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1 Corporate information
The Group and Parent Company financial statements of Clarkson PLC for the year ended 31 December 2024 were
authorised for issue in accordance with a resolution of the Directors on 7 March 2025. Clarkson PLC is a Public
Limited Company, listed on the London Stock Exchange, incorporated in the UK, registered in England and Wales
and domiciled in the UK.
The term \u2018Parent Company\u2019 refers to Clarkson PLC and \u2018Group\u2019 refers to the Company, its consolidated subsidiaries
and the relevant assets and liabilities of the share purchase trusts.
Copies of the Annual Report will be circulated to all shareholders and will also be available from the registered office
of the Company at Commodity Quay, St Katharine Docks, London E1W 1BF.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "Clarkson PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "Public Limited Company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-7": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-8": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-9": { "value": "Clarkson PLC", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-427": { "value": "Clarkson PLC", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-10": { "value": "Commodity Quay, St Katharine Docks, London E1W 1BF", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-428": { "value": "Commodity Quay, St Katharine Docks, London E1W 1BF", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-433": { "value": "
2 Statement of accounting policies
2.1 Basis of preparation
The accounting policies which follow set out those policies which have been applied in preparing the financial
statements for the year ended 31 December 2024. Additional accounting policies for the Parent Company are set out
in note A to the Parent Company financial statements.
The financial statements are presented in pounds sterling and all values are rounded to the nearest one hundred
thousand pounds sterling (\u00a30.1m) except when otherwise indicated.
The consolidated income statement is shown in columnar format to assist with understanding the Group\u2019s results by
presenting profit for the year before exceptional items and acquisition-related costs; this is referred to as \u2018underlying
profit\u2019. Items which are non-recurring in nature and considered to be material in size are shown as \u2018exceptional
items\u2019. The column \u2018acquisition-related costs\u2019 includes the amortisation of acquired intangible assets, the costs
of acquiring new businesses and the expensing of the cash and share-based elements of consideration linked to
ongoing employment obligations on acquisitions. These notes form an integral part of the financial statements on
pages 149 to 195.
Except where noted, the accounting policies set out in this note have been applied consistently to all periods
presented in these consolidated financial statements.
Statement of compliance
The consolidated financial statements of the Clarkson PLC Group have been prepared in accordance with
UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006
as applicable to companies reporting under those standards and the Disclosure Guidance and Transparency Rules
Sourcebook of the United Kingdom\u2019s Financial Conduct Authority.
Going concern
The consolidated financial statements have been prepared on a going concern basis, under the historical cost
convention, as modified by financial assets and financial liabilities (including derivative instruments) at fair value
through profit or loss and fair value through other comprehensive income.
The Group has considerable financial resources available to it, a strong balance sheet and has consistently generated
a profit and good cash inflows. As a result of this, the Directors believe that the Group is well placed to manage its
business risks successfully.
Management has stress tested a range of scenarios, using the Board-approved budget and monthly cash flows to
31 December 2027, modelling different assumptions with respect to the Group\u2019s cash resources. Three different
scenarios were considered:
\u2014 Management modelled the impact of a reduction in profitability to \u00a330m (a level of profit the Group has exceeded
in every year since 2013), whilst taking no mitigating actions.
\u2014 Management assessed the impact of a significant reduction in world seaborne trade similar to that experienced
in the global financial crisis in 2008, the pandemic in 2020 and the Ukraine conflict in 2022: seaborne trade
recovered in 2009, 2021 and 2023. Since 1990, no two consecutive years have seen reductions in world seaborne
trade.
\u2014 Management undertook a reverse stress test over a period of three years to determine what it might take for the
Group to encounter financial difficulties. This test was based on current levels of overheads, the net cash and
available funds* position at 31 December 2024, the collection of debts and the invoicing and collection of the
forward order book.
* Classed as an APM. See pages 215 and 216 for further information. Under the first two scenarios, the Group is able to generate profits and cash, and has positive net cash and available funds* available to it. In the third scenario, current net cash and available funds*, together with the collection of debts and the forward order book, would leave sufficient cash resources to cover at least the next 12 months without any new business. Accordingly, the Directors have a reasonable expectation that the Group has sufficient resources to continue in operation for at least the next 12 months. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Basis of consolidation The Group\u2019s consolidated financial statements incorporate the results and net assets of Clarkson PLC, its subsidiary undertakings and the relevant assets and liabilities of the share purchase trusts made up to 31 December each year. Subsidiaries are entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are unconsolidated from the date that control ceases. See note U to the Parent Company financial statements for full details on subsidiaries. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. However, for the purposes of segmental reporting, internal recharges are included within the appropriate segments. 2.2 Changes in accounting policy and disclosures New and amended standards adopted by the Group The Group has applied the following amendments for the first time for the annual reporting period commencing 1 January 2024: \u2014 Classification of Liabilities as Current or Non-Current and Non-current liabilities with covenants \u2013 Amendments to IAS 1; \u2014 Lease Liability in Sale and Leaseback \u2013 Amendments to IFRS 16; and \u2014 Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7 The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. New standards, amendments and interpretations issued but not yet effective for the financial year beginning 1 January 2024 and not early adopted Certain new accounting standards, amendments to accounting standards, and interpretations have been published that are not mandatory for 31 December 2024 reporting periods and have not been early adopted by the Group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions, however, the way information is presented in the primary statements may change with the adoption of IFRS 18. 2.3 Critical accounting judgements and estimates The following are the critical accounting judgements and estimations that the Directors have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in the consolidated financial statements.
Judgements
Revenue recognition
IFRS 15 \u2018Revenue from Contracts with Customers\u2019 requires the Group to assess its revenue streams, including
whether the recognition of revenue should be at a \u2018point in time\u2019 or \u2018over time\u2019. Where revenue is at a point in
time, a judgement is also required to determine at which point this is. The Group has defined and determined its
performance obligation, which continues to be the successful satisfaction of the negotiated contract between
counterparties and therefore recognises revenue at this point in time. This is a critical judgement, since if the
performance obligation was deemed to be satisfied at an earlier point or over time, the revenue recognition
would differ.
In addition, for certain clients, the Group considers that there is uncertainty at the time of invoicing as to whether the
clients are capable of settling their invoices when due. The Group continues to trade with such clients, as they are
deemed to be key market participants or preferred counterparties for certain transactions. At the point of revenue
recognition, these amounts are invoiced but provisions are made which directly offset against revenue, on the basis
consideration is not certain. See note 2.19 for further details.
Alternative performance measures
The Group excludes adjusting items (exceptional items and acquisition-related costs) from its underlying earnings
measure. The Directors believe that alternative performance measures can provide users of the financial statements
with a better understanding of the Group\u2019s underlying financial performance, if used properly. If improperly used
and presented, these measures could mislead the users of the financial statements by obscuring the real profitability
and financial position of the Group. Directors\u2019 judgement is required as to what items qualify for this classification.
Further details are included on pages 215 and 216.
Recognition of software assets
A judgement is made regarding the decision to capitalise expenditure on the balance sheet relating to the
development of software assets across the Group in accordance with IAS 38 \u2018Intangible Assets\u2019. This includes
considering if the future economic benefit from the asset can be readily identified and estimated and will flow to
the relevant entity in the Group. Once capitalised, a further judgement is made to determine the point at which
the software becomes fully operational and thus when the asset will begin to be amortised through the income
statement over its useful economic life.
IFRS 16 \u2018Leases\u2019
Key judgements made in calculating the initial measurement include determining the lease term where extension or
termination options exist. In such instances, all facts and circumstances that may create an economic incentive to
exercise an extension option, or not exercise a termination option, have been considered to determine the lease term.
Extension periods (or periods after termination options) are only included in the lease term if the lease is reasonably
certain to be extended (or not terminated), such as for options with renewal dates in the next 12 months.
A judgement is made at the commencement of a lease as to whether elements of the contract are lease components
or non-lease components. If an element does not convey the right to control the use of an identified asset for a
period of time in exchange for consideration then this is treated as a non-lease component. The most significant
non-lease component attributable to the Group is service charges.
Estimation uncertainty
The assumptions and estimates at the end of the current reporting period that have a significant risk of resulting in a
material adjustment to the carrying amounts of assets and liabilities within the next financial year are set out on the
next page.
Impairment of trade receivables
Trade receivables are amounts due from clients in the ordinary course of business. Trade receivables are classified
as current assets if collection is due within one year or less (or in the normal operating cycle of the business, if
longer). If not, they are presented as non-current assets. The provision for impairment of receivables represents
management\u2019s best estimate of expected credit losses to arise on trade receivables at the balance sheet date.
Determining the amount of the provision includes analysis of specific clients\u2019 creditworthiness which may be
impaired as indicated by the age of the invoice, the existence of any disputes, recent historical payment patterns
and any known information regarding the client\u2019s financial position. In a limited number of circumstances, where
doubt exists as to the ability to collect payment, a provision is made at the time of invoicing (see Judgements:
Revenue recognition on page 156). For clients where a specific provision is not recognised, management is required
to estimate expected credit losses in accordance with IFRS 9 \u2018Financial Instruments\u2019. This estimate takes into account
the Group\u2019s history of bad debt write-offs and extended unpaid invoices for each of its segments and also views
on market conditions both for certain business lines and territories. Determining the amount of a provision for
impairment is inherently challenging and in a given year there is a risk this estimate may materially change in the
following year, either due to successful, unforeseen collections or sudden deterioration or failures of clients. This is
therefore deemed to be a critical accounting estimate. See note 15 for further details.
Impairment testing of goodwill
The Group tests goodwill for impairment on an annual basis. For the 2024 and 2023 reporting periods, the
recoverable amount of the cash-generating units to which assets on the balance sheet have been allocated was
determined based on value-in-use calculations which requires estimation of future cash flows expected to arise
for the cash-generating unit, the selection of suitable discount rates and the estimation of future growth rates. As
determining such assumptions is inherently uncertain and subject to future factors, there is the potential that these
may differ in subsequent periods. See note 14 for further details.
Employee benefits
The determination of the Group\u2019s defined benefit obligation depends on certain assumptions, such as the selection
of the discount rate, inflation rates and mortality rates. These assumptions are considered to be a key source of
estimation uncertainty as relatively small changes in the assumptions used may have a significant effect on the
Group\u2019s financial statements within the next year. See note 23 for further details.
2.4 Property, plant and equipment
Land held for use in the production or supply of goods or services, or for administrative purposes, is stated on the
balance sheet at its historical cost.
Freehold and long leasehold properties, leasehold improvements, office furniture and equipment and motor vehicles
are recorded at cost less accumulated depreciation and any recognised impairment loss. Cost includes the original
purchase price of the asset.
Land is not depreciated. Depreciation on other assets is charged on a straight-line basis over the estimated useful life
(after allowing for estimated residual value, if material) of the asset, and is charged from the time an asset becomes
available for its intended use. Estimated useful lives are as follows:
Freehold and long leasehold properties
10 to 60 years
Leasehold improvements
Over the period of the lease
Office furniture and equipment
2 to 10 years
Motor vehicles
4 to 5 years
Estimates of useful lives and residual scrap values are assessed annually.
At each balance sheet date, the Group reviews the carrying amounts of its property, plant and equipment to
determine whether there is any indication that those assets have suffered an impairment loss.
2.5 Investment properties
Land and buildings held for long-term investment and to earn rental income are classified as investment properties.
Investment properties are stated at cost less accumulated depreciation and any recognised impairment loss.
Depreciation is charged on a straight-line basis over the estimated useful life of the asset, and is charged from the
time an asset becomes available for its intended use. The estimated useful life of investment properties is 60 years.
In addition to historical cost accounting, the Directors have also presented, through additional narrative, the fair value
of the investment properties in note 11.
2.6 Business combinations and goodwill
Business combinations are accounted for using the acquisition method.
Goodwill is initially measured at cost being the excess of the cost of the business combination over the Group\u2019s share
in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities.
All transaction costs are expensed in the income statement as incurred.
Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date.
Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability are
recognised in the income statement. Contingent consideration that is classified as equity is not re-measured, and its
subsequent settlement is accounted for within equity.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of
impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of
the Group\u2019s cash-generating units identified according to operating segment.
2.7 Intangible assets
Separately acquired intangible assets are measured on initial recognition at cost. The cost of intangible assets
acquired in a business combination is the fair value as at the date of acquisition.
Costs incurred on development projects, relating to the introduction or design of new systems or improvement of
the existing systems, are only capitalised as intangible assets if capitalisation criteria under IAS 38 \u2018Intangible Assets\u2019
are met; that is, where the related expenditure is separately identifiable, the costs are measurable and management
is satisfied as to the ultimate technical and commercial viability of the project such that it will generate future
economic benefits based on all relevant available information. Capitalised development costs are amortised from the
date the system is fully operational over their expected useful lives (not exceeding five years). Other costs linked to
development projects that do not meet the above criteria such as data population, research expenditure and staff
training costs are recognised within administrative expenses as incurred.
Costs incurred in the provision and implementation of Software as a Service (\u2018SaaS\u2019) agreements, including
subscriptions, software configuration and customisation, data migration, testing and training are expensed in the
income statement as incurred. To the extent that a SaaS agreement has a separately identifiable intangible asset that
is material, the costs are capitalised until the software application use commences and then amortised over their
expected useful life (not exceeding five years).
Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any
accumulated impairment losses.
Intangible assets with finite lives are amortised over the useful life and assessed for impairment whenever there is
an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for
an intangible asset with a finite useful life are reviewed at least at each financial year-end. Changes in the expected
useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted
for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting
estimates. The amortisation expense on intangible assets with finite lives is recognised in the income statement
within administrative expenses.
Intangible assets are amortised as follows:
Trade name and non-contractual commercial relationships
Up to 15 years
Forward order book on acquisition
Up to 5 years
Development costs
Up to 5 years
2.8 Impairment of non-financial assets
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any
such indication exists, or when annual impairment testing for an asset is required, the Group estimates the
asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of its fair value less costs to sell and its
value-in-use and is determined for an individual asset, unless the asset does not generate cash inflows that are
largely independent of those from other assets or groups of assets. Where the carrying amount of an asset exceeds
its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing
value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset. In determining
fair value less costs to sell, an appropriate valuation model is used. These calculations are corroborated by valuation
multiples, or other available fair value indicators.
Impairment losses of continuing operations are recognised in the income statement in those expense categories
consistent with the function of the impaired asset.
For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication
that previously recognised impairment losses may no longer exist or may have decreased. If such an indication exists,
the Group makes an estimate of the recoverable amount. A previously recognised impairment loss is reversed only if
there has been a change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment
loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That
increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no
impairment loss been recognised for the asset in prior years.
Goodwill
The Group assesses whether there are any indicators that goodwill is impaired at each reporting date. Goodwill is
tested for impairment annually.
Any impairment of goodwill is determined by assessing the recoverable amount of the cash-generating units to
which the goodwill relates. Where the recoverable amount of the cash-generating units is less than their carrying
amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future
periods. The Group performs its annual impairment test of goodwill as at 31 December .
2.9 Investments and other financial assets
Classification
Financial assets within the scope of IFRS 9 \u2018Financial Instruments\u2019 are classified as financial assets at fair value
through profit or loss (\u2018FVPL\u2019), financial assets at fair value through other comprehensive income (\u2018FVOCI\u2019) and
financial assets at amortised cost.
The Group determines the classification of its financial assets on initial recognition, taking into account the purpose
for which the financial assets were acquired.
Financial assets at fair value through profit or loss (\u2018FVPL\u2019)
These assets are measured at fair value. Net gains and losses are recognised in profit or loss in finance income or
finance costs. Any interest or dividend income are recognised in profit or loss in finance income or finance costs.
Financial assets at fair value through other comprehensive income (\u2018FVOCI\u2019)
These assets are measured at fair value. Dividends are recognised when the entity\u2019s right to receive payment is
established, it is probable the economic benefits will flow to the entity, and the amount can be measured reliably.
Dividends are recognised in the income statement unless they clearly represent recovery of a part of the cost of
the investment. Changes in fair value are recognised in other comprehensive income and are never recycled to the
income statement, even if the asset is sold or impaired.
Recognition and measurement
Fair value
The fair value of investments in equity instruments that are actively traded in organised financial markets is
determined by reference to quoted market bid prices at the close of business on the balance sheet date. For
investments where there is no active market, fair value is determined using valuation techniques. Such valuation
techniques include using recent arm\u2019s-length market transactions, reference to the current market value of another
instrument which is substantially the same, discounted cash flow analysis, or other valuation models.
Amortised cost
Loans and receivables are measured at amortised cost. This is computed using the effective interest method less any
allowance for impairment. The calculation takes into account any premium or discount on acquisition and includes
transaction costs and fees that are an integral part of the effective interest rate.
Trade and other receivables
Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using
the effective interest method less provision for impairment.
2.10 Impairment of financial assets
The Group assesses at each balance sheet date whether a financial asset or group of financial assets is impaired.
Assets carried at amortised cost
Impairment losses for trade receivables are recognised within revenue to the extent there is uncertainty at the time
of invoicing as to whether the clients are capable of settling their invoices when due. A provision for impairment is
determined with reference to specific analysis of increased credit loss risk for clients and lifetime expected credit
losses applied to all other trade receivables (the simplified approach). The carrying amount of the receivable
is reduced through use of an allowance account. Impaired debts are derecognised when they are assessed as
uncollectible.
2.11 Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out
(\u2018FIFO\u2019) method and excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary
course of business, less applicable variable selling expenses.
2.12 Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits with an original maturity of between one day
and three months.
2.13 Derivative financial instruments and hedge accounting
The Group uses various derivative financial instruments to reduce exposure to foreign exchange movements.
These can include foreign currency contracts and currency options. All derivative financial instruments are initially
recognised on the balance sheet at their fair value adjusted for transaction costs.
The fair values of financial instrument derivatives are determined by reference to quoted prices in an active market.
The method of recognising the movements in the fair value of the derivative depends on whether the instrument has
been designated as a hedging instrument (determined with reference to IFRS 9 \u2018Financial Instruments\u2019) and, if so,
the cash flow being hedged. To qualify for hedge accounting, the terms of the hedge must be clearly documented
at inception and there must be an expectation that the derivative will be highly effective in offsetting changes in the
cash flow of the hedged risk. Hedge effectiveness is tested throughout the life of the hedge and if at any point it is
concluded that the relationship can no longer be expected to remain highly effective in achieving its objective, the
hedge relationship is terminated. The Group designates the hedged risk as movements in the spot rate, with changes
in the forward rate recognised in other comprehensive income.
Gains and losses on financial instrument derivatives which qualify for hedge accounting are recognised according to
the nature of the hedge relationship and the item being hedged.
Cash flow hedges: derivative financial instruments are classified as cash flow hedges when they hedge the Group\u2019s
exposure to changes in cash flows attributable to a particular asset or liability or a highly probable forecast
transaction. Gains or losses on designated cash flow hedges are recognised directly in equity in other comprehensive
income, to the extent that they are determined to be effective. Any remaining portion of the gain or loss is
recognised immediately in the income statement. On recognition of the hedged asset or liability, any gains or losses
that had previously been recognised directly in equity are included in the initial measurement of the fair value of
the asset or liability. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for
hedge accounting, any cumulative gain or loss in equity remains there and is recognised in the income statement
when the forecast transaction is ultimately recognised. When a forecast transaction is no longer expected to occur,
the cumulative gain or loss that was reported in equity is immediately transferred to the income statement and
reported in revenue.
Where financial instrument derivatives do not qualify for hedge accounting, changes in the fair market value are
recognised immediately in the income statement.
2.14 Trade and other payables
Trade and other payables are obligations to pay for goods or services that have been acquired in the ordinary course
of business. These are classified as current liabilities if payment is due within one year or less (or in the normal
operating cycle of the business if longer). If not, they are presented as non-current liabilities.
Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the
effective interest method.
2.15 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. Where the Group expects some or all of a provision
to be reimbursed, for example under an insurance contract, the reimbursement is recognised as a separate asset but
only when the reimbursement is virtually certain. The expense relating to any provision is presented in the income
statement net of any reimbursement. If the effect of the time value of money is material, provisions are discounted
using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is
used, the increase in the provision due to the passage of time is recognised as a finance cost.
2.16 Employee benefits
The Group operates various post-employment schemes, including both defined contribution and defined benefit
pension plans.
Defined contribution plans
For defined contribution plans, the Group pays contributions to publicly or privately administered pension
arrangements on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once
the contributions have been paid. The contributions are recognised as an employee benefit expense when they are
due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future
payments is available.
Defined benefit plans
Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement,
usually dependent on one or more factors such as age, years of service and compensation.
The asset/liability recognised in the balance sheet in respect of defined benefit pension plans is the difference
between the present value of the defined benefit obligation at the end of the reporting period and the fair value of
plan assets. Where the Group does not have an unconditional right to a scheme\u2019s surplus, this asset is not recognised
in the balance sheet. The defined benefit obligation is calculated annually by independent actuaries using the
projected unit credit method. The present value of the defined benefit obligation is determined by discounting the
estimated future cash outflows using interest rates of high-quality corporate bonds that have terms to maturity
approximating to the terms of the related pension obligation.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or
credited to equity in other comprehensive income in the period in which they arise.
Past service costs are recognised immediately in administrative expenses.
The net benefit income/expense is calculated by applying the discount rate to the net balance of the defined benefit
obligation and the fair value of plan assets. This income/expense is included in other finance income \u2013 pensions in the
income statement.
2.17 Share-based payment transactions
Employees (including senior executives) of the Group receive remuneration in the form of share-based payment
transactions, whereby consideration is received in the form of equity instruments for services rendered
(equity-settled transactions).
The cost of equity-settled transactions with employees is measured by reference to the fair value at the date on
which they are granted. The fair value of these awards was valued using either a Monte Carlo valuation model or a
Black-Scholes model, depending on the type of award being valued. See note 22 for further details.
The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over
the period in which the performance and/or service conditions are fulfilled, ending on the date on which the
relevant employees become fully entitled to the award (the vesting date). The cumulative expense recognised
for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the
vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately
vest. The profit or loss charge or credit for a period represents the movement in cumulative expense recognised at
the beginning and end of that period.
No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon
a market condition, which are treated as vesting irrespective of whether or not the market 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 earnings per
share. See note 8 for further details.
The social security contributions payable in connection with the share options are considered an integral part of the
grant itself, and the charge will be treated as a cash-settled transaction.
2.18 Share capital
Ordinary shares are recognised in equity as share capital at their nominal value. The difference between
consideration received and the nominal value is recognised in the share premium account, except when applying the
merger relief provision of the Companies Act 2006.
Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of
tax, from the proceeds.
Company shares held in trust in connection with the Group\u2019s employee share schemes are deducted from
consolidated shareholders\u2019 equity. Purchases, sales and transfers of the Company\u2019s shares are disclosed as changes
in consolidated shareholders\u2019 equity. The assets and liabilities of the trusts are consolidated in full into the Group\u2019s
consolidated financial statements.
2.19 Revenue recognition
Revenue is recognised in accordance with the satisfaction of performance obligations of contracts.
Broking
Shipbroking and offshore revenue consists of commission receivable and is predominantly recognised at a point
in time. The point in time is deemed to be when the underlying parties to the transaction have completed their
respective obligations and successfully fulfilled the contract between them as brokered and overseen by Clarksons.
The transaction price is fixed and determined with reference to the contracted commission rate for the broker.
Broking revenue contracts vary, with certain contracts having a single performance obligation and others, such as
newbuilds, containing multiple performance obligations. In the case of single performance obligation contracts, the
transaction is allocated wholly against that performance obligation. In the case of multiple performance obligation
contracts, the transaction price is allocated with reference to the agreed stages of completion in the underlying
contract. The price for such stages is agreed between the underlying counterparties and Clarksons\u2019 commission is
derived as a percentage of this. The stage of completion is deemed a reasonable proxy for the allocation of the total
consideration transaction price to performance obligations in the contract.
Time charter commission revenue is recognised over time in line with the period of time for which the vessel is being
chartered, which is deemed to be the most faithful representation of the service provided over the period of the
contract. The transaction price is apportioned evenly over the life of the charter per the contract.
Futures broking commissions are recognised when the services have been performed.
Financial
Revenue consists of commissions and fees receivable from financial services activities. Fees from investment banking
activities, syndication and other financial solutions are recognised at a point in time, on a success basis, when certain
criteria in applicable agreements have been met. Financial revenue usually involves a single performance obligation
(being successful execution of the relevant financial services activity). The transaction price is allocated wholly to
the point in time when this performance obligation is satisfied. The transaction price usually is determined as a fixed
percentage of the underlying financial services transaction.
Support
Agency income is recognised at a point in time when vessels arrive in port. The transaction price is clearly defined in
the contract as the fee for providing the service and an agreed charge is made for disbursements, if applicable.
Revenue from the sale of goods and services is recognised on the delivery of goods or the provision of services to
the client. The transaction price is clearly defined in the sales order for each product ordered.
Port services income is recognised on the vessel load or discharge completion date and stores rent on an over
time basis. The transaction price is clearly defined in the contract as the fee per tonne of product loaded, stored or
discharged.
Freight forwarding income is recognised on the date of dispatch of goods or services. The transaction price is clearly
defined as per the quote provided to the client for the storage or transportation of goods.
The transaction price is allocated wholly to the performance obligation.
Research
Revenue comprises both fees for one-off projects, which are recognised as and when services are performed,
and sales of shipping publications and other information, which are recognised when the research products are
delivered. Subscriptions to periodicals and other information are recognised over time, which is determined with
reference to the subscription period and therefore the most faithful representation of how the client consumes the
benefit. The transaction price is agreed in the contract and is on a per product basis and either recognised wholly at
a point in time, or in the case of subscriptions, it is spread evenly over the subscription period. The transaction price
is allocated wholly to the performance obligation.
Contract assets/liabilities
Except for Research, which is generally invoiced in advance, invoicing typically aligns with the timing that
performance obligations are satisfied. Payment terms are set out in note 15.
At the year-end, there may be amounts where invoices have not been raised but performance obligations are
deemed satisfied. These are recognised as contract assets and mainly arise in Broking and Financial. In Research,
amounts invoiced ahead of performance obligations being satisfied are included as contract liabilities.
2.20 Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision maker. The Group considers the executive members of the Company\u2019s Board to be the chief operating
decision maker.
Transactions between operating segments are at arm\u2019s length.
2.21 Foreign currencies
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing on the date
of the transaction. At each balance sheet date, monetary assets and liabilities that are denominated in foreign
currencies are retranslated at the rates prevailing on the balance sheet date. Gains and losses arising on retranslation
are included in the income statement.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the
exchange rates as at the date of the initial transactions. Non-monetary items measured at fair value in a foreign
currency are translated using the exchange rates as at the date when the fair value was determined.
On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated into pounds sterling
at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average
exchange rates for the period as an approximation of rates prevailing at the date of the transaction. Exchange
differences arising, if any, are recognised in the consolidated statement of comprehensive income and transferred
to the Group\u2019s currency translation reserve. Such translation differences are recognised as income or expense in the
period in which an operation is disposed. Cumulative translation differences were set to zero at the date of transition
to IFRS.
Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and
liabilities of the foreign operation and translated at the closing rate.
2.22 Taxation
Current income tax
Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to
be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are
those that are enacted or substantively enacted by the balance sheet date.
Current income tax is recognised in the income statement, except on items relating to equity, in which case the
related current income tax is recognised directly in equity.
Deferred income tax
Deferred income tax is provided using the liability method on temporary differences at the balance sheet date
between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred income tax liabilities are recognised for all taxable temporary differences, except:
\u2014 where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a
transaction that is not a business combination and, at the time of the transaction, affects neither the accounting
profit nor taxable profit or loss; and
\u2014 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.
Deferred income tax assets are recognised for all deductible temporary differences, carry forward of unused tax
credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the
deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised,
except:
\u2014 where the deferred income tax asset relating to the deductible temporary difference arises from the initial
recognition of an asset or liability in a transaction that is not a business combination and, at the time of the
transaction, affects neither the accounting profit nor taxable profit or loss; and
\u2014 in respect of deductible temporary differences associated with investments in subsidiaries, deferred income
tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the
foreseeable future and taxable profit will be available against which the temporary differences can be utilised.
The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent
that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income
tax asset to be utilised. In calculating future taxable profits, the forecasts considered were consistent with those used
for the purposes of the Group\u2019s annual goodwill impairment testing and relevant future taxable profits were generally
forecast for a minimum time frame of five years. Unrecognised deferred income tax assets are reassessed at each
balance sheet date and are recognised to the extent that it has become probable that future taxable profit will allow
the deferred tax asset to be recovered.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year
when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or
substantively enacted at the balance sheet date.
Deferred income tax relating to items recognised directly in equity is recognised in equity and not in profit or loss.
Deferred income tax assets and deferred income tax liabilities are offset if a legally enforceable right exists to set
off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable
entity and the same taxation authority, where there is an intention to settle the balances on a net basis.
2.23 Leases
The Group as lessee
The Group assesses whether a contract is, or contains, a lease, at inception of the contract. The Group recognises a
right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee,
except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets.
For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the
term of the lease.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement
date, discounted by using the lessee\u2019s incremental borrowing rate, if the rate implicit in the lease cannot be readily
determined. The incremental borrowing rate is based on the rate payable for loans of a similar term and asset value, or
from a series of inputs including government bond yields and adjustments to take into account entity-specific risk profiles.
Lease payments included in the measurement of the lease liability comprise fixed lease payments (including
in-substance fixed payments) less any lease incentives receivable; variable lease payments that depend on an
index or rate; amounts expected to be payable by the lessee under residual value guarantees; the exercise price
of purchase options, if the lessee is reasonably certain to exercise the options; and payments of penalties for
terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability
(using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.
The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset)
if one of the following occurs:
\u2014 The lease term has changed or there is a significant event or change in circumstances resulting in a change in the
assessment of the exercise of a purchase option, in which case the lease liability is remeasured by discounting the
revised lease payments using a revised discount rate.
\u2014 The lease payments change due to changes in an index or rate or a change in expected payment under a
guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease
payments using an unchanged discount rate.
\u2014 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case
the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease
payments using a revised discount rate at the effective date of the modification.
Non-lease components are charged to the income statement in line with the services being provided.
The right-of-use assets comprise the initial measurement of the corresponding lease liability less any lease incentives
received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation.
Whenever the Group incurs an obligation for costs to restore the site on which it is located or to restore the
underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and
measured under IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019 with a corresponding entry within
the related right-of-use asset.
Right-of-use assets are depreciated over the shorter period of the lease term and the useful life of the underlying
asset and starts at the commencement date of the lease. See note 2.8 for the policy on impairment.
The Group as lessor
The Group enters into lease agreements as a lessor with respect to some of its properties. Leases for which the
Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially
all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are
classified as operating leases.
All of the Group\u2019s leases are classified as operating leases with rental income from these leases recognised on
a straight-line basis over the term of the relevant lease.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-435": { "value": "2.1 Basis of preparation The accounting policies which follow set out those policies which have been applied in preparing the financial statements for the year ended 31 December 2024. Additional accounting policies for the Parent Company are set out in note A to the Parent Company financial statements. The financial statements are presented in pounds sterling and all values are rounded to the nearest one hundred thousand pounds sterling (\u00a30.1m) except when otherwise indicated. The consolidated income statement is shown in columnar format to assist with understanding the Group\u2019s results by presenting profit for the year before exceptional items and acquisition-related costs; this is referred to as \u2018underlying profit\u2019. Items which are non-recurring in nature and considered to be material in size are shown as \u2018exceptional items\u2019. The column \u2018acquisition-related costs\u2019 includes the amortisation of acquired intangible assets, the costs of acquiring new businesses and the expensing of the cash and share-based elements of consideration linked to ongoing employment obligations on acquisitions. These notes form an integral part of the financial statements on pages 149 to 195. Except where noted, the accounting policies set out in this note have been applied consistently to all periods presented in these consolidated financial statements. Statement of compliance The consolidated financial statements of the Clarkson PLC Group have been prepared in accordance with UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards and the Disclosure Guidance and Transparency Rules Sourcebook of the United Kingdom\u2019s Financial Conduct Authority. Going concern The consolidated financial statements have been prepared on a going concern basis, under the historical cost convention, as modified by financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss and fair value through other comprehensive income. The Group has considerable financial resources available to it, a strong balance sheet and has consistently generated a profit and good cash inflows. As a result of this, the Directors believe that the Group is well placed to manage its business risks successfully. Management has stress tested a range of scenarios, using the Board-approved budget and monthly cash flows to 31 December 2027, modelling different assumptions with respect to the Group\u2019s cash resources. Three different scenarios were considered: \u2014 Management modelled the impact of a reduction in profitability to \u00a330m (a level of profit the Group has exceeded in every year since 2013), whilst taking no mitigating actions. \u2014 Management assessed the impact of a significant reduction in world seaborne trade similar to that experienced in the global financial crisis in 2008, the pandemic in 2020 and the Ukraine conflict in 2022: seaborne trade recovered in 2009, 2021 and 2023. Since 1990, no two consecutive years have seen reductions in world seaborne trade. \u2014 Management undertook a reverse stress test over a period of three years to determine what it might take for the Group to encounter financial difficulties. This test was based on current levels of overheads, the net cash and available funds* position at 31 December 2024, the collection of debts and the invoicing and collection of the forward order book.
Under the first two scenarios, the Group is able to generate profits and cash, and has positive net cash and available
funds* available to it. In the third scenario, current net cash and available funds*, together with the collection of debts
and the forward order book, would leave sufficient cash resources to cover at least the next 12 months without any
new business.
Accordingly, the Directors have a reasonable expectation that the Group has sufficient resources to continue
in operation for at least the next 12 months. For this reason, they continue to adopt the going concern basis in
preparing the financial statements.
Basis of consolidation
The Group\u2019s consolidated financial statements incorporate the results and net assets of Clarkson PLC, its subsidiary
undertakings and the relevant assets and liabilities of the share purchase trusts made up to 31 December each year.
Subsidiaries are entities over which the Group has control. The Group controls an entity when the Group is exposed
to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns
through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to
the Group. They are unconsolidated from the date that control ceases.
See note U to the Parent Company financial statements for full details on subsidiaries.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies
used into line with those used by the Group.
All intra-group transactions, balances, income and expenses are eliminated on consolidation. However, for the
purposes of segmental reporting, internal recharges are included within the appropriate segments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-481": { "value": "The financial statements are presented in pounds sterling and all values are rounded to the nearest one hundred thousand pounds sterling (\u00a30.1m) except when otherwise indicated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-482": { "value": "Statement of compliance The consolidated financial statements of the Clarkson PLC Group have been prepared in accordance with UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards and the Disclosure Guidance and Transparency Rules Sourcebook of the United Kingdom\u2019s Financial Conduct Authority. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-483": { "value": "Going concern The consolidated financial statements have been prepared on a going concern basis, under the historical cost convention, as modified by financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss and fair value through other comprehensive income. The Group has considerable financial resources available to it, a strong balance sheet and has consistently generated a profit and good cash inflows. As a result of this, the Directors believe that the Group is well placed to manage its business risks successfully. Management has stress tested a range of scenarios, using the Board-approved budget and monthly cash flows to 31 December 2027, modelling different assumptions with respect to the Group\u2019s cash resources. Three different scenarios were considered: \u2014 Management modelled the impact of a reduction in profitability to \u00a330m (a level of profit the Group has exceeded in every year since 2013), whilst taking no mitigating actions. \u2014 Management assessed the impact of a significant reduction in world seaborne trade similar to that experienced in the global financial crisis in 2008, the pandemic in 2020 and the Ukraine conflict in 2022: seaborne trade recovered in 2009, 2021 and 2023. Since 1990, no two consecutive years have seen reductions in world seaborne trade. \u2014 Management undertook a reverse stress test over a period of three years to determine what it might take for the Group to encounter financial difficulties. This test was based on current levels of overheads, the net cash and available funds* position at 31 December 2024, the collection of debts and the invoicing and collection of the forward order book. Under the first two scenarios, the Group is able to generate profits and cash, and has positive net cash and available funds* available to it. In the third scenario, current net cash and available funds*, together with the collection of debts and the forward order book, would leave sufficient cash resources to cover at least the next 12 months without any new business. Accordingly, the Directors have a reasonable expectation that the Group has sufficient resources to continue in operation for at least the next 12 months. For this reason, they continue to adopt the going concern basis in preparing the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-484": { "value": "Basis of consolidation The Group\u2019s consolidated financial statements incorporate the results and net assets of Clarkson PLC, its subsidiary undertakings and the relevant assets and liabilities of the share purchase trusts made up to 31 December each year. Subsidiaries are entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are unconsolidated from the date that control ceases. See note U to the Parent Company financial statements for full details on subsidiaries. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. However, for the purposes of segmental reporting, internal recharges are included within the appropriate segments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-436": { "value": "
2.2 Changes in accounting policy and disclosures
New and amended standards adopted by the Group
The Group has applied the following amendments for the first time for the annual reporting period commencing
1 January 2024:
\u2014 Classification of Liabilities as Current or Non-Current and Non-current liabilities with covenants \u2013 Amendments to
IAS 1;
\u2014 Lease Liability in Sale and Leaseback \u2013 Amendments to IFRS 16; and
\u2014 Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7
The amendments listed above did not have any impact on the amounts recognised in prior periods and are not
expected to significantly affect the current or future periods.
New standards, amendments and interpretations issued but not yet effective for the financial year beginning
1 January 2024 and not early adopted
Certain new accounting standards, amendments to accounting standards, and interpretations have been published
that are not mandatory for 31 December 2024 reporting periods and have not been early adopted by the Group.
These standards, amendments or interpretations are not expected to have a material impact on the entity in the
current or future reporting periods and on foreseeable future transactions, however, the way information is presented
in the primary statements may change with the adoption of IFRS 18.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-485": { "value": "New and amended standards adopted by the Group The Group has applied the following amendments for the first time for the annual reporting period commencing 1 January 2024: \u2014 Classification of Liabilities as Current or Non-Current and Non-current liabilities with covenants \u2013 Amendments to IAS 1; \u2014 Lease Liability in Sale and Leaseback \u2013 Amendments to IFRS 16; and \u2014 Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7 The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-486": { "value": "New standards, amendments and interpretations issued but not yet effective for the financial year beginning 1 January 2024 and not early adopted Certain new accounting standards, amendments to accounting standards, and interpretations have been published that are not mandatory for 31 December 2024 reporting periods and have not been early adopted by the Group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions, however, the way information is presented in the primary statements may change with the adoption of IFRS 18. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-437": { "value": "
2.3 Critical accounting judgements and estimates
The following are the critical accounting judgements and estimations that the Directors have made in the process of
applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in the
consolidated financial statements.
Judgements Revenue recognition IFRS 15 \u2018Revenue from Contracts with Customers\u2019 requires the Group to assess its revenue streams, including whether the recognition of revenue should be at a \u2018point in time\u2019 or \u2018over time\u2019. Where revenue is at a point in time, a judgement is also required to determine at which point this is. The Group has defined and determined its performance obligation, which continues to be the successful satisfaction of the negotiated contract between counterparties and therefore recognises revenue at this point in time. This is a critical judgement, since if the performance obligation was deemed to be satisfied at an earlier point or over time, the revenue recognition would differ. In addition, for certain clients, the Group considers that there is uncertainty at the time of invoicing as to whether the clients are capable of settling their invoices when due. The Group continues to trade with such clients, as they are deemed to be key market participants or preferred counterparties for certain transactions. At the point of revenue recognition, these amounts are invoiced but provisions are made which directly offset against revenue, on the basis consideration is not certain. See note 2.19 for further details. Alternative performance measures The Group excludes adjusting items (exceptional items and acquisition-related costs) from its underlying earnings measure. The Directors believe that alternative performance measures can provide users of the financial statements with a better understanding of the Group\u2019s underlying financial performance, if used properly. If improperly used and presented, these measures could mislead the users of the financial statements by obscuring the real profitability and financial position of the Group. Directors\u2019 judgement is required as to what items qualify for this classification. Further details are included on pages 215 and 216. Recognition of software assets A judgement is made regarding the decision to capitalise expenditure on the balance sheet relating to the development of software assets across the Group in accordance with IAS 38 \u2018Intangible Assets\u2019. This includes considering if the future economic benefit from the asset can be readily identified and estimated and will flow to the relevant entity in the Group. Once capitalised, a further judgement is made to determine the point at which the software becomes fully operational and thus when the asset will begin to be amortised through the income statement over its useful economic life. IFRS 16 \u2018Leases\u2019 Key judgements made in calculating the initial measurement include determining the lease term where extension or termination options exist. In such instances, all facts and circumstances that may create an economic incentive to exercise an extension option, or not exercise a termination option, have been considered to determine the lease term. Extension periods (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated), such as for options with renewal dates in the next 12 months. A judgement is made at the commencement of a lease as to whether elements of the contract are lease components or non-lease components. If an element does not convey the right to control the use of an identified asset for a period of time in exchange for consideration then this is treated as a non-lease component. The most significant non-lease component attributable to the Group is service charges. Estimation uncertainty The assumptions and estimates at the end of the current reporting period that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year are set out on the next page. Impairment of trade receivables Trade receivables are amounts due from clients in the ordinary course of business. Trade receivables are classified as current assets if collection is due within one year or less (or in the normal operating cycle of the business, if longer). If not, they are presented as non-current assets. The provision for impairment of receivables represents management\u2019s best estimate of expected credit losses to arise on trade receivables at the balance sheet date. Determining the amount of the provision includes analysis of specific clients\u2019 creditworthiness which may be impaired as indicated by the age of the invoice, the existence of any disputes, recent historical payment patterns and any known information regarding the client\u2019s financial position. In a limited number of circumstances, where doubt exists as to the ability to collect payment, a provision is made at the time of invoicing (see Judgements: Revenue recognition on page 156). For clients where a specific provision is not recognised, management is required to estimate expected credit losses in accordance with IFRS 9 \u2018Financial Instruments\u2019. This estimate takes into account the Group\u2019s history of bad debt write-offs and extended unpaid invoices for each of its segments and also views on market conditions both for certain business lines and territories. Determining the amount of a provision for impairment is inherently challenging and in a given year there is a risk this estimate may materially change in the following year, either due to successful, unforeseen collections or sudden deterioration or failures of clients. This is therefore deemed to be a critical accounting estimate. See note 15 for further details. Impairment testing of goodwill The Group tests goodwill for impairment on an annual basis. For the 2024 and 2023 reporting periods, the recoverable amount of the cash-generating units to which assets on the balance sheet have been allocated was determined based on value-in-use calculations which requires estimation of future cash flows expected to arise for the cash-generating unit, the selection of suitable discount rates and the estimation of future growth rates. As determining such assumptions is inherently uncertain and subject to future factors, there is the potential that these may differ in subsequent periods. See note 14 for further details. Employee benefits The determination of the Group\u2019s defined benefit obligation depends on certain assumptions, such as the selection of the discount rate, inflation rates and mortality rates. These assumptions are considered to be a key source of estimation uncertainty as relatively small changes in the assumptions used may have a significant effect on the Group\u2019s financial statements within the next year. See note 23 for further details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-487": { "value": "2.3 Critical accounting judgements and estimates The following are the critical accounting judgements and estimations that the Directors have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in the consolidated financial statements. Judgements Revenue recognition IFRS 15 \u2018Revenue from Contracts with Customers\u2019 requires the Group to assess its revenue streams, including whether the recognition of revenue should be at a \u2018point in time\u2019 or \u2018over time\u2019. Where revenue is at a point in time, a judgement is also required to determine at which point this is. The Group has defined and determined its performance obligation, which continues to be the successful satisfaction of the negotiated contract between counterparties and therefore recognises revenue at this point in time. This is a critical judgement, since if the performance obligation was deemed to be satisfied at an earlier point or over time, the revenue recognition would differ. In addition, for certain clients, the Group considers that there is uncertainty at the time of invoicing as to whether the clients are capable of settling their invoices when due. The Group continues to trade with such clients, as they are deemed to be key market participants or preferred counterparties for certain transactions. At the point of revenue recognition, these amounts are invoiced but provisions are made which directly offset against revenue, on the basis consideration is not certain. See note 2.19 for further details. Alternative performance measures The Group excludes adjusting items (exceptional items and acquisition-related costs) from its underlying earnings measure. The Directors believe that alternative performance measures can provide users of the financial statements with a better understanding of the Group\u2019s underlying financial performance, if used properly. If improperly used and presented, these measures could mislead the users of the financial statements by obscuring the real profitability and financial position of the Group. Directors\u2019 judgement is required as to what items qualify for this classification. Further details are included on pages 215 and 216. Recognition of software assets A judgement is made regarding the decision to capitalise expenditure on the balance sheet relating to the development of software assets across the Group in accordance with IAS 38 \u2018Intangible Assets\u2019. This includes considering if the future economic benefit from the asset can be readily identified and estimated and will flow to the relevant entity in the Group. Once capitalised, a further judgement is made to determine the point at which the software becomes fully operational and thus when the asset will begin to be amortised through the income statement over its useful economic life. IFRS 16 \u2018Leases\u2019 Key judgements made in calculating the initial measurement include determining the lease term where extension or termination options exist. In such instances, all facts and circumstances that may create an economic incentive to exercise an extension option, or not exercise a termination option, have been considered to determine the lease term. Extension periods (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated), such as for options with renewal dates in the next 12 months. A judgement is made at the commencement of a lease as to whether elements of the contract are lease components or non-lease components. If an element does not convey the right to control the use of an identified asset for a period of time in exchange for consideration then this is treated as a non-lease component. The most significant non-lease component attributable to the Group is service charges. Estimation uncertainty The assumptions and estimates at the end of the current reporting period that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year are set out on the next page. Impairment of trade receivables Trade receivables are amounts due from clients in the ordinary course of business. Trade receivables are classified as current assets if collection is due within one year or less (or in the normal operating cycle of the business, if longer). If not, they are presented as non-current assets. The provision for impairment of receivables represents management\u2019s best estimate of expected credit losses to arise on trade receivables at the balance sheet date. Determining the amount of the provision includes analysis of specific clients\u2019 creditworthiness which may be impaired as indicated by the age of the invoice, the existence of any disputes, recent historical payment patterns and any known information regarding the client\u2019s financial position. In a limited number of circumstances, where doubt exists as to the ability to collect payment, a provision is made at the time of invoicing (see Judgements: Revenue recognition on page 156). For clients where a specific provision is not recognised, management is required to estimate expected credit losses in accordance with IFRS 9 \u2018Financial Instruments\u2019. This estimate takes into account the Group\u2019s history of bad debt write-offs and extended unpaid invoices for each of its segments and also views on market conditions both for certain business lines and territories. Determining the amount of a provision for impairment is inherently challenging and in a given year there is a risk this estimate may materially change in the following year, either due to successful, unforeseen collections or sudden deterioration or failures of clients. This is therefore deemed to be a critical accounting estimate. See note 15 for further details. Impairment testing of goodwill The Group tests goodwill for impairment on an annual basis. For the 2024 and 2023 reporting periods, the recoverable amount of the cash-generating units to which assets on the balance sheet have been allocated was determined based on value-in-use calculations which requires estimation of future cash flows expected to arise for the cash-generating unit, the selection of suitable discount rates and the estimation of future growth rates. As determining such assumptions is inherently uncertain and subject to future factors, there is the potential that these may differ in subsequent periods. See note 14 for further details. Employee benefits The determination of the Group\u2019s defined benefit obligation depends on certain assumptions, such as the selection of the discount rate, inflation rates and mortality rates. These assumptions are considered to be a key source of estimation uncertainty as relatively small changes in the assumptions used may have a significant effect on the Group\u2019s financial statements within the next year. See note 23 for further details. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-488": { "value": "2.4 Property, plant and equipment Land held for use in the production or supply of goods or services, or for administrative purposes, is stated on the balance sheet at its historical cost. Freehold and long leasehold properties, leasehold improvements, office furniture and equipment and motor vehicles are recorded at cost less accumulated depreciation and any recognised impairment loss. Cost includes the original purchase price of the asset. Land is not depreciated. Depreciation on other assets is charged on a straight-line basis over the estimated useful life (after allowing for estimated residual value, if material) of the asset, and is charged from the time an asset becomes available for its intended use. Estimated useful lives are as follows:
Freehold and long leasehold properties
10 to 60 years
Leasehold improvements
Over the period of the lease
Office furniture and equipment
2 to 10 years
Motor vehicles
4 to 5 years
Estimates of useful lives and residual scrap values are assessed annually. At each balance sheet date, the Group reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that those assets have suffered an impairment loss. 2.5 Investment properties Land and buildings held for long-term investment and to earn rental income are classified as investment properties. Investment properties are stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is charged on a straight-line basis over the estimated useful life of the asset, and is charged from the time an asset becomes available for its intended use. The estimated useful life of investment properties is 60 years. In addition to historical cost accounting, the Directors have also presented, through additional narrative, the fair value of the investment properties in note 11. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-438": { "value": "2.4 Property, plant and equipment Land held for use in the production or supply of goods or services, or for administrative purposes, is stated on the balance sheet at its historical cost. Freehold and long leasehold properties, leasehold improvements, office furniture and equipment and motor vehicles are recorded at cost less accumulated depreciation and any recognised impairment loss. Cost includes the original purchase price of the asset. Land is not depreciated. Depreciation on other assets is charged on a straight-line basis over the estimated useful life (after allowing for estimated residual value, if material) of the asset, and is charged from the time an asset becomes available for its intended use. Estimated useful lives are as follows:
Freehold and long leasehold properties
10 to 60 years
Leasehold improvements
Over the period of the lease
Office furniture and equipment
2 to 10 years
Motor vehicles
4 to 5 years
Estimates of useful lives and residual scrap values are assessed annually. At each balance sheet date, the Group reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that those assets have suffered an impairment loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-439": { "value": "2.5 Investment properties Land and buildings held for long-term investment and to earn rental income are classified as investment properties. Investment properties are stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is charged on a straight-line basis over the estimated useful life of the asset, and is charged from the time an asset becomes available for its intended use. The estimated useful life of investment properties is 60 years. In addition to historical cost accounting, the Directors have also presented, through additional narrative, the fair value of the investment properties in note 11. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-511": { "value": "2.6 Business combinations and goodwill Business combinations are accounted for using the acquisition method. Goodwill is initially measured at cost being the excess of the cost of the business combination over the Group\u2019s share in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities. All transaction costs are expensed in the income statement as incurred. Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability are recognised in the income statement. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units identified according to operating segment. Goodwill The Group assesses whether there are any indicators that goodwill is impaired at each reporting date. Goodwill is tested for impairment annually. Any impairment of goodwill is determined by assessing the recoverable amount of the cash-generating units to which the goodwill relates. Where the recoverable amount of the cash-generating units is less than their carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods. The Group performs its annual impairment test of goodwill as at 31 December ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-489": { "value": "2.6 Business combinations and goodwill Business combinations are accounted for using the acquisition method. Goodwill is initially measured at cost being the excess of the cost of the business combination over the Group\u2019s share in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities. All transaction costs are expensed in the income statement as incurred. Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability are recognised in the income statement. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units identified according to operating segment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-440": { "value": "2.6 Business combinations and goodwill Business combinations are accounted for using the acquisition method. Goodwill is initially measured at cost being the excess of the cost of the business combination over the Group\u2019s share in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities. All transaction costs are expensed in the income statement as incurred. Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability are recognised in the income statement. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units identified according to operating segment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-490": { "value": "2.7 Intangible assets Separately acquired intangible assets are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is the fair value as at the date of acquisition. Costs incurred on development projects, relating to the introduction or design of new systems or improvement of the existing systems, are only capitalised as intangible assets if capitalisation criteria under IAS 38 \u2018Intangible Assets\u2019 are met; that is, where the related expenditure is separately identifiable, the costs are measurable and management is satisfied as to the ultimate technical and commercial viability of the project such that it will generate future economic benefits based on all relevant available information. Capitalised development costs are amortised from the date the system is fully operational over their expected useful lives (not exceeding five years). Other costs linked to development projects that do not meet the above criteria such as data population, research expenditure and staff training costs are recognised within administrative expenses as incurred. Costs incurred in the provision and implementation of Software as a Service (\u2018SaaS\u2019) agreements, including subscriptions, software configuration and customisation, data migration, testing and training are expensed in the income statement as incurred. To the extent that a SaaS agreement has a separately identifiable intangible asset that is material, the costs are capitalised until the software application use commences and then amortised over their expected useful life (not exceeding five years). Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. Intangible assets with finite lives are amortised over the useful life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the income statement within administrative expenses. Intangible assets are amortised as follows:
Trade name and non-contractual commercial relationships
Up to 15 years
Forward order book on acquisition
Up to 5 years
Development costs
Up to 5 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-441": { "value": "2.7 Intangible assets Separately acquired intangible assets are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is the fair value as at the date of acquisition. Costs incurred on development projects, relating to the introduction or design of new systems or improvement of the existing systems, are only capitalised as intangible assets if capitalisation criteria under IAS 38 \u2018Intangible Assets\u2019 are met; that is, where the related expenditure is separately identifiable, the costs are measurable and management is satisfied as to the ultimate technical and commercial viability of the project such that it will generate future economic benefits based on all relevant available information. Capitalised development costs are amortised from the date the system is fully operational over their expected useful lives (not exceeding five years). Other costs linked to development projects that do not meet the above criteria such as data population, research expenditure and staff training costs are recognised within administrative expenses as incurred. Costs incurred in the provision and implementation of Software as a Service (\u2018SaaS\u2019) agreements, including subscriptions, software configuration and customisation, data migration, testing and training are expensed in the income statement as incurred. To the extent that a SaaS agreement has a separately identifiable intangible asset that is material, the costs are capitalised until the software application use commences and then amortised over their expected useful life (not exceeding five years). Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. Intangible assets with finite lives are amortised over the useful life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the income statement within administrative expenses. Intangible assets are amortised as follows:
Trade name and non-contractual commercial relationships
Up to 15 years
Forward order book on acquisition
Up to 5 years
Development costs
Up to 5 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-491": { "value": "2.8 Impairment of non-financial assets The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of its fair value less costs to sell and its value-in-use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, or other available fair value indicators. Impairment losses of continuing operations are recognised in the income statement in those expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such an indication exists, the Group makes an estimate of the recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Goodwill The Group assesses whether there are any indicators that goodwill is impaired at each reporting date. Goodwill is tested for impairment annually. Any impairment of goodwill is determined by assessing the recoverable amount of the cash-generating units to which the goodwill relates. Where the recoverable amount of the cash-generating units is less than their carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods. The Group performs its annual impairment test of goodwill as at 31 December . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-442": { "value": "2.8 Impairment of non-financial assets The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of its fair value less costs to sell and its value-in-use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, or other available fair value indicators. Impairment losses of continuing operations are recognised in the income statement in those expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such an indication exists, the Group makes an estimate of the recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Goodwill The Group assesses whether there are any indicators that goodwill is impaired at each reporting date. Goodwill is tested for impairment annually. Any impairment of goodwill is determined by assessing the recoverable amount of the cash-generating units to which the goodwill relates. Where the recoverable amount of the cash-generating units is less than their carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods. The Group performs its annual impairment test of goodwill as at 31 December . 2.10 Impairment of financial assets The Group assesses at each balance sheet date whether a financial asset or group of financial assets is impaired. Assets carried at amortised cost Impairment losses for trade receivables are recognised within revenue to the extent there is uncertainty at the time of invoicing as to whether the clients are capable of settling their invoices when due. A provision for impairment is determined with reference to specific analysis of increased credit loss risk for clients and lifetime expected credit losses applied to all other trade receivables (the simplified approach). The carrying amount of the receivable is reduced through use of an allowance account. Impaired debts are derecognised when they are assessed as uncollectible. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-534": { "value": "2.9 Investments and other financial assets Classification Financial assets within the scope of IFRS 9 \u2018Financial Instruments\u2019 are classified as financial assets at fair value through profit or loss (\u2018FVPL\u2019), financial assets at fair value through other comprehensive income (\u2018FVOCI\u2019) and financial assets at amortised cost. The Group determines the classification of its financial assets on initial recognition, taking into account the purpose for which the financial assets were acquired. Financial assets at fair value through profit or loss (\u2018FVPL\u2019) These assets are measured at fair value. Net gains and losses are recognised in profit or loss in finance income or finance costs. Any interest or dividend income are recognised in profit or loss in finance income or finance costs. Financial assets at fair value through other comprehensive income (\u2018FVOCI\u2019) These assets are measured at fair value. Dividends are recognised when the entity\u2019s right to receive payment is established, it is probable the economic benefits will flow to the entity, and the amount can be measured reliably. Dividends are recognised in the income statement unless they clearly represent recovery of a part of the cost of the investment. Changes in fair value are recognised in other comprehensive income and are never recycled to the income statement, even if the asset is sold or impaired. Recognition and measurement Fair value The fair value of investments in equity instruments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. For investments where there is no active market, fair value is determined using valuation techniques. Such valuation techniques include using recent arm\u2019s-length market transactions, reference to the current market value of another instrument which is substantially the same, discounted cash flow analysis, or other valuation models. Amortised cost Loans and receivables are measured at amortised cost. This is computed using the effective interest method less any allowance for impairment. The calculation takes into account any premium or discount on acquisition and includes transaction costs and fees that are an integral part of the effective interest rate. Trade and other receivables Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method less provision for impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-492": { "value": "2.9 Investments and other financial assets Classification Financial assets within the scope of IFRS 9 \u2018Financial Instruments\u2019 are classified as financial assets at fair value through profit or loss (\u2018FVPL\u2019), financial assets at fair value through other comprehensive income (\u2018FVOCI\u2019) and financial assets at amortised cost. The Group determines the classification of its financial assets on initial recognition, taking into account the purpose for which the financial assets were acquired. Financial assets at fair value through profit or loss (\u2018FVPL\u2019) These assets are measured at fair value. Net gains and losses are recognised in profit or loss in finance income or finance costs. Any interest or dividend income are recognised in profit or loss in finance income or finance costs. Financial assets at fair value through other comprehensive income (\u2018FVOCI\u2019) These assets are measured at fair value. Dividends are recognised when the entity\u2019s right to receive payment is established, it is probable the economic benefits will flow to the entity, and the amount can be measured reliably. Dividends are recognised in the income statement unless they clearly represent recovery of a part of the cost of the investment. Changes in fair value are recognised in other comprehensive income and are never recycled to the income statement, even if the asset is sold or impaired. Recognition and measurement Fair value The fair value of investments in equity instruments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. For investments where there is no active market, fair value is determined using valuation techniques. Such valuation techniques include using recent arm\u2019s-length market transactions, reference to the current market value of another instrument which is substantially the same, discounted cash flow analysis, or other valuation models. Amortised cost Loans and receivables are measured at amortised cost. This is computed using the effective interest method less any allowance for impairment. The calculation takes into account any premium or discount on acquisition and includes transaction costs and fees that are an integral part of the effective interest rate. Trade and other receivables Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method less provision for impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-443": { "value": "2.9 Investments and other financial assets Classification Financial assets within the scope of IFRS 9 \u2018Financial Instruments\u2019 are classified as financial assets at fair value through profit or loss (\u2018FVPL\u2019), financial assets at fair value through other comprehensive income (\u2018FVOCI\u2019) and financial assets at amortised cost. The Group determines the classification of its financial assets on initial recognition, taking into account the purpose for which the financial assets were acquired. Financial assets at fair value through profit or loss (\u2018FVPL\u2019) These assets are measured at fair value. Net gains and losses are recognised in profit or loss in finance income or finance costs. Any interest or dividend income are recognised in profit or loss in finance income or finance costs. Financial assets at fair value through other comprehensive income (\u2018FVOCI\u2019) These assets are measured at fair value. Dividends are recognised when the entity\u2019s right to receive payment is established, it is probable the economic benefits will flow to the entity, and the amount can be measured reliably. Dividends are recognised in the income statement unless they clearly represent recovery of a part of the cost of the investment. Changes in fair value are recognised in other comprehensive income and are never recycled to the income statement, even if the asset is sold or impaired. Recognition and measurement Fair value The fair value of investments in equity instruments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. For investments where there is no active market, fair value is determined using valuation techniques. Such valuation techniques include using recent arm\u2019s-length market transactions, reference to the current market value of another instrument which is substantially the same, discounted cash flow analysis, or other valuation models. Amortised cost Loans and receivables are measured at amortised cost. This is computed using the effective interest method less any allowance for impairment. The calculation takes into account any premium or discount on acquisition and includes transaction costs and fees that are an integral part of the effective interest rate. Trade and other receivables Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method less provision for impairment. 2.13 Derivative financial instruments and hedge accounting The Group uses various derivative financial instruments to reduce exposure to foreign exchange movements. These can include foreign currency contracts and currency options. All derivative financial instruments are initially recognised on the balance sheet at their fair value adjusted for transaction costs. The fair values of financial instrument derivatives are determined by reference to quoted prices in an active market. The method of recognising the movements in the fair value of the derivative depends on whether the instrument has been designated as a hedging instrument (determined with reference to IFRS 9 \u2018Financial Instruments\u2019) and, if so, the cash flow being hedged. To qualify for hedge accounting, the terms of the hedge must be clearly documented at inception and there must be an expectation that the derivative will be highly effective in offsetting changes in the cash flow of the hedged risk. Hedge effectiveness is tested throughout the life of the hedge and if at any point it is concluded that the relationship can no longer be expected to remain highly effective in achieving its objective, the hedge relationship is terminated. The Group designates the hedged risk as movements in the spot rate, with changes in the forward rate recognised in other comprehensive income. Gains and losses on financial instrument derivatives which qualify for hedge accounting are recognised according to the nature of the hedge relationship and the item being hedged. Cash flow hedges: derivative financial instruments are classified as cash flow hedges when they hedge the Group\u2019s exposure to changes in cash flows attributable to a particular asset or liability or a highly probable forecast transaction. Gains or losses on designated cash flow hedges are recognised directly in equity in other comprehensive income, to the extent that they are determined to be effective. Any remaining portion of the gain or loss is recognised immediately in the income statement. On recognition of the hedged asset or liability, any gains or losses that had previously been recognised directly in equity are included in the initial measurement of the fair value of the asset or liability. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss in equity remains there and is recognised in the income statement when the forecast transaction is ultimately recognised. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement and reported in revenue. Where financial instrument derivatives do not qualify for hedge accounting, changes in the fair market value are recognised immediately in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-512": { "value": "Financial assets at fair value through profit or loss (\u2018FVPL\u2019) These assets are measured at fair value. Net gains and losses are recognised in profit or loss in finance income or finance costs. Any interest or dividend income are recognised in profit or loss in finance income or finance costs. Financial assets at fair value through other comprehensive income (\u2018FVOCI\u2019) These assets are measured at fair value. Dividends are recognised when the entity\u2019s right to receive payment is established, it is probable the economic benefits will flow to the entity, and the amount can be measured reliably. Dividends are recognised in the income statement unless they clearly represent recovery of a part of the cost of the investment. Changes in fair value are recognised in other comprehensive income and are never recycled to the income statement, even if the asset is sold or impaired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-513": { "value": "Trade and other receivables Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method less provision for impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-493": { "value": "2.10 Impairment of financial assets The Group assesses at each balance sheet date whether a financial asset or group of financial assets is impaired. Assets carried at amortised cost Impairment losses for trade receivables are recognised within revenue to the extent there is uncertainty at the time of invoicing as to whether the clients are capable of settling their invoices when due. A provision for impairment is determined with reference to specific analysis of increased credit loss risk for clients and lifetime expected credit losses applied to all other trade receivables (the simplified approach). The carrying amount of the receivable is reduced through use of an allowance account. Impaired debts are derecognised when they are assessed as uncollectible. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-444": { "value": "2.11 Inventories Inventories are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (\u2018FIFO\u2019) method and excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-445": { "value": "2.12 Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with an original maturity of between one day and three months. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-514": { "value": "2.13 Derivative financial instruments and hedge accounting The Group uses various derivative financial instruments to reduce exposure to foreign exchange movements. These can include foreign currency contracts and currency options. All derivative financial instruments are initially recognised on the balance sheet at their fair value adjusted for transaction costs. The fair values of financial instrument derivatives are determined by reference to quoted prices in an active market. The method of recognising the movements in the fair value of the derivative depends on whether the instrument has been designated as a hedging instrument (determined with reference to IFRS 9 \u2018Financial Instruments\u2019) and, if so, the cash flow being hedged. To qualify for hedge accounting, the terms of the hedge must be clearly documented at inception and there must be an expectation that the derivative will be highly effective in offsetting changes in the cash flow of the hedged risk. Hedge effectiveness is tested throughout the life of the hedge and if at any point it is concluded that the relationship can no longer be expected to remain highly effective in achieving its objective, the hedge relationship is terminated. The Group designates the hedged risk as movements in the spot rate, with changes in the forward rate recognised in other comprehensive income. Gains and losses on financial instrument derivatives which qualify for hedge accounting are recognised according to the nature of the hedge relationship and the item being hedged. Cash flow hedges: derivative financial instruments are classified as cash flow hedges when they hedge the Group\u2019s exposure to changes in cash flows attributable to a particular asset or liability or a highly probable forecast transaction. Gains or losses on designated cash flow hedges are recognised directly in equity in other comprehensive income, to the extent that they are determined to be effective. Any remaining portion of the gain or loss is recognised immediately in the income statement. On recognition of the hedged asset or liability, any gains or losses that had previously been recognised directly in equity are included in the initial measurement of the fair value of the asset or liability. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss in equity remains there and is recognised in the income statement when the forecast transaction is ultimately recognised. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement and reported in revenue. Where financial instrument derivatives do not qualify for hedge accounting, changes in the fair market value are recognised immediately in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-494": { "value": "2.13 Derivative financial instruments and hedge accounting The Group uses various derivative financial instruments to reduce exposure to foreign exchange movements. These can include foreign currency contracts and currency options. All derivative financial instruments are initially recognised on the balance sheet at their fair value adjusted for transaction costs. The fair values of financial instrument derivatives are determined by reference to quoted prices in an active market. The method of recognising the movements in the fair value of the derivative depends on whether the instrument has been designated as a hedging instrument (determined with reference to IFRS 9 \u2018Financial Instruments\u2019) and, if so, the cash flow being hedged. To qualify for hedge accounting, the terms of the hedge must be clearly documented at inception and there must be an expectation that the derivative will be highly effective in offsetting changes in the cash flow of the hedged risk. Hedge effectiveness is tested throughout the life of the hedge and if at any point it is concluded that the relationship can no longer be expected to remain highly effective in achieving its objective, the hedge relationship is terminated. The Group designates the hedged risk as movements in the spot rate, with changes in the forward rate recognised in other comprehensive income. Gains and losses on financial instrument derivatives which qualify for hedge accounting are recognised according to the nature of the hedge relationship and the item being hedged. Cash flow hedges: derivative financial instruments are classified as cash flow hedges when they hedge the Group\u2019s exposure to changes in cash flows attributable to a particular asset or liability or a highly probable forecast transaction. Gains or losses on designated cash flow hedges are recognised directly in equity in other comprehensive income, to the extent that they are determined to be effective. Any remaining portion of the gain or loss is recognised immediately in the income statement. On recognition of the hedged asset or liability, any gains or losses that had previously been recognised directly in equity are included in the initial measurement of the fair value of the asset or liability. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss in equity remains there and is recognised in the income statement when the forecast transaction is ultimately recognised. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement and reported in revenue. Where financial instrument derivatives do not qualify for hedge accounting, changes in the fair market value are recognised immediately in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-446": { "value": "2.14 Trade and other payables Trade and other payables are obligations to pay for goods or services that have been acquired in the ordinary course of business. These are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-447": { "value": "2.15 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. Where the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the income statement net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-448": { "value": "2.16 Employee benefits The Group operates various post-employment schemes, including both defined contribution and defined benefit pension plans. Defined contribution plans For defined contribution plans, the Group pays contributions to publicly or privately administered pension arrangements on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available. Defined benefit plans Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The asset/liability recognised in the balance sheet in respect of defined benefit pension plans is the difference between the present value of the defined benefit obligation at the end of the reporting period and the fair value of plan assets. Where the Group does not have an unconditional right to a scheme\u2019s surplus, this asset is not recognised in the balance sheet. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that have terms to maturity approximating to the terms of the related pension obligation. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Past service costs are recognised immediately in administrative expenses. The net benefit income/expense is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This income/expense is included in other finance income \u2013 pensions in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-449": { "value": "2.17 Share-based payment transactions Employees (including senior executives) of the Group receive remuneration in the form of share-based payment transactions, whereby consideration is received in the form of equity instruments for services rendered (equity-settled transactions). The cost of equity-settled transactions with employees is measured by reference to the fair value at the date on which they are granted. The fair value of these awards was valued using either a Monte Carlo valuation model or a Black-Scholes model, depending on the type of award being valued. See note 22 for further details. The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award (the vesting date). The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. The profit or loss charge or credit for a period represents the movement in cumulative expense recognised at the beginning and end of that period. No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition, which are treated as vesting irrespective of whether or not the market 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 earnings per share. See note 8 for further details. The social security contributions payable in connection with the share options are considered an integral part of the grant itself, and the charge will be treated as a cash-settled transaction. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-450": { "value": "2.18 Share capital Ordinary shares are recognised in equity as share capital at their nominal value. The difference between consideration received and the nominal value is recognised in the share premium account, except when applying the merger relief provision of the Companies Act 2006. Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds. Company shares held in trust in connection with the Group\u2019s employee share schemes are deducted from consolidated shareholders\u2019 equity. Purchases, sales and transfers of the Company\u2019s shares are disclosed as changes in consolidated shareholders\u2019 equity. The assets and liabilities of the trusts are consolidated in full into the Group\u2019s consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-451": { "value": "2.19 Revenue recognition Revenue is recognised in accordance with the satisfaction of performance obligations of contracts. Broking Shipbroking and offshore revenue consists of commission receivable and is predominantly recognised at a point in time. The point in time is deemed to be when the underlying parties to the transaction have completed their respective obligations and successfully fulfilled the contract between them as brokered and overseen by Clarksons. The transaction price is fixed and determined with reference to the contracted commission rate for the broker. Broking revenue contracts vary, with certain contracts having a single performance obligation and others, such as newbuilds, containing multiple performance obligations. In the case of single performance obligation contracts, the transaction is allocated wholly against that performance obligation. In the case of multiple performance obligation contracts, the transaction price is allocated with reference to the agreed stages of completion in the underlying contract. The price for such stages is agreed between the underlying counterparties and Clarksons\u2019 commission is derived as a percentage of this. The stage of completion is deemed a reasonable proxy for the allocation of the total consideration transaction price to performance obligations in the contract. Time charter commission revenue is recognised over time in line with the period of time for which the vessel is being chartered, which is deemed to be the most faithful representation of the service provided over the period of the contract. The transaction price is apportioned evenly over the life of the charter per the contract. Futures broking commissions are recognised when the services have been performed. Financial Revenue consists of commissions and fees receivable from financial services activities. Fees from investment banking activities, syndication and other financial solutions are recognised at a point in time, on a success basis, when certain criteria in applicable agreements have been met. Financial revenue usually involves a single performance obligation (being successful execution of the relevant financial services activity). The transaction price is allocated wholly to the point in time when this performance obligation is satisfied. The transaction price usually is determined as a fixed percentage of the underlying financial services transaction. Support Agency income is recognised at a point in time when vessels arrive in port. The transaction price is clearly defined in the contract as the fee for providing the service and an agreed charge is made for disbursements, if applicable. Revenue from the sale of goods and services is recognised on the delivery of goods or the provision of services to the client. The transaction price is clearly defined in the sales order for each product ordered. Port services income is recognised on the vessel load or discharge completion date and stores rent on an over time basis. The transaction price is clearly defined in the contract as the fee per tonne of product loaded, stored or discharged. Freight forwarding income is recognised on the date of dispatch of goods or services. The transaction price is clearly defined as per the quote provided to the client for the storage or transportation of goods. The transaction price is allocated wholly to the performance obligation. Research Revenue comprises both fees for one-off projects, which are recognised as and when services are performed, and sales of shipping publications and other information, which are recognised when the research products are delivered. Subscriptions to periodicals and other information are recognised over time, which is determined with reference to the subscription period and therefore the most faithful representation of how the client consumes the benefit. The transaction price is agreed in the contract and is on a per product basis and either recognised wholly at a point in time, or in the case of subscriptions, it is spread evenly over the subscription period. The transaction price is allocated wholly to the performance obligation. Contract assets/liabilities Except for Research, which is generally invoiced in advance, invoicing typically aligns with the timing that performance obligations are satisfied. Payment terms are set out in note 15. At the year-end, there may be amounts where invoices have not been raised but performance obligations are deemed satisfied. These are recognised as contract assets and mainly arise in Broking and Financial. In Research, amounts invoiced ahead of performance obligations being satisfied are included as contract liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-495": { "value": "Research Revenue comprises both fees for one-off projects, which are recognised as and when services are performed, and sales of shipping publications and other information, which are recognised when the research products are delivered. Subscriptions to periodicals and other information are recognised over time, which is determined with reference to the subscription period and therefore the most faithful representation of how the client consumes the benefit. The transaction price is agreed in the contract and is on a per product basis and either recognised wholly at a point in time, or in the case of subscriptions, it is spread evenly over the subscription period. The transaction price is allocated wholly to the performance obligation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-452": { "value": "2.20 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The Group considers the executive members of the Company\u2019s Board to be the chief operating decision maker. Transactions between operating segments are at arm\u2019s length. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-453": { "value": "2.21 Foreign currencies Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing on the date of the transaction. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Gains and losses arising on retranslation are included in the income statement. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the date of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates as at the date when the fair value was determined. On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated into pounds sterling at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the period as an approximation of rates prevailing at the date of the transaction. Exchange differences arising, if any, are recognised in the consolidated statement of comprehensive income and transferred to the Group\u2019s currency translation reserve. Such translation differences are recognised as income or expense in the period in which an operation is disposed. Cumulative translation differences were set to zero at the date of transition to IFRS. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-454": { "value": "2.22 Taxation Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the balance sheet date. Current income tax is recognised in the income statement, except on items relating to equity, in which case the related current income tax is recognised directly in equity. Deferred income tax Deferred income tax is provided using the liability method on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognised for all taxable temporary differences, except: \u2014 where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2014 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. Deferred income tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised, except: \u2014 where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2014 in respect of deductible temporary differences associated with investments in subsidiaries, deferred income tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. In calculating future taxable profits, the forecasts considered were consistent with those used for the purposes of the Group\u2019s annual goodwill impairment testing and relevant future taxable profits were generally forecast for a minimum time frame of five years. Unrecognised deferred income tax assets are reassessed at each balance sheet date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred income tax relating to items recognised directly in equity is recognised in equity and not in profit or loss. Deferred income tax assets and deferred income tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority, where there is an intention to settle the balances on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-496": { "value": "Deferred income tax Deferred income tax is provided using the liability method on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognised for all taxable temporary differences, except: \u2014 where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2014 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. Deferred income tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised, except: \u2014 where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2014 in respect of deductible temporary differences associated with investments in subsidiaries, deferred income tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. In calculating future taxable profits, the forecasts considered were consistent with those used for the purposes of the Group\u2019s annual goodwill impairment testing and relevant future taxable profits were generally forecast for a minimum time frame of five years. Unrecognised deferred income tax assets are reassessed at each balance sheet date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred income tax relating to items recognised directly in equity is recognised in equity and not in profit or loss. Deferred income tax assets and deferred income tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority, where there is an intention to settle the balances on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-455": { "value": "2.23 Leases The Group as lessee The Group assesses whether a contract is, or contains, a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the lessee\u2019s incremental borrowing rate, if the rate implicit in the lease cannot be readily determined. The incremental borrowing rate is based on the rate payable for loans of a similar term and asset value, or from a series of inputs including government bond yields and adjustments to take into account entity-specific risk profiles. Lease payments included in the measurement of the lease liability comprise fixed lease payments (including in-substance fixed payments) less any lease incentives receivable; variable lease payments that depend on an index or rate; amounts expected to be payable by the lessee under residual value guarantees; the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) if one of the following occurs: \u2014 The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of the exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. \u2014 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate. \u2014 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. Non-lease components are charged to the income statement in line with the services being provided. The right-of-use assets comprise the initial measurement of the corresponding lease liability less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation. Whenever the Group incurs an obligation for costs to restore the site on which it is located or to restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019 with a corresponding entry within the related right-of-use asset. Right-of-use assets are depreciated over the shorter period of the lease term and the useful life of the underlying asset and starts at the commencement date of the lease. See note 2.8 for the policy on impairment. The Group as lessor The Group enters into lease agreements as a lessor with respect to some of its properties. Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. All of the Group\u2019s leases are classified as operating leases with rental income from these leases recognised on a straight-line basis over the term of the relevant lease.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-456": { "value": "
3 Revenue and expenses
2024 2023
\u00a3m \u00a3m
Revenue
Revenue from contracts with customers
661.2
639.0
Revenue from other sources: rental income
0.2
0.4
661.4
639.4
Revenue is disaggregated further in note 4, which is the level at which it is analysed within the business. Further
information on the timing of transfer of goods and services for revenue streams is included in note 2. Included in
revenue is \u00a310.7m (2023: \u00a39.3m) that was included in the contract liability balance at the beginning of the year.
The forward order book comprises contracts where the Group\u2019s performance obligations are not yet satisfied and
accordingly, no revenue or asset is recognised.
2024 2023
\u00a3m \u00a3m
Cost of sales
Agency services
10.8
9.1
Inventories
21.3
19.6
Other
1.6
1.7
33.7
30.4
2024 2023
\u00a3m \u00a3m
Finance income
Bank interest income
14.3
9.6
Dividend income
0.1
0.1
Other finance income
0.5
0.8
14.9
10.5
2024 2023
\u00a3m \u00a3m
Finance costs
Interest expenses on lease liabilities
1.5
1.7
Other finance costs
0.4
0.5
1.9
2.2
2024 2023
\u00a3m \u00a3m
Other finance income \u2013 pensions
Net benefit income
0.6
0.7
Operating profit
Operating profit from continuing operations is stated after charging/(crediting):
2024 2023
\u00a3m \u00a3m
Depreciation
15.0
14.7
Amortisation of intangible assets
5.2
4.8
Net foreign exchange (gains)/losses
(5.7)
6.8
Research and development
11.5
16.2
Short-term lease expense
0.3
0.3
2024 2023
\u00a3000 \u00a3000
Auditors\u2019 remuneration
Fees payable to the Company\u2019s Auditors for the audit of the Company\u2019s and Group\u2019s
financial statements
438
490
Fees payable to the Company\u2019s Auditors and their associates for other services:
The auditing of financial statements of subsidiaries of the Company
480
478
Audit-related assurance services
121
94
1,039
1,062
Audit-related assurance services consists of \u00a348,000 (2023: \u00a348,000) in relation to the half year review and \u00a373,000
(2023: \u00a346,000) of other audit-related services in relation to required regulatory reporting.
2024 2023
\u00a3m \u00a3m
Employee compensation and benefits expense
Wages and salaries
380.7
370.2
Social security costs
36.8
34.2
Share-based payment expense
2.5
1.9
Pension costs \u2013 defined contribution plans
11.3
10.0
431.3
416.3
The numbers above include remuneration and pension entitlements for each Director. Details are included in the
Directors\u2019 Remuneration Report in the Directors\u2019 emoluments and compensation table on page 123. The Clarkson
PLC Directors are considered to be the only key management personnel.
The average monthly number of persons employed by the Group during the year, including Executive Directors,
is analysed below:
2024 2023
Number of Number of
employees employees
Broking
1,402
1,337
Financial
119
115
Support
432
361
Research
150
133
2 ,103
1,946
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-546": { "value": "3 Revenue and expenses
2024 2023
\u00a3m \u00a3m
Revenue
Revenue from contracts with customers
661.2
639.0
Revenue from other sources: rental income
0.2
0.4
661.4
639.4
Revenue is disaggregated further in note 4, which is the level at which it is analysed within the business. Further information on the timing of transfer of goods and services for revenue streams is included in note 2. Included in revenue is \u00a310.7m (2023: \u00a39.3m) that was included in the contract liability balance at the beginning of the year. The forward order book comprises contracts where the Group\u2019s performance obligations are not yet satisfied and accordingly, no revenue or asset is recognised.
2024 2023
\u00a3m \u00a3m
Cost of sales
Agency services
10.8
9.1
Inventories
21.3
19.6
Other
1.6
1.7
33.7
30.4
2024 2023
\u00a3m \u00a3m
Finance income
Bank interest income
14.3
9.6
Dividend income
0.1
0.1
Other finance income
0.5
0.8
14.9
10.5
2024 2023
\u00a3m \u00a3m
Finance costs
Interest expenses on lease liabilities
1.5
1.7
Other finance costs
0.4
0.5
1.9
2.2
2024 2023
\u00a3m \u00a3m
Other finance income \u2013 pensions
Net benefit income
0.6
0.7
Operating profit Operating profit from continuing operations is stated after charging/(crediting):
2024 2023
\u00a3m \u00a3m
Depreciation
15.0
14.7
Amortisation of intangible assets
5.2
4.8
Net foreign exchange (gains)/losses
(5.7)
6.8
Research and development
11.5
16.2
Short-term lease expense
0.3
0.3
2024 2023
\u00a3000 \u00a3000
Auditors\u2019 remuneration
Fees payable to the Company\u2019s Auditors for the audit of the Company\u2019s and Group\u2019s
financial statements
438
490
Fees payable to the Company\u2019s Auditors and their associates for other services:
The auditing of financial statements of subsidiaries of the Company
480
478
Audit-related assurance services
121
94
1,039
1,062
Audit-related assurance services consists of \u00a348,000 (2023: \u00a348,000) in relation to the half year review and \u00a373,000 (2023: \u00a346,000) of other audit-related services in relation to required regulatory reporting.
2024 2023
\u00a3m \u00a3m
Employee compensation and benefits expense
Wages and salaries
380.7
370.2
Social security costs
36.8
34.2
Share-based payment expense
2.5
1.9
Pension costs \u2013 defined contribution plans
11.3
10.0
431.3
416.3
The numbers above include remuneration and pension entitlements for each Director. Details are included in the Directors\u2019 Remuneration Report in the Directors\u2019 emoluments and compensation table on page 123. The Clarkson PLC Directors are considered to be the only key management personnel. The average monthly number of persons employed by the Group during the year, including Executive Directors, is analysed below:
2024 2023
Number of Number of
employees employees
Broking
1,402
1,337
Financial
119
115
Support
432
361
Research
150
133
2 ,103
1,946
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-497": { "value": "3 Revenue and expenses
2024 2023
\u00a3m \u00a3m
Revenue
Revenue from contracts with customers
661.2
639.0
Revenue from other sources: rental income
0.2
0.4
661.4
639.4
Revenue is disaggregated further in note 4, which is the level at which it is analysed within the business. Further information on the timing of transfer of goods and services for revenue streams is included in note 2. Included in revenue is \u00a310.7m (2023: \u00a39.3m) that was included in the contract liability balance at the beginning of the year. The forward order book comprises contracts where the Group\u2019s performance obligations are not yet satisfied and accordingly, no revenue or asset is recognised.
2024 2023
\u00a3m \u00a3m
Cost of sales
Agency services
10.8
9.1
Inventories
21.3
19.6
Other
1.6
1.7
33.7
30.4
2024 2023
\u00a3m \u00a3m
Finance income
Bank interest income
14.3
9.6
Dividend income
0.1
0.1
Other finance income
0.5
0.8
14.9
10.5
2024 2023
\u00a3m \u00a3m
Finance costs
Interest expenses on lease liabilities
1.5
1.7
Other finance costs
0.4
0.5
1.9
2.2
2024 2023
\u00a3m \u00a3m
Other finance income \u2013 pensions
Net benefit income
0.6
0.7
Operating profit Operating profit from continuing operations is stated after charging/(crediting):
2024 2023
\u00a3m \u00a3m
Depreciation
15.0
14.7
Amortisation of intangible assets
5.2
4.8
Net foreign exchange (gains)/losses
(5.7)
6.8
Research and development
11.5
16.2
Short-term lease expense
0.3
0.3
2024 2023
\u00a3000 \u00a3000
Auditors\u2019 remuneration
Fees payable to the Company\u2019s Auditors for the audit of the Company\u2019s and Group\u2019s
financial statements
438
490
Fees payable to the Company\u2019s Auditors and their associates for other services:
The auditing of financial statements of subsidiaries of the Company
480
478
Audit-related assurance services
121
94
1,039
1,062
Audit-related assurance services consists of \u00a348,000 (2023: \u00a348,000) in relation to the half year review and \u00a373,000 (2023: \u00a346,000) of other audit-related services in relation to required regulatory reporting.
2024 2023
\u00a3m \u00a3m
Employee compensation and benefits expense
Wages and salaries
380.7
370.2
Social security costs
36.8
34.2
Share-based payment expense
2.5
1.9
Pension costs \u2013 defined contribution plans
11.3
10.0
431.3
416.3
The numbers above include remuneration and pension entitlements for each Director. Details are included in the Directors\u2019 Remuneration Report in the Directors\u2019 emoluments and compensation table on page 123. The Clarkson PLC Directors are considered to be the only key management personnel. The average monthly number of persons employed by the Group during the year, including Executive Directors, is analysed below:
2024 2023
Number of Number of
employees employees
Broking
1,402
1,337
Financial
119
115
Support
432
361
Research
150
133
2 ,103
1,946
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-515": { "value": "
2024 2023
\u00a3m \u00a3m
Cost of sales
Agency services
10.8
9.1
Inventories
21.3
19.6
Other
1.6
1.7
33.7
30.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-516": { "value": "
2024 2023
\u00a3m \u00a3m
Finance income
Bank interest income
14.3
9.6
Dividend income
0.1
0.1
Other finance income
0.5
0.8
14.9
10.5
2024 2023
\u00a3m \u00a3m
Finance costs
Interest expenses on lease liabilities
1.5
1.7
Other finance costs
0.4
0.5
1.9
2.2
2024 2023
\u00a3m \u00a3m
Other finance income \u2013 pensions
Net benefit income
0.6
0.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-535": { "value": "
2024 2023
\u00a3m \u00a3m
Finance income
Bank interest income
14.3
9.6
Dividend income
0.1
0.1
Other finance income
0.5
0.8
14.9
10.5
2024 2023
\u00a3m \u00a3m
Other finance income \u2013 pensions
Net benefit income
0.6
0.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-540": { "value": "
2024 2023
\u00a3m \u00a3m
Finance income
Bank interest income
14.3
9.6
Dividend income
0.1
0.1
Other finance income
0.5
0.8
14.9
10.5
2024 2023
\u00a3m \u00a3m
Finance costs
Interest expenses on lease liabilities
1.5
1.7
Other finance costs
0.4
0.5
1.9
2.2
2024 2023
\u00a3m \u00a3m
Other finance income \u2013 pensions
Net benefit income
0.6
0.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-544": { "value": "
2024 2023
\u00a3m \u00a3m
Finance income
Bank interest income
14.3
9.6
Dividend income
0.1
0.1
Other finance income
0.5
0.8
14.9
10.5
2024 2023
\u00a3m \u00a3m
Other finance income \u2013 pensions
Net benefit income
0.6
0.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-536": { "value": "
2024 2023
\u00a3m \u00a3m
Finance costs
Interest expenses on lease liabilities
1.5
1.7
Other finance costs
0.4
0.5
1.9
2.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-545": { "value": "
2024 2023
\u00a3m \u00a3m
Finance costs
Interest expenses on lease liabilities
1.5
1.7
Other finance costs
0.4
0.5
1.9
2.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-517": { "value": "Operating profit Operating profit from continuing operations is stated after charging/(crediting):
2024 2023
\u00a3m \u00a3m
Depreciation
15.0
14.7
Amortisation of intangible assets
5.2
4.8
Net foreign exchange (gains)/losses
(5.7)
6.8
Research and development
11.5
16.2
Short-term lease expense
0.3
0.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-518": { "value": "
2024 2023
\u00a3000 \u00a3000
Auditors\u2019 remuneration
Fees payable to the Company\u2019s Auditors for the audit of the Company\u2019s and Group\u2019s
financial statements
438
490
Fees payable to the Company\u2019s Auditors and their associates for other services:
The auditing of financial statements of subsidiaries of the Company
480
478
Audit-related assurance services
121
94
1,039
1,062
Audit-related assurance services consists of \u00a348,000 (2023: \u00a348,000) in relation to the half year review and \u00a373,000 (2023: \u00a346,000) of other audit-related services in relation to required regulatory reporting. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-519": { "value": "
2024 2023
\u00a3m \u00a3m
Employee compensation and benefits expense
Wages and salaries
380.7
370.2
Social security costs
36.8
34.2
Share-based payment expense
2.5
1.9
Pension costs \u2013 defined contribution plans
11.3
10.0
431.3
416.3
The numbers above include remuneration and pension entitlements for each Director. Details are included in the Directors\u2019 Remuneration Report in the Directors\u2019 emoluments and compensation table on page 123. The Clarkson PLC Directors are considered to be the only key management personnel. The average monthly number of persons employed by the Group during the year, including Executive Directors, is analysed below:
2024 2023
Number of Number of
employees employees
Broking
1,402
1,337
Financial
119
115
Support
432
361
Research
150
133
2 ,103
1,946
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-457": { "value": "
4 Segmental information
The Group considers the executive members of the Company\u2019s Board to be the chief operating decision maker.
The Board receives segmental operating and financial information on a regular basis. The segments are determined
by the class of business the Company provides and are Broking, Financial, Support and Research. This is consistent
with the way the Group manages itself and with the format of the Group\u2019s internal financial reporting.
Clarksons\u2019 Broking division represents services provided to shipowners and charterers relating to the transportation
by sea of a wide range of cargoes. It also represents sale and purchase services provided to buyers and sellers/yards
of maritime assets. Also included is a futures broking operation which arranges principal-to-principal cash-settled
contracts for differences based upon standardised freight contracts.
The Financial division represents full-service investment banking, specialising in the maritime, oil services and natural
resources sectors. Clarksons also provides structured asset finance services and structured projects in the shipping,
offshore and real estate sectors.
Support includes port and agency services representing ship agency services provided throughout the UK and Egypt.
Research services encompass the provision of shipping-related information and publications.
All areas of the business work closely together to provide the best possible service to our clients. Internal recharges
are included within the appropriate segments. Segment revenue represents revenue from external clients.
The Group is not reliant on any major client that contributes more than 10% of Group revenue.
Business segments
Revenue
Results
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Broking
529.3
516.8
122.6
121.2
Financial
42.6
44.1
5.2
6.6
Support
65.0
56.6
7.7
6.4
Research
24.5
21.9
9.5
8.4
Segment revenue/profit
661.4
639.4
145.0
142.6
Head office costs
(43.3)
(42.4)
Operating profit before exceptional items
and acquisition-related costs
101.7
100.2
Exceptional items
\u2013
2.2
Acquisition-related costs
(3.2)
(2.6)
Operating profit
98.5
99.8
Finance income
14.9
10.5
Finance costs
(1.9)
(2.2)
Other finance income \u2013 pensions
0.6
0.7
Profit before taxation
112.1
108.8
Taxation
(25.8)
(23.0)
Profit for the year
86.3
85.8
Business segments
Assets
Liabilities
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Broking
717.9
665.0
287.7
286.6
Financial
65.3
76.1
20.6
26.0
Support
63.9
69.1
26.9
34.1
Research
14.5
10.9
13.5
14.1
Segment assets/liabilities
861.6
821.1
348.7
360.8
Unallocated assets/liabilities
38.7
54.5
55.9
58.2
900.3
875.6
404.6
419.0
Unallocated assets predominantly relate to head office cash balances and cash on deposit, the pension scheme
surplus and tax assets. Unallocated liabilities include the pension scheme deficit, tax liabilities and head
office accruals.
Business segments
Non-current asset additions*
Depreciation
Amortisation
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Broking
9.9
11.2
11.4
11.5
4.6
4.5
Financial
0.1
0.5
1.1
1.1
\u2013
\u2013
Support
6.6
11.7
2.1
1.7
0.6
0.3
Research
\u2013
\u2013
0.4
0.4
\u2013
\u2013
16.6
23.4
15.0
14.7
5.2
4.8
* Excludes deferred tax assets and financial assets.
Geographical segments \u2013 by origin of invoice
Revenue
2024 2023
\u00a3m \u00a3m
Europe, Middle East and Africa*
484.4
464.2
Americas
28.7
33.6
Asia-Pacific
148.3
141.6
661.4
639.4
Geographical segments \u2013 by location of assets
Non-current assets**
2024 2023
\u00a3m \u00a3m
Europe, Middle East and Africa*
218.8
236.2
Americas
4.8
4.9
Asia-Pacific
13.4
12.9
237.0
254.0
* Includes revenue for the UK of \u00a3287.6m (2023: \u00a3281.9m) and non-current assets for the UK of \u00a3111.2m (2023: \u00a3116.0m).
** Non-current assets excludes deferred tax assets and employee benefits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-498": { "value": "Geographical segments \u2013 by origin of invoice
Revenue
2024 2023
\u00a3m \u00a3m
Europe, Middle East and Africa*
484.4
464.2
Americas
28.7
33.6
Asia-Pacific
148.3
141.6
661.4
639.4
Geographical segments \u2013 by location of assets
Non-current assets**
2024 2023
\u00a3m \u00a3m
Europe, Middle East and Africa*
218.8
236.2
Americas
4.8
4.9
Asia-Pacific
13.4
12.9
237.0
254.0
* Includes revenue for the UK of \u00a3287.6m (2023: \u00a3281.9m) and non-current assets for the UK of \u00a3111.2m (2023: \u00a3116.0m). ** Non-current assets excludes deferred tax assets and employee benefits.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-458": { "value": "5 Exceptional items There were no exceptional items in 2024. In December 2023, the Group completed the sale of an industrial unit, which resulted in a gain of \u00a33.5m, after transaction fees and costs. The Group donated \u00a31.3m of the proceeds to The Clarkson Foundation. The net gain of \u00a32.2m is shown as an exceptional item in 2023.", "dimensions": { "concept": "clarksonplc:DisclosureOfExceptionalItems", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-459": { "value": "
6 Acquisition-related costs
Included in acquisition-related costs is \u00a30.5m (2023: \u00a30.2m) relating to the amortisation of intangibles acquired
and \u00a31.2m (2023: \u00a30.3m) of charges relating to previous acquisitions.
Also included is \u00a30.3m (2023: \u00a30.3m) relating to the amortisation of intangibles acquired and \u00a31.1m (2023: \u00a31.6m)
of charges relating to current year acquisitions.
Included in administrative expenses is \u00a30.1m (2023: \u00a30.2m) of transaction costs relating to acquisitions in the current
year. See note 13 for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-460": { "value": "
7 Taxation
Tax charged in the consolidated income statement is as follows:
2024 2023
\u00a3m \u00a3m
Current tax
Tax on profits for the year
27.5
2 7. 3
Adjustments in respect of prior years
(2.0)
(0.8)
25.5
26.5
Deferred tax
Origination and reversal of temporary differences
0.3
(3.1)
Impact of change in tax rates
\u2013
(0.4)
0.3
(3.5)
Total tax charge in the income statement
25.8
23.0
Tax relating to items (credited)/charged to equity is as follows:
2024 2023
\u00a3m \u00a3m
Current tax
Employee benefits
\u2013 other employee benefits
(1.1)
(0.3)
(1.1)
(0.3)
Deferred tax
Employee benefits
\u2013 on pension benefits
(0.4)
(0.5)
Employee benefits
\u2013 other employee benefits
(2.0)
0.5
Foreign currency contracts
(1.4)
2.5
Other temporary differences
\u2013
(0.1)
(3.8)
2.4
Total tax (credit)/charge in the statement of changes in equity
(4.9)
2.1
Reconciliation of tax charge
The tax charge in the consolidated income statement for the year is lower (2023: lower) than the average standard
rate of corporation tax in the UK of 25.0% (2023: 23.5%). The differences are reconciled below:
2024 2023
\u00a3m \u00a3m
Profit before taxation
112.1
108.8
Profit at UK average standard rate of corporation tax of 25.0% (2023: 23.5%)
28.0
25.6
Effects of:
Expenses not deductible for tax purposes
2.7
2.4
Non-taxable income
\u2013
(1.2)
Lower tax rates on overseas earnings
(4.9)
(3.3)
Tax losses recognised
\u2013
(0.4)
Adjustments relating to prior year
(2.0)
(1.2)
Adjustments relating to changes in tax rates
\u2013
(0.4)
Other adjustments
2.0
1.5
Total tax charge in the income statement
25.8
23.0
Deferred tax
Deferred tax charged/(credited) in the consolidated income statement is as follows:
2024 2023
\u00a3m \u00a3m
Employee benefits
\u2013 on pension benefits
\u2013
0.1
Employee benefits
\u2013 on employee benefits
0.2
(3.0)
In relation to earnings of overseas subsidiaries
0.2
0.3
Other temporary differences
(0.1)
(0.9)
Deferred tax charge/(credit) in the income statement
0.3
(3.5)
Deferred tax included in the balance sheet is as follows:
2024 2023
\u00a3m \u00a3m
Deferred tax assets
Employee benefits
\u2013 other employee benefits
19.5
17.7
Tax losses
0.1
\u2013
Foreign currency contracts
0.7
\u2013
Other temporary differences
2.2
3.1
Deferred tax assets before offset
22.5
20.8
Offset against deferred tax liabilities
(4.4)
(4.0)
Deferred tax assets in the balance sheet
18.1
16.8
Deferred tax liabilities
Employee benefits
\u2013 on pension benefits
(3.1)
(3.5)
In relation to earnings of overseas subsidiaries
(3.4)
(3.1)
Foreign currency contracts
\u2013
(0.8)
Intangible assets
(2.5)
(2.4)
Other temporary differences
(3.3)
(3.6)
Deferred tax liabilities before offset
(12.3)
(13.4)
Offset against deferred tax assets
4.4
4.0
Deferred tax liabilities in the balance sheet
(7.9)
(9.4)
Deferred tax assets and liabilities are offset and reported net where appropriate and permitted within territories.
Included in the above are deferred tax assets of \u00a35.5m (2023: \u00a36.4m) and deferred tax liabilities of \u00a3nil (2023: \u00a3nil)
which are due within one year. Deferred tax assets are recognised to the extent that the realisation of the related tax
benefit through future taxable profits is probable.
All deferred tax movements arise from the origination and reversal of temporary differences. The Group did not
recognise a deferred tax asset of \u00a32.9m (2023: \u00a32.7m) in respect of unused tax losses of \u00a39.8m (2023: \u00a38.4m),
which predominantly have either no expiry date or an expiry date of 10 years or more.
Deferred taxes at the balance sheet date have been measured using the appropriate and substantively enacted tax
rates and are reflected in these financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-520": { "value": "7 Taxation Tax charged in the consolidated income statement is as follows:
2024 2023
\u00a3m \u00a3m
Current tax
Tax on profits for the year
27.5
2 7. 3
Adjustments in respect of prior years
(2.0)
(0.8)
25.5
26.5
Deferred tax
Origination and reversal of temporary differences
0.3
(3.1)
Impact of change in tax rates
\u2013
(0.4)
0.3
(3.5)
Total tax charge in the income statement
25.8
23.0
Tax relating to items (credited)/charged to equity is as follows:
2024 2023
\u00a3m \u00a3m
Current tax
Employee benefits
\u2013 other employee benefits
(1.1)
(0.3)
(1.1)
(0.3)
Deferred tax
Employee benefits
\u2013 on pension benefits
(0.4)
(0.5)
Employee benefits
\u2013 other employee benefits
(2.0)
0.5
Foreign currency contracts
(1.4)
2.5
Other temporary differences
\u2013
(0.1)
(3.8)
2.4
Total tax (credit)/charge in the statement of changes in equity
(4.9)
2.1
Reconciliation of tax charge The tax charge in the consolidated income statement for the year is lower (2023: lower) than the average standard rate of corporation tax in the UK of 25.0% (2023: 23.5%). The differences are reconciled below:
2024 2023
\u00a3m \u00a3m
Profit before taxation
112.1
108.8
Profit at UK average standard rate of corporation tax of 25.0% (2023: 23.5%)
28.0
25.6
Effects of:
Expenses not deductible for tax purposes
2.7
2.4
Non-taxable income
\u2013
(1.2)
Lower tax rates on overseas earnings
(4.9)
(3.3)
Tax losses recognised
\u2013
(0.4)
Adjustments relating to prior year
(2.0)
(1.2)
Adjustments relating to changes in tax rates
\u2013
(0.4)
Other adjustments
2.0
1.5
Total tax charge in the income statement
25.8
23.0
Deferred tax Deferred tax charged/(credited) in the consolidated income statement is as follows:
2024 2023
\u00a3m \u00a3m
Employee benefits
\u2013 on pension benefits
\u2013
0.1
Employee benefits
\u2013 on employee benefits
0.2
(3.0)
In relation to earnings of overseas subsidiaries
0.2
0.3
Other temporary differences
(0.1)
(0.9)
Deferred tax charge/(credit) in the income statement
0.3
(3.5)
Deferred tax included in the balance sheet is as follows:
2024 2023
\u00a3m \u00a3m
Deferred tax assets
Employee benefits
\u2013 other employee benefits
19.5
17.7
Tax losses
0.1
\u2013
Foreign currency contracts
0.7
\u2013
Other temporary differences
2.2
3.1
Deferred tax assets before offset
22.5
20.8
Offset against deferred tax liabilities
(4.4)
(4.0)
Deferred tax assets in the balance sheet
18.1
16.8
Deferred tax liabilities
Employee benefits
\u2013 on pension benefits
(3.1)
(3.5)
In relation to earnings of overseas subsidiaries
(3.4)
(3.1)
Foreign currency contracts
\u2013
(0.8)
Intangible assets
(2.5)
(2.4)
Other temporary differences
(3.3)
(3.6)
Deferred tax liabilities before offset
(12.3)
(13.4)
Offset against deferred tax assets
4.4
4.0
Deferred tax liabilities in the balance sheet
(7.9)
(9.4)
Deferred tax assets and liabilities are offset and reported net where appropriate and permitted within territories. Included in the above are deferred tax assets of \u00a35.5m (2023: \u00a36.4m) and deferred tax liabilities of \u00a3nil (2023: \u00a3nil) which are due within one year. Deferred tax assets are recognised to the extent that the realisation of the related tax benefit through future taxable profits is probable. All deferred tax movements arise from the origination and reversal of temporary differences. The Group did not recognise a deferred tax asset of \u00a32.9m (2023: \u00a32.7m) in respect of unused tax losses of \u00a39.8m (2023: \u00a38.4m), which predominantly have either no expiry date or an expiry date of 10 years or more. Deferred taxes at the balance sheet date have been measured using the appropriate and substantively enacted tax rates and are reflected in these financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-499": { "value": "Deferred tax Deferred tax charged/(credited) in the consolidated income statement is as follows:
2024 2023
\u00a3m \u00a3m
Employee benefits
\u2013 on pension benefits
\u2013
0.1
Employee benefits
\u2013 on employee benefits
0.2
(3.0)
In relation to earnings of overseas subsidiaries
0.2
0.3
Other temporary differences
(0.1)
(0.9)
Deferred tax charge/(credit) in the income statement
0.3
(3.5)
Deferred tax included in the balance sheet is as follows:
2024 2023
\u00a3m \u00a3m
Deferred tax assets
Employee benefits
\u2013 other employee benefits
19.5
17.7
Tax losses
0.1
\u2013
Foreign currency contracts
0.7
\u2013
Other temporary differences
2.2
3.1
Deferred tax assets before offset
22.5
20.8
Offset against deferred tax liabilities
(4.4)
(4.0)
Deferred tax assets in the balance sheet
18.1
16.8
Deferred tax liabilities
Employee benefits
\u2013 on pension benefits
(3.1)
(3.5)
In relation to earnings of overseas subsidiaries
(3.4)
(3.1)
Foreign currency contracts
\u2013
(0.8)
Intangible assets
(2.5)
(2.4)
Other temporary differences
(3.3)
(3.6)
Deferred tax liabilities before offset
(12.3)
(13.4)
Offset against deferred tax assets
4.4
4.0
Deferred tax liabilities in the balance sheet
(7.9)
(9.4)
Deferred tax assets and liabilities are offset and reported net where appropriate and permitted within territories. Included in the above are deferred tax assets of \u00a35.5m (2023: \u00a36.4m) and deferred tax liabilities of \u00a3nil (2023: \u00a3nil) which are due within one year. Deferred tax assets are recognised to the extent that the realisation of the related tax benefit through future taxable profits is probable. All deferred tax movements arise from the origination and reversal of temporary differences. The Group did not recognise a deferred tax asset of \u00a32.9m (2023: \u00a32.7m) in respect of unused tax losses of \u00a39.8m (2023: \u00a38.4m), which predominantly have either no expiry date or an expiry date of 10 years or more. Deferred taxes at the balance sheet date have been measured using the appropriate and substantively enacted tax rates and are reflected in these financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-461": { "value": "
8 Earnings per share
2024
2023
Underlying Reported Underlying Reported
\u00a3m \u00a3m \u00a3m \u00a3m
Profit for the year attributable to equity holders
of the Parent Company
87.9
84.9
83.8
83.8
2024
2023
Underlying Reported Underlying Reported
Million Million Million Million
Weighted average number of ordinary shares
(excluding share purchase trusts\u2019 shares) \u2013 basic
30.7
30.7
30.5
30.5
Dilutive effect of share options
0.2
0.2
0.2
0.2
Weighted average number of ordinary shares
(excluding share purchase trusts\u2019 shares) \u2013 diluted
30.9
30.9
30.7
30.7
2024
2023
Underlying Reported Underlying Reported
Pence Pence Pence Pence
Basic earnings per share
286.9
277.1
275.0
275.2
Diluted earnings per share
284.9
275.2
273.5
273.6
Basic earnings per share amounts are calculated by dividing profit for the year attributable to ordinary equity holders
of the Parent Company by the weighted average number of ordinary shares in issue during the year.
Diluted earnings per share amounts are calculated by dividing profit for the year attributable to ordinary equity
holders of the Parent Company by the weighted average number of ordinary shares in issue during the year, plus
the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential
ordinary shares into ordinary shares. The calculation of diluted earnings per share does not assume conversion,
exercise, or other issue of potential ordinary shares that would have an anti-dilutive effect on earnings per share.
The share awards relating to Directors, where the performance conditions have not yet been met at the balance
sheet date, are not included in the above numbers. The weighted average number of these shares was 38,218
(2023: 50,196).
There are 65,148 share options in relation to the employee ShareSave scheme that are not included because they
are anti-dilutive at the year-end (2023: 22,901). These options could potentially dilute basic earnings per share in
the future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-462": { "value": "
9 Dividends
2024 2023
\u00a3m \u00a3m
Declared and paid during the year:
Final dividend for 2023 of 72p per share (2022: 6 4p per share)
21.8
19.3
Interim dividend for 2024 of 32p per share (2023: 3 0p per share)
9.7
9.0
Dividend paid
31.5
28.3
Proposed for approval at the AGM (not recognised as a liability at 31 December):
Final dividend for 2024 proposed of 77p per share (2023: 72p per share)
23.6
22.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-429": { "value": "0.72", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-430": { "value": "0.64", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-431": { "value": "0.32", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-432": { "value": "0.30", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-463": { "value": "
10 Property, plant and equipment
2024
Freehold
and long Office
leasehold Leasehold furniture and Motor
properties improvements equipment vehicles Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Original cost
At 1 January 2024
11.3
21.7
31.4
0.9
65.3
Additions
0.1
1.5
3.8
0.3
5.7
Arising on acquisitions
\u2013
\u2013
0.3
\u2013
0.3
Disposals
(0.3)
(1.1)
(3.4)
(0.2)
(5.0)
Foreign exchange differences
(0.2)
(0.1)
(0.6)
\u2013
(0.9)
At 31 December 2024
10.9
22.0
31.5
1.0
65.4
Accumulated depreciation
At 1 January 2024
1.9
12.1
22.3
0.5
36.8
Charged during the year
0.3
1.5
3.4
0.2
5.4
Disposals
(0.2)
(1.1)
(3.3)
(0.2)
(4.8)
Foreign exchange differences
(0.1)
(0.1)
(0.3)
\u2013
(0.5)
At 31 December 2024
1.9
12.4
22.1
0.5
36.9
Net book value at 31 December 2024
9.0
9.6
9.4
0.5
28.5
2023
Freehold
and long Office
leasehold Leasehold furniture and Motor
properties improvements equipment vehicles Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Original cost
At 1 January 2023
10.0
20.6
27.3
1.1
59.0
Additions
1.8
1.6
4.5
0.1
8.0
Arising on acquisitions
\u2013
0.2
0.1
0.1
0.4
Disposals
(0.2)
(0.3)
\u2013
(0.3)
(0.8)
Foreign exchange differences
(0.3)
(0.4)
(0.5)
(0.1)
(1.3)
At 31 December 2023
11.3
21.7
31.4
0.9
65.3
Accumulated depreciation
At 1 January 2023
2.1
11.0
19.6
0.8
33.5
Charged during the year
0.1
1.5
3.1
0.1
4.8
Disposals
(0.1)
(0.2)
\u2013
(0.2)
(0.5)
Foreign exchange differences
(0.2)
(0.2)
(0.4)
(0.2)
(1.0)
At 31 December 2023
1.9
12.1
22.3
0.5
36.8
Net book value at 31 December 2023
9.4
9.6
9.1
0.4
28.5
At 31 December 2024 there was \u00a311.6m relating to fully depreciated property, plant and equipment that is still in use
(2023: \u00a315.2m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-464": { "value": "
11 Investment properties
2024 2023
\u00a3m \u00a3m
Cost
At 1 January and 31 December
2.1
2.1
Accumulated depreciation
At 1 January
1.1
1.1
Charged during the year*
\u2013
\u2013
At 31 December
1.1
1.1
Net book value at 31 December
1.0
1.0
* Depreciation charged each year is less than \u00a30.1m, occasionally this leads to a \u00a30.1m charge in this table.
The fair value of the investment properties at 31 December 2024 was \u00a32.5m (2023: \u00a32.2m). This was based on
valuations from external independent valuers who have the appropriate professional qualifications and recent
experience of valuing properties in the location and of the type being valued.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-465": { "value": "
12 Right-of-use assets
2024
2023
Leasehold Motor Leasehold Motor
properties vehicles Total properties vehicles Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
As at 1 January
73.1
1.6
74.7
70.1
0.7
70.8
Additions
6.2
0.5
6.7
3.5
0.9
4.4
Arising on acquisitions
\u2013
\u2013
\u2013
3.5
\u2013
3.5
Disposals
(2.0)
\u2013
(2.0)
(1.3)
\u2013
(1.3)
Foreign exchange differences
(2.2)
\u2013
(2.2)
(2.7)
\u2013
(2.7)
At 31 December
75.1
2.1
77.2
73.1
1.6
74.7
Accumulated depreciation
As at 1 January
38.3
0.5
38.8
31.4
0.1
31.5
Charged during the year
9.1
0.5
9.6
9.5
0.4
9.9
Disposals
(2.0)
\u2013
(2.0)
(1.3)
\u2013
(1.3)
Foreign exchange differences
(1.3)
0.1
(1.2)
(1.3)
\u2013
(1.3)
At 31 December
44.1
1.1
45.2
38.3
0.5
38.8
Net book value at 31 December
31.0
1.0
32.0
34.8
1.1
35.9
20 Lease liabilities
2024 2023
\u00a3m \u00a3m
Current
Lease liabilities
10.6
10.4
Non-current
Lease liabilities
27.5
32.8
A maturity analysis of undiscounted lease liability payments is included within note 27.
Included within lease liabilities are \u00a38.4m (2023: \u00a310.0m) of leases where payments are linked to an index.
The liabilities in relation to these leases are only adjusted as and when the change in rental cash flows takes effect.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-500": { "value": "12 Right-of-use assets
2024
2023
Leasehold Motor Leasehold Motor
properties vehicles Total properties vehicles Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
As at 1 January
73.1
1.6
74.7
70.1
0.7
70.8
Additions
6.2
0.5
6.7
3.5
0.9
4.4
Arising on acquisitions
\u2013
\u2013
\u2013
3.5
\u2013
3.5
Disposals
(2.0)
\u2013
(2.0)
(1.3)
\u2013
(1.3)
Foreign exchange differences
(2.2)
\u2013
(2.2)
(2.7)
\u2013
(2.7)
At 31 December
75.1
2.1
77.2
73.1
1.6
74.7
Accumulated depreciation
As at 1 January
38.3
0.5
38.8
31.4
0.1
31.5
Charged during the year
9.1
0.5
9.6
9.5
0.4
9.9
Disposals
(2.0)
\u2013
(2.0)
(1.3)
\u2013
(1.3)
Foreign exchange differences
(1.3)
0.1
(1.2)
(1.3)
\u2013
(1.3)
At 31 December
44.1
1.1
45.2
38.3
0.5
38.8
Net book value at 31 December
31.0
1.0
32.0
34.8
1.1
35.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-466": { "value": "
13 Intangible assets
2024
Other
Development intangible
Goodwill costs assets Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2024
276.7
25.3
33.9
335.9
Additions
\u2013
1.5
0.1
1.6
Arising on acquisitions
0.3
\u2013
2.0
2.3
Other (reclassification)
(0.1)
\u2013
0.1
\u2013
Foreign exchange differences
(16.8)
\u2013
(2.7)
(19.5)
At 31 December 2024
260.1
26.8
33.4
320.3
Accumulated amortisation and impairment
At 1 January 2024
112.2
10.4
30.4
153.0
Charged during the year
\u2013
4.5
0.7
5.2
Foreign exchange differences
(8.2)
\u2013
(2.3)
(10.5)
At 31 December 2024
104.0
14.9
28.8
147.7
Net book value at 31 December 2024
156.1
11.9
4.6
172.6
2023
Other
Development intangible
Goodwill costs assets Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
291.9
21.3
33.4
346.6
Additions
\u2013
2.8
\u2013
2.8
Arising on acquisitions
1.2
\u2013
3.1
4.3
Other (reclassification)
\u2013
1.2
(1.2)
\u2013
Foreign exchange differences
(16.4)
\u2013
(1.4)
(17. 8)
At 31 December 2023
276.7
25.3
33.9
335.9
Accumulated amortisation and impairment
At 1 January 2023
120.3
6.2
31.2
1 5 7.7
Charged during the year
\u2013
4.2
0.6
4.8
Foreign exchange differences
(8.1)
\u2013
(1.4)
(9.5)
At 31 December 2023
112.2
10.4
30.4
153.0
Net book value at 31 December 2023
164.5
14.9
3.5
182.9
Development costs are amortised based on their estimated useful life, which will not typically exceed five years,
when ready for use. These costs represent expenditure incurred in relation to the Sea suite of products, see page 43
for further details on Sea.
All intangible assets are held in the currency of the businesses acquired and are subject to foreign exchange
retranslations to the closing rate at each year-end.
In 2024 the Group made acquisitions, which are detailed further in this note, resulting in goodwill of \u00a30.3m and
\u00a32.0m of other intangible assets.
Acquisitions \u2013 2024
Trauma & Resuscitation Services
On 5 February 2024, Gibb Group Limited acquired 100% of the share capital of Trauma & Resuscitation Services
Limited. The initial cash consideration was \u00a32.0m, with a further \u00a30.3m paid during the year. An additional maximum
\u00a33.3m is payable contingent on the achievement of post-transaction earnings targets and ongoing employment.
This acquisition will increase Gibb Group\u2019s service offering, extending its strong coverage of the oil & gas, marine, and
renewable energy sectors with the inclusion of the Trauma Resus EURIECA programme, which is recognised as the
global standard for advanced first aid for the offshore wind sector.
Independent Shipping Agencies
On 31 May 2024, Clarkson Port Services Limited entered into an Asset Purchase Agreement with Independent
Shipping Agencies Limited for cash consideration of \u00a30.1m, with a further maximum amount payable of \u00a30.2m
contingent on the achievement of post-transaction earnings targets and ongoing employment.
The goodwill of \u00a30.1m is attributable to the strategic benefits of integrating the workforce acquired.
This acquisition allows Clarksons Port Services to be the sole provider of agency services to a major international
commodity house.
Wind Farm Equipment
On 20 September 2024, Gibb Group Limited entered into an Asset Purchase Agreement with Wind Farm Equipment
Limited. The initial consideration was \u00a30.7m.
The acquisition brings a leading brand in-house to Gibb Group, including its UK hire fleet assets.
The goodwill of \u00a30.2m is attributable to strategic benefits of having alternative products to supply its customers and
the increased ability to generate future cash flows from new customer relationships.
The following table summarises the consideration paid, the provisional fair value of the net assets acquired, and the
liabilities assumed, for each acquisition.
Trauma & Independent
Resuscitation Shipping Wind Farm
Services Agencies Equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m
Intangible assets
1.7
\u2013
0.3
2.0
Property, plant and equipment
0.1
\u2013
0.2
0.3
Trade and other receivables
1.3
\u2013
0.1
1.4
Cash and cash equivalents
0.6
\u2013
\u2013
0.6
Total assets
3.7
\u2013
0.6
4.3
Trade and other payables
(0.8)
\u2013
\u2013
(0.8)
Income tax payable
(0.2)
\u2013
\u2013
(0.2)
Deferred tax liabilities
(0.4)
\u2013
(0.1)
(0.5)
Total liabilities
(1.4)
\u2013
(0.1)
(1.5)
Net identifiable assets acquired
2.3
\u2013
0.5
2.8
Goodwill
\u2013
0.1
0.2
0.3
Total consideration paid in cash
2.3
0.1
0.7
3.1
The table below details the revenue and net profit after tax contributed to the Group since each respective
acquisition date, together with consolidated pro-forma revenue and reported profit for the year ended
31 December 2024, if the acquisitions had occurred on 1 January 2024.
Trauma & Independent
Resuscitation Shipping Wind Farm
Services Agencies Equipment
\u00a3m \u00a3m \u00a3m
Revenue contributed since acquisition
4.1
0.2
0.1
Net profit after tax since acquisition
1.0
0.1
\u2013
Consolidated pro-forma revenue
661.8
661.5
661.6
Consolidated pro-forma reported profit for the year
86.4
86.4
86.4
These amounts have been calculated extrapolating the acquirees\u2019 results without the need for adjustments for
differences in accounting policies, including the additional depreciation and amortisation that would have been
charged assuming that the fair value adjustments to intangible assets had applied from 1 January 2024, together
with the consequential tax effects.
This information is not necessarily indicative of the 2024 results of the combined Group had the acquisitions actually
been made at the beginning of the period presented, or indicative of the future consolidated performance given the
nature of the business acquired.
The table below sets out the net cash outflow of the acquisitions:
2024
\u00a3m
Outflow of cash to acquire subsidiaries, net of cash acquired
Trauma & Resuscitation cash consideration
2.3
Independent Shipping Agencies cash consideration
0.1
Wind Farm Equipment cash consideration
0.7
3.1
Less: Cash acquired
(0.6)
Net outflow of cash \u2013 investing activities
2.5
Transaction costs of \u00a30.1m are included in administrative expenses in the income statement and in operating cash
flows in the cash flow statement.
Acquisitions \u2013 2023
On 6 February 2023, Clarkson Port Services Holdings B.V. acquired 100% of the share capital of DHSS Service B.V.,
DHSS Logistics B.V., DHSS Projects B.V. and DHSS Aviation B.V., located in the Netherlands. Initial cash consideration
was \u20ac4.6m (\u00a34.1m), with a further \u20ac6.2m payable depending on the achievement of post-transaction earnings
targets and ongoing employment.
On 28 March 2023, Maritech Services Limited acquired 100% of the MarDocs digital platform business. Total
consideration was \u20ac1.5m (\u00a31.2m).
On 31 March 2023, Maritech Services Limited acquired 100% of the share capital of Recap Manager Limited for
negligible consideration.
On 31 October 2023, Clarksons Brasil Ltda entered into an Asset Purchase Agreement with a seller group, comprising
Leme Chartering Comercio Maritimo Ltda and four individuals. Initial consideration was US$0.1m (\u00a30.1m), with a
further maximum amount payable of US$0.7m dependent on earn-out targets.
Further information on these acquisitions, including details of the consideration paid, the fair value of the assets
acquired and the liabilities assumed, can be found on pages 180 and 181 of the 2023 Annual Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-521": { "value": "13 Intangible assets
2024
Other
Development intangible
Goodwill costs assets Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2024
276.7
25.3
33.9
335.9
Additions
\u2013
1.5
0.1
1.6
Arising on acquisitions
0.3
\u2013
2.0
2.3
Other (reclassification)
(0.1)
\u2013
0.1
\u2013
Foreign exchange differences
(16.8)
\u2013
(2.7)
(19.5)
At 31 December 2024
260.1
26.8
33.4
320.3
Accumulated amortisation and impairment
At 1 January 2024
112.2
10.4
30.4
153.0
Charged during the year
\u2013
4.5
0.7
5.2
Foreign exchange differences
(8.2)
\u2013
(2.3)
(10.5)
At 31 December 2024
104.0
14.9
28.8
147.7
Net book value at 31 December 2024
156.1
11.9
4.6
172.6
2023
Other
Development intangible
Goodwill costs assets Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
291.9
21.3
33.4
346.6
Additions
\u2013
2.8
\u2013
2.8
Arising on acquisitions
1.2
\u2013
3.1
4.3
Other (reclassification)
\u2013
1.2
(1.2)
\u2013
Foreign exchange differences
(16.4)
\u2013
(1.4)
(17. 8)
At 31 December 2023
276.7
25.3
33.9
335.9
Accumulated amortisation and impairment
At 1 January 2023
120.3
6.2
31.2
1 5 7.7
Charged during the year
\u2013
4.2
0.6
4.8
Foreign exchange differences
(8.1)
\u2013
(1.4)
(9.5)
At 31 December 2023
112.2
10.4
30.4
153.0
Net book value at 31 December 2023
164.5
14.9
3.5
182.9
Development costs are amortised based on their estimated useful life, which will not typically exceed five years, when ready for use. These costs represent expenditure incurred in relation to the Sea suite of products, see page 43 for further details on Sea. All intangible assets are held in the currency of the businesses acquired and are subject to foreign exchange retranslations to the closing rate at each year-end. In 2024 the Group made acquisitions, which are detailed further in this note, resulting in goodwill of \u00a30.3m and \u00a32.0m of other intangible assets. Acquisitions \u2013 2024 Trauma & Resuscitation Services On 5 February 2024, Gibb Group Limited acquired 100% of the share capital of Trauma & Resuscitation Services Limited. The initial cash consideration was \u00a32.0m, with a further \u00a30.3m paid during the year. An additional maximum \u00a33.3m is payable contingent on the achievement of post-transaction earnings targets and ongoing employment. This acquisition will increase Gibb Group\u2019s service offering, extending its strong coverage of the oil & gas, marine, and renewable energy sectors with the inclusion of the Trauma Resus EURIECA programme, which is recognised as the global standard for advanced first aid for the offshore wind sector. Independent Shipping Agencies On 31 May 2024, Clarkson Port Services Limited entered into an Asset Purchase Agreement with Independent Shipping Agencies Limited for cash consideration of \u00a30.1m, with a further maximum amount payable of \u00a30.2m contingent on the achievement of post-transaction earnings targets and ongoing employment. The goodwill of \u00a30.1m is attributable to the strategic benefits of integrating the workforce acquired. This acquisition allows Clarksons Port Services to be the sole provider of agency services to a major international commodity house. Wind Farm Equipment On 20 September 2024, Gibb Group Limited entered into an Asset Purchase Agreement with Wind Farm Equipment Limited. The initial consideration was \u00a30.7m. The acquisition brings a leading brand in-house to Gibb Group, including its UK hire fleet assets. The goodwill of \u00a30.2m is attributable to strategic benefits of having alternative products to supply its customers and the increased ability to generate future cash flows from new customer relationships. The following table summarises the consideration paid, the provisional fair value of the net assets acquired, and the liabilities assumed, for each acquisition.
Trauma & Independent
Resuscitation Shipping Wind Farm
Services Agencies Equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m
Intangible assets
1.7
\u2013
0.3
2.0
Property, plant and equipment
0.1
\u2013
0.2
0.3
Trade and other receivables
1.3
\u2013
0.1
1.4
Cash and cash equivalents
0.6
\u2013
\u2013
0.6
Total assets
3.7
\u2013
0.6
4.3
Trade and other payables
(0.8)
\u2013
\u2013
(0.8)
Income tax payable
(0.2)
\u2013
\u2013
(0.2)
Deferred tax liabilities
(0.4)
\u2013
(0.1)
(0.5)
Total liabilities
(1.4)
\u2013
(0.1)
(1.5)
Net identifiable assets acquired
2.3
\u2013
0.5
2.8
Goodwill
\u2013
0.1
0.2
0.3
Total consideration paid in cash
2.3
0.1
0.7
3.1
The table below details the revenue and net profit after tax contributed to the Group since each respective acquisition date, together with consolidated pro-forma revenue and reported profit for the year ended 31 December 2024, if the acquisitions had occurred on 1 January 2024.
Trauma & Independent
Resuscitation Shipping Wind Farm
Services Agencies Equipment
\u00a3m \u00a3m \u00a3m
Revenue contributed since acquisition
4.1
0.2
0.1
Net profit after tax since acquisition
1.0
0.1
\u2013
Consolidated pro-forma revenue
661.8
661.5
661.6
Consolidated pro-forma reported profit for the year
86.4
86.4
86.4
These amounts have been calculated extrapolating the acquirees\u2019 results without the need for adjustments for differences in accounting policies, including the additional depreciation and amortisation that would have been charged assuming that the fair value adjustments to intangible assets had applied from 1 January 2024, together with the consequential tax effects. This information is not necessarily indicative of the 2024 results of the combined Group had the acquisitions actually been made at the beginning of the period presented, or indicative of the future consolidated performance given the nature of the business acquired. The table below sets out the net cash outflow of the acquisitions:
2024
\u00a3m
Outflow of cash to acquire subsidiaries, net of cash acquired
Trauma & Resuscitation cash consideration
2.3
Independent Shipping Agencies cash consideration
0.1
Wind Farm Equipment cash consideration
0.7
3.1
Less: Cash acquired
(0.6)
Net outflow of cash \u2013 investing activities
2.5
Transaction costs of \u00a30.1m are included in administrative expenses in the income statement and in operating cash flows in the cash flow statement. Acquisitions \u2013 2023 On 6 February 2023, Clarkson Port Services Holdings B.V. acquired 100% of the share capital of DHSS Service B.V., DHSS Logistics B.V., DHSS Projects B.V. and DHSS Aviation B.V., located in the Netherlands. Initial cash consideration was \u20ac4.6m (\u00a34.1m), with a further \u20ac6.2m payable depending on the achievement of post-transaction earnings targets and ongoing employment. On 28 March 2023, Maritech Services Limited acquired 100% of the MarDocs digital platform business. Total consideration was \u20ac1.5m (\u00a31.2m). On 31 March 2023, Maritech Services Limited acquired 100% of the share capital of Recap Manager Limited for negligible consideration. On 31 October 2023, Clarksons Brasil Ltda entered into an Asset Purchase Agreement with a seller group, comprising Leme Chartering Comercio Maritimo Ltda and four individuals. Initial consideration was US$0.1m (\u00a30.1m), with a further maximum amount payable of US$0.7m dependent on earn-out targets. Further information on these acquisitions, including details of the consideration paid, the fair value of the assets acquired and the liabilities assumed, can be found on pages 180 and 181 of the 2023 Annual Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-501": { "value": "13 Intangible assets
2024
Other
Development intangible
Goodwill costs assets Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2024
276.7
25.3
33.9
335.9
Additions
\u2013
1.5
0.1
1.6
Arising on acquisitions
0.3
\u2013
2.0
2.3
Other (reclassification)
(0.1)
\u2013
0.1
\u2013
Foreign exchange differences
(16.8)
\u2013
(2.7)
(19.5)
At 31 December 2024
260.1
26.8
33.4
320.3
Accumulated amortisation and impairment
At 1 January 2024
112.2
10.4
30.4
153.0
Charged during the year
\u2013
4.5
0.7
5.2
Foreign exchange differences
(8.2)
\u2013
(2.3)
(10.5)
At 31 December 2024
104.0
14.9
28.8
147.7
Net book value at 31 December 2024
156.1
11.9
4.6
172.6
2023
Other
Development intangible
Goodwill costs assets Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
291.9
21.3
33.4
346.6
Additions
\u2013
2.8
\u2013
2.8
Arising on acquisitions
1.2
\u2013
3.1
4.3
Other (reclassification)
\u2013
1.2
(1.2)
\u2013
Foreign exchange differences
(16.4)
\u2013
(1.4)
(17. 8)
At 31 December 2023
276.7
25.3
33.9
335.9
Accumulated amortisation and impairment
At 1 January 2023
120.3
6.2
31.2
1 5 7.7
Charged during the year
\u2013
4.2
0.6
4.8
Foreign exchange differences
(8.1)
\u2013
(1.4)
(9.5)
At 31 December 2023
112.2
10.4
30.4
153.0
Net book value at 31 December 2023
164.5
14.9
3.5
182.9
Development costs are amortised based on their estimated useful life, which will not typically exceed five years, when ready for use. These costs represent expenditure incurred in relation to the Sea suite of products, see page 43 for further details on Sea. All intangible assets are held in the currency of the businesses acquired and are subject to foreign exchange retranslations to the closing rate at each year-end. In 2024 the Group made acquisitions, which are detailed further in this note, resulting in goodwill of \u00a30.3m and \u00a32.0m of other intangible assets. Acquisitions \u2013 2024 Trauma & Resuscitation Services On 5 February 2024, Gibb Group Limited acquired 100% of the share capital of Trauma & Resuscitation Services Limited. The initial cash consideration was \u00a32.0m, with a further \u00a30.3m paid during the year. An additional maximum \u00a33.3m is payable contingent on the achievement of post-transaction earnings targets and ongoing employment. This acquisition will increase Gibb Group\u2019s service offering, extending its strong coverage of the oil & gas, marine, and renewable energy sectors with the inclusion of the Trauma Resus EURIECA programme, which is recognised as the global standard for advanced first aid for the offshore wind sector. Independent Shipping Agencies On 31 May 2024, Clarkson Port Services Limited entered into an Asset Purchase Agreement with Independent Shipping Agencies Limited for cash consideration of \u00a30.1m, with a further maximum amount payable of \u00a30.2m contingent on the achievement of post-transaction earnings targets and ongoing employment. The goodwill of \u00a30.1m is attributable to the strategic benefits of integrating the workforce acquired. This acquisition allows Clarksons Port Services to be the sole provider of agency services to a major international commodity house. Wind Farm Equipment On 20 September 2024, Gibb Group Limited entered into an Asset Purchase Agreement with Wind Farm Equipment Limited. The initial consideration was \u00a30.7m. The acquisition brings a leading brand in-house to Gibb Group, including its UK hire fleet assets. The goodwill of \u00a30.2m is attributable to strategic benefits of having alternative products to supply its customers and the increased ability to generate future cash flows from new customer relationships. The following table summarises the consideration paid, the provisional fair value of the net assets acquired, and the liabilities assumed, for each acquisition.
Trauma & Independent
Resuscitation Shipping Wind Farm
Services Agencies Equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m
Intangible assets
1.7
\u2013
0.3
2.0
Property, plant and equipment
0.1
\u2013
0.2
0.3
Trade and other receivables
1.3
\u2013
0.1
1.4
Cash and cash equivalents
0.6
\u2013
\u2013
0.6
Total assets
3.7
\u2013
0.6
4.3
Trade and other payables
(0.8)
\u2013
\u2013
(0.8)
Income tax payable
(0.2)
\u2013
\u2013
(0.2)
Deferred tax liabilities
(0.4)
\u2013
(0.1)
(0.5)
Total liabilities
(1.4)
\u2013
(0.1)
(1.5)
Net identifiable assets acquired
2.3
\u2013
0.5
2.8
Goodwill
\u2013
0.1
0.2
0.3
Total consideration paid in cash
2.3
0.1
0.7
3.1
The table below details the revenue and net profit after tax contributed to the Group since each respective acquisition date, together with consolidated pro-forma revenue and reported profit for the year ended 31 December 2024, if the acquisitions had occurred on 1 January 2024.
Trauma & Independent
Resuscitation Shipping Wind Farm
Services Agencies Equipment
\u00a3m \u00a3m \u00a3m
Revenue contributed since acquisition
4.1
0.2
0.1
Net profit after tax since acquisition
1.0
0.1
\u2013
Consolidated pro-forma revenue
661.8
661.5
661.6
Consolidated pro-forma reported profit for the year
86.4
86.4
86.4
These amounts have been calculated extrapolating the acquirees\u2019 results without the need for adjustments for differences in accounting policies, including the additional depreciation and amortisation that would have been charged assuming that the fair value adjustments to intangible assets had applied from 1 January 2024, together with the consequential tax effects. This information is not necessarily indicative of the 2024 results of the combined Group had the acquisitions actually been made at the beginning of the period presented, or indicative of the future consolidated performance given the nature of the business acquired. The table below sets out the net cash outflow of the acquisitions:
2024
\u00a3m
Outflow of cash to acquire subsidiaries, net of cash acquired
Trauma & Resuscitation cash consideration
2.3
Independent Shipping Agencies cash consideration
0.1
Wind Farm Equipment cash consideration
0.7
3.1
Less: Cash acquired
(0.6)
Net outflow of cash \u2013 investing activities
2.5
Transaction costs of \u00a30.1m are included in administrative expenses in the income statement and in operating cash flows in the cash flow statement. Acquisitions \u2013 2023 On 6 February 2023, Clarkson Port Services Holdings B.V. acquired 100% of the share capital of DHSS Service B.V., DHSS Logistics B.V., DHSS Projects B.V. and DHSS Aviation B.V., located in the Netherlands. Initial cash consideration was \u20ac4.6m (\u00a34.1m), with a further \u20ac6.2m payable depending on the achievement of post-transaction earnings targets and ongoing employment. On 28 March 2023, Maritech Services Limited acquired 100% of the MarDocs digital platform business. Total consideration was \u20ac1.5m (\u00a31.2m). On 31 March 2023, Maritech Services Limited acquired 100% of the share capital of Recap Manager Limited for negligible consideration. On 31 October 2023, Clarksons Brasil Ltda entered into an Asset Purchase Agreement with a seller group, comprising Leme Chartering Comercio Maritimo Ltda and four individuals. Initial consideration was US$0.1m (\u00a30.1m), with a further maximum amount payable of US$0.7m dependent on earn-out targets. Further information on these acquisitions, including details of the consideration paid, the fair value of the assets acquired and the liabilities assumed, can be found on pages 180 and 181 of the 2023 Annual Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-467": { "value": "
14 Impairment testing of goodwill
Goodwill is allocated to the Group\u2019s cash-generating units (\u2018CGUs\u2019) identified according to operating division.
The carrying amount of goodwill acquired through business combinations is as follows:
2024 2023
\u00a3m \u00a3m
Dry cargo chartering
16.0
16.2
Container chartering
2.0
2.0
Tankers chartering
9.9
10.8
Specialised products chartering
13.0
13.1
Gas chartering
2.8
2.8
Sale and purchase broking
38.8
42.2
Offshore broking
44.6
46.3
Securities
11.8
13.0
Project finance
10.5
11.6
Port and agency services
3.4
3.2
Research services
3.3
3.3
156.1
164.5
The movement in the aggregate carrying value is analysed in more detail in note 13.
Goodwill is allocated to CGUs which are tested for impairment at least annually. The goodwill arising in each CGU is
similar in nature and thus the testing for impairment uses the same approach.
The recoverable amounts of the CGUs are assessed using a value-in-use model. Value-in-use is calculated as the net
present value of the projected risk-adjusted cash flows of the CGU to which the goodwill is allocated.
The key assumptions used for value-in-use calculations are as follows:
\u2014 The pre-tax discount rate for the chartering and broking CGUs is 13.1% (2023: 12.3%); port and agency services is
13.0% (2023: 12.4%); research services is 13.2% (2023: 12.1%); and for securities and project finance is 13.2% (2023:
12.5%). As all broking and chartering CGUs have operations that are global in nature and similar risk profiles, the
same discount rate has been used.
\u2014 These discount rates are based on the Group\u2019s weighted average cost of capital (\u2018WACC\u2019) and adjusted for
CGU-specific risk factors. The Group\u2019s WACC is a function of the Group\u2019s cost of equity, derived using a Capital
Asset Pricing Model. The cost of equity includes a number of variables to reflect the inherent risk of the business
being evaluated.
\u2014 The cash flow projections are based on financial budgets and strategic plans approved by the Board, extrapolated
over a five-year period. These assume a level of revenue and profits which are based on both past performance
and expectations for future market development and take into account the cyclicality of the business in which
the CGU operates. The effect on cash flows of climate change was considered but assessed to have no material
impact at this time. Cash flows beyond the five-year period are extrapolated in perpetuity using a conservative
growth rate of 1.7% (2023: 1.7%) across all CGUs.
The results of the Directors\u2019 review of goodwill indicate headroom for all CGUs.
The offshore broking and securities CGUs are sensitive to changes in key assumptions and therefore sensitivity
analysis has been carried out using reasonably possible changes to these key assumptions, none of which cause an
impairment. An increase in the discount rate of 1% would decrease value-in-use by \u00a33.6m for offshore broking and
\u00a30.8m for securities. A decrease in total pre-tax cash flows of 5% would decrease value-in-use by \u00a32.9m for offshore
broking and \u00a30.7m for securities. For the other CGUs, there are no reasonably possible changes in key assumptions
that would result in an impairment.
In light of continuing, global macro-economic and geo-political uncertainty, the Board keeps the carrying value of
goodwill under constant review and continually monitors for any potential indicators of impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-468": { "value": "
15 Trade and other receivables
2024 2023
\u00a3m \u00a3m
Non-current
Other receivables
1.0
1.7
Foreign currency contracts
\u2013
2.7
1.0
4.4
Current
Trade receivables
110.6
121.7
Other receivables
7.0
11.4
Foreign currency contracts
1.1
0.8
Prepayments
9.0
9.5
Contract assets
2.8
4.1
130.5
147.5
Trade receivables are non-interest bearing and are generally on terms payable within 90 days. As at
31 December 2024, the allowance for impairment of trade receivables was \u00a322.0m (2023: \u00a321.9m). The allowance
is based on experience and ongoing market information about the creditworthiness of specific counterparties and
expected credit losses in respect of the remaining balances.
The Group has unconditional rights to consideration in respect of trade receivables, except for \u00a31.2m (2023: \u00a31.2m)
which relates to amounts invoiced in respect of subscriptions where revenue is recognised over time and the right
to payment is conditional on satisfying this performance obligation. These amounts are deferred as revenue and
included within the contract liability balance. See note 19.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected
loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped
based on shared credit risk characteristics and the days past due. The expected loss rates are based on the payment
profiles of invoices over a period of 36 months before 1 January 2024 and the corresponding historical credit losses
experienced within this period. These are then adjusted, if necessary, to reflect current and forward-looking information,
such as the general economic condition of the market in which the counterparty operates.
The following table shows the exposure to credit risk and expected credit losses of trade receivables as at 31 December:
2024
2023
Gross Gross
Expected loss carrying Loss Expected loss carrying Loss
rate amount allowance rate amount allowance
% \u00a3m \u00a3m % \u00a3m \u00a3m
0 \u2013 3 months
3.8
99.0
3.8
3.5
108.5
3.8
3 \u2013 12 months
26.7
21.0
5.6
25.3
22.7
5.7
Over 12 months
100.0
12.6
12.6
100.0
12.4
12.4
132.6
22.0
143.6
21.9
Movements in the loss allowance for trade receivables were as follows:
2024 2023
\u00a3m \u00a3m
At 1 January
21.9
19.6
Release of loss allowance
(13.8)
(11.8)
Receivables written off during the year as uncollectible
(0.8)
(0.5)
Increase in loss allowance
14.4
15.7
Foreign exchange differences
0.3
(1.1)
At 31 December
22.0
21.9
Included within the movements in the loss allowance were amounts which were provided at the time of invoicing for
which no revenue has been recognised, because collectibility was not considered probable; see note 2. The other
classes within trade and other receivables do not include any impaired items.
The carrying amounts of the Group\u2019s trade receivables are denominated in the following currencies:
2024 2023
\u00a3m \u00a3m
US dollar
83.8
83.3
Sterling
17.2
24.1
Norwegian krone
2.4
5.5
Other currencies
7.2
8.8
110.6
121.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-537": { "value": "15 Trade and other receivables
2024 2023
\u00a3m \u00a3m
Non-current
Other receivables
1.0
1.7
Foreign currency contracts
\u2013
2.7
1.0
4.4
Current
Trade receivables
110.6
121.7
Other receivables
7.0
11.4
Foreign currency contracts
1.1
0.8
Prepayments
9.0
9.5
Contract assets
2.8
4.1
130.5
147.5
Trade receivables are non-interest bearing and are generally on terms payable within 90 days. As at 31 December 2024, the allowance for impairment of trade receivables was \u00a322.0m (2023: \u00a321.9m). The allowance is based on experience and ongoing market information about the creditworthiness of specific counterparties and expected credit losses in respect of the remaining balances. The Group has unconditional rights to consideration in respect of trade receivables, except for \u00a31.2m (2023: \u00a31.2m) which relates to amounts invoiced in respect of subscriptions where revenue is recognised over time and the right to payment is conditional on satisfying this performance obligation. These amounts are deferred as revenue and included within the contract liability balance. See note 19. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the payment profiles of invoices over a period of 36 months before 1 January 2024 and the corresponding historical credit losses experienced within this period. These are then adjusted, if necessary, to reflect current and forward-looking information, such as the general economic condition of the market in which the counterparty operates. The following table shows the exposure to credit risk and expected credit losses of trade receivables as at 31 December:
2024
2023
Gross Gross
Expected loss carrying Loss Expected loss carrying Loss
rate amount allowance rate amount allowance
% \u00a3m \u00a3m % \u00a3m \u00a3m
0 \u2013 3 months
3.8
99.0
3.8
3.5
108.5
3.8
3 \u2013 12 months
26.7
21.0
5.6
25.3
22.7
5.7
Over 12 months
100.0
12.6
12.6
100.0
12.4
12.4
132.6
22.0
143.6
21.9
Movements in the loss allowance for trade receivables were as follows:
2024 2023
\u00a3m \u00a3m
At 1 January
21.9
19.6
Release of loss allowance
(13.8)
(11.8)
Receivables written off during the year as uncollectible
(0.8)
(0.5)
Increase in loss allowance
14.4
15.7
Foreign exchange differences
0.3
(1.1)
At 31 December
22.0
21.9
Included within the movements in the loss allowance were amounts which were provided at the time of invoicing for which no revenue has been recognised, because collectibility was not considered probable; see note 2. The other classes within trade and other receivables do not include any impaired items. The carrying amounts of the Group\u2019s trade receivables are denominated in the following currencies:
2024 2023
\u00a3m \u00a3m
US dollar
83.8
83.3
Sterling
17.2
24.1
Norwegian krone
2.4
5.5
Other currencies
7.2
8.8
110.6
121.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-522": { "value": "15 Trade and other receivables
2024 2023
\u00a3m \u00a3m
Non-current
Other receivables
1.0
1.7
Foreign currency contracts
\u2013
2.7
1.0
4.4
Current
Trade receivables
110.6
121.7
Other receivables
7.0
11.4
Foreign currency contracts
1.1
0.8
Prepayments
9.0
9.5
Contract assets
2.8
4.1
130.5
147.5
Trade receivables are non-interest bearing and are generally on terms payable within 90 days. As at 31 December 2024, the allowance for impairment of trade receivables was \u00a322.0m (2023: \u00a321.9m). The allowance is based on experience and ongoing market information about the creditworthiness of specific counterparties and expected credit losses in respect of the remaining balances. The Group has unconditional rights to consideration in respect of trade receivables, except for \u00a31.2m (2023: \u00a31.2m) which relates to amounts invoiced in respect of subscriptions where revenue is recognised over time and the right to payment is conditional on satisfying this performance obligation. These amounts are deferred as revenue and included within the contract liability balance. See note 19. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the payment profiles of invoices over a period of 36 months before 1 January 2024 and the corresponding historical credit losses experienced within this period. These are then adjusted, if necessary, to reflect current and forward-looking information, such as the general economic condition of the market in which the counterparty operates. The following table shows the exposure to credit risk and expected credit losses of trade receivables as at 31 December:
2024
2023
Gross Gross
Expected loss carrying Loss Expected loss carrying Loss
rate amount allowance rate amount allowance
% \u00a3m \u00a3m % \u00a3m \u00a3m
0 \u2013 3 months
3.8
99.0
3.8
3.5
108.5
3.8
3 \u2013 12 months
26.7
21.0
5.6
25.3
22.7
5.7
Over 12 months
100.0
12.6
12.6
100.0
12.4
12.4
132.6
22.0
143.6
21.9
Movements in the loss allowance for trade receivables were as follows:
2024 2023
\u00a3m \u00a3m
At 1 January
21.9
19.6
Release of loss allowance
(13.8)
(11.8)
Receivables written off during the year as uncollectible
(0.8)
(0.5)
Increase in loss allowance
14.4
15.7
Foreign exchange differences
0.3
(1.1)
At 31 December
22.0
21.9
Included within the movements in the loss allowance were amounts which were provided at the time of invoicing for which no revenue has been recognised, because collectibility was not considered probable; see note 2. The other classes within trade and other receivables do not include any impaired items. The carrying amounts of the Group\u2019s trade receivables are denominated in the following currencies:
2024 2023
\u00a3m \u00a3m
US dollar
83.8
83.3
Sterling
17.2
24.1
Norwegian krone
2.4
5.5
Other currencies
7.2
8.8
110.6
121.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-502": { "value": "15 Trade and other receivables
2024 2023
\u00a3m \u00a3m
Non-current
Other receivables
1.0
1.7
Foreign currency contracts
\u2013
2.7
1.0
4.4
Current
Trade receivables
110.6
121.7
Other receivables
7.0
11.4
Foreign currency contracts
1.1
0.8
Prepayments
9.0
9.5
Contract assets
2.8
4.1
130.5
147.5
Trade receivables are non-interest bearing and are generally on terms payable within 90 days. As at 31 December 2024, the allowance for impairment of trade receivables was \u00a322.0m (2023: \u00a321.9m). The allowance is based on experience and ongoing market information about the creditworthiness of specific counterparties and expected credit losses in respect of the remaining balances. The Group has unconditional rights to consideration in respect of trade receivables, except for \u00a31.2m (2023: \u00a31.2m) which relates to amounts invoiced in respect of subscriptions where revenue is recognised over time and the right to payment is conditional on satisfying this performance obligation. These amounts are deferred as revenue and included within the contract liability balance. See note 19. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the payment profiles of invoices over a period of 36 months before 1 January 2024 and the corresponding historical credit losses experienced within this period. These are then adjusted, if necessary, to reflect current and forward-looking information, such as the general economic condition of the market in which the counterparty operates. The following table shows the exposure to credit risk and expected credit losses of trade receivables as at 31 December:
2024
2023
Gross Gross
Expected loss carrying Loss Expected loss carrying Loss
rate amount allowance rate amount allowance
% \u00a3m \u00a3m % \u00a3m \u00a3m
0 \u2013 3 months
3.8
99.0
3.8
3.5
108.5
3.8
3 \u2013 12 months
26.7
21.0
5.6
25.3
22.7
5.7
Over 12 months
100.0
12.6
12.6
100.0
12.4
12.4
132.6
22.0
143.6
21.9
Movements in the loss allowance for trade receivables were as follows:
2024 2023
\u00a3m \u00a3m
At 1 January
21.9
19.6
Release of loss allowance
(13.8)
(11.8)
Receivables written off during the year as uncollectible
(0.8)
(0.5)
Increase in loss allowance
14.4
15.7
Foreign exchange differences
0.3
(1.1)
At 31 December
22.0
21.9
Included within the movements in the loss allowance were amounts which were provided at the time of invoicing for which no revenue has been recognised, because collectibility was not considered probable; see note 2. The other classes within trade and other receivables do not include any impaired items. The carrying amounts of the Group\u2019s trade receivables are denominated in the following currencies:
2024 2023
\u00a3m \u00a3m
US dollar
83.8
83.3
Sterling
17.2
24.1
Norwegian krone
2.4
5.5
Other currencies
7.2
8.8
110.6
121.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-541": { "value": "Current Trade receivables 110.6 121.7 Other receivables 7.0 11.4 Foreign currency contracts 1.1 0.8 Prepayments 9.0 9.5 Contract assets 2.8 4.1 130.5 147.5 ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-542": { "value": "Trade receivables are non-interest bearing and are generally on terms payable within 90 days. As at 31 December 2024, the allowance for impairment of trade receivables was \u00a322.0m (2023: \u00a321.9m). The allowance is based on experience and ongoing market information about the creditworthiness of specific counterparties and expected credit losses in respect of the remaining balances. The Group has unconditional rights to consideration in respect of trade receivables, except for \u00a31.2m (2023: \u00a31.2m) which relates to amounts invoiced in respect of subscriptions where revenue is recognised over time and the right to payment is conditional on satisfying this performance obligation. These amounts are deferred as revenue and included within the contract liability balance. See note 19. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the payment profiles of invoices over a period of 36 months before 1 January 2024 and the corresponding historical credit losses experienced within this period. These are then adjusted, if necessary, to reflect current and forward-looking information, such as the general economic condition of the market in which the counterparty operates. The following table shows the exposure to credit risk and expected credit losses of trade receivables as at 31 December:
2024
2023
Gross Gross
Expected loss carrying Loss Expected loss carrying Loss
rate amount allowance rate amount allowance
% \u00a3m \u00a3m % \u00a3m \u00a3m
0 \u2013 3 months
3.8
99.0
3.8
3.5
108.5
3.8
3 \u2013 12 months
26.7
21.0
5.6
25.3
22.7
5.7
Over 12 months
100.0
12.6
12.6
100.0
12.4
12.4
132.6
22.0
143.6
21.9
Movements in the loss allowance for trade receivables were as follows:
2024 2023
\u00a3m \u00a3m
At 1 January
21.9
19.6
Release of loss allowance
(13.8)
(11.8)
Receivables written off during the year as uncollectible
(0.8)
(0.5)
Increase in loss allowance
14.4
15.7
Foreign exchange differences
0.3
(1.1)
At 31 December
22.0
21.9
Included within the movements in the loss allowance were amounts which were provided at the time of invoicing for which no revenue has been recognised, because collectibility was not considered probable; see note 2. The other classes within trade and other receivables do not include any impaired items. The carrying amounts of the Group\u2019s trade receivables are denominated in the following currencies:
2024 2023
\u00a3m \u00a3m
US dollar
83.8
83.3
Sterling
17.2
24.1
Norwegian krone
2.4
5.5
Other currencies
7.2
8.8
110.6
121.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-523": { "value": "
16 Investments
2024 2023
\u00a3m \u00a3m
Non-current
Financial assets at fair value through profit or loss
1.9
1.3
1.9
1.3
Current
Cash on deposit
62.0
3 7.8
Government bonds
\u2013
2.1
Financial assets at fair value through profit or loss
0.2
0.2
62.2
40.1
The non-current financial assets at fair value through profit or loss relate to equity and other investments. The Group
held deposits totalling \u00a362.0m (2023: \u00a337.8m) with maturity periods greater than three months and \u00a3nil of
government bonds (2023: \u00a32.1m). Current financial assets at fair value through profit or loss relate to convertible
bonds in the Financial segment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-471": { "value": "16 Investments
2024 2023
\u00a3m \u00a3m
Non-current
Financial assets at fair value through profit or loss
1.9
1.3
1.9
1.3
Current
Cash on deposit
62.0
3 7.8
Government bonds
\u2013
2.1
Financial assets at fair value through profit or loss
0.2
0.2
62.2
40.1
The non-current financial assets at fair value through profit or loss relate to equity and other investments. The Group held deposits totalling \u00a362.0m (2023: \u00a337.8m) with maturity periods greater than three months and \u00a3nil of government bonds (2023: \u00a32.1m). Current financial assets at fair value through profit or loss relate to convertible bonds in the Financial segment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-469": { "value": "
17 Inventories
2024 2023
\u00a3m \u00a3m
Finished goods
4.3
3.3
The cost of inventories recognised as an expense and included in cost of sales amounted to \u00a321.3m (2023: \u00a319.6m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-470": { "value": "
18 Cash and cash equivalents
2024 2023
\u00a3m \u00a3m
Cash at bank and in hand
234.5
281.2
Short-term deposits
196.8
1 1 7.7
431.3
398.9
Cash at bank and in hand earns interest at floating rates based on daily bank deposit rates. Short-term deposits are
made for varying periods between one day and three months, depending on the immediate cash requirements of
the Group, and earn interest at the respective short-term deposit rates. The fair value of cash and cash equivalents is
\u00a3431.3m (2023: \u00a3398.9m).
Included in cash at bank and in hand is \u00a31.5m (2023: \u00a31.6m) of restricted funds relating to employee taxes, security
trading deposits pending settlement and other commitments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-472": { "value": "
19 Trade and other payables
2024 2023
\u00a3m \u00a3m
Current
Trade payables
18.8
34.4
Other payables
7.4
19.6
Other tax and social security
5.1
5.7
Deferred consideration
\u2013
0.4
Foreign currency contracts
1.8
\u2013
Bonus accruals
249.6
2 3 7.7
Other accruals
31.2
30.1
Contract liabilities
12.5
11.5
326.4
339.4
Non-current
Other payables
4.7
3.2
Foreign currency contracts
2.1
\u2013
6.8
3.2
Trade payables and other payables are non-interest bearing and are normally settled on demand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-543": { "value": "19 Trade and other payables
2024 2023
\u00a3m \u00a3m
Current
Trade payables
18.8
34.4
Other payables
7.4
19.6
Other tax and social security
5.1
5.7
Deferred consideration
\u2013
0.4
Foreign currency contracts
1.8
\u2013
Bonus accruals
249.6
2 3 7.7
Other accruals
31.2
30.1
Contract liabilities
12.5
11.5
326.4
339.4
Non-current
Other payables
4.7
3.2
Foreign currency contracts
2.1
\u2013
6.8
3.2
Trade payables and other payables are non-interest bearing and are normally settled on demand.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-538": { "value": "19 Trade and other payables
2024 2023
\u00a3m \u00a3m
Current
Trade payables
18.8
34.4
Other payables
7.4
19.6
Other tax and social security
5.1
5.7
Deferred consideration
\u2013
0.4
Foreign currency contracts
1.8
\u2013
Bonus accruals
249.6
2 3 7.7
Other accruals
31.2
30.1
Contract liabilities
12.5
11.5
326.4
339.4
Non-current
Other payables
4.7
3.2
Foreign currency contracts
2.1
\u2013
6.8
3.2
Trade payables and other payables are non-interest bearing and are normally settled on demand.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-524": { "value": "19 Trade and other payables
2024 2023
\u00a3m \u00a3m
Current
Trade payables
18.8
34.4
Other payables
7.4
19.6
Other tax and social security
5.1
5.7
Deferred consideration
\u2013
0.4
Foreign currency contracts
1.8
\u2013
Bonus accruals
249.6
2 3 7.7
Other accruals
31.2
30.1
Contract liabilities
12.5
11.5
326.4
339.4
Non-current
Other payables
4.7
3.2
Foreign currency contracts
2.1
\u2013
6.8
3.2
Trade payables and other payables are non-interest bearing and are normally settled on demand.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-504": { "value": "19 Trade and other payables
2024 2023
\u00a3m \u00a3m
Current
Trade payables
18.8
34.4
Other payables
7.4
19.6
Other tax and social security
5.1
5.7
Deferred consideration
\u2013
0.4
Foreign currency contracts
1.8
\u2013
Bonus accruals
249.6
2 3 7.7
Other accruals
31.2
30.1
Contract liabilities
12.5
11.5
326.4
339.4
Non-current
Other payables
4.7
3.2
Foreign currency contracts
2.1
\u2013
6.8
3.2
Trade payables and other payables are non-interest bearing and are normally settled on demand.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-473": { "value": "
21 Provisions
2024 2023
\u00a3m \u00a3m
Current
At 1 January
0.6
0.6
Arising during the year
0.6
0.1
Foreign exchange differences
(0.2)
(0.1)
At 31 December
1.0
0.6
Non-current
At 1 January
1.9
1.9
Arising during the year
1.7
\u2013
At 31 December
3.6
1.9
Provisions include \u00a32.2m (2023: 1.5m) for various legal matters and for the dilapidation of various leasehold
premises which will be utilised on cessation of the lease and \u00a32.4m (2023: \u00a30.9m) in relation to provisions for
employee benefits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-503": { "value": "21 Provisions
2024 2023
\u00a3m \u00a3m
Current
At 1 January
0.6
0.6
Arising during the year
0.6
0.1
Foreign exchange differences
(0.2)
(0.1)
At 31 December
1.0
0.6
Non-current
At 1 January
1.9
1.9
Arising during the year
1.7
\u2013
At 31 December
3.6
1.9
Provisions include \u00a32.2m (2023: 1.5m) for various legal matters and for the dilapidation of various leasehold premises which will be utilised on cessation of the lease and \u00a32.4m (2023: \u00a30.9m) in relation to provisions for employee benefits. 26 Financial commitments and contingencies Contingencies The Group has given no financial commitments to suppliers (2023: none). The Group has given no guarantees (2023: none). From time to time, the Group is engaged in litigation in the ordinary course of business. The Group carries professional indemnity insurance. There is currently no litigation that is expected to have a material adverse financial impact on the Group\u2019s consolidated results or net assets. The Group also maintained throughout the financial year Directors\u2019 and Officers\u2019 liability insurance in respect of its Directors.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-474": { "value": "
22 Share-based payment plans
2024 2023
\u00a3m \u00a3m
Expense arising from equity-settled share-based payment transactions
2.5
1.9
The share-based payment plans are described below. There were no cancellations or modifications to any of the
plans during 2024 or 2023.
Share options
Long-term incentive awards
Details of the long-term incentive awards are included in the Directors\u2019 Remuneration Report on page 133. Awards
made to the Directors are given in the Directors\u2019 Remuneration Report on page 126. The fair value of awards that are
not subject to a market-based performance condition were valued using a Black-Scholes model. The fair value of
awards subject to a market-based performance condition were valued using a stochastic model. For awards subject
to a holding period a Chaffe protective put method was used to estimate a discount for the lack of marketability.
ShareSave scheme
The ShareSave scheme (or local equivalent) enables eligible employees to acquire options to purchase ordinary
shares in the Company at a discount. To participate in the scheme, the employees are required to save a set amount
each month, up to a maximum of \u00a3500 (or local equivalent) per month, for a period of 24 to 36 months, depending
on their jurisdiction. Under the terms of the scheme, at the end of the savings period the employees are entitled to
purchase shares using their savings at a price of 15% to 20% (depending on jurisdiction) below the market price just
ahead of the invitation date. Employees that remain in service at the end of the savings period and make the required
savings from their monthly salary for the savings period will become entitled to purchase the shares. Employees
who cease their employment, do not save the required amount from their monthly salary, or elect not to exercise
their option to purchase shares will be refunded their full savings. In certain circumstances, employees who cease
their employment may exercise their option to purchase shares. The fair value of these awards was valued using a
Black-Scholes model.
Movements in the year
The following table illustrates the number of, and movements in, share options during the year:
Weighted
average
Outstanding
Outstanding at
Exercisable at contractual
at 1 January Granted Lapsed Exercised
31 December
31 December life
2024 in year in year
in year
2024
2024 Years
Long-term incentive
awards
1
185,157
33,539
\u2013
(102,707)
115,989
\u2013
8.26
2020
ShareSave
2
34,201
\u2013
(1,019)
(33,182)
\u2013
\u2013
\u2013
2021
ShareSave
3
22,901
\u2013
(2,801)
(13,071)
7,029
7,029
0.33
2022
ShareSave
4
201,697
\u2013
(15,674)
(6,753)
179,270
\u2013
1.33
2023
ShareSave
5
166,330
780
(12,644)
(189)
154,277
\u2013
2.29
2024
ShareSave
6
\u2013
71,488
(1,399)
\u2013
70,089
\u2013
3.21
610,286
105,807
(33,537)
(155,902)
526,654
7,029
The exercise prices for share options outstanding at the year-end were:
1
\u00a3nil,
2
N/A,
3
\u00a331.44,
4
\u00a322.51,
5
\u00a321.62\u2013\u00a323.07,
6
\u00a330.59\u2013\u00a331.17.
The weighted average exercise price for each movement in share options is as follows:
Outstanding
Outstanding at
Exercisable at
at 1 January Granted Lapsed Exercised
31 December
31 December
2024 in year in year
in year
2024
2024
\u00a3 \u00a3 \u00a3
\u00a3
\u00a3 \u00a3
Long-term incentive
awards
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
ShareSave
22.39
30.55
23.16
22.64
23.73
31.44
Total
15.59
20.87
23.16
7.72
18.50
31.44
The weighted average share price at the date of exercise was \u00a339.77.
The following table illustrates the number of, and movements in, share options for the previous year:
Weighted
average
Outstanding
Outstanding at
Exercisable at contractual
at 1 January Granted Lapsed Exercised
31 December
31 December life
2023 in year in year
in year
2023
2023 Years
Long-term incentive
awards
1
141,518
43,902
(263)
\u2013
185,157
55,947
7.69
2019
ShareSave
39,386
\u2013
(1,561)
(37,825)
\u2013
\u2013
\u2013
2020
ShareSave
3
104,274
\u2013
(4,6 63)
(65,410)
34,201
34,201
0.33
2021
ShareSave
4
34,089
\u2013
(11,188)
\u2013
22,901
\u2013
1.33
2022
ShareSave
5
234,254
\u2013
(32,404)
(153)
201,697
\u2013
2.28
2023
ShareSave
6
\u2013
168,443
(2,113)
\u2013
166,330
\u2013
3.30
553,521
212,345
(52,192)
(103,388)
610,286
90,148
2
The exercise prices for share options outstanding at the year-end were:
1
\u00a3nil,
2
N/A,
3
\u00a319.28,
4
\u00a331.44,
5
\u00a322.05\u2013\u00a322.51,
6
\u00a321.62\u2013\u00a323.07.
The weighted average exercise price for each movement in share options are as follows:
Outstanding
Outstanding at
Exercisable at
at 1 January Granted Lapsed Exercised
31 December
31 December
2023 in year in year
in year
2023
2023
\u00a3 \u00a3 \u00a3
\u00a3
\u00a3 \u00a3
Long-term incentive
awards
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
ShareSave
22.02
21.65
24.02
18.93
22.39
19.28
Total
16.39
17.17
23.90
18.93
15.59
7. 3 0
The weighted average share price at the date of exercise was \u00a329.08.
Significant inputs
The inputs into the models used to value options granted in the period fell within the following ranges:
2024
2023
Share price at date of grant (\u00a3)
36.35\u201340.35
2 7. 3 5 \u20133 0 .9 5
Exercise price (\u00a3)
0.00\u201331.17
0.00\u201323.07
Expected term (years)
2.0\u20133.3
2.0\u20133.3
Risk-free interest rate (%)
3.8\u20134.4
3.7\u20134.7
Expected dividend yield (%)
0.0\u20132.9
0.0\u20133.4
Expected volatility (%)
27.5\u201329.9
31.5\u201332.5
Expected volatility is calculated using historical data, where available, over the period of time commensurate with
the remaining performance period for long-term incentive awards and the expected award term for the ShareSave
scheme, as at the date of grant.
Other employee incentives
During the year, 87,204 shares (2023: nil) at a weighted average price of \u00a339.83 (2023: n/a) were awarded to
employees for future services and are therefore charged to the income statement over the service period. An
expense of \u00a30.4m (2023: \u00a3nil) has been recognised in the income statement under administrative expenses in
relation to these awards. In addition, 613,124 shares (2023: 1,454,526 shares) at a weighted average price of \u00a340.22
(2023: \u00a330.70) were awarded to employees in settlement of 2023 (2022) cash bonuses.
The fair value of these shares was determined based on the market price at the date of grant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-475": { "value": "
23 Employee benefits
The Group operates three final salary defined benefit pension schemes, being the Clarkson PLC scheme, the
Plowrights scheme and the Stewarts scheme, all within the UK. The schemes are all registered as occupational
pension schemes with HMRC and are subject to UK legislation and oversight from the Pensions Regulator. These are
funded by the payment of contributions to separate trusts administered by Trustees who are required to act in the
best interests of the schemes\u2019 beneficiaries. Responsibility for governance of each scheme lies with the respective
board of trustees in accordance with the rules applicable to that scheme. Currently each board of trustees includes
a representative of the relevant principal employer. The schemes\u2019 assets are invested in a range of pooled pension
investment funds managed by professional fund managers.
Defined benefit pension arrangements give rise to open-ended commitments and liabilities for the sponsoring
company. As a consequence, the Company closed its original defined benefit section of the Clarkson PLC scheme
to new entrants on 31 March 2004. This section was closed to further accrual for all existing members as from
31 March 2006. The Plowrights scheme was closed to further accrual from 1 January 2006. The Stewarts scheme was
closed to further accrual on 1 January 2004.
Every three years, a pension scheme must obtain from an actuary a report containing a valuation and a
recommendation on rates of contribution. UK legislation requires that pension schemes are funded prudently and
must adhere to the statutory funding objective. Triennial valuations for all the schemes have been prepared as
detailed below.
The actuarial valuation of the Clarkson PLC scheme shows a pension surplus on an ongoing basis of \u00a311.5m (105%)
as at 31 March 2022. Following the 2016 valuation, Clarkson PLC and the Trustees agreed to cease funding with effect
from 1 October 2016. Since 1 May 2021 all expenses of the scheme have been met from the surplus assets.
The actuarial valuation of the Plowrights scheme shows a pension surplus on an ongoing basis of \u00a33.0m (108%) as at
31 March 2022. Clarkson PLC and the Trustees agreed to cease funding with effect from 1 December 2019. Since
1 April 2020 all expenses of the scheme have been met from the surplus assets.
The actuarial valuation of the Stewarts scheme showed a pension surplus on an ongoing basis of \u00a30.1m (100%) as
at 1 September 2021. Clarksons Offshore and Renewables Limited will continue to pay contributions of \u00a30.4m per
annum, which will include scheme expenses. The September 2024 valuation report is underway but is yet to be
finalised.
In June 2023, in the case of Virgin Media vs NTL Pension Trustees II Limited, the High Court judged that amendments
made to the Virgin Media scheme were invalid because they were not accompanied by the correct actuarial
confirmation. On 25 July 2024, the Court of Appeal upheld the June 2023 High Court decision. The Company and
Trustees are reviewing this development and considering any implications for the Schemes. No adjustments have
been made to the Consolidated Financial Statements as at 31 December 2024.
The Group is exposed to a number of risks, the most significant of which are detailed below:
Asset volatility
The schemes\u2019 liabilities are calculated using a discount rate set with reference to corporate bond yields; if a scheme\u2019s
assets underperform this yield, this will create a deficit. The largest two schemes have de-risked by replacing their
equity holdings with less volatile investments.
Changes in bond yields
A decrease in corporate bond yields will increase a scheme\u2019s liabilities, although this will be partially offset by
an increase in the value of the schemes\u2019 bond holdings.
Inflation risk
Some of the Group pension obligations are linked to inflation. The majority of the schemes\u2019 assets are either
unaffected by (fixed-interest bonds) or loosely correlated with (equities) inflation, meaning that an increase
in inflation will also increase the deficit.
Life expectancy
The majority of the schemes\u2019 obligations are to provide benefits for the life of the member, so increases in life
expectancy will result in an increase in the schemes\u2019 liabilities.
Other pension arrangements
Overseas pension arrangements have been determined in accordance with local practice and regulations. One such
defined benefit arrangement is in Greece whereby the employer is obligated to pay an indemnity to employees on
retirement.
The Group also operates various other defined contribution pension arrangements. Where required, the Group also
makes contributions to these schemes.
The Group incurs no material expenses in the provision of post-retirement benefits other than pensions.
The following information relates to the sum of the three separate UK schemes.
Recognised in the balance sheet
2024 2023
\u00a3m \u00a3m
Fair value of schemes\u2019 assets
119.4
131.3
Present value of funded defined benefit obligations
(105.3)
(115.5)
14.1
15.8
Effect of asset ceiling in relation to the Plowrights scheme
(1.8)
(2.4)
Net benefit asset recognised in the balance sheet
12.3
13.4
The net benefit asset disclosed above is the combined total of the three UK schemes. The Clarkson PLC scheme
has a surplus of \u00a312.4m (2023: \u00a313.8m), the Plowrights scheme has a recognised surplus of \u00a3nil (2023: \u00a3nil), and
the Stewarts scheme has a deficit of \u00a30.1m (2023: \u00a30.4m). As there is no right of set-off between the schemes, the
benefit asset of \u00a312.4m (2023: \u00a313.8m) is disclosed separately on the balance sheet from the benefit liability of \u00a30.1m
(2023: \u00a30.4m).
The surplus in the Clarkson PLC scheme is recognised, as there are future economic benefits available in the form
of a reduction in future contributions to the defined contribution section of the scheme and, in the event of wind up,
excess surplus is refundable to the Group. There is not considered to be an unconditional right to receive such future
economic benefits in respect of the Plowrights scheme and therefore the surplus of \u00a31.8m (2023: \u00a32.4m) cannot be
recognised.
A deferred tax asset on the benefit liability amounting to \u00a3nil (2023: \u00a3nil) and a deferred tax liability on the benefit
asset of \u00a33.1m (2023: \u00a33.5m) is shown in note 7.
Recognised in the income statement
2024 2023
\u00a3m \u00a3m
Recognised in other finance income \u2013 pensions:
Expected return on schemes\u2019 assets
6.1
6.5
Interest cost on benefit obligation and asset ceiling
(5.5)
(5.8)
Recognised in administrative expenses:
Schemes\u2019 administrative expenses
(0.8)
(1.0)
Net benefit charge recognised in the income statement
(0.2)
(0.3)
Recognised in the statement of comprehensive income
2024 2023
\u00a3m \u00a3m
Actual return on schemes\u2019 assets
(4.2)
5.5
Less: expected return on schemes\u2019 assets
(6.1)
(6.5)
Actuarial loss on schemes\u2019 assets
(10.3)
(1.0)
Actuarial gain/(loss) on defined benefit obligations
8.3
(3.1)
Actuarial loss recognised in the statement of comprehensive income
(2.0)
(4.1)
Tax credit on actuarial loss
0.6
1.0
Release of asset ceiling in relation to the Plowrights scheme
0.7
1.9
Tax charge on asset ceiling
(0.2)
(0.4)
Net actuarial loss on employee benefit obligations
(0.9)
(1.6)
Cumulative amount of actuarial losses, before tax,
recognised in the statement of comprehensive income
(4.7)
(2.7)
Schemes\u2019 assets
2024 2023
%
\u00a3m
%
\u00a3m
Equities*
1.3
1.6
1.2
1.6
Government bonds*
3.1
3.7
30.8
40.5
Corporate bonds*
51.7
61.7
28.7
3 7.7
Investment funds*
30.0
35.8
21.9
28.7
Cash and other assets
13.9
16.6
17. 4
22.8
100.0
119.4
100.0
131.3
* The schemes\u2019 assets are invested in pooled investment vehicles which are unquoted. The allocation in the table above considers the
underlying assets of these funds.
Net defined benefit asset
Changes in the fair value of the net defined benefit asset are as follows:
2024
Present value Fair value of Impact of
of obligation plan assets Total asset ceiling Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
(115.5)
131.3
15.8
(2.4)
13.4
Expected return on assets
\u2013
6.1
6.1
\u2013
6.1
Interest costs
(5.4)
\u2013
(5.4)
(0.1)
(5.5)
Employer contributions
\u2013
0.4
0.4
\u2013
0.4
Administrative expenses
\u2013
(0.8)
(0.8)
\u2013
(0.8)
Benefits paid
7.3
(7.3)
\u2013
\u2013
\u2013
Actuarial gain/(loss)
8.3
(10.3)
(2.0)
0.7
(1.3)
At 31 December 2024
(105.3)
119.4
14.1
(1.8)
12.3
2023
Present value Fair value of Impact of
of obligation plan assets Total asset ceiling Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
(115.2)
134.7
19.5
(4.1)
15.4
Expected return on assets
\u2013
6.5
6.5
\u2013
6.5
Interest costs
(5.6)
\u2013
(5.6)
(0.2)
(5.8)
Employer contributions
\u2013
0.4
0.4
\u2013
0.4
Administrative expenses
\u2013
(1.0)
(1.0)
\u2013
(1.0)
Benefits paid
8.4
(8.3)
0.1
\u2013
0.1
Actuarial (loss)/gain
(3.1)
(1.0)
(4.1)
1.9
(2.2)
At 31 December 2023
(115.5)
131.3
15.8
(2.4)
13.4
The Group expects, based on the valuations and funding requirements including expenses, to contribute \u00a30.4m to its
defined benefit pension schemes in 2025 (2024: \u00a30.1m).
The principal weighted average valuation assumptions are as follows:
2024 2023
% %
Rate of increase in pensions in payment
3.2
3.1
Price inflation (RPI)
3.2/3.3
3.1/3.2
Price inflation (CPI)
2.9
2.8
Discount rate for scheme liabilities
5.6
4.8
The mortality assumptions used to assess the defined benefit obligations at 31 December 2024 and
31 December 2023 are based on the \u2018SAPS\u2019 standard mortality tables, being S3PA for the Clarkson PLC scheme
with a scheme-specific adjustment of 90% (2023: 90%), S3PA for the Plowrights scheme with a scheme-specific
adjustment of 84% for males and 98% for females (2023: S3PA 84% for males and 98% for females) and for the
Stewarts scheme 100% of S3PA \u2018light\u2019 for males and 100% of S3PA for females (2023: 100% of S3PA \u2018light\u2019 for males
and 100% of S3PA for females). These tables have been adjusted to allow for anticipated future improvements in life
expectancy using the standard projection model published in 2024 (2023: model published in 2023). Examples of
the assumed future life expectancy are given in the table below:
Additional years
2024
2023
Post-retirement life expectancy on retirement at age 65:
Employees retiring in the year
\u2013 male
22.2\u201322.7
22.2\u201322.7
\u2013 female
23.9\u201324.7
23.9\u201324.7
Employees retiring in 20 years\u2019 time
\u2013 male
23.5\u201324.0
23.5\u201324.0
\u2013 female
25.3\u201326.1
25.3\u201326.0
Experience adjustments
2024 2023
\u00a3m \u00a3m
Experience loss on schemes\u2019 assets
(10.3)
(1.0)
Gain on schemes\u2019 liabilities due to changes in demographic assumptions
0.3
2.9
Gain/(loss) on schemes\u2019 liabilities due to changes in financial assumptions
8.6
(3.7)
Loss on schemes\u2019 liabilities due to experience adjustments
(0.6)
(2.3)
Gain on asset ceiling
0.7
1.9
Actuarial loss
(1.3)
(2.2)
Income tax credit on actuarial loss
0.4
0.6
Actuarial loss \u2013 net of tax
(0.9)
(1.6)
Sensitivities
The table below shows the sensitivity of the defined benefit obligation to changes to the most significant actuarial
assumptions. The impact of changes to each assumption is shown in isolation although, in practice, changes to
assumptions may occur at the same time and can either offset or compound the overall impact on the defined
benefit obligation. A change of 0.50% in discount rate (2023: 0.25%) and 0.25% for price inflation (2023: 0.25%) is
deemed appropriate given the movement in assumptions during the current and previous years. The sensitivities
have been calculated using the same methodology as the main calculations. The weighted average duration of the
defined obligation is 12 years.
2024 2023
Change in Change in
defined defined
Change in benefit Change in benefit
assumption obligation assumption obligation
% % % %
Discount rate for scheme liabilities
0.50
(5.3)
0.25
(2.9)
(0.50)
5.8
(0.25)
3.1
Price inflation (RPI)
0.25
2.3
0.25
2.4
(0.25)
(2.2)
(0.25)
(2.4)
An increase of one year in the assumed life expectancy for both males and females would increase the benefit
obligation by 3.3% (2023: 3.4%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-505": { "value": "23 Employee benefits The Group operates three final salary defined benefit pension schemes, being the Clarkson PLC scheme, the Plowrights scheme and the Stewarts scheme, all within the UK. The schemes are all registered as occupational pension schemes with HMRC and are subject to UK legislation and oversight from the Pensions Regulator. These are funded by the payment of contributions to separate trusts administered by Trustees who are required to act in the best interests of the schemes\u2019 beneficiaries. Responsibility for governance of each scheme lies with the respective board of trustees in accordance with the rules applicable to that scheme. Currently each board of trustees includes a representative of the relevant principal employer. The schemes\u2019 assets are invested in a range of pooled pension investment funds managed by professional fund managers. Defined benefit pension arrangements give rise to open-ended commitments and liabilities for the sponsoring company. As a consequence, the Company closed its original defined benefit section of the Clarkson PLC scheme to new entrants on 31 March 2004. This section was closed to further accrual for all existing members as from 31 March 2006. The Plowrights scheme was closed to further accrual from 1 January 2006. The Stewarts scheme was closed to further accrual on 1 January 2004. Every three years, a pension scheme must obtain from an actuary a report containing a valuation and a recommendation on rates of contribution. UK legislation requires that pension schemes are funded prudently and must adhere to the statutory funding objective. Triennial valuations for all the schemes have been prepared as detailed below. The actuarial valuation of the Clarkson PLC scheme shows a pension surplus on an ongoing basis of \u00a311.5m (105%) as at 31 March 2022. Following the 2016 valuation, Clarkson PLC and the Trustees agreed to cease funding with effect from 1 October 2016. Since 1 May 2021 all expenses of the scheme have been met from the surplus assets. The actuarial valuation of the Plowrights scheme shows a pension surplus on an ongoing basis of \u00a33.0m (108%) as at 31 March 2022. Clarkson PLC and the Trustees agreed to cease funding with effect from 1 December 2019. Since 1 April 2020 all expenses of the scheme have been met from the surplus assets. The actuarial valuation of the Stewarts scheme showed a pension surplus on an ongoing basis of \u00a30.1m (100%) as at 1 September 2021. Clarksons Offshore and Renewables Limited will continue to pay contributions of \u00a30.4m per annum, which will include scheme expenses. The September 2024 valuation report is underway but is yet to be finalised. In June 2023, in the case of Virgin Media vs NTL Pension Trustees II Limited, the High Court judged that amendments made to the Virgin Media scheme were invalid because they were not accompanied by the correct actuarial confirmation. On 25 July 2024, the Court of Appeal upheld the June 2023 High Court decision. The Company and Trustees are reviewing this development and considering any implications for the Schemes. No adjustments have been made to the Consolidated Financial Statements as at 31 December 2024. The Group is exposed to a number of risks, the most significant of which are detailed below: Asset volatility The schemes\u2019 liabilities are calculated using a discount rate set with reference to corporate bond yields; if a scheme\u2019s assets underperform this yield, this will create a deficit. The largest two schemes have de-risked by replacing their equity holdings with less volatile investments. Changes in bond yields A decrease in corporate bond yields will increase a scheme\u2019s liabilities, although this will be partially offset by an increase in the value of the schemes\u2019 bond holdings. Inflation risk Some of the Group pension obligations are linked to inflation. The majority of the schemes\u2019 assets are either unaffected by (fixed-interest bonds) or loosely correlated with (equities) inflation, meaning that an increase in inflation will also increase the deficit. Life expectancy The majority of the schemes\u2019 obligations are to provide benefits for the life of the member, so increases in life expectancy will result in an increase in the schemes\u2019 liabilities. Other pension arrangements Overseas pension arrangements have been determined in accordance with local practice and regulations. One such defined benefit arrangement is in Greece whereby the employer is obligated to pay an indemnity to employees on retirement. The Group also operates various other defined contribution pension arrangements. Where required, the Group also makes contributions to these schemes. The Group incurs no material expenses in the provision of post-retirement benefits other than pensions. The following information relates to the sum of the three separate UK schemes. Recognised in the balance sheet
2024 2023
\u00a3m \u00a3m
Fair value of schemes\u2019 assets
119.4
131.3
Present value of funded defined benefit obligations
(105.3)
(115.5)
14.1
15.8
Effect of asset ceiling in relation to the Plowrights scheme
(1.8)
(2.4)
Net benefit asset recognised in the balance sheet
12.3
13.4
The net benefit asset disclosed above is the combined total of the three UK schemes. The Clarkson PLC scheme has a surplus of \u00a312.4m (2023: \u00a313.8m), the Plowrights scheme has a recognised surplus of \u00a3nil (2023: \u00a3nil), and the Stewarts scheme has a deficit of \u00a30.1m (2023: \u00a30.4m). As there is no right of set-off between the schemes, the benefit asset of \u00a312.4m (2023: \u00a313.8m) is disclosed separately on the balance sheet from the benefit liability of \u00a30.1m (2023: \u00a30.4m). The surplus in the Clarkson PLC scheme is recognised, as there are future economic benefits available in the form of a reduction in future contributions to the defined contribution section of the scheme and, in the event of wind up, excess surplus is refundable to the Group. There is not considered to be an unconditional right to receive such future economic benefits in respect of the Plowrights scheme and therefore the surplus of \u00a31.8m (2023: \u00a32.4m) cannot be recognised. A deferred tax asset on the benefit liability amounting to \u00a3nil (2023: \u00a3nil) and a deferred tax liability on the benefit asset of \u00a33.1m (2023: \u00a33.5m) is shown in note 7. Recognised in the income statement
2024 2023
\u00a3m \u00a3m
Recognised in other finance income \u2013 pensions:
Expected return on schemes\u2019 assets
6.1
6.5
Interest cost on benefit obligation and asset ceiling
(5.5)
(5.8)
Recognised in administrative expenses:
Schemes\u2019 administrative expenses
(0.8)
(1.0)
Net benefit charge recognised in the income statement
(0.2)
(0.3)
Recognised in the statement of comprehensive income
2024 2023
\u00a3m \u00a3m
Actual return on schemes\u2019 assets
(4.2)
5.5
Less: expected return on schemes\u2019 assets
(6.1)
(6.5)
Actuarial loss on schemes\u2019 assets
(10.3)
(1.0)
Actuarial gain/(loss) on defined benefit obligations
8.3
(3.1)
Actuarial loss recognised in the statement of comprehensive income
(2.0)
(4.1)
Tax credit on actuarial loss
0.6
1.0
Release of asset ceiling in relation to the Plowrights scheme
0.7
1.9
Tax charge on asset ceiling
(0.2)
(0.4)
Net actuarial loss on employee benefit obligations
(0.9)
(1.6)
Cumulative amount of actuarial losses, before tax,
recognised in the statement of comprehensive income
(4.7)
(2.7)
Schemes\u2019 assets
2024 2023
%
\u00a3m
%
\u00a3m
Equities*
1.3
1.6
1.2
1.6
Government bonds*
3.1
3.7
30.8
40.5
Corporate bonds*
51.7
61.7
28.7
3 7.7
Investment funds*
30.0
35.8
21.9
28.7
Cash and other assets
13.9
16.6
17. 4
22.8
100.0
119.4
100.0
131.3
* The schemes\u2019 assets are invested in pooled investment vehicles which are unquoted. The allocation in the table above considers the underlying assets of these funds. Net defined benefit asset Changes in the fair value of the net defined benefit asset are as follows:
2024
Present value Fair value of Impact of
of obligation plan assets Total asset ceiling Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
(115.5)
131.3
15.8
(2.4)
13.4
Expected return on assets
\u2013
6.1
6.1
\u2013
6.1
Interest costs
(5.4)
\u2013
(5.4)
(0.1)
(5.5)
Employer contributions
\u2013
0.4
0.4
\u2013
0.4
Administrative expenses
\u2013
(0.8)
(0.8)
\u2013
(0.8)
Benefits paid
7.3
(7.3)
\u2013
\u2013
\u2013
Actuarial gain/(loss)
8.3
(10.3)
(2.0)
0.7
(1.3)
At 31 December 2024
(105.3)
119.4
14.1
(1.8)
12.3
2023
Present value Fair value of Impact of
of obligation plan assets Total asset ceiling Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
(115.2)
134.7
19.5
(4.1)
15.4
Expected return on assets
\u2013
6.5
6.5
\u2013
6.5
Interest costs
(5.6)
\u2013
(5.6)
(0.2)
(5.8)
Employer contributions
\u2013
0.4
0.4
\u2013
0.4
Administrative expenses
\u2013
(1.0)
(1.0)
\u2013
(1.0)
Benefits paid
8.4
(8.3)
0.1
\u2013
0.1
Actuarial (loss)/gain
(3.1)
(1.0)
(4.1)
1.9
(2.2)
At 31 December 2023
(115.5)
131.3
15.8
(2.4)
13.4
The Group expects, based on the valuations and funding requirements including expenses, to contribute \u00a30.4m to its defined benefit pension schemes in 2025 (2024: \u00a30.1m). The principal weighted average valuation assumptions are as follows:
2024 2023
% %
Rate of increase in pensions in payment
3.2
3.1
Price inflation (RPI)
3.2/3.3
3.1/3.2
Price inflation (CPI)
2.9
2.8
Discount rate for scheme liabilities
5.6
4.8
The mortality assumptions used to assess the defined benefit obligations at 31 December 2024 and 31 December 2023 are based on the \u2018SAPS\u2019 standard mortality tables, being S3PA for the Clarkson PLC scheme with a scheme-specific adjustment of 90% (2023: 90%), S3PA for the Plowrights scheme with a scheme-specific adjustment of 84% for males and 98% for females (2023: S3PA 84% for males and 98% for females) and for the Stewarts scheme 100% of S3PA \u2018light\u2019 for males and 100% of S3PA for females (2023: 100% of S3PA \u2018light\u2019 for males and 100% of S3PA for females). These tables have been adjusted to allow for anticipated future improvements in life expectancy using the standard projection model published in 2024 (2023: model published in 2023). Examples of the assumed future life expectancy are given in the table below:
Additional years
2024
2023
Post-retirement life expectancy on retirement at age 65:
Employees retiring in the year
\u2013 male
22.2\u201322.7
22.2\u201322.7
\u2013 female
23.9\u201324.7
23.9\u201324.7
Employees retiring in 20 years\u2019 time
\u2013 male
23.5\u201324.0
23.5\u201324.0
\u2013 female
25.3\u201326.1
25.3\u201326.0
Experience adjustments
2024 2023
\u00a3m \u00a3m
Experience loss on schemes\u2019 assets
(10.3)
(1.0)
Gain on schemes\u2019 liabilities due to changes in demographic assumptions
0.3
2.9
Gain/(loss) on schemes\u2019 liabilities due to changes in financial assumptions
8.6
(3.7)
Loss on schemes\u2019 liabilities due to experience adjustments
(0.6)
(2.3)
Gain on asset ceiling
0.7
1.9
Actuarial loss
(1.3)
(2.2)
Income tax credit on actuarial loss
0.4
0.6
Actuarial loss \u2013 net of tax
(0.9)
(1.6)
Sensitivities The table below shows the sensitivity of the defined benefit obligation to changes to the most significant actuarial assumptions. The impact of changes to each assumption is shown in isolation although, in practice, changes to assumptions may occur at the same time and can either offset or compound the overall impact on the defined benefit obligation. A change of 0.50% in discount rate (2023: 0.25%) and 0.25% for price inflation (2023: 0.25%) is deemed appropriate given the movement in assumptions during the current and previous years. The sensitivities have been calculated using the same methodology as the main calculations. The weighted average duration of the defined obligation is 12 years.
2024 2023
Change in Change in
defined defined
Change in benefit Change in benefit
assumption obligation assumption obligation
% % % %
Discount rate for scheme liabilities
0.50
(5.3)
0.25
(2.9)
(0.50)
5.8
(0.25)
3.1
Price inflation (RPI)
0.25
2.3
0.25
2.4
(0.25)
(2.2)
(0.25)
(2.4)
An increase of one year in the assumed life expectancy for both males and females would increase the benefit obligation by 3.3% (2023: 3.4%).", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-525": { "value": "Other pension arrangements Overseas pension arrangements have been determined in accordance with local practice and regulations. One such defined benefit arrangement is in Greece whereby the employer is obligated to pay an indemnity to employees on retirement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-476": { "value": "
24 Share capital
Ordinary shares of 25p each, issued and fully paid:
2024 2023
Number of Number of
shares \u00a3m shares \u00a3m
At 1 January
30,725,498
7.7
30,622,110
7.7
Additions
52,737
\u2013
103,388
\u2013
At 31 December
30,778,235
7.7
30,725,498
7.7
During the year, the Company issued 52,737 shares (2023: 103,388 ) in relation to the ShareSave scheme.
The difference between the exercise price (ranging from \u00a319.28-\u00a331.44 (2023: \u00a318.30-\u00a322.51)) and the nominal value
of \u00a30.25 was taken to the share premium account, see note 25.
Shares held by Employee Benefit Trusts
The trustees have waived their right to dividends on the unallocated shares held in the employee share trust.
25 Other reserves
2024
Employee Capital Currency
Share ESOP benefits redemption Hedging Merger translation
premium reserve reserve reserve reserve reserve reserve Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
38.4
(2.8)
4.1
2.0
2.7
55.7
4.8
104.9
Other comprehensive
loss:
Foreign exchange
differences on
retranslation of
foreign operations
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(12.0)
(12.0)
Foreign currency
hedges recycled to
profit or loss \u2013 net of
tax
\u2013
\u2013
\u2013
\u2013
0.1
\u2013
\u2013
0.1
Foreign currency
hedge revaluations
\u2013 net of tax
\u2013
\u2013
\u2013
\u2013
(4.9)
\u2013
\u2013
(4.9)
Total other
comprehensive loss
\u2013
\u2013
\u2013
\u2013
(4.8)
\u2013
(12.0)
(16.8)
Share issues
1.2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1.2
Employee share
schemes:
Share-based
payments expense
\u2013
\u2013
2.5
\u2013
\u2013
\u2013
\u2013
2.5
Transfer to profit
and loss on vesting
\u2013
3.9
(2.8)
\u2013
\u2013
\u2013
\u2013
1.1
ESOP shares
acquired
\u2013
(26.4)
\u2013
\u2013
\u2013
\u2013
\u2013
(26.4)
Equity-settled
liabilities
\u2013
22.5
\u2013
\u2013
\u2013
\u2013
\u2013
22.5
Total employee share
schemes
\u2013
\u2013
(0.3)
\u2013
\u2013
\u2013
\u2013
(0.3)
At 31 December 2024
39.6
(2.8)
3.8
2.0
(2.1)
55.7
(7.2)
89.0
2023
Employee Capital Currency
Share ESOP benefits redemption Hedging Merger translation
premium reserve reserve reserve reserve reserve reserve Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
36.5
\u2013
3.7
2.0
(5.1)
55.7
22.0
114.8
Other comprehensive
income/(loss):
Foreign exchange
differences on
retranslation of
foreign operations
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(17. 2)
(17. 2)
Foreign currency
hedges recycled to
profit or loss \u2013 net of
tax
\u2013
\u2013
\u2013
\u2013
2.1
\u2013
\u2013
2.1
Foreign currency
hedge revaluations
\u2013 net of tax
\u2013
\u2013
\u2013
\u2013
5.7
\u2013
\u2013
5.7
Total other
comprehensive
income/(loss)
\u2013
\u2013
\u2013
\u2013
7. 8
\u2013
(17. 2)
(9.4)
Share issues
1.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1.9
Employee share
schemes:
Share-based
payments expense
\u2013
\u2013
1.9
\u2013
\u2013
\u2013
\u2013
1.9
Transfer to profit
and loss on vesting
\u2013
\u2013
(1.5)
\u2013
\u2013
\u2013
\u2013
(1.5)
ESOP shares
acquired
\u2013
(49.5)
\u2013
\u2013
\u2013
\u2013
\u2013
(49.5)
Equity-settled
liabilities
\u2013
46.7
\u2013
\u2013
\u2013
\u2013
\u2013
46.7
Total employee share
schemes
\u2013
(2.8)
0.4
\u2013
\u2013
\u2013
\u2013
(2.4)
At 31 December 2023
38.4
(2.8)
4.1
2.0
2.7
55.7
4.8
104.9
Nature and purpose of other reserves
ESOP reserve
The ESOP reserve in the Group represents 68,981 shares (2023: 96,655 shares) purchased by the Employee Benefit
Trusts to meet obligations under various incentive schemes. The shares are stated at cost. The market value of these
shares at 31 December 2024 was \u00a32.7m (2023: \u00a33.1m). At 31 December 2024 none of these shares were under option
(2023: none). During the year the share purchase trusts acquired 649,155 shares at a weighted average price of
\u00a340.72 (2023: 1,531,668 shares at \u00a332.29); see note 22 for further details of share incentive schemes.
Employee benefits reserve
The employee benefits reserve is used to record the value of equity-settled share-based payments provided to
employees. Details are included in note 22.
Capital redemption reserve
The capital redemption reserve arose on previous share buy-backs by Clarkson PLC.
Hedging reserve
This reserve comprises the effective portion of the fair value of cash flow hedging instruments relating to hedged
transactions that have not yet occurred. Realised hedges are recycled to the statement of comprehensive income.
Movements are net of tax. Further details on hedging are shown in note 27.
Merger reserve
This comprises the premium on the share placing in November 2014 and the shares issued in February 2015 as
part of the acquisition of Clarksons Norway AS (formerly Clarksons Platou AS/RS Platou ASA). No share premium
is recorded in the financial statements, through the operation of the merger relief provisions of the Companies
Act 2006.
Currency translation reserve
The currency translation reserve represents the currency translation differences arising from the consolidation
of foreign operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-506": { "value": "24 Share capital Ordinary shares of 25p each, issued and fully paid:
2024 2023
Number of Number of
shares \u00a3m shares \u00a3m
At 1 January
30,725,498
7.7
30,622,110
7.7
Additions
52,737
\u2013
103,388
\u2013
At 31 December
30,778,235
7.7
30,725,498
7.7
During the year, the Company issued 52,737 shares (2023: 103,388 ) in relation to the ShareSave scheme. The difference between the exercise price (ranging from \u00a319.28-\u00a331.44 (2023: \u00a318.30-\u00a322.51)) and the nominal value of \u00a30.25 was taken to the share premium account, see note 25. Shares held by Employee Benefit Trusts The trustees have waived their right to dividends on the unallocated shares held in the employee share trust. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-507": { "value": "25 Other reserves
2024
Employee Capital Currency
Share ESOP benefits redemption Hedging Merger translation
premium reserve reserve reserve reserve reserve reserve Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
38.4
(2.8)
4.1
2.0
2.7
55.7
4.8
104.9
Other comprehensive
loss:
Foreign exchange
differences on
retranslation of
foreign operations
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(12.0)
(12.0)
Foreign currency
hedges recycled to
profit or loss \u2013 net of
tax
\u2013
\u2013
\u2013
\u2013
0.1
\u2013
\u2013
0.1
Foreign currency
hedge revaluations
\u2013 net of tax
\u2013
\u2013
\u2013
\u2013
(4.9)
\u2013
\u2013
(4.9)
Total other
comprehensive loss
\u2013
\u2013
\u2013
\u2013
(4.8)
\u2013
(12.0)
(16.8)
Share issues
1.2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1.2
Employee share
schemes:
Share-based
payments expense
\u2013
\u2013
2.5
\u2013
\u2013
\u2013
\u2013
2.5
Transfer to profit
and loss on vesting
\u2013
3.9
(2.8)
\u2013
\u2013
\u2013
\u2013
1.1
ESOP shares
acquired
\u2013
(26.4)
\u2013
\u2013
\u2013
\u2013
\u2013
(26.4)
Equity-settled
liabilities
\u2013
22.5
\u2013
\u2013
\u2013
\u2013
\u2013
22.5
Total employee share
schemes
\u2013
\u2013
(0.3)
\u2013
\u2013
\u2013
\u2013
(0.3)
At 31 December 2024
39.6
(2.8)
3.8
2.0
(2.1)
55.7
(7.2)
89.0
2023
Employee Capital Currency
Share ESOP benefits redemption Hedging Merger translation
premium reserve reserve reserve reserve reserve reserve Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
36.5
\u2013
3.7
2.0
(5.1)
55.7
22.0
114.8
Other comprehensive
income/(loss):
Foreign exchange
differences on
retranslation of
foreign operations
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(17. 2)
(17. 2)
Foreign currency
hedges recycled to
profit or loss \u2013 net of
tax
\u2013
\u2013
\u2013
\u2013
2.1
\u2013
\u2013
2.1
Foreign currency
hedge revaluations
\u2013 net of tax
\u2013
\u2013
\u2013
\u2013
5.7
\u2013
\u2013
5.7
Total other
comprehensive
income/(loss)
\u2013
\u2013
\u2013
\u2013
7. 8
\u2013
(17. 2)
(9.4)
Share issues
1.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1.9
Employee share
schemes:
Share-based
payments expense
\u2013
\u2013
1.9
\u2013
\u2013
\u2013
\u2013
1.9
Transfer to profit
and loss on vesting
\u2013
\u2013
(1.5)
\u2013
\u2013
\u2013
\u2013
(1.5)
ESOP shares
acquired
\u2013
(49.5)
\u2013
\u2013
\u2013
\u2013
\u2013
(49.5)
Equity-settled
liabilities
\u2013
46.7
\u2013
\u2013
\u2013
\u2013
\u2013
46.7
Total employee share
schemes
\u2013
(2.8)
0.4
\u2013
\u2013
\u2013
\u2013
(2.4)
At 31 December 2023
38.4
(2.8)
4.1
2.0
2.7
55.7
4.8
104.9
Nature and purpose of other reserves ESOP reserve The ESOP reserve in the Group represents 68,981 shares (2023: 96,655 shares) purchased by the Employee Benefit Trusts to meet obligations under various incentive schemes. The shares are stated at cost. The market value of these shares at 31 December 2024 was \u00a32.7m (2023: \u00a33.1m). At 31 December 2024 none of these shares were under option (2023: none). During the year the share purchase trusts acquired 649,155 shares at a weighted average price of \u00a340.72 (2023: 1,531,668 shares at \u00a332.29); see note 22 for further details of share incentive schemes. Employee benefits reserve The employee benefits reserve is used to record the value of equity-settled share-based payments provided to employees. Details are included in note 22. Capital redemption reserve The capital redemption reserve arose on previous share buy-backs by Clarkson PLC. Hedging reserve This reserve comprises the effective portion of the fair value of cash flow hedging instruments relating to hedged transactions that have not yet occurred. Realised hedges are recycled to the statement of comprehensive income. Movements are net of tax. Further details on hedging are shown in note 27. Merger reserve This comprises the premium on the share placing in November 2014 and the shares issued in February 2015 as part of the acquisition of Clarksons Norway AS (formerly Clarksons Platou AS/RS Platou ASA). No share premium is recorded in the financial statements, through the operation of the merger relief provisions of the Companies Act 2006. Currency translation reserve The currency translation reserve represents the currency translation differences arising from the consolidation of foreign operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-477": { "value": "
26 Financial commitments and contingencies
Contingencies
The Group has given no financial commitments to suppliers (2023: none).
The Group has given no guarantees (2023: none).
From time to time, the Group is engaged in litigation in the ordinary course of business. The Group carries
professional indemnity insurance.
There is currently no litigation that is expected to have a material adverse financial impact on the Group\u2019s
consolidated results or net assets.
The Group also maintained throughout the financial year Directors\u2019 and Officers\u2019 liability insurance in respect
of its Directors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-539": { "value": "26 Financial commitments and contingencies Contingencies The Group has given no financial commitments to suppliers (2023: none). The Group has given no guarantees (2023: none). From time to time, the Group is engaged in litigation in the ordinary course of business. The Group carries professional indemnity insurance. There is currently no litigation that is expected to have a material adverse financial impact on the Group\u2019s consolidated results or net assets. The Group also maintained throughout the financial year Directors\u2019 and Officers\u2019 liability insurance in respect of its Directors.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-526": { "value": "26 Financial commitments and contingencies Contingencies The Group has given no financial commitments to suppliers (2023: none). The Group has given no guarantees (2023: none). From time to time, the Group is engaged in litigation in the ordinary course of business. The Group carries professional indemnity insurance. There is currently no litigation that is expected to have a material adverse financial impact on the Group\u2019s consolidated results or net assets. The Group also maintained throughout the financial year Directors\u2019 and Officers\u2019 liability insurance in respect of its Directors.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-478": { "value": "
27 Financial risk management objectives and policies
The Group\u2019s principal financial liabilities comprise trade and other payables and lease liabilities. The Group\u2019s principal
financial assets are trade receivables, investments, cash and cash equivalents and short-term deposits, which arise
directly from its operations.
The Group has not entered into derivative transactions other than the forward currency contracts explained later
in this section. It is, and was throughout 2024 and 2023, the Group\u2019s policy that no trading in derivatives shall be
undertaken for speculative purposes.
The main risks arising from the Group\u2019s financial instruments are credit risk, liquidity risk and foreign exchange
risk. The Board reviews and agrees policies for managing each of these risks which are summarised below.
Credit risk
The Group seeks to trade only with recognised, creditworthy third parties, except in a limited number of
circumstances where a provision is recognised at the time of invoicing. Credit risk arises when debtors fail to pay
their obligations. Receivable balances are monitored on an ongoing basis and any potential bad debts identified
at an early stage. The maximum exposure is the carrying amounts as disclosed in note 15; based on experience
and ongoing market information about the creditworthiness of counterparties, we reasonably expect to collect all
amounts unimpaired. There are no significant concentrations of credit risk within the Group, due to the large number
of clients comprising the Group\u2019s client base.
Trade receivables are written off when there is no reasonable expectation of recovery, such as the commencement
of legal proceedings, financial difficulties of the counterparty, or a significant time period has elapsed since the debt
was due. Impairment losses on trade receivables are presented within administrative expenses. In a limited number
of circumstances, where doubt exists as to the ability to collect payment, a provision is made at the time of invoicing
and included within revenue. Subsequent recoveries of amounts previously written off are credited against the same
line item.
Other financial assets are written off when there is no reasonable expectation of recovery, such as the
commencement of legal proceedings, financial difficulties of the counterparty, or a significant time period has
elapsed since the debt was due.
With respect to credit risk arising from cash and cash equivalents and deposits held as current investments, these are
considered low risk as the financial institutions used are closely monitored by the Group treasury function to ensure
they are held with creditworthy institutions and to ensure there is no over exposure to any one institution.
For all financial assets held, the Group\u2019s exposure to credit risk arises from default of the counterparty, with a
maximum exposure equal to the carrying amount of these instruments.
Liquidity risk
The Group seeks to ensure that sufficient liquidity exists in the right locations to meet the Group\u2019s financial
obligations and related funding requirements in a timely manner, including dividends and taxes, and provide funds
for capital expenditure and investment opportunities as they arise. Cash and cash equivalent balances are held with
the primary objective of capital security and availability, with a secondary objective of generating returns. Funding
requirements are monitored by the Group\u2019s finance function with cash flow forecasting performed at both an entity
and Group level. As a normal part of its operations, the Group could face liquidity issues if it experienced a sustained
reduction in profitability, problems in the collection of debts from clients or unplanned expenditure.
The tables below summarise the maturity profile of the Group\u2019s financial liabilities at 31 December based on
contractual undiscounted payments.
31 December 2024
Less than 3 to 12 1 to 5 5 to 10
3 months months years years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables
26.2
\u2013
4.7
\u2013
30.9
Gross settled foreign currency contracts:
Outflow
11.5
44.1
83.7
\u2013
139.3
Inflow
(11.2)
(42.6)
(81.6)
\u2013
(135.4)
Lease liabilities
3.1
9.1
27. 5
3.9
43.6
29.6
10.6
34.3
3.9
78.4
31 December 2023
Less than 3 to 12 1 to 5 5 to 10
3 months months years years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables
54.0
\u2013
3.2
\u2013
57.2
Deferred consideration
0.4
\u2013
\u2013
\u2013
0.4
Lease liabilities
3.2
8.6
30.8
6.0
48.6
57.6
8.6
34.0
6.0
106.2
The following table shows the total liabilities arising from financing activities.
2024 Interest- 2023
bearing
Lease loans and Lease
liabilities Total borrowings liabilities Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
43.2
43.2
\u2013
47.6
47. 6
Arising on acquisitions
\u2013
\u2013
0.5
3.5
4.0
Cash flows \u2013 principal
(10.9)
(10.9)
(0.5)
(10.5)
(11.0)
Cash flows \u2013 interest
(1.5)
(1.5)
\u2013
(1.7)
(1.7)
Interest charges
1.5
1.5
\u2013
1.7
1.7
Other non-cash movements
6.9
6.9
\u2013
4.1
4.1
Foreign exchange differences
(1.1)
(1.1)
\u2013
(1.5)
(1.5)
At 31 December
38.1
38.1
\u2013
43.2
43.2
Other non-cash movements include the net impact of additions, modifications and terminations relating to leases
during the year.
Foreign exchange risk
The Group has transactional currency exposures arising from revenues and expenses in currencies other than
its functional currency, which can significantly impact results and cash flows. The Group\u2019s revenue is mainly
denominated in US dollars and the majority of expenses are denominated in local currencies. The Group also has
balance sheet exposures, either at the local entity level where monetary assets and liabilities are held in currencies
other than the functional currency, or at a Group level on the retranslation of non-sterling balances into the Group\u2019s
functional currency.
Our aim is to manage this risk by reducing the impact of any fluctuations. The Group hedges currency exposure
through forward sales of US dollar revenues. US dollars are also sold on the spot market to meet local currency
expenditure requirements. Rates of exchange, non-sterling balances and asset exposures by currency are continually
assessed.
The Group is most sensitive to changes in the US dollar exchange rates. The sensitivity analysis assumes an
instantaneous 5% change in the US dollar exchange rates from their levels at 31 December 2024, with all other
variables held constant. The following table demonstrates the sensitivity to a reasonably possible change in this rate,
with all other variables held constant, of the Group\u2019s profit before taxation and equity.
Strengthening/ Effect on
(weakening) profit before Effect on
in rate taxation equity
% \u00a3m \u00a3m
2024
5.0
2.3
(5.1)
(5.0)
(2.1)
4.6
2023
5.0
3.4
(3.3)
(5.0)
(3.1)
3.0
Derivative financial instruments
It is the Group\u2019s policy to cover or hedge a proportion of its future transactional US dollar revenues in the UK and
Norway with foreign currency contracts. The strategy is to protect the Group against a significant weakening of the
US dollar. The Group considers the hedge to be effective if each forward contract is settled with the bank and the
US dollars sold represent collections from previous months\u2019 invoicing. Should the hedging ratio be greater than one
(that is, contracted sales are greater than US dollar revenues) then the hedge is deemed to be ineffective. Where
these are designated and documented as hedging instruments in the context of IFRS 9 and are demonstrated to be
effective, mark-to-market gains and losses are recognised directly in equity (see note 25). These are transferred to
the income statement, within revenue, upon receipt of cash and conversion to sterling of the underlying item being
hedged. All of the contracts settled during the year were effective. There were no contracts deemed ineffective
during the year.
The fair value of foreign currency contracts at 31 December are as follows:
Assets
Liabilities
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Foreign currency contracts
1.1
3.5
3.9
\u2013
At 31 December, the Group had the following US$/GBP forward contracts for settlement:
2024
2023
Average rate Average rate
US$m
US$/\u00a3
US$m
US$/\u00a3
For settlement in 2024
\u2013
\u2013
90.0
1.27
For settlement in 2025
99.0
1.25
65.0
1.23
For settlement in 2026
60.0
1.28
10.0
1.26
For settlement in 2027
30.0
1.29
\u2013
\u2013
At 31 December, the Group had the following US$/NOK forward contracts for settlement:
2024
2023
Average rate Average rate
US$m
NOK/US$
US$m
NOK/US$
For settlement in 2024
\u2013
\u2013
21.0
10.53
For settlement in 2025
20.7
10.77
10.0
10.48
For settlement in 2026
10.0
10.97
5.0
10.97
For settlement in 2027
5.0
10.90
\u2013
\u2013
Capital management
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern
in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal
capital structure to reduce the cost of capital. Total capital is calculated as equity as shown in the consolidated
balance sheet.
The Group manages its capital structure, and makes adjustments to it, in light of changes in economic conditions.
To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return
capital to shareholders or issue new shares.
No changes were made in the objectives, policies or processes during the years ended 31 December 2024 or
31 December 2023. These financial statements are prepared on the going concern basis and the Group continues
to pay dividends.
A number of the Group\u2019s trading entities are subject to regulation by the Norwegian FSA, the FCA in the UK,
the MAS in Singapore, and the CFTC and the NFA, SEC and FINRA in the US. Regulatory capital at an entity level
depends on the jurisdiction in which it is incorporated. In each case, the approach is to hold an appropriate surplus
over the local minimum requirement. Each regulated entity complied with their regulatory capital requirements
throughout the year.
28 Financial instruments
Fair values
IFRS 13 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy:
\u2014 quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
\u2014 inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly
(that is, as prices) or indirectly (that is, derived from prices) (Level 2); and
\u2014 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs)
(Level 3).
The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 31 December.
Level 1
Level 2
Level 3
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Investments at fair value through
profit or loss (\u2018FVPL\u2019)
0.3
0.3
1.8
1.2
\u2013
\u2013
Foreign currency contracts
\u2013
\u2013
1.1
3.5
\u2013
\u2013
0.3
0.3
2.9
4.7
\u2013
\u2013
Liabilities
Foreign currency contracts
\u2013
\u2013
3.9
\u2013
\u2013
\u2013
\u2013
\u2013
3.9
\u2013
\u2013
\u2013
FVPL investments are valued based on quoted prices in an active market (Level 1) or based on quoted prices for
similar assets (Level 2); FVOCI investments are categorised as Level 3 as the shares are not listed on an exchange
and there were no recent observable arm\u2019s-length transactions in the shares. The fair value of the foreign currency
contracts are calculated by management based on external valuations received. These valuations are calculated
based on forward exchange rates at the balance sheet date.
Investment properties are not measured at fair value, but the fair value is disclosed in note 11.
The classification of financial assets and financial liabilities at 31 December is as follows:
Financial assets
2024 2023
Hedging
instruments
\u00a3m
Fair value
through
profit or
loss
\u00a3m
Amortised
cost
\u00a3m
Total
\u00a3m
Hedging
instruments
\u00a3m
Fair value
through
profit or loss
\u00a3m
Amortised
cost
\u00a3m
Total
\u00a3m
Other receivables \u2013 \u2013 8.0 8.0 \u2013 \u2013 13.1 13.1
Investments \u2013 2.1 62.0 64.1 \u2013 1.5 39.9 41.4
Trade receivables \u2013 \u2013 110.6 110.6 \u2013 \u2013 121.7 121.7
Foreign currency
contracts 1.1 \u2013 \u2013 1.1 3.5 \u2013 \u2013 3.5
Cash and cash
equivalents \u2013 \u2013 431.3 431.3 \u2013 \u2013 398.9 398.9
1.1 2.1 611.9 615.1 3.5 1.5 573.6 578.6
Financial liabilities
2024
2023
Hedging Amortised Hedging Amortised
instruments cost Total instruments cost Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
\u2013
18.8
18.8
\u2013
34.4
34.4
Other payables
\u2013
12.1
12.1
\u2013
22.8
22.8
Foreign currency contracts
3.9
\u2013
3.9
\u2013
\u2013
\u2013
Deferred consideration
\u2013
\u2013
\u2013
\u2013
0.4
0.4
Lease liabilities
\u2013
38.1
38.1
\u2013
43.2
43.2
3.9
69.0
72.9
\u2013
100.8
100.8
The carrying value of current and non-current financial assets and liabilities is deemed to equate to the fair value at
31 December 2024 and 2023.
Net losses on financial assets at fair value through profit or loss amounted to \u00a30.1m (2023: \u00a30.1m). Net losses on
financial assets at fair value through other comprehensive income were \u00a3nil (2023: \u00a3nil). Gains/(losses) on trade
receivables (measured at amortised cost) are shown in note 15.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-508": { "value": "27 Financial risk management objectives and policies The Group\u2019s principal financial liabilities comprise trade and other payables and lease liabilities. The Group\u2019s principal financial assets are trade receivables, investments, cash and cash equivalents and short-term deposits, which arise directly from its operations. The Group has not entered into derivative transactions other than the forward currency contracts explained later in this section. It is, and was throughout 2024 and 2023, the Group\u2019s policy that no trading in derivatives shall be undertaken for speculative purposes. The main risks arising from the Group\u2019s financial instruments are credit risk, liquidity risk and foreign exchange risk. The Board reviews and agrees policies for managing each of these risks which are summarised below. Credit risk The Group seeks to trade only with recognised, creditworthy third parties, except in a limited number of circumstances where a provision is recognised at the time of invoicing. Credit risk arises when debtors fail to pay their obligations. Receivable balances are monitored on an ongoing basis and any potential bad debts identified at an early stage. The maximum exposure is the carrying amounts as disclosed in note 15; based on experience and ongoing market information about the creditworthiness of counterparties, we reasonably expect to collect all amounts unimpaired. There are no significant concentrations of credit risk within the Group, due to the large number of clients comprising the Group\u2019s client base. Trade receivables are written off when there is no reasonable expectation of recovery, such as the commencement of legal proceedings, financial difficulties of the counterparty, or a significant time period has elapsed since the debt was due. Impairment losses on trade receivables are presented within administrative expenses. In a limited number of circumstances, where doubt exists as to the ability to collect payment, a provision is made at the time of invoicing and included within revenue. Subsequent recoveries of amounts previously written off are credited against the same line item. Other financial assets are written off when there is no reasonable expectation of recovery, such as the commencement of legal proceedings, financial difficulties of the counterparty, or a significant time period has elapsed since the debt was due. With respect to credit risk arising from cash and cash equivalents and deposits held as current investments, these are considered low risk as the financial institutions used are closely monitored by the Group treasury function to ensure they are held with creditworthy institutions and to ensure there is no over exposure to any one institution. For all financial assets held, the Group\u2019s exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these instruments. Liquidity risk The Group seeks to ensure that sufficient liquidity exists in the right locations to meet the Group\u2019s financial obligations and related funding requirements in a timely manner, including dividends and taxes, and provide funds for capital expenditure and investment opportunities as they arise. Cash and cash equivalent balances are held with the primary objective of capital security and availability, with a secondary objective of generating returns. Funding requirements are monitored by the Group\u2019s finance function with cash flow forecasting performed at both an entity and Group level. As a normal part of its operations, the Group could face liquidity issues if it experienced a sustained reduction in profitability, problems in the collection of debts from clients or unplanned expenditure. The tables below summarise the maturity profile of the Group\u2019s financial liabilities at 31 December based on contractual undiscounted payments.
31 December 2024
Less than 3 to 12 1 to 5 5 to 10
3 months months years years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables
26.2
\u2013
4.7
\u2013
30.9
Gross settled foreign currency contracts:
Outflow
11.5
44.1
83.7
\u2013
139.3
Inflow
(11.2)
(42.6)
(81.6)
\u2013
(135.4)
Lease liabilities
3.1
9.1
27. 5
3.9
43.6
29.6
10.6
34.3
3.9
78.4
31 December 2023
Less than 3 to 12 1 to 5 5 to 10
3 months months years years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables
54.0
\u2013
3.2
\u2013
57.2
Deferred consideration
0.4
\u2013
\u2013
\u2013
0.4
Lease liabilities
3.2
8.6
30.8
6.0
48.6
57.6
8.6
34.0
6.0
106.2
The following table shows the total liabilities arising from financing activities.
2024 Interest- 2023
bearing
Lease loans and Lease
liabilities Total borrowings liabilities Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
43.2
43.2
\u2013
47.6
47. 6
Arising on acquisitions
\u2013
\u2013
0.5
3.5
4.0
Cash flows \u2013 principal
(10.9)
(10.9)
(0.5)
(10.5)
(11.0)
Cash flows \u2013 interest
(1.5)
(1.5)
\u2013
(1.7)
(1.7)
Interest charges
1.5
1.5
\u2013
1.7
1.7
Other non-cash movements
6.9
6.9
\u2013
4.1
4.1
Foreign exchange differences
(1.1)
(1.1)
\u2013
(1.5)
(1.5)
At 31 December
38.1
38.1
\u2013
43.2
43.2
Other non-cash movements include the net impact of additions, modifications and terminations relating to leases during the year. Foreign exchange risk The Group has transactional currency exposures arising from revenues and expenses in currencies other than its functional currency, which can significantly impact results and cash flows. The Group\u2019s revenue is mainly denominated in US dollars and the majority of expenses are denominated in local currencies. The Group also has balance sheet exposures, either at the local entity level where monetary assets and liabilities are held in currencies other than the functional currency, or at a Group level on the retranslation of non-sterling balances into the Group\u2019s functional currency. Our aim is to manage this risk by reducing the impact of any fluctuations. The Group hedges currency exposure through forward sales of US dollar revenues. US dollars are also sold on the spot market to meet local currency expenditure requirements. Rates of exchange, non-sterling balances and asset exposures by currency are continually assessed. The Group is most sensitive to changes in the US dollar exchange rates. The sensitivity analysis assumes an instantaneous 5% change in the US dollar exchange rates from their levels at 31 December 2024, with all other variables held constant. The following table demonstrates the sensitivity to a reasonably possible change in this rate, with all other variables held constant, of the Group\u2019s profit before taxation and equity.
Strengthening/ Effect on
(weakening) profit before Effect on
in rate taxation equity
% \u00a3m \u00a3m
2024
5.0
2.3
(5.1)
(5.0)
(2.1)
4.6
2023
5.0
3.4
(3.3)
(5.0)
(3.1)
3.0
Derivative financial instruments It is the Group\u2019s policy to cover or hedge a proportion of its future transactional US dollar revenues in the UK and Norway with foreign currency contracts. The strategy is to protect the Group against a significant weakening of the US dollar. The Group considers the hedge to be effective if each forward contract is settled with the bank and the US dollars sold represent collections from previous months\u2019 invoicing. Should the hedging ratio be greater than one (that is, contracted sales are greater than US dollar revenues) then the hedge is deemed to be ineffective. Where these are designated and documented as hedging instruments in the context of IFRS 9 and are demonstrated to be effective, mark-to-market gains and losses are recognised directly in equity (see note 25). These are transferred to the income statement, within revenue, upon receipt of cash and conversion to sterling of the underlying item being hedged. All of the contracts settled during the year were effective. There were no contracts deemed ineffective during the year. The fair value of foreign currency contracts at 31 December are as follows:
Assets
Liabilities
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Foreign currency contracts
1.1
3.5
3.9
\u2013
At 31 December, the Group had the following US$/GBP forward contracts for settlement:
2024
2023
Average rate Average rate
US$m
US$/\u00a3
US$m
US$/\u00a3
For settlement in 2024
\u2013
\u2013
90.0
1.27
For settlement in 2025
99.0
1.25
65.0
1.23
For settlement in 2026
60.0
1.28
10.0
1.26
For settlement in 2027
30.0
1.29
\u2013
\u2013
At 31 December, the Group had the following US$/NOK forward contracts for settlement:
2024
2023
Average rate Average rate
US$m
NOK/US$
US$m
NOK/US$
For settlement in 2024
\u2013
\u2013
21.0
10.53
For settlement in 2025
20.7
10.77
10.0
10.48
For settlement in 2026
10.0
10.97
5.0
10.97
For settlement in 2027
5.0
10.90
\u2013
\u2013
Capital management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. Total capital is calculated as equity as shown in the consolidated balance sheet. The Group manages its capital structure, and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes during the years ended 31 December 2024 or 31 December 2023. These financial statements are prepared on the going concern basis and the Group continues to pay dividends. A number of the Group\u2019s trading entities are subject to regulation by the Norwegian FSA, the FCA in the UK, the MAS in Singapore, and the CFTC and the NFA, SEC and FINRA in the US. Regulatory capital at an entity level depends on the jurisdiction in which it is incorporated. In each case, the approach is to hold an appropriate surplus over the local minimum requirement. Each regulated entity complied with their regulatory capital requirements throughout the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-527": { "value": "Credit risk The Group seeks to trade only with recognised, creditworthy third parties, except in a limited number of circumstances where a provision is recognised at the time of invoicing. Credit risk arises when debtors fail to pay their obligations. Receivable balances are monitored on an ongoing basis and any potential bad debts identified at an early stage. The maximum exposure is the carrying amounts as disclosed in note 15; based on experience and ongoing market information about the creditworthiness of counterparties, we reasonably expect to collect all amounts unimpaired. There are no significant concentrations of credit risk within the Group, due to the large number of clients comprising the Group\u2019s client base. Trade receivables are written off when there is no reasonable expectation of recovery, such as the commencement of legal proceedings, financial difficulties of the counterparty, or a significant time period has elapsed since the debt was due. Impairment losses on trade receivables are presented within administrative expenses. In a limited number of circumstances, where doubt exists as to the ability to collect payment, a provision is made at the time of invoicing and included within revenue. Subsequent recoveries of amounts previously written off are credited against the same line item. Other financial assets are written off when there is no reasonable expectation of recovery, such as the commencement of legal proceedings, financial difficulties of the counterparty, or a significant time period has elapsed since the debt was due. With respect to credit risk arising from cash and cash equivalents and deposits held as current investments, these are considered low risk as the financial institutions used are closely monitored by the Group treasury function to ensure they are held with creditworthy institutions and to ensure there is no over exposure to any one institution. For all financial assets held, the Group\u2019s exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these instruments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-528": { "value": "Liquidity risk The Group seeks to ensure that sufficient liquidity exists in the right locations to meet the Group\u2019s financial obligations and related funding requirements in a timely manner, including dividends and taxes, and provide funds for capital expenditure and investment opportunities as they arise. Cash and cash equivalent balances are held with the primary objective of capital security and availability, with a secondary objective of generating returns. Funding requirements are monitored by the Group\u2019s finance function with cash flow forecasting performed at both an entity and Group level. As a normal part of its operations, the Group could face liquidity issues if it experienced a sustained reduction in profitability, problems in the collection of debts from clients or unplanned expenditure. The tables below summarise the maturity profile of the Group\u2019s financial liabilities at 31 December based on contractual undiscounted payments.
31 December 2024
Less than 3 to 12 1 to 5 5 to 10
3 months months years years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables
26.2
\u2013
4.7
\u2013
30.9
Gross settled foreign currency contracts:
Outflow
11.5
44.1
83.7
\u2013
139.3
Inflow
(11.2)
(42.6)
(81.6)
\u2013
(135.4)
Lease liabilities
3.1
9.1
27. 5
3.9
43.6
29.6
10.6
34.3
3.9
78.4
31 December 2023
Less than 3 to 12 1 to 5 5 to 10
3 months months years years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables
54.0
\u2013
3.2
\u2013
57.2
Deferred consideration
0.4
\u2013
\u2013
\u2013
0.4
Lease liabilities
3.2
8.6
30.8
6.0
48.6
57.6
8.6
34.0
6.0
106.2
The following table shows the total liabilities arising from financing activities.
2024 Interest- 2023
bearing
Lease loans and Lease
liabilities Total borrowings liabilities Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
43.2
43.2
\u2013
47.6
47. 6
Arising on acquisitions
\u2013
\u2013
0.5
3.5
4.0
Cash flows \u2013 principal
(10.9)
(10.9)
(0.5)
(10.5)
(11.0)
Cash flows \u2013 interest
(1.5)
(1.5)
\u2013
(1.7)
(1.7)
Interest charges
1.5
1.5
\u2013
1.7
1.7
Other non-cash movements
6.9
6.9
\u2013
4.1
4.1
Foreign exchange differences
(1.1)
(1.1)
\u2013
(1.5)
(1.5)
At 31 December
38.1
38.1
\u2013
43.2
43.2
Other non-cash movements include the net impact of additions, modifications and terminations relating to leases during the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-529": { "value": "Foreign exchange risk The Group has transactional currency exposures arising from revenues and expenses in currencies other than its functional currency, which can significantly impact results and cash flows. The Group\u2019s revenue is mainly denominated in US dollars and the majority of expenses are denominated in local currencies. The Group also has balance sheet exposures, either at the local entity level where monetary assets and liabilities are held in currencies other than the functional currency, or at a Group level on the retranslation of non-sterling balances into the Group\u2019s functional currency. Our aim is to manage this risk by reducing the impact of any fluctuations. The Group hedges currency exposure through forward sales of US dollar revenues. US dollars are also sold on the spot market to meet local currency expenditure requirements. Rates of exchange, non-sterling balances and asset exposures by currency are continually assessed. The Group is most sensitive to changes in the US dollar exchange rates. The sensitivity analysis assumes an instantaneous 5% change in the US dollar exchange rates from their levels at 31 December 2024, with all other variables held constant. The following table demonstrates the sensitivity to a reasonably possible change in this rate, with all other variables held constant, of the Group\u2019s profit before taxation and equity.
Strengthening/ Effect on
(weakening) profit before Effect on
in rate taxation equity
% \u00a3m \u00a3m
2024
5.0
2.3
(5.1)
(5.0)
(2.1)
4.6
2023
5.0
3.4
(3.3)
(5.0)
(3.1)
3.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-530": { "value": "Derivative financial instruments It is the Group\u2019s policy to cover or hedge a proportion of its future transactional US dollar revenues in the UK and Norway with foreign currency contracts. The strategy is to protect the Group against a significant weakening of the US dollar. The Group considers the hedge to be effective if each forward contract is settled with the bank and the US dollars sold represent collections from previous months\u2019 invoicing. Should the hedging ratio be greater than one (that is, contracted sales are greater than US dollar revenues) then the hedge is deemed to be ineffective. Where these are designated and documented as hedging instruments in the context of IFRS 9 and are demonstrated to be effective, mark-to-market gains and losses are recognised directly in equity (see note 25). These are transferred to the income statement, within revenue, upon receipt of cash and conversion to sterling of the underlying item being hedged. All of the contracts settled during the year were effective. There were no contracts deemed ineffective during the year. The fair value of foreign currency contracts at 31 December are as follows:
Assets
Liabilities
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Foreign currency contracts
1.1
3.5
3.9
\u2013
At 31 December, the Group had the following US$/GBP forward contracts for settlement:
2024
2023
Average rate Average rate
US$m
US$/\u00a3
US$m
US$/\u00a3
For settlement in 2024
\u2013
\u2013
90.0
1.27
For settlement in 2025
99.0
1.25
65.0
1.23
For settlement in 2026
60.0
1.28
10.0
1.26
For settlement in 2027
30.0
1.29
\u2013
\u2013
At 31 December, the Group had the following US$/NOK forward contracts for settlement:
2024
2023
Average rate Average rate
US$m
NOK/US$
US$m
NOK/US$
For settlement in 2024
\u2013
\u2013
21.0
10.53
For settlement in 2025
20.7
10.77
10.0
10.48
For settlement in 2026
10.0
10.97
5.0
10.97
For settlement in 2027
5.0
10.90
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-531": { "value": "Capital management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. Total capital is calculated as equity as shown in the consolidated balance sheet. The Group manages its capital structure, and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes during the years ended 31 December 2024 or 31 December 2023. These financial statements are prepared on the going concern basis and the Group continues to pay dividends. A number of the Group\u2019s trading entities are subject to regulation by the Norwegian FSA, the FCA in the UK, the MAS in Singapore, and the CFTC and the NFA, SEC and FINRA in the US. Regulatory capital at an entity level depends on the jurisdiction in which it is incorporated. In each case, the approach is to hold an appropriate surplus over the local minimum requirement. Each regulated entity complied with their regulatory capital requirements throughout the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-532": { "value": "Fair values IFRS 13 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy: \u2014 quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); \u2014 inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2014 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 31 December.
Level 1
Level 2
Level 3
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Investments at fair value through
profit or loss (\u2018FVPL\u2019)
0.3
0.3
1.8
1.2
\u2013
\u2013
Foreign currency contracts
\u2013
\u2013
1.1
3.5
\u2013
\u2013
0.3
0.3
2.9
4.7
\u2013
\u2013
Liabilities
Foreign currency contracts
\u2013
\u2013
3.9
\u2013
\u2013
\u2013
\u2013
\u2013
3.9
\u2013
\u2013
\u2013
FVPL investments are valued based on quoted prices in an active market (Level 1) or based on quoted prices for similar assets (Level 2); FVOCI investments are categorised as Level 3 as the shares are not listed on an exchange and there were no recent observable arm\u2019s-length transactions in the shares. The fair value of the foreign currency contracts are calculated by management based on external valuations received. These valuations are calculated based on forward exchange rates at the balance sheet date. Investment properties are not measured at fair value, but the fair value is disclosed in note 11. The classification of financial assets and financial liabilities at 31 December is as follows: Financial assets 2024 2023 Hedging instruments \u00a3m Fair value through profit or loss \u00a3m Amortised cost \u00a3m Total \u00a3m Hedging instruments \u00a3m Fair value through profit or loss \u00a3m Amortised cost \u00a3m Total \u00a3m Other receivables \u2013 \u2013 8.0 8.0 \u2013 \u2013 13.1 13.1 Investments \u2013 2.1 62.0 64.1 \u2013 1.5 39.9 41.4 Trade receivables \u2013 \u2013 110.6 110.6 \u2013 \u2013 121.7 121.7 Foreign currency contracts 1.1 \u2013 \u2013 1.1 3.5 \u2013 \u2013 3.5 Cash and cash equivalents \u2013 \u2013 431.3 431.3 \u2013 \u2013 398.9 398.9 1.1 2.1 611.9 615.1 3.5 1.5 573.6 578.6 Financial liabilities
2024
2023
Hedging Amortised Hedging Amortised
instruments cost Total instruments cost Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
\u2013
18.8
18.8
\u2013
34.4
34.4
Other payables
\u2013
12.1
12.1
\u2013
22.8
22.8
Foreign currency contracts
3.9
\u2013
3.9
\u2013
\u2013
\u2013
Deferred consideration
\u2013
\u2013
\u2013
\u2013
0.4
0.4
Lease liabilities
\u2013
38.1
38.1
\u2013
43.2
43.2
3.9
69.0
72.9
\u2013
100.8
100.8
The carrying value of current and non-current financial assets and liabilities is deemed to equate to the fair value at 31 December 2024 and 2023. Net losses on financial assets at fair value through profit or loss amounted to \u00a30.1m (2023: \u00a30.1m). Net losses on financial assets at fair value through other comprehensive income were \u00a3nil (2023: \u00a3nil). Gains/(losses) on trade receivables (measured at amortised cost) are shown in note 15.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-509": { "value": "Fair values IFRS 13 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy: \u2014 quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); \u2014 inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2014 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 31 December.
Level 1
Level 2
Level 3
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Investments at fair value through
profit or loss (\u2018FVPL\u2019)
0.3
0.3
1.8
1.2
\u2013
\u2013
Foreign currency contracts
\u2013
\u2013
1.1
3.5
\u2013
\u2013
0.3
0.3
2.9
4.7
\u2013
\u2013
Liabilities
Foreign currency contracts
\u2013
\u2013
3.9
\u2013
\u2013
\u2013
\u2013
\u2013
3.9
\u2013
\u2013
\u2013
FVPL investments are valued based on quoted prices in an active market (Level 1) or based on quoted prices for similar assets (Level 2); FVOCI investments are categorised as Level 3 as the shares are not listed on an exchange and there were no recent observable arm\u2019s-length transactions in the shares. The fair value of the foreign currency contracts are calculated by management based on external valuations received. These valuations are calculated based on forward exchange rates at the balance sheet date. Investment properties are not measured at fair value, but the fair value is disclosed in note 11. The classification of financial assets and financial liabilities at 31 December is as follows: Financial assets 2024 2023 Hedging instruments \u00a3m Fair value through profit or loss \u00a3m Amortised cost \u00a3m Total \u00a3m Hedging instruments \u00a3m Fair value through profit or loss \u00a3m Amortised cost \u00a3m Total \u00a3m Other receivables \u2013 \u2013 8.0 8.0 \u2013 \u2013 13.1 13.1 Investments \u2013 2.1 62.0 64.1 \u2013 1.5 39.9 41.4 Trade receivables \u2013 \u2013 110.6 110.6 \u2013 \u2013 121.7 121.7 Foreign currency contracts 1.1 \u2013 \u2013 1.1 3.5 \u2013 \u2013 3.5 Cash and cash equivalents \u2013 \u2013 431.3 431.3 \u2013 \u2013 398.9 398.9 1.1 2.1 611.9 615.1 3.5 1.5 573.6 578.6 Financial liabilities
2024
2023
Hedging Amortised Hedging Amortised
instruments cost Total instruments cost Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
\u2013
18.8
18.8
\u2013
34.4
34.4
Other payables
\u2013
12.1
12.1
\u2013
22.8
22.8
Foreign currency contracts
3.9
\u2013
3.9
\u2013
\u2013
\u2013
Deferred consideration
\u2013
\u2013
\u2013
\u2013
0.4
0.4
Lease liabilities
\u2013
38.1
38.1
\u2013
43.2
43.2
3.9
69.0
72.9
\u2013
100.8
100.8
The carrying value of current and non-current financial assets and liabilities is deemed to equate to the fair value at 31 December 2024 and 2023. Net losses on financial assets at fair value through profit or loss amounted to \u00a30.1m (2023: \u00a30.1m). Net losses on financial assets at fair value through other comprehensive income were \u00a3nil (2023: \u00a3nil). Gains/(losses) on trade receivables (measured at amortised cost) are shown in note 15.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-479": { "value": "
29 Related party transactions
As in 2023, the Group did not enter into any related party transactions during the year, except as noted below.
As mentioned in the biographies in the Board of Directors on page 91, Sue Harris is a Non-Executive Director of
Schroder & Co. Limited and Chair of the Audit and Risk Committee of the Wealth Management Division. Another
Schroder Group company is one of the investment managers of the defined benefit section of the Clarkson PLC
pension scheme. In 2020, Jeff Woyda was appointed to the Board of Trustees of The Clarkson Foundation.
Post employment benefits
See note 23 for details of contributions to the Group\u2019s pension schemes.
Compensation of key management personnel (including Directors)
There were no key management personnel in the Group apart from the Clarkson PLC Directors. Details of their
compensation are set out below.
2024 2023
\u00a3m \u00a3m
Short-term employee benefits
15.5
14.6
Post-employment benefits
0.1
0.1
Share-based payments
1.1
1.1
16.7
15.8
Full remuneration details are provided in the Directors\u2019 Remuneration Report on pages 117 to 134.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-533": { "value": "29 Related party transactions As in 2023, the Group did not enter into any related party transactions during the year, except as noted below. As mentioned in the biographies in the Board of Directors on page 91, Sue Harris is a Non-Executive Director of Schroder & Co. Limited and Chair of the Audit and Risk Committee of the Wealth Management Division. Another Schroder Group company is one of the investment managers of the defined benefit section of the Clarkson PLC pension scheme. In 2020, Jeff Woyda was appointed to the Board of Trustees of The Clarkson Foundation. Post employment benefits See note 23 for details of contributions to the Group\u2019s pension schemes. Compensation of key management personnel (including Directors) There were no key management personnel in the Group apart from the Clarkson PLC Directors. Details of their compensation are set out below.
2024 2023
\u00a3m \u00a3m
Short-term employee benefits
15.5
14.6
Post-employment benefits
0.1
0.1
Share-based payments
1.1
1.1
16.7
15.8
Full remuneration details are provided in the Directors\u2019 Remuneration Report on pages 117 to 134.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-510": { "value": "Compensation of key management personnel (including Directors) There were no key management personnel in the Group apart from the Clarkson PLC Directors. Details of their compensation are set out below.
2024 2023
\u00a3m \u00a3m
Short-term employee benefits
15.5
14.6
Post-employment benefits
0.1
0.1
Share-based payments
1.1
1.1
16.7
15.8
Full remuneration details are provided in the Directors\u2019 Remuneration Report on pages 117 to 134.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-480": { "value": "
30 Non-controlling interest
The non-controlling interest relates to 14 entities based in Norway, in the Financial segment, and one entity in the US,
in the Support segment.
The subsidiaries that have a non-controlling interest were not material to the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:2138007G6BGTEHI3OT22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }