{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "genuit": "http://www.genuitgroup.com/20241231", "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/2024/2138005IF1N2RKJ6KO18-2024-12-31.xsd" ] }, "facts": { "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00356": { "value": "4 Victoria Place, Holbeck, Leeds, LS11 5AE.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "GroupIncomeStatement_Label_001": { "value": "561300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_Label_003": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_Label_006": { "value": "561300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_Label_005": { "value": "586500000.0", "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" } }, "GroupIncomeStatement_Label_002": { "value": "0.0", "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" } }, "GroupIncomeStatement_Label_004": { "value": "586500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0012": { "value": "311500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0011": { "value": "-1000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0010": { "value": "310500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_009": { "value": "338700000.0", "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" } }, "GroupIncomeStatement_NegatedLabel_008": { "value": "2000000.0", "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" } }, "GroupIncomeStatement_NegatedLabel_007": { "value": "340700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_TotalLabel_0018": { "value": "249800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_TotalLabel_0017": { "value": "1000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_TotalLabel_0016": { "value": "250800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_TotalLabel_0015": { "value": "247800000.0", "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" } }, "GroupIncomeStatement_TotalLabel_0014": { "value": "-2000000.0", "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" } }, "GroupIncomeStatement_TotalLabel_0013": { "value": "245800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0024": { "value": "75200000.0", "decimals": -5, "dimensions": { "concept": "genuit:SellingAndDistributionCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0020": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "genuit:SellingAndDistributionCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0023": { "value": "75200000.0", "decimals": -5, "dimensions": { "concept": "genuit:SellingAndDistributionCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0022": { "value": "73500000.0", "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" } }, "GroupIncomeStatement_NegatedLabel_0019": { "value": "1000000.0", "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" } }, "GroupIncomeStatement_NegatedLabel_0021": { "value": "74500000.0", "decimals": -5, "dimensions": { "concept": "genuit:SellingAndDistributionCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0030": { "value": "81700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0029": { "value": "7200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0028": { "value": "88900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0027": { "value": "79400000.0", "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" } }, "GroupIncomeStatement_NegatedLabel_0026": { "value": "11800000.0", "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" } }, "GroupIncomeStatement_NegatedLabel_0025": { "value": "91200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0035": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AmortisationExpense", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0034": { "value": "14400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AmortisationExpense", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0033": { "value": "15100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AmortisationExpense", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0036": { "value": "800000.0", "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" } }, "GroupIncomeStatement_NegatedLabel_0032": { "value": "14800000.0", "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" } }, "GroupIncomeStatement_NegatedLabel_0031": { "value": "15600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AmortisationExpense", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0038": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0042": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0041": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0037": { "value": "0.0", "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" } }, "GroupIncomeStatement_NegatedLabel_0040": { "value": "2500000.0", "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" } }, "GroupIncomeStatement_NegatedLabel_0039": { "value": "2500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0044": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0048": { "value": "12400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0047": { "value": "12400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0043": { "value": "0.0", "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" } }, "GroupIncomeStatement_NegatedLabel_0046": { "value": "0.0", "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" } }, "GroupIncomeStatement_NegatedLabel_0045": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_TotalLabel_0054": { "value": "92200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_TotalLabel_0053": { "value": "-33000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_TotalLabel_0052": { "value": "59200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_TotalLabel_0051": { "value": "94100000.0", "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" } }, "GroupIncomeStatement_TotalLabel_0049": { "value": "-32100000.0", "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" } }, "GroupIncomeStatement_TotalLabel_0050": { "value": "62000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0060": { "value": "12900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0055": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0059": { "value": "12900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0058": { "value": "13600000.0", "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" } }, "GroupIncomeStatement_NegatedLabel_0057": { "value": "0.0", "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" } }, "GroupIncomeStatement_NegatedLabel_0056": { "value": "13600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_TotalLabel_0061": { "value": "79300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_TotalLabel_0062": { "value": "-33000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_TotalLabel_0063": { "value": "46300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_TotalLabel_0064": { "value": "80500000.0", "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" } }, "GroupIncomeStatement_TotalLabel_0065": { "value": "-32100000.0", "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" } }, "GroupIncomeStatement_TotalLabel_0066": { "value": "48400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0069": { "value": "18200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0070": { "value": "-5400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0071": { "value": "12800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0072": { "value": "17900000.0", "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" } }, "GroupIncomeStatement_NegatedLabel_0067": { "value": "-8000000.0", "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" } }, "GroupIncomeStatement_NegatedLabel_0068": { "value": "9900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_TotalLabel_0073": { "value": "61100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:UnderlyingMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_TotalLabel_0074": { "value": "-27600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "genuit:BreakdownIntoUnderlyingAndNonunderlyingAxis": "genuit:NonunderlyingMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_TotalLabel_0075": { "value": "33500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_TotalLabel_0076": { "value": "62600000.0", "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" } }, "GroupIncomeStatement_TotalLabel_0077": { "value": "-24100000.0", "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" } }, "GroupIncomeStatement_TotalLabel_0078": { "value": "38500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_Label_0079": { "value": "0.135", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "GroupIncomeStatement_Label_0080": { "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" } }, "GroupIncomeStatement_Label_00135": { "value": "0.133", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "GroupIncomeStatement_Label_00136": { "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" } }, "GroupIncomeStatement_Label_00137": { "value": "0.041", "decimals": 3, "dimensions": { "concept": "genuit:DividendPerShareInterim", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "GroupIncomeStatement_Label_00138": { "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" } }, "GroupIncomeStatement_Label_00456": { "value": "0.084", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "GroupIncomeStatement_Label_00457": { "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" } }, "GroupIncomeStatement_TotalLabel_00479": { "value": "0.125", "decimals": 3, "dimensions": { "concept": "genuit:TotalDividendPerShare", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "GroupIncomeStatement_TotalLabel_00478": { "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" } }, "GroupStatementOfComprehensiveIncome_Label_00140": { "value": "33500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfComprehensiveIncome_Label_00139": { "value": "38500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfComprehensiveIncome_Label_00141": { "value": "-300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfComprehensiveIncome_Label_00142": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfComprehensiveIncome_Label_00143": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "genuit:EffectivePortionOfChangesInFairValueOfInterestRateDerivatives", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfComprehensiveIncome_Label_00144": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "genuit:EffectivePortionOfChangesInFairValueOfInterestRateDerivatives", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfComprehensiveIncome_Label_00536": { "value": "-100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfComprehensiveIncome_Label_00535": { "value": "-100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfComprehensiveIncome_TotalLabel_00146": { "value": "-300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfComprehensiveIncome_TotalLabel_00145": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfComprehensiveIncome_TotalLabel_00148": { "value": "33200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfComprehensiveIncome_TotalLabel_00147": { "value": "38500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_NegatedLabel_00114": { "value": "145200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_NegatedLabel_00113": { "value": "142900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_NegatedLabel_00116": { "value": "20200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_NegatedLabel_00115": { "value": "18400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_NegatedLabel_00118": { "value": "49000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetDeferredTaxLiabilities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_NegatedLabel_00117": { "value": "50100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetDeferredTaxLiabilities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_NegatedTotalLabel_00347": { "value": "214400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_NegatedTotalLabel_00346": { "value": "211400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_NegatedTotalLabel_00120": { "value": "350000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_NegatedTotalLabel_00119": { "value": "342200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_TotalLabel_00102": { "value": "643000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_TotalLabel_00101": { "value": "636600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_00122": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_00121": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_00124": { "value": "93600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_00123": { "value": "93600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_00126": { "value": "1100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CapitalRedemptionReserve", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_00125": { "value": "1100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CapitalRedemptionReserve", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_00127": { "value": "-100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReserveOfCashFlowHedges", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_00128": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReserveOfCashFlowHedges", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_00130": { "value": "-200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_00129": { "value": "-100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_00132": { "value": "116500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_00131": { "value": "116500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_00134": { "value": "431900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_00133": { "value": "425200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_TotalLabel_00345": { "value": "643000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_TotalLabel_00344": { "value": "636600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_0082": { "value": "183700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_0081": { "value": "176400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_0084": { "value": "27000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RightofuseAssets", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_0083": { "value": "22900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RightofuseAssets", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_0086": { "value": "580200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IntangibleAssetsAndGoodwill", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_0085": { "value": "596800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IntangibleAssetsAndGoodwill", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_TotalLabel_0088": { "value": "790900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_TotalLabel_0087": { "value": "796100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_0090": { "value": "73500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_0089": { "value": "69200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_0092": { "value": "81800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_0091": { "value": "73900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_0094": { "value": "3200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsCurrent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_0093": { "value": "5400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsCurrent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_0096": { "value": "43600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_0095": { "value": "17000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_0097": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialAssets", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_0098": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialAssets", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_00434": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_Label_00433": { "value": "17100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_TotalLabel_00461": { "value": "202100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_TotalLabel_00460": { "value": "182700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_TotalLabel_00100": { "value": "993000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_TotalLabel_0099": { "value": "978800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_NegatedLabel_00104": { "value": "128200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_NegatedLabel_00103": { "value": "114800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_NegatedLabel_00106": { "value": "7400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_NegatedLabel_00105": { "value": "5000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_NegatedLabel_00108": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_NegatedLabel_00107": { "value": "2800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_NegatedLabel_00109": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "genuit:DeferredAndContingentConsideration", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_NegatedLabel_00110": { "value": "8200000.0", "decimals": -5, "dimensions": { "concept": "genuit:DeferredAndContingentConsideration", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_NegatedTotalLabel_00112": { "value": "135600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupBalanceSheet_NegatedTotalLabel_00111": { "value": "130800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_PeriodStartLabel_00186": { "value": "200000.0", "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" } }, "GroupStatementOfChangesInEquity_PeriodStartLabel_00183": { "value": "93600000.0", "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" } }, "GroupStatementOfChangesInEquity_PeriodStartLabel_00187": { "value": "1100000.0", "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" } }, "GroupStatementOfChangesInEquity_PeriodStartLabel_00184": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_PeriodStartLabel_00185": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_PeriodStartLabel_00188": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_PeriodStartLabel_00189": { "value": "116500000.0", "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" } }, "GroupStatementOfChangesInEquity_PeriodStartLabel_00190": { "value": "415700000.0", "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" } }, "GroupStatementOfChangesInEquity_PeriodStartLabel_00191": { "value": "627100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00194": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00195": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00204": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00205": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00206": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00207": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00208": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00192": { "value": "38500000.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00193": { "value": "38500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00213": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00214": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00215": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00222": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00210": { "value": "100000.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00211": { "value": "-100000.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00223": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00224": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00212": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_TotalLabel_00230": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_TotalLabel_00231": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_TotalLabel_00240": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_TotalLabel_00241": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_TotalLabel_00232": { "value": "100000.0", "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" } }, "GroupStatementOfChangesInEquity_TotalLabel_00233": { "value": "-100000.0", "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" } }, "GroupStatementOfChangesInEquity_TotalLabel_00242": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_TotalLabel_00228": { "value": "38500000.0", "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" } }, "GroupStatementOfChangesInEquity_TotalLabel_00229": { "value": "38500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00248": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00249": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00258": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00259": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00260": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00261": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00262": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00246": { "value": "30500000.0", "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" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00247": { "value": "30500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00268": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00269": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00278": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00279": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00280": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00281": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00282": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00266": { "value": "2100000.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00267": { "value": "2100000.0", "decimals": -5, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsCharge", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00295": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00294": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00293": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00292": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00291": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00290": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00301": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00300": { "value": "300000.0", "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" } }, "GroupStatementOfChangesInEquity_Label_00299": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsSettled", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00320": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00321": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00312": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00313": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00314": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00315": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00316": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00318": { "value": "900000.0", "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" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00319": { "value": "900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00517": { "value": "200000.0", "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" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00518": { "value": "93600000.0", "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" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00519": { "value": "1100000.0", "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" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00530": { "value": "0.0", "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" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00520": { "value": "100000.0", "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" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00531": { "value": "-100000.0", "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" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00521": { "value": "116500000.0", "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" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00522": { "value": "425200000.0", "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" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00529": { "value": "636600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00199": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00200": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00201": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00202": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00203": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00196": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00197": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00209": { "value": "33500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00198": { "value": "33500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00227": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00216": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00217": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00218": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00225": { "value": "-200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00219": { "value": "-100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00220": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00221": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00226": { "value": "-300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_TotalLabel_00234": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_TotalLabel_00235": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_TotalLabel_00236": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_TotalLabel_00237": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_TotalLabel_00243": { "value": "-100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_TotalLabel_00238": { "value": "-100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_TotalLabel_00239": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_TotalLabel_00244": { "value": "33500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_TotalLabel_00245": { "value": "33200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00253": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00254": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00255": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00256": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00257": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00250": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00251": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00263": { "value": "30800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00252": { "value": "30800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00273": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsCharge", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00274": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsCharge", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00275": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsCharge", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00276": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsCharge", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00277": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsCharge", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00270": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsCharge", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00271": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsCharge", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00283": { "value": "2900000.0", "decimals": -5, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsCharge", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00272": { "value": "2900000.0", "decimals": -5, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsCharge", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00298": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsSettled", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00297": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsSettled", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00296": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsSettled", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00289": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsSettled", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00288": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsSettled", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00287": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsSettled", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00286": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsSettled", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00285": { "value": "800000.0", "decimals": -5, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsSettled", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00284": { "value": "800000.0", "decimals": -5, "dimensions": { "concept": "genuit:IncreaseDecreaseThroughShareBasedPaymentsSettled", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00317": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00306": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00307": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00308": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00309": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00310": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00311": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00304": { "value": "-300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00305": { "value": "-300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00532": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00533": { "value": "93600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00534": { "value": "1100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00526": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00527": { "value": "-100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00528": { "value": "-200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00523": { "value": "116500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00524": { "value": "431900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00525": { "value": "643000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_TotalLabel_00150": { "value": "46300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_TotalLabel_00149": { "value": "48400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00152": { "value": "12900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00151": { "value": "13600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00154": { "value": "59200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00153": { "value": "62000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_NegatedLabel_00155": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "genuit:AdjustmentsForProfitOnDisposalOfPropertyPlantAndEquipmentUnderlying", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_NegatedLabel_00156": { "value": "400000.0", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForProfitOnDisposalOfPropertyPlantAndEquipmentUnderlying", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00158": { "value": "-1500000.0", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentForResearchAndDevelopmentExpenditureCredit", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00157": { "value": "-1500000.0", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentForResearchAndDevelopmentExpenditureCredit", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00163": { "value": "-900000.0", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForSoftwareSupplierDisputeUnderlying", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00164": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "genuit:AdjustmentsForSoftwareSupplierDisputeUnderlying", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00165": { "value": "-500000.0", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForEmploymentMattersUnderlying", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00166": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "genuit:AdjustmentsForEmploymentMattersUnderlying", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00160": { "value": "12400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossRecognisedInProfitOrLossGoodwill", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00159": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossRecognisedInProfitOrLossGoodwill", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00162": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "genuit:AdjustmentsForImpairmentOfIntangibleAssetsArisingOnBusinessCombinations", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00161": { "value": "2500000.0", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForImpairmentOfIntangibleAssetsArisingOnBusinessCombinations", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00463": { "value": "14400000.0", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForAmortisationOfIntangibleAssetsArisingOnBusinessCombinations", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00462": { "value": "14800000.0", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForAmortisationOfIntangibleAssetsArisingOnBusinessCombinations", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00464": { "value": "1100000.0", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForProvisionForAcquisitionCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00465": { "value": "2200000.0", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForProvisionForAcquisitionCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00466": { "value": "1800000.0", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForProvisionForRestructuringCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00467": { "value": "14100000.0", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForProvisionForRestructuringCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00469": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "genuit:ProvisionForRestructuringCostsDepreciationOfPropertyPlantAndEquipment", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00468": { "value": "1200000.0", "decimals": -5, "dimensions": { "concept": "genuit:ProvisionForRestructuringCostsDepreciationOfPropertyPlantAndEquipment", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00474": { "value": "1100000.0", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForWorkdayConfigurationSAAS", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00475": { "value": "1200000.0", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForWorkdayConfigurationSAAS", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00480": { "value": "-1100000.0", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForEmploymentMatters", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00481": { "value": "2000000.0", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForEmploymentMatters", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00482": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "genuit:ProvisionForProductLiabilityClaim", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00483": { "value": "-1200000.0", "decimals": -5, "dimensions": { "concept": "genuit:ProvisionForProductLiabilityClaim", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_NegatedLabel_00484": { "value": "1100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_NegatedLabel_00485": { "value": "4700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00486": { "value": "4300000.0", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForSupplierSoftwareDispute", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00487": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "genuit:AdjustmentsForSupplierSoftwareDispute", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00178": { "value": "19200000.0", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForDepreciationOfPropertyPlantAndEquipmentUnderlying", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00177": { "value": "19100000.0", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForDepreciationOfPropertyPlantAndEquipmentUnderlying", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00179": { "value": "7100000.0", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentForDepreciationOfRightOfUseAssets", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00180": { "value": "5600000.0", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentForDepreciationOfRightOfUseAssets", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00458": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "genuit:AmortisationOfInternallyGeneratedIntangibleAssets", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00459": { "value": "800000.0", "decimals": -5, "dimensions": { "concept": "genuit:AmortisationOfInternallyGeneratedIntangibleAssets", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00477": { "value": "2900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00476": { "value": "2100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00168": { "value": "-7600000.0", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentForSettlementOfAcquisitionCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00167": { "value": "-400000.0", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentForSettlementOfAcquisitionCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00169": { "value": "-2200000.0", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentForSettlementOfRestructuringCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00170": { "value": "-10900000.0", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentForSettlementOfRestructuringCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00471": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "genuit:AdjustmentsForSettlementOfNetProductLiabilityClaim", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00470": { "value": "-1700000.0", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForSettlementOfNetProductLiabilityClaim", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00472": { "value": "-2900000.0", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForSettlementOfOtherExceptionalCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00473": { "value": "-1200000.0", "decimals": -5, "dimensions": { "concept": "genuit:AdjustmentsForSettlementOfOtherExceptionalCosts", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_TotalLabel_00538": { "value": "106500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_TotalLabel_00537": { "value": "105600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00172": { "value": "-5100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00171": { "value": "-6900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00174": { "value": "11000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00173": { "value": "-9900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00176": { "value": "3100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00175": { "value": "20900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_TotalLabel_00182": { "value": "115500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_TotalLabel_00181": { "value": "109700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_NegatedLabel_00348": { "value": "10400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_NegatedLabel_00349": { "value": "12100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_TotalLabel_00442": { "value": "105100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_TotalLabel_00443": { "value": "97600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_NegatedLabel_00265": { "value": "5200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_NegatedLabel_00264": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_NegatedLabel_00303": { "value": "1600000.0", "decimals": -5, "dimensions": { "concept": "genuit:SettlementOfDeferredAndContingentConsiderationClassifiedAsInvestingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_NegatedLabel_00302": { "value": "1600000.0", "decimals": -5, "dimensions": { "concept": "genuit:SettlementOfDeferredAndContingentConsiderationClassifiedAsInvestingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00322": { "value": "4900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromDisposalOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperations", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00323": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromDisposalOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperations", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00324": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00325": { "value": "7600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_NegatedLabel_00350": { "value": "25600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_NegatedLabel_00351": { "value": "32800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_NegatedLabel_00489": { "value": "1100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInExplorationAndDevelopmentActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_NegatedLabel_00488": { "value": "1700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInExplorationAndDevelopmentActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_TotalLabel_00539": { "value": "-27900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_TotalLabel_00540": { "value": "-28500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00327": { "value": "69400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00326": { "value": "50000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_NegatedLabel_00328": { "value": "68000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_NegatedLabel_00329": { "value": "100900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_NegatedLabel_00330": { "value": "11400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_NegatedLabel_00331": { "value": "13400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_NegatedLabel_00333": { "value": "30800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_NegatedLabel_00332": { "value": "30500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00334": { "value": "800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromExerciseOfOptions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00335": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromExerciseOfOptions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_NegatedLabel_00337": { "value": "10600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_NegatedLabel_00336": { "value": "7600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_TotalLabel_00352": { "value": "-50600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_TotalLabel_00353": { "value": "-102100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_TotalLabel_00338": { "value": "26600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_TotalLabel_00339": { "value": "-33000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_PeriodStartLabel_00341": { "value": "17000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_PeriodStartLabel_00340": { "value": "50000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00343": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00342": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_PeriodEndLabel_00491": { "value": "43600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_PeriodEndLabel_00490": { "value": "17000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00364": { "value": "1. Authorisation of financial statements
The consolidated financial statements of the Group for the year ended 31 December 2024 were
authorised for issue by the Board of Directors on 11 March 2025 and the balance sheet was signed
on the Board\u2019s behalf by Joe Vorih and Tim Pullen.
Genuit Group plc is a public limited company incorporated and domiciled in England and Wales.
The principal activity of the Group is the provision of sustainable water and climate management
solutions for the built environment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00354": { "value": "Genuit Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00357": { "value": "Genuit Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00360": { "value": "Genuit Group plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00363": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00355": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00358": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00362": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00359": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00365": { "value": "2. Summary of material accounting policies
The basis of preparation and accounting policies used in preparing the consolidated historical
financial information for the year ended 31 December 2024 are set out below. These accounting
policies have been consistently applied in all material respects to all the periods presented.
2.1 Basis of preparation and statement of compliance with IFRSs
The Group\u2019s consolidated financial statements have been prepared in accordance with
UK-adopted International Accounting Standards
(
UK-adopted IAS
)
.
The accounting policies which follow set out those policies which apply in preparing
the consolidated financial statements for the year ended 31 December 2024.
The Group\u2019s consolidated financial statements have been prepared on a historical cost basis
except for derivative financial instruments and deferred and contingent consideration that
have been measured at fair value. The consolidated financial statements are presented
in Pounds Sterling and all values are rounded to one decimal place of a million
(
\u00a3m
)
unless
otherwise indicated.
2.2 Going concern
The Directors have made enquiries into the adequacy of the Group\u2019s financial resources, through
a review of the Group\u2019s budget and medium-term financial plan, including cash flow forecasts.
The Group has modelled a range of scenarios, with the base forecast being one in which, over
the 24 months ending 31 December 2026, sales volumes grow in line with or moderately above
external construction industry forecasts.
In addition, the Directors have considered several downside scenarios, including adjustments
to the base forecast, a period of significantly lower like-for-like sales, profitability and cash flows.
Consistent with our Principal Risks and Uncertainties these downside scenarios included, but were
not limited to, loss of production, loss of a major customer, product failure, recession, increases
in interest rates and increases in raw material prices. Downside scenarios also included a
combination of these risks, and reverse stress testing.
The financial impact of the climate-related risks disclosed within the Task Force on
Climate-Related Financial Disclosures Report on pages 47 to 53 of the Strategic Report continue
to be assessed. The Directors conclude that there is no material adverse impact of climate
change in the short to medium term, and hence have not included any impacts in either the base
case or downside scenarios of the going concern assessment. The Group has not experienced
material adverse disruption during periods of adverse or extreme weather in recent years and
do not expect this to occur to a material level over the period of the going concern assessment.
At 31 December 2024, the Group had available \u00a3228.6m of undrawn committed borrowing
facilities in respect of which all conditions precedent had been met. These borrowing facilities are
available until at least August 2027, subject to covenant headroom. At August 2026 the borrowing
facility will reduce from \u00a3350m to \u00a3310m until August 2027. The Directors are satisfied that the
Group has sufficient liquidity and covenant headroom to withstand reasonable variances to the
base forecast, as well as the downside scenarios. In addition, the Directors have noted the range
of possible additional liquidity options available to the Group, should they be required.
As a result, the Directors have satisfied themselves that the Group has adequate financial
resources to continue in operational existence for a period of at least the next 21 months.
Accordingly, they continue to adopt the going concern basis in preparing the consolidated
financial statements.
2.3 Basis of consolidation
The consolidated financial statements comprise the financial statements of the Group and its
subsidiaries at 31 December 2024. Control is achieved when the Group is exposed, or has rights,
to variable returns from its involvement with the investee and has the ability to affect those
returns through its power over the investee.
Specifically, the Group controls an investee if, and only if, the Group has:
\u2013 power over the investee
(
i.e. existing rights that give it the current ability to direct the relevant
activities of the investee
)
;
\u2013 exposure, or rights, to variable returns from its involvement with the investee; and
\u2013 the ability to use its power over the investee to affect its returns.
The Group reassesses whether or not it controls an investee if facts and circumstances indicate
that there are changes to one or more of the three elements of control. Consolidation of a
subsidiary begins when the Group obtains control over the subsidiary and ceases when the
Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary
acquired or disposed of during the year are included in the consolidated financial statements
from the date the Group gains control until the date the Group ceases to control the subsidiary.
The Group holds 100% of the equity and controls 100% of the voting rights in all subsidiaries, with
the exception of Equaflow Ltd, Sustainable Water and Drainage Systems BV, Sustainable Water
and Drainage Systems Limited and Water Management Solutions LLC
(
which has not traded since
incorporation in Qatar in 2015
)
.
The treatment of non-controlling interests or any other non-voting right factors in respect
of control is not material to the consolidated financial statements.
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 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 only offset 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 15 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, the asset is available for immediate sale in its present condition and accordingly
included in current assets with the associated liabilities being included in current liabilities.
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 and interest
rate risk through forward foreign currency exchange contracts and interest rate swaps. 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00436": { "value": "2.1 Basis of preparation and statement of compliance with IFRSs
The Group\u2019s consolidated financial statements have been prepared in accordance with
UK-adopted International Accounting Standards
(
UK-adopted IAS
)
.
The accounting policies which follow set out those policies which apply in preparing
the consolidated financial statements for the year ended 31 December 2024.
The Group\u2019s consolidated financial statements have been prepared on a historical cost basis
except for derivative financial instruments and deferred and contingent consideration that
have been measured at fair value. The consolidated financial statements are presented
in Pounds Sterling and 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00437": { "value": "2.1 Basis of preparation and statement of compliance with IFRSs
The Group\u2019s consolidated financial statements have been prepared in accordance with
UK-adopted International Accounting Standards
(
UK-adopted IAS
)
.
The accounting policies which follow set out those policies which apply in preparing
the consolidated financial statements for the year ended 31 December 2024.
The Group\u2019s consolidated financial statements have been prepared on a historical cost basis
except for derivative financial instruments and deferred and contingent consideration that
have been measured at fair value. The consolidated financial statements are presented
in Pounds Sterling and 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00438": { "value": "2.2 Going concern
The Directors have made enquiries into the adequacy of the Group\u2019s financial resources, through
a review of the Group\u2019s budget and medium-term financial plan, including cash flow forecasts.
The Group has modelled a range of scenarios, with the base forecast being one in which, over
the 24 months ending 31 December 2026, sales volumes grow in line with or moderately above
external construction industry forecasts.
In addition, the Directors have considered several downside scenarios, including adjustments
to the base forecast, a period of significantly lower like-for-like sales, profitability and cash flows.
Consistent with our Principal Risks and Uncertainties these downside scenarios included, but were
not limited to, loss of production, loss of a major customer, product failure, recession, increases
in interest rates and increases in raw material prices. Downside scenarios also included a
combination of these risks, and reverse stress testing.
The financial impact of the climate-related risks disclosed within the Task Force on
Climate-Related Financial Disclosures Report on pages 47 to 53 of the Strategic Report continue
to be assessed. The Directors conclude that there is no material adverse impact of climate
change in the short to medium term, and hence have not included any impacts in either the base
case or downside scenarios of the going concern assessment. The Group has not experienced
material adverse disruption during periods of adverse or extreme weather in recent years and
do not expect this to occur to a material level over the period of the going concern assessment.
At 31 December 2024, the Group had available \u00a3228.6m of undrawn committed borrowing
facilities in respect of which all conditions precedent had been met. These borrowing facilities are
available until at least August 2027, subject to covenant headroom. At August 2026 the borrowing
facility will reduce from \u00a3350m to \u00a3310m until August 2027. The Directors are satisfied that the
Group has sufficient liquidity and covenant headroom to withstand reasonable variances to the
base forecast, as well as the downside scenarios. In addition, the Directors have noted the range
of possible additional liquidity options available to the Group, should they be required.
As a result, the Directors have satisfied themselves that the Group has adequate financial
resources to continue in operational existence for a period of at least the next 21 months.
Accordingly, they continue to adopt the going concern basis in preparing the consolidated
financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00361": { "value": "2024-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00439": { "value": "2.3 Basis of consolidation
The consolidated financial statements comprise the financial statements of the Group and its
subsidiaries at 31 December 2024. Control is achieved when the Group is exposed, or has rights,
to variable returns from its involvement with the investee and has the ability to affect those
returns through its power over the investee.
Specifically, the Group controls an investee if, and only if, the Group has:
\u2013 power over the investee
(
i.e. existing rights that give it the current ability to direct the relevant
activities of the investee
)
;
\u2013 exposure, or rights, to variable returns from its involvement with the investee; and
\u2013 the ability to use its power over the investee to affect its returns.
The Group reassesses whether or not it controls an investee if facts and circumstances indicate
that there are changes to one or more of the three elements of control. Consolidation of a
subsidiary begins when the Group obtains control over the subsidiary and ceases when the
Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary
acquired or disposed of during the year are included in the consolidated financial statements
from the date the Group gains control until the date the Group ceases to control the subsidiary.
The Group holds 100% of the equity and controls 100% of the voting rights in all subsidiaries, with
the exception of Equaflow Ltd, Sustainable Water and Drainage Systems BV, Sustainable Water
and Drainage Systems Limited and Water Management Solutions LLC
(
which has not traded since
incorporation in Qatar in 2015
)
.
The treatment of non-controlling interests or any other non-voting right factors in respect
of control is not material to the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00441": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00440": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00444": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00445": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00446": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00447": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00448": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00449": { "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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00450": { "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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00451": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00452": { "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 only offset 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00453": { "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 only offset 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00454": { "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 15 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00455": { "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 15 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00492": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00493": { "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, the asset is available for immediate sale in its present condition and accordingly
included in current assets with the associated liabilities being included in current liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00494": { "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, the asset is available for immediate sale in its present condition and accordingly
included in current assets with the associated liabilities being included in current liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00495": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00496": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00497": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00498": { "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 and interest
rate risk through forward foreign currency exchange contracts and interest rate swaps. 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00499": { "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 and interest
rate risk through forward foreign currency exchange contracts and interest rate swaps. 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00500": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00501": { "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 and interest
rate risk through forward foreign currency exchange contracts and interest rate swaps. 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00502": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00503": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00504": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00505": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00506": { "value": "2.16 Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments to hedge its foreign currency risks and interest
rate risk through forward foreign currency exchange contracts and interest rate swaps. 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00507": { "value": "2.16 Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments to hedge its foreign currency risks and interest
rate risk through forward foreign currency exchange contracts and interest rate swaps. 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00508": { "value": "2.16 Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments to hedge its foreign currency risks and interest
rate risk through forward foreign currency exchange contracts and interest rate swaps. 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00509": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00510": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00511": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00512": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00513": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00514": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00515": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00516": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00368": { "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 2024 and 2023
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 2024.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00367": { "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 2024 and 2023 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 2024. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00366": { "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 2024 and 2023
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 2024.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00369": { "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:
31 December
31 December
2024
2023
\u00a3m
\u00a3m
Deferred and contingent consideration on Plura acquisition
\u2013
8.2
\u2013
8.2
Acquisition-related cash flows comprised:
2024
2023
\u00a3m
\u00a3m
Operating cash flows \u2013 settlement of acquisition costs
Sky Garden
0.3
\u2013
Genuit UFH
0.1
\u2013
Plura
6.5
\u2013
Other
0.7
\u2013
7.6
\u2013
\n \n
2024
2023
\u00a3m
\u00a3m
Investing cash flows \u2013 Settlement of deferred
and contingent consideration
Keytec
\u2013
0.6
Plura
1.6
1.0
1.6
1.6
\n \n
2024
2023
\u00a3m
\u00a3m
Investing cash flows \u2013 acquisition of businesses
net of cash at acquisition
Sky Garden
2.2
\u2013
Genuit UFH
3.0
\u2013
5.2
\u2013
Sky Garden
On 5 August 2024, the Group acquired 100% of the voting rights and shares of Sky Garden Limited
and Grey2Green Limited for a cash consideration of \u00a32.6m, which included an amount for net
cash and working capital commitments on completion. Sky Garden is a leader in green roof
technologies, providing design, supply, installation and maintenance services for green and
bio-solar roofs, podium decks and green walls. The business will join WMS and extend the Group\u2019s
blue-green roof offering. It complements Permavoid\u2019s geo-cellular roofing solutions business ,and
creates synergies with Keytec\u2019s water management installation business.
Details of the acquisition were as follows:
Fair value
\u00a3m
Property, plant and equipment
(
Including right-of-use assets
)
0.7
Inventories
0.9
Trade and other receivables
1.8
Cash and cash equivalents
0.4
Trade and other payables
(
2.0
)
Debt factoring
(
1.0
)
Lease Liabilities
(
0.5
)
Net identifiable assets
0.3
Goodwill on acquisition
2.3
Total cash consideration
2.6
No material intangible assets have been identified. The goodwill arising on the acquisition
primarily represented the assembled workforce, synergies of companies offering both supply and
install services, and market share in markets Genuit currently does not operate in. The goodwill is
allocated entirely to the Infrastructure & Landscape CGU, which is now the Water Management
Solutions segment.
Acquisition-related costs of \u00a30.2m have been recognised in non-underlying items.
Post-acquisition Sky Garden contributed \u00a33.3m revenue and \u00a30.1m underlying operating loss,
which were included in the Group Income Statement. If Sky Garden had been acquired on
1 January 2024, the Group\u2019s results for the 12 months ended 31 December 2024 would have shown
revenue of \u00a3562.7m and underlying operating profit of \u00a392.5m.
Omnie & Timoleon
(
Genuit UFH
)
On 6 August 2024, the Group acquired the trade and assets from the group operating the Omnie
& Timoleon businesses for a cash consideration of \u00a32.7m. As part of the acquisition, the Group
also acquired 100% of Timoleon Sp.zo.o. The assets and liabilities of Timoleon Sp.zo.o are included
as part of the table below. The trade and assets acquired met the definition of a business
under IFRS 3, and as such the acquisition has been accounted for as a business combination.
Omnie & Timoleon are leaders in underfloor heating
(
UFH
)
board technologies and providers of full
UFH system design and supply. The businesses operate and manufacture in Exeter, Devon and
Lomza, Poland. The brands will complement and enhance the Group\u2019s UFH offering and will be
part of CMS. Omnie serves direct customers and the merchant channel whilst Timoleon supplies
OEM customers.
Details of the acquisition were as follows:
Fair value
\u00a3m
Property, plant and equipment
0.3
Inventories
0.2
Trade and other receivables
0.2
Trade and other payables
(
1.1
)
Net identifiable liabilities
(
0.4
)
Goodwill on acquisition
3.1
Total cash consideration
2.7
No material intangible assets have been identified. The goodwill arising on the acquisition
primarily represented the assembled workforce and technical expertise and synergies
of companies offering UFH solutions. The goodwill is allocated entirely to the Nu-Heat CGU.
Acquisition-related costs of \u00a30.2m have been recognised in non-underlying items.
Post-acquisition Genuit UFH contributed \u00a32.5m revenue and \u00a30.6m underlying operating
loss which were included in the Group Income Statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00370": { "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 re-organised into three strategic Business Units \u2013 Climate
Management Solutions
(
CMS
)
, Water Management Solutions
(
WMS
)
and Sustainable Building
Solutions
(
SBS
)
. 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. Other segments relates to Polypipe Italia SRL, which is currently not reported
as part of the Group\u2019s strategic Business Units.
2024
Climate
Water
Sustainable
Management
Management
Building
Solutions
Solutions
Solutions
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segmental revenue
164.8
183.3
252.7
7.8
608.6
Inter-segment revenue
(
3.2
)
(
22.4
)
(
21.0
)
(
0.7
)
(
47.3
)
Revenue
161.6
160.9
231.7
7.1
561.3
Underlying operating profit*
24.0
13.6
54.4
0.2
92.2
Non-underlying items \u2013 segmental
(
24.9
)
(
0.2
)
(
1.7
)
(
\u2013
)
(
26.8
)
Non-underlying items \u2013 Group
(
6.2
)
Segmental operating profit
(
0.9
)
13.4
52.7
0.2
59.2
Finance costs
(
12.9
)
Profit before tax
46.3
2023
Climate
Water
Sustainable
Management
Management
Building
Solutions
Solutions
Solutions
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segmental revenue
169.2
193.9
268.0
8.4
639.5
Inter-segment revenue
(
3.3
)
(
23.5
)
(
25.2
)
(
1.0
)
(
53.0
)
Revenue
165.9
170.4
242.8
7.4
586.5
Underlying operating profit*
22.7
17.7
53.1
0.6
94.1
Non-underlying items \u2013 segmental
(
15.0
)
(
11.3
)
(
1.4
)
(
0.3
)
(
28.0
)
Non-underlying items \u2013 Group
(
4.1
)
Segmental operating profit
7.7
6.4
51.7
0.3
62.0
Finance costs
(
13.6
)
Profit before tax
48.4
\n
*
Underlying operating profit is stated before non-underlying items as defined in the Group Accounting Policies on page 174
\n
and is the measure of segment profit used by the Group\u2019s CODM. Details of the non-underlying items of \u00a333.0m
(
2023: \u00a332.1m
)
\n
are set out below at non-underlying items before tax.
\n
Property, plant and equipment additions
2024
2023
\u00a3m
\u00a3m
Climate Management Solutions
3.2
2.7
Water Management Solutions
8.3
10.6
Sustainable Building Solutions
12.6
17.6
Other
1.5
1.9
Total \u2013 Group
25.6
32.8
\n
Right-of-use asset additions
2024
2023
\u00a3m
\u00a3m
Climate Management Solutions
0.8
2.1
Water Management Solutions
5.9
2.1
Sustainable Building Solutions
5.0
2.3
Other
1.3
1.4
Total \u2013 Group
13.0
7.9
\n
Depreciation of property, plant and equipment
2024
2023
\u00a3m
\u00a3m
Climate Management Solutions
2.7
3.1
Water Management Solutions
3.9
6.6
Sustainable Building Solutions
12.2
10.6
Other
0.4
\u2013
Total \u2013 Group
19.2
20.3
\n
Depreciation of right-of-use assets
2024
2023
\u00a3m
\u00a3m
Climate Management Solutions
1.6
1.2
Water Management Solutions
2.2
1.4
Sustainable Building Solutions
2.9
2.1
Other
0.4
0.9
Total \u2013 Group
7.1
5.6
Non-underlying items before tax
2024
2023
\u00a3m
\u00a3m
Climate Management Solutions:
Impairment of goodwill
12.4
\u2013
Amortisation of intangible assets
12.2
12.2
Restructuring costs
0.2
1.7
Employment matters
\u2013
0.7
Acquisition costs
0.4
0.4
Profit on disposal of property, plant and equipment
(
0.3
)
\u2013
Water Management Solutions:
Impairment of intangible assets
\u2013
2.5
Amortisation of intangible assets
0.5
0.9
Restructuring costs
0.9
7.3
Acquisition costs
\u2013
1.8
Product liability claim
0.1
(
1.2
)
Profit on disposal of property, plant and equipment
(
1.3
)
\u2013
Sustainable Building Solutions:
Amortisation of intangible assets
1.7
1.7
Restructuring costs
0.9
3.1
Employment matters
(
1.2
)
1.3
Profit on disposal of property, plant and equipment
\u2013
(
4.7
)
Other
0.3
\u2013
Total \u2013 segmental
26.8
27.7
Other \u2013 restructuring costs
0.1
0.3
Group \u2013 restructuring costs
0.9
4.1
Group \u2013 acquisition costs
0.6
\u2013
Group \u2013 loss on disposal of property, plant and equipment
0.3
\u2013
Group \u2013 supplier software dispute
4.3
Total \u2013 Group
33.0
32.1
Geographical analysis
\n \n
2024
2023
Revenue by destination
\u00a3m
\u00a3m
UK
499.3
519.1
Rest of Europe
32.9
33.4
Rest of World
29.1
34.0
Total \u2013 Group
561.3
586.5
\n \n
31 December
31 December
2024
2023
Non-current assets
\u00a3m
\u00a3m
UK
781.3
790.4
Rest of Europe
9.6
5.7
Total \u2013 Group
790.9
796.1
Non-current assets for this purpose consist of property, plant and equipment, right-of-use assets,
goodwill and other intangible assets.
The Group had one customer
(
2023: none
)
which individually accounted for more than 10% of
the Group\u2019s total revenue during 2024. This amounted to 10.8% of total Group revenue. This
customer trades with the SBS and WMS segments.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00371": { "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:
\n \n
31 December
31 December
2024
2023
CGU
\u00a3m
\u00a3m
Building Services & International
33.6
29.1
Infrastructure & Landscape
45.9
43.6
Residential Systems
169.6
169.6
Climate & Ventilation
93.7
93.7
Nu-Heat
20.3
17.3
Adey
83.1
95.5
Others
5.3
5.3
451.5
454.1
During the year the acquisition of Sky Garden has been allocated to the Infrastructure &
Landscape CGU and the goodwill on Genuit UFH has been allocated to the Nu-Heat CGU.
Polypipe Italia SRL was declassified as held-for-sale during the year and has been reallocated
back to the Building Services & International CGU, and the 2023 comparative has been restated.
From 1 January 2023, reporting segments have been aligned with the Group\u2019s Sustainable
Solutions for Growth strategy and reorganised into three segments \u2013 CMS, WMS and SBS. 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, and the Board approved management\u2019s forecast of growth between 4.0% to 31.2% for
years 2 to 5
(
2023: 1.6% to 7.3%
)
. Terminal growth rates between 2.0% to 2.4%
(
2023: 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 13.8%
(
2023: 13.9%
)
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 has 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 47 to 53 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 and is satisfied that there is sufficient headroom against the carrying value of the all
CGUs, other than the Adey CGU, so no further sensitivity analysis has been performed.
Due to the ongoing softness in the boiler filter and chemicals market and a delay to recovery in
volumes, related to a suppressed RMI market, there has been a reduction in the value-in-use of
the Adey CGU, which resulted in an impairment charge of \u00a312.4m being recognised in the first half
of the year to reflect that the discounted present value of future pre-tax cash flows did not
support the full carrying value of the asset.
At 31 December 2024 the estimated recoverable amount of the CGU exceeded its carrying value
by \u00a34.6m. Detailed sensitivity analysis indicates that the following changes in each of these key
assumptions would result in a reduction in the recoverable amount and an additional impairment
charge being recognised:
\u2013 A reduction in the long-term growth rate to 1.9% from that used in the value-in-use calculations
of 2.4% would give rise to an impairment charge of \u00a31.1m.
\u2013 The pre-tax discount rate increasing to 14.1% from that used in the value-in-use calculations
of 13.8%. would give rise to an impairment charge of \u00a30.3m.
\u2013 Average revenue growth rates declining by 1.1 percentage points from that used in the
value-in-use calculations would give rise to an impairment charge of \u00a316.3m.
\u2013 Gross margin efficiencies not being achieved by 2029 and margin declining by 1.9 percentage
points from that used in the value-in-use calculations would give rise to an impairment
charge of \u00a312.5m.
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 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00373": { "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
The new and amended accounting standards and interpretations that are issued, but not yet
effective and applicable to the Group, up to the date of issuance of the Group\u2019s financial
statements are disclosed below. The Group intends to adopt these new and amended
standards and interpretations when they become effective.
IFRS 18 Presentation and Disclosure in Financial Statements
(
effective for annual periods
beginning on or after 1 January 2027
)
IFRS 18 will replace IAS 1 Presentation of Financial Statements, introducing new requirements that
will help to achieve comparability of the financial performance of similar entities and provide
more relevant information and transparency to users. The Group does not expect that the
adoption of the Standards listed above will have a material impact on the consolidated financial
statements of the Group in future periods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00372": { "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
The new and amended accounting standards and interpretations that are issued, but not yet
effective and applicable to the Group, up to the date of issuance of the Group\u2019s financial
statements are disclosed below. The Group intends to adopt these new and amended
standards and interpretations when they become effective.
IFRS 18 Presentation and Disclosure in Financial Statements
(
effective for annual periods
beginning on or after 1 January 2027
)
IFRS 18 will replace IAS 1 Presentation of Financial Statements, introducing new requirements that
will help to achieve comparability of the financial performance of similar entities and provide
more relevant information and transparency to users. The Group does not expect that the
adoption of the Standards listed above will have a material impact on the consolidated financial
statements of the Group in future periods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00377": { "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 re-organised into three strategic Business Units \u2013 Climate
Management Solutions
(
CMS
)
, Water Management Solutions
(
WMS
)
and Sustainable Building
Solutions
(
SBS
)
. 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. Other segments relates to Polypipe Italia SRL, which is currently not reported
as part of the Group\u2019s strategic Business Units.
2024
Climate
Water
Sustainable
Management
Management
Building
Solutions
Solutions
Solutions
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segmental revenue
164.8
183.3
252.7
7.8
608.6
Inter-segment revenue
(
3.2
)
(
22.4
)
(
21.0
)
(
0.7
)
(
47.3
)
Revenue
161.6
160.9
231.7
7.1
561.3
Underlying operating profit*
24.0
13.6
54.4
0.2
92.2
Non-underlying items \u2013 segmental
(
24.9
)
(
0.2
)
(
1.7
)
(
\u2013
)
(
26.8
)
Non-underlying items \u2013 Group
(
6.2
)
Segmental operating profit
(
0.9
)
13.4
52.7
0.2
59.2
Finance costs
(
12.9
)
Profit before tax
46.3
2023
Climate
Water
Sustainable
Management
Management
Building
Solutions
Solutions
Solutions
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segmental revenue
169.2
193.9
268.0
8.4
639.5
Inter-segment revenue
(
3.3
)
(
23.5
)
(
25.2
)
(
1.0
)
(
53.0
)
Revenue
165.9
170.4
242.8
7.4
586.5
Underlying operating profit*
22.7
17.7
53.1
0.6
94.1
Non-underlying items \u2013 segmental
(
15.0
)
(
11.3
)
(
1.4
)
(
0.3
)
(
28.0
)
Non-underlying items \u2013 Group
(
4.1
)
Segmental operating profit
7.7
6.4
51.7
0.3
62.0
Finance costs
(
13.6
)
Profit before tax
48.4
\n
*
Underlying operating profit is stated before non-underlying items as defined in the Group Accounting Policies on page 174
\n
and is the measure of segment profit used by the Group\u2019s CODM. Details of the non-underlying items of \u00a333.0m
(
2023: \u00a332.1m
)
\n
are set out below at non-underlying items before tax.
\n
Property, plant and equipment additions
2024
2023
\u00a3m
\u00a3m
Climate Management Solutions
3.2
2.7
Water Management Solutions
8.3
10.6
Sustainable Building Solutions
12.6
17.6
Other
1.5
1.9
Total \u2013 Group
25.6
32.8
\n
Right-of-use asset additions
2024
2023
\u00a3m
\u00a3m
Climate Management Solutions
0.8
2.1
Water Management Solutions
5.9
2.1
Sustainable Building Solutions
5.0
2.3
Other
1.3
1.4
Total \u2013 Group
13.0
7.9
\n
Depreciation of property, plant and equipment
2024
2023
\u00a3m
\u00a3m
Climate Management Solutions
2.7
3.1
Water Management Solutions
3.9
6.6
Sustainable Building Solutions
12.2
10.6
Other
0.4
\u2013
Total \u2013 Group
19.2
20.3
\n
Depreciation of right-of-use assets
2024
2023
\u00a3m
\u00a3m
Climate Management Solutions
1.6
1.2
Water Management Solutions
2.2
1.4
Sustainable Building Solutions
2.9
2.1
Other
0.4
0.9
Total \u2013 Group
7.1
5.6
Non-underlying items before tax
2024
2023
\u00a3m
\u00a3m
Climate Management Solutions:
Impairment of goodwill
12.4
\u2013
Amortisation of intangible assets
12.2
12.2
Restructuring costs
0.2
1.7
Employment matters
\u2013
0.7
Acquisition costs
0.4
0.4
Profit on disposal of property, plant and equipment
(
0.3
)
\u2013
Water Management Solutions:
Impairment of intangible assets
\u2013
2.5
Amortisation of intangible assets
0.5
0.9
Restructuring costs
0.9
7.3
Acquisition costs
\u2013
1.8
Product liability claim
0.1
(
1.2
)
Profit on disposal of property, plant and equipment
(
1.3
)
\u2013
Sustainable Building Solutions:
Amortisation of intangible assets
1.7
1.7
Restructuring costs
0.9
3.1
Employment matters
(
1.2
)
1.3
Profit on disposal of property, plant and equipment
\u2013
(
4.7
)
Other
0.3
\u2013
Total \u2013 segmental
26.8
27.7
Other \u2013 restructuring costs
0.1
0.3
Group \u2013 restructuring costs
0.9
4.1
Group \u2013 acquisition costs
0.6
\u2013
Group \u2013 loss on disposal of property, plant and equipment
0.3
\u2013
Group \u2013 supplier software dispute
4.3
Total \u2013 Group
33.0
32.1
Geographical analysis
\n \n
2024
2023
Revenue by destination
\u00a3m
\u00a3m
UK
499.3
519.1
Rest of Europe
32.9
33.4
Rest of World
29.1
34.0
Total \u2013 Group
561.3
586.5
\n \n
31 December
31 December
2024
2023
Non-current assets
\u00a3m
\u00a3m
UK
781.3
790.4
Rest of Europe
9.6
5.7
Total \u2013 Group
790.9
796.1
Non-current assets for this purpose consist of property, plant and equipment, right-of-use assets,
goodwill and other intangible assets.
The Group had one customer
(
2023: none
)
which individually accounted for more than 10% of
the Group\u2019s total revenue during 2024. This amounted to 10.8% of total Group revenue. This
customer trades with the SBS and WMS segments.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00374": { "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 re-organised into three strategic Business Units \u2013 Climate
Management Solutions
(
CMS
)
, Water Management Solutions
(
WMS
)
and Sustainable Building
Solutions
(
SBS
)
. 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. Other segments relates to Polypipe Italia SRL, which is currently not reported
as part of the Group\u2019s strategic Business Units.
2024
Climate
Water
Sustainable
Management
Management
Building
Solutions
Solutions
Solutions
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segmental revenue
164.8
183.3
252.7
7.8
608.6
Inter-segment revenue
(
3.2
)
(
22.4
)
(
21.0
)
(
0.7
)
(
47.3
)
Revenue
161.6
160.9
231.7
7.1
561.3
Underlying operating profit*
24.0
13.6
54.4
0.2
92.2
Non-underlying items \u2013 segmental
(
24.9
)
(
0.2
)
(
1.7
)
(
\u2013
)
(
26.8
)
Non-underlying items \u2013 Group
(
6.2
)
Segmental operating profit
(
0.9
)
13.4
52.7
0.2
59.2
Finance costs
(
12.9
)
Profit before tax
46.3
2023
Climate
Water
Sustainable
Management
Management
Building
Solutions
Solutions
Solutions
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segmental revenue
169.2
193.9
268.0
8.4
639.5
Inter-segment revenue
(
3.3
)
(
23.5
)
(
25.2
)
(
1.0
)
(
53.0
)
Revenue
165.9
170.4
242.8
7.4
586.5
Underlying operating profit*
22.7
17.7
53.1
0.6
94.1
Non-underlying items \u2013 segmental
(
15.0
)
(
11.3
)
(
1.4
)
(
0.3
)
(
28.0
)
Non-underlying items \u2013 Group
(
4.1
)
Segmental operating profit
7.7
6.4
51.7
0.3
62.0
Finance costs
(
13.6
)
Profit before tax
48.4
\n
*
Underlying operating profit is stated before non-underlying items as defined in the Group Accounting Policies on page 174
\n
and is the measure of segment profit used by the Group\u2019s CODM. Details of the non-underlying items of \u00a333.0m
(
2023: \u00a332.1m
)
\n
are set out below at non-underlying items before tax.
\n
Property, plant and equipment additions
2024
2023
\u00a3m
\u00a3m
Climate Management Solutions
3.2
2.7
Water Management Solutions
8.3
10.6
Sustainable Building Solutions
12.6
17.6
Other
1.5
1.9
Total \u2013 Group
25.6
32.8
\n
Right-of-use asset additions
2024
2023
\u00a3m
\u00a3m
Climate Management Solutions
0.8
2.1
Water Management Solutions
5.9
2.1
Sustainable Building Solutions
5.0
2.3
Other
1.3
1.4
Total \u2013 Group
13.0
7.9
\n
Depreciation of property, plant and equipment
2024
2023
\u00a3m
\u00a3m
Climate Management Solutions
2.7
3.1
Water Management Solutions
3.9
6.6
Sustainable Building Solutions
12.2
10.6
Other
0.4
\u2013
Total \u2013 Group
19.2
20.3
\n
Depreciation of right-of-use assets
2024
2023
\u00a3m
\u00a3m
Climate Management Solutions
1.6
1.2
Water Management Solutions
2.2
1.4
Sustainable Building Solutions
2.9
2.1
Other
0.4
0.9
Total \u2013 Group
7.1
5.6
Non-underlying items before tax
2024
2023
\u00a3m
\u00a3m
Climate Management Solutions:
Impairment of goodwill
12.4
\u2013
Amortisation of intangible assets
12.2
12.2
Restructuring costs
0.2
1.7
Employment matters
\u2013
0.7
Acquisition costs
0.4
0.4
Profit on disposal of property, plant and equipment
(
0.3
)
\u2013
Water Management Solutions:
Impairment of intangible assets
\u2013
2.5
Amortisation of intangible assets
0.5
0.9
Restructuring costs
0.9
7.3
Acquisition costs
\u2013
1.8
Product liability claim
0.1
(
1.2
)
Profit on disposal of property, plant and equipment
(
1.3
)
\u2013
Sustainable Building Solutions:
Amortisation of intangible assets
1.7
1.7
Restructuring costs
0.9
3.1
Employment matters
(
1.2
)
1.3
Profit on disposal of property, plant and equipment
\u2013
(
4.7
)
Other
0.3
\u2013
Total \u2013 segmental
26.8
27.7
Other \u2013 restructuring costs
0.1
0.3
Group \u2013 restructuring costs
0.9
4.1
Group \u2013 acquisition costs
0.6
\u2013
Group \u2013 loss on disposal of property, plant and equipment
0.3
\u2013
Group \u2013 supplier software dispute
4.3
Total \u2013 Group
33.0
32.1
Geographical analysis
\n \n
2024
2023
Revenue by destination
\u00a3m
\u00a3m
UK
499.3
519.1
Rest of Europe
32.9
33.4
Rest of World
29.1
34.0
Total \u2013 Group
561.3
586.5
\n \n
31 December
31 December
2024
2023
Non-current assets
\u00a3m
\u00a3m
UK
781.3
790.4
Rest of Europe
9.6
5.7
Total \u2013 Group
790.9
796.1
Non-current assets for this purpose consist of property, plant and equipment, right-of-use assets,
goodwill and other intangible assets.
The Group had one customer
(
2023: none
)
which individually accounted for more than 10% of
the Group\u2019s total revenue during 2024. This amounted to 10.8% of total Group revenue. This
customer trades with the SBS and WMS segments.
6. Operating profit
2024
2023
\u00a3m
\u00a3m
Income statement charges
Depreciation of property, plant and equipment
(
owned
)
19.2
20.3
Depreciation of right-of-use assets
7.1
5.6
Cost of inventories recognised as an expense
251.1
287.9
Research and development costs expensed
7.4
9.0
Income statement credits
Research and development expenditure credit
1.5
1.5
Profit on disposal of property, plant and equipment
\u2013
0.4
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:
2024
2023
\u00a3m
\u00a3m
Audit of the Company\u2019s annual financial statements
\u2013
\u2013
Audit of the Company\u2019s subsidiaries
0.8
0.8
Total audit fees
0.8
0.8
The Group paid the Company\u2019s auditor \u00a30.2m for audit-related assurance services
(
2023: \u00a30.2m
)
.
8. Non-underlying items
Non-underlying items comprised:
\n \n
2024
2023
Gross
Tax
Net
Gross
Tax
Net
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost of sales:
Restructuring costs \u2013 inventory
write down
\u2013
\u2013
\u2013
1.5
(
0.3
)
1.2
Restructuring costs
\u2013
\u2013
\u2013
0.4
(
0.1
)
0.3
Employment matters
(
1.1
)
0.1
(
1.0
)
1.3
(
0.2
)
1.1
Product liability claim
0.1
\u2013
0.1
(
1.2
)
(
0.1
)
(
1.3
)
Selling and distribution costs:
Restructuring costs
\u2013
\u2013
\u2013
1.0
(
0.2
)
0.8
Administration expenses:
Restructuring costs
1.8
(
0.5
)
1.3
12.4
(
2.3
)
10.1
Acquisition costs \u2013 acquisition
and other M&A activity
1.1
\u2013
1.1
2.2
(
0.1
)
2.1
IT configuration
(
SaaS
)
1.1
(
0.3
)
0.8
1.2
(
0.3
)
0.9
Employment matters
\u2013
\u2013
\u2013
0.7
(
0.1
)
0.6
Software supplier dispute
4.3
(
1.1
)
3.2
\u2013
\u2013
\u2013
Profit on disposal of property, plant
and equipment
(
1.1
)
\u2013
(
1.1
)
(
4.7
)
\u2013
(
4.7
)
Amortisation of intangible assets
14.4
(
3.6
)
10.8
14.8
(
3.7
)
11.1
Impairment of intangible assets
\u2013
\u2013
\u2013
2.5
(
0.6
)
1.9
Impairment of goodwill
12.4
\u2013
12.4
\u2013
\u2013
\u2013
Total non-underlying items
33.0
(
5.4
)
27.6
32.1
(
8.0
)
24.1
Restructuring costs incurred in both periods are in relation to the re-organisation of the Group,
which was announced in 2022 and, whilst plans were finalised in 2023, the remaining activity
was concluded during 2024, with a cumulative cost over the restructuring period of \u00a326.4m.
This included the sale of two properties which were classed as held-for-sale at 31 December 2023
and subsequently sold in 2024, which accounts for the profit on disposal.
IT configuration
(
SaaS
)
relates to the design and configuration of software projects that are
significant and support the Group\u2019s medium-term strategy.
Acquisition costs in the year ended 31 December 2024 relate to the two acquisitions completed
during the year as well as costs associated with other merger and acquisition activity. In the year
ended 31 December 2023, the amount predominantly related to a \u00a31.8m charge arising in
connection with contingent consideration treated as remuneration in respect of the acquisition of
Plura, which was paid in 2024.
At 31 December 2023, a \u00a31.4m provision associated with employment matters, relating to a one-off
regulatory claim, was recognised in non-underlying items. During 2024, the matter was resolved
and the unutilised provision released.
The Group incurred a one-off cost of \u00a34.3m in respect of a dispute with a third party back-office
software supplier that was settled in the year ended 31 December 2024.
Amortisation charged in both periods relates to intangible assets arising on business
combinations. Impairment of goodwill of \u00a312.4m relates to a 2021 acquisition
(
see note 18
)
.
9. Staff costs
Staff costs
(
including Directors
)
comprised:
2024
2023
\u00a3m
\u00a3m
Wages and salaries
131.3
127.2
Social security costs
13.3
13.4
Other pension costs
6.3
5.4
150.9
146.0
The average monthly number of persons employed by the Group by segment was as follows:
2024
2023
Sustainable Building Solutions
1,435
1,500
Water Management Solutions
730
737
Climate Management Solutions
907
939
Other
149
120
Total \u2013 Group
3,221
3,296
10. Directors\u2019 remuneration
Details of the Directors\u2019 remuneration are set out below:
2024
2023
\u00a3m
\u00a3m
Fees
0.5
0.5
Emoluments
2.2
2.9
2.7
3.4
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 \u00a30.4m
(
2023: \u00a30.6m
)
.
11. Finance costs
2024
2023
\u00a3m
\u00a3m
Interest on bank loan
10.4
11.6
Debt issue cost amortisation
0.9
0.8
Un-wind of discount on lease liabilities
1.6
1.2
12.9
13.6
12. Income tax
(
a
)
Tax expense reported in the income statement
\n \n
2024
2023
\u00a3m
\u00a3m
Current income tax:
UK income tax
13.8
11.0
Overseas income tax
0.1
0.2
Current income tax
13.9
11.2
Adjustment in respect of prior years
(
0.3
)
(
0.4
)
Total current income tax
13.6
10.8
Deferred income tax:
Origination and reversal of temporary differences
(
0.7
)
(
1.9
)
Effects of changes in income tax rates
\u2013
0.1
Deferred income tax
(
0.7
)
(
1.8
)
Adjustment in respect of prior years
(
0.1
)
0.9
Total deferred income tax
(
0.8
)
(
0.9
)
Total tax expense reported in the income statement
12.8
9.9
Details of the non-underlying tax credit of \u00a35.4m
(
2023: \u00a38.0m
)
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 2024 and 2023 is as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
Accounting profit before tax
46.3
48.4
Accounting profit multiplied by the UK standard rate of income tax
of 25.0%
(
2023: 23.52%
)
11.6
11.4
Expenses not deductible for income tax
2.6
1.6
Non-taxable income
\u2013
(
2.2
)
Adjustment in respect of prior years
(
0.4
)
0.5
Effects of patent box
(
1.1
)
(
1.1
)
Effects of changes in income tax rates
\u2013
0.1
Effects of deferred tax not recognised
(
0.8
)
\u2013
Effects of super deduction
\u2013
(
0.1
)
Effects of other tax rates/credits
0.9
(
0.3
)
Total tax expense reported in the income statement
12.8
9.9
The effective rate for the full year was 27.6%
(
2023: 20.5%
)
. If the impact of non-underlying items
is excluded, the underlying income tax rate would be 23.0%
(
2023: 22.2%
)
.
(
c
)
Deferred income tax
The deferred income tax included in the Group balance sheet is as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
Deferred income tax liabilities/
(
assets
)
Short-term timing differences:
\u2013 DTL arising on acquired intangible assets
29.9
32.9
\u2013 Other short-term timing differences
\u2013
(
1.5
)
Capital allowances in excess of depreciation
25.5
23.0
Share-based payments
(
2.5
)
(
1.3
)
Tax losses
(
3.9
)
(
3.0
)
49.0
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 2024 was measured at 25%.
(
e
)
Unrecognised tax losses
No deferred income tax has been recognised on non-trading losses and other timing
differences of \u00a30.3m
(
2023 \u00a33.4m
)
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
2023
Granted
Dividend
Exercised
forfeited
2024
first
Expiry
\u00a3
Number
Number
Accrual
Number
Number
Number
exercisable
date
2014 Sharesave
(
granted 2020
)
3.45
286,611
\u2013
\u2013
(
218,536
)
1
(
68,075
)
\u2013
01 December 2023
30 April 2024
2014 Sharesave
(
granted 2021
)
5.78
160,392
\u2013
\u2013
\u2013
(
79,891
)
80,501
01 December 2024
31 May 2025
2014 Sharesave
(
granted 2022
)
2.21
3,501,675
\u2013
\u2013
(
16,761
)
2
(
318,817
)
3,166,097
01 December 2025
31 May 2026
2014 Sharesave
(
granted 2023
)
2.60
1,044,829
\u2013
\u2013
(
153
)
3
(
166,490
)
878,186
01 December 2026
31 May 2027
2014 Sharesave
(
granted 2024
)
3.90
\u2013
665,266
\u2013
\u2013
(
14,464
)
650,802
01 December 2027
31 May 2028
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 30 April 2019
)
Nil
27,117
\u2013
\u2013
\u2013
\u2013
27,117
30 April 2022
30 April 2029
2014 LTIP
(
granted 20 May 2021
)
Nil
418,193
\u2013
\u2013
(
35,186
)
4
(
373,626
)
9,381
20 May 2024
20 May 2031
2014 LTIP
(
granted 22 April 2022
)
Nil
573,907
\u2013
\u2013
\u2013
(
11,573
)
562,334
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
1,023,051
\u2013
\u2013
\u2013
(
19,751
)
1,003,300
21 April 2026
21 April 2033
2014 LTIP
(
granted 18 May 2023
)
Nil
15,173
\u2013
\u2013
\u2013
(
15,173
)
\u2013
18 May 2026
18 May 2033
2014 LTIP
(
granted 22 May 2023
)
Nil
21,795
\u2013
\u2013
\u2013
\u2013
21,795
22 May 2026
22 May 2033
2014 LTIP
(
granted 08 April 2024
)
Nil
\u2013
891,257
\u2013
\u2013
(
31,684
)
859,573
08 April 2027
08 April 2034
Deferred share awards
(
granted 22 March 2022
)
Nil
133,846
\u2013
\u2013
(
29,935
)
5
(
103,911
)
\u2013
22 March 2024
22 March 2032
Deferred share awards
(
granted 01 December 2023
)
Nil
36,734
\u2013
\u2013
\u2013
\u2013
36,734
01 December 2025
31 May 2026
Deferred share awards
(
granted 01 December 2023
)
Nil
284,850
\u2013
\u2013
\u2013
(
37,473
)
247,377
01 December 2025
31 May 2026
Deferred share awards
(
granted 01 November 2024
)
Nil
\u2013
26,886
\u2013
\u2013
\u2013
26,886
01 November 2026
30 April 2027
DSBP
(
granted 22 April 2022
)
Nil
84,952
\u2013
1,153
(
42,476
)
6
\u2013
43,629
22 April 2024
22 April 2032
DSBP
(
granted 21 April 2023
)
Nil
26,007
\u2013
706
\u2013
\u2013
26,713
21 April 2025
21 April 2033
DSBP
(
granted 08 April 2024
)
Nil
\u2013
50,381
1,370
\u2013
\u2013
51,751
08 April 2026
08 April 2034
7,749,884
1,633,790
3,229
(
343,047
)
(
1,240,928
)
7,802,928
1.
The weighted average share price at the date of exercise of these options was \u00a34.27.
2.
The weighted average share price at the date of exercise of these options was \u00a34.38.
3.
The weighted average share price at the date of exercise of these options was \u00a34.26.
4.
The weighted average share price at the date of exercise of these options was \u00a34.63.
5.
The weighted average share price at the date of exercise of these options was \u00a34.61.
6.
The weighted average share price at the date of exercise of these options was \u00a34.81.
\n
At 31 December 2024, 215,778
(
2023: 449,475
)
share options were exercisable at a weighted
\n
average exercise price of \u00a32.16
(
2023: \u00a32.20
)
per share.
\n
Sharesave Plan
\n
Sharesave Plan options were granted to eligible employees on 15 October 2024 at an exercise
\n
price of \u00a33.90 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 2027 to 2028.
\n
Long-Term Incentive Plan
(
LTIP
)
\n
LTIP options were awarded to a number of senior managers on 8 April 2024. These options
\n
have an exercise date of 2027 to 2034. The vesting of each award is subject to the satisfaction
\n
of certain performance criteria, of which 25% is based on cash conversion
(
the cash conversion
\n
element
)
, 25% is based on sustainability performance
(
the sustainability element
)
and 50%
\n
is based on earnings per share
(
the EPS element
)
. Further details of the scheme are provided
\n
in the Annual Report on Remuneration.
\n
Deferred Share Bonus Plan
(
DSBP
)
\n
On 8 April 2024, the Executive Directors received an award of shares under the DSBP relating
\n
to the 2023 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
Deferred Share Award
(
DSA
)
\n
On 1 December 2023 and 1 November 2024, several colleagues received deferred share awards
\n
in relation to contributions to key strategic projects across the Group. The vesting of each
\n
award is based upon continuous employment with the Group for the two-year vesting period.
\n
These options have an exercise date of 2025 to 2027.
\n
The assumptions used for each share-based payment were as follows:
2014 LTIP
Deferred Share
2014
options
options
Sharesave
granted
granted
options
08 April
01 November
granted
2024
2024
2024
Share price at the date of grant
4.36
4.70
4.82
Exercise price
Nil
Nil
3.90
Shares under option
891,257
26,886
665,266
Vesting period
(
years
)
3.00
2.00
3.25
Expected volatility
34.3%
30.0%
16.5%
Median volatility of the comparator group
30.7%
n/a
n/a
Expected life
(
years
)
3.00
2.00
3.25
Risk free rate
4.1%
4.2%
4.0%
Dividend yield
2.8%
3.0%
2.6%
TSR performance of the Company at the date of grant
16.1%
n/a
n/a
Median TSR performance of the comparator group
at the date of grant
5.7%
n/a
n/a
Correlation
(
median
)
39.2%
n/a
n/a
Fair value per option
4.57
4.43
1.20
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
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.
2024
2023
\u00a3m
\u00a3m
Share-based payments charge for the year
2.9
2.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00376": { "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 re-organised into three strategic Business Units \u2013 Climate
Management Solutions
(
CMS
)
, Water Management Solutions
(
WMS
)
and Sustainable Building
Solutions
(
SBS
)
. 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. Other segments relates to Polypipe Italia SRL, which is currently not reported
as part of the Group\u2019s strategic Business Units.
2024
Climate
Water
Sustainable
Management
Management
Building
Solutions
Solutions
Solutions
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segmental revenue
164.8
183.3
252.7
7.8
608.6
Inter-segment revenue
(
3.2
)
(
22.4
)
(
21.0
)
(
0.7
)
(
47.3
)
Revenue
161.6
160.9
231.7
7.1
561.3
Underlying operating profit*
24.0
13.6
54.4
0.2
92.2
Non-underlying items \u2013 segmental
(
24.9
)
(
0.2
)
(
1.7
)
(
\u2013
)
(
26.8
)
Non-underlying items \u2013 Group
(
6.2
)
Segmental operating profit
(
0.9
)
13.4
52.7
0.2
59.2
Finance costs
(
12.9
)
Profit before tax
46.3
2023
Climate
Water
Sustainable
Management
Management
Building
Solutions
Solutions
Solutions
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segmental revenue
169.2
193.9
268.0
8.4
639.5
Inter-segment revenue
(
3.3
)
(
23.5
)
(
25.2
)
(
1.0
)
(
53.0
)
Revenue
165.9
170.4
242.8
7.4
586.5
Underlying operating profit*
22.7
17.7
53.1
0.6
94.1
Non-underlying items \u2013 segmental
(
15.0
)
(
11.3
)
(
1.4
)
(
0.3
)
(
28.0
)
Non-underlying items \u2013 Group
(
4.1
)
Segmental operating profit
7.7
6.4
51.7
0.3
62.0
Finance costs
(
13.6
)
Profit before tax
48.4
\n
*
Underlying operating profit is stated before non-underlying items as defined in the Group Accounting Policies on page 174
\n
and is the measure of segment profit used by the Group\u2019s CODM. Details of the non-underlying items of \u00a333.0m
(
2023: \u00a332.1m
)
\n
are set out below at non-underlying items before tax.
\n
Property, plant and equipment additions
2024
2023
\u00a3m
\u00a3m
Climate Management Solutions
3.2
2.7
Water Management Solutions
8.3
10.6
Sustainable Building Solutions
12.6
17.6
Other
1.5
1.9
Total \u2013 Group
25.6
32.8
\n
Right-of-use asset additions
2024
2023
\u00a3m
\u00a3m
Climate Management Solutions
0.8
2.1
Water Management Solutions
5.9
2.1
Sustainable Building Solutions
5.0
2.3
Other
1.3
1.4
Total \u2013 Group
13.0
7.9
\n
Depreciation of property, plant and equipment
2024
2023
\u00a3m
\u00a3m
Climate Management Solutions
2.7
3.1
Water Management Solutions
3.9
6.6
Sustainable Building Solutions
12.2
10.6
Other
0.4
\u2013
Total \u2013 Group
19.2
20.3
\n
Depreciation of right-of-use assets
2024
2023
\u00a3m
\u00a3m
Climate Management Solutions
1.6
1.2
Water Management Solutions
2.2
1.4
Sustainable Building Solutions
2.9
2.1
Other
0.4
0.9
Total \u2013 Group
7.1
5.6
Non-underlying items before tax
2024
2023
\u00a3m
\u00a3m
Climate Management Solutions:
Impairment of goodwill
12.4
\u2013
Amortisation of intangible assets
12.2
12.2
Restructuring costs
0.2
1.7
Employment matters
\u2013
0.7
Acquisition costs
0.4
0.4
Profit on disposal of property, plant and equipment
(
0.3
)
\u2013
Water Management Solutions:
Impairment of intangible assets
\u2013
2.5
Amortisation of intangible assets
0.5
0.9
Restructuring costs
0.9
7.3
Acquisition costs
\u2013
1.8
Product liability claim
0.1
(
1.2
)
Profit on disposal of property, plant and equipment
(
1.3
)
\u2013
Sustainable Building Solutions:
Amortisation of intangible assets
1.7
1.7
Restructuring costs
0.9
3.1
Employment matters
(
1.2
)
1.3
Profit on disposal of property, plant and equipment
\u2013
(
4.7
)
Other
0.3
\u2013
Total \u2013 segmental
26.8
27.7
Other \u2013 restructuring costs
0.1
0.3
Group \u2013 restructuring costs
0.9
4.1
Group \u2013 acquisition costs
0.6
\u2013
Group \u2013 loss on disposal of property, plant and equipment
0.3
\u2013
Group \u2013 supplier software dispute
4.3
Total \u2013 Group
33.0
32.1
Geographical analysis
\n \n
2024
2023
Revenue by destination
\u00a3m
\u00a3m
UK
499.3
519.1
Rest of Europe
32.9
33.4
Rest of World
29.1
34.0
Total \u2013 Group
561.3
586.5
\n \n
31 December
31 December
2024
2023
Non-current assets
\u00a3m
\u00a3m
UK
781.3
790.4
Rest of Europe
9.6
5.7
Total \u2013 Group
790.9
796.1
Non-current assets for this purpose consist of property, plant and equipment, right-of-use assets,
goodwill and other intangible assets.
The Group had one customer
(
2023: none
)
which individually accounted for more than 10% of
the Group\u2019s total revenue during 2024. This amounted to 10.8% of total Group revenue. This
customer trades with the SBS and WMS segments.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00375": { "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 re-organised into three strategic Business Units \u2013 Climate
Management Solutions
(
CMS
)
, Water Management Solutions
(
WMS
)
and Sustainable Building
Solutions
(
SBS
)
. 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. Other segments relates to Polypipe Italia SRL, which is currently not reported
as part of the Group\u2019s strategic Business Units.
2024
Climate
Water
Sustainable
Management
Management
Building
Solutions
Solutions
Solutions
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segmental revenue
164.8
183.3
252.7
7.8
608.6
Inter-segment revenue
(
3.2
)
(
22.4
)
(
21.0
)
(
0.7
)
(
47.3
)
Revenue
161.6
160.9
231.7
7.1
561.3
Underlying operating profit*
24.0
13.6
54.4
0.2
92.2
Non-underlying items \u2013 segmental
(
24.9
)
(
0.2
)
(
1.7
)
(
\u2013
)
(
26.8
)
Non-underlying items \u2013 Group
(
6.2
)
Segmental operating profit
(
0.9
)
13.4
52.7
0.2
59.2
Finance costs
(
12.9
)
Profit before tax
46.3
2023
Climate
Water
Sustainable
Management
Management
Building
Solutions
Solutions
Solutions
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segmental revenue
169.2
193.9
268.0
8.4
639.5
Inter-segment revenue
(
3.3
)
(
23.5
)
(
25.2
)
(
1.0
)
(
53.0
)
Revenue
165.9
170.4
242.8
7.4
586.5
Underlying operating profit*
22.7
17.7
53.1
0.6
94.1
Non-underlying items \u2013 segmental
(
15.0
)
(
11.3
)
(
1.4
)
(
0.3
)
(
28.0
)
Non-underlying items \u2013 Group
(
4.1
)
Segmental operating profit
7.7
6.4
51.7
0.3
62.0
Finance costs
(
13.6
)
Profit before tax
48.4
\n
*
Underlying operating profit is stated before non-underlying items as defined in the Group Accounting Policies on page 174
\n
and is the measure of segment profit used by the Group\u2019s CODM. Details of the non-underlying items of \u00a333.0m
(
2023: \u00a332.1m
)
\n
are set out below at non-underlying items before tax.
\n
Property, plant and equipment additions
2024
2023
\u00a3m
\u00a3m
Climate Management Solutions
3.2
2.7
Water Management Solutions
8.3
10.6
Sustainable Building Solutions
12.6
17.6
Other
1.5
1.9
Total \u2013 Group
25.6
32.8
\n
Right-of-use asset additions
2024
2023
\u00a3m
\u00a3m
Climate Management Solutions
0.8
2.1
Water Management Solutions
5.9
2.1
Sustainable Building Solutions
5.0
2.3
Other
1.3
1.4
Total \u2013 Group
13.0
7.9
\n
Depreciation of property, plant and equipment
2024
2023
\u00a3m
\u00a3m
Climate Management Solutions
2.7
3.1
Water Management Solutions
3.9
6.6
Sustainable Building Solutions
12.2
10.6
Other
0.4
\u2013
Total \u2013 Group
19.2
20.3
\n
Depreciation of right-of-use assets
2024
2023
\u00a3m
\u00a3m
Climate Management Solutions
1.6
1.2
Water Management Solutions
2.2
1.4
Sustainable Building Solutions
2.9
2.1
Other
0.4
0.9
Total \u2013 Group
7.1
5.6
Non-underlying items before tax
2024
2023
\u00a3m
\u00a3m
Climate Management Solutions:
Impairment of goodwill
12.4
\u2013
Amortisation of intangible assets
12.2
12.2
Restructuring costs
0.2
1.7
Employment matters
\u2013
0.7
Acquisition costs
0.4
0.4
Profit on disposal of property, plant and equipment
(
0.3
)
\u2013
Water Management Solutions:
Impairment of intangible assets
\u2013
2.5
Amortisation of intangible assets
0.5
0.9
Restructuring costs
0.9
7.3
Acquisition costs
\u2013
1.8
Product liability claim
0.1
(
1.2
)
Profit on disposal of property, plant and equipment
(
1.3
)
\u2013
Sustainable Building Solutions:
Amortisation of intangible assets
1.7
1.7
Restructuring costs
0.9
3.1
Employment matters
(
1.2
)
1.3
Profit on disposal of property, plant and equipment
\u2013
(
4.7
)
Other
0.3
\u2013
Total \u2013 segmental
26.8
27.7
Other \u2013 restructuring costs
0.1
0.3
Group \u2013 restructuring costs
0.9
4.1
Group \u2013 acquisition costs
0.6
\u2013
Group \u2013 loss on disposal of property, plant and equipment
0.3
\u2013
Group \u2013 supplier software dispute
4.3
Total \u2013 Group
33.0
32.1
Geographical analysis
\n \n
2024
2023
Revenue by destination
\u00a3m
\u00a3m
UK
499.3
519.1
Rest of Europe
32.9
33.4
Rest of World
29.1
34.0
Total \u2013 Group
561.3
586.5
\n \n
31 December
31 December
2024
2023
Non-current assets
\u00a3m
\u00a3m
UK
781.3
790.4
Rest of Europe
9.6
5.7
Total \u2013 Group
790.9
796.1
Non-current assets for this purpose consist of property, plant and equipment, right-of-use assets,
goodwill and other intangible assets.
The Group had one customer
(
2023: none
)
which individually accounted for more than 10% of
the Group\u2019s total revenue during 2024. This amounted to 10.8% of total Group revenue. This
customer trades with the SBS and WMS segments.", "dimensions": { "concept": "ifrs-full:DisclosureOfOperatingSegmentsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00378": { "value": "Non-underlying items before tax
2024
2023
\u00a3m
\u00a3m
Climate Management Solutions:
Impairment of goodwill
12.4
\u2013
Amortisation of intangible assets
12.2
12.2
Restructuring costs
0.2
1.7
Employment matters
\u2013
0.7
Acquisition costs
0.4
0.4
Profit on disposal of property, plant and equipment
(
0.3
)
\u2013
Water Management Solutions:
Impairment of intangible assets
\u2013
2.5
Amortisation of intangible assets
0.5
0.9
Restructuring costs
0.9
7.3
Acquisition costs
\u2013
1.8
Product liability claim
0.1
(
1.2
)
Profit on disposal of property, plant and equipment
(
1.3
)
\u2013
Sustainable Building Solutions:
Amortisation of intangible assets
1.7
1.7
Restructuring costs
0.9
3.1
Employment matters
(
1.2
)
1.3
Profit on disposal of property, plant and equipment
\u2013
(
4.7
)
Other
0.3
\u2013
Total \u2013 segmental
26.8
27.7
Other \u2013 restructuring costs
0.1
0.3
Group \u2013 restructuring costs
0.9
4.1
Group \u2013 acquisition costs
0.6
\u2013
Group \u2013 loss on disposal of property, plant and equipment
0.3
\u2013
Group \u2013 supplier software dispute
4.3
Total \u2013 Group
33.0
32.1
6. Operating profit
2024
2023
\u00a3m
\u00a3m
Income statement charges
Depreciation of property, plant and equipment
(
owned
)
19.2
20.3
Depreciation of right-of-use assets
7.1
5.6
Cost of inventories recognised as an expense
251.1
287.9
Research and development costs expensed
7.4
9.0
Income statement credits
Research and development expenditure credit
1.5
1.5
Profit on disposal of property, plant and equipment
\u2013
0.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00379": { "value": "6. Operating profit
2024
2023
\u00a3m
\u00a3m
Income statement charges
Depreciation of property, plant and equipment
(
owned
)
19.2
20.3
Depreciation of right-of-use assets
7.1
5.6
Cost of inventories recognised as an expense
251.1
287.9
Research and development costs expensed
7.4
9.0
Income statement credits
Research and development expenditure credit
1.5
1.5
Profit on disposal of property, plant and equipment
\u2013
0.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00380": { "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:
2024
2023
\u00a3m
\u00a3m
Audit of the Company\u2019s annual financial statements
\u2013
\u2013
Audit of the Company\u2019s subsidiaries
0.8
0.8
Total audit fees
0.8
0.8
The Group paid the Company\u2019s auditor \u00a30.2m for audit-related assurance services
(
2023: \u00a30.2m
)
.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00382": { "value": "9. Staff costs
Staff costs
(
including Directors
)
comprised:
2024
2023
\u00a3m
\u00a3m
Wages and salaries
131.3
127.2
Social security costs
13.3
13.4
Other pension costs
6.3
5.4
150.9
146.0
The average monthly number of persons employed by the Group by segment was as follows:
2024
2023
Sustainable Building Solutions
1,435
1,500
Water Management Solutions
730
737
Climate Management Solutions
907
939
Other
149
120
Total \u2013 Group
3,221
3,296
10. Directors\u2019 remuneration
Details of the Directors\u2019 remuneration are set out below:
2024
2023
\u00a3m
\u00a3m
Fees
0.5
0.5
Emoluments
2.2
2.9
2.7
3.4
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 \u00a30.4m
(
2023: \u00a30.6m
)
.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00381": { "value": "9. Staff costs
Staff costs
(
including Directors
)
comprised:
2024
2023
\u00a3m
\u00a3m
Wages and salaries
131.3
127.2
Social security costs
13.3
13.4
Other pension costs
6.3
5.4
150.9
146.0
The average monthly number of persons employed by the Group by segment was as follows:
2024
2023
Sustainable Building Solutions
1,435
1,500
Water Management Solutions
730
737
Climate Management Solutions
907
939
Other
149
120
Total \u2013 Group
3,221
3,296
10. Directors\u2019 remuneration
Details of the Directors\u2019 remuneration are set out below:
2024
2023
\u00a3m
\u00a3m
Fees
0.5
0.5
Emoluments
2.2
2.9
2.7
3.4
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 \u00a30.4m
(
2023: \u00a30.6m
)
.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
2023
Granted
Dividend
Exercised
forfeited
2024
first
Expiry
\u00a3
Number
Number
Accrual
Number
Number
Number
exercisable
date
2014 Sharesave
(
granted 2020
)
3.45
286,611
\u2013
\u2013
(
218,536
)
1
(
68,075
)
\u2013
01 December 2023
30 April 2024
2014 Sharesave
(
granted 2021
)
5.78
160,392
\u2013
\u2013
\u2013
(
79,891
)
80,501
01 December 2024
31 May 2025
2014 Sharesave
(
granted 2022
)
2.21
3,501,675
\u2013
\u2013
(
16,761
)
2
(
318,817
)
3,166,097
01 December 2025
31 May 2026
2014 Sharesave
(
granted 2023
)
2.60
1,044,829
\u2013
\u2013
(
153
)
3
(
166,490
)
878,186
01 December 2026
31 May 2027
2014 Sharesave
(
granted 2024
)
3.90
\u2013
665,266
\u2013
\u2013
(
14,464
)
650,802
01 December 2027
31 May 2028
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 30 April 2019
)
Nil
27,117
\u2013
\u2013
\u2013
\u2013
27,117
30 April 2022
30 April 2029
2014 LTIP
(
granted 20 May 2021
)
Nil
418,193
\u2013
\u2013
(
35,186
)
4
(
373,626
)
9,381
20 May 2024
20 May 2031
2014 LTIP
(
granted 22 April 2022
)
Nil
573,907
\u2013
\u2013
\u2013
(
11,573
)
562,334
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
1,023,051
\u2013
\u2013
\u2013
(
19,751
)
1,003,300
21 April 2026
21 April 2033
2014 LTIP
(
granted 18 May 2023
)
Nil
15,173
\u2013
\u2013
\u2013
(
15,173
)
\u2013
18 May 2026
18 May 2033
2014 LTIP
(
granted 22 May 2023
)
Nil
21,795
\u2013
\u2013
\u2013
\u2013
21,795
22 May 2026
22 May 2033
2014 LTIP
(
granted 08 April 2024
)
Nil
\u2013
891,257
\u2013
\u2013
(
31,684
)
859,573
08 April 2027
08 April 2034
Deferred share awards
(
granted 22 March 2022
)
Nil
133,846
\u2013
\u2013
(
29,935
)
5
(
103,911
)
\u2013
22 March 2024
22 March 2032
Deferred share awards
(
granted 01 December 2023
)
Nil
36,734
\u2013
\u2013
\u2013
\u2013
36,734
01 December 2025
31 May 2026
Deferred share awards
(
granted 01 December 2023
)
Nil
284,850
\u2013
\u2013
\u2013
(
37,473
)
247,377
01 December 2025
31 May 2026
Deferred share awards
(
granted 01 November 2024
)
Nil
\u2013
26,886
\u2013
\u2013
\u2013
26,886
01 November 2026
30 April 2027
DSBP
(
granted 22 April 2022
)
Nil
84,952
\u2013
1,153
(
42,476
)
6
\u2013
43,629
22 April 2024
22 April 2032
DSBP
(
granted 21 April 2023
)
Nil
26,007
\u2013
706
\u2013
\u2013
26,713
21 April 2025
21 April 2033
DSBP
(
granted 08 April 2024
)
Nil
\u2013
50,381
1,370
\u2013
\u2013
51,751
08 April 2026
08 April 2034
7,749,884
1,633,790
3,229
(
343,047
)
(
1,240,928
)
7,802,928
1.
The weighted average share price at the date of exercise of these options was \u00a34.27.
2.
The weighted average share price at the date of exercise of these options was \u00a34.38.
3.
The weighted average share price at the date of exercise of these options was \u00a34.26.
4.
The weighted average share price at the date of exercise of these options was \u00a34.63.
5.
The weighted average share price at the date of exercise of these options was \u00a34.61.
6.
The weighted average share price at the date of exercise of these options was \u00a34.81.
\n
At 31 December 2024, 215,778
(
2023: 449,475
)
share options were exercisable at a weighted
\n
average exercise price of \u00a32.16
(
2023: \u00a32.20
)
per share.
\n
Sharesave Plan
\n
Sharesave Plan options were granted to eligible employees on 15 October 2024 at an exercise
\n
price of \u00a33.90 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 2027 to 2028.
\n
Long-Term Incentive Plan
(
LTIP
)
\n
LTIP options were awarded to a number of senior managers on 8 April 2024. These options
\n
have an exercise date of 2027 to 2034. The vesting of each award is subject to the satisfaction
\n
of certain performance criteria, of which 25% is based on cash conversion
(
the cash conversion
\n
element
)
, 25% is based on sustainability performance
(
the sustainability element
)
and 50%
\n
is based on earnings per share
(
the EPS element
)
. Further details of the scheme are provided
\n
in the Annual Report on Remuneration.
\n
Deferred Share Bonus Plan
(
DSBP
)
\n
On 8 April 2024, the Executive Directors received an award of shares under the DSBP relating
\n
to the 2023 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
Deferred Share Award
(
DSA
)
\n
On 1 December 2023 and 1 November 2024, several colleagues received deferred share awards
\n
in relation to contributions to key strategic projects across the Group. The vesting of each
\n
award is based upon continuous employment with the Group for the two-year vesting period.
\n
These options have an exercise date of 2025 to 2027.
\n
The assumptions used for each share-based payment were as follows:
2014 LTIP
Deferred Share
2014
options
options
Sharesave
granted
granted
options
08 April
01 November
granted
2024
2024
2024
Share price at the date of grant
4.36
4.70
4.82
Exercise price
Nil
Nil
3.90
Shares under option
891,257
26,886
665,266
Vesting period
(
years
)
3.00
2.00
3.25
Expected volatility
34.3%
30.0%
16.5%
Median volatility of the comparator group
30.7%
n/a
n/a
Expected life
(
years
)
3.00
2.00
3.25
Risk free rate
4.1%
4.2%
4.0%
Dividend yield
2.8%
3.0%
2.6%
TSR performance of the Company at the date of grant
16.1%
n/a
n/a
Median TSR performance of the comparator group
at the date of grant
5.7%
n/a
n/a
Correlation
(
median
)
39.2%
n/a
n/a
Fair value per option
4.57
4.43
1.20
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
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.
2024
2023
\u00a3m
\u00a3m
Share-based payments charge for the year
2.9
2.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00385": { "value": "11. Finance costs
2024
2023
\u00a3m
\u00a3m
Interest on bank loan
10.4
11.6
Debt issue cost amortisation
0.9
0.8
Un-wind of discount on lease liabilities
1.6
1.2
12.9
13.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00386": { "value": "11. Finance costs
2024
2023
\u00a3m
\u00a3m
Interest on bank loan
10.4
11.6
Debt issue cost amortisation
0.9
0.8
Un-wind of discount on lease liabilities
1.6
1.2
12.9
13.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00383": { "value": "11. Finance costs
2024
2023
\u00a3m
\u00a3m
Interest on bank loan
10.4
11.6
Debt issue cost amortisation
0.9
0.8
Un-wind of discount on lease liabilities
1.6
1.2
12.9
13.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00384": { "value": "11. Finance costs
2024
2023
\u00a3m
\u00a3m
Interest on bank loan
10.4
11.6
Debt issue cost amortisation
0.9
0.8
Un-wind of discount on lease liabilities
1.6
1.2
12.9
13.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00387": { "value": "12. Income tax
(
a
)
Tax expense reported in the income statement
\n \n
2024
2023
\u00a3m
\u00a3m
Current income tax:
UK income tax
13.8
11.0
Overseas income tax
0.1
0.2
Current income tax
13.9
11.2
Adjustment in respect of prior years
(
0.3
)
(
0.4
)
Total current income tax
13.6
10.8
Deferred income tax:
Origination and reversal of temporary differences
(
0.7
)
(
1.9
)
Effects of changes in income tax rates
\u2013
0.1
Deferred income tax
(
0.7
)
(
1.8
)
Adjustment in respect of prior years
(
0.1
)
0.9
Total deferred income tax
(
0.8
)
(
0.9
)
Total tax expense reported in the income statement
12.8
9.9
Details of the non-underlying tax credit of \u00a35.4m
(
2023: \u00a38.0m
)
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 2024 and 2023 is as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
Accounting profit before tax
46.3
48.4
Accounting profit multiplied by the UK standard rate of income tax
of 25.0%
(
2023: 23.52%
)
11.6
11.4
Expenses not deductible for income tax
2.6
1.6
Non-taxable income
\u2013
(
2.2
)
Adjustment in respect of prior years
(
0.4
)
0.5
Effects of patent box
(
1.1
)
(
1.1
)
Effects of changes in income tax rates
\u2013
0.1
Effects of deferred tax not recognised
(
0.8
)
\u2013
Effects of super deduction
\u2013
(
0.1
)
Effects of other tax rates/credits
0.9
(
0.3
)
Total tax expense reported in the income statement
12.8
9.9
The effective rate for the full year was 27.6%
(
2023: 20.5%
)
. If the impact of non-underlying items
is excluded, the underlying income tax rate would be 23.0%
(
2023: 22.2%
)
.
(
c
)
Deferred income tax
The deferred income tax included in the Group balance sheet is as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
Deferred income tax liabilities/
(
assets
)
Short-term timing differences:
\u2013 DTL arising on acquired intangible assets
29.9
32.9
\u2013 Other short-term timing differences
\u2013
(
1.5
)
Capital allowances in excess of depreciation
25.5
23.0
Share-based payments
(
2.5
)
(
1.3
)
Tax losses
(
3.9
)
(
3.0
)
49.0
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 2024 was measured at 25%.
(
e
)
Unrecognised tax losses
No deferred income tax has been recognised on non-trading losses and other timing
differences of \u00a30.3m
(
2023 \u00a33.4m
)
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00388": { "value": "(
c
)
Deferred income tax
The deferred income tax included in the Group balance sheet is as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
Deferred income tax liabilities/
(
assets
)
Short-term timing differences:
\u2013 DTL arising on acquired intangible assets
29.9
32.9
\u2013 Other short-term timing differences
\u2013
(
1.5
)
Capital allowances in excess of depreciation
25.5
23.0
Share-based payments
(
2.5
)
(
1.3
)
Tax losses
(
3.9
)
(
3.0
)
49.0
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00389": { "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:
2024
2023
Weighted average number of ordinary shares for the purpose
of basic earnings per share
248,459,018
248,182,934
Effect of dilutive potential ordinary shares
2,480,464
1,024,432
Weighted average number of ordinary shares for the purpose
of diluted earnings per share
250,939,482
249,207,366
Underlying earnings per share is based on the result for the period after tax excluding the impact
of non-underlying items of \u00a327.6m
(
2023: \u00a324.1m
)
. 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 the Group\u2019s
financial performance. The underlying earnings per share is calculated as follows:
2024
2023
Underlying profit for the year attributable to the owners of the Parent
Company
(
\u00a3m
)
61.1
62.6
Underlying basic earnings per share
(
pence
)
24.6
25.2
Underlying diluted earnings per share
(
pence
)
24.3
25.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00390": { "value": "14. Dividend per share
2024
2023
\u00a3m
\u00a3m
Amounts recognised as distributions to equity holders in the year:
Final dividend for the year ended 31 December 2023 of 8.3p per share
(
2022: 8.2p
)
20.6
20.3
Interim dividend for the year ended 31 December 2024 of 4.1p per share
(
2023: 4.1p
)
10.2
10.2
30.8
30.5
Proposed final dividend for the year ended 31 December 2024 of 8.4p
per share
(
2023: 8.3p
)
20.9
20.6
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00393": { "value": "0.084", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00394": { "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" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00391": { "value": "20900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00392": { "value": "20600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00395": { "value": "15. Property, plant and equipment
Freehold
Plant
land and
and other
buildings
equipment
Total
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2023
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
Additions
2.7
22.9
25.6
Disposals
(
0.2
)
(
14.3
)
(
14.5
)
Transfer from assets held-for-sale
\u2013
6.5
6.5
Acquisitions
\u2013
0.5
0.5
Exchange adjustment
\u2013
(
0.3
)
(
0.3
)
At 31 December 2024
63.7
234.3
298.0
Depreciation and impairment losses
At 1 January 2023
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 2023
9.9
93.9
103.8
Provided during the year
1.8
17.4
19.2
Disposals
(
0.1
)
(
13.1
)
(
13.2
)
Transfer from assets held-for-sale
\u2013
4.3
4.3
Exchange adjustment
\u2013
0.2
0.2
At 31 December 2024
11.6
102.7
114.3
Net book value
At 31 December 2024
52.1
131.6
183.7
At 31 December 2023
51.3
125.1
176.4
Included in freehold land and buildings is non-depreciable land of \u00a316.2m
(
2023: \u00a316.2m
)
.
Capital commitments
At 31 December 2024, the Group had commitments of \u00a35.0m
(
2023: \u00a37.1m
)
relating to plant
and equipment purchases.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00397": { "value": "Capital commitments
At 31 December 2024, the Group had commitments of \u00a35.0m
(
2023: \u00a37.1m
)
relating to plant
and equipment purchases.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00396": { "value": "Capital commitments
At 31 December 2024, the Group had commitments of \u00a35.0m
(
2023: \u00a37.1m
)
relating to plant
and equipment purchases.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00398": { "value": "16. Right-of-use assets and lease liabilities
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 2023
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
)
Additions
1.7
5.7
5.6
13.0
(
13.0
)
Disposals
(
3.8
)
(
3.7
)
(
0.6
)
(
8.1
)
\u2013
Depreciation of right-of-use assets
(
2.0
)
(
3.0
)
(
2.1
)
(
7.1
)
\u2013
Depreciation on disposal of right-of-use assets
2.8
3.0
0.4
6.2
\u2013
Transfer from assets held-for-sale
\u2013
0.2
\u2013
0.2
(
0.2
)
Exchange adjustment
\u2013
(
0.1
)
\u2013
(
0.1
)
\u2013
Un-wind of discount on lease liabilities
\u2013
\u2013
\u2013
\u2013
(
1.6
)
Settlement of lease liabilities
\u2013
\u2013
\u2013
\u2013
10.6
At 31 December 2024
10.3
10.2
6.5
27.0
(
27.6
)
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00399": { "value": "16. Right-of-use assets and lease liabilities
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 2023
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
)
Additions
1.7
5.7
5.6
13.0
(
13.0
)
Disposals
(
3.8
)
(
3.7
)
(
0.6
)
(
8.1
)
\u2013
Depreciation of right-of-use assets
(
2.0
)
(
3.0
)
(
2.1
)
(
7.1
)
\u2013
Depreciation on disposal of right-of-use assets
2.8
3.0
0.4
6.2
\u2013
Transfer from assets held-for-sale
\u2013
0.2
\u2013
0.2
(
0.2
)
Exchange adjustment
\u2013
(
0.1
)
\u2013
(
0.1
)
\u2013
Un-wind of discount on lease liabilities
\u2013
\u2013
\u2013
\u2013
(
1.6
)
Settlement of lease liabilities
\u2013
\u2013
\u2013
\u2013
10.6
At 31 December 2024
10.3
10.2
6.5
27.0
(
27.6
)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00402": { "value": "17. Intangible assets \n \n
Brand
Customer
Development
Goodwill
Patents
names
relationships
Licences
costs
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2023
467.4
40.0
66.5
114.3
0.8
4.3
693.3
Additions
\u2013
0.4
\u2013
\u2013
\u2013
1.3
1.7
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(
0.6
)
(
0.6
)
Transfer to assets
held-for-sale
(
1.3
)
\u2013
\u2013
\u2013
\u2013
-
(
1.3
)
At 31 December 2023
466.1
40.4
66.5
114.3
0.8
5.0
693.1
Additions
5.3
0.5
\u2013
\u2013
\u2013
0.6
6.4
Transfer from assets
held-for-sale
4.5
\u2013
\u2013
\u2013
\u2013
\u2013
4.5
At 31 December 2024
475.9
40.9
66.5
114.3
0.8
5.6
704.0
Amortisation and impairment losses
At 1 January 2023
12.0
18.8
24.3
22.3
0.4
0.4
78.2
Charge for the year
\u2013
3.3
5.1
6.4
0.1
0.7
15.6
Impairment losses
\u2013
1.0
0.9
0.6
\u2013
\u2013
2.5
At 31 December 2023
12.0
23.1
30.3
29.3
0.5
1.1
96.3
Charge for the year
\u2013
3.4
5.0
6.1
0.1
0.5
15.1
Impairment losses
12.4
\u2013
\u2013
\u2013
\u2013
\u2013
12.4
At 31 December 2024
24.4
26.5
35.3
35.4
0.6
1.6
123.8
Net book value
At 31 December 2024
451.5
14.4
31.2
78.9
0.2
4.0
580.2
At 31 December 2023
454.1
17.3
36.2
85.0
0.3
3.9
596.8
Brand names and customer relationships which arise from business combinations are amortised
over their estimated useful lives of 5 to 20 years. There are two existing brands that have a
significant carrying value, Nuaire
(
\u00a31.5m
)
and Adey
(
\u00a321.2m
)
, with an estimated useful life of 10 and
11 years respectively. Customer relationships that have a significant carrying value are Adey\u2019s
relationships with key customers
(
\u00a368.5m
)
with an estimated useful life of between 11 and 20 years,
and Manthorpe\u2019s
(
\u00a35.3m
)
, with an estimated useful life of 15 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:
\n \n
31 December
31 December
2024
2023
CGU
\u00a3m
\u00a3m
Building Services & International
33.6
29.1
Infrastructure & Landscape
45.9
43.6
Residential Systems
169.6
169.6
Climate & Ventilation
93.7
93.7
Nu-Heat
20.3
17.3
Adey
83.1
95.5
Others
5.3
5.3
451.5
454.1
During the year the acquisition of Sky Garden has been allocated to the Infrastructure &
Landscape CGU and the goodwill on Genuit UFH has been allocated to the Nu-Heat CGU.
Polypipe Italia SRL was declassified as held-for-sale during the year and has been reallocated
back to the Building Services & International CGU, and the 2023 comparative has been restated.
From 1 January 2023, reporting segments have been aligned with the Group\u2019s Sustainable
Solutions for Growth strategy and reorganised into three segments \u2013 CMS, WMS and SBS. 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, and the Board approved management\u2019s forecast of growth between 4.0% to 31.2% for
years 2 to 5
(
2023: 1.6% to 7.3%
)
. Terminal growth rates between 2.0% to 2.4%
(
2023: 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 13.8%
(
2023: 13.9%
)
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 has 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 47 to 53 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 and is satisfied that there is sufficient headroom against the carrying value of the all
CGUs, other than the Adey CGU, so no further sensitivity analysis has been performed.
Due to the ongoing softness in the boiler filter and chemicals market and a delay to recovery in
volumes, related to a suppressed RMI market, there has been a reduction in the value-in-use of
the Adey CGU, which resulted in an impairment charge of \u00a312.4m being recognised in the first half
of the year to reflect that the discounted present value of future pre-tax cash flows did not
support the full carrying value of the asset.
At 31 December 2024 the estimated recoverable amount of the CGU exceeded its carrying value
by \u00a34.6m. Detailed sensitivity analysis indicates that the following changes in each of these key
assumptions would result in a reduction in the recoverable amount and an additional impairment
charge being recognised:
\u2013 A reduction in the long-term growth rate to 1.9% from that used in the value-in-use calculations
of 2.4% would give rise to an impairment charge of \u00a31.1m.
\u2013 The pre-tax discount rate increasing to 14.1% from that used in the value-in-use calculations
of 13.8%. would give rise to an impairment charge of \u00a30.3m.
\u2013 Average revenue growth rates declining by 1.1 percentage points from that used in the
value-in-use calculations would give rise to an impairment charge of \u00a316.3m.
\u2013 Gross margin efficiencies not being achieved by 2029 and margin declining by 1.9 percentage
points from that used in the value-in-use calculations would give rise to an impairment
charge of \u00a312.5m.
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 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00401": { "value": "17. Intangible assets \n \n
Brand
Customer
Development
Goodwill
Patents
names
relationships
Licences
costs
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2023
467.4
40.0
66.5
114.3
0.8
4.3
693.3
Additions
\u2013
0.4
\u2013
\u2013
\u2013
1.3
1.7
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(
0.6
)
(
0.6
)
Transfer to assets
held-for-sale
(
1.3
)
\u2013
\u2013
\u2013
\u2013
-
(
1.3
)
At 31 December 2023
466.1
40.4
66.5
114.3
0.8
5.0
693.1
Additions
5.3
0.5
\u2013
\u2013
\u2013
0.6
6.4
Transfer from assets
held-for-sale
4.5
\u2013
\u2013
\u2013
\u2013
\u2013
4.5
At 31 December 2024
475.9
40.9
66.5
114.3
0.8
5.6
704.0
Amortisation and impairment losses
At 1 January 2023
12.0
18.8
24.3
22.3
0.4
0.4
78.2
Charge for the year
\u2013
3.3
5.1
6.4
0.1
0.7
15.6
Impairment losses
\u2013
1.0
0.9
0.6
\u2013
\u2013
2.5
At 31 December 2023
12.0
23.1
30.3
29.3
0.5
1.1
96.3
Charge for the year
\u2013
3.4
5.0
6.1
0.1
0.5
15.1
Impairment losses
12.4
\u2013
\u2013
\u2013
\u2013
\u2013
12.4
At 31 December 2024
24.4
26.5
35.3
35.4
0.6
1.6
123.8
Net book value
At 31 December 2024
451.5
14.4
31.2
78.9
0.2
4.0
580.2
At 31 December 2023
454.1
17.3
36.2
85.0
0.3
3.9
596.8
Brand names and customer relationships which arise from business combinations are amortised
over their estimated useful lives of 5 to 20 years. There are two existing brands that have a
significant carrying value, Nuaire
(
\u00a31.5m
)
and Adey
(
\u00a321.2m
)
, with an estimated useful life of 10 and
11 years respectively. Customer relationships that have a significant carrying value are Adey\u2019s
relationships with key customers
(
\u00a368.5m
)
with an estimated useful life of between 11 and 20 years,
and Manthorpe\u2019s
(
\u00a35.3m
)
, with an estimated useful life of 15 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:
\n \n
31 December
31 December
2024
2023
CGU
\u00a3m
\u00a3m
Building Services & International
33.6
29.1
Infrastructure & Landscape
45.9
43.6
Residential Systems
169.6
169.6
Climate & Ventilation
93.7
93.7
Nu-Heat
20.3
17.3
Adey
83.1
95.5
Others
5.3
5.3
451.5
454.1
During the year the acquisition of Sky Garden has been allocated to the Infrastructure &
Landscape CGU and the goodwill on Genuit UFH has been allocated to the Nu-Heat CGU.
Polypipe Italia SRL was declassified as held-for-sale during the year and has been reallocated
back to the Building Services & International CGU, and the 2023 comparative has been restated.
From 1 January 2023, reporting segments have been aligned with the Group\u2019s Sustainable
Solutions for Growth strategy and reorganised into three segments \u2013 CMS, WMS and SBS. 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, and the Board approved management\u2019s forecast of growth between 4.0% to 31.2% for
years 2 to 5
(
2023: 1.6% to 7.3%
)
. Terminal growth rates between 2.0% to 2.4%
(
2023: 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 13.8%
(
2023: 13.9%
)
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 has 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 47 to 53 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 and is satisfied that there is sufficient headroom against the carrying value of the all
CGUs, other than the Adey CGU, so no further sensitivity analysis has been performed.
Due to the ongoing softness in the boiler filter and chemicals market and a delay to recovery in
volumes, related to a suppressed RMI market, there has been a reduction in the value-in-use of
the Adey CGU, which resulted in an impairment charge of \u00a312.4m being recognised in the first half
of the year to reflect that the discounted present value of future pre-tax cash flows did not
support the full carrying value of the asset.
At 31 December 2024 the estimated recoverable amount of the CGU exceeded its carrying value
by \u00a34.6m. Detailed sensitivity analysis indicates that the following changes in each of these key
assumptions would result in a reduction in the recoverable amount and an additional impairment
charge being recognised:
\u2013 A reduction in the long-term growth rate to 1.9% from that used in the value-in-use calculations
of 2.4% would give rise to an impairment charge of \u00a31.1m.
\u2013 The pre-tax discount rate increasing to 14.1% from that used in the value-in-use calculations
of 13.8%. would give rise to an impairment charge of \u00a30.3m.
\u2013 Average revenue growth rates declining by 1.1 percentage points from that used in the
value-in-use calculations would give rise to an impairment charge of \u00a316.3m.
\u2013 Gross margin efficiencies not being achieved by 2029 and margin declining by 1.9 percentage
points from that used in the value-in-use calculations would give rise to an impairment
charge of \u00a312.5m.
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 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00400": { "value": "17. Intangible assets \n \n
Brand
Customer
Development
Goodwill
Patents
names
relationships
Licences
costs
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2023
467.4
40.0
66.5
114.3
0.8
4.3
693.3
Additions
\u2013
0.4
\u2013
\u2013
\u2013
1.3
1.7
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(
0.6
)
(
0.6
)
Transfer to assets
held-for-sale
(
1.3
)
\u2013
\u2013
\u2013
\u2013
-
(
1.3
)
At 31 December 2023
466.1
40.4
66.5
114.3
0.8
5.0
693.1
Additions
5.3
0.5
\u2013
\u2013
\u2013
0.6
6.4
Transfer from assets
held-for-sale
4.5
\u2013
\u2013
\u2013
\u2013
\u2013
4.5
At 31 December 2024
475.9
40.9
66.5
114.3
0.8
5.6
704.0
Amortisation and impairment losses
At 1 January 2023
12.0
18.8
24.3
22.3
0.4
0.4
78.2
Charge for the year
\u2013
3.3
5.1
6.4
0.1
0.7
15.6
Impairment losses
\u2013
1.0
0.9
0.6
\u2013
\u2013
2.5
At 31 December 2023
12.0
23.1
30.3
29.3
0.5
1.1
96.3
Charge for the year
\u2013
3.4
5.0
6.1
0.1
0.5
15.1
Impairment losses
12.4
\u2013
\u2013
\u2013
\u2013
\u2013
12.4
At 31 December 2024
24.4
26.5
35.3
35.4
0.6
1.6
123.8
Net book value
At 31 December 2024
451.5
14.4
31.2
78.9
0.2
4.0
580.2
At 31 December 2023
454.1
17.3
36.2
85.0
0.3
3.9
596.8
Brand names and customer relationships which arise from business combinations are amortised
over their estimated useful lives of 5 to 20 years. There are two existing brands that have a
significant carrying value, Nuaire
(
\u00a31.5m
)
and Adey
(
\u00a321.2m
)
, with an estimated useful life of 10 and
11 years respectively. Customer relationships that have a significant carrying value are Adey\u2019s
relationships with key customers
(
\u00a368.5m
)
with an estimated useful life of between 11 and 20 years,
and Manthorpe\u2019s
(
\u00a35.3m
)
, with an estimated useful life of 15 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:
\n \n
31 December
31 December
2024
2023
CGU
\u00a3m
\u00a3m
Building Services & International
33.6
29.1
Infrastructure & Landscape
45.9
43.6
Residential Systems
169.6
169.6
Climate & Ventilation
93.7
93.7
Nu-Heat
20.3
17.3
Adey
83.1
95.5
Others
5.3
5.3
451.5
454.1
During the year the acquisition of Sky Garden has been allocated to the Infrastructure &
Landscape CGU and the goodwill on Genuit UFH has been allocated to the Nu-Heat CGU.
Polypipe Italia SRL was declassified as held-for-sale during the year and has been reallocated
back to the Building Services & International CGU, and the 2023 comparative has been restated.
From 1 January 2023, reporting segments have been aligned with the Group\u2019s Sustainable
Solutions for Growth strategy and reorganised into three segments \u2013 CMS, WMS and SBS. 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, and the Board approved management\u2019s forecast of growth between 4.0% to 31.2% for
years 2 to 5
(
2023: 1.6% to 7.3%
)
. Terminal growth rates between 2.0% to 2.4%
(
2023: 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 13.8%
(
2023: 13.9%
)
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 has 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 47 to 53 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 and is satisfied that there is sufficient headroom against the carrying value of the all
CGUs, other than the Adey CGU, so no further sensitivity analysis has been performed.
Due to the ongoing softness in the boiler filter and chemicals market and a delay to recovery in
volumes, related to a suppressed RMI market, there has been a reduction in the value-in-use of
the Adey CGU, which resulted in an impairment charge of \u00a312.4m being recognised in the first half
of the year to reflect that the discounted present value of future pre-tax cash flows did not
support the full carrying value of the asset.
At 31 December 2024 the estimated recoverable amount of the CGU exceeded its carrying value
by \u00a34.6m. Detailed sensitivity analysis indicates that the following changes in each of these key
assumptions would result in a reduction in the recoverable amount and an additional impairment
charge being recognised:
\u2013 A reduction in the long-term growth rate to 1.9% from that used in the value-in-use calculations
of 2.4% would give rise to an impairment charge of \u00a31.1m.
\u2013 The pre-tax discount rate increasing to 14.1% from that used in the value-in-use calculations
of 13.8%. would give rise to an impairment charge of \u00a30.3m.
\u2013 Average revenue growth rates declining by 1.1 percentage points from that used in the
value-in-use calculations would give rise to an impairment charge of \u00a316.3m.
\u2013 Gross margin efficiencies not being achieved by 2029 and margin declining by 1.9 percentage
points from that used in the value-in-use calculations would give rise to an impairment
charge of \u00a312.5m.
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 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00403": { "value": "Acquisition-related cash flows comprised:
2024
2023
\u00a3m
\u00a3m
Operating cash flows \u2013 settlement of acquisition costs
Sky Garden
0.3
\u2013
Genuit UFH
0.1
\u2013
Plura
6.5
\u2013
Other
0.7
\u2013
7.6
\u2013
\n \n
2024
2023
\u00a3m
\u00a3m
Investing cash flows \u2013 Settlement of deferred
and contingent consideration
Keytec
\u2013
0.6
Plura
1.6
1.0
1.6
1.6
\n \n
2024
2023
\u00a3m
\u00a3m
Investing cash flows \u2013 acquisition of businesses
net of cash at acquisition
Sky Garden
2.2
\u2013
Genuit UFH
3.0
\u2013
5.2
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00405": { "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:
2024
2023
Fair value
Fair value
\u00a3m
\u00a3m
Property, plant and equipment
\u2013
5.5
Right-of-use assets
\u2013
0.3
Goodwill
\u2013
4.5
Trade and other receivables
\u2013
2.8
Inventories
\u2013
4.0
Assets held-for-sale
\u2013
17.1
Trade and other payables
\u2013
2.6
Finance lease liabilities
\u2013
0.2
Liabilities held-for-sale
\u2013
2.8
At December 2023, the total carrying value of assets held-for-sale was \u00a317.1m which comprised:
\u2013 \u00a33.3m in relation to freehold land and buildings, one within the CMS segment and one within
the WMS segment. During 2024 both the freehold land and buildings have been disposed
of for an amount of \u00a34.8m generating a profit on disposal of \u00a31.5m.
\u2013 \u00a313.8m in relation to the assets of the Group\u2019s business in Italy, which included Property,
plant and equipment, right-of-use assets, goodwill, trade and other receivables, inventories,
trade and other payables and finance lease liabilities.
Although the Group has continued to seek a buyer for the Italian business, it has not yet been sold,
and having considered the criteria in IFRS 5, the Group has determined that these assets no
longer qualify as held-for-sale because the Group has decided to no longer proactively market
the company for sale and the Group will seek to improve the Polypipe Italia SRL business through
deployment of the Genuit Business System. As a result of the assets ceasing to be classified as
held-for-sale, the assets have been reclassified to the appropriate line items in the Statement of
Financial Position in the year. As is required under IFRS 5 when non-current assets cease to be
classified as held-for-sale, comparative information has not been restated.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00404": { "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:
2024
2023
Fair value
Fair value
\u00a3m
\u00a3m
Property, plant and equipment
\u2013
5.5
Right-of-use assets
\u2013
0.3
Goodwill
\u2013
4.5
Trade and other receivables
\u2013
2.8
Inventories
\u2013
4.0
Assets held-for-sale
\u2013
17.1
Trade and other payables
\u2013
2.6
Finance lease liabilities
\u2013
0.2
Liabilities held-for-sale
\u2013
2.8
At December 2023, the total carrying value of assets held-for-sale was \u00a317.1m which comprised:
\u2013 \u00a33.3m in relation to freehold land and buildings, one within the CMS segment and one within
the WMS segment. During 2024 both the freehold land and buildings have been disposed
of for an amount of \u00a34.8m generating a profit on disposal of \u00a31.5m.
\u2013 \u00a313.8m in relation to the assets of the Group\u2019s business in Italy, which included Property,
plant and equipment, right-of-use assets, goodwill, trade and other receivables, inventories,
trade and other payables and finance lease liabilities.
Although the Group has continued to seek a buyer for the Italian business, it has not yet been sold,
and having considered the criteria in IFRS 5, the Group has determined that these assets no
longer qualify as held-for-sale because the Group has decided to no longer proactively market
the company for sale and the Group will seek to improve the Polypipe Italia SRL business through
deployment of the Genuit Business System. As a result of the assets ceasing to be classified as
held-for-sale, the assets have been reclassified to the appropriate line items in the Statement of
Financial Position in the year. As is required under IFRS 5 when non-current assets cease to be
classified as held-for-sale, comparative information has not been restated.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00407": { "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 2024 are set out in Note 4 to the Parent Company
financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00406": { "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 2024 are set out in Note 4 to the Parent Company
financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00408": { "value": "21. Inventories \n \n
31 December
31 December
2024
2023
\u00a3m
\u00a3m
Raw materials
20.3
22.5
Work in progress
8.7
7.9
Finished goods
44.5
38.8
73.5
69.2
All inventories are carried at cost less a provision to take account of slow-moving and obsolete
items. The provision at 31 December 2024 was \u00a310.5m
(
2023: \u00a313.9m
)
.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00409": { "value": "22. Trade and other receivables \n \n
31 December
31 December
2024
2023
\u00a3m
\u00a3m
Trade receivables
68.6
66.2
Prepayments
13.0
6.8
Other receivables
0.2
0.9
81.8
73.9
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:
\n \n
31 December 2024
31 December 2023
Allowance for
Allowance
expected
for expected
Gross
credit losses
Net
Gross
credit losses
Net
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Not past due
26.9
(
0.2
)
26.7
25.8
\u2013
25.8
Past due 1 to 30 days
38.1
(
0.1
)
38.0
34.5
\u2013
34.5
Past due 31 to 90 days
3.6
(
0.1
)
3.5
5.1
(
0.1
)
5.0
Past due more than 90 days
0.8
(
0.4
)
0.4
1.5
(
0.6
)
0.9
69.4
(
0.8
)
68.6
66.9
(
0.7
)
66.2
The movements in the allowance for expected credit losses of trade receivables comprised:
\n \n
\u00a3m
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
Charged to the income statement during the year
0.7
Utilised during the year
(
0.6
)
At 31 December 2024
0.8
23. Cash and cash equivalents
Cash and cash equivalents comprised:
\n \n
31 December
31 December
2024
2023
\u00a3m
\u00a3m
Cash at bank and in hand
43.6
17.0
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
2024
2023
\u00a3m
\u00a3m
Trade payables
88.5
73.9
Other taxes and social security costs
15.6
13.6
Accruals
24.1
27.3
128.2
114.8
Trade payables are non-interest bearing and generally settled on 30-to-60 day terms.
27. Financial liabilities
31 December
31 December
2024
2023
\u00a3m
\u00a3m
Non-current loans and borrowings:
Bank loan
\u2013 principal
121.5
120.0
\u2013 unamortised debt issue costs
(
1.3
)
(
2.1
)
Private placement loan notes
25.0
25.0
Total non-current loans and borrowings
145.2
142.9
Cash at bank and in hand
(
43.6
)
(
17.0
)
Net debt excluding lease liabilities
101.6
125.9
31 December
31 December
2024
2023
\u00a3m
\u00a3m
Other financial liabilities:
Trade and other payables
128.2
114.8
Lease liabilities
27.6
23.4
Deferred and contingent consideration
\u2013
8.2
155.8
146.4
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 2024 was 1.63%
(
2023: 1.65%
)
. Pro-forma EBITDA for the year
was \u00a3112.7m
(
2023: \u00a3114.9m
)
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.
2024
2023
\u00a3m
\u00a3m
Pro-forma EBITDA
(
12 months preceding the balance sheet
)
Underlying operating profit
92.2
94.1
Depreciation of property, plant and equipment
19.2
19.1
Amortisation of intangible assets arising on business combinations
0.7
0.8
Un-wind of discount on lease liabilities
(
1.6
)
(
1.2
)
Share-based payments charge
2.9
2.1
113.4
114.9
EBITDA from acquisitions
(
0.7
)
\u2013
112.7
114.9
At 31 December 2024, the Group had available, subject to covenant headroom, \u00a3228.6m
(
2023: \u00a3230.0m
)
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. Both covenants are tested at the end of each quarter and at 31 December
2024, the Group was not in breach of any bank covenants. The covenant position was as follows:
Position at
Covenant
31 December
Covenant
Requirement
2024
Interest cover
(
underlying operating profit: finance costs excluding
debt issue cost amortisation
)
>4.0:1
8.3:1
Leverage
(
net debt excluding lease liabilities: pro-forma EBITDA
)
<3.0:1
0.9:1
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
2024
2023
\u00a3m
\u00a3m
At 1 January
142.9
193.1
Borrowings repaid
(
68.0
)
(
100.9
)
Borrowings drawn down
69.4
50.0
Debt issue costs
0.9
0.7
At 31 December
145.2
142.9
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
majority of the Group\u2019s borrowings, which remain unhedged. 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
2024
Increase of 100 basis points
(
0.9
)
Decrease of 100 basis points
0.9
2023
Increase of 100 basis points
(
0.8
)
Decrease of 100 basis points
0.8
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
2024
10% strengthening of Pounds Sterling: against Euro
(
1.4
)
\u2013
10% weakening of Pounds Sterling: against Euro
1.6
\u2013
2023
10% strengthening of Pounds Sterling: against Euro
(
1.2
)
\u2013
10% weakening of Pounds Sterling: against Euro
1.4
\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 2024, 48.1%
(
2023: 44.3%
)
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 \u00a343.6m and its
undrawn committed revolving credit facility \u00a3228.6m at 31 December 2024, 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 2024 and 31 December 2023
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 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank loan \u2013 principal
2.4
7.2
147.0
\u2013
156.6
Private placement loan notes
\u2013
1.1
28.3
\u2013
29.4
Other financial liabilities:
Trade and other payables
128.2
\u2013
\u2013
\u2013
128.2
Forward foreign currency
derivatives
0.2
\u2013
\u2013
\u2013
0.2
Lease liabilities
2.0
6.4
22.7
3.2
34.3
132.8
14.7
198.0
3.2
348.7
The interest payments on the Sustainability-Linked Loan would be \u00a39.6m per year if the interest rate
plus margin remained at 6.4% 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 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
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:
\n \n
Carrying
Fair
value
value
\u00a3m
\u00a3m
Forward foreign currency derivatives
(
designated as hedging instruments
)
0.2
0.2
Interest-bearing loans and borrowings due after more than one year
(
designated as financial liabilities measured at amortised cost
)
145.2
145.2
Lease liabilities
(
designated as financial liabilities
measured at amortised cost
)
27.6
27.6
Total at 31 December 2024
173.0
173.0
\n \n
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
The fair values were determined as follows by reference to:
\u2013 Forward foreign currency derivatives: quoted exchange rates.
\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 2024 and 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00410": { "value": "22. Trade and other receivables \n \n
31 December
31 December
2024
2023
\u00a3m
\u00a3m
Trade receivables
68.6
66.2
Prepayments
13.0
6.8
Other receivables
0.2
0.9
81.8
73.9
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:
\n \n
31 December 2024
31 December 2023
Allowance for
Allowance
expected
for expected
Gross
credit losses
Net
Gross
credit losses
Net
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Not past due
26.9
(
0.2
)
26.7
25.8
\u2013
25.8
Past due 1 to 30 days
38.1
(
0.1
)
38.0
34.5
\u2013
34.5
Past due 31 to 90 days
3.6
(
0.1
)
3.5
5.1
(
0.1
)
5.0
Past due more than 90 days
0.8
(
0.4
)
0.4
1.5
(
0.6
)
0.9
69.4
(
0.8
)
68.6
66.9
(
0.7
)
66.2
The movements in the allowance for expected credit losses of trade receivables comprised:
\n \n
\u00a3m
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
Charged to the income statement during the year
0.7
Utilised during the year
(
0.6
)
At 31 December 2024
0.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00411": { "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:
\n \n
31 December 2024
31 December 2023
Allowance for
Allowance
expected
for expected
Gross
credit losses
Net
Gross
credit losses
Net
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Not past due
26.9
(
0.2
)
26.7
25.8
\u2013
25.8
Past due 1 to 30 days
38.1
(
0.1
)
38.0
34.5
\u2013
34.5
Past due 31 to 90 days
3.6
(
0.1
)
3.5
5.1
(
0.1
)
5.0
Past due more than 90 days
0.8
(
0.4
)
0.4
1.5
(
0.6
)
0.9
69.4
(
0.8
)
68.6
66.9
(
0.7
)
66.2
The movements in the allowance for expected credit losses of trade receivables comprised:
\n \n
\u00a3m
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
Charged to the income statement during the year
0.7
Utilised during the year
(
0.6
)
At 31 December 2024
0.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00412": { "value": "23. Cash and cash equivalents
Cash and cash equivalents comprised:
\n \n
31 December
31 December
2024
2023
\u00a3m
\u00a3m
Cash at bank and in hand
43.6
17.0
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00413": { "value": "24. Share capital and reserves
Share capital
\n \n
31 December 2024
31 December 2023
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
(
2023: no shares
)
to the EBT at the nominal
value of \u00a30.001.
At 31 December 2024 the Group held 375
(
2023: 375
)
of its own shares at an average cost of \u00a34.20
(
2023: \u00a34.20
)
per share. The market value of these shares at 31 December 2024 was less than \u00a30.1m
(
2023: less than \u00a30.1m
)
. The nominal value of each share is \u00a30.001.
The EBT held 608,370 shares at 31 December 2024
(
2023: 921,482
)
at an average cost of 0.1p
(
2023: 0.1p
)
per share. The market value of these shares at 31 December 2024 was \u00a32.4m
(
2023: \u00a33.7m
)
. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00414": { "value": "Share capital \n \n
31 December 2024
31 December 2023
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00415": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00416": { "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
(
2023: no shares
)
to the EBT at the nominal
value of \u00a30.001.
At 31 December 2024 the Group held 375
(
2023: 375
)
of its own shares at an average cost of \u00a34.20
(
2023: \u00a34.20
)
per share. The market value of these shares at 31 December 2024 was less than \u00a30.1m
(
2023: less than \u00a30.1m
)
. The nominal value of each share is \u00a30.001.
The EBT held 608,370 shares at 31 December 2024
(
2023: 921,482
)
at an average cost of 0.1p
(
2023: 0.1p
)
per share. The market value of these shares at 31 December 2024 was \u00a32.4m
(
2023: \u00a33.7m
)
. The nominal value of each share is \u00a30.001.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00417": { "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 2024, the Group had bank debt of \u00a3121.5m
(
2023: \u00a3120.0m
)
, an undrawn committed
revolving credit facility of \u00a3228.6m
(
2023: \u00a3230.0m
)
, cash of \u00a343.6m
(
2023: \u00a317.0m
)
, an uncommitted
accordion facility of \u00a350.0m
(
2023: \u00a350.0m
)
, private placement loan notes of \u00a325.0m
(
2023: \u00a325.0m
)
with a maturity date of August 2029 and lease liabilities of \u00a327.6m
(
2023: \u00a323.5m
)
. 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 2024 and
31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00418": { "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
2023
Granted
Dividend
Exercised
forfeited
2024
first
Expiry
\u00a3
Number
Number
Accrual
Number
Number
Number
exercisable
date
2014 Sharesave
(
granted 2020
)
3.45
286,611
\u2013
\u2013
(
218,536
)
1
(
68,075
)
\u2013
01 December 2023
30 April 2024
2014 Sharesave
(
granted 2021
)
5.78
160,392
\u2013
\u2013
\u2013
(
79,891
)
80,501
01 December 2024
31 May 2025
2014 Sharesave
(
granted 2022
)
2.21
3,501,675
\u2013
\u2013
(
16,761
)
2
(
318,817
)
3,166,097
01 December 2025
31 May 2026
2014 Sharesave
(
granted 2023
)
2.60
1,044,829
\u2013
\u2013
(
153
)
3
(
166,490
)
878,186
01 December 2026
31 May 2027
2014 Sharesave
(
granted 2024
)
3.90
\u2013
665,266
\u2013
\u2013
(
14,464
)
650,802
01 December 2027
31 May 2028
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 30 April 2019
)
Nil
27,117
\u2013
\u2013
\u2013
\u2013
27,117
30 April 2022
30 April 2029
2014 LTIP
(
granted 20 May 2021
)
Nil
418,193
\u2013
\u2013
(
35,186
)
4
(
373,626
)
9,381
20 May 2024
20 May 2031
2014 LTIP
(
granted 22 April 2022
)
Nil
573,907
\u2013
\u2013
\u2013
(
11,573
)
562,334
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
1,023,051
\u2013
\u2013
\u2013
(
19,751
)
1,003,300
21 April 2026
21 April 2033
2014 LTIP
(
granted 18 May 2023
)
Nil
15,173
\u2013
\u2013
\u2013
(
15,173
)
\u2013
18 May 2026
18 May 2033
2014 LTIP
(
granted 22 May 2023
)
Nil
21,795
\u2013
\u2013
\u2013
\u2013
21,795
22 May 2026
22 May 2033
2014 LTIP
(
granted 08 April 2024
)
Nil
\u2013
891,257
\u2013
\u2013
(
31,684
)
859,573
08 April 2027
08 April 2034
Deferred share awards
(
granted 22 March 2022
)
Nil
133,846
\u2013
\u2013
(
29,935
)
5
(
103,911
)
\u2013
22 March 2024
22 March 2032
Deferred share awards
(
granted 01 December 2023
)
Nil
36,734
\u2013
\u2013
\u2013
\u2013
36,734
01 December 2025
31 May 2026
Deferred share awards
(
granted 01 December 2023
)
Nil
284,850
\u2013
\u2013
\u2013
(
37,473
)
247,377
01 December 2025
31 May 2026
Deferred share awards
(
granted 01 November 2024
)
Nil
\u2013
26,886
\u2013
\u2013
\u2013
26,886
01 November 2026
30 April 2027
DSBP
(
granted 22 April 2022
)
Nil
84,952
\u2013
1,153
(
42,476
)
6
\u2013
43,629
22 April 2024
22 April 2032
DSBP
(
granted 21 April 2023
)
Nil
26,007
\u2013
706
\u2013
\u2013
26,713
21 April 2025
21 April 2033
DSBP
(
granted 08 April 2024
)
Nil
\u2013
50,381
1,370
\u2013
\u2013
51,751
08 April 2026
08 April 2034
7,749,884
1,633,790
3,229
(
343,047
)
(
1,240,928
)
7,802,928
1.
The weighted average share price at the date of exercise of these options was \u00a34.27.
2.
The weighted average share price at the date of exercise of these options was \u00a34.38.
3.
The weighted average share price at the date of exercise of these options was \u00a34.26.
4.
The weighted average share price at the date of exercise of these options was \u00a34.63.
5.
The weighted average share price at the date of exercise of these options was \u00a34.61.
6.
The weighted average share price at the date of exercise of these options was \u00a34.81.
\n
At 31 December 2024, 215,778
(
2023: 449,475
)
share options were exercisable at a weighted
\n
average exercise price of \u00a32.16
(
2023: \u00a32.20
)
per share.
\n
Sharesave Plan
\n
Sharesave Plan options were granted to eligible employees on 15 October 2024 at an exercise
\n
price of \u00a33.90 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 2027 to 2028.
\n
Long-Term Incentive Plan
(
LTIP
)
\n
LTIP options were awarded to a number of senior managers on 8 April 2024. These options
\n
have an exercise date of 2027 to 2034. The vesting of each award is subject to the satisfaction
\n
of certain performance criteria, of which 25% is based on cash conversion
(
the cash conversion
\n
element
)
, 25% is based on sustainability performance
(
the sustainability element
)
and 50%
\n
is based on earnings per share
(
the EPS element
)
. Further details of the scheme are provided
\n
in the Annual Report on Remuneration.
\n
Deferred Share Bonus Plan
(
DSBP
)
\n
On 8 April 2024, the Executive Directors received an award of shares under the DSBP relating
\n
to the 2023 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
Deferred Share Award
(
DSA
)
\n
On 1 December 2023 and 1 November 2024, several colleagues received deferred share awards
\n
in relation to contributions to key strategic projects across the Group. The vesting of each
\n
award is based upon continuous employment with the Group for the two-year vesting period.
\n
These options have an exercise date of 2025 to 2027.
\n
The assumptions used for each share-based payment were as follows:
2014 LTIP
Deferred Share
2014
options
options
Sharesave
granted
granted
options
08 April
01 November
granted
2024
2024
2024
Share price at the date of grant
4.36
4.70
4.82
Exercise price
Nil
Nil
3.90
Shares under option
891,257
26,886
665,266
Vesting period
(
years
)
3.00
2.00
3.25
Expected volatility
34.3%
30.0%
16.5%
Median volatility of the comparator group
30.7%
n/a
n/a
Expected life
(
years
)
3.00
2.00
3.25
Risk free rate
4.1%
4.2%
4.0%
Dividend yield
2.8%
3.0%
2.6%
TSR performance of the Company at the date of grant
16.1%
n/a
n/a
Median TSR performance of the comparator group
at the date of grant
5.7%
n/a
n/a
Correlation
(
median
)
39.2%
n/a
n/a
Fair value per option
4.57
4.43
1.20
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
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.
2024
2023
\u00a3m
\u00a3m
Share-based payments charge for the year
2.9
2.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00419": { "value": "26. Trade and other payables
31 December
31 December
2024
2023
\u00a3m
\u00a3m
Trade payables
88.5
73.9
Other taxes and social security costs
15.6
13.6
Accruals
24.1
27.3
128.2
114.8
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00420": { "value": "27. Financial liabilities
31 December
31 December
2024
2023
\u00a3m
\u00a3m
Non-current loans and borrowings:
Bank loan
\u2013 principal
121.5
120.0
\u2013 unamortised debt issue costs
(
1.3
)
(
2.1
)
Private placement loan notes
25.0
25.0
Total non-current loans and borrowings
145.2
142.9
Cash at bank and in hand
(
43.6
)
(
17.0
)
Net debt excluding lease liabilities
101.6
125.9
31 December
31 December
2024
2023
\u00a3m
\u00a3m
Other financial liabilities:
Trade and other payables
128.2
114.8
Lease liabilities
27.6
23.4
Deferred and contingent consideration
\u2013
8.2
155.8
146.4
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 2024 was 1.63%
(
2023: 1.65%
)
. Pro-forma EBITDA for the year
was \u00a3112.7m
(
2023: \u00a3114.9m
)
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.
2024
2023
\u00a3m
\u00a3m
Pro-forma EBITDA
(
12 months preceding the balance sheet
)
Underlying operating profit
92.2
94.1
Depreciation of property, plant and equipment
19.2
19.1
Amortisation of intangible assets arising on business combinations
0.7
0.8
Un-wind of discount on lease liabilities
(
1.6
)
(
1.2
)
Share-based payments charge
2.9
2.1
113.4
114.9
EBITDA from acquisitions
(
0.7
)
\u2013
112.7
114.9
At 31 December 2024, the Group had available, subject to covenant headroom, \u00a3228.6m
(
2023: \u00a3230.0m
)
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. Both covenants are tested at the end of each quarter and at 31 December
2024, the Group was not in breach of any bank covenants. The covenant position was as follows:
Position at
Covenant
31 December
Covenant
Requirement
2024
Interest cover
(
underlying operating profit: finance costs excluding
debt issue cost amortisation
)
>4.0:1
8.3:1
Leverage
(
net debt excluding lease liabilities: pro-forma EBITDA
)
<3.0:1
0.9:1
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
2024
2023
\u00a3m
\u00a3m
At 1 January
142.9
193.1
Borrowings repaid
(
68.0
)
(
100.9
)
Borrowings drawn down
69.4
50.0
Debt issue costs
0.9
0.7
At 31 December
145.2
142.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00421": { "value": "
31 December
31 December
2024
2023
\u00a3m
\u00a3m
Non-current loans and borrowings:
Bank loan
\u2013 principal
121.5
120.0
\u2013 unamortised debt issue costs
(
1.3
)
(
2.1
)
Private placement loan notes
25.0
25.0
Total non-current loans and borrowings
145.2
142.9
Cash at bank and in hand
(
43.6
)
(
17.0
)
Net debt excluding lease liabilities
101.6
125.9
31 December
31 December
2024
2023
\u00a3m
\u00a3m
Other financial liabilities:
Trade and other payables
128.2
114.8
Lease liabilities
27.6
23.4
Deferred and contingent consideration
\u2013
8.2
155.8
146.4
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 2024 was 1.63%
(
2023: 1.65%
)
. Pro-forma EBITDA for the year
was \u00a3112.7m
(
2023: \u00a3114.9m
)
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.
2024
2023
\u00a3m
\u00a3m
Pro-forma EBITDA
(
12 months preceding the balance sheet
)
Underlying operating profit
92.2
94.1
Depreciation of property, plant and equipment
19.2
19.1
Amortisation of intangible assets arising on business combinations
0.7
0.8
Un-wind of discount on lease liabilities
(
1.6
)
(
1.2
)
Share-based payments charge
2.9
2.1
113.4
114.9
EBITDA from acquisitions
(
0.7
)
\u2013
112.7
114.9
At 31 December 2024, the Group had available, subject to covenant headroom, \u00a3228.6m
(
2023: \u00a3230.0m
)
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. Both covenants are tested at the end of each quarter and at 31 December
2024, the Group was not in breach of any bank covenants. The covenant position was as follows:
Position at
Covenant
31 December
Covenant
Requirement
2024
Interest cover
(
underlying operating profit: finance costs excluding
debt issue cost amortisation
)
>4.0:1
8.3:1
Leverage
(
net debt excluding lease liabilities: pro-forma EBITDA
)
<3.0:1
0.9:1
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
2024
2023
\u00a3m
\u00a3m
At 1 January
142.9
193.1
Borrowings repaid
(
68.0
)
(
100.9
)
Borrowings drawn down
69.4
50.0
Debt issue costs
0.9
0.7
At 31 December
145.2
142.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00423": { "value": "28. Related party transactions
Compensation of key management personnel
(
including Directors
)
:
2024
2023
\u00a3m
\u00a3m
Short-term employee benefits
4.4
4.4
Share-based payments
0.6
1.0
5.0
5.4
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00422": { "value": "28. Related party transactions
Compensation of key management personnel
(
including Directors
)
:
2024
2023
\u00a3m
\u00a3m
Short-term employee benefits
4.4
4.4
Share-based payments
0.6
1.0
5.0
5.4
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00424": { "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
majority of the Group\u2019s borrowings, which remain unhedged. 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
2024
Increase of 100 basis points
(
0.9
)
Decrease of 100 basis points
0.9
2023
Increase of 100 basis points
(
0.8
)
Decrease of 100 basis points
0.8
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
2024
10% strengthening of Pounds Sterling: against Euro
(
1.4
)
\u2013
10% weakening of Pounds Sterling: against Euro
1.6
\u2013
2023
10% strengthening of Pounds Sterling: against Euro
(
1.2
)
\u2013
10% weakening of Pounds Sterling: against Euro
1.4
\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 2024, 48.1%
(
2023: 44.3%
)
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 \u00a343.6m and its
undrawn committed revolving credit facility \u00a3228.6m at 31 December 2024, 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 2024 and 31 December 2023
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 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank loan \u2013 principal
2.4
7.2
147.0
\u2013
156.6
Private placement loan notes
\u2013
1.1
28.3
\u2013
29.4
Other financial liabilities:
Trade and other payables
128.2
\u2013
\u2013
\u2013
128.2
Forward foreign currency
derivatives
0.2
\u2013
\u2013
\u2013
0.2
Lease liabilities
2.0
6.4
22.7
3.2
34.3
132.8
14.7
198.0
3.2
348.7
The interest payments on the Sustainability-Linked Loan would be \u00a39.6m per year if the interest rate
plus margin remained at 6.4% 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 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
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:
\n \n
Carrying
Fair
value
value
\u00a3m
\u00a3m
Forward foreign currency derivatives
(
designated as hedging instruments
)
0.2
0.2
Interest-bearing loans and borrowings due after more than one year
(
designated as financial liabilities measured at amortised cost
)
145.2
145.2
Lease liabilities
(
designated as financial liabilities
measured at amortised cost
)
27.6
27.6
Total at 31 December 2024
173.0
173.0
\n \n
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
The fair values were determined as follows by reference to:
\u2013 Forward foreign currency derivatives: quoted exchange rates.
\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 2024 and 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00425": { "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
majority of the Group\u2019s borrowings, which remain unhedged. 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
2024
Increase of 100 basis points
(
0.9
)
Decrease of 100 basis points
0.9
2023
Increase of 100 basis points
(
0.8
)
Decrease of 100 basis points
0.8
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
2024
10% strengthening of Pounds Sterling: against Euro
(
1.4
)
\u2013
10% weakening of Pounds Sterling: against Euro
1.6
\u2013
2023
10% strengthening of Pounds Sterling: against Euro
(
1.2
)
\u2013
10% weakening of Pounds Sterling: against Euro
1.4
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00426": { "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
2024
10% strengthening of Pounds Sterling: against Euro
(
1.4
)
\u2013
10% weakening of Pounds Sterling: against Euro
1.6
\u2013
2023
10% strengthening of Pounds Sterling: against Euro
(
1.2
)
\u2013
10% weakening of Pounds Sterling: against Euro
1.4
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00427": { "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 2024, 48.1%
(
2023: 44.3%
)
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 \u00a343.6m and its
undrawn committed revolving credit facility \u00a3228.6m at 31 December 2024, 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 2024 and 31 December 2023
is the carrying amounts as illustrated in Note 23. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00430": { "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 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank loan \u2013 principal
2.4
7.2
147.0
\u2013
156.6
Private placement loan notes
\u2013
1.1
28.3
\u2013
29.4
Other financial liabilities:
Trade and other payables
128.2
\u2013
\u2013
\u2013
128.2
Forward foreign currency
derivatives
0.2
\u2013
\u2013
\u2013
0.2
Lease liabilities
2.0
6.4
22.7
3.2
34.3
132.8
14.7
198.0
3.2
348.7
The interest payments on the Sustainability-Linked Loan would be \u00a39.6m per year if the interest rate
plus margin remained at 6.4% 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 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
\n \n
Carrying
Fair
value
value
\u00a3m
\u00a3m
Forward foreign currency derivatives
(
designated as hedging instruments
)
0.2
0.2
Interest-bearing loans and borrowings due after more than one year
(
designated as financial liabilities measured at amortised cost
)
145.2
145.2
Lease liabilities
(
designated as financial liabilities
measured at amortised cost
)
27.6
27.6
Total at 31 December 2024
173.0
173.0
\n \n
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00431": { "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 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank loan \u2013 principal
2.4
7.2
147.0
\u2013
156.6
Private placement loan notes
\u2013
1.1
28.3
\u2013
29.4
Other financial liabilities:
Trade and other payables
128.2
\u2013
\u2013
\u2013
128.2
Forward foreign currency
derivatives
0.2
\u2013
\u2013
\u2013
0.2
Lease liabilities
2.0
6.4
22.7
3.2
34.3
132.8
14.7
198.0
3.2
348.7
The interest payments on the Sustainability-Linked Loan would be \u00a39.6m per year if the interest rate
plus margin remained at 6.4% 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 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
\n \n
Carrying
Fair
value
value
\u00a3m
\u00a3m
Forward foreign currency derivatives
(
designated as hedging instruments
)
0.2
0.2
Interest-bearing loans and borrowings due after more than one year
(
designated as financial liabilities measured at amortised cost
)
145.2
145.2
Lease liabilities
(
designated as financial liabilities
measured at amortised cost
)
27.6
27.6
Total at 31 December 2024
173.0
173.0
\n \n
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00429": { "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 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank loan \u2013 principal
2.4
7.2
147.0
\u2013
156.6
Private placement loan notes
\u2013
1.1
28.3
\u2013
29.4
Other financial liabilities:
Trade and other payables
128.2
\u2013
\u2013
\u2013
128.2
Forward foreign currency
derivatives
0.2
\u2013
\u2013
\u2013
0.2
Lease liabilities
2.0
6.4
22.7
3.2
34.3
132.8
14.7
198.0
3.2
348.7
The interest payments on the Sustainability-Linked Loan would be \u00a39.6m per year if the interest rate
plus margin remained at 6.4% 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 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
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:
\n \n
Carrying
Fair
value
value
\u00a3m
\u00a3m
Forward foreign currency derivatives
(
designated as hedging instruments
)
0.2
0.2
Interest-bearing loans and borrowings due after more than one year
(
designated as financial liabilities measured at amortised cost
)
145.2
145.2
Lease liabilities
(
designated as financial liabilities
measured at amortised cost
)
27.6
27.6
Total at 31 December 2024
173.0
173.0
\n \n
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
The fair values were determined as follows by reference to:
\u2013 Forward foreign currency derivatives: quoted exchange rates.
\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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00428": { "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 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank loan \u2013 principal
2.4
7.2
147.0
\u2013
156.6
Private placement loan notes
\u2013
1.1
28.3
\u2013
29.4
Other financial liabilities:
Trade and other payables
128.2
\u2013
\u2013
\u2013
128.2
Forward foreign currency
derivatives
0.2
\u2013
\u2013
\u2013
0.2
Lease liabilities
2.0
6.4
22.7
3.2
34.3
132.8
14.7
198.0
3.2
348.7
The interest payments on the Sustainability-Linked Loan would be \u00a39.6m per year if the interest rate
plus margin remained at 6.4% 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 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00435": { "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:
\n \n
Carrying
Fair
value
value
\u00a3m
\u00a3m
Forward foreign currency derivatives
(
designated as hedging instruments
)
0.2
0.2
Interest-bearing loans and borrowings due after more than one year
(
designated as financial liabilities measured at amortised cost
)
145.2
145.2
Lease liabilities
(
designated as financial liabilities
measured at amortised cost
)
27.6
27.6
Total at 31 December 2024
173.0
173.0
\n \n
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
The fair values were determined as follows by reference to:
\u2013 Forward foreign currency derivatives: quoted exchange rates.
\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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00432": { "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:
\n \n
Carrying
Fair
value
value
\u00a3m
\u00a3m
Forward foreign currency derivatives
(
designated as hedging instruments
)
0.2
0.2
Interest-bearing loans and borrowings due after more than one year
(
designated as financial liabilities measured at amortised cost
)
145.2
145.2
Lease liabilities
(
designated as financial liabilities
measured at amortised cost
)
27.6
27.6
Total at 31 December 2024
173.0
173.0
\n \n
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
The fair values were determined as follows by reference to:
\u2013 Forward foreign currency derivatives: quoted exchange rates.
\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 2024 and 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }