.3f and | Useful economic lives | The useful economic lives and residual values of software assets classified as intangible assets |
2.3i | and residual values of | (Note\u00a015) and ocean cruise ship assets classified as property, plant and equipment (Note 17) are |
software, intangible | assessed upon the capitalisation of each asset and, at each reporting date, are based upon the | |
assets and ocean | expected consumption of future economic benefits of the asset. | |
cruise ships | ||
2.3h | Goodwill impairment | The Group determines whether goodwill needs to be impaired on an annual basis, or more frequently |
testing | as required. This requires an estimation of the value-in-use of the CGUs to which goodwill is allocated. | |
The value-in-use calculation requires the Group to estimate the future cash flows expected to arise | ||
from the CGUs, discounted at a suitably risk-adjusted rate to calculate present value. | ||
The impact of changes to pricing rules set by the FCA following the completion of the GIPP market | ||
study, especially the highly competitive motor insurance market and the adverse impact on profit | ||
before tax for the current and prior year, has increased the estimation uncertainty in the Insurance | ||
Broking CGU. The outcome of the impairment reviews conducted concluded that impairment | ||
charges of \u00a3269.0m, \u00a368.1m and \u00a336.8m be recognised against the Group\u2019s Insurance Broking CGU | ||
as at 31\u00a0July 2022, 31\u00a0July 2023 and 31 January 2024 respectively. | ||
Sensitivity analysis was undertaken to determine the effect of changing the discount rate, the | ||
terminal value and future cash flows on the present value calculation, as shown in Note 16a. | ||
2.3h | Impairment of ocean | Following the continued impact of the COVID-19 pandemic on the Group\u2019s operations, management |
and river cruise ships | conducted impairment reviews at 31 July 2022 of the Group\u2019s two ocean cruise ships, Spirit of | |
Discovery and Spirit of Adventure. Based on these impairment reviews and looking at the probability | ||
of a range of outcomes, the Group remained comfortable that there was headroom over and above | ||
the carrying value of the two ocean cruise ship assets and, therefore, concluded that no impairment | ||
charges were necessary. | ||
No impairment indicators were identified in relation to the Group\u2019s two ocean cruise ships, or its river | ||
cruise ships, as at 31 January 2023 and 31 January 2024 and, therefore, no impairment reviews were | ||
conducted at these dates. |
Acc. policy | Items involving estimation | Sources of estimation uncertainty | ||||||
2.3r | Valuation of | Estimates of future cash flows to fulfil liabilities for incurred claims | ||||||
insurance contract | For insurance contracts, estimates have to be made for the expected cost of claims known but not yet | |||||||
liabilities (and | settled (case reserves) and for the expected cost of IBNR claims, as at the reporting date. It can take | |||||||
related reinsurance | a\u00a0signi\ufb01cant period of time before the ultimate claims cost can be established with certainty. | |||||||
contract assets) | ||||||||
The ultimate cost of incurred claims is estimated by using a range of standard actuarial claims | ||||||||
projection techniques, such as the Chain-Ladder and Bornhuetter-Ferguson methods. The main | ||||||||
assumption underlying these techniques is that past claims development experience can be used | ||||||||
to\u00a0project future claims development and hence ultimate claims costs. As such, these methods | ||||||||
extrapolate the development of paid and incurred losses, average costs per claim and claim numbers | ||||||||
based on the observed development of earlier years. Historical claims development is primarily | ||||||||
analysed by accident year, geographical area, signi\ufb01cant business line and peril. Additional qualitative | ||||||||
judgement is used to assess the extent to which past trends may not apply in the future (e.g. to re\ufb02ect | ||||||||
one-o\ufb00 occurrences, changes in external or market factors such as public attitudes to claiming, | ||||||||
economic conditions, levels of claims in\ufb02ation, judicial decisions and legislation, as well as internal | ||||||||
factors such as portfolio mix, policy features and claims handling procedures) in order to arrive at | ||||||||
the\u00a0best estimate of the ultimate cost of claims. | ||||||||
The estimate of future cash \ufb02ows arising from PPO liabilities requires an assumption for carer wage | ||||||||
in\ufb02ation. This assumption is currently set at 1.5% above the discount rate applied to liabilities for | ||||||||
incurred claims (see below). This assumption will continue to be assessed at future measurement dates. | ||||||||
Discount rate applied to liabilities for incurred claims | ||||||||
All the Group\u2019s liabilities for incurred claims (and related reinsurance assets) are discounted. | ||||||||
The determination of the discount rate applied to liabilities for incurred claims is an estimate. | ||||||||
This\u00a0discount rate re\ufb02ects the current risk-free interest rate in the currency of the insurance | ||||||||
liabilities, being British Pounds ( GBP ), plus an illiquidity premium. Such a discount rate is not | ||||||||
observable and, therefore, must be estimated. The discount rate is estimated by removing from | ||||||||
the\u00a0yield curve of a portfolio of GBP-denominated corporate bonds an estimate of the components | ||||||||
of\u00a0that yield that relate to expected and unexpected credit losses. The portfolio of corporate bonds | ||||||||
used re\ufb02ects the debt securities that the Group holds to support its insurance liabilities. | ||||||||
Following this approach, the GBP discount rate curves that were applied to liabilities for incurred | ||||||||
claims were as follows: | ||||||||
1 year | 3 years | 5 years | 10 years | 20 years | 30 years | |||
31 January 2024 | 4.9% | 4.4% | 4.1% | 4.3% | 4.9% | 4.9% | ||
31 January 2023 | 4.2% | 4.1% | 4.0% | 4.1% | 4.4% | 4.3% | ||
The sensitivity of this assumption is shown in Note 20a(iii). | ||||||||
Risk adjustment | ||||||||
The con\ufb01dence level technique used by the Group to determine the risk adjustment requires | ||||||||
estimation of the probability distribution of the present value of future cash \ufb02ows arising from | ||||||||
liabilities for incurred claims, including estimates of possible favourable and unfavourable outcomes. | ||||||||
These probability distributions are estimated both gross and net of reinsurance. | ||||||||
2.3u | Valuation of pension | The cost of de\ufb01ned bene\ufb01t pension plans, and the present value of the pension obligation, are | ||||||
bene\ufb01t obligation | determined using actuarial valuations. Actuarial valuations involve making assumptions about | |||||||
discount rates, expected rates of return on assets, future salary increases, mortality rates and | ||||||||
future\u00a0pension increases. Due to the complexity of the valuation, the underlying assumptions and | ||||||||
its\u00a0long-term nature, a de\ufb01ned bene\ufb01t obligation is highly sensitive to changes in these assumptions. | ||||||||
All assumptions are reviewed at each reporting date. | ||||||||
All signi\ufb01cant assumptions and estimates involved in arriving at the valuation of the pension scheme | ||||||||
obligation are set out in Note 27. |
Acc. policy | Items involving estimation | Sources of estimation uncertainty |
2.3ai | Revenue recognition | The standalone selling price of the option to fix within the Group\u2019s three-year fixed-price insurance |
\u2013 three-year fixed- | policies has been estimated using the expected cost plus a margin approach, as set out in | |
price insurance | paragraph\u00a079 (b) of IFRS 15. | |
| policies | An allowance has also been made for the likelihood that the option will be exercised by factoring in | |
the\u00a0expected rate of renewal at the first and second renewal dates. The amount of revenue deferred | ||
upon initial recognition is, therefore, reduced to the extent that it is estimated that customers will not | ||
exercise the option because they either decide not to renew or they make a claim that releases the | ||
Group from its obligation to fix the customer price. | ||
2.3f and | Useful economic lives | The useful economic lives and residual values of software assets classified as intangible assets |
2.3i | and residual values of | (Note\u00a015) and ocean cruise ship assets classified as property, plant and equipment (Note 17) are |
software, intangible | assessed upon the capitalisation of each asset and, at each reporting date, are based upon the | |
assets and ocean | expected consumption of future economic benefits of the asset. | |
cruise ships | ||
2.3h | Goodwill impairment | The Group determines whether goodwill needs to be impaired on an annual basis, or more frequently |
testing | as required. This requires an estimation of the value-in-use of the CGUs to which goodwill is allocated. | |
The value-in-use calculation requires the Group to estimate the future cash flows expected to arise | ||
from the CGUs, discounted at a suitably risk-adjusted rate to calculate present value. | ||
The impact of changes to pricing rules set by the FCA following the completion of the GIPP market | ||
study, especially the highly competitive motor insurance market and the adverse impact on profit | ||
before tax for the current and prior year, has increased the estimation uncertainty in the Insurance | ||
Broking CGU. The outcome of the impairment reviews conducted concluded that impairment | ||
charges of \u00a3269.0m, \u00a368.1m and \u00a336.8m be recognised against the Group\u2019s Insurance Broking CGU | ||
as at 31\u00a0July 2022, 31\u00a0July 2023 and 31 January 2024 respectively. | ||
Sensitivity analysis was undertaken to determine the effect of changing the discount rate, the | ||
terminal value and future cash flows on the present value calculation, as shown in Note 16a. | ||
2.3h | Impairment of ocean | Following the continued impact of the COVID-19 pandemic on the Group\u2019s operations, management |
and river cruise ships | conducted impairment reviews at 31 July 2022 of the Group\u2019s two ocean cruise ships, Spirit of | |
Discovery and Spirit of Adventure. Based on these impairment reviews and looking at the probability | ||
of a range of outcomes, the Group remained comfortable that there was headroom over and above | ||
the carrying value of the two ocean cruise ship assets and, therefore, concluded that no impairment | ||
charges were necessary. | ||
No impairment indicators were identified in relation to the Group\u2019s two ocean cruise ships, or its river | ||
cruise ships, as at 31 January 2023 and 31 January 2024 and, therefore, no impairment reviews were | ||
conducted at these dates. |
Acc. policy | Items involving estimation | Sources of estimation uncertainty | ||||||
2.3r | Valuation of | Estimates of future cash flows to fulfil liabilities for incurred claims | ||||||
insurance contract | For insurance contracts, estimates have to be made for the expected cost of claims known but not yet | |||||||
liabilities (and | settled (case reserves) and for the expected cost of IBNR claims, as at the reporting date. It can take | |||||||
related reinsurance | a\u00a0signi\ufb01cant period of time before the ultimate claims cost can be established with certainty. | |||||||
contract assets) | ||||||||
The ultimate cost of incurred claims is estimated by using a range of standard actuarial claims | ||||||||
projection techniques, such as the Chain-Ladder and Bornhuetter-Ferguson methods. The main | ||||||||
assumption underlying these techniques is that past claims development experience can be used | ||||||||
to\u00a0project future claims development and hence ultimate claims costs. As such, these methods | ||||||||
extrapolate the development of paid and incurred losses, average costs per claim and claim numbers | ||||||||
based on the observed development of earlier years. Historical claims development is primarily | ||||||||
analysed by accident year, geographical area, signi\ufb01cant business line and peril. Additional qualitative | ||||||||
judgement is used to assess the extent to which past trends may not apply in the future (e.g. to re\ufb02ect | ||||||||
one-o\ufb00 occurrences, changes in external or market factors such as public attitudes to claiming, | ||||||||
economic conditions, levels of claims in\ufb02ation, judicial decisions and legislation, as well as internal | ||||||||
factors such as portfolio mix, policy features and claims handling procedures) in order to arrive at | ||||||||
the\u00a0best estimate of the ultimate cost of claims. | ||||||||
The estimate of future cash \ufb02ows arising from PPO liabilities requires an assumption for carer wage | ||||||||
in\ufb02ation. This assumption is currently set at 1.5% above the discount rate applied to liabilities for | ||||||||
incurred claims (see below). This assumption will continue to be assessed at future measurement dates. | ||||||||
Discount rate applied to liabilities for incurred claims | ||||||||
All the Group\u2019s liabilities for incurred claims (and related reinsurance assets) are discounted. | ||||||||
The determination of the discount rate applied to liabilities for incurred claims is an estimate. | ||||||||
This\u00a0discount rate re\ufb02ects the current risk-free interest rate in the currency of the insurance | ||||||||
liabilities, being British Pounds ( GBP ), plus an illiquidity premium. Such a discount rate is not | ||||||||
observable and, therefore, must be estimated. The discount rate is estimated by removing from | ||||||||
the\u00a0yield curve of a portfolio of GBP-denominated corporate bonds an estimate of the components | ||||||||
of\u00a0that yield that relate to expected and unexpected credit losses. The portfolio of corporate bonds | ||||||||
used re\ufb02ects the debt securities that the Group holds to support its insurance liabilities. | ||||||||
Following this approach, the GBP discount rate curves that were applied to liabilities for incurred | ||||||||
claims were as follows: | ||||||||
1 year | 3 years | 5 years | 10 years | 20 years | 30 years | |||
31 January 2024 | 4.9% | 4.4% | 4.1% | 4.3% | 4.9% | 4.9% | ||
31 January 2023 | 4.2% | 4.1% | 4.0% | 4.1% | 4.4% | 4.3% | ||
The sensitivity of this assumption is shown in Note 20a(iii). | ||||||||
Risk adjustment | ||||||||
The con\ufb01dence level technique used by the Group to determine the risk adjustment requires | ||||||||
estimation of the probability distribution of the present value of future cash \ufb02ows arising from | ||||||||
liabilities for incurred claims, including estimates of possible favourable and unfavourable outcomes. | ||||||||
These probability distributions are estimated both gross and net of reinsurance. | ||||||||
2.3u | Valuation of pension | The cost of de\ufb01ned bene\ufb01t pension plans, and the present value of the pension obligation, are | ||||||
bene\ufb01t obligation | determined using actuarial valuations. Actuarial valuations involve making assumptions about | |||||||
discount rates, expected rates of return on assets, future salary increases, mortality rates and | ||||||||
future\u00a0pension increases. Due to the complexity of the valuation, the underlying assumptions and | ||||||||
its\u00a0long-term nature, a de\ufb01ned bene\ufb01t obligation is highly sensitive to changes in these assumptions. | ||||||||
All assumptions are reviewed at each reporting date. | ||||||||
All signi\ufb01cant assumptions and estimates involved in arriving at the valuation of the pension scheme | ||||||||
obligation are set out in Note 27. |
Acc. policy | Items involving estimation | Sources of estimation uncertainty |
2.3ai | Revenue recognition | The standalone selling price of the option to fix within the Group\u2019s three-year fixed-price insurance |
\u2013 three-year fixed- | policies has been estimated using the expected cost plus a margin approach, as set out in | |
price insurance | paragraph\u00a079 (b) of IFRS 15. | |
| policies | An allowance has also been made for the likelihood that the option will be exercised by factoring in | |
the\u00a0expected rate of renewal at the first and second renewal dates. The amount of revenue deferred | ||
upon initial recognition is, therefore, reduced to the extent that it is estimated that customers will not | ||
exercise the option because they either decide not to renew or they make a claim that releases the | ||
Group from its obligation to fix the customer price. | ||
2.3f and | Useful economic lives | The useful economic lives and residual values of software assets classified as intangible assets |
2.3i | and residual values of | (Note\u00a015) and ocean cruise ship assets classified as property, plant and equipment (Note 17) are |
software, intangible | assessed upon the capitalisation of each asset and, at each reporting date, are based upon the | |
assets and ocean | expected consumption of future economic benefits of the asset. | |
cruise ships | ||
2.3h | Goodwill impairment | The Group determines whether goodwill needs to be impaired on an annual basis, or more frequently |
testing | as required. This requires an estimation of the value-in-use of the CGUs to which goodwill is allocated. | |
The value-in-use calculation requires the Group to estimate the future cash flows expected to arise | ||
from the CGUs, discounted at a suitably risk-adjusted rate to calculate present value. | ||
The impact of changes to pricing rules set by the FCA following the completion of the GIPP market | ||
study, especially the highly competitive motor insurance market and the adverse impact on profit | ||
before tax for the current and prior year, has increased the estimation uncertainty in the Insurance | ||
Broking CGU. The outcome of the impairment reviews conducted concluded that impairment | ||
charges of \u00a3269.0m, \u00a368.1m and \u00a336.8m be recognised against the Group\u2019s Insurance Broking CGU | ||
as at 31\u00a0July 2022, 31\u00a0July 2023 and 31 January 2024 respectively. | ||
Sensitivity analysis was undertaken to determine the effect of changing the discount rate, the | ||
terminal value and future cash flows on the present value calculation, as shown in Note 16a. | ||
2.3h | Impairment of ocean | Following the continued impact of the COVID-19 pandemic on the Group\u2019s operations, management |
and river cruise ships | conducted impairment reviews at 31 July 2022 of the Group\u2019s two ocean cruise ships, Spirit of | |
Discovery and Spirit of Adventure. Based on these impairment reviews and looking at the probability | ||
of a range of outcomes, the Group remained comfortable that there was headroom over and above | ||
the carrying value of the two ocean cruise ship assets and, therefore, concluded that no impairment | ||
charges were necessary. | ||
No impairment indicators were identified in relation to the Group\u2019s two ocean cruise ships, or its river | ||
cruise ships, as at 31 January 2023 and 31 January 2024 and, therefore, no impairment reviews were | ||
conducted at these dates. |
Acc. policy | Items involving estimation | Sources of estimation uncertainty | ||||||
2.3r | Valuation of | Estimates of future cash flows to fulfil liabilities for incurred claims | ||||||
insurance contract | For insurance contracts, estimates have to be made for the expected cost of claims known but not yet | |||||||
liabilities (and | settled (case reserves) and for the expected cost of IBNR claims, as at the reporting date. It can take | |||||||
related reinsurance | a\u00a0signi\ufb01cant period of time before the ultimate claims cost can be established with certainty. | |||||||
contract assets) | ||||||||
The ultimate cost of incurred claims is estimated by using a range of standard actuarial claims | ||||||||
projection techniques, such as the Chain-Ladder and Bornhuetter-Ferguson methods. The main | ||||||||
assumption underlying these techniques is that past claims development experience can be used | ||||||||
to\u00a0project future claims development and hence ultimate claims costs. As such, these methods | ||||||||
extrapolate the development of paid and incurred losses, average costs per claim and claim numbers | ||||||||
based on the observed development of earlier years. Historical claims development is primarily | ||||||||
analysed by accident year, geographical area, signi\ufb01cant business line and peril. Additional qualitative | ||||||||
judgement is used to assess the extent to which past trends may not apply in the future (e.g. to re\ufb02ect | ||||||||
one-o\ufb00 occurrences, changes in external or market factors such as public attitudes to claiming, | ||||||||
economic conditions, levels of claims in\ufb02ation, judicial decisions and legislation, as well as internal | ||||||||
factors such as portfolio mix, policy features and claims handling procedures) in order to arrive at | ||||||||
the\u00a0best estimate of the ultimate cost of claims. | ||||||||
The estimate of future cash \ufb02ows arising from PPO liabilities requires an assumption for carer wage | ||||||||
in\ufb02ation. This assumption is currently set at 1.5% above the discount rate applied to liabilities for | ||||||||
incurred claims (see below). This assumption will continue to be assessed at future measurement dates. | ||||||||
Discount rate applied to liabilities for incurred claims | ||||||||
All the Group\u2019s liabilities for incurred claims (and related reinsurance assets) are discounted. | ||||||||
The determination of the discount rate applied to liabilities for incurred claims is an estimate. | ||||||||
This\u00a0discount rate re\ufb02ects the current risk-free interest rate in the currency of the insurance | ||||||||
liabilities, being British Pounds ( GBP ), plus an illiquidity premium. Such a discount rate is not | ||||||||
observable and, therefore, must be estimated. The discount rate is estimated by removing from | ||||||||
the\u00a0yield curve of a portfolio of GBP-denominated corporate bonds an estimate of the components | ||||||||
of\u00a0that yield that relate to expected and unexpected credit losses. The portfolio of corporate bonds | ||||||||
used re\ufb02ects the debt securities that the Group holds to support its insurance liabilities. | ||||||||
Following this approach, the GBP discount rate curves that were applied to liabilities for incurred | ||||||||
claims were as follows: | ||||||||
1 year | 3 years | 5 years | 10 years | 20 years | 30 years | |||
31 January 2024 | 4.9% | 4.4% | 4.1% | 4.3% | 4.9% | 4.9% | ||
31 January 2023 | 4.2% | 4.1% | 4.0% | 4.1% | 4.4% | 4.3% | ||
The sensitivity of this assumption is shown in Note 20a(iii). | ||||||||
Risk adjustment | ||||||||
The con\ufb01dence level technique used by the Group to determine the risk adjustment requires | ||||||||
estimation of the probability distribution of the present value of future cash \ufb02ows arising from | ||||||||
liabilities for incurred claims, including estimates of possible favourable and unfavourable outcomes. | ||||||||
These probability distributions are estimated both gross and net of reinsurance. | ||||||||
2.3u | Valuation of pension | The cost of de\ufb01ned bene\ufb01t pension plans, and the present value of the pension obligation, are | ||||||
bene\ufb01t obligation | determined using actuarial valuations. Actuarial valuations involve making assumptions about | |||||||
discount rates, expected rates of return on assets, future salary increases, mortality rates and | ||||||||
future\u00a0pension increases. Due to the complexity of the valuation, the underlying assumptions and | ||||||||
its\u00a0long-term nature, a de\ufb01ned bene\ufb01t obligation is highly sensitive to changes in these assumptions. | ||||||||
All assumptions are reviewed at each reporting date. | ||||||||
All signi\ufb01cant assumptions and estimates involved in arriving at the valuation of the pension scheme | ||||||||
obligation are set out in Note 27. |
Insurance | |||||||||
Other | |||||||||
Businesses | |||||||||
Cruise and | Motor | Home | Other | Under- | and Central | ||||
Travel | broking | broking | broking | writing | Total | Costs | Adjustments | Total | |
2024 | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Non-insurance revenue | 410.0 | 32.3 | 55.4 | 41.0 | 4.8 | 133.5 | 25.1 | (5.1) | 563.5 |
Insurance revenue | \u2013 | 12.7 8 | \u2013 | 0.8 | 164.1 | 177.6 | \u2013 | \u2013 | 177.6 |
Revenue | 410.0 | 45.0 | 55.4 | 41.8 | 168.9 | 311.1 | 25.1 | (5.1) | 741.1 |
Cost of sales | (292.5) | (8.7) | \u2013 | 7.9 | \u2013 | (0.8) | (7.8) | \u2013 | (301.1) |
(non-Insurance Underwriting) | |||||||||
Gross profit/(loss) | 117.5 | 23.6 | 55.4 | 48.9 | 4.8 | 132.7 | 17.3 | (5.1) | 262.4 |
(non-Insurance Underwriting) | |||||||||
Insurance service expenses | \u2013 | (22.0) | \u2013 | \u2013 | (227.2) | (249.2) | \u2013 | \u2013 | (249.2) |
Net income from reinsurance | \u2013 | 0.1 | \u2013 | \u2013 | 40.1 | 40.2 | \u2013 | \u2013 | 40.2 |
contracts | |||||||||
Insurance service result | \u2013 | (9.2) | \u2013 | 0.8 | (23.0) | (31.4) | \u2013 | \u2013 | (31.4) |
Other income | 5.0 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 5.0 |
Administrative and selling expenses | (67.7) | (23.7) | (35.7) | (24.7) | \u2013 | (84.1) | (68.3) | 4.8 | (215.3) |
Impairment of assets | \u2013 | (1.2) | \u2013 | \u2013 | (4.1) | (5.3) | (8.4) | (104.9) | (118.6) |
Net finance expense from | \u2013 | \u2013 | \u2013 | \u2013 | (3.5) | (3.5) | \u2013 | \u2013 | (3.5) |
insurance contracts | |||||||||
Net finance income from | \u2013 | \u2013 | \u2013 | \u2013 | 1.9 | 1.9 | \u2013 | \u2013 | 1.9 |
reinsurance contracts | |||||||||
Net loss on disposal of property, | \u2013 | (0.1) | \u2013 | \u2013 | \u2013 | (0.1) | (0.4) | \u2013 | (0.5) |
plant and equipment and software | |||||||||
Investment income | 0.8 | 0.3 | \u2013 | \u2013 | 12.1 | 12.4 | 2.2 | \u2013 | 15.4 |
Finance costs | (20.8) | (0.1) | \u2013 | \u2013 | \u2013 | (0.1) | (23.5) | \u2013 | (44.4) |
Profit/(loss) before tax | 34.8 | (10.4) | 19.7 | 25.0 | (11.8) | 22.5 | (81.1) | (105.2) | (129.0) |
Reconciliation to Underlying | |||||||||
Profit/(Loss) Before Tax 9 | |||||||||
Profit/(loss) before tax | 34.8 | (10.4) | 19.7 | 25.0 | (11.8) | 22.5 | (81.1) | (105.2) | (129.0) |
Net fair value loss on derivative | 1.4 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1.4 |
financial instruments | |||||||||
Impairment of goodwill | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 104.9 | 104.9 |
Impairment/loss on disposal | \u2013 | 1.2 | \u2013 | \u2013 | 1.9 | 3.1 | 8.8 | \u2013 | 11.9 |
of assets | |||||||||
Amortisation of fees and costs | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.4 | \u2013 | 0.4 |
on\u00a0Roger De Haan loan | |||||||||
Restructuring costs | 3.4 | 3.8 | \u2013 | \u2013 | 1.4 | 5.2 | 31.7 | \u2013 | 40.3 |
Acquisition and disposal costs | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.3 | 0.3 |
relating to the Big Window | |||||||||
Foreign exchange movement on | (0.6) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (0.6) |
lease liabilities | |||||||||
Fair value gains on debt securities | \u2013 | \u2013 | \u2013 | \u2013 | (3.5) | (3.5) | \u2013 | \u2013 | (3.5) |
Changes in underwriting discount | \u2013 | \u2013 | \u2013 | \u2013 | (1.0) | (1.0) | \u2013 | \u2013 | (1.0) |
rates on non-PPO liabilities | |||||||||
Onerous contract provision | \u2013 | 0.5 | \u2013 | \u2013 | 11.6 | 12.1 | \u2013 | \u2013 | 12.1 |
Ocean Cruise discretionary | 1.0 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1.0 |
ticket refunds and associated costs | |||||||||
Underlying Profit/ (Loss) | 40.0 | (4.9) | 19.7 | 25.0 | (1.4) | 38.4 | (40.2) | \u2013 | 38.2 |
Before Tax 9 |
Insurance | |||||||||
Other | |||||||||
Businesses | |||||||||
Cruise and | Motor | Home | Other | Under- | and Central | ||||
Travel | broking | broking | broking | writing | Total | Costs | Adjustments | Total | |
2023 (restated 10 ) | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Non-insurance revenue | 305.5 | 45.8 | 57.6 | 44.4 | (2.4) | 145.4 | 24.3 | (4.5) | 470.7 |
Insurance revenue | \u2013 | 31.2 11 | \u2013 | 0.9 | 160.9 | 193.0 | \u2013 | \u2013 | 193.0 |
Revenue | 305.5 | 77.0 | 57.6 | 45.3 | 158.5 | 338.4 | 24.3 | (4.5) | 663.7 |
Cost of sales | (242.5) | (4.0) | \u2013 | 4.5 | \u2013 | 0.5 | (6.5) | \u2013 | (248.5) |
(non-Insurance Underwriting) | |||||||||
Gross profit/(loss) | 63.0 | 41.8 | 57.6 | 48.9 | (2.4) | 145.9 | 17.8 | (4.5) | 222.2 |
(non-Insurance Underwriting) | |||||||||
Insurance service expenses | \u2013 | (32.5) | \u2013 | \u2013 | (183.3) | (215.8) | \u2013 | \u2013 | (215.8) |
Net (expense)/income from | \u2013 | (0.1) | \u2013 | \u2013 | 27.4 | 27.3 | \u2013 | \u2013 | 27.3 |
reinsurance contracts | |||||||||
Insurance service result | \u2013 | (1.4) | \u2013 | 0.9 | 5.0 | 4.5 | \u2013 | \u2013 | 4.5 |
Administrative and selling expenses | (57.5) | (19.4) | (35.1) | (22.7) | \u2013 | (77.2) | (52.2) | 4.5 | (182.4) |
Impairment of assets | \u2013 | \u2013 | \u2013 | \u2013 | (1.2) | (1.2) | (0.5) | (269.5) | (271.2) |
Net finance income from | \u2013 | \u2013 | \u2013 | \u2013 | 8.2 | 8.2 | \u2013 | \u2013 | 8.2 |
insurance contracts | |||||||||
Net finance expense from | \u2013 | \u2013 | \u2013 | \u2013 | (3.7) | (3.7) | \u2013 | \u2013 | (3.7) |
reinsurance contracts | |||||||||
Net profit on disposal of software | \u2013 | 0.1 | \u2013 | \u2013 | \u2013 | 0.1 | \u2013 | \u2013 | 0.1 |
Investment loss | \u2013 | \u2013 | \u2013 | \u2013 | (7.5) | (7.5) | (2.2) | \u2013 | (9.7) |
Finance costs | (20.2) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (22.0) | \u2013 | (42.2) |
Finance income | 1.4 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.1 | \u2013 | 1.5 |
(Loss)/profit before tax | (13.3) | 21.1 | 22.5 | 27.1 | (1.6) | 69.1 | (59.0) | (269.5) | (272.7) |
Reconciliation to Underlying | |||||||||
(Loss)/Profit Before Tax 12 | |||||||||
(Loss)/profit before tax | (13.3) | 21.1 | 22.5 | 27.1 | (1.6) | 69.1 | (59.0) | (269.5) | (272.7) |
Net fair value gain on derivative | (1.4) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (1.4) |
financial instruments | |||||||||
Impairment of goodwill | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 269.5 | 269.5 |
Impairment of assets | \u2013 | \u2013 | \u2013 | \u2013 | 0.6 | 0.6 | 0.5 | \u2013 | 1.1 |
Restructuring costs | 2.2 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1.5 | \u2013 | 3.7 |
Acquisition costs relating to the | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.2 | \u2013 | 0.2 |
Big\u00a0Window | |||||||||
Foreign exchange movement on | 2.0 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 2.0 |
lease liabilities | |||||||||
Fair value losses on debt securities | \u2013 | \u2013 | \u2013 | \u2013 | 15.0 | 15.0 | \u2013 | \u2013 | 15.0 |
Changes in underwriting discount | \u2013 | \u2013 | \u2013 | \u2013 | (6.3) | (6.3) | \u2013 | \u2013 | (6.3) |
rates on non-PPO liabilities | |||||||||
Onerous contract provision | \u2013 | 0.8 | \u2013 | \u2013 | 3.0 | 3.8 | \u2013 | \u2013 | 3.8 |
IFRS 16 lease accounting | 0.6 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.6 |
adjustment on river | |||||||||
cruise vessels | |||||||||
Underlying (Loss)/Profit | (9.9) | 21.9 | 22.5 | 27.1 | 10.7 | 82.2 | (56.8) | \u2013 | 15.5 |
Before Tax 12 |
2024 | 2023 | |
(restated 13 ) | ||
\u00a3m | \u00a3m | |
Cruise and Travel | 89.3 | 93.7 |
Insurance | 37.0 | 53.6 |
Other Businesses and Central Costs | 152.6 | 167.9 |
Adjustments | (55.4) | 50.2 |
223.5 | 365.4 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Goodwill (Note 14) | 344.7 | 449.6 |
Bonds | (400.1) | (399.4) |
(55.4) | 50.2 |
| 2024 | |||||||
Insurance | |||||||
Other | |||||||
Businesses | |||||||
Cruise and | Other | Total | and Central | ||||
Travel | Underwriting | Broking | revenue | Insurance | Costs | Total | |
Major product lines | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Ocean Cruise | 210.0 | 210.0 | |||||
River Cruise and Travel | 200.0 | 200.0 | |||||
Motor broking | 12.7 | 32.3 | \u2013 | 45.0 | 45.0 | ||
Home broking | \u2013 | 55.4 | \u2013 | 55.4 | 55.4 | ||
Other broking | 0.8 | 41.0 | \u2013 | 41.8 | 41.8 | ||
Insurance Underwriting | 164.1 | \u2013 | 4.8 | 168.9 | 168.9 | ||
Money | 6.4 | 6.4 | |||||
Publishing and CustomerKNECT | 12.5 | 12.5 | |||||
Other | 1.1 | 1.1 | |||||
410.0 | 177.6 | 128.7 | 4.8 | 311.1 | 20.0 | 741.1 |
2023 (restated 13 ) | |||||||
Insurance | |||||||
Other | |||||||
Businesses | |||||||
Cruise and | Other | Total | and Central | ||||
Travel | Underwriting | Broking | Revenue | Insurance | Costs | Total | |
Major product lines | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Ocean Cruise | 168.3 | 168.3 | |||||
River Cruise and Travel | 137.2 | 137.2 | |||||
Motor broking | 31.2 | 45.8 | \u2013 | 77.0 | 77.0 | ||
Home broking | \u2013 | 57.6 | \u2013 | 57.6 | 57.6 | ||
Other broking | 0.9 | 44.4 | \u2013 | 45.3 | 45.3 | ||
Insurance Underwriting | 160.9 | \u2013 | (2.4) | 158.5 | 158.5 | ||
Money | 7.9 | 7.9 | |||||
Publishing and CustomerKNECT | 10.3 | 10.3 | |||||
Other | 1.6 | 1.6 | |||||
305.5 | 193.0 | 147.8 | (2.4) | 338.4 | 19.8 | 663.7 |
2024 | 2023 | |
(restated 14 ) | ||
\u00a3m | \u00a3m | |
Contract cost assets (Note 23) | 3.6 | 2.5 |
Contract liabilities (Note 29) | 159.8 | 126.5 |
2024 | 2023 | |||
Contract | Contract | Contract | Contract | |
cost assets | liabilities | cost assets | liabilities | |
(restated 14 ) | ||||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Balance as at 1 February (restated ) 14 | 2.5 | 126.5 | 2.6 | 118.1 |
Released to the income statement in the year | (1.7) | (376.1) | (1.8) | (249.1) |
Additional contract balances incurred during the year | 2.8 | 444.9 | 1.7 | 272.2 |
Amounts refunded to customers | \u2013 | (35.4) | \u2013 | (14.7) |
Disposed of with subsidiary undertaking (Note 13c) | \u2013 | (0.1) | \u2013 | \u2013 |
Balance as at 31 January | 3.6 | 159.8 | 2.5 | 126.5 |
Insurance | |||||||||
Other | |||||||||
Businesses | |||||||||
Cruise and | Motor | Home | Other | Under- | and Central | ||||
Travel | broking | broking | broking | writing | Total | Costs | Adjustments | Total | |
2024 | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Non-insurance revenue | 410.0 | 32.3 | 55.4 | 41.0 | 4.8 | 133.5 | 25.1 | (5.1) | 563.5 |
Insurance revenue | \u2013 | 12.7 8 | \u2013 | 0.8 | 164.1 | 177.6 | \u2013 | \u2013 | 177.6 |
Revenue | 410.0 | 45.0 | 55.4 | 41.8 | 168.9 | 311.1 | 25.1 | (5.1) | 741.1 |
Cost of sales | (292.5) | (8.7) | \u2013 | 7.9 | \u2013 | (0.8) | (7.8) | \u2013 | (301.1) |
(non-Insurance Underwriting) | |||||||||
Gross profit/(loss) | 117.5 | 23.6 | 55.4 | 48.9 | 4.8 | 132.7 | 17.3 | (5.1) | 262.4 |
(non-Insurance Underwriting) | |||||||||
Insurance service expenses | \u2013 | (22.0) | \u2013 | \u2013 | (227.2) | (249.2) | \u2013 | \u2013 | (249.2) |
Net income from reinsurance | \u2013 | 0.1 | \u2013 | \u2013 | 40.1 | 40.2 | \u2013 | \u2013 | 40.2 |
contracts | |||||||||
Insurance service result | \u2013 | (9.2) | \u2013 | 0.8 | (23.0) | (31.4) | \u2013 | \u2013 | (31.4) |
Other income | 5.0 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 5.0 |
Administrative and selling expenses | (67.7) | (23.7) | (35.7) | (24.7) | \u2013 | (84.1) | (68.3) | 4.8 | (215.3) |
Impairment of assets | \u2013 | (1.2) | \u2013 | \u2013 | (4.1) | (5.3) | (8.4) | (104.9) | (118.6) |
Net finance expense from | \u2013 | \u2013 | \u2013 | \u2013 | (3.5) | (3.5) | \u2013 | \u2013 | (3.5) |
insurance contracts | |||||||||
Net finance income from | \u2013 | \u2013 | \u2013 | \u2013 | 1.9 | 1.9 | \u2013 | \u2013 | 1.9 |
reinsurance contracts | |||||||||
Net loss on disposal of property, | \u2013 | (0.1) | \u2013 | \u2013 | \u2013 | (0.1) | (0.4) | \u2013 | (0.5) |
plant and equipment and software | |||||||||
Investment income | 0.8 | 0.3 | \u2013 | \u2013 | 12.1 | 12.4 | 2.2 | \u2013 | 15.4 |
Finance costs | (20.8) | (0.1) | \u2013 | \u2013 | \u2013 | (0.1) | (23.5) | \u2013 | (44.4) |
Profit/(loss) before tax | 34.8 | (10.4) | 19.7 | 25.0 | (11.8) | 22.5 | (81.1) | (105.2) | (129.0) |
Reconciliation to Underlying | |||||||||
Profit/(Loss) Before Tax 9 | |||||||||
Profit/(loss) before tax | 34.8 | (10.4) | 19.7 | 25.0 | (11.8) | 22.5 | (81.1) | (105.2) | (129.0) |
Net fair value loss on derivative | 1.4 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1.4 |
financial instruments | |||||||||
Impairment of goodwill | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 104.9 | 104.9 |
Impairment/loss on disposal | \u2013 | 1.2 | \u2013 | \u2013 | 1.9 | 3.1 | 8.8 | \u2013 | 11.9 |
of assets | |||||||||
Amortisation of fees and costs | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.4 | \u2013 | 0.4 |
on\u00a0Roger De Haan loan | |||||||||
Restructuring costs | 3.4 | 3.8 | \u2013 | \u2013 | 1.4 | 5.2 | 31.7 | \u2013 | 40.3 |
Acquisition and disposal costs | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.3 | 0.3 |
relating to the Big Window | |||||||||
Foreign exchange movement on | (0.6) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (0.6) |
lease liabilities | |||||||||
Fair value gains on debt securities | \u2013 | \u2013 | \u2013 | \u2013 | (3.5) | (3.5) | \u2013 | \u2013 | (3.5) |
Changes in underwriting discount | \u2013 | \u2013 | \u2013 | \u2013 | (1.0) | (1.0) | \u2013 | \u2013 | (1.0) |
rates on non-PPO liabilities | |||||||||
Onerous contract provision | \u2013 | 0.5 | \u2013 | \u2013 | 11.6 | 12.1 | \u2013 | \u2013 | 12.1 |
Ocean Cruise discretionary | 1.0 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1.0 |
ticket refunds and associated costs | |||||||||
Underlying Profit/ (Loss) | 40.0 | (4.9) | 19.7 | 25.0 | (1.4) | 38.4 | (40.2) | \u2013 | 38.2 |
Before Tax 9 |
Insurance | |||||||||
Other | |||||||||
Businesses | |||||||||
Cruise and | Motor | Home | Other | Under- | and Central | ||||
Travel | broking | broking | broking | writing | Total | Costs | Adjustments | Total | |
2023 (restated 10 ) | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Non-insurance revenue | 305.5 | 45.8 | 57.6 | 44.4 | (2.4) | 145.4 | 24.3 | (4.5) | 470.7 |
Insurance revenue | \u2013 | 31.2 11 | \u2013 | 0.9 | 160.9 | 193.0 | \u2013 | \u2013 | 193.0 |
Revenue | 305.5 | 77.0 | 57.6 | 45.3 | 158.5 | 338.4 | 24.3 | (4.5) | 663.7 |
Cost of sales | (242.5) | (4.0) | \u2013 | 4.5 | \u2013 | 0.5 | (6.5) | \u2013 | (248.5) |
(non-Insurance Underwriting) | |||||||||
Gross profit/(loss) | 63.0 | 41.8 | 57.6 | 48.9 | (2.4) | 145.9 | 17.8 | (4.5) | 222.2 |
(non-Insurance Underwriting) | |||||||||
Insurance service expenses | \u2013 | (32.5) | \u2013 | \u2013 | (183.3) | (215.8) | \u2013 | \u2013 | (215.8) |
Net (expense)/income from | \u2013 | (0.1) | \u2013 | \u2013 | 27.4 | 27.3 | \u2013 | \u2013 | 27.3 |
reinsurance contracts | |||||||||
Insurance service result | \u2013 | (1.4) | \u2013 | 0.9 | 5.0 | 4.5 | \u2013 | \u2013 | 4.5 |
Administrative and selling expenses | (57.5) | (19.4) | (35.1) | (22.7) | \u2013 | (77.2) | (52.2) | 4.5 | (182.4) |
Impairment of assets | \u2013 | \u2013 | \u2013 | \u2013 | (1.2) | (1.2) | (0.5) | (269.5) | (271.2) |
Net finance income from | \u2013 | \u2013 | \u2013 | \u2013 | 8.2 | 8.2 | \u2013 | \u2013 | 8.2 |
insurance contracts | |||||||||
Net finance expense from | \u2013 | \u2013 | \u2013 | \u2013 | (3.7) | (3.7) | \u2013 | \u2013 | (3.7) |
reinsurance contracts | |||||||||
Net profit on disposal of software | \u2013 | 0.1 | \u2013 | \u2013 | \u2013 | 0.1 | \u2013 | \u2013 | 0.1 |
Investment loss | \u2013 | \u2013 | \u2013 | \u2013 | (7.5) | (7.5) | (2.2) | \u2013 | (9.7) |
Finance costs | (20.2) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (22.0) | \u2013 | (42.2) |
Finance income | 1.4 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.1 | \u2013 | 1.5 |
(Loss)/profit before tax | (13.3) | 21.1 | 22.5 | 27.1 | (1.6) | 69.1 | (59.0) | (269.5) | (272.7) |
Reconciliation to Underlying | |||||||||
(Loss)/Profit Before Tax 12 | |||||||||
(Loss)/profit before tax | (13.3) | 21.1 | 22.5 | 27.1 | (1.6) | 69.1 | (59.0) | (269.5) | (272.7) |
Net fair value gain on derivative | (1.4) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (1.4) |
financial instruments | |||||||||
Impairment of goodwill | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 269.5 | 269.5 |
Impairment of assets | \u2013 | \u2013 | \u2013 | \u2013 | 0.6 | 0.6 | 0.5 | \u2013 | 1.1 |
Restructuring costs | 2.2 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1.5 | \u2013 | 3.7 |
Acquisition costs relating to the | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.2 | \u2013 | 0.2 |
Big\u00a0Window | |||||||||
Foreign exchange movement on | 2.0 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 2.0 |
lease liabilities | |||||||||
Fair value losses on debt securities | \u2013 | \u2013 | \u2013 | \u2013 | 15.0 | 15.0 | \u2013 | \u2013 | 15.0 |
Changes in underwriting discount | \u2013 | \u2013 | \u2013 | \u2013 | (6.3) | (6.3) | \u2013 | \u2013 | (6.3) |
rates on non-PPO liabilities | |||||||||
Onerous contract provision | \u2013 | 0.8 | \u2013 | \u2013 | 3.0 | 3.8 | \u2013 | \u2013 | 3.8 |
IFRS 16 lease accounting | 0.6 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.6 |
adjustment on river | |||||||||
cruise vessels | |||||||||
Underlying (Loss)/Profit | (9.9) | 21.9 | 22.5 | 27.1 | 10.7 | 82.2 | (56.8) | \u2013 | 15.5 |
Before Tax 12 |
2024 | 2023 | |
(restated 13 ) | ||
\u00a3m | \u00a3m | |
Cruise and Travel | 89.3 | 93.7 |
Insurance | 37.0 | 53.6 |
Other Businesses and Central Costs | 152.6 | 167.9 |
Adjustments | (55.4) | 50.2 |
223.5 | 365.4 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Goodwill (Note 14) | 344.7 | 449.6 |
Bonds | (400.1) | (399.4) |
(55.4) | 50.2 |
| 2024 | |||||||
Insurance | |||||||
Other | |||||||
Businesses | |||||||
Cruise and | Other | Total | and Central | ||||
Travel | Underwriting | Broking | revenue | Insurance | Costs | Total | |
Major product lines | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Ocean Cruise | 210.0 | 210.0 | |||||
River Cruise and Travel | 200.0 | 200.0 | |||||
Motor broking | 12.7 | 32.3 | \u2013 | 45.0 | 45.0 | ||
Home broking | \u2013 | 55.4 | \u2013 | 55.4 | 55.4 | ||
Other broking | 0.8 | 41.0 | \u2013 | 41.8 | 41.8 | ||
Insurance Underwriting | 164.1 | \u2013 | 4.8 | 168.9 | 168.9 | ||
Money | 6.4 | 6.4 | |||||
Publishing and CustomerKNECT | 12.5 | 12.5 | |||||
Other | 1.1 | 1.1 | |||||
410.0 | 177.6 | 128.7 | 4.8 | 311.1 | 20.0 | 741.1 |
2023 (restated 13 ) | |||||||
Insurance | |||||||
Other | |||||||
Businesses | |||||||
Cruise and | Other | Total | and Central | ||||
Travel | Underwriting | Broking | Revenue | Insurance | Costs | Total | |
Major product lines | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Ocean Cruise | 168.3 | 168.3 | |||||
River Cruise and Travel | 137.2 | 137.2 | |||||
Motor broking | 31.2 | 45.8 | \u2013 | 77.0 | 77.0 | ||
Home broking | \u2013 | 57.6 | \u2013 | 57.6 | 57.6 | ||
Other broking | 0.9 | 44.4 | \u2013 | 45.3 | 45.3 | ||
Insurance Underwriting | 160.9 | \u2013 | (2.4) | 158.5 | 158.5 | ||
Money | 7.9 | 7.9 | |||||
Publishing and CustomerKNECT | 10.3 | 10.3 | |||||
Other | 1.6 | 1.6 | |||||
305.5 | 193.0 | 147.8 | (2.4) | 338.4 | 19.8 | 663.7 |
| 2024 | |||||||
Insurance | |||||||
Other | |||||||
Businesses | |||||||
Cruise and | Other | Total | and Central | ||||
Travel | Underwriting | Broking | revenue | Insurance | Costs | Total | |
Major product lines | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Ocean Cruise | 210.0 | 210.0 | |||||
River Cruise and Travel | 200.0 | 200.0 | |||||
Motor broking | 12.7 | 32.3 | \u2013 | 45.0 | 45.0 | ||
Home broking | \u2013 | 55.4 | \u2013 | 55.4 | 55.4 | ||
Other broking | 0.8 | 41.0 | \u2013 | 41.8 | 41.8 | ||
Insurance Underwriting | 164.1 | \u2013 | 4.8 | 168.9 | 168.9 | ||
Money | 6.4 | 6.4 | |||||
Publishing and CustomerKNECT | 12.5 | 12.5 | |||||
Other | 1.1 | 1.1 | |||||
410.0 | 177.6 | 128.7 | 4.8 | 311.1 | 20.0 | 741.1 |
2023 (restated 13 ) | |||||||
Insurance | |||||||
Other | |||||||
Businesses | |||||||
Cruise and | Other | Total | and Central | ||||
Travel | Underwriting | Broking | Revenue | Insurance | Costs | Total | |
Major product lines | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Ocean Cruise | 168.3 | 168.3 | |||||
River Cruise and Travel | 137.2 | 137.2 | |||||
Motor broking | 31.2 | 45.8 | \u2013 | 77.0 | 77.0 | ||
Home broking | \u2013 | 57.6 | \u2013 | 57.6 | 57.6 | ||
Other broking | 0.9 | 44.4 | \u2013 | 45.3 | 45.3 | ||
Insurance Underwriting | 160.9 | \u2013 | (2.4) | 158.5 | 158.5 | ||
Money | 7.9 | 7.9 | |||||
Publishing and CustomerKNECT | 10.3 | 10.3 | |||||
Other | 1.6 | 1.6 | |||||
305.5 | 193.0 | 147.8 | (2.4) | 338.4 | 19.8 | 663.7 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Interest and charges on debt and borrowings using the EIR method | 40.2 | 41.0 |
Net fair value loss on derivative financial instruments | 1.4 | \u2013 |
Net finance costs on retirement benefit schemes | 0.5 | \u2013 |
Debt issue costs | 0.4 | \u2013 |
Net interest and finance charges payable on lease liabilities | 1.9 | 1.2 |
44.4 | 42.2 |
2024 | 2023 (restated 16 ) | |||||
Financial | Financial | |||||
assets held | assets held | |||||
within the | within the | |||||
Insurance | Other | Insurance | Other | |||
Underwriting | financial | Underwriting | financial | |||
business | assets | Total | business | assets | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Interest income recognised using the EIR method on | 5.3 | 6.2 | 11.5 | 4.6 | 1.1 | 5.7 |
FVTPL financial assets | ||||||
Interest income earned on financial assets measured at | \u2013 | 0.4 | 0.4 | \u2013 | \u2013 | \u2013 |
amortised cost | ||||||
Losses on financial assets mandatorily measured | \u2013 | \u2013 | \u2013 | (0.3) | \u2013 | (0.3) |
at FVTPL | ||||||
Gains/(losses) on financial assets designated as FVTPL | 3.5 | \u2013 | 3.5 | (15.1) | \u2013 | (15.1) |
8.8 | 6.6 | 15.4 | (10.8) | 1.1 | (9.7) |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Net fair value gain on derivative financial instruments | \u2013 | 1.4 |
Net finance income on retirement benefit schemes | \u2013 | 0.1 |
\u2013 | 1.5 |
2024 | 2023 | |
(restated 15 ) | ||
\u00a3m | \u00a3m | |
Staff costs (excluding restructuring costs) | 93.3 | 82.7 |
Marketing and fulfilment costs | 39.6 | 41.0 |
Short-term lease rentals | 0.2 | 0.1 |
Auditors\u2019 remuneration | 2.5 | 2.1 |
Other administrative costs | 48.6 | 41.0 |
Depreciation \u2013 property, plant and equipment (Note 17) | 1.0 | 1.7 |
Depreciation \u2013 right-of-use assets (Note 18) | 2.0 | 1.1 |
Amortisation of intangible assets (Note 15) | 7.5 | 8.1 |
Restructuring costs | 19.5 | 3.7 |
214.2 | 181.5 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Audit of the parent company and consolidated financial statements | 1.0 | 0.6 |
Audit of subsidiary financial statements | 1.2 | 1.3 |
Audit-related assurance services | 0.3 | 0.2 |
Total auditors\u2019 remuneration | 2.5 | 2.1 |
2024 | 2023 (restated 16 ) | |||||
Financial | Financial | |||||
assets held | assets held | |||||
within the | within the | |||||
Insurance | Other | Insurance | Other | |||
Underwriting | financial | Underwriting | financial | |||
business | assets | Total | business | assets | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Interest income recognised using the EIR method on | 5.3 | 6.2 | 11.5 | 4.6 | 1.1 | 5.7 |
FVTPL financial assets | ||||||
Interest income earned on financial assets measured at | \u2013 | 0.4 | 0.4 | \u2013 | \u2013 | \u2013 |
amortised cost | ||||||
Losses on financial assets mandatorily measured | \u2013 | \u2013 | \u2013 | (0.3) | \u2013 | (0.3) |
at FVTPL | ||||||
Gains/(losses) on financial assets designated as FVTPL | 3.5 | \u2013 | 3.5 | (15.1) | \u2013 | (15.1) |
8.8 | 6.6 | 15.4 | (10.8) | 1.1 | (9.7) |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Interest and charges on debt and borrowings using the EIR method | 40.2 | 41.0 |
Net fair value loss on derivative financial instruments | 1.4 | \u2013 |
Net finance costs on retirement benefit schemes | 0.5 | \u2013 |
Debt issue costs | 0.4 | \u2013 |
Net interest and finance charges payable on lease liabilities | 1.9 | 1.2 |
44.4 | 42.2 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Net fair value gain on derivative financial instruments | \u2013 | 1.4 |
Net finance income on retirement benefit schemes | \u2013 | 0.1 |
\u2013 | 1.5 |
2024 | 2023 | |
(restated 15 ) | ||
\u00a3m | \u00a3m | |
Staff costs (excluding restructuring costs) | 93.3 | 82.7 |
Marketing and fulfilment costs | 39.6 | 41.0 |
Short-term lease rentals | 0.2 | 0.1 |
Auditors\u2019 remuneration | 2.5 | 2.1 |
Other administrative costs | 48.6 | 41.0 |
Depreciation \u2013 property, plant and equipment (Note 17) | 1.0 | 1.7 |
Depreciation \u2013 right-of-use assets (Note 18) | 2.0 | 1.1 |
Amortisation of intangible assets (Note 15) | 7.5 | 8.1 |
Restructuring costs | 19.5 | 3.7 |
214.2 | 181.5 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Audit of the parent company and consolidated financial statements | 1.0 | 0.6 |
Audit of subsidiary financial statements | 1.2 | 1.3 |
Audit-related assurance services | 0.3 | 0.2 |
Total auditors\u2019 remuneration | 2.5 | 2.1 |
2024 | 2023 | |
(restated 15 ) | ||
\u00a3m | \u00a3m | |
Staff costs (excluding restructuring costs) | 93.3 | 82.7 |
Marketing and fulfilment costs | 39.6 | 41.0 |
Short-term lease rentals | 0.2 | 0.1 |
Auditors\u2019 remuneration | 2.5 | 2.1 |
Other administrative costs | 48.6 | 41.0 |
Depreciation \u2013 property, plant and equipment (Note 17) | 1.0 | 1.7 |
Depreciation \u2013 right-of-use assets (Note 18) | 2.0 | 1.1 |
Amortisation of intangible assets (Note 15) | 7.5 | 8.1 |
Restructuring costs | 19.5 | 3.7 |
214.2 | 181.5 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Audit of the parent company and consolidated financial statements | 1.0 | 0.6 |
Audit of subsidiary financial statements | 1.2 | 1.3 |
Audit-related assurance services | 0.3 | 0.2 |
Total auditors\u2019 remuneration | 2.5 | 2.1 |
2024 | 2023 | |
(restated 15 ) | ||
\u00a3m | \u00a3m | |
Staff costs (excluding restructuring costs) | 93.3 | 82.7 |
Marketing and fulfilment costs | 39.6 | 41.0 |
Short-term lease rentals | 0.2 | 0.1 |
Auditors\u2019 remuneration | 2.5 | 2.1 |
Other administrative costs | 48.6 | 41.0 |
Depreciation \u2013 property, plant and equipment (Note 17) | 1.0 | 1.7 |
Depreciation \u2013 right-of-use assets (Note 18) | 2.0 | 1.1 |
Amortisation of intangible assets (Note 15) | 7.5 | 8.1 |
Restructuring costs | 19.5 | 3.7 |
214.2 | 181.5 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Audit of the parent company and consolidated financial statements | 1.0 | 0.6 |
Audit of subsidiary financial statements | 1.2 | 1.3 |
Audit-related assurance services | 0.3 | 0.2 |
Total auditors\u2019 remuneration | 2.5 | 2.1 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Audit of the parent company and consolidated financial statements | 1.0 | 0.6 |
Audit of subsidiary financial statements | 1.2 | 1.3 |
Audit-related assurance services | 0.3 | 0.2 |
Total auditors\u2019 remuneration | 2.5 | 2.1 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Interest and charges on debt and borrowings using the EIR method | 40.2 | 41.0 |
Net fair value loss on derivative financial instruments | 1.4 | \u2013 |
Net finance costs on retirement benefit schemes | 0.5 | \u2013 |
Debt issue costs | 0.4 | \u2013 |
Net interest and finance charges payable on lease liabilities | 1.9 | 1.2 |
44.4 | 42.2 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Net fair value gain on derivative financial instruments | \u2013 | 1.4 |
Net finance income on retirement benefit schemes | \u2013 | 0.1 |
\u2013 | 1.5 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Interest and charges on debt and borrowings using the EIR method | 40.2 | 41.0 |
Net fair value loss on derivative financial instruments | 1.4 | \u2013 |
Net finance costs on retirement benefit schemes | 0.5 | \u2013 |
Debt issue costs | 0.4 | \u2013 |
Net interest and finance charges payable on lease liabilities | 1.9 | 1.2 |
44.4 | 42.2 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Net fair value gain on derivative financial instruments | \u2013 | 1.4 |
Net finance income on retirement benefit schemes | \u2013 | 0.1 |
\u2013 | 1.5 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Wages and salaries | 136.8 | 112.1 |
Social security costs | 13.2 | 10.0 |
Pension costs (Note 27) | 11.6 | 9.9 |
Total staff costs | 161.6 | 132.0 |
2024 | 2023 | |
number | number | |
Cruise and Travel | 2,034 | 2,261 |
Insurance | 1,468 | 1,704 |
Other Businesses and Central Costs | 382 | 554 |
Total employee numbers | 3,884 | 4,519 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Short-term benefits | 7.1 | 6.4 |
Termination costs | 1.9 | 0.1 |
Post-employment benefits | 0.1 | \u2013 |
Share-based payments | 1.1 | 1.6 |
10.2 | 8.1 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Wages and salaries | 136.8 | 112.1 |
Social security costs | 13.2 | 10.0 |
Pension costs (Note 27) | 11.6 | 9.9 |
Total staff costs | 161.6 | 132.0 |
2024 | 2023 | |
number | number | |
Cruise and Travel | 2,034 | 2,261 |
Insurance | 1,468 | 1,704 |
Other Businesses and Central Costs | 382 | 554 |
Total employee numbers | 3,884 | 4,519 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Short-term benefits | 7.1 | 6.4 |
Termination costs | 1.9 | 0.1 |
Post-employment benefits | 0.1 | \u2013 |
Share-based payments | 1.1 | 1.6 |
10.2 | 8.1 |
2024 | 2023 | |
| (restated 17 ) | ||
\u00a3m | \u00a3m | |
Consolidated income statement | ||
Current income tax | ||
Current income tax charge | \u2013 | 1.1 |
Adjustments in respect of previous years | (3.6) | (0.4) |
(3.6) | 0.7 | |
Deferred tax | ||
Relating to origination and reversal of temporary differences | (11.5) | (1.5) |
Adjustments in respect of previous years | (0.9) | 1.2 |
(12.4) | (0.3) | |
Tax (credit)/expense in the income statement | (16.0) | 0.4 |
2024 | 2023 | |
(restated 18 ) | ||
\u00a3m | \u00a3m | |
Loss before tax | (129.0) | (272.7) |
Tax at rate of 24.0% (2023: 19.0%) | (31.0) | (51.8) |
Adjustments in respect of previous years | (4.5) | 0.8 |
Expenses not deductible for tax purposes: | ||
Effect of Ocean Cruise business being in tonnage tax regime | (8.2) | \u2013 |
Impairment of goodwill | 25.2 | 51.2 |
Rate change adjustment on temporary differences | (0.5) | (0.1) |
Other non-deductible expenses/non-taxed income | 3.0 | 0.3 |
Tax (credit)/expense in the income statement | (16.0) | 0.4 |
Consolidated statement | Consolidated income | |||
of financial position | statement | |||
2024 | 2023 | 2024 | 2023 | |
(restated 18 ) | (restated 18 ) | |||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Excess of depreciation over capital allowances | 4.1 | 3.2 | (0.9) | 1.2 |
Retirement benefit scheme liabilities | 12.0 | 3.0 | 1.3 | 1.5 |
Short-term temporary differences: | ||||
\u2013 Designated hedges recognised through OCI | 0.3 | (0.3) | \u2013 | \u2013 |
\u2013 Share-based payment reserve | 2.3 | 2.0 | (0.3) | (0.4) |
\u2013 General bad debt provision | 1.0 | 0.6 | (0.4) | 1.0 |
\u2013 Capitalised borrowing costs | (2.5) | (2.6) | (0.1) | (0.2) |
\u2013 IFRS 16 transition adjustments | 1.8 | 1.2 | (0.6) | 0.2 |
\u2013 IFRS 17 transition adjustments | 4.9 | 5.4 | 0.5 | (4.6) |
\u2013 Current year corporation tax losses | 9.7 | \u2013 | (9.7) | \u2013 |
\u2013 Other | 1.2 | (1.0) | (2.2) | 1.0 |
Deferred tax credit | (12.4) | (0.3) | ||
Net deferred tax assets | 34.8 | 11.5 |
2024 | 2023 | |
(restated 19 ) | ||
\u00a3m | \u00a3m | |
Deferred tax assets | 49.4 | 20.8 |
Deferred tax liabilities | (14.6) | (9.3) |
Net deferred tax assets | 34.8 | 11.5 |
2024 | 2023 | |
(restated 19 ) | ||
\u00a3m | \u00a3m | |
At 1 February | 11.5 | 7.2 |
Tax credit recognised in the income statement | 12.4 | 0.3 |
Tax credit recognised in OCI | 10.9 | 4.0 |
At 31 January | 34.8 | 11.5 |
Consolidated statement | Consolidated income | |||
of financial position | statement | |||
2024 | 2023 | 2024 | 2023 | |
(restated 18 ) | (restated 18 ) | |||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Excess of depreciation over capital allowances | 4.1 | 3.2 | (0.9) | 1.2 |
Retirement benefit scheme liabilities | 12.0 | 3.0 | 1.3 | 1.5 |
Short-term temporary differences: | ||||
\u2013 Designated hedges recognised through OCI | 0.3 | (0.3) | \u2013 | \u2013 |
\u2013 Share-based payment reserve | 2.3 | 2.0 | (0.3) | (0.4) |
\u2013 General bad debt provision | 1.0 | 0.6 | (0.4) | 1.0 |
\u2013 Capitalised borrowing costs | (2.5) | (2.6) | (0.1) | (0.2) |
\u2013 IFRS 16 transition adjustments | 1.8 | 1.2 | (0.6) | 0.2 |
\u2013 IFRS 17 transition adjustments | 4.9 | 5.4 | 0.5 | (4.6) |
\u2013 Current year corporation tax losses | 9.7 | \u2013 | (9.7) | \u2013 |
\u2013 Other | 1.2 | (1.0) | (2.2) | 1.0 |
Deferred tax credit | (12.4) | (0.3) | ||
Net deferred tax assets | 34.8 | 11.5 |
2024 | 2023 | |
(restated 19 ) | ||
\u00a3m | \u00a3m | |
Deferred tax assets | 49.4 | 20.8 |
Deferred tax liabilities | (14.6) | (9.3) |
Net deferred tax assets | 34.8 | 11.5 |
2024 | 2023 | |
(restated 19 ) | ||
\u00a3m | \u00a3m | |
At 1 February | 11.5 | 7.2 |
Tax credit recognised in the income statement | 12.4 | 0.3 |
Tax credit recognised in OCI | 10.9 | 4.0 |
At 31 January | 34.8 | 11.5 |
2024 | 2023 | |
(restated 19 ) | ||
\u00a3m | \u00a3m | |
Deferred tax assets | 49.4 | 20.8 |
Deferred tax liabilities | (14.6) | (9.3) |
Net deferred tax assets | 34.8 | 11.5 |
2024 | 2023 | |
(restated 29 ) | ||
\u00a3m | \u00a3m | |
Trade receivables (Note 20b) | 82.3 | 79.8 |
Loss allowance (Note 20b) | (0.9) | (1.1) |
81.4 | 78.7 | |
Other receivables | 12.2 | 23.4 |
Prepayments | 24.4 | 25.8 |
Contract cost assets (Note 3b) | 3.6 | 2.5 |
Other taxes and social security costs | 6.1 | 5.6 |
127.7 | 136.0 |
2024 | 2023 | |
(restated 31 ) | ||
\u00a3m | \u00a3m | |
Trade payables | 139.3 | 128.9 |
Other payables | 9.0 | 2.9 |
Other taxes and social security costs | 10.8 | 8.7 |
Assets in the course of construction | 1.6 | 4.5 |
Accruals | 40.6 | 41.5 |
201.3 | 186.5 |
2024 | 2023 | |
(restated 20 ) | ||
\u00a3m | \u00a3m | |
Loss attributable to ordinary equity holders | (113.0) | (273.1) |
Weighted average number of ordinary shares | \u2019m | \u2019m |
Ordinary shares as at 1 February | 139.5 | 139.5 |
Deferred Bonus Plan ( DBP ) share options exercised | 0.1 | \u2013 |
Restricted Share Plan ( RSP ) share options exercised | 0.2 | \u2013 |
Ordinary shares as at 31 January | 139.8 | 139.5 |
Weighted average number of ordinary shares for basic loss per share and diluted loss per share | 139.8 | 139.5 |
Basic loss per share | (80.8p) | (195.7p) |
Diluted loss per share | (80.8p) | (195.7p) |
2024 | 2023 | |
(restated 20 ) | ||
Basic loss per share | (80.8p) | (195.7p) |
Adjusted for: | ||
Net fair value loss/(gain) on derivative financial instruments | 0.8p | (1.2p) |
Impairment, and net loss on disposal, of assets | 6.8p | 0.9p |
Impairment of Insurance goodwill | 75.0p | 192.8p |
Acquisition and disposal costs relating to the Big Window (Notes 13b and 13c) | 0.2p | 0.5p |
Onerous contract provision | 6.9p | 3.2p |
Amortisation of fees and costs on Roger De Haan loan | 0.2p | \u2013 |
Foreign exchange movement on lease liabilities | (0.4p) | 1.7p |
Fair value (gains)/losses on debt securities | (2.0p) | 12.4p |
Changes in underwriting discount rates on non-PPO liabilities | (0.6p) | (5.3p) |
Restructuring costs | 23.3p | 3.1p |
Ocean Cruise discretionary ticket refunds and associated costs | 0.6p | \u2013 |
IFRS 16 lease accounting adjustment on river cruise vessels | \u2013 | 0.5p |
Underlying Basic Earnings Per Share 21 | 30.0p | 12.9p |
2023 | |
\u00a3m | |
Assets | |
Trade and other receivables | 0.1 |
Cash | 1.3 |
Total assets | 1.4 |
Liabilities | |
Trade and other payables | 0.1 |
Corporation tax liability | 0.1 |
Total liabilities | 0.2 |
Total identifiable net assets at fair value | 1.2 |
Goodwill arising on acquisition | 0.5 |
Cash purchase consideration transferred | 1.7 |
2024 | |
\u00a3m | |
Cash consideration received | \u2013 |
Cash and short-term deposits disposed of as part of the transaction | \u2013 |
Carrying value of net liabilities disposed | \u2013 |
Loss on disposal before tax | \u2013 |
Tax expense on gain | \u2013 |
Loss on disposal after tax | \u2013 |
At date of | |
disposal | |
\u00a3m | |
Assets | |
Trade and other receivables | 0.1 |
Cash | \u2013 |
Total assets | 0.1 |
Liabilities | |
Contract liabilities | 0.1 |
Total liabilities | 0.1 |
Net liabilities disposed | \u2013 |
2023 | |
\u00a3m | |
Assets | |
Trade and other receivables | 0.1 |
Cash | 1.3 |
Total assets | 1.4 |
Liabilities | |
Trade and other payables | 0.1 |
Corporation tax liability | 0.1 |
Total liabilities | 0.2 |
Total identifiable net assets at fair value | 1.2 |
Goodwill arising on acquisition | 0.5 |
Cash purchase consideration transferred | 1.7 |
Goodwill | |
\u00a3m | |
Cost | |
At 1 February 2022 | 1,471.4 |
Acquisition of a subsidiary (Note 13b) | 0.5 |
At 31 January 2023 | 1,471.9 |
Disposal of a subsidiary (Note 13c) | (0.5) |
Adjustment relating to the disposal of a subsidiary in a prior year | (13.0) |
At 31 January 2024 | 1,458.4 |
Impairment | |
At 1 February 2022 | 752.8 |
Charge for the year (Note 16a) | 269.5 |
At 31 January 2023 | 1,022.3 |
Charge for the year (Note 16a) | 104.9 |
Disposal of a subsidiary (Note 13c) | (0.5) |
Adjustment relating to the disposal of a subsidiary in a prior year | (13.0) |
At 31 January 2024 | 1,113.7 |
Net book value | |
At 31 January 2024 | 344.7 |
At 31 January 2023 | 449.6 |
Software | |
\u00a3m | |
Cost | |
At 1 February 2022 | 108.9 |
Additions and internally developed software | 13.4 |
Disposals | (7.3) |
At 31 January 2023 | 115.0 |
Additions and internally developed software | 21.7 |
Disposals | (18.6) |
At 31 January 2024 | 118.1 |
Amortisation and impairment | |
At 1 February 2022 | 61.8 |
Amortisation | 9.2 |
Disposals | (7.3) |
At 31 January 2023 | 63.7 |
Amortisation | 8.9 |
Impairment of assets (Note 16b) | 3.1 |
Disposals | (18.3) |
At 31 January 2024 | 57.4 |
Net book value | |
At 31 January 2024 | 60.7 |
At 31 January 2023 | 51.3 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Cost of sales | 1.4 | 1.1 |
Administrative and selling expenses (Note 4) | 7.5 | 8.1 |
8.9 | 9.2 |
Goodwill | |
\u00a3m | |
Cost | |
At 1 February 2022 | 1,471.4 |
Acquisition of a subsidiary (Note 13b) | 0.5 |
At 31 January 2023 | 1,471.9 |
Disposal of a subsidiary (Note 13c) | (0.5) |
Adjustment relating to the disposal of a subsidiary in a prior year | (13.0) |
At 31 January 2024 | 1,458.4 |
Impairment | |
At 1 February 2022 | 752.8 |
Charge for the year (Note 16a) | 269.5 |
At 31 January 2023 | 1,022.3 |
Charge for the year (Note 16a) | 104.9 |
Disposal of a subsidiary (Note 13c) | (0.5) |
Adjustment relating to the disposal of a subsidiary in a prior year | (13.0) |
At 31 January 2024 | 1,113.7 |
Net book value | |
At 31 January 2024 | 344.7 |
At 31 January 2023 | 449.6 |
Software | |
\u00a3m | |
Cost | |
At 1 February 2022 | 108.9 |
Additions and internally developed software | 13.4 |
Disposals | (7.3) |
At 31 January 2023 | 115.0 |
Additions and internally developed software | 21.7 |
Disposals | (18.6) |
At 31 January 2024 | 118.1 |
Amortisation and impairment | |
At 1 February 2022 | 61.8 |
Amortisation | 9.2 |
Disposals | (7.3) |
At 31 January 2023 | 63.7 |
Amortisation | 8.9 |
Impairment of assets (Note 16b) | 3.1 |
Disposals | (18.3) |
At 31 January 2024 | 57.4 |
Net book value | |
At 31 January 2024 | 60.7 |
At 31 January 2023 | 51.3 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Cost of sales | 1.4 | 1.1 |
Administrative and selling expenses (Note 4) | 7.5 | 8.1 |
8.9 | 9.2 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Cost of sales | 1.4 | 1.1 |
Administrative and selling expenses (Note 4) | 7.5 | 8.1 |
8.9 | 9.2 |
2024 | 2023 | |
(restated 22 ) | ||
\u00a3m | \u00a3m | |
Cost of sales | 21.8 | 21.8 |
Administrative and selling expenses (Note 4) | 1.0 | 1.7 |
22.8 | 23.5 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Cost of sales | 9.9 | 7.8 |
Administrative and selling expenses (Note 4) | 2.0 | 1.1 |
11.9 | 8.9 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Insurance Broking | 344.7 | 449.6 |
344.7 | 449.6 |
| Headroom/(deficit) \u00a3m | |||||||||
| Base scenario | Cash flow stress test scenario | Discount rate stress test scenario | |||||||
31 January | 31 July | 31 January | 31 January | 31 July | 31 January | 31 January | 31 July | 31 January | |
2024 | 2023 | 2023 | 2024 | 2023 | 2023 | 2024 | 2023 | 2023 | |
Insurance Broking | (17.8) | 11.6 | 153.9 | (55.7) | (88.7) | 12.0 | (25.0) | (9.8) | 92.6 |
Pre-tax discount rate | Terminal growth rate | Cash flow (annual) | ||||
+1.0ppt | -1.0ppt | +1.0ppt | -1.0ppt | +10% | -10% | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Insurance Broking | (28.2) | 33.9 | 30.8 | (24.7) | 32.0 | (32.0) |
Long | |||||
Freehold | leasehold | ||||
land and | land and | Ocean | Plant and | ||
buildings | buildings | cruise ships | equipment | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Cost | |||||
At 1 February 2022 | 15.1 | 9.5 | 650.5 | 46.2 | 721.3 |
Additions | \u2013 | \u2013 | 6.5 | 1.7 | 8.2 |
Disposals | \u2013 | \u2013 | (0.5) | (9.1) | (9.6) |
Transfer of asset class | \u2013 | \u2013 | (0.1) | 0.1 | \u2013 |
Reclassification to assets held for sale (Note 38) | (14.7) | (4.3) | \u2013 | (4.3) | (23.3) |
At 31 January 2023 | 0.4 | 5.2 | 656.4 | 34.6 | 696.6 |
Additions | \u2013 | \u2013 | 0.7 | 1.4 | 2.1 |
Disposals | \u2013 | (0.4) | \u2013 | (13.1) | (13.5) |
Reclassification from assets held for sale (Note 38) | \u2013 | 4.1 | \u2013 | \u2013 | 4.1 |
At 31 January 2024 | 0.4 | 8.9 | 657.1 | 22.9 | 689.3 |
Depreciation and impairment | |||||
At 1 February 2022 | 2.4 | 5.9 | 29.2 | 37.3 | 74.8 |
Provided during the year | 0.2 | 0.2 | 20.5 | 2.6 | 23.5 |
Impairment of assets | \u2013 | \u2013 | \u2013 | 0.5 | 0.5 |
Disposals | \u2013 | \u2013 | (0.3) | (9.1) | (9.4) |
Reclassification to assets held for sale (Note 38) | (2.2) | (0.9) | \u2013 | (0.7) | (3.8) |
At 31 January 2023 | 0.4 | 5.2 | 49.4 | 30.6 | 85.6 |
Provided during the year | \u2013 | 0.1 | 21.0 | 1.7 | 22.8 |
Impairment of assets | \u2013 | \u2013 | \u2013 | 0.1 | 0.1 |
Disposals | \u2013 | (0.4) | \u2013 | (12.9) | (13.3) |
Reclassification from assets held for sale (Note 38) | \u2013 | 0.7 | \u2013 | \u2013 | 0.7 |
At 31 January 2024 | 0.4 | 5.6 | 70.4 | 19.5 | 95.9 |
Net book value | |||||
At 31 January 2024 | \u2013 | 3.3 | 586.7 | 3.4 | 593.4 |
At 31 January 2023 | \u2013 | \u2013 | 607.0 | 4.0 | 611.0 |
2024 | 2023 | |
(restated 22 ) | ||
\u00a3m | \u00a3m | |
Cost of sales | 21.8 | 21.8 |
Administrative and selling expenses (Note 4) | 1.0 | 1.7 |
22.8 | 23.5 |
Headroom \u00a3m | ||
Lower | ||
trading | ||
Base | stress test | |
scenario | scenario | |
Spirit of Discovery | 169.0 | 146.5 |
Spirit of Adventure | 114.7 | 91.6 |
Long | ||||
leasehold | ||||
land and | River | Plant and | ||
buildings | cruise ships | equipment | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Cost | ||||
At 1 February 2022 | 1.6 | 33.5 | 6.6 | 41.7 |
Additions | 0.5 | 21.5 | 3.6 | 25.6 |
Disposals | \u2013 | \u2013 | (1.6) | (1.6) |
Effect of reassessment of lease terms | \u2013 | (22.5) | \u2013 | (22.5) |
At 31 January 2023 | 2.1 | 32.5 | 8.6 | 43.2 |
Additions | 1.9 | 1.5 | 2.5 | 5.9 |
Disposals | \u2013 | (11.5) | \u2013 | (11.5) |
At 31 January 2024 | 4.0 | 22.5 | 11.1 | 37.6 |
Depreciation and impairment | ||||
At 1 February 2022 | 0.1 | 0.7 | 4.9 | 5.7 |
Provided during the year | 0.4 | 7.4 | 1.1 | 8.9 |
Disposals | \u2013 | \u2013 | (1.6) | (1.6) |
Effect of reassessment of lease terms | \u2013 | (0.5) | \u2013 | (0.5) |
At 31 January 2023 | 0.5 | 7.6 | 4.4 | 12.5 |
Provided during the year | 0.8 | 9.2 | 1.9 | 11.9 |
Impairment of assets | 0.1 | \u2013 | \u2013 | 0.1 |
Disposals | \u2013 | (11.5) | \u2013 | (11.5) |
At 31 January 2024 | 1.4 | 5.3 | 6.3 | 13.0 |
Net book value | ||||
At 31 January 2024 | 2.6 | 17.2 | 4.8 | 24.6 |
At 31 January 2023 | 1.6 | 24.9 | 4.2 | 30.7 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Cost of sales | 9.9 | 7.8 |
Administrative and selling expenses (Note 4) | 2.0 | 1.1 |
11.9 | 8.9 |
Long | ||||
leasehold | ||||
land and | River | Plant and | ||
buildings | cruise ships | equipment | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Cost | ||||
At 1 February 2022 | 1.6 | 33.5 | 6.6 | 41.7 |
Additions | 0.5 | 21.5 | 3.6 | 25.6 |
Disposals | \u2013 | \u2013 | (1.6) | (1.6) |
Effect of reassessment of lease terms | \u2013 | (22.5) | \u2013 | (22.5) |
At 31 January 2023 | 2.1 | 32.5 | 8.6 | 43.2 |
Additions | 1.9 | 1.5 | 2.5 | 5.9 |
Disposals | \u2013 | (11.5) | \u2013 | (11.5) |
At 31 January 2024 | 4.0 | 22.5 | 11.1 | 37.6 |
Depreciation and impairment | ||||
At 1 February 2022 | 0.1 | 0.7 | 4.9 | 5.7 |
Provided during the year | 0.4 | 7.4 | 1.1 | 8.9 |
Disposals | \u2013 | \u2013 | (1.6) | (1.6) |
Effect of reassessment of lease terms | \u2013 | (0.5) | \u2013 | (0.5) |
At 31 January 2023 | 0.5 | 7.6 | 4.4 | 12.5 |
Provided during the year | 0.8 | 9.2 | 1.9 | 11.9 |
Impairment of assets | 0.1 | \u2013 | \u2013 | 0.1 |
Disposals | \u2013 | (11.5) | \u2013 | (11.5) |
At 31 January 2024 | 1.4 | 5.3 | 6.3 | 13.0 |
Net book value | ||||
At 31 January 2024 | 2.6 | 17.2 | 4.8 | 24.6 |
At 31 January 2023 | 1.6 | 24.9 | 4.2 | 30.7 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Cost of sales | 9.9 | 7.8 |
Administrative and selling expenses (Note 4) | 2.0 | 1.1 |
11.9 | 8.9 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Within one year | 6.9 | 11.5 |
Between one and five years | 16.5 | 15.4 |
After five years | 7.6 | 11.1 |
Total minimum lease payments | 31.0 | 38.0 |
Less amounts representing finance charges | (4.7) | (5.4) |
Present value of minimum lease payments | 26.3 | 32.6 |
2024 | 2023 | |
(restated 23 ) | ||
\u00a3m | \u00a3m | |
FVTPL | ||
Foreign exchange forward contracts | \u2013 | 0.4 |
Loan funds | \u2013 | 5.9 |
Money market funds | 32.8 | 19.6 |
Debt securities 23 | 219.1 | 254.4 |
251.9 | 280.3 | |
FVTPL designated in a hedging relationship | ||
Foreign exchange forward contracts | \u2013 | 2.1 |
Fuel oil swaps | 0.3 | \u2013 |
0.3 | 2.1 | |
Total financial assets | 252.2 | 282.4 |
Current | 74.1 | 62.8 |
Non-current | 178.1 | 219.6 |
252.2 | 282.4 |
2024 | 2023 | |
(restated 24 ) | ||
\u00a3m | \u00a3m | |
Total financial assets (as above and presented on the face of the statement of financial position) | 252.2 | 282.4 |
Trade receivables (Note 23) | 81.4 | 78.7 |
Other receivables (Note 23) | 12.2 | 23.4 |
Cash and short-term deposits (Note 25) | 188.7 | 176.5 |
Total financial assets (including cash and short-term deposits, trade and other receivables) | 534.5 | 561.0 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
FVTPL | ||
Foreign exchange forward contracts | 0.5 | 0.2 |
0.5 | 0.2 | |
FVTPL designated in a hedging relationship | ||
Foreign exchange forward contracts | 2.7 | 1.0 |
Fuel oil swaps | 0.8 | 4.0 |
3.5 | 5.0 | |
Amortised cost | ||
Bonds and ship loans (Note 30) | 796.2 | 854.6 |
Lease liabilities | 26.3 | 32.6 |
Bank overdrafts | 1.9 | 4.4 |
824.4 | 891.6 | |
Total financial liabilities | 828.4 | 896.8 |
Current | 238.2 | 118.6 |
Non-current | 590.2 | 778.2 |
828.4 | 896.8 |
2024 | 2023 | |
(restated 25 ) | ||
\u00a3m | \u00a3m | |
Total financial liabilities (as above and presented on the face of the statement of financial position) | 828.4 | 896.8 |
Trade payables (Note 26) | 139.3 | 128.9 |
Other payables (Note 26) | 9.0 | 2.9 |
Accruals (Note 26) (restated 26 ) | 40.6 | 41.5 |
Total financial liabilities (including trade and other payables, and accruals) | 1,017.3 | 1,070.1 |
| At 31 January 2024 | At 31 January 2023 | |||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Financial assets measured | ||||||||
at fair value | ||||||||
Foreign exchange forwards | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 2.5 | \u2013 | 2.5 |
Fuel oil swaps | \u2013 | 0.3 | \u2013 | 0.3 | \u2013 | \u2013 | \u2013 | \u2013 |
Loan funds | \u2013 | \u2013 | \u2013 | \u2013 | 5.9 | \u2013 | \u2013 | 5.9 |
Debt securities | 219.1 | \u2013 | \u2013 | 219.1 | 254.4 | \u2013 | \u2013 | 254.4 |
Money market funds | 32.8 | \u2013 | \u2013 | 32.8 | 19.6 | \u2013 | \u2013 | 19.6 |
Financial liabilities measured | ||||||||
at fair value | ||||||||
Foreign exchange forwards | \u2013 | 3.2 | \u2013 | 3.2 | \u2013 | 1.2 | \u2013 | 1.2 |
Fuel oil swaps | \u2013 | 0.8 | \u2013 | 0.8 | \u2013 | 4.0 | \u2013 | 4.0 |
Financial liabilities for which | ||||||||
fair values are disclosed | ||||||||
Bonds and ship loans | 356.3 | 356.1 | \u2013 | 712.4 | \u2013 | 788.9 | \u2013 | 788.9 |
Lease liabilities | \u2013 | 26.3 | \u2013 | 26.3 | \u2013 | 32.6 | \u2013 | 32.6 |
Bank overdrafts | \u2013 | 1.9 | \u2013 | 1.9 | \u2013 | 4.4 | \u2013 | 4.4 |
Designated in the year | At 31 January 2024 | At 31 January 2023 | ||||
Foreign currency cash flow hedging instruments (nominal amounts) | Volume | \u00a3m | Volume | \u00a3m | Volume | \u00a3m |
Euro ( EUR ) | 36 | (1.1) | 46 | (1.2) | 103 | 1.1 |
US dollar ( USD ) | 28 | (0.6) | 65 | (1.3) | 127 | 0.1 |
Other currencies | 62 | (0.2) | 97 | (0.2) | 216 | (0.1) |
Total | 126 | (1.9) | 208 | (2.7) | 446 | 1.1 |
Designated in the year | At 31 January 2024 | At 31 January 2023 | ||||
Commodity cash flow hedging instruments (nominal amounts) | Volume | \u00a3m | Volume | \u00a3m | Volume | \u00a3m |
Hedging instruments | 37 | (0.4) | 65 | (0.5) | 68 | (4.0) |
Total | ||||||
Other | currency | Fuel | ||||
EUR | USD | currencies | hedges | hedges | Total | |
Determination period | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
1 February 2024 to 31 July 2024 | 17.9 | 17.5 | 2.4 | 37.8 | 0.2 | 38.0 |
1 August 2024 to 31 January 2025 | 13.9 | 15.9 | 2.7 | 32.5 | (0.3) | 32.2 |
1 February 2025 to 31 July 2025 | 0.1 | \u2013 | \u2013 | 0.1 | (0.3) | (0.2) |
1 August 2025 to 31 January 2026 | \u2013 | \u2013 | \u2013 | \u2013 | (0.1) | (0.1) |
Total | 31.9 | 33.4 | 5.1 | 70.4 | (0.5) | 69.9 |
2024 | 2023 | |
(restated 23 ) | ||
\u00a3m | \u00a3m | |
FVTPL | ||
Foreign exchange forward contracts | \u2013 | 0.4 |
Loan funds | \u2013 | 5.9 |
Money market funds | 32.8 | 19.6 |
Debt securities 23 | 219.1 | 254.4 |
251.9 | 280.3 | |
FVTPL designated in a hedging relationship | ||
Foreign exchange forward contracts | \u2013 | 2.1 |
Fuel oil swaps | 0.3 | \u2013 |
0.3 | 2.1 | |
Total financial assets | 252.2 | 282.4 |
Current | 74.1 | 62.8 |
Non-current | 178.1 | 219.6 |
252.2 | 282.4 |
2024 | 2023 | |
(restated 24 ) | ||
\u00a3m | \u00a3m | |
Total financial assets (as above and presented on the face of the statement of financial position) | 252.2 | 282.4 |
Trade receivables (Note 23) | 81.4 | 78.7 |
Other receivables (Note 23) | 12.2 | 23.4 |
Cash and short-term deposits (Note 25) | 188.7 | 176.5 |
Total financial assets (including cash and short-term deposits, trade and other receivables) | 534.5 | 561.0 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
FVTPL | ||
Foreign exchange forward contracts | 0.5 | 0.2 |
0.5 | 0.2 | |
FVTPL designated in a hedging relationship | ||
Foreign exchange forward contracts | 2.7 | 1.0 |
Fuel oil swaps | 0.8 | 4.0 |
3.5 | 5.0 | |
Amortised cost | ||
Bonds and ship loans (Note 30) | 796.2 | 854.6 |
Lease liabilities | 26.3 | 32.6 |
Bank overdrafts | 1.9 | 4.4 |
824.4 | 891.6 | |
Total financial liabilities | 828.4 | 896.8 |
Current | 238.2 | 118.6 |
Non-current | 590.2 | 778.2 |
828.4 | 896.8 |
2024 | 2023 | |
(restated 25 ) | ||
\u00a3m | \u00a3m | |
Total financial liabilities (as above and presented on the face of the statement of financial position) | 828.4 | 896.8 |
Trade payables (Note 26) | 139.3 | 128.9 |
Other payables (Note 26) | 9.0 | 2.9 |
Accruals (Note 26) (restated 26 ) | 40.6 | 41.5 |
Total financial liabilities (including trade and other payables, and accruals) | 1,017.3 | 1,070.1 |
2024 | 2023 | |
(restated 23 ) | ||
\u00a3m | \u00a3m | |
FVTPL | ||
Foreign exchange forward contracts | \u2013 | 0.4 |
Loan funds | \u2013 | 5.9 |
Money market funds | 32.8 | 19.6 |
Debt securities 23 | 219.1 | 254.4 |
251.9 | 280.3 | |
FVTPL designated in a hedging relationship | ||
Foreign exchange forward contracts | \u2013 | 2.1 |
Fuel oil swaps | 0.3 | \u2013 |
0.3 | 2.1 | |
Total financial assets | 252.2 | 282.4 |
Current | 74.1 | 62.8 |
Non-current | 178.1 | 219.6 |
252.2 | 282.4 |
2024 | 2023 | |
(restated 24 ) | ||
\u00a3m | \u00a3m | |
Total financial assets (as above and presented on the face of the statement of financial position) | 252.2 | 282.4 |
Trade receivables (Note 23) | 81.4 | 78.7 |
Other receivables (Note 23) | 12.2 | 23.4 |
Cash and short-term deposits (Note 25) | 188.7 | 176.5 |
Total financial assets (including cash and short-term deposits, trade and other receivables) | 534.5 | 561.0 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
FVTPL | ||
Foreign exchange forward contracts | 0.5 | 0.2 |
0.5 | 0.2 | |
FVTPL designated in a hedging relationship | ||
Foreign exchange forward contracts | 2.7 | 1.0 |
Fuel oil swaps | 0.8 | 4.0 |
3.5 | 5.0 | |
Amortised cost | ||
Bonds and ship loans (Note 30) | 796.2 | 854.6 |
Lease liabilities | 26.3 | 32.6 |
Bank overdrafts | 1.9 | 4.4 |
824.4 | 891.6 | |
Total financial liabilities | 828.4 | 896.8 |
Current | 238.2 | 118.6 |
Non-current | 590.2 | 778.2 |
828.4 | 896.8 |
2024 | 2023 | |
(restated 25 ) | ||
\u00a3m | \u00a3m | |
Total financial liabilities (as above and presented on the face of the statement of financial position) | 828.4 | 896.8 |
Trade payables (Note 26) | 139.3 | 128.9 |
Other payables (Note 26) | 9.0 | 2.9 |
Accruals (Note 26) (restated 26 ) | 40.6 | 41.5 |
Total financial liabilities (including trade and other payables, and accruals) | 1,017.3 | 1,070.1 |
| At 31 January 2024 | At 31 January 2023 | |||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Financial assets measured | ||||||||
at fair value | ||||||||
Foreign exchange forwards | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 2.5 | \u2013 | 2.5 |
Fuel oil swaps | \u2013 | 0.3 | \u2013 | 0.3 | \u2013 | \u2013 | \u2013 | \u2013 |
Loan funds | \u2013 | \u2013 | \u2013 | \u2013 | 5.9 | \u2013 | \u2013 | 5.9 |
Debt securities | 219.1 | \u2013 | \u2013 | 219.1 | 254.4 | \u2013 | \u2013 | 254.4 |
Money market funds | 32.8 | \u2013 | \u2013 | 32.8 | 19.6 | \u2013 | \u2013 | 19.6 |
Financial liabilities measured | ||||||||
at fair value | ||||||||
Foreign exchange forwards | \u2013 | 3.2 | \u2013 | 3.2 | \u2013 | 1.2 | \u2013 | 1.2 |
Fuel oil swaps | \u2013 | 0.8 | \u2013 | 0.8 | \u2013 | 4.0 | \u2013 | 4.0 |
Financial liabilities for which | ||||||||
fair values are disclosed | ||||||||
Bonds and ship loans | 356.3 | 356.1 | \u2013 | 712.4 | \u2013 | 788.9 | \u2013 | 788.9 |
Lease liabilities | \u2013 | 26.3 | \u2013 | 26.3 | \u2013 | 32.6 | \u2013 | 32.6 |
Bank overdrafts | \u2013 | 1.9 | \u2013 | 1.9 | \u2013 | 4.4 | \u2013 | 4.4 |
Designated in the year | At 31 January 2024 | At 31 January 2023 | ||||
Foreign currency cash flow hedging instruments (nominal amounts) | Volume | \u00a3m | Volume | \u00a3m | Volume | \u00a3m |
Euro ( EUR ) | 36 | (1.1) | 46 | (1.2) | 103 | 1.1 |
US dollar ( USD ) | 28 | (0.6) | 65 | (1.3) | 127 | 0.1 |
Other currencies | 62 | (0.2) | 97 | (0.2) | 216 | (0.1) |
Total | 126 | (1.9) | 208 | (2.7) | 446 | 1.1 |
Designated in the year | At 31 January 2024 | At 31 January 2023 | ||||
Commodity cash flow hedging instruments (nominal amounts) | Volume | \u00a3m | Volume | \u00a3m | Volume | \u00a3m |
Hedging instruments | 37 | (0.4) | 65 | (0.5) | 68 | (4.0) |
Total | ||||||
Other | currency | Fuel | ||||
EUR | USD | currencies | hedges | hedges | Total | |
Determination period | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
1 February 2024 to 31 July 2024 | 17.9 | 17.5 | 2.4 | 37.8 | 0.2 | 38.0 |
1 August 2024 to 31 January 2025 | 13.9 | 15.9 | 2.7 | 32.5 | (0.3) | 32.2 |
1 February 2025 to 31 July 2025 | 0.1 | \u2013 | \u2013 | 0.1 | (0.3) | (0.2) |
1 August 2025 to 31 January 2026 | \u2013 | \u2013 | \u2013 | \u2013 | (0.1) | (0.1) |
Total | 31.9 | 33.4 | 5.1 | 70.4 | (0.5) | 69.9 |
2024 | 2023 | |
(restated 23 ) | ||
\u00a3m | \u00a3m | |
FVTPL | ||
Foreign exchange forward contracts | \u2013 | 0.4 |
Loan funds | \u2013 | 5.9 |
Money market funds | 32.8 | 19.6 |
Debt securities 23 | 219.1 | 254.4 |
251.9 | 280.3 | |
FVTPL designated in a hedging relationship | ||
Foreign exchange forward contracts | \u2013 | 2.1 |
Fuel oil swaps | 0.3 | \u2013 |
0.3 | 2.1 | |
Total financial assets | 252.2 | 282.4 |
Current | 74.1 | 62.8 |
Non-current | 178.1 | 219.6 |
252.2 | 282.4 |
2024 | 2023 | |
(restated 24 ) | ||
\u00a3m | \u00a3m | |
Total financial assets (as above and presented on the face of the statement of financial position) | 252.2 | 282.4 |
Trade receivables (Note 23) | 81.4 | 78.7 |
Other receivables (Note 23) | 12.2 | 23.4 |
Cash and short-term deposits (Note 25) | 188.7 | 176.5 |
Total financial assets (including cash and short-term deposits, trade and other receivables) | 534.5 | 561.0 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Cash at bank and in hand | 57.8 | 52.0 |
Short-term deposits and money market funds held outside of the Insurance business | 130.9 | 124.5 |
Cash and short-term deposits | 188.7 | 176.5 |
Money market funds held within the Insurance business (Note 19) | 32.8 | 19.6 |
Bank overdraft | (1.9) | (4.4) |
Cash and cash equivalents in the consolidated statement of cash flows | 219.6 | 191.7 |
2024 | 2023 | |
(restated 23 ) | ||
\u00a3m | \u00a3m | |
FVTPL | ||
Foreign exchange forward contracts | \u2013 | 0.4 |
Loan funds | \u2013 | 5.9 |
Money market funds | 32.8 | 19.6 |
Debt securities 23 | 219.1 | 254.4 |
251.9 | 280.3 | |
FVTPL designated in a hedging relationship | ||
Foreign exchange forward contracts | \u2013 | 2.1 |
Fuel oil swaps | 0.3 | \u2013 |
0.3 | 2.1 | |
Total financial assets | 252.2 | 282.4 |
Current | 74.1 | 62.8 |
Non-current | 178.1 | 219.6 |
252.2 | 282.4 |
2024 | 2023 | |
(restated 24 ) | ||
\u00a3m | \u00a3m | |
Total financial assets (as above and presented on the face of the statement of financial position) | 252.2 | 282.4 |
Trade receivables (Note 23) | 81.4 | 78.7 |
Other receivables (Note 23) | 12.2 | 23.4 |
Cash and short-term deposits (Note 25) | 188.7 | 176.5 |
Total financial assets (including cash and short-term deposits, trade and other receivables) | 534.5 | 561.0 |
2024 | 2023 | |
(restated 23 ) | ||
\u00a3m | \u00a3m | |
FVTPL | ||
Foreign exchange forward contracts | \u2013 | 0.4 |
Loan funds | \u2013 | 5.9 |
Money market funds | 32.8 | 19.6 |
Debt securities 23 | 219.1 | 254.4 |
251.9 | 280.3 | |
FVTPL designated in a hedging relationship | ||
Foreign exchange forward contracts | \u2013 | 2.1 |
Fuel oil swaps | 0.3 | \u2013 |
0.3 | 2.1 | |
Total financial assets | 252.2 | 282.4 |
Current | 74.1 | 62.8 |
Non-current | 178.1 | 219.6 |
252.2 | 282.4 |
2024 | 2023 | |
(restated 24 ) | ||
\u00a3m | \u00a3m | |
Total financial assets (as above and presented on the face of the statement of financial position) | 252.2 | 282.4 |
Trade receivables (Note 23) | 81.4 | 78.7 |
Other receivables (Note 23) | 12.2 | 23.4 |
Cash and short-term deposits (Note 25) | 188.7 | 176.5 |
Total financial assets (including cash and short-term deposits, trade and other receivables) | 534.5 | 561.0 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
FVTPL | ||
Foreign exchange forward contracts | 0.5 | 0.2 |
0.5 | 0.2 | |
FVTPL designated in a hedging relationship | ||
Foreign exchange forward contracts | 2.7 | 1.0 |
Fuel oil swaps | 0.8 | 4.0 |
3.5 | 5.0 | |
Amortised cost | ||
Bonds and ship loans (Note 30) | 796.2 | 854.6 |
Lease liabilities | 26.3 | 32.6 |
Bank overdrafts | 1.9 | 4.4 |
824.4 | 891.6 | |
Total financial liabilities | 828.4 | 896.8 |
Current | 238.2 | 118.6 |
Non-current | 590.2 | 778.2 |
828.4 | 896.8 |
| At 31 January 2024 | At 31 January 2023 | |||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Financial assets measured | ||||||||
at fair value | ||||||||
Foreign exchange forwards | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 2.5 | \u2013 | 2.5 |
Fuel oil swaps | \u2013 | 0.3 | \u2013 | 0.3 | \u2013 | \u2013 | \u2013 | \u2013 |
Loan funds | \u2013 | \u2013 | \u2013 | \u2013 | 5.9 | \u2013 | \u2013 | 5.9 |
Debt securities | 219.1 | \u2013 | \u2013 | 219.1 | 254.4 | \u2013 | \u2013 | 254.4 |
Money market funds | 32.8 | \u2013 | \u2013 | 32.8 | 19.6 | \u2013 | \u2013 | 19.6 |
Financial liabilities measured | ||||||||
at fair value | ||||||||
Foreign exchange forwards | \u2013 | 3.2 | \u2013 | 3.2 | \u2013 | 1.2 | \u2013 | 1.2 |
Fuel oil swaps | \u2013 | 0.8 | \u2013 | 0.8 | \u2013 | 4.0 | \u2013 | 4.0 |
Financial liabilities for which | ||||||||
fair values are disclosed | ||||||||
Bonds and ship loans | 356.3 | 356.1 | \u2013 | 712.4 | \u2013 | 788.9 | \u2013 | 788.9 |
Lease liabilities | \u2013 | 26.3 | \u2013 | 26.3 | \u2013 | 32.6 | \u2013 | 32.6 |
Bank overdrafts | \u2013 | 1.9 | \u2013 | 1.9 | \u2013 | 4.4 | \u2013 | 4.4 |
| At 31 January 2024 | At 31 January 2023 | |||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Financial assets measured | ||||||||
at fair value | ||||||||
Foreign exchange forwards | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 2.5 | \u2013 | 2.5 |
Fuel oil swaps | \u2013 | 0.3 | \u2013 | 0.3 | \u2013 | \u2013 | \u2013 | \u2013 |
Loan funds | \u2013 | \u2013 | \u2013 | \u2013 | 5.9 | \u2013 | \u2013 | 5.9 |
Debt securities | 219.1 | \u2013 | \u2013 | 219.1 | 254.4 | \u2013 | \u2013 | 254.4 |
Money market funds | 32.8 | \u2013 | \u2013 | 32.8 | 19.6 | \u2013 | \u2013 | 19.6 |
Financial liabilities measured | ||||||||
at fair value | ||||||||
Foreign exchange forwards | \u2013 | 3.2 | \u2013 | 3.2 | \u2013 | 1.2 | \u2013 | 1.2 |
Fuel oil swaps | \u2013 | 0.8 | \u2013 | 0.8 | \u2013 | 4.0 | \u2013 | 4.0 |
Financial liabilities for which | ||||||||
fair values are disclosed | ||||||||
Bonds and ship loans | 356.3 | 356.1 | \u2013 | 712.4 | \u2013 | 788.9 | \u2013 | 788.9 |
Lease liabilities | \u2013 | 26.3 | \u2013 | 26.3 | \u2013 | 32.6 | \u2013 | 32.6 |
Bank overdrafts | \u2013 | 1.9 | \u2013 | 1.9 | \u2013 | 4.4 | \u2013 | 4.4 |
Designated in the year | At 31 January 2024 | At 31 January 2023 | ||||
Foreign currency cash flow hedging instruments (nominal amounts) | Volume | \u00a3m | Volume | \u00a3m | Volume | \u00a3m |
Euro ( EUR ) | 36 | (1.1) | 46 | (1.2) | 103 | 1.1 |
US dollar ( USD ) | 28 | (0.6) | 65 | (1.3) | 127 | 0.1 |
Other currencies | 62 | (0.2) | 97 | (0.2) | 216 | (0.1) |
Total | 126 | (1.9) | 208 | (2.7) | 446 | 1.1 |
Designated in the year | At 31 January 2024 | At 31 January 2023 | ||||
Commodity cash flow hedging instruments (nominal amounts) | Volume | \u00a3m | Volume | \u00a3m | Volume | \u00a3m |
Hedging instruments | 37 | (0.4) | 65 | (0.5) | 68 | (4.0) |
Total | ||||||
Other | currency | Fuel | ||||
EUR | USD | currencies | hedges | hedges | Total | |
Determination period | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
1 February 2024 to 31 July 2024 | 17.9 | 17.5 | 2.4 | 37.8 | 0.2 | 38.0 |
1 August 2024 to 31 January 2025 | 13.9 | 15.9 | 2.7 | 32.5 | (0.3) | 32.2 |
1 February 2025 to 31 July 2025 | 0.1 | \u2013 | \u2013 | 0.1 | (0.3) | (0.2) |
1 August 2025 to 31 January 2026 | \u2013 | \u2013 | \u2013 | \u2013 | (0.1) | (0.1) |
Total | 31.9 | 33.4 | 5.1 | 70.4 | (0.5) | 69.9 |
Sensitivity of +/\u2013 5% | |||
foreign exchange | |||
rate change in | Effect on equity | Effect on profit after tax | |
2024 | EUR | +/\u2013 \u00a31.5m | +/\u2013 \u00a30.2m |
USD | +/\u2013 \u00a31.6m | +/\u2013 \u00a30.2m | |
2023 | EUR | +/\u2013 \u00a32.4m | +/\u2013 \u00a30.2m |
USD | +/\u2013 \u00a32.5m | +/\u2013 \u00a30.2m |
Sensitivity of +/\u2013 5% rate | |||
change in | Effect on equity | Effect on profit after tax | |
2024 | USD \u2013 Fuel oil price | +/\u2013 \u00a30.8m | +/\u2013 \u00a30.0m |
2023 | USD \u2013 Fuel oil price | +/\u2013 \u00a30.8m | +/\u2013 \u00a30.0m |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Investments in debt securities with a fixed interest rate | 205.9 | 241.5 |
Investments in debt securities with a floating interest rate | 13.2 | 12.9 |
Money market funds and short-term deposits | 163.7 | 144.1 |
Borrowings with a floating interest rate (deferred repayments of ship loans) | (43.2) | (61.6) |
Insurance contract liabilities for incurred claims | (326.6) | (294.8) |
Reinsurance assets for incurred claims | 175.0 | 115.0 |
Insurance contract liabilities for remaining coverage (loss component) | (16.1) | (8.4) |
Reinsurance assets for remaining coverage (loss-recovery component) | 1.3 | 2.7 |
2024 | 2023 | |||
Impact on profit after tax | Impact on profit after tax | |||
and on equity | and on equity | |||
50bps increase | 50bps decrease | 50bps increase | 50bps decrease | |
Discount rate change: | ||||
Insurance and reinsurance contracts: Net liabilities for incurred claims | \u00a30.2m | (\u00a30.2m) | \u00a30.7m | (\u00a30.7m) |
Insurance and reinsurance contracts: Net loss component | \u00a30.3m | (\u00a30.3m) | \u00a30.1m | (\u00a30.1m) |
Interest rate change (impact on debt securities) | (\u00a31.8m) | \u00a31.8m | (\u00a32.5m) | \u00a32.5m |
Net impact | (\u00a31.3m) | \u00a31.3m | (\u00a31.7m) | \u00a31.7m |
2024 | 2023 | |||
Impact on profit after tax | Impact on profit after tax | |||
50bps increase | 50bps decrease | 50bps increase | 50bps decrease | |
Investments in debt securities with a floating interest rate | \u00a30.1m | (\u00a30.1m) | \u00a30.1m | (\u00a30.1m) |
Money market funds held within the Insurance business and short-term | \u00a30.6m | (\u00a30.6m) | \u00a30.5m | (\u00a30.5m) |
deposits | ||||
Borrowings with a floating interest rate (deferred repayments of ship loans) | (\u00a30.2m) | \u00a30.2m | (\u00a30.2m) | \u00a30.2m |
Net impact | \u00a30.5m | (\u00a30.5m) | \u00a30.4m | (\u00a30.4m) |
2024 | 2023 | |
| (restated 27 ) | ||
\u00a3m | \u00a3m | |
Cruise and Travel | 1.8 | 1.8 |
Insurance | 31.9 | 30.9 |
Other Businesses and Central Costs | 2.4 | 2.1 |
36.1 | 34.8 |
31 January 2024 | Current | < 30 days | 30-60 days | 61-90 days | 91-120 days | > 120 days | Total |
Expected loss rate | 0% | 5% | 4% | 18% | 59% | 63% | |
Gross carrying amount \u2013 trade receivables | \u00a378.9m | \u00a32.2m | \u00a30.5m | \u00a30.2m | \u00a30.1m | \u00a30.4m | \u00a382.3m |
(Note 23) | |||||||
Loss allowance (Note 23) | \u00a30.4m | \u00a30.1m | \u00a30.0m | \u00a30.0m | \u00a30.1m | \u00a30.3m | \u00a30.9m |
31 January 2023 (restated 27 ) | Current | < 30 days | 30-60 days | 61-90 days | 91-120 days | > 120 days | Total |
Expected loss rate | 1% | 7% | 6% | 34% | 15% | 66% | |
Gross carrying amount \u2013 trade receivables | \u00a376.5m | \u00a32.1m | \u00a30.2m | \u00a30.1m | \u00a30.2m | \u00a30.7m | \u00a379.8m |
(Note 23) | |||||||
Loss allowance (Note 23) | \u00a30.5m | \u00a30.1m | \u00a30.0m | \u00a30.0m | \u00a30.0m | \u00a30.5m | \u00a31.1m |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Opening loss allowance at 1 February | 1.1 | 5.0 |
Increase in loan loss allowance recognised in profit or loss during the year | 1.3 | 1.3 |
Receivables written off during the year as uncollectable | (1.3) | (3.5) |
Unused amount reversed | (0.2) | (1.7) |
Closing loss allowance at 31 January | 0.9 | 1.1 |
31 January 2024 | ||||||
\u00a3m | AAA | AA | A | BBB | Unrated | Total |
Debt securities | 23.9 | 59.2 | 70.4 | 65.6 | \u2013 | 219.1 |
Money market funds held within the insurance business | 32.8 | \u2013 | \u2013 | \u2013 | \u2013 | 32.8 |
Derivative assets | \u2013 | \u2013 | 0.3 | \u2013 | \u2013 | 0.3 |
56.7 | 59.2 | 70.7 | 65.6 | \u2013 | 252.2 | |
Credit exposed component of reinsurance contract assets | \u2013 | 134.1 | 42.2 | \u2013 | \u2013 | 176.3 |
Total | 56.7 | 193.3 | 112.9 | 65.6 | \u2013 | 428.5 |
31 January 2023 | ||||||
\u00a3m | AAA | AA | A | BBB | Unrated | Total |
Debt securities | 23.5 | 74.9 | 64.2 | 91.8 | \u2013 | 254.4 |
Money market funds held within the insurance business | 19.6 | \u2013 | \u2013 | \u2013 | \u2013 | 19.6 |
Derivative assets | \u2013 | \u2013 | 2.5 | \u2013 | \u2013 | 2.5 |
Loan funds | \u2013 | \u2013 | \u2013 | \u2013 | 5.9 | 5.9 |
43.1 | 74.9 | 66.7 | 91.8 | 5.9 | 282.4 | |
Credit exposed component of reinsurance contract assets | \u2013 | 76.0 | 41.7 | \u2013 | \u2013 | 117.7 |
Total | 43.1 | 150.9 | 108.4 | 91.8 | 5.9 | 400.1 |
31 January 2024 | Less than | Over | ||||||
\u00a3m | On demand | 1 year | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | 5 years | Total |
Bonds and ship loans | \u2013 | 212.2 | 55.7 | 304.2 | 46.5 | 43.8 | 144.6 | 807.0 |
Interest on bonds and ship loans | \u2013 | 29.1 | 24.1 | 15.3 | 6.6 | 5.2 | 8.2 | 88.5 |
Bank overdrafts | 1.9 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1.9 |
Insurance contract liabilities | \u2013 | 84.9 | 25.4 | 27.6 | 22.9 | 11.4 | 114.2 | 286.4 |
Derivative liabilities | \u2013 | 3.6 | 0.4 | \u2013 | \u2013 | \u2013 | \u2013 | 4.0 |
Lease liabilities | \u2013 | 5.4 | 4.1 | 3.8 | 2.9 | 3.0 | 7.1 | 26.3 |
Interest on lease liabilities | \u2013 | 1.5 | 0.9 | 0.8 | 0.6 | 0.4 | 0.5 | 4.7 |
1.9 | 336.7 | 110.6 | 351.7 | 79.5 | 63.8 | 274.6 | 1,218.8 |
31 January 2023 | Less than | Over | ||||||
| \u00a3m (restated 28 ) | On demand | 1 year | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | 5 years | Total |
Bonds and ship loans | \u2013 | 62.2 | 212.2 | 55.7 | 304.2 | 46.5 | 188.4 | 869.2 |
Interest on bonds and ship loans | \u2013 | 33.6 | 28.8 | 24.1 | 15.3 | 6.6 | 13.4 | 121.8 |
Bank overdrafts | 4.4 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 4.4 |
Insurance contract liabilities | \u2013 | 81.2 | 31.0 | 20.2 | 18.7 | 13.6 | 94.5 | 259.2 |
Derivative liabilities | \u2013 | 4.1 | 1.1 | \u2013 | \u2013 | \u2013 | \u2013 | 5.2 |
Lease liabilities | \u2013 | 10.2 | 3.2 | 3.1 | 3.1 | 2.8 | 10.2 | 32.6 |
Interest on lease liabilities | \u2013 | 1.3 | 1.0 | 1.0 | 0.7 | 0.5 | 0.9 | 5.4 |
4.4 | 192.6 | 277.3 | 104.1 | 342.0 | 70.0 | 307.4 | 1,297.8 |
31 January 2024 | Less than | Over | ||||||
\u00a3m | 1 year | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | 5 years | No maturity | Total |
Debt securities | 47.9 | 76.8 | 53.5 | 34.8 | 9.1 | 21.4 | \u2013 | 243.5 |
Money market funds held within | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 32.8 | 32.8 |
the Insurance business | ||||||||
47.9 | 76.8 | 53.5 | 34.8 | 9.1 | 21.4 | 32.8 | 276.3 |
31 January 2023 | Less than | Over | ||||||
\u00a3m | 1 year | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | 5 years | No maturity | Total |
Debt securities | 42.4 | 47.5 | 79.8 | 53.5 | 34.8 | 29.1 | \u2013 | 287.1 |
Loan funds | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 5.9 | 5.9 |
Money market funds held within | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 19.6 | 19.6 |
the Insurance business | ||||||||
42.4 | 47.5 | 79.8 | 53.5 | 34.8 | 29.1 | 25.5 | 312.6 |
2024 | 2023 | |||
Impact on profit after tax | Impact on profit after tax | |||
and on equity | and on equity | |||
Gross of | Net of | Gross of | Net of | |
\u00a3m | reinsurance | reinsurance | reinsurance | reinsurance |
Change in the confidence level of liabilities for incurred claims | ||||
5ppt increase to 90% net confidence level | (9.0) | (1.2) | (8.0) | (1.4) |
5ppt decrease to 80% net confidence level | 6.8 | 0.9 | 6.0 | 1.2 |
Change in the confidence level of the onerous contract provision | ||||
5ppt increase to 90% net confidence level | (3.0) | (2.7) | (1.8) | (1.0) |
5ppt decrease to 80% net confidence level | 3.4 | 2.8 | 1.2 | 0.6 |
Change in non-PPO claim inflation assumption within liabilities for incurred claims | ||||
100bps increase | (4.7) | (1.4) | (4.4) | (2.1) |
100bps decrease | 4.5 | 1.3 | 4.2 | 2.1 |
Sensitivity of +/\u2013 5% | |||
foreign exchange | |||
rate change in | Effect on equity | Effect on profit after tax | |
2024 | EUR | +/\u2013 \u00a31.5m | +/\u2013 \u00a30.2m |
USD | +/\u2013 \u00a31.6m | +/\u2013 \u00a30.2m | |
2023 | EUR | +/\u2013 \u00a32.4m | +/\u2013 \u00a30.2m |
USD | +/\u2013 \u00a32.5m | +/\u2013 \u00a30.2m |
Sensitivity of +/\u2013 5% rate | |||
change in | Effect on equity | Effect on profit after tax | |
2024 | USD \u2013 Fuel oil price | +/\u2013 \u00a30.8m | +/\u2013 \u00a30.0m |
2023 | USD \u2013 Fuel oil price | +/\u2013 \u00a30.8m | +/\u2013 \u00a30.0m |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Investments in debt securities with a fixed interest rate | 205.9 | 241.5 |
Investments in debt securities with a floating interest rate | 13.2 | 12.9 |
Money market funds and short-term deposits | 163.7 | 144.1 |
Borrowings with a floating interest rate (deferred repayments of ship loans) | (43.2) | (61.6) |
Insurance contract liabilities for incurred claims | (326.6) | (294.8) |
Reinsurance assets for incurred claims | 175.0 | 115.0 |
Insurance contract liabilities for remaining coverage (loss component) | (16.1) | (8.4) |
Reinsurance assets for remaining coverage (loss-recovery component) | 1.3 | 2.7 |
2024 | 2023 | |||
Impact on profit after tax | Impact on profit after tax | |||
and on equity | and on equity | |||
50bps increase | 50bps decrease | 50bps increase | 50bps decrease | |
Discount rate change: | ||||
Insurance and reinsurance contracts: Net liabilities for incurred claims | \u00a30.2m | (\u00a30.2m) | \u00a30.7m | (\u00a30.7m) |
Insurance and reinsurance contracts: Net loss component | \u00a30.3m | (\u00a30.3m) | \u00a30.1m | (\u00a30.1m) |
Interest rate change (impact on debt securities) | (\u00a31.8m) | \u00a31.8m | (\u00a32.5m) | \u00a32.5m |
Net impact | (\u00a31.3m) | \u00a31.3m | (\u00a31.7m) | \u00a31.7m |
2024 | 2023 | |||
Impact on profit after tax | Impact on profit after tax | |||
50bps increase | 50bps decrease | 50bps increase | 50bps decrease | |
Investments in debt securities with a floating interest rate | \u00a30.1m | (\u00a30.1m) | \u00a30.1m | (\u00a30.1m) |
Money market funds held within the Insurance business and short-term | \u00a30.6m | (\u00a30.6m) | \u00a30.5m | (\u00a30.5m) |
deposits | ||||
Borrowings with a floating interest rate (deferred repayments of ship loans) | (\u00a30.2m) | \u00a30.2m | (\u00a30.2m) | \u00a30.2m |
Net impact | \u00a30.5m | (\u00a30.5m) | \u00a30.4m | (\u00a30.4m) |
Sensitivity of +/\u2013 5% | |||
foreign exchange | |||
rate change in | Effect on equity | Effect on profit after tax | |
2024 | EUR | +/\u2013 \u00a31.5m | +/\u2013 \u00a30.2m |
USD | +/\u2013 \u00a31.6m | +/\u2013 \u00a30.2m | |
2023 | EUR | +/\u2013 \u00a32.4m | +/\u2013 \u00a30.2m |
USD | +/\u2013 \u00a32.5m | +/\u2013 \u00a30.2m |
2024 | 2023 | |
| (restated 27 ) | ||
\u00a3m | \u00a3m | |
Cruise and Travel | 1.8 | 1.8 |
Insurance | 31.9 | 30.9 |
Other Businesses and Central Costs | 2.4 | 2.1 |
36.1 | 34.8 |
31 January 2024 | Current | < 30 days | 30-60 days | 61-90 days | 91-120 days | > 120 days | Total |
Expected loss rate | 0% | 5% | 4% | 18% | 59% | 63% | |
Gross carrying amount \u2013 trade receivables | \u00a378.9m | \u00a32.2m | \u00a30.5m | \u00a30.2m | \u00a30.1m | \u00a30.4m | \u00a382.3m |
(Note 23) | |||||||
Loss allowance (Note 23) | \u00a30.4m | \u00a30.1m | \u00a30.0m | \u00a30.0m | \u00a30.1m | \u00a30.3m | \u00a30.9m |
31 January 2023 (restated 27 ) | Current | < 30 days | 30-60 days | 61-90 days | 91-120 days | > 120 days | Total |
Expected loss rate | 1% | 7% | 6% | 34% | 15% | 66% | |
Gross carrying amount \u2013 trade receivables | \u00a376.5m | \u00a32.1m | \u00a30.2m | \u00a30.1m | \u00a30.2m | \u00a30.7m | \u00a379.8m |
(Note 23) | |||||||
Loss allowance (Note 23) | \u00a30.5m | \u00a30.1m | \u00a30.0m | \u00a30.0m | \u00a30.0m | \u00a30.5m | \u00a31.1m |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Opening loss allowance at 1 February | 1.1 | 5.0 |
Increase in loan loss allowance recognised in profit or loss during the year | 1.3 | 1.3 |
Receivables written off during the year as uncollectable | (1.3) | (3.5) |
Unused amount reversed | (0.2) | (1.7) |
Closing loss allowance at 31 January | 0.9 | 1.1 |
31 January 2024 | ||||||
\u00a3m | AAA | AA | A | BBB | Unrated | Total |
Debt securities | 23.9 | 59.2 | 70.4 | 65.6 | \u2013 | 219.1 |
Money market funds held within the insurance business | 32.8 | \u2013 | \u2013 | \u2013 | \u2013 | 32.8 |
Derivative assets | \u2013 | \u2013 | 0.3 | \u2013 | \u2013 | 0.3 |
56.7 | 59.2 | 70.7 | 65.6 | \u2013 | 252.2 | |
Credit exposed component of reinsurance contract assets | \u2013 | 134.1 | 42.2 | \u2013 | \u2013 | 176.3 |
Total | 56.7 | 193.3 | 112.9 | 65.6 | \u2013 | 428.5 |
31 January 2023 | ||||||
\u00a3m | AAA | AA | A | BBB | Unrated | Total |
Debt securities | 23.5 | 74.9 | 64.2 | 91.8 | \u2013 | 254.4 |
Money market funds held within the insurance business | 19.6 | \u2013 | \u2013 | \u2013 | \u2013 | 19.6 |
Derivative assets | \u2013 | \u2013 | 2.5 | \u2013 | \u2013 | 2.5 |
Loan funds | \u2013 | \u2013 | \u2013 | \u2013 | 5.9 | 5.9 |
43.1 | 74.9 | 66.7 | 91.8 | 5.9 | 282.4 | |
Credit exposed component of reinsurance contract assets | \u2013 | 76.0 | 41.7 | \u2013 | \u2013 | 117.7 |
Total | 43.1 | 150.9 | 108.4 | 91.8 | 5.9 | 400.1 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Opening loss allowance at 1 February | 1.1 | 5.0 |
Increase in loan loss allowance recognised in profit or loss during the year | 1.3 | 1.3 |
Receivables written off during the year as uncollectable | (1.3) | (3.5) |
Unused amount reversed | (0.2) | (1.7) |
Closing loss allowance at 31 January | 0.9 | 1.1 |
31 January 2024 | Less than | Over | ||||||
\u00a3m | On demand | 1 year | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | 5 years | Total |
Bonds and ship loans | \u2013 | 212.2 | 55.7 | 304.2 | 46.5 | 43.8 | 144.6 | 807.0 |
Interest on bonds and ship loans | \u2013 | 29.1 | 24.1 | 15.3 | 6.6 | 5.2 | 8.2 | 88.5 |
Bank overdrafts | 1.9 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1.9 |
Insurance contract liabilities | \u2013 | 84.9 | 25.4 | 27.6 | 22.9 | 11.4 | 114.2 | 286.4 |
Derivative liabilities | \u2013 | 3.6 | 0.4 | \u2013 | \u2013 | \u2013 | \u2013 | 4.0 |
Lease liabilities | \u2013 | 5.4 | 4.1 | 3.8 | 2.9 | 3.0 | 7.1 | 26.3 |
Interest on lease liabilities | \u2013 | 1.5 | 0.9 | 0.8 | 0.6 | 0.4 | 0.5 | 4.7 |
1.9 | 336.7 | 110.6 | 351.7 | 79.5 | 63.8 | 274.6 | 1,218.8 |
31 January 2023 | Less than | Over | ||||||
| \u00a3m (restated 28 ) | On demand | 1 year | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | 5 years | Total |
Bonds and ship loans | \u2013 | 62.2 | 212.2 | 55.7 | 304.2 | 46.5 | 188.4 | 869.2 |
Interest on bonds and ship loans | \u2013 | 33.6 | 28.8 | 24.1 | 15.3 | 6.6 | 13.4 | 121.8 |
Bank overdrafts | 4.4 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 4.4 |
Insurance contract liabilities | \u2013 | 81.2 | 31.0 | 20.2 | 18.7 | 13.6 | 94.5 | 259.2 |
Derivative liabilities | \u2013 | 4.1 | 1.1 | \u2013 | \u2013 | \u2013 | \u2013 | 5.2 |
Lease liabilities | \u2013 | 10.2 | 3.2 | 3.1 | 3.1 | 2.8 | 10.2 | 32.6 |
Interest on lease liabilities | \u2013 | 1.3 | 1.0 | 1.0 | 0.7 | 0.5 | 0.9 | 5.4 |
4.4 | 192.6 | 277.3 | 104.1 | 342.0 | 70.0 | 307.4 | 1,297.8 |
31 January 2024 | Less than | Over | ||||||
\u00a3m | 1 year | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | 5 years | No maturity | Total |
Debt securities | 47.9 | 76.8 | 53.5 | 34.8 | 9.1 | 21.4 | \u2013 | 243.5 |
Money market funds held within | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 32.8 | 32.8 |
the Insurance business | ||||||||
47.9 | 76.8 | 53.5 | 34.8 | 9.1 | 21.4 | 32.8 | 276.3 |
31 January 2023 | Less than | Over | ||||||
\u00a3m | 1 year | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | 5 years | No maturity | Total |
Debt securities | 42.4 | 47.5 | 79.8 | 53.5 | 34.8 | 29.1 | \u2013 | 287.1 |
Loan funds | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 5.9 | 5.9 |
Money market funds held within | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 19.6 | 19.6 |
the Insurance business | ||||||||
42.4 | 47.5 | 79.8 | 53.5 | 34.8 | 29.1 | 25.5 | 312.6 |
2024 | 2023 | |||
Impact on profit after tax | Impact on profit after tax | |||
and on equity | and on equity | |||
Gross of | Net of | Gross of | Net of | |
\u00a3m | reinsurance | reinsurance | reinsurance | reinsurance |
Change in the confidence level of liabilities for incurred claims | ||||
5ppt increase to 90% net confidence level | (9.0) | (1.2) | (8.0) | (1.4) |
5ppt decrease to 80% net confidence level | 6.8 | 0.9 | 6.0 | 1.2 |
Change in the confidence level of the onerous contract provision | ||||
5ppt increase to 90% net confidence level | (3.0) | (2.7) | (1.8) | (1.0) |
5ppt decrease to 80% net confidence level | 3.4 | 2.8 | 1.2 | 0.6 |
Change in non-PPO claim inflation assumption within liabilities for incurred claims | ||||
100bps increase | (4.7) | (1.4) | (4.4) | (2.1) |
100bps decrease | 4.5 | 1.3 | 4.2 | 2.1 |
Carrying | Interest | Fair value | |
value | income | losses | |
At 31 January 2024 | \u00a3m | \u00a3m | \u00a3m |
Loan funds | \u2013 | 0.2 | \u2013 |
Money market funds | 32.8 | 0.7 | \u2013 |
Carrying | Interest | Fair value | |
value | income | losses | |
At 31 January 2023 | \u00a3m | \u00a3m | \u00a3m |
Loan funds | 5.9 | 0.2 | (0.3) |
Money market funds | 19.6 | 0.5 | \u2013 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Raw materials | 0.2 | 0.7 |
Technical stocks | 4.2 | 4.4 |
Work in progress | 0.1 | \u2013 |
Finished goods | 3.6 | 1.9 |
8.1 | 7.0 |
2024 | 2023 | |
(restated 29 ) | ||
\u00a3m | \u00a3m | |
Trade receivables (Note 20b) | 82.3 | 79.8 |
Loss allowance (Note 20b) | (0.9) | (1.1) |
81.4 | 78.7 | |
Other receivables | 12.2 | 23.4 |
Prepayments | 24.4 | 25.8 |
Contract cost assets (Note 3b) | 3.6 | 2.5 |
Other taxes and social security costs | 6.1 | 5.6 |
127.7 | 136.0 |
2024 | 2023 | |
(restated 29 ) | ||
\u00a3m | \u00a3m | |
Trade receivables (Note 20b) | 82.3 | 79.8 |
Loss allowance (Note 20b) | (0.9) | (1.1) |
81.4 | 78.7 | |
Other receivables | 12.2 | 23.4 |
Prepayments | 24.4 | 25.8 |
Contract cost assets (Note 3b) | 3.6 | 2.5 |
Other taxes and social security costs | 6.1 | 5.6 |
127.7 | 136.0 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Cash at bank and in hand | 57.8 | 52.0 |
Short-term deposits and money market funds held outside of the Insurance business | 130.9 | 124.5 |
Cash and short-term deposits | 188.7 | 176.5 |
Money market funds held within the Insurance business (Note 19) | 32.8 | 19.6 |
Bank overdraft | (1.9) | (4.4) |
Cash and cash equivalents in the consolidated statement of cash flows | 219.6 | 191.7 |
2024 | 2023 | |
(restated 31 ) | ||
\u00a3m | \u00a3m | |
Trade payables | 139.3 | 128.9 |
Other payables | 9.0 | 2.9 |
Other taxes and social security costs | 10.8 | 8.7 |
Assets in the course of construction | 1.6 | 4.5 |
Accruals | 40.6 | 41.5 |
201.3 | 186.5 |
2024 | 2023 | |
(restated 31 ) | ||
\u00a3m | \u00a3m | |
Trade payables | 139.3 | 128.9 |
Other payables | 9.0 | 2.9 |
Other taxes and social security costs | 10.8 | 8.7 |
Assets in the course of construction | 1.6 | 4.5 |
Accruals | 40.6 | 41.5 |
201.3 | 186.5 |
2024 | 2023 | |
(restated 31 ) | ||
\u00a3m | \u00a3m | |
Trade payables | 139.3 | 128.9 |
Other payables | 9.0 | 2.9 |
Other taxes and social security costs | 10.8 | 8.7 |
Assets in the course of construction | 1.6 | 4.5 |
Accruals | 40.6 | 41.5 |
201.3 | 186.5 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Fair value of scheme assets | 204.5 | 224.1 |
Present value of defined benefit obligation | (252.4) | (236.2) |
Defined benefit scheme liability | (47.9) | (12.1) |
Defined | |||
Fair value of | Defined | benefit | |
scheme | benefit | scheme | |
assets | obligation | liability | |
\u00a3m | \u00a3m | \u00a3m | |
1 February 2023 | 224.1 | (236.2) | (12.1) |
Pension cost charge to income statement | |||
Net interest | 10.3 | (10.8) | (0.5) |
Included in income statement | 10.3 | (10.8) | (0.5) |
Benefits paid | (6.5) | 6.5 | \u2013 |
Return on plan assets (excluding amounts included in net interest expense) | (29.2) | \u2013 | (29.2) |
Actuarial changes arising from changes in financial assumptions | \u2013 | 15.8 | 15.8 |
Actuarial changes arising from changes in demographic assumptions | \u2013 | 13.5 | 13.5 |
Experience adjustments | \u2013 | (41.2) | (41.2) |
Sub-total included in OCI | (35.7) | (5.4) | (41.1) |
Total contributions by employer | 5.8 | \u2013 | 5.8 |
At 31 January 2024 | 204.5 | (252.4) | (47.9) |
Defined | |||
Fair value of | Defined | benefit | |
scheme | benefit | scheme | |
assets | obligation | liability | |
\u00a3m | \u00a3m | \u00a3m | |
1 February 2022 | 412.0 | (410.9) | 1.1 |
Pension cost charge to income statement | |||
Net interest | 8.9 | (8.8) | 0.1 |
Included in income statement | 8.9 | (8.8) | 0.1 |
Benefits paid | (6.8) | 6.8 | \u2013 |
Return on plan assets (excluding amounts included in net interest income) | (195.8) | \u2013 | (195.8) |
Actuarial changes arising from changes in financial assumptions | \u2013 | 184.3 | 184.3 |
Experience adjustments | \u2013 | (7.6) | (7.6) |
Sub-total included in OCI | (202.6) | 183.5 | (19.1) |
Total contributions by employer | 5.8 | \u2013 | 5.8 |
At 31 January 2023 | 224.1 | (236.2) | (12.1) |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Equities | 34.8 | 16.4 |
Bonds | 80.9 | 92.2 |
Property and alternatives | 63.6 | 74.6 |
Hedge funds | 18.0 | 28.7 |
Insured annuities | 3.2 | 3.9 |
Cash and other | 4.0 | 8.3 |
Total | 204.5 | 224.1 |
2024 | 2023 | |
Real rate of increase of pensions in payment | 3.05% | 3.05% |
Real rate of increase of pensions in deferment | 2.90% | 3.00% |
Discount rate \u2013 pensioner | 5.00% | 4.65% |
Discount rate \u2013 non-pensioner | 5.00% | 4.60% |
Inflation \u2013 pensioner | 3.20% | 3.20% |
Inflation \u2013 non-pensioner | 3.05% | 3.15% |
Life expectancy of a member retiring in 20 years\u2019 time at age 60 \u2013 Male | 26.4 yrs | 27.8 yrs |
Life expectancy of a member retiring in 20 years\u2019 time at age 60 \u2013 Female | 28.6 yrs | 29.5 yrs |
Mortality base tables | ||
CMI Standard tables \u2013 Male (all amounts) | S3PA | S3PA |
CMI Standard tables \u2013 Female (middle amounts) | S3PA | S3PA |
Scheme specific adjustment \u2013 Active Male | n/a | 115% |
Scheme specific adjustment \u2013 Active Female | n/a | 115% |
Scheme specific adjustment \u2013 Deferred Male | 116% | 101% |
Scheme specific adjustment \u2013 Deferred Female | 116% | 107% |
Scheme specific adjustment \u2013 Pensioner Male | 106% | 102% |
Scheme specific adjustment \u2013 Pensioner Female | 111% | 105% |
Assumptions | Discount rate | Future inflation | Life expectancy | |||
Sensitivity | +/\u2013 0.25% | +/\u2013 0.25% | +/\u2013 1 year | |||
Increase | Decrease | Increase | Decrease | Increase | Decrease | |
Impact \u00a3m | (10.6) | 11.1 | 5.6 | (5.8) | 8.3 | (8.3) |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Fair value of scheme assets | 204.5 | 224.1 |
Present value of defined benefit obligation | (252.4) | (236.2) |
Defined benefit scheme liability | (47.9) | (12.1) |
Defined | |||
Fair value of | Defined | benefit | |
scheme | benefit | scheme | |
assets | obligation | liability | |
\u00a3m | \u00a3m | \u00a3m | |
1 February 2023 | 224.1 | (236.2) | (12.1) |
Pension cost charge to income statement | |||
Net interest | 10.3 | (10.8) | (0.5) |
Included in income statement | 10.3 | (10.8) | (0.5) |
Benefits paid | (6.5) | 6.5 | \u2013 |
Return on plan assets (excluding amounts included in net interest expense) | (29.2) | \u2013 | (29.2) |
Actuarial changes arising from changes in financial assumptions | \u2013 | 15.8 | 15.8 |
Actuarial changes arising from changes in demographic assumptions | \u2013 | 13.5 | 13.5 |
Experience adjustments | \u2013 | (41.2) | (41.2) |
Sub-total included in OCI | (35.7) | (5.4) | (41.1) |
Total contributions by employer | 5.8 | \u2013 | 5.8 |
At 31 January 2024 | 204.5 | (252.4) | (47.9) |
Defined | |||
Fair value of | Defined | benefit | |
scheme | benefit | scheme | |
assets | obligation | liability | |
\u00a3m | \u00a3m | \u00a3m | |
1 February 2022 | 412.0 | (410.9) | 1.1 |
Pension cost charge to income statement | |||
Net interest | 8.9 | (8.8) | 0.1 |
Included in income statement | 8.9 | (8.8) | 0.1 |
Benefits paid | (6.8) | 6.8 | \u2013 |
Return on plan assets (excluding amounts included in net interest income) | (195.8) | \u2013 | (195.8) |
Actuarial changes arising from changes in financial assumptions | \u2013 | 184.3 | 184.3 |
Experience adjustments | \u2013 | (7.6) | (7.6) |
Sub-total included in OCI | (202.6) | 183.5 | (19.1) |
Total contributions by employer | 5.8 | \u2013 | 5.8 |
At 31 January 2023 | 224.1 | (236.2) | (12.1) |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Equities | 34.8 | 16.4 |
Bonds | 80.9 | 92.2 |
Property and alternatives | 63.6 | 74.6 |
Hedge funds | 18.0 | 28.7 |
Insured annuities | 3.2 | 3.9 |
Cash and other | 4.0 | 8.3 |
Total | 204.5 | 224.1 |
2024 | 2023 | |
Real rate of increase of pensions in payment | 3.05% | 3.05% |
Real rate of increase of pensions in deferment | 2.90% | 3.00% |
Discount rate \u2013 pensioner | 5.00% | 4.65% |
Discount rate \u2013 non-pensioner | 5.00% | 4.60% |
Inflation \u2013 pensioner | 3.20% | 3.20% |
Inflation \u2013 non-pensioner | 3.05% | 3.15% |
Life expectancy of a member retiring in 20 years\u2019 time at age 60 \u2013 Male | 26.4 yrs | 27.8 yrs |
Life expectancy of a member retiring in 20 years\u2019 time at age 60 \u2013 Female | 28.6 yrs | 29.5 yrs |
Mortality base tables | ||
CMI Standard tables \u2013 Male (all amounts) | S3PA | S3PA |
CMI Standard tables \u2013 Female (middle amounts) | S3PA | S3PA |
Scheme specific adjustment \u2013 Active Male | n/a | 115% |
Scheme specific adjustment \u2013 Active Female | n/a | 115% |
Scheme specific adjustment \u2013 Deferred Male | 116% | 101% |
Scheme specific adjustment \u2013 Deferred Female | 116% | 107% |
Scheme specific adjustment \u2013 Pensioner Male | 106% | 102% |
Scheme specific adjustment \u2013 Pensioner Female | 111% | 105% |
Assumptions | Discount rate | Future inflation | Life expectancy | |||
Sensitivity | +/\u2013 0.25% | +/\u2013 0.25% | +/\u2013 1 year | |||
Increase | Decrease | Increase | Decrease | Increase | Decrease | |
Impact \u00a3m | (10.6) | 11.1 | 5.6 | (5.8) | 8.3 | (8.3) |
Leverage | ||
(excl. Ocean Cruise) | Interest cover | |
31 January 2023 | 4.75x | 2.5x |
30 April 2023 | 6.75x | n/a |
31 July 2023 | 6.75x | 2.5x |
31 October 2023 | 6.75x | n/a |
31 January 2024 | 5.5x | 2.75x |
30 April 2024 | 5.5x | n/a |
31 July 2024 | 5.5x | 3.0x |
31 October 2024 | 5.5x | n/a |
31 January 2025 | 4.75x | 3.0x |
Liabilities for | Liabilities for | ||||
remaining coverage | incurred claims | ||||
Estimate of | |||||
Excluding | the present | ||||
loss | Loss | value of future | Risk | ||
component | component | cash flows | adjustment | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 February 2023 (restated) | |||||
Insurance contract liabilities | (44.3) | (8.4) | (259.2) | (35.6) | (347.5) |
Insurance revenue | 177.6 | \u2013 | \u2013 | \u2013 | 177.6 |
Incurred claims and related expenses | \u2013 | 17.4 | (176.0) | (9.7) | (168.3) |
Changes to liabilities for incurred claims | \u2013 | \u2013 | (20.9) | 5.5 | (15.4) |
Insurance acquisition cash flows expensed | (26.0) | \u2013 | \u2013 | \u2013 | (26.0) |
Losses on onerous contracts and changes in such losses | \u2013 | (25.1) | \u2013 | \u2013 | (25.1) |
Other incurred insurance service expenses | \u2013 | \u2013 | (14.4) | \u2013 | (14.4) |
Insurance service expenses | (26.0) | (7.7) | (211.3) | (4.2) | (249.2) |
Insurance finance expense | \u2013 | \u2013 | (3.1) | (0.4) | (3.5) |
Total changes in the consolidated income statement | 151.6 | (7.7) | (214.4) | (4.6) | (75.1) |
Cash flows | |||||
Premiums received | (189.9) | \u2013 | \u2013 | \u2013 | (189.9) |
Insurance acquisition cash flows incurred | 26.0 | \u2013 | \u2013 | \u2013 | 26.0 |
Claims and other expenses paid | \u2013 | \u2013 | 187.2 | \u2013 | 187.2 |
Total cash flows | (163.9) | \u2013 | 187.2 | \u2013 | 23.3 |
At 31 January 2024 | |||||
Insurance contract liabilities | (56.6) | (16.1) | (286.4) | (40.2) | (399.3) |
Assets for | Amounts recoverable | ||||
remaining coverage | on incurred claims | ||||
Excluding | Estimate of | ||||
loss- | Loss- | the present | |||
recovery | recovery | value of future | Risk | ||
component | component | cash flows | adjustment | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 February 2023 (restated) | |||||
Reinsurance contract (liabilities)/assets | (5.5) | 2.7 | 87.6 | 27.4 | 112.2 |
Allocation of reinsurance premiums | (17.0) | \u2013 | \u2013 | \u2013 | (17.0) |
Amounts recoverable for incurred claims and other expenses | \u2013 | (3.7) | 21.5 | 3.2 | 21.0 |
Changes to amounts recoverable for incurred claims | \u2013 | \u2013 | 32.0 | 2.8 | 34.8 |
Loss-recovery on onerous underlying contracts and adjustments | \u2013 | 2.3 | \u2013 | \u2013 | 2.3 |
Effect of changes in the risk of non-performance of | \u2013 | \u2013 | (0.9) | \u2013 | (0.9) |
reinsurance\u00a0contracts | |||||
Net (expense)/income from reinsurance contracts | (17.0) | (1.4) | 52.6 | 6.0 | 40.2 |
Reinsurance finance income | \u2013 | \u2013 | 1.6 | 0.3 | 1.9 |
Total changes in the consolidated income statement | (17.0) | (1.4) | 54.2 | 6.3 | 42.1 |
Cash flows | |||||
Premiums paid | 19.4 | \u2013 | \u2013 | \u2013 | 19.4 |
Amounts received | \u2013 | \u2013 | (0.5) | \u2013 | (0.5) |
Total cash flows | 19.4 | \u2013 | (0.5) | \u2013 | 18.9 |
At 31 January 2024 | |||||
Reinsurance contract (liabilities)/assets | (3.1) | 1.3 | 141.3 | 33.7 | 173.2 |
Liabilities for | Liabilities for | ||||
remaining coverage | incurred claims | ||||
Estimate of | |||||
the\u00a0present | |||||
Excluding loss | Loss | value of future | Risk | ||
component | component | cash flows | adjustment | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 February 2022 (restated) | |||||
Insurance contract liabilities | (54.9) | (1.9) | (267.6) | (35.2) | (359.6) |
Insurance revenue | 193.0 | \u2013 | \u2013 | \u2013 | 193.0 |
Incurred claims and related expenses | \u2013 | 4.4 | (182.7) | (10.7) | (189.0) |
Changes to liabilities for incurred claims | \u2013 | \u2013 | 19.0 | 9.3 | 28.3 |
Insurance acquisition cash flows expensed | (29.5) | \u2013 | \u2013 | \u2013 | (29.5) |
Losses on onerous contracts and changes in such losses | \u2013 | (10.9) | \u2013 | \u2013 | (10.9) |
Other incurred insurance service expenses | \u2013 | \u2013 | (14.7) | \u2013 | (14.7) |
Insurance service expenses | (29.5) | (6.5) | (178.4) | (1.4) | (215.8) |
Insurance finance expense | \u2013 | \u2013 | 7.2 | 1.0 | 8.2 |
Total changes in the consolidated income statement | 163.5 | (6.5) | (171.2) | (0.4) | (14.6) |
Cash flows | |||||
Premiums received | (182.4) | \u2013 | \u2013 | \u2013 | (182.4) |
Insurance acquisition cash flows incurred | 29.5 | \u2013 | \u2013 | \u2013 | 29.5 |
Claims and other expenses paid | \u2013 | \u2013 | 179.6 | \u2013 | 179.6 |
Total cash flows | (152.9) | \u2013 | 179.6 | \u2013 | 26.7 |
At 31 January 2023 (restated) | |||||
Insurance contract liabilities | (44.3) | (8.4) | (259.2) | (35.6) | (347.5) |
Assets for | Amounts recoverable | ||||
remaining coverage | on incurred claims | ||||
Estimate of | |||||
Excluding | Loss- | the\u00a0present | |||
loss-recovery | recovery | value of future | Risk | ||
component | component | cash flows | adjustment | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 February 2022 (restated) | |||||
Reinsurance contract liabilities | (1.1) | \u2013 | \u2013 | \u2013 | (1.1) |
Reinsurance contract assets | (5.1) | \u2013 | 63.7 | 22.5 | 81.1 |
Net reinsurance contract (liabilities)/assets | (6.2) | \u2013 | 63.7 | 22.5 | 80.0 |
Allocation of reinsurance premiums | (14.8) | \u2013 | \u2013 | \u2013 | (14.8) |
Amounts recoverable for incurred claims and other expenses | \u2013 | (0.3) | 29.2 | 3.9 | 32.8 |
Changes to amounts recoverable for incurred claims | \u2013 | \u2013 | 4.2 | 2.0 | 6.2 |
Loss-recovery on onerous underlying contracts and adjustments | \u2013 | 3.0 | \u2013 | \u2013 | 3.0 |
Effect of changes in the risk of non-performance of | \u2013 | \u2013 | 0.1 | \u2013 | 0.1 |
reinsurance contracts | |||||
Net (expense)/income from reinsurance contracts | (14.8) | 2.7 | 33.5 | 5.9 | 27.3 |
Reinsurance finance expense | \u2013 | \u2013 | (2.7) | (1.0) | (3.7) |
Total changes in the consolidated income statement | (14.8) | 2.7 | 30.8 | 4.9 | 23.6 |
Cash flows | |||||
Premiums paid | 15.5 | \u2013 | \u2013 | \u2013 | 15.5 |
Amounts received | \u2013 | \u2013 | (6.9) | \u2013 | (6.9) |
Total cash flows | 15.5 | \u2013 | (6.9) | \u2013 | 8.6 |
At 31 January 2023 (restated) | |||||
Reinsurance contract (liabilities)/assets | (5.5) | 2.7 | 87.6 | 27.4 | 112.2 |
| 2024 | 2023 | |||||
Insurance | Insurance | |||||
contracts | Reinsurance | contracts | Reinsurance | |||
(gross) | contracts | Net | (gross) | contracts | Net | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Unwind of discounting of liabilities for incurred claims | (8.2) | 4.7 | (3.5) | (3.5) | 1.6 | (1.9) |
Impact of change in the discount rate on liabilities for | 2.1 | (1.1) | 1.0 | 11.0 | (4.6) | 6.4 |
incurred claims: Non-PPOs | ||||||
Impact of change in the discount rate on liabilities for | 10.6 | (6.4) | 4.2 | 22.1 | (20.8) | 1.3 |
incurred claims: PPOs | ||||||
Impact of change in carer wage inflation assumption | (8.0) | 4.7 | (3.3) | (21.4) | 20.1 | (1.3) |
for PPO liabilities for incurred claims | ||||||
Net finance (expense)/income from insurance and | (3.5) | 1.9 | (1.6) | 8.2 | (3.7) | 4.5 |
reinsurance contracts |
| Amounts as at the end of the financial year ended 31 January | |||||
2020 | 2021 | 2022 | 2023 | 2024 | |
Gross loss occurring in financial years ending: | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
31 January 2019 and prior financial years | 3,146.5 | 3,085.3 | 3,032.3 | 3,101.7 | 3,182.8 |
31 January 2020 | 203.7 | 196.9 | 181.5 | 174.1 | 167.5 |
31 January 2021 | 130.9 | 125.9 | 117.6 | 102.2 | |
31 January 2022 | 146.8 | 221.6 | 279.1 | ||
31 January 2023 | 222.4 | 221.9 | |||
31 January 2024 | 259.2 | ||||
Cumulative payments to date | (3,478.2) | ||||
Gross undiscounted liabilities \u2013 losses arising from | 734.5 | ||||
financial years 2020-2024 | |||||
Claims handling expenses | 6.8 | ||||
Effect of discounting | (455.1) | ||||
Risk adjustment | 40.4 | ||||
Total gross liability for incurred claims | 326.6 |
| Amounts as at the end of the financial year ended 31 January | |||||
2020 | 2021 | 2022 | 2023 | 2024 | |
Net loss occurring in financial years ending: | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
31 January 2019 and prior financial years | 2,965.6 | 2,943.5 | 2,916.6 | 2.935.7 | 2,956.2 |
31 January 2020 | 181.7 | 185.9 | 175.4 | 171.7 | 166.1 |
31 January 2021 | 121.9 | 114.9 | 116.8 | 101.1 | |
31 January 2022 | 136.5 | 170.8 | 146.0 | ||
31 January 2023 | 171.3 | 149.5 | |||
31 January 2024 | 60.4 | ||||
Cumulative net payments to date | (3,425.1) | ||||
Net undiscounted liabilities \u2013 losses arising from | 154.2 | ||||
financial years 2020-2024 | |||||
Claims handling expenses | 6.8 | ||||
Net effect of discounting | (16.0) | ||||
Net risk adjustment | 6.6 | ||||
Total net liability for incurred claims | 151.6 |
Liabilities for | Liabilities for | ||||
remaining coverage | incurred claims | ||||
Estimate of | |||||
Excluding | the present | ||||
loss | Loss | value of future | Risk | ||
component | component | cash flows | adjustment | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 February 2023 (restated) | |||||
Insurance contract liabilities | (44.3) | (8.4) | (259.2) | (35.6) | (347.5) |
Insurance revenue | 177.6 | \u2013 | \u2013 | \u2013 | 177.6 |
Incurred claims and related expenses | \u2013 | 17.4 | (176.0) | (9.7) | (168.3) |
Changes to liabilities for incurred claims | \u2013 | \u2013 | (20.9) | 5.5 | (15.4) |
Insurance acquisition cash flows expensed | (26.0) | \u2013 | \u2013 | \u2013 | (26.0) |
Losses on onerous contracts and changes in such losses | \u2013 | (25.1) | \u2013 | \u2013 | (25.1) |
Other incurred insurance service expenses | \u2013 | \u2013 | (14.4) | \u2013 | (14.4) |
Insurance service expenses | (26.0) | (7.7) | (211.3) | (4.2) | (249.2) |
Insurance finance expense | \u2013 | \u2013 | (3.1) | (0.4) | (3.5) |
Total changes in the consolidated income statement | 151.6 | (7.7) | (214.4) | (4.6) | (75.1) |
Cash flows | |||||
Premiums received | (189.9) | \u2013 | \u2013 | \u2013 | (189.9) |
Insurance acquisition cash flows incurred | 26.0 | \u2013 | \u2013 | \u2013 | 26.0 |
Claims and other expenses paid | \u2013 | \u2013 | 187.2 | \u2013 | 187.2 |
Total cash flows | (163.9) | \u2013 | 187.2 | \u2013 | 23.3 |
At 31 January 2024 | |||||
Insurance contract liabilities | (56.6) | (16.1) | (286.4) | (40.2) | (399.3) |
Assets for | Amounts recoverable | ||||
remaining coverage | on incurred claims | ||||
Excluding | Estimate of | ||||
loss- | Loss- | the present | |||
recovery | recovery | value of future | Risk | ||
component | component | cash flows | adjustment | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 February 2023 (restated) | |||||
Reinsurance contract (liabilities)/assets | (5.5) | 2.7 | 87.6 | 27.4 | 112.2 |
Allocation of reinsurance premiums | (17.0) | \u2013 | \u2013 | \u2013 | (17.0) |
Amounts recoverable for incurred claims and other expenses | \u2013 | (3.7) | 21.5 | 3.2 | 21.0 |
Changes to amounts recoverable for incurred claims | \u2013 | \u2013 | 32.0 | 2.8 | 34.8 |
Loss-recovery on onerous underlying contracts and adjustments | \u2013 | 2.3 | \u2013 | \u2013 | 2.3 |
Effect of changes in the risk of non-performance of | \u2013 | \u2013 | (0.9) | \u2013 | (0.9) |
reinsurance\u00a0contracts | |||||
Net (expense)/income from reinsurance contracts | (17.0) | (1.4) | 52.6 | 6.0 | 40.2 |
Reinsurance finance income | \u2013 | \u2013 | 1.6 | 0.3 | 1.9 |
Total changes in the consolidated income statement | (17.0) | (1.4) | 54.2 | 6.3 | 42.1 |
Cash flows | |||||
Premiums paid | 19.4 | \u2013 | \u2013 | \u2013 | 19.4 |
Amounts received | \u2013 | \u2013 | (0.5) | \u2013 | (0.5) |
Total cash flows | 19.4 | \u2013 | (0.5) | \u2013 | 18.9 |
At 31 January 2024 | |||||
Reinsurance contract (liabilities)/assets | (3.1) | 1.3 | 141.3 | 33.7 | 173.2 |
Liabilities for | Liabilities for | ||||
remaining coverage | incurred claims | ||||
Estimate of | |||||
the\u00a0present | |||||
Excluding loss | Loss | value of future | Risk | ||
component | component | cash flows | adjustment | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 February 2022 (restated) | |||||
Insurance contract liabilities | (54.9) | (1.9) | (267.6) | (35.2) | (359.6) |
Insurance revenue | 193.0 | \u2013 | \u2013 | \u2013 | 193.0 |
Incurred claims and related expenses | \u2013 | 4.4 | (182.7) | (10.7) | (189.0) |
Changes to liabilities for incurred claims | \u2013 | \u2013 | 19.0 | 9.3 | 28.3 |
Insurance acquisition cash flows expensed | (29.5) | \u2013 | \u2013 | \u2013 | (29.5) |
Losses on onerous contracts and changes in such losses | \u2013 | (10.9) | \u2013 | \u2013 | (10.9) |
Other incurred insurance service expenses | \u2013 | \u2013 | (14.7) | \u2013 | (14.7) |
Insurance service expenses | (29.5) | (6.5) | (178.4) | (1.4) | (215.8) |
Insurance finance expense | \u2013 | \u2013 | 7.2 | 1.0 | 8.2 |
Total changes in the consolidated income statement | 163.5 | (6.5) | (171.2) | (0.4) | (14.6) |
Cash flows | |||||
Premiums received | (182.4) | \u2013 | \u2013 | \u2013 | (182.4) |
Insurance acquisition cash flows incurred | 29.5 | \u2013 | \u2013 | \u2013 | 29.5 |
Claims and other expenses paid | \u2013 | \u2013 | 179.6 | \u2013 | 179.6 |
Total cash flows | (152.9) | \u2013 | 179.6 | \u2013 | 26.7 |
At 31 January 2023 (restated) | |||||
Insurance contract liabilities | (44.3) | (8.4) | (259.2) | (35.6) | (347.5) |
Assets for | Amounts recoverable | ||||
remaining coverage | on incurred claims | ||||
Estimate of | |||||
Excluding | Loss- | the\u00a0present | |||
loss-recovery | recovery | value of future | Risk | ||
component | component | cash flows | adjustment | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 February 2022 (restated) | |||||
Reinsurance contract liabilities | (1.1) | \u2013 | \u2013 | \u2013 | (1.1) |
Reinsurance contract assets | (5.1) | \u2013 | 63.7 | 22.5 | 81.1 |
Net reinsurance contract (liabilities)/assets | (6.2) | \u2013 | 63.7 | 22.5 | 80.0 |
Allocation of reinsurance premiums | (14.8) | \u2013 | \u2013 | \u2013 | (14.8) |
Amounts recoverable for incurred claims and other expenses | \u2013 | (0.3) | 29.2 | 3.9 | 32.8 |
Changes to amounts recoverable for incurred claims | \u2013 | \u2013 | 4.2 | 2.0 | 6.2 |
Loss-recovery on onerous underlying contracts and adjustments | \u2013 | 3.0 | \u2013 | \u2013 | 3.0 |
Effect of changes in the risk of non-performance of | \u2013 | \u2013 | 0.1 | \u2013 | 0.1 |
reinsurance contracts | |||||
Net (expense)/income from reinsurance contracts | (14.8) | 2.7 | 33.5 | 5.9 | 27.3 |
Reinsurance finance expense | \u2013 | \u2013 | (2.7) | (1.0) | (3.7) |
Total changes in the consolidated income statement | (14.8) | 2.7 | 30.8 | 4.9 | 23.6 |
Cash flows | |||||
Premiums paid | 15.5 | \u2013 | \u2013 | \u2013 | 15.5 |
Amounts received | \u2013 | \u2013 | (6.9) | \u2013 | (6.9) |
Total cash flows | 15.5 | \u2013 | (6.9) | \u2013 | 8.6 |
At 31 January 2023 (restated) | |||||
Reinsurance contract (liabilities)/assets | (5.5) | 2.7 | 87.6 | 27.4 | 112.2 |
| 2024 | 2023 | |||||
Insurance | Insurance | |||||
contracts | Reinsurance | contracts | Reinsurance | |||
(gross) | contracts | Net | (gross) | contracts | Net | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Unwind of discounting of liabilities for incurred claims | (8.2) | 4.7 | (3.5) | (3.5) | 1.6 | (1.9) |
Impact of change in the discount rate on liabilities for | 2.1 | (1.1) | 1.0 | 11.0 | (4.6) | 6.4 |
incurred claims: Non-PPOs | ||||||
Impact of change in the discount rate on liabilities for | 10.6 | (6.4) | 4.2 | 22.1 | (20.8) | 1.3 |
incurred claims: PPOs | ||||||
Impact of change in carer wage inflation assumption | (8.0) | 4.7 | (3.3) | (21.4) | 20.1 | (1.3) |
for PPO liabilities for incurred claims | ||||||
Net finance (expense)/income from insurance and | (3.5) | 1.9 | (1.6) | 8.2 | (3.7) | 4.5 |
reinsurance contracts |
| Amounts as at the end of the financial year ended 31 January | |||||
2020 | 2021 | 2022 | 2023 | 2024 | |
Gross loss occurring in financial years ending: | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
31 January 2019 and prior financial years | 3,146.5 | 3,085.3 | 3,032.3 | 3,101.7 | 3,182.8 |
31 January 2020 | 203.7 | 196.9 | 181.5 | 174.1 | 167.5 |
31 January 2021 | 130.9 | 125.9 | 117.6 | 102.2 | |
31 January 2022 | 146.8 | 221.6 | 279.1 | ||
31 January 2023 | 222.4 | 221.9 | |||
31 January 2024 | 259.2 | ||||
Cumulative payments to date | (3,478.2) | ||||
Gross undiscounted liabilities \u2013 losses arising from | 734.5 | ||||
financial years 2020-2024 | |||||
Claims handling expenses | 6.8 | ||||
Effect of discounting | (455.1) | ||||
Risk adjustment | 40.4 | ||||
Total gross liability for incurred claims | 326.6 |
| Amounts as at the end of the financial year ended 31 January | |||||
2020 | 2021 | 2022 | 2023 | 2024 | |
Net loss occurring in financial years ending: | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
31 January 2019 and prior financial years | 2,965.6 | 2,943.5 | 2,916.6 | 2.935.7 | 2,956.2 |
31 January 2020 | 181.7 | 185.9 | 175.4 | 171.7 | 166.1 |
31 January 2021 | 121.9 | 114.9 | 116.8 | 101.1 | |
31 January 2022 | 136.5 | 170.8 | 146.0 | ||
31 January 2023 | 171.3 | 149.5 | |||
31 January 2024 | 60.4 | ||||
Cumulative net payments to date | (3,425.1) | ||||
Net undiscounted liabilities \u2013 losses arising from | 154.2 | ||||
financial years 2020-2024 | |||||
Claims handling expenses | 6.8 | ||||
Net effect of discounting | (16.0) | ||||
Net risk adjustment | 6.6 | ||||
Total net liability for incurred claims | 151.6 |
2024 | 2023 | |
(restated 32 ) | ||
\u00a3m | \u00a3m | |
Deferred revenue (Note 3b) | 159.8 | 126.5 |
159.8 | 126.5 | |
Current | 156.1 | 123.0 |
Non-current | 3.7 | 3.5 |
159.8 | 126.5 |
2024 | 2023 | |
(restated 32 ) | ||
\u00a3m | \u00a3m | |
Deferred revenue (Note 3b) | 159.8 | 126.5 |
159.8 | 126.5 | |
Current | 156.1 | 123.0 |
Non-current | 3.7 | 3.5 |
159.8 | 126.5 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Bonds | 400.0 | 400.0 |
Ship loans | 407.0 | 469.2 |
Accrued interest and fees payable | 4.8 | 5.5 |
811.8 | 874.7 | |
Less: deferred issue costs | (15.6) | (20.1) |
796.2 | 854.6 |
Leverage | ||
(excl. Ocean Cruise) | Interest cover | |
31 January 2023 | 4.75x | 2.5x |
30 April 2023 | 6.75x | n/a |
31 July 2023 | 6.75x | 2.5x |
31 October 2023 | 6.75x | n/a |
31 January 2024 | 5.5x | 2.75x |
30 April 2024 | 5.5x | n/a |
31 July 2024 | 5.5x | 3.0x |
31 October 2024 | 5.5x | n/a |
31 January 2025 | 4.75x | 3.0x |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Bonds | 400.0 | 400.0 |
Ship loans | 407.0 | 469.2 |
Accrued interest and fees payable | 4.8 | 5.5 |
811.8 | 874.7 | |
Less: deferred issue costs | (15.6) | (20.1) |
796.2 | 854.6 |
Leverage | ||
(excl. Ocean Cruise) | Interest cover | |
31 January 2023 | 4.75x | 2.5x |
30 April 2023 | 6.75x | n/a |
31 July 2023 | 6.75x | 2.5x |
31 October 2023 | 6.75x | n/a |
31 January 2024 | 5.5x | 2.75x |
30 April 2024 | 5.5x | n/a |
31 July 2024 | 5.5x | 3.0x |
31 October 2024 | 5.5x | n/a |
31 January 2025 | 4.75x | 3.0x |
Private | ||||
medical | ||||
insurance | Onerous | |||
( PMI ) | contract | Other | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| At 1 February 2022 (restated 33 ) | 0.8 | \u2013 | 4.6 | 5.4 |
Utilised during the year | (0.8) | \u2013 | (4.2) | (5.0) |
Released unutilised during the year | \u2013 | \u2013 | (0.6) | (0.6) |
| Charge for the year (restated 33 ) | \u2013 | \u2013 | 5.4 | 5.4 |
At 31 January 2023 | \u2013 | \u2013 | 5.2 | 5.2 |
Utilised during the year | \u2013 | (4.2) | (13.1) | (17.3) |
Released unutilised during the year | \u2013 | \u2013 | (1.4) | (1.4) |
Charge for the year | \u2013 | 7.3 | 14.2 | 21.5 |
At 31 January 2024 | \u2013 | 3.1 | 4.9 | 8.0 |
Onerous | ||||
PMI | contract | Other | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Current | \u2013 | 3.1 | 4.7 | 7.8 |
Non-current | \u2013 | \u2013 | 0.2 | 0.2 |
At 31 January 2024 | \u2013 | 3.1 | 4.9 | 8.0 |
Onerous | ||||
PMI | contract | Other | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Current | \u2013 | \u2013 | 4.4 | 4.4 |
Non-current | \u2013 | \u2013 | 0.8 | 0.8 |
At 31 January 2023 | \u2013 | \u2013 | 5.2 | 5.2 |
Private | ||||
medical | ||||
insurance | Onerous | |||
( PMI ) | contract | Other | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| At 1 February 2022 (restated 33 ) | 0.8 | \u2013 | 4.6 | 5.4 |
Utilised during the year | (0.8) | \u2013 | (4.2) | (5.0) |
Released unutilised during the year | \u2013 | \u2013 | (0.6) | (0.6) |
| Charge for the year (restated 33 ) | \u2013 | \u2013 | 5.4 | 5.4 |
At 31 January 2023 | \u2013 | \u2013 | 5.2 | 5.2 |
Utilised during the year | \u2013 | (4.2) | (13.1) | (17.3) |
Released unutilised during the year | \u2013 | \u2013 | (1.4) | (1.4) |
Charge for the year | \u2013 | 7.3 | 14.2 | 21.5 |
At 31 January 2024 | \u2013 | 3.1 | 4.9 | 8.0 |
Onerous | ||||
PMI | contract | Other | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Current | \u2013 | 3.1 | 4.7 | 7.8 |
Non-current | \u2013 | \u2013 | 0.2 | 0.2 |
At 31 January 2024 | \u2013 | 3.1 | 4.9 | 8.0 |
Onerous | ||||
PMI | contract | Other | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Current | \u2013 | \u2013 | 4.4 | 4.4 |
Non-current | \u2013 | \u2013 | 0.8 | 0.8 |
At 31 January 2023 | \u2013 | \u2013 | 5.2 | 5.2 |
| Non-cash changes | |||||
Financing | New leases | ||||
2023 | cash flows | (Note 18) | Other | 2024 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Lease liabilities (Note 37) | 32.6 | (11.6) | 5.9 | (0.6) | 26.3 |
Ship loans (Note 30) | 469.2 | (62.2) | \u2013 | \u2013 | 407.0 |
Bonds (Note 30) | 400.0 | \u2013 | \u2013 | \u2013 | 400.0 |
Deferred issue costs (Note 30) | (20.1) | \u2013 | \u2013 | 4.5 | (15.6) |
| Non-cash changes | |||||
Financing | New leases | ||||
2022 | cash flows | (Note 18) | Other | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Lease liabilities (Note 37) | 35.3 | (7.8) | 25.6 | (20.5) | 32.6 |
Ship loans (Note 30) | 515.6 | (46.4) | \u2013 | \u2013 | 469.2 |
Bonds (Note 30) | 400.0 | \u2013 | \u2013 | \u2013 | 400.0 |
Deferred issue costs (Note 30) | (25.0) | \u2013 | \u2013 | 4.9 | (20.1) |
| Ordinary shares | |||
Nominal | |||
value | Value | ||
Number | \u00a3 | \u00a3m | |
Allotted, called up and fully paid | |||
At 1 February 2022 | 140,337,271 | 0.15 | 21.1 |
At 31 January 2023 | 140,337,271 | 0.15 | 21.1 |
Issue of shares \u2013 1 August 2023 | 1,458,551 | 0.15 | 0.2 |
At 31 January 2024 | 141,795,822 | 0.15 | 21.3 |
Employee | |||||||
IPO options | RSP | LTIP | DBP | STP | Free Shares | Total | |
At 1 February 2023 | 7,320 | 3,851,929 | 63,565 | 710,855 | \u2013 | 492,048 | 5,125,717 |
Granted | \u2013 | 2,269,377 | \u2013 | 376,557 | \u2013 | 595,791 | 3,241,725 |
Forfeited | \u2013 | (1,621,367) | \u2013 | (68,410) | \u2013 | (95,686) | (1,785,463) |
Exercised | (4,946) | (206,473) | (31,180) | (81,322) | \u2013 | (115,054) | (438,975) |
At 31 January 2024 | 2,374 | 4,293,466 | 32,385 | 937,680 | \u2013 | 877,099 | 6,143,004 |
Exercise price | \u00a3nil | \u00a3nil | \u00a3nil | \u00a3nil | \u00a3nil | \u00a3nil | \u00a3nil |
Exercisable at 31 January 2024 | 2,374 | 408,268 | 32,385 | 42,360 | \u2013 | 249,138 | 734,525 |
Average remaining contractual life | \u2013 | 1.5 years | \u2013 | 1.4 years | 3.4 years | 1.5 years | 1.5 years |
Average fair value at grant | \u00a327.75 | \u00a31.99 | \u00a37.43 | \u00a32.28 | n/a | \u00a33.38 | \u00a32.27 |
RSP | DBP | |
Expected life of share option | 3 years | 3 years |
Weighted average share price | \u00a31.75 | \u00a31.11 |
| Ordinary shares | |||
Nominal | |||
value | Value | ||
Number | \u00a3 | \u00a3m | |
Allotted, called up and fully paid | |||
At 1 February 2022 | 140,337,271 | 0.15 | 21.1 |
At 31 January 2023 | 140,337,271 | 0.15 | 21.1 |
Issue of shares \u2013 1 August 2023 | 1,458,551 | 0.15 | 0.2 |
At 31 January 2024 | 141,795,822 | 0.15 | 21.3 |
Employee | |||||||
IPO options | RSP | LTIP | DBP | STP | Free Shares | Total | |
At 1 February 2023 | 7,320 | 3,851,929 | 63,565 | 710,855 | \u2013 | 492,048 | 5,125,717 |
Granted | \u2013 | 2,269,377 | \u2013 | 376,557 | \u2013 | 595,791 | 3,241,725 |
Forfeited | \u2013 | (1,621,367) | \u2013 | (68,410) | \u2013 | (95,686) | (1,785,463) |
Exercised | (4,946) | (206,473) | (31,180) | (81,322) | \u2013 | (115,054) | (438,975) |
At 31 January 2024 | 2,374 | 4,293,466 | 32,385 | 937,680 | \u2013 | 877,099 | 6,143,004 |
Exercise price | \u00a3nil | \u00a3nil | \u00a3nil | \u00a3nil | \u00a3nil | \u00a3nil | \u00a3nil |
Exercisable at 31 January 2024 | 2,374 | 408,268 | 32,385 | 42,360 | \u2013 | 249,138 | 734,525 |
Average remaining contractual life | \u2013 | 1.5 years | \u2013 | 1.4 years | 3.4 years | 1.5 years | 1.5 years |
Average fair value at grant | \u00a327.75 | \u00a31.99 | \u00a37.43 | \u00a32.28 | n/a | \u00a33.38 | \u00a32.27 |
RSP | DBP | |
Expected life of share option | 3 years | 3 years |
Weighted average share price | \u00a31.75 | \u00a31.11 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Within one year | 6.9 | 11.5 |
Between one and five years | 16.5 | 15.4 |
After five years | 7.6 | 11.1 |
Total minimum lease payments | 31.0 | 38.0 |
Less amounts representing finance charges | (4.7) | (5.4) |
Present value of minimum lease payments | 26.3 | 32.6 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Within one year | 6.9 | 11.5 |
Between one and five years | 16.5 | 15.4 |
After five years | 7.6 | 11.1 |
Total minimum lease payments | 31.0 | 38.0 |
Less amounts representing finance charges | (4.7) | (5.4) |
Present value of minimum lease payments | 26.3 | 32.6 |
Company name | Country of registration | Nature of business |
Saga Personal Finance Limited | England | Delivery of regulated investment products |
Saga Services Limited | England | Regulated Insurance broking |
Acromas Insurance Company Limited | Gibraltar | Insurance underwriting |
CHMC Limited 35 | England | Motor accident management |
PEC Services Limited 35 | England | Repairer of automotive vehicles |
ST&H Limited | England | Tour operating |
Saga Travel Group (UK) Limited | England | Tour operating |
Saga Travel Group Limited | England | Tour operating |
Titan Transport Limited | England | Tour operating |
Saga Cruises Limited | England | Cruising |
Saga Cruises V Limited | England | Cruising |
Saga Cruises VI Limited | England | Cruising |
Saga Cruises GmbH | Germany | Cruising |
Saga Crewing Services Limited 35 | England | Cruising |
Saffron Maritime Limited | Guernsey | Cruising |
CustomerKNECT Limited 35 | England | Mailing house |
Saga Mid Co Limited | England | Debt service provider |
Saga Publishing Limited 35 | England | Publishing |
Saga Membership Limited 35 | England | Customer loyalty scheme |
CHMC Holdings Limited | England | Dormant holding company |
ST&H Group Limited | England | Holding company |
Saga Leisure Limited 35 | England | Holding company |
Saga Group Limited | England | Provision of administrative function for central costs |
Confident Services Limited | England | Dormant company |
Saga Radio (North West) Limited | England | Dormant company |
The Big Window Consulting Limited 35 | England | Research and insight analysis |
(Notes 13b and 13c) |
2024 | 2023 | ||
Note | \u00a3m | \u00a3m | |
Fixed assets | |||
Investment in subsidiaries | 2 | 167.3 | 167.3 |
Current assets | |||
Debtors \u2013 amounts falling due after more than one year | 3 | 505.4 | 521.3 |
Debtors \u2013 amounts falling due within one year | 3 | 2.2 | 3.3 |
507.6 | 524.6 | ||
Creditors \u2013 amounts falling due within one year | 4 | (5.8) | (2.9) |
Net current assets | 501.8 | 521.7 | |
Creditors \u2013 amounts falling due after more than one year | 5 | (398.2) | (397.2) |
Net assets | 270.9 | 291.8 | |
Capital and reserves | |||
Called up share capital | 6 | 21.3 | 21.1 |
Share premium account | 648.3 | 648.3 | |
Own shares held reserve | (1.2) | \u2013 | |
Retained deficit | (407.6) | (386.6) | |
Share-based payment reserve | 10.1 | 9.0 | |
Total shareholders\u2019 funds | 270.9 | 291.8 |
Called up | Share | Retained | Share-based | |||
share | premium | Own shares | earnings/ | payment | Total | |
capital | account | held reserve | (deficit) | reserve | equity | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 February 2022 | 21.1 | 648.3 | \u2013 | 18.1 | 7.5 | 695.0 |
Loss for the financial year | \u2013 | \u2013 | \u2013 | (407.1) | \u2013 | (407.1) |
Share-based payment charge | \u2013 | \u2013 | \u2013 | \u2013 | 3.9 | 3.9 |
Transfer upon vesting of share options | \u2013 | \u2013 | \u2013 | 2.4 | (2.4) | \u2013 |
At 31 January 2023 | 21.1 | 648.3 | \u2013 | (386.6) | 9.0 | 291.8 |
Loss for the financial year | \u2013 | \u2013 | \u2013 | (22.0) | \u2013 | (22.0) |
Issue of share capital (Note 6) | 0.2 | \u2013 | \u2013 | \u2013 | \u2013 | 0.2 |
Share-based payment charge | \u2013 | \u2013 | \u2013 | \u2013 | 2.9 | 2.9 |
Own shares transferred in the year | \u2013 | \u2013 | (1.2) | (0.8) | \u2013 | (2.0) |
Transfer upon vesting of share options | \u2013 | \u2013 | \u2013 | 1.8 | (1.8) | \u2013 |
At 31 January 2024 | 21.3 | 648.3 | (1.2) | (407.6) | 10.1 | 270.9 |
Acc. policy | Items involving estimation | Sources of estimation uncertainty |
1.1b | Investment in subsidiaries | The Company determines whether investment in subsidiaries needs to be impaired when |
impairment testing | indicators of impairment exist. This requires an estimation of the value-in-use of the subsidiaries | |
owned by the Company. The value-in-use calculation requires the Company to estimate the future | ||
cash flows expected to arise from the subsidiaries, discounted at a suitably risk-adjusted rate in | ||
order to calculate present value. | ||
Sensitivity analysis has been undertaken to determine the effect of changing the discount rate, | ||
the\u00a0terminal value and earnings before interest, tax, depreciation and amortisation ( EBITDA ) | ||
multiple on the present value calculation, which is shown in Note 2 below. |
\u00a3m | |
Cost | |
At 1 February 2022 | 4,132.7 |
At 31 January 2023 and 31 January 2024 | 4,132.7 |
Impairment | |
At 1 February 2022 | 3,580.4 |
Charge in the year | 385.0 |
At 31 January 2023 and 31 January 2024 | 3,965.4 |
Net book value | |
At 31 January 2024 | 167.3 |
At 31 January 2023 | 167.3 |
EBITDA multiple | Pre-tax discount rate | Terminal growth rate | ||||
+1x | \u20131x | +1.0ppt | \u20131.0ppt | +1.0ppt | \u20131.0ppt | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Impact | 98.4 | (98.4) | (32.5) | 38.6 | 32.6 | (27.1) |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Amounts falling due after more than one year | ||
Amounts due from Group undertakings | 505.4 | 521.3 |
505.4 | 521.3 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Amounts falling due within one year | ||
Deferred tax asset | 2.2 | 2.0 |
Other debtors | \u2013 | 1.3 |
2.2 | 3.3 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Other creditors | 4.1 | 1.1 |
Accrued interest and fees payable | 1.7 | 1.8 |
5.8 | 2.9 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Bonds | 400.0 | 400.0 |
Unamortised issue costs | (1.8) | (2.8) |
398.2 | 397.2 |
| Ordinary shares | |||
Nominal | |||
value | Value | ||
Number | \u00a3 | \u00a3m | |
Allotted, called up and fully paid | |||
At 1 February 2022 | 140,337,271 | 0.15 | 21.1 |
At 31 January 2023 | 140,337,271 | 0.15 | 21.1 |
Issue of shares \u2013 1 August 2023 | 1,458,551 | 0.15 | 0.2 |
At 31 January 2024 | 141,795,822 | 0.15 | 21.3 |