{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2024-03-27/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "saga": "http://www.corporate.saga.co.uk/20260131", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://www.corporate.saga.co.uk/xbrl/2026/2138004WWUJN94K2LH95-2026-01-31.xsd" ] }, "facts": { "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00135": { "value": "Annual Report on Remuneration
The Policy and its implementation in 2025/26
The table below sets out a summary of the key elements of the Remuneration Policy (the
Policy
) along with their operation in 2025/26 and
proposed operation in 2026/27.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Policy element
Summary of the Policy
Operation in 2025/26
Proposed operation in 2026/27
Base salary
Salaries are set on appointment
The Group CEO and Executive
As outlined in the Annual
Provides a base level of
and reviewed annually. When
Director (previously CEO of
Statement, the\u00a0Group CEO
remuneration to support
determining an appropriate level
Insurance) received a\u00a02.5%
received a 13.8% increase in
recruitment and retention of
of salary, the Remuneration
increase in salary in February
salary and the Group CFO a 6.7%
Executive Directors with the
Committee (the
Committee
)
2025, aligned to the wider
increase in salary. The wider
necessary experience and
considers:
workforce. The Group CFO
workforce received an average
expertise to deliver the
\u2022
pay increases to other
received a 10% increase in salary.
of\u00a03.0% increase in salary.
Group\u2019s\u00a0strategy.
colleagues;
As a result, the salaries for the
As a result, the salaries for the
\u00a0
\u2022
remuneration practices within
Executive Directors were:
Executive Directors are:
\u00a0
the Group;
\u2022
Mike Hazell: \u00a3615,000
\u2022
Mike Hazell: \u00a3700,000
\u00a0
\u2022
any change in scope, role or
\u2022
Mark Watkins: \u00a3412,500
\u2022
Mark Watkins: \u00a3440,000
\u00a0
responsibilities;
\u2022
Steve Kingshott: \u00a3422,300
\u00a0
\u00a0
\u2022
the general performance of the
\u00a0\u00a0
\u00a0
Group and each individual;
\u00a0\u00a0
\u00a0
\u2022
the experience of the relevant
\u00a0\u00a0
\u00a0
Director; and
\u00a0\u00a0
\u00a0
\u2022
the economic environment.
\u00a0\u00a0
Benefits
Benefits may include family
Standard benefits provided.
No change.
Provides a market-standard level
private health cover, death in
\u00a0\u00a0
of benefits.
service life assurance, a car
\u00a0\u00a0
\u00a0
allowance, subsistence expenses
\u00a0\u00a0
\u00a0
and discounts in line with other
\u00a0\u00a0
\u00a0
colleagues.
\u00a0\u00a0
Pension
Directors may participate in a
Executive Directors received the
No change.
Provides a fair level of pension
defined contribution scheme.
following:
\u00a0
provision for all colleagues.
Maximum pension contributions
\u00a0
\u2022
Mike Hazell: 6% of salary
\u00a0
\u00a0
for Executive Directors are
\u2022
Mark Watkins: 6% of salary
\u00a0
\u00a0
aligned with those of the wider
\u2022
Steve Kingshott: 6% of salary
\u00a0
\u00a0
workforce (6% of salary).
\u00a0
Bonus
Awards are granted annually,
Maximum bonus opportunities
The maximum opportunities
The Annual Bonus Plan provides a
with performance measured
were:
for\u00a0Executive Directors are
significant incentive to the
over one financial year.
\u2022
Mike Hazell: 150% of salary
unchanged and are as follows:
Executive Directors, linked to
The Committee will determine
\u2022
Mark Watkins: 125% of salary
\u2022
Mike Hazell: 150% of salary
achievement in delivering goals
the maximum participation in the
\u2022
Steve Kingshott: 125% of salary
\u2022
Mark Watkins: 125% of salary
that are closely aligned with the
Annual Bonus Plan for each year,
Performance measures and
The current intention is to set
Company\u2019s strategy and the
which will not exceed 150%
weightings for the bonus for
performance measures and
creation of value for shareholders.
of\u00a0salary.
Mike\u00a0and Mark were as follows:
weightings for the 2026/27
In particular, the Annual Bonus
70% of awards will be linked
\u2022
Underlying Profit Before
Tax
1
bonus as follows:
Plan supports the Company\u2019s
to\u00a0financial measures. Specific
from continuing
\u2022
Underlying Profit Before
objectives, allowing the setting of
measures, targets and
operations: 55%
Tax
1
: 55%
annual targets based on the
weightings may vary from year
\u2022
Net Debt
1
: 15%
\u2022
Net Debt
1
: 15%
business\u2019 strategic objectives at
to\u00a0year.
\u2022
Personal objectives: 30%
\u2022
Personal objectives: 30%
that time, meaning that a wider
At least one-third of the bonus
Performance measures and
\u00a0
range of performance metrics can
will be deferred into shares
weightings for the bonus for
\u00a0
be used that are relevant.
vesting after three years.
Steve were as follows:
\u00a0
\u00a0
Payout range is as follows
\u2022
Underlying Profit Before
Tax
1
\u00a0
\u00a0
(%\u00a0of\u00a0maximum payout):
from continuing
\u00a0
\u00a0
\u2022
Threshold: up to 20%
operations: 27.5%
\u00a0
\u00a0
\u2022
Target: 50%
\u2022
Insurance Underlying Profit
\u00a0
\u00a0
\u2022
Maximum: 100%
Before Tax
1
from continuing
\u00a0
\u00a0
Malus and clawback
operations: 27.5%
\u00a0
\u00a0
arrangements apply.
\u2022
Net Debt
1
: 15%
\u00a0
\u00a0
Good/bad leaver
\u2022
Personal objectives: 30%
\u00a0
\u00a0
provisions\u00a0apply.
\u00a0\u00a0
\n
1
Refer to the Alternative Performance Measures Glossary on pages 194-196 for definition and explanation
\n \n
Policy element
Summary of the Policy
Operation in 2025/26
Proposed operation in 2026/27
Restricted Share Plan (
RSP
)
Awards of nil-cost options are
RSP awards were made at the
No change.
Awards are designed to
granted annually up to a
original levels following removal
incentivise the Executive
maximum of 100% of salary.
of\u00a0the Saga Transformation Plan
Directors over the longer term
RSP awards do not have any
(
STP
) in the new Policy:
to\u00a0successfully implement the
performance conditions but are
\u2022
Mike Hazell: 100% of salary
Company\u2019s strategy.
subject to an underpin on vesting.
\u2022
Mark Watkins: 85% of salary
Awards vest after three years
The Committee will review share
and are subject to a further
price performance on vesting to
two-year holding period, during
determine whether any windfall
which time shares may not be
gains were made.
sold other than for tax.
Shareholding requirement
The Committee sets formal
\u2022
Mike Hazell: 250% of salary
No change.
To ensure Executive Directors\u2019
shareholding guidelines that
\u2022
Mark Watkins: 200% of salary
interests are aligned with
will\u00a0encourage the Executive
\u2022
Steve Kingshott: 200%
shareholders over the long term.
Directors to build up over
of\u00a0salary
a\u00a0five-year period, and
then\u00a0subsequently hold,
a\u00a0shareholding equivalent
to\u00a0a\u00a0percentage of salary.
All-colleague share plan
Shares that are kept in the plan
Saga continued to operate the
No change.
The Company operates a
for five years will be exempt from
SIP for all colleagues in 2025/26.
HM\u00a0Revenue and Customs
income tax and national
Share\u00a0Incentive Plan (
SIP
).
insurance on their value.
Chairman and Non-Executive
The fees for Non-Executive
Fees for 2025/26 were as
Fees for 2026/27 are as follows:
Director fees
Directors are set at broadly
follows\u00a0(Roger De Haan waived
\u2022
Roger De Haan: \u00a3150,000
2
Monetary incentives for the
the\u00a0median of the comparator
his fee since becoming Chairman
\u2022
Board member fee: \u00a369,152
Chairman and Non-Executive
group. In general, the level of fee
in 2020):
\u2022
Risk and Audit Committee
Directors
increase for the Non-Executive
\u2022
Roger De Haan: Nil
Chair fee: \u00a312,500
Directors will be set, taking
\u2022
Board member fee: \u00a367,137
\u2022
Remuneration Committee
account of any change in
\u2022
Committee Chair fee: \u00a310,000
Chair fee: \u00a310,000
responsibility and considering
\u2022
Senior Independent Director
\u2022
Senior Independent Director
the general rise in salaries
and Nomination Committee
and Nomination Committee
across\u00a0the UK workforce.
Chair fee: \u00a322,000
Chair fee: \u00a322,000
\n
2
Given the strong performance of the business, it is now the appropriate time to reinstate a Chair fee. This follows Roger De Haan waiving his fee since 2020 when he became
\n
Non-Executive Chairman, which was one of the many ways he actively supported the business. The \u00a3150,000 fee for 2026/27 is below the \u00a3200,000 originally set for the role
2025/26 actual performance and remuneration outcomes
\n
Single total figure of remuneration for Executive Directors for the 2025/26 financial year (audited)
\n
The table below sets out the single total \ufb01gure of remuneration and breakdown for each Director in respect of the 2025/26 \ufb01nancial year.
\n
Comparative \ufb01gures for the 2024/25 \ufb01nancial year are also provided. Figures provided have been calculated in accordance with Schedule 8
\n
of\u00a0The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, as amended in 2013.
\n\n \n
Taxable
Total
Total
Single
Salary
benefits
Pension
Other
fixed
Bonus
3
RSP
4
variable
figure
Period
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Mike Hazell
2025/26
615,000
13,840 36,900
\u2013
665,740
922,500
615,000
1,537,500
2,203,240
(Group CEO)
2024/25 600,000
13,735 36,000
\u2013
649,735
764,295
480,000
1,244,295
1,894,030
Mark Watkins
2025/26
412,500
13,840
24,750
\u2013
451,090
515,625
350,625
866,250
1,317,340
(Group CFO)
2024/25
375,000
13,735
22,500
\u2013
411,235
398,070
255,000
653,070
1,064,305
Steve Kingshott
5
2025/26
81,753
2,806
4,905
\u2013
89,464
102,191
\u2013
102,191
191,655
(Executive Director
2024/25
412,000
13,376
24,720
\u2013
450,096
379,143
247,200
626,343
1,076,439
(previously\u00a0CEO of Insurance))
Roger De Haan
2025/26
Nil
\u2013
\u2013
\u2013
Nil
\u2013
\u2013
Nil
Nil
(Non-Executive Chairman)
2024/25
Nil
\u2013
\u2013
\u2013
Nil
\u2013
\u2013
Nil
Nil
Julie Hopes
6
2025/26
148,660
\u2013
\u2013
\u2013
148,660
\u2013
\u2013
\u2013
148,660
(Non-Executive Director,
2024/25
151,000
\u2013
\u2013
\u2013
151,000
\u2013
\u2013
\u2013
151,000
Remuneration Committee Chair,
Risk Committee Chair,
Chair\u00a0of\u00a0Saga Services Limited)
Gareth Hoskin
7
2025/26
122,965
\u2013
\u2013
\u2013
122,965
\u2013
\u2013
\u2013
122,965
(Senior Independent
2024/25
141,000
\u2013
\u2013
\u2013
141,000
\u2013
\u2013
\u2013
141,000
Non-Executive Director,
Audit\u00a0Committee Chair,
Nomination Committee Chair)
Gemma Godfrey
2025/26
134,275
\u2013
\u2013
\u2013
134,275
\u2013
\u2013
\u2013
134,275
(Non-Executive Director,
2024/25
131,000
\u2013
\u2013
\u2013
131,000
\u2013
\u2013
\u2013
131,000
Chair\u00a0of\u00a0Saga Personal Finance
(
SPF
) Limited)
Peter Bazalgette
8
2025/26
22,360
\u2013
\u2013
\u2013
22,360
\u2013
\u2013
\u2013
22,360
(Senior Independent
2024/25
115,500
\u2013
\u2013
\u2013
115,500
\u2013
\u2013
\u2013
115,500
Non-Executive Director,
Nomination Committee Chair)
Anand Aithal
2025/26
77,137
\u2013
\u2013
\u2013
77,137
\u2013
\u2013
\u2013
77,137
(Non-Executive Director,
2024/25
75,500
\u2013
\u2013
\u2013
75,500
\u2013
\u2013
\u2013
75,500
Innovation and Enterprise
Committee Chair)
\n
3
One third of the bonus award is deferred into shares vesting after three years
\n
4
The face value on grant of the RSP awards is shown in the table above as there are no performance conditions other than underpins tested on vesting. The RSP award vests after
\n
three years
\n
5
Steve Kingshott resigned from the Board with effect from 9 April 2025
\n
6
With effect from 9 July 2025, the Audit and Risk Committees merged and, as a result, Julie Hopes\u2019 role as Chair of the Risk Committee ceased. Julie Hopes resigned from the
\n
Board with effect from 27 February 2026
\n
7
Gareth Hoskin became a Senior Independent Non-Executive Director and Nomination Committee Chair on 9 April 2025 and, up until 30 June 2025, Gareth chaired Acromas
\n
Insurance Company Limited, which ceased following its sale to wholly owned UK subsidiaries of Ageas SA/NV
\n
8
Peter Bazalgette resigned from the Board with effect from 9 April 2025
How we performed in 2025/26
\n
Bonus (audited in conjunction with details on pages 144-145)
\n
The details of the performance conditions and outcomes against the targets for the annual bonus in respect of the 2025/26 \ufb01nancial year are
\n
shown in the table below. No discretion was applied to the formulaic outcome. For 2025/26, the Group CEO had a maximum bonus opportunity
\n
of 150% of salary and the Group CFO and Executive Director (previously CEO of Insurance) had a maximum bonus opportunity of 125% of salary.
\n
Saga plc bonus scorecard
\n\n \n
Annual bonus
Threshold
50% target
Maximum
for threshold
Actual annual bonus achieved
Weighting
performance
performance
performance
Actual
and maximum
(% of maximum bonus)
(based on
required
required
required
performance
performance
Performance condition
100% max)
(\u00a3m)
(\u00a3m)
(\u00a3m)
(\u00a3m)
(% of max)
Mike Hazell
Mark Watkins
Underlying Profit Before
55.0%
13.5
21.0
33.5
44.2
20%
55.0%
55.0%
Tax
9
from continuing
100%
operations
Net Debt
9
15.0%
604.6
585.9
554.6
499.5
20%
15.0%
15.0%
100%
Personal objectives
30.0%
0%
30.0%
30.0%
100%
Total
100.0%
100.0%
100.0%
Total calculated (\u00a3)
\u00a3922,500
\u00a3515,625
Total payable (\u00a3)
\u00a3922,500
\u00a3515,625
\n
Insurance bonus scorecard
\n\n \n
Annual bonus
value for
Threshold
50% target
Maximum
threshold and
Actual annual bonus achieved
Weighting
performance
performance
performance
Actual
maximum
(% of maximum bonus)
(based on
required
required
required
performance
performance
Performance condition
100% max)
(\u00a3m)
(\u00a3m)
(\u00a3m)
(\u00a3m)
(% of max)
Steve Kingshott
10
Underlying Profit Before
27.5%
13.5
21.0
33.5
44.2
20%
5.3%
Tax
9
from continuing
100%
operations
Insurance Underlying
27.5%
4.6
8.4
14.6
16.9
20%
5.3%
Profit Before Tax
9
from
100%
continuing operations
Net Debt
9
15.0%
604.6
585.9
554.6
499.5
20%
2.9%
100%
Personal objectives
30.0%
0%
5.8%
100%
Total
100.0%
19.3%
Total calculated (\u00a3)
\u00a3102,191
Total payable (\u00a3)
\u00a3102,191
\n
9
Refer to the Alternative Performance Measures Glossary on pages 194-196 for definition and explanation
\n
10
Steve Kingshott resigned from the Board with effect from 9 April 2025 and, therefore, the bonus shown is pro-rated for two months and seven days
Individual performance assessment
\n
The Committee assessed Executive Directors on their individual performance in the year, against a set of universal strategic objectives, which
\n
account for 30% of their maximum bonus. Details of these universal strategic objectives for each of the individuals are noted below:
\n\n \n
Actual annual bonus achieved
20%
50%
(% of maximum bonus)
Weighting
threshold
target
Maximum
(based on
performance
performance
performance
Actual
Mike
Mark
Steve
Objective
100% max)
required
required
required
performance
Hazell
Watkins
Kingshott
Culture and colleagues
Objective
Maintain high levels of colleague engagement, measured
by the engagement score from the colleague survey.
Outcome
5.0%
Saga plc
7.5
7.6
7.7
8.1
5.0%
5.0%
\u2013
Increased colleague engagement across Saga, 86%
Insurance
7.3
7.4
7.5
8.0
\u2013
\u2013
5.0%
participation in our most recent survey, scoring 8.1 out
of\u00a010, an improvement of 0.2 from the previous year.
Customer engagement
Objective
Grow our customer base and deepen customer
relationships, measured by customer consent capture
and website visits.
Outcome \u2013 customer consent
11
2.5%
Saga plc
32%
34%
36%
35%
2.0%
2.0%
\u2013
Early in the year, management made the decision to
Insurance
32%
34%
36%
35%
\u2013
\u2013
2.0%
cease requesting Group-wide consent from customers
who already provided the relevant business unit level
consents. By reducing unnecessary customer contact,
it\u00a0improved their overall experience. Because this change
altered the number of customer eligible to provide
additional consents, the Committee recalibrated the
consent targets to ensure they remained both realistic
and stretching.
Outcome \u2013 website visits
2.5%
Saga plc
3.4m
3.6m
3.8m
3.9m
2.5%
2.5%
2.5%
Average monthly website visits across all Saga sites.
Customer satisfaction
Objective
Increase the strength of the Saga brand, using it to
improve customer experience, measured by customer
transactional net promoter score (
tNPS
) and retention.
Outcome \u2013 tNPS
12
2.5%
Saga plc
61
62
63
67
2.5%
2.5%
\u2013
Customer tNPS was 67, an eight-point increase when
Insurance
61
62
63
64
\u2013
\u2013
2.5%
compared with the prior year.
2.5%
Saga plc
Average of outcomes from all business units
2.5%
2.5%
\u2013
Outcome \u2013 retention rates
Insurance
80%
81%
82%
84%
\u2013
\u2013
2.5%
Retention rates exceeded target thresholds across all
areas of the Group.
Environmental, Social and Governance (
ESG
)
Objective
Achieve the ESG targets set in the 2025 ESG Report.
Outcome
5.0%
Saga plc
5.0%
5.0%
\u2013
1.
Continued to report complete carbon footprint
Insurance
\u2013
\u2013
5.0%
against baseline carbon footprint by December 2025
and launched net zero roadmap, including internal
KPIs and targets, by December 2025.
2. Continued to support our charity partnerships with
fundraising and volunteering opportunities.
3. Reviewed and set targets on colleague diversity
representation (following the Ageas
13
partnership).
Personal growth objective
10.0%
10.0%
10.0%
10.0%
Outcome
Details of the individual objectives under personal growth
projects, and their assessment, are noted overleaf.
Discretionary adjustment
14
+0.5%
+0.5%
+0.5%
Overall
30.0%
30.0%
30.0%
30.0%
\n
11
The consent outcome disclosed in the 2025 Annual Report and Accounts was incorrectly stated as 37%, the actual outcome was 42%. There is no financial impact as the
\n
incorrectly stated 37% was already above bonus targets
\n
12
The method of calculation for tNPS has been updated in 2025/26 applying equal weighting across all business units, removing volatility caused by changes in survey volumes and
\n
providing a more consistent and representative measure of performance
\n
13
Wholly owned UK subsidiaries of Ageas SA/NV
\n
14
The Committee exercised discretion on the customer consent element, increasing the formulaic outcome from 2.0% to the maximum 2.5% of overall bonus. The basis for this
\n
adjustment is set out in the Committee Chair\u2019s statement
Details of the individuals\u2019 achievements are set out in the tables below.
\n\n \n
Personal growth project overview
Committee assessment and basis of achievement for 2025/26
Mike Hazell: maximum 10% of overall bonus, achievement 10% of overall bonus
Drive strategic growth
Identified and created plans to deliver growth, putting foundations in place and starting to execute
growth plans to deliver Underlying Profit Before Tax
15
growth to \u00a3100.0m.
Drive cultural change to create a more
Cultural changes to support our growth plans are underway, including simplifying the business and
agile way of working across Saga
transforming the Operating Board.
Mark Watkins: maximum 10% of overall bonus, achievement 10% of overall bonus
Delivering a cost base to support the
Delivered a restructured, efficient and sustainable cost base to support the changing operating
changing operating model and delivery
model. Leveraging more Group resources to implement business unit projects, including the
of strategic initiatives
Insurance transformation and the consolidation of the Cruise and Holidays businesses.
Steve Kingshott: maximum 10% of overall bonus, achievement 10% of overall bonus
Support the successful transition
Successfully supported the first phase of the Ageas
16
partnership implementation.
to\u00a0Ageas
16
\n
RSP scheme interests vesting during the financial year
\n
No awards vested during the year for any current Executive Directors, however, the 2022 RSP vested on 13 July 2025 at 90% of maximum for
\n
the former Group CEO and CFO. Full details are set out on page 92 under payments to past directors.
\n
RSP scheme interests awarded during the financial year (audited)
\n
On 25 June 2025, the RSP award was granted to the Group CEO and Group CFO. Details of the awards are set out below.
\n\n \n
Number of
Face value
Total face value
Director
Award type
Basis of award
Date of grant
Date of vesting
shares granted
per share
17
of award
Mike Hazell
Nil-cost options
100% of salary
25 June 2025
25 June 2028
350,227
175.6p
\u00a3615,000
Group CEO
Mark Watkins
Nil-cost options
85% of salary
25 June 2025
25 June 2028
199,672
175.6p
\u00a3350,625
Group CFO
\n
Deferred Bonus Plan (
DBP
)
\n
On 28 May 2025, the deferred element of the executive annual bonus award was granted to the Group CEO, Group CFO and the former CEO of
\n
Insurance. Details of the award are set out below.
\n\n \n
Number of
Face value
Total face value
End of
Director
Award type
shares granted
per share
17
of award
deferral period
Mike Hazell
Deferred shares
177,412
143.6p
\u00a3254,765
28 May 2028
Group CEO
Mark Watkins
Deferred shares
92,402
143.6p
\u00a3132,690
28 May 2028
Group CFO
Steve Kingshott
Deferred shares
88,009
143.6p
\u00a3126,381
28 May 2028
Executive Director
(previously CEO
of\u00a0Insurance)
\n
15
Refer to the Alternative Performance Measures Glossary on pages 194-196 for definition and explanation
\n
16
Wholly owned UK subsidiaries of Ageas SA/NV
\n
17
Represents the mid-market quotation (
MMQ
) share price on the day prior to the grant
Directors\u2019 share interests (audited)
\n
Executive Directors are required to build up their shareholdings over a reasonable amount of time, which would normally be \ufb01ve years, and then
\n
subsequently hold a shareholding equivalent to a percentage of base salary. The following table sets out the equity interests held by the Executive
\n
and Non-Executive Directors (including those of their connected persons). If there are any changes to equity interests between the end of the
\n
reporting year and the Notice of Annual General Meeting (the
Notice
), we will include an updated position in our Notice.
\n\n \n
Unvested nil-cost options held
Long-term
Deferred
Incentive Plan
bonus
Shares
(
LTIP
) nil-cost
RSP nil-cost
nil-cost
Unvested SIP
counting
options
options not
options
Vested but
shares not
Shareholding
Current
towards
subject to
subject to
subject to
unexercised
subject to
Shareholding
requirement
shareholding
shareholder
Beneficially
performance
continued
continued
Other
nil-cost
performance
requirement
Director
(% salary)
18
(% salary)
requirements
19
owned
conditions
service
service
awards
options held
conditions
met?
Executive Directors
Mike Hazell
250%
613%
724,405
78,125
\u2013
991,174
227,744
\u2013
\u2013
253
Yes
Mark Watkins
200%
359%
284,392
443
\u2013
428,576
106,700
\u2013
\u2013
253
Yes
Former Executive Directors
Steve Kingshott
200%
346%
280,649
95,352
\u2013
131,804
216,907
\u2013
\u2013
\u2013
Yes
Non-Executive Directors
20
Roger De Haan
21
\u2013
\u2013
\u2013
39,897,105
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
n/a
Julie Hopes
22
\u2013
\u2013
\u2013
4,419
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
n/a
Gareth Hoskin
\u2013
\u2013
\u2013
19,018
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
n/a
Gemma Godfrey
\u2013
\u2013
\u2013
12,438
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
n/a
Anand Aithal
\u2013
\u2013
\u2013
24,500
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
n/a
\n
Taxable benefits
\n
The taxable bene\ufb01ts for Executive Directors are in line with our wider workforce policies. Mike Hazell and Mark Watkins received private medical
\n
insurance and a company car during the year.
\n
Pension entitlements
\n
Pension contributions for all Executive Directors are aligned with those of the majority of colleagues (6% of salary). Colleagues can, however,
\n
opt\u00a0to increase their contribution to a maximum of 10%, which the Company will match. This does not apply to Executive Directors. No Executive
\n
Director receives an entitlement under a de\ufb01ned bene\ufb01t plan.
\n
18
Shareholding requirements are those that were in existence throughout the course of the year and at 31 January 2026
\n
19
The number of shares counting towards the shareholding requirement is calculated by summing beneficially owned shares with unvested nil-cost options which are not subject to
\n
performance conditions, on a net of tax basis as well as any vested but unexercised options on a net of tax basis. The MMQ share price of 520.0p at 31 January 2026 was used for
\n
the purpose of calculating the current shareholding (i.e. value of beneficially owned shares and value of/gain on interests over shares) as a percentage of salary
\n
20
Values are not calculated for Non-Executive Directors as they are not subject to shareholding requirements
\n
21
The connected persons of Roger De Haan include Allison De Haan, who holds 20,750 shares
\n
22
Julie Hopes resigned from the Board with effect from 27 February 2026
Payments for loss of office (audited)
\n
As disclosed in the 2025 Annual Report and Accounts, Steve Kingshott stepped down from the Board on 9 April 2025. The\u00a0Committee
\n
determined that Steve would be treated as a good leaver under the Policy approved by shareholders at the Annual General Meeting\u00a0on
\n
5\u00a0July\u00a02022. The full details of the remuneration arrangements are outlined below.
\n
Steve Kingshott
\n
\u2022
Steve remained a colleague, receiving a salary, benefits and his pension allowance in line with the Policy until cessation of employment on
\n
9\u00a0April 2025 (the
Termination Date
) to a total of \u00a389,464.
\n
\u2022
Within 28 days of the Termination Date, Steve received compensation payment for the termination of his employment to a total of \u00a3501,801.
\n
This was inclusive of his entitlement to a statutory redundancy payment (\u00a348,727), a payment in lieu of notice, compromising salary
\n
(\u00a3422,300), pension allowance (\u00a325,338), benefits (\u00a312,000) and a payment for unused accrued holiday entitlement (\u00a32,436).
\n
\u2022
Subject to the satisfaction of performance measures, and being employed until the Termination Date, a pro rata bonus for 2025/26 was
\n
awarded. This was subject to approval by the Committee, with the bonus satisfied two-thirds in cash and one-third in deferred shares
\n
pursuant to the DBP, in line with the Policy as determined by the Committee.
\n
\u2022
Awards made to Steve under the DBP on 28 April 2022, 26 May 2023, 28 May 2024, 28 May 2025 and any potential award in 2026 will vest
\n
at\u00a0the normal vesting date and remain subject to the plan rules, including malus and clawback provisions. Awards will be exercisable for
\n
six\u00a0months after vesting.
\n
\u2022
Awards made to Steve under the DBP as part of his recruitment award on 28 June 2022 and 6 July 2022 will vest at the normal vesting date
\n
and remain subject to the plan rules, including malus and clawback provisions. Awards will be exercisable for six months after vesting.
\n
\u2022
Awards made to Steve under the RSP granted on 13 July 2022 will not be subject to pro rata calculation; awards made on 12 June 2023 and
\n
8 July 2024 will be pro-rated to reflect the period from award date to the Termination Date. All awards will vest at\u00a0the normal vesting date
\n
subject to the plan rules, including malus and clawback provisions. Awards will be exercisable for six months after\u00a0vesting.
\n
\u2022
No further RSP awards will be granted to Steve.
\n
\u2022
The 2023 RSP and DBP awards are subject to post-cessation shareholding requirements (
PCSR
) applicable to the Executive Directors for
\n
a\u00a0two-year period following the Termination Date. None of Steve\u2019s other RSP and DBP awards are subject to any PCSR.
\n
\u2022
Awards granted under the STP will lapse in full on the Termination Date.
\n
\u2022
Steve is required to retain 200% of his salary or (if lower) his final shareholding in shares for a period of two years from the Termination Date,
\n
i.e. until 9 April 2027. On the Termination Date, Steve had an estimated effective shareholding of c.236% of salary (based on a closing share
\n
price of 520.0p at 31 January 2026), which will be subject to the post-cessation holding requirement.
\n
\u2022
In September 2025 Steve exercised his vested DBP awards from June and July 2022 and his RSP 2022, giving a total vested share award
\n
of\u00a0\u00a3324,660.
\n
Peter Bazalgette
\n
Peter Bazalgette resigned from the Board on 9 April 2025 and received no payments for loss of o\ufb03ce.
\n
Payments to past directors (audited)
\n
As previously disclosed in the 2024 Annual Report and Accounts, both Euan Sutherland and James Quin stepped down from the Board of
\n
Directors in their roles as the Group CEO and Group CFO in 2023. The full details of the remuneration arrangements for both were fully
\n
disclosed in the 2024 Annual Report and Accounts. The remuneration elements received for the period ending 31 January 2026 are outlined below.
\n
Vesting of 2022 RSP awards
\n
The RSP award granted on 13 July 2022 vested on 13 July 2025 at 90% of maximum for both Euan and James. The Committee reviewed the
\n
performance of the award and made an adjustment to the \ufb01nal vesting level to take into account the experience and expectation of\u00a0our
\n
shareholders and the value of their shareholdings over the life of this award. The table below sets out the number of shares that vested.
\n\n \n
Value of
Proportion of
Value of
Face value of
award at
End of
Pro-rated
award vesting
award
award
Shares
grant
vesting
for step
as percentage
No. shares
vesting
Director
(% of salary)
awarded
(\u00a3)
period
down
of maximum
vesting
(\u00a3)
Former Group CEO
80%
333,300
582,610
13 July 2025
166,650
23
90%
149,985
274,772
Euan Sutherland
Former Group CFO
68%
171,458
299,170
13 July 2025
100,017
23
90%
90,015
164,907
James Quin
\n
Fees retained for external non-executive directorships
\n
Executive Directors may hold positions in other companies as non-executive directors and retain the fees. Mike Hazell does not hold any external
\n
directorships. Steve Kingshott did not hold any external directorships prior to departure from the Board. Mark Watkins was appointed as a
\n
Director for Creative Folkestone on 23 September 2024 but does not receive a fee.
\n
23
The RSP original award to the former Group CEO and former Group CFO were pro-rated under the scheme rules, given their leave dates prior to the date of the award vesting
Governance of remuneration
\n
Wider workforce
\n
For the Committee to review the wider workforce pay, policies and incentives, reports are regularly considered at Committee meetings, setting
\n
out key details of remuneration throughout the Company. Alongside its review of the wider workforce remuneration, the Committee considers
\n
the approach applied to the Executive Directors and senior management. In particular, the Committee is focussed on ensuring the approach to
\n
the remuneration of the Executive Directors and senior management is consistent with that applied to the wider workforce.
\n
The table summarises some of the key workforce reward elements that are regularly discussed by the Committee:
\n\n \n
Bonus
Bonus schemes contain both financial and personal measures. A financial scorecard is used for all colleagues at Saga
linked to their business unit, including Executive Directors. Malus and clawback are in place for the colleagues in our
Senior Leadership Team.
Other incentive
Incentive arrangements that are paid more frequently are also operated in our contact centres. These incentive
schemes
schemes are reviewed regularly to ensure best practice and market alignment. The method of calculation and
frequency of payment varies, depending on business area and product.
Base pay
All colleagues received an increase of 2.5% of base pay in February 2025.
National Living
Saga continues to be committed to paying above National Living Wage for all UK colleagues and, in 2025, maintained
Wage
accreditation as a Real Living Wage employer.
RSP
RSP awards are granted across senior leadership at Saga. Eligible colleagues received an RSP grant in 2025, ranging
from 20% to 50% of salary.
SIP
We continue to promote our SIP, so that all colleagues can invest in the Company\u2019s success. The plan enables
colleagues to purchase shares through payroll.
Pension
Saga operates a single defined contribution Master Trust arrangement with Aviva. At 31 January 2026, there were
1,597 colleagues in this scheme.
\n
The Committee Chair engages regularly with the People Committee, gaining regular feedback and outlining executive remuneration. Feedback
\n
from this engagement is then shared with the Committee. Find out more in our 2026 Environmental, Social and Governance Report.
\n
Pay comparisons
\n
Group CEO ratio
\n
Our Group CEO to average colleague pay ratio for 2025/26 was 62:1. To give context to this ratio, we include a chart below which tracks the CEO
\n
to average colleague pay ratio since 2015/16 alongside Saga\u2019s total shareholder return (
TSR
) performance over a 10-year period. We also show
\n
this against the performance of the FTSE Small Cap (
SMC
) during the same time span.
\n
Jan-16
\n
TSR rebased to 100 from January 2016
\n
Jan-17
Jan-18
\n
78:1
\n
40:1
\n
116:1
\n
48:1
\n
41:1
\n
76:1
\n
76:1
\n
56:1
\n
63:1
\n
50:1
\n
62:1
\n
Jan-19
Jan-20
Jan-21
Jan-22
Jan-23
Jan-24
Jan-25
Jan-26
\n
150
\n
200
\n
Saga TSR
\n
100
\n
50
\n
0
\n
FTSE SMC
CEO pay ratio
\n
The chart shows the value of \u00a3100 invested in the Company\u2019s shares compared with the FTSE SMC index. The graph shows the TSR generated
\n
by the movement in share value and the reinvestment over the same period of dividend income. This graph was calculated in accordance with the
\n
Financial Conduct Authority UK Listing Rules.
\n
In summary, there has been signi\ufb01cant volatility in Group CEO pay, and we believe that this is caused by the factors set out below.
\n
\u2022
Our Group CEO\u2019s pay is made up of a higher proportion of incentive pay than that of our colleagues, in line with the expectations of our
\n
shareholders and accepted market practice for senior executive roles. This introduces a higher degree of variability in pay each year, which,
\n
in\u00a0turn, affects the ratio.
\n
\u2022
The value of long-term incentives, which measure performance over three years, is disclosed in the year they vest, which increases the
\n
Group\u00a0CEO\u2019s pay in that year, again impacting the ratio.
\n
\u2022
We recognise that the ratio is driven by the different structure of pay for our Group CEO versus that of our colleagues, as well as the make-up
\n
of our workforce. This ratio varies between businesses in the same sector. What is important from our perspective is that this ratio is
\n
influenced only by the differences in structure, and not by divergence in fixed pay between the Group CEO and wider workforce.
\n
Where the structure of remuneration is similar, as for the Operating Board and the Group CEO, the ratio is much more stable over time.
Colleague and CEO ratios
\n
The table below sets out the total remuneration received by the Group CEO using the methodology applied to the single total \ufb01gure
\n
of\u00a0remuneration.
\n\n \n
Group Chief
Executive Officer
2016/17
2017/18
2018/19
2019/20
2020/21
2021/22
2022/23
2023/24
2024/25
2025/26
Total single
Lance Batchelor
2,490,617
1,025,146
24
1,191,743
946,353
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
figure (\u00a3)
Euan Sutherland
\u2013
\u2013
\u2013
116,535
2,118,471
2,401,273
25
1,753,093
1,835,610
26
\u2013
\u2013
Mike Hazell
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
223,363
26
1,894,030
2,203,240
Annual bonus
Lance Batchelor
67.5%
\u2013
35.1%
18.2%
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
payment level
Euan Sutherland
\u2013
\u2013
\u2013
66.8%
83.1%
85.4%
35.3%
61.4%
\u2013
\u2013
achieved
Mike Hazell
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
71.9%
84.9%
100%
(percentage
of\u00a0maximum
opportunity)
LTIP vesting
Lance Batchelor
65.6%
26.0%
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
level\u00a0achieved
(percentage
Euan Sutherland
\u2013
\u2013
\u2013
\u2013
n/a
28
10.0%
n/a
28
90.0%
29
90.0%
29
\u2013
of\u00a0maximum
opportunity)
27
Mike Hazell
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
n/a
n/a
n/a
Ratio of Group
Option used
Option B
30
Option B
30
Option B
30
Option B
30
Option B
30
Option B
30
Option B
30
Option B
30
Option B
30
CEO\u00a0single total
25
th
percentile
n/a
8:1
59:1
46:1
97:1
104:1
66:1
71:1
67:1
75:1
remuneration figure
Median
116:1
40:1
32
48.1
33
41:1
34
76:1
35
76:1
36
56:1
37
63:1
38
50:1
39
62:1
40
to all colleagues
30,31
75
th
percentile
n/a
33:1
36.1
29:1
55:1
55:1
42:1
41:1
36:1
38:1
Ratio of single
4:1
3:1
3:1
2:1
4:1
3:1
3:1
3:1
3:1
3:1
total remuneration
figure shown to
executive members
\n
The colleague pay \ufb01gures used to calculate the ratio are as follows:
\n\n \n
25
th
percentile
Median
75
th
percentile
2025/26
Salary
\u00a325,744
\u00a330,403
\u00a347,046
Total pay
\u00a329,317
\u00a335,428
\u00a357,859
\n
24
For 2017/18, the final value of the 2015 LTIP award at vesting date is shown and is restated from the 2017/18 Annual Report and Accounts. The share price at the vesting date of
\n
30\u00a0June 2018 was 125.6p
\n
25
The final value of the 2019 LTIP award had not been confirmed at the time the 2022 Annual Report and Accounts was published and, therefore, was not included in the 2021/22
\n
single figure. The final vesting of the 2019 LTIP was confirmed as 10% of maximum and, therefore, the 2021/22 single figure was restated
\n
26
Mike Hazell was appointed as the Group CEO on 28 November 2023. Euan Sutherland\u2019s payments reflect the period until he stepped down as Group CEO on 28 November 2023
\n
27
As disclosed in the 2021 Annual Report and Accounts, in 2020, the LTIP was replaced with an RSP and, therefore, 2023/24 was the first year the RSP vested
\n
28
No LTIP awards were eligible to vest for the Group CEO in post during 2020/21 and 2022/23
\n
29
The 2021 and 2022 RSP awards vesting in April 2024 and July 2025 vested at 90% of maximum, including a discretionary 10% reduction applied by the Committee
\n
30
For the colleague ratio, Saga chose to use Option B, identifying colleagues using our gender pay gap data. This was the preferred option due to the availability of data for our many
\n
UK-based, overseas and part-time colleagues for whom single total figure data is difficult to calculate. Figures have been completed for 2017/18 to 2025/26, using the April gender
\n
pay gap data for that year. To mitigate any anomalies, 11 individuals were identified at each percentile point from the gender pay gap data and the median of pay in the years 2017/18
\n
to 2025/26 for these colleagues was calculated in line with the single total figure methodology
\n
31
The median ratios shown for 2016/17 were recalculated to allow a comparison with the 2017/18 to 2025/26 figures, which were calculated in line with the methodology prescribed
\n
by the regulations
\n
32
The fall in ratio in 2017/18 was due to the forfeiture of bonus by the Group CEO and the relatively low payout on the LTIP. This reflects the fact that shareholders want executives to
\n
have a higher proportion of pay at risk and this is reflected in the volatility in the chart. The percentage change in Group CEO remuneration set out in the table on page 95 shows
\n
that year-on-year, when the volatility of payouts from equity-based awards is excluded, the changes in remuneration for the Group CEO and average colleagues are broadly in line.
\n
This demonstrates that the underlying compensation ratio is not increasing year on year
\n
33
The increase in ratio for 2018/19 was due to the Group CEO receiving a bonus in 2018/19. This increase remained low due to a relatively low bonus and LTIP payout
\n
34
The fall in ratio for 2019/20 was due to the rebalancing of base pay and commission in our contact centres
\n
35
The increase in ratio in 2020/21 was due to the relatively high bonus payout in 2020/21 and RSP award granted to the Group CEO in 2020/21
\n
36
No change in ratio in 2021/22 due to the similar payout in bonus
\n
37
The fall in ratio in 2022/23 was due to the lower bonus payout
\n
38
The increase in ratio in 2023/24 was due to the relatively high bonus payout
\n
39
The decrease in ratio in 2024/25 was due to a lower CEO total single figure in comparison with previous years and the result of aligning base pay to the Real Living Wage
\n
40
The increase in ratio in 2025/26 was due to higher CEO total figure as a result of higher annual bonus outcome
Annual percentage change in remuneration of Directors and other colleagues
\n
The following table sets out the change in the remuneration paid to each Director from 2019/20 to 2025/26, compared with the average
\n
percentage change for other colleagues.
\n
The percentage change for each Director\u2019s remuneration in the table below is based on the \ufb01gures in the single total \ufb01gure table on page 87.
\n
Average colleague pay has been calculated using the following elements:
\n
\u2022
Annual salary: base salary and standard monthly allowances.
\n
\u2022
Taxable benefits: car allowance and private medical insurance premiums.
\n
\u2022
Annual bonus: company bonus, management bonus, commission and incentive payments.
\n\n \n
% increase/(decrease) in
% increase/(decrease) in
% increase/(decrease) in
% increase/(decrease) in
% increase/(decrease) in
% increase/(decrease) in
remuneration in 2020/21
remuneration in 2021/22
remuneration in 2022/23
remuneration in 2023/24
remuneration in 2024/25
remuneration in 2025/26
compared with previous year
compared with previous year
compared with previous year
compared with previous year
compared with previous year
compared with previous year
(2019/20)
(2020/21)
(2021/22)
(2022/23)
(2023/24)
(2024/25)
Salary/
Taxable
Annual
Salary/
Taxable
Annual
Salary/
Taxable
Annual
Salary/
Taxable
Annual
Salary/
Taxable
Annual
Salary/
Taxable
Annual
fees
benefits
bonus
fees
benefits
bonus
fees
benefits
bonus
fees
benefits
bonus
fees
benefits
bonus
fees
benefits
bonus
Mike Hazell
41
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
3.9%
2.3%
28.8%
2.5%
0.8%
20.7%
Mark Watkins
42
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
\u2013
2.3%
18.1%
10.0%
0.8%
29.5%
Steve Kingshott
43
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
3.0%
0.3%
10.9%
\u2013
1.9%
104.5%
2.5%
14.4%
44
46.9%
Roger De Haan
45
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Julie Hopes
46
41.7%
46
n/a
n/a
(1.0%)
46
n/a
n/a
(0.8%)
46
n/a
n/a
(19.0%)
46
n/a
n/a
6.5%
46
n/a
n/a
(1.5%)
n/a
n/a
Gareth Hoskin
9.3%
47
n/a
n/a
2.9%
47
n/a
n/a
\u2013
n/a
n/a
2.7%
n/a
n/a
\u2013
n/a
n/a
(12.8%)
47
n/a
n/a
Gemma Godfrey
48
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
24.2%
49
n/a
n/a
\u2013
n/a
n/a
2.5%
n/a
n/a
Peter Bazalgette
48
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
10.9%
50
n/a
n/a
\u2013
n/a
n/a
\u2013
n/a
n/a
Anand Aithal
48
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
8.4%
51
n/a
n/a
\u2013
n/a
n/a
2.2%
n/a
n/a
Average per colleague
3.2%
52
2.7%
67.8%
4.1%
52
6.6%
5.4%
13.3%
52
3.6%
(49.9%)
4.6%
52
2.5%
58.2%
6.3%
52
5.8%
47.1%
7.7%
52
(0.7%)
96.7%
\n
Relative importance of the spend on pay
\n
The table below sets out the relative importance of spend on pay in the 2025/26 and 2024/25 \ufb01nancial years, compared with other
\n
disbursements. All \ufb01gures provided are taken from the relevant Company accounts.
\n\n \n
Disbursements from
Disbursements from
profit in 2025/26
profit in 2024/25
financial year
financial year
\u00a3m
\u00a3m
Percentage change
Profit distributed by way of dividend
\u2013
\u2013
\u2013
Total tax contributions
53
30.1
22.0
36.8%
Overall spend on pay including Executive Directors
131.3
119.4
10.0%
\n
41
No comparison for Mike Hazell prior to 2024/25 due to him becoming a Director on 9 October 2023. The increase in salary in 2024/25 was due to moving from CFO to CEO on
\n
28\u00a0November 2023
\n
42
No comparison for Mark Watkins prior to 2024/25 due to him becoming a Director on 28 November 2023
\n
43
No comparison for Steve Kingshott prior to 2023/24 due to him becoming a Director on 3 January 2023
\n
44
The increase in taxable benefit for Steve Kingshott is due to his settlement agreement paid in April 2025 covering 12 months so also covers February to April 2026
\n
45
Roger De Haan has waived his fee since becoming Chairman in 2020
\n
46
The increase in fees for Julie Hopes in 2020/21 was due to her becoming Chair of the Saga Personal Finance (
SPF
) board on 1 February 2020 and assuming the position of Risk
\n
Committee Chair on 31\u00a0December 2020. The decrease in fees in 2021/22 was due to the reduction in the fee for the Chair of SPF role on 1 January 2021 following a review of the
\n
role. The decrease in fees in 2022/23 and 2023/24 is due to her stepping down from the role as Chair of SPF on 10 January 2023. She also assumed the position of Remuneration
\n
Chair on 31 December 2023. Julie Hopes resigned from the Board with effect from 27 February 2026
\n
47
The increase in fees for Gareth Hoskin in 2020/21 and 2021/22 was due to him becoming Chair of the Audit Committee on 22 June 2020. The fall in fees in 2025/26 is due to
\n
Gareth previously chairing Acromas Insurance Company Limited, which ceased following its sale to wholly owned UK subsidiaries of Ageas SA/NV
\n
48
No comparison for Gemma Godfrey, Peter Bazalgette and Anand Aithal prior to 2022/23 due to them joining in September 2022
\n
49
The increase in fees for Gemma Godfrey in 2023/24 was due to her becoming Chair of SPF on 10 January 2023
\n
50
The increase in fees for Peter Bazalgette in 2023/24 was due to him becoming Senior Independent Director and Chair of the Nomination Committee on 30 September 2022
\n
51
The increase in fees for Anand Aithal in 2023/24 was due to him becoming Chair of the Innovation and Enterprise Committee on 1 November 2022
\n
52
The average salary per colleague increased in 2020/21 and 2021/22 due to a combination of the annual salary increase, Company restructuring, which altered our colleague base,
\n
and the impacts of the COVID-19 pandemic. The increase in salary in 2022/23 was due to a combination of two pay increases for the wider workforce and further investment in
\n
base\u00a0pay. The increase in salary in 2023/24 was a result of Company restructuring, which altered our colleague base, and an uplift in the entry salary within our contact centres.
\n
The increase in salary in 2024/25 is a result of the annual pay review and alignment to the Real Living Wage. The increase in salary in 2025/26 was a result of investment in base pay
\n
including Real Living Wage alignment and also due to our colleague base changing as a result of our partnership with wholly owned UK subsidiaries of Ageas SA/NV
\n
53
Total tax contributions include corporation tax, national insurance contributions, irrecoverable value added tax and air passenger duty
Advisers to the Committee
Saga plc appointed Willis Towers Watson (
WTW
) to act as independent adviser to the Committee in 2025/26, following a competitive tender
process undertaken by the Committee. PricewaterhouseCoopers (
PwC
) continued to act as independent adviser to the Committee until
1\u00a0December 2025, at which point WTW commenced work for the Committee.
Both WTW and PwC are members of the Remuneration Consultants Group and, as such, operate under the code of conduct in relation to
executive remuneration consulting in the UK. The Committee is therefore satis\ufb01ed that the advice received from its advisers is objective
and\u00a0independent.
Fees of \u00a365,241 were paid to PwC and fees of \u00a345,000 were paid to WTW in respect of the advice provided to the Committee in relation
to\u00a0director remuneration in 2025/26. Fees were charged at a combination of \ufb01xed amounts for speci\ufb01c items of work and hourly rates.
The Committee receives support from the Chief People O\ufb03cer and Group Company Secretary.
Shareholder voting
The current Policy was approved by shareholders at the AGM held on 24 June 2025. Outlined below are the voting outcomes for this and in
respect of approving the Directors\u2019 Remuneration Report.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
% of issued
\u00a0
\u00a0 \u00a0 \u00a0
% of
Votes
% of
Votes
share capital
Votes
Resolution
AGM date
Votes for
votes cast
against
votes cast
cast
54
voted
withheld
To approve the Directors\u2019
24 June 2025
82,956,453
99.56
366,879
0.44
83,461,141
58.2
137,809
Remuneration Report
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
To approve the Directors\u2019
24 June 2025
82,951,796
99.63
305,884
0.37
83,461,141
58.2
203,461
Remuneration Policy
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\n
54
Votes cast figures include votes withheld as well as votes for and againstDirectors\u2019 remuneration
The information required by the Companies Act 2006 and the UK Listing Rules of the FCA is contained on pages 80-107 in the Directors\u2019
Remuneration Report.
Compensation of key management personnel of the Group
Key management personnel are de\ufb01ned as those persons having authority and responsibility for planning, directing and controlling the activities
of the Group and comprise the Directors of the Company and the Operating Board.
The amounts recognised as an expense during the \ufb01nancial year in respect of key management personnel are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Short-term benefits
7.6
6.2
Termination costs
0.1
\u2013
Post-employment benefits
0.1
0.1
Share-based payments
1.0
1.2
\u00a0
8.8
7.5
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "ConsolidatedIncomeStatement_Label_00267": { "value": "660000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_00266": { "value": "588300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_00271": { "value": "341100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_00270": { "value": "308800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_00280": { "value": "318900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_00281": { "value": "279500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_00282": { "value": "252900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:SellingGeneralAndAdministrativeExpense", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_00283": { "value": "231800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:SellingGeneralAndAdministrativeExpense", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_00285": { "value": "900000.0", "decimals": -5, "dimensions": { "concept": "saga:IncreaseInCreditLossAllowance", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_00284": { "value": "1800000.0", "decimals": -5, "dimensions": { "concept": "saga:IncreaseInCreditLossAllowance", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:GBP" } }, 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Mike Hazell
Mark Watkins
\n
Group Chief Executive O\ufb03cer
Group Chief Financial O\ufb03cer", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_0076": { "value": "21500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_0077": { "value": "648300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_0078": { "value": "-1400000.0", "decimals": -5, 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"ConsolidatedStatementOfCashFlows_NegatedLabel_00499": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00498": { "value": "11500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00500": { "value": "68800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00501": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00503": { "value": "84400000.0", "decimals": -5, "dimensions": { "concept": "saga:CashAndCashEquivalentsDisposedOfWithSubsidiary", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00502": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "saga:CashAndCashEquivalentsDisposedOfWithSubsidiary", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00518": { "value": "6100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00519": { "value": "14800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00504": { "value": "6300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00505": { "value": "7300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00506": { "value": "335000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00507": { "value": "95000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00508": { "value": "380600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00509": { "value": "232200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00511": { "value": "17600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsForDebtIssueCosts", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00510": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsForDebtIssueCosts", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00516": { "value": "-69500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00517": { "value": "-144500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00512": { "value": "53600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00513": { "value": "-16500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00515": { "value": "203100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00514": { "value": "219600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00521": { "value": "256700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2026-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00520": { "value": "203100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00100": { "value": "1 Corporate information
Saga plc (the
Company
) is a public limited company incorporated and
domiciled in the United Kingdom (
UK
) under the Companies Act 2006
(registration number 08804263). The Company is registered in
England and Wales and its registered o\ufb03ce is 3 Pancras Square,
London, N1C 4AG.
Saga o\ufb00ers a wide range of products and services to its customer
base, which include package and cruise holidays, general insurance
products, personal \ufb01nance products and a range of media content,
including a monthly subscription magazine.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0095": { "value": "Saga plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0092": { "value": "Saga plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0089": { "value": "Saga plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0098": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0097": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0093": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0090": { "value": "England", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0091": { "value": "3 Pancras Square, London, N1C 4AG.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0094": { "value": "Saga o\ufb00ers a wide range of products and services to its customer base, which include package and cruise holidays, general insurance products, personal \ufb01nance products and a range of media content, including a monthly subscription magazine.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00102": { "value": "2.1 Basis of preparation
The consolidated \ufb01nancial statements of the Group have been
prepared in accordance with UK-adopted international
accounting\u00a0standards.
The consolidated \ufb01nancial statements have been prepared on a going
concern basis and on a historical cost basis, except as otherwise
stated. The Group reviewed the appropriateness of the going concern
basis in preparing the \ufb01nancial statements, details of which are
included below. Based on those assumptions, the Directors concluded
that it remains appropriate to adopt the going concern basis in
preparing the \ufb01nancial statements.
The Group\u2019s consolidated \ufb01nancial statements are presented in
British pounds sterling (
GBP
), which is also the parent company\u2019s
functional currency, and all values are rounded to the nearest hundred
thousand (\u00a3m), except when otherwise indicated. Each company in
the\u00a0Group determines its own functional currency and items included
in the \ufb01nancial statements of each entity are measured using that
functional currency.
The preparation of \ufb01nancial statements in compliance with
UK-adopted international accounting standards requires the use
of\u00a0certain critical accounting estimates. It also requires management
to exercise judgement in applying the Group\u2019s accounting policies.
The\u00a0areas where signi\ufb01cant judgements and estimates have been
made in preparing the \ufb01nancial statements, and their e\ufb00ect, are
disclosed in Note 2.6.
The material accounting policies adopted, which have been applied
consistently, unless otherwise stated, are set out in Note 2.3.
Going concern
The Directors have assessed the Group\u2019s ability to continue as a
going\u00a0concern over the period to 30 April 2027, being at least
12\u00a0months from the date of approval of the Annual Report and
Accounts. This assessment considered the Group\u2019s current liquidity
position, \ufb01nancial forecasts, debt facilities, covenant compliance and
principal risks. The review included both the Board-approved base
case and a severe but plausible stressed scenario.
Under the base case, the Group maintains Available Cash
2
in excess
of\u00a0internal minimum liquidity requirements throughout the
assessment period. No drawdown of the Group\u2019s \u00a333.4m Revolving
Credit Facility (
RCF
) or \u00a3116.6m delayed-draw term loan (
DDTL
)
facility is required, and the Group remains in compliance with all
\ufb01nancial covenants linked to its debt facilities.
The stressed scenario models multiple downside risks occurring
concurrently across the assessment period. These include lower
trading performance across Ocean Cruise, River Cruise and
Holidays,\u00a0re\ufb02ecting a reduction in load factors for Ocean Cruise from
93% for the year ended 31 January 2026 to 88% over the assessment
period, a 1-2% reduction in per diems in River Cruise and softer
customer volumes in our Holidays business; lower-than-planned
bene\ufb01t realisation and increased operating pressures within
Insurance Broking; and a competitive savings market combined
with\u00a0weaker demand for our other products in the Money division.
The\u00a0scenario additionally incorporates a cyber-related operational
disruption a\ufb00ecting both Cruise and Insurance, as well as certain
adverse non-trading cash impacts, including higher Association
of\u00a0British Travel Agents (
ABTA
) bonding requirements. Together,
these stresses reduce pro\ufb01tability and cash generation relative
to\u00a0the\u00a0base case.
In forming their conclusion, the Directors considered the Group\u2019s
exposure to the crisis in the Middle East and the increased volatility in
global energy markets. Saga is 100% hedged against foreign exchange
risk for both 2026/27 and 2027/28 and is 100% and 75% hedged for
commodity risk respectively. However, the Group remains directly
exposed to risks associated with supply constraints for marine fuel in
its Cruise operations and, indirectly, to jet fuel through the Holidays
business unit\u2019s partnerships with airlines. Additional reverse stress
testing indicates that, in 2026/27, Saga could withstand a reduction
in\u00a0planned EBITDA of more than 50% before breaching its leverage
covenant and losing access to currently undrawn debt facilities.
The Directors also considered additional downside risks not explicitly
modelled, including regulatory, operational and economic
uncertainties. These were assessed as either remote within the going
concern period or mitigated through existing controls and
contingency planning.
Having reviewed the forecasts, stress testing and associated risk
analysis, the Directors are satis\ufb01ed that the Group can expect to
remain in compliance with its debt covenants and retain access
to\u00a0currently undrawn facilities even under the stressed scenario.
Noting that it is not possible to accurately predict all possible future
risks to the Group\u2019s trading, based on this analysis and the scenarios
modelled, they have concluded that the Group has adequate
resources to continue in operational existence for the foreseeable
future and that there are no material uncertainties that may cast
signi\ufb01cant doubt on the Group\u2019s ability to continue as a going concern.
Accordingly, the \ufb01nancial statements to 31 January 2026 have been
prepared on a going concern basis. 2 Refer to the Alternative Performance Measures Glossary on pages 194-196 for definition and explanation", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00101": { "value": "The consolidated \ufb01nancial statements of the Group have been
prepared in accordance with UK-adopted international
accounting\u00a0standards. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00208": { "value": "The Group\u2019s consolidated \ufb01nancial statements are presented in
British pounds sterling (
GBP
), which is also the parent company\u2019s
functional currency, and all values are rounded to the nearest hundred
thousand (\u00a3m), except when otherwise indicated. Each company in
the\u00a0Group determines its own functional currency and items included
in the \ufb01nancial statements of each entity are measured using that
functional currency.Monetary assets and
liabilities denominated in foreign currencies are retranslated at
the\u00a0functional currency spot rate of exchange prevalent at the
reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00103": { "value": "Going concern
The Directors have assessed the Group\u2019s ability to continue as a
going\u00a0concern over the period to 30 April 2027, being at least
12\u00a0months from the date of approval of the Annual Report and
Accounts. This assessment considered the Group\u2019s current liquidity
position, \ufb01nancial forecasts, debt facilities, covenant compliance and
principal risks. The review included both the Board-approved base
case and a severe but plausible stressed scenario.
Under the base case, the Group maintains Available Cash
2
in excess
of\u00a0internal minimum liquidity requirements throughout the
assessment period. No drawdown of the Group\u2019s \u00a333.4m Revolving
Credit Facility (
RCF
) or \u00a3116.6m delayed-draw term loan (
DDTL
)
facility is required, and the Group remains in compliance with all
\ufb01nancial covenants linked to its debt facilities.
The stressed scenario models multiple downside risks occurring
concurrently across the assessment period. These include lower
trading performance across Ocean Cruise, River Cruise and
Holidays,\u00a0re\ufb02ecting a reduction in load factors for Ocean Cruise from
93% for the year ended 31 January 2026 to 88% over the assessment
period, a 1-2% reduction in per diems in River Cruise and softer
customer volumes in our Holidays business; lower-than-planned
bene\ufb01t realisation and increased operating pressures within
Insurance Broking; and a competitive savings market combined
with\u00a0weaker demand for our other products in the Money division.
The\u00a0scenario additionally incorporates a cyber-related operational
disruption a\ufb00ecting both Cruise and Insurance, as well as certain
adverse non-trading cash impacts, including higher Association
of\u00a0British Travel Agents (
ABTA
) bonding requirements. Together,
these stresses reduce pro\ufb01tability and cash generation relative
to\u00a0the\u00a0base case.
In forming their conclusion, the Directors considered the Group\u2019s
exposure to the crisis in the Middle East and the increased volatility in
global energy markets. Saga is 100% hedged against foreign exchange
risk for both 2026/27 and 2027/28 and is 100% and 75% hedged for
commodity risk respectively. However, the Group remains directly
exposed to risks associated with supply constraints for marine fuel in
its Cruise operations and, indirectly, to jet fuel through the Holidays
business unit\u2019s partnerships with airlines. Additional reverse stress
testing indicates that, in 2026/27, Saga could withstand a reduction
in\u00a0planned EBITDA of more than 50% before breaching its leverage
covenant and losing access to currently undrawn debt facilities.
The Directors also considered additional downside risks not explicitly
modelled, including regulatory, operational and economic
uncertainties. These were assessed as either remote within the going
concern period or mitigated through existing controls and
contingency planning.
Having reviewed the forecasts, stress testing and associated risk
analysis, the Directors are satis\ufb01ed that the Group can expect to
remain in compliance with its debt covenants and retain access
to\u00a0currently undrawn facilities even under the stressed scenario.
Noting that it is not possible to accurately predict all possible future
risks to the Group\u2019s trading, based on this analysis and the scenarios
modelled, they have concluded that the Group has adequate
resources to continue in operational existence for the foreseeable
future and that there are no material uncertainties that may cast
signi\ufb01cant doubt on the Group\u2019s ability to continue as a going concern.
Accordingly, the \ufb01nancial statements to 31 January 2026 have been
prepared on a going concern basis. 2 Refer to the Alternative Performance Measures Glossary on pages 194-196 for definition and explanation", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00104": { "value": "Noting that it is not possible to accurately predict all possible future
risks to the Group\u2019s trading, based on this analysis and the scenarios
modelled, they have concluded that the Group has adequate
resources to continue in operational existence for the foreseeable
future and that there are no material uncertainties that may cast
signi\ufb01cant doubt on the Group\u2019s ability to continue as a going concern.
Accordingly, the \ufb01nancial statements to 31 January 2026 have been
prepared on a going concern basis. 2 Refer to the Alternative Performance Measures Glossary on pages 194-196 for definition and explanation", "dimensions": { "concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00247": { "value": "2.2 Basis of consolidation
The consolidated \ufb01nancial statements incorporate the \ufb01nancial
statements of the Company and entities controlled by the Company
(its
subsidiaries
, collectively the
Group
) made up to 31 January each
year. Control is achieved when the Group is exposed, or has rights,
to\u00a0variable returns from its involvement with an investee entity and
has\u00a0the ability to a\ufb00ect those returns through its power over the
investee entity.
The existence and e\ufb00ect of potential voting rights that are currently
exercisable or convertible are considered when assessing whether
the\u00a0Group controls another entity.
Subsidiary companies are consolidated using the acquisition method.
The results of subsidiaries acquired, or disposed of, during the year
are\u00a0included in the consolidated income statement from the e\ufb00ective
date of acquisition (control) or up to the e\ufb00ective date of disposal
(control ceases), as appropriate. Where a subsidiary which
constituted a separate major line of business is disposed of, it is
disclosed as a discontinued operation.
In preparing these consolidated \ufb01nancial statements, any intra-group
receivables, payables, income and expenses arising from intra-group
trading are eliminated. Where accounting policies used in individual
\ufb01nancial statements of a subsidiary company di\ufb00er from Group
policies, adjustments are made to bring these policies in line with
Group policies.
A change in the ownership interest of a subsidiary, without a loss of
control, is accounted for as an equity transaction.
If the Group loses control over a subsidiary, it derecognises the
related assets (including goodwill), liabilities, non-controlling interest
and other components of equity, while any resultant gain or loss is
recognised in pro\ufb01t or loss. Any investment retained is recognised
at\u00a0fair value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00105": { "value": "2.2 Basis of consolidation
The consolidated \ufb01nancial statements incorporate the \ufb01nancial
statements of the Company and entities controlled by the Company
(its
subsidiaries
, collectively the
Group
) made up to 31 January each
year. Control is achieved when the Group is exposed, or has rights,
to\u00a0variable returns from its involvement with an investee entity and
has\u00a0the ability to a\ufb00ect those returns through its power over the
investee entity.
The existence and e\ufb00ect of potential voting rights that are currently
exercisable or convertible are considered when assessing whether
the\u00a0Group controls another entity.
Subsidiary companies are consolidated using the acquisition method.
The results of subsidiaries acquired, or disposed of, during the year
are\u00a0included in the consolidated income statement from the e\ufb00ective
date of acquisition (control) or up to the e\ufb00ective date of disposal
(control ceases), as appropriate. Where a subsidiary which
constituted a separate major line of business is disposed of, it is
disclosed as a discontinued operation.
In preparing these consolidated \ufb01nancial statements, any intra-group
receivables, payables, income and expenses arising from intra-group
trading are eliminated. Where accounting policies used in individual
\ufb01nancial statements of a subsidiary company di\ufb00er from Group
policies, adjustments are made to bring these policies in line with
Group policies.
A change in the ownership interest of a subsidiary, without a loss of
control, is accounted for as an equity transaction.
If the Group loses control over a subsidiary, it derecognises the
related assets (including goodwill), liabilities, non-controlling interest
and other components of equity, while any resultant gain or loss is
recognised in pro\ufb01t or loss. Any investment retained is recognised
at\u00a0fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00106": { "value": "2.3 Summary of material accounting policies
a) Revenue recognition
Revenue represents amounts receivable from the sale or supply of
goods and services provided to customers in the ordinary course of
business and is recognised to the extent that it is probable that the
future economic bene\ufb01ts will \ufb02ow to the Group and the revenue
can\u00a0be\u00a0reliably measured, regardless of when payment is received.
The\u00a0policies for the recognition of the Group\u2019s various revenue
streams by segment are as follows:
i) Travel
Revenue from Cruise, in respect of Ocean Cruise holidays, is
recognised in line with the performance obligations, being the cruise
itself, \ufb02ights and/or rail journeys (where applicable), travel insurance
and transfers. The standalone selling price of each performance
obligation is estimated as the cost to provide each obligation plus a
pro\ufb01t margin appropriate to the nature of each service. The price
charged to each customer is then apportioned to each performance
obligation based on the relative estimated standalone selling prices,
in\u00a0line with the requirements of International Financial Reporting
Standard (
IFRS
) 15 \u2018Revenue from Contracts with Customers\u2019.
The\u00a0portion of revenue allocated to the cruise itself is recognised
on\u00a0a\u00a0per diem basis over the duration of the cruise, in line with when
the\u00a0performance obligation is satis\ufb01ed. The portion of revenue
allocated to \ufb02ights, \ufb02ight upgrades (where applicable) and transfers
is\u00a0recognised on the date that each trip is ful\ufb01lled.
Revenue from travel insurance (which is underwritten by a third party)
for cruising holidays is recognised at the cover start date of the policy,
which is usually at the point the customer makes a booking.
Revenue from Cruise, relating to chartered River Cruise ships, is also
recognised in line with the performance obligations that are included
in a package holiday, namely the provision of \ufb02ights, accommodation,
transfers and travel insurance. Revenue is recognised as and when
each performance obligation is satis\ufb01ed, which is deemed to be when
each service to the customer takes place.
For Holidays, revenue in relation to \ufb02ights and \ufb02ight upgrades is
recognised on the date of each \ufb02ight; revenue in relation to
accommodation is recognised over the duration of the holiday;
revenue in relation to transfers is recognised on the date that the
transfers occur before and after each holiday; and revenue in
respect\u00a0of travel insurance (which is underwritten by a third-party)
is\u00a0recognised on the cover start date of the insurance. This is
consistent with the approach adopted by the Cruise business.
An element of revenue which represents the non-refundable deposit
received at the time of booking is recognised in the income statement
when the likelihood of the customer exercising their remaining rights
becomes remote.
Revenue from sales in resort, or on board a cruise ship operated by
the\u00a0Group, for example for optional excursions, is recognised as it
is\u00a0earned.
Revenue from Travel received in advance of when each performance
obligation is satis\ufb01ed is included as deferred revenue within contract
liabilities in the statement of \ufb01nancial position.
ii) Insurance
The amounts received from customers for insurance policies
comprise three main elements: the premium charged to the customer
in respect of the insurance cover (
gross premium
); insurance
premium tax (
IPT
); and an arrangement fee, where applicable
(only\u00a0applied to policies that are brokered via a panel). The gross
premium itself comprises two elements: the premium charged by the
underwriter of each policy (
net premium
), plus any adjustment to the
net premium that is applied by the Group\u2019s broker during the broking
service (
street pricing adjustment
). Prior to 1 July 2025, policies
were underwritten either by the Group\u2019s in-house underwriter, or by
a\u00a0third party. Following the sale of the Group\u2019s in-house underwriting
business on 1 July, all policies are underwritten exclusively by
third-party underwriters.
The Group may also charge additional amounts, where the customer
pays in instalments, for mid-term cancellations or for adjustments
made to policies mid-term.
IPT is excluded from all revenue recognised by the Group.
Our Insurance Broking business also o\ufb00ers a three-year \ufb01xed-price
feature, bundled within the Saga Plus product o\ufb00ering for motor and
home insurance. This product is a distinct and separate service
o\ufb00ered by the broker, as a promise to match or beat the premium for
the next two renewal dates for the same level of protection and
provided that the customer\u2019s circumstances do not change.
(a) For 12-month insurance policies with no option to fix the
premium at renewal (
annual policies
)
For insurance policies underwritten by the Group (up to 1 July 2025
3
):
\u2022
the gross insurance premium and any amounts received as a\u00a0result
of the policyholder opting to pay in instalments were recognised as
insurance revenue on a straight-line, time-apportioned basis over
the coverage period;
\u2022
any such amounts received in advance of coverage being provided
to the policyholder were deferred within insurance contract
liabilities in the statement of financial position;
\u2022
mid-term adjustments to premiums were recognised on a
straight-line, time-apportioned basis over the remaining coverage
period of the policy; and
\u2022
reductions in premiums arising from mid-term cancellations were
recognised on the effective date of the cancellation.
The above treatment is in line with the requirements of IFRS 17
\u2018Insurance Contracts\u2019 (see also Note 2.3r).
For insurance policies not underwritten by the Group:
\u2022
the portion of the gross premium that is retained by the Group,
otherwise referred to as the street pricing adjustment, is allocated
to performance obligations and recognised as those performance
obligations are satisfied. The most material amount is allocated
to\u00a0the performance obligation relating to the brokerage service,
which is recognised on the inception date of the insurance
contract; and
\u2022
the portion of the gross premium charged by the third-party
underwriter, otherwise referred to as the net premium, is not
recognised as revenue in the income statement.
The above treatment is in line with the requirements of IFRS 15.
For all insurance policies:
\u2022
the arrangement fee that is charged in respect of the broking
service is recognised within revenue from Insurance Broking
services on the date that each policy is arranged; and
\u2022
any fee income charged for a mid-term cancellation or adjustment
is recognised on the date the adjustment is made, being the point
that the mid-term service is fulfilled. Where these amounts arise
from insurance contracts underwritten by the Group, they are
presented within Insurance revenue, otherwise they are presented
within revenue from Insurance Broking services.
(b) For 12-month insurance policies where customers have
the\u00a0option to fix the premium over three years (
three-year
fixed-price products
)
The policyholder\u2019s option to \ufb01x the annual premium at the \ufb01rst and
second renewal points is accounted for under IFRS 15 as a promise
to\u00a0the customer.
Where the related insurance policy is not underwritten by the Group,
this promise is accounted for as a separate performance obligation to
the brokerage service.
Where the related insurance policy was underwritten by the Group
(up\u00a0to 1 July 2025
3
), this\u00a0promise was a distinct service that was
accounted for separately from\u00a0the host insurance contract because:
\u2022
the cash flows and risks of the price promise service were not
highly interrelated with those of the insurance contract; and
\u2022
the Group did not provide a significant service in integrating the
price promise with the insurance underwriting service.
3
Refer to Note 38a on pages 182-184 for further detail
Therefore, the accounting treatment of the Group\u2019s obligation to \ufb01x
the premium did not depend on whether the related insurance policy
was underwritten by the Group.
For all three-year \ufb01xed-price products, the Group allocates a portion
of the gross premiums received at inception and at the \ufb01rst renewal
point to the price promise service. The amount allocated to this
service is an estimate of its standalone selling price, being an actuarial
estimate of the cost of transferring the obligation to a third party plus
an appropriate pro\ufb01t margin.
Amounts allocated to the price promise service are initially deferred
within contract liabilities in the statement of \ufb01nancial position and
subsequently recognised as revenue since the option to \ufb01x is exercised
by the customer (and the Group\u2019s performance obligation is satis\ufb01ed).
If a customer cancels a policy subject to the three-year \ufb01xed-price
promise mid-term, or chooses not to renew in the second or third
years, any remaining deferred revenue is recognised within revenue
at\u00a0the point the cover ends, being the point that the Group is released
from the obligation to \ufb01x the price at renewal.
The Group previously entered into contracts to limit its exposure to
potential losses arising as a result of underwriting net rate in\ufb02ation in
respect of its three-year \ufb01xed-price o\ufb00ering. The Group continues
to\u00a0recognise amounts arising from those contracts. Those contracts
are classi\ufb01ed as insurance contracts held.
(c) Other sources of revenue relating to insurance policies
Pro\ufb01t commissions due to the Group, from acting as an insurance
intermediary on behalf of third-party underwriters, are recognised
and valued in accordance with the contractual terms to which they are
subject, when it is highly probable that a signi\ufb01cant reversal of revenue
will not occur.
Where claims arise on insurance policies that are not the fault of the
insured, the Group may earn revenue from:
\u2022
referrals to credit hire companies (in relation to policies
underwritten by the Group or by third parties); and
\u2022
referrals to credit repair companies (in relation to policies
underwritten by third parties only).
This revenue is recognised at the point of referral.
iii) Other Businesses and Central Costs
(a) Saga Money
Revenue from personal \ufb01nance products is recognised when the
customer contracts with the provider of the relevant personal \ufb01nance
product where the revenue comprises a one-o\ufb00 payment by the
provider of the product.
Where the personal \ufb01nance product is one that delivers a recurring
income stream, the present value of the future expected revenue
to\u00a0be received is recognised when the customer contracts with the
provider of the relevant personal \ufb01nance product, and it is highly
probable that a signi\ufb01cant reversal of revenue recognised will
not\u00a0occur.
For the Saga savings product, commissions are earned over the
duration of the contract in line with the contractual amount due to
the\u00a0Group.
For Saga equity release products, commissions are earned initially
and\u00a0over the lifetime of the product. Additionally, further commissions,
where applicable, are earned at each subsequent stage of the
drawdown if any more of the advance is taken by the customer. Initial
commission relating to new business is recognised as revenue at the
point the performance obligation with the Group\u2019s contracted
business partners is satis\ufb01ed, and the customer has taken out the
product. Where applicable, and the probability of further drawdowns
is high, trail commission is recognised as the discounted future cash
\ufb02ows expected to be received over the estimated life of the product
and likewise for further commissions on additional drawdowns
undertaken by the customer.
For Saga legal services, mortgage and investing products, broking
commissions are earned initially, and over the duration of the contract,
in line with the contractual amount due to the Group.
(b) Saga Publishing
Magazine subscription revenue is recognised on a straight-line basis
over the period of the subscription. Revenue generated from
advertising within the magazine is recognised when the magazine
is\u00a0provided to the customer.
The element of subscriptions and advertising revenue relating to the
period after the reporting date is recognised as deferred revenue
within contract liabilities in the statement of \ufb01nancial position.
(c) Printing and mailing
Revenue from printing and mailing services is recognised in line with
the performance obligations within customer contracts.
b) Cost recognition
i) Costs of acquiring insurance contracts
Acquisition costs arising from the selling or renewing of insurance
policies underwritten by the Group until the disposal of the Group\u2019s
underwriting business on 1 July 2025
4
(
insurance acquisition cash
\ufb02ows
) were expensed when they were incurred within insurance
service expenses in the income statement. See also Note 2.3r(viii).
For insurance policies not underwritten by the Group, fees charged
by\u00a0price-comparison websites are recognised as a contract cost asset
within trade and other receivables and amortised in line with the
pattern of revenue recognition for the related insurance policies.
This takes into account revenue expected to be generated from
future\u00a0renewals. Other incremental costs of obtaining insurance
policies not underwritten by the Group, such as payment processing
costs, would be incurred again if the insurance contract renews.
Therefore, the pattern of revenue recognition relating to these
incremental costs is one year. As permitted by IFRS 15, such costs
are\u00a0expensed when incurred.
ii) Claims costs (discontinued operations)
Claims costs incurred in respect of insurance policies underwritten
by\u00a0the Group (until 1 July 2025
4
) were included as insurance service
expenses within the pro\ufb01t or loss from discontinued operations.
These\u00a0costs included estimates in respect of losses reported as
having occurred during the period, an estimate for the cost of claims
incurred during the period but not reported at the reporting date, and
any adjustments to claims outstanding from previous periods. See
Note 2.3r(vi)(b) for further details.
The portion of claims costs recoverable from reinsurance contracts
was recognised within net income from reinsurance contracts within
the pro\ufb01t or loss from discontinued operations. These recoveries
were recognised in the same period in which the claims costs were
recognised. See Note 2.3r(vii) for\u00a0further details.
iii) Finance costs
Finance costs comprise interest paid and payable, and commitment
fees, calculated using the e\ufb00ective interest rate (
EIR
) method, and are
recognised in the income statement as they accrue. Accrued interest
is\u00a0included within the carrying value of the interest-bearing \ufb01nancial
liability in the statement of \ufb01nancial position. Finance costs also include
debt issue costs that were initially recognised in the statement of
\ufb01nancial position and are amortised over the life of the debt, debt issue
costs in respect of renegotiating existing, or negotiating new, facilities
that are immediately recognised in the income statement and net
fair\u00a0value losses on derivative \ufb01nancial instruments.
iv) All other expenses
All other expenses are recognised in the income statement as they
are\u00a0incurred.
4
Refer to Note 38a on pages 182-184 for further detail
c) Recognition of other income statement items
i) Interest income
Investment income, in the form of interest, is recognised in the income
statement as it accrues and is calculated using the EIR method.
Interest income is earned by the Group on assets held at fair value
through pro\ufb01t or loss (
FVTPL
) and amortised cost. Fees and
commissions, which are an integral part of the e\ufb00ective yield of the
\ufb01nancial asset or liability, are recognised as an adjustment to the EIR
of\u00a0the instrument.
ii) Dividend income
Income in the form of dividends is recognised when the right to receive
payment is established. For listed securities, this is the date that the
security is listed as ex-dividend.
iii) Gains and losses on financial investments at fair value
Realised and unrealised gains and losses on \ufb01nancial investments
are\u00a0recorded as investment income in the income statement and
represent net fair value gains and losses arising from changes in
fair\u00a0value during the year.
iv) Other income
The Group recognises other items in pro\ufb01t or loss as other income,
when the amounts become receivable and its right to receive
payments is established.
v) Affinity Partnership income
Income from the 20-year partnership for motor and home insurance
with wholly owned subsidiaries in the UK of Ageas SA/NV (
Ageas
)
(
A\ufb03nity Partnership
) income is recognised on a straight-line basis
over the period of the agreement, being 20 years (Note 38a).
d) Income taxes
i) Current income tax
Income tax assets and liabilities for the current period are measured
at the amount expected to be recovered from, or paid to, taxation
authorities. The tax rates and tax laws used to compute the amount
are those that are enacted or substantively enacted at the reporting
date. Current income tax assets and liabilities also include
adjustments in respect of tax expected to be payable, or recoverable,
in respect of previous periods. Current income tax relating to items
recognised in other comprehensive income (
OCI
) and directly in
equity is recognised in OCI or equity and not in the income statement.
The Group has elected to be in the UK tonnage tax regime. Under the
tonnage tax regime, the current year tax expense for the subsidiaries
that own the Ocean Cruise ships is calculated by reference to the net
tonnage of the qualifying ship operated by the company. To the extent
that the Group generates pro\ufb01t or losses, which do not qualify for
inclusion under the above regime, they will be taxable under general
UK tax principles.
ii) Deferred tax
Deferred tax is provided on temporary di\ufb00erences between the tax
bases of assets and liabilities and their carrying amounts for \ufb01nancial
reporting purposes at the reporting date.
Deferred tax liabilities are recognised for all taxable temporary
di\ufb00erences and deferred tax assets are recognised to the extent that
it is probable that taxable pro\ufb01t will be available, against which the
deductible temporary di\ufb00erences and the carry forward of unused tax
credits and unused tax losses can be utilised.
The carrying amount of deferred tax assets is reviewed at each
reporting date and reduced to the extent that it is no longer probable
that su\ufb03cient taxable pro\ufb01t will be available to allow all, or part of, the
deferred tax asset to be utilised. Unrecognised deferred tax assets
are reassessed at each reporting date and are recognised to the
extent that it has become probable that future taxable pro\ufb01ts will allow
the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates
that\u00a0are expected to apply in the year when the asset is realised
or\u00a0the\u00a0liability is settled, based on tax rates (and tax laws) that have
been enacted or substantively enacted at the reporting date.
Deferred tax\u00a0is charged, or credited, in the income statement, except
when it relates to items charged or credited in OCI or equity, in which
case the\u00a0deferred tax is recognised in OCI or equity as appropriate.
Deferred tax assets and deferred tax liabilities are o\ufb00set if a legally
enforceable right exists to set-o\ufb00 current tax assets against current
tax liabilities and the deferred taxes relate to the same taxable entity
and the same taxation authority.
e) Foreign currencies
Transactions in foreign currencies are initially recorded by the Group
at their respective functional currency spot rate at the date that the
transaction \ufb01rst quali\ufb01es for recognition. Monetary assets and
liabilities denominated in foreign currencies are retranslated at
the\u00a0functional currency spot rate of exchange prevalent at the
reporting date.
f) Intangible assets
Intangible assets acquired are measured on initial recognition at cost
and, subsequent to initial recognition, are carried at cost less any
accumulated amortisation and accumulated impairment losses.
The cost of intangible assets acquired in a business combination is
their fair value at the date of acquisition. Internally generated
intangibles, excluding internally developed software, are not
capitalised and the related expenditure is re\ufb02ected in the income
statement in the period in which the expenditure is incurred.
The useful lives of intangible assets are assessed \ufb01nitely. Computer
software costs recognised as assets are amortised over their
estimated useful economic lives, which vary from asset to asset within
a range of 3-13 years.
Intangible assets are amortised over their useful economic life on a
basis appropriate to the consumption of the asset and are assessed
for impairment whenever there is an indication that the intangible
asset may be impaired. The amortisation period and the amortisation
method for an intangible asset with a \ufb01nite useful life are reviewed at
least at the end of each reporting period. Changes in the expected
useful life or the expected pattern of consumption of future economic
bene\ufb01ts embodied in the asset are considered to modify the
amortisation period or method, as appropriate, and are treated as
changes in accounting estimates. The amortisation expense on
intangible assets with \ufb01nite lives is recognised in the income statement
in the expense category that is consistent with the function of the
intangible assets.
Gains or losses arising from derecognition of an intangible asset are
measured as the di\ufb00erence between the net disposal proceeds and
the carrying amount of the asset and are recognised in the income
statement when the asset is derecognised.
g) Business combinations and goodwill
Business combinations are accounted for using the acquisition
method. The cost of an acquisition is measured as the aggregate of
the\u00a0consideration transferred, measured at acquisition date at fair
value, and the amount of any non-controlling interests in the acquiree.
For each business combination, the Group elects whether to measure
the non-controlling interests in the acquiree at fair value or at the
proportionate share of the acquiree\u2019s identi\ufb01able net assets.
When the Group acquires a business, it assesses the \ufb01nancial
and\u00a0non-\ufb01nancial assets and liabilities assumed for appropriate
classi\ufb01cation and designation in accordance with the contractual
terms, economic circumstances and pertinent conditions at the
acquisition date.
Any contingent consideration to be transferred by the Group will
be\u00a0recognised at fair value at the acquisition date. Contingent
consideration classi\ufb01ed as an asset or liability that is a \ufb01nancial
instrument within the scope of IFRS 9 \u2018Financial Instruments\u2019 is
measured at fair value, with the changes in fair value recognised in
the\u00a0income statement.
Any excess of the cost of acquisition over the fair values of the
identi\ufb01able assets and liabilities is recognised as goodwill. If the cost
of\u00a0acquisition is less than the fair values of the identi\ufb01able assets and
liabilities of the acquired business, the di\ufb00erence is recognised directly
in the income statement in the year of acquisition.
Acquisition-related costs are expensed as incurred and included in
administrative expenses.
After initial recognition, goodwill is measured at cost less any
accumulated impairment losses. Goodwill is allocated to cash
generating units (
CGUs
) at the point of acquisition and is reviewed
at\u00a0least annually for impairment.
The useful life of goodwill is assessed as inde\ufb01nite. Goodwill is not
amortised, but is tested for impairment at least annually, at the CGU
level. Where the carrying value of the asset exceeds the recoverable
amount, an impairment loss is recognised in the income statement
immediately.
h) Impairment of non-financial assets
Goodwill is not subject to amortisation and is tested annually for
impairment, or more frequently if events or changes in circumstances
indicate that it might be impaired. If such an indication exists, the
recoverable amount is estimated and compared with the carrying
amount. If the recoverable amount is less than the carrying amount,
the asset is considered impaired and is written down to its recoverable
amount and the impairment loss is recognised immediately in the
income statement.
Other assets are tested for impairment whenever events or changes
in circumstances indicate that the carrying amount may not be
recoverable. If there is any indication that an asset may be impaired,
a\u00a0recoverable amount is estimated for the individual asset. If it is not
possible to estimate the recoverable amount of the individual asset,
the recoverable amount is determined according to the CGU to which
the asset belongs.
For impairment testing, assets are grouped together into the smallest
group of assets that generate cash in\ufb02ows from continuing use that
are largely independent of the cash in\ufb02ows of other assets or CGUs.
Goodwill arising from a business combination is allocated to the CGUs,
or groups of CGUs, that are expected to bene\ufb01t from the synergies of
the combination.
The recoverable amount is calculated as the higher of fair value less
costs to sell, and value-in-use. In assessing value-in-use, where
appropriate, estimated future cash \ufb02ows are discounted to their
present value using a pre-tax discount rate that re\ufb02ects current
market assessments of the time value of money and the risks speci\ufb01c
to the asset. In determining fair value less costs of disposal, recent
market transactions are taken into account. If no such transactions
can be identi\ufb01ed, an appropriate valuation model is used. These
calculations are corroborated by valuation multiples, quoted share
prices for publicly traded companies or other available fair value
indicators. The Group bases its value-in-use calculations on detailed
budgets, plans and long-term growth assumptions, which are
prepared separately for each of the Group\u2019s CGUs to which individual
assets are allocated.
i) Property, plant and equipment
Property, plant and equipment is stated at cost, net of accumulated
depreciation and impairment losses. Where an item of property, plant
and equipment comprises major components having di\ufb00erent useful
lives, they are accounted for separately.
Assets in the course of construction at the statement of \ufb01nancial
position date are classi\ufb01ed separately. These assets are transferred
to other asset categories when they become available for their
intended use.
Depreciation is charged to the income statement on a straight-line
basis to write o\ufb00 the depreciable amount of property, plant and
equipment over their estimated useful lives. The depreciable amount
is the cost of an asset less its residual value. Land and assets in the
course of construction are not depreciated. Estimated useful lives
are\u00a0as follows:
Buildings, properties and related \ufb01xtures:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Buildings
50 years
Fixtures and \ufb01ttings
3-20 years
Ocean Cruise ships
3-30 years
Computers
3-6 years
Plant, vehicles and other equipment
3-10 years
\n
Costs relating to Ocean Cruise ship mandatory dry-dockings are
capitalised and depreciated over the period up to the next
dry-docking, where appropriate. The International Convention for
the\u00a0Safety of Life at Sea regulations stipulate that ships have to be
dry-docked twice in an interval of \ufb01ve years, with the interval between
consecutive dry-dockings being not less than two years and not more
than three years. All other repairs and maintenance costs are
recognised in the income statement as incurred.
An item of property, plant and equipment is derecognised upon
disposal, or when no future economic bene\ufb01ts are expected from its
use or disposal. Any gain or loss arising on derecognition of an asset
(calculated as the di\ufb00erence between the net disposal proceeds and
the carrying amount of the asset) is included in the income statement
when the asset is derecognised.
Estimated residual values and useful lives are reviewed annually.
In\u00a0relation to the annual review of estimated residual values and
useful\u00a0lives of Ocean Cruise ships, potential environmental regulatory
changes are also considered. The shipping industry has made a
commitment to reduce CO
2
emissions by 40% by 2030 (from a
2008\u00a0baseline), and the UK Government has made commitments
to\u00a0reach net zero emissions by 2050. The Energy E\ufb03ciency Existing
Ship Index (
EEXI
) and Carbon Intensity Indicator (
CII
) regulations
were introduced internationally in 2023 to enable the industry to
meet\u00a0the 2030 target, and the Group\u2019s Ocean Cruise ships meet the
requirements of these regulations. The end of their useful economic
lives of 30 years will have been reached by 2049 in the case of Spirit
of\u00a0Discovery and 2051 in the case of Spirit of Adventure.
j) Non-current assets held for sale, disposal groups and
discontinued operations
The Group classi\ufb01es non-current assets as held for sale if their
carrying amount will be recovered principally through a sale
transaction rather than through continuing use. To be classi\ufb01ed as
held for sale, an asset must be available for immediate sale in its
present 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 classi\ufb01cation.
Non-current assets classi\ufb01ed as held for sale are carried on the
Group\u2019s statement of \ufb01nancial position at the lower of their carrying
amount and fair value less costs to sell. In accordance with IFRS 5
\u2018Non-current Assets Held for Sale and Discontinued Operations\u2019,
an\u00a0impairment loss on a disposal group is allocated to non-current
assets within the scope of the standard, limited to the carrying value
of\u00a0those assets. If there are no non-current assets within the scope
of\u00a0IFRS 5 for which an impairment loss can be allocated against,
the\u00a0impairment loss will be recognised at the time of disposal.
Property, plant and equipment and intangible assets, once classi\ufb01ed
as held for sale, are not depreciated or amortised.
The Group classi\ufb01es a component of the Group as a discontinued
operation when it has either been disposed of, or is classi\ufb01ed as held
for sale, and:
\u2022
represents a separate major line of business or geographical area
of operations;
\u2022
is part of a single coordinated plan to dispose of a separate major
line of business or geographical area of operations; or
\u2022
is a subsidiary acquired exclusively with a view to resale.
Discontinued operations are excluded from the results of continuing
operations and are presented as a single amount of pro\ufb01t or loss after
tax from discontinued operations in the income statement. The assets
and liabilities relating to discontinued operations are excluded from
those of continuing operations and are presented as single amounts
in\u00a0the statement of \ufb01nancial position.
k) Financial instruments
i) Financial assets
On initial recognition, a \ufb01nancial asset is classi\ufb01ed as either amortised cost, fair value through other comprehensive income (
FVOCI
) or FVTPL.
The classi\ufb01cation of \ufb01nancial assets is based on the business model in which a \ufb01nancial asset is managed, and its contractual cash \ufb02ow
characteristics. Derivatives embedded in contracts where the host is a \ufb01nancial asset in the scope of the standard are never separated. Instead,
the hybrid \ufb01nancial instrument, as a whole, is assessed for classi\ufb01cation. The Group does not hold any \ufb01nancial assets classi\ufb01ed as FVOCI.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Initial recognition
Subsequent measurement
Amortised
A financial asset is classified as amortised cost
These assets are subsequently measured at amortised cost using
cost
(initially\u00a0measured at fair value plus any directly
the EIR method. The amortised cost is reduced by any impairment
\u00a0
attributable transaction costs) if it meets both of the
losses (see (ii) below). Interest income, foreign exchange gains and
\u00a0
following conditions and is not elected to be designated
losses and impairments are recognised in\u00a0profit or loss as they are
\u00a0
as FVTPL:
incurred. Any gain or loss on derecognition is recognised in profit
\u00a0
\u2022
It is held within a business model whose objective is
or\u00a0loss immediately.
\u00a0
to hold assets to collect contractual cash flows.
\u00a0
\u00a0
\u2022
Its contractual terms give rise, on specified dates,
\u00a0
\u00a0
to\u00a0cash flows that are solely payments of principal
\u00a0
\u00a0
and interest on the principal amount outstanding.
\u00a0
\u00a0
The Group classifies trade receivables and other
\u00a0
\u00a0
receivables as held at amortised cost.
\u00a0
FVTPL
All financial assets not classified as amortised cost
These assets are subsequently measured at fair value. Net gains
\u00a0
(or\u00a0FVOCI), as described above, are classified as FVTPL
and\u00a0losses, including any interest or dividend income (separately
\u00a0
and held at fair value. This includes all derivative
disclosed), are recognised in profit or loss, unless such instruments
\u00a0
financial assets.
are designated in a hedging relationship (see\u00a0(vi) overleaf).
\u00a0
On initial recognition, the Group may irrevocably elect
\u00a0
\u00a0
to designate a financial asset, which otherwise meets
\u00a0
\u00a0
the requirements to be measured at amortised cost
\u00a0
\u00a0
or\u00a0FVOCI, as\u00a0FVTPL if doing so eliminates, or
\u00a0
\u00a0
significantly reduces, an accounting mismatch that
\u00a0
\u00a0
would otherwise arise. This election is made on an
\u00a0
\u00a0
individual instrument basis.
\u00a0
\u00a0
This election has been made for the Group\u2019s debt
\u00a0
\u00a0
securities.
\u00a0
\u00a0
The Group classifies loan funds, money market funds
\u00a0
\u00a0
held within the Insurance business and foreign
\u00a0
\u00a0
exchange forward contracts not designated in a
\u00a0
\u00a0
hedging relationship, as FVTPL.
\u00a0
\n
(a) Derecognition
A \ufb01nancial asset is derecognised when the rights to receive cash \ufb02ows
from the asset have expired or when the Group has transferred
substantially all the risks and rewards relating to the asset to a
third\u00a0party.
ii) Impairment of financial assets
The expected credit loss (
ECL
) impairment model applies to \ufb01nancial
assets measured at amortised cost.
The Group measures loss allowances at an amount equal to 12-month
ECLs, except for the following, which are measured as lifetime ECLs:
\u2022
Debt securities that are determined to have high credit risk at the
reporting date.
\u2022
Other debt securities and bank balances for which credit risk has
increased significantly since initial recognition.
\u2022
Trade receivables and contract assets that result from
transactions within the scope of IFRS 15.
When determining whether the credit risk of a \ufb01nancial asset has
increased signi\ufb01cantly since initial recognition, and when estimating
ECLs, the Group considers reasonable and supportable information
that is relevant and available without undue cost or e\ufb00ort. This includes
both quantitative and qualitative information and analysis, based on
the Group\u2019s historical experience and informed credit assessment,
including forward-looking information.
The Group considers a debt security to have low credit risk when
its\u00a0credit risk rating is equivalent to the de\ufb01nition of investment
grade.\u00a0The Group considers this to be BBB- or higher as per credit
rating scales.
(a) Measurement of ECLs
ECLs are measured as a probability-weighted estimate of credit
losses. Credit losses are measured as the probability of default in
conjunction with the present value of the Group\u2019s exposure. Loss
allowances for ECLs on \ufb01nancial assets measured at amortised cost
are deducted from the gross carrying amount of the assets, with a
corresponding charge to the income statement.
iii) Financial liabilities
(a) Initial recognition and measurement
All \ufb01nancial liabilities are classi\ufb01ed as \ufb01nancial liabilities at amortised
cost on initial recognition except for derivatives, which are classi\ufb01ed
at\u00a0FVTPL, the gains or losses for which are recognised through OCI
if\u00a0the instrument is designated as a hedging instrument in an e\ufb00ective
cash \ufb02ow hedge.
With the exception of lease liabilities, all \ufb01nancial liabilities are
recognised initially at fair value and, in the case of loans and
borrowings, net of directly attributable transaction costs.
The Group\u2019s \ufb01nancial liabilities include trade and other payables, loans
and borrowings, derivative \ufb01nancial instruments and lease liabilities.
(b) Subsequent measurement
After initial recognition, interest-bearing loans, borrowings and other
payables are subsequently measured at amortised cost using the
EIR\u00a0method. Amortised cost is calculated by taking into account any
discount or premium on acquisition and fees or costs that are an
integral part of the EIR. The EIR amortisation is included in \ufb01nance
costs in the income statement.
(c) Derecognition
A \ufb01nancial liability is derecognised when the obligation under the
liability is discharged, cancelled or expires.
When an existing \ufb01nancial liability is replaced by another from the
same lender on substantially di\ufb00erent terms, or the terms of an
existing liability are substantially modi\ufb01ed, such exchange or
modi\ufb01cation is treated as a derecognition of the original liability and
the recognition of a new liability. The di\ufb00erence in the respective
carrying amounts is recognised in the income statement.
iv) Derivatives
Derivatives are measured at fair value, both initially and subsequently
to initial recognition. All changes in fair value of non-designated
derivatives are recognised in the income statement immediately.
Changes in fair value of derivatives designated as cash \ufb02ow hedges are
initially recognised in OCI until such a point that they are recycled to
pro\ufb01t or loss in the same period as the hedged item is recognised in
pro\ufb01t or loss, or immediately if the hedged item is no longer expected
to occur.
Derivatives are presented as assets when the fair values are positive,
and as liabilities when the fair values are negative. A derivative is
presented as a non-current asset or a non-current liability if the
remaining maturity of the instrument is more than 12 months and
it\u00a0is\u00a0not expected to be realised or settled within 12 months.
v) Fair values
The Group measures all \ufb01nancial instruments at fair value at each
reporting date, other than those instruments measured at
amortised\u00a0cost.
Fair value is the price that would be required to sell an asset or
to\u00a0transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value measurement
is\u00a0based on the assumption that the transaction to sell the asset
or\u00a0transfer the liability takes place either in the principal market
accessible by the Group for the asset or liability or, in the absence
of\u00a0a\u00a0principal market, in the most advantageous market accessible
by\u00a0the Group for the asset or liability.
The fair values are quoted market bid prices, where there is an active
market, or based on valuation techniques when there is no active
market or the instruments are unlisted. Valuation techniques include
the use of recent arm\u2019s-length market transactions, discounted
cash\u00a0\ufb02ow analysis and other commonly used valuation techniques.
For assets and liabilities that are recognised in the \ufb01nancial
statements on a recurring basis, the Group determines whether
transfers have occurred between levels in the hierarchy by
reassessing categorisation at the end of each reporting period.
vi) Hedge accounting
The Group designates certain derivative \ufb01nancial instruments as cash
\ufb02ow hedges of certain forecast transactions. These transactions are
highly probable to occur and present an exposure to variations in cash
\ufb02ows that could ultimately a\ufb00ect amounts determined in pro\ufb01t or loss.
The Group has elected to adopt the general hedge accounting model
in IFRS 9. This requires the Group to ensure that hedge accounting
relationships are aligned with its risk management objectives and
strategy and to apply a qualitative and forward-looking approach to
assessing hedge e\ufb00ectiveness.
The Group uses forward foreign exchange and commodity swap
contracts to hedge the variability in cash \ufb02ows arising from changes
in\u00a0foreign currency rates and oil prices respectively. For foreign
exchange contracts, the Group designates only the change in fair value
of the spot element of forward exchange contracts as the hedging
instrument in cash \ufb02ow hedging relationships. The change in fair value
of the forward element of forward foreign exchange contracts is
separately accounted for as a cost of hedging recognised in other
comprehensive income and accumulated in a separate cost of hedging
reserve. For commodity hedging, the Group designates the fair value
change of the benchmark oil price. The e\ufb00ective portion of changes in
fair value of hedging instruments is accumulated in a cash \ufb02ow hedge
reserve as a separate component of equity. Any ine\ufb00ective portion
of\u00a0the fair value gain or loss is recognised immediately within the
income statement.
When a hedging instrument no longer meets the criteria for hedge
accounting, through maturity, sale, or other termination, hedge
accounting is discontinued prospectively. If the hedged forecast
transaction is still expected to occur, the associated cumulative gains
or losses remain in the hedging reserve and cost of hedging reserve
and are recognised in accordance with the above policy when the
hedged forecast transaction occurs. If\u00a0the hedged forecast
transaction is no longer expected to occur, the\u00a0cumulative unrealised
gains or losses in the hedging reserve and cost of hedging reserve are
recognised in the income statement immediately.
l) Leases
The Group leases various River Cruise ships, buildings, equipment and
vehicles. The contract length of the lease varies considerably and may
include extension or termination options as described below.
At the inception of a contract, the Group assesses whether a contract
is, or contains, a lease. A contract is, or contains, a lease if the contract
conveys the right to control the use of an identi\ufb01ed asset for a period
of\u00a0time in exchange for consideration. To assess whether a contract
conveys the right to control the use of an identi\ufb01ed asset, the Group
assesses whether: the contract involves the use of an identi\ufb01ed asset;
the Group has the right to obtain substantially all of the economic
bene\ufb01ts from use of the asset throughout the period of use; and the
Group has the right to direct the use of the asset.
Leases are initially recognised as a right-of-use asset and a
corresponding lease liability at the date at which the leased asset is
available for use by the Group. The lease liability is initially measured
at\u00a0the present value of the lease payments that are not paid at the
commencement date. Where it is reasonably certain that an extension
option will be triggered in a contract, lease payments to be made in
respect of the option will be included in the measurement of the
lease\u00a0liability.
The lease payments are discounted using the interest rate implicit in
the lease. If that rate cannot be readily determined, which is generally
the case for leases in the Group, the Group\u2019s incremental borrowing
rate is used. This is the rate that the Group would have to pay to
borrow the funds necessary to obtain an asset of similar value to the
right-of-use asset, in a similar economic environment, with similar
terms, security and conditions.
Lease payments are allocated between principal and \ufb01nance cost.
The\u00a0\ufb01nance cost is charged to the income statement over the lease
period using the EIR method and the lease liability is measured at
amortised cost using the EIR method.
Right-of-use assets are initially measured at cost, comprising the
present value of future lease payments plus any initial direct costs and
restoration costs. Right-of-use assets are depreciated over the lease
term on a straight-line basis, except for the Group\u2019s River Cruise ships.
The unit of production method is used to depreciate River Cruise ships
to accurately re\ufb02ect the usage of the asset, which is seasonal.
Payments associated with short-term leases of equipment and all
leases of low-value assets are expensed in pro\ufb01t or loss as incurred, in
line with the exemption allowed under paragraph 6 of IFRS 16 \u2018Leases\u2019.
Short-term leases are leases with a lease term of 12 months or less
without a purchase option. Low-value assets comprise IT equipment
and small items of o\ufb03ce furniture.
Extension and termination options are included in a number of
property and River Cruise ship leases across the Group. These are
used to maximise operational \ufb02exibility in terms of managing the
assets used in the Group\u2019s operations. The majority of extension and
termination options held are exercisable only by the Group and not
by\u00a0the respective lessor.
The Group remeasures the lease liability, and makes a corresponding
adjustment to the related right-of-use asset, whenever:
\u2022
the lease term has changed or there is a significant event or
change\u00a0in circumstances resulting in a change in the assessment
of\u00a0exercise of a purchase option, in which case the lease liability is
remeasured by discounting the revised lease payments using a
revised discount rate; or
\u2022
a lease contract is modified and the lease modification is not
accounted for as a separate lease, in which case the lease liability
is\u00a0remeasured based on the lease term of the modified lease by
discounting the revised lease payments using a revised discount
rate at the effective date of the modification.
m) Borrowing costs
Borrowing costs directly attributable to the acquisition, construction
or production of an asset that necessarily takes a substantial period
of\u00a0time to get ready for its intended use or sale are capitalised as part
of the cost of the respective asset. All other borrowing costs are
expensed in the period in which they occur.
Borrowing costs consist of interest and fees that an entity incurs in
connection with the borrowing of funds.
n) Cash and short-term deposits
Cash and short-term deposits in the statement of \ufb01nancial position
comprise cash at bank and in hand, short-term deposits with a
maturity of three months or less from their inception date and money
market funds held outside of the Insurance Underwriting business,
which were included within assets held for sale at 31 January 2025 and
disposed of in the year ended 31 January 2026 (Note 38a).
For the purpose of the consolidated statement of cash \ufb02ows, cash and
cash equivalents consist of cash and short-term deposits as de\ufb01ned
above, and short-term highly liquid investments (including money
market funds held within the Insurance Underwriting business, which
were included within assets held for sale at 31 January 2025 and
disposed of in the year ended 31 January 2026 (Note 38a)) with
original maturities of three months or less that are subject to an
insigni\ufb01cant risk of change in value, net of outstanding bank overdrafts.
o) Trust and escrow accounts
Prior to 1 October 2024, 70% of customer monies received in advance
in relation to Air Travel Organisers\u2019 Licensing (
ATOL
) licensable
bookings were held in escrow accounts until after the customer had
travelled, when the Group had ful\ufb01lled all its performance obligations
with customers. In respect of the Holidays business, from 1 October
2024, the escrow arrangement was removed and instead the Group
now must hold the 70% of customer monies received in advance
related to ATOL licensable bookings within the business.
The escrow arrangement is governed by a deed between the Group,
the Civil Aviation Authority (
CAA
) Air Travel Trustees and an
independent Trustee, PT Trustees Limited, which determines the
in\ufb02ows and out\ufb02ows from the accounts. The Group utilises the
remaining 30% of\u00a0customer advance receipts in its Holidays and River
Cruise businesses to fund the cost of operating these holidays.
p) Trade and other receivables
Trade and other receivables are initially recognised at fair value and
subsequently measured at amortised cost. Loss allowances are
measured as lifetime ECLs.
q) Inventories
Inventories are stated at the lower of cost and net realisable value.
Costs include all costs incurred in bringing each product to its present
location and condition. Net realisable value is based on estimated
selling price, less any further costs expected to be incurred prior to
completion and disposal.
r) Insurance contracts underwritten by the Group and
reinsurance contracts (discontinued operations)
i) Classification
The Group issued insurance contracts, under which it accepted
signi\ufb01cant insurance risk from policyholders, and also entered into
reinsurance contracts, under which it transferred signi\ufb01cant
insurance risk related to underlying insurance contracts. \u2018Reinsurance
contracts\u2019 referred to reinsurance contracts held by the Group. The
Group did not issue any reinsurance contracts.
Insurance and reinsurance contracts could have also exposed the
Group to\u00a0\ufb01nancial risk.
ii) Separating components from insurance and reinsurance contracts
\n
When the Group underwrote an insurance contract, a number of
\n
separate contracts might have been entered into at the same time.
\n
These contracts might have involved more than one legal entity within
\n
the Group.
\n
As the set of contracts was designed to achieve an overall commercial
\n
e\ufb00ect for the Group, for accounting purposes the following steps
\n
were\u00a0taken:
\n
\u2022
The total cash flows that arose from all contracts were initially
\n
considered as a whole (together, the
host insurance contract
).
\n
\u2022
The Group then identified any service components that were
\n
\u2018distinct\u2019 and, therefore, required separation for accounting
\n
purposes. A service was distinct if the policyholder could benefit
\n
from\u00a0it, either on its own or with other resources that were readily
\n
available to the policyholder. The following distinct service
\n
components were identified:
\n
\u2013
The brokerage of the core insurance contract (where it had
\n
first\u00a0been subject to the competitive pricing panel that the
\n
Group operated).
\n
\u2013
The brokerage of any add-on cover underwritten by a third party.
\n
\u2013
The promise to fix the premium for three years (where this
\n
option was taken by the policyholder).
\n
These distinct service components were accounted for as separate
\n
customer contracts under IFRS 15.
\n
\u2022
The total cash inflows from the combined set of contracts were
\n
then allocated, for accounting purposes, between:
\n
\u2013
any distinct service components; and
\n
\u2013
the insurance component of the host insurance contract.
\n
This allocation was performed based on the standalone selling price
\n
of\u00a0each component.
\n
\u2022
Cash outflows that related directly to each component were
\n
attributed to that component, with any remaining cash outflows
\n
attributed on a systematic and rational basis, reflecting the cash
\n
outflows the Group would expect to arise if that component were
\n
a\u00a0separate contract.
\n
iii) Aggregation of insurance and reinsurance contracts
\n
The Group applied the requirements of IFRS 17 at the level of groups
\n
of\u00a0insurance contracts issued. Groups of insurance contracts were
\n
determined by identifying portfolios of insurance contracts, which
\n
comprised contracts that were subject to similar risks and managed
\n
together, and divided each portfolio into annual cohorts (i.e. by year
\n
of\u00a0issue) and each annual cohort into three groups based on the
\n
expected pro\ufb01tability of each contract at initial recognition:
\n
\u2022
Any contracts that were onerous at initial recognition.
\n
\u2022
Any contracts that, at initial recognition, had no significant risk
\n
of\u00a0becoming onerous.
\n
\u2022
Any other contracts.
\n
Groups of reinsurance contracts were established such that each
\n
group comprised a single contract.
\n
iv) Recognition of insurance and reinsurance contracts
\n
The Group recognised insurance contracts issued from the earliest of:
\n
\u2022
the beginning of the coverage period;
\n
\u2022
when the first payment from a policyholder became due or, if\u00a0there
\n
was no due date, when the first payment was received; and
\n
\u2022
when facts and circumstances indicated that the contract was
\n
onerous. This could be as early as the date on which the contract
\n
was\u00a0first entered into.
\n
When a contract was recognised, it was added to an existing group of
\n
contracts or, if the contract did not qualify for inclusion in an existing
\n
group, it formed a new group to which future contracts were added.
\n
Groups of contracts were established on initial recognition and their
\n
composition was not revised once all contracts had been added to
\n
the\u00a0group.
\n
The Group recognised groups of reinsurance contracts as follows:
\n
\u2022
Groups of reinsurance contracts that provided proportionate
\n
coverage (primarily quota share arrangements) were recognised
\n
when any underlying insurance contract was initially recognised.
\n
\u2022
All other groups of reinsurance contracts (primarily excess of loss
\n
arrangements) were recognised from the earlier of:
\n
\u2013
the beginning of the coverage period of the group of reinsurance
\n
contracts; or
\n
\u2013
the date on which an onerous group of underlying contracts was
\n
recognised (provided that the related reinsurance contract was
\n
entered into on, or before, that date).
\n
v) Contract boundaries
\n
The measurement of groups of insurance contracts issued, and
\n
reinsurance contracts, re\ufb02ected all future cash \ufb02ows arising from
\n
insurance coverage within the boundary of each contract
\n
(the\u00a0
contract boundary
).
\n
Cash \ufb02ows were within the contract boundary if they arose from
\n
substantive rights and obligations that existed during the reporting
\n
period in which the Group could compel the policyholder to pay
\n
premiums or had a substantive obligation to provide services.
\n
vi) Measurement \u2013 insurance contracts
\n
The Group measured all groups of insurance contracts issued
\n
in\u00a0accordance with IFRS 17\u2019s simpli\ufb01ed premium allocation
\n
approach\u00a0(
PAA
). They were eligible for the PAA as the coverage period
\n
of each contract in each group was one year or less.
\n
The following sections set out the Group\u2019s approach to measuring
\n
groups of insurance contracts under the PAA.
\n
(a) Measurement at initial recognition
\n
On initial recognition, the liability for remaining coverage of groups
\n
of\u00a0insurance contracts issued was measured as:
\n
\u2022
any premiums received at, or before, initial recognition; plus
\n
\u2022
for groups of contracts that were onerous (expected to be
\n
loss-making) at initial recognition, a loss component measured as
\n
the excess of the fulfilment cash flows over the carrying amount of
\n
the liability for remaining coverage, excluding the loss component.
\n
A corresponding loss was recognised in profit or loss. At initial
\n
recognition, the loss component was only recognised and
\n
measured in respect of policies that individually meet the
\n
recognition criteria at that date.
(b) Subsequent measurement
\n
At the end of each reporting period, each group of contracts was
\n
measured as the sum of the liability for remaining coverage and the
\n
liability for incurred claims.
\n
Liability for remaining coverage
\n
At the end of each reporting period, the carrying amount of the liability
\n
for remaining coverage (excluding the loss component) of each group
\n
of contracts was equal to:
\n
\u2022
the opening carrying amount of the liability for remaining coverage;
\n
\u2022
plus premiums received in the period;
\n
\u2022
less the amount recognised as insurance revenue for coverage
\n
provided in the period. Insurance revenue was the amount of total
\n
expected premium receipts (excluding premium taxes) allocated
\n
to each period of coverage on the basis of the passage of time
\n
(i.e.\u00a0a\u00a0straight-line basis). This was appropriate as, for the insurance
\n
contracts that the Group issued, the expected pattern of release
\n
of risk during the coverage period did not differ significantly from
\n
the passage of time.
\n
The liability for remaining coverage (excluding the loss component)
\n
was\u00a0not adjusted for the time value of money.
\n
For groups of contracts that were onerous at initial recognition:
\n
\u2022
the loss component of the liability for remaining coverage was
\n
increased in respect of any individual policies added to the group;
\n
\u2022
the loss component was reversed as coverage was provided,
\n
reducing the liability for remaining coverage; a corresponding
\n
credit to profit or loss meant that the onerous loss was not
\n
recognised a second time when a liability for incurred claims was
\n
established as\u00a0coverage was provided; and
\n
\u2022
the expected profitability of remaining coverage was reassessed
\n
at\u00a0each reporting date, with any changes since initial recognition
\n
reflected in the valuation of the remaining loss component of the
\n
liability for remaining coverage, with a corresponding entry in
\n
profit\u00a0or loss.
\n
For other groups of contracts, at each reporting date the Group
\n
considered whether the remaining coverage had become onerous.
\n
If\u00a0so,\u00a0a loss component of the liability for remaining coverage was
\n
established with a corresponding loss recognised in pro\ufb01t or loss.
\n
Liability for incurred claims
\n
As coverage was provided, the Group established a liability for
\n
incurred claims. The liability was estimated based on the ful\ufb01lment
\n
cash \ufb02ows relating to incurred claims, including both claims that had
\n
been noti\ufb01ed (i.e. outstanding claims) and claims incurred but not
\n
reported (
IBNR
). These ful\ufb01lment cash \ufb02ows:
\n
\u2022
included an estimate of claims handling costs and settlement
\n
amounts, and the expected value of salvage and other recoveries;
\n
\u2022
incorporated, in an unbiased way, all reasonable and supportable
\n
information available, without undue cost or effort about the
\n
amount, timing and uncertainty of those future cash flows;
\n
\u2022
reflected current estimates from the Group\u2019s perspective;
\n
\u2022
were adjusted to reflect the time value of money and effect of
\n
financial risk (a discounting adjustment); the Group did not take
\n
the\u00a0PAA option to not discount claims expected to be paid within
\n
one year of the loss event; and
\n
\u2022
included an explicit adjustment for non-financial risk (the
risk
\n
adjustment
), which reflected the compensation required for
\n
bearing uncertainty about the amount and timing of cash flows
\n
that\u00a0arose from non-financial risk.
\n
vii) Measurement \u2013 reinsurance contracts
\n
The Group also measured all groups of reinsurance contracts in
\n
accordance with the PAA. Groups of excess of loss reinsurance
\n
contracts were eligible for the PAA as each contract had a coverage
\n
period of one year or less. Groups of other reinsurance contracts
\n
(primarily the motor quota share arrangement) were eligible for
\n
the\u00a0PAA as, at initial recognition, the Group expected that the
\n
resulting\u00a0measurement of the asset for remaining coverage would
\n
not\u00a0have di\ufb00ered materially to that under the IFRS 17 general
\n
measurement model.
\n
Groups of reinsurance contracts were measured on the same basis as
\n
the underlying insurance contracts, adapted as appropriate to re\ufb02ect
\n
the di\ufb00erent features of reinsurance contracts, including:
\n
\u2022
where the Group recognised a loss on initial recognition of an
\n
onerous group of underlying insurance contracts, or when further
\n
onerous insurance contracts were added to a group, the Group
\n
established a loss-recovery component of the asset for remaining
\n
coverage for groups of reinsurance contracts depicting any
\n
recovery of losses. The loss-recovery component was calculated
\n
by\u00a0multiplying the loss recognised on the underlying insurance
\n
contracts and the percentage of claims on the underlying
\n
insurance contracts the Group expected to recover from the
\n
group\u00a0of reinsurance contracts;
\n
\u2022
reinsurance cash flows that were contingent on claims experience
\n
were treated as part of the claims expected to be reimbursed;
\n
this\u00a0applied to profit commission clauses within the Group\u2019s motor
\n
quota share reinsurance contracts; and
\n
\u2022
the Group assessed the risk that the counterparties to its
\n
reinsurance contracts were not able to fulfil their obligations
\n
(non-performance risk, or default risk), including by considering
\n
available data on the financial strength of the reinsurers. An
\n
allowance was included in the relevant estimate of the present
\n
value of future cash flows to reflect this risk.
\n
viii) Measurement \u2013 insurance acquisition cash flows
\n
The Group identi\ufb01ed insurance acquisition cash \ufb02ows, being the
\n
costs\u00a0of selling, underwriting and starting insurance contracts.
\n
The\u00a0costs were primarily commissions paid to intermediaries,
\n
including\u00a0price-comparison websites, and an allocation of other
\n
operating expenses.
\n
The Group took the IFRS 17 option to expense insurance acquisition
\n
cash \ufb02ows immediately where the coverage period of the\u00a0related
\n
contract was one year or less. As all the Group\u2019s insurance contracts
\n
had a coverage period of one year or less, all insurance acquisition cash
\n
\ufb02ows were expensed when they were incurred.
\n
ix) Modification and derecognition
\n
An insurance contract was derecognised when:
\n
\u2022
it was extinguished (i.e. when the obligation expired or was
\n
discharged or cancelled); or
\n
\u2022
there was a modification of the contract that was treated as a
\n
derecognition and recognition of a new contract. This was the case
\n
where the modified terms, if applied at inception, would have
\n
resulted in:
\n
\u2013
a change in the measurement model or the applicable standard
\n
for measuring a component of the contract;
\n
\u2013
a substantially different contract boundary; or
\n
\u2013
the contract being included in a different group of contracts.
\n
When a modi\ufb01cation was not treated as a derecognition, the Group
\n
recognised amounts paid, or received, for the modi\ufb01cation as an
\n
adjustment to the relevant liability for remaining coverage relating
\n
to\u00a0the existing contract.
x) Presentation
As noted in Note 38a, during the year to 31 January 2025 the Group
decided to divest itself of the underwriting and claims handling
sections of its Insurance business and, therefore, they were
reclassi\ufb01ed as discontinued operations.
The Group disaggregated the total amount recognised in the
statement of pro\ufb01t or loss into an insurance service result, comprising
insurance revenue and insurance service expenses, and insurance
\ufb01nance income or expenses.
(a) Separate presentation of portfolios in an asset or liability position
In the statement of \ufb01nancial position, where applicable, the Group
separately presented the carrying amount of portfolios of insurance
contracts issued that were assets, portfolios of insurance contracts
issued that were liabilities, portfolios of reinsurance contracts
that\u00a0were assets and portfolios of reinsurance contracts that
were\u00a0liabilities.
(b) Changes in the risk adjustment
The Group disaggregated the change in risk adjustment for
non-\ufb01nancial risk between a \ufb01nancial and non-\ufb01nancial portion,
included within insurance \ufb01nance expenses and the insurance service
result respectively.
(c) Reinsurance
On the face of the income statement, income or expenses from
reinsurance contracts (other than insurance \ufb01nance income or
expenses) were presented as a single amount, separately from the
income or expenses from insurance contracts issued.
(d) Insurance finance income or expense
Insurance \ufb01nance income or expensed comprise the change in the
carrying amount of the group of insurance contracts arising from:
\u2022
the effect of the time value of money and changes in the time value
of money; and
\u2022
the effect of financial risk and changes in financial risk.
This largely represented:
\u2022
the unwind of the discounting of the liability for incurred claims;
\u2022
the impact of changes in the discount rate used in the
measurement of the liability for incurred claims; and
\u2022
the impact of changes in the care worker inflation assumption
used\u00a0in the measurement of claims settled as periodical payment
orders (
PPOs
).
Reinsurance \ufb01nance income, or expense, was the change in the
carrying value of amounts relating to reinsurance contracts arising
for\u00a0the same reasons.
The Group did not disaggregate insurance \ufb01nance income or
expenses between pro\ufb01t or loss and OCI as permitted by the standard.
xi) Transition
In adopting IFRS 17, the Group applied a full retrospective approach
to\u00a0transition. Under the full retrospective approach to transition,
at\u00a01\u00a0February 2022, the Group:
\u2022
identified, recognised and measured each group of insurance and
reinsurance contracts as if IFRS 17 had always been applied;
\u2022
derecognised previously reported balances that would not have
existed if IFRS 17 had always been applied (e.g. insurance
receivables and payables that, under IFRS 17, were included in the
measurement of the insurance contracts); and
\u2022
recognised any resulting net difference in equity.
However, the Group applied a transition exemption to not disclose
previously unpublished information about claims development that
occurred earlier than \ufb01ve years before the end of the annual reporting
period in which it \ufb01rst applied IFRS 17.
s) Share-based payments
The Group provides bene\ufb01ts to employees (including Executive
Directors) in the form of share-based payment transactions, whereby
employees render services as consideration for equity instruments
(
equity-settled transactions
). The cost of equity-settled transactions
is measured by reference to the fair value on the grant date and is
recognised as an expense over the relevant vesting period on a
straight-line basis, ending on the date on which the employee becomes
fully entitled to the award.
Fair values of share-based payment transactions are calculated using
market price valuation modelling techniques. In valuing equity-settled
transactions, assessment is made of any vesting conditions to
categorise these into market performance conditions, non-market
performance conditions and service conditions.
Where the equity-settled transactions have market performance
conditions (that is, performance which is directly or indirectly linked
to\u00a0the share price), the fair value of the award is assessed at the time
of\u00a0grant and is not changed, regardless of the actual level of vesting
achieved, except where the employee ceases to be employed prior
to\u00a0the vesting date.
For service conditions and non-market performance conditions,
the\u00a0fair value of the award is assessed at the time of grant and is
reassessed at each reporting date to re\ufb02ect updated expectations
for\u00a0the level of vesting. No expense is recognised for awards that
ultimately do not vest.
At each reporting date prior to vesting, the cumulative expense is
calculated, representing the extent to which the vesting period has
expired and, in the case of non-market conditions, the best estimate
of\u00a0the number of equity instruments that will ultimately vest or, in the
case of instruments subject to market conditions, the fair value on
grant adjusted only for leavers. The movement in the cumulative
expense since the previous reporting date is recognised in the income
statement, with the corresponding increase being recognised in the
share-based payments reserve.
Upon vesting of an equity instrument, the cumulative cost in the
share-based payments reserve is reclassi\ufb01ed to retained earnings
in\u00a0equity.
The dilutive e\ufb00ect of outstanding options is re\ufb02ected as additional
share dilution in the computation of diluted loss per share.
t) Retirement benefit schemes
During the year, the Group operated a de\ufb01ned bene\ufb01t pension plan
that required contributions to be made to separately administered
funds. The cost of providing bene\ufb01ts under the de\ufb01ned bene\ufb01t
plan\u00a0was determined separately using the projected unit credit
valuation method. The de\ufb01ned plan was closed to future accrual
on\u00a031\u00a0October 2021. From 1 November 2021, members moved from
active to deferred status.
Actuarial gains and losses arising in the year were credited/charged
to\u00a0OCI and comprise the e\ufb00ects of changes in actuarial assumptions
and experience adjustments due to di\ufb00erences between the previous
actuarial assumptions and what actually occurred. In particular, the
di\ufb00erence between the interest income and the actual return on plan
assets is recognised in OCI.
Other movements in the net surplus or de\ufb01cit, which include the
current service cost, any past service cost and the e\ufb00ect of any
curtailment or settlements, are recognised in the income statement.
Past service costs are recognised in the income statement on the
earlier of the date of plan curtailment and the date that the Group
recognises restructuring-related costs. The Group no longer incurs
any service costs or curtailment costs relating to the de\ufb01ned bene\ufb01t
pension plan as the scheme is closed to future accrual. Interest cost,
calculated on the same basis as interest income recognised in pro\ufb01t
or\u00a0loss on plan assets, is also charged to the income statement.
The de\ufb01ned bene\ufb01t schemes are funded, with assets of the schemes
held separately from those of the Group, in separate Trustee
administered funds. Scheme assets are measured using market
values, and scheme liabilities are measured using the projected unit
actuarial method and are discounted at the current rate of return on
a\u00a0high-quality corporate bond of equivalent term and currency to the
liability. Full actuarial valuations are obtained, at least triennially, and
are updated at each reporting date. The resulting de\ufb01ned bene\ufb01t
asset or liability is presented separately on the face of the statement
of \ufb01nancial position. The value of a pension bene\ufb01t asset is restricted
to\u00a0the amount that may be recovered, either through reduced
contributions, or agreed refunds from the scheme.
For de\ufb01ned contribution schemes, the amounts charged to the
income statement are the contributions payable in the year.
u) Provisions
Provisions are recognised when the Group has a present obligation
(legal or constructive) as a result of a past event, it is probable that an
out\ufb02ow of resources embodying economic bene\ufb01ts will be required
to\u00a0settle the obligation, and a reliable estimate can be made of the
amount of the obligation. The expense relating to any provision is
presented in the income statement net of any reimbursement.
If the e\ufb00ect of the time value of money is material, provisions are
discounted using a current pre-tax rate that re\ufb02ects the risks speci\ufb01c
to the liability. Where discounting is used, the increase in the provision
due to the passage of time is recognised as a \ufb01nance cost.
A provision is recognised for onerous contracts in which the
unavoidable costs of meeting the obligations under the contract
exceed the economic bene\ufb01ts expected to be received under it.
The\u00a0unavoidable costs re\ufb02ect the least net cost of exiting the contract,
which is the lower of the cost of ful\ufb01lling it and any compensation or
penalties arising from failure to ful\ufb01l it. The costs of ful\ufb01lling a contract
comprise both the incremental costs and an allocation of other
direct\u00a0costs.
A provision for restructuring is recognised when the Group has
developed a detailed restructuring plan of the business, or part of the
business concerned, and the restructuring either has commenced
or\u00a0has been announced publicly. Future operating losses are not
provided for.
v) Trade and other payables
Trade and other payables are initially recognised at fair value and
subsequently measured at amortised cost. They represent liabilities
to pay for goods or services that have been received or supplied in the
normal course of business, invoiced by the supplier before the year
end, but for which payment has not yet been made.
w) Equity
The Group has ordinary shares that are classi\ufb01ed as equity.
Incremental external costs that are directly attributable to the issue
of\u00a0these shares are recognised in equity, net of tax.
x) Own shares
Own shares represent the shares of the Company that are held by an
Employee Bene\ufb01t Trust (
EBT
). Own shares are recorded at cost and
deducted from equity. The Directors consider that, under the terms of
the contractual arrangements in place, Saga has control over the EBT.
The results and net assets of the EBT have, therefore, been included in
the Group consolidation.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00196": { "value": "a) Revenue recognition
Revenue represents amounts receivable from the sale or supply of
goods and services provided to customers in the ordinary course of
business and is recognised to the extent that it is probable that the
future economic bene\ufb01ts will \ufb02ow to the Group and the revenue
can\u00a0be\u00a0reliably measured, regardless of when payment is received.
The\u00a0policies for the recognition of the Group\u2019s various revenue
streams by segment are as follows:
i) Travel
Revenue from Cruise, in respect of Ocean Cruise holidays, is
recognised in line with the performance obligations, being the cruise
itself, \ufb02ights and/or rail journeys (where applicable), travel insurance
and transfers. The standalone selling price of each performance
obligation is estimated as the cost to provide each obligation plus a
pro\ufb01t margin appropriate to the nature of each service. The price
charged to each customer is then apportioned to each performance
obligation based on the relative estimated standalone selling prices,
in\u00a0line with the requirements of International Financial Reporting
Standard (
IFRS
) 15 \u2018Revenue from Contracts with Customers\u2019.
The\u00a0portion of revenue allocated to the cruise itself is recognised
on\u00a0a\u00a0per diem basis over the duration of the cruise, in line with when
the\u00a0performance obligation is satis\ufb01ed. The portion of revenue
allocated to \ufb02ights, \ufb02ight upgrades (where applicable) and transfers
is\u00a0recognised on the date that each trip is ful\ufb01lled.
Revenue from travel insurance (which is underwritten by a third party)
for cruising holidays is recognised at the cover start date of the policy,
which is usually at the point the customer makes a booking.
Revenue from Cruise, relating to chartered River Cruise ships, is also
recognised in line with the performance obligations that are included
in a package holiday, namely the provision of \ufb02ights, accommodation,
transfers and travel insurance. Revenue is recognised as and when
each performance obligation is satis\ufb01ed, which is deemed to be when
each service to the customer takes place.
For Holidays, revenue in relation to \ufb02ights and \ufb02ight upgrades is
recognised on the date of each \ufb02ight; revenue in relation to
accommodation is recognised over the duration of the holiday;
revenue in relation to transfers is recognised on the date that the
transfers occur before and after each holiday; and revenue in
respect\u00a0of travel insurance (which is underwritten by a third-party)
is\u00a0recognised on the cover start date of the insurance. This is
consistent with the approach adopted by the Cruise business.
An element of revenue which represents the non-refundable deposit
received at the time of booking is recognised in the income statement
when the likelihood of the customer exercising their remaining rights
becomes remote.
Revenue from sales in resort, or on board a cruise ship operated by
the\u00a0Group, for example for optional excursions, is recognised as it
is\u00a0earned.
Revenue from Travel received in advance of when each performance
obligation is satis\ufb01ed is included as deferred revenue within contract
liabilities in the statement of \ufb01nancial position.
ii) Insurance
The amounts received from customers for insurance policies
comprise three main elements: the premium charged to the customer
in respect of the insurance cover (
gross premium
); insurance
premium tax (
IPT
); and an arrangement fee, where applicable
(only\u00a0applied to policies that are brokered via a panel). The gross
premium itself comprises two elements: the premium charged by the
underwriter of each policy (
net premium
), plus any adjustment to the
net premium that is applied by the Group\u2019s broker during the broking
service (
street pricing adjustment
). Prior to 1 July 2025, policies
were underwritten either by the Group\u2019s in-house underwriter, or by
a\u00a0third party. Following the sale of the Group\u2019s in-house underwriting
business on 1 July, all policies are underwritten exclusively by
third-party underwriters.
The Group may also charge additional amounts, where the customer
pays in instalments, for mid-term cancellations or for adjustments
made to policies mid-term.
IPT is excluded from all revenue recognised by the Group.
Our Insurance Broking business also o\ufb00ers a three-year \ufb01xed-price
feature, bundled within the Saga Plus product o\ufb00ering for motor and
home insurance. This product is a distinct and separate service
o\ufb00ered by the broker, as a promise to match or beat the premium for
the next two renewal dates for the same level of protection and
provided that the customer\u2019s circumstances do not change.
(a) For 12-month insurance policies with no option to fix the
premium at renewal (
annual policies
)
For insurance policies underwritten by the Group (up to 1 July 2025
3
):
\u2022
the gross insurance premium and any amounts received as a\u00a0result
of the policyholder opting to pay in instalments were recognised as
insurance revenue on a straight-line, time-apportioned basis over
the coverage period;
\u2022
any such amounts received in advance of coverage being provided
to the policyholder were deferred within insurance contract
liabilities in the statement of financial position;
\u2022
mid-term adjustments to premiums were recognised on a
straight-line, time-apportioned basis over the remaining coverage
period of the policy; and
\u2022
reductions in premiums arising from mid-term cancellations were
recognised on the effective date of the cancellation.
The above treatment is in line with the requirements of IFRS 17
\u2018Insurance Contracts\u2019 (see also Note 2.3r).
For insurance policies not underwritten by the Group:
\u2022
the portion of the gross premium that is retained by the Group,
otherwise referred to as the street pricing adjustment, is allocated
to performance obligations and recognised as those performance
obligations are satisfied. The most material amount is allocated
to\u00a0the performance obligation relating to the brokerage service,
which is recognised on the inception date of the insurance
contract; and
\u2022
the portion of the gross premium charged by the third-party
underwriter, otherwise referred to as the net premium, is not
recognised as revenue in the income statement.
The above treatment is in line with the requirements of IFRS 15.
For all insurance policies:
\u2022
the arrangement fee that is charged in respect of the broking
service is recognised within revenue from Insurance Broking
services on the date that each policy is arranged; and
\u2022
any fee income charged for a mid-term cancellation or adjustment
is recognised on the date the adjustment is made, being the point
that the mid-term service is fulfilled. Where these amounts arise
from insurance contracts underwritten by the Group, they are
presented within Insurance revenue, otherwise they are presented
within revenue from Insurance Broking services.
(b) For 12-month insurance policies where customers have
the\u00a0option to fix the premium over three years (
three-year
fixed-price products
)
The policyholder\u2019s option to \ufb01x the annual premium at the \ufb01rst and
second renewal points is accounted for under IFRS 15 as a promise
to\u00a0the customer.
Where the related insurance policy is not underwritten by the Group,
this promise is accounted for as a separate performance obligation to
the brokerage service.
Where the related insurance policy was underwritten by the Group
(up\u00a0to 1 July 2025
3
), this\u00a0promise was a distinct service that was
accounted for separately from\u00a0the host insurance contract because:
\u2022
the cash flows and risks of the price promise service were not
highly interrelated with those of the insurance contract; and
\u2022
the Group did not provide a significant service in integrating the
price promise with the insurance underwriting service.
3
Refer to Note 38a on pages 182-184 for further detail
Therefore, the accounting treatment of the Group\u2019s obligation to \ufb01x
the premium did not depend on whether the related insurance policy
was underwritten by the Group.
For all three-year \ufb01xed-price products, the Group allocates a portion
of the gross premiums received at inception and at the \ufb01rst renewal
point to the price promise service. The amount allocated to this
service is an estimate of its standalone selling price, being an actuarial
estimate of the cost of transferring the obligation to a third party plus
an appropriate pro\ufb01t margin.
Amounts allocated to the price promise service are initially deferred
within contract liabilities in the statement of \ufb01nancial position and
subsequently recognised as revenue since the option to \ufb01x is exercised
by the customer (and the Group\u2019s performance obligation is satis\ufb01ed).
If a customer cancels a policy subject to the three-year \ufb01xed-price
promise mid-term, or chooses not to renew in the second or third
years, any remaining deferred revenue is recognised within revenue
at\u00a0the point the cover ends, being the point that the Group is released
from the obligation to \ufb01x the price at renewal.
The Group previously entered into contracts to limit its exposure to
potential losses arising as a result of underwriting net rate in\ufb02ation in
respect of its three-year \ufb01xed-price o\ufb00ering. The Group continues
to\u00a0recognise amounts arising from those contracts. Those contracts
are classi\ufb01ed as insurance contracts held.
(c) Other sources of revenue relating to insurance policies
Pro\ufb01t commissions due to the Group, from acting as an insurance
intermediary on behalf of third-party underwriters, are recognised
and valued in accordance with the contractual terms to which they are
subject, when it is highly probable that a signi\ufb01cant reversal of revenue
will not occur.
Where claims arise on insurance policies that are not the fault of the
insured, the Group may earn revenue from:
\u2022
referrals to credit hire companies (in relation to policies
underwritten by the Group or by third parties); and
\u2022
referrals to credit repair companies (in relation to policies
underwritten by third parties only).
This revenue is recognised at the point of referral.
iii) Other Businesses and Central Costs
(a) Saga Money
Revenue from personal \ufb01nance products is recognised when the
customer contracts with the provider of the relevant personal \ufb01nance
product where the revenue comprises a one-o\ufb00 payment by the
provider of the product.
Where the personal \ufb01nance product is one that delivers a recurring
income stream, the present value of the future expected revenue
to\u00a0be received is recognised when the customer contracts with the
provider of the relevant personal \ufb01nance product, and it is highly
probable that a signi\ufb01cant reversal of revenue recognised will
not\u00a0occur.
For the Saga savings product, commissions are earned over the
duration of the contract in line with the contractual amount due to
the\u00a0Group.
For Saga equity release products, commissions are earned initially
and\u00a0over the lifetime of the product. Additionally, further commissions,
where applicable, are earned at each subsequent stage of the
drawdown if any more of the advance is taken by the customer. Initial
commission relating to new business is recognised as revenue at the
point the performance obligation with the Group\u2019s contracted
business partners is satis\ufb01ed, and the customer has taken out the
product. Where applicable, and the probability of further drawdowns
is high, trail commission is recognised as the discounted future cash
\ufb02ows expected to be received over the estimated life of the product
and likewise for further commissions on additional drawdowns
undertaken by the customer.
For Saga legal services, mortgage and investing products, broking
commissions are earned initially, and over the duration of the contract,
in line with the contractual amount due to the Group.
(b) Saga Publishing
Magazine subscription revenue is recognised on a straight-line basis
over the period of the subscription. Revenue generated from
advertising within the magazine is recognised when the magazine
is\u00a0provided to the customer.
The element of subscriptions and advertising revenue relating to the
period after the reporting date is recognised as deferred revenue
within contract liabilities in the statement of \ufb01nancial position.
(c) Printing and mailing
Revenue from printing and mailing services is recognised in line with
the performance obligations within customer contracts.
b) Cost recognition
i) Costs of acquiring insurance contracts
Acquisition costs arising from the selling or renewing of insurance
policies underwritten by the Group until the disposal of the Group\u2019s
underwriting business on 1 July 2025
4
(
insurance acquisition cash
\ufb02ows
) were expensed when they were incurred within insurance
service expenses in the income statement. See also Note 2.3r(viii).
For insurance policies not underwritten by the Group, fees charged
by\u00a0price-comparison websites are recognised as a contract cost asset
within trade and other receivables and amortised in line with the
pattern of revenue recognition for the related insurance policies.
This takes into account revenue expected to be generated from
future\u00a0renewals. Other incremental costs of obtaining insurance
policies not underwritten by the Group, such as payment processing
costs, would be incurred again if the insurance contract renews.
Therefore, the pattern of revenue recognition relating to these
incremental costs is one year. As permitted by IFRS 15, such costs
are\u00a0expensed when incurred.
ii) Claims costs (discontinued operations)
Claims costs incurred in respect of insurance policies underwritten
by\u00a0the Group (until 1 July 2025
4
) were included as insurance service
expenses within the pro\ufb01t or loss from discontinued operations.
These\u00a0costs included estimates in respect of losses reported as
having occurred during the period, an estimate for the cost of claims
incurred during the period but not reported at the reporting date, and
any adjustments to claims outstanding from previous periods. See
Note 2.3r(vi)(b) for further details.
The portion of claims costs recoverable from reinsurance contracts
was recognised within net income from reinsurance contracts within
the pro\ufb01t or loss from discontinued operations. These recoveries
were recognised in the same period in which the claims costs were
recognised. See Note 2.3r(vii) for\u00a0further details.
iii) Finance costs
Finance costs comprise interest paid and payable, and commitment
fees, calculated using the e\ufb00ective interest rate (
EIR
) method, and are
recognised in the income statement as they accrue. Accrued interest
is\u00a0included within the carrying value of the interest-bearing \ufb01nancial
liability in the statement of \ufb01nancial position. Finance costs also include
debt issue costs that were initially recognised in the statement of
\ufb01nancial position and are amortised over the life of the debt, debt issue
costs in respect of renegotiating existing, or negotiating new, facilities
that are immediately recognised in the income statement and net
fair\u00a0value losses on derivative \ufb01nancial instruments.
iv) All other expenses
All other expenses are recognised in the income statement as they
are\u00a0incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradingIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00195": { "value": "a) Revenue recognition
Revenue represents amounts receivable from the sale or supply of
goods and services provided to customers in the ordinary course of
business and is recognised to the extent that it is probable that the
future economic bene\ufb01ts will \ufb02ow to the Group and the revenue
can\u00a0be\u00a0reliably measured, regardless of when payment is received.
The\u00a0policies for the recognition of the Group\u2019s various revenue
streams by segment are as follows:
i) Travel
Revenue from Cruise, in respect of Ocean Cruise holidays, is
recognised in line with the performance obligations, being the cruise
itself, \ufb02ights and/or rail journeys (where applicable), travel insurance
and transfers. The standalone selling price of each performance
obligation is estimated as the cost to provide each obligation plus a
pro\ufb01t margin appropriate to the nature of each service. The price
charged to each customer is then apportioned to each performance
obligation based on the relative estimated standalone selling prices,
in\u00a0line with the requirements of International Financial Reporting
Standard (
IFRS
) 15 \u2018Revenue from Contracts with Customers\u2019.
The\u00a0portion of revenue allocated to the cruise itself is recognised
on\u00a0a\u00a0per diem basis over the duration of the cruise, in line with when
the\u00a0performance obligation is satis\ufb01ed. The portion of revenue
allocated to \ufb02ights, \ufb02ight upgrades (where applicable) and transfers
is\u00a0recognised on the date that each trip is ful\ufb01lled.
Revenue from travel insurance (which is underwritten by a third party)
for cruising holidays is recognised at the cover start date of the policy,
which is usually at the point the customer makes a booking.
Revenue from Cruise, relating to chartered River Cruise ships, is also
recognised in line with the performance obligations that are included
in a package holiday, namely the provision of \ufb02ights, accommodation,
transfers and travel insurance. Revenue is recognised as and when
each performance obligation is satis\ufb01ed, which is deemed to be when
each service to the customer takes place.
For Holidays, revenue in relation to \ufb02ights and \ufb02ight upgrades is
recognised on the date of each \ufb02ight; revenue in relation to
accommodation is recognised over the duration of the holiday;
revenue in relation to transfers is recognised on the date that the
transfers occur before and after each holiday; and revenue in
respect\u00a0of travel insurance (which is underwritten by a third-party)
is\u00a0recognised on the cover start date of the insurance. This is
consistent with the approach adopted by the Cruise business.
An element of revenue which represents the non-refundable deposit
received at the time of booking is recognised in the income statement
when the likelihood of the customer exercising their remaining rights
becomes remote.
Revenue from sales in resort, or on board a cruise ship operated by
the\u00a0Group, for example for optional excursions, is recognised as it
is\u00a0earned.
Revenue from Travel received in advance of when each performance
obligation is satis\ufb01ed is included as deferred revenue within contract
liabilities in the statement of \ufb01nancial position.
ii) Insurance
The amounts received from customers for insurance policies
comprise three main elements: the premium charged to the customer
in respect of the insurance cover (
gross premium
); insurance
premium tax (
IPT
); and an arrangement fee, where applicable
(only\u00a0applied to policies that are brokered via a panel). The gross
premium itself comprises two elements: the premium charged by the
underwriter of each policy (
net premium
), plus any adjustment to the
net premium that is applied by the Group\u2019s broker during the broking
service (
street pricing adjustment
). Prior to 1 July 2025, policies
were underwritten either by the Group\u2019s in-house underwriter, or by
a\u00a0third party. Following the sale of the Group\u2019s in-house underwriting
business on 1 July, all policies are underwritten exclusively by
third-party underwriters.
The Group may also charge additional amounts, where the customer
pays in instalments, for mid-term cancellations or for adjustments
made to policies mid-term.
IPT is excluded from all revenue recognised by the Group.
Our Insurance Broking business also o\ufb00ers a three-year \ufb01xed-price
feature, bundled within the Saga Plus product o\ufb00ering for motor and
home insurance. This product is a distinct and separate service
o\ufb00ered by the broker, as a promise to match or beat the premium for
the next two renewal dates for the same level of protection and
provided that the customer\u2019s circumstances do not change.
(a) For 12-month insurance policies with no option to fix the
premium at renewal (
annual policies
)
For insurance policies underwritten by the Group (up to 1 July 2025
3
):
\u2022
the gross insurance premium and any amounts received as a\u00a0result
of the policyholder opting to pay in instalments were recognised as
insurance revenue on a straight-line, time-apportioned basis over
the coverage period;
\u2022
any such amounts received in advance of coverage being provided
to the policyholder were deferred within insurance contract
liabilities in the statement of financial position;
\u2022
mid-term adjustments to premiums were recognised on a
straight-line, time-apportioned basis over the remaining coverage
period of the policy; and
\u2022
reductions in premiums arising from mid-term cancellations were
recognised on the effective date of the cancellation.
The above treatment is in line with the requirements of IFRS 17
\u2018Insurance Contracts\u2019 (see also Note 2.3r).
For insurance policies not underwritten by the Group:
\u2022
the portion of the gross premium that is retained by the Group,
otherwise referred to as the street pricing adjustment, is allocated
to performance obligations and recognised as those performance
obligations are satisfied. The most material amount is allocated
to\u00a0the performance obligation relating to the brokerage service,
which is recognised on the inception date of the insurance
contract; and
\u2022
the portion of the gross premium charged by the third-party
underwriter, otherwise referred to as the net premium, is not
recognised as revenue in the income statement.
The above treatment is in line with the requirements of IFRS 15.
For all insurance policies:
\u2022
the arrangement fee that is charged in respect of the broking
service is recognised within revenue from Insurance Broking
services on the date that each policy is arranged; and
\u2022
any fee income charged for a mid-term cancellation or adjustment
is recognised on the date the adjustment is made, being the point
that the mid-term service is fulfilled. Where these amounts arise
from insurance contracts underwritten by the Group, they are
presented within Insurance revenue, otherwise they are presented
within revenue from Insurance Broking services.
(b) For 12-month insurance policies where customers have
the\u00a0option to fix the premium over three years (
three-year
fixed-price products
)
The policyholder\u2019s option to \ufb01x the annual premium at the \ufb01rst and
second renewal points is accounted for under IFRS 15 as a promise
to\u00a0the customer.
Where the related insurance policy is not underwritten by the Group,
this promise is accounted for as a separate performance obligation to
the brokerage service.
Where the related insurance policy was underwritten by the Group
(up\u00a0to 1 July 2025
3
), this\u00a0promise was a distinct service that was
accounted for separately from\u00a0the host insurance contract because:
\u2022
the cash flows and risks of the price promise service were not
highly interrelated with those of the insurance contract; and
\u2022
the Group did not provide a significant service in integrating the
price promise with the insurance underwriting service.
3
Refer to Note 38a on pages 182-184 for further detail
Therefore, the accounting treatment of the Group\u2019s obligation to \ufb01x
the premium did not depend on whether the related insurance policy
was underwritten by the Group.
For all three-year \ufb01xed-price products, the Group allocates a portion
of the gross premiums received at inception and at the \ufb01rst renewal
point to the price promise service. The amount allocated to this
service is an estimate of its standalone selling price, being an actuarial
estimate of the cost of transferring the obligation to a third party plus
an appropriate pro\ufb01t margin.
Amounts allocated to the price promise service are initially deferred
within contract liabilities in the statement of \ufb01nancial position and
subsequently recognised as revenue since the option to \ufb01x is exercised
by the customer (and the Group\u2019s performance obligation is satis\ufb01ed).
If a customer cancels a policy subject to the three-year \ufb01xed-price
promise mid-term, or chooses not to renew in the second or third
years, any remaining deferred revenue is recognised within revenue
at\u00a0the point the cover ends, being the point that the Group is released
from the obligation to \ufb01x the price at renewal.
The Group previously entered into contracts to limit its exposure to
potential losses arising as a result of underwriting net rate in\ufb02ation in
respect of its three-year \ufb01xed-price o\ufb00ering. The Group continues
to\u00a0recognise amounts arising from those contracts. Those contracts
are classi\ufb01ed as insurance contracts held.
(c) Other sources of revenue relating to insurance policies
Pro\ufb01t commissions due to the Group, from acting as an insurance
intermediary on behalf of third-party underwriters, are recognised
and valued in accordance with the contractual terms to which they are
subject, when it is highly probable that a signi\ufb01cant reversal of revenue
will not occur.
Where claims arise on insurance policies that are not the fault of the
insured, the Group may earn revenue from:
\u2022
referrals to credit hire companies (in relation to policies
underwritten by the Group or by third parties); and
\u2022
referrals to credit repair companies (in relation to policies
underwritten by third parties only).
This revenue is recognised at the point of referral.
iii) Other Businesses and Central Costs
(a) Saga Money
Revenue from personal \ufb01nance products is recognised when the
customer contracts with the provider of the relevant personal \ufb01nance
product where the revenue comprises a one-o\ufb00 payment by the
provider of the product.
Where the personal \ufb01nance product is one that delivers a recurring
income stream, the present value of the future expected revenue
to\u00a0be received is recognised when the customer contracts with the
provider of the relevant personal \ufb01nance product, and it is highly
probable that a signi\ufb01cant reversal of revenue recognised will
not\u00a0occur.
For the Saga savings product, commissions are earned over the
duration of the contract in line with the contractual amount due to
the\u00a0Group.
For Saga equity release products, commissions are earned initially
and\u00a0over the lifetime of the product. Additionally, further commissions,
where applicable, are earned at each subsequent stage of the
drawdown if any more of the advance is taken by the customer. Initial
commission relating to new business is recognised as revenue at the
point the performance obligation with the Group\u2019s contracted
business partners is satis\ufb01ed, and the customer has taken out the
product. Where applicable, and the probability of further drawdowns
is high, trail commission is recognised as the discounted future cash
\ufb02ows expected to be received over the estimated life of the product
and likewise for further commissions on additional drawdowns
undertaken by the customer.
For Saga legal services, mortgage and investing products, broking
commissions are earned initially, and over the duration of the contract,
in line with the contractual amount due to the Group.
(b) Saga Publishing
Magazine subscription revenue is recognised on a straight-line basis
over the period of the subscription. Revenue generated from
advertising within the magazine is recognised when the magazine
is\u00a0provided to the customer.
The element of subscriptions and advertising revenue relating to the
period after the reporting date is recognised as deferred revenue
within contract liabilities in the statement of \ufb01nancial position.
(c) Printing and mailing
Revenue from printing and mailing services is recognised in line with
the performance obligations within customer contracts.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00198": { "value": "b) Cost recognition
i) Costs of acquiring insurance contracts
Acquisition costs arising from the selling or renewing of insurance
policies underwritten by the Group until the disposal of the Group\u2019s
underwriting business on 1 July 2025
4
(
insurance acquisition cash
\ufb02ows
) were expensed when they were incurred within insurance
service expenses in the income statement. See also Note 2.3r(viii).
For insurance policies not underwritten by the Group, fees charged
by\u00a0price-comparison websites are recognised as a contract cost asset
within trade and other receivables and amortised in line with the
pattern of revenue recognition for the related insurance policies.
This takes into account revenue expected to be generated from
future\u00a0renewals. Other incremental costs of obtaining insurance
policies not underwritten by the Group, such as payment processing
costs, would be incurred again if the insurance contract renews.
Therefore, the pattern of revenue recognition relating to these
incremental costs is one year. As permitted by IFRS 15, such costs
are\u00a0expensed when incurred.
ii) Claims costs (discontinued operations)
Claims costs incurred in respect of insurance policies underwritten
by\u00a0the Group (until 1 July 2025
4
) were included as insurance service
expenses within the pro\ufb01t or loss from discontinued operations.
These\u00a0costs included estimates in respect of losses reported as
having occurred during the period, an estimate for the cost of claims
incurred during the period but not reported at the reporting date, and
any adjustments to claims outstanding from previous periods. See
Note 2.3r(vi)(b) for further details.
The portion of claims costs recoverable from reinsurance contracts
was recognised within net income from reinsurance contracts within
the pro\ufb01t or loss from discontinued operations. These recoveries
were recognised in the same period in which the claims costs were
recognised. See Note 2.3r(vii) for\u00a0further details.
iii) Finance costs
Finance costs comprise interest paid and payable, and commitment
fees, calculated using the e\ufb00ective interest rate (
EIR
) method, and are
recognised in the income statement as they accrue. Accrued interest
is\u00a0included within the carrying value of the interest-bearing \ufb01nancial
liability in the statement of \ufb01nancial position. Finance costs also include
debt issue costs that were initially recognised in the statement of
\ufb01nancial position and are amortised over the life of the debt, debt issue
costs in respect of renegotiating existing, or negotiating new, facilities
that are immediately recognised in the income statement and net
fair\u00a0value losses on derivative \ufb01nancial instruments.
iv) All other expenses
All other expenses are recognised in the income statement as they
are\u00a0incurred.", "dimensions": { "concept": "saga:DescriptionOfAccountingPolicyForCostRecognitionExplanatoryPolicyTextBlock", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00199": { "value": "i) Costs of acquiring insurance contracts
Acquisition costs arising from the selling or renewing of insurance
policies underwritten by the Group until the disposal of the Group\u2019s
underwriting business on 1 July 2025
4
(
insurance acquisition cash
\ufb02ows
) were expensed when they were incurred within insurance
service expenses in the income statement. See also Note 2.3r(viii).
For insurance policies not underwritten by the Group, fees charged
by\u00a0price-comparison websites are recognised as a contract cost asset
within trade and other receivables and amortised in line with the
pattern of revenue recognition for the related insurance policies.
This takes into account revenue expected to be generated from
future\u00a0renewals. Other incremental costs of obtaining insurance
policies not underwritten by the Group, such as payment processing
costs, would be incurred again if the insurance contract renews.
Therefore, the pattern of revenue recognition relating to these
incremental costs is one year. As permitted by IFRS 15, such costs
are\u00a0expensed when incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00200": { "value": "iii) Finance costs
Finance costs comprise interest paid and payable, and commitment
fees, calculated using the e\ufb00ective interest rate (
EIR
) method, and are
recognised in the income statement as they accrue. Accrued interest
is\u00a0included within the carrying value of the interest-bearing \ufb01nancial
liability in the statement of \ufb01nancial position. Finance costs also include
debt issue costs that were initially recognised in the statement of
\ufb01nancial position and are amortised over the life of the debt, debt issue
costs in respect of renegotiating existing, or negotiating new, facilities
that are immediately recognised in the income statement and net
fair\u00a0value losses on derivative \ufb01nancial instruments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00201": { "value": "iii) Finance costs
Finance costs comprise interest paid and payable, and commitment
fees, calculated using the e\ufb00ective interest rate (
EIR
) method, and are
recognised in the income statement as they accrue. Accrued interest
is\u00a0included within the carrying value of the interest-bearing \ufb01nancial
liability in the statement of \ufb01nancial position. Finance costs also include
debt issue costs that were initially recognised in the statement of
\ufb01nancial position and are amortised over the life of the debt, debt issue
costs in respect of renegotiating existing, or negotiating new, facilities
that are immediately recognised in the income statement and net
fair\u00a0value losses on derivative \ufb01nancial instruments.iii) Gains and losses on financial investments at fair value
Realised and unrealised gains and losses on \ufb01nancial investments
are\u00a0recorded as investment income in the income statement and
represent net fair value gains and losses arising from changes in
fair\u00a0value during the year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00204": { "value": "iii) Finance costs
Finance costs comprise interest paid and payable, and commitment
fees, calculated using the e\ufb00ective interest rate (
EIR
) method, and are
recognised in the income statement as they accrue. Accrued interest
is\u00a0included within the carrying value of the interest-bearing \ufb01nancial
liability in the statement of \ufb01nancial position. Finance costs also include
debt issue costs that were initially recognised in the statement of
\ufb01nancial position and are amortised over the life of the debt, debt issue
costs in respect of renegotiating existing, or negotiating new, facilities
that are immediately recognised in the income statement and net
fair\u00a0value losses on derivative \ufb01nancial instruments.i) Interest income
Investment income, in the form of interest, is recognised in the income
statement as it accrues and is calculated using the EIR method.
Interest income is earned by the Group on assets held at fair value
through pro\ufb01t or loss (
FVTPL
) and amortised cost. Fees and
commissions, which are an integral part of the e\ufb00ective yield of the
\ufb01nancial asset or liability, are recognised as an adjustment to the EIR
of\u00a0the instrument. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00202": { "value": "iv) All other expenses
All other expenses are recognised in the income statement as they
are\u00a0incurred.5 Administrative and selling expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Continuing operations
\u00a0 \u00a0
Staff costs (excluding restructuring costs)
84.0
86.5
Marketing and fulfilment costs
63.6
46.8
Short-term lease rentals
\u2013
0.1
Auditor\u2019s remuneration
2.0
2.1
Other administrative costs
59.1
66.6
Depreciation \u2013 property, plant and equipment (Note 17)
0.9
0.7
Depreciation \u2013 right-of-use assets (Note 18)
1.2
2.2
Amortisation of intangible assets (Note 15)
6.7
8.7
Restructuring costs
35.4
18.1
\u00a0
252.9
231.8
\n
Administrative and selling expenses relate to non-Insurance Underwriting businesses.
a) Auditor\u2019s remuneration
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Audit of the parent company and consolidated financial statements
0.8
0.8
Audit of subsidiary financial statements
1.0
1.0
Audit-related assurance services
0.2
0.3
Auditor\u2019s remuneration relating to continuing operations
2.0
2.1
Auditor\u2019s remuneration relating to discontinued operations
\u2013
0.6
Total auditor\u2019s remuneration
2.0
2.7
\n
6 Impairment of non-financial assets
a) Impairments during the year ended 31 January 2026
During the year ended 31 January 2026, the Group impaired software in its Insurance Broking division by \u00a30.3m. This was charged to
administrative and selling expenses.
Furthermore, the Group concluded that an impairment charge of \u00a30.7m (Note 17) to plant and equipment owned assets was required in the
Group\u2019s Insurance Broking and mailing and printing divisions. This was charged to administrative and selling expenses (\u00a30.1m) and cost of
sales\u00a0(\u00a30.6m).
In addition, the Group concluded that an impairment charge of \u00a30.8m (Note 18) to plant and equipment right-of-use assets leases was required
in the Group\u2019s mailing and printing business and an impairment charge of \u00a30.1m (Note 18) to long leasehold land and building right-of-use assets
leases was required in the Group\u2019s Cruise business. This was charged to cost of sales (\u00a30.8m) and administrative and selling expenses (\u00a30.1m)
respectively.
b) Impairments during the year ended 31 January 2025
During the year ended 31 January 2025, the Group impaired the carrying value of the goodwill balance allocated to the Insurance Broking CGU
by \u00a3138.3m (Note 14).
The Group impaired software in its Insurance and Central Costs divisions by \u00a325.3m and \u00a32.8m respectively, totalling \u00a328.1m (Note 15).
Of\u00a0the\u00a0impairment in Insurance, \u00a34.0m related to the claims handling section of the Insurance business to be divested of (Note 38a) and,
therefore, it was reclassi\ufb01ed as discontinued operations within the income statement.
Furthermore, the Group concluded that an impairment charge of \u00a30.1m (Note 17) to plant and equipment owned assets was required in the
Group\u2019s Central Costs division.
In light of the Group obtaining updated freehold property market valuation reports, management also impaired assets held for sale by \u00a30.4m
(Note 38b). Within this total, \u00a30.1m related to the underwriting section of the Insurance business to be divested of (Note 38a) and, therefore,
it\u00a0was reclassi\ufb01ed as discontinued operations within the income statement. 8 Finance costs \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2025
\u00a0
2026
(re-presented
9
)
\u00a0
\u00a3m
\u00a3m
Continuing operations
\u00a0\u00a0
Interest, fees and charges on debt and borrowings using the EIR method
63.3
45.8
Net fair value loss on derivative financial instruments
0.7
0.3
Net finance costs on retirement benefit schemes
2.1
2.3
Net interest and finance charges payable on lease liabilities
2.5
2.1
\u00a0
68.6
50.5
\n9
Finance costs for the prior year have been re-presented to include arrangement, drawdown and milestone fees associated with the loan facility provided by Roger De Haan (Note 30)
of \u00a33.6m within the category of interest, fees and charges on debt and borrowings using the EIR method. Previously these costs were separately categorised as debt issue costs", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00203": { "value": "c) Recognition of other income statement items
i) Interest income
Investment income, in the form of interest, is recognised in the income
statement as it accrues and is calculated using the EIR method.
Interest income is earned by the Group on assets held at fair value
through pro\ufb01t or loss (
FVTPL
) and amortised cost. Fees and
commissions, which are an integral part of the e\ufb00ective yield of the
\ufb01nancial asset or liability, are recognised as an adjustment to the EIR
of\u00a0the instrument.
ii) Dividend income
Income in the form of dividends is recognised when the right to receive
payment is established. For listed securities, this is the date that the
security is listed as ex-dividend.
iii) Gains and losses on financial investments at fair value
Realised and unrealised gains and losses on \ufb01nancial investments
are\u00a0recorded as investment income in the income statement and
represent net fair value gains and losses arising from changes in
fair\u00a0value during the year.
iv) Other income
The Group recognises other items in pro\ufb01t or loss as other income,
when the amounts become receivable and its right to receive
payments is established.
v) Affinity Partnership income
Income from the 20-year partnership for motor and home insurance
with wholly owned subsidiaries in the UK of Ageas SA/NV (
Ageas
)
(
A\ufb03nity Partnership
) income is recognised on a straight-line basis
over the period of the agreement, being 20 years (Note 38a).", "dimensions": { "concept": "saga:DescriptionOfAccountingPolicyForRecognitionOfOtherIncomeStatementItemsExplanatoryPolicyTextBlock", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00205": { "value": "d) Income taxes
i) Current income tax
Income tax assets and liabilities for the current period are measured
at the amount expected to be recovered from, or paid to, taxation
authorities. The tax rates and tax laws used to compute the amount
are those that are enacted or substantively enacted at the reporting
date. Current income tax assets and liabilities also include
adjustments in respect of tax expected to be payable, or recoverable,
in respect of previous periods. Current income tax relating to items
recognised in other comprehensive income (
OCI
) and directly in
equity is recognised in OCI or equity and not in the income statement.
The Group has elected to be in the UK tonnage tax regime. Under the
tonnage tax regime, the current year tax expense for the subsidiaries
that own the Ocean Cruise ships is calculated by reference to the net
tonnage of the qualifying ship operated by the company. To the extent
that the Group generates pro\ufb01t or losses, which do not qualify for
inclusion under the above regime, they will be taxable under general
UK tax principles.
ii) Deferred tax
Deferred tax is provided on temporary di\ufb00erences between the tax
bases of assets and liabilities and their carrying amounts for \ufb01nancial
reporting purposes at the reporting date.
Deferred tax liabilities are recognised for all taxable temporary
di\ufb00erences and deferred tax assets are recognised to the extent that
it is probable that taxable pro\ufb01t will be available, against which the
deductible temporary di\ufb00erences and the carry forward of unused tax
credits and unused tax losses can be utilised.
The carrying amount of deferred tax assets is reviewed at each
reporting date and reduced to the extent that it is no longer probable
that su\ufb03cient taxable pro\ufb01t will be available to allow all, or part of, the
deferred tax asset to be utilised. Unrecognised deferred tax assets
are reassessed at each reporting date and are recognised to the
extent that it has become probable that future taxable pro\ufb01ts will allow
the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates
that\u00a0are expected to apply in the year when the asset is realised
or\u00a0the\u00a0liability is settled, based on tax rates (and tax laws) that have
been enacted or substantively enacted at the reporting date.
Deferred tax\u00a0is charged, or credited, in the income statement, except
when it relates to items charged or credited in OCI or equity, in which
case the\u00a0deferred tax is recognised in OCI or equity as appropriate.
Deferred tax assets and deferred tax liabilities are o\ufb00set if a legally
enforceable right exists to set-o\ufb00 current tax assets against current
tax liabilities and the deferred taxes relate to the same taxable entity
and the same taxation authority.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00206": { "value": "ii) Deferred tax
Deferred tax is provided on temporary di\ufb00erences between the tax
bases of assets and liabilities and their carrying amounts for \ufb01nancial
reporting purposes at the reporting date.
Deferred tax liabilities are recognised for all taxable temporary
di\ufb00erences and deferred tax assets are recognised to the extent that
it is probable that taxable pro\ufb01t will be available, against which the
deductible temporary di\ufb00erences and the carry forward of unused tax
credits and unused tax losses can be utilised.
The carrying amount of deferred tax assets is reviewed at each
reporting date and reduced to the extent that it is no longer probable
that su\ufb03cient taxable pro\ufb01t will be available to allow all, or part of, the
deferred tax asset to be utilised. Unrecognised deferred tax assets
are reassessed at each reporting date and are recognised to the
extent that it has become probable that future taxable pro\ufb01ts will allow
the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates
that\u00a0are expected to apply in the year when the asset is realised
or\u00a0the\u00a0liability is settled, based on tax rates (and tax laws) that have
been enacted or substantively enacted at the reporting date.
Deferred tax\u00a0is charged, or credited, in the income statement, except
when it relates to items charged or credited in OCI or equity, in which
case the\u00a0deferred tax is recognised in OCI or equity as appropriate.
Deferred tax assets and deferred tax liabilities are o\ufb00set if a legally
enforceable right exists to set-o\ufb00 current tax assets against current
tax liabilities and the deferred taxes relate to the same taxable entity
and the same taxation authority.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00207": { "value": "e) Foreign currencies
Transactions in foreign currencies are initially recorded by the Group
at their respective functional currency spot rate at the date that the
transaction \ufb01rst quali\ufb01es for recognition. Monetary assets and
liabilities denominated in foreign currencies are retranslated at
the\u00a0functional currency spot rate of exchange prevalent at the
reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00209": { "value": "f) Intangible assets
Intangible assets acquired are measured on initial recognition at cost
and, subsequent to initial recognition, are carried at cost less any
accumulated amortisation and accumulated impairment losses.
The cost of intangible assets acquired in a business combination is
their fair value at the date of acquisition. Internally generated
intangibles, excluding internally developed software, are not
capitalised and the related expenditure is re\ufb02ected in the income
statement in the period in which the expenditure is incurred.
The useful lives of intangible assets are assessed \ufb01nitely. Computer
software costs recognised as assets are amortised over their
estimated useful economic lives, which vary from asset to asset within
a range of 3-13 years.
Intangible assets are amortised over their useful economic life on a
basis appropriate to the consumption of the asset and are assessed
for impairment whenever there is an indication that the intangible
asset may be impaired. The amortisation period and the amortisation
method for an intangible asset with a \ufb01nite useful life are reviewed at
least at the end of each reporting period. Changes in the expected
useful life or the expected pattern of consumption of future economic
bene\ufb01ts embodied in the asset are considered to modify the
amortisation period or method, as appropriate, and are treated as
changes in accounting estimates. The amortisation expense on
intangible assets with \ufb01nite lives is recognised in the income statement
in the expense category that is consistent with the function of the
intangible assets.
Gains or losses arising from derecognition of an intangible asset are
measured as the di\ufb00erence between the net disposal proceeds and
the carrying amount of the asset and are recognised in the income
statement when the asset is derecognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00211": { "value": "g) Business combinations and goodwill
Business combinations are accounted for using the acquisition
method. The cost of an acquisition is measured as the aggregate of
the\u00a0consideration transferred, measured at acquisition date at fair
value, and the amount of any non-controlling interests in the acquiree.
For each business combination, the Group elects whether to measure
the non-controlling interests in the acquiree at fair value or at the
proportionate share of the acquiree\u2019s identi\ufb01able net assets.
When the Group acquires a business, it assesses the \ufb01nancial
and\u00a0non-\ufb01nancial assets and liabilities assumed for appropriate
classi\ufb01cation and designation in accordance with the contractual
terms, economic circumstances and pertinent conditions at the
acquisition date.
Any contingent consideration to be transferred by the Group will
be\u00a0recognised at fair value at the acquisition date. Contingent
consideration classi\ufb01ed as an asset or liability that is a \ufb01nancial
instrument within the scope of IFRS 9 \u2018Financial Instruments\u2019 is
measured at fair value, with the changes in fair value recognised in
the\u00a0income statement.
Any excess of the cost of acquisition over the fair values of the
identi\ufb01able assets and liabilities is recognised as goodwill. If the cost
of\u00a0acquisition is less than the fair values of the identi\ufb01able assets and
liabilities of the acquired business, the di\ufb00erence is recognised directly
in the income statement in the year of acquisition.
Acquisition-related costs are expensed as incurred and included in
administrative expenses.
After initial recognition, goodwill is measured at cost less any
accumulated impairment losses. Goodwill is allocated to cash
generating units (
CGUs
) at the point of acquisition and is reviewed
at\u00a0least annually for impairment.
The useful life of goodwill is assessed as inde\ufb01nite. Goodwill is not
amortised, but is tested for impairment at least annually, at the CGU
level. Where the carrying value of the asset exceeds the recoverable
amount, an impairment loss is recognised in the income statement
immediately.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00212": { "value": "g) Business combinations and goodwill
Business combinations are accounted for using the acquisition
method. The cost of an acquisition is measured as the aggregate of
the\u00a0consideration transferred, measured at acquisition date at fair
value, and the amount of any non-controlling interests in the acquiree.
For each business combination, the Group elects whether to measure
the non-controlling interests in the acquiree at fair value or at the
proportionate share of the acquiree\u2019s identi\ufb01able net assets.
When the Group acquires a business, it assesses the \ufb01nancial
and\u00a0non-\ufb01nancial assets and liabilities assumed for appropriate
classi\ufb01cation and designation in accordance with the contractual
terms, economic circumstances and pertinent conditions at the
acquisition date.
Any contingent consideration to be transferred by the Group will
be\u00a0recognised at fair value at the acquisition date. Contingent
consideration classi\ufb01ed as an asset or liability that is a \ufb01nancial
instrument within the scope of IFRS 9 \u2018Financial Instruments\u2019 is
measured at fair value, with the changes in fair value recognised in
the\u00a0income statement.
Any excess of the cost of acquisition over the fair values of the
identi\ufb01able assets and liabilities is recognised as goodwill. If the cost
of\u00a0acquisition is less than the fair values of the identi\ufb01able assets and
liabilities of the acquired business, the di\ufb00erence is recognised directly
in the income statement in the year of acquisition.
Acquisition-related costs are expensed as incurred and included in
administrative expenses.
After initial recognition, goodwill is measured at cost less any
accumulated impairment losses. Goodwill is allocated to cash
generating units (
CGUs
) at the point of acquisition and is reviewed
at\u00a0least annually for impairment.
The useful life of goodwill is assessed as inde\ufb01nite. Goodwill is not
amortised, but is tested for impairment at least annually, at the CGU
level. Where the carrying value of the asset exceeds the recoverable
amount, an impairment loss is recognised in the income statement
immediately.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00210": { "value": "For each business combination, the Group elects whether to measure
the non-controlling interests in the acquiree at fair value or at the
proportionate share of the acquiree\u2019s identi\ufb01able net assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00214": { "value": "h) Impairment of non-financial assets
Goodwill is not subject to amortisation and is tested annually for
impairment, or more frequently if events or changes in circumstances
indicate that it might be impaired. If such an indication exists, the
recoverable amount is estimated and compared with the carrying
amount. If the recoverable amount is less than the carrying amount,
the asset is considered impaired and is written down to its recoverable
amount and the impairment loss is recognised immediately in the
income statement.
Other assets are tested for impairment whenever events or changes
in circumstances indicate that the carrying amount may not be
recoverable. If there is any indication that an asset may be impaired,
a\u00a0recoverable amount is estimated for the individual asset. If it is not
possible to estimate the recoverable amount of the individual asset,
the recoverable amount is determined according to the CGU to which
the asset belongs.
For impairment testing, assets are grouped together into the smallest
group of assets that generate cash in\ufb02ows from continuing use that
are largely independent of the cash in\ufb02ows of other assets or CGUs.
Goodwill arising from a business combination is allocated to the CGUs,
or groups of CGUs, that are expected to bene\ufb01t from the synergies of
the combination.
The recoverable amount is calculated as the higher of fair value less
costs to sell, and value-in-use. In assessing value-in-use, where
appropriate, estimated future cash \ufb02ows are discounted to their
present value using a pre-tax discount rate that re\ufb02ects current
market assessments of the time value of money and the risks speci\ufb01c
to the asset. In determining fair value less costs of disposal, recent
market transactions are taken into account. If no such transactions
can be identi\ufb01ed, an appropriate valuation model is used. These
calculations are corroborated by valuation multiples, quoted share
prices for publicly traded companies or other available fair value
indicators. The Group bases its value-in-use calculations on detailed
budgets, plans and long-term growth assumptions, which are
prepared separately for each of the Group\u2019s CGUs to which individual
assets are allocated. ii) Impairment of financial assets
The expected credit loss (
ECL
) impairment model applies to \ufb01nancial
assets measured at amortised cost.
The Group measures loss allowances at an amount equal to 12-month
ECLs, except for the following, which are measured as lifetime ECLs:
\u2022
Debt securities that are determined to have high credit risk at the
reporting date.
\u2022
Other debt securities and bank balances for which credit risk has
increased significantly since initial recognition.
\u2022
Trade receivables and contract assets that result from
transactions within the scope of IFRS 15.
When determining whether the credit risk of a \ufb01nancial asset has
increased signi\ufb01cantly since initial recognition, and when estimating
ECLs, the Group considers reasonable and supportable information
that is relevant and available without undue cost or e\ufb00ort. This includes
both quantitative and qualitative information and analysis, based on
the Group\u2019s historical experience and informed credit assessment,
including forward-looking information.
The Group considers a debt security to have low credit risk when
its\u00a0credit risk rating is equivalent to the de\ufb01nition of investment
grade.\u00a0The Group considers this to be BBB- or higher as per credit
rating scales.
(a) Measurement of ECLs
ECLs are measured as a probability-weighted estimate of credit
losses. Credit losses are measured as the probability of default in
conjunction with the present value of the Group\u2019s exposure. Loss
allowances for ECLs on \ufb01nancial assets measured at amortised cost
are deducted from the gross carrying amount of the assets, with a
corresponding charge to the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00213": { "value": "h) Impairment of non-financial assets
Goodwill is not subject to amortisation and is tested annually for
impairment, or more frequently if events or changes in circumstances
indicate that it might be impaired. If such an indication exists, the
recoverable amount is estimated and compared with the carrying
amount. If the recoverable amount is less than the carrying amount,
the asset is considered impaired and is written down to its recoverable
amount and the impairment loss is recognised immediately in the
income statement.
Other assets are tested for impairment whenever events or changes
in circumstances indicate that the carrying amount may not be
recoverable. If there is any indication that an asset may be impaired,
a\u00a0recoverable amount is estimated for the individual asset. If it is not
possible to estimate the recoverable amount of the individual asset,
the recoverable amount is determined according to the CGU to which
the asset belongs.
For impairment testing, assets are grouped together into the smallest
group of assets that generate cash in\ufb02ows from continuing use that
are largely independent of the cash in\ufb02ows of other assets or CGUs.
Goodwill arising from a business combination is allocated to the CGUs,
or groups of CGUs, that are expected to bene\ufb01t from the synergies of
the combination.
The recoverable amount is calculated as the higher of fair value less
costs to sell, and value-in-use. In assessing value-in-use, where
appropriate, estimated future cash \ufb02ows are discounted to their
present value using a pre-tax discount rate that re\ufb02ects current
market assessments of the time value of money and the risks speci\ufb01c
to the asset. In determining fair value less costs of disposal, recent
market transactions are taken into account. If no such transactions
can be identi\ufb01ed, an appropriate valuation model is used. These
calculations are corroborated by valuation multiples, quoted share
prices for publicly traded companies or other available fair value
indicators. The Group bases its value-in-use calculations on detailed
budgets, plans and long-term growth assumptions, which are
prepared separately for each of the Group\u2019s CGUs to which individual
assets are allocated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00215": { "value": "i) Property, plant and equipment
Property, plant and equipment is stated at cost, net of accumulated
depreciation and impairment losses. Where an item of property, plant
and equipment comprises major components having di\ufb00erent useful
lives, they are accounted for separately.
Assets in the course of construction at the statement of \ufb01nancial
position date are classi\ufb01ed separately. These assets are transferred
to other asset categories when they become available for their
intended use.
Depreciation is charged to the income statement on a straight-line
basis to write o\ufb00 the depreciable amount of property, plant and
equipment over their estimated useful lives. The depreciable amount
is the cost of an asset less its residual value. Land and assets in the
course of construction are not depreciated. Estimated useful lives
are\u00a0as follows:
Buildings, properties and related \ufb01xtures:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Buildings
50 years
Fixtures and \ufb01ttings
3-20 years
Ocean Cruise ships
3-30 years
Computers
3-6 years
Plant, vehicles and other equipment
3-10 years
\n
Costs relating to Ocean Cruise ship mandatory dry-dockings are
capitalised and depreciated over the period up to the next
dry-docking, where appropriate. The International Convention for
the\u00a0Safety of Life at Sea regulations stipulate that ships have to be
dry-docked twice in an interval of \ufb01ve years, with the interval between
consecutive dry-dockings being not less than two years and not more
than three years. All other repairs and maintenance costs are
recognised in the income statement as incurred.
An item of property, plant and equipment is derecognised upon
disposal, or when no future economic bene\ufb01ts are expected from its
use or disposal. Any gain or loss arising on derecognition of an asset
(calculated as the di\ufb00erence between the net disposal proceeds and
the carrying amount of the asset) is included in the income statement
when the asset is derecognised.
Estimated residual values and useful lives are reviewed annually.
In\u00a0relation to the annual review of estimated residual values and
useful\u00a0lives of Ocean Cruise ships, potential environmental regulatory
changes are also considered. The shipping industry has made a
commitment to reduce CO
2
emissions by 40% by 2030 (from a
2008\u00a0baseline), and the UK Government has made commitments
to\u00a0reach net zero emissions by 2050. The Energy E\ufb03ciency Existing
Ship Index (
EEXI
) and Carbon Intensity Indicator (
CII
) regulations
were introduced internationally in 2023 to enable the industry to
meet\u00a0the 2030 target, and the Group\u2019s Ocean Cruise ships meet the
requirements of these regulations. The end of their useful economic
lives of 30 years will have been reached by 2049 in the case of Spirit
of\u00a0Discovery and 2051 in the case of Spirit of Adventure. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00217": { "value": "Assets in the course of construction at the statement of \ufb01nancial
position date are classi\ufb01ed separately. These assets are transferred
to other asset categories when they become available for their
intended use. Land and assets in the course of construction are not depreciated.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00216": { "value": "Depreciation is charged to the income statement on a straight-line
basis to write o\ufb00 the depreciable amount of property, plant and
equipment over their estimated useful lives. The depreciable amount
is the cost of an asset less its residual value. Land and assets in the
course of construction are not depreciated. Estimated useful lives
are\u00a0as follows:
Buildings, properties and related \ufb01xtures:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Buildings
50 years
Fixtures and \ufb01ttings
3-20 years
Ocean Cruise ships
3-30 years
Computers
3-6 years
Plant, vehicles and other equipment
3-10 years
\n
Costs relating to Ocean Cruise ship mandatory dry-dockings are
capitalised and depreciated over the period up to the next
dry-docking, where appropriate. The International Convention for
the\u00a0Safety of Life at Sea regulations stipulate that ships have to be
dry-docked twice in an interval of \ufb01ve years, with the interval between
consecutive dry-dockings being not less than two years and not more
than three years. All other repairs and maintenance costs are
recognised in the income statement as incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00218": { "value": "All other repairs and maintenance costs are recognised in the income statement as incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00219": { "value": "j) Non-current assets held for sale, disposal groups and
discontinued operations
The Group classi\ufb01es non-current assets as held for sale if their
carrying amount will be recovered principally through a sale
transaction rather than through continuing use. To be classi\ufb01ed as
held for sale, an asset must be available for immediate sale in its
present 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 classi\ufb01cation.
Non-current assets classi\ufb01ed as held for sale are carried on the
Group\u2019s statement of \ufb01nancial position at the lower of their carrying
amount and fair value less costs to sell. In accordance with IFRS 5
\u2018Non-current Assets Held for Sale and Discontinued Operations\u2019,
an\u00a0impairment loss on a disposal group is allocated to non-current
assets within the scope of the standard, limited to the carrying value
of\u00a0those assets. If there are no non-current assets within the scope
of\u00a0IFRS 5 for which an impairment loss can be allocated against,
the\u00a0impairment loss will be recognised at the time of disposal.
Property, plant and equipment and intangible assets, once classi\ufb01ed
as held for sale, are not depreciated or amortised.
The Group classi\ufb01es a component of the Group as a discontinued
operation when it has either been disposed of, or is classi\ufb01ed as held
for sale, and:
\u2022
represents a separate major line of business or geographical area
of operations;
\u2022
is part of a single coordinated plan to dispose of a separate major
line of business or geographical area of operations; or
\u2022
is a subsidiary acquired exclusively with a view to resale.
Discontinued operations are excluded from the results of continuing
operations and are presented as a single amount of pro\ufb01t or loss after
tax from discontinued operations in the income statement. The assets
and liabilities relating to discontinued operations are excluded from
those of continuing operations and are presented as single amounts
in\u00a0the statement of \ufb01nancial position.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00220": { "value": "j) Non-current assets held for sale, disposal groups and
discontinued operations
The Group classi\ufb01es non-current assets as held for sale if their
carrying amount will be recovered principally through a sale
transaction rather than through continuing use. To be classi\ufb01ed as
held for sale, an asset must be available for immediate sale in its
present 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 classi\ufb01cation.
Non-current assets classi\ufb01ed as held for sale are carried on the
Group\u2019s statement of \ufb01nancial position at the lower of their carrying
amount and fair value less costs to sell. In accordance with IFRS 5
\u2018Non-current Assets Held for Sale and Discontinued Operations\u2019,
an\u00a0impairment loss on a disposal group is allocated to non-current
assets within the scope of the standard, limited to the carrying value
of\u00a0those assets. If there are no non-current assets within the scope
of\u00a0IFRS 5 for which an impairment loss can be allocated against,
the\u00a0impairment loss will be recognised at the time of disposal.
Property, plant and equipment and intangible assets, once classi\ufb01ed
as held for sale, are not depreciated or amortised.
The Group classi\ufb01es a component of the Group as a discontinued
operation when it has either been disposed of, or is classi\ufb01ed as held
for sale, and:
\u2022
represents a separate major line of business or geographical area
of operations;
\u2022
is part of a single coordinated plan to dispose of a separate major
line of business or geographical area of operations; or
\u2022
is a subsidiary acquired exclusively with a view to resale.
Discontinued operations are excluded from the results of continuing
operations and are presented as a single amount of pro\ufb01t or loss after
tax from discontinued operations in the income statement. The assets
and liabilities relating to discontinued operations are excluded from
those of continuing operations and are presented as single amounts
in\u00a0the statement of \ufb01nancial position.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00221": { "value": "k) Financial instruments
i) Financial assets
On initial recognition, a \ufb01nancial asset is classi\ufb01ed as either amortised cost, fair value through other comprehensive income (
FVOCI
) or FVTPL.
The classi\ufb01cation of \ufb01nancial assets is based on the business model in which a \ufb01nancial asset is managed, and its contractual cash \ufb02ow
characteristics. Derivatives embedded in contracts where the host is a \ufb01nancial asset in the scope of the standard are never separated. Instead,
the hybrid \ufb01nancial instrument, as a whole, is assessed for classi\ufb01cation. The Group does not hold any \ufb01nancial assets classi\ufb01ed as FVOCI.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Initial recognition
Subsequent measurement
Amortised
A financial asset is classified as amortised cost
These assets are subsequently measured at amortised cost using
cost
(initially\u00a0measured at fair value plus any directly
the EIR method. The amortised cost is reduced by any impairment
\u00a0
attributable transaction costs) if it meets both of the
losses (see (ii) below). Interest income, foreign exchange gains and
\u00a0
following conditions and is not elected to be designated
losses and impairments are recognised in\u00a0profit or loss as they are
\u00a0
as FVTPL:
incurred. Any gain or loss on derecognition is recognised in profit
\u00a0
\u2022
It is held within a business model whose objective is
or\u00a0loss immediately.
\u00a0
to hold assets to collect contractual cash flows.
\u00a0
\u00a0
\u2022
Its contractual terms give rise, on specified dates,
\u00a0
\u00a0
to\u00a0cash flows that are solely payments of principal
\u00a0
\u00a0
and interest on the principal amount outstanding.
\u00a0
\u00a0
The Group classifies trade receivables and other
\u00a0
\u00a0
receivables as held at amortised cost.
\u00a0
FVTPL
All financial assets not classified as amortised cost
These assets are subsequently measured at fair value. Net gains
\u00a0
(or\u00a0FVOCI), as described above, are classified as FVTPL
and\u00a0losses, including any interest or dividend income (separately
\u00a0
and held at fair value. This includes all derivative
disclosed), are recognised in profit or loss, unless such instruments
\u00a0
financial assets.
are designated in a hedging relationship (see\u00a0(vi) overleaf).
\u00a0
On initial recognition, the Group may irrevocably elect
\u00a0
\u00a0
to designate a financial asset, which otherwise meets
\u00a0
\u00a0
the requirements to be measured at amortised cost
\u00a0
\u00a0
or\u00a0FVOCI, as\u00a0FVTPL if doing so eliminates, or
\u00a0
\u00a0
significantly reduces, an accounting mismatch that
\u00a0
\u00a0
would otherwise arise. This election is made on an
\u00a0
\u00a0
individual instrument basis.
\u00a0
\u00a0
This election has been made for the Group\u2019s debt
\u00a0
\u00a0
securities.
\u00a0
\u00a0
The Group classifies loan funds, money market funds
\u00a0
\u00a0
held within the Insurance business and foreign
\u00a0
\u00a0
exchange forward contracts not designated in a
\u00a0
\u00a0
hedging relationship, as FVTPL.
\u00a0
\n
(a) Derecognition
A \ufb01nancial asset is derecognised when the rights to receive cash \ufb02ows
from the asset have expired or when the Group has transferred
substantially all the risks and rewards relating to the asset to a
third\u00a0party.
ii) Impairment of financial assets
The expected credit loss (
ECL
) impairment model applies to \ufb01nancial
assets measured at amortised cost.
The Group measures loss allowances at an amount equal to 12-month
ECLs, except for the following, which are measured as lifetime ECLs:
\u2022
Debt securities that are determined to have high credit risk at the
reporting date.
\u2022
Other debt securities and bank balances for which credit risk has
increased significantly since initial recognition.
\u2022
Trade receivables and contract assets that result from
transactions within the scope of IFRS 15.
When determining whether the credit risk of a \ufb01nancial asset has
increased signi\ufb01cantly since initial recognition, and when estimating
ECLs, the Group considers reasonable and supportable information
that is relevant and available without undue cost or e\ufb00ort. This includes
both quantitative and qualitative information and analysis, based on
the Group\u2019s historical experience and informed credit assessment,
including forward-looking information.
The Group considers a debt security to have low credit risk when
its\u00a0credit risk rating is equivalent to the de\ufb01nition of investment
grade.\u00a0The Group considers this to be BBB- or higher as per credit
rating scales.
(a) Measurement of ECLs
ECLs are measured as a probability-weighted estimate of credit
losses. Credit losses are measured as the probability of default in
conjunction with the present value of the Group\u2019s exposure. Loss
allowances for ECLs on \ufb01nancial assets measured at amortised cost
are deducted from the gross carrying amount of the assets, with a
corresponding charge to the income statement.
iii) Financial liabilities
(a) Initial recognition and measurement
All \ufb01nancial liabilities are classi\ufb01ed as \ufb01nancial liabilities at amortised
cost on initial recognition except for derivatives, which are classi\ufb01ed
at\u00a0FVTPL, the gains or losses for which are recognised through OCI
if\u00a0the instrument is designated as a hedging instrument in an e\ufb00ective
cash \ufb02ow hedge.
With the exception of lease liabilities, all \ufb01nancial liabilities are
recognised initially at fair value and, in the case of loans and
borrowings, net of directly attributable transaction costs.
The Group\u2019s \ufb01nancial liabilities include trade and other payables, loans
and borrowings, derivative \ufb01nancial instruments and lease liabilities.
(b) Subsequent measurement
After initial recognition, interest-bearing loans, borrowings and other
payables are subsequently measured at amortised cost using the
EIR\u00a0method. Amortised cost is calculated by taking into account any
discount or premium on acquisition and fees or costs that are an
integral part of the EIR. The EIR amortisation is included in \ufb01nance
costs in the income statement.
(c) Derecognition
A \ufb01nancial liability is derecognised when the obligation under the
liability is discharged, cancelled or expires.
When an existing \ufb01nancial liability is replaced by another from the
same lender on substantially di\ufb00erent terms, or the terms of an
existing liability are substantially modi\ufb01ed, such exchange or
modi\ufb01cation is treated as a derecognition of the original liability and
the recognition of a new liability. The di\ufb00erence in the respective
carrying amounts is recognised in the income statement.
iv) Derivatives
Derivatives are measured at fair value, both initially and subsequently
to initial recognition. All changes in fair value of non-designated
derivatives are recognised in the income statement immediately.
Changes in fair value of derivatives designated as cash \ufb02ow hedges are
initially recognised in OCI until such a point that they are recycled to
pro\ufb01t or loss in the same period as the hedged item is recognised in
pro\ufb01t or loss, or immediately if the hedged item is no longer expected
to occur.
Derivatives are presented as assets when the fair values are positive,
and as liabilities when the fair values are negative. A derivative is
presented as a non-current asset or a non-current liability if the
remaining maturity of the instrument is more than 12 months and
it\u00a0is\u00a0not expected to be realised or settled within 12 months.
v) Fair values
The Group measures all \ufb01nancial instruments at fair value at each
reporting date, other than those instruments measured at
amortised\u00a0cost.
Fair value is the price that would be required to sell an asset or
to\u00a0transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value measurement
is\u00a0based on the assumption that the transaction to sell the asset
or\u00a0transfer the liability takes place either in the principal market
accessible by the Group for the asset or liability or, in the absence
of\u00a0a\u00a0principal market, in the most advantageous market accessible
by\u00a0the Group for the asset or liability.
The fair values are quoted market bid prices, where there is an active
market, or based on valuation techniques when there is no active
market or the instruments are unlisted. Valuation techniques include
the use of recent arm\u2019s-length market transactions, discounted
cash\u00a0\ufb02ow analysis and other commonly used valuation techniques.
For assets and liabilities that are recognised in the \ufb01nancial
statements on a recurring basis, the Group determines whether
transfers have occurred between levels in the hierarchy by
reassessing categorisation at the end of each reporting period.
vi) Hedge accounting
The Group designates certain derivative \ufb01nancial instruments as cash
\ufb02ow hedges of certain forecast transactions. These transactions are
highly probable to occur and present an exposure to variations in cash
\ufb02ows that could ultimately a\ufb00ect amounts determined in pro\ufb01t or loss.
The Group has elected to adopt the general hedge accounting model
in IFRS 9. This requires the Group to ensure that hedge accounting
relationships are aligned with its risk management objectives and
strategy and to apply a qualitative and forward-looking approach to
assessing hedge e\ufb00ectiveness.
The Group uses forward foreign exchange and commodity swap
contracts to hedge the variability in cash \ufb02ows arising from changes
in\u00a0foreign currency rates and oil prices respectively. For foreign
exchange contracts, the Group designates only the change in fair value
of the spot element of forward exchange contracts as the hedging
instrument in cash \ufb02ow hedging relationships. The change in fair value
of the forward element of forward foreign exchange contracts is
separately accounted for as a cost of hedging recognised in other
comprehensive income and accumulated in a separate cost of hedging
reserve. For commodity hedging, the Group designates the fair value
change of the benchmark oil price. The e\ufb00ective portion of changes in
fair value of hedging instruments is accumulated in a cash \ufb02ow hedge
reserve as a separate component of equity. Any ine\ufb00ective portion
of\u00a0the fair value gain or loss is recognised immediately within the
income statement.
When a hedging instrument no longer meets the criteria for hedge
accounting, through maturity, sale, or other termination, hedge
accounting is discontinued prospectively. If the hedged forecast
transaction is still expected to occur, the associated cumulative gains
or losses remain in the hedging reserve and cost of hedging reserve
and are recognised in accordance with the above policy when the
hedged forecast transaction occurs. If\u00a0the hedged forecast
transaction is no longer expected to occur, the\u00a0cumulative unrealised
gains or losses in the hedging reserve and cost of hedging reserve are
recognised in the income statement immediately.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00224": { "value": "i) Financial assets
On initial recognition, a \ufb01nancial asset is classi\ufb01ed as either amortised cost, fair value through other comprehensive income (
FVOCI
) or FVTPL.
The classi\ufb01cation of \ufb01nancial assets is based on the business model in which a \ufb01nancial asset is managed, and its contractual cash \ufb02ow
characteristics. Derivatives embedded in contracts where the host is a \ufb01nancial asset in the scope of the standard are never separated. Instead,
the hybrid \ufb01nancial instrument, as a whole, is assessed for classi\ufb01cation. The Group does not hold any \ufb01nancial assets classi\ufb01ed as FVOCI.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Initial recognition
Subsequent measurement
Amortised
A financial asset is classified as amortised cost
These assets are subsequently measured at amortised cost using
cost
(initially\u00a0measured at fair value plus any directly
the EIR method. The amortised cost is reduced by any impairment
\u00a0
attributable transaction costs) if it meets both of the
losses (see (ii) below). Interest income, foreign exchange gains and
\u00a0
following conditions and is not elected to be designated
losses and impairments are recognised in\u00a0profit or loss as they are
\u00a0
as FVTPL:
incurred. Any gain or loss on derecognition is recognised in profit
\u00a0
\u2022
It is held within a business model whose objective is
or\u00a0loss immediately.
\u00a0
to hold assets to collect contractual cash flows.
\u00a0
\u00a0
\u2022
Its contractual terms give rise, on specified dates,
\u00a0
\u00a0
to\u00a0cash flows that are solely payments of principal
\u00a0
\u00a0
and interest on the principal amount outstanding.
\u00a0
\u00a0
The Group classifies trade receivables and other
\u00a0
\u00a0
receivables as held at amortised cost.
\u00a0
FVTPL
All financial assets not classified as amortised cost
These assets are subsequently measured at fair value. Net gains
\u00a0
(or\u00a0FVOCI), as described above, are classified as FVTPL
and\u00a0losses, including any interest or dividend income (separately
\u00a0
and held at fair value. This includes all derivative
disclosed), are recognised in profit or loss, unless such instruments
\u00a0
financial assets.
are designated in a hedging relationship (see\u00a0(vi) overleaf).
\u00a0
On initial recognition, the Group may irrevocably elect
\u00a0
\u00a0
to designate a financial asset, which otherwise meets
\u00a0
\u00a0
the requirements to be measured at amortised cost
\u00a0
\u00a0
or\u00a0FVOCI, as\u00a0FVTPL if doing so eliminates, or
\u00a0
\u00a0
significantly reduces, an accounting mismatch that
\u00a0
\u00a0
would otherwise arise. This election is made on an
\u00a0
\u00a0
individual instrument basis.
\u00a0
\u00a0
This election has been made for the Group\u2019s debt
\u00a0
\u00a0
securities.
\u00a0
\u00a0
The Group classifies loan funds, money market funds
\u00a0
\u00a0
held within the Insurance business and foreign
\u00a0
\u00a0
exchange forward contracts not designated in a
\u00a0
\u00a0
hedging relationship, as FVTPL.
\u00a0
\n
(a) Derecognition
A \ufb01nancial asset is derecognised when the rights to receive cash \ufb02ows
from the asset have expired or when the Group has transferred
substantially all the risks and rewards relating to the asset to a
third\u00a0party.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00222": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Initial recognition
Subsequent measurement
Amortised
A financial asset is classified as amortised cost
These assets are subsequently measured at amortised cost using
cost
(initially\u00a0measured at fair value plus any directly
the EIR method. The amortised cost is reduced by any impairment
\u00a0
attributable transaction costs) if it meets both of the
losses (see (ii) below). Interest income, foreign exchange gains and
\u00a0
following conditions and is not elected to be designated
losses and impairments are recognised in\u00a0profit or loss as they are
\u00a0
as FVTPL:
incurred. Any gain or loss on derecognition is recognised in profit
\u00a0
\u2022
It is held within a business model whose objective is
or\u00a0loss immediately.
\u00a0
to hold assets to collect contractual cash flows.
\u00a0
\u00a0
\u2022
Its contractual terms give rise, on specified dates,
\u00a0
\u00a0
to\u00a0cash flows that are solely payments of principal
\u00a0
\u00a0
and interest on the principal amount outstanding.
\u00a0
\u00a0
The Group classifies trade receivables and other
\u00a0
\u00a0
receivables as held at amortised cost.
\u00a0
FVTPL
All financial assets not classified as amortised cost
These assets are subsequently measured at fair value. Net gains
\u00a0
(or\u00a0FVOCI), as described above, are classified as FVTPL
and\u00a0losses, including any interest or dividend income (separately
\u00a0
and held at fair value. This includes all derivative
disclosed), are recognised in profit or loss, unless such instruments
\u00a0
financial assets.
are designated in a hedging relationship (see\u00a0(vi) overleaf).
\u00a0
On initial recognition, the Group may irrevocably elect
\u00a0
\u00a0
to designate a financial asset, which otherwise meets
\u00a0
\u00a0
the requirements to be measured at amortised cost
\u00a0
\u00a0
or\u00a0FVOCI, as\u00a0FVTPL if doing so eliminates, or
\u00a0
\u00a0
significantly reduces, an accounting mismatch that
\u00a0
\u00a0
would otherwise arise. This election is made on an
\u00a0
\u00a0
individual instrument basis.
\u00a0
\u00a0
This election has been made for the Group\u2019s debt
\u00a0
\u00a0
securities.
\u00a0
\u00a0
The Group classifies loan funds, money market funds
\u00a0
\u00a0
held within the Insurance business and foreign
\u00a0
\u00a0
exchange forward contracts not designated in a
\u00a0
\u00a0
hedging relationship, as FVTPL.
\u00a0
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00223": { "value": "Derecognition
A \ufb01nancial asset is derecognised when the rights to receive cash \ufb02ows
from the asset have expired or when the Group has transferred
substantially all the risks and rewards relating to the asset to a
third\u00a0party.Derecognition
A \ufb01nancial liability is derecognised when the obligation under the
liability is discharged, cancelled or expires.
When an existing \ufb01nancial liability is replaced by another from the
same lender on substantially di\ufb00erent terms, or the terms of an
existing liability are substantially modi\ufb01ed, such exchange or
modi\ufb01cation is treated as a derecognition of the original liability and
the recognition of a new liability. The di\ufb00erence in the respective
carrying amounts is recognised in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00225": { "value": "ii) Impairment of financial assets
The expected credit loss (
ECL
) impairment model applies to \ufb01nancial
assets measured at amortised cost.
The Group measures loss allowances at an amount equal to 12-month
ECLs, except for the following, which are measured as lifetime ECLs:
\u2022
Debt securities that are determined to have high credit risk at the
reporting date.
\u2022
Other debt securities and bank balances for which credit risk has
increased significantly since initial recognition.
\u2022
Trade receivables and contract assets that result from
transactions within the scope of IFRS 15.
When determining whether the credit risk of a \ufb01nancial asset has
increased signi\ufb01cantly since initial recognition, and when estimating
ECLs, the Group considers reasonable and supportable information
that is relevant and available without undue cost or e\ufb00ort. This includes
both quantitative and qualitative information and analysis, based on
the Group\u2019s historical experience and informed credit assessment,
including forward-looking information.
The Group considers a debt security to have low credit risk when
its\u00a0credit risk rating is equivalent to the de\ufb01nition of investment
grade.\u00a0The Group considers this to be BBB- or higher as per credit
rating scales.
(a) Measurement of ECLs
ECLs are measured as a probability-weighted estimate of credit
losses. Credit losses are measured as the probability of default in
conjunction with the present value of the Group\u2019s exposure. Loss
allowances for ECLs on \ufb01nancial assets measured at amortised cost
are deducted from the gross carrying amount of the assets, with a
corresponding charge to the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00226": { "value": "iii) Financial liabilities
(a) Initial recognition and measurement
All \ufb01nancial liabilities are classi\ufb01ed as \ufb01nancial liabilities at amortised
cost on initial recognition except for derivatives, which are classi\ufb01ed
at\u00a0FVTPL, the gains or losses for which are recognised through OCI
if\u00a0the instrument is designated as a hedging instrument in an e\ufb00ective
cash \ufb02ow hedge.
With the exception of lease liabilities, all \ufb01nancial liabilities are
recognised initially at fair value and, in the case of loans and
borrowings, net of directly attributable transaction costs.
The Group\u2019s \ufb01nancial liabilities include trade and other payables, loans
and borrowings, derivative \ufb01nancial instruments and lease liabilities.
(b) Subsequent measurement
After initial recognition, interest-bearing loans, borrowings and other
payables are subsequently measured at amortised cost using the
EIR\u00a0method. Amortised cost is calculated by taking into account any
discount or premium on acquisition and fees or costs that are an
integral part of the EIR. The EIR amortisation is included in \ufb01nance
costs in the income statement.
(c) Derecognition
A \ufb01nancial liability is derecognised when the obligation under the
liability is discharged, cancelled or expires.
When an existing \ufb01nancial liability is replaced by another from the
same lender on substantially di\ufb00erent terms, or the terms of an
existing liability are substantially modi\ufb01ed, such exchange or
modi\ufb01cation is treated as a derecognition of the original liability and
the recognition of a new liability. The di\ufb00erence in the respective
carrying amounts is recognised in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00227": { "value": "With the exception of lease liabilities, all \ufb01nancial liabilities are
recognised initially at fair value and, in the case of loans and
borrowings, net of directly attributable transaction costs.
The Group\u2019s \ufb01nancial liabilities include trade and other payables, loans
and borrowings, derivative \ufb01nancial instruments and lease liabilities.
(b) Subsequent measurement
After initial recognition, interest-bearing loans, borrowings and other
payables are subsequently measured at amortised cost using the
EIR\u00a0method. Amortised cost is calculated by taking into account any
discount or premium on acquisition and fees or costs that are an
integral part of the EIR. The EIR amortisation is included in \ufb01nance
costs in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00228": { "value": "iv) Derivatives
Derivatives are measured at fair value, both initially and subsequently
to initial recognition. All changes in fair value of non-designated
derivatives are recognised in the income statement immediately.
Changes in fair value of derivatives designated as cash \ufb02ow hedges are
initially recognised in OCI until such a point that they are recycled to
pro\ufb01t or loss in the same period as the hedged item is recognised in
pro\ufb01t or loss, or immediately if the hedged item is no longer expected
to occur.
Derivatives are presented as assets when the fair values are positive,
and as liabilities when the fair values are negative. A derivative is
presented as a non-current asset or a non-current liability if the
remaining maturity of the instrument is more than 12 months and
it\u00a0is\u00a0not expected to be realised or settled within 12 months. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00229": { "value": "iv) Derivatives
Derivatives are measured at fair value, both initially and subsequently
to initial recognition. All changes in fair value of non-designated
derivatives are recognised in the income statement immediately.
Changes in fair value of derivatives designated as cash \ufb02ow hedges are
initially recognised in OCI until such a point that they are recycled to
pro\ufb01t or loss in the same period as the hedged item is recognised in
pro\ufb01t or loss, or immediately if the hedged item is no longer expected
to occur.
Derivatives are presented as assets when the fair values are positive,
and as liabilities when the fair values are negative. A derivative is
presented as a non-current asset or a non-current liability if the
remaining maturity of the instrument is more than 12 months and
it\u00a0is\u00a0not expected to be realised or settled within 12 months. vi) Hedge accounting
The Group designates certain derivative \ufb01nancial instruments as cash
\ufb02ow hedges of certain forecast transactions. These transactions are
highly probable to occur and present an exposure to variations in cash
\ufb02ows that could ultimately a\ufb00ect amounts determined in pro\ufb01t or loss.
The Group has elected to adopt the general hedge accounting model
in IFRS 9. This requires the Group to ensure that hedge accounting
relationships are aligned with its risk management objectives and
strategy and to apply a qualitative and forward-looking approach to
assessing hedge e\ufb00ectiveness.
The Group uses forward foreign exchange and commodity swap
contracts to hedge the variability in cash \ufb02ows arising from changes
in\u00a0foreign currency rates and oil prices respectively. For foreign
exchange contracts, the Group designates only the change in fair value
of the spot element of forward exchange contracts as the hedging
instrument in cash \ufb02ow hedging relationships. The change in fair value
of the forward element of forward foreign exchange contracts is
separately accounted for as a cost of hedging recognised in other
comprehensive income and accumulated in a separate cost of hedging
reserve. For commodity hedging, the Group designates the fair value
change of the benchmark oil price. The e\ufb00ective portion of changes in
fair value of hedging instruments is accumulated in a cash \ufb02ow hedge
reserve as a separate component of equity. Any ine\ufb00ective portion
of\u00a0the fair value gain or loss is recognised immediately within the
income statement.
When a hedging instrument no longer meets the criteria for hedge
accounting, through maturity, sale, or other termination, hedge
accounting is discontinued prospectively. If the hedged forecast
transaction is still expected to occur, the associated cumulative gains
or losses remain in the hedging reserve and cost of hedging reserve
and are recognised in accordance with the above policy when the
hedged forecast transaction occurs. If\u00a0the hedged forecast
transaction is no longer expected to occur, the\u00a0cumulative unrealised
gains or losses in the hedging reserve and cost of hedging reserve are
recognised in the income statement immediately.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00230": { "value": "v) Fair values
The Group measures all \ufb01nancial instruments at fair value at each
reporting date, other than those instruments measured at
amortised\u00a0cost.
Fair value is the price that would be required to sell an asset or
to\u00a0transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value measurement
is\u00a0based on the assumption that the transaction to sell the asset
or\u00a0transfer the liability takes place either in the principal market
accessible by the Group for the asset or liability or, in the absence
of\u00a0a\u00a0principal market, in the most advantageous market accessible
by\u00a0the Group for the asset or liability.
The fair values are quoted market bid prices, where there is an active
market, or based on valuation techniques when there is no active
market or the instruments are unlisted. Valuation techniques include
the use of recent arm\u2019s-length market transactions, discounted
cash\u00a0\ufb02ow analysis and other commonly used valuation techniques.
For assets and liabilities that are recognised in the \ufb01nancial
statements on a recurring basis, the Group determines whether
transfers have occurred between levels in the hierarchy by
reassessing categorisation at the end of each reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00231": { "value": "vi) Hedge accounting
The Group designates certain derivative \ufb01nancial instruments as cash
\ufb02ow hedges of certain forecast transactions. These transactions are
highly probable to occur and present an exposure to variations in cash
\ufb02ows that could ultimately a\ufb00ect amounts determined in pro\ufb01t or loss.
The Group has elected to adopt the general hedge accounting model
in IFRS 9. This requires the Group to ensure that hedge accounting
relationships are aligned with its risk management objectives and
strategy and to apply a qualitative and forward-looking approach to
assessing hedge e\ufb00ectiveness.
The Group uses forward foreign exchange and commodity swap
contracts to hedge the variability in cash \ufb02ows arising from changes
in\u00a0foreign currency rates and oil prices respectively. For foreign
exchange contracts, the Group designates only the change in fair value
of the spot element of forward exchange contracts as the hedging
instrument in cash \ufb02ow hedging relationships. The change in fair value
of the forward element of forward foreign exchange contracts is
separately accounted for as a cost of hedging recognised in other
comprehensive income and accumulated in a separate cost of hedging
reserve. For commodity hedging, the Group designates the fair value
change of the benchmark oil price. The e\ufb00ective portion of changes in
fair value of hedging instruments is accumulated in a cash \ufb02ow hedge
reserve as a separate component of equity. Any ine\ufb00ective portion
of\u00a0the fair value gain or loss is recognised immediately within the
income statement.
When a hedging instrument no longer meets the criteria for hedge
accounting, through maturity, sale, or other termination, hedge
accounting is discontinued prospectively. If the hedged forecast
transaction is still expected to occur, the associated cumulative gains
or losses remain in the hedging reserve and cost of hedging reserve
and are recognised in accordance with the above policy when the
hedged forecast transaction occurs. If\u00a0the hedged forecast
transaction is no longer expected to occur, the\u00a0cumulative unrealised
gains or losses in the hedging reserve and cost of hedging reserve are
recognised in the income statement immediately.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00232": { "value": "l) Leases
The Group leases various River Cruise ships, buildings, equipment and
vehicles. The contract length of the lease varies considerably and may
include extension or termination options as described below.
At the inception of a contract, the Group assesses whether a contract
is, or contains, a lease. A contract is, or contains, a lease if the contract
conveys the right to control the use of an identi\ufb01ed asset for a period
of\u00a0time in exchange for consideration. To assess whether a contract
conveys the right to control the use of an identi\ufb01ed asset, the Group
assesses whether: the contract involves the use of an identi\ufb01ed asset;
the Group has the right to obtain substantially all of the economic
bene\ufb01ts from use of the asset throughout the period of use; and the
Group has the right to direct the use of the asset.
Leases are initially recognised as a right-of-use asset and a
corresponding lease liability at the date at which the leased asset is
available for use by the Group. The lease liability is initially measured
at\u00a0the present value of the lease payments that are not paid at the
commencement date. Where it is reasonably certain that an extension
option will be triggered in a contract, lease payments to be made in
respect of the option will be included in the measurement of the
lease\u00a0liability.
The lease payments are discounted using the interest rate implicit in
the lease. If that rate cannot be readily determined, which is generally
the case for leases in the Group, the Group\u2019s incremental borrowing
rate is used. This is the rate that the Group would have to pay to
borrow the funds necessary to obtain an asset of similar value to the
right-of-use asset, in a similar economic environment, with similar
terms, security and conditions.
Lease payments are allocated between principal and \ufb01nance cost.
The\u00a0\ufb01nance cost is charged to the income statement over the lease
period using the EIR method and the lease liability is measured at
amortised cost using the EIR method.
Right-of-use assets are initially measured at cost, comprising the
present value of future lease payments plus any initial direct costs and
restoration costs. Right-of-use assets are depreciated over the lease
term on a straight-line basis, except for the Group\u2019s River Cruise ships.
The unit of production method is used to depreciate River Cruise ships
to accurately re\ufb02ect the usage of the asset, which is seasonal.
Payments associated with short-term leases of equipment and all
leases of low-value assets are expensed in pro\ufb01t or loss as incurred, in
line with the exemption allowed under paragraph 6 of IFRS 16 \u2018Leases\u2019.
Short-term leases are leases with a lease term of 12 months or less
without a purchase option. Low-value assets comprise IT equipment
and small items of o\ufb03ce furniture.
Extension and termination options are included in a number of
property and River Cruise ship leases across the Group. These are
used to maximise operational \ufb02exibility in terms of managing the
assets used in the Group\u2019s operations. The majority of extension and
termination options held are exercisable only by the Group and not
by\u00a0the respective lessor.
The Group remeasures the lease liability, and makes a corresponding
adjustment to the related right-of-use asset, whenever:
\u2022
the lease term has changed or there is a significant event or
change\u00a0in circumstances resulting in a change in the assessment
of\u00a0exercise of a purchase option, in which case the lease liability is
remeasured by discounting the revised lease payments using a
revised discount rate; or
\u2022
a lease contract is modified and the lease modification is not
accounted for as a separate lease, in which case the lease liability
is\u00a0remeasured based on the lease term of the modified lease by
discounting the revised lease payments using a revised discount
rate at the effective date of the modification.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00233": { "value": "m) Borrowing costs
Borrowing costs directly attributable to the acquisition, construction
or production of an asset that necessarily takes a substantial period
of\u00a0time to get ready for its intended use or sale are capitalised as part
of the cost of the respective asset. All other borrowing costs are
expensed in the period in which they occur.
Borrowing costs consist of interest and fees that an entity incurs in
connection with the borrowing of funds.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00234": { "value": "n) Cash and short-term deposits
Cash and short-term deposits in the statement of \ufb01nancial position
comprise cash at bank and in hand, short-term deposits with a
maturity of three months or less from their inception date and money
market funds held outside of the Insurance Underwriting business,
which were included within assets held for sale at 31 January 2025 and
disposed of in the year ended 31 January 2026 (Note 38a).
For the purpose of the consolidated statement of cash \ufb02ows, cash and
cash equivalents consist of cash and short-term deposits as de\ufb01ned
above, and short-term highly liquid investments (including money
market funds held within the Insurance Underwriting business, which
were included within assets held for sale at 31 January 2025 and
disposed of in the year ended 31 January 2026 (Note 38a)) with
original maturities of three months or less that are subject to an
insigni\ufb01cant risk of change in value, net of outstanding bank overdrafts.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00235": { "value": "For the purpose of the consolidated statement of cash \ufb02ows, cash and
cash equivalents consist of cash and short-term deposits as de\ufb01ned
above, and short-term highly liquid investments (including money
market funds held within the Insurance Underwriting business, which
were included within assets held for sale at 31 January 2025 and
disposed of in the year ended 31 January 2026 (Note 38a)) with
original maturities of three months or less that are subject to an
insigni\ufb01cant risk of change in value, net of outstanding bank overdrafts.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00236": { "value": "o) Trust and escrow accounts
Prior to 1 October 2024, 70% of customer monies received in advance
in relation to Air Travel Organisers\u2019 Licensing (
ATOL
) licensable
bookings were held in escrow accounts until after the customer had
travelled, when the Group had ful\ufb01lled all its performance obligations
with customers. In respect of the Holidays business, from 1 October
2024, the escrow arrangement was removed and instead the Group
now must hold the 70% of customer monies received in advance
related to ATOL licensable bookings within the business.
The escrow arrangement is governed by a deed between the Group,
the Civil Aviation Authority (
CAA
) Air Travel Trustees and an
independent Trustee, PT Trustees Limited, which determines the
in\ufb02ows and out\ufb02ows from the accounts. The Group utilises the
remaining 30% of\u00a0customer advance receipts in its Holidays and River
Cruise businesses to fund the cost of operating these holidays.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00237": { "value": "p) Trade and other receivables
Trade and other receivables are initially recognised at fair value and
subsequently measured at amortised cost. Loss allowances are
measured as lifetime ECLs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00238": { "value": "q) Inventories
Inventories are stated at the lower of cost and net realisable value.
Costs include all costs incurred in bringing each product to its present
location and condition. Net realisable value is based on estimated
selling price, less any further costs expected to be incurred prior to
completion and disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00239": { "value": "r) Insurance contracts underwritten by the Group and
reinsurance contracts (discontinued operations)
i) Classification
The Group issued insurance contracts, under which it accepted
signi\ufb01cant insurance risk from policyholders, and also entered into
reinsurance contracts, under which it transferred signi\ufb01cant
insurance risk related to underlying insurance contracts. \u2018Reinsurance
contracts\u2019 referred to reinsurance contracts held by the Group. The
Group did not issue any reinsurance contracts.
Insurance and reinsurance contracts could have also exposed the
Group to\u00a0\ufb01nancial risk.
ii) Separating components from insurance and reinsurance contracts
\n
When the Group underwrote an insurance contract, a number of
\n
separate contracts might have been entered into at the same time.
\n
These contracts might have involved more than one legal entity within
\n
the Group.
\n
As the set of contracts was designed to achieve an overall commercial
\n
e\ufb00ect for the Group, for accounting purposes the following steps
\n
were\u00a0taken:
\n
\u2022
The total cash flows that arose from all contracts were initially
\n
considered as a whole (together, the
host insurance contract
).
\n
\u2022
The Group then identified any service components that were
\n
\u2018distinct\u2019 and, therefore, required separation for accounting
\n
purposes. A service was distinct if the policyholder could benefit
\n
from\u00a0it, either on its own or with other resources that were readily
\n
available to the policyholder. The following distinct service
\n
components were identified:
\n
\u2013
The brokerage of the core insurance contract (where it had
\n
first\u00a0been subject to the competitive pricing panel that the
\n
Group operated).
\n
\u2013
The brokerage of any add-on cover underwritten by a third party.
\n
\u2013
The promise to fix the premium for three years (where this
\n
option was taken by the policyholder).
\n
These distinct service components were accounted for as separate
\n
customer contracts under IFRS 15.
\n
\u2022
The total cash inflows from the combined set of contracts were
\n
then allocated, for accounting purposes, between:
\n
\u2013
any distinct service components; and
\n
\u2013
the insurance component of the host insurance contract.
\n
This allocation was performed based on the standalone selling price
\n
of\u00a0each component.
\n
\u2022
Cash outflows that related directly to each component were
\n
attributed to that component, with any remaining cash outflows
\n
attributed on a systematic and rational basis, reflecting the cash
\n
outflows the Group would expect to arise if that component were
\n
a\u00a0separate contract.
\n
iii) Aggregation of insurance and reinsurance contracts
\n
The Group applied the requirements of IFRS 17 at the level of groups
\n
of\u00a0insurance contracts issued. Groups of insurance contracts were
\n
determined by identifying portfolios of insurance contracts, which
\n
comprised contracts that were subject to similar risks and managed
\n
together, and divided each portfolio into annual cohorts (i.e. by year
\n
of\u00a0issue) and each annual cohort into three groups based on the
\n
expected pro\ufb01tability of each contract at initial recognition:
\n
\u2022
Any contracts that were onerous at initial recognition.
\n
\u2022
Any contracts that, at initial recognition, had no significant risk
\n
of\u00a0becoming onerous.
\n
\u2022
Any other contracts.
\n
Groups of reinsurance contracts were established such that each
\n
group comprised a single contract.
\n
iv) Recognition of insurance and reinsurance contracts
\n
The Group recognised insurance contracts issued from the earliest of:
\n
\u2022
the beginning of the coverage period;
\n
\u2022
when the first payment from a policyholder became due or, if\u00a0there
\n
was no due date, when the first payment was received; and
\n
\u2022
when facts and circumstances indicated that the contract was
\n
onerous. This could be as early as the date on which the contract
\n
was\u00a0first entered into.
\n
When a contract was recognised, it was added to an existing group of
\n
contracts or, if the contract did not qualify for inclusion in an existing
\n
group, it formed a new group to which future contracts were added.
\n
Groups of contracts were established on initial recognition and their
\n
composition was not revised once all contracts had been added to
\n
the\u00a0group.
\n
The Group recognised groups of reinsurance contracts as follows:
\n
\u2022
Groups of reinsurance contracts that provided proportionate
\n
coverage (primarily quota share arrangements) were recognised
\n
when any underlying insurance contract was initially recognised.
\n
\u2022
All other groups of reinsurance contracts (primarily excess of loss
\n
arrangements) were recognised from the earlier of:
\n
\u2013
the beginning of the coverage period of the group of reinsurance
\n
contracts; or
\n
\u2013
the date on which an onerous group of underlying contracts was
\n
recognised (provided that the related reinsurance contract was
\n
entered into on, or before, that date).
\n
v) Contract boundaries
\n
The measurement of groups of insurance contracts issued, and
\n
reinsurance contracts, re\ufb02ected all future cash \ufb02ows arising from
\n
insurance coverage within the boundary of each contract
\n
(the\u00a0
contract boundary
).
\n
Cash \ufb02ows were within the contract boundary if they arose from
\n
substantive rights and obligations that existed during the reporting
\n
period in which the Group could compel the policyholder to pay
\n
premiums or had a substantive obligation to provide services.
\n
vi) Measurement \u2013 insurance contracts
\n
The Group measured all groups of insurance contracts issued
\n
in\u00a0accordance with IFRS 17\u2019s simpli\ufb01ed premium allocation
\n
approach\u00a0(
PAA
). They were eligible for the PAA as the coverage period
\n
of each contract in each group was one year or less.
\n
The following sections set out the Group\u2019s approach to measuring
\n
groups of insurance contracts under the PAA.
\n
(a) Measurement at initial recognition
\n
On initial recognition, the liability for remaining coverage of groups
\n
of\u00a0insurance contracts issued was measured as:
\n
\u2022
any premiums received at, or before, initial recognition; plus
\n
\u2022
for groups of contracts that were onerous (expected to be
\n
loss-making) at initial recognition, a loss component measured as
\n
the excess of the fulfilment cash flows over the carrying amount of
\n
the liability for remaining coverage, excluding the loss component.
\n
A corresponding loss was recognised in profit or loss. At initial
\n
recognition, the loss component was only recognised and
\n
measured in respect of policies that individually meet the
\n
recognition criteria at that date.
\n\n\n\n\n\n\n
(b) Subsequent measurement
\n
At the end of each reporting period, each group of contracts was
\n
measured as the sum of the liability for remaining coverage and the
\n
liability for incurred claims.
\n
Liability for remaining coverage
\n
At the end of each reporting period, the carrying amount of the liability
\n
for remaining coverage (excluding the loss component) of each group
\n
of contracts was equal to:
\n
\u2022
the opening carrying amount of the liability for remaining coverage;
\n
\u2022
plus premiums received in the period;
\n
\u2022
less the amount recognised as insurance revenue for coverage
\n
provided in the period. Insurance revenue was the amount of total
\n
expected premium receipts (excluding premium taxes) allocated
\n
to each period of coverage on the basis of the passage of time
\n
(i.e.\u00a0a\u00a0straight-line basis). This was appropriate as, for the insurance
\n
contracts that the Group issued, the expected pattern of release
\n
of risk during the coverage period did not differ significantly from
\n
the passage of time.
\n
The liability for remaining coverage (excluding the loss component)
\n
was\u00a0not adjusted for the time value of money.
\n
For groups of contracts that were onerous at initial recognition:
\n
\u2022
the loss component of the liability for remaining coverage was
\n
increased in respect of any individual policies added to the group;
\n
\u2022
the loss component was reversed as coverage was provided,
\n
reducing the liability for remaining coverage; a corresponding
\n
credit to profit or loss meant that the onerous loss was not
\n
recognised a second time when a liability for incurred claims was
\n
established as\u00a0coverage was provided; and
\n
\u2022
the expected profitability of remaining coverage was reassessed
\n
at\u00a0each reporting date, with any changes since initial recognition
\n
reflected in the valuation of the remaining loss component of the
\n
liability for remaining coverage, with a corresponding entry in
\n
profit\u00a0or loss.
\n
For other groups of contracts, at each reporting date the Group
\n
considered whether the remaining coverage had become onerous.
\n
If\u00a0so,\u00a0a loss component of the liability for remaining coverage was
\n
established with a corresponding loss recognised in pro\ufb01t or loss.
\n
Liability for incurred claims
\n
As coverage was provided, the Group established a liability for
\n
incurred claims. The liability was estimated based on the ful\ufb01lment
\n
cash \ufb02ows relating to incurred claims, including both claims that had
\n
been noti\ufb01ed (i.e. outstanding claims) and claims incurred but not
\n
reported (
IBNR
). These ful\ufb01lment cash \ufb02ows:
\n
\u2022
included an estimate of claims handling costs and settlement
\n
amounts, and the expected value of salvage and other recoveries;
\n
\u2022
incorporated, in an unbiased way, all reasonable and supportable
\n
information available, without undue cost or effort about the
\n
amount, timing and uncertainty of those future cash flows;
\n
\u2022
reflected current estimates from the Group\u2019s perspective;
\n
\u2022
were adjusted to reflect the time value of money and effect of
\n
financial risk (a discounting adjustment); the Group did not take
\n
the\u00a0PAA option to not discount claims expected to be paid within
\n
one year of the loss event; and
\n
\u2022
included an explicit adjustment for non-financial risk (the
risk
\n
adjustment
), which reflected the compensation required for
\n
bearing uncertainty about the amount and timing of cash flows
\n
that\u00a0arose from non-financial risk.
\n
vii) Measurement \u2013 reinsurance contracts
\n
The Group also measured all groups of reinsurance contracts in
\n
accordance with the PAA. Groups of excess of loss reinsurance
\n
contracts were eligible for the PAA as each contract had a coverage
\n
period of one year or less. Groups of other reinsurance contracts
\n
(primarily the motor quota share arrangement) were eligible for
\n
the\u00a0PAA as, at initial recognition, the Group expected that the
\n
resulting\u00a0measurement of the asset for remaining coverage would
\n
not\u00a0have di\ufb00ered materially to that under the IFRS 17 general
\n
measurement model.
\n
Groups of reinsurance contracts were measured on the same basis as
\n
the underlying insurance contracts, adapted as appropriate to re\ufb02ect
\n
the di\ufb00erent features of reinsurance contracts, including:
\n
\u2022
where the Group recognised a loss on initial recognition of an
\n
onerous group of underlying insurance contracts, or when further
\n
onerous insurance contracts were added to a group, the Group
\n
established a loss-recovery component of the asset for remaining
\n
coverage for groups of reinsurance contracts depicting any
\n
recovery of losses. The loss-recovery component was calculated
\n
by\u00a0multiplying the loss recognised on the underlying insurance
\n
contracts and the percentage of claims on the underlying
\n
insurance contracts the Group expected to recover from the
\n
group\u00a0of reinsurance contracts;
\n
\u2022
reinsurance cash flows that were contingent on claims experience
\n
were treated as part of the claims expected to be reimbursed;
\n
this\u00a0applied to profit commission clauses within the Group\u2019s motor
\n
quota share reinsurance contracts; and
\n
\u2022
the Group assessed the risk that the counterparties to its
\n
reinsurance contracts were not able to fulfil their obligations
\n
(non-performance risk, or default risk), including by considering
\n
available data on the financial strength of the reinsurers. An
\n
allowance was included in the relevant estimate of the present
\n
value of future cash flows to reflect this risk.
\n
viii) Measurement \u2013 insurance acquisition cash flows
\n
The Group identi\ufb01ed insurance acquisition cash \ufb02ows, being the
\n
costs\u00a0of selling, underwriting and starting insurance contracts.
\n
The\u00a0costs were primarily commissions paid to intermediaries,
\n
including\u00a0price-comparison websites, and an allocation of other
\n
operating expenses.
\n
The Group took the IFRS 17 option to expense insurance acquisition
\n
cash \ufb02ows immediately where the coverage period of the\u00a0related
\n
contract was one year or less. As all the Group\u2019s insurance contracts
\n
had a coverage period of one year or less, all insurance acquisition cash
\n
\ufb02ows were expensed when they were incurred.
\n
ix) Modification and derecognition
\n
An insurance contract was derecognised when:
\n
\u2022
it was extinguished (i.e. when the obligation expired or was
\n
discharged or cancelled); or
\n
\u2022
there was a modification of the contract that was treated as a
\n
derecognition and recognition of a new contract. This was the case
\n
where the modified terms, if applied at inception, would have
\n
resulted in:
\n
\u2013
a change in the measurement model or the applicable standard
\n
for measuring a component of the contract;
\n
\u2013
a substantially different contract boundary; or
\n
\u2013
the contract being included in a different group of contracts.
\n
When a modi\ufb01cation was not treated as a derecognition, the Group
\n
recognised amounts paid, or received, for the modi\ufb01cation as an
\n
adjustment to the relevant liability for remaining coverage relating
\n
to\u00a0the existing contract.
x) Presentation
As noted in Note 38a, during the year to 31 January 2025 the Group
decided to divest itself of the underwriting and claims handling
sections of its Insurance business and, therefore, they were
reclassi\ufb01ed as discontinued operations.
The Group disaggregated the total amount recognised in the
statement of pro\ufb01t or loss into an insurance service result, comprising
insurance revenue and insurance service expenses, and insurance
\ufb01nance income or expenses.
(a) Separate presentation of portfolios in an asset or liability position
In the statement of \ufb01nancial position, where applicable, the Group
separately presented the carrying amount of portfolios of insurance
contracts issued that were assets, portfolios of insurance contracts
issued that were liabilities, portfolios of reinsurance contracts
that\u00a0were assets and portfolios of reinsurance contracts that
were\u00a0liabilities.
(b) Changes in the risk adjustment
The Group disaggregated the change in risk adjustment for
non-\ufb01nancial risk between a \ufb01nancial and non-\ufb01nancial portion,
included within insurance \ufb01nance expenses and the insurance service
result respectively.
(c) Reinsurance
On the face of the income statement, income or expenses from
reinsurance contracts (other than insurance \ufb01nance income or
expenses) were presented as a single amount, separately from the
income or expenses from insurance contracts issued.
(d) Insurance finance income or expense
Insurance \ufb01nance income or expensed comprise the change in the
carrying amount of the group of insurance contracts arising from:
\u2022
the effect of the time value of money and changes in the time value
of money; and
\u2022
the effect of financial risk and changes in financial risk.
This largely represented:
\u2022
the unwind of the discounting of the liability for incurred claims;
\u2022
the impact of changes in the discount rate used in the
measurement of the liability for incurred claims; and
\u2022
the impact of changes in the care worker inflation assumption
used\u00a0in the measurement of claims settled as periodical payment
orders (
PPOs
).
Reinsurance \ufb01nance income, or expense, was the change in the
carrying value of amounts relating to reinsurance contracts arising
for\u00a0the same reasons.
The Group did not disaggregate insurance \ufb01nance income or
expenses between pro\ufb01t or loss and OCI as permitted by the standard.
xi) Transition
In adopting IFRS 17, the Group applied a full retrospective approach
to\u00a0transition. Under the full retrospective approach to transition,
at\u00a01\u00a0February 2022, the Group:
\u2022
identified, recognised and measured each group of insurance and
reinsurance contracts as if IFRS 17 had always been applied;
\u2022
derecognised previously reported balances that would not have
existed if IFRS 17 had always been applied (e.g. insurance
receivables and payables that, under IFRS 17, were included in the
measurement of the insurance contracts); and
\u2022
recognised any resulting net difference in equity.
However, the Group applied a transition exemption to not disclose
previously unpublished information about claims development that
occurred earlier than \ufb01ve years before the end of the annual reporting
period in which it \ufb01rst applied IFRS 17.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00240": { "value": "r) Insurance contracts underwritten by the Group and
reinsurance contracts (discontinued operations)
i) Classification
The Group issued insurance contracts, under which it accepted
signi\ufb01cant insurance risk from policyholders, and also entered into
reinsurance contracts, under which it transferred signi\ufb01cant
insurance risk related to underlying insurance contracts. \u2018Reinsurance
contracts\u2019 referred to reinsurance contracts held by the Group. The
Group did not issue any reinsurance contracts.
Insurance and reinsurance contracts could have also exposed the
Group to\u00a0\ufb01nancial risk.
ii) Separating components from insurance and reinsurance contracts
\n
When the Group underwrote an insurance contract, a number of
\n
separate contracts might have been entered into at the same time.
\n
These contracts might have involved more than one legal entity within
\n
the Group.
\n
As the set of contracts was designed to achieve an overall commercial
\n
e\ufb00ect for the Group, for accounting purposes the following steps
\n
were\u00a0taken:
\n
\u2022
The total cash flows that arose from all contracts were initially
\n
considered as a whole (together, the
host insurance contract
).
\n
\u2022
The Group then identified any service components that were
\n
\u2018distinct\u2019 and, therefore, required separation for accounting
\n
purposes. A service was distinct if the policyholder could benefit
\n
from\u00a0it, either on its own or with other resources that were readily
\n
available to the policyholder. The following distinct service
\n
components were identified:
\n
\u2013
The brokerage of the core insurance contract (where it had
\n
first\u00a0been subject to the competitive pricing panel that the
\n
Group operated).
\n
\u2013
The brokerage of any add-on cover underwritten by a third party.
\n
\u2013
The promise to fix the premium for three years (where this
\n
option was taken by the policyholder).
\n
These distinct service components were accounted for as separate
\n
customer contracts under IFRS 15.
\n
\u2022
The total cash inflows from the combined set of contracts were
\n
then allocated, for accounting purposes, between:
\n
\u2013
any distinct service components; and
\n
\u2013
the insurance component of the host insurance contract.
\n
This allocation was performed based on the standalone selling price
\n
of\u00a0each component.
\n
\u2022
Cash outflows that related directly to each component were
\n
attributed to that component, with any remaining cash outflows
\n
attributed on a systematic and rational basis, reflecting the cash
\n
outflows the Group would expect to arise if that component were
\n
a\u00a0separate contract.
\n
iii) Aggregation of insurance and reinsurance contracts
\n
The Group applied the requirements of IFRS 17 at the level of groups
\n
of\u00a0insurance contracts issued. Groups of insurance contracts were
\n
determined by identifying portfolios of insurance contracts, which
\n
comprised contracts that were subject to similar risks and managed
\n
together, and divided each portfolio into annual cohorts (i.e. by year
\n
of\u00a0issue) and each annual cohort into three groups based on the
\n
expected pro\ufb01tability of each contract at initial recognition:
\n
\u2022
Any contracts that were onerous at initial recognition.
\n
\u2022
Any contracts that, at initial recognition, had no significant risk
\n
of\u00a0becoming onerous.
\n
\u2022
Any other contracts.
\n
Groups of reinsurance contracts were established such that each
\n
group comprised a single contract.
\n
iv) Recognition of insurance and reinsurance contracts
\n
The Group recognised insurance contracts issued from the earliest of:
\n
\u2022
the beginning of the coverage period;
\n
\u2022
when the first payment from a policyholder became due or, if\u00a0there
\n
was no due date, when the first payment was received; and
\n
\u2022
when facts and circumstances indicated that the contract was
\n
onerous. This could be as early as the date on which the contract
\n
was\u00a0first entered into.
\n
When a contract was recognised, it was added to an existing group of
\n
contracts or, if the contract did not qualify for inclusion in an existing
\n
group, it formed a new group to which future contracts were added.
\n
Groups of contracts were established on initial recognition and their
\n
composition was not revised once all contracts had been added to
\n
the\u00a0group.
\n
The Group recognised groups of reinsurance contracts as follows:
\n
\u2022
Groups of reinsurance contracts that provided proportionate
\n
coverage (primarily quota share arrangements) were recognised
\n
when any underlying insurance contract was initially recognised.
\n
\u2022
All other groups of reinsurance contracts (primarily excess of loss
\n
arrangements) were recognised from the earlier of:
\n
\u2013
the beginning of the coverage period of the group of reinsurance
\n
contracts; or
\n
\u2013
the date on which an onerous group of underlying contracts was
\n
recognised (provided that the related reinsurance contract was
\n
entered into on, or before, that date).
\n
v) Contract boundaries
\n
The measurement of groups of insurance contracts issued, and
\n
reinsurance contracts, re\ufb02ected all future cash \ufb02ows arising from
\n
insurance coverage within the boundary of each contract
\n
(the\u00a0
contract boundary
).
\n
Cash \ufb02ows were within the contract boundary if they arose from
\n
substantive rights and obligations that existed during the reporting
\n
period in which the Group could compel the policyholder to pay
\n
premiums or had a substantive obligation to provide services.
\n
vi) Measurement \u2013 insurance contracts
\n
The Group measured all groups of insurance contracts issued
\n
in\u00a0accordance with IFRS 17\u2019s simpli\ufb01ed premium allocation
\n
approach\u00a0(
PAA
). They were eligible for the PAA as the coverage period
\n
of each contract in each group was one year or less.
\n
The following sections set out the Group\u2019s approach to measuring
\n
groups of insurance contracts under the PAA.
\n
(a) Measurement at initial recognition
\n
On initial recognition, the liability for remaining coverage of groups
\n
of\u00a0insurance contracts issued was measured as:
\n
\u2022
any premiums received at, or before, initial recognition; plus
\n
\u2022
for groups of contracts that were onerous (expected to be
\n
loss-making) at initial recognition, a loss component measured as
\n
the excess of the fulfilment cash flows over the carrying amount of
\n
the liability for remaining coverage, excluding the loss component.
\n
A corresponding loss was recognised in profit or loss. At initial
\n
recognition, the loss component was only recognised and
\n
measured in respect of policies that individually meet the
\n
recognition criteria at that date.
\n\n\n\n\n\n\n
(b) Subsequent measurement
\n
At the end of each reporting period, each group of contracts was
\n
measured as the sum of the liability for remaining coverage and the
\n
liability for incurred claims.
\n
Liability for remaining coverage
\n
At the end of each reporting period, the carrying amount of the liability
\n
for remaining coverage (excluding the loss component) of each group
\n
of contracts was equal to:
\n
\u2022
the opening carrying amount of the liability for remaining coverage;
\n
\u2022
plus premiums received in the period;
\n
\u2022
less the amount recognised as insurance revenue for coverage
\n
provided in the period. Insurance revenue was the amount of total
\n
expected premium receipts (excluding premium taxes) allocated
\n
to each period of coverage on the basis of the passage of time
\n
(i.e.\u00a0a\u00a0straight-line basis). This was appropriate as, for the insurance
\n
contracts that the Group issued, the expected pattern of release
\n
of risk during the coverage period did not differ significantly from
\n
the passage of time.
\n
The liability for remaining coverage (excluding the loss component)
\n
was\u00a0not adjusted for the time value of money.
\n
For groups of contracts that were onerous at initial recognition:
\n
\u2022
the loss component of the liability for remaining coverage was
\n
increased in respect of any individual policies added to the group;
\n
\u2022
the loss component was reversed as coverage was provided,
\n
reducing the liability for remaining coverage; a corresponding
\n
credit to profit or loss meant that the onerous loss was not
\n
recognised a second time when a liability for incurred claims was
\n
established as\u00a0coverage was provided; and
\n
\u2022
the expected profitability of remaining coverage was reassessed
\n
at\u00a0each reporting date, with any changes since initial recognition
\n
reflected in the valuation of the remaining loss component of the
\n
liability for remaining coverage, with a corresponding entry in
\n
profit\u00a0or loss.
\n
For other groups of contracts, at each reporting date the Group
\n
considered whether the remaining coverage had become onerous.
\n
If\u00a0so,\u00a0a loss component of the liability for remaining coverage was
\n
established with a corresponding loss recognised in pro\ufb01t or loss.
\n
Liability for incurred claims
\n
As coverage was provided, the Group established a liability for
\n
incurred claims. The liability was estimated based on the ful\ufb01lment
\n
cash \ufb02ows relating to incurred claims, including both claims that had
\n
been noti\ufb01ed (i.e. outstanding claims) and claims incurred but not
\n
reported (
IBNR
). These ful\ufb01lment cash \ufb02ows:
\n
\u2022
included an estimate of claims handling costs and settlement
\n
amounts, and the expected value of salvage and other recoveries;
\n
\u2022
incorporated, in an unbiased way, all reasonable and supportable
\n
information available, without undue cost or effort about the
\n
amount, timing and uncertainty of those future cash flows;
\n
\u2022
reflected current estimates from the Group\u2019s perspective;
\n
\u2022
were adjusted to reflect the time value of money and effect of
\n
financial risk (a discounting adjustment); the Group did not take
\n
the\u00a0PAA option to not discount claims expected to be paid within
\n
one year of the loss event; and
\n
\u2022
included an explicit adjustment for non-financial risk (the
risk
\n
adjustment
), which reflected the compensation required for
\n
bearing uncertainty about the amount and timing of cash flows
\n
that\u00a0arose from non-financial risk.
\n
vii) Measurement \u2013 reinsurance contracts
\n
The Group also measured all groups of reinsurance contracts in
\n
accordance with the PAA. Groups of excess of loss reinsurance
\n
contracts were eligible for the PAA as each contract had a coverage
\n
period of one year or less. Groups of other reinsurance contracts
\n
(primarily the motor quota share arrangement) were eligible for
\n
the\u00a0PAA as, at initial recognition, the Group expected that the
\n
resulting\u00a0measurement of the asset for remaining coverage would
\n
not\u00a0have di\ufb00ered materially to that under the IFRS 17 general
\n
measurement model.
\n
Groups of reinsurance contracts were measured on the same basis as
\n
the underlying insurance contracts, adapted as appropriate to re\ufb02ect
\n
the di\ufb00erent features of reinsurance contracts, including:
\n
\u2022
where the Group recognised a loss on initial recognition of an
\n
onerous group of underlying insurance contracts, or when further
\n
onerous insurance contracts were added to a group, the Group
\n
established a loss-recovery component of the asset for remaining
\n
coverage for groups of reinsurance contracts depicting any
\n
recovery of losses. The loss-recovery component was calculated
\n
by\u00a0multiplying the loss recognised on the underlying insurance
\n
contracts and the percentage of claims on the underlying
\n
insurance contracts the Group expected to recover from the
\n
group\u00a0of reinsurance contracts;
\n
\u2022
reinsurance cash flows that were contingent on claims experience
\n
were treated as part of the claims expected to be reimbursed;
\n
this\u00a0applied to profit commission clauses within the Group\u2019s motor
\n
quota share reinsurance contracts; and
\n
\u2022
the Group assessed the risk that the counterparties to its
\n
reinsurance contracts were not able to fulfil their obligations
\n
(non-performance risk, or default risk), including by considering
\n
available data on the financial strength of the reinsurers. An
\n
allowance was included in the relevant estimate of the present
\n
value of future cash flows to reflect this risk.
\n
viii) Measurement \u2013 insurance acquisition cash flows
\n
The Group identi\ufb01ed insurance acquisition cash \ufb02ows, being the
\n
costs\u00a0of selling, underwriting and starting insurance contracts.
\n
The\u00a0costs were primarily commissions paid to intermediaries,
\n
including\u00a0price-comparison websites, and an allocation of other
\n
operating expenses.
\n
The Group took the IFRS 17 option to expense insurance acquisition
\n
cash \ufb02ows immediately where the coverage period of the\u00a0related
\n
contract was one year or less. As all the Group\u2019s insurance contracts
\n
had a coverage period of one year or less, all insurance acquisition cash
\n
\ufb02ows were expensed when they were incurred.
\n
ix) Modification and derecognition
\n
An insurance contract was derecognised when:
\n
\u2022
it was extinguished (i.e. when the obligation expired or was
\n
discharged or cancelled); or
\n
\u2022
there was a modification of the contract that was treated as a
\n
derecognition and recognition of a new contract. This was the case
\n
where the modified terms, if applied at inception, would have
\n
resulted in:
\n
\u2013
a change in the measurement model or the applicable standard
\n
for measuring a component of the contract;
\n
\u2013
a substantially different contract boundary; or
\n
\u2013
the contract being included in a different group of contracts.
\n
When a modi\ufb01cation was not treated as a derecognition, the Group
\n
recognised amounts paid, or received, for the modi\ufb01cation as an
\n
adjustment to the relevant liability for remaining coverage relating
\n
to\u00a0the existing contract.
x) Presentation
As noted in Note 38a, during the year to 31 January 2025 the Group
decided to divest itself of the underwriting and claims handling
sections of its Insurance business and, therefore, they were
reclassi\ufb01ed as discontinued operations.
The Group disaggregated the total amount recognised in the
statement of pro\ufb01t or loss into an insurance service result, comprising
insurance revenue and insurance service expenses, and insurance
\ufb01nance income or expenses.
(a) Separate presentation of portfolios in an asset or liability position
In the statement of \ufb01nancial position, where applicable, the Group
separately presented the carrying amount of portfolios of insurance
contracts issued that were assets, portfolios of insurance contracts
issued that were liabilities, portfolios of reinsurance contracts
that\u00a0were assets and portfolios of reinsurance contracts that
were\u00a0liabilities.
(b) Changes in the risk adjustment
The Group disaggregated the change in risk adjustment for
non-\ufb01nancial risk between a \ufb01nancial and non-\ufb01nancial portion,
included within insurance \ufb01nance expenses and the insurance service
result respectively.
(c) Reinsurance
On the face of the income statement, income or expenses from
reinsurance contracts (other than insurance \ufb01nance income or
expenses) were presented as a single amount, separately from the
income or expenses from insurance contracts issued.
(d) Insurance finance income or expense
Insurance \ufb01nance income or expensed comprise the change in the
carrying amount of the group of insurance contracts arising from:
\u2022
the effect of the time value of money and changes in the time value
of money; and
\u2022
the effect of financial risk and changes in financial risk.
This largely represented:
\u2022
the unwind of the discounting of the liability for incurred claims;
\u2022
the impact of changes in the discount rate used in the
measurement of the liability for incurred claims; and
\u2022
the impact of changes in the care worker inflation assumption
used\u00a0in the measurement of claims settled as periodical payment
orders (
PPOs
).
Reinsurance \ufb01nance income, or expense, was the change in the
carrying value of amounts relating to reinsurance contracts arising
for\u00a0the same reasons.
The Group did not disaggregate insurance \ufb01nance income or
expenses between pro\ufb01t or loss and OCI as permitted by the standard.
xi) Transition
In adopting IFRS 17, the Group applied a full retrospective approach
to\u00a0transition. Under the full retrospective approach to transition,
at\u00a01\u00a0February 2022, the Group:
\u2022
identified, recognised and measured each group of insurance and
reinsurance contracts as if IFRS 17 had always been applied;
\u2022
derecognised previously reported balances that would not have
existed if IFRS 17 had always been applied (e.g. insurance
receivables and payables that, under IFRS 17, were included in the
measurement of the insurance contracts); and
\u2022
recognised any resulting net difference in equity.
However, the Group applied a transition exemption to not disclose
previously unpublished information about claims development that
occurred earlier than \ufb01ve years before the end of the annual reporting
period in which it \ufb01rst applied IFRS 17.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00241": { "value": "s) Share-based payments
The Group provides bene\ufb01ts to employees (including Executive
Directors) in the form of share-based payment transactions, whereby
employees render services as consideration for equity instruments
(
equity-settled transactions
). The cost of equity-settled transactions
is measured by reference to the fair value on the grant date and is
recognised as an expense over the relevant vesting period on a
straight-line basis, ending on the date on which the employee becomes
fully entitled to the award.
Fair values of share-based payment transactions are calculated using
market price valuation modelling techniques. In valuing equity-settled
transactions, assessment is made of any vesting conditions to
categorise these into market performance conditions, non-market
performance conditions and service conditions.
Where the equity-settled transactions have market performance
conditions (that is, performance which is directly or indirectly linked
to\u00a0the share price), the fair value of the award is assessed at the time
of\u00a0grant and is not changed, regardless of the actual level of vesting
achieved, except where the employee ceases to be employed prior
to\u00a0the vesting date.
For service conditions and non-market performance conditions,
the\u00a0fair value of the award is assessed at the time of grant and is
reassessed at each reporting date to re\ufb02ect updated expectations
for\u00a0the level of vesting. No expense is recognised for awards that
ultimately do not vest.
At each reporting date prior to vesting, the cumulative expense is
calculated, representing the extent to which the vesting period has
expired and, in the case of non-market conditions, the best estimate
of\u00a0the number of equity instruments that will ultimately vest or, in the
case of instruments subject to market conditions, the fair value on
grant adjusted only for leavers. The movement in the cumulative
expense since the previous reporting date is recognised in the income
statement, with the corresponding increase being recognised in the
share-based payments reserve.
Upon vesting of an equity instrument, the cumulative cost in the
share-based payments reserve is reclassi\ufb01ed to retained earnings
in\u00a0equity.
The dilutive e\ufb00ect of outstanding options is re\ufb02ected as additional
share dilution in the computation of diluted loss per share. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00242": { "value": "t) Retirement benefit schemes
During the year, the Group operated a de\ufb01ned bene\ufb01t pension plan
that required contributions to be made to separately administered
funds. The cost of providing bene\ufb01ts under the de\ufb01ned bene\ufb01t
plan\u00a0was determined separately using the projected unit credit
valuation method. The de\ufb01ned plan was closed to future accrual
on\u00a031\u00a0October 2021. From 1 November 2021, members moved from
active to deferred status.
Actuarial gains and losses arising in the year were credited/charged
to\u00a0OCI and comprise the e\ufb00ects of changes in actuarial assumptions
and experience adjustments due to di\ufb00erences between the previous
actuarial assumptions and what actually occurred. In particular, the
di\ufb00erence between the interest income and the actual return on plan
assets is recognised in OCI.
Other movements in the net surplus or de\ufb01cit, which include the
current service cost, any past service cost and the e\ufb00ect of any
curtailment or settlements, are recognised in the income statement.
Past service costs are recognised in the income statement on the
earlier of the date of plan curtailment and the date that the Group
recognises restructuring-related costs. The Group no longer incurs
any service costs or curtailment costs relating to the de\ufb01ned bene\ufb01t
pension plan as the scheme is closed to future accrual. Interest cost,
calculated on the same basis as interest income recognised in pro\ufb01t
or\u00a0loss on plan assets, is also charged to the income statement.
The de\ufb01ned bene\ufb01t schemes are funded, with assets of the schemes
held separately from those of the Group, in separate Trustee
administered funds. Scheme assets are measured using market
values, and scheme liabilities are measured using the projected unit
actuarial method and are discounted at the current rate of return on
a\u00a0high-quality corporate bond of equivalent term and currency to the
liability. Full actuarial valuations are obtained, at least triennially, and
are updated at each reporting date. The resulting de\ufb01ned bene\ufb01t
asset or liability is presented separately on the face of the statement
of \ufb01nancial position. The value of a pension bene\ufb01t asset is restricted
to\u00a0the amount that may be recovered, either through reduced
contributions, or agreed refunds from the scheme.
For de\ufb01ned contribution schemes, the amounts charged to the
income statement are the contributions payable in the year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00243": { "value": "u) Provisions
Provisions are recognised when the Group has a present obligation
(legal or constructive) as a result of a past event, it is probable that an
out\ufb02ow of resources embodying economic bene\ufb01ts will be required
to\u00a0settle the obligation, and a reliable estimate can be made of the
amount of the obligation. The expense relating to any provision is
presented in the income statement net of any reimbursement.
If the e\ufb00ect of the time value of money is material, provisions are
discounted using a current pre-tax rate that re\ufb02ects the risks speci\ufb01c
to the liability. Where discounting is used, the increase in the provision
due to the passage of time is recognised as a \ufb01nance cost.
A provision is recognised for onerous contracts in which the
unavoidable costs of meeting the obligations under the contract
exceed the economic bene\ufb01ts expected to be received under it.
The\u00a0unavoidable costs re\ufb02ect the least net cost of exiting the contract,
which is the lower of the cost of ful\ufb01lling it and any compensation or
penalties arising from failure to ful\ufb01l it. The costs of ful\ufb01lling a contract
comprise both the incremental costs and an allocation of other
direct\u00a0costs.
A provision for restructuring is recognised when the Group has
developed a detailed restructuring plan of the business, or part of the
business concerned, and the restructuring either has commenced
or\u00a0has been announced publicly. Future operating losses are not
provided for.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00244": { "value": "v) Trade and other payables
Trade and other payables are initially recognised at fair value and
subsequently measured at amortised cost. They represent liabilities
to pay for goods or services that have been received or supplied in the
normal course of business, invoiced by the supplier before the year
end, but for which payment has not yet been made.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00245": { "value": "w) Equity
The Group has ordinary shares that are classi\ufb01ed as equity.
Incremental external costs that are directly attributable to the issue
of\u00a0these shares are recognised in equity, net of tax.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00109": { "value": "2.4 Standards and amendments issued but not
yet\u00a0effective
The following is a list of standards, and amendments to standards, that
were in issue but not e\ufb00ective, or adopted, at 31 January 2026.
a) IFRS 18 \u2018Presentation and Disclosures in Financial Statements\u2019
IFRS 18 includes requirements for all entities applying IFRS for the
presentation and disclosure of information in \ufb01nancial statements.
IFRS 18 will replace International Accounting Standard (
IAS
) 1
\u2018Presentation of Financial Statements\u2019. IFRS\u00a018 introduces three
de\ufb01ned categories for income and expenses: operating, investing and
\ufb01nancing. This is to improve the structure of the income statement,
and requires all companies to provide new de\ufb01ned subtotals, including
operating pro\ufb01t. The standard is e\ufb00ective for annual reporting periods
beginning on, or after, 1 January 2027. The impact of this standard on
the Group\u2019s \ufb01nancial statements is\u00a0still\u00a0being assessed. The standard
has been endorsed by the UK\u00a0Endorsement Board.
b) Amendments to IFRS 9 and IFRS 7 regarding the classification
and measurement of financial instruments
The amendments address matters identi\ufb01ed during the
post-implementation review of the classi\ufb01cation and measurement
requirements of IFRS 9. The amendments are\u00a0e\ufb00ective for annual
reporting periods beginning on, or after, 1\u00a0January\u00a02026 and have
been endorsed by the UK Endorsement Board.
The amendments clarify that assets and liabilities should be
derecognised on the settlement date rather than the date a payment
instruction is initiated. The resulting restatement of cash balances at
31 January 2026 is expected to reduce cash and short-term deposits
by approximately \u00a315.4m, and overdrafts by \u00a30.3m; and to increase
trade receivables by \u00a310.3m and reduce contract liabilities by \u00a34.8m.
c) Annual improvements to IFRS \u2013 Volume 11
The amendments include clari\ufb01cations, simpli\ufb01cations, corrections
and changes aimed at improving the consistency of several IFRS.
The\u00a0amendments are e\ufb00ective for annual periods beginning on or after
1 January 2026, with earlier application permitted. The amendments
are not expected to have a material impact on the Group\u2019s \ufb01nancial
statements. These improvements have been endorsed by the UK
Endorsement Board.
2.5 First-time adoption of new standards and
amendments
The following is a list of standards, and amendments to standards,
that\u00a0became e\ufb00ective, or were adopted, for the \ufb01rst time during the
year ended 31 January 2026.
a) Lack of exchangeability (amendments to IAS 21 \u2018The Effects of
Changes in Foreign\u00a0Exchange Rates\u2019)
The amendments contain guidance to specify when a currency is
exchangeable and how to determine the exchange rate when it is not.
The amendments are e\ufb00ective for annual reporting periods beginning
on, or after, 1 January 2025. The amendments had no e\ufb00ect on the
Group\u2019s \ufb01nancial statements.
2.6 Significant accounting judgements, estimates and assumptions
The preparation of \ufb01nancial statements requires the Group to select accounting policies and make estimates and assumptions that a\ufb00ect items
reported in the primary consolidated \ufb01nancial statements and Notes to the consolidated \ufb01nancial statements.
The major areas of judgement used as part of accounting policy application are summarised below:
Significant judgements
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Acc. policy
Items involving judgement
Critical accounting judgement
2.3a)
Revenue recognition \u2013
Management exercised judgement in identifying separate performance obligations arising from
\u00a0
identification of
insurance policies brokered by the Group, namely:
\u00a0
performance obligations
\u2022
where the insurance contract was also underwritten by the Group, the judgement that the
\u00a0
arising from insurance
arrangement of the insurance policy was a service (performance obligation) that was distinct
\u00a0
policies brokered by
from the insurance underwriting service. The revenue allocated to the arrangement
\u00a0
the\u00a0Group
performance obligation is recognised earlier than the revenue that is allocated to the insurance
\u00a0 \u00a0
underwriting service (relates to discontinued operations); and
\u00a0 \u00a0
\u2022
the judgement that the option to fix the customer\u2019s premium at renewal for insurance policies
\u00a0 \u00a0
bundled with the three-year fixed-price promise is a separate performance obligation to the
\u00a0 \u00a0
arrangement of the related insurance policy. This results in the deferral of a portion of revenue
\u00a0 \u00a0
from policy years one and two to policy years two and three.
\u00a0 \u00a0
Please refer to Note 2.3a for further information on the Group\u2019s performance obligations relating
\u00a0 \u00a0
to revenue recognition.
2.3r)
Classification of the Group\u2019s
This judgement was made by applying the principles of IFRS 17.
\u00a0
risk transfer arrangements
The Group\u2019s excess of loss and funds-withheld quota share reinsurance arrangements, relating to
\u00a0
as reinsurance contracts
its motor underwriting line of business, were deemed to transfer significant insurance risk to the
\u00a0
(discontinued operations)
reinsurers. They were, 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
\u00a0
discontinued operations
condition, subject only to terms that are usual and customary for the sale of such assets, and the
\u00a0 \u00a0
sale must be highly probable. A sale is considered to be highly probable when management is
\u00a0 \u00a0
committed to a plan to sell an asset, an active programme to locate a buyer and complete the plan
\u00a0 \u00a0
has been initiated, at a price that is reasonable in relation to its current fair value, and there is an
\u00a0 \u00a0
expectation that the sale will be completed within one year from the date of classification.
\u00a0 \u00a0
On 16 December 2024, subsidiaries of the Group entered into a share purchase agreement with
\u00a0 \u00a0
Ageas (UK) Limited (
Ageas UK
) under which the Group agreed to sell to Ageas UK, and Ageas UK
\u00a0 \u00a0
agreed to purchase, the entire issued share capital of Acromas Insurance Company Limited (
AICL
).
\u00a0 \u00a0
At 31 January 2025, management exercised judgement in determining that the criteria for
\u00a0 \u00a0
classification of the AICL disposal group as held for sale and as a discontinued operation had been met.
2.3h)
Impairment testing of
Goodwill
\u00a0
goodwill and other major
The Group determines whether goodwill needs to be impaired at least annually, and twice-yearly
\u00a0
classes of assets
if\u00a0indicators of impairment exist at the interim reporting date of 31 July.
\u00a0 \u00a0
As a result of the impact of the General Insurance Pricing Practices (
GIPP
) market study,
\u00a0 \u00a0
performed by Financial Conduct Authority (
FCA
), on trading in recent years, and against the
\u00a0 \u00a0
background of a highly competitive motor insurance market, the Group saw a fall in policy volumes
\u00a0 \u00a0
in the year to 31 January 2025. In the year to 31 January 2025, high net rate inflation from the
\u00a0 \u00a0
Group\u2019s underwriting panel continued to have an adverse impact on the expected future
\u00a0 \u00a0
profitability of the Insurance business. In December 2024, the Group announced it had entered
\u00a0 \u00a0
into a binding agreement with Ageas to\u00a0establish the Affinity Partnership, which is\u00a0expected to
\u00a0 \u00a0
impact future cash flows of the business. Management judged these trading impacts to constitute
\u00a0 \u00a0
indicators of impairment and, therefore, conducted full impairment reviews of the Insurance
\u00a0 \u00a0
Broking CGU at 31 July 2024 and 31 January 2025. As a result of these reviews, management
\u00a0 \u00a0
considered it necessary to impair the goodwill allocated to the Insurance Broking CGU by \u00a3138.3m
\u00a0 \u00a0
at 31 July 2024 and \u00a3nil at 31 January 2025.
\u00a0 \u00a0
At 31 July 2025, trading forecasts showed improved cash flows and policy volumes from those
\u00a0 \u00a0
previously modelled. In addition, the Group\u2019s pre-tax discount rate previously used for the Insurance
\u00a0 \u00a0
Broking CGU fell, acting to increase the headroom in any assessment. Management considered
\u00a0 \u00a0
other indicators of possible impairment set out in IAS 36 \u2018Impairment of Assets\u2019, including the
\u00a0 \u00a0
economic outlook and movements in Saga\u2019s market capitalisation. No such indicators were
\u00a0 \u00a0
identified. Based on the above, management did not judge a formal goodwill impairment
\u00a0 \u00a0
assessment was required at 31 July 2025.
\u00a0 \u00a0
At 31 January 2026 a full goodwill impairment assessment was conducted, as required by IAS 36.
\u00a0 \u00a0
The outlook and cash flows modelled for the Insurance Broking business, combined with a decrease
\u00a0 \u00a0
in the pre-tax discount rate, to provide headroom against the carrying value of the goodwill balance.
\u00a0 \u00a0
No\u00a0impairment was, therefore, considered necessary.
\u00a0 \u00a0
Property, plant and equipment
\u00a0 \u00a0
In the years ended 31 January 2025 and 31 January 2026, management exercised its judgement in
\u00a0 \u00a0
considering it unnecessary to conduct an impairment review of the Group\u2019s two Ocean Cruise ships
\u00a0 \u00a0
since no indicators of impairment were identified.
\u00a0 \u00a0
In the year ended 31 January 2025, management exercised its judgement in relation to the
\u00a0 \u00a0
impairment of plant and equipment assets and performed an impairment review of the recoverable
\u00a0 \u00a0
amount of plant and equipment assets used by the Group. As a result of this review, management
\u00a0 \u00a0
deemed it necessary to impair plant and equipment assets by \u00a30.1m in the Central Costs division
\u00a0 \u00a0
in\u00a0the year ended 31 January 2025. Please refer to Note 17a for further detail.
\n \n
Acc. policy
Items involving judgement
Critical accounting judgement
2.3h)
Impairment testing of
In the year ended 31 January 2026, management exercised its judgement in relation to the
continued
goodwill and other major
impairment of plant and equipment used by the Group\u2019s Insurance Broking, and mailing and printing
classes of assets continued
businesses, following a review of plant and equipment assets. As a result of this review, management
deemed it necessary to impair plant and equipment assets by \u00a30.7m in those businesses. Please
refer to Note 17a for further detail.
Right-of-use assets
In the years to 31 January 2025 and 31 January 2026, management exercised its judgement in
considering it unnecessary to conduct an impairment review of right-of-use River Cruise ship
assets, since no indicators of impairment were identified.
In the year ended 31 January 2026, management exercised its judgement in relation to the
impairment of right-of-use assets used by the Group\u2019s mailing and printing business, following a
review of plant and equipment assets. As a result of this review, management deemed it necessary
to impair plant and equipment assets by \u00a30.8m in that business. Please refer to Note 18a for
further\u00a0detail.
Also, in the year ended 31 January 2026, management exercised its judgement in relation to the
impairment of right-of-use assets used by the Group\u2019s Cruise business following a review of long
leasehold land and building leases. 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\u00a0further detail.
Property assets held for sale
In the years to 31 January 2025 and 31 January 2026, in light of the Group obtaining updated
freehold property market valuation reports, management exercised judgement in relation to the
impairment of property assets held for sale. As a consequence of the remeasurement of the
properties to the lower of fair value less cost to sell and the carrying value, management concluded
that a net impairment charge of \u00a3nil (2025: \u00a30.4m) should be recognised accordingly. Please refer
to Note 38b for further detail.
Intangible assets
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 16b 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.
In the year ended 31 January 2026, management assessed the recoverable amount of software assets
and concluded that an impairment of \u00a30.3m was required in the Group\u2019s Insurance Broking division.
2.3r)
Insurance contract liabilities
Eligibility of reinsurance contracts for the PAA
(and related reinsurance
Some of the Group\u2019s groups of reinsurance contracts had a coverage period of more than 12\u00a0months,
contract assets)
including the motor quota share arrangement, which had a three-year coverage period. Management
(discontinued operations)
applied judgement in concluding that these groups were eligible for the PAA on the basis that, at
initial recognition, it expected 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 related to the estimation of future claims costs in relation to areas of uncertainty.
It\u00a0was relevant to both components of the IFRS 17 liability for incurred claims:
\u2022
The estimate of the present value of future cash flows.
\u2022
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 determined the risk adjustment at the level of each IFRS 17 portfolio of insurance
contracts, the most material of which was 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) was 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 was 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, resulted
in\u00a0a\u00a0risk adjustment that met the IFRS 17 requirements as a key judgement.
As the risk adjustment was determined at the level of each IFRS 17 portfolio, the confidence level
referred to above did not reflect diversification of risk across these portfolios.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Acc. policy
Items involving judgement
Critical accounting judgement
2.3r)
Insurance contract liabilities
A further key area of judgement related to the discount rate that was applied to the estimate of
continued
(and related reinsurance
future cash flows. Under IFRS 17, the discount rate used should reflect the liquidity characteristics
\u00a0
contract assets)
of the insurance liabilities. Assessing the liquidity characteristics of the liabilities requires significant
\u00a0
(discontinued operations)
judgement. Management concluded that cash flows relating to the liability for incurred claims were
\u00a0
continued
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
\u00a0 \u00a0
measurement of the restructuring provision. In addition, judgement is required of the best estimate
\u00a0 \u00a0
of those costs.
\n
Significant estimates
All estimates are based on management\u2019s knowledge of current facts and circumstances, assumptions based on that knowledge and predictions
of future events and actions. Actual results may, therefore, di\ufb00er from those estimates.
The table below sets out those items the Group considers to have a signi\ufb01cant risk of resulting in a material adjustment to the carrying amounts
of assets and liabilities, together with the relevant accounting policy.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
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
\u00a0
three-year fixed-price
offered by the Insurance Broking division was estimated using the expected cost plus a margin
\u00a0
product
approach, as set out in paragraph 79 (b) of IFRS 15.
\u00a0 \u00a0
An allowance was also made for the likelihood that the option will be exercised by factoring in the
\u00a0 \u00a0
expected rate of renewal at the first and second renewal dates. The amount of revenue deferred
\u00a0 \u00a0
upon initial recognition is, therefore, reduced to the extent that it is estimated that customers will
\u00a0 \u00a0
not exercise the option because they either decide not to renew or they make a claim that releases
\u00a0 \u00a0
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
\u00a0
intangible assets and
assessed upon the capitalisation of each asset and, at each reporting date, are based upon the
\u00a0
Ocean\u00a0Cruise ships
expected consumption of future economic benefits of the asset. Estimated residual values and
\u00a0 \u00a0
useful lives are reviewed annually. Changes in the expected useful life or the expected pattern of
\u00a0 \u00a0
consumption of future economic benefits embodied in the asset are considered to modify the
\u00a0 \u00a0
amortisation or depreciation period or method, as appropriate, and are treated as changes in
\u00a0 \u00a0
accounting estimates. In relation to the annual review of estimated residual values and useful lives
\u00a0 \u00a0
of\u00a0Ocean 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
\u00a0
testing
frequently as required. This requires an estimation of the value-in-use of the CGUs to which
\u00a0 \u00a0
goodwill is allocated. The value-in-use calculation requires the Group to estimate the future cash
\u00a0 \u00a0
flows expected to arise from the CGUs, discounted at a suitably risk-adjusted rate to calculate
\u00a0 \u00a0
present value.
\u00a0 \u00a0
The impact of changes to pricing rules set by the FCA following the completion of the GIPP market
\u00a0 \u00a0
study, particularly the highly competitive motor insurance market and the adverse impact on profit
\u00a0 \u00a0
before tax in the prior year, and the transition to a partnership model of operation for the Insurance
\u00a0 \u00a0
Broking business, increased the estimation uncertainty in the Insurance Broking CGU. The
\u00a0 \u00a0
outcome of the impairment reviews conducted concluded that an impairment charge of \u00a3138.3m
\u00a0 \u00a0
be recognised against the Group\u2019s Insurance Broking CGU at 31 July 2024. No further impairment
\u00a0 \u00a0
was required at\u00a031\u00a0January 2025, 31 July 2025 or 31 January 2026.
\u00a0 \u00a0
Sensitivity analysis was undertaken to determine the effect of changing the discount rate, the
\u00a0 \u00a0
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
\u00a0
contract liabilities
For insurance contracts, estimates had to be made for the expected cost of claims known but not
\u00a0
(and\u00a0related reinsurance
yet settled (case reserves) and for the expected cost of IBNR claims, at the reporting date. It can
\u00a0
contract assets)
take a significant period of time before the ultimate claims cost can be established with certainty.
\u00a0
(discontinued operations)
The ultimate cost of incurred claims was estimated by using a range of standard actuarial claims
\u00a0 \u00a0
projection techniques, such as the Chain-Ladder and Bornhuetter-Ferguson methods. The main
\u00a0 \u00a0
assumption underlying these techniques was that past claims development experience can be used
\u00a0 \u00a0
to project future claims development and hence ultimate claims costs. As such, these methods
\u00a0 \u00a0
extrapolated the development of paid and incurred losses, average costs per claim and claim
\u00a0 \u00a0
volumes based on the observed development of earlier years. Historical claims development was
\u00a0 \u00a0
primarily analysed by accident year, geographical area, significant business line and peril. Additional
\u00a0 \u00a0
qualitative judgement was used to assess the extent to which past trends may not have applied in
\u00a0 \u00a0
the future (e.g. to reflect one-off occurrences, changes in external or market factors such as public
\u00a0 \u00a0
attitudes to claiming, economic conditions, levels of claims inflation, judicial decisions and legislation,
\u00a0 \u00a0
as well as internal factors such as portfolio mix, policy features and claims handling procedures) in
\u00a0 \u00a0
order to arrive at the best estimate of the ultimate cost of claims.
\u00a0 \u00a0
The estimate of future cash flows arising from PPO liabilities required an assumption for carer wage
\u00a0 \u00a0
inflation. This assumption was set at 1.5% above the discount rate applied to liabilities for incurred
\u00a0 \u00a0
claims (see overleaf).
\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
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
All the Group\u2019s liabilities for incurred claims (and related reinsurance assets) were discounted.
\u00a0
(and\u00a0related reinsurance
\u00a0
contract assets)
The determination of the discount rate applied to liabilities for incurred claims was an estimate.
\u00a0
(discontinued operation)
This\u00a0discount rate reflected the current risk-free interest rate in the currency of the insurance
\u00a0
continued
liabilities, being GBP, plus an illiquidity premium. Such a discount rate was not observable and,
\u00a0 \u00a0
therefore, had to be estimated. The discount rate was estimated by removing from the yield curve
\u00a0 \u00a0
of\u00a0a\u00a0portfolio of GBP-denominated corporate bonds an estimate of the components of that yield
\u00a0 \u00a0
that related to expected and unexpected credit losses. The portfolio of corporate bonds used
\u00a0 \u00a0
reflected the debt securities that the Group held to support its insurance liabilities.
\u00a0 \u00a0
Following this approach, the GBP discount rate curves that were applied to liabilities for incurred
claims were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
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%
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
The sensitivity of this assumption is shown in Note 20a(iii).
\u00a0 \u00a0
Risk adjustment
\u00a0 \u00a0
The confidence level technique used by the Group to determine the risk adjustment required
\u00a0 \u00a0
estimation of the probability distribution of the present value of future cash flows arising from
\u00a0 \u00a0
liabilities for incurred claims, including estimates of possible favourable and unfavourable outcomes.
\u00a0 \u00a0
These probability distributions were 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
\u00a0
benefit\u00a0obligation
determined using actuarial valuations. Actuarial valuations involve making assumptions about
\u00a0 \u00a0
discount rates, expected rates of return on assets, future salary increases, mortality rates and
\u00a0 \u00a0
future pension increases. Due to the complexity of the valuation, the underlying assumptions and
\u00a0 \u00a0
its\u00a0long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions.
\u00a0 \u00a0
All assumptions are reviewed at each reporting date.
\u00a0 \u00a0
All significant assumptions and estimates involved in arriving at the valuation of the pension scheme
\u00a0 \u00a0
obligation are set out in Note 27.
2.3u)
Valuation of restructuring
The Group recognises a restructuring provision when a detailed plan identifies the business, or
\u00a0
provision
part\u00a0of the business concerned, together with the location and number of employees affected.
\u00a0 \u00a0
This\u00a0requires detailed estimation of the associated costs, the timeline of the restructuring
\u00a0 \u00a0
programme and the employees affected.
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00108": { "value": "2.4 Standards and amendments issued but not
yet\u00a0effective
The following is a list of standards, and amendments to standards, that
were in issue but not e\ufb00ective, or adopted, at 31 January 2026.
a) IFRS 18 \u2018Presentation and Disclosures in Financial Statements\u2019
IFRS 18 includes requirements for all entities applying IFRS for the
presentation and disclosure of information in \ufb01nancial statements.
IFRS 18 will replace International Accounting Standard (
IAS
) 1
\u2018Presentation of Financial Statements\u2019. IFRS\u00a018 introduces three
de\ufb01ned categories for income and expenses: operating, investing and
\ufb01nancing. This is to improve the structure of the income statement,
and requires all companies to provide new de\ufb01ned subtotals, including
operating pro\ufb01t. The standard is e\ufb00ective for annual reporting periods
beginning on, or after, 1 January 2027. The impact of this standard on
the Group\u2019s \ufb01nancial statements is\u00a0still\u00a0being assessed. The standard
has been endorsed by the UK\u00a0Endorsement Board.
b) Amendments to IFRS 9 and IFRS 7 regarding the classification
and measurement of financial instruments
The amendments address matters identi\ufb01ed during the
post-implementation review of the classi\ufb01cation and measurement
requirements of IFRS 9. The amendments are\u00a0e\ufb00ective for annual
reporting periods beginning on, or after, 1\u00a0January\u00a02026 and have
been endorsed by the UK Endorsement Board.
The amendments clarify that assets and liabilities should be
derecognised on the settlement date rather than the date a payment
instruction is initiated. The resulting restatement of cash balances at
31 January 2026 is expected to reduce cash and short-term deposits
by approximately \u00a315.4m, and overdrafts by \u00a30.3m; and to increase
trade receivables by \u00a310.3m and reduce contract liabilities by \u00a34.8m.
c) Annual improvements to IFRS \u2013 Volume 11
The amendments include clari\ufb01cations, simpli\ufb01cations, corrections
and changes aimed at improving the consistency of several IFRS.
The\u00a0amendments are e\ufb00ective for annual periods beginning on or after
1 January 2026, with earlier application permitted. The amendments
are not expected to have a material impact on the Group\u2019s \ufb01nancial
statements. These improvements have been endorsed by the UK
Endorsement Board.
2.5 First-time adoption of new standards and
amendments
The following is a list of standards, and amendments to standards,
that\u00a0became e\ufb00ective, or were adopted, for the \ufb01rst time during the
year ended 31 January 2026.
a) Lack of exchangeability (amendments to IAS 21 \u2018The Effects of
Changes in Foreign\u00a0Exchange Rates\u2019)
The amendments contain guidance to specify when a currency is
exchangeable and how to determine the exchange rate when it is not.
The amendments are e\ufb00ective for annual reporting periods beginning
on, or after, 1 January 2025. The amendments had no e\ufb00ect on the
Group\u2019s \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00107": { "value": "2.4 Standards and amendments issued but not
yet\u00a0effective
The following is a list of standards, and amendments to standards, that
were in issue but not e\ufb00ective, or adopted, at 31 January 2026.
a) IFRS 18 \u2018Presentation and Disclosures in Financial Statements\u2019
IFRS 18 includes requirements for all entities applying IFRS for the
presentation and disclosure of information in \ufb01nancial statements.
IFRS 18 will replace International Accounting Standard (
IAS
) 1
\u2018Presentation of Financial Statements\u2019. IFRS\u00a018 introduces three
de\ufb01ned categories for income and expenses: operating, investing and
\ufb01nancing. This is to improve the structure of the income statement,
and requires all companies to provide new de\ufb01ned subtotals, including
operating pro\ufb01t. The standard is e\ufb00ective for annual reporting periods
beginning on, or after, 1 January 2027. The impact of this standard on
the Group\u2019s \ufb01nancial statements is\u00a0still\u00a0being assessed. The standard
has been endorsed by the UK\u00a0Endorsement Board.
b) Amendments to IFRS 9 and IFRS 7 regarding the classification
and measurement of financial instruments
The amendments address matters identi\ufb01ed during the
post-implementation review of the classi\ufb01cation and measurement
requirements of IFRS 9. The amendments are\u00a0e\ufb00ective for annual
reporting periods beginning on, or after, 1\u00a0January\u00a02026 and have
been endorsed by the UK Endorsement Board.
The amendments clarify that assets and liabilities should be
derecognised on the settlement date rather than the date a payment
instruction is initiated. The resulting restatement of cash balances at
31 January 2026 is expected to reduce cash and short-term deposits
by approximately \u00a315.4m, and overdrafts by \u00a30.3m; and to increase
trade receivables by \u00a310.3m and reduce contract liabilities by \u00a34.8m.
c) Annual improvements to IFRS \u2013 Volume 11
The amendments include clari\ufb01cations, simpli\ufb01cations, corrections
and changes aimed at improving the consistency of several IFRS.
The\u00a0amendments are e\ufb00ective for annual periods beginning on or after
1 January 2026, with earlier application permitted. The amendments
are not expected to have a material impact on the Group\u2019s \ufb01nancial
statements. These improvements have been endorsed by the UK
Endorsement Board. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00110": { "value": "2.5 First-time adoption of new standards and
amendments
The following is a list of standards, and amendments to standards,
that\u00a0became e\ufb00ective, or were adopted, for the \ufb01rst time during the
year ended 31 January 2026.
a) Lack of exchangeability (amendments to IAS 21 \u2018The Effects of
Changes in Foreign\u00a0Exchange Rates\u2019)
The amendments contain guidance to specify when a currency is
exchangeable and how to determine the exchange rate when it is not.
The amendments are e\ufb00ective for annual reporting periods beginning
on, or after, 1 January 2025. The amendments had no e\ufb00ect on the
Group\u2019s \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00114": { "value": "2.6 Significant accounting judgements, estimates and assumptions
The preparation of \ufb01nancial statements requires the Group to select accounting policies and make estimates and assumptions that a\ufb00ect items
reported in the primary consolidated \ufb01nancial statements and Notes to the consolidated \ufb01nancial statements.
The major areas of judgement used as part of accounting policy application are summarised below:
Significant judgements
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Acc. policy
Items involving judgement
Critical accounting judgement
2.3a)
Revenue recognition \u2013
Management exercised judgement in identifying separate performance obligations arising from
\u00a0
identification of
insurance policies brokered by the Group, namely:
\u00a0
performance obligations
\u2022
where the insurance contract was also underwritten by the Group, the judgement that the
\u00a0
arising from insurance
arrangement of the insurance policy was a service (performance obligation) that was distinct
\u00a0
policies brokered by
from the insurance underwriting service. The revenue allocated to the arrangement
\u00a0
the\u00a0Group
performance obligation is recognised earlier than the revenue that is allocated to the insurance
\u00a0 \u00a0
underwriting service (relates to discontinued operations); and
\u00a0 \u00a0
\u2022
the judgement that the option to fix the customer\u2019s premium at renewal for insurance policies
\u00a0 \u00a0
bundled with the three-year fixed-price promise is a separate performance obligation to the
\u00a0 \u00a0
arrangement of the related insurance policy. This results in the deferral of a portion of revenue
\u00a0 \u00a0
from policy years one and two to policy years two and three.
\u00a0 \u00a0
Please refer to Note 2.3a for further information on the Group\u2019s performance obligations relating
\u00a0 \u00a0
to revenue recognition.
2.3r)
Classification of the Group\u2019s
This judgement was made by applying the principles of IFRS 17.
\u00a0
risk transfer arrangements
The Group\u2019s excess of loss and funds-withheld quota share reinsurance arrangements, relating to
\u00a0
as reinsurance contracts
its motor underwriting line of business, were deemed to transfer significant insurance risk to the
\u00a0
(discontinued operations)
reinsurers. They were, 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
\u00a0
discontinued operations
condition, subject only to terms that are usual and customary for the sale of such assets, and the
\u00a0 \u00a0
sale must be highly probable. A sale is considered to be highly probable when management is
\u00a0 \u00a0
committed to a plan to sell an asset, an active programme to locate a buyer and complete the plan
\u00a0 \u00a0
has been initiated, at a price that is reasonable in relation to its current fair value, and there is an
\u00a0 \u00a0
expectation that the sale will be completed within one year from the date of classification.
\u00a0 \u00a0
On 16 December 2024, subsidiaries of the Group entered into a share purchase agreement with
\u00a0 \u00a0
Ageas (UK) Limited (
Ageas UK
) under which the Group agreed to sell to Ageas UK, and Ageas UK
\u00a0 \u00a0
agreed to purchase, the entire issued share capital of Acromas Insurance Company Limited (
AICL
).
\u00a0 \u00a0
At 31 January 2025, management exercised judgement in determining that the criteria for
\u00a0 \u00a0
classification of the AICL disposal group as held for sale and as a discontinued operation had been met.
2.3h)
Impairment testing of
Goodwill
\u00a0
goodwill and other major
The Group determines whether goodwill needs to be impaired at least annually, and twice-yearly
\u00a0
classes of assets
if\u00a0indicators of impairment exist at the interim reporting date of 31 July.
\u00a0 \u00a0
As a result of the impact of the General Insurance Pricing Practices (
GIPP
) market study,
\u00a0 \u00a0
performed by Financial Conduct Authority (
FCA
), on trading in recent years, and against the
\u00a0 \u00a0
background of a highly competitive motor insurance market, the Group saw a fall in policy volumes
\u00a0 \u00a0
in the year to 31 January 2025. In the year to 31 January 2025, high net rate inflation from the
\u00a0 \u00a0
Group\u2019s underwriting panel continued to have an adverse impact on the expected future
\u00a0 \u00a0
profitability of the Insurance business. In December 2024, the Group announced it had entered
\u00a0 \u00a0
into a binding agreement with Ageas to\u00a0establish the Affinity Partnership, which is\u00a0expected to
\u00a0 \u00a0
impact future cash flows of the business. Management judged these trading impacts to constitute
\u00a0 \u00a0
indicators of impairment and, therefore, conducted full impairment reviews of the Insurance
\u00a0 \u00a0
Broking CGU at 31 July 2024 and 31 January 2025. As a result of these reviews, management
\u00a0 \u00a0
considered it necessary to impair the goodwill allocated to the Insurance Broking CGU by \u00a3138.3m
\u00a0 \u00a0
at 31 July 2024 and \u00a3nil at 31 January 2025.
\u00a0 \u00a0
At 31 July 2025, trading forecasts showed improved cash flows and policy volumes from those
\u00a0 \u00a0
previously modelled. In addition, the Group\u2019s pre-tax discount rate previously used for the Insurance
\u00a0 \u00a0
Broking CGU fell, acting to increase the headroom in any assessment. Management considered
\u00a0 \u00a0
other indicators of possible impairment set out in IAS 36 \u2018Impairment of Assets\u2019, including the
\u00a0 \u00a0
economic outlook and movements in Saga\u2019s market capitalisation. No such indicators were
\u00a0 \u00a0
identified. Based on the above, management did not judge a formal goodwill impairment
\u00a0 \u00a0
assessment was required at 31 July 2025.
\u00a0 \u00a0
At 31 January 2026 a full goodwill impairment assessment was conducted, as required by IAS 36.
\u00a0 \u00a0
The outlook and cash flows modelled for the Insurance Broking business, combined with a decrease
\u00a0 \u00a0
in the pre-tax discount rate, to provide headroom against the carrying value of the goodwill balance.
\u00a0 \u00a0
No\u00a0impairment was, therefore, considered necessary.
\u00a0 \u00a0
Property, plant and equipment
\u00a0 \u00a0
In the years ended 31 January 2025 and 31 January 2026, management exercised its judgement in
\u00a0 \u00a0
considering it unnecessary to conduct an impairment review of the Group\u2019s two Ocean Cruise ships
\u00a0 \u00a0
since no indicators of impairment were identified.
\u00a0 \u00a0
In the year ended 31 January 2025, management exercised its judgement in relation to the
\u00a0 \u00a0
impairment of plant and equipment assets and performed an impairment review of the recoverable
\u00a0 \u00a0
amount of plant and equipment assets used by the Group. As a result of this review, management
\u00a0 \u00a0
deemed it necessary to impair plant and equipment assets by \u00a30.1m in the Central Costs division
\u00a0 \u00a0
in\u00a0the year ended 31 January 2025. Please refer to Note 17a for further detail.
\n\n\n\n\n \n
Acc. policy
Items involving judgement
Critical accounting judgement
2.3h)
Impairment testing of
In the year ended 31 January 2026, management exercised its judgement in relation to the
continued
goodwill and other major
impairment of plant and equipment used by the Group\u2019s Insurance Broking, and mailing and printing
classes of assets continued
businesses, following a review of plant and equipment assets. As a result of this review, management
deemed it necessary to impair plant and equipment assets by \u00a30.7m in those businesses. Please
refer to Note 17a for further detail.
Right-of-use assets
In the years to 31 January 2025 and 31 January 2026, management exercised its judgement in
considering it unnecessary to conduct an impairment review of right-of-use River Cruise ship
assets, since no indicators of impairment were identified.
In the year ended 31 January 2026, management exercised its judgement in relation to the
impairment of right-of-use assets used by the Group\u2019s mailing and printing business, following a
review of plant and equipment assets. As a result of this review, management deemed it necessary
to impair plant and equipment assets by \u00a30.8m in that business. Please refer to Note 18a for
further\u00a0detail.
Also, in the year ended 31 January 2026, management exercised its judgement in relation to the
impairment of right-of-use assets used by the Group\u2019s Cruise business following a review of long
leasehold land and building leases. 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\u00a0further detail.
Property assets held for sale
In the years to 31 January 2025 and 31 January 2026, in light of the Group obtaining updated
freehold property market valuation reports, management exercised judgement in relation to the
impairment of property assets held for sale. As a consequence of the remeasurement of the
properties to the lower of fair value less cost to sell and the carrying value, management concluded
that a net impairment charge of \u00a3nil (2025: \u00a30.4m) should be recognised accordingly. Please refer
to Note 38b for further detail.
Intangible assets
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 16b 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.
In the year ended 31 January 2026, management assessed the recoverable amount of software assets
and concluded that an impairment of \u00a30.3m was required in the Group\u2019s Insurance Broking division.
2.3r)
Insurance contract liabilities
Eligibility of reinsurance contracts for the PAA
(and related reinsurance
Some of the Group\u2019s groups of reinsurance contracts had a coverage period of more than 12\u00a0months,
contract assets)
including the motor quota share arrangement, which had a three-year coverage period. Management
(discontinued operations)
applied judgement in concluding that these groups were eligible for the PAA on the basis that, at
initial recognition, it expected 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 related to the estimation of future claims costs in relation to areas of uncertainty.
It\u00a0was relevant to both components of the IFRS 17 liability for incurred claims:
\u2022
The estimate of the present value of future cash flows.
\u2022
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 determined the risk adjustment at the level of each IFRS 17 portfolio of insurance
contracts, the most material of which was 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) was 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 was 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, resulted
in\u00a0a\u00a0risk adjustment that met the IFRS 17 requirements as a key judgement.
As the risk adjustment was determined at the level of each IFRS 17 portfolio, the confidence level
referred to above did not reflect diversification of risk across these portfolios.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Acc. policy
Items involving judgement
Critical accounting judgement
2.3r)
Insurance contract liabilities
A further key area of judgement related to the discount rate that was applied to the estimate of
continued
(and related reinsurance
future cash flows. Under IFRS 17, the discount rate used should reflect the liquidity characteristics
\u00a0
contract assets)
of the insurance liabilities. Assessing the liquidity characteristics of the liabilities requires significant
\u00a0
(discontinued operations)
judgement. Management concluded that cash flows relating to the liability for incurred claims were
\u00a0
continued
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
\u00a0 \u00a0
measurement of the restructuring provision. In addition, judgement is required of the best estimate
\u00a0 \u00a0
of those costs.
\n
Significant estimates
All estimates are based on management\u2019s knowledge of current facts and circumstances, assumptions based on that knowledge and predictions
of future events and actions. Actual results may, therefore, di\ufb00er from those estimates.
The table below sets out those items the Group considers to have a signi\ufb01cant risk of resulting in a material adjustment to the carrying amounts
of assets and liabilities, together with the relevant accounting policy.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
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
\u00a0
three-year fixed-price
offered by the Insurance Broking division was estimated using the expected cost plus a margin
\u00a0
product
approach, as set out in paragraph 79 (b) of IFRS 15.
\u00a0 \u00a0
An allowance was also made for the likelihood that the option will be exercised by factoring in the
\u00a0 \u00a0
expected rate of renewal at the first and second renewal dates. The amount of revenue deferred
\u00a0 \u00a0
upon initial recognition is, therefore, reduced to the extent that it is estimated that customers will
\u00a0 \u00a0
not exercise the option because they either decide not to renew or they make a claim that releases
\u00a0 \u00a0
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
\u00a0
intangible assets and
assessed upon the capitalisation of each asset and, at each reporting date, are based upon the
\u00a0
Ocean\u00a0Cruise ships
expected consumption of future economic benefits of the asset. Estimated residual values and
\u00a0 \u00a0
useful lives are reviewed annually. Changes in the expected useful life or the expected pattern of
\u00a0 \u00a0
consumption of future economic benefits embodied in the asset are considered to modify the
\u00a0 \u00a0
amortisation or depreciation period or method, as appropriate, and are treated as changes in
\u00a0 \u00a0
accounting estimates. In relation to the annual review of estimated residual values and useful lives
\u00a0 \u00a0
of\u00a0Ocean 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
\u00a0
testing
frequently as required. This requires an estimation of the value-in-use of the CGUs to which
\u00a0 \u00a0
goodwill is allocated. The value-in-use calculation requires the Group to estimate the future cash
\u00a0 \u00a0
flows expected to arise from the CGUs, discounted at a suitably risk-adjusted rate to calculate
\u00a0 \u00a0
present value.
\u00a0 \u00a0
The impact of changes to pricing rules set by the FCA following the completion of the GIPP market
\u00a0 \u00a0
study, particularly the highly competitive motor insurance market and the adverse impact on profit
\u00a0 \u00a0
before tax in the prior year, and the transition to a partnership model of operation for the Insurance
\u00a0 \u00a0
Broking business, increased the estimation uncertainty in the Insurance Broking CGU. The
\u00a0 \u00a0
outcome of the impairment reviews conducted concluded that an impairment charge of \u00a3138.3m
\u00a0 \u00a0
be recognised against the Group\u2019s Insurance Broking CGU at 31 July 2024. No further impairment
\u00a0 \u00a0
was required at\u00a031\u00a0January 2025, 31 July 2025 or 31 January 2026.
\u00a0 \u00a0
Sensitivity analysis was undertaken to determine the effect of changing the discount rate, the
\u00a0 \u00a0
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
\u00a0
contract liabilities
For insurance contracts, estimates had to be made for the expected cost of claims known but not
\u00a0
(and\u00a0related reinsurance
yet settled (case reserves) and for the expected cost of IBNR claims, at the reporting date. It can
\u00a0
contract assets)
take a significant period of time before the ultimate claims cost can be established with certainty.
\u00a0
(discontinued operations)
The ultimate cost of incurred claims was estimated by using a range of standard actuarial claims
\u00a0 \u00a0
projection techniques, such as the Chain-Ladder and Bornhuetter-Ferguson methods. The main
\u00a0 \u00a0
assumption underlying these techniques was that past claims development experience can be used
\u00a0 \u00a0
to project future claims development and hence ultimate claims costs. As such, these methods
\u00a0 \u00a0
extrapolated the development of paid and incurred losses, average costs per claim and claim
\u00a0 \u00a0
volumes based on the observed development of earlier years. Historical claims development was
\u00a0 \u00a0
primarily analysed by accident year, geographical area, significant business line and peril. Additional
\u00a0 \u00a0
qualitative judgement was used to assess the extent to which past trends may not have applied in
\u00a0 \u00a0
the future (e.g. to reflect one-off occurrences, changes in external or market factors such as public
\u00a0 \u00a0
attitudes to claiming, economic conditions, levels of claims inflation, judicial decisions and legislation,
\u00a0 \u00a0
as well as internal factors such as portfolio mix, policy features and claims handling procedures) in
\u00a0 \u00a0
order to arrive at the best estimate of the ultimate cost of claims.
\u00a0 \u00a0
The estimate of future cash flows arising from PPO liabilities required an assumption for carer wage
\u00a0 \u00a0
inflation. This assumption was set at 1.5% above the discount rate applied to liabilities for incurred
\u00a0 \u00a0
claims (see overleaf).
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
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
All the Group\u2019s liabilities for incurred claims (and related reinsurance assets) were discounted.
\u00a0
(and\u00a0related reinsurance
\u00a0
contract assets)
The determination of the discount rate applied to liabilities for incurred claims was an estimate.
\u00a0
(discontinued operation)
This\u00a0discount rate reflected the current risk-free interest rate in the currency of the insurance
\u00a0
continued
liabilities, being GBP, plus an illiquidity premium. Such a discount rate was not observable and,
\u00a0 \u00a0
therefore, had to be estimated. The discount rate was estimated by removing from the yield curve
\u00a0 \u00a0
of\u00a0a\u00a0portfolio of GBP-denominated corporate bonds an estimate of the components of that yield
\u00a0 \u00a0
that related to expected and unexpected credit losses. The portfolio of corporate bonds used
\u00a0 \u00a0
reflected the debt securities that the Group held to support its insurance liabilities.
\u00a0 \u00a0
Following this approach, the GBP discount rate curves that were applied to liabilities for incurred
claims were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
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%
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
The sensitivity of this assumption is shown in Note 20a(iii).
\u00a0 \u00a0
Risk adjustment
\u00a0 \u00a0
The confidence level technique used by the Group to determine the risk adjustment required
\u00a0 \u00a0
estimation of the probability distribution of the present value of future cash flows arising from
\u00a0 \u00a0
liabilities for incurred claims, including estimates of possible favourable and unfavourable outcomes.
\u00a0 \u00a0
These probability distributions were 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
\u00a0
benefit\u00a0obligation
determined using actuarial valuations. Actuarial valuations involve making assumptions about
\u00a0 \u00a0
discount rates, expected rates of return on assets, future salary increases, mortality rates and
\u00a0 \u00a0
future pension increases. Due to the complexity of the valuation, the underlying assumptions and
\u00a0 \u00a0
its\u00a0long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions.
\u00a0 \u00a0
All assumptions are reviewed at each reporting date.
\u00a0 \u00a0
All significant assumptions and estimates involved in arriving at the valuation of the pension scheme
\u00a0 \u00a0
obligation are set out in Note 27.
2.3u)
Valuation of restructuring
The Group recognises a restructuring provision when a detailed plan identifies the business, or
\u00a0
provision
part\u00a0of the business concerned, together with the location and number of employees affected.
\u00a0 \u00a0
This\u00a0requires detailed estimation of the associated costs, the timeline of the restructuring
\u00a0 \u00a0
programme and the employees affected.
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00111": { "value": "2.6 Significant accounting judgements, estimates and assumptions
The preparation of \ufb01nancial statements requires the Group to select accounting policies and make estimates and assumptions that a\ufb00ect items
reported in the primary consolidated \ufb01nancial statements and Notes to the consolidated \ufb01nancial statements.
The major areas of judgement used as part of accounting policy application are summarised below:
Significant judgements
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Acc. policy
Items involving judgement
Critical accounting judgement
2.3a)
Revenue recognition \u2013
Management exercised judgement in identifying separate performance obligations arising from
\u00a0
identification of
insurance policies brokered by the Group, namely:
\u00a0
performance obligations
\u2022
where the insurance contract was also underwritten by the Group, the judgement that the
\u00a0
arising from insurance
arrangement of the insurance policy was a service (performance obligation) that was distinct
\u00a0
policies brokered by
from the insurance underwriting service. The revenue allocated to the arrangement
\u00a0
the\u00a0Group
performance obligation is recognised earlier than the revenue that is allocated to the insurance
\u00a0 \u00a0
underwriting service (relates to discontinued operations); and
\u00a0 \u00a0
\u2022
the judgement that the option to fix the customer\u2019s premium at renewal for insurance policies
\u00a0 \u00a0
bundled with the three-year fixed-price promise is a separate performance obligation to the
\u00a0 \u00a0
arrangement of the related insurance policy. This results in the deferral of a portion of revenue
\u00a0 \u00a0
from policy years one and two to policy years two and three.
\u00a0 \u00a0
Please refer to Note 2.3a for further information on the Group\u2019s performance obligations relating
\u00a0 \u00a0
to revenue recognition.
2.3r)
Classification of the Group\u2019s
This judgement was made by applying the principles of IFRS 17.
\u00a0
risk transfer arrangements
The Group\u2019s excess of loss and funds-withheld quota share reinsurance arrangements, relating to
\u00a0
as reinsurance contracts
its motor underwriting line of business, were deemed to transfer significant insurance risk to the
\u00a0
(discontinued operations)
reinsurers. They were, 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
\u00a0
discontinued operations
condition, subject only to terms that are usual and customary for the sale of such assets, and the
\u00a0 \u00a0
sale must be highly probable. A sale is considered to be highly probable when management is
\u00a0 \u00a0
committed to a plan to sell an asset, an active programme to locate a buyer and complete the plan
\u00a0 \u00a0
has been initiated, at a price that is reasonable in relation to its current fair value, and there is an
\u00a0 \u00a0
expectation that the sale will be completed within one year from the date of classification.
\u00a0 \u00a0
On 16 December 2024, subsidiaries of the Group entered into a share purchase agreement with
\u00a0 \u00a0
Ageas (UK) Limited (
Ageas UK
) under which the Group agreed to sell to Ageas UK, and Ageas UK
\u00a0 \u00a0
agreed to purchase, the entire issued share capital of Acromas Insurance Company Limited (
AICL
).
\u00a0 \u00a0
At 31 January 2025, management exercised judgement in determining that the criteria for
\u00a0 \u00a0
classification of the AICL disposal group as held for sale and as a discontinued operation had been met.
2.3h)
Impairment testing of
Goodwill
\u00a0
goodwill and other major
The Group determines whether goodwill needs to be impaired at least annually, and twice-yearly
\u00a0
classes of assets
if\u00a0indicators of impairment exist at the interim reporting date of 31 July.
\u00a0 \u00a0
As a result of the impact of the General Insurance Pricing Practices (
GIPP
) market study,
\u00a0 \u00a0
performed by Financial Conduct Authority (
FCA
), on trading in recent years, and against the
\u00a0 \u00a0
background of a highly competitive motor insurance market, the Group saw a fall in policy volumes
\u00a0 \u00a0
in the year to 31 January 2025. In the year to 31 January 2025, high net rate inflation from the
\u00a0 \u00a0
Group\u2019s underwriting panel continued to have an adverse impact on the expected future
\u00a0 \u00a0
profitability of the Insurance business. In December 2024, the Group announced it had entered
\u00a0 \u00a0
into a binding agreement with Ageas to\u00a0establish the Affinity Partnership, which is\u00a0expected to
\u00a0 \u00a0
impact future cash flows of the business. Management judged these trading impacts to constitute
\u00a0 \u00a0
indicators of impairment and, therefore, conducted full impairment reviews of the Insurance
\u00a0 \u00a0
Broking CGU at 31 July 2024 and 31 January 2025. As a result of these reviews, management
\u00a0 \u00a0
considered it necessary to impair the goodwill allocated to the Insurance Broking CGU by \u00a3138.3m
\u00a0 \u00a0
at 31 July 2024 and \u00a3nil at 31 January 2025.
\u00a0 \u00a0
At 31 July 2025, trading forecasts showed improved cash flows and policy volumes from those
\u00a0 \u00a0
previously modelled. In addition, the Group\u2019s pre-tax discount rate previously used for the Insurance
\u00a0 \u00a0
Broking CGU fell, acting to increase the headroom in any assessment. Management considered
\u00a0 \u00a0
other indicators of possible impairment set out in IAS 36 \u2018Impairment of Assets\u2019, including the
\u00a0 \u00a0
economic outlook and movements in Saga\u2019s market capitalisation. No such indicators were
\u00a0 \u00a0
identified. Based on the above, management did not judge a formal goodwill impairment
\u00a0 \u00a0
assessment was required at 31 July 2025.
\u00a0 \u00a0
At 31 January 2026 a full goodwill impairment assessment was conducted, as required by IAS 36.
\u00a0 \u00a0
The outlook and cash flows modelled for the Insurance Broking business, combined with a decrease
\u00a0 \u00a0
in the pre-tax discount rate, to provide headroom against the carrying value of the goodwill balance.
\u00a0 \u00a0
No\u00a0impairment was, therefore, considered necessary.
\u00a0 \u00a0
Property, plant and equipment
\u00a0 \u00a0
In the years ended 31 January 2025 and 31 January 2026, management exercised its judgement in
\u00a0 \u00a0
considering it unnecessary to conduct an impairment review of the Group\u2019s two Ocean Cruise ships
\u00a0 \u00a0
since no indicators of impairment were identified.
\u00a0 \u00a0
In the year ended 31 January 2025, management exercised its judgement in relation to the
\u00a0 \u00a0
impairment of plant and equipment assets and performed an impairment review of the recoverable
\u00a0 \u00a0
amount of plant and equipment assets used by the Group. As a result of this review, management
\u00a0 \u00a0
deemed it necessary to impair plant and equipment assets by \u00a30.1m in the Central Costs division
\u00a0 \u00a0
in\u00a0the year ended 31 January 2025. Please refer to Note 17a for further detail.
\n\n\n\n\n \n
Acc. policy
Items involving judgement
Critical accounting judgement
2.3h)
Impairment testing of
In the year ended 31 January 2026, management exercised its judgement in relation to the
continued
goodwill and other major
impairment of plant and equipment used by the Group\u2019s Insurance Broking, and mailing and printing
classes of assets continued
businesses, following a review of plant and equipment assets. As a result of this review, management
deemed it necessary to impair plant and equipment assets by \u00a30.7m in those businesses. Please
refer to Note 17a for further detail.
Right-of-use assets
In the years to 31 January 2025 and 31 January 2026, management exercised its judgement in
considering it unnecessary to conduct an impairment review of right-of-use River Cruise ship
assets, since no indicators of impairment were identified.
In the year ended 31 January 2026, management exercised its judgement in relation to the
impairment of right-of-use assets used by the Group\u2019s mailing and printing business, following a
review of plant and equipment assets. As a result of this review, management deemed it necessary
to impair plant and equipment assets by \u00a30.8m in that business. Please refer to Note 18a for
further\u00a0detail.
Also, in the year ended 31 January 2026, management exercised its judgement in relation to the
impairment of right-of-use assets used by the Group\u2019s Cruise business following a review of long
leasehold land and building leases. 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\u00a0further detail.
Property assets held for sale
In the years to 31 January 2025 and 31 January 2026, in light of the Group obtaining updated
freehold property market valuation reports, management exercised judgement in relation to the
impairment of property assets held for sale. As a consequence of the remeasurement of the
properties to the lower of fair value less cost to sell and the carrying value, management concluded
that a net impairment charge of \u00a3nil (2025: \u00a30.4m) should be recognised accordingly. Please refer
to Note 38b for further detail.
Intangible assets
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 16b 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.
In the year ended 31 January 2026, management assessed the recoverable amount of software assets
and concluded that an impairment of \u00a30.3m was required in the Group\u2019s Insurance Broking division.
2.3r)
Insurance contract liabilities
Eligibility of reinsurance contracts for the PAA
(and related reinsurance
Some of the Group\u2019s groups of reinsurance contracts had a coverage period of more than 12\u00a0months,
contract assets)
including the motor quota share arrangement, which had a three-year coverage period. Management
(discontinued operations)
applied judgement in concluding that these groups were eligible for the PAA on the basis that, at
initial recognition, it expected 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 related to the estimation of future claims costs in relation to areas of uncertainty.
It\u00a0was relevant to both components of the IFRS 17 liability for incurred claims:
\u2022
The estimate of the present value of future cash flows.
\u2022
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 determined the risk adjustment at the level of each IFRS 17 portfolio of insurance
contracts, the most material of which was 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) was 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 was 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, resulted
in\u00a0a\u00a0risk adjustment that met the IFRS 17 requirements as a key judgement.
As the risk adjustment was determined at the level of each IFRS 17 portfolio, the confidence level
referred to above did not reflect diversification of risk across these portfolios.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Acc. policy
Items involving judgement
Critical accounting judgement
2.3r)
Insurance contract liabilities
A further key area of judgement related to the discount rate that was applied to the estimate of
continued
(and related reinsurance
future cash flows. Under IFRS 17, the discount rate used should reflect the liquidity characteristics
\u00a0
contract assets)
of the insurance liabilities. Assessing the liquidity characteristics of the liabilities requires significant
\u00a0
(discontinued operations)
judgement. Management concluded that cash flows relating to the liability for incurred claims were
\u00a0
continued
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
\u00a0 \u00a0
measurement of the restructuring provision. In addition, judgement is required of the best estimate
\u00a0 \u00a0
of those costs.
\n
Significant estimates
All estimates are based on management\u2019s knowledge of current facts and circumstances, assumptions based on that knowledge and predictions
of future events and actions. Actual results may, therefore, di\ufb00er from those estimates.
The table below sets out those items the Group considers to have a signi\ufb01cant risk of resulting in a material adjustment to the carrying amounts
of assets and liabilities, together with the relevant accounting policy.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
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
\u00a0
three-year fixed-price
offered by the Insurance Broking division was estimated using the expected cost plus a margin
\u00a0
product
approach, as set out in paragraph 79 (b) of IFRS 15.
\u00a0 \u00a0
An allowance was also made for the likelihood that the option will be exercised by factoring in the
\u00a0 \u00a0
expected rate of renewal at the first and second renewal dates. The amount of revenue deferred
\u00a0 \u00a0
upon initial recognition is, therefore, reduced to the extent that it is estimated that customers will
\u00a0 \u00a0
not exercise the option because they either decide not to renew or they make a claim that releases
\u00a0 \u00a0
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
\u00a0
intangible assets and
assessed upon the capitalisation of each asset and, at each reporting date, are based upon the
\u00a0
Ocean\u00a0Cruise ships
expected consumption of future economic benefits of the asset. Estimated residual values and
\u00a0 \u00a0
useful lives are reviewed annually. Changes in the expected useful life or the expected pattern of
\u00a0 \u00a0
consumption of future economic benefits embodied in the asset are considered to modify the
\u00a0 \u00a0
amortisation or depreciation period or method, as appropriate, and are treated as changes in
\u00a0 \u00a0
accounting estimates. In relation to the annual review of estimated residual values and useful lives
\u00a0 \u00a0
of\u00a0Ocean 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
\u00a0
testing
frequently as required. This requires an estimation of the value-in-use of the CGUs to which
\u00a0 \u00a0
goodwill is allocated. The value-in-use calculation requires the Group to estimate the future cash
\u00a0 \u00a0
flows expected to arise from the CGUs, discounted at a suitably risk-adjusted rate to calculate
\u00a0 \u00a0
present value.
\u00a0 \u00a0
The impact of changes to pricing rules set by the FCA following the completion of the GIPP market
\u00a0 \u00a0
study, particularly the highly competitive motor insurance market and the adverse impact on profit
\u00a0 \u00a0
before tax in the prior year, and the transition to a partnership model of operation for the Insurance
\u00a0 \u00a0
Broking business, increased the estimation uncertainty in the Insurance Broking CGU. The
\u00a0 \u00a0
outcome of the impairment reviews conducted concluded that an impairment charge of \u00a3138.3m
\u00a0 \u00a0
be recognised against the Group\u2019s Insurance Broking CGU at 31 July 2024. No further impairment
\u00a0 \u00a0
was required at\u00a031\u00a0January 2025, 31 July 2025 or 31 January 2026.
\u00a0 \u00a0
Sensitivity analysis was undertaken to determine the effect of changing the discount rate, the
\u00a0 \u00a0
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
\u00a0
contract liabilities
For insurance contracts, estimates had to be made for the expected cost of claims known but not
\u00a0
(and\u00a0related reinsurance
yet settled (case reserves) and for the expected cost of IBNR claims, at the reporting date. It can
\u00a0
contract assets)
take a significant period of time before the ultimate claims cost can be established with certainty.
\u00a0
(discontinued operations)
The ultimate cost of incurred claims was estimated by using a range of standard actuarial claims
\u00a0 \u00a0
projection techniques, such as the Chain-Ladder and Bornhuetter-Ferguson methods. The main
\u00a0 \u00a0
assumption underlying these techniques was that past claims development experience can be used
\u00a0 \u00a0
to project future claims development and hence ultimate claims costs. As such, these methods
\u00a0 \u00a0
extrapolated the development of paid and incurred losses, average costs per claim and claim
\u00a0 \u00a0
volumes based on the observed development of earlier years. Historical claims development was
\u00a0 \u00a0
primarily analysed by accident year, geographical area, significant business line and peril. Additional
\u00a0 \u00a0
qualitative judgement was used to assess the extent to which past trends may not have applied in
\u00a0 \u00a0
the future (e.g. to reflect one-off occurrences, changes in external or market factors such as public
\u00a0 \u00a0
attitudes to claiming, economic conditions, levels of claims inflation, judicial decisions and legislation,
\u00a0 \u00a0
as well as internal factors such as portfolio mix, policy features and claims handling procedures) in
\u00a0 \u00a0
order to arrive at the best estimate of the ultimate cost of claims.
\u00a0 \u00a0
The estimate of future cash flows arising from PPO liabilities required an assumption for carer wage
\u00a0 \u00a0
inflation. This assumption was set at 1.5% above the discount rate applied to liabilities for incurred
\u00a0 \u00a0
claims (see overleaf).
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
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
All the Group\u2019s liabilities for incurred claims (and related reinsurance assets) were discounted.
\u00a0
(and\u00a0related reinsurance
\u00a0
contract assets)
The determination of the discount rate applied to liabilities for incurred claims was an estimate.
\u00a0
(discontinued operation)
This\u00a0discount rate reflected the current risk-free interest rate in the currency of the insurance
\u00a0
continued
liabilities, being GBP, plus an illiquidity premium. Such a discount rate was not observable and,
\u00a0 \u00a0
therefore, had to be estimated. The discount rate was estimated by removing from the yield curve
\u00a0 \u00a0
of\u00a0a\u00a0portfolio of GBP-denominated corporate bonds an estimate of the components of that yield
\u00a0 \u00a0
that related to expected and unexpected credit losses. The portfolio of corporate bonds used
\u00a0 \u00a0
reflected the debt securities that the Group held to support its insurance liabilities.
\u00a0 \u00a0
Following this approach, the GBP discount rate curves that were applied to liabilities for incurred
claims were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
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%
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
The sensitivity of this assumption is shown in Note 20a(iii).
\u00a0 \u00a0
Risk adjustment
\u00a0 \u00a0
The confidence level technique used by the Group to determine the risk adjustment required
\u00a0 \u00a0
estimation of the probability distribution of the present value of future cash flows arising from
\u00a0 \u00a0
liabilities for incurred claims, including estimates of possible favourable and unfavourable outcomes.
\u00a0 \u00a0
These probability distributions were 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
\u00a0
benefit\u00a0obligation
determined using actuarial valuations. Actuarial valuations involve making assumptions about
\u00a0 \u00a0
discount rates, expected rates of return on assets, future salary increases, mortality rates and
\u00a0 \u00a0
future pension increases. Due to the complexity of the valuation, the underlying assumptions and
\u00a0 \u00a0
its\u00a0long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions.
\u00a0 \u00a0
All assumptions are reviewed at each reporting date.
\u00a0 \u00a0
All significant assumptions and estimates involved in arriving at the valuation of the pension scheme
\u00a0 \u00a0
obligation are set out in Note 27.
2.3u)
Valuation of restructuring
The Group recognises a restructuring provision when a detailed plan identifies the business, or
\u00a0
provision
part\u00a0of the business concerned, together with the location and number of employees affected.
\u00a0 \u00a0
This\u00a0requires detailed estimation of the associated costs, the timeline of the restructuring
\u00a0 \u00a0
programme and the employees affected.
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00113": { "value": "Significant estimates All estimates are based on management\u2019s knowledge of current facts and circumstances, assumptions based on that knowledge and predictions of future events and actions. Actual results may, therefore, di\ufb00er from those estimates. The table below sets out those items the Group considers to have a signi\ufb01cant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities, together with the relevant accounting policy. \n\n\n\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\n\t\n\t\n\t\t\n\t\t\tAcc. policy \n\t\t\tItems involving estimation \n\t\t\tSources of estimation uncertainty \n\t\t\n\t\t\n\t\t\t2.3a)i) \n\t\t\tRevenue recognition \u2013 \n\t\t\tThe standalone selling price of the option to fix within the Group\u2019s three-year fixed-price feature \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\tthree-year fixed-price \n\t\t\toffered by the Insurance Broking division was estimated using the expected cost plus a margin \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\tproduct \n\t\t\tapproach, as set out in paragraph 79 (b) of IFRS 15. \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tAn allowance was also made for the likelihood that the option will be exercised by factoring in the \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\texpected rate of renewal at the first and second renewal dates. The amount of revenue deferred \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tupon initial recognition is, therefore, reduced to the extent that it is estimated that customers will \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tnot exercise the option because they either decide not to renew or they make a claim that releases \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tthe Group from its obligation to fix the customer price. \n\t\t\n\t\t\n\t\t\t2.3f) and \n\t\t\tUseful economic lives and \n\t\t\tThe useful economic lives and residual values of software assets classified as intangible assets \n\t\t\n\t\t\n\t\t\t2.3i) \n\t\t\tresidual values of software \n\t\t\t(Note 15) and Ocean Cruise ship assets classified as property, plant and equipment (Note 17) are \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\tintangible assets and \n\t\t\tassessed upon the capitalisation of each asset and, at each reporting date, are based upon the \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\tOcean\u00a0Cruise ships \n\t\t\texpected consumption of future economic benefits of the asset. Estimated residual values and \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tuseful lives are reviewed annually. Changes in the expected useful life or the expected pattern of \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tconsumption of future economic benefits embodied in the asset are considered to modify the \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tamortisation or depreciation period or method, as appropriate, and are treated as changes in \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\taccounting estimates. In relation to the annual review of estimated residual values and useful lives \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tof\u00a0Ocean Cruise ships, potential environmental regulatory changes are also considered. \n\t\t\n\t\t\n\t\t\t2.3h) \n\t\t\tGoodwill impairment \n\t\t\tThe Group determines whether goodwill needs to be impaired on an annual basis, or more \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\ttesting \n\t\t\tfrequently as required. This requires an estimation of the value-in-use of the CGUs to which \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tgoodwill is allocated. The value-in-use calculation requires the Group to estimate the future cash \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tflows expected to arise from the CGUs, discounted at a suitably risk-adjusted rate to calculate \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tpresent value. \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tThe impact of changes to pricing rules set by the FCA following the completion of the GIPP market \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tstudy, particularly the highly competitive motor insurance market and the adverse impact on profit \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tbefore tax in the prior year, and the transition to a partnership model of operation for the Insurance \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tBroking business, increased the estimation uncertainty in the Insurance Broking CGU. The \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\toutcome of the impairment reviews conducted concluded that an impairment charge of \u00a3138.3m \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tbe recognised against the Group\u2019s Insurance Broking CGU at 31 July 2024. No further impairment \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\twas required at\u00a031\u00a0January 2025, 31 July 2025 or 31 January 2026. \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tSensitivity analysis was undertaken to determine the effect of changing the discount rate, the \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tterminal value and future cash flows on the present value calculation, as shown in Note 16a. \n\t\t\n\t\t\n\t\t\t2.3r) \n\t\t\tValuation of insurance \n\t\t\tEstimates of future cash flows to fulfil liabilities for incurred claims \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\tcontract liabilities \n\t\t\tFor insurance contracts, estimates had to be made for the expected cost of claims known but not \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t(and\u00a0related reinsurance \n\t\t\tyet settled (case reserves) and for the expected cost of IBNR claims, at the reporting date. It can \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\tcontract assets) \n\t\t\ttake a significant period of time before the ultimate claims cost can be established with certainty. \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t(discontinued operations) \n\t\t\t The ultimate cost of incurred claims was estimated by using a range of standard actuarial claims \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tprojection techniques, such as the Chain-Ladder and Bornhuetter-Ferguson methods. The main \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tassumption underlying these techniques was that past claims development experience can be used \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tto project future claims development and hence ultimate claims costs. As such, these methods \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\textrapolated the development of paid and incurred losses, average costs per claim and claim \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tvolumes based on the observed development of earlier years. Historical claims development was \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tprimarily analysed by accident year, geographical area, significant business line and peril. Additional \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tqualitative judgement was used to assess the extent to which past trends may not have applied in \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tthe future (e.g. to reflect one-off occurrences, changes in external or market factors such as public \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tattitudes to claiming, economic conditions, levels of claims inflation, judicial decisions and legislation, \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tas well as internal factors such as portfolio mix, policy features and claims handling procedures) in \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\torder to arrive at the best estimate of the ultimate cost of claims. \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tThe estimate of future cash flows arising from PPO liabilities required an assumption for carer wage \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tinflation. This assumption was set at 1.5% above the discount rate applied to liabilities for incurred \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tclaims (see overleaf). \n\t\t\n\t\n\n\n\n \n\t\t\n\t\t\tAcc. policy \n\t\t\tItems involving estimation \n\t\t\tSources of estimation uncertainty \n\t\t\n\t\t\n\t\t\t2.3r) \n\t\t\tValuation of insurance \n\t\t\tDiscount rate applied to liabilities for incurred claims \n\t\t\n\t\t\n\t\t\tcontinued \n\t\t\tcontract liabilities \n\t\t\tAll the Group\u2019s liabilities for incurred claims (and related reinsurance assets) were discounted. \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t(and\u00a0related reinsurance \n\t\t\t \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\tcontract assets) \n\t\t\tThe determination of the discount rate applied to liabilities for incurred claims was an estimate. \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t(discontinued operation) \n\t\t\tThis\u00a0discount rate reflected the current risk-free interest rate in the currency of the insurance \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\tcontinued \n\t\t\tliabilities, being GBP, plus an illiquidity premium. Such a discount rate was not observable and, \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\ttherefore, had to be estimated. The discount rate was estimated by removing from the yield curve \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tof\u00a0a\u00a0portfolio of GBP-denominated corporate bonds an estimate of the components of that yield \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tthat related to expected and unexpected credit losses. The portfolio of corporate bonds used \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\treflected the debt securities that the Group held to support its insurance liabilities. \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tFollowing this approach, the GBP discount rate curves that were applied to liabilities for incurred \n\t\tclaims were as follows: \n\t\n \n\n\n\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\n\t\n\t\n\t\t\n\t\t\t \u00a0\n\t\t\t1 year \n\t\t\t3 years \n\t\t\t5 years \n\t\t\t10 years \n\t\t\t20 years \n\t\t\t30 years \n\t\t\n\t\t\n\t\t\t31 January 2025 \n\t\t\t4.5% \n\t\t\t4.4% \n\t\t\t4.5% \n\t\t\t4.9% \n\t\t\t5.5% \n\t\t\t5.6% \n\t\t\n\t\n\n\n\n\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\n\t\n\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tThe sensitivity of this assumption is shown in Note 20a(iii). \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tRisk adjustment \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tThe confidence level technique used by the Group to determine the risk adjustment required \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\testimation of the probability distribution of the present value of future cash flows arising from \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tliabilities for incurred claims, including estimates of possible favourable and unfavourable outcomes. \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tThese probability distributions were estimated both gross and net of reinsurance. \n\t\t\n\t\t\n\t\t\t2.3t) \n\t\t\tValuation of pension \n\t\t\tThe cost of defined benefit pension plans, and the present value of the pension obligation, are \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\tbenefit\u00a0obligation \n\t\t\tdetermined using actuarial valuations. Actuarial valuations involve making assumptions about \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tdiscount rates, expected rates of return on assets, future salary increases, mortality rates and \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tfuture pension increases. Due to the complexity of the valuation, the underlying assumptions and \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tits\u00a0long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tAll assumptions are reviewed at each reporting date. \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tAll significant assumptions and estimates involved in arriving at the valuation of the pension scheme \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tobligation are set out in Note 27. \n\t\t\n\t\t\n\t\t\t2.3u) \n\t\t\tValuation of restructuring \n\t\t\tThe Group recognises a restructuring provision when a detailed plan identifies the business, or \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\tprovision \n\t\t\tpart\u00a0of the business concerned, together with the location and number of employees affected. \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tThis\u00a0requires detailed estimation of the associated costs, the timeline of the restructuring \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\tprogramme and the employees affected. \n\t\t\n\t\n\n", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00112": { "value": "Significant estimates
All estimates are based on management\u2019s knowledge of current facts and circumstances, assumptions based on that knowledge and predictions
of future events and actions. Actual results may, therefore, di\ufb00er from those estimates.
The table below sets out those items the Group considers to have a signi\ufb01cant risk of resulting in a material adjustment to the carrying amounts
of assets and liabilities, together with the relevant accounting policy.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
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
\u00a0
three-year fixed-price
offered by the Insurance Broking division was estimated using the expected cost plus a margin
\u00a0
product
approach, as set out in paragraph 79 (b) of IFRS 15.
\u00a0 \u00a0
An allowance was also made for the likelihood that the option will be exercised by factoring in the
\u00a0 \u00a0
expected rate of renewal at the first and second renewal dates. The amount of revenue deferred
\u00a0 \u00a0
upon initial recognition is, therefore, reduced to the extent that it is estimated that customers will
\u00a0 \u00a0
not exercise the option because they either decide not to renew or they make a claim that releases
\u00a0 \u00a0
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
\u00a0
intangible assets and
assessed upon the capitalisation of each asset and, at each reporting date, are based upon the
\u00a0
Ocean\u00a0Cruise ships
expected consumption of future economic benefits of the asset. Estimated residual values and
\u00a0 \u00a0
useful lives are reviewed annually. Changes in the expected useful life or the expected pattern of
\u00a0 \u00a0
consumption of future economic benefits embodied in the asset are considered to modify the
\u00a0 \u00a0
amortisation or depreciation period or method, as appropriate, and are treated as changes in
\u00a0 \u00a0
accounting estimates. In relation to the annual review of estimated residual values and useful lives
\u00a0 \u00a0
of\u00a0Ocean 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
\u00a0
testing
frequently as required. This requires an estimation of the value-in-use of the CGUs to which
\u00a0 \u00a0
goodwill is allocated. The value-in-use calculation requires the Group to estimate the future cash
\u00a0 \u00a0
flows expected to arise from the CGUs, discounted at a suitably risk-adjusted rate to calculate
\u00a0 \u00a0
present value.
\u00a0 \u00a0
The impact of changes to pricing rules set by the FCA following the completion of the GIPP market
\u00a0 \u00a0
study, particularly the highly competitive motor insurance market and the adverse impact on profit
\u00a0 \u00a0
before tax in the prior year, and the transition to a partnership model of operation for the Insurance
\u00a0 \u00a0
Broking business, increased the estimation uncertainty in the Insurance Broking CGU. The
\u00a0 \u00a0
outcome of the impairment reviews conducted concluded that an impairment charge of \u00a3138.3m
\u00a0 \u00a0
be recognised against the Group\u2019s Insurance Broking CGU at 31 July 2024. No further impairment
\u00a0 \u00a0
was required at\u00a031\u00a0January 2025, 31 July 2025 or 31 January 2026.
\u00a0 \u00a0
Sensitivity analysis was undertaken to determine the effect of changing the discount rate, the
\u00a0 \u00a0
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
\u00a0
contract liabilities
For insurance contracts, estimates had to be made for the expected cost of claims known but not
\u00a0
(and\u00a0related reinsurance
yet settled (case reserves) and for the expected cost of IBNR claims, at the reporting date. It can
\u00a0
contract assets)
take a significant period of time before the ultimate claims cost can be established with certainty.
\u00a0
(discontinued operations)
The ultimate cost of incurred claims was estimated by using a range of standard actuarial claims
\u00a0 \u00a0
projection techniques, such as the Chain-Ladder and Bornhuetter-Ferguson methods. The main
\u00a0 \u00a0
assumption underlying these techniques was that past claims development experience can be used
\u00a0 \u00a0
to project future claims development and hence ultimate claims costs. As such, these methods
\u00a0 \u00a0
extrapolated the development of paid and incurred losses, average costs per claim and claim
\u00a0 \u00a0
volumes based on the observed development of earlier years. Historical claims development was
\u00a0 \u00a0
primarily analysed by accident year, geographical area, significant business line and peril. Additional
\u00a0 \u00a0
qualitative judgement was used to assess the extent to which past trends may not have applied in
\u00a0 \u00a0
the future (e.g. to reflect one-off occurrences, changes in external or market factors such as public
\u00a0 \u00a0
attitudes to claiming, economic conditions, levels of claims inflation, judicial decisions and legislation,
\u00a0 \u00a0
as well as internal factors such as portfolio mix, policy features and claims handling procedures) in
\u00a0 \u00a0
order to arrive at the best estimate of the ultimate cost of claims.
\u00a0 \u00a0
The estimate of future cash flows arising from PPO liabilities required an assumption for carer wage
\u00a0 \u00a0
inflation. This assumption was set at 1.5% above the discount rate applied to liabilities for incurred
\u00a0 \u00a0
claims (see overleaf).
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
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
All the Group\u2019s liabilities for incurred claims (and related reinsurance assets) were discounted.
\u00a0
(and\u00a0related reinsurance
\u00a0
contract assets)
The determination of the discount rate applied to liabilities for incurred claims was an estimate.
\u00a0
(discontinued operation)
This\u00a0discount rate reflected the current risk-free interest rate in the currency of the insurance
\u00a0
continued
liabilities, being GBP, plus an illiquidity premium. Such a discount rate was not observable and,
\u00a0 \u00a0
therefore, had to be estimated. The discount rate was estimated by removing from the yield curve
\u00a0 \u00a0
of\u00a0a\u00a0portfolio of GBP-denominated corporate bonds an estimate of the components of that yield
\u00a0 \u00a0
that related to expected and unexpected credit losses. The portfolio of corporate bonds used
\u00a0 \u00a0
reflected the debt securities that the Group held to support its insurance liabilities.
\u00a0 \u00a0
Following this approach, the GBP discount rate curves that were applied to liabilities for incurred
claims were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
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%
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
The sensitivity of this assumption is shown in Note 20a(iii).
\u00a0 \u00a0
Risk adjustment
\u00a0 \u00a0
The confidence level technique used by the Group to determine the risk adjustment required
\u00a0 \u00a0
estimation of the probability distribution of the present value of future cash flows arising from
\u00a0 \u00a0
liabilities for incurred claims, including estimates of possible favourable and unfavourable outcomes.
\u00a0 \u00a0
These probability distributions were 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
\u00a0
benefit\u00a0obligation
determined using actuarial valuations. Actuarial valuations involve making assumptions about
\u00a0 \u00a0
discount rates, expected rates of return on assets, future salary increases, mortality rates and
\u00a0 \u00a0
future pension increases. Due to the complexity of the valuation, the underlying assumptions and
\u00a0 \u00a0
its\u00a0long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions.
\u00a0 \u00a0
All assumptions are reviewed at each reporting date.
\u00a0 \u00a0
All significant assumptions and estimates involved in arriving at the valuation of the pension scheme
\u00a0 \u00a0
obligation are set out in Note 27.
2.3u)
Valuation of restructuring
The Group recognises a restructuring provision when a detailed plan identifies the business, or
\u00a0
provision
part\u00a0of the business concerned, together with the location and number of employees affected.
\u00a0 \u00a0
This\u00a0requires detailed estimation of the associated costs, the timeline of the restructuring
\u00a0 \u00a0
programme and the employees affected.
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingEstimatesExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00246": { "value": "3 Segmental information
For management purposes, the Group is organised into business units based on their products and services. The Group has three reportable
operating segments as follows:
\u2022
Travel:
comprises the operation and delivery of Ocean and River Cruise holidays (
Cruise
), as well as package tour and other holiday
products (
Holidays
). The Group owns and operates two Ocean Cruise ships. All other holiday and River Cruise products are packaged
together with third-party supplied accommodation, flights and other transport arrangements. The segment is analysed into three
product\u00a0sub-segments:
\u2013
Ocean Cruise
\u2013
River Cruise
\u2013
Holidays
\u2022
Insurance:
comprises the provision of general insurance products.
Insurance Broking segment revenue is derived primarily from insurance broking and commission receivable in connection with the sale or
renewal of insurance policies.
The results of the Group\u2019s underwriting and claims handling businesses have been classi\ufb01ed as discontinued operations following the disposal
of the Group\u2019s Insurance Underwriting business and are no longer shown in the tables overleaf (see Note 38a for further details).
\u2022
Other Businesses and Central Costs:
comprises the Group\u2019s other businesses and its central cost base. The other businesses primarily
include Saga Money (the personal finance product offering), Saga Publishing, and the Group\u2019s mailing and printing business, CustomerKNECT.
Segment performance is evaluated using the Group\u2019s key performance measure of Underlying Pro\ufb01t Before Tax
5
. Items not included within a
speci\ufb01c segment relate to transactions that do not form part of the ongoing segment performance or are managed at a Group level.
All revenue is generated solely in the UK.
Transfer prices between operating segments are set on an arm\u2019s-length basis, in a manner similar to transactions with third parties. Segment
income, expenses and results include transfers between business segments that are then eliminated on consolidation.
Goodwill, bonds, the term loan and the loan facility provided by Roger De Haan are not included within segments as they are managed on a
Group\u00a0basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00115": { "value": "3 Segmental information
For management purposes, the Group is organised into business units based on their products and services. The Group has three reportable
operating segments as follows:
\u2022
Travel:
comprises the operation and delivery of Ocean and River Cruise holidays (
Cruise
), as well as package tour and other holiday
products (
Holidays
). The Group owns and operates two Ocean Cruise ships. All other holiday and River Cruise products are packaged
together with third-party supplied accommodation, flights and other transport arrangements. The segment is analysed into three
product\u00a0sub-segments:
\u2013
Ocean Cruise
\u2013
River Cruise
\u2013
Holidays
\u2022
Insurance:
comprises the provision of general insurance products.
Insurance Broking segment revenue is derived primarily from insurance broking and commission receivable in connection with the sale or
renewal of insurance policies.
The results of the Group\u2019s underwriting and claims handling businesses have been classi\ufb01ed as discontinued operations following the disposal
of the Group\u2019s Insurance Underwriting business and are no longer shown in the tables overleaf (see Note 38a for further details).
\u2022
Other Businesses and Central Costs:
comprises the Group\u2019s other businesses and its central cost base. The other businesses primarily
include Saga Money (the personal finance product offering), Saga Publishing, and the Group\u2019s mailing and printing business, CustomerKNECT.
Segment performance is evaluated using the Group\u2019s key performance measure of Underlying Pro\ufb01t Before Tax
5
. Items not included within a
speci\ufb01c segment relate to transactions that do not form part of the ongoing segment performance or are managed at a Group level.
All revenue is generated solely in the UK.
Transfer prices between operating segments are set on an arm\u2019s-length basis, in a manner similar to transactions with third parties. Segment
income, expenses and results include transfers between business segments that are then eliminated on consolidation.
Goodwill, bonds, the term loan and the loan facility provided by Roger De Haan are not included within segments as they are managed on a
Group\u00a0basis.
5
Refer to the Alternative Performance Measures Glossary on pages 194-196 for definition and explanation
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Other
\u00a0\u00a0
\u00a0
Travel
\u00a0
Businesses
\u00a0\u00a0
\u00a0
Ocean
River
\u00a0\u00a0
Insurance
and Central
\u00a0\u00a0
\u00a0
Cruise
Cruise
Holidays
Total
Broking
Costs
Adjustments
Total
2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Continuing operations
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Revenue
264.0
53.1
184.0
501.1
139.9
24.8
(5.8)
660.0
Cost of sales
(152.0)
(36.4)
(138.1)
(326.5)
(1.7)
(13.1)
0.2
(341.1)
Gross profit/(loss)
112.0
16.7
45.9
174.6
138.2
11.7
(5.6)
318.9
Administrative and selling expenses
(31.5)
(11.1)
(36.3)
(78.9)
(128.0)
(52.2)
5.3
(253.8)
Impairment of non-financial assets
(0.1)
\u2013
\u2013
(0.1)
(0.4)
\u2013
\u2013
(0.5)
Investment income
\u2013
0.5
1.5
2.0
1.0
13.1
(10.0)
6.1
Finance costs
(16.0)
(2.1)
(0.2)
(18.3)
\u2013
(50.6)
0.3
(68.6)
Profit/(loss) before tax
64.4
4.0
10.9
79.3
10.8
(78.0)
(10.0)
2.1
Reconciliation to Underlying
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Profit/(Loss) Before Tax
6
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Profit/(loss) before tax
64.4
4.0
10.9
79.3
10.8
(78.0)
(10.0)
2.1
Net fair value loss/(gain) on derivative
0.7
(0.1)
0.1
0.7
\u2013
\u2013
\u2013
0.7
financial\u00a0instruments
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Impairment of non-financial assets
0.1
\u2013
\u2013
0.1
0.4
1.4
\u2013
1.9
Amortisation of fees and costs
\u2013
\u2013
\u2013
\u2013
\u2013
7.6
\u2013
7.6
relating\u00a0to the Group\u2019s previous
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
corporate debt
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Restructuring costs
\u2013
\u2013
2.3
2.3
0.1
19.1
\u2013
21.5
Foreign exchange movement on
\u2013
0.8
\u2013
0.8
\u2013
\u2013
\u2013
0.8
River\u00a0Cruise lease\u00a0liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Affinity Partnership transition
\u2013
\u2013
\u2013
\u2013
13.9
\u2013
\u2013
13.9
Release of deferred revenue on
\u2013
\u2013
\u2013
\u2013
(7.0)
\u2013
\u2013
(7.0)
three-year fixed-price product
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Onerous contract provision
\u2013
\u2013
\u2013
\u2013
(1.3)
\u2013
\u2013
(1.3)
Modification of Travel breakage policy
1.6
0.3
0.7
2.6
\u2013
\u2013
\u2013
2.6
Ocean Cruise dry dock costs
0.5
\u2013
\u2013
0.5
\u2013
\u2013
\u2013
0.5
IFRS 16 lease accounting adjustment
\u2013
0.9
\u2013
0.9
\u2013
\u2013
\u2013
0.9
on\u00a0River Cruise\u00a0vessels
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Underlying Profit/(Loss) Before Tax
6
67.3
5.9
14.0
87.2
16.9
(49.9)
(10.0)
44.2
\n
6
Refer to the Alternative Performance Measures Glossary on pages 194-196 for definition and explanation
\n \n
Other
Travel
Businesses
Ocean
River
Insurance
and Central
Cruise
Cruise
Holidays
Total
Broking
Costs
Adjustments
Total
2025 (re-presented
7
)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Continuing operations
Revenue
236.7
49.4
167.8
453.9
114.4
24.6
(4.6)
588.3
Cost of sales
(140.6)
(33.3)
(126.1)
(300.0)
\u2013
(8.8)
\u2013
(308.8)
Gross profit/(loss)
96.1
16.1
41.7
153.9
114.4
15.8
(4.6)
279.5
Administrative and selling expenses
(30.5)
(11.0)
(33.8)
(75.3)
(119.8)
(43.1)
4.6
(233.6)
Impairment of non-financial assets
\u2013
\u2013
\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,
\u2013
\u2013
0.9
0.9
\u2013
\u2013
\u2013
0.9
plant\u00a0and equipment
Investment income
\u2013
0.5
1.0
1.5
0.9
3.7
\u2013
6.1
Finance costs
(18.4)
(1.5)
(0.3)
(20.2)
\u2013
(30.3)
\u2013
(50.5)
Profit/(loss) before tax
47.2
4.1
9.5
60.8
(25.8)
(56.9)
(138.3)
(160.2)
Reconciliation to Underlying
Profit/(Loss) Before Tax
8
Profit/(loss) before tax
47.2
4.1
9.5
60.8
(25.8)
(56.9)
(138.3)
(160.2)
Net fair value loss on derivative
\u2013
\u2013
0.3
0.3
\u2013
\u2013
\u2013
0.3
financial\u00a0instruments
Impairment of Insurance
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
138.3
138.3
Broking\u00a0goodwill
Impairment of non-financial assets
\u2013
\u2013
\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\u00a0De Haan loan facility
Restructuring costs
\u2013
\u2013
0.9
0.9
18.2
9.3
\u2013
28.4
Foreign exchange movement on
\u2013
(0.6)
\u2013
(0.6)
\u2013
\u2013
\u2013
(0.6)
River\u00a0Cruise lease\u00a0liabilities
Onerous contract provision
\u2013
\u2013
\u2013
\u2013
(1.8)
\u2013
\u2013
(1.8)
Profit share on cessation of private
\u2013
\u2013
\u2013
\u2013
2.6
\u2013
\u2013
2.6
medical insurance (
PMI
) contract
Ocean Cruise customer compensation
1.7
\u2013
\u2013
1.7
\u2013
\u2013
\u2013
1.7
and dry dock costs
IFRS 16 lease accounting adjustment
\u2013
0.5
\u2013
0.5
\u2013
\u2013
\u2013
0.5
on\u00a0River Cruise\u00a0vessels
Underlying Profit/(Loss) Before Tax
8
48.9
4.0
10.7
63.6
14.5
(40.9)
\u2013
37.2
\n
Analysis of total assets less liabilities by segment:
\n\n \n
2026
2025
\u00a3m
\u00a3m
Travel
91.8
129.1
Insurance
(55.9)
9.8
Other Businesses and Central Costs
152.2
38.1
Adjustments
(118.4)
(119.3)
69.7
57.7
\n
Discontinued operations assets and liabilities held for sale (Note 38a) are included within the Insurance segment total assets less liabilities
\n
\ufb01gure\u00a0above.
\n
7
The comparative information for the year to 31 January 2025 has been re-presented from that previously published due to the Group\u2019s decision to divest itself of the underwriting
\n
and claims handling sections of its Insurance business
\n
8
Refer to the Alternative Performance Measures Glossary on pages 194-196 for definition and explanation
Total assets less liabilities detailed as adjustments relates to the following unallocated items:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Goodwill (Note 14)
206.4
206.4
Bonds, term loan and the loan facility provided by Roger De Haan
(324.8)
(325.7)
\u00a0
(118.4)
(119.3)
\n
Disaggregation of revenue
The following table provides a disaggregation of the Group\u2019s revenue by major product line, analysed by its core operating segments.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
\u00a0 \u00a0 \u00a0
Other
\u00a0
\u00a0 \u00a0 \u00a0
Businesses
\u00a0
\u00a0 \u00a0 \u00a0
and Central
\u00a0
\u00a0
Travel
Insurance
Costs
Total
Major product lines
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Continuing operations
\u00a0 \u00a0 \u00a0 \u00a0
Ocean Cruise
264.0
\u00a0 \u00a0
264.0
River Cruise
53.1
\u00a0 \u00a0
53.1
Holidays
184.0
\u00a0 \u00a0
184.0
Motor broking
\u00a0
52.9
\u00a0
52.9
Home broking
\u00a0
39.4
\u00a0
39.4
Other broking
\u00a0
47.6
\u00a0
47.6
Money
\u00a0 \u00a0
6.1
6.1
Publishing and CustomerKNECT
\u00a0 \u00a0
11.3
11.3
Other
\u00a0 \u00a0
1.6
1.6
\u00a0
501.1
139.9
19.0
660.0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0 \u00a0 \u00a0
Other
\u00a0
\u00a0 \u00a0 \u00a0
Businesses
\u00a0
\u00a0 \u00a0 \u00a0
and Central
\u00a0
\u00a0
Travel
Insurance
Costs
Total
Major product lines
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Continuing operations
\u00a0 \u00a0 \u00a0 \u00a0
Ocean Cruise
236.7
\u00a0 \u00a0
236.7
River Cruise
49.4
\u00a0 \u00a0
49.4
Holidays
167.8
\u00a0 \u00a0
167.8
Motor broking
\u00a0
45.9
\u00a0
45.9
Home broking
\u00a0
31.8
\u00a0
31.8
Other broking
\u00a0
36.7
\u00a0
36.7
Money
\u00a0 \u00a0
5.6
5.6
Publishing and CustomerKNECT
\u00a0 \u00a0
13.9
13.9
Other
\u00a0 \u00a0
0.5
0.5
\u00a0
453.9
114.4
20.0
588.3
\n
Included in Insurance Broking revenue is instalment interest income on premium \ufb01nancing of \u00a39.2m (2025: \u00a310.2m).
4 Revenue from contracts with customers balances
a) Contract balances
The following table provides information about contract assets and contract liabilities from contracts with customers as accounted for under
IFRS 15 (the amounts stated here are not insurance acquisition cash \ufb02ow assets accounted for under IFRS 17):
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Contract cost assets (Note 23)
8.1
4.9
Contract liabilities (Note 29)
252.2
176.8
\n
The contract cost assets relate to commissions paid to price-comparison websites to acquire new business policies not underwritten by
the\u00a0Group.
Management expects that incremental commission fees paid to price-comparison websites, as a result of obtaining insurance contracts,
are\u00a0recoverable. The Group has, therefore, capitalised them as contract assets amounting to \u00a35.4m for the year ended 31 January 2026
(2025:\u00a0\u00a32.0m). These fees are amortised over the period of the expected renewal cycle. In the year to 31 January 2026, the amount of
amortisation was \u00a32.2m (2025: \u00a32.3m) and there was no impairment loss in relation to the costs capitalised.
Applying the practical expedient in paragraph 94 of IFRS 15, the Group recognises the incremental costs of obtaining contracts as an expense
when incurred if the amortisation period of the assets that the Group otherwise would have recognised is one year or less.
The contract liabilities primarily relate to the deferral of revenue for performance obligations not satis\ufb01ed, at 31 January, and comprise the
advance consideration received from customers for holidays or cruises booked, but not travelled; insurance premium street pricing
adjustments and revenues received in advance of the cover start date (where the policy was not underwritten by the Group); and motor and
home insurance A\ufb03nity Partnership consideration received from Ageas (Note 38a). There was no revenue recognised in the current reporting
year that related to performance obligations that were satis\ufb01ed in a prior year.
Signi\ufb01cant changes in the contract cost assets and the contract liabilities during the year are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
Contract cost
Contract
Contract cost
Contract
\u00a0
assets
liabilities
assets
liabilities
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 1 February
4.9
176.8
3.6
159.8
Released to the income statement in the period
(2.2)
(422.8)
(2.3)
(395.4)
Additional contract balances incurred during the year
5.4
514.5
2.0
435.4
Amounts refunded to customers
\u2013
(16.3)
\u2013
(23.5)
Amounts reclassified to assets/liabilities held for sale
\u2013
\u2013
1.6
0.5
Balance at 31 January
8.1
252.2
4.9
176.8
\n
b) Transaction price allocated to the remaining performance obligations
At 31 January 2025, the transaction price allocated to three-year \ufb01xed-price insurance policy renewal options, where the remaining
performance obligations were not\u00a0expected to be satis\ufb01ed within the next 12 months, was \u00a31.2m. This was expected to be recognised as revenue
in the subsequent one to two years. Following the Group\u2019s disposal of the underwriting and claims handling sections of its Insurance business
(Note 38a) and migration of policies to Ageas, as at 31 January 2026, the remaining performance obligations not expected to be satis\ufb01ed within
the next 12 months is \u00a3nil.
The transaction price allocated to customer contracts within the Travel segment, where the remaining performance obligations are not
expected to be satis\ufb01ed within the next 12 months, is \u00a38.9m (2025: \u00a33.8m). This is expected to be recognised as revenue in the subsequent
one\u00a0to two years.
The Group applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose information about remaining performance
obligations that have original expected durations of one year or less. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00116": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Other
\u00a0\u00a0
\u00a0
Travel
\u00a0
Businesses
\u00a0\u00a0
\u00a0
Ocean
River
\u00a0\u00a0
Insurance
and Central
\u00a0\u00a0
\u00a0
Cruise
Cruise
Holidays
Total
Broking
Costs
Adjustments
Total
2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Continuing operations
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Revenue
264.0
53.1
184.0
501.1
139.9
24.8
(5.8)
660.0
Cost of sales
(152.0)
(36.4)
(138.1)
(326.5)
(1.7)
(13.1)
0.2
(341.1)
Gross profit/(loss)
112.0
16.7
45.9
174.6
138.2
11.7
(5.6)
318.9
Administrative and selling expenses
(31.5)
(11.1)
(36.3)
(78.9)
(128.0)
(52.2)
5.3
(253.8)
Impairment of non-financial assets
(0.1)
\u2013
\u2013
(0.1)
(0.4)
\u2013
\u2013
(0.5)
Investment income
\u2013
0.5
1.5
2.0
1.0
13.1
(10.0)
6.1
Finance costs
(16.0)
(2.1)
(0.2)
(18.3)
\u2013
(50.6)
0.3
(68.6)
Profit/(loss) before tax
64.4
4.0
10.9
79.3
10.8
(78.0)
(10.0)
2.1
Reconciliation to Underlying
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Profit/(Loss) Before Tax
6
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Profit/(loss) before tax
64.4
4.0
10.9
79.3
10.8
(78.0)
(10.0)
2.1
Net fair value loss/(gain) on derivative
0.7
(0.1)
0.1
0.7
\u2013
\u2013
\u2013
0.7
financial\u00a0instruments
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Impairment of non-financial assets
0.1
\u2013
\u2013
0.1
0.4
1.4
\u2013
1.9
Amortisation of fees and costs
\u2013
\u2013
\u2013
\u2013
\u2013
7.6
\u2013
7.6
relating\u00a0to the Group\u2019s previous
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
corporate debt
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Restructuring costs
\u2013
\u2013
2.3
2.3
0.1
19.1
\u2013
21.5
Foreign exchange movement on
\u2013
0.8
\u2013
0.8
\u2013
\u2013
\u2013
0.8
River\u00a0Cruise lease\u00a0liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Affinity Partnership transition
\u2013
\u2013
\u2013
\u2013
13.9
\u2013
\u2013
13.9
Release of deferred revenue on
\u2013
\u2013
\u2013
\u2013
(7.0)
\u2013
\u2013
(7.0)
three-year fixed-price product
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Onerous contract provision
\u2013
\u2013
\u2013
\u2013
(1.3)
\u2013
\u2013
(1.3)
Modification of Travel breakage policy
1.6
0.3
0.7
2.6
\u2013
\u2013
\u2013
2.6
Ocean Cruise dry dock costs
0.5
\u2013
\u2013
0.5
\u2013
\u2013
\u2013
0.5
IFRS 16 lease accounting adjustment
\u2013
0.9
\u2013
0.9
\u2013
\u2013
\u2013
0.9
on\u00a0River Cruise\u00a0vessels
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Underlying Profit/(Loss) Before Tax
6
67.3
5.9
14.0
87.2
16.9
(49.9)
(10.0)
44.2
\n
6
Refer to the Alternative Performance Measures Glossary on pages 194-196 for definition and explanation
\n\n\n\n \n
Other
Travel
Businesses
Ocean
River
Insurance
and Central
Cruise
Cruise
Holidays
Total
Broking
Costs
Adjustments
Total
2025 (re-presented
7
)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Continuing operations
Revenue
236.7
49.4
167.8
453.9
114.4
24.6
(4.6)
588.3
Cost of sales
(140.6)
(33.3)
(126.1)
(300.0)
\u2013
(8.8)
\u2013
(308.8)
Gross profit/(loss)
96.1
16.1
41.7
153.9
114.4
15.8
(4.6)
279.5
Administrative and selling expenses
(30.5)
(11.0)
(33.8)
(75.3)
(119.8)
(43.1)
4.6
(233.6)
Impairment of non-financial assets
\u2013
\u2013
\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,
\u2013
\u2013
0.9
0.9
\u2013
\u2013
\u2013
0.9
plant\u00a0and equipment
Investment income
\u2013
0.5
1.0
1.5
0.9
3.7
\u2013
6.1
Finance costs
(18.4)
(1.5)
(0.3)
(20.2)
\u2013
(30.3)
\u2013
(50.5)
Profit/(loss) before tax
47.2
4.1
9.5
60.8
(25.8)
(56.9)
(138.3)
(160.2)
Reconciliation to Underlying
Profit/(Loss) Before Tax
8
Profit/(loss) before tax
47.2
4.1
9.5
60.8
(25.8)
(56.9)
(138.3)
(160.2)
Net fair value loss on derivative
\u2013
\u2013
0.3
0.3
\u2013
\u2013
\u2013
0.3
financial\u00a0instruments
Impairment of Insurance
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
138.3
138.3
Broking\u00a0goodwill
Impairment of non-financial assets
\u2013
\u2013
\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\u00a0De Haan loan facility
Restructuring costs
\u2013
\u2013
0.9
0.9
18.2
9.3
\u2013
28.4
Foreign exchange movement on
\u2013
(0.6)
\u2013
(0.6)
\u2013
\u2013
\u2013
(0.6)
River\u00a0Cruise lease\u00a0liabilities
Onerous contract provision
\u2013
\u2013
\u2013
\u2013
(1.8)
\u2013
\u2013
(1.8)
Profit share on cessation of private
\u2013
\u2013
\u2013
\u2013
2.6
\u2013
\u2013
2.6
medical insurance (
PMI
) contract
Ocean Cruise customer compensation
1.7
\u2013
\u2013
1.7
\u2013
\u2013
\u2013
1.7
and dry dock costs
IFRS 16 lease accounting adjustment
\u2013
0.5
\u2013
0.5
\u2013
\u2013
\u2013
0.5
on\u00a0River Cruise\u00a0vessels
Underlying Profit/(Loss) Before Tax
8
48.9
4.0
10.7
63.6
14.5
(40.9)
\u2013
37.2
\n
Analysis of total assets less liabilities by segment:
\n\n \n
2026
2025
\u00a3m
\u00a3m
Travel
91.8
129.1
Insurance
(55.9)
9.8
Other Businesses and Central Costs
152.2
38.1
Adjustments
(118.4)
(119.3)
69.7
57.7
\n
Discontinued operations assets and liabilities held for sale (Note 38a) are included within the Insurance segment total assets less liabilities
\n
\ufb01gure\u00a0above.
\n
7
The comparative information for the year to 31 January 2025 has been re-presented from that previously published due to the Group\u2019s decision to divest itself of the underwriting
\n
and claims handling sections of its Insurance business
\n
8
Refer to the Alternative Performance Measures Glossary on pages 194-196 for definition and explanation
Total assets less liabilities detailed as adjustments relates to the following unallocated items:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Goodwill (Note 14)
206.4
206.4
Bonds, term loan and the loan facility provided by Roger De Haan
(324.8)
(325.7)
\u00a0
(118.4)
(119.3)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00127": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Other
\u00a0\u00a0
\u00a0
Travel
\u00a0
Businesses
\u00a0\u00a0
\u00a0
Ocean
River
\u00a0\u00a0
Insurance
and Central
\u00a0\u00a0
\u00a0
Cruise
Cruise
Holidays
Total
Broking
Costs
Adjustments
Total
2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Continuing operations
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Revenue
264.0
53.1
184.0
501.1
139.9
24.8
(5.8)
660.0
Cost of sales
(152.0)
(36.4)
(138.1)
(326.5)
(1.7)
(13.1)
0.2
(341.1)
Gross profit/(loss)
112.0
16.7
45.9
174.6
138.2
11.7
(5.6)
318.9
Administrative and selling expenses
(31.5)
(11.1)
(36.3)
(78.9)
(128.0)
(52.2)
5.3
(253.8)
Impairment of non-financial assets
(0.1)
\u2013
\u2013
(0.1)
(0.4)
\u2013
\u2013
(0.5)
Investment income
\u2013
0.5
1.5
2.0
1.0
13.1
(10.0)
6.1
Finance costs
(16.0)
(2.1)
(0.2)
(18.3)
\u2013
(50.6)
0.3
(68.6)
Profit/(loss) before tax
64.4
4.0
10.9
79.3
10.8
(78.0)
(10.0)
2.1
Reconciliation to Underlying
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Profit/(Loss) Before Tax
6
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Profit/(loss) before tax
64.4
4.0
10.9
79.3
10.8
(78.0)
(10.0)
2.1
Net fair value loss/(gain) on derivative
0.7
(0.1)
0.1
0.7
\u2013
\u2013
\u2013
0.7
financial\u00a0instruments
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Impairment of non-financial assets
0.1
\u2013
\u2013
0.1
0.4
1.4
\u2013
1.9
Amortisation of fees and costs
\u2013
\u2013
\u2013
\u2013
\u2013
7.6
\u2013
7.6
relating\u00a0to the Group\u2019s previous
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
corporate debt
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Restructuring costs
\u2013
\u2013
2.3
2.3
0.1
19.1
\u2013
21.5
Foreign exchange movement on
\u2013
0.8
\u2013
0.8
\u2013
\u2013
\u2013
0.8
River\u00a0Cruise lease\u00a0liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Affinity Partnership transition
\u2013
\u2013
\u2013
\u2013
13.9
\u2013
\u2013
13.9
Release of deferred revenue on
\u2013
\u2013
\u2013
\u2013
(7.0)
\u2013
\u2013
(7.0)
three-year fixed-price product
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Onerous contract provision
\u2013
\u2013
\u2013
\u2013
(1.3)
\u2013
\u2013
(1.3)
Modification of Travel breakage policy
1.6
0.3
0.7
2.6
\u2013
\u2013
\u2013
2.6
Ocean Cruise dry dock costs
0.5
\u2013
\u2013
0.5
\u2013
\u2013
\u2013
0.5
IFRS 16 lease accounting adjustment
\u2013
0.9
\u2013
0.9
\u2013
\u2013
\u2013
0.9
on\u00a0River Cruise\u00a0vessels
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Underlying Profit/(Loss) Before Tax
6
67.3
5.9
14.0
87.2
16.9
(49.9)
(10.0)
44.2
\n
6
Refer to the Alternative Performance Measures Glossary on pages 194-196 for definition and explanation
\n\n\n\n \n
Other
Travel
Businesses
Ocean
River
Insurance
and Central
Cruise
Cruise
Holidays
Total
Broking
Costs
Adjustments
Total
2025 (re-presented
7
)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Continuing operations
Revenue
236.7
49.4
167.8
453.9
114.4
24.6
(4.6)
588.3
Cost of sales
(140.6)
(33.3)
(126.1)
(300.0)
\u2013
(8.8)
\u2013
(308.8)
Gross profit/(loss)
96.1
16.1
41.7
153.9
114.4
15.8
(4.6)
279.5
Administrative and selling expenses
(30.5)
(11.0)
(33.8)
(75.3)
(119.8)
(43.1)
4.6
(233.6)
Impairment of non-financial assets
\u2013
\u2013
\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,
\u2013
\u2013
0.9
0.9
\u2013
\u2013
\u2013
0.9
plant\u00a0and equipment
Investment income
\u2013
0.5
1.0
1.5
0.9
3.7
\u2013
6.1
Finance costs
(18.4)
(1.5)
(0.3)
(20.2)
\u2013
(30.3)
\u2013
(50.5)
Profit/(loss) before tax
47.2
4.1
9.5
60.8
(25.8)
(56.9)
(138.3)
(160.2)
Reconciliation to Underlying
Profit/(Loss) Before Tax
8
Profit/(loss) before tax
47.2
4.1
9.5
60.8
(25.8)
(56.9)
(138.3)
(160.2)
Net fair value loss on derivative
\u2013
\u2013
0.3
0.3
\u2013
\u2013
\u2013
0.3
financial\u00a0instruments
Impairment of Insurance
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
138.3
138.3
Broking\u00a0goodwill
Impairment of non-financial assets
\u2013
\u2013
\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\u00a0De Haan loan facility
Restructuring costs
\u2013
\u2013
0.9
0.9
18.2
9.3
\u2013
28.4
Foreign exchange movement on
\u2013
(0.6)
\u2013
(0.6)
\u2013
\u2013
\u2013
(0.6)
River\u00a0Cruise lease\u00a0liabilities
Onerous contract provision
\u2013
\u2013
\u2013
\u2013
(1.8)
\u2013
\u2013
(1.8)
Profit share on cessation of private
\u2013
\u2013
\u2013
\u2013
2.6
\u2013
\u2013
2.6
medical insurance (
PMI
) contract
Ocean Cruise customer compensation
1.7
\u2013
\u2013
1.7
\u2013
\u2013
\u2013
1.7
and dry dock costs
IFRS 16 lease accounting adjustment
\u2013
0.5
\u2013
0.5
\u2013
\u2013
\u2013
0.5
on\u00a0River Cruise\u00a0vessels
Underlying Profit/(Loss) Before Tax
8
48.9
4.0
10.7
63.6
14.5
(40.9)
\u2013
37.2
\n
Analysis of total assets less liabilities by segment:
\n\n \n
2026
2025
\u00a3m
\u00a3m
Travel
91.8
129.1
Insurance
(55.9)
9.8
Other Businesses and Central Costs
152.2
38.1
Adjustments
(118.4)
(119.3)
69.7
57.7
\n
Discontinued operations assets and liabilities held for sale (Note 38a) are included within the Insurance segment total assets less liabilities
\n
\ufb01gure\u00a0above.
\n
7
The comparative information for the year to 31 January 2025 has been re-presented from that previously published due to the Group\u2019s decision to divest itself of the underwriting
\n
and claims handling sections of its Insurance business
\n
8
Refer to the Alternative Performance Measures Glossary on pages 194-196 for definition and explanation
Total assets less liabilities detailed as adjustments relates to the following unallocated items:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Goodwill (Note 14)
206.4
206.4
Bonds, term loan and the loan facility provided by Roger De Haan
(324.8)
(325.7)
\u00a0
(118.4)
(119.3)
\nSta\ufb00 costs (including restructuring and redundancy costs) of \u00a37.0m (2025: \u00a315.7m) and \u00a393.5m (2025: \u00a388.1m) have been allocated to cost of sales and administrative and selling expenses respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00118": { "value": "Disaggregation of revenue
The following table provides a disaggregation of the Group\u2019s revenue by major product line, analysed by its core operating segments.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
\u00a0 \u00a0 \u00a0
Other
\u00a0
\u00a0 \u00a0 \u00a0
Businesses
\u00a0
\u00a0 \u00a0 \u00a0
and Central
\u00a0
\u00a0
Travel
Insurance
Costs
Total
Major product lines
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Continuing operations
\u00a0 \u00a0 \u00a0 \u00a0
Ocean Cruise
264.0
\u00a0 \u00a0
264.0
River Cruise
53.1
\u00a0 \u00a0
53.1
Holidays
184.0
\u00a0 \u00a0
184.0
Motor broking
\u00a0
52.9
\u00a0
52.9
Home broking
\u00a0
39.4
\u00a0
39.4
Other broking
\u00a0
47.6
\u00a0
47.6
Money
\u00a0 \u00a0
6.1
6.1
Publishing and CustomerKNECT
\u00a0 \u00a0
11.3
11.3
Other
\u00a0 \u00a0
1.6
1.6
\u00a0
501.1
139.9
19.0
660.0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0 \u00a0 \u00a0
Other
\u00a0
\u00a0 \u00a0 \u00a0
Businesses
\u00a0
\u00a0 \u00a0 \u00a0
and Central
\u00a0
\u00a0
Travel
Insurance
Costs
Total
Major product lines
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Continuing operations
\u00a0 \u00a0 \u00a0 \u00a0
Ocean Cruise
236.7
\u00a0 \u00a0
236.7
River Cruise
49.4
\u00a0 \u00a0
49.4
Holidays
167.8
\u00a0 \u00a0
167.8
Motor broking
\u00a0
45.9
\u00a0
45.9
Home broking
\u00a0
31.8
\u00a0
31.8
Other broking
\u00a0
36.7
\u00a0
36.7
Money
\u00a0 \u00a0
5.6
5.6
Publishing and CustomerKNECT
\u00a0 \u00a0
13.9
13.9
Other
\u00a0 \u00a0
0.5
0.5
\u00a0
453.9
114.4
20.0
588.3
\nIncluded in Insurance Broking revenue is instalment interest income on premium \ufb01nancing of \u00a39.2m (2025: \u00a310.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00117": { "value": "Disaggregation of revenue
The following table provides a disaggregation of the Group\u2019s revenue by major product line, analysed by its core operating segments.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
\u00a0 \u00a0 \u00a0
Other
\u00a0
\u00a0 \u00a0 \u00a0
Businesses
\u00a0
\u00a0 \u00a0 \u00a0
and Central
\u00a0
\u00a0
Travel
Insurance
Costs
Total
Major product lines
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Continuing operations
\u00a0 \u00a0 \u00a0 \u00a0
Ocean Cruise
264.0
\u00a0 \u00a0
264.0
River Cruise
53.1
\u00a0 \u00a0
53.1
Holidays
184.0
\u00a0 \u00a0
184.0
Motor broking
\u00a0
52.9
\u00a0
52.9
Home broking
\u00a0
39.4
\u00a0
39.4
Other broking
\u00a0
47.6
\u00a0
47.6
Money
\u00a0 \u00a0
6.1
6.1
Publishing and CustomerKNECT
\u00a0 \u00a0
11.3
11.3
Other
\u00a0 \u00a0
1.6
1.6
\u00a0
501.1
139.9
19.0
660.0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0 \u00a0 \u00a0
Other
\u00a0
\u00a0 \u00a0 \u00a0
Businesses
\u00a0
\u00a0 \u00a0 \u00a0
and Central
\u00a0
\u00a0
Travel
Insurance
Costs
Total
Major product lines
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Continuing operations
\u00a0 \u00a0 \u00a0 \u00a0
Ocean Cruise
236.7
\u00a0 \u00a0
236.7
River Cruise
49.4
\u00a0 \u00a0
49.4
Holidays
167.8
\u00a0 \u00a0
167.8
Motor broking
\u00a0
45.9
\u00a0
45.9
Home broking
\u00a0
31.8
\u00a0
31.8
Other broking
\u00a0
36.7
\u00a0
36.7
Money
\u00a0 \u00a0
5.6
5.6
Publishing and CustomerKNECT
\u00a0 \u00a0
13.9
13.9
Other
\u00a0 \u00a0
0.5
0.5
\u00a0
453.9
114.4
20.0
588.3
\nIncluded in Insurance Broking revenue is instalment interest income on premium \ufb01nancing of \u00a39.2m (2025: \u00a310.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00133": { "value": "Included in Insurance Broking revenue is instalment interest income on premium \ufb01nancing of \u00a39.2m (2025: \u00a310.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00132": { "value": "Included in Insurance Broking revenue is instalment interest income on premium \ufb01nancing of \u00a39.2m (2025: \u00a310.2m).\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2025
\u00a0
2026
(re-presented
9
)
\u00a0
\u00a3m
\u00a3m
Continuing operations
\u00a0\u00a0
Interest, fees and charges on debt and borrowings using the EIR method
63.3
45.8
Net fair value loss on derivative financial instruments
0.7
0.3
Net finance costs on retirement benefit schemes
2.1
2.3
Net interest and finance charges payable on lease liabilities
2.5
2.1
\u00a0
68.6
50.5
\n9
Finance costs for the prior year have been re-presented to include arrangement, drawdown and milestone fees associated with the loan facility provided by Roger De Haan (Note 30)
of \u00a33.6m within the category of interest, fees and charges on debt and borrowings using the EIR method. Previously these costs were separately categorised as debt issue costs", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00119": { "value": "5 Administrative and selling expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Continuing operations
\u00a0 \u00a0
Staff costs (excluding restructuring costs)
84.0
86.5
Marketing and fulfilment costs
63.6
46.8
Short-term lease rentals
\u2013
0.1
Auditor\u2019s remuneration
2.0
2.1
Other administrative costs
59.1
66.6
Depreciation \u2013 property, plant and equipment (Note 17)
0.9
0.7
Depreciation \u2013 right-of-use assets (Note 18)
1.2
2.2
Amortisation of intangible assets (Note 15)
6.7
8.7
Restructuring costs
35.4
18.1
\u00a0
252.9
231.8
\n
Administrative and selling expenses relate to non-Insurance Underwriting businesses.
a) Auditor\u2019s remuneration
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Audit of the parent company and consolidated financial statements
0.8
0.8
Audit of subsidiary financial statements
1.0
1.0
Audit-related assurance services
0.2
0.3
Auditor\u2019s remuneration relating to continuing operations
2.0
2.1
Auditor\u2019s remuneration relating to discontinued operations
\u2013
0.6
Total auditor\u2019s remuneration
2.0
2.7
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00121": { "value": "5 Administrative and selling expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Continuing operations
\u00a0 \u00a0
Staff costs (excluding restructuring costs)
84.0
86.5
Marketing and fulfilment costs
63.6
46.8
Short-term lease rentals
\u2013
0.1
Auditor\u2019s remuneration
2.0
2.1
Other administrative costs
59.1
66.6
Depreciation \u2013 property, plant and equipment (Note 17)
0.9
0.7
Depreciation \u2013 right-of-use assets (Note 18)
1.2
2.2
Amortisation of intangible assets (Note 15)
6.7
8.7
Restructuring costs
35.4
18.1
\u00a0
252.9
231.8
\n
Administrative and selling expenses relate to non-Insurance Underwriting businesses.
a) Auditor\u2019s remuneration
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Audit of the parent company and consolidated financial statements
0.8
0.8
Audit of subsidiary financial statements
1.0
1.0
Audit-related assurance services
0.2
0.3
Auditor\u2019s remuneration relating to continuing operations
2.0
2.1
Auditor\u2019s remuneration relating to discontinued operations
\u2013
0.6
Total auditor\u2019s remuneration
2.0
2.7
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00122": { "value": "5 Administrative and selling expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Continuing operations
\u00a0 \u00a0
Staff costs (excluding restructuring costs)
84.0
86.5
Marketing and fulfilment costs
63.6
46.8
Short-term lease rentals
\u2013
0.1
Auditor\u2019s remuneration
2.0
2.1
Other administrative costs
59.1
66.6
Depreciation \u2013 property, plant and equipment (Note 17)
0.9
0.7
Depreciation \u2013 right-of-use assets (Note 18)
1.2
2.2
Amortisation of intangible assets (Note 15)
6.7
8.7
Restructuring costs
35.4
18.1
\u00a0
252.9
231.8
\n
Administrative and selling expenses relate to non-Insurance Underwriting businesses.
a) Auditor\u2019s remuneration
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Audit of the parent company and consolidated financial statements
0.8
0.8
Audit of subsidiary financial statements
1.0
1.0
Audit-related assurance services
0.2
0.3
Auditor\u2019s remuneration relating to continuing operations
2.0
2.1
Auditor\u2019s remuneration relating to discontinued operations
\u2013
0.6
Total auditor\u2019s remuneration
2.0
2.7
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00130": { "value": "5 Administrative and selling expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Continuing operations
\u00a0 \u00a0
Staff costs (excluding restructuring costs)
84.0
86.5
Marketing and fulfilment costs
63.6
46.8
Short-term lease rentals
\u2013
0.1
Auditor\u2019s remuneration
2.0
2.1
Other administrative costs
59.1
66.6
Depreciation \u2013 property, plant and equipment (Note 17)
0.9
0.7
Depreciation \u2013 right-of-use assets (Note 18)
1.2
2.2
Amortisation of intangible assets (Note 15)
6.7
8.7
Restructuring costs
35.4
18.1
\u00a0
252.9
231.8
\n
Administrative and selling expenses relate to non-Insurance Underwriting businesses.
a) Auditor\u2019s remuneration
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Audit of the parent company and consolidated financial statements
0.8
0.8
Audit of subsidiary financial statements
1.0
1.0
Audit-related assurance services
0.2
0.3
Auditor\u2019s remuneration relating to continuing operations
2.0
2.1
Auditor\u2019s remuneration relating to discontinued operations
\u2013
0.6
Total auditor\u2019s remuneration
2.0
2.7
\n
6 Impairment of non-financial assets
a) Impairments during the year ended 31 January 2026
During the year ended 31 January 2026, the Group impaired software in its Insurance Broking division by \u00a30.3m. This was charged to
administrative and selling expenses.
Furthermore, the Group concluded that an impairment charge of \u00a30.7m (Note 17) to plant and equipment owned assets was required in the
Group\u2019s Insurance Broking and mailing and printing divisions. This was charged to administrative and selling expenses (\u00a30.1m) and cost of
sales\u00a0(\u00a30.6m).
In addition, the Group concluded that an impairment charge of \u00a30.8m (Note 18) to plant and equipment right-of-use assets leases was required
in the Group\u2019s mailing and printing business and an impairment charge of \u00a30.1m (Note 18) to long leasehold land and building right-of-use assets
leases was required in the Group\u2019s Cruise business. This was charged to cost of sales (\u00a30.8m) and administrative and selling expenses (\u00a30.1m)
respectively.
b) Impairments during the year ended 31 January 2025
During the year ended 31 January 2025, the Group impaired the carrying value of the goodwill balance allocated to the Insurance Broking CGU
by \u00a3138.3m (Note 14).
The Group impaired software in its Insurance and Central Costs divisions by \u00a325.3m and \u00a32.8m respectively, totalling \u00a328.1m (Note 15).
Of\u00a0the\u00a0impairment in Insurance, \u00a34.0m related to the claims handling section of the Insurance business to be divested of (Note 38a) and,
therefore, it was reclassi\ufb01ed as discontinued operations within the income statement.
Furthermore, the Group concluded that an impairment charge of \u00a30.1m (Note 17) to plant and equipment owned assets was required in the
Group\u2019s Central Costs division.
In light of the Group obtaining updated freehold property market valuation reports, management also impaired assets held for sale by \u00a30.4m
(Note 38b). Within this total, \u00a30.1m related to the underwriting section of the Insurance business to be divested of (Note 38a) and, therefore,
it\u00a0was reclassi\ufb01ed as discontinued operations within the income statement.
7 Investment income
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Continuing operations
\u00a0 \u00a0
Interest income recognised using the EIR method on FVTPL financial assets
5.7
6.0
Interest income earned on financial assets measured at amortised cost
0.4
0.1
\u00a0
6.1
6.1
\n
8 Finance costs
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2025
\u00a0
2026
(re-presented
9
)
\u00a0
\u00a3m
\u00a3m
Continuing operations
\u00a0\u00a0
Interest, fees and charges on debt and borrowings using the EIR method
63.3
45.8
Net fair value loss on derivative financial instruments
0.7
0.3
Net finance costs on retirement benefit schemes
2.1
2.3
Net interest and finance charges payable on lease liabilities
2.5
2.1
\u00a0
68.6
50.5
\n9
Finance costs for the prior year have been re-presented to include arrangement, drawdown and milestone fees associated with the loan facility provided by Roger De Haan (Note 30)
of \u00a33.6m within the category of interest, fees and charges on debt and borrowings using the EIR method. Previously these costs were separately categorised as debt issue costs ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00123": { "value": "a) Auditor\u2019s remuneration \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Audit of the parent company and consolidated financial statements
0.8
0.8
Audit of subsidiary financial statements
1.0
1.0
Audit-related assurance services
0.2
0.3
Auditor\u2019s remuneration relating to continuing operations
2.0
2.1
Auditor\u2019s remuneration relating to discontinued operations
\u2013
0.6
Total auditor\u2019s remuneration
2.0
2.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00124": { "value": "6 Impairment of non-financial assets
a) Impairments during the year ended 31 January 2026
During the year ended 31 January 2026, the Group impaired software in its Insurance Broking division by \u00a30.3m. This was charged to
administrative and selling expenses.
Furthermore, the Group concluded that an impairment charge of \u00a30.7m (Note 17) to plant and equipment owned assets was required in the
Group\u2019s Insurance Broking and mailing and printing divisions. This was charged to administrative and selling expenses (\u00a30.1m) and cost of
sales\u00a0(\u00a30.6m).
In addition, the Group concluded that an impairment charge of \u00a30.8m (Note 18) to plant and equipment right-of-use assets leases was required
in the Group\u2019s mailing and printing business and an impairment charge of \u00a30.1m (Note 18) to long leasehold land and building right-of-use assets
leases was required in the Group\u2019s Cruise business. This was charged to cost of sales (\u00a30.8m) and administrative and selling expenses (\u00a30.1m)
respectively.
b) Impairments during the year ended 31 January 2025
During the year ended 31 January 2025, the Group impaired the carrying value of the goodwill balance allocated to the Insurance Broking CGU
by \u00a3138.3m (Note 14).
The Group impaired software in its Insurance and Central Costs divisions by \u00a325.3m and \u00a32.8m respectively, totalling \u00a328.1m (Note 15).
Of\u00a0the\u00a0impairment in Insurance, \u00a34.0m related to the claims handling section of the Insurance business to be divested of (Note 38a) and,
therefore, it was reclassi\ufb01ed as discontinued operations within the income statement.
Furthermore, the Group concluded that an impairment charge of \u00a30.1m (Note 17) to plant and equipment owned assets was required in the
Group\u2019s Central Costs division.
In light of the Group obtaining updated freehold property market valuation reports, management also impaired assets held for sale by \u00a30.4m
(Note 38b). Within this total, \u00a30.1m related to the underwriting section of the Insurance business to be divested of (Note 38a) and, therefore,
it\u00a0was reclassi\ufb01ed as discontinued operations within the income statement. 16 Impairment of intangible assets
a) Goodwill
Goodwill acquired through business combinations has been allocated to CGUs for the purpose of impairment testing. The carrying value of
goodwill by CGU is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Insurance Broking
206.4
206.4
\u00a0
206.4
206.4
\n
The Group tests all goodwill balances for impairment at least annually, and twice-yearly if indicators of impairment exist at the interim reporting
date of 31 July. The impairment test compares the recoverable amount of each CGU to the carrying value of its net assets including the value of
the allocated goodwill.
As a result of the impact of the FCA\u2019s GIPP market study on trading in recent years, and against the background of a highly competitive motor
insurance market, the Group saw a fall in policy volumes in the year to 31 January 2025. In the year to 31 January 2025, high net rate in\ufb02ation
from the Group\u2019s underwriting panel continued to have an adverse impact on the expected future pro\ufb01tability of the Insurance business.
In\u00a0December 2024, the Group announced it had entered into a binding agreement with Ageas, to establish the A\ufb03nity Partnership, which is
expected to impact future cash\u00a0\ufb02ows of the business. Management considered these trading impacts to constitute indicators of impairment
and, therefore, conducted full\u00a0impairment reviews of the Insurance Broking CGU at 31 July 2024 and 31 January 2025. At 31 July 2024, the
Group determined that the recoverable amount of the goodwill was below the carrying value, and so the Directors took the decision to impair the
goodwill by \u00a3138.3m, based\u00a0on a probability-weighted assessment of the base and stressed forecast cash \ufb02ows modelled.
At the assessment conducted at 31 January 2025, forecast cash \ufb02ows consistent with the latest \ufb01ve-year plan and further stress tests were
modelled. After applying a probability weighting to the base and stressed forecast cash \ufb02ows modelled, management concluded that no further
impairment of goodwill was required at 31 January 2025, leaving the total impairment charge for the year at \u00a3138.3m.
At 31 July 2025, trading forecasts showed improved cash \ufb02ows and policy volumes from those modelled at the assessment conducted at
31\u00a0January 2025. In addition, the Group\u2019s pre-tax discount rate previously used for the Insurance Broking CGU had improved. The decrease in
the pre-tax discount rate acted to increase the headroom in any assessment. The long-term outlook for in\ufb02ation stood at 2%, consistent with the
Terminal Growth rate assumption for the business modelled at 31 January 2025 and at 31 July 2024. Management considered other indicators
of possible impairment set out in IAS 36, including the economic outlook and movements in Saga\u2019s market capitalisation. No such indicators were
identi\ufb01ed. Based on the above, management did not believe a formal goodwill impairment assessment was required at 31 July 2025.
At the assessment conducted at 31 January 2026, the recoverable amount of the Insurance Broking CGU was determined based on a
value-in-use calculation using nominal cash \ufb02ow projections from the Group\u2019s latest \ufb01ve-year \ufb01nancial forecasts to 2030/31, which were derived
using past experience of the Group\u2019s trading, combined with the anticipated impact of changes in macroeconomic and regulatory factors and
the expected impact of the transition to the A\ufb03nity Partnership. A terminal value was calculated using the Gordon Growth Model based on the
\ufb01fth year of those projections and a terminal growth rate calculated using an assumption of 2.0% (July 2024: 2.0%; January 2025: 2.0%)
as\u00a0the\u00a0expected long-term target rate of in\ufb02ation for the UK economy based on the November 2025 Monetary Policy Report published by the
Bank of England. The cash \ufb02ows were then discounted to present value using a suitably risk-adjusted nominal discount rate based on a
market-participant view of the cost of capital and debt relevant to the insurance industry.
At 31 January 2026, the pre-tax discount rate used for the Insurance Broking CGU was 12.2% (July 2024: 14.7%; January 2025: 13.3%).
The\u00a0Group\u2019s \ufb01ve-year \ufb01nancial forecasts incorporated the modelled impact of the change to a new partnership operating model for the motor
and home products. As per IAS 36.44, incremental cash \ufb02ows directly attributable to growth initiatives not yet enacted at the statement of
\ufb01nancial position date were then removed for the purpose of the value-in-use calculation.
The Group also considered the impact of downside stresses, both in terms of adverse impacts to the cash \ufb02ow projections and to the discount
rate. For the cash \ufb02ow stress test, the Group modelled the impact of a possible reduction in the level of bene\ufb01ts expected to be achieved
from\u00a0the A\ufb03nity Partnership, in combination with a more cautious terminal growth rate based on a more conservative assumption of 1.5%
(July\u00a02025: 1.5%; January 2025: 1.5%) as the outlook for growth in the UK economy. For the discount rate stress test, the Group applied risk
premia of +0.7ppts at 31 January 2026 (July 2024: +0.5ppts; January 2025: +0.4ppts).
The (de\ufb01cit)/headroom of the Insurance Broking CGU against the carrying value of goodwill at the time of the review of \u00a3206.4m at
31\u00a0January\u00a02026 and \u00a3206.4m at 31 January 2025 (after recognising an impairment charge of \u00a3138.3m at 31 July 2024), was as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Headroom/(deficit) \u00a3m
\u00a0 \u00a0 \u00a0
Cash flow stress
Discount rate stress
\u00a0
Base scenario
test scenario
test scenario
\u00a0
31 January
31 January
31 January
31 January
31 January
31 January
\u00a0
2026
2025
2026
2025
2026
2025
Insurance Broking
74.9
33.4
22.4
(19.2)
58.2
25.9
\n
The (de\ufb01cit)/headroom calculated is sensitive to the discount rate and terminal growth rate assumed, and to changes in the projected cash \ufb02ows
of the CGU. Inherent uncertainty involved in forecasting cash\ufb02ows under a new partnership model increase the range of possible cash \ufb02ow
outcomes in management\u2019s modelling. A quantitative sensitivity analysis for each of these at 31 January 2026, and its impact on the base
scenario headroom against the carrying value of goodwill at the time of the review of \u00a3206.4m, is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Pre-tax discount rate
Terminal growth rate
Cash flow (annual)
\u00a0
+1.0ppt
-1.0ppt
+1.0ppt
-1.0ppt
+10%
-10%
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Insurance Broking
(22.7)
27.8
27.2
(21.1)
31.1
(31.1)
\n
It would take an increase in the pre-tax discount rate of 4.4 percentage points to reduce the headroom to \u00a3nil; a reduction in the terminal growth
rate to -3.3%, or a reduction in base case cash\ufb02ows of 24.1%.
b) Other intangible assets
Separately identi\ufb01able intangible assets are valued, and their appropriate useful lives established, at the time of acquisition. The carrying values
of these assets, and their remaining useful lives, are reviewed annually for indicators of impairment.
In the year to 31 January 2026, following the Group\u2019s disposal of the underwriting and claims handling sections of its Insurance business
(Note\u00a038a) and the impact of this on its Insurance Broking business, management concluded that this constitutes an indicator of impairment
and\u00a0duly conducted an impairment review of the software assets of this business. The outcome of this impairment review concluded that
an\u00a0impairment charge of \u00a30.3m should be recognised against the software assets held by the Group\u2019s Insurance Broking division at
31\u00a0January\u00a02026. This was charged to administrative and selling expenses.
In the prior year, following the Group\u2019s decision to divest itself of the underwriting and claims handling sections of its Insurance business
(Note\u00a038a), management concluded that this constituted an indicator of impairment and duly conducted an impairment review of the Group\u2019s
other intangible \ufb01xed assets. The outcome of this impairment review concluded that an impairment charge of \u00a34.0m should be recognised
against the intangible \ufb01xed assets held by the disposal group at 31 January 2025 (Note 38a). The impairment charge related to the software
assets of the claims handling section of\u00a0the Insurance business, which were impaired in full.
As a result of the announcement above, and subsequent impairment review, management concluded that an impairment charge of \u00a321.3m
should be recognised against the internally generated software assets relating to Guidewire (the Group\u2019s Insurance Broking, policy
administration and billing platform (Note 15)) at 31 January 2025. This was charged to administrative and selling expenses. The Guidewire
software assets did not form part of the intangible \ufb01xed assets held by the disposal group.
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. This was charged to administrative and selling expenses.
With the exception of the above, the Group did not consider it necessary to conduct an impairment review of other intangible assets at
31\u00a0January 2026, since no other indicators of impairment existed. a) Impairment review of property, plant and equipment
In the year to 31 January 2026, following the Group\u2019s disposal of the underwriting and claims handling sections of its Insurance business
(Note\u00a038a) and the impact of this on its Insurance Broking, and mailing and printing businesses, management concluded that this constitutes
an\u00a0indicator of impairment and duly conducted an impairment review of the assets of this business. The outcome of this impairment review
concluded that an impairment charge of \u00a30.7m should be recognised against the plant and equipment assets held by the Group at
31\u00a0January\u00a02026. This was charged to administrative and selling expenses (\u00a30.1m) and cost of sales (\u00a30.6m).
In the prior year, management assessed the recoverable amount of plant and equipment assets at 31 January 2025 and concluded that an
impairment charge of \u00a30.1m was required in the Group\u2019s Central Costs division. This was charged to administrative and selling expenses.
With the exception of the above, the Group did not consider it necessary to conduct an impairment review of property, plant and equipment
assets at 31 January 2026, since no other indicators of impairment existed.a) Impairment review of right-of-use assets
In the year to 31 January 2026, following the Group\u2019s disposal of the underwriting and claims handling sections of its Insurance business
(Note\u00a038a) and the impact of this on its mailing and printing business, management concluded that this constitutes an indicator of impairment
and duly conducted an impairment review of the assets of this business. The outcome of this impairment review concluded that\u00a0an impairment
charge of \u00a30.8m should be recognised against the plant and equipment assets held by the mailing and printing business at 31\u00a0January 2026.
This\u00a0was charged to cost of sales.
Also, in the year to 31 January 2026, management decided to review long leasehold land and building leases used by the Group\u2019s Cruise business.
As\u00a0part of this exercise, management performed an impairment review of right-of-use assets used by the Cruise business. The outcome of this
review concluded that an impairment charge of \u00a30.1m be recognised against the Group\u2019s long leasehold land and buildings at 31 January 2026.
This was charged to administrative and selling expenses.
With the exception of the above, the Group did not consider it necessary to conduct an impairment review of right-of-use assets at 31 January 2026,
since no other indicators of impairment existed.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00129": { "value": "7 Investment income \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Continuing operations
\u00a0 \u00a0
Interest income recognised using the EIR method on FVTPL financial assets
5.7
6.0
Interest income earned on financial assets measured at amortised cost
0.4
0.1
\u00a0
6.1
6.1
\n8 Finance costs \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2025
\u00a0
2026
(re-presented
9
)
\u00a0
\u00a3m
\u00a3m
Continuing operations
\u00a0\u00a0
Interest, fees and charges on debt and borrowings using the EIR method
63.3
45.8
Net fair value loss on derivative financial instruments
0.7
0.3
Net finance costs on retirement benefit schemes
2.1
2.3
Net interest and finance charges payable on lease liabilities
2.5
2.1
\u00a0
68.6
50.5
\n9
Finance costs for the prior year have been re-presented to include arrangement, drawdown and milestone fees associated with the loan facility provided by Roger De Haan (Note 30)
of \u00a33.6m within the category of interest, fees and charges on debt and borrowings using the EIR method. Previously these costs were separately categorised as debt issue costs", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00128": { "value": "7 Investment income \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Continuing operations
\u00a0 \u00a0
Interest income recognised using the EIR method on FVTPL financial assets
5.7
6.0
Interest income earned on financial assets measured at amortised cost
0.4
0.1
\u00a0
6.1
6.1
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00131": { "value": "7 Investment income \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Continuing operations
\u00a0 \u00a0
Interest income recognised using the EIR method on FVTPL financial assets
5.7
6.0
Interest income earned on financial assets measured at amortised cost
0.4
0.1
\u00a0
6.1
6.1
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00126": { "value": "8 Finance costs \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2025
\u00a0
2026
(re-presented
9
)
\u00a0
\u00a3m
\u00a3m
Continuing operations
\u00a0\u00a0
Interest, fees and charges on debt and borrowings using the EIR method
63.3
45.8
Net fair value loss on derivative financial instruments
0.7
0.3
Net finance costs on retirement benefit schemes
2.1
2.3
Net interest and finance charges payable on lease liabilities
2.5
2.1
\u00a0
68.6
50.5
\n9
Finance costs for the prior year have been re-presented to include arrangement, drawdown and milestone fees associated with the loan facility provided by Roger De Haan (Note 30)
of \u00a33.6m within the category of interest, fees and charges on debt and borrowings using the EIR method. Previously these costs were separately categorised as debt issue costs", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00134": { "value": "9 Directors and employees
Amounts charged to the income statement for the year are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Continuing operations
\u00a0 \u00a0
Wages and salaries
86.3
90.7
Social security costs
9.7
8.6
Pension costs (Note 27)
4.5
4.5
\u00a0
100.5
103.8
Discontinued operations
\u00a0 \u00a0
Wages and salaries
4.6
13.6
Social security costs
0.6
1.3
Pension costs (Note 27)
0.3
0.7
\u00a0
5.5
15.6
Total staff costs
106.0
119.4
\n
Sta\ufb00 costs (including restructuring and redundancy costs) of \u00a37.0m (2025: \u00a315.7m) and \u00a393.5m (2025: \u00a388.1m) have been allocated to cost of
sales and administrative and selling expenses respectively. Sta\ufb00 costs above exclude share-based payment charges of \u00a33.9m (2025:\u00a0\u00a34.2m) and
restructuring provision costs of \u00a3nil (2025: \u00a316.5m). Further details can be found in Note 36 for share-based payments and Note 31 for the
restructuring provision.
For the year ended 31 January 2026, continuing operations wages and salaries above includes a \u00a31.4m charge for cash-settled share-based
remuneration relating to the Saga Transformation Plan (
STP
) scheme (Note 36) which is due to be paid in cash in the year ended 31 January
2028. Although these awards form part of the STP scheme, they do not fall within the scope of IFRS 2 \u2018Share-based Payment\u2019.
Average monthly number of employees:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
number
number
Travel
646
1,151
Insurance
906
940
Other Businesses and Central Costs
374
380
Continuing operations
1,926
2,471
Employees attributable to discontinued operations
155
391
Total employee numbers
2,081
2,862
\n
In May 2024, the Group disposed of Sa\ufb00ron Maritime Limited. This company provided, and continues to provide, crewing services to the Ocean
Cruise business. The impact of this on the total employee numbers reported above is that, after May 2024, crew members were no longer
employees of the Group. This has resulted in a signi\ufb01cant decrease in the average monthly number of employees reported for the Travel business
in the current year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00136": { "value": "10 Income tax
The major components of the income tax (credit)/expense are:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Continuing operations
\u00a0 \u00a0
Consolidated income statement
\u00a0 \u00a0
Current income tax
\u00a0 \u00a0
Current income tax credit
(2.2)
(0.5)
Adjustments in respect of previous years
0.2
0.9
\u00a0
(2.0)
0.4
Deferred tax
\u00a0 \u00a0
Relating to origination and reversal of temporary differences
\u2013
19.0
Adjustments in respect of previous years
\u2013
(0.9)
\u00a0
\u2013
18.1
Tax (credit)/expense in the income statement relating to continuing operations
(2.0)
18.5
\n
Reconciliation of income tax (credit)/expense to loss before tax, multiplied by the UK corporation tax rate:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Continuing operations
\u00a0 \u00a0
Profit/(loss) before tax from continuing operations
2.1
(160.2)
Tax at rate of 25.0% (2025: 25.0%)
0.5
(40.1)
Adjustments in respect of previous years
0.2
\u2013
Expenses not deductible for tax purposes:
\u00a0 \u00a0
Effect of Ocean Cruise business being in tonnage tax regime
(16.1)
(11.8)
Impairment of goodwill
\u2013
34.6
Corporation tax losses not recognised
13.8
27.9
Other deferred tax assets and liabilities not recognised
(2.2)
6.5
Other non-deductible expenses/non-taxed income
1.8
1.4
Tax (credit)/expense in the income statement relating to continuing operations
(2.0)
18.5
\n
The Group\u2019s tax credit relating to continuing operations for the year was \u00a32.0m (2025: \u00a318.5m expense) representing a tax e\ufb00ective rate of
negative 95.3% before the impairment of goodwill of \u00a3nil (2025: negative 84.5%). In both the current and prior years, the di\ufb00erence between the
Group\u2019s tax e\ufb00ective rate and the standard rate of corporation tax was mainly due to the Group\u2019s Ocean Cruise business being in the tonnage tax
regime. In addition, it is also due to \u00a3138.3m (2025: \u00a3111.6m) of corporation tax losses carried forward at the end of the \ufb01nancial year not being
considered recoverable and, therefore, no deferred tax asset was recognised for these losses.
Adjustments in respect of previous years include an adjustment for the over-provision of tax in prior years of \u00a30.2m (2025: \u00a3nil).
Deferred tax
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Consolidated income statement
\u00a0
(continuing operations)
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Excess of depreciation over capital allowances
\u2013
5.9
Short-term temporary differences:
\u00a0 \u00a0
\u2013 Designated hedges recognised through OCI
\u2013
\u2013
\u2013 Share-based payment reserve
\u2013
2.3
\u2013 General bad debt provision
\u2013
1.0
\u2013 Capitalised borrowing costs
\u2013
(2.5)
\u2013 IFRS 16 transition adjustments
\u2013
1.8
\u2013 Losses carried forward
\u2013
9.7
\u2013 Other
\u2013
(0.1)
Deferred tax expense
\u2013
18.1
\n
Reconciliation of net deferred tax assets:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
At 1 February
\u2013
34.8
Tax expense recognised in the income statement from continuing operations
\u2013
(18.1)
Tax expense recognised in OCI from continuing operations
\u2013
(12.3)
Deferred tax expense attributable to discontinued operations
\u2013
(4.8)
Amounts transferred to assets held for sale
\u2013
0.4
At 31 January
\u2013
\u2013
\n
The Group has tax losses which arose in the UK of \u00a3138.3m (2025: \u00a3111.6m) that are available inde\ufb01nitely for o\ufb00setting against future taxable
pro\ufb01ts of the continuing operations of the Group. Deferred tax assets have not been recognised in respect of these losses as management have
assessed there are less likely than not to be su\ufb03cient future taxable pro\ufb01ts to utilise these tax losses. The tax losses have arisen due to the
Group\u2019s Ocean Cruise business being in the tonnage tax regime and thus excluded from corporate tax, meaning that taxable pro\ufb01ts in the
Group\u2019s non-Ocean Cruise businesses would be required to recognise deferred tax assets, and there are no other tax planning opportunities or
other evidence of recoverability in the near future. In addition, all other net timing di\ufb00erences were considered not to be recoverable, therefore
no deferred tax assets have been recognised in respect of the continuing business at 31 January 2026 (2025: none), for the same reason that
deferred tax assets were not recognised on tax losses. If the Group were able to recognise all unrecognised deferred tax assets then pro\ufb01t for
the year would be \u00a32.2m lower (2025: \u00a334.4m higher) and movements through OCI would be \u00a31.2m lower (2025: \u00a310.8m higher).
The Group is in scope of the Pillar Two rules because its consolidated revenue exceeded the annual \u20ac750m threshold in two of the last\u00a0four
\ufb01nancial years. The Group has applied the mandatory deferred tax exemption as prescribed by the International Accounting Standards Board\u2019s
amendments to IAS 12 \u2018Income Taxes\u2019. A\u00a0signi\ufb01cant amount of the Group\u2019s pro\ufb01ts are within the charge to tonnage tax and, therefore, the Group
considers the \ufb01nancial impact of Pillar\u00a0Two to be limited.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00138": { "value": "Deferred tax \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Consolidated income statement
\u00a0
(continuing operations)
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Excess of depreciation over capital allowances
\u2013
5.9
Short-term temporary differences:
\u00a0 \u00a0
\u2013 Designated hedges recognised through OCI
\u2013
\u2013
\u2013 Share-based payment reserve
\u2013
2.3
\u2013 General bad debt provision
\u2013
1.0
\u2013 Capitalised borrowing costs
\u2013
(2.5)
\u2013 IFRS 16 transition adjustments
\u2013
1.8
\u2013 Losses carried forward
\u2013
9.7
\u2013 Other
\u2013
(0.1)
Deferred tax expense
\u2013
18.1
\n
Reconciliation of net deferred tax assets:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
At 1 February
\u2013
34.8
Tax expense recognised in the income statement from continuing operations
\u2013
(18.1)
Tax expense recognised in OCI from continuing operations
\u2013
(12.3)
Deferred tax expense attributable to discontinued operations
\u2013
(4.8)
Amounts transferred to assets held for sale
\u2013
0.4
At 31 January
\u2013
\u2013
\n
The Group has tax losses which arose in the UK of \u00a3138.3m (2025: \u00a3111.6m) that are available inde\ufb01nitely for o\ufb00setting against future taxable
pro\ufb01ts of the continuing operations of the Group. Deferred tax assets have not been recognised in respect of these losses as management have
assessed there are less likely than not to be su\ufb03cient future taxable pro\ufb01ts to utilise these tax losses. The tax losses have arisen due to the
Group\u2019s Ocean Cruise business being in the tonnage tax regime and thus excluded from corporate tax, meaning that taxable pro\ufb01ts in the
Group\u2019s non-Ocean Cruise businesses would be required to recognise deferred tax assets, and there are no other tax planning opportunities or
other evidence of recoverability in the near future. In addition, all other net timing di\ufb00erences were considered not to be recoverable, therefore
no deferred tax assets have been recognised in respect of the continuing business at 31 January 2026 (2025: none), for the same reason that
deferred tax assets were not recognised on tax losses. If the Group were able to recognise all unrecognised deferred tax assets then pro\ufb01t for
the year would be \u00a32.2m lower (2025: \u00a334.4m higher) and movements through OCI would be \u00a31.2m lower (2025: \u00a310.8m higher).
The Group is in scope of the Pillar Two rules because its consolidated revenue exceeded the annual \u20ac750m threshold in two of the last\u00a0four
\ufb01nancial years. The Group has applied the mandatory deferred tax exemption as prescribed by the International Accounting Standards Board\u2019s
amendments to IAS 12 \u2018Income Taxes\u2019. A\u00a0signi\ufb01cant amount of the Group\u2019s pro\ufb01ts are within the charge to tonnage tax and, therefore, the Group
considers the \ufb01nancial impact of Pillar\u00a0Two to be limited.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00140": { "value": "11 Dividends
The Board of Directors does not recommend the payment of a \ufb01nal dividend for the 2025/26 \ufb01nancial year (2025: nil pence per share). For the
current and prior year, no interim or \ufb01nal dividends were declared, or paid, during the year.
The distributable reserves of Saga plc are \u00a3239.9m at 31 January 2026, which are equal to the retained earnings reserve. If necessary, its
subsidiary companies hold signi\ufb01cant reserves from which a dividend could be paid. Subsidiary distributable reserves are available immediately,
with the exception of companies within the River Cruise and Holidays businesses, which require regulatory approval before any dividends can be
declared and paid. Under the terms of the Ocean Cruise ship debt facilities, dividends remain restricted until the ship debt principal repayments
that were deferred as part of the ship debt repayment holiday are fully repaid (Note 30). In addition, under the terms of the RCF and the term
loan facility provided by certain funds, entities (or a\ufb03liates or subsidiaries of such funds or entities) and/or accounts managed, advised or
controlled by HPS Investment Partners, LLC or its subsidiaries (
HPS Funds
), dividends also remain restricted while leverage is above 3.25x. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00141": { "value": "12 Earnings/(loss) per share
Basic earnings/(loss) per share is calculated by dividing the loss after tax for the year attributable to ordinary equity holders of the parent by the
weighted average number of ordinary shares outstanding during the period. Diluted loss per share is calculated by also including the weighted
average number of ordinary shares that would be issued on conversion of all potentially dilutive options.
There were no other transactions involving ordinary shares, or potential ordinary shares, between the reporting date and the date of
authorisation of these \ufb01nancial statements.
The calculation of basic and diluted earnings/(loss) per share is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Profit/(loss) attributable to ordinary equity holders
3.6
(164.9)
Profit/(loss) from continuing operations
4.1
(178.7)
Weighted average number of ordinary shares
\u2019m
\u2019m
Ordinary shares at 1 February
140.5
139.8
Deferred Bonus Plan (
DBP
) share options exercised
0.3
0.2
Restricted Share Plan (
RSP
) share options exercised
1.2
0.5
Other share options exercised
0.4
\u2013
Weighted average number of ordinary shares for basic earnings/(loss) per share
142.4
140.5
Dilutive options
\u00a0 \u00a0
DBP share options not yet vested
1.1
\u2013
RSP share options not yet vested
3.6
\u2013
Weighted average number of ordinary shares for diluted earnings/(loss) per share
147.1
140.5
Basic earnings/(loss) per share
2.5p
(117.4p)
Basic earnings/(loss) per share from continuing operations
2.9p
(127.2p)
Diluted earnings/(loss) per share
2.4p
(117.4p)
Diluted earnings/(loss) per share from continuing operations
2.8p
(127.2p)
\n
The table below reconciles between basic earnings/(loss) per share and Underlying Basic Earnings Per Share
10
:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
Basic earnings/(loss) per share
2.5p
(117.4p)
Adjusted for:
\u00a0 \u00a0
Net fair value loss on derivative financial instruments
0.5p
0.3p
Impairment of Insurance Broking goodwill
\u2013
98.4p
Impairment of other non-financial assets
1.3p
25.6p
Onerous contract provision
2.1p
(12.3p)
Profit share on cessation of PMI contract
\u2013
2.2p
Amortisation of fees and costs relating to the Group\u2019s previous corporate debt
5.3p
3.0p
Loss on disposal of subsidiaries
9.6p
\u2013
Affinity Partnership transition
9.8p
\u2013
Release of deferred revenue on three-year fixed-price product
(4.9p)
\u2013
Write-off of written to earned adjustment
(2.5p)
\u2013
Foreign exchange movement on River Cruise lease liabilities
0.6p
(0.5p)
Fair value gains on debt securities
(1.5p)
(4.3p)
Changes in underwriting discount rates on non-PPO liabilities
0.1p
(0.5p)
Restructuring costs
15.3p
26.9p
Modification of Travel breakage policy
1.9p
\u2013
Ocean Cruise customer compensation and dry dock costs
0.4p
1.4p
IFRS 16 lease accounting adjustment on River Cruise vessels
0.6p
0.4p
Underlying Basic Earnings Per Share
10
41.1p
23.2p
\n
10
Refer to the Alternative Performance Measures Glossary on pages 194-196 for definition and explanation", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00142": { "value": "13 Business combinations and disposals
a) Disposals during the year ended 31 January 2026
Please see Note 38a for disposals during the year ended 31 January 2026.
b) Disposals during the year ended 31 January 2025
In May 2024, the Group disposed of Sa\ufb00ron Maritime Limited for consideration of \u00a31.", "dimensions": { "concept": "saga:DisclosureOfBusinessCombinationsAndDisposalsExplanatoryTextBlock", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00143": { "value": "a) Disposals during the year ended 31 January 2026
Please see Note 38a for disposals during the year ended 31 January 2026.
b) Disposals during the year ended 31 January 2025
In May 2024, the Group disposed of Sa\ufb00ron Maritime Limited for consideration of \u00a31.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00145": { "value": "14 Goodwill \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Goodwill
\u00a0
\u00a3m
Cost
\u00a0
At 1 February 2024
1,458.4
At 31 January 2025 and 31 January 2026
1,458.4
Impairment
\u00a0
At 1 February 2024
1,113.7
Charge for the year (Note 16a)
138.3
At 31 January 2025 and 31 January 2026
1,252.0
Net book value
\u00a0
At 31 January 2026
206.4
At 31 January 2025
206.4
\nGoodwill deductible for tax purposes amounts to \u00a3nil (2025: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00144": { "value": "14 Goodwill \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Goodwill
\u00a0
\u00a3m
Cost
\u00a0
At 1 February 2024
1,458.4
At 31 January 2025 and 31 January 2026
1,458.4
Impairment
\u00a0
At 1 February 2024
1,113.7
Charge for the year (Note 16a)
138.3
At 31 January 2025 and 31 January 2026
1,252.0
Net book value
\u00a0
At 31 January 2026
206.4
At 31 January 2025
206.4
\n
Goodwill deductible for tax purposes amounts to \u00a3nil (2025: \u00a3nil).
15 Intangible assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Software
\u00a0
\u00a3m
Cost
\u00a0
At 1 February 2024
118.1
Additions and internally developed software
12.1
Reclassification to assets held for sale
(12.8)
At 31 January 2025
117.4
Additions and internally developed software
6.0
Disposals
(14.7)
Reclassification from assets held for sale
12.0
At 31 January 2026
120.7
Amortisation and impairment
\u00a0
At 1 February 2024
57.4
Amortisation
10.4
Impairment of assets (Note 16b)
28.1
Reclassification to assets held for sale
(12.8)
At 31 January 2025
83.1
Amortisation
6.8
Disposals
(14.5)
Impairment of assets (Note 16b)
0.3
Reclassification from assets held for sale
12.0
At 31 January 2026
87.7
Net book value
\u00a0
At 31 January 2026
33.0
At 31 January 2025
34.3
\n
The net book value of software at 31 January 2026 included internally generated software of \u00a39.4m (2025: \u00a39.7m) relating to Guidewire
(the\u00a0Group\u2019s Insurance Broking, policy administration and billing platform), including additions in the year of \u00a31.5m (2025: \u00a310.6m) and
amortisation and impairment of \u00a31.8m (2025: \u00a327.3m). The comparative net book value was stated as \u00a33.4m in the prior period. This change has
no e\ufb00ect on the amounts in the table above. The cumulative cost, and amortisation and impairment, of Guidewire software assets is \u00a350.4m
(2025: \u00a348.9m) and \u00a341.0m (2025: \u00a339.2m) respectively. The Guidewire platform has an expected useful economic life of 13 years, with \ufb01ve
years of phase one expenditure remaining at 31 January 2026. In\u00a0the prior year, following the Group\u2019s decision to divest itself of the underwriting
and claims handling sections of its Insurance business (Note\u00a038a), management performed an impairment review of software assets used by the
Insurance Broking division. The outcome of the impairment review concluded that an impairment charge of \u00a321.3m be recognised against the
Group\u2019s software assets at 31 January 2025, in\u00a0relation to the Guidewire platform.
The net book value of software at 31 January 2026 also included internally generated software of \u00a31.2m (2025: \u00a31.4m) relating to Tigerbay
(the\u00a0Group\u2019s travel booking reservation system) including additions in the year of \u00a3nil (2025: \u00a3nil) and amortisation and impairment of \u00a30.2m
(2025: \u00a30.3m). The cumulative cost, and amortisation and impairment, of Tigerbay software assets is \u00a313.9m (2025: \u00a313.9m) and \u00a312.7m
(2025:\u00a0\u00a312.5m) respectively. The Tigerbay platform has an expected useful economic life of 10 years, with three years of phase one expenditure
remaining at 31 January 2026. Implementation, and the commencement of amortisation of the Tigerbay platform, is on a phased basis, based
on\u00a0product re-platforming, and began in the year ended 31\u00a0January 2020.
The amortisation charge for the year is analysed as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Cost of sales
0.1
0.1
Administrative and selling expenses (Note 5)
6.7
8.7
Continuing operations
6.8
8.8
Discontinued operations
\u2013
1.6
\u00a0
6.8
10.4
\nDuring the year, the Group disposed of assets with a net book value of \u00a30.2m (2025: \u00a3nil). The pro\ufb01t arising on disposal was \u00a3nil (2025: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00146": { "value": "15 Intangible assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Software
\u00a0
\u00a3m
Cost
\u00a0
At 1 February 2024
118.1
Additions and internally developed software
12.1
Reclassification to assets held for sale
(12.8)
At 31 January 2025
117.4
Additions and internally developed software
6.0
Disposals
(14.7)
Reclassification from assets held for sale
12.0
At 31 January 2026
120.7
Amortisation and impairment
\u00a0
At 1 February 2024
57.4
Amortisation
10.4
Impairment of assets (Note 16b)
28.1
Reclassification to assets held for sale
(12.8)
At 31 January 2025
83.1
Amortisation
6.8
Disposals
(14.5)
Impairment of assets (Note 16b)
0.3
Reclassification from assets held for sale
12.0
At 31 January 2026
87.7
Net book value
\u00a0
At 31 January 2026
33.0
At 31 January 2025
34.3
\n
The net book value of software at 31 January 2026 included internally generated software of \u00a39.4m (2025: \u00a39.7m) relating to Guidewire
(the\u00a0Group\u2019s Insurance Broking, policy administration and billing platform), including additions in the year of \u00a31.5m (2025: \u00a310.6m) and
amortisation and impairment of \u00a31.8m (2025: \u00a327.3m). The comparative net book value was stated as \u00a33.4m in the prior period. This change has
no e\ufb00ect on the amounts in the table above. The cumulative cost, and amortisation and impairment, of Guidewire software assets is \u00a350.4m
(2025: \u00a348.9m) and \u00a341.0m (2025: \u00a339.2m) respectively. The Guidewire platform has an expected useful economic life of 13 years, with \ufb01ve
years of phase one expenditure remaining at 31 January 2026. In\u00a0the prior year, following the Group\u2019s decision to divest itself of the underwriting
and claims handling sections of its Insurance business (Note\u00a038a), management performed an impairment review of software assets used by the
Insurance Broking division. The outcome of the impairment review concluded that an impairment charge of \u00a321.3m be recognised against the
Group\u2019s software assets at 31 January 2025, in\u00a0relation to the Guidewire platform.
The net book value of software at 31 January 2026 also included internally generated software of \u00a31.2m (2025: \u00a31.4m) relating to Tigerbay
(the\u00a0Group\u2019s travel booking reservation system) including additions in the year of \u00a3nil (2025: \u00a3nil) and amortisation and impairment of \u00a30.2m
(2025: \u00a30.3m). The cumulative cost, and amortisation and impairment, of Tigerbay software assets is \u00a313.9m (2025: \u00a313.9m) and \u00a312.7m
(2025:\u00a0\u00a312.5m) respectively. The Tigerbay platform has an expected useful economic life of 10 years, with three years of phase one expenditure
remaining at 31 January 2026. Implementation, and the commencement of amortisation of the Tigerbay platform, is on a phased basis, based
on\u00a0product re-platforming, and began in the year ended 31\u00a0January 2020.
The amortisation charge for the year is analysed as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Cost of sales
0.1
0.1
Administrative and selling expenses (Note 5)
6.7
8.7
Continuing operations
6.8
8.8
Discontinued operations
\u2013
1.6
\u00a0
6.8
10.4
\nDuring the year, the Group disposed of assets with a net book value of \u00a30.2m (2025: \u00a3nil). The pro\ufb01t arising on disposal was \u00a3nil (2025: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00150": { "value": "The amortisation charge for the year is analysed as follows: \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Cost of sales
0.1
0.1
Administrative and selling expenses (Note 5)
6.7
8.7
Continuing operations
6.8
8.8
Discontinued operations
\u2013
1.6
\u00a0
6.8
10.4
\nThe depreciation charge for the year is analysed as follows: \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Cost of sales
23.1
22.4
Administrative and selling expenses (Note 5)
0.9
0.7
Continuing operations
24.0
23.1
Discontinued operations
\u2013
0.1
\u00a0
24.0
23.2
\nThe depreciation charge for the year is analysed as follows: \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Cost of sales
5.5
5.2
Administrative and selling expenses (Note 5)
1.2
2.2
\u00a0
6.7
7.4
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00147": { "value": "17 Property, plant and equipment \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Long
\u00a0 \u00a0 \u00a0
\u00a0
Freehold
leasehold
\u00a0 \u00a0 \u00a0
\u00a0
land and
land and
Ocean
Plant and
\u00a0
\u00a0
buildings
buildings
Cruise ships
equipment
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 February 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
Additions
\u2013
\u2013
7.8
2.6
10.4
Disposals
(0.4)
(0.4)
(0.4)
(6.7)
(7.9)
At 31 January 2026
6.0
8.5
670.1
19.7
704.3
Depreciation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 February 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
Provided during the year
0.1
\u2013
22.8
1.1
24.0
Impairment of assets
\u2013
\u2013
\u2013
0.7
0.7
Disposals
(0.4)
(0.4)
(0.4)
(6.5)
(7.7)
At 31 January 2026
0.1
5.3
114.5
16.1
136.0
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 January 2026
5.9
3.2
555.6
3.6
568.3
At 31 January 2025
6.0
3.2
570.6
3.0
582.8
\n
The depreciation charge for the year is analysed as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Cost of sales
23.1
22.4
Administrative and selling expenses (Note 5)
0.9
0.7
Continuing operations
24.0
23.1
Discontinued operations
\u2013
0.1
\u00a0
24.0
23.2
\n
The Ocean Cruise ship assets reported above includes capitalised dry dock re\ufb01t costs, IT and soft furnishings, as these assets are components
of the ships.
During the year, the Group disposed of assets with a net book value of \u00a30.2m (2025: \u00a30.2m). The pro\ufb01t arising on disposal was \u00a30.1m and
credited to cost of sales (2025: \u00a30.9m pro\ufb01t and credited to administrative and selling expenses).
In the prior year, the Group declassi\ufb01ed one of the properties classi\ufb01ed as held for sale at 31 January 2024, to property, plant and equipment,
since it was no longer being actively marketed for disposal (Note 38b). The carrying value of this property at 31 January 2024 was \u00a36.0m.
a) Impairment review of property, plant and equipment
In the year to 31 January 2026, following the Group\u2019s disposal of the underwriting and claims handling sections of its Insurance business
(Note\u00a038a) and the impact of this on its Insurance Broking, and mailing and printing businesses, management concluded that this constitutes
an\u00a0indicator of impairment and duly conducted an impairment review of the assets of this business. The outcome of this impairment review
concluded that an impairment charge of \u00a30.7m should be recognised against the plant and equipment assets held by the Group at
31\u00a0January\u00a02026. This was charged to administrative and selling expenses (\u00a30.1m) and cost of sales (\u00a30.6m).
In the prior year, management assessed the recoverable amount of plant and equipment assets at 31 January 2025 and concluded that an
impairment charge of \u00a30.1m was required in the Group\u2019s Central Costs division. This was charged to administrative and selling expenses.
With the exception of the above, the Group did not consider it necessary to conduct an impairment review of property, plant and equipment
assets at 31 January 2026, since no other indicators of impairment existed.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00148": { "value": "In the prior year, the Group declassi\ufb01ed one of the properties classi\ufb01ed as held for sale at 31 January 2024, to property, plant and equipment, since it was no longer being actively marketed for disposal (Note 38b). The carrying value of this property at 31 January 2024 was \u00a36.0m. 38 Discontinued operations and assets held for sale
a) Discontinued operations
Further to the announcement made on 16 December 2024, the Group completed the disposal of its Insurance Underwriting business, AICL,
to\u00a0Ageas on 1 July 2025. This followed receipt of regulatory approval and all other conditions associated with the sale being satis\ufb01ed.
In addition, on 16 December 2024, the Group announced it had entered into a binding agreement with Ageas to establish a 20-year A\ufb03nity
Partnership for motor and home insurance.
Pursuant to a share purchase agreement (
SPA
), Ageas UK acquired AICL for a base consideration of \u00a365.0m (subject to adjustments) and an
additional consideration of \u00a32.5m which was paid following the commencement of the A\ufb03nity Partnership and, therefore, the sale of new policies
and the renewal of existing ones, in December 2025.
The pro\ufb01t before tax in the income statement in respect of discontinued operations comprises:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Profit before tax
12.6
22.7
Costs of disposal incurred to date
\u2013
(3.6)
Loss on disposal of discontinued operations
(10.2)
\u2013
\u00a0
2.4
19.1
\n
The (loss)/pro\ufb01t after tax in the income statement in respect of discontinued operations comprises:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Profit after tax
9.7
16.5
Costs of disposal incurred to date, net of tax
\u2013
(2.7)
Loss on disposal of discontinued operations, net of tax
(10.2)
\u2013
\u00a0
(0.5)
13.8
\n
The impact of the discontinued operations on the reported earnings/(loss) per share is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Basic (loss)/earnings per share from discontinued operations
(0.4p)
9.8p
Diluted (loss)/earnings per share from discontinued operations
(0.4p)
9.8p
\n
The loss on disposal of AICL is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
\u00a0
\u00a3m
Initial cash consideration received at completion (after adjustments to base consideration)
57.9
Additional cash consideration received (after adjustments to base consideration)
10.9
Additional consideration received following the commencement of the Affinity Partnership
2.5
Costs of disposal not previously provided for
(2.5)
Amounts recognised as a liability of the Group in respect of properties
(15.7)
Receipt of a Section 75 contribution in relation to AICL\u2019s share of pension scheme liabilities
3.2
Cash and cash equivalents deposits disposed of as part of the transaction
(84.4)
Carrying value of net liabilities disposed
17.9
\u00a0
(10.2)
\n
The adjustments made to the base consideration included receipt of a Section 75 contribution of \u00a33.2m in relation to AICL\u2019s share of the pension
scheme\u2019s liabilities, a property asset value adjustment in respect of its Solvency II value, and a net asset value adjustment re\ufb02ecting the excess
of\u00a0AICL\u2019s Solvency II net asset valuation at completion.
Control over property assets, previously owned by AICL, transferred to a subsidiary of Saga plc at the point of sale, through the contractual
arrangements contained within the SPA. These property assets are not, therefore, re\ufb02ected in the carrying value of the net assets disposed
reported above. A liability in respect of these property assets of \u00a315.7m is recorded within the trade and other payables balance on the Group\u2019s
consolidated statement of \ufb01nancial position, representing amounts payable to Ageas UK upon the earlier of a future sale of these properties to
a\u00a0third-party purchaser and the repurchase of the freehold by a subsidiary of Saga plc. All amounts payable are expected to be settled within
two\u00a0years of the end of the year.
For the year ended 31 January 2026, all cash \ufb02ows relating to the disposal of AICL have been included under investing activities within the
consolidated statement of cash \ufb02ow.
\u2018Disposal group eliminations and adjustments\u2019 referred to in the tables below comprise the following:
\n
\u2022
The Group adopted IFRS 17 for the first time in the year ended 31 January 2024. IFRS 17 applies to all insurance and reinsurance contracts,
\n
covering the principles of recognition, measurement, presentation and disclosure. IFRS 17 only applies to insurance contracts that are
\n
underwritten by the Group and related reinsurance contracts held. It does not affect the accounting for the Group\u2019s Insurance Broking
\n
activities. As AICL, the Group\u2019s Insurance Underwriting business, has been classified as part of the disposal group held for sale in the
\n
statement of financial position and as discontinued operations in the income statement, all IFRS 17 related consolidation entries have also
\n
been classified as such accordingly.
\n
\u2022
Intra-disposal group revenue and cost of sales were eliminated on consolidation.
\n
\u2022
Inter-group transactions with the disposal group were eliminated on consolidation.
\n
i) Results of the disposal group for the year
\n\n \n
Disposal
group
eliminations
Disposal
and
group
adjustments
2026
Notes
\u00a3m
\u00a3m
\u00a3m
Revenue from Insurance Broking services
8.5
(11.7)
(3.2)
Other revenue (non-Insurance Underwriting)
1.7
\u2013
1.7
Non-insurance revenue
10.2
(11.7)
(1.5)
Insurance revenue
28
62.4
4.2
66.6
Total revenue
72.6
(7.5)
65.1
Cost of sales (non-Insurance Underwriting)
(7.4)
8.9
1.5
Gross profit/(loss) (non-Insurance Underwriting)
2.8
(2.8)
\u2013
Insurance service expenses
28
(45.3)
(17.2)
(62.5)
Net (expense)/income from reinsurance contracts
28
(6.3)
0.7
(5.6)
Insurance service result
10.8
(12.3)
(1.5)
Administrative and selling expenses
(1.4)
14.0
12.6
Net finance expense from insurance contracts
28
(5.3)
\u2013
(5.3)
Net finance income from reinsurance contracts
28
2.2
\u2013
2.2
Investment income/(expense)
6.0
(1.4)
4.6
Profit/(loss) before tax
15.1
(2.5)
12.6
Income tax expense
(0.9)
(2.0)
(2.9)
Profit/(loss) from discontinued operations attributable to equity holders
of\u00a0the\u00a0parent
14.2
(4.5)
9.7
\n\n \n
Disposal
group
eliminations
Disposal
and
group
adjustments
2026
\u00a3m
\u00a3m
\u00a3m
Reconciliation to Underlying Profit/(Loss) Before Tax
16
Profit/(loss) before tax
15.1
(2.5)
12.6
Fair value gains on debt securities
(2.2)
\u2013
(2.2)
Changes in underwriting discount rates on non-PPO liabilities
0.1
\u2013
0.1
Onerous contract provision
2.2
2.1
4.3
Restructuring costs
0.4
\u2013
0.4
Underlying Profit/(Loss) Before Tax
16
15.6
(0.4)
15.2
\n
16
Refer to the Alternative Performance Measures Glossary on pages 194-196 for definition and explanation
\n\n\n\n \n
Disposal
group
eliminations
Disposal
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/(expense)
14.5
(3.3)
11.2
Profit/(loss) before tax
28.2
(5.5)
22.7
Income tax (expense)/credit
(7.1)
0.9
(6.2)
Profit/(loss) from discontinued operations attributable to equity holders
of\u00a0the\u00a0parent
21.1
(4.6)
16.5
\n\n \n
Disposal
group
eliminations
Disposal
and
group
adjustments
2025
\u00a3m
\u00a3m
\u00a3m
Reconciliation to Underlying Profit/(Loss) Before Tax
17
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 non-financial assets
6.3
\u2013
6.3
Restructuring costs
0.3
\u2013
0.3
Underlying Profit/(Loss) Before Tax
17
12.0
(1.4)
10.6
\n
ii) Net cash flows of the disposal group
\n
The net cash \ufb02ows of the disposal group during the year were as follows:
\n\n \n
2026
2025
\u00a3m
\u00a3m
Operating
(11.1)
14.9
Investing
31.3
45.0
Financing
(10.0)
(19.1)
Net cash inflow
10.2
40.8
\n
17
Refer to the Alternative Performance Measures Glossary on pages 194-196 for definition and explanation
b) Property assets held for sale
At the end of the year ended 31 January 2021, the Group made the decision to initiate an active programme to locate buyers for a number of its
freehold properties and one of its long leasehold properties. At the point of reclassi\ufb01cation to held for sale, the carrying values were considered
to be equal to, or below, fair value less costs to sell, and hence no revaluation at the point of reclassi\ufb01cation was required.
At the end of the year ended 31 January 2023, the Group made the decision to initiate an active programme to locate buyers for a further
two\u00a0of\u00a0its freehold properties. The Group also reclassi\ufb01ed, to held for sale, the related \ufb01xtures and \ufb01ttings associated with one of these
freehold\u00a0properties.
At 31 January 2023, the carrying values of the properties classi\ufb01ed as held for sale, totalling \u00a331.2m, were representative of either each
property\u2019s fair value or historic cost less accumulated depreciation and any impairment charges to date, whichever was lower.
During the year ended 31 January 2024, the Group declassi\ufb01ed one of the properties held for sale at 31 January 2023, to property, plant and
equipment, since it was no longer being actively marketed for disposal. The carrying value of this property at 31 January 2023 was \u00a33.4m.
Other\u00a0than this one property, there were no changes in relation to the Group\u2019s intention to sell any of the properties classi\ufb01ed as held for sale
at\u00a031 January 2023.
At 31 January 2024, the Group obtained updated market valuations of its freehold properties held for sale, to determine the fair value of
each\u00a0building. 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 net impairment charges totalling \u00a310.4m should be recognised against the Group\u2019s property assets held for sale.
At 31 January 2024, the carrying values of the properties classi\ufb01ed as held for sale, totalling \u00a317.4m, were representative of either each
property\u2019s fair value or historic cost less accumulated depreciation and any impairment charges to date, whichever was lower.
During the year ended 31 January 2025, the Group declassi\ufb01ed one of the properties to property, plant and equipment, since it was no longer
being actively marketed for disposal. The carrying value of this property at 31 January 2025 was \u00a36.0m.
At 31 January 2025, the Group obtained updated market valuations of its freehold properties held for sale, to determine the fair value of
each\u00a0building. 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 net impairment charges totalling \u00a30.4m should be recognised against the Group\u2019s property assets held for sale.
At 31 January 2026, the Group again obtained updated market valuations of its freehold properties held for sale. The carrying values of the
properties, totalling \u00a311.0m, were representative of either each property\u2019s fair value, or historic cost less accumulated depreciation and any
impairment charges to date, whichever is lower. No gains or losses were recognised with respect to the properties during the year. The
properties continue to be actively marketed, with completion expected within 12 months of the end of the \ufb01nancial period, although the Directors
note that a successful completion within this timeframe cannot be assured. All properties classi\ufb01ed as held for sale at 31 January 2026 are held
by continuing operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00149": { "value": "In the prior year, the Group declassi\ufb01ed one of the properties classi\ufb01ed as held for sale at 31 January 2024, to property, plant and equipment, since it was no longer being actively marketed for disposal (Note 38b). The carrying value of this property at 31 January 2024 was \u00a36.0m. 38 Discontinued operations and assets held for sale
a) Discontinued operations
Further to the announcement made on 16 December 2024, the Group completed the disposal of its Insurance Underwriting business, AICL,
to\u00a0Ageas on 1 July 2025. This followed receipt of regulatory approval and all other conditions associated with the sale being satis\ufb01ed.
In addition, on 16 December 2024, the Group announced it had entered into a binding agreement with Ageas to establish a 20-year A\ufb03nity
Partnership for motor and home insurance.
Pursuant to a share purchase agreement (
SPA
), Ageas UK acquired AICL for a base consideration of \u00a365.0m (subject to adjustments) and an
additional consideration of \u00a32.5m which was paid following the commencement of the A\ufb03nity Partnership and, therefore, the sale of new policies
and the renewal of existing ones, in December 2025.
The pro\ufb01t before tax in the income statement in respect of discontinued operations comprises:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Profit before tax
12.6
22.7
Costs of disposal incurred to date
\u2013
(3.6)
Loss on disposal of discontinued operations
(10.2)
\u2013
\u00a0
2.4
19.1
\n
The (loss)/pro\ufb01t after tax in the income statement in respect of discontinued operations comprises:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Profit after tax
9.7
16.5
Costs of disposal incurred to date, net of tax
\u2013
(2.7)
Loss on disposal of discontinued operations, net of tax
(10.2)
\u2013
\u00a0
(0.5)
13.8
\n
The impact of the discontinued operations on the reported earnings/(loss) per share is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Basic (loss)/earnings per share from discontinued operations
(0.4p)
9.8p
Diluted (loss)/earnings per share from discontinued operations
(0.4p)
9.8p
\n
The loss on disposal of AICL is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
\u00a0
\u00a3m
Initial cash consideration received at completion (after adjustments to base consideration)
57.9
Additional cash consideration received (after adjustments to base consideration)
10.9
Additional consideration received following the commencement of the Affinity Partnership
2.5
Costs of disposal not previously provided for
(2.5)
Amounts recognised as a liability of the Group in respect of properties
(15.7)
Receipt of a Section 75 contribution in relation to AICL\u2019s share of pension scheme liabilities
3.2
Cash and cash equivalents deposits disposed of as part of the transaction
(84.4)
Carrying value of net liabilities disposed
17.9
\u00a0
(10.2)
\n
The adjustments made to the base consideration included receipt of a Section 75 contribution of \u00a33.2m in relation to AICL\u2019s share of the pension
scheme\u2019s liabilities, a property asset value adjustment in respect of its Solvency II value, and a net asset value adjustment re\ufb02ecting the excess
of\u00a0AICL\u2019s Solvency II net asset valuation at completion.
Control over property assets, previously owned by AICL, transferred to a subsidiary of Saga plc at the point of sale, through the contractual
arrangements contained within the SPA. These property assets are not, therefore, re\ufb02ected in the carrying value of the net assets disposed
reported above. A liability in respect of these property assets of \u00a315.7m is recorded within the trade and other payables balance on the Group\u2019s
consolidated statement of \ufb01nancial position, representing amounts payable to Ageas UK upon the earlier of a future sale of these properties to
a\u00a0third-party purchaser and the repurchase of the freehold by a subsidiary of Saga plc. All amounts payable are expected to be settled within
two\u00a0years of the end of the year.
For the year ended 31 January 2026, all cash \ufb02ows relating to the disposal of AICL have been included under investing activities within the
consolidated statement of cash \ufb02ow.
\u2018Disposal group eliminations and adjustments\u2019 referred to in the tables below comprise the following:
\n
\u2022
The Group adopted IFRS 17 for the first time in the year ended 31 January 2024. IFRS 17 applies to all insurance and reinsurance contracts,
\n
covering the principles of recognition, measurement, presentation and disclosure. IFRS 17 only applies to insurance contracts that are
\n
underwritten by the Group and related reinsurance contracts held. It does not affect the accounting for the Group\u2019s Insurance Broking
\n
activities. As AICL, the Group\u2019s Insurance Underwriting business, has been classified as part of the disposal group held for sale in the
\n
statement of financial position and as discontinued operations in the income statement, all IFRS 17 related consolidation entries have also
\n
been classified as such accordingly.
\n
\u2022
Intra-disposal group revenue and cost of sales were eliminated on consolidation.
\n
\u2022
Inter-group transactions with the disposal group were eliminated on consolidation.
\n
i) Results of the disposal group for the year
\n\n \n
Disposal
group
eliminations
Disposal
and
group
adjustments
2026
Notes
\u00a3m
\u00a3m
\u00a3m
Revenue from Insurance Broking services
8.5
(11.7)
(3.2)
Other revenue (non-Insurance Underwriting)
1.7
\u2013
1.7
Non-insurance revenue
10.2
(11.7)
(1.5)
Insurance revenue
28
62.4
4.2
66.6
Total revenue
72.6
(7.5)
65.1
Cost of sales (non-Insurance Underwriting)
(7.4)
8.9
1.5
Gross profit/(loss) (non-Insurance Underwriting)
2.8
(2.8)
\u2013
Insurance service expenses
28
(45.3)
(17.2)
(62.5)
Net (expense)/income from reinsurance contracts
28
(6.3)
0.7
(5.6)
Insurance service result
10.8
(12.3)
(1.5)
Administrative and selling expenses
(1.4)
14.0
12.6
Net finance expense from insurance contracts
28
(5.3)
\u2013
(5.3)
Net finance income from reinsurance contracts
28
2.2
\u2013
2.2
Investment income/(expense)
6.0
(1.4)
4.6
Profit/(loss) before tax
15.1
(2.5)
12.6
Income tax expense
(0.9)
(2.0)
(2.9)
Profit/(loss) from discontinued operations attributable to equity holders
of\u00a0the\u00a0parent
14.2
(4.5)
9.7
\n\n \n
Disposal
group
eliminations
Disposal
and
group
adjustments
2026
\u00a3m
\u00a3m
\u00a3m
Reconciliation to Underlying Profit/(Loss) Before Tax
16
Profit/(loss) before tax
15.1
(2.5)
12.6
Fair value gains on debt securities
(2.2)
\u2013
(2.2)
Changes in underwriting discount rates on non-PPO liabilities
0.1
\u2013
0.1
Onerous contract provision
2.2
2.1
4.3
Restructuring costs
0.4
\u2013
0.4
Underlying Profit/(Loss) Before Tax
16
15.6
(0.4)
15.2
\n
16
Refer to the Alternative Performance Measures Glossary on pages 194-196 for definition and explanation
\n \n
Disposal
group
eliminations
Disposal
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/(expense)
14.5
(3.3)
11.2
Profit/(loss) before tax
28.2
(5.5)
22.7
Income tax (expense)/credit
(7.1)
0.9
(6.2)
Profit/(loss) from discontinued operations attributable to equity holders
of\u00a0the\u00a0parent
21.1
(4.6)
16.5
\n\n \n
Disposal
group
eliminations
Disposal
and
group
adjustments
2025
\u00a3m
\u00a3m
\u00a3m
Reconciliation to Underlying Profit/(Loss) Before Tax
17
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 non-financial assets
6.3
\u2013
6.3
Restructuring costs
0.3
\u2013
0.3
Underlying Profit/(Loss) Before Tax
17
12.0
(1.4)
10.6
\n
ii) Net cash flows of the disposal group
\n
The net cash \ufb02ows of the disposal group during the year were as follows:
\n\n \n
2026
2025
\u00a3m
\u00a3m
Operating
(11.1)
14.9
Investing
31.3
45.0
Financing
(10.0)
(19.1)
Net cash inflow
10.2
40.8
\n
17
Refer to the Alternative Performance Measures Glossary on pages 194-196 for definition and explanation
b) Property assets held for sale
At the end of the year ended 31 January 2021, the Group made the decision to initiate an active programme to locate buyers for a number of its
freehold properties and one of its long leasehold properties. At the point of reclassi\ufb01cation to held for sale, the carrying values were considered
to be equal to, or below, fair value less costs to sell, and hence no revaluation at the point of reclassi\ufb01cation was required.
At the end of the year ended 31 January 2023, the Group made the decision to initiate an active programme to locate buyers for a further
two\u00a0of\u00a0its freehold properties. The Group also reclassi\ufb01ed, to held for sale, the related \ufb01xtures and \ufb01ttings associated with one of these
freehold\u00a0properties.
At 31 January 2023, the carrying values of the properties classi\ufb01ed as held for sale, totalling \u00a331.2m, were representative of either each
property\u2019s fair value or historic cost less accumulated depreciation and any impairment charges to date, whichever was lower.
During the year ended 31 January 2024, the Group declassi\ufb01ed one of the properties held for sale at 31 January 2023, to property, plant and
equipment, since it was no longer being actively marketed for disposal. The carrying value of this property at 31 January 2023 was \u00a33.4m.
Other\u00a0than this one property, there were no changes in relation to the Group\u2019s intention to sell any of the properties classi\ufb01ed as held for sale
at\u00a031 January 2023.
At 31 January 2024, the Group obtained updated market valuations of its freehold properties held for sale, to determine the fair value of
each\u00a0building. 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 net impairment charges totalling \u00a310.4m should be recognised against the Group\u2019s property assets held for sale.
At 31 January 2024, the carrying values of the properties classi\ufb01ed as held for sale, totalling \u00a317.4m, were representative of either each
property\u2019s fair value or historic cost less accumulated depreciation and any impairment charges to date, whichever was lower.
During the year ended 31 January 2025, the Group declassi\ufb01ed one of the properties to property, plant and equipment, since it was no longer
being actively marketed for disposal. The carrying value of this property at 31 January 2025 was \u00a36.0m.
At 31 January 2025, the Group obtained updated market valuations of its freehold properties held for sale, to determine the fair value of
each\u00a0building. 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 net impairment charges totalling \u00a30.4m should be recognised against the Group\u2019s property assets held for sale.
At 31 January 2026, the Group again obtained updated market valuations of its freehold properties held for sale. The carrying values of the
properties, totalling \u00a311.0m, were representative of either each property\u2019s fair value, or historic cost less accumulated depreciation and any
impairment charges to date, whichever is lower. No gains or losses were recognised with respect to the properties during the year. The
properties continue to be actively marketed, with completion expected within 12 months of the end of the \ufb01nancial period, although the Directors
note that a successful completion within this timeframe cannot be assured. All properties classi\ufb01ed as held for sale at 31 January 2026 are held
by continuing operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00151": { "value": "18 Right-of-use assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Long
\u00a0 \u00a0 \u00a0
\u00a0
leasehold
\u00a0 \u00a0 \u00a0
\u00a0
land and
River
Plant and
\u00a0
\u00a0
buildings
Cruise ships
equipment
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 February 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
Additions
\u2013
13.9
4.0
17.9
Disposals
(0.8)
\u2013
(1.5)
(2.3)
Effect of modification of lease terms
(0.1)
\u2013
\u2013
(0.1)
At 31 January 2026
2.8
42.1
12.2
57.1
Depreciation and impairment
\u00a0 \u00a0 \u00a0 \u00a0
At 1 February 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
Provided during the year
0.5
4.5
1.7
6.7
Disposals
(0.8)
\u2013
(1.5)
(2.3)
Impairment of assets
0.1
\u2013
0.8
0.9
At 31 January 2026
2.3
12.7
7.0
22.0
Net book value
\u00a0 \u00a0 \u00a0 \u00a0
At 31 January 2026
0.5
29.4
5.2
35.1
At 31 January 2025
1.2
20.0
3.7
24.9
\n
The depreciation charge for the year is analysed as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Cost of sales
5.5
5.2
Administrative and selling expenses (Note 5)
1.2
2.2
\u00a0
6.7
7.4
\n
During the year, the Group disposed of assets with a net book value of \u00a3nil (2025: \u00a3nil). The pro\ufb01t arising on disposal was \u00a30.5m and credited
to\u00a0cost of sales (2025: \u00a3nil).
The total cash out\ufb02ow for leases amounted to \u00a39.2m (2025: \u00a39.4m).
In the year ended 31 January 2026, the modi\ufb01cation of lease terms relating to long leasehold land and buildings resulted in a gain of \u00a3nil
(2025:\u00a0\u00a30.2m) being reported in the income statement in the year.
a) Impairment review of right-of-use assets
In the year to 31 January 2026, following the Group\u2019s disposal of the underwriting and claims handling sections of its Insurance business
(Note\u00a038a) and the impact of this on its mailing and printing business, management concluded that this constitutes an indicator of impairment
and duly conducted an impairment review of the assets of this business. The outcome of this impairment review concluded that\u00a0an impairment
charge of \u00a30.8m should be recognised against the plant and equipment assets held by the mailing and printing business at 31\u00a0January 2026.
This\u00a0was charged to cost of sales.
Also, in the year to 31 January 2026, management decided to review long leasehold land and building leases used by the Group\u2019s Cruise business.
As\u00a0part of this exercise, management performed an impairment review of right-of-use assets used by the Cruise business. The outcome of this
review concluded that an impairment charge of \u00a30.1m be recognised against the Group\u2019s long leasehold land and buildings at 31 January 2026.
This was charged to administrative and selling expenses.
With the exception of the above, the Group did not consider it necessary to conduct an impairment review of right-of-use assets at 31 January 2026,
since no other indicators of impairment existed.", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00120": { "value": "18 Right-of-use assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Long
\u00a0 \u00a0 \u00a0
\u00a0
leasehold
\u00a0 \u00a0 \u00a0
\u00a0
land and
River
Plant and
\u00a0
\u00a0
buildings
Cruise ships
equipment
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 February 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
Additions
\u2013
13.9
4.0
17.9
Disposals
(0.8)
\u2013
(1.5)
(2.3)
Effect of modification of lease terms
(0.1)
\u2013
\u2013
(0.1)
At 31 January 2026
2.8
42.1
12.2
57.1
Depreciation and impairment
\u00a0 \u00a0 \u00a0 \u00a0
At 1 February 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
Provided during the year
0.5
4.5
1.7
6.7
Disposals
(0.8)
\u2013
(1.5)
(2.3)
Impairment of assets
0.1
\u2013
0.8
0.9
At 31 January 2026
2.3
12.7
7.0
22.0
Net book value
\u00a0 \u00a0 \u00a0 \u00a0
At 31 January 2026
0.5
29.4
5.2
35.1
At 31 January 2025
1.2
20.0
3.7
24.9
\n
The depreciation charge for the year is analysed as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Cost of sales
5.5
5.2
Administrative and selling expenses (Note 5)
1.2
2.2
\u00a0
6.7
7.4
\n
During the year, the Group disposed of assets with a net book value of \u00a3nil (2025: \u00a3nil). The pro\ufb01t arising on disposal was \u00a30.5m and credited
to\u00a0cost of sales (2025: \u00a3nil).
The total cash out\ufb02ow for leases amounted to \u00a39.2m (2025: \u00a39.4m).
In the year ended 31 January 2026, the modi\ufb01cation of lease terms relating to long leasehold land and buildings resulted in a gain of \u00a3nil
(2025:\u00a0\u00a30.2m) being reported in the income statement in the year.
a) Impairment review of right-of-use assets
In the year to 31 January 2026, following the Group\u2019s disposal of the underwriting and claims handling sections of its Insurance business
(Note\u00a038a) and the impact of this on its mailing and printing business, management concluded that this constitutes an indicator of impairment
and duly conducted an impairment review of the assets of this business. The outcome of this impairment review concluded that\u00a0an impairment
charge of \u00a30.8m should be recognised against the plant and equipment assets held by the mailing and printing business at 31\u00a0January 2026.
This\u00a0was charged to cost of sales.
Also, in the year to 31 January 2026, management decided to review long leasehold land and building leases used by the Group\u2019s Cruise business.
As\u00a0part of this exercise, management performed an impairment review of right-of-use assets used by the Cruise business. The outcome of this
review concluded that an impairment charge of \u00a30.1m be recognised against the Group\u2019s long leasehold land and buildings at 31 January 2026.
This was charged to administrative and selling expenses.
With the exception of the above, the Group did not consider it necessary to conduct an impairment review of right-of-use assets at 31 January 2026,
since no other indicators of impairment existed.In addition, \ufb01nance costs recognised in the income statement include \u00a32.5m (2025: \u00a32.1m) relating to interest and \ufb01nance charges on lease liabilitiesa) Lease commitments
The Group leases various River Cruise ships, o\ufb03ces, warehouses, equipment and vehicles. The contract lengths of the leases vary considerably
and may include extension or termination options. Where it is reasonably certain that an extension option will be triggered in a contract, lease
payments to be made in respect of the option are included in the measurement of the lease liability. Future minimum lease payments under lease
contracts, together with the present values of the net minimum lease payments, are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Within one year
9.9
6.7
Between one and five years
27.8
19.9
After five years
12.0
4.2
Total minimum lease payments
49.7
30.8
Less amounts representing finance charges
(11.3)
(4.7)
Present value of minimum lease payments
38.4
26.1
\n
At 31 January 2026, the value of lease liabilities contracted for, but not provided for, in the \ufb01nancial statements in respect of right-of-use assets
amounted to \u00a313.5m (2025: \u00a322.5m). For the current year, these commitments relate to Spirit of the Lorelei. The lease commitments in the
prior year related to the River Cruise vessels, Spirit of the Moselle and Spirit of the Lorelei. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00153": { "value": "19 Financial assets and financial liabilities
The Group\u2019s principal \ufb01nancial liabilities comprise loans and borrowings, and trade and other payables. The main purpose of the loans and
borrowings \ufb01nancial liabilities is to \ufb01nance the Group\u2019s operations and to provide guarantees to support its operations. The Group\u2019s principal
\ufb01nancial assets included debt securities and money market funds, both held within the Insurance business (Note 38a), trade and other
receivables, and cash and short-term deposits. The Group also enters into derivative transactions such as foreign exchange forward contracts,
fuel and gas oil swaps and interest rate swaps to manage its exposure to various risks.
a) Financial assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
FVTPL
\u00a0 \u00a0
Foreign exchange forward contracts
0.2
0.2
Money market funds
\u2013
62.9
Debt securities
\u2013
178.7
\u00a0
0.2
241.8
FVTPL designated in a hedging relationship
\u00a0 \u00a0
Foreign exchange forward contracts
0.7
0.9
Fuel oil swaps
0.2
\u2013
\u00a0
0.9
0.9
Amortised cost
\u00a0 \u00a0
Deposits with financial institutions
\u2013
11.5
\u00a0
\u2013
11.5
Amounts reclassified to assets held for sale
\u2013
(241.6)
Total financial assets
1.1
12.6
Current
1.0
12.4
Non-current
0.1
0.2
\u00a0
1.1
12.6
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Total financial assets (as above and presented on the face of the statement of financial position)
1.1
12.6
Trade receivables (Note 23)
98.4
99.7
Other receivables (Note 23)
8.1
7.0
Cash and short-term deposits (Note 25)
257.0
129.2
Total financial assets (including cash and short-term deposits, trade and other receivables)
364.6
248.5
\n
For the year ended 31 January 2025, debt securities and money market funds related to monies held by the Group\u2019s Insurance Underwriting
business (included within assets held for sale), and were subject to contractual restrictions and were not readily available to be used for other
purposes within the Group. The Group\u2019s Insurance Underwriting business was disposed of on 1 July 2025 (Note 38a), and therefore, no balances
are reported at 31 January 2026 in the table above.
All \ufb01nancial assets that are measured at FVTPL are mandatorily measured at FVTPL, with the exception of debt securities which are designated
as FVTPL.
b) Financial liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
FVTPL
\u00a0 \u00a0
Foreign exchange forward contracts
0.4
0.2
\u00a0
0.4
0.2
FVTPL designated in a hedging relationship
\u00a0 \u00a0
Foreign exchange forward contracts
2.4
0.9
Fuel oil swaps
0.3
0.5
Interest rate swaps
1.7
\u2013
\u00a0
4.4
1.4
Amortised cost
\u00a0 \u00a0
Bond, Ocean Cruise ship loans, term loan and loan facility provided by Roger De Haan (Note 30)
607.9
662.2
Lease liabilities
38.4
26.1
Bank overdrafts
0.3
1.6
\u00a0
646.6
689.9
Amounts reclassified to liabilities associated with assets held for sale
\u2013
(1.4)
Total financial liabilities
651.4
690.1
Current
66.7
71.3
Non-current
584.7
618.8
\u00a0
651.4
690.1
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Total financial liabilities (as above and presented on the face of the statement of financial position)
651.4
690.1
Trade payables (Note 26)
168.5
145.5
Other payables (Note 26)
16.8
9.0
Accruals (Note 26)
62.0
43.9
Total financial liabilities (including trade and other payables, and accruals)
898.7
888.5
\n
Except for the Group\u2019s bond and Ocean Cruise ship loans, the fair values of \ufb01nancial liabilities held at amortised cost are not materially di\ufb00erent
from their carrying amounts, since the interest payable on those liabilities is close to current market rates. The fair value of the Group\u2019s bond
(Note 30) at 31 January 2026 was \u00a3nil (2025: \u00a3249.7m). The fair value of the Group\u2019s Ocean Cruise ship loans (Note 30) at 31 January 2026 was
\u00a3270.5m (2025: \u00a3325.6m).
All \ufb01nancial liabilities that are measured at FVTPL are mandatorily measured at FVTPL unless they are held in a designated hedging relationship.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00157": { "value": "19 Financial assets and financial liabilities
The Group\u2019s principal \ufb01nancial liabilities comprise loans and borrowings, and trade and other payables. The main purpose of the loans and
borrowings \ufb01nancial liabilities is to \ufb01nance the Group\u2019s operations and to provide guarantees to support its operations. The Group\u2019s principal
\ufb01nancial assets included debt securities and money market funds, both held within the Insurance business (Note 38a), trade and other
receivables, and cash and short-term deposits. The Group also enters into derivative transactions such as foreign exchange forward contracts,
fuel and gas oil swaps and interest rate swaps to manage its exposure to various risks.
a) Financial assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
FVTPL
\u00a0 \u00a0
Foreign exchange forward contracts
0.2
0.2
Money market funds
\u2013
62.9
Debt securities
\u2013
178.7
\u00a0
0.2
241.8
FVTPL designated in a hedging relationship
\u00a0 \u00a0
Foreign exchange forward contracts
0.7
0.9
Fuel oil swaps
0.2
\u2013
\u00a0
0.9
0.9
Amortised cost
\u00a0 \u00a0
Deposits with financial institutions
\u2013
11.5
\u00a0
\u2013
11.5
Amounts reclassified to assets held for sale
\u2013
(241.6)
Total financial assets
1.1
12.6
Current
1.0
12.4
Non-current
0.1
0.2
\u00a0
1.1
12.6
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Total financial assets (as above and presented on the face of the statement of financial position)
1.1
12.6
Trade receivables (Note 23)
98.4
99.7
Other receivables (Note 23)
8.1
7.0
Cash and short-term deposits (Note 25)
257.0
129.2
Total financial assets (including cash and short-term deposits, trade and other receivables)
364.6
248.5
\n
For the year ended 31 January 2025, debt securities and money market funds related to monies held by the Group\u2019s Insurance Underwriting
business (included within assets held for sale), and were subject to contractual restrictions and were not readily available to be used for other
purposes within the Group. The Group\u2019s Insurance Underwriting business was disposed of on 1 July 2025 (Note 38a), and therefore, no balances
are reported at 31 January 2026 in the table above.
All \ufb01nancial assets that are measured at FVTPL are mandatorily measured at FVTPL, with the exception of debt securities which are designated
as FVTPL.
b) Financial liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
FVTPL
\u00a0 \u00a0
Foreign exchange forward contracts
0.4
0.2
\u00a0
0.4
0.2
FVTPL designated in a hedging relationship
\u00a0 \u00a0
Foreign exchange forward contracts
2.4
0.9
Fuel oil swaps
0.3
0.5
Interest rate swaps
1.7
\u2013
\u00a0
4.4
1.4
Amortised cost
\u00a0 \u00a0
Bond, Ocean Cruise ship loans, term loan and loan facility provided by Roger De Haan (Note 30)
607.9
662.2
Lease liabilities
38.4
26.1
Bank overdrafts
0.3
1.6
\u00a0
646.6
689.9
Amounts reclassified to liabilities associated with assets held for sale
\u2013
(1.4)
Total financial liabilities
651.4
690.1
Current
66.7
71.3
Non-current
584.7
618.8
\u00a0
651.4
690.1
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Total financial liabilities (as above and presented on the face of the statement of financial position)
651.4
690.1
Trade payables (Note 26)
168.5
145.5
Other payables (Note 26)
16.8
9.0
Accruals (Note 26)
62.0
43.9
Total financial liabilities (including trade and other payables, and accruals)
898.7
888.5
\n
Except for the Group\u2019s bond and Ocean Cruise ship loans, the fair values of \ufb01nancial liabilities held at amortised cost are not materially di\ufb00erent
from their carrying amounts, since the interest payable on those liabilities is close to current market rates. The fair value of the Group\u2019s bond
(Note 30) at 31 January 2026 was \u00a3nil (2025: \u00a3249.7m). The fair value of the Group\u2019s Ocean Cruise ship loans (Note 30) at 31 January 2026 was
\u00a3270.5m (2025: \u00a3325.6m).
All \ufb01nancial liabilities that are measured at FVTPL are mandatorily measured at FVTPL unless they are held in a designated hedging relationship.
c) Fair values
Financial instruments held at fair value are valued using quoted market prices or other valuation techniques.
Valuation techniques include net present value and discounted cash \ufb02ow models, and comparison with similar instruments for which
market-observable prices exist. Assumptions and market-observable inputs used in valuation techniques include foreign currency exchange
rates and future oil prices.
The objective of using valuation techniques is to arrive at a fair value determination that re\ufb02ects the price of the \ufb01nancial instrument at the
reporting date, which would have been determined by market participants acting at arm\u2019s length.
Observable prices are those that have been seen either from counterparties or from market pricing sources, including Bloomberg. The use
of\u00a0these depends upon the liquidity of the relevant market.
Financial instruments held at fair value have been categorised into a fair value measurement hierarchy as follows:
i) Level 1
These are valuation techniques that are based entirely on quoted market prices in an actively traded market and are the most reliable.
All money market funds and debt securities were categorised as Level 1, as the fair value was obtained directly from the quoted active
market\u00a0price.
ii) Level 2
These are valuation techniques for which all signi\ufb01cant inputs are taken from observable market data. These include valuation models used to
calculate the present value of expected future cash \ufb02ows and may be employed either when no active market exists or when there are quoted
prices available for similar instruments in active markets.
The models incorporate various inputs, including the credit quality of counterparties, interest rate curves and forward rate curves of the
underlying instrument.
All the derivative \ufb01nancial instruments are categorised as Level 2, as the fair values are obtained from the counterparty, brokers or valued using
observable inputs. Where material, credit valuation adjustment/debit valuation adjustment risk adjustments are factored into the fair values of
these instruments. At 31 January 2026, the marked-to-market values of derivative assets are net of a credit valuation adjustment attributable
to\u00a0derivative counterparty default risk.
The fair values are periodically reviewed by the Group\u2019s Treasury Committees.
iii) Level 3
These are valuation techniques for which any signi\ufb01cant inputs are not based on observable market data.
The following tables provide the quantitative fair value hierarchy of the Group\u2019s \ufb01nancial assets and \ufb01nancial liabilities that are held at fair value:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
At 31 January 2026
At 31 January 2025
\u00a0
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets measured at fair value
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Foreign exchange forwards
\u2013
0.9
\u2013
0.9
\u2013
1.1
\u2013
1.1
Fuel oil swaps
\u2013
0.2
\u2013
0.2
\u2013
\u2013
\u2013
\u2013
Debt securities
\u2013
\u2013
\u2013
\u2013
178.7
\u2013
\u2013
178.7
Money market funds
\u2013
\u2013
\u2013
\u2013
62.9
\u2013
\u2013
62.9
Financial liabilities measured at fair value
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Foreign exchange forwards
\u2013
2.8
\u2013
2.8
\u2013
1.1
\u2013
1.1
Fuel oil swaps
\u2013
0.3
\u2013
0.3
\u2013
0.5
\u2013
0.5
Interest rate swaps
\u2013
1.7
\u2013
1.7
\u2013
\u2013
\u2013
\u2013
Financial assets for which fair values
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
are\u00a0disclosed
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Deposits with financial institutions
\u2013
\u2013
\u2013
\u2013
\u2013
11.5
\u2013
11.5
Financial liabilities for which fair values
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
are\u00a0disclosed
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Bond, Ocean Cruise ship loans, term loan and
\u2013
595.3
\u2013
595.3
249.7
400.6
\u2013
650.3
the loan facility provided by Roger\u00a0De Haan
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Lease liabilities
\u2013
38.4
\u2013
38.4
\u2013
26.1
\u2013
26.1
Bank overdrafts
\u2013
0.3
\u2013
0.3
\u2013
1.6
\u2013
1.6
\n
There were no transfers between Level 1 and Level 2 during the year. There were no non-recurring fair value measurements of assets and
liabilities during the year (2025: none). The Group\u2019s policy is to recognise transfers into, and out of, fair value hierarchy levels at the end of the
reporting period.
The values of the debt securities and money market funds were based upon publicly available market prices.
Foreign exchange forwards are valued using current spot and forward rates discounted to present value. They are also adjusted for
counterparty credit risk using credit default swap curves. Fuel oil swaps are valued with reference to the valuations provided by third parties,
which use current Platts index rates, discounted to present value.
Bonds are valued at quoted market bid prices.
Ship loans are valued using discounted cash \ufb02ows at the current rates of interest.
Interest rate swaps are valued as the present value of the estimated future cash \ufb02ows, discounted using observable yield curves, and adjusted for
a credit risk adjustment.
d) Cash flow hedges
i) Forward currency risk
During the year ended 31 January 2026, the Group designated 410 foreign exchange forward currency contracts as hedges of highly probable
foreign currency cash expenses in future periods (2025: 258). These contracts are entered into to minimise the Group\u2019s exposure to foreign
exchange risk and are designated as cash \ufb02ow hedges.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Foreign currency cash flow hedging
Designated in the year
At 31 January 2026
At 31 January 2025
instruments (nominal amounts)
Volume
\u00a3m
Volume
\u00a3m
Volume
\u00a3m
Euro (
EUR
)
87
0.1
90
0.1
63
(0.7)
US dollar (
USD
)
109
(1.4)
121
(1.8)
64
0.8
Other currencies
214
\u2013
228
\u2013
132
(0.1)
Total
410
(1.3)
439
(1.7)
259
\u2013
\n
Hedging instruments for other currencies are in respect of Australian dollars, Canadian dollars, Swiss francs, Japanese yen, New Zealand
dollars, Norwegian krone, Thai baht, Chinese yuan, Danish krona and South African rand.
ii) Commodity price risk
The Group uses derivative \ufb01nancial instruments to mitigate the risk of adverse changes in the price of fuel. The Group enters into \ufb01xed price
contracts (swaps) in the management of its fuel price exposures. These contracts are expected to reduce the volatility attributable to price
\ufb02uctuations of fuel and are designated as cash \ufb02ow hedges. Hedging the price volatility of forecast fuel purchases is in accordance with the risk
management strategy outlined by the Board of Directors. During the year ended 31 January 2026, the Group designated 78 fuel oil swaps as
hedges of highly probable fuel oil purchases in future periods (2025: 20).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Commodity cash flow hedging
Designated in the year
At 31 January 2026
At 31 January 2025
instruments\u00a0(nominal amounts)
Volume
\u00a3m
Volume
\u00a3m
Volume
\u00a3m
Hedging instruments
78
(0.1)
78
(0.1)
35
(0.5)
\n
iii) Hedge maturity profile
The table below summarises the maturities of the Group\u2019s derivatives at\u00a031 January 2026.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
1 February
1 August
1 February
1 August
\u00a0
2026 to
2026 to
2027 to
2027 to
\u00a0
31 July
31 January
31 July
31 January
Derivatives settled gross
2026
2027
2027
2028
Foreign exchange forwards
\u00a0 \u00a0 \u00a0 \u00a0
Buy Euro
\u00a0 \u00a0 \u00a0 \u00a0
Notional amount of derivative (\u00a3m)
34.9
30.6
2.0
\u2013
Average hedge rate
1.153
1.135
1.120
1.101
Fair value (\u00a3m)
0.1
\u2013
\u2013
\u2013
Buy USD
\u00a0 \u00a0 \u00a0 \u00a0
Notional amount of derivative (\u00a3m)
19.6
19.0
11.4
1.8
Average hedge rate
1.312
1.312
1.335
1.331
Fair value (\u00a3m)
(0.9)
(0.7)
(0.2)
\u2013
Buy other currencies
\u00a0 \u00a0 \u00a0 \u00a0
Notional amount of derivative (\u00a3m)
7.4
5.6
0.7
0.1
Average hedge rate
n/a
n/a
n/a
n/a
Fair value (\u00a3m)
\u2013
\u2013
\u2013
\u2013
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
1 February
1 August
1 February
1 August
1 February
1 August
\u00a0
2026 to
2026 to
2027 to
2027 to
2028 to
2028 to
\u00a0
31 July
31 January
31 July
31 January
31 July
31\u00a0January
Derivatives settled net
2026
2027
2027
2028
2028
2029
Fuel hedges
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Quantity - metric tonnes
15,620
16,328
12,623
6,600
\u2013
\u2013
Average trade price per metric tonne \u2013 \u00a3
316
308
340
207
\u2013
\u2013
Fair value (\u00a3m)
(0.1)
(0.1)
0.1
\u2013
\u2013
\u2013
Interest rate swaps
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Notional amount \u2013 \u00a3m
335.0
335.0
335.0
335.0
335.0
335.0
Average contracted fixed interest rate \u2013 %
3.73
3.73
3.73
3.73
3.73
3.75
Fair value (\u00a3m)
(0.1)
(0.6)
(0.6)
(0.3)
(0.1)
\u2013
During the year, the Group recognised net losses of \u00a34.5m (2025: \u00a36.0m gains) on cash \ufb02ow hedging instruments through OCI into the hedging
reserve. The Group recognised \u00a3nil (2025: \u00a3nil) through the income statement in respect of the ine\ufb00ective portion of foreign exchange hedges
measured during the year. The Group recognised \u00a3nil (2025: \u00a3nil) through the income statement in respect of the ine\ufb00ective portion of interest
rate swaps measured during the year.
During the year, the Group de-designated two foreign currency forward contracts, with a transaction value of \u00a32.4m, where forecast cash \ufb02ows
are no longer expected to occur with a su\ufb03ciently high degree of certainty to meet the requirements of IFRS 9. The accumulated losses in
relation to these contracts of \u00a3nil were reclassi\ufb01ed from the hedging reserve into pro\ufb01t or loss during the year. The Group did not de-designate
any fuel oil swaps during the year. During the year, the Group recognised a \u00a31.6m loss (2025: \u00a33.3m gain) through the income statement in
respect of matured hedges that were recycled from OCI.
During the year, the Group hedged its \u00a3335.0m term loan (Note 30) using interest rate derivatives. The Group held interest rate swaps to hedge
exposure to the \ufb01nancial risk of variability in cash \ufb02ows attributable to movements in interest rates. The fair value of the Group\u2019s interest swaps at
31 January 2026 is a liability of \u00a31.7m (2025: nil), with \u00a31.7m being recognised as a loss through OCI into the hedging reserve. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00152": { "value": "19 Financial assets and financial liabilities
The Group\u2019s principal \ufb01nancial liabilities comprise loans and borrowings, and trade and other payables. The main purpose of the loans and
borrowings \ufb01nancial liabilities is to \ufb01nance the Group\u2019s operations and to provide guarantees to support its operations. The Group\u2019s principal
\ufb01nancial assets included debt securities and money market funds, both held within the Insurance business (Note 38a), trade and other
receivables, and cash and short-term deposits. The Group also enters into derivative transactions such as foreign exchange forward contracts,
fuel and gas oil swaps and interest rate swaps to manage its exposure to various risks.
a) Financial assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
FVTPL
\u00a0 \u00a0
Foreign exchange forward contracts
0.2
0.2
Money market funds
\u2013
62.9
Debt securities
\u2013
178.7
\u00a0
0.2
241.8
FVTPL designated in a hedging relationship
\u00a0 \u00a0
Foreign exchange forward contracts
0.7
0.9
Fuel oil swaps
0.2
\u2013
\u00a0
0.9
0.9
Amortised cost
\u00a0 \u00a0
Deposits with financial institutions
\u2013
11.5
\u00a0
\u2013
11.5
Amounts reclassified to assets held for sale
\u2013
(241.6)
Total financial assets
1.1
12.6
Current
1.0
12.4
Non-current
0.1
0.2
\u00a0
1.1
12.6
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Total financial assets (as above and presented on the face of the statement of financial position)
1.1
12.6
Trade receivables (Note 23)
98.4
99.7
Other receivables (Note 23)
8.1
7.0
Cash and short-term deposits (Note 25)
257.0
129.2
Total financial assets (including cash and short-term deposits, trade and other receivables)
364.6
248.5
\n
For the year ended 31 January 2025, debt securities and money market funds related to monies held by the Group\u2019s Insurance Underwriting
business (included within assets held for sale), and were subject to contractual restrictions and were not readily available to be used for other
purposes within the Group. The Group\u2019s Insurance Underwriting business was disposed of on 1 July 2025 (Note 38a), and therefore, no balances
are reported at 31 January 2026 in the table above.
All \ufb01nancial assets that are measured at FVTPL are mandatorily measured at FVTPL, with the exception of debt securities which are designated
as FVTPL.
b) Financial liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
FVTPL
\u00a0 \u00a0
Foreign exchange forward contracts
0.4
0.2
\u00a0
0.4
0.2
FVTPL designated in a hedging relationship
\u00a0 \u00a0
Foreign exchange forward contracts
2.4
0.9
Fuel oil swaps
0.3
0.5
Interest rate swaps
1.7
\u2013
\u00a0
4.4
1.4
Amortised cost
\u00a0 \u00a0
Bond, Ocean Cruise ship loans, term loan and loan facility provided by Roger De Haan (Note 30)
607.9
662.2
Lease liabilities
38.4
26.1
Bank overdrafts
0.3
1.6
\u00a0
646.6
689.9
Amounts reclassified to liabilities associated with assets held for sale
\u2013
(1.4)
Total financial liabilities
651.4
690.1
Current
66.7
71.3
Non-current
584.7
618.8
\u00a0
651.4
690.1
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Total financial liabilities (as above and presented on the face of the statement of financial position)
651.4
690.1
Trade payables (Note 26)
168.5
145.5
Other payables (Note 26)
16.8
9.0
Accruals (Note 26)
62.0
43.9
Total financial liabilities (including trade and other payables, and accruals)
898.7
888.5
\n
Except for the Group\u2019s bond and Ocean Cruise ship loans, the fair values of \ufb01nancial liabilities held at amortised cost are not materially di\ufb00erent
from their carrying amounts, since the interest payable on those liabilities is close to current market rates. The fair value of the Group\u2019s bond
(Note 30) at 31 January 2026 was \u00a3nil (2025: \u00a3249.7m). The fair value of the Group\u2019s Ocean Cruise ship loans (Note 30) at 31 January 2026 was
\u00a3270.5m (2025: \u00a3325.6m).
All \ufb01nancial liabilities that are measured at FVTPL are mandatorily measured at FVTPL unless they are held in a designated hedging relationship.
c) Fair values
Financial instruments held at fair value are valued using quoted market prices or other valuation techniques.
Valuation techniques include net present value and discounted cash \ufb02ow models, and comparison with similar instruments for which
market-observable prices exist. Assumptions and market-observable inputs used in valuation techniques include foreign currency exchange
rates and future oil prices.
The objective of using valuation techniques is to arrive at a fair value determination that re\ufb02ects the price of the \ufb01nancial instrument at the
reporting date, which would have been determined by market participants acting at arm\u2019s length.
Observable prices are those that have been seen either from counterparties or from market pricing sources, including Bloomberg. The use
of\u00a0these depends upon the liquidity of the relevant market.
Financial instruments held at fair value have been categorised into a fair value measurement hierarchy as follows:
i) Level 1
These are valuation techniques that are based entirely on quoted market prices in an actively traded market and are the most reliable.
All money market funds and debt securities were categorised as Level 1, as the fair value was obtained directly from the quoted active
market\u00a0price.
ii) Level 2
These are valuation techniques for which all signi\ufb01cant inputs are taken from observable market data. These include valuation models used to
calculate the present value of expected future cash \ufb02ows and may be employed either when no active market exists or when there are quoted
prices available for similar instruments in active markets.
The models incorporate various inputs, including the credit quality of counterparties, interest rate curves and forward rate curves of the
underlying instrument.
All the derivative \ufb01nancial instruments are categorised as Level 2, as the fair values are obtained from the counterparty, brokers or valued using
observable inputs. Where material, credit valuation adjustment/debit valuation adjustment risk adjustments are factored into the fair values of
these instruments. At 31 January 2026, the marked-to-market values of derivative assets are net of a credit valuation adjustment attributable
to\u00a0derivative counterparty default risk.
The fair values are periodically reviewed by the Group\u2019s Treasury Committees.
iii) Level 3
These are valuation techniques for which any signi\ufb01cant inputs are not based on observable market data.
The following tables provide the quantitative fair value hierarchy of the Group\u2019s \ufb01nancial assets and \ufb01nancial liabilities that are held at fair value:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
At 31 January 2026
At 31 January 2025
\u00a0
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets measured at fair value
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Foreign exchange forwards
\u2013
0.9
\u2013
0.9
\u2013
1.1
\u2013
1.1
Fuel oil swaps
\u2013
0.2
\u2013
0.2
\u2013
\u2013
\u2013
\u2013
Debt securities
\u2013
\u2013
\u2013
\u2013
178.7
\u2013
\u2013
178.7
Money market funds
\u2013
\u2013
\u2013
\u2013
62.9
\u2013
\u2013
62.9
Financial liabilities measured at fair value
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Foreign exchange forwards
\u2013
2.8
\u2013
2.8
\u2013
1.1
\u2013
1.1
Fuel oil swaps
\u2013
0.3
\u2013
0.3
\u2013
0.5
\u2013
0.5
Interest rate swaps
\u2013
1.7
\u2013
1.7
\u2013
\u2013
\u2013
\u2013
Financial assets for which fair values
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
are\u00a0disclosed
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Deposits with financial institutions
\u2013
\u2013
\u2013
\u2013
\u2013
11.5
\u2013
11.5
Financial liabilities for which fair values
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
are\u00a0disclosed
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Bond, Ocean Cruise ship loans, term loan and
\u2013
595.3
\u2013
595.3
249.7
400.6
\u2013
650.3
the loan facility provided by Roger\u00a0De Haan
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Lease liabilities
\u2013
38.4
\u2013
38.4
\u2013
26.1
\u2013
26.1
Bank overdrafts
\u2013
0.3
\u2013
0.3
\u2013
1.6
\u2013
1.6
\n
There were no transfers between Level 1 and Level 2 during the year. There were no non-recurring fair value measurements of assets and
liabilities during the year (2025: none). The Group\u2019s policy is to recognise transfers into, and out of, fair value hierarchy levels at the end of the
reporting period.
The values of the debt securities and money market funds were based upon publicly available market prices.
Foreign exchange forwards are valued using current spot and forward rates discounted to present value. They are also adjusted for
counterparty credit risk using credit default swap curves. Fuel oil swaps are valued with reference to the valuations provided by third parties,
which use current Platts index rates, discounted to present value.
Bonds are valued at quoted market bid prices.
Ship loans are valued using discounted cash \ufb02ows at the current rates of interest.
Interest rate swaps are valued as the present value of the estimated future cash \ufb02ows, discounted using observable yield curves, and adjusted for
a credit risk adjustment.
d) Cash flow hedges
i) Forward currency risk
During the year ended 31 January 2026, the Group designated 410 foreign exchange forward currency contracts as hedges of highly probable
foreign currency cash expenses in future periods (2025: 258). These contracts are entered into to minimise the Group\u2019s exposure to foreign
exchange risk and are designated as cash \ufb02ow hedges.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Foreign currency cash flow hedging
Designated in the year
At 31 January 2026
At 31 January 2025
instruments (nominal amounts)
Volume
\u00a3m
Volume
\u00a3m
Volume
\u00a3m
Euro (
EUR
)
87
0.1
90
0.1
63
(0.7)
US dollar (
USD
)
109
(1.4)
121
(1.8)
64
0.8
Other currencies
214
\u2013
228
\u2013
132
(0.1)
Total
410
(1.3)
439
(1.7)
259
\u2013
\n
Hedging instruments for other currencies are in respect of Australian dollars, Canadian dollars, Swiss francs, Japanese yen, New Zealand
dollars, Norwegian krone, Thai baht, Chinese yuan, Danish krona and South African rand.
ii) Commodity price risk
The Group uses derivative \ufb01nancial instruments to mitigate the risk of adverse changes in the price of fuel. The Group enters into \ufb01xed price
contracts (swaps) in the management of its fuel price exposures. These contracts are expected to reduce the volatility attributable to price
\ufb02uctuations of fuel and are designated as cash \ufb02ow hedges. Hedging the price volatility of forecast fuel purchases is in accordance with the risk
management strategy outlined by the Board of Directors. During the year ended 31 January 2026, the Group designated 78 fuel oil swaps as
hedges of highly probable fuel oil purchases in future periods (2025: 20).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Commodity cash flow hedging
Designated in the year
At 31 January 2026
At 31 January 2025
instruments\u00a0(nominal amounts)
Volume
\u00a3m
Volume
\u00a3m
Volume
\u00a3m
Hedging instruments
78
(0.1)
78
(0.1)
35
(0.5)
\n
iii) Hedge maturity profile
The table below summarises the maturities of the Group\u2019s derivatives at\u00a031 January 2026.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
1 February
1 August
1 February
1 August
\u00a0
2026 to
2026 to
2027 to
2027 to
\u00a0
31 July
31 January
31 July
31 January
Derivatives settled gross
2026
2027
2027
2028
Foreign exchange forwards
\u00a0 \u00a0 \u00a0 \u00a0
Buy Euro
\u00a0 \u00a0 \u00a0 \u00a0
Notional amount of derivative (\u00a3m)
34.9
30.6
2.0
\u2013
Average hedge rate
1.153
1.135
1.120
1.101
Fair value (\u00a3m)
0.1
\u2013
\u2013
\u2013
Buy USD
\u00a0 \u00a0 \u00a0 \u00a0
Notional amount of derivative (\u00a3m)
19.6
19.0
11.4
1.8
Average hedge rate
1.312
1.312
1.335
1.331
Fair value (\u00a3m)
(0.9)
(0.7)
(0.2)
\u2013
Buy other currencies
\u00a0 \u00a0 \u00a0 \u00a0
Notional amount of derivative (\u00a3m)
7.4
5.6
0.7
0.1
Average hedge rate
n/a
n/a
n/a
n/a
Fair value (\u00a3m)
\u2013
\u2013
\u2013
\u2013
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
1 February
1 August
1 February
1 August
1 February
1 August
\u00a0
2026 to
2026 to
2027 to
2027 to
2028 to
2028 to
\u00a0
31 July
31 January
31 July
31 January
31 July
31\u00a0January
Derivatives settled net
2026
2027
2027
2028
2028
2029
Fuel hedges
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Quantity - metric tonnes
15,620
16,328
12,623
6,600
\u2013
\u2013
Average trade price per metric tonne \u2013 \u00a3
316
308
340
207
\u2013
\u2013
Fair value (\u00a3m)
(0.1)
(0.1)
0.1
\u2013
\u2013
\u2013
Interest rate swaps
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Notional amount \u2013 \u00a3m
335.0
335.0
335.0
335.0
335.0
335.0
Average contracted fixed interest rate \u2013 %
3.73
3.73
3.73
3.73
3.73
3.75
Fair value (\u00a3m)
(0.1)
(0.6)
(0.6)
(0.3)
(0.1)
\u2013
During the year, the Group recognised net losses of \u00a34.5m (2025: \u00a36.0m gains) on cash \ufb02ow hedging instruments through OCI into the hedging
reserve. The Group recognised \u00a3nil (2025: \u00a3nil) through the income statement in respect of the ine\ufb00ective portion of foreign exchange hedges
measured during the year. The Group recognised \u00a3nil (2025: \u00a3nil) through the income statement in respect of the ine\ufb00ective portion of interest
rate swaps measured during the year.
During the year, the Group de-designated two foreign currency forward contracts, with a transaction value of \u00a32.4m, where forecast cash \ufb02ows
are no longer expected to occur with a su\ufb03ciently high degree of certainty to meet the requirements of IFRS 9. The accumulated losses in
relation to these contracts of \u00a3nil were reclassi\ufb01ed from the hedging reserve into pro\ufb01t or loss during the year. The Group did not de-designate
any fuel oil swaps during the year. During the year, the Group recognised a \u00a31.6m loss (2025: \u00a33.3m gain) through the income statement in
respect of matured hedges that were recycled from OCI.
During the year, the Group hedged its \u00a3335.0m term loan (Note 30) using interest rate derivatives. The Group held interest rate swaps to hedge
exposure to the \ufb01nancial risk of variability in cash \ufb02ows attributable to movements in interest rates. The fair value of the Group\u2019s interest swaps at
31 January 2026 is a liability of \u00a31.7m (2025: nil), with \u00a31.7m being recognised as a loss through OCI into the hedging reserve. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00125": { "value": "a) Financial assets \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
FVTPL
\u00a0 \u00a0
Foreign exchange forward contracts
0.2
0.2
Money market funds
\u2013
62.9
Debt securities
\u2013
178.7
\u00a0
0.2
241.8
FVTPL designated in a hedging relationship
\u00a0 \u00a0
Foreign exchange forward contracts
0.7
0.9
Fuel oil swaps
0.2
\u2013
\u00a0
0.9
0.9
Amortised cost
\u00a0 \u00a0
Deposits with financial institutions
\u2013
11.5
\u00a0
\u2013
11.5
Amounts reclassified to assets held for sale
\u2013
(241.6)
Total financial assets
1.1
12.6
Current
1.0
12.4
Non-current
0.1
0.2
\u00a0
1.1
12.6
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Total financial assets (as above and presented on the face of the statement of financial position)
1.1
12.6
Trade receivables (Note 23)
98.4
99.7
Other receivables (Note 23)
8.1
7.0
Cash and short-term deposits (Note 25)
257.0
129.2
Total financial assets (including cash and short-term deposits, trade and other receivables)
364.6
248.5
\n
For the year ended 31 January 2025, debt securities and money market funds related to monies held by the Group\u2019s Insurance Underwriting
business (included within assets held for sale), and were subject to contractual restrictions and were not readily available to be used for other
purposes within the Group. The Group\u2019s Insurance Underwriting business was disposed of on 1 July 2025 (Note 38a), and therefore, no balances
are reported at 31 January 2026 in the table above.
All \ufb01nancial assets that are measured at FVTPL are mandatorily measured at FVTPL, with the exception of debt securities which are designated
as FVTPL.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00154": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
FVTPL
\u00a0 \u00a0
Foreign exchange forward contracts
0.2
0.2
Money market funds
\u2013
62.9
Debt securities
\u2013
178.7
\u00a0
0.2
241.8
FVTPL designated in a hedging relationship
\u00a0 \u00a0
Foreign exchange forward contracts
0.7
0.9
Fuel oil swaps
0.2
\u2013
\u00a0
0.9
0.9
Amortised cost
\u00a0 \u00a0
Deposits with financial institutions
\u2013
11.5
\u00a0
\u2013
11.5
Amounts reclassified to assets held for sale
\u2013
(241.6)
Total financial assets
1.1
12.6
Current
1.0
12.4
Non-current
0.1
0.2
\u00a0
1.1
12.6
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Total financial assets (as above and presented on the face of the statement of financial position)
1.1
12.6
Trade receivables (Note 23)
98.4
99.7
Other receivables (Note 23)
8.1
7.0
Cash and short-term deposits (Note 25)
257.0
129.2
Total financial assets (including cash and short-term deposits, trade and other receivables)
364.6
248.5
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
FVTPL
\u00a0 \u00a0
Foreign exchange forward contracts
0.4
0.2
\u00a0
0.4
0.2
FVTPL designated in a hedging relationship
\u00a0 \u00a0
Foreign exchange forward contracts
2.4
0.9
Fuel oil swaps
0.3
0.5
Interest rate swaps
1.7
\u2013
\u00a0
4.4
1.4
Amortised cost
\u00a0 \u00a0
Bond, Ocean Cruise ship loans, term loan and loan facility provided by Roger De Haan (Note 30)
607.9
662.2
Lease liabilities
38.4
26.1
Bank overdrafts
0.3
1.6
\u00a0
646.6
689.9
Amounts reclassified to liabilities associated with assets held for sale
\u2013
(1.4)
Total financial liabilities
651.4
690.1
Current
66.7
71.3
Non-current
584.7
618.8
\u00a0
651.4
690.1
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00173": { "value": "For the year ended 31 January 2025, debt securities and money market funds related to monies held by the Group\u2019s Insurance Underwriting
business (included within assets held for sale), and were subject to contractual restrictions and were not readily available to be used for other
purposes within the Group. The Group\u2019s Insurance Underwriting business was disposed of on 1 July 2025 (Note 38a), and therefore, no balances
are reported at 31 January 2026 in the table above.Included within cash and cash equivalents at 31 January 2026 are amounts held by the Group\u2019s River Cruise, Holidays and Insurance Broking
businesses, which are subject to contractual or regulatory restrictions (Note 35); and additional amounts paid into an escrow account relating to
the Saga Pension Scheme (Note 27). Included within cash and cash equivalents at 31 January 2025 were amounts held by the Group\u2019s Insurance
Underwriting business (included within assets held for sale), River Cruise and Holidays and Insurance Broking businesses, which were subject to
contractual or regulatory restrictions (Note 35); and additional amounts paid into an escrow account relating to the Saga Pension Scheme
(Note\u00a027). The amounts held are not readily available to be used for other purposes within the Group and total \u00a367.0m (2025: \u00a3123.8m).
Available\u00a0Cash
12
excludes these amounts.The bank overdraft is repayable on demand.12 Refer to the Alternative Performance Measures Glossary on pages 194-196 for definition and explanation ", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00156": { "value": "c) Fair values
Financial instruments held at fair value are valued using quoted market prices or other valuation techniques.
Valuation techniques include net present value and discounted cash \ufb02ow models, and comparison with similar instruments for which
market-observable prices exist. Assumptions and market-observable inputs used in valuation techniques include foreign currency exchange
rates and future oil prices.
The objective of using valuation techniques is to arrive at a fair value determination that re\ufb02ects the price of the \ufb01nancial instrument at the
reporting date, which would have been determined by market participants acting at arm\u2019s length.
Observable prices are those that have been seen either from counterparties or from market pricing sources, including Bloomberg. The use
of\u00a0these depends upon the liquidity of the relevant market.
Financial instruments held at fair value have been categorised into a fair value measurement hierarchy as follows:
i) Level 1
These are valuation techniques that are based entirely on quoted market prices in an actively traded market and are the most reliable.
All money market funds and debt securities were categorised as Level 1, as the fair value was obtained directly from the quoted active
market\u00a0price.
ii) Level 2
These are valuation techniques for which all signi\ufb01cant inputs are taken from observable market data. These include valuation models used to
calculate the present value of expected future cash \ufb02ows and may be employed either when no active market exists or when there are quoted
prices available for similar instruments in active markets.
The models incorporate various inputs, including the credit quality of counterparties, interest rate curves and forward rate curves of the
underlying instrument.
All the derivative \ufb01nancial instruments are categorised as Level 2, as the fair values are obtained from the counterparty, brokers or valued using
observable inputs. Where material, credit valuation adjustment/debit valuation adjustment risk adjustments are factored into the fair values of
these instruments. At 31 January 2026, the marked-to-market values of derivative assets are net of a credit valuation adjustment attributable
to\u00a0derivative counterparty default risk.
The fair values are periodically reviewed by the Group\u2019s Treasury Committees.
iii) Level 3
These are valuation techniques for which any signi\ufb01cant inputs are not based on observable market data.
The following tables provide the quantitative fair value hierarchy of the Group\u2019s \ufb01nancial assets and \ufb01nancial liabilities that are held at fair value:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
At 31 January 2026
At 31 January 2025
\u00a0
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets measured at fair value
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Foreign exchange forwards
\u2013
0.9
\u2013
0.9
\u2013
1.1
\u2013
1.1
Fuel oil swaps
\u2013
0.2
\u2013
0.2
\u2013
\u2013
\u2013
\u2013
Debt securities
\u2013
\u2013
\u2013
\u2013
178.7
\u2013
\u2013
178.7
Money market funds
\u2013
\u2013
\u2013
\u2013
62.9
\u2013
\u2013
62.9
Financial liabilities measured at fair value
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Foreign exchange forwards
\u2013
2.8
\u2013
2.8
\u2013
1.1
\u2013
1.1
Fuel oil swaps
\u2013
0.3
\u2013
0.3
\u2013
0.5
\u2013
0.5
Interest rate swaps
\u2013
1.7
\u2013
1.7
\u2013
\u2013
\u2013
\u2013
Financial assets for which fair values
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
are\u00a0disclosed
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Deposits with financial institutions
\u2013
\u2013
\u2013
\u2013
\u2013
11.5
\u2013
11.5
Financial liabilities for which fair values
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
are\u00a0disclosed
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Bond, Ocean Cruise ship loans, term loan and
\u2013
595.3
\u2013
595.3
249.7
400.6
\u2013
650.3
the loan facility provided by Roger\u00a0De Haan
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Lease liabilities
\u2013
38.4
\u2013
38.4
\u2013
26.1
\u2013
26.1
Bank overdrafts
\u2013
0.3
\u2013
0.3
\u2013
1.6
\u2013
1.6
\n
There were no transfers between Level 1 and Level 2 during the year. There were no non-recurring fair value measurements of assets and
liabilities during the year (2025: none). The Group\u2019s policy is to recognise transfers into, and out of, fair value hierarchy levels at the end of the
reporting period.
The values of the debt securities and money market funds were based upon publicly available market prices.
Foreign exchange forwards are valued using current spot and forward rates discounted to present value. They are also adjusted for
counterparty credit risk using credit default swap curves. Fuel oil swaps are valued with reference to the valuations provided by third parties,
which use current Platts index rates, discounted to present value.
Bonds are valued at quoted market bid prices.
Ship loans are valued using discounted cash \ufb02ows at the current rates of interest.
Interest rate swaps are valued as the present value of the estimated future cash \ufb02ows, discounted using observable yield curves, and adjusted for
a credit risk adjustment.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00155": { "value": "c) Fair values
Financial instruments held at fair value are valued using quoted market prices or other valuation techniques.
Valuation techniques include net present value and discounted cash \ufb02ow models, and comparison with similar instruments for which
market-observable prices exist. Assumptions and market-observable inputs used in valuation techniques include foreign currency exchange
rates and future oil prices.
The objective of using valuation techniques is to arrive at a fair value determination that re\ufb02ects the price of the \ufb01nancial instrument at the
reporting date, which would have been determined by market participants acting at arm\u2019s length.
Observable prices are those that have been seen either from counterparties or from market pricing sources, including Bloomberg. The use
of\u00a0these depends upon the liquidity of the relevant market.
Financial instruments held at fair value have been categorised into a fair value measurement hierarchy as follows:
i) Level 1
These are valuation techniques that are based entirely on quoted market prices in an actively traded market and are the most reliable.
All money market funds and debt securities were categorised as Level 1, as the fair value was obtained directly from the quoted active
market\u00a0price.
ii) Level 2
These are valuation techniques for which all signi\ufb01cant inputs are taken from observable market data. These include valuation models used to
calculate the present value of expected future cash \ufb02ows and may be employed either when no active market exists or when there are quoted
prices available for similar instruments in active markets.
The models incorporate various inputs, including the credit quality of counterparties, interest rate curves and forward rate curves of the
underlying instrument.
All the derivative \ufb01nancial instruments are categorised as Level 2, as the fair values are obtained from the counterparty, brokers or valued using
observable inputs. Where material, credit valuation adjustment/debit valuation adjustment risk adjustments are factored into the fair values of
these instruments. At 31 January 2026, the marked-to-market values of derivative assets are net of a credit valuation adjustment attributable
to\u00a0derivative counterparty default risk.
The fair values are periodically reviewed by the Group\u2019s Treasury Committees.
iii) Level 3
These are valuation techniques for which any signi\ufb01cant inputs are not based on observable market data.
The following tables provide the quantitative fair value hierarchy of the Group\u2019s \ufb01nancial assets and \ufb01nancial liabilities that are held at fair value:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
At 31 January 2026
At 31 January 2025
\u00a0
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets measured at fair value
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Foreign exchange forwards
\u2013
0.9
\u2013
0.9
\u2013
1.1
\u2013
1.1
Fuel oil swaps
\u2013
0.2
\u2013
0.2
\u2013
\u2013
\u2013
\u2013
Debt securities
\u2013
\u2013
\u2013
\u2013
178.7
\u2013
\u2013
178.7
Money market funds
\u2013
\u2013
\u2013
\u2013
62.9
\u2013
\u2013
62.9
Financial liabilities measured at fair value
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Foreign exchange forwards
\u2013
2.8
\u2013
2.8
\u2013
1.1
\u2013
1.1
Fuel oil swaps
\u2013
0.3
\u2013
0.3
\u2013
0.5
\u2013
0.5
Interest rate swaps
\u2013
1.7
\u2013
1.7
\u2013
\u2013
\u2013
\u2013
Financial assets for which fair values
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
are\u00a0disclosed
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Deposits with financial institutions
\u2013
\u2013
\u2013
\u2013
\u2013
11.5
\u2013
11.5
Financial liabilities for which fair values
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
are\u00a0disclosed
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Bond, Ocean Cruise ship loans, term loan and
\u2013
595.3
\u2013
595.3
249.7
400.6
\u2013
650.3
the loan facility provided by Roger\u00a0De Haan
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Lease liabilities
\u2013
38.4
\u2013
38.4
\u2013
26.1
\u2013
26.1
Bank overdrafts
\u2013
0.3
\u2013
0.3
\u2013
1.6
\u2013
1.6
\n
There were no transfers between Level 1 and Level 2 during the year. There were no non-recurring fair value measurements of assets and
liabilities during the year (2025: none). The Group\u2019s policy is to recognise transfers into, and out of, fair value hierarchy levels at the end of the
reporting period.
The values of the debt securities and money market funds were based upon publicly available market prices.
Foreign exchange forwards are valued using current spot and forward rates discounted to present value. They are also adjusted for
counterparty credit risk using credit default swap curves. Fuel oil swaps are valued with reference to the valuations provided by third parties,
which use current Platts index rates, discounted to present value.
Bonds are valued at quoted market bid prices.
Ship loans are valued using discounted cash \ufb02ows at the current rates of interest.
Interest rate swaps are valued as the present value of the estimated future cash \ufb02ows, discounted using observable yield curves, and adjusted for
a credit risk adjustment.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00158": { "value": "d) Cash flow hedges
i) Forward currency risk
During the year ended 31 January 2026, the Group designated 410 foreign exchange forward currency contracts as hedges of highly probable
foreign currency cash expenses in future periods (2025: 258). These contracts are entered into to minimise the Group\u2019s exposure to foreign
exchange risk and are designated as cash \ufb02ow hedges.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Foreign currency cash flow hedging
Designated in the year
At 31 January 2026
At 31 January 2025
instruments (nominal amounts)
Volume
\u00a3m
Volume
\u00a3m
Volume
\u00a3m
Euro (
EUR
)
87
0.1
90
0.1
63
(0.7)
US dollar (
USD
)
109
(1.4)
121
(1.8)
64
0.8
Other currencies
214
\u2013
228
\u2013
132
(0.1)
Total
410
(1.3)
439
(1.7)
259
\u2013
\n
Hedging instruments for other currencies are in respect of Australian dollars, Canadian dollars, Swiss francs, Japanese yen, New Zealand
dollars, Norwegian krone, Thai baht, Chinese yuan, Danish krona and South African rand.
ii) Commodity price risk
The Group uses derivative \ufb01nancial instruments to mitigate the risk of adverse changes in the price of fuel. The Group enters into \ufb01xed price
contracts (swaps) in the management of its fuel price exposures. These contracts are expected to reduce the volatility attributable to price
\ufb02uctuations of fuel and are designated as cash \ufb02ow hedges. Hedging the price volatility of forecast fuel purchases is in accordance with the risk
management strategy outlined by the Board of Directors. During the year ended 31 January 2026, the Group designated 78 fuel oil swaps as
hedges of highly probable fuel oil purchases in future periods (2025: 20).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Commodity cash flow hedging
Designated in the year
At 31 January 2026
At 31 January 2025
instruments\u00a0(nominal amounts)
Volume
\u00a3m
Volume
\u00a3m
Volume
\u00a3m
Hedging instruments
78
(0.1)
78
(0.1)
35
(0.5)
\n
iii) Hedge maturity profile
The table below summarises the maturities of the Group\u2019s derivatives at\u00a031 January 2026.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
1 February
1 August
1 February
1 August
\u00a0
2026 to
2026 to
2027 to
2027 to
\u00a0
31 July
31 January
31 July
31 January
Derivatives settled gross
2026
2027
2027
2028
Foreign exchange forwards
\u00a0 \u00a0 \u00a0 \u00a0
Buy Euro
\u00a0 \u00a0 \u00a0 \u00a0
Notional amount of derivative (\u00a3m)
34.9
30.6
2.0
\u2013
Average hedge rate
1.153
1.135
1.120
1.101
Fair value (\u00a3m)
0.1
\u2013
\u2013
\u2013
Buy USD
\u00a0 \u00a0 \u00a0 \u00a0
Notional amount of derivative (\u00a3m)
19.6
19.0
11.4
1.8
Average hedge rate
1.312
1.312
1.335
1.331
Fair value (\u00a3m)
(0.9)
(0.7)
(0.2)
\u2013
Buy other currencies
\u00a0 \u00a0 \u00a0 \u00a0
Notional amount of derivative (\u00a3m)
7.4
5.6
0.7
0.1
Average hedge rate
n/a
n/a
n/a
n/a
Fair value (\u00a3m)
\u2013
\u2013
\u2013
\u2013
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
1 February
1 August
1 February
1 August
1 February
1 August
\u00a0
2026 to
2026 to
2027 to
2027 to
2028 to
2028 to
\u00a0
31 July
31 January
31 July
31 January
31 July
31\u00a0January
Derivatives settled net
2026
2027
2027
2028
2028
2029
Fuel hedges
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Quantity - metric tonnes
15,620
16,328
12,623
6,600
\u2013
\u2013
Average trade price per metric tonne \u2013 \u00a3
316
308
340
207
\u2013
\u2013
Fair value (\u00a3m)
(0.1)
(0.1)
0.1
\u2013
\u2013
\u2013
Interest rate swaps
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Notional amount \u2013 \u00a3m
335.0
335.0
335.0
335.0
335.0
335.0
Average contracted fixed interest rate \u2013 %
3.73
3.73
3.73
3.73
3.73
3.75
Fair value (\u00a3m)
(0.1)
(0.6)
(0.6)
(0.3)
(0.1)
\u2013
During the year, the Group recognised net losses of \u00a34.5m (2025: \u00a36.0m gains) on cash \ufb02ow hedging instruments through OCI into the hedging
reserve. The Group recognised \u00a3nil (2025: \u00a3nil) through the income statement in respect of the ine\ufb00ective portion of foreign exchange hedges
measured during the year. The Group recognised \u00a3nil (2025: \u00a3nil) through the income statement in respect of the ine\ufb00ective portion of interest
rate swaps measured during the year.
During the year, the Group de-designated two foreign currency forward contracts, with a transaction value of \u00a32.4m, where forecast cash \ufb02ows
are no longer expected to occur with a su\ufb03ciently high degree of certainty to meet the requirements of IFRS 9. The accumulated losses in
relation to these contracts of \u00a3nil were reclassi\ufb01ed from the hedging reserve into pro\ufb01t or loss during the year. The Group did not de-designate
any fuel oil swaps during the year. During the year, the Group recognised a \u00a31.6m loss (2025: \u00a33.3m gain) through the income statement in
respect of matured hedges that were recycled from OCI.
During the year, the Group hedged its \u00a3335.0m term loan (Note 30) using interest rate derivatives. The Group held interest rate swaps to hedge
exposure to the \ufb01nancial risk of variability in cash \ufb02ows attributable to movements in interest rates. The fair value of the Group\u2019s interest swaps at
31 January 2026 is a liability of \u00a31.7m (2025: nil), with \u00a31.7m being recognised as a loss through OCI into the hedging reserve. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDetailedInformationAboutHedgingInstrumentsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00159": { "value": "20 Financial and insurance risk management objectives and policies
The Group is exposed to market risk, credit risk, liquidity risk and operational risk, and was also exposed to insurance risk up to 1 July 2025 when
it disposed of its Insurance Underwriting business (Note 38a). The Group\u2019s senior management oversees these risks, supported by the Group
Treasury function and Treasury Committees within the key areas of the Group that advise on \ufb01nancial risks and the appropriate \ufb01nancial risk
governance framework for the Group. These functions and Committees ensure that the Group\u2019s \ufb01nancial risks are governed by appropriate
policies and procedures and that \ufb01nancial risks are identi\ufb01ed, measured and managed in accordance with the Group\u2019s policies and risk
objectives. All derivative activities are for risk management purposes and are carried out by the Group\u2019s Treasury function. It is the Group\u2019s policy
that no trading in derivatives for speculative purposes may be undertaken.
The Group manages concentration risk on its \ufb01nancial assets through a policy of diversi\ufb01cation that is outlined in the Group Treasury Policy and
approved by the Board. The policy de\ufb01nes the exposure limit by asset class and to third-party institutions based on the credit ratings of the
individual counterparties, combined with the views of the Board. On a monthly basis, exposure to each asset class and counterparty is calculated
and reported, and compliance with the policy is monitored.
The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below.
The Group\u2019s exposure to insurance and operational risks, and the approach to managing these risks, is explained in more detail in Notes 20d)
and\u00a0e).
a) Market risk
Market risk is the risk that the fair value, or future cash \ufb02ows, of a \ufb01nancial instrument, or the valuation of insurance and reinsurance contract
assets and liabilities \ufb02uctuates due to changes in market prices. The Group is exposed to the following market risk factors:
\u2022
Foreign currency risk
\u2022
Commodity price risk
\u2022
Interest rate risk
The Group has policies and limits approved by the Board for managing market risk exposure. These set out the principles that the business
should adhere to for managing market risk and establishing the maximum limits that the Group is willing to accept considering strategy, risk
appetite and capital resources. The Group has the ability to monitor market risk exposure on a daily basis and has established limits for each
component of market risk.
The Group uses derivatives for hedging its exposure to foreign currency and fuel oil price risks. The market risk policy explicitly prohibits the
use\u00a0of derivatives for speculative purposes. For risk exposures that the Group hedges, and for which the Group applies hedge accounting,
ine\ufb00ectiveness may arise if the timing of the forecast transaction changes from what was originally estimated, or if there are changes in the
credit\u00a0risk of the derivative counterparty. Hedge e\ufb00ectiveness is determined at the inception of the hedge relationship, and through periodic
prospective e\ufb00ectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument.
The\u00a0hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges
and\u00a0the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
i) Foreign currency risk
Foreign currency risk is the risk that the fair value, or future cash \ufb02ows, of a \ufb01nancial asset or liability will \ufb02uctuate due to changes in foreign
exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities
(when\u00a0revenue or expense is denominated in a di\ufb00erent currency from the Group\u2019s functional currency). The Group is not exposed to material
foreign currency risk through its Insurance Underwriting activities (Note 38a).
The Group uses foreign exchange forward contracts to manage the majority of its transaction exposures. The foreign exchange forward
contracts, some of which are formally designated as hedging instruments, are entered into for periods consistent with the foreign currency
exposure of the underlying transactions, generally from one to 24 months. The foreign exchange forward contracts vary with the level of
expected foreign currency sales and purchases. The Group designates the spot element of forward contracts to hedge its currency risk.
The\u00a0forward elements of forward exchange contracts are excluded from the designation of the hedging instrument and are separately
accounted for as a cost of hedging, which is recognised in equity in a cost of hedging reserve.
The following table demonstrates the sensitivity of the fair value of forward exchange contracts to a 5% change in USD and EUR exchange rates,
with all other variables held constant. The Group\u2019s exposure to foreign currency changes for all other currencies is not material. The impact is
shown net of tax at the current rate.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Sensitivity of +/\u2013 5%
\u00a0 \u00a0
\u00a0
foreign exchange
\u00a0 \u00a0
\u00a0
rate change in
Effect on equity
Effect on profit after tax
2026
EUR
+/\u2013 \u00a33.2m
+/\u2013 \u00a30.5m
\u00a0
USD
+/\u2013 \u00a32.3m
+/\u2013 \u00a30.3m
2025
EUR
+/\u2013 \u00a32.2m
+/\u2013 \u00a30.3m
\u00a0
USD
+/\u2013 \u00a32.1m
+/\u2013 \u00a30.5m
\n
To the extent that forward exchange contracts are held as part of e\ufb00ective hedging relationships, any change to the fair value of the instrument
will be o\ufb00set by an equal and opposite change to the cost of the hedged item.
ii) Commodity price risk
The Group is a\ufb00ected by the price volatility of certain commodities. Its operating activities require the ongoing purchase of fuel and gas oil to
sail\u00a0its Ocean Cruise ships and, therefore, require a continuous supply of fuel and gas oil. The volatility in the price of fuel and gas oil has led to the
decision to enter into commodity fuel and gas oil swap contracts. These contracts are expected to reduce the volatility attributable to price
\ufb02uctuations of fuel and gas oil. Managing the price volatility of forecast oil purchases is in accordance with the risk management strategy outlined
by the Board of Directors.
The Group manages the purchase price using forward commodity purchase contracts based on future forecast fuel oil requirements.
The following table shows the sensitivity of the fair value of fuel oil swaps to changes in the underlying fuel oil price (USD) with all other variables
held constant. The impact is shown net of tax at the current rate.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Sensitivity of +/\u2013 5%
\u00a0 \u00a0
\u00a0
rate change in
Effect on equity
Effect on profit after tax
2026
USD \u2013 Fuel oil price
+/\u2013 \u00a30.7m
\u2013
2025
USD \u2013 Fuel oil price
+/\u2013 \u00a30.5m
\u2013
\n
iii) Interest rate risk
Interest rate risk is the risk that the fair value, or future cash \ufb02ows, of a \ufb01nancial instrument or the valuation of insurance and reinsurance
contract assets and liabilities \ufb02uctuates because of changes in market interest rates.
Interest rate risk arises from various sources:
\u2022
Investments in debt securities with a fixed interest rate, the market value and carrying value of which is affected by movements in market
interest rates.
\u2022
Investments in debt securities with a floating interest rate and short-term deposits. Movements in market interest rates change the
amounts earned from these assets but do not materially affect their market value or carrying value.
\u2022
Borrowings with a floating interest rate (deferred repayments of ship loans and the term loan provided by HPS Funds). Movements in
market interest rates change the future cash\u00a0flows that will arise from these borrowings, but do not materially affect their carrying value.
For the term loan, the Group entered into interest rate hedges that fix the interest payments, thereby mitigating the cash exposure to
changes in market interest rates.
\u2022
Insurance and reinsurance contract assets and liabilities. This interest rate risk primarily arises from the discounting of liabilities for
incurred claims and loss components of the liability for remaining coverage, and corresponding assets arising from reinsurance contracts.
The discount rates used are linked to market interest rates, such that changes in market interest rates will affect the valuation of insurance
and reinsurance contract assets and liabilities.
The Group\u2019s loans and borrowings, at 31 January 2026, comprised both \ufb01xed and \ufb02oating interest rate facilities. The \ufb02oating-rate borrowings are
amortised based on market expectations of future interest rates and, in the case of the term loan, the interest rate risk has been hedged, using
interest rate derivatives, until August 2028. As a result of this hedging activity, although the underlying facilities are \ufb02oating-rate, the associated
cash \ufb02ows are \ufb01xed to August 2028. All \ufb01xed interest rate loans and borrowings are accounted for at amortised cost. Consequently, changes in
market interest rates do not a\ufb00ect their accounting measurement. For the \ufb01xed-rate and hedged \ufb02oating-rate borrowings, changes in market
rates also do not a\ufb00ect the future cash \ufb02ows arising from them. These instruments are, therefore, not considered further in this Note.
The Group remains exposed to the risk that interest rates could be higher when these borrowings are re\ufb01nanced. Further information on the
Group\u2019s borrowings is provided in Note 30.
The Group\u2019s interest rate exposure, after hedging activity, is summarised in the following table:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Investments in debt securities with a fixed interest rate
\u2013
167.9
Investments in debt securities with a floating interest rate
\u2013
10.8
Money market funds and short-term deposits
186.8
99.1
Borrowings with a floating interest rate (deferred repayments of ship loans)
(13.0)
(24.8)
Insurance contract liabilities for incurred claims
\u2013
(269.6)
Reinsurance assets for incurred claims
\u2013
117.1
Insurance contract liabilities for remaining coverage (loss component)
\u2013
(1.8)
Debt securities, money market funds, insurance contract liabilities and reinsurance assets were held by the Group\u2019s Insurance Underwriting
business which was included within assets held for sale at 31 January 2025, and disposed of on 1 July 2025 (Note 38a), and therefore, no balances
are reported at 31 January 2026 in the table above.
The Group manages interest rate risk in various ways. The Group has a policy of holding the majority of investments to maturity by closely
matching asset and liability duration, and also ensures that the investment portfolio has a diversi\ufb01ed range of investments such that there is
a\u00a0combination of \ufb01xed and \ufb02oating rate securities. Moreover, for the interest rate risk associated with the term loan, the Group has used interest
rate derivatives to hedge against the \ufb02oating component of the facility.
In relation to the prior year, the following table shows the sensitivity of debt securities and insurance and reinsurance contract assets and
liabilities to a 50bps parallel increase or decrease in market interest rates at the end of the prior reporting period, being the change in market
interest rates that was considered reasonably possible at this date. This analysis assumed a corresponding change in the carer wage in\ufb02ation
assumption within the valuation of PPO liabilities for incurred claims, as management expected these assumptions to move together in the long
term. All other variables were assumed to remain constant. This table does not show any impact on debt securities with a \ufb02oating interest rate,
money market funds or borrowings, as their carrying values were not materially impacted by movements in market interest rates. The impacts
are shown net of tax at the current rate. The Group\u2019s Insurance Underwriting business was disposed of on 1 July 2025 (Note 38a), and therefore,
no\u00a0balances are reported at 31 January 2026 in the table below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0
Impact on profit after tax
\u00a0
and on equity
\u00a0
50bps
50bps
\u00a0
increase
decrease
Discount rate change:
\u00a0 \u00a0
Insurance and reinsurance contracts: Net liabilities for incurred claims
\u00a30.6m
(\u00a30.6m)
Insurance and reinsurance contracts: Net loss component
\u00a30.2m
(\u00a30.2m)
Interest rate change (impact on debt securities)
(\u00a30.6m)
\u00a30.6m
Net impact
\u00a30.2m
(\u00a30.2m)
\n
The following table shows the impact that a 50bps parallel increase or decrease in market interest rates would have had on pro\ufb01t after tax in
the\u00a0period arising from \ufb02oating rate debt securities, money market funds, short-term deposits and borrowings with a \ufb02oating interest rate.
This\u00a0analysis assumes that the Group\u2019s relevant risk exposures throughout the year had been the same as they were at the end of the year.
The\u00a0Group\u2019s Insurance Underwriting business was disposed of on 1 July 2025 (Note 38a), and therefore, no Insurance business related
balances\u00a0are included in the table below for the current year.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
Impact on profit after tax
Impact on profit after tax
\u00a0
50bps
50bps
50bps
50bps
\u00a0
increase
decrease
increase
decrease
Money market funds held within the Insurance business and short-term
\u00a30.7m
(\u00a30.7m)
\u00a30.4m
(\u00a30.4m)
deposits
\u00a0 \u00a0 \u00a0 \u00a0
Borrowings with a floating interest rate (deferred repayments of ship loans)
\u2013
\u2013
(\u00a30.1m)
\u00a30.1m
Net impact
\u00a30.7m
(\u00a30.7m)
\u00a30.3m
(\u00a30.3m)
\n
b) Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a \ufb01nancial instrument, insurance contract, reinsurance contract
or\u00a0customer contract, leading to a \ufb01nancial loss. The Group was primarily exposed to credit risk in relation to its \ufb01nancial and reinsurance assets,
outstanding derivatives, trade and other receivables, and cash and cash equivalents. The Group assesses its counterparty exposure in relation
to the investment of surplus cash, fuel oil and foreign currency contracts and undrawn credit facilities. The Group primarily uses published
credit\u00a0ratings to assess counterparty strength and, therefore, de\ufb01ne the credit limit for each counterparty in accordance with approved
treasury policies.
The credit risk in respect of trade and other receivables is generally limited, as payment from customers is primarily required before services
are\u00a0provided. At 31 January, the maximum exposure to credit risk for trade receivables by operating segment was as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Travel
3.6
1.7
Insurance
22.0
14.0
Other Businesses and Central Costs
3.6
3.0
\u00a0
29.2
18.7
Amounts relating to assets held for sale (Note 38a)
\u2013
(2.4)
\u00a0
29.2
16.3
The variance between the quantum of the maximum exposure to credit risk for trade receivables (above) and total of trade receivables
presented in \u2018Trade and other receivables\u2019 (Note 23) primarily relates to debtors arising from insurance policies brokered by the Group but
underwritten by third-party insurers for which corresponding creditors exist in respect of the net premium to be passed on to the third-party
insurers. In the event of payment obligation default by a customer no longer on risk, the impairment of the debtor balance by the Group would
lead to a corresponding reduction in the related creditor with, or refund of net premium from, the third-party insurer. In the event of payment
obligation default by a customer remaining on risk, the impairment of the debtor balance by the Group would not lead to a corresponding
reduction in the related creditor with, or refund of net premium from, the third-party insurer, and the Group would bear the credit risk relating
to\u00a0the debtor balance.
The Group uses an allowance matrix to measure the ECLs of trade receivables from individual customers, which comprise a very large number of
small balances. The loss allowance required for these receivables is calculated in line with the simpli\ufb01ed method for trade receivables per IFRS 9,
whereby lifetime ECLs are recognised irrelevant of the credit risk. The loss allowance is based on a combination of:
\u2022
aged debtor analysis;
\u2022
historical experience of write-offs for each receivable;
\u2022
any specific indicators of credit deterioration observed; and
\u2022
management judgement.
Loss rates are based on the probability of a receivable progressing through successive stages of delinquency to write-o\ufb00. Financial assets are
written o\ufb00 when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Group.
On that basis, the loss allowance at 31 January 2026 and 31 January 2025 was determined as follows for trade receivables:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31 January 2026
Current
< 30 days
30-60 days
61-90 days
91-120 days
> 120 days
Total
Expected loss rate
0.0%
20.0%
22.0%
44.4%
100%
71.5%
\u00a0
Gross carrying amount \u2013 trade receivables (Note 23)
\u00a395.8m
\u00a32.2m
\u00a30.6m
\u00a30.1m
\u00a30.1m
\u00a31.1m
\u00a399.9m
Loss allowance (Note 23)
\u00a30.0m
\u00a30.4m
\u00a30.1m
\u00a30.1m
\u00a30.1m
\u00a30.8m
\u00a31.5m
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
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%
\u00a0
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
\u00a30.0m
\u00a30.1m
\u00a30.5m
\u00a31.5m
\n
The loss allowance for trade receivables, which relates wholly to continuing activities, reconciles to the opening allowances as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Opening loss allowance at 1 February
1.5
0.9
Increase in loan loss allowance recognised in profit or loss during the year
0.9
2.0
Receivables written off during the year as uncollectable
(0.9)
(1.2)
Unused amount reversed
\u2013
(0.2)
Closing loss allowance at 31 January
1.5
1.5
\n
Credit risk in relation to deposits, debt securities and derivative counterparties is managed by the Group\u2019s Treasury function in accordance
with\u00a0the Group\u2019s policy. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each
counterparty. Counterparty credit limits are reviewed on a regular basis and updated throughout the year, subject to approval by the Board.
The\u00a0limits are set to minimise the concentration of risks and, therefore, mitigate \ufb01nancial loss through any potential counterparty failure.
In its Insurance Underwriting business, which was disposed of on 1 July 2025 and included within discontinued operations, the Group was
exposed to credit risk as follows:
\u2022
Insurance contracts issued:
At 31 January 2025, the Group expected to receive \u00a325.7m of premiums in the future in relation to insurance
contracts that had already been entered into, representing management\u2019s view of the Group\u2019s maximum exposure to credit risk
from\u00a0insurance contracts issued. However, the majority of these receivables were due in advance of the related insurance coverage, which
the Group would not have been liable for if the premiums were not paid. As a result, the credit risk associated with these receivables was
significantly mitigated and they were not recognised on the statement of financial position under the IFRS 17 PAA. The Group\u2019s Insurance
Underwriting business was disposed of in the year ended 31 January 2026 (Note 38a) and, therefore, no balance is reported at
31\u00a0January\u00a02026.
\u2022
Reinsurance contracts:
The Group was exposed to the risk of default on its reinsurance arrangements when amounts recoverable
under\u00a0those arrangements became due. Credit risk in respect of reinsurance arrangements was assessed from the time of entering into
a\u00a0reinsurance contract. The Group\u2019s reinsurance programme was only placed with reinsurers which met the Group\u2019s financial strength
criteria. At 31 January 2025, the Group had a concentration of counterparty risk arising from reinsurance contracts, driven by a
material\u00a0recovery arising from the Group\u2019s motor quota share reinsurance arrangement. The highest amount of reinsurance contract
assets recoverable from a single counterparty at 31 January 2025 \u00a321.0m. At 31 January 2025, this reinsurer had an AA\u00a0credit rating.
The\u00a0Group\u2019s Insurance Underwriting business was disposed of in the year ended 31 January 2026 (Note 38a) and, therefore, no balances
are reported at 31 January 2026.
The Group\u2019s maximum exposure to credit risk for the components of the statement of \ufb01nancial position at 31 January 2026 is the gross carrying
amount, except for trade receivables. The Group\u2019s maximum exposure to credit risk for the components of the statement of \ufb01nancial position
at\u00a031 January 2025 was the gross carrying amount, except for trade receivables and reinsurance contract assets. None of the \ufb01nancial assets
measured at amortised cost, other than trade receivables where a loss allowance has been determined as set out above, were impaired at the
reporting date.
The Group\u2019s \ufb01nancial assets and reinsurance assets are analysed by credit risk rating as follows:
Ratings analysis
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31 January 2026
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a3m
AAA
AA
A
BBB
Unrated
Total
Derivative assets
\u2013
\u2013
1.1
\u2013
\u2013
1.1
Total
\u2013
\u2013
1.1
\u2013
\u2013
1.1
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31 January 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\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
\u00a0
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
\n
Debt securities, money market funds and the credit exposed component of reinsurance contract assets were held by the Group\u2019s Insurance
Underwriting business which was disposed of on 1 July 2025, and included within assets held for sale at 31 January 2025.
c) Liquidity risk
Liquidity risk is the risk that the Group, although solvent, either does not have available su\ufb03cient \ufb01nancial resources to enable it to meet its
obligations as they fall due, or can secure them only at excessive cost. The Group\u2019s approach to managing liquidity risk is to evaluate current
and\u00a0expected liquidity requirements to ensure that it maintains su\ufb03cient reserves of cash or availability on its RCF. The Group managed its
obligations to pay claims to policyholders as they fell due by matching the maturity of investments to\u00a0the expected maturity of claims payments.
The table below analyses the maturity pro\ufb01le of the Group\u2019s \ufb01nancial liabilities and insurance contract liabilities. The analysis of non-derivative
\ufb01nancial liabilities is based on the remaining period at the reporting date to the contractual maturity date. At 31 January 2025, the analysis of
insurance contract liabilities included only the component of this balance that related to liabilities for incurred claims arising from portfolios of
insurance contracts that were in a liability position and was based on the estimates of the present value of the future cash \ufb02ows expected to be
paid out in the periods presented (this excludes the risk adjustment). The Group\u2019s Insurance Underwriting business was disposed of in the year
ended 31 January 2026 (Note 38a), and therefore, no balances are reported at 31 January 2026.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31 January 2026
On
Less than
1 to 2
2 to 3
3 to 4
4 to 5
Over 5
\u00a0
\u00a3m
demand
1 year
years
years
years
years
years
Total
Ocean Cruise ship loans and term loan
\u2013
54.2
46.4
43.8
43.8
378.9
57.1
624.2
Interest on Ocean Cruise ship loans
\u2013
41.8
40.1
38.4
36.0
40.1
1.7
198.1
and\u00a0term loan
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bank overdrafts
0.3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.3
Foreign currency and fuel derivative
\u2013
2.7
0.4
\u2013
\u2013
\u2013
\u2013
3.1
liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest rate swap liabilities
\u2013
0.7
0.9
0.1
\u2013
\u2013
\u2013
1.7
Lease liabilities
\u2013
7.1
6.6
6.5
4.2
4.1
9.9
38.4
Interest on lease liabilities
\u2013
2.7
2.2
1.7
1.4
1.1
2.2
11.3
\u00a0
0.3
109.2
96.6
90.5
85.4
424.2
70.9
877.1
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31 January 2025
On
Less than
1 to 2
2 to 3
3 to 4
4 to 5
Over 5
\u00a0
\u00a3m
demand
1 year
years
years
years
years
years
Total
Bonds, Ocean Cruise ship loans and the
\u2013
55.7
379.2
46.4
43.8
43.8
100.9
669.8
loan facility provided by Roger De Haan
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest on bonds, Ocean Cruise ship
\u2013
31.6
18.9
6.6
5.2
3.9
4.3
70.5
loans, and the loan facility provided
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
by\u00a0Roger De Haan
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
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
Foreign currency and fuel derivative
\u2013
1.6
\u2013
\u2013
\u2013
\u2013
\u2013
1.6
liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
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
\u00a0
1.6
164.7
447.3
83.6
68.8
58.5
185.7
1,010.2
\n
Insurance contract liabilities were held by the Group\u2019s Insurance Underwriting business (included within liabilities directly associated with assets
held for sale at 31 January 2025).
The table below sets out the remaining contractual maturities of the \ufb01nancial assets supporting the Group\u2019s insurance contract liabilities
(included within liabilities directly associated with assets held for sale at 31 January 2025). It is presented on an undiscounted basis. The Group\u2019s
Insurance Underwriting business was disposed of in the year ended 31 January 2026 (Note 38a) and, therefore, no balances are reported at
31\u00a0January 2026.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31 January 2025
Less than 1
1 to 2
2 to 3
3 to 4
4 to 5
Over 5
No
\u00a0
\u00a3m
year
years
years
years
years
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\u00a0Underwriting
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
77.2
50.9
35.4
9.0
7.4
13.3
62.9
256.1
\n
d) Insurance risk (discontinued operations)
Insurance risk applied to the Group\u2019s Insurance Underwriting business which was disposed of on 1 July 2025 (Note 38a) and included within
discontinued operations.
Insurance risk arose from the inherent uncertainties as to the occurrence, cost and timing of insured events that could lead to signi\ufb01cant
individual or aggregated claims in terms of quantity or value. This could have been for a number of reasons, including weather-related events,
large individual claims, changes in claimant behaviour patterns, such as increased levels of fraudulent activities, the use of PPOs, prospective or
retrospective legislative changes, unresponsive and inaccurate pricing or reserving methodologies, and the deterioration in the Group\u2019s ability
to e\ufb00ectively and e\ufb03ciently handle claims while delivering excellent customer service.
The Group managed insurance risk within its risk management framework as set by the Board. The key policies and processes mitigating these
risks had been implemented, which included underwriting partnership arrangements, reinsurance excess of loss contracts, pricing policies and
claims management, and administration policies.
i) Underwriting and pricing risk
The Group primarily underwrote motor insurance for private cars in the UK. The book consisted of a large number of individual risks which were
widely spread geographically, which helped to minimise concentration risk. The Group had controls in place to restrict access to its products to
only those risks that it wished to underwrite.
The Group had management information to allow it to monitor underwriting performance on a continuous basis and the ability to make pricing
and underwriting changes quickly. The Group undertook detailed statistical analysis of underwriting experience for each rating factor, and
combination of rating factors, to enable it to adjust pricing for emerging trends.
ii) Reserving risk
Reserving risk was the risk that insu\ufb03cient funds have been set aside to settle claims as they fall due. The Group undertook regular internal
actuarial reviews and commissioned external actuarial reviews at least once a year. These reviews estimated the future liabilities to consider the
adequacy of the provisions.
Claims which were subject to PPOs were a signi\ufb01cant source of uncertainty within the Group\u2019s liability for incurred claims. Cash \ufb02ow projections
were undertaken for PPO claims to estimate the gross and net of reinsurance provisions required.
iii) Reinsurance
The Group purchased reinsurance to reduce the impact of individual large losses or accumulations from a single catastrophic event. During 2018,
the Group entered into a funds-withheld quota share reinsurance contract that reinsured 80% of the Group\u2019s motor claims risks limited by a
loss ratio cap of 130%, e\ufb00ective from 1 February 2019. Prior to this, the Group had a funds-withheld quota share reinsurance contract in place
that reinsured 75% of the Group\u2019s motor claims risks limited by a loss ratio cap of 120%. The Group also purchased individual excess of loss
protections for the motor portfolio to limit the impact of a single large claim. Similar protections were in place for all years for which the Group
had underwritten motor business.
Reinsurance recoveries on individual excess of loss protections would have taken many years to collect, particularly if a claim was subject to a PPO.
This meant that the Group had exposure to reinsurance credit risk for many years. Reinsurers were, therefore, required to have strong credit
ratings and their \ufb01nancial health was regularly monitored.
iv) Sensitivities
The following table demonstrates the impact on pro\ufb01t or loss before tax, and equity, of reasonably possible changes in insurance risk variables
at\u00a031 January 2025. These impacts are shown both gross and net of reinsurance. It was assumed that all other variables remain constant.
The\u00a0Group\u2019s Insurance Underwriting business was disposed of in the year ended 31 January 2026 (Note 38a), and therefore, no balances are
reported at 31 January 2026.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0
Impact on profit after tax
\u00a0
and on equity
\u00a0
Gross of
Net of
\u00a3m
reinsurance
reinsurance
Change in the confidence level of liabilities for incurred claims
\u00a0 \u00a0
5pp increase to 90% net confidence level
(8.8)
(0.9)
5pp decrease to 80% net confidence level
6.6
0.7
Change in the confidence level of the onerous contract provision
\u00a0 \u00a0
5pp increase to 90% net confidence level
(1.9)
(1.9)
5pp decrease to 80% net confidence level
1.0
1.0
Change in non-PPO claim inflation assumption within liabilities for incurred claims
\u00a0 \u00a0
100bps increase
(3.1)
(0.9)
100bps decrease
3.0
0.8
\n
The impact of any change in the PPO claim in\ufb02ation (speci\ufb01cally the carer wage in\ufb02ation assumption) was not shown in the table above as
management would have expected such a change to be substantially o\ufb00set by the impact of a corresponding change in the IFRS 17 discount rate.
e) Operational risk
E\ufb00ective operational risk management requires the Group to identify, assess, manage, monitor, report and mitigate all areas of exposure.
The\u00a0Group operates across a range of segments, and operational risk is inherent in all the Group\u2019s products and services, arising from the
operation of assets, from external events and dependencies, and from internal processes and systems.
The Group manages its operational risk through the risk management framework agreed by the Board, and through the use of risk management
tools which, together, ensure that operational risks are identi\ufb01ed, managed and mitigated to the level accepted, and that contingency processes
and disaster recovery plans are in place. Regular reporting is undertaken to segment boards and includes details of new and emerging risks, as
well as monitoring of existing risks. Testing of contingency processes and disaster recovery plans is undertaken to ensure the e\ufb00ectiveness of
these processes.
All the Group\u2019s operations are dependent on: the proper functioning of its IT and communication systems; its properties and other
infrastructure assets; the need to adequately maintain and protect customer and employee data and other information; and the ability of the
Group to attract and retain colleagues. Speci\ufb01c areas of operational risk by segment include:
i) Travel
The Travel segment operates two Ocean Cruise ships, which are the Group\u2019s largest trading assets. Risk to the operation of these cruise ships
arises from the impact of mechanical or other malfunction, from non-compliance with regulatory requirements, and from global weather and
socioeconomic events. The tour holidays operated by the segment are also a\ufb00ected by global weather and socioeconomic events, which impact
either the Group directly or its suppliers. The Travel segment transacts with multiple suppliers, which minimises the impact of any
socioeconomic events a\ufb00ecting its suppliers.
ii) Insurance
The Insurance Broking business is required to comply with various operational regulatory requirements, primarily in the UK. Up to the date of its
disposal on 1 July 2025 (Note 38a), the Group\u2019s Insurance Underwriting business was required to comply with various operational regulatory
requirements within Gibraltar. To the extent that signi\ufb01cant external events could have increased the incidence of claims, these would have
placed additional strain on the claims handling function, but any \ufb01nancial impact of such an event was considered to be an insurance risk.
iii) Other Businesses and Central Costs
The \ufb01nancial services business is required to comply with various operational regulatory requirements in the UK.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00160": { "value": "a) Market risk
Market risk is the risk that the fair value, or future cash \ufb02ows, of a \ufb01nancial instrument, or the valuation of insurance and reinsurance contract
assets and liabilities \ufb02uctuates due to changes in market prices. The Group is exposed to the following market risk factors:
\u2022
Foreign currency risk
\u2022
Commodity price risk
\u2022
Interest rate risk
The Group has policies and limits approved by the Board for managing market risk exposure. These set out the principles that the business
should adhere to for managing market risk and establishing the maximum limits that the Group is willing to accept considering strategy, risk
appetite and capital resources. The Group has the ability to monitor market risk exposure on a daily basis and has established limits for each
component of market risk.
The Group uses derivatives for hedging its exposure to foreign currency and fuel oil price risks. The market risk policy explicitly prohibits the
use\u00a0of derivatives for speculative purposes. For risk exposures that the Group hedges, and for which the Group applies hedge accounting,
ine\ufb00ectiveness may arise if the timing of the forecast transaction changes from what was originally estimated, or if there are changes in the
credit\u00a0risk of the derivative counterparty. Hedge e\ufb00ectiveness is determined at the inception of the hedge relationship, and through periodic
prospective e\ufb00ectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument.
The\u00a0hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges
and\u00a0the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
i) Foreign currency risk
Foreign currency risk is the risk that the fair value, or future cash \ufb02ows, of a \ufb01nancial asset or liability will \ufb02uctuate due to changes in foreign
exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities
(when\u00a0revenue or expense is denominated in a di\ufb00erent currency from the Group\u2019s functional currency). The Group is not exposed to material
foreign currency risk through its Insurance Underwriting activities (Note 38a).
The Group uses foreign exchange forward contracts to manage the majority of its transaction exposures. The foreign exchange forward
contracts, some of which are formally designated as hedging instruments, are entered into for periods consistent with the foreign currency
exposure of the underlying transactions, generally from one to 24 months. The foreign exchange forward contracts vary with the level of
expected foreign currency sales and purchases. The Group designates the spot element of forward contracts to hedge its currency risk.
The\u00a0forward elements of forward exchange contracts are excluded from the designation of the hedging instrument and are separately
accounted for as a cost of hedging, which is recognised in equity in a cost of hedging reserve.
The following table demonstrates the sensitivity of the fair value of forward exchange contracts to a 5% change in USD and EUR exchange rates,
with all other variables held constant. The Group\u2019s exposure to foreign currency changes for all other currencies is not material. The impact is
shown net of tax at the current rate.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Sensitivity of +/\u2013 5%
\u00a0 \u00a0
\u00a0
foreign exchange
\u00a0 \u00a0
\u00a0
rate change in
Effect on equity
Effect on profit after tax
2026
EUR
+/\u2013 \u00a33.2m
+/\u2013 \u00a30.5m
\u00a0
USD
+/\u2013 \u00a32.3m
+/\u2013 \u00a30.3m
2025
EUR
+/\u2013 \u00a32.2m
+/\u2013 \u00a30.3m
\u00a0
USD
+/\u2013 \u00a32.1m
+/\u2013 \u00a30.5m
\n
To the extent that forward exchange contracts are held as part of e\ufb00ective hedging relationships, any change to the fair value of the instrument
will be o\ufb00set by an equal and opposite change to the cost of the hedged item.
ii) Commodity price risk
The Group is a\ufb00ected by the price volatility of certain commodities. Its operating activities require the ongoing purchase of fuel and gas oil to
sail\u00a0its Ocean Cruise ships and, therefore, require a continuous supply of fuel and gas oil. The volatility in the price of fuel and gas oil has led to the
decision to enter into commodity fuel and gas oil swap contracts. These contracts are expected to reduce the volatility attributable to price
\ufb02uctuations of fuel and gas oil. Managing the price volatility of forecast oil purchases is in accordance with the risk management strategy outlined
by the Board of Directors.
The Group manages the purchase price using forward commodity purchase contracts based on future forecast fuel oil requirements.
The following table shows the sensitivity of the fair value of fuel oil swaps to changes in the underlying fuel oil price (USD) with all other variables
held constant. The impact is shown net of tax at the current rate.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Sensitivity of +/\u2013 5%
\u00a0 \u00a0
\u00a0
rate change in
Effect on equity
Effect on profit after tax
2026
USD \u2013 Fuel oil price
+/\u2013 \u00a30.7m
\u2013
2025
USD \u2013 Fuel oil price
+/\u2013 \u00a30.5m
\u2013
\n
iii) Interest rate risk
Interest rate risk is the risk that the fair value, or future cash \ufb02ows, of a \ufb01nancial instrument or the valuation of insurance and reinsurance
contract assets and liabilities \ufb02uctuates because of changes in market interest rates.
Interest rate risk arises from various sources:
\u2022
Investments in debt securities with a fixed interest rate, the market value and carrying value of which is affected by movements in market
interest rates.
\u2022
Investments in debt securities with a floating interest rate and short-term deposits. Movements in market interest rates change the
amounts earned from these assets but do not materially affect their market value or carrying value.
\u2022
Borrowings with a floating interest rate (deferred repayments of ship loans and the term loan provided by HPS Funds). Movements in
market interest rates change the future cash\u00a0flows that will arise from these borrowings, but do not materially affect their carrying value.
For the term loan, the Group entered into interest rate hedges that fix the interest payments, thereby mitigating the cash exposure to
changes in market interest rates.
\u2022
Insurance and reinsurance contract assets and liabilities. This interest rate risk primarily arises from the discounting of liabilities for
incurred claims and loss components of the liability for remaining coverage, and corresponding assets arising from reinsurance contracts.
The discount rates used are linked to market interest rates, such that changes in market interest rates will affect the valuation of insurance
and reinsurance contract assets and liabilities.
The Group\u2019s loans and borrowings, at 31 January 2026, comprised both \ufb01xed and \ufb02oating interest rate facilities. The \ufb02oating-rate borrowings are
amortised based on market expectations of future interest rates and, in the case of the term loan, the interest rate risk has been hedged, using
interest rate derivatives, until August 2028. As a result of this hedging activity, although the underlying facilities are \ufb02oating-rate, the associated
cash \ufb02ows are \ufb01xed to August 2028. All \ufb01xed interest rate loans and borrowings are accounted for at amortised cost. Consequently, changes in
market interest rates do not a\ufb00ect their accounting measurement. For the \ufb01xed-rate and hedged \ufb02oating-rate borrowings, changes in market
rates also do not a\ufb00ect the future cash \ufb02ows arising from them. These instruments are, therefore, not considered further in this Note.
The Group remains exposed to the risk that interest rates could be higher when these borrowings are re\ufb01nanced. Further information on the
Group\u2019s borrowings is provided in Note 30.
The Group\u2019s interest rate exposure, after hedging activity, is summarised in the following table:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Investments in debt securities with a fixed interest rate
\u2013
167.9
Investments in debt securities with a floating interest rate
\u2013
10.8
Money market funds and short-term deposits
186.8
99.1
Borrowings with a floating interest rate (deferred repayments of ship loans)
(13.0)
(24.8)
Insurance contract liabilities for incurred claims
\u2013
(269.6)
Reinsurance assets for incurred claims
\u2013
117.1
Insurance contract liabilities for remaining coverage (loss component)
\u2013
(1.8)
Debt securities, money market funds, insurance contract liabilities and reinsurance assets were held by the Group\u2019s Insurance Underwriting
business which was included within assets held for sale at 31 January 2025, and disposed of on 1 July 2025 (Note 38a), and therefore, no balances
are reported at 31 January 2026 in the table above.
The Group manages interest rate risk in various ways. The Group has a policy of holding the majority of investments to maturity by closely
matching asset and liability duration, and also ensures that the investment portfolio has a diversi\ufb01ed range of investments such that there is
a\u00a0combination of \ufb01xed and \ufb02oating rate securities. Moreover, for the interest rate risk associated with the term loan, the Group has used interest
rate derivatives to hedge against the \ufb02oating component of the facility.
In relation to the prior year, the following table shows the sensitivity of debt securities and insurance and reinsurance contract assets and
liabilities to a 50bps parallel increase or decrease in market interest rates at the end of the prior reporting period, being the change in market
interest rates that was considered reasonably possible at this date. This analysis assumed a corresponding change in the carer wage in\ufb02ation
assumption within the valuation of PPO liabilities for incurred claims, as management expected these assumptions to move together in the long
term. All other variables were assumed to remain constant. This table does not show any impact on debt securities with a \ufb02oating interest rate,
money market funds or borrowings, as their carrying values were not materially impacted by movements in market interest rates. The impacts
are shown net of tax at the current rate. The Group\u2019s Insurance Underwriting business was disposed of on 1 July 2025 (Note 38a), and therefore,
no\u00a0balances are reported at 31 January 2026 in the table below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0
Impact on profit after tax
\u00a0
and on equity
\u00a0
50bps
50bps
\u00a0
increase
decrease
Discount rate change:
\u00a0 \u00a0
Insurance and reinsurance contracts: Net liabilities for incurred claims
\u00a30.6m
(\u00a30.6m)
Insurance and reinsurance contracts: Net loss component
\u00a30.2m
(\u00a30.2m)
Interest rate change (impact on debt securities)
(\u00a30.6m)
\u00a30.6m
Net impact
\u00a30.2m
(\u00a30.2m)
\n
The following table shows the impact that a 50bps parallel increase or decrease in market interest rates would have had on pro\ufb01t after tax in
the\u00a0period arising from \ufb02oating rate debt securities, money market funds, short-term deposits and borrowings with a \ufb02oating interest rate.
This\u00a0analysis assumes that the Group\u2019s relevant risk exposures throughout the year had been the same as they were at the end of the year.
The\u00a0Group\u2019s Insurance Underwriting business was disposed of on 1 July 2025 (Note 38a), and therefore, no Insurance business related
balances\u00a0are included in the table below for the current year.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
Impact on profit after tax
Impact on profit after tax
\u00a0
50bps
50bps
50bps
50bps
\u00a0
increase
decrease
increase
decrease
Money market funds held within the Insurance business and short-term
\u00a30.7m
(\u00a30.7m)
\u00a30.4m
(\u00a30.4m)
deposits
\u00a0 \u00a0 \u00a0 \u00a0
Borrowings with a floating interest rate (deferred repayments of ship loans)
\u2013
\u2013
(\u00a30.1m)
\u00a30.1m
Net impact
\u00a30.7m
(\u00a30.7m)
\u00a30.3m
(\u00a30.3m)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00161": { "value": "i) Foreign currency risk
Foreign currency risk is the risk that the fair value, or future cash \ufb02ows, of a \ufb01nancial asset or liability will \ufb02uctuate due to changes in foreign
exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities
(when\u00a0revenue or expense is denominated in a di\ufb00erent currency from the Group\u2019s functional currency). The Group is not exposed to material
foreign currency risk through its Insurance Underwriting activities (Note 38a).
The Group uses foreign exchange forward contracts to manage the majority of its transaction exposures. The foreign exchange forward
contracts, some of which are formally designated as hedging instruments, are entered into for periods consistent with the foreign currency
exposure of the underlying transactions, generally from one to 24 months. The foreign exchange forward contracts vary with the level of
expected foreign currency sales and purchases. The Group designates the spot element of forward contracts to hedge its currency risk.
The\u00a0forward elements of forward exchange contracts are excluded from the designation of the hedging instrument and are separately
accounted for as a cost of hedging, which is recognised in equity in a cost of hedging reserve.
The following table demonstrates the sensitivity of the fair value of forward exchange contracts to a 5% change in USD and EUR exchange rates,
with all other variables held constant. The Group\u2019s exposure to foreign currency changes for all other currencies is not material. The impact is
shown net of tax at the current rate.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Sensitivity of +/\u2013 5%
\u00a0 \u00a0
\u00a0
foreign exchange
\u00a0 \u00a0
\u00a0
rate change in
Effect on equity
Effect on profit after tax
2026
EUR
+/\u2013 \u00a33.2m
+/\u2013 \u00a30.5m
\u00a0
USD
+/\u2013 \u00a32.3m
+/\u2013 \u00a30.3m
2025
EUR
+/\u2013 \u00a32.2m
+/\u2013 \u00a30.3m
\u00a0
USD
+/\u2013 \u00a32.1m
+/\u2013 \u00a30.5m
\n
To the extent that forward exchange contracts are held as part of e\ufb00ective hedging relationships, any change to the fair value of the instrument
will be o\ufb00set by an equal and opposite change to the cost of the hedged item. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00162": { "value": "b) Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a \ufb01nancial instrument, insurance contract, reinsurance contract
or\u00a0customer contract, leading to a \ufb01nancial loss. The Group was primarily exposed to credit risk in relation to its \ufb01nancial and reinsurance assets,
outstanding derivatives, trade and other receivables, and cash and cash equivalents. The Group assesses its counterparty exposure in relation
to the investment of surplus cash, fuel oil and foreign currency contracts and undrawn credit facilities. The Group primarily uses published
credit\u00a0ratings to assess counterparty strength and, therefore, de\ufb01ne the credit limit for each counterparty in accordance with approved
treasury policies.
The credit risk in respect of trade and other receivables is generally limited, as payment from customers is primarily required before services
are\u00a0provided. At 31 January, the maximum exposure to credit risk for trade receivables by operating segment was as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Travel
3.6
1.7
Insurance
22.0
14.0
Other Businesses and Central Costs
3.6
3.0
\u00a0
29.2
18.7
Amounts relating to assets held for sale (Note 38a)
\u2013
(2.4)
\u00a0
29.2
16.3
The variance between the quantum of the maximum exposure to credit risk for trade receivables (above) and total of trade receivables
presented in \u2018Trade and other receivables\u2019 (Note 23) primarily relates to debtors arising from insurance policies brokered by the Group but
underwritten by third-party insurers for which corresponding creditors exist in respect of the net premium to be passed on to the third-party
insurers. In the event of payment obligation default by a customer no longer on risk, the impairment of the debtor balance by the Group would
lead to a corresponding reduction in the related creditor with, or refund of net premium from, the third-party insurer. In the event of payment
obligation default by a customer remaining on risk, the impairment of the debtor balance by the Group would not lead to a corresponding
reduction in the related creditor with, or refund of net premium from, the third-party insurer, and the Group would bear the credit risk relating
to\u00a0the debtor balance.
The Group uses an allowance matrix to measure the ECLs of trade receivables from individual customers, which comprise a very large number of
small balances. The loss allowance required for these receivables is calculated in line with the simpli\ufb01ed method for trade receivables per IFRS 9,
whereby lifetime ECLs are recognised irrelevant of the credit risk. The loss allowance is based on a combination of:
\u2022
aged debtor analysis;
\u2022
historical experience of write-offs for each receivable;
\u2022
any specific indicators of credit deterioration observed; and
\u2022
management judgement.
Loss rates are based on the probability of a receivable progressing through successive stages of delinquency to write-o\ufb00. Financial assets are
written o\ufb00 when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Group.
On that basis, the loss allowance at 31 January 2026 and 31 January 2025 was determined as follows for trade receivables:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31 January 2026
Current
< 30 days
30-60 days
61-90 days
91-120 days
> 120 days
Total
Expected loss rate
0.0%
20.0%
22.0%
44.4%
100%
71.5%
\u00a0
Gross carrying amount \u2013 trade receivables (Note 23)
\u00a395.8m
\u00a32.2m
\u00a30.6m
\u00a30.1m
\u00a30.1m
\u00a31.1m
\u00a399.9m
Loss allowance (Note 23)
\u00a30.0m
\u00a30.4m
\u00a30.1m
\u00a30.1m
\u00a30.1m
\u00a30.8m
\u00a31.5m
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
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%
\u00a0
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
\u00a30.0m
\u00a30.1m
\u00a30.5m
\u00a31.5m
\n
The loss allowance for trade receivables, which relates wholly to continuing activities, reconciles to the opening allowances as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Opening loss allowance at 1 February
1.5
0.9
Increase in loan loss allowance recognised in profit or loss during the year
0.9
2.0
Receivables written off during the year as uncollectable
(0.9)
(1.2)
Unused amount reversed
\u2013
(0.2)
Closing loss allowance at 31 January
1.5
1.5
\n
Credit risk in relation to deposits, debt securities and derivative counterparties is managed by the Group\u2019s Treasury function in accordance
with\u00a0the Group\u2019s policy. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each
counterparty. Counterparty credit limits are reviewed on a regular basis and updated throughout the year, subject to approval by the Board.
The\u00a0limits are set to minimise the concentration of risks and, therefore, mitigate \ufb01nancial loss through any potential counterparty failure.
In its Insurance Underwriting business, which was disposed of on 1 July 2025 and included within discontinued operations, the Group was
exposed to credit risk as follows:
\u2022
Insurance contracts issued:
At 31 January 2025, the Group expected to receive \u00a325.7m of premiums in the future in relation to insurance
contracts that had already been entered into, representing management\u2019s view of the Group\u2019s maximum exposure to credit risk
from\u00a0insurance contracts issued. However, the majority of these receivables were due in advance of the related insurance coverage, which
the Group would not have been liable for if the premiums were not paid. As a result, the credit risk associated with these receivables was
significantly mitigated and they were not recognised on the statement of financial position under the IFRS 17 PAA. The Group\u2019s Insurance
Underwriting business was disposed of in the year ended 31 January 2026 (Note 38a) and, therefore, no balance is reported at
31\u00a0January\u00a02026.
\u2022
Reinsurance contracts:
The Group was exposed to the risk of default on its reinsurance arrangements when amounts recoverable
under\u00a0those arrangements became due. Credit risk in respect of reinsurance arrangements was assessed from the time of entering into
a\u00a0reinsurance contract. The Group\u2019s reinsurance programme was only placed with reinsurers which met the Group\u2019s financial strength
criteria. At 31 January 2025, the Group had a concentration of counterparty risk arising from reinsurance contracts, driven by a
material\u00a0recovery arising from the Group\u2019s motor quota share reinsurance arrangement. The highest amount of reinsurance contract
assets recoverable from a single counterparty at 31 January 2025 \u00a321.0m. At 31 January 2025, this reinsurer had an AA\u00a0credit rating.
The\u00a0Group\u2019s Insurance Underwriting business was disposed of in the year ended 31 January 2026 (Note 38a) and, therefore, no balances
are reported at 31 January 2026.
The Group\u2019s maximum exposure to credit risk for the components of the statement of \ufb01nancial position at 31 January 2026 is the gross carrying
amount, except for trade receivables. The Group\u2019s maximum exposure to credit risk for the components of the statement of \ufb01nancial position
at\u00a031 January 2025 was the gross carrying amount, except for trade receivables and reinsurance contract assets. None of the \ufb01nancial assets
measured at amortised cost, other than trade receivables where a loss allowance has been determined as set out above, were impaired at the
reporting date.
The Group\u2019s \ufb01nancial assets and reinsurance assets are analysed by credit risk rating as follows:
Ratings analysis
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31 January 2026
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a3m
AAA
AA
A
BBB
Unrated
Total
Derivative assets
\u2013
\u2013
1.1
\u2013
\u2013
1.1
Total
\u2013
\u2013
1.1
\u2013
\u2013
1.1
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31 January 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\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
\u00a0
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
\n
Debt securities, money market funds and the credit exposed component of reinsurance contract assets were held by the Group\u2019s Insurance
Underwriting business which was disposed of on 1 July 2025, and included within assets held for sale at 31 January 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00163": { "value": "Loss rates are based on the probability of a receivable progressing through successive stages of delinquency to write-o\ufb00. Financial assets are
written o\ufb00 when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Group.
On that basis, the loss allowance at 31 January 2026 and 31 January 2025 was determined as follows for trade receivables:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31 January 2026
Current
< 30 days
30-60 days
61-90 days
91-120 days
> 120 days
Total
Expected loss rate
0.0%
20.0%
22.0%
44.4%
100%
71.5%
\u00a0
Gross carrying amount \u2013 trade receivables (Note 23)
\u00a395.8m
\u00a32.2m
\u00a30.6m
\u00a30.1m
\u00a30.1m
\u00a31.1m
\u00a399.9m
Loss allowance (Note 23)
\u00a30.0m
\u00a30.4m
\u00a30.1m
\u00a30.1m
\u00a30.1m
\u00a30.8m
\u00a31.5m
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
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%
\u00a0
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
\u00a30.0m
\u00a30.1m
\u00a30.5m
\u00a31.5m
\n
The loss allowance for trade receivables, which relates wholly to continuing activities, reconciles to the opening allowances as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Opening loss allowance at 1 February
1.5
0.9
Increase in loan loss allowance recognised in profit or loss during the year
0.9
2.0
Receivables written off during the year as uncollectable
(0.9)
(1.2)
Unused amount reversed
\u2013
(0.2)
Closing loss allowance at 31 January
1.5
1.5
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00164": { "value": "c) Liquidity risk
Liquidity risk is the risk that the Group, although solvent, either does not have available su\ufb03cient \ufb01nancial resources to enable it to meet its
obligations as they fall due, or can secure them only at excessive cost. The Group\u2019s approach to managing liquidity risk is to evaluate current
and\u00a0expected liquidity requirements to ensure that it maintains su\ufb03cient reserves of cash or availability on its RCF. The Group managed its
obligations to pay claims to policyholders as they fell due by matching the maturity of investments to\u00a0the expected maturity of claims payments.
The table below analyses the maturity pro\ufb01le of the Group\u2019s \ufb01nancial liabilities and insurance contract liabilities. The analysis of non-derivative
\ufb01nancial liabilities is based on the remaining period at the reporting date to the contractual maturity date. At 31 January 2025, the analysis of
insurance contract liabilities included only the component of this balance that related to liabilities for incurred claims arising from portfolios of
insurance contracts that were in a liability position and was based on the estimates of the present value of the future cash \ufb02ows expected to be
paid out in the periods presented (this excludes the risk adjustment). The Group\u2019s Insurance Underwriting business was disposed of in the year
ended 31 January 2026 (Note 38a), and therefore, no balances are reported at 31 January 2026.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31 January 2026
On
Less than
1 to 2
2 to 3
3 to 4
4 to 5
Over 5
\u00a0
\u00a3m
demand
1 year
years
years
years
years
years
Total
Ocean Cruise ship loans and term loan
\u2013
54.2
46.4
43.8
43.8
378.9
57.1
624.2
Interest on Ocean Cruise ship loans
\u2013
41.8
40.1
38.4
36.0
40.1
1.7
198.1
and\u00a0term loan
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bank overdrafts
0.3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.3
Foreign currency and fuel derivative
\u2013
2.7
0.4
\u2013
\u2013
\u2013
\u2013
3.1
liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest rate swap liabilities
\u2013
0.7
0.9
0.1
\u2013
\u2013
\u2013
1.7
Lease liabilities
\u2013
7.1
6.6
6.5
4.2
4.1
9.9
38.4
Interest on lease liabilities
\u2013
2.7
2.2
1.7
1.4
1.1
2.2
11.3
\u00a0
0.3
109.2
96.6
90.5
85.4
424.2
70.9
877.1
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31 January 2025
On
Less than
1 to 2
2 to 3
3 to 4
4 to 5
Over 5
\u00a0
\u00a3m
demand
1 year
years
years
years
years
years
Total
Bonds, Ocean Cruise ship loans and the
\u2013
55.7
379.2
46.4
43.8
43.8
100.9
669.8
loan facility provided by Roger De Haan
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest on bonds, Ocean Cruise ship
\u2013
31.6
18.9
6.6
5.2
3.9
4.3
70.5
loans, and the loan facility provided
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
by\u00a0Roger De Haan
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
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
Foreign currency and fuel derivative
\u2013
1.6
\u2013
\u2013
\u2013
\u2013
\u2013
1.6
liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
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
\u00a0
1.6
164.7
447.3
83.6
68.8
58.5
185.7
1,010.2
\n
Insurance contract liabilities were held by the Group\u2019s Insurance Underwriting business (included within liabilities directly associated with assets
held for sale at 31 January 2025).
The table below sets out the remaining contractual maturities of the \ufb01nancial assets supporting the Group\u2019s insurance contract liabilities
(included within liabilities directly associated with assets held for sale at 31 January 2025). It is presented on an undiscounted basis. The Group\u2019s
Insurance Underwriting business was disposed of in the year ended 31 January 2026 (Note 38a) and, therefore, no balances are reported at
31\u00a0January 2026.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31 January 2025
Less than 1
1 to 2
2 to 3
3 to 4
4 to 5
Over 5
No
\u00a0
\u00a3m
year
years
years
years
years
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\u00a0Underwriting
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
77.2
50.9
35.4
9.0
7.4
13.3
62.9
256.1
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00165": { "value": "iii) Reinsurance
The Group purchased reinsurance to reduce the impact of individual large losses or accumulations from a single catastrophic event. During 2018,
the Group entered into a funds-withheld quota share reinsurance contract that reinsured 80% of the Group\u2019s motor claims risks limited by a
loss ratio cap of 130%, e\ufb00ective from 1 February 2019. Prior to this, the Group had a funds-withheld quota share reinsurance contract in place
that reinsured 75% of the Group\u2019s motor claims risks limited by a loss ratio cap of 120%. The Group also purchased individual excess of loss
protections for the motor portfolio to limit the impact of a single large claim. Similar protections were in place for all years for which the Group
had underwritten motor business.
Reinsurance recoveries on individual excess of loss protections would have taken many years to collect, particularly if a claim was subject to a PPO.
This meant that the Group had exposure to reinsurance credit risk for many years. Reinsurers were, therefore, required to have strong credit
ratings and their \ufb01nancial health was regularly monitored.
iv) Sensitivities
The following table demonstrates the impact on pro\ufb01t or loss before tax, and equity, of reasonably possible changes in insurance risk variables
at\u00a031 January 2025. These impacts are shown both gross and net of reinsurance. It was assumed that all other variables remain constant.
The\u00a0Group\u2019s Insurance Underwriting business was disposed of in the year ended 31 January 2026 (Note 38a), and therefore, no balances are
reported at 31 January 2026.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0
Impact on profit after tax
\u00a0
and on equity
\u00a0
Gross of
Net of
\u00a3m
reinsurance
reinsurance
Change in the confidence level of liabilities for incurred claims
\u00a0 \u00a0
5pp increase to 90% net confidence level
(8.8)
(0.9)
5pp decrease to 80% net confidence level
6.6
0.7
Change in the confidence level of the onerous contract provision
\u00a0 \u00a0
5pp increase to 90% net confidence level
(1.9)
(1.9)
5pp decrease to 80% net confidence level
1.0
1.0
Change in non-PPO claim inflation assumption within liabilities for incurred claims
\u00a0 \u00a0
100bps increase
(3.1)
(0.9)
100bps decrease
3.0
0.8
\n
The impact of any change in the PPO claim in\ufb02ation (speci\ufb01cally the carer wage in\ufb02ation assumption) was not shown in the table above as
management would have expected such a change to be substantially o\ufb00set by the impact of a corresponding change in the IFRS 17 discount rate.", "dimensions": { "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00166": { "value": "21 Interests in unconsolidated structured entities
A structured entity is de\ufb01ned as an entity that has been designed so that voting, or similar, rights are not the dominant factor in deciding who
controls the entity, such as when any voting rights relate to the administrative tasks only and the relevant activities are directed by means of
contractual agreements. The Group had interests in unconsolidated structured entities in the form of investment funds comprising money
market funds. These money market funds were held by the Group\u2019s Insurance Underwriting business (included within assets held for sale at
31\u00a0January 2025).
The nature and purpose of the money market funds is to provide maximum security and liquidity for the funds invested, while also providing an
adequate return. The money market funds used by the Group were all members of the Institutional Money Market Funds Association. They were
thus required to maintain speci\ufb01ed liquidity and diversi\ufb01cation characteristics of their underlying portfolios, which comprised investment grade
investments in \ufb01nancial institutions.
The Group invested in unconsolidated structured entities as part of its investment activities. The Group did not sponsor any of the
unconsolidated structured entities.
At 31 January 2025, the Group\u2019s total interest in unconsolidated structured entities is analysed as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Carrying
Interest
Fair value
\u00a0
value
income
losses
At 31 January 2025
\u00a3m
\u00a3m
\u00a3m
Money market funds
62.9
2.0
\u2013
\n
The Group\u2019s Insurance Underwriting business was disposed of in the year ended 31 January 2026 (Note 38a) and, therefore, no balances are
reported at 31 January 2026.
These investments were typically managed under credit risk management as described in Note 20. The Group\u2019s maximum exposure to loss
on\u00a0the interests presented above was the carrying amount of the Group\u2019s investments. No further loss could have been made by the Group in
relation to these investments. For this reason, the total assets of the entities were not considered meaningful for the purposes of understanding
the related risks and so have not been presented.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInUnconsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00167": { "value": "22 Inventories \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2025
\u00a0
2026
(re-presented
11
)
\u00a0
\u00a3m
\u00a3m
Raw materials
3.4
3.7
Technical stocks
5.0
4.5
Finished goods
\u2013
0.1
\u00a0
8.4
8.3
\n
Raw materials primarily relate to Ocean Cruise ship fuel, food, bar and sundry stocks. Technical stocks are spare parts for the Group\u2019s Ocean
Cruise ships.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00168": { "value": "23 Trade and other receivables \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Trade receivables (Note 20b)
99.9
101.2
Loss allowance (Note 20b)
(1.5)
(1.5)
\u00a0
98.4
99.7
Amounts due from discontinued operations
\u2013
2.7
Other receivables
8.1
7.0
Prepayments
22.5
24.6
Contract cost assets (Note 3b)
8.1
4.9
Other taxes and social security costs
6.2
4.8
\u00a0
143.3
143.7
\n
An explanation of how the Group manages and measures the credit risk of trade receivables can be found in Note 20b. The Group expects trade
and other receivables to be settled within 12 months and, therefore, they are classi\ufb01ed as current in nature. Due to the short-term nature of the
current receivables, their carrying amount is considered to be the same as their fair value.
11
Following a review by management of the classification of inventories, finished goods of \u00a33.5m relating to the Ocean Cruise business have been reclassified to raw materials in the
year to 31 January 2025. Reclassified inventories relate to Ocean Cruise ship fuel, food, bar and sundry stocks ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00169": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Trade receivables (Note 20b)
99.9
101.2
Loss allowance (Note 20b)
(1.5)
(1.5)
\u00a0
98.4
99.7
Amounts due from discontinued operations
\u2013
2.7
Other receivables
8.1
7.0
Prepayments
22.5
24.6
Contract cost assets (Note 3b)
8.1
4.9
Other taxes and social security costs
6.2
4.8
\u00a0
143.3
143.7
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00139": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Trade receivables (Note 20b)
99.9
101.2
Loss allowance (Note 20b)
(1.5)
(1.5)
\u00a0
98.4
99.7
Amounts due from discontinued operations
\u2013
2.7
Other receivables
8.1
7.0
Prepayments
22.5
24.6
Contract cost assets (Note 3b)
8.1
4.9
Other taxes and social security costs
6.2
4.8
\u00a0
143.3
143.7
\n
An explanation of how the Group manages and measures the credit risk of trade receivables can be found in Note 20b. The Group expects trade
and other receivables to be settled within 12 months and, therefore, they are classi\ufb01ed as current in nature. Due to the short-term nature of the
current receivables, their carrying amount is considered to be the same as their fair value.
11
Following a review by management of the classification of inventories, finished goods of \u00a33.5m relating to the Ocean Cruise business have been reclassified to raw materials in the
year to 31 January 2025. Reclassified inventories relate to Ocean Cruise ship fuel, food, bar and sundry stocks 26 Trade and other payables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Trade payables
168.5
145.5
Amounts due to discontinued operations
\u2013
54.4
Other payables
16.8
9.0
Other taxes and social security costs
5.6
2.1
Assets in the course of construction
0.4
0.4
Accruals
62.0
43.9
\u00a0
253.3
255.3
\n
All trade and other payables are current in nature. The carrying amounts of trade and other payables are considered to be the same as their fair
values, due to their short-term nature.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00171": { "value": "24 Trust and escrow accounts
The CAA regulated the Group\u2019s River Cruise and Holidays businesses during the year; these businesses are required to hold cash in a
ring-fenced arrangement. In respect of the non-\ufb02ight components of the Travel business, to comply with its regulatory obligations, the Group
is\u00a0required to arrange \ufb01nancial security to protect customer monies and this is currently provided through ABTA. In addition, the Group is
required to make ATOL Protection Contributions, which the Group pays into a ring-fenced account.
Prior to 1 October 2024, 70% of customer monies received in advance in relation to ATOL licensable bookings were held in an escrow
arrangement (
Escrow Accounting
) until after the customer had travelled, when the Group had ful\ufb01lled all of its performance obligations with
the\u00a0customer. From 1 October 2024, in respect of the Holidays business, the Group moved from Escrow Accounting to simply holding cash
within the business, in respect of the 70% element of customer monies. The remaining 30% is used to support the required prepayments
in\u00a0advance of operating the customer\u2019s holiday, namely \ufb02ight costs. Interest arising from the funds held in escrow belongs to the Group.
The escrow arrangement is governed by a deed between the Group, the CAA Air Travel Trustees and an independent Trustee, PT Trustees
Limited, which determines the in\ufb02ows and out\ufb02ows from the accounts.
In relation to ABTA bookings, a bonding requirement still exists (Note 37c).", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00170": { "value": "24 Trust and escrow accounts
The CAA regulated the Group\u2019s River Cruise and Holidays businesses during the year; these businesses are required to hold cash in a
ring-fenced arrangement. In respect of the non-\ufb02ight components of the Travel business, to comply with its regulatory obligations, the Group
is\u00a0required to arrange \ufb01nancial security to protect customer monies and this is currently provided through ABTA. In addition, the Group is
required to make ATOL Protection Contributions, which the Group pays into a ring-fenced account.
Prior to 1 October 2024, 70% of customer monies received in advance in relation to ATOL licensable bookings were held in an escrow
arrangement (
Escrow Accounting
) until after the customer had travelled, when the Group had ful\ufb01lled all of its performance obligations with
the\u00a0customer. From 1 October 2024, in respect of the Holidays business, the Group moved from Escrow Accounting to simply holding cash
within the business, in respect of the 70% element of customer monies. The remaining 30% is used to support the required prepayments
in\u00a0advance of operating the customer\u2019s holiday, namely \ufb02ight costs. Interest arising from the funds held in escrow belongs to the Group.
The escrow arrangement is governed by a deed between the Group, the CAA Air Travel Trustees and an independent Trustee, PT Trustees
Limited, which determines the in\ufb02ows and out\ufb02ows from the accounts.
In relation to ABTA bookings, a bonding requirement still exists (Note 37c).", "dimensions": { "concept": "saga:DisclosureOfTrustAndEscrowAccountsExplanatoryTextBlock", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00172": { "value": "25 Cash and cash equivalents \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Cash at bank and in hand
70.2
93.0
Short-term deposits and money market funds held outside of the Insurance Underwriting business
186.8
36.2
Cash and short-term deposits
257.0
129.2
Bank overdraft
(0.3)
(0.2)
Cash and cash equivalents held by disposal group (including money market funds)
\u2013
74.1
Cash and cash equivalents in the consolidated statement of cash flows
256.7
203.1
\n
Included within cash and cash equivalents at 31 January 2026 are amounts held by the Group\u2019s River Cruise, Holidays and Insurance Broking
businesses, which are subject to contractual or regulatory restrictions (Note 35); and additional amounts paid into an escrow account relating to
the Saga Pension Scheme (Note 27). Included within cash and cash equivalents at 31 January 2025 were amounts held by the Group\u2019s Insurance
Underwriting business (included within assets held for sale), River Cruise and Holidays and Insurance Broking businesses, which were subject to
contractual or regulatory restrictions (Note 35); and additional amounts paid into an escrow account relating to the Saga Pension Scheme
(Note\u00a027). The amounts held are not readily available to be used for other purposes within the Group and total \u00a367.0m (2025: \u00a3123.8m).
Available\u00a0Cash
12
excludes these amounts.
Cash at bank earns interest at \ufb02oating rates based on daily bank deposit rates. Short-term deposits are typically made for varying periods
of\u00a0between one day and three months, depending on the immediate cash requirements of the Group, and earn interest at the respective
short-term deposit rates.
The bank overdraft is repayable on demand.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00176": { "value": "26 Trade and other payables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Trade payables
168.5
145.5
Amounts due to discontinued operations
\u2013
54.4
Other payables
16.8
9.0
Other taxes and social security costs
5.6
2.1
Assets in the course of construction
0.4
0.4
Accruals
62.0
43.9
\u00a0
253.3
255.3
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00175": { "value": "26 Trade and other payables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Trade payables
168.5
145.5
Amounts due to discontinued operations
\u2013
54.4
Other payables
16.8
9.0
Other taxes and social security costs
5.6
2.1
Assets in the course of construction
0.4
0.4
Accruals
62.0
43.9
\u00a0
253.3
255.3
\n
All trade and other payables are current in nature. The carrying amounts of trade and other payables are considered to be the same as their fair
values, due to their short-term nature.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00174": { "value": "26 Trade and other payables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Trade payables
168.5
145.5
Amounts due to discontinued operations
\u2013
54.4
Other payables
16.8
9.0
Other taxes and social security costs
5.6
2.1
Assets in the course of construction
0.4
0.4
Accruals
62.0
43.9
\u00a0
253.3
255.3
\n
All trade and other payables are current in nature. The carrying amounts of trade and other payables are considered to be the same as their fair
values, due to their short-term nature.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00177": { "value": "27 Retirement benefit schemes
The Group operates retirement bene\ufb01t schemes for the employees of the Group, consisting of a de\ufb01ned contribution plan and a legacy de\ufb01ned
bene\ufb01t plan.
In July 2021, following the completion of a review of the Group\u2019s pension arrangements, a consultation process with active members was launched.
The consultation process concluded during October 2021 and, with e\ufb00ect from 31 October 2021, the Group closed both its schemes to future
accrual: the Saga Pension Scheme (its de\ufb01ned bene\ufb01t plan) and the Saga Workplace Pension Plan (its de\ufb01ned contribution plan). In their place,
the Group launched a new de\ufb01ned contribution pension scheme arrangement, operated as a master trust. This move served to reduce the risk
of further de\ufb01cits developing in the future on the de\ufb01ned bene\ufb01t scheme, while moving to a fairer scheme for all colleagues.
a) Defined contribution plans
There was one de\ufb01ned contribution scheme in the Group at 31 January 2026 (2025: one). The total charge for the year in respect of the de\ufb01ned
contribution scheme was \u00a34.8m (2025: \u00a35.2m). The assets of this scheme are held separately from those of the Group in funds under the
control of Trustees.
b) Defined benefit plan
The Group operated a funded de\ufb01ned bene\ufb01t scheme, the Saga Pension Scheme, which was closed to future accrual on 31 October 2021. From
1\u00a0November 2021, members moved from active to deferred status, with future indexation of deferred pensions before retirement measured by
reference to the Consumer Price Index (
CPI
). There will be no further service charges relating to the scheme and no future monthly employer
contributions for current service.
The scheme is governed by the employment laws of the UK. The level of bene\ufb01ts provided depends on the member\u2019s length of service and
average salary while a member of the scheme. The scheme requires contributions to be made to a separately administered fund which is
governed by a Board of Trustees and consists of an equal number of employer and employee representatives. The Board of Trustees is
responsible for the administration of the plan assets and for the de\ufb01nition of the investment strategy.
The long-term investment objectives of the Trustees and the Group are to limit the risk of the assets failing to meet the liabilities of the scheme
over the long term, and to maximise returns consistent with an acceptable level of risk so as to control the long-term costs of the scheme.
To meet those objectives, the scheme\u2019s assets are invested in di\ufb00erent categories of assets, with di\ufb00erent maturities designed to match
liabilities\u00a0as they fall due. The investment strategy will continue to evolve over time and is expected to match the liability pro\ufb01le increasingly
closely. The pension liability is exposed to in\ufb02ation rate risks and changes in the life expectancy of members. As the plan assets include
investments in quoted equities, the Group is exposed to equity market risk. The Group provided super security to the Trustees of the scheme,
which ranks before any liabilities under the senior facilities agreement (as detailed in Note 30). The value of the security was increased from
being\u00a0capped at \u00a347.5m, to being capped at \u00a351.4m, under the latest triennial valuation of the scheme at 31 January 2023, which was completed
in January 2025.
The fair value of the assets and present value of the obligations of the Saga de\ufb01ned bene\ufb01t scheme are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Fair value of scheme assets
204.1
200.1
Present value of defined benefit obligation
(229.5)
(239.9)
Defined benefit scheme liability
(25.4)
(39.8)
\n
The present values of the de\ufb01ned bene\ufb01t obligation were measured using the projected unit credit valuation method.
During the year ended 31 January 2026, the net liability position of the Saga scheme reduced by \u00a314.4m, resulting in an overall scheme de\ufb01cit
of\u00a0\u00a325.4m, mainly as a result of recovery plan contributions of \u00a35.8m being paid by the Group; a Section 75 debt settlement of \u00a33.2m in relation
to the completion of the disposal of the Group\u2019s Insurance Underwriting business, AICL; the adoption of the latest cash commutation factors
(e\ufb00ective from July 2025), which led to a decrease in the value placed on the deferred liabilities; and a reduction in the value placed on the
liabilities as a result of increases in bond yields over the year. The latter was partially o\ufb00set by the movement in matching assets held by the
scheme, which also decreased. The \u00a35.8m de\ufb01cit funding contributions were paid by the Group under a recovery plan agreed under the triennial
valuation of the scheme at 31 January 2023.
The movements observed in the scheme\u2019s assets and obligations were impacted by macroeconomic factors during the year, when actual
in\ufb02ation levels reduced compared to recent years, high-quality long-term corporate bond yields remained volatile and there continues to be
rising cost of living pressures. The present value of de\ufb01ned bene\ufb01t obligations decreased by \u00a310.4m to \u00a3229.5m, primarily as a result of
increases in bond yields over the year. The fair value of scheme assets increased by \u00a34.0m, to \u00a3204.1m, largely driven by the recovery plan and
Section 75 contributions.
The following table summarises the components of the net bene\ufb01t expense recognised in the income statement, OCI and amounts recognised
\n
in\u00a0the statement of \ufb01nancial position for the scheme for the year ended 31 January 2026:
\n\n \n
Defined
Fair value
Defined
benefit
of scheme
benefit
scheme
assets
obligation
liability
\u00a3m
\u00a3m
\u00a3m
1 February 2025
200.1
(239.9)
(39.8)
Pension cost charge to income statement
Net interest
10.9
(13.0)
(2.1)
Included in income statement
10.9
(13.0)
(2.1)
Return on plan assets (excluding amounts included in net interest expense)
(8.4)
\u2013
(8.4)
Actuarial changes arising from changes in financial assumptions
\u2013
10.7
10.7
Actuarial changes arising from changes in demographic assumptions
\u2013
(0.5)
(0.5)
Experience adjustments
\u2013
5.7
5.7
Subtotal included in OCI
(8.4)
15.9
7.5
Benefits paid
(7.5)
7.5
\u2013
Section 75 contribution from AICL (see Note 38a)
3.2
\u2013
3.2
Total contributions by employer
5.8
\u2013
5.8
At 31 January 2026
204.1
(229.5)
(25.4)
\n
The following table summarises the components of the net bene\ufb01t expense recognised in the income statement, OCI and amounts recognised
\n
in\u00a0the statement of \ufb01nancial position for the scheme for the year ended 31 January 2025:
\n\n \n
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)
The major categories of assets in the scheme are as follows:
\n\n \n
2026
2025
\u00a3m
\u00a3m
Equities
59.2
49.9
Bonds
81.6
83.6
Property and alternatives
33.6
55.5
Hedge funds
21.1
6.1
Insured annuities
2.9
3.0
Cash and other
5.7
2.0
Total
204.1
200.1
\n
Equities, bonds, property and hedge funds are not quoted in active markets. Unit prices of approximately 17% of the assets were not available
\n
at\u00a031 January 2026 and were based on unit prices prior to the statement of \ufb01nancial position date (2025: approximately 28%). The impacts of
\n
COVID-19 over the past six years, and the Russia-Ukraine con\ufb02ict, increased the level of uncertainty and volatility in global \ufb01nancial markets.
\n
While the ultimate extent of the e\ufb00ect of this on the asset portfolio is not possible to quantify, management used the latest available fund pricing
\n
data to derive the valuations of assets which are not quoted in active markets. Where assets do not have an observable market price,
\n
approximate techniques were used by the valuer to arrive at a valuation.
\n
The scheme\u2019s investment strategy is to invest broadly 60% in return-seeking assets and 40% in matching assets (mainly government bonds).
\n
This strategy re\ufb02ects the scheme\u2019s liability pro\ufb01le and the Trustees\u2019 and Group\u2019s attitude to risk. The scheme\u2019s investments include interest rate
\n
and in\ufb02ation hedging. The Trustees\u2019 investment strategy also includes investing in liability-driven investment, the value of which will increase with
\n
decreases in interest rates and will move with in\ufb02ation expectations. During the year, the scheme hedged around 85% of interest rate risk and
\n
in\ufb02ation risk of the liabilities.
\n
Included within bonds is a hedging component totalling \u00a381.6m (2025: \u00a383.6m). The property and alternatives category includes illiquid credit
\n
funds totalling \u00a333.6m (2025: \u00a347.0m) held as part of the return-seeking asset portfolio.
\n
The pension scheme has not invested in any of the Group\u2019s own \ufb01nancial instruments.
\n
The principal assumptions used in determining pension bene\ufb01t obligations for the scheme are shown below:
\n\n \n
2026
2025
Real rate of increase of pensions in payment
2.90%
3.10%
Real rate of increase of pensions in deferment
3.00%
3.00%
Discount rate \u2013 pensioner
5.60%
5.45%
Discount rate \u2013 non-pensioner
5.80%
5.50%
RPI inflation \u2013 pensioner
3.00%
3.30%
RPI inflation \u2013 non-pensioner
3.15%
3.15%
CPI inflation \u2013 pensioner
2.75%
3.00%
CPI inflation \u2013 non-pensioner
3.00%
2.95%
Life expectancy of a member retiring in 20 years\u2019 time at age 60 \u2013 Male
26.7 yrs
26.4 yrs
Life expectancy of a member retiring in 20 years\u2019 time at age 60 \u2013 Female
28.7 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%
\n
The discount rate assumption is used to calculate the de\ufb01ned bene\ufb01t obligation. The rate is derived from high-quality corporate bonds, generally
\n
regarded as those with an AA rating. As in the prior year, management opted to use the XPS Single Agency curve for deriving the discount rate
\n
assumptions at January 2026.
\n
In recent years, management made an allowance for in\ufb02ation risk premium of 0.2% due to the scheme losing some of its in\ufb02ation hedge.
\n
The\u00a0in\ufb02ation risk premium of 0.2% was retained for the valuation at 31 January 2026.
Mortality assumptions are set using standard tables based on speci\ufb01c experience, where available, and allow for future mortality improvements.
The scheme assumption is that a member currently aged 60 will live, on average, for a further 25.1 years if they are male and, on average, for a
further 27.1 years if they are female. For the valuation at 31 January 2026, mortality assumptions were based on the latest data released by the
CMI, being their CMI_2024 data model. The CMI 2024 model introduces an overlay function that models the rise and subsequent fall in mortality
rates due to the COVID-19 pandemic, with no weighting parameter. This has acted to marginally increase the value of the liabilities in the scheme.
A quantitative sensitivity analysis for signi\ufb01cant assumptions at 31 January 2026 and their impact on the scheme liabilities is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Assumptions
Discount rate
Future inflation
Life expectancy at age 65
Sensitivity
+/\u2013 0.25%
+/\u2013 0.25%
+/\u2013 1 year
\u00a0
Increase
Decrease
Increase
Decrease
Increase
Decrease
Impact \u00a3m
(8.9)
9.4
4.8
(5.1)
5.6
(5.7)
\n
Note: a positive impact represents an increase in the net de\ufb01ned bene\ufb01t liability.
The sensitivity analyses are based on a change in an assumption, while holding all other assumptions constant. When calculating the sensitivity
of\u00a0the de\ufb01ned bene\ufb01t obligation to signi\ufb01cant actuarial assumptions, the same method was applied as when calculating the pension liability
recognised within the statement of \ufb01nancial position. The methods and types of assumption used in preparing the sensitivity analysis did not
change compared with the prior period.
The expected contribution in respect of the accrual of bene\ufb01ts payable to the scheme for the next \ufb01nancial year is \u00a3nil and the average duration
of the de\ufb01ned bene\ufb01t plan obligation at the end of the reporting period reduced slightly from 17 years, down to 16-17 years. Formal actuarial
valuations take place every three years for the scheme. The assumptions adopted for actuarial valuations are determined by the Trustees,
agreed with the Group, and are normally more prudent than the assumptions adopted for IAS 19 purposes, which are a best estimate. Where a
funding de\ufb01cit is identi\ufb01ed, the Group and the Trustees may agree a de\ufb01cit recovery plan to pay additional contributions above those needed to
fund the scheme.
The Group\u2019s latest approved triennial valuation of the Saga Scheme de\ufb01ned bene\ufb01t plan at 31 January 2023 was completed in January 2025.
Saga, and certain guarantor subsidiaries in the Group, provided super security to the Trustees of the scheme, which ranks before any liabilities
under the Group\u2019s bank facilities. The value of the security was increased from being capped at \u00a347.5m, to being capped at \u00a351.4m under the
latest triennial valuation. Further to this valuation, a recovery plan is in place for the scheme. Under an agreed de\ufb01cit recovery plan totalling
\u00a362.0m, the Group made additional payments of \u00a35.8m during the years ended 31 January 2026 and 31 January 2025 and will make annualised
payments of \u00a35.8m rising to \u00a37.2m over the next seven \ufb01nancial years, with the last payment being made on 30 November 2032. In\u00a0addition,
the\u00a0current annual recovery plan payments changed to equal quarterly payments with e\ufb00ect from the 28 February 2025 payment.
The total expected contribution in the year ending 31 January 2027 is \u00a35.8m and relates entirely to the recovery payment.
The Group also agreed to pay additional amounts into an escrow account, should asset returns fall below an agreed level over set periods of time.
Dependent upon the level of return on the scheme\u2019s assets between 31 January 2023 and 31 January 2033, any amount in the escrow account
will be released to either the Group, or the scheme, by 30 June 2033.
In October 2024, the Group agreed certain amendments with the Trustees in order to permit, among other things, the guarantees to be
granted in relation to the disposal of the Group\u2019s Insurance Underwriting business and the establishment of the A\ufb03nity Partnership with Ageas
(Note 38a). On completion of the disposal of the Group\u2019s Insurance Underwriting business, AICL, a Section 75 contribution in relation to its share
of the scheme\u2019s liabilities of \u00a33.2m was triggered.
In January 2025, the Group agreed certain amendments with the Trustees in order to permit, among other things, the completion of re\ufb01nancing
of the Group\u2019s corporate debt (Note 30). One of the amendments agreed was an increase in the super security from being capped at \u00a347.5m,
to\u00a0being capped at \u00a351.4m (see above).
A High Court legal ruling in June 2023 (Virgin Media Limited v NTL Pension Trustees II Limited) decided that certain rule amendments were
invalid if they were not accompanied by the correct actuarial Section 37 certi\ufb01cate con\ufb01rmation. While the ruling only applied to the speci\ufb01c
pension scheme in question, it could be expected to apply across other pension schemes that were contracted out on a salary-related basis and
made amendments between 6 April 1997 and 6 April 2016. The ruling was appealed but, in July 2024, the Court of Appeal dismissed the appeal.
On 5 June 2025, the Government announced that they will introduce legislation to give a\ufb00ected pension schemes the ability to retrospectively
obtain written actuarial con\ufb01rmation that historic bene\ufb01t changes met the necessary standards.
On 2 September 2025, the Government published draft amendments to the Pensions Scheme Bill, which would give a\ufb00ected pension schemes
the ability to retrospectively obtain written actuarial con\ufb01rmation that historical bene\ufb01t changes met the necessary standards. The draft
legislation will need to be agreed by both Houses of Parliament before it passes into law; however, no additional liabilities are now expected to
arise as a result of the Virgin Media court ruling.
The Group is considering the implications of the case on its de\ufb01ned bene\ufb01t scheme. At 31 January 2026, the de\ufb01ned bene\ufb01t obligation for the
Group\u2019s scheme was calculated on the basis of the pension bene\ufb01ts currently being administered. The Group has not, as yet, assessed any
potential impact due to the court ruling. However, the Group received initial legal advice, which suggests that there is no reason, based on
the\u00a0checks carried out, to assume that any historical scheme changes were not validly made, and that it is reasonable for the Trustees to take
no\u00a0further action at this stage. Any subsequent developments following the Court of Appeal\u2019s judgement will be monitored by the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00178": { "value": "a) Defined contribution plans
There was one de\ufb01ned contribution scheme in the Group at 31 January 2026 (2025: one). The total charge for the year in respect of the de\ufb01ned
contribution scheme was \u00a34.8m (2025: \u00a35.2m). The assets of this scheme are held separately from those of the Group in funds under the
control of Trustees. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00179": { "value": "b) Defined benefit plan
The Group operated a funded de\ufb01ned bene\ufb01t scheme, the Saga Pension Scheme, which was closed to future accrual on 31 October 2021. From
1\u00a0November 2021, members moved from active to deferred status, with future indexation of deferred pensions before retirement measured by
reference to the Consumer Price Index (
CPI
). There will be no further service charges relating to the scheme and no future monthly employer
contributions for current service.
The scheme is governed by the employment laws of the UK. The level of bene\ufb01ts provided depends on the member\u2019s length of service and
average salary while a member of the scheme. The scheme requires contributions to be made to a separately administered fund which is
governed by a Board of Trustees and consists of an equal number of employer and employee representatives. The Board of Trustees is
responsible for the administration of the plan assets and for the de\ufb01nition of the investment strategy.
The long-term investment objectives of the Trustees and the Group are to limit the risk of the assets failing to meet the liabilities of the scheme
over the long term, and to maximise returns consistent with an acceptable level of risk so as to control the long-term costs of the scheme.
To meet those objectives, the scheme\u2019s assets are invested in di\ufb00erent categories of assets, with di\ufb00erent maturities designed to match
liabilities\u00a0as they fall due. The investment strategy will continue to evolve over time and is expected to match the liability pro\ufb01le increasingly
closely. The pension liability is exposed to in\ufb02ation rate risks and changes in the life expectancy of members. As the plan assets include
investments in quoted equities, the Group is exposed to equity market risk. The Group provided super security to the Trustees of the scheme,
which ranks before any liabilities under the senior facilities agreement (as detailed in Note 30). The value of the security was increased from
being\u00a0capped at \u00a347.5m, to being capped at \u00a351.4m, under the latest triennial valuation of the scheme at 31 January 2023, which was completed
in January 2025.
The fair value of the assets and present value of the obligations of the Saga de\ufb01ned bene\ufb01t scheme are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Fair value of scheme assets
204.1
200.1
Present value of defined benefit obligation
(229.5)
(239.9)
Defined benefit scheme liability
(25.4)
(39.8)
\n
The present values of the de\ufb01ned bene\ufb01t obligation were measured using the projected unit credit valuation method.
During the year ended 31 January 2026, the net liability position of the Saga scheme reduced by \u00a314.4m, resulting in an overall scheme de\ufb01cit
of\u00a0\u00a325.4m, mainly as a result of recovery plan contributions of \u00a35.8m being paid by the Group; a Section 75 debt settlement of \u00a33.2m in relation
to the completion of the disposal of the Group\u2019s Insurance Underwriting business, AICL; the adoption of the latest cash commutation factors
(e\ufb00ective from July 2025), which led to a decrease in the value placed on the deferred liabilities; and a reduction in the value placed on the
liabilities as a result of increases in bond yields over the year. The latter was partially o\ufb00set by the movement in matching assets held by the
scheme, which also decreased. The \u00a35.8m de\ufb01cit funding contributions were paid by the Group under a recovery plan agreed under the triennial
valuation of the scheme at 31 January 2023.
The movements observed in the scheme\u2019s assets and obligations were impacted by macroeconomic factors during the year, when actual
in\ufb02ation levels reduced compared to recent years, high-quality long-term corporate bond yields remained volatile and there continues to be
rising cost of living pressures. The present value of de\ufb01ned bene\ufb01t obligations decreased by \u00a310.4m to \u00a3229.5m, primarily as a result of
increases in bond yields over the year. The fair value of scheme assets increased by \u00a34.0m, to \u00a3204.1m, largely driven by the recovery plan and
Section 75 contributions.
\n\n\n\n
The following table summarises the components of the net bene\ufb01t expense recognised in the income statement, OCI and amounts recognised
\n
in\u00a0the statement of \ufb01nancial position for the scheme for the year ended 31 January 2026:
\n\n \n
Defined
Fair value
Defined
benefit
of scheme
benefit
scheme
assets
obligation
liability
\u00a3m
\u00a3m
\u00a3m
1 February 2025
200.1
(239.9)
(39.8)
Pension cost charge to income statement
Net interest
10.9
(13.0)
(2.1)
Included in income statement
10.9
(13.0)
(2.1)
Return on plan assets (excluding amounts included in net interest expense)
(8.4)
\u2013
(8.4)
Actuarial changes arising from changes in financial assumptions
\u2013
10.7
10.7
Actuarial changes arising from changes in demographic assumptions
\u2013
(0.5)
(0.5)
Experience adjustments
\u2013
5.7
5.7
Subtotal included in OCI
(8.4)
15.9
7.5
Benefits paid
(7.5)
7.5
\u2013
Section 75 contribution from AICL (see Note 38a)
3.2
\u2013
3.2
Total contributions by employer
5.8
\u2013
5.8
At 31 January 2026
204.1
(229.5)
(25.4)
\n
The following table summarises the components of the net bene\ufb01t expense recognised in the income statement, OCI and amounts recognised
\n
in\u00a0the statement of \ufb01nancial position for the scheme for the year ended 31 January 2025:
\n\n \n
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)
The major categories of assets in the scheme are as follows:
\n\n \n
2026
2025
\u00a3m
\u00a3m
Equities
59.2
49.9
Bonds
81.6
83.6
Property and alternatives
33.6
55.5
Hedge funds
21.1
6.1
Insured annuities
2.9
3.0
Cash and other
5.7
2.0
Total
204.1
200.1
\n
Equities, bonds, property and hedge funds are not quoted in active markets. Unit prices of approximately 17% of the assets were not available
\n
at\u00a031 January 2026 and were based on unit prices prior to the statement of \ufb01nancial position date (2025: approximately 28%). The impacts of
\n
COVID-19 over the past six years, and the Russia-Ukraine con\ufb02ict, increased the level of uncertainty and volatility in global \ufb01nancial markets.
\n
While the ultimate extent of the e\ufb00ect of this on the asset portfolio is not possible to quantify, management used the latest available fund pricing
\n
data to derive the valuations of assets which are not quoted in active markets. Where assets do not have an observable market price,
\n
approximate techniques were used by the valuer to arrive at a valuation.
\n
The scheme\u2019s investment strategy is to invest broadly 60% in return-seeking assets and 40% in matching assets (mainly government bonds).
\n
This strategy re\ufb02ects the scheme\u2019s liability pro\ufb01le and the Trustees\u2019 and Group\u2019s attitude to risk. The scheme\u2019s investments include interest rate
\n
and in\ufb02ation hedging. The Trustees\u2019 investment strategy also includes investing in liability-driven investment, the value of which will increase with
\n
decreases in interest rates and will move with in\ufb02ation expectations. During the year, the scheme hedged around 85% of interest rate risk and
\n
in\ufb02ation risk of the liabilities.
\n
Included within bonds is a hedging component totalling \u00a381.6m (2025: \u00a383.6m). The property and alternatives category includes illiquid credit
\n
funds totalling \u00a333.6m (2025: \u00a347.0m) held as part of the return-seeking asset portfolio.
\n
The pension scheme has not invested in any of the Group\u2019s own \ufb01nancial instruments.
\n
The principal assumptions used in determining pension bene\ufb01t obligations for the scheme are shown below:
\n\n \n
2026
2025
Real rate of increase of pensions in payment
2.90%
3.10%
Real rate of increase of pensions in deferment
3.00%
3.00%
Discount rate \u2013 pensioner
5.60%
5.45%
Discount rate \u2013 non-pensioner
5.80%
5.50%
RPI inflation \u2013 pensioner
3.00%
3.30%
RPI inflation \u2013 non-pensioner
3.15%
3.15%
CPI inflation \u2013 pensioner
2.75%
3.00%
CPI inflation \u2013 non-pensioner
3.00%
2.95%
Life expectancy of a member retiring in 20 years\u2019 time at age 60 \u2013 Male
26.7 yrs
26.4 yrs
Life expectancy of a member retiring in 20 years\u2019 time at age 60 \u2013 Female
28.7 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%
\n
The discount rate assumption is used to calculate the de\ufb01ned bene\ufb01t obligation. The rate is derived from high-quality corporate bonds, generally
\n
regarded as those with an AA rating. As in the prior year, management opted to use the XPS Single Agency curve for deriving the discount rate
\n
assumptions at January 2026.
\n
In recent years, management made an allowance for in\ufb02ation risk premium of 0.2% due to the scheme losing some of its in\ufb02ation hedge.
\n
The\u00a0in\ufb02ation risk premium of 0.2% was retained for the valuation at 31 January 2026.
Mortality assumptions are set using standard tables based on speci\ufb01c experience, where available, and allow for future mortality improvements.
The scheme assumption is that a member currently aged 60 will live, on average, for a further 25.1 years if they are male and, on average, for a
further 27.1 years if they are female. For the valuation at 31 January 2026, mortality assumptions were based on the latest data released by the
CMI, being their CMI_2024 data model. The CMI 2024 model introduces an overlay function that models the rise and subsequent fall in mortality
rates due to the COVID-19 pandemic, with no weighting parameter. This has acted to marginally increase the value of the liabilities in the scheme.
A quantitative sensitivity analysis for signi\ufb01cant assumptions at 31 January 2026 and their impact on the scheme liabilities is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Assumptions
Discount rate
Future inflation
Life expectancy at age 65
Sensitivity
+/\u2013 0.25%
+/\u2013 0.25%
+/\u2013 1 year
\u00a0
Increase
Decrease
Increase
Decrease
Increase
Decrease
Impact \u00a3m
(8.9)
9.4
4.8
(5.1)
5.6
(5.7)
\n
Note: a positive impact represents an increase in the net de\ufb01ned bene\ufb01t liability.
The sensitivity analyses are based on a change in an assumption, while holding all other assumptions constant. When calculating the sensitivity
of\u00a0the de\ufb01ned bene\ufb01t obligation to signi\ufb01cant actuarial assumptions, the same method was applied as when calculating the pension liability
recognised within the statement of \ufb01nancial position. The methods and types of assumption used in preparing the sensitivity analysis did not
change compared with the prior period.
The expected contribution in respect of the accrual of bene\ufb01ts payable to the scheme for the next \ufb01nancial year is \u00a3nil and the average duration
of the de\ufb01ned bene\ufb01t plan obligation at the end of the reporting period reduced slightly from 17 years, down to 16-17 years. Formal actuarial
valuations take place every three years for the scheme. The assumptions adopted for actuarial valuations are determined by the Trustees,
agreed with the Group, and are normally more prudent than the assumptions adopted for IAS 19 purposes, which are a best estimate. Where a
funding de\ufb01cit is identi\ufb01ed, the Group and the Trustees may agree a de\ufb01cit recovery plan to pay additional contributions above those needed to
fund the scheme.
The Group\u2019s latest approved triennial valuation of the Saga Scheme de\ufb01ned bene\ufb01t plan at 31 January 2023 was completed in January 2025.
Saga, and certain guarantor subsidiaries in the Group, provided super security to the Trustees of the scheme, which ranks before any liabilities
under the Group\u2019s bank facilities. The value of the security was increased from being capped at \u00a347.5m, to being capped at \u00a351.4m under the
latest triennial valuation. Further to this valuation, a recovery plan is in place for the scheme. Under an agreed de\ufb01cit recovery plan totalling
\u00a362.0m, the Group made additional payments of \u00a35.8m during the years ended 31 January 2026 and 31 January 2025 and will make annualised
payments of \u00a35.8m rising to \u00a37.2m over the next seven \ufb01nancial years, with the last payment being made on 30 November 2032. In\u00a0addition,
the\u00a0current annual recovery plan payments changed to equal quarterly payments with e\ufb00ect from the 28 February 2025 payment.
The total expected contribution in the year ending 31 January 2027 is \u00a35.8m and relates entirely to the recovery payment.
The Group also agreed to pay additional amounts into an escrow account, should asset returns fall below an agreed level over set periods of time.
Dependent upon the level of return on the scheme\u2019s assets between 31 January 2023 and 31 January 2033, any amount in the escrow account
will be released to either the Group, or the scheme, by 30 June 2033.
In October 2024, the Group agreed certain amendments with the Trustees in order to permit, among other things, the guarantees to be
granted in relation to the disposal of the Group\u2019s Insurance Underwriting business and the establishment of the A\ufb03nity Partnership with Ageas
(Note 38a). On completion of the disposal of the Group\u2019s Insurance Underwriting business, AICL, a Section 75 contribution in relation to its share
of the scheme\u2019s liabilities of \u00a33.2m was triggered.
In January 2025, the Group agreed certain amendments with the Trustees in order to permit, among other things, the completion of re\ufb01nancing
of the Group\u2019s corporate debt (Note 30). One of the amendments agreed was an increase in the super security from being capped at \u00a347.5m,
to\u00a0being capped at \u00a351.4m (see above).
A High Court legal ruling in June 2023 (Virgin Media Limited v NTL Pension Trustees II Limited) decided that certain rule amendments were
invalid if they were not accompanied by the correct actuarial Section 37 certi\ufb01cate con\ufb01rmation. While the ruling only applied to the speci\ufb01c
pension scheme in question, it could be expected to apply across other pension schemes that were contracted out on a salary-related basis and
made amendments between 6 April 1997 and 6 April 2016. The ruling was appealed but, in July 2024, the Court of Appeal dismissed the appeal.
On 5 June 2025, the Government announced that they will introduce legislation to give a\ufb00ected pension schemes the ability to retrospectively
obtain written actuarial con\ufb01rmation that historic bene\ufb01t changes met the necessary standards.
On 2 September 2025, the Government published draft amendments to the Pensions Scheme Bill, which would give a\ufb00ected pension schemes
the ability to retrospectively obtain written actuarial con\ufb01rmation that historical bene\ufb01t changes met the necessary standards. The draft
legislation will need to be agreed by both Houses of Parliament before it passes into law; however, no additional liabilities are now expected to
arise as a result of the Virgin Media court ruling.
The Group is considering the implications of the case on its de\ufb01ned bene\ufb01t scheme. At 31 January 2026, the de\ufb01ned bene\ufb01t obligation for the
Group\u2019s scheme was calculated on the basis of the pension bene\ufb01ts currently being administered. The Group has not, as yet, assessed any
potential impact due to the court ruling. However, the Group received initial legal advice, which suggests that there is no reason, based on
the\u00a0checks carried out, to assume that any historical scheme changes were not validly made, and that it is reasonable for the Trustees to take
no\u00a0further action at this stage. Any subsequent developments following the Court of Appeal\u2019s judgement will be monitored by the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00197": { "value": "28 Insurance and reinsurance contract liabilities and assets
a) Reconciliation of opening and closing balances
The following tables reconcile the opening and closing balances held in relation to insurance and reinsurance contracts (Note 38a):
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Liabilities for
Liabilities for
\u00a0
\u00a0
remaining coverage
incurred claims
\u00a0
\u00a0 \u00a0 \u00a0
Estimate of
\u00a0 \u00a0
\u00a0
Excluding
\u00a0
the present
\u00a0 \u00a0
\u00a0
loss
Loss
value of future
Risk
\u00a0
\u00a0
component
component
cash flows
adjustment
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 February 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Insurance contract liabilities
(46.3)
(1.8)
(235.9)
(33.7)
(317.7)
Insurance revenue (Note 38a)
66.6
\u2013
\u2013
\u2013
66.6
Incurred claims and related expenses
\u2013
2.3
(54.2)
(3.8)
(55.7)
Changes to liabilities for incurred claims
\u2013
\u2013
11.6
6.2
17.8
Insurance acquisition cash flows expensed
(13.5)
\u2013
\u2013
\u2013
(13.5)
Losses on onerous contracts and changes in such losses
\u2013
(6.5)
\u2013
\u2013
(6.5)
Other incurred insurance service expenses
\u2013
\u2013
(4.6)
\u2013
(4.6)
Insurance service (expenses)/income (Note 38a)
(13.5)
(4.2)
(47.2)
2.4
(62.5)
Insurance finance expense (Note 38a)
\u2013
\u2013
(4.6)
(0.7)
(5.3)
Total changes in the consolidated income statement
53.1
(4.2)
(51.8)
1.7
(1.2)
Cash flows
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Premiums received
(78.4)
\u2013
\u2013
\u2013
(78.4)
Insurance acquisition cash flows incurred
13.5
\u2013
\u2013
\u2013
13.5
Claims and other expenses paid
\u2013
\u2013
64.8
\u2013
64.8
Total cash flows
(64.9)
\u2013
64.8
\u2013
(0.1)
Disposed of with subsidiary undertaking
58.1
6.0
222.9
32.0
319.0
At 31 January 2026
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Insurance contract liabilities (Note 38a)
\u2013
\u2013
\u2013
\u2013
\u2013
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Assets for
Amounts recoverable
\u00a0
\u00a0
remaining coverage
on incurred claims
\u00a0
\u00a0 \u00a0 \u00a0
Estimate of
\u00a0 \u00a0
\u00a0
Excluding
\u00a0
the present
\u00a0 \u00a0
\u00a0
loss-recovery
Loss-recovery
value of future
Risk
\u00a0
\u00a0
component
component
cash flows
adjustment
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 February 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Reinsurance contract (liabilities)/assets
(9.3)
\u2013
88.9
28.2
107.8
Allocation of reinsurance premiums
(4.7)
\u2013
\u2013
\u2013
(4.7)
Amounts recoverable for incurred claims and
other\u00a0expenses
\u00a0
\u2013
\u00a0
\u2013
\u00a0
2.6
\u00a0
0.1
\u00a0
2.7
Changes to amounts recoverable for incurred claims
\u2013
\u2013
(0.6)
(2.8)
(3.4)
Effect of changes in the risk of non-performance of
reinsurance contracts
\u00a0
\u2013
\u00a0
\u2013
\u00a0
(0.2)
\u00a0
\u2013
\u00a0
(0.2)
Net (expense)/income from reinsurance contracts
(Note\u00a038a)
\u00a0
(4.7)
\u00a0
\u2013
\u00a0
1.8
\u00a0
(2.7)
\u00a0
(5.6)
Reinsurance finance income (Note 38a)
\u2013
\u2013
1.6
0.6
2.2
Total changes in the consolidated income statement
(4.7)
\u2013
3.4
(2.1)
(3.4)
Cash flows
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Premiums paid
2.5
\u2013
\u2013
\u2013
2.5
Amounts received
\u2013
\u2013
(3.3)
\u2013
(3.3)
Total cash flows
2.5
\u2013
(3.3)
\u2013
(0.8)
Disposed of with subsidiary undertaking
11.5
\u2013
(89.0)
(26.1)
(103.6)
At 31 January 2026
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Reinsurance contract (liabilities)/assets (Note 38a)
\u2013
\u2013
\u2013
\u2013
\u2013
\n
In the year to 31 January 2025, the Insurance Underwriting business was classi\ufb01ed as a discontinued operation. As a result, insurance and
reinsurance contract liabilities and assets at 31 January 2025 were reclassi\ufb01ed as liabilities directly associated with assets held for sale and
assets held for sale respectively
\n \n
Liabilities for
Liabilities for
remaining coverage
incurred claims
Estimate of
Excluding
the present
loss
Loss
value of future
Risk
component
component
cash flows
adjustment
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 February 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
(46.3)
(1.8)
(235.9)
(33.7)
(317.7)
\n\n \n
Assets for
Amounts recoverable
remaining coverage
on incurred claims
Estimate of
Excluding
the present
loss-recovery
Loss-recovery
value of 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
(9.3)
\u2013
88.9
28.2
107.8
\n
In the year to 31 January 2025, the Insurance Underwriting business was classi\ufb01ed as a discontinued operation. As a result, insurance and
\n
reinsurance contract liabilities and assets at 31 January 2025 were reclassi\ufb01ed as liabilities directly associated with assets held for sale and
\n
assets held for sale respectively.
b) Insurance finance income or expense
The following table provides further detail on insurance \ufb01nance income or expenses arising from insurance and reinsurance contracts:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2026
2025
\u00a0
Insurance
\u00a0 \u00a0
Insurance
\u00a0 \u00a0
\u00a0
contracts
Reinsurance
\u00a0
contracts
Reinsurance
\u00a0
\u00a0
(gross)
contracts
Net
(gross)
contracts
Net
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Unwind of discounting of liabilities for incurred claims
(4.9)
2.1
(2.8)
(15.5)
7.9
(7.6)
Impact of change in the discount rate on liabilities for
incurred claims: Non-PPOs
\u00a0
(0.4)
\u00a0
0.3
\u00a0
(0.1)
\u00a0
1.3
\u00a0
(0.7)
\u00a0
0.6
Impact of change in the discount rate on liabilities for
incurred claims: PPOs
\u00a0
6.7
\u00a0
(4.7)
\u00a0
2.0
\u00a0
8.7
\u00a0
(5.8)
\u00a0
2.9
Impact of change in carer wage inflation assumption for
PPO liabilities for incurred claims
\u00a0
(6.7)
\u00a0
4.5
\u00a0
(2.2)
\u00a0
(10.0)
\u00a0
5.9
\u00a0
(4.1)
Net finance (expense)/income from insurance and
reinsurance contracts
\u00a0
(5.3)
\u00a0
2.2
\u00a0
(3.1)
\u00a0
(15.5)
\u00a0
7.3
\u00a0
(8.2)
\n
Insurance \ufb01nance income or expenses are conceptually comparable to investment income or expenses arising from \ufb01nancial assets held within
the Insurance Underwriting business:
\u2022
The expense created by the unwind of discounting of liabilities for incurred claims is conceptually similar to interest income derived from
financial assets.
\u2022
The impact of the change in the discount rate on liabilities for incurred claims is conceptually similar to fair value gains or losses arising on
financial assets, with both significantly impacted by changes in market interest rates.
However, the relevant amounts may di\ufb00er for the following reasons:
\u2022
Insurance finance income or expenses arose solely from liabilities for incurred claims and corresponding reinsurance assets, whereas the
financial assets held within the Insurance Underwriting business supported the Group\u2019s wider insurance liabilities (including liabilities for
remaining coverage) and capital requirements. This led to differences between the value and duration characteristics of those financial
assets and those of the liabilities for incurred claims which, in turn, led to differences between the investment income or expenses arising
from those financial assets and insurance finance income or expense.
\u2022
Investment income or expenses included compensation for credit risk associated with the financial assets, with any change in credit risk
being reflected in fair value gains or losses on those securities. Credit risk was explicitly excluded from the IFRS 17 discount rate and,
therefore, there was no corresponding effect on insurance finance income or expense. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00137": { "value": "29 Contract liabilities \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Deferred revenue (Note 3b)
252.2
176.8
\u00a0
252.2
176.8
Current
183.2
171.7
Non-current
69.0
5.1
\u00a0
252.2
176.8
\n
Deferred revenue primarily comprises advance amounts received from customers within the Travel segment for cruises and holidays booked,
but not travelled, with departure dates after the reporting date; insurance premium street pricing adjustments and revenues received in
advance in the Insurance segment in respect of insurance policies with a cover start date after the reporting date (where the policy was not
underwritten by the Group); and motor and home insurance A\ufb03nity Partnership consideration received from Ageas (Note 38a). All represent
the deferral of revenue for performance obligations not yet satis\ufb01ed at the end of the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00180": { "value": "30 Loans and borrowings \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Bond
\u2013
250.0
Term loan
335.0
\u2013
DDTL
\u2013
\u2013
Ocean Cruise ship loans
289.2
344.8
Loan facility provided by Roger De Haan
\u2013
75.0
RCF
\u2013
\u2013
Accrued interest and fees payable
7.5
5.1
\u00a0
631.7
674.9
Less: deferred issue costs
(23.8)
(12.7)
\u00a0
607.9
662.2
\n
Bonds, RCF, term loan, DDTL and the loan facility provided by Roger De Haan
On 30 January 2025, the Group announced that it had secured new credit facilities to re\ufb01nance its corporate debt in full. The new facilities,
agreed by Saga Mid Co Limited, and provided by HPS Funds, comprised: a \u00a3335.0m term loan, a \u00a3100.0m DDTL and a \u00a350.0m RCF.
Closing of the new credit facilities was subject to customary conditions and took place on 27 February 2025, together with the repurchase,
repayment and cancellation of the \u00a3250.0m senior unsecured notes, the \u00a385.0m loan facility provided by Roger De Haan and the existing
\u00a350.0m RCF.
On 15 May 2025, as a continuation of the re\ufb01nancing, the Group syndicated the new \u00a350.0m RCF, originally provided by HPS Funds, to NatWest
and Barclays. Under the revised structure, NatWest and Barclays committed a combined \u00a333.4m to the RCF, while the remaining \u00a316.6m was
reallocated to HPS Funds DDTL, increasing its total commitment from \u00a3100.0m to \u00a3116.6m.
At 31 January 2026, the Group\u2019s \ufb01nancing facilities consisted of a \u00a3335.0m term loan, a \u00a3116.6m DDTL and a \u00a333.4m RCF. The\u00a0term loan and
DDTL both mature on 29 January 2031 and the RCF matures on 29 January 2029. The RCF and DDTL were undrawn at 31 January 2026.
i) Bonds
In May 2024, the Group repaid in full its \u00a3150.0m 2024 senior unsecured bond.
As a result of the Group securing new credit facilities on 30 January 2025 (see below), and drawing down on these on 27 February 2025,
the\u00a02026 senior unsecured bond was repaid in full, cancelled and de-listed.
The 2026 and 2024 bonds were both listed on the Irish Stock Exchange (Euronext Dublin). The 2026 and 2024 bonds were both guaranteed
by\u00a0Saga Services Limited and Saga Mid Co Limited.
Interest on the 2026 corporate bond was incurred at an annual interest rate of 5.5%. Interest on the 2024 corporate bond was incurred at an
annual interest rate of 3.375%.
Accrued interest payable on the Group\u2019s bond at 31 January 2025 was \u00a30.6m.
ii) Former RCF
Interest payable on the Group\u2019s former RCF, if drawn down, was incurred at a variable rate of Sterling Overnight Index Average (
SONIA
) plus
a\u00a0bank margin that was linked to the Group\u2019s former leverage ratio calculation
13
.
In March 2024, the Group concluded discussions with the lenders associated with the former RCF to increase the Group\u2019s \ufb01nancial \ufb02exibility.
As\u00a0a result, the following amendments were agreed, in addition to smaller, immaterial changes:
\u2022
Increase to the former leverage ratio calculation
13
for all remaining testing periods to 6.25x.
\u2022
Quarterly covenant testing, irrespective of whether the loan is\u00a0drawn.
\u2022
The introduction of a restriction whereby, post repayment of the 2024 bond, no utilisation of the facility is permitted if free liquidity is
below\u00a0\u00a340.0m.
\u2022
Consent requirement for any early repayment of corporate debt or payment of shareholder dividends.
In September 2024, the Group concluded further discussions with the lenders associated with the former RCF to further increase the Group\u2019s
\ufb01nancial \ufb02exibility. As a result, the following amendments were agreed, in addition to other smaller changes:
\u2022
Extension of the expiry date of the facility from 31 May 2025 to 31 March 2026.
\u2022
Former leverage ratio calculation
13
test for all remaining testing periods reduced to 6.0x, based on a revised definition of the calculation,
which was to be performed on a Group basis inclusive of amounts relating to the Ocean Cruise business.
13
The Group\u2019s former leverage ratio test was calculated as the ratio of the sum of the carrying values of the Group\u2019s debt facilities less the amount of Available Cash it held, to an
adjusted Trading EBITDA that excluded the impact of IFRS 9 \u2018Financial Instruments\u2019, IFRS 15 \u2018Revenue Recognition\u2019, IFRS 16 \u2018Leases\u2019 and IFRS 17 \u2018Insurance Contracts\u2019 and acted
as\u00a0the denominator in the leverage ratio covenant calculation applicable to the RCF that was in place at 31 January 2025. Refer to the Alternative Performance Measures Glossary
on pages 194-196 for the full definition and explanation of Available Cash and Trading EBITDA
In November 2024, certain amendments were agreed in order to permit, among other things, the guarantees to be granted in relation to the
\n
disposal of the Group\u2019s Insurance Underwriting business and the establishment of the A\ufb03nity Partnership with Ageas (Note 38a).
\n
In December 2024, the Group drew down \u00a320.0m of its RCF. This amount was repaid in January 2025.
\n
At 31 January 2025, the Group\u2019s \u00a350.0m RCF was undrawn. Accrued fees payable on the Group\u2019s RCF at 31 January 2025 were \u00a30.3m.
\n
At 31 January 2025, the RCF was subject to covenants that are measured quarterly in April, July, October and January, being Net Debt
\n
14
\n
to
\n
Adjusted Trading EBITDA
\n
14
\n
of a maximum of 6.0x and interest cover of a minimum of 3.0x, based on measures as de\ufb01ned in the facility
\n
agreement, which are adjusted from the equivalent IFRS amounts. The ratio of Net Debt
\n
14
\n
to Adjusted Trading EBITDA
\n
14
\n
at 31 January 2025 was
\n
4.7x and interest cover was 4.3x. The Group complied with the \ufb01nancial covenants of its borrowing facilities during the prior year.
\n
As a result of the Group securing new credit facilities on 30 January 2025 (see below), and drawing down on these on 27 February 2025,
\n
the\u00a0former RCF was cancelled at that date.
\n
iii) Loan facility provided by Roger De Haan
\n
In April 2023, the Group entered into a forward starting loan facility provided by Roger De Haan, commencing on 1 January 2024, under which
\n
the Group could draw down up to \u00a350.0m with 30 days\u2019 notice to support liquidity needs and speci\ufb01cally the repayment of \u00a3150.0m bonds
\n
maturing in May 2024. The facility was provided on an arm\u2019s-length basis and was guaranteed by Saga plc, Saga Mid Co Limited and Saga
\n
Services Limited. Per the original terms of agreement, interest accrued on the drawn total of the facility at a rate of 10% and was payable on the
\n
last day of\u00a0the period of the loan. The facility was originally due to mature on 30 June 2025, at which point any outstanding amounts, including
\n
interest, were due to be repaid. The facility was subject to a 2% arrangement fee, payable on entering the arrangement. A drawdown fee of 2%
\n
on\u00a0any amount drawn down under the facility was payable on the drawing date; and milestone fees of 2% on any uncancelled amount of the facility
\n
became payable on 31 March 2024 and 31 December 2024 respectively.
\n
In September 2023, the Group agreed an increase and extension to the existing loan facility provided by Roger De Haan. The increase was for
\n
the value of \u00a335.0m, taking the total facility to \u00a385.0m, and the facility was extended to expire on 31 December 2025, previously 30 June 2025.
\n
The interest rate paid on funds on the drawn total under this facility to \ufb01nance the repayment of notes issued by Saga, or to provide cash
\n
collateral demanded by providers of bonding facilities to the Group, remained at 10%, but increased to 18% for any amounts drawn to support
\n
general corporate purposes. In addition, the previous arrangement and milestone fees of 2% remained payable; however, the drawdown fee
\n
of\u00a02% increased to 5% for drawdowns for general corporate purposes. The amended facility was provided on the basis of certain conditions
\n
being met, including that:
\n
\u2022
no professional advisers were to be appointed to or retained by Saga without prior approval of the Board; and
\n
\u2022
no incremental financial indebtedness, over and above the facilities already in place, was to be incurred by Group companies, including
\n
contracts classed as finance lease arrangements under previous IFRS.
\n
In April 2024, a reduction of the notice period required for drawdown of the loan, to 10 business days, was agreed, in addition to a further
\n
extension to the termination date of the facility, from 31 December 2025 to 30 April 2026.
\n
In May 2024, the Group drew down \u00a375.0m of the loan facility provided by Roger De Haan.
\n
In September 2024, an increase to the maximum number of permitted facility utilisation requests was also agreed, from three to 10.
\n
In November 2024, certain amendments were agreed in order to permit, among other things, the guarantees to be granted in relation to the
\n
disposal of the Group\u2019s Insurance Underwriting business and the establishment of the A\ufb03nity Partnership with Ageas (Note 38a).
\n
At 31 January 2025, the Group had drawn \u00a375.0m of its \u00a385.0m loan facility provided by Roger De Haan. Accrued interest payable on the loan
\n
facility provided by Roger De Haan at 31 January 2025 was \u00a31.8m.
\n
As a result of the Group securing new credit facilities on 30 January 2025 (see below), and drawing down on these on 27 February 2025, the loan
\n
facility provided by Roger De Haan was repaid and cancelled at that date.
\n
iv) Refinancing of corporate debt
\n
On 30 January 2025, the Group announced that it had secured new credit facilities to re\ufb01nance its corporate debt in full. The new facilities,
\n
agreed by Saga Mid Co Limited, with HPS Funds comprised:
\n
\u2022
a \u00a3335.0m term loan facility that was to be drawn to:
\n
\u2013
repay the \u00a3250.0m senior unsecured bond, maturing July 2026;
\n
\u2013
repay the \u00a375.0m drawings under the \u00a385.0m loan facility provided by Roger De Haan, maturing April 2026; and
\n
\u2013
partially fund transaction costs;
\n
\u2022
a \u00a3100.0m DDTL facility that is available for three years and may be drawn for certain purposes, including the repayment of amortisation
\n
within the Ocean Cruise ship debt facilities, mergers and acquisitions, and capital investment; and
\n
\u2022
a \u00a350.0m RCF.
\n
On 15 May 2025, as a continuation of the re\ufb01nancing, the Group syndicated the new \u00a350.0m RCF, originally provided by HPS Funds, to NatWest
\n
and Barclays. Under the revised structure, NatWest and Barclays committed a combined \u00a333.4m to the RCF, while the remaining \u00a316.6m was
\n
reallocated to HPS Funds DDTL, increasing its total commitment from \u00a3100.0m to \u00a3116.6m.
\n
14
Refer to the Alternative Performance Measures Glossary on pages 194-196 for definition and explanation
The term loan and DDTL loan facilities mature in January 2031 and are subject to a margin ratchet based on the Group net Leverage Ratio
15
(ranging from 625bps to 700bps), priced with an initial margin of 675bps over SONIA, which will reduce as the Group de-levers. The initial
blended pro forma interest rate was around 7.6% in combination with the Ocean Cruise ship debt facilities, which were retained on existing
terms. Interest payable under the RCF is at SONIA plus an initial margin of 3.5%, with the margin reducing as the Group de-levers.
Under the new credit facilities:
\u2022
the term loan and DDTL are subject to a covenant test that is measured quarterly in April, July, October and January, being Net\u00a0Debt
15
to
Consolidated Pro Forma EBITDA
15
of a maximum of 8.0x, based on measures as defined in the facilities agreements, adjusted from the
equivalent IFRS amounts; and
\u2022
the RCF is also subject to a covenant, tested quarterly in April, July, October and January, being Net Debt
15
to Consolidated Pro Forma
EBITDA
15
of\u00a0a maximum of 8.8x, based on measures as defined in the facility agreement, adjusted from the equivalent IFRS amounts.
Closing of the new credit facilities was subject to customary conditions and took place on 27 February 2025, together with the repurchase,
repayment and cancellation of the \u00a3250.0m senior unsecured notes, the \u00a385.0m loan facility provided by Roger De Haan and the existing
\u00a350.0m RCF (see above).
The ratio of Net Debt
15
to Consolidated Pro Forma EBITDA
15
at 31 January 2026 was 3.7x, within the 8.0x covenant test. The Group complied with
the \ufb01nancial covenants of its borrowing facilities during the current and prior periods.
Accrued interest payable on the Group\u2019s new credit facilities at 31 January 2026 was \u00a35.5m.
Ocean Cruise ship loans
In June 2019, the Group drew down \u00a3245.0m of \ufb01nancing for its Ocean Cruise ship, Spirit of Discovery. The \ufb01nancing represents a 12-year
\ufb01xed-rate sterling loan, secured against the Spirit of Discovery cruise ship asset, and backed by an export credit guarantee. The initial loan was
repayable in 24 broadly equal instalments, with the \ufb01rst payment of \u00a310.2m paid in December 2019.
The Board announced on 22 June 2020 that it had secured a debt holiday and covenant waiver for the Group\u2019s Ocean Cruise ship facilities.
The\u00a0Group\u2019s lenders agreed to a deferral of \u00a332.1m in principal payments under the ship facilities that were due up to 31 March 2021.
These deferred amounts were to be paid between June 2021 and December 2024 for Spirit of Discovery and between September 2021 and
March 2025 for Spirit of Adventure, and interest remained payable.
On 29 September 2020, the Group drew down \u00a3280.8m of \ufb01nancing for its Ocean Cruise ship, Spirit of Adventure. The \ufb01nancing, secured
against the Spirit of Adventure cruise ship asset, represents a 12-year \ufb01xed-rate sterling loan, backed by an export credit guarantee. The loan is
repayable in 24 broadly equal instalments, with the \ufb01rst payment originally due six months after delivery in March 2021, but initially deferred to
September 2021 as a result of the debt holiday described above.
In March 2021, the Group reached agreement for a one-year extension to the debt deferral on its Ocean Cruise ship facilities. As part of an
industry-wide package of measures to support the cruise industry, an extension of the existing debt deferral was agreed to 31 March 2022.
The\u00a0key terms of this deferral were:
\u2022
all principal payments to 31 March 2022 (\u00a351.8m) deferred and repaid over five years;
\u2022
all financial covenants until 31 March 2022 waived; and
\u2022
dividends remain restricted while the deferred principal is outstanding.
During the year to 31 January 2024, the Group concluded discussions with its Cruise lenders in respect of the covenant restrictions attaching
to\u00a0its two ship debt facilities. Lenders agreed to waive the EBITDA to debt repayment covenant ratio for the 31 July 2023 testing date. In addition,
lenders agreed to amend the covenants on the two ship debt facilities to reduce the EBITDA to debt repayment ratio from 1.2x to 1.0x for the
additional periods up to, and including, 31 January 2025.
Interest on the Spirit of Discovery ship loan is incurred at an e\ufb00ective annual interest rate of 4.31% (including arrangement and commitment
fees). Interest on the Spirit of Adventure ship loan is incurred at an e\ufb00ective annual interest rate of 3.30% (including arrangement and
commitment fees). Interest payable on the Group\u2019s Ocean Cruise ship debt deferrals is incurred at a variable rate of SONIA plus a bank margin.
During the year to 31 January 2026, Ocean Cruise ship loan repayments of \u00a355.6m (2025: \u00a362.2m) were made by the Group. Accrued interest
payable on the Group\u2019s Ocean Cruise ship loans at 31 January 2026 was \u00a32.0m (2025: \u00a32.4m).
At 31 January 2026, the Ocean Cruise ship debt facilities were subject to covenants that are measured six-monthly in July and January, being a
debt service cover ratio and an interest cover ratio, based on measures as de\ufb01ned in the debt facility agreements, which are adjusted from the
equivalent IFRS amounts. The debt service ratio, at 31 January 2026, was 1.9x (2025: 1.4x), in excess of the 1.2x covenant (2025: 1.0x) under the
Ocean Cruise ship debt facilities at the same date. The interest cover ratio, at 31 January 2026, was 12.2x (2025: 7.9x), in excess of the 2.0x
covenant under the Ocean Cruise the ship debt facilities at the same date.
Total debt and finance costs
At 31 January 2026, deferred debt issue costs were \u00a323.8m (2025: \u00a312.7m). The movement in the year of \u00a311.1m represents an increase of
\u00a317.6m following the drawdown of the new credit facilities, being o\ufb00set by \u00a36.5m amortisation expense for the year.
During the year, the Group charged \u00a363.3m (2025: \u00a345.8m) to the income statement in respect of interest, fees and charges associated with
the bonds, RCF, the loan facility provided by Roger De Haan, term loan, DDTL and Ocean Cruise ship loans. In addition, \ufb01nance costs recognised
in the income statement include \u00a32.5m (2025: \u00a32.1m) relating to interest and \ufb01nance charges on lease liabilities, \u00a32.1m (2025:\u00a0\u00a32.3m) relating to
net \ufb01nance expense on pension schemes, and net fair value losses on derivatives of \u00a30.7m (2025:\u00a0\u00a30.3m). The Group complied with the \ufb01nancial
covenants of its borrowing facilities during the current and prior years.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00181": { "value": "30 Loans and borrowings \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Bond
\u2013
250.0
Term loan
335.0
\u2013
DDTL
\u2013
\u2013
Ocean Cruise ship loans
289.2
344.8
Loan facility provided by Roger De Haan
\u2013
75.0
RCF
\u2013
\u2013
Accrued interest and fees payable
7.5
5.1
\u00a0
631.7
674.9
Less: deferred issue costs
(23.8)
(12.7)
\u00a0
607.9
662.2
\n
Bonds, RCF, term loan, DDTL and the loan facility provided by Roger De Haan
On 30 January 2025, the Group announced that it had secured new credit facilities to re\ufb01nance its corporate debt in full. The new facilities,
agreed by Saga Mid Co Limited, and provided by HPS Funds, comprised: a \u00a3335.0m term loan, a \u00a3100.0m DDTL and a \u00a350.0m RCF.
Closing of the new credit facilities was subject to customary conditions and took place on 27 February 2025, together with the repurchase,
repayment and cancellation of the \u00a3250.0m senior unsecured notes, the \u00a385.0m loan facility provided by Roger De Haan and the existing
\u00a350.0m RCF.
On 15 May 2025, as a continuation of the re\ufb01nancing, the Group syndicated the new \u00a350.0m RCF, originally provided by HPS Funds, to NatWest
and Barclays. Under the revised structure, NatWest and Barclays committed a combined \u00a333.4m to the RCF, while the remaining \u00a316.6m was
reallocated to HPS Funds DDTL, increasing its total commitment from \u00a3100.0m to \u00a3116.6m.
At 31 January 2026, the Group\u2019s \ufb01nancing facilities consisted of a \u00a3335.0m term loan, a \u00a3116.6m DDTL and a \u00a333.4m RCF. The\u00a0term loan and
DDTL both mature on 29 January 2031 and the RCF matures on 29 January 2029. The RCF and DDTL were undrawn at 31 January 2026.
i) Bonds
In May 2024, the Group repaid in full its \u00a3150.0m 2024 senior unsecured bond.
As a result of the Group securing new credit facilities on 30 January 2025 (see below), and drawing down on these on 27 February 2025,
the\u00a02026 senior unsecured bond was repaid in full, cancelled and de-listed.
The 2026 and 2024 bonds were both listed on the Irish Stock Exchange (Euronext Dublin). The 2026 and 2024 bonds were both guaranteed
by\u00a0Saga Services Limited and Saga Mid Co Limited.
Interest on the 2026 corporate bond was incurred at an annual interest rate of 5.5%. Interest on the 2024 corporate bond was incurred at an
annual interest rate of 3.375%.
Accrued interest payable on the Group\u2019s bond at 31 January 2025 was \u00a30.6m.
ii) Former RCF
Interest payable on the Group\u2019s former RCF, if drawn down, was incurred at a variable rate of Sterling Overnight Index Average (
SONIA
) plus
a\u00a0bank margin that was linked to the Group\u2019s former leverage ratio calculation
13
.
In March 2024, the Group concluded discussions with the lenders associated with the former RCF to increase the Group\u2019s \ufb01nancial \ufb02exibility.
As\u00a0a result, the following amendments were agreed, in addition to smaller, immaterial changes:
\u2022
Increase to the former leverage ratio calculation
13
for all remaining testing periods to 6.25x.
\u2022
Quarterly covenant testing, irrespective of whether the loan is\u00a0drawn.
\u2022
The introduction of a restriction whereby, post repayment of the 2024 bond, no utilisation of the facility is permitted if free liquidity is
below\u00a0\u00a340.0m.
\u2022
Consent requirement for any early repayment of corporate debt or payment of shareholder dividends.
In September 2024, the Group concluded further discussions with the lenders associated with the former RCF to further increase the Group\u2019s
\ufb01nancial \ufb02exibility. As a result, the following amendments were agreed, in addition to other smaller changes:
\u2022
Extension of the expiry date of the facility from 31 May 2025 to 31 March 2026.
\u2022
Former leverage ratio calculation
13
test for all remaining testing periods reduced to 6.0x, based on a revised definition of the calculation,
which was to be performed on a Group basis inclusive of amounts relating to the Ocean Cruise business.
13
The Group\u2019s former leverage ratio test was calculated as the ratio of the sum of the carrying values of the Group\u2019s debt facilities less the amount of Available Cash it held, to an
adjusted Trading EBITDA that excluded the impact of IFRS 9 \u2018Financial Instruments\u2019, IFRS 15 \u2018Revenue Recognition\u2019, IFRS 16 \u2018Leases\u2019 and IFRS 17 \u2018Insurance Contracts\u2019 and acted
as\u00a0the denominator in the leverage ratio covenant calculation applicable to the RCF that was in place at 31 January 2025. Refer to the Alternative Performance Measures Glossary
on pages 194-196 for the full definition and explanation of Available Cash and Trading EBITDA
In November 2024, certain amendments were agreed in order to permit, among other things, the guarantees to be granted in relation to the
\n
disposal of the Group\u2019s Insurance Underwriting business and the establishment of the A\ufb03nity Partnership with Ageas (Note 38a).
\n
In December 2024, the Group drew down \u00a320.0m of its RCF. This amount was repaid in January 2025.
\n
At 31 January 2025, the Group\u2019s \u00a350.0m RCF was undrawn. Accrued fees payable on the Group\u2019s RCF at 31 January 2025 were \u00a30.3m.
\n
At 31 January 2025, the RCF was subject to covenants that are measured quarterly in April, July, October and January, being Net Debt
\n
14
\n
to
\n
Adjusted Trading EBITDA
\n
14
\n
of a maximum of 6.0x and interest cover of a minimum of 3.0x, based on measures as de\ufb01ned in the facility
\n
agreement, which are adjusted from the equivalent IFRS amounts. The ratio of Net Debt
\n
14
\n
to Adjusted Trading EBITDA
\n
14
\n
at 31 January 2025 was
\n
4.7x and interest cover was 4.3x. The Group complied with the \ufb01nancial covenants of its borrowing facilities during the prior year.
\n
As a result of the Group securing new credit facilities on 30 January 2025 (see below), and drawing down on these on 27 February 2025,
\n
the\u00a0former RCF was cancelled at that date.
\n
iii) Loan facility provided by Roger De Haan
\n
In April 2023, the Group entered into a forward starting loan facility provided by Roger De Haan, commencing on 1 January 2024, under which
\n
the Group could draw down up to \u00a350.0m with 30 days\u2019 notice to support liquidity needs and speci\ufb01cally the repayment of \u00a3150.0m bonds
\n
maturing in May 2024. The facility was provided on an arm\u2019s-length basis and was guaranteed by Saga plc, Saga Mid Co Limited and Saga
\n
Services Limited. Per the original terms of agreement, interest accrued on the drawn total of the facility at a rate of 10% and was payable on the
\n
last day of\u00a0the period of the loan. The facility was originally due to mature on 30 June 2025, at which point any outstanding amounts, including
\n
interest, were due to be repaid. The facility was subject to a 2% arrangement fee, payable on entering the arrangement. A drawdown fee of 2%
\n
on\u00a0any amount drawn down under the facility was payable on the drawing date; and milestone fees of 2% on any uncancelled amount of the facility
\n
became payable on 31 March 2024 and 31 December 2024 respectively.
\n
In September 2023, the Group agreed an increase and extension to the existing loan facility provided by Roger De Haan. The increase was for
\n
the value of \u00a335.0m, taking the total facility to \u00a385.0m, and the facility was extended to expire on 31 December 2025, previously 30 June 2025.
\n
The interest rate paid on funds on the drawn total under this facility to \ufb01nance the repayment of notes issued by Saga, or to provide cash
\n
collateral demanded by providers of bonding facilities to the Group, remained at 10%, but increased to 18% for any amounts drawn to support
\n
general corporate purposes. In addition, the previous arrangement and milestone fees of 2% remained payable; however, the drawdown fee
\n
of\u00a02% increased to 5% for drawdowns for general corporate purposes. The amended facility was provided on the basis of certain conditions
\n
being met, including that:
\n
\u2022
no professional advisers were to be appointed to or retained by Saga without prior approval of the Board; and
\n
\u2022
no incremental financial indebtedness, over and above the facilities already in place, was to be incurred by Group companies, including
\n
contracts classed as finance lease arrangements under previous IFRS.
\n
In April 2024, a reduction of the notice period required for drawdown of the loan, to 10 business days, was agreed, in addition to a further
\n
extension to the termination date of the facility, from 31 December 2025 to 30 April 2026.
\n
In May 2024, the Group drew down \u00a375.0m of the loan facility provided by Roger De Haan.
\n
In September 2024, an increase to the maximum number of permitted facility utilisation requests was also agreed, from three to 10.
\n
In November 2024, certain amendments were agreed in order to permit, among other things, the guarantees to be granted in relation to the
\n
disposal of the Group\u2019s Insurance Underwriting business and the establishment of the A\ufb03nity Partnership with Ageas (Note 38a).
\n
At 31 January 2025, the Group had drawn \u00a375.0m of its \u00a385.0m loan facility provided by Roger De Haan. Accrued interest payable on the loan
\n
facility provided by Roger De Haan at 31 January 2025 was \u00a31.8m.
\n
As a result of the Group securing new credit facilities on 30 January 2025 (see below), and drawing down on these on 27 February 2025, the loan
\n
facility provided by Roger De Haan was repaid and cancelled at that date.
\n
iv) Refinancing of corporate debt
\n
On 30 January 2025, the Group announced that it had secured new credit facilities to re\ufb01nance its corporate debt in full. The new facilities,
\n
agreed by Saga Mid Co Limited, with HPS Funds comprised:
\n
\u2022
a \u00a3335.0m term loan facility that was to be drawn to:
\n
\u2013
repay the \u00a3250.0m senior unsecured bond, maturing July 2026;
\n
\u2013
repay the \u00a375.0m drawings under the \u00a385.0m loan facility provided by Roger De Haan, maturing April 2026; and
\n
\u2013
partially fund transaction costs;
\n
\u2022
a \u00a3100.0m DDTL facility that is available for three years and may be drawn for certain purposes, including the repayment of amortisation
\n
within the Ocean Cruise ship debt facilities, mergers and acquisitions, and capital investment; and
\n
\u2022
a \u00a350.0m RCF.
\n
On 15 May 2025, as a continuation of the re\ufb01nancing, the Group syndicated the new \u00a350.0m RCF, originally provided by HPS Funds, to NatWest
\n
and Barclays. Under the revised structure, NatWest and Barclays committed a combined \u00a333.4m to the RCF, while the remaining \u00a316.6m was
\n
reallocated to HPS Funds DDTL, increasing its total commitment from \u00a3100.0m to \u00a3116.6m.
\n
14
Refer to the Alternative Performance Measures Glossary on pages 194-196 for definition and explanation
The term loan and DDTL loan facilities mature in January 2031 and are subject to a margin ratchet based on the Group net Leverage Ratio
15
(ranging from 625bps to 700bps), priced with an initial margin of 675bps over SONIA, which will reduce as the Group de-levers. The initial
blended pro forma interest rate was around 7.6% in combination with the Ocean Cruise ship debt facilities, which were retained on existing
terms. Interest payable under the RCF is at SONIA plus an initial margin of 3.5%, with the margin reducing as the Group de-levers.
Under the new credit facilities:
\u2022
the term loan and DDTL are subject to a covenant test that is measured quarterly in April, July, October and January, being Net\u00a0Debt
15
to
Consolidated Pro Forma EBITDA
15
of a maximum of 8.0x, based on measures as defined in the facilities agreements, adjusted from the
equivalent IFRS amounts; and
\u2022
the RCF is also subject to a covenant, tested quarterly in April, July, October and January, being Net Debt
15
to Consolidated Pro Forma
EBITDA
15
of\u00a0a maximum of 8.8x, based on measures as defined in the facility agreement, adjusted from the equivalent IFRS amounts.
Closing of the new credit facilities was subject to customary conditions and took place on 27 February 2025, together with the repurchase,
repayment and cancellation of the \u00a3250.0m senior unsecured notes, the \u00a385.0m loan facility provided by Roger De Haan and the existing
\u00a350.0m RCF (see above).
The ratio of Net Debt
15
to Consolidated Pro Forma EBITDA
15
at 31 January 2026 was 3.7x, within the 8.0x covenant test. The Group complied with
the \ufb01nancial covenants of its borrowing facilities during the current and prior periods.
Accrued interest payable on the Group\u2019s new credit facilities at 31 January 2026 was \u00a35.5m.
Ocean Cruise ship loans
In June 2019, the Group drew down \u00a3245.0m of \ufb01nancing for its Ocean Cruise ship, Spirit of Discovery. The \ufb01nancing represents a 12-year
\ufb01xed-rate sterling loan, secured against the Spirit of Discovery cruise ship asset, and backed by an export credit guarantee. The initial loan was
repayable in 24 broadly equal instalments, with the \ufb01rst payment of \u00a310.2m paid in December 2019.
The Board announced on 22 June 2020 that it had secured a debt holiday and covenant waiver for the Group\u2019s Ocean Cruise ship facilities.
The\u00a0Group\u2019s lenders agreed to a deferral of \u00a332.1m in principal payments under the ship facilities that were due up to 31 March 2021.
These deferred amounts were to be paid between June 2021 and December 2024 for Spirit of Discovery and between September 2021 and
March 2025 for Spirit of Adventure, and interest remained payable.
On 29 September 2020, the Group drew down \u00a3280.8m of \ufb01nancing for its Ocean Cruise ship, Spirit of Adventure. The \ufb01nancing, secured
against the Spirit of Adventure cruise ship asset, represents a 12-year \ufb01xed-rate sterling loan, backed by an export credit guarantee. The loan is
repayable in 24 broadly equal instalments, with the \ufb01rst payment originally due six months after delivery in March 2021, but initially deferred to
September 2021 as a result of the debt holiday described above.
In March 2021, the Group reached agreement for a one-year extension to the debt deferral on its Ocean Cruise ship facilities. As part of an
industry-wide package of measures to support the cruise industry, an extension of the existing debt deferral was agreed to 31 March 2022.
The\u00a0key terms of this deferral were:
\u2022
all principal payments to 31 March 2022 (\u00a351.8m) deferred and repaid over five years;
\u2022
all financial covenants until 31 March 2022 waived; and
\u2022
dividends remain restricted while the deferred principal is outstanding.
During the year to 31 January 2024, the Group concluded discussions with its Cruise lenders in respect of the covenant restrictions attaching
to\u00a0its two ship debt facilities. Lenders agreed to waive the EBITDA to debt repayment covenant ratio for the 31 July 2023 testing date. In addition,
lenders agreed to amend the covenants on the two ship debt facilities to reduce the EBITDA to debt repayment ratio from 1.2x to 1.0x for the
additional periods up to, and including, 31 January 2025.
Interest on the Spirit of Discovery ship loan is incurred at an e\ufb00ective annual interest rate of 4.31% (including arrangement and commitment
fees). Interest on the Spirit of Adventure ship loan is incurred at an e\ufb00ective annual interest rate of 3.30% (including arrangement and
commitment fees). Interest payable on the Group\u2019s Ocean Cruise ship debt deferrals is incurred at a variable rate of SONIA plus a bank margin.
During the year to 31 January 2026, Ocean Cruise ship loan repayments of \u00a355.6m (2025: \u00a362.2m) were made by the Group. Accrued interest
payable on the Group\u2019s Ocean Cruise ship loans at 31 January 2026 was \u00a32.0m (2025: \u00a32.4m).
At 31 January 2026, the Ocean Cruise ship debt facilities were subject to covenants that are measured six-monthly in July and January, being a
debt service cover ratio and an interest cover ratio, based on measures as de\ufb01ned in the debt facility agreements, which are adjusted from the
equivalent IFRS amounts. The debt service ratio, at 31 January 2026, was 1.9x (2025: 1.4x), in excess of the 1.2x covenant (2025: 1.0x) under the
Ocean Cruise ship debt facilities at the same date. The interest cover ratio, at 31 January 2026, was 12.2x (2025: 7.9x), in excess of the 2.0x
covenant under the Ocean Cruise the ship debt facilities at the same date.
Total debt and finance costs
At 31 January 2026, deferred debt issue costs were \u00a323.8m (2025: \u00a312.7m). The movement in the year of \u00a311.1m represents an increase of
\u00a317.6m following the drawdown of the new credit facilities, being o\ufb00set by \u00a36.5m amortisation expense for the year.
During the year, the Group charged \u00a363.3m (2025: \u00a345.8m) to the income statement in respect of interest, fees and charges associated with
the bonds, RCF, the loan facility provided by Roger De Haan, term loan, DDTL and Ocean Cruise ship loans. In addition, \ufb01nance costs recognised
in the income statement include \u00a32.5m (2025: \u00a32.1m) relating to interest and \ufb01nance charges on lease liabilities, \u00a32.1m (2025:\u00a0\u00a32.3m) relating to
net \ufb01nance expense on pension schemes, and net fair value losses on derivatives of \u00a30.7m (2025:\u00a0\u00a30.3m). The Group complied with the \ufb01nancial
covenants of its borrowing facilities during the current and prior years.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00183": { "value": "31 Provisions \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Onerous
\u00a0 \u00a0
\u00a0
Restructuring
contract
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 February 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)
At 31 January 2025
16.5
1.3
3.9
21.7
Charge for the year
4.0
\u2013
9.1
13.1
Utilised during the year
(8.7)
(1.3)
(1.2)
(11.2)
At 31 January 2026
11.8
\u2013
11.8
23.6
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Onerous
\u00a0 \u00a0
\u00a0
Restructuring
contract
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Current
11.8
\u2013
8.7
20.5
Non-current
\u2013
\u2013
3.1
3.1
At 31 January 2026
11.8
\u2013
11.8
23.6
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Onerous
\u00a0 \u00a0
\u00a0
Restructuring
contract
Other
Total
\u00a0
\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
\n
As detailed in Note 38a, in December 2024 the Group announced it had entered into a binding agreement with Ageas to establish a 20-year
A\ufb03nity Partnership for motor and home insurance. As a result of this announcement, at 31 January 2025, a provision of \u00a316.5m was\u00a0made to
cover the expected direct costs associated with the restructuring programme of the Group\u2019s Insurance Broking operations, in\u00a0readiness for the
A\ufb03nity Partnership becoming operational. Estimated restructuring expenditure primarily included sta\ufb00-related, legal, consultancy and other
change costs directly associated with the cessation of the existing operating model for Insurance Broking and was based on a detailed
restructuring plan developed by management. The restructuring is expected to be completed by January 2027.
The onerous contract provision related to the Group\u2019s three-year \ufb01xed-price product guarantee in respect of motor insurance policies.
Other\u00a0provisions primarily comprise:
\u2022
provisions for the return of insurance commission in respect of policies cancelled mid-term after the reporting date or as a result of being
cancelled during the statutory cooling-off period after the reporting date;
\u2022
potential payments to underwriters in relation to policies cancelled as a result of a fault claim;
\u2022
customer remediation relating to areas, or incidents, where there is likely to be a requirement to remedy various errors that have had an
adverse impact on customer outcomes;
\u2022
an employer liability provision relating to various Group-related, self-funded insurance arrangements; and
\u2022
an Emissions Trading Scheme (
ETS
) provision as the Group participates in the scheme. Allowances granted by government are initially
recognised at nominal value (nil) and allowances purchased are recognised at cost. A provision is recognised for the obligation to deliver
allowances equivalent to emissions produced. The provision is measured at the carrying amount of allowances held, plus the fair value of
any\u00a0additional allowances needed at the reporting date.
Other provisions are expected to be fully utilised within the next 12 months, with the exception of the employer liability and ETS\u00a0provisions.
The\u00a0settlement cash out\ufb02ows from the employer liability provision depend on the timing of the settlement of claims.
These items are reviewed and updated annually.c) Contingent liabilities
The Travel businesses are each members of ABTA, a trade body which provides customers with \ufb01nancial protection when booking their holiday,
if\u00a0there is no \ufb02ight component. Under this membership, the Group is required to provide bonds for this purpose, and at 31 January 2026,
the\u00a0Group had \u00a366.9m (2025: \u00a359.0m) of bonds in place.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00182": { "value": "31 Provisions \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Onerous
\u00a0 \u00a0
\u00a0
Restructuring
contract
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 February 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)
At 31 January 2025
16.5
1.3
3.9
21.7
Charge for the year
4.0
\u2013
9.1
13.1
Utilised during the year
(8.7)
(1.3)
(1.2)
(11.2)
At 31 January 2026
11.8
\u2013
11.8
23.6
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Onerous
\u00a0 \u00a0
\u00a0
Restructuring
contract
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Current
11.8
\u2013
8.7
20.5
Non-current
\u2013
\u2013
3.1
3.1
At 31 January 2026
11.8
\u2013
11.8
23.6
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Onerous
\u00a0 \u00a0
\u00a0
Restructuring
contract
Other
Total
\u00a0
\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
\n
As detailed in Note 38a, in December 2024 the Group announced it had entered into a binding agreement with Ageas to establish a 20-year
A\ufb03nity Partnership for motor and home insurance. As a result of this announcement, at 31 January 2025, a provision of \u00a316.5m was\u00a0made to
cover the expected direct costs associated with the restructuring programme of the Group\u2019s Insurance Broking operations, in\u00a0readiness for the
A\ufb03nity Partnership becoming operational. Estimated restructuring expenditure primarily included sta\ufb00-related, legal, consultancy and other
change costs directly associated with the cessation of the existing operating model for Insurance Broking and was based on a detailed
restructuring plan developed by management. The restructuring is expected to be completed by January 2027.
The onerous contract provision related to the Group\u2019s three-year \ufb01xed-price product guarantee in respect of motor insurance policies.
Other\u00a0provisions primarily comprise:
\u2022
provisions for the return of insurance commission in respect of policies cancelled mid-term after the reporting date or as a result of being
cancelled during the statutory cooling-off period after the reporting date;
\u2022
potential payments to underwriters in relation to policies cancelled as a result of a fault claim;
\u2022
customer remediation relating to areas, or incidents, where there is likely to be a requirement to remedy various errors that have had an
adverse impact on customer outcomes;
\u2022
an employer liability provision relating to various Group-related, self-funded insurance arrangements; and
\u2022
an Emissions Trading Scheme (
ETS
) provision as the Group participates in the scheme. Allowances granted by government are initially
recognised at nominal value (nil) and allowances purchased are recognised at cost. A provision is recognised for the obligation to deliver
allowances equivalent to emissions produced. The provision is measured at the carrying amount of allowances held, plus the fair value of
any\u00a0additional allowances needed at the reporting date.
Other provisions are expected to be fully utilised within the next 12 months, with the exception of the employer liability and ETS\u00a0provisions.
The\u00a0settlement cash out\ufb02ows from the employer liability provision depend on the timing of the settlement of claims.
These items are reviewed and updated annually.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00184": { "value": "32 Reconciliation of liabilities arising from financing activities
The following tables analyse the cash and non-cash movements for liabilities arising from \ufb01nancing activities:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Non-cash changes
\u00a0
\u00a0 \u00a0
Financing
New leases
\u00a0 \u00a0
\u00a0
2025
cash flows
(Note 18)
Other
2026
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Lease liabilities (Note 37)
26.1
(6.3)
17.9
0.7
38.4
Term loan (Note 30)
\u2013
335.0
\u2013
\u2013
335.0
DDTL (Note 30)
\u2013
\u2013
\u2013
\u2013
\u2013
Ocean Cruise ship loans (Note 30)
344.8
(55.6)
\u2013
\u2013
289.2
Loan facility provided by Roger De Haan (Note 30)
75.0
(75.0)
\u2013
\u2013
\u2013
Bonds (Note 30)
250.0
(250.0)
\u2013
\u2013
\u2013
RCF (Note 30)
\u2013
\u2013
\u2013
\u2013
\u2013
Deferred issue costs (Note 30)
(12.7)
(17.6)
\u2013
6.5
(23.8)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Non-cash changes
\u00a0
\u00a0 \u00a0
Financing
New leases
\u00a0 \u00a0
\u00a0
2024
cash flows
(Note 18)
Other
2025
\u00a0
\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)
\n
Included within \u2018Other\u2019 for lease liabilities are amounts relating to foreign exchange movements of \u00a30.8m credit (2025: \u00a30.6m debit) and lease
re-assessments of \u00a30.1m debit (2025: \u00a30.3m debit) (Note 18).
Included within \u2018Other\u2019 for deferred issue costs is the amortisation of costs of \u00a36.5m (2025: \u00a34.4m), o\ufb00set by an increase of \u00a3nil (2025:\u00a0\u00a31.5m)
following the drawdown of the new credit facilities (2025: drawdown of the loan facility provided by Roger De Haan) (Note 30).
Accrued interest payable on the Ocean Cruise ship loans, the term loan, the loan facility provided by Roger De Haan and bonds listed above is
disclosed in Note 30. Interest and debt issue costs paid during the year are included within operating activities in the consolidated statement
of\u00a0cash \ufb02ows. ", "dimensions": { "concept": "saga:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatoryTextBlock", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00185": { "value": "33 Called up share capital \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Ordinary shares
\u00a0 \u00a0
Nominal
\u00a0
\u00a0 \u00a0
value
Value
\u00a0
Number
\u00a3
\u00a3m
Allotted, called up and fully paid
\u00a0 \u00a0 \u00a0
At 1 February 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
Issue of shares \u2013 14 July 2025
1,493,744
0.15
0.2
At 31 January 2026
144,855,485
0.15
21.7
\n
On 3 May 2024, Saga plc issued 1,565,919 new ordinary shares of 15p each, with a value of \u00a30.2m, for transfer into an EBT to satisfy employee
incentive arrangements. The newly issued shares rank pari passu with existing Saga shares.
On 14 July 2025, Saga plc issued 1,493,744 new ordinary shares of 15p each, with a value of \u00a30.2m, for transfer into an EBT to satisfy employee
incentive arrangements. The newly issued shares rank pari passu with existing Saga shares. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00186": { "value": "33 Called up share capital \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Ordinary shares
\u00a0 \u00a0
Nominal
\u00a0
\u00a0 \u00a0
value
Value
\u00a0
Number
\u00a3
\u00a3m
Allotted, called up and fully paid
\u00a0 \u00a0 \u00a0
At 1 February 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
Issue of shares \u2013 14 July 2025
1,493,744
0.15
0.2
At 31 January 2026
144,855,485
0.15
21.7
\n
On 3 May 2024, Saga plc issued 1,565,919 new ordinary shares of 15p each, with a value of \u00a30.2m, for transfer into an EBT to satisfy employee
incentive arrangements. The newly issued shares rank pari passu with existing Saga shares.
On 14 July 2025, Saga plc issued 1,493,744 new ordinary shares of 15p each, with a value of \u00a30.2m, for transfer into an EBT to satisfy employee
incentive arrangements. The newly issued shares rank pari passu with existing Saga shares.
34 Reserves
Share-based payment reserve
Prior to vesting, the share-based payment reserve is used to recognise the value of equity-settled share-based payments provided to
employees, including key management personnel, as part of their remuneration. More detail is provided in Note 36.
Hedging reserve
The hedging reserve comprises the e\ufb00ective portion of the cumulative net change in the fair value of hedging instruments used in cash \ufb02ow
hedges pending subsequent recognition in pro\ufb01t or loss as the hedged cash \ufb02ows or items a\ufb00ect pro\ufb01t or loss.
Cost of hedging reserve
The cost of hedging reserve re\ufb02ects the gain or loss on the portion excluded from the designated hedging instrument that relates to the forward
element of forward contracts. It is initially recognised in the OCI and accounted for similarly to gains or losses in the hedging reserve.
Own shares held reserve
The own shares reserve represents the cost of shares in the Company held by the Group\u2019s EBT to satisfy options under the Group\u2019s share option
plans (see Note 36). The number of ordinary shares held by the EBT at 31 January 2026 was 0.6m (2025: 0.9m). 36 Share-based payments
The Group has granted a number of di\ufb00erent equity-based awards to employees and customers that it has determined to be share-based
payments:
a) Share options and Free Shares offer granted at the time of the Initial Public Offering (
IPO
)
\u2022
On 29 May 2014, nil cost options over 13,132,410 shares were granted to certain Directors and employees with no exercise price and no
service or performance vesting conditions. There were no cash settlement alternatives.
\u2022
Eligible customers and employees who acquired their shares under the Customer or Employee Offers in the Prospectus received one
bonus share for every 20 shares they acquired and held continuously for one year to 29 May 2015. As these were bonus shares, there was
no exercise price and no cash settlement alternative.
b) STP
\u2022
In July 2022, the Board and shareholders approved the issue of an additional new award called the STP. The STP has a five-year vesting
period and participants receive a 12.5% share in shareholder value (share price plus dividends) created above a \u00a36 per share hurdle over
a\u00a0five-year performance period commencing from the grant date, subject to continuing employment. For Directors and senior leaders,
the\u00a0STP will be equity-settled. For other employees, the STP will be settled in cash. There is a cap of \u00a388.0m on the value of awards that
may\u00a0vest, and the awards have a range of grant dates based on the tranche that each participant falls into.
\u2022
On 5 July 2022, nil cost options were issued under the STP to certain Directors and other senior employees which vest and become
exercisable on the fifth anniversary of the grant date, subject to continuing employment.
\n\n\n\n
\u2022
During the 2025 remuneration policy cycle, it was deemed that the STP award was no longer aligned to the current updated business
\n
strategy. In June 2025, the decision was made to revert to the previous Executive reward programme that was in place prior to the STP,
\n
removing the STP award and attached reduced RSP condition for Executives only. STP awards for senior leaders and colleagues remain
\n
in\u00a0place.
\n
c) RSP
\n
\u2022
The RSP is a discretionary executive share plan under which the Board may grant options over shares in Saga plc.
\n
\u2022
On 25 June 2025, nil cost options over 1,533,377 shares were issued under the RSP to certain Directors and other senior employees
\n
that\u00a0vest and become exercisable on the third anniversary of the grant date, subject to continuing employment. There were no cash
\n
settlement alternatives.
\n
d) Long-term Incentive Plan (
LTIP
)
\n
\u2022
The LTIP is a legacy discretionary executive share plan, under which the Board may, within certain limits and subject to applicable
\n
performance conditions, grant options over shares in Saga plc. There are no cash settlement alternatives.
\n
\u2022
Up to 31 January 2017, these options were 50% linked to a non-market vesting condition, earnings per share, and 50% linked to a market
\n
vesting condition, total shareholder return (
TSR
).
\n
\u2022
From 1 February 2017 to 31 January 2018, these options were 60% linked to non-market vesting conditions (30% linked to basic earnings
\n
per share and 30% linked to organic earnings per share) and 40% linked to a market vesting condition, TSR.
\n
\u2022
From 1 February 2018, these options were 60% linked to non-market vesting conditions (30% linked to organic earnings per share and
\n
30% linked to return on capital employed (
ROCE
) and 40% linked to a market vesting condition, TSR.
\n
\u2022
From 1 February 2019, these options were 75% linked to non-market vesting conditions (50% linked to operational and strategic measures
\n
and 25% linked to ROCE) and 25% linked to a market vesting condition, TSR.
\n
e) DBP
\n
\u2022
On 28 May 2025, nil cost options over 655,094 shares were issued under the DBP to Executive Directors, reflecting their deferred bonus
\n
in\u00a0respect of 2024/25, which vest and become exercisable on the third anniversary of the grant date. Under the DBP, executives receive a
\n
maximum of two-thirds of the bonus award in cash and a minimum of one-third in the form of rights to shares of the Company. There were
\n
no cash settlement alternatives.
\n
f) Employee Free Shares
\n
\u2022
Employee Free Shares is a discretionary share plan under which shares were awarded to eligible employees on the annual anniversary of the
\n
IPO and allocated at nil cost; these shares become beneficially owned over a three-year period from allocation, subject to continuing service.
\n
There were no cash settlement\u00a0alternatives.
\n
Each employee share option converts into one ordinary share of the Company on exercise. No amounts are paid, or payable, by the recipient
\n
on\u00a0receipt of the option. The options carry neither rights to dividends, nor voting rights. Options may be exercised at any time from the date of
\n
vesting to the date of their expiry. With the exception of share options granted at the time of the IPO, if an employee ceases to be employed by
\n
the\u00a0Group, the option rights will be forfeited, except in limited circumstances that are approved by the Board on a case-by-case basis.
\n
The table below summarises the movements in the number of share options outstanding for the Group and their weighted average exercise price:
\n\n \n
Employee
IPO options
RSP
LTIP
DBP
STP
Free Shares
Total
At 1 February 2025
\u2013
5,643,017
9,503
1,344,966
\u2013
1,231,790
8,229,276
Granted
\u2013
1,533,377
\u2013
655,094
\u2013
\u2013
2,188,471
Forfeited
\u2013
(1,123,430)
\u2013
\u2013
\u2013
(49,121)
(1,172,551)
Exercised
\u2013
(1,210,693)
(5,118)
(304,983)
\u2013
(379,647)
(1,900,441)
At 31 January 2026
\u2013
4,842,271
4,385
1,695,077
\u2013
803,022
7,344,755
Exercise price
\u00a3nil
\u00a3nil
\u00a3nil
\u00a3nil
\u00a3nil
\u00a3nil
\u00a3nil
Exercisable at 31 January 2026
\u2013
357,958
4,385
\u2013
\u2013
175,600
537,943
Average remaining contractual life
\u2013
1.4 years
\u2013
1.5 years
1.4 years
0.8 years
1.3 years
Average fair value at grant
n/a
\u00a31.56
\u00a36.60
\u00a31.31
n/a
\u00a32.31
\u00a31.59
\n
The average fair values at grant date were restated to re\ufb02ect the impact of the share consolidation on 13 October 2020.
\n
The weighted average share price at the date of exercise for share options exercised during the year ended 31 January 2026 was \u00a32.42
\n
(2025:\u00a0\u00a31.11).
The following information is relevant in the determination of the fair value of options granted during the year under the equity-settled
share-based remuneration schemes operated by the Group.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
RSP
DBP
Expected life of share option
3 years
3 years
Weighted average share price
\u00a31.76
\u00a31.44
\n
As only limited historical data for the Group\u2019s share price is available, the Group estimated the Company\u2019s share price volatility as an average
of\u00a0the volatilities of its TSR comparator group over a historical period commensurate with the expected life of the award immediately prior
to\u00a0the\u00a0date of the grant for awards under the RSP, DBP and Employee Free Share scheme.
For awards under the STP scheme, approved in July 2022, a volatility assumption of 31% was employed, calculated based on volatility in
Saga\u00a0plc\u2019s historical share price in the \ufb01ve years to 31 December 2019. This time period was selected to exclude the impact of the COVID-19
pandemic, which had a signi\ufb01cant impact on Saga since the beginning of 2020. The impacts on the share price of pro\ufb01t warnings in
December\u00a02019 and April 2019 were also excluded from the calculation. The Group charged \u00a33.9m (2025: \u00a34.2m) during the year to the income
statement in respect of equity-settled share-based payment transactions, including \u00a30.2m relating to the acceleration of remaining STP vesting
charges following the cancellation of the award for Executives. This was charged to administrative and selling expenses.
The Group did not enter into any share-based payment transactions with parties other than employees during the current period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00187": { "value": "34 Reserves
Share-based payment reserve
Prior to vesting, the share-based payment reserve is used to recognise the value of equity-settled share-based payments provided to
employees, including key management personnel, as part of their remuneration. More detail is provided in Note 36.
Hedging reserve
The hedging reserve comprises the e\ufb00ective portion of the cumulative net change in the fair value of hedging instruments used in cash \ufb02ow
hedges pending subsequent recognition in pro\ufb01t or loss as the hedged cash \ufb02ows or items a\ufb00ect pro\ufb01t or loss.
Cost of hedging reserve
The cost of hedging reserve re\ufb02ects the gain or loss on the portion excluded from the designated hedging instrument that relates to the forward
element of forward contracts. It is initially recognised in the OCI and accounted for similarly to gains or losses in the hedging reserve.
Own shares held reserve
The own shares reserve represents the cost of shares in the Company held by the Group\u2019s EBT to satisfy options under the Group\u2019s share option
plans (see Note 36). The number of ordinary shares held by the EBT at 31 January 2026 was 0.6m (2025: 0.9m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00188": { "value": "35 Capital management
The Group\u2019s objectives, when managing capital, are to safeguard the Group\u2019s ability to continue as a going concern to provide returns for
shareholders and bene\ufb01ts for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.
For the purposes of the Group\u2019s capital management, capital comprises total equity of \u00a372.3m (2025: \u00a357.7m) as shown on the consolidated
statement of \ufb01nancial position. The Group operates in a number of regulated markets and includes subsidiaries which are required to comply
with speci\ufb01c requirements in respect of capital or other resources.
The Group\u2019s Insurance Broking business is regulated primarily by the FCA in the UK, and the cash requirements of its River Cruise and Holidays
businesses are regulated by the CAA in the UK. The Group\u2019s Insurance Underwriting business was regulated primarily by the Financial Services
Commission (
FSC
) in Gibraltar. It is the Group\u2019s policy to comply with the requirements of these regulators in respect of capital adequacy,
or\u00a0other similar tests, at all times.
The Group\u2019s regulated Insurance Underwriting business was based in Gibraltar, and regulated by the FSC, and was required to ensure that it had
a su\ufb03cient level of capitalisation in accordance with Solvency 2 Technical Standards (e\ufb00ective 31 December 2024). Prior to 31 December 2024,
the Group\u2019s Insurance Underwriting business was required to have a su\ufb03cient level of capitalisation in accordance with Solvency II.
The Group, and its subsidiaries, have complied with externally imposed capital requirements during the year. The amounts set out in the following
three paragraphs are provisional and unaudited.
The Group monitored its ability to comply with the requirements of Solvency II and Solvency 2 throughout the year to 31 January 2025 and up to
the date of disposal of its underwriting business on 1 July 2025, having previously received approval from the FSC for the Undertaking of Speci\ufb01c
Parameters when applying the standard formula to measure capital requirements for this business under Solvency II and Solvency 2 rules.
Under Solvency 2, AICL remained well capitalised and, at 31 January 2025, available capital was \u00a395.4m (unaudited) against a Solvency Capital
Requirement of \u00a344.7m (unaudited), giving 213% (unaudited) coverage.
The Group\u2019s regulated Insurance Broking business is based in the UK and regulated by the FCA. Due to the nature of the business, the capital
requirements are signi\ufb01cantly less than for the Insurance Underwriting business, but the Group is required to comply with the Adequate
Resources requirements of Threshold Condition 2.4 of the FCA Handbook. The Group undertakes a rigorous assessment against the
requirements of this Condition on an annual basis and, as a consequence, calculates and holds an appropriate amount of capital in respect of the
Insurance Broking business. The Minimum Regulatory Capital requirement of this business at 31 January 2026 was \u00a33.6m (2025: \u00a33.0m).
The regulated River Cruise and Holidays businesses are required to comply with a main test based on liquidity. The CAA liquidity test is a
requirement to hold at least 70% of advanced customer receipts in cash on the last day of each month. The Group monitors its compliance
with\u00a0this test on a monthly basis, including forward-looking compliance using budgets and forecasts. At 31 January 2026 and 31 January 2025,
the businesses had su\ufb03cient coverage against this covenant.
From time to time, the Group purchases its own shares on the market; the timing of these purchases depends on market prices. The shares are
primarily intended to be used for issuing shares under the Group\u2019s share option programmes. Buy and sell decisions are made on a speci\ufb01c
transaction basis; the Group does not have a de\ufb01ned share buy-back plan.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00189": { "value": "36 Share-based payments
The Group has granted a number of di\ufb00erent equity-based awards to employees and customers that it has determined to be share-based
payments:
a) Share options and Free Shares offer granted at the time of the Initial Public Offering (
IPO
)
\u2022
On 29 May 2014, nil cost options over 13,132,410 shares were granted to certain Directors and employees with no exercise price and no
service or performance vesting conditions. There were no cash settlement alternatives.
\u2022
Eligible customers and employees who acquired their shares under the Customer or Employee Offers in the Prospectus received one
bonus share for every 20 shares they acquired and held continuously for one year to 29 May 2015. As these were bonus shares, there was
no exercise price and no cash settlement alternative.
b) STP
\u2022
In July 2022, the Board and shareholders approved the issue of an additional new award called the STP. The STP has a five-year vesting
period and participants receive a 12.5% share in shareholder value (share price plus dividends) created above a \u00a36 per share hurdle over
a\u00a0five-year performance period commencing from the grant date, subject to continuing employment. For Directors and senior leaders,
the\u00a0STP will be equity-settled. For other employees, the STP will be settled in cash. There is a cap of \u00a388.0m on the value of awards that
may\u00a0vest, and the awards have a range of grant dates based on the tranche that each participant falls into.
\u2022
On 5 July 2022, nil cost options were issued under the STP to certain Directors and other senior employees which vest and become
exercisable on the fifth anniversary of the grant date, subject to continuing employment.
\u2022
During the 2025 remuneration policy cycle, it was deemed that the STP award was no longer aligned to the current updated business
\n
strategy. In June 2025, the decision was made to revert to the previous Executive reward programme that was in place prior to the STP,
\n
removing the STP award and attached reduced RSP condition for Executives only. STP awards for senior leaders and colleagues remain
\n
in\u00a0place.
\n
c) RSP
\n
\u2022
The RSP is a discretionary executive share plan under which the Board may grant options over shares in Saga plc.
\n
\u2022
On 25 June 2025, nil cost options over 1,533,377 shares were issued under the RSP to certain Directors and other senior employees
\n
that\u00a0vest and become exercisable on the third anniversary of the grant date, subject to continuing employment. There were no cash
\n
settlement alternatives.
\n
d) Long-term Incentive Plan (
LTIP
)
\n
\u2022
The LTIP is a legacy discretionary executive share plan, under which the Board may, within certain limits and subject to applicable
\n
performance conditions, grant options over shares in Saga plc. There are no cash settlement alternatives.
\n
\u2022
Up to 31 January 2017, these options were 50% linked to a non-market vesting condition, earnings per share, and 50% linked to a market
\n
vesting condition, total shareholder return (
TSR
).
\n
\u2022
From 1 February 2017 to 31 January 2018, these options were 60% linked to non-market vesting conditions (30% linked to basic earnings
\n
per share and 30% linked to organic earnings per share) and 40% linked to a market vesting condition, TSR.
\n
\u2022
From 1 February 2018, these options were 60% linked to non-market vesting conditions (30% linked to organic earnings per share and
\n
30% linked to return on capital employed (
ROCE
) and 40% linked to a market vesting condition, TSR.
\n
\u2022
From 1 February 2019, these options were 75% linked to non-market vesting conditions (50% linked to operational and strategic measures
\n
and 25% linked to ROCE) and 25% linked to a market vesting condition, TSR.
\n
e) DBP
\n
\u2022
On 28 May 2025, nil cost options over 655,094 shares were issued under the DBP to Executive Directors, reflecting their deferred bonus
\n
in\u00a0respect of 2024/25, which vest and become exercisable on the third anniversary of the grant date. Under the DBP, executives receive a
\n
maximum of two-thirds of the bonus award in cash and a minimum of one-third in the form of rights to shares of the Company. There were
\n
no cash settlement alternatives.
\n
f) Employee Free Shares
\n
\u2022
Employee Free Shares is a discretionary share plan under which shares were awarded to eligible employees on the annual anniversary of the
\n
IPO and allocated at nil cost; these shares become beneficially owned over a three-year period from allocation, subject to continuing service.
\n
There were no cash settlement\u00a0alternatives.
\n
Each employee share option converts into one ordinary share of the Company on exercise. No amounts are paid, or payable, by the recipient
\n
on\u00a0receipt of the option. The options carry neither rights to dividends, nor voting rights. Options may be exercised at any time from the date of
\n
vesting to the date of their expiry. With the exception of share options granted at the time of the IPO, if an employee ceases to be employed by
\n
the\u00a0Group, the option rights will be forfeited, except in limited circumstances that are approved by the Board on a case-by-case basis.
\n
The table below summarises the movements in the number of share options outstanding for the Group and their weighted average exercise price:
\n\n \n
Employee
IPO options
RSP
LTIP
DBP
STP
Free Shares
Total
At 1 February 2025
\u2013
5,643,017
9,503
1,344,966
\u2013
1,231,790
8,229,276
Granted
\u2013
1,533,377
\u2013
655,094
\u2013
\u2013
2,188,471
Forfeited
\u2013
(1,123,430)
\u2013
\u2013
\u2013
(49,121)
(1,172,551)
Exercised
\u2013
(1,210,693)
(5,118)
(304,983)
\u2013
(379,647)
(1,900,441)
At 31 January 2026
\u2013
4,842,271
4,385
1,695,077
\u2013
803,022
7,344,755
Exercise price
\u00a3nil
\u00a3nil
\u00a3nil
\u00a3nil
\u00a3nil
\u00a3nil
\u00a3nil
Exercisable at 31 January 2026
\u2013
357,958
4,385
\u2013
\u2013
175,600
537,943
Average remaining contractual life
\u2013
1.4 years
\u2013
1.5 years
1.4 years
0.8 years
1.3 years
Average fair value at grant
n/a
\u00a31.56
\u00a36.60
\u00a31.31
n/a
\u00a32.31
\u00a31.59
\n
The average fair values at grant date were restated to re\ufb02ect the impact of the share consolidation on 13 October 2020.
\n
The weighted average share price at the date of exercise for share options exercised during the year ended 31 January 2026 was \u00a32.42
\n
(2025:\u00a0\u00a31.11).
The following information is relevant in the determination of the fair value of options granted during the year under the equity-settled
share-based remuneration schemes operated by the Group.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
RSP
DBP
Expected life of share option
3 years
3 years
Weighted average share price
\u00a31.76
\u00a31.44
\n
As only limited historical data for the Group\u2019s share price is available, the Group estimated the Company\u2019s share price volatility as an average
of\u00a0the volatilities of its TSR comparator group over a historical period commensurate with the expected life of the award immediately prior
to\u00a0the\u00a0date of the grant for awards under the RSP, DBP and Employee Free Share scheme.
For awards under the STP scheme, approved in July 2022, a volatility assumption of 31% was employed, calculated based on volatility in
Saga\u00a0plc\u2019s historical share price in the \ufb01ve years to 31 December 2019. This time period was selected to exclude the impact of the COVID-19
pandemic, which had a signi\ufb01cant impact on Saga since the beginning of 2020. The impacts on the share price of pro\ufb01t warnings in
December\u00a02019 and April 2019 were also excluded from the calculation. The Group charged \u00a33.9m (2025: \u00a34.2m) during the year to the income
statement in respect of equity-settled share-based payment transactions, including \u00a30.2m relating to the acceleration of remaining STP vesting
charges following the cancellation of the award for Executives. This was charged to administrative and selling expenses.
The Group did not enter into any share-based payment transactions with parties other than employees during the current period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00190": { "value": "37 Commitments and contingencies
a) Lease commitments
The Group leases various River Cruise ships, o\ufb03ces, warehouses, equipment and vehicles. The contract lengths of the leases vary considerably
and may include extension or termination options. Where it is reasonably certain that an extension option will be triggered in a contract, lease
payments to be made in respect of the option are included in the measurement of the lease liability. Future minimum lease payments under lease
contracts, together with the present values of the net minimum lease payments, are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Within one year
9.9
6.7
Between one and five years
27.8
19.9
After five years
12.0
4.2
Total minimum lease payments
49.7
30.8
Less amounts representing finance charges
(11.3)
(4.7)
Present value of minimum lease payments
38.4
26.1
\n
At 31 January 2026, the value of lease liabilities contracted for, but not provided for, in the \ufb01nancial statements in respect of right-of-use assets
amounted to \u00a313.5m (2025: \u00a322.5m). For the current year, these commitments relate to Spirit of the Lorelei. The lease commitments in the
prior year related to the River Cruise vessels, Spirit of the Moselle and Spirit of the Lorelei.
b) Commitments
At 31 January 2026, the capital amount contracted for, but not provided for, in the \ufb01nancial statements in respect of property, plant and
equipment amounted to \u00a3nil (2025: \u00a3nil).
c) Contingent liabilities
The Travel businesses are each members of ABTA, a trade body which provides customers with \ufb01nancial protection when booking their holiday,
if\u00a0there is no \ufb02ight component. Under this membership, the Group is required to provide bonds for this purpose, and at 31 January 2026,
the\u00a0Group had \u00a366.9m (2025: \u00a359.0m) of bonds in place.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00191": { "value": "a) Lease commitments
The Group leases various River Cruise ships, o\ufb03ces, warehouses, equipment and vehicles. The contract lengths of the leases vary considerably
and may include extension or termination options. Where it is reasonably certain that an extension option will be triggered in a contract, lease
payments to be made in respect of the option are included in the measurement of the lease liability. Future minimum lease payments under lease
contracts, together with the present values of the net minimum lease payments, are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Within one year
9.9
6.7
Between one and five years
27.8
19.9
After five years
12.0
4.2
Total minimum lease payments
49.7
30.8
Less amounts representing finance charges
(11.3)
(4.7)
Present value of minimum lease payments
38.4
26.1
\n
At 31 January 2026, the value of lease liabilities contracted for, but not provided for, in the \ufb01nancial statements in respect of right-of-use assets
amounted to \u00a313.5m (2025: \u00a322.5m). For the current year, these commitments relate to Spirit of the Lorelei. The lease commitments in the
prior year related to the River Cruise vessels, Spirit of the Moselle and Spirit of the Lorelei.
b) Commitments
At 31 January 2026, the capital amount contracted for, but not provided for, in the \ufb01nancial statements in respect of property, plant and
equipment amounted to \u00a3nil (2025: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00192": { "value": "c) Contingent liabilities
The Travel businesses are each members of ABTA, a trade body which provides customers with \ufb01nancial protection when booking their holiday,
if\u00a0there is no \ufb02ight component. Under this membership, the Group is required to provide bonds for this purpose, and at 31 January 2026,
the\u00a0Group had \u00a366.9m (2025: \u00a359.0m) of bonds in place.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00193": { "value": "39 Subsidiaries
The entities listed below are subsidiaries of the Company or Group at 31 January 2026. The ordinary equity shares of all subsidiary undertakings
are 100% owned. All subsidiary undertakings are included within the consolidated \ufb01nancial statements. The registered o\ufb03ce address for all
entities registered in England is 3 Pancras Square, London N1C 4AG, United Kingdom.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
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
CHMC Limited
18
England
Motor accident management
PEC Services Limited
18
England
Repairer of automotive vehicles
ST&H Limited
England
Tour operating
Saga Travel Group (UK) Limited
England
Tour operating
Titan Transport Limited
18
England
Tour operating
Saga Cruises Limited
England
Cruising
Saga Cruises V Limited
England
Cruising
Saga Cruises VI Limited
England
Cruising
Saga Crewing Services Limited
18
England
Cruising
CustomerKNECT Limited
18
England
Mailing house
Saga Mid Co Limited
England
Debt service provider
Saga Publishing Limited
18
England
Publishing
CHMC Holdings Limited
England
Dormant holding company
ST&H Group Limited
England
Holding company
Saga Leisure Limited
18
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
\n
In addition to the above, the Directors consider that, under the terms of the contractual arrangements in place, Saga plc has control over the
Saga EBT. The results and net assets of the EBT have, therefore, been included in the Group consolidation. The registered o\ufb03ce of the EBT is
26\u00a0New Street, St Helier, Jersey JE2 3RA.
18
These subsidiaries will take advantage of the audit exemption set out within Section 479A of the Companies Act 2006 for the year ended 31 January 2026. As required, Saga plc,
the ultimate parent undertaking and controlling party of the Group, guarantees all outstanding liabilities to which these subsidiary companies are subject at the end of the financial
year, until they are satisfied in full. This is in accordance with Section 479C of the Companies Act 2006. The guarantee is enforceable against Saga plc as the ultimate parent
undertaking, by any person to whom the subsidiary companies listed above are liable in respect of those liabilities", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00194": { "value": "40 Related party transactions
As set out in Note 30, in April 2023, the Group entered into a forward starting loan facility provided by Roger De Haan, commencing on
1\u00a0January\u00a02024, under which the Group could draw down up to \u00a350.0m with 30 days\u2019 notice to support liquidity needs and speci\ufb01cally the
repayment of \u00a3150.0m bonds maturing in May 2024. The facility was provided on an arm\u2019s-length basis and was guaranteed by Saga plc,
Saga\u00a0Mid Co Limited and Saga Services Limited. Per the original terms of agreement, interest accrued on the drawn total of the facility at a
rate\u00a0of 10% and was payable on\u00a0the last day of the period of the loan. The facility was originally due to mature on 30 June 2025, at which point
any\u00a0outstanding amounts, including interest, were due to be repaid. The facility was subject to a 2% arrangement fee, payable on entering
the\u00a0arrangement.
A drawdown fee of 2% on any amount drawn down under the facility was payable on the drawing date; and milestone fees of 2% on any
uncancelled amount of the facility became payable on 31 March 2024 and 31 December 2024 respectively.
In September 2023, the Group agreed an increase and extension to the existing loan facility provided by Roger De Haan. The increase was for
the value of \u00a335.0m, taking the total facility to \u00a385.0m, and the facility was extended to expire on 31 December 2025, previously 30 June 2025.
The interest rate paid on funds on the drawn total under this facility to \ufb01nance the repayment of notes issued by Saga, or to provide cash
collateral demanded by providers of bonding facilities to the Group, remained at 10%, but increased to 18% for any amounts drawn to support
general corporate purposes. In addition, the previous arrangement and milestone fees of 2% remained payable; however, the drawdown fee
of\u00a02% increased to 5% for drawdowns for general corporate purposes. The amended facility was provided on the basis of certain conditions
being met, including:
\u2022
no professional advisers were to be appointed to or retained by Saga without prior approval of the Board; and
\u2022
no incremental financial indebtedness, over and above the facilities already in place, was to be incurred by Group companies, including
contracts classed as finance lease arrangements under previous IFRS.
In April 2024, a reduction of the notice period required for drawdown of the loan to 10 business days was agreed, in addition to a further extension
to the termination date of the facility, from 31 December 2025 to 30 April 2026.
In May 2024, the Group drew down \u00a375.0m of the loan facility provided by Roger De Haan.
In September 2024, an increase to the maximum number of permitted facility utilisation requests was also agreed, from three to 10.
In November 2024, certain amendments were agreed in order to permit, among other things, the guarantees to be granted in relation to the
disposal of the Group\u2019s Insurance Underwriting business and the establishment of the A\ufb03nity Partnership with Ageas (Note 38a).
At 31 January 2025, the Group had drawn \u00a375.0m of its \u00a385.0m loan facility provided by Roger De Haan. Accrued interest payable on the loan
facility provided by Roger De Haan at 31 January 2025 was \u00a31.8m.
As a result of the Group securing new credit facilities on 30 January 2025 (please refer to Note 30), and drawing down on these on
27\u00a0February\u00a02025, the loan facility provided by Roger De Haan was repaid and cancelled at that date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138004WWUJN94K2LH95", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } } } }