{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2024-03-27/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "mgns": "http://www.morgansindall.com/20251231", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://www.morgansindall.com/xbrl/2025/2138008339ULDGZRB345-2025-12-31.xsd" ] }, "facts": { "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00256": { "value": "Our Group o\ufb00ers a unique range of housing, mixed-use placemaking, \ufb01t out and construction services to public sector, regulated-industry and commercial partners and clients. We operate in specialist markets where there is strong demand, high barriers to entry and potential for growth in the medium and long term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00323": { "value": "Annual report on remuneration
This section provides details of how the existing remuneration policy was implemented during the \ufb01nancial year ended
31 December 2025 and how the committee intends to implement the new policy in 2026. The information provided in this section
of the remuneration report which is subject to audit has been highlighted.
Single total \ufb01gures of remuneration (audited)
Executive directors
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Fixed pay
Variable pay
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Value of
\u00a0 \u00a0
\u00a0
Fees/basic
\u00a0
Pension
Total
Annual
long-term
Total
Total
\u00a0
salary
Bene\ufb01ts
2
contributions
\ufb01xed pay
bonuses
incentives
3
variable pay
remuneration
\u00a0
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
John Morgan
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2025
636
28
38
702
955
2,318
3,273
3,975
2024
615
28
37
680
922
1,266
2,189
2,869
Kelly Gangotra
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2025
508
27
30
565
761
0
761
1,326
2024
1
322
17
19
358
483
0
483
841
\n
Notes:
1
Kelly Gangotra joined the Board as chief \ufb01nancial o\ufb03cer on 7 May 2024.
2
Bene\ufb01ts relate to travel allowance, private medical bene\ufb01ts, ill health income protection insurance, employee assistance programme and life insurance.
3
As the market price on the date of vesting for the 2023 awards is currently unknown, the LTIP value shown is estimated using the average market value over the last quarter of 2025 of
\u00a346.72. The 2024 comparative \ufb01gures for the value of the long-term incentives and total remuneration have been revised from last year\u2019s report to re\ufb02ect the actual share price used for the
vesting and the value of dividend-equivalent shares awarded. Awards granted in 2022, which vested based on performance to 31 December 2024, are valued using the closing price on 6
March 2025, the date prior to the date of vesting (7 March 2025), of \u00a331.20. (The closing share price on 7 March 2025 was \u00a331.05.)
Annual cash bonus outturn (audited)
Annual bonus \ufb01gures represent the full amount earned for 2025. Of the amounts shown, 33% will be deferred in nil-cost share options for
three years. The table below shows performance against PBTA* targets for 2025 representing 100% of the annual bonus potential.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Threshold
Target
Maximum
Actual
Payout,
\u00a0
\u00a3m
\u00a3m
\u00a3m
performance
percentage of
\u00a0
(15% payout)
(50% payout)
(100% payout)
\u00a3m
maximum
Group PBTA* full-year 2025
\u00a3164.4m
\u00a3173.0m
\u00a3190.3m
\u00a3232.6m
100%
\n
LTIP \u2013 2023 award outturn (audited)
LTIP awards granted in 2023 are due to vest on 3 March 2026. As set out in the table below, 100% of these awards are expected to vest.
Performance condition
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Threshold
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0
(EPS: 12.5% vest,
\u00a0
Actual
Percentage
\u00a0
Weighting
TSR: 25% vest)
Stretch (100% vest)
performance
vesting
Adjusted* EPS in full-year 2025
67%
260.0p
308.0p
370.0p
100%
Relative TSR (vs FTSE 250 excluding
33%
Median
Median + 10% p.a.
Median + 42.6% p.a.
100%
investment trusts)
\u00a0 \u00a0 \u00a0
outperformance
\u00a0
Total vesting
\u00a0 \u00a0 \u00a0 \u00a0
100%
\n
As the market price on the date of vesting is currently unknown, the values shown in the single-\ufb01gure table are based on the average
market value over the last quarter of 2025 of \u00a346.72, a 161% increase on the share price at the date of grant of \u00a317.88. Accordingly,
61.7% of the \u2018value of long-term incentives\u2019 \ufb01gures shown in the single-\ufb01gure table above is a result of share price appreciation,
amounting to c.\u00a31,430,612 for John Morgan. As noted earlier in this report, the committee\u2019s view is that the gain through share price
appreciation is not indicative of any windfall gains and therefore it has not exercised any discretion in respect of the achieved outcomes.
The value of 2025 long-term incentives in the single-\ufb01gure table above does not include the value of any dividend-equivalent shares
that may be due for the 2023 awards on the date of vesting.
The net awards received (after the deduction of tax and National Insurance where applicable) will be subject to a two-year holding
period in which the director will not be able to sell the shares but will be entitled to receive dividends and vote on the shares. The
shares will be held in a Company-nominated share account for the individual and will be transferred to the individual at the end of the
holding period.
Non-executive directors (audited) inclusive of former directors (where applicable)
\n\n \n
Fees
Taxable bene\ufb01ts
1
Total
\u00a3000
\u00a3000
\u00a3000
2025
2024
2025
2024
2025
2024
Peter Harrison
2
131
\u2013
\u2013
\u2013
131
\u2013
Michael Findlay
3
155
220
\u2013
\u2013
155
220
Sharon Fennessy
4
80
68
5
7
85
75
David Lowden
80
72
\u2013
\u2013
80
72
Mark Robson
5
80
24
\u2013
\u2013
80
24
Jen Tippin
80
72
\u2013
\u2013
80
72
\n
1
Taxable bene\ufb01ts include taxable relevant travel and accommodation expenses for attending Board meetings and related business. Any value disclosed is inclusive of tax arising on the
\n
expense, which is settled by the Company.
\n
2
Peter Harrison was appointed to the Board as non-executive director and chair designate on 6 May 2025, and as chair of the Board on 28 July 2025.
\n
3
Michael Findlay stepped down from the Board on 28 July 2025.
\n
4
Sharon Fennessy was appointed to the Board on 1 January 2024 and as chair of the audit committee on 2 May 2024.
\n
5
Mark Robson was appointed to the Board and as chair of the responsible business committee on 1 September 2024.
\n
Inclusive of former directors (where applicable), the aggregate remuneration for executive and non-executive directors in 2025 was
\n
\u00a33.59m (2024: \u00a33.44m). Aggregate remuneration comprises salary, fees, bene\ufb01ts, pension contributions and bonus payments.
\n
Share awards granted during the year (audited)
\n
LTIP
\n
In 2025, LTIP awards were made to the executive directors which will vest subject to performance over the three \ufb01nancial years to
\n
31 December 2027. Of these awards, 67% are subject to an EPS performance condition and 33% are subject to a TSR performance
\n
condition, full details of which are included in last year\u2019s annual report on remuneration.
\n \n \n
Five-day
No. of shares
Percentage
average
over which
of salary
share price at
award was
Face value
Percentage of awards
Date of grant
awarded
date of grant
granted
of award
vesting at threshold
Performance period
John Morgan
6 March 2025
200%
\u00a332.50
39,168
\u00a31,272,960
25%
1 January 2025 to
Kelly Gangotra
175%
27,334
\u00a3888,355
31 December 2027
\n
The share price used to calculate the awards at the date of grant was based on the average share price for the \ufb01ve dealing days
\n
preceding the date of grant. The closing share price on 6 March 2025 was \u00a331.20.
\n
Deferred bonus share options
\n
Of the annual bonus earned in 2024, 33% was deferred into nil-cost share options that will become exercisable three years from the
\n
date of grant.
\n \n \n
Percentage of
No. of shares
bonus earned
Five-day average
over which
Date from which
which was
share price at
award was
Face value
options are
Date of grant
deferred
date of grant
granted
of award
exercisable
John Morgan
6 March 2025
33%
\u00a332.50
9,366
\u00a3304,395
6 March 2028
Kelly Gangotra
4,903
\u00a3159,348
Outstanding interests under share schemes (audited)
\n
Details of the executive directors\u2019 interests in long-term incentive awards as at 31 December 2025 and movements during the year are
\n
as follows:
\n
Performance shares
\n\n \n
No. of
No. of
shares
No. of
awards
outstanding
dividend-
outstanding
as at
No. of
equivalent
Total no.
No. of
as at
End of
Date
Date of
1 January
shares
shares
of shares
shares
31 December
performance
awards
award
2025
awarded
awarded
vested
lapsed
2025
period
vest
John Morgan
7.3.2022
36,823
\u2013
3,759
40,582
\u2013
\u2013
31.12.2024
7.3.2025
3.3.2023
49,606
\u2013
\u2013
\u2013
\u2013
49,606
31.12.2025
3.3.2026
4.3.2024
53,105
\u2013
\u2013
\u2013
\u2013
53,105
31.12.2026
4.3.2027
6.3.2025
\u2013
39,168
\u2013
\u2013
\u2013
39,168
31.12.2027
6.3.2028
Total
139,534
39,168
3,759
40,582
\u2013
141,879
Kelly Gangotra
14.5.2024
40,501*
\u2013
\u2013
\u2013
\u2013
40,501
31.12.2026
14.5.2027
6.3.2025
\u2013
27,334
27,334
31.12.2027
6.3.2028
Total
40,501
27,334
\u2013
\u2013
\u2013
67,835
\n
Notes:
\n
Of the awards granted in 2022, 100% vested due to the EPS and TSR targets being achieved. The Group\u2019s 2024 EPS was 278.8p, which resulted in 100% of the
\n
EPS element of the award vesting. The Group also achieved a TSR of 21.7% per year, which exceeded the median of the comparator group by 27.1% per year and
\n
resulted in 100% of the TSR element of the award vesting. The net awards received (after the deduction of applicable taxes) will be subject to a two-year holding
\n
period in which the director will not be able to sell the shares but will be entitled to receive dividends and vote on the shares. The shares will be released to the
\n
director at the end of the holding period.
\n
Outstanding performance shares are subject to a point-to-point EPS growth target and a TSR performance condition.
\n
*
In addition to her normal award, Kelly Gangotra received an additional one-o\ufb00 award of 50% of salary to compensate for long-term incentives forfeited from her
\n
previous employer.
\n
Deferred bonus plan nil-cost options
\n\n \n
No. of
No. of
options
No. of
options
outstanding
dividend-
outstanding
as at
No. of
equivalent
No. of
No. of
as at
Date from
1 January
options
shares
options
options
31 December
which
Date of grant
2025
granted
awarded
exercised
lapsed
2025
exercisable
John Morgan
7.3.2022
8,937
\u2013
912
9,849
\u2013
\u2013
7.3.2025
3.3.2023
11,811
\u2013
\u2013
\u2013
\u2013
11,811
3.3.2026
4.3.2024
9,142
\u2013
\u2013
\u2013
\u2013
9,142
4.3.2027
6.3.2025
\u2013
9,366
\u2013
\u2013
\u2013
9,366
6.3.2028
Total
29,890
9,366
912
9,849
\u2013
30,319
Kelly Gangotra
6.3.2025
\u2013
4,903
\u2013
\u2013
\u2013
4,903
6.3.2028
Total
4,903
4,903
\n
Notes:
\n
The closing price of a share on 31 December 2025 was \u00a346.50 and the range during the year was \u00a329.45 to \u00a349.75.
Other disclosures
\n
Remuneration committee meetings
\n
The committee met on four occasions during the year. By invitation, the chair of the Board attended one meeting of the committee
\n
and the chief executive presented to another of the committee meetings. The company secretary acted as secretary to the committee.
\n
The chief \ufb01nancial o\ufb03cer did not attend any of the committee meetings. No person was present during any discussion relating to
\n
their own remuneration.
\n
Over the course of the year, the committee received advice on remuneration matters from remuneration advisers Ellason, who were
\n
appointed by the committee in 2021 following a competitive tender process. The committee has also relied on information and advice
\n
provided by the company secretary and has consulted the chief executive (albeit not in relation to his own remuneration). Ellason is a
\n
signatory of the Code of Conduct for Remuneration Consultants, details of which can be found at remunerationconsultantsgroup.com,
\n
and the committee is satis\ufb01ed that the advice it receives from Ellason is independent and objective. The fees paid by the Company to
\n
Ellason during the \ufb01nancial year were \u00a3112,080 (2024: \u00a3107,260). Ellason also provided advice to the Company on accounting for share
\n
awards but provided no other material services to the Company or the Group.
\n
Shareholder voting
\n
At last year\u2019s AGM held on 1 May 2025, the remuneration report (excluding the remuneration policy) for the year ended
\n
31 December 2024 was approved by shareholders. The following table shows the results of the advisory vote on the 2024 annual
\n
remuneration report as well as the results of the binding vote on the remuneration policy, which was last approved by shareholders
\n
at the 2023 AGM.
\n\n \n
Voting for
Voting against
Number of
Number of
Total
Votes
shares
Percentage
shares
Percentage
votes cast
withheld
1
Annual remuneration report
(2025 AGM)
35,177,243
95.81%
1,539,932
4.19%
36,717,175
5,681
Remuneration policy (2023 AGM)
27,256,102
77.81%
7,774,480
22.19%
35,030,582
3,534,665
\n
1
Shareholders who have indicated that they wish to actively abstain from voting are counted as a vote withheld. A vote withheld is not a vote in law and is not counted in the calculation of the
\n
proportion of votes cast \u2018for\u2019 and \u2018against\u2019 a resolution.
\n
Dilution and share usage under employee share plans
\n
Shares for the Company\u2019s discretionary and all-employee share plans may be satis\ufb01ed using either new issue shares or market-
\n
purchased shares. Our present intention is to use market-purchased shares to satisfy awards granted under the LTIP and SOP and
\n
new issue shares to satisfy options granted under the SAYE Plan. However, we retain the ability to use new issue shares for the LTIP
\n
and SOP and may decide to do so up to the dilution limits speci\ufb01ed in the Plan rules (currently 10% of issued ordinary share capital for
\n
all-employee share plans over a 10-year period and, within this limit, no more than 5% of issued ordinary share capital for executive or
\n
discretionary share plans). The outstanding level of dilution against these limits equates to 8.43% (2024: 8.72%) of the current issued
\n
ordinary share capital under all-employee share plans, of which 0% relates to discretionary share plans.
\n
As at 31 December 2025, the Trust held 1,377,157 shares (2024: 1,241,722), which may be used to satisfy awards.
Chief executive remuneration and performance graph
\n
Historical TSR performance
\n
The graph below shows the value to 31 December 2025 of \u00a3100 invested in the Company on 1 January 2016 compared with the value
\n
of \u00a3100 invested in the FTSE All-Share Index and the FTSE All-Share Construction & Materials Index, these being indices of which the
\n
Company has been a constituent over the period shown. The graph also shows the value of \u00a3100 invested in the FTSE 250 Index
\n
(excluding investment trusts), the constituents of which are used for the purposes of the TSR element of the LTIP. In all cases, the other
\n
points plotted are the values at intervening \ufb01nancial year ends.
\n
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
\n
Morgan Sindall
FTSE All-Share Index
FTSE 250 Index (excluding
\n
investment trusts)
\n
FTSE All-Share Construction
\n
& Materials Index
\n
Value of \u00a3100 invested at 31 December 2015
\n
0
\n
100
\n
200
\n
300
\n
400
\n
500
\n
600
\n
700
\n
800
\n
900
\n
1,000
\n
Historical pay vs performance
\n
The graph below shows the TSR and PBTA* for the Company over the past 10 \ufb01nancial years. The chief executive remuneration table
\n
provides a summary of the total remuneration received by the chief executive over the past 10 years, including details of annual bonus
\n
payout and long-term incentive award vesting level in each year. The annual bonus payout and long-term incentive award vesting level
\n
as a percentage of the maximum opportunity are also shown for each of these years.
\n\n \n
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total remuneration \u00a3000
1,467
2,447
2,555
2,599
1,095
2,806
2,207
2,577
2,869
3,975
Annual bonus percentage of maximum
100
100
100
93
\u2013
100
100
95
100
100
Long-term incentive award vesting
62
100
100
100
43
100
100
100
100
100
percentage of maximum share awards
\n
Note: The 2024 total remuneration has been revised from last year\u2019s report to re\ufb02ect the actual share price used for the vesting and the value of dividend-equivalent shares awarded
\n
under the 2014 LTIP (see page 112 for further information).
\n
John Morgan single \ufb01gure
\n
of remuneration (\u00a3000)
\n
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
\n
\u00a30
\n
\u00a31,000
\n
\u00a32,000
\n
\u00a33,000
\n
\u00a34,000
\n
Morgan Sindall TSR
Morgan Sindall PBTA*
John Morgan single \ufb01gure
\n
TSR and PBTA* indexed to 100
\n
as at 31 December 2015
\n
0
\n
100
\n
200
\n
300
\n
400
\n
500
\n
600
\n
700
\n
800
\n
900
\n
1,000
Chief executive pay ratio
\n\n \n
Chief executive pay ratio
P75
Calculation
P25 (lower
(upper
methodology
quartile)
P50 (median)
quartile)
2025
B
83:1
52:1
46:1
2024
B
65:1
45:1
31:1
2023
B
56:1
32:1
26:1
2022
B
47:1
34:1
20:1
2021
B
60:1
53:1
32:1
2020
B
30:1
22:1
15:1
2019
B
58:1
43:1
27:1
\n
The lower-, median- and upper-quartile employees were
\n
determined based on the hourly rate data as at 5 April 2025,
\n
collected for the Group\u2019s reporting under the gender pay gap
\n
legislation (Option B). The gender pay gap data reviews the pay
\n
of all UK employees. This calculation methodology was chosen
\n
as the data was readily available from our work in determining
\n
the gender pay gap. Furthermore, with our decentralised
\n
business model and signi\ufb01cant UK workforce, calculating the
\n
single \ufb01gure of remuneration for each employee (Option A)
\n
would be prohibitively time-consuming and expensive.
\n
The committee has considered the pay data for the three
\n
individuals identi\ufb01ed and believes that it fairly re\ufb02ects pay at
\n
the relevant quartiles among our UK workforce. The three
\n
individuals identi\ufb01ed were full-time employees during the year.
\n
No adjustments or assumptions were made by the committee,
\n
with the total remuneration of these employees calculated in
\n
accordance with the methodology used to calculate the
\n
single \ufb01gure of the chief executive for the 2025 \ufb01nancial year.
\n
The table below sets out the remuneration details for the
\n
individuals identi\ufb01ed.
\n\n \n
Chief
Salary
executive
P25
P50
P75
Basic salary \u00a3k
636
40
56
73
Total annual pay
1
\u00a3k
1,658
48
77
86
Total pay
2
\u00a3k
3,975
48
77
86
\n
1
Total annual pay includes, where applicable, basic salary, annual bonus, pension, travel or
\n
car allowance and the cash value of employee bene\ufb01ts received, such as death in service,
\n
private medical, group income protection and employee assistance programme.
\n
2
Total pay includes total annual pay plus the cash value of any long-term incentives
\n
received under either the LTIP or the SOP.
\n
The headline ratio of 52:1 is 16% higher than the median ratio
\n
of 45.1 in 2024, with this increase driven primarily by signi\ufb01cant
\n
share price growth over the 2023\u201325 long-term incentive
\n
vesting period.
\n
None of the median employees in each quartile identi\ufb01ed this
\n
year received bene\ufb01ts under the Company\u2019s long-term incentive
\n
schemes. With a signi\ufb01cant proportion of the pay of our chief
\n
executive linked to the Company\u2019s performance and share price
\n
movements over the longer term, it is expected that the ratio will
\n
depend substantially on long-term incentive outcomes each year,
\n
and accordingly may \ufb02uctuate. The committee has therefore also
\n
produced pay ratios for basic salary and total annual pay as
\n
shown in the table below.
\n\n \n
Ratio
P25
P50
P75
Basic salary
16:1
11:1
9:1
Total annual pay
1
35:1
22:1
19:1
Total pay
2
83:1
52:1
46:1
\n
1
Total annual pay includes, where applicable, basic salary, annual bonus, pension, travel or
\n
car allowance and the cash value of employee bene\ufb01ts received, such as death in service,
\n
private medical, group income protection and employee assistance programme.
\n
2
Total pay includes total annual pay plus the cash value of any long-term incentives
\n
received under either the LTIP or the SOP.
\n
Relative importance of spend on pay
\n
The table below shows pay for all employees compared with
\n
other key \ufb01nancial indicators.
\n\n \n
2025
2024
Change
Employee remuneration
\u00a3825.4m
\u00a3759.7m
9%
Basic earnings per share
(adjusted*)
370.0p
278.8p
33%
Dividends paid during
the year
\u00a365.8m
\u00a356.1m
17%
Employee headcount
1
8,511
8,242
3%
\n
1
Employee headcount is the monthly average number of employees on a full-time
\n
equivalent basis. More detail is set out in note 2 to the consolidated \ufb01nancial statements.
\n
Shareholding guidelines (audited)
\n
Through participation in performance-linked share-based plans,
\n
there is strong encouragement for senior executives to build and
\n
maintain a signi\ufb01cant shareholding in the business. Shareholding
\n
guidelines are in place requiring the executive directors to build
\n
and maintain a shareholding in the Company equivalent to 200%
\n
of base salary. Until this threshold is achieved, there is a
\n
requirement for executives to retain no less than 50% of the net
\n
of tax value of vested incentive awards.
\n\n \n
Percentage
of salary
Percentage of
required under
salary held at
shareholding
31 December
guidelines
2025
John Morgan
200%
23,988%
Kelly Gangotra
200%
24%
\n
The share price used to value the shares as at 31 December 2025
\n
was \u00a346.50 (2024: \u00a339.00).
Percentage change in remuneration levels
\n
The tables below show details of the percentage change in base salary, bene\ufb01ts and annual bonus for the chair and the executive and
\n
non-executive directors over the past \ufb01ve \ufb01nancial years, compared with the average percentage change for other employees of the
\n
Group over the same periods. Where relevant, data is shown on a full-time equivalent basis.
\n\n \n
Percentage change in base salary/fees
2024\u201325
2023\u201324
2022\u201323
2021\u201322
2020\u201321
Michael Findlay
(chair)
1
22.7%
10.8%
5.0%
2.8%
7.4%
John Morgan
3.5%
3.5%
5.0%
3.0%
7.4%
Kelly Gangotra
2
3.5%
n/a
n/a
n/a
n/a
Sharon Fennessy (audit committee chair)
3
11.1%
n/a
n/a
n/a
n/a
David Lowden (senior independent director)
11.1%
11.1%
5.0%
2.5%
7.0%
Jen Tippin (remuneration committee chair)
4
11.1%
31.0%
6.4%
3.0%
8.5%
Mark Robson (responsible business committee chair)
5
11.1%
n/a
n/a
n/a
n/a
All employees
4.4%
5.6%
2.7%
1.5%
2.6%
\n\n \n
Percentage change in bene\ufb01ts (excluding pension)
2024\u201325
2023\u201324
2022\u201323
2021\u201322
2020\u201321
John Morgan
0.1%
3.7%
0.2%
4.8%
2.4%
Kelly Gangotra
0.4%
n/a
n/a
n/a
n/a
All employees
\u20130.4%
10.1%
4.7%
\u20132.8%
1.5%
\n\n \n
Percentage change in bonus
2024\u201325
2023\u201324
2022\u201323
2021\u201322
2020\u201321
John Morgan
3.5%
30.6%
0.3%
3.1%
100%
Kelly Gangotra
3.5%
n/a
n/a
n/a
n/a
All employees
52.7%
\u20136.1%
8.8%
\u20135.9%
50.6%
\n
Non-executive directors are not eligible to participate in the annual bonus scheme and therefore no data is shown for them in the annual bonus table. Similarly, non-executive directors have not
\n
received bene\ufb01ts from the Company in any of the years shown and therefore no data is shown for them in the bene\ufb01ts table.
\n
1
Michael Findlay stepped down from the Board on 28 July 2025. Peter Harrison was appointed to the Board as non-executive director and chair designate on 6 May 2025 and as chair of the
\n
Board and nomination committee on 28 July 2025. With no percentage changes to report, Peter is not included in the base salary/fees table.
\n
2
Kelly Gangotra joined the Board on 7 May 2024. Full-time equivalent \ufb01gures have been used for Kelly\u2019s calculations in this table.
\n
3
Sharon Fennessy was appointed to the Board on 1 January 2024 and as chair of the audit committee on 2 May 2024.
\n
4
Jen Tippin was appointed as chair of the remuneration committee on 7 December 2023.
\n
5
Mark Robson was appointed to the Board and as chair of the responsible business committee on 1 September 2024.
\n
Directors\u2019 interests (audited)
\n
The \ufb01gures below set out the shareholdings bene\ufb01cially owned by directors and their family interests at 31 December 2025.
\n\n \n
31 December 2025
31 December 2024
No. of shares
No. of shares
Peter Harrison
13,350
n/a
John Morgan
3,283,380
3,284,113
Kelly Gangotra
2,567
975
Sharon Fennessy
650
650
David Lowden
4,000
4,000
Jen Tippin
1,000
1,000
Mark Robson
13,759
13,325
\n
There have been no changes in the interests of the directors between 31 December 2025 and 24 February 2026.
\n
External appointments
\n
At the discretion of the Board, executive directors are allowed to act as non-executive directors of other companies and retain any fees
\n
relating to those posts. Neither of the executive directors currently hold external appointments for which they are remunerated.
\n
Payments to past directors or for loss of o\ufb03ce (audited)
\n
In respect of former \ufb01nance director, Steve Crummett, vesting of previously granted awards during the 2025 \ufb01nancial year were as follows:
\n
30,417 shares (100% vesting) under the 2022 LTIP, the net amount of which remains subject to a mandatory two-year holding period; and
\n
7,853 shares under the deferred bonus plan (in relation to the 2021 annual bonus). In both cases, the number of awards vesting includes
\n
accrued dividend equivalents. No other payments were made to past directors during the year.
Implementation of the remuneration policy for 2026
\n
Base salaries
\n
As set out in the chair\u2019s statement, the committee reviewed the
\n
executive director salaries during the year and made the changes
\n
set out in the table below. In respect of the chief \ufb01nancial o\ufb03cer,
\n
an initial 4.0% increase (aligned with the budgeted increase for
\n
other senior executives and the workforce more generally) with
\n
e\ufb00ect from 1 January 2026 will be followed with a further 18.4%
\n
increase with e\ufb00ect from 1 April 2026 to recognise a material
\n
change to her role responsibilities. In con\ufb01rming these salary
\n
increases, the committee took account of the performance of
\n
each executive director and the positioning of their current
\n
salaries relative to market competitors.
\n
1
\n\n \n
From
From
1 January
1 January
2026
2025
\u00a3
\u00a3
Increase
John Morgan
795,000
636,486
24.9%
527,947
(January 2026)
Kelly Gangotra
625,000
507,641
4.0%
(April 2026)
\n
1
The committee considers size-adjusted market data for construction (Balfour Beatty,
\n
Costain, Galliford Try, Keller, Kier), housebuilding (Barratt Redrow, Bellway, Persimmon,
\n
Taylor Wimpey, Vistry) and engineering and real estate (Babcock, British Land, Grainger,
\n
Land Securities, Mitie) comparators, as well as market data for size comparators, drawn
\n
from the FTSE on the basis of similarity to the Company in terms of market cap, revenue
\n
and number of employees.
\n
Pension
\n
The Company contributes up to 6% of base salary to a personal
\n
pension plan and/or as a cash supplement. This is in line with the
\n
maximum pension contribution for the employee population.
\n
Consistent with all employees participating in the LifeSight master
\n
trust, relevant executive directors may exchange part of their
\n
gross salary and bonus awards in return for pension
\n
contributions. Where additional pension contributions are made
\n
through the salary exchange process, the Company enhances
\n
the contributions by half of the saved employer\u2019s National
\n
Insurance contribution.
\n
The majority of employees in the Group are entitled to a
\n
Company pension contribution of up to 6% of basic salary if they
\n
contribute 6% themselves. Senior employees within the Group
\n
are entitled to a Company pension contribution of up to 10% of
\n
basic salary.
\n
Annual bonus
\n
The maximum annual bonus potential for 2026 will be 150% of
\n
base salary with 67% of any bonus earned paid in cash and the
\n
remaining 33% deferred in nil-cost share options for three years.
\n
To ensure that management is focused on the Group\u2019s \ufb01nancial
\n
performance in 2026, 100% of the bonus will continue to be
\n
based on a PBTA* target range set in relation to the Group
\n
budget. The annual bonus, including the deferred shares, will be
\n
subject to malus and clawback provisions.
\n
The targets for the forthcoming year are set in relation to the
\n
Group budget, which is considered commercially sensitive. For
\n
2026, the bonus trigger point for the annual bonus will be 95%
\n
and the maximum trigger point will be 110% of budgeted PBTA*.
\n
Retrospective disclosure of the targets and performance against
\n
them will be disclosed in next year\u2019s remuneration report.
\n
Long-term incentives
\n
The committee intends to make awards to the current executive
\n
directors under the LTIP in March 2026.
\n
As noted in the chair\u2019s statement, the awards to be granted in
\n
2026 will be over 200% of base salary for the chief executive and
\n
the chief \ufb01nancial o\ufb03cer with Kelly\u2019s award being based on a
\n
salary of c.\u00a3528k (i.e. her chief \ufb01nancial o\ufb03cer salary prior to the
\n
uplift for her additional responsibilities in April). Consistent with
\n
prior years, two thirds of awards will be based on an EPS
\n
performance target with the remaining one third based on the
\n
Company\u2019s TSR performance. Threshold performance under each
\n
measure will deliver 25% vesting, rising on a straight-line basis to
\n
full vesting for stretch performance. Further details on the
\n
performance conditions are set out below.
\n
Net shares vesting under LTIP awards granted in 2026 will be
\n
subject to a mandatory two-year holding period at the end
\n
of the vesting period. All awards are subject to malus and
\n
clawback provisions.
\n
EPS performance condition (two thirds of award)
\n
In order to set appropriate EPS targets for the 2026 cycle, the
\n
committee considered a number of internal and external
\n
reference points, broker forecasts for the Company and sector
\n
peers over the next two to three years, and typical growth rates
\n
in our sector. The threshold has been set at a 2028 EPS of 355p
\n
and stretch of 460p. The committee is satis\ufb01ed this range is
\n
appropriately stretching given forecasts for the sector.
\n
Vesting of the EPS component will be based on achievement
\n
against this range in 2028 and will also be subject to review by
\n
the remuneration committee to ensure vesting is commensurate
\n
with underlying Company performance, taking into account,
\n
for example, imposed tax changes.
\n
TSR performance condition (one third of award)
\n
TSR targets for 2026 awards will be expressed as an
\n
outperformance of median as per the last three cycles.
\n
The TSR comparator group will again be based on the
\n
constituents of the FTSE 250 Index (excluding investment trusts).
\n
Full vesting will require 10% per year outperformance of
\n
comparator median, a level which remains broadly equivalent
\n
to an upper-quartile level of di\ufb03culty.
\n
Similarly to previous cycles, the committee retains overarching
\n
discretion to override the formulaic outturn of the LTIP where
\n
it believes the outcome is not truly re\ufb02ective of performance,
\n
or to adjust performance measures, targets and/or weightings
\n
during the performance period under exceptional circumstances.
\n
Any use of committee discretion with respect to waiving or
\n
modifying performance conditions will be disclosed in the relevant
\n
annual report.
Fees for the non-executive directors
A further review of the non-executive director fees and chair
of committee fees was undertaken during 2025, resulting in
increases for 2026 of 4% in line with the average increase
awarded to the wider workforce. The resulting fee levels,
summarised below, are now positioned broadly between the
median and upper quartile of the FTSE 250.
The committee determined that the chair\u2019s fee for 2026 be
increased by 4% to \u00a3280,800 taking into account the fact that the
fee had been benchmarked in 2025 and remained in line with the
market for a company within the upper quartile of the FTSE 250.
Accordingly, the annual fees from 1 January 2026 are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
Increase
\u00a0
\u00a3
\u00a3
%
Chair
280,800
270,000
4
Non-executive directors
\u00a0 \u00a0 \u00a0
Base fee
67,600
65,000
4
Additional fees:
\u00a0 \u00a0 \u00a0
Audit committee chair
15,600
15,000
4
Responsible business
\u00a0 \u00a0 \u00a0
committee chair
1
15,600
15,000
4
Remuneration committee
\u00a0 \u00a0 \u00a0
chair
15,600
15,000
4
Senior independent director
15,600
15,000
4
\n
1
Applicable until 24 February 2026 when the committee was dissolved.
Non-executive directors do not receive pension contributions,
private medical insurance, group income protection insurance
or life insurance and do not participate in any short-term or
long-term incentive schemes.
This report was approved by the Board and signed on its
behalf by:
Jen Tippin
Chair of the remuneration committee
24 February 2026Remuneration of key management personnel
The Group considers key management personnel to be the members of the Group management team, and sets out below, in
aggregate, remuneration for each of the categories speci\ufb01ed in IAS 24 \u2018Related Party Disclosures\u2019.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Short-term employee bene\ufb01ts
11.6
11.2
Post-employment bene\ufb01ts
0.2
0.2
Termination bene\ufb01ts
0.9
\u2013
Share-based payments
4.0
3.3
\u00a0
16.7
14.7
\n
Details of directors\u2019 remuneration are set out in the directors\u2019 remuneration report on pages 95 to 120.
Directors\u2019 transactions
There have been no related party transactions with any director in the year or in the subsequent period to 24 February 2026.
Directors\u2019 material interests in contracts with the Company
No director held any material interest in any contract with the Company or any Group company in the year or in the subsequent period
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John Morgan
Kelly Gangotra
Chief Executive
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"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00422": { "value": "748800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138008339ULDGZRB345", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquityParenthetical_NegatedLabel_00433": { "value": "-2900000.0", "decimals": -5, "dimensions": { "concept": "mgns:CurrentTaxCreditOnSharebasedPaymentTransactionsEquity", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquityParenthetical_NegatedLabel_00434": { "value": "-5800000.0", "decimals": -5, "dimensions": { "concept": "mgns:CurrentTaxCreditOnSharebasedPaymentTransactionsEquity", "entity": "scheme:2138008339ULDGZRB345", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquityParenthetical_NegatedLabel_00435": { "value": "-6700000.0", "decimals": -5, "dimensions": { "concept": "mgns:DeferredTaxCreditOnSharebasedPaymentTransactionsEquity", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquityParenthetical_NegatedLabel_00436": { "value": "-5600000.0", "decimals": -5, "dimensions": { "concept": "mgns:DeferredTaxCreditOnSharebasedPaymentTransactionsEquity", "entity": "scheme:2138008339ULDGZRB345", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00262": { "value": "Material accounting policy information
for the year ended 31 December 2025
\n
Reporting entity
\n
Morgan Sindall Group plc (the \u2018Company\u2019 or \u2018Ultimate Parent\u2019) is a
\n
public limited company, domiciled and incorporated in the United
\n
Kingdom. Its registration number is 00521970 and its registered
\n
address is Kent House, 14\u201317 Market Place, London, W1W 8AJ.
\n
The nature of its operations and principal activities along with
\n
those of its subsidiaries (together the \u2018Group\u2019) are set out in
\n
note 2 and in the strategic report on page 6, and pages 8 to 9.
\n
The Company did not change its name during the year ended
\n
31 December 2025 or the year ended 31 December 2024.
\n
Basis of preparation
\n
(a) Statement of compliance
\n
The \ufb01nancial statements have been prepared on a going concern
\n
basis in accordance with the requirements of the Companies Act
\n
2006 and UK-adopted international accounting standards.
\n
(b) Basis of accounting
\n
The consolidated \ufb01nancial statements have been prepared under
\n
the historical cost convention, except where otherwise indicated.
\n
The impairment of contract assets has been presented separately
\n
on the income statement due to the materiality of the impairment
\n
loss amount recognised during the prior year.
\n
(c) Going concern
\n
In determining the appropriate basis of preparation of the
\n
\ufb01nancial statements, the directors are required to consider
\n
whether the Group and Company can continue in operational
\n
existence during the going concern period, which the directors
\n
have determined to be until 28 February 2027.
\n
As at 31 December 2025, the Group held cash of \u00a3590.5m,
\n
including \u00a320.3m (2024: \u00a323.1m) which is the Group\u2019s share of
\n
cash held within jointly controlled operations, and total overdrafts
\n
repayable on demand of \u00a359.3m (together net cash of \u00a3531.2m).
\n
Should further funding be required, the Group has signi\ufb01cant
\n
committed \ufb01nancial resources available, including unutilised bank
\n
facilities of \u00a3180m (2024: \u00a3180m), of which \u00a3165m matures in
\n
October 2028 and \u00a315m matures in June 2028. The Group\u2019s
\n
secured order book at 31 December 2025 is \u00a312.0bn (2024:
\n
\u00a311.4bn), of which \u00a34.0bn relates to the 12 months ended
\n
31 December 2026.
\n
The directors have reviewed the Group\u2019s forecasts and
\n
projections for the going concern period, including sensitivity
\n
analysis (detailed on pages 66 and 67), including reduced
\n
revenues, margins, a working capital deterioration and project
\n
delays, to assess the Group\u2019s resilience to the potential \ufb01nancial
\n
impact on the Group of any plausible losses of revenue or
\n
operating pro\ufb01t which could arise from one of the principal
\n
risks to the business occurring (these risks are discussed on
\n
pages 48 to 54 and include the directors\u2019 assessment of the
\n
impact of climate change). The analysis also includes a
\n
reasonable worst-case scenario in which the Group\u2019s principal
\n
risks manifest in aggregate to a severe but plausible level
\n
involving the aggregation of the impacts of a number of these risks.
\n
The modelling showed that the Group would remain pro\ufb01table
\n
throughout the going concern period and there is considerable
\n
headroom above lending facilities such that there would be no
\n
expected requirement for the Group to utilise the bank facility,
\n
which underpins the going concern assumption on which these
\n
\ufb01nancial statements have been prepared. As part of the sensitivity
\n
analysis the directors also modelled a scenario that stress-tests
\n
the Group\u2019s forecasts and projections to determine the scenario
\n
in which the headroom above the committed bank facility would
\n
be exceeded. This model showed that the Group\u2019s operating
\n
pro\ufb01t would need to deteriorate substantially for the headroom
\n
to exceed the committed bank facility. The directors consider
\n
there is no plausible scenario where cash in\ufb02ows would
\n
deteriorate this signi\ufb01cantly. However, as part of their analysis the
\n
Board also considered further mitigating actions at their
\n
discretion, such as a reduction in investments in working capital,
\n
to improve the position identi\ufb01ed by the reasonable worst-case
\n
scenario. In all scenarios, including the reasonable worst case,
\n
the Group is able to comply with its \ufb01nancial covenants, operate
\n
within its current facilities, and meet its liabilities as they fall due.
\n
Accordingly, the directors consider there to be no material
\n
uncertainties that may cast signi\ufb01cant doubt on the Group\u2019s ability
\n
to continue to operate as a going concern. They have formed a
\n
judgement that there is a reasonable expectation that the
\n
Group and Company have adequate resources to continue in
\n
operational existence for the going concern period which they
\n
determine to be until 28 February 2027. For this reason, they
\n
continue to adopt the going concern basis in the preparation
\n
of these \ufb01nancial statements. The period until 28 February 2027
\n
has been assessed as appropriate following consideration of the
\n
budgeting cycles and typical contract lengths undertaken across
\n
the Group.
\n
(d) Functional and presentation currency
\n
These consolidated \ufb01nancial statements are presented in pounds
\n
sterling, which is the Group\u2019s presentational currency and the
\n
Company\u2019s functional currency. All \ufb01nancial information, unless
\n
otherwise stated, has been rounded to the nearest \u00a30.1m.
\n
(e) Climate change risk
\n
While the Group is committed to achieve its near-term carbon
\n
emission targets by 2030, the governmental and societal
\n
responses to climate change risks are still developing and
\n
therefore the Group is currently unable to determine the full
\n
future economic impact of climate change risks on their
\n
business model to achieve this. As such, the potential impacts
\n
of climate change risk are not fully incorporated in these
\n
\ufb01nancial statements.
(f) Adoption of new and amended standards
and interpretations
(i) New and amended accounting standards adopted by
the Group
During the year, the Group has adopted the following new and
amended standard and interpretation. Its adoption has not had
any signi\ufb01cant impact on the accounts or disclosures in these
\ufb01nancial statements:
n
Amendments to IAS 21 \u2018The E\ufb00ects of Changes in Foreign
Exchange Rates\u2019
(ii) New and amended accounting standards and
interpretations which were in issue but were not yet
e\ufb00ective and have not been adopted early by the Group
At the date of the \ufb01nancial statements, the Group has not applied
the following new and amended standards that have been issued
but are not yet e\ufb00ective:
n
Amendments to IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7
\u2018Financial Instruments: Disclosures\u2019
n
Contracts Referencing Nature-dependent Electricity
(Amendments to IFRS 9 and IFRS 7)
n
Annual Improvements to IFRS Accounting Standards \u2013
Volume 11
n
IFRS 18 \u2018Presentation and Disclosures in Financial Statements\u2019
The Group is currently assessing the impact of these new and
amended standards but does not expect that the adoption of the
standards listed above will have a material impact on the \ufb01nancial
statements of the Group in future periods.
The accounting policies as set out below have been applied
consistently to all periods presented in these consolidated
\ufb01nancial statements.
Basis of consolidation
The consolidated \ufb01nancial statements incorporate the \ufb01nancial
statements of the Company and the entities controlled by the
Company, together with the Group\u2019s share of the results of joint
ventures made up to 31 December each year. Control is achieved
when the Company (i) has the power over the investee; (ii) is
exposed, or has rights, to variable returns from its involvement
with the investee; and (iii) has the ability to use its power to a\ufb00ect
its returns. The Company reassesses whether or not it controls
an investee if facts and circumstances indicate that there are
changes to one or more of the three elements of control listed
above. Business combinations are accounted for using the
acquisition method.
(a) Subsidiaries
Subsidiaries are entities that are controlled by the Group.
The \ufb01nancial statements of subsidiaries are included in the
consolidated \ufb01nancial statements of the Group from the
date that control is obtained to the date that control ceases.
The accounting policies of new subsidiaries are changed where
necessary to align them with those of the Group.
If the Group loses control over a subsidiary, it derecognises the
related assets (including goodwill), liabilities, non-controlling
interest and other components of equity, while any resultant gain
or loss is recognised in the income statement. Any investment
retained is recognised at fair value.
(b) Joint arrangements
A joint arrangement is a contractual arrangement whereby two
or more parties undertake an economic activity that is subject
to joint control, which requires unanimous consent for strategic,
\ufb01nancial and operating decisions.
(i) Joint ventures
A joint venture generally involves the establishment of a
corporation, partnership or other entity in which each venturer
has rights to the net assets of the joint venture and joint control
over strategic, \ufb01nancial and operating decisions. The results,
assets and liabilities of jointly controlled entities are incorporated
in the \ufb01nancial statements using the equity method of accounting.
Goodwill relating to a joint venture which is acquired directly is
included in the carrying amount of the investment and is not
amortised. After application of the equity method, the Group\u2019s
investments in joint ventures are reviewed to determine whether
any additional impairment loss in relation to the net investment in
the joint venture is required, and if so it is written o\ufb00 in the period
in which those circumstances are identi\ufb01ed. When there is a
change recognised directly in the equity of the joint venture, the
Group recognises its share of any change and discloses this,
where applicable, in the statement of comprehensive income.
Where the Group\u2019s share of losses exceeds its equity-accounted
investment in a joint venture, the carrying amount of the equity
interest is reduced to nil and the recognition of further losses is
discontinued except to the extent that the Group has incurred
legal or constructive obligations. Appropriate adjustment is
made to the results of joint ventures where material di\ufb00erences
exist between a joint venture\u2019s accounting policies and those of
the Group.
Dividend income from investments is recognised when the
shareholders\u2019 rights to receive payment have been established.
(ii) Joint operations
Construction contracts carried out as a joint arrangement
without the establishment of a legal entity are joint operations.
The Group\u2019s share of the results and net assets of these joint
operations are included under each relevant heading in the
income statement and the statement of \ufb01nancial position.
(c) Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised
income and expense arising from intra-group transactions, are
eliminated in preparing the consolidated \ufb01nancial statements.
Unrealised gains arising from transactions with equity-accounted
investments are eliminated to the extent of the Group\u2019s interest
in that investment. Unrealised losses are eliminated in the same
way as unrealised gains, but only to the extent that there is no
evidence of impairment.
Revenue and margin recognition
Revenue and margin are recognised as follows:
(a) Construction and infrastructure contracts
A signi\ufb01cant portion of the Group\u2019s revenue is derived from
construction and infrastructure services contracts. These services
are provided to customers across a wide variety of sectors and
the size and duration of the contracts can vary signi\ufb01cantly from
a few weeks to more than 10 years.
The majority of contracts are considered to contain only one
performance obligation for the purposes of recognising revenue.
While the scope of works may include a number of di\ufb00erent
components, in the context of construction and infrastructure
services activities these are usually highly interrelated and
produce a combined output for the customer.
Contracts are typically satis\ufb01ed over time. For \ufb01xed price
construction contracts progress is measured through a valuation
of the works undertaken by a professional quantity surveyor,
including an assessment of any elements for which a price has
not yet been agreed such as changes in scope. For cost-
reimbursable infrastructure services contracts progress is
measured based on the costs incurred to date as a proportion of
the estimated total cost and an assessment of the \ufb01nal contract
price payable.
Variations are not included in the estimated total contract price
until the customer has agreed the revised scope of work.
Where the scope has been agreed but the corresponding change
in price has not yet been agreed, only the amount that is
considered highly probable not to reverse in the future is included
in the estimated total contract price. Where delays to the
programme of works are anticipated and liquidated damages
would be contractually due, the estimated total contract price is
reduced accordingly. This is only mitigated by expected
extensions of time or commercial resolution being achieved
where it is highly probable that this will not lead to a signi\ufb01cant
reversal in the future.
For cost-reimbursable contracts, expected pain share is
recognised in the estimated total contract price immediately,
while anticipated gain share and performance bonuses are only
recognised at the point that they are agreed by the customer.
In order to recognise the pro\ufb01t over time it is necessary to
estimate the total costs of the contract. These estimates take
account of any uncertainties in the cost of work packages which
have not yet been let and materials which have not yet been
procured, the expected cost of any acceleration of or delays
to the programme or changes in the scope of works and the
expected cost of any recti\ufb01cation works during the defects
liability period.
Once the outcome of a construction contract can be estimated
reliably, margin is recognised in the income statement in line with
the corresponding stage of completion. Where a contract is
forecast to be loss-making, the full loss is recognised immediately
in the income statement.
(b) Service contracts
Service contracts include design, maintenance and management
services. Contracts are typically satis\ufb01ed over time and revenue is
measured through an assessment of time incurred and materials
utilised as a proportion of the total expected or percentage of
completion depending upon the nature of the service.
(c) Sale of land and development properties
The Group derives a signi\ufb01cant portion of revenue from the sale
of land, and the development and sale of residential and
commercial properties.
Contracts are typically satis\ufb01ed at a point in time. This is usually
deemed to be legal completion as this is the point at which the
Group has an enforceable right to payment. The only exception
to this is pre-let forward-sold developments where the customer
controls the work in progress as it is created; or where the Group
is unable to put the asset being constructed to an alternative use
due to legal or practical limitations and has an enforceable right to
payment for the work completed to date. Where these conditions
are met, the contract is accounted for as a construction contract
in accordance with paragraph (a) above.
Revenue from the sale of land and residential and commercial
properties is measured at the transaction price agreed in the
contract with the customer. While deferred payment terms may
be agreed in rare circumstances, the deferral never exceeds
twelve months. The transaction price is therefore not adjusted for
the e\ufb00ects of a signi\ufb01cant \ufb01nancing component. The Group no
longer utilises shared equity loan schemes for the sale of
residential properties.
In order to recognise the pro\ufb01t, it is necessary to estimate the
total costs of a development. These estimates take account of
any uncertainties in the cost of work packages which have not
yet been let and materials which have not yet been procured and
the expected cost of any recti\ufb01cation works during the defects
liability period, which is 12 months for commercial property and
24 months for residential property.
Pro\ufb01t is recognised by allocating the total costs of a scheme
to each unit at a consistent margin. For mixed-tenure schemes
which also incorporate a construction contract, the margin
recognised for the open market units is consistent with the
construction contract element of the development.
(d) Contract balances
Contract assets
Contract assets primarily relate to the Group\u2019s right to
consideration for construction work completed but not invoiced
at the balance sheet date. The contract assets are transferred
to trade receivables when the amounts are certi\ufb01ed by the
customer. On most contracts, certi\ufb01cates are issued by the
customer on a monthly basis.
Contract liabilities
Contract liabilities primarily relate to the advance consideration
received from customers in respect of performance obligations
which have not yet been fully satis\ufb01ed and for which revenue
has not been recognised. Contract liabilities are recognised as
revenue when performance obligation to the customer has
been satis\ufb01ed.
(e) Contract costs
Costs to obtain a contract are expensed unless they are
incremental, i.e. they would not have been incurred if the contract
had not been obtained, and the contract is expected to be
su\ufb03ciently pro\ufb01table for them to be recovered.
Costs to ful\ufb01l a contract are expensed unless they relate to an
identi\ufb01ed contract, generate or enhance resources that will be
used to satisfy the obligations under the contract in future years
and the contract is expected to be su\ufb03ciently pro\ufb01table for them
to be recovered, in which case they are capitalised to the extent
they will be recovered in future periods.
Where costs are capitalised, they are amortised over the shorter
of the period for which revenue and pro\ufb01t can be forecast with
reasonable certainty and the duration of the contract except
where the contract becomes loss-making. If the contract becomes
loss-making, all capitalised costs related to that contract are
immediately expensed.
(f) Government grants
Funding received in respect of developer grants, where funding is
awarded to encourage the building and renovation of a\ufb00ordable
housing, is recognised as a deduction from related expenses on a
stage of completion basis over the life of the project to which the
funding relates.
Funding received to support the construction of housing where
current market prices would otherwise make a scheme \ufb01nancially
unviable is recognised as income on a legal completion basis
when the properties to which it relates are sold.
Government grants are initially recognised as deferred income
at fair value when there is reasonable assurance that the
Group will comply with the conditions attached and the grants
will be received.
Leases
Where the Company is a lessee, a right-of-use asset and lease
liability are recognised at the outset of the lease other than those
that are less than one year in duration or of a low value.
The lease liability is initially measured at the present value of the
lease payments that are not paid at that date based on the
Group\u2019s expectations of the likelihood of lease extension or break
options being exercised. In calculating the present value of lease
payments, the Group uses its incremental borrowing rate at the
lease commencement date because the interest rate implicit in
the lease is not readily determinable.
The lease liability is subsequently adjusted to re\ufb02ect imputed
interest, payments made to the lessor and any lease modi\ufb01cations.
The right-of-use asset is initially measured at cost, which
comprises the amount of the lease liability, any lease payments
made at or before the commencement date, less any lease
incentives received, any initial direct costs incurred by the Group
and an estimate of any costs that are expected to be incurred at
the end of the lease to dismantle or restore the asset.
The right-of-use assets are presented within the property, plant
and equipment line in the statement of \ufb01nancial position and
depreciated in accordance with the Group\u2019s accounting policy
on property, plant and equipment. The amount charged to the
income statement comprises the depreciation of the right-of-use
asset and the imputed interest on the lease liability.
Lease payments on short-term leases and leases of low-value
assets are recognised as expense on a straight-line basis over the
lease term.
Finance income and expense
Finance income and expense is recognised using the e\ufb00ective
interest method.
Income tax
The income tax expense represents the current and deferred
tax charges. Income tax is recognised in the income statement
except to the extent that it relates to items recognised directly
in equity.
Current tax is the Group\u2019s expected tax liability on taxable pro\ufb01t
for the year using tax rates enacted or substantively enacted at
the reporting date and any adjustments to tax payable in respect
of previous years.
Taxable pro\ufb01t di\ufb00ers from that reported in the income statement
because it is adjusted for items of income or expense that are
assessable or deductible in other years and is adjusted for items
that are never assessable or deductible.
Current tax relating to items recognised directly in equity is
recognised in equity and not in the income statement.
Deferred tax is recognised using the liability method, providing
for temporary di\ufb00erences between the carrying amount of
assets and liabilities for \ufb01nancial reporting purposes and the
corresponding tax bases used in tax computations. Deferred tax
is not recognised for the initial recognition of assets or liabilities
in a transaction that is not a business combination and a\ufb00ects
neither accounting nor taxable pro\ufb01t, or di\ufb00erences relating to
investments in subsidiaries and joint ventures to the extent that
it is probable that they will not reverse in the foreseeable future.
Deferred tax is not recognised for taxable temporary di\ufb00erences
arising on the initial recognition of goodwill.
Deferred tax is recognised on temporary di\ufb00erences which result
in an obligation at the reporting date to pay more tax, or a right to
pay less tax, at a future date, at the tax rates expected to apply
when they reverse, based on the laws that have been enacted or
substantively enacted at the reporting date. Deferred tax assets
are recognised to the extent that it is regarded as more likely than
not that they will be recovered. Deferred tax assets and liabilities
are not discounted and are only o\ufb00set where there is a legally
enforceable right to o\ufb00set current tax assets and liabilities.
Goodwill and other intangible assets
Goodwill arises on business combinations and represents the
excess of the cost of an acquisition over the Group\u2019s share of the
identi\ufb01able net assets of the acquiree at the acquisition date. The
consideration transferred for the acquisition of a subsidiary is the
fair value of the assets transferred, the liabilities incurred and
equity interests issued by the Group in exchange for control of
the acquiree. Consideration transferred also includes the fair
value of any asset or liability resulting from a contingent
consideration arrangement. Acquisition-related costs are
expensed in administrative expenses as incurred. All identi\ufb01able
assets and liabilities acquired and contingent liabilities assumed
are initially measured at their fair values at the acquisition date.
Where the cost is less than the Group\u2019s share of the identi\ufb01able
net assets, the di\ufb00erence is immediately recognised in the income
statement as a gain from a bargain purchase.
Goodwill arising on acquisitions before the date of transition to
IFRS has been retained at the previous UK GAAP amounts subject
to being tested for impairment at that date.
Other intangible assets identi\ufb01ed on acquisition by the Group that
have \ufb01nite useful lives are recognised at fair value and measured
at cost less accumulated amortisation and impairment losses.
Those that are acquired separately, such as software, are
recognised at cost less accumulated amortisation and impairment
losses. Amortisation is recognised on a straight-line basis over
their estimated useful lives. The estimated useful life and
amortisation method are reviewed at the end of each reporting
period, with the e\ufb00ect of any changes in estimate being
accounted for on a prospective basis. The estimated useful lives
for the Group\u2019s \ufb01nite-life intangible assets are three years.
Property, plant and equipment
Property, plant and equipment are stated at cost less
accumulated depreciation and any recognised impairment loss.
Depreciation is charged over their estimated useful lives using the
straight-line method on the following basis:
n
freehold land
not depreciated
n
plant and equipment
between 8.3% and 33% per year
n
\ufb01xtures and \ufb01ttings
over the period of the lease
n
right-of-use assets
over the period of the lease
\n
Residual values of property, plant and equipment are reviewed
and updated annually.
Gains and losses on disposal are determined by comparing the
proceeds from disposal against the carrying amount and are
recognised in the income statement.
Investment property
Investment property, which is property held to earn rentals and/
or capital appreciation, is stated at its fair value at the reporting
date. Gains or losses arising from changes in the fair value of
investment property are included in the income statement for the
period in which they arise.
Inventories
Inventories are stated at the lower of cost and net realisable
value. The cost of work in progress comprises raw materials,
direct labour, other direct costs and related overheads. Net
realisable value is the estimated selling price less applicable costs.
Impairment of non-\ufb01nancial assets
The Group assesses at each reporting date whether there is an
indication that an asset may be impaired. If any indication exists,
or when annual impairment testing for an asset is required, the
Group estimates the asset\u2019s recoverable amount. When the
carrying amount of an asset exceeds its recoverable amount,
the asset is considered impaired and is written down to its
recoverable amount.
Further disclosures relating to the impairment of non-\ufb01nancial
assets are provided in note 10 \u2013 Goodwill and other intangible
assets.
Trade receivables
Trade receivables are initially recognised at fair value and are
subsequently measured at amortised cost using the e\ufb00ective
interest rate method with an appropriate allowance for estimated
irrecoverable amounts recognised in the income statement.
In accordance with IAS 1, trade receivables are recognised as
current when the Group expects to realise the assets in its normal
operating cycle.
Cash and cash equivalents
Cash and cash equivalents can include cash in hand, demand
deposits and other short-term, highly liquid investments that are
readily convertible to a known amount of cash and are subject to
an insigni\ufb01cant risk of changes in value. The carrying amount of
these assets approximates to their fair value.
Bank borrowings are generally considered to be \ufb01nancing
activities. However, bank overdrafts which are repayable on
demand form an integral part of an entity\u2019s cash management.
In these circumstances, bank overdrafts are included as a
component of cash and cash equivalents for the purpose
of presentation in the consolidated cash \ufb02ow statement.
A characteristic of such banking arrangements is that the bank
balance often \ufb02uctuates from being positive to overdrawn.
Trade payables
Trade payables are recognised initially at fair value and are
subsequently measured at amortised cost using the e\ufb00ective
interest rate method.
De\ufb01ned contribution plan
A de\ufb01ned contribution plan is a post-retirement bene\ufb01t plan
under which the Group pays \ufb01xed contributions to a separate
entity and has no legal or constructive obligation to pay further
amounts. The Group recognises payments to de\ufb01ned
contribution pension plans as sta\ufb00 costs in the income statement
as and when they fall due. Prepaid contributions are recognised
as an asset to the extent that a cash refund or reduction on
future payments is available.
Provisions
Provisions are recognised when the Group has a present legal or
constructive obligation as a result of a past event, it is probable
that an out\ufb02ow of resources will be required to settle the
obligation and the amount of the obligation can be estimated
reliably. Provisions are recognised for events covered by the
Group\u2019s captive or self-insurance arrangements, legal claims
and restructuring.
When 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 a
provision is presented in the statement of pro\ufb01t or loss net of any
reimbursement where the reimbursement has met the virtually
certain recognition criteria.
If the e\ufb00ect of the time value of money is material, provisions
are discounted using a current pre-tax rate that re\ufb02ects, when
appropriate, the risks speci\ufb01c to the liability. When discounting
is used, the increase in the provision due to the passage of time
is recognised as a \ufb01nance cost.
Impairment of \ufb01nancial assets
The Group recognises lifetime expected credit losses for trade
receivables, contract assets and loans to joint ventures. The
expected credit losses on these \ufb01nancial assets are estimated
using a provision matrix based on the Group\u2019s historical credit
loss experience, adjusted for factors that are speci\ufb01c to the
debtors, general economic conditions and an assessment of both
the current as well as the forecast direction of conditions at the
reporting date, including time value of money where appropriate.
Share-based payments
Equity-settled share-based payments to employees are measured
at the fair value of the equity instruments at the grant date.
The fair value is expensed in employee bene\ufb01ts expenses on a
straight-line basis over the vesting period, based on the Group\u2019s
estimate of equity instruments that will eventually vest.
At each reporting date, the Group revises its estimate of the
number of equity instruments expected to vest as a result of the
e\ufb00ect of non-market-based vesting conditions. The impact of the
revision of the original estimates, if any, is recognised in pro\ufb01t or
loss such that the cumulative expense re\ufb02ects the revised
estimate, with a corresponding adjustment to equity reserves.
No expense is recognised for awards that do not ultimately vest
because non-market performance and/or service conditions have
not been met. Where awards include a market or non-vesting
condition, the transactions are treated as vested irrespective of
whether the market or non-vesting condition is satis\ufb01ed, provided
that all other performance and/or service conditions are satis\ufb01ed.
The dilutive e\ufb00ect of outstanding options is re\ufb02ected as additional
share dilution in the computation of diluted earnings per share
(further details are given in note 24).
Derivative \ufb01nancial instruments
and hedge accounting
Derivative \ufb01nancial instruments may be used in joint ventures to
hedge long-term \ufb02oating interest rate and Retail Price Index (RPI)
exposures and in Group companies to manage their exposure to
foreign exchange rate risk.
Interest rate swaps, RPI swaps and foreign exchange forward
contracts are stated in the statement of \ufb01nancial position at fair
value. At the inception of the hedge relationship, the entity
documents the relationship between the hedging instrument and
the hedged item, along with its risk management objectives and
its strategy for undertaking various hedge transactions.
Furthermore, at the inception of the hedge and on an ongoing
basis, the Group documents whether the hedging instruments
that are used in hedging transactions are highly e\ufb00ective in
o\ufb00setting changes in fair values or cash \ufb02ows of hedged items.
Where \ufb01nancial instruments are designated as cash \ufb02ow hedges
and are deemed to be e\ufb00ective, gains and losses on
remeasurement relating to the e\ufb00ective portion are recognised in
equity, and gains and losses on the ine\ufb00ective portion are
recognised in the income statement.
Net investment hedges may be used to hedge exposure on
translation of net investments in foreign operations. Any gain or
loss on the hedging instrument relating to the e\ufb00ective portion
of the hedge is recognised in other comprehensive income;
the gain or loss relating to the ine\ufb00ective portion is recognised
immediately in the income statement. In the event of disposal of
a foreign operation, the gains and losses accumulated in other
comprehensive income are recognised in the income statement.
There have been no transfers between categories in the fair value
hierarchy in the current and preceding year.
Non-current assets classi\ufb01ed as held for sale
Non-current assets classi\ufb01ed as held for sale are presented
separately and measured at the lower of their carrying amounts
immediately prior to their classi\ufb01cation as held-for-sale and their
fair value less costs to sell. However, some held-for-sale assets
such as \ufb01nancial assets or deferred tax assets continue to be
measured in accordance with the Group\u2019s relevant accounting
policy for those assets.
Once classi\ufb01ed as held for sale, the assets are not subject to
depreciation or amortisation. Any pro\ufb01t or loss arising from the
sale or its remeasurement to fair value less costs to sell is
presented as part of a single line item.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00255": { "value": "Morgan Sindall Group plc ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00251": { "value": "Morgan Sindall Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00257": { "value": "Morgan Sindall Group plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00260": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00254": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00259": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00336": { "value": "Basis of preparation
(a) Statement of compliance
\n
The \ufb01nancial statements have been prepared on a going concern
\n
basis in accordance with the requirements of the Companies Act
\n
2006 and UK-adopted international accounting standards.
\n
(b) Basis of accounting
\n
The consolidated \ufb01nancial statements have been prepared under
\n
the historical cost convention, except where otherwise indicated.
\n
The impairment of contract assets has been presented separately
\n
on the income statement due to the materiality of the impairment
\n
loss amount recognised during the prior year.
\n
(c) Going concern
\n
In determining the appropriate basis of preparation of the
\n
\ufb01nancial statements, the directors are required to consider
\n
whether the Group and Company can continue in operational
\n
existence during the going concern period, which the directors
\n
have determined to be until 28 February 2027.
\n
As at 31 December 2025, the Group held cash of \u00a3590.5m,
\n
including \u00a320.3m (2024: \u00a323.1m) which is the Group\u2019s share of
\n
cash held within jointly controlled operations, and total overdrafts
\n
repayable on demand of \u00a359.3m (together net cash of \u00a3531.2m).
\n
Should further funding be required, the Group has signi\ufb01cant
\n
committed \ufb01nancial resources available, including unutilised bank
\n
facilities of \u00a3180m (2024: \u00a3180m), of which \u00a3165m matures in
\n
October 2028 and \u00a315m matures in June 2028. The Group\u2019s
\n
secured order book at 31 December 2025 is \u00a312.0bn (2024:
\n
\u00a311.4bn), of which \u00a34.0bn relates to the 12 months ended
\n
31 December 2026.
\n
The directors have reviewed the Group\u2019s forecasts and
\n
projections for the going concern period, including sensitivity
\n
analysis (detailed on pages 66 and 67), including reduced
\n
revenues, margins, a working capital deterioration and project
\n
delays, to assess the Group\u2019s resilience to the potential \ufb01nancial
\n
impact on the Group of any plausible losses of revenue or
\n
operating pro\ufb01t which could arise from one of the principal
\n
risks to the business occurring (these risks are discussed on
\n
pages 48 to 54 and include the directors\u2019 assessment of the
\n
impact of climate change). The analysis also includes a
\n
reasonable worst-case scenario in which the Group\u2019s principal
\n
risks manifest in aggregate to a severe but plausible level
\n
involving the aggregation of the impacts of a number of these risks.
\n
The modelling showed that the Group would remain pro\ufb01table
\n
throughout the going concern period and there is considerable
\n
headroom above lending facilities such that there would be no
\n
expected requirement for the Group to utilise the bank facility,
\n
which underpins the going concern assumption on which these
\n
\ufb01nancial statements have been prepared. As part of the sensitivity
\n
analysis the directors also modelled a scenario that stress-tests
\n
the Group\u2019s forecasts and projections to determine the scenario
\n
in which the headroom above the committed bank facility would
\n
be exceeded. This model showed that the Group\u2019s operating
\n
pro\ufb01t would need to deteriorate substantially for the headroom
\n
to exceed the committed bank facility. The directors consider
\n
there is no plausible scenario where cash in\ufb02ows would
\n
deteriorate this signi\ufb01cantly. However, as part of their analysis the
\n
Board also considered further mitigating actions at their
\n
discretion, such as a reduction in investments in working capital,
\n
to improve the position identi\ufb01ed by the reasonable worst-case
\n
scenario. In all scenarios, including the reasonable worst case,
\n
the Group is able to comply with its \ufb01nancial covenants, operate
\n
within its current facilities, and meet its liabilities as they fall due.
\n
Accordingly, the directors consider there to be no material
\n
uncertainties that may cast signi\ufb01cant doubt on the Group\u2019s ability
\n
to continue to operate as a going concern. They have formed a
\n
judgement that there is a reasonable expectation that the
\n
Group and Company have adequate resources to continue in
\n
operational existence for the going concern period which they
\n
determine to be until 28 February 2027. For this reason, they
\n
continue to adopt the going concern basis in the preparation
\n
of these \ufb01nancial statements. The period until 28 February 2027
\n
has been assessed as appropriate following consideration of the
\n
budgeting cycles and typical contract lengths undertaken across
\n
the Group.
\n
(d) Functional and presentation currency
\n
These consolidated \ufb01nancial statements are presented in pounds
\n
sterling, which is the Group\u2019s presentational currency and the
\n
Company\u2019s functional currency. All \ufb01nancial information, unless
\n
otherwise stated, has been rounded to the nearest \u00a30.1m.
\n
(e) Climate change risk
\n
While the Group is committed to achieve its near-term carbon
\n
emission targets by 2030, the governmental and societal
\n
responses to climate change risks are still developing and
\n
therefore the Group is currently unable to determine the full
\n
future economic impact of climate change risks on their
\n
business model to achieve this. As such, the potential impacts
\n
of climate change risk are not fully incorporated in these
\n
\ufb01nancial statements.
(f) Adoption of new and amended standards
and interpretations
(i) New and amended accounting standards adopted by
the Group
During the year, the Group has adopted the following new and
amended standard and interpretation. Its adoption has not had
any signi\ufb01cant impact on the accounts or disclosures in these
\ufb01nancial statements:
n
Amendments to IAS 21 \u2018The E\ufb00ects of Changes in Foreign
Exchange Rates\u2019
(ii) New and amended accounting standards and
interpretations which were in issue but were not yet
e\ufb00ective and have not been adopted early by the Group
At the date of the \ufb01nancial statements, the Group has not applied
the following new and amended standards that have been issued
but are not yet e\ufb00ective:
n
Amendments to IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7
\u2018Financial Instruments: Disclosures\u2019
n
Contracts Referencing Nature-dependent Electricity
(Amendments to IFRS 9 and IFRS 7)
n
Annual Improvements to IFRS Accounting Standards \u2013
Volume 11
n
IFRS 18 \u2018Presentation and Disclosures in Financial Statements\u2019
The Group is currently assessing the impact of these new and
amended standards but does not expect that the adoption of the
standards listed above will have a material impact on the \ufb01nancial
statements of the Group in future periods.
The accounting policies as set out below have been applied
consistently to all periods presented in these consolidated
\ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00263": { "value": "(a) Statement of compliance
The \ufb01nancial statements have been prepared on a going concern
\n
basis in accordance with the requirements of the Companies Act
\n2006 and UK-adopted international accounting standards.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00264": { "value": "(c) Going concern
In determining the appropriate basis of preparation of the
\n
\ufb01nancial statements, the directors are required to consider
\n
whether the Group and Company can continue in operational
\n
existence during the going concern period, which the directors
\n
have determined to be until 28 February 2027.
\n
As at 31 December 2025, the Group held cash of \u00a3590.5m,
\n
including \u00a320.3m (2024: \u00a323.1m) which is the Group\u2019s share of
\n
cash held within jointly controlled operations, and total overdrafts
\n
repayable on demand of \u00a359.3m (together net cash of \u00a3531.2m).
\n
Should further funding be required, the Group has signi\ufb01cant
\n
committed \ufb01nancial resources available, including unutilised bank
\n
facilities of \u00a3180m (2024: \u00a3180m), of which \u00a3165m matures in
\n
October 2028 and \u00a315m matures in June 2028. The Group\u2019s
\n
secured order book at 31 December 2025 is \u00a312.0bn (2024:
\n
\u00a311.4bn), of which \u00a34.0bn relates to the 12 months ended
\n
31 December 2026.
\n
The directors have reviewed the Group\u2019s forecasts and
\n
projections for the going concern period, including sensitivity
\n
analysis (detailed on pages 66 and 67), including reduced
\n
revenues, margins, a working capital deterioration and project
\n
delays, to assess the Group\u2019s resilience to the potential \ufb01nancial
\n
impact on the Group of any plausible losses of revenue or
\n
operating pro\ufb01t which could arise from one of the principal
\n
risks to the business occurring (these risks are discussed on
\n
pages 48 to 54 and include the directors\u2019 assessment of the
\n
impact of climate change). The analysis also includes a
\n
reasonable worst-case scenario in which the Group\u2019s principal
\n
risks manifest in aggregate to a severe but plausible level
\n
involving the aggregation of the impacts of a number of these risks.
\n
The modelling showed that the Group would remain pro\ufb01table
\n
throughout the going concern period and there is considerable
\n
headroom above lending facilities such that there would be no
\n
expected requirement for the Group to utilise the bank facility,
\n
which underpins the going concern assumption on which these
\n
\ufb01nancial statements have been prepared. As part of the sensitivity
\n
analysis the directors also modelled a scenario that stress-tests
\n
the Group\u2019s forecasts and projections to determine the scenario
\n
in which the headroom above the committed bank facility would
\n
be exceeded. This model showed that the Group\u2019s operating
\n
pro\ufb01t would need to deteriorate substantially for the headroom
\n
to exceed the committed bank facility. The directors consider
\n
there is no plausible scenario where cash in\ufb02ows would
\n
deteriorate this signi\ufb01cantly. However, as part of their analysis the
\n
Board also considered further mitigating actions at their
\n
discretion, such as a reduction in investments in working capital,
\n
to improve the position identi\ufb01ed by the reasonable worst-case
\n
scenario. In all scenarios, including the reasonable worst case,
\n
the Group is able to comply with its \ufb01nancial covenants, operate
\n
within its current facilities, and meet its liabilities as they fall due.
\n
Accordingly, the directors consider there to be no material
\n
uncertainties that may cast signi\ufb01cant doubt on the Group\u2019s ability
\n
to continue to operate as a going concern. They have formed a
\n
judgement that there is a reasonable expectation that the
\n
Group and Company have adequate resources to continue in
\n
operational existence for the going concern period which they
\n
determine to be until 28 February 2027. For this reason, they
\n
continue to adopt the going concern basis in the preparation
\n
of these \ufb01nancial statements. The period until 28 February 2027
\n
has been assessed as appropriate following consideration of the
\n
budgeting cycles and typical contract lengths undertaken across
\nthe Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00337": { "value": "(c) Going concern
In determining the appropriate basis of preparation of the
\n
\ufb01nancial statements, the directors are required to consider
\n
whether the Group and Company can continue in operational
\n
existence during the going concern period, which the directors
\n
have determined to be until 28 February 2027.
\n
As at 31 December 2025, the Group held cash of \u00a3590.5m,
\n
including \u00a320.3m (2024: \u00a323.1m) which is the Group\u2019s share of
\n
cash held within jointly controlled operations, and total overdrafts
\n
repayable on demand of \u00a359.3m (together net cash of \u00a3531.2m).
\n
Should further funding be required, the Group has signi\ufb01cant
\n
committed \ufb01nancial resources available, including unutilised bank
\n
facilities of \u00a3180m (2024: \u00a3180m), of which \u00a3165m matures in
\n
October 2028 and \u00a315m matures in June 2028. The Group\u2019s
\n
secured order book at 31 December 2025 is \u00a312.0bn (2024:
\n
\u00a311.4bn), of which \u00a34.0bn relates to the 12 months ended
\n
31 December 2026.
\n
The directors have reviewed the Group\u2019s forecasts and
\n
projections for the going concern period, including sensitivity
\n
analysis (detailed on pages 66 and 67), including reduced
\n
revenues, margins, a working capital deterioration and project
\n
delays, to assess the Group\u2019s resilience to the potential \ufb01nancial
\n
impact on the Group of any plausible losses of revenue or
\n
operating pro\ufb01t which could arise from one of the principal
\n
risks to the business occurring (these risks are discussed on
\n
pages 48 to 54 and include the directors\u2019 assessment of the
\n
impact of climate change). The analysis also includes a
\n
reasonable worst-case scenario in which the Group\u2019s principal
\n
risks manifest in aggregate to a severe but plausible level
\n
involving the aggregation of the impacts of a number of these risks.
\n
The modelling showed that the Group would remain pro\ufb01table
\n
throughout the going concern period and there is considerable
\n
headroom above lending facilities such that there would be no
\n
expected requirement for the Group to utilise the bank facility,
\n
which underpins the going concern assumption on which these
\n
\ufb01nancial statements have been prepared. As part of the sensitivity
\n
analysis the directors also modelled a scenario that stress-tests
\n
the Group\u2019s forecasts and projections to determine the scenario
\n
in which the headroom above the committed bank facility would
\n
be exceeded. This model showed that the Group\u2019s operating
\n
pro\ufb01t would need to deteriorate substantially for the headroom
\n
to exceed the committed bank facility. The directors consider
\n
there is no plausible scenario where cash in\ufb02ows would
\n
deteriorate this signi\ufb01cantly. However, as part of their analysis the
\n
Board also considered further mitigating actions at their
\n
discretion, such as a reduction in investments in working capital,
\n
to improve the position identi\ufb01ed by the reasonable worst-case
\n
scenario. In all scenarios, including the reasonable worst case,
\n
the Group is able to comply with its \ufb01nancial covenants, operate
\n
within its current facilities, and meet its liabilities as they fall due.
\n
Accordingly, the directors consider there to be no material
\n
uncertainties that may cast signi\ufb01cant doubt on the Group\u2019s ability
\n
to continue to operate as a going concern. They have formed a
\n
judgement that there is a reasonable expectation that the
\n
Group and Company have adequate resources to continue in
\n
operational existence for the going concern period which they
\n
determine to be until 28 February 2027. For this reason, they
\n
continue to adopt the going concern basis in the preparation
\n
of these \ufb01nancial statements. The period until 28 February 2027
\n
has been assessed as appropriate following consideration of the
\n
budgeting cycles and typical contract lengths undertaken across
\nthe Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00258": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00338": { "value": "(d) Functional and presentation currency
These consolidated \ufb01nancial statements are presented in pounds
\n
sterling, which is the Group\u2019s presentational currency and the
\n
Company\u2019s functional currency. All \ufb01nancial information, unless
\notherwise stated, has been rounded to the nearest \u00a30.1m.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00339": { "value": "(e) Climate change risk
While the Group is committed to achieve its near-term carbon
\n
emission targets by 2030, the governmental and societal
\n
responses to climate change risks are still developing and
\n
therefore the Group is currently unable to determine the full
\n
future economic impact of climate change risks on their
\n
business model to achieve this. As such, the potential impacts
\n
of climate change risk are not fully incorporated in these
\n\ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00340": { "value": "(i) New and amended accounting standards adopted by
the Group
During the year, the Group has adopted the following new and
amended standard and interpretation. Its adoption has not had
any signi\ufb01cant impact on the accounts or disclosures in these
\ufb01nancial statements:
n
Amendments to IAS 21 \u2018The E\ufb00ects of Changes in Foreign
Exchange Rates\u2019", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00341": { "value": "(ii) New and amended accounting standards and
interpretations which were in issue but were not yet
e\ufb00ective and have not been adopted early by the Group
At the date of the \ufb01nancial statements, the Group has not applied
the following new and amended standards that have been issued
but are not yet e\ufb00ective:
n
Amendments to IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7
\u2018Financial Instruments: Disclosures\u2019
n
Contracts Referencing Nature-dependent Electricity
(Amendments to IFRS 9 and IFRS 7)
n
Annual Improvements to IFRS Accounting Standards \u2013
Volume 11
n
IFRS 18 \u2018Presentation and Disclosures in Financial Statements\u2019
The Group is currently assessing the impact of these new and
amended standards but does not expect that the adoption of the
standards listed above will have a material impact on the \ufb01nancial
statements of the Group in future periods.
The accounting policies as set out below have been applied
consistently to all periods presented in these consolidated
\ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00342": { "value": "Basis of consolidation
The consolidated \ufb01nancial statements incorporate the \ufb01nancial
statements of the Company and the entities controlled by the
Company, together with the Group\u2019s share of the results of joint
ventures made up to 31 December each year. Control is achieved
when the Company (i) has the power over the investee; (ii) is
exposed, or has rights, to variable returns from its involvement
with the investee; and (iii) has the ability to use its power to a\ufb00ect
its returns. The Company reassesses whether or not it controls
an investee if facts and circumstances indicate that there are
changes to one or more of the three elements of control listed
above. Business combinations are accounted for using the
acquisition method.
(a) Subsidiaries
Subsidiaries are entities that are controlled by the Group.
The \ufb01nancial statements of subsidiaries are included in the
consolidated \ufb01nancial statements of the Group from the
date that control is obtained to the date that control ceases.
The accounting policies of new subsidiaries are changed where
necessary to align them with those of the Group.
If the Group loses control over a subsidiary, it derecognises the
related assets (including goodwill), liabilities, non-controlling
interest and other components of equity, while any resultant gain
or loss is recognised in the income statement. Any investment
retained is recognised at fair value.
(b) Joint arrangements
A joint arrangement is a contractual arrangement whereby two
or more parties undertake an economic activity that is subject
to joint control, which requires unanimous consent for strategic,
\ufb01nancial and operating decisions.
(i) Joint ventures
A joint venture generally involves the establishment of a
corporation, partnership or other entity in which each venturer
has rights to the net assets of the joint venture and joint control
over strategic, \ufb01nancial and operating decisions. The results,
assets and liabilities of jointly controlled entities are incorporated
in the \ufb01nancial statements using the equity method of accounting.
Goodwill relating to a joint venture which is acquired directly is
included in the carrying amount of the investment and is not
amortised. After application of the equity method, the Group\u2019s
investments in joint ventures are reviewed to determine whether
any additional impairment loss in relation to the net investment in
the joint venture is required, and if so it is written o\ufb00 in the period
in which those circumstances are identi\ufb01ed. When there is a
change recognised directly in the equity of the joint venture, the
Group recognises its share of any change and discloses this,
where applicable, in the statement of comprehensive income.
Where the Group\u2019s share of losses exceeds its equity-accounted
investment in a joint venture, the carrying amount of the equity
interest is reduced to nil and the recognition of further losses is
discontinued except to the extent that the Group has incurred
legal or constructive obligations. Appropriate adjustment is
made to the results of joint ventures where material di\ufb00erences
exist between a joint venture\u2019s accounting policies and those of
the Group.
Dividend income from investments is recognised when the
shareholders\u2019 rights to receive payment have been established.
(ii) Joint operations
Construction contracts carried out as a joint arrangement
without the establishment of a legal entity are joint operations.
The Group\u2019s share of the results and net assets of these joint
operations are included under each relevant heading in the
income statement and the statement of \ufb01nancial position.
(c) Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised
income and expense arising from intra-group transactions, are
eliminated in preparing the consolidated \ufb01nancial statements.
Unrealised gains arising from transactions with equity-accounted
investments are eliminated to the extent of the Group\u2019s interest
in that investment. Unrealised losses are eliminated in the same
way as unrealised gains, but only to the extent that there is no
evidence of impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00344": { "value": "(a) Subsidiaries
Subsidiaries are entities that are controlled by the Group.
The \ufb01nancial statements of subsidiaries are included in the
consolidated \ufb01nancial statements of the Group from the
date that control is obtained to the date that control ceases.
The accounting policies of new subsidiaries are changed where
necessary to align them with those of the Group.
If the Group loses control over a subsidiary, it derecognises the
related assets (including goodwill), liabilities, non-controlling
interest and other components of equity, while any resultant gain
or loss is recognised in the income statement. Any investment
retained is recognised at fair value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00343": { "value": "(b) Joint arrangements
A joint arrangement is a contractual arrangement whereby two
or more parties undertake an economic activity that is subject
to joint control, which requires unanimous consent for strategic,
\ufb01nancial and operating decisions.
(i) Joint ventures
A joint venture generally involves the establishment of a
corporation, partnership or other entity in which each venturer
has rights to the net assets of the joint venture and joint control
over strategic, \ufb01nancial and operating decisions. The results,
assets and liabilities of jointly controlled entities are incorporated
in the \ufb01nancial statements using the equity method of accounting.
Goodwill relating to a joint venture which is acquired directly is
included in the carrying amount of the investment and is not
amortised. After application of the equity method, the Group\u2019s
investments in joint ventures are reviewed to determine whether
any additional impairment loss in relation to the net investment in
the joint venture is required, and if so it is written o\ufb00 in the period
in which those circumstances are identi\ufb01ed. When there is a
change recognised directly in the equity of the joint venture, the
Group recognises its share of any change and discloses this,
where applicable, in the statement of comprehensive income.
Where the Group\u2019s share of losses exceeds its equity-accounted
investment in a joint venture, the carrying amount of the equity
interest is reduced to nil and the recognition of further losses is
discontinued except to the extent that the Group has incurred
legal or constructive obligations. Appropriate adjustment is
made to the results of joint ventures where material di\ufb00erences
exist between a joint venture\u2019s accounting policies and those of
the Group.
Dividend income from investments is recognised when the
shareholders\u2019 rights to receive payment have been established.
(ii) Joint operations
Construction contracts carried out as a joint arrangement
without the establishment of a legal entity are joint operations.
The Group\u2019s share of the results and net assets of these joint
operations are included under each relevant heading in the
income statement and the statement of \ufb01nancial position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00345": { "value": "(b) Joint arrangements
A joint arrangement is a contractual arrangement whereby two
or more parties undertake an economic activity that is subject
to joint control, which requires unanimous consent for strategic,
\ufb01nancial and operating decisions.
(i) Joint ventures
A joint venture generally involves the establishment of a
corporation, partnership or other entity in which each venturer
has rights to the net assets of the joint venture and joint control
over strategic, \ufb01nancial and operating decisions. The results,
assets and liabilities of jointly controlled entities are incorporated
in the \ufb01nancial statements using the equity method of accounting.
Goodwill relating to a joint venture which is acquired directly is
included in the carrying amount of the investment and is not
amortised. After application of the equity method, the Group\u2019s
investments in joint ventures are reviewed to determine whether
any additional impairment loss in relation to the net investment in
the joint venture is required, and if so it is written o\ufb00 in the period
in which those circumstances are identi\ufb01ed. When there is a
change recognised directly in the equity of the joint venture, the
Group recognises its share of any change and discloses this,
where applicable, in the statement of comprehensive income.
Where the Group\u2019s share of losses exceeds its equity-accounted
investment in a joint venture, the carrying amount of the equity
interest is reduced to nil and the recognition of further losses is
discontinued except to the extent that the Group has incurred
legal or constructive obligations. Appropriate adjustment is
made to the results of joint ventures where material di\ufb00erences
exist between a joint venture\u2019s accounting policies and those of
the Group.
Dividend income from investments is recognised when the
shareholders\u2019 rights to receive payment have been established.
(ii) Joint operations
Construction contracts carried out as a joint arrangement
without the establishment of a legal entity are joint operations.
The Group\u2019s share of the results and net assets of these joint
operations are included under each relevant heading in the
income statement and the statement of \ufb01nancial position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00346": { "value": "Revenue and margin recognition
Revenue and margin are recognised as follows:
(a) Construction and infrastructure contracts
A signi\ufb01cant portion of the Group\u2019s revenue is derived from
construction and infrastructure services contracts. These services
are provided to customers across a wide variety of sectors and
the size and duration of the contracts can vary signi\ufb01cantly from
a few weeks to more than 10 years.
The majority of contracts are considered to contain only one
performance obligation for the purposes of recognising revenue.
While the scope of works may include a number of di\ufb00erent
components, in the context of construction and infrastructure
services activities these are usually highly interrelated and
produce a combined output for the customer.
Contracts are typically satis\ufb01ed over time. For \ufb01xed price
construction contracts progress is measured through a valuation
of the works undertaken by a professional quantity surveyor,
including an assessment of any elements for which a price has
not yet been agreed such as changes in scope. For cost-
reimbursable infrastructure services contracts progress is
measured based on the costs incurred to date as a proportion of
the estimated total cost and an assessment of the \ufb01nal contract
price payable.
Variations are not included in the estimated total contract price
until the customer has agreed the revised scope of work.
Where the scope has been agreed but the corresponding change
in price has not yet been agreed, only the amount that is
considered highly probable not to reverse in the future is included
in the estimated total contract price. Where delays to the
programme of works are anticipated and liquidated damages
would be contractually due, the estimated total contract price is
reduced accordingly. This is only mitigated by expected
extensions of time or commercial resolution being achieved
where it is highly probable that this will not lead to a signi\ufb01cant
reversal in the future.
For cost-reimbursable contracts, expected pain share is
recognised in the estimated total contract price immediately,
while anticipated gain share and performance bonuses are only
recognised at the point that they are agreed by the customer.
In order to recognise the pro\ufb01t over time it is necessary to
estimate the total costs of the contract. These estimates take
account of any uncertainties in the cost of work packages which
have not yet been let and materials which have not yet been
procured, the expected cost of any acceleration of or delays
to the programme or changes in the scope of works and the
expected cost of any recti\ufb01cation works during the defects
liability period.
Once the outcome of a construction contract can be estimated
reliably, margin is recognised in the income statement in line with
the corresponding stage of completion. Where a contract is
forecast to be loss-making, the full loss is recognised immediately
in the income statement.
(b) Service contracts
Service contracts include design, maintenance and management
services. Contracts are typically satis\ufb01ed over time and revenue is
measured through an assessment of time incurred and materials
utilised as a proportion of the total expected or percentage of
completion depending upon the nature of the service.
(c) Sale of land and development properties
The Group derives a signi\ufb01cant portion of revenue from the sale
of land, and the development and sale of residential and
commercial properties.
Contracts are typically satis\ufb01ed at a point in time. This is usually
deemed to be legal completion as this is the point at which the
Group has an enforceable right to payment. The only exception
to this is pre-let forward-sold developments where the customer
controls the work in progress as it is created; or where the Group
is unable to put the asset being constructed to an alternative use
due to legal or practical limitations and has an enforceable right to
payment for the work completed to date. Where these conditions
are met, the contract is accounted for as a construction contract
in accordance with paragraph (a) above.
Revenue from the sale of land and residential and commercial
properties is measured at the transaction price agreed in the
contract with the customer. While deferred payment terms may
be agreed in rare circumstances, the deferral never exceeds
twelve months. The transaction price is therefore not adjusted for
the e\ufb00ects of a signi\ufb01cant \ufb01nancing component. The Group no
longer utilises shared equity loan schemes for the sale of
residential properties.
In order to recognise the pro\ufb01t, it is necessary to estimate the
total costs of a development. These estimates take account of
any uncertainties in the cost of work packages which have not
yet been let and materials which have not yet been procured and
the expected cost of any recti\ufb01cation works during the defects
liability period, which is 12 months for commercial property and
24 months for residential property.
Pro\ufb01t is recognised by allocating the total costs of a scheme
to each unit at a consistent margin. For mixed-tenure schemes
which also incorporate a construction contract, the margin
recognised for the open market units is consistent with the
construction contract element of the development.
(d) Contract balances
Contract assets
Contract assets primarily relate to the Group\u2019s right to
consideration for construction work completed but not invoiced
at the balance sheet date. The contract assets are transferred
to trade receivables when the amounts are certi\ufb01ed by the
customer. On most contracts, certi\ufb01cates are issued by the
customer on a monthly basis.
Contract liabilities
Contract liabilities primarily relate to the advance consideration
received from customers in respect of performance obligations
which have not yet been fully satis\ufb01ed and for which revenue
has not been recognised. Contract liabilities are recognised as
revenue when performance obligation to the customer has
been satis\ufb01ed.
(e) Contract costs
Costs to obtain a contract are expensed unless they are
incremental, i.e. they would not have been incurred if the contract
had not been obtained, and the contract is expected to be
su\ufb03ciently pro\ufb01table for them to be recovered.
Costs to ful\ufb01l a contract are expensed unless they relate to an
identi\ufb01ed contract, generate or enhance resources that will be
used to satisfy the obligations under the contract in future years
and the contract is expected to be su\ufb03ciently pro\ufb01table for them
to be recovered, in which case they are capitalised to the extent
they will be recovered in future periods.
Where costs are capitalised, they are amortised over the shorter
of the period for which revenue and pro\ufb01t can be forecast with
reasonable certainty and the duration of the contract except
where the contract becomes loss-making. If the contract becomes
loss-making, all capitalised costs related to that contract are
immediately expensed.
(f) Government grants
Funding received in respect of developer grants, where funding is
awarded to encourage the building and renovation of a\ufb00ordable
housing, is recognised as a deduction from related expenses on a
stage of completion basis over the life of the project to which the
funding relates.
Funding received to support the construction of housing where
current market prices would otherwise make a scheme \ufb01nancially
unviable is recognised as income on a legal completion basis
when the properties to which it relates are sold.
Government grants are initially recognised as deferred income
at fair value when there is reasonable assurance that the
Group will comply with the conditions attached and the grants
will be received.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00347": { "value": "(f) Government grants
Funding received in respect of developer grants, where funding is
awarded to encourage the building and renovation of a\ufb00ordable
housing, is recognised as a deduction from related expenses on a
stage of completion basis over the life of the project to which the
funding relates.
Funding received to support the construction of housing where
current market prices would otherwise make a scheme \ufb01nancially
unviable is recognised as income on a legal completion basis
when the properties to which it relates are sold.
Government grants are initially recognised as deferred income
at fair value when there is reasonable assurance that the
Group will comply with the conditions attached and the grants
will be received.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00348": { "value": "Leases
Where the Company is a lessee, a right-of-use asset and lease
liability are recognised at the outset of the lease other than those
that are less than one year in duration or of a low value.
The lease liability is initially measured at the present value of the
lease payments that are not paid at that date based on the
Group\u2019s expectations of the likelihood of lease extension or break
options being exercised. In calculating the present value of lease
payments, the Group uses its incremental borrowing rate at the
lease commencement date because the interest rate implicit in
the lease is not readily determinable.
The lease liability is subsequently adjusted to re\ufb02ect imputed
interest, payments made to the lessor and any lease modi\ufb01cations.
The right-of-use asset is initially measured at cost, which
comprises the amount of the lease liability, any lease payments
made at or before the commencement date, less any lease
incentives received, any initial direct costs incurred by the Group
and an estimate of any costs that are expected to be incurred at
the end of the lease to dismantle or restore the asset.
The right-of-use assets are presented within the property, plant
and equipment line in the statement of \ufb01nancial position and
depreciated in accordance with the Group\u2019s accounting policy
on property, plant and equipment. The amount charged to the
income statement comprises the depreciation of the right-of-use
asset and the imputed interest on the lease liability.
Lease payments on short-term leases and leases of low-value
assets are recognised as expense on a straight-line basis over the
lease term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00352": { "value": "Finance income and expense
Finance income and expense is recognised using the e\ufb00ective
interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00350": { "value": "Finance income and expense
Finance income and expense is recognised using the e\ufb00ective
interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00349": { "value": "Finance income and expense
Finance income and expense is recognised using the e\ufb00ective
interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00351": { "value": "Finance income and expense
Finance income and expense is recognised using the e\ufb00ective
interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00353": { "value": "Income tax
The income tax expense represents the current and deferred
tax charges. Income tax is recognised in the income statement
except to the extent that it relates to items recognised directly
in equity.
Current tax is the Group\u2019s expected tax liability on taxable pro\ufb01t
for the year using tax rates enacted or substantively enacted at
the reporting date and any adjustments to tax payable in respect
of previous years.
Taxable pro\ufb01t di\ufb00ers from that reported in the income statement
because it is adjusted for items of income or expense that are
assessable or deductible in other years and is adjusted for items
that are never assessable or deductible.
Current tax relating to items recognised directly in equity is
recognised in equity and not in the income statement.
Deferred tax is recognised using the liability method, providing
for temporary di\ufb00erences between the carrying amount of
assets and liabilities for \ufb01nancial reporting purposes and the
corresponding tax bases used in tax computations. Deferred tax
is not recognised for the initial recognition of assets or liabilities
in a transaction that is not a business combination and a\ufb00ects
neither accounting nor taxable pro\ufb01t, or di\ufb00erences relating to
investments in subsidiaries and joint ventures to the extent that
it is probable that they will not reverse in the foreseeable future.
Deferred tax is not recognised for taxable temporary di\ufb00erences
arising on the initial recognition of goodwill.
Deferred tax is recognised on temporary di\ufb00erences which result
in an obligation at the reporting date to pay more tax, or a right to
pay less tax, at a future date, at the tax rates expected to apply
when they reverse, based on the laws that have been enacted or
substantively enacted at the reporting date. Deferred tax assets
are recognised to the extent that it is regarded as more likely than
not that they will be recovered. Deferred tax assets and liabilities
are not discounted and are only o\ufb00set where there is a legally
enforceable right to o\ufb00set current tax assets and liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00354": { "value": "Deferred tax is recognised using the liability method, providing
for temporary di\ufb00erences between the carrying amount of
assets and liabilities for \ufb01nancial reporting purposes and the
corresponding tax bases used in tax computations. Deferred tax
is not recognised for the initial recognition of assets or liabilities
in a transaction that is not a business combination and a\ufb00ects
neither accounting nor taxable pro\ufb01t, or di\ufb00erences relating to
investments in subsidiaries and joint ventures to the extent that
it is probable that they will not reverse in the foreseeable future.
Deferred tax is not recognised for taxable temporary di\ufb00erences
arising on the initial recognition of goodwill.
Deferred tax is recognised on temporary di\ufb00erences which result
in an obligation at the reporting date to pay more tax, or a right to
pay less tax, at a future date, at the tax rates expected to apply
when they reverse, based on the laws that have been enacted or
substantively enacted at the reporting date. Deferred tax assets
are recognised to the extent that it is regarded as more likely than
not that they will be recovered. Deferred tax assets and liabilities
are not discounted and are only o\ufb00set where there is a legally
enforceable right to o\ufb00set current tax assets and liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00358": { "value": "Goodwill and other intangible assets
Goodwill arises on business combinations and represents the
excess of the cost of an acquisition over the Group\u2019s share of the
identi\ufb01able net assets of the acquiree at the acquisition date. The
consideration transferred for the acquisition of a subsidiary is the
fair value of the assets transferred, the liabilities incurred and
equity interests issued by the Group in exchange for control of
the acquiree. Consideration transferred also includes the fair
value of any asset or liability resulting from a contingent
consideration arrangement. Acquisition-related costs are
expensed in administrative expenses as incurred. All identi\ufb01able
assets and liabilities acquired and contingent liabilities assumed
are initially measured at their fair values at the acquisition date.
Where the cost is less than the Group\u2019s share of the identi\ufb01able
net assets, the di\ufb00erence is immediately recognised in the income
statement as a gain from a bargain purchase.
Goodwill arising on acquisitions before the date of transition to
IFRS has been retained at the previous UK GAAP amounts subject
to being tested for impairment at that date.
Other intangible assets identi\ufb01ed on acquisition by the Group that
have \ufb01nite useful lives are recognised at fair value and measured
at cost less accumulated amortisation and impairment losses.
Those that are acquired separately, such as software, are
recognised at cost less accumulated amortisation and impairment
losses. Amortisation is recognised on a straight-line basis over
their estimated useful lives. The estimated useful life and
amortisation method are reviewed at the end of each reporting
period, with the e\ufb00ect of any changes in estimate being
accounted for on a prospective basis. The estimated useful lives
for the Group\u2019s \ufb01nite-life intangible assets are three years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00357": { "value": "Goodwill and other intangible assets
Goodwill arises on business combinations and represents the
excess of the cost of an acquisition over the Group\u2019s share of the
identi\ufb01able net assets of the acquiree at the acquisition date. The
consideration transferred for the acquisition of a subsidiary is the
fair value of the assets transferred, the liabilities incurred and
equity interests issued by the Group in exchange for control of
the acquiree. Consideration transferred also includes the fair
value of any asset or liability resulting from a contingent
consideration arrangement. Acquisition-related costs are
expensed in administrative expenses as incurred. All identi\ufb01able
assets and liabilities acquired and contingent liabilities assumed
are initially measured at their fair values at the acquisition date.
Where the cost is less than the Group\u2019s share of the identi\ufb01able
net assets, the di\ufb00erence is immediately recognised in the income
statement as a gain from a bargain purchase.
Goodwill arising on acquisitions before the date of transition to
IFRS has been retained at the previous UK GAAP amounts subject
to being tested for impairment at that date.
Other intangible assets identi\ufb01ed on acquisition by the Group that
have \ufb01nite useful lives are recognised at fair value and measured
at cost less accumulated amortisation and impairment losses.
Those that are acquired separately, such as software, are
recognised at cost less accumulated amortisation and impairment
losses. Amortisation is recognised on a straight-line basis over
their estimated useful lives. The estimated useful life and
amortisation method are reviewed at the end of each reporting
period, with the e\ufb00ect of any changes in estimate being
accounted for on a prospective basis. The estimated useful lives
for the Group\u2019s \ufb01nite-life intangible assets are three years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00356": { "value": "Goodwill and other intangible assets
Goodwill arises on business combinations and represents the
excess of the cost of an acquisition over the Group\u2019s share of the
identi\ufb01able net assets of the acquiree at the acquisition date. The
consideration transferred for the acquisition of a subsidiary is the
fair value of the assets transferred, the liabilities incurred and
equity interests issued by the Group in exchange for control of
the acquiree. Consideration transferred also includes the fair
value of any asset or liability resulting from a contingent
consideration arrangement. Acquisition-related costs are
expensed in administrative expenses as incurred. All identi\ufb01able
assets and liabilities acquired and contingent liabilities assumed
are initially measured at their fair values at the acquisition date.
Where the cost is less than the Group\u2019s share of the identi\ufb01able
net assets, the di\ufb00erence is immediately recognised in the income
statement as a gain from a bargain purchase.
Goodwill arising on acquisitions before the date of transition to
IFRS has been retained at the previous UK GAAP amounts subject
to being tested for impairment at that date.
Other intangible assets identi\ufb01ed on acquisition by the Group that
have \ufb01nite useful lives are recognised at fair value and measured
at cost less accumulated amortisation and impairment losses.
Those that are acquired separately, such as software, are
recognised at cost less accumulated amortisation and impairment
losses. Amortisation is recognised on a straight-line basis over
their estimated useful lives. The estimated useful life and
amortisation method are reviewed at the end of each reporting
period, with the e\ufb00ect of any changes in estimate being
accounted for on a prospective basis. The estimated useful lives
for the Group\u2019s \ufb01nite-life intangible assets are three years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00355": { "value": "Goodwill and other intangible assets
Goodwill arises on business combinations and represents the
excess of the cost of an acquisition over the Group\u2019s share of the
identi\ufb01able net assets of the acquiree at the acquisition date. The
consideration transferred for the acquisition of a subsidiary is the
fair value of the assets transferred, the liabilities incurred and
equity interests issued by the Group in exchange for control of
the acquiree. Consideration transferred also includes the fair
value of any asset or liability resulting from a contingent
consideration arrangement. Acquisition-related costs are
expensed in administrative expenses as incurred. All identi\ufb01able
assets and liabilities acquired and contingent liabilities assumed
are initially measured at their fair values at the acquisition date.
Where the cost is less than the Group\u2019s share of the identi\ufb01able
net assets, the di\ufb00erence is immediately recognised in the income
statement as a gain from a bargain purchase.
Goodwill arising on acquisitions before the date of transition to
IFRS has been retained at the previous UK GAAP amounts subject
to being tested for impairment at that date.
Other intangible assets identi\ufb01ed on acquisition by the Group that
have \ufb01nite useful lives are recognised at fair value and measured
at cost less accumulated amortisation and impairment losses.
Those that are acquired separately, such as software, are
recognised at cost less accumulated amortisation and impairment
losses. Amortisation is recognised on a straight-line basis over
their estimated useful lives. The estimated useful life and
amortisation method are reviewed at the end of each reporting
period, with the e\ufb00ect of any changes in estimate being
accounted for on a prospective basis. The estimated useful lives
for the Group\u2019s \ufb01nite-life intangible assets are three years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00360": { "value": "Property, plant and equipment
Property, plant and equipment are stated at cost less
accumulated depreciation and any recognised impairment loss.
Depreciation is charged over their estimated useful lives using the
straight-line method on the following basis:
n
freehold land
not depreciated
n
plant and equipment
between 8.3% and 33% per year
n
\ufb01xtures and \ufb01ttings
over the period of the lease
n
right-of-use assets
over the period of the lease
\n
Residual values of property, plant and equipment are reviewed
and updated annually.
Gains and losses on disposal are determined by comparing the
proceeds from disposal against the carrying amount and are
recognised in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00359": { "value": "Property, plant and equipment
Property, plant and equipment are stated at cost less
accumulated depreciation and any recognised impairment loss.
Depreciation is charged over their estimated useful lives using the
straight-line method on the following basis:
n
freehold land
not depreciated
n
plant and equipment
between 8.3% and 33% per year
n
\ufb01xtures and \ufb01ttings
over the period of the lease
n
right-of-use assets
over the period of the lease
\n
Residual values of property, plant and equipment are reviewed
and updated annually.
Gains and losses on disposal are determined by comparing the
proceeds from disposal against the carrying amount and are
recognised in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00361": { "value": "Investment property
Investment property, which is property held to earn rentals and/
or capital appreciation, is stated at its fair value at the reporting
date. Gains or losses arising from changes in the fair value of
investment property are included in the income statement for the
period in which they arise.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00362": { "value": "Inventories
Inventories are stated at the lower of cost and net realisable
value. The cost of work in progress comprises raw materials,
direct labour, other direct costs and related overheads. Net
realisable value is the estimated selling price less applicable costs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00364": { "value": "Impairment of non-\ufb01nancial assets
The Group assesses at each reporting date whether there is an
indication that an asset may be impaired. If any indication exists,
or when annual impairment testing for an asset is required, the
Group estimates the asset\u2019s recoverable amount. When the
carrying amount of an asset exceeds its recoverable amount,
the asset is considered impaired and is written down to its
recoverable amount.
Further disclosures relating to the impairment of non-\ufb01nancial
assets are provided in note 10 \u2013 Goodwill and other intangible
assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00363": { "value": "Impairment of non-\ufb01nancial assets
The Group assesses at each reporting date whether there is an
indication that an asset may be impaired. If any indication exists,
or when annual impairment testing for an asset is required, the
Group estimates the asset\u2019s recoverable amount. When the
carrying amount of an asset exceeds its recoverable amount,
the asset is considered impaired and is written down to its
recoverable amount.
Further disclosures relating to the impairment of non-\ufb01nancial
assets are provided in note 10 \u2013 Goodwill and other intangible
assets.Impairment of \ufb01nancial assets
The Group recognises lifetime expected credit losses for trade
receivables, contract assets and loans to joint ventures. The
expected credit losses on these \ufb01nancial assets are estimated
using a provision matrix based on the Group\u2019s historical credit
loss experience, adjusted for factors that are speci\ufb01c to the
debtors, general economic conditions and an assessment of both
the current as well as the forecast direction of conditions at the
reporting date, including time value of money where appropriate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00365": { "value": "Trade receivables
Trade receivables are initially recognised at fair value and are
subsequently measured at amortised cost using the e\ufb00ective
interest rate method with an appropriate allowance for estimated
irrecoverable amounts recognised in the income statement.
In accordance with IAS 1, trade receivables are recognised as
current when the Group expects to realise the assets in its normal
operating cycle.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00367": { "value": "Cash and cash equivalents
Cash and cash equivalents can include cash in hand, demand
deposits and other short-term, highly liquid investments that are
readily convertible to a known amount of cash and are subject to
an insigni\ufb01cant risk of changes in value. The carrying amount of
these assets approximates to their fair value.
Bank borrowings are generally considered to be \ufb01nancing
activities. However, bank overdrafts which are repayable on
demand form an integral part of an entity\u2019s cash management.
In these circumstances, bank overdrafts are included as a
component of cash and cash equivalents for the purpose
of presentation in the consolidated cash \ufb02ow statement.
A characteristic of such banking arrangements is that the bank
balance often \ufb02uctuates from being positive to overdrawn.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00366": { "value": "Cash and cash equivalents
Cash and cash equivalents can include cash in hand, demand
deposits and other short-term, highly liquid investments that are
readily convertible to a known amount of cash and are subject to
an insigni\ufb01cant risk of changes in value. The carrying amount of
these assets approximates to their fair value.
Bank borrowings are generally considered to be \ufb01nancing
activities. However, bank overdrafts which are repayable on
demand form an integral part of an entity\u2019s cash management.
In these circumstances, bank overdrafts are included as a
component of cash and cash equivalents for the purpose
of presentation in the consolidated cash \ufb02ow statement.
A characteristic of such banking arrangements is that the bank
balance often \ufb02uctuates from being positive to overdrawn.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00368": { "value": "Trade payables
Trade payables are recognised initially at fair value and are
subsequently measured at amortised cost using the e\ufb00ective
interest rate method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00369": { "value": "De\ufb01ned contribution plan
A de\ufb01ned contribution plan is a post-retirement bene\ufb01t plan
under which the Group pays \ufb01xed contributions to a separate
entity and has no legal or constructive obligation to pay further
amounts. The Group recognises payments to de\ufb01ned
contribution pension plans as sta\ufb00 costs in the income statement
as and when they fall due. Prepaid contributions are recognised
as an asset to the extent that a cash refund or reduction on
future payments is available.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00370": { "value": "Provisions
Provisions are recognised when the Group has a present legal or
constructive obligation as a result of a past event, it is probable
that an out\ufb02ow of resources will be required to settle the
obligation and the amount of the obligation can be estimated
reliably. Provisions are recognised for events covered by the
Group\u2019s captive or self-insurance arrangements, legal claims
and restructuring.
When 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 a
provision is presented in the statement of pro\ufb01t or loss net of any
reimbursement where the reimbursement has met the virtually
certain recognition criteria.
If the e\ufb00ect of the time value of money is material, provisions
are discounted using a current pre-tax rate that re\ufb02ects, when
appropriate, the risks speci\ufb01c to the liability. When discounting
is used, the increase in the provision due to the passage of time
is recognised as a \ufb01nance cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00371": { "value": "Impairment of \ufb01nancial assets
The Group recognises lifetime expected credit losses for trade
receivables, contract assets and loans to joint ventures. The
expected credit losses on these \ufb01nancial assets are estimated
using a provision matrix based on the Group\u2019s historical credit
loss experience, adjusted for factors that are speci\ufb01c to the
debtors, general economic conditions and an assessment of both
the current as well as the forecast direction of conditions at the
reporting date, including time value of money where appropriate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00378": { "value": "Share-based payments
Equity-settled share-based payments to employees are measured
at the fair value of the equity instruments at the grant date.
The fair value is expensed in employee bene\ufb01ts expenses on a
straight-line basis over the vesting period, based on the Group\u2019s
estimate of equity instruments that will eventually vest.
At each reporting date, the Group revises its estimate of the
number of equity instruments expected to vest as a result of the
e\ufb00ect of non-market-based vesting conditions. The impact of the
revision of the original estimates, if any, is recognised in pro\ufb01t or
loss such that the cumulative expense re\ufb02ects the revised
estimate, with a corresponding adjustment to equity reserves.
No expense is recognised for awards that do not ultimately vest
because non-market performance and/or service conditions have
not been met. Where awards include a market or non-vesting
condition, the transactions are treated as vested irrespective of
whether the market or non-vesting condition is satis\ufb01ed, provided
that all other performance and/or service conditions are satis\ufb01ed.
The dilutive e\ufb00ect of outstanding options is re\ufb02ected as additional
share dilution in the computation of diluted earnings per share
(further details are given in note 24). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00417": { "value": "Derivative \ufb01nancial instruments
and hedge accounting
Derivative \ufb01nancial instruments may be used in joint ventures to
hedge long-term \ufb02oating interest rate and Retail Price Index (RPI)
exposures and in Group companies to manage their exposure to
foreign exchange rate risk.
Interest rate swaps, RPI swaps and foreign exchange forward
contracts are stated in the statement of \ufb01nancial position at fair
value. At the inception of the hedge relationship, the entity
documents the relationship between the hedging instrument and
the hedged item, along with its risk management objectives and
its strategy for undertaking various hedge transactions.
Furthermore, at the inception of the hedge and on an ongoing
basis, the Group documents whether the hedging instruments
that are used in hedging transactions are highly e\ufb00ective in
o\ufb00setting changes in fair values or cash \ufb02ows of hedged items.
Where \ufb01nancial instruments are designated as cash \ufb02ow hedges
and are deemed to be e\ufb00ective, gains and losses on
remeasurement relating to the e\ufb00ective portion are recognised in
equity, and gains and losses on the ine\ufb00ective portion are
recognised in the income statement.
Net investment hedges may be used to hedge exposure on
translation of net investments in foreign operations. Any gain or
loss on the hedging instrument relating to the e\ufb00ective portion
of the hedge is recognised in other comprehensive income;
the gain or loss relating to the ine\ufb00ective portion is recognised
immediately in the income statement. In the event of disposal of
a foreign operation, the gains and losses accumulated in other
comprehensive income are recognised in the income statement.
There have been no transfers between categories in the fair value
hierarchy in the current and preceding year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00416": { "value": "Derivative \ufb01nancial instruments
and hedge accounting
Derivative \ufb01nancial instruments may be used in joint ventures to
hedge long-term \ufb02oating interest rate and Retail Price Index (RPI)
exposures and in Group companies to manage their exposure to
foreign exchange rate risk.
Interest rate swaps, RPI swaps and foreign exchange forward
contracts are stated in the statement of \ufb01nancial position at fair
value. At the inception of the hedge relationship, the entity
documents the relationship between the hedging instrument and
the hedged item, along with its risk management objectives and
its strategy for undertaking various hedge transactions.
Furthermore, at the inception of the hedge and on an ongoing
basis, the Group documents whether the hedging instruments
that are used in hedging transactions are highly e\ufb00ective in
o\ufb00setting changes in fair values or cash \ufb02ows of hedged items.
Where \ufb01nancial instruments are designated as cash \ufb02ow hedges
and are deemed to be e\ufb00ective, gains and losses on
remeasurement relating to the e\ufb00ective portion are recognised in
equity, and gains and losses on the ine\ufb00ective portion are
recognised in the income statement.
Net investment hedges may be used to hedge exposure on
translation of net investments in foreign operations. Any gain or
loss on the hedging instrument relating to the e\ufb00ective portion
of the hedge is recognised in other comprehensive income;
the gain or loss relating to the ine\ufb00ective portion is recognised
immediately in the income statement. In the event of disposal of
a foreign operation, the gains and losses accumulated in other
comprehensive income are recognised in the income statement.
There have been no transfers between categories in the fair value
hierarchy in the current and preceding year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00391": { "value": "Derivative \ufb01nancial instruments
and hedge accounting
Derivative \ufb01nancial instruments may be used in joint ventures to
hedge long-term \ufb02oating interest rate and Retail Price Index (RPI)
exposures and in Group companies to manage their exposure to
foreign exchange rate risk.
Interest rate swaps, RPI swaps and foreign exchange forward
contracts are stated in the statement of \ufb01nancial position at fair
value. At the inception of the hedge relationship, the entity
documents the relationship between the hedging instrument and
the hedged item, along with its risk management objectives and
its strategy for undertaking various hedge transactions.
Furthermore, at the inception of the hedge and on an ongoing
basis, the Group documents whether the hedging instruments
that are used in hedging transactions are highly e\ufb00ective in
o\ufb00setting changes in fair values or cash \ufb02ows of hedged items.
Where \ufb01nancial instruments are designated as cash \ufb02ow hedges
and are deemed to be e\ufb00ective, gains and losses on
remeasurement relating to the e\ufb00ective portion are recognised in
equity, and gains and losses on the ine\ufb00ective portion are
recognised in the income statement.
Net investment hedges may be used to hedge exposure on
translation of net investments in foreign operations. Any gain or
loss on the hedging instrument relating to the e\ufb00ective portion
of the hedge is recognised in other comprehensive income;
the gain or loss relating to the ine\ufb00ective portion is recognised
immediately in the income statement. In the event of disposal of
a foreign operation, the gains and losses accumulated in other
comprehensive income are recognised in the income statement.
There have been no transfers between categories in the fair value
hierarchy in the current and preceding year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00388": { "value": "Derivative \ufb01nancial instruments
and hedge accounting
Derivative \ufb01nancial instruments may be used in joint ventures to
hedge long-term \ufb02oating interest rate and Retail Price Index (RPI)
exposures and in Group companies to manage their exposure to
foreign exchange rate risk.
Interest rate swaps, RPI swaps and foreign exchange forward
contracts are stated in the statement of \ufb01nancial position at fair
value. At the inception of the hedge relationship, the entity
documents the relationship between the hedging instrument and
the hedged item, along with its risk management objectives and
its strategy for undertaking various hedge transactions.
Furthermore, at the inception of the hedge and on an ongoing
basis, the Group documents whether the hedging instruments
that are used in hedging transactions are highly e\ufb00ective in
o\ufb00setting changes in fair values or cash \ufb02ows of hedged items.
Where \ufb01nancial instruments are designated as cash \ufb02ow hedges
and are deemed to be e\ufb00ective, gains and losses on
remeasurement relating to the e\ufb00ective portion are recognised in
equity, and gains and losses on the ine\ufb00ective portion are
recognised in the income statement.
Net investment hedges may be used to hedge exposure on
translation of net investments in foreign operations. Any gain or
loss on the hedging instrument relating to the e\ufb00ective portion
of the hedge is recognised in other comprehensive income;
the gain or loss relating to the ine\ufb00ective portion is recognised
immediately in the income statement. In the event of disposal of
a foreign operation, the gains and losses accumulated in other
comprehensive income are recognised in the income statement.
There have been no transfers between categories in the fair value
hierarchy in the current and preceding year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00387": { "value": "Derivative \ufb01nancial instruments
and hedge accounting
Derivative \ufb01nancial instruments may be used in joint ventures to
hedge long-term \ufb02oating interest rate and Retail Price Index (RPI)
exposures and in Group companies to manage their exposure to
foreign exchange rate risk.
Interest rate swaps, RPI swaps and foreign exchange forward
contracts are stated in the statement of \ufb01nancial position at fair
value. At the inception of the hedge relationship, the entity
documents the relationship between the hedging instrument and
the hedged item, along with its risk management objectives and
its strategy for undertaking various hedge transactions.
Furthermore, at the inception of the hedge and on an ongoing
basis, the Group documents whether the hedging instruments
that are used in hedging transactions are highly e\ufb00ective in
o\ufb00setting changes in fair values or cash \ufb02ows of hedged items.
Where \ufb01nancial instruments are designated as cash \ufb02ow hedges
and are deemed to be e\ufb00ective, gains and losses on
remeasurement relating to the e\ufb00ective portion are recognised in
equity, and gains and losses on the ine\ufb00ective portion are
recognised in the income statement.
Net investment hedges may be used to hedge exposure on
translation of net investments in foreign operations. Any gain or
loss on the hedging instrument relating to the e\ufb00ective portion
of the hedge is recognised in other comprehensive income;
the gain or loss relating to the ine\ufb00ective portion is recognised
immediately in the income statement. In the event of disposal of
a foreign operation, the gains and losses accumulated in other
comprehensive income are recognised in the income statement.
There have been no transfers between categories in the fair value
hierarchy in the current and preceding year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00437": { "value": "Non-current assets classi\ufb01ed as held for sale
Non-current assets classi\ufb01ed as held for sale are presented
separately and measured at the lower of their carrying amounts
immediately prior to their classi\ufb01cation as held-for-sale and their
fair value less costs to sell. However, some held-for-sale assets
such as \ufb01nancial assets or deferred tax assets continue to be
measured in accordance with the Group\u2019s relevant accounting
policy for those assets.
Once classi\ufb01ed as held for sale, the assets are not subject to
depreciation or amortisation. Any pro\ufb01t or loss arising from the
sale or its remeasurement to fair value less costs to sell is
presented as part of a single line item.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00265": { "value": "The preparation of \ufb01nancial statements under IFRS requires the
Company\u2019s management to make judgements, assumptions and
estimates that a\ufb00ect the application of accounting policies and
the reported amounts of assets, liabilities, income and expense.
Actual results may di\ufb00er from these estimates. The estimates
and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period
in which the estimate is revised if the revision a\ufb00ects only that
period, or in the period of the revision and future periods if the
revision a\ufb00ects both current and future periods.
Critical judgements and estimates in
applying the Group\u2019s accounting policies
The following are the critical judgements and estimates that the
directors have made in the process of applying the Group\u2019s
accounting policies and that have a signi\ufb01cant e\ufb00ect on the
amounts recognised in the \ufb01nancial statements:
Revenue recognition \u2013 mixed-use schemes (judgement)
The Group acts as developer and/or contractor on a number of
mixed-use schemes. In some instances, judgement is required to
determine whether the revenue on a particular element of the
scheme should be recognised as work progresses (recognised
over time) or upon legal completion (recognised at a point in
time). A detailed assessment is performed of the contractual
agreements with the customer as well as the substance of the
transaction to determine whether performance obligations have
been satis\ufb01ed. Relevant factors that are considered include the
point at which legal ownership of the land passes to the
customer, the degree to which the customer can specify the
major structural elements of the design prior to construction
work commencing and the degree to which the customer can
specify modi\ufb01cations to the major structural elements of the
building during construction.
Revenue and pro\ufb01t recognition for long-term contracts
(judgement and estimate)
In order to determine the revenue and pro\ufb01t recognition in
respect of the Group\u2019s construction contracts, the Group has to
estimate the total costs to deliver the contract as well as the \ufb01nal
contract value. The Group has to allocate total expected costs
between the amount incurred on the contract to the end of the
reporting period and the proportion to complete in a future
period. The assessment of the total costs to be incurred and \ufb01nal
contract value requires a degree of judgement and estimation.
The \ufb01nal contract value may include assessments of the recovery
of variations which have yet to be agreed with the customer, as
well as additional compensation claim amounts. The amount of
variations and claims are often not fully agreed with the customer
due to timing and requirements of the normal contractual
process. Therefore, assessments are based on judgement and
estimates of the potential cost impact of the compensation
claims, and the revenue recognised is constrained to amounts
where the Group believes it is highly probable that a signi\ufb01cant
reversal will not occur. The estimation of costs to complete is
based on all available relevant information and may include
judgements and estimates of any potential defect liabilities or
liquidated damages for unagreed scope or timing variations.
Costs incurred in advance of the contract or contract ful\ufb01lment
costs that are directly attributable to the contract may also be
included as part of the total costs to complete the contract.
Judgement is required to consider when any pre-contract costs
or contract ful\ufb01lment costs are directly attributable to a speci\ufb01c
contract and the recognition of the related costs over the life of
the contract.
The reference to estimates above is not intended to comply with
the requirements of paragraph 125 of IAS 1 \u2018Presentation of
Financial Statements\u2019 as it is not expected there is a signi\ufb01cant risk
of a material adjustment to the carrying amount of assets and
liabilities within the next \ufb01nancial year. The above is presented as
additional disclosure in order to give more detail on the process
for revenue and pro\ufb01t recognition for long-term contracts.
Inventory valuation (judgement and estimate)
Inventory is stated at the lower of cost and net realisable value.
Costs include materials and direct labour. Net realisable value
is based on estimated selling price, less further costs expected
to be incurred to complete and sell the asset. A provision is made
for obsolete, slow-moving or defective items where appropriate.
Management is required to use judgement when estimating
the pro\ufb01tability of a site/phase and in assessing any indicators
of impairment.
Land held for development, including land in the course of
development until legal completion of the sale of the asset, is
initially recorded at cost. Regular reviews are carried out to identify
any impairment in the value of the land by comparing the total
estimated selling prices less estimated selling expenses against
the carrying amount of the land plus estimated costs to complete.
A provision is made for any irrecoverable amounts. Where, through
deferred payment terms, the fair value of land purchased di\ufb00ers
from the amount that will subsequently be paid in settling the
liability, the di\ufb00erence is charged as a \ufb01nance expense in the
statement of comprehensive income over the period to settlement.
Investments in land without the bene\ufb01t of planning consent,
either through the purchase of land or non-refundable deposits
paid on land purchase contracts subject to planning consent,
are included initially at cost. Regular reviews are carried out for
impairment in the values of these investments, and a provision
is made to re\ufb02ect any irrecoverable element. The impairment
reviews consider the existing use value of the land and assess the
likelihood of achieving planning consent and the value thereof.
Building safety provisions (estimate)
Management has reviewed legal and constructive obligations with
regard to remedial work to rectify legacy building safety issues.
Where obligations exist, these have been evaluated for the likely
cost to address, including repayments of the Building Safety Fund,
and an appropriate provision has been created.
The ongoing legislative and regulatory changes in respect of
legacy building safety issues create uncertainty around the extent
of remediation required for legacy buildings, the liability for such
remediation, recoveries from other parties (which would only be
recognised when virtually certain to be received) and the time
to be considered. This implies inherent uncertainty as to the
precise future obligations of the Group in respect of building \ufb01re
safety issues.
Management has recognised a provision based on its best estimate
of the future obligations. However, should the costs of remediation
increase by 5%, due to factors such as higher-than-expected
in\ufb02ation, the impact on the remediation costs would be \u00a32.8m.
Please see note 19 for further detail.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00267": { "value": "Critical judgements and estimates in
applying the Group\u2019s accounting policies
The following are the critical judgements and estimates that the
directors have made in the process of applying the Group\u2019s
accounting policies and that have a signi\ufb01cant e\ufb00ect on the
amounts recognised in the \ufb01nancial statements:
Revenue recognition \u2013 mixed-use schemes (judgement)
The Group acts as developer and/or contractor on a number of
mixed-use schemes. In some instances, judgement is required to
determine whether the revenue on a particular element of the
scheme should be recognised as work progresses (recognised
over time) or upon legal completion (recognised at a point in
time). A detailed assessment is performed of the contractual
agreements with the customer as well as the substance of the
transaction to determine whether performance obligations have
been satis\ufb01ed. Relevant factors that are considered include the
point at which legal ownership of the land passes to the
customer, the degree to which the customer can specify the
major structural elements of the design prior to construction
work commencing and the degree to which the customer can
specify modi\ufb01cations to the major structural elements of the
building during construction.
Revenue and pro\ufb01t recognition for long-term contracts
(judgement and estimate)
In order to determine the revenue and pro\ufb01t recognition in
respect of the Group\u2019s construction contracts, the Group has to
estimate the total costs to deliver the contract as well as the \ufb01nal
contract value. The Group has to allocate total expected costs
between the amount incurred on the contract to the end of the
reporting period and the proportion to complete in a future
period. The assessment of the total costs to be incurred and \ufb01nal
contract value requires a degree of judgement and estimation.
The \ufb01nal contract value may include assessments of the recovery
of variations which have yet to be agreed with the customer, as
well as additional compensation claim amounts. The amount of
variations and claims are often not fully agreed with the customer
due to timing and requirements of the normal contractual
process. Therefore, assessments are based on judgement and
estimates of the potential cost impact of the compensation
claims, and the revenue recognised is constrained to amounts
where the Group believes it is highly probable that a signi\ufb01cant
reversal will not occur. The estimation of costs to complete is
based on all available relevant information and may include
judgements and estimates of any potential defect liabilities or
liquidated damages for unagreed scope or timing variations.
Costs incurred in advance of the contract or contract ful\ufb01lment
costs that are directly attributable to the contract may also be
included as part of the total costs to complete the contract.
Judgement is required to consider when any pre-contract costs
or contract ful\ufb01lment costs are directly attributable to a speci\ufb01c
contract and the recognition of the related costs over the life of
the contract.
The reference to estimates above is not intended to comply with
the requirements of paragraph 125 of IAS 1 \u2018Presentation of
Financial Statements\u2019 as it is not expected there is a signi\ufb01cant risk
of a material adjustment to the carrying amount of assets and
liabilities within the next \ufb01nancial year. The above is presented as
additional disclosure in order to give more detail on the process
for revenue and pro\ufb01t recognition for long-term contracts.
Inventory valuation (judgement and estimate)
Inventory is stated at the lower of cost and net realisable value.
Costs include materials and direct labour. Net realisable value
is based on estimated selling price, less further costs expected
to be incurred to complete and sell the asset. A provision is made
for obsolete, slow-moving or defective items where appropriate.
Management is required to use judgement when estimating
the pro\ufb01tability of a site/phase and in assessing any indicators
of impairment.
Land held for development, including land in the course of
development until legal completion of the sale of the asset, is
initially recorded at cost. Regular reviews are carried out to identify
any impairment in the value of the land by comparing the total
estimated selling prices less estimated selling expenses against
the carrying amount of the land plus estimated costs to complete.
A provision is made for any irrecoverable amounts. Where, through
deferred payment terms, the fair value of land purchased di\ufb00ers
from the amount that will subsequently be paid in settling the
liability, the di\ufb00erence is charged as a \ufb01nance expense in the
statement of comprehensive income over the period to settlement.
Investments in land without the bene\ufb01t of planning consent,
either through the purchase of land or non-refundable deposits
paid on land purchase contracts subject to planning consent,
are included initially at cost. Regular reviews are carried out for
impairment in the values of these investments, and a provision
is made to re\ufb02ect any irrecoverable element. The impairment
reviews consider the existing use value of the land and assess the
likelihood of achieving planning consent and the value thereof.
Building safety provisions (estimate)
Management has reviewed legal and constructive obligations with
regard to remedial work to rectify legacy building safety issues.
Where obligations exist, these have been evaluated for the likely
cost to address, including repayments of the Building Safety Fund,
and an appropriate provision has been created.
The ongoing legislative and regulatory changes in respect of
legacy building safety issues create uncertainty around the extent
of remediation required for legacy buildings, the liability for such
remediation, recoveries from other parties (which would only be
recognised when virtually certain to be received) and the time
to be considered. This implies inherent uncertainty as to the
precise future obligations of the Group in respect of building \ufb01re
safety issues.
Management has recognised a provision based on its best estimate
of the future obligations. However, should the costs of remediation
increase by 5%, due to factors such as higher-than-expected
in\ufb02ation, the impact on the remediation costs would be \u00a32.8m.
Please see note 19 for further detail.", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00266": { "value": "Critical judgements and estimates in applying the Group\u2019s accounting policies The following are the critical judgements and estimates that the directors have made in the process of applying the Group\u2019s accounting policies and that have a signi\ufb01cant e\ufb00ect on the amounts recognised in the \ufb01nancial statements: Revenue recognition \u2013 mixed-use schemes (judgement) The Group acts as developer and/or contractor on a number of mixed-use schemes. In some instances, judgement is required to determine whether the revenue on a particular element of the scheme should be recognised as work progresses (recognised over time) or upon legal completion (recognised at a point in time). A detailed assessment is performed of the contractual agreements with the customer as well as the substance of the transaction to determine whether performance obligations have been satis\ufb01ed. Relevant factors that are considered include the point at which legal ownership of the land passes to the customer, the degree to which the customer can specify the major structural elements of the design prior to construction work commencing and the degree to which the customer can specify modi\ufb01cations to the major structural elements of the building during construction. Revenue and pro\ufb01t recognition for long-term contracts (judgement and estimate) In order to determine the revenue and pro\ufb01t recognition in respect of the Group\u2019s construction contracts, the Group has to estimate the total costs to deliver the contract as well as the \ufb01nal contract value. The Group has to allocate total expected costs between the amount incurred on the contract to the end of the reporting period and the proportion to complete in a future period. The assessment of the total costs to be incurred and \ufb01nal contract value requires a degree of judgement and estimation. The \ufb01nal contract value may include assessments of the recovery of variations which have yet to be agreed with the customer, as well as additional compensation claim amounts. The amount of variations and claims are often not fully agreed with the customer due to timing and requirements of the normal contractual process. Therefore, assessments are based on judgement and estimates of the potential cost impact of the compensation claims, and the revenue recognised is constrained to amounts where the Group believes it is highly probable that a signi\ufb01cant reversal will not occur. The estimation of costs to complete is based on all available relevant information and may include judgements and estimates of any potential defect liabilities or liquidated damages for unagreed scope or timing variations. Costs incurred in advance of the contract or contract ful\ufb01lment costs that are directly attributable to the contract may also be included as part of the total costs to complete the contract. Judgement is required to consider when any pre-contract costs or contract ful\ufb01lment costs are directly attributable to a speci\ufb01c contract and the recognition of the related costs over the life of the contract. The reference to estimates above is not intended to comply with the requirements of paragraph 125 of IAS 1 \u2018Presentation of Financial Statements\u2019 as it is not expected there is a signi\ufb01cant risk of a material adjustment to the carrying amount of assets and liabilities within the next \ufb01nancial year. The above is presented as additional disclosure in order to give more detail on the process for revenue and pro\ufb01t recognition for long-term contracts. Inventory valuation (judgement and estimate) Inventory is stated at the lower of cost and net realisable value. Costs include materials and direct labour. Net realisable value is based on estimated selling price, less further costs expected to be incurred to complete and sell the asset. A provision is made for obsolete, slow-moving or defective items where appropriate. Management is required to use judgement when estimating the pro\ufb01tability of a site/phase and in assessing any indicators of impairment. Land held for development, including land in the course of development until legal completion of the sale of the asset, is initially recorded at cost. Regular reviews are carried out to identify any impairment in the value of the land by comparing the total estimated selling prices less estimated selling expenses against the carrying amount of the land plus estimated costs to complete. A provision is made for any irrecoverable amounts. Where, through deferred payment terms, the fair value of land purchased di\ufb00ers from the amount that will subsequently be paid in settling the liability, the di\ufb00erence is charged as a \ufb01nance expense in the statement of comprehensive income over the period to settlement. Investments in land without the bene\ufb01t of planning consent, either through the purchase of land or non-refundable deposits paid on land purchase contracts subject to planning consent, are included initially at cost. Regular reviews are carried out for impairment in the values of these investments, and a provision is made to re\ufb02ect any irrecoverable element. The impairment reviews consider the existing use value of the land and assess the likelihood of achieving planning consent and the value thereof. Building safety provisions (estimate) Management has reviewed legal and constructive obligations with regard to remedial work to rectify legacy building safety issues. Where obligations exist, these have been evaluated for the likely cost to address, including repayments of the Building Safety Fund, and an appropriate provision has been created. The ongoing legislative and regulatory changes in respect of legacy building safety issues create uncertainty around the extent of remediation required for legacy buildings, the liability for such remediation, recoveries from other parties (which would only be recognised when virtually certain to be received) and the time to be considered. This implies inherent uncertainty as to the precise future obligations of the Group in respect of building \ufb01re safety issues. Management has recognised a provision based on its best estimate of the future obligations. However, should the costs of remediation increase by 5%, due to factors such as higher-than-expected in\ufb02ation, the impact on the remediation costs would be \u00a32.8m. Please see note 19 for further detail.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00269": { "value": "1 Revenue
An analysis of the Group\u2019s revenue is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Partnership activities revenue
949.5
946.4
Construction contracts
3,712.4
3,230.0
Other services
356.7
369.8
Construction services and \ufb01t out activities revenue
4,069.1
3,599.8
Total revenue
5,018.6
4,546.2
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Recognised on
Recognised on
\u00a0
Recognised on
Recognised on
\u00a0
\u00a0
performance
performance
\u00a0
performance
performance
\u00a0
\u00a0
obligations
obligations
\u00a0
obligations
obligations
\u00a0
\u00a0
satis\ufb01ed
satis\ufb01ed at a
Total
satis\ufb01ed
satis\ufb01ed at a
Total
\u00a0
over time
point in time
revenue
over time
point in time
revenue
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Contracting
620.6
17.9
638.5
549.7
14.8
564.5
Mixed tenure
90.2
174.4
264.6
116.9
179.8
296.7
Partnership Housing
710.8
192.3
903.1
666.6
194.6
861.2
Mixed Use Partnerships
14.9
36.7
51.6
27.9
62.6
90.5
Traditional \ufb01t out
1,569.0
\u2013
1,569.0
1,116.9
\u2013
1,116.9
Design and build
214.9
\u2013
214.9
183.4
\u2013
183.4
Fit Out
1,783.9
\u2013
1,783.9
1,300.3
\u2013
1,300.3
Construction
1,159.2
\u2013
1,159.2
1,044.1
\u2013
1,044.1
Property Services
212.5
\u2013
212.5
223.2
\u2013
223.2
Infrastructure
935.3
\u2013
935.3
1,047.0
\u2013
1,047.0
Inter-segment revenue
(27.0)
\u2013
(27.0)
(20.1)
\u2013
(20.1)
Total revenue
4,789.6
229.0
5,018.6
4,289.0
257.2
4,546.2
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00268": { "value": "1 Revenue
An analysis of the Group\u2019s revenue is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Partnership activities revenue
949.5
946.4
Construction contracts
3,712.4
3,230.0
Other services
356.7
369.8
Construction services and \ufb01t out activities revenue
4,069.1
3,599.8
Total revenue
5,018.6
4,546.2
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Recognised on
Recognised on
\u00a0
Recognised on
Recognised on
\u00a0
\u00a0
performance
performance
\u00a0
performance
performance
\u00a0
\u00a0
obligations
obligations
\u00a0
obligations
obligations
\u00a0
\u00a0
satis\ufb01ed
satis\ufb01ed at a
Total
satis\ufb01ed
satis\ufb01ed at a
Total
\u00a0
over time
point in time
revenue
over time
point in time
revenue
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Contracting
620.6
17.9
638.5
549.7
14.8
564.5
Mixed tenure
90.2
174.4
264.6
116.9
179.8
296.7
Partnership Housing
710.8
192.3
903.1
666.6
194.6
861.2
Mixed Use Partnerships
14.9
36.7
51.6
27.9
62.6
90.5
Traditional \ufb01t out
1,569.0
\u2013
1,569.0
1,116.9
\u2013
1,116.9
Design and build
214.9
\u2013
214.9
183.4
\u2013
183.4
Fit Out
1,783.9
\u2013
1,783.9
1,300.3
\u2013
1,300.3
Construction
1,159.2
\u2013
1,159.2
1,044.1
\u2013
1,044.1
Property Services
212.5
\u2013
212.5
223.2
\u2013
223.2
Infrastructure
935.3
\u2013
935.3
1,047.0
\u2013
1,047.0
Inter-segment revenue
(27.0)
\u2013
(27.0)
(20.1)
\u2013
(20.1)
Total revenue
4,789.6
229.0
5,018.6
4,289.0
257.2
4,546.2
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00270": { "value": "2
Business segments
For management purposes, the Group was organised into six operating divisions: Partnership Housing, Mixed Use Partnerships,
Fit Out, Construction, Property Services and Infrastructure, and this is the structure of segment information reviewed by the Chief
Operating Decision Maker (CODM). The CODM is determined to be the Board of directors and reporting provided to the Board is
in line with these six divisions, which have been considered to be the Group\u2019s operating segments in 2025.
The six operating divisions\u2019 activities are as follows:
n
Partnership Housing: Lovell Partnerships Limited is focused on working in partnerships with local authorities and housing
associations. Activities include mixed-tenure developments, building and developing homes for open market sales and for social/
a\ufb00ordable rent, design and build house contracting, and limited refurbishment.
n
Mixed Use Partnerships: Muse Places Limited is focused on transforming the urban landscape through partnership working and the
development of large forward-funded multi-phase sites and mixed-use placemaking.
n
Fit Out: Overbury plc specialises in \ufb01t out and refurbishment in commercial, central and local government o\ufb03ces and further
education. Morgan Lovell plc provides o\ufb03ce interior design and build services direct to occupiers.
n
Construction: Morgan Sindall Construction focuses on education, healthcare, commercial, industrial, leisure and retail markets.
n
Property Services: Morgan Sindall Property Services Limited provides planned maintenance services for social housing and the wider
public sector.
1
n
Infrastructure: Morgan Sindall Infrastructure focuses on nuclear, energy, defence, rail, water, highways and aviation markets.
Infrastructure also includes the BakerHicks design activities based out of the UK and Switzerland.
Group activities represent costs and income arising from corporate activities which cannot be meaningfully allocated to the operating
segments. These include the costs of the Group Board, treasury management, corporate tax coordination, Group \ufb01nance and internal
audit, insurance management, company secretarial services, Group general counsel services, information technology services, \ufb01nance
income and \ufb01nance expense.
1
Given the alignment of its ongoing activities to Construction, the Property Services division has now fully integrated into the Construction division from 1 January
2026. Under the three strategic lines of business of Partnerships, Fit Out and Construction Services, the Group is now organised into \ufb01ve reporting segments
and will be reported as such from 2026.
The Group reports its segmental information as presented below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Partnership
Mixed Use
\u00a0 \u00a0
Property
\u00a0
Group
\u00a0 \u00a0
\u00a0
Housing
Partnerships
Fit Out
Construction
Services
Infrastructure
activities
Eliminations
Total
Year ended 31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
External revenue
897.9
51.6
1,778.4
1,159.2
212.5
919.0
\u2013
\u2013
5,018.6
Inter-segment revenue
5.2
\u2013
5.5
\u2013
\u2013
16.3
\u2013
(27.0)
\u2013
Total revenue
903.1
51.6
1,783.9
1,159.2
212.5
935.3
\u2013
(27.0)
5,018.6
Impairment loss on
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
contract assets
\u2013
\u2013
\u2013
\u2013
(2.5)
\u2013
\u2013
\u2013
(2.5)
Adjusted operating
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
pro\ufb01t/(loss) (note 28)
42.0
(5.3)
139.9
37.0
2.0
37.2
(26.4)
(0.7)
225.7
Amortisation of
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
intangible assets
\u2013
\u2013
\u2013
\u2013
(0.4)
\u2013
\u2013
\u2013
(0.4)
Exceptional operating items
0.6
0.6
\u2013
(1.6)
\u2013
\u2013
\u2013
\u2013
(0.4)
Operating pro\ufb01t/(loss)
42.6
(4.7)
139.9
35.4
1.6
37.2
(26.4)
(0.7)
224.9
Finance income
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
15.6
Finance expense
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(8.7)
Pro\ufb01t before tax
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
231.8
Other information:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Depreciation
(2.5)
(0.7)
(3.6)
(2.2)
(3.8)
(22.0)
(1.0)
\u2013
(35.8)
Average number of employees
1,231
119
1,283
1,637
983
3,164
94
\u2013
8,511
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Partnership
Mixed Use
\u00a0 \u00a0
Property
\u00a0
Group
\u00a0 \u00a0
\u00a0
Housing
Partnerships
Fit Out
Construction
Services
Infrastructure
activities
Eliminations
Total
Year ended 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
External revenue
855.9
90.5
1,299.2
1,043.3
223.2
1,034.1
\u2013
\u2013
4,546.2
Inter-segment revenue
5.3
\u2013
1.1
0.8
\u2013
12.9
\u2013
(20.1)
\u2013
Total revenue
861.2
90.5
1,300.3
1,044.1
223.2
1,047.0
\u2013
(20.1)
4,546.2
Impairment loss on
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
contract assets
\u2013
\u2013
\u2013
\u2013
(21.0)
\u2013
\u2013
\u2013
(21.0)
Adjusted operating
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
pro\ufb01t/(loss) (note 28)
36.1
1.5
99.0
30.9
(17.8)
38.5
(25.6)
\u2013
162.6
Amortisation of
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
intangible assets
\u2013
\u2013
\u2013
\u2013
(0.5)
\u2013
\u2013
\u2013
(0.5)
Exceptional operating items
(2.7)
5.9
\u2013
0.1
(3.4)
\u2013
\u2013
\u2013
(0.1)
Operating pro\ufb01t/(loss)
33.4
7.4
99.0
31.0
(21.7)
38.5
(25.6)
\u2013
162.0
Finance income
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
18.2
Finance expense
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(8.3)
Pro\ufb01t before tax
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
171.9
Other information:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Depreciation
(2.6)
(0.8)
(3.0)
(2.5)
(4.2)
(18.9)
(1.1)
\u2013
(33.1)
Average number of employees
1,193
108
1,121
1,533
1,097
3,080
110
\u2013
8,242
\nSegment assets and liabilities are not presented as these are not reported to the CODM. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00272": { "value": "3
Pro\ufb01t for the year
Pro\ufb01t before tax for the year is stated after charging/(crediting):
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Notes
\u00a3m
\u00a3m
Depreciation charge:
\u00a0 \u00a0 \u00a0
Plant, equipment, \ufb01xtures and \ufb01ttings
11
10.0
9.7
Right-of-use assets
11
25.8
23.4
Government grants received
\u00a0
(0.6)
(1.4)
Amortisation of intangible assets
10
0.4
0.5
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00271": { "value": "3
Pro\ufb01t for the year
Pro\ufb01t before tax for the year is stated after charging/(crediting):
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Notes
\u00a3m
\u00a3m
Depreciation charge:
\u00a0 \u00a0 \u00a0
Plant, equipment, \ufb01xtures and \ufb01ttings
11
10.0
9.7
Right-of-use assets
11
25.8
23.4
Government grants received
\u00a0
(0.6)
(1.4)
Amortisation of intangible assets
10
0.4
0.5
\n
Auditor\u2019s remuneration
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Audit of the Company\u2019s annual report
0.6
0.5
Audit of the Company\u2019s subsidiaries and joint ventures
2.7
2.3
Total audit fees
3.3
2.8
Total non-audit fees
\u2013
\u2013
Total audit and non-audit fees
3.3
2.8
\nNon-audit fees totalled \u00a34,097 for the year ended 31 December 2025 (2024: \u00a34,186).", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00274": { "value": "Auditor\u2019s remuneration \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Audit of the Company\u2019s annual report
0.6
0.5
Audit of the Company\u2019s subsidiaries and joint ventures
2.7
2.3
Total audit fees
3.3
2.8
Total non-audit fees
\u2013
\u2013
Total audit and non-audit fees
3.3
2.8
Non-audit fees totalled \u00a34,097 for the year ended 31 December 2025 (2024: \u00a34,186). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00275": { "value": "4
Exceptional building safety items
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Notes
\u00a3m
\u00a3m
Net additions on building safety provisions
19
(7.2)
(8.0)
Insurance and recoveries recognised in receivables
\u00a0
5.9
9.3
Exceptional building safety (charge)/credit within cost of sales
\u00a0
(1.3)
1.3
Exceptional building safety credit/(charge) within joint ventures
12
0.9
(1.4)
Total exceptional building safety (charge)/credit
\u00a0
(0.4)
(0.1)
\n
In the current year, the legal and constructive obligations related to the developers\u2019 pledge (including reimbursement of grants provided
by the Building Safety Fund), the Building Safety Act and associated \ufb01re safety regulations have been reassessed based on further
information. The overall movement in the building safety items is a net charge of \u00a30.4m and is shown separately as an exceptional item
consistent with prior-year treatment.
Included in the \u00a30.4m exceptional building safety charge (2024: \u00a30.1m charge) is a \u00a30.9m credit (2024: \u00a31.4m charge) that has been
recognised in respect of the Group\u2019s share of constructive and legal obligations to remediate legacy building safety issues within joint
ventures, and this has been recognised within the Group\u2019s share of net pro\ufb01t of joint ventures. The remaining net charge of \u00a31.3m
(2024: \u00a31.3m credit) has been recognised in cost of sales.
At the reporting date the Group had not yet made any reimbursements to the Building Safety Fund for amounts previously granted
and drawn on any of the developments for which the Group has taken responsibility. As noti\ufb01ed by the MHCLG (Ministry of Housing,
Communities and Local Government), any repayments will only be requested upon \ufb01nal completion of all the relevant works. On this
basis, any repayments are only likely to commence towards the middle of 2026 at the earliest.", "dimensions": { "concept": "mgns:DisclosureOfExceptionalBuildingSafetyItemsExplanatoryTextBlock", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00276": { "value": "5
Sta\ufb00 costs
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Notes
\u00a3m
\u00a3m
Wages and salaries
\u00a0
694.9
646.6
Social security costs
\u00a0
88.5
73.9
Other pension costs
17
31.2
28.7
Share options expense
24
10.8
10.5
\u00a0 \u00a0
825.4
759.7
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00309": { "value": "5
Sta\ufb00 costs
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Notes
\u00a3m
\u00a3m
Wages and salaries
\u00a0
694.9
646.6
Social security costs
\u00a0
88.5
73.9
Other pension costs
17
31.2
28.7
Share options expense
24
10.8
10.5
\u00a0 \u00a0
825.4
759.7
\n17
Retirement bene\ufb01t schemes
De\ufb01ned contribution plan
Between 1995 and 2024, the Group operated a de\ufb01ned contribution plan, the Morgan Sindall Retirement Bene\ufb01ts Plan (\u2018the Retirement
Plan\u2019), for employees of the Group. The assets of the Retirement Plan were held separately from those of the Group in funds under the
control of the Trustee of the Retirement Plan.
During 2024, the Group replaced these arrangements, with past and present employees\u2019 savings and future contributions being
transferred into LifeSight, WTW\u2019s master trust, a de\ufb01ned contribution multi-employer pension trust (\u2018LifeSight\u2019) with an independent
trustee board.
The total cost charged to the income statement of \u00a331.2m (2024: \u00a328.7m) represents contributions payable to de\ufb01ned contribution
pension plans by the Group.
As at 31 December 2025, contributions of \u00a34.7m (2024: \u00a34.2m) were due in respect of December\u2019s contribution not paid over
to LifeSight.
De\ufb01ned bene\ufb01t plan
In 2023, the Trustees of the Morgan Sindall Retirement Savings Plan completed a buy-out transaction with Aviva, whereby Aviva
assumed direct responsibility for all member liabilities. Accordingly, the Group has no further liability for its former de\ufb01ned bene\ufb01t plan.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00277": { "value": "6
Finance income and expense
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Notes
\u00a3m
\u00a3m
Interest receivable from joint ventures
\u00a0
0.3
0.8
Interest income on bank deposits
\u00a0
15.3
17.4
Finance income
\u00a0
15.6
18.2
Interest expense on lease liabilities
18
(4.2)
(3.8)
Loan arrangement and commitment fees
\u00a0
(2.1)
(2.2)
Discount unwind on deferred land payments
\u00a0
(2.4)
(2.3)
Finance expense
\u00a0
(8.7)
(8.3)
Net \ufb01nance income
\u00a0
6.9
9.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00280": { "value": "6
Finance income and expense
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Notes
\u00a3m
\u00a3m
Interest receivable from joint ventures
\u00a0
0.3
0.8
Interest income on bank deposits
\u00a0
15.3
17.4
Finance income
\u00a0
15.6
18.2
Interest expense on lease liabilities
18
(4.2)
(3.8)
Loan arrangement and commitment fees
\u00a0
(2.1)
(2.2)
Discount unwind on deferred land payments
\u00a0
(2.4)
(2.3)
Finance expense
\u00a0
(8.7)
(8.3)
Net \ufb01nance income
\u00a0
6.9
9.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00278": { "value": "6
Finance income and expense
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Notes
\u00a3m
\u00a3m
Interest receivable from joint ventures
\u00a0
0.3
0.8
Interest income on bank deposits
\u00a0
15.3
17.4
Finance income
\u00a0
15.6
18.2
Interest expense on lease liabilities
18
(4.2)
(3.8)
Loan arrangement and commitment fees
\u00a0
(2.1)
(2.2)
Discount unwind on deferred land payments
\u00a0
(2.4)
(2.3)
Finance expense
\u00a0
(8.7)
(8.3)
Net \ufb01nance income
\u00a0
6.9
9.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00279": { "value": "6
Finance income and expense
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Notes
\u00a3m
\u00a3m
Interest receivable from joint ventures
\u00a0
0.3
0.8
Interest income on bank deposits
\u00a0
15.3
17.4
Finance income
\u00a0
15.6
18.2
Interest expense on lease liabilities
18
(4.2)
(3.8)
Loan arrangement and commitment fees
\u00a0
(2.1)
(2.2)
Discount unwind on deferred land payments
\u00a0
(2.4)
(2.3)
Finance expense
\u00a0
(8.7)
(8.3)
Net \ufb01nance income
\u00a0
6.9
9.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00281": { "value": "6
Finance income and expense
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Notes
\u00a3m
\u00a3m
Interest receivable from joint ventures
\u00a0
0.3
0.8
Interest income on bank deposits
\u00a0
15.3
17.4
Finance income
\u00a0
15.6
18.2
Interest expense on lease liabilities
18
(4.2)
(3.8)
Loan arrangement and commitment fees
\u00a0
(2.1)
(2.2)
Discount unwind on deferred land payments
\u00a0
(2.4)
(2.3)
Finance expense
\u00a0
(8.7)
(8.3)
Net \ufb01nance income
\u00a0
6.9
9.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00282": { "value": "6
Finance income and expense
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Notes
\u00a3m
\u00a3m
Interest receivable from joint ventures
\u00a0
0.3
0.8
Interest income on bank deposits
\u00a0
15.3
17.4
Finance income
\u00a0
15.6
18.2
Interest expense on lease liabilities
18
(4.2)
(3.8)
Loan arrangement and commitment fees
\u00a0
(2.1)
(2.2)
Discount unwind on deferred land payments
\u00a0
(2.4)
(2.3)
Finance expense
\u00a0
(8.7)
(8.3)
Net \ufb01nance income
\u00a0
6.9
9.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00283": { "value": "6
Finance income and expense
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Notes
\u00a3m
\u00a3m
Interest receivable from joint ventures
\u00a0
0.3
0.8
Interest income on bank deposits
\u00a0
15.3
17.4
Finance income
\u00a0
15.6
18.2
Interest expense on lease liabilities
18
(4.2)
(3.8)
Loan arrangement and commitment fees
\u00a0
(2.1)
(2.2)
Discount unwind on deferred land payments
\u00a0
(2.4)
(2.3)
Finance expense
\u00a0
(8.7)
(8.3)
Net \ufb01nance income
\u00a0
6.9
9.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00284": { "value": "7 Tax
Tax expense for the year
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Current tax:
\u00a0 \u00a0
Current year
59.5
40.1
Adjustment in respect of prior years
(3.0)
1.1
\u00a0
56.5
41.2
Deferred tax:
\u00a0 \u00a0
Current year
(1.0)
1.7
Adjustment in respect of prior years
1.4
(2.7)
\u00a0
0.4
(1.0)
Tax expense for the year
56.9
40.2
\n
UK corporation tax is calculated at 25.0% (2024: 25.0%) of the estimated taxable pro\ufb01t for the year.
The table below reconciles the tax charge for the year to tax at the UK statutory rate:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Notes
\u00a3m
\u00a3m
Pro\ufb01t before tax
\u00a0
231.8
171.9
Less: underlying post-tax share of pro\ufb01ts from joint ventures
12
(0.3)
(4.5)
\u00a0 \u00a0
231.5
167.4
UK corporation tax rate
\u00a0
25.0%
25.0%
Income tax expense at UK corporation tax rate
\u00a0
57.9
41.9
Tax e\ufb00ect of:
\u00a0 \u00a0 \u00a0
Adjustments in respect of prior years:
\u00a0 \u00a0 \u00a0
Relating to exceptional items
\u00a0
(1.6)
\u2013
Other
\u00a0
\u2013
(1.6)
Expenses for which no tax relief is recognised:
\u00a0 \u00a0 \u00a0
Proportion of exceptional items
\u00a0
\u2013
(1.6)
Proportion of share-based payments
\u00a0
\u2013
(0.8)
Other non-deductible expenses
\u00a0
0.9
0.6
Tax liability upon underlying joint venture pro\ufb01ts
1
\u00a0
0.2
1.5
Recognition of deferred tax assets on brought forward tax losses
\u00a0
(0.5)
\u2013
Other
\u00a0
\u2013
0.2
Tax expense for the year
\u00a0
56.9
40.2
\n
1
Certain of the Group\u2019s joint ventures are partnerships for which pro\ufb01ts are taxed within the Group rather than within the joint venture.
Deferred tax assets/(liabilities)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Non-current
\u00a0 \u00a0 \u00a0
\u00a0
asset
Tax losses and
\u00a0 \u00a0
\u00a0
amortisation and
short-term timing
Share-based
\u00a0
\u00a0
depreciation
di\ufb00erences
payments
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1 January 2024
(19.1)
4.1
6.3
(8.7)
(Charge)/credit to income statement
(0.8)
(0.9)
2.7
1.0
Credit to equity
\u2013
\u2013
5.6
5.6
1 January 2025
(19.9)
3.2
14.6
(2.1)
(Charge)/credit to income statement
(3.0)
2.1
0.5
(0.4)
Credit to equity
\u2013
\u2013
6.7
6.7
31 December 2025
(22.9)
5.3
21.8
4.2
\n
Certain deferred tax assets and liabilities, as shown above, have been o\ufb00set as the Group has a legally enforceable right to do so.
The applicable tax rate for the Group in 2025 was 25% (2024: 25.0%).
Residential Property Developer Tax (RPDT) applies at a rate of 4% on pro\ufb01ts arising from residential property development. A \u00a325m
annual tax-free allowance applies in aggregate for the Group. A portion of the pro\ufb01ts of the Group\u2019s Partnership Housing and Mixed
Use Partnerships businesses are subject to RPDT. No liability has been accrued for 2025 (2024: liability less than \u00a30.1m).
Deferred taxes at the balance sheet date are measured at the enacted rates that are expected to apply to the unwind of each asset or
liability. Accordingly deferred tax balances as at 31 December 2025 have been calculated at a tax rate of 25% (2024: 25%), with an
allowance for RPDT where applicable.
Pillar Two legislation has been enacted in the UK, e\ufb00ective from 1 January 2024. The Group is within the scope of Pillar Two and has
assessed its potential exposure to Pillar Two income taxes. The Group does not expect any material exposure to Pillar Two top-up taxes
and no provision has been made for Pillar Two top-up taxes.
At 31 December 2025, the Group had unused tax losses of \u00a333.8m (2024: \u00a327.9m) available for o\ufb00set against future pro\ufb01ts. A deferred
tax asset of \u00a31.7m (2024: \u00a30.6m) has been recognised in respect of \u00a36.9m (2024: \u00a32.3m) of these losses. No deferred tax asset has
been recognised in respect of the remaining \u00a326.9m of losses as these losses can only be utilised against pro\ufb01ts from speci\ufb01c sources,
and there are no probable future pro\ufb01ts from these sources. The losses may be carried forward inde\ufb01nitely.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00285": { "value": "7 Tax
Tax expense for the year
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Current tax:
\u00a0 \u00a0
Current year
59.5
40.1
Adjustment in respect of prior years
(3.0)
1.1
\u00a0
56.5
41.2
Deferred tax:
\u00a0 \u00a0
Current year
(1.0)
1.7
Adjustment in respect of prior years
1.4
(2.7)
\u00a0
0.4
(1.0)
Tax expense for the year
56.9
40.2
\n
UK corporation tax is calculated at 25.0% (2024: 25.0%) of the estimated taxable pro\ufb01t for the year.
The table below reconciles the tax charge for the year to tax at the UK statutory rate:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Notes
\u00a3m
\u00a3m
Pro\ufb01t before tax
\u00a0
231.8
171.9
Less: underlying post-tax share of pro\ufb01ts from joint ventures
12
(0.3)
(4.5)
\u00a0 \u00a0
231.5
167.4
UK corporation tax rate
\u00a0
25.0%
25.0%
Income tax expense at UK corporation tax rate
\u00a0
57.9
41.9
Tax e\ufb00ect of:
\u00a0 \u00a0 \u00a0
Adjustments in respect of prior years:
\u00a0 \u00a0 \u00a0
Relating to exceptional items
\u00a0
(1.6)
\u2013
Other
\u00a0
\u2013
(1.6)
Expenses for which no tax relief is recognised:
\u00a0 \u00a0 \u00a0
Proportion of exceptional items
\u00a0
\u2013
(1.6)
Proportion of share-based payments
\u00a0
\u2013
(0.8)
Other non-deductible expenses
\u00a0
0.9
0.6
Tax liability upon underlying joint venture pro\ufb01ts
1
\u00a0
0.2
1.5
Recognition of deferred tax assets on brought forward tax losses
\u00a0
(0.5)
\u2013
Other
\u00a0
\u2013
0.2
Tax expense for the year
\u00a0
56.9
40.2
\n
1
Certain of the Group\u2019s joint ventures are partnerships for which pro\ufb01ts are taxed within the Group rather than within the joint venture.
Deferred tax assets/(liabilities)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Non-current
\u00a0 \u00a0 \u00a0
\u00a0
asset
Tax losses and
\u00a0 \u00a0
\u00a0
amortisation and
short-term timing
Share-based
\u00a0
\u00a0
depreciation
di\ufb00erences
payments
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1 January 2024
(19.1)
4.1
6.3
(8.7)
(Charge)/credit to income statement
(0.8)
(0.9)
2.7
1.0
Credit to equity
\u2013
\u2013
5.6
5.6
1 January 2025
(19.9)
3.2
14.6
(2.1)
(Charge)/credit to income statement
(3.0)
2.1
0.5
(0.4)
Credit to equity
\u2013
\u2013
6.7
6.7
31 December 2025
(22.9)
5.3
21.8
4.2
\n
Certain deferred tax assets and liabilities, as shown above, have been o\ufb00set as the Group has a legally enforceable right to do so.
The applicable tax rate for the Group in 2025 was 25% (2024: 25.0%).
Residential Property Developer Tax (RPDT) applies at a rate of 4% on pro\ufb01ts arising from residential property development. A \u00a325m
annual tax-free allowance applies in aggregate for the Group. A portion of the pro\ufb01ts of the Group\u2019s Partnership Housing and Mixed
Use Partnerships businesses are subject to RPDT. No liability has been accrued for 2025 (2024: liability less than \u00a30.1m).
Deferred taxes at the balance sheet date are measured at the enacted rates that are expected to apply to the unwind of each asset or
liability. Accordingly deferred tax balances as at 31 December 2025 have been calculated at a tax rate of 25% (2024: 25%), with an
allowance for RPDT where applicable.
Pillar Two legislation has been enacted in the UK, e\ufb00ective from 1 January 2024. The Group is within the scope of Pillar Two and has
assessed its potential exposure to Pillar Two income taxes. The Group does not expect any material exposure to Pillar Two top-up taxes
and no provision has been made for Pillar Two top-up taxes.
At 31 December 2025, the Group had unused tax losses of \u00a333.8m (2024: \u00a327.9m) available for o\ufb00set against future pro\ufb01ts. A deferred
tax asset of \u00a31.7m (2024: \u00a30.6m) has been recognised in respect of \u00a36.9m (2024: \u00a32.3m) of these losses. No deferred tax asset has
been recognised in respect of the remaining \u00a326.9m of losses as these losses can only be utilised against pro\ufb01ts from speci\ufb01c sources,
and there are no probable future pro\ufb01ts from these sources. The losses may be carried forward inde\ufb01nitely.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00286": { "value": "Deferred tax assets/(liabilities) \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Non-current
\u00a0 \u00a0 \u00a0
\u00a0
asset
Tax losses and
\u00a0 \u00a0
\u00a0
amortisation and
short-term timing
Share-based
\u00a0
\u00a0
depreciation
di\ufb00erences
payments
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1 January 2024
(19.1)
4.1
6.3
(8.7)
(Charge)/credit to income statement
(0.8)
(0.9)
2.7
1.0
Credit to equity
\u2013
\u2013
5.6
5.6
1 January 2025
(19.9)
3.2
14.6
(2.1)
(Charge)/credit to income statement
(3.0)
2.1
0.5
(0.4)
Credit to equity
\u2013
\u2013
6.7
6.7
31 December 2025
(22.9)
5.3
21.8
4.2
\n
Certain deferred tax assets and liabilities, as shown above, have been o\ufb00set as the Group has a legally enforceable right to do so.
The applicable tax rate for the Group in 2025 was 25% (2024: 25.0%).
Residential Property Developer Tax (RPDT) applies at a rate of 4% on pro\ufb01ts arising from residential property development. A \u00a325m
annual tax-free allowance applies in aggregate for the Group. A portion of the pro\ufb01ts of the Group\u2019s Partnership Housing and Mixed
Use Partnerships businesses are subject to RPDT. No liability has been accrued for 2025 (2024: liability less than \u00a30.1m).
Deferred taxes at the balance sheet date are measured at the enacted rates that are expected to apply to the unwind of each asset or
liability. Accordingly deferred tax balances as at 31 December 2025 have been calculated at a tax rate of 25% (2024: 25%), with an
allowance for RPDT where applicable.
Pillar Two legislation has been enacted in the UK, e\ufb00ective from 1 January 2024. The Group is within the scope of Pillar Two and has
assessed its potential exposure to Pillar Two income taxes. The Group does not expect any material exposure to Pillar Two top-up taxes
and no provision has been made for Pillar Two top-up taxes.
At 31 December 2025, the Group had unused tax losses of \u00a333.8m (2024: \u00a327.9m) available for o\ufb00set against future pro\ufb01ts. A deferred
tax asset of \u00a31.7m (2024: \u00a30.6m) has been recognised in respect of \u00a36.9m (2024: \u00a32.3m) of these losses. No deferred tax asset has
been recognised in respect of the remaining \u00a326.9m of losses as these losses can only be utilised against pro\ufb01ts from speci\ufb01c sources,
and there are no probable future pro\ufb01ts from these sources. The losses may be carried forward inde\ufb01nitely.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00287": { "value": "8 Dividends
Amounts recognised as distributions to equity holders in the year:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Final dividend for the year ended 31 December 2024 of 90p per share
42.3
\u2013
Final dividend for the year ended 31 December 2023 of 78p per share
\u2013
36.5
Interim dividend for the year ended 31 December 2025 of 50p per share
23.5
\u2013
Interim dividend for the year ended 31 December 2024 of 41.5p per share
\u2013
19.6
\u00a0
65.8
56.1
\n
The proposed \ufb01nal dividend for the year ended 31 December 2025 of 108.0p per share is subject to approval by shareholders at the
AGM and has not been included as a liability in these \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00288": { "value": "108.0", "decimals": 1, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00289": { "value": "9
Earnings per share
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Notes
\u00a3m
\u00a3m
Pro\ufb01t attributable to the owners of the Company
\u00a0
174.9
131.7
Adjustments:
\u00a0 \u00a0 \u00a0
Exceptional building safety items
4
0.4
0.1
Amortisation of intangible assets
10
0.4
0.5
Tax relating to the above adjustments
\u00a0
(1.8)
(1.8)
Adjusted earnings
\u00a0
173.9
130.5
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Number of
Number of
\u00a0
shares
shares
\u00a0
(millions)
(millions)
Basic weighted average number of ordinary shares
47.0
46.8
Dilutive e\ufb00ect of share options and conditional shares not vested
2.3
1.7
Diluted weighted average number of ordinary shares
49.3
48.5
Basic earnings per share
372.1p
281.4p
Diluted earnings per share
354.8p
271.5p
Adjusted earnings per share
370.0p
278.8p
Diluted adjusted earnings per share
352.7p
269.1p
\n
The average market value of the Company\u2019s shares for the purpose of calculating the dilutive e\ufb00ect of share options and Long Term
Incentive Plan shares was based on quoted market prices for the year. The average share price for the year was \u00a340.77 (2024: \u00a328.05).
A total of 649,071 share options that could potentially dilute earnings per share in the future were excluded from the above calculations
because they were anti-dilutive at 31 December 2025 (2024: 1,806).", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00292": { "value": "10
Goodwill and other intangible assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Other intangible
\u00a0
\u00a0
Goodwill
assets
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
1 January 2024
217.7
41.7
259.4
Additions
\u2013
\u2013
\u2013
Disposals
\u2013
(2.7)
(2.7)
1 January 2025
217.7
39.0
256.7
Additions
\u2013
0.6
0.6
Disposals
\u2013
(0.1)
(0.1)
31 December 2025
217.7
39.5
257.2
Accumulated amortisation
\u00a0 \u00a0 \u00a0
1 January 2024
\u2013
(40.8)
(40.8)
Amortisation
\u2013
(0.5)
(0.5)
Disposals
\u2013
2.7
2.7
1 January 2025
\u2013
(38.6)
(38.6)
Amortisation
\u2013
(0.4)
(0.4)
Disposals
\u2013
0.1
0.1
31 December 2025
\u2013
(38.9)
(38.9)
Net book value at 31 December 2025
217.7
0.6
218.3
Net book value at 31 December 2024
217.7
0.4
218.1
\n
Goodwill represents the value of people, track record and expertise acquired within acquisitions that are not capable of being
individually identi\ufb01ed and separately recognised. Goodwill is allocated at acquisition to the cash-generating units that are expected to
bene\ufb01t from the business combination. The allocation is as follows: Partnership Housing \u00a350.6m (2024: \u00a350.6m), Mixed Use
Partnerships \u00a316.0m (2024: \u00a316.0m), Construction \u00a368.7m (2024: \u00a368.7m) and Infrastructure \u00a382.4m (2024: \u00a382.4m).
The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. In testing
goodwill and other intangible assets for impairment, the recoverable amount of each cash-generating unit has been estimated from
value-in-use calculations. The key assumptions for the value-in-use calculations are those regarding the forecast revenue and margin,
discount rates and long-term growth rates by market sector. Forecast revenue and margin are based on past performance, secured
workload and workload likely to be achievable in the short to medium term, given trends in the relevant market sector as well as
macroeconomic factors.
Cash \ufb02ow forecasts have been determined by using Board-approved budgets for the next three years. Cash \ufb02ows beyond three years
have been extrapolated into perpetuity using an estimated nominal growth rate of 3.0% (2024: 3.4%). This growth rate does not exceed
the long-term average for the relevant markets.
Discount rates are pre-tax and re\ufb02ect the current market assessment of the time value of money and the risks speci\ufb01c to the cash-
generating units. The risk-adjusted nominal rates used for the cash-generating units with goodwill balances are 15.1% (2024: 14.2%) for
Partnership Housing, 14.5% (2024: 14.2%) for Mixed Use Partnerships, 13.8% (2024: 12.3%) for Construction and 13.8% (2024: 12.3%)
for Infrastructure. The increased discount rates in 2025 are due to a higher risk-free rate and an increased market risk premium for
the UK.
In carrying out this exercise, management concluded that no impairment of goodwill or other intangible assets was required. Sensitivity
analyses indicate that no reasonably foreseeable changes in the key assumptions underpinning the value-in-use calculations would give
rise to an impairment across any cash-generating unit. In forming this judgement, management performed additional cash-generating
unit-speci\ufb01c downside scenario testing to ensure that all plausible changes in assumptions were appropriately evaluated.
Other intangible assets relate to internally generated software in Construction and Infrastructure \u00a30.6m (2024: \u00a30.4m in Property
Services). The cost and accumulated amortisation amounts for acquired intangible assets (excluding goodwill) that were fully written
down at 31 December 2025 were \u00a337.8m (2024: \u00a335.3m and \u00a3(35.3)m).
Consideration of the impact of climate change
In terms of the possible impacts of climate change, the two key assumptions that could be sensitive to this are the growth rate and
discount rates noted above. If climate change has a negative impact on revenues and/or the operating costs of the Group, there could
be a potential impact on the discounted cash \ufb02ow growth rates used within the valuation model. Lower future growth rates would
reduce the level of the discounted cash \ufb02ow valuation and hence the amount of headroom available to the Group above an
impairment trigger. At present, the material short- to medium-term risks presented by possible climate change impacts are considered
to be factored into the growth and discount rates where they are known and can be quanti\ufb01ed.
Using the current assumptions, no reasonably foreseeable change in the assumptions used within the value-in-use calculations would
cause an impairment in any of the segments. Therefore, at present, changes in the long-term assumptions due to the impact of climate
change would also not be expected to trigger an impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00291": { "value": "10
Goodwill and other intangible assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Other intangible
\u00a0
\u00a0
Goodwill
assets
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
1 January 2024
217.7
41.7
259.4
Additions
\u2013
\u2013
\u2013
Disposals
\u2013
(2.7)
(2.7)
1 January 2025
217.7
39.0
256.7
Additions
\u2013
0.6
0.6
Disposals
\u2013
(0.1)
(0.1)
31 December 2025
217.7
39.5
257.2
Accumulated amortisation
\u00a0 \u00a0 \u00a0
1 January 2024
\u2013
(40.8)
(40.8)
Amortisation
\u2013
(0.5)
(0.5)
Disposals
\u2013
2.7
2.7
1 January 2025
\u2013
(38.6)
(38.6)
Amortisation
\u2013
(0.4)
(0.4)
Disposals
\u2013
0.1
0.1
31 December 2025
\u2013
(38.9)
(38.9)
Net book value at 31 December 2025
217.7
0.6
218.3
Net book value at 31 December 2024
217.7
0.4
218.1
\n
Goodwill represents the value of people, track record and expertise acquired within acquisitions that are not capable of being
individually identi\ufb01ed and separately recognised. Goodwill is allocated at acquisition to the cash-generating units that are expected to
bene\ufb01t from the business combination. The allocation is as follows: Partnership Housing \u00a350.6m (2024: \u00a350.6m), Mixed Use
Partnerships \u00a316.0m (2024: \u00a316.0m), Construction \u00a368.7m (2024: \u00a368.7m) and Infrastructure \u00a382.4m (2024: \u00a382.4m).
The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. In testing
goodwill and other intangible assets for impairment, the recoverable amount of each cash-generating unit has been estimated from
value-in-use calculations. The key assumptions for the value-in-use calculations are those regarding the forecast revenue and margin,
discount rates and long-term growth rates by market sector. Forecast revenue and margin are based on past performance, secured
workload and workload likely to be achievable in the short to medium term, given trends in the relevant market sector as well as
macroeconomic factors.
Cash \ufb02ow forecasts have been determined by using Board-approved budgets for the next three years. Cash \ufb02ows beyond three years
have been extrapolated into perpetuity using an estimated nominal growth rate of 3.0% (2024: 3.4%). This growth rate does not exceed
the long-term average for the relevant markets.
Discount rates are pre-tax and re\ufb02ect the current market assessment of the time value of money and the risks speci\ufb01c to the cash-
generating units. The risk-adjusted nominal rates used for the cash-generating units with goodwill balances are 15.1% (2024: 14.2%) for
Partnership Housing, 14.5% (2024: 14.2%) for Mixed Use Partnerships, 13.8% (2024: 12.3%) for Construction and 13.8% (2024: 12.3%)
for Infrastructure. The increased discount rates in 2025 are due to a higher risk-free rate and an increased market risk premium for
the UK.
In carrying out this exercise, management concluded that no impairment of goodwill or other intangible assets was required. Sensitivity
analyses indicate that no reasonably foreseeable changes in the key assumptions underpinning the value-in-use calculations would give
rise to an impairment across any cash-generating unit. In forming this judgement, management performed additional cash-generating
unit-speci\ufb01c downside scenario testing to ensure that all plausible changes in assumptions were appropriately evaluated.
Other intangible assets relate to internally generated software in Construction and Infrastructure \u00a30.6m (2024: \u00a30.4m in Property
Services). The cost and accumulated amortisation amounts for acquired intangible assets (excluding goodwill) that were fully written
down at 31 December 2025 were \u00a337.8m (2024: \u00a335.3m and \u00a3(35.3)m).
Consideration of the impact of climate change
In terms of the possible impacts of climate change, the two key assumptions that could be sensitive to this are the growth rate and
discount rates noted above. If climate change has a negative impact on revenues and/or the operating costs of the Group, there could
be a potential impact on the discounted cash \ufb02ow growth rates used within the valuation model. Lower future growth rates would
reduce the level of the discounted cash \ufb02ow valuation and hence the amount of headroom available to the Group above an
impairment trigger. At present, the material short- to medium-term risks presented by possible climate change impacts are considered
to be factored into the growth and discount rates where they are known and can be quanti\ufb01ed.
Using the current assumptions, no reasonably foreseeable change in the assumptions used within the value-in-use calculations would
cause an impairment in any of the segments. Therefore, at present, changes in the long-term assumptions due to the impact of climate
change would also not be expected to trigger an impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00290": { "value": "10
Goodwill and other intangible assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Other intangible
\u00a0
\u00a0
Goodwill
assets
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
1 January 2024
217.7
41.7
259.4
Additions
\u2013
\u2013
\u2013
Disposals
\u2013
(2.7)
(2.7)
1 January 2025
217.7
39.0
256.7
Additions
\u2013
0.6
0.6
Disposals
\u2013
(0.1)
(0.1)
31 December 2025
217.7
39.5
257.2
Accumulated amortisation
\u00a0 \u00a0 \u00a0
1 January 2024
\u2013
(40.8)
(40.8)
Amortisation
\u2013
(0.5)
(0.5)
Disposals
\u2013
2.7
2.7
1 January 2025
\u2013
(38.6)
(38.6)
Amortisation
\u2013
(0.4)
(0.4)
Disposals
\u2013
0.1
0.1
31 December 2025
\u2013
(38.9)
(38.9)
Net book value at 31 December 2025
217.7
0.6
218.3
Net book value at 31 December 2024
217.7
0.4
218.1
\n
Goodwill represents the value of people, track record and expertise acquired within acquisitions that are not capable of being
individually identi\ufb01ed and separately recognised. Goodwill is allocated at acquisition to the cash-generating units that are expected to
bene\ufb01t from the business combination. The allocation is as follows: Partnership Housing \u00a350.6m (2024: \u00a350.6m), Mixed Use
Partnerships \u00a316.0m (2024: \u00a316.0m), Construction \u00a368.7m (2024: \u00a368.7m) and Infrastructure \u00a382.4m (2024: \u00a382.4m).
The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. In testing
goodwill and other intangible assets for impairment, the recoverable amount of each cash-generating unit has been estimated from
value-in-use calculations. The key assumptions for the value-in-use calculations are those regarding the forecast revenue and margin,
discount rates and long-term growth rates by market sector. Forecast revenue and margin are based on past performance, secured
workload and workload likely to be achievable in the short to medium term, given trends in the relevant market sector as well as
macroeconomic factors.
Cash \ufb02ow forecasts have been determined by using Board-approved budgets for the next three years. Cash \ufb02ows beyond three years
have been extrapolated into perpetuity using an estimated nominal growth rate of 3.0% (2024: 3.4%). This growth rate does not exceed
the long-term average for the relevant markets.
Discount rates are pre-tax and re\ufb02ect the current market assessment of the time value of money and the risks speci\ufb01c to the cash-
generating units. The risk-adjusted nominal rates used for the cash-generating units with goodwill balances are 15.1% (2024: 14.2%) for
Partnership Housing, 14.5% (2024: 14.2%) for Mixed Use Partnerships, 13.8% (2024: 12.3%) for Construction and 13.8% (2024: 12.3%)
for Infrastructure. The increased discount rates in 2025 are due to a higher risk-free rate and an increased market risk premium for
the UK.
In carrying out this exercise, management concluded that no impairment of goodwill or other intangible assets was required. Sensitivity
analyses indicate that no reasonably foreseeable changes in the key assumptions underpinning the value-in-use calculations would give
rise to an impairment across any cash-generating unit. In forming this judgement, management performed additional cash-generating
unit-speci\ufb01c downside scenario testing to ensure that all plausible changes in assumptions were appropriately evaluated.
Other intangible assets relate to internally generated software in Construction and Infrastructure \u00a30.6m (2024: \u00a30.4m in Property
Services). The cost and accumulated amortisation amounts for acquired intangible assets (excluding goodwill) that were fully written
down at 31 December 2025 were \u00a337.8m (2024: \u00a335.3m and \u00a3(35.3)m).
Consideration of the impact of climate change
In terms of the possible impacts of climate change, the two key assumptions that could be sensitive to this are the growth rate and
discount rates noted above. If climate change has a negative impact on revenues and/or the operating costs of the Group, there could
be a potential impact on the discounted cash \ufb02ow growth rates used within the valuation model. Lower future growth rates would
reduce the level of the discounted cash \ufb02ow valuation and hence the amount of headroom available to the Group above an
impairment trigger. At present, the material short- to medium-term risks presented by possible climate change impacts are considered
to be factored into the growth and discount rates where they are known and can be quanti\ufb01ed.
Using the current assumptions, no reasonably foreseeable change in the assumptions used within the value-in-use calculations would
cause an impairment in any of the segments. Therefore, at present, changes in the long-term assumptions due to the impact of climate
change would also not be expected to trigger an impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00273": { "value": "10
Goodwill and other intangible assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Other intangible
\u00a0
\u00a0
Goodwill
assets
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
1 January 2024
217.7
41.7
259.4
Additions
\u2013
\u2013
\u2013
Disposals
\u2013
(2.7)
(2.7)
1 January 2025
217.7
39.0
256.7
Additions
\u2013
0.6
0.6
Disposals
\u2013
(0.1)
(0.1)
31 December 2025
217.7
39.5
257.2
Accumulated amortisation
\u00a0 \u00a0 \u00a0
1 January 2024
\u2013
(40.8)
(40.8)
Amortisation
\u2013
(0.5)
(0.5)
Disposals
\u2013
2.7
2.7
1 January 2025
\u2013
(38.6)
(38.6)
Amortisation
\u2013
(0.4)
(0.4)
Disposals
\u2013
0.1
0.1
31 December 2025
\u2013
(38.9)
(38.9)
Net book value at 31 December 2025
217.7
0.6
218.3
Net book value at 31 December 2024
217.7
0.4
218.1
\n
Goodwill represents the value of people, track record and expertise acquired within acquisitions that are not capable of being
individually identi\ufb01ed and separately recognised. Goodwill is allocated at acquisition to the cash-generating units that are expected to
bene\ufb01t from the business combination. The allocation is as follows: Partnership Housing \u00a350.6m (2024: \u00a350.6m), Mixed Use
Partnerships \u00a316.0m (2024: \u00a316.0m), Construction \u00a368.7m (2024: \u00a368.7m) and Infrastructure \u00a382.4m (2024: \u00a382.4m).
The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. In testing
goodwill and other intangible assets for impairment, the recoverable amount of each cash-generating unit has been estimated from
value-in-use calculations. The key assumptions for the value-in-use calculations are those regarding the forecast revenue and margin,
discount rates and long-term growth rates by market sector. Forecast revenue and margin are based on past performance, secured
workload and workload likely to be achievable in the short to medium term, given trends in the relevant market sector as well as
macroeconomic factors.
Cash \ufb02ow forecasts have been determined by using Board-approved budgets for the next three years. Cash \ufb02ows beyond three years
have been extrapolated into perpetuity using an estimated nominal growth rate of 3.0% (2024: 3.4%). This growth rate does not exceed
the long-term average for the relevant markets.
Discount rates are pre-tax and re\ufb02ect the current market assessment of the time value of money and the risks speci\ufb01c to the cash-
generating units. The risk-adjusted nominal rates used for the cash-generating units with goodwill balances are 15.1% (2024: 14.2%) for
Partnership Housing, 14.5% (2024: 14.2%) for Mixed Use Partnerships, 13.8% (2024: 12.3%) for Construction and 13.8% (2024: 12.3%)
for Infrastructure. The increased discount rates in 2025 are due to a higher risk-free rate and an increased market risk premium for
the UK.
In carrying out this exercise, management concluded that no impairment of goodwill or other intangible assets was required. Sensitivity
analyses indicate that no reasonably foreseeable changes in the key assumptions underpinning the value-in-use calculations would give
rise to an impairment across any cash-generating unit. In forming this judgement, management performed additional cash-generating
unit-speci\ufb01c downside scenario testing to ensure that all plausible changes in assumptions were appropriately evaluated.
Other intangible assets relate to internally generated software in Construction and Infrastructure \u00a30.6m (2024: \u00a30.4m in Property
Services). The cost and accumulated amortisation amounts for acquired intangible assets (excluding goodwill) that were fully written
down at 31 December 2025 were \u00a337.8m (2024: \u00a335.3m and \u00a3(35.3)m).
Consideration of the impact of climate change
In terms of the possible impacts of climate change, the two key assumptions that could be sensitive to this are the growth rate and
discount rates noted above. If climate change has a negative impact on revenues and/or the operating costs of the Group, there could
be a potential impact on the discounted cash \ufb02ow growth rates used within the valuation model. Lower future growth rates would
reduce the level of the discounted cash \ufb02ow valuation and hence the amount of headroom available to the Group above an
impairment trigger. At present, the material short- to medium-term risks presented by possible climate change impacts are considered
to be factored into the growth and discount rates where they are known and can be quanti\ufb01ed.
Using the current assumptions, no reasonably foreseeable change in the assumptions used within the value-in-use calculations would
cause an impairment in any of the segments. Therefore, at present, changes in the long-term assumptions due to the impact of climate
change would also not be expected to trigger an impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00294": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Other intangible
\u00a0
\u00a0
Goodwill
assets
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
1 January 2024
217.7
41.7
259.4
Additions
\u2013
\u2013
\u2013
Disposals
\u2013
(2.7)
(2.7)
1 January 2025
217.7
39.0
256.7
Additions
\u2013
0.6
0.6
Disposals
\u2013
(0.1)
(0.1)
31 December 2025
217.7
39.5
257.2
Accumulated amortisation
\u00a0 \u00a0 \u00a0
1 January 2024
\u2013
(40.8)
(40.8)
Amortisation
\u2013
(0.5)
(0.5)
Disposals
\u2013
2.7
2.7
1 January 2025
\u2013
(38.6)
(38.6)
Amortisation
\u2013
(0.4)
(0.4)
Disposals
\u2013
0.1
0.1
31 December 2025
\u2013
(38.9)
(38.9)
Net book value at 31 December 2025
217.7
0.6
218.3
Net book value at 31 December 2024
217.7
0.4
218.1
\n
Goodwill represents the value of people, track record and expertise acquired within acquisitions that are not capable of being
individually identi\ufb01ed and separately recognised. Goodwill is allocated at acquisition to the cash-generating units that are expected to
bene\ufb01t from the business combination. The allocation is as follows: Partnership Housing \u00a350.6m (2024: \u00a350.6m), Mixed Use
Partnerships \u00a316.0m (2024: \u00a316.0m), Construction \u00a368.7m (2024: \u00a368.7m) and Infrastructure \u00a382.4m (2024: \u00a382.4m).
The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. In testing
goodwill and other intangible assets for impairment, the recoverable amount of each cash-generating unit has been estimated from
value-in-use calculations. The key assumptions for the value-in-use calculations are those regarding the forecast revenue and margin,
discount rates and long-term growth rates by market sector. Forecast revenue and margin are based on past performance, secured
workload and workload likely to be achievable in the short to medium term, given trends in the relevant market sector as well as
macroeconomic factors.
Cash \ufb02ow forecasts have been determined by using Board-approved budgets for the next three years. Cash \ufb02ows beyond three years
have been extrapolated into perpetuity using an estimated nominal growth rate of 3.0% (2024: 3.4%). This growth rate does not exceed
the long-term average for the relevant markets.
Discount rates are pre-tax and re\ufb02ect the current market assessment of the time value of money and the risks speci\ufb01c to the cash-
generating units. The risk-adjusted nominal rates used for the cash-generating units with goodwill balances are 15.1% (2024: 14.2%) for
Partnership Housing, 14.5% (2024: 14.2%) for Mixed Use Partnerships, 13.8% (2024: 12.3%) for Construction and 13.8% (2024: 12.3%)
for Infrastructure. The increased discount rates in 2025 are due to a higher risk-free rate and an increased market risk premium for
the UK.
In carrying out this exercise, management concluded that no impairment of goodwill or other intangible assets was required. Sensitivity
analyses indicate that no reasonably foreseeable changes in the key assumptions underpinning the value-in-use calculations would give
rise to an impairment across any cash-generating unit. In forming this judgement, management performed additional cash-generating
unit-speci\ufb01c downside scenario testing to ensure that all plausible changes in assumptions were appropriately evaluated.
Other intangible assets relate to internally generated software in Construction and Infrastructure \u00a30.6m (2024: \u00a30.4m in Property
Services). The cost and accumulated amortisation amounts for acquired intangible assets (excluding goodwill) that were fully written
down at 31 December 2025 were \u00a337.8m (2024: \u00a335.3m and \u00a3(35.3)m).
Consideration of the impact of climate change
In terms of the possible impacts of climate change, the two key assumptions that could be sensitive to this are the growth rate and
discount rates noted above. If climate change has a negative impact on revenues and/or the operating costs of the Group, there could
be a potential impact on the discounted cash \ufb02ow growth rates used within the valuation model. Lower future growth rates would
reduce the level of the discounted cash \ufb02ow valuation and hence the amount of headroom available to the Group above an
impairment trigger. At present, the material short- to medium-term risks presented by possible climate change impacts are considered
to be factored into the growth and discount rates where they are known and can be quanti\ufb01ed.
Using the current assumptions, no reasonably foreseeable change in the assumptions used within the value-in-use calculations would
cause an impairment in any of the segments. Therefore, at present, changes in the long-term assumptions due to the impact of climate
change would also not be expected to trigger an impairment. \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Right-of-use assets
\u00a0
\u00a0
Freehold
Plant, equipment,
\u00a0 \u00a0 \u00a0
\u00a0
property and
\ufb01xtures and
Leasehold
Plant and
\u00a0
\u00a0
land
\ufb01ttings
property
equipment
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 January 2024
6.7
59.3
54.3
51.0
171.3
Additions
\u2013
18.2
7.3
20.7
46.2
Foreign exchange adjustments
\u2013
(0.3)
(0.1)
\u2013
(0.4)
Disposals
\u2013
(11.9)
(5.6)
(6.9)
(24.4)
1 January 2025
6.7
65.3
55.9
64.8
192.7
Additions
\u2013
16.0
9.6
22.6
48.2
Foreign exchange adjustments
\u2013
0.4
0.1
\u2013
0.5
Disposals/transfers
(4.3)
(6.2)
(7.9)
(14.0)
(32.4)
31 December 2025
2.4
75.5
57.7
73.4
209.0
Accumulated depreciation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 January 2024
\u2013
(41.7)
(25.0)
(18.6)
(85.3)
Depreciation charge
\u2013
(9.7)
(7.8)
(15.6)
(33.1)
Foreign exchange adjustments
\u2013
0.2
0.1
\u2013
0.3
Disposals
\u2013
10.7
4.0
5.8
20.5
1 January 2025
\u2013
(40.5)
(28.7)
(28.4)
(97.6)
Depreciation charge
\u2013
(10.0)
(7.9)
(17.9)
(35.8)
Impairment
(3.2)
(0.2)
(0.1)
\u2013
(3.5)
Foreign exchange adjustments
\u2013
(0.2)
(0.1)
\u2013
(0.3)
Disposals/transfers
3.2
6.1
7.8
13.3
30.4
31 December 2025
\u2013
(44.8)
(29.0)
(33.0)
(106.8)
Net book value at 31 December 2025
2.4
30.7
28.7
40.4
102.2
Net book value at 31 December 2024
6.7
24.8
27.2
36.4
95.1
\n
The Group holds some property, plant and equipment that is fully depreciated. The cost and accumulated depreciation amounts of this
fully written down property, plant and equipment at 31 December 2025 are \u00a314.8m (2024: \u00a322.4m) and (\u00a314.8m) (2024: (\u00a322.4m))
respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00293": { "value": "11
Property, plant and equipment
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Right-of-use assets
\u00a0
\u00a0
Freehold
Plant, equipment,
\u00a0 \u00a0 \u00a0
\u00a0
property and
\ufb01xtures and
Leasehold
Plant and
\u00a0
\u00a0
land
\ufb01ttings
property
equipment
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 January 2024
6.7
59.3
54.3
51.0
171.3
Additions
\u2013
18.2
7.3
20.7
46.2
Foreign exchange adjustments
\u2013
(0.3)
(0.1)
\u2013
(0.4)
Disposals
\u2013
(11.9)
(5.6)
(6.9)
(24.4)
1 January 2025
6.7
65.3
55.9
64.8
192.7
Additions
\u2013
16.0
9.6
22.6
48.2
Foreign exchange adjustments
\u2013
0.4
0.1
\u2013
0.5
Disposals/transfers
(4.3)
(6.2)
(7.9)
(14.0)
(32.4)
31 December 2025
2.4
75.5
57.7
73.4
209.0
Accumulated depreciation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 January 2024
\u2013
(41.7)
(25.0)
(18.6)
(85.3)
Depreciation charge
\u2013
(9.7)
(7.8)
(15.6)
(33.1)
Foreign exchange adjustments
\u2013
0.2
0.1
\u2013
0.3
Disposals
\u2013
10.7
4.0
5.8
20.5
1 January 2025
\u2013
(40.5)
(28.7)
(28.4)
(97.6)
Depreciation charge
\u2013
(10.0)
(7.9)
(17.9)
(35.8)
Impairment
(3.2)
(0.2)
(0.1)
\u2013
(3.5)
Foreign exchange adjustments
\u2013
(0.2)
(0.1)
\u2013
(0.3)
Disposals/transfers
3.2
6.1
7.8
13.3
30.4
31 December 2025
\u2013
(44.8)
(29.0)
(33.0)
(106.8)
Net book value at 31 December 2025
2.4
30.7
28.7
40.4
102.2
Net book value at 31 December 2024
6.7
24.8
27.2
36.4
95.1
\n
The Group holds some property, plant and equipment that is fully depreciated. The cost and accumulated depreciation amounts of this
fully written down property, plant and equipment at 31 December 2025 are \u00a314.8m (2024: \u00a322.4m) and (\u00a314.8m) (2024: (\u00a322.4m))
respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00295": { "value": "Assets held for sale
The carrying amount of assets held for sale are summarised as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Note
\u00a3m
\u00a3m
Freehold property and land
\u00a0
1.0
\u2013
Investment in joint ventures
12
5.6
\u2013
Assets held for sale
\u00a0
6.6
\u2013
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00438": { "value": "12
Investments in joint ventures
The Group has interests in the following joint ventures:
Aykley Heads Development LLP 50% partner
Aykley Heads Development LLP is a joint venture with Durham County Council established to deliver the strategic development of an
Innovation District at a site in Durham over a 10-year period.
Brentwood Development Partnership LLP 50% partner
Brentwood Development Partnership LLP is a partnership with Seven Arches Investments Limited (a subsidiary of Brentwood Borough
Council) which is developing a series of sites in Brentwood over a 30-year period.
Chalkdene Developments LLP 50% partner
Chalkdene Developments LLP is a partnership with Herts Living Ltd (a subsidiary of Hertfordshire County Council) which is developing a
series of sites across Hertfordshire over a 15-year period.
Claymore Roads (Holdings) Limited 50% share
Claymore Roads (Holdings) Limited is a joint venture with Infrastructure Investments (Roads) Limited and is responsible for the upgrade
and operation of the A92 between Dundee and Arbroath in Scotland.
Edmundham Developments LLP 50% partner
Edmundham Developments LLP is a joint venture with Su\ufb00olk County Council which has been established to progress the development
of residential homes across Su\ufb00olk, inclusive of associated infrastructure, local centres, employment land, education land and extra
care provision.
English Cities Fund Limited Partnership 24% share
English Cities Fund is a limited partnership with Homes England and Legal & General to develop mixed-use regeneration schemes in
assisted areas. Joint control is exercised through the board of the general partner at which each partner is represented by two directors
and no decision can be taken without the agreement of a director representing each partner.
Habiko LLP 33.3% partner
Habiko LLP is a housing innovation joint venture between Muse Places, Homes England and Pension Insurance Corporation which aims
to deliver low-carbon, low-energy a\ufb00ordable homes for rent, with a target of 3,000 homes over an initial term of 12 years.
Health Innovation Partners Limited 50% share
Through the Health Innovation Partners joint venture with Arcadis BAC Limited, the Group had a 25% interest in The Oxleas Property
Partnership LLP (TOPP), a joint venture with the Oxleas NHS Foundation Trust. In agreement with our partners, TOPP was dissolved in
2024 and the joint venture is in the process of being wound up.
Kinsted Developments LLP 50% partner
Kinsted Developments LLP is a joint venture with Edes Estates Limited (a subsidiary of West Sussex County Council) established to carry
out strategic developments of residential homes, town centre regeneration and extra care provision across West Sussex.
L&Q Lovell Tra\ufb00ord LLP 50% partner
\n
L&Q Lovell Tra\ufb00ord LLP is a joint venture with L&Q New Homes Limited (a subsidiary of London & Quadrant Housing Trust) carrying
\n
out a strategic development project of a residential nature.
\n
Laurus Lovell Whalley LLP 50% partner
\n
Laurus Lovell Whalley LLP is a joint venture with THT Developments Limited (a subsidiary of Tra\ufb00ord Housing Limited) established to
\n
carry out a strategic development project of a residential nature in the north west of England.
\n
Lingley Mere Business Park Development Company Limited 50% share
\n
Lingley Mere Business Park Development Company Limited is a joint venture with United Utilities Property Services Limited (a subsidiary
\n
of United Utilities PLC) delivering development at a site in Warrington.
\n
Lovell Flagship LLP 50% partner
\n
Lovell Flagship LLP is a joint venture with Flagship Housing Developments Limited (a subsidiary of Flagship Housing Group Limited)
\n
established to carry out strategic development and/or regeneration projects of a primarily residential nature.
\n
Lovell Latimer LLP 50% partner
\n
Lovell Latimer LLP is a joint venture with Latimer Developments Limited (a subsidiary of Clarion Housing Group) established to carry out
\n
a strategic development project of a residential nature in the north west of England.
\n
Lovell Together (Pendleton) LLP 50% partner
\n
Lovell Together (Pendleton) LLP is a joint venture with Together Commercial Limited (a subsidiary of Together Housing Group Limited)
\n
established to carry out a strategic development project of a residential nature in the north west of England.
\n
Lovell Together LLP 50% partner
\n
Lovell Together LLP is a joint venture with Together Commercial Limited (a subsidiary of Together Housing Group Limited) carrying out
\n
three strategic development projects of a residential nature in eastern England.
\n
Lovell/Abri Weymouth LLP 50% partner
\n
Lovell/Abri Weymouth LLP is a joint venture with Radian Developments Limited (a subsidiary of Abri Group Limited) carrying out a
\n
strategic development project of a residential nature.
\n
Morgan-Vinci Limited 50% share
\n
Morgan-Vinci Limited is a joint venture with Vinci Newport DBFO Limited and is responsible for the construction and operation of the
\n
Newport Southern Distributor Road. In 2025, a Sale and Purchase Agreement was signed for the sale of the 50% shareholding in
\n
Morgan-Vinci Limited. The sale process is expected to complete in 2026.
\n
Slough Urban Renewal LLP 50% partner
\n
Slough Urban Renewal LLP is a partnership with Slough Borough Council which is developing a series of sites in Slough over an initial
\n
term of 15 years extendable by 10 years.
\n
South Thamesmead LLP 50% partner
\n
South Thamesmead LLP is a joint venture with Peabody Developments Limited (a subsidiary of Peabody Trust) established to carry out
\n
the next mixed-tenure phases of the regeneration of South Thamesmead in South East London.
\n
St Andrews Brae Developments Limited 50% share
\n
St Andrews Brae Developments Limited is a joint venture with Miller Homes which has completed a development of residential housing
\n
and apartments in Bearsden, Glasgow.
\n
The Bournemouth Development Company LLP 50% partner
\n
The Bournemouth Development Company LLP is a partnership with Bournemouth, Christchurch and Poole Council which is developing
\n
a series of sites in Bournemouth over a 20-year period.
\n
The Compendium Group Limited 50% share
\n
The Compendium Group Limited is a joint venture with The Riverside Group Limited and is a company formed to carry out strategic
\n
development and regeneration projects of a primarily residential nature.
The Prestwich Regeneration LLP 50% partner
\n
The Prestwich Regeneration LLP is a joint venture with Bury Metropolitan Borough Council and was set up to undertake the
\n
redevelopment of the Long\ufb01eld Shopping Centre in Prestwich, located in the Metropolitan Borough of Bury, Greater Manchester.
\n
Wapping Wharf (Alpha) LLP 50% partner
\n
Wapping Wharf (Alpha) LLP is a joint venture with Wapping Wharf (Umberslade) Limited which has completed development of the \ufb01rst
\n
phase of residential apartments within the Harbourside Regeneration Area of Bristol.
\n
Wapping Wharf (Beta) LLP 40% partner
\n
Wapping Wharf (Beta) LLP is a joint venture with Wapping Wharf (Umberslade) Limited which has completed the second phase of
\n
residential apartments within the Harbourside Regeneration Area of Bristol.
\n
Waterside Places Limited Partnership 50% partner
\n
Waterside Places Limited Partnership is a joint venture with the Canal and River Trust to undertake regeneration of waterside sites.
\n
Waterside Places (General Partner) Limited 50% share
\n
Waterside Places (General Partner) is a joint venture with the Canal and River Trust to undertake regeneration of waterside sites.
\n
Wirral Growth Company LLP 50% partner
\n
Wirral Growth Company LLP is a joint venture with Wirral Borough Council and was set up to undertake regeneration of numerous sites
\n
in the Wirral region of north west England.
\n
Wythenshawe Civic Regeneration LLP 20% partner
\n
Wythenshawe Civic Regeneration LLP is a joint venture with the Council of the City of Manchester. The principal activity of the LLP is to
\n
undertake the regeneration and ongoing operation and management of Wythenshawe Shopping Centre, located in Wythenshawe,
\n
Manchester.
\n
Investments in equity-accounted joint ventures are as follows:
\n\n \n
2025
2024
Notes
\u00a3m
\u00a3m
1 January
111.9
106.6
Equity-accounted share of net pro\ufb01ts:
Underlying share of net pro\ufb01ts
0.3
4.6
Exceptional building safety credit/(charge)
4
0.9
(1.4)
1.2
3.2
Capital advances to joint ventures
66.3
29.1
Capital repayments by joint ventures
(37.6)
(27.9)
Non-cash impairment reversal \u2013 other operating income
1.2
5.1
Dividends received
(4.7)
(4.2)
Reclassi\ufb01cation to asset held for sale
1
11
(5.6)
\u2013
31 December
132.7
111.9
\n
1
The investment in Morgan-Vinci Limited has been reclassi\ufb01ed as a held-for-sale investment. The joint venture sale process is currently ongoing and is expected
\n
to be completed during 2026.
\n
During 2025, an exceptional building safety credit of \u00a30.9m (2024: charge of \u00a31.4m) has been recognised in respect of the Group\u2019s
\n
share of constructive and legal obligations to remediate legacy building safety issues within joint ventures.
Summarised \ufb01nancial information related to equity-accounted joint ventures that are not individually material is set out below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Non-current assets (100%)
12.8
60.7
Current assets (100%)
527.7
471.7
Current liabilities (100%)
(112.2)
(90.8)
Non-current liabilities (100%)
(111.9)
(191.4)
Net assets reported by equity-accounted joint ventures (100%)
316.4
250.2
Revenue (100%)
244.8
238.2
Expenses (100%)
(248.8)
(233.5)
Net (loss)/pro\ufb01t (100%)
(4.0)
4.7
\n
Results of equity-accounted joint ventures:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Group share of pro\ufb01t before tax
0.3
4.6
Exceptional building safety credit/(charge)
0.9
(1.4)
Group share of tax
(0.5)
(0.1)
Group share of pro\ufb01t after tax
0.7
3.1
\n2 Investments \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Subsidiary
Subsidiary
\u00a0
undertakings
undertakings
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0
1 January
666.5
457.8
Additions
\u2013
208.7
31 December
666.5
666.5
Accumulated impairment
\u00a0 \u00a0
1 January
(68.7)
(28.7)
Impairment
\u2013
(40.0)
31 December
(68.7)
(68.7)
Net book value at 31 December
597.8
597.8
\n
The Company tests investments for impairment where there are indications that investments might be impaired. In testing investments
for impairment, the recoverable amount of each investment has been estimated from value-in-use calculations. The key assumptions
for the value-in-use calculations are those regarding the forecast revenue and margin, discount rates and long-term growth rates by
market sector. Forecast revenue and margin are based on past performance, secured workload and workload likely to be achievable
in the short to medium term, given trends in the relevant market sector as well as macroeconomic factors.
Cash \ufb02ow forecasts have been determined by using Board-approved budgets for the next three years. Cash \ufb02ows beyond three years
have been extrapolated into perpetuity using an estimated nominal growth rate of 3.0% (2024: 3.4%). This growth rate does not exceed
the long-term average for the relevant markets.
Discount rates are pre-tax and re\ufb02ect the current market assessment of the time value of money and the risks speci\ufb01c to the
investments. The risk-adjusted nominal rates for Construction, Infrastructure, Fit Out and Property Services are 13.8% (2024: 12.3%).
The risk-adjusted nominal rates used for the cash-generating units with goodwill balances are 15.1% (2024: 14.2%) for Partnership
Housing, 14.5% (2024: 14.2%) for Mixed Use Partnerships, 13.8% (2024: 12.3%) for Construction and 13.8% (2024: 12.3%) for
Infrastructure. The increased discount rates in 2025 are due to a higher risk-free rate and an increased market risk premium for the UK.
\n\n
A list of all subsidiary, associated undertakings and signi\ufb01cant holdings owned by the Group at 31 December 2025 is shown below:
\n
Partnership Housing
\n\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Lovell Partnerships Limited
Direct
100
345 Park Place Residents Management Company Limited
(a)(1)
Indirect
100
Abbey Walk Management Company Limited
(a)(1)
Indirect
100
AH Burnholme Limited
Indirect
100
All Saints Green Residents Management Company Limited
(b)(1)
Indirect
100
Anthem Lovell LLP
(2)
Indirect
50
Astley Place Residents Management Company Limited
(a)(1)
Indirect
100
Balderton Rise Residents Management Company Limited
(a)(1)
Indirect
100
Barnet Lovell Regeneration LLP
(2)
Indirect
100
B:Home Birmingham Limited
Indirect
100
Bincombe Park Residents Management Company Limited
(a)(1)
Indirect
100
Blossom\ufb01eld (Thorp Arch) Management Company Limited
(a)(1)
Indirect
100
Briarswood Residents Management Company Limited
(a)(1)
Indirect
100
Bryn Castell Residents Management Company Limited
(a)(1)
Indirect
100
Caldon Quay Residents Management Company Limited
(a)(1)
Indirect
100
Castle Green Residents Management Company Limited
(a)(1)
Indirect
100
Chalkdene Developments LLP
(2)
Indirect
50
Cherry Pie Meadow Residents Management Company Limited
(a)(1)
Indirect
100
Claymore Roads (Holdings) Limited
(c)
Indirect
50
Community Solutions for Education Limited
Indirect
100
Community Solutions for Regeneration Limited
Indirect
100
Community Solutions for Regeneration (Hertfordshire) Limited
Indirect
100
Community Solutions (Hub West Scotland) Limited
(d)
Indirect
100
Community Solutions Living Limited
Indirect
100
Community Solutions Management Services Limited
Indirect
100
Community Solutions Management Services (Hub) Limited
Indirect
100
Community Solutions Partnership Services Limited
Indirect
100
Crown Meadows Residents Management Company Limited
(a)(1)
Indirect
100
Drummond Park (Ludgershall) Residents Management Company Limited
(a)(1)
Indirect
100
Durleigh View Residents Management Company Limited
(a)(1)(7)
Indirect
100
Eden Park (Bonscale Crescent) Residents Management Company Limited
(a)(1)
Indirect
100
Eden Valley Management Company Limited
(a)(1)
Indirect
100
Edmundham Developments LLP
(2)
Indirect
50
Edwards Birch (Morpeth) Residents Management Company Limited
(a)(1)
Indirect
100
Electric Quarter Residents Management Company Limited
(a)(1)
Indirect
100
Exford Drive Management Company Limited
(a)(1)
Indirect
100
Foxglove Meadows Residents Management Company Limited
(a)(1)
Indirect
100
Gallus Fields Residents Management Company Limited
(a)(1)
Indirect
100
Garrett Grove Residents Management Company Limited
(a)(1)
Indirect
100
Golwg Y Bryn Residents Management Company Limited
(a)(1)
Indirect
100
\n\n\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Hamilton Wharf Residents Management Company Limited
(a)(1)
Indirect
100
Hamsard 3134 Limited
Indirect
100
Hamsard 3135 Limited
Indirect
100
Health Innovation Partners Limited
Indirect
50
Heath Farm Residents Management Company Limited
(a)(1)
Indirect
100
Heathstock Rise Residents Management Company Limited
(a)(1)
Indirect
100
Keepers Gate (WSM) Residents Management Company Limited
(a)(1)
Indirect
100
Kensington Gardens Management Limited
(a)(1)
Indirect
100
Kings Reach (Snaith) Residents Management Company
(a)(1)
Indirect
100
Kinsted Developments LLP
(2)
Indirect
50
L&Q Lovell Tra\ufb00ord LLP
(2)
Indirect
50
Laurel Gate (Whitburn) Residents Management Company Limited
(a)(1)(8)
Indirect
100
Laurus Lovell Whalley LLP
(2)
Indirect
50
Lavender Chase and The Driftwoods Residents Management Company Limited
(a)(1)
Indirect
100
Laxton Close Management Company Limited
(a)(1)
Indirect
100
Littlehampton Management Company Limited
(a)(1)
Indirect
100
Lockside Residents Management Company Limited
(a)(1)
Indirect
100
Lovell Bow Limited
Indirect
100
Lovell Director Limited
Indirect
100
Lovell Flagship LLP
(2)
Indirect
50
Lovell Guf Limited
Indirect
100
Lovell Later Living LLP
(2)
Indirect
100
Lovell Latimer LLP
(2)
Indirect
50
Lovell Plus Limited
Indirect
100
Lovell Property Rental Limited
Indirect
100
Lovell Together (Pendleton) LLP
(2)
Indirect
50
Lovell Together LLP
(2)
Indirect
50
Lovell/Abri Weymouth LLP
(2)
Indirect
50
Luker Place Management Company Limited
(a)(1)
Indirect
100
Lymington Mews Management Company Limited
(a)(1)
Indirect
100
Maryon Road Residents Management Company Limited
(a)(1)
Indirect
100
Meggeson Management Company Limited
(a)(1)
Indirect
100
Minshull Way Residents Management Company Limited
(a)(1)
Indirect
100
Morgan Sindall Consortium LLP
(2)
Indirect
100
Morgan Sindall Investments (Newport SDR) Limited
Indirect
100
Morgan-Vinci Limited
Indirect
50
Morris Walk North Management Company Limited
(a)(1)
Indirect
100
Morris Walk South Residents Management Company Limited
(a)(1)
Indirect
100
Mount View (Melton Mowbray) Residents Company Limited
(a)(1)
Indirect
100
Oaktree Grange Residents Management Company Limited
(a)(1)
Indirect
100
Oakwood Gardens (Burniston) Residents Management Company Limited
(a)(1)
Indirect
100
Park View (Holt) Residents Management Company Limited
(a)(1)
Indirect
100
\n\n\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Pich Management Company Limited
(a)(1)
Indirect
100
Pipit Mews Management Company Limited
(a)(1)
Indirect
100
Pool House Wombourne Ltd
Indirect
100
Principal Point Residents Management Company Limited
(a)(1)
Indirect
100
Queensbury Park Management Company Limited
(a)(1)
Indirect
100
RMC The Meadows, Clifton-upon-Teme Limited
(a)(1)
Indirect
100
Romsey Extra Care Limited
Indirect
100
Ruby Brook Estate Management Company Limited
(a)(1)
Indirect
100
Ruby Brook Management Company Limited
(a)(1)
Indirect
100
Ruby Meadow Management Company Limited
(a)(1)
Indirect
100
Saddlers Grange (Howden) Management Company Limited
(a)(1)
Indirect
100
Saints Green (South Otterington) Residents Management Company Limited
(a)(1)
Indirect
100
Saints Quarter (Steelhouse Lane) Residents Management Company Limited
(a)(1)
Indirect
100
Saredon Gardens Residents Management Company Limited
(a)(1)
Indirect
100
Shawbrook Manor (Residents) Management Company Limited
(a)(1)
Indirect
100
Somerford Park Residents Management Company Limited
(a)(1)
Indirect
100
South Thamesmead LLP
(e)(2)
Indirect
50
St Mary\u2019s View (Residents) Management Company Limited
(a)(1)
Indirect
100
Station House (Stourbridge) Management Company Limited
(a)(1)
Indirect
100
Stoke Development Limited
Indirect
100
Tennyson Fields (Phase 2) Residents Management Company Limited
(a)(1)
Indirect
100
Tennyson Fields Management Company Limited
(a)(1)
Indirect
100
The Acorns (Walsham Le Willows) Residents Management Company Limited
(a)(1)
Indirect
100
The Compendium Group Limited
Indirect
50
The East Avenue Residents Management Company Limited
(a)(1)
Indirect
100
The Junction Apartments Residents Management Company Limited
(a)(1)
Indirect
100
The Junction Residents Management Company Limited
(a)(1)
Indirect
100
The Laureates Residents Management Company Limited
(a)(1)
Indirect
100
The Mill (Site 1) Residents Management Company Limited
(a)(1)
Indirect
100
The Mill (Site 2) Residents Management Company Limited
(a)(1)
Indirect
100
The Paddocks (Beverley) Residents Management Company Limited
(a)(1)
Indirect
100
The Sycamores (Kirk Ella) Management Company Limited
(a)(1)
Indirect
100
The Way Beswick (Zone 1) Management Limited
(a)(1)
Indirect
100
The Way Beswick (Zone 2) Management Limited
(a)(1)
Indirect
100
The Way Beswick (Zone 3) Management Limited
(a)(1)
Indirect
100
The Way Beswick (Zone 4) Management Limited
(a)(1)
Indirect
100
The Way Beswick (Zone 5) Management Limited
(a)(1)
Indirect
100
The Way Beswick (Zone 6) Management Limited
(a)(1)
Indirect
100
The Way Beswick (Zone 7) Management Limited
(a)(1)
Indirect
100
The Woodlands (Hessle) Residents Management Company Limited
(a)(1)
Indirect
100
Tixall View Residents Management Company Limited
(a)(1)
Indirect
100
Towcester Regeneration Limited
Indirect
100
\n\n\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Trinity Walk Residents Management Company Limited
(a)(1)
Indirect
100
Victoria Court (Newport No 1) Residents Management Company Limited
(f)(1)
Indirect
50
Victoria Court (Newport No 2) Residents Management Company Limited
(a)(1)
Indirect
100
Waterside Quay Residents Management Company Limited
(a)(1)
Indirect
100
Wensum Grange Management Company Limited
(a)(1)
Indirect
100
Westcroft 12 Management Company Limited
(a)(1)
Indirect
100
Weston Woods Residents Management Company Limited
(a)(1)
Indirect
100
Weymouth Community Sports LLP
(2)
Indirect
100
Wild Walk Donnington Wood Residents Management Company Limited
(a)(1)
Indirect
100
William\u2019s Park Residents Management Company Limited
(a)(1)
Indirect
100
Woodgate (West Sussex) Residents Management Company Limited
(a)(1)
Indirect
100
Woodlark Chase (Warren Drive) Residents Management Company Limited
(a)(1)
Indirect
100
\n
Mixed Use Partnerships
\n\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Muse Places Limited
Direct
100
Alexandria Business Park Management Company Limited
(g)(3)
Indirect
100
Ashton Moss Developments Limited
Indirect
50
Aykley Heads Development LLP
(2)
Indirect
50
Basford East Management Company Limited
Indirect
100
Brentwood Development Partnership LLP
(2)
Indirect
50
Bromley Park (Holdings) Limited
Indirect
50
Chatham Place (Building 1) Limited
Indirect
100
Chatham Place Building 1 (Commercial) Limited
Indirect
100
Chatham Square Limited
Indirect
100
Cheadle Royal Management Company Limited
(g)(4)
Indirect
27.9
Community Solutions for Regeneration (Bournemouth) Limited
Indirect
100
Community Solutions for Regeneration (Brentwood) Limited
Indirect
100
Community Solutions for Regeneration (Slough) Limited
Indirect
100
ECF (General Partner) Limited
(h)
Indirect
33.3
English Cities Fund
(h)(5)
Indirect
24
Eurocentral Partnership Limited
Indirect
99.2
EPL Developer (Plot B West) Limited
Indirect
99.2
Habiko LLP
(2)
Indirect
33.3
Harrier Park Management Company Limited
(1)
Indirect
100
ICIAN Developments Limited
Indirect
100
Intercity Developments Limited
Indirect
50
Lewisham Gateway Developments (Holdings) Limited
Indirect
100
Lewisham Gateway Developments Limited
Indirect
100
Lingley Mere Business Park Development Company Limited
(i)
Indirect
50
Logic Leeds Management Company Limited
(j)(1)
Indirect
50
Muse Aberdeen Limited
Indirect
100
\n\n\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Muse (Brixton) Limited
Indirect
100
Muse (ECF) Partner Limited
Indirect
100
Muse (Warp 4) Partner Limited
Indirect
100
Muse Brixton (Phase 2) Limited
Indirect
100
Muse Chester Limited
Indirect
100
Muse Developments (Northwich) Limited
Indirect
100
Muse Properties Limited
Indirect
100
North Shore Development Partnership Limited
Indirect
100
Northshore Management Company Limited
(1)
Indirect
50
Olive Morris House (Brixton) Management Company Limited
(k)(1)
Indirect
100
Rail Link Europe Limited
Indirect
100
Slough Urban Renewal LLP
(2)
Indirect
50
Sovereign Leeds Limited
Indirect
100
St Andrews Brae Developments Limited
Indirect
50
The Bournemouth Development Company LLP
(2)
Indirect
50
The Prestwich Regeneration LLP
(2)
Indirect
50
Wapping Wharf (Alpha) LLP
(2)
Indirect
50
Wapping Wharf (Beta) LLP
(2)
Indirect
40
Warp 4 General Partner Limited
Indirect
100
Warp 4 General Partner Nominees Limited
Indirect
100
Warp 4 Limited Partnership
(5)
Indirect
100
Waterside Places (General Partner) Limited
(l)
Indirect
50
Waterside Places Limited Partnership
(l)
Indirect
50
Wirral Growth Company LLP
(m)(2)
Indirect
50
Wythenshawe Civic Regeneration LLP
(2)
Indirect
20
\n
Fit Out
\n\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Overbury plc
Direct
100
Morgan Lovell plc
Direct
100
\n
Construction & Infrastructure
\n\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Morgan Sindall Construction & Infrastructure Ltd
Indirect
100
Bluestone Limited
Indirect
100
Magnor Plant Hire Limited
Direct
100
Morgan Sindall All Together Cumbria CIC
(6)
Indirect
100
Morgan Sindall Engineering Solutions Limited
Indirect
100
Morgan Sindall Holdings Limited
Direct
100
Morgan Utilities Limited
Indirect
100
MS (MEST) Limited
Indirect
100
Newman Insurance Company Limited
*(n)
Indirect
100
\n\n \u00a0 \u00a0\u00a0\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Baker Hicks Limited
Direct
100
Baker Hicks Europe Holdings Limited
Indirect
100
BakerHicks AG
*(o)
Indirect
100
BakerHicks ApS
*(p)
Indirect
100
BakerHicks GmbH
*(q)
Indirect
100
BakerHicks GmbH
*(r)
Indirect
100
BakerHicks SA
*(s)
Indirect
100
\n
Property Services
\n\n \u00a0 \u00a0\u00a0\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Morgan Sindall Property Services Limited
Direct
100
Golden i Limited
Indirect
100
Lovell Powerminster Limited
Indirect
100
Manchester Energy Company Limited
Indirect
100
\n
Morgan Sindall Group
\n\n \u00a0 \u00a0\u00a0\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Barnes & Elliott Limited
Direct
100
Bluebell Printing Limited
Direct
100
CarboniCa Licensing Limited
(t)
Direct
50
Hinkins & Frewin Limited
Direct
100
Lovell Partnerships (Northern) Limited
Direct
100
Lovell Partnerships (Southern) Limited
Direct
100
Morgan Est (Scotland) Limited
(d)
Direct
100
Morgan Lovell London Limited
Direct
100
Morgan Sindall Investments Limited
Direct
100
Morgan Sindall Limited
Direct
100
Morgan Sindall Trustee Company Limited
Direct
100
Morgan Utilities Group Limited
Direct
100
Muse Developments Limited
Direct
100
Roberts Construction Limited
Direct
100
Sindall Eastern Limited
Indirect
100
Snape Design & Build Limited
Indirect
100
T.J. Braybon & Son Limited
Direct
100
The Snape Group Limited
Direct
100
Underground Professional Services Limited
Direct
100
Wheatley Construction Limited
Direct
100
\n
*
With the exception of Newman Insurance Company Limited, registered and operating in Guernsey, BakerHicks AG, registered and operating in Switzerland,
BakerHicks ApS, registered and operating in Denmark, BakerHicks GmbH, registered and operating in Austria and Germany, and BakerHicks SA, registered and
operating in Denmark, all undertakings are registered in England and Wales or Scotland and the principal place of business is the UK.
Unless otherwise stated the registered o\ufb03ce address for each of the above is Kent House, 14\u201317 Market Place, London, W1W 8AJ.
Unless otherwise stated, the Group\u2019s interest is in the ordinary shares issued
(or the equivalent of ordinary shares issued in the relevant country of issue).
Classi\ufb01cation key:
(1)
Limited by guarantee
(2)
Limited liability partnership
(3)
Holding special shares
(4)
Holding ordinary and special shares
(5)
Limited partnership
(6)
Community Interest Company
(7)
Incorporated on 15 January 2026; wholly owned by Lovell Director Limited
(8)
Incorporated on 28 January 2026; wholly owned by Lovell Director Limited
The proportion of ownership interest is the same as the proportion of voting
power held, except English Cities Fund, details of which are shown in note 12
of the consolidated \ufb01nancial statements.
Registered o\ufb03ce key:
(a)
One Eleven, Edmund Street, Birmingham, West Midlands, B3 2HJ
(b)
1 Bow Churchyard, London, EC4M 9DQ
(c)
8th Floor, 6 Kean Street, London, WC2B 4AS
(d)
c/o Anderson Strathern LLP, 58 Morrison St, Edinburgh, EH3 8BP
(e)
45 Westminster Bridge Road, London, SE1 7JB
(f)
7 Neptune Court, Vanguard Way, Cardi\ufb00, CF24 5PJ
(g)
Ground Solutions UK Ltd, A5 Optimum Business Park, Optimum Road,
Swadlincote, Derbyshire, DE11 0WT
(h)
One Coleman Street, London, EC2R 5AA
(i)
Haweswater House, Lingley Mere Business Park, Lingley Green Avenue,
Great Sankey, Warrington, WA5 3LP
(j)
One St Peter\u2019s Square, Manchester, M2 3DE
(k)
Fisher House, 84 Fisherton Street, Salisbury, SP2 7QY
(l)
National Waterways Museum, South Pier Road, Ellesmere Port, Cheshire,
CH65 4FW
(m) c/o Head of Legal, Wirral Borough Council, Town Hall, Brighton Street,
Wallasey, Wirral, CH44 8ED
(n)
Willis Management (Guernsey) Limited, Suite 1 North, First Floor,
Albert House, South Esplanade, St Peter Port, Guernsey, GY1 1AJ
(o)
Badenstrasse 3, 4057, Basel, Switzerland
(p)
Borupvang 3, 4., 2750 Ballerup, Denmark
(q)
Albert-Nestler-Strasse 26, 76131 Karlsruhe, Germany
(r)
Am Euro Platz 3, 1120 Wien, Austria
(s)
Boulevard Louis Schmidt 29 15, 1040 Etterbeek, Belgium
(t)
Midpoint, Alencon Link, Basingstoke, RG21 7PP", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00296": { "value": "12
Investments in joint ventures
The Group has interests in the following joint ventures:
Aykley Heads Development LLP 50% partner
Aykley Heads Development LLP is a joint venture with Durham County Council established to deliver the strategic development of an
Innovation District at a site in Durham over a 10-year period.
Brentwood Development Partnership LLP 50% partner
Brentwood Development Partnership LLP is a partnership with Seven Arches Investments Limited (a subsidiary of Brentwood Borough
Council) which is developing a series of sites in Brentwood over a 30-year period.
Chalkdene Developments LLP 50% partner
Chalkdene Developments LLP is a partnership with Herts Living Ltd (a subsidiary of Hertfordshire County Council) which is developing a
series of sites across Hertfordshire over a 15-year period.
Claymore Roads (Holdings) Limited 50% share
Claymore Roads (Holdings) Limited is a joint venture with Infrastructure Investments (Roads) Limited and is responsible for the upgrade
and operation of the A92 between Dundee and Arbroath in Scotland.
Edmundham Developments LLP 50% partner
Edmundham Developments LLP is a joint venture with Su\ufb00olk County Council which has been established to progress the development
of residential homes across Su\ufb00olk, inclusive of associated infrastructure, local centres, employment land, education land and extra
care provision.
English Cities Fund Limited Partnership 24% share
English Cities Fund is a limited partnership with Homes England and Legal & General to develop mixed-use regeneration schemes in
assisted areas. Joint control is exercised through the board of the general partner at which each partner is represented by two directors
and no decision can be taken without the agreement of a director representing each partner.
Habiko LLP 33.3% partner
Habiko LLP is a housing innovation joint venture between Muse Places, Homes England and Pension Insurance Corporation which aims
to deliver low-carbon, low-energy a\ufb00ordable homes for rent, with a target of 3,000 homes over an initial term of 12 years.
Health Innovation Partners Limited 50% share
Through the Health Innovation Partners joint venture with Arcadis BAC Limited, the Group had a 25% interest in The Oxleas Property
Partnership LLP (TOPP), a joint venture with the Oxleas NHS Foundation Trust. In agreement with our partners, TOPP was dissolved in
2024 and the joint venture is in the process of being wound up.
Kinsted Developments LLP 50% partner
Kinsted Developments LLP is a joint venture with Edes Estates Limited (a subsidiary of West Sussex County Council) established to carry
out strategic developments of residential homes, town centre regeneration and extra care provision across West Sussex.
\n\n
L&Q Lovell Tra\ufb00ord LLP 50% partner
\n
L&Q Lovell Tra\ufb00ord LLP is a joint venture with L&Q New Homes Limited (a subsidiary of London & Quadrant Housing Trust) carrying
\n
out a strategic development project of a residential nature.
\n
Laurus Lovell Whalley LLP 50% partner
\n
Laurus Lovell Whalley LLP is a joint venture with THT Developments Limited (a subsidiary of Tra\ufb00ord Housing Limited) established to
\n
carry out a strategic development project of a residential nature in the north west of England.
\n
Lingley Mere Business Park Development Company Limited 50% share
\n
Lingley Mere Business Park Development Company Limited is a joint venture with United Utilities Property Services Limited (a subsidiary
\n
of United Utilities PLC) delivering development at a site in Warrington.
\n
Lovell Flagship LLP 50% partner
\n
Lovell Flagship LLP is a joint venture with Flagship Housing Developments Limited (a subsidiary of Flagship Housing Group Limited)
\n
established to carry out strategic development and/or regeneration projects of a primarily residential nature.
\n
Lovell Latimer LLP 50% partner
\n
Lovell Latimer LLP is a joint venture with Latimer Developments Limited (a subsidiary of Clarion Housing Group) established to carry out
\n
a strategic development project of a residential nature in the north west of England.
\n
Lovell Together (Pendleton) LLP 50% partner
\n
Lovell Together (Pendleton) LLP is a joint venture with Together Commercial Limited (a subsidiary of Together Housing Group Limited)
\n
established to carry out a strategic development project of a residential nature in the north west of England.
\n
Lovell Together LLP 50% partner
\n
Lovell Together LLP is a joint venture with Together Commercial Limited (a subsidiary of Together Housing Group Limited) carrying out
\n
three strategic development projects of a residential nature in eastern England.
\n
Lovell/Abri Weymouth LLP 50% partner
\n
Lovell/Abri Weymouth LLP is a joint venture with Radian Developments Limited (a subsidiary of Abri Group Limited) carrying out a
\n
strategic development project of a residential nature.
\n
Morgan-Vinci Limited 50% share
\n
Morgan-Vinci Limited is a joint venture with Vinci Newport DBFO Limited and is responsible for the construction and operation of the
\n
Newport Southern Distributor Road. In 2025, a Sale and Purchase Agreement was signed for the sale of the 50% shareholding in
\n
Morgan-Vinci Limited. The sale process is expected to complete in 2026.
\n
Slough Urban Renewal LLP 50% partner
\n
Slough Urban Renewal LLP is a partnership with Slough Borough Council which is developing a series of sites in Slough over an initial
\n
term of 15 years extendable by 10 years.
\n
South Thamesmead LLP 50% partner
\n
South Thamesmead LLP is a joint venture with Peabody Developments Limited (a subsidiary of Peabody Trust) established to carry out
\n
the next mixed-tenure phases of the regeneration of South Thamesmead in South East London.
\n
St Andrews Brae Developments Limited 50% share
\n
St Andrews Brae Developments Limited is a joint venture with Miller Homes which has completed a development of residential housing
\n
and apartments in Bearsden, Glasgow.
\n
The Bournemouth Development Company LLP 50% partner
\n
The Bournemouth Development Company LLP is a partnership with Bournemouth, Christchurch and Poole Council which is developing
\n
a series of sites in Bournemouth over a 20-year period.
\n
The Compendium Group Limited 50% share
\n
The Compendium Group Limited is a joint venture with The Riverside Group Limited and is a company formed to carry out strategic
\n
development and regeneration projects of a primarily residential nature.
\n\n
The Prestwich Regeneration LLP 50% partner
\n
The Prestwich Regeneration LLP is a joint venture with Bury Metropolitan Borough Council and was set up to undertake the
\n
redevelopment of the Long\ufb01eld Shopping Centre in Prestwich, located in the Metropolitan Borough of Bury, Greater Manchester.
\n
Wapping Wharf (Alpha) LLP 50% partner
\n
Wapping Wharf (Alpha) LLP is a joint venture with Wapping Wharf (Umberslade) Limited which has completed development of the \ufb01rst
\n
phase of residential apartments within the Harbourside Regeneration Area of Bristol.
\n
Wapping Wharf (Beta) LLP 40% partner
\n
Wapping Wharf (Beta) LLP is a joint venture with Wapping Wharf (Umberslade) Limited which has completed the second phase of
\n
residential apartments within the Harbourside Regeneration Area of Bristol.
\n
Waterside Places Limited Partnership 50% partner
\n
Waterside Places Limited Partnership is a joint venture with the Canal and River Trust to undertake regeneration of waterside sites.
\n
Waterside Places (General Partner) Limited 50% share
\n
Waterside Places (General Partner) is a joint venture with the Canal and River Trust to undertake regeneration of waterside sites.
\n
Wirral Growth Company LLP 50% partner
\n
Wirral Growth Company LLP is a joint venture with Wirral Borough Council and was set up to undertake regeneration of numerous sites
\n
in the Wirral region of north west England.
\n
Wythenshawe Civic Regeneration LLP 20% partner
\n
Wythenshawe Civic Regeneration LLP is a joint venture with the Council of the City of Manchester. The principal activity of the LLP is to
\n
undertake the regeneration and ongoing operation and management of Wythenshawe Shopping Centre, located in Wythenshawe,
\n
Manchester.
\n
Investments in equity-accounted joint ventures are as follows:
\n\n \n
2025
2024
Notes
\u00a3m
\u00a3m
1 January
111.9
106.6
Equity-accounted share of net pro\ufb01ts:
Underlying share of net pro\ufb01ts
0.3
4.6
Exceptional building safety credit/(charge)
4
0.9
(1.4)
1.2
3.2
Capital advances to joint ventures
66.3
29.1
Capital repayments by joint ventures
(37.6)
(27.9)
Non-cash impairment reversal \u2013 other operating income
1.2
5.1
Dividends received
(4.7)
(4.2)
Reclassi\ufb01cation to asset held for sale
1
11
(5.6)
\u2013
31 December
132.7
111.9
\n
1
The investment in Morgan-Vinci Limited has been reclassi\ufb01ed as a held-for-sale investment. The joint venture sale process is currently ongoing and is expected
\n
to be completed during 2026.
\n
During 2025, an exceptional building safety credit of \u00a30.9m (2024: charge of \u00a31.4m) has been recognised in respect of the Group\u2019s
\n
share of constructive and legal obligations to remediate legacy building safety issues within joint ventures.
Summarised \ufb01nancial information related to equity-accounted joint ventures that are not individually material is set out below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Non-current assets (100%)
12.8
60.7
Current assets (100%)
527.7
471.7
Current liabilities (100%)
(112.2)
(90.8)
Non-current liabilities (100%)
(111.9)
(191.4)
Net assets reported by equity-accounted joint ventures (100%)
316.4
250.2
Revenue (100%)
244.8
238.2
Expenses (100%)
(248.8)
(233.5)
Net (loss)/pro\ufb01t (100%)
(4.0)
4.7
\n
Results of equity-accounted joint ventures:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Group share of pro\ufb01t before tax
0.3
4.6
Exceptional building safety credit/(charge)
0.9
(1.4)
Group share of tax
(0.5)
(0.1)
Group share of pro\ufb01t after tax
0.7
3.1
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00297": { "value": "12
Investments in joint ventures
The Group has interests in the following joint ventures:
Aykley Heads Development LLP 50% partner
Aykley Heads Development LLP is a joint venture with Durham County Council established to deliver the strategic development of an
Innovation District at a site in Durham over a 10-year period.
Brentwood Development Partnership LLP 50% partner
Brentwood Development Partnership LLP is a partnership with Seven Arches Investments Limited (a subsidiary of Brentwood Borough
Council) which is developing a series of sites in Brentwood over a 30-year period.
Chalkdene Developments LLP 50% partner
Chalkdene Developments LLP is a partnership with Herts Living Ltd (a subsidiary of Hertfordshire County Council) which is developing a
series of sites across Hertfordshire over a 15-year period.
Claymore Roads (Holdings) Limited 50% share
Claymore Roads (Holdings) Limited is a joint venture with Infrastructure Investments (Roads) Limited and is responsible for the upgrade
and operation of the A92 between Dundee and Arbroath in Scotland.
Edmundham Developments LLP 50% partner
Edmundham Developments LLP is a joint venture with Su\ufb00olk County Council which has been established to progress the development
of residential homes across Su\ufb00olk, inclusive of associated infrastructure, local centres, employment land, education land and extra
care provision.
English Cities Fund Limited Partnership 24% share
English Cities Fund is a limited partnership with Homes England and Legal & General to develop mixed-use regeneration schemes in
assisted areas. Joint control is exercised through the board of the general partner at which each partner is represented by two directors
and no decision can be taken without the agreement of a director representing each partner.
Habiko LLP 33.3% partner
Habiko LLP is a housing innovation joint venture between Muse Places, Homes England and Pension Insurance Corporation which aims
to deliver low-carbon, low-energy a\ufb00ordable homes for rent, with a target of 3,000 homes over an initial term of 12 years.
Health Innovation Partners Limited 50% share
Through the Health Innovation Partners joint venture with Arcadis BAC Limited, the Group had a 25% interest in The Oxleas Property
Partnership LLP (TOPP), a joint venture with the Oxleas NHS Foundation Trust. In agreement with our partners, TOPP was dissolved in
2024 and the joint venture is in the process of being wound up.
Kinsted Developments LLP 50% partner
Kinsted Developments LLP is a joint venture with Edes Estates Limited (a subsidiary of West Sussex County Council) established to carry
out strategic developments of residential homes, town centre regeneration and extra care provision across West Sussex.
\n\n
L&Q Lovell Tra\ufb00ord LLP 50% partner
\n
L&Q Lovell Tra\ufb00ord LLP is a joint venture with L&Q New Homes Limited (a subsidiary of London & Quadrant Housing Trust) carrying
\n
out a strategic development project of a residential nature.
\n
Laurus Lovell Whalley LLP 50% partner
\n
Laurus Lovell Whalley LLP is a joint venture with THT Developments Limited (a subsidiary of Tra\ufb00ord Housing Limited) established to
\n
carry out a strategic development project of a residential nature in the north west of England.
\n
Lingley Mere Business Park Development Company Limited 50% share
\n
Lingley Mere Business Park Development Company Limited is a joint venture with United Utilities Property Services Limited (a subsidiary
\n
of United Utilities PLC) delivering development at a site in Warrington.
\n
Lovell Flagship LLP 50% partner
\n
Lovell Flagship LLP is a joint venture with Flagship Housing Developments Limited (a subsidiary of Flagship Housing Group Limited)
\n
established to carry out strategic development and/or regeneration projects of a primarily residential nature.
\n
Lovell Latimer LLP 50% partner
\n
Lovell Latimer LLP is a joint venture with Latimer Developments Limited (a subsidiary of Clarion Housing Group) established to carry out
\n
a strategic development project of a residential nature in the north west of England.
\n
Lovell Together (Pendleton) LLP 50% partner
\n
Lovell Together (Pendleton) LLP is a joint venture with Together Commercial Limited (a subsidiary of Together Housing Group Limited)
\n
established to carry out a strategic development project of a residential nature in the north west of England.
\n
Lovell Together LLP 50% partner
\n
Lovell Together LLP is a joint venture with Together Commercial Limited (a subsidiary of Together Housing Group Limited) carrying out
\n
three strategic development projects of a residential nature in eastern England.
\n
Lovell/Abri Weymouth LLP 50% partner
\n
Lovell/Abri Weymouth LLP is a joint venture with Radian Developments Limited (a subsidiary of Abri Group Limited) carrying out a
\n
strategic development project of a residential nature.
\n
Morgan-Vinci Limited 50% share
\n
Morgan-Vinci Limited is a joint venture with Vinci Newport DBFO Limited and is responsible for the construction and operation of the
\n
Newport Southern Distributor Road. In 2025, a Sale and Purchase Agreement was signed for the sale of the 50% shareholding in
\n
Morgan-Vinci Limited. The sale process is expected to complete in 2026.
\n
Slough Urban Renewal LLP 50% partner
\n
Slough Urban Renewal LLP is a partnership with Slough Borough Council which is developing a series of sites in Slough over an initial
\n
term of 15 years extendable by 10 years.
\n
South Thamesmead LLP 50% partner
\n
South Thamesmead LLP is a joint venture with Peabody Developments Limited (a subsidiary of Peabody Trust) established to carry out
\n
the next mixed-tenure phases of the regeneration of South Thamesmead in South East London.
\n
St Andrews Brae Developments Limited 50% share
\n
St Andrews Brae Developments Limited is a joint venture with Miller Homes which has completed a development of residential housing
\n
and apartments in Bearsden, Glasgow.
\n
The Bournemouth Development Company LLP 50% partner
\n
The Bournemouth Development Company LLP is a partnership with Bournemouth, Christchurch and Poole Council which is developing
\n
a series of sites in Bournemouth over a 20-year period.
\n
The Compendium Group Limited 50% share
\n
The Compendium Group Limited is a joint venture with The Riverside Group Limited and is a company formed to carry out strategic
\n
development and regeneration projects of a primarily residential nature.
\n\n
The Prestwich Regeneration LLP 50% partner
\n
The Prestwich Regeneration LLP is a joint venture with Bury Metropolitan Borough Council and was set up to undertake the
\n
redevelopment of the Long\ufb01eld Shopping Centre in Prestwich, located in the Metropolitan Borough of Bury, Greater Manchester.
\n
Wapping Wharf (Alpha) LLP 50% partner
\n
Wapping Wharf (Alpha) LLP is a joint venture with Wapping Wharf (Umberslade) Limited which has completed development of the \ufb01rst
\n
phase of residential apartments within the Harbourside Regeneration Area of Bristol.
\n
Wapping Wharf (Beta) LLP 40% partner
\n
Wapping Wharf (Beta) LLP is a joint venture with Wapping Wharf (Umberslade) Limited which has completed the second phase of
\n
residential apartments within the Harbourside Regeneration Area of Bristol.
\n
Waterside Places Limited Partnership 50% partner
\n
Waterside Places Limited Partnership is a joint venture with the Canal and River Trust to undertake regeneration of waterside sites.
\n
Waterside Places (General Partner) Limited 50% share
\n
Waterside Places (General Partner) is a joint venture with the Canal and River Trust to undertake regeneration of waterside sites.
\n
Wirral Growth Company LLP 50% partner
\n
Wirral Growth Company LLP is a joint venture with Wirral Borough Council and was set up to undertake regeneration of numerous sites
\n
in the Wirral region of north west England.
\n
Wythenshawe Civic Regeneration LLP 20% partner
\n
Wythenshawe Civic Regeneration LLP is a joint venture with the Council of the City of Manchester. The principal activity of the LLP is to
\n
undertake the regeneration and ongoing operation and management of Wythenshawe Shopping Centre, located in Wythenshawe,
\n
Manchester.
\n
Investments in equity-accounted joint ventures are as follows:
\n\n \n
2025
2024
Notes
\u00a3m
\u00a3m
1 January
111.9
106.6
Equity-accounted share of net pro\ufb01ts:
Underlying share of net pro\ufb01ts
0.3
4.6
Exceptional building safety credit/(charge)
4
0.9
(1.4)
1.2
3.2
Capital advances to joint ventures
66.3
29.1
Capital repayments by joint ventures
(37.6)
(27.9)
Non-cash impairment reversal \u2013 other operating income
1.2
5.1
Dividends received
(4.7)
(4.2)
Reclassi\ufb01cation to asset held for sale
1
11
(5.6)
\u2013
31 December
132.7
111.9
\n
1
The investment in Morgan-Vinci Limited has been reclassi\ufb01ed as a held-for-sale investment. The joint venture sale process is currently ongoing and is expected
\n
to be completed during 2026.
\n
During 2025, an exceptional building safety credit of \u00a30.9m (2024: charge of \u00a31.4m) has been recognised in respect of the Group\u2019s
\n
share of constructive and legal obligations to remediate legacy building safety issues within joint ventures.
Summarised \ufb01nancial information related to equity-accounted joint ventures that are not individually material is set out below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Non-current assets (100%)
12.8
60.7
Current assets (100%)
527.7
471.7
Current liabilities (100%)
(112.2)
(90.8)
Non-current liabilities (100%)
(111.9)
(191.4)
Net assets reported by equity-accounted joint ventures (100%)
316.4
250.2
Revenue (100%)
244.8
238.2
Expenses (100%)
(248.8)
(233.5)
Net (loss)/pro\ufb01t (100%)
(4.0)
4.7
\n
Results of equity-accounted joint ventures:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Group share of pro\ufb01t before tax
0.3
4.6
Exceptional building safety credit/(charge)
0.9
(1.4)
Group share of tax
(0.5)
(0.1)
Group share of pro\ufb01t after tax
0.7
3.1
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00298": { "value": "13 Inventories \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Land
167.2
154.1
Work in progress
436.1
321.9
Inventories
603.3
476.0
\nWork in progress comprises housing, commercial and mixed-use developments in the course of construction.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00302": { "value": "14
Contract assets and liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Contract assets
235.8
224.6
Contract liabilities
(118.7)
(110.4)
Net contract assets
117.1
114.2
\n
The contract assets primarily relate to the Group\u2019s right to consideration for construction work completed but not invoiced at the
balance sheet date. The contract assets are transferred to trade receivables when the amounts are certi\ufb01ed by the customer. On most
contracts, certi\ufb01cates are issued by the customer on a monthly basis. All contract assets held at 31 December 2025 are expected to be
invoiced and transferred to trade receivables within the next 12 months.
The Group has taken advantage of the practical expedient in paragraph 94 of IFRS 15 to immediately expense the incremental costs of
obtaining contracts where the amortisation period of the assets would have been one year or less.
The contract liabilities primarily relate to the advance consideration received from customers in respect of performance obligations
which have not yet been fully satis\ufb01ed and for which revenue has not been recognised. All contract liabilities held at 31 December 2025
are expected to satisfy performance obligations in the next 12 months.
Signi\ufb01cant changes in the contract assets and the contract liabilities during the period are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Contract
Contract
Contract
Contract
\u00a0
assets
liabilities
assets
liabilities
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1 January
224.6
(110.4)
270.6
(95.8)
Revenue recognised:
\u00a0 \u00a0 \u00a0 \u00a0
Performance obligations satis\ufb01ed in the current year
4,908.2
110.4
4,450.4
95.8
Cash received for performance obligations not yet satis\ufb01ed
\u2013
(118.7)
\u2013
(110.4)
Amounts transferred to trade receivables
(4,894.5)
\u2013
(4,475.4)
\u2013
Impairment of contract assets
(2.5)
\u2013
(21.0)
\u2013
31 December
235.8
(118.7)
224.6
(110.4)
\n
The following table sets out the Group secured workload by operating segment, which is deemed to be the revenue expected to be
recognised in the future related to performance obligations that are unsatis\ufb01ed or partially unsatis\ufb01ed at the balance sheet date:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2027
2028+
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Partnership Housing
853.7
594.7
881.9
2,330.3
Mixed Use Partnerships
264.6
506.3
3,843.6
4,614.5
Fit Out
1,219.7
92.0
\u2013
1,311.7
Construction
884.9
208.6
18.8
1,112.3
Property Services
160.7
101.2
452.5
714.4
Infrastructure
643.6
546.2
700.1
1,889.9
Eliminations
(0.9)
\u2013
\u2013
(0.9)
\u00a0
4,026.3
2,049.0
5,896.9
11,972.2
\n
Of these amounts, \u00a36,294.9m (2024: \u00a36,164.5m) relates to performance obligations to be satis\ufb01ed for in-progress contracts at the
year end.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00299": { "value": "14
Contract assets and liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Contract assets
235.8
224.6
Contract liabilities
(118.7)
(110.4)
Net contract assets
117.1
114.2
\n
The contract assets primarily relate to the Group\u2019s right to consideration for construction work completed but not invoiced at the
balance sheet date. The contract assets are transferred to trade receivables when the amounts are certi\ufb01ed by the customer. On most
contracts, certi\ufb01cates are issued by the customer on a monthly basis. All contract assets held at 31 December 2025 are expected to be
invoiced and transferred to trade receivables within the next 12 months.
The Group has taken advantage of the practical expedient in paragraph 94 of IFRS 15 to immediately expense the incremental costs of
obtaining contracts where the amortisation period of the assets would have been one year or less.
The contract liabilities primarily relate to the advance consideration received from customers in respect of performance obligations
which have not yet been fully satis\ufb01ed and for which revenue has not been recognised. All contract liabilities held at 31 December 2025
are expected to satisfy performance obligations in the next 12 months.
Signi\ufb01cant changes in the contract assets and the contract liabilities during the period are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Contract
Contract
Contract
Contract
\u00a0
assets
liabilities
assets
liabilities
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1 January
224.6
(110.4)
270.6
(95.8)
Revenue recognised:
\u00a0 \u00a0 \u00a0 \u00a0
Performance obligations satis\ufb01ed in the current year
4,908.2
110.4
4,450.4
95.8
Cash received for performance obligations not yet satis\ufb01ed
\u2013
(118.7)
\u2013
(110.4)
Amounts transferred to trade receivables
(4,894.5)
\u2013
(4,475.4)
\u2013
Impairment of contract assets
(2.5)
\u2013
(21.0)
\u2013
31 December
235.8
(118.7)
224.6
(110.4)
\n
The following table sets out the Group secured workload by operating segment, which is deemed to be the revenue expected to be
recognised in the future related to performance obligations that are unsatis\ufb01ed or partially unsatis\ufb01ed at the balance sheet date:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2027
2028+
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Partnership Housing
853.7
594.7
881.9
2,330.3
Mixed Use Partnerships
264.6
506.3
3,843.6
4,614.5
Fit Out
1,219.7
92.0
\u2013
1,311.7
Construction
884.9
208.6
18.8
1,112.3
Property Services
160.7
101.2
452.5
714.4
Infrastructure
643.6
546.2
700.1
1,889.9
Eliminations
(0.9)
\u2013
\u2013
(0.9)
\u00a0
4,026.3
2,049.0
5,896.9
11,972.2
\n
Of these amounts, \u00a36,294.9m (2024: \u00a36,164.5m) relates to performance obligations to be satis\ufb01ed for in-progress contracts at the
year end.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00300": { "value": "14
Contract assets and liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Contract assets
235.8
224.6
Contract liabilities
(118.7)
(110.4)
Net contract assets
117.1
114.2
\n
The contract assets primarily relate to the Group\u2019s right to consideration for construction work completed but not invoiced at the
balance sheet date. The contract assets are transferred to trade receivables when the amounts are certi\ufb01ed by the customer. On most
contracts, certi\ufb01cates are issued by the customer on a monthly basis. All contract assets held at 31 December 2025 are expected to be
invoiced and transferred to trade receivables within the next 12 months.
The Group has taken advantage of the practical expedient in paragraph 94 of IFRS 15 to immediately expense the incremental costs of
obtaining contracts where the amortisation period of the assets would have been one year or less.
The contract liabilities primarily relate to the advance consideration received from customers in respect of performance obligations
which have not yet been fully satis\ufb01ed and for which revenue has not been recognised. All contract liabilities held at 31 December 2025
are expected to satisfy performance obligations in the next 12 months.
Signi\ufb01cant changes in the contract assets and the contract liabilities during the period are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Contract
Contract
Contract
Contract
\u00a0
assets
liabilities
assets
liabilities
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1 January
224.6
(110.4)
270.6
(95.8)
Revenue recognised:
\u00a0 \u00a0 \u00a0 \u00a0
Performance obligations satis\ufb01ed in the current year
4,908.2
110.4
4,450.4
95.8
Cash received for performance obligations not yet satis\ufb01ed
\u2013
(118.7)
\u2013
(110.4)
Amounts transferred to trade receivables
(4,894.5)
\u2013
(4,475.4)
\u2013
Impairment of contract assets
(2.5)
\u2013
(21.0)
\u2013
31 December
235.8
(118.7)
224.6
(110.4)
\n
The following table sets out the Group secured workload by operating segment, which is deemed to be the revenue expected to be
recognised in the future related to performance obligations that are unsatis\ufb01ed or partially unsatis\ufb01ed at the balance sheet date:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2027
2028+
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Partnership Housing
853.7
594.7
881.9
2,330.3
Mixed Use Partnerships
264.6
506.3
3,843.6
4,614.5
Fit Out
1,219.7
92.0
\u2013
1,311.7
Construction
884.9
208.6
18.8
1,112.3
Property Services
160.7
101.2
452.5
714.4
Infrastructure
643.6
546.2
700.1
1,889.9
Eliminations
(0.9)
\u2013
\u2013
(0.9)
\u00a0
4,026.3
2,049.0
5,896.9
11,972.2
\n
Of these amounts, \u00a36,294.9m (2024: \u00a36,164.5m) relates to performance obligations to be satis\ufb01ed for in-progress contracts at the
year end.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00301": { "value": "14
Contract assets and liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Contract assets
235.8
224.6
Contract liabilities
(118.7)
(110.4)
Net contract assets
117.1
114.2
\n
The contract assets primarily relate to the Group\u2019s right to consideration for construction work completed but not invoiced at the
balance sheet date. The contract assets are transferred to trade receivables when the amounts are certi\ufb01ed by the customer. On most
contracts, certi\ufb01cates are issued by the customer on a monthly basis. All contract assets held at 31 December 2025 are expected to be
invoiced and transferred to trade receivables within the next 12 months.
The Group has taken advantage of the practical expedient in paragraph 94 of IFRS 15 to immediately expense the incremental costs of
obtaining contracts where the amortisation period of the assets would have been one year or less.
The contract liabilities primarily relate to the advance consideration received from customers in respect of performance obligations
which have not yet been fully satis\ufb01ed and for which revenue has not been recognised. All contract liabilities held at 31 December 2025
are expected to satisfy performance obligations in the next 12 months.
Signi\ufb01cant changes in the contract assets and the contract liabilities during the period are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Contract
Contract
Contract
Contract
\u00a0
assets
liabilities
assets
liabilities
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1 January
224.6
(110.4)
270.6
(95.8)
Revenue recognised:
\u00a0 \u00a0 \u00a0 \u00a0
Performance obligations satis\ufb01ed in the current year
4,908.2
110.4
4,450.4
95.8
Cash received for performance obligations not yet satis\ufb01ed
\u2013
(118.7)
\u2013
(110.4)
Amounts transferred to trade receivables
(4,894.5)
\u2013
(4,475.4)
\u2013
Impairment of contract assets
(2.5)
\u2013
(21.0)
\u2013
31 December
235.8
(118.7)
224.6
(110.4)
\n
The following table sets out the Group secured workload by operating segment, which is deemed to be the revenue expected to be
recognised in the future related to performance obligations that are unsatis\ufb01ed or partially unsatis\ufb01ed at the balance sheet date:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2027
2028+
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Partnership Housing
853.7
594.7
881.9
2,330.3
Mixed Use Partnerships
264.6
506.3
3,843.6
4,614.5
Fit Out
1,219.7
92.0
\u2013
1,311.7
Construction
884.9
208.6
18.8
1,112.3
Property Services
160.7
101.2
452.5
714.4
Infrastructure
643.6
546.2
700.1
1,889.9
Eliminations
(0.9)
\u2013
\u2013
(0.9)
\u00a0
4,026.3
2,049.0
5,896.9
11,972.2
\n
Of these amounts, \u00a36,294.9m (2024: \u00a36,164.5m) relates to performance obligations to be satis\ufb01ed for in-progress contracts at the
year end.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00303": { "value": "Signi\ufb01cant changes in the contract assets and the contract liabilities during the period are as follows: \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Contract
Contract
Contract
Contract
\u00a0
assets
liabilities
assets
liabilities
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1 January
224.6
(110.4)
270.6
(95.8)
Revenue recognised:
\u00a0 \u00a0 \u00a0 \u00a0
Performance obligations satis\ufb01ed in the current year
4,908.2
110.4
4,450.4
95.8
Cash received for performance obligations not yet satis\ufb01ed
\u2013
(118.7)
\u2013
(110.4)
Amounts transferred to trade receivables
(4,894.5)
\u2013
(4,475.4)
\u2013
Impairment of contract assets
(2.5)
\u2013
(21.0)
\u2013
31 December
235.8
(118.7)
224.6
(110.4)
\n
The following table sets out the Group secured workload by operating segment, which is deemed to be the revenue expected to be
recognised in the future related to performance obligations that are unsatis\ufb01ed or partially unsatis\ufb01ed at the balance sheet date:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2027
2028+
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Partnership Housing
853.7
594.7
881.9
2,330.3
Mixed Use Partnerships
264.6
506.3
3,843.6
4,614.5
Fit Out
1,219.7
92.0
\u2013
1,311.7
Construction
884.9
208.6
18.8
1,112.3
Property Services
160.7
101.2
452.5
714.4
Infrastructure
643.6
546.2
700.1
1,889.9
Eliminations
(0.9)
\u2013
\u2013
(0.9)
\u00a0
4,026.3
2,049.0
5,896.9
11,972.2
\n", "dimensions": { "concept": "ifrs-full:ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00304": { "value": "15
Trade and other receivables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Notes
\u00a3m
\u00a3m
Amounts falling due within one year
\u00a0 \u00a0 \u00a0
Trade receivables
26
382.4
300.2
Amounts owed by joint ventures
25
14.8
15.8
Prepayments
\u00a0
19.5
16.1
Insurance receivables
\u00a0
19.7
23.1
Other receivables
\u00a0
31.7
29.0
\u00a0 \u00a0
468.1
384.2
Amounts falling due after more than one year
\u00a0 \u00a0 \u00a0
Trade receivables
26
85.3
69.3
\u00a0 \u00a0
85.3
69.3
Trade and other receivables
\u00a0
553.4
453.5
\n
The directors consider that the carrying amount of trade and other receivables approximates to their fair value.
Trade receivables are stated after provisions for impairment losses of \u00a30.4m (2024: \u00a31.3m); see note 26.
Retentions held by customers for contract work included within trade receivables at 31 December 2025 were \u00a3158.4m (2024: \u00a3129.1m).
These will be collected in the normal operating cycle of the Group, including \u00a385.3m (2024: \u00a369.3m) that falls due in more than one
year. The Group manages the collection of retentions through its post-completion project monitoring procedures and ongoing contact
with clients to ensure that potential issues that could lead to the non-payment of retentions are identi\ufb01ed and addressed promptly.
The Group holds third-party insurances that may mitigate the contract and legal liabilities described in note 19 Provisions and note 20
Contingent liabilities. Insurance receivables are recognised when reimbursement from insurers is virtually certain.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00305": { "value": "15
Trade and other receivables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Notes
\u00a3m
\u00a3m
Amounts falling due within one year
\u00a0 \u00a0 \u00a0
Trade receivables
26
382.4
300.2
Amounts owed by joint ventures
25
14.8
15.8
Prepayments
\u00a0
19.5
16.1
Insurance receivables
\u00a0
19.7
23.1
Other receivables
\u00a0
31.7
29.0
\u00a0 \u00a0
468.1
384.2
Amounts falling due after more than one year
\u00a0 \u00a0 \u00a0
Trade receivables
26
85.3
69.3
\u00a0 \u00a0
85.3
69.3
Trade and other receivables
\u00a0
553.4
453.5
\n
The directors consider that the carrying amount of trade and other receivables approximates to their fair value.
Trade receivables are stated after provisions for impairment losses of \u00a30.4m (2024: \u00a31.3m); see note 26.
Retentions held by customers for contract work included within trade receivables at 31 December 2025 were \u00a3158.4m (2024: \u00a3129.1m).
These will be collected in the normal operating cycle of the Group, including \u00a385.3m (2024: \u00a369.3m) that falls due in more than one
year. The Group manages the collection of retentions through its post-completion project monitoring procedures and ongoing contact
with clients to ensure that potential issues that could lead to the non-payment of retentions are identi\ufb01ed and addressed promptly.
The Group holds third-party insurances that may mitigate the contract and legal liabilities described in note 19 Provisions and note 20
Contingent liabilities. Insurance receivables are recognised when reimbursement from insurers is virtually certain.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00306": { "value": "16
Trade and other payables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Notes
\u00a3m
\u00a3m
Trade payables
\u00a0
237.3
211.1
Amounts owed to joint ventures
25
0.2
0.2
Other tax and social security
\u00a0
174.7
139.3
Accrued expenses
\u00a0
890.8
729.8
Deferred income
\u00a0
3.0
7.1
Land creditors
\u00a0
25.4
30.8
Other payables
\u00a0
12.2
12.0
Current
\u00a0
1,343.6
1,130.3
Land creditors
\u00a0
14.9
15.3
Other payables
\u00a0
\u2013
1.3
Non-current
\u00a0
14.9
16.6
\n
The directors consider that the carrying amount of trade payables approximates to their fair value. No interest was incurred on
outstanding balances. Non-current other payables have been discounted by \u00a31.5m (2024: \u00a31.3m) to re\ufb02ect the time value of money.
Retentions withheld from subcontractors included in trade payables amount to \u00a3101.4m (2024: \u00a395.5m).", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00307": { "value": "16
Trade and other payables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Notes
\u00a3m
\u00a3m
Trade payables
\u00a0
237.3
211.1
Amounts owed to joint ventures
25
0.2
0.2
Other tax and social security
\u00a0
174.7
139.3
Accrued expenses
\u00a0
890.8
729.8
Deferred income
\u00a0
3.0
7.1
Land creditors
\u00a0
25.4
30.8
Other payables
\u00a0
12.2
12.0
Current
\u00a0
1,343.6
1,130.3
Land creditors
\u00a0
14.9
15.3
Other payables
\u00a0
\u2013
1.3
Non-current
\u00a0
14.9
16.6
\n
The directors consider that the carrying amount of trade payables approximates to their fair value. No interest was incurred on
outstanding balances. Non-current other payables have been discounted by \u00a31.5m (2024: \u00a31.3m) to re\ufb02ect the time value of money.
Retentions withheld from subcontractors included in trade payables amount to \u00a3101.4m (2024: \u00a395.5m).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00308": { "value": "16
Trade and other payables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Notes
\u00a3m
\u00a3m
Trade payables
\u00a0
237.3
211.1
Amounts owed to joint ventures
25
0.2
0.2
Other tax and social security
\u00a0
174.7
139.3
Accrued expenses
\u00a0
890.8
729.8
Deferred income
\u00a0
3.0
7.1
Land creditors
\u00a0
25.4
30.8
Other payables
\u00a0
12.2
12.0
Current
\u00a0
1,343.6
1,130.3
Land creditors
\u00a0
14.9
15.3
Other payables
\u00a0
\u2013
1.3
Non-current
\u00a0
14.9
16.6
\n
The directors consider that the carrying amount of trade payables approximates to their fair value. No interest was incurred on
outstanding balances. Non-current other payables have been discounted by \u00a31.5m (2024: \u00a31.3m) to re\ufb02ect the time value of money.
Retentions withheld from subcontractors included in trade payables amount to \u00a3101.4m (2024: \u00a395.5m).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00310": { "value": "De\ufb01ned bene\ufb01t plan
In 2023, the Trustees of the Morgan Sindall Retirement Savings Plan completed a buy-out transaction with Aviva, whereby Aviva
assumed direct responsibility for all member liabilities. Accordingly, the Group has no further liability for its former de\ufb01ned bene\ufb01t plan.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00311": { "value": "18
Lease liabilities
The Group leases several assets, including the buildings, plant and vehicles, to enable the Group to carry out its day-to-day operations.
The average lease term is \ufb01ve years. There are no variable terms to any of the leases. The maturity pro\ufb01le for the lease liabilities at
31 December 2025 is set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0 \u00a0
Plant and
\u00a0 \u00a0
Plant and
\u00a0
\u00a0
Property
equipment
Total
Property
equipment
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Within one year
7.0
17.8
24.8
6.5
16.1
22.6
Within two to \ufb01ve years
19.0
25.7
44.7
19.4
23.6
43.0
After more than \ufb01ve years
9.5
\u2013
9.5
5.9
\u2013
5.9
Total undiscounted cash \ufb02ows
35.5
43.5
79.0
31.8
39.7
71.5
Deduct impact of discounting
(3.5)
(1.9)
(5.4)
(2.4)
(2.4)
(4.8)
31 December
32.0
41.6
73.6
29.4
37.3
66.7
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0 \u00a0
Plant and
\u00a0 \u00a0
Plant and
\u00a0
\u00a0
Property
equipment
Total
Property
equipment
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1 January
29.4
37.3
66.7
31.4
32.4
63.8
Additions
9.2
22.6
31.8
7.3
20.7
28.0
Terminations
(0.1)
(0.7)
(0.8)
(2.1)
(1.0)
(3.1)
Repayments
(8.3)
(20.0)
(28.3)
(8.9)
(16.9)
(25.8)
Interest expense (note 6)
1.8
2.4
4.2
1.7
2.1
3.8
31 December
32.0
41.6
73.6
29.4
37.3
66.7
\n
Lease payments on short-term leases and leases of low-value assets recognised as an expense within the income statement totalled
\u00a32.3m (2024: \u00a32.3m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00312": { "value": "19 Provisions \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Building
\u00a0
Contract
\u00a0 \u00a0
\u00a0
safety
Self-insurance
and legal
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1 January 2024
56.1
19.2
18.3
2.5
96.1
Utilised
(7.3)
(1.3)
(7.6)
\u2013
(16.2)
Additions
11.9
4.3
21.5
1.1
38.8
Released
(3.9)
(3.0)
(5.2)
(1.1)
(13.2)
1 January 2025
56.8
19.2
27.0
2.5
105.5
Utilised
(7.3)
(2.0)
(5.3)
(0.1)
(14.7)
Additions
7.4
4.4
10.2
0.6
22.6
Released
\u2013
(5.5)
(18.5)
\u2013
(24.0)
31 December 2025
56.9
16.1
13.4
3.0
89.4
Current
56.9
1.2
13.4
0.2
71.7
Non-current
\u2013
14.9
\u2013
2.8
17.7
31 December 2025
56.9
16.1
13.4
3.0
89.4
Building safety provisions
Management has reviewed legal and constructive obligations arising from the developers\u2019 pledge, the Building Safety Act and other
associated \ufb01re regulations. Where obligations exist, these have been evaluated for the likely cost to address, including repayments of
the Building Safety Fund. As a result of this review process provisions are recognised, as reported in the table above, excluding those
recognised in joint ventures. The provision is expected to be utilised in the next two years, with repayments to the Building Safety Fund
commencing in the middle of 2026.
See note 4 for further detail.
The Group also holds third-party insurances that may mitigate the liabilities. Third-party insurance reimbursement in respect of these
provisions has been recognised as a separate asset, but only when the reimbursement is virtually certain. See notes 4 and 15 for details
of mitigating insurance receivables recognised at the period end.
Note 20 includes details of contingent liabilities related to building safety.
Self-insurance provisions
Self-insurance provisions comprise the Group\u2019s self-insurance of certain risks and include \u00a36.7m (2024: \u00a311.5m) held in the Group\u2019s
captive insurance company, Newman Insurance Company Limited.
The Group makes provisions in respect of speci\ufb01c types of claims incurred but not reported (IBNR). The valuation of IBNR considers
past claims experience and the risk pro\ufb01le of the Group. These are reviewed periodically and are intended to provide a best estimate
of the most likely or expected outcome.
Contract and legal provisions
Contract and legal provisions include liabilities, loss provisions, and defect and warranty provisions on contracts that have reached
completion.
The Group also holds third-party insurances that may mitigate the liabilities. Third-party insurance reimbursement is recognised as
a separate asset, but only when the reimbursement is virtually certain. See note 15 for details of mitigating insurance receivables
recognised at the period end.
Note 20 includes details of contingent liabilities related to claims.
Other provisions
Other provisions include property dilapidations and other personnel-related provisions.
20
Contingent liabilities
Group banking facilities and surety bond facilities are supported by cross guarantees given by the Company and participating
companies in the Group. There are contingent liabilities in respect of surety bond facilities, guarantees and claims under contracting
and other arrangements, including joint arrangements and joint ventures entered into in the normal course of business. As at
31 December 2025, contract bonds in issue under uncommitted facilities covered \u00a3290.8m of contract commitments of the Group,
of which \u00a319.4m relates to joint arrangements and \u00a3nil relates to joint ventures (2024: \u00a3194.9m, of which \u00a319.4m related to joint
arrangements and \u00a3nil related to joint ventures).
Contingent liabilities may also arise in respect of subcontractor and other third-party claims made against the Group, in the normal
course of trading. These claims can include those relating to health and safety incidents, cladding/legacy \ufb01re safety matters and defects.
A provision for such claims is only recognised to the extent that the directors believe that the Group has a legal or constructive
obligation as a result of a past event and it is probable that an out\ufb02ow of economic bene\ufb01t will be required to settle the obligation.
However, such claims are predominantly covered by the Group\u2019s insurance arrangements. Recoveries under insurance arrangements
are recognised as insurance receivables when they are considered virtually certain.
Building safety
At 31 December 2025, provisions in respect of liabilities arising from the developers\u2019 pledge, the Building Safety Act and other
associated \ufb01re regulations totalled \u00a362.9m (2024: \u00a363.7m), including those related to joint ventures.
The ongoing legislative and regulatory changes in respect of legacy building safety issues create uncertainty around the extent of
remediation required for legacy buildings, the liability for such remediation, recoveries from other parties and the time to be
considered. It is possible that as remediation work proceeds, additional remedial works are required that may not have been identi\ufb01ed
from the reviews and physical inspections undertaken to date. The scope of buildings and remediation works to be considered may
also change as legislation and regulations continue to evolve.
Uncertainties also exist in respect of the timing and extent of expected recoveries from other third parties involved in developments.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00314": { "value": "19 Provisions \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Building
\u00a0
Contract
\u00a0 \u00a0
\u00a0
safety
Self-insurance
and legal
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1 January 2024
56.1
19.2
18.3
2.5
96.1
Utilised
(7.3)
(1.3)
(7.6)
\u2013
(16.2)
Additions
11.9
4.3
21.5
1.1
38.8
Released
(3.9)
(3.0)
(5.2)
(1.1)
(13.2)
1 January 2025
56.8
19.2
27.0
2.5
105.5
Utilised
(7.3)
(2.0)
(5.3)
(0.1)
(14.7)
Additions
7.4
4.4
10.2
0.6
22.6
Released
\u2013
(5.5)
(18.5)
\u2013
(24.0)
31 December 2025
56.9
16.1
13.4
3.0
89.4
Current
56.9
1.2
13.4
0.2
71.7
Non-current
\u2013
14.9
\u2013
2.8
17.7
31 December 2025
56.9
16.1
13.4
3.0
89.4
Building safety provisions
Management has reviewed legal and constructive obligations arising from the developers\u2019 pledge, the Building Safety Act and other
associated \ufb01re regulations. Where obligations exist, these have been evaluated for the likely cost to address, including repayments of
the Building Safety Fund. As a result of this review process provisions are recognised, as reported in the table above, excluding those
recognised in joint ventures. The provision is expected to be utilised in the next two years, with repayments to the Building Safety Fund
commencing in the middle of 2026.
See note 4 for further detail.
The Group also holds third-party insurances that may mitigate the liabilities. Third-party insurance reimbursement in respect of these
provisions has been recognised as a separate asset, but only when the reimbursement is virtually certain. See notes 4 and 15 for details
of mitigating insurance receivables recognised at the period end.
Note 20 includes details of contingent liabilities related to building safety.
Self-insurance provisions
Self-insurance provisions comprise the Group\u2019s self-insurance of certain risks and include \u00a36.7m (2024: \u00a311.5m) held in the Group\u2019s
captive insurance company, Newman Insurance Company Limited.
The Group makes provisions in respect of speci\ufb01c types of claims incurred but not reported (IBNR). The valuation of IBNR considers
past claims experience and the risk pro\ufb01le of the Group. These are reviewed periodically and are intended to provide a best estimate
of the most likely or expected outcome.
Contract and legal provisions
Contract and legal provisions include liabilities, loss provisions, and defect and warranty provisions on contracts that have reached
completion.
The Group also holds third-party insurances that may mitigate the liabilities. Third-party insurance reimbursement is recognised as
a separate asset, but only when the reimbursement is virtually certain. See note 15 for details of mitigating insurance receivables
recognised at the period end.
Note 20 includes details of contingent liabilities related to claims.
Other provisions
Other provisions include property dilapidations and other personnel-related provisions.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00313": { "value": "19 Provisions \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Building
\u00a0
Contract
\u00a0 \u00a0
\u00a0
safety
Self-insurance
and legal
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1 January 2024
56.1
19.2
18.3
2.5
96.1
Utilised
(7.3)
(1.3)
(7.6)
\u2013
(16.2)
Additions
11.9
4.3
21.5
1.1
38.8
Released
(3.9)
(3.0)
(5.2)
(1.1)
(13.2)
1 January 2025
56.8
19.2
27.0
2.5
105.5
Utilised
(7.3)
(2.0)
(5.3)
(0.1)
(14.7)
Additions
7.4
4.4
10.2
0.6
22.6
Released
\u2013
(5.5)
(18.5)
\u2013
(24.0)
31 December 2025
56.9
16.1
13.4
3.0
89.4
Current
56.9
1.2
13.4
0.2
71.7
Non-current
\u2013
14.9
\u2013
2.8
17.7
31 December 2025
56.9
16.1
13.4
3.0
89.4
Building safety provisions
Management has reviewed legal and constructive obligations arising from the developers\u2019 pledge, the Building Safety Act and other
associated \ufb01re regulations. Where obligations exist, these have been evaluated for the likely cost to address, including repayments of
the Building Safety Fund. As a result of this review process provisions are recognised, as reported in the table above, excluding those
recognised in joint ventures. The provision is expected to be utilised in the next two years, with repayments to the Building Safety Fund
commencing in the middle of 2026.
See note 4 for further detail.
The Group also holds third-party insurances that may mitigate the liabilities. Third-party insurance reimbursement in respect of these
provisions has been recognised as a separate asset, but only when the reimbursement is virtually certain. See notes 4 and 15 for details
of mitigating insurance receivables recognised at the period end.
Note 20 includes details of contingent liabilities related to building safety.
Self-insurance provisions
Self-insurance provisions comprise the Group\u2019s self-insurance of certain risks and include \u00a36.7m (2024: \u00a311.5m) held in the Group\u2019s
captive insurance company, Newman Insurance Company Limited.
The Group makes provisions in respect of speci\ufb01c types of claims incurred but not reported (IBNR). The valuation of IBNR considers
past claims experience and the risk pro\ufb01le of the Group. These are reviewed periodically and are intended to provide a best estimate
of the most likely or expected outcome.
Contract and legal provisions
Contract and legal provisions include liabilities, loss provisions, and defect and warranty provisions on contracts that have reached
completion.
The Group also holds third-party insurances that may mitigate the liabilities. Third-party insurance reimbursement is recognised as
a separate asset, but only when the reimbursement is virtually certain. See note 15 for details of mitigating insurance receivables
recognised at the period end.
Note 20 includes details of contingent liabilities related to claims.
Other provisions
Other provisions include property dilapidations and other personnel-related provisions.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00315": { "value": "20
Contingent liabilities
Group banking facilities and surety bond facilities are supported by cross guarantees given by the Company and participating
companies in the Group. There are contingent liabilities in respect of surety bond facilities, guarantees and claims under contracting
and other arrangements, including joint arrangements and joint ventures entered into in the normal course of business. As at
31 December 2025, contract bonds in issue under uncommitted facilities covered \u00a3290.8m of contract commitments of the Group,
of which \u00a319.4m relates to joint arrangements and \u00a3nil relates to joint ventures (2024: \u00a3194.9m, of which \u00a319.4m related to joint
arrangements and \u00a3nil related to joint ventures).
Contingent liabilities may also arise in respect of subcontractor and other third-party claims made against the Group, in the normal
course of trading. These claims can include those relating to health and safety incidents, cladding/legacy \ufb01re safety matters and defects.
A provision for such claims is only recognised to the extent that the directors believe that the Group has a legal or constructive
obligation as a result of a past event and it is probable that an out\ufb02ow of economic bene\ufb01t will be required to settle the obligation.
However, such claims are predominantly covered by the Group\u2019s insurance arrangements. Recoveries under insurance arrangements
are recognised as insurance receivables when they are considered virtually certain.
Building safety
At 31 December 2025, provisions in respect of liabilities arising from the developers\u2019 pledge, the Building Safety Act and other
associated \ufb01re regulations totalled \u00a362.9m (2024: \u00a363.7m), including those related to joint ventures.
The ongoing legislative and regulatory changes in respect of legacy building safety issues create uncertainty around the extent of
remediation required for legacy buildings, the liability for such remediation, recoveries from other parties and the time to be
considered. It is possible that as remediation work proceeds, additional remedial works are required that may not have been identi\ufb01ed
from the reviews and physical inspections undertaken to date. The scope of buildings and remediation works to be considered may
also change as legislation and regulations continue to evolve.
Uncertainties also exist in respect of the timing and extent of expected recoveries from other third parties involved in developments.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00316": { "value": "20
Contingent liabilities
Group banking facilities and surety bond facilities are supported by cross guarantees given by the Company and participating
companies in the Group. There are contingent liabilities in respect of surety bond facilities, guarantees and claims under contracting
and other arrangements, including joint arrangements and joint ventures entered into in the normal course of business. As at
31 December 2025, contract bonds in issue under uncommitted facilities covered \u00a3290.8m of contract commitments of the Group,
of which \u00a319.4m relates to joint arrangements and \u00a3nil relates to joint ventures (2024: \u00a3194.9m, of which \u00a319.4m related to joint
arrangements and \u00a3nil related to joint ventures).
Contingent liabilities may also arise in respect of subcontractor and other third-party claims made against the Group, in the normal
course of trading. These claims can include those relating to health and safety incidents, cladding/legacy \ufb01re safety matters and defects.
A provision for such claims is only recognised to the extent that the directors believe that the Group has a legal or constructive
obligation as a result of a past event and it is probable that an out\ufb02ow of economic bene\ufb01t will be required to settle the obligation.
However, such claims are predominantly covered by the Group\u2019s insurance arrangements. Recoveries under insurance arrangements
are recognised as insurance receivables when they are considered virtually certain.
Building safety
At 31 December 2025, provisions in respect of liabilities arising from the developers\u2019 pledge, the Building Safety Act and other
associated \ufb01re regulations totalled \u00a362.9m (2024: \u00a363.7m), including those related to joint ventures.
The ongoing legislative and regulatory changes in respect of legacy building safety issues create uncertainty around the extent of
remediation required for legacy buildings, the liability for such remediation, recoveries from other parties and the time to be
considered. It is possible that as remediation work proceeds, additional remedial works are required that may not have been identi\ufb01ed
from the reviews and physical inspections undertaken to date. The scope of buildings and remediation works to be considered may
also change as legislation and regulations continue to evolve.
Uncertainties also exist in respect of the timing and extent of expected recoveries from other third parties involved in developments.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00318": { "value": "21
Share capital
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Number
\u00a3m
Number
\u00a3m
Issued and fully paid ordinary shares of 5p each:
\u00a0\u00a0\u00a0\u00a0
1 January
48,004,421
2.4
47,357,726
2.4
Exercise of share options
18,541
\u2013
646,695
\u2013
31 December
48,022,962
2.4
48,004,421
2.4
\n
All issued ordinary shares are fully paid. Ordinary shares are entitled to dividends when declared and each share carries the right to
one vote at a meeting of the Company.
During 2025, 18,541 shares were issued in respect of options exercised under the Group\u2019s Save As You Earn (SAYE) Plan for a total
consideration of \u00a30.2m (2024: 646,695 shares were issued for a total consideration of \u00a39.7m).
22
Other reserves
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Capital
\u00a0\u00a0\u00a0
\u00a0
redemption
Translation
Hedging
Total other
\u00a0
reserve
reserve
reserve
reserves
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1 January 2024
0.6
1.5
(0.8)
1.3
Exchange rate variances
\u2013
(0.3)
\u2013
(0.3)
Fair value gains/(losses)
\u2013
\u2013
(0.1)
(0.1)
1 January 2025
0.6
1.2
(0.9)
0.9
Exchange rate variances
\u2013
0.3
\u2013
0.3
31 December 2025
0.6
1.5
(0.9)
1.2
\n
The capital redemption reserve was created on the redemption of preference shares in 2003.
The hedging reserve arises from cash \ufb02ow hedge accounting. Movements on the e\ufb00ective portion of hedges are recognised through
the hedging reserve, while any ine\ufb00ectiveness is taken to the income statement.
The translation reserve comprises the aggregate e\ufb00ect of translating overseas operations into the Group\u2019s functional currency.
23
Retained earnings
Retained earnings include shares in Morgan Sindall Group plc purchased in the market and held by the Morgan Sindall Employee
Bene\ufb01t Trust (\u2018the Trust\u2019) to satisfy options under the Company\u2019s share incentive schemes. The number of shares held by the Trust
at 31 December 2025 was 1,377,157 (2024: 1,241,722) with a cost of \u00a379.9m (2024: \u00a351.5m). All of the shares held by the Trust
were unallocated at the year end and dividends on these shares have been waived. Based on the Company\u2019s share price at
31 December 2025 of \u00a346.50 (2024: \u00a339.00), the market value of the shares was \u00a364.0m (2024: \u00a348.4m).", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00317": { "value": "21
Share capital
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Number
\u00a3m
Number
\u00a3m
Issued and fully paid ordinary shares of 5p each:
\u00a0\u00a0\u00a0\u00a0
1 January
48,004,421
2.4
47,357,726
2.4
Exercise of share options
18,541
\u2013
646,695
\u2013
31 December
48,022,962
2.4
48,004,421
2.4
\n
All issued ordinary shares are fully paid. Ordinary shares are entitled to dividends when declared and each share carries the right to
one vote at a meeting of the Company.
During 2025, 18,541 shares were issued in respect of options exercised under the Group\u2019s Save As You Earn (SAYE) Plan for a total
consideration of \u00a30.2m (2024: 646,695 shares were issued for a total consideration of \u00a39.7m).", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00319": { "value": "22
Other reserves
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Capital
\u00a0\u00a0\u00a0
\u00a0
redemption
Translation
Hedging
Total other
\u00a0
reserve
reserve
reserve
reserves
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1 January 2024
0.6
1.5
(0.8)
1.3
Exchange rate variances
\u2013
(0.3)
\u2013
(0.3)
Fair value gains/(losses)
\u2013
\u2013
(0.1)
(0.1)
1 January 2025
0.6
1.2
(0.9)
0.9
Exchange rate variances
\u2013
0.3
\u2013
0.3
31 December 2025
0.6
1.5
(0.9)
1.2
\n
The capital redemption reserve was created on the redemption of preference shares in 2003.
The hedging reserve arises from cash \ufb02ow hedge accounting. Movements on the e\ufb00ective portion of hedges are recognised through
the hedging reserve, while any ine\ufb00ectiveness is taken to the income statement.
The translation reserve comprises the aggregate e\ufb00ect of translating overseas operations into the Group\u2019s functional currency.
23
Retained earnings
Retained earnings include shares in Morgan Sindall Group plc purchased in the market and held by the Morgan Sindall Employee
Bene\ufb01t Trust (\u2018the Trust\u2019) to satisfy options under the Company\u2019s share incentive schemes. The number of shares held by the Trust
at 31 December 2025 was 1,377,157 (2024: 1,241,722) with a cost of \u00a379.9m (2024: \u00a351.5m). All of the shares held by the Trust
were unallocated at the year end and dividends on these shares have been waived. Based on the Company\u2019s share price at
31 December 2025 of \u00a346.50 (2024: \u00a339.00), the market value of the shares was \u00a364.0m (2024: \u00a348.4m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00320": { "value": "23
Retained earnings
Retained earnings include shares in Morgan Sindall Group plc purchased in the market and held by the Morgan Sindall Employee
Bene\ufb01t Trust (\u2018the Trust\u2019) to satisfy options under the Company\u2019s share incentive schemes. The number of shares held by the Trust
at 31 December 2025 was 1,377,157 (2024: 1,241,722) with a cost of \u00a379.9m (2024: \u00a351.5m). All of the shares held by the Trust
were unallocated at the year end and dividends on these shares have been waived. Based on the Company\u2019s share price at
31 December 2025 of \u00a346.50 (2024: \u00a339.00), the market value of the shares was \u00a364.0m (2024: \u00a348.4m).", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00321": { "value": "24
Share-based payments
The Group recognised a share-based payment expense of \u00a310.8m (2024: \u00a310.5m) related to equity-settled share-based payment
transactions. The Group has four share option schemes with unvested options or awards at 31 December 2025:
n
Share Option Plan (2014 SOP and 2023 SOP) for eligible employees across the Group. Options granted prior to 2022 can be
exercised if the EPS performance conditions are met over a three-year vesting period. If the options remain unexercised after a
period of 10 years from the date of grant the options lapse. If employees are not deemed to be good leavers under the rules of the
2014 and 2023 SOP, their options will be forfeited if they leave the Group before the end of the three-year vesting period.
n
Save As You Earn (SAYE) Plan for all employees who are employed by the Group at the relevant invitation date. There are no
performance criteria for SAYE and options are issued to participants in accordance with HMRC rules.
n
Long-Term Incentive Plan (2014 LTIP and 2023 LTIP). Details of the performance conditions and other information in respect of the
2014 and 2023 LTIP are set out in the directors\u2019 remuneration report on page 119.
n
Deferred bonus plan nil-cost options (deferred bonus plan). Information in respect of the deferred bonus plan is set out in the
directors\u2019 remuneration report on pages 113 and 114.
Details of the share awards and options granted during the year and the valuation methodology are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Share awards under 2023 LTIP
\u00a0
\u00a0 \u00a0 \u00a0
Awards with
Awards with
Share options
\u00a0 \u00a0
SAYE
TSR condition
EPS condition
under 2023 SOP
Number of awards or options granted
\u00a0
666,370
54,591
109,183
605,740
Weighted average fair value at date of grant (per share)
\u00a0
\u00a39.81
\u00a313.43
\u00a328.61
\u00a38.53
Weighted average share price at date of grant
\u00a0
\u00a342.30
\u00a331.20
\u00a331.20
\u00a331.20
Weighted average exercise price
\u00a0
\u00a337.24
n/a
n/a
\u00a332.50
Valuation model
\u00a0
Black-Scholes
Monte Carlo
Black-Scholes
Black-Scholes
Expected term (from date of grant)
\u00a0
3.0 years
3.0 years
3.0 years
6.5 years
Expected volatility
(a)
28.30%
27.40%
25.60%
36.20%
Expected dividend yield
(b)
3.20%
n/a
n/a
3.85%
Risk-free rate
\u00a0
3.75%
3.99%
3.96%
4.26%
\n
(a)
Volatility has been calculated over the period of time commensurate with the expected award term immediately prior to the date
of grant.
(b)
Under the 2014 and 2023 LTIP, award holders may receive the value of any dividends paid during the vesting period in respect
of their vested shares at the end of the vesting period. Consequently, the fair value is not discounted for value lost in respect
of dividends.
The following table provides a summary of the options granted under the Company\u2019s employee share option schemes during the
current and comparative year:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0 \u00a0
Weighted
\u00a0
Weighted
\u00a0
Number
average
Number
average
\u00a0
of share
exercise price
of share
exercise price
\u00a0
options
(\u00a3)
options
(\u00a3)
Outstanding at 1 January
3,726,785
18.11
5,075,634
16.40
Granted during the year
1,295,488
34.35
835,756
22.71
Lapsed during the year
(159,002)
21.36
(229,040)
16.03
Exercised during the year
(656,284)
19.62
(1,955,565)
15.76
Outstanding at 31 December
4,206,987
22.72
3,726,785
18.11
Exercisable at 31 December
562,281
16.32
572,074
13.90
Weighted average remaining contractual life
5.53 years
\u00a0
6.29 years
\u00a0
\n
The weighted average share price at the date of exercise for share options exercised during the year was \u00a341.22 (2024: \u00a326.58).
The options outstanding at 31 December 2025 had exercise prices ranging from \u00a3nil to \u00a337.24 (2024: \u00a3nil to \u00a324.22).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00322": { "value": "25
Related party transactions
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not
disclosed in this note. During the year, Group companies entered into transactions to provide construction and property development
services with related parties, all of which were joint ventures, not members of the Group, amounting to \u00a3159.2m (2024: \u00a3136.5m). At 31
December 2025, amounts owed to the Group by joint ventures was \u00a314.8m (2024: \u00a315.8m) and amounts owed by the Group to joint
ventures was \u00a30.2m (2024: \u00a30.2m), including joint venture funding obligations as described in note 12.
Remuneration of key management personnel
The Group considers key management personnel to be the members of the Group management team, and sets out below, in
aggregate, remuneration for each of the categories speci\ufb01ed in IAS 24 \u2018Related Party Disclosures\u2019.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Short-term employee bene\ufb01ts
11.6
11.2
Post-employment bene\ufb01ts
0.2
0.2
Termination bene\ufb01ts
0.9
\u2013
Share-based payments
4.0
3.3
\u00a0
16.7
14.7
\n
Details of directors\u2019 remuneration are set out in the directors\u2019 remuneration report on pages 95 to 120.
Directors\u2019 transactions
There have been no related party transactions with any director in the year or in the subsequent period to 24 February 2026.
Directors\u2019 material interests in contracts with the Company
No director held any material interest in any contract with the Company or any Group company in the year or in the subsequent period
to 24 February 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00324": { "value": "26
Financial instruments
Net cash
Net cash is de\ufb01ned as cash and cash equivalents less borrowings and non-recourse project \ufb01nancing as shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Cash and cash equivalents
590.5
544.2
Bank overdrafts presented as borrowings due within one year
(59.3)
(51.8)
Cash and cash equivalents reported in the consolidated cash \ufb02ow statement
531.2
492.4
Net cash
531.2
492.4
\n
Included within cash and cash equivalents is \u00a320.3m (2024: \u00a323.1m) which is the Group\u2019s share of cash held within jointly controlled
operations. There is \u00a316.5m included within cash and cash equivalents that is held for future payment to designated suppliers
(2024: \u00a326.0m). There is a third-party charge of \u00a30.3m (2024: \u00a30.3m) on a bank account in Switzerland for the purpose of rental
guarantees for o\ufb03ces occupied by BakerHicks.
The Group has \u00a3180m of committed loan facilities maturing more than one year from the balance sheet date, of which \u00a315m matures
in June 2028 and \u00a3165m in October 2028. These facilities are undrawn at 31 December 2025.
Average daily net cash during 2025 was \u00a3367.6m (2024: \u00a3374.2m). Average daily net cash is de\ufb01ned as the average of the 365
(2024: 366) end-of-day balances of the net cash (as de\ufb01ned above) over the course of a reporting period. Management uses this as
a key metric in monitoring the performance of the business.
Financial risks and management
The Group has exposure to a variety of \ufb01nancial risks through the conduct of its operations. Risk management is governed by the
Group\u2019s operational policies, which are subject to periodic review by the Group\u2019s internal audit team and twice-yearly review by
management. The policies include written principles for the Group\u2019s risk management as well as speci\ufb01c policies, guidelines and
authorisation procedures in respect of speci\ufb01c risk mitigation techniques such as the use of derivative \ufb01nancial instruments. The Group
does not enter into derivative \ufb01nancial instruments for speculative purposes.
The following represent the key \ufb01nancial risks resulting from the Group\u2019s use of \ufb01nancial instruments:
n
credit risk
n
liquidity risk
n
market risk
(a)
Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a client or counterparty to a \ufb01nancial instrument fails to meet its contractual
obligations and arises primarily in respect of the Group\u2019s trade receivables and contract assets.
The degree to which the Group is exposed to this credit risk depends on the individual characteristics of the contract counterparty and
the nature of the project. The Group\u2019s credit risk is also in\ufb02uenced by general macroeconomic conditions. The Group does not have any
signi\ufb01cant concentration risk in respect of contract assets or trade receivable balances at the reporting date with receivables spread
across a wide range of clients. Due to the nature of the Group\u2019s operations, it is normal practice for clients to hold retentions in respect
of contracts completed. Retentions held by clients at 31 December 2025 were \u00a3158.4m (2024: \u00a3129.1m). These will be collected in the
normal operating cycle of the Group (see note 15).
The Group manages its exposure to credit risk through the application of its credit risk management policies, which specify the
minimum requirements in respect of the creditworthiness of potential customers, assessed through reports from credit agencies, and
the timing and extent of progress payments in respect of contracts.
The risk management policies of the Group also specify procedures in respect of obtaining Parent Company guarantees or, in certain
circumstances, use of escrow accounts, which, in the event of default, mean that the Group may have a secure claim. The Group does
not require collateral in respect of contract assets or trade receivables.
The Group manages the collection of retentions through its post-completion project monitoring procedures and ongoing contact with
clients to ensure that potential issues that could lead to the non-payment of retentions are identi\ufb01ed and addressed promptly. The
directors always estimate the loss allowance on contract assets and trade receivables at the end of the reporting period at an amount
equal to lifetime expected credit losses.
Apart from the impairments recognised in the year, none of the contract assets at the end of the reporting period are past due, and,
taking into account the historical default experience and the future prospects in the industry, the directors consider that no further
contract assets are impaired.
The expected credit losses on trade receivables are estimated using a provision matrix by reference to past default experience of the
debtor and an analysis of the debtor\u2019s current \ufb01nancial position, adjusted for factors that are speci\ufb01c to the debtors, general economic
conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of
conditions at the reporting date.
The ageing of trade receivables at the reporting date was as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0\u00a0
Provision for
\u00a0
Provision for
\u00a0
Gross trade
expected
Gross trade
expected
\u00a0
receivables
credit losses
receivables
credit losses
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Not past due
415.5
\u2013
322.3
\u2013
Past due 1 to 30 days
28.3
\u2013
18.8
\u2013
Past due 31 to 120 days
4.8
0.1
10.4
0.1
Past due 121 to 365 days
8.6
\u2013
5.4
0.2
Past due greater than one year
10.9
0.3
13.9
1.0
\u00a0
468.1
0.4
370.8
1.3
The following table shows the movement in lifetime expected credit losses that has been recognised for trade and other receivables in
accordance with the simpli\ufb01ed approach set out in IFRS 9:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Balance at 1 January
1.3
1.5
Net movement in loss allowance arising from new amounts recognised in current year,
\u00a0\u00a0
net of those derecognised upon billing
(0.9)
(0.2)
31 December
0.4
1.3
\n
Other than the impairment loss recognised in the year (see note 14), there has not been any other signi\ufb01cant change in the gross
amounts of contract assets that has a\ufb00ected the estimation of the loss allowance.
The average credit period on revenue is 34 days (2024: 30 days). No interest is charged on the trade receivables outstanding balance.
Trade receivables overdue are provided for based on estimated irrecoverable amounts.
Included in the Group\u2019s trade receivable balance are debtors with a carrying amount of \u00a352.2m (2024: \u00a347.2m) which are past due at
the reporting date, for which the Group has not provided as there has not been a signi\ufb01cant change in credit quality and the Group
considers that the amounts are still recoverable. The average age of these receivables is 129 days (2024: 149 days).
In determining the recoverability of trade receivables, the Group considers any change in the credit quality of the trade receivable from
the date credit was initially granted up to the reporting date. The concentration of credit risk is limited due to the customer base being
large and spread across the Group\u2019s operating segments. Accordingly, the directors believe that there is no further credit provision
required in excess of the provision for impairment losses.
At the reporting date, there were no trade and other receivables which have had renegotiated terms that would otherwise have been
past due.
The Group regularly reviews its loans to joint ventures against expected future cash \ufb02ows and net assets of the joint ventures to
determine if they are still expected to be fully recoverable. This assessment includes consideration of the joint ventures\u2019 credit risk.
(b)
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its \ufb01nancial obligations as and when they fall due. The ultimate
responsibility for liquidity risk rests with the Board.
The Group aims to manage liquidity by ensuring that it will always have su\ufb03cient liquidity to meet its liabilities when due, under both
normal and stress conditions.
Liquidity is provided through cash balances and committed bank loan facilities. Additional project \ufb01nance borrowings may be used
to fund speci\ufb01c projects. These project \ufb01nance borrowings are without recourse to the remainder of the Group\u2019s assets.
The Group reports cash balances daily and invests surplus cash to maximise income while preserving liquidity and credit quality.
The Group prepares weekly short-term and monthly medium-term cash forecasts, which are used to assess the Group\u2019s expected
cash performance and compare with the facilities available to the Group and the Group\u2019s covenants.
Key risks to liquidity and cash balances are a downturn in contracting volumes, a reduction in the pro\ufb01tability of work, delayed receipt of
cash from customers and the risk that major clients or suppliers su\ufb00er \ufb01nancial distress leading to non-payment of debts or costly and
time-consuming reallocation and rescheduling of work. Certain measures and key performance indicators are continually monitored
throughout the Group and used to quickly identify issues as they arise, enabling the Group to address them promptly.
Key among these are continual monitoring of the secured order book, including the status of orders and likely timescales for realisation
so that contracting volumes are well understood; monitoring of overhead levels to ensure they remain appropriate to contracting
volumes; continual monitoring of working capital exceptions (overdue debts and conversion of work performed into certi\ufb01cates and
invoices); continual review of levels of current and forecast pro\ufb01tability on contracts; review of client and supplier credit references; and
approval of credit terms with clients and suppliers to ensure they are appropriate.
The Group does not have any material derivative or non-derivative \ufb01nancial liabilities with the exception of trade and other payables,
borrowings and lease liabilities. Trade and other payables are generally non-interest bearing and, therefore, have no weighted average
e\ufb00ective interest rates. Lease liabilities are carried at the present value of the minimum lease payments. Trade and other payables are
due to be settled in the Group\u2019s normal operating cycle.
(c)
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates or equity prices, will a\ufb00ect the
Group\u2019s income or the carrying amount of its holdings of \ufb01nancial instruments. The objective of market risk management is to achieve a
level of market risk that is within acceptable parameters as set out in the Group risk management framework.
Interest rate risk
The Group is not exposed to signi\ufb01cant interest rate risk as it does not have signi\ufb01cant interest-bearing liabilities and its only interest-
bearing asset is cash invested on a short-term basis.
Certain of the Group\u2019s equity-accounted joint ventures have entered into interest rate swaps to manage their exposure to interest rate
risk arising on \ufb02oating rate bank borrowings.
The Group\u2019s share of joint ventures\u2019 interest rate swap contracts has a nominal value of \u00a39.6m (2024: \u00a310.4m) and \ufb01xed interest
payments at an average rate of 5.1% (2024: 5.1%) for periods up until 2033.
Currency risk
The majority of the Group\u2019s operations are carried out in the UK and the Group has a low level of exposure to currency risk on sales
and purchases. The Group\u2019s policy is to hedge foreign currency transactions where they are material, at which point derivative \ufb01nancial
instruments are entered into so as to hedge forecast or actual foreign currency exposures.
Capital management
The Board aims to maintain a strong capital base so as to maintain investor, creditor and market con\ufb01dence and to sustain the future
development of the business, and its approach to capital management is explained fully in the capital allocation section on pages 19
and 20.
The capital structure of the Group consists of cash and cash equivalents and equity attributable to equity holders of the Company,
comprising issued capital, reserves and retained earnings as disclosed in the consolidated statement of changes in equity. The cash and
cash equivalents are supplemented by \u00a3180m of committed bank facilities, of which \u00a315m expires in June 2028 and \u00a3165m expires in
October 2028. In order to manage its capital structure, the Group may adjust the amounts of dividends paid to shareholders, return
capital to shareholders, issue new shares or sell assets.
There were no changes in the Group\u2019s approach to capital management during the year and the Group is not subject to any capital
requirements imposed by regulatory authorities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00325": { "value": "Net cash
Net cash is de\ufb01ned as cash and cash equivalents less borrowings and non-recourse project \ufb01nancing as shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Cash and cash equivalents
590.5
544.2
Bank overdrafts presented as borrowings due within one year
(59.3)
(51.8)
Cash and cash equivalents reported in the consolidated cash \ufb02ow statement
531.2
492.4
Net cash
531.2
492.4
\n
Included within cash and cash equivalents is \u00a320.3m (2024: \u00a323.1m) which is the Group\u2019s share of cash held within jointly controlled
operations. There is \u00a316.5m included within cash and cash equivalents that is held for future payment to designated suppliers
(2024: \u00a326.0m). There is a third-party charge of \u00a30.3m (2024: \u00a30.3m) on a bank account in Switzerland for the purpose of rental
guarantees for o\ufb03ces occupied by BakerHicks.
The Group has \u00a3180m of committed loan facilities maturing more than one year from the balance sheet date, of which \u00a315m matures
in June 2028 and \u00a3165m in October 2028. These facilities are undrawn at 31 December 2025.
Average daily net cash during 2025 was \u00a3367.6m (2024: \u00a3374.2m). Average daily net cash is de\ufb01ned as the average of the 365
(2024: 366) end-of-day balances of the net cash (as de\ufb01ned above) over the course of a reporting period. Management uses this as
a key metric in monitoring the performance of the business.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00326": { "value": "Net cash
Net cash is de\ufb01ned as cash and cash equivalents less borrowings and non-recourse project \ufb01nancing as shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Cash and cash equivalents
590.5
544.2
Bank overdrafts presented as borrowings due within one year
(59.3)
(51.8)
Cash and cash equivalents reported in the consolidated cash \ufb02ow statement
531.2
492.4
Net cash
531.2
492.4
\n
Included within cash and cash equivalents is \u00a320.3m (2024: \u00a323.1m) which is the Group\u2019s share of cash held within jointly controlled
operations. There is \u00a316.5m included within cash and cash equivalents that is held for future payment to designated suppliers
(2024: \u00a326.0m). There is a third-party charge of \u00a30.3m (2024: \u00a30.3m) on a bank account in Switzerland for the purpose of rental
guarantees for o\ufb03ces occupied by BakerHicks.
The Group has \u00a3180m of committed loan facilities maturing more than one year from the balance sheet date, of which \u00a315m matures
in June 2028 and \u00a3165m in October 2028. These facilities are undrawn at 31 December 2025.
Average daily net cash during 2025 was \u00a3367.6m (2024: \u00a3374.2m). Average daily net cash is de\ufb01ned as the average of the 365
(2024: 366) end-of-day balances of the net cash (as de\ufb01ned above) over the course of a reporting period. Management uses this as
a key metric in monitoring the performance of the business.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00327": { "value": "Included within cash and cash equivalents is \u00a320.3m (2024: \u00a323.1m) which is the Group\u2019s share of cash held within jointly controlled
operations. There is \u00a316.5m included within cash and cash equivalents that is held for future payment to designated suppliers
(2024: \u00a326.0m). There is a third-party charge of \u00a30.3m (2024: \u00a30.3m) on a bank account in Switzerland for the purpose of rental
guarantees for o\ufb03ces occupied by BakerHicks.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00328": { "value": "Financial risks and management
The Group has exposure to a variety of \ufb01nancial risks through the conduct of its operations. Risk management is governed by the
Group\u2019s operational policies, which are subject to periodic review by the Group\u2019s internal audit team and twice-yearly review by
management. The policies include written principles for the Group\u2019s risk management as well as speci\ufb01c policies, guidelines and
authorisation procedures in respect of speci\ufb01c risk mitigation techniques such as the use of derivative \ufb01nancial instruments. The Group
does not enter into derivative \ufb01nancial instruments for speculative purposes.
The following represent the key \ufb01nancial risks resulting from the Group\u2019s use of \ufb01nancial instruments:
n
credit risk
n
liquidity risk
n
market risk
(a)
Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a client or counterparty to a \ufb01nancial instrument fails to meet its contractual
obligations and arises primarily in respect of the Group\u2019s trade receivables and contract assets.
The degree to which the Group is exposed to this credit risk depends on the individual characteristics of the contract counterparty and
the nature of the project. The Group\u2019s credit risk is also in\ufb02uenced by general macroeconomic conditions. The Group does not have any
signi\ufb01cant concentration risk in respect of contract assets or trade receivable balances at the reporting date with receivables spread
across a wide range of clients. Due to the nature of the Group\u2019s operations, it is normal practice for clients to hold retentions in respect
of contracts completed. Retentions held by clients at 31 December 2025 were \u00a3158.4m (2024: \u00a3129.1m). These will be collected in the
normal operating cycle of the Group (see note 15).
The Group manages its exposure to credit risk through the application of its credit risk management policies, which specify the
minimum requirements in respect of the creditworthiness of potential customers, assessed through reports from credit agencies, and
the timing and extent of progress payments in respect of contracts.
The risk management policies of the Group also specify procedures in respect of obtaining Parent Company guarantees or, in certain
circumstances, use of escrow accounts, which, in the event of default, mean that the Group may have a secure claim. The Group does
not require collateral in respect of contract assets or trade receivables.
The Group manages the collection of retentions through its post-completion project monitoring procedures and ongoing contact with
clients to ensure that potential issues that could lead to the non-payment of retentions are identi\ufb01ed and addressed promptly. The
directors always estimate the loss allowance on contract assets and trade receivables at the end of the reporting period at an amount
equal to lifetime expected credit losses.
Apart from the impairments recognised in the year, none of the contract assets at the end of the reporting period are past due, and,
taking into account the historical default experience and the future prospects in the industry, the directors consider that no further
contract assets are impaired.
The expected credit losses on trade receivables are estimated using a provision matrix by reference to past default experience of the
debtor and an analysis of the debtor\u2019s current \ufb01nancial position, adjusted for factors that are speci\ufb01c to the debtors, general economic
conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of
conditions at the reporting date.
The ageing of trade receivables at the reporting date was as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0\u00a0
Provision for
\u00a0
Provision for
\u00a0
Gross trade
expected
Gross trade
expected
\u00a0
receivables
credit losses
receivables
credit losses
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Not past due
415.5
\u2013
322.3
\u2013
Past due 1 to 30 days
28.3
\u2013
18.8
\u2013
Past due 31 to 120 days
4.8
0.1
10.4
0.1
Past due 121 to 365 days
8.6
\u2013
5.4
0.2
Past due greater than one year
10.9
0.3
13.9
1.0
\u00a0
468.1
0.4
370.8
1.3
The following table shows the movement in lifetime expected credit losses that has been recognised for trade and other receivables in
accordance with the simpli\ufb01ed approach set out in IFRS 9:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Balance at 1 January
1.3
1.5
Net movement in loss allowance arising from new amounts recognised in current year,
\u00a0\u00a0
net of those derecognised upon billing
(0.9)
(0.2)
31 December
0.4
1.3
\n
Other than the impairment loss recognised in the year (see note 14), there has not been any other signi\ufb01cant change in the gross
amounts of contract assets that has a\ufb00ected the estimation of the loss allowance.
The average credit period on revenue is 34 days (2024: 30 days). No interest is charged on the trade receivables outstanding balance.
Trade receivables overdue are provided for based on estimated irrecoverable amounts.
Included in the Group\u2019s trade receivable balance are debtors with a carrying amount of \u00a352.2m (2024: \u00a347.2m) which are past due at
the reporting date, for which the Group has not provided as there has not been a signi\ufb01cant change in credit quality and the Group
considers that the amounts are still recoverable. The average age of these receivables is 129 days (2024: 149 days).
In determining the recoverability of trade receivables, the Group considers any change in the credit quality of the trade receivable from
the date credit was initially granted up to the reporting date. The concentration of credit risk is limited due to the customer base being
large and spread across the Group\u2019s operating segments. Accordingly, the directors believe that there is no further credit provision
required in excess of the provision for impairment losses.
At the reporting date, there were no trade and other receivables which have had renegotiated terms that would otherwise have been
past due.
The Group regularly reviews its loans to joint ventures against expected future cash \ufb02ows and net assets of the joint ventures to
determine if they are still expected to be fully recoverable. This assessment includes consideration of the joint ventures\u2019 credit risk.
(b)
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its \ufb01nancial obligations as and when they fall due. The ultimate
responsibility for liquidity risk rests with the Board.
The Group aims to manage liquidity by ensuring that it will always have su\ufb03cient liquidity to meet its liabilities when due, under both
normal and stress conditions.
Liquidity is provided through cash balances and committed bank loan facilities. Additional project \ufb01nance borrowings may be used
to fund speci\ufb01c projects. These project \ufb01nance borrowings are without recourse to the remainder of the Group\u2019s assets.
The Group reports cash balances daily and invests surplus cash to maximise income while preserving liquidity and credit quality.
The Group prepares weekly short-term and monthly medium-term cash forecasts, which are used to assess the Group\u2019s expected
cash performance and compare with the facilities available to the Group and the Group\u2019s covenants.
Key risks to liquidity and cash balances are a downturn in contracting volumes, a reduction in the pro\ufb01tability of work, delayed receipt of
cash from customers and the risk that major clients or suppliers su\ufb00er \ufb01nancial distress leading to non-payment of debts or costly and
time-consuming reallocation and rescheduling of work. Certain measures and key performance indicators are continually monitored
throughout the Group and used to quickly identify issues as they arise, enabling the Group to address them promptly.
Key among these are continual monitoring of the secured order book, including the status of orders and likely timescales for realisation
so that contracting volumes are well understood; monitoring of overhead levels to ensure they remain appropriate to contracting
volumes; continual monitoring of working capital exceptions (overdue debts and conversion of work performed into certi\ufb01cates and
invoices); continual review of levels of current and forecast pro\ufb01tability on contracts; review of client and supplier credit references; and
approval of credit terms with clients and suppliers to ensure they are appropriate.
The Group does not have any material derivative or non-derivative \ufb01nancial liabilities with the exception of trade and other payables,
borrowings and lease liabilities. Trade and other payables are generally non-interest bearing and, therefore, have no weighted average
e\ufb00ective interest rates. Lease liabilities are carried at the present value of the minimum lease payments. Trade and other payables are
due to be settled in the Group\u2019s normal operating cycle.
(c)
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates or equity prices, will a\ufb00ect the
Group\u2019s income or the carrying amount of its holdings of \ufb01nancial instruments. The objective of market risk management is to achieve a
level of market risk that is within acceptable parameters as set out in the Group risk management framework.
Interest rate risk
The Group is not exposed to signi\ufb01cant interest rate risk as it does not have signi\ufb01cant interest-bearing liabilities and its only interest-
bearing asset is cash invested on a short-term basis.
Certain of the Group\u2019s equity-accounted joint ventures have entered into interest rate swaps to manage their exposure to interest rate
risk arising on \ufb02oating rate bank borrowings.
The Group\u2019s share of joint ventures\u2019 interest rate swap contracts has a nominal value of \u00a39.6m (2024: \u00a310.4m) and \ufb01xed interest
payments at an average rate of 5.1% (2024: 5.1%) for periods up until 2033.
Currency risk
The majority of the Group\u2019s operations are carried out in the UK and the Group has a low level of exposure to currency risk on sales
and purchases. The Group\u2019s policy is to hedge foreign currency transactions where they are material, at which point derivative \ufb01nancial
instruments are entered into so as to hedge forecast or actual foreign currency exposures.
Capital management
The Board aims to maintain a strong capital base so as to maintain investor, creditor and market con\ufb01dence and to sustain the future
development of the business, and its approach to capital management is explained fully in the capital allocation section on pages 19
and 20.
The capital structure of the Group consists of cash and cash equivalents and equity attributable to equity holders of the Company,
comprising issued capital, reserves and retained earnings as disclosed in the consolidated statement of changes in equity. The cash and
cash equivalents are supplemented by \u00a3180m of committed bank facilities, of which \u00a315m expires in June 2028 and \u00a3165m expires in
October 2028. In order to manage its capital structure, the Group may adjust the amounts of dividends paid to shareholders, return
capital to shareholders, issue new shares or sell assets.
There were no changes in the Group\u2019s approach to capital management during the year and the Group is not subject to any capital
requirements imposed by regulatory authorities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00329": { "value": "(a)
Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a client or counterparty to a \ufb01nancial instrument fails to meet its contractual
obligations and arises primarily in respect of the Group\u2019s trade receivables and contract assets.
The degree to which the Group is exposed to this credit risk depends on the individual characteristics of the contract counterparty and
the nature of the project. The Group\u2019s credit risk is also in\ufb02uenced by general macroeconomic conditions. The Group does not have any
signi\ufb01cant concentration risk in respect of contract assets or trade receivable balances at the reporting date with receivables spread
across a wide range of clients. Due to the nature of the Group\u2019s operations, it is normal practice for clients to hold retentions in respect
of contracts completed. Retentions held by clients at 31 December 2025 were \u00a3158.4m (2024: \u00a3129.1m). These will be collected in the
normal operating cycle of the Group (see note 15).
The Group manages its exposure to credit risk through the application of its credit risk management policies, which specify the
minimum requirements in respect of the creditworthiness of potential customers, assessed through reports from credit agencies, and
the timing and extent of progress payments in respect of contracts.
The risk management policies of the Group also specify procedures in respect of obtaining Parent Company guarantees or, in certain
circumstances, use of escrow accounts, which, in the event of default, mean that the Group may have a secure claim. The Group does
not require collateral in respect of contract assets or trade receivables.
The Group manages the collection of retentions through its post-completion project monitoring procedures and ongoing contact with
clients to ensure that potential issues that could lead to the non-payment of retentions are identi\ufb01ed and addressed promptly. The
directors always estimate the loss allowance on contract assets and trade receivables at the end of the reporting period at an amount
equal to lifetime expected credit losses.
Apart from the impairments recognised in the year, none of the contract assets at the end of the reporting period are past due, and,
taking into account the historical default experience and the future prospects in the industry, the directors consider that no further
contract assets are impaired.
The expected credit losses on trade receivables are estimated using a provision matrix by reference to past default experience of the
debtor and an analysis of the debtor\u2019s current \ufb01nancial position, adjusted for factors that are speci\ufb01c to the debtors, general economic
conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of
conditions at the reporting date.
The ageing of trade receivables at the reporting date was as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0\u00a0
Provision for
\u00a0
Provision for
\u00a0
Gross trade
expected
Gross trade
expected
\u00a0
receivables
credit losses
receivables
credit losses
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Not past due
415.5
\u2013
322.3
\u2013
Past due 1 to 30 days
28.3
\u2013
18.8
\u2013
Past due 31 to 120 days
4.8
0.1
10.4
0.1
Past due 121 to 365 days
8.6
\u2013
5.4
0.2
Past due greater than one year
10.9
0.3
13.9
1.0
\u00a0
468.1
0.4
370.8
1.3
The following table shows the movement in lifetime expected credit losses that has been recognised for trade and other receivables in
accordance with the simpli\ufb01ed approach set out in IFRS 9:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Balance at 1 January
1.3
1.5
Net movement in loss allowance arising from new amounts recognised in current year,
\u00a0\u00a0
net of those derecognised upon billing
(0.9)
(0.2)
31 December
0.4
1.3
\n
Other than the impairment loss recognised in the year (see note 14), there has not been any other signi\ufb01cant change in the gross
amounts of contract assets that has a\ufb00ected the estimation of the loss allowance.
The average credit period on revenue is 34 days (2024: 30 days). No interest is charged on the trade receivables outstanding balance.
Trade receivables overdue are provided for based on estimated irrecoverable amounts.
Included in the Group\u2019s trade receivable balance are debtors with a carrying amount of \u00a352.2m (2024: \u00a347.2m) which are past due at
the reporting date, for which the Group has not provided as there has not been a signi\ufb01cant change in credit quality and the Group
considers that the amounts are still recoverable. The average age of these receivables is 129 days (2024: 149 days).
In determining the recoverability of trade receivables, the Group considers any change in the credit quality of the trade receivable from
the date credit was initially granted up to the reporting date. The concentration of credit risk is limited due to the customer base being
large and spread across the Group\u2019s operating segments. Accordingly, the directors believe that there is no further credit provision
required in excess of the provision for impairment losses.
At the reporting date, there were no trade and other receivables which have had renegotiated terms that would otherwise have been
past due.
The Group regularly reviews its loans to joint ventures against expected future cash \ufb02ows and net assets of the joint ventures to
determine if they are still expected to be fully recoverable. This assessment includes consideration of the joint ventures\u2019 credit risk. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00330": { "value": "The ageing of trade receivables at the reporting date was as follows: \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0\u00a0
Provision for
\u00a0
Provision for
\u00a0
Gross trade
expected
Gross trade
expected
\u00a0
receivables
credit losses
receivables
credit losses
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Not past due
415.5
\u2013
322.3
\u2013
Past due 1 to 30 days
28.3
\u2013
18.8
\u2013
Past due 31 to 120 days
4.8
0.1
10.4
0.1
Past due 121 to 365 days
8.6
\u2013
5.4
0.2
Past due greater than one year
10.9
0.3
13.9
1.0
\u00a0
468.1
0.4
370.8
1.3
The following table shows the movement in lifetime expected credit losses that has been recognised for trade and other receivables in
accordance with the simpli\ufb01ed approach set out in IFRS 9:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Balance at 1 January
1.3
1.5
Net movement in loss allowance arising from new amounts recognised in current year,
\u00a0\u00a0
net of those derecognised upon billing
(0.9)
(0.2)
31 December
0.4
1.3
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00331": { "value": "(b)
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its \ufb01nancial obligations as and when they fall due. The ultimate
responsibility for liquidity risk rests with the Board.
The Group aims to manage liquidity by ensuring that it will always have su\ufb03cient liquidity to meet its liabilities when due, under both
normal and stress conditions.
Liquidity is provided through cash balances and committed bank loan facilities. Additional project \ufb01nance borrowings may be used
to fund speci\ufb01c projects. These project \ufb01nance borrowings are without recourse to the remainder of the Group\u2019s assets.
The Group reports cash balances daily and invests surplus cash to maximise income while preserving liquidity and credit quality.
The Group prepares weekly short-term and monthly medium-term cash forecasts, which are used to assess the Group\u2019s expected
cash performance and compare with the facilities available to the Group and the Group\u2019s covenants.
Key risks to liquidity and cash balances are a downturn in contracting volumes, a reduction in the pro\ufb01tability of work, delayed receipt of
cash from customers and the risk that major clients or suppliers su\ufb00er \ufb01nancial distress leading to non-payment of debts or costly and
time-consuming reallocation and rescheduling of work. Certain measures and key performance indicators are continually monitored
throughout the Group and used to quickly identify issues as they arise, enabling the Group to address them promptly.
Key among these are continual monitoring of the secured order book, including the status of orders and likely timescales for realisation
so that contracting volumes are well understood; monitoring of overhead levels to ensure they remain appropriate to contracting
volumes; continual monitoring of working capital exceptions (overdue debts and conversion of work performed into certi\ufb01cates and
invoices); continual review of levels of current and forecast pro\ufb01tability on contracts; review of client and supplier credit references; and
approval of credit terms with clients and suppliers to ensure they are appropriate.
The Group does not have any material derivative or non-derivative \ufb01nancial liabilities with the exception of trade and other payables,
borrowings and lease liabilities. Trade and other payables are generally non-interest bearing and, therefore, have no weighted average
e\ufb00ective interest rates. Lease liabilities are carried at the present value of the minimum lease payments. Trade and other payables are
due to be settled in the Group\u2019s normal operating cycle.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00332": { "value": "(c)
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates or equity prices, will a\ufb00ect the
Group\u2019s income or the carrying amount of its holdings of \ufb01nancial instruments. The objective of market risk management is to achieve a
level of market risk that is within acceptable parameters as set out in the Group risk management framework.
Interest rate risk
The Group is not exposed to signi\ufb01cant interest rate risk as it does not have signi\ufb01cant interest-bearing liabilities and its only interest-
bearing asset is cash invested on a short-term basis.
Certain of the Group\u2019s equity-accounted joint ventures have entered into interest rate swaps to manage their exposure to interest rate
risk arising on \ufb02oating rate bank borrowings.
The Group\u2019s share of joint ventures\u2019 interest rate swap contracts has a nominal value of \u00a39.6m (2024: \u00a310.4m) and \ufb01xed interest
payments at an average rate of 5.1% (2024: 5.1%) for periods up until 2033.
Currency risk
The majority of the Group\u2019s operations are carried out in the UK and the Group has a low level of exposure to currency risk on sales
and purchases. The Group\u2019s policy is to hedge foreign currency transactions where they are material, at which point derivative \ufb01nancial
instruments are entered into so as to hedge forecast or actual foreign currency exposures.
Capital management
The Board aims to maintain a strong capital base so as to maintain investor, creditor and market con\ufb01dence and to sustain the future
development of the business, and its approach to capital management is explained fully in the capital allocation section on pages 19
and 20.
The capital structure of the Group consists of cash and cash equivalents and equity attributable to equity holders of the Company,
comprising issued capital, reserves and retained earnings as disclosed in the consolidated statement of changes in equity. The cash and
cash equivalents are supplemented by \u00a3180m of committed bank facilities, of which \u00a315m expires in June 2028 and \u00a3165m expires in
October 2028. In order to manage its capital structure, the Group may adjust the amounts of dividends paid to shareholders, return
capital to shareholders, issue new shares or sell assets.
There were no changes in the Group\u2019s approach to capital management during the year and the Group is not subject to any capital
requirements imposed by regulatory authorities.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00333": { "value": "Capital management
The Board aims to maintain a strong capital base so as to maintain investor, creditor and market con\ufb01dence and to sustain the future
development of the business, and its approach to capital management is explained fully in the capital allocation section on pages 19
and 20.
The capital structure of the Group consists of cash and cash equivalents and equity attributable to equity holders of the Company,
comprising issued capital, reserves and retained earnings as disclosed in the consolidated statement of changes in equity. The cash and
cash equivalents are supplemented by \u00a3180m of committed bank facilities, of which \u00a315m expires in June 2028 and \u00a3165m expires in
October 2028. In order to manage its capital structure, the Group may adjust the amounts of dividends paid to shareholders, return
capital to shareholders, issue new shares or sell assets.
There were no changes in the Group\u2019s approach to capital management during the year and the Group is not subject to any capital
requirements imposed by regulatory authorities.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00334": { "value": "27
Subsequent events
There were no subsequent events that a\ufb00ected the \ufb01nancial statements of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00335": { "value": "28
Adjusted performance measures
In addition to monitoring and reviewing the \ufb01nancial performance of the operating segments and the Group on a statutory basis,
management also uses adjusted performance measures which are also disclosed in the annual report. These measures are not an
alternative or substitute to statutory IFRS measures but are seen by management as useful in assessing the performance of the
business on a comparable basis. These \ufb01nancial measures are also aligned with the measures used internally to assess business
performance in the Group\u2019s budgeting process and when determining compensation. The Group also uses other non-statutory
measures which cannot be derived directly from the \ufb01nancial statements. There are four alternative performance measures used by
management and disclosed in the annual report:
\u2018
Adjusted
\u2019 In all cases the term \u2018adjusted\u2019 excludes the impact of intangible amortisation and exceptional items. This is used to improve
the comparability of information between reporting periods to aid the use of the annual report in understanding the activities across
the Group\u2019s portfolio.
Below is a reconciliation between the reported gross pro\ufb01t, operating pro\ufb01t and pro\ufb01t before tax measures on a statutory basis and the
adjustment made to calculate adjusted gross pro\ufb01t, adjusted operating pro\ufb01t and adjusted pro\ufb01t before tax.
Adjusted basic earnings per share and adjusted diluted earnings per share are the statutory measures excluding the post-tax impact of
intangible amortisation and exceptional items, and the deferred tax charge arising due to changes in UK corporation tax rates. See note 9
for a detailed reconciliation of the adjusted EPS measures.
\n\n \u00a0 \u00a0 \u00a0\n \n
Gross pro\ufb01t
Operating pro\ufb01t
Pro\ufb01t before tax
2025
2024
2025
2024
2025
2024
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Reported
612.0
529.9
224.9
162.0
231.8
171.9
Adjust for: exceptional building safety items
1
1.3
(1.3)
0.4
0.1
0.4
0.1
Adjust for: amortisation of intangible assets
\u2013
\u2013
0.4
0.5
0.4
0.5
Adjusted
613.3
528.6
225.7
162.6
232.6
172.5
Reported tax charge
(56.9)
(40.2)
Adjust for: tax relating to amortisation
(0.1)
(0.1)
Adjust for: tax relating to exceptional items
(1.7)
(1.7)
Adjusted pro\ufb01t after tax/earnings
9
173.9
130.5
\n
1
The exceptional building safety items include amounts recognised in cost of sales (\u00a31.3m charge (2024: \u00a31.3m credit)) and share of net pro\ufb01t of joint ventures
(\u00a30.9m credit (2024: \u00a31.4m charge)). See note 4.
\u2018
Net cash
\u2019 Net cash is de\ufb01ned as cash and cash equivalents less borrowings. Lease liabilities are not deducted from net cash.
A reconciliation of this number at the reporting date can be found in note 26. In addition, management monitors and reviews average
daily net cash as good discipline in managing capital. Average daily net cash is de\ufb01ned as the average of the 365 (2024: 366) end-of-day
balances of net cash over the course of a reporting period.
\u2018
Operating cash \ufb02ow
\u2019 Management uses an adjusted measure for operating cash \ufb02ow as it encompasses other cash \ufb02ows that are key
to the ongoing operations of the Group, such as repayments of lease liabilities, investment in property, plant and equipment,
investment in intangible assets, and returns from equity-accounted joint ventures. Operating cash \ufb02ow can be derived from the cash
in\ufb02ow from operations reported in the consolidated cash \ufb02ow statement as shown below.
Operating cash \ufb02ow conversion is operating cash \ufb02ow divided by adjusted operating pro\ufb01t as de\ufb01ned above.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Notes
\u00a3m
\u00a3m
Cash in\ufb02ow from operations \u2013 reported
\u00a0
235.6
172.7
Dividends from joint ventures
12
4.7
4.2
Proceeds on disposal of property, plant and equipment
\u00a0
0.5
1.9
Purchases of property, plant and equipment
11
(16.0)
(18.2)
Purchases of intangible \ufb01xed assets
10
(0.6)
\u2013
Repayments of lease liabilities
18
(28.3)
(25.8)
Operating cash \ufb02ow
\u00a0
195.9
134.8
\n
\u2018
Return on capital employed
\u2019 Management uses return on capital employed (ROCE) in assessing the performance and e\ufb03cient use
of capital within the regeneration activities. ROCE is calculated as adjusted operating pro\ufb01t plus interest received from joint ventures
divided by adjusted average capital employed. Adjusted average capital employed is the 13-month average of total assets (excluding
goodwill, other intangible assets and cash) less total liabilities (excluding corporation tax, deferred tax, inter-company \ufb01nancing,
overdrafts and exceptional building safety items).", "dimensions": { "concept": "mgns:DisclosureOfAdjustedPerformanceMeasuresExplanatoryTextBlock", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00445": { "value": "2 Investments \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Subsidiary
Subsidiary
\u00a0
undertakings
undertakings
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0
1 January
666.5
457.8
Additions
\u2013
208.7
31 December
666.5
666.5
Accumulated impairment
\u00a0 \u00a0
1 January
(68.7)
(28.7)
Impairment
\u2013
(40.0)
31 December
(68.7)
(68.7)
Net book value at 31 December
597.8
597.8
\n
The Company tests investments for impairment where there are indications that investments might be impaired. In testing investments
for impairment, the recoverable amount of each investment has been estimated from value-in-use calculations. The key assumptions
for the value-in-use calculations are those regarding the forecast revenue and margin, discount rates and long-term growth rates by
market sector. Forecast revenue and margin are based on past performance, secured workload and workload likely to be achievable
in the short to medium term, given trends in the relevant market sector as well as macroeconomic factors.
Cash \ufb02ow forecasts have been determined by using Board-approved budgets for the next three years. Cash \ufb02ows beyond three years
have been extrapolated into perpetuity using an estimated nominal growth rate of 3.0% (2024: 3.4%). This growth rate does not exceed
the long-term average for the relevant markets.
Discount rates are pre-tax and re\ufb02ect the current market assessment of the time value of money and the risks speci\ufb01c to the
investments. The risk-adjusted nominal rates for Construction, Infrastructure, Fit Out and Property Services are 13.8% (2024: 12.3%).
The risk-adjusted nominal rates used for the cash-generating units with goodwill balances are 15.1% (2024: 14.2%) for Partnership
Housing, 14.5% (2024: 14.2%) for Mixed Use Partnerships, 13.8% (2024: 12.3%) for Construction and 13.8% (2024: 12.3%) for
Infrastructure. The increased discount rates in 2025 are due to a higher risk-free rate and an increased market risk premium for the UK.
A list of all subsidiary, associated undertakings and signi\ufb01cant holdings owned by the Group at 31 December 2025 is shown below:
\n
Partnership Housing
\n\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Lovell Partnerships Limited
Direct
100
345 Park Place Residents Management Company Limited
(a)(1)
Indirect
100
Abbey Walk Management Company Limited
(a)(1)
Indirect
100
AH Burnholme Limited
Indirect
100
All Saints Green Residents Management Company Limited
(b)(1)
Indirect
100
Anthem Lovell LLP
(2)
Indirect
50
Astley Place Residents Management Company Limited
(a)(1)
Indirect
100
Balderton Rise Residents Management Company Limited
(a)(1)
Indirect
100
Barnet Lovell Regeneration LLP
(2)
Indirect
100
B:Home Birmingham Limited
Indirect
100
Bincombe Park Residents Management Company Limited
(a)(1)
Indirect
100
Blossom\ufb01eld (Thorp Arch) Management Company Limited
(a)(1)
Indirect
100
Briarswood Residents Management Company Limited
(a)(1)
Indirect
100
Bryn Castell Residents Management Company Limited
(a)(1)
Indirect
100
Caldon Quay Residents Management Company Limited
(a)(1)
Indirect
100
Castle Green Residents Management Company Limited
(a)(1)
Indirect
100
Chalkdene Developments LLP
(2)
Indirect
50
Cherry Pie Meadow Residents Management Company Limited
(a)(1)
Indirect
100
Claymore Roads (Holdings) Limited
(c)
Indirect
50
Community Solutions for Education Limited
Indirect
100
Community Solutions for Regeneration Limited
Indirect
100
Community Solutions for Regeneration (Hertfordshire) Limited
Indirect
100
Community Solutions (Hub West Scotland) Limited
(d)
Indirect
100
Community Solutions Living Limited
Indirect
100
Community Solutions Management Services Limited
Indirect
100
Community Solutions Management Services (Hub) Limited
Indirect
100
Community Solutions Partnership Services Limited
Indirect
100
Crown Meadows Residents Management Company Limited
(a)(1)
Indirect
100
Drummond Park (Ludgershall) Residents Management Company Limited
(a)(1)
Indirect
100
Durleigh View Residents Management Company Limited
(a)(1)(7)
Indirect
100
Eden Park (Bonscale Crescent) Residents Management Company Limited
(a)(1)
Indirect
100
Eden Valley Management Company Limited
(a)(1)
Indirect
100
Edmundham Developments LLP
(2)
Indirect
50
Edwards Birch (Morpeth) Residents Management Company Limited
(a)(1)
Indirect
100
Electric Quarter Residents Management Company Limited
(a)(1)
Indirect
100
Exford Drive Management Company Limited
(a)(1)
Indirect
100
Foxglove Meadows Residents Management Company Limited
(a)(1)
Indirect
100
Gallus Fields Residents Management Company Limited
(a)(1)
Indirect
100
Garrett Grove Residents Management Company Limited
(a)(1)
Indirect
100
Golwg Y Bryn Residents Management Company Limited
(a)(1)
Indirect
100
\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Hamilton Wharf Residents Management Company Limited
(a)(1)
Indirect
100
Hamsard 3134 Limited
Indirect
100
Hamsard 3135 Limited
Indirect
100
Health Innovation Partners Limited
Indirect
50
Heath Farm Residents Management Company Limited
(a)(1)
Indirect
100
Heathstock Rise Residents Management Company Limited
(a)(1)
Indirect
100
Keepers Gate (WSM) Residents Management Company Limited
(a)(1)
Indirect
100
Kensington Gardens Management Limited
(a)(1)
Indirect
100
Kings Reach (Snaith) Residents Management Company
(a)(1)
Indirect
100
Kinsted Developments LLP
(2)
Indirect
50
L&Q Lovell Tra\ufb00ord LLP
(2)
Indirect
50
Laurel Gate (Whitburn) Residents Management Company Limited
(a)(1)(8)
Indirect
100
Laurus Lovell Whalley LLP
(2)
Indirect
50
Lavender Chase and The Driftwoods Residents Management Company Limited
(a)(1)
Indirect
100
Laxton Close Management Company Limited
(a)(1)
Indirect
100
Littlehampton Management Company Limited
(a)(1)
Indirect
100
Lockside Residents Management Company Limited
(a)(1)
Indirect
100
Lovell Bow Limited
Indirect
100
Lovell Director Limited
Indirect
100
Lovell Flagship LLP
(2)
Indirect
50
Lovell Guf Limited
Indirect
100
Lovell Later Living LLP
(2)
Indirect
100
Lovell Latimer LLP
(2)
Indirect
50
Lovell Plus Limited
Indirect
100
Lovell Property Rental Limited
Indirect
100
Lovell Together (Pendleton) LLP
(2)
Indirect
50
Lovell Together LLP
(2)
Indirect
50
Lovell/Abri Weymouth LLP
(2)
Indirect
50
Luker Place Management Company Limited
(a)(1)
Indirect
100
Lymington Mews Management Company Limited
(a)(1)
Indirect
100
Maryon Road Residents Management Company Limited
(a)(1)
Indirect
100
Meggeson Management Company Limited
(a)(1)
Indirect
100
Minshull Way Residents Management Company Limited
(a)(1)
Indirect
100
Morgan Sindall Consortium LLP
(2)
Indirect
100
Morgan Sindall Investments (Newport SDR) Limited
Indirect
100
Morgan-Vinci Limited
Indirect
50
Morris Walk North Management Company Limited
(a)(1)
Indirect
100
Morris Walk South Residents Management Company Limited
(a)(1)
Indirect
100
Mount View (Melton Mowbray) Residents Company Limited
(a)(1)
Indirect
100
Oaktree Grange Residents Management Company Limited
(a)(1)
Indirect
100
Oakwood Gardens (Burniston) Residents Management Company Limited
(a)(1)
Indirect
100
Park View (Holt) Residents Management Company Limited
(a)(1)
Indirect
100
\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Pich Management Company Limited
(a)(1)
Indirect
100
Pipit Mews Management Company Limited
(a)(1)
Indirect
100
Pool House Wombourne Ltd
Indirect
100
Principal Point Residents Management Company Limited
(a)(1)
Indirect
100
Queensbury Park Management Company Limited
(a)(1)
Indirect
100
RMC The Meadows, Clifton-upon-Teme Limited
(a)(1)
Indirect
100
Romsey Extra Care Limited
Indirect
100
Ruby Brook Estate Management Company Limited
(a)(1)
Indirect
100
Ruby Brook Management Company Limited
(a)(1)
Indirect
100
Ruby Meadow Management Company Limited
(a)(1)
Indirect
100
Saddlers Grange (Howden) Management Company Limited
(a)(1)
Indirect
100
Saints Green (South Otterington) Residents Management Company Limited
(a)(1)
Indirect
100
Saints Quarter (Steelhouse Lane) Residents Management Company Limited
(a)(1)
Indirect
100
Saredon Gardens Residents Management Company Limited
(a)(1)
Indirect
100
Shawbrook Manor (Residents) Management Company Limited
(a)(1)
Indirect
100
Somerford Park Residents Management Company Limited
(a)(1)
Indirect
100
South Thamesmead LLP
(e)(2)
Indirect
50
St Mary\u2019s View (Residents) Management Company Limited
(a)(1)
Indirect
100
Station House (Stourbridge) Management Company Limited
(a)(1)
Indirect
100
Stoke Development Limited
Indirect
100
Tennyson Fields (Phase 2) Residents Management Company Limited
(a)(1)
Indirect
100
Tennyson Fields Management Company Limited
(a)(1)
Indirect
100
The Acorns (Walsham Le Willows) Residents Management Company Limited
(a)(1)
Indirect
100
The Compendium Group Limited
Indirect
50
The East Avenue Residents Management Company Limited
(a)(1)
Indirect
100
The Junction Apartments Residents Management Company Limited
(a)(1)
Indirect
100
The Junction Residents Management Company Limited
(a)(1)
Indirect
100
The Laureates Residents Management Company Limited
(a)(1)
Indirect
100
The Mill (Site 1) Residents Management Company Limited
(a)(1)
Indirect
100
The Mill (Site 2) Residents Management Company Limited
(a)(1)
Indirect
100
The Paddocks (Beverley) Residents Management Company Limited
(a)(1)
Indirect
100
The Sycamores (Kirk Ella) Management Company Limited
(a)(1)
Indirect
100
The Way Beswick (Zone 1) Management Limited
(a)(1)
Indirect
100
The Way Beswick (Zone 2) Management Limited
(a)(1)
Indirect
100
The Way Beswick (Zone 3) Management Limited
(a)(1)
Indirect
100
The Way Beswick (Zone 4) Management Limited
(a)(1)
Indirect
100
The Way Beswick (Zone 5) Management Limited
(a)(1)
Indirect
100
The Way Beswick (Zone 6) Management Limited
(a)(1)
Indirect
100
The Way Beswick (Zone 7) Management Limited
(a)(1)
Indirect
100
The Woodlands (Hessle) Residents Management Company Limited
(a)(1)
Indirect
100
Tixall View Residents Management Company Limited
(a)(1)
Indirect
100
Towcester Regeneration Limited
Indirect
100
\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Trinity Walk Residents Management Company Limited
(a)(1)
Indirect
100
Victoria Court (Newport No 1) Residents Management Company Limited
(f)(1)
Indirect
50
Victoria Court (Newport No 2) Residents Management Company Limited
(a)(1)
Indirect
100
Waterside Quay Residents Management Company Limited
(a)(1)
Indirect
100
Wensum Grange Management Company Limited
(a)(1)
Indirect
100
Westcroft 12 Management Company Limited
(a)(1)
Indirect
100
Weston Woods Residents Management Company Limited
(a)(1)
Indirect
100
Weymouth Community Sports LLP
(2)
Indirect
100
Wild Walk Donnington Wood Residents Management Company Limited
(a)(1)
Indirect
100
William\u2019s Park Residents Management Company Limited
(a)(1)
Indirect
100
Woodgate (West Sussex) Residents Management Company Limited
(a)(1)
Indirect
100
Woodlark Chase (Warren Drive) Residents Management Company Limited
(a)(1)
Indirect
100
\n
Mixed Use Partnerships
\n\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Muse Places Limited
Direct
100
Alexandria Business Park Management Company Limited
(g)(3)
Indirect
100
Ashton Moss Developments Limited
Indirect
50
Aykley Heads Development LLP
(2)
Indirect
50
Basford East Management Company Limited
Indirect
100
Brentwood Development Partnership LLP
(2)
Indirect
50
Bromley Park (Holdings) Limited
Indirect
50
Chatham Place (Building 1) Limited
Indirect
100
Chatham Place Building 1 (Commercial) Limited
Indirect
100
Chatham Square Limited
Indirect
100
Cheadle Royal Management Company Limited
(g)(4)
Indirect
27.9
Community Solutions for Regeneration (Bournemouth) Limited
Indirect
100
Community Solutions for Regeneration (Brentwood) Limited
Indirect
100
Community Solutions for Regeneration (Slough) Limited
Indirect
100
ECF (General Partner) Limited
(h)
Indirect
33.3
English Cities Fund
(h)(5)
Indirect
24
Eurocentral Partnership Limited
Indirect
99.2
EPL Developer (Plot B West) Limited
Indirect
99.2
Habiko LLP
(2)
Indirect
33.3
Harrier Park Management Company Limited
(1)
Indirect
100
ICIAN Developments Limited
Indirect
100
Intercity Developments Limited
Indirect
50
Lewisham Gateway Developments (Holdings) Limited
Indirect
100
Lewisham Gateway Developments Limited
Indirect
100
Lingley Mere Business Park Development Company Limited
(i)
Indirect
50
Logic Leeds Management Company Limited
(j)(1)
Indirect
50
Muse Aberdeen Limited
Indirect
100
\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Muse (Brixton) Limited
Indirect
100
Muse (ECF) Partner Limited
Indirect
100
Muse (Warp 4) Partner Limited
Indirect
100
Muse Brixton (Phase 2) Limited
Indirect
100
Muse Chester Limited
Indirect
100
Muse Developments (Northwich) Limited
Indirect
100
Muse Properties Limited
Indirect
100
North Shore Development Partnership Limited
Indirect
100
Northshore Management Company Limited
(1)
Indirect
50
Olive Morris House (Brixton) Management Company Limited
(k)(1)
Indirect
100
Rail Link Europe Limited
Indirect
100
Slough Urban Renewal LLP
(2)
Indirect
50
Sovereign Leeds Limited
Indirect
100
St Andrews Brae Developments Limited
Indirect
50
The Bournemouth Development Company LLP
(2)
Indirect
50
The Prestwich Regeneration LLP
(2)
Indirect
50
Wapping Wharf (Alpha) LLP
(2)
Indirect
50
Wapping Wharf (Beta) LLP
(2)
Indirect
40
Warp 4 General Partner Limited
Indirect
100
Warp 4 General Partner Nominees Limited
Indirect
100
Warp 4 Limited Partnership
(5)
Indirect
100
Waterside Places (General Partner) Limited
(l)
Indirect
50
Waterside Places Limited Partnership
(l)
Indirect
50
Wirral Growth Company LLP
(m)(2)
Indirect
50
Wythenshawe Civic Regeneration LLP
(2)
Indirect
20
\n
Fit Out
\n\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Overbury plc
Direct
100
Morgan Lovell plc
Direct
100
\n
Construction & Infrastructure
\n\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Morgan Sindall Construction & Infrastructure Ltd
Indirect
100
Bluestone Limited
Indirect
100
Magnor Plant Hire Limited
Direct
100
Morgan Sindall All Together Cumbria CIC
(6)
Indirect
100
Morgan Sindall Engineering Solutions Limited
Indirect
100
Morgan Sindall Holdings Limited
Direct
100
Morgan Utilities Limited
Indirect
100
MS (MEST) Limited
Indirect
100
Newman Insurance Company Limited
*(n)
Indirect
100
\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Baker Hicks Limited
Direct
100
Baker Hicks Europe Holdings Limited
Indirect
100
BakerHicks AG
*(o)
Indirect
100
BakerHicks ApS
*(p)
Indirect
100
BakerHicks GmbH
*(q)
Indirect
100
BakerHicks GmbH
*(r)
Indirect
100
BakerHicks SA
*(s)
Indirect
100
\n
Property Services
\n\n \u00a0 \u00a0\u00a0\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Morgan Sindall Property Services Limited
Direct
100
Golden i Limited
Indirect
100
Lovell Powerminster Limited
Indirect
100
Manchester Energy Company Limited
Indirect
100
\n
Morgan Sindall Group
\n\n \u00a0 \u00a0\u00a0\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Barnes & Elliott Limited
Direct
100
Bluebell Printing Limited
Direct
100
CarboniCa Licensing Limited
(t)
Direct
50
Hinkins & Frewin Limited
Direct
100
Lovell Partnerships (Northern) Limited
Direct
100
Lovell Partnerships (Southern) Limited
Direct
100
Morgan Est (Scotland) Limited
(d)
Direct
100
Morgan Lovell London Limited
Direct
100
Morgan Sindall Investments Limited
Direct
100
Morgan Sindall Limited
Direct
100
Morgan Sindall Trustee Company Limited
Direct
100
Morgan Utilities Group Limited
Direct
100
Muse Developments Limited
Direct
100
Roberts Construction Limited
Direct
100
Sindall Eastern Limited
Indirect
100
Snape Design & Build Limited
Indirect
100
T.J. Braybon & Son Limited
Direct
100
The Snape Group Limited
Direct
100
Underground Professional Services Limited
Direct
100
Wheatley Construction Limited
Direct
100
\n
*
With the exception of Newman Insurance Company Limited, registered and operating in Guernsey, BakerHicks AG, registered and operating in Switzerland,
BakerHicks ApS, registered and operating in Denmark, BakerHicks GmbH, registered and operating in Austria and Germany, and BakerHicks SA, registered and
operating in Denmark, all undertakings are registered in England and Wales or Scotland and the principal place of business is the UK.
Unless otherwise stated the registered o\ufb03ce address for each of the above is Kent House, 14\u201317 Market Place, London, W1W 8AJ.
Unless otherwise stated, the Group\u2019s interest is in the ordinary shares issued
(or the equivalent of ordinary shares issued in the relevant country of issue).
Classi\ufb01cation key:
(1)
Limited by guarantee
(2)
Limited liability partnership
(3)
Holding special shares
(4)
Holding ordinary and special shares
(5)
Limited partnership
(6)
Community Interest Company
(7)
Incorporated on 15 January 2026; wholly owned by Lovell Director Limited
(8)
Incorporated on 28 January 2026; wholly owned by Lovell Director Limited
The proportion of ownership interest is the same as the proportion of voting
power held, except English Cities Fund, details of which are shown in note 12
of the consolidated \ufb01nancial statements.
Registered o\ufb03ce key:
(a)
One Eleven, Edmund Street, Birmingham, West Midlands, B3 2HJ
(b)
1 Bow Churchyard, London, EC4M 9DQ
(c)
8th Floor, 6 Kean Street, London, WC2B 4AS
(d)
c/o Anderson Strathern LLP, 58 Morrison St, Edinburgh, EH3 8BP
(e)
45 Westminster Bridge Road, London, SE1 7JB
(f)
7 Neptune Court, Vanguard Way, Cardi\ufb00, CF24 5PJ
(g)
Ground Solutions UK Ltd, A5 Optimum Business Park, Optimum Road,
Swadlincote, Derbyshire, DE11 0WT
(h)
One Coleman Street, London, EC2R 5AA
(i)
Haweswater House, Lingley Mere Business Park, Lingley Green Avenue,
Great Sankey, Warrington, WA5 3LP
(j)
One St Peter\u2019s Square, Manchester, M2 3DE
(k)
Fisher House, 84 Fisherton Street, Salisbury, SP2 7QY
(l)
National Waterways Museum, South Pier Road, Ellesmere Port, Cheshire,
CH65 4FW
(m) c/o Head of Legal, Wirral Borough Council, Town Hall, Brighton Street,
Wallasey, Wirral, CH44 8ED
(n)
Willis Management (Guernsey) Limited, Suite 1 North, First Floor,
Albert House, South Esplanade, St Peter Port, Guernsey, GY1 1AJ
(o)
Badenstrasse 3, 4057, Basel, Switzerland
(p)
Borupvang 3, 4., 2750 Ballerup, Denmark
(q)
Albert-Nestler-Strasse 26, 76131 Karlsruhe, Germany
(r)
Am Euro Platz 3, 1120 Wien, Austria
(s)
Boulevard Louis Schmidt 29 15, 1040 Etterbeek, Belgium
(t)
Midpoint, Alencon Link, Basingstoke, RG21 7PP", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00446": { "value": "2 Investments \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Subsidiary
Subsidiary
\u00a0
undertakings
undertakings
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0
1 January
666.5
457.8
Additions
\u2013
208.7
31 December
666.5
666.5
Accumulated impairment
\u00a0 \u00a0
1 January
(68.7)
(28.7)
Impairment
\u2013
(40.0)
31 December
(68.7)
(68.7)
Net book value at 31 December
597.8
597.8
\n
The Company tests investments for impairment where there are indications that investments might be impaired. In testing investments
for impairment, the recoverable amount of each investment has been estimated from value-in-use calculations. The key assumptions
for the value-in-use calculations are those regarding the forecast revenue and margin, discount rates and long-term growth rates by
market sector. Forecast revenue and margin are based on past performance, secured workload and workload likely to be achievable
in the short to medium term, given trends in the relevant market sector as well as macroeconomic factors.
Cash \ufb02ow forecasts have been determined by using Board-approved budgets for the next three years. Cash \ufb02ows beyond three years
have been extrapolated into perpetuity using an estimated nominal growth rate of 3.0% (2024: 3.4%). This growth rate does not exceed
the long-term average for the relevant markets.
Discount rates are pre-tax and re\ufb02ect the current market assessment of the time value of money and the risks speci\ufb01c to the
investments. The risk-adjusted nominal rates for Construction, Infrastructure, Fit Out and Property Services are 13.8% (2024: 12.3%).
The risk-adjusted nominal rates used for the cash-generating units with goodwill balances are 15.1% (2024: 14.2%) for Partnership
Housing, 14.5% (2024: 14.2%) for Mixed Use Partnerships, 13.8% (2024: 12.3%) for Construction and 13.8% (2024: 12.3%) for
Infrastructure. The increased discount rates in 2025 are due to a higher risk-free rate and an increased market risk premium for the UK.
\n\n
A list of all subsidiary, associated undertakings and signi\ufb01cant holdings owned by the Group at 31 December 2025 is shown below:
\n
Partnership Housing
\n\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Lovell Partnerships Limited
Direct
100
345 Park Place Residents Management Company Limited
(a)(1)
Indirect
100
Abbey Walk Management Company Limited
(a)(1)
Indirect
100
AH Burnholme Limited
Indirect
100
All Saints Green Residents Management Company Limited
(b)(1)
Indirect
100
Anthem Lovell LLP
(2)
Indirect
50
Astley Place Residents Management Company Limited
(a)(1)
Indirect
100
Balderton Rise Residents Management Company Limited
(a)(1)
Indirect
100
Barnet Lovell Regeneration LLP
(2)
Indirect
100
B:Home Birmingham Limited
Indirect
100
Bincombe Park Residents Management Company Limited
(a)(1)
Indirect
100
Blossom\ufb01eld (Thorp Arch) Management Company Limited
(a)(1)
Indirect
100
Briarswood Residents Management Company Limited
(a)(1)
Indirect
100
Bryn Castell Residents Management Company Limited
(a)(1)
Indirect
100
Caldon Quay Residents Management Company Limited
(a)(1)
Indirect
100
Castle Green Residents Management Company Limited
(a)(1)
Indirect
100
Chalkdene Developments LLP
(2)
Indirect
50
Cherry Pie Meadow Residents Management Company Limited
(a)(1)
Indirect
100
Claymore Roads (Holdings) Limited
(c)
Indirect
50
Community Solutions for Education Limited
Indirect
100
Community Solutions for Regeneration Limited
Indirect
100
Community Solutions for Regeneration (Hertfordshire) Limited
Indirect
100
Community Solutions (Hub West Scotland) Limited
(d)
Indirect
100
Community Solutions Living Limited
Indirect
100
Community Solutions Management Services Limited
Indirect
100
Community Solutions Management Services (Hub) Limited
Indirect
100
Community Solutions Partnership Services Limited
Indirect
100
Crown Meadows Residents Management Company Limited
(a)(1)
Indirect
100
Drummond Park (Ludgershall) Residents Management Company Limited
(a)(1)
Indirect
100
Durleigh View Residents Management Company Limited
(a)(1)(7)
Indirect
100
Eden Park (Bonscale Crescent) Residents Management Company Limited
(a)(1)
Indirect
100
Eden Valley Management Company Limited
(a)(1)
Indirect
100
Edmundham Developments LLP
(2)
Indirect
50
Edwards Birch (Morpeth) Residents Management Company Limited
(a)(1)
Indirect
100
Electric Quarter Residents Management Company Limited
(a)(1)
Indirect
100
Exford Drive Management Company Limited
(a)(1)
Indirect
100
Foxglove Meadows Residents Management Company Limited
(a)(1)
Indirect
100
Gallus Fields Residents Management Company Limited
(a)(1)
Indirect
100
Garrett Grove Residents Management Company Limited
(a)(1)
Indirect
100
Golwg Y Bryn Residents Management Company Limited
(a)(1)
Indirect
100
\n\n\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Hamilton Wharf Residents Management Company Limited
(a)(1)
Indirect
100
Hamsard 3134 Limited
Indirect
100
Hamsard 3135 Limited
Indirect
100
Health Innovation Partners Limited
Indirect
50
Heath Farm Residents Management Company Limited
(a)(1)
Indirect
100
Heathstock Rise Residents Management Company Limited
(a)(1)
Indirect
100
Keepers Gate (WSM) Residents Management Company Limited
(a)(1)
Indirect
100
Kensington Gardens Management Limited
(a)(1)
Indirect
100
Kings Reach (Snaith) Residents Management Company
(a)(1)
Indirect
100
Kinsted Developments LLP
(2)
Indirect
50
L&Q Lovell Tra\ufb00ord LLP
(2)
Indirect
50
Laurel Gate (Whitburn) Residents Management Company Limited
(a)(1)(8)
Indirect
100
Laurus Lovell Whalley LLP
(2)
Indirect
50
Lavender Chase and The Driftwoods Residents Management Company Limited
(a)(1)
Indirect
100
Laxton Close Management Company Limited
(a)(1)
Indirect
100
Littlehampton Management Company Limited
(a)(1)
Indirect
100
Lockside Residents Management Company Limited
(a)(1)
Indirect
100
Lovell Bow Limited
Indirect
100
Lovell Director Limited
Indirect
100
Lovell Flagship LLP
(2)
Indirect
50
Lovell Guf Limited
Indirect
100
Lovell Later Living LLP
(2)
Indirect
100
Lovell Latimer LLP
(2)
Indirect
50
Lovell Plus Limited
Indirect
100
Lovell Property Rental Limited
Indirect
100
Lovell Together (Pendleton) LLP
(2)
Indirect
50
Lovell Together LLP
(2)
Indirect
50
Lovell/Abri Weymouth LLP
(2)
Indirect
50
Luker Place Management Company Limited
(a)(1)
Indirect
100
Lymington Mews Management Company Limited
(a)(1)
Indirect
100
Maryon Road Residents Management Company Limited
(a)(1)
Indirect
100
Meggeson Management Company Limited
(a)(1)
Indirect
100
Minshull Way Residents Management Company Limited
(a)(1)
Indirect
100
Morgan Sindall Consortium LLP
(2)
Indirect
100
Morgan Sindall Investments (Newport SDR) Limited
Indirect
100
Morgan-Vinci Limited
Indirect
50
Morris Walk North Management Company Limited
(a)(1)
Indirect
100
Morris Walk South Residents Management Company Limited
(a)(1)
Indirect
100
Mount View (Melton Mowbray) Residents Company Limited
(a)(1)
Indirect
100
Oaktree Grange Residents Management Company Limited
(a)(1)
Indirect
100
Oakwood Gardens (Burniston) Residents Management Company Limited
(a)(1)
Indirect
100
Park View (Holt) Residents Management Company Limited
(a)(1)
Indirect
100
\n\n\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Pich Management Company Limited
(a)(1)
Indirect
100
Pipit Mews Management Company Limited
(a)(1)
Indirect
100
Pool House Wombourne Ltd
Indirect
100
Principal Point Residents Management Company Limited
(a)(1)
Indirect
100
Queensbury Park Management Company Limited
(a)(1)
Indirect
100
RMC The Meadows, Clifton-upon-Teme Limited
(a)(1)
Indirect
100
Romsey Extra Care Limited
Indirect
100
Ruby Brook Estate Management Company Limited
(a)(1)
Indirect
100
Ruby Brook Management Company Limited
(a)(1)
Indirect
100
Ruby Meadow Management Company Limited
(a)(1)
Indirect
100
Saddlers Grange (Howden) Management Company Limited
(a)(1)
Indirect
100
Saints Green (South Otterington) Residents Management Company Limited
(a)(1)
Indirect
100
Saints Quarter (Steelhouse Lane) Residents Management Company Limited
(a)(1)
Indirect
100
Saredon Gardens Residents Management Company Limited
(a)(1)
Indirect
100
Shawbrook Manor (Residents) Management Company Limited
(a)(1)
Indirect
100
Somerford Park Residents Management Company Limited
(a)(1)
Indirect
100
South Thamesmead LLP
(e)(2)
Indirect
50
St Mary\u2019s View (Residents) Management Company Limited
(a)(1)
Indirect
100
Station House (Stourbridge) Management Company Limited
(a)(1)
Indirect
100
Stoke Development Limited
Indirect
100
Tennyson Fields (Phase 2) Residents Management Company Limited
(a)(1)
Indirect
100
Tennyson Fields Management Company Limited
(a)(1)
Indirect
100
The Acorns (Walsham Le Willows) Residents Management Company Limited
(a)(1)
Indirect
100
The Compendium Group Limited
Indirect
50
The East Avenue Residents Management Company Limited
(a)(1)
Indirect
100
The Junction Apartments Residents Management Company Limited
(a)(1)
Indirect
100
The Junction Residents Management Company Limited
(a)(1)
Indirect
100
The Laureates Residents Management Company Limited
(a)(1)
Indirect
100
The Mill (Site 1) Residents Management Company Limited
(a)(1)
Indirect
100
The Mill (Site 2) Residents Management Company Limited
(a)(1)
Indirect
100
The Paddocks (Beverley) Residents Management Company Limited
(a)(1)
Indirect
100
The Sycamores (Kirk Ella) Management Company Limited
(a)(1)
Indirect
100
The Way Beswick (Zone 1) Management Limited
(a)(1)
Indirect
100
The Way Beswick (Zone 2) Management Limited
(a)(1)
Indirect
100
The Way Beswick (Zone 3) Management Limited
(a)(1)
Indirect
100
The Way Beswick (Zone 4) Management Limited
(a)(1)
Indirect
100
The Way Beswick (Zone 5) Management Limited
(a)(1)
Indirect
100
The Way Beswick (Zone 6) Management Limited
(a)(1)
Indirect
100
The Way Beswick (Zone 7) Management Limited
(a)(1)
Indirect
100
The Woodlands (Hessle) Residents Management Company Limited
(a)(1)
Indirect
100
Tixall View Residents Management Company Limited
(a)(1)
Indirect
100
Towcester Regeneration Limited
Indirect
100
\n\n\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Trinity Walk Residents Management Company Limited
(a)(1)
Indirect
100
Victoria Court (Newport No 1) Residents Management Company Limited
(f)(1)
Indirect
50
Victoria Court (Newport No 2) Residents Management Company Limited
(a)(1)
Indirect
100
Waterside Quay Residents Management Company Limited
(a)(1)
Indirect
100
Wensum Grange Management Company Limited
(a)(1)
Indirect
100
Westcroft 12 Management Company Limited
(a)(1)
Indirect
100
Weston Woods Residents Management Company Limited
(a)(1)
Indirect
100
Weymouth Community Sports LLP
(2)
Indirect
100
Wild Walk Donnington Wood Residents Management Company Limited
(a)(1)
Indirect
100
William\u2019s Park Residents Management Company Limited
(a)(1)
Indirect
100
Woodgate (West Sussex) Residents Management Company Limited
(a)(1)
Indirect
100
Woodlark Chase (Warren Drive) Residents Management Company Limited
(a)(1)
Indirect
100
\n
Mixed Use Partnerships
\n\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Muse Places Limited
Direct
100
Alexandria Business Park Management Company Limited
(g)(3)
Indirect
100
Ashton Moss Developments Limited
Indirect
50
Aykley Heads Development LLP
(2)
Indirect
50
Basford East Management Company Limited
Indirect
100
Brentwood Development Partnership LLP
(2)
Indirect
50
Bromley Park (Holdings) Limited
Indirect
50
Chatham Place (Building 1) Limited
Indirect
100
Chatham Place Building 1 (Commercial) Limited
Indirect
100
Chatham Square Limited
Indirect
100
Cheadle Royal Management Company Limited
(g)(4)
Indirect
27.9
Community Solutions for Regeneration (Bournemouth) Limited
Indirect
100
Community Solutions for Regeneration (Brentwood) Limited
Indirect
100
Community Solutions for Regeneration (Slough) Limited
Indirect
100
ECF (General Partner) Limited
(h)
Indirect
33.3
English Cities Fund
(h)(5)
Indirect
24
Eurocentral Partnership Limited
Indirect
99.2
EPL Developer (Plot B West) Limited
Indirect
99.2
Habiko LLP
(2)
Indirect
33.3
Harrier Park Management Company Limited
(1)
Indirect
100
ICIAN Developments Limited
Indirect
100
Intercity Developments Limited
Indirect
50
Lewisham Gateway Developments (Holdings) Limited
Indirect
100
Lewisham Gateway Developments Limited
Indirect
100
Lingley Mere Business Park Development Company Limited
(i)
Indirect
50
Logic Leeds Management Company Limited
(j)(1)
Indirect
50
Muse Aberdeen Limited
Indirect
100
\n\n\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Muse (Brixton) Limited
Indirect
100
Muse (ECF) Partner Limited
Indirect
100
Muse (Warp 4) Partner Limited
Indirect
100
Muse Brixton (Phase 2) Limited
Indirect
100
Muse Chester Limited
Indirect
100
Muse Developments (Northwich) Limited
Indirect
100
Muse Properties Limited
Indirect
100
North Shore Development Partnership Limited
Indirect
100
Northshore Management Company Limited
(1)
Indirect
50
Olive Morris House (Brixton) Management Company Limited
(k)(1)
Indirect
100
Rail Link Europe Limited
Indirect
100
Slough Urban Renewal LLP
(2)
Indirect
50
Sovereign Leeds Limited
Indirect
100
St Andrews Brae Developments Limited
Indirect
50
The Bournemouth Development Company LLP
(2)
Indirect
50
The Prestwich Regeneration LLP
(2)
Indirect
50
Wapping Wharf (Alpha) LLP
(2)
Indirect
50
Wapping Wharf (Beta) LLP
(2)
Indirect
40
Warp 4 General Partner Limited
Indirect
100
Warp 4 General Partner Nominees Limited
Indirect
100
Warp 4 Limited Partnership
(5)
Indirect
100
Waterside Places (General Partner) Limited
(l)
Indirect
50
Waterside Places Limited Partnership
(l)
Indirect
50
Wirral Growth Company LLP
(m)(2)
Indirect
50
Wythenshawe Civic Regeneration LLP
(2)
Indirect
20
\n
Fit Out
\n\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Overbury plc
Direct
100
Morgan Lovell plc
Direct
100
\n
Construction & Infrastructure
\n\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Morgan Sindall Construction & Infrastructure Ltd
Indirect
100
Bluestone Limited
Indirect
100
Magnor Plant Hire Limited
Direct
100
Morgan Sindall All Together Cumbria CIC
(6)
Indirect
100
Morgan Sindall Engineering Solutions Limited
Indirect
100
Morgan Sindall Holdings Limited
Direct
100
Morgan Utilities Limited
Indirect
100
MS (MEST) Limited
Indirect
100
Newman Insurance Company Limited
*(n)
Indirect
100
\n\n \u00a0 \u00a0\u00a0\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Baker Hicks Limited
Direct
100
Baker Hicks Europe Holdings Limited
Indirect
100
BakerHicks AG
*(o)
Indirect
100
BakerHicks ApS
*(p)
Indirect
100
BakerHicks GmbH
*(q)
Indirect
100
BakerHicks GmbH
*(r)
Indirect
100
BakerHicks SA
*(s)
Indirect
100
\n
Property Services
\n\n \u00a0 \u00a0\u00a0\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Morgan Sindall Property Services Limited
Direct
100
Golden i Limited
Indirect
100
Lovell Powerminster Limited
Indirect
100
Manchester Energy Company Limited
Indirect
100
\n
Morgan Sindall Group
\n\n \u00a0 \u00a0\u00a0\n \n
Direct or
Group interest in
Name of undertaking
indirect holding
allotted capital (%)
Barnes & Elliott Limited
Direct
100
Bluebell Printing Limited
Direct
100
CarboniCa Licensing Limited
(t)
Direct
50
Hinkins & Frewin Limited
Direct
100
Lovell Partnerships (Northern) Limited
Direct
100
Lovell Partnerships (Southern) Limited
Direct
100
Morgan Est (Scotland) Limited
(d)
Direct
100
Morgan Lovell London Limited
Direct
100
Morgan Sindall Investments Limited
Direct
100
Morgan Sindall Limited
Direct
100
Morgan Sindall Trustee Company Limited
Direct
100
Morgan Utilities Group Limited
Direct
100
Muse Developments Limited
Direct
100
Roberts Construction Limited
Direct
100
Sindall Eastern Limited
Indirect
100
Snape Design & Build Limited
Indirect
100
T.J. Braybon & Son Limited
Direct
100
The Snape Group Limited
Direct
100
Underground Professional Services Limited
Direct
100
Wheatley Construction Limited
Direct
100
\n
*
With the exception of Newman Insurance Company Limited, registered and operating in Guernsey, BakerHicks AG, registered and operating in Switzerland,
BakerHicks ApS, registered and operating in Denmark, BakerHicks GmbH, registered and operating in Austria and Germany, and BakerHicks SA, registered and
operating in Denmark, all undertakings are registered in England and Wales or Scotland and the principal place of business is the UK.
Unless otherwise stated the registered o\ufb03ce address for each of the above is Kent House, 14\u201317 Market Place, London, W1W 8AJ.
Unless otherwise stated, the Group\u2019s interest is in the ordinary shares issued
(or the equivalent of ordinary shares issued in the relevant country of issue).
Classi\ufb01cation key:
(1)
Limited by guarantee
(2)
Limited liability partnership
(3)
Holding special shares
(4)
Holding ordinary and special shares
(5)
Limited partnership
(6)
Community Interest Company
(7)
Incorporated on 15 January 2026; wholly owned by Lovell Director Limited
(8)
Incorporated on 28 January 2026; wholly owned by Lovell Director Limited
The proportion of ownership interest is the same as the proportion of voting
power held, except English Cities Fund, details of which are shown in note 12
of the consolidated \ufb01nancial statements.
Registered o\ufb03ce key:
(a)
One Eleven, Edmund Street, Birmingham, West Midlands, B3 2HJ
(b)
1 Bow Churchyard, London, EC4M 9DQ
(c)
8th Floor, 6 Kean Street, London, WC2B 4AS
(d)
c/o Anderson Strathern LLP, 58 Morrison St, Edinburgh, EH3 8BP
(e)
45 Westminster Bridge Road, London, SE1 7JB
(f)
7 Neptune Court, Vanguard Way, Cardi\ufb00, CF24 5PJ
(g)
Ground Solutions UK Ltd, A5 Optimum Business Park, Optimum Road,
Swadlincote, Derbyshire, DE11 0WT
(h)
One Coleman Street, London, EC2R 5AA
(i)
Haweswater House, Lingley Mere Business Park, Lingley Green Avenue,
Great Sankey, Warrington, WA5 3LP
(j)
One St Peter\u2019s Square, Manchester, M2 3DE
(k)
Fisher House, 84 Fisherton Street, Salisbury, SP2 7QY
(l)
National Waterways Museum, South Pier Road, Ellesmere Port, Cheshire,
CH65 4FW
(m) c/o Head of Legal, Wirral Borough Council, Town Hall, Brighton Street,
Wallasey, Wirral, CH44 8ED
(n)
Willis Management (Guernsey) Limited, Suite 1 North, First Floor,
Albert House, South Esplanade, St Peter Port, Guernsey, GY1 1AJ
(o)
Badenstrasse 3, 4057, Basel, Switzerland
(p)
Borupvang 3, 4., 2750 Ballerup, Denmark
(q)
Albert-Nestler-Strasse 26, 76131 Karlsruhe, Germany
(r)
Am Euro Platz 3, 1120 Wien, Austria
(s)
Boulevard Louis Schmidt 29 15, 1040 Etterbeek, Belgium
(t)
Midpoint, Alencon Link, Basingstoke, RG21 7PP", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00252": { "value": "UK", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00253": { "value": "Kent House, 14\u201317 Market Place, London, W1W 8AJ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138008339ULDGZRB345", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }