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"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_NegatedLabel_00311": { "value": "156600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_NegatedLabel_00310": { "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_00312": { "value": "9700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_NegatedLabel_00313": { "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_00314": { "value": "31300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_NegatedLabel_00315": { "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_Label_00316": { "value": "3800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromExerciseOfOptions", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00317": { "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_NegatedLabel_00333": { "value": "9600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_NegatedLabel_00332": { "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_TotalLabel_00546": { "value": "31200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_TotalLabel_00545": { "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_00319": { "value": "1100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_TotalLabel_00318": { "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_PeriodStartLabel_00321": { "value": "43600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_PeriodStartLabel_00320": { "value": "17000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00322": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_Label_00323": { "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_PeriodEndLabel_00468": { "value": "44800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupCashFlowStatement_PeriodEndLabel_00469": { "value": "43600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00344": { "value": "1. Authorisation of financial statements
The consolidated financial statements of the Group for the year ended 31 December 2025 were
authorised for issue by the Board of Directors on 10 March 2026 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00341": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00337": { "value": "Genuit Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00340": { "value": "Genuit Group plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00334": { "value": "Genuit Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00343": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00335": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00338": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00342": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00339": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00345": { "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 2025 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\u2011adopted International Accounting Standards
(
UK\u2011adopted IAS
)
.
The accounting policies which follow set out those policies which apply in preparing
the consolidated financial statements for the year ended 31 December 2025.
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\u2011term financial plan, including cash flow forecasts.
The Group has modelled a range of scenarios, with the base forecast being one in which, over the
22 months ending 31 December 2027, 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\u2011for\u2011like
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\u2011related risks disclosed within the Task Force on Climate\u2011Related
Financial Disclosures Report on pages 46 to 58 of the Strategic Report continue to be assessed.
The Directors conclude that there is no material adverse impact of climate change in the short
or 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 2025, the Group had available \u00a3175.0m of undrawn committed borrowing facilities
in respect of which all conditions precedent had been met. These borrowing facilities are available
until at least August 2028, subject to covenant headroom. 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 to 31 December 2027. 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 2025. 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\u2011controlling interests or any other non\u2011voting 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\u2011legal 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\u2011in\u2011use. 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\u2011line 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
2 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\u2011translated 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\u2011monetary 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\u2011cash 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\u2011volume
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 when the deferred tax liability or deferred tax asset arises from the initial recognition of goodwill or
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 and does not give rise to
equal taxable and deductible temporary differences;
\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\u2011line 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 SaaS 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 would be capitalised as software within intangible assets; and
\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\u2011underlying items in the income statement
if they relate to significant strategic projects and are considered to meet the Group\u2019s definition
of non\u2011underlying items.
2.11 Research and development costs
Research costs are expensed as incurred. Development costs 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\u2011for\u2011sale are measured at the lower of carrying amount and fair value less
costs to sell. Assets are classified as held\u2011for\u2011sale 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 Cash Generating Unit
(
CGU
)
is the higher of
its fair value less costs to sell and its value\u2011in\u2011use, 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\u2011in\u2011use, the
estimated future pre\u2011tax cash flows are mid\u2011year discounted to their present value using a pre\u2011tax
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\u2011term 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\u2011of\u2011use assets at the commencement date of the lease
(
i.e. the date
the underlying asset is available for use
)
. Right\u2011of\u2011use assets are measured at cost, less any
accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease
liabilities. The cost of right\u2011of\u2011use 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\u2011of\u2011use assets are depreciated
on a straight\u2011line basis over the shorter of their expected useful life and the lease term. Right\u2011of\u2011use
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\u2011substance 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\u2011term lease recognition exemption to its short\u2011term 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\u2011value
assets recognition exemption to leases that are considered of low value. Lease payments on
short\u2011term leases and leases of low\u2011value assets are recognised as an expense on a straight\u2011line
basis over the lease term.
Determining the lease term of contracts with renewal options
The Group determines the lease term as the non\u2011cancellable 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\u2011assesses 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\u2011looking 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\u2011bearing 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 is
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\u2011term 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\u2011wind of inventory fair value adjustments resulting from acquisitions, significant
profit on disposal of property, plant and equipment, restructuring costs, non\u2011recurring operating
costs and tax, as non\u2011underlying 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\u2011settled 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\u2011vesting conditions
)
upon which the options were granted. Non\u2011market 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\u2011settled transactions where vesting is conditional upon a market or non\u2011vesting condition,
which are treated as vesting irrespective of whether or not the market or non\u2011vesting 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00417": { "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\u2011adopted International Accounting Standards
(
UK\u2011adopted IAS
)
.
The accounting policies which follow set out those policies which apply in preparing
the consolidated financial statements for the year ended 31 December 2025.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00418": { "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\u2011adopted International Accounting Standards
(
UK\u2011adopted IAS
)
.
The accounting policies which follow set out those policies which apply in preparing
the consolidated financial statements for the year ended 31 December 2025.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00419": { "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\u2011term financial plan, including cash flow forecasts.
The Group has modelled a range of scenarios, with the base forecast being one in which, over the
22 months ending 31 December 2027, 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\u2011for\u2011like
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\u2011related risks disclosed within the Task Force on Climate\u2011Related
Financial Disclosures Report on pages 46 to 58 of the Strategic Report continue to be assessed.
The Directors conclude that there is no material adverse impact of climate change in the short
or 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 2025, the Group had available \u00a3175.0m of undrawn committed borrowing facilities
in respect of which all conditions precedent had been met. These borrowing facilities are available
until at least August 2028, subject to covenant headroom. 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 to 31 December 2027. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00420": { "value": "2.3 Basis of consolidation
The consolidated financial statements comprise the financial statements of the Group and its
subsidiaries at 31 December 2025. 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\u2011controlling interests or any other non\u2011voting 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00424": { "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\u2011legal 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\u2011in\u2011use. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00421": { "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\u2011legal or separability criterion
are recognised separately from goodwill.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00425": { "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\u2011in\u2011use. 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\u2011line 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
2 to 20 years
Licences
10 years
Development costs
4 to 10 years
2.10 Software as a Service
(
SaaS
)
Under SaaS 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 would be capitalised as software within intangible assets; and
\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\u2011underlying items in the income statement
if they relate to significant strategic projects and are considered to meet the Group\u2019s definition
of non\u2011underlying items.
2.11 Research and development costs
Research costs are expensed as incurred. Development costs 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00426": { "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\u2011in\u2011use. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00427": { "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\u2011line 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
2 to 20 years
Licences
10 years
Development costs
4 to 10 years
2.10 Software as a Service
(
SaaS
)
Under SaaS 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 would be capitalised as software within intangible assets; and
\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\u2011underlying items in the income statement
if they relate to significant strategic projects and are considered to meet the Group\u2019s definition
of non\u2011underlying items.
2.11 Research and development costs
Research costs are expensed as incurred. Development costs 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00428": { "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\u2011translated 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\u2011monetary 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00429": { "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\u2011translated 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00430": { "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\u2011cash 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\u2011volume
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 judgement 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00431": { "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\u2011cash 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\u2011volume
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00432": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00433": { "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 when the deferred tax liability or deferred tax asset arises from the initial recognition of goodwill or
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 and does not give rise to
equal taxable and deductible temporary differences;
\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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00434": { "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 when the deferred tax liability or deferred tax asset arises from the initial recognition of goodwill or
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 and does not give rise to
equal taxable and deductible temporary differences;
\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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00435": { "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\u2011line 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00470": { "value": "Depreciation is provided on the cost less residual value of property, plant and equipment, and is
on a straight\u2011line 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00471": { "value": "2.11 Research and development costs
Research costs are expensed as incurred. Development costs 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00472": { "value": "2.12 Assets classified as held-for-sale
Assets classified as held\u2011for\u2011sale are measured at the lower of carrying amount and fair value less
costs to sell. Assets are classified as held\u2011for\u2011sale 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00473": { "value": "2.12 Assets classified as held-for-sale
Assets classified as held\u2011for\u2011sale are measured at the lower of carrying amount and fair value less
costs to sell. Assets are classified as held\u2011for\u2011sale 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00474": { "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 Cash Generating Unit
(
CGU
)
is the higher of
its fair value less costs to sell and its value\u2011in\u2011use, 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\u2011in\u2011use, the
estimated future pre\u2011tax cash flows are mid\u2011year discounted to their present value using a pre\u2011tax
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\u2011term 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\u2011looking factors specific to
the receivables and the economic environment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00475": { "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 Cash Generating Unit
(
CGU
)
is the higher of
its fair value less costs to sell and its value\u2011in\u2011use, 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\u2011in\u2011use, the
estimated future pre\u2011tax cash flows are mid\u2011year discounted to their present value using a pre\u2011tax
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\u2011term 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00476": { "value": "2.14 Leasing
Right-of-use assets
The Group recognises right\u2011of\u2011use assets at the commencement date of the lease
(
i.e. the date
the underlying asset is available for use
)
. Right\u2011of\u2011use assets are measured at cost, less any
accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease
liabilities. The cost of right\u2011of\u2011use 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\u2011of\u2011use assets are depreciated
on a straight\u2011line basis over the shorter of their expected useful life and the lease term. Right\u2011of\u2011use
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\u2011substance 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\u2011term lease recognition exemption to its short\u2011term 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\u2011value
assets recognition exemption to leases that are considered of low value. Lease payments on
short\u2011term leases and leases of low\u2011value assets are recognised as an expense on a straight\u2011line
basis over the lease term.
Determining the lease term of contracts with renewal options
The Group determines the lease term as the non\u2011cancellable 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\u2011assesses 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00477": { "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\u2011looking 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\u2011bearing 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 is
provided in Note 29.2.19 Cash and short-term deposits Cash and short\u2011term deposits consist of cash at bank and in hand.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00478": { "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\u2011looking 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 is
provided in Note 29.2.19 Cash and short-term deposits Cash and short\u2011term deposits consist of cash at bank and in hand.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00479": { "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\u2011looking factors specific to
the receivables and the economic environment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00480": { "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\u2011bearing 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 is
provided in Note 29.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00481": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00482": { "value": "Loans and borrowings
After initial recognition, interest\u2011bearing 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00483": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00484": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00485": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00486": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00487": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00488": { "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 is
provided in Note 29.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00489": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00490": { "value": "2.19 Cash and short-term deposits Cash and short\u2011term deposits consist of cash at bank and in hand.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00491": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00492": { "value": "2.22 Share-based payments
In the case of equity\u2011settled 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\u2011vesting conditions
)
upon which the options were granted. Non\u2011market 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\u2011settled transactions where vesting is conditional upon a market or non\u2011vesting condition,
which are treated as vesting irrespective of whether or not the market or non\u2011vesting 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00493": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00494": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00551": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00348": { "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 2025 and 2024
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.
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 judgement 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.
3.1.3 Classification of underlying versus non-underlying
The Group presents as non\u2011underlying those items of income and expense which, because of the
nature and expected infrequency of the events giving rise to them, merit separate presentation to
provide a better and more consistent indication of the Group\u2019s financial performance in the period.
This assessment requires judgement as to whether an item is non\u2011recurring or outside the normal
course of business.
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\u2011financial 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\u2011in\u2011use calculation, using a cash
flow model with mid\u2011year 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.
3.3 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 2025.
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\u2011related 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\u2011life intangibles are impaired, are consistent with the climate\u2011related risk assumptions
and the actions being taken to mitigate against those risks.", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00347": { "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 2025 and 2024 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. 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 judgement 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. 3.1.3 Classification of underlying versus non-underlying The Group presents as non\u2011underlying those items of income and expense which, because of the nature and expected infrequency of the events giving rise to them, merit separate presentation to provide a better and more consistent indication of the Group\u2019s financial performance in the period. This assessment requires judgement as to whether an item is non\u2011recurring or outside the normal course of business. 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\u2011financial 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\u2011in\u2011use calculation, using a cash flow model with mid\u2011year 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. 3.3 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 2025. 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\u2011related 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\u2011life intangibles are impaired, are consistent with the climate\u2011related risk assumptions and the actions being taken to mitigate against those risks.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00346": { "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 2025 and 2024
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.
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 judgement 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.
3.1.3 Classification of underlying versus non-underlying
The Group presents as non\u2011underlying those items of income and expense which, because of the
nature and expected infrequency of the events giving rise to them, merit separate presentation to
provide a better and more consistent indication of the Group\u2019s financial performance in the period.
This assessment requires judgement as to whether an item is non\u2011recurring or outside the normal
course of business.
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\u2011financial 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\u2011in\u2011use calculation, using a cash
flow model with mid\u2011year 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.
3.3 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 2025.
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\u2011related 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\u2011life intangibles are impaired, are consistent with the climate\u2011related risk assumptions
and the actions being taken to mitigate against those risks.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00349": { "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.18. Acquisitions
Monodraught
On 29 August 2025, the Group acquired 100% of the voting rights and shares of Monodraught Topco
Limited
(
\u2018Monodraught\u2019
)
, a market leading solutions business who design, manufacture and
maintain sustainable ventilation systems, for an enterprise value of \u00a355.6m on a debt\u2011free and
cash\u2011free basis, fully funded via the Group\u2019s existing debt facilities. Monodraught is a leading
provider of commercial ventilation solutions in the UK, with advanced controls and data
management capability focused on the UK education sector.
Monodraught joined the CMS Business Unit, sitting alongside the Group\u2019s existing CMS brands of
Nuaire, Domus, Nu\u2011Heat and Adey to drive commercial scale and market access, with synergies
arising from the acquisition being able to be applied to Nuaire immediately
(
e.g. utilising
Monodraught\u2019s controls capability
)
and in the medium term to interoperable cash\u2011generating
solutions across CMS as part of the new CMS Connected Solutions operational and go\u2011to\u2011market
model.
The acquisition significantly enhanced the Group\u2019s capability in service provision, controls and data
management, bringing additional innovation capability to CMS. This has accelerated the
development of integrated heating and cooling solutions across the Group\u2019s portfolio and
underpinned the significant growth opportunities across CMS, driven by environmental and
regulatory tailwinds, consistent with the Group\u2019s strategic focus on segments that provide above\u2011
market growth rates.
The cash consideration amounted to \u00a358.9m, which included an initial cash payment on acquisition
of \u00a357.4m and further cash payments post\u2011acquisition totalling \u00a31.5m
(
which were paid
pre\u201131 December 2025
)
. The initial cash payment on acquisition of \u00a357.4m was inclusive of the net
cash acquired on completion of \u00a32.8m, resulting in a net cash consideration of \u00a356.1m.
The provisional fair value of the identifiable assets and liabilities at the date of acquisition are as
follows::
Fair value
\u00a3m
Property, plant and equipment
0.8
Right\u2011of\u2011use assets
3.4
Intangible assets
18.5
Inventories
2.0
Trade and other receivables
4.7
Cash and cash equivalents
2.8
Corporation tax receivable
0.1
Deferred tax assets
0.4
Trade and other payables
(
1.8
)
Lease liabilities
(
3.0
)
Provisions
(
0.4
)
Deferred tax liabilities
(
4.6
)
Net identifiable assets
22.9
Goodwill on acquisition
36.0
Cash consideration
58.9
Customer relationships
(
\u00a311.6m
)
, customer order book
(
\u00a31.9m
)
, the Monodraught brand
(
\u00a31.8m
)
and
patents/technology
(
\u00a33.2m
)
have been recognised as specific intangible assets as a result of the
acquisition, along with a corresponding deferred tax liability of \u00a34.6m. The customer relationships
have been recognised with an estimated useful life of 13 years due to the strength of Monodraught\u2019s
relationships with key customers. The remaining intangible assets have been recognised with
estimated useful lives of between two and fifteen years, in line with Group policy and the
Monodraught business. Fair value adjustments principally relate to the recognition of intangible
assets and deferred tax arising on these adjustments.
The fair value of trade and other receivables was \u00a34.7m. The gross amount of trade and other
receivables was \u00a34.7m and it is expected that the full contractual amounts can be collected.
Post\u2011acquisition, Monodraught contributed \u00a36.2m of revenue, \u00a31.3m of operating profit and \u00a31.6m of
EBITDA, which were included in the Group income statement. If Monodraught had been acquired on
1 January 2025, the Group\u2019s results for the 12 months ended 31 December 2025 would have shown
revenue of \u00a3614.9m, underlying operating profit of \u00a396.6m and operating profit of \u00a370.2m.
Acquisition costs of \u00a31.7m were expensed and are included in non\u2011underlying items in administration
expenses, all of which were fully cash settled in the year.
Davidson Holdings
On 26 September 2025, the Group acquired 100% of the voting rights and shares of Davidson
Holdings Limited
(
\u2018Davidson\u2019
)
, a group of three businesses consisting of Woodley
(
Reading
)
, Talon
(
Gillingham
)
and Salamander
(
Sunderland
)
, for an enterprise value of \u00a349.0m on a debt\u2011free and
cash\u2011free basis, fully funded via the Group\u2019s existing debt facilities.
The key brands for each of the three businesses are as follows:
\u2013 Woodley: Cistermiser water saving sanitary solutions & Keraflo cold water tank control valves
\u2013 Talon: Talon pipe clips and fixings
\u2013 Salamander: Salamander shower and boosting pumps
These brands occupy leading market positions, primarily in the UK repair, maintenance and
improvement sectors of the residential and commercial segments and are sold through plumbing
and heating distributors and merchants. The businesses benefit from sustainability\u2011led growth
drivers and are increasingly focused on products and solutions that reduce water usage, consistent
with the Group\u2019s Sustainable Solutions for Growth strategy, and are in growing demand to address
scarcity of water supply due to climate change.
The acquisition increases the breadth of the Group\u2019s portfolio sold through merchant channels to
plumbing and heating engineers and commercial contractors. Growth synergies are anticipated
from leveraging the Group\u2019s broad routes to market and demand creation and specification selling
model, while productivity and cost synergies are expected to be unlocked from 2026 onwards via
the deployment of the Genuit Business System (GBS) and the utilisation of the Group\u2019s purchasing
scale.
Davidson joined the SBS Business Unit on acquisition, sitting alongside the Group\u2019s existing SBS
brands of Polypipe, MecFlow, Manthorpe, Effast and Terrain. From 1 January 2026, the Group will
report in the simplified structure of two Divisions and the Davidson businesses will report in the Water
Division, which represents the combination of the SBS and WMS Business Units.
The cash consideration amounted to \u00a360.6m, which included an initial cash payment on acquisition
of \u00a358.7m and further cash payments post\u2011acquisition totalling \u00a31.9m (which were paid pre\u201131
December 2025). The initial cash payment on acquisition of \u00a358.7m was inclusive of the net cash
acquired on completion of \u00a311.1m, resulting in a net cash consideration of \u00a349.5m.
Post\u2011acquisition, Davidson contributed \u00a37.4m of revenue, \u00a31.1m of operating profit and \u00a31.5m of
EBITDA, which were included in the Group income statement. If Davidson had been acquired on 1
January 2025, the Group\u2019s results for the 12 months ended 31 December 2025 would have shown
revenue of \u00a3625.6m, underlying operating profit of \u00a396.4m and operating profit of \u00a370.4m.
Acquisition costs of \u00a31.4m were expensed and are included in non\u2011underlying items in
administration expenses, all of which were fully cash settled in the year.
The provisional fair value of the identifiable assets and liabilities at the date of acquisition are as
follows:
\u00a0
Fair value
\u00a0
\u00a3m
Property, plant and equipment
1.7
Right\u2011of\u2011use assets
2.4
Intangible assets
29.3
Inventories
4.6
Trade and other receivables
7.5
Cash and cash equivalents
11.1
Trade and other payables
(
8.0
)
Lease liabilities
(
1.7
)
Provisions
(
0.8
)
Deferred tax liabilities
(
7.6
)
Net identifiable assets
38.5
Goodwill on acquisition
22.1
Cash consideration
60.6
\n
Customer relationships
(
\u00a323.8m
)
and the key Davidson brands
(
\u00a35.5m
)
have been recognised as
specific intangible assets as a result of this acquisition, along with a corresponding deferred tax
liability of \u00a37.3m. The customer relationships have been recognised with an estimated useful life of 19
years due to the strength of Davidson\u2019s relationships with key customers. The brand name intangible
assets have been recognised with an estimated useful life of 15 years, in line with Group policy and
the Davidson businesses. Fair value adjustments principally relate to the recognition of these
intangible assets
(
and the corresponding deferred tax liability
)
and the fair value uplift of inventories
on acquisition of \u00a31.2m, along with the deferred tax liability arising on this adjustment of \u00a30.3m.
The fair value of trade and other receivables was \u00a37.5m. The gross amount of trade and other
receivables was \u00a37.5m and it is expected that the full contractual amounts can be collected.
If Monodraught and Davidson had been acquired on 1 January 2025, the Group\u2019s results for the
12 months ended 31 December 2025 would have shown revenue of \u00a3638.4m, underlying operating
profit of \u00a398.6m and operating profit of \u00a370.9m.
Acquisition related cash flows comprised:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Operating cash flows \u2013 settlement of acquisition costs
\u00a0\u00a0
Monodraught
1.7
\u2013
Davidson Holdings
1.4
\u2013
Sky Garden
\u2013
0.3
Genuit UFH
\u2013
0.1
Plura
\u2013
6.5
Other
\u2013
0.7
\u00a0
3.1
7.6
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Investing cash flows \u2013 settlement of deferred
\u00a0 \u00a0
and contingent consideration
\u00a0 \u00a0
Plura
\u2013
1.6
\u00a0
\u2013
1.6
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Investing cash flows \u2013 acquisition of businesses
\u00a0 \u00a0
net of cash at acquisition
\u00a0 \u00a0
Monodraught
56.1
\u2013
Davidson Holdings
49.5
\u2013
Sky Garden
\u2013
2.2
Genuit UFH
\u2013
3.0
\u00a0
105.6
5.2
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00350": { "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 judgement 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.
The Group\u2019s operating segments are aligned with the Group\u2019s Sustainable Solutions for Growth
strategy, comprising 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. The Group\u2019s reporting segments are its
operating segments, so no aggregation has been performed under IFRS 8 to arrive at reportable
segments. Inter\u2011segment sales are on an arm\u2019s length basis in a manner similar to transactions with
third parties. \u2018Other\u2019 segments relates to Polypipe Italia SRL which did not form part of the Group\u2019s
strategic Business Units in 2024 and 2025 but will form part of the Water Division for 2026 onwards.
\u00a0
2025
\u00a0
Climate
Water
Sustainable
\u00a0 \u00a0
\u00a0
Management
Management
Building
\u00a0 \u00a0
\u00a0
Solutions
Solutions
Solutions
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segmental revenue
180.2
188.1
267.4
8.1
643.8
Inter\u2011segment revenue
(
1.3
)
(
18.6
)
(
20.6
)
(
1.2
)
(
41.7
)
Revenue
178.9
169.5
246.8
6.9
602.1
Underlying operating profit*
24.4
9.6
59.9
0.5
94.4
Non\u2011underlying items \u2013 segmental
(
12.4
)
(
5.3
)
(
3.0
)
\u2013
(
20.7
)
Non\u2011underlying items \u2013 Group
\u00a0 \u00a0 \u00a0 \u00a0
(
4.0
)
Segmental operating profit
12.0
4.3
56.9
0.5
69.7
Finance costs
\u00a0 \u00a0 \u00a0 \u00a0
(
12.4
)
Finance revenue
\u00a0 \u00a0 \u00a0 \u00a0
0.9
Profit before tax
\u00a0 \u00a0 \u00a0 \u00a0
58.2
\n
*
Underlying operating profit is stated before non\u2011underlying items as defined in the Group Accounting Policies on page 189
and is the measure of segmental profit used by the Group\u2019s CODM. Details of the non\u2011underlying items of \u00a324.7m (2024: \u00a333.0m)
are set out below at non\u2011underlying items before tax.
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\u2011segment 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\u2011underlying items \u2013 segmental
(
24.9
)
(
0.2
)
(
1.7
)
\u2013
(
26.8
)
Non\u2011underlying items \u2013 Group
(
6.2
)
Segmental operating profit
(
0.9
)
13.4
52.7
0.2
59.2
Finance costs
(
12.9
)
Finance revenue
\u2013
Profit before tax
46.3
*
Underlying operating profit is stated before non\u2011underlying items as defined in the Group Accounting Policies on page 189
and is the measure of segmental profit used by the Group\u2019s CODM. Details of the non\u2011underlying items of \u00a324.7m (2024: \u00a333.0m)
are set out below at non\u2011underlying items before tax.
Property, plant and equipment additions
2025
2024
\u00a3m
\u00a3m
Climate Management Solutions
2.2
3.2
Water Management Solutions
8.9
8.3
Sustainable Building Solutions
14.9
12.6
Other
1.6
1.5
Total \u2013 Group
27.6
25.6
Right-of-use asset additions
2025
2024
\u00a3m
\u00a3m
Climate Management Solutions
1.8
0.8
Water Management Solutions
1.4
5.9
Sustainable Building Solutions
1.0
5.0
Other
0.3
1.3
Total \u2013 Group
4.5
13.0
Depreciation of property, plant and equipment
2025
2024
\u00a3m
\u00a3m
Climate Management Solutions
2.7
2.7
Water Management Solutions
5.9
3.9
Sustainable Building Solutions
12.1
12.2
Other
0.3
0.4
Total \u2013 Group
21.0
19.2
Depreciation of right-of-use assets
2025
2024
\u00a3m
\u00a3m
Climate Management Solutions
1.7
1.6
Water Management Solutions
2.5
2.2
Sustainable Building Solutions
2.9
2.9
Other
0.6
0.4
Total \u2013 Group
7.7
7.1
Non-underlying items before tax
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Climate Management Solutions:
\u00a0 \u00a0
Impairment of goodwill
\u2013
12.4
Amortisation of intangible assets
10.0
12.2
Restructuring costs
1.8
0.2
Acquisition related costs
0.2
0.4
Profit on disposal of property, plant and equipment
\u2013
(
0.3
)
Unwind of inventory fair value adjustment
0.4
\u2013
Water Management Solutions:
\u00a0 \u00a0
Amortisation of intangible assets
1.7
0.5
Restructuring costs
2.1
0.9
Impairment of right\u2011of\u2011use property
0.2
\u2013
Impairment of intangible assets held\u2011for\u2011sale
1.2
\u2013
Product liability claim
(
0.2
)
0.1
Impairment of property, plant and equipment held\u2011for\u2011sale
0.3
\u2013
Profit on disposal of property, plant and equipment
\u2013
(
1.3
)
Sustainable Building Solutions:
\u00a0 \u00a0
Amortisation of intangible assets
2.0
1.7
Restructuring costs
1.0
0.9
Acquisition related costs
0.4
\u2013
Employment matters
\u2013
(
1.2
)
Unwind of inventory fair value adjustment
1.1
\u2013
(
Profit
)
on disposal of property, plant and equipment
(
1.5
)
\u2013
Other
\u2013
0.3
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Total \u2013 segmental
20.7
26.8
Other \u2013 restructuring costs
\u2013
0.1
Group \u2013 restructuring costs
0.2
0.9
Group \u2013 acquisition related costs
2.5
0.6
Group \u2013 loss on disposal of property, plant and equipment
\u2013
0.3
Group \u2013 systems and process transformation costs
1.3
\u2013
Group \u2013 supplier software dispute
-
4.3
Total \u2013 Group
24.7
33.0
\n
Geographical analysis
\u00a0
2025
2024
Revenue by destination
\u00a3m
\u00a3m
UK
536.4
499.3
Rest of Europe
35.7
32.9
Rest of World
30.0
29.1
Total \u2013 Group
602.1
561.3
\u00a0
31 December
31 December
\u00a0
2025
2024
Non-current assets
\u00a3m
\u00a3m
UK
883.3
781.3
Rest of Europe
10.2
9.6
Total \u2013 Group
893.5
790.9
\n
Non\u2011current assets for this purpose consist of property, plant and equipment, right\u2011of\u2011use assets,
goodwill and other intangible assets.
The Group had two customers
(
2024: one
)
which individually accounted for more than 10% of the
Group\u2019s total net revenue during 2025. These customers individually contributed 10.7% and 10.1% of
total Group revenue across the CMS, WMS and SBS segments.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00351": { "value": "3.2.1 Impairment of non-financial assets
Non\u2011financial 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\u2011in\u2011use calculation, using a cash
flow model with mid\u2011year 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
Goodwill is not amortised but is subject to annual impairment testing. Goodwill has been allocated
for impairment testing purposes to a number of Cash Generating Units
(
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:
\u00a0
31 December
31 December
\u00a0
2025
2024
CGU
\u00a3m
\u00a3m
Building Services & International
39.9
33.6
Infrastructure & Landscape
45.9
45.9
Residential Systems
185.4
169.6
CMS
233.2
\u2013
Others
5.2
5.3
Climate & Ventilation
\u2013
93.7
Nu\u2011Heat
\u2013
20.3
Adey
\u2013
83.1
\u00a0
509.6
451.5
\n
Following the internal announcement of a CMS organisational change, management reviewed the
Group\u2019s CGUs and determined that the CMS Business Unit, which consists of the following CGUs to
which goodwill is allocated \u2013 Climate & Ventilation, Nu\u2011Heat and Adey \u2013 is, effective from
1 November 2025, the lowest level in the Group at which this goodwill is monitored for internal
management purposes in accordance with the requirements of IAS 36. As such, the goodwill of the
entities allocated to these CGUs, including that arising on the acquisition of Monodraught, has been
reported in the newly combined CMS CGU for the year ended 31 December 2025.
An impairment test as at 31 October 2025, immediately prior to the creation of the new CMS CGU,
was performed for all existing CGUs that included CMS entities, and no impairments were identified.
The goodwill arising on the Monodraught acquisition of \u00a336.0m primarily represents the assembled
workforce, technical expertise, market share and expected synergies with other Group companies in
the CMS Business Unit. The goodwill was initially allocated to the Climate & Ventilation CGU, which, as
explained above, has since been combined with Nu\u2011Heat and Adey to form the CMS CGU grouping
with effect from 1 November 2025.
The goodwill arising on the Davidson acquisition of \u00a322.1m, which primarily represents the assembled
workforce, technical expertise and market share, has been allocated to two existing CGUs as follows:
Talon and Salamander
(
\u00a36.8m and \u00a39.0m of goodwill respectively
)
\n
have been allocated to the
Residential Systems CGU, and Woodley
(
\u00a36.3m of goodwill
)
has been allocated to the Building
Services & International CGU. The Group determined that it was appropriate to allocate the goodwill
to these CGUs on the basis that these are the CGUs expected to benefit from the synergies of the
acquisition and represent the lowest levels within the Group at which the respective goodwill arising
from the acquisition is monitored for internal management purposes in accordance with the
requirements of IAS 36.
Key assumptions used for value\u2011in\u2011use calculations are as follows:
The recoverable amounts of all CGUs are determined from value\u2011in\u2011use calculations, being the net
present value of future pre\u2011tax cash flows, discounted at a mid\u2011year position, covering a five\u2011year
period. These pre\u2011tax cash flows are based on budgeted cash flow information for a period of one
year, and Board\u2011approved management forecast growth of between 3.0% and 21.2% for years two
to five
(
2024: 4.0% and 31.2%
)
. Terminal growth rate of 2.0%
(
2024: 2.0% to 2.4%
)
has been applied
beyond this, based on historical macroeconomic performance and projections of the sector served
by the CGUs. A pre\u2011tax discount rate of 14.1%
(
2024: 13.8%
)
has been applied in determining the
recoverable amounts of the CGUs. The pre\u2011tax discount rate is estimated based on the Group\u2019s risk
adjusted cost of capital.
When assessing for impairment of goodwill, management have considered the impact of climate
change, particularly in the context of the risks and opportunities identified within the Task Force on
Climate\u2011Related Financial Disclosures Report on pages 46 to 58 of the Strategic Report, and have
not identified any material short\u2011term 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 all the
CGUs.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00353": { "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 is assessing the impact of the new
standard on the consolidated financial statements of the Group in future periods, however no
material changes are anticipated. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00352": { "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 is assessing the impact of the new
standard on the consolidated financial statements of the Group in future periods, however no
material changes are anticipated. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00357": { "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.
The Group\u2019s operating segments are aligned with the Group\u2019s Sustainable Solutions for Growth
strategy, comprising 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. The Group\u2019s reporting segments are its
operating segments, so no aggregation has been performed under IFRS 8 to arrive at reportable
segments. Inter\u2011segment sales are on an arm\u2019s length basis in a manner similar to transactions with
third parties. \u2018Other\u2019 segments relates to Polypipe Italia SRL which did not form part of the Group\u2019s
strategic Business Units in 2024 and 2025 but will form part of the Water Division for 2026 onwards.
\u00a0
2025
\u00a0
Climate
Water
Sustainable
\u00a0 \u00a0
\u00a0
Management
Management
Building
\u00a0 \u00a0
\u00a0
Solutions
Solutions
Solutions
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segmental revenue
180.2
188.1
267.4
8.1
643.8
Inter\u2011segment revenue
(
1.3
)
(
18.6
)
(
20.6
)
(
1.2
)
(
41.7
)
Revenue
178.9
169.5
246.8
6.9
602.1
Underlying operating profit*
24.4
9.6
59.9
0.5
94.4
Non\u2011underlying items \u2013 segmental
(
12.4
)
(
5.3
)
(
3.0
)
\u2013
(
20.7
)
Non\u2011underlying items \u2013 Group
\u00a0 \u00a0 \u00a0 \u00a0
(
4.0
)
Segmental operating profit
12.0
4.3
56.9
0.5
69.7
Finance costs
\u00a0 \u00a0 \u00a0 \u00a0
(
12.4
)
Finance revenue
\u00a0 \u00a0 \u00a0 \u00a0
0.9
Profit before tax
\u00a0 \u00a0 \u00a0 \u00a0
58.2
\n
*
Underlying operating profit is stated before non\u2011underlying items as defined in the Group Accounting Policies on page 189
and is the measure of segmental profit used by the Group\u2019s CODM. Details of the non\u2011underlying items of \u00a324.7m (2024: \u00a333.0m)
are set out below at non\u2011underlying items before tax.
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\u2011segment 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\u2011underlying items \u2013 segmental
(
24.9
)
(
0.2
)
(
1.7
)
\u2013
(
26.8
)
Non\u2011underlying items \u2013 Group
(
6.2
)
Segmental operating profit
(
0.9
)
13.4
52.7
0.2
59.2
Finance costs
(
12.9
)
Finance revenue
\u2013
Profit before tax
46.3
*
Underlying operating profit is stated before non\u2011underlying items as defined in the Group Accounting Policies on page 189
and is the measure of segmental profit used by the Group\u2019s CODM. Details of the non\u2011underlying items of \u00a324.7m (2024: \u00a333.0m)
are set out below at non\u2011underlying items before tax.
Property, plant and equipment additions
2025
2024
\u00a3m
\u00a3m
Climate Management Solutions
2.2
3.2
Water Management Solutions
8.9
8.3
Sustainable Building Solutions
14.9
12.6
Other
1.6
1.5
Total \u2013 Group
27.6
25.6
Right-of-use asset additions
2025
2024
\u00a3m
\u00a3m
Climate Management Solutions
1.8
0.8
Water Management Solutions
1.4
5.9
Sustainable Building Solutions
1.0
5.0
Other
0.3
1.3
Total \u2013 Group
4.5
13.0
Depreciation of property, plant and equipment
2025
2024
\u00a3m
\u00a3m
Climate Management Solutions
2.7
2.7
Water Management Solutions
5.9
3.9
Sustainable Building Solutions
12.1
12.2
Other
0.3
0.4
Total \u2013 Group
21.0
19.2
Depreciation of right-of-use assets
2025
2024
\u00a3m
\u00a3m
Climate Management Solutions
1.7
1.6
Water Management Solutions
2.5
2.2
Sustainable Building Solutions
2.9
2.9
Other
0.6
0.4
Total \u2013 Group
7.7
7.1
Non-underlying items before tax
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Climate Management Solutions:
\u00a0 \u00a0
Impairment of goodwill
\u2013
12.4
Amortisation of intangible assets
10.0
12.2
Restructuring costs
1.8
0.2
Acquisition related costs
0.2
0.4
Profit on disposal of property, plant and equipment
\u2013
(
0.3
)
Unwind of inventory fair value adjustment
0.4
\u2013
Water Management Solutions:
\u00a0 \u00a0
Amortisation of intangible assets
1.7
0.5
Restructuring costs
2.1
0.9
Impairment of right\u2011of\u2011use property
0.2
\u2013
Impairment of intangible assets held\u2011for\u2011sale
1.2
\u2013
Product liability claim
(
0.2
)
0.1
Impairment of property, plant and equipment held\u2011for\u2011sale
0.3
\u2013
Profit on disposal of property, plant and equipment
\u2013
(
1.3
)
Sustainable Building Solutions:
\u00a0 \u00a0
Amortisation of intangible assets
2.0
1.7
Restructuring costs
1.0
0.9
Acquisition related costs
0.4
\u2013
Employment matters
\u2013
(
1.2
)
Unwind of inventory fair value adjustment
1.1
\u2013
(
Profit
)
on disposal of property, plant and equipment
(
1.5
)
\u2013
Other
\u2013
0.3
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Total \u2013 segmental
20.7
26.8
Other \u2013 restructuring costs
\u2013
0.1
Group \u2013 restructuring costs
0.2
0.9
Group \u2013 acquisition related costs
2.5
0.6
Group \u2013 loss on disposal of property, plant and equipment
\u2013
0.3
Group \u2013 systems and process transformation costs
1.3
\u2013
Group \u2013 supplier software dispute
-
4.3
Total \u2013 Group
24.7
33.0
\n
Geographical analysis
\u00a0
2025
2024
Revenue by destination
\u00a3m
\u00a3m
UK
536.4
499.3
Rest of Europe
35.7
32.9
Rest of World
30.0
29.1
Total \u2013 Group
602.1
561.3
\u00a0
31 December
31 December
\u00a0
2025
2024
Non-current assets
\u00a3m
\u00a3m
UK
883.3
781.3
Rest of Europe
10.2
9.6
Total \u2013 Group
893.5
790.9
\n
Non\u2011current assets for this purpose consist of property, plant and equipment, right\u2011of\u2011use assets,
goodwill and other intangible assets.
The Group had two customers
(
2024: one
)
which individually accounted for more than 10% of the
Group\u2019s total net revenue during 2025. These customers individually contributed 10.7% and 10.1% of
total Group revenue across the CMS, WMS and SBS segments.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00354": { "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.
The Group\u2019s operating segments are aligned with the Group\u2019s Sustainable Solutions for Growth
strategy, comprising 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. The Group\u2019s reporting segments are its
operating segments, so no aggregation has been performed under IFRS 8 to arrive at reportable
segments. Inter\u2011segment sales are on an arm\u2019s length basis in a manner similar to transactions with
third parties. \u2018Other\u2019 segments relates to Polypipe Italia SRL which did not form part of the Group\u2019s
strategic Business Units in 2024 and 2025 but will form part of the Water Division for 2026 onwards.
\u00a0
2025
\u00a0
Climate
Water
Sustainable
\u00a0 \u00a0
\u00a0
Management
Management
Building
\u00a0 \u00a0
\u00a0
Solutions
Solutions
Solutions
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segmental revenue
180.2
188.1
267.4
8.1
643.8
Inter\u2011segment revenue
(
1.3
)
(
18.6
)
(
20.6
)
(
1.2
)
(
41.7
)
Revenue
178.9
169.5
246.8
6.9
602.1
Underlying operating profit*
24.4
9.6
59.9
0.5
94.4
Non\u2011underlying items \u2013 segmental
(
12.4
)
(
5.3
)
(
3.0
)
\u2013
(
20.7
)
Non\u2011underlying items \u2013 Group
\u00a0 \u00a0 \u00a0 \u00a0
(
4.0
)
Segmental operating profit
12.0
4.3
56.9
0.5
69.7
Finance costs
\u00a0 \u00a0 \u00a0 \u00a0
(
12.4
)
Finance revenue
\u00a0 \u00a0 \u00a0 \u00a0
0.9
Profit before tax
\u00a0 \u00a0 \u00a0 \u00a0
58.2
\n
*
Underlying operating profit is stated before non\u2011underlying items as defined in the Group Accounting Policies on page 189
and is the measure of segmental profit used by the Group\u2019s CODM. Details of the non\u2011underlying items of \u00a324.7m (2024: \u00a333.0m)
are set out below at non\u2011underlying items before tax.
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\u2011segment 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\u2011underlying items \u2013 segmental
(
24.9
)
(
0.2
)
(
1.7
)
\u2013
(
26.8
)
Non\u2011underlying items \u2013 Group
(
6.2
)
Segmental operating profit
(
0.9
)
13.4
52.7
0.2
59.2
Finance costs
(
12.9
)
Finance revenue
\u2013
Profit before tax
46.3
*
Underlying operating profit is stated before non\u2011underlying items as defined in the Group Accounting Policies on page 189
and is the measure of segmental profit used by the Group\u2019s CODM. Details of the non\u2011underlying items of \u00a324.7m (2024: \u00a333.0m)
are set out below at non\u2011underlying items before tax.
Property, plant and equipment additions
2025
2024
\u00a3m
\u00a3m
Climate Management Solutions
2.2
3.2
Water Management Solutions
8.9
8.3
Sustainable Building Solutions
14.9
12.6
Other
1.6
1.5
Total \u2013 Group
27.6
25.6
Right-of-use asset additions
2025
2024
\u00a3m
\u00a3m
Climate Management Solutions
1.8
0.8
Water Management Solutions
1.4
5.9
Sustainable Building Solutions
1.0
5.0
Other
0.3
1.3
Total \u2013 Group
4.5
13.0
Depreciation of property, plant and equipment
2025
2024
\u00a3m
\u00a3m
Climate Management Solutions
2.7
2.7
Water Management Solutions
5.9
3.9
Sustainable Building Solutions
12.1
12.2
Other
0.3
0.4
Total \u2013 Group
21.0
19.2
Depreciation of right-of-use assets
2025
2024
\u00a3m
\u00a3m
Climate Management Solutions
1.7
1.6
Water Management Solutions
2.5
2.2
Sustainable Building Solutions
2.9
2.9
Other
0.6
0.4
Total \u2013 Group
7.7
7.1
Non-underlying items before tax
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Climate Management Solutions:
\u00a0 \u00a0
Impairment of goodwill
\u2013
12.4
Amortisation of intangible assets
10.0
12.2
Restructuring costs
1.8
0.2
Acquisition related costs
0.2
0.4
Profit on disposal of property, plant and equipment
\u2013
(
0.3
)
Unwind of inventory fair value adjustment
0.4
\u2013
Water Management Solutions:
\u00a0 \u00a0
Amortisation of intangible assets
1.7
0.5
Restructuring costs
2.1
0.9
Impairment of right\u2011of\u2011use property
0.2
\u2013
Impairment of intangible assets held\u2011for\u2011sale
1.2
\u2013
Product liability claim
(
0.2
)
0.1
Impairment of property, plant and equipment held\u2011for\u2011sale
0.3
\u2013
Profit on disposal of property, plant and equipment
\u2013
(
1.3
)
Sustainable Building Solutions:
\u00a0 \u00a0
Amortisation of intangible assets
2.0
1.7
Restructuring costs
1.0
0.9
Acquisition related costs
0.4
\u2013
Employment matters
\u2013
(
1.2
)
Unwind of inventory fair value adjustment
1.1
\u2013
(
Profit
)
on disposal of property, plant and equipment
(
1.5
)
\u2013
Other
\u2013
0.3
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Total \u2013 segmental
20.7
26.8
Other \u2013 restructuring costs
\u2013
0.1
Group \u2013 restructuring costs
0.2
0.9
Group \u2013 acquisition related costs
2.5
0.6
Group \u2013 loss on disposal of property, plant and equipment
\u2013
0.3
Group \u2013 systems and process transformation costs
1.3
\u2013
Group \u2013 supplier software dispute
-
4.3
Total \u2013 Group
24.7
33.0
\n
Geographical analysis
\u00a0
2025
2024
Revenue by destination
\u00a3m
\u00a3m
UK
536.4
499.3
Rest of Europe
35.7
32.9
Rest of World
30.0
29.1
Total \u2013 Group
602.1
561.3
\u00a0
31 December
31 December
\u00a0
2025
2024
Non-current assets
\u00a3m
\u00a3m
UK
883.3
781.3
Rest of Europe
10.2
9.6
Total \u2013 Group
893.5
790.9
\n
Non\u2011current assets for this purpose consist of property, plant and equipment, right\u2011of\u2011use assets,
goodwill and other intangible assets.
The Group had two customers
(
2024: one
)
which individually accounted for more than 10% of the
Group\u2019s total net revenue during 2025. These customers individually contributed 10.7% and 10.1% of
total Group revenue across the CMS, WMS and SBS segments.
6. Operating profit
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Income statement charges
\u00a0 \u00a0
Depreciation of property, plant and equipment
21.0
19.2
Depreciation of right\u2011of\u2011use assets
7.7
7.1
Cost of inventories recognised as an expense
264.4
251.1
Research and development costs expensed
7.6
7.4
Income statement credits
\u00a0 \u00a0
Research and development expenditure credit
1.6
1.5
\n
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:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Audit of the Company and Group\u2019s annual financial statements
\u2013
\u2013
Audit of the Company\u2019s subsidiaries
0.9
0.8
Total audit fees
0.9
0.8
\n
The Group paid the Company\u2019s auditor \u00a30.2m for audit\u2011related assurance services
(
2024: \u00a30.2m
)
.
8. Non-underlying items
Non\u2011underlying items comprised:
\u00a0
2025
2024
\u00a0
Gross
Tax
Net
Gross
Tax
Net
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost of sales:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Unwind of inventory fair value
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
adjustment
1.5
(
0.4
)
1.1
\u2013
\u2013
\u2013
Employment matters
\u2013
\u2013
\u2013
(
1.1
)
0.1
(
1.0
)
Product liability claim
(
0.2
)
0.1
(
0.1
)
0.1
\u2013
0.1
Administration expenses:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Restructuring costs
5.1
(
1.3
)
3.8
1.8
(
0.5
)
1.3
Acquisition related costs
3.1
\u2013
3.1
1.1
\u2013
1.1
Systems and process
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
transformation costs
1.3
(
0.4
)
0.9
1.1
(
0.3
)
0.8
Software supplier dispute
\u2013
\u2013
\u2013
4.3
(
1.1
)
3.2
Profit on disposal of property,
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
plant and equipment
(
1.5
)
0.5
(
1.0
)
(
1.1
)
\u2013
(
1.1
)
Amortisation of intangible
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
assets
13.7
(
3.4
)
10.3
14.4
(
3.6
)
10.8
Impairment of intangible
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
assets held-for-sale
1.2
(
0.3
)
0.9
\u2013
\u2013
\u2013
Impairment of property, plant
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
and equipment held-for-sale
0.3
(
0.1
)
0.2
\u2013
\u2013
\u2013
Impairment of right-of-use
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
property
0.2
\u2013
0.2
\u2013
\u2013
\u2013
Impairment of goodwill
\u2013
\u2013
\u2013
12.4
\u2013
12.4
Total non-underlying items
24.7
(
5.3
)
19.4
33.0
(
5.4
)
27.6
\n
The unwind of the inventory fair value adjustment relates to the fair value uplift of the inventory
acquired through the Monodraught and Davidson acquisitions that has been sold in the period
since acquisition.
In a prior year, provision was made for a product liability claim which in this year was settled. The
balance remaining has been credited back to non\u2011underlying items.
Restructuring costs incurred in both years are in relation to the reorganisation of the Group. The
Group had finished its review of its operating footprint which resulted in the closure of two sites and
other costs in the prior year. A new project was undertaken in the current year which was separate
to the original review resulting in further restructuring costs. This included the sale of two properties
which accounts for the profit on disposal of \u00a31.5m.
Acquisition related costs in the year ended 31 December 2025 relate to the acquisitions of
Monodraught and Davidson
(
2024: Sky Garden and Genuit UFH
)
, as well as costs associated with
other merger and acquisition activity.
Systems and process transformation costs relate to the design and configuration of software
projects that are significant and support the Group\u2019s medium\u2011term strategy. This includes those in
respect of the Group\u2011wide ERP implementation which commenced in the second half of the year
ending 31 December 2025.
During the year ended 31 December 2025, the Board approved a plan to sell Polydeck Limited, a
subsidiary of the Genuit Group. The assets and liabilities of the disposal group have been impaired
to fair value resulting in an impairment to plant and equipment of \u00a30.3m and intangible assets of
\u00a31.2m.
An impairment of \u00a30.2m has been recognised against a leased property that has been vacated in
the year; see Note 16.
Amortisation charged in both years relates to intangible assets arising on business combinations.
Prior\u2011year impairment of goodwill of \u00a312.4m related to a 2021 acquisition. No further impairment has
been identified in the current year.
In the prior year to 31 December 2024, the Group incurred a one\u2011off cost of \u00a34.3m in respect of a
dispute with a third party back\u2011office software supplier that was settled in that same year.
9. Staff costs
Staff costs
(
including Directors
)
comprised:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Wages and salaries
139.4
131.3
Social security costs
17.0
13.3
Other pension costs
9.1
6.3
\u00a0
165.5
150.9
\n
Redundancy and related staff costs arising from Group restructuring of \u00a34.3m
(
2024: \u00a31.1m
)
are
excluded from the above analysis and are included within non\u2011underlying restructuring costs
(
Note 8
)
.
The average monthly number of persons employed by the Group by segment was as follows:
\u00a0
2025
2024
Sustainable Building Solutions
1,445
1,435
Water Management Solutions
748
730
Climate Management Solutions
999
907
Other
163
149
Total \u2013 Group
3,355
3,221
\n
10. Directors\u2019 remuneration
Details of the Directors\u2019 remuneration are set out below:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Fees
0.5
0.5
Emoluments
1.7
2.2
Total
2.2
2.7
\n
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 \u00a30.3m
(
2024: \u00a30.4m
)
.
11. Finance revenue and costs
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Interest receivable on cash and cash equivalents
(
0.9
)
\u2013
Finance revenue
(
0.9
)
\u2013
Interest on bank borrowings
9.7
10.4
Debt issue cost amortisation
0.9
0.9
Un\u2011wind of discount on lease liabilities
1.8
1.6
Finance costs
12.4
12.9
\n
12. Income tax
(
a
)
Tax expense reported in the income statement
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Current income tax:
\u00a0 \u00a0
UK income tax
13.8
13.8
Overseas income tax
\u2013
0.1
Current income tax
13.8
13.9
Adjustment in respect of prior years
(
0.7
)
(
0.3
)
Total current income tax
13.1
13.6
Deferred income tax:
\u00a0 \u00a0
Origination and reversal of temporary differences
\u2013
(
0.7
)
Adjustment in respect of prior years
(
0.1
)
(
0.1
)
Total deferred income tax
(
0.1
)
(
0.8
)
Total tax expense reported in the income statement
13.0
12.8
\n
Details of the non\u2011underlying tax credit of \u00a35.3m
(
2024: \u00a35.4m
)
are set out in Note 8.
(
b
)
Reconciliation of the total tax expense
The Group has reported an effective tax rate of 22.3%
(
2024: 27.6%
)
for the year which is below the
standard rate of UK corporation tax of 25.0%
(
2024: 25.0%
)
.
The differences are explained as follows:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Accounting profit before tax
58.2
46.3
Accounting profit multiplied by the UK standard rate of income tax
\u00a0\u00a0
of 25.0%
(
2024: 25.0%
)
14.6
11.6
Expenses not deductible for income tax
1.3
2.6
Adjustment in respect of prior years
(
1.3
)
(
0.4
)
Effects of patent box
(
1.6
)
(
1.1
)
Effects of deferred tax not recognised
\u2013
(
0.8
)
Effects of other tax rates/credits
\u2013
0.9
Total tax expense reported in the income statement
13.0
12.8
\n
If the impact of non\u2011underlying items is excluded, the underlying income tax rate would be 22.1%
(
2024: 23.0%
)
.
(
c
)
Deferred income tax
The deferred income tax included in the Group balance sheet is as follows:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Deferred income tax liabilities
/(
assets
)
\u00a0 \u00a0
Short\u2011term timing differences:
\u00a0 \u00a0
\u2013 Deferred tax liability arising on acquired intangible assets
39.6
29.9
\u2013 Other short\u2011term timing differences
(
0.4
)
\u2013
Capital allowances in excess of depreciation
27.9
25.5
Share\u2011based payments
(
2.3
)
(
2.5
)
Tax losses
(
4.0
)
(
3.9
)
\u00a0
60.8
49.0
\n
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
)
Unrecognised tax losses
No deferred income tax has been recognised on non\u2011trading losses and other timing
differences of \u00a3nil
(
2024: \u00a30.3m
)
as the Directors do not consider that they will be utilised
in the foreseeable future.25. Share-based payments
Share options were granted by the Company under its various share option schemes as detailed in the table below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Exercise
31 December
\u00a0 \u00a0 \u00a0
Lapsed/
31 December
Date
\u00a0
\u00a0
price
2024
Granted
Dividend
Exercised
forfeited
2025
first
Expiry
\u00a0
\u00a3
Number
Number
Accrual
Number
Number
Number
exercisable
date
2014 Sharesave
(
granted 2021
)
5.78
80,501
\u2013
\u2013
\u2013
(
80,501
)
\u2013
01 December 2024
31 May 2025
2014 Sharesave
(
granted 2022
)
2.21
3,166,097
\u2013
\u2013
(
1,774,460
)
1
(
106,704
)
1,284,933
01 December 2025
31 May 2026
2014 Sharesave
(
granted 2023
)
2.60
878,186
\u2013
\u2013
(
7,568
)
2
(
61,791
)
808,827
01 December 2026
31 May 2027
2024 Sharesave
(
granted 2024
)
3.90
650,802
\u2013
\u2013
\u2013
(
310,875
)
339,927
01 December 2027
31 May 2028
2024 Sharesave
(
granted 2025
)
2.71
\u2013
2,315,512
\u2013
\u2013
(
57,769
)
2,257,743
01 December 2028
31 May 2029
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
9,381
\u2013
\u2013
(
1,493
)
3
\u2013
7,888
20 May 2024
20 May 2031
2014 LTIP
(
granted 22 April 2022
)
Nil
562,334
\u2013
\u2013
(
29,215
)
4
(
528,968
)
4,151
22 April 2025
22 April 2032
2014 LTIP
(
granted 13 July 2022
)
Nil
11,973
\u2013
\u2013
\u2013
(
10,976
)
997
13 July 2025
13 July 2032
2014 LTIP
(
granted 21 April 2023
)
Nil
1,003,300
\u2013
\u2013
\u2013
(
139,955
)
863,345
21 April 2026
21 April 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
859,573
\u2013
\u2013
\u2013
(
139,700
)
719,873
08 April 2027
08 April 2034
2024 LTIP
(
granted 11 April 2025
)
Nil
\u2013
1,194,929
\u2013
\u2013
(
59,072
)
1,135,857
11 April 2028
11 April 2035
Conditional share awards
(
granted 01 December 2023
)
Nil
36,734
\u2013
\u2013
(
35,163
)
5
(
1,571
)
\u2013
01 December 2025
31 May 2026
Conditional share awards
(
granted 01 December 2023
)
Nil
247,377
\u2013
\u2013
(
226,166
)
6
(
21,211
)
\u2013
01 December 2025
31 May 2026
Conditional share awards
(
granted 01 November 2024
)
Nil
26,886
\u2013
\u2013
\u2013
\u2013
26,886
01 November 2026
30 April 2027
Conditional share awards
(
granted 01 November 2025
)
Nil
\u2013
34,192
\u2013
\u2013
\u2013
34,192
01 November 2027
30 April 2028
DSBP
(
granted 22 April 2022
)
Nil
43,629
\u2013
\u2013
(
43,629
)
7
\u2013
\u2013
22 April 2024
22 April 2032
DSBP
(
granted 21 April 2023
)
Nil
26,713
\u2013
439
(
13,356
)
8
\u2013
13,796
21 April 2025
21 April 2033
DSBP
(
granted 08 April 2024
)
Nil
51,751
\u2013
1,708
\u2013
\u2013
53,459
08 April 2026
08 April 2034
DSBP
(
granted 11 April 2025
)
Nil
\u2013
79,490
5,252
\u2013
\u2013
84,742
11 April 2027
11 April 2035
\u00a0 \u00a0
7,802,928
3,624,123
7,399
(
2,131,050
)
(
1,519,093
)
7,784,307
\u00a0 \u00a0
\n
1.
The weighted average share price at the date of exercise of these options was \u00a33.30.
2.
The weighted average share price at the date of exercise of these options was \u00a33.55.
3.
The weighted average share price at the date of exercise of these options was \u00a33.59.
4.
The weighted average share price at the date of exercise of these options was \u00a33.64.
5.
The weighted average share price at the date of exercise of these options was \u00a33.30.
6.
The weighted average share price at the date of exercise of these options was \u00a33.30.
7.
The weighted average share price at the date of exercise of these options was \u00a33.92.
8.
The weighted average share price at the date of exercise of these options was \u00a33.55.
At 31 December 2025, 1,437,661
(
2024: 215,778
)
share options were exercisable at a weighted average
exercise price of \u00a31.98
(
2024: \u00a32.16
)
per share.
Sharesave Plan
Sharesave Plan options were granted to eligible employees on 14 October 2025 at an exercise
price of \u00a32.71 per share, a 20% discount to the average share price over the three business days
preceding the offer. Participating employees can exercise their options to purchase the shares
acquired through their savings plans at the option price after three years. These options have
an exercise date of December 2028 to May 2029.
Long-Term Incentive Plan
(
LTIP
)
LTIP options were awarded to a number of senior managers on 11 April 2025. These options
have an exercise date of April 2028 to April 2035. The vesting of each award is subject to the
satisfaction of certain performance criteria, of which 25% is based on cash conversion
(
the cash
conversion element
)
, 25% is based on sustainability performance
(
the sustainability element
)
and
50% is based on earnings per share
(
the EPS element
).
In addition, there is a Total Shareholder Return
(TSR) Modifier that impacts the number of options vesting under the non\u2011market based conditions.
Further details of the scheme are provided in the Annual Report on Remuneration.
Conditional Share Award
(
CSA
)
On 1 November 2025, several colleagues received conditional share awards in relation to
contributions to key strategic projects across the Group. The vesting of each award is based upon
continuous employment with the Group for the two\u2011year vesting period. These options have an
exercise date of November 2027 to April 2028.
Deferred Share Bonus Plan
(
DSBP
)
On 11 April 2025, the Executive Directors received an award of shares under the DSBP relating
to the 2024 annual bonus.
All these equity\u2011settled, share\u2011based payments are measured at fair value at the date of grant.
The fair value determined at the date of grant of the equity\u2011settled, share\u2011based payments
is expensed to the income statement on a straight\u2011line basis over the vesting period, based
on the Group\u2019s estimates of shares that will eventually vest, with a corresponding adjustment
to equity. Fair value for the Sharesave Plan options is measured by use of a Black\u2011Scholes model.
Fair value of the LTIP options is measured by use of a Monte Carlo model. The expected life used
in the models has been adjusted, based on management\u2019s best estimate for the effects of
non\u2011transferability, exercise restrictions and behavioural considerations.
The assumptions used for each share\u2011based payment were as follows:
Conditional
2014 LTIP
Share
2014
options
options
Sharesave
granted
granted
options
11 April
01 November
granted
2025
2025
2025
Share price at the date of grant
\u00a33.35
\u00a33.72
\u00a33.35
Exercise price
\u00a3nil
\u00a3nil
\u00a32.71
Shares under option
1,194,929
34,192
2,315,512
Vesting period
(
years
)
3.0
2.0
3.25
Expected volatility
34.4%
16.0%
16.0%
Median volatility of the comparator group
29.5%
n/a
n/a
Expected life
(
years
)
3.0
2.0
3.25
Risk free rate
3.8%
3.7%
3.7%
Dividend yield
3.7%
3.4%
3.4%
TSR performance of the Company at the date of grant
(15.3)%
n/a
n/a
Median TSR performance of the comparator group
at the date of grant
(14.0)%
n/a
n/a
Correlation
(
median
)
39.3%
n/a
n/a
Fair value per option
\u00a33.26
\u00a33.47
\u00a30.69
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Conditional
\u00a0
\u00a0
2014 LTIP
Share
2014
\u00a0
options
options
Sharesave
\u00a0
granted
granted
options
\u00a0
08 April
01 November
granted
\u00a0
2024
2024
2024
Share price at the date of grant
\u00a34.36
\u00a34.70
\u00a34.82
Exercise price
\u00a3nil
\u00a3nil
\u00a33.90
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
\u00a0 \u00a0 \u00a0
at the date of grant
5.7%
n/a
n/a
Correlation
(
median
)
39.2%
n/a
n/a
Fair value per option
\u00a34.57
\u00a34.43
\u00a31.20
\n
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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Share\u2011based payments charge for the year
2.5
2.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00356": { "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.
The Group\u2019s operating segments are aligned with the Group\u2019s Sustainable Solutions for Growth
strategy, comprising 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. The Group\u2019s reporting segments are its
operating segments, so no aggregation has been performed under IFRS 8 to arrive at reportable
segments. Inter\u2011segment sales are on an arm\u2019s length basis in a manner similar to transactions with
third parties. \u2018Other\u2019 segments relates to Polypipe Italia SRL which did not form part of the Group\u2019s
strategic Business Units in 2024 and 2025 but will form part of the Water Division for 2026 onwards.
\u00a0
2025
\u00a0
Climate
Water
Sustainable
\u00a0 \u00a0
\u00a0
Management
Management
Building
\u00a0 \u00a0
\u00a0
Solutions
Solutions
Solutions
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segmental revenue
180.2
188.1
267.4
8.1
643.8
Inter\u2011segment revenue
(
1.3
)
(
18.6
)
(
20.6
)
(
1.2
)
(
41.7
)
Revenue
178.9
169.5
246.8
6.9
602.1
Underlying operating profit*
24.4
9.6
59.9
0.5
94.4
Non\u2011underlying items \u2013 segmental
(
12.4
)
(
5.3
)
(
3.0
)
\u2013
(
20.7
)
Non\u2011underlying items \u2013 Group
\u00a0 \u00a0 \u00a0 \u00a0
(
4.0
)
Segmental operating profit
12.0
4.3
56.9
0.5
69.7
Finance costs
\u00a0 \u00a0 \u00a0 \u00a0
(
12.4
)
Finance revenue
\u00a0 \u00a0 \u00a0 \u00a0
0.9
Profit before tax
\u00a0 \u00a0 \u00a0 \u00a0
58.2
\n
*
Underlying operating profit is stated before non\u2011underlying items as defined in the Group Accounting Policies on page 189
and is the measure of segmental profit used by the Group\u2019s CODM. Details of the non\u2011underlying items of \u00a324.7m (2024: \u00a333.0m)
are set out below at non\u2011underlying items before tax.
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\u2011segment 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\u2011underlying items \u2013 segmental
(
24.9
)
(
0.2
)
(
1.7
)
\u2013
(
26.8
)
Non\u2011underlying items \u2013 Group
(
6.2
)
Segmental operating profit
(
0.9
)
13.4
52.7
0.2
59.2
Finance costs
(
12.9
)
Finance revenue
\u2013
Profit before tax
46.3
*
Underlying operating profit is stated before non\u2011underlying items as defined in the Group Accounting Policies on page 189
and is the measure of segmental profit used by the Group\u2019s CODM. Details of the non\u2011underlying items of \u00a324.7m (2024: \u00a333.0m)
are set out below at non\u2011underlying items before tax.
Property, plant and equipment additions
2025
2024
\u00a3m
\u00a3m
Climate Management Solutions
2.2
3.2
Water Management Solutions
8.9
8.3
Sustainable Building Solutions
14.9
12.6
Other
1.6
1.5
Total \u2013 Group
27.6
25.6
Right-of-use asset additions
2025
2024
\u00a3m
\u00a3m
Climate Management Solutions
1.8
0.8
Water Management Solutions
1.4
5.9
Sustainable Building Solutions
1.0
5.0
Other
0.3
1.3
Total \u2013 Group
4.5
13.0
Depreciation of property, plant and equipment
2025
2024
\u00a3m
\u00a3m
Climate Management Solutions
2.7
2.7
Water Management Solutions
5.9
3.9
Sustainable Building Solutions
12.1
12.2
Other
0.3
0.4
Total \u2013 Group
21.0
19.2
Depreciation of right-of-use assets
2025
2024
\u00a3m
\u00a3m
Climate Management Solutions
1.7
1.6
Water Management Solutions
2.5
2.2
Sustainable Building Solutions
2.9
2.9
Other
0.6
0.4
Total \u2013 Group
7.7
7.1
Non-underlying items before tax
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Climate Management Solutions:
\u00a0 \u00a0
Impairment of goodwill
\u2013
12.4
Amortisation of intangible assets
10.0
12.2
Restructuring costs
1.8
0.2
Acquisition related costs
0.2
0.4
Profit on disposal of property, plant and equipment
\u2013
(
0.3
)
Unwind of inventory fair value adjustment
0.4
\u2013
Water Management Solutions:
\u00a0 \u00a0
Amortisation of intangible assets
1.7
0.5
Restructuring costs
2.1
0.9
Impairment of right\u2011of\u2011use property
0.2
\u2013
Impairment of intangible assets held\u2011for\u2011sale
1.2
\u2013
Product liability claim
(
0.2
)
0.1
Impairment of property, plant and equipment held\u2011for\u2011sale
0.3
\u2013
Profit on disposal of property, plant and equipment
\u2013
(
1.3
)
Sustainable Building Solutions:
\u00a0 \u00a0
Amortisation of intangible assets
2.0
1.7
Restructuring costs
1.0
0.9
Acquisition related costs
0.4
\u2013
Employment matters
\u2013
(
1.2
)
Unwind of inventory fair value adjustment
1.1
\u2013
(
Profit
)
on disposal of property, plant and equipment
(
1.5
)
\u2013
Other
\u2013
0.3
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Total \u2013 segmental
20.7
26.8
Other \u2013 restructuring costs
\u2013
0.1
Group \u2013 restructuring costs
0.2
0.9
Group \u2013 acquisition related costs
2.5
0.6
Group \u2013 loss on disposal of property, plant and equipment
\u2013
0.3
Group \u2013 systems and process transformation costs
1.3
\u2013
Group \u2013 supplier software dispute
-
4.3
Total \u2013 Group
24.7
33.0
\n
Geographical analysis
\u00a0
2025
2024
Revenue by destination
\u00a3m
\u00a3m
UK
536.4
499.3
Rest of Europe
35.7
32.9
Rest of World
30.0
29.1
Total \u2013 Group
602.1
561.3
\u00a0
31 December
31 December
\u00a0
2025
2024
Non-current assets
\u00a3m
\u00a3m
UK
883.3
781.3
Rest of Europe
10.2
9.6
Total \u2013 Group
893.5
790.9
\n
Non\u2011current assets for this purpose consist of property, plant and equipment, right\u2011of\u2011use assets,
goodwill and other intangible assets.
The Group had two customers
(
2024: one
)
which individually accounted for more than 10% of the
Group\u2019s total net revenue during 2025. These customers individually contributed 10.7% and 10.1% of
total Group revenue across the CMS, WMS and SBS segments.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00355": { "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.
The Group\u2019s operating segments are aligned with the Group\u2019s Sustainable Solutions for Growth
strategy, comprising 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. The Group\u2019s reporting segments are its
operating segments, so no aggregation has been performed under IFRS 8 to arrive at reportable
segments. Inter\u2011segment sales are on an arm\u2019s length basis in a manner similar to transactions with
third parties. \u2018Other\u2019 segments relates to Polypipe Italia SRL which did not form part of the Group\u2019s
strategic Business Units in 2024 and 2025 but will form part of the Water Division for 2026 onwards.
\u00a0
2025
\u00a0
Climate
Water
Sustainable
\u00a0 \u00a0
\u00a0
Management
Management
Building
\u00a0 \u00a0
\u00a0
Solutions
Solutions
Solutions
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segmental revenue
180.2
188.1
267.4
8.1
643.8
Inter\u2011segment revenue
(
1.3
)
(
18.6
)
(
20.6
)
(
1.2
)
(
41.7
)
Revenue
178.9
169.5
246.8
6.9
602.1
Underlying operating profit*
24.4
9.6
59.9
0.5
94.4
Non\u2011underlying items \u2013 segmental
(
12.4
)
(
5.3
)
(
3.0
)
\u2013
(
20.7
)
Non\u2011underlying items \u2013 Group
\u00a0 \u00a0 \u00a0 \u00a0
(
4.0
)
Segmental operating profit
12.0
4.3
56.9
0.5
69.7
Finance costs
\u00a0 \u00a0 \u00a0 \u00a0
(
12.4
)
Finance revenue
\u00a0 \u00a0 \u00a0 \u00a0
0.9
Profit before tax
\u00a0 \u00a0 \u00a0 \u00a0
58.2
\n
*
Underlying operating profit is stated before non\u2011underlying items as defined in the Group Accounting Policies on page 189
and is the measure of segmental profit used by the Group\u2019s CODM. Details of the non\u2011underlying items of \u00a324.7m (2024: \u00a333.0m)
are set out below at non\u2011underlying items before tax.
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\u2011segment 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\u2011underlying items \u2013 segmental
(
24.9
)
(
0.2
)
(
1.7
)
\u2013
(
26.8
)
Non\u2011underlying items \u2013 Group
(
6.2
)
Segmental operating profit
(
0.9
)
13.4
52.7
0.2
59.2
Finance costs
(
12.9
)
Finance revenue
\u2013
Profit before tax
46.3
*
Underlying operating profit is stated before non\u2011underlying items as defined in the Group Accounting Policies on page 189
and is the measure of segmental profit used by the Group\u2019s CODM. Details of the non\u2011underlying items of \u00a324.7m (2024: \u00a333.0m)
are set out below at non\u2011underlying items before tax.
Property, plant and equipment additions
2025
2024
\u00a3m
\u00a3m
Climate Management Solutions
2.2
3.2
Water Management Solutions
8.9
8.3
Sustainable Building Solutions
14.9
12.6
Other
1.6
1.5
Total \u2013 Group
27.6
25.6
Right-of-use asset additions
2025
2024
\u00a3m
\u00a3m
Climate Management Solutions
1.8
0.8
Water Management Solutions
1.4
5.9
Sustainable Building Solutions
1.0
5.0
Other
0.3
1.3
Total \u2013 Group
4.5
13.0
Depreciation of property, plant and equipment
2025
2024
\u00a3m
\u00a3m
Climate Management Solutions
2.7
2.7
Water Management Solutions
5.9
3.9
Sustainable Building Solutions
12.1
12.2
Other
0.3
0.4
Total \u2013 Group
21.0
19.2
Depreciation of right-of-use assets
2025
2024
\u00a3m
\u00a3m
Climate Management Solutions
1.7
1.6
Water Management Solutions
2.5
2.2
Sustainable Building Solutions
2.9
2.9
Other
0.6
0.4
Total \u2013 Group
7.7
7.1
Non-underlying items before tax
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Climate Management Solutions:
\u00a0 \u00a0
Impairment of goodwill
\u2013
12.4
Amortisation of intangible assets
10.0
12.2
Restructuring costs
1.8
0.2
Acquisition related costs
0.2
0.4
Profit on disposal of property, plant and equipment
\u2013
(
0.3
)
Unwind of inventory fair value adjustment
0.4
\u2013
Water Management Solutions:
\u00a0 \u00a0
Amortisation of intangible assets
1.7
0.5
Restructuring costs
2.1
0.9
Impairment of right\u2011of\u2011use property
0.2
\u2013
Impairment of intangible assets held\u2011for\u2011sale
1.2
\u2013
Product liability claim
(
0.2
)
0.1
Impairment of property, plant and equipment held\u2011for\u2011sale
0.3
\u2013
Profit on disposal of property, plant and equipment
\u2013
(
1.3
)
Sustainable Building Solutions:
\u00a0 \u00a0
Amortisation of intangible assets
2.0
1.7
Restructuring costs
1.0
0.9
Acquisition related costs
0.4
\u2013
Employment matters
\u2013
(
1.2
)
Unwind of inventory fair value adjustment
1.1
\u2013
(
Profit
)
on disposal of property, plant and equipment
(
1.5
)
\u2013
Other
\u2013
0.3
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Total \u2013 segmental
20.7
26.8
Other \u2013 restructuring costs
\u2013
0.1
Group \u2013 restructuring costs
0.2
0.9
Group \u2013 acquisition related costs
2.5
0.6
Group \u2013 loss on disposal of property, plant and equipment
\u2013
0.3
Group \u2013 systems and process transformation costs
1.3
\u2013
Group \u2013 supplier software dispute
-
4.3
Total \u2013 Group
24.7
33.0
\n
Geographical analysis
\u00a0
2025
2024
Revenue by destination
\u00a3m
\u00a3m
UK
536.4
499.3
Rest of Europe
35.7
32.9
Rest of World
30.0
29.1
Total \u2013 Group
602.1
561.3
\u00a0
31 December
31 December
\u00a0
2025
2024
Non-current assets
\u00a3m
\u00a3m
UK
883.3
781.3
Rest of Europe
10.2
9.6
Total \u2013 Group
893.5
790.9
\n
Non\u2011current assets for this purpose consist of property, plant and equipment, right\u2011of\u2011use assets,
goodwill and other intangible assets.
The Group had two customers
(
2024: one
)
which individually accounted for more than 10% of the
Group\u2019s total net revenue during 2025. These customers individually contributed 10.7% and 10.1% of
total Group revenue across the CMS, WMS and SBS segments.", "dimensions": { "concept": "ifrs-full:DisclosureOfOperatingSegmentsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00358": { "value": "Non-underlying items before tax
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Climate Management Solutions:
\u00a0 \u00a0
Impairment of goodwill
\u2013
12.4
Amortisation of intangible assets
10.0
12.2
Restructuring costs
1.8
0.2
Acquisition related costs
0.2
0.4
Profit on disposal of property, plant and equipment
\u2013
(
0.3
)
Unwind of inventory fair value adjustment
0.4
\u2013
Water Management Solutions:
\u00a0 \u00a0
Amortisation of intangible assets
1.7
0.5
Restructuring costs
2.1
0.9
Impairment of right\u2011of\u2011use property
0.2
\u2013
Impairment of intangible assets held\u2011for\u2011sale
1.2
\u2013
Product liability claim
(
0.2
)
0.1
Impairment of property, plant and equipment held\u2011for\u2011sale
0.3
\u2013
Profit on disposal of property, plant and equipment
\u2013
(
1.3
)
Sustainable Building Solutions:
\u00a0 \u00a0
Amortisation of intangible assets
2.0
1.7
Restructuring costs
1.0
0.9
Acquisition related costs
0.4
\u2013
Employment matters
\u2013
(
1.2
)
Unwind of inventory fair value adjustment
1.1
\u2013
(
Profit
)
on disposal of property, plant and equipment
(
1.5
)
\u2013
Other
\u2013
0.3
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Total \u2013 segmental
20.7
26.8
Other \u2013 restructuring costs
\u2013
0.1
Group \u2013 restructuring costs
0.2
0.9
Group \u2013 acquisition related costs
2.5
0.6
Group \u2013 loss on disposal of property, plant and equipment
\u2013
0.3
Group \u2013 systems and process transformation costs
1.3
\u2013
Group \u2013 supplier software dispute
-
4.3
Total \u2013 Group
24.7
33.0
\n6. Operating profit
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Income statement charges
\u00a0 \u00a0
Depreciation of property, plant and equipment
21.0
19.2
Depreciation of right\u2011of\u2011use assets
7.7
7.1
Cost of inventories recognised as an expense
264.4
251.1
Research and development costs expensed
7.6
7.4
Income statement credits
\u00a0 \u00a0
Research and development expenditure credit
1.6
1.5
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00359": { "value": "6. Operating profit
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Income statement charges
\u00a0 \u00a0
Depreciation of property, plant and equipment
21.0
19.2
Depreciation of right\u2011of\u2011use assets
7.7
7.1
Cost of inventories recognised as an expense
264.4
251.1
Research and development costs expensed
7.6
7.4
Income statement credits
\u00a0 \u00a0
Research and development expenditure credit
1.6
1.5
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00360": { "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:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Audit of the Company and Group\u2019s annual financial statements
\u2013
\u2013
Audit of the Company\u2019s subsidiaries
0.9
0.8
Total audit fees
0.9
0.8
\n
The Group paid the Company\u2019s auditor \u00a30.2m for audit\u2011related assurance services
(
2024: \u00a30.2m
)
. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00361": { "value": "9. Staff costs
Staff costs
(
including Directors
)
comprised:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Wages and salaries
139.4
131.3
Social security costs
17.0
13.3
Other pension costs
9.1
6.3
\u00a0
165.5
150.9
\n
Redundancy and related staff costs arising from Group restructuring of \u00a34.3m
(
2024: \u00a31.1m
)
are
excluded from the above analysis and are included within non\u2011underlying restructuring costs
(
Note 8
)
.
The average monthly number of persons employed by the Group by segment was as follows:
\u00a0
2025
2024
Sustainable Building Solutions
1,445
1,435
Water Management Solutions
748
730
Climate Management Solutions
999
907
Other
163
149
Total \u2013 Group
3,355
3,221
\n
10. Directors\u2019 remuneration
Details of the Directors\u2019 remuneration are set out below:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Fees
0.5
0.5
Emoluments
1.7
2.2
Total
2.2
2.7
\n
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 \u00a30.3m
(
2024: \u00a30.4m
)
. 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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Exercise
31 December
\u00a0 \u00a0 \u00a0
Lapsed/
31 December
Date
\u00a0
\u00a0
price
2024
Granted
Dividend
Exercised
forfeited
2025
first
Expiry
\u00a0
\u00a3
Number
Number
Accrual
Number
Number
Number
exercisable
date
2014 Sharesave
(
granted 2021
)
5.78
80,501
\u2013
\u2013
\u2013
(
80,501
)
\u2013
01 December 2024
31 May 2025
2014 Sharesave
(
granted 2022
)
2.21
3,166,097
\u2013
\u2013
(
1,774,460
)
1
(
106,704
)
1,284,933
01 December 2025
31 May 2026
2014 Sharesave
(
granted 2023
)
2.60
878,186
\u2013
\u2013
(
7,568
)
2
(
61,791
)
808,827
01 December 2026
31 May 2027
2024 Sharesave
(
granted 2024
)
3.90
650,802
\u2013
\u2013
\u2013
(
310,875
)
339,927
01 December 2027
31 May 2028
2024 Sharesave
(
granted 2025
)
2.71
\u2013
2,315,512
\u2013
\u2013
(
57,769
)
2,257,743
01 December 2028
31 May 2029
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
9,381
\u2013
\u2013
(
1,493
)
3
\u2013
7,888
20 May 2024
20 May 2031
2014 LTIP
(
granted 22 April 2022
)
Nil
562,334
\u2013
\u2013
(
29,215
)
4
(
528,968
)
4,151
22 April 2025
22 April 2032
2014 LTIP
(
granted 13 July 2022
)
Nil
11,973
\u2013
\u2013
\u2013
(
10,976
)
997
13 July 2025
13 July 2032
2014 LTIP
(
granted 21 April 2023
)
Nil
1,003,300
\u2013
\u2013
\u2013
(
139,955
)
863,345
21 April 2026
21 April 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
859,573
\u2013
\u2013
\u2013
(
139,700
)
719,873
08 April 2027
08 April 2034
2024 LTIP
(
granted 11 April 2025
)
Nil
\u2013
1,194,929
\u2013
\u2013
(
59,072
)
1,135,857
11 April 2028
11 April 2035
Conditional share awards
(
granted 01 December 2023
)
Nil
36,734
\u2013
\u2013
(
35,163
)
5
(
1,571
)
\u2013
01 December 2025
31 May 2026
Conditional share awards
(
granted 01 December 2023
)
Nil
247,377
\u2013
\u2013
(
226,166
)
6
(
21,211
)
\u2013
01 December 2025
31 May 2026
Conditional share awards
(
granted 01 November 2024
)
Nil
26,886
\u2013
\u2013
\u2013
\u2013
26,886
01 November 2026
30 April 2027
Conditional share awards
(
granted 01 November 2025
)
Nil
\u2013
34,192
\u2013
\u2013
\u2013
34,192
01 November 2027
30 April 2028
DSBP
(
granted 22 April 2022
)
Nil
43,629
\u2013
\u2013
(
43,629
)
7
\u2013
\u2013
22 April 2024
22 April 2032
DSBP
(
granted 21 April 2023
)
Nil
26,713
\u2013
439
(
13,356
)
8
\u2013
13,796
21 April 2025
21 April 2033
DSBP
(
granted 08 April 2024
)
Nil
51,751
\u2013
1,708
\u2013
\u2013
53,459
08 April 2026
08 April 2034
DSBP
(
granted 11 April 2025
)
Nil
\u2013
79,490
5,252
\u2013
\u2013
84,742
11 April 2027
11 April 2035
\u00a0 \u00a0
7,802,928
3,624,123
7,399
(
2,131,050
)
(
1,519,093
)
7,784,307
\u00a0 \u00a0
\n
1.
The weighted average share price at the date of exercise of these options was \u00a33.30.
2.
The weighted average share price at the date of exercise of these options was \u00a33.55.
3.
The weighted average share price at the date of exercise of these options was \u00a33.59.
4.
The weighted average share price at the date of exercise of these options was \u00a33.64.
5.
The weighted average share price at the date of exercise of these options was \u00a33.30.
6.
The weighted average share price at the date of exercise of these options was \u00a33.30.
7.
The weighted average share price at the date of exercise of these options was \u00a33.92.
8.
The weighted average share price at the date of exercise of these options was \u00a33.55.
At 31 December 2025, 1,437,661
(
2024: 215,778
)
share options were exercisable at a weighted average
exercise price of \u00a31.98
(
2024: \u00a32.16
)
per share.
Sharesave Plan
Sharesave Plan options were granted to eligible employees on 14 October 2025 at an exercise
price of \u00a32.71 per share, a 20% discount to the average share price over the three business days
preceding the offer. Participating employees can exercise their options to purchase the shares
acquired through their savings plans at the option price after three years. These options have
an exercise date of December 2028 to May 2029.
Long-Term Incentive Plan
(
LTIP
)
LTIP options were awarded to a number of senior managers on 11 April 2025. These options
have an exercise date of April 2028 to April 2035. The vesting of each award is subject to the
satisfaction of certain performance criteria, of which 25% is based on cash conversion
(
the cash
conversion element
)
, 25% is based on sustainability performance
(
the sustainability element
)
and
50% is based on earnings per share
(
the EPS element
).
In addition, there is a Total Shareholder Return
(TSR) Modifier that impacts the number of options vesting under the non\u2011market based conditions.
Further details of the scheme are provided in the Annual Report on Remuneration.
Conditional Share Award
(
CSA
)
On 1 November 2025, several colleagues received conditional share awards in relation to
contributions to key strategic projects across the Group. The vesting of each award is based upon
continuous employment with the Group for the two\u2011year vesting period. These options have an
exercise date of November 2027 to April 2028.
Deferred Share Bonus Plan
(
DSBP
)
On 11 April 2025, the Executive Directors received an award of shares under the DSBP relating
to the 2024 annual bonus.
All these equity\u2011settled, share\u2011based payments are measured at fair value at the date of grant.
The fair value determined at the date of grant of the equity\u2011settled, share\u2011based payments
is expensed to the income statement on a straight\u2011line basis over the vesting period, based
on the Group\u2019s estimates of shares that will eventually vest, with a corresponding adjustment
to equity. Fair value for the Sharesave Plan options is measured by use of a Black\u2011Scholes model.
Fair value of the LTIP options is measured by use of a Monte Carlo model. The expected life used
in the models has been adjusted, based on management\u2019s best estimate for the effects of
non\u2011transferability, exercise restrictions and behavioural considerations.
The assumptions used for each share\u2011based payment were as follows:
Conditional
2014 LTIP
Share
2014
options
options
Sharesave
granted
granted
options
11 April
01 November
granted
2025
2025
2025
Share price at the date of grant
\u00a33.35
\u00a33.72
\u00a33.35
Exercise price
\u00a3nil
\u00a3nil
\u00a32.71
Shares under option
1,194,929
34,192
2,315,512
Vesting period
(
years
)
3.0
2.0
3.25
Expected volatility
34.4%
16.0%
16.0%
Median volatility of the comparator group
29.5%
n/a
n/a
Expected life
(
years
)
3.0
2.0
3.25
Risk free rate
3.8%
3.7%
3.7%
Dividend yield
3.7%
3.4%
3.4%
TSR performance of the Company at the date of grant
(15.3)%
n/a
n/a
Median TSR performance of the comparator group
at the date of grant
(14.0)%
n/a
n/a
Correlation
(
median
)
39.3%
n/a
n/a
Fair value per option
\u00a33.26
\u00a33.47
\u00a30.69
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Conditional
\u00a0
\u00a0
2014 LTIP
Share
2014
\u00a0
options
options
Sharesave
\u00a0
granted
granted
options
\u00a0
08 April
01 November
granted
\u00a0
2024
2024
2024
Share price at the date of grant
\u00a34.36
\u00a34.70
\u00a34.82
Exercise price
\u00a3nil
\u00a3nil
\u00a33.90
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
\u00a0 \u00a0 \u00a0
at the date of grant
5.7%
n/a
n/a
Correlation
(
median
)
39.2%
n/a
n/a
Fair value per option
\u00a34.57
\u00a34.43
\u00a31.20
\n
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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Share\u2011based payments charge for the year
2.5
2.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00362": { "value": "9. Staff costs
Staff costs
(
including Directors
)
comprised:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Wages and salaries
139.4
131.3
Social security costs
17.0
13.3
Other pension costs
9.1
6.3
\u00a0
165.5
150.9
\n
Redundancy and related staff costs arising from Group restructuring of \u00a34.3m
(
2024: \u00a31.1m
)
are
excluded from the above analysis and are included within non\u2011underlying restructuring costs
(
Note 8
)
.
The average monthly number of persons employed by the Group by segment was as follows:
\u00a0
2025
2024
Sustainable Building Solutions
1,445
1,435
Water Management Solutions
748
730
Climate Management Solutions
999
907
Other
163
149
Total \u2013 Group
3,355
3,221
\n
10. Directors\u2019 remuneration
Details of the Directors\u2019 remuneration are set out below:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Fees
0.5
0.5
Emoluments
1.7
2.2
Total
2.2
2.7
\n
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 \u00a30.3m
(
2024: \u00a30.4m
)
. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00365": { "value": "11. Finance revenue and costs
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Interest receivable on cash and cash equivalents
(
0.9
)
\u2013
Finance revenue
(
0.9
)
\u2013
Interest on bank borrowings
9.7
10.4
Debt issue cost amortisation
0.9
0.9
Un\u2011wind of discount on lease liabilities
1.8
1.6
Finance costs
12.4
12.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00364": { "value": "11. Finance revenue and costs
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Interest receivable on cash and cash equivalents
(
0.9
)
\u2013
Finance revenue
(
0.9
)
\u2013
Interest on bank borrowings
9.7
10.4
Debt issue cost amortisation
0.9
0.9
Un\u2011wind of discount on lease liabilities
1.8
1.6
Finance costs
12.4
12.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00363": { "value": "11. Finance revenue and costs
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Interest receivable on cash and cash equivalents
(
0.9
)
\u2013
Finance revenue
(
0.9
)
\u2013
Interest on bank borrowings
9.7
10.4
Debt issue cost amortisation
0.9
0.9
Un\u2011wind of discount on lease liabilities
1.8
1.6
Finance costs
12.4
12.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00367": { "value": "11. Finance revenue and costs
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Interest receivable on cash and cash equivalents
(
0.9
)
\u2013
Finance revenue
(
0.9
)
\u2013
Interest on bank borrowings
9.7
10.4
Debt issue cost amortisation
0.9
0.9
Un\u2011wind of discount on lease liabilities
1.8
1.6
Finance costs
12.4
12.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00366": { "value": "11. Finance revenue and costs
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Interest receivable on cash and cash equivalents
(
0.9
)
\u2013
Finance revenue
(
0.9
)
\u2013
Interest on bank borrowings
9.7
10.4
Debt issue cost amortisation
0.9
0.9
Un\u2011wind of discount on lease liabilities
1.8
1.6
Finance costs
12.4
12.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00368": { "value": "12. Income tax
(
a
)
Tax expense reported in the income statement
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Current income tax:
\u00a0 \u00a0
UK income tax
13.8
13.8
Overseas income tax
\u2013
0.1
Current income tax
13.8
13.9
Adjustment in respect of prior years
(
0.7
)
(
0.3
)
Total current income tax
13.1
13.6
Deferred income tax:
\u00a0 \u00a0
Origination and reversal of temporary differences
\u2013
(
0.7
)
Adjustment in respect of prior years
(
0.1
)
(
0.1
)
Total deferred income tax
(
0.1
)
(
0.8
)
Total tax expense reported in the income statement
13.0
12.8
\n
Details of the non\u2011underlying tax credit of \u00a35.3m
(
2024: \u00a35.4m
)
are set out in Note 8.
(
b
)
Reconciliation of the total tax expense
The Group has reported an effective tax rate of 22.3%
(
2024: 27.6%
)
for the year which is below the
standard rate of UK corporation tax of 25.0%
(
2024: 25.0%
)
.
The differences are explained as follows:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Accounting profit before tax
58.2
46.3
Accounting profit multiplied by the UK standard rate of income tax
\u00a0\u00a0
of 25.0%
(
2024: 25.0%
)
14.6
11.6
Expenses not deductible for income tax
1.3
2.6
Adjustment in respect of prior years
(
1.3
)
(
0.4
)
Effects of patent box
(
1.6
)
(
1.1
)
Effects of deferred tax not recognised
\u2013
(
0.8
)
Effects of other tax rates/credits
\u2013
0.9
Total tax expense reported in the income statement
13.0
12.8
\n
If the impact of non\u2011underlying items is excluded, the underlying income tax rate would be 22.1%
(
2024: 23.0%
)
.
(
c
)
Deferred income tax
The deferred income tax included in the Group balance sheet is as follows:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Deferred income tax liabilities
/(
assets
)
\u00a0 \u00a0
Short\u2011term timing differences:
\u00a0 \u00a0
\u2013 Deferred tax liability arising on acquired intangible assets
39.6
29.9
\u2013 Other short\u2011term timing differences
(
0.4
)
\u2013
Capital allowances in excess of depreciation
27.9
25.5
Share\u2011based payments
(
2.3
)
(
2.5
)
Tax losses
(
4.0
)
(
3.9
)
\u00a0
60.8
49.0
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
)
Unrecognised tax losses
No deferred income tax has been recognised on non\u2011trading losses and other timing
differences of \u00a3nil
(
2024: \u00a30.3m
)
as the Directors do not consider that they will be utilised
in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00369": { "value": "(
c
)
Deferred income tax
The deferred income tax included in the Group balance sheet is as follows:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Deferred income tax liabilities
/(
assets
)
\u00a0 \u00a0
Short\u2011term timing differences:
\u00a0 \u00a0
\u2013 Deferred tax liability arising on acquired intangible assets
39.6
29.9
\u2013 Other short\u2011term timing differences
(
0.4
)
\u2013
Capital allowances in excess of depreciation
27.9
25.5
Share\u2011based payments
(
2.3
)
(
2.5
)
Tax losses
(
4.0
)
(
3.9
)
\u00a0
60.8
49.0
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00370": { "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:
\u00a0
2025
2024
\u00a0
Number
Number
Weighted average number of ordinary shares for the purpose
\u00a0 \u00a0
of basic earnings per share
248,786,339
248,459,018
Effect of dilutive potential ordinary shares
5,644,798
2,480,464
Weighted average number of ordinary shares for the purpose
\u00a0 \u00a0
of diluted earnings per share
254,431,137
250,939,482
\n
Underlying earnings per share is based on the result for the year after tax excluding the impact of
non\u2011underlying items of \u00a319.4m
(
2024: \u00a327.6m
)
. 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:
\u00a0
2025
2024
Underlying profit for the year attributable to the owners of the Parent
\u00a0 \u00a0
Company
(
\u00a3m
)
64.6
61.1
Underlying basic earnings per share
(
pence
)
26.0
24.6
Underlying diluted earnings per share
(
pence
)
25.4
24.3
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00371": { "value": "14. Dividend per share
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Amounts recognised as distributions to equity holders in the year:
\u00a0 \u00a0
Final dividend for the year ended 31 December 2024 of 8.4p
\u00a0 \u00a0
per share
(
2023: 8.3p
)
20.9
20.6
Interim dividend for the year ended 31 December 2025 of 4.2p
\u00a0 \u00a0
per share
(
2024: 4.1p
)
10.4
10.2
\u00a0
31.3
30.8
Proposed final dividend for the year ended 31 December 2025 of 8.7p
\u00a0 \u00a0
per share
(
2024: 8.4p
)
21.8
20.9
\n
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00375": { "value": "0.087", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00374": { "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_00372": { "value": "21800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00373": { "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_00376": { "value": "15. Property, plant and equipment
\u00a0
Freehold
Plant
\u00a0
\u00a0
land and
and other
\u00a0
\u00a0
buildings
equipment
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
At 1 January 2024
61.2
219.0
280.2
Additions
2.7
22.9
25.6
Acquisitions
\u2013
0.5
0.5
Disposals
(
0.2
)
(
14.3
)
(
14.5
)
Transfer from assets held\u2011for\u2011sale
\u2013
6.5
6.5
Exchange adjustment
\u2013
(
0.3
)
(
0.3
)
At 31 December 2024
63.7
234.3
298.0
Additions
1.3
26.3
27.6
Acquisitions
-
2.5
2.5
Disposals
(
1.6
)
(
6.4
)
(
8.0
)
Transfer to assets held\u2011for\u2011sale
\u2013
(
0.5
)
(
0.5
)
Exchange adjustment
\u2013
0.3
0.3
At 31 December 2025
63.4
256.5
319.9
Depreciation and impairment losses
\u00a0 \u00a0 \u00a0
At 1 January 2024
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\u2011for\u2011sale
\u2013
4.3
4.3
Exchange adjustment
\u2013
0.2
0.2
At 31 December 2024
11.6
102.7
114.3
Provided during the year
1.8
19.2
21.0
Impairment
\u2013
0.3
0.3
Disposals
(
1.3
)
(
5.6
)
(
6.9
)
Transfer to assets held\u2011for\u2011sale
\u2013
(
0.4
)
(
0.4
)
Exchange adjustment
\u2013
0.2
0.2
At 31 December 2025
12.1
116.4
128.5
Net book value
\u00a0 \u00a0 \u00a0
At 31 December 2025
51.3
140.1
191.4
At 31 December 2024
52.1
131.6
183.7
\n
Included in freehold land and buildings is non\u2011depreciable land of \u00a316.2m
(
2024: \u00a316.2m
)
.
Plant and equipment with a fair value of \u00a30.1m has been transferred to assets held\u2011for\u2011sale. Prior to
transfer, the carrying value was impaired by \u00a30.3m to record the assets at the lower of carrying
amount and fair value less costs to dispose
(
FVLCD
)
.
Capital commitments
At 31 December 2025, the Group had commitments of \u00a36.0m
(
2024: \u00a35.0m
)
relating to plant
and equipment purchases.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00378": { "value": "Capital commitments
At 31 December 2025, the Group had commitments of \u00a36.0m
(
2024: \u00a35.0m
)
relating to plant
and equipment purchases.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00377": { "value": "Capital commitments
At 31 December 2025, the Group had commitments of \u00a36.0m
(
2024: \u00a35.0m
)
relating to plant
and equipment purchases.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00379": { "value": "16. Right-of-use assets and lease liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Lease
\u00a0
Right-of-use assets
liabilities
\u00a0
Freehold
Plant and
\u00a0 \u00a0 \u00a0
\u00a0
land and
other
Motor
\u00a0 \u00a0
\u00a0
buildings
equipment
vehicles
Total
\u00a0
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
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\u2011of\u2011use assets
(
2.0
)
(
3.0
)
(
2.1
)
(
7.1
)
\u2013
Depreciation on disposal of right\u2011of\u2011use assets
2.8
3.0
0.4
6.2
\u2013
Transfer from assets held\u2011for\u2011sale
\u2013
0.2
\u2013
0.2
(
0.2
)
Exchange adjustment
\u2013
(
0.1
)
\u2013
(
0.1
)
\u2013
Un\u2011wind 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
)
Additions
1.5
1.0
2.0
4.5
(
4.5
)
Acquisitions
5.0
0.3
0.5
5.8
(
4.7
)
Disposals
(
0.5
)
(
3.0
)
(
0.7
)
(
4.2
)
\u2013
Depreciation of right\u2011of\u2011use assets
(
2.3
)
(
2.9
)
(
2.5
)
(
7.7
)
\u2013
Depreciation on disposal of right\u2011of\u2011use assets
0.1
2.9
0.6
3.6
\u2013
Reassessment of lease term
0.3
\u2013
\u2013
0.3
0.2
Impairment
(
0.2
)
\u2013
\u2013
(
0.2
)
\u2013
Un\u2011wind of discount on lease liabilities
\u2013
\u2013
\u2013
\u2013
(
1.8
)
Settlement of lease liabilities
\u2013
\u2013
\u2013
\u2013
9.6
At 31 December 2025
14.2
8.5
6.4
29.1
(
28.8
)
\n
During the year, the Group vacated a property at one of the sites in the WMS segment. As a result of
this decision, management determined that the break\u2011option in the lease would be exercised, and
therefore the lease term has been reassessed reducing the lease liability at 31 December 2025 by
\u00a30.2m, with a corresponding reduction in the carrying value of the right\u2011of\u2011use asset. The property
right\u2011of\u2011use asset has then been fully impaired as the value\u2011in\u2011use is deemed to be \u00a3nil. The
impairment of \u00a30.2m has been recognised as non\u2011underlying.", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00380": { "value": "16. Right-of-use assets and lease liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Lease
\u00a0
Right-of-use assets
liabilities
\u00a0
Freehold
Plant and
\u00a0 \u00a0 \u00a0
\u00a0
land and
other
Motor
\u00a0 \u00a0
\u00a0
buildings
equipment
vehicles
Total
\u00a0
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
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\u2011of\u2011use assets
(
2.0
)
(
3.0
)
(
2.1
)
(
7.1
)
\u2013
Depreciation on disposal of right\u2011of\u2011use assets
2.8
3.0
0.4
6.2
\u2013
Transfer from assets held\u2011for\u2011sale
\u2013
0.2
\u2013
0.2
(
0.2
)
Exchange adjustment
\u2013
(
0.1
)
\u2013
(
0.1
)
\u2013
Un\u2011wind 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
)
Additions
1.5
1.0
2.0
4.5
(
4.5
)
Acquisitions
5.0
0.3
0.5
5.8
(
4.7
)
Disposals
(
0.5
)
(
3.0
)
(
0.7
)
(
4.2
)
\u2013
Depreciation of right\u2011of\u2011use assets
(
2.3
)
(
2.9
)
(
2.5
)
(
7.7
)
\u2013
Depreciation on disposal of right\u2011of\u2011use assets
0.1
2.9
0.6
3.6
\u2013
Reassessment of lease term
0.3
\u2013
\u2013
0.3
0.2
Impairment
(
0.2
)
\u2013
\u2013
(
0.2
)
\u2013
Un\u2011wind of discount on lease liabilities
\u2013
\u2013
\u2013
\u2013
(
1.8
)
Settlement of lease liabilities
\u2013
\u2013
\u2013
\u2013
9.6
At 31 December 2025
14.2
8.5
6.4
29.1
(
28.8
)
\n
During the year, the Group vacated a property at one of the sites in the WMS segment. As a result of
this decision, management determined that the break\u2011option in the lease would be exercised, and
therefore the lease term has been reassessed reducing the lease liability at 31 December 2025 by
\u00a30.2m, with a corresponding reduction in the carrying value of the right\u2011of\u2011use asset. The property
right\u2011of\u2011use asset has then been fully impaired as the value\u2011in\u2011use is deemed to be \u00a3nil. The
impairment of \u00a30.2m has been recognised as non\u2011underlying.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00383": { "value": "17. Intangible assets
\u00a0 \u00a0 \u00a0
Brand
Customer
\u00a0
Customer
Development
\u00a0
\u00a0
Goodwill
Patents
names
relationships
Licences
order book
costs
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
466.1
40.4
66.5
114.3
0.8
\u2013
5.0
693.1
Additions
5.3
0.5
\u2013
\u2013
\u2013
\u2013
0.6
6.4
Transfer from assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
held\u2011for\u2011sale
4.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4.5
At 31 December 2024
475.9
40.9
66.5
114.3
0.8
\u2013
5.6
704.0
Additions
\u2013
0.4
0.4
\u2013
\u2013
\u2013
1.8
2.6
Acquisitions
58.1
3.2
7.3
35.4
\u2013
1.9
\u2013
105.9
At 31 December 2025
534.0
44.5
74.2
149.7
0.8
1.9
7.4
812.5
Amortisation and impairment losses
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
12.0
23.1
30.3
29.3
0.5
\u2013
1.1
96.3
Charge for the year
\u2013
3.4
5.0
6.1
0.1
\u2013
0.5
15.1
Impairment losses
12.4
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
12.4
At 31 December 2024
24.4
26.5
35.3
35.4
0.6
\u2013
1.6
123.8
Charge for the year
\u2013
2.9
4.2
6.7
\u2013
0.3
0.4
14.5
Impairment losses
\u2013
\u2013
\u2013
1.2
\u2013
\u2013
\u2013
1.2
At 31 December 2025
24.4
29.4
39.5
43.3
0.6
0.3
2.0
139.5
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
509.6
15.1
34.7
106.4
0.2
1.6
5.4
673.0
At 31 December 2024
451.5
14.4
31.2
78.9
0.2
\u2013
4.0
580.2
\n
Brand names and customer relationships which arise from business combinations are amortised
over their estimated useful lives of between five and twenty years. Brands that have a significant
carrying value include Adey
(
\u00a319.4m
)
, with remaining estimated useful lives of between 5 and 15
years, as well as the newly acquired Monodraught brand
(
\u00a31.8m
)
, and the four Davidson brands
acquired being Salamander, Cistermiser & Keraflo and Talon
(
total \u00a35.4m
)
, all with remaining
estimated useful lives of 15 years. Customer relationships that have a significant carrying value are
those in the following businesses: Adey
(
\u00a363.6m
)
, with remaining estimated useful lives of between 6
and 15 years, Manthorpe
(
\u00a34.7m
)
, with a remaining estimated useful life of 7 years, Monodraught
(
\u00a311.2m
)
, with a remaining estimated useful life of 13 years, and those from the Davidson acquisition
(
\u00a323.5m
)
, remaining estimated useful life of 19 years. The customer order book was acquired with the
Monodraught acquisition
(
\u00a31.6m
)
and has a remaining estimated useful life of two years.
Impairment testing of goodwill
Goodwill is not amortised but is subject to annual impairment testing. Goodwill has been allocated
for impairment testing purposes to a number of Cash Generating Units
(
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:
\u00a0
31 December
31 December
\u00a0
2025
2024
CGU
\u00a3m
\u00a3m
Building Services & International
39.9
33.6
Infrastructure & Landscape
45.9
45.9
Residential Systems
185.4
169.6
CMS
233.2
\u2013
Others
5.2
5.3
Climate & Ventilation
\u2013
93.7
Nu\u2011Heat
\u2013
20.3
Adey
\u2013
83.1
\u00a0
509.6
451.5
\n
Following the internal announcement of a CMS organisational change, management reviewed the
Group\u2019s CGUs and determined that the CMS Business Unit, which consists of the following CGUs to
which goodwill is allocated \u2013 Climate & Ventilation, Nu\u2011Heat and Adey \u2013 is, effective from
1 November 2025, the lowest level in the Group at which this goodwill is monitored for internal
management purposes in accordance with the requirements of IAS 36. As such, the goodwill of the
entities allocated to these CGUs, including that arising on the acquisition of Monodraught, has been
reported in the newly combined CMS CGU for the year ended 31 December 2025.
An impairment test as at 31 October 2025, immediately prior to the creation of the new CMS CGU,
was performed for all existing CGUs that included CMS entities, and no impairments were identified.
The goodwill arising on the Monodraught acquisition of \u00a336.0m primarily represents the assembled
workforce, technical expertise, market share and expected synergies with other Group companies in
the CMS Business Unit. The goodwill was initially allocated to the Climate & Ventilation CGU, which, as
explained above, has since been combined with Nu\u2011Heat and Adey to form the CMS CGU grouping
with effect from 1 November 2025.
The goodwill arising on the Davidson acquisition of \u00a322.1m, which primarily represents the assembled
workforce, technical expertise and market share, has been allocated to two existing CGUs as follows:
Talon and Salamander
(
\u00a36.8m and \u00a39.0m of goodwill respectively
)
\n
have been allocated to the
Residential Systems CGU, and Woodley
(
\u00a36.3m of goodwill
)
has been allocated to the Building
Services & International CGU. The Group determined that it was appropriate to allocate the goodwill
to these CGUs on the basis that these are the CGUs expected to benefit from the synergies of the
acquisition and represent the lowest levels within the Group at which the respective goodwill arising
from the acquisition is monitored for internal management purposes in accordance with the
requirements of IAS 36.
Key assumptions used for value\u2011in\u2011use calculations are as follows:
The recoverable amounts of all CGUs are determined from value\u2011in\u2011use calculations, being the net
present value of future pre\u2011tax cash flows, discounted at a mid\u2011year position, covering a five\u2011year
period. These pre\u2011tax cash flows are based on budgeted cash flow information for a period of one
year, and Board\u2011approved management forecast growth of between 3.0% and 21.2% for years two
to five
(
2024: 4.0% and 31.2%
)
. Terminal growth rate of 2.0%
(
2024: 2.0% to 2.4%
)
has been applied
beyond this, based on historical macroeconomic performance and projections of the sector served
by the CGUs. A pre\u2011tax discount rate of 14.1%
(
2024: 13.8%
)
has been applied in determining the
recoverable amounts of the CGUs. The pre\u2011tax discount rate is estimated based on the Group\u2019s risk
adjusted cost of capital.
When assessing for impairment of goodwill, management have considered the impact of climate
change, particularly in the context of the risks and opportunities identified within the Task Force on
Climate\u2011Related Financial Disclosures Report on pages 46 to 58 of the Strategic Report, and have
not identified any material short\u2011term 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 all the
CGUs.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00382": { "value": "17. Intangible assets
\u00a0 \u00a0 \u00a0
Brand
Customer
\u00a0
Customer
Development
\u00a0
\u00a0
Goodwill
Patents
names
relationships
Licences
order book
costs
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
466.1
40.4
66.5
114.3
0.8
\u2013
5.0
693.1
Additions
5.3
0.5
\u2013
\u2013
\u2013
\u2013
0.6
6.4
Transfer from assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
held\u2011for\u2011sale
4.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4.5
At 31 December 2024
475.9
40.9
66.5
114.3
0.8
\u2013
5.6
704.0
Additions
\u2013
0.4
0.4
\u2013
\u2013
\u2013
1.8
2.6
Acquisitions
58.1
3.2
7.3
35.4
\u2013
1.9
\u2013
105.9
At 31 December 2025
534.0
44.5
74.2
149.7
0.8
1.9
7.4
812.5
Amortisation and impairment losses
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
12.0
23.1
30.3
29.3
0.5
\u2013
1.1
96.3
Charge for the year
\u2013
3.4
5.0
6.1
0.1
\u2013
0.5
15.1
Impairment losses
12.4
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
12.4
At 31 December 2024
24.4
26.5
35.3
35.4
0.6
\u2013
1.6
123.8
Charge for the year
\u2013
2.9
4.2
6.7
\u2013
0.3
0.4
14.5
Impairment losses
\u2013
\u2013
\u2013
1.2
\u2013
\u2013
\u2013
1.2
At 31 December 2025
24.4
29.4
39.5
43.3
0.6
0.3
2.0
139.5
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
509.6
15.1
34.7
106.4
0.2
1.6
5.4
673.0
At 31 December 2024
451.5
14.4
31.2
78.9
0.2
\u2013
4.0
580.2
\n
Brand names and customer relationships which arise from business combinations are amortised
over their estimated useful lives of between five and twenty years. Brands that have a significant
carrying value include Adey
(
\u00a319.4m
)
, with remaining estimated useful lives of between 5 and 15
years, as well as the newly acquired Monodraught brand
(
\u00a31.8m
)
, and the four Davidson brands
acquired being Salamander, Cistermiser & Keraflo and Talon
(
total \u00a35.4m
)
, all with remaining
estimated useful lives of 15 years. Customer relationships that have a significant carrying value are
those in the following businesses: Adey
(
\u00a363.6m
)
, with remaining estimated useful lives of between 6
and 15 years, Manthorpe
(
\u00a34.7m
)
, with a remaining estimated useful life of 7 years, Monodraught
(
\u00a311.2m
)
, with a remaining estimated useful life of 13 years, and those from the Davidson acquisition
(
\u00a323.5m
)
, remaining estimated useful life of 19 years. The customer order book was acquired with the
Monodraught acquisition
(
\u00a31.6m
)
and has a remaining estimated useful life of two years.
Impairment testing of goodwill
Goodwill is not amortised but is subject to annual impairment testing. Goodwill has been allocated
for impairment testing purposes to a number of Cash Generating Units
(
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:
\u00a0
31 December
31 December
\u00a0
2025
2024
CGU
\u00a3m
\u00a3m
Building Services & International
39.9
33.6
Infrastructure & Landscape
45.9
45.9
Residential Systems
185.4
169.6
CMS
233.2
\u2013
Others
5.2
5.3
Climate & Ventilation
\u2013
93.7
Nu\u2011Heat
\u2013
20.3
Adey
\u2013
83.1
\u00a0
509.6
451.5
\n
Following the internal announcement of a CMS organisational change, management reviewed the
Group\u2019s CGUs and determined that the CMS Business Unit, which consists of the following CGUs to
which goodwill is allocated \u2013 Climate & Ventilation, Nu\u2011Heat and Adey \u2013 is, effective from
1 November 2025, the lowest level in the Group at which this goodwill is monitored for internal
management purposes in accordance with the requirements of IAS 36. As such, the goodwill of the
entities allocated to these CGUs, including that arising on the acquisition of Monodraught, has been
reported in the newly combined CMS CGU for the year ended 31 December 2025.
An impairment test as at 31 October 2025, immediately prior to the creation of the new CMS CGU,
was performed for all existing CGUs that included CMS entities, and no impairments were identified.
The goodwill arising on the Monodraught acquisition of \u00a336.0m primarily represents the assembled
workforce, technical expertise, market share and expected synergies with other Group companies in
the CMS Business Unit. The goodwill was initially allocated to the Climate & Ventilation CGU, which, as
explained above, has since been combined with Nu\u2011Heat and Adey to form the CMS CGU grouping
with effect from 1 November 2025.
The goodwill arising on the Davidson acquisition of \u00a322.1m, which primarily represents the assembled
workforce, technical expertise and market share, has been allocated to two existing CGUs as follows:
Talon and Salamander
(
\u00a36.8m and \u00a39.0m of goodwill respectively
)
\n
have been allocated to the
Residential Systems CGU, and Woodley
(
\u00a36.3m of goodwill
)
has been allocated to the Building
Services & International CGU. The Group determined that it was appropriate to allocate the goodwill
to these CGUs on the basis that these are the CGUs expected to benefit from the synergies of the
acquisition and represent the lowest levels within the Group at which the respective goodwill arising
from the acquisition is monitored for internal management purposes in accordance with the
requirements of IAS 36.
Key assumptions used for value\u2011in\u2011use calculations are as follows:
The recoverable amounts of all CGUs are determined from value\u2011in\u2011use calculations, being the net
present value of future pre\u2011tax cash flows, discounted at a mid\u2011year position, covering a five\u2011year
period. These pre\u2011tax cash flows are based on budgeted cash flow information for a period of one
year, and Board\u2011approved management forecast growth of between 3.0% and 21.2% for years two
to five
(
2024: 4.0% and 31.2%
)
. Terminal growth rate of 2.0%
(
2024: 2.0% to 2.4%
)
has been applied
beyond this, based on historical macroeconomic performance and projections of the sector served
by the CGUs. A pre\u2011tax discount rate of 14.1%
(
2024: 13.8%
)
has been applied in determining the
recoverable amounts of the CGUs. The pre\u2011tax discount rate is estimated based on the Group\u2019s risk
adjusted cost of capital.
When assessing for impairment of goodwill, management have considered the impact of climate
change, particularly in the context of the risks and opportunities identified within the Task Force on
Climate\u2011Related Financial Disclosures Report on pages 46 to 58 of the Strategic Report, and have
not identified any material short\u2011term 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 all the
CGUs.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00381": { "value": "17. Intangible assets
\u00a0 \u00a0 \u00a0
Brand
Customer
\u00a0
Customer
Development
\u00a0
\u00a0
Goodwill
Patents
names
relationships
Licences
order book
costs
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
466.1
40.4
66.5
114.3
0.8
\u2013
5.0
693.1
Additions
5.3
0.5
\u2013
\u2013
\u2013
\u2013
0.6
6.4
Transfer from assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
held\u2011for\u2011sale
4.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4.5
At 31 December 2024
475.9
40.9
66.5
114.3
0.8
\u2013
5.6
704.0
Additions
\u2013
0.4
0.4
\u2013
\u2013
\u2013
1.8
2.6
Acquisitions
58.1
3.2
7.3
35.4
\u2013
1.9
\u2013
105.9
At 31 December 2025
534.0
44.5
74.2
149.7
0.8
1.9
7.4
812.5
Amortisation and impairment losses
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
12.0
23.1
30.3
29.3
0.5
\u2013
1.1
96.3
Charge for the year
\u2013
3.4
5.0
6.1
0.1
\u2013
0.5
15.1
Impairment losses
12.4
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
12.4
At 31 December 2024
24.4
26.5
35.3
35.4
0.6
\u2013
1.6
123.8
Charge for the year
\u2013
2.9
4.2
6.7
\u2013
0.3
0.4
14.5
Impairment losses
\u2013
\u2013
\u2013
1.2
\u2013
\u2013
\u2013
1.2
At 31 December 2025
24.4
29.4
39.5
43.3
0.6
0.3
2.0
139.5
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
509.6
15.1
34.7
106.4
0.2
1.6
5.4
673.0
At 31 December 2024
451.5
14.4
31.2
78.9
0.2
\u2013
4.0
580.2
\n
Brand names and customer relationships which arise from business combinations are amortised
over their estimated useful lives of between five and twenty years. Brands that have a significant
carrying value include Adey
(
\u00a319.4m
)
, with remaining estimated useful lives of between 5 and 15
years, as well as the newly acquired Monodraught brand
(
\u00a31.8m
)
, and the four Davidson brands
acquired being Salamander, Cistermiser & Keraflo and Talon
(
total \u00a35.4m
)
, all with remaining
estimated useful lives of 15 years. Customer relationships that have a significant carrying value are
those in the following businesses: Adey
(
\u00a363.6m
)
, with remaining estimated useful lives of between 6
and 15 years, Manthorpe
(
\u00a34.7m
)
, with a remaining estimated useful life of 7 years, Monodraught
(
\u00a311.2m
)
, with a remaining estimated useful life of 13 years, and those from the Davidson acquisition
(
\u00a323.5m
)
, remaining estimated useful life of 19 years. The customer order book was acquired with the
Monodraught acquisition
(
\u00a31.6m
)
and has a remaining estimated useful life of two years.
Impairment testing of goodwill
Goodwill is not amortised but is subject to annual impairment testing. Goodwill has been allocated
for impairment testing purposes to a number of Cash Generating Units
(
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:
\u00a0
31 December
31 December
\u00a0
2025
2024
CGU
\u00a3m
\u00a3m
Building Services & International
39.9
33.6
Infrastructure & Landscape
45.9
45.9
Residential Systems
185.4
169.6
CMS
233.2
\u2013
Others
5.2
5.3
Climate & Ventilation
\u2013
93.7
Nu\u2011Heat
\u2013
20.3
Adey
\u2013
83.1
\u00a0
509.6
451.5
\n
Following the internal announcement of a CMS organisational change, management reviewed the
Group\u2019s CGUs and determined that the CMS Business Unit, which consists of the following CGUs to
which goodwill is allocated \u2013 Climate & Ventilation, Nu\u2011Heat and Adey \u2013 is, effective from
1 November 2025, the lowest level in the Group at which this goodwill is monitored for internal
management purposes in accordance with the requirements of IAS 36. As such, the goodwill of the
entities allocated to these CGUs, including that arising on the acquisition of Monodraught, has been
reported in the newly combined CMS CGU for the year ended 31 December 2025.
An impairment test as at 31 October 2025, immediately prior to the creation of the new CMS CGU,
was performed for all existing CGUs that included CMS entities, and no impairments were identified.
The goodwill arising on the Monodraught acquisition of \u00a336.0m primarily represents the assembled
workforce, technical expertise, market share and expected synergies with other Group companies in
the CMS Business Unit. The goodwill was initially allocated to the Climate & Ventilation CGU, which, as
explained above, has since been combined with Nu\u2011Heat and Adey to form the CMS CGU grouping
with effect from 1 November 2025.
The goodwill arising on the Davidson acquisition of \u00a322.1m, which primarily represents the assembled
workforce, technical expertise and market share, has been allocated to two existing CGUs as follows:
Talon and Salamander
(
\u00a36.8m and \u00a39.0m of goodwill respectively
)
\n
have been allocated to the
Residential Systems CGU, and Woodley
(
\u00a36.3m of goodwill
)
has been allocated to the Building
Services & International CGU. The Group determined that it was appropriate to allocate the goodwill
to these CGUs on the basis that these are the CGUs expected to benefit from the synergies of the
acquisition and represent the lowest levels within the Group at which the respective goodwill arising
from the acquisition is monitored for internal management purposes in accordance with the
requirements of IAS 36.
Key assumptions used for value\u2011in\u2011use calculations are as follows:
The recoverable amounts of all CGUs are determined from value\u2011in\u2011use calculations, being the net
present value of future pre\u2011tax cash flows, discounted at a mid\u2011year position, covering a five\u2011year
period. These pre\u2011tax cash flows are based on budgeted cash flow information for a period of one
year, and Board\u2011approved management forecast growth of between 3.0% and 21.2% for years two
to five
(
2024: 4.0% and 31.2%
)
. Terminal growth rate of 2.0%
(
2024: 2.0% to 2.4%
)
has been applied
beyond this, based on historical macroeconomic performance and projections of the sector served
by the CGUs. A pre\u2011tax discount rate of 14.1%
(
2024: 13.8%
)
has been applied in determining the
recoverable amounts of the CGUs. The pre\u2011tax discount rate is estimated based on the Group\u2019s risk
adjusted cost of capital.
When assessing for impairment of goodwill, management have considered the impact of climate
change, particularly in the context of the risks and opportunities identified within the Task Force on
Climate\u2011Related Financial Disclosures Report on pages 46 to 58 of the Strategic Report, and have
not identified any material short\u2011term 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 all the
CGUs.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00384": { "value": "Acquisition related cash flows comprised:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Operating cash flows \u2013 settlement of acquisition costs
\u00a0\u00a0
Monodraught
1.7
\u2013
Davidson Holdings
1.4
\u2013
Sky Garden
\u2013
0.3
Genuit UFH
\u2013
0.1
Plura
\u2013
6.5
Other
\u2013
0.7
\u00a0
3.1
7.6
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Investing cash flows \u2013 settlement of deferred
\u00a0 \u00a0
and contingent consideration
\u00a0 \u00a0
Plura
\u2013
1.6
\u00a0
\u2013
1.6
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Investing cash flows \u2013 acquisition of businesses
\u00a0 \u00a0
net of cash at acquisition
\u00a0 \u00a0
Monodraught
56.1
\u2013
Davidson Holdings
49.5
\u2013
Sky Garden
\u2013
2.2
Genuit UFH
\u2013
3.0
\u00a0
105.6
5.2
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00386": { "value": "19. Assets held-for-sale
The following major classes of assets and liabilities that have been classified as held\u2011for\u2011sale at the
balance sheet date are as follows:
\u00a0
2025
2024
\u00a0
Fair value
Fair value
\u00a0
\u00a3m
\u00a3m
Intangible asset \u2013 customer relationships
\u2013
\u2013
Property, plant and equipment
0.1
\u2013
Inventories
0.7
\u2013
Trade and other receivables
0.3
\u2013
Assets held-for-sale
1.1
\u2013
Trade and other payables
(
0.2
)
\u2013
Liabilities held-for-sale
(
0.2
)
\u2013
\n
During the year ended 31 December 2025, the Board approved a plan to sell Polydeck Limited, a
subsidiary of the Genuit Group which is part of the WMS segment, as it no longer meets the strategic
objectives of the Group. The entity has been actively marketed for sale and management are in
discussion with interested parties. Sale is expected within 12 months of the balance sheet date, and
as such, the assets and liabilities of the disposal group have been classified as held\u2011for\u2011sale and
presented as current on the consolidated balance sheet.
The proceeds from the disposal are not expected to meet the carrying value of the net assets and
therefore an impairment loss has been recognised of \u00a31.5m to measure the assets and liabilities at
FVLCD. This is presented as non\u2011underlying;
(
see Note 8
)
. The carrying value of intangible assets
(
customer lists
)
allocated to the disposal group of \u00a31.2m has been impaired to \u00a3nil with a \u00a30.3m
reduction in the corresponding deferred tax liability. Property, plant and equipment have been
impaired by \u00a30.3m to fair value of \u00a30.1m.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00385": { "value": "19. Assets held-for-sale
The following major classes of assets and liabilities that have been classified as held\u2011for\u2011sale at the
balance sheet date are as follows:
\u00a0
2025
2024
\u00a0
Fair value
Fair value
\u00a0
\u00a3m
\u00a3m
Intangible asset \u2013 customer relationships
\u2013
\u2013
Property, plant and equipment
0.1
\u2013
Inventories
0.7
\u2013
Trade and other receivables
0.3
\u2013
Assets held-for-sale
1.1
\u2013
Trade and other payables
(
0.2
)
\u2013
Liabilities held-for-sale
(
0.2
)
\u2013
\n
During the year ended 31 December 2025, the Board approved a plan to sell Polydeck Limited, a
subsidiary of the Genuit Group which is part of the WMS segment, as it no longer meets the strategic
objectives of the Group. The entity has been actively marketed for sale and management are in
discussion with interested parties. Sale is expected within 12 months of the balance sheet date, and
as such, the assets and liabilities of the disposal group have been classified as held\u2011for\u2011sale and
presented as current on the consolidated balance sheet.
The proceeds from the disposal are not expected to meet the carrying value of the net assets and
therefore an impairment loss has been recognised of \u00a31.5m to measure the assets and liabilities at
FVLCD. This is presented as non\u2011underlying;
(
see Note 8
)
. The carrying value of intangible assets
(
customer lists
)
allocated to the disposal group of \u00a31.2m has been impaired to \u00a3nil with a \u00a30.3m
reduction in the corresponding deferred tax liability. Property, plant and equipment have been
impaired by \u00a30.3m to fair value of \u00a30.1m.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00388": { "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 2025 are set out in Note 4 to the Parent Company
financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00387": { "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 2025 are set out in Note 4 to the Parent Company
financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00389": { "value": "21. Inventories
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Raw materials
29.7
20.3
Work in progress
7.8
8.7
Finished goods
32.1
44.5
\u00a0
69.6
73.5
\n
All inventories are carried at cost less a provision to take account of slow\u2011moving and obsolete
items. The provision at 31 December 2025 was \u00a311.5m
(
2024: \u00a310.5m
)
. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00390": { "value": "22. Trade and other receivables
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Trade receivables
75.8
68.6
Prepayments
11.5
13.0
Other receivables
1.7
0.2
\u00a0
89.0
81.8
\n
Trade receivables are non\u2011interest 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:
\u00a0
31 December 2025
31 December 2024
\u00a0 \u00a0
Allowance for
\u00a0 \u00a0
Allowance
\u00a0
\u00a0 \u00a0
expected
\u00a0 \u00a0
for expected
\u00a0
\u00a0
Gross
credit losses
Net
Gross
credit losses
Net
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Not past due
34.7
\u2013
34.7
26.9
(
0.2
)
26.7
Past due 1 to 30 days
37.2
\u2013
37.2
38.1
(
0.1
)
38.0
Past due 31 to 90 days
3.7
(
0.2
)
3.5
3.6
(
0.1
)
3.5
Past due more than 90 days
0.8
(
0.4
)
0.4
0.8
(
0.4
)
0.4
\u00a0
76.4
(
0.6
)
75.8
69.4
(
0.8
)
68.6
\n
The movements in the allowance for expected credit losses of trade receivables comprised:
\u00a0
\u00a3m
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
Charged to the income statement during the year
0.1
Utilised during the year
(
0.3
)
At 31 December 2025
0.6
\n
23. Cash and cash equivalents
Cash and cash equivalents comprised:
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Cash at bank and in hand
44.8
43.6
\n
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 \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Trade payables
81.7
88.5
Other taxes and social security costs
13.8
15.6
Accruals
29.3
24.1
\u00a0
124.8
128.2
\n
Trade payables are non\u2011interest bearing and generally settled on 30\u2011 to 60\u2011day terms.
27. Financial liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Non-current loans and borrowings:
\u00a0\u00a0
Bank revolving credit facility
(
RCF
)
\u00a0\u00a0
\u2013 principal
175.0
121.5
\u2013 unamortised debt issue costs
(
0.9
)
(
1.3
)
Private placement loan notes
50.0
25.0
Total non-current loans and borrowings
224.1
145.2
Cash and cash equivalents
(
44.8
)
(
43.6
)
Net debt excluding lease liabilities
179.3
101.6
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Other financial liabilities:
\u00a0 \u00a0
Trade and other payables
124.8
128.2
Lease liabilities
28.8
27.6
\u00a0
153.6
155.8
\n
Loans and borrowings
On 22 July 2025, the Group exercised the option to extend the Sustainability\u2011Linked RCF to 9 August
2028, securing a facility of \u00a3310.3m to August 2027 and \u00a3285.6m to August 2028, with an
uncommitted accordion facility of up to \u00a350.0m. Subsequently an agreement was signed on
25 September 2025 that increased the committed RCF facility to \u00a3350.0m for the term. At
31 December 2025, the amount drawn on the RCF was \u00a3175.0m
(
2024: \u00a3121.5m
)
. Interest is payable on
the RCF facility at SONIA plus a margin of between 1.15% and 2.85% dependant on the Group\u2019s
leverage and ESG targets. At 31 December 2025 this was SONIA plus 1.825%
(
2024: 1.625%
)
.
On 24 September 2025 the Note Purchase and Private Shelf Agreement originally dated 10 August
2022 was amended and restated, extending the uncommitted facility to 9 August 2028 for an
amount of $180.0m, c. \u00a3133m
(
previously \u00a3125.0m
)
. The Group has \u00a325.0m issued loan notes from the
original agreement dated 10 August 2022 with a repayment date of 9 August 2029. On 20 October
2025, a further \u00a325.0m of loan notes were issued from the amended shelf agreement, with a
repayment date of 20 October 2032, leaving an uncommitted facility of c. $145m at 31 December
2025
(
c. \u00a3107m
)
. Interest on loan notes is fixed at 4.44% and 5.92% respectively per annum for the
period of the loan term.
Debt issue costs of \u00a30.4m in respect to the above amendments have been incurred during the year.
These costs have been capitalised and are being amortised to the income statement as finance
costs over the term of the facility.
At 31 December 2025, the Group had available, subject to covenant headroom, \u00a3175.0m
(
2024: \u00a3228.6m
)
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 borrowings which, if breached,
would result in immediate repayment. These covenants specify certain maximum limits in terms of
net debt, excluding lease liabilities, as a multiple of pro\u2011forma EBITDA and interest cover.
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Pro-forma EBITDA
(
12 months preceding the balance sheet date
)
\u00a0 \u00a0
Underlying operating profit
94.4
92.2
Depreciation of property, plant and equipment
21.0
19.2
Amortisation of intangible assets not arising on business combinations
0.8
0.7
Un\u2011wind of discount on lease liabilities
(
1.8
)
(
1.6
)
Share\u2011based payments charge
2.5
2.9
\u00a0
116.9
113.4
Underlying EBITDA from acquisitions
6.3
(
0.7
)
\u00a0
123.2
112.7
\n
At 31 December 2025, the Group was not in breach of any bank covenants. The covenant position
was as follows:
\u00a0\u00a0
Position at
\u00a0
Covenant
31 December
Covenant
Requirement
2025
Interest cover
(
underlying operating profit excluding share\u2011based
\u00a0\u00a0
payment expense and including unwind of discount on lease liabilities:
\u00a0\u00a0
finance costs excluding finance revenue, debt issue cost amortisation
\u00a0\u00a0
and unwind of discount on lease liabilities
)
>4.0:1.0
9.7:1.0
Leverage
(
net debt excluding lease liabilities and unamortised debt
\u00a0\u00a0
issue costs: pro\u2011forma EBITDA
)
<3.0:1.0
1.5:1.0
\n
The interest cover and leverage covenants remain at >4.0:1 and <3.0:1 respectively, throughout
the remaining term of the RCF to August 2028, 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
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
At 1 January
145.2
142.9
Borrowings repaid
(
156.6
)
(
68.0
)
Borrowings drawn down
235.0
69.4
Debt issue costs
(
0.4
)
\u2013
Debt issue cost amortisation
0.9
0.9
At 31 December
224.1
145.2
\n29. 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\u2011Linked RCF is variable, being payable at
SONIA plus a margin. The Group manages its long\u2011term 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.
The Group enters into interest rate swaps in order to manage its exposure to fluctuations in interest
rates.
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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Effect on profit
\u00a0
after tax
Change in interest rate
\u00a3m
2025
\u00a0
Increase of 100 basis points
(
1.1
)
Decrease of 100 basis points
1.1
2024
\u00a0
Increase of 100 basis points
(
0.9
)
Decrease of 100 basis points
0.9
\n
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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Effect on
Effect on profit
\u00a0
net assets
after tax
Change in exchange rate
\u00a3m
\u00a3m
2025
\u00a0 \u00a0
10% strengthening of Pounds Sterling: against Euro
(
1.7
)
\u2013
10% weakening of Pounds Sterling: against Euro
2.0
\u2013
2024
\u00a0 \u00a0
10% strengthening of Pounds Sterling: against Euro
(
1.4
)
\u2013
10% weakening of Pounds Sterling: against Euro
1.6
\u2013
\n
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\u2011looking 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 2025, 40.8%
(
2024: 48.1%
)
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 \u00a344.8m and its
undrawn committed RCF of \u00a3175.0m at 31 December 2025, which matures in August 2028.
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 2025 and 31 December 2024 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:
\u00a0 \u00a0
3 to 12
1 to 5
\u00a0 \u00a0
\u00a0
< 3 months
months
years
> 5 years
Total
31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank RCF
2.4
7.3
190.3
\u2013
200.0
Private placement loan notes
0.6
1.9
33.9
27.7
64.1
Other financial liabilities:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade and other payables
124.8
\u2013
\u2013
\u2013
124.8
Interest rate swaps
0.5
\u2013
\u2013
\u2013
0.5
Lease liabilities
2.6
7.4
22.7
4.1
36.8
\u00a0
130.9
16.6
246.9
31.8
426.2
\n
The interest payments on the Sustainability\u2011Linked RCF would be \u00a39.7m per year if the interest rate
plus margin remained at 5.55% and the level of debt did not change from the balance sheet date.
Interest payments are included in the table above.
\u00a0\u00a0
3 to 12
1 to 5
\u00a0\u00a0
\u00a0
< 3 months
months
years
> 5 years
Total
31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank RCF
2.4
7.2
147.0
\u2013
156.6
Private placement loan notes
\u2013
1.1
28.3
\u2013
29.4
Other financial liabilities:
\u00a0\u00a0\u00a0\u00a0\u00a0
Trade and other payables
128.2
\u2013
\u2013
\u2013
128.2
Forward foreign currency
\u00a0\u00a0\u00a0\u00a0\u00a0
derivatives
0.2
\u2013
\u2013
\u2013
0.2
Lease liabilities
2.0
6.4
22.7
3.2
34.3
\u00a0
132.8
14.7
198.0
3.2
348.7
\n
The interest payments on the Sustainability\u2011Linked RCF 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.
Fair values of financial assets and financial liabilities
The book value of trade and other receivables, trade and other payables, cash balances,
bank borrowings 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:
\u00a0
Carrying
Fair
\u00a0
value
value
\u00a0
\u00a3m
\u00a3m
Interest rate swaps
(
designated as hedging instruments
)
0.5
0.5
Interest\u2011bearing loans and borrowings due after more than one year
\u00a0 \u00a0
(
designated as financial liabilities measured at amortised cost
)
224.1
224.1
Lease liabilities
(
designated as financial liabilities
\u00a0 \u00a0
measured at amortised cost
)
28.8
28.8
Total at 31 December 2025
253.4
253.4
\u00a0
Carrying
Fair
\u00a0
value
value
\u00a0
\u00a3m
\u00a3m
Forward foreign currency derivatives
\u00a0 \u00a0
(
designated as hedging instruments
)
0.2
0.2
Interest\u2011bearing loans and borrowings due after more than one year
\u00a0 \u00a0
(
designated as financial liabilities measured at amortised cost
)
145.2
145.2
Lease liabilities
(
designated as financial liabilities
\u00a0 \u00a0
measured at amortised cost
)
27.6
27.6
Total at 31 December 2024
173.0
173.0
\n
The fair values were determined as follows by reference to:
\u2013 Forward foreign currency derivatives: quoted exchange rates.
\u2013 Interest rate derivative contracts: quoted market price.
\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 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 2025 and 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00391": { "value": "22. Trade and other receivables
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Trade receivables
75.8
68.6
Prepayments
11.5
13.0
Other receivables
1.7
0.2
\u00a0
89.0
81.8
\n
Trade receivables are non\u2011interest 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:
\u00a0
31 December 2025
31 December 2024
\u00a0 \u00a0
Allowance for
\u00a0 \u00a0
Allowance
\u00a0
\u00a0 \u00a0
expected
\u00a0 \u00a0
for expected
\u00a0
\u00a0
Gross
credit losses
Net
Gross
credit losses
Net
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Not past due
34.7
\u2013
34.7
26.9
(
0.2
)
26.7
Past due 1 to 30 days
37.2
\u2013
37.2
38.1
(
0.1
)
38.0
Past due 31 to 90 days
3.7
(
0.2
)
3.5
3.6
(
0.1
)
3.5
Past due more than 90 days
0.8
(
0.4
)
0.4
0.8
(
0.4
)
0.4
\u00a0
76.4
(
0.6
)
75.8
69.4
(
0.8
)
68.6
\n
The movements in the allowance for expected credit losses of trade receivables comprised:
\u00a0
\u00a3m
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
Charged to the income statement during the year
0.1
Utilised during the year
(
0.3
)
At 31 December 2025
0.6
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00392": { "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:
\u00a0
31 December 2025
31 December 2024
\u00a0 \u00a0
Allowance for
\u00a0 \u00a0
Allowance
\u00a0
\u00a0 \u00a0
expected
\u00a0 \u00a0
for expected
\u00a0
\u00a0
Gross
credit losses
Net
Gross
credit losses
Net
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Not past due
34.7
\u2013
34.7
26.9
(
0.2
)
26.7
Past due 1 to 30 days
37.2
\u2013
37.2
38.1
(
0.1
)
38.0
Past due 31 to 90 days
3.7
(
0.2
)
3.5
3.6
(
0.1
)
3.5
Past due more than 90 days
0.8
(
0.4
)
0.4
0.8
(
0.4
)
0.4
\u00a0
76.4
(
0.6
)
75.8
69.4
(
0.8
)
68.6
The movements in the allowance for expected credit losses of trade receivables comprised:
\u00a0
\u00a3m
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
Charged to the income statement during the year
0.1
Utilised during the year
(
0.3
)
At 31 December 2025
0.6
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00393": { "value": "23. Cash and cash equivalents
Cash and cash equivalents comprised:
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Cash at bank and in hand
44.8
43.6
\n
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00394": { "value": "24. Share capital and reserves
Share capital
\u00a0
31 December 2025
31 December 2024
\u00a0
Number*
\u00a3
Number*
\u00a3
Authorised, allotted, called up and fully paid share capital:
\u00a0 \u00a0 \u00a0 \u00a0
Ordinary shares of \u00a30.001 each
251
250,884
249
249,170
\n
*
Millions of shares.
The ordinary shares are voting non\u2011redeemable shares and rank equally as to dividends,
voting rights and any return of capital on winding up. In December 2025, in settlement of employee
Sharesave options exercised, 1,713,824 new ordinary shares at a nominal value of \u00a30.001 were issued
by the Group
(
2024: nil
)
.
Share premium
In December 2025, 1,713,824 were issued, each at a nominal value of \u00a30.001, in settlement of
Sharesave options with an exercise price of \u00a32.21. The premium between the nominal value \u00a30.002m
of shares issued and proceeds received of \u00a33.8m is credited to the share premium account.
On 11 February 2021, the Group conducted a non\u2011pre\u2011emptive 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.
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 EBT, to satisfy the future exercise of options under the Group\u2019s share
option schemes.
During the year the Group issued no shares
(
2024: no shares
)
to the EBT at the nominal value
of \u00a30.001.
At 31 December 2025 the Group held 375
(
2024: 375
)
of its own shares at an average cost
of \u00a34.20
(
2024: \u00a34.20
)
per share. The market value of these shares at 31 December 2025 was
less than \u00a30.1m
(
2024: less than \u00a30.1m
)
. The nominal value of each share is \u00a30.001.
The EBT held 190,222 shares at 31 December 2025
(
2024: 608,370
)
at an average cost of 0.1p
(
2024: 0.1p
)
per share. The market value of these shares at 31 December 2025 was \u00a30.6m
(
2024: \u00a32.4m
)
. The nominal value of each share is \u00a30.001. During the year, 418,148 shares were issued
from the EBT in relation to share awards.
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\u2011pre\u2011emptive 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00395": { "value": "Share capital
\u00a0
31 December 2025
31 December 2024
\u00a0
Number*
\u00a3
Number*
\u00a3
Authorised, allotted, called up and fully paid share capital:
\u00a0 \u00a0 \u00a0 \u00a0
Ordinary shares of \u00a30.001 each
251
250,884
249
249,170
\n
*
Millions of shares.
The ordinary shares are voting non\u2011redeemable shares and rank equally as to dividends,
voting rights and any return of capital on winding up. In December 2025, in settlement of employee
Sharesave options exercised, 1,713,824 new ordinary shares at a nominal value of \u00a30.001 were issued
by the Group
(
2024: nil
)
. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00396": { "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\u2011pre\u2011emptive 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00397": { "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 EBT, to satisfy the future exercise of options under the Group\u2019s share
option schemes.
During the year the Group issued no shares
(
2024: no shares
)
to the EBT at the nominal value
of \u00a30.001.
At 31 December 2025 the Group held 375
(
2024: 375
)
of its own shares at an average cost
of \u00a34.20
(
2024: \u00a34.20
)
per share. The market value of these shares at 31 December 2025 was
less than \u00a30.1m
(
2024: less than \u00a30.1m
)
. The nominal value of each share is \u00a30.001.
The EBT held 190,222 shares at 31 December 2025
(
2024: 608,370
)
at an average cost of 0.1p
(
2024: 0.1p
)
per share. The market value of these shares at 31 December 2025 was \u00a30.6m
(
2024: \u00a32.4m
)
. The nominal value of each share is \u00a30.001. During the year, 418,148 shares were issued
from the EBT in relation to share awards.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00398": { "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 2025,
the Group had bank debt of \u00a3175.0m
(
2024: \u00a3121.5m
)
, an undrawn committed revolving credit facility
of \u00a3175.0m
(
2024: \u00a3228.6m
)
, cash of \u00a344.8m
(
2024: \u00a343.6m
)
, an uncommitted accordion facility of up
to \u00a350.0m
(
2024: \u00a350.0m
)
, two \u00a325.0m private placement loan notes totalling \u00a350.0m
(
2024: \u00a325.0m
)
with maturity dates of August 2029 and October 2032 respectively, with an uncommitted shelf
facility remaining of c.$145m and lease liabilities of \u00a328.8m
(
2024: \u00a327.6m
)
. 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 2025 and 31 December 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00399": { "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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Exercise
31 December
\u00a0 \u00a0 \u00a0
Lapsed/
31 December
Date
\u00a0
\u00a0
price
2024
Granted
Dividend
Exercised
forfeited
2025
first
Expiry
\u00a0
\u00a3
Number
Number
Accrual
Number
Number
Number
exercisable
date
2014 Sharesave
(
granted 2021
)
5.78
80,501
\u2013
\u2013
\u2013
(
80,501
)
\u2013
01 December 2024
31 May 2025
2014 Sharesave
(
granted 2022
)
2.21
3,166,097
\u2013
\u2013
(
1,774,460
)
1
(
106,704
)
1,284,933
01 December 2025
31 May 2026
2014 Sharesave
(
granted 2023
)
2.60
878,186
\u2013
\u2013
(
7,568
)
2
(
61,791
)
808,827
01 December 2026
31 May 2027
2024 Sharesave
(
granted 2024
)
3.90
650,802
\u2013
\u2013
\u2013
(
310,875
)
339,927
01 December 2027
31 May 2028
2024 Sharesave
(
granted 2025
)
2.71
\u2013
2,315,512
\u2013
\u2013
(
57,769
)
2,257,743
01 December 2028
31 May 2029
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
9,381
\u2013
\u2013
(
1,493
)
3
\u2013
7,888
20 May 2024
20 May 2031
2014 LTIP
(
granted 22 April 2022
)
Nil
562,334
\u2013
\u2013
(
29,215
)
4
(
528,968
)
4,151
22 April 2025
22 April 2032
2014 LTIP
(
granted 13 July 2022
)
Nil
11,973
\u2013
\u2013
\u2013
(
10,976
)
997
13 July 2025
13 July 2032
2014 LTIP
(
granted 21 April 2023
)
Nil
1,003,300
\u2013
\u2013
\u2013
(
139,955
)
863,345
21 April 2026
21 April 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
859,573
\u2013
\u2013
\u2013
(
139,700
)
719,873
08 April 2027
08 April 2034
2024 LTIP
(
granted 11 April 2025
)
Nil
\u2013
1,194,929
\u2013
\u2013
(
59,072
)
1,135,857
11 April 2028
11 April 2035
Conditional share awards
(
granted 01 December 2023
)
Nil
36,734
\u2013
\u2013
(
35,163
)
5
(
1,571
)
\u2013
01 December 2025
31 May 2026
Conditional share awards
(
granted 01 December 2023
)
Nil
247,377
\u2013
\u2013
(
226,166
)
6
(
21,211
)
\u2013
01 December 2025
31 May 2026
Conditional share awards
(
granted 01 November 2024
)
Nil
26,886
\u2013
\u2013
\u2013
\u2013
26,886
01 November 2026
30 April 2027
Conditional share awards
(
granted 01 November 2025
)
Nil
\u2013
34,192
\u2013
\u2013
\u2013
34,192
01 November 2027
30 April 2028
DSBP
(
granted 22 April 2022
)
Nil
43,629
\u2013
\u2013
(
43,629
)
7
\u2013
\u2013
22 April 2024
22 April 2032
DSBP
(
granted 21 April 2023
)
Nil
26,713
\u2013
439
(
13,356
)
8
\u2013
13,796
21 April 2025
21 April 2033
DSBP
(
granted 08 April 2024
)
Nil
51,751
\u2013
1,708
\u2013
\u2013
53,459
08 April 2026
08 April 2034
DSBP
(
granted 11 April 2025
)
Nil
\u2013
79,490
5,252
\u2013
\u2013
84,742
11 April 2027
11 April 2035
\u00a0 \u00a0
7,802,928
3,624,123
7,399
(
2,131,050
)
(
1,519,093
)
7,784,307
\u00a0 \u00a0
\n
1.
The weighted average share price at the date of exercise of these options was \u00a33.30.
2.
The weighted average share price at the date of exercise of these options was \u00a33.55.
3.
The weighted average share price at the date of exercise of these options was \u00a33.59.
4.
The weighted average share price at the date of exercise of these options was \u00a33.64.
5.
The weighted average share price at the date of exercise of these options was \u00a33.30.
6.
The weighted average share price at the date of exercise of these options was \u00a33.30.
7.
The weighted average share price at the date of exercise of these options was \u00a33.92.
8.
The weighted average share price at the date of exercise of these options was \u00a33.55.
At 31 December 2025, 1,437,661
(
2024: 215,778
)
share options were exercisable at a weighted average
exercise price of \u00a31.98
(
2024: \u00a32.16
)
per share.
Sharesave Plan
Sharesave Plan options were granted to eligible employees on 14 October 2025 at an exercise
price of \u00a32.71 per share, a 20% discount to the average share price over the three business days
preceding the offer. Participating employees can exercise their options to purchase the shares
acquired through their savings plans at the option price after three years. These options have
an exercise date of December 2028 to May 2029.
Long-Term Incentive Plan
(
LTIP
)
LTIP options were awarded to a number of senior managers on 11 April 2025. These options
have an exercise date of April 2028 to April 2035. The vesting of each award is subject to the
satisfaction of certain performance criteria, of which 25% is based on cash conversion
(
the cash
conversion element
)
, 25% is based on sustainability performance
(
the sustainability element
)
and
50% is based on earnings per share
(
the EPS element
).
In addition, there is a Total Shareholder Return
(TSR) Modifier that impacts the number of options vesting under the non\u2011market based conditions.
Further details of the scheme are provided in the Annual Report on Remuneration.
Conditional Share Award
(
CSA
)
On 1 November 2025, several colleagues received conditional share awards in relation to
contributions to key strategic projects across the Group. The vesting of each award is based upon
continuous employment with the Group for the two\u2011year vesting period. These options have an
exercise date of November 2027 to April 2028.
Deferred Share Bonus Plan
(
DSBP
)
On 11 April 2025, the Executive Directors received an award of shares under the DSBP relating
to the 2024 annual bonus.
All these equity\u2011settled, share\u2011based payments are measured at fair value at the date of grant.
The fair value determined at the date of grant of the equity\u2011settled, share\u2011based payments
is expensed to the income statement on a straight\u2011line basis over the vesting period, based
on the Group\u2019s estimates of shares that will eventually vest, with a corresponding adjustment
to equity. Fair value for the Sharesave Plan options is measured by use of a Black\u2011Scholes model.
Fair value of the LTIP options is measured by use of a Monte Carlo model. The expected life used
in the models has been adjusted, based on management\u2019s best estimate for the effects of
non\u2011transferability, exercise restrictions and behavioural considerations.
The assumptions used for each share\u2011based payment were as follows:
Conditional
2014 LTIP
Share
2014
options
options
Sharesave
granted
granted
options
11 April
01 November
granted
2025
2025
2025
Share price at the date of grant
\u00a33.35
\u00a33.72
\u00a33.35
Exercise price
\u00a3nil
\u00a3nil
\u00a32.71
Shares under option
1,194,929
34,192
2,315,512
Vesting period
(
years
)
3.0
2.0
3.25
Expected volatility
34.4%
16.0%
16.0%
Median volatility of the comparator group
29.5%
n/a
n/a
Expected life
(
years
)
3.0
2.0
3.25
Risk free rate
3.8%
3.7%
3.7%
Dividend yield
3.7%
3.4%
3.4%
TSR performance of the Company at the date of grant
(15.3)%
n/a
n/a
Median TSR performance of the comparator group
at the date of grant
(14.0)%
n/a
n/a
Correlation
(
median
)
39.3%
n/a
n/a
Fair value per option
\u00a33.26
\u00a33.47
\u00a30.69
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Conditional
\u00a0
\u00a0
2014 LTIP
Share
2014
\u00a0
options
options
Sharesave
\u00a0
granted
granted
options
\u00a0
08 April
01 November
granted
\u00a0
2024
2024
2024
Share price at the date of grant
\u00a34.36
\u00a34.70
\u00a34.82
Exercise price
\u00a3nil
\u00a3nil
\u00a33.90
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
\u00a0 \u00a0 \u00a0
at the date of grant
5.7%
n/a
n/a
Correlation
(
median
)
39.2%
n/a
n/a
Fair value per option
\u00a34.57
\u00a34.43
\u00a31.20
\n
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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Share\u2011based payments charge for the year
2.5
2.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00400": { "value": "26. Trade and other payables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Trade payables
81.7
88.5
Other taxes and social security costs
13.8
15.6
Accruals
29.3
24.1
\u00a0
124.8
128.2
\nTrade payables are non\u2011interest bearing and generally settled on 30\u2011 to 60\u2011day terms. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00401": { "value": "27. Financial liabilities \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Non-current loans and borrowings:
\u00a0\u00a0
Bank revolving credit facility
(
RCF
)
\u00a0\u00a0
\u2013 principal
175.0
121.5
\u2013 unamortised debt issue costs
(
0.9
)
(
1.3
)
Private placement loan notes
50.0
25.0
Total non-current loans and borrowings
224.1
145.2
Cash and cash equivalents
(
44.8
)
(
43.6
)
Net debt excluding lease liabilities
179.3
101.6
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Other financial liabilities:
\u00a0 \u00a0
Trade and other payables
124.8
128.2
Lease liabilities
28.8
27.6
\u00a0
153.6
155.8
Loans and borrowings
On 22 July 2025, the Group exercised the option to extend the Sustainability\u2011Linked RCF to 9 August
2028, securing a facility of \u00a3310.3m to August 2027 and \u00a3285.6m to August 2028, with an
uncommitted accordion facility of up to \u00a350.0m. Subsequently an agreement was signed on
25 September 2025 that increased the committed RCF facility to \u00a3350.0m for the term. At
31 December 2025, the amount drawn on the RCF was \u00a3175.0m
(
2024: \u00a3121.5m
)
. Interest is payable on
the RCF facility at SONIA plus a margin of between 1.15% and 2.85% dependant on the Group\u2019s
leverage and ESG targets. At 31 December 2025 this was SONIA plus 1.825%
(
2024: 1.625%
)
.
On 24 September 2025 the Note Purchase and Private Shelf Agreement originally dated 10 August
2022 was amended and restated, extending the uncommitted facility to 9 August 2028 for an
amount of $180.0m, c. \u00a3133m
(
previously \u00a3125.0m
)
. The Group has \u00a325.0m issued loan notes from the
original agreement dated 10 August 2022 with a repayment date of 9 August 2029. On 20 October
2025, a further \u00a325.0m of loan notes were issued from the amended shelf agreement, with a
repayment date of 20 October 2032, leaving an uncommitted facility of c. $145m at 31 December
2025
(
c. \u00a3107m
)
. Interest on loan notes is fixed at 4.44% and 5.92% respectively per annum for the
period of the loan term.
Debt issue costs of \u00a30.4m in respect to the above amendments have been incurred during the year.
These costs have been capitalised and are being amortised to the income statement as finance
costs over the term of the facility.
At 31 December 2025, the Group had available, subject to covenant headroom, \u00a3175.0m
(
2024: \u00a3228.6m
)
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 borrowings which, if breached,
would result in immediate repayment. These covenants specify certain maximum limits in terms of
net debt, excluding lease liabilities, as a multiple of pro\u2011forma EBITDA and interest cover.
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Pro-forma EBITDA
(
12 months preceding the balance sheet date
)
\u00a0 \u00a0
Underlying operating profit
94.4
92.2
Depreciation of property, plant and equipment
21.0
19.2
Amortisation of intangible assets not arising on business combinations
0.8
0.7
Un\u2011wind of discount on lease liabilities
(
1.8
)
(
1.6
)
Share\u2011based payments charge
2.5
2.9
\u00a0
116.9
113.4
Underlying EBITDA from acquisitions
6.3
(
0.7
)
\u00a0
123.2
112.7
\n
At 31 December 2025, the Group was not in breach of any bank covenants. The covenant position
was as follows:
\u00a0\u00a0
Position at
\u00a0
Covenant
31 December
Covenant
Requirement
2025
Interest cover
(
underlying operating profit excluding share\u2011based
\u00a0\u00a0
payment expense and including unwind of discount on lease liabilities:
\u00a0\u00a0
finance costs excluding finance revenue, debt issue cost amortisation
\u00a0\u00a0
and unwind of discount on lease liabilities
)
>4.0:1.0
9.7:1.0
Leverage
(
net debt excluding lease liabilities and unamortised debt
\u00a0\u00a0
issue costs: pro\u2011forma EBITDA
)
<3.0:1.0
1.5:1.0
\n
The interest cover and leverage covenants remain at >4.0:1 and <3.0:1 respectively, throughout
the remaining term of the RCF to August 2028, 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
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
At 1 January
145.2
142.9
Borrowings repaid
(
156.6
)
(
68.0
)
Borrowings drawn down
235.0
69.4
Debt issue costs
(
0.4
)
\u2013
Debt issue cost amortisation
0.9
0.9
At 31 December
224.1
145.2
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00402": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Non-current loans and borrowings:
\u00a0\u00a0
Bank revolving credit facility
(
RCF
)
\u00a0\u00a0
\u2013 principal
175.0
121.5
\u2013 unamortised debt issue costs
(
0.9
)
(
1.3
)
Private placement loan notes
50.0
25.0
Total non-current loans and borrowings
224.1
145.2
Cash and cash equivalents
(
44.8
)
(
43.6
)
Net debt excluding lease liabilities
179.3
101.6
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Other financial liabilities:
\u00a0 \u00a0
Trade and other payables
124.8
128.2
Lease liabilities
28.8
27.6
\u00a0
153.6
155.8
Loans and borrowings
On 22 July 2025, the Group exercised the option to extend the Sustainability\u2011Linked RCF to 9 August
2028, securing a facility of \u00a3310.3m to August 2027 and \u00a3285.6m to August 2028, with an
uncommitted accordion facility of up to \u00a350.0m. Subsequently an agreement was signed on
25 September 2025 that increased the committed RCF facility to \u00a3350.0m for the term. At
31 December 2025, the amount drawn on the RCF was \u00a3175.0m
(
2024: \u00a3121.5m
)
. Interest is payable on
the RCF facility at SONIA plus a margin of between 1.15% and 2.85% dependant on the Group\u2019s
leverage and ESG targets. At 31 December 2025 this was SONIA plus 1.825%
(
2024: 1.625%
)
.
On 24 September 2025 the Note Purchase and Private Shelf Agreement originally dated 10 August
2022 was amended and restated, extending the uncommitted facility to 9 August 2028 for an
amount of $180.0m, c. \u00a3133m
(
previously \u00a3125.0m
)
. The Group has \u00a325.0m issued loan notes from the
original agreement dated 10 August 2022 with a repayment date of 9 August 2029. On 20 October
2025, a further \u00a325.0m of loan notes were issued from the amended shelf agreement, with a
repayment date of 20 October 2032, leaving an uncommitted facility of c. $145m at 31 December
2025
(
c. \u00a3107m
)
. Interest on loan notes is fixed at 4.44% and 5.92% respectively per annum for the
period of the loan term.
Debt issue costs of \u00a30.4m in respect to the above amendments have been incurred during the year.
These costs have been capitalised and are being amortised to the income statement as finance
costs over the term of the facility.
At 31 December 2025, the Group had available, subject to covenant headroom, \u00a3175.0m
(
2024: \u00a3228.6m
)
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 borrowings which, if breached,
would result in immediate repayment. These covenants specify certain maximum limits in terms of
net debt, excluding lease liabilities, as a multiple of pro\u2011forma EBITDA and interest cover.
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Pro-forma EBITDA
(
12 months preceding the balance sheet date
)
\u00a0 \u00a0
Underlying operating profit
94.4
92.2
Depreciation of property, plant and equipment
21.0
19.2
Amortisation of intangible assets not arising on business combinations
0.8
0.7
Un\u2011wind of discount on lease liabilities
(
1.8
)
(
1.6
)
Share\u2011based payments charge
2.5
2.9
\u00a0
116.9
113.4
Underlying EBITDA from acquisitions
6.3
(
0.7
)
\u00a0
123.2
112.7
\n
At 31 December 2025, the Group was not in breach of any bank covenants. The covenant position
was as follows:
\u00a0\u00a0
Position at
\u00a0
Covenant
31 December
Covenant
Requirement
2025
Interest cover
(
underlying operating profit excluding share\u2011based
\u00a0\u00a0
payment expense and including unwind of discount on lease liabilities:
\u00a0\u00a0
finance costs excluding finance revenue, debt issue cost amortisation
\u00a0\u00a0
and unwind of discount on lease liabilities
)
>4.0:1.0
9.7:1.0
Leverage
(
net debt excluding lease liabilities and unamortised debt
\u00a0\u00a0
issue costs: pro\u2011forma EBITDA
)
<3.0:1.0
1.5:1.0
\n
The interest cover and leverage covenants remain at >4.0:1 and <3.0:1 respectively, throughout
the remaining term of the RCF to August 2028, 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
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
At 1 January
145.2
142.9
Borrowings repaid
(
156.6
)
(
68.0
)
Borrowings drawn down
235.0
69.4
Debt issue costs
(
0.4
)
\u2013
Debt issue cost amortisation
0.9
0.9
At 31 December
224.1
145.2
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00404": { "value": "28. Related party transactions
Compensation of key management personnel
(
including Directors
)
:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Short\u2011term employee benefits
4.1
4.4
Share\u2011based payments
0.3
0.6
Social security costs
0.6
0.4
\u00a0
5.0
5.4
\n
Key management personnel comprise the Executive Directors, Non\u2011Executive Directors and other
key managers in the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00403": { "value": "28. Related party transactions
Compensation of key management personnel
(
including Directors
)
:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Short\u2011term employee benefits
4.1
4.4
Share\u2011based payments
0.3
0.6
Social security costs
0.6
0.4
\u00a0
5.0
5.4
\n
Key management personnel comprise the Executive Directors, Non\u2011Executive Directors and other
key managers in the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00405": { "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\u2011Linked RCF is variable, being payable at
SONIA plus a margin. The Group manages its long\u2011term 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.
The Group enters into interest rate swaps in order to manage its exposure to fluctuations in interest
rates.
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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Effect on profit
\u00a0
after tax
Change in interest rate
\u00a3m
2025
\u00a0
Increase of 100 basis points
(
1.1
)
Decrease of 100 basis points
1.1
2024
\u00a0
Increase of 100 basis points
(
0.9
)
Decrease of 100 basis points
0.9
\n
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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Effect on
Effect on profit
\u00a0
net assets
after tax
Change in exchange rate
\u00a3m
\u00a3m
2025
\u00a0 \u00a0
10% strengthening of Pounds Sterling: against Euro
(
1.7
)
\u2013
10% weakening of Pounds Sterling: against Euro
2.0
\u2013
2024
\u00a0 \u00a0
10% strengthening of Pounds Sterling: against Euro
(
1.4
)
\u2013
10% weakening of Pounds Sterling: against Euro
1.6
\u2013
\n
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\u2011looking 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 2025, 40.8%
(
2024: 48.1%
)
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 \u00a344.8m and its
undrawn committed RCF of \u00a3175.0m at 31 December 2025, which matures in August 2028.
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 2025 and 31 December 2024 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:
\u00a0 \u00a0
3 to 12
1 to 5
\u00a0 \u00a0
\u00a0
< 3 months
months
years
> 5 years
Total
31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank RCF
2.4
7.3
190.3
\u2013
200.0
Private placement loan notes
0.6
1.9
33.9
27.7
64.1
Other financial liabilities:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade and other payables
124.8
\u2013
\u2013
\u2013
124.8
Interest rate swaps
0.5
\u2013
\u2013
\u2013
0.5
Lease liabilities
2.6
7.4
22.7
4.1
36.8
\u00a0
130.9
16.6
246.9
31.8
426.2
\n
The interest payments on the Sustainability\u2011Linked RCF would be \u00a39.7m per year if the interest rate
plus margin remained at 5.55% and the level of debt did not change from the balance sheet date.
Interest payments are included in the table above.
\u00a0\u00a0
3 to 12
1 to 5
\u00a0\u00a0
\u00a0
< 3 months
months
years
> 5 years
Total
31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank RCF
2.4
7.2
147.0
\u2013
156.6
Private placement loan notes
\u2013
1.1
28.3
\u2013
29.4
Other financial liabilities:
\u00a0\u00a0\u00a0\u00a0\u00a0
Trade and other payables
128.2
\u2013
\u2013
\u2013
128.2
Forward foreign currency
\u00a0\u00a0\u00a0\u00a0\u00a0
derivatives
0.2
\u2013
\u2013
\u2013
0.2
Lease liabilities
2.0
6.4
22.7
3.2
34.3
\u00a0
132.8
14.7
198.0
3.2
348.7
\n
The interest payments on the Sustainability\u2011Linked RCF 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.
Fair values of financial assets and financial liabilities
The book value of trade and other receivables, trade and other payables, cash balances,
bank borrowings 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:
\u00a0
Carrying
Fair
\u00a0
value
value
\u00a0
\u00a3m
\u00a3m
Interest rate swaps
(
designated as hedging instruments
)
0.5
0.5
Interest\u2011bearing loans and borrowings due after more than one year
\u00a0 \u00a0
(
designated as financial liabilities measured at amortised cost
)
224.1
224.1
Lease liabilities
(
designated as financial liabilities
\u00a0 \u00a0
measured at amortised cost
)
28.8
28.8
Total at 31 December 2025
253.4
253.4
\u00a0
Carrying
Fair
\u00a0
value
value
\u00a0
\u00a3m
\u00a3m
Forward foreign currency derivatives
\u00a0 \u00a0
(
designated as hedging instruments
)
0.2
0.2
Interest\u2011bearing loans and borrowings due after more than one year
\u00a0 \u00a0
(
designated as financial liabilities measured at amortised cost
)
145.2
145.2
Lease liabilities
(
designated as financial liabilities
\u00a0 \u00a0
measured at amortised cost
)
27.6
27.6
Total at 31 December 2024
173.0
173.0
\n
The fair values were determined as follows by reference to:
\u2013 Forward foreign currency derivatives: quoted exchange rates.
\u2013 Interest rate derivative contracts: quoted market price.
\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 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 2025 and 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00406": { "value": "Interest rate risk
The interest rate on the Group\u2019s \u00a3350.0m Sustainability\u2011Linked RCF is variable, being payable at
SONIA plus a margin. The Group manages its long\u2011term 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.
The Group enters into interest rate swaps in order to manage its exposure to fluctuations in interest
rates.
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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Effect on profit
\u00a0
after tax
Change in interest rate
\u00a3m
2025
\u00a0
Increase of 100 basis points
(
1.1
)
Decrease of 100 basis points
1.1
2024
\u00a0
Increase of 100 basis points
(
0.9
)
Decrease of 100 basis points
0.9
\n
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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Effect on
Effect on profit
\u00a0
net assets
after tax
Change in exchange rate
\u00a3m
\u00a3m
2025
\u00a0 \u00a0
10% strengthening of Pounds Sterling: against Euro
(
1.7
)
\u2013
10% weakening of Pounds Sterling: against Euro
2.0
\u2013
2024
\u00a0 \u00a0
10% strengthening of Pounds Sterling: against Euro
(
1.4
)
\u2013
10% weakening of Pounds Sterling: against Euro
1.6
\u2013
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00407": { "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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Effect on
Effect on profit
\u00a0
net assets
after tax
Change in exchange rate
\u00a3m
\u00a3m
2025
\u00a0 \u00a0
10% strengthening of Pounds Sterling: against Euro
(
1.7
)
\u2013
10% weakening of Pounds Sterling: against Euro
2.0
\u2013
2024
\u00a0 \u00a0
10% strengthening of Pounds Sterling: against Euro
(
1.4
)
\u2013
10% weakening of Pounds Sterling: against Euro
1.6
\u2013
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00408": { "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\u2011looking 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 2025, 40.8%
(
2024: 48.1%
)
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 \u00a344.8m and its
undrawn committed RCF of \u00a3175.0m at 31 December 2025, which matures in August 2028.
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 2025 and 31 December 2024 is the
carrying amounts as illustrated in Note 23. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00411": { "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:
\u00a0 \u00a0
3 to 12
1 to 5
\u00a0 \u00a0
\u00a0
< 3 months
months
years
> 5 years
Total
31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank RCF
2.4
7.3
190.3
\u2013
200.0
Private placement loan notes
0.6
1.9
33.9
27.7
64.1
Other financial liabilities:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade and other payables
124.8
\u2013
\u2013
\u2013
124.8
Interest rate swaps
0.5
\u2013
\u2013
\u2013
0.5
Lease liabilities
2.6
7.4
22.7
4.1
36.8
\u00a0
130.9
16.6
246.9
31.8
426.2
\n
The interest payments on the Sustainability\u2011Linked RCF would be \u00a39.7m per year if the interest rate
plus margin remained at 5.55% and the level of debt did not change from the balance sheet date.
Interest payments are included in the table above.
\u00a0\u00a0
3 to 12
1 to 5
\u00a0\u00a0
\u00a0
< 3 months
months
years
> 5 years
Total
31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank RCF
2.4
7.2
147.0
\u2013
156.6
Private placement loan notes
\u2013
1.1
28.3
\u2013
29.4
Other financial liabilities:
\u00a0\u00a0\u00a0\u00a0\u00a0
Trade and other payables
128.2
\u2013
\u2013
\u2013
128.2
Forward foreign currency
\u00a0\u00a0\u00a0\u00a0\u00a0
derivatives
0.2
\u2013
\u2013
\u2013
0.2
Lease liabilities
2.0
6.4
22.7
3.2
34.3
\u00a0
132.8
14.7
198.0
3.2
348.7
\n
The interest payments on the Sustainability\u2011Linked RCF 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.
\u00a0
Carrying
Fair
\u00a0
value
value
\u00a0
\u00a3m
\u00a3m
Interest rate swaps
(
designated as hedging instruments
)
0.5
0.5
Interest\u2011bearing loans and borrowings due after more than one year
\u00a0 \u00a0
(
designated as financial liabilities measured at amortised cost
)
224.1
224.1
Lease liabilities
(
designated as financial liabilities
\u00a0 \u00a0
measured at amortised cost
)
28.8
28.8
Total at 31 December 2025
253.4
253.4
\u00a0
Carrying
Fair
\u00a0
value
value
\u00a0
\u00a3m
\u00a3m
Forward foreign currency derivatives
\u00a0 \u00a0
(
designated as hedging instruments
)
0.2
0.2
Interest\u2011bearing loans and borrowings due after more than one year
\u00a0 \u00a0
(
designated as financial liabilities measured at amortised cost
)
145.2
145.2
Lease liabilities
(
designated as financial liabilities
\u00a0 \u00a0
measured at amortised cost
)
27.6
27.6
Total at 31 December 2024
173.0
173.0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00412": { "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:
\u00a0 \u00a0
3 to 12
1 to 5
\u00a0 \u00a0
\u00a0
< 3 months
months
years
> 5 years
Total
31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank RCF
2.4
7.3
190.3
\u2013
200.0
Private placement loan notes
0.6
1.9
33.9
27.7
64.1
Other financial liabilities:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade and other payables
124.8
\u2013
\u2013
\u2013
124.8
Interest rate swaps
0.5
\u2013
\u2013
\u2013
0.5
Lease liabilities
2.6
7.4
22.7
4.1
36.8
\u00a0
130.9
16.6
246.9
31.8
426.2
\n
The interest payments on the Sustainability\u2011Linked RCF would be \u00a39.7m per year if the interest rate
plus margin remained at 5.55% and the level of debt did not change from the balance sheet date.
Interest payments are included in the table above.
\u00a0\u00a0
3 to 12
1 to 5
\u00a0\u00a0
\u00a0
< 3 months
months
years
> 5 years
Total
31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank RCF
2.4
7.2
147.0
\u2013
156.6
Private placement loan notes
\u2013
1.1
28.3
\u2013
29.4
Other financial liabilities:
\u00a0\u00a0\u00a0\u00a0\u00a0
Trade and other payables
128.2
\u2013
\u2013
\u2013
128.2
Forward foreign currency
\u00a0\u00a0\u00a0\u00a0\u00a0
derivatives
0.2
\u2013
\u2013
\u2013
0.2
Lease liabilities
2.0
6.4
22.7
3.2
34.3
\u00a0
132.8
14.7
198.0
3.2
348.7
\n
The interest payments on the Sustainability\u2011Linked RCF 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.
\u00a0
Carrying
Fair
\u00a0
value
value
\u00a0
\u00a3m
\u00a3m
Interest rate swaps
(
designated as hedging instruments
)
0.5
0.5
Interest\u2011bearing loans and borrowings due after more than one year
\u00a0 \u00a0
(
designated as financial liabilities measured at amortised cost
)
224.1
224.1
Lease liabilities
(
designated as financial liabilities
\u00a0 \u00a0
measured at amortised cost
)
28.8
28.8
Total at 31 December 2025
253.4
253.4
\u00a0
Carrying
Fair
\u00a0
value
value
\u00a0
\u00a3m
\u00a3m
Forward foreign currency derivatives
\u00a0 \u00a0
(
designated as hedging instruments
)
0.2
0.2
Interest\u2011bearing loans and borrowings due after more than one year
\u00a0 \u00a0
(
designated as financial liabilities measured at amortised cost
)
145.2
145.2
Lease liabilities
(
designated as financial liabilities
\u00a0 \u00a0
measured at amortised cost
)
27.6
27.6
Total at 31 December 2024
173.0
173.0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00410": { "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:
\u00a0 \u00a0
3 to 12
1 to 5
\u00a0 \u00a0
\u00a0
< 3 months
months
years
> 5 years
Total
31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank RCF
2.4
7.3
190.3
\u2013
200.0
Private placement loan notes
0.6
1.9
33.9
27.7
64.1
Other financial liabilities:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade and other payables
124.8
\u2013
\u2013
\u2013
124.8
Interest rate swaps
0.5
\u2013
\u2013
\u2013
0.5
Lease liabilities
2.6
7.4
22.7
4.1
36.8
\u00a0
130.9
16.6
246.9
31.8
426.2
\n
The interest payments on the Sustainability\u2011Linked RCF would be \u00a39.7m per year if the interest rate
plus margin remained at 5.55% and the level of debt did not change from the balance sheet date.
Interest payments are included in the table above.
\u00a0\u00a0
3 to 12
1 to 5
\u00a0\u00a0
\u00a0
< 3 months
months
years
> 5 years
Total
31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank RCF
2.4
7.2
147.0
\u2013
156.6
Private placement loan notes
\u2013
1.1
28.3
\u2013
29.4
Other financial liabilities:
\u00a0\u00a0\u00a0\u00a0\u00a0
Trade and other payables
128.2
\u2013
\u2013
\u2013
128.2
Forward foreign currency
\u00a0\u00a0\u00a0\u00a0\u00a0
derivatives
0.2
\u2013
\u2013
\u2013
0.2
Lease liabilities
2.0
6.4
22.7
3.2
34.3
\u00a0
132.8
14.7
198.0
3.2
348.7
\n
The interest payments on the Sustainability\u2011Linked RCF 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.
Fair values of financial assets and financial liabilities
The book value of trade and other receivables, trade and other payables, cash balances,
bank borrowings 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:
\u00a0
Carrying
Fair
\u00a0
value
value
\u00a0
\u00a3m
\u00a3m
Interest rate swaps
(
designated as hedging instruments
)
0.5
0.5
Interest\u2011bearing loans and borrowings due after more than one year
\u00a0 \u00a0
(
designated as financial liabilities measured at amortised cost
)
224.1
224.1
Lease liabilities
(
designated as financial liabilities
\u00a0 \u00a0
measured at amortised cost
)
28.8
28.8
Total at 31 December 2025
253.4
253.4
\u00a0
Carrying
Fair
\u00a0
value
value
\u00a0
\u00a3m
\u00a3m
Forward foreign currency derivatives
\u00a0 \u00a0
(
designated as hedging instruments
)
0.2
0.2
Interest\u2011bearing loans and borrowings due after more than one year
\u00a0 \u00a0
(
designated as financial liabilities measured at amortised cost
)
145.2
145.2
Lease liabilities
(
designated as financial liabilities
\u00a0 \u00a0
measured at amortised cost
)
27.6
27.6
Total at 31 December 2024
173.0
173.0
\n
The fair values were determined as follows by reference to:
\u2013 Forward foreign currency derivatives: quoted exchange rates.
\u2013 Interest rate derivative contracts: quoted market price.
\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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00409": { "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:
\u00a0 \u00a0
3 to 12
1 to 5
\u00a0 \u00a0
\u00a0
< 3 months
months
years
> 5 years
Total
31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank RCF
2.4
7.3
190.3
\u2013
200.0
Private placement loan notes
0.6
1.9
33.9
27.7
64.1
Other financial liabilities:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade and other payables
124.8
\u2013
\u2013
\u2013
124.8
Interest rate swaps
0.5
\u2013
\u2013
\u2013
0.5
Lease liabilities
2.6
7.4
22.7
4.1
36.8
\u00a0
130.9
16.6
246.9
31.8
426.2
\n
The interest payments on the Sustainability\u2011Linked RCF would be \u00a39.7m per year if the interest rate
plus margin remained at 5.55% and the level of debt did not change from the balance sheet date.
Interest payments are included in the table above.
\u00a0\u00a0
3 to 12
1 to 5
\u00a0\u00a0
\u00a0
< 3 months
months
years
> 5 years
Total
31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank RCF
2.4
7.2
147.0
\u2013
156.6
Private placement loan notes
\u2013
1.1
28.3
\u2013
29.4
Other financial liabilities:
\u00a0\u00a0\u00a0\u00a0\u00a0
Trade and other payables
128.2
\u2013
\u2013
\u2013
128.2
Forward foreign currency
\u00a0\u00a0\u00a0\u00a0\u00a0
derivatives
0.2
\u2013
\u2013
\u2013
0.2
Lease liabilities
2.0
6.4
22.7
3.2
34.3
\u00a0
132.8
14.7
198.0
3.2
348.7
\n
The interest payments on the Sustainability\u2011Linked RCF 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00416": { "value": "Fair values of financial assets and financial liabilities
The book value of trade and other receivables, trade and other payables, cash balances,
bank borrowings 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:
\u00a0
Carrying
Fair
\u00a0
value
value
\u00a0
\u00a3m
\u00a3m
Interest rate swaps
(
designated as hedging instruments
)
0.5
0.5
Interest\u2011bearing loans and borrowings due after more than one year
\u00a0 \u00a0
(
designated as financial liabilities measured at amortised cost
)
224.1
224.1
Lease liabilities
(
designated as financial liabilities
\u00a0 \u00a0
measured at amortised cost
)
28.8
28.8
Total at 31 December 2025
253.4
253.4
\u00a0
Carrying
Fair
\u00a0
value
value
\u00a0
\u00a3m
\u00a3m
Forward foreign currency derivatives
\u00a0 \u00a0
(
designated as hedging instruments
)
0.2
0.2
Interest\u2011bearing loans and borrowings due after more than one year
\u00a0 \u00a0
(
designated as financial liabilities measured at amortised cost
)
145.2
145.2
Lease liabilities
(
designated as financial liabilities
\u00a0 \u00a0
measured at amortised cost
)
27.6
27.6
Total at 31 December 2024
173.0
173.0
\n
The fair values were determined as follows by reference to:
\u2013 Forward foreign currency derivatives: quoted exchange rates.
\u2013 Interest rate derivative contracts: quoted market price.
\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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00415": { "value": "Fair values of financial assets and financial liabilities
The book value of trade and other receivables, trade and other payables, cash balances,
bank borrowings 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:
\u00a0
Carrying
Fair
\u00a0
value
value
\u00a0
\u00a3m
\u00a3m
Interest rate swaps
(
designated as hedging instruments
)
0.5
0.5
Interest\u2011bearing loans and borrowings due after more than one year
\u00a0 \u00a0
(
designated as financial liabilities measured at amortised cost
)
224.1
224.1
Lease liabilities
(
designated as financial liabilities
\u00a0 \u00a0
measured at amortised cost
)
28.8
28.8
Total at 31 December 2025
253.4
253.4
\u00a0
Carrying
Fair
\u00a0
value
value
\u00a0
\u00a3m
\u00a3m
Forward foreign currency derivatives
\u00a0 \u00a0
(
designated as hedging instruments
)
0.2
0.2
Interest\u2011bearing loans and borrowings due after more than one year
\u00a0 \u00a0
(
designated as financial liabilities measured at amortised cost
)
145.2
145.2
Lease liabilities
(
designated as financial liabilities
\u00a0 \u00a0
measured at amortised cost
)
27.6
27.6
Total at 31 December 2024
173.0
173.0
\n
The fair values were determined as follows by reference to:
\u2013 Forward foreign currency derivatives: quoted exchange rates.
\u2013 Interest rate derivative contracts: quoted market price.
\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 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 2025 and 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138005IF1N2RKJ6KO18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }