{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "genuit": "http://www.genuitgroup.com/20231231", "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://www.genuitgroup.com/xbrl/2023/2138005IF1N2RKJ6KO18-2023-12-31.xsd" ] }, "facts": { "f17883": { "value": "4 Victoria Place, Holbeck, Leeds, LS11 5AE.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f21373": { "value": "586500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "f21375": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "f21377": { "value": "586500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21379": { "value": "622200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "f21381": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "f21383": { "value": "622200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21387": { "value": "338700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "f21389": { "value": "2000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "f21391": { "value": "340700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21393": { "value": "372100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "f21395": { "value": "2500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "f21397": { "value": "374600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21400": { "value": "247800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "f21402": { "value": "-2000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "f21404": { "value": "245800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21406": { "value": "250100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "f21408": { "value": "-2500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "f21410": { "value": "247600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21413": { "value": "73500000", "decimals": -5, "dimensions": { "concept": "genuit:SellingAndDistributionCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "f21415": { "value": "1000000", "decimals": -5, "dimensions": { "concept": "genuit:SellingAndDistributionCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "f21417": { "value": "74500000", "decimals": -5, "dimensions": { "concept": "genuit:SellingAndDistributionCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21419": { "value": "81500000", "decimals": -5, "dimensions": { "concept": "genuit:SellingAndDistributionCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "f21421": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:SellingAndDistributionCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "f21423": { "value": "81500000", "decimals": -5, "dimensions": { "concept": "genuit:SellingAndDistributionCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21427": { "value": "79400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "f21429": { "value": "11800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "f21431": { "value": "91200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21433": { "value": "70200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "f21435": { "value": "12300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "f21437": { "value": "82500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21441": { "value": "800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AmortisationExpense", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "f21443": { "value": "14800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AmortisationExpense", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "f21445": { "value": "15600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AmortisationExpense", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21447": { "value": "200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AmortisationExpense", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "f21449": { "value": "15200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AmortisationExpense", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "f21451": { "value": "15400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AmortisationExpense", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21455": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "f21457": { "value": "2500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "f21459": { "value": "2500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21461": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "f21463": { "value": "2800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "f21465": { "value": "2800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21469": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "f21471": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "f21473": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21475": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "f21477": { "value": "12000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "f21479": { "value": "12000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21483": { "value": "94100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "f21485": { "value": "-32100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "f21487": { "value": "62000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21489": { "value": "98200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "f21491": { "value": "-44800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "f21493": { "value": "53400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21497": { "value": "13600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "f21499": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "f21501": { "value": "13600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21503": { "value": "7600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "f21505": { "value": "400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "f21507": { "value": "8000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21511": { "value": "80500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "f21513": { "value": "-32100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "f21515": { "value": "48400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21517": { "value": "90600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "f21519": { "value": "-45200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "f21521": { "value": "45400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21525": { "value": "17900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "f21527": { "value": "-8000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "f21529": { "value": "9900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21531": { "value": "14100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "f21533": { "value": "-5200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "f21535": { "value": "8900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21538": { "value": "62600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "f21540": { "value": "-24100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "f21542": { "value": "38500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21544": { "value": "76500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "f21546": { "value": "-40000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "f21548": { "value": "36500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21552": { "value": "0.155", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f21554": { "value": "0.147", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f21558": { "value": "0.154", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f21560": { "value": "0.146", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f21564": { "value": "0.041", "decimals": 3, "dimensions": { "concept": "genuit:DividendPerShareInterim", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f21566": { "value": "0.041", "decimals": 3, "dimensions": { "concept": "genuit:DividendPerShareInterim", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f21570": { "value": "0.083", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f21572": { "value": "0.082", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f21575": { "value": "0.124", "decimals": 3, "dimensions": { "concept": "genuit:TotalDividendPerShare", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f21577": { "value": "0.123", "decimals": 3, "dimensions": { "concept": "genuit:TotalDividendPerShare", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f21607": { "value": "38500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21609": { "value": "36500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21614": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21616": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21619": { "value": "-100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21621": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21624": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21626": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21629": { "value": "38500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21631": { "value": "36600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21664": { "value": "176400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21666": { "value": "169900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21670": { "value": "22900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RightofuseAssets", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21672": { "value": "22300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RightofuseAssets", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21676": { "value": "596800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IntangibleAssetsAndGoodwill", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21678": { "value": "615100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IntangibleAssetsAndGoodwill", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21682": { "value": "796100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21684": { "value": "807300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21689": { "value": "69200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21691": { "value": "89900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21695": { "value": "73900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21697": { "value": "68100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21700": { "value": "5400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsCurrent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21702": { "value": "2200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsCurrent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21706": { "value": "17000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21708": { "value": "50000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21712": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialAssets", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21714": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialAssets", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21718": { "value": "17100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21720": { "value": "10700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21723": { "value": "182700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21725": { "value": "220900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21729": { "value": "978800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21731": { "value": "1028200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21736": { "value": "114800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21738": { "value": "124200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21742": { "value": "5000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21744": { "value": "5800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21748": { "value": "2800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21750": { "value": "2600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21754": { "value": "8200000", "decimals": -5, "dimensions": { "concept": "genuit:DeferredAndContingentConsideration", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21756": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:DeferredAndContingentConsideration", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21759": { "value": "130800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21761": { "value": "132600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21771": { "value": "142900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21773": { "value": "193100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21777": { "value": "18400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21779": { "value": "17300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21783": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:NonCurrentDeferredAndContingentConsideration", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21785": { "value": "8000000", "decimals": -5, "dimensions": { "concept": "genuit:NonCurrentDeferredAndContingentConsideration", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21789": { "value": "50100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetDeferredTaxLiabilities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21791": { "value": "50100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetDeferredTaxLiabilities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21794": { "value": "211400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21796": { "value": "268500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21800": { "value": "342200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21802": { "value": "401100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21806": { "value": "636600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21808": { "value": "627100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21813": { "value": "200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21815": { "value": "200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21819": { "value": "93600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21821": { "value": "93600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21825": { "value": "1100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CapitalRedemptionReserve", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21827": { "value": "1100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CapitalRedemptionReserve", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21831": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReserveOfCashFlowHedges", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21833": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ReserveOfCashFlowHedges", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21837": { "value": "-100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21839": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21843": { "value": "116500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21845": { "value": "116500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21848": { "value": "425200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21850": { "value": "415700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21853": { "value": "636600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21855": { "value": "627100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21919": { "value": "200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f21921": { "value": "93600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f21923": { "value": "1100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f21925": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "f21927": { "value": "-100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "f21929": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f21931": { "value": "116500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f21933": { "value": "406400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f21935": { "value": "617700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21938": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f21940": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f21942": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f21944": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "f21946": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "f21948": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f21950": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f21952": { "value": "36500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f21954": { "value": "36500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21957": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f21959": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f21961": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f21963": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "f21965": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "f21967": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f21969": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f21971": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f21973": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21976": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f21978": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f21980": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f21982": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "f21984": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "f21986": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f21988": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f21990": { "value": "36500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f21992": { "value": "36600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f21995": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f21997": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f21999": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f22001": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "f22003": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "f22005": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f22007": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f22009": { "value": "30500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f22011": { "value": "30500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22014": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsCharge", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f22016": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsCharge", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f22018": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsCharge", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f22020": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsCharge", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "f22022": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsCharge", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "f22024": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsCharge", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f22026": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsCharge", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f22028": { "value": "2900000", "decimals": -5, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsCharge", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f22030": { "value": "2900000", "decimals": -5, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsCharge", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22033": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsSettled", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f22035": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsSettled", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f22037": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsSettled", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f22039": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsSettled", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "f22041": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsSettled", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "f22043": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsSettled", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f22045": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsSettled", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f22047": { "value": "400000", "decimals": -5, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsSettled", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f22049": { "value": "400000", "decimals": -5, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsSettled", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22052": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f22054": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f22056": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f22058": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "f22060": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "f22062": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f22064": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f22066": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f22068": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22071": { "value": "200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f22073": { "value": "93600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f22075": { "value": "1100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f22077": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "f22079": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "f22081": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f22083": { "value": "116500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f22085": { "value": "415700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f22087": { "value": "627100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22090": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f22092": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f22094": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f22096": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "f22098": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "f22100": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f22102": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f22104": { "value": "38500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f22106": { "value": "38500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22109": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f22111": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f22113": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f22115": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "f22117": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "f22119": { "value": "-100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f22121": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f22123": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f22125": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22128": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f22130": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f22132": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f22134": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "f22136": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "f22138": { "value": "-100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f22140": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f22142": { "value": "38500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f22144": { "value": "38500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22147": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f22149": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f22151": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f22153": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "f22155": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "f22157": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f22159": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f22161": { "value": "30500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f22163": { "value": "30500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22166": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsCharge", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f22168": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsCharge", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f22170": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsCharge", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f22172": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsCharge", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "f22174": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsCharge", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "f22176": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsCharge", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f22178": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsCharge", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f22180": { "value": "2100000", "decimals": -5, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsCharge", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f22182": { "value": "2100000", "decimals": -5, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsCharge", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22185": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsSettled", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f22187": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsSettled", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f22189": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsSettled", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f22191": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsSettled", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "f22193": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsSettled", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "f22195": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsSettled", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f22197": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsSettled", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f22199": { "value": "300000", "decimals": -5, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsSettled", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f22201": { "value": "300000", "decimals": -5, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsSettled", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22204": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f22206": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f22208": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f22210": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "f22212": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "f22214": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f22216": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f22218": { "value": "900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f22220": { "value": "900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22223": { "value": "200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f22225": { "value": "93600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f22227": { "value": "1100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f22229": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "f22231": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "f22233": { "value": "-100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f22235": { "value": "116500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f22237": { "value": "425200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f22239": { "value": "636600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22269": { "value": "48400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22271": { "value": "45400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22275": { "value": "13600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22277": { "value": "8000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22280": { "value": "62000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22282": { "value": "53400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22287": { "value": "400000", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForProfitOnDisposalOfPropertyPlantAndEquipmentUnderlying", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22289": { "value": "700000", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForProfitOnDisposalOfPropertyPlantAndEquipmentUnderlying", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22293": { "value": "-1500000", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentForResearchAndDevelopmentExpenditureCredit", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22295": { "value": "-1200000", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentForResearchAndDevelopmentExpenditureCredit", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22298": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:AdjustmentForWarrantyProvisionRelease", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22300": { "value": "1000000", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentForWarrantyProvisionRelease", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22305": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossRecognisedInProfitOrLossGoodwill", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22307": { "value": "12000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossRecognisedInProfitOrLossGoodwill", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22311": { "value": "2500000", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForImpairmentOfIntangibleAssetsArisingOnBusinessCombinations", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22313": { "value": "2800000", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForImpairmentOfIntangibleAssetsArisingOnBusinessCombinations", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22317": { "value": "14800000", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForAmortisationOfIntangibleAssetsArisingOnBusinessCombinations", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22319": { "value": "15200000", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForAmortisationOfIntangibleAssetsArisingOnBusinessCombinations", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22323": { "value": "2200000", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForProvisionForAcquisitionCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22325": { "value": "3300000", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForProvisionForAcquisitionCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22329": { "value": "14100000", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForProvisionForRestructuringCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22331": { "value": "9300000", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForProvisionForRestructuringCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22336": { "value": "1200000", "decimals": -5, "dimensions": { "concept": "genuit:ProvisionForRestructuringCostsDepreciationOfPropertyPlantAndEquipment", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22338": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:ProvisionForRestructuringCostsDepreciationOfPropertyPlantAndEquipment", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22342": { "value": "1200000", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForWorkdayConfigurationSAAS", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22344": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:AdjustmentsForWorkdayConfigurationSAAS", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22348": { "value": "2000000", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForEmploymentMatters", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22350": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:AdjustmentsForEmploymentMatters", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22354": { "value": "-1200000", "decimals": -5, "dimensions": { "concept": "genuit:ProvisionForProductLiabilityClaim", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22356": { "value": "1000000", "decimals": -5, "dimensions": { "concept": "genuit:ProvisionForProductLiabilityClaim", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22360": { "value": "4700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22362": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22366": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:AdjustmentsForIsolatedCyberIncident", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22368": { "value": "1200000", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForIsolatedCyberIncident", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22372": { "value": "19100000", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForDepreciationOfPropertyPlantAndEquipmentUnderlying", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22374": { "value": "19400000", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForDepreciationOfPropertyPlantAndEquipmentUnderlying", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22378": { "value": "5600000", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentForDepreciationOfRightOfUseAssets", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22380": { "value": "5400000", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentForDepreciationOfRightOfUseAssets", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22384": { "value": "800000", "decimals": -5, "dimensions": { "concept": "genuit:AmortisationOfInternallyGeneratedIntangibleAssets", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22386": { "value": "200000", "decimals": -5, "dimensions": { "concept": "genuit:AmortisationOfInternallyGeneratedIntangibleAssets", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22390": { "value": "2100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22392": { "value": "2900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22397": { "value": "-400000", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentForSettlementOfAcquisitionCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22399": { "value": "-200000", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentForSettlementOfAcquisitionCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22402": { "value": "-10900000", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentForSettlementOfRestructuringCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22404": { "value": "-8200000", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentForSettlementOfRestructuringCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22407": { "value": "-1700000", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForSettlementOfNetProductLiabilityClaim", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22409": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:AdjustmentsForSettlementOfNetProductLiabilityClaim", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22412": { "value": "-1200000", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForSettlementOfWorkdayConfigurationSAAS", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22414": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:AdjustmentsForSettlementOfWorkdayConfigurationSAAS", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22417": { "value": "0", "decimals": -6, "dimensions": { "concept": "genuit:AdjustmentsForSettlementOfIsolatedCyberIncidentCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22419": { "value": "-1200000", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForSettlementOfIsolatedCyberIncidentCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22427": { "value": "105600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22429": { "value": "113600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22433": { "value": "-6900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22435": { "value": "7800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22438": { "value": "-9900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22440": { "value": "-10400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22443": { "value": "20900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22445": { "value": "-17100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22448": { "value": "109700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22450": { "value": "93900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22453": { "value": "12100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22455": { "value": "7000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22458": { "value": "97600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22460": { "value": "86900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22465": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22467": { "value": "2600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22470": { "value": "1600000", "decimals": -5, "dimensions": { "concept": "genuit:SettlementOfDeferredAndContingentConsiderationClassifiedAsInvestingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22472": { "value": "500000", "decimals": -5, "dimensions": { "concept": "genuit:SettlementOfDeferredAndContingentConsiderationClassifiedAsInvestingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22475": { "value": "7600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22477": { "value": "2900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22480": { "value": "32800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22482": { "value": "41100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22485": { "value": "1700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInExplorationAndDevelopmentActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22487": { "value": "2700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInExplorationAndDevelopmentActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22490": { "value": "-28500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22492": { "value": "-44000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22496": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsForDebtIssueCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22498": { "value": "3100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsForDebtIssueCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22501": { "value": "50000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22503": { "value": "266200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22506": { "value": "100900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22508": { "value": "268300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22511": { "value": "13400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22513": { "value": "3700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22517": { "value": "30500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22519": { "value": "30500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22522": { "value": "300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromExerciseOfOptions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22524": { "value": "400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromExerciseOfOptions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22528": { "value": "7600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22530": { "value": "6200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22533": { "value": "-102100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22535": { "value": "-45200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22538": { "value": "-33000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22540": { "value": "-2300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22544": { "value": "50000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22546": { "value": "52300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22549": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22551": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22555": { "value": "17000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22557": { "value": "50000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f22580": { "value": "1. Authorisation of financial statements
The consolidated financial statements of the Group for the year ended 31 December 2023 were
\n
authorised for issue by the Board of Directors on 12 March 2024 and the balance sheet was signed
\n
on the Board\u2019s behalf by Joe Vorih and Tim Pullen.
\n
Genuit Group plc (previously known as Polypipe Group plc) is a public limited company
\n
incorporated and domiciled in England and Wales. The principal activity of the Group is the
\nprovision of sustainable water and climate management solutions for the built environment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22586": { "value": "Genuit Group plc (previously known as Polypipe Group plc)", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22587": { "value": "Genuit Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22588": { "value": "Genuit Group plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22589": { "value": "Genuit Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22590": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22592": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22593": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22594": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22595": { "value": "the provision of sustainable water and climate management solutions for the built environment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22600": { "value": "2. Summary of material accounting policies
The basis of preparation and accounting policies used in preparing the consolidated historical
\n
financial information for the year ended 31 December 2023 are set out below. These accounting
\n
policies have been consistently applied in all material respects to all the periods presented.
\n
2.1 Basis of preparation and statement of compliance with IFRSs
\n
The Group\u2019s consolidated financial statements have been prepared in accordance with
\n
UK-adopted International Accounting Standards (UK-adopted-IAS).
\n
The accounting policies which follow set out those policies which apply in preparing
\n
the consolidated financial statements for the year ended 31 December 2023.
\n
The Group\u2019s consolidated financial statements have been prepared on a historical cost basis except
\n
for derivative financial instruments and deferred and contingent consideration that have been
\n
measured at fair value. The consolidated financial statements are presented in Pounds Sterling
\n
and all values are rounded to one decimal place of a million (\u00a3m) unless otherwise indicated.
\n
2.2 Going concern
\n
The Directors have made enquiries into the adequacy of the Group\u2019s financial resources, through
\n
a review of the Group\u2019s budget and medium-term financial plan, including cash flow forecasts.
\n
The Group has modelled a range of scenarios, with the base forecast being one in which, over
\n
the 24 months ending 31 December 2025, sales volumes grow in line with or moderately above
\n
external construction industry forecasts.
\n
In addition, the Directors have considered several downside scenarios, including adjustments
\n
to the base forecast, a period of significantly lower like-for-like sales, profitability and cash flows.
\n
Consistent with our Principal Risks and Uncertainties these downside scenarios included, but were
\n
not limited to, loss of production, loss of a major customer, product failure, recession, increases
\n
in interest rates and increases in raw material prices. Downside scenarios also included a
\n
combination of these risks, and reverse stress testing.
\n
The financial impact of the climate-related risks disclosed within the Task Force on
\n
Climate-Related Financial Disclosures Report on pages 31 to 40 of the Strategic Report continue
\n
to be assessed. The Directors conclude that there is no material adverse impact of climate
\n
change in the short to medium-term, and hence have not included any impacts in either the base
\n
case or downside scenarios of the going concern assessment. The Group has not experienced
\n
material adverse disruption during periods of adverse or extreme weather in recent years and
\n
do not expect this to occur to a material level over the period of the going concern assessment.
\n
At 31 December 2023, the Group had available \u00a3230.0m of undrawn committed borrowing facilities
\n
in respect of which all conditions precedent had been met. These borrowing facilities are available
\n
until at least August 2027, subject to covenant headroom. The Directors are satisfied that the
\n
Group has sufficient liquidity and covenant headroom to withstand reasonable variances to the
\n
base forecast, as well as the downside scenarios. In addition, the Directors have noted the range
\n
of possible additional liquidity options available to the Group, should they be required.
\n
As a result, the Directors have satisfied themselves that the Group has adequate financial
\n
resources to continue in operational existence for a period of at least the next 21 months.
\n
Accordingly, they continue to adopt the going concern basis in preparing the consolidated
\n
financial statements.
\n
2.3 Basis of consolidation
\n
The consolidated financial statements comprise the financial statements of the Group and its
\n
subsidiaries at 31 December 2023. Control is achieved when the Group is exposed, or has rights,
\n
to variable returns from its involvement with the investee and has the ability to affect those returns
\n
through its power over the investee.
\n
Specifically, the Group controls an investee if, and only if, the Group has:
\n
\u2013 power over the investee (i.e. existing rights that give it the current ability to direct the relevant
\n
activities of the investee);
\n
\u2013 exposure, or rights, to variable returns from its involvement with the investee; and
\n
\u2013 the ability to use its power over the investee to affect its returns.
\n
The Group reassesses whether or not it controls an investee if facts and circumstances indicate
\n
that there are changes to one or more of the three elements of control. Consolidation of a
\n
subsidiary begins when the Group obtains control over the subsidiary and ceases when the
\n
Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary
\n
acquired or disposed of during the year are included in the consolidated financial statements
\n
from the date the Group gains control until the date the Group ceases to control the subsidiary.
\n
The Group holds 100% of the equity and controls 100% of the voting rights in all subsidiaries, with
\n
the exception of Equaflow Ltd, Sustainable Water and Drainage Systems BV, Sustainable Water
\n
and Drainage Systems Limited and Water Management Solutions LLC (which has not traded since
\n
incorporation in Qatar in 2015).
\n
In relation to the acquisition of Plura Composites Limited and related entities, under the terms
\n
of the acquisition, the group originally acquired 51% with an option to acquire the remaining 49%
\n
which was exercised during the year on 8 December 2023. Under the contractual arrangements,
\n
prior to exercising the option, the Group\u2019s approval is required for all major operational decisions.
\n
Based on this, the Group has accounted for Plura Composites Limited as a wholly owned
\n
subsidiary for the full year and prior year because the call option over the remaining shares gave
\n
the Group present access to returns over all the shares held by non-controlling shareholders.
\n
The treatment of non-controlling interests or any other non-voting right factors in respect
\n
of control is not material to the consolidated financial statements.
\n
\n
\n
\n
\u00a0
\u00a0
2.4 Business combinations
Business combinations are accounted for using the acquisition method. The cost of an acquisition
is the total of the consideration transferred, measured at acquisition fair value. Acquisition costs
incurred are expensed and included in administration expenses in the income statement.
Identifiable intangible assets, meeting either the contractual-legal or separability criterion
are recognised separately from goodwill.
2.4.1 Goodwill
Goodwill arises on business combinations and represents the excess of the cost of an acquisition
over the fair value of the Group\u2019s share of the identifiable assets, liabilities and contingent
liabilities acquired.
After initial recognition, goodwill is stated at cost less any accumulated impairment losses
(see Note 2.13).
Goodwill has specific characteristics for impairment and is tested annually (at 31 December)
or when circumstances indicate that the carrying amount may be impaired. Impairment is
determined for goodwill by assessing the recoverable amount of each cash generating unit
(CGU) to which the goodwill relates. Each CGU or group of CGUs to which goodwill is allocated
represents the lowest level within the entity at which the goodwill is monitored for internal
management purposes and is not larger than an operating segment before aggregation.
An impairment loss is recognised if the carrying amount of a CGU is determined to be greater
than its recoverable amount. The recoverable amount of a CGU is the higher of its fair value less
costs to sell and its value-in-use. If an impairment is identified the carrying value of the goodwill
is written down immediately through the income statement and this is not subsequently reversed.
2.4.2 Other intangible assets
Intangible assets arising on business combinations are initially measured at fair value. Following
initial recognition, intangible assets are carried at cost or fair value less accumulated amortisation
and accumulated impairment losses, if any. The useful lives of intangible assets are assessed as
either finite or indefinite. Intangible assets with finite lives are amortised on a straight-line basis
over their expected useful life and are assessed for impairment whenever there is an indication
that the intangible asset may be impaired.
Amortisation of intangible assets is provided over the following expected useful lives:
Patents and brand names
10 to 20 years
Customer relationships and customer order book
5 to 20 years
Licences
10 years
Development costs
4 to 10 years
2.5 Foreign currency translation
The Group\u2019s consolidated financial statements are presented in Pounds Sterling, which is also
the Parent Company\u2019s functional currency. Each entity in the Group determines its own functional
currency and items included in the financial statements of each entity are measured in that
functional currency.
Transactions in foreign currencies are initially recognised by the Group entities at their respective
functional currency rates prevailing at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are re-translated at the
functional currency spot rate of exchange at the balance sheet date. All differences arising
on settlement or translation are taken to the income statement.
Non-monetary items that are measured in terms of historical cost in a foreign currency
are translated using the exchange rates at the dates of the initial transactions.
The assets and liabilities of foreign operations are translated into Pounds Sterling at the rate
of exchange ruling at the balance sheet date. Income and expenses are translated at average
exchange rates prevailing. The resulting exchange differences are recognised in other
comprehensive income.
2.6 Revenue from contracts with customers and interest income
Revenue from contracts with customers is recognised when control of the goods is transferred
to the customer at an amount that reflects the consideration to which the Group expects to
be entitled to in exchange for those goods. The disclosure of significant accounting judgements
and estimates relating to revenue from contracts with customers is provided in Note 3.
2.6.1 Sale of goods
i) Performance obligations
Revenue from sale of goods is recognised at the point in time when control of the goods is
transferred to the customer, generally on delivery of the goods. Our most commonly used
standard payment terms are 30 days net end of month.
The main source of variable consideration in our contracts with customers relates to volume
rebates. More information is on the accounting for rebates is provided at (ii) and (iii) below.
The Group\u2019s contracts do not typically include a significant financing component. Non-cash
consideration is not a feature of the Group\u2019s contractual arrangements.
ii) Variable consideration
If the consideration in a sales contract includes a variable amount, the Group estimates the
amount of consideration to which it will be entitled in exchange for transferring the goods to
the customer. The variable consideration is estimated at contract inception and constrained
until it is highly probable that a significant revenue reversal in the amount of cumulative revenue
recognised will not occur when the associated uncertainty with the variable consideration is
subsequently resolved. Some sales contracts provide customers with sales volume rebates.
The sales volume rebates give rise to variable consideration.
iii) Sales volume rebates
The Group provides retrospective sales volume rebates to certain customers once, amongst
other matters, the quantity of goods purchased during a predetermined period exceeds
thresholds specified in the sales contract. To estimate the variable consideration for these
expected future rebates, the Group applies the most likely amount method for sales contracts
with a single-volume threshold and the expected value method for sales contracts with more
than one volume threshold. The selected method that best predicts the amount of variable
consideration is primarily driven by the number of volume thresholds contained in the sales
contract. The Group then applies the requirements on constraining estimates of variable
consideration and recognises a refund liability for the expected future rebates. Sales volume
rebate liabilities, both estimated and actual, are netted off against the associated trade
receivables to the extent of the individual customer trade receivable balance and where
they are net settled. Any remaining credit balances are included in trade and other payables.
Developer rebate liabilities are presented in trade and other payables.
2.7 Interest income
Interest income is recognised as interest accrues on cash balances using the effective interest
method. The effective interest rate is the rate that exactly discounts estimated future cash
receipts through the expected life of the financial instrument to its net carrying amount.
2.8 Income taxes
Current income tax
Current income tax assets and liabilities for the current and prior years are measured at the
amount expected to be recovered from or paid to the tax authorities, based on income tax rates
and laws enacted or substantively enacted at the balance sheet date.
Deferred income tax
Deferred income tax is recognised on all temporary differences arising between the tax bases
of assets and liabilities and their carrying amounts in the consolidated financial statements,
with the following exceptions:
\u2013 where the deferred income tax asset relating to the deductible temporary difference arises
from the initial recognition of an asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither the accounting profit nor
taxable profit or loss;
\u2013 in respect of taxable temporary differences associated with investments in subsidiaries, where
the timing of the reversal of the temporary differences can be controlled and it is probable that
the temporary differences will not reverse in the foreseeable future; and
\u2013 deferred income tax assets are recognised only to the extent that it is probable that taxable
profit will be available against which the deductible temporary differences, carried forward
tax credits or tax losses can be utilised.
For deductible temporary differences associated with investments in subsidiaries it must
additionally be probable that the temporary differences will reverse in the foreseeable future.
The carrying amount of deferred income tax assets is reviewed at each balance sheet date.
Deferred income tax assets and liabilities are offset only if a legally enforceable right exists to
set off current income tax assets against current income tax liabilities and the deferred income
taxes relate to the same tax authority and that authority permits the Group to make a single
net payment.
Deferred income tax assets and liabilities are measured on an undiscounted basis at the income
tax rates that are expected to apply when the asset is realised or the liability is settled, based on
income tax rates and laws enacted or substantively enacted at the balance sheet date.
Income tax is charged or credited to other comprehensive income if it relates to items that are
charged or credited to other comprehensive income. Similarly, income tax is charged or credited
directly to equity if it relates to items that are charged or credited directly to equity. Otherwise,
income tax is recognised in the income statement.
2.9 Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and accumulated
impairment losses, if any. Cost comprises the aggregate amount paid and the fair value of any
other consideration given to acquire the asset and includes costs directly attributable to making
the asset capable of operating as intended.
Depreciation is provided on the cost less residual value of property, plant and equipment, and is
on a straight-line basis over its expected useful life as follows:
Freehold land
Nil
Freehold buildings
Over expected useful life not exceeding 50 years
Plant and other equipment
4 to 20 years
The carrying amounts of property, plant and equipment are reviewed for impairment if events or
changes in circumstances indicate the carrying amount may not be recoverable, and are written
down immediately to their recoverable amount. Useful lives, residual values and depreciation
methods are reviewed at each financial year end, and where adjustments are required, these
are made prospectively.
An item of property, plant and equipment and any significant part initially recognised is
derecognised upon disposal or where no future economic benefits are expected to arise from the
continued use of the asset. Any profit or loss arising on the derecognition of the asset (calculated
as the difference between the net disposal proceeds and the carrying amount of the asset)
is included in the income statement when the asset is derecognised.
2.10 Software as a Service (SaaS)
Under Software as a Service arrangements the Group does not currently control the underlying
software used in the agreement. These arrangements are accounted for as a service contract
and expensed in the Group income statement over the contract term, unless the Group has
both a contractual right to take possession of the software at any time, and the ability to run the
software independently of the host vendor. In such cases, the licence agreement is capitalised
as software within intangible assets.
The Group\u2019s policy in relation to costs incurred to configure or customise the software to specific
requirements is as follows:
\u2013 where costs incurred result in the creation of a separately identifiable resource controlled by
the Group, and where the Group has the power to obtain the future economic benefit flowing
from the underlying resource, such costs are capitalised as software within intangible assets;
\u2013 where costs incurred do not result in the recognition of an intangible asset then the costs are
expensed as incurred. Costs are included within non-underlying items in the income statement
if they relate to significant strategic projects and are considered to meet the Group\u2019s definition
of non-underlying items.
2.11 Research and development costs
Research costs are expensed as incurred. Development expenditures on individual projects
are recognised as an intangible asset when the Group can demonstrate:
\u2013 the technical feasibility of completing the intangible asset so that it will be available for use or sale;
\u2013 its intention to complete and its ability to use or sell the asset;
\u2013 how the asset will generate future economic benefits;
\u2013 the availability of resources to complete the asset; and
\u2013 the ability to measure reliably the expenditure during development.
Other internally generated intangible assets are not capitalised and expenditure is reflected in the
income statement in the year in which the expenditure is incurred.
2.12 Assets classified as held-for-sale
Assets classified as held-for-sale are measured at the lower of carrying amount and fair value, less
costs to sell. Assets are classified as held-for-sale if their carrying amount will be recovered through
a sale transaction rather than through continuing use. This condition is regarded as met only when
the sale is highly probable, expected to be completed within one year from the date of classification
and accordingly included in current assets with the associated liabilities being included in current
liabilities, and the asset is available for immediate sale in its present condition.
2.13 Impairment of non-financial assets
The Group assesses at each balance sheet date whether there are any indicators that an asset
may be impaired.
If any such indication exists, or when annual impairment testing for an asset is required, the Group
makes an estimate of the asset\u2019s recoverable amount in order to determine the extent of the
impairment loss. The recoverable amount of an asset or CGU is the higher of its fair value less
costs to sell and its value-in-use and it is determined for an individual asset, unless the asset
does not generate cash flows that are largely independent of those from other assets or groups
of assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset is
considered impaired and is written down to its recoverable amount. In assessing value-in-use,
the estimated future pre-tax cash flows are mid-year discounted to their present value using a
pre-tax discount rate that reflects current market assessments of the time value of money and
the risks specific to the asset. In determining fair value less costs to sell, recent market transactions
are taken into account. If no such transactions can be identified, an appropriate valuation model
is used. These calculations are corroborated by valuation multiples or other available fair
value indicators.
The Group bases its impairment calculations on detailed budgets and industry forecast
calculations which are prepared separately for each of the Group\u2019s CGUs to which the individual
assets are allocated. These budgets and industry forecast calculations are generally covering
a period of five years. For longer periods, a long-term growth rate is calculated and applied
to project future cash flows after the fifth year.
Impairment losses are recognised in the income statement in those expense categories
consistent with the function of the impaired asset.
2.14 Leasing
Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date
the underlying asset is available for use). Right-of-use assets are measured at cost, less any
accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease
liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial
direct costs incurred, and lease payments made at or before the commencement date less
any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the
leased asset at the end of the lease term, the recognised right-of-use assets are depreciated
on a straight-line basis over the shorter of its expected useful life and the lease term. Right-of-use
assets are subject to impairment.
Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the
present value of lease payments to be made over the lease term. The lease payments include
fixed payments (including in-substance fixed payments) less any lease incentives receivable, and
amounts expected to be paid under residual value guarantees. The lease payments also include
the exercise price of a purchase option reasonably certain to be exercised by the Group and
payments of penalties for terminating a lease, if the lease term reflects the Group exercising the
option to terminate.
In calculating the present value of lease payments, the Group uses the incremental borrowing
rate at the lease commencement date if the interest rate implicit in the lease is not readily
determinable. After the commencement date, the amount of lease liabilities is increased to reflect
the accretion of interest and reduced for the lease payments made. In addition, the carrying
amount of lease liabilities is remeasured if there is a modification, a change in the lease term,
a change in the lease payments or a change in the assessment to purchase the underlying asset.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases of
machinery and equipment (i.e. those leases that have a lease term of 12 months or less from the
commencement date and do not contain a purchase option). It also applies the lease of low-value
assets recognition exemption to leases that are considered of low value. Lease payments on
short-term leases and leases of low-value assets are recognised as an expense on a straight-line
basis over the lease term.
Determining the lease term of contracts with renewal options
The Group determines the lease term as the non-cancellable term of the lease, together with any
periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any
periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.
The Group has the option, under some of its leases, to lease the assets for additional terms.
The Group applies judgement in evaluating whether it is reasonably certain to exercise the
option to renew. That is, it considers all relevant factors that create an economic incentive for it
to exercise the renewal. After the commencement date, the Group re-assesses the lease term
if there is a significant event or change in circumstances that is within its control and affects its
ability to exercise (or not to exercise) the option to renew (e.g. a change in business strategy).
2.15 Financial instruments \u2013 initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and
a financial liability or equity instrument of another entity.
i) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost,
fair value through other comprehensive income, or fair value through profit or loss (FVTPL).
The classification of financial assets at initial recognition depends on the financial asset\u2019s
contractual cash flow characteristics and the Group\u2019s business model for managing them.
With the exception of trade receivables that do not contain a significant financing component,
the Group initially measures a financial asset at its fair value plus, in the case of a financial asset
not recognised at FVTPL, transaction costs. Trade receivables that do not contain a significant
financing component are measured at the transaction price determined under IFRS 15.
The Group\u2019s business model for managing financial assets refers to how it manages its financial
assets in order to generate cash flows. The business model determines whether cash flows will
result from collecting contractual cash flows, selling the financial assets, or both.
The Group\u2019s financial assets include cash and cash equivalents and trade and other receivables.
Subsequent measurement
The subsequent measurement of financial assets depends on their classification. The Group
does not currently hold any fair value through other comprehensive income financial assets.
Financial assets at amortised cost
The Group measures financial assets at amortised cost if both of the following conditions are met:
\u2013 the financial asset is held within a business model with the objective to hold financial assets
in order to collect contractual cash flows; and
\u2013 the contractual terms of the financial asset give rise on specified dates to cash flows that
are solely payments of principal and interest on the principal amount outstanding.
Financial assets at amortised cost are subsequently measured using the effective interest
method and are subject to impairment. Gains and losses are recognised in profit or loss when
the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost includes cash and cash equivalents and
trade receivables.
Impairment
The Group recognises an allowance for expected credit losses (ECLs) for all financial assets
not held at FVTPL. ECLs are based on the difference between the contractual cash flows due
in accordance with the contract and all the cash flows that the Group expects to receive,
discounted at an approximation of the original effective interest rate.
For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore,
the Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime ECLs at each balance sheet date. The Group has established a provision matrix that
is based on its historical credit loss experience, adjusted for forward-looking factors specific to
the receivables and the economic environment.
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at FVTPL, loans and
borrowings, payables, lease liabilities or as derivatives designated as hedging instruments in
an effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings
and payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, lease liabilities, deferred and
contingent consideration, loans and borrowings including bank overdrafts, and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Derivative financial instruments are classified as FVTPL unless they are designated as effective
hedging instruments. Gains and losses on such derivatives are recognised in the income
statement. However, in the current and prior period all derivatives have been designated as
hedging instruments in effective hedging relationships. Further information on their accounting
is provided at 2.16 below. As such, the only financial liability at FVTPL is the deferred and contingent
consideration (see Note 18).
Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at
amortised cost using the effective interest method. Profits and losses arising on the repurchase,
settlement or otherwise cancellation of liabilities are recognised in finance revenues and finance
costs, respectively.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or
cancelled or expires. When an existing financial liability is replaced by another from the same
lender on substantially different terms, or the terms of an existing liability are substantially
modified, such an exchange or modification is treated as a derecognition of the original liability
and the recognition of a new liability. The difference in the respective carrying amounts, together
with any costs or fees incurred, is recognised in the income statement.
iii) Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount reported in the balance
sheet if there is a currently enforceable legal right to offset the recognised amounts and there
is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
2.16 Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments to hedge its foreign currency risks. The Group
does not use derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into,
and they are subsequently remeasured to their fair value at the end of each reporting period.
The accounting for subsequent changes in fair value depends on whether the derivative is
designated as a hedging instrument and, if so, the nature of the item being hedged. For the
purpose of hedge accounting, hedges are classified as:
\u2013 Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm commitment.
Cash flow hedge
Cash flow hedging matches the cash flows of hedged items against the corresponding cash
flows of the derivative. The effective part of any profit or loss on the derivative is recognised
directly in other comprehensive income and the hedged item is accounted for in accordance
with the policy for that financial instrument. Any ineffective part of any profit or loss is recognised
immediately in the income statement. Amounts taken to other comprehensive income are
transferred to the income statement when the hedged transaction affects profit or loss, such
as when a forecast sale or purchase occurs.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated,
or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative profit or loss
on the hedging instrument recognised in equity is retained in equity until the forecast transaction
occurs. If a hedged transaction is no longer expected to occur, the net cumulative profit or loss
recognised in equity is transferred to the income statement for the period.
Note 29 sets out the details of the fair values of the derivative financial instruments used for
hedging purposes.
2.17 Fair values
The Group measures financial instruments, such as derivatives, at fair value at each balance
sheet date.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between the market participants at the measurement date. The fair value
measurement is based on the presumption that the transaction to sell the asset or transfer the
liability takes place either:
\u2013 in the principal market for the asset or liability; or
\u2013 in the absence of a principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible by the Group. The fair value
of financial instruments that are traded in active markets at the balance sheet date is determined
by reference to quoted market prices or dealer price quotations, without any deduction for
transaction costs.
For financial instruments not traded in an active market, the fair value is determined using
appropriate valuation techniques. Such techniques may include using recent arm\u2019s length market
transactions; reference to the current fair value of another instrument that is substantially the
same; discounted cash flow analysis; or other valuation models.
An analysis of fair values of financial instruments and further details as to how they are measured
are provided in Note 29.
2.18 Inventories
Inventories are stated at the lower of cost and net realisable value. Cost includes all costs incurred
in bringing each product to its present location and condition, as follows:
\u2013 Raw materials \u2013 purchase cost on a first in, first out basis.
\u2013 Work in progress and finished goods \u2013 cost of direct materials and labour plus attributable
overheads based on a normal level of activity.
Net realisable value is based on estimated selling price less any further costs expected to be
incurred to completion and disposal.
2.19 Cash and short-term deposits
Cash and short-term deposits consist of cash at bank and in hand.
2.20 Pensions
The Group operates defined contribution pension plans. Contributions payable in the year
are charged to the income statement. The assets are held separately from those of the Group
in an independently administered fund. Differences between contributions payable in the
year and contributions actually paid are shown as either accruals or prepayments in the
balance sheet.
2.21 Non-underlying items
The Group presents amortisation and impairment of intangible assets arising on business
combinations, the un-wind of inventory fair value adjustments resulting from acquisitions,
significant profit on disposal of property, plant and equipment, restructuring costs, non-recurring
operating costs and tax, as non-underlying items on the face of the income statement. These are
items of income and expense which, because of the nature and expected infrequency of the
events giving rise to them, the Directors consider merit separate presentation to provide a better
and more consistent indication of the Group\u2019s underlying financial performance and a more
meaningful comparison with prior and future periods to assess trends in financial performance.
The tax effect of the above is also included.
2.22 Share-based payments
In the case of equity-settled schemes, the fair value of options granted is recognised as an
employee expense with a corresponding increase in equity. The fair value is measured at the date
of grant and spread over the period during which the employees become unconditionally entitled
to the options. The value of the options is measured using the Black\u2013Scholes and Monte Carlo
models, taking into account the terms and conditions (including market and non-vesting
conditions) upon which the options were granted. Non-market vesting conditions are taken into
account by adjusting the number of equity instruments expected to vest at each balance sheet
date so that, ultimately, the cumulative amount recognised over the vesting period is based on
the number of options that eventually vest. No expense is recognised for awards that do not
ultimately vest, except for equity-settled transactions where vesting is conditional upon a market
or non-vesting condition, which are treated as vesting irrespective of whether or not the market
or non-vesting condition is satisfied, provided that all other performance and/or service
conditions are satisfied.
The dilutive effect of outstanding options is reflected as additional share dilution in the
computation of diluted earnings per share.
2.23 Cash dividend
The Group recognises a liability to pay a dividend when the distribution is authorised and the
distribution is no longer at the discretion of the Group. Under UK company law a distribution is
authorised when it is approved by the shareholders. A corresponding amount is then recognised
directly in equity.
2.24 Own shares
The Group operates an Employee Benefit Trust (EBT). The Group and/or the EBT, holds Genuit Group
plc shares for the granting of Genuit Group plc shares to employees and Directors. These shares
are recognised at cost and presented in the balance sheet as a deduction from equity. No profit
or loss is recognised in the income statement on the purchase, sale, issue or cancellation of these
shares. No dividends are earned on these shares, and they are ignored for the purposes of
calculating the Group\u2019s earnings per share.
2.25 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 outflow of resources embodying economic benefits
will be required to settle the obligation and a reliable estimate can be made of the amount of
the obligation.
Restructuring provisions are recognised only when the Group has a constructive obligation,
which is when a detailed formal plan identifies the business or part of the business concerned, the
location and number of employees affected, a detailed estimate of the associated costs, and an
appropriate time line, and the employees affected have been notified of the plan\u2019s main features.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22606": { "value": "2.1 Basis of preparation and statement of compliance with IFRSs
The Group\u2019s consolidated financial statements have been prepared in accordance with
\n
UK-adopted International Accounting Standards (UK-adopted-IAS).
\n
The accounting policies which follow set out those policies which apply in preparing
\n
the consolidated financial statements for the year ended 31 December 2023.
\n
The Group\u2019s consolidated financial statements have been prepared on a historical cost basis except
\n
for derivative financial instruments and deferred and contingent consideration that have been
\n
measured at fair value. The consolidated financial statements are presented in Pounds Sterling
\nand all values are rounded to one decimal place of a million (\u00a3m) unless otherwise indicated.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22607": { "value": "2.1 Basis of preparation and statement of compliance with IFRSs
The Group\u2019s consolidated financial statements have been prepared in accordance with
\n
UK-adopted International Accounting Standards (UK-adopted-IAS).
\n
The accounting policies which follow set out those policies which apply in preparing
\n
the consolidated financial statements for the year ended 31 December 2023.
\n
The Group\u2019s consolidated financial statements have been prepared on a historical cost basis except
\n
for derivative financial instruments and deferred and contingent consideration that have been
\n
measured at fair value. The consolidated financial statements are presented in Pounds Sterling
\nand all values are rounded to one decimal place of a million (\u00a3m) unless otherwise indicated.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22621": { "value": "2.2 Going concern
The Directors have made enquiries into the adequacy of the Group\u2019s financial resources, through
\n
a review of the Group\u2019s budget and medium-term financial plan, including cash flow forecasts.
\n
The Group has modelled a range of scenarios, with the base forecast being one in which, over
\n
the 24 months ending 31 December 2025, sales volumes grow in line with or moderately above
\n
external construction industry forecasts.
\n
In addition, the Directors have considered several downside scenarios, including adjustments
\n
to the base forecast, a period of significantly lower like-for-like sales, profitability and cash flows.
\n
Consistent with our Principal Risks and Uncertainties these downside scenarios included, but were
\n
not limited to, loss of production, loss of a major customer, product failure, recession, increases
\n
in interest rates and increases in raw material prices. Downside scenarios also included a
\n
combination of these risks, and reverse stress testing.
\n
The financial impact of the climate-related risks disclosed within the Task Force on
\n
Climate-Related Financial Disclosures Report on pages 31 to 40 of the Strategic Report continue
\n
to be assessed. The Directors conclude that there is no material adverse impact of climate
\n
change in the short to medium-term, and hence have not included any impacts in either the base
\n
case or downside scenarios of the going concern assessment. The Group has not experienced
\n
material adverse disruption during periods of adverse or extreme weather in recent years and
\n
do not expect this to occur to a material level over the period of the going concern assessment.
\n
At 31 December 2023, the Group had available \u00a3230.0m of undrawn committed borrowing facilities
\n
in respect of which all conditions precedent had been met. These borrowing facilities are available
\n
until at least August 2027, subject to covenant headroom. The Directors are satisfied that the
\n
Group has sufficient liquidity and covenant headroom to withstand reasonable variances to the
\n
base forecast, as well as the downside scenarios. In addition, the Directors have noted the range
\n
of possible additional liquidity options available to the Group, should they be required.
\n
As a result, the Directors have satisfied themselves that the Group has adequate financial
\n
resources to continue in operational existence for a period of at least the next 21 months.
\n
Accordingly, they continue to adopt the going concern basis in preparing the consolidated
\nfinancial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22642": { "value": "2023-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22654": { "value": "2.3 Basis of consolidation
The consolidated financial statements comprise the financial statements of the Group and its
\n
subsidiaries at 31 December 2023. Control is achieved when the Group is exposed, or has rights,
\n
to variable returns from its involvement with the investee and has the ability to affect those returns
\n
through its power over the investee.
\n
Specifically, the Group controls an investee if, and only if, the Group has:
\n
\u2013 power over the investee (i.e. existing rights that give it the current ability to direct the relevant
\n
activities of the investee);
\n
\u2013 exposure, or rights, to variable returns from its involvement with the investee; and
\n
\u2013 the ability to use its power over the investee to affect its returns.
\n
The Group reassesses whether or not it controls an investee if facts and circumstances indicate
\n
that there are changes to one or more of the three elements of control. Consolidation of a
\n
subsidiary begins when the Group obtains control over the subsidiary and ceases when the
\n
Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary
\n
acquired or disposed of during the year are included in the consolidated financial statements
\n
from the date the Group gains control until the date the Group ceases to control the subsidiary.
\n
The Group holds 100% of the equity and controls 100% of the voting rights in all subsidiaries, with
\n
the exception of Equaflow Ltd, Sustainable Water and Drainage Systems BV, Sustainable Water
\n
and Drainage Systems Limited and Water Management Solutions LLC (which has not traded since
\n
incorporation in Qatar in 2015).
\n
In relation to the acquisition of Plura Composites Limited and related entities, under the terms
\n
of the acquisition, the group originally acquired 51% with an option to acquire the remaining 49%
\n
which was exercised during the year on 8 December 2023. Under the contractual arrangements,
\n
prior to exercising the option, the Group\u2019s approval is required for all major operational decisions.
\n
Based on this, the Group has accounted for Plura Composites Limited as a wholly owned
\n
subsidiary for the full year and prior year because the call option over the remaining shares gave
\n
the Group present access to returns over all the shares held by non-controlling shareholders.
\n
The treatment of non-controlling interests or any other non-voting right factors in respect
\nof control is not material to the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22735": { "value": "2.4 Business combinations
Business combinations are accounted for using the acquisition method. The cost of an acquisition
is the total of the consideration transferred, measured at acquisition fair value. Acquisition costs
incurred are expensed and included in administration expenses in the income statement.
Identifiable intangible assets, meeting either the contractual-legal or separability criterion
are recognised separately from goodwill.
2.4.1 Goodwill
Goodwill arises on business combinations and represents the excess of the cost of an acquisition
over the fair value of the Group\u2019s share of the identifiable assets, liabilities and contingent
liabilities acquired.
After initial recognition, goodwill is stated at cost less any accumulated impairment losses
(see Note 2.13).
Goodwill has specific characteristics for impairment and is tested annually (at 31 December)
or when circumstances indicate that the carrying amount may be impaired. Impairment is
determined for goodwill by assessing the recoverable amount of each cash generating unit
(CGU) to which the goodwill relates. Each CGU or group of CGUs to which goodwill is allocated
represents the lowest level within the entity at which the goodwill is monitored for internal
management purposes and is not larger than an operating segment before aggregation.
An impairment loss is recognised if the carrying amount of a CGU is determined to be greater
than its recoverable amount. The recoverable amount of a CGU is the higher of its fair value less
costs to sell and its value-in-use. If an impairment is identified the carrying value of the goodwill
is written down immediately through the income statement and this is not subsequently reversed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22736": { "value": "2.4 Business combinations
Business combinations are accounted for using the acquisition method. The cost of an acquisition
is the total of the consideration transferred, measured at acquisition fair value. Acquisition costs
incurred are expensed and included in administration expenses in the income statement.
Identifiable intangible assets, meeting either the contractual-legal or separability criterion
are recognised separately from goodwill.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22746": { "value": "2.4.1 Goodwill
Goodwill arises on business combinations and represents the excess of the cost of an acquisition
over the fair value of the Group\u2019s share of the identifiable assets, liabilities and contingent
liabilities acquired.
After initial recognition, goodwill is stated at cost less any accumulated impairment losses
(see Note 2.13).
Goodwill has specific characteristics for impairment and is tested annually (at 31 December)
or when circumstances indicate that the carrying amount may be impaired. Impairment is
determined for goodwill by assessing the recoverable amount of each cash generating unit
(CGU) to which the goodwill relates. Each CGU or group of CGUs to which goodwill is allocated
represents the lowest level within the entity at which the goodwill is monitored for internal
management purposes and is not larger than an operating segment before aggregation.
An impairment loss is recognised if the carrying amount of a CGU is determined to be greater
than its recoverable amount. The recoverable amount of a CGU is the higher of its fair value less
costs to sell and its value-in-use. If an impairment is identified the carrying value of the goodwill
is written down immediately through the income statement and this is not subsequently reversed.
2.4.2 Other intangible assets
Intangible assets arising on business combinations are initially measured at fair value. Following
initial recognition, intangible assets are carried at cost or fair value less accumulated amortisation
and accumulated impairment losses, if any. The useful lives of intangible assets are assessed as
either finite or indefinite. Intangible assets with finite lives are amortised on a straight-line basis
over their expected useful life and are assessed for impairment whenever there is an indication
that the intangible asset may be impaired.
Amortisation of intangible assets is provided over the following expected useful lives:
Patents and brand names
10 to 20 years
Customer relationships and customer order book
5 to 20 years
Licences
10 years
Development costs
4 to 10 years
2.10 Software as a Service (SaaS)
Under Software as a Service arrangements the Group does not currently control the underlying
software used in the agreement. These arrangements are accounted for as a service contract
and expensed in the Group income statement over the contract term, unless the Group has
both a contractual right to take possession of the software at any time, and the ability to run the
software independently of the host vendor. In such cases, the licence agreement is capitalised
as software within intangible assets.
The Group\u2019s policy in relation to costs incurred to configure or customise the software to specific
requirements is as follows:
\u2013 where costs incurred result in the creation of a separately identifiable resource controlled by
the Group, and where the Group has the power to obtain the future economic benefit flowing
from the underlying resource, such costs are capitalised as software within intangible assets;
\u2013 where costs incurred do not result in the recognition of an intangible asset then the costs are
expensed as incurred. Costs are included within non-underlying items in the income statement
if they relate to significant strategic projects and are considered to meet the Group\u2019s definition
of non-underlying items.
2.11 Research and development costs
Research costs are expensed as incurred. Development expenditures on individual projects
are recognised as an intangible asset when the Group can demonstrate:
\u2013 the technical feasibility of completing the intangible asset so that it will be available for use or sale;
\u2013 its intention to complete and its ability to use or sell the asset;
\u2013 how the asset will generate future economic benefits;
\u2013 the availability of resources to complete the asset; and
\u2013 the ability to measure reliably the expenditure during development.
Other internally generated intangible assets are not capitalised and expenditure is reflected in the
income statement in the year in which the expenditure is incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22747": { "value": "2.4.1 Goodwill
Goodwill arises on business combinations and represents the excess of the cost of an acquisition
over the fair value of the Group\u2019s share of the identifiable assets, liabilities and contingent
liabilities acquired.
After initial recognition, goodwill is stated at cost less any accumulated impairment losses
(see Note 2.13).
Goodwill has specific characteristics for impairment and is tested annually (at 31 December)
or when circumstances indicate that the carrying amount may be impaired. Impairment is
determined for goodwill by assessing the recoverable amount of each cash generating unit
(CGU) to which the goodwill relates. Each CGU or group of CGUs to which goodwill is allocated
represents the lowest level within the entity at which the goodwill is monitored for internal
management purposes and is not larger than an operating segment before aggregation.
An impairment loss is recognised if the carrying amount of a CGU is determined to be greater
than its recoverable amount. The recoverable amount of a CGU is the higher of its fair value less
costs to sell and its value-in-use. If an impairment is identified the carrying value of the goodwill
is written down immediately through the income statement and this is not subsequently reversed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22769": { "value": "2.4.2 Other intangible assets
Intangible assets arising on business combinations are initially measured at fair value. Following
initial recognition, intangible assets are carried at cost or fair value less accumulated amortisation
and accumulated impairment losses, if any. The useful lives of intangible assets are assessed as
either finite or indefinite. Intangible assets with finite lives are amortised on a straight-line basis
over their expected useful life and are assessed for impairment whenever there is an indication
that the intangible asset may be impaired.
Amortisation of intangible assets is provided over the following expected useful lives:
Patents and brand names
10 to 20 years
Customer relationships and customer order book
5 to 20 years
Licences
10 years
Development costs
4 to 10 years
2.10 Software as a Service (SaaS)
Under Software as a Service arrangements the Group does not currently control the underlying
software used in the agreement. These arrangements are accounted for as a service contract
and expensed in the Group income statement over the contract term, unless the Group has
both a contractual right to take possession of the software at any time, and the ability to run the
software independently of the host vendor. In such cases, the licence agreement is capitalised
as software within intangible assets.
The Group\u2019s policy in relation to costs incurred to configure or customise the software to specific
requirements is as follows:
\u2013 where costs incurred result in the creation of a separately identifiable resource controlled by
the Group, and where the Group has the power to obtain the future economic benefit flowing
from the underlying resource, such costs are capitalised as software within intangible assets;
\u2013 where costs incurred do not result in the recognition of an intangible asset then the costs are
expensed as incurred. Costs are included within non-underlying items in the income statement
if they relate to significant strategic projects and are considered to meet the Group\u2019s definition
of non-underlying items.
2.11 Research and development costs
Research costs are expensed as incurred. Development expenditures on individual projects
are recognised as an intangible asset when the Group can demonstrate:
\u2013 the technical feasibility of completing the intangible asset so that it will be available for use or sale;
\u2013 its intention to complete and its ability to use or sell the asset;
\u2013 how the asset will generate future economic benefits;
\u2013 the availability of resources to complete the asset; and
\u2013 the ability to measure reliably the expenditure during development.
Other internally generated intangible assets are not capitalised and expenditure is reflected in the
income statement in the year in which the expenditure is incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22800": { "value": "2.5 Foreign currency translation
The Group\u2019s consolidated financial statements are presented in Pounds Sterling, which is also
the Parent Company\u2019s functional currency. Each entity in the Group determines its own functional
currency and items included in the financial statements of each entity are measured in that
functional currency.
Transactions in foreign currencies are initially recognised by the Group entities at their respective
functional currency rates prevailing at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are re-translated at the
functional currency spot rate of exchange at the balance sheet date. All differences arising
on settlement or translation are taken to the income statement.
Non-monetary items that are measured in terms of historical cost in a foreign currency
are translated using the exchange rates at the dates of the initial transactions.
The assets and liabilities of foreign operations are translated into Pounds Sterling at the rate
of exchange ruling at the balance sheet date. Income and expenses are translated at average
exchange rates prevailing. The resulting exchange differences are recognised in other
comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22803": { "value": "The Group\u2019s consolidated financial statements are presented in Pounds Sterling, which is also
the Parent Company\u2019s functional currency. Each entity in the Group determines its own functional
currency and items included in the financial statements of each entity are measured in that
functional currency.
Transactions in foreign currencies are initially recognised by the Group entities at their respective
functional currency rates prevailing at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are re-translated at the
functional currency spot rate of exchange at the balance sheet date. All differences arising
on settlement or translation are taken to the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22822": { "value": "2.6 Revenue from contracts with customers and interest income
Revenue from contracts with customers is recognised when control of the goods is transferred
to the customer at an amount that reflects the consideration to which the Group expects to
be entitled to in exchange for those goods. The disclosure of significant accounting judgements
and estimates relating to revenue from contracts with customers is provided in Note 3.
2.6.1 Sale of goods
i) Performance obligations
Revenue from sale of goods is recognised at the point in time when control of the goods is
transferred to the customer, generally on delivery of the goods. Our most commonly used
standard payment terms are 30 days net end of month.
The main source of variable consideration in our contracts with customers relates to volume
rebates. More information is on the accounting for rebates is provided at (ii) and (iii) below.
The Group\u2019s contracts do not typically include a significant financing component. Non-cash
consideration is not a feature of the Group\u2019s contractual arrangements.
ii) Variable consideration
If the consideration in a sales contract includes a variable amount, the Group estimates the
amount of consideration to which it will be entitled in exchange for transferring the goods to
the customer. The variable consideration is estimated at contract inception and constrained
until it is highly probable that a significant revenue reversal in the amount of cumulative revenue
recognised will not occur when the associated uncertainty with the variable consideration is
subsequently resolved. Some sales contracts provide customers with sales volume rebates.
The sales volume rebates give rise to variable consideration.
iii) Sales volume rebates
The Group provides retrospective sales volume rebates to certain customers once, amongst
other matters, the quantity of goods purchased during a predetermined period exceeds
thresholds specified in the sales contract. To estimate the variable consideration for these
expected future rebates, the Group applies the most likely amount method for sales contracts
with a single-volume threshold and the expected value method for sales contracts with more
than one volume threshold. The selected method that best predicts the amount of variable
consideration is primarily driven by the number of volume thresholds contained in the sales
contract. The Group then applies the requirements on constraining estimates of variable
consideration and recognises a refund liability for the expected future rebates. Sales volume
rebate liabilities, both estimated and actual, are netted off against the associated trade
receivables to the extent of the individual customer trade receivable balance and where
they are net settled. Any remaining credit balances are included in trade and other payables.
Developer rebate liabilities are presented in trade and other payables.
2.7 Interest income
Interest income is recognised as interest accrues on cash balances using the effective interest
method. The effective interest rate is the rate that exactly discounts estimated future cash
receipts through the expected life of the financial instrument to its net carrying amount.3.1.2 Revenue recognition and customer rebates
The Group\u2019s pricing structure involves rebate arrangements with several of its direct and indirect
customers. These can be complex in nature and involve estimation in determining the required
level of provision for rebate liabilities, particularly where the Group is reliant on information from
customers which may not be available at the time the liabilities are assessed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22829": { "value": "2.6.1 Sale of goods
i) Performance obligations
Revenue from sale of goods is recognised at the point in time when control of the goods is
transferred to the customer, generally on delivery of the goods. Our most commonly used
standard payment terms are 30 days net end of month.
The main source of variable consideration in our contracts with customers relates to volume
rebates. More information is on the accounting for rebates is provided at (ii) and (iii) below.
The Group\u2019s contracts do not typically include a significant financing component. Non-cash
consideration is not a feature of the Group\u2019s contractual arrangements.
ii) Variable consideration
If the consideration in a sales contract includes a variable amount, the Group estimates the
amount of consideration to which it will be entitled in exchange for transferring the goods to
the customer. The variable consideration is estimated at contract inception and constrained
until it is highly probable that a significant revenue reversal in the amount of cumulative revenue
recognised will not occur when the associated uncertainty with the variable consideration is
subsequently resolved. Some sales contracts provide customers with sales volume rebates.
The sales volume rebates give rise to variable consideration.
iii) Sales volume rebates
The Group provides retrospective sales volume rebates to certain customers once, amongst
other matters, the quantity of goods purchased during a predetermined period exceeds
thresholds specified in the sales contract. To estimate the variable consideration for these
expected future rebates, the Group applies the most likely amount method for sales contracts
with a single-volume threshold and the expected value method for sales contracts with more
than one volume threshold. The selected method that best predicts the amount of variable
consideration is primarily driven by the number of volume thresholds contained in the sales
contract. The Group then applies the requirements on constraining estimates of variable
consideration and recognises a refund liability for the expected future rebates. Sales volume
rebate liabilities, both estimated and actual, are netted off against the associated trade
receivables to the extent of the individual customer trade receivable balance and where
they are net settled. Any remaining credit balances are included in trade and other payables.
Developer rebate liabilities are presented in trade and other payables.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22901": { "value": "2.7 Interest income
Interest income is recognised as interest accrues on cash balances using the effective interest
method. The effective interest rate is the rate that exactly discounts estimated future cash
receipts through the expected life of the financial instrument to its net carrying amount.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22909": { "value": "2.8 Income taxes
Current income tax
Current income tax assets and liabilities for the current and prior years are measured at the
amount expected to be recovered from or paid to the tax authorities, based on income tax rates
and laws enacted or substantively enacted at the balance sheet date.
Deferred income tax
Deferred income tax is recognised on all temporary differences arising between the tax bases
of assets and liabilities and their carrying amounts in the consolidated financial statements,
with the following exceptions:
\u2013 where the deferred income tax asset relating to the deductible temporary difference arises
from the initial recognition of an asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither the accounting profit nor
taxable profit or loss;
\u2013 in respect of taxable temporary differences associated with investments in subsidiaries, where
the timing of the reversal of the temporary differences can be controlled and it is probable that
the temporary differences will not reverse in the foreseeable future; and
\u2013 deferred income tax assets are recognised only to the extent that it is probable that taxable
profit will be available against which the deductible temporary differences, carried forward
tax credits or tax losses can be utilised.
For deductible temporary differences associated with investments in subsidiaries it must
additionally be probable that the temporary differences will reverse in the foreseeable future.
The carrying amount of deferred income tax assets is reviewed at each balance sheet date.
Deferred income tax assets and liabilities are offset only if a legally enforceable right exists to
set off current income tax assets against current income tax liabilities and the deferred income
taxes relate to the same tax authority and that authority permits the Group to make a single
net payment.
Deferred income tax assets and liabilities are measured on an undiscounted basis at the income
tax rates that are expected to apply when the asset is realised or the liability is settled, based on
income tax rates and laws enacted or substantively enacted at the balance sheet date.
Income tax is charged or credited to other comprehensive income if it relates to items that are
charged or credited to other comprehensive income. Similarly, income tax is charged or credited
directly to equity if it relates to items that are charged or credited directly to equity. Otherwise,
income tax is recognised in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22916": { "value": "Deferred income tax
Deferred income tax is recognised on all temporary differences arising between the tax bases
of assets and liabilities and their carrying amounts in the consolidated financial statements,
with the following exceptions:
\u2013 where the deferred income tax asset relating to the deductible temporary difference arises
from the initial recognition of an asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither the accounting profit nor
taxable profit or loss;
\u2013 in respect of taxable temporary differences associated with investments in subsidiaries, where
the timing of the reversal of the temporary differences can be controlled and it is probable that
the temporary differences will not reverse in the foreseeable future; and
\u2013 deferred income tax assets are recognised only to the extent that it is probable that taxable
profit will be available against which the deductible temporary differences, carried forward
tax credits or tax losses can be utilised.
For deductible temporary differences associated with investments in subsidiaries it must
additionally be probable that the temporary differences will reverse in the foreseeable future.
The carrying amount of deferred income tax assets is reviewed at each balance sheet date.
Deferred income tax assets and liabilities are offset only if a legally enforceable right exists to
set off current income tax assets against current income tax liabilities and the deferred income
taxes relate to the same tax authority and that authority permits the Group to make a single
net payment.
Deferred income tax assets and liabilities are measured on an undiscounted basis at the income
tax rates that are expected to apply when the asset is realised or the liability is settled, based on
income tax rates and laws enacted or substantively enacted at the balance sheet date.
Income tax is charged or credited to other comprehensive income if it relates to items that are
charged or credited to other comprehensive income. Similarly, income tax is charged or credited
directly to equity if it relates to items that are charged or credited directly to equity. Otherwise,
income tax is recognised in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22948": { "value": "2.9 Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and accumulated
impairment losses, if any. Cost comprises the aggregate amount paid and the fair value of any
other consideration given to acquire the asset and includes costs directly attributable to making
the asset capable of operating as intended.
Depreciation is provided on the cost less residual value of property, plant and equipment, and is
on a straight-line basis over its expected useful life as follows:
Freehold land
Nil
Freehold buildings
Over expected useful life not exceeding 50 years
Plant and other equipment
4 to 20 years
The carrying amounts of property, plant and equipment are reviewed for impairment if events or
changes in circumstances indicate the carrying amount may not be recoverable, and are written
down immediately to their recoverable amount. Useful lives, residual values and depreciation
methods are reviewed at each financial year end, and where adjustments are required, these
are made prospectively.
An item of property, plant and equipment and any significant part initially recognised is
derecognised upon disposal or where no future economic benefits are expected to arise from the
continued use of the asset. Any profit or loss arising on the derecognition of the asset (calculated
as the difference between the net disposal proceeds and the carrying amount of the asset)
is included in the income statement when the asset is derecognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22955": { "value": "Depreciation is provided on the cost less residual value of property, plant and equipment, and is
on a straight-line basis over its expected useful life as follows:
Freehold land
Nil
Freehold buildings
Over expected useful life not exceeding 50 years
Plant and other equipment
4 to 20 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23042": { "value": "2.11 Research and development costs
Research costs are expensed as incurred. Development expenditures on individual projects
are recognised as an intangible asset when the Group can demonstrate:
\u2013 the technical feasibility of completing the intangible asset so that it will be available for use or sale;
\u2013 its intention to complete and its ability to use or sell the asset;
\u2013 how the asset will generate future economic benefits;
\u2013 the availability of resources to complete the asset; and
\u2013 the ability to measure reliably the expenditure during development.
Other internally generated intangible assets are not capitalised and expenditure is reflected in the
income statement in the year in which the expenditure is incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23057": { "value": "2.12 Assets classified as held-for-sale
Assets classified as held-for-sale are measured at the lower of carrying amount and fair value, less
costs to sell. Assets are classified as held-for-sale if their carrying amount will be recovered through
a sale transaction rather than through continuing use. This condition is regarded as met only when
the sale is highly probable, expected to be completed within one year from the date of classification
and accordingly included in current assets with the associated liabilities being included in current
liabilities, and the asset is available for immediate sale in its present condition.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23058": { "value": "2.12 Assets classified as held-for-sale
Assets classified as held-for-sale are measured at the lower of carrying amount and fair value, less
costs to sell. Assets are classified as held-for-sale if their carrying amount will be recovered through
a sale transaction rather than through continuing use. This condition is regarded as met only when
the sale is highly probable, expected to be completed within one year from the date of classification
and accordingly included in current assets with the associated liabilities being included in current
liabilities, and the asset is available for immediate sale in its present condition.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23070": { "value": "2.13 Impairment of non-financial assets
The Group assesses at each balance sheet date whether there are any indicators that an asset
may be impaired.
If any such indication exists, or when annual impairment testing for an asset is required, the Group
makes an estimate of the asset\u2019s recoverable amount in order to determine the extent of the
impairment loss. The recoverable amount of an asset or CGU is the higher of its fair value less
costs to sell and its value-in-use and it is determined for an individual asset, unless the asset
does not generate cash flows that are largely independent of those from other assets or groups
of assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset is
considered impaired and is written down to its recoverable amount. In assessing value-in-use,
the estimated future pre-tax cash flows are mid-year discounted to their present value using a
pre-tax discount rate that reflects current market assessments of the time value of money and
the risks specific to the asset. In determining fair value less costs to sell, recent market transactions
are taken into account. If no such transactions can be identified, an appropriate valuation model
is used. These calculations are corroborated by valuation multiples or other available fair
value indicators.
The Group bases its impairment calculations on detailed budgets and industry forecast
calculations which are prepared separately for each of the Group\u2019s CGUs to which the individual
assets are allocated. These budgets and industry forecast calculations are generally covering
a period of five years. For longer periods, a long-term growth rate is calculated and applied
to project future cash flows after the fifth year.
Impairment losses are recognised in the income statement in those expense categories
consistent with the function of the impaired asset.Impairment
The Group recognises an allowance for expected credit losses (ECLs) for all financial assets
not held at FVTPL. ECLs are based on the difference between the contractual cash flows due
in accordance with the contract and all the cash flows that the Group expects to receive,
discounted at an approximation of the original effective interest rate.
For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore,
the Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime ECLs at each balance sheet date. The Group has established a provision matrix that
is based on its historical credit loss experience, adjusted for forward-looking factors specific to
the receivables and the economic environment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23071": { "value": "2.13 Impairment of non-financial assets
The Group assesses at each balance sheet date whether there are any indicators that an asset
may be impaired.
If any such indication exists, or when annual impairment testing for an asset is required, the Group
makes an estimate of the asset\u2019s recoverable amount in order to determine the extent of the
impairment loss. The recoverable amount of an asset or CGU is the higher of its fair value less
costs to sell and its value-in-use and it is determined for an individual asset, unless the asset
does not generate cash flows that are largely independent of those from other assets or groups
of assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset is
considered impaired and is written down to its recoverable amount. In assessing value-in-use,
the estimated future pre-tax cash flows are mid-year discounted to their present value using a
pre-tax discount rate that reflects current market assessments of the time value of money and
the risks specific to the asset. In determining fair value less costs to sell, recent market transactions
are taken into account. If no such transactions can be identified, an appropriate valuation model
is used. These calculations are corroborated by valuation multiples or other available fair
value indicators.
The Group bases its impairment calculations on detailed budgets and industry forecast
calculations which are prepared separately for each of the Group\u2019s CGUs to which the individual
assets are allocated. These budgets and industry forecast calculations are generally covering
a period of five years. For longer periods, a long-term growth rate is calculated and applied
to project future cash flows after the fifth year.
Impairment losses are recognised in the income statement in those expense categories
consistent with the function of the impaired asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23099": { "value": "2.14 Leasing
Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date
the underlying asset is available for use). Right-of-use assets are measured at cost, less any
accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease
liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial
direct costs incurred, and lease payments made at or before the commencement date less
any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the
leased asset at the end of the lease term, the recognised right-of-use assets are depreciated
on a straight-line basis over the shorter of its expected useful life and the lease term. Right-of-use
assets are subject to impairment.
Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the
present value of lease payments to be made over the lease term. The lease payments include
fixed payments (including in-substance fixed payments) less any lease incentives receivable, and
amounts expected to be paid under residual value guarantees. The lease payments also include
the exercise price of a purchase option reasonably certain to be exercised by the Group and
payments of penalties for terminating a lease, if the lease term reflects the Group exercising the
option to terminate.
In calculating the present value of lease payments, the Group uses the incremental borrowing
rate at the lease commencement date if the interest rate implicit in the lease is not readily
determinable. After the commencement date, the amount of lease liabilities is increased to reflect
the accretion of interest and reduced for the lease payments made. In addition, the carrying
amount of lease liabilities is remeasured if there is a modification, a change in the lease term,
a change in the lease payments or a change in the assessment to purchase the underlying asset.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases of
machinery and equipment (i.e. those leases that have a lease term of 12 months or less from the
commencement date and do not contain a purchase option). It also applies the lease of low-value
assets recognition exemption to leases that are considered of low value. Lease payments on
short-term leases and leases of low-value assets are recognised as an expense on a straight-line
basis over the lease term.
Determining the lease term of contracts with renewal options
The Group determines the lease term as the non-cancellable term of the lease, together with any
periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any
periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.
The Group has the option, under some of its leases, to lease the assets for additional terms.
The Group applies judgement in evaluating whether it is reasonably certain to exercise the
option to renew. That is, it considers all relevant factors that create an economic incentive for it
to exercise the renewal. After the commencement date, the Group re-assesses the lease term
if there is a significant event or change in circumstances that is within its control and affects its
ability to exercise (or not to exercise) the option to renew (e.g. a change in business strategy). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23177": { "value": "2.15 Financial instruments \u2013 initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and
a financial liability or equity instrument of another entity.
i) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost,
fair value through other comprehensive income, or fair value through profit or loss (FVTPL).
The classification of financial assets at initial recognition depends on the financial asset\u2019s
contractual cash flow characteristics and the Group\u2019s business model for managing them.
With the exception of trade receivables that do not contain a significant financing component,
the Group initially measures a financial asset at its fair value plus, in the case of a financial asset
not recognised at FVTPL, transaction costs. Trade receivables that do not contain a significant
financing component are measured at the transaction price determined under IFRS 15.
The Group\u2019s business model for managing financial assets refers to how it manages its financial
assets in order to generate cash flows. The business model determines whether cash flows will
result from collecting contractual cash flows, selling the financial assets, or both.
The Group\u2019s financial assets include cash and cash equivalents and trade and other receivables.
Subsequent measurement
The subsequent measurement of financial assets depends on their classification. The Group
does not currently hold any fair value through other comprehensive income financial assets.
Financial assets at amortised cost
The Group measures financial assets at amortised cost if both of the following conditions are met:
\u2013 the financial asset is held within a business model with the objective to hold financial assets
in order to collect contractual cash flows; and
\u2013 the contractual terms of the financial asset give rise on specified dates to cash flows that
are solely payments of principal and interest on the principal amount outstanding.
Financial assets at amortised cost are subsequently measured using the effective interest
method and are subject to impairment. Gains and losses are recognised in profit or loss when
the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost includes cash and cash equivalents and
trade receivables.
Impairment
The Group recognises an allowance for expected credit losses (ECLs) for all financial assets
not held at FVTPL. ECLs are based on the difference between the contractual cash flows due
in accordance with the contract and all the cash flows that the Group expects to receive,
discounted at an approximation of the original effective interest rate.
For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore,
the Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime ECLs at each balance sheet date. The Group has established a provision matrix that
is based on its historical credit loss experience, adjusted for forward-looking factors specific to
the receivables and the economic environment.
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at FVTPL, loans and
borrowings, payables, lease liabilities or as derivatives designated as hedging instruments in
an effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings
and payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, lease liabilities, deferred and
contingent consideration, loans and borrowings including bank overdrafts, and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Derivative financial instruments are classified as FVTPL unless they are designated as effective
hedging instruments. Gains and losses on such derivatives are recognised in the income
statement. However, in the current and prior period all derivatives have been designated as
hedging instruments in effective hedging relationships. Further information on their accounting
is provided at 2.16 below. As such, the only financial liability at FVTPL is the deferred and contingent
consideration (see Note 18).
Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at
amortised cost using the effective interest method. Profits and losses arising on the repurchase,
settlement or otherwise cancellation of liabilities are recognised in finance revenues and finance
costs, respectively.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or
cancelled or expires. When an existing financial liability is replaced by another from the same
lender on substantially different terms, or the terms of an existing liability are substantially
modified, such an exchange or modification is treated as a derecognition of the original liability
and the recognition of a new liability. The difference in the respective carrying amounts, together
with any costs or fees incurred, is recognised in the income statement.
iii) Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount reported in the balance
sheet if there is a currently enforceable legal right to offset the recognised amounts and there
is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
2.16 Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments to hedge its foreign currency risks. The Group
does not use derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into,
and they are subsequently remeasured to their fair value at the end of each reporting period.
The accounting for subsequent changes in fair value depends on whether the derivative is
designated as a hedging instrument and, if so, the nature of the item being hedged. For the
purpose of hedge accounting, hedges are classified as:
\u2013 Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm commitment.
Cash flow hedge
Cash flow hedging matches the cash flows of hedged items against the corresponding cash
flows of the derivative. The effective part of any profit or loss on the derivative is recognised
directly in other comprehensive income and the hedged item is accounted for in accordance
with the policy for that financial instrument. Any ineffective part of any profit or loss is recognised
immediately in the income statement. Amounts taken to other comprehensive income are
transferred to the income statement when the hedged transaction affects profit or loss, such
as when a forecast sale or purchase occurs.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated,
or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative profit or loss
on the hedging instrument recognised in equity is retained in equity until the forecast transaction
occurs. If a hedged transaction is no longer expected to occur, the net cumulative profit or loss
recognised in equity is transferred to the income statement for the period.
Note 29 sets out the details of the fair values of the derivative financial instruments used for
hedging purposes.
2.17 Fair values
The Group measures financial instruments, such as derivatives, at fair value at each balance
sheet date.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between the market participants at the measurement date. The fair value
measurement is based on the presumption that the transaction to sell the asset or transfer the
liability takes place either:
\u2013 in the principal market for the asset or liability; or
\u2013 in the absence of a principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible by the Group. The fair value
of financial instruments that are traded in active markets at the balance sheet date is determined
by reference to quoted market prices or dealer price quotations, without any deduction for
transaction costs.
For financial instruments not traded in an active market, the fair value is determined using
appropriate valuation techniques. Such techniques may include using recent arm\u2019s length market
transactions; reference to the current fair value of another instrument that is substantially the
same; discounted cash flow analysis; or other valuation models.
An analysis of fair values of financial instruments and further details as to how they are measured
are provided in Note 29.2.19 Cash and short-term deposits Cash and short-term deposits consist of cash at bank and in hand.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23182": { "value": "i) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost,
fair value through other comprehensive income, or fair value through profit or loss (FVTPL).
The classification of financial assets at initial recognition depends on the financial asset\u2019s
contractual cash flow characteristics and the Group\u2019s business model for managing them.
With the exception of trade receivables that do not contain a significant financing component,
the Group initially measures a financial asset at its fair value plus, in the case of a financial asset
not recognised at FVTPL, transaction costs. Trade receivables that do not contain a significant
financing component are measured at the transaction price determined under IFRS 15.
The Group\u2019s business model for managing financial assets refers to how it manages its financial
assets in order to generate cash flows. The business model determines whether cash flows will
result from collecting contractual cash flows, selling the financial assets, or both.
The Group\u2019s financial assets include cash and cash equivalents and trade and other receivables.
Subsequent measurement
The subsequent measurement of financial assets depends on their classification. The Group
does not currently hold any fair value through other comprehensive income financial assets.
Financial assets at amortised cost
The Group measures financial assets at amortised cost if both of the following conditions are met:
\u2013 the financial asset is held within a business model with the objective to hold financial assets
in order to collect contractual cash flows; and
\u2013 the contractual terms of the financial asset give rise on specified dates to cash flows that
are solely payments of principal and interest on the principal amount outstanding.
Financial assets at amortised cost are subsequently measured using the effective interest
method and are subject to impairment. Gains and losses are recognised in profit or loss when
the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost includes cash and cash equivalents and
trade receivables.
Impairment
The Group recognises an allowance for expected credit losses (ECLs) for all financial assets
not held at FVTPL. ECLs are based on the difference between the contractual cash flows due
in accordance with the contract and all the cash flows that the Group expects to receive,
discounted at an approximation of the original effective interest rate.
For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore,
the Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime ECLs at each balance sheet date. The Group has established a provision matrix that
is based on its historical credit loss experience, adjusted for forward-looking factors specific to
the receivables and the economic environment.iii) Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount reported in the balance
sheet if there is a currently enforceable legal right to offset the recognised amounts and there
is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
2.16 Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments to hedge its foreign currency risks. The Group
does not use derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into,
and they are subsequently remeasured to their fair value at the end of each reporting period.
The accounting for subsequent changes in fair value depends on whether the derivative is
designated as a hedging instrument and, if so, the nature of the item being hedged. For the
purpose of hedge accounting, hedges are classified as:
\u2013 Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm commitment.
Cash flow hedge
Cash flow hedging matches the cash flows of hedged items against the corresponding cash
flows of the derivative. The effective part of any profit or loss on the derivative is recognised
directly in other comprehensive income and the hedged item is accounted for in accordance
with the policy for that financial instrument. Any ineffective part of any profit or loss is recognised
immediately in the income statement. Amounts taken to other comprehensive income are
transferred to the income statement when the hedged transaction affects profit or loss, such
as when a forecast sale or purchase occurs.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated,
or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative profit or loss
on the hedging instrument recognised in equity is retained in equity until the forecast transaction
occurs. If a hedged transaction is no longer expected to occur, the net cumulative profit or loss
recognised in equity is transferred to the income statement for the period.
Note 29 sets out the details of the fair values of the derivative financial instruments used for
hedging purposes.
2.17 Fair values
The Group measures financial instruments, such as derivatives, at fair value at each balance
sheet date.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between the market participants at the measurement date. The fair value
measurement is based on the presumption that the transaction to sell the asset or transfer the
liability takes place either:
\u2013 in the principal market for the asset or liability; or
\u2013 in the absence of a principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible by the Group. The fair value
of financial instruments that are traded in active markets at the balance sheet date is determined
by reference to quoted market prices or dealer price quotations, without any deduction for
transaction costs.
For financial instruments not traded in an active market, the fair value is determined using
appropriate valuation techniques. Such techniques may include using recent arm\u2019s length market
transactions; reference to the current fair value of another instrument that is substantially the
same; discounted cash flow analysis; or other valuation models.
An analysis of fair values of financial instruments and further details as to how they are measured
are provided in Note 29.2.19 Cash and short-term deposits Cash and short-term deposits consist of cash at bank and in hand.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23212": { "value": "Impairment
The Group recognises an allowance for expected credit losses (ECLs) for all financial assets
not held at FVTPL. ECLs are based on the difference between the contractual cash flows due
in accordance with the contract and all the cash flows that the Group expects to receive,
discounted at an approximation of the original effective interest rate.
For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore,
the Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime ECLs at each balance sheet date. The Group has established a provision matrix that
is based on its historical credit loss experience, adjusted for forward-looking factors specific to
the receivables and the economic environment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23229": { "value": "ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at FVTPL, loans and
borrowings, payables, lease liabilities or as derivatives designated as hedging instruments in
an effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings
and payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, lease liabilities, deferred and
contingent consideration, loans and borrowings including bank overdrafts, and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Derivative financial instruments are classified as FVTPL unless they are designated as effective
hedging instruments. Gains and losses on such derivatives are recognised in the income
statement. However, in the current and prior period all derivatives have been designated as
hedging instruments in effective hedging relationships. Further information on their accounting
is provided at 2.16 below. As such, the only financial liability at FVTPL is the deferred and contingent
consideration (see Note 18).
Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at
amortised cost using the effective interest method. Profits and losses arising on the repurchase,
settlement or otherwise cancellation of liabilities are recognised in finance revenues and finance
costs, respectively.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or
cancelled or expires. When an existing financial liability is replaced by another from the same
lender on substantially different terms, or the terms of an existing liability are substantially
modified, such an exchange or modification is treated as a derecognition of the original liability
and the recognition of a new liability. The difference in the respective carrying amounts, together
with any costs or fees incurred, is recognised in the income statement.
iii) Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount reported in the balance
sheet if there is a currently enforceable legal right to offset the recognised amounts and there
is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
2.16 Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments to hedge its foreign currency risks. The Group
does not use derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into,
and they are subsequently remeasured to their fair value at the end of each reporting period.
The accounting for subsequent changes in fair value depends on whether the derivative is
designated as a hedging instrument and, if so, the nature of the item being hedged. For the
purpose of hedge accounting, hedges are classified as:
\u2013 Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm commitment.
Cash flow hedge
Cash flow hedging matches the cash flows of hedged items against the corresponding cash
flows of the derivative. The effective part of any profit or loss on the derivative is recognised
directly in other comprehensive income and the hedged item is accounted for in accordance
with the policy for that financial instrument. Any ineffective part of any profit or loss is recognised
immediately in the income statement. Amounts taken to other comprehensive income are
transferred to the income statement when the hedged transaction affects profit or loss, such
as when a forecast sale or purchase occurs.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated,
or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative profit or loss
on the hedging instrument recognised in equity is retained in equity until the forecast transaction
occurs. If a hedged transaction is no longer expected to occur, the net cumulative profit or loss
recognised in equity is transferred to the income statement for the period.
Note 29 sets out the details of the fair values of the derivative financial instruments used for
hedging purposes.
2.17 Fair values
The Group measures financial instruments, such as derivatives, at fair value at each balance
sheet date.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between the market participants at the measurement date. The fair value
measurement is based on the presumption that the transaction to sell the asset or transfer the
liability takes place either:
\u2013 in the principal market for the asset or liability; or
\u2013 in the absence of a principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible by the Group. The fair value
of financial instruments that are traded in active markets at the balance sheet date is determined
by reference to quoted market prices or dealer price quotations, without any deduction for
transaction costs.
For financial instruments not traded in an active market, the fair value is determined using
appropriate valuation techniques. Such techniques may include using recent arm\u2019s length market
transactions; reference to the current fair value of another instrument that is substantially the
same; discounted cash flow analysis; or other valuation models.
An analysis of fair values of financial instruments and further details as to how they are measured
are provided in Note 29.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23243": { "value": "Financial liabilities at fair value through profit or loss
Derivative financial instruments are classified as FVTPL unless they are designated as effective
hedging instruments. Gains and losses on such derivatives are recognised in the income
statement. However, in the current and prior period all derivatives have been designated as
hedging instruments in effective hedging relationships. Further information on their accounting
is provided at 2.16 below. As such, the only financial liability at FVTPL is the deferred and contingent
consideration (see Note 18).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23253": { "value": "Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at
amortised cost using the effective interest method. Profits and losses arising on the repurchase,
settlement or otherwise cancellation of liabilities are recognised in finance revenues and finance
costs, respectively.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23261": { "value": "Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or
cancelled or expires. When an existing financial liability is replaced by another from the same
lender on substantially different terms, or the terms of an existing liability are substantially
modified, such an exchange or modification is treated as a derecognition of the original liability
and the recognition of a new liability. The difference in the respective carrying amounts, together
with any costs or fees incurred, is recognised in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23308": { "value": "iii) Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount reported in the balance
sheet if there is a currently enforceable legal right to offset the recognised amounts and there
is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23316": { "value": "2.16 Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments to hedge its foreign currency risks. The Group
does not use derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into,
and they are subsequently remeasured to their fair value at the end of each reporting period.
The accounting for subsequent changes in fair value depends on whether the derivative is
designated as a hedging instrument and, if so, the nature of the item being hedged. For the
purpose of hedge accounting, hedges are classified as:
\u2013 Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm commitment.
Cash flow hedge
Cash flow hedging matches the cash flows of hedged items against the corresponding cash
flows of the derivative. The effective part of any profit or loss on the derivative is recognised
directly in other comprehensive income and the hedged item is accounted for in accordance
with the policy for that financial instrument. Any ineffective part of any profit or loss is recognised
immediately in the income statement. Amounts taken to other comprehensive income are
transferred to the income statement when the hedged transaction affects profit or loss, such
as when a forecast sale or purchase occurs.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated,
or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative profit or loss
on the hedging instrument recognised in equity is retained in equity until the forecast transaction
occurs. If a hedged transaction is no longer expected to occur, the net cumulative profit or loss
recognised in equity is transferred to the income statement for the period.
Note 29 sets out the details of the fair values of the derivative financial instruments used for
hedging purposes.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23317": { "value": "2.16 Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments to hedge its foreign currency risks. The Group
does not use derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into,
and they are subsequently remeasured to their fair value at the end of each reporting period.
The accounting for subsequent changes in fair value depends on whether the derivative is
designated as a hedging instrument and, if so, the nature of the item being hedged. For the
purpose of hedge accounting, hedges are classified as:
\u2013 Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm commitment.
Cash flow hedge
Cash flow hedging matches the cash flows of hedged items against the corresponding cash
flows of the derivative. The effective part of any profit or loss on the derivative is recognised
directly in other comprehensive income and the hedged item is accounted for in accordance
with the policy for that financial instrument. Any ineffective part of any profit or loss is recognised
immediately in the income statement. Amounts taken to other comprehensive income are
transferred to the income statement when the hedged transaction affects profit or loss, such
as when a forecast sale or purchase occurs.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated,
or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative profit or loss
on the hedging instrument recognised in equity is retained in equity until the forecast transaction
occurs. If a hedged transaction is no longer expected to occur, the net cumulative profit or loss
recognised in equity is transferred to the income statement for the period.
Note 29 sets out the details of the fair values of the derivative financial instruments used for
hedging purposes.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23318": { "value": "2.16 Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments to hedge its foreign currency risks. The Group
does not use derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into,
and they are subsequently remeasured to their fair value at the end of each reporting period.
The accounting for subsequent changes in fair value depends on whether the derivative is
designated as a hedging instrument and, if so, the nature of the item being hedged. For the
purpose of hedge accounting, hedges are classified as:
\u2013 Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm commitment.
Cash flow hedge
Cash flow hedging matches the cash flows of hedged items against the corresponding cash
flows of the derivative. The effective part of any profit or loss on the derivative is recognised
directly in other comprehensive income and the hedged item is accounted for in accordance
with the policy for that financial instrument. Any ineffective part of any profit or loss is recognised
immediately in the income statement. Amounts taken to other comprehensive income are
transferred to the income statement when the hedged transaction affects profit or loss, such
as when a forecast sale or purchase occurs.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated,
or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative profit or loss
on the hedging instrument recognised in equity is retained in equity until the forecast transaction
occurs. If a hedged transaction is no longer expected to occur, the net cumulative profit or loss
recognised in equity is transferred to the income statement for the period.
Note 29 sets out the details of the fair values of the derivative financial instruments used for
hedging purposes.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23351": { "value": "2.17 Fair values
The Group measures financial instruments, such as derivatives, at fair value at each balance
sheet date.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between the market participants at the measurement date. The fair value
measurement is based on the presumption that the transaction to sell the asset or transfer the
liability takes place either:
\u2013 in the principal market for the asset or liability; or
\u2013 in the absence of a principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible by the Group. The fair value
of financial instruments that are traded in active markets at the balance sheet date is determined
by reference to quoted market prices or dealer price quotations, without any deduction for
transaction costs.
For financial instruments not traded in an active market, the fair value is determined using
appropriate valuation techniques. Such techniques may include using recent arm\u2019s length market
transactions; reference to the current fair value of another instrument that is substantially the
same; discounted cash flow analysis; or other valuation models.
An analysis of fair values of financial instruments and further details as to how they are measured
are provided in Note 29.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23376": { "value": "2.18 Inventories
Inventories are stated at the lower of cost and net realisable value. Cost includes all costs incurred
in bringing each product to its present location and condition, as follows:
\u2013 Raw materials \u2013 purchase cost on a first in, first out basis.
\u2013 Work in progress and finished goods \u2013 cost of direct materials and labour plus attributable
overheads based on a normal level of activity.
Net realisable value is based on estimated selling price less any further costs expected to be
incurred to completion and disposal.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23389": { "value": "2.19 Cash and short-term deposits Cash and short-term deposits consist of cash at bank and in hand.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23395": { "value": "2.20 Pensions
The Group operates defined contribution pension plans. Contributions payable in the year
are charged to the income statement. The assets are held separately from those of the Group
in an independently administered fund. Differences between contributions payable in the
year and contributions actually paid are shown as either accruals or prepayments in the
balance sheet.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23444": { "value": "2.22 Share-based payments
In the case of equity-settled schemes, the fair value of options granted is recognised as an
employee expense with a corresponding increase in equity. The fair value is measured at the date
of grant and spread over the period during which the employees become unconditionally entitled
to the options. The value of the options is measured using the Black\u2013Scholes and Monte Carlo
models, taking into account the terms and conditions (including market and non-vesting
conditions) upon which the options were granted. Non-market vesting conditions are taken into
account by adjusting the number of equity instruments expected to vest at each balance sheet
date so that, ultimately, the cumulative amount recognised over the vesting period is based on
the number of options that eventually vest. No expense is recognised for awards that do not
ultimately vest, except for equity-settled transactions where vesting is conditional upon a market
or non-vesting condition, which are treated as vesting irrespective of whether or not the market
or non-vesting condition is satisfied, provided that all other performance and/or service
conditions are satisfied.
The dilutive effect of outstanding options is reflected as additional share dilution in the
computation of diluted earnings per share. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23463": { "value": "2.23 Cash dividend
The Group recognises a liability to pay a dividend when the distribution is authorised and the
distribution is no longer at the discretion of the Group. Under UK company law a distribution is
authorised when it is approved by the shareholders. A corresponding amount is then recognised
directly in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23471": { "value": "2.24 Own shares
The Group operates an Employee Benefit Trust (EBT). The Group and/or the EBT, holds Genuit Group
plc shares for the granting of Genuit Group plc shares to employees and Directors. These shares
are recognised at cost and presented in the balance sheet as a deduction from equity. No profit
or loss is recognised in the income statement on the purchase, sale, issue or cancellation of these
shares. No dividends are earned on these shares, and they are ignored for the purposes of
calculating the Group\u2019s earnings per share.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23481": { "value": "2.25 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 outflow of resources embodying economic benefits
will be required to settle the obligation and a reliable estimate can be made of the amount of
the obligation.
Restructuring provisions are recognised only when the Group has a constructive obligation,
which is when a detailed formal plan identifies the business or part of the business concerned, the
location and number of employees affected, a detailed estimate of the associated costs, and an
appropriate time line, and the employees affected have been notified of the plan\u2019s main features.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23494": { "value": "3. Judgements and key sources of estimation uncertainty
The preparation of the Group\u2019s consolidated financial statements requires management to make
judgements, estimates and assumptions in applying the Group\u2019s accounting policies to determine
the reported amounts of revenue, expenses, assets and liabilities, and the accompanying
disclosures. The estimates and associated assumptions are based on historical experience and
various other factors that are believed to be reasonable under the circumstances. The estimates
and underlying assumptions are reviewed on an ongoing basis, with revisions to accounting
estimates applied prospectively.
3.1 Critical accounting judgements
Critical judgements, apart from those involving estimations, that are applied in the preparation
of the consolidated Group financial statements in the years ended 31 December 2023 and 2022
are discussed below:
3.1.1 Business combinations
The measurement of fair values on a business combination requires the recognition and
measurement of the identifiable assets, liabilities and contingent liabilities. The key judgements
involved are the identification of which intangible assets meet the recognition criteria as set out
in IAS 38, the fair values attributable to those intangible assets, and the useful lives of individual
intangible assets. The Group has applied judgement in determining whether amounts contingently
payable to previous owners of the businesses we have acquired should be recognised as a
remuneration cost in the income statement, or within total consideration that is allocated to
the fair value of assets and liabilities included in the balance sheet.
3.1.2 Revenue recognition and customer rebates
The Group\u2019s pricing structure involves rebate arrangements with several of its direct and indirect
customers. These can be complex in nature and involve estimation in determining the required
level of provision for rebate liabilities, particularly where the Group is reliant on information from
customers which may not be available at the time the liabilities are assessed.
3.2 Key sources of estimation uncertainty
The key assumptions about the future, and other key sources of estimation uncertainty at the
reporting period end, that may have a significant risk of causing a material adjustment to the
carrying amount of assets and liabilities within the next financial year are discussed below:
3.2.1 Impairment of non-financial assets
Non-financial assets include goodwill, other intangible assets and property, plant and equipment.
In accordance with IFRS, the Group considers whether there are any indicators of impairment
of these assets. Where indicators of impairment are identified, the Group tests the asset for
impairment. Goodwill is tested for impairment annually (at 31 December) or more frequently
when circumstances indicate that the carrying amount may be impaired.
The Group\u2019s impairment test for goodwill is based on a value-in-use calculation, using a cash flow
model with mid-year discounting applied. The aim of the test is to ensure that goodwill is not
carried at a value greater than the recoverable amount. The cash flows are derived from the
budgets and forecasts for the next five years and do not include restructuring activities that the
Group is not yet committed to or significant future investments that will enhance the performance
of the asset or the CGU. The recoverable amount is most sensitive to the discount rate used for
the discounted cash flow model as well as the expected future cash flows and the growth rate
used for extrapolation purposes. The key assumptions used to determine the recoverable amount
for the different CGUs are further explained in Note 17.
3..2.2 Contingent consideration
The Directors assess the likelihood that financial targets will be achieved in order to trigger
the contingent consideration to the previous owners of the businesses we have acquired,
to quantify the possible range of that contingent consideration, and to how that contingent
consideration should be calculated and disclosed in the consolidated financial statements.
Due to the inherent uncertainty in this process, actual liabilities may be different from those
originally estimated.
3.3 Climate change
In preparing the consolidated financial statements The Group has considered the impact of both
physical and transition climate change risks as well as its plans to mitigate against those risks on
the current valuation of its assets and liabilities. The Group does not believe that there is a material
impact on the financial reporting judgements and estimates arising from our considerations and
as a result the valuations of our assets or liabilities have not been significantly impacted by these
risks as at 31 December 2023.
In coming to this conclusion, the Group has reviewed the balance sheet and identified those line
items that have the potential to be significantly impacted by climate-related risks and the plans
to mitigate against these risks. The line items that have the potential to be significantly impacted
have then been reviewed in detail to confirm:
\u2013 The growth rates and projected cash flows, used in assessing whether the goodwill
and indefinite-life intangibles are impaired, are consistent with the climate-related risk
assumptions and the actions being taken to mitigate against those risks.", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23495": { "value": "3. Judgements and key sources of estimation uncertainty
The preparation of the Group\u2019s consolidated financial statements requires management to make
judgements, estimates and assumptions in applying the Group\u2019s accounting policies to determine
the reported amounts of revenue, expenses, assets and liabilities, and the accompanying
disclosures. The estimates and associated assumptions are based on historical experience and
various other factors that are believed to be reasonable under the circumstances. The estimates
and underlying assumptions are reviewed on an ongoing basis, with revisions to accounting
estimates applied prospectively.
3.1 Critical accounting judgements
Critical judgements, apart from those involving estimations, that are applied in the preparation
of the consolidated Group financial statements in the years ended 31 December 2023 and 2022
are discussed below:
3.1.1 Business combinations
The measurement of fair values on a business combination requires the recognition and
measurement of the identifiable assets, liabilities and contingent liabilities. The key judgements
involved are the identification of which intangible assets meet the recognition criteria as set out
in IAS 38, the fair values attributable to those intangible assets, and the useful lives of individual
intangible assets. The Group has applied judgement in determining whether amounts contingently
payable to previous owners of the businesses we have acquired should be recognised as a
remuneration cost in the income statement, or within total consideration that is allocated to
the fair value of assets and liabilities included in the balance sheet.
3.1.2 Revenue recognition and customer rebates
The Group\u2019s pricing structure involves rebate arrangements with several of its direct and indirect
customers. These can be complex in nature and involve estimation in determining the required
level of provision for rebate liabilities, particularly where the Group is reliant on information from
customers which may not be available at the time the liabilities are assessed.
3.2 Key sources of estimation uncertainty
The key assumptions about the future, and other key sources of estimation uncertainty at the
reporting period end, that may have a significant risk of causing a material adjustment to the
carrying amount of assets and liabilities within the next financial year are discussed below:
3.2.1 Impairment of non-financial assets
Non-financial assets include goodwill, other intangible assets and property, plant and equipment.
In accordance with IFRS, the Group considers whether there are any indicators of impairment
of these assets. Where indicators of impairment are identified, the Group tests the asset for
impairment. Goodwill is tested for impairment annually (at 31 December) or more frequently
when circumstances indicate that the carrying amount may be impaired.
The Group\u2019s impairment test for goodwill is based on a value-in-use calculation, using a cash flow
model with mid-year discounting applied. The aim of the test is to ensure that goodwill is not
carried at a value greater than the recoverable amount. The cash flows are derived from the
budgets and forecasts for the next five years and do not include restructuring activities that the
Group is not yet committed to or significant future investments that will enhance the performance
of the asset or the CGU. The recoverable amount is most sensitive to the discount rate used for
the discounted cash flow model as well as the expected future cash flows and the growth rate
used for extrapolation purposes. The key assumptions used to determine the recoverable amount
for the different CGUs are further explained in Note 17.
3..2.2 Contingent consideration
The Directors assess the likelihood that financial targets will be achieved in order to trigger
the contingent consideration to the previous owners of the businesses we have acquired,
to quantify the possible range of that contingent consideration, and to how that contingent
consideration should be calculated and disclosed in the consolidated financial statements.
Due to the inherent uncertainty in this process, actual liabilities may be different from those
originally estimated.
3.3 Climate change
In preparing the consolidated financial statements The Group has considered the impact of both
physical and transition climate change risks as well as its plans to mitigate against those risks on
the current valuation of its assets and liabilities. The Group does not believe that there is a material
impact on the financial reporting judgements and estimates arising from our considerations and
as a result the valuations of our assets or liabilities have not been significantly impacted by these
risks as at 31 December 2023.
In coming to this conclusion, the Group has reviewed the balance sheet and identified those line
items that have the potential to be significantly impacted by climate-related risks and the plans
to mitigate against these risks. The line items that have the potential to be significantly impacted
have then been reviewed in detail to confirm:
\u2013 The growth rates and projected cash flows, used in assessing whether the goodwill
and indefinite-life intangibles are impaired, are consistent with the climate-related risk
assumptions and the actions being taken to mitigate against those risks.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23496": { "value": "3. Judgements and key sources of estimation uncertainty
The preparation of the Group\u2019s consolidated financial statements requires management to make
judgements, estimates and assumptions in applying the Group\u2019s accounting policies to determine
the reported amounts of revenue, expenses, assets and liabilities, and the accompanying
disclosures. The estimates and associated assumptions are based on historical experience and
various other factors that are believed to be reasonable under the circumstances. The estimates
and underlying assumptions are reviewed on an ongoing basis, with revisions to accounting
estimates applied prospectively.
3.1 Critical accounting judgements
Critical judgements, apart from those involving estimations, that are applied in the preparation
of the consolidated Group financial statements in the years ended 31 December 2023 and 2022
are discussed below:
3.1.1 Business combinations
The measurement of fair values on a business combination requires the recognition and
measurement of the identifiable assets, liabilities and contingent liabilities. The key judgements
involved are the identification of which intangible assets meet the recognition criteria as set out
in IAS 38, the fair values attributable to those intangible assets, and the useful lives of individual
intangible assets. The Group has applied judgement in determining whether amounts contingently
payable to previous owners of the businesses we have acquired should be recognised as a
remuneration cost in the income statement, or within total consideration that is allocated to
the fair value of assets and liabilities included in the balance sheet.
3.1.2 Revenue recognition and customer rebates
The Group\u2019s pricing structure involves rebate arrangements with several of its direct and indirect
customers. These can be complex in nature and involve estimation in determining the required
level of provision for rebate liabilities, particularly where the Group is reliant on information from
customers which may not be available at the time the liabilities are assessed.
3.2 Key sources of estimation uncertainty
The key assumptions about the future, and other key sources of estimation uncertainty at the
reporting period end, that may have a significant risk of causing a material adjustment to the
carrying amount of assets and liabilities within the next financial year are discussed below:
3.2.1 Impairment of non-financial assets
Non-financial assets include goodwill, other intangible assets and property, plant and equipment.
In accordance with IFRS, the Group considers whether there are any indicators of impairment
of these assets. Where indicators of impairment are identified, the Group tests the asset for
impairment. Goodwill is tested for impairment annually (at 31 December) or more frequently
when circumstances indicate that the carrying amount may be impaired.
The Group\u2019s impairment test for goodwill is based on a value-in-use calculation, using a cash flow
model with mid-year discounting applied. The aim of the test is to ensure that goodwill is not
carried at a value greater than the recoverable amount. The cash flows are derived from the
budgets and forecasts for the next five years and do not include restructuring activities that the
Group is not yet committed to or significant future investments that will enhance the performance
of the asset or the CGU. The recoverable amount is most sensitive to the discount rate used for
the discounted cash flow model as well as the expected future cash flows and the growth rate
used for extrapolation purposes. The key assumptions used to determine the recoverable amount
for the different CGUs are further explained in Note 17.
3..2.2 Contingent consideration
The Directors assess the likelihood that financial targets will be achieved in order to trigger
the contingent consideration to the previous owners of the businesses we have acquired,
to quantify the possible range of that contingent consideration, and to how that contingent
consideration should be calculated and disclosed in the consolidated financial statements.
Due to the inherent uncertainty in this process, actual liabilities may be different from those
originally estimated.
3.3 Climate change
In preparing the consolidated financial statements The Group has considered the impact of both
physical and transition climate change risks as well as its plans to mitigate against those risks on
the current valuation of its assets and liabilities. The Group does not believe that there is a material
impact on the financial reporting judgements and estimates arising from our considerations and
as a result the valuations of our assets or liabilities have not been significantly impacted by these
risks as at 31 December 2023.
In coming to this conclusion, the Group has reviewed the balance sheet and identified those line
items that have the potential to be significantly impacted by climate-related risks and the plans
to mitigate against these risks. The line items that have the potential to be significantly impacted
have then been reviewed in detail to confirm:
\u2013 The growth rates and projected cash flows, used in assessing whether the goodwill
and indefinite-life intangibles are impaired, are consistent with the climate-related risk
assumptions and the actions being taken to mitigate against those risks.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23512": { "value": "3.1.1 Business combinations
The measurement of fair values on a business combination requires the recognition and
measurement of the identifiable assets, liabilities and contingent liabilities. The key judgements
involved are the identification of which intangible assets meet the recognition criteria as set out
in IAS 38, the fair values attributable to those intangible assets, and the useful lives of individual
intangible assets. The Group has applied judgement in determining whether amounts contingently
payable to previous owners of the businesses we have acquired should be recognised as a
remuneration cost in the income statement, or within total consideration that is allocated to
the fair value of assets and liabilities included in the balance sheet. 18. Acquisitions
Deferred and contingent consideration recognised on the balance sheet at 31 December
in relation to past business combinations comprised:
\n \n
31 December
31 December
2023
2022
\u00a3m
\u00a3m
Deferred consideration on Keytec acquisition
\u2013
0.6
Deferred and contingent consideration on Plura acquisition
8.2
7.4
8.2
8.0
An amount of \u00a31.8m has been recognised as a non-underlying expense in the Group Income
Statement in the year ended 31 December 2023 in respect of the Plura contingent consideration
arrangement. This takes the total amount recognised as a liability on the Group balance sheet
at 31 December 2023 to \u00a38.2m. A payment of \u00a31.0m was made in relation to this arrangement in
December 2023. Accordingly, the aggregate final total amount payable under the contingent
consideration is expected to be approximately \u00a39.2m. Contingent consideration was determined
based upon the agreed purchase price of the remaining 49% of shares on 8 December 2023.
There is no material difference between the cash consideration and the fair value and the final
payment was subsequently paid in February 2024.
Acquisition-related cash flows comprised:
\n \n
2023
2022
\u00a3m
\u00a3m
Operating cash flows \u2013 settlement of acquisition costs
Keytec
\u2013
0.1
Plura
\u2013
0.1
\u2013
0.2
\n \n
2023
2022
\u00a3m
\u00a3m
Investing cash flows \u2013 Settlement of deferred
and contingent consideration
Plura
1.0
\u2013
Keytec
0.6
\u2013
Permavoid
\u2013
0.5
1.6
0.5
\n \n
2023
2022
\u00a3m
\u00a3m
Investing cash flows \u2013 acquisition of businesses
net of cash at acquisition
Keytec
\u2013
2.6
\u2013
2.6
Keytec
On 31 March 2022, the Group acquired 100% of the voting rights and shares of Keytec
Geomembranes Holding Company Limited (Keytec), for an initial cash consideration of \u00a32.5m on
a cash-free and debt-free basis plus a deferred consideration of \u00a30.6m, which was paid in early
2023. The total cash consideration of \u00a32.9m included a payment for net cash and working capital
commitments on completion of \u00a30.4m. Keytec is a supplier and installer of stormwater attenuation
products, geomembranes and gas protection products.
No material intangible assets were identified. The goodwill arising on the acquisition primarily
represented the technical expertise of the Keytec staff, synergies of companies offering both
supply and install services and market share. The goodwill was initially allocated entirely to
the Commercial and Infrastructure Systems segment, which is now the Water Management
Solutions segment.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23525": { "value": "3.1.2 Revenue recognition and customer rebates
The Group\u2019s pricing structure involves rebate arrangements with several of its direct and indirect
customers. These can be complex in nature and involve estimation in determining the required
level of provision for rebate liabilities, particularly where the Group is reliant on information from
customers which may not be available at the time the liabilities are assessed.5. Segment information
IFRS 8, Operating Segments, requires operating segments to be identified on the basis of the
internal financial information reported to the Chief Operating Decision Maker (CODM). The Group\u2019s
CODM is deemed to be the Board of Directors, which is primarily responsible for the allocation
of resources to segments and the assessment of performance of the segments.
From 1 January 2023, reporting segments have been aligned with the Group\u2019s Sustainable
Solutions for Growth strategy and reorganised into three segments \u2013 Sustainable Building
Solutions (SBS), Water Management Solutions (WMS) and Climate Management Solutions (CMS).
Adey, Nuaire, Domus, Nu-Heat and Surestop have been reallocated from the Residential Systems
segment into CMS, with the remainder of Residential Systems moving into SBS. The Commercial
and Infrastructure segment is now reported as WMS without the commercial element of Nuaire
which is now reported in CMS. The reporting segments are organised based on the nature of the
end markets served. Inter-segment sales are on an arm\u2019s length basis in a manner similar to
transactions with third parties. The prior year comparatives have been restated to the three
divisions. Other segments relates to Polypipe Italia SRL which is currently held-for-sale and not
reported as part of the Group\u2019s strategic business units.
2023
Sustainable
Water
Climate
Building
Management
Management
Solutions
Solutions
Solutions
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segmental revenue
268.0
193.9
169.2
8.4
639.5
Inter-segment revenue
(25.2)
(23.5)
(3.3)
(1.0)
(53.0)
Revenue
242.8
170.4
165.9
7.4
586.5
Underlying operating profit*
53.1
17.7
22.7
0.6
94.1
Non-underlying items \u2013 segmental
(1.4)
(11.3)
(15.0)
(0.3)
(28.0)
Non-underlying items \u2013 group
(4.1)
Segmental operating profit
51.7
6.4
7.7
0.3
62.0
Finance costs
(13.6)
Profit before tax
48.4
*
Underlying operating profit is stated before non-underlying items as defined in the Group Accounting Policies on page 168
and is the measure of segment profit used by the Group\u2019s CODM. Details of the non-underlying items of \u00a332.1m (2022: \u00a345.2m)
are set out below at non-underlying items before tax.
2022
Sustainable
Water
Climate
Building
Management
Management
Solutions
Solutions
Solutions
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segmental revenue
311.5
189.2
162.4
9.7
672.8
Inter-segment revenue
(29.0)
(16.8)
(3.8)
(1.0)
(50.6)
Revenue
282.5
172.4
158.6
8.7
622.2
Underlying operating profit*
59.3
14.1
25.2
(0.4)
98.2
Non-underlying items \u2013 segmental
(4.4)
(6.1)
(28.8)
(1.2)
(40.5)
Non-underlying items \u2013 group
(4.3)
Segmental operating profit
54.9
8.0
(3.6)
(1.6)
53.4
Finance costs
(7.6)
Non-underlying items \u2013 finance costs
(0.4)
Profit before tax
45.4
Property, plant and equipment additions
2023
2022
\u00a3m
\u00a3m
Sustainable Building Solutions
17.6
24.5
Water Management Solutions
10.6
11.9
Climate Management Solutions
2.7
2.8
Other
1.9
1.8
Total \u2013 Group
32.8
41.0
Right-of-use asset additions
2023
2022
\u00a3m
\u00a3m
Sustainable Building Solutions
2.3
2.6
Water Management Solutions
2.1
1.5
Climate Management Solutions
2.1
3.3
Other
1.4
0.7
Total \u2013 Group
7.9
8.1
Depreciation of property, plant and equipment
2023
2022
\u00a3m
\u00a3m
Sustainable Building Solutions
10.6
10.4
Water Management Solutions
6.6
5.2
Climate Management Solutions
3.1
3.5
Total \u2013 Group
20.3
19.4
Depreciation of right-of-use assets
2023
2022
\u00a3m
\u00a3m
Sustainable Building Solutions
2.1
1.7
Water Management Solutions
1.4
1.4
Climate Management Solutions
1.2
0.9
Other
0.9
1.4
Total \u2013 Group
5.6
5.4
Non-underlying items before tax
2023
2022
\u00a3m
\u00a3m
Sustainable Building Solutions:
Amortisation of intangible assets
1.7
1.7
Restructuring costs
3.1
2.7
Employment matters
1.3
\u2013
Profit on disposal of property, plant and equipment
(4.7)
\u2013
Water Management Solutions:
Impairment of intangible assets
2.5
\u2013
Amortisation of intangible assets
0.9
0.9
Restructuring costs
7.3
0.9
Acquisition costs
1.8
3.3
Product Liability Claim
(1.2)
1.0
Climate Management Solutions
:
Impairment of goodwill
\u2013
12.0
Impairment of intangible assets
\u2013
2.8
Amortisation of intangible assets
12.2
12.6
Restructuring costs
1.7
0.2
Employment matters
0.7
\u2013
Acquisition costs
0.4
\u2013
Isolated cyber incident
\u2013
1.2
Total \u2013 segmental
27.7
39.1
Other \u2013 restructuring costs
0.3
1.2
Group \u2013 restructuring costs
4.1
4.3
Group \u2013 unamortised deal fees
\u2013
0.4
Total \u2013 Group
32.1
45.2
Geographical analysis
2023
2022
Revenue by destination
\u00a3m
\u00a3m
UK
519.1
560.8
Rest of Europe
33.4
32.4
Rest of World
34.0
29.0
Total \u2013 Group
586.5
622.2
31 December
31 December
2023
2022
Non-current assets
\u00a3m
\u00a3m
UK
790.3
800.2
Rest of Europe
5.7
7.1
Total \u2013 Group
796.0
807.3
Non-current assets for this purpose consist of property, plant and equipment, right-of-use assets,
goodwill and other intangible assets.
The Group had no customers (2022: two) which individually accounted for more than 10% of
the Group\u2019s total revenue during 2023. These customers accounted for 11.9% and 10.8% in 2022,
respectively and are included in all three reporting segments.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23539": { "value": "3.2.1 Impairment of non-financial assets
Non-financial assets include goodwill, other intangible assets and property, plant and equipment.
In accordance with IFRS, the Group considers whether there are any indicators of impairment
of these assets. Where indicators of impairment are identified, the Group tests the asset for
impairment. Goodwill is tested for impairment annually (at 31 December) or more frequently
when circumstances indicate that the carrying amount may be impaired.
The Group\u2019s impairment test for goodwill is based on a value-in-use calculation, using a cash flow
model with mid-year discounting applied. The aim of the test is to ensure that goodwill is not
carried at a value greater than the recoverable amount. The cash flows are derived from the
budgets and forecasts for the next five years and do not include restructuring activities that the
Group is not yet committed to or significant future investments that will enhance the performance
of the asset or the CGU. The recoverable amount is most sensitive to the discount rate used for
the discounted cash flow model as well as the expected future cash flows and the growth rate
used for extrapolation purposes. The key assumptions used to determine the recoverable amount
for the different CGUs are further explained in Note 17. Impairment testing of goodwill
Cash Generating Units (CGUs)
Goodwill is not amortised but is subject to annual impairment testing. Goodwill has been allocated
for impairment testing purposes to a number of CGUs which represent the lowest level in the
Group at which goodwill is monitored for internal management purposes. The carrying amount
of goodwill allocated to each of the CGUs is as follows:
31 December
31 December
2023
2022
CGU
\u00a3m
\u00a3m
Building Services & International
29.1
30.4
Infrastructure & Landscape
43.6
43.6
Residential Systems
169.6
169.6
Climate & Ventilation
93.7
93.7
Nu-Heat
17.3
17.3
Adey
95.5
92.8
Others
5.3
8.0
454.1
455.4
At 31 December 2023, \u00a34.5m (2022: \u00a33.2m) of goodwill has been allocated to assets held-for-sale
from the Building Services & International CGU, in relation to Polypipe Italia SRL as detailed in
Note 19. During the year Surestop was hived up into Adey Innovation and as such the goodwill
arising on the acquisition of Surestop was subsequently transferred to the Adey CGU.
From 1 January 2023, reporting segments have been aligned with the Group\u2019s Sustainable
Solutions for Growth strategy and reorganised into three segments \u2013 Sustainable Building
Solutions (SBS), Water Management Solutions (WMS) and Climate Management Solutions (CMS).
Adey, Nu-Heat and Climate & Ventilation CGUs have been allocated into CMS, Residential Systems
and Building Services & International CGUs are allocated into SBS and Infrastructure & Landscape
and Ulster CGUs are now reported as WMS.
Key assumptions used for value-in-use calculations;
The recoverable amount of all CGUs are determined from value-in-use calculations, being the net
present value of future pre-tax cash flows, discounted at a mid-year position, covering a five-year
period. These pre-tax cash flows are based on budgeted cash flows information for a period of one
year, construction industry forecasts of growth for the following year and management\u2019s forecast
of growth between 1.6% to 7.3% for years 3 to 5 (2022: 2.0% to 5.0%). Terminal growth rates between
2.0% to 2.4% (2022: 2.0% to 2.4%) have been applied beyond this, based on historical macroeconomic
performance and projections of the sector served by the CGUs.
A pre-tax discount rate of 13.9% (2022: 12.9%) has been applied in determining the recoverable
amounts of CGUs. The pre-tax discount rate is estimated based on the Group\u2019s risk adjusted
cost of capital.
When assessing for impairment of goodwill, management have considered the impact of
climate change, particularly in the context of the risks and opportunities identified within the
Task Force on Climate-Related Financial Disclosures Report on pages 36 to 39 of the Strategic
Report and have not identified any material short-term impacts from climate change that would
impact the carrying value of goodwill. Over the longer term, the risks and opportunities are more
uncertain, and management will continue to assess the quantitative impact of risks at each
balance sheet date.
Recoverable amounts and sensitivities:
The Group has applied sensitivities to assess whether any reasonably possible changes in
assumptions could cause an impairment that would be material to these consolidated financial
statements. The application of these sensitivities did not cause an impairment of goodwill.
At 31 December 2022, the Group recognised a \u00a312.0m impairment charge in the Adey CGU, leaving
the recoverable amount equal to that of the carrying value. The headroom resulting from the
value-in-use calculations at 31 December 2023 indicates that the Adey CGU is sensitive to
changes in the key assumptions and management considers that a reasonably possible change
in any single assumption could give rise to an impairment of the corresponding carrying amount
of goodwill. The detailed sensitivity analysis indicates that the following changes in each of these
key assumptions would result in an impairment charge being recognised:
\u2013 The pre-tax discount rate increasing to 14.2% from that used in the value-in-use calculations
of 13.9%. would give rise to an impairment charge of \u00a34.2m.
\u2013 A reduction in the long-term growth rate to 2.0% from that used in the value-in-use calculations
of 2.4% would give rise to an impairment charge of \u00a33.8m.
\u2013 Average revenue growth rates declining by 0.5 percentage points from that used in the
value-in-use calculations would give rise to an impairment charge of \u00a37.5m.
\u2013 Gross margin efficiencies are not achieved by 2028 and margin declines by 3 percentage
points from that used in the value-in-use calculations would give rise to an impairment charge
of \u00a316.1m.
Management has reviewed the forecasts associated with the CGU noting the assumptions
used, the sensitivity analysis performed and the ability of the business to adapt to challenging
economic environments in which they operate, and is satisfied that no further impairments are
necessary at 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23618": { "value": "4. New and amended accounting standards and interpretations
Accounting standards or interpretations which have been adopted in the year
There were no accounting standards or interpretations that have become effective in the year
which had an impact on disclosures, financial position or performance.
Accounting standards or interpretations issued but not yet effective
There were no accounting standards or interpretations issued which have an effective date after
the date of these consolidated financial statements that the Group reasonably expects to have
an impact on disclosures, financial position or performance.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23619": { "value": "4. New and amended accounting standards and interpretations
Accounting standards or interpretations which have been adopted in the year
There were no accounting standards or interpretations that have become effective in the year
which had an impact on disclosures, financial position or performance.
Accounting standards or interpretations issued but not yet effective
There were no accounting standards or interpretations issued which have an effective date after
the date of these consolidated financial statements that the Group reasonably expects to have
an impact on disclosures, financial position or performance.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23632": { "value": "5. Segment information
IFRS 8, Operating Segments, requires operating segments to be identified on the basis of the
internal financial information reported to the Chief Operating Decision Maker (CODM). The Group\u2019s
CODM is deemed to be the Board of Directors, which is primarily responsible for the allocation
of resources to segments and the assessment of performance of the segments.
From 1 January 2023, reporting segments have been aligned with the Group\u2019s Sustainable
Solutions for Growth strategy and reorganised into three segments \u2013 Sustainable Building
Solutions (SBS), Water Management Solutions (WMS) and Climate Management Solutions (CMS).
Adey, Nuaire, Domus, Nu-Heat and Surestop have been reallocated from the Residential Systems
segment into CMS, with the remainder of Residential Systems moving into SBS. The Commercial
and Infrastructure segment is now reported as WMS without the commercial element of Nuaire
which is now reported in CMS. The reporting segments are organised based on the nature of the
end markets served. Inter-segment sales are on an arm\u2019s length basis in a manner similar to
transactions with third parties. The prior year comparatives have been restated to the three
divisions. Other segments relates to Polypipe Italia SRL which is currently held-for-sale and not
reported as part of the Group\u2019s strategic business units.
2023
Sustainable
Water
Climate
Building
Management
Management
Solutions
Solutions
Solutions
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segmental revenue
268.0
193.9
169.2
8.4
639.5
Inter-segment revenue
(25.2)
(23.5)
(3.3)
(1.0)
(53.0)
Revenue
242.8
170.4
165.9
7.4
586.5
Underlying operating profit*
53.1
17.7
22.7
0.6
94.1
Non-underlying items \u2013 segmental
(1.4)
(11.3)
(15.0)
(0.3)
(28.0)
Non-underlying items \u2013 group
(4.1)
Segmental operating profit
51.7
6.4
7.7
0.3
62.0
Finance costs
(13.6)
Profit before tax
48.4
*
Underlying operating profit is stated before non-underlying items as defined in the Group Accounting Policies on page 168
and is the measure of segment profit used by the Group\u2019s CODM. Details of the non-underlying items of \u00a332.1m (2022: \u00a345.2m)
are set out below at non-underlying items before tax.
2022
Sustainable
Water
Climate
Building
Management
Management
Solutions
Solutions
Solutions
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segmental revenue
311.5
189.2
162.4
9.7
672.8
Inter-segment revenue
(29.0)
(16.8)
(3.8)
(1.0)
(50.6)
Revenue
282.5
172.4
158.6
8.7
622.2
Underlying operating profit*
59.3
14.1
25.2
(0.4)
98.2
Non-underlying items \u2013 segmental
(4.4)
(6.1)
(28.8)
(1.2)
(40.5)
Non-underlying items \u2013 group
(4.3)
Segmental operating profit
54.9
8.0
(3.6)
(1.6)
53.4
Finance costs
(7.6)
Non-underlying items \u2013 finance costs
(0.4)
Profit before tax
45.4
Property, plant and equipment additions
2023
2022
\u00a3m
\u00a3m
Sustainable Building Solutions
17.6
24.5
Water Management Solutions
10.6
11.9
Climate Management Solutions
2.7
2.8
Other
1.9
1.8
Total \u2013 Group
32.8
41.0
Right-of-use asset additions
2023
2022
\u00a3m
\u00a3m
Sustainable Building Solutions
2.3
2.6
Water Management Solutions
2.1
1.5
Climate Management Solutions
2.1
3.3
Other
1.4
0.7
Total \u2013 Group
7.9
8.1
Depreciation of property, plant and equipment
2023
2022
\u00a3m
\u00a3m
Sustainable Building Solutions
10.6
10.4
Water Management Solutions
6.6
5.2
Climate Management Solutions
3.1
3.5
Total \u2013 Group
20.3
19.4
Depreciation of right-of-use assets
2023
2022
\u00a3m
\u00a3m
Sustainable Building Solutions
2.1
1.7
Water Management Solutions
1.4
1.4
Climate Management Solutions
1.2
0.9
Other
0.9
1.4
Total \u2013 Group
5.6
5.4
Non-underlying items before tax
2023
2022
\u00a3m
\u00a3m
Sustainable Building Solutions:
Amortisation of intangible assets
1.7
1.7
Restructuring costs
3.1
2.7
Employment matters
1.3
\u2013
Profit on disposal of property, plant and equipment
(4.7)
\u2013
Water Management Solutions:
Impairment of intangible assets
2.5
\u2013
Amortisation of intangible assets
0.9
0.9
Restructuring costs
7.3
0.9
Acquisition costs
1.8
3.3
Product Liability Claim
(1.2)
1.0
Climate Management Solutions
:
Impairment of goodwill
\u2013
12.0
Impairment of intangible assets
\u2013
2.8
Amortisation of intangible assets
12.2
12.6
Restructuring costs
1.7
0.2
Employment matters
0.7
\u2013
Acquisition costs
0.4
\u2013
Isolated cyber incident
\u2013
1.2
Total \u2013 segmental
27.7
39.1
Other \u2013 restructuring costs
0.3
1.2
Group \u2013 restructuring costs
4.1
4.3
Group \u2013 unamortised deal fees
\u2013
0.4
Total \u2013 Group
32.1
45.2
Geographical analysis
2023
2022
Revenue by destination
\u00a3m
\u00a3m
UK
519.1
560.8
Rest of Europe
33.4
32.4
Rest of World
34.0
29.0
Total \u2013 Group
586.5
622.2
31 December
31 December
2023
2022
Non-current assets
\u00a3m
\u00a3m
UK
790.3
800.2
Rest of Europe
5.7
7.1
Total \u2013 Group
796.0
807.3
Non-current assets for this purpose consist of property, plant and equipment, right-of-use assets,
goodwill and other intangible assets.
The Group had no customers (2022: two) which individually accounted for more than 10% of
the Group\u2019s total revenue during 2023. These customers accounted for 11.9% and 10.8% in 2022,
respectively and are included in all three reporting segments.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23634": { "value": "5. Segment information
IFRS 8, Operating Segments, requires operating segments to be identified on the basis of the
internal financial information reported to the Chief Operating Decision Maker (CODM). The Group\u2019s
CODM is deemed to be the Board of Directors, which is primarily responsible for the allocation
of resources to segments and the assessment of performance of the segments.
From 1 January 2023, reporting segments have been aligned with the Group\u2019s Sustainable
Solutions for Growth strategy and reorganised into three segments \u2013 Sustainable Building
Solutions (SBS), Water Management Solutions (WMS) and Climate Management Solutions (CMS).
Adey, Nuaire, Domus, Nu-Heat and Surestop have been reallocated from the Residential Systems
segment into CMS, with the remainder of Residential Systems moving into SBS. The Commercial
and Infrastructure segment is now reported as WMS without the commercial element of Nuaire
which is now reported in CMS. The reporting segments are organised based on the nature of the
end markets served. Inter-segment sales are on an arm\u2019s length basis in a manner similar to
transactions with third parties. The prior year comparatives have been restated to the three
divisions. Other segments relates to Polypipe Italia SRL which is currently held-for-sale and not
reported as part of the Group\u2019s strategic business units.
2023
Sustainable
Water
Climate
Building
Management
Management
Solutions
Solutions
Solutions
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segmental revenue
268.0
193.9
169.2
8.4
639.5
Inter-segment revenue
(25.2)
(23.5)
(3.3)
(1.0)
(53.0)
Revenue
242.8
170.4
165.9
7.4
586.5
Underlying operating profit*
53.1
17.7
22.7
0.6
94.1
Non-underlying items \u2013 segmental
(1.4)
(11.3)
(15.0)
(0.3)
(28.0)
Non-underlying items \u2013 group
(4.1)
Segmental operating profit
51.7
6.4
7.7
0.3
62.0
Finance costs
(13.6)
Profit before tax
48.4
*
Underlying operating profit is stated before non-underlying items as defined in the Group Accounting Policies on page 168
and is the measure of segment profit used by the Group\u2019s CODM. Details of the non-underlying items of \u00a332.1m (2022: \u00a345.2m)
are set out below at non-underlying items before tax.
2022
Sustainable
Water
Climate
Building
Management
Management
Solutions
Solutions
Solutions
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segmental revenue
311.5
189.2
162.4
9.7
672.8
Inter-segment revenue
(29.0)
(16.8)
(3.8)
(1.0)
(50.6)
Revenue
282.5
172.4
158.6
8.7
622.2
Underlying operating profit*
59.3
14.1
25.2
(0.4)
98.2
Non-underlying items \u2013 segmental
(4.4)
(6.1)
(28.8)
(1.2)
(40.5)
Non-underlying items \u2013 group
(4.3)
Segmental operating profit
54.9
8.0
(3.6)
(1.6)
53.4
Finance costs
(7.6)
Non-underlying items \u2013 finance costs
(0.4)
Profit before tax
45.4
Property, plant and equipment additions
2023
2022
\u00a3m
\u00a3m
Sustainable Building Solutions
17.6
24.5
Water Management Solutions
10.6
11.9
Climate Management Solutions
2.7
2.8
Other
1.9
1.8
Total \u2013 Group
32.8
41.0
Right-of-use asset additions
2023
2022
\u00a3m
\u00a3m
Sustainable Building Solutions
2.3
2.6
Water Management Solutions
2.1
1.5
Climate Management Solutions
2.1
3.3
Other
1.4
0.7
Total \u2013 Group
7.9
8.1
Depreciation of property, plant and equipment
2023
2022
\u00a3m
\u00a3m
Sustainable Building Solutions
10.6
10.4
Water Management Solutions
6.6
5.2
Climate Management Solutions
3.1
3.5
Total \u2013 Group
20.3
19.4
Depreciation of right-of-use assets
2023
2022
\u00a3m
\u00a3m
Sustainable Building Solutions
2.1
1.7
Water Management Solutions
1.4
1.4
Climate Management Solutions
1.2
0.9
Other
0.9
1.4
Total \u2013 Group
5.6
5.4
Non-underlying items before tax
2023
2022
\u00a3m
\u00a3m
Sustainable Building Solutions:
Amortisation of intangible assets
1.7
1.7
Restructuring costs
3.1
2.7
Employment matters
1.3
\u2013
Profit on disposal of property, plant and equipment
(4.7)
\u2013
Water Management Solutions:
Impairment of intangible assets
2.5
\u2013
Amortisation of intangible assets
0.9
0.9
Restructuring costs
7.3
0.9
Acquisition costs
1.8
3.3
Product Liability Claim
(1.2)
1.0
Climate Management Solutions
:
Impairment of goodwill
\u2013
12.0
Impairment of intangible assets
\u2013
2.8
Amortisation of intangible assets
12.2
12.6
Restructuring costs
1.7
0.2
Employment matters
0.7
\u2013
Acquisition costs
0.4
\u2013
Isolated cyber incident
\u2013
1.2
Total \u2013 segmental
27.7
39.1
Other \u2013 restructuring costs
0.3
1.2
Group \u2013 restructuring costs
4.1
4.3
Group \u2013 unamortised deal fees
\u2013
0.4
Total \u2013 Group
32.1
45.2
Geographical analysis
2023
2022
Revenue by destination
\u00a3m
\u00a3m
UK
519.1
560.8
Rest of Europe
33.4
32.4
Rest of World
34.0
29.0
Total \u2013 Group
586.5
622.2
31 December
31 December
2023
2022
Non-current assets
\u00a3m
\u00a3m
UK
790.3
800.2
Rest of Europe
5.7
7.1
Total \u2013 Group
796.0
807.3
Non-current assets for this purpose consist of property, plant and equipment, right-of-use assets,
goodwill and other intangible assets.
The Group had no customers (2022: two) which individually accounted for more than 10% of
the Group\u2019s total revenue during 2023. These customers accounted for 11.9% and 10.8% in 2022,
respectively and are included in all three reporting segments.
6. Operating profit
2023
2022
\u00a3m
\u00a3m
Income statement charges
Depreciation of property, plant and equipment (owned)
20.3
19.4
Depreciation of right-of-use assets
5.6
5.4
Cost of inventories recognised as an expense
287.9
318.3
Research and development costs expensed
9.0
8.8
Income statement credits
Research and development expenditure credit
1.5
1.2
Profit on disposal of property, plant and equipment
0.4
0.7
7. Auditor\u2019s remuneration
The Group paid the following amounts to the Company\u2019s auditor in respect of the audit
of the consolidated financial statements and for other services provided to the Group.
Auditor\u2019s remuneration for audit services:
2023
2022
\u00a3m
\u00a3m
Audit of the Company\u2019s annual financial statements
\u2013
\u2013
Audit of the Company\u2019s subsidiaries
1.0
0.9
Total audit fees
1.0
0.9
The Group paid the Company\u2019s auditor \u00a30.2m for audit related assurance services (2022: \u00a30.2m).
8. Non-underlying items
Non-underlying items comprised:
2023
2022
Gross
Tax
Net
Gross
Tax
Net
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost of sales:
Restructuring costs \u2013 inventory
write down
1.5
(0.3)
1.2
1.5
(0.3)
1.2
Restructuring costs
0.4
(0.1)
0.3
\u2013
\u2013
\u2013
Employment matters
1.3
(0.2)
1.1
\u2013
\u2013
\u2013
Product liability claim
(1.2)
(0.1)
(1.3)
1.0
\u2013
1.0
Selling and distribution costs:
Restructuring costs
1.0
(0.2)
0.8
\u2013
\u2013
\u2013
Administration expenses:
Restructuring costs
12.4
(2.3)
10.1
7.8
(1.5)
6.3
Acquisition costs \u2013 acquisition
and other M&A activity
2.2
(0.1)
2.1
3.3
\u2013
3.3
Workday configuration (SaaS)
1.2
(0.3)
0.9
\u2013
\u2013
\u2013
Employment matters
0.7
(0.1)
0.6
\u2013
\u2013
\u2013
Profit on disposal of property, plant
and equipment
(4.7)
\u2013
(4.7)
\u2013
\u2013
\u2013
Isolated cyber incident costs
\u2013
\u2013
\u2013
1.2
(0.2)
1.0
Amortisation of intangible assets
14.8
(3.7)
11.1
15.2
(2.6)
12.6
Impairment of intangible assets
2.5
(0.6)
1.9
2.8
(0.5)
2.3
Impairment of goodwill
\u2013
\u2013
\u2013
12.0
\u2013
12.0
Finance costs:
unamortised deal fees
\u2013
\u2013
\u2013
0.4
(0.1)
0.3
Total non-underlying items
32.1
(8.0)
24.1
45.2
(5.2)
40.0
Restructuring costs incurred in both periods are in relation to the reorganisation of the Group,
which concluded during 2023, with a cumulative cost over the two-year period of \u00a324.6m.
The Group reviewed its operating footprint which resulted in the closure of six sites. This included
the sale of two properties which accounts for the profit on disposal, reorganisation costs in
relation to the new operating structure of the segmental units (see Note 3) and costs incurred
for consultancy fees for advisory support as part of the initial deployment and design of the
Genuit Business System. Workday SaaS costs related to the design and configuration of Workday
software that is a significant project to support the Group\u2019s medium-term strategy.
The product liability claim is associated with a historic acquisition and comprised of an increase
in the provision for remediation works which have been ongoing in 2023. The total amount
recognised as a liability on the balance sheet for the remaining works at 31 December 2023
is \u00a31.3m (2022: \u00a33.3m). This is offset by a settlement being received, net of legal costs incurred,
associated with the acquisition.
Acquisition costs in both years relate predominantly to a \u00a31.8m (2022: \u00a33.1m) charge arising in
connection with contingent consideration treated as remuneration in respect of the acquisition
of Plura.
Costs associated with employment matters are in relation to one-off regulatory claims.
During 2022, there was an isolated cyber incident at one of the Group\u2019s businesses, which resulted
in temporary disruption to manufacturing and consequently sales in April and May 2022.
Impairment of intangible assets of \u00a32.5m (2022: \u00a32.8m) related to assets associated with the
closure of a site within the year and in 2022 is in respect of a customer relationship agreement
ending early and impairment of goodwill relates to a 2021 acquisition, (see Note 18).
Amortisation charged relates to intangible assets arising on business combinations.
9. Staff costs
Staff costs (including Directors) comprised:
2023
2022
\u00a3m
\u00a3m
Wages and salaries
127.2
128.5
Social security costs
13.4
13.2
Other pension costs
5.4
6.5
146.0
148.2
The average monthly number of persons employed by the Group by segment was as follows:
2023
2022
Sustainable Building Solutions
1,500
1,739
Water Management Solutions
737
796
Climate Management Solutions
939
990
Other
120
115
Total \u2013 Group
3,296
3,640
10. Directors\u2019 remuneration
Details of the Directors\u2019 remuneration are set out below:
2023
2022
\u00a3m
\u00a3m
Fees
0.5
0.5
Emoluments
2.9
3.1
3.4
3.6
Further details of Directors\u2019 remuneration are provided in the Annual Report on Remuneration.
The aggregate amount of gains made by the Directors on the exercise of share options during
the year was \u00a30.6m (2022: \u00a30.2m).
11. Finance costs
2023
2022
\u00a3m
\u00a3m
Interest on bank loan
11.6
6.2
Debt issue cost amortisation
0.8
0.5
Un-wind of discount on lease liabilities
1.2
0.8
Other finance costs
\u2013
0.1
13.6
7.6
12. Income tax
(a) Tax expense reported in the income statement
\n \n
2023
2022
\u00a3m
\u00a3m
Current income tax:
UK income tax
11.0
7.7
Overseas income tax
0.2
0.1
Current income tax
11.2
7.8
Adjustment in respect of prior years
(0.4)
(0.5)
Total current income tax
10.8
7.3
Deferred income tax:
Origination and reversal of temporary differences
(1.9)
0.4
Effects of changes in income tax rates
0.1
1.3
Deferred income tax
(1.8)
1.7
Adjustment in respect of prior years
0.9
(0.1)
Total deferred income tax
(0.9)
1.6
Total tax expense reported in the income statement
9.9
8.9
Details of the non-underlying tax credit of \u00a38.0m (2022: \u00a35.2m) are set out in Note 8.
(b) Reconciliation of the total tax expense
A reconciliation between the tax expense and the product of accounting profit multiplied by the
UK standard rate of income tax for the years ended 31 December 2023 and 2022 is as follows:
\n \n
2023
2022
\u00a3m
\u00a3m
Accounting profit before tax
48.4
45.4
Accounting profit multiplied by the UK standard rate of income tax
of 23.52% (2022: 19.0%)
11.4
8.6
Expenses not deductible for income tax
1.6
3.4
Non-taxable income
(2.2)
(0.4)
Adjustment in respect of prior years
0.5
(0.6)
Effects of patent box
(1.1)
(1.6)
Effects of changes in income tax rates
0.1
1.3
Effects of super deduction
(0.1)
(1.8)
Effects of other tax rates/credits
(0.3)
\u2013
Total tax expense reported in the income statement
9.9
8.9
The effective rate for the full year was 20.5% (2022: 19.6%). If the impact of non-underlying items
is excluded, the underlying income tax rate would be 22.2% (2022: 15.6%).
(c) Deferred income tax
The deferred income tax included in the Group balance sheet is as follows:
\n \n
2023
2022
\u00a3m
\u00a3m
Deferred income tax liabilities/(assets)
Short-term timing differences:
\u2013 DTL arising on acquired intangible assets
32.9
36.5
\u2013 Other short-term timing differences
(1.5)
1.3
Capital allowances in excess of depreciation
23.0
16.9
Share-based payments
(1.3)
(2.1)
Tax losses
(3.0)
(2.5)
50.1
50.1
The Group offsets tax assets and liabilities if, and only if, it has a legally enforceable right to set off
current income tax assets and current income tax liabilities and the deferred income tax assets
and deferred income tax liabilities relate to income taxes levied by the same tax authority.
(d) Change in corporation tax rate
On 24 May 2021, legislation was passed which substantively enacted an increase in UK corporation
tax rate from 19% to 25% from April 2023. Deferred income tax on the balance sheet at 31 December
2023 was measured at 25%.
(e) Unrecognised tax losses
No deferred income tax has been recognised on non-trading losses and other timing
differences of \u00a33.4m (2022: \u00a31.3m) as the Directors do not consider that they will be utilised
in the foreseeable future.25. Share-based payments
Share options were granted by the Company under its various share option schemes as detailed in the table below:
\n \n
Exercise
31 December
Lapsed/
31 December
Date
price
2022
Granted
Dividend
Exercised
forfeited
2023
first
Expiry
\u00a3
Number
Number
Accrual
Number
Number
Number
exercisable
date
2014 Sharesave (granted 2019)
3.05
683,628
\u2013
\u2013
(44,227)
1
(639,401)
\u2013
1 Nov 2022
30 April 2023
2014 Sharesave (granted 2020)
3.45
642,727
\u2013
\u2013
(32,703)
2
(323,413)
286,611
1 Dec 2023
31 May 2024
2014 Sharesave (granted 2021)
5.78
245,977
\u2013
\u2013
\u2013
(85,585)
160,392
1 Dec 2024
31 May 2025
2014 Sharesave (granted 2022)
2.21
4,521,667
\u2013
\u2013
(2,804)
3
(1,017,188)
3,501,675
1 Dec 2025
31 May 2026
2014 Sharesave (granted 2023)
2.60
\u2013
1,092,575
\u2013
\u2013
(47,746)
1,044,829
1 Dec 2026
31 May 2027
2014 LTIP (granted 10 May 2016)
Nil
86,205
\u2013
\u2013
\u2013
\u2013
86,205
10 May 2019
10 May 2026
2014 LTIP (granted 2 May 2017)
Nil
12,574
\u2013
\u2013
\u2013
\u2013
12,574
2 May 2020
2 May 2027
2014 LTIP (granted 22 May 2017)
Nil
5,973
\u2013
\u2013
(5,973)
4
\u2013
\u2013
22 May 2021
22 May 2028
2014 LTIP (granted 2 May 2018)
Nil
21,142
\u2013
\u2013
(21,142)
5
\u2013
\u2013
2 May 2021
2 May 2028
2014 LTIP (granted 30 April 2019)
Nil
49,996
\u2013
\u2013
(22,879)
6
\u2013
27,117
30 April 2022
30 April 2029
2014 LTIP (granted 22 Nov 2019)
Nil
5,882
\u2013
\u2013
(5,882)
7
\u2013
\u2013
22 Nov 2022
22 Nov 2029
2014 LTIP (granted 22 June 2020)
Nil
474,238
\u2013
\u2013
\u2013
(474,238)
\u2013
22 June 2023
22 June 2030
2014 LTIP (granted 20 May 2021)
Nil
546,915
\u2013
\u2013
\u2013
(128,722)
418,193
20 May 2024
20 May 2031
2014 LTIP (granted 22 April 2022)
Nil
743,858
\u2013
\u2013
\u2013
(169,951)
573,907
22 April 2025
22 April 2032
2014 LTIP (granted 13 July 2022)
Nil
11,973
\u2013
\u2013
\u2013
\u2013
11,973
13 July 2025
13 July 2032
2014 LTIP (granted 21 April 2023)
Nil
\u2013
1,288,711
\u2013
\u2013
(265,660)
1,023,051
21 April 2026
21 April 2033
2014 LTIP (granted 18 May 2023)
Nil
\u2013
15,173
\u2013
\u2013
\u2013
15,173
18 May 2026
18 May 2033
2014 LTIP (granted 22 May 2023)
Nil
\u2013
21,795
\u2013
\u2013
\u2013
21,795
22 May 2026
22 May 2033
Deferred share awards (granted 22 March 2022)
Nil
178,377
\u2013
1,667
(128,921)
8
(51,123)
\u2013
22 March 2023
22 March 2032
Deferred share awards (granted 22 March 2022)
Nil
127,030
\u2013
6,816
\u2013
\u2013
133,846
22 March 2024
22 March 2032
Deferred share awards (granted 22 March 2022)
Nil
12,347
\u2013
\u2013
(12,347)
9
\u2013
\u2013
22 March 2022
22 March 2032
Deferred share awards (granted 22 March 2022)
Nil
31,216
\u2013
449
(31,665)
10
\u2013
\u2013
22 March 2023
22 March 2032
DSBP (granted 30 April 2019)
Nil
7,003
\u2013
\u2013
(7,003)
11
\u2013
\u2013
30 April 2021
30 April 2029
DSBP (granted 22 June 2020)
Nil
13,315
\u2013
348
(7,093)
12
(6,570)
\u2013
22 June 2022
22 June 2030
DSBP (granted 22 April 2022)
Nil
80,630
\u2013
4,322
\u2013
\u2013
84,952
22 April 2024
22 April 2032
DSBP (granted 21 April 2023)
Nil
\u2013
25,041
966
\u2013
\u2013
26,007
21 April 2025
21 April 2033
8,502,673
2,443,295
14,568
(322,639)
(3,209,597)
7,428,300
1.
The weighted average share price at the date of exercise of these options was \u00a33.30.
2.
The weighted average share price at the date of exercise of these options was \u00a33.98.
3.
The weighted average share price at the date of exercise of these options was \u00a33.16.
4.
The weighted average share price at the date of exercise of these options was \u00a33.30.
5.
The weighted average share price at the date of exercise of these options was \u00a32.81.
6.
The weighted average share price at the date of exercise of these options was \u00a32.83.
7.
The weighted average share price at the date of exercise of these options was \u00a33.07.
8.
The weighted average share price at the date of exercise of these options was \u00a32.72.
9.
The weighted average share price at the date of exercise of these options was \u00a32.72.
10. The weighted average share price at the date of exercise of these options was \u00a32.72.
11.
The weighted average share price at the date of exercise of these options was \u00a32.72.
12. The weighted average share price at the date of exercise of these options was \u00a32.89.
\n
\n
At 31 December 2023, 449,475 (2022: 889,345) share options were exercisable at a weighted
\n
average exercise price of \u00a32.20 (2022: \u00a32.34) per share.
\n
Sharesave Plan
\n
Sharesave Plan options were granted to eligible employees on 10 October 2023 at an exercise
\n
price of \u00a32.60 per share, a 20% discount to the average share price over the three business days
\n
preceding the offer. Participating employees can exercise their options to purchase the shares
\n
acquired through their savings plans at the option price after three years. These options have
\n
an exercise date of 2026 to 2027.
\n
Long-Term Incentive Plan (LTIP)
\n
LTIP options were awarded to a number of senior managers on 21 April 2023, 18 May 2023 and
\n
22 May 2023. These options have an exercise date of 2026 to 2033. The vesting of each award
\n
is subject to the satisfaction of certain performance criteria, of which 25% is based on total
\n
shareholder return (the TSR element), 25% is based on sustainability performance (the sustainability
\n
element) and 50% is based on earnings per share (the EPS element). Further details of the scheme
\n
are provided in the Annual Report on Remuneration.
\n
Deferred Share Bonus Plan (DSBP)
\n
On 21 April 2023, the Executive Directors received an award of shares under the DSBP relating
\n
to the 2022 annual bonus.
\n
All these equity-settled, share-based payments are measured at fair value at the date of grant.
\n
The fair value determined at the date of grant of the equity-settled, share-based payments
\n
is expensed to the income statement on a straight-line basis over the vesting period, based
\n
on the Group\u2019s estimates of shares that will eventually vest, with a corresponding adjustment
\n
to equity. Fair value for the Sharesave Plan options is measured by use of a Black-Scholes model.
\n
Fair value of the LTIP options is measured by use of a Monte Carlo model. The expected life used
\n
in the models has been adjusted, based on management\u2019s best estimate for the effects of
\n
non-transferability, exercise restrictions and behavioural considerations.
\n
The assumptions used for each share-based payment were as follows:
2014 LTIP
2014 LTIP
2014 LTIP
2014
options
options
options
Sharesave
granted
granted
granted
options
21 April
18 May
22 May
granted
2023
2023
2023
2023
Share price at the date of grant
\u00a32.76
\u00a33.03
\u00a33.21
\u00a33.06
Exercise price
\u00a3Nil
\u00a3Nil
\u00a3Nil
2.60
Shares under option
1,288,711
15,173
21,795
1,092,575
Vesting period (years)
3.00
3.00
3.00
3.25
Expected volatility
36.7%
36.7%
36.7%
39.3%
Median volatility of the comparator group
34.9%
34.9%
34.9%
n/a
Expected life (years)
3.00
3.00
3.00
3.25
Risk free rate
3.8%
3.9%
4.0%
4.0%
Dividend yield
4.5%
3.6%
3.7%
4.0%
TSR performance of the Company
at the date of grant
1.0%
1.0%
1.0%
n/a
Median TSR performance of the
comparator group at the date of grant
5.05%
5.05%
5.05%
n/a
Correlation (median)
35.9%
35.9%
35.9%
n/a
Fair value per option
\u00a32.15
\u00a32.63
\u00a32.55
\u00a31.07
2014 LTIP
2014 LTIP
2014
options
options
Sharesave
granted
granted
options
22 April
13 July
granted
2022
2022
2022
Share price at the date of grant
\u00a34.57
\u00a33.82
\u00a32.70
Exercise price
Nil
Nil
\u00a32.21
Shares under option
809,192
11,973
4,521,667
Vesting period (years)
3.00
3.00
3.25
Expected volatility
37.3%
37.3%
41.3%
Median volatility of the comparator group
38.2%
38.2%
n/a
Expected life (years)
3.00
3.00
3.25
Risk free rate
1.82%
1.70%
3.64%
Dividend yield
2.69%
3.20%
4.26%
TSR performance of the Company at the date of grant
(21.2)%
(21.2)%
n/a
Median TSR performance of the comparator group
at the date of grant
(24.4)%
(24.4)%
n/a
Correlation (median)
33.3%
33.3%
n/a
Fair value per option
\u00a33.65
\u00a33.11
\u00a30.84
The expected volatility is based on historical share price movements. The Directors anticipate
it is possible the performance criteria in relation to the LTIP options may not be met.
2023
2022
\u00a3m
\u00a3m
Share-based payments charge for the year
2.1
2.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23635": { "value": "5. Segment information
IFRS 8, Operating Segments, requires operating segments to be identified on the basis of the
internal financial information reported to the Chief Operating Decision Maker (CODM). The Group\u2019s
CODM is deemed to be the Board of Directors, which is primarily responsible for the allocation
of resources to segments and the assessment of performance of the segments.
From 1 January 2023, reporting segments have been aligned with the Group\u2019s Sustainable
Solutions for Growth strategy and reorganised into three segments \u2013 Sustainable Building
Solutions (SBS), Water Management Solutions (WMS) and Climate Management Solutions (CMS).
Adey, Nuaire, Domus, Nu-Heat and Surestop have been reallocated from the Residential Systems
segment into CMS, with the remainder of Residential Systems moving into SBS. The Commercial
and Infrastructure segment is now reported as WMS without the commercial element of Nuaire
which is now reported in CMS. The reporting segments are organised based on the nature of the
end markets served. Inter-segment sales are on an arm\u2019s length basis in a manner similar to
transactions with third parties. The prior year comparatives have been restated to the three
divisions. Other segments relates to Polypipe Italia SRL which is currently held-for-sale and not
reported as part of the Group\u2019s strategic business units.
2023
Sustainable
Water
Climate
Building
Management
Management
Solutions
Solutions
Solutions
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segmental revenue
268.0
193.9
169.2
8.4
639.5
Inter-segment revenue
(25.2)
(23.5)
(3.3)
(1.0)
(53.0)
Revenue
242.8
170.4
165.9
7.4
586.5
Underlying operating profit*
53.1
17.7
22.7
0.6
94.1
Non-underlying items \u2013 segmental
(1.4)
(11.3)
(15.0)
(0.3)
(28.0)
Non-underlying items \u2013 group
(4.1)
Segmental operating profit
51.7
6.4
7.7
0.3
62.0
Finance costs
(13.6)
Profit before tax
48.4
*
Underlying operating profit is stated before non-underlying items as defined in the Group Accounting Policies on page 168
and is the measure of segment profit used by the Group\u2019s CODM. Details of the non-underlying items of \u00a332.1m (2022: \u00a345.2m)
are set out below at non-underlying items before tax.
2022
Sustainable
Water
Climate
Building
Management
Management
Solutions
Solutions
Solutions
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segmental revenue
311.5
189.2
162.4
9.7
672.8
Inter-segment revenue
(29.0)
(16.8)
(3.8)
(1.0)
(50.6)
Revenue
282.5
172.4
158.6
8.7
622.2
Underlying operating profit*
59.3
14.1
25.2
(0.4)
98.2
Non-underlying items \u2013 segmental
(4.4)
(6.1)
(28.8)
(1.2)
(40.5)
Non-underlying items \u2013 group
(4.3)
Segmental operating profit
54.9
8.0
(3.6)
(1.6)
53.4
Finance costs
(7.6)
Non-underlying items \u2013 finance costs
(0.4)
Profit before tax
45.4
Property, plant and equipment additions
2023
2022
\u00a3m
\u00a3m
Sustainable Building Solutions
17.6
24.5
Water Management Solutions
10.6
11.9
Climate Management Solutions
2.7
2.8
Other
1.9
1.8
Total \u2013 Group
32.8
41.0
Right-of-use asset additions
2023
2022
\u00a3m
\u00a3m
Sustainable Building Solutions
2.3
2.6
Water Management Solutions
2.1
1.5
Climate Management Solutions
2.1
3.3
Other
1.4
0.7
Total \u2013 Group
7.9
8.1
Depreciation of property, plant and equipment
2023
2022
\u00a3m
\u00a3m
Sustainable Building Solutions
10.6
10.4
Water Management Solutions
6.6
5.2
Climate Management Solutions
3.1
3.5
Total \u2013 Group
20.3
19.4
Depreciation of right-of-use assets
2023
2022
\u00a3m
\u00a3m
Sustainable Building Solutions
2.1
1.7
Water Management Solutions
1.4
1.4
Climate Management Solutions
1.2
0.9
Other
0.9
1.4
Total \u2013 Group
5.6
5.4
Non-underlying items before tax
2023
2022
\u00a3m
\u00a3m
Sustainable Building Solutions:
Amortisation of intangible assets
1.7
1.7
Restructuring costs
3.1
2.7
Employment matters
1.3
\u2013
Profit on disposal of property, plant and equipment
(4.7)
\u2013
Water Management Solutions:
Impairment of intangible assets
2.5
\u2013
Amortisation of intangible assets
0.9
0.9
Restructuring costs
7.3
0.9
Acquisition costs
1.8
3.3
Product Liability Claim
(1.2)
1.0
Climate Management Solutions
:
Impairment of goodwill
\u2013
12.0
Impairment of intangible assets
\u2013
2.8
Amortisation of intangible assets
12.2
12.6
Restructuring costs
1.7
0.2
Employment matters
0.7
\u2013
Acquisition costs
0.4
\u2013
Isolated cyber incident
\u2013
1.2
Total \u2013 segmental
27.7
39.1
Other \u2013 restructuring costs
0.3
1.2
Group \u2013 restructuring costs
4.1
4.3
Group \u2013 unamortised deal fees
\u2013
0.4
Total \u2013 Group
32.1
45.2
Geographical analysis
2023
2022
Revenue by destination
\u00a3m
\u00a3m
UK
519.1
560.8
Rest of Europe
33.4
32.4
Rest of World
34.0
29.0
Total \u2013 Group
586.5
622.2
31 December
31 December
2023
2022
Non-current assets
\u00a3m
\u00a3m
UK
790.3
800.2
Rest of Europe
5.7
7.1
Total \u2013 Group
796.0
807.3
Non-current assets for this purpose consist of property, plant and equipment, right-of-use assets,
goodwill and other intangible assets.
The Group had no customers (2022: two) which individually accounted for more than 10% of
the Group\u2019s total revenue during 2023. These customers accounted for 11.9% and 10.8% in 2022,
respectively and are included in all three reporting segments.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23636": { "value": "5. Segment information
IFRS 8, Operating Segments, requires operating segments to be identified on the basis of the
internal financial information reported to the Chief Operating Decision Maker (CODM). The Group\u2019s
CODM is deemed to be the Board of Directors, which is primarily responsible for the allocation
of resources to segments and the assessment of performance of the segments.
From 1 January 2023, reporting segments have been aligned with the Group\u2019s Sustainable
Solutions for Growth strategy and reorganised into three segments \u2013 Sustainable Building
Solutions (SBS), Water Management Solutions (WMS) and Climate Management Solutions (CMS).
Adey, Nuaire, Domus, Nu-Heat and Surestop have been reallocated from the Residential Systems
segment into CMS, with the remainder of Residential Systems moving into SBS. The Commercial
and Infrastructure segment is now reported as WMS without the commercial element of Nuaire
which is now reported in CMS. The reporting segments are organised based on the nature of the
end markets served. Inter-segment sales are on an arm\u2019s length basis in a manner similar to
transactions with third parties. The prior year comparatives have been restated to the three
divisions. Other segments relates to Polypipe Italia SRL which is currently held-for-sale and not
reported as part of the Group\u2019s strategic business units.
2023
Sustainable
Water
Climate
Building
Management
Management
Solutions
Solutions
Solutions
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segmental revenue
268.0
193.9
169.2
8.4
639.5
Inter-segment revenue
(25.2)
(23.5)
(3.3)
(1.0)
(53.0)
Revenue
242.8
170.4
165.9
7.4
586.5
Underlying operating profit*
53.1
17.7
22.7
0.6
94.1
Non-underlying items \u2013 segmental
(1.4)
(11.3)
(15.0)
(0.3)
(28.0)
Non-underlying items \u2013 group
(4.1)
Segmental operating profit
51.7
6.4
7.7
0.3
62.0
Finance costs
(13.6)
Profit before tax
48.4
*
Underlying operating profit is stated before non-underlying items as defined in the Group Accounting Policies on page 168
and is the measure of segment profit used by the Group\u2019s CODM. Details of the non-underlying items of \u00a332.1m (2022: \u00a345.2m)
are set out below at non-underlying items before tax.
2022
Sustainable
Water
Climate
Building
Management
Management
Solutions
Solutions
Solutions
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segmental revenue
311.5
189.2
162.4
9.7
672.8
Inter-segment revenue
(29.0)
(16.8)
(3.8)
(1.0)
(50.6)
Revenue
282.5
172.4
158.6
8.7
622.2
Underlying operating profit*
59.3
14.1
25.2
(0.4)
98.2
Non-underlying items \u2013 segmental
(4.4)
(6.1)
(28.8)
(1.2)
(40.5)
Non-underlying items \u2013 group
(4.3)
Segmental operating profit
54.9
8.0
(3.6)
(1.6)
53.4
Finance costs
(7.6)
Non-underlying items \u2013 finance costs
(0.4)
Profit before tax
45.4
Property, plant and equipment additions
2023
2022
\u00a3m
\u00a3m
Sustainable Building Solutions
17.6
24.5
Water Management Solutions
10.6
11.9
Climate Management Solutions
2.7
2.8
Other
1.9
1.8
Total \u2013 Group
32.8
41.0
Right-of-use asset additions
2023
2022
\u00a3m
\u00a3m
Sustainable Building Solutions
2.3
2.6
Water Management Solutions
2.1
1.5
Climate Management Solutions
2.1
3.3
Other
1.4
0.7
Total \u2013 Group
7.9
8.1
Depreciation of property, plant and equipment
2023
2022
\u00a3m
\u00a3m
Sustainable Building Solutions
10.6
10.4
Water Management Solutions
6.6
5.2
Climate Management Solutions
3.1
3.5
Total \u2013 Group
20.3
19.4
Depreciation of right-of-use assets
2023
2022
\u00a3m
\u00a3m
Sustainable Building Solutions
2.1
1.7
Water Management Solutions
1.4
1.4
Climate Management Solutions
1.2
0.9
Other
0.9
1.4
Total \u2013 Group
5.6
5.4
Non-underlying items before tax
2023
2022
\u00a3m
\u00a3m
Sustainable Building Solutions:
Amortisation of intangible assets
1.7
1.7
Restructuring costs
3.1
2.7
Employment matters
1.3
\u2013
Profit on disposal of property, plant and equipment
(4.7)
\u2013
Water Management Solutions:
Impairment of intangible assets
2.5
\u2013
Amortisation of intangible assets
0.9
0.9
Restructuring costs
7.3
0.9
Acquisition costs
1.8
3.3
Product Liability Claim
(1.2)
1.0
Climate Management Solutions
:
Impairment of goodwill
\u2013
12.0
Impairment of intangible assets
\u2013
2.8
Amortisation of intangible assets
12.2
12.6
Restructuring costs
1.7
0.2
Employment matters
0.7
\u2013
Acquisition costs
0.4
\u2013
Isolated cyber incident
\u2013
1.2
Total \u2013 segmental
27.7
39.1
Other \u2013 restructuring costs
0.3
1.2
Group \u2013 restructuring costs
4.1
4.3
Group \u2013 unamortised deal fees
\u2013
0.4
Total \u2013 Group
32.1
45.2
Geographical analysis
2023
2022
Revenue by destination
\u00a3m
\u00a3m
UK
519.1
560.8
Rest of Europe
33.4
32.4
Rest of World
34.0
29.0
Total \u2013 Group
586.5
622.2
31 December
31 December
2023
2022
Non-current assets
\u00a3m
\u00a3m
UK
790.3
800.2
Rest of Europe
5.7
7.1
Total \u2013 Group
796.0
807.3
Non-current assets for this purpose consist of property, plant and equipment, right-of-use assets,
goodwill and other intangible assets.
The Group had no customers (2022: two) which individually accounted for more than 10% of
the Group\u2019s total revenue during 2023. These customers accounted for 11.9% and 10.8% in 2022,
respectively and are included in all three reporting segments.", "dimensions": { "concept": "ifrs-full:DisclosureOfOperatingSegmentsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f24252": { "value": "Non-underlying items before tax
2023
2022
\u00a3m
\u00a3m
Sustainable Building Solutions:
Amortisation of intangible assets
1.7
1.7
Restructuring costs
3.1
2.7
Employment matters
1.3
\u2013
Profit on disposal of property, plant and equipment
(4.7)
\u2013
Water Management Solutions:
Impairment of intangible assets
2.5
\u2013
Amortisation of intangible assets
0.9
0.9
Restructuring costs
7.3
0.9
Acquisition costs
1.8
3.3
Product Liability Claim
(1.2)
1.0
Climate Management Solutions
:
Impairment of goodwill
\u2013
12.0
Impairment of intangible assets
\u2013
2.8
Amortisation of intangible assets
12.2
12.6
Restructuring costs
1.7
0.2
Employment matters
0.7
\u2013
Acquisition costs
0.4
\u2013
Isolated cyber incident
\u2013
1.2
Total \u2013 segmental
27.7
39.1
Other \u2013 restructuring costs
0.3
1.2
Group \u2013 restructuring costs
4.1
4.3
Group \u2013 unamortised deal fees
\u2013
0.4
Total \u2013 Group
32.1
45.2
6. Operating profit
2023
2022
\u00a3m
\u00a3m
Income statement charges
Depreciation of property, plant and equipment (owned)
20.3
19.4
Depreciation of right-of-use assets
5.6
5.4
Cost of inventories recognised as an expense
287.9
318.3
Research and development costs expensed
9.0
8.8
Income statement credits
Research and development expenditure credit
1.5
1.2
Profit on disposal of property, plant and equipment
0.4
0.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f24552": { "value": "6. Operating profit
2023
2022
\u00a3m
\u00a3m
Income statement charges
Depreciation of property, plant and equipment (owned)
20.3
19.4
Depreciation of right-of-use assets
5.6
5.4
Cost of inventories recognised as an expense
287.9
318.3
Research and development costs expensed
9.0
8.8
Income statement credits
Research and development expenditure credit
1.5
1.2
Profit on disposal of property, plant and equipment
0.4
0.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f24622": { "value": "7. Auditor\u2019s remuneration
The Group paid the following amounts to the Company\u2019s auditor in respect of the audit
of the consolidated financial statements and for other services provided to the Group.
Auditor\u2019s remuneration for audit services:
2023
2022
\u00a3m
\u00a3m
Audit of the Company\u2019s annual financial statements
\u2013
\u2013
Audit of the Company\u2019s subsidiaries
1.0
0.9
Total audit fees
1.0
0.9
The Group paid the Company\u2019s auditor \u00a30.2m for audit related assurance services (2022: \u00a30.2m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f25053": { "value": "9. Staff costs
Staff costs (including Directors) comprised:
2023
2022
\u00a3m
\u00a3m
Wages and salaries
127.2
128.5
Social security costs
13.4
13.2
Other pension costs
5.4
6.5
146.0
148.2
The average monthly number of persons employed by the Group by segment was as follows:
2023
2022
Sustainable Building Solutions
1,500
1,739
Water Management Solutions
737
796
Climate Management Solutions
939
990
Other
120
115
Total \u2013 Group
3,296
3,640
10. Directors\u2019 remuneration
Details of the Directors\u2019 remuneration are set out below:
2023
2022
\u00a3m
\u00a3m
Fees
0.5
0.5
Emoluments
2.9
3.1
3.4
3.6
Further details of Directors\u2019 remuneration are provided in the Annual Report on Remuneration.
The aggregate amount of gains made by the Directors on the exercise of share options during
the year was \u00a30.6m (2022: \u00a30.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f25054": { "value": "9. Staff costs
Staff costs (including Directors) comprised:
2023
2022
\u00a3m
\u00a3m
Wages and salaries
127.2
128.5
Social security costs
13.4
13.2
Other pension costs
5.4
6.5
146.0
148.2
The average monthly number of persons employed by the Group by segment was as follows:
2023
2022
Sustainable Building Solutions
1,500
1,739
Water Management Solutions
737
796
Climate Management Solutions
939
990
Other
120
115
Total \u2013 Group
3,296
3,640
10. Directors\u2019 remuneration
Details of the Directors\u2019 remuneration are set out below:
2023
2022
\u00a3m
\u00a3m
Fees
0.5
0.5
Emoluments
2.9
3.1
3.4
3.6
Further details of Directors\u2019 remuneration are provided in the Annual Report on Remuneration.
The aggregate amount of gains made by the Directors on the exercise of share options during
the year was \u00a30.6m (2022: \u00a30.2m).25. Share-based payments
Share options were granted by the Company under its various share option schemes as detailed in the table below:
\n \n
Exercise
31 December
Lapsed/
31 December
Date
price
2022
Granted
Dividend
Exercised
forfeited
2023
first
Expiry
\u00a3
Number
Number
Accrual
Number
Number
Number
exercisable
date
2014 Sharesave (granted 2019)
3.05
683,628
\u2013
\u2013
(44,227)
1
(639,401)
\u2013
1 Nov 2022
30 April 2023
2014 Sharesave (granted 2020)
3.45
642,727
\u2013
\u2013
(32,703)
2
(323,413)
286,611
1 Dec 2023
31 May 2024
2014 Sharesave (granted 2021)
5.78
245,977
\u2013
\u2013
\u2013
(85,585)
160,392
1 Dec 2024
31 May 2025
2014 Sharesave (granted 2022)
2.21
4,521,667
\u2013
\u2013
(2,804)
3
(1,017,188)
3,501,675
1 Dec 2025
31 May 2026
2014 Sharesave (granted 2023)
2.60
\u2013
1,092,575
\u2013
\u2013
(47,746)
1,044,829
1 Dec 2026
31 May 2027
2014 LTIP (granted 10 May 2016)
Nil
86,205
\u2013
\u2013
\u2013
\u2013
86,205
10 May 2019
10 May 2026
2014 LTIP (granted 2 May 2017)
Nil
12,574
\u2013
\u2013
\u2013
\u2013
12,574
2 May 2020
2 May 2027
2014 LTIP (granted 22 May 2017)
Nil
5,973
\u2013
\u2013
(5,973)
4
\u2013
\u2013
22 May 2021
22 May 2028
2014 LTIP (granted 2 May 2018)
Nil
21,142
\u2013
\u2013
(21,142)
5
\u2013
\u2013
2 May 2021
2 May 2028
2014 LTIP (granted 30 April 2019)
Nil
49,996
\u2013
\u2013
(22,879)
6
\u2013
27,117
30 April 2022
30 April 2029
2014 LTIP (granted 22 Nov 2019)
Nil
5,882
\u2013
\u2013
(5,882)
7
\u2013
\u2013
22 Nov 2022
22 Nov 2029
2014 LTIP (granted 22 June 2020)
Nil
474,238
\u2013
\u2013
\u2013
(474,238)
\u2013
22 June 2023
22 June 2030
2014 LTIP (granted 20 May 2021)
Nil
546,915
\u2013
\u2013
\u2013
(128,722)
418,193
20 May 2024
20 May 2031
2014 LTIP (granted 22 April 2022)
Nil
743,858
\u2013
\u2013
\u2013
(169,951)
573,907
22 April 2025
22 April 2032
2014 LTIP (granted 13 July 2022)
Nil
11,973
\u2013
\u2013
\u2013
\u2013
11,973
13 July 2025
13 July 2032
2014 LTIP (granted 21 April 2023)
Nil
\u2013
1,288,711
\u2013
\u2013
(265,660)
1,023,051
21 April 2026
21 April 2033
2014 LTIP (granted 18 May 2023)
Nil
\u2013
15,173
\u2013
\u2013
\u2013
15,173
18 May 2026
18 May 2033
2014 LTIP (granted 22 May 2023)
Nil
\u2013
21,795
\u2013
\u2013
\u2013
21,795
22 May 2026
22 May 2033
Deferred share awards (granted 22 March 2022)
Nil
178,377
\u2013
1,667
(128,921)
8
(51,123)
\u2013
22 March 2023
22 March 2032
Deferred share awards (granted 22 March 2022)
Nil
127,030
\u2013
6,816
\u2013
\u2013
133,846
22 March 2024
22 March 2032
Deferred share awards (granted 22 March 2022)
Nil
12,347
\u2013
\u2013
(12,347)
9
\u2013
\u2013
22 March 2022
22 March 2032
Deferred share awards (granted 22 March 2022)
Nil
31,216
\u2013
449
(31,665)
10
\u2013
\u2013
22 March 2023
22 March 2032
DSBP (granted 30 April 2019)
Nil
7,003
\u2013
\u2013
(7,003)
11
\u2013
\u2013
30 April 2021
30 April 2029
DSBP (granted 22 June 2020)
Nil
13,315
\u2013
348
(7,093)
12
(6,570)
\u2013
22 June 2022
22 June 2030
DSBP (granted 22 April 2022)
Nil
80,630
\u2013
4,322
\u2013
\u2013
84,952
22 April 2024
22 April 2032
DSBP (granted 21 April 2023)
Nil
\u2013
25,041
966
\u2013
\u2013
26,007
21 April 2025
21 April 2033
8,502,673
2,443,295
14,568
(322,639)
(3,209,597)
7,428,300
1.
The weighted average share price at the date of exercise of these options was \u00a33.30.
2.
The weighted average share price at the date of exercise of these options was \u00a33.98.
3.
The weighted average share price at the date of exercise of these options was \u00a33.16.
4.
The weighted average share price at the date of exercise of these options was \u00a33.30.
5.
The weighted average share price at the date of exercise of these options was \u00a32.81.
6.
The weighted average share price at the date of exercise of these options was \u00a32.83.
7.
The weighted average share price at the date of exercise of these options was \u00a33.07.
8.
The weighted average share price at the date of exercise of these options was \u00a32.72.
9.
The weighted average share price at the date of exercise of these options was \u00a32.72.
10. The weighted average share price at the date of exercise of these options was \u00a32.72.
11.
The weighted average share price at the date of exercise of these options was \u00a32.72.
12. The weighted average share price at the date of exercise of these options was \u00a32.89.
\n
\n
At 31 December 2023, 449,475 (2022: 889,345) share options were exercisable at a weighted
\n
average exercise price of \u00a32.20 (2022: \u00a32.34) per share.
\n
Sharesave Plan
\n
Sharesave Plan options were granted to eligible employees on 10 October 2023 at an exercise
\n
price of \u00a32.60 per share, a 20% discount to the average share price over the three business days
\n
preceding the offer. Participating employees can exercise their options to purchase the shares
\n
acquired through their savings plans at the option price after three years. These options have
\n
an exercise date of 2026 to 2027.
\n
Long-Term Incentive Plan (LTIP)
\n
LTIP options were awarded to a number of senior managers on 21 April 2023, 18 May 2023 and
\n
22 May 2023. These options have an exercise date of 2026 to 2033. The vesting of each award
\n
is subject to the satisfaction of certain performance criteria, of which 25% is based on total
\n
shareholder return (the TSR element), 25% is based on sustainability performance (the sustainability
\n
element) and 50% is based on earnings per share (the EPS element). Further details of the scheme
\n
are provided in the Annual Report on Remuneration.
\n
Deferred Share Bonus Plan (DSBP)
\n
On 21 April 2023, the Executive Directors received an award of shares under the DSBP relating
\n
to the 2022 annual bonus.
\n
All these equity-settled, share-based payments are measured at fair value at the date of grant.
\n
The fair value determined at the date of grant of the equity-settled, share-based payments
\n
is expensed to the income statement on a straight-line basis over the vesting period, based
\n
on the Group\u2019s estimates of shares that will eventually vest, with a corresponding adjustment
\n
to equity. Fair value for the Sharesave Plan options is measured by use of a Black-Scholes model.
\n
Fair value of the LTIP options is measured by use of a Monte Carlo model. The expected life used
\n
in the models has been adjusted, based on management\u2019s best estimate for the effects of
\n
non-transferability, exercise restrictions and behavioural considerations.
\n
The assumptions used for each share-based payment were as follows:
2014 LTIP
2014 LTIP
2014 LTIP
2014
options
options
options
Sharesave
granted
granted
granted
options
21 April
18 May
22 May
granted
2023
2023
2023
2023
Share price at the date of grant
\u00a32.76
\u00a33.03
\u00a33.21
\u00a33.06
Exercise price
\u00a3Nil
\u00a3Nil
\u00a3Nil
2.60
Shares under option
1,288,711
15,173
21,795
1,092,575
Vesting period (years)
3.00
3.00
3.00
3.25
Expected volatility
36.7%
36.7%
36.7%
39.3%
Median volatility of the comparator group
34.9%
34.9%
34.9%
n/a
Expected life (years)
3.00
3.00
3.00
3.25
Risk free rate
3.8%
3.9%
4.0%
4.0%
Dividend yield
4.5%
3.6%
3.7%
4.0%
TSR performance of the Company
at the date of grant
1.0%
1.0%
1.0%
n/a
Median TSR performance of the
comparator group at the date of grant
5.05%
5.05%
5.05%
n/a
Correlation (median)
35.9%
35.9%
35.9%
n/a
Fair value per option
\u00a32.15
\u00a32.63
\u00a32.55
\u00a31.07
2014 LTIP
2014 LTIP
2014
options
options
Sharesave
granted
granted
options
22 April
13 July
granted
2022
2022
2022
Share price at the date of grant
\u00a34.57
\u00a33.82
\u00a32.70
Exercise price
Nil
Nil
\u00a32.21
Shares under option
809,192
11,973
4,521,667
Vesting period (years)
3.00
3.00
3.25
Expected volatility
37.3%
37.3%
41.3%
Median volatility of the comparator group
38.2%
38.2%
n/a
Expected life (years)
3.00
3.00
3.25
Risk free rate
1.82%
1.70%
3.64%
Dividend yield
2.69%
3.20%
4.26%
TSR performance of the Company at the date of grant
(21.2)%
(21.2)%
n/a
Median TSR performance of the comparator group
at the date of grant
(24.4)%
(24.4)%
n/a
Correlation (median)
33.3%
33.3%
n/a
Fair value per option
\u00a33.65
\u00a33.11
\u00a30.84
The expected volatility is based on historical share price movements. The Directors anticipate
it is possible the performance criteria in relation to the LTIP options may not be met.
2023
2022
\u00a3m
\u00a3m
Share-based payments charge for the year
2.1
2.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f25182": { "value": "11. Finance costs
2023
2022
\u00a3m
\u00a3m
Interest on bank loan
11.6
6.2
Debt issue cost amortisation
0.8
0.5
Un-wind of discount on lease liabilities
1.2
0.8
Other finance costs
\u2013
0.1
13.6
7.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f25183": { "value": "11. Finance costs
2023
2022
\u00a3m
\u00a3m
Interest on bank loan
11.6
6.2
Debt issue cost amortisation
0.8
0.5
Un-wind of discount on lease liabilities
1.2
0.8
Other finance costs
\u2013
0.1
13.6
7.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f25184": { "value": "11. Finance costs
2023
2022
\u00a3m
\u00a3m
Interest on bank loan
11.6
6.2
Debt issue cost amortisation
0.8
0.5
Un-wind of discount on lease liabilities
1.2
0.8
Other finance costs
\u2013
0.1
13.6
7.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f25185": { "value": "11. Finance costs
2023
2022
\u00a3m
\u00a3m
Interest on bank loan
11.6
6.2
Debt issue cost amortisation
0.8
0.5
Un-wind of discount on lease liabilities
1.2
0.8
Other finance costs
\u2013
0.1
13.6
7.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f25266": { "value": "12. Income tax
(a) Tax expense reported in the income statement
\n \n
2023
2022
\u00a3m
\u00a3m
Current income tax:
UK income tax
11.0
7.7
Overseas income tax
0.2
0.1
Current income tax
11.2
7.8
Adjustment in respect of prior years
(0.4)
(0.5)
Total current income tax
10.8
7.3
Deferred income tax:
Origination and reversal of temporary differences
(1.9)
0.4
Effects of changes in income tax rates
0.1
1.3
Deferred income tax
(1.8)
1.7
Adjustment in respect of prior years
0.9
(0.1)
Total deferred income tax
(0.9)
1.6
Total tax expense reported in the income statement
9.9
8.9
Details of the non-underlying tax credit of \u00a38.0m (2022: \u00a35.2m) are set out in Note 8.
(b) Reconciliation of the total tax expense
A reconciliation between the tax expense and the product of accounting profit multiplied by the
UK standard rate of income tax for the years ended 31 December 2023 and 2022 is as follows:
\n \n
2023
2022
\u00a3m
\u00a3m
Accounting profit before tax
48.4
45.4
Accounting profit multiplied by the UK standard rate of income tax
of 23.52% (2022: 19.0%)
11.4
8.6
Expenses not deductible for income tax
1.6
3.4
Non-taxable income
(2.2)
(0.4)
Adjustment in respect of prior years
0.5
(0.6)
Effects of patent box
(1.1)
(1.6)
Effects of changes in income tax rates
0.1
1.3
Effects of super deduction
(0.1)
(1.8)
Effects of other tax rates/credits
(0.3)
\u2013
Total tax expense reported in the income statement
9.9
8.9
The effective rate for the full year was 20.5% (2022: 19.6%). If the impact of non-underlying items
is excluded, the underlying income tax rate would be 22.2% (2022: 15.6%).
(c) Deferred income tax
The deferred income tax included in the Group balance sheet is as follows:
\n \n
2023
2022
\u00a3m
\u00a3m
Deferred income tax liabilities/(assets)
Short-term timing differences:
\u2013 DTL arising on acquired intangible assets
32.9
36.5
\u2013 Other short-term timing differences
(1.5)
1.3
Capital allowances in excess of depreciation
23.0
16.9
Share-based payments
(1.3)
(2.1)
Tax losses
(3.0)
(2.5)
50.1
50.1
The Group offsets tax assets and liabilities if, and only if, it has a legally enforceable right to set off
current income tax assets and current income tax liabilities and the deferred income tax assets
and deferred income tax liabilities relate to income taxes levied by the same tax authority.
(d) Change in corporation tax rate
On 24 May 2021, legislation was passed which substantively enacted an increase in UK corporation
tax rate from 19% to 25% from April 2023. Deferred income tax on the balance sheet at 31 December
2023 was measured at 25%.
(e) Unrecognised tax losses
No deferred income tax has been recognised on non-trading losses and other timing
differences of \u00a33.4m (2022: \u00a31.3m) as the Directors do not consider that they will be utilised
in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f25464": { "value": "(c) Deferred income tax
The deferred income tax included in the Group balance sheet is as follows:
\n \n
2023
2022
\u00a3m
\u00a3m
Deferred income tax liabilities/(assets)
Short-term timing differences:
\u2013 DTL arising on acquired intangible assets
32.9
36.5
\u2013 Other short-term timing differences
(1.5)
1.3
Capital allowances in excess of depreciation
23.0
16.9
Share-based payments
(1.3)
(2.1)
Tax losses
(3.0)
(2.5)
50.1
50.1
The Group offsets tax assets and liabilities if, and only if, it has a legally enforceable right to set off
current income tax assets and current income tax liabilities and the deferred income tax assets
and deferred income tax liabilities relate to income taxes levied by the same tax authority.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f25581": { "value": "13. Earnings per share
Basic earnings per share amounts are calculated by dividing profit for the year attributable
to the owners of the parent company by the weighted average number of ordinary shares
outstanding during the year. The diluted earnings per share amounts are calculated by dividing
profit for the year attributable to the owners of the parent company by the weighted average
number of ordinary shares outstanding during the year plus the weighted average number of
potential ordinary shares that would be issued on the conversion of all the dilutive share options
into ordinary shares.
The calculation of basic and diluted earnings per share is based on the following:
2023
2022
Weighted average number of ordinary shares for the purpose
of basic earnings per share
248,182,934
248,001,063
Effect of dilutive potential ordinary shares
1,024,432
2,414,364
Weighted average number of ordinary shares for the purpose
of diluted earnings per share
249,207,366
250,415,427
Underlying earnings per share is based on the result for the year after tax excluding the impact
of non-underlying items of \u00a324.1m (2022: \u00a340.0m). The Directors consider that this measure
provides a better and more consistent indication of the Group\u2019s underlying financial performance
and more meaningful comparison with prior and future periods to assess trends in our financial
performance. The underlying earnings per share is calculated as follows:
2023
2022
Underlying profit for the year attributable to the owners of the parent
company (\u00a3m)
62.6
76.5
Underlying basic earnings per share (pence)
25.2
30.8
Underlying diluted earnings per share (pence)
25.1
30.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f25668": { "value": "14. Dividend per share
2023
2022
\u00a3m
\u00a3m
Amounts recognised as distributions to equity holders in the year:
Final dividend for the year ended 31 December 2022 of 8.2p per share
(2021: 8.2p)
20.3
20.3
Interim dividend for the year ended 31 December 2023 of 4.1p per share
(2022: 4.1p)
10.2
10.2
30.5
30.5
Proposed final dividend for the year ended 31 December 2023 of 8.3p
per share (2022: 8.2p)
20.6
20.3
The proposed final dividend is subject to approval by shareholders at the Annual General Meeting
and has not been included as a liability in these consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f25721": { "value": "0.083", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f25727": { "value": "0.082", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f25730": { "value": "20600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f25733": { "value": "20300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f25754": { "value": "15. Property, plant and equipment \n \n
Freehold
Plant
land and
and other
buildings
equipment
Total
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2022
58.4
183.5
241.9
Additions
4.9
36.1
41.0
Disposals
(0.1)
(10.6)
(10.7)
Acquisition of businesses
\u2013
0.4
0.4
Transfer to assets held-for-sale
\u2013
(6.4)
(6.4)
Exchange adjustment
\u2013
0.4
0.4
At 31 December 2022
63.2
203.4
266.6
Additions
6.2
26.6
32.8
Disposals
(4.6)
(10.6)
(15.2)
Transfer to assets held-for-sale
(3.6)
(0.3)
(3.9)
Exchange adjustment
\u2013
(0.1)
(0.1)
At 31 December 2023
61.2
219.0
280.2
Depreciation and impairment losses
At 1 January 2022
9.1
81.1
90.2
Provided during the year
1.7
17.7
19.4
Disposals
\u2013
(8.7)
(8.7)
Transfer to assets held-for-sale
\u2013
(4.0)
(4.0)
Exchange adjustment
\u2013
(0.2)
(0.2)
At 31 December 2022
10.8
85.9
96.7
Provided during the year
2.0
18.3
20.3
Disposals
(2.6)
(10.1)
(12.7)
Transfer to assets held-for-sale
(0.3)
(0.4)
(0.7)
Exchange adjustment
\u2013
0.2
0.2
At 31 December 2022
9.9
93.9
103.8
Net book value
At 31 December 2023
51.3
125.1
176.4
At 31 December 2022
52.4
117.5
169.9
Included in freehold land and buildings is non-depreciable land of \u00a317.9m (2022: \u00a318.2m).
During the year the Group revised its depreciation policy for Plant and other equipment.
This reduced the depreciation charge by \u00a30.6m. As part of the Group simplification to reduce
its operational footprint it undertook the following actions:
\u2013 Sold the land and buildings of one of its operating warehouses, the net gain on disposal
has been recognised in non-underlying items see (Note 4).
\u2013 Exited two freehold land and buildings during the year which have been reclassified to
non-current assets held-for-sale at net book value, which is lower than fair value less cost to sell.
The properties are marketed as for sale and completion is expected within 12 months of the
reporting date.
Capital commitments
At 31 December 2023, the Group had commitments of \u00a37.1m (2022: \u00a32.8m) relating to plant
and equipment purchases.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26041": { "value": "Capital commitments
At 31 December 2023, the Group had commitments of \u00a37.1m (2022: \u00a32.8m) relating to plant
and equipment purchases.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26042": { "value": "Capital commitments
At 31 December 2023, the Group had commitments of \u00a37.1m (2022: \u00a32.8m) relating to plant
and equipment purchases.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26067": { "value": "16. Right-of-use assets and lease liabilities \n \n
Lease
Right-of-use assets
liabilities
Freehold
Plant and
land and
other
Motor
buildings
equipment
vehicles
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2022
12.7
7.8
0.1
20.6
(20.6)
Additions
3.2
3.8
1.1
8.1
(8.2)
Disposals
(0.5)
(0.6)
\u2013
(1.1)
\u2013
Depreciation of right-of-use assets
(2.2)
(2.7)
(0.5)
(5.4)
\u2013
Depreciation on disposal of right-of-use assets
0.1
0.4
\u2013
0.5
\u2013
Transfer to assets held-for-sale
(0.4)
\u2013
\u2013
(0.4)
0.3
Un-wind of discount on lease liabilities
\u2013
\u2013
\u2013
\u2013
(0.8)
Settlement of lease liabilities
\u2013
\u2013
\u2013
\u2013
6.2
At 31 December 2022
12.9
8.7
0.7
22.3
(23.1)
Additions
1.8
2.2
3.9
7.9
(7.9)
Disposals
(1.2)
(1.5)
(0.6)
(3.3)
1.2
Depreciation of right-of-use assets
(1.9)
(2.5)
(1.2)
(5.6)
\u2013
Depreciation on disposal of right-of-use assets
\u2013
1.2
0.4
1.6
\u2013
Un-wind of discount on lease liabilities
\u2013
\u2013
\u2013
\u2013
(1.2)
Settlement of lease liabilities
\u2013
\u2013
\u2013
\u2013
7.6
At 31 December 2023
11.6
8.1
3.2
22.9
(23.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26068": { "value": "16. Right-of-use assets and lease liabilities \n \n
Lease
Right-of-use assets
liabilities
Freehold
Plant and
land and
other
Motor
buildings
equipment
vehicles
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2022
12.7
7.8
0.1
20.6
(20.6)
Additions
3.2
3.8
1.1
8.1
(8.2)
Disposals
(0.5)
(0.6)
\u2013
(1.1)
\u2013
Depreciation of right-of-use assets
(2.2)
(2.7)
(0.5)
(5.4)
\u2013
Depreciation on disposal of right-of-use assets
0.1
0.4
\u2013
0.5
\u2013
Transfer to assets held-for-sale
(0.4)
\u2013
\u2013
(0.4)
0.3
Un-wind of discount on lease liabilities
\u2013
\u2013
\u2013
\u2013
(0.8)
Settlement of lease liabilities
\u2013
\u2013
\u2013
\u2013
6.2
At 31 December 2022
12.9
8.7
0.7
22.3
(23.1)
Additions
1.8
2.2
3.9
7.9
(7.9)
Disposals
(1.2)
(1.5)
(0.6)
(3.3)
1.2
Depreciation of right-of-use assets
(1.9)
(2.5)
(1.2)
(5.6)
\u2013
Depreciation on disposal of right-of-use assets
\u2013
1.2
0.4
1.6
\u2013
Un-wind of discount on lease liabilities
\u2013
\u2013
\u2013
\u2013
(1.2)
Settlement of lease liabilities
\u2013
\u2013
\u2013
\u2013
7.6
At 31 December 2023
11.6
8.1
3.2
22.9
(23.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26340": { "value": "17. Intangible assets \n \n
Brand
Customer
Customer
Development
Goodwill
Patents
names
relationships
Licences
order book
costs
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2022
467.7
39.5
66.5
114.3
0.8
0.9
2.0
691.7
Additions
\u2013
0.5
\u2013
\u2013
\u2013
\u2013
2.3
2.8
Acquisition of
businesses
2.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2.9
Transfer to assets
held-for-sale
(3.2)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(3.2)
At 31 December 2022
467.4
40.0
66.5
114.3
0.8
0.9
4.3
694.2
Additions
\u2013
0.4
\u2013
\u2013
\u2013
\u2013
1.3
1.7
Transfer to assets
held-for-sale
(1.3)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(1.3)
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.6)
(0.6)
At 31 December 2023
466.1
40.4
66.5
114.3
0.8
0.9
5.0
694.0
Amortisation and impairment losses
At 1 January 2022
\u2013
15.4
19.2
13.4
0.3
0.4
0.2
48.9
Charge for the year
\u2013
3.4
5.1
6.1
0.1
0.5
0.2
15.4
Impairment losses
12.0
\u2013
\u2013
2.8
\u2013
\u2013
\u2013
14.8
At 31 December 2022
12.0
18.8
24.3
22.3
0.4
0.9
0.4
79.1
Charge for the year
\u2013
3.3
5.1
6.4
0.1
\u2013
0.7
15.6
Impairment losses
\u2013
1.0
0.9
0.6
\u2013
\u2013
\u2013
2.5
At 31 December 2023
12.0
23.1
30.3
29.3
0.5
0.9
1.1
97.2
Net book value
At 31 December 2023
454.1
17.3
36.2
85.0
0.3
\u2013
3.9
596.8
At 31 December 2022
455.4
21.2
42.2
92.0
0.4
\u2013
3.9
615.1
Brand names and customer relationships which arise from business combinations are amortised
over their estimated useful lives of five to twenty years. There are two existing brands that have
a significant carrying value: Nuaire (\u00a34.0m) and Adey (\u00a323.2m) with an estimated useful life of five
and eighteen years respectively. Customer relationships that have a significant carrying value
are Adey\u2019s relationships with key customers (\u00a373.5m) with an estimated useful life of between nine
and eighteen years and Manthorpe (\u00a35.9m) with an estimated useful life of ten years.
Impairment testing of goodwill
Cash Generating Units (CGUs)
Goodwill is not amortised but is subject to annual impairment testing. Goodwill has been allocated
for impairment testing purposes to a number of CGUs which represent the lowest level in the
Group at which goodwill is monitored for internal management purposes. The carrying amount
of goodwill allocated to each of the CGUs is as follows:
31 December
31 December
2023
2022
CGU
\u00a3m
\u00a3m
Building Services & International
29.1
30.4
Infrastructure & Landscape
43.6
43.6
Residential Systems
169.6
169.6
Climate & Ventilation
93.7
93.7
Nu-Heat
17.3
17.3
Adey
95.5
92.8
Others
5.3
8.0
454.1
455.4
At 31 December 2023, \u00a34.5m (2022: \u00a33.2m) of goodwill has been allocated to assets held-for-sale
from the Building Services & International CGU, in relation to Polypipe Italia SRL as detailed in
Note 19. During the year Surestop was hived up into Adey Innovation and as such the goodwill
arising on the acquisition of Surestop was subsequently transferred to the Adey CGU.
From 1 January 2023, reporting segments have been aligned with the Group\u2019s Sustainable
Solutions for Growth strategy and reorganised into three segments \u2013 Sustainable Building
Solutions (SBS), Water Management Solutions (WMS) and Climate Management Solutions (CMS).
Adey, Nu-Heat and Climate & Ventilation CGUs have been allocated into CMS, Residential Systems
and Building Services & International CGUs are allocated into SBS and Infrastructure & Landscape
and Ulster CGUs are now reported as WMS.
Key assumptions used for value-in-use calculations;
The recoverable amount of all CGUs are determined from value-in-use calculations, being the net
present value of future pre-tax cash flows, discounted at a mid-year position, covering a five-year
period. These pre-tax cash flows are based on budgeted cash flows information for a period of one
year, construction industry forecasts of growth for the following year and management\u2019s forecast
of growth between 1.6% to 7.3% for years 3 to 5 (2022: 2.0% to 5.0%). Terminal growth rates between
2.0% to 2.4% (2022: 2.0% to 2.4%) have been applied beyond this, based on historical macroeconomic
performance and projections of the sector served by the CGUs.
A pre-tax discount rate of 13.9% (2022: 12.9%) has been applied in determining the recoverable
amounts of CGUs. The pre-tax discount rate is estimated based on the Group\u2019s risk adjusted
cost of capital.
When assessing for impairment of goodwill, management have considered the impact of
climate change, particularly in the context of the risks and opportunities identified within the
Task Force on Climate-Related Financial Disclosures Report on pages 36 to 39 of the Strategic
Report and have not identified any material short-term impacts from climate change that would
impact the carrying value of goodwill. Over the longer term, the risks and opportunities are more
uncertain, and management will continue to assess the quantitative impact of risks at each
balance sheet date.
Recoverable amounts and sensitivities:
The Group has applied sensitivities to assess whether any reasonably possible changes in
assumptions could cause an impairment that would be material to these consolidated financial
statements. The application of these sensitivities did not cause an impairment of goodwill.
At 31 December 2022, the Group recognised a \u00a312.0m impairment charge in the Adey CGU, leaving
the recoverable amount equal to that of the carrying value. The headroom resulting from the
value-in-use calculations at 31 December 2023 indicates that the Adey CGU is sensitive to
changes in the key assumptions and management considers that a reasonably possible change
in any single assumption could give rise to an impairment of the corresponding carrying amount
of goodwill. The detailed sensitivity analysis indicates that the following changes in each of these
key assumptions would result in an impairment charge being recognised:
\u2013 The pre-tax discount rate increasing to 14.2% from that used in the value-in-use calculations
of 13.9%. would give rise to an impairment charge of \u00a34.2m.
\u2013 A reduction in the long-term growth rate to 2.0% from that used in the value-in-use calculations
of 2.4% would give rise to an impairment charge of \u00a33.8m.
\u2013 Average revenue growth rates declining by 0.5 percentage points from that used in the
value-in-use calculations would give rise to an impairment charge of \u00a37.5m.
\u2013 Gross margin efficiencies are not achieved by 2028 and margin declines by 3 percentage
points from that used in the value-in-use calculations would give rise to an impairment charge
of \u00a316.1m.
Management has reviewed the forecasts associated with the CGU noting the assumptions
used, the sensitivity analysis performed and the ability of the business to adapt to challenging
economic environments in which they operate, and is satisfied that no further impairments are
necessary at 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26341": { "value": "17. Intangible assets \n \n
Brand
Customer
Customer
Development
Goodwill
Patents
names
relationships
Licences
order book
costs
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2022
467.7
39.5
66.5
114.3
0.8
0.9
2.0
691.7
Additions
\u2013
0.5
\u2013
\u2013
\u2013
\u2013
2.3
2.8
Acquisition of
businesses
2.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2.9
Transfer to assets
held-for-sale
(3.2)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(3.2)
At 31 December 2022
467.4
40.0
66.5
114.3
0.8
0.9
4.3
694.2
Additions
\u2013
0.4
\u2013
\u2013
\u2013
\u2013
1.3
1.7
Transfer to assets
held-for-sale
(1.3)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(1.3)
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.6)
(0.6)
At 31 December 2023
466.1
40.4
66.5
114.3
0.8
0.9
5.0
694.0
Amortisation and impairment losses
At 1 January 2022
\u2013
15.4
19.2
13.4
0.3
0.4
0.2
48.9
Charge for the year
\u2013
3.4
5.1
6.1
0.1
0.5
0.2
15.4
Impairment losses
12.0
\u2013
\u2013
2.8
\u2013
\u2013
\u2013
14.8
At 31 December 2022
12.0
18.8
24.3
22.3
0.4
0.9
0.4
79.1
Charge for the year
\u2013
3.3
5.1
6.4
0.1
\u2013
0.7
15.6
Impairment losses
\u2013
1.0
0.9
0.6
\u2013
\u2013
\u2013
2.5
At 31 December 2023
12.0
23.1
30.3
29.3
0.5
0.9
1.1
97.2
Net book value
At 31 December 2023
454.1
17.3
36.2
85.0
0.3
\u2013
3.9
596.8
At 31 December 2022
455.4
21.2
42.2
92.0
0.4
\u2013
3.9
615.1
Brand names and customer relationships which arise from business combinations are amortised
over their estimated useful lives of five to twenty years. There are two existing brands that have
a significant carrying value: Nuaire (\u00a34.0m) and Adey (\u00a323.2m) with an estimated useful life of five
and eighteen years respectively. Customer relationships that have a significant carrying value
are Adey\u2019s relationships with key customers (\u00a373.5m) with an estimated useful life of between nine
and eighteen years and Manthorpe (\u00a35.9m) with an estimated useful life of ten years.
Impairment testing of goodwill
Cash Generating Units (CGUs)
Goodwill is not amortised but is subject to annual impairment testing. Goodwill has been allocated
for impairment testing purposes to a number of CGUs which represent the lowest level in the
Group at which goodwill is monitored for internal management purposes. The carrying amount
of goodwill allocated to each of the CGUs is as follows:
31 December
31 December
2023
2022
CGU
\u00a3m
\u00a3m
Building Services & International
29.1
30.4
Infrastructure & Landscape
43.6
43.6
Residential Systems
169.6
169.6
Climate & Ventilation
93.7
93.7
Nu-Heat
17.3
17.3
Adey
95.5
92.8
Others
5.3
8.0
454.1
455.4
At 31 December 2023, \u00a34.5m (2022: \u00a33.2m) of goodwill has been allocated to assets held-for-sale
from the Building Services & International CGU, in relation to Polypipe Italia SRL as detailed in
Note 19. During the year Surestop was hived up into Adey Innovation and as such the goodwill
arising on the acquisition of Surestop was subsequently transferred to the Adey CGU.
From 1 January 2023, reporting segments have been aligned with the Group\u2019s Sustainable
Solutions for Growth strategy and reorganised into three segments \u2013 Sustainable Building
Solutions (SBS), Water Management Solutions (WMS) and Climate Management Solutions (CMS).
Adey, Nu-Heat and Climate & Ventilation CGUs have been allocated into CMS, Residential Systems
and Building Services & International CGUs are allocated into SBS and Infrastructure & Landscape
and Ulster CGUs are now reported as WMS.
Key assumptions used for value-in-use calculations;
The recoverable amount of all CGUs are determined from value-in-use calculations, being the net
present value of future pre-tax cash flows, discounted at a mid-year position, covering a five-year
period. These pre-tax cash flows are based on budgeted cash flows information for a period of one
year, construction industry forecasts of growth for the following year and management\u2019s forecast
of growth between 1.6% to 7.3% for years 3 to 5 (2022: 2.0% to 5.0%). Terminal growth rates between
2.0% to 2.4% (2022: 2.0% to 2.4%) have been applied beyond this, based on historical macroeconomic
performance and projections of the sector served by the CGUs.
A pre-tax discount rate of 13.9% (2022: 12.9%) has been applied in determining the recoverable
amounts of CGUs. The pre-tax discount rate is estimated based on the Group\u2019s risk adjusted
cost of capital.
When assessing for impairment of goodwill, management have considered the impact of
climate change, particularly in the context of the risks and opportunities identified within the
Task Force on Climate-Related Financial Disclosures Report on pages 36 to 39 of the Strategic
Report and have not identified any material short-term impacts from climate change that would
impact the carrying value of goodwill. Over the longer term, the risks and opportunities are more
uncertain, and management will continue to assess the quantitative impact of risks at each
balance sheet date.
Recoverable amounts and sensitivities:
The Group has applied sensitivities to assess whether any reasonably possible changes in
assumptions could cause an impairment that would be material to these consolidated financial
statements. The application of these sensitivities did not cause an impairment of goodwill.
At 31 December 2022, the Group recognised a \u00a312.0m impairment charge in the Adey CGU, leaving
the recoverable amount equal to that of the carrying value. The headroom resulting from the
value-in-use calculations at 31 December 2023 indicates that the Adey CGU is sensitive to
changes in the key assumptions and management considers that a reasonably possible change
in any single assumption could give rise to an impairment of the corresponding carrying amount
of goodwill. The detailed sensitivity analysis indicates that the following changes in each of these
key assumptions would result in an impairment charge being recognised:
\u2013 The pre-tax discount rate increasing to 14.2% from that used in the value-in-use calculations
of 13.9%. would give rise to an impairment charge of \u00a34.2m.
\u2013 A reduction in the long-term growth rate to 2.0% from that used in the value-in-use calculations
of 2.4% would give rise to an impairment charge of \u00a33.8m.
\u2013 Average revenue growth rates declining by 0.5 percentage points from that used in the
value-in-use calculations would give rise to an impairment charge of \u00a37.5m.
\u2013 Gross margin efficiencies are not achieved by 2028 and margin declines by 3 percentage
points from that used in the value-in-use calculations would give rise to an impairment charge
of \u00a316.1m.
Management has reviewed the forecasts associated with the CGU noting the assumptions
used, the sensitivity analysis performed and the ability of the business to adapt to challenging
economic environments in which they operate, and is satisfied that no further impairments are
necessary at 31 December 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26342": { "value": "17. Intangible assets \n \n
Brand
Customer
Customer
Development
Goodwill
Patents
names
relationships
Licences
order book
costs
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2022
467.7
39.5
66.5
114.3
0.8
0.9
2.0
691.7
Additions
\u2013
0.5
\u2013
\u2013
\u2013
\u2013
2.3
2.8
Acquisition of
businesses
2.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2.9
Transfer to assets
held-for-sale
(3.2)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(3.2)
At 31 December 2022
467.4
40.0
66.5
114.3
0.8
0.9
4.3
694.2
Additions
\u2013
0.4
\u2013
\u2013
\u2013
\u2013
1.3
1.7
Transfer to assets
held-for-sale
(1.3)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(1.3)
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.6)
(0.6)
At 31 December 2023
466.1
40.4
66.5
114.3
0.8
0.9
5.0
694.0
Amortisation and impairment losses
At 1 January 2022
\u2013
15.4
19.2
13.4
0.3
0.4
0.2
48.9
Charge for the year
\u2013
3.4
5.1
6.1
0.1
0.5
0.2
15.4
Impairment losses
12.0
\u2013
\u2013
2.8
\u2013
\u2013
\u2013
14.8
At 31 December 2022
12.0
18.8
24.3
22.3
0.4
0.9
0.4
79.1
Charge for the year
\u2013
3.3
5.1
6.4
0.1
\u2013
0.7
15.6
Impairment losses
\u2013
1.0
0.9
0.6
\u2013
\u2013
\u2013
2.5
At 31 December 2023
12.0
23.1
30.3
29.3
0.5
0.9
1.1
97.2
Net book value
At 31 December 2023
454.1
17.3
36.2
85.0
0.3
\u2013
3.9
596.8
At 31 December 2022
455.4
21.2
42.2
92.0
0.4
\u2013
3.9
615.1
Brand names and customer relationships which arise from business combinations are amortised
over their estimated useful lives of five to twenty years. There are two existing brands that have
a significant carrying value: Nuaire (\u00a34.0m) and Adey (\u00a323.2m) with an estimated useful life of five
and eighteen years respectively. Customer relationships that have a significant carrying value
are Adey\u2019s relationships with key customers (\u00a373.5m) with an estimated useful life of between nine
and eighteen years and Manthorpe (\u00a35.9m) with an estimated useful life of ten years.
Impairment testing of goodwill
Cash Generating Units (CGUs)
Goodwill is not amortised but is subject to annual impairment testing. Goodwill has been allocated
for impairment testing purposes to a number of CGUs which represent the lowest level in the
Group at which goodwill is monitored for internal management purposes. The carrying amount
of goodwill allocated to each of the CGUs is as follows:
31 December
31 December
2023
2022
CGU
\u00a3m
\u00a3m
Building Services & International
29.1
30.4
Infrastructure & Landscape
43.6
43.6
Residential Systems
169.6
169.6
Climate & Ventilation
93.7
93.7
Nu-Heat
17.3
17.3
Adey
95.5
92.8
Others
5.3
8.0
454.1
455.4
At 31 December 2023, \u00a34.5m (2022: \u00a33.2m) of goodwill has been allocated to assets held-for-sale
from the Building Services & International CGU, in relation to Polypipe Italia SRL as detailed in
Note 19. During the year Surestop was hived up into Adey Innovation and as such the goodwill
arising on the acquisition of Surestop was subsequently transferred to the Adey CGU.
From 1 January 2023, reporting segments have been aligned with the Group\u2019s Sustainable
Solutions for Growth strategy and reorganised into three segments \u2013 Sustainable Building
Solutions (SBS), Water Management Solutions (WMS) and Climate Management Solutions (CMS).
Adey, Nu-Heat and Climate & Ventilation CGUs have been allocated into CMS, Residential Systems
and Building Services & International CGUs are allocated into SBS and Infrastructure & Landscape
and Ulster CGUs are now reported as WMS.
Key assumptions used for value-in-use calculations;
The recoverable amount of all CGUs are determined from value-in-use calculations, being the net
present value of future pre-tax cash flows, discounted at a mid-year position, covering a five-year
period. These pre-tax cash flows are based on budgeted cash flows information for a period of one
year, construction industry forecasts of growth for the following year and management\u2019s forecast
of growth between 1.6% to 7.3% for years 3 to 5 (2022: 2.0% to 5.0%). Terminal growth rates between
2.0% to 2.4% (2022: 2.0% to 2.4%) have been applied beyond this, based on historical macroeconomic
performance and projections of the sector served by the CGUs.
A pre-tax discount rate of 13.9% (2022: 12.9%) has been applied in determining the recoverable
amounts of CGUs. The pre-tax discount rate is estimated based on the Group\u2019s risk adjusted
cost of capital.
When assessing for impairment of goodwill, management have considered the impact of
climate change, particularly in the context of the risks and opportunities identified within the
Task Force on Climate-Related Financial Disclosures Report on pages 36 to 39 of the Strategic
Report and have not identified any material short-term impacts from climate change that would
impact the carrying value of goodwill. Over the longer term, the risks and opportunities are more
uncertain, and management will continue to assess the quantitative impact of risks at each
balance sheet date.
Recoverable amounts and sensitivities:
The Group has applied sensitivities to assess whether any reasonably possible changes in
assumptions could cause an impairment that would be material to these consolidated financial
statements. The application of these sensitivities did not cause an impairment of goodwill.
At 31 December 2022, the Group recognised a \u00a312.0m impairment charge in the Adey CGU, leaving
the recoverable amount equal to that of the carrying value. The headroom resulting from the
value-in-use calculations at 31 December 2023 indicates that the Adey CGU is sensitive to
changes in the key assumptions and management considers that a reasonably possible change
in any single assumption could give rise to an impairment of the corresponding carrying amount
of goodwill. The detailed sensitivity analysis indicates that the following changes in each of these
key assumptions would result in an impairment charge being recognised:
\u2013 The pre-tax discount rate increasing to 14.2% from that used in the value-in-use calculations
of 13.9%. would give rise to an impairment charge of \u00a34.2m.
\u2013 A reduction in the long-term growth rate to 2.0% from that used in the value-in-use calculations
of 2.4% would give rise to an impairment charge of \u00a33.8m.
\u2013 Average revenue growth rates declining by 0.5 percentage points from that used in the
value-in-use calculations would give rise to an impairment charge of \u00a37.5m.
\u2013 Gross margin efficiencies are not achieved by 2028 and margin declines by 3 percentage
points from that used in the value-in-use calculations would give rise to an impairment charge
of \u00a316.1m.
Management has reviewed the forecasts associated with the CGU noting the assumptions
used, the sensitivity analysis performed and the ability of the business to adapt to challenging
economic environments in which they operate, and is satisfied that no further impairments are
necessary at 31 December 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27054": { "value": "Acquisition-related cash flows comprised: \n \n
2023
2022
\u00a3m
\u00a3m
Operating cash flows \u2013 settlement of acquisition costs
Keytec
\u2013
0.1
Plura
\u2013
0.1
\u2013
0.2
\n \n
2023
2022
\u00a3m
\u00a3m
Investing cash flows \u2013 Settlement of deferred
and contingent consideration
Plura
1.0
\u2013
Keytec
0.6
\u2013
Permavoid
\u2013
0.5
1.6
0.5
\n \n
2023
2022
\u00a3m
\u00a3m
Investing cash flows \u2013 acquisition of businesses
net of cash at acquisition
Keytec
\u2013
2.6
\u2013
2.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27210": { "value": "19. Assets held-for-sale
The following major class of assets and liabilities that have been classified as held-for-sale at the
balance sheet date are as follows:
\n \n
2023
2022
Fair value
Fair value
\u00a3m
\u00a3m
Property, plant and equipment
5.5
2.4
Right-of-use assets
0.3
0.3
Goodwill
4.5
3.2
Trade and other receivables
2.8
1.7
Inventories
4.0
3.1
Assets held-for-sale
17.1
10.7
Trade and other payables
2.6
2.3
Finance lease liabilities
0.2
0.3
Liabilities held-for-sale
2.8
2.6
During the year the Group announced its plan to exit two operational freehold properties
(one within the CMS segment and one within the WMS segment). (Both properties have been
listed for sale and the Group remains committed to the sale of both, which are expected to be
sold within 12 months of the balance sheet date. The proceeds of the disposal are expected to
exceed the carrying amount of \u00a33.3m and, accordingly, no gain or loss was recognised on the
classification of the property as held-for-sale. After the year end the property within the CMS
segment sold, and completed in February 2024.
During 2022 the Group announced its intention to dispose of Polypipe Italia SRL following a
strategic review and began marketing the company for sale and presented the net assets as
held-for-sale. In 2023 The Group held discussions with several parties who had expressed interest
in acquiring the business. However for various, and individually specific reasons, these discussions
did not lead to a transaction but the Group continued to proactively market the company for sale.
The Group are still in discussions with parties and remain confident that a sale will be achieved in
2024. The proceeds of disposal are expected to exceed the carrying amount of the related net
assets and accordingly no impairment losses have been recognised on the classification of
Polypipe Italia SRL as held-for-sale.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27211": { "value": "19. Assets held-for-sale
The following major class of assets and liabilities that have been classified as held-for-sale at the
balance sheet date are as follows:
\n \n
2023
2022
Fair value
Fair value
\u00a3m
\u00a3m
Property, plant and equipment
5.5
2.4
Right-of-use assets
0.3
0.3
Goodwill
4.5
3.2
Trade and other receivables
2.8
1.7
Inventories
4.0
3.1
Assets held-for-sale
17.1
10.7
Trade and other payables
2.6
2.3
Finance lease liabilities
0.2
0.3
Liabilities held-for-sale
2.8
2.6
During the year the Group announced its plan to exit two operational freehold properties
(one within the CMS segment and one within the WMS segment). (Both properties have been
listed for sale and the Group remains committed to the sale of both, which are expected to be
sold within 12 months of the balance sheet date. The proceeds of the disposal are expected to
exceed the carrying amount of \u00a33.3m and, accordingly, no gain or loss was recognised on the
classification of the property as held-for-sale. After the year end the property within the CMS
segment sold, and completed in February 2024.
During 2022 the Group announced its intention to dispose of Polypipe Italia SRL following a
strategic review and began marketing the company for sale and presented the net assets as
held-for-sale. In 2023 The Group held discussions with several parties who had expressed interest
in acquiring the business. However for various, and individually specific reasons, these discussions
did not lead to a transaction but the Group continued to proactively market the company for sale.
The Group are still in discussions with parties and remain confident that a sale will be achieved in
2024. The proceeds of disposal are expected to exceed the carrying amount of the related net
assets and accordingly no impairment losses have been recognised on the classification of
Polypipe Italia SRL as held-for-sale.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27317": { "value": "20. Investments
Details of Group undertakings
Details of the investments in which the Group holds 20% or more of the nominal value of any
class of share capital at 31 December 2023 are set out in Note 4 to the Parent Company
financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27318": { "value": "20. Investments
Details of Group undertakings
Details of the investments in which the Group holds 20% or more of the nominal value of any
class of share capital at 31 December 2023 are set out in Note 4 to the Parent Company
financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27328": { "value": "21. Inventories \n \n
31 December
31 December
2023
2022
\u00a3m
\u00a3m
Raw materials
22.5
25.3
Work in progress
7.9
9.2
Finished goods
38.8
55.4
69.2
89.9
All inventories are carried at cost less a provision to take account of slow-moving and obsolete
items. The provision at 31 December 2023 was \u00a313.9m (2022: \u00a314.9m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27380": { "value": "22. Trade and other receivables \n \n
31 December
31 December
2023
2022
\u00a3m
\u00a3m
Trade receivables
66.2
60.5
Prepayments
6.8
6.1
Other receivables
0.9
1.5
73.9
68.1
Trade receivables are non-interest bearing and are generally settled on 30 days\u2019 credit.
Expected credit losses
The Group maintains a substantial level of credit insurance covering a significant proportion of
its trade receivables which mitigates against expected credit losses. Therefore, such credit losses
are not significant.
The ageing of trade receivables at the balance sheet date was as follows:
31 December 2023
31 December 2022
Allowance for
Allowance
expected
for expected
Gross
credit losses
Net
Gross
credit losses
Net
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Not past due
25.8
\u2013
25.8
22.3
\u2013
22.3
Past due 1 to 30 days
34.5
\u2013
34.5
35.3
\u2013
35.3
Past due 31 to 90 days
5.1
(0.1)
5.0
2.0
(0.2)
1.8
Past due more than 90 days
1.5
(0.6)
0.9
1.5
(0.4)
1.1
66.9
(0.7)
66.2
61.1
(0.6)
60.5
The movements in the allowance for expected credit losses of trade receivables comprised:
\u00a3m
At 31 December 2021
1.4
Acquisition of businesses
0.2
Credited to the income statement during the year
(1.0)
At 31 December 2022
0.6
Charged to the income statement during the year
0.4
Utilised during the year
(0.3)
At 31 December 2023
0.7
23. Cash and cash equivalents
Cash and cash equivalents comprised:
31 December
31 December
2023
2022
\u00a3m
\u00a3m
Cash at bank and in hand
17.0
50.0
Cash at bank earns interest at variable rates based on daily bank deposit rates. The Group
only deposits cash surpluses with banks that have as a minimum a single A credit rating.26. Trade and other payables
31 December
31 December
2023
2022
\u00a3m
\u00a3m
Trade payables
73.9
85.1
Other taxes and social security costs
13.6
7.9
Accruals
27.3
31.2
114.8
124.2
Trade payables are non-interest bearing and generally settled on 30 to 60 day terms.
27. Financial liabilities
31 December
31 December
2023
2022
\u00a3m
\u00a3m
Non-current loans and borrowings:
Bank loan
\u2013 principal
120.0
170.9
\u2013 unamortised debt issue costs
(2.1)
(2.8)
Private Placement Loan Notes
25.0
25.0
Total non-current loans and borrowings
142.9
193.1
Cash at bank and in hand
(17.0)
(50.0)
Net debt excluding lease liabilities
125.9
143.1
31 December
31 December
2023
2022
\u00a3m
\u00a3m
Other financial liabilities:
Trade and other payables
114.8
124.2
Lease liabilities
23.4
23.1
Deferred and contingent consideration
8.2
8.0
146.4
155.3
Bank loan
On 10 August 2022, the Group renewed its banking facilities and entered a Sustainability-Linked
Loan revolving credit facility agreement for \u00a3350.0m with a \u00a350.0m uncommitted accordion facility
expiring in August 2027 and a separate agreement for private placement loan notes of \u00a325.0m
with an uncommitted \u00a3125.0m shelf facility repayable in August 2029. The Group incurred debt
issue costs of \u00a33.1m, in respect of entering into both agreements, which have been capitalised and
are being amortised to the income statement over the whole term of each facility, respectively.
Interest is payable on the bank loan at SONIA plus an interest margin ranging from 0.90% to 2.75%
which is dependent on the Group\u2019s ESG targets and the Group\u2019s leverage (net debt excluding
lease liabilities as a multiple of pro-forma EBITDA) and reduces as the Group\u2019s leverage reduces.
The interest margin at 31 December 2023 was 1.65% (2022: 1.60%). Pro-forma EBITDA for the year
was \u00a3114.9m (2022: \u00a3120.3m) and is defined as pre-IFRS 16 underlying operating profit before
depreciation, amortisation and share-based payment charges, for the 12 months preceding
the Balance Sheet date adjusted where relevant to include a full year of EBITDA from acquisitions
made during those 12 months.
Interest is payable semi-annually on the loan notes and is fixed at 4.44% per annum for the period
of the loan term.
2023
2022
\u00a3m
\u00a3m
Pro-forma EBITDA
(12 months preceding the Balance Sheet)
Underlying operating profit
94.1
98.2
Depreciation of property, plant and equipment
19.1
19.4
Amortisation of intangible assets arising on business combinations
0.8
0.2
Un-wind of discount on lease liabilities
(1.2)
(0.8)
Share-based payments charge
2.1
2.9
114.9
119.9
EBITDA from acquisitions
\u2013
0.2
114.9
120.1
At 31 December 2023 the Group had available, subject to covenant headroom, \u00a3230.0m
(2022: \u00a3179.1m) of undrawn committed borrowing facilities in respect of which all conditions
precedent had been met.
The Group is subject to a number of covenants in relation to its bank loan which, if breached,
would result in the bank loan becoming immediately repayable. These covenants specify certain
maximum limits in terms of net debt, excluding lease liabilities, as a multiple of pro-forma EBITDA
and interest cover. At 31 December 2023, the Group was not in breach of any bank covenants.
The covenant position was as follows:
Position at
Covenant
31 December
Covenant
Requirement
2023
Interest cover
(Underlying operating profit: finance costs excluding
debt issue cost amortisation)
>4.0:1
8.2:1
Leverage
(Net debt excluding lease liabilities: pro-forma EBITDA)
<3.0:1
1.1:1
The interest cover and leverage covenants remain at 4.0:1 and 3.0:1 respectively, throughout
the remaining term of the revolving credit facility to August 2027, though there exists the option
to apply to extend the leverage covenant to 3.5:1 for a limited period of time if the Group makes
an acquisition.
Reconciliation of liabilities arising from financing activities
2023
2022
\u00a3m
\u00a3m
At 1 January
193.1
197.4
Borrowings repaid
(100.9)
(268.3)
Borrowings drawn down
50.0
266.2
Debt issue costs
0.7
(2.2)
At 31 December
142.9
193.1
29. Financial risk management objectives and policies
The Group\u2019s principal financial liabilities comprise loans and borrowings, deferred and contingent
consideration, lease liabilities, derivative financial instruments and trade and other payables.
The main purpose of these financial liabilities is to finance the Group\u2019s operations. The Group has
trade and other receivables and cash that are derived directly from its operations.
The Group is exposed to interest rate cash flow, foreign currency exchange, credit and liquidity risk.
The Group\u2019s senior management oversees the mitigation of these risks which are summarised
as follows:
Interest rate risk
The interest rate on the Group\u2019s \u00a3350.0m Sustainability-Linked Loan is variable, being payable at
SONIA plus a margin. The Group manages its long-term borrowings policy centrally and operates
weekly cash flow forecasting to manage its net debt position to ensure exposure to changes in
interest rates are minimised where possible.
Interest rate sensitivity
The table below demonstrates the sensitivity to a change in 100 basis point in interest rates on the
Group\u2019s borrowings which at the relevant reporting dates are not hedged. The analysis assumes
all other variables remain constant and the change in rates takes place at the beginning of the
financial year and held constant throughout the reporting period, the Group\u2019s profit after tax is
affected through the impact on interest rate borrowings as follows:
\n \n
Effect on profit
after tax
Change in interest rate
\u00a3m
2023
Increase of 100 basis points
(0.8)
Decrease of 100 basis points
0.8
2022
Increase of 100 basis points
(1.6)
Decrease of 100 basis points
0.6
After the balance sheet date, the group entered into an interest rate swap fixed for two years
on \u00a325.0m of the Group RCF with a fixed interest fate of 4.154%.
Foreign currency exchange risk
Foreign currency exchange risk is the risk that the fair value of a financial instrument or future
cash flows will fluctuate because of changes in foreign currency exchange rates. The Group\u2019s
exposure to the risk of changes in foreign currency exchange rates relates primarily to the Group\u2019s
operating activities where the revenue or expense is denominated in a currency other than the
functional currency of the entity undertaking the transaction.
The Group enters into forward foreign currency exchange contracts for the purchase and sale
of foreign currencies in order to manage its exposure to fluctuations in currency rates, primarily
in respect of US Dollar and Euro receipts and payments.
Foreign currency exchange sensitivity
The table below demonstrates the sensitivity to a 10% change in the Euro exchange rate versus
Pounds Sterling, the presentational currency of the Group used for translation purposes, on the
net assets and profit after tax of the Group. The Group\u2019s exposure to foreign currency exchange
rate changes for all other currencies is not material.
\n \n
Effect on
Effect on profit
net assets
after tax
Change in exchange rate
\u00a3m
\u00a3m
2023
10% strengthening of Pounds Sterling: against Euro
(1.2)
\u2013
10% weakening of Pounds Sterling: against Euro
1.4
\u2013
2022
10% strengthening of Pounds Sterling: against Euro
(1.0)
\u2013
10% weakening of Pounds Sterling: against Euro
1.3
\u2013
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument
or customer contract, leading to a financial loss. The Group is exposed to credit risk from its
operating activities (primarily for trade receivables) and from its financing activities, including
cash deposits with banks.
Trade receivables
Customer credit risk is managed by each subsidiary subject to the Group\u2019s established policy,
procedures and controls relating to customer credit risk management. Credit quality of the
customer is assessed based on an extensive credit rating scorecard and individual credit limits
are defined in accordance with this assessment. Outstanding customer receivables are regularly
monitored and any shipments to major export customers are generally covered by letters of
credit or other forms of credit insurance.
The requirement for impairment is analysed at each balance sheet date on an individual basis for
major clients. Additionally, a large number of minor receivables are grouped into homogeneous
groups and assessed for impairment collectively. The calculation is based on actually incurred
historical data, adjusted for forward looking information. The maximum exposure to credit risk at
the balance sheet date is the carrying amount of each class of financial assets as disclosed in
Note 22.
The Group does not hold collateral as security. The Group evaluates the concentration of risk
with respect to trade receivables as low. At 31 December 2023, 44.3% (2022: 53.0%) of net trade
receivables were covered by credit insurance which is subject to the normal policy deductibles.
Financial instruments and cash deposits
The Group maintains strong liquidity through cash balances and deposits of \u00a317.0m and its
undrawn committed revolving credit facility \u00a3230.0m at 31 December 2023, which matures in
August 2027 (with one further uncommitted annual renewal through to November 2028 possible).
Credit risk arising from cash deposits with banks is managed in accordance with the Group\u2019s
established treasury policy, procedures and controls. Deposits of surplus funds are made only with
banks that have as a minimum a single A credit rating. The Group\u2019s maximum exposure to credit
risk for the components of the balance sheet at 31 December 2023 and 31 December 2022 is the
carrying amounts as illustrated in Note 23.
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall
due. The Group\u2019s approach to managing liquidity is to ensure that it will always have sufficient
liquidity to meet its liabilities when due, under both normal and stressed conditions, without
incurring unacceptable losses or risking damage to the Group\u2019s reputation.
The table below summarises the maturity profile of the Group\u2019s financial liabilities based
on contractual undiscounted payments:
3 to 12
1 to 5
< 3 months
months
years
> 5 years
Total
31 December 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank loan \u2013 principal
2.6
7.4
155.0
\u2013
165.0
Private placement loan notes
\u2013
1.1
4.4
25.0
30.5
Other financial liabilities:
Trade and other payables
114.8
\u2013
\u2013
\u2013
114.8
Deferred and contingent
consideration
8.2
\u2013
\u2013
\u2013
8.2
Forward foreign currency
derivatives
1.4
\u2013
\u2013
\u2013
1.4
Lease liabilities
1.7
4.7
17.8
6.4
30.6
128.7
13.2
177.2
31.4
350.5
The interest payments on the Sustainability-Linked Loan would be \u00a38.2m per year if the interest rate
plus margin remained at 6.8% and the level of debt did not change from the balance sheet date.
3 to 12
1 to 5
< 3 months
months
years
> 5 years
Total
31 December 2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank loan \u2013 principal
2.4
5.7
214.7
\u2013
222.8
Private placement loan notes
\u2013
1.1
4.4
27.2
32.7
Other financial liabilities:
Trade and other payables
124.2
\u2013
\u2013
\u2013
124.2
Deferred and contingent
consideration
\u2013
\u2013
8.0
\u2013
8.0
Forward foreign currency
derivatives
0.9
\u2013
\u2013
\u2013
0.9
Lease liabilities
1.3
3.7
14.9
10.4
30.3
128.8
10.5
242.0
37.6
418.9
Fair values of financial assets and financial liabilities
The book value of trade and other receivables, trade and other payables, cash balances,
bank loan and other liabilities equates to fair value.
The table below sets out the Group\u2019s accounting classification of its other financial liabilities
and their carrying amounts and fair values:
Carrying
Fair
value
value
\u00a3m
\u00a3m
Forward foreign currency derivatives
(designated as hedging instruments)
\u2013
\u2013
Interest-bearing loans and borrowings due after more than one year
(designated as financial liabilities measured at amortised cost)
142.9
142.9
Deferred and contingent consideration
(designated as financial liabilities at FVTPL)
8.2
8.2
Lease liabilities (designated as financial liabilities
measured at amortised cost)
23.4
23.4
Total at 31 December 2023
174.5
174.5
Carrying
Fair
value
value
\u00a3m
\u00a3m
Forward foreign currency derivatives
(designated as hedging instruments)
\u2013
\u2013
Interest-bearing loans and borrowings due after more than one year
(designated as financial liabilities measured at amortised cost)
193.1
193.1
Deferred and contingent consideration
(designated as financial liabilities at FVTPL)
8.0
8.0
Lease liabilities (designated as financial liabilities
measured at amortised cost)
23.1
23.1
Total at 31 December 2022
224.2
224.2
The fair values were determined as follows by reference to:
\u2013 Forward foreign currency derivatives: quoted exchange rates.
\u2013 Deferred and contingent consideration: Directors\u2019 assessment of the likelihood that financial
targets will be achieved (see Note 18).
\u2013 Lease liabilities: present value of lease payments to be made over the lease terms.
Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of financial
instruments by valuation technique:
Level 1:
quoted (unadjusted) prices in active markets for identical assets or liabilities;
Level 2:
other techniques for which all inputs which have a significant effect on the recognised
fair value are observable, either directly or indirectly; and
Level 3:
techniques which use inputs which have a significant effect on the recognised fair value
that are not based on observable market data.
The fair values disclosed above, with the exception of deferred and contingent consideration
which is categorised as Level 3, all relate to items categorised as Level 2.
There have been no transfers in any direction between Levels 1, 2 or 3 in the years ended
31 December 2022 and 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27381": { "value": "22. Trade and other receivables \n \n
31 December
31 December
2023
2022
\u00a3m
\u00a3m
Trade receivables
66.2
60.5
Prepayments
6.8
6.1
Other receivables
0.9
1.5
73.9
68.1
Trade receivables are non-interest bearing and are generally settled on 30 days\u2019 credit.
Expected credit losses
The Group maintains a substantial level of credit insurance covering a significant proportion of
its trade receivables which mitigates against expected credit losses. Therefore, such credit losses
are not significant.
The ageing of trade receivables at the balance sheet date was as follows:
31 December 2023
31 December 2022
Allowance for
Allowance
expected
for expected
Gross
credit losses
Net
Gross
credit losses
Net
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Not past due
25.8
\u2013
25.8
22.3
\u2013
22.3
Past due 1 to 30 days
34.5
\u2013
34.5
35.3
\u2013
35.3
Past due 31 to 90 days
5.1
(0.1)
5.0
2.0
(0.2)
1.8
Past due more than 90 days
1.5
(0.6)
0.9
1.5
(0.4)
1.1
66.9
(0.7)
66.2
61.1
(0.6)
60.5
The movements in the allowance for expected credit losses of trade receivables comprised:
\u00a3m
At 31 December 2021
1.4
Acquisition of businesses
0.2
Credited to the income statement during the year
(1.0)
At 31 December 2022
0.6
Charged to the income statement during the year
0.4
Utilised during the year
(0.3)
At 31 December 2023
0.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27465": { "value": "Expected credit losses
The Group maintains a substantial level of credit insurance covering a significant proportion of
its trade receivables which mitigates against expected credit losses. Therefore, such credit losses
are not significant.
The ageing of trade receivables at the balance sheet date was as follows:
31 December 2023
31 December 2022
Allowance for
Allowance
expected
for expected
Gross
credit losses
Net
Gross
credit losses
Net
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Not past due
25.8
\u2013
25.8
22.3
\u2013
22.3
Past due 1 to 30 days
34.5
\u2013
34.5
35.3
\u2013
35.3
Past due 31 to 90 days
5.1
(0.1)
5.0
2.0
(0.2)
1.8
Past due more than 90 days
1.5
(0.6)
0.9
1.5
(0.4)
1.1
66.9
(0.7)
66.2
61.1
(0.6)
60.5
The movements in the allowance for expected credit losses of trade receivables comprised:
\u00a3m
At 31 December 2021
1.4
Acquisition of businesses
0.2
Credited to the income statement during the year
(1.0)
At 31 December 2022
0.6
Charged to the income statement during the year
0.4
Utilised during the year
(0.3)
At 31 December 2023
0.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27646": { "value": "23. Cash and cash equivalents
Cash and cash equivalents comprised:
31 December
31 December
2023
2022
\u00a3m
\u00a3m
Cash at bank and in hand
17.0
50.0
Cash at bank earns interest at variable rates based on daily bank deposit rates. The Group
only deposits cash surpluses with banks that have as a minimum a single A credit rating.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27680": { "value": "24. Share capital and reserves
Share capital
31 December 2023
31 December 2022
Number*
\u00a3
Number*
\u00a3
Authorised, allotted, called up and fully paid share capital:
Ordinary shares of \u00a30.001 each
249
249,170
249
249,170
*
Millions of shares.
The ordinary shares are voting non-redeemable shares and rank equally as to dividends,
voting rights and any return of capital on winding up.
Share premium
On 11 February 2021, the Group conducted a non-pre-emptive placing of 18,704,085 new ordinary
shares at \u00a35.15 per share generating gross proceeds of \u00a396.3m with issue costs of \u00a32.7m. Net
proceeds in excess of the nominal value of \u00a393.6m have been credited to the share premium
account. A further \u00a30.1m of listing fees have been incurred and charged to the income statement
in 2021.
Capital redemption reserve
Following the consolidation and subdivision of shares in 2014 the Company\u2019s deferred shares
were cancelled. In order to maintain the Company\u2019s capital, a transfer was made from retained
earnings to a capital redemption reserve at that time.
Own shares
Own shares represent the cost of Genuit Group plc shares purchased in the market and held
by the Company, and/or the Employee Benefit Trust (EBT), to satisfy the future exercise of options
under the Group\u2019s share option schemes.
During the year the Group issued no shares (2022: 1,000,000 shares) to the EBT at the nominal value
of \u00a30.001.
At 31 December 2023, the Group held 375 (2022: 375) of its own shares at an average cost of \u00a34.20
(2022: \u00a34.20) per share. The market value of these shares at 31 December 2023 was less than \u00a30.1m
(2022: less than \u00a30.1m). The nominal value of each share is \u00a30.001.
The EBT held 921,482 shares at 31 December 2023 (2022: 1,071,188) at an average cost of 0.1p
(2022: 0.1p) per share. The market value of these shares at 31 December 2023 was \u00a33.7m
(2022: \u00a33.0m). The nominal value of each share is \u00a30.001.
Hedging reserve
The hedging reserve contains the effective portion of the cash flow hedge relationships entered
into by the Group in respect of interest rate swaps and forward foreign currency derivatives
as discussed in Note 29.
Foreign currency retranslation reserve
The foreign currency retranslation reserve is used to record exchange differences arising from
the translation of the financial statements of foreign subsidiaries.
Other reserves
On 7 May 2020, the Group conducted a non-pre-emptive placing of 26,966,300 new ordinary
shares at \u00a34.45 per share generating gross proceeds of \u00a3120.0m. The placing was undertaken
using a cashbox structure. As a result, the Group was able to take relief under Section 612 of the
Companies Act 2006 from crediting share premium and instead transfer the net proceeds in
excess of the nominal value to other reserves. Advisers\u2019 fees of \u00a33.5m have been netted off
against the gross proceeds.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27683": { "value": "Share capital
31 December 2023
31 December 2022
Number*
\u00a3
Number*
\u00a3
Authorised, allotted, called up and fully paid share capital:
Ordinary shares of \u00a30.001 each
249
249,170
249
249,170
*
Millions of shares.
The ordinary shares are voting non-redeemable shares and rank equally as to dividends,
voting rights and any return of capital on winding up.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27732": { "value": "Capital redemption reserve
Following the consolidation and subdivision of shares in 2014 the Company\u2019s deferred shares
were cancelled. In order to maintain the Company\u2019s capital, a transfer was made from retained
earnings to a capital redemption reserve at that time.Hedging reserve
The hedging reserve contains the effective portion of the cash flow hedge relationships entered
into by the Group in respect of interest rate swaps and forward foreign currency derivatives
as discussed in Note 29.
Foreign currency retranslation reserve
The foreign currency retranslation reserve is used to record exchange differences arising from
the translation of the financial statements of foreign subsidiaries.
Other reserves
On 7 May 2020, the Group conducted a non-pre-emptive placing of 26,966,300 new ordinary
shares at \u00a34.45 per share generating gross proceeds of \u00a3120.0m. The placing was undertaken
using a cashbox structure. As a result, the Group was able to take relief under Section 612 of the
Companies Act 2006 from crediting share premium and instead transfer the net proceeds in
excess of the nominal value to other reserves. Advisers\u2019 fees of \u00a33.5m have been netted off
against the gross proceeds.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27769": { "value": "Own shares
Own shares represent the cost of Genuit Group plc shares purchased in the market and held
by the Company, and/or the Employee Benefit Trust (EBT), to satisfy the future exercise of options
under the Group\u2019s share option schemes.
During the year the Group issued no shares (2022: 1,000,000 shares) to the EBT at the nominal value
of \u00a30.001.
At 31 December 2023, the Group held 375 (2022: 375) of its own shares at an average cost of \u00a34.20
(2022: \u00a34.20) per share. The market value of these shares at 31 December 2023 was less than \u00a30.1m
(2022: less than \u00a30.1m). The nominal value of each share is \u00a30.001.
The EBT held 921,482 shares at 31 December 2023 (2022: 1,071,188) at an average cost of 0.1p
(2022: 0.1p) per share. The market value of these shares at 31 December 2023 was \u00a33.7m
(2022: \u00a33.0m). The nominal value of each share is \u00a30.001.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27802": { "value": "Capital management
The primary objective of the Group\u2019s capital management is to ensure that it maintains an
appropriate capital structure to support its business objectives and maximise shareholder value.
The Group regards shareholders\u2019 equity and net debt as its capital. The Group\u2019s net debt is defined
as cash and cash equivalents, loans and borrowings, and lease liabilities. At 31 December 2023,
the Group had bank debt of \u00a3120.0m (2022: \u00a3170.9m), an undrawn committed revolving credit
facility of \u00a3230.0m (2022: \u00a3179.1m), cash of \u00a317.0m (2022: \u00a350.0m), an uncommitted accordion facility
of \u00a350.0m (2022: \u00a350.0m), private placement loan notes of \u00a325.0m (2022: \u00a325.0m) with a maturity
date of August 2029 and lease liabilities of \u00a323.5m (2022: \u00a323.1m). A key objective of the Group
is to maintain sufficient liquidity (cash and committed bank facilities) in order to meet its cash
commitments including interest payments due on that debt. No changes were made to the
objectives, policies or processes during the years ended 31 December 2023 and 31 December 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27835": { "value": "25. Share-based payments
Share options were granted by the Company under its various share option schemes as detailed in the table below:
\n \n
Exercise
31 December
Lapsed/
31 December
Date
price
2022
Granted
Dividend
Exercised
forfeited
2023
first
Expiry
\u00a3
Number
Number
Accrual
Number
Number
Number
exercisable
date
2014 Sharesave (granted 2019)
3.05
683,628
\u2013
\u2013
(44,227)
1
(639,401)
\u2013
1 Nov 2022
30 April 2023
2014 Sharesave (granted 2020)
3.45
642,727
\u2013
\u2013
(32,703)
2
(323,413)
286,611
1 Dec 2023
31 May 2024
2014 Sharesave (granted 2021)
5.78
245,977
\u2013
\u2013
\u2013
(85,585)
160,392
1 Dec 2024
31 May 2025
2014 Sharesave (granted 2022)
2.21
4,521,667
\u2013
\u2013
(2,804)
3
(1,017,188)
3,501,675
1 Dec 2025
31 May 2026
2014 Sharesave (granted 2023)
2.60
\u2013
1,092,575
\u2013
\u2013
(47,746)
1,044,829
1 Dec 2026
31 May 2027
2014 LTIP (granted 10 May 2016)
Nil
86,205
\u2013
\u2013
\u2013
\u2013
86,205
10 May 2019
10 May 2026
2014 LTIP (granted 2 May 2017)
Nil
12,574
\u2013
\u2013
\u2013
\u2013
12,574
2 May 2020
2 May 2027
2014 LTIP (granted 22 May 2017)
Nil
5,973
\u2013
\u2013
(5,973)
4
\u2013
\u2013
22 May 2021
22 May 2028
2014 LTIP (granted 2 May 2018)
Nil
21,142
\u2013
\u2013
(21,142)
5
\u2013
\u2013
2 May 2021
2 May 2028
2014 LTIP (granted 30 April 2019)
Nil
49,996
\u2013
\u2013
(22,879)
6
\u2013
27,117
30 April 2022
30 April 2029
2014 LTIP (granted 22 Nov 2019)
Nil
5,882
\u2013
\u2013
(5,882)
7
\u2013
\u2013
22 Nov 2022
22 Nov 2029
2014 LTIP (granted 22 June 2020)
Nil
474,238
\u2013
\u2013
\u2013
(474,238)
\u2013
22 June 2023
22 June 2030
2014 LTIP (granted 20 May 2021)
Nil
546,915
\u2013
\u2013
\u2013
(128,722)
418,193
20 May 2024
20 May 2031
2014 LTIP (granted 22 April 2022)
Nil
743,858
\u2013
\u2013
\u2013
(169,951)
573,907
22 April 2025
22 April 2032
2014 LTIP (granted 13 July 2022)
Nil
11,973
\u2013
\u2013
\u2013
\u2013
11,973
13 July 2025
13 July 2032
2014 LTIP (granted 21 April 2023)
Nil
\u2013
1,288,711
\u2013
\u2013
(265,660)
1,023,051
21 April 2026
21 April 2033
2014 LTIP (granted 18 May 2023)
Nil
\u2013
15,173
\u2013
\u2013
\u2013
15,173
18 May 2026
18 May 2033
2014 LTIP (granted 22 May 2023)
Nil
\u2013
21,795
\u2013
\u2013
\u2013
21,795
22 May 2026
22 May 2033
Deferred share awards (granted 22 March 2022)
Nil
178,377
\u2013
1,667
(128,921)
8
(51,123)
\u2013
22 March 2023
22 March 2032
Deferred share awards (granted 22 March 2022)
Nil
127,030
\u2013
6,816
\u2013
\u2013
133,846
22 March 2024
22 March 2032
Deferred share awards (granted 22 March 2022)
Nil
12,347
\u2013
\u2013
(12,347)
9
\u2013
\u2013
22 March 2022
22 March 2032
Deferred share awards (granted 22 March 2022)
Nil
31,216
\u2013
449
(31,665)
10
\u2013
\u2013
22 March 2023
22 March 2032
DSBP (granted 30 April 2019)
Nil
7,003
\u2013
\u2013
(7,003)
11
\u2013
\u2013
30 April 2021
30 April 2029
DSBP (granted 22 June 2020)
Nil
13,315
\u2013
348
(7,093)
12
(6,570)
\u2013
22 June 2022
22 June 2030
DSBP (granted 22 April 2022)
Nil
80,630
\u2013
4,322
\u2013
\u2013
84,952
22 April 2024
22 April 2032
DSBP (granted 21 April 2023)
Nil
\u2013
25,041
966
\u2013
\u2013
26,007
21 April 2025
21 April 2033
8,502,673
2,443,295
14,568
(322,639)
(3,209,597)
7,428,300
1.
The weighted average share price at the date of exercise of these options was \u00a33.30.
2.
The weighted average share price at the date of exercise of these options was \u00a33.98.
3.
The weighted average share price at the date of exercise of these options was \u00a33.16.
4.
The weighted average share price at the date of exercise of these options was \u00a33.30.
5.
The weighted average share price at the date of exercise of these options was \u00a32.81.
6.
The weighted average share price at the date of exercise of these options was \u00a32.83.
7.
The weighted average share price at the date of exercise of these options was \u00a33.07.
8.
The weighted average share price at the date of exercise of these options was \u00a32.72.
9.
The weighted average share price at the date of exercise of these options was \u00a32.72.
10. The weighted average share price at the date of exercise of these options was \u00a32.72.
11.
The weighted average share price at the date of exercise of these options was \u00a32.72.
12. The weighted average share price at the date of exercise of these options was \u00a32.89.
\n
\n
At 31 December 2023, 449,475 (2022: 889,345) share options were exercisable at a weighted
\n
average exercise price of \u00a32.20 (2022: \u00a32.34) per share.
\n
Sharesave Plan
\n
Sharesave Plan options were granted to eligible employees on 10 October 2023 at an exercise
\n
price of \u00a32.60 per share, a 20% discount to the average share price over the three business days
\n
preceding the offer. Participating employees can exercise their options to purchase the shares
\n
acquired through their savings plans at the option price after three years. These options have
\n
an exercise date of 2026 to 2027.
\n
Long-Term Incentive Plan (LTIP)
\n
LTIP options were awarded to a number of senior managers on 21 April 2023, 18 May 2023 and
\n
22 May 2023. These options have an exercise date of 2026 to 2033. The vesting of each award
\n
is subject to the satisfaction of certain performance criteria, of which 25% is based on total
\n
shareholder return (the TSR element), 25% is based on sustainability performance (the sustainability
\n
element) and 50% is based on earnings per share (the EPS element). Further details of the scheme
\n
are provided in the Annual Report on Remuneration.
\n
Deferred Share Bonus Plan (DSBP)
\n
On 21 April 2023, the Executive Directors received an award of shares under the DSBP relating
\n
to the 2022 annual bonus.
\n
All these equity-settled, share-based payments are measured at fair value at the date of grant.
\n
The fair value determined at the date of grant of the equity-settled, share-based payments
\n
is expensed to the income statement on a straight-line basis over the vesting period, based
\n
on the Group\u2019s estimates of shares that will eventually vest, with a corresponding adjustment
\n
to equity. Fair value for the Sharesave Plan options is measured by use of a Black-Scholes model.
\n
Fair value of the LTIP options is measured by use of a Monte Carlo model. The expected life used
\n
in the models has been adjusted, based on management\u2019s best estimate for the effects of
\n
non-transferability, exercise restrictions and behavioural considerations.
\n
The assumptions used for each share-based payment were as follows:
2014 LTIP
2014 LTIP
2014 LTIP
2014
options
options
options
Sharesave
granted
granted
granted
options
21 April
18 May
22 May
granted
2023
2023
2023
2023
Share price at the date of grant
\u00a32.76
\u00a33.03
\u00a33.21
\u00a33.06
Exercise price
\u00a3Nil
\u00a3Nil
\u00a3Nil
2.60
Shares under option
1,288,711
15,173
21,795
1,092,575
Vesting period (years)
3.00
3.00
3.00
3.25
Expected volatility
36.7%
36.7%
36.7%
39.3%
Median volatility of the comparator group
34.9%
34.9%
34.9%
n/a
Expected life (years)
3.00
3.00
3.00
3.25
Risk free rate
3.8%
3.9%
4.0%
4.0%
Dividend yield
4.5%
3.6%
3.7%
4.0%
TSR performance of the Company
at the date of grant
1.0%
1.0%
1.0%
n/a
Median TSR performance of the
comparator group at the date of grant
5.05%
5.05%
5.05%
n/a
Correlation (median)
35.9%
35.9%
35.9%
n/a
Fair value per option
\u00a32.15
\u00a32.63
\u00a32.55
\u00a31.07
2014 LTIP
2014 LTIP
2014
options
options
Sharesave
granted
granted
options
22 April
13 July
granted
2022
2022
2022
Share price at the date of grant
\u00a34.57
\u00a33.82
\u00a32.70
Exercise price
Nil
Nil
\u00a32.21
Shares under option
809,192
11,973
4,521,667
Vesting period (years)
3.00
3.00
3.25
Expected volatility
37.3%
37.3%
41.3%
Median volatility of the comparator group
38.2%
38.2%
n/a
Expected life (years)
3.00
3.00
3.25
Risk free rate
1.82%
1.70%
3.64%
Dividend yield
2.69%
3.20%
4.26%
TSR performance of the Company at the date of grant
(21.2)%
(21.2)%
n/a
Median TSR performance of the comparator group
at the date of grant
(24.4)%
(24.4)%
n/a
Correlation (median)
33.3%
33.3%
n/a
Fair value per option
\u00a33.65
\u00a33.11
\u00a30.84
The expected volatility is based on historical share price movements. The Directors anticipate
it is possible the performance criteria in relation to the LTIP options may not be met.
2023
2022
\u00a3m
\u00a3m
Share-based payments charge for the year
2.1
2.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f28991": { "value": "26. Trade and other payables
31 December
31 December
2023
2022
\u00a3m
\u00a3m
Trade payables
73.9
85.1
Other taxes and social security costs
13.6
7.9
Accruals
27.3
31.2
114.8
124.2
Trade payables are non-interest bearing and generally settled on 30 to 60 day terms.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f29043": { "value": "27. Financial liabilities
31 December
31 December
2023
2022
\u00a3m
\u00a3m
Non-current loans and borrowings:
Bank loan
\u2013 principal
120.0
170.9
\u2013 unamortised debt issue costs
(2.1)
(2.8)
Private Placement Loan Notes
25.0
25.0
Total non-current loans and borrowings
142.9
193.1
Cash at bank and in hand
(17.0)
(50.0)
Net debt excluding lease liabilities
125.9
143.1
31 December
31 December
2023
2022
\u00a3m
\u00a3m
Other financial liabilities:
Trade and other payables
114.8
124.2
Lease liabilities
23.4
23.1
Deferred and contingent consideration
8.2
8.0
146.4
155.3
Bank loan
On 10 August 2022, the Group renewed its banking facilities and entered a Sustainability-Linked
Loan revolving credit facility agreement for \u00a3350.0m with a \u00a350.0m uncommitted accordion facility
expiring in August 2027 and a separate agreement for private placement loan notes of \u00a325.0m
with an uncommitted \u00a3125.0m shelf facility repayable in August 2029. The Group incurred debt
issue costs of \u00a33.1m, in respect of entering into both agreements, which have been capitalised and
are being amortised to the income statement over the whole term of each facility, respectively.
Interest is payable on the bank loan at SONIA plus an interest margin ranging from 0.90% to 2.75%
which is dependent on the Group\u2019s ESG targets and the Group\u2019s leverage (net debt excluding
lease liabilities as a multiple of pro-forma EBITDA) and reduces as the Group\u2019s leverage reduces.
The interest margin at 31 December 2023 was 1.65% (2022: 1.60%). Pro-forma EBITDA for the year
was \u00a3114.9m (2022: \u00a3120.3m) and is defined as pre-IFRS 16 underlying operating profit before
depreciation, amortisation and share-based payment charges, for the 12 months preceding
the Balance Sheet date adjusted where relevant to include a full year of EBITDA from acquisitions
made during those 12 months.
Interest is payable semi-annually on the loan notes and is fixed at 4.44% per annum for the period
of the loan term.
2023
2022
\u00a3m
\u00a3m
Pro-forma EBITDA
(12 months preceding the Balance Sheet)
Underlying operating profit
94.1
98.2
Depreciation of property, plant and equipment
19.1
19.4
Amortisation of intangible assets arising on business combinations
0.8
0.2
Un-wind of discount on lease liabilities
(1.2)
(0.8)
Share-based payments charge
2.1
2.9
114.9
119.9
EBITDA from acquisitions
\u2013
0.2
114.9
120.1
At 31 December 2023 the Group had available, subject to covenant headroom, \u00a3230.0m
(2022: \u00a3179.1m) of undrawn committed borrowing facilities in respect of which all conditions
precedent had been met.
The Group is subject to a number of covenants in relation to its bank loan which, if breached,
would result in the bank loan becoming immediately repayable. These covenants specify certain
maximum limits in terms of net debt, excluding lease liabilities, as a multiple of pro-forma EBITDA
and interest cover. At 31 December 2023, the Group was not in breach of any bank covenants.
The covenant position was as follows:
Position at
Covenant
31 December
Covenant
Requirement
2023
Interest cover
(Underlying operating profit: finance costs excluding
debt issue cost amortisation)
>4.0:1
8.2:1
Leverage
(Net debt excluding lease liabilities: pro-forma EBITDA)
<3.0:1
1.1:1
The interest cover and leverage covenants remain at 4.0:1 and 3.0:1 respectively, throughout
the remaining term of the revolving credit facility to August 2027, though there exists the option
to apply to extend the leverage covenant to 3.5:1 for a limited period of time if the Group makes
an acquisition.
Reconciliation of liabilities arising from financing activities
2023
2022
\u00a3m
\u00a3m
At 1 January
193.1
197.4
Borrowings repaid
(100.9)
(268.3)
Borrowings drawn down
50.0
266.2
Debt issue costs
0.7
(2.2)
At 31 December
142.9
193.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f29045": { "value": "
31 December
31 December
2023
2022
\u00a3m
\u00a3m
Non-current loans and borrowings:
Bank loan
\u2013 principal
120.0
170.9
\u2013 unamortised debt issue costs
(2.1)
(2.8)
Private Placement Loan Notes
25.0
25.0
Total non-current loans and borrowings
142.9
193.1
Cash at bank and in hand
(17.0)
(50.0)
Net debt excluding lease liabilities
125.9
143.1
31 December
31 December
2023
2022
\u00a3m
\u00a3m
Other financial liabilities:
Trade and other payables
114.8
124.2
Lease liabilities
23.4
23.1
Deferred and contingent consideration
8.2
8.0
146.4
155.3
Bank loan
On 10 August 2022, the Group renewed its banking facilities and entered a Sustainability-Linked
Loan revolving credit facility agreement for \u00a3350.0m with a \u00a350.0m uncommitted accordion facility
expiring in August 2027 and a separate agreement for private placement loan notes of \u00a325.0m
with an uncommitted \u00a3125.0m shelf facility repayable in August 2029. The Group incurred debt
issue costs of \u00a33.1m, in respect of entering into both agreements, which have been capitalised and
are being amortised to the income statement over the whole term of each facility, respectively.
Interest is payable on the bank loan at SONIA plus an interest margin ranging from 0.90% to 2.75%
which is dependent on the Group\u2019s ESG targets and the Group\u2019s leverage (net debt excluding
lease liabilities as a multiple of pro-forma EBITDA) and reduces as the Group\u2019s leverage reduces.
The interest margin at 31 December 2023 was 1.65% (2022: 1.60%). Pro-forma EBITDA for the year
was \u00a3114.9m (2022: \u00a3120.3m) and is defined as pre-IFRS 16 underlying operating profit before
depreciation, amortisation and share-based payment charges, for the 12 months preceding
the Balance Sheet date adjusted where relevant to include a full year of EBITDA from acquisitions
made during those 12 months.
Interest is payable semi-annually on the loan notes and is fixed at 4.44% per annum for the period
of the loan term.
2023
2022
\u00a3m
\u00a3m
Pro-forma EBITDA
(12 months preceding the Balance Sheet)
Underlying operating profit
94.1
98.2
Depreciation of property, plant and equipment
19.1
19.4
Amortisation of intangible assets arising on business combinations
0.8
0.2
Un-wind of discount on lease liabilities
(1.2)
(0.8)
Share-based payments charge
2.1
2.9
114.9
119.9
EBITDA from acquisitions
\u2013
0.2
114.9
120.1
At 31 December 2023 the Group had available, subject to covenant headroom, \u00a3230.0m
(2022: \u00a3179.1m) of undrawn committed borrowing facilities in respect of which all conditions
precedent had been met.
The Group is subject to a number of covenants in relation to its bank loan which, if breached,
would result in the bank loan becoming immediately repayable. These covenants specify certain
maximum limits in terms of net debt, excluding lease liabilities, as a multiple of pro-forma EBITDA
and interest cover. At 31 December 2023, the Group was not in breach of any bank covenants.
The covenant position was as follows:
Position at
Covenant
31 December
Covenant
Requirement
2023
Interest cover
(Underlying operating profit: finance costs excluding
debt issue cost amortisation)
>4.0:1
8.2:1
Leverage
(Net debt excluding lease liabilities: pro-forma EBITDA)
<3.0:1
1.1:1
The interest cover and leverage covenants remain at 4.0:1 and 3.0:1 respectively, throughout
the remaining term of the revolving credit facility to August 2027, though there exists the option
to apply to extend the leverage covenant to 3.5:1 for a limited period of time if the Group makes
an acquisition.
Reconciliation of liabilities arising from financing activities
2023
2022
\u00a3m
\u00a3m
At 1 January
193.1
197.4
Borrowings repaid
(100.9)
(268.3)
Borrowings drawn down
50.0
266.2
Debt issue costs
0.7
(2.2)
At 31 December
142.9
193.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f29396": { "value": "28. Related party transactions
Compensation of key management personnel (including Directors):
2023
2022
\u00a3m
\u00a3m
Short-term employee benefits
4.4
3.3
Share-based payments
1.0
1.7
5.4
5.0
Key management personnel comprise the Executive Directors, Non-Executive Directors and other
key managers in the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f29397": { "value": "28. Related party transactions
Compensation of key management personnel (including Directors):
2023
2022
\u00a3m
\u00a3m
Short-term employee benefits
4.4
3.3
Share-based payments
1.0
1.7
5.4
5.0
Key management personnel comprise the Executive Directors, Non-Executive Directors and other
key managers in the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f29456": { "value": "29. Financial risk management objectives and policies
The Group\u2019s principal financial liabilities comprise loans and borrowings, deferred and contingent
consideration, lease liabilities, derivative financial instruments and trade and other payables.
The main purpose of these financial liabilities is to finance the Group\u2019s operations. The Group has
trade and other receivables and cash that are derived directly from its operations.
The Group is exposed to interest rate cash flow, foreign currency exchange, credit and liquidity risk.
The Group\u2019s senior management oversees the mitigation of these risks which are summarised
as follows:
Interest rate risk
The interest rate on the Group\u2019s \u00a3350.0m Sustainability-Linked Loan is variable, being payable at
SONIA plus a margin. The Group manages its long-term borrowings policy centrally and operates
weekly cash flow forecasting to manage its net debt position to ensure exposure to changes in
interest rates are minimised where possible.
Interest rate sensitivity
The table below demonstrates the sensitivity to a change in 100 basis point in interest rates on the
Group\u2019s borrowings which at the relevant reporting dates are not hedged. The analysis assumes
all other variables remain constant and the change in rates takes place at the beginning of the
financial year and held constant throughout the reporting period, the Group\u2019s profit after tax is
affected through the impact on interest rate borrowings as follows:
\n \n
Effect on profit
after tax
Change in interest rate
\u00a3m
2023
Increase of 100 basis points
(0.8)
Decrease of 100 basis points
0.8
2022
Increase of 100 basis points
(1.6)
Decrease of 100 basis points
0.6
After the balance sheet date, the group entered into an interest rate swap fixed for two years
on \u00a325.0m of the Group RCF with a fixed interest fate of 4.154%.
Foreign currency exchange risk
Foreign currency exchange risk is the risk that the fair value of a financial instrument or future
cash flows will fluctuate because of changes in foreign currency exchange rates. The Group\u2019s
exposure to the risk of changes in foreign currency exchange rates relates primarily to the Group\u2019s
operating activities where the revenue or expense is denominated in a currency other than the
functional currency of the entity undertaking the transaction.
The Group enters into forward foreign currency exchange contracts for the purchase and sale
of foreign currencies in order to manage its exposure to fluctuations in currency rates, primarily
in respect of US Dollar and Euro receipts and payments.
Foreign currency exchange sensitivity
The table below demonstrates the sensitivity to a 10% change in the Euro exchange rate versus
Pounds Sterling, the presentational currency of the Group used for translation purposes, on the
net assets and profit after tax of the Group. The Group\u2019s exposure to foreign currency exchange
rate changes for all other currencies is not material.
\n \n
Effect on
Effect on profit
net assets
after tax
Change in exchange rate
\u00a3m
\u00a3m
2023
10% strengthening of Pounds Sterling: against Euro
(1.2)
\u2013
10% weakening of Pounds Sterling: against Euro
1.4
\u2013
2022
10% strengthening of Pounds Sterling: against Euro
(1.0)
\u2013
10% weakening of Pounds Sterling: against Euro
1.3
\u2013
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument
or customer contract, leading to a financial loss. The Group is exposed to credit risk from its
operating activities (primarily for trade receivables) and from its financing activities, including
cash deposits with banks.
Trade receivables
Customer credit risk is managed by each subsidiary subject to the Group\u2019s established policy,
procedures and controls relating to customer credit risk management. Credit quality of the
customer is assessed based on an extensive credit rating scorecard and individual credit limits
are defined in accordance with this assessment. Outstanding customer receivables are regularly
monitored and any shipments to major export customers are generally covered by letters of
credit or other forms of credit insurance.
The requirement for impairment is analysed at each balance sheet date on an individual basis for
major clients. Additionally, a large number of minor receivables are grouped into homogeneous
groups and assessed for impairment collectively. The calculation is based on actually incurred
historical data, adjusted for forward looking information. The maximum exposure to credit risk at
the balance sheet date is the carrying amount of each class of financial assets as disclosed in
Note 22.
The Group does not hold collateral as security. The Group evaluates the concentration of risk
with respect to trade receivables as low. At 31 December 2023, 44.3% (2022: 53.0%) of net trade
receivables were covered by credit insurance which is subject to the normal policy deductibles.
Financial instruments and cash deposits
The Group maintains strong liquidity through cash balances and deposits of \u00a317.0m and its
undrawn committed revolving credit facility \u00a3230.0m at 31 December 2023, which matures in
August 2027 (with one further uncommitted annual renewal through to November 2028 possible).
Credit risk arising from cash deposits with banks is managed in accordance with the Group\u2019s
established treasury policy, procedures and controls. Deposits of surplus funds are made only with
banks that have as a minimum a single A credit rating. The Group\u2019s maximum exposure to credit
risk for the components of the balance sheet at 31 December 2023 and 31 December 2022 is the
carrying amounts as illustrated in Note 23.
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall
due. The Group\u2019s approach to managing liquidity is to ensure that it will always have sufficient
liquidity to meet its liabilities when due, under both normal and stressed conditions, without
incurring unacceptable losses or risking damage to the Group\u2019s reputation.
The table below summarises the maturity profile of the Group\u2019s financial liabilities based
on contractual undiscounted payments:
3 to 12
1 to 5
< 3 months
months
years
> 5 years
Total
31 December 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank loan \u2013 principal
2.6
7.4
155.0
\u2013
165.0
Private placement loan notes
\u2013
1.1
4.4
25.0
30.5
Other financial liabilities:
Trade and other payables
114.8
\u2013
\u2013
\u2013
114.8
Deferred and contingent
consideration
8.2
\u2013
\u2013
\u2013
8.2
Forward foreign currency
derivatives
1.4
\u2013
\u2013
\u2013
1.4
Lease liabilities
1.7
4.7
17.8
6.4
30.6
128.7
13.2
177.2
31.4
350.5
The interest payments on the Sustainability-Linked Loan would be \u00a38.2m per year if the interest rate
plus margin remained at 6.8% and the level of debt did not change from the balance sheet date.
3 to 12
1 to 5
< 3 months
months
years
> 5 years
Total
31 December 2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank loan \u2013 principal
2.4
5.7
214.7
\u2013
222.8
Private placement loan notes
\u2013
1.1
4.4
27.2
32.7
Other financial liabilities:
Trade and other payables
124.2
\u2013
\u2013
\u2013
124.2
Deferred and contingent
consideration
\u2013
\u2013
8.0
\u2013
8.0
Forward foreign currency
derivatives
0.9
\u2013
\u2013
\u2013
0.9
Lease liabilities
1.3
3.7
14.9
10.4
30.3
128.8
10.5
242.0
37.6
418.9
Fair values of financial assets and financial liabilities
The book value of trade and other receivables, trade and other payables, cash balances,
bank loan and other liabilities equates to fair value.
The table below sets out the Group\u2019s accounting classification of its other financial liabilities
and their carrying amounts and fair values:
Carrying
Fair
value
value
\u00a3m
\u00a3m
Forward foreign currency derivatives
(designated as hedging instruments)
\u2013
\u2013
Interest-bearing loans and borrowings due after more than one year
(designated as financial liabilities measured at amortised cost)
142.9
142.9
Deferred and contingent consideration
(designated as financial liabilities at FVTPL)
8.2
8.2
Lease liabilities (designated as financial liabilities
measured at amortised cost)
23.4
23.4
Total at 31 December 2023
174.5
174.5
Carrying
Fair
value
value
\u00a3m
\u00a3m
Forward foreign currency derivatives
(designated as hedging instruments)
\u2013
\u2013
Interest-bearing loans and borrowings due after more than one year
(designated as financial liabilities measured at amortised cost)
193.1
193.1
Deferred and contingent consideration
(designated as financial liabilities at FVTPL)
8.0
8.0
Lease liabilities (designated as financial liabilities
measured at amortised cost)
23.1
23.1
Total at 31 December 2022
224.2
224.2
The fair values were determined as follows by reference to:
\u2013 Forward foreign currency derivatives: quoted exchange rates.
\u2013 Deferred and contingent consideration: Directors\u2019 assessment of the likelihood that financial
targets will be achieved (see Note 18).
\u2013 Lease liabilities: present value of lease payments to be made over the lease terms.
Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of financial
instruments by valuation technique:
Level 1:
quoted (unadjusted) prices in active markets for identical assets or liabilities;
Level 2:
other techniques for which all inputs which have a significant effect on the recognised
fair value are observable, either directly or indirectly; and
Level 3:
techniques which use inputs which have a significant effect on the recognised fair value
that are not based on observable market data.
The fair values disclosed above, with the exception of deferred and contingent consideration
which is categorised as Level 3, all relate to items categorised as Level 2.
There have been no transfers in any direction between Levels 1, 2 or 3 in the years ended
31 December 2022 and 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f29467": { "value": "Interest rate risk
The interest rate on the Group\u2019s \u00a3350.0m Sustainability-Linked Loan is variable, being payable at
SONIA plus a margin. The Group manages its long-term borrowings policy centrally and operates
weekly cash flow forecasting to manage its net debt position to ensure exposure to changes in
interest rates are minimised where possible.
Interest rate sensitivity
The table below demonstrates the sensitivity to a change in 100 basis point in interest rates on the
Group\u2019s borrowings which at the relevant reporting dates are not hedged. The analysis assumes
all other variables remain constant and the change in rates takes place at the beginning of the
financial year and held constant throughout the reporting period, the Group\u2019s profit after tax is
affected through the impact on interest rate borrowings as follows:
\n \n
Effect on profit
after tax
Change in interest rate
\u00a3m
2023
Increase of 100 basis points
(0.8)
Decrease of 100 basis points
0.8
2022
Increase of 100 basis points
(1.6)
Decrease of 100 basis points
0.6
After the balance sheet date, the group entered into an interest rate swap fixed for two years
on \u00a325.0m of the Group RCF with a fixed interest fate of 4.154%.
Foreign currency exchange risk
Foreign currency exchange risk is the risk that the fair value of a financial instrument or future
cash flows will fluctuate because of changes in foreign currency exchange rates. The Group\u2019s
exposure to the risk of changes in foreign currency exchange rates relates primarily to the Group\u2019s
operating activities where the revenue or expense is denominated in a currency other than the
functional currency of the entity undertaking the transaction.
The Group enters into forward foreign currency exchange contracts for the purchase and sale
of foreign currencies in order to manage its exposure to fluctuations in currency rates, primarily
in respect of US Dollar and Euro receipts and payments.
Foreign currency exchange sensitivity
The table below demonstrates the sensitivity to a 10% change in the Euro exchange rate versus
Pounds Sterling, the presentational currency of the Group used for translation purposes, on the
net assets and profit after tax of the Group. The Group\u2019s exposure to foreign currency exchange
rate changes for all other currencies is not material.
\n \n
Effect on
Effect on profit
net assets
after tax
Change in exchange rate
\u00a3m
\u00a3m
2023
10% strengthening of Pounds Sterling: against Euro
(1.2)
\u2013
10% weakening of Pounds Sterling: against Euro
1.4
\u2013
2022
10% strengthening of Pounds Sterling: against Euro
(1.0)
\u2013
10% weakening of Pounds Sterling: against Euro
1.3
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f29524": { "value": "Foreign currency exchange risk
Foreign currency exchange risk is the risk that the fair value of a financial instrument or future
cash flows will fluctuate because of changes in foreign currency exchange rates. The Group\u2019s
exposure to the risk of changes in foreign currency exchange rates relates primarily to the Group\u2019s
operating activities where the revenue or expense is denominated in a currency other than the
functional currency of the entity undertaking the transaction.
The Group enters into forward foreign currency exchange contracts for the purchase and sale
of foreign currencies in order to manage its exposure to fluctuations in currency rates, primarily
in respect of US Dollar and Euro receipts and payments.
Foreign currency exchange sensitivity
The table below demonstrates the sensitivity to a 10% change in the Euro exchange rate versus
Pounds Sterling, the presentational currency of the Group used for translation purposes, on the
net assets and profit after tax of the Group. The Group\u2019s exposure to foreign currency exchange
rate changes for all other currencies is not material.
\n \n
Effect on
Effect on profit
net assets
after tax
Change in exchange rate
\u00a3m
\u00a3m
2023
10% strengthening of Pounds Sterling: against Euro
(1.2)
\u2013
10% weakening of Pounds Sterling: against Euro
1.4
\u2013
2022
10% strengthening of Pounds Sterling: against Euro
(1.0)
\u2013
10% weakening of Pounds Sterling: against Euro
1.3
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f29630": { "value": "Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument
or customer contract, leading to a financial loss. The Group is exposed to credit risk from its
operating activities (primarily for trade receivables) and from its financing activities, including
cash deposits with banks.
Trade receivables
Customer credit risk is managed by each subsidiary subject to the Group\u2019s established policy,
procedures and controls relating to customer credit risk management. Credit quality of the
customer is assessed based on an extensive credit rating scorecard and individual credit limits
are defined in accordance with this assessment. Outstanding customer receivables are regularly
monitored and any shipments to major export customers are generally covered by letters of
credit or other forms of credit insurance.
The requirement for impairment is analysed at each balance sheet date on an individual basis for
major clients. Additionally, a large number of minor receivables are grouped into homogeneous
groups and assessed for impairment collectively. The calculation is based on actually incurred
historical data, adjusted for forward looking information. The maximum exposure to credit risk at
the balance sheet date is the carrying amount of each class of financial assets as disclosed in
Note 22.
The Group does not hold collateral as security. The Group evaluates the concentration of risk
with respect to trade receivables as low. At 31 December 2023, 44.3% (2022: 53.0%) of net trade
receivables were covered by credit insurance which is subject to the normal policy deductibles.
Financial instruments and cash deposits
The Group maintains strong liquidity through cash balances and deposits of \u00a317.0m and its
undrawn committed revolving credit facility \u00a3230.0m at 31 December 2023, which matures in
August 2027 (with one further uncommitted annual renewal through to November 2028 possible).
Credit risk arising from cash deposits with banks is managed in accordance with the Group\u2019s
established treasury policy, procedures and controls. Deposits of surplus funds are made only with
banks that have as a minimum a single A credit rating. The Group\u2019s maximum exposure to credit
risk for the components of the balance sheet at 31 December 2023 and 31 December 2022 is the
carrying amounts as illustrated in Note 23.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f29663": { "value": "Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall
due. The Group\u2019s approach to managing liquidity is to ensure that it will always have sufficient
liquidity to meet its liabilities when due, under both normal and stressed conditions, without
incurring unacceptable losses or risking damage to the Group\u2019s reputation.
The table below summarises the maturity profile of the Group\u2019s financial liabilities based
on contractual undiscounted payments:
3 to 12
1 to 5
< 3 months
months
years
> 5 years
Total
31 December 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank loan \u2013 principal
2.6
7.4
155.0
\u2013
165.0
Private placement loan notes
\u2013
1.1
4.4
25.0
30.5
Other financial liabilities:
Trade and other payables
114.8
\u2013
\u2013
\u2013
114.8
Deferred and contingent
consideration
8.2
\u2013
\u2013
\u2013
8.2
Forward foreign currency
derivatives
1.4
\u2013
\u2013
\u2013
1.4
Lease liabilities
1.7
4.7
17.8
6.4
30.6
128.7
13.2
177.2
31.4
350.5
The interest payments on the Sustainability-Linked Loan would be \u00a38.2m per year if the interest rate
plus margin remained at 6.8% and the level of debt did not change from the balance sheet date.
3 to 12
1 to 5
< 3 months
months
years
> 5 years
Total
31 December 2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank loan \u2013 principal
2.4
5.7
214.7
\u2013
222.8
Private placement loan notes
\u2013
1.1
4.4
27.2
32.7
Other financial liabilities:
Trade and other payables
124.2
\u2013
\u2013
\u2013
124.2
Deferred and contingent
consideration
\u2013
\u2013
8.0
\u2013
8.0
Forward foreign currency
derivatives
0.9
\u2013
\u2013
\u2013
0.9
Lease liabilities
1.3
3.7
14.9
10.4
30.3
128.8
10.5
242.0
37.6
418.9
Carrying
Fair
value
value
\u00a3m
\u00a3m
Forward foreign currency derivatives
(designated as hedging instruments)
\u2013
\u2013
Interest-bearing loans and borrowings due after more than one year
(designated as financial liabilities measured at amortised cost)
142.9
142.9
Deferred and contingent consideration
(designated as financial liabilities at FVTPL)
8.2
8.2
Lease liabilities (designated as financial liabilities
measured at amortised cost)
23.4
23.4
Total at 31 December 2023
174.5
174.5
Carrying
Fair
value
value
\u00a3m
\u00a3m
Forward foreign currency derivatives
(designated as hedging instruments)
\u2013
\u2013
Interest-bearing loans and borrowings due after more than one year
(designated as financial liabilities measured at amortised cost)
193.1
193.1
Deferred and contingent consideration
(designated as financial liabilities at FVTPL)
8.0
8.0
Lease liabilities (designated as financial liabilities
measured at amortised cost)
23.1
23.1
Total at 31 December 2022
224.2
224.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f29664": { "value": "Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall
due. The Group\u2019s approach to managing liquidity is to ensure that it will always have sufficient
liquidity to meet its liabilities when due, under both normal and stressed conditions, without
incurring unacceptable losses or risking damage to the Group\u2019s reputation.
The table below summarises the maturity profile of the Group\u2019s financial liabilities based
on contractual undiscounted payments:
3 to 12
1 to 5
< 3 months
months
years
> 5 years
Total
31 December 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank loan \u2013 principal
2.6
7.4
155.0
\u2013
165.0
Private placement loan notes
\u2013
1.1
4.4
25.0
30.5
Other financial liabilities:
Trade and other payables
114.8
\u2013
\u2013
\u2013
114.8
Deferred and contingent
consideration
8.2
\u2013
\u2013
\u2013
8.2
Forward foreign currency
derivatives
1.4
\u2013
\u2013
\u2013
1.4
Lease liabilities
1.7
4.7
17.8
6.4
30.6
128.7
13.2
177.2
31.4
350.5
The interest payments on the Sustainability-Linked Loan would be \u00a38.2m per year if the interest rate
plus margin remained at 6.8% and the level of debt did not change from the balance sheet date.
3 to 12
1 to 5
< 3 months
months
years
> 5 years
Total
31 December 2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank loan \u2013 principal
2.4
5.7
214.7
\u2013
222.8
Private placement loan notes
\u2013
1.1
4.4
27.2
32.7
Other financial liabilities:
Trade and other payables
124.2
\u2013
\u2013
\u2013
124.2
Deferred and contingent
consideration
\u2013
\u2013
8.0
\u2013
8.0
Forward foreign currency
derivatives
0.9
\u2013
\u2013
\u2013
0.9
Lease liabilities
1.3
3.7
14.9
10.4
30.3
128.8
10.5
242.0
37.6
418.9
Carrying
Fair
value
value
\u00a3m
\u00a3m
Forward foreign currency derivatives
(designated as hedging instruments)
\u2013
\u2013
Interest-bearing loans and borrowings due after more than one year
(designated as financial liabilities measured at amortised cost)
142.9
142.9
Deferred and contingent consideration
(designated as financial liabilities at FVTPL)
8.2
8.2
Lease liabilities (designated as financial liabilities
measured at amortised cost)
23.4
23.4
Total at 31 December 2023
174.5
174.5
Carrying
Fair
value
value
\u00a3m
\u00a3m
Forward foreign currency derivatives
(designated as hedging instruments)
\u2013
\u2013
Interest-bearing loans and borrowings due after more than one year
(designated as financial liabilities measured at amortised cost)
193.1
193.1
Deferred and contingent consideration
(designated as financial liabilities at FVTPL)
8.0
8.0
Lease liabilities (designated as financial liabilities
measured at amortised cost)
23.1
23.1
Total at 31 December 2022
224.2
224.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f29665": { "value": "Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall
due. The Group\u2019s approach to managing liquidity is to ensure that it will always have sufficient
liquidity to meet its liabilities when due, under both normal and stressed conditions, without
incurring unacceptable losses or risking damage to the Group\u2019s reputation.
The table below summarises the maturity profile of the Group\u2019s financial liabilities based
on contractual undiscounted payments:
3 to 12
1 to 5
< 3 months
months
years
> 5 years
Total
31 December 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank loan \u2013 principal
2.6
7.4
155.0
\u2013
165.0
Private placement loan notes
\u2013
1.1
4.4
25.0
30.5
Other financial liabilities:
Trade and other payables
114.8
\u2013
\u2013
\u2013
114.8
Deferred and contingent
consideration
8.2
\u2013
\u2013
\u2013
8.2
Forward foreign currency
derivatives
1.4
\u2013
\u2013
\u2013
1.4
Lease liabilities
1.7
4.7
17.8
6.4
30.6
128.7
13.2
177.2
31.4
350.5
The interest payments on the Sustainability-Linked Loan would be \u00a38.2m per year if the interest rate
plus margin remained at 6.8% and the level of debt did not change from the balance sheet date.
3 to 12
1 to 5
< 3 months
months
years
> 5 years
Total
31 December 2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank loan \u2013 principal
2.4
5.7
214.7
\u2013
222.8
Private placement loan notes
\u2013
1.1
4.4
27.2
32.7
Other financial liabilities:
Trade and other payables
124.2
\u2013
\u2013
\u2013
124.2
Deferred and contingent
consideration
\u2013
\u2013
8.0
\u2013
8.0
Forward foreign currency
derivatives
0.9
\u2013
\u2013
\u2013
0.9
Lease liabilities
1.3
3.7
14.9
10.4
30.3
128.8
10.5
242.0
37.6
418.9
Fair values of financial assets and financial liabilities
The book value of trade and other receivables, trade and other payables, cash balances,
bank loan and other liabilities equates to fair value.
The table below sets out the Group\u2019s accounting classification of its other financial liabilities
and their carrying amounts and fair values:
Carrying
Fair
value
value
\u00a3m
\u00a3m
Forward foreign currency derivatives
(designated as hedging instruments)
\u2013
\u2013
Interest-bearing loans and borrowings due after more than one year
(designated as financial liabilities measured at amortised cost)
142.9
142.9
Deferred and contingent consideration
(designated as financial liabilities at FVTPL)
8.2
8.2
Lease liabilities (designated as financial liabilities
measured at amortised cost)
23.4
23.4
Total at 31 December 2023
174.5
174.5
Carrying
Fair
value
value
\u00a3m
\u00a3m
Forward foreign currency derivatives
(designated as hedging instruments)
\u2013
\u2013
Interest-bearing loans and borrowings due after more than one year
(designated as financial liabilities measured at amortised cost)
193.1
193.1
Deferred and contingent consideration
(designated as financial liabilities at FVTPL)
8.0
8.0
Lease liabilities (designated as financial liabilities
measured at amortised cost)
23.1
23.1
Total at 31 December 2022
224.2
224.2
The fair values were determined as follows by reference to:
\u2013 Forward foreign currency derivatives: quoted exchange rates.
\u2013 Deferred and contingent consideration: Directors\u2019 assessment of the likelihood that financial
targets will be achieved (see Note 18).
\u2013 Lease liabilities: present value of lease payments to be made over the lease terms.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f29666": { "value": "Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall
due. The Group\u2019s approach to managing liquidity is to ensure that it will always have sufficient
liquidity to meet its liabilities when due, under both normal and stressed conditions, without
incurring unacceptable losses or risking damage to the Group\u2019s reputation.
The table below summarises the maturity profile of the Group\u2019s financial liabilities based
on contractual undiscounted payments:
3 to 12
1 to 5
< 3 months
months
years
> 5 years
Total
31 December 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank loan \u2013 principal
2.6
7.4
155.0
\u2013
165.0
Private placement loan notes
\u2013
1.1
4.4
25.0
30.5
Other financial liabilities:
Trade and other payables
114.8
\u2013
\u2013
\u2013
114.8
Deferred and contingent
consideration
8.2
\u2013
\u2013
\u2013
8.2
Forward foreign currency
derivatives
1.4
\u2013
\u2013
\u2013
1.4
Lease liabilities
1.7
4.7
17.8
6.4
30.6
128.7
13.2
177.2
31.4
350.5
The interest payments on the Sustainability-Linked Loan would be \u00a38.2m per year if the interest rate
plus margin remained at 6.8% and the level of debt did not change from the balance sheet date.
3 to 12
1 to 5
< 3 months
months
years
> 5 years
Total
31 December 2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank loan \u2013 principal
2.4
5.7
214.7
\u2013
222.8
Private placement loan notes
\u2013
1.1
4.4
27.2
32.7
Other financial liabilities:
Trade and other payables
124.2
\u2013
\u2013
\u2013
124.2
Deferred and contingent
consideration
\u2013
\u2013
8.0
\u2013
8.0
Forward foreign currency
derivatives
0.9
\u2013
\u2013
\u2013
0.9
Lease liabilities
1.3
3.7
14.9
10.4
30.3
128.8
10.5
242.0
37.6
418.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f30013": { "value": "Fair values of financial assets and financial liabilities
The book value of trade and other receivables, trade and other payables, cash balances,
bank loan and other liabilities equates to fair value.
The table below sets out the Group\u2019s accounting classification of its other financial liabilities
and their carrying amounts and fair values:
Carrying
Fair
value
value
\u00a3m
\u00a3m
Forward foreign currency derivatives
(designated as hedging instruments)
\u2013
\u2013
Interest-bearing loans and borrowings due after more than one year
(designated as financial liabilities measured at amortised cost)
142.9
142.9
Deferred and contingent consideration
(designated as financial liabilities at FVTPL)
8.2
8.2
Lease liabilities (designated as financial liabilities
measured at amortised cost)
23.4
23.4
Total at 31 December 2023
174.5
174.5
Carrying
Fair
value
value
\u00a3m
\u00a3m
Forward foreign currency derivatives
(designated as hedging instruments)
\u2013
\u2013
Interest-bearing loans and borrowings due after more than one year
(designated as financial liabilities measured at amortised cost)
193.1
193.1
Deferred and contingent consideration
(designated as financial liabilities at FVTPL)
8.0
8.0
Lease liabilities (designated as financial liabilities
measured at amortised cost)
23.1
23.1
Total at 31 December 2022
224.2
224.2
The fair values were determined as follows by reference to:
\u2013 Forward foreign currency derivatives: quoted exchange rates.
\u2013 Deferred and contingent consideration: Directors\u2019 assessment of the likelihood that financial
targets will be achieved (see Note 18).
\u2013 Lease liabilities: present value of lease payments to be made over the lease terms.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f30014": { "value": "Fair values of financial assets and financial liabilities
The book value of trade and other receivables, trade and other payables, cash balances,
bank loan and other liabilities equates to fair value.
The table below sets out the Group\u2019s accounting classification of its other financial liabilities
and their carrying amounts and fair values:
Carrying
Fair
value
value
\u00a3m
\u00a3m
Forward foreign currency derivatives
(designated as hedging instruments)
\u2013
\u2013
Interest-bearing loans and borrowings due after more than one year
(designated as financial liabilities measured at amortised cost)
142.9
142.9
Deferred and contingent consideration
(designated as financial liabilities at FVTPL)
8.2
8.2
Lease liabilities (designated as financial liabilities
measured at amortised cost)
23.4
23.4
Total at 31 December 2023
174.5
174.5
Carrying
Fair
value
value
\u00a3m
\u00a3m
Forward foreign currency derivatives
(designated as hedging instruments)
\u2013
\u2013
Interest-bearing loans and borrowings due after more than one year
(designated as financial liabilities measured at amortised cost)
193.1
193.1
Deferred and contingent consideration
(designated as financial liabilities at FVTPL)
8.0
8.0
Lease liabilities (designated as financial liabilities
measured at amortised cost)
23.1
23.1
Total at 31 December 2022
224.2
224.2
The fair values were determined as follows by reference to:
\u2013 Forward foreign currency derivatives: quoted exchange rates.
\u2013 Deferred and contingent consideration: Directors\u2019 assessment of the likelihood that financial
targets will be achieved (see Note 18).
\u2013 Lease liabilities: present value of lease payments to be made over the lease terms.
Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of financial
instruments by valuation technique:
Level 1:
quoted (unadjusted) prices in active markets for identical assets or liabilities;
Level 2:
other techniques for which all inputs which have a significant effect on the recognised
fair value are observable, either directly or indirectly; and
Level 3:
techniques which use inputs which have a significant effect on the recognised fair value
that are not based on observable market data.
The fair values disclosed above, with the exception of deferred and contingent consideration
which is categorised as Level 3, all relate to items categorised as Level 2.
There have been no transfers in any direction between Levels 1, 2 or 3 in the years ended
31 December 2022 and 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }