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"2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-325": { "value": "236100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-326": { "value": "-0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsForShareIssueCosts", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-327": { "value": "4200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsForShareIssueCosts", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-328": { "value": "76800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-329": { "value": "70500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-330": { "value": "400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-331": { "value": "300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-332": { "value": "2300000", "decimals": -5, "dimensions": { "concept": "diplomaplc:NotionalPurchaseOfOwnSharesOnExerciseOfShareOptionsClassifiedAsFinancingActivities", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-333": { "value": "1900000", "decimals": -5, "dimensions": { "concept": "diplomaplc:NotionalPurchaseOfOwnSharesOnExerciseOfShareOptionsClassifiedAsFinancingActivities", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-334": { "value": "694900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-335": { "value": "579500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-336": { "value": "509100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-337": { "value": "617300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-338": { "value": "16000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-339": { "value": "13900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-340": { "value": "90300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-341": { "value": "107500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-342": { "value": "-6400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-343": { "value": "25800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-344": { "value": "62400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-345": { "value": "41700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2022-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-346": { "value": "4200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-347": { "value": "-5100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-348": { "value": "-4700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2024-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-349": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-350": { "value": "55500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2024-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-351": { "value": "62400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-356": { "value": "
1. GENERAL INFORMATION
Diploma PLC is a public company limited by shares incorporated in the United Kingdom, registered and domiciled in England and Wales and listed on the London Stock Exchange. The
address of the registered office is 10\u201311 Charterhouse Square, London EC1M 6EE. The consolidated \ufb01nancial statements comprise the Company and its subsidiaries (together referred
to as \u2018the Group\u2019) and were authorised by the Directors for publication on 19 November 2024. These statements are presented in UK sterling, with all values rounded to the nearest
100,000, except where otherwise indicated.
The consolidated \ufb01nancial statements of the Group have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the
Companies Act 2006 as applicable to companies reporting under those standards. The \ufb01nancial statements of the Parent Company, Diploma PLC, have been prepared in accordance
with FRS 101 (Reduced Disclosure Framework) and are set out in a separate section of the Annual Report and Accounts on pages 176 to 178. A full list of subsidiary and other related
undertakings is set out on pages 180 to 182.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-7": { "value": "Diploma PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-352": { "value": "Diploma PLC", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-3": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-4": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-5": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-6": { "value": "10\u201311 Charterhouse Square, London EC1M 6EE", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-401": { "value": "The consolidated \ufb01nancial statements of the Group have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The \ufb01nancial statements of the Parent Company, Diploma PLC, have been prepared in accordance with FRS 101 (Reduced Disclosure Framework) and are set out in a separate section of the Annual Report and Accounts on pages 176 to 178. A full list of subsidiary and other related undertakings is set out on pages 180 to 182.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-354": { "value": "
2. ANALYSIS OF OPERATING EXPENSES
Adjusted
Total
Adjusted
Total
2024 Adjustments 2024 2023 Adjustments 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost of inventories sold
730.1
4.4
734.5
652.1
5.9
658.0
Employee costs (note 5)
230.9
3.9
234.8
206.2
3.8
210.0
Depreciation of property, plant and equipment (note 12)
14.6
\u2013
14.6
12.8
\u2013
12.8
Depreciation of right-of-use assets (note 13)
16.3
\u2013
16.3
14.8
\u2013
14.8
Amortisation (note 11)
1.3
59.4
60.7
1.0
52.9
53.9
Net impairment movements on trade receivables (note 16)
(0.6)
\u2013
(0.6)
2.5
\u2013
2.5
Other operating expenses/(income)
85.8
9.9
95.7
73.9
(8.9)
65.0
Operating expenses
1,078.4
77.6
1,156.0
963.3
53.7
1,017.0
The adjustments to operating expenses are made in relation to acquisition related and other charges, as de\ufb01ned in note 29.2, totalling \u00a377.6m (2023: \u00a353.7m) and comprises of \u00a359.4m
(2023: \u00a352.9m) of amortisation of acquisition intangible assets, \u00a34.4m (2023: \u00a35.9m) of fair value adjustments to inventory acquired through acquisitions recognised in cost of
inventories sold, \u00a310.2m of acquisition related expenses (2023: \u00a36.3m), \u00a33.6m of restructuring costs (2023: \u00a3nil) and no disposal of businesses during the year (2023: \u00a312.2m net gain).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-400": { "value": "2. ANALYSIS OF OPERATING EXPENSES
Adjusted
Total
Adjusted
Total
2024 Adjustments 2024 2023 Adjustments 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost of inventories sold
730.1
4.4
734.5
652.1
5.9
658.0
Employee costs (note 5)
230.9
3.9
234.8
206.2
3.8
210.0
Depreciation of property, plant and equipment (note 12)
14.6
\u2013
14.6
12.8
\u2013
12.8
Depreciation of right-of-use assets (note 13)
16.3
\u2013
16.3
14.8
\u2013
14.8
Amortisation (note 11)
1.3
59.4
60.7
1.0
52.9
53.9
Net impairment movements on trade receivables (note 16)
(0.6)
\u2013
(0.6)
2.5
\u2013
2.5
Other operating expenses/(income)
85.8
9.9
95.7
73.9
(8.9)
65.0
Operating expenses
1,078.4
77.6
1,156.0
963.3
53.7
1,017.0
The adjustments to operating expenses are made in relation to acquisition related and other charges, as de\ufb01ned in note 29.2, totalling \u00a377.6m (2023: \u00a353.7m) and comprises of \u00a359.4m (2023: \u00a352.9m) of amortisation of acquisition intangible assets, \u00a34.4m (2023: \u00a35.9m) of fair value adjustments to inventory acquired through acquisitions recognised in cost of inventories sold, \u00a310.2m of acquisition related expenses (2023: \u00a36.3m), \u00a33.6m of restructuring costs (2023: \u00a3nil) and no disposal of businesses during the year (2023: \u00a312.2m net gain). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-430": { "value": "2. ANALYSIS OF OPERATING EXPENSES
Adjusted
Total
Adjusted
Total
2024 Adjustments 2024 2023 Adjustments 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost of inventories sold
730.1
4.4
734.5
652.1
5.9
658.0
Employee costs (note 5)
230.9
3.9
234.8
206.2
3.8
210.0
Depreciation of property, plant and equipment (note 12)
14.6
\u2013
14.6
12.8
\u2013
12.8
Depreciation of right-of-use assets (note 13)
16.3
\u2013
16.3
14.8
\u2013
14.8
Amortisation (note 11)
1.3
59.4
60.7
1.0
52.9
53.9
Net impairment movements on trade receivables (note 16)
(0.6)
\u2013
(0.6)
2.5
\u2013
2.5
Other operating expenses/(income)
85.8
9.9
95.7
73.9
(8.9)
65.0
Operating expenses
1,078.4
77.6
1,156.0
963.3
53.7
1,017.0
The adjustments to operating expenses are made in relation to acquisition related and other charges, as de\ufb01ned in note 29.2, totalling \u00a377.6m (2023: \u00a353.7m) and comprises of \u00a359.4m (2023: \u00a352.9m) of amortisation of acquisition intangible assets, \u00a34.4m (2023: \u00a35.9m) of fair value adjustments to inventory acquired through acquisitions recognised in cost of inventories sold, \u00a310.2m of acquisition related expenses (2023: \u00a36.3m), \u00a33.6m of restructuring costs (2023: \u00a3nil) and no disposal of businesses during the year (2023: \u00a312.2m net gain). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-443": { "value": "2. ANALYSIS OF OPERATING EXPENSES
Adjusted
Total
Adjusted
Total
2024 Adjustments 2024 2023 Adjustments 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost of inventories sold
730.1
4.4
734.5
652.1
5.9
658.0
Employee costs (note 5)
230.9
3.9
234.8
206.2
3.8
210.0
Depreciation of property, plant and equipment (note 12)
14.6
\u2013
14.6
12.8
\u2013
12.8
Depreciation of right-of-use assets (note 13)
16.3
\u2013
16.3
14.8
\u2013
14.8
Amortisation (note 11)
1.3
59.4
60.7
1.0
52.9
53.9
Net impairment movements on trade receivables (note 16)
(0.6)
\u2013
(0.6)
2.5
\u2013
2.5
Other operating expenses/(income)
85.8
9.9
95.7
73.9
(8.9)
65.0
Operating expenses
1,078.4
77.6
1,156.0
963.3
53.7
1,017.0
The adjustments to operating expenses are made in relation to acquisition related and other charges, as de\ufb01ned in note 29.2, totalling \u00a377.6m (2023: \u00a353.7m) and comprises of \u00a359.4m (2023: \u00a352.9m) of amortisation of acquisition intangible assets, \u00a34.4m (2023: \u00a35.9m) of fair value adjustments to inventory acquired through acquisitions recognised in cost of inventories sold, \u00a310.2m of acquisition related expenses (2023: \u00a36.3m), \u00a33.6m of restructuring costs (2023: \u00a3nil) and no disposal of businesses during the year (2023: \u00a312.2m net gain). 27. AUDITORS\u2019 REMUNERATION During the year the Group paid fees for the following services from the auditors:
2024
2023
\u00a3m
\u00a3m
Fees payable to the auditors for the audit of:
\u2013 the Company\u2019s Annual Report and Accounts
1.5
1.3
\u2013 the Company\u2019s subsidiaries
0.4
0.3
Audit fees
1.9
1.6
Non-audit fees of \u00a380,900 (2023: \u00a375,700) were paid to the Group\u2019s auditors for carrying out an interim review on the Half Year Announcement (which is unaudited), and subscription costs for access to a market-wide technical accounting database.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-454": { "value": "2. ANALYSIS OF OPERATING EXPENSES
Adjusted
Total
Adjusted
Total
2024 Adjustments 2024 2023 Adjustments 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost of inventories sold
730.1
4.4
734.5
652.1
5.9
658.0
Employee costs (note 5)
230.9
3.9
234.8
206.2
3.8
210.0
Depreciation of property, plant and equipment (note 12)
14.6
\u2013
14.6
12.8
\u2013
12.8
Depreciation of right-of-use assets (note 13)
16.3
\u2013
16.3
14.8
\u2013
14.8
Amortisation (note 11)
1.3
59.4
60.7
1.0
52.9
53.9
Net impairment movements on trade receivables (note 16)
(0.6)
\u2013
(0.6)
2.5
\u2013
2.5
Other operating expenses/(income)
85.8
9.9
95.7
73.9
(8.9)
65.0
Operating expenses
1,078.4
77.6
1,156.0
963.3
53.7
1,017.0
The adjustments to operating expenses are made in relation to acquisition related and other charges, as de\ufb01ned in note 29.2, totalling \u00a377.6m (2023: \u00a353.7m) and comprises of \u00a359.4m (2023: \u00a352.9m) of amortisation of acquisition intangible assets, \u00a34.4m (2023: \u00a35.9m) of fair value adjustments to inventory acquired through acquisitions recognised in cost of inventories sold, \u00a310.2m of acquisition related expenses (2023: \u00a36.3m), \u00a33.6m of restructuring costs (2023: \u00a3nil) and no disposal of businesses during the year (2023: \u00a312.2m net gain). ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-450": { "value": "
Adjusted
Total
Adjusted
Total
2024 Adjustments 2024 2023 Adjustments 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost of inventories sold
730.1
4.4
734.5
652.1
5.9
658.0
Employee costs (note 5)
230.9
3.9
234.8
206.2
3.8
210.0
Depreciation of property, plant and equipment (note 12)
14.6
\u2013
14.6
12.8
\u2013
12.8
Depreciation of right-of-use assets (note 13)
16.3
\u2013
16.3
14.8
\u2013
14.8
Amortisation (note 11)
1.3
59.4
60.7
1.0
52.9
53.9
Net impairment movements on trade receivables (note 16)
(0.6)
\u2013
(0.6)
2.5
\u2013
2.5
Other operating expenses/(income)
85.8
9.9
95.7
73.9
(8.9)
65.0
Operating expenses
1,078.4
77.6
1,156.0
963.3
53.7
1,017.0
12. PROPERTY, PLANT AND EQUIPMENT
Hospital
Freehold Leasehold Plant and \ufb01eld
properties improvements equipment equipment Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 October 2022
3.6
13.2
61.2
19.7
97.7
Additions
0.3
4.3
9.5
7.5
21.6
Acquisitions of businesses
\u2013
1.8
4.3
0.1
6.2
Disposals
(0.6)
(0.9)
(2.5)
(1.1)
(5.1)
Exchange adjustments
(0.2)
(0.8)
(5.2)
(1.3)
(7.5)
At 30 September 2023
3.1
17.6
67.3
24.9
112.9
Additions
0.2
1.7
9.7
7.3
18.9
Acquisitions of businesses (note 22)
4.1
4.9
0.3
\u2013
9.3
Disposals
(0.8)
(1.5)
(3.2)
(1.1)
(6.6)
Transfers to Held for Sale Assets
\u2013
(0.4)
(7.5)
\u2013
(7.9)
Exchange adjustments
(0.2)
(1.6)
(5.6)
(2.1)
(9.5)
At 30 September 2024
6.4
20.7
61.0
29.0
117.1
Depreciation
At 1 October 2022
1.1
5.2
32.7
9.1
48.1
Charge for the year
0.1
1.0
7.9
3.8
12.8
Disposals
(0.3)
(0.3)
(1.7)
(0.5)
(2.8)
Exchange adjustments
(0.1)
(0.3)
(3.3)
(0.7)
(4.4)
At 30 September 2023
0.8
5.6
35.6
11.7
53.7
Charge for the year
0.1
1.6
9.1
3.8
14.6
Disposals
(0.7)
(0.3)
(2.3)
(0.5)
(3.8)
Transfers to Held for Sale Assets
\u2013
(0.1)
(4.8)
\u2013
(4.9)
Exchange adjustments
\u2013
(0.5)
(4.4)
(1.0)
(5.9)
At 30 September 2024
0.2
6.3
33.2
14.0
53.7
Net book value
At 30 September 2024
6.2
14.4
27.8
15.0
63.4
At 30 September 2023
2.3
12.0
31.7
13.2
59.2
Assets under construction is included in leasehold improvements of \u00a30.1m (2023: \u00a33.2m) and plant and equipment of \u00a30.9m (2023: \u00a3nil). Land included within freehold properties above which is not depreciated is \u00a31.3m (2023: \u00a31.0m). Capital commitments contracted, but not provided, were \u00a30.1m (2023: \u00a32.2m). Freehold properties include ca. 150 acres of land at Stamford that comprises mostly farm land and former quarry land. In the Directors\u2019 opinion, the current fair value of its land at 30 September 2024 is \u00a31.0m (2023: \u00a31.0m) with a book value of \u00a3nil (2023: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-355": { "value": "
3. BUSINESS SECTOR ANALYSIS
The Chief Operating Decision Maker (CODM) for the purposes of IFRS 8 is the CEO. The \ufb01nancial performance of the business Sectors is reported to the CODM on a monthly basis and
this information is used to allocate resources on an appropriate basis.
For management reporting purposes, the Group is organised into three main reportable business Sectors: Controls, Seals and Life Sciences. These Sectors are the Group\u2019s operating
segments as de\ufb01ned by IFRS 8 and form the basis of the primary reporting format disclosures below. The CODM reviews discrete \ufb01nancial information at this operating segment level.
The principal activities of each of these Sectors are described in the Strategic Report on pages 28 to 45. Sector revenue represents revenue from external customers; there is no
material inter-Sector revenue. Sector results, assets and liabilities include items directly attributable to a Sector, as well as those that can be allocated on a reasonable basis.
Sector assets exclude cash and cash equivalents, deferred tax assets, acquisition related assets and corporate assets that cannot be allocated on a reasonable basis to a business
Sector. Sector liabilities exclude borrowings (other than lease liabilities), retirement bene\ufb01t obligations, deferred tax liabilities, acquisition liabilities and corporate liabilities that cannot
be allocated on a reasonable basis to a business Sector. These items are shown collectively in the following analysis as \u2018unallocated assets\u2019 and \u2018unallocated liabilities\u2019, respectively.
Controls
Seals
Life Sciences
Corporate
Group
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue \u2013 existing
1
595.3
568.4
478.6
419.0
221.9
212.9
\u2013
\u2013
1,295.8
1,200.3
Revenue \u2013 acquisitions
1
57.1
\u2013
10.5
\u2013
\u2013
\u2013
\u2013
\u2013
67.6
\u2013
Revenue
652.4
568.4
489.1
419.0
221.9
212.9
\u2013
\u2013
1,363.4
1,200.3
Cost of inventories sold \u2013 existing
1
(347.7)
(332.4)
(234.0)
(205.7)
(122.6)
(119.9)
\u2013
\u2013
(704.3)
(658.0)
Cost of inventories sold \u2013 acquisitions
1
(25.6)
\u2013
(4.6)
\u2013
\u2013
\u2013
\u2013
\u2013
(30.2)
\u2013
Cost of inventories sold
(373.3)
(332.4)
(238.6)
(205.7)
(122.6)
(119.9)
\u2013
\u2013
(734.5)
(658.0)
Adjusted operating pro\ufb01t \u2013 existing
1
144.0
136.6
87.1
79.0
46.8
43.2
(22.4)
(21.8)
255.5
237.0
Adjusted operating pro\ufb01t \u2013 acquisitions
1
25.9
\u2013
3.6
\u2013
\u2013
\u2013
\u2013
\u2013
29.5
\u2013
Adjusted operating pro\ufb01t
169.9
136.6
90.7
79.0
46.8
43.2
(22.4)
(21.8)
285.0
237.0
Acquisition related and other charges
(37.6)
(23.7)
(28.5)
(23.2)
(11.5)
(6.8)
\u2013
\u2013
(77.6)
(53.7)
Operating pro\ufb01t
132.3
112.9
62.2
55.8
35.3
36.4
(22.4)
(21.8)
207.4
183.3
Operating assets
301.6
214.9
262.9
264.1
94.2
75.2
\u2013
\u2013
658.7
554.2
Goodwill
265.3
167.3
179.1
169.4
96.7
102.4
\u2013
\u2013
541.1
439.1
Acquisition intangible assets
268.4
258.2
183.4
195.4
56.0
66.5
\u2013
\u2013
507.8
520.1
835.3
640.4
625.4
628.9
246.9
244.1
\u2013
\u2013
1,707.6
1,513.4
Unallocated assets:
\u2013 Deferred tax assets
0.9
0.2
0.9
0.2
\u2013 Cash and cash equivalents
55.5
62.4
55.5
62.4
\u2013 Acquisition related assets
1.8
3.0
1.8
3.0
\u2013 Retirement bene\ufb01t assets
1.5
6.8
1.5
6.8
\u2013 Corporate assets
4.8
3.5
4.8
3.5
Total assets
835.3
640.4
625.4
628.9
246.9
244.1
64.5
75.9
1,772.1
1,589.3
Controls
Seals
Life Sciences
Corporate
Group
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Operating liabilities
(120.7)
(96.1)
(119.2)
(119.6)
(52.1)
(43.3)
\u2013
\u2013
(292.0)
(259.0)
Unallocated liabilities:
\u2013 Deferred tax liabilities
(49.5)
(58.6)
(49.5)
(58.6)
\u2013 Retirement bene\ufb01t obligations
\u2013
(0.3)
\u2013
(0.3)
\u2013 Acquisition related liabilities
(25.4)
(22.6)
(25.4)
(22.6)
\u2013 Corporate liabilities
(30.7)
(29.7)
(30.7)
(29.7)
\u2013 Borrowings
(479.8)
(317.1)
(479.8)
(317.1)
Total liabilities
(120.7)
(96.1)
(119.2)
(119.6)
(52.1)
(43.3)
(585.4)
(428.3)
(877.4)
(687.3)
Net assets/(liabilities)
714.6
544.3
506.2
509.3
194.8
200.8
(520.9)
(352.4)
894.7
902.0
1 Prior year\u2019s segmental acquisition amounts have been incorporated into the existing segmental amounts for better comparability.
Other Sector information
Controls
Seals
Life Sciences
Corporate
Group
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Capital expenditure
5.7
5.9
4.7
9.0
9.2
7.9
0.1
0.3
19.7
23.1
Depreciation and amortisation
5.0
4.6
6.1
5.0
4.5
4.0
0.3
0.2
15.9
13.8
Revenue recognition
\u2013 immediately on sale
642.2
563.0
465.3
399.6
207.3
198.9
\u2013
\u2013
1,314.8
1,161.5
\u2013 over a period of time
10.2
5.4
23.8
19.4
14.6
14.0
\u2013
\u2013
48.6
38.8
652.4
568.4
489.1
419.0
221.9
212.9
\u2013
\u2013
1,363.4
1,200.3
Accrued income (\u201ccontract assets\u201d) at 30 September 2024 of \u00a30.8m (2023: \u00a31.0m) and deferred revenue (\u201ccontract liabilities\u201d) of \u00a32.8m at 30 September 2024 (2023: \u00a33.1m) are
included in trade and other receivables (note 16) and trade and other payables (note 17), respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-402": { "value": "
Controls
Seals
Life Sciences
Corporate
Group
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue \u2013 existing
1
595.3
568.4
478.6
419.0
221.9
212.9
\u2013
\u2013
1,295.8
1,200.3
Revenue \u2013 acquisitions
1
57.1
\u2013
10.5
\u2013
\u2013
\u2013
\u2013
\u2013
67.6
\u2013
Revenue
652.4
568.4
489.1
419.0
221.9
212.9
\u2013
\u2013
1,363.4
1,200.3
Cost of inventories sold \u2013 existing
1
(347.7)
(332.4)
(234.0)
(205.7)
(122.6)
(119.9)
\u2013
\u2013
(704.3)
(658.0)
Cost of inventories sold \u2013 acquisitions
1
(25.6)
\u2013
(4.6)
\u2013
\u2013
\u2013
\u2013
\u2013
(30.2)
\u2013
Cost of inventories sold
(373.3)
(332.4)
(238.6)
(205.7)
(122.6)
(119.9)
\u2013
\u2013
(734.5)
(658.0)
Adjusted operating pro\ufb01t \u2013 existing
1
144.0
136.6
87.1
79.0
46.8
43.2
(22.4)
(21.8)
255.5
237.0
Adjusted operating pro\ufb01t \u2013 acquisitions
1
25.9
\u2013
3.6
\u2013
\u2013
\u2013
\u2013
\u2013
29.5
\u2013
Adjusted operating pro\ufb01t
169.9
136.6
90.7
79.0
46.8
43.2
(22.4)
(21.8)
285.0
237.0
Acquisition related and other charges
(37.6)
(23.7)
(28.5)
(23.2)
(11.5)
(6.8)
\u2013
\u2013
(77.6)
(53.7)
Operating pro\ufb01t
132.3
112.9
62.2
55.8
35.3
36.4
(22.4)
(21.8)
207.4
183.3
Operating assets
301.6
214.9
262.9
264.1
94.2
75.2
\u2013
\u2013
658.7
554.2
Goodwill
265.3
167.3
179.1
169.4
96.7
102.4
\u2013
\u2013
541.1
439.1
Acquisition intangible assets
268.4
258.2
183.4
195.4
56.0
66.5
\u2013
\u2013
507.8
520.1
835.3
640.4
625.4
628.9
246.9
244.1
\u2013
\u2013
1,707.6
1,513.4
Unallocated assets:
\u2013 Deferred tax assets
0.9
0.2
0.9
0.2
\u2013 Cash and cash equivalents
55.5
62.4
55.5
62.4
\u2013 Acquisition related assets
1.8
3.0
1.8
3.0
\u2013 Retirement bene\ufb01t assets
1.5
6.8
1.5
6.8
\u2013 Corporate assets
4.8
3.5
4.8
3.5
Total assets
835.3
640.4
625.4
628.9
246.9
244.1
64.5
75.9
1,772.1
1,589.3
Controls
Seals
Life Sciences
Corporate
Group
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Operating liabilities
(120.7)
(96.1)
(119.2)
(119.6)
(52.1)
(43.3)
\u2013
\u2013
(292.0)
(259.0)
Unallocated liabilities:
\u2013 Deferred tax liabilities
(49.5)
(58.6)
(49.5)
(58.6)
\u2013 Retirement bene\ufb01t obligations
\u2013
(0.3)
\u2013
(0.3)
\u2013 Acquisition related liabilities
(25.4)
(22.6)
(25.4)
(22.6)
\u2013 Corporate liabilities
(30.7)
(29.7)
(30.7)
(29.7)
\u2013 Borrowings
(479.8)
(317.1)
(479.8)
(317.1)
Total liabilities
(120.7)
(96.1)
(119.2)
(119.6)
(52.1)
(43.3)
(585.4)
(428.3)
(877.4)
(687.3)
Net assets/(liabilities)
714.6
544.3
506.2
509.3
194.8
200.8
(520.9)
(352.4)
894.7
902.0
1 Prior year\u2019s segmental acquisition amounts have been incorporated into the existing segmental amounts for better comparability. Other Sector information
Controls
Seals
Life Sciences
Corporate
Group
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Capital expenditure
5.7
5.9
4.7
9.0
9.2
7.9
0.1
0.3
19.7
23.1
Depreciation and amortisation
5.0
4.6
6.1
5.0
4.5
4.0
0.3
0.2
15.9
13.8
Revenue recognition
\u2013 immediately on sale
642.2
563.0
465.3
399.6
207.3
198.9
\u2013
\u2013
1,314.8
1,161.5
\u2013 over a period of time
10.2
5.4
23.8
19.4
14.6
14.0
\u2013
\u2013
48.6
38.8
652.4
568.4
489.1
419.0
221.9
212.9
\u2013
\u2013
1,363.4
1,200.3
Accrued income (\u201ccontract assets\u201d) at 30 September 2024 of \u00a30.8m (2023: \u00a31.0m) and deferred revenue (\u201ccontract liabilities\u201d) of \u00a32.8m at 30 September 2024 (2023: \u00a33.1m) are included in trade and other receivables (note 16) and trade and other payables (note 17), respectively. 4. GEOGRAPHIC SEGMENT ANALYSIS BY ORIGIN
Non-current
Revenue
Adjusted operating pro\ufb01t
assets
1
Trading capital employed
Capital expenditure
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
United Kingdom
2
273.0
267.1
23.3
28.8
242.4
207.3
229.3
195.0
4.9
9.3
Rest of Europe
267.8
210.3
53.9
34.5
264.9
308.1
321.4
354.1
2.3
1.6
USA
626.1
537.6
165.5
132.2
566.9
470.0
698.2
567.9
3.6
4.3
Rest of world
196.5
185.3
42.3
41.5
106.6
106.3
136.1
111.2
8.9
7.9
1,363.4
1,200.3
285.0
237.0
1,180.8
1,091.7
1,385.0
1,228.2
19.7
23.1
1 Non-current assets excludes deferred tax assets, derivative assets and retirement bene\ufb01t assets. 2 United Kingdom includes the UK related corporate segment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-357": { "value": "
4. GEOGRAPHIC SEGMENT ANALYSIS BY ORIGIN
Non-current
Revenue
Adjusted operating pro\ufb01t
assets
1
Trading capital employed
Capital expenditure
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
United Kingdom
2
273.0
267.1
23.3
28.8
242.4
207.3
229.3
195.0
4.9
9.3
Rest of Europe
267.8
210.3
53.9
34.5
264.9
308.1
321.4
354.1
2.3
1.6
USA
626.1
537.6
165.5
132.2
566.9
470.0
698.2
567.9
3.6
4.3
Rest of world
196.5
185.3
42.3
41.5
106.6
106.3
136.1
111.2
8.9
7.9
1,363.4
1,200.3
285.0
237.0
1,180.8
1,091.7
1,385.0
1,228.2
19.7
23.1
1 Non-current assets excludes deferred tax assets, derivative assets and retirement bene\ufb01t assets.
2 United Kingdom includes the UK related corporate segment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-358": { "value": "
5. GROUP EMPLOYEE COSTS
Average number of employees
2024
2023
Controls
1,110
1,026
Seals
1,824
1,496
Life Sciences
463
450
Corporate
42
38
Number of employees \u2013 average
3,439
3,010
Number of employees \u2013 year end
3,597
3,319
Group employee costs, including key management
2024
2023
\u00a3m
\u00a3m
Wages and salaries
200.8
183.2
Social security costs
18.5
15.1
Other pension costs
8.4
7.6
Share-based payments
7.1
4.1
234.8
210.0
Key management short-term remuneration, including Directors
2024
2023
\u00a3m
\u00a3m
Salaries and short-term employee bene\ufb01ts
7.2
5.4
Pension costs
0.2
0.2
Share-based payments
5.2
3.0
12.6
8.6
The Group considers key management personnel as de\ufb01ned in IAS 24 (Related Party
Disclosures) to be the Directors of the Company and the members of the Executive team.
The Executive Directors\u2019 remuneration and their interests in shares of the Company are
given on pages 96 to 119 in the Remuneration Committee Report. The charge for share-
based payments of \u00a35.2m (2023: \u00a33.0m) relates to the Group\u2019s PSP, described in the
Remuneration Committee Report.
Directors\u2019 short-term remuneration
2024
2023
\u00a3m
\u00a3m
Non-Executive Directors
0.7
0.6
Executive Directors
3.1
2.7
3.8
3.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-403": { "value": "Group employee costs, including key management
2024
2023
\u00a3m
\u00a3m
Wages and salaries
200.8
183.2
Social security costs
18.5
15.1
Other pension costs
8.4
7.6
Share-based payments
7.1
4.1
234.8
210.0
Key management short-term remuneration, including Directors
2024
2023
\u00a3m
\u00a3m
Salaries and short-term employee bene\ufb01ts
7.2
5.4
Pension costs
0.2
0.2
Share-based payments
5.2
3.0
12.6
8.6
The Group considers key management personnel as de\ufb01ned in IAS 24 (Related Party Disclosures) to be the Directors of the Company and the members of the Executive team. The Executive Directors\u2019 remuneration and their interests in shares of the Company are given on pages 96 to 119 in the Remuneration Committee Report. The charge for share- based payments of \u00a35.2m (2023: \u00a33.0m) relates to the Group\u2019s PSP, described in the Remuneration Committee Report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-359": { "value": "
6. FINANCIAL EXPENSE, NET
2024
2023
\u00a3m
\u00a3m
Interest expense/(income) and similar charges
\u2013 bank facility and commitment fees
1.7
1.6
\u2013 interest income on short-term deposits
(0.6)
(0.4)
\u2013 interest expense on borrowings
22.2
16.6
\u2013 notional interest income on the de\ufb01ned bene\ufb01t pension scheme
(note 26)
(0.3)
(0.4)
\u2013 amortisation of capitalised borrowing fees
0.1
0.2
\u2013 interest on lease liabilities (note 13)
3.9
2.8
Net interest expense and similar charges
27.0
20.4
\u2013 acquisition related \ufb01nance charges, net
3.8
7.3
Financial expense, net
30.8
27.7
Acquisition related \ufb01nance charges as adjusted in the Consolidated Income Statement
includes fair value movement and unwind of discount on acquisition liabilities of \u00a33.2m
charge (2023: \u00a30.4m charge), \u00a30.9m charge (2023: \u00a35.9m charge) for the amortisation
and write-off of capitalised borrowing fees on acquisition related borrowings, fair value
remeasurements of put options for future minority interest purchases of \u00a30.1m income
(2023: \u00a31.8m charge), and net income from interest and settlement of acquisition and
disposal related items of \u00a30.2m (2023: \u00a30.8m net income). Acquisition related \ufb01nance
charges are adjusted due to their consistent nature with acquisition related and other
charges, as de\ufb01ned in note 29.2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-404": { "value": "6. FINANCIAL EXPENSE, NET
2024
2023
\u00a3m
\u00a3m
Interest expense/(income) and similar charges
\u2013 bank facility and commitment fees
1.7
1.6
\u2013 interest income on short-term deposits
(0.6)
(0.4)
\u2013 interest expense on borrowings
22.2
16.6
\u2013 notional interest income on the de\ufb01ned bene\ufb01t pension scheme
(note 26)
(0.3)
(0.4)
\u2013 amortisation of capitalised borrowing fees
0.1
0.2
\u2013 interest on lease liabilities (note 13)
3.9
2.8
Net interest expense and similar charges
27.0
20.4
\u2013 acquisition related \ufb01nance charges, net
3.8
7.3
Financial expense, net
30.8
27.7
Acquisition related \ufb01nance charges as adjusted in the Consolidated Income Statement includes fair value movement and unwind of discount on acquisition liabilities of \u00a33.2m charge (2023: \u00a30.4m charge), \u00a30.9m charge (2023: \u00a35.9m charge) for the amortisation and write-off of capitalised borrowing fees on acquisition related borrowings, fair value remeasurements of put options for future minority interest purchases of \u00a30.1m income (2023: \u00a31.8m charge), and net income from interest and settlement of acquisition and disposal related items of \u00a30.2m (2023: \u00a30.8m net income). Acquisition related \ufb01nance charges are adjusted due to their consistent nature with acquisition related and other charges, as de\ufb01ned in note 29.2.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-431": { "value": "6. FINANCIAL EXPENSE, NET
2024
2023
\u00a3m
\u00a3m
Interest expense/(income) and similar charges
\u2013 bank facility and commitment fees
1.7
1.6
\u2013 interest income on short-term deposits
(0.6)
(0.4)
\u2013 interest expense on borrowings
22.2
16.6
\u2013 notional interest income on the de\ufb01ned bene\ufb01t pension scheme
(note 26)
(0.3)
(0.4)
\u2013 amortisation of capitalised borrowing fees
0.1
0.2
\u2013 interest on lease liabilities (note 13)
3.9
2.8
Net interest expense and similar charges
27.0
20.4
\u2013 acquisition related \ufb01nance charges, net
3.8
7.3
Financial expense, net
30.8
27.7
Acquisition related \ufb01nance charges as adjusted in the Consolidated Income Statement includes fair value movement and unwind of discount on acquisition liabilities of \u00a33.2m charge (2023: \u00a30.4m charge), \u00a30.9m charge (2023: \u00a35.9m charge) for the amortisation and write-off of capitalised borrowing fees on acquisition related borrowings, fair value remeasurements of put options for future minority interest purchases of \u00a30.1m income (2023: \u00a31.8m charge), and net income from interest and settlement of acquisition and disposal related items of \u00a30.2m (2023: \u00a30.8m net income). Acquisition related \ufb01nance charges are adjusted due to their consistent nature with acquisition related and other charges, as de\ufb01ned in note 29.2. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-444": { "value": "6. FINANCIAL EXPENSE, NET
2024
2023
\u00a3m
\u00a3m
Interest expense/(income) and similar charges
\u2013 bank facility and commitment fees
1.7
1.6
\u2013 interest income on short-term deposits
(0.6)
(0.4)
\u2013 interest expense on borrowings
22.2
16.6
\u2013 notional interest income on the de\ufb01ned bene\ufb01t pension scheme
(note 26)
(0.3)
(0.4)
\u2013 amortisation of capitalised borrowing fees
0.1
0.2
\u2013 interest on lease liabilities (note 13)
3.9
2.8
Net interest expense and similar charges
27.0
20.4
\u2013 acquisition related \ufb01nance charges, net
3.8
7.3
Financial expense, net
30.8
27.7
Acquisition related \ufb01nance charges as adjusted in the Consolidated Income Statement includes fair value movement and unwind of discount on acquisition liabilities of \u00a33.2m charge (2023: \u00a30.4m charge), \u00a30.9m charge (2023: \u00a35.9m charge) for the amortisation and write-off of capitalised borrowing fees on acquisition related borrowings, fair value remeasurements of put options for future minority interest purchases of \u00a30.1m income (2023: \u00a31.8m charge), and net income from interest and settlement of acquisition and disposal related items of \u00a30.2m (2023: \u00a30.8m net income). Acquisition related \ufb01nance charges are adjusted due to their consistent nature with acquisition related and other charges, as de\ufb01ned in note 29.2. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-451": { "value": "6. FINANCIAL EXPENSE, NET
2024
2023
\u00a3m
\u00a3m
Interest expense/(income) and similar charges
\u2013 bank facility and commitment fees
1.7
1.6
\u2013 interest income on short-term deposits
(0.6)
(0.4)
\u2013 interest expense on borrowings
22.2
16.6
\u2013 notional interest income on the de\ufb01ned bene\ufb01t pension scheme
(note 26)
(0.3)
(0.4)
\u2013 amortisation of capitalised borrowing fees
0.1
0.2
\u2013 interest on lease liabilities (note 13)
3.9
2.8
Net interest expense and similar charges
27.0
20.4
\u2013 acquisition related \ufb01nance charges, net
3.8
7.3
Financial expense, net
30.8
27.7
Acquisition related \ufb01nance charges as adjusted in the Consolidated Income Statement includes fair value movement and unwind of discount on acquisition liabilities of \u00a33.2m charge (2023: \u00a30.4m charge), \u00a30.9m charge (2023: \u00a35.9m charge) for the amortisation and write-off of capitalised borrowing fees on acquisition related borrowings, fair value remeasurements of put options for future minority interest purchases of \u00a30.1m income (2023: \u00a31.8m charge), and net income from interest and settlement of acquisition and disposal related items of \u00a30.2m (2023: \u00a30.8m net income). Acquisition related \ufb01nance charges are adjusted due to their consistent nature with acquisition related and other charges, as de\ufb01ned in note 29.2. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-455": { "value": "6. FINANCIAL EXPENSE, NET
2024
2023
\u00a3m
\u00a3m
Interest expense/(income) and similar charges
\u2013 bank facility and commitment fees
1.7
1.6
\u2013 interest income on short-term deposits
(0.6)
(0.4)
\u2013 interest expense on borrowings
22.2
16.6
\u2013 notional interest income on the de\ufb01ned bene\ufb01t pension scheme
(note 26)
(0.3)
(0.4)
\u2013 amortisation of capitalised borrowing fees
0.1
0.2
\u2013 interest on lease liabilities (note 13)
3.9
2.8
Net interest expense and similar charges
27.0
20.4
\u2013 acquisition related \ufb01nance charges, net
3.8
7.3
Financial expense, net
30.8
27.7
Acquisition related \ufb01nance charges as adjusted in the Consolidated Income Statement includes fair value movement and unwind of discount on acquisition liabilities of \u00a33.2m charge (2023: \u00a30.4m charge), \u00a30.9m charge (2023: \u00a35.9m charge) for the amortisation and write-off of capitalised borrowing fees on acquisition related borrowings, fair value remeasurements of put options for future minority interest purchases of \u00a30.1m income (2023: \u00a31.8m charge), and net income from interest and settlement of acquisition and disposal related items of \u00a30.2m (2023: \u00a30.8m net income). Acquisition related \ufb01nance charges are adjusted due to their consistent nature with acquisition related and other charges, as de\ufb01ned in note 29.2. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-360": { "value": "
7. TAX EXPENSE
2024
2023
\u00a3m
\u00a3m
Current tax
The tax charge is based on the pro\ufb01t for the year and comprises:
UK corporation tax
15.2
10.4
Overseas tax
40.1
31.2
55.3
41.6
Adjustments in respect of prior year:
UK corporation tax
(0.2)
1.2
Overseas tax
0.4
0.1
Total current tax
55.5
42.9
Deferred tax
The net deferred tax credit based on the origination and reversal
of timing differences comprises:
United Kingdom
(1.2)
(2.7)
Overseas
(7.7)
(2.9)
Total deferred tax
(8.9)
(5.6)
Total tax on pro\ufb01t for the year
46.6
37.3
In addition to the above credit for deferred tax included in the Consolidated Income
Statement, a deferred tax credit relating to the retirement bene\ufb01t scheme and cash \ufb02ow
hedges of \u00a32.5m was recognised in the Consolidated Statement of Comprehensive
Income (2023: \u00a30.7m credit). A further \u00a31.7m was credited (2023: \u00a30.5m credit) to the
Consolidated Statement of Changes in Equity.
Factors affecting the tax charge for the year
The difference between the total tax charge calculated by applying the effective rate of
UK corporation tax of 25.0% to the pro\ufb01t before tax of \u00a3176.6m and the amount set out
above is as follows:
2024
2023
\u00a3m
\u00a3m
Pro\ufb01t before tax
176.6
155.6
Tax on pro\ufb01t at UK effective corporation tax rate of 25.0% (2023: 22.0%)
44.2
34.2
Effects of:
overseas tax rates
0.4
3.8
adjustments in respect of UK and Overseas corporation tax in prior years
0.2
1.3
other permanent differences
1.8
(2.0)
Total tax on pro\ufb01t for the year
46.6
37.3
Tax effect on adjusting items
15.3
14.7
Adjusted tax expense
61.9
52.0
The tax adjustment in the Consolidated Income Statement of \u00a315.3m (2023: \u00a314.7m)
re\ufb02ects the tax effect of the acquisition related and other charges, and acquisition related
\ufb01nance charges.
The Group earns its pro\ufb01ts in the UK and overseas. The Group prepares its consolidated
\ufb01nancial statements for the year to 30 September and the statutory tax rate for
UK corporation tax in respect of the year ended 30 September 2024 was 25.0%
(2023: 22.0%) and this rate has been used for tax on pro\ufb01t in the above reconciliation.
The Group\u2019s effective tax rate on adjusted pro\ufb01t remains consistent with the prior year at
24% (2023: 24%). This is re\ufb02ective of the geographic mix of pro\ufb01ts and the statutory tax
rates in the jurisdictions in which we operate. The UK deferred tax assets and liabilities at
30 September 2024 have been calculated by reference to the UK corporation tax rate of
25.0% (2023: 25.0%).
At 30 September 2024, the Group had outstanding tax liabilities of \u00a322.9m
(2023: \u00a316.6m). These amounts are expected to be paid within the next \ufb01nancial year.
During 2021, the OECD published a framework for the introduction of a global minimum
effective tax rate of 15%, applicable to large multinational groups. The legislation
implementing these \u2018Pillar Two\u2019 rules in the UK was substantively enacted on 20 June 2023
and will apply to the Group from the \ufb01nancial year ending 30 September 2025 onwards.
We have applied the temporary exception under IAS 12 from the requirement to recognise
and disclose deferred taxes arising from the implementation of the Pillar Two rules.
The OECD has issued guidance on safe harbours and penalty relief. This includes a
Transitional Country-by-Country Safe Harbour (\u2018TCSH\u2019), which allows multinationals to
avoid detailed calculations for a jurisdiction if they meet certain criteria. Based on these
rules, the most recently \ufb01led country-by-country report and the effective tax rates in most
jurisdictions in which the Group operates being above 15% we do not expect the Pillar Two
legislation to have a material effect on the \ufb01nancial statements of the Group.
14. DEFERRED TAX
The movement on the net deferred tax liability is as follows:
2024
2023
\u00a3m
\u00a3m
At 1 October
(58.4)
(38.2)
Credited to the income statement (note 7)
8.9
5.6
Acquisitions and disposals (note 22)
(5.3)
(26.9)
Accounted for in Other Comprehensive Income or directly in Equity
2.5
0.7
Transfers to Held for Sale Assets
1.2
\u2013
Exchange adjustments
2.5
0.4
At 30 September
(48.6)
(58.4)
Deferred tax assets and liabilities are only offset where there is a legally enforceable right
of offset and there is an intention to settle the balances on a net basis.
Assets
Liabilities
Net
2024
2023
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property, plant and
equipment
\u2013
\u2013
(7.4)
(7.4)
(7.4)
(7.4)
Goodwill and intangible
assets
\u2013
\u2013
(60.8)
(63.4)
(60.8)
(63.4)
Retirement bene\ufb01t
assets/obligations
0.1
0.1
(0.4)
(1.4)
(0.3)
(1.3)
Inventories
5.8
3.4
(0.3)
(0.1)
5.5
3.3
Share-based payments
3.8
2.0
\u2013
\u2013
3.8
2.0
Leases
1.7
1.6
\u2013
\u2212
1.7
1.6
Other temporary differences
9.3
7.1
(0.4)
(0.3)
8.9
6.8
20.7
14.2
(69.3)
(72.6)
(48.6)
(58.4)
Deferred tax offset
(19.8)
(14.0)
19.8
14.0
\u2013
\u2212
0.9
0.2
(49.5)
(58.6)
(48.6)
(58.4)
No deferred tax has been provided on unremitted earnings of overseas Group companies
as the Group controls the dividend policies of its subsidiaries. Unremitted earnings may be
liable to overseas withholding tax (after allowing for double taxation relief) if they were to
be distributed as dividends. The aggregate amount for which deferred tax has not been
recognised in respect of unremitted earnings from overseas businesses of \u00a3227.9m (2023:
\u00a3208.7m) was \u00a311.5m (2023: \u00a310.5m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-432": { "value": "7. TAX EXPENSE
2024
2023
\u00a3m
\u00a3m
Current tax
The tax charge is based on the pro\ufb01t for the year and comprises:
UK corporation tax
15.2
10.4
Overseas tax
40.1
31.2
55.3
41.6
Adjustments in respect of prior year:
UK corporation tax
(0.2)
1.2
Overseas tax
0.4
0.1
Total current tax
55.5
42.9
Deferred tax
The net deferred tax credit based on the origination and reversal
of timing differences comprises:
United Kingdom
(1.2)
(2.7)
Overseas
(7.7)
(2.9)
Total deferred tax
(8.9)
(5.6)
Total tax on pro\ufb01t for the year
46.6
37.3
In addition to the above credit for deferred tax included in the Consolidated Income Statement, a deferred tax credit relating to the retirement bene\ufb01t scheme and cash \ufb02ow hedges of \u00a32.5m was recognised in the Consolidated Statement of Comprehensive Income (2023: \u00a30.7m credit). A further \u00a31.7m was credited (2023: \u00a30.5m credit) to the Consolidated Statement of Changes in Equity. Factors affecting the tax charge for the year The difference between the total tax charge calculated by applying the effective rate of UK corporation tax of 25.0% to the pro\ufb01t before tax of \u00a3176.6m and the amount set out above is as follows:
2024
2023
\u00a3m
\u00a3m
Pro\ufb01t before tax
176.6
155.6
Tax on pro\ufb01t at UK effective corporation tax rate of 25.0% (2023: 22.0%)
44.2
34.2
Effects of:
overseas tax rates
0.4
3.8
adjustments in respect of UK and Overseas corporation tax in prior years
0.2
1.3
other permanent differences
1.8
(2.0)
Total tax on pro\ufb01t for the year
46.6
37.3
Tax effect on adjusting items
15.3
14.7
Adjusted tax expense
61.9
52.0
The tax adjustment in the Consolidated Income Statement of \u00a315.3m (2023: \u00a314.7m) re\ufb02ects the tax effect of the acquisition related and other charges, and acquisition related \ufb01nance charges. The Group earns its pro\ufb01ts in the UK and overseas. The Group prepares its consolidated \ufb01nancial statements for the year to 30 September and the statutory tax rate for UK corporation tax in respect of the year ended 30 September 2024 was 25.0% (2023: 22.0%) and this rate has been used for tax on pro\ufb01t in the above reconciliation. The Group\u2019s effective tax rate on adjusted pro\ufb01t remains consistent with the prior year at 24% (2023: 24%). This is re\ufb02ective of the geographic mix of pro\ufb01ts and the statutory tax rates in the jurisdictions in which we operate. The UK deferred tax assets and liabilities at 30 September 2024 have been calculated by reference to the UK corporation tax rate of 25.0% (2023: 25.0%). At 30 September 2024, the Group had outstanding tax liabilities of \u00a322.9m (2023: \u00a316.6m). These amounts are expected to be paid within the next \ufb01nancial year. During 2021, the OECD published a framework for the introduction of a global minimum effective tax rate of 15%, applicable to large multinational groups. The legislation implementing these \u2018Pillar Two\u2019 rules in the UK was substantively enacted on 20 June 2023 and will apply to the Group from the \ufb01nancial year ending 30 September 2025 onwards. We have applied the temporary exception under IAS 12 from the requirement to recognise and disclose deferred taxes arising from the implementation of the Pillar Two rules. The OECD has issued guidance on safe harbours and penalty relief. This includes a Transitional Country-by-Country Safe Harbour (\u2018TCSH\u2019), which allows multinationals to avoid detailed calculations for a jurisdiction if they meet certain criteria. Based on these rules, the most recently \ufb01led country-by-country report and the effective tax rates in most jurisdictions in which the Group operates being above 15% we do not expect the Pillar Two legislation to have a material effect on the \ufb01nancial statements of the Group. 14. DEFERRED TAX The movement on the net deferred tax liability is as follows:
2024
2023
\u00a3m
\u00a3m
At 1 October
(58.4)
(38.2)
Credited to the income statement (note 7)
8.9
5.6
Acquisitions and disposals (note 22)
(5.3)
(26.9)
Accounted for in Other Comprehensive Income or directly in Equity
2.5
0.7
Transfers to Held for Sale Assets
1.2
\u2013
Exchange adjustments
2.5
0.4
At 30 September
(48.6)
(58.4)
Deferred tax assets and liabilities are only offset where there is a legally enforceable right of offset and there is an intention to settle the balances on a net basis.
Assets
Liabilities
Net
2024
2023
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property, plant and
equipment
\u2013
\u2013
(7.4)
(7.4)
(7.4)
(7.4)
Goodwill and intangible
assets
\u2013
\u2013
(60.8)
(63.4)
(60.8)
(63.4)
Retirement bene\ufb01t
assets/obligations
0.1
0.1
(0.4)
(1.4)
(0.3)
(1.3)
Inventories
5.8
3.4
(0.3)
(0.1)
5.5
3.3
Share-based payments
3.8
2.0
\u2013
\u2013
3.8
2.0
Leases
1.7
1.6
\u2013
\u2212
1.7
1.6
Other temporary differences
9.3
7.1
(0.4)
(0.3)
8.9
6.8
20.7
14.2
(69.3)
(72.6)
(48.6)
(58.4)
Deferred tax offset
(19.8)
(14.0)
19.8
14.0
\u2013
\u2212
0.9
0.2
(49.5)
(58.6)
(48.6)
(58.4)
No deferred tax has been provided on unremitted earnings of overseas Group companies as the Group controls the dividend policies of its subsidiaries. Unremitted earnings may be liable to overseas withholding tax (after allowing for double taxation relief) if they were to be distributed as dividends. The aggregate amount for which deferred tax has not been recognised in respect of unremitted earnings from overseas businesses of \u00a3227.9m (2023: \u00a3208.7m) was \u00a311.5m (2023: \u00a310.5m).", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-361": { "value": "
8. DIVIDENDS
2024
2023
pence pence 2024 2023
per share
per share
\u00a3m
\u00a3m
Interim dividend, paid in June
17.3
16.5
23.2
22.1
Final dividend of the prior year, paid in February
40.0
38.8
53.6
48.4
57.3
55.3
76.8
70.5
The Directors have proposed a \ufb01nal dividend in respect of the current year of 42.0p per
share (2023: 40.0p), which will be paid on 31 January 2025 subject to approval by
shareholders at the Annual General Meeting (AGM) on 15 January 2025. The total dividend
for the current year, subject to approval of the \ufb01nal dividend, will be 59.3p per share
(2023: 56.5p).
The Diploma PLC Employee Bene\ufb01t Trust holds 60,708 (2023: 67,431) shares, which are
ineligible for dividends.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-405": { "value": "0.42", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-406": { "value": "0.40", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-362": { "value": "
9. EARNINGS PER SHARE
Basic and diluted earnings per share
Basic earnings per ordinary 5p share is calculated on the basis of the weighted average
number of ordinary shares in issue during the year of 134,020,566 (2023: 129,675,581) and
the pro\ufb01t for the year attributable to shareholders of \u00a3129.3m (2023: \u00a3117.7m). Basic
earnings per share is 96.5p (2023: 90.8p). Diluted earnings per share is 96.1p (2023: 90.4p)
and is based on the average number of ordinary shares (which includes any potentially
dilutive shares) of 134,494,807 (2023: 130,260,868).
Further description of the Company\u2019s share capital is set out in note (F) to the Parent
Company Financial Statements on page 178.
Adjusted earnings per share
Adjusted EPS, which is de\ufb01ned in note 29.3, is 145.8p (2023: 126.5p).
2024
2024
2023
2023
pence pence pence pence
per share per share per share per share 2024 2023
Basic
Diluted
Basic
Diluted
\u00a3m
\u00a3m
Pro\ufb01t before tax
176.6
155.6
Tax expense
(46.6)
(37.3)
Minority interests
(0.7)
(0.6)
Earnings for the year
attributable to shareholders
of the Company
96.5
96.1
90.8
90.4
129.3
117.7
Acquisition related and other
charges and
acquisition
related \ufb01nance charges, net
of tax
49.3
49.2
35.7
35.5
66.1
46.3
Adjusted earnings
145.8
145.3
126.5
125.9
195.4
164.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-363": { "value": "
10. GOODWILL
Life
Controls Seals Sciences Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 October 2022
140.9
125.2
106.2
372.3
Acquisitions
39.5
48.1
1.3
88.9
Disposals
(4.3)
\u2013
\u2013
(4.3)
Exchange adjustments
(8.8)
(3.9)
(5.1)
(17.8)
At 30 September 2023
167.3
169.4
102.4
439.1
Acquisitions
118.1
27.0
\u2013
145.1
Transfers to Held for Sale Assets
(0.6)
(11.8)
\u2013
(12.4)
Exchange adjustments
(19.5)
(5.5)
(5.7)
(30.7)
At 30 September 2024
265.3
179.1
96.7
541.1
The Group tests goodwill for impairment at least once a year. For the purposes of
impairment testing, goodwill is allocated to each of the Group\u2019s three cash-generating
units (CGUs), which are the three operating Sectors: Controls, Seals, and Life Sciences.
This represents the lowest level within the Group at which goodwill is monitored by
management and re\ufb02ects the Group\u2019s strategy of acquiring businesses to drive synergies
across a Sector, rather than within an individual business. The impairment test requires a
\u2018value in use\u2019 valuation to be prepared for each Sector using discounted cash \ufb02ow
forecasts. The cash \ufb02ow forecasts are based on a combination of annual budgets
prepared by each business and the Group\u2019s strategic plan.
The key assumptions used to prepare the cash \ufb02ow forecasts relate to operating margins,
revenue growth rates, the discount rates and climate related risks. The operating margins
are assumed to remain sustainable, which is supported by historical experience. Revenue
growth rates generally approximate to the average rates for the markets in which the
business operates, unless there are particular factors relevant to a business. The cash \ufb02ow
forecasts use the budgeted \ufb01gures for FY25, and then the three-year strategy cash \ufb02ows
for the next two years. From year four onwards a long-term growth rate of 2% is utilised.
The cash \ufb02ow forecasts are discounted to determine a current valuation using market
derived pre-tax discount rates; Controls 9.7% (2023: 10.1%), Seals 10.1% (2023: 10.2%)
and Life Sciences 9.4% (2023: 10.1%). The equivalent post-tax discount rates for FY24
are: Controls 9.6% (2023: 10.0%), Seals 10.0% (2023: 10.1%) and Life Sciences 9.3%
(2023: 10.0%).
These rates are based on the characteristics of lower risk, non-technically driven,
distribution businesses operating generally in well-developed markets and with robust
capital structures.
Based on the criteria set out above, no impairment in the value of goodwill in the CGUs
was identi\ufb01ed.
The Directors have also carried out sensitivity analyses on the key assumptions noted
above to determine whether a \u2018reasonably possible adverse change\u2019 in any of these
assumptions, including the net \ufb01nancial impact of climate-related risks and opportunities,
would result in an impairment of goodwill. The analysis indicates that a \u2018reasonably
possible adverse change\u2019 would not give rise to an impairment charge to goodwill in any
of the three CGUs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-407": { "value": "10. GOODWILL
Life
Controls Seals Sciences Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 October 2022
140.9
125.2
106.2
372.3
Acquisitions
39.5
48.1
1.3
88.9
Disposals
(4.3)
\u2013
\u2013
(4.3)
Exchange adjustments
(8.8)
(3.9)
(5.1)
(17.8)
At 30 September 2023
167.3
169.4
102.4
439.1
Acquisitions
118.1
27.0
\u2013
145.1
Transfers to Held for Sale Assets
(0.6)
(11.8)
\u2013
(12.4)
Exchange adjustments
(19.5)
(5.5)
(5.7)
(30.7)
At 30 September 2024
265.3
179.1
96.7
541.1
The Group tests goodwill for impairment at least once a year. For the purposes of impairment testing, goodwill is allocated to each of the Group\u2019s three cash-generating units (CGUs), which are the three operating Sectors: Controls, Seals, and Life Sciences. This represents the lowest level within the Group at which goodwill is monitored by management and re\ufb02ects the Group\u2019s strategy of acquiring businesses to drive synergies across a Sector, rather than within an individual business. The impairment test requires a \u2018value in use\u2019 valuation to be prepared for each Sector using discounted cash \ufb02ow forecasts. The cash \ufb02ow forecasts are based on a combination of annual budgets prepared by each business and the Group\u2019s strategic plan. The key assumptions used to prepare the cash \ufb02ow forecasts relate to operating margins, revenue growth rates, the discount rates and climate related risks. The operating margins are assumed to remain sustainable, which is supported by historical experience. Revenue growth rates generally approximate to the average rates for the markets in which the business operates, unless there are particular factors relevant to a business. The cash \ufb02ow forecasts use the budgeted \ufb01gures for FY25, and then the three-year strategy cash \ufb02ows for the next two years. From year four onwards a long-term growth rate of 2% is utilised. The cash \ufb02ow forecasts are discounted to determine a current valuation using market derived pre-tax discount rates; Controls 9.7% (2023: 10.1%), Seals 10.1% (2023: 10.2%) and Life Sciences 9.4% (2023: 10.1%). The equivalent post-tax discount rates for FY24 are: Controls 9.6% (2023: 10.0%), Seals 10.0% (2023: 10.1%) and Life Sciences 9.3% (2023: 10.0%). These rates are based on the characteristics of lower risk, non-technically driven, distribution businesses operating generally in well-developed markets and with robust capital structures. Based on the criteria set out above, no impairment in the value of goodwill in the CGUs was identi\ufb01ed. The Directors have also carried out sensitivity analyses on the key assumptions noted above to determine whether a \u2018reasonably possible adverse change\u2019 in any of these assumptions, including the net \ufb01nancial impact of climate-related risks and opportunities, would result in an impairment of goodwill. The analysis indicates that a \u2018reasonably possible adverse change\u2019 would not give rise to an impairment charge to goodwill in any of the three CGUs. 11. ACQUISITION AND OTHER INTANGIBLE ASSETS
Customer
Trade
Total
relationships names, acquisition Other
and order Supplier brands and intangible intangible
backlog relationships databases Technology assets assets
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 October 2022
547.9
30.9
53.7
\u2013
632.5
9.3
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
1.5
Acquisitions
137.3
\u2013
6.2
0.8
144.3
\u2013
Disposals
(1.1)
\u2013
\u2013
\u2013
(1.1)
(0.1)
Transfers
\u2013
\u2013
\u2013
\u2013
\u2013
(0.3)
Exchange adjustments
(30.2)
(1.6)
(4.4)
(0.1)
(36.3)
(0.2)
At 30 September 2023
653.9
29.3
55.5
0.7
739.4
10.2
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
0.8
Acquisitions
83.7
\u2013
\u2013
\u2013
83.7
\u2013
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(0.4)
Transfers to Held for Sale
Assets
(17.5)
(1.4)
\u2013
\u2013
(18.9)
(1.5)
Exchange adjustments
(41.4)
(1.5)
(4.3)
\u2013
(47.2)
(0.6)
At 30 September 2024
678.7
26.4
51.2
0.7
757.0
8.5
Customer
Trade
Total
relationships names, acquisition Other
and order Supplier brands and intangible intangible
backlog relationships databases Technology assets assets
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Amortisation
At 1 October 2022
140.1
24.6
12.8
\u2013
177.5
5.2
Acquisitions
4.1
\u2013
0.2
\u2013
4.3
\u2013
Charge for the year
41.4
1.7
5.5
\u2013
48.6
1.0
Disposals
(1.1)
\u2013
\u2013
\u2013
(1.1)
\u2013
Exchange adjustments
(7.8)
(1.2)
(1.0)
\u2013
(10.0)
(0.2)
At 30 September 2023
176.7
25.1
17.5
\u2013
219.3
6.0
Acquisitions
4.0
\u2013
\u2013
\u2013
4.0
\u2013
Charge for the year
47.7
1.7
5.9
0.1
55.4
1.3
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(0.3)
Transfers to Held for Sale
Assets
(13.8)
(1.4)
\u2013
\u2013
(15.2)
(0.8)
Exchange adjustments
(11.3)
(1.3)
(1.7)
\u2013
(14.3)
(0.3)
At 30 September 2024
203.3
24.1
21.7
0.1
249.2
5.9
Net book value
At 30 September 2024
475.4
2.3
29.5
0.6
507.8
2.6
At 30 September 2023
477.2
4.2
38.0
0.7
520.1
4.2
Acquisition intangible assets relate to items acquired through business combinations
which are fair-valued and amortised over their useful economic lives.
Economic life
Customer relationships
5\u201316 years
Supplier relationships
8\u201310 years
Trade names, brands and databases
5\u201311 years
Technology
5 years
Order backlog
3 years
Customer relationships principally relate to: Windy City Wire (\u00a3136.0m \u2013 12 years useful life
remaining), DICSA (\u00a383.5m \u2013 15 years useful life remaining), Peerless (\u00a350.2m \u2013 11 years
remaining) and R&G (\u00a331.2m \u2013 8 years useful life remaining). Trade names and brands
principally relate to Windy City Wire (\u00a322.5m \u2013 8 years useful life remaining) and DICSA
(\u00a35.2m \u2013 9 years useful life remaining). Technology relates to DICSA (4 years useful life
remaining). Order backlog relates to Peerless (\u00a35.2m \u2013 3 years useful life remaining).
Other intangible assets comprise computer software that is separately identi\ufb01able from IT
equipment and includes software licences.
Other intangible assets includes \u00a30.2m (2023: \u00a3nil) of assets under construction.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-364": { "value": "
11. ACQUISITION AND OTHER INTANGIBLE ASSETS
Customer
Trade
Total
relationships names, acquisition Other
and order Supplier brands and intangible intangible
backlog relationships databases Technology assets assets
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 October 2022
547.9
30.9
53.7
\u2013
632.5
9.3
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
1.5
Acquisitions
137.3
\u2013
6.2
0.8
144.3
\u2013
Disposals
(1.1)
\u2013
\u2013
\u2013
(1.1)
(0.1)
Transfers
\u2013
\u2013
\u2013
\u2013
\u2013
(0.3)
Exchange adjustments
(30.2)
(1.6)
(4.4)
(0.1)
(36.3)
(0.2)
At 30 September 2023
653.9
29.3
55.5
0.7
739.4
10.2
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
0.8
Acquisitions
83.7
\u2013
\u2013
\u2013
83.7
\u2013
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(0.4)
Transfers to Held for Sale
Assets
(17.5)
(1.4)
\u2013
\u2013
(18.9)
(1.5)
Exchange adjustments
(41.4)
(1.5)
(4.3)
\u2013
(47.2)
(0.6)
At 30 September 2024
678.7
26.4
51.2
0.7
757.0
8.5
Customer
Trade
Total
relationships names, acquisition Other
and order Supplier brands and intangible intangible
backlog relationships databases Technology assets assets
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Amortisation
At 1 October 2022
140.1
24.6
12.8
\u2013
177.5
5.2
Acquisitions
4.1
\u2013
0.2
\u2013
4.3
\u2013
Charge for the year
41.4
1.7
5.5
\u2013
48.6
1.0
Disposals
(1.1)
\u2013
\u2013
\u2013
(1.1)
\u2013
Exchange adjustments
(7.8)
(1.2)
(1.0)
\u2013
(10.0)
(0.2)
At 30 September 2023
176.7
25.1
17.5
\u2013
219.3
6.0
Acquisitions
4.0
\u2013
\u2013
\u2013
4.0
\u2013
Charge for the year
47.7
1.7
5.9
0.1
55.4
1.3
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(0.3)
Transfers to Held for Sale
Assets
(13.8)
(1.4)
\u2013
\u2013
(15.2)
(0.8)
Exchange adjustments
(11.3)
(1.3)
(1.7)
\u2013
(14.3)
(0.3)
At 30 September 2024
203.3
24.1
21.7
0.1
249.2
5.9
Net book value
At 30 September 2024
475.4
2.3
29.5
0.6
507.8
2.6
At 30 September 2023
477.2
4.2
38.0
0.7
520.1
4.2
Acquisition intangible assets relate to items acquired through business combinations which are fair-valued and amortised over their useful economic lives.
Economic life
Customer relationships
5\u201316 years
Supplier relationships
8\u201310 years
Trade names, brands and databases
5\u201311 years
Technology
5 years
Order backlog
3 years
Customer relationships principally relate to: Windy City Wire (\u00a3136.0m \u2013 12 years useful life remaining), DICSA (\u00a383.5m \u2013 15 years useful life remaining), Peerless (\u00a350.2m \u2013 11 years remaining) and R&G (\u00a331.2m \u2013 8 years useful life remaining). Trade names and brands principally relate to Windy City Wire (\u00a322.5m \u2013 8 years useful life remaining) and DICSA (\u00a35.2m \u2013 9 years useful life remaining). Technology relates to DICSA (4 years useful life remaining). Order backlog relates to Peerless (\u00a35.2m \u2013 3 years useful life remaining). Other intangible assets comprise computer software that is separately identi\ufb01able from IT equipment and includes software licences. Other intangible assets includes \u00a30.2m (2023: \u00a3nil) of assets under construction.
Assets under construction is included in leasehold improvements of \u00a30.1m (2023: \u00a33.2m)
and plant and equipment of \u00a30.9m (2023: \u00a3nil).
Land included within freehold properties above which is not depreciated is \u00a31.3m (2023:
\u00a31.0m). Capital commitments contracted, but not provided, were \u00a30.1m (2023: \u00a32.2m).
Freehold properties include ca. 150 acres of land at Stamford that comprises mostly farm
land and former quarry land. In the Directors\u2019 opinion, the current fair value of its land at
30 September 2024 is \u00a31.0m (2023: \u00a31.0m) with a book value of \u00a3nil (2023: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-365": { "value": "
12. PROPERTY, PLANT AND EQUIPMENT
Hospital
Freehold Leasehold Plant and \ufb01eld
properties improvements equipment equipment Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 October 2022
3.6
13.2
61.2
19.7
97.7
Additions
0.3
4.3
9.5
7.5
21.6
Acquisitions of businesses
\u2013
1.8
4.3
0.1
6.2
Disposals
(0.6)
(0.9)
(2.5)
(1.1)
(5.1)
Exchange adjustments
(0.2)
(0.8)
(5.2)
(1.3)
(7.5)
At 30 September 2023
3.1
17.6
67.3
24.9
112.9
Additions
0.2
1.7
9.7
7.3
18.9
Acquisitions of businesses (note 22)
4.1
4.9
0.3
\u2013
9.3
Disposals
(0.8)
(1.5)
(3.2)
(1.1)
(6.6)
Transfers to Held for Sale Assets
\u2013
(0.4)
(7.5)
\u2013
(7.9)
Exchange adjustments
(0.2)
(1.6)
(5.6)
(2.1)
(9.5)
At 30 September 2024
6.4
20.7
61.0
29.0
117.1
Depreciation
At 1 October 2022
1.1
5.2
32.7
9.1
48.1
Charge for the year
0.1
1.0
7.9
3.8
12.8
Disposals
(0.3)
(0.3)
(1.7)
(0.5)
(2.8)
Exchange adjustments
(0.1)
(0.3)
(3.3)
(0.7)
(4.4)
At 30 September 2023
0.8
5.6
35.6
11.7
53.7
Charge for the year
0.1
1.6
9.1
3.8
14.6
Disposals
(0.7)
(0.3)
(2.3)
(0.5)
(3.8)
Transfers to Held for Sale Assets
\u2013
(0.1)
(4.8)
\u2013
(4.9)
Exchange adjustments
\u2013
(0.5)
(4.4)
(1.0)
(5.9)
At 30 September 2024
0.2
6.3
33.2
14.0
53.7
Net book value
At 30 September 2024
6.2
14.4
27.8
15.0
63.4
At 30 September 2023
2.3
12.0
31.7
13.2
59.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-366": { "value": "
13. LEASES \u2013 RIGHT-OF-USE ASSETS AND LEASE LIABILITIES
Right-of-use assets
Land &
Plant &
Motor
IT & office
buildings machinery vehicles equipment Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 October 2022
81.1
0.8
8.3
1.7
91.9
Additions
24.8
0.1
2.7
0.5
28.1
Disposals
(1.3)
(0.1)
(1.0)
(0.1)
(2.5)
Exchange adjustments
(3.7)
\u2013
(0.1)
(0.1)
(3.9)
At 30 September 2023
100.9
0.8
9.9
2.0
113.6
Additions
16.9
0.2
3.2
0.1
20.4
Disposals
(5.3)
(0.1)
(1.6)
\u2013
(7.0)
Transfers to Held for Sale Assets
(8.4)
\u2013
(0.7)
\u2013
(9.1)
Exchange adjustments
(8.3)
\u2013
(2.0)
(0.9)
(11.2)
At 30 September 2024
95.8
0.9
8.8
1.2
106.7
Land &
Plant &
Motor
IT & office
buildings machinery vehicles equipment Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Depreciation
At 1 October 2022
25.3
0.3
3.0
0.9
29.5
Charge for the year
12.3
0.1
2.0
0.4
14.8
Disposals
(0.7)
(0.1)
(0.5)
\u2013
(1.3)
Exchange adjustments
(0.9)
\u2013
\u2013
\u2013
(0.9)
At 30 September 2023
36.0
0.3
4.5
1.3
42.1
Charge for the year
13.7
0.2
2.2
0.2
16.3
Disposals
(4.3)
(0.1)
(1.4)
\u2013
(5.8)
Transfers to Held for Sale Assets
(2.7)
\u2013
(0.4)
\u2013
(3.1)
Exchange adjustments
(6.5)
\u2013
(1.4)
(0.8)
(8.7)
At 30 September 2024
36.2
0.4
3.5
0.7
40.8
Net book value
At 30 September 2024
59.6
0.5
5.3
0.5
65.9
At 30 September 2023
64.9
0.5
5.4
0.7
71.5
Right-of-use assets represent those assets held under leases which IFRS 16 requires
to be capitalised.
Lease liabilities
The movement on lease liabilities are set out below:
2024
2023
\u00a3m
\u00a3m
At 1 October
80.2
69.1
Additions
21.2
29.7
Disposals
(1.3)
(0.8)
Lease repayments
(19.9)
(16.7)
Interest on lease liabilities
3.9
2.8
Transfers to Held for Sale Assets
(8.7)
\u2013
Exchange movements
(3.1)
(3.9)
At 30 September
72.3
80.2
Analysed as:
\u00a3m
\u00a3m
Repayable within one year
13.1
15.0
Repayable after one year
59.2
65.2
Leases of low-value assets and short-term leases are accounted for applying paragraph 6
of IFRS 16. Lease costs of \u00a31.6m (2023: \u00a31.7m) in respect of low-value assets, short-term
leases, and variable lease payments not included in the measurement of lease liabilities
have been recognised within other operating expenses. The total cash out\ufb02ow in respect
of leases was \u00a321.5m (2023: \u00a318.4m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-408": { "value": "Right-of-use assets
Land &
Plant &
Motor
IT & office
buildings machinery vehicles equipment Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 October 2022
81.1
0.8
8.3
1.7
91.9
Additions
24.8
0.1
2.7
0.5
28.1
Disposals
(1.3)
(0.1)
(1.0)
(0.1)
(2.5)
Exchange adjustments
(3.7)
\u2013
(0.1)
(0.1)
(3.9)
At 30 September 2023
100.9
0.8
9.9
2.0
113.6
Additions
16.9
0.2
3.2
0.1
20.4
Disposals
(5.3)
(0.1)
(1.6)
\u2013
(7.0)
Transfers to Held for Sale Assets
(8.4)
\u2013
(0.7)
\u2013
(9.1)
Exchange adjustments
(8.3)
\u2013
(2.0)
(0.9)
(11.2)
At 30 September 2024
95.8
0.9
8.8
1.2
106.7
Land &
Plant &
Motor
IT & office
buildings machinery vehicles equipment Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Depreciation
At 1 October 2022
25.3
0.3
3.0
0.9
29.5
Charge for the year
12.3
0.1
2.0
0.4
14.8
Disposals
(0.7)
(0.1)
(0.5)
\u2013
(1.3)
Exchange adjustments
(0.9)
\u2013
\u2013
\u2013
(0.9)
At 30 September 2023
36.0
0.3
4.5
1.3
42.1
Charge for the year
13.7
0.2
2.2
0.2
16.3
Disposals
(4.3)
(0.1)
(1.4)
\u2013
(5.8)
Transfers to Held for Sale Assets
(2.7)
\u2013
(0.4)
\u2013
(3.1)
Exchange adjustments
(6.5)
\u2013
(1.4)
(0.8)
(8.7)
At 30 September 2024
36.2
0.4
3.5
0.7
40.8
Net book value
At 30 September 2024
59.6
0.5
5.3
0.5
65.9
At 30 September 2023
64.9
0.5
5.4
0.7
71.5
Right-of-use assets represent those assets held under leases which IFRS 16 requires to be capitalised. ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-409": { "value": "Lease liabilities The movement on lease liabilities are set out below:
2024
2023
\u00a3m
\u00a3m
At 1 October
80.2
69.1
Additions
21.2
29.7
Disposals
(1.3)
(0.8)
Lease repayments
(19.9)
(16.7)
Interest on lease liabilities
3.9
2.8
Transfers to Held for Sale Assets
(8.7)
\u2013
Exchange movements
(3.1)
(3.9)
At 30 September
72.3
80.2
Analysed as:
\u00a3m
\u00a3m
Repayable within one year
13.1
15.0
Repayable after one year
59.2
65.2
Leases of low-value assets and short-term leases are accounted for applying paragraph 6 of IFRS 16. Lease costs of \u00a31.6m (2023: \u00a31.7m) in respect of low-value assets, short-term leases, and variable lease payments not included in the measurement of lease liabilities have been recognised within other operating expenses. The total cash out\ufb02ow in respect of leases was \u00a321.5m (2023: \u00a318.4m).", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasePrepaymentsExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-367": { "value": "
15. INVENTORIES
2024
\u00a3m
2023
\u00a3m
Finished goods at 30 September
280.1
232.7
Inventories are stated net of impairment provisions of \u00a329.9m (2023: \u00a326.7m). During the
year \u00a39.9m (2023: \u00a34.3m) was recognised as a charge against cost of inventories sold,
comprising the write-down of inventories to net realisable value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-410": { "value": "14. DEFERRED TAX The movement on the net deferred tax liability is as follows:
2024
2023
\u00a3m
\u00a3m
At 1 October
(58.4)
(38.2)
Credited to the income statement (note 7)
8.9
5.6
Acquisitions and disposals (note 22)
(5.3)
(26.9)
Accounted for in Other Comprehensive Income or directly in Equity
2.5
0.7
Transfers to Held for Sale Assets
1.2
\u2013
Exchange adjustments
2.5
0.4
At 30 September
(48.6)
(58.4)
Deferred tax assets and liabilities are only offset where there is a legally enforceable right of offset and there is an intention to settle the balances on a net basis.
Assets
Liabilities
Net
2024
2023
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property, plant and
equipment
\u2013
\u2013
(7.4)
(7.4)
(7.4)
(7.4)
Goodwill and intangible
assets
\u2013
\u2013
(60.8)
(63.4)
(60.8)
(63.4)
Retirement bene\ufb01t
assets/obligations
0.1
0.1
(0.4)
(1.4)
(0.3)
(1.3)
Inventories
5.8
3.4
(0.3)
(0.1)
5.5
3.3
Share-based payments
3.8
2.0
\u2013
\u2013
3.8
2.0
Leases
1.7
1.6
\u2013
\u2212
1.7
1.6
Other temporary differences
9.3
7.1
(0.4)
(0.3)
8.9
6.8
20.7
14.2
(69.3)
(72.6)
(48.6)
(58.4)
Deferred tax offset
(19.8)
(14.0)
19.8
14.0
\u2013
\u2212
0.9
0.2
(49.5)
(58.6)
(48.6)
(58.4)
No deferred tax has been provided on unremitted earnings of overseas Group companies as the Group controls the dividend policies of its subsidiaries. Unremitted earnings may be liable to overseas withholding tax (after allowing for double taxation relief) if they were to be distributed as dividends. The aggregate amount for which deferred tax has not been recognised in respect of unremitted earnings from overseas businesses of \u00a3227.9m (2023: \u00a3208.7m) was \u00a311.5m (2023: \u00a310.5m).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-368": { "value": "
16. TRADE AND OTHER RECEIVABLES
2024
2023
\u00a3m
\u00a3m
Trade receivables
204.5
185.3
Less: loss allowance
(11.1)
(10.1)
193.4
175.2
Other receivables
4.7
9.3
Prepayments and accrued income
8.8
8.6
At 30 September
206.9
193.1
The maximum exposure to credit risk for trade receivables at 30 September,
by currency, was:
2024
2023
\u00a3m
\u00a3m
UK sterling
40.8
43.7
US dollars
94.2
73.9
Canadian dollars
22.3
13.1
Euros
30.5
36.9
Other
16.7
17.7
204.5
185.3
Trade receivables at 30 September, before loss allowance, are analysed as follows:
2024
2023
\u00a3m
\u00a3m
Not past due
149.2
143.5
Past due
44.2
31.7
Receivables impaired
11.1
10.1
204.5
185.3
The ageing of trade receivables classi\ufb01ed as past due, with no loss allowance, as at 30
September is as follows:
2024
2023
\u00a3m
\u00a3m
Up to one month past due
31.3
25.6
Between one and two months past due
8.2
4.0
Between two and four months past due
3.1
2.1
Over four months past due
1.6
\u2013
44.2
31.7
The movement in the loss allowance for impairment of trade receivables is as follows:
2024
2023
\u00a3m
\u00a3m
At 1 October
10.1
7.2
(Credited)/charged against pro\ufb01t, net
(0.6)
2.5
Set up on acquisition
2.1
0.9
Utilised by write-off
(0.5)
(0.5)
At 30 September
11.1
10.1
Concentrations of credit risk with respect to trade receivables are very limited, re\ufb02ecting
the Group\u2019s customer base being large and diverse. The Group has a history of low levels
of losses in respect of trade receivables. Management is satis\ufb01ed that the loss allowance
takes into account the historical loss experience and forward-looking expected credit
losses in line with IFRS 9 (Financial Instruments).
As at 30 September 2024, the Group had \u00a39.9m (2023: \u00a39.8m) of trade receivables that
were covered by credit insurance in relation to DICSA.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-411": { "value": "
2024
2023
\u00a3m
\u00a3m
Trade receivables
204.5
185.3
Less: loss allowance
(11.1)
(10.1)
193.4
175.2
Other receivables
4.7
9.3
Prepayments and accrued income
8.8
8.6
At 30 September
206.9
193.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-369": { "value": "17. TRADE AND OTHER PAYABLES
2024
2023
\u00a3m
\u00a3m
Trade payables
108.6
94.4
Other payables
17.6
31.8
Other taxes and social security
12.3
11.8
Accruals and deferred income
67.0
53.9
At 30 September
205.5
191.9
Analysed as:
Payable within one year
204.4
191.9
Payable after one year
1.1
\u2013
The maximum exposure to foreign currency risk for trade payables at 30 September, by currency, was:
2024
2023
\u00a3m
\u00a3m
UK sterling
23.0
24.7
US dollars
54.0
36.9
Canadian dollars
1.4
1.7
Euros
25.4
22.9
Other
4.8
8.2
108.6
94.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-412": { "value": "
2024
2023
\u00a3m
\u00a3m
Trade payables
108.6
94.4
Other payables
17.6
31.8
Other taxes and social security
12.3
11.8
Accruals and deferred income
67.0
53.9
At 30 September
205.5
191.9
Analysed as:
Payable within one year
204.4
191.9
Payable after one year
1.1
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-370": { "value": "
18. CASH AND CASH EQUIVALENTS
2024
2023
UK US$ C$ Euro Other Total UK US$ C$ Euro Other Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash at bank
16.1
12.9
4.2
8.4
7.5
49.1
10.6
12.6
3.2
14.9
10.4
51.7
Short-term deposits
2.5
0.6
0.1
2.5
0.7
6.4
1.0
0.5
0.1
8.6
0.5
10.7
At 30 September
18.6
13.5
4.3
10.9
8.2
55.5
11.6
13.1
3.3
23.5
10.9
62.4
The short-term deposits and cash at bank are both interest bearing at rates linked to the UK base rate, or equivalent rate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-371": { "value": "
19. FINANCIAL INSTRUMENTS
The Group\u2019s overall management of \ufb01nancial risks is carried out by a central treasury team under policies and procedures which are reviewed and approved by the Board. The treasury
team identi\ufb01es, evaluates and, where appropriate, hedges \ufb01nancial risks in close co-operation with the Group\u2019s operating businesses. The treasury team does not undertake
speculative foreign exchange dealings for which there is no underlying exposure.
The Group\u2019s principal \ufb01nancial instruments, other than a number of forward foreign currency contracts, comprise cash and short-term deposits, trade and other receivables and trade
and other payables, borrowings and other liabilities. Trade and other receivables and trade and other payables arise directly from the Group\u2019s day-to-day operations.
The \ufb01nancial risks to which the Group is exposed are those of credit, liquidity, foreign currency, interest rate and capital management. An explanation of each of these risks, how the
Group manages these risks and an analysis of sensitivities is set out below.
a) Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its contractual obligations; this arises principally from the Group\u2019s
trade and other receivables from customers and from cash balances (including deposits) held with \ufb01nancial institutions.
The Group is exposed to customers ranging from government-backed agencies and large public and private wholesalers, to small privately-owned businesses and the underlying local
economic risks vary throughout the world. Trade receivable exposures are managed locally in the operating units where they arise and credit limits are set as deemed appropriate for
each customer.
The Group establishes a loss allowance that represents its estimate of potential losses in respect of speci\ufb01c trade and other receivables where it is deemed that a receivable may not
be recoverable (see below) and considers factors which may impact risk of default. Where appropriate, we have grouped these receivables with the same overall risk characteristics.
When the receivable is deemed irrecoverable, the provision is written off against the underlying receivable. During the year, the Group had no signi\ufb01cant unrecoverable trade
receivables.
Exposure to counterparty credit risk with \ufb01nancial institutions is controlled by the Group treasury team which establishes and monitors counterparty limits. Centrally managed funds are
invested entirely with counterparties whose credit rating is \u2018A\u2019 or better. There are no signi\ufb01cant concentrations of credit risk. There has been no historical or expected credit loss on
cash and cash equivalents.
The Group\u2019s maximum exposure to credit risk was as follows:
Carrying amount
2024
2023
\u00a3m
\u00a3m
Trade receivables (note 16)
193.4
175.2
Other receivables (note 16)
4.7
9.3
Cash and cash equivalents (note 18)
55.5
62.4
At 30 September
253.6
246.9
There is no material difference between the book value of the \ufb01nancial assets and their fair
value at each reporting date. An analysis of the ageing and currency of trade receivables
and the associated loss allowance is set out in note 16. An analysis of cash and cash
equivalents is set out in note 18.
Impairment of \ufb01nancial assets
The Group applies the IFRS 9 simpli\ufb01ed approach to measuring expected credit
losses which uses a lifetime expected loss allowance for all trade receivables and
accrued income.
The expected loss rates are based on the payment pro\ufb01les of revenues over a period of
60 months ended 30 September 2024 and the corresponding historical credit losses
experienced within this period. The historical loss rates are adjusted to re\ufb02ect current and
forward-looking information including macroeconomic factors by obtaining and reviewing
relevant market data affecting the ability of the customers to settle the receivables.
The Group has identi\ufb01ed the current health of the economy (such as market interest rates
and growth rates), of the countries in which it sells its goods to be the most relevant
factors and accordingly adjusts the historical loss rates based on expected changes in
these factors. An increase in credit risk is presumed if a debtor is more than 30 days past
due in making a contractual payment. Where objective evidence exists that a trade
receivable balance may be impaired, provision is made for the difference between its
carrying amount and the present value of the estimated cash that will be recovered.
Evidence of impairment may include factors such as a change in credit risk pro\ufb01le of the
customer, the customer being in default on a contract, or the customer entering insolvent
administration proceedings. All signi\ufb01cant balances are reviewed individually on a monthly
basis for evidence of impairment.
b) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its \ufb01nancial obligations as
they fall due. The Group continually monitors net cash and forecasts cash \ufb02ows to ensure
that sufficient resources are available to meet the Group\u2019s requirements in the short,
medium and long term.
The Group has a multi-currency revolving credit facility agreement (RCF) with an
aggregate principal amount of \u00a3555.0m. In July 2024, the Group exercised the \ufb01rst of
two 12-month extension options for the RCF, which was accepted by banks committing
\u00a3515.0m of the aggregate total. The RCF is now contractually due to expire across July
2028 (\u00a340.0m) and July 2029 (\u00a3515.0m). A 24-month extension option in respect of
\u00a340.0m and a second 12-month extension option in respect of \u00a3515.0m can be exercised
in July 2025.
During the year, the Group issued US private placement notes for an aggregate principal
amount of \u00a3207.9m (\u20ac250.0m) with maturities of 7 years (\u20ac75.0m), 10 years (\u20ac100.0m)
and 12 years (\u20ac75.0m) and for an aggregate principal amount of \u00a3111.9m ($150.0m) with
maturities of 8 years ($100.0m) and 11 years ($50.0m).
Additionally, compliance with debt covenants is monitored regularly and during 2024 all
debt covenant tests were complied with. The applicable \ufb01nancial covenants are interest
cover and leverage, whereby EBITDA must be at least 4x net \ufb01nance charges; and the ratio
of net debt to EBITDA must not exceed 3.5x (as de\ufb01ned by the relevant debt agreement).
The Group\u2019s debt facilities are subject to interest at a mix of \ufb01xed and variable rates.
As at 30 September 2024 \ufb01xed rate debt was 66% of total debt.
The undrawn committed facilities available at 30 September are as follows:
2024
2023
\u00a3m
\u00a3m
Expiring within one year
\u2013
\u2013
Expiring after one year (note 25)
389.9
234.1
The Group\u2019s \ufb01nancial liabilities at 30 September are as follows:
2024
2023
\u00a3m
\u00a3m
Trade payables (note 17)
108.6
94.4
Other payables (note 17)
17.6
31.8
Lease liabilities (note 13)
72.3
80.2
Other liabilities (note 20)
25.4
22.6
Borrowings (note 25)
479.8
317.1
703.7
546.1
The maturities of the contractual undiscounted \ufb01nancial liabilities are as
follows:
Less than one year
169.3
155.2
One to two years
37.9
20.5
Two to \ufb01ve years
256.9
350.9
More than \ufb01ve years
418.4
32.3
882.5
558.9
c) Currency risk
The Group\u2019s principal currency risk comprises translational and transactional risk from its
exposure to movements in US dollars, Canadian dollars, Australian dollars and Euros.
The transactional exposure arises on trade receivables, trade payables and cash and
cash equivalents and these balances are analysed by currency in notes 16, 17
and 18, respectively.
The Group holds forward foreign exchange contracts in certain of the Group\u2019s businesses
to hedge forecast transactional exposure to movements in the US dollar, Canadian dollar,
Australian dollar, Euro and UK Sterling. These forward foreign exchange contracts are
classi\ufb01ed as cash \ufb02ow hedges and are stated at fair value. The notional value of forward
exchange contracts used as hedges as at 30 September 2024 was \u00a366.5m (2023:
\u00a368.6m). The net fair value of forward exchange contracts used as hedges at 30
September 2024 was \u00a31.2m liability (2023: \u00a30.1m asset).
For hedges of foreign currency transactions, the Group enters into hedge relationships
where the critical terms of the hedging instrument match with the terms of the hedged
item. Ineffectiveness may arise if the timing of the forecast transaction changes from what
was originally estimated, or if there are changes in the credit risk of the derivative
counterparty. The amount removed from Other Comprehensive Income as a result of the
maturing of the hedged instrument and taken to the Consolidated Income Statement in
cost of sales during the year was \u00a30.5m debit (2023: \u00a31.3m debit). The change in the fair
value of cash \ufb02ow hedges taken to Other Comprehensive Income during the year was
\u00a30.8m debit (2023: \u00a30.1m credit).
For foreign currency translational exposures, the Group employs net investment hedge
accounting where appropriate to mitigate these risks. The Group has designated US
private placement notes denominated in USD and EUR, with carrying values of $150m
(2023: $nil) and \u20ac250m (2023: \u20acnil) respectively, as net investment hedges for foreign
currency net assets. The hedge ratio was 1:1. Ineffectiveness may arise if the hedge ratio is
not adjusted to re\ufb02ect changes in the relationship between the hedged item and the
hedging instrument. The change in the carrying value of borrowings as a result of
exchange rate differences that was recognised in Other Comprehensive Income during
the year was a gain of \u00a37.2m (2023: \u00a3nil).
Management considers that the most signi\ufb01cant foreign exchange risk relates to the
US dollar, Canadian dollar and Euro. The Group\u2019s sensitivity to a 10% strengthening in
UK sterling against each of these currencies (with all other variables held constant)
is as follows:
2024
2023
\u00a3m
\u00a3m
Decrease in adjusted operating pro\ufb01t (at average rates)
US dollar: UK sterling
16.4
13.1
Canadian dollar: UK sterling
2.6
2.8
Euro: UK sterling
4.1
2.5
Decrease in total equity (at spot rates)
US dollar: UK sterling
12.7
11.3
Canadian dollar: UK sterling
14.7
14.2
Euro: UK sterling
8.4
7.0
d) Interest rate risk
Interest rate risk is the risk that changes in interest rates will affect the Group\u2019s results.
The Group\u2019s interest rate risk arises primarily from its cash funds and borrowings.
The Group used interest rate swaps to hedge a proportion of external borrowings until 31
March 2024. These interest rate swaps were designated as cash \ufb02ow hedges and stated
at fair value. The swaps matured before 30 September 2024 and the notional amount was
therefore \u00a3nil (2023: \u00a3163.9m). Similarly, the net fair value of these swaps as at 30
September 2024 was \u00a3nil (2023: \u00a32.3m asset). The interest rate swaps matured during the
year and the amount removed from Other Comprehensive Income and taken to the
Consolidated Income Statement during the year was \u00a31.8m debit (2023: \u00a32.5m debit).
The change in fair value of cash \ufb02ow hedges taken to Other Comprehensive Income during
the year was \u00a30.5m debit (2023: \u00a31.7m credit).
The Group\u2019s \ufb01nancial assets that are subject to interest rate \ufb02uctuations are cash deposits
held in the UK and overseas. These are held on a short-term basis at \ufb02oating rates or
overnight rates and are based on the relevant UK base rate, or equivalent rate. Surplus
funds are pooled and deposited with commercial banks that meet the credit criteria
approved by the Board, for periods of between one and six months at rates that are
generally \ufb01xed by reference to the relevant UK base rate, or equivalent rate.
The Group\u2019s \ufb01nancial liabilities that are subject to interest rate \ufb02uctuations are overdrafts
and the Group\u2019s RCF that bear interest at market rates according to the currency of
the borrowing.
Longer-term funding is provided by the Group\u2019s US private placement notes, completed
in March 2024 and August 2024 and bear interest at \ufb01xed rates as described in note 25.
A movement of 1% in interest rates would have a ca. \u00a31.7m (2023: \u00a32.4m) impact on
adjusted pro\ufb01t before tax.
e) Fair values
There are no material differences between the book value of \ufb01nancial assets and liabilities
and their fair value. The basis for determining fair values are as follows:
Derivatives
Forward exchange contracts are designated as level 2 assets in the fair value hierarchy
under IFRS 7 and valued at year end forward rates, adjusted for the forward points to the
contract\u2019s value date with gains and losses taken to equity. No contract\u2019s maturity date is
greater than 24 months from the year end.
For hedges of foreign currency transactions, the Group enters into hedge relationships
where the critical terms of the hedging instrument match with the terms of the hedged
item, ineffectiveness may arise if the timing of the forecast transaction changes
from what was originally estimated, or if there are changes in the credit risk of the
derivative counterparty.
Interest rate swap contracts are designated as level 2 assets (in the \u2018fair value hierarchy\u2019)
and valued at year end as the net present value of the cash \ufb02ows using current forward
market interest rates, with gains and losses taken to equity.
The Group enters into interest rate swaps that have similar critical terms as the hedged
item, such as reference rate, payment dates, maturities and notional amount. The Group
has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of
the interest rate swap is identical to the hedged risk component. The hedge
ineffectiveness can arise from differences in timing or cash \ufb02ows of the hedged item and
hedging instrument, or the counterparties\u2019 credit risk differently impacting the fair value
movements of the hedging instrument and hedged item.
Trade and other receivables/payables
The book value of trade and other receivables/payables is deemed to re\ufb02ect the
fair value.
Borrowings
The fair value of borrowings under the RCF equates to the book value.
The fair value of the Group\u2019s US private placement notes is estimated to be \u00a3337.5m.
The fair value is estimated by discounting the future contracted cash \ufb02ows using readily
available market data and represents a level 2 measurement (in the \u2018fair value hierarchy\u2019).
Other liabilities
The carrying amount of the items included within note 20 represents a discounted value of
the expected liability which is deemed to re\ufb02ect the fair value and are designated as level
3 assets (in the \u2018fair value hierarchy\u2019).
f) Capital management risk
The Group\u2019s capital structure comprises the retained earnings reserve (\u00a3478.2m), cash
funds (\u00a360.2m) and medium and long-term borrowing facilities (\u00a3479.8m). The Group\u2019s
objective when managing capital is to safeguard its ability to continue as a going concern
and to maintain robust capital ratios to support the development of the business including
executing acquisitions and providing strong returns to shareholders.
25. NET DEBT The movement in net debt during the year is as follows:
2024
2023
\u00a3m
\u00a3m
Net (decrease)/increase in cash and cash equivalents
(6.4)
25.8
Cash reclassi\ufb01ed to assets held for sale
4.7
-
(Increase)/decrease in borrowings
(183.9)
43.8
(185.6)
69.6
Effect of exchange rates and other non-cash movements
20.7
4.6
(Increase)/decrease in net debt
(164.9)
74.2
Net debt at beginning of year
(254.7)
(328.9)
Net debt at end of year
(419.6)
(254.7)
Comprising:
Cash and cash equivalents
55.5
62.4
Cash and cash equivalents held in disposal groups
4.7
\u2013
Bank borrowings:
\u2013 Revolving credit facility
(165.1)
(321.1)
\u2013 Overdraft facilities
\u2013
(0.3)
\u2013 Private placement notes
(319.8)
\u2013
\u2013 Capitalised borrowing fees
5.1
4.3
(479.8)
(317.1)
Net debt at end of year
(419.6)
(254.7)
Analysed as:
Repayable within one year
\u2013
(0.3)
Repayable after one year
(479.8)
(316.8)
A summary of the maturities and rates of the private placement notes, with an aggregate
principal amount of \u00a3319.8m are as follows:
Face value
Rate
Maturity
75m EUR
4.18%
2031
100m EUR
4.27%
2034
75m EUR
4.38%
2036
100m USD
5.39%
2032
50m USD
5.52%
2035
The Group has a multi-currency revolving credit facility agreement (RCF) with an
aggregate principal amount of \u00a3555.0m. In July 2024, the Group exercised the \ufb01rst of
two 12-month extension options for the RCF, which was accepted by banks committing
\u00a3515.0m of the aggregate total. The RCF is now contractually due to expire across July
2028 (\u00a340.0m) and July 2029 (\u00a3515.0m). A 24-month extension option in respect of
\u00a340.0m and a second 12-month extension option in respect of \u00a3515.0m can be exercised
in July 2025.
Borrowings include capitalised borrowing fees of \u00a35.1m (2023: \u00a34.3m).
The RCF is subject to interest at variable rates while the private placement notes are at
\ufb01xed rates. At 30 September 2024, \ufb01xed rate debt was 66% of total debt.
As at 30 September 2024 the Group\u2019s net debt is \u00a3419.6m (2023: \u00a3254.7m) and excludes
lease liabilities of \u00a372.3m (2023: \u00a380.2m).
At 30 September 2024, the Group\u2019s Net Debt/EBITDA ratio is 1.3x, as illustrated in
note 29.5.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-413": { "value": "19. FINANCIAL INSTRUMENTS The Group\u2019s overall management of \ufb01nancial risks is carried out by a central treasury team under policies and procedures which are reviewed and approved by the Board. The treasury team identi\ufb01es, evaluates and, where appropriate, hedges \ufb01nancial risks in close co-operation with the Group\u2019s operating businesses. The treasury team does not undertake speculative foreign exchange dealings for which there is no underlying exposure. The Group\u2019s principal \ufb01nancial instruments, other than a number of forward foreign currency contracts, comprise cash and short-term deposits, trade and other receivables and trade and other payables, borrowings and other liabilities. Trade and other receivables and trade and other payables arise directly from the Group\u2019s day-to-day operations. The \ufb01nancial risks to which the Group is exposed are those of credit, liquidity, foreign currency, interest rate and capital management. An explanation of each of these risks, how the Group manages these risks and an analysis of sensitivities is set out below. a) Credit risk Credit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its contractual obligations; this arises principally from the Group\u2019s trade and other receivables from customers and from cash balances (including deposits) held with \ufb01nancial institutions. The Group is exposed to customers ranging from government-backed agencies and large public and private wholesalers, to small privately-owned businesses and the underlying local economic risks vary throughout the world. Trade receivable exposures are managed locally in the operating units where they arise and credit limits are set as deemed appropriate for each customer. The Group establishes a loss allowance that represents its estimate of potential losses in respect of speci\ufb01c trade and other receivables where it is deemed that a receivable may not be recoverable (see below) and considers factors which may impact risk of default. Where appropriate, we have grouped these receivables with the same overall risk characteristics. When the receivable is deemed irrecoverable, the provision is written off against the underlying receivable. During the year, the Group had no signi\ufb01cant unrecoverable trade receivables. Exposure to counterparty credit risk with \ufb01nancial institutions is controlled by the Group treasury team which establishes and monitors counterparty limits. Centrally managed funds are invested entirely with counterparties whose credit rating is \u2018A\u2019 or better. There are no signi\ufb01cant concentrations of credit risk. There has been no historical or expected credit loss on cash and cash equivalents. The Group\u2019s maximum exposure to credit risk was as follows:
Carrying amount
2024
2023
\u00a3m
\u00a3m
Trade receivables (note 16)
193.4
175.2
Other receivables (note 16)
4.7
9.3
Cash and cash equivalents (note 18)
55.5
62.4
At 30 September
253.6
246.9
There is no material difference between the book value of the \ufb01nancial assets and their fair value at each reporting date. An analysis of the ageing and currency of trade receivables and the associated loss allowance is set out in note 16. An analysis of cash and cash equivalents is set out in note 18. Impairment of \ufb01nancial assets The Group applies the IFRS 9 simpli\ufb01ed approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and accrued income. The expected loss rates are based on the payment pro\ufb01les of revenues over a period of 60 months ended 30 September 2024 and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to re\ufb02ect current and forward-looking information including macroeconomic factors by obtaining and reviewing relevant market data affecting the ability of the customers to settle the receivables. The Group has identi\ufb01ed the current health of the economy (such as market interest rates and growth rates), of the countries in which it sells its goods to be the most relevant factors and accordingly adjusts the historical loss rates based on expected changes in these factors. An increase in credit risk is presumed if a debtor is more than 30 days past due in making a contractual payment. Where objective evidence exists that a trade receivable balance may be impaired, provision is made for the difference between its carrying amount and the present value of the estimated cash that will be recovered. Evidence of impairment may include factors such as a change in credit risk pro\ufb01le of the customer, the customer being in default on a contract, or the customer entering insolvent administration proceedings. All signi\ufb01cant balances are reviewed individually on a monthly basis for evidence of impairment. b) Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its \ufb01nancial obligations as they fall due. The Group continually monitors net cash and forecasts cash \ufb02ows to ensure that sufficient resources are available to meet the Group\u2019s requirements in the short, medium and long term. The Group has a multi-currency revolving credit facility agreement (RCF) with an aggregate principal amount of \u00a3555.0m. In July 2024, the Group exercised the \ufb01rst of two 12-month extension options for the RCF, which was accepted by banks committing \u00a3515.0m of the aggregate total. The RCF is now contractually due to expire across July 2028 (\u00a340.0m) and July 2029 (\u00a3515.0m). A 24-month extension option in respect of \u00a340.0m and a second 12-month extension option in respect of \u00a3515.0m can be exercised in July 2025. During the year, the Group issued US private placement notes for an aggregate principal amount of \u00a3207.9m (\u20ac250.0m) with maturities of 7 years (\u20ac75.0m), 10 years (\u20ac100.0m) and 12 years (\u20ac75.0m) and for an aggregate principal amount of \u00a3111.9m ($150.0m) with maturities of 8 years ($100.0m) and 11 years ($50.0m). Additionally, compliance with debt covenants is monitored regularly and during 2024 all debt covenant tests were complied with. The applicable \ufb01nancial covenants are interest cover and leverage, whereby EBITDA must be at least 4x net \ufb01nance charges; and the ratio of net debt to EBITDA must not exceed 3.5x (as de\ufb01ned by the relevant debt agreement). The Group\u2019s debt facilities are subject to interest at a mix of \ufb01xed and variable rates. As at 30 September 2024 \ufb01xed rate debt was 66% of total debt. The undrawn committed facilities available at 30 September are as follows:
2024
2023
\u00a3m
\u00a3m
Expiring within one year
\u2013
\u2013
Expiring after one year (note 25)
389.9
234.1
The Group\u2019s \ufb01nancial liabilities at 30 September are as follows:
2024
2023
\u00a3m
\u00a3m
Trade payables (note 17)
108.6
94.4
Other payables (note 17)
17.6
31.8
Lease liabilities (note 13)
72.3
80.2
Other liabilities (note 20)
25.4
22.6
Borrowings (note 25)
479.8
317.1
703.7
546.1
The maturities of the contractual undiscounted \ufb01nancial liabilities are as
follows:
Less than one year
169.3
155.2
One to two years
37.9
20.5
Two to \ufb01ve years
256.9
350.9
More than \ufb01ve years
418.4
32.3
882.5
558.9
c) Currency risk The Group\u2019s principal currency risk comprises translational and transactional risk from its exposure to movements in US dollars, Canadian dollars, Australian dollars and Euros. The transactional exposure arises on trade receivables, trade payables and cash and cash equivalents and these balances are analysed by currency in notes 16, 17 and 18, respectively. The Group holds forward foreign exchange contracts in certain of the Group\u2019s businesses to hedge forecast transactional exposure to movements in the US dollar, Canadian dollar, Australian dollar, Euro and UK Sterling. These forward foreign exchange contracts are classi\ufb01ed as cash \ufb02ow hedges and are stated at fair value. The notional value of forward exchange contracts used as hedges as at 30 September 2024 was \u00a366.5m (2023: \u00a368.6m). The net fair value of forward exchange contracts used as hedges at 30 September 2024 was \u00a31.2m liability (2023: \u00a30.1m asset). For hedges of foreign currency transactions, the Group enters into hedge relationships where the critical terms of the hedging instrument match with the terms of the hedged item. Ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated, or if there are changes in the credit risk of the derivative counterparty. The amount removed from Other Comprehensive Income as a result of the maturing of the hedged instrument and taken to the Consolidated Income Statement in cost of sales during the year was \u00a30.5m debit (2023: \u00a31.3m debit). The change in the fair value of cash \ufb02ow hedges taken to Other Comprehensive Income during the year was \u00a30.8m debit (2023: \u00a30.1m credit). For foreign currency translational exposures, the Group employs net investment hedge accounting where appropriate to mitigate these risks. The Group has designated US private placement notes denominated in USD and EUR, with carrying values of $150m (2023: $nil) and \u20ac250m (2023: \u20acnil) respectively, as net investment hedges for foreign currency net assets. The hedge ratio was 1:1. Ineffectiveness may arise if the hedge ratio is not adjusted to re\ufb02ect changes in the relationship between the hedged item and the hedging instrument. The change in the carrying value of borrowings as a result of exchange rate differences that was recognised in Other Comprehensive Income during the year was a gain of \u00a37.2m (2023: \u00a3nil). Management considers that the most signi\ufb01cant foreign exchange risk relates to the US dollar, Canadian dollar and Euro. The Group\u2019s sensitivity to a 10% strengthening in UK sterling against each of these currencies (with all other variables held constant) is as follows:
2024
2023
\u00a3m
\u00a3m
Decrease in adjusted operating pro\ufb01t (at average rates)
US dollar: UK sterling
16.4
13.1
Canadian dollar: UK sterling
2.6
2.8
Euro: UK sterling
4.1
2.5
Decrease in total equity (at spot rates)
US dollar: UK sterling
12.7
11.3
Canadian dollar: UK sterling
14.7
14.2
Euro: UK sterling
8.4
7.0
d) Interest rate risk Interest rate risk is the risk that changes in interest rates will affect the Group\u2019s results. The Group\u2019s interest rate risk arises primarily from its cash funds and borrowings. The Group used interest rate swaps to hedge a proportion of external borrowings until 31 March 2024. These interest rate swaps were designated as cash \ufb02ow hedges and stated at fair value. The swaps matured before 30 September 2024 and the notional amount was therefore \u00a3nil (2023: \u00a3163.9m). Similarly, the net fair value of these swaps as at 30 September 2024 was \u00a3nil (2023: \u00a32.3m asset). The interest rate swaps matured during the year and the amount removed from Other Comprehensive Income and taken to the Consolidated Income Statement during the year was \u00a31.8m debit (2023: \u00a32.5m debit). The change in fair value of cash \ufb02ow hedges taken to Other Comprehensive Income during the year was \u00a30.5m debit (2023: \u00a31.7m credit). The Group\u2019s \ufb01nancial assets that are subject to interest rate \ufb02uctuations are cash deposits held in the UK and overseas. These are held on a short-term basis at \ufb02oating rates or overnight rates and are based on the relevant UK base rate, or equivalent rate. Surplus funds are pooled and deposited with commercial banks that meet the credit criteria approved by the Board, for periods of between one and six months at rates that are generally \ufb01xed by reference to the relevant UK base rate, or equivalent rate. The Group\u2019s \ufb01nancial liabilities that are subject to interest rate \ufb02uctuations are overdrafts and the Group\u2019s RCF that bear interest at market rates according to the currency of the borrowing. Longer-term funding is provided by the Group\u2019s US private placement notes, completed in March 2024 and August 2024 and bear interest at \ufb01xed rates as described in note 25. A movement of 1% in interest rates would have a ca. \u00a31.7m (2023: \u00a32.4m) impact on adjusted pro\ufb01t before tax. e) Fair values There are no material differences between the book value of \ufb01nancial assets and liabilities and their fair value. The basis for determining fair values are as follows: Derivatives Forward exchange contracts are designated as level 2 assets in the fair value hierarchy under IFRS 7 and valued at year end forward rates, adjusted for the forward points to the contract\u2019s value date with gains and losses taken to equity. No contract\u2019s maturity date is greater than 24 months from the year end. For hedges of foreign currency transactions, the Group enters into hedge relationships where the critical terms of the hedging instrument match with the terms of the hedged item, ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated, or if there are changes in the credit risk of the derivative counterparty. Interest rate swap contracts are designated as level 2 assets (in the \u2018fair value hierarchy\u2019) and valued at year end as the net present value of the cash \ufb02ows using current forward market interest rates, with gains and losses taken to equity. The Group enters into interest rate swaps that have similar critical terms as the hedged item, such as reference rate, payment dates, maturities and notional amount. The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the interest rate swap is identical to the hedged risk component. The hedge ineffectiveness can arise from differences in timing or cash \ufb02ows of the hedged item and hedging instrument, or the counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instrument and hedged item. Trade and other receivables/payables The book value of trade and other receivables/payables is deemed to re\ufb02ect the fair value. Borrowings The fair value of borrowings under the RCF equates to the book value. The fair value of the Group\u2019s US private placement notes is estimated to be \u00a3337.5m. The fair value is estimated by discounting the future contracted cash \ufb02ows using readily available market data and represents a level 2 measurement (in the \u2018fair value hierarchy\u2019). Other liabilities The carrying amount of the items included within note 20 represents a discounted value of the expected liability which is deemed to re\ufb02ect the fair value and are designated as level 3 assets (in the \u2018fair value hierarchy\u2019). f) Capital management risk The Group\u2019s capital structure comprises the retained earnings reserve (\u00a3478.2m), cash funds (\u00a360.2m) and medium and long-term borrowing facilities (\u00a3479.8m). The Group\u2019s objective when managing capital is to safeguard its ability to continue as a going concern and to maintain robust capital ratios to support the development of the business including executing acquisitions and providing strong returns to shareholders.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-452": { "value": "19. FINANCIAL INSTRUMENTS The Group\u2019s overall management of \ufb01nancial risks is carried out by a central treasury team under policies and procedures which are reviewed and approved by the Board. The treasury team identi\ufb01es, evaluates and, where appropriate, hedges \ufb01nancial risks in close co-operation with the Group\u2019s operating businesses. The treasury team does not undertake speculative foreign exchange dealings for which there is no underlying exposure. The Group\u2019s principal \ufb01nancial instruments, other than a number of forward foreign currency contracts, comprise cash and short-term deposits, trade and other receivables and trade and other payables, borrowings and other liabilities. Trade and other receivables and trade and other payables arise directly from the Group\u2019s day-to-day operations. The \ufb01nancial risks to which the Group is exposed are those of credit, liquidity, foreign currency, interest rate and capital management. An explanation of each of these risks, how the Group manages these risks and an analysis of sensitivities is set out below. a) Credit risk Credit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its contractual obligations; this arises principally from the Group\u2019s trade and other receivables from customers and from cash balances (including deposits) held with \ufb01nancial institutions. The Group is exposed to customers ranging from government-backed agencies and large public and private wholesalers, to small privately-owned businesses and the underlying local economic risks vary throughout the world. Trade receivable exposures are managed locally in the operating units where they arise and credit limits are set as deemed appropriate for each customer. The Group establishes a loss allowance that represents its estimate of potential losses in respect of speci\ufb01c trade and other receivables where it is deemed that a receivable may not be recoverable (see below) and considers factors which may impact risk of default. Where appropriate, we have grouped these receivables with the same overall risk characteristics. When the receivable is deemed irrecoverable, the provision is written off against the underlying receivable. During the year, the Group had no signi\ufb01cant unrecoverable trade receivables. Exposure to counterparty credit risk with \ufb01nancial institutions is controlled by the Group treasury team which establishes and monitors counterparty limits. Centrally managed funds are invested entirely with counterparties whose credit rating is \u2018A\u2019 or better. There are no signi\ufb01cant concentrations of credit risk. There has been no historical or expected credit loss on cash and cash equivalents. The Group\u2019s maximum exposure to credit risk was as follows:
Carrying amount
2024
2023
\u00a3m
\u00a3m
Trade receivables (note 16)
193.4
175.2
Other receivables (note 16)
4.7
9.3
Cash and cash equivalents (note 18)
55.5
62.4
At 30 September
253.6
246.9
There is no material difference between the book value of the \ufb01nancial assets and their fair value at each reporting date. An analysis of the ageing and currency of trade receivables and the associated loss allowance is set out in note 16. An analysis of cash and cash equivalents is set out in note 18. Impairment of \ufb01nancial assets The Group applies the IFRS 9 simpli\ufb01ed approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and accrued income. The expected loss rates are based on the payment pro\ufb01les of revenues over a period of 60 months ended 30 September 2024 and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to re\ufb02ect current and forward-looking information including macroeconomic factors by obtaining and reviewing relevant market data affecting the ability of the customers to settle the receivables. The Group has identi\ufb01ed the current health of the economy (such as market interest rates and growth rates), of the countries in which it sells its goods to be the most relevant factors and accordingly adjusts the historical loss rates based on expected changes in these factors. An increase in credit risk is presumed if a debtor is more than 30 days past due in making a contractual payment. Where objective evidence exists that a trade receivable balance may be impaired, provision is made for the difference between its carrying amount and the present value of the estimated cash that will be recovered. Evidence of impairment may include factors such as a change in credit risk pro\ufb01le of the customer, the customer being in default on a contract, or the customer entering insolvent administration proceedings. All signi\ufb01cant balances are reviewed individually on a monthly basis for evidence of impairment. b) Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its \ufb01nancial obligations as they fall due. The Group continually monitors net cash and forecasts cash \ufb02ows to ensure that sufficient resources are available to meet the Group\u2019s requirements in the short, medium and long term. The Group has a multi-currency revolving credit facility agreement (RCF) with an aggregate principal amount of \u00a3555.0m. In July 2024, the Group exercised the \ufb01rst of two 12-month extension options for the RCF, which was accepted by banks committing \u00a3515.0m of the aggregate total. The RCF is now contractually due to expire across July 2028 (\u00a340.0m) and July 2029 (\u00a3515.0m). A 24-month extension option in respect of \u00a340.0m and a second 12-month extension option in respect of \u00a3515.0m can be exercised in July 2025. During the year, the Group issued US private placement notes for an aggregate principal amount of \u00a3207.9m (\u20ac250.0m) with maturities of 7 years (\u20ac75.0m), 10 years (\u20ac100.0m) and 12 years (\u20ac75.0m) and for an aggregate principal amount of \u00a3111.9m ($150.0m) with maturities of 8 years ($100.0m) and 11 years ($50.0m). Additionally, compliance with debt covenants is monitored regularly and during 2024 all debt covenant tests were complied with. The applicable \ufb01nancial covenants are interest cover and leverage, whereby EBITDA must be at least 4x net \ufb01nance charges; and the ratio of net debt to EBITDA must not exceed 3.5x (as de\ufb01ned by the relevant debt agreement). The Group\u2019s debt facilities are subject to interest at a mix of \ufb01xed and variable rates. As at 30 September 2024 \ufb01xed rate debt was 66% of total debt. The undrawn committed facilities available at 30 September are as follows:
2024
2023
\u00a3m
\u00a3m
Expiring within one year
\u2013
\u2013
Expiring after one year (note 25)
389.9
234.1
The Group\u2019s \ufb01nancial liabilities at 30 September are as follows:
2024
2023
\u00a3m
\u00a3m
Trade payables (note 17)
108.6
94.4
Other payables (note 17)
17.6
31.8
Lease liabilities (note 13)
72.3
80.2
Other liabilities (note 20)
25.4
22.6
Borrowings (note 25)
479.8
317.1
703.7
546.1
The maturities of the contractual undiscounted \ufb01nancial liabilities are as
follows:
Less than one year
169.3
155.2
One to two years
37.9
20.5
Two to \ufb01ve years
256.9
350.9
More than \ufb01ve years
418.4
32.3
882.5
558.9
c) Currency risk The Group\u2019s principal currency risk comprises translational and transactional risk from its exposure to movements in US dollars, Canadian dollars, Australian dollars and Euros. The transactional exposure arises on trade receivables, trade payables and cash and cash equivalents and these balances are analysed by currency in notes 16, 17 and 18, respectively. The Group holds forward foreign exchange contracts in certain of the Group\u2019s businesses to hedge forecast transactional exposure to movements in the US dollar, Canadian dollar, Australian dollar, Euro and UK Sterling. These forward foreign exchange contracts are classi\ufb01ed as cash \ufb02ow hedges and are stated at fair value. The notional value of forward exchange contracts used as hedges as at 30 September 2024 was \u00a366.5m (2023: \u00a368.6m). The net fair value of forward exchange contracts used as hedges at 30 September 2024 was \u00a31.2m liability (2023: \u00a30.1m asset). For hedges of foreign currency transactions, the Group enters into hedge relationships where the critical terms of the hedging instrument match with the terms of the hedged item. Ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated, or if there are changes in the credit risk of the derivative counterparty. The amount removed from Other Comprehensive Income as a result of the maturing of the hedged instrument and taken to the Consolidated Income Statement in cost of sales during the year was \u00a30.5m debit (2023: \u00a31.3m debit). The change in the fair value of cash \ufb02ow hedges taken to Other Comprehensive Income during the year was \u00a30.8m debit (2023: \u00a30.1m credit). For foreign currency translational exposures, the Group employs net investment hedge accounting where appropriate to mitigate these risks. The Group has designated US private placement notes denominated in USD and EUR, with carrying values of $150m (2023: $nil) and \u20ac250m (2023: \u20acnil) respectively, as net investment hedges for foreign currency net assets. The hedge ratio was 1:1. Ineffectiveness may arise if the hedge ratio is not adjusted to re\ufb02ect changes in the relationship between the hedged item and the hedging instrument. The change in the carrying value of borrowings as a result of exchange rate differences that was recognised in Other Comprehensive Income during the year was a gain of \u00a37.2m (2023: \u00a3nil). Management considers that the most signi\ufb01cant foreign exchange risk relates to the US dollar, Canadian dollar and Euro. The Group\u2019s sensitivity to a 10% strengthening in UK sterling against each of these currencies (with all other variables held constant) is as follows:
2024
2023
\u00a3m
\u00a3m
Decrease in adjusted operating pro\ufb01t (at average rates)
US dollar: UK sterling
16.4
13.1
Canadian dollar: UK sterling
2.6
2.8
Euro: UK sterling
4.1
2.5
Decrease in total equity (at spot rates)
US dollar: UK sterling
12.7
11.3
Canadian dollar: UK sterling
14.7
14.2
Euro: UK sterling
8.4
7.0
d) Interest rate risk Interest rate risk is the risk that changes in interest rates will affect the Group\u2019s results. The Group\u2019s interest rate risk arises primarily from its cash funds and borrowings. The Group used interest rate swaps to hedge a proportion of external borrowings until 31 March 2024. These interest rate swaps were designated as cash \ufb02ow hedges and stated at fair value. The swaps matured before 30 September 2024 and the notional amount was therefore \u00a3nil (2023: \u00a3163.9m). Similarly, the net fair value of these swaps as at 30 September 2024 was \u00a3nil (2023: \u00a32.3m asset). The interest rate swaps matured during the year and the amount removed from Other Comprehensive Income and taken to the Consolidated Income Statement during the year was \u00a31.8m debit (2023: \u00a32.5m debit). The change in fair value of cash \ufb02ow hedges taken to Other Comprehensive Income during the year was \u00a30.5m debit (2023: \u00a31.7m credit). The Group\u2019s \ufb01nancial assets that are subject to interest rate \ufb02uctuations are cash deposits held in the UK and overseas. These are held on a short-term basis at \ufb02oating rates or overnight rates and are based on the relevant UK base rate, or equivalent rate. Surplus funds are pooled and deposited with commercial banks that meet the credit criteria approved by the Board, for periods of between one and six months at rates that are generally \ufb01xed by reference to the relevant UK base rate, or equivalent rate. The Group\u2019s \ufb01nancial liabilities that are subject to interest rate \ufb02uctuations are overdrafts and the Group\u2019s RCF that bear interest at market rates according to the currency of the borrowing. Longer-term funding is provided by the Group\u2019s US private placement notes, completed in March 2024 and August 2024 and bear interest at \ufb01xed rates as described in note 25. A movement of 1% in interest rates would have a ca. \u00a31.7m (2023: \u00a32.4m) impact on adjusted pro\ufb01t before tax. e) Fair values There are no material differences between the book value of \ufb01nancial assets and liabilities and their fair value. The basis for determining fair values are as follows: Derivatives Forward exchange contracts are designated as level 2 assets in the fair value hierarchy under IFRS 7 and valued at year end forward rates, adjusted for the forward points to the contract\u2019s value date with gains and losses taken to equity. No contract\u2019s maturity date is greater than 24 months from the year end. For hedges of foreign currency transactions, the Group enters into hedge relationships where the critical terms of the hedging instrument match with the terms of the hedged item, ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated, or if there are changes in the credit risk of the derivative counterparty. Interest rate swap contracts are designated as level 2 assets (in the \u2018fair value hierarchy\u2019) and valued at year end as the net present value of the cash \ufb02ows using current forward market interest rates, with gains and losses taken to equity. The Group enters into interest rate swaps that have similar critical terms as the hedged item, such as reference rate, payment dates, maturities and notional amount. The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the interest rate swap is identical to the hedged risk component. The hedge ineffectiveness can arise from differences in timing or cash \ufb02ows of the hedged item and hedging instrument, or the counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instrument and hedged item. Trade and other receivables/payables The book value of trade and other receivables/payables is deemed to re\ufb02ect the fair value. Borrowings The fair value of borrowings under the RCF equates to the book value. The fair value of the Group\u2019s US private placement notes is estimated to be \u00a3337.5m. The fair value is estimated by discounting the future contracted cash \ufb02ows using readily available market data and represents a level 2 measurement (in the \u2018fair value hierarchy\u2019). Other liabilities The carrying amount of the items included within note 20 represents a discounted value of the expected liability which is deemed to re\ufb02ect the fair value and are designated as level 3 assets (in the \u2018fair value hierarchy\u2019). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-433": { "value": "a) Credit risk Credit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its contractual obligations; this arises principally from the Group\u2019s trade and other receivables from customers and from cash balances (including deposits) held with \ufb01nancial institutions. The Group is exposed to customers ranging from government-backed agencies and large public and private wholesalers, to small privately-owned businesses and the underlying local economic risks vary throughout the world. Trade receivable exposures are managed locally in the operating units where they arise and credit limits are set as deemed appropriate for each customer. The Group establishes a loss allowance that represents its estimate of potential losses in respect of speci\ufb01c trade and other receivables where it is deemed that a receivable may not be recoverable (see below) and considers factors which may impact risk of default. Where appropriate, we have grouped these receivables with the same overall risk characteristics. When the receivable is deemed irrecoverable, the provision is written off against the underlying receivable. During the year, the Group had no signi\ufb01cant unrecoverable trade receivables. Exposure to counterparty credit risk with \ufb01nancial institutions is controlled by the Group treasury team which establishes and monitors counterparty limits. Centrally managed funds are invested entirely with counterparties whose credit rating is \u2018A\u2019 or better. There are no signi\ufb01cant concentrations of credit risk. There has been no historical or expected credit loss on cash and cash equivalents. The Group\u2019s maximum exposure to credit risk was as follows:
Carrying amount
2024
2023
\u00a3m
\u00a3m
Trade receivables (note 16)
193.4
175.2
Other receivables (note 16)
4.7
9.3
Cash and cash equivalents (note 18)
55.5
62.4
At 30 September
253.6
246.9
There is no material difference between the book value of the \ufb01nancial assets and their fair value at each reporting date. An analysis of the ageing and currency of trade receivables and the associated loss allowance is set out in note 16. An analysis of cash and cash equivalents is set out in note 18. Impairment of \ufb01nancial assets The Group applies the IFRS 9 simpli\ufb01ed approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and accrued income. The expected loss rates are based on the payment pro\ufb01les of revenues over a period of 60 months ended 30 September 2024 and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to re\ufb02ect current and forward-looking information including macroeconomic factors by obtaining and reviewing relevant market data affecting the ability of the customers to settle the receivables. The Group has identi\ufb01ed the current health of the economy (such as market interest rates and growth rates), of the countries in which it sells its goods to be the most relevant factors and accordingly adjusts the historical loss rates based on expected changes in these factors. An increase in credit risk is presumed if a debtor is more than 30 days past due in making a contractual payment. Where objective evidence exists that a trade receivable balance may be impaired, provision is made for the difference between its carrying amount and the present value of the estimated cash that will be recovered. Evidence of impairment may include factors such as a change in credit risk pro\ufb01le of the customer, the customer being in default on a contract, or the customer entering insolvent administration proceedings. All signi\ufb01cant balances are reviewed individually on a monthly basis for evidence of impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-445": { "value": "Impairment of \ufb01nancial assets The Group applies the IFRS 9 simpli\ufb01ed approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and accrued income. The expected loss rates are based on the payment pro\ufb01les of revenues over a period of 60 months ended 30 September 2024 and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to re\ufb02ect current and forward-looking information including macroeconomic factors by obtaining and reviewing relevant market data affecting the ability of the customers to settle the receivables. The Group has identi\ufb01ed the current health of the economy (such as market interest rates and growth rates), of the countries in which it sells its goods to be the most relevant factors and accordingly adjusts the historical loss rates based on expected changes in these factors. An increase in credit risk is presumed if a debtor is more than 30 days past due in making a contractual payment. Where objective evidence exists that a trade receivable balance may be impaired, provision is made for the difference between its carrying amount and the present value of the estimated cash that will be recovered. Evidence of impairment may include factors such as a change in credit risk pro\ufb01le of the customer, the customer being in default on a contract, or the customer entering insolvent administration proceedings. All signi\ufb01cant balances are reviewed individually on a monthly basis for evidence of impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-434": { "value": "b) Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its \ufb01nancial obligations as they fall due. The Group continually monitors net cash and forecasts cash \ufb02ows to ensure that sufficient resources are available to meet the Group\u2019s requirements in the short, medium and long term. The Group has a multi-currency revolving credit facility agreement (RCF) with an aggregate principal amount of \u00a3555.0m. In July 2024, the Group exercised the \ufb01rst of two 12-month extension options for the RCF, which was accepted by banks committing \u00a3515.0m of the aggregate total. The RCF is now contractually due to expire across July 2028 (\u00a340.0m) and July 2029 (\u00a3515.0m). A 24-month extension option in respect of \u00a340.0m and a second 12-month extension option in respect of \u00a3515.0m can be exercised in July 2025. During the year, the Group issued US private placement notes for an aggregate principal amount of \u00a3207.9m (\u20ac250.0m) with maturities of 7 years (\u20ac75.0m), 10 years (\u20ac100.0m) and 12 years (\u20ac75.0m) and for an aggregate principal amount of \u00a3111.9m ($150.0m) with maturities of 8 years ($100.0m) and 11 years ($50.0m). Additionally, compliance with debt covenants is monitored regularly and during 2024 all debt covenant tests were complied with. The applicable \ufb01nancial covenants are interest cover and leverage, whereby EBITDA must be at least 4x net \ufb01nance charges; and the ratio of net debt to EBITDA must not exceed 3.5x (as de\ufb01ned by the relevant debt agreement). The Group\u2019s debt facilities are subject to interest at a mix of \ufb01xed and variable rates. As at 30 September 2024 \ufb01xed rate debt was 66% of total debt. The undrawn committed facilities available at 30 September are as follows:
2024
2023
\u00a3m
\u00a3m
Expiring within one year
\u2013
\u2013
Expiring after one year (note 25)
389.9
234.1
The Group\u2019s \ufb01nancial liabilities at 30 September are as follows:
2024
2023
\u00a3m
\u00a3m
Trade payables (note 17)
108.6
94.4
Other payables (note 17)
17.6
31.8
Lease liabilities (note 13)
72.3
80.2
Other liabilities (note 20)
25.4
22.6
Borrowings (note 25)
479.8
317.1
703.7
546.1
The maturities of the contractual undiscounted \ufb01nancial liabilities are as
follows:
Less than one year
169.3
155.2
One to two years
37.9
20.5
Two to \ufb01ve years
256.9
350.9
More than \ufb01ve years
418.4
32.3
882.5
558.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-435": { "value": "c) Currency risk The Group\u2019s principal currency risk comprises translational and transactional risk from its exposure to movements in US dollars, Canadian dollars, Australian dollars and Euros. The transactional exposure arises on trade receivables, trade payables and cash and cash equivalents and these balances are analysed by currency in notes 16, 17 and 18, respectively. The Group holds forward foreign exchange contracts in certain of the Group\u2019s businesses to hedge forecast transactional exposure to movements in the US dollar, Canadian dollar, Australian dollar, Euro and UK Sterling. These forward foreign exchange contracts are classi\ufb01ed as cash \ufb02ow hedges and are stated at fair value. The notional value of forward exchange contracts used as hedges as at 30 September 2024 was \u00a366.5m (2023: \u00a368.6m). The net fair value of forward exchange contracts used as hedges at 30 September 2024 was \u00a31.2m liability (2023: \u00a30.1m asset). For hedges of foreign currency transactions, the Group enters into hedge relationships where the critical terms of the hedging instrument match with the terms of the hedged item. Ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated, or if there are changes in the credit risk of the derivative counterparty. The amount removed from Other Comprehensive Income as a result of the maturing of the hedged instrument and taken to the Consolidated Income Statement in cost of sales during the year was \u00a30.5m debit (2023: \u00a31.3m debit). The change in the fair value of cash \ufb02ow hedges taken to Other Comprehensive Income during the year was \u00a30.8m debit (2023: \u00a30.1m credit). For foreign currency translational exposures, the Group employs net investment hedge accounting where appropriate to mitigate these risks. The Group has designated US private placement notes denominated in USD and EUR, with carrying values of $150m (2023: $nil) and \u20ac250m (2023: \u20acnil) respectively, as net investment hedges for foreign currency net assets. The hedge ratio was 1:1. Ineffectiveness may arise if the hedge ratio is not adjusted to re\ufb02ect changes in the relationship between the hedged item and the hedging instrument. The change in the carrying value of borrowings as a result of exchange rate differences that was recognised in Other Comprehensive Income during the year was a gain of \u00a37.2m (2023: \u00a3nil). Management considers that the most signi\ufb01cant foreign exchange risk relates to the US dollar, Canadian dollar and Euro. The Group\u2019s sensitivity to a 10% strengthening in UK sterling against each of these currencies (with all other variables held constant) is as follows:
2024
2023
\u00a3m
\u00a3m
Decrease in adjusted operating pro\ufb01t (at average rates)
US dollar: UK sterling
16.4
13.1
Canadian dollar: UK sterling
2.6
2.8
Euro: UK sterling
4.1
2.5
Decrease in total equity (at spot rates)
US dollar: UK sterling
12.7
11.3
Canadian dollar: UK sterling
14.7
14.2
Euro: UK sterling
8.4
7.0
d) Interest rate risk Interest rate risk is the risk that changes in interest rates will affect the Group\u2019s results. The Group\u2019s interest rate risk arises primarily from its cash funds and borrowings. The Group used interest rate swaps to hedge a proportion of external borrowings until 31 March 2024. These interest rate swaps were designated as cash \ufb02ow hedges and stated at fair value. The swaps matured before 30 September 2024 and the notional amount was therefore \u00a3nil (2023: \u00a3163.9m). Similarly, the net fair value of these swaps as at 30 September 2024 was \u00a3nil (2023: \u00a32.3m asset). The interest rate swaps matured during the year and the amount removed from Other Comprehensive Income and taken to the Consolidated Income Statement during the year was \u00a31.8m debit (2023: \u00a32.5m debit). The change in fair value of cash \ufb02ow hedges taken to Other Comprehensive Income during the year was \u00a30.5m debit (2023: \u00a31.7m credit). The Group\u2019s \ufb01nancial assets that are subject to interest rate \ufb02uctuations are cash deposits held in the UK and overseas. These are held on a short-term basis at \ufb02oating rates or overnight rates and are based on the relevant UK base rate, or equivalent rate. Surplus funds are pooled and deposited with commercial banks that meet the credit criteria approved by the Board, for periods of between one and six months at rates that are generally \ufb01xed by reference to the relevant UK base rate, or equivalent rate. The Group\u2019s \ufb01nancial liabilities that are subject to interest rate \ufb02uctuations are overdrafts and the Group\u2019s RCF that bear interest at market rates according to the currency of the borrowing. Longer-term funding is provided by the Group\u2019s US private placement notes, completed in March 2024 and August 2024 and bear interest at \ufb01xed rates as described in note 25. A movement of 1% in interest rates would have a ca. \u00a31.7m (2023: \u00a32.4m) impact on adjusted pro\ufb01t before tax. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-436": { "value": "e) Fair values There are no material differences between the book value of \ufb01nancial assets and liabilities and their fair value. The basis for determining fair values are as follows: Derivatives Forward exchange contracts are designated as level 2 assets in the fair value hierarchy under IFRS 7 and valued at year end forward rates, adjusted for the forward points to the contract\u2019s value date with gains and losses taken to equity. No contract\u2019s maturity date is greater than 24 months from the year end. For hedges of foreign currency transactions, the Group enters into hedge relationships where the critical terms of the hedging instrument match with the terms of the hedged item, ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated, or if there are changes in the credit risk of the derivative counterparty. Interest rate swap contracts are designated as level 2 assets (in the \u2018fair value hierarchy\u2019) and valued at year end as the net present value of the cash \ufb02ows using current forward market interest rates, with gains and losses taken to equity. The Group enters into interest rate swaps that have similar critical terms as the hedged item, such as reference rate, payment dates, maturities and notional amount. The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the interest rate swap is identical to the hedged risk component. The hedge ineffectiveness can arise from differences in timing or cash \ufb02ows of the hedged item and hedging instrument, or the counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instrument and hedged item. Trade and other receivables/payables The book value of trade and other receivables/payables is deemed to re\ufb02ect the fair value. Borrowings The fair value of borrowings under the RCF equates to the book value. The fair value of the Group\u2019s US private placement notes is estimated to be \u00a3337.5m. The fair value is estimated by discounting the future contracted cash \ufb02ows using readily available market data and represents a level 2 measurement (in the \u2018fair value hierarchy\u2019). Other liabilities The carrying amount of the items included within note 20 represents a discounted value of the expected liability which is deemed to re\ufb02ect the fair value and are designated as level 3 assets (in the \u2018fair value hierarchy\u2019). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-446": { "value": "Derivatives Forward exchange contracts are designated as level 2 assets in the fair value hierarchy under IFRS 7 and valued at year end forward rates, adjusted for the forward points to the contract\u2019s value date with gains and losses taken to equity. No contract\u2019s maturity date is greater than 24 months from the year end. For hedges of foreign currency transactions, the Group enters into hedge relationships where the critical terms of the hedging instrument match with the terms of the hedged item, ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated, or if there are changes in the credit risk of the derivative counterparty. Interest rate swap contracts are designated as level 2 assets (in the \u2018fair value hierarchy\u2019) and valued at year end as the net present value of the cash \ufb02ows using current forward market interest rates, with gains and losses taken to equity. The Group enters into interest rate swaps that have similar critical terms as the hedged item, such as reference rate, payment dates, maturities and notional amount. The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the interest rate swap is identical to the hedged risk component. The hedge ineffectiveness can arise from differences in timing or cash \ufb02ows of the hedged item and hedging instrument, or the counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instrument and hedged item. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-447": { "value": "Borrowings The fair value of borrowings under the RCF equates to the book value.
25. NET DEBT
The movement in net debt during the year is as follows:
2024
2023
\u00a3m
\u00a3m
Net (decrease)/increase in cash and cash equivalents
(6.4)
25.8
Cash reclassi\ufb01ed to assets held for sale
4.7
-
(Increase)/decrease in borrowings
(183.9)
43.8
(185.6)
69.6
Effect of exchange rates and other non-cash movements
20.7
4.6
(Increase)/decrease in net debt
(164.9)
74.2
Net debt at beginning of year
(254.7)
(328.9)
Net debt at end of year
(419.6)
(254.7)
Comprising:
Cash and cash equivalents
55.5
62.4
Cash and cash equivalents held in disposal groups
4.7
\u2013
Bank borrowings:
\u2013 Revolving credit facility
(165.1)
(321.1)
\u2013 Overdraft facilities
\u2013
(0.3)
\u2013 Private placement notes
(319.8)
\u2013
\u2013 Capitalised borrowing fees
5.1
4.3
(479.8)
(317.1)
Net debt at end of year
(419.6)
(254.7)
Analysed as:
Repayable within one year
\u2013
(0.3)
Repayable after one year
(479.8)
(316.8)
A summary of the maturities and rates of the private placement notes, with an aggregate principal amount of \u00a3319.8m are as follows:
Face value
Rate
Maturity
75m EUR
4.18%
2031
100m EUR
4.27%
2034
75m EUR
4.38%
2036
100m USD
5.39%
2032
50m USD
5.52%
2035
The Group has a multi-currency revolving credit facility agreement (RCF) with an aggregate principal amount of \u00a3555.0m. In July 2024, the Group exercised the \ufb01rst of two 12-month extension options for the RCF, which was accepted by banks committing \u00a3515.0m of the aggregate total. The RCF is now contractually due to expire across July 2028 (\u00a340.0m) and July 2029 (\u00a3515.0m). A 24-month extension option in respect of \u00a340.0m and a second 12-month extension option in respect of \u00a3515.0m can be exercised in July 2025. Borrowings include capitalised borrowing fees of \u00a35.1m (2023: \u00a34.3m). The RCF is subject to interest at variable rates while the private placement notes are at \ufb01xed rates. At 30 September 2024, \ufb01xed rate debt was 66% of total debt. As at 30 September 2024 the Group\u2019s net debt is \u00a3419.6m (2023: \u00a3254.7m) and excludes lease liabilities of \u00a372.3m (2023: \u00a380.2m). At 30 September 2024, the Group\u2019s Net Debt/EBITDA ratio is 1.3x, as illustrated in note 29.5.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-437": { "value": "f) Capital management risk The Group\u2019s capital structure comprises the retained earnings reserve (\u00a3478.2m), cash funds (\u00a360.2m) and medium and long-term borrowing facilities (\u00a3479.8m). The Group\u2019s objective when managing capital is to safeguard its ability to continue as a going concern and to maintain robust capital ratios to support the development of the business including executing acquisitions and providing strong returns to shareholders. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-372": { "value": "
20. OTHER LIABILITIES
2024
2023
\u00a3m
\u00a3m
Future purchases of minority interests
9.0
9.2
Deferred consideration
16.4
13.4
At 30 September
25.4
22.6
Analysed as:
Due within one year
8.8
12.7
Due after one year
16.6
9.9
The movement in the liability for future purchases of minority interests is as follows:
2024
2023
\u00a3m
\u00a3m
At 1 October
9.2
7.4
Exchange movements
(0.1)
\u2212
Fair value remeasurements
(0.1)
1.8
At 30 September
9.0
9.2
At 30 September 2024, the Group\u2019s minority interests retained put options to sell their
minority interests of 10% in M Seals, 5% in Techsil, 2% in R&G Fluid Power Group and 5%
in Pennine Pneumatic Services.
At 30 September 2024, the estimate of the \ufb01nancial liability to acquire these outstanding
minority shareholdings was reassessed by the Directors, based on their current estimate
of the future performance of these businesses and to re\ufb02ect foreign exchange rates at
30 September 2024.
This led to a remeasurement of the options and the liability decreased by \u00a30.2m (2023:
\u00a31.8m increase) re\ufb02ecting a revised estimate of the future performance of these
businesses and foreign exchange. In aggregate, \u00a30.2m has been credited to the
Consolidated Income Statement (2023: \u00a31.8m debit).
Deferred consideration comprises the following:
Discount
Foreign
30 Sep
1 Oct 2023 Additions unwind Payments Revaluation Exchange 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
AHW
4.9
\u2013
0.2
(3.5)
0.2
(0.4)
1.4
R&G
0.8
\u2013
\u2013
(1.0)
0.2
\u2013
\u2013
AMG Sealing
0.4
\u2013
\u2013
(0.2)
\u2013
\u2013
0.2
Hydraproducts
0.3
\u2013
\u2013
(0.3)
\u2013
\u2013
\u2013
Eurobond
0.2
\u2013
\u2013
(0.2)
\u2013
\u2013
\u2013
ITG
0.2
\u2013
\u2013
(0.2)
\u2013
\u2013
\u2013
Fluid Power
Services
0.8
\u2013
0.1
(0.2)
(0.2)
\u2013
0.5
Hedley
1.3
\u2013
0.1
(0.6)
\u2013
\u2013
0.8
Valves Online
0.6
\u2013
\u2013
(0.7)
0.1
\u2013
\u2013
GP&S
1.4
\u2013
\u2013
(0.6)
\u2013
(0.1)
0.7
GM Medical
0.4
\u2013
\u2013
(1.6)
1.2
\u2013
\u2013
Hex
1.8
\u2013
0.1
(0.4)
(0.4)
(0.1)
1.0
Lantech
0.3
\u2013
\u2013
(0.2)
(0.1)
\u2013
\u2013
PTFE
\u2013
1.2
\u2013
(0.7)
\u2013
\u2013
0.5
Fast Gaskets
\u2013
0.6
\u2013
(0.3)
\u2013
\u2013
0.3
CTS
\u2013
0.9
0.1
\u2013
0.4
(0.1)
1.3
Abbey Hose
\u2013
0.9
0.2
(0.2)
0.2
\u2013
1.1
PAR
\u2013
2.9
0.1
(1.6)
\u2013
\u2013
1.4
Peerless
\u2013
5.6
0.5
\u2013
1.6
(0.5)
7.2
13.4
12.1
1.4
(12.5)
3.2
(1.2)
16.4
At 30 September 2024, the estimate of the \ufb01nancial liability in relation to outstanding
deferred consideration was reassessed by the Directors, based on their current estimate
of the most likely outcome in respect of performance-based conditions, foreign exchange
rates and the latest relevant discount rates as at 30 September 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-373": { "value": "
21. MINORITY INTERESTS
\u00a3m
At 1 October 2022
6.2
Share of pro\ufb01t
0.6
Dividends paid
(0.3)
Exchange adjustments
(0.1)
At 30 September 2023
6.4
Share of pro\ufb01t
0.7
Dividends paid
(0.4)
At 30 September 2024
6.7
External shareholders, represented by management in each business, hold a 10% minority
interest in M Seals, a 5% minority interest in Techsil, a 2% minority interest in R&G Fluid
Power Group, and a 5% minority interest in Pennine Pneumatic Services.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-374": { "value": "
22. ACQUISITIONS AND DISPOSALS OF BUSINESSES
Acquisition of Plastic and Rubber Group Holdings Limited
On 30 April 2024, the group completed the acquisition of 98% of the shares in Plastic and
Rubber Group Holdings Limited (PAR Group), a supplier of specialist seals and gaskets.
The total investment, net of cash acquired, was \u00a336.7m.
The provisional fair value of PAR Group's net assets acquired excluding acquisition
intangibles, related deferred tax and cash is \u00a34.9m following net fair value adjustments of
\u00a31.1m. The principal fair value adjustments relate to a net increase in inventory of \u00a30.3m,
fair value uplift of property, plant and equipment of \u00a31.0m and recognition of previously
unrecognised liabilities of \u00a30.2m.
Acquisition expenses of \u00a30.7m have been recognised in respect of this transaction in the
\ufb01nancial year.
From the date of acquisition to 30 September 2024, PAR Group contributed \u00a35.3m to
revenue and \u00a32.2m to adjusted operating pro\ufb01t. Had it been acquired at the beginning of
the \ufb01nancial year, it would have contributed on a pro forma basis \u00a312.7m to revenue and
\u00a35.2m to adjusted operating pro\ufb01t. However, these amounts should not be viewed as
indicative of the results that would have occurred if PAR Group had been completed at
the beginning of the year.
Acquisition of Peerless Aerospace Fastener LLC On 01 May 2024, the Group completed the acquisition of 100% of the shares in Peerless Aerospace Fastener LLC (Peerless), a value-add supplier of specialty fasteners to the Aerospace and Defence markets in the US and Europe. The total investment, net of cash acquired, was \u00a3243.3m. The provisional fair value of Peerless' net assets acquired excluding acquisition intangibles, related deferred tax and cash is \u00a363.5m following net fair value adjustments of \u00a34.2m. The goodwill represents the technical expertise of the acquired workforce and the opportunity to leverage any revenue synergies through cross- selling within other businesses. The principal fair value adjustments relate to a fair value uplift related to property, plant and equipment of \u00a35.2m, net increase in inventory of \u00a315.2m, increase in provisions held against trade receivables of \u00a31.6m and a recognition of previously unrecognised liabilities of \u00a314.6m. The fair value of acquired trade receivables is \u00a317.7m, of which the gross contractual amount due is \u00a319.7m, with a loss allowance of \u00a32.0m recognised on acquisition. Acquisition expenses of \u00a33.1m have been recognised in respect of this transaction in the \ufb01nancial year. From the date of acquisition to 30 September 2024, Peerless contributed \u00a354.1m to revenue and \u00a325.0m to adjusted operating pro\ufb01t. Had it been acquired at the beginning of the \ufb01nancial year, it would have contributed on a pro forma basis \u00a3129.9m to revenue and \u00a359.9m to adjusted operating pro\ufb01t. However, these amounts should not be viewed as indicative of the results that would have occurred if Peerless had been completed at the beginning of the year. Other acquisitions The Group completed \ufb01ve other acquisitions in the year. This comprised the trade and assets of Cable and Tubing Solutions Limited (CTS) (20 November 2023) and 100% of the share capital of Technisil GMBH (Technisil) (28 February 2024) and 98% of the share capital of Fast Gaskets and Parts Limited (Fast Gaskets) (04 October 2023), Abbey Hose Company Limited (Abbey Hose) (22 December 2023) and PTFEFLEX Ltd (PTFE) (10 May 2024). The combined initial consideration for these acquisitions was \u00a39.7m, net of cash acquired of \u00a31.3m. Deferred consideration with a fair value of \u00a33.6m is payable based largely on the performance of the businesses in the period subsequent to their acquisitions. Acquisition expenses of \u00a30.3m have been recognised in respect of these transactions completed in the \ufb01nancial year. The provisional fair value of the total net assets acquired excluding intangibles, related deferred tax and cash is \u00a31.1m.
Fair Value of net assets acquired
The fair value of net assets acquired during the year, particularly the fair value of inventory, acquired intangible assets and goodwill for PAR Group and Peerless are provisional, subject
to reviews up to the end of the measurement period of each acquisition.
The following table summarises the consideration paid for the acquisitions completed in the year and fair value of assets acquired and liabilities assumed.
PAR Group
Peerless Aerospace
Others
Total
Book value
Fair value
Book value
Fair value
Book value
Fair value
Book value
Fair value
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Acquisition intangible assets
1
\u2013
12.9
\u2013
62.3
\u2013
8.5
\u2013
83.7
Deferred tax
\u2013
(3.6)
\u2013
\u2013
\u2013
(1.7)
\u2013
(5.3)
Property, plant and equipment
2.1
3.1
0.9
6.1
0.1
0.1
3.1
9.3
Inventories
1.3
1.6
50.4
65.6
1.2
1.2
52.9
68.4
Trade and other receivables
2.1
2.1
19.5
17.9
1.4
1.4
23.0
21.4
Trade and other payables
(1.7)
(1.9)
(11.5)
(26.1)
(1.3)
(1.6)
(14.5)
(29.6)
Net assets acquired
3.8
14.2
59.3
125.8
1.4
7.9
64.5
147.9
Goodwill
\u2013
22.5
\u2013
117.5
\u2013
5.4
\u2013
145.4
Minority interests
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Cash paid
41.4
242.2
11.0
294.6
Cash acquired
(7.6)
(4.5)
(1.3)
(13.4)
281.2
Deferred consideration
2.9
5.6
3.6
12.1
Total investment
36.7
243.3
2
13.3
293.3
1 On the acquisitions completed in the current year, acquired intangibles relate entirely to customer relationships and order backlog (\u00a383.7m).
2 The total investment in Peerless amounts to \u00a3243.3m (being cash paid (net of cash acquired) of \u00a3237.7m and deferred consideration of \u00a35.6m). Of the initial cash paid, the vendor directed \u00a310.5m to settle transaction fees and
personnel expenses relating to the acquisition.
\u00a3m
Total Investment
243.3
Acquisition and personnel expenses
(10.5)
Net Consideration
232.8
Acquisitions revenue and adjusted operating pro\ufb01t
From the date of acquisition to 30 September 2024, each acquired business
1
contributed the following to Group revenue and adjusted operating pro\ufb01t:
Pro forma
Adjusted adjusted
Pro forma operating operating
Revenue
Adjustments
2
revenue Pro\ufb01t
Adjustments
2
Pro\ufb01t
Acquisition date
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Fast Gaskets
04-Oct-23
0.8
\u2013
0.8
0.2
\u2013
0.2
CTS
20-Nov-23
3.0
0.6
3.6
0.9
0.2
1.1
Abbey Hose
22-Dec-23
3.6
1.2
4.8
0.9
0.3
1.2
PAR Group
30-Apr-24
5.3
7.4
12.7
2.2
3.0
5.2
Peerless
01-May-24
54.1
75.8
129.9
25.0
34.9
59.9
PTFE
10-May-24
0.8
1.1
1.9
0.3
0.5
0.8
67.6
86.1
153.7
29.5
38.9
68.4
1 Technisil has been excluded from the above table as it had immaterial revenue and adjusted operating pro\ufb01t in the year.
2 Pro forma revenue and adjusted operating pro\ufb01t has been extrapolated (as prescribed under UK-adopted International Accounting Standards) from the actual results reported since acquisition to indicate what these businesses would
have contributed if they had been acquired at the beginning of the \ufb01nancial year on 1 October 2023. These amounts should not be viewed as con\ufb01rmation of the results of these businesses that would have occurred if these
acquisitions had been completed at the beginning of the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-376": { "value": "
23. ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE
As at 30 September 2024, the Group classi\ufb01ed the assets and liabilities of Kubo Tech AG
and its subsidiary Kubo Tech GmbH (Kubo), Pneumatic Services Limited and its subsidiary
Pennine Pneumatic Services Limited (Pennine) and Gremtek SAS (Gremtek) as held
for sale.
On 31 October 2024, the Group disposed of its entire interest in Kubo to a third party for a
total consideration of ca. CHF31.3m (ca. \u00a328.1m), Pennine to a third party for a total
consideration of ca. \u00a312.0m, and Gremtek to a third party for a total consideration of ca.
\u20ac5.5m (ca. \u00a34.6m), respectively. All disposals were on a cash-free and debt-free basis.
The major classes of assets and liabilities comprising the operations classi\ufb01ed as held for
sale are as follows:
2024
\u00a3m
Assets held for sale
Goodwill
12.4
Acquisition intangible assets
3.7
Other intangible assets
0.7
Property, plant and equipment
3.0
Leases \u2013 right-of-use assets
6.0
Inventories
7.0
Trade and other receivables
8.9
Cash and cash equivalents
4.7
Total assets held for sale
46.4
Liabilities held for sale
Trade and other payables
(10.1)
Current tax liabilities
(1.0)
Lease liabilities
(8.7)
Retirement bene\ufb01t obligations
(1.0)
Deferred tax liabilities
(1.2)
Total liabilities held for sale
(22.0)
Total net assets held for sale
24.4
No gain or loss was recognised in the Consolidated Income Statement on classi\ufb01cation of
the above assets and liabilities held for sale.
The Group expects to reclassify a cumulative foreign exchange difference from Other
Comprehensive Income to the Consolidated Income Statement upon the disposal of the
assets and liabilities classi\ufb01ed as held for sale.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-414": { "value": "23. ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE As at 30 September 2024, the Group classi\ufb01ed the assets and liabilities of Kubo Tech AG and its subsidiary Kubo Tech GmbH (Kubo), Pneumatic Services Limited and its subsidiary Pennine Pneumatic Services Limited (Pennine) and Gremtek SAS (Gremtek) as held for sale. On 31 October 2024, the Group disposed of its entire interest in Kubo to a third party for a total consideration of ca. CHF31.3m (ca. \u00a328.1m), Pennine to a third party for a total consideration of ca. \u00a312.0m, and Gremtek to a third party for a total consideration of ca. \u20ac5.5m (ca. \u00a34.6m), respectively. All disposals were on a cash-free and debt-free basis. The major classes of assets and liabilities comprising the operations classi\ufb01ed as held for sale are as follows:
2024
\u00a3m
Assets held for sale
Goodwill
12.4
Acquisition intangible assets
3.7
Other intangible assets
0.7
Property, plant and equipment
3.0
Leases \u2013 right-of-use assets
6.0
Inventories
7.0
Trade and other receivables
8.9
Cash and cash equivalents
4.7
Total assets held for sale
46.4
Liabilities held for sale
Trade and other payables
(10.1)
Current tax liabilities
(1.0)
Lease liabilities
(8.7)
Retirement bene\ufb01t obligations
(1.0)
Deferred tax liabilities
(1.2)
Total liabilities held for sale
(22.0)
Total net assets held for sale
24.4
No gain or loss was recognised in the Consolidated Income Statement on classi\ufb01cation of the above assets and liabilities held for sale. The Group expects to reclassify a cumulative foreign exchange difference from Other Comprehensive Income to the Consolidated Income Statement upon the disposal of the assets and liabilities classi\ufb01ed as held for sale.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-375": { "value": "24. RECONCILIATION OF OPERATING PROFIT TO CASH FLOW FROM OPERATING ACTIVITIES
2024
2023
\u00a3m
\u00a3m
Operating pro\ufb01t
207.4
183.3
Acquisition related and other charges (note 2)
77.6
53.7
Adjusted operating pro\ufb01t
285.0
237.0
Depreciation or amortisation of tangible, other intangible assets and leases \u2013
right-of-use assets (note 2)
32.2
28.6
Share-based payments expense (note 5)
7.1
4.1
De\ufb01ned bene\ufb01t pension scheme payment in excess of interest (note 26)
(0.5)
(0.6)
Pro\ufb01t on disposal of assets
(1.9)
(1.1)
Acquisition and disposal expenses paid
(30.2)
(6.0)
Other non-cash movements
(3.5)
(0.5)
Non-cash items and other
3.2
24.5
Operating cash \ufb02ow before changes in working capital
288.2
261.5
(Increase)/decrease in inventories
(7.7)
10.8
Increase in trade and other receivables
(18.5)
(8.8)
Increase/(decrease) in trade and other payables
17.7
(6.2)
Increase in working capital
(8.5)
(4.2)
Cash \ufb02ow from operating activities
279.7
257.3
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-377": { "value": "
26. RETIREMENT BENEFIT ASSETS AND OBLIGATIONS
The Group maintains two pension arrangements which are accounted for under IAS 19
(Revised) (Employee Bene\ufb01ts). The principal arrangement is the de\ufb01ned bene\ufb01t pension
scheme in the UK, maintained by Diploma Holdings PLC (DHPLC) and called the Diploma
Holdings PLC UK Pension Scheme (the Scheme). This Scheme provides bene\ufb01ts based on
\ufb01nal salary and length of service on retirement, leaving service or death and has been
closed to further accrual since 5 April 2000.
The second and smaller pension arrangement is operated by Kubo, a business based in
Switzerland and provides bene\ufb01ts on retirement, leaving service or death for the
employees of Kubo in accordance with Swiss law. The Kubo pension scheme, which is
included in liabilities held for sale, is a de\ufb01ned contribution-based scheme, which for
technical reasons, is required under UK-adopted International Accounting Standards to be
accounted for in accordance with IAS 19 (Revised).
The amount of pension asset/(de\ufb01cit) included in the Consolidated Statement of Financial
Position in respect of these two pension arrangements is:
2024
2023
\u00a3m
\u00a3m
Diploma Holdings PLC UK Pension Scheme
1.5
6.8
Kubo Pension Scheme
(1.0)
(0.3)
Pension scheme net asset
0.5
6.5
The amounts included in the Consolidated Income Statement in respect of these two
pension arrangements are:
2024
2023
\u00a3m
\u00a3m
Diploma Holdings PLC UK Pension Scheme
0.3
0.4
Kubo Pension Scheme
(0.3)
(0.5)
Amounts credited/(charged) to the Consolidated Income Statement
\u2013
(0.1)
De\ufb01ned contribution schemes operated by the Group\u2019s businesses are not included in
these disclosures.
Diploma Holdings PLC UK Pension Scheme
The Scheme provides bene\ufb01ts based on \ufb01nal salary and length of service on retirement,
leaving service or death. Any de\ufb01ned contribution schemes operated by DHPLC are not
included in these disclosures.
The Scheme is managed by a board of Trustees appointed in part by DHPLC and in part
from elections by members of the Scheme. The Trustees have responsibility for obtaining
valuations of the fund, administering bene\ufb01t payments and investing the Scheme's assets.
The Trustees delegate some of these functions to their professional advisors where
appropriate.
On 28 September 2018, the Trustees completed a Buy-In of the pensioner liabilities in the
Scheme with Just Retirement Limited. The Scheme paid \u00a312.3m to Just Retirement Limited
on 28 September 2018 to fund 95% of the Buy-In premium and \u00a30.7m was paid on 22
October 2018 to fund the remaining 5% of the premium.
On 26 March 2024, the Trustees completed a Buy-In of the remaining pensioner liabilities
in the Scheme with Just Retirement Limited. The Scheme paid \u00a325.1m to Just Retirement
Limited to fund 100% of the Buy-In premium.
In accordance with the schedule of contributions currently in force following the Buy-In,
DHPLC does not expect to make any contributions in the year to 30 September 2025.
There were no plan amendments, curtailments or settlements during the period.
a) Pension asset included in the Consolidated Statement of Financial Position
2024
2023
\u00a3m
\u00a3m
Market value of Scheme assets:
Gilts
\u2013
24.5
Insured Assets
1
25.6
7.0
Cash
1.7
0.1
27.3
31.6
Present value of Scheme liabilities
(25.8)
(24.8)
Pension scheme net asset
1.5
6.8
1 The Insured Assets were valued on the same basis as the underlying pensioner liabilities.
b) Amounts credited to the Consolidated Income Statement
2024
2023
\u00a3m
\u00a3m
Charged to operating pro\ufb01t
\u2013
\u2013
Interest cost on liabilities
(1.4)
(1.3)
Interest on assets
1.7
1.7
Credited to \ufb01nancial expense, net (note 6)
0.3
0.4
Amounts credited to the Consolidated Income Statement
0.3
0.4
c) Amounts recognised in the Consolidated Statement of Comprehensive Income
2024
2023
\u00a3m
\u00a3m
Investment loss on Scheme assets in excess of interest
(5.3)
(1.1)
Effect of changes in \ufb01nancial assumptions on Scheme liabilities
(1.1)
1.2
Effect of changes in demographic assumptions on Scheme liabilities
0.3
\u2013
Experience adjustments on Scheme liabilities
\u2013
(0.7)
Actuarial loss charged in the Consolidated Statement
of Comprehensive Income
(6.1)
(0.6)
The cumulative amount of actuarial losses recognised in the Consolidated Statement of
Comprehensive Income, since the transition to UK-adopted International Accounting
Standards, is \u00a37.9m (2023: \u00a31.8m).
d) Analysis of movement in the pension asset
2024
2023
\u00a3m
\u00a3m
Asset as at 1 October
6.8
6.4
Amounts credited to the Consolidated Income Statement
0.3
0.4
Contributions paid by employer
0.5
0.6
Net effect of remeasurements of Scheme assets and liabilities
(6.1)
(0.6)
Asset as at 30 September
1.5
6.8
e) Analysis of movements in the present value of the Scheme liabilities
2024
2023
\u00a3m
\u00a3m
At 1 October
24.8
25.5
Experience adjustments on Scheme liabilities
\u2013
0.7
Interest cost on liabilities
1.4
1.3
Impact from changes in demographic assumptions
(0.3)
\u2013
Impact from changes in actuarial assumptions
1.1
(1.2)
Bene\ufb01ts paid
(1.2)
(1.5)
At 30 September
25.8
24.8
f) Analysis of movements in the present value of the Scheme assets
2024
2023
\u00a3m
\u00a3m
At 1 October
31.6
31.9
Interest on assets
1.7
1.7
Return on Scheme assets
(5.3)
(1.1)
Contributions paid by employer
0.5
0.6
Bene\ufb01ts paid
(1.2)
(1.5)
At 30 September
27.3
31.6
The actual return on the Scheme assets (including interest on assets) during the year was a
loss of \u00a33.6m (2023: \u00a30.6m gain).
Assets
The Scheme\u2019s assets are held in passive unit funds managed by Legal & General
Investment Management and at 30 September 2024, the major categories of assets
were as follows:
2024
2023
%
%
Cash
6
\u2013
Gilts
\u2013
78
Insured Assets
94
22
Principal actuarial assumptions for the Scheme at balance sheet dates
2024
2023
2022
2021
%
%
%
%
In\ufb02ation rate
\u2013 RPI
3.2
3.4
3.6
3.4
\u2013 CPI
2.8
3.0
3.2
3.0
Expected rate of pension increases
\u2013 CPI
2.7
3.0
3.2
3.0
Discount rate
5.1
5.6
5.3
2.0
Demographic assumptions
Mortality table used:
S3PA
Year the mortality table was published:
CMI 2021
Allowance for future improvements in longevity:
Year of birth projections, with a long-term
improvement rate of 1.0%
Allowance made for members to take a cash
Members are assumed to take 0% of their
lump sum on retirement:
maximum cash sum (based on current
The weighted average duration of the de\ufb01ned
commutation factors)
bene\ufb01t obligation is around
14 years (2023: 13
years)
Sensitivities
The sensitivities of the 2024 pension liabilities to changes in assumptions are as follows:
Impact on pension liabilities
Estimated
Estimated
increase increase
Factor
Assumption
%
\u00a3m
Discount rate
Decrease by 0.5%
6.6
1.7
In\ufb02ation
Increase by 0.5%
2.7
0.7
Life expectancy
Increase by one year
3.1
0.8
Risk mitigation strategies
Individual annuity policies are held in respect of some historic pensioners. As noted
above, the Scheme\u2019s liabilities are now secured with an insurer. Therefore the key risk that
remains within the Scheme is the risk of insurer default (although this risk is expected
to be very low).
The Scheme has no other asset-liability strategies in place.
The Group is aware of a UK High Court legal ruling in June 2023 between Virgin Media
Limited and NTL Pension Trustees II Limited, which decided that certain historic rule
amendments were invalid if they were not accompanied by actuarial certi\ufb01cations. The
ruling was subject to an appeal with a judgment delivered on 25 July 2024. The Court of
Appeal unanimously upheld the decision of the High Court and concluded that the pre-
April 2013 conditions applied to amendments to both future and past service. Whilst this
ruling was in respect of another scheme, this judgment will need to be reviewed for its
relevance to the Scheme. As the Court of Appeal has only just delivered its verdict, the
Scheme pension advisors have not yet completed any analysis and therefore no
adjustments have been made to the Consolidated Financial Statements as at 30
September 2024.
Effect of the Scheme on the Group\u2019s future cash \ufb02ows
DHPLC is required to agree a schedule of contributions with the Trustees of the Scheme
following each triennial actuarial valuation. Following the triennial actuarial valuation carried
out as at 30 September 2022, DHPLC had agreed to contribute \u00a30.6m in cash to the
Scheme annually increasing at 2% per year. The current year contribution was \u00a30.5m and
ceased from April 2024 onwards following the completion of the purchase of the Buy-In
policy on 26 March 2024.
The Kubo Pension Scheme (the Kubo Scheme)
In accordance with Swiss law, Kubo\u2019s pension bene\ufb01ts are contribution based with the
level of bene\ufb01ts varying according to category of employment. Swiss law requires certain
guarantees to be provided on such pension bene\ufb01ts. Kubo \ufb01nances its Swiss pension
bene\ufb01ts through the ASGA Pensionskasse, a multi-employer plan of non-associated
companies which pools risks between participating companies. Set out below is a
summary of the key features of the Kubo Scheme which has been included in liabilities
held for sale.
a) Pension de\ufb01cit included in the Consolidated Statement of Financial Position
2024
2023
\u00a3m
\u00a3m
Assets of the Kubo Scheme
1
14.9
14.3
Actuarial liabilities of the Kubo Scheme
(15.9)
(14.6)
Pension scheme net de\ufb01cit
(1.0)
(0.3)
1 The assets of the Kubo Scheme are held as part of the employee funds managed by ASGA Pensionskasse.
b) Amounts charged to the Consolidated Income Statement
2024
2023
\u00a3m
\u00a3m
Service cost
(0.3)
(0.5)
Amount charged to operating pro\ufb01t in the Consolidated Income Statement
(0.3)
(0.5)
c) Analysis of movement in the pension de\ufb01cit
2024
2023
\u00a3m
\u00a3m
At 1 October
(0.3)
\u2013
Amounts charged to the Consolidated Income Statement
(0.3)
(0.5)
Contributions paid by employer
0.5
0.5
Net effect of remeasurements of Kubo Scheme assets and liabilities
(0.9)
(0.3)
At 30 September
(1.0)
(0.3)
d) Amounts recognised in the Consolidated Statement of Comprehensive Income
The actuarial loss charged to the Consolidated Statement of Comprehensive Income is
\u00a30.9m (2023: \u00a30.3m).
2024
2023
\u00a3m
\u00a3m
Investment gain on Scheme assets in excess of interest
0.8
0.3
Effect of changes in \ufb01nancial assumptions on Scheme liabilities
(1.9)
(0.9)
Experience adjustments on Scheme liabilities
0.2
(0.1)
Adjustment in respect of IFRIC 14
\u2013
0.4
Actuarial loss charged in the Consolidated Statement of Comprehensive
Income
(0.9)
(0.3)
Principal actuarial assumptions for the Kubo Scheme at balance sheet dates
2024
2023
Expected rate of pension increase
0%
0%
Expected rate of salary increase
1.3%
1.3%
Discount rate
1.1%
2.0%
Interest credit rate
1.3%
1.5%
Mortality
BVG2020
BVG2020
Sensitivities
The sensitivities of the 2024 pension liabilities to changes in assumptions are as follows:
Impact on pension liabilities
Estimated
Estimated
increase increase
Factor
Assumption
%
\u00a3m
Discount rate
Decrease by 0.25%
4.1
0.7
Life expectancy
Increase by one year
2.1
0.3
Effect of the Kubo Scheme on the Group\u2019s future cash \ufb02ows
The Kubo Scheme will no longer have any effect on the Group\u2019s future cash \ufb02ows
following the disposal of Kubo on 31 October 2024.
The weighted average duration of the de\ufb01ned bene\ufb01t obligation is approximately 16 years
(2023: 15 years).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-415": { "value": "26. RETIREMENT BENEFIT ASSETS AND OBLIGATIONS The Group maintains two pension arrangements which are accounted for under IAS 19 (Revised) (Employee Bene\ufb01ts). The principal arrangement is the de\ufb01ned bene\ufb01t pension scheme in the UK, maintained by Diploma Holdings PLC (DHPLC) and called the Diploma Holdings PLC UK Pension Scheme (the Scheme). This Scheme provides bene\ufb01ts based on \ufb01nal salary and length of service on retirement, leaving service or death and has been closed to further accrual since 5 April 2000. The second and smaller pension arrangement is operated by Kubo, a business based in Switzerland and provides bene\ufb01ts on retirement, leaving service or death for the employees of Kubo in accordance with Swiss law. The Kubo pension scheme, which is included in liabilities held for sale, is a de\ufb01ned contribution-based scheme, which for technical reasons, is required under UK-adopted International Accounting Standards to be accounted for in accordance with IAS 19 (Revised). The amount of pension asset/(de\ufb01cit) included in the Consolidated Statement of Financial Position in respect of these two pension arrangements is:
2024
2023
\u00a3m
\u00a3m
Diploma Holdings PLC UK Pension Scheme
1.5
6.8
Kubo Pension Scheme
(1.0)
(0.3)
Pension scheme net asset
0.5
6.5
The amounts included in the Consolidated Income Statement in respect of these two pension arrangements are:
2024
2023
\u00a3m
\u00a3m
Diploma Holdings PLC UK Pension Scheme
0.3
0.4
Kubo Pension Scheme
(0.3)
(0.5)
Amounts credited/(charged) to the Consolidated Income Statement
\u2013
(0.1)
De\ufb01ned contribution schemes operated by the Group\u2019s businesses are not included in these disclosures. Diploma Holdings PLC UK Pension Scheme The Scheme provides bene\ufb01ts based on \ufb01nal salary and length of service on retirement, leaving service or death. Any de\ufb01ned contribution schemes operated by DHPLC are not included in these disclosures. The Scheme is managed by a board of Trustees appointed in part by DHPLC and in part from elections by members of the Scheme. The Trustees have responsibility for obtaining valuations of the fund, administering bene\ufb01t payments and investing the Scheme's assets. The Trustees delegate some of these functions to their professional advisors where appropriate. On 28 September 2018, the Trustees completed a Buy-In of the pensioner liabilities in the Scheme with Just Retirement Limited. The Scheme paid \u00a312.3m to Just Retirement Limited on 28 September 2018 to fund 95% of the Buy-In premium and \u00a30.7m was paid on 22 October 2018 to fund the remaining 5% of the premium. On 26 March 2024, the Trustees completed a Buy-In of the remaining pensioner liabilities in the Scheme with Just Retirement Limited. The Scheme paid \u00a325.1m to Just Retirement Limited to fund 100% of the Buy-In premium. In accordance with the schedule of contributions currently in force following the Buy-In, DHPLC does not expect to make any contributions in the year to 30 September 2025. There were no plan amendments, curtailments or settlements during the period. a) Pension asset included in the Consolidated Statement of Financial Position
2024
2023
\u00a3m
\u00a3m
Market value of Scheme assets:
Gilts
\u2013
24.5
Insured Assets
1
25.6
7.0
Cash
1.7
0.1
27.3
31.6
Present value of Scheme liabilities
(25.8)
(24.8)
Pension scheme net asset
1.5
6.8
1 The Insured Assets were valued on the same basis as the underlying pensioner liabilities. b) Amounts credited to the Consolidated Income Statement
2024
2023
\u00a3m
\u00a3m
Charged to operating pro\ufb01t
\u2013
\u2013
Interest cost on liabilities
(1.4)
(1.3)
Interest on assets
1.7
1.7
Credited to \ufb01nancial expense, net (note 6)
0.3
0.4
Amounts credited to the Consolidated Income Statement
0.3
0.4
c) Amounts recognised in the Consolidated Statement of Comprehensive Income
2024
2023
\u00a3m
\u00a3m
Investment loss on Scheme assets in excess of interest
(5.3)
(1.1)
Effect of changes in \ufb01nancial assumptions on Scheme liabilities
(1.1)
1.2
Effect of changes in demographic assumptions on Scheme liabilities
0.3
\u2013
Experience adjustments on Scheme liabilities
\u2013
(0.7)
Actuarial loss charged in the Consolidated Statement
of Comprehensive Income
(6.1)
(0.6)
The cumulative amount of actuarial losses recognised in the Consolidated Statement of Comprehensive Income, since the transition to UK-adopted International Accounting Standards, is \u00a37.9m (2023: \u00a31.8m). d) Analysis of movement in the pension asset
2024
2023
\u00a3m
\u00a3m
Asset as at 1 October
6.8
6.4
Amounts credited to the Consolidated Income Statement
0.3
0.4
Contributions paid by employer
0.5
0.6
Net effect of remeasurements of Scheme assets and liabilities
(6.1)
(0.6)
Asset as at 30 September
1.5
6.8
e) Analysis of movements in the present value of the Scheme liabilities
2024
2023
\u00a3m
\u00a3m
At 1 October
24.8
25.5
Experience adjustments on Scheme liabilities
\u2013
0.7
Interest cost on liabilities
1.4
1.3
Impact from changes in demographic assumptions
(0.3)
\u2013
Impact from changes in actuarial assumptions
1.1
(1.2)
Bene\ufb01ts paid
(1.2)
(1.5)
At 30 September
25.8
24.8
f) Analysis of movements in the present value of the Scheme assets
2024
2023
\u00a3m
\u00a3m
At 1 October
31.6
31.9
Interest on assets
1.7
1.7
Return on Scheme assets
(5.3)
(1.1)
Contributions paid by employer
0.5
0.6
Bene\ufb01ts paid
(1.2)
(1.5)
At 30 September
27.3
31.6
The actual return on the Scheme assets (including interest on assets) during the year was a loss of \u00a33.6m (2023: \u00a30.6m gain). Assets The Scheme\u2019s assets are held in passive unit funds managed by Legal & General Investment Management and at 30 September 2024, the major categories of assets were as follows:
2024
2023
%
%
Cash
6
\u2013
Gilts
\u2013
78
Insured Assets
94
22
Principal actuarial assumptions for the Scheme at balance sheet dates
2024
2023
2022
2021
%
%
%
%
In\ufb02ation rate
\u2013 RPI
3.2
3.4
3.6
3.4
\u2013 CPI
2.8
3.0
3.2
3.0
Expected rate of pension increases
\u2013 CPI
2.7
3.0
3.2
3.0
Discount rate
5.1
5.6
5.3
2.0
Demographic assumptions
Mortality table used:
S3PA
Year the mortality table was published:
CMI 2021
Allowance for future improvements in longevity:
Year of birth projections, with a long-term
improvement rate of 1.0%
Allowance made for members to take a cash
Members are assumed to take 0% of their
lump sum on retirement:
maximum cash sum (based on current
The weighted average duration of the de\ufb01ned
commutation factors)
bene\ufb01t obligation is around
14 years (2023: 13
years)
Sensitivities The sensitivities of the 2024 pension liabilities to changes in assumptions are as follows:
Impact on pension liabilities
Estimated
Estimated
increase increase
Factor
Assumption
%
\u00a3m
Discount rate
Decrease by 0.5%
6.6
1.7
In\ufb02ation
Increase by 0.5%
2.7
0.7
Life expectancy
Increase by one year
3.1
0.8
Risk mitigation strategies Individual annuity policies are held in respect of some historic pensioners. As noted above, the Scheme\u2019s liabilities are now secured with an insurer. Therefore the key risk that remains within the Scheme is the risk of insurer default (although this risk is expected to be very low). The Scheme has no other asset-liability strategies in place. The Group is aware of a UK High Court legal ruling in June 2023 between Virgin Media Limited and NTL Pension Trustees II Limited, which decided that certain historic rule amendments were invalid if they were not accompanied by actuarial certi\ufb01cations. The ruling was subject to an appeal with a judgment delivered on 25 July 2024. The Court of Appeal unanimously upheld the decision of the High Court and concluded that the pre- April 2013 conditions applied to amendments to both future and past service. Whilst this ruling was in respect of another scheme, this judgment will need to be reviewed for its relevance to the Scheme. As the Court of Appeal has only just delivered its verdict, the Scheme pension advisors have not yet completed any analysis and therefore no adjustments have been made to the Consolidated Financial Statements as at 30 September 2024. Effect of the Scheme on the Group\u2019s future cash \ufb02ows DHPLC is required to agree a schedule of contributions with the Trustees of the Scheme following each triennial actuarial valuation. Following the triennial actuarial valuation carried out as at 30 September 2022, DHPLC had agreed to contribute \u00a30.6m in cash to the Scheme annually increasing at 2% per year. The current year contribution was \u00a30.5m and ceased from April 2024 onwards following the completion of the purchase of the Buy-In policy on 26 March 2024. The Kubo Pension Scheme (the Kubo Scheme) In accordance with Swiss law, Kubo\u2019s pension bene\ufb01ts are contribution based with the level of bene\ufb01ts varying according to category of employment. Swiss law requires certain guarantees to be provided on such pension bene\ufb01ts. Kubo \ufb01nances its Swiss pension bene\ufb01ts through the ASGA Pensionskasse, a multi-employer plan of non-associated companies which pools risks between participating companies. Set out below is a summary of the key features of the Kubo Scheme which has been included in liabilities held for sale. a) Pension de\ufb01cit included in the Consolidated Statement of Financial Position
2024
2023
\u00a3m
\u00a3m
Assets of the Kubo Scheme
1
14.9
14.3
Actuarial liabilities of the Kubo Scheme
(15.9)
(14.6)
Pension scheme net de\ufb01cit
(1.0)
(0.3)
1 The assets of the Kubo Scheme are held as part of the employee funds managed by ASGA Pensionskasse. b) Amounts charged to the Consolidated Income Statement
2024
2023
\u00a3m
\u00a3m
Service cost
(0.3)
(0.5)
Amount charged to operating pro\ufb01t in the Consolidated Income Statement
(0.3)
(0.5)
c) Analysis of movement in the pension de\ufb01cit
2024
2023
\u00a3m
\u00a3m
At 1 October
(0.3)
\u2013
Amounts charged to the Consolidated Income Statement
(0.3)
(0.5)
Contributions paid by employer
0.5
0.5
Net effect of remeasurements of Kubo Scheme assets and liabilities
(0.9)
(0.3)
At 30 September
(1.0)
(0.3)
d) Amounts recognised in the Consolidated Statement of Comprehensive Income The actuarial loss charged to the Consolidated Statement of Comprehensive Income is \u00a30.9m (2023: \u00a30.3m).
2024
2023
\u00a3m
\u00a3m
Investment gain on Scheme assets in excess of interest
0.8
0.3
Effect of changes in \ufb01nancial assumptions on Scheme liabilities
(1.9)
(0.9)
Experience adjustments on Scheme liabilities
0.2
(0.1)
Adjustment in respect of IFRIC 14
\u2013
0.4
Actuarial loss charged in the Consolidated Statement of Comprehensive
Income
(0.9)
(0.3)
Principal actuarial assumptions for the Kubo Scheme at balance sheet dates
2024
2023
Expected rate of pension increase
0%
0%
Expected rate of salary increase
1.3%
1.3%
Discount rate
1.1%
2.0%
Interest credit rate
1.3%
1.5%
Mortality
BVG2020
BVG2020
Sensitivities The sensitivities of the 2024 pension liabilities to changes in assumptions are as follows:
Impact on pension liabilities
Estimated
Estimated
increase increase
Factor
Assumption
%
\u00a3m
Discount rate
Decrease by 0.25%
4.1
0.7
Life expectancy
Increase by one year
2.1
0.3
Effect of the Kubo Scheme on the Group\u2019s future cash \ufb02ows
The Kubo Scheme will no longer have any effect on the Group\u2019s future cash \ufb02ows
following the disposal of Kubo on 31 October 2024.
The weighted average duration of the de\ufb01ned bene\ufb01t obligation is approximately 16 years
(2023: 15 years). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-438": { "value": "Diploma Holdings PLC UK Pension Scheme The Scheme provides bene\ufb01ts based on \ufb01nal salary and length of service on retirement, leaving service or death. Any de\ufb01ned contribution schemes operated by DHPLC are not included in these disclosures. The Scheme is managed by a board of Trustees appointed in part by DHPLC and in part from elections by members of the Scheme. The Trustees have responsibility for obtaining valuations of the fund, administering bene\ufb01t payments and investing the Scheme's assets. The Trustees delegate some of these functions to their professional advisors where appropriate. On 28 September 2018, the Trustees completed a Buy-In of the pensioner liabilities in the Scheme with Just Retirement Limited. The Scheme paid \u00a312.3m to Just Retirement Limited on 28 September 2018 to fund 95% of the Buy-In premium and \u00a30.7m was paid on 22 October 2018 to fund the remaining 5% of the premium. On 26 March 2024, the Trustees completed a Buy-In of the remaining pensioner liabilities in the Scheme with Just Retirement Limited. The Scheme paid \u00a325.1m to Just Retirement Limited to fund 100% of the Buy-In premium. In accordance with the schedule of contributions currently in force following the Buy-In, DHPLC does not expect to make any contributions in the year to 30 September 2025. There were no plan amendments, curtailments or settlements during the period. d) Analysis of movement in the pension asset
2024
2023
\u00a3m
\u00a3m
Asset as at 1 October
6.8
6.4
Amounts credited to the Consolidated Income Statement
0.3
0.4
Contributions paid by employer
0.5
0.6
Net effect of remeasurements of Scheme assets and liabilities
(6.1)
(0.6)
Asset as at 30 September
1.5
6.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-439": { "value": "Principal actuarial assumptions for the Scheme at balance sheet dates
2024
2023
2022
2021
%
%
%
%
In\ufb02ation rate
\u2013 RPI
3.2
3.4
3.6
3.4
\u2013 CPI
2.8
3.0
3.2
3.0
Expected rate of pension increases
\u2013 CPI
2.7
3.0
3.2
3.0
Discount rate
5.1
5.6
5.3
2.0
Demographic assumptions
Mortality table used:
S3PA
Year the mortality table was published:
CMI 2021
Allowance for future improvements in longevity:
Year of birth projections, with a long-term
improvement rate of 1.0%
Allowance made for members to take a cash
Members are assumed to take 0% of their
lump sum on retirement:
maximum cash sum (based on current
The weighted average duration of the de\ufb01ned
commutation factors)
bene\ufb01t obligation is around
14 years (2023: 13
years)
Sensitivities The sensitivities of the 2024 pension liabilities to changes in assumptions are as follows:
Impact on pension liabilities
Estimated
Estimated
increase increase
Factor
Assumption
%
\u00a3m
Discount rate
Decrease by 0.5%
6.6
1.7
In\ufb02ation
Increase by 0.5%
2.7
0.7
Life expectancy
Increase by one year
3.1
0.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-379": { "value": "
27. AUDITORS\u2019 REMUNERATION
During the year the Group paid fees for the following services from the auditors:
2024
2023
\u00a3m
\u00a3m
Fees payable to the auditors for the audit of:
\u2013 the Company\u2019s Annual Report and Accounts
1.5
1.3
\u2013 the Company\u2019s subsidiaries
0.4
0.3
Audit fees
1.9
1.6
Non-audit fees of \u00a380,900 (2023: \u00a375,700) were paid to the Group\u2019s auditors for carrying
out an interim review on the Half Year Announcement (which is unaudited), and
subscription costs for access to a market-wide technical accounting database.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-378": { "value": "
28. EXCHANGE RATES
The exchange rates used to translate the results of the overseas businesses are as follows:
Average
Closing
2024
2023
2024
2023
US dollar (US$)
1.27
1.23
1.34
1.22
Canadian dollar (C$)
1.73
1.66
1.81
1.65
Euro (\u20ac)
1.17
1.15
1.20
1.15
Swiss franc (CHF)
1.12
1.13
1.13
1.12
Australian dollar (AUD)
1.92
1.85
1.93
1.89
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-380": { "value": "
29. ALTERNATIVE PERFORMANCE MEASURES
The Group reports under UK\u2011adopted International Accounting Standards (UK-adopted
IAS) and references alternative performance measures where the Board believes that they
help to effectively monitor the performance of the Group and support readers of the
Financial Statements in drawing comparisons with past performance. Certain alternative
performance measures are also relevant in calculating a meaningful element of Executive
Directors\u2019 variable remuneration and our debt covenants. Alternative performance
measures are not considered to be a substitute for, or superior to, UK-adopted IAS
measures. The de\ufb01nitions of the alternative performance measures and the comparisons
to their closest UK-adopted IAS measures can be found on pages 183 to 184.
29.1 Revenue growth
As a multi-national group of businesses which trades in a large number of currencies, and
acquires and sometimes disposes of companies, organic growth is a key performance
measure and is referred to throughout our reporting. The Board believes that this allows
users of the \ufb01nancial statements to gain a better understanding of the Group\u2019s
performance.
A reconciliation of the movement in reported revenue compared to the prior year and the
calculation of organic growth is shown below:
\u00a3m
%
September 2023 Reported revenue (basis for Acquisitions and
1,200.3
Disposals / Exchange Rates impacts)
Acquisitions and Disposals
1
115.8
10
Basis for organic growth impact
1,316.1
Organic growth
2
81.7
6
Exchange rates
3
(34.4)
(3)
September 2024 Reported revenue
11,,336 63 3..44
1 The impact of acquisitions is the revenue of the acquiree prior to the acquisition by Diploma for the comparable
year at prior year exchange rates. The impact of disposals is the removal of the revenue of the disposed entity in
the comparable post disposal period at prior year exchange rates.
2 Organic growth measures the change in revenue compared to the prior year, at prior year exchange rates.
For acquisitions, this includes incremental revenues generated under Diploma\u2019s ownership compared to the
revenue in the same period prior to acquisition, at prior year exchange rates.
3 Exchange rates movements are assessed by retranslating current year reported values at prior year
exchange rates.
29.2 Adjusted operating pro\ufb01t and adjusted operating margin
Adjusted operating pro\ufb01t is the operating pro\ufb01t before adjusting items that would
otherwise distort operating pro\ufb01t, being amortisation of acquisition intangible assets
or goodwill, acquisition expenses, post-acquisition related remuneration costs and
adjustments to deferred consideration, the costs of a signi\ufb01cant restructuring or
rationalisation and the pro\ufb01t or loss relating to the sale of businesses. These are
treated as adjusting items (referred to as acquisition related and other charges) as
they are considered to be signi\ufb01cant in nature and/or quantum and where treatment
as an adjusting item provides all our stakeholders with additional useful information to
assess the year-on-year trading performance of the Group on a like-for-like basis.
Adjusted operating margin is the Group\u2019s adjusted operating pro\ufb01t divided by the
Group\u2019s reported revenue.
A reconciliation between operating pro\ufb01t as reported under UK-adopted IAS and adjusted
operating pro\ufb01t is given below:
2024
2023
Note
\u00a3m
\u00a3m
Revenue
1,363.4
1,200.3
Operating pro\ufb01t as reported under UK-adopted IAS
207.4
183.3
Add: Acquisition related and other charges
77.6
53.7
Adjusted operating pro\ufb01t
2,3
285.0
237.0
Adjusted operating margin
20.9%
19.7%
29.3 Adjusted earnings per share
Adjusted earnings per share (adjusted EPS) is calculated as the total of adjusted pro\ufb01t
before tax, less income tax costs, but including the tax impact on the items included in the
calculation of adjusted pro\ufb01t, less pro\ufb01t/(loss) attributable to minority interests, divided by
the weighted average number of ordinary shares in issue during the year of 134,020,566
(2023: 129,675,581), as set out in note 9. The Directors believe that adjusted EPS provides
an important measure of the earnings capacity of the Group.
29.4 Free cash \ufb02ow and free cash \ufb02ow conversion
Free cash \ufb02ow is de\ufb01ned as net cash \ufb02ow from operating activities, less net capital
expenditure on tangible and intangible assets, and including proceeds received
from property, plant and equipment disposals, but before expenditure on business
combinations/investments (including any pre-acquisition debt like items such as
pensions or tax settled post-acquisition) and proceeds from business disposals,
borrowings received to fund acquisitions, net proceeds from issues of share capital
and dividends paid to both minority shareholders and the Company\u2019s shareholders.
\u2018Free cash \ufb02ow conversion\u2019 re\ufb02ects free cash \ufb02ow as a percentage of adjusted earnings.
The Directors believe that free cash \ufb02ow gives an important measure of the cash \ufb02ow
of the Group, available for future investment or distribution to shareholders.
2024
2023
Note
\u00a3m
\u00a3m
Net (decrease)/increase in cash and cash equivalents
(6.4)
25.8
Add: Dividends paid to shareholders and minority interests
77.2
70.8
Acquisition/disposal of businesses (including net expenses)
300.7
243.0
Acquisition related deferred payments/receipts, net
10.3
12.3
Proceeds from issue of share capital (net of fees)
\u2013
(231.9)
Net (proceeds from)/repayments of borrowings (including
borrowing fees)
(183.9)
43.8
Free cash \ufb02ow
197.9
163.8
Adjusted earnings
1
9
195.4
164.0
Free cash \ufb02ow conversion
101%
100%
1 Adjusted earnings is shown on the face of the Consolidated Income Statement as pro\ufb01t for the year attributable
to shareholders of the Company.
29.5 Leverage
Leverage is net debt, de\ufb01ned as cash and cash equivalents and borrowings translated
at average exchange rates for the reporting period, divided by EBITDA as de\ufb01ned in
the Group\u2019s external facilities covenants, which is the Group\u2019s adjusted operating pro\ufb01t
adjusting for depreciation and amortisation of tangible and other intangible assets, the
share of adjusted operating pro\ufb01t attributable to minority interests and the annualisation
of EBITDA for acquisitions and disposals made during the \ufb01nancial year, excluding the
impact of IFRS 16 (Leases). The Directors consider this metric to be an important measure
of the Group\u2019s \ufb01nancial position, as well as a key covenant metric.
2024
2023
Note
\u00a3m
\u00a3m
Cash and cash equivalents
18
55.5
62.4
Cash and cash equivalents held in disposal groups
23
4.7
\u2013
Borrowings
25
(479.8)
(317.1)
Retranslation at average exchange rates
(3.5)
1.2
Net debt at average exchange rates
(423.1)
(253.5)
Adjusted operating pro\ufb01t
29.2
285.0
237.0
Depreciation and amortisation of tangible and other intangible
assets
2
15.9
13.8
IFRS 16 impact
(3.6)
(1.7)
Minority interest share of adjusted operating pro\ufb01t
(0.9)
(0.8)
Pro forma adjustments
1
39.1
21.0
EBITDA
335.5
269.3
Leverage
1.3x
0.9x
1 Annualisation of adjusted EBITDA, including that of acquisitions and disposals in the year.
29.6 Trading capital employed and ROATCE Trading capital employed is de\ufb01ned as net assets less cash and cash equivalents and retirement bene\ufb01t assets, after adding back borrowings (other than lease liabilities), deferred tax, retirement bene\ufb01t obligations and net acquisition liabilities in respect of future purchases of minority interests, deferred consideration payable on acquisitions, and acquisition receivables in respect of previously completed disposals. Adjusted trading capital employed is reported as being trading capital employed plus goodwill and acquisition related charges previously charged to the income statement (net of deferred tax on acquisition intangible assets) and retranslated at the average exchange rates for the reporting period. Return on adjusted trading capital employed (ROATCE) is de\ufb01ned as the pro forma adjusted operating pro\ufb01t, divided by adjusted trading capital employed, where pro forma adjusted operating pro\ufb01t is the annualised adjusted operating pro\ufb01t including that of acquisitions and disposals in the period. The Directors believe that ROATCE is an important measure of the pro\ufb01tability of the Group.
2024
2023
Note
\u00a3m
\u00a3m
Net assets as reported under UK-adopted IAS
894.7
902.0
Add/(deduct):
\u2013 Deferred tax liabilities, net
14
48.6
58.4
\u2013 Retirement bene\ufb01t assets, net
26
(1.5)
(6.5)
\u2013 Acquisition related liabilities/assets, net
23.6
19.6
\u2013 Net debt
25
419.6
254.7
Trading capital employed
1,385.0
1,228.2
\u2013 Historic goodwill and acquisition related charges, net of
deferred tax and currency movements
308.0
189.4
Adjusted trading capital employed
1,693.0
1,417.6
Adjusted operating pro\ufb01t
29.2
285.0
237.0
Pro forma adjustments
22
38.9
19.4
Pro forma adjusted operating pro\ufb01t
323.9
256.4
ROATCE
19.1%
18.1%
", "dimensions": { "concept": "diplomaplc:DisclosureOfAlternativePerformanceMeasures", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-381": { "value": "
1.1 BASIS OF PREPARATION
The consolidated \ufb01nancial statements have been prepared on a consistent basis to prior
year and also under the historical cost convention, except for derivative \ufb01nancial
instruments which are held at fair value.
Going concern
The consolidated \ufb01nancial statements have been prepared on a going concern basis.
The Group\u2019s business activities, together with the factors likely to affect its future
development, performance and position are set out in the Strategic Report on pages
1 to 73. The \ufb01nancial position of the Group, its cash \ufb02ows, liquidity position and borrowing
facilities are described in the Financial Review on pages 46 to 49. In addition, pages
150 to 154 of the Annual Report and Accounts include the Group\u2019s objectives, policies
and processes for managing its capital, its \ufb01nancial risk management objectives, details
of its \ufb01nancial instruments and hedging activities, and its exposures to credit risk and
liquidity risk.
The Group continues to operate against a backdrop of geopolitical and macroeconomic
uncertainties, and accordingly, the Directors have considered a comprehensive going
concern review. The Group has considerable \ufb01nancial resources, together with a broad
spread of customers and suppliers across different geographic areas and sectors, often
secured with longer-term agreements. As a consequence, the Directors believe that the
Group is well placed to manage its business risks successfully as described further on
pages 54 to 60.
Liquidity and \ufb01nancing position
The Group\u2019s liquidity and funding arrangements are described in notes 25 and 29.5 to the
consolidated \ufb01nancial statements.
Financial modelling
The Group has modelled a base case and severe but plausible downside case in its
assessment of going concern. The base case is driven off the Group\u2019s detailed budget
which is built up on a business by business case and considers both the micro and
macroeconomic factors which could impact performance in the industries and
geographies in which the business operates. The severe but plausible downside case
models steep declines in revenues and operating margins resulting in materially adverse
cash \ufb02ows. These sensitivities factor in a continued unfavourable impact from a prolonged
downturn in the economy.
The purpose of this exercise is to consider if there is a signi\ufb01cant risk that the Group could
breach either its facility headroom or \ufb01nancial covenants. Both scenarios indicate that the
Group has signi\ufb01cant liquidity and covenant headroom on its borrowing facilities to
continue in operational existence for the foreseeable future.
Going concern basis
Accordingly and after making inquiries, the Directors have a reasonable expectation
that the Group has adequate resources to continue in operational existence for the
foreseeable future and they continue to adopt the going concern basis in preparing
the Annual Report and Accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-353": { "value": "1.1 BASIS OF PREPARATION The consolidated \ufb01nancial statements have been prepared on a consistent basis to prior year and also under the historical cost convention, except for derivative \ufb01nancial instruments which are held at fair value. Going concern The consolidated \ufb01nancial statements have been prepared on a going concern basis. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report on pages 1 to 73. The \ufb01nancial position of the Group, its cash \ufb02ows, liquidity position and borrowing facilities are described in the Financial Review on pages 46 to 49. In addition, pages 150 to 154 of the Annual Report and Accounts include the Group\u2019s objectives, policies and processes for managing its capital, its \ufb01nancial risk management objectives, details of its \ufb01nancial instruments and hedging activities, and its exposures to credit risk and liquidity risk. The Group continues to operate against a backdrop of geopolitical and macroeconomic uncertainties, and accordingly, the Directors have considered a comprehensive going concern review. The Group has considerable \ufb01nancial resources, together with a broad spread of customers and suppliers across different geographic areas and sectors, often secured with longer-term agreements. As a consequence, the Directors believe that the Group is well placed to manage its business risks successfully as described further on pages 54 to 60. Liquidity and \ufb01nancing position The Group\u2019s liquidity and funding arrangements are described in notes 25 and 29.5 to the consolidated \ufb01nancial statements. Financial modelling The Group has modelled a base case and severe but plausible downside case in its assessment of going concern. The base case is driven off the Group\u2019s detailed budget which is built up on a business by business case and considers both the micro and macroeconomic factors which could impact performance in the industries and geographies in which the business operates. The severe but plausible downside case models steep declines in revenues and operating margins resulting in materially adverse cash \ufb02ows. These sensitivities factor in a continued unfavourable impact from a prolonged downturn in the economy. GROUP ACCOUNTING POLICIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 The purpose of this exercise is to consider if there is a signi\ufb01cant risk that the Group could breach either its facility headroom or \ufb01nancial covenants. Both scenarios indicate that the Group has signi\ufb01cant liquidity and covenant headroom on its borrowing facilities to continue in operational existence for the foreseeable future. Going concern basis Accordingly and after making inquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and they continue to adopt the going concern basis in preparing the Annual Report and Accounts. 1.2 BASIS OF CONSOLIDATION The consolidated \ufb01nancial statements incorporate the \ufb01nancial statements of the Company and entities controlled by the Company (its subsidiaries and Employee Bene\ufb01t Trust (EBT)). Control exists when the Company is exposed or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The assets, liabilities and results of subsidiaries acquired or disposed of during the year are included in the Consolidated Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the \ufb01nancial statements of subsidiaries to bring their accounting policies into line with those detailed herein to ensure that the Group \ufb01nancial statements are prepared on a consistent basis. All intra-Group transactions, balances, income and expenses are eliminated in preparing the consolidated \ufb01nancial statements. Non-controlling interests, de\ufb01ned as minority interests, in the net assets of consolidated subsidiaries are identi\ufb01ed separately from the Group\u2019s equity therein. Minority interests consist of the amount of those interests at the date of the original business combination and the minority\u2019s share of changes in equity since the date of the combination. 1.2.a. New accounting standards adopted Effective 1 October 2023, in respect of hedge accounting the Group adopted IFRS 9 Financial Instruments, which replaces IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 includes requirements for the classi\ufb01cation and measurement of \ufb01nancial instruments, impairment of \ufb01nancial assets and hedge accounting.
An assessment was performed and the adoption of IFRS 9 has not had a material impact
on the \ufb01nancial results of the Group. The assessment included an analysis of the Group\u2019s
hedge accounting policy and existing hedge accounting relationships, and it was
determined that those relationships designated under IAS 39 are still effective under IFRS
9. The Group has adopted the simpli\ufb01ed approach to recognise lifetime expected credit
losses for trade receivables and contract assets as permitted by IFRS 9. The change in
approach has not had a material impact on the trade receivables provision.
There have been no other new accounting standards adopted during the year that have a
material impact over the consolidated \ufb01nancial statements.
1.3 ACQUISITIONS
Acquisitions are accounted for using the acquisition method as at the acquisition date,
which is the date on which control is transferred to the Group. Goodwill at the acquisition
date represents the cost of the business combination (excluding acquisition related costs,
which are expensed as incurred) plus the amount of any non-controlling interest in the
acquiree in excess of the fair value of the identi\ufb01able tangible and intangible assets,
liabilities and contingent liabilities acquired.
Minority interests may be initially measured at fair value or, alternatively, at the minority
interest\u2019s proportionate share of the recognised amounts of the acquiree\u2019s identi\ufb01able
net assets. The choice of measurement basis is made for each business
combination separately.
1.4 DIVESTMENTS
The results and cash \ufb02ows of major lines of businesses that have been divested are
classi\ufb01ed as discontinued businesses. There were no discontinued operations in either the
current or prior year.
1.5 REVENUE RECOGNITION
Revenue is measured as the fair value of the consideration received or receivable for
goods and services supplied to customers, after deducting sales allowances and value-
added taxes; revenue for services supplied to customers, as opposed to goods, is ca. 4%
of Group revenue. Under IFRS 15, each customer contract is assessed to identify the
performance obligation. An assessment of the timing of revenue recognition is made for
each performance obligation. Revenue is recognised at a point in time for all standard
revenue transactions when control of the goods provided is transferred to the customer.
Revenue is also recognised at a point in time for contracts that contain multiple elements (service contracts) when the agreed output is produced by the customer, unless there are speci\ufb01c performance obligations to deliver other services over time. The revenue on such service contracts is not material in the context of the Group\u2019s total revenue. The transaction price is allocated to each performance obligation based on the relative stand-alone selling prices of the goods or services provided. If a stand-alone selling price is not available, the Group will estimate the selling price with reference to the price that would be charged for the goods or services if they were sold separately. There are no contracts with variable consideration. Provision is made for returns and in the few instances where rebates are provided, though neither are material. There are no capitalised contract costs recognised by the Group. 1.6 EMPLOYEE BENEFITS The Group operates a number of pension plans, both of the de\ufb01ned contribution and de\ufb01ned bene\ufb01t type. a) De\ufb01ned contribution pension plans: Contributions to the Group\u2019s de\ufb01ned contribution schemes are recognised as an employee bene\ufb01t expense when they fall due. b) De\ufb01ned bene\ufb01t pension plan: The de\ufb01cit/asset recognised in the Consolidated Statement of Financial Position for the Group\u2019s de\ufb01ned bene\ufb01t pension plan is the present value of the de\ufb01ned bene\ufb01t obligation at the balance sheet date less the fair value of the scheme assets. The de\ufb01ned bene\ufb01t obligation/asset is calculated by independent actuaries using the projected unit cost method and by discounting the estimated future cash \ufb02ows using interest rates on high-quality corporate bonds. The pension expense for the Group\u2019s de\ufb01ned bene\ufb01t plan is recognised as follows: i) Within the Consolidated Income Statement: \u2212 Service cost of current members of the Kubo Scheme. \u2212 Gains and losses arising on settlements and curtailments \u2013 where the item that gave rise to the settlement or curtailment is recognised in operating pro\ufb01t. \u2212 Any interest cost on the liabilities of the Scheme \u2013 calculated by applying the discount rate to the net de\ufb01ned bene\ufb01t liability at the start of the annual reporting period. ii) Within the Consolidated Statement of Comprehensive Income (Other Comprehensive Income): \u2212 Actuarial gains and losses arising on the assets and liabilities of the plan related to actual experience and any changes in assumptions at the end of the year. c) Share-based payments: Equity-settled transactions (which are where the Executive Directors and certain senior employees receive a part of their remuneration in the form of shares in the Company, or rights over shares) are measured at fair value at the date of grant. The fair value determined at the grant date uses the Black-Scholes method and takes account of the effect of market-based measures, such as Total Shareholder Return (TSR) targets upon which vesting of part of the award is conditional and is expensed to the Consolidated Income Statement on a straight-line basis over the vesting period, with a corresponding credit to equity. The cumulative expense recognised is adjusted to take account of shares forfeited by Executives who leave during the performance or vesting period and, in the case of non-market-related performance conditions, where it becomes unlikely that shares will vest. For the market-based measure, the Directors have used a Black-Scholes model to determine fair value of the shares at the date of grant. The Group operates an EBT for the granting of shares to Executives. The cost of shares in the Company purchased by the EBT are shown as a deduction from equity. d) Long-term employee bene\ufb01ts: The Group provides long-term employee bene\ufb01ts in the form of deferred remuneration to certain employees. Deferred remuneration is recognised as an employee bene\ufb01t expense in the period in which the employee renders the related service. 1.7 FOREIGN CURRENCIES The individual \ufb01nancial statements of each Group entity are prepared in their functional currency, which is the currency of the primary economic environment in which that entity operates. For the purpose of the consolidated \ufb01nancial statements, the results and \ufb01nancial position of each entity are translated into UK sterling, which is the presentational currency of the Group. a) Reporting foreign currency transactions in functional currency: Transactions in currencies other than the entity\u2019s functional currency (foreign currencies) are initially recorded at the rates of exchange prevailing on the dates of the transactions. At each subsequent balance sheet date: i) Foreign currency monetary items are retranslated at the rates prevailing at the balance sheet date. Exchange differences arising on the settlement or retranslation of monetary items are recognised in the Consolidated Income Statement. ii) Non-monetary items measured at historical cost in a foreign currency are not retranslated. iii) Non-monetary items measured at fair value in a foreign currency are retranslated using the exchange rates at the date the fair value was determined. Where a gain or loss on non-monetary items is recognised directly in equity, any exchange component of that gain or loss is also recognised directly in equity and conversely, where a gain or loss on a non-monetary item is recognised in the Consolidated Income Statement, any exchange component of that gain or loss is also recognised in the Consolidated Income Statement. b) Translation from functional currency to presentational currency: When the functional currency of a Group entity is different from the Group\u2019s presentational currency, its results and \ufb01nancial position are translated into the presentational currency as follows: i) Assets and liabilities are translated using exchange rates prevailing at the balance sheet date. ii) Income and expense items are translated at average exchange rates for the year, except where the use of such an average rate does not approximate the exchange rate at the date of the transaction, in which case the transaction rate is used. iii) All resulting exchange differences are recognised in Other Comprehensive Income; these cumulative exchange differences are recognised in the Consolidated Income Statement in the period in which the foreign operation is disposed of. c) Net investment in foreign operations: Exchange differences arising on a monetary item that forms part of a reporting entity\u2019s net investment in a foreign operation are recognised in the Consolidated Income Statement in the separate \ufb01nancial statements of the reporting entity or the foreign operation as appropriate. In the consolidated \ufb01nancial statements such exchange differences are initially recognised in Other Comprehensive Income as a separate component of equity and subsequently recognised in the Consolidated Income Statement on disposal of the net investment. 1.8 TAXATION The tax expense relates to the sum of current tax expense and deferred tax expense. Current tax is based on taxable pro\ufb01t for the year, which differs from pro\ufb01t before taxation as reported in the Consolidated Income Statement. Taxable pro\ufb01t excludes items of income and expense that are taxable (or deductible) in other years and also excludes items that are never taxable or deductible. The Group\u2019s liability for current tax, including UK corporation tax and overseas tax, is calculated using rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is accounted for using the balance sheet liability method. Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the Consolidated Statement of Financial Position and the corresponding tax bases used in the computation of taxable pro\ufb01t. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable pro\ufb01ts will be available against which deductible temporary differences can be utilised. Temporary differences arise primarily from the recognition of the assets/liabilities on the Group\u2019s de\ufb01ned bene\ufb01t pension scheme, the difference between accelerated capital allowances and depreciation and for short-term timing differences where a provision held against receivables or inventory is not deductible for taxation purposes. However, deferred tax assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable pro\ufb01t, nor the accounting pro\ufb01t. Deferred tax liabilities are also recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. No deferred tax is recognised on the unremitted earnings of overseas subsidiaries, as the Group controls the dividend policies of its subsidiaries. Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled. Deferred tax is charged or credited to the Consolidated Income Statement, except when the item on which the tax or charge is credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable pro\ufb01ts will be available to allow all or part of the assets to be recovered. Tax assets and liabilities are offset when there is a legally enforceable right to enforce current tax assets against current tax liabilities and when the deferred income tax relates to the same \ufb01scal authority. 1.9 PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost comprises the purchase price plus costs directly incurred in bringing the asset into use. All repairs and maintenance expenditure is charged to the Consolidated Income Statement in the period in which it is incurred. Freehold land is not depreciated. Depreciation on other items of property, plant and equipment begins when the asset is available for use and is charged to the Consolidated Income Statement on a straight-line basis to write off the cost, less residual value of the asset, over its estimated useful life as follows:
Freehold property
\u2013 between 20 and 50 years
Leasehold improvements
\u2013 term of the lease
Plant and equipment
\u2013 plant and machinery between 3 and 7 years
\u2013
IT hardware between 3 and 5 years
\u2013 \ufb01xtures and \ufb01ttings between 5 and 15 years
Hospital \ufb01eld equipment
\u2013 5 years
The depreciation method used, residual values and estimated useful lives are reviewed and changed, if appropriate, at least at each \ufb01nancial year end. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. Gains and losses arising on disposals are determined by comparing sales proceeds with carrying amount and are recognised in the Consolidated Income Statement. 1.10 INTANGIBLE ASSETS All intangible assets, excluding goodwill arising on a business combination, are stated at their amortised cost or fair value at initial recognition less any provision for impairment. Amortisation of intangible assets is recognised as an operating expense. a) Research and development costs Research expenditure is written off as incurred. Development costs are written off as incurred unless forecast revenues for a particular project exceed attributable forecast development costs in which case they are capitalised and amortised on a straight-line basis over the asset\u2019s estimated useful life. Costs are capitalised as intangible assets unless physical assets, such as tooling, exist when they are classi\ufb01ed as property, plant and equipment. b) Computer software costs Where computer software is not integral to an item of property, plant or equipment its costs are capitalised as other intangible assets. Amortisation is provided on a straight-line basis over its useful economic life of between three and seven years.
c) Acquired intangible assets \u2013 business combinations
Intangible assets that may be acquired as a result of a business combination, include, but
are not limited to, customer lists, supplier lists, databases, technology and software and
patents that can be separately measured at fair value, on a reliable basis, are separately
recognised on acquisition at the fair value, together with the associated deferred tax
liability. Amortisation is charged on a straight-line basis to the Consolidated Income
Statement over the expected useful economic lives.
Fair values of customer and supplier relationships on larger acquisitions are valued using a
discounted cash \ufb02ow model; databases are valued using a replacement cost model. For
smaller acquisitions, intangible assets are assessed using historical experience of similar
transactions.
d) Goodwill \u2013 business combinations
Goodwill arising on the acquisition of a subsidiary represents the excess of the aggregate
of the fair value of the consideration over the aggregate fair value of the identi\ufb01able
intangible, tangible and current assets and net of the aggregate fair value of the liabilities
(including contingent liabilities of businesses acquired at the date of acquisition). Goodwill
is initially recognised as an asset at cost and is subsequently measured at cost less any
accumulated impairment losses. Transaction costs are expensed and are not included in
the cost of acquisition.
1.11 IMPAIRMENT OF TANGIBLE AND INTANGIBLE ASSETS
An impairment loss is recognised to the extent that the carrying amount of an asset or a
CGU exceeds its recoverable amount.
The recoverable amount of an asset or CGU is the higher of: (i) its fair value less costs to
sell; and (ii) its value in use. Its value in use is the present value of the future cash \ufb02ows
expected to be derived from the asset or CGU, discounted using a pre-tax discount rate
that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c
to the asset or CGU. Impairment losses are recognised immediately in the Consolidated
Income Statement.
a) Impairment of goodwill
Goodwill acquired in a business combination is allocated to a CGU. CGUs for this purpose
are the Group\u2019s three Sectors which represent the lowest level within the Group at which
the goodwill is monitored by the Group\u2019s Board of Directors for internal and management
purposes. CGUs to which goodwill has been allocated are tested for impairment annually,
or more frequently when there is an indication that the unit may be impaired.
If the recoverable amount of the CGU is less than the carrying amount of the unit, the impairment loss is allocated \ufb01rst to reduce the goodwill attributable to the CGU. Impairment losses cannot be subsequently reversed. b) Impairment of other tangible and intangible assets Other tangible and intangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. Impairment losses and any subsequent reversals are recognised in the Consolidated Income Statement. 1.12 INVENTORIES Inventories are stated at the lower of cost (generally calculated on a FIFO or weighted average cost basis depending on the nature of the inventory) and net realisable value, after making due allowance for any obsolete or slow moving inventory. Cost comprises direct materials, duty and freight-in costs. Net realisable value represents the estimated selling price less all estimated costs of completion and the estimated costs necessary to make the sale. 1.13 FINANCIAL INSTRUMENTS Financial assets and liabilities are recognised in the Group\u2019s Consolidated Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument. a) Trade receivables and loss allowance Trade receivables are initially measured at fair value, do not carry any interest and are reduced by a charge for impairment for estimated irrecoverable amounts. Such impairment losses are recognised in the Consolidated Income Statement, calculated under IFRS 9. b) Trade payables Trade payables are non-interest bearing and are initially measured at their nominal value. c) Cash and cash equivalents Cash and cash equivalents comprise cash in hand, interest bearing deposits, bank overdrafts that have a legal right of offset and short-term highly liquid investments with original maturities of three months or less that are readily convertible to a known amount of cash and are subject to an insigni\ufb01cant risk of changes in value. Bank overdrafts are repayable on demand and can form an integral part of the Group\u2019s cash management. Bank overdrafts (where used) are presented net of cash and cash equivalents on the Consolidated Statement of Financial Position, where there is a legal right of offset. d) Put options held by minority interests The purchase price of shares to be acquired under options held by minority shareholders in the Group\u2019s subsidiaries are calculated by reference to the estimated pro\ufb01tability of the relevant subsidiary at the time of exercise, using a multiple based formula. The net present value of the estimated future payments under these put options is shown as a \ufb01nancial liability. The corresponding entry is recognised in equity as a deduction against retained earnings. At the end of each year, the estimate of the \ufb01nancial liability is reassessed and any change in value is recognised in the Consolidated Income Statement, as part of \ufb01nance income or expense. Where the liability is in a foreign currency, any change in the value of the liability resulting from changes in exchange rates is recognised in the Consolidated Income Statement. e) Derivative \ufb01nancial instruments and hedge accounting The Group holds derivative \ufb01nancial instruments in the form of forward foreign exchange contracts to hedge its foreign currency exposure and interest rate swaps to hedge its exposure to market interest rates. These derivatives are designated as cash \ufb02ow hedges. Where a derivative \ufb01nancial instrument is designated as a hedge of the variability in cash \ufb02ows of a highly probable forecasted transaction, the effective part of any gain or loss on the derivative \ufb01nancial instrument is recognised in other comprehensive income and presented in the cash \ufb02ow hedges reserve. The associated gain or loss is removed from equity and recognised in the Income Statement in the period in which the transaction to which it relates occurs. The Group documents, at the inception of the transaction, the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash \ufb02ows of hedged items. The Group uses foreign currency denominated borrowings as a hedge against the translation exposure on the Group\u2019s net investment in overseas companies. Where the hedge is fully effective at hedging, the variability in the net assets of such companies caused by changes in exchange rates and the changes in value of the borrowings are recognised in the Consolidated Statement of Comprehensive Income and accumulated in the Translation reserve. The ineffective part of any change in value caused by changes in exchange rates is recognised in the Consolidated Income Statement. No derivative contracts have been designated as fair value hedges. f) Borrowings Borrowings are initially recognised at the fair value of the consideration received. They are subsequently measured at amortised cost. Borrowings are classi\ufb01ed as non-current when the repayment date is more than 12 months from the period end date or where they are drawn on a facility with more than 12 months to expiry. Borrowings include overdraft facilities that do not have a legal right of offset. 1.14 LEASES The Company recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, being the initial amount of the lease liability adjusted for any lease payments made at or before commencement date. Lease liabilities are recorded at the present value of lease payments. Leases are discounted at the Group\u2019s incremental borrowing rate, being the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use assets are depreciated on a straight-line basis over the lease term, or useful life if shorter. Interest is recognised on the lease liability, resulting in a higher \ufb01nance cost in the earlier years of the lease term. Lease payments relating to low value assets or to short-term leases are recognised as an expense on a straight-line basis over the lease term. Short-term leases are those with 12 months or less duration. 1.15 OTHER LIABILITIES Other liabilities are recognised when the Group has legal or constructive obligation as a result of a past event and it is probable that the Group will be required to settle that obligation. Other liabilities are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation at the balance sheet date. 1.16 DIVIDENDS The annual \ufb01nal dividend is not provided for until approved at the AGM; interim dividends are charged in the period they are paid. 1.17 SHARE CAPITAL AND RESERVES Ordinary shares are classi\ufb01ed as equity and details of the Group\u2019s share capital is disclosed in note (F) of the Parent Company\u2019s \ufb01nancial statements. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. The Group also maintains the following reserves: a) Translation reserve \u2013 The translation reserve comprises all foreign exchange differences arising from the translation of the \ufb01nancial statements of foreign businesses and net investment hedges. b) Hedging reserve \u2013 The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash \ufb02ow hedging instruments that are determined to be an effective hedge. c) Retained earnings reserve \u2013 The retained earnings reserve comprises total cumulative recognised income and expense attributable to shareholders. Bonus issues of share capital and dividends to shareholders are also charged directly to this reserve. In addition, the cost of acquiring shares in the Company and the liability to provide those shares to employees, is accounted for in this reserve. Where any Group company purchases the Company\u2019s equity share capital and holds that share either directly as treasury shares or indirectly within an ESOP trust, the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the Company\u2019s equity holders until the shares are cancelled, reissued or disposed of. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the Company\u2019s equity holders. These shares are used to satisfy share awards granted to Directors under the Group\u2019s share schemes. The Trustee purchases the Company\u2019s shares on the open market using loans made by the Company or a subsidiary of the Company. 1.18 RELATED PARTIES There are no related party transactions (other than with key management) that are required to be disclosed in accordance with IAS 24. Details of their remuneration are given in note 5 to the consolidated \ufb01nancial statements. 1.19 ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE Non-current assets held for sale and disposal groups are presented separately in the current section of the Consolidated Statement of Financial Position when the following criteria are met: the Group is committed to selling the asset or disposal group, it is available for immediate sale in its current condition, an active plan of sale has commenced, and in the judgement of Group Management it is highly probable that the sale will be completed within 12 months. Immediately before the initial classi\ufb01cation of the assets and disposal groups as held for sale, the carrying amounts of the assets (or all the assets and liabilities in the disposal groups) are measured in accordance with the applicable accounting policy. Assets held for sale and disposal groups are subsequently measured at the lower of their carrying amount and fair value less costs of disposal. Assets held for sale are no longer amortised or depreciated. 1.20 ACCOUNTING STANDARDS, INTERPRETATIONS AND AMENDMENTS TO PUBLISHED STANDARDS NOT YET EFFECTIVE The IASB has published a number of new IFRS standards, amendments and interpretations to existing standards which are not yet effective, but will be mandatory for the Group\u2019s accounting periods beginning on or after 1 October 2024. IFRS 16 \u2013 Lease Liability in a Sale and Leaseback; IAS 1 \u2013 Presentation of Financial Statements \u2013 in relation to non-current liabilities with covenants and deferral of effective date, and the Disclosure of Accounting Policies; IAS 7 \u2013 Statement of Cash Flows and IFRS 7 \u2013 Financial Instruments: Disclosures \u2013 Supplier Finance Arrangements; IAS 21 \u2013 Lack of Exchangeability, which will become effective in the consolidated Group \ufb01nancial statements for the \ufb01nancial year ending 30 September 2026; IFRS 9 \u2013 Financial Instruments and IFRS 7 \u2013 Financial Instruments: Disclosures \u2013 Classi\ufb01cation and measurement of \ufb01nancial instruments, which will become effective in the consolidated Group \ufb01nancial statements for the \ufb01nancial year ending 30 September 2027, subject to UK endorsement; IFRS 18 \u2013 Presentation and Disclosure in Financial Statements which will become effective in the consolidated Group \ufb01nancial statements for the \ufb01nancial year ending 30 September 2028, subject to UK endorsement; IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures which will become effective in the consolidated Group \ufb01nancial statements for the \ufb01nancial year ending 30 September 2028, subject to UK endorsement. The Group does not anticipate that the adoption of these standards and interpretations that are effective for the year ending September 2025 will have a material effect on its \ufb01nancial statements. 1.21 SIGNIFICANT ACCOUNTING ESTIMATES AND CRITICAL JUDGEMENTS The preparation of the Group\u2019s consolidated \ufb01nancial statements requires management to make critical accounting judgements, assumptions or estimates with regard to assets or liabilities that could potentially have a material adjustment to the carrying amount of assets or liabilities in the next 12 months. 1.21.1 Acquisition accounting (estimate) Acquisition accounting is a signi\ufb01cant accounting estimate. When the Group makes an acquisition it recognises the identi\ufb01able assets and liabilities, including intangible assets, at fair value with the difference between the fair value of net assets acquired and the fair value of consideration paid comprising goodwill. Acquisitions are accounted for using the acquisition method as described in the Group Accounting Policies. The key assumptions and estimates used to determine the valuation of intangible assets acquired are the forecast cash \ufb02ows, the discount rate and customer/supplier attrition. Customer and supplier relationships are valued using an excess earnings cash \ufb02ow model. Acquisitions often comprise an element of deferred consideration and may include a minority interest, which are subject to put options. These put options are valued at fair value at the date of acquisition. Deferred consideration is fair valued based on the Directors\u2019 estimate of future performance of the acquired entity. The signi\ufb01cant assumptions in valuing the PAR Group and Peerless intangible assets, which were acquired in the year, together with the sensitivity analysis, are set out below.
PAR Group
Peerless
Discount rate + 1% (all intangibles)
ca. \u00a3(0.5)m
ca. \u00a3(1.8)m
Discount rate - 1% (all intangibles)
ca. \u00a30.6m
ca. \u00a31.9m
Revenue growth rate +1% (all intangibles)
ca. \u00a31.3m
ca. \u00a31.8m
Revenue growth rate \u20131% (all intangibles)
ca. \u00a3(1.2)m
ca. \u00a3(1.7)m
Customer attrition rate +1% (customer relationships)
ca. \u00a3(0.5)m
ca. \u00a3(2.1)m
Customer attrition rate \u20131% (customer relationships)
ca. \u00a30.6m
ca. \u00a32.2m
Management is also required to make judgements, assumptions and estimates relating to
certain assets and liabilities that could potentially have a material impact over the longer
term. These relate to:
1.21.2 Goodwill impairment (estimate)
The Group has material amounts of goodwill and intangible assets (principally customer
and supplier relationships) recognised in the Consolidated Statement of Financial Position.
As set out in note 1.11 of the Group Accounting Policies, goodwill is tested annually to
determine if there is any indication of impairment. Assumptions are used to determine the
recoverable amount of each CGU, principally based on the present value of estimated
future cash \ufb02ows to derive the \u2018value in use\u2019 to the Group of the capitalised goodwill. The
key estimates made and assumptions used in performing impairment testing this year are
set out in note 10 to the consolidated \ufb01nancial statements.
1.21.3 Inventory provisions (estimate)
Inventories are stated at the lower of cost and net realisable value as set out in note 1.12 of
the Group Accounting Policies. In the course of normal trading activities, estimates are
used to establish the net realisable value of inventory and impairment charges are made
for obsolete or slow-moving inventories and against excess inventories.
The decision to make an impairment charge is based on a number of factors including
management\u2019s assessment of the current trading environment, aged pro\ufb01les and historical
usage and other matters which are relevant at the time the consolidated \ufb01nancial
statements are approved.
1.21.4 De\ufb01ned bene\ufb01t pension (estimate)
De\ufb01ned bene\ufb01t pensions are accounted for as set out in note 1.6 of the Group Accounting
Policies. Determining the value of the future de\ufb01ned bene\ufb01t obligation requires estimates
in respect of the assumptions used to calculate present values. These include discount
rate, future mortality and in\ufb02ation rate. Management makes these estimates in
consultation with an independent actuary. For the year ended 30 September 2024, all
members of the UK de\ufb01ned bene\ufb01t pension scheme are covered by one of the Scheme\u2019s
Buy-In policies. Therefore, with the exception of liabilities in respect of GMP equalisation,
the liabilities due are exactly matched by the policies held. The Kubo de\ufb01ned bene\ufb01t
pension scheme is a net liability. Detail of the estimates and key sensitivities made in
calculating the de\ufb01ned bene\ufb01t assets and obligations at 30 September 2024 are set out
in note 26 to the consolidated \ufb01nancial statements.
GROUP ACCOUNTING POLICIES
FOR THE YEAR ENDED 30 SEPTEMBER 202
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-416": { "value": "Going concern The consolidated \ufb01nancial statements have been prepared on a going concern basis. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report on pages 1 to 73. The \ufb01nancial position of the Group, its cash \ufb02ows, liquidity position and borrowing facilities are described in the Financial Review on pages 46 to 49. In addition, pages 150 to 154 of the Annual Report and Accounts include the Group\u2019s objectives, policies and processes for managing its capital, its \ufb01nancial risk management objectives, details of its \ufb01nancial instruments and hedging activities, and its exposures to credit risk and liquidity risk. The Group continues to operate against a backdrop of geopolitical and macroeconomic uncertainties, and accordingly, the Directors have considered a comprehensive going concern review. The Group has considerable \ufb01nancial resources, together with a broad spread of customers and suppliers across different geographic areas and sectors, often secured with longer-term agreements. As a consequence, the Directors believe that the Group is well placed to manage its business risks successfully as described further on pages 54 to 60. Going concern basis Accordingly and after making inquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and they continue to adopt the going concern basis in preparing the Annual Report and Accounts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-382": { "value": "
1.2 BASIS OF CONSOLIDATION
The consolidated \ufb01nancial statements incorporate the \ufb01nancial statements of the
Company and entities controlled by the Company (its subsidiaries and Employee Bene\ufb01t
Trust (EBT)). Control exists when the Company is exposed or has rights to variable returns
from its involvement with the entity and has the ability to affect those returns through its
power over the entity. The assets, liabilities and results of subsidiaries acquired or
disposed of during the year are included in the Consolidated Income Statement from
the effective date of acquisition or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the \ufb01nancial statements of subsidiaries
to bring their accounting policies into line with those detailed herein to ensure that
the Group \ufb01nancial statements are prepared on a consistent basis. All intra-Group
transactions, balances, income and expenses are eliminated in preparing the
consolidated \ufb01nancial statements.
Non-controlling interests, de\ufb01ned as minority interests, in the net assets of consolidated
subsidiaries are identi\ufb01ed separately from the Group\u2019s equity therein. Minority interests
consist of the amount of those interests at the date of the original business combination
and the minority\u2019s share of changes in equity since the date of the combination.
1.2.a. New accounting standards adopted
Effective 1 October 2023, in respect of hedge accounting the Group adopted IFRS 9
Financial Instruments, which replaces IAS 39 Financial Instruments: Recognition and
Measurement. IFRS 9 includes requirements for the classi\ufb01cation and measurement of
\ufb01nancial instruments, impairment of \ufb01nancial assets and hedge accounting.
An assessment was performed and the adoption of IFRS 9 has not had a material impact on the \ufb01nancial results of the Group. The assessment included an analysis of the Group\u2019s hedge accounting policy and existing hedge accounting relationships, and it was determined that those relationships designated under IAS 39 are still effective under IFRS 9. The Group has adopted the simpli\ufb01ed approach to recognise lifetime expected credit losses for trade receivables and contract assets as permitted by IFRS 9. The change in approach has not had a material impact on the trade receivables provision. There have been no other new accounting standards adopted during the year that have a material impact over the consolidated \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-417": { "value": "1.2.a. New accounting standards adopted Effective 1 October 2023, in respect of hedge accounting the Group adopted IFRS 9 Financial Instruments, which replaces IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 includes requirements for the classi\ufb01cation and measurement of \ufb01nancial instruments, impairment of \ufb01nancial assets and hedge accounting. An assessment was performed and the adoption of IFRS 9 has not had a material impact on the \ufb01nancial results of the Group. The assessment included an analysis of the Group\u2019s hedge accounting policy and existing hedge accounting relationships, and it was determined that those relationships designated under IAS 39 are still effective under IFRS 9. The Group has adopted the simpli\ufb01ed approach to recognise lifetime expected credit losses for trade receivables and contract assets as permitted by IFRS 9. The change in approach has not had a material impact on the trade receivables provision. There have been no other new accounting standards adopted during the year that have a material impact over the consolidated \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-440": { "value": "1.2.a. New accounting standards adopted Effective 1 October 2023, in respect of hedge accounting the Group adopted IFRS 9 Financial Instruments, which replaces IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 includes requirements for the classi\ufb01cation and measurement of \ufb01nancial instruments, impairment of \ufb01nancial assets and hedge accounting. An assessment was performed and the adoption of IFRS 9 has not had a material impact on the \ufb01nancial results of the Group. The assessment included an analysis of the Group\u2019s hedge accounting policy and existing hedge accounting relationships, and it was determined that those relationships designated under IAS 39 are still effective under IFRS 9. The Group has adopted the simpli\ufb01ed approach to recognise lifetime expected credit losses for trade receivables and contract assets as permitted by IFRS 9. The change in approach has not had a material impact on the trade receivables provision. There have been no other new accounting standards adopted during the year that have a material impact over the consolidated \ufb01nancial statements.
1.20 ACCOUNTING STANDARDS, INTERPRETATIONS AND AMENDMENTS
TO PUBLISHED STANDARDS NOT YET EFFECTIVE
The IASB has published a number of new IFRS standards, amendments and interpretations
to existing standards which are not yet effective, but will be mandatory for the Group\u2019s
accounting periods beginning on or after 1 October 2024.
IFRS 16 \u2013 Lease Liability in a Sale and Leaseback;
IAS 1 \u2013 Presentation of Financial Statements \u2013 in relation to non-current liabilities with
covenants and deferral of effective date, and the Disclosure of Accounting Policies;
IAS 7 \u2013 Statement of Cash Flows and IFRS 7 \u2013 Financial Instruments: Disclosures \u2013 Supplier
Finance Arrangements;
IAS 21 \u2013 Lack of Exchangeability, which will become effective in the consolidated Group
\ufb01nancial statements for the \ufb01nancial year ending 30 September 2026;
IFRS 9 \u2013 Financial Instruments and IFRS 7 \u2013 Financial Instruments: Disclosures \u2013
Classi\ufb01cation and measurement of \ufb01nancial instruments, which will become effective in
the consolidated Group \ufb01nancial statements for the \ufb01nancial year ending 30 September
2027, subject to UK endorsement;
IFRS 18 \u2013 Presentation and Disclosure in Financial Statements which will become effective
in the consolidated Group \ufb01nancial statements for the \ufb01nancial year ending 30 September
2028, subject to UK endorsement;
IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures which will become
effective in the consolidated Group \ufb01nancial statements for the \ufb01nancial year ending 30
September 2028, subject to UK endorsement.
The Group does not anticipate that the adoption of these standards and interpretations that are effective for the year ending September 2025 will have a material effect on its \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-448": { "value": "1.3 ACQUISITIONS Acquisitions are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Goodwill at the acquisition date represents the cost of the business combination (excluding acquisition related costs, which are expensed as incurred) plus the amount of any non-controlling interest in the acquiree in excess of the fair value of the identi\ufb01able tangible and intangible assets, liabilities and contingent liabilities acquired. Minority interests may be initially measured at fair value or, alternatively, at the minority interest\u2019s proportionate share of the recognised amounts of the acquiree\u2019s identi\ufb01able net assets. The choice of measurement basis is made for each business combination separately. d) Goodwill \u2013 business combinations Goodwill arising on the acquisition of a subsidiary represents the excess of the aggregate of the fair value of the consideration over the aggregate fair value of the identi\ufb01able intangible, tangible and current assets and net of the aggregate fair value of the liabilities (including contingent liabilities of businesses acquired at the date of acquisition). Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Transaction costs are expensed and are not included in the cost of acquisition.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-418": { "value": "1.4 DIVESTMENTS The results and cash \ufb02ows of major lines of businesses that have been divested are classi\ufb01ed as discontinued businesses. There were no discontinued operations in either the current or prior year. 1.19 ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE Non-current assets held for sale and disposal groups are presented separately in the current section of the Consolidated Statement of Financial Position when the following criteria are met: the Group is committed to selling the asset or disposal group, it is available for immediate sale in its current condition, an active plan of sale has commenced, and in the judgement of Group Management it is highly probable that the sale will be completed within 12 months. Immediately before the initial classi\ufb01cation of the assets and disposal groups as held for sale, the carrying amounts of the assets (or all the assets and liabilities in the disposal groups) are measured in accordance with the applicable accounting policy. Assets held for sale and disposal groups are subsequently measured at the lower of their carrying amount and fair value less costs of disposal. Assets held for sale are no longer amortised or depreciated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-383": { "value": "1.5 REVENUE RECOGNITION Revenue is measured as the fair value of the consideration received or receivable for goods and services supplied to customers, after deducting sales allowances and value- added taxes; revenue for services supplied to customers, as opposed to goods, is ca. 4% of Group revenue. Under IFRS 15, each customer contract is assessed to identify the performance obligation. An assessment of the timing of revenue recognition is made for each performance obligation. Revenue is recognised at a point in time for all standard revenue transactions when control of the goods provided is transferred to the customer.
Revenue is also recognised at a point in time for contracts that contain multiple elements
(service contracts) when the agreed output is produced by the customer, unless there are
speci\ufb01c performance obligations to deliver other services over time. The revenue on such
service contracts is not material in the context of the Group\u2019s total revenue.
The transaction price is allocated to each performance obligation based on the relative
stand-alone selling prices of the goods or services provided. If a stand-alone selling price
is not available, the Group will estimate the selling price with reference to the price that
would be charged for the goods or services if they were sold separately. There are no
contracts with variable consideration.
Provision is made for returns and in the few instances where rebates are provided, though
neither are material. There are no capitalised contract costs recognised by the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-384": { "value": "
1.6 EMPLOYEE BENEFITS
The Group operates a number of pension plans, both of the de\ufb01ned contribution and
de\ufb01ned bene\ufb01t type.
a) De\ufb01ned contribution pension plans: Contributions to the Group\u2019s de\ufb01ned contribution
schemes are recognised as an employee bene\ufb01t expense when they fall due.
b) De\ufb01ned bene\ufb01t pension plan: The de\ufb01cit/asset recognised in the Consolidated
Statement of Financial Position for the Group\u2019s de\ufb01ned bene\ufb01t pension plan is the
present value of the de\ufb01ned bene\ufb01t obligation at the balance sheet date less the fair
value of the scheme assets. The de\ufb01ned bene\ufb01t obligation/asset is calculated by
independent actuaries using the projected unit cost method and by discounting the
estimated future cash \ufb02ows using interest rates on high-quality corporate bonds. The
pension expense for the Group\u2019s de\ufb01ned bene\ufb01t plan is recognised as follows:
i) Within the Consolidated Income Statement:
\u2212 Service cost of current members of the Kubo Scheme.
\u2212 Gains and losses arising on settlements and curtailments \u2013 where the item that
gave rise to the settlement or curtailment is recognised in operating pro\ufb01t.
\u2212 Any interest cost on the liabilities of the Scheme \u2013 calculated by applying the
discount rate to the net de\ufb01ned bene\ufb01t liability at the start of the annual
reporting period.
ii) Within the Consolidated Statement of Comprehensive Income (Other
Comprehensive Income):
\u2212 Actuarial gains and losses arising on the assets and liabilities of the plan related to
actual experience and any changes in assumptions at the end of the year.
c) Share-based payments: Equity-settled transactions (which are where the Executive
Directors and certain senior employees receive a part of their remuneration in the form
of shares in the Company, or rights over shares) are measured at fair value at the date
of grant. The fair value determined at the grant date uses the Black-Scholes method
and takes account of the effect of market-based measures, such as Total Shareholder
Return (TSR) targets upon which vesting of part of the award is conditional and is
expensed to the Consolidated Income Statement on a straight-line basis over the
vesting period, with a corresponding credit to equity. The cumulative expense
recognised is adjusted to take account of shares forfeited by Executives who leave
during the performance or vesting period and, in the case of non-market-related
performance conditions, where it becomes unlikely that shares will vest. For the
market-based measure, the Directors have used a Black-Scholes model to determine
fair value of the shares at the date of grant.
The Group operates an EBT for the granting of shares to Executives. The cost of shares
in the Company purchased by the EBT are shown as a deduction from equity.
d) Long-term employee bene\ufb01ts: The Group provides long-term employee bene\ufb01ts in the
form of deferred remuneration to certain employees. Deferred remuneration is
recognised as an employee bene\ufb01t expense in the period in which the employee
renders the related service.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-420": { "value": "c) Share-based payments: Equity-settled transactions (which are where the Executive Directors and certain senior employees receive a part of their remuneration in the form of shares in the Company, or rights over shares) are measured at fair value at the date of grant. The fair value determined at the grant date uses the Black-Scholes method and takes account of the effect of market-based measures, such as Total Shareholder Return (TSR) targets upon which vesting of part of the award is conditional and is expensed to the Consolidated Income Statement on a straight-line basis over the vesting period, with a corresponding credit to equity. The cumulative expense recognised is adjusted to take account of shares forfeited by Executives who leave during the performance or vesting period and, in the case of non-market-related performance conditions, where it becomes unlikely that shares will vest. For the market-based measure, the Directors have used a Black-Scholes model to determine fair value of the shares at the date of grant. The Group operates an EBT for the granting of shares to Executives. The cost of shares in the Company purchased by the EBT are shown as a deduction from equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-385": { "value": "
1.7 FOREIGN CURRENCIES
The individual \ufb01nancial statements of each Group entity are prepared in their functional
currency, which is the currency of the primary economic environment in which that entity
operates. For the purpose of the consolidated \ufb01nancial statements, the results and
\ufb01nancial position of each entity are translated into UK sterling, which is the presentational
currency of the Group.
a) Reporting foreign currency transactions in functional currency: Transactions in
currencies other than the entity\u2019s functional currency (foreign currencies) are initially
recorded at the rates of exchange prevailing on the dates of the transactions. At each
subsequent balance sheet date:
i) Foreign currency monetary items are retranslated at the rates prevailing at the
balance sheet date. Exchange differences arising on the settlement or retranslation
of monetary items are recognised in the Consolidated Income Statement.
ii) Non-monetary items measured at historical cost in a foreign currency are not
retranslated.
iii) Non-monetary items measured at fair value in a foreign currency are retranslated
using the exchange rates at the date the fair value was determined. Where a gain or
loss on non-monetary items is recognised directly in equity, any exchange
component of that gain or loss is also recognised directly in equity and conversely,
where a gain or loss on a non-monetary item is recognised in the Consolidated
Income Statement, any exchange component of that gain or loss is also recognised
in the Consolidated Income Statement.
b) Translation from functional currency to presentational currency: When the functional
currency of a Group entity is different from the Group\u2019s presentational currency, its
results and \ufb01nancial position are translated into the presentational currency as follows:
i) Assets and liabilities are translated using exchange rates prevailing at the balance
sheet date.
ii) Income and expense items are translated at average exchange rates for the year,
except where the use of such an average rate does not approximate the exchange
rate at the date of the transaction, in which case the transaction rate is used.
iii) All resulting exchange differences are recognised in Other Comprehensive Income;
these cumulative exchange differences are recognised in the Consolidated Income
Statement in the period in which the foreign operation is disposed of.
c) Net investment in foreign operations: Exchange differences arising on a monetary item
that forms part of a reporting entity\u2019s net investment in a foreign operation are
recognised in the Consolidated Income Statement in the separate \ufb01nancial statements
of the reporting entity or the foreign operation as appropriate. In the consolidated
\ufb01nancial statements such exchange differences are initially recognised in Other
Comprehensive Income as a separate component of equity and subsequently
recognised in the Consolidated Income Statement on disposal of the net investment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-419": { "value": "For the purpose of the consolidated \ufb01nancial statements, the results and \ufb01nancial position of each entity are translated into UK sterling, which is the presentational currency of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-386": { "value": "
1.8 TAXATION
The tax expense relates to the sum of current tax expense and deferred tax expense.
Current tax is based on taxable pro\ufb01t for the year, which differs from pro\ufb01t before taxation
as reported in the Consolidated Income Statement. Taxable pro\ufb01t excludes items of
income and expense that are taxable (or deductible) in other years and also excludes
items that are never taxable or deductible. The Group\u2019s liability for current tax, including UK
corporation tax and overseas tax, is calculated using rates that have been enacted or
substantively enacted at the balance sheet date.
Deferred tax is accounted for using the balance sheet liability method. Deferred tax is
recognised on differences between the carrying amounts of assets and liabilities in the
Consolidated Statement of Financial Position and the corresponding tax bases used in the
computation of taxable pro\ufb01t. Deferred tax liabilities are generally recognised for all
taxable temporary differences and deferred tax assets are recognised to the extent that it
is probable that taxable pro\ufb01ts will be available against which deductible temporary
differences can be utilised. Temporary differences arise primarily from the recognition of
the assets/liabilities on the Group\u2019s de\ufb01ned bene\ufb01t pension scheme, the difference
between accelerated capital allowances and depreciation and for short-term timing
differences where a provision held against receivables or inventory is not deductible for
taxation purposes. However, deferred tax assets and liabilities are not recognised if the
temporary difference arises from goodwill or from the initial recognition (other than in a
business combination) of other assets and liabilities in a transaction that affects neither
the taxable pro\ufb01t, nor the accounting pro\ufb01t.
Deferred tax liabilities are also recognised for taxable temporary differences arising on
investments in subsidiaries, except where the Group is able to control the reversal of the
temporary difference and it is probable that the temporary difference will not reverse in
the foreseeable future. No deferred tax is recognised on the unremitted earnings of
overseas subsidiaries, as the Group controls the dividend policies of its subsidiaries.
Deferred tax is calculated at the tax rates that are expected to apply to the period when
the asset is realised or the liability is settled. Deferred tax is charged or credited to the
Consolidated Income Statement, except when the item on which the tax or charge is
credited or charged directly to equity, in which case the deferred tax is also dealt with in
equity. The carrying amount of deferred tax assets is reviewed at each balance sheet date
and reduced to the extent that it is no longer probable that sufficient taxable pro\ufb01ts will
be available to allow all or part of the assets to be recovered. Tax assets and liabilities are
offset when there is a legally enforceable right to enforce current tax assets against
current tax liabilities and when the deferred income tax relates to the same \ufb01scal authority.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-421": { "value": "1.8 TAXATION The tax expense relates to the sum of current tax expense and deferred tax expense. Current tax is based on taxable pro\ufb01t for the year, which differs from pro\ufb01t before taxation as reported in the Consolidated Income Statement. Taxable pro\ufb01t excludes items of income and expense that are taxable (or deductible) in other years and also excludes items that are never taxable or deductible. The Group\u2019s liability for current tax, including UK corporation tax and overseas tax, is calculated using rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is accounted for using the balance sheet liability method. Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the Consolidated Statement of Financial Position and the corresponding tax bases used in the computation of taxable pro\ufb01t. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable pro\ufb01ts will be available against which deductible temporary differences can be utilised. Temporary differences arise primarily from the recognition of the assets/liabilities on the Group\u2019s de\ufb01ned bene\ufb01t pension scheme, the difference between accelerated capital allowances and depreciation and for short-term timing differences where a provision held against receivables or inventory is not deductible for taxation purposes. However, deferred tax assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable pro\ufb01t, nor the accounting pro\ufb01t. Deferred tax liabilities are also recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. No deferred tax is recognised on the unremitted earnings of overseas subsidiaries, as the Group controls the dividend policies of its subsidiaries. Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled. Deferred tax is charged or credited to the Consolidated Income Statement, except when the item on which the tax or charge is credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable pro\ufb01ts will be available to allow all or part of the assets to be recovered. Tax assets and liabilities are offset when there is a legally enforceable right to enforce current tax assets against current tax liabilities and when the deferred income tax relates to the same \ufb01scal authority.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-387": { "value": "
1.9 PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are stated at cost less accumulated depreciation and
accumulated impairment losses. Cost comprises the purchase price plus costs directly
incurred in bringing the asset into use. All repairs and maintenance expenditure is charged
to the Consolidated Income Statement in the period in which it is incurred.
Freehold land is not depreciated. Depreciation on other items of property, plant and
equipment begins when the asset is available for use and is charged to the Consolidated
Income Statement on a straight-line basis to write off the cost, less residual value of the
asset, over its estimated useful life as follows:
Freehold property
\u2013 between 20 and 50 years
Leasehold improvements
\u2013 term of the lease
Plant and equipment
\u2013 plant and machinery between 3 and 7 years
\u2013
IT hardware between 3 and 5 years
\u2013 \ufb01xtures and \ufb01ttings between 5 and 15 years
Hospital \ufb01eld equipment
\u2013 5 years
The depreciation method used, residual values and estimated useful lives are reviewed
and changed, if appropriate, at least at each \ufb01nancial year end. An asset\u2019s carrying amount
is written down immediately to its recoverable amount if the asset\u2019s carrying amount is
greater than its estimated recoverable amount. Gains and losses arising on disposals are
determined by comparing sales proceeds with carrying amount and are recognised in the
Consolidated Income Statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-422": { "value": "1.9 PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost comprises the purchase price plus costs directly incurred in bringing the asset into use. All repairs and maintenance expenditure is charged to the Consolidated Income Statement in the period in which it is incurred. Freehold land is not depreciated. Depreciation on other items of property, plant and equipment begins when the asset is available for use and is charged to the Consolidated Income Statement on a straight-line basis to write off the cost, less residual value of the asset, over its estimated useful life as follows:
Freehold property
\u2013 between 20 and 50 years
Leasehold improvements
\u2013 term of the lease
Plant and equipment
\u2013 plant and machinery between 3 and 7 years
\u2013
IT hardware between 3 and 5 years
\u2013 \ufb01xtures and \ufb01ttings between 5 and 15 years
Hospital \ufb01eld equipment
\u2013 5 years
The depreciation method used, residual values and estimated useful lives are reviewed and changed, if appropriate, at least at each \ufb01nancial year end. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. Gains and losses arising on disposals are determined by comparing sales proceeds with carrying amount and are recognised in the Consolidated Income Statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-388": { "value": "
1.10 INTANGIBLE ASSETS
All intangible assets, excluding goodwill arising on a business combination, are stated at
their amortised cost or fair value at initial recognition less any provision for impairment.
Amortisation of intangible assets is recognised as an operating expense.
a) Research and development costs
Research expenditure is written off as incurred. Development costs are written off as
incurred unless forecast revenues for a particular project exceed attributable forecast
development costs in which case they are capitalised and amortised on a straight-line
basis over the asset\u2019s estimated useful life. Costs are capitalised as intangible assets
unless physical assets, such as tooling, exist when they are classi\ufb01ed as property, plant
and equipment.
b) Computer software costs
Where computer software is not integral to an item of property, plant or equipment its
costs are capitalised as other intangible assets. Amortisation is provided on a straight-line
basis over its useful economic life of between three and seven years.
c) Acquired intangible assets \u2013 business combinations Intangible assets that may be acquired as a result of a business combination, include, but are not limited to, customer lists, supplier lists, databases, technology and software and patents that can be separately measured at fair value, on a reliable basis, are separately recognised on acquisition at the fair value, together with the associated deferred tax liability. Amortisation is charged on a straight-line basis to the Consolidated Income Statement over the expected useful economic lives. Fair values of customer and supplier relationships on larger acquisitions are valued using a discounted cash \ufb02ow model; databases are valued using a replacement cost model. For smaller acquisitions, intangible assets are assessed using historical experience of similar transactions. d) Goodwill \u2013 business combinations Goodwill arising on the acquisition of a subsidiary represents the excess of the aggregate of the fair value of the consideration over the aggregate fair value of the identi\ufb01able intangible, tangible and current assets and net of the aggregate fair value of the liabilities (including contingent liabilities of businesses acquired at the date of acquisition). Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Transaction costs are expensed and are not included in the cost of acquisition.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-423": { "value": "a) Research and development costs Research expenditure is written off as incurred. Development costs are written off as incurred unless forecast revenues for a particular project exceed attributable forecast development costs in which case they are capitalised and amortised on a straight-line basis over the asset\u2019s estimated useful life. Costs are capitalised as intangible assets unless physical assets, such as tooling, exist when they are classi\ufb01ed as property, plant and equipment. b) Computer software costs Where computer software is not integral to an item of property, plant or equipment its costs are capitalised as other intangible assets. Amortisation is provided on a straight-line basis over its useful economic life of between three and seven years. c) Acquired intangible assets \u2013 business combinations Intangible assets that may be acquired as a result of a business combination, include, but are not limited to, customer lists, supplier lists, databases, technology and software and patents that can be separately measured at fair value, on a reliable basis, are separately recognised on acquisition at the fair value, together with the associated deferred tax liability. Amortisation is charged on a straight-line basis to the Consolidated Income Statement over the expected useful economic lives. Fair values of customer and supplier relationships on larger acquisitions are valued using a discounted cash \ufb02ow model; databases are valued using a replacement cost model. For smaller acquisitions, intangible assets are assessed using historical experience of similar transactions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-424": { "value": "d) Goodwill \u2013 business combinations Goodwill arising on the acquisition of a subsidiary represents the excess of the aggregate of the fair value of the consideration over the aggregate fair value of the identi\ufb01able intangible, tangible and current assets and net of the aggregate fair value of the liabilities (including contingent liabilities of businesses acquired at the date of acquisition). Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Transaction costs are expensed and are not included in the cost of acquisition.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-441": { "value": "d) Goodwill \u2013 business combinations Goodwill arising on the acquisition of a subsidiary represents the excess of the aggregate of the fair value of the consideration over the aggregate fair value of the identi\ufb01able intangible, tangible and current assets and net of the aggregate fair value of the liabilities (including contingent liabilities of businesses acquired at the date of acquisition). Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Transaction costs are expensed and are not included in the cost of acquisition.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-390": { "value": "1.11 IMPAIRMENT OF TANGIBLE AND INTANGIBLE ASSETS An impairment loss is recognised to the extent that the carrying amount of an asset or a CGU exceeds its recoverable amount. The recoverable amount of an asset or CGU is the higher of: (i) its fair value less costs to sell; and (ii) its value in use. Its value in use is the present value of the future cash \ufb02ows expected to be derived from the asset or CGU, discounted using a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset or CGU. Impairment losses are recognised immediately in the Consolidated Income Statement. a) Impairment of goodwill Goodwill acquired in a business combination is allocated to a CGU. CGUs for this purpose are the Group\u2019s three Sectors which represent the lowest level within the Group at which the goodwill is monitored by the Group\u2019s Board of Directors for internal and management purposes. CGUs to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired.
If the recoverable amount of the CGU is less than the carrying amount of the unit, the
impairment loss is allocated \ufb01rst to reduce the goodwill attributable to the CGU.
Impairment losses cannot be subsequently reversed.
b) Impairment of other tangible and intangible assets
Other tangible and intangible assets are reviewed for impairment when events or changes
in circumstances indicate the carrying value may not be recoverable. Impairment losses
and any subsequent reversals are recognised in the Consolidated Income Statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-389": { "value": "
1.12 INVENTORIES
Inventories are stated at the lower of cost (generally calculated on a FIFO or weighted
average cost basis depending on the nature of the inventory) and net realisable value,
after making due allowance for any obsolete or slow moving inventory. Cost comprises
direct materials, duty and freight-in costs.
Net realisable value represents the estimated selling price less all estimated costs of
completion and the estimated costs necessary to make the sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-391": { "value": "
1.13 FINANCIAL INSTRUMENTS
Financial assets and liabilities are recognised in the Group\u2019s Consolidated Statement of
Financial Position when the Group becomes a party to the contractual provisions of the
instrument.
a) Trade receivables and loss allowance
Trade receivables are initially measured at fair value, do not carry any interest and are
reduced by a charge for impairment for estimated irrecoverable amounts. Such
impairment losses are recognised in the Consolidated Income Statement, calculated
under IFRS 9.
b) Trade payables
Trade payables are non-interest bearing and are initially measured at their nominal value.
c) Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, interest bearing deposits, bank
overdrafts that have a legal right of offset and short-term highly liquid investments with
original maturities of three months or less that are readily convertible to a known amount
of cash and are subject to an insigni\ufb01cant risk of changes in value. Bank overdrafts are
repayable on demand and can form an integral part of the Group\u2019s cash management.
Bank overdrafts (where used) are presented net of cash and cash equivalents on the
Consolidated Statement of Financial Position, where there is a legal right of offset.
d) Put options held by minority interests
The purchase price of shares to be acquired under options held by minority shareholders
in the Group\u2019s subsidiaries are calculated by reference to the estimated pro\ufb01tability of the
relevant subsidiary at the time of exercise, using a multiple based formula. The net present
value of the estimated future payments under these put options is shown as a \ufb01nancial
liability. The corresponding entry is recognised in equity as a deduction against retained
earnings. At the end of each year, the estimate of the \ufb01nancial liability is reassessed and
any change in value is recognised in the Consolidated Income Statement, as part of
\ufb01nance income or expense. Where the liability is in a foreign currency, any change in the
value of the liability resulting from changes in exchange rates is recognised in the
Consolidated Income Statement.
e) Derivative \ufb01nancial instruments and hedge accounting
The Group holds derivative \ufb01nancial instruments in the form of forward foreign exchange
contracts to hedge its foreign currency exposure and interest rate swaps to hedge its
exposure to market interest rates. These derivatives are designated as cash \ufb02ow hedges.
Where a derivative \ufb01nancial instrument is designated as a hedge of the variability in cash
\ufb02ows of a highly probable forecasted transaction, the effective part of any gain or loss on
the derivative \ufb01nancial instrument is recognised in other comprehensive income and
presented in the cash \ufb02ow hedges reserve. The associated gain or loss is removed from
equity and recognised in the Income Statement in the period in which the transaction to
which it relates occurs.
The Group documents, at the inception of the transaction, the relationship between
hedging instruments and hedged items, as well as its risk management objectives and
strategy for undertaking various hedging transactions. The Group also documents its
assessment, both at hedge inception and on an ongoing basis, of whether the derivatives
that are used in hedging transactions are highly effective in offsetting changes in cash
\ufb02ows of hedged items.
The Group uses foreign currency denominated borrowings as a hedge against the
translation exposure on the Group\u2019s net investment in overseas companies. Where the
hedge is fully effective at hedging, the variability in the net assets of such companies
caused by changes in exchange rates and the changes in value of the borrowings are
recognised in the Consolidated Statement of Comprehensive Income and accumulated in
the Translation reserve. The ineffective part of any change in value caused by changes in
exchange rates is recognised in the Consolidated Income Statement.
No derivative contracts have been designated as fair value hedges.
f) Borrowings
Borrowings are initially recognised at the fair value of the consideration received. They are
subsequently measured at amortised cost. Borrowings are classi\ufb01ed as non-current when
the repayment date is more than 12 months from the period end date or where they are
drawn on a facility with more than 12 months to expiry.
Borrowings include overdraft facilities that do not have a legal right of offset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-453": { "value": "1.13 FINANCIAL INSTRUMENTS Financial assets and liabilities are recognised in the Group\u2019s Consolidated Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument. a) Trade receivables and loss allowance Trade receivables are initially measured at fair value, do not carry any interest and are reduced by a charge for impairment for estimated irrecoverable amounts. Such impairment losses are recognised in the Consolidated Income Statement, calculated under IFRS 9. b) Trade payables Trade payables are non-interest bearing and are initially measured at their nominal value. c) Cash and cash equivalents Cash and cash equivalents comprise cash in hand, interest bearing deposits, bank overdrafts that have a legal right of offset and short-term highly liquid investments with original maturities of three months or less that are readily convertible to a known amount of cash and are subject to an insigni\ufb01cant risk of changes in value. Bank overdrafts are repayable on demand and can form an integral part of the Group\u2019s cash management. Bank overdrafts (where used) are presented net of cash and cash equivalents on the Consolidated Statement of Financial Position, where there is a legal right of offset. d) Put options held by minority interests The purchase price of shares to be acquired under options held by minority shareholders in the Group\u2019s subsidiaries are calculated by reference to the estimated pro\ufb01tability of the relevant subsidiary at the time of exercise, using a multiple based formula. The net present value of the estimated future payments under these put options is shown as a \ufb01nancial liability. The corresponding entry is recognised in equity as a deduction against retained earnings. At the end of each year, the estimate of the \ufb01nancial liability is reassessed and any change in value is recognised in the Consolidated Income Statement, as part of \ufb01nance income or expense. Where the liability is in a foreign currency, any change in the value of the liability resulting from changes in exchange rates is recognised in the Consolidated Income Statement. e) Derivative \ufb01nancial instruments and hedge accounting The Group holds derivative \ufb01nancial instruments in the form of forward foreign exchange contracts to hedge its foreign currency exposure and interest rate swaps to hedge its exposure to market interest rates. These derivatives are designated as cash \ufb02ow hedges. Where a derivative \ufb01nancial instrument is designated as a hedge of the variability in cash \ufb02ows of a highly probable forecasted transaction, the effective part of any gain or loss on the derivative \ufb01nancial instrument is recognised in other comprehensive income and presented in the cash \ufb02ow hedges reserve. The associated gain or loss is removed from equity and recognised in the Income Statement in the period in which the transaction to which it relates occurs. The Group documents, at the inception of the transaction, the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash \ufb02ows of hedged items. The Group uses foreign currency denominated borrowings as a hedge against the translation exposure on the Group\u2019s net investment in overseas companies. Where the hedge is fully effective at hedging, the variability in the net assets of such companies caused by changes in exchange rates and the changes in value of the borrowings are recognised in the Consolidated Statement of Comprehensive Income and accumulated in the Translation reserve. The ineffective part of any change in value caused by changes in exchange rates is recognised in the Consolidated Income Statement. No derivative contracts have been designated as fair value hedges. f) Borrowings Borrowings are initially recognised at the fair value of the consideration received. They are subsequently measured at amortised cost. Borrowings are classi\ufb01ed as non-current when the repayment date is more than 12 months from the period end date or where they are drawn on a facility with more than 12 months to expiry. Borrowings include overdraft facilities that do not have a legal right of offset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-425": { "value": "a) Trade receivables and loss allowance Trade receivables are initially measured at fair value, do not carry any interest and are reduced by a charge for impairment for estimated irrecoverable amounts. Such impairment losses are recognised in the Consolidated Income Statement, calculated under IFRS 9. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-426": { "value": "b) Trade payables Trade payables are non-interest bearing and are initially measured at their nominal value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-427": { "value": "c) Cash and cash equivalents Cash and cash equivalents comprise cash in hand, interest bearing deposits, bank overdrafts that have a legal right of offset and short-term highly liquid investments with original maturities of three months or less that are readily convertible to a known amount of cash and are subject to an insigni\ufb01cant risk of changes in value. Bank overdrafts are repayable on demand and can form an integral part of the Group\u2019s cash management. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-449": { "value": "e) Derivative \ufb01nancial instruments and hedge accounting The Group holds derivative \ufb01nancial instruments in the form of forward foreign exchange contracts to hedge its foreign currency exposure and interest rate swaps to hedge its exposure to market interest rates. These derivatives are designated as cash \ufb02ow hedges. Where a derivative \ufb01nancial instrument is designated as a hedge of the variability in cash \ufb02ows of a highly probable forecasted transaction, the effective part of any gain or loss on the derivative \ufb01nancial instrument is recognised in other comprehensive income and presented in the cash \ufb02ow hedges reserve. The associated gain or loss is removed from equity and recognised in the Income Statement in the period in which the transaction to which it relates occurs. The Group documents, at the inception of the transaction, the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash \ufb02ows of hedged items. The Group uses foreign currency denominated borrowings as a hedge against the translation exposure on the Group\u2019s net investment in overseas companies. Where the hedge is fully effective at hedging, the variability in the net assets of such companies caused by changes in exchange rates and the changes in value of the borrowings are recognised in the Consolidated Statement of Comprehensive Income and accumulated in the Translation reserve. The ineffective part of any change in value caused by changes in exchange rates is recognised in the Consolidated Income Statement. No derivative contracts have been designated as fair value hedges. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-442": { "value": "e) Derivative \ufb01nancial instruments and hedge accounting The Group holds derivative \ufb01nancial instruments in the form of forward foreign exchange contracts to hedge its foreign currency exposure and interest rate swaps to hedge its exposure to market interest rates. These derivatives are designated as cash \ufb02ow hedges. Where a derivative \ufb01nancial instrument is designated as a hedge of the variability in cash \ufb02ows of a highly probable forecasted transaction, the effective part of any gain or loss on the derivative \ufb01nancial instrument is recognised in other comprehensive income and presented in the cash \ufb02ow hedges reserve. The associated gain or loss is removed from equity and recognised in the Income Statement in the period in which the transaction to which it relates occurs. The Group documents, at the inception of the transaction, the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash \ufb02ows of hedged items. The Group uses foreign currency denominated borrowings as a hedge against the translation exposure on the Group\u2019s net investment in overseas companies. Where the hedge is fully effective at hedging, the variability in the net assets of such companies caused by changes in exchange rates and the changes in value of the borrowings are recognised in the Consolidated Statement of Comprehensive Income and accumulated in the Translation reserve. The ineffective part of any change in value caused by changes in exchange rates is recognised in the Consolidated Income Statement. No derivative contracts have been designated as fair value hedges. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-429": { "value": "e) Derivative \ufb01nancial instruments and hedge accounting The Group holds derivative \ufb01nancial instruments in the form of forward foreign exchange contracts to hedge its foreign currency exposure and interest rate swaps to hedge its exposure to market interest rates. These derivatives are designated as cash \ufb02ow hedges. Where a derivative \ufb01nancial instrument is designated as a hedge of the variability in cash \ufb02ows of a highly probable forecasted transaction, the effective part of any gain or loss on the derivative \ufb01nancial instrument is recognised in other comprehensive income and presented in the cash \ufb02ow hedges reserve. The associated gain or loss is removed from equity and recognised in the Income Statement in the period in which the transaction to which it relates occurs. The Group documents, at the inception of the transaction, the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash \ufb02ows of hedged items. The Group uses foreign currency denominated borrowings as a hedge against the translation exposure on the Group\u2019s net investment in overseas companies. Where the hedge is fully effective at hedging, the variability in the net assets of such companies caused by changes in exchange rates and the changes in value of the borrowings are recognised in the Consolidated Statement of Comprehensive Income and accumulated in the Translation reserve. The ineffective part of any change in value caused by changes in exchange rates is recognised in the Consolidated Income Statement. No derivative contracts have been designated as fair value hedges. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-428": { "value": "f) Borrowings Borrowings are initially recognised at the fair value of the consideration received. They are subsequently measured at amortised cost. Borrowings are classi\ufb01ed as non-current when the repayment date is more than 12 months from the period end date or where they are drawn on a facility with more than 12 months to expiry. Borrowings include overdraft facilities that do not have a legal right of offset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-393": { "value": "
1.14 LEASES
The Company recognises a right-of-use asset and a lease liability at the lease
commencement date. The right-of-use asset is initially measured at cost, being the initial
amount of the lease liability adjusted for any lease payments made at or before
commencement date.
Lease liabilities are recorded at the present value of lease payments. Leases are
discounted at the Group\u2019s incremental borrowing rate, being the rate that the Group
would have to pay to borrow the funds necessary to obtain an asset of similar value in a
similar economic environment with similar terms and conditions.
Right-of-use assets are depreciated on a straight-line basis over the lease term, or useful
life if shorter.
Interest is recognised on the lease liability, resulting in a higher \ufb01nance cost in the earlier
years of the lease term.
Lease payments relating to low value assets or to short-term leases are recognised as an
expense on a straight-line basis over the lease term. Short-term leases are those with 12
months or less duration.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-392": { "value": "
1.15 OTHER LIABILITIES
Other liabilities are recognised when the Group has legal or constructive obligation as a
result of a past event and it is probable that the Group will be required to settle that
obligation. Other liabilities are measured at the Directors\u2019 best estimate of the expenditure
required to settle the obligation at the balance sheet date.
", "dimensions": { "concept": "diplomaplc:DescriptionOfAccountingPolicyForOtherLiabilities", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-394": { "value": "
1.16 DIVIDENDS
The annual \ufb01nal dividend is not provided for until approved at the AGM; interim dividends
are charged in the period they are paid.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-396": { "value": "
1.17 SHARE CAPITAL AND RESERVES
Ordinary shares are classi\ufb01ed as equity and details of the Group\u2019s share capital is
disclosed in note (F) of the Parent Company\u2019s \ufb01nancial statements. Incremental costs
directly attributable to the issue of new shares are shown in equity as a deduction, net of
tax, from the proceeds. The Group also maintains the following reserves:
a) Translation reserve \u2013 The translation reserve comprises all foreign exchange differences
arising from the translation of the \ufb01nancial statements of foreign businesses and net
investment hedges.
b) Hedging reserve \u2013 The hedging reserve comprises the effective portion of the
cumulative net change in the fair value of cash \ufb02ow hedging instruments that are
determined to be an effective hedge.
c) Retained earnings reserve \u2013 The retained earnings reserve comprises total cumulative
recognised income and expense attributable to shareholders. Bonus issues of share
capital and dividends to shareholders are also charged directly to this reserve. In
addition, the cost of acquiring shares in the Company and the liability to provide those
shares to employees, is accounted for in this reserve.
Where any Group company purchases the Company\u2019s equity share capital and holds that
share either directly as treasury shares or indirectly within an ESOP trust, the consideration
paid, including any directly attributable incremental costs (net of income taxes), is
deducted from equity attributable to the Company\u2019s equity holders until the shares are
cancelled, reissued or disposed of. Where such shares are subsequently sold or reissued,
any consideration received, net of any directly attributable incremental transaction costs
and the related income tax effects, is included in equity attributable to the Company\u2019s
equity holders. These shares are used to satisfy share awards granted to Directors under
the Group\u2019s share schemes. The Trustee purchases the Company\u2019s shares on the open
market using loans made by the Company or a subsidiary of the Company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-395": { "value": "
1.18 RELATED PARTIES
There are no related party transactions (other than with key management) that are required
to be disclosed in accordance with IAS 24. Details of their remuneration are given in note 5
to the consolidated \ufb01nancial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-397": { "value": "
1.19 ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE
Non-current assets held for sale and disposal groups are presented separately in the
current section of the Consolidated Statement of Financial Position when the following
criteria are met: the Group is committed to selling the asset or disposal group, it is
available for immediate sale in its current condition, an active plan of sale has
commenced, and in the judgement of Group Management it is highly probable that the
sale will be completed within 12 months. Immediately before the initial classi\ufb01cation of the
assets and disposal groups as held for sale, the carrying amounts of the assets (or all the
assets and liabilities in the disposal groups) are measured in accordance with the
applicable accounting policy. Assets held for sale and disposal groups are subsequently
measured at the lower of their carrying amount and fair value less costs of disposal. Assets
held for sale are no longer amortised or depreciated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-398": { "value": "1.20 ACCOUNTING STANDARDS, INTERPRETATIONS AND AMENDMENTS TO PUBLISHED STANDARDS NOT YET EFFECTIVE The IASB has published a number of new IFRS standards, amendments and interpretations to existing standards which are not yet effective, but will be mandatory for the Group\u2019s accounting periods beginning on or after 1 October 2024. IFRS 16 \u2013 Lease Liability in a Sale and Leaseback; IAS 1 \u2013 Presentation of Financial Statements \u2013 in relation to non-current liabilities with covenants and deferral of effective date, and the Disclosure of Accounting Policies; IAS 7 \u2013 Statement of Cash Flows and IFRS 7 \u2013 Financial Instruments: Disclosures \u2013 Supplier Finance Arrangements; IAS 21 \u2013 Lack of Exchangeability, which will become effective in the consolidated Group \ufb01nancial statements for the \ufb01nancial year ending 30 September 2026; IFRS 9 \u2013 Financial Instruments and IFRS 7 \u2013 Financial Instruments: Disclosures \u2013 Classi\ufb01cation and measurement of \ufb01nancial instruments, which will become effective in the consolidated Group \ufb01nancial statements for the \ufb01nancial year ending 30 September 2027, subject to UK endorsement; IFRS 18 \u2013 Presentation and Disclosure in Financial Statements which will become effective in the consolidated Group \ufb01nancial statements for the \ufb01nancial year ending 30 September 2028, subject to UK endorsement; IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures which will become effective in the consolidated Group \ufb01nancial statements for the \ufb01nancial year ending 30 September 2028, subject to UK endorsement.
The Group does not anticipate that the adoption of these standards and interpretations
that are effective for the year ending September 2025 will have a material effect on its
\ufb01nancial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-399": { "value": "
1.21 SIGNIFICANT ACCOUNTING ESTIMATES AND CRITICAL JUDGEMENTS
The preparation of the Group\u2019s consolidated \ufb01nancial statements requires management to
make critical accounting judgements, assumptions or estimates with regard to assets or
liabilities that could potentially have a material adjustment to the carrying amount of
assets or liabilities in the next 12 months.
1.21.1 Acquisition accounting (estimate)
Acquisition accounting is a signi\ufb01cant accounting estimate.
When the Group makes an acquisition it recognises the identi\ufb01able assets and liabilities,
including intangible assets, at fair value with the difference between the fair value of net
assets acquired and the fair value of consideration paid comprising goodwill. Acquisitions
are accounted for using the acquisition method as described in the Group Accounting
Policies. The key assumptions and estimates used to determine the valuation of intangible
assets acquired are the forecast cash \ufb02ows, the discount rate and customer/supplier
attrition. Customer and supplier relationships are valued using an excess earnings cash
\ufb02ow model. Acquisitions often comprise an element of deferred consideration and may
include a minority interest, which are subject to put options. These put options are valued
at fair value at the date of acquisition. Deferred consideration is fair valued based on the
Directors\u2019 estimate of future performance of the acquired entity.
The signi\ufb01cant assumptions in valuing the PAR Group and Peerless intangible assets, which
were acquired in the year, together with the sensitivity analysis, are set out below.
PAR Group
Peerless
Discount rate + 1% (all intangibles)
ca. \u00a3(0.5)m
ca. \u00a3(1.8)m
Discount rate - 1% (all intangibles)
ca. \u00a30.6m
ca. \u00a31.9m
Revenue growth rate +1% (all intangibles)
ca. \u00a31.3m
ca. \u00a31.8m
Revenue growth rate \u20131% (all intangibles)
ca. \u00a3(1.2)m
ca. \u00a3(1.7)m
Customer attrition rate +1% (customer relationships)
ca. \u00a3(0.5)m
ca. \u00a3(2.1)m
Customer attrition rate \u20131% (customer relationships)
ca. \u00a30.6m
ca. \u00a32.2m
Management is also required to make judgements, assumptions and estimates relating to certain assets and liabilities that could potentially have a material impact over the longer term. These relate to: 1.21.2 Goodwill impairment (estimate) The Group has material amounts of goodwill and intangible assets (principally customer and supplier relationships) recognised in the Consolidated Statement of Financial Position. As set out in note 1.11 of the Group Accounting Policies, goodwill is tested annually to determine if there is any indication of impairment. Assumptions are used to determine the recoverable amount of each CGU, principally based on the present value of estimated future cash \ufb02ows to derive the \u2018value in use\u2019 to the Group of the capitalised goodwill. The key estimates made and assumptions used in performing impairment testing this year are set out in note 10 to the consolidated \ufb01nancial statements. 1.21.3 Inventory provisions (estimate) Inventories are stated at the lower of cost and net realisable value as set out in note 1.12 of the Group Accounting Policies. In the course of normal trading activities, estimates are used to establish the net realisable value of inventory and impairment charges are made for obsolete or slow-moving inventories and against excess inventories. The decision to make an impairment charge is based on a number of factors including management\u2019s assessment of the current trading environment, aged pro\ufb01les and historical usage and other matters which are relevant at the time the consolidated \ufb01nancial statements are approved. 1.21.4 De\ufb01ned bene\ufb01t pension (estimate) De\ufb01ned bene\ufb01t pensions are accounted for as set out in note 1.6 of the Group Accounting Policies. Determining the value of the future de\ufb01ned bene\ufb01t obligation requires estimates in respect of the assumptions used to calculate present values. These include discount rate, future mortality and in\ufb02ation rate. Management makes these estimates in consultation with an independent actuary. For the year ended 30 September 2024, all members of the UK de\ufb01ned bene\ufb01t pension scheme are covered by one of the Scheme\u2019s Buy-In policies. Therefore, with the exception of liabilities in respect of GMP equalisation, the liabilities due are exactly matched by the policies held. The Kubo de\ufb01ned bene\ufb01t pension scheme is a net liability. Detail of the estimates and key sensitivities made in calculating the de\ufb01ned bene\ufb01t assets and obligations at 30 September 2024 are set out in note 26 to the consolidated \ufb01nancial statements. GROUP ACCOUNTING POLICIES FOR THE YEAR ENDED 30 SEPTEMBER 202", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138008OGI7VYG8FGR19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } } } }