2025 | 2024 The items outlined below have been charged/(credited) to the Consolidated Income Statement in deriving operating profit: | |
\u00a3m | \u00a3m | |
Employee benefit expense (note 4) | 248.9 | 229.0 |
Auditor\u2019s remuneration (note 3) | 0.9 | 0.6 |
Exceptional items (note 6) | 3.0 | 0.4 |
Trade receivables impairment (note 18) | 1.2 | 1.2 |
Energy costs* | 39.5 | 45.2 |
Water and effluent costs | 8.5 | 7. 7 |
All other operating costs** | 71.6 | 75.4 |
Amortisation of intangible assets: (note 13) | ||
Capitalised software | 0.3 | 0.7 |
Customer contracts | 7.7 | 7.2 |
Depreciation and impairment of: | ||
Property, plant and equipment (note 14) | 25.1 | 22.5 |
Right of use assets (note 15) | 7.7 | 7.0 |
Textile rental items (note 16) | 61.2 | 60.1 |
Short term/low value leases: | ||
Land and buildings | 0.2 | 0.6 |
Sublet rental income | (0.4) | (0.5) |
Plant and equipment * Energy costs comprise of electricity, gas and fuel costs. 3 AUDITOR\u2019S REMUNERATION | 1.2 | 1.6 ** All other operating costs includes other distribution costs, other production costs, costs of inventory and other administrative costs. |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Profit before taxation | 50.8 | 47.2 |
Profit before taxation multiplied by the effective rate of Corporation Tax in the UK | 12.7 | 11.8 |
Factors affecting taxation charge for the year: | ||
Non-taxable income continuing operations by \u00a30.9 million (2024: \u00a30.1 million increase). | \u2013 | (0.3) |
Tax effect of expenses not deductible for tax purposes | 1.4 | 1.2 |
Difference in current and deferred taxation rates | \u2013 | 0.1 |
Tax rate differential on non-UK profits | (0.3) | (0.2) |
Adjustments in relation to previous years | \u2013 | (0.9) |
Total charge for taxation included in the Consolidated Income Statement (2024: 12.5%). | 13.8 | 11.7 Taxation in relation to the amortisation of intangible assets (excluding software amortisation) has decreased the charge for taxation on continuing operations by \u00a30.9 million (2024: \u00a31.1 million). Taxation in relation to exceptional items has decreased the charge for taxation on Deferred income tax balances at the balance sheet date in the UK have been measured at a tax rate of 25.0% (2024: 25.0%). Deferred tax balances in relation to balances held in the Republic of Ireland have been recognised at 12.5%, in line with the prevailing rate of tax in 2025 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Amounts due within one year (Lease liabilities, Current liabilities) | 7.4 | 6.2 |
Amounts due after more than one year (Lease liabilities, Non-Current liabilities) | 39.4 | 40.8 |
46.8 | 47.0 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
New textile rental items | 2.1 | 1.8 |
Raw materials and stores \u00a38.4 million). | 0.8 | 0.5 |
2.9 | 2.3 The amounts above are net of an inventory provision of \u00a30.1 million (2024: \u00a30.1 million). There has been \u00a3nil (2024: \u00a3nil) stock provision recognised during the year within cost of sales in the Consolidated Income Statement. Amounts transferred to cost of sales in the year are \u00a36.6 million (2024: |
2025 The movement in the provision for trade and other receivables is analysed below: | 2024 receivable, operating segment and region in which the customer operates, as well as other current market and trading conditions. Further to the expected credit loss model, trade receivables are specifically impaired where there are indicators of significant financial difficulties of the counterparty, probability that the counterparty will enter bankruptcy or financial reorganisation, or there is default or delinquency in payments. There is limited concentration of credit risk with respect to trade receivables due to the diverse and unrelated nature of the Group\u2019s customers. Accordingly, the Directors believe that no further credit provision is required in excess of the provision for impairment of receivables. | |
\u00a3m | \u00a3m | |
At 1 January | (4.5) | (4.1) |
Business acquisitions | \u2013 | (0.2) |
Provisions for receivables impairment | (1.2) | (1.2) |
Receivables written off during the year as uncollectable | 1.5 | 1.0 |
At 31 December recovering additional cash. deemed to be not material. | (4.2) | (4.5) The creation and release of the provision for impaired receivables has been included in impairment loss on trade receivables in the Consolidated Income Statement. Amounts charged to the allowance account are generally written off when there is no expectation of All trade and other receivable balances at the balance sheet date are denominated in Sterling, with the exception of \u00a36.1 million (2024: \u00a34.3 million) which are denominated in Euros, and are held at amortised cost. Given the short-term nature of current receivables there is deemed to be no difference between this and fair value. The difference between the book value and fair value of non-current trade and other receivables is |
Rating At the balance sheet date, cash was held with the following institutions: | 2025 | 2024 | |
\u00a3m | \u00a3m | ||
Cash at bank and in hand | |||
National Westminster Bank | A-1 | 4.8 | 4.6 |
Lloyds Bank | A-1 | 4.9 | 4.8 |
Allied Irish Bank | A-1 | 1.3 | \u2013 |
Bank of Ireland | A-2 | \u2013 | 2.1 |
Total cash and cash equivalents | 11.0 | 11.5 The Group refers to Standard and Poor\u2019s short-term issue credit ratings when determining with which financial institutions to deposit its surplus cash balances. A short-term obligation rated \u2018A-1\u2019 is rated in the highest category by Standard & Poor\u2019s. The obligor\u2019s capacity to meet its |
2025 | 2024 | |||||
Current | Non-Current | To ta l | Current | Non-Current | To t a l | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Bank loans | \u2013 | 114.4 | 114.4 | \u2013 | 71.3 | 71.3 |
Overdraft Liquidity risk | 9.1 | \u2013 | 9.1 | 9.3 | \u2013 | 9.3 |
Less: Unamortised bank fees | (0.1) | \u2013 | (0.1) | (0.4) | (0.1) | (0.5) |
9.0 | 114.4 | 123.4 | 8.9 The maturity of financial liabilities based on contracted cash flows is shown in the table below. | 71.2 | 80.1 This table has been drawn up using the undiscounted cash flows of financial liabilities based on the earliest date on which the Group is obliged |
Fair Value | Fair Value | |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Derivative financial instruments held: | ||
Current Liabilities Where available, market rates have been used to determine fair value. | ||
\u2013 Commodity products \u2013 cash flow hedges | (0.3) The movement in the Group\u2019s derivative financial liabilities during the year is as follows: | (0.3) Derivatives are only used for economic hedging purposes and not as speculative investments. However, where derivatives do not meet the hedge accounting criteria, they are classed as \u2018held for trading\u2019 for accounting purposes and are accounted for at fair value through profit or loss. They are presented as current liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period. |
2025 the interest cost by an estimated \u00a31,000 per annum. The amounts credited to the Consolidated Income Statement are set out below: | 2024 The latest review was performed using the projected unit credit method, and a discount rate of 5.35%. The main long-term actuarial assumption used in the review was that the rate of increase in medical costs is to be 6.50% throughout. There have been no material changes in An increase of 1.00% in the medical cost trend would increase the scheme liabilities by an estimated \u00a321,000 and the interest cost by an estimated \u00a32,000 per annum. A decrease of 1.00% in the medical cost trend would reduce the scheme liabilities by an estimated \u00a319,000 and | |
\u00a3m | \u00a3m | |
Notional interest on post-employment benefits Post-employment benefits disclosures | 0.2 | \u2013 |
Total amounts credited to the Consolidated Income Statement | 0.2 | \u2013 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Fair value of scheme assets at beginning of the year | 132.7 | 145.4 |
Interest income Movements in the fair value of scheme assets were as follows: | 6.8 | 6.4 |
Return on scheme assets (excluding interest income) | 0.8 | (9.3) |
Benefits paid \u2013 defined benefit pension obligations | (10.0) | (9.8) |
Fair value of scheme assets at end of the year | 130.3 | 132.7 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Fair value of scheme liabilities at beginning of the year | (129.2) | (145.7) |
Interest expense Movements in the fair value of scheme liabilities were as follows: | (6.6) | (6.4) |
Re-measurement (losses)/gains from changes in demographic assumptions | (0.6) | 3.1 |
Re-measurement gains from changes in financial assumptions | 1.3 | 9.6 |
Experience (losses)/gains on liabilities | (0.6) | 0.4 |
Benefits paid \u2013 defined benefit pension obligations | 10.0 | 9.8 |
Fair value of scheme liabilities at the end of the year | (125.7) | (129.2) |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Opening post-employment benefits | 3.5 | (0.3) |
Notional interest Movements in post-employment benefits were as follows: | 0.2 | \u2013 |
Re-measurement and experience gains | 0.9 | 3.8 |
Closing post-employment benefits | 4.6 | 3.5 |
2025 the interest cost by an estimated \u00a31,000 per annum. The amounts credited to the Consolidated Income Statement are set out below: | 2024 The latest review was performed using the projected unit credit method, and a discount rate of 5.35%. The main long-term actuarial assumption used in the review was that the rate of increase in medical costs is to be 6.50% throughout. There have been no material changes in An increase of 1.00% in the medical cost trend would increase the scheme liabilities by an estimated \u00a321,000 and the interest cost by an estimated \u00a32,000 per annum. A decrease of 1.00% in the medical cost trend would reduce the scheme liabilities by an estimated \u00a319,000 and | |
\u00a3m | \u00a3m | |
Notional interest on post-employment benefits Post-employment benefits disclosures | 0.2 | \u2013 |
Total amounts credited to the Consolidated Income Statement | 0.2 | \u2013 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Fair value of scheme assets at beginning of the year | 132.7 | 145.4 |
Interest income Movements in the fair value of scheme assets were as follows: | 6.8 | 6.4 |
Return on scheme assets (excluding interest income) | 0.8 | (9.3) |
Benefits paid \u2013 defined benefit pension obligations | (10.0) | (9.8) |
Fair value of scheme assets at end of the year | 130.3 | 132.7 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Fair value of scheme liabilities at beginning of the year | (129.2) | (145.7) |
Interest expense Movements in the fair value of scheme liabilities were as follows: | (6.6) | (6.4) |
Re-measurement (losses)/gains from changes in demographic assumptions | (0.6) | 3.1 |
Re-measurement gains from changes in financial assumptions | 1.3 | 9.6 |
Experience (losses)/gains on liabilities | (0.6) | 0.4 |
Benefits paid \u2013 defined benefit pension obligations | 10.0 | 9.8 |
Fair value of scheme liabilities at the end of the year | (125.7) | (129.2) |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Opening post-employment benefits | 3.5 | (0.3) |
Notional interest Movements in post-employment benefits were as follows: | 0.2 | \u2013 |
Re-measurement and experience gains | 0.9 | 3.8 |
Closing post-employment benefits | 4.6 | 3.5 |
Rating At the balance sheet date, cash was held with the following institutions: | 2025 | 2024 | |
\u00a3m | \u00a3m | ||
Cash at bank and in hand | |||
National Westminster Bank | A-1 | 4.8 | 4.6 |
Lloyds Bank | A-1 | 4.9 | 4.8 |
Allied Irish Bank | A-1 | 1.3 | \u2013 |
Bank of Ireland | A-2 | \u2013 | 2.1 |
Total cash and cash equivalents | 11.0 | 11.5 The Group refers to Standard and Poor\u2019s short-term issue credit ratings when determining with which financial institutions to deposit its surplus cash balances. A short-term obligation rated \u2018A-1\u2019 is rated in the highest category by Standard & Poor\u2019s. The obligor\u2019s capacity to meet its |
2025 buyback programmes. There were no share buyback programmes running during the prior year. Payments made in respect of the above transactions were (debited)/credited as follows: | 2024 31 December 2025 represented 9.2% of the Company\u2019s issued share capital outstanding immediately prior to the commencement of the share | |
\u00a3m | \u00a3m | |
Share capital | (3.7) | 0.1 |
Capital redemption reserve | 3.8 | \u2013 |
Retained earnings Potential issues of Ordinary shares of 10p each Approved LTIP\u2019) (together referred to as \u2018Executive Schemes\u2019). | (54.7) | \u2013 |
(54.6) | 0.1 As at the balance sheet date, certain senior executives hold options in respect of the potential issue of Ordinary shares of 10 pence each granted pursuant to the 2018 Long-Term Incentive Plan (the \u20182018 LTIP\u2019) and the 2018 Long-Term Incentive Plan Approved Section (\u20182018 Certain Group employees also hold options in respect of the potential issues of Ordinary shares of 10p each granted pursuant to the Johnson |
2025 year. In satisfying such awards, the EST transferred 1,456,077 of shares to award holders. The number of shares and the market value at the balance sheet date are as follows: | 2024 Company, which were used, together with those shares already held by the EST, to satisfy the vesting of employee share awards during the | |
Number of shares held in EST | 2,947 | 9,024 |
Market value \u00a3m | \u2013 | \u2013 |
2025 buyback programmes. There were no share buyback programmes running during the prior year. Payments made in respect of the above transactions were (debited)/credited as follows: | 2024 31 December 2025 represented 9.2% of the Company\u2019s issued share capital outstanding immediately prior to the commencement of the share | |
\u00a3m | \u00a3m | |
Share capital | (3.7) | 0.1 |
Capital redemption reserve | 3.8 | \u2013 |
Retained earnings Potential issues of Ordinary shares of 10p each Approved LTIP\u2019) (together referred to as \u2018Executive Schemes\u2019). | (54.7) | \u2013 |
(54.6) | 0.1 As at the balance sheet date, certain senior executives hold options in respect of the potential issue of Ordinary shares of 10 pence each granted pursuant to the 2018 Long-Term Incentive Plan (the \u20182018 LTIP\u2019) and the 2018 Long-Term Incentive Plan Approved Section (\u20182018 Certain Group employees also hold options in respect of the potential issues of Ordinary shares of 10p each granted pursuant to the Johnson |
2025 year. In satisfying such awards, the EST transferred 1,456,077 of shares to award holders. The number of shares and the market value at the balance sheet date are as follows: | 2024 Company, which were used, together with those shares already held by the EST, to satisfy the vesting of employee share awards during the | |
Number of shares held in EST | 2,947 | 9,024 |
Market value \u00a3m | \u2013 | \u2013 |
Foreign | |||||
At 31 December 36 ANALYSIS OF NET DEBT | Non-cash part of an acquisition and the recognition of lease liabilities entered into during the year. | Exchange | At 31 December | ||
2024 | Cash Flow | Changes | adjustments | 2025 | |
December 2025 | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Debt due within one year (See note 22) | 0.4 | \u2013 | (0.3) | \u2013 | 0.1 |
Debt due after more than one year (See note 22) | (71.2) | (41.5) | (0.1) | (1.6) | (114.4) |
Lease liabilities (See note 23) | (47.0) | 7.1 | (6.9) | \u2013 | (46.8) |
Total debt and lease financing | (117.8) | (34.4) | (7.3) | (1.6) | (161.1) |
Cash and cash equivalents | 2.2 | (0.6) | \u2013 | 0.3 | 1.9 |
Net debt | (115.6) | (35.0) | (7.3) | (1.3) | (159.2) |
Foreign | |||||
At 31 December | Non-cash | Exchange | At 31 December | ||
2023 | Cash Flow | Changes | adjustments | 2024 | |
December 2024 | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Debt due within one year (See note 22) | 0.4 | 0.3 | (0.3) | \u2013 | 0.4 |
Debt due after more than one year (See note 22) | (63.0) | (9.5) | (0.1) | 1.4 | (71.2) |
Lease liabilities (See note 23) | (43.2) | 6.3 | (10.1) | \u2013 | (47.0) |
Total debt and lease financing | (105.8) | (2.9) | (10.5) | 1.4 | (117.8) |
Cash and cash equivalents | 0.9 | 1.6 | \u2013 | (0.3) | 2.2 |
Net debt | (104.9) | (1.3) | (10.5) The cash and cash equivalents figures are comprised of the following balance sheet amounts: | 1.1 | (115.6) |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Cash (Current assets) : | 11.0 | 11.5 |
Overdraft (Borrowings, Current liabilities) | (9.1) | (9.3) |
1.9 | 2.2 |