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 |
cost | measured at fair value plus any directly attributable | using the EIR method. The amortised cost is reduced by any |
transaction costs) if it meets both of the following | impairment losses (see (ii) below). Interest income, foreign | |
conditions\u00a0and is not elected to be designated as\u00a0FVTPL: | exchange gains and losses and impairments are recognised | |
| It is held within a business model whose objective | in profit or loss as they are incurred. Any gain or loss on | |
is\u00a0to\u00a0hold\u00a0assets to collect contractual cash flows. | derecognition is recognised in profit or loss immediately. | |
Its contractual terms give rise, on specified dates, | ||
to\u00a0cash\u00a0flows that are solely payments of principal | ||
and\u00a0interest on the principal amount outstanding. | ||
The Group classifies trade receivables and other | ||
receivables\u00a0as 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 | Net\u00a0gains and losses, including any interest or dividend | |
and\u00a0held at fair value. This includes all derivative | income (separately disclosed), are recognised in profit | |
financial\u00a0assets. | or\u00a0loss, unless such instruments are designated in a hedging | |
On initial recognition, the Group may irrevocably elect | relationship (see (vi) overleaf). | |
to\u00a0designate a financial asset, which otherwise meets the | ||
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. |
2025 | 2024 | |
(re-presented 9 ) | ||
\u00a3m | \u00a3m | |
Continuing operations | ||
Staff costs (excluding restructuring costs) | 86.5 | 95.1 |
Marketing and fulfilment costs | 46.8 | 44.6 |
Short-term lease rentals | 0.1 | 0.2 |
Auditors\u2019 remuneration | 2.1 | 2.1 |
Other administrative costs | 66.6 | 67.3 |
Depreciation \u2013 property, plant and equipment (Note 17) | 0.7 | 1.0 |
Depreciation \u2013 right-of-use assets (Note 18) | 2.2 | 2.0 |
Amortisation of intangible assets (Note 15) | 8.7 | 7.5 |
Restructuring costs | 18.1 | 18.9 |
231.8 | 238.7 |
2025 | 2024 | |
(re-presented 9 ) | ||
\u00a3m | \u00a3m | |
Audit of the parent company and consolidated financial statements | 0.8 | 1.0 |
Audit of subsidiary financial statements | 1.0 | 0.8 |
Audit-related assurance services | 0.3 | 0.3 |
Auditors\u2019 remuneration relating to continuing operations | 2.1 | 2.1 |
Auditors\u2019 remuneration relating to discontinued operations (Note 38a)) | 0.6 | 0.4 |
Total auditors\u2019 remuneration | 2.7 | 2.5 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Continuing operations | ||
Interest and charges on debt and borrowings using the EIR method | 42.2 | 40.2 |
Net fair value loss on derivative financial instruments | 0.3 | 1.4 |
Net finance costs on retirement benefit schemes | 2.3 | 0.5 |
Debt issue costs | 3.6 | 0.4 |
Net interest and finance charges payable on lease liabilities | 2.1 | 1.9 |
50.5 | 44.4 |
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 |
cost | measured at fair value plus any directly attributable | using the EIR method. The amortised cost is reduced by any |
transaction costs) if it meets both of the following | impairment losses (see (ii) below). Interest income, foreign | |
conditions\u00a0and is not elected to be designated as\u00a0FVTPL: | exchange gains and losses and impairments are recognised | |
| It is held within a business model whose objective | in profit or loss as they are incurred. Any gain or loss on | |
is\u00a0to\u00a0hold\u00a0assets to collect contractual cash flows. | derecognition is recognised in profit or loss immediately. | |
Its contractual terms give rise, on specified dates, | ||
to\u00a0cash\u00a0flows that are solely payments of principal | ||
and\u00a0interest on the principal amount outstanding. | ||
The Group classifies trade receivables and other | ||
receivables\u00a0as 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 | Net\u00a0gains and losses, including any interest or dividend | |
and\u00a0held at fair value. This includes all derivative | income (separately disclosed), are recognised in profit | |
financial\u00a0assets. | or\u00a0loss, unless such instruments are designated in a hedging | |
On initial recognition, the Group may irrevocably elect | relationship (see (vi) overleaf). | |
to\u00a0designate a financial asset, which otherwise meets the | ||
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 |
cost | measured at fair value plus any directly attributable | using the EIR method. The amortised cost is reduced by any |
transaction costs) if it meets both of the following | impairment losses (see (ii) below). Interest income, foreign | |
conditions\u00a0and is not elected to be designated as\u00a0FVTPL: | exchange gains and losses and impairments are recognised | |
| It is held within a business model whose objective | in profit or loss as they are incurred. Any gain or loss on | |
is\u00a0to\u00a0hold\u00a0assets to collect contractual cash flows. | derecognition is recognised in profit or loss immediately. | |
Its contractual terms give rise, on specified dates, | ||
to\u00a0cash\u00a0flows that are solely payments of principal | ||
and\u00a0interest on the principal amount outstanding. | ||
The Group classifies trade receivables and other | ||
receivables\u00a0as 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 | Net\u00a0gains and losses, including any interest or dividend | |
and\u00a0held at fair value. This includes all derivative | income (separately disclosed), are recognised in profit | |
financial\u00a0assets. | or\u00a0loss, unless such instruments are designated in a hedging | |
On initial recognition, the Group may irrevocably elect | relationship (see (vi) overleaf). | |
to\u00a0designate a financial asset, which otherwise meets the | ||
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 |
cost | measured at fair value plus any directly attributable | using the EIR method. The amortised cost is reduced by any |
transaction costs) if it meets both of the following | impairment losses (see (ii) below). Interest income, foreign | |
conditions\u00a0and is not elected to be designated as\u00a0FVTPL: | exchange gains and losses and impairments are recognised | |
| It is held within a business model whose objective | in profit or loss as they are incurred. Any gain or loss on | |
is\u00a0to\u00a0hold\u00a0assets to collect contractual cash flows. | derecognition is recognised in profit or loss immediately. | |
Its contractual terms give rise, on specified dates, | ||
to\u00a0cash\u00a0flows that are solely payments of principal | ||
and\u00a0interest on the principal amount outstanding. | ||
The Group classifies trade receivables and other | ||
receivables\u00a0as 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 | Net\u00a0gains and losses, including any interest or dividend | |
and\u00a0held at fair value. This includes all derivative | income (separately disclosed), are recognised in profit | |
financial\u00a0assets. | or\u00a0loss, unless such instruments are designated in a hedging | |
On initial recognition, the Group may irrevocably elect | relationship (see (vi) overleaf). | |
to\u00a0designate a financial asset, which otherwise meets the | ||
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 exercised judgement in identifying separate performance obligations arising |
\u2013\u00a0identification of | from\u00a0insurance policies brokered by the Group, namely: | |
performance obligations | where the insurance contract is also underwritten by the Group, the judgement that the | |
| arising from insurance | arrangement of the insurance policy is a service (performance obligation) that is distinct from | |
| policies brokered by | the\u00a0insurance underwriting service. The revenue allocated to the arrangement performance | |
| the\u00a0Group | obligation is recognised earlier than the revenue that is allocated to the insurance underwriting | |
service; and | ||
the judgement that the option to fix the customer\u2019s premium at renewal for insurance policies | ||
bundled with the three-year fixed-price promise is a separate performance obligation to the | ||
arrangement of the related 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 made by applying the principles of IFRS 17. |
Group\u2019s risk transfer | The Group\u2019s excess of loss and funds-withheld quota share reinsurance arrangements, relating to | |
| arrangements as | its motor underwriting line of business, are deemed to transfer significant insurance risk to the | |
reinsurance contracts | reinsurers. They are, therefore, classified as reinsurance contracts under IFRS 17. | |
2.3j) | Disposal groups and | To be classified as held for sale, an asset must be available for immediate sale in its present |
discontinued operations | condition, subject only to terms that are usual and customary for the sale of such assets, and the | |
sale must be highly probable. A sale is considered to be highly probable when management is | ||
committed to a plan to sell an asset, an active programme to locate a buyer and complete the plan | ||
has been initiated, at a price that is reasonable in relation to its current fair value, and there is an | ||
expectation that the sale will be completed within one year from the date of classification. | ||
On 16 December 2024, subsidiaries of the Group entered into a share purchase agreement with | ||
Ageas (UK) Limited under which the Group agreed to sell to Ageas UK, and Ageas UK agreed to | ||
purchase, the entire issued share capital of AICL. At 31 January 2025, management exercised | ||
judgement in determining that the criteria for classification of the AICL disposal group as held for | ||
sale and as a discontinued operation had been met. | ||
2.3h) | Impairment testing of | Goodwill |
goodwill and other major | The Group determines whether goodwill needs to be impaired at least annually, and twice-yearly | |
classes of assets | if\u00a0indicators of impairment exist at the interim reporting date of 31 July. | |
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 ( GIPP ) market study. As a | ||
result, and against the background of a highly competitive motor insurance market, the\u00a0Group | ||
saw\u00a0a fall in policy volumes in the period to 31 July 2023 and year to 31 January 2024. In\u00a0the years | ||
to\u00a031\u00a0January 2024 and 31 January 2025, high net rate inflation from our underwriting panel | ||
continued to have an adverse impact on the expected future profitability of the Insurance business. | ||
Management judged these trading impacts to constitute indicators of impairment and, therefore, | ||
conducted full impairment reviews of the Insurance Broking CGU at 31 July 2023, 31\u00a0January 2024, | ||
31 July 2024 and 31 January 2025. As a result of these reviews, management considered it | ||
necessary to impair the goodwill allocated to the Insurance Broking CGU by \u00a368.1m at\u00a031\u00a0July 2023, | ||
\u00a336.8m at 31 January 2024, \u00a3138.3m at 31 July 2024 and \u00a3nil at 31 January 2025. | ||
Property, plant and equipment | ||
In the years ended 31 January 2024 and 31 January 2025, management exercised its judgement in | ||
considering it unnecessary to conduct an impairment review of the Group\u2019s two Ocean Cruise ships | ||
since no indicators of impairment were identified. | ||
In the years ended 31 January 2024 and 31 January 2025, 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 (2024: \u00a30.1m) | ||
in\u00a0the Central Costs division. Please refer to Note 17a) for further detail. | ||
Right-of-use assets | ||
In the years to 31 January 2024 and 31 January 2025, management exercised its judgement in | ||
considering it unnecessary 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. |
Acc. policy | Items involving judgement | Critical accounting judgement |
2.3h) | Impairment testing of | Property assets held for sale |
continued | goodwill and other major | In the years to 31 January 2024 and 31 January 2025, in light of the Group obtaining updated |
classes of assets | freehold property market valuation reports, management exercised judgement in relation to the | |
continued | 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 \u00a30.4m (2024: \u00a310.4m) should be recognised accordingly. | ||
Please\u00a0refer to Note 38b) 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 a result of this review, management deemed it necessary to impair software assets by \u00a31.2m and | ||
\u00a31.9m in the Insurance Broking business and Central Costs division respectively. Please refer to | ||
Note 16b) for further detail. | ||
In the year ended 31 January 2025, following the Group\u2019s decision to divest itself of the underwriting | ||
and claims handling sections of its Insurance business (Note 38a)), management exercised its | ||
judgement in relation to the impairment of software assets and performed an impairment review | ||
of\u00a0the recoverable amount of software assets used by the Insurance Broking division. As a result | ||
of\u00a0this review, management deemed it necessary to impair software assets by \u00a321.3m in the | ||
Insurance Broking continuing operations business and by \u00a34.0m in relation to the intangible fixed | ||
assets held by the disposal group (Note 38a)). The latter impairment charge related to the software | ||
assets of the claims handling section of the Insurance business, which were impaired in full. Please | ||
refer to Note\u00a016b) for further detail. | ||
In addition, management assessed the recoverable amount of software assets at 31 January 2025 | ||
and concluded that an impairment of \u00a32.8m was required in the Group\u2019s Central Costs division. | ||
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 | |
reinsurance contract | 12\u00a0months, including the motor quota share arrangement, which has a three-year coverage period. | |
assets) | Management applied judgement in concluding that these groups are eligible for the PAA on | |
the\u00a0basis that, at initial recognition, it expects that the measurement of the asset for remaining | ||
coverage under the PAA 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 relevant 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 judgement. Under IFRS 17, the risk adjustment reflects the compensation required for bearing | ||
uncertainty about the amount and timing of the cash flows that arise from non-financial risk. | ||
The Group 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 referred 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. | ||
2.3u) | Restructuring provision | Management exercised judgement in identifying which costs should be included in the |
measurement of the restructuring provision. In addition, judgement is required of the best | ||
estimate of those costs. |
Acc. policy | Items involving estimation | Sources of estimation uncertainty |
2.3a)i) | Revenue recognition \u2013 | The standalone selling price of the option to fix within the Group\u2019s three-year fixed-price feature |
three-year fixed-price | offered by our Insurance Broking division was estimated using the expected cost plus a margin | |
product | approach, as set out in paragraph 79 (b) of IFRS 15. | |
An allowance was also made for the likelihood that the option will be exercised by factoring in\u00a0the | ||
expected 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 and | The useful economic lives and residual values of software assets classified as intangible assets |
2.3i) | residual values of software | (Note 15) and Ocean Cruise ship assets classified as property, plant and equipment (Note 17) are |
intangible assets and | assessed upon the capitalisation of each asset and, at each reporting date, are based upon the | |
Ocean Cruise ships | expected consumption of future economic benefits of the asset. Estimated residual values and | |
useful lives are reviewed annually. Changes in the expected useful life or the expected pattern of | ||
consumption of future economic benefits embodied in the asset are considered to modify the | ||
amortisation or depreciation period or method, as appropriate, and are treated as changes in | ||
accounting estimates. In relation to the annual review of estimated residual values and useful lives | ||
of Ocean Cruise ships, potential environmental regulatory changes are also considered. | ||
2.3h) | Goodwill impairment | The Group determines whether goodwill needs to be impaired on an annual basis, or more |
testing | frequently 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, particularly the highly competitive motor insurance market and the adverse impact on profit | ||
before tax for the current and prior year, increased the estimation uncertainty in the Insurance | ||
Broking CGU. The outcome of the impairment reviews conducted concluded that impairment | ||
charges of \u00a368.1m, \u00a336.8m, \u00a3138.3m and \u00a3nil be recognised against the Group\u2019s Insurance Broking | ||
CGU at 31 July 2023, 31 January 2024, 31 July 2024 and 31 January 2025 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). | ||
2.3r) | Valuation of insurance | Estimates of future cash flows to fulfil liabilities for incurred claims |
contract liabilities (and | For insurance contracts, estimates have to be made for the expected cost of claims known but | |
related reinsurance | not\u00a0yet settled (case reserves) and for the expected cost of IBNR claims, at the reporting date. | |
contract assets) | It\u00a0can take a significant period of time before the ultimate claims cost can be established with | |
certainty. | ||
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 | ||
volumes based on the observed development of earlier years. Historical claims development is | ||
primarily analysed by accident year, geographical area, significant 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 reflect one-off occurrences, changes in external or market factors such as public attitudes | ||
to claiming, economic conditions, levels of claims inflation, 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 best estimate of the ultimate cost of claims. | ||
The estimate of future cash flows arising from PPO liabilities requires an assumption for carer | ||
wage\u00a0inflation. 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. |
Acc. policy | Items involving estimation | Sources of estimation uncertainty |
2.3r) | Valuation of insurance | Discount rate applied to liabilities for incurred claims |
continued | contract liabilities (and | All the Group\u2019s liabilities for incurred claims (and related reinsurance assets) are discounted. |
related reinsurance | ||
contract assets) | The determination of the discount rate applied to liabilities for incurred claims is an estimate. | |
continued | This\u00a0discount rate reflects the current risk-free interest rate in the currency of the insurance | |
liabilities, being 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\u00a0portfolio of GBP-denominated corporate bonds an estimate of the components of that yield that | ||
relate to expected and unexpected credit losses. The portfolio of corporate bonds used reflects | ||
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 2025 | 4.5% | 4.4% | 4.5% | 4.9% | 5.5% | 5.6% |
31 January 2024 | 4.9% | 4.4% | 4.1% | 4.3% | 4.9% | 4.9% |
The sensitivity of this assumption is shown in Note 20a)iii). | ||
Risk adjustment | ||
The confidence level technique used by the Group to determine the risk adjustment requires | ||
estimation of the probability distribution of the present value of future cash flows 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. | ||
2.3t) | Valuation of pension | The cost of defined benefit pension plans, and the present value of the pension obligation, are |
benefit\u00a0obligation | 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 pension increases. Due to the complexity of the valuation, the underlying assumptions and | ||
its\u00a0long-term nature, a defined benefit 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. | ||
2.3u) | Valuation of restructuring | The Group recognises a restructuring provision when a detailed plan identi\ufb01es the business, or part of |
provision | the business concerned, together with the location and number of employees a\ufb00ected. This requires | |
detailed estimation of the associated costs, the timeline of the restructuring programme and the | ||
employees a\ufb00ected. |
Acc. policy | Items involving judgement | Critical accounting judgement |
2.3a) | Revenue recognition | Management exercised judgement in identifying separate performance obligations arising |
\u2013\u00a0identification of | from\u00a0insurance policies brokered by the Group, namely: | |
performance obligations | where the insurance contract is also underwritten by the Group, the judgement that the | |
| arising from insurance | arrangement of the insurance policy is a service (performance obligation) that is distinct from | |
| policies brokered by | the\u00a0insurance underwriting service. The revenue allocated to the arrangement performance | |
| the\u00a0Group | obligation is recognised earlier than the revenue that is allocated to the insurance underwriting | |
service; and | ||
the judgement that the option to fix the customer\u2019s premium at renewal for insurance policies | ||
bundled with the three-year fixed-price promise is a separate performance obligation to the | ||
arrangement of the related 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 made by applying the principles of IFRS 17. |
Group\u2019s risk transfer | The Group\u2019s excess of loss and funds-withheld quota share reinsurance arrangements, relating to | |
| arrangements as | its motor underwriting line of business, are deemed to transfer significant insurance risk to the | |
reinsurance contracts | reinsurers. They are, therefore, classified as reinsurance contracts under IFRS 17. | |
2.3j) | Disposal groups and | To be classified as held for sale, an asset must be available for immediate sale in its present |
discontinued operations | condition, subject only to terms that are usual and customary for the sale of such assets, and the | |
sale must be highly probable. A sale is considered to be highly probable when management is | ||
committed to a plan to sell an asset, an active programme to locate a buyer and complete the plan | ||
has been initiated, at a price that is reasonable in relation to its current fair value, and there is an | ||
expectation that the sale will be completed within one year from the date of classification. | ||
On 16 December 2024, subsidiaries of the Group entered into a share purchase agreement with | ||
Ageas (UK) Limited under which the Group agreed to sell to Ageas UK, and Ageas UK agreed to | ||
purchase, the entire issued share capital of AICL. At 31 January 2025, management exercised | ||
judgement in determining that the criteria for classification of the AICL disposal group as held for | ||
sale and as a discontinued operation had been met. | ||
2.3h) | Impairment testing of | Goodwill |
goodwill and other major | The Group determines whether goodwill needs to be impaired at least annually, and twice-yearly | |
classes of assets | if\u00a0indicators of impairment exist at the interim reporting date of 31 July. | |
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 ( GIPP ) market study. As a | ||
result, and against the background of a highly competitive motor insurance market, the\u00a0Group | ||
saw\u00a0a fall in policy volumes in the period to 31 July 2023 and year to 31 January 2024. In\u00a0the years | ||
to\u00a031\u00a0January 2024 and 31 January 2025, high net rate inflation from our underwriting panel | ||
continued to have an adverse impact on the expected future profitability of the Insurance business. | ||
Management judged these trading impacts to constitute indicators of impairment and, therefore, | ||
conducted full impairment reviews of the Insurance Broking CGU at 31 July 2023, 31\u00a0January 2024, | ||
31 July 2024 and 31 January 2025. As a result of these reviews, management considered it | ||
necessary to impair the goodwill allocated to the Insurance Broking CGU by \u00a368.1m at\u00a031\u00a0July 2023, | ||
\u00a336.8m at 31 January 2024, \u00a3138.3m at 31 July 2024 and \u00a3nil at 31 January 2025. | ||
Property, plant and equipment | ||
In the years ended 31 January 2024 and 31 January 2025, management exercised its judgement in | ||
considering it unnecessary to conduct an impairment review of the Group\u2019s two Ocean Cruise ships | ||
since no indicators of impairment were identified. | ||
In the years ended 31 January 2024 and 31 January 2025, 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 (2024: \u00a30.1m) | ||
in\u00a0the Central Costs division. Please refer to Note 17a) for further detail. | ||
Right-of-use assets | ||
In the years to 31 January 2024 and 31 January 2025, management exercised its judgement in | ||
considering it unnecessary 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. |
Acc. policy | Items involving judgement | Critical accounting judgement |
2.3h) | Impairment testing of | Property assets held for sale |
continued | goodwill and other major | In the years to 31 January 2024 and 31 January 2025, in light of the Group obtaining updated |
classes of assets | freehold property market valuation reports, management exercised judgement in relation to the | |
continued | 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 \u00a30.4m (2024: \u00a310.4m) should be recognised accordingly. | ||
Please\u00a0refer to Note 38b) 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 a result of this review, management deemed it necessary to impair software assets by \u00a31.2m and | ||
\u00a31.9m in the Insurance Broking business and Central Costs division respectively. Please refer to | ||
Note 16b) for further detail. | ||
In the year ended 31 January 2025, following the Group\u2019s decision to divest itself of the underwriting | ||
and claims handling sections of its Insurance business (Note 38a)), management exercised its | ||
judgement in relation to the impairment of software assets and performed an impairment review | ||
of\u00a0the recoverable amount of software assets used by the Insurance Broking division. As a result | ||
of\u00a0this review, management deemed it necessary to impair software assets by \u00a321.3m in the | ||
Insurance Broking continuing operations business and by \u00a34.0m in relation to the intangible fixed | ||
assets held by the disposal group (Note 38a)). The latter impairment charge related to the software | ||
assets of the claims handling section of the Insurance business, which were impaired in full. Please | ||
refer to Note\u00a016b) for further detail. | ||
In addition, management assessed the recoverable amount of software assets at 31 January 2025 | ||
and concluded that an impairment of \u00a32.8m was required in the Group\u2019s Central Costs division. | ||
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 | |
reinsurance contract | 12\u00a0months, including the motor quota share arrangement, which has a three-year coverage period. | |
assets) | Management applied judgement in concluding that these groups are eligible for the PAA on | |
the\u00a0basis that, at initial recognition, it expects that the measurement of the asset for remaining | ||
coverage under the PAA 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 relevant 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 judgement. Under IFRS 17, the risk adjustment reflects the compensation required for bearing | ||
uncertainty about the amount and timing of the cash flows that arise from non-financial risk. | ||
The Group 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 referred 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. | ||
2.3u) | Restructuring provision | Management exercised judgement in identifying which costs should be included in the |
measurement of the restructuring provision. In addition, judgement is required of the best | ||
estimate of those costs. |
Acc. policy | Items involving estimation | Sources of estimation uncertainty |
2.3a)i) | Revenue recognition \u2013 | The standalone selling price of the option to fix within the Group\u2019s three-year fixed-price feature |
three-year fixed-price | offered by our Insurance Broking division was estimated using the expected cost plus a margin | |
product | approach, as set out in paragraph 79 (b) of IFRS 15. | |
An allowance was also made for the likelihood that the option will be exercised by factoring in\u00a0the | ||
expected 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 and | The useful economic lives and residual values of software assets classified as intangible assets |
2.3i) | residual values of software | (Note 15) and Ocean Cruise ship assets classified as property, plant and equipment (Note 17) are |
intangible assets and | assessed upon the capitalisation of each asset and, at each reporting date, are based upon the | |
Ocean Cruise ships | expected consumption of future economic benefits of the asset. Estimated residual values and | |
useful lives are reviewed annually. Changes in the expected useful life or the expected pattern of | ||
consumption of future economic benefits embodied in the asset are considered to modify the | ||
amortisation or depreciation period or method, as appropriate, and are treated as changes in | ||
accounting estimates. In relation to the annual review of estimated residual values and useful lives | ||
of Ocean Cruise ships, potential environmental regulatory changes are also considered. | ||
2.3h) | Goodwill impairment | The Group determines whether goodwill needs to be impaired on an annual basis, or more |
testing | frequently 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, particularly the highly competitive motor insurance market and the adverse impact on profit | ||
before tax for the current and prior year, increased the estimation uncertainty in the Insurance | ||
Broking CGU. The outcome of the impairment reviews conducted concluded that impairment | ||
charges of \u00a368.1m, \u00a336.8m, \u00a3138.3m and \u00a3nil be recognised against the Group\u2019s Insurance Broking | ||
CGU at 31 July 2023, 31 January 2024, 31 July 2024 and 31 January 2025 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). | ||
2.3r) | Valuation of insurance | Estimates of future cash flows to fulfil liabilities for incurred claims |
contract liabilities (and | For insurance contracts, estimates have to be made for the expected cost of claims known but | |
related reinsurance | not\u00a0yet settled (case reserves) and for the expected cost of IBNR claims, at the reporting date. | |
contract assets) | It\u00a0can take a significant period of time before the ultimate claims cost can be established with | |
certainty. | ||
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 | ||
volumes based on the observed development of earlier years. Historical claims development is | ||
primarily analysed by accident year, geographical area, significant 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 reflect one-off occurrences, changes in external or market factors such as public attitudes | ||
to claiming, economic conditions, levels of claims inflation, 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 best estimate of the ultimate cost of claims. | ||
The estimate of future cash flows arising from PPO liabilities requires an assumption for carer | ||
wage\u00a0inflation. 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. |
Acc. policy | Items involving estimation | Sources of estimation uncertainty |
2.3r) | Valuation of insurance | Discount rate applied to liabilities for incurred claims |
continued | contract liabilities (and | All the Group\u2019s liabilities for incurred claims (and related reinsurance assets) are discounted. |
related reinsurance | ||
contract assets) | The determination of the discount rate applied to liabilities for incurred claims is an estimate. | |
continued | This\u00a0discount rate reflects the current risk-free interest rate in the currency of the insurance | |
liabilities, being 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\u00a0portfolio of GBP-denominated corporate bonds an estimate of the components of that yield that | ||
relate to expected and unexpected credit losses. The portfolio of corporate bonds used reflects | ||
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 2025 | 4.5% | 4.4% | 4.5% | 4.9% | 5.5% | 5.6% |
31 January 2024 | 4.9% | 4.4% | 4.1% | 4.3% | 4.9% | 4.9% |
The sensitivity of this assumption is shown in Note 20a)iii). | ||
Risk adjustment | ||
The confidence level technique used by the Group to determine the risk adjustment requires | ||
estimation of the probability distribution of the present value of future cash flows 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. | ||
2.3t) | Valuation of pension | The cost of defined benefit pension plans, and the present value of the pension obligation, are |
benefit\u00a0obligation | 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 pension increases. Due to the complexity of the valuation, the underlying assumptions and | ||
its\u00a0long-term nature, a defined benefit 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. | ||
2.3u) | Valuation of restructuring | The Group recognises a restructuring provision when a detailed plan identi\ufb01es the business, or part of |
provision | the business concerned, together with the location and number of employees a\ufb00ected. This requires | |
detailed estimation of the associated costs, the timeline of the restructuring programme and the | ||
employees a\ufb00ected. |
Acc. policy | Items involving judgement | Critical accounting judgement |
2.3a) | Revenue recognition | Management exercised judgement in identifying separate performance obligations arising |
\u2013\u00a0identification of | from\u00a0insurance policies brokered by the Group, namely: | |
performance obligations | where the insurance contract is also underwritten by the Group, the judgement that the | |
| arising from insurance | arrangement of the insurance policy is a service (performance obligation) that is distinct from | |
| policies brokered by | the\u00a0insurance underwriting service. The revenue allocated to the arrangement performance | |
| the\u00a0Group | obligation is recognised earlier than the revenue that is allocated to the insurance underwriting | |
service; and | ||
the judgement that the option to fix the customer\u2019s premium at renewal for insurance policies | ||
bundled with the three-year fixed-price promise is a separate performance obligation to the | ||
arrangement of the related 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 made by applying the principles of IFRS 17. |
Group\u2019s risk transfer | The Group\u2019s excess of loss and funds-withheld quota share reinsurance arrangements, relating to | |
| arrangements as | its motor underwriting line of business, are deemed to transfer significant insurance risk to the | |
reinsurance contracts | reinsurers. They are, therefore, classified as reinsurance contracts under IFRS 17. | |
2.3j) | Disposal groups and | To be classified as held for sale, an asset must be available for immediate sale in its present |
discontinued operations | condition, subject only to terms that are usual and customary for the sale of such assets, and the | |
sale must be highly probable. A sale is considered to be highly probable when management is | ||
committed to a plan to sell an asset, an active programme to locate a buyer and complete the plan | ||
has been initiated, at a price that is reasonable in relation to its current fair value, and there is an | ||
expectation that the sale will be completed within one year from the date of classification. | ||
On 16 December 2024, subsidiaries of the Group entered into a share purchase agreement with | ||
Ageas (UK) Limited under which the Group agreed to sell to Ageas UK, and Ageas UK agreed to | ||
purchase, the entire issued share capital of AICL. At 31 January 2025, management exercised | ||
judgement in determining that the criteria for classification of the AICL disposal group as held for | ||
sale and as a discontinued operation had been met. | ||
2.3h) | Impairment testing of | Goodwill |
goodwill and other major | The Group determines whether goodwill needs to be impaired at least annually, and twice-yearly | |
classes of assets | if\u00a0indicators of impairment exist at the interim reporting date of 31 July. | |
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 ( GIPP ) market study. As a | ||
result, and against the background of a highly competitive motor insurance market, the\u00a0Group | ||
saw\u00a0a fall in policy volumes in the period to 31 July 2023 and year to 31 January 2024. In\u00a0the years | ||
to\u00a031\u00a0January 2024 and 31 January 2025, high net rate inflation from our underwriting panel | ||
continued to have an adverse impact on the expected future profitability of the Insurance business. | ||
Management judged these trading impacts to constitute indicators of impairment and, therefore, | ||
conducted full impairment reviews of the Insurance Broking CGU at 31 July 2023, 31\u00a0January 2024, | ||
31 July 2024 and 31 January 2025. As a result of these reviews, management considered it | ||
necessary to impair the goodwill allocated to the Insurance Broking CGU by \u00a368.1m at\u00a031\u00a0July 2023, | ||
\u00a336.8m at 31 January 2024, \u00a3138.3m at 31 July 2024 and \u00a3nil at 31 January 2025. | ||
Property, plant and equipment | ||
In the years ended 31 January 2024 and 31 January 2025, management exercised its judgement in | ||
considering it unnecessary to conduct an impairment review of the Group\u2019s two Ocean Cruise ships | ||
since no indicators of impairment were identified. | ||
In the years ended 31 January 2024 and 31 January 2025, 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 (2024: \u00a30.1m) | ||
in\u00a0the Central Costs division. Please refer to Note 17a) for further detail. | ||
Right-of-use assets | ||
In the years to 31 January 2024 and 31 January 2025, management exercised its judgement in | ||
considering it unnecessary 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. |
Acc. policy | Items involving judgement | Critical accounting judgement |
2.3h) | Impairment testing of | Property assets held for sale |
continued | goodwill and other major | In the years to 31 January 2024 and 31 January 2025, in light of the Group obtaining updated |
classes of assets | freehold property market valuation reports, management exercised judgement in relation to the | |
continued | 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 \u00a30.4m (2024: \u00a310.4m) should be recognised accordingly. | ||
Please\u00a0refer to Note 38b) 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 a result of this review, management deemed it necessary to impair software assets by \u00a31.2m and | ||
\u00a31.9m in the Insurance Broking business and Central Costs division respectively. Please refer to | ||
Note 16b) for further detail. | ||
In the year ended 31 January 2025, following the Group\u2019s decision to divest itself of the underwriting | ||
and claims handling sections of its Insurance business (Note 38a)), management exercised its | ||
judgement in relation to the impairment of software assets and performed an impairment review | ||
of\u00a0the recoverable amount of software assets used by the Insurance Broking division. As a result | ||
of\u00a0this review, management deemed it necessary to impair software assets by \u00a321.3m in the | ||
Insurance Broking continuing operations business and by \u00a34.0m in relation to the intangible fixed | ||
assets held by the disposal group (Note 38a)). The latter impairment charge related to the software | ||
assets of the claims handling section of the Insurance business, which were impaired in full. Please | ||
refer to Note\u00a016b) for further detail. | ||
In addition, management assessed the recoverable amount of software assets at 31 January 2025 | ||
and concluded that an impairment of \u00a32.8m was required in the Group\u2019s Central Costs division. | ||
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 | |
reinsurance contract | 12\u00a0months, including the motor quota share arrangement, which has a three-year coverage period. | |
assets) | Management applied judgement in concluding that these groups are eligible for the PAA on | |
the\u00a0basis that, at initial recognition, it expects that the measurement of the asset for remaining | ||
coverage under the PAA 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 relevant 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 judgement. Under IFRS 17, the risk adjustment reflects the compensation required for bearing | ||
uncertainty about the amount and timing of the cash flows that arise from non-financial risk. | ||
The Group 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 referred 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. | ||
2.3u) | Restructuring provision | Management exercised judgement in identifying which costs should be included in the |
measurement of the restructuring provision. In addition, judgement is required of the best | ||
estimate of those costs. |
Acc. policy | Items involving estimation | Sources of estimation uncertainty |
2.3a)i) | Revenue recognition \u2013 | The standalone selling price of the option to fix within the Group\u2019s three-year fixed-price feature |
three-year fixed-price | offered by our Insurance Broking division was estimated using the expected cost plus a margin | |
product | approach, as set out in paragraph 79 (b) of IFRS 15. | |
An allowance was also made for the likelihood that the option will be exercised by factoring in\u00a0the | ||
expected 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 and | The useful economic lives and residual values of software assets classified as intangible assets |
2.3i) | residual values of software | (Note 15) and Ocean Cruise ship assets classified as property, plant and equipment (Note 17) are |
intangible assets and | assessed upon the capitalisation of each asset and, at each reporting date, are based upon the | |
Ocean Cruise ships | expected consumption of future economic benefits of the asset. Estimated residual values and | |
useful lives are reviewed annually. Changes in the expected useful life or the expected pattern of | ||
consumption of future economic benefits embodied in the asset are considered to modify the | ||
amortisation or depreciation period or method, as appropriate, and are treated as changes in | ||
accounting estimates. In relation to the annual review of estimated residual values and useful lives | ||
of Ocean Cruise ships, potential environmental regulatory changes are also considered. | ||
2.3h) | Goodwill impairment | The Group determines whether goodwill needs to be impaired on an annual basis, or more |
testing | frequently 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, particularly the highly competitive motor insurance market and the adverse impact on profit | ||
before tax for the current and prior year, increased the estimation uncertainty in the Insurance | ||
Broking CGU. The outcome of the impairment reviews conducted concluded that impairment | ||
charges of \u00a368.1m, \u00a336.8m, \u00a3138.3m and \u00a3nil be recognised against the Group\u2019s Insurance Broking | ||
CGU at 31 July 2023, 31 January 2024, 31 July 2024 and 31 January 2025 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). | ||
2.3r) | Valuation of insurance | Estimates of future cash flows to fulfil liabilities for incurred claims |
contract liabilities (and | For insurance contracts, estimates have to be made for the expected cost of claims known but | |
related reinsurance | not\u00a0yet settled (case reserves) and for the expected cost of IBNR claims, at the reporting date. | |
contract assets) | It\u00a0can take a significant period of time before the ultimate claims cost can be established with | |
certainty. | ||
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 | ||
volumes based on the observed development of earlier years. Historical claims development is | ||
primarily analysed by accident year, geographical area, significant 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 reflect one-off occurrences, changes in external or market factors such as public attitudes | ||
to claiming, economic conditions, levels of claims inflation, 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 best estimate of the ultimate cost of claims. | ||
The estimate of future cash flows arising from PPO liabilities requires an assumption for carer | ||
wage\u00a0inflation. 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. |
Acc. policy | Items involving estimation | Sources of estimation uncertainty |
2.3r) | Valuation of insurance | Discount rate applied to liabilities for incurred claims |
continued | contract liabilities (and | All the Group\u2019s liabilities for incurred claims (and related reinsurance assets) are discounted. |
related reinsurance | ||
contract assets) | The determination of the discount rate applied to liabilities for incurred claims is an estimate. | |
continued | This\u00a0discount rate reflects the current risk-free interest rate in the currency of the insurance | |
liabilities, being 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\u00a0portfolio of GBP-denominated corporate bonds an estimate of the components of that yield that | ||
relate to expected and unexpected credit losses. The portfolio of corporate bonds used reflects | ||
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 2025 | 4.5% | 4.4% | 4.5% | 4.9% | 5.5% | 5.6% |
31 January 2024 | 4.9% | 4.4% | 4.1% | 4.3% | 4.9% | 4.9% |
The sensitivity of this assumption is shown in Note 20a)iii). | ||
Risk adjustment | ||
The confidence level technique used by the Group to determine the risk adjustment requires | ||
estimation of the probability distribution of the present value of future cash flows 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. | ||
2.3t) | Valuation of pension | The cost of defined benefit pension plans, and the present value of the pension obligation, are |
benefit\u00a0obligation | 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 pension increases. Due to the complexity of the valuation, the underlying assumptions and | ||
its\u00a0long-term nature, a defined benefit 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. | ||
2.3u) | Valuation of restructuring | The Group recognises a restructuring provision when a detailed plan identi\ufb01es the business, or part of |
provision | the business concerned, together with the location and number of employees a\ufb00ected. This requires | |
detailed estimation of the associated costs, the timeline of the restructuring programme and the | ||
employees a\ufb00ected. |
Acc. policy | Items involving estimation | Sources of estimation uncertainty |
2.3a)i) | Revenue recognition \u2013 | The standalone selling price of the option to fix within the Group\u2019s three-year fixed-price feature |
three-year fixed-price | offered by our Insurance Broking division was estimated using the expected cost plus a margin | |
product | approach, as set out in paragraph 79 (b) of IFRS 15. | |
An allowance was also made for the likelihood that the option will be exercised by factoring in\u00a0the | ||
expected 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 and | The useful economic lives and residual values of software assets classified as intangible assets |
2.3i) | residual values of software | (Note 15) and Ocean Cruise ship assets classified as property, plant and equipment (Note 17) are |
intangible assets and | assessed upon the capitalisation of each asset and, at each reporting date, are based upon the | |
Ocean Cruise ships | expected consumption of future economic benefits of the asset. Estimated residual values and | |
useful lives are reviewed annually. Changes in the expected useful life or the expected pattern of | ||
consumption of future economic benefits embodied in the asset are considered to modify the | ||
amortisation or depreciation period or method, as appropriate, and are treated as changes in | ||
accounting estimates. In relation to the annual review of estimated residual values and useful lives | ||
of Ocean Cruise ships, potential environmental regulatory changes are also considered. | ||
2.3h) | Goodwill impairment | The Group determines whether goodwill needs to be impaired on an annual basis, or more |
testing | frequently 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, particularly the highly competitive motor insurance market and the adverse impact on profit | ||
before tax for the current and prior year, increased the estimation uncertainty in the Insurance | ||
Broking CGU. The outcome of the impairment reviews conducted concluded that impairment | ||
charges of \u00a368.1m, \u00a336.8m, \u00a3138.3m and \u00a3nil be recognised against the Group\u2019s Insurance Broking | ||
CGU at 31 July 2023, 31 January 2024, 31 July 2024 and 31 January 2025 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). | ||
2.3r) | Valuation of insurance | Estimates of future cash flows to fulfil liabilities for incurred claims |
contract liabilities (and | For insurance contracts, estimates have to be made for the expected cost of claims known but | |
related reinsurance | not\u00a0yet settled (case reserves) and for the expected cost of IBNR claims, at the reporting date. | |
contract assets) | It\u00a0can take a significant period of time before the ultimate claims cost can be established with | |
certainty. | ||
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 | ||
volumes based on the observed development of earlier years. Historical claims development is | ||
primarily analysed by accident year, geographical area, significant 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 reflect one-off occurrences, changes in external or market factors such as public attitudes | ||
to claiming, economic conditions, levels of claims inflation, 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 best estimate of the ultimate cost of claims. | ||
The estimate of future cash flows arising from PPO liabilities requires an assumption for carer | ||
wage\u00a0inflation. 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. |
Acc. policy | Items involving estimation | Sources of estimation uncertainty |
2.3r) | Valuation of insurance | Discount rate applied to liabilities for incurred claims |
continued | contract liabilities (and | All the Group\u2019s liabilities for incurred claims (and related reinsurance assets) are discounted. |
related reinsurance | ||
contract assets) | The determination of the discount rate applied to liabilities for incurred claims is an estimate. | |
continued | This\u00a0discount rate reflects the current risk-free interest rate in the currency of the insurance | |
liabilities, being 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\u00a0portfolio of GBP-denominated corporate bonds an estimate of the components of that yield that | ||
relate to expected and unexpected credit losses. The portfolio of corporate bonds used reflects | ||
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 2025 | 4.5% | 4.4% | 4.5% | 4.9% | 5.5% | 5.6% |
31 January 2024 | 4.9% | 4.4% | 4.1% | 4.3% | 4.9% | 4.9% |
The sensitivity of this assumption is shown in Note 20a)iii). | ||
Risk adjustment | ||
The confidence level technique used by the Group to determine the risk adjustment requires | ||
estimation of the probability distribution of the present value of future cash flows 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. | ||
2.3t) | Valuation of pension | The cost of defined benefit pension plans, and the present value of the pension obligation, are |
benefit\u00a0obligation | 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 pension increases. Due to the complexity of the valuation, the underlying assumptions and | ||
its\u00a0long-term nature, a defined benefit 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. | ||
2.3u) | Valuation of restructuring | The Group recognises a restructuring provision when a detailed plan identi\ufb01es the business, or part of |
provision | the business concerned, together with the location and number of employees a\ufb00ected. This requires | |
detailed estimation of the associated costs, the timeline of the restructuring programme and the | ||
employees a\ufb00ected. |
Other | ||||||||
| Insurance | Businesses | |||||||
Motor | Home | Other | and Central | |||||
Travel | broking | broking | broking | Total | Costs | Adjustments | Total | |
2025 | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Continuing operations | ||||||||
Revenue | 453.9 | 45.9 | 31.8 | 36.7 | 114.4 | 24.6 | (4.6) | 588.3 |
Cost of sales | (300.0) | \u2013 | \u2013 | \u2013 | \u2013 | (8.8) | \u2013 | (308.8) |
Gross profit/(loss) | 153.9 | 45.9 | 31.8 | 36.7 | 114.4 | 15.8 | (4.6) | 279.5 |
Administrative and selling expenses | (75.3) | (60.7) | (31.0) | (28.1) | (119.8) | (43.1) | 4.6 | (233.6) |
Impairment of assets | \u2013 | (21.3) | \u2013 | \u2013 | (21.3) | (3.2) | (138.3) | (162.8) |
Gain on lease modification | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.2 | \u2013 | 0.2 |
Net profit on disposal of property, | 0.9 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.9 |
plant and equipment | ||||||||
Investment income | 1.5 | 0.9 | \u2013 | \u2013 | 0.9 | 3.7 | \u2013 | 6.1 |
Finance costs | (20.2) | \u2013 | \u2013 | \u2013 | \u2013 | (30.3) | \u2013 | (50.5) |
Profit/(loss) before tax | 60.8 | (35.2) | 0.8 | 8.6 | (25.8) | (56.9) | (138.3) | (160.2) |
Reconciliation to Underlying | ||||||||
Profit/(Loss) Before Tax 5 | ||||||||
Profit/(loss) before tax | 60.8 | (35.2) | 0.8 | 8.6 | (25.8) | (56.9) | (138.3) | (160.2) |
Net fair value loss on derivative | 0.3 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.3 |
financial instruments | ||||||||
Impairment of Insurance | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 138.3 | 138.3 |
Broking\u00a0goodwill | ||||||||
Impairment of assets | \u2013 | 21.3 | \u2013 | \u2013 | 21.3 | 3.2 | \u2013 | 24.5 |
Amortisation of fees and costs | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 3.5 | \u2013 | 3.5 |
on\u00a0Roger De Haan loan facility | ||||||||
Restructuring costs | 0.9 | 18.2 | \u2013 | \u2013 | 18.2 | 9.3 | \u2013 | 28.4 |
Foreign exchange movement | (0.6) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (0.6) |
on\u00a0lease liabilities | ||||||||
Onerous contract provision | \u2013 | (3.1) | 1.3 | \u2013 | (1.8) | \u2013 | \u2013 | (1.8) |
Profit share on cessation of private | \u2013 | \u2013 | \u2013 | 2.6 | 2.6 | \u2013 | \u2013 | 2.6 |
medical insurance ( PMI ) contract | ||||||||
Ocean Cruise customer | 1.7 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1.7 |
compensation and dry dock costs | ||||||||
IFRS 16 adjustment on River | 0.5 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.5 |
Cruise\u00a0vessels | ||||||||
Underlying Profit/(Loss) | 63.6 | 1.2 | 2.1 | 11.2 | 14.5 | (40.9) | \u2013 | 37.2 |
Before\u00a0Tax 5 |
Other | ||||||||
Insurance | Businesses | |||||||
Motor | Home | Other | and Central | |||||
Travel | broking | broking | broking | Total | Costs | Adjustments | Total | |
2024 (re-presented 6 ) | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Continuing operations | ||||||||
Revenue | 410.0 | 33.6 | 55.4 | 45.6 | 134.6 | 25.1 | (5.1) | 564.6 |
Cost of sales | (292.5) | (0.5) | \u2013 | \u2013 | (0.5) | (9.0) | \u2013 | (302.0) |
Gross profit/(loss) | 117.5 | 33.1 | 55.4 | 45.6 | 134.1 | 16.1 | (5.1) | 262.6 |
Other income | 5.0 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 5.0 |
Administrative and selling expenses | (67.7) | (50.3) | (35.7) | (20.6) | (106.6) | (70.3) | 4.8 | (239.8) |
Impairment of assets | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (8.4) | (104.9) | (113.3) |
Net loss on disposal of property, | \u2013 | (0.1) | \u2013 | \u2013 | (0.1) | (0.4) | \u2013 | (0.5) |
plant and equipment and software | ||||||||
Investment income | 0.8 | 0.4 | \u2013 | \u2013 | 0.4 | 5.4 | \u2013 | 6.6 |
Finance costs | (20.8) | (0.1) | \u2013 | \u2013 | (0.1) | (23.5) | \u2013 | (44.4) |
Profit/(loss) before tax | 34.8 | (17.0) | 19.7 | 25.0 | 27.7 | (81.1) | (105.2) | (123.8) |
Reconciliation to Underlying | ||||||||
Profit/(Loss) Before Tax 7 | ||||||||
Profit/(loss) before tax | 34.8 | (17.0) | 19.7 | 25.0 | 27.7 | (81.1) | (105.2) | (123.8) |
Net fair value loss on derivative | 1.4 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1.4 |
financial instruments | ||||||||
Impairment of Insurance | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 104.9 | 104.9 |
Broking\u00a0goodwill | ||||||||
Impairment/loss on disposal | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 8.8 | \u2013 | 8.8 |
of\u00a0assets | ||||||||
Amortisation of fees and costs | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.4 | \u2013 | 0.4 |
on\u00a0Roger De Haan loan facility | ||||||||
Restructuring costs | 3.4 | 3.7 | \u2013 | \u2013 | 3.7 | 31.7 | \u2013 | 38.8 |
Disposal costs relating to the | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.3 | 0.3 |
Big\u00a0Window | ||||||||
Foreign exchange movement | (0.6) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (0.6) |
on\u00a0lease liabilities | ||||||||
Onerous contract provision | \u2013 | 3.1 | \u2013 | \u2013 | 3.1 | \u2013 | \u2013 | 3.1 |
Ocean Cruise discretionary ticket | 1.0 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1.0 |
refunds and associated costs | ||||||||
Underlying Profit/(Loss) | 40.0 | (10.2) | 19.7 | 25.0 | 34.5 | (40.2) | \u2013 | 34.3 |
Before\u00a0Tax 7 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Travel | 129.1 | 89.3 |
Insurance | 9.8 | 37.0 |
Other Businesses and Central Costs | 38.1 | 152.6 |
Adjustments | (119.3) | (55.4) |
57.7 | 223.5 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Goodwill (Note 14) | 206.4 | 344.7 |
Bonds and the loan facility with Roger De Haan | (325.7) | (400.1) |
(119.3) | (55.4) |
| 2025 | ||||
Other | ||||
Businesses | ||||
and Central | ||||
Travel | Insurance | Costs | Total | |
Major product lines | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Continuing operations | ||||
Ocean Cruise | 236.7 | 236.7 | ||
River Cruise and Holidays | 217.2 | 217.2 | ||
Motor broking | 45.9 | 45.9 | ||
Home broking | 31.8 | 31.8 | ||
Other broking | 36.7 | 36.7 | ||
Money | 5.6 | 5.6 | ||
Publishing and CustomerKNECT | 13.9 | 13.9 | ||
Other | 0.5 | 0.5 | ||
453.9 | 114.4 | 20.0 | 588.3 |
2024 (re-presented 8 ) | ||||
Other | ||||
Businesses | ||||
and Central | ||||
Travel | Insurance | Costs | Total | |
Major product lines | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Continuing operations | ||||
Ocean Cruise | 210.0 | 210.0 | ||
River Cruise and Holidays | 200.0 | 200.0 | ||
Motor broking | 33.6 | 33.6 | ||
Home broking | 55.4 | 55.4 | ||
Other broking | 45.6 | 45.6 | ||
Money | 6.4 | 6.4 | ||
Publishing and CustomerKNECT | 12.5 | 12.5 | ||
Other | 1.1 | 1.1 | ||
410.0 | 134.6 | 20.0 | 564.6 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Contract cost assets (Note 23) | 4.9 | 3.6 |
Contract liabilities (Note 29) | 176.8 | 159.8 |
2025 | 2024 | |||
Contract | Contract | Contract | Contract | |
cost assets | liabilities | cost assets | liabilities | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Balance at 1 February | 3.6 | 159.8 | 2.5 | 126.5 |
Released to the income statement in the period | (2.3) | (395.4) | (1.7) | (376.1) |
Additional contract balances incurred during the year | 2.0 | 435.4 | 2.8 | 444.9 |
Amounts refunded to customers | \u2013 | (23.5) | \u2013 | (35.4) |
Amounts reclassified to assets/liabilities held for sale | 1.6 | 0.5 | \u2013 | \u2013 |
Disposed of with subsidiary undertaking (Note 13b)) | \u2013 | \u2013 | \u2013 | (0.1) |
Balance at 31 January | 4.9 | 176.8 | 3.6 | 159.8 |
Other | ||||||||
| Insurance | Businesses | |||||||
Motor | Home | Other | and Central | |||||
Travel | broking | broking | broking | Total | Costs | Adjustments | Total | |
2025 | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Continuing operations | ||||||||
Revenue | 453.9 | 45.9 | 31.8 | 36.7 | 114.4 | 24.6 | (4.6) | 588.3 |
Cost of sales | (300.0) | \u2013 | \u2013 | \u2013 | \u2013 | (8.8) | \u2013 | (308.8) |
Gross profit/(loss) | 153.9 | 45.9 | 31.8 | 36.7 | 114.4 | 15.8 | (4.6) | 279.5 |
Administrative and selling expenses | (75.3) | (60.7) | (31.0) | (28.1) | (119.8) | (43.1) | 4.6 | (233.6) |
Impairment of assets | \u2013 | (21.3) | \u2013 | \u2013 | (21.3) | (3.2) | (138.3) | (162.8) |
Gain on lease modification | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.2 | \u2013 | 0.2 |
Net profit on disposal of property, | 0.9 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.9 |
plant and equipment | ||||||||
Investment income | 1.5 | 0.9 | \u2013 | \u2013 | 0.9 | 3.7 | \u2013 | 6.1 |
Finance costs | (20.2) | \u2013 | \u2013 | \u2013 | \u2013 | (30.3) | \u2013 | (50.5) |
Profit/(loss) before tax | 60.8 | (35.2) | 0.8 | 8.6 | (25.8) | (56.9) | (138.3) | (160.2) |
Reconciliation to Underlying | ||||||||
Profit/(Loss) Before Tax 5 | ||||||||
Profit/(loss) before tax | 60.8 | (35.2) | 0.8 | 8.6 | (25.8) | (56.9) | (138.3) | (160.2) |
Net fair value loss on derivative | 0.3 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.3 |
financial instruments | ||||||||
Impairment of Insurance | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 138.3 | 138.3 |
Broking\u00a0goodwill | ||||||||
Impairment of assets | \u2013 | 21.3 | \u2013 | \u2013 | 21.3 | 3.2 | \u2013 | 24.5 |
Amortisation of fees and costs | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 3.5 | \u2013 | 3.5 |
on\u00a0Roger De Haan loan facility | ||||||||
Restructuring costs | 0.9 | 18.2 | \u2013 | \u2013 | 18.2 | 9.3 | \u2013 | 28.4 |
Foreign exchange movement | (0.6) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (0.6) |
on\u00a0lease liabilities | ||||||||
Onerous contract provision | \u2013 | (3.1) | 1.3 | \u2013 | (1.8) | \u2013 | \u2013 | (1.8) |
Profit share on cessation of private | \u2013 | \u2013 | \u2013 | 2.6 | 2.6 | \u2013 | \u2013 | 2.6 |
medical insurance ( PMI ) contract | ||||||||
Ocean Cruise customer | 1.7 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1.7 |
compensation and dry dock costs | ||||||||
IFRS 16 adjustment on River | 0.5 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.5 |
Cruise\u00a0vessels | ||||||||
Underlying Profit/(Loss) | 63.6 | 1.2 | 2.1 | 11.2 | 14.5 | (40.9) | \u2013 | 37.2 |
Before\u00a0Tax 5 |
Other | ||||||||
Insurance | Businesses | |||||||
Motor | Home | Other | and Central | |||||
Travel | broking | broking | broking | Total | Costs | Adjustments | Total | |
2024 (re-presented 6 ) | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Continuing operations | ||||||||
Revenue | 410.0 | 33.6 | 55.4 | 45.6 | 134.6 | 25.1 | (5.1) | 564.6 |
Cost of sales | (292.5) | (0.5) | \u2013 | \u2013 | (0.5) | (9.0) | \u2013 | (302.0) |
Gross profit/(loss) | 117.5 | 33.1 | 55.4 | 45.6 | 134.1 | 16.1 | (5.1) | 262.6 |
Other income | 5.0 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 5.0 |
Administrative and selling expenses | (67.7) | (50.3) | (35.7) | (20.6) | (106.6) | (70.3) | 4.8 | (239.8) |
Impairment of assets | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (8.4) | (104.9) | (113.3) |
Net loss on disposal of property, | \u2013 | (0.1) | \u2013 | \u2013 | (0.1) | (0.4) | \u2013 | (0.5) |
plant and equipment and software | ||||||||
Investment income | 0.8 | 0.4 | \u2013 | \u2013 | 0.4 | 5.4 | \u2013 | 6.6 |
Finance costs | (20.8) | (0.1) | \u2013 | \u2013 | (0.1) | (23.5) | \u2013 | (44.4) |
Profit/(loss) before tax | 34.8 | (17.0) | 19.7 | 25.0 | 27.7 | (81.1) | (105.2) | (123.8) |
Reconciliation to Underlying | ||||||||
Profit/(Loss) Before Tax 7 | ||||||||
Profit/(loss) before tax | 34.8 | (17.0) | 19.7 | 25.0 | 27.7 | (81.1) | (105.2) | (123.8) |
Net fair value loss on derivative | 1.4 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1.4 |
financial instruments | ||||||||
Impairment of Insurance | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 104.9 | 104.9 |
Broking\u00a0goodwill | ||||||||
Impairment/loss on disposal | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 8.8 | \u2013 | 8.8 |
of\u00a0assets | ||||||||
Amortisation of fees and costs | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.4 | \u2013 | 0.4 |
on\u00a0Roger De Haan loan facility | ||||||||
Restructuring costs | 3.4 | 3.7 | \u2013 | \u2013 | 3.7 | 31.7 | \u2013 | 38.8 |
Disposal costs relating to the | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.3 | 0.3 |
Big\u00a0Window | ||||||||
Foreign exchange movement | (0.6) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (0.6) |
on\u00a0lease liabilities | ||||||||
Onerous contract provision | \u2013 | 3.1 | \u2013 | \u2013 | 3.1 | \u2013 | \u2013 | 3.1 |
Ocean Cruise discretionary ticket | 1.0 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1.0 |
refunds and associated costs | ||||||||
Underlying Profit/(Loss) | 40.0 | (10.2) | 19.7 | 25.0 | 34.5 | (40.2) | \u2013 | 34.3 |
Before\u00a0Tax 7 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Travel | 129.1 | 89.3 |
Insurance | 9.8 | 37.0 |
Other Businesses and Central Costs | 38.1 | 152.6 |
Adjustments | (119.3) | (55.4) |
57.7 | 223.5 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Goodwill (Note 14) | 206.4 | 344.7 |
Bonds and the loan facility with Roger De Haan | (325.7) | (400.1) |
(119.3) | (55.4) |
Other | ||||||||
| Insurance | Businesses | |||||||
Motor | Home | Other | and Central | |||||
Travel | broking | broking | broking | Total | Costs | Adjustments | Total | |
2025 | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Continuing operations | ||||||||
Revenue | 453.9 | 45.9 | 31.8 | 36.7 | 114.4 | 24.6 | (4.6) | 588.3 |
Cost of sales | (300.0) | \u2013 | \u2013 | \u2013 | \u2013 | (8.8) | \u2013 | (308.8) |
Gross profit/(loss) | 153.9 | 45.9 | 31.8 | 36.7 | 114.4 | 15.8 | (4.6) | 279.5 |
Administrative and selling expenses | (75.3) | (60.7) | (31.0) | (28.1) | (119.8) | (43.1) | 4.6 | (233.6) |
Impairment of assets | \u2013 | (21.3) | \u2013 | \u2013 | (21.3) | (3.2) | (138.3) | (162.8) |
Gain on lease modification | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.2 | \u2013 | 0.2 |
Net profit on disposal of property, | 0.9 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.9 |
plant and equipment | ||||||||
Investment income | 1.5 | 0.9 | \u2013 | \u2013 | 0.9 | 3.7 | \u2013 | 6.1 |
Finance costs | (20.2) | \u2013 | \u2013 | \u2013 | \u2013 | (30.3) | \u2013 | (50.5) |
Profit/(loss) before tax | 60.8 | (35.2) | 0.8 | 8.6 | (25.8) | (56.9) | (138.3) | (160.2) |
Reconciliation to Underlying | ||||||||
Profit/(Loss) Before Tax 5 | ||||||||
Profit/(loss) before tax | 60.8 | (35.2) | 0.8 | 8.6 | (25.8) | (56.9) | (138.3) | (160.2) |
Net fair value loss on derivative | 0.3 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.3 |
financial instruments | ||||||||
Impairment of Insurance | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 138.3 | 138.3 |
Broking\u00a0goodwill | ||||||||
Impairment of assets | \u2013 | 21.3 | \u2013 | \u2013 | 21.3 | 3.2 | \u2013 | 24.5 |
Amortisation of fees and costs | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 3.5 | \u2013 | 3.5 |
on\u00a0Roger De Haan loan facility | ||||||||
Restructuring costs | 0.9 | 18.2 | \u2013 | \u2013 | 18.2 | 9.3 | \u2013 | 28.4 |
Foreign exchange movement | (0.6) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (0.6) |
on\u00a0lease liabilities | ||||||||
Onerous contract provision | \u2013 | (3.1) | 1.3 | \u2013 | (1.8) | \u2013 | \u2013 | (1.8) |
Profit share on cessation of private | \u2013 | \u2013 | \u2013 | 2.6 | 2.6 | \u2013 | \u2013 | 2.6 |
medical insurance ( PMI ) contract | ||||||||
Ocean Cruise customer | 1.7 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1.7 |
compensation and dry dock costs | ||||||||
IFRS 16 adjustment on River | 0.5 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.5 |
Cruise\u00a0vessels | ||||||||
Underlying Profit/(Loss) | 63.6 | 1.2 | 2.1 | 11.2 | 14.5 | (40.9) | \u2013 | 37.2 |
Before\u00a0Tax 5 |
Other | ||||||||
Insurance | Businesses | |||||||
Motor | Home | Other | and Central | |||||
Travel | broking | broking | broking | Total | Costs | Adjustments | Total | |
2024 (re-presented 6 ) | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Continuing operations | ||||||||
Revenue | 410.0 | 33.6 | 55.4 | 45.6 | 134.6 | 25.1 | (5.1) | 564.6 |
Cost of sales | (292.5) | (0.5) | \u2013 | \u2013 | (0.5) | (9.0) | \u2013 | (302.0) |
Gross profit/(loss) | 117.5 | 33.1 | 55.4 | 45.6 | 134.1 | 16.1 | (5.1) | 262.6 |
Other income | 5.0 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 5.0 |
Administrative and selling expenses | (67.7) | (50.3) | (35.7) | (20.6) | (106.6) | (70.3) | 4.8 | (239.8) |
Impairment of assets | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (8.4) | (104.9) | (113.3) |
Net loss on disposal of property, | \u2013 | (0.1) | \u2013 | \u2013 | (0.1) | (0.4) | \u2013 | (0.5) |
plant and equipment and software | ||||||||
Investment income | 0.8 | 0.4 | \u2013 | \u2013 | 0.4 | 5.4 | \u2013 | 6.6 |
Finance costs | (20.8) | (0.1) | \u2013 | \u2013 | (0.1) | (23.5) | \u2013 | (44.4) |
Profit/(loss) before tax | 34.8 | (17.0) | 19.7 | 25.0 | 27.7 | (81.1) | (105.2) | (123.8) |
Reconciliation to Underlying | ||||||||
Profit/(Loss) Before Tax 7 | ||||||||
Profit/(loss) before tax | 34.8 | (17.0) | 19.7 | 25.0 | 27.7 | (81.1) | (105.2) | (123.8) |
Net fair value loss on derivative | 1.4 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1.4 |
financial instruments | ||||||||
Impairment of Insurance | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 104.9 | 104.9 |
Broking\u00a0goodwill | ||||||||
Impairment/loss on disposal | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 8.8 | \u2013 | 8.8 |
of\u00a0assets | ||||||||
Amortisation of fees and costs | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.4 | \u2013 | 0.4 |
on\u00a0Roger De Haan loan facility | ||||||||
Restructuring costs | 3.4 | 3.7 | \u2013 | \u2013 | 3.7 | 31.7 | \u2013 | 38.8 |
Disposal costs relating to the | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.3 | 0.3 |
Big\u00a0Window | ||||||||
Foreign exchange movement | (0.6) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (0.6) |
on\u00a0lease liabilities | ||||||||
Onerous contract provision | \u2013 | 3.1 | \u2013 | \u2013 | 3.1 | \u2013 | \u2013 | 3.1 |
Ocean Cruise discretionary ticket | 1.0 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1.0 |
refunds and associated costs | ||||||||
Underlying Profit/(Loss) | 40.0 | (10.2) | 19.7 | 25.0 | 34.5 | (40.2) | \u2013 | 34.3 |
Before\u00a0Tax 7 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Travel | 129.1 | 89.3 |
Insurance | 9.8 | 37.0 |
Other Businesses and Central Costs | 38.1 | 152.6 |
Adjustments | (119.3) | (55.4) |
57.7 | 223.5 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Goodwill (Note 14) | 206.4 | 344.7 |
Bonds and the loan facility with Roger De Haan | (325.7) | (400.1) |
(119.3) | (55.4) |
| 2025 | ||||
Other | ||||
Businesses | ||||
and Central | ||||
Travel | Insurance | Costs | Total | |
Major product lines | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Continuing operations | ||||
Ocean Cruise | 236.7 | 236.7 | ||
River Cruise and Holidays | 217.2 | 217.2 | ||
Motor broking | 45.9 | 45.9 | ||
Home broking | 31.8 | 31.8 | ||
Other broking | 36.7 | 36.7 | ||
Money | 5.6 | 5.6 | ||
Publishing and CustomerKNECT | 13.9 | 13.9 | ||
Other | 0.5 | 0.5 | ||
453.9 | 114.4 | 20.0 | 588.3 |
2024 (re-presented 8 ) | ||||
Other | ||||
Businesses | ||||
and Central | ||||
Travel | Insurance | Costs | Total | |
Major product lines | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Continuing operations | ||||
Ocean Cruise | 210.0 | 210.0 | ||
River Cruise and Holidays | 200.0 | 200.0 | ||
Motor broking | 33.6 | 33.6 | ||
Home broking | 55.4 | 55.4 | ||
Other broking | 45.6 | 45.6 | ||
Money | 6.4 | 6.4 | ||
Publishing and CustomerKNECT | 12.5 | 12.5 | ||
Other | 1.1 | 1.1 | ||
410.0 | 134.6 | 20.0 | 564.6 |
| 2025 | ||||
Other | ||||
Businesses | ||||
and Central | ||||
Travel | Insurance | Costs | Total | |
Major product lines | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Continuing operations | ||||
Ocean Cruise | 236.7 | 236.7 | ||
River Cruise and Holidays | 217.2 | 217.2 | ||
Motor broking | 45.9 | 45.9 | ||
Home broking | 31.8 | 31.8 | ||
Other broking | 36.7 | 36.7 | ||
Money | 5.6 | 5.6 | ||
Publishing and CustomerKNECT | 13.9 | 13.9 | ||
Other | 0.5 | 0.5 | ||
453.9 | 114.4 | 20.0 | 588.3 |
2024 (re-presented 8 ) | ||||
Other | ||||
Businesses | ||||
and Central | ||||
Travel | Insurance | Costs | Total | |
Major product lines | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Continuing operations | ||||
Ocean Cruise | 210.0 | 210.0 | ||
River Cruise and Holidays | 200.0 | 200.0 | ||
Motor broking | 33.6 | 33.6 | ||
Home broking | 55.4 | 55.4 | ||
Other broking | 45.6 | 45.6 | ||
Money | 6.4 | 6.4 | ||
Publishing and CustomerKNECT | 12.5 | 12.5 | ||
Other | 1.1 | 1.1 | ||
410.0 | 134.6 | 20.0 | 564.6 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Continuing operations | ||
Interest and charges on debt and borrowings using the EIR method | 42.2 | 40.2 |
Net fair value loss on derivative financial instruments | 0.3 | 1.4 |
Net finance costs on retirement benefit schemes | 2.3 | 0.5 |
Debt issue costs | 3.6 | 0.4 |
Net interest and finance charges payable on lease liabilities | 2.1 | 1.9 |
50.5 | 44.4 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Continuing operations | ||
Compensation | \u2013 | 5.0 |
\u2013 | 5.0 |
2025 | 2024 | |
(re-presented 10 ) | ||
\u00a3m | \u00a3m | |
Continuing operations | ||
Interest income recognised using the EIR method on FVTPL financial assets | 6.0 | 6.2 |
Interest income earned on financial assets measured at amortised cost | 0.1 | 0.4 |
6.1 | 6.6 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Continuing operations | ||
Compensation | \u2013 | 5.0 |
\u2013 | 5.0 |
2025 | 2024 | |
(re-presented 9 ) | ||
\u00a3m | \u00a3m | |
Continuing operations | ||
Staff costs (excluding restructuring costs) | 86.5 | 95.1 |
Marketing and fulfilment costs | 46.8 | 44.6 |
Short-term lease rentals | 0.1 | 0.2 |
Auditors\u2019 remuneration | 2.1 | 2.1 |
Other administrative costs | 66.6 | 67.3 |
Depreciation \u2013 property, plant and equipment (Note 17) | 0.7 | 1.0 |
Depreciation \u2013 right-of-use assets (Note 18) | 2.2 | 2.0 |
Amortisation of intangible assets (Note 15) | 8.7 | 7.5 |
Restructuring costs | 18.1 | 18.9 |
231.8 | 238.7 |
2025 | 2024 | |
(re-presented 9 ) | ||
\u00a3m | \u00a3m | |
Audit of the parent company and consolidated financial statements | 0.8 | 1.0 |
Audit of subsidiary financial statements | 1.0 | 0.8 |
Audit-related assurance services | 0.3 | 0.3 |
Auditors\u2019 remuneration relating to continuing operations | 2.1 | 2.1 |
Auditors\u2019 remuneration relating to discontinued operations (Note 38a)) | 0.6 | 0.4 |
Total auditors\u2019 remuneration | 2.7 | 2.5 |
2025 | 2024 | |
(re-presented 10 ) | ||
\u00a3m | \u00a3m | |
Continuing operations | ||
Interest income recognised using the EIR method on FVTPL financial assets | 6.0 | 6.2 |
Interest income earned on financial assets measured at amortised cost | 0.1 | 0.4 |
6.1 | 6.6 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Continuing operations | ||
Interest and charges on debt and borrowings using the EIR method | 42.2 | 40.2 |
Net fair value loss on derivative financial instruments | 0.3 | 1.4 |
Net finance costs on retirement benefit schemes | 2.3 | 0.5 |
Debt issue costs | 3.6 | 0.4 |
Net interest and finance charges payable on lease liabilities | 2.1 | 1.9 |
50.5 | 44.4 |
2025 | 2024 | |
(re-presented 9 ) | ||
\u00a3m | \u00a3m | |
Continuing operations | ||
Staff costs (excluding restructuring costs) | 86.5 | 95.1 |
Marketing and fulfilment costs | 46.8 | 44.6 |
Short-term lease rentals | 0.1 | 0.2 |
Auditors\u2019 remuneration | 2.1 | 2.1 |
Other administrative costs | 66.6 | 67.3 |
Depreciation \u2013 property, plant and equipment (Note 17) | 0.7 | 1.0 |
Depreciation \u2013 right-of-use assets (Note 18) | 2.2 | 2.0 |
Amortisation of intangible assets (Note 15) | 8.7 | 7.5 |
Restructuring costs | 18.1 | 18.9 |
231.8 | 238.7 |
2025 | 2024 | |
(re-presented 9 ) | ||
\u00a3m | \u00a3m | |
Audit of the parent company and consolidated financial statements | 0.8 | 1.0 |
Audit of subsidiary financial statements | 1.0 | 0.8 |
Audit-related assurance services | 0.3 | 0.3 |
Auditors\u2019 remuneration relating to continuing operations | 2.1 | 2.1 |
Auditors\u2019 remuneration relating to discontinued operations (Note 38a)) | 0.6 | 0.4 |
Total auditors\u2019 remuneration | 2.7 | 2.5 |
2025 | 2024 | |
(re-presented 9 ) | ||
\u00a3m | \u00a3m | |
Continuing operations | ||
Staff costs (excluding restructuring costs) | 86.5 | 95.1 |
Marketing and fulfilment costs | 46.8 | 44.6 |
Short-term lease rentals | 0.1 | 0.2 |
Auditors\u2019 remuneration | 2.1 | 2.1 |
Other administrative costs | 66.6 | 67.3 |
Depreciation \u2013 property, plant and equipment (Note 17) | 0.7 | 1.0 |
Depreciation \u2013 right-of-use assets (Note 18) | 2.2 | 2.0 |
Amortisation of intangible assets (Note 15) | 8.7 | 7.5 |
Restructuring costs | 18.1 | 18.9 |
231.8 | 238.7 |
2025 | 2024 | |
(re-presented 9 ) | ||
\u00a3m | \u00a3m | |
Audit of the parent company and consolidated financial statements | 0.8 | 1.0 |
Audit of subsidiary financial statements | 1.0 | 0.8 |
Audit-related assurance services | 0.3 | 0.3 |
Auditors\u2019 remuneration relating to continuing operations | 2.1 | 2.1 |
Auditors\u2019 remuneration relating to discontinued operations (Note 38a)) | 0.6 | 0.4 |
Total auditors\u2019 remuneration | 2.7 | 2.5 |
2025 | 2024 | |
(re-presented 9 ) | ||
\u00a3m | \u00a3m | |
Continuing operations | ||
Staff costs (excluding restructuring costs) | 86.5 | 95.1 |
Marketing and fulfilment costs | 46.8 | 44.6 |
Short-term lease rentals | 0.1 | 0.2 |
Auditors\u2019 remuneration | 2.1 | 2.1 |
Other administrative costs | 66.6 | 67.3 |
Depreciation \u2013 property, plant and equipment (Note 17) | 0.7 | 1.0 |
Depreciation \u2013 right-of-use assets (Note 18) | 2.2 | 2.0 |
Amortisation of intangible assets (Note 15) | 8.7 | 7.5 |
Restructuring costs | 18.1 | 18.9 |
231.8 | 238.7 |
2025 | 2024 | |
(re-presented 9 ) | ||
\u00a3m | \u00a3m | |
Audit of the parent company and consolidated financial statements | 0.8 | 1.0 |
Audit of subsidiary financial statements | 1.0 | 0.8 |
Audit-related assurance services | 0.3 | 0.3 |
Auditors\u2019 remuneration relating to continuing operations | 2.1 | 2.1 |
Auditors\u2019 remuneration relating to discontinued operations (Note 38a)) | 0.6 | 0.4 |
Total auditors\u2019 remuneration | 2.7 | 2.5 |
2025 | 2024 | |
(re-presented 9 ) | ||
\u00a3m | \u00a3m | |
Audit of the parent company and consolidated financial statements | 0.8 | 1.0 |
Audit of subsidiary financial statements | 1.0 | 0.8 |
Audit-related assurance services | 0.3 | 0.3 |
Auditors\u2019 remuneration relating to continuing operations | 2.1 | 2.1 |
Auditors\u2019 remuneration relating to discontinued operations (Note 38a)) | 0.6 | 0.4 |
Total auditors\u2019 remuneration | 2.7 | 2.5 |
2025 | 2024 | |
(re-presented 10 ) | ||
\u00a3m | \u00a3m | |
Continuing operations | ||
Interest income recognised using the EIR method on FVTPL financial assets | 6.0 | 6.2 |
Interest income earned on financial assets measured at amortised cost | 0.1 | 0.4 |
6.1 | 6.6 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Continuing operations | ||
Interest and charges on debt and borrowings using the EIR method | 42.2 | 40.2 |
Net fair value loss on derivative financial instruments | 0.3 | 1.4 |
Net finance costs on retirement benefit schemes | 2.3 | 0.5 |
Debt issue costs | 3.6 | 0.4 |
Net interest and finance charges payable on lease liabilities | 2.1 | 1.9 |
50.5 | 44.4 |
2025 | 2024 | |
(re-presented 10 ) | ||
\u00a3m | \u00a3m | |
Continuing operations | ||
Interest income recognised using the EIR method on FVTPL financial assets | 6.0 | 6.2 |
Interest income earned on financial assets measured at amortised cost | 0.1 | 0.4 |
6.1 | 6.6 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Continuing operations | ||
Interest and charges on debt and borrowings using the EIR method | 42.2 | 40.2 |
Net fair value loss on derivative financial instruments | 0.3 | 1.4 |
Net finance costs on retirement benefit schemes | 2.3 | 0.5 |
Debt issue costs | 3.6 | 0.4 |
Net interest and finance charges payable on lease liabilities | 2.1 | 1.9 |
50.5 | 44.4 |
2025 | 2024 | |
(re-presented 10 ) | ||
\u00a3m | \u00a3m | |
Continuing operations | ||
Wages and salaries | 90.7 | 128.3 11 |
Social security costs | 8.6 | 11.9 |
Pension costs (Note 27) | 4.5 | 5.1 11 |
103.8 | 145.3 | |
Discontinued operations | ||
Wages and salaries | 13.6 | 14.2 11 |
Social security costs | 1.3 | 1.3 |
Pension costs (Note 27) | 0.7 | 0.8 11 |
15.6 | 16.3 | |
Total staff costs | 119.4 | 161.6 |
2025 | 2024 | |
(re-presented 10 ) | ||
number | number | |
Travel | 1,151 | 2,034 |
Insurance | 940 | 1,061 |
Other Businesses and Central Costs | 380 | 382 |
Continuing operations | 2,471 | 3,477 |
Employees attributable to discontinued operations | 391 | 407 |
Total employee numbers | 2,862 | 3,884 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Short-term benefits | 6.2 | 7.1 |
Termination costs | \u2013 | 1.9 |
Post-employment benefits | 0.1 | 0.1 |
Share-based payments | 1.2 | 1.1 |
7.5 | 10.2 |
2025 | 2024 | |
(re-presented 10 ) | ||
\u00a3m | \u00a3m | |
Continuing operations | ||
Wages and salaries | 90.7 | 128.3 11 |
Social security costs | 8.6 | 11.9 |
Pension costs (Note 27) | 4.5 | 5.1 11 |
103.8 | 145.3 | |
Discontinued operations | ||
Wages and salaries | 13.6 | 14.2 11 |
Social security costs | 1.3 | 1.3 |
Pension costs (Note 27) | 0.7 | 0.8 11 |
15.6 | 16.3 | |
Total staff costs | 119.4 | 161.6 |
2025 | 2024 | |
(re-presented 10 ) | ||
number | number | |
Travel | 1,151 | 2,034 |
Insurance | 940 | 1,061 |
Other Businesses and Central Costs | 380 | 382 |
Continuing operations | 2,471 | 3,477 |
Employees attributable to discontinued operations | 391 | 407 |
Total employee numbers | 2,862 | 3,884 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Short-term benefits | 6.2 | 7.1 |
Termination costs | \u2013 | 1.9 |
Post-employment benefits | 0.1 | 0.1 |
Share-based payments | 1.2 | 1.1 |
7.5 | 10.2 |
2025 | 2024 | |
(re-presented 12 ) | ||
\u00a3m | \u00a3m | |
Continuing operations | ||
Consolidated income statement | ||
Current income tax | ||
Current income tax credit | (0.5) | (1.8) |
Adjustments in respect of previous years | 0.9 | (3.6) |
0.4 | (5.4) | |
Deferred tax | ||
Relating to origination and reversal of temporary differences | 19.0 | (9.5) |
Adjustments in respect of previous years | (0.9) | (0.9) |
18.1 | (10.4) | |
Tax charge/(credit) in the income statement relating to continuing operations | 18.5 | (15.8) |
2025 | 2024 | |
(re-presented 12 ) | ||
\u00a3m | \u00a3m | |
Continuing operations | ||
Loss before tax from continuing operations | (160.2) | (123.8) |
Tax at rate of 25.0% (2024: 24.0%) | (40.1) | (29.7) |
Adjustments in respect of previous years | \u2013 | (4.5) |
Expenses not deductible for tax purposes: | ||
Effect of Ocean Cruise business being in tonnage tax regime | (11.8) | (8.2) |
Impairment of goodwill | 34.6 | 25.2 |
Rate change adjustment on temporary differences | \u2013 | (0.4) |
Corporation tax losses not recognised | 27.9 | \u2013 |
Other deferred tax assets and liabilities not recognised | 6.5 | \u2013 |
Other non-deductible expenses/non-taxed income | 1.4 | 1.8 |
Tax charge/(credit) in the income statement relating to continuing operations | 18.5 | (15.8) |
Consolidated statement | Consolidated income statement | |||
of\u00a0financial position | (continuing operations) | |||
2025 | 2024 | 2025 | 2024 | |
(re-presented 13 ) | ||||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Excess of depreciation over capital allowances | \u2013 | 4.1 | 5.9 | (0.7) |
Retirement benefit scheme liabilities | \u2013 | 12.0 | \u2013 | 1.3 |
Short-term temporary differences: | ||||
\u2013 Designated hedges recognised through OCI | \u2013 | 0.3 | \u2013 | \u2013 |
\u2013 Share-based payment reserve | \u2013 | 2.3 | 2.3 | (0.3) |
\u2013 General bad debt provision | \u2013 | 1.0 | 1.0 | (0.4) |
\u2013 Capitalised borrowing costs | \u2013 | (2.5) | (2.5) | (0.1) |
\u2013 IFRS 16 transition adjustments | \u2013 | 1.8 | 1.8 | (0.6) |
\u2013 IFRS 17 adjustments | \u2013 | 4.9 | \u2013 | \u2013 |
\u2013 Losses carried forward | \u2013 | 9.7 | 9.7 | (9.7) |
\u2013 Other | \u2013 | 1.2 | (0.1) | 0.1 |
Deferred tax charge/(credit) | 18.1 | (10.4) | ||
Net deferred tax assets | \u2013 | 34.8 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Deferred tax assets | \u2013 | 49.4 |
Deferred tax liabilities | \u2013 | (14.6) |
Net deferred tax assets | \u2013 | 34.8 |
2025 | 2024 | |
(re-presented 13 ) | ||
\u00a3m | \u00a3m | |
At 1 February | 34.8 | 11.5 |
Tax (charge)/credit recognised in the income statement from continuing operations | (18.1) | 10.4 |
Tax (charge)/credit recognised in OCI from continuing operations | (12.3) | 10.9 |
Deferred tax (charge)/credit attributable to discontinued operations | (4.8) | 2.0 |
Amounts transferred to assets held for sale (Note 38a)) | 0.4 | \u2013 |
At 31 January | \u2013 | 34.8 |
Consolidated statement | Consolidated income statement | |||
of\u00a0financial position | (continuing operations) | |||
2025 | 2024 | 2025 | 2024 | |
(re-presented 13 ) | ||||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Excess of depreciation over capital allowances | \u2013 | 4.1 | 5.9 | (0.7) |
Retirement benefit scheme liabilities | \u2013 | 12.0 | \u2013 | 1.3 |
Short-term temporary differences: | ||||
\u2013 Designated hedges recognised through OCI | \u2013 | 0.3 | \u2013 | \u2013 |
\u2013 Share-based payment reserve | \u2013 | 2.3 | 2.3 | (0.3) |
\u2013 General bad debt provision | \u2013 | 1.0 | 1.0 | (0.4) |
\u2013 Capitalised borrowing costs | \u2013 | (2.5) | (2.5) | (0.1) |
\u2013 IFRS 16 transition adjustments | \u2013 | 1.8 | 1.8 | (0.6) |
\u2013 IFRS 17 adjustments | \u2013 | 4.9 | \u2013 | \u2013 |
\u2013 Losses carried forward | \u2013 | 9.7 | 9.7 | (9.7) |
\u2013 Other | \u2013 | 1.2 | (0.1) | 0.1 |
Deferred tax charge/(credit) | 18.1 | (10.4) | ||
Net deferred tax assets | \u2013 | 34.8 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Deferred tax assets | \u2013 | 49.4 |
Deferred tax liabilities | \u2013 | (14.6) |
Net deferred tax assets | \u2013 | 34.8 |
2025 | 2024 | |
(re-presented 13 ) | ||
\u00a3m | \u00a3m | |
At 1 February | 34.8 | 11.5 |
Tax (charge)/credit recognised in the income statement from continuing operations | (18.1) | 10.4 |
Tax (charge)/credit recognised in OCI from continuing operations | (12.3) | 10.9 |
Deferred tax (charge)/credit attributable to discontinued operations | (4.8) | 2.0 |
Amounts transferred to assets held for sale (Note 38a)) | 0.4 | \u2013 |
At 31 January | \u2013 | 34.8 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Deferred tax assets | \u2013 | 49.4 |
Deferred tax liabilities | \u2013 | (14.6) |
Net deferred tax assets | \u2013 | 34.8 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Trade receivables (Note 20b)) | 101.2 | 82.3 |
Loss allowance (Note 20b)) | (1.5) | (0.9) |
99.7 | 81.4 | |
Amounts due from discontinued operations | 2.7 | \u2013 |
Other receivables | 7.0 | 12.2 |
Prepayments | 24.6 | 24.4 |
Contract cost assets (Note 3b)) | 4.9 | 3.6 |
Other taxes and social security costs | 4.8 | 6.1 |
143.7 | 127.7 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Trade payables | 145.5 | 139.3 |
Amounts due to discontinued operations | 54.4 | \u2013 |
Other payables | 9.0 | 9.0 |
Other taxes and social security costs | 2.1 | 10.8 |
Assets in the course of construction | 0.4 | 1.6 |
Accruals | 43.9 | 40.6 |
255.3 | 201.3 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Loss attributable to ordinary equity holders | (164.9) | (113.0) |
Loss from continuing operations | (178.7) | (108.0) |
Weighted average number of ordinary shares | \u2019m | \u2019m |
Ordinary shares at 1 February | 139.8 | 139.5 |
Deferred Bonus Plan ( DBP ) share options exercised | 0.2 | 0.1 |
Restricted Share Plan ( RSP ) share options exercised | 0.5 | 0.2 |
Ordinary shares at 31 January | 140.5 | 139.8 |
Weighted average number of ordinary shares for basic loss per share and diluted loss per share | 140.5 | 139.8 |
Basic loss per share | (117.4p) | (80.8p) |
Basic loss per share from continuing operations | (127.2p) | (77.2p) |
Diluted loss per share | (117.4p) | (80.8p) |
Diluted loss per share from continuing operations | (127.2p) | (77.2p) |
2025 | 2024 | |
Basic loss per share | (117.4p) | (80.8p) |
Adjusted for: | ||
Net fair value loss on derivative financial instruments | 0.3p | 0.8p |
Impairment of assets | 25.6p | 6.8p |
Impairment of Insurance Broking goodwill | 98.4p | 75.0p |
Disposal costs relating to the Big Window (Note 13b)) | \u2013 | 0.2p |
Onerous contract provision | (12.3p) | 6.9p |
Profit share on cessation of PMI contract | 2.2p | \u2013 |
Amortisation of fees and costs on the Roger De Haan loan facility | 3.0p | 0.2p |
Foreign exchange movement on lease liabilities | (0.5p) | (0.4p) |
Fair value gains on debt securities | (4.3p) | (2.0p) |
Changes in underwriting discount rates on non-PPO liabilities | (0.5p) | (0.6p) |
Restructuring costs | 26.9p | 23.3p |
Ocean Cruise customer compensation and dry dock costs | 1.4p | \u2013 |
Ocean Cruise discretionary ticket refunds and associated costs | \u2013 | 0.6p |
IFRS 16 lease accounting adjustment on River Cruise vessels | 0.4p | \u2013 |
Underlying Basic Earnings Per Share 14 | 23.2p | 30.0p |
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 |
Total assets | 0.1 |
Liabilities | |
Contract liabilities | 0.1 |
Total liabilities | 0.1 |
Net liabilities disposed | \u2013 |
Goodwill | |
\u00a3m | |
Cost | |
At 1 February 2023 | 1,471.9 |
Disposal of a subsidiary (Note 13b)) | (0.5) |
Adjustment relating to the disposal of a subsidiary in a prior year | (13.0) |
At 31 January 2024 and 31 January 2025 | 1,458.4 |
Impairment | |
At 1 February 2023 | 1,022.3 |
Charge for the year (Note 16a)) | 104.9 |
Disposal of a subsidiary (Note 13b)) | (0.5) |
Adjustment relating to the disposal of a subsidiary in a prior year | (13.0) |
At 31 January 2024 | 1,113.7 |
Charge for the year (Note 16a)) | 138.3 |
At 31 January 2025 | 1,252.0 |
Net book value | |
At 31 January 2025 | 206.4 |
At 31 January 2024 | 344.7 |
Software | |
\u00a3m | |
Cost | |
At 1 February 2023 | 115.0 |
Additions and internally developed software | 21.7 |
Disposals | (18.6) |
At 31 January 2024 | 118.1 |
Additions and internally developed software | 12.1 |
Reclassification to assets held for sale (Note 38a)) | (12.8) |
At 31 January 2025 | 117.4 |
Amortisation and impairment | |
At 1 February 2023 | 63.7 |
Amortisation | 8.9 |
Impairment of assets (Note 16b)) | 3.1 |
Disposals | (18.3) |
At 31 January 2024 | 57.4 |
Amortisation | 10.4 |
Impairment of assets (Note 16b)) | 28.1 |
Reclassification to assets held for sale (Note 38a)) | (12.8) |
At 31 January 2025 | 83.1 |
Net book value | |
At 31 January 2025 | 34.3 |
At 31 January 2024 | 60.7 |
2025 | 2024 | |
(re-presented 15 ) | ||
\u00a3m | \u00a3m | |
Cost of sales | 0.1 | 0.1 |
Administrative and selling expenses (Note 5) | 8.7 | 7.5 |
Continuing operations | 8.8 | 7.6 |
Discontinued operations (Note 38a)) | 1.6 | 1.3 |
10.4 | 8.9 |
Goodwill | |
\u00a3m | |
Cost | |
At 1 February 2023 | 1,471.9 |
Disposal of a subsidiary (Note 13b)) | (0.5) |
Adjustment relating to the disposal of a subsidiary in a prior year | (13.0) |
At 31 January 2024 and 31 January 2025 | 1,458.4 |
Impairment | |
At 1 February 2023 | 1,022.3 |
Charge for the year (Note 16a)) | 104.9 |
Disposal of a subsidiary (Note 13b)) | (0.5) |
Adjustment relating to the disposal of a subsidiary in a prior year | (13.0) |
At 31 January 2024 | 1,113.7 |
Charge for the year (Note 16a)) | 138.3 |
At 31 January 2025 | 1,252.0 |
Net book value | |
At 31 January 2025 | 206.4 |
At 31 January 2024 | 344.7 |
Software | |
\u00a3m | |
Cost | |
At 1 February 2023 | 115.0 |
Additions and internally developed software | 21.7 |
Disposals | (18.6) |
At 31 January 2024 | 118.1 |
Additions and internally developed software | 12.1 |
Reclassification to assets held for sale (Note 38a)) | (12.8) |
At 31 January 2025 | 117.4 |
Amortisation and impairment | |
At 1 February 2023 | 63.7 |
Amortisation | 8.9 |
Impairment of assets (Note 16b)) | 3.1 |
Disposals | (18.3) |
At 31 January 2024 | 57.4 |
Amortisation | 10.4 |
Impairment of assets (Note 16b)) | 28.1 |
Reclassification to assets held for sale (Note 38a)) | (12.8) |
At 31 January 2025 | 83.1 |
Net book value | |
At 31 January 2025 | 34.3 |
At 31 January 2024 | 60.7 |
2025 | 2024 | |
(re-presented 15 ) | ||
\u00a3m | \u00a3m | |
Cost of sales | 0.1 | 0.1 |
Administrative and selling expenses (Note 5) | 8.7 | 7.5 |
Continuing operations | 8.8 | 7.6 |
Discontinued operations (Note 38a)) | 1.6 | 1.3 |
10.4 | 8.9 |
2025 | 2024 | |
(re-presented 15 ) | ||
\u00a3m | \u00a3m | |
Cost of sales | 0.1 | 0.1 |
Administrative and selling expenses (Note 5) | 8.7 | 7.5 |
Continuing operations | 8.8 | 7.6 |
Discontinued operations (Note 38a)) | 1.6 | 1.3 |
10.4 | 8.9 |
2025 | 2024 | |
(re-presented 16 ) | ||
\u00a3m | \u00a3m | |
Cost of sales | 22.4 | 21.7 |
Administrative and selling expenses (Note 5) | 0.7 | 1.0 |
Continuing operations | 23.1 | 22.7 |
Discontinued operations (Note 38a)) | 0.1 | 0.1 |
23.2 | 22.8 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Cost of sales | 5.2 | 9.9 |
Administrative and selling expenses (Note 5) | 2.2 | 2.0 |
7.4 | 11.9 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Insurance Broking | 206.4 | 344.7 |
206.4 | 344.7 |
| 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 | |
2025 | 2024 | 2024 | 2025 | 2024 | 2024 | 2025 | 2024 | 2024 | |
Insurance Broking | 33.4 | (72.0) | (17.8) | (19.2) | (204.5) | (55.7) | 25.9 | (81.8) | (25.0) |
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 | (19.0) | 22.8 | 20.8 | (16.7) | 18.1 | (18.1) |
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 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 38b)) | \u2013 | 4.1 | \u2013 | \u2013 | 4.1 |
At 31 January 2024 | 0.4 | 8.9 | 657.1 | 22.9 | 689.3 |
Additions | \u2013 | \u2013 | 5.8 | 1.1 | 6.9 |
Disposals | \u2013 | \u2013 | (0.2) | (0.2) | (0.4) |
Reclassification from assets held for sale (Note 38b)) | 6.0 | \u2013 | \u2013 | \u2013 | 6.0 |
At 31 January 2025 | 6.4 | 8.9 | 662.7 | 23.8 | 701.8 |
Depreciation and impairment | |||||
At 1 February 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 38b)) | \u2013 | 0.7 | \u2013 | \u2013 | 0.7 |
At 31 January 2024 | 0.4 | 5.6 | 70.4 | 19.5 | 95.9 |
Provided during the year | \u2013 | 0.1 | 21.7 | 1.4 | 23.2 |
Impairment of assets | \u2013 | \u2013 | \u2013 | 0.1 | 0.1 |
Disposals | \u2013 | \u2013 | \u2013 | (0.2) | (0.2) |
At 31 January 2025 | 0.4 | 5.7 | 92.1 | 20.8 | 119.0 |
Net book value | |||||
At 31 January 2025 | 6.0 | 3.2 | 570.6 | 3.0 | 582.8 |
At 31 January 2024 | \u2013 | 3.3 | 586.7 | 3.4 | 593.4 |
2025 | 2024 | |
(re-presented 16 ) | ||
\u00a3m | \u00a3m | |
Cost of sales | 22.4 | 21.7 |
Administrative and selling expenses (Note 5) | 0.7 | 1.0 |
Continuing operations | 23.1 | 22.7 |
Discontinued operations (Note 38a)) | 0.1 | 0.1 |
23.2 | 22.8 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Profit/(loss) before tax | 22.7 | (5.2) |
Costs of disposal incurred to date | (3.6) | \u2013 |
19.1 | (5.2) |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Profit/(loss) after tax | 16.5 | (5.0) |
Costs of disposal incurred to date, net of tax | (2.7) | \u2013 |
13.8 | (5.0) |
2025 | 2024 | |
Basic and diluted earnings/(loss) per share from discontinued operations | 9.8p | (3.6p) |
Disposal group | ||||
Disposal | eliminations and | |||
group | adjustments | 2025 | ||
Notes | \u00a3m | \u00a3m | \u00a3m | |
Revenue from Insurance Broking services | 21.1 | (29.5) | (8.4) | |
Other revenue (non-Insurance Underwriting) | 8.1 | (0.1) | 8.0 | |
Non-insurance revenue | 29.2 | (29.6) | (0.4) | |
Insurance revenue | 28 | 186.4 | 10.7 | 197.1 |
Total revenue | 215.6 | (18.9) | 196.7 | |
Cost of sales (non-Insurance Underwriting) | (19.5) | 17.1 | (2.4) | |
Gross profit/(loss) (non-Insurance Underwriting) | 9.7 | (12.5) | (2.8) | |
Insurance service expenses | 28 | (101.5) | (22.8) | (124.3) |
Net expense from reinsurance contracts | 28 | (66.5) | (0.7) | (67.2) |
Insurance service result | 18.4 | (12.8) | 5.6 | |
Administrative and selling expenses | (2.1) | 23.1 | 21.0 | |
Impairment of non-financial assets | (4.1) | \u2013 | (4.1) | |
Net finance expense from insurance contracts | 28 | (15.5) | \u2013 | (15.5) |
Net finance income from reinsurance contracts | 28 | 7.3 | \u2013 | 7.3 |
Investment income | 14.5 | (3.3) | 11.2 | |
Profit/(loss) before tax | 28.2 | (5.5) | 22.7 | |
Tax (expense)/credit | (7.1) | 0.9 | (6.2) | |
Profit/(loss) from discontinued operations attributable to equity holders | 21.1 | (4.6) | 16.5 | |
of the parent |
Disposal group | |||
Disposal | eliminations and | ||
group | adjustments | 2025 | |
\u00a3m | \u00a3m | \u00a3m | |
Reconciliation to Underlying Profit/(Loss) Before Tax 21 | |||
Profit/(loss) before tax | 28.2 | (5.5) | 22.7 |
Fair value gains on debt securities | (5.1) | \u2013 | (5.1) |
Changes in underwriting discount rates on non-PPO liabilities | (0.6) | \u2013 | (0.6) |
Onerous contract provision | (17.1) | 4.1 | (13.0) |
Impairment of assets | 6.3 | \u2013 | 6.3 |
Restructuring costs | 0.3 | \u2013 | 0.3 |
Underlying Profit/(Loss) Before Tax 21 | 12.0 | (1.4) | 10.6 |
Disposal group | ||||
Disposal | eliminations and | |||
group | adjustments | 2024 | ||
Notes | \u00a3m | \u00a3m | \u00a3m | |
Revenue from Insurance Broking services | 23.0 | (28.9) | (5.9) | |
Other revenue (non-Insurance Underwriting) | 4.9 | (0.1) | 4.8 | |
Non-insurance revenue | 27.9 | (29.0) | (1.1) | |
Insurance revenue | 28 | 164.1 | 13.5 | 177.6 |
Total revenue | 192.0 | (15.5) | 176.5 | |
Cost of sales (non-Insurance Underwriting) | (20.6) | 21.5 | 0.9 | |
Gross profit/(loss) (non-Insurance Underwriting) | 7.3 | (7.5) | (0.2) | |
Insurance service expenses | 28 | (227.4) | (21.8) | (249.2) |
Net income from reinsurance contracts | 28 | 40.1 | 0.1 | 40.2 |
Insurance service result | (23.2) | (8.2) | (31.4) | |
Administrative and selling expenses | (2.6) | 27.1 | 24.5 | |
Impairment of non-financial assets | (5.3) | \u2013 | (5.3) | |
Net finance expense from insurance contracts | 28 | (3.5) | \u2013 | (3.5) |
Net finance income from reinsurance contracts | 28 | 1.9 | \u2013 | 1.9 |
Investment income/(expense) | 12.1 | (3.3) | 8.8 | |
Loss/(profit) before tax | (13.3) | 8.1 | (5.2) | |
Tax credit/(expense) | 2.2 | (2.0) | 0.2 | |
(Loss)/profit from discontinued operations attributable to equity holders | (11.1) | 6.1 | (5.0) | |
of the parent |
Disposal group | |||
Disposal | eliminations and | ||
group | adjustments | 2024 | |
\u00a3m | \u00a3m | \u00a3m | |
Reconciliation to Underlying (Loss)/Profit Before Tax 22 | |||
(Loss)/profit before tax | (13.3) | 8.1 | (5.2) |
Fair value gains on debt securities | (3.5) | \u2013 | (3.5) |
Changes in underwriting discount rates on non-PPO liabilities | (1.0) | \u2013 | (1.0) |
Onerous contract provision | 11.7 | (2.6) | 9.1 |
Impairment of assets | 3.1 | \u2013 | 3.1 |
Restructuring costs | 1.4 | \u2013 | 1.4 |
Underlying (Loss)/Profit Before Tax 22 | (1.6) | 5.5 | 3.9 |
Disposal | ||||
group | ||||
Disposal | eliminations and | Book | ||
group | adjustments | value | ||
Notes | \u00a3 | \u00a3 | \u00a3m | |
Assets | ||||
Intangible assets | 15 | \u2013 | \u2013 | \u2013 |
Financial assets | 19a) | 241.6 | \u2013 | 241.6 |
Deferred tax assets | 10 | 7.8 | 3.0 | 10.8 |
Reinsurance contract assets | 28 | 108.5 | (0.7) | 107.8 |
Trade and other receivables | 69.0 | (15.9) | 53.1 | |
Cash and short-term deposits | 25 | 12.6 | \u2013 | 12.6 |
Total assets classified as held for sale | 439.5 | (13.6) | 425.9 | |
Liabilities | ||||
Insurance contract liabilities | 28 | 324.8 | (7.1) | 317.7 |
Provisions | 31 | 0.1 | (0.1) | \u2013 |
Financial liabilities | 19b) | 1.4 | \u2013 | 1.4 |
Deferred tax liabilities | 10 | 11.2 | \u2013 | 11.2 |
Contract liabilities | 29 | 1.2 | (1.7) | (0.5) |
Trade and other payables | 17.1 | \u2013 | 17.1 | |
Total liabilities classified as held for sale | 355.8 | (8.9) | 346.9 | |
Net assets/(liabilities) classified as held for sale and directly associated | 83.7 | (4.7) | 79.0 | |
with disposal group |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Operating | 14.9 | (16.8) |
Investing | 45.0 | 43.5 |
Financing | (19.1) | (14.0) |
Net cash inflow | 40.8 | 12.7 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Profit/(loss) before tax | 22.7 | (5.2) |
Costs of disposal incurred to date | (3.6) | \u2013 |
19.1 | (5.2) |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Profit/(loss) after tax | 16.5 | (5.0) |
Costs of disposal incurred to date, net of tax | (2.7) | \u2013 |
13.8 | (5.0) |
2025 | 2024 | |
Basic and diluted earnings/(loss) per share from discontinued operations | 9.8p | (3.6p) |
Disposal group | ||||
Disposal | eliminations and | |||
group | adjustments | 2025 | ||
Notes | \u00a3m | \u00a3m | \u00a3m | |
Revenue from Insurance Broking services | 21.1 | (29.5) | (8.4) | |
Other revenue (non-Insurance Underwriting) | 8.1 | (0.1) | 8.0 | |
Non-insurance revenue | 29.2 | (29.6) | (0.4) | |
Insurance revenue | 28 | 186.4 | 10.7 | 197.1 |
Total revenue | 215.6 | (18.9) | 196.7 | |
Cost of sales (non-Insurance Underwriting) | (19.5) | 17.1 | (2.4) | |
Gross profit/(loss) (non-Insurance Underwriting) | 9.7 | (12.5) | (2.8) | |
Insurance service expenses | 28 | (101.5) | (22.8) | (124.3) |
Net expense from reinsurance contracts | 28 | (66.5) | (0.7) | (67.2) |
Insurance service result | 18.4 | (12.8) | 5.6 | |
Administrative and selling expenses | (2.1) | 23.1 | 21.0 | |
Impairment of non-financial assets | (4.1) | \u2013 | (4.1) | |
Net finance expense from insurance contracts | 28 | (15.5) | \u2013 | (15.5) |
Net finance income from reinsurance contracts | 28 | 7.3 | \u2013 | 7.3 |
Investment income | 14.5 | (3.3) | 11.2 | |
Profit/(loss) before tax | 28.2 | (5.5) | 22.7 | |
Tax (expense)/credit | (7.1) | 0.9 | (6.2) | |
Profit/(loss) from discontinued operations attributable to equity holders | 21.1 | (4.6) | 16.5 | |
of the parent |
Disposal group | |||
Disposal | eliminations and | ||
group | adjustments | 2025 | |
\u00a3m | \u00a3m | \u00a3m | |
Reconciliation to Underlying Profit/(Loss) Before Tax 21 | |||
Profit/(loss) before tax | 28.2 | (5.5) | 22.7 |
Fair value gains on debt securities | (5.1) | \u2013 | (5.1) |
Changes in underwriting discount rates on non-PPO liabilities | (0.6) | \u2013 | (0.6) |
Onerous contract provision | (17.1) | 4.1 | (13.0) |
Impairment of assets | 6.3 | \u2013 | 6.3 |
Restructuring costs | 0.3 | \u2013 | 0.3 |
Underlying Profit/(Loss) Before Tax 21 | 12.0 | (1.4) | 10.6 |
Disposal group | ||||
Disposal | eliminations and | |||
group | adjustments | 2024 | ||
Notes | \u00a3m | \u00a3m | \u00a3m | |
Revenue from Insurance Broking services | 23.0 | (28.9) | (5.9) | |
Other revenue (non-Insurance Underwriting) | 4.9 | (0.1) | 4.8 | |
Non-insurance revenue | 27.9 | (29.0) | (1.1) | |
Insurance revenue | 28 | 164.1 | 13.5 | 177.6 |
Total revenue | 192.0 | (15.5) | 176.5 | |
Cost of sales (non-Insurance Underwriting) | (20.6) | 21.5 | 0.9 | |
Gross profit/(loss) (non-Insurance Underwriting) | 7.3 | (7.5) | (0.2) | |
Insurance service expenses | 28 | (227.4) | (21.8) | (249.2) |
Net income from reinsurance contracts | 28 | 40.1 | 0.1 | 40.2 |
Insurance service result | (23.2) | (8.2) | (31.4) | |
Administrative and selling expenses | (2.6) | 27.1 | 24.5 | |
Impairment of non-financial assets | (5.3) | \u2013 | (5.3) | |
Net finance expense from insurance contracts | 28 | (3.5) | \u2013 | (3.5) |
Net finance income from reinsurance contracts | 28 | 1.9 | \u2013 | 1.9 |
Investment income/(expense) | 12.1 | (3.3) | 8.8 | |
Loss/(profit) before tax | (13.3) | 8.1 | (5.2) | |
Tax credit/(expense) | 2.2 | (2.0) | 0.2 | |
(Loss)/profit from discontinued operations attributable to equity holders | (11.1) | 6.1 | (5.0) | |
of the parent |
Disposal group | |||
Disposal | eliminations and | ||
group | adjustments | 2024 | |
\u00a3m | \u00a3m | \u00a3m | |
Reconciliation to Underlying (Loss)/Profit Before Tax 22 | |||
(Loss)/profit before tax | (13.3) | 8.1 | (5.2) |
Fair value gains on debt securities | (3.5) | \u2013 | (3.5) |
Changes in underwriting discount rates on non-PPO liabilities | (1.0) | \u2013 | (1.0) |
Onerous contract provision | 11.7 | (2.6) | 9.1 |
Impairment of assets | 3.1 | \u2013 | 3.1 |
Restructuring costs | 1.4 | \u2013 | 1.4 |
Underlying (Loss)/Profit Before Tax 22 | (1.6) | 5.5 | 3.9 |
Disposal | ||||
group | ||||
Disposal | eliminations and | Book | ||
group | adjustments | value | ||
Notes | \u00a3 | \u00a3 | \u00a3m | |
Assets | ||||
Intangible assets | 15 | \u2013 | \u2013 | \u2013 |
Financial assets | 19a) | 241.6 | \u2013 | 241.6 |
Deferred tax assets | 10 | 7.8 | 3.0 | 10.8 |
Reinsurance contract assets | 28 | 108.5 | (0.7) | 107.8 |
Trade and other receivables | 69.0 | (15.9) | 53.1 | |
Cash and short-term deposits | 25 | 12.6 | \u2013 | 12.6 |
Total assets classified as held for sale | 439.5 | (13.6) | 425.9 | |
Liabilities | ||||
Insurance contract liabilities | 28 | 324.8 | (7.1) | 317.7 |
Provisions | 31 | 0.1 | (0.1) | \u2013 |
Financial liabilities | 19b) | 1.4 | \u2013 | 1.4 |
Deferred tax liabilities | 10 | 11.2 | \u2013 | 11.2 |
Contract liabilities | 29 | 1.2 | (1.7) | (0.5) |
Trade and other payables | 17.1 | \u2013 | 17.1 | |
Total liabilities classified as held for sale | 355.8 | (8.9) | 346.9 | |
Net assets/(liabilities) classified as held for sale and directly associated | 83.7 | (4.7) | 79.0 | |
with disposal group |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Operating | 14.9 | (16.8) |
Investing | 45.0 | 43.5 |
Financing | (19.1) | (14.0) |
Net cash inflow | 40.8 | 12.7 |
Long | ||||
leasehold | ||||
land and | River | Plant and | ||
buildings | Cruise ships | equipment | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Cost | ||||
At 1 February 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 |
Additions | \u2013 | 7.3 | 0.7 | 8.0 |
Disposals | \u2013 | (1.6) | (2.1) | (3.7) |
Effect of modification of lease terms | (0.3) | \u2013 | \u2013 | (0.3) |
At 31 January 2025 | 3.7 | 28.2 | 9.7 | 41.6 |
Depreciation and impairment | ||||
At 1 February 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 |
Provided during the year | 1.1 | 4.5 | 1.8 | 7.4 |
Disposals | \u2013 | (1.6) | (2.1) | (3.7) |
At 31 January 2025 | 2.5 | 8.2 | 6.0 | 16.7 |
Net book value | ||||
At 31 January 2025 | 1.2 | 20.0 | 3.7 | 24.9 |
At 31 January 2024 | 2.6 | 17.2 | 4.8 | 24.6 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Cost of sales | 5.2 | 9.9 |
Administrative and selling expenses (Note 5) | 2.2 | 2.0 |
7.4 | 11.9 |
Long | ||||
leasehold | ||||
land and | River | Plant and | ||
buildings | Cruise ships | equipment | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Cost | ||||
At 1 February 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 |
Additions | \u2013 | 7.3 | 0.7 | 8.0 |
Disposals | \u2013 | (1.6) | (2.1) | (3.7) |
Effect of modification of lease terms | (0.3) | \u2013 | \u2013 | (0.3) |
At 31 January 2025 | 3.7 | 28.2 | 9.7 | 41.6 |
Depreciation and impairment | ||||
At 1 February 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 |
Provided during the year | 1.1 | 4.5 | 1.8 | 7.4 |
Disposals | \u2013 | (1.6) | (2.1) | (3.7) |
At 31 January 2025 | 2.5 | 8.2 | 6.0 | 16.7 |
Net book value | ||||
At 31 January 2025 | 1.2 | 20.0 | 3.7 | 24.9 |
At 31 January 2024 | 2.6 | 17.2 | 4.8 | 24.6 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Cost of sales | 5.2 | 9.9 |
Administrative and selling expenses (Note 5) | 2.2 | 2.0 |
7.4 | 11.9 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Within one year | 6.7 | 6.9 |
Between one and five years | 19.9 | 16.5 |
After five years | 4.2 | 7.6 |
Total minimum lease payments | 30.8 | 31.0 |
Less amounts representing finance charges | (4.7) | (4.7) |
Present value of minimum lease payments | 26.1 | 26.3 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
FVTPL | ||
Foreign exchange forward contracts | 0.2 | \u2013 |
Money market funds | 62.9 | 32.8 |
Debt securities | 178.7 | 219.1 |
241.8 | 251.9 | |
FVTPL designated in a hedging relationship | ||
Foreign exchange forward contracts | 0.9 | \u2013 |
Fuel oil swaps | \u2013 | 0.3 |
0.9 | 0.3 | |
Amortised cost | ||
Deposits with financial institutions | 11.5 | \u2013 |
11.5 | \u2013 | |
Amounts reclassified to assets held for sale (Note 38a)) | (241.6) | \u2013 |
Total financial assets | 12.6 | 252.2 |
Current | 12.4 | 74.1 |
Non-current | 0.2 | 178.1 |
12.6 | 252.2 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Total financial assets (as above and presented on the face of the statement of financial position) | 12.6 | 252.2 |
Trade receivables (Note 23) | 99.7 | 81.4 |
Other receivables (Note 23) | 7.0 | 12.2 |
Cash and short-term deposits (Note 25) | 129.2 | 188.7 |
Total financial assets (including cash and short-term deposits, trade and other receivables) | 248.5 | 534.5 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
FVTPL | ||
Foreign exchange forward contracts | 0.2 | 0.5 |
0.2 | 0.5 | |
FVTPL designated in a hedging relationship | ||
Foreign exchange forward contracts | 0.9 | 2.7 |
Fuel oil swaps | 0.5 | 0.8 |
1.4 | 3.5 | |
Amortised cost | ||
Bonds, Ocean Cruise ship loans and the loan facility provided by Roger De Haan (Note 30) | 662.2 | 796.2 |
Lease liabilities | 26.1 | 26.3 |
Bank overdrafts | 1.6 | 1.9 |
689.9 | 824.4 | |
Amounts reclassified to liabilities associated with assets held for sale (Note 38a)) | (1.4) | \u2013 |
Total financial liabilities | 690.1 | 828.4 |
Current | 71.3 | 238.2 |
Non-current | 618.8 | 590.2 |
690.1 | 828.4 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Total financial liabilities (as above and presented on the face of the statement of financial position) | 690.1 | 828.4 |
Trade payables (Note 26) | 145.5 | 139.3 |
Other payables (Note 26) | 9.0 | 9.0 |
Accruals (Note 26) | 43.9 | 40.6 |
Total financial liabilities (including trade and other payables, and accruals) | 888.5 | 1,017.3 |
| At 31 January 2025 | At 31 January 2024 | |||||||
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\u00a0fair value | ||||||||
Foreign exchange forwards | \u2013 | 1.1 | \u2013 | 1.1 | \u2013 | \u2013 | \u2013 | \u2013 |
Fuel oil swaps | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.3 | \u2013 | 0.3 |
Debt securities | 178.7 | \u2013 | \u2013 | 178.7 | 219.1 | \u2013 | \u2013 | 219.1 |
Money market funds | 62.9 | \u2013 | \u2013 | 62.9 | 32.8 | \u2013 | \u2013 | 32.8 |
Financial liabilities measured | ||||||||
at\u00a0fair value | ||||||||
Foreign exchange forwards | \u2013 | 1.1 | \u2013 | 1.1 | \u2013 | 3.2 | \u2013 | 3.2 |
Fuel oil swaps | \u2013 | 0.5 | \u2013 | 0.5 | \u2013 | 0.8 | \u2013 | 0.8 |
Financial assets for which | ||||||||
fair\u00a0values are disclosed | ||||||||
Deposits with financial institutions | \u2013 | 11.5 | \u2013 | 11.5 | \u2013 | \u2013 | \u2013 | \u2013 |
Financial liabilities for which | ||||||||
fair\u00a0values are disclosed | ||||||||
Bonds, Ocean Cruise ship loans | 249.7 | 400.6 | \u2013 | 650.3 | 356.3 | 356.1 | \u2013 | 712.4 |
and\u00a0the loan facility provided | ||||||||
by\u00a0Roger\u00a0De Haan | ||||||||
Lease liabilities | \u2013 | 26.1 | \u2013 | 26.1 | \u2013 | 26.3 | \u2013 | 26.3 |
Bank overdrafts | \u2013 | 1.6 | \u2013 | 1.6 | \u2013 | 1.9 | \u2013 | 1.9 |
Designated in the year | At 31 January 2025 | At 31 January 2024 | ||||
Foreign currency cash flow hedging instruments (nominal amounts) | Volume | \u00a3m | Volume | \u00a3m | Volume | \u00a3m |
Euro ( EUR ) | 62 | (0.7) | 63 | (0.7) | 46 | (1.2) |
US dollar ( USD ) | 64 | 0.8 | 64 | 0.8 | 65 | (1.3) |
Other currencies | 132 | (0.1) | 132 | (0.1) | 97 | (0.2) |
Total | 258 | \u2013 | 259 | \u2013 | 208 | (2.7) |
Designated in the year | At 31 January 2025 | At 31 January 2024 | ||||
Commodity cash flow hedging instruments (nominal amounts) | Volume | \u00a3m | Volume | \u00a3m | Volume | \u00a3m |
Hedging instruments | 20 | (0.4) | 35 | (0.5) | 65 | (0.5) |
Total | ||||||
Other | currency | Fuel | ||||
EUR | USD | currencies | hedges | hedges | Total | |
Determination period | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
1 February 2025 to 31 July 2025 | 24.5 | 16.2 | 3.9 | 44.6 | (0.1) | 44.5 |
1 August 2025 to 31 January 2026 | 21.8 | 20.4 | 2.7 | 44.9 | (0.4) | 44.5 |
1 February 2026 to 31 July 2026 | 1.9 | 6.2 | 0.3 | 8.4 | \u2013 | 8.4 |
1 August 2026 to 31 January 2027 | \u2013 | 0.2 | \u2013 | 0.2 | \u2013 | 0.2 |
Total | 48.2 | 43.0 | 6.9 | 98.1 | (0.5) | 97.6 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
FVTPL | ||
Foreign exchange forward contracts | 0.2 | \u2013 |
Money market funds | 62.9 | 32.8 |
Debt securities | 178.7 | 219.1 |
241.8 | 251.9 | |
FVTPL designated in a hedging relationship | ||
Foreign exchange forward contracts | 0.9 | \u2013 |
Fuel oil swaps | \u2013 | 0.3 |
0.9 | 0.3 | |
Amortised cost | ||
Deposits with financial institutions | 11.5 | \u2013 |
11.5 | \u2013 | |
Amounts reclassified to assets held for sale (Note 38a)) | (241.6) | \u2013 |
Total financial assets | 12.6 | 252.2 |
Current | 12.4 | 74.1 |
Non-current | 0.2 | 178.1 |
12.6 | 252.2 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Total financial assets (as above and presented on the face of the statement of financial position) | 12.6 | 252.2 |
Trade receivables (Note 23) | 99.7 | 81.4 |
Other receivables (Note 23) | 7.0 | 12.2 |
Cash and short-term deposits (Note 25) | 129.2 | 188.7 |
Total financial assets (including cash and short-term deposits, trade and other receivables) | 248.5 | 534.5 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
FVTPL | ||
Foreign exchange forward contracts | 0.2 | 0.5 |
0.2 | 0.5 | |
FVTPL designated in a hedging relationship | ||
Foreign exchange forward contracts | 0.9 | 2.7 |
Fuel oil swaps | 0.5 | 0.8 |
1.4 | 3.5 | |
Amortised cost | ||
Bonds, Ocean Cruise ship loans and the loan facility provided by Roger De Haan (Note 30) | 662.2 | 796.2 |
Lease liabilities | 26.1 | 26.3 |
Bank overdrafts | 1.6 | 1.9 |
689.9 | 824.4 | |
Amounts reclassified to liabilities associated with assets held for sale (Note 38a)) | (1.4) | \u2013 |
Total financial liabilities | 690.1 | 828.4 |
Current | 71.3 | 238.2 |
Non-current | 618.8 | 590.2 |
690.1 | 828.4 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Total financial liabilities (as above and presented on the face of the statement of financial position) | 690.1 | 828.4 |
Trade payables (Note 26) | 145.5 | 139.3 |
Other payables (Note 26) | 9.0 | 9.0 |
Accruals (Note 26) | 43.9 | 40.6 |
Total financial liabilities (including trade and other payables, and accruals) | 888.5 | 1,017.3 |
| At 31 January 2025 | At 31 January 2024 | |||||||
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\u00a0fair value | ||||||||
Foreign exchange forwards | \u2013 | 1.1 | \u2013 | 1.1 | \u2013 | \u2013 | \u2013 | \u2013 |
Fuel oil swaps | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.3 | \u2013 | 0.3 |
Debt securities | 178.7 | \u2013 | \u2013 | 178.7 | 219.1 | \u2013 | \u2013 | 219.1 |
Money market funds | 62.9 | \u2013 | \u2013 | 62.9 | 32.8 | \u2013 | \u2013 | 32.8 |
Financial liabilities measured | ||||||||
at\u00a0fair value | ||||||||
Foreign exchange forwards | \u2013 | 1.1 | \u2013 | 1.1 | \u2013 | 3.2 | \u2013 | 3.2 |
Fuel oil swaps | \u2013 | 0.5 | \u2013 | 0.5 | \u2013 | 0.8 | \u2013 | 0.8 |
Financial assets for which | ||||||||
fair\u00a0values are disclosed | ||||||||
Deposits with financial institutions | \u2013 | 11.5 | \u2013 | 11.5 | \u2013 | \u2013 | \u2013 | \u2013 |
Financial liabilities for which | ||||||||
fair\u00a0values are disclosed | ||||||||
Bonds, Ocean Cruise ship loans | 249.7 | 400.6 | \u2013 | 650.3 | 356.3 | 356.1 | \u2013 | 712.4 |
and\u00a0the loan facility provided | ||||||||
by\u00a0Roger\u00a0De Haan | ||||||||
Lease liabilities | \u2013 | 26.1 | \u2013 | 26.1 | \u2013 | 26.3 | \u2013 | 26.3 |
Bank overdrafts | \u2013 | 1.6 | \u2013 | 1.6 | \u2013 | 1.9 | \u2013 | 1.9 |
Designated in the year | At 31 January 2025 | At 31 January 2024 | ||||
Foreign currency cash flow hedging instruments (nominal amounts) | Volume | \u00a3m | Volume | \u00a3m | Volume | \u00a3m |
Euro ( EUR ) | 62 | (0.7) | 63 | (0.7) | 46 | (1.2) |
US dollar ( USD ) | 64 | 0.8 | 64 | 0.8 | 65 | (1.3) |
Other currencies | 132 | (0.1) | 132 | (0.1) | 97 | (0.2) |
Total | 258 | \u2013 | 259 | \u2013 | 208 | (2.7) |
Designated in the year | At 31 January 2025 | At 31 January 2024 | ||||
Commodity cash flow hedging instruments (nominal amounts) | Volume | \u00a3m | Volume | \u00a3m | Volume | \u00a3m |
Hedging instruments | 20 | (0.4) | 35 | (0.5) | 65 | (0.5) |
Total | ||||||
Other | currency | Fuel | ||||
EUR | USD | currencies | hedges | hedges | Total | |
Determination period | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
1 February 2025 to 31 July 2025 | 24.5 | 16.2 | 3.9 | 44.6 | (0.1) | 44.5 |
1 August 2025 to 31 January 2026 | 21.8 | 20.4 | 2.7 | 44.9 | (0.4) | 44.5 |
1 February 2026 to 31 July 2026 | 1.9 | 6.2 | 0.3 | 8.4 | \u2013 | 8.4 |
1 August 2026 to 31 January 2027 | \u2013 | 0.2 | \u2013 | 0.2 | \u2013 | 0.2 |
Total | 48.2 | 43.0 | 6.9 | 98.1 | (0.5) | 97.6 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
FVTPL | ||
Foreign exchange forward contracts | 0.2 | \u2013 |
Money market funds | 62.9 | 32.8 |
Debt securities | 178.7 | 219.1 |
241.8 | 251.9 | |
FVTPL designated in a hedging relationship | ||
Foreign exchange forward contracts | 0.9 | \u2013 |
Fuel oil swaps | \u2013 | 0.3 |
0.9 | 0.3 | |
Amortised cost | ||
Deposits with financial institutions | 11.5 | \u2013 |
11.5 | \u2013 | |
Amounts reclassified to assets held for sale (Note 38a)) | (241.6) | \u2013 |
Total financial assets | 12.6 | 252.2 |
Current | 12.4 | 74.1 |
Non-current | 0.2 | 178.1 |
12.6 | 252.2 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Total financial assets (as above and presented on the face of the statement of financial position) | 12.6 | 252.2 |
Trade receivables (Note 23) | 99.7 | 81.4 |
Other receivables (Note 23) | 7.0 | 12.2 |
Cash and short-term deposits (Note 25) | 129.2 | 188.7 |
Total financial assets (including cash and short-term deposits, trade and other receivables) | 248.5 | 534.5 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
FVTPL | ||
Foreign exchange forward contracts | 0.2 | 0.5 |
0.2 | 0.5 | |
FVTPL designated in a hedging relationship | ||
Foreign exchange forward contracts | 0.9 | 2.7 |
Fuel oil swaps | 0.5 | 0.8 |
1.4 | 3.5 | |
Amortised cost | ||
Bonds, Ocean Cruise ship loans and the loan facility provided by Roger De Haan (Note 30) | 662.2 | 796.2 |
Lease liabilities | 26.1 | 26.3 |
Bank overdrafts | 1.6 | 1.9 |
689.9 | 824.4 | |
Amounts reclassified to liabilities associated with assets held for sale (Note 38a)) | (1.4) | \u2013 |
Total financial liabilities | 690.1 | 828.4 |
Current | 71.3 | 238.2 |
Non-current | 618.8 | 590.2 |
690.1 | 828.4 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Total financial liabilities (as above and presented on the face of the statement of financial position) | 690.1 | 828.4 |
Trade payables (Note 26) | 145.5 | 139.3 |
Other payables (Note 26) | 9.0 | 9.0 |
Accruals (Note 26) | 43.9 | 40.6 |
Total financial liabilities (including trade and other payables, and accruals) | 888.5 | 1,017.3 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
FVTPL | ||
Foreign exchange forward contracts | 0.2 | \u2013 |
Money market funds | 62.9 | 32.8 |
Debt securities | 178.7 | 219.1 |
241.8 | 251.9 | |
FVTPL designated in a hedging relationship | ||
Foreign exchange forward contracts | 0.9 | \u2013 |
Fuel oil swaps | \u2013 | 0.3 |
0.9 | 0.3 | |
Amortised cost | ||
Deposits with financial institutions | 11.5 | \u2013 |
11.5 | \u2013 | |
Amounts reclassified to assets held for sale (Note 38a)) | (241.6) | \u2013 |
Total financial assets | 12.6 | 252.2 |
Current | 12.4 | 74.1 |
Non-current | 0.2 | 178.1 |
12.6 | 252.2 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Total financial assets (as above and presented on the face of the statement of financial position) | 12.6 | 252.2 |
Trade receivables (Note 23) | 99.7 | 81.4 |
Other receivables (Note 23) | 7.0 | 12.2 |
Cash and short-term deposits (Note 25) | 129.2 | 188.7 |
Total financial assets (including cash and short-term deposits, trade and other receivables) | 248.5 | 534.5 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
FVTPL | ||
Foreign exchange forward contracts | 0.2 | \u2013 |
Money market funds | 62.9 | 32.8 |
Debt securities | 178.7 | 219.1 |
241.8 | 251.9 | |
FVTPL designated in a hedging relationship | ||
Foreign exchange forward contracts | 0.9 | \u2013 |
Fuel oil swaps | \u2013 | 0.3 |
0.9 | 0.3 | |
Amortised cost | ||
Deposits with financial institutions | 11.5 | \u2013 |
11.5 | \u2013 | |
Amounts reclassified to assets held for sale (Note 38a)) | (241.6) | \u2013 |
Total financial assets | 12.6 | 252.2 |
Current | 12.4 | 74.1 |
Non-current | 0.2 | 178.1 |
12.6 | 252.2 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Total financial assets (as above and presented on the face of the statement of financial position) | 12.6 | 252.2 |
Trade receivables (Note 23) | 99.7 | 81.4 |
Other receivables (Note 23) | 7.0 | 12.2 |
Cash and short-term deposits (Note 25) | 129.2 | 188.7 |
Total financial assets (including cash and short-term deposits, trade and other receivables) | 248.5 | 534.5 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Cash at bank and in hand | 93.0 | 57.8 |
Short-term deposits and money market funds held outside of the Insurance Underwriting business | 36.2 | 130.9 |
Cash and short-term deposits | 129.2 | 188.7 |
Money market funds (Note 19) | \u2013 | 32.8 |
Bank overdraft | (0.2) | (1.9) |
Cash and cash equivalents held by disposal group (including money market funds) | 74.1 | \u2013 |
Cash and cash equivalents in the consolidated statement of cash flows | 203.1 | 219.6 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
FVTPL | ||
Foreign exchange forward contracts | 0.2 | \u2013 |
Money market funds | 62.9 | 32.8 |
Debt securities | 178.7 | 219.1 |
241.8 | 251.9 | |
FVTPL designated in a hedging relationship | ||
Foreign exchange forward contracts | 0.9 | \u2013 |
Fuel oil swaps | \u2013 | 0.3 |
0.9 | 0.3 | |
Amortised cost | ||
Deposits with financial institutions | 11.5 | \u2013 |
11.5 | \u2013 | |
Amounts reclassified to assets held for sale (Note 38a)) | (241.6) | \u2013 |
Total financial assets | 12.6 | 252.2 |
Current | 12.4 | 74.1 |
Non-current | 0.2 | 178.1 |
12.6 | 252.2 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Total financial assets (as above and presented on the face of the statement of financial position) | 12.6 | 252.2 |
Trade receivables (Note 23) | 99.7 | 81.4 |
Other receivables (Note 23) | 7.0 | 12.2 |
Cash and short-term deposits (Note 25) | 129.2 | 188.7 |
Total financial assets (including cash and short-term deposits, trade and other receivables) | 248.5 | 534.5 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
FVTPL | ||
Foreign exchange forward contracts | 0.2 | 0.5 |
0.2 | 0.5 | |
FVTPL designated in a hedging relationship | ||
Foreign exchange forward contracts | 0.9 | 2.7 |
Fuel oil swaps | 0.5 | 0.8 |
1.4 | 3.5 | |
Amortised cost | ||
Bonds, Ocean Cruise ship loans and the loan facility provided by Roger De Haan (Note 30) | 662.2 | 796.2 |
Lease liabilities | 26.1 | 26.3 |
Bank overdrafts | 1.6 | 1.9 |
689.9 | 824.4 | |
Amounts reclassified to liabilities associated with assets held for sale (Note 38a)) | (1.4) | \u2013 |
Total financial liabilities | 690.1 | 828.4 |
Current | 71.3 | 238.2 |
Non-current | 618.8 | 590.2 |
690.1 | 828.4 |
| At 31 January 2025 | At 31 January 2024 | |||||||
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\u00a0fair value | ||||||||
Foreign exchange forwards | \u2013 | 1.1 | \u2013 | 1.1 | \u2013 | \u2013 | \u2013 | \u2013 |
Fuel oil swaps | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.3 | \u2013 | 0.3 |
Debt securities | 178.7 | \u2013 | \u2013 | 178.7 | 219.1 | \u2013 | \u2013 | 219.1 |
Money market funds | 62.9 | \u2013 | \u2013 | 62.9 | 32.8 | \u2013 | \u2013 | 32.8 |
Financial liabilities measured | ||||||||
at\u00a0fair value | ||||||||
Foreign exchange forwards | \u2013 | 1.1 | \u2013 | 1.1 | \u2013 | 3.2 | \u2013 | 3.2 |
Fuel oil swaps | \u2013 | 0.5 | \u2013 | 0.5 | \u2013 | 0.8 | \u2013 | 0.8 |
Financial assets for which | ||||||||
fair\u00a0values are disclosed | ||||||||
Deposits with financial institutions | \u2013 | 11.5 | \u2013 | 11.5 | \u2013 | \u2013 | \u2013 | \u2013 |
Financial liabilities for which | ||||||||
fair\u00a0values are disclosed | ||||||||
Bonds, Ocean Cruise ship loans | 249.7 | 400.6 | \u2013 | 650.3 | 356.3 | 356.1 | \u2013 | 712.4 |
and\u00a0the loan facility provided | ||||||||
by\u00a0Roger\u00a0De Haan | ||||||||
Lease liabilities | \u2013 | 26.1 | \u2013 | 26.1 | \u2013 | 26.3 | \u2013 | 26.3 |
Bank overdrafts | \u2013 | 1.6 | \u2013 | 1.6 | \u2013 | 1.9 | \u2013 | 1.9 |
| At 31 January 2025 | At 31 January 2024 | |||||||
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\u00a0fair value | ||||||||
Foreign exchange forwards | \u2013 | 1.1 | \u2013 | 1.1 | \u2013 | \u2013 | \u2013 | \u2013 |
Fuel oil swaps | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.3 | \u2013 | 0.3 |
Debt securities | 178.7 | \u2013 | \u2013 | 178.7 | 219.1 | \u2013 | \u2013 | 219.1 |
Money market funds | 62.9 | \u2013 | \u2013 | 62.9 | 32.8 | \u2013 | \u2013 | 32.8 |
Financial liabilities measured | ||||||||
at\u00a0fair value | ||||||||
Foreign exchange forwards | \u2013 | 1.1 | \u2013 | 1.1 | \u2013 | 3.2 | \u2013 | 3.2 |
Fuel oil swaps | \u2013 | 0.5 | \u2013 | 0.5 | \u2013 | 0.8 | \u2013 | 0.8 |
Financial assets for which | ||||||||
fair\u00a0values are disclosed | ||||||||
Deposits with financial institutions | \u2013 | 11.5 | \u2013 | 11.5 | \u2013 | \u2013 | \u2013 | \u2013 |
Financial liabilities for which | ||||||||
fair\u00a0values are disclosed | ||||||||
Bonds, Ocean Cruise ship loans | 249.7 | 400.6 | \u2013 | 650.3 | 356.3 | 356.1 | \u2013 | 712.4 |
and\u00a0the loan facility provided | ||||||||
by\u00a0Roger\u00a0De Haan | ||||||||
Lease liabilities | \u2013 | 26.1 | \u2013 | 26.1 | \u2013 | 26.3 | \u2013 | 26.3 |
Bank overdrafts | \u2013 | 1.6 | \u2013 | 1.6 | \u2013 | 1.9 | \u2013 | 1.9 |
Designated in the year | At 31 January 2025 | At 31 January 2024 | ||||
Foreign currency cash flow hedging instruments (nominal amounts) | Volume | \u00a3m | Volume | \u00a3m | Volume | \u00a3m |
Euro ( EUR ) | 62 | (0.7) | 63 | (0.7) | 46 | (1.2) |
US dollar ( USD ) | 64 | 0.8 | 64 | 0.8 | 65 | (1.3) |
Other currencies | 132 | (0.1) | 132 | (0.1) | 97 | (0.2) |
Total | 258 | \u2013 | 259 | \u2013 | 208 | (2.7) |
Designated in the year | At 31 January 2025 | At 31 January 2024 | ||||
Commodity cash flow hedging instruments (nominal amounts) | Volume | \u00a3m | Volume | \u00a3m | Volume | \u00a3m |
Hedging instruments | 20 | (0.4) | 35 | (0.5) | 65 | (0.5) |
Total | ||||||
Other | currency | Fuel | ||||
EUR | USD | currencies | hedges | hedges | Total | |
Determination period | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
1 February 2025 to 31 July 2025 | 24.5 | 16.2 | 3.9 | 44.6 | (0.1) | 44.5 |
1 August 2025 to 31 January 2026 | 21.8 | 20.4 | 2.7 | 44.9 | (0.4) | 44.5 |
1 February 2026 to 31 July 2026 | 1.9 | 6.2 | 0.3 | 8.4 | \u2013 | 8.4 |
1 August 2026 to 31 January 2027 | \u2013 | 0.2 | \u2013 | 0.2 | \u2013 | 0.2 |
Total | 48.2 | 43.0 | 6.9 | 98.1 | (0.5) | 97.6 |
Sensitivity of +/\u2013 5% | |||
foreign exchange | |||
rate change in | Effect on equity | Effect on profit after tax | |
2025 | EUR | +/\u2013 \u00a32.2m | +/\u2013 \u00a30.3m |
USD | +/\u2013 \u00a32.1m | +/\u2013 \u00a30.5m | |
2024 | EUR | +/\u2013 \u00a31.5m | +/\u2013 \u00a30.2m |
USD | +/\u2013 \u00a31.6m | +/\u2013 \u00a30.2m |
Sensitivity of +/\u2013 5% | |||
rate change in | Effect on equity | Effect on profit after tax | |
2025 | USD \u2013 Fuel oil price | +/\u2013 \u00a30.5m | \u2013 |
2024 | USD \u2013 Fuel oil price | +/\u2013 \u00a30.8m | \u2013 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Investments in debt securities with a fixed interest rate | 167.9 | 205.9 |
Investments in debt securities with a floating interest rate | 10.8 | 13.2 |
Money market funds and short-term deposits | 99.1 | 163.7 |
Borrowings with a floating interest rate (deferred repayments of ship loans) | (24.8) | (43.2) |
Insurance contract liabilities for incurred claims | (269.6) | (326.6) |
Reinsurance assets for incurred claims | 117.1 | 175.0 |
Insurance contract liabilities for remaining coverage (loss component) | (1.8) | (16.1) |
Reinsurance assets for remaining coverage (loss-recovery component) | \u2013 | 1.3 |
2025 | 2024 | |||
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 | \u00a30.6m | (\u00a30.6m) | \u00a30.2m | (\u00a30.2m) |
Insurance and reinsurance contracts: Net loss component | \u00a30.2m | (\u00a30.2m) | \u00a30.3m | (\u00a30.3m) |
Interest rate change (impact on debt securities) | (\u00a30.6m) | \u00a30.6m | (\u00a31.8m) | \u00a31.8m |
Net impact | \u00a30.2m | (\u00a30.2m) | (\u00a31.3m) | \u00a31.3m |
2025 | 2024 | |||
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 | \u2013 | \u2013 | \u00a30.1m | (\u00a30.1m) |
Money market funds held within the Insurance business and | \u00a30.4m | (\u00a30.4m) | \u00a30.6m | (\u00a30.6m) |
short-term deposits | ||||
Borrowings with a floating interest rate (deferred repayments | (\u00a30.1m) | \u00a30.1m | (\u00a30.2m) | \u00a30.2m |
of\u00a0ship\u00a0loans) | ||||
Net impact | \u00a30.3m | (\u00a30.3m) | \u00a30.5m | (\u00a30.5m) |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Travel | 1.7 | 1.8 |
Insurance | 14.0 | 31.9 |
Other Businesses and Central Costs | 3.0 | 2.4 |
18.7 | 36.1 | |
Amounts relating to assets held for sale (Note 38a)) | (2.4) | \u2013 |
16.3 | 36.1 |
31 January 2025 | Current | < 30 days | 30-60 days | 61-90 days | 91-120 days | > 120 days | Total |
Expected loss rate | 0.4% | 31.1% | 14.5% | 28.1% | 25.7% | 80.6% | |
Gross carrying amount \u2013 trade receivables (Note 23) | \u00a398.5m | \u00a31.4m | \u00a30.4m | \u00a30.1m | \u00a30.2m | \u00a30.6m | \u00a3101.2m |
Loss allowance (Note 23) | \u00a30.4m | \u00a30.4m | \u00a30.1m | \u2013 | \u00a30.1m | \u00a30.5m | \u00a31.5m |
31 January 2024 | Current | < 30 days | 30-60 days | 61-90 days | 91-120 days | > 120 days | Total |
Expected loss rate | 0.2% | 5.2% | 4.2% | 18.0% | 59.1% | 63.2% | |
Gross carrying amount \u2013 trade receivables (Note 23) | \u00a378.9m | \u00a32.2m | \u00a30.5m | \u00a30.2m | \u00a30.1m | \u00a30.4m | \u00a382.3m |
Loss allowance (Note 23) | \u00a30.4m | \u00a30.1m | \u2013 | \u2013 | \u00a30.1m | \u00a30.3m | \u00a30.9m |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Opening loss allowance at 1 February | 0.9 | 1.1 |
Increase in loan loss allowance recognised in profit or loss during the year | 2.0 | 1.3 |
Receivables written off during the year as uncollectable | (1.2) | (1.3) |
Unused amount reversed | (0.2) | (0.2) |
Closing loss allowance at 31 January | 1.5 | 0.9 |
31 January 2025 | ||||||
\u00a3m | AAA | AA | A | BBB | Unrated | Total |
Debt securities | 22.8 | 53.2 | 52.4 | 50.3 | \u2013 | 178.7 |
Money market funds held within Insurance Underwriting | 62.9 | \u2013 | \u2013 | \u2013 | \u2013 | 62.9 |
Deposits with financial institutions | \u2013 | 1.0 | 10.5 | \u2013 | \u2013 | 11.5 |
Derivative assets | \u2013 | 0.2 | 0.9 | \u2013 | \u2013 | 1.1 |
85.7 | 54.4 | 63.8 | 50.3 | \u2013 | 254.2 | |
Credit exposed component of reinsurance contract assets | \u2013 | 92.8 | 24.3 | \u2013 | \u2013 | 117.1 |
Total | 85.7 | 147.2 | 88.1 | 50.3 | \u2013 | 371.3 |
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 Insurance Underwriting | 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 2025 | On | Less than | 1 to 2 | 2 to 3 | 3 to 4 | 4 to 5 | Over 5 | |
\u00a3m | demand | 1\u00a0year | years | years | years | years | years | Total |
Bonds, Ocean Cruise ship loans and the loan | \u2013 | 55.7 | 379.2 | 46.4 | 43.8 | 43.8 | 100.9 | 669.8 |
facility provided by Roger De Haan | ||||||||
Interest on bonds, Ocean Cruise ship loans and | \u2013 | 31.6 | 18.9 | 6.6 | 5.2 | 3.9 | 4.3 | 70.5 |
the loan facility provided by Roger De Haan | ||||||||
Bank overdrafts | 1.6 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1.6 |
Insurance contract liabilities | \u2013 | 69.1 | 43.1 | 25.3 | 14.6 | 7.5 | 76.3 | 235.9 |
Derivative liabilities | \u2013 | 1.6 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1.6 |
Lease liabilities | \u2013 | 5.1 | 4.9 | 4.4 | 4.7 | 3.0 | 4.0 | 26.1 |
Interest on lease liabilities | \u2013 | 1.6 | 1.2 | 0.9 | 0.5 | 0.3 | 0.2 | 4.7 |
1.6 | 164.7 | 447.3 | 83.6 | 68.8 | 58.5 | 185.7 | 1,010.2 |
31 January 2024 | On | Less than | 1 to 2 | 2 to 3 | 3 to 4 | 4 to 5 | Over 5 | |
\u00a3m | demand | 1 year | years | years | years | years | years | Total |
Bonds and Ocean Cruise ship loans | \u2013 | 212.2 | 55.7 | 304.2 | 46.5 | 43.8 | 144.6 | 807.0 |
Interest on bonds and Ocean Cruise 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 2025 | Less than | 1 to 2 | 2 to 3 | 3 to 4 | 4 to 5 | Over | No | |
\u00a3m | 1 year | years | years | years | years | 5 years | maturity | Total |
Debt securities | 77.2 | 50.9 | 35.4 | 9.0 | 7.4 | 13.3 | \u2013 | 193.2 |
Money market funds held within | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 62.9 | 62.9 |
Insurance Underwriting | ||||||||
77.2 | 50.9 | 35.4 | 9.0 | 7.4 | 13.3 | 62.9 | 256.1 |
31 January 2024 | Less than | 1 to 2 | 2 to 3 | 3 to 4 | 4 to 5 | Over 5 | No | |
\u00a3m | 1 year | years | years | years | years | years | 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 |
Insurance Underwriting | ||||||||
47.9 | 76.8 | 53.5 | 34.8 | 9.1 | 21.4 | 32.8 | 276.3 |
2025 | 2024 | |||
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 | (8.8) | (0.9) | (9.0) | (1.2) |
5ppt decrease to 80% net confidence level | 6.6 | 0.7 | 6.8 | 0.9 |
Change in the confidence level of the onerous contract provision | ||||
5ppt increase to 90% net confidence level | (1.9) | (1.9) | (3.0) | (2.7) |
5ppt decrease to 80% net confidence level | 1.0 | 1.0 | 3.4 | 2.8 |
Change in non-PPO claim inflation assumption within liabilities for incurred claims | ||||
100bps increase | (3.1) | (0.9) | (4.7) | (1.4) |
100bps decrease | 3.0 | 0.8 | 4.5 | 1.3 |
Sensitivity of +/\u2013 5% | |||
foreign exchange | |||
rate change in | Effect on equity | Effect on profit after tax | |
2025 | EUR | +/\u2013 \u00a32.2m | +/\u2013 \u00a30.3m |
USD | +/\u2013 \u00a32.1m | +/\u2013 \u00a30.5m | |
2024 | EUR | +/\u2013 \u00a31.5m | +/\u2013 \u00a30.2m |
USD | +/\u2013 \u00a31.6m | +/\u2013 \u00a30.2m |
Sensitivity of +/\u2013 5% | |||
rate change in | Effect on equity | Effect on profit after tax | |
2025 | USD \u2013 Fuel oil price | +/\u2013 \u00a30.5m | \u2013 |
2024 | USD \u2013 Fuel oil price | +/\u2013 \u00a30.8m | \u2013 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Investments in debt securities with a fixed interest rate | 167.9 | 205.9 |
Investments in debt securities with a floating interest rate | 10.8 | 13.2 |
Money market funds and short-term deposits | 99.1 | 163.7 |
Borrowings with a floating interest rate (deferred repayments of ship loans) | (24.8) | (43.2) |
Insurance contract liabilities for incurred claims | (269.6) | (326.6) |
Reinsurance assets for incurred claims | 117.1 | 175.0 |
Insurance contract liabilities for remaining coverage (loss component) | (1.8) | (16.1) |
Reinsurance assets for remaining coverage (loss-recovery component) | \u2013 | 1.3 |
2025 | 2024 | |||
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 | \u00a30.6m | (\u00a30.6m) | \u00a30.2m | (\u00a30.2m) |
Insurance and reinsurance contracts: Net loss component | \u00a30.2m | (\u00a30.2m) | \u00a30.3m | (\u00a30.3m) |
Interest rate change (impact on debt securities) | (\u00a30.6m) | \u00a30.6m | (\u00a31.8m) | \u00a31.8m |
Net impact | \u00a30.2m | (\u00a30.2m) | (\u00a31.3m) | \u00a31.3m |
2025 | 2024 | |||
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 | \u2013 | \u2013 | \u00a30.1m | (\u00a30.1m) |
Money market funds held within the Insurance business and | \u00a30.4m | (\u00a30.4m) | \u00a30.6m | (\u00a30.6m) |
short-term deposits | ||||
Borrowings with a floating interest rate (deferred repayments | (\u00a30.1m) | \u00a30.1m | (\u00a30.2m) | \u00a30.2m |
of\u00a0ship\u00a0loans) | ||||
Net impact | \u00a30.3m | (\u00a30.3m) | \u00a30.5m | (\u00a30.5m) |
Sensitivity of +/\u2013 5% | |||
foreign exchange | |||
rate change in | Effect on equity | Effect on profit after tax | |
2025 | EUR | +/\u2013 \u00a32.2m | +/\u2013 \u00a30.3m |
USD | +/\u2013 \u00a32.1m | +/\u2013 \u00a30.5m | |
2024 | EUR | +/\u2013 \u00a31.5m | +/\u2013 \u00a30.2m |
USD | +/\u2013 \u00a31.6m | +/\u2013 \u00a30.2m |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Travel | 1.7 | 1.8 |
Insurance | 14.0 | 31.9 |
Other Businesses and Central Costs | 3.0 | 2.4 |
18.7 | 36.1 | |
Amounts relating to assets held for sale (Note 38a)) | (2.4) | \u2013 |
16.3 | 36.1 |
31 January 2025 | Current | < 30 days | 30-60 days | 61-90 days | 91-120 days | > 120 days | Total |
Expected loss rate | 0.4% | 31.1% | 14.5% | 28.1% | 25.7% | 80.6% | |
Gross carrying amount \u2013 trade receivables (Note 23) | \u00a398.5m | \u00a31.4m | \u00a30.4m | \u00a30.1m | \u00a30.2m | \u00a30.6m | \u00a3101.2m |
Loss allowance (Note 23) | \u00a30.4m | \u00a30.4m | \u00a30.1m | \u2013 | \u00a30.1m | \u00a30.5m | \u00a31.5m |
31 January 2024 | Current | < 30 days | 30-60 days | 61-90 days | 91-120 days | > 120 days | Total |
Expected loss rate | 0.2% | 5.2% | 4.2% | 18.0% | 59.1% | 63.2% | |
Gross carrying amount \u2013 trade receivables (Note 23) | \u00a378.9m | \u00a32.2m | \u00a30.5m | \u00a30.2m | \u00a30.1m | \u00a30.4m | \u00a382.3m |
Loss allowance (Note 23) | \u00a30.4m | \u00a30.1m | \u2013 | \u2013 | \u00a30.1m | \u00a30.3m | \u00a30.9m |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Opening loss allowance at 1 February | 0.9 | 1.1 |
Increase in loan loss allowance recognised in profit or loss during the year | 2.0 | 1.3 |
Receivables written off during the year as uncollectable | (1.2) | (1.3) |
Unused amount reversed | (0.2) | (0.2) |
Closing loss allowance at 31 January | 1.5 | 0.9 |
31 January 2025 | ||||||
\u00a3m | AAA | AA | A | BBB | Unrated | Total |
Debt securities | 22.8 | 53.2 | 52.4 | 50.3 | \u2013 | 178.7 |
Money market funds held within Insurance Underwriting | 62.9 | \u2013 | \u2013 | \u2013 | \u2013 | 62.9 |
Deposits with financial institutions | \u2013 | 1.0 | 10.5 | \u2013 | \u2013 | 11.5 |
Derivative assets | \u2013 | 0.2 | 0.9 | \u2013 | \u2013 | 1.1 |
85.7 | 54.4 | 63.8 | 50.3 | \u2013 | 254.2 | |
Credit exposed component of reinsurance contract assets | \u2013 | 92.8 | 24.3 | \u2013 | \u2013 | 117.1 |
Total | 85.7 | 147.2 | 88.1 | 50.3 | \u2013 | 371.3 |
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 Insurance Underwriting | 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 2025 | Current | < 30 days | 30-60 days | 61-90 days | 91-120 days | > 120 days | Total |
Expected loss rate | 0.4% | 31.1% | 14.5% | 28.1% | 25.7% | 80.6% | |
Gross carrying amount \u2013 trade receivables (Note 23) | \u00a398.5m | \u00a31.4m | \u00a30.4m | \u00a30.1m | \u00a30.2m | \u00a30.6m | \u00a3101.2m |
Loss allowance (Note 23) | \u00a30.4m | \u00a30.4m | \u00a30.1m | \u2013 | \u00a30.1m | \u00a30.5m | \u00a31.5m |
31 January 2024 | Current | < 30 days | 30-60 days | 61-90 days | 91-120 days | > 120 days | Total |
Expected loss rate | 0.2% | 5.2% | 4.2% | 18.0% | 59.1% | 63.2% | |
Gross carrying amount \u2013 trade receivables (Note 23) | \u00a378.9m | \u00a32.2m | \u00a30.5m | \u00a30.2m | \u00a30.1m | \u00a30.4m | \u00a382.3m |
Loss allowance (Note 23) | \u00a30.4m | \u00a30.1m | \u2013 | \u2013 | \u00a30.1m | \u00a30.3m | \u00a30.9m |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Opening loss allowance at 1 February | 0.9 | 1.1 |
Increase in loan loss allowance recognised in profit or loss during the year | 2.0 | 1.3 |
Receivables written off during the year as uncollectable | (1.2) | (1.3) |
Unused amount reversed | (0.2) | (0.2) |
Closing loss allowance at 31 January | 1.5 | 0.9 |
31 January 2025 | On | Less than | 1 to 2 | 2 to 3 | 3 to 4 | 4 to 5 | Over 5 | |
\u00a3m | demand | 1\u00a0year | years | years | years | years | years | Total |
Bonds, Ocean Cruise ship loans and the loan | \u2013 | 55.7 | 379.2 | 46.4 | 43.8 | 43.8 | 100.9 | 669.8 |
facility provided by Roger De Haan | ||||||||
Interest on bonds, Ocean Cruise ship loans and | \u2013 | 31.6 | 18.9 | 6.6 | 5.2 | 3.9 | 4.3 | 70.5 |
the loan facility provided by Roger De Haan | ||||||||
Bank overdrafts | 1.6 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1.6 |
Insurance contract liabilities | \u2013 | 69.1 | 43.1 | 25.3 | 14.6 | 7.5 | 76.3 | 235.9 |
Derivative liabilities | \u2013 | 1.6 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1.6 |
Lease liabilities | \u2013 | 5.1 | 4.9 | 4.4 | 4.7 | 3.0 | 4.0 | 26.1 |
Interest on lease liabilities | \u2013 | 1.6 | 1.2 | 0.9 | 0.5 | 0.3 | 0.2 | 4.7 |
1.6 | 164.7 | 447.3 | 83.6 | 68.8 | 58.5 | 185.7 | 1,010.2 |
31 January 2024 | On | Less than | 1 to 2 | 2 to 3 | 3 to 4 | 4 to 5 | Over 5 | |
\u00a3m | demand | 1 year | years | years | years | years | years | Total |
Bonds and Ocean Cruise ship loans | \u2013 | 212.2 | 55.7 | 304.2 | 46.5 | 43.8 | 144.6 | 807.0 |
Interest on bonds and Ocean Cruise 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 2025 | Less than | 1 to 2 | 2 to 3 | 3 to 4 | 4 to 5 | Over | No | |
\u00a3m | 1 year | years | years | years | years | 5 years | maturity | Total |
Debt securities | 77.2 | 50.9 | 35.4 | 9.0 | 7.4 | 13.3 | \u2013 | 193.2 |
Money market funds held within | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 62.9 | 62.9 |
Insurance Underwriting | ||||||||
77.2 | 50.9 | 35.4 | 9.0 | 7.4 | 13.3 | 62.9 | 256.1 |
31 January 2024 | Less than | 1 to 2 | 2 to 3 | 3 to 4 | 4 to 5 | Over 5 | No | |
\u00a3m | 1 year | years | years | years | years | years | 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 |
Insurance Underwriting | ||||||||
47.9 | 76.8 | 53.5 | 34.8 | 9.1 | 21.4 | 32.8 | 276.3 |
2025 | 2024 | |||
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 | (8.8) | (0.9) | (9.0) | (1.2) |
5ppt decrease to 80% net confidence level | 6.6 | 0.7 | 6.8 | 0.9 |
Change in the confidence level of the onerous contract provision | ||||
5ppt increase to 90% net confidence level | (1.9) | (1.9) | (3.0) | (2.7) |
5ppt decrease to 80% net confidence level | 1.0 | 1.0 | 3.4 | 2.8 |
Change in non-PPO claim inflation assumption within liabilities for incurred claims | ||||
100bps increase | (3.1) | (0.9) | (4.7) | (1.4) |
100bps decrease | 3.0 | 0.8 | 4.5 | 1.3 |
Carrying | Interest | Fair value | |
value | income | gains | |
At 31 January 2025 | \u00a3m | \u00a3m | \u00a3m |
Money market funds | 62.9 | 2.0 | \u2013 |
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 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Raw materials | 0.2 | 0.2 |
Technical stocks | 4.5 | 4.2 |
Work in progress | \u2013 | 0.1 |
Finished goods | 3.6 | 3.6 |
8.3 | 8.1 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Trade receivables (Note 20b)) | 101.2 | 82.3 |
Loss allowance (Note 20b)) | (1.5) | (0.9) |
99.7 | 81.4 | |
Amounts due from discontinued operations | 2.7 | \u2013 |
Other receivables | 7.0 | 12.2 |
Prepayments | 24.6 | 24.4 |
Contract cost assets (Note 3b)) | 4.9 | 3.6 |
Other taxes and social security costs | 4.8 | 6.1 |
143.7 | 127.7 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Trade receivables (Note 20b)) | 101.2 | 82.3 |
Loss allowance (Note 20b)) | (1.5) | (0.9) |
99.7 | 81.4 | |
Amounts due from discontinued operations | 2.7 | \u2013 |
Other receivables | 7.0 | 12.2 |
Prepayments | 24.6 | 24.4 |
Contract cost assets (Note 3b)) | 4.9 | 3.6 |
Other taxes and social security costs | 4.8 | 6.1 |
143.7 | 127.7 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Cash at bank and in hand | 93.0 | 57.8 |
Short-term deposits and money market funds held outside of the Insurance Underwriting business | 36.2 | 130.9 |
Cash and short-term deposits | 129.2 | 188.7 |
Money market funds (Note 19) | \u2013 | 32.8 |
Bank overdraft | (0.2) | (1.9) |
Cash and cash equivalents held by disposal group (including money market funds) | 74.1 | \u2013 |
Cash and cash equivalents in the consolidated statement of cash flows | 203.1 | 219.6 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Trade payables | 145.5 | 139.3 |
Amounts due to discontinued operations | 54.4 | \u2013 |
Other payables | 9.0 | 9.0 |
Other taxes and social security costs | 2.1 | 10.8 |
Assets in the course of construction | 0.4 | 1.6 |
Accruals | 43.9 | 40.6 |
255.3 | 201.3 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Trade payables | 145.5 | 139.3 |
Amounts due to discontinued operations | 54.4 | \u2013 |
Other payables | 9.0 | 9.0 |
Other taxes and social security costs | 2.1 | 10.8 |
Assets in the course of construction | 0.4 | 1.6 |
Accruals | 43.9 | 40.6 |
255.3 | 201.3 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Trade payables | 145.5 | 139.3 |
Amounts due to discontinued operations | 54.4 | \u2013 |
Other payables | 9.0 | 9.0 |
Other taxes and social security costs | 2.1 | 10.8 |
Assets in the course of construction | 0.4 | 1.6 |
Accruals | 43.9 | 40.6 |
255.3 | 201.3 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Fair value of scheme assets | 200.1 | 204.5 |
Present value of defined benefit obligation | (239.9) | (252.4) |
Defined benefit scheme liability | (39.8) | (47.9) |
Defined | |||
Fair value | Defined | benefit | |
of scheme | benefit | scheme | |
assets | obligation | liability | |
\u00a3m | \u00a3m | \u00a3m | |
1 February 2024 | 204.5 | (252.4) | (47.9) |
Pension cost charge to income statement | |||
Net interest | 10.2 | (12.5) | (2.3) |
Included in income statement | 10.2 | (12.5) | (2.3) |
Return on plan assets (excluding amounts included in net interest expense) | (13.0) | \u2013 | (13.0) |
Actuarial changes arising from changes in financial assumptions | \u2013 | 18.1 | 18.1 |
Actuarial changes arising from changes in demographic assumptions | \u2013 | 0.4 | 0.4 |
Experience adjustments | \u2013 | (0.9) | (0.9) |
Subtotal included in OCI | (13.0) | 17.6 | 4.6 |
Benefits paid | (7.4) | 7.4 | \u2013 |
Total contributions by employer | 5.8 | \u2013 | 5.8 |
At 31 January 2025 | 200.1 | (239.9) | (39.8) |
Defined | |||
Fair value | Defined | benefit | |
of 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) |
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) |
Subtotal included in OCI | (29.2) | (11.9) | (41.1) |
Benefits paid | (6.5) | 6.5 | \u2013 |
Total contributions by employer | 5.8 | \u2013 | 5.8 |
At 31 January 2024 | 204.5 | (252.4) | (47.9) |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Equities | 49.9 | 34.8 |
Bonds | 83.6 | 80.9 |
Property and alternatives | 55.5 | 63.6 |
Hedge funds | 6.1 | 18.0 |
Insured annuities | 3.0 | 3.2 |
Cash and other | 2.0 | 4.0 |
Total | 200.1 | 204.5 |
2025 | 2024 | |
Real rate of increase of pensions in payment | 3.10% | 3.05% |
Real rate of increase of pensions in deferment | 3.00% | 2.90% |
Discount rate \u2013 pensioner | 5.45% | 5.00% |
Discount rate \u2013 non-pensioner | 5.50% | 5.00% |
RPI Inflation \u2013 pensioner | 3.30% | 3.20% |
RPI Inflation \u2013 non-pensioner | 3.15% | 3.05% |
CPI Inflation \u2013 pensioner | 3.00% | 2.85% |
CPI Inflation \u2013 non-pensioner | 2.95% | 2.85% |
Life expectancy of a member retiring in 20 years\u2019 time at age 60 \u2013 Male | 26.4 yrs | 26.4 yrs |
Life expectancy of a member retiring in 20 years\u2019 time at age 60 \u2013 Female | 28.6 yrs | 28.6 yrs |
Mortality base tables | ||
Continuous Mortality Investigation ( 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 | n/a |
Scheme specific adjustment \u2013 Active Female | n/a | n/a |
Scheme specific adjustment \u2013 Deferred Male | 116% | 116% |
Scheme specific adjustment \u2013 Deferred Female | 116% | 116% |
Scheme specific adjustment \u2013 Pensioner Male | 106% | 106% |
Scheme specific adjustment \u2013 Pensioner Female | 111% | 111% |
Assumptions | Discount rate | Future inflation | Life expectancy at age 65 | |||
Sensitivity | +/\u2013 0.25% | +/\u2013 0.25% | +/\u2013 1 year | |||
Increase | Decrease | Increase | Decrease | Increase | Decrease | |
Impact \u00a3m | (9.6) | 10.2 | 5.0 | (5.5) | 6.1 | (6.1) |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Fair value of scheme assets | 200.1 | 204.5 |
Present value of defined benefit obligation | (239.9) | (252.4) |
Defined benefit scheme liability | (39.8) | (47.9) |
Defined | |||
Fair value | Defined | benefit | |
of scheme | benefit | scheme | |
assets | obligation | liability | |
\u00a3m | \u00a3m | \u00a3m | |
1 February 2024 | 204.5 | (252.4) | (47.9) |
Pension cost charge to income statement | |||
Net interest | 10.2 | (12.5) | (2.3) |
Included in income statement | 10.2 | (12.5) | (2.3) |
Return on plan assets (excluding amounts included in net interest expense) | (13.0) | \u2013 | (13.0) |
Actuarial changes arising from changes in financial assumptions | \u2013 | 18.1 | 18.1 |
Actuarial changes arising from changes in demographic assumptions | \u2013 | 0.4 | 0.4 |
Experience adjustments | \u2013 | (0.9) | (0.9) |
Subtotal included in OCI | (13.0) | 17.6 | 4.6 |
Benefits paid | (7.4) | 7.4 | \u2013 |
Total contributions by employer | 5.8 | \u2013 | 5.8 |
At 31 January 2025 | 200.1 | (239.9) | (39.8) |
Defined | |||
Fair value | Defined | benefit | |
of 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) |
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) |
Subtotal included in OCI | (29.2) | (11.9) | (41.1) |
Benefits paid | (6.5) | 6.5 | \u2013 |
Total contributions by employer | 5.8 | \u2013 | 5.8 |
At 31 January 2024 | 204.5 | (252.4) | (47.9) |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Equities | 49.9 | 34.8 |
Bonds | 83.6 | 80.9 |
Property and alternatives | 55.5 | 63.6 |
Hedge funds | 6.1 | 18.0 |
Insured annuities | 3.0 | 3.2 |
Cash and other | 2.0 | 4.0 |
Total | 200.1 | 204.5 |
2025 | 2024 | |
Real rate of increase of pensions in payment | 3.10% | 3.05% |
Real rate of increase of pensions in deferment | 3.00% | 2.90% |
Discount rate \u2013 pensioner | 5.45% | 5.00% |
Discount rate \u2013 non-pensioner | 5.50% | 5.00% |
RPI Inflation \u2013 pensioner | 3.30% | 3.20% |
RPI Inflation \u2013 non-pensioner | 3.15% | 3.05% |
CPI Inflation \u2013 pensioner | 3.00% | 2.85% |
CPI Inflation \u2013 non-pensioner | 2.95% | 2.85% |
Life expectancy of a member retiring in 20 years\u2019 time at age 60 \u2013 Male | 26.4 yrs | 26.4 yrs |
Life expectancy of a member retiring in 20 years\u2019 time at age 60 \u2013 Female | 28.6 yrs | 28.6 yrs |
Mortality base tables | ||
Continuous Mortality Investigation ( 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 | n/a |
Scheme specific adjustment \u2013 Active Female | n/a | n/a |
Scheme specific adjustment \u2013 Deferred Male | 116% | 116% |
Scheme specific adjustment \u2013 Deferred Female | 116% | 116% |
Scheme specific adjustment \u2013 Pensioner Male | 106% | 106% |
Scheme specific adjustment \u2013 Pensioner Female | 111% | 111% |
Assumptions | Discount rate | Future inflation | Life expectancy at age 65 | |||
Sensitivity | +/\u2013 0.25% | +/\u2013 0.25% | +/\u2013 1 year | |||
Increase | Decrease | Increase | Decrease | Increase | Decrease | |
Impact \u00a3m | (9.6) | 10.2 | 5.0 | (5.5) | 6.1 | (6.1) |
Liabilities for | Liabilities for | ||||
remaining coverage | incurred claims | ||||
Estimate of | |||||
the present | |||||
Excluding | value of | ||||
loss | Loss | future | Risk | ||
component | component | cash flows | adjustment | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 February 2024 | |||||
Insurance contract liabilities | (56.6) | (16.1) | (286.4) | (40.2) | (399.3) |
Insurance revenue (Note 38a)) | 197.1 | \u2013 | \u2013 | \u2013 | 197.1 |
Incurred claims and related expenses | \u2013 | 20.7 | (148.1) | (7.1) | (134.5) |
Changes to liabilities for incurred claims | \u2013 | \u2013 | 37.0 | 15.5 | 52.5 |
Insurance acquisition cash flows expensed | (22.7) | \u2013 | \u2013 | \u2013 | (22.7) |
Losses on onerous contracts and changes in such losses | \u2013 | (6.4) | \u2013 | \u2013 | (6.4) |
Other incurred insurance service expenses | \u2013 | \u2013 | (13.2) | \u2013 | (13.2) |
Insurance service (expenses)/income (Note 38a)) | (22.7) | 14.3 | (124.3) | 8.4 | (124.3) |
Insurance finance expense (Note 38a)) | \u2013 | \u2013 | (13.6) | (1.9) | (15.5) |
Total changes in the consolidated income statement | 174.4 | 14.3 | (137.9) | 6.5 | 57.3 |
Cash flows | |||||
Premiums received | (186.8) | \u2013 | \u2013 | \u2013 | (186.8) |
Insurance acquisition cash flows incurred | 22.7 | \u2013 | \u2013 | \u2013 | 22.7 |
Claims and other expenses paid | \u2013 | \u2013 | 188.4 | \u2013 | 188.4 |
Total cash flows | (164.1) | \u2013 | 188.4 | \u2013 | 24.3 |
At 31 January 2025 | |||||
Insurance contract liabilities (Note 38a)) | (46.3) | (1.8) | (235.9) | (33.7) | (317.7) |
Assets for | Amounts recoverable | ||||
remaining coverage | on incurred claims | ||||
Estimate of | |||||
Excluding | the present | ||||
loss- | Loss- | value of | |||
recovery | recovery | future | Risk | ||
component | component | cash flows | adjustment | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 February 2024 | |||||
Reinsurance contract (liabilities)/assets | (3.1) | 1.3 | 141.3 | 33.7 | 173.2 |
Allocation of reinsurance premiums | (17.1) | \u2013 | \u2013 | \u2013 | (17.1) |
Amounts recoverable for incurred claims and other expenses | \u2013 | (1.5) | (11.3) | 3.7 | (9.1) |
Changes to amounts recoverable for incurred claims | \u2013 | \u2013 | (32.5) | (10.8) | (43.3) |
Loss-recovery on onerous underlying contracts and adjustments | \u2013 | 0.2 | \u2013 | \u2013 | 0.2 |
Effect of changes in the risk of non-performance of reinsurance contracts | \u2013 | \u2013 | 2.1 | \u2013 | 2.1 |
Net expense from reinsurance contracts (Note 38a)) | (17.1) | (1.3) | (41.7) | (7.1) | (67.2) |
Reinsurance finance income (Note 38a)) | \u2013 | \u2013 | 5.7 | 1.6 | 7.3 |
Total changes in the consolidated income statement | (17.1) | (1.3) | (36.0) | (5.5) | (59.9) |
Cash flows | |||||
Premiums paid | 10.9 | \u2013 | \u2013 | \u2013 | 10.9 |
Amounts received | \u2013 | \u2013 | (16.4) | \u2013 | (16.4) |
Total cash flows | 10.9 | \u2013 | (16.4) | \u2013 | (5.5) |
At 31 January 2025 | |||||
Reinsurance contract (liabilities)/assets (Note 38a)) | (9.3) | \u2013 | 88.9 | 28.2 | 107.8 |
Liabilities for | Liabilities for | ||||
remaining coverage | incurred claims | ||||
Estimate of | |||||
the present | |||||
Excluding | value of | ||||
loss | Loss | future | Risk | ||
component | component | cash flows | adjustment | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 February 2023 | |||||
Insurance contract liabilities | (44.3) | (8.4) | (259.2) | (35.6) | (347.5) |
Insurance revenue (Note 38a)) | 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 (Note 38a)) | (26.0) | (7.7) | (211.3) | (4.2) | (249.2) |
Insurance finance expense (Note 38a)) | \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 | ||||
Estimate of | |||||
Excluding | the present | ||||
loss- | Loss- | value of | |||
recovery | recovery | future | Risk | ||
component | component | cash flows | adjustment | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 February 2023 | |||||
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 reinsurance contracts | \u2013 | \u2013 | (0.9) | \u2013 | (0.9) |
Net (expense)/income from reinsurance contracts (Note 38a)) | (17.0) | (1.4) | 52.6 | 6.0 | 40.2 |
Reinsurance finance income (Note 38a)) | \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 |
| 2025 | 2024 | |||||
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 | (15.5) | 7.9 | (7.6) | (8.2) | 4.7 | (3.5) |
Impact of change in the discount rate on liabilities for | 1.3 | (0.7) | 0.6 | 2.1 | (1.1) | 1.0 |
incurred claims: Non-PPOs | ||||||
Impact of change in the discount rate on liabilities for | 8.7 | (5.8) | 2.9 | 10.6 | (6.4) | 4.2 |
incurred claims: PPOs | ||||||
Impact of change in carer wage inflation assumption for | (10.0) | 5.9 | (4.1) | (8.0) | 4.7 | (3.3) |
PPO liabilities for incurred claims | ||||||
Net finance (expense)/income from insurance and | (15.5) | 7.3 | (8.2) | (3.5) | 1.9 | (1.6) |
reinsurance contracts |
| Amounts at the end of the financial year ended 31 January | ||||||
2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
Gross loss occurring in financial year(s) ending: | \u00a3m | \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 | 3,210.5 |
31 January 2020 | 203.7 | 196.9 | 181.5 | 174.1 | 167.5 | 167.7 |
31 January 2021 | 130.9 | 125.9 | 117.6 | 102.2 | 100.3 | |
31 January 2022 | 146.8 | 221.6 | 279.1 | 149.8 | ||
31 January 2023 | 222.4 | 221.9 | 192.1 | |||
31 January 2024 | 259.2 | 173.1 | ||||
31 January 2025 | 180.6 | |||||
Cumulative gross payments to date | (3,639.5) | |||||
Gross undiscounted liabilities \u2013 losses arising | 534.6 | |||||
from financial years 2020-2025 | ||||||
Claims handling expenses | 8.2 | |||||
Effect of discounting | (307.0) | |||||
Risk adjustment | 33.8 | |||||
Total gross liability for incurred claims | 269.6 |
| Amounts at the end of the financial year ended 31 January | ||||||
2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
Net loss occurring in financial year(s) ending: | \u00a3m | \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 | 2,972.8 |
31 January 2020 | 181.7 | 185.9 | 175.4 | 171.7 | 166.1 | 166.5 |
31 January 2021 | 121.9 | 114.9 | 116.8 | 101.1 | 99.9 | |
31 January 2022 | 136.5 | 170.8 | 146.0 | 128.6 | ||
31 January 2023 | 171.3 | 149.5 | 132.4 | |||
31 January 2024 | 60.4 | 139.5 | ||||
31 January 2025 | 162.3 | |||||
Cumulative net payments to date | (3,567.7) | |||||
Net undiscounted liabilities \u2013 losses arising | 234.3 | |||||
from financial years 2020-2025 | ||||||
Claims handling expenses | 8.2 | |||||
Net effect of discounting | (95.7) | |||||
Net risk adjustment | 5.7 | |||||
Total net liability for incurred claims | 152.5 |
Liabilities for | Liabilities for | ||||
remaining coverage | incurred claims | ||||
Estimate of | |||||
the present | |||||
Excluding | value of | ||||
loss | Loss | future | Risk | ||
component | component | cash flows | adjustment | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 February 2024 | |||||
Insurance contract liabilities | (56.6) | (16.1) | (286.4) | (40.2) | (399.3) |
Insurance revenue (Note 38a)) | 197.1 | \u2013 | \u2013 | \u2013 | 197.1 |
Incurred claims and related expenses | \u2013 | 20.7 | (148.1) | (7.1) | (134.5) |
Changes to liabilities for incurred claims | \u2013 | \u2013 | 37.0 | 15.5 | 52.5 |
Insurance acquisition cash flows expensed | (22.7) | \u2013 | \u2013 | \u2013 | (22.7) |
Losses on onerous contracts and changes in such losses | \u2013 | (6.4) | \u2013 | \u2013 | (6.4) |
Other incurred insurance service expenses | \u2013 | \u2013 | (13.2) | \u2013 | (13.2) |
Insurance service (expenses)/income (Note 38a)) | (22.7) | 14.3 | (124.3) | 8.4 | (124.3) |
Insurance finance expense (Note 38a)) | \u2013 | \u2013 | (13.6) | (1.9) | (15.5) |
Total changes in the consolidated income statement | 174.4 | 14.3 | (137.9) | 6.5 | 57.3 |
Cash flows | |||||
Premiums received | (186.8) | \u2013 | \u2013 | \u2013 | (186.8) |
Insurance acquisition cash flows incurred | 22.7 | \u2013 | \u2013 | \u2013 | 22.7 |
Claims and other expenses paid | \u2013 | \u2013 | 188.4 | \u2013 | 188.4 |
Total cash flows | (164.1) | \u2013 | 188.4 | \u2013 | 24.3 |
At 31 January 2025 | |||||
Insurance contract liabilities (Note 38a)) | (46.3) | (1.8) | (235.9) | (33.7) | (317.7) |
Assets for | Amounts recoverable | ||||
remaining coverage | on incurred claims | ||||
Estimate of | |||||
Excluding | the present | ||||
loss- | Loss- | value of | |||
recovery | recovery | future | Risk | ||
component | component | cash flows | adjustment | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 February 2024 | |||||
Reinsurance contract (liabilities)/assets | (3.1) | 1.3 | 141.3 | 33.7 | 173.2 |
Allocation of reinsurance premiums | (17.1) | \u2013 | \u2013 | \u2013 | (17.1) |
Amounts recoverable for incurred claims and other expenses | \u2013 | (1.5) | (11.3) | 3.7 | (9.1) |
Changes to amounts recoverable for incurred claims | \u2013 | \u2013 | (32.5) | (10.8) | (43.3) |
Loss-recovery on onerous underlying contracts and adjustments | \u2013 | 0.2 | \u2013 | \u2013 | 0.2 |
Effect of changes in the risk of non-performance of reinsurance contracts | \u2013 | \u2013 | 2.1 | \u2013 | 2.1 |
Net expense from reinsurance contracts (Note 38a)) | (17.1) | (1.3) | (41.7) | (7.1) | (67.2) |
Reinsurance finance income (Note 38a)) | \u2013 | \u2013 | 5.7 | 1.6 | 7.3 |
Total changes in the consolidated income statement | (17.1) | (1.3) | (36.0) | (5.5) | (59.9) |
Cash flows | |||||
Premiums paid | 10.9 | \u2013 | \u2013 | \u2013 | 10.9 |
Amounts received | \u2013 | \u2013 | (16.4) | \u2013 | (16.4) |
Total cash flows | 10.9 | \u2013 | (16.4) | \u2013 | (5.5) |
At 31 January 2025 | |||||
Reinsurance contract (liabilities)/assets (Note 38a)) | (9.3) | \u2013 | 88.9 | 28.2 | 107.8 |
Liabilities for | Liabilities for | ||||
remaining coverage | incurred claims | ||||
Estimate of | |||||
the present | |||||
Excluding | value of | ||||
loss | Loss | future | Risk | ||
component | component | cash flows | adjustment | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 February 2023 | |||||
Insurance contract liabilities | (44.3) | (8.4) | (259.2) | (35.6) | (347.5) |
Insurance revenue (Note 38a)) | 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 (Note 38a)) | (26.0) | (7.7) | (211.3) | (4.2) | (249.2) |
Insurance finance expense (Note 38a)) | \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 | ||||
Estimate of | |||||
Excluding | the present | ||||
loss- | Loss- | value of | |||
recovery | recovery | future | Risk | ||
component | component | cash flows | adjustment | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 February 2023 | |||||
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 reinsurance contracts | \u2013 | \u2013 | (0.9) | \u2013 | (0.9) |
Net (expense)/income from reinsurance contracts (Note 38a)) | (17.0) | (1.4) | 52.6 | 6.0 | 40.2 |
Reinsurance finance income (Note 38a)) | \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 |
| 2025 | 2024 | |||||
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 | (15.5) | 7.9 | (7.6) | (8.2) | 4.7 | (3.5) |
Impact of change in the discount rate on liabilities for | 1.3 | (0.7) | 0.6 | 2.1 | (1.1) | 1.0 |
incurred claims: Non-PPOs | ||||||
Impact of change in the discount rate on liabilities for | 8.7 | (5.8) | 2.9 | 10.6 | (6.4) | 4.2 |
incurred claims: PPOs | ||||||
Impact of change in carer wage inflation assumption for | (10.0) | 5.9 | (4.1) | (8.0) | 4.7 | (3.3) |
PPO liabilities for incurred claims | ||||||
Net finance (expense)/income from insurance and | (15.5) | 7.3 | (8.2) | (3.5) | 1.9 | (1.6) |
reinsurance contracts |
| Amounts at the end of the financial year ended 31 January | ||||||
2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
Gross loss occurring in financial year(s) ending: | \u00a3m | \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 | 3,210.5 |
31 January 2020 | 203.7 | 196.9 | 181.5 | 174.1 | 167.5 | 167.7 |
31 January 2021 | 130.9 | 125.9 | 117.6 | 102.2 | 100.3 | |
31 January 2022 | 146.8 | 221.6 | 279.1 | 149.8 | ||
31 January 2023 | 222.4 | 221.9 | 192.1 | |||
31 January 2024 | 259.2 | 173.1 | ||||
31 January 2025 | 180.6 | |||||
Cumulative gross payments to date | (3,639.5) | |||||
Gross undiscounted liabilities \u2013 losses arising | 534.6 | |||||
from financial years 2020-2025 | ||||||
Claims handling expenses | 8.2 | |||||
Effect of discounting | (307.0) | |||||
Risk adjustment | 33.8 | |||||
Total gross liability for incurred claims | 269.6 |
| Amounts at the end of the financial year ended 31 January | ||||||
2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
Net loss occurring in financial year(s) ending: | \u00a3m | \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 | 2,972.8 |
31 January 2020 | 181.7 | 185.9 | 175.4 | 171.7 | 166.1 | 166.5 |
31 January 2021 | 121.9 | 114.9 | 116.8 | 101.1 | 99.9 | |
31 January 2022 | 136.5 | 170.8 | 146.0 | 128.6 | ||
31 January 2023 | 171.3 | 149.5 | 132.4 | |||
31 January 2024 | 60.4 | 139.5 | ||||
31 January 2025 | 162.3 | |||||
Cumulative net payments to date | (3,567.7) | |||||
Net undiscounted liabilities \u2013 losses arising | 234.3 | |||||
from financial years 2020-2025 | ||||||
Claims handling expenses | 8.2 | |||||
Net effect of discounting | (95.7) | |||||
Net risk adjustment | 5.7 | |||||
Total net liability for incurred claims | 152.5 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Deferred revenue (Note 3b)) | 176.8 | 159.8 |
176.8 | 159.8 | |
Current | 171.7 | 156.1 |
Non-current | 5.1 | 3.7 |
176.8 | 159.8 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Deferred revenue (Note 3b)) | 176.8 | 159.8 |
176.8 | 159.8 | |
Current | 171.7 | 156.1 |
Non-current | 5.1 | 3.7 |
176.8 | 159.8 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Bonds | 250.0 | 400.0 |
Ocean Cruise ship loans | 344.8 | 407.0 |
Loan facility provided by Roger De Haan | 75.0 | \u2013 |
RCF | \u2013 | \u2013 |
Accrued interest and fees payable | 5.1 | 4.8 |
674.9 | 811.8 | |
Less: deferred issue costs | (12.7) | (15.6) |
662.2 | 796.2 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Bonds | 250.0 | 400.0 |
Ocean Cruise ship loans | 344.8 | 407.0 |
Loan facility provided by Roger De Haan | 75.0 | \u2013 |
RCF | \u2013 | \u2013 |
Accrued interest and fees payable | 5.1 | 4.8 |
674.9 | 811.8 | |
Less: deferred issue costs | (12.7) | (15.6) |
662.2 | 796.2 |
Onerous | ||||
Restructuring | contract | Other | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 February 2023 | \u2013 | \u2013 | 5.2 | 5.2 |
Charge for the year | \u2013 | 7.3 | 14.2 | 21.5 |
Utilised during the year | \u2013 | (4.2) | (13.1) | (17.3) |
Released unutilised during the year | \u2013 | \u2013 | (1.4) | (1.4) |
At 31 January 2024 | \u2013 | 3.1 | 4.9 | 8.0 |
Charge for the year | 16.5 | 1.3 | 17.3 | 35.1 |
Utilised during the year | \u2013 | (3.1) | (18.3) | (21.4) |
Reclassification to assets held for sale (Note 38a)) | \u2013 | \u2013 | \u2013 | \u2013 |
At 31 January 2025 | 16.5 | 1.3 | 3.9 | 21.7 |
Onerous | ||||
Restructuring | contract | Other | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Current | 10.9 | 1.3 | 3.6 | 15.8 |
Non-current | 5.6 | \u2013 | 0.3 | 5.9 |
At 31 January 2025 | 16.5 | 1.3 | 3.9 | 21.7 |
Onerous | ||||
Restructuring | 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 | ||||
Restructuring | contract | Other | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 February 2023 | \u2013 | \u2013 | 5.2 | 5.2 |
Charge for the year | \u2013 | 7.3 | 14.2 | 21.5 |
Utilised during the year | \u2013 | (4.2) | (13.1) | (17.3) |
Released unutilised during the year | \u2013 | \u2013 | (1.4) | (1.4) |
At 31 January 2024 | \u2013 | 3.1 | 4.9 | 8.0 |
Charge for the year | 16.5 | 1.3 | 17.3 | 35.1 |
Utilised during the year | \u2013 | (3.1) | (18.3) | (21.4) |
Reclassification to assets held for sale (Note 38a)) | \u2013 | \u2013 | \u2013 | \u2013 |
At 31 January 2025 | 16.5 | 1.3 | 3.9 | 21.7 |
Onerous | ||||
Restructuring | contract | Other | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Current | 10.9 | 1.3 | 3.6 | 15.8 |
Non-current | 5.6 | \u2013 | 0.3 | 5.9 |
At 31 January 2025 | 16.5 | 1.3 | 3.9 | 21.7 |
Onerous | ||||
Restructuring | 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 |
| Non-cash changes | |||||
Financing | New leases | ||||
2024 | cash flows | (Note 18) | Other | 2025 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Lease liabilities (Note 37) | 26.3 | (7.3) | 8.0 | (0.9) | 26.1 |
Ocean Cruise ship loans (Note 30) | 407.0 | (62.2) | \u2013 | \u2013 | 344.8 |
Loan facility provided by Roger De Haan (Note 30) | \u2013 | 75.0 | \u2013 | \u2013 | 75.0 |
Bonds (Note 30) | 400.0 | (150.0) | \u2013 | \u2013 | 250.0 |
RCF (Note 30) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Deferred issue costs (Note 30) | (15.6) | \u2013 | \u2013 | 2.9 | (12.7) |
| 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 |
Ocean Cruise 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) |
| Ordinary shares | |||
Nominal | |||
value | Value | ||
Number | \u00a3 | \u00a3m | |
Allotted, called up and fully paid | |||
At 1 February 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 |
Issue of shares \u2013 3 May 2024 | 1,565,919 | 0.15 | 0.2 |
At 31 January 2025 | 143,361,741 | 0.15 | 21.5 |
Employee | |||||||
IPO options | RSP | LTIP | DBP | STP | Free Shares | Total | |
At 1 February 2024 | 2,374 | 4,293,466 | 32,385 | 937,680 | \u2013 | 877,099 | 6,143,004 |
Granted | \u2013 | 2,386,409 | \u2013 | 663,426 | \u2013 | 550,672 | 3,600,507 |
Forfeited | \u2013 | (381,133) | \u2013 | \u2013 | \u2013 | (115,406) | (496,539) |
Exercised | (2,374) | (655,725) | (22,882) | (256,140) | \u2013 | (80,575) | (1,017,696) |
At 31 January 2025 | \u2013 | 5,643,017 | 9,503 | 1,344,966 | \u2013 | 1,231,790 | 8,229,276 |
Exercise price | \u00a3nil | \u00a3nil | \u00a3nil | \u00a3nil | \u00a3nil | \u00a3nil | \u00a3nil |
Exercisable at 31 January 2025 | \u2013 | 259,553 | 9,503 | \u2013 | \u2013 | 313,966 | 583,022 |
Average remaining contractual life | \u2013 | 1.5 years | \u2013 | 1.6 years | 2.4 years | 1.5 years | 1.5 years |
Average fair value at grant | \u00a327.75 | \u00a31.49 | \u00a38.75 | \u00a31.51 | n/a | \u00a32.46 | \u00a31.65 |
RSP | DBP | |
Expected life of share option | 3 years | 3 years |
Weighted average share price | \u00a31.11 | \u00a31.31 |
| Ordinary shares | |||
Nominal | |||
value | Value | ||
Number | \u00a3 | \u00a3m | |
Allotted, called up and fully paid | |||
At 1 February 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 |
Issue of shares \u2013 3 May 2024 | 1,565,919 | 0.15 | 0.2 |
At 31 January 2025 | 143,361,741 | 0.15 | 21.5 |
Employee | |||||||
IPO options | RSP | LTIP | DBP | STP | Free Shares | Total | |
At 1 February 2024 | 2,374 | 4,293,466 | 32,385 | 937,680 | \u2013 | 877,099 | 6,143,004 |
Granted | \u2013 | 2,386,409 | \u2013 | 663,426 | \u2013 | 550,672 | 3,600,507 |
Forfeited | \u2013 | (381,133) | \u2013 | \u2013 | \u2013 | (115,406) | (496,539) |
Exercised | (2,374) | (655,725) | (22,882) | (256,140) | \u2013 | (80,575) | (1,017,696) |
At 31 January 2025 | \u2013 | 5,643,017 | 9,503 | 1,344,966 | \u2013 | 1,231,790 | 8,229,276 |
Exercise price | \u00a3nil | \u00a3nil | \u00a3nil | \u00a3nil | \u00a3nil | \u00a3nil | \u00a3nil |
Exercisable at 31 January 2025 | \u2013 | 259,553 | 9,503 | \u2013 | \u2013 | 313,966 | 583,022 |
Average remaining contractual life | \u2013 | 1.5 years | \u2013 | 1.6 years | 2.4 years | 1.5 years | 1.5 years |
Average fair value at grant | \u00a327.75 | \u00a31.49 | \u00a38.75 | \u00a31.51 | n/a | \u00a32.46 | \u00a31.65 |
RSP | DBP | |
Expected life of share option | 3 years | 3 years |
Weighted average share price | \u00a31.11 | \u00a31.31 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Within one year | 6.7 | 6.9 |
Between one and five years | 19.9 | 16.5 |
After five years | 4.2 | 7.6 |
Total minimum lease payments | 30.8 | 31.0 |
Less amounts representing finance charges | (4.7) | (4.7) |
Present value of minimum lease payments | 26.1 | 26.3 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Within one year | 6.7 | 6.9 |
Between one and five years | 19.9 | 16.5 |
After five years | 4.2 | 7.6 |
Total minimum lease payments | 30.8 | 31.0 |
Less amounts representing finance charges | (4.7) | (4.7) |
Present value of minimum lease payments | 26.1 | 26.3 |
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 23 | England | Motor accident management |
PEC Services Limited 23 | England | Repairer of automotive vehicles |
ST&H Limited | England | Tour operating |
Saga Travel Group (UK) 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 Crewing Services Limited 23 | England | Cruising |
CustomerKNECT Limited 23 | England | Mailing house |
Saga Mid Co Limited | England | Debt service provider |
Saga Publishing Limited 23 | England | Publishing |
CHMC Holdings Limited | England | Dormant holding company |
ST&H Group Limited | England | Holding company |
Saga Leisure Limited 23 | England | Holding company |
Saga Group Limited | England | Provision of administrative function for central costs |
Confident Services Limited | England | Dormant company |
Saga Membership Limited | England | Dormant company |
Saga Travel Group Limited | England | Dormant company |
Saga Radio (North West) Limited | England | Dormant company |
2025 | 2024 | ||
Note | \u00a3m | \u00a3m | |
Fixed assets | |||
Investment in subsidiaries | 2 | 659.3 | 167.3 |
Current assets | |||
Debtors \u2013 amounts falling due after more than one year | 3 | 337.2 | 505.4 |
Debtors \u2013 amounts falling due within one year | 3 | 0.1 | 2.2 |
337.3 | 507.6 | ||
Creditors \u2013 amounts falling due within one year | 4 | (2.1) | (5.8) |
Net current assets | 335.2 | 501.8 | |
Creditors \u2013 amounts falling due after more than one year | 5 | (249.0) | (398.2) |
Net assets | 745.5 | 270.9 | |
Capital and reserves | |||
Called up share capital | 6 | 21.5 | 21.3 |
Share premium account | 648.3 | 648.3 | |
Own shares held reserve | (1.4) | (1.2) | |
Retained earnings/(deficit) | 67.5 | (407.6) | |
Share-based payment reserve | 9.6 | 10.1 | |
Total shareholders\u2019 funds | 745.5 | 270.9 |
Called up | Share | Retained | Share-based | |||
share | premium | Own shares | (deficit)/ | payment | Total | |
capital | account | held reserve | earnings | reserve | equity | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 February 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 |
Profit for the financial year | \u2013 | \u2013 | \u2013 | 470.5 | \u2013 | 470.5 |
Issue of share capital (Note 6) | 0.2 | \u2013 | (0.2) | \u2013 | \u2013 | \u2013 |
Share-based payment charge | \u2013 | \u2013 | \u2013 | \u2013 | 4.2 | 4.2 |
Transfer upon vesting of share options | \u2013 | \u2013 | \u2013 | 4.6 | (4.7) | (0.1) |
At 31 January 2025 | 21.5 | 648.3 | (1.4) | 67.5 | 9.6 | 745.5 |
Acc. policy | Items involving estimation | Sources of estimation uncertainty |
1.1b) | Investment in subsidiaries | The Company determines whether the investment in subsidiaries needs to be impaired when indicators |
impairment testing | 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 to calculate present value. | ||
Sensitivity analysis was undertaken to determine the effect of changing the discount rate, the terminal | ||
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 2023 | 4,132.7 |
At 31 January 2024 and 31 January 2025 | 4,132.7 |
Impairment | |
At 1 February 2023 and 31 January 2024 | 3,965.4 |
Amounts reversed in the year | (492.0) |
At 31 January 2025 | 3,473.4 |
Net book value | |
At 31 January 2025 | 659.3 |
At 31 January 2024 | 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 | 114.6 | (114.6) | (22.0) | 26.5 | 22.3 | (18.5) |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Amounts falling due after more than one year | ||
Amounts due from Group undertakings | 337.2 | 505.4 |
337.2 | 505.4 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Amounts falling due within one year | ||
Deferred tax asset | \u2013 | 2.2 |
Prepayments | 0.1 | \u2013 |
0.1 | 2.2 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Other creditors | 0.1 | 0.1 |
Accruals | 1.4 | 4.0 |
Accrued interest and fees payable | 0.6 | 1.7 |
2.1 | 5.8 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Bonds | 250.0 | 400.0 |
Unamortised issue costs | (1.0) | (1.8) |
249.0 | 398.2 |
| Ordinary shares | |||
Nominal | |||
value | Value | ||
Number | \u00a3 | \u00a3m | |
Allotted, called up and fully paid | |||
At 1 February 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 |
Issue of shares \u2013 3 May 2024 | 1,565,919 | 0.15 | 0.2 |
At 31 January 2025 | 143,361,741 | 0.15 | 21.5 |