| Amount (as a | |||
| percentage of | Timing of satisfaction of | ||
Segment | Nature of revenue | total revenue) | performance obligations |
| Wiring | Revenue from the supply | 48% | Largely when delivered to |
| Accessories | of goods in the form of | the customer for domestic | |
| Wiring Accessories to | customers. For Free On | ||
| trade and specialists. | Board (\u201cFOB\u201d) transactions, | ||
| obligations are when legal title | |||
| passes to the customer (when | |||
| the goods are on the ship). | |||
LED Lighting | Revenue from the | 29% | Largely when delivered to |
| supply of commercial | the customer for domestic | ||
| and domestic lighting | customers. For Free On | ||
| solutions. This includes | Board (\u201cFOB\u201d) transactions, | ||
| revenue from our DW | obligations are when legal title | ||
| Windsor LED business. | passes to the customer (when | ||
| the goods are on the ship). | |||
| Portable | Revenue from the supply | 23% | Largely when delivered to |
| Power | of goods in the form of | the customer for domestic | |
| Portable Power to retailers | customers. For Free On | ||
| and wholesalers and | Board (\u201cFOB\u201d) transactions, | ||
| EV chargers. Revenue | obligations are when legal title | ||
| from the supply of | passes to the customer (when | ||
| Ross\u2011branded audio\u2011visual | the goods are on the ship). | ||
| products and Sync Energy | |||
| and BG EV chargers. |
Nature of measure | Related IFRS measure | Related IFRS source | Definition | Use/relevance |
Adjusted Gross Profit Margin | Gross profit margin | Consolidated Income Statement | Based on the related IFRS measure | Allows management to assess |
Adjusted Operating Costs | Operating gross profit less | Consolidated Income Statement | but excluding the adjusting items. | the performance of the business |
| operating profit | A breakdown of the adjusting | after removing large/unusual | ||
| items from 2025 and 2024, which | items or transactions that are not | |||
Adjusted Operating Profit | Operating profit | Consolidated Income Statement | reconciles the adjusted measures to | reflective of the underlying business |
Adjusted Profit for the Year | Profit for the year (profit after tax) | Consolidated Income Statement | statutory figures, can be found on | operations |
| pages 138 to 142 | ||||
Adjusted Basic EPS | Basic EPS | |||
Constant Currency | Current period translated at the | Allows management to identify the | ||
| average exchange rate of the | relative year-on-year performance | |||
| prior year | of the business by removing the | |||
| impact of currency that is outside of | ||||
| management\u2019s control | ||||
Like-for-like | Like-for-like revenue excludes the | Allows management to identify | ||
| impact of currency movements | relative year-on-year performance | |||
| and acquisitions; see note 20 for | of the business by removing the | |||
| currency rates | impact of currency and acquisitions | |||
EBITDA | Operating profit | Consolidated Income Statement | Consolidated earnings before | Provides management with an |
| interest, tax, depreciation and | approximation of cash generation | |||
| amortisation | from the Group\u2019s operational | |||
| activities | ||||
Low carbon sales | Revenue | Segmental operating | EV charger revenue and LED | Provides management with a |
| revenue less sales from lighting | measure of low carbon sales | |||
| columns and downlight accessories | ||||
Adjusted EBITDA | Operating profit | Consolidated Income Statement | EBITDA excluding the adjusting | Provides management with an |
| items excluded from Adjusted | approximation of cash generation | |||
| Operating Profit except for any | from the Group\u2019s underlying | |||
| adjusting items that relate to | operational activities | |||
| depreciation and amortisation | ||||
Bank EBITDA | Operating profit | Consolidated Income Statement | As above definition of \u201cAdjusted | Aligns with the definition of EBITDA |
| EBITDA\u201d but including EBITDA | used for bank covenant testing | |||
| generated from acquisitions | ||||
| between 1 January and the date | ||||
| of acquisition and excluding | ||||
| share-based payment expense | ||||
Contribution profit | Operating profit and | Consolidated Income Statement | Contribution profit is after allocation | Provides management with an |
| operating costs | of directly attributable adjusted | assessment of profitability by | ||
| operating expenses for each | operating segment | |||
| operating segment |
Nature of measure | Related IFRS measure | Related IFRS source | Definition | Use/relevance |
Contribution margin | Operating profit and operating | Consolidated Income Statement | Contribution margin is contribution | Provides management with an |
| costs | profit, as above, divided by revenue | assessment of margin by operating | ||
| for each operating segment | segment | |||
Adjusted Operating Cash Flow | Cash flow from operations | Consolidated Cash Flow | Adjusted Operating Cash Flow is the | Provides management with |
| Statement | cash from operations but excluding | an indication of the amount of | ||
| the cash impact of the adjusting | cash available for discretionary | |||
| items excluded from Adjusted | investment | |||
| Operating Profit | ||||
Adjusted Free Cash Flow | Cash flow from operations | Consolidated Cash Flow | Adjusted Free Cash Flow is | Provides management with |
| Statement | calculated as Adjusted Operating | an indication of the free cash | ||
| Cash Flow less cash flows in respect | generated by the business for return | |||
| of investing activities (except for | to shareholders or reinvestment in | |||
| those in respect of acquisitions or | M&A activity | |||
| disposals), interest and taxes paid | ||||
Adjusted Net Cash Flow | Net increase/(decrease) in cash | Consolidated Cash Flow | Adjusted Net Cash Flow is | Provides management with an |
| and cash equivalents | Statement | calculated as Adjusted Operating | indication of the net cash flow | |
| Cash Flow less cash flows in | generated by the business after | |||
| respect of investing activities | dividends and purchase of shares | |||
| (except for those in respect of | ||||
| acquisitions or disposals), interest, | ||||
| taxes paid, purchase of shares | ||||
| and dividends paid | ||||
| Adjusted Operating | None | Consolidated Cash Flow | Adjusted Operating Cash | Allows management to monitor |
| Cash Conversion | Statement/ Income Statement | Conversion is defined as Adjusted | the conversion of operating profit | |
| Operating Cash Flow divided by | into cash | |||
| Adjusted Operating Profit | ||||
| Return on Capital Invested | None | Operating profit | Adjusted Operating Profit divided | To provide an assessment of how |
| (\u201cROCI\u201d) | Net assets | into the sum of net assets and net | profitably capital is being deployed | |
| debt (average for the last two years) | in the business | |||
| as a percentage |
| Amortisation of | |||||
| acquired intangibles | Re-measurement | ||||
| and related | to fair value of | 2025 | 2025 | ||
\u00a3m | 2025 | acquisition costs 1 | hedging portfolio 2 | Adjustments | Adjusted |
Revenue | 271.4 | \u2014 | \u2014 | \u2014 | 271.4 |
Cost of sales | (156.2) | \u2014 | (1.8) | (1.8) | (158.0) |
Gross profit | 115.2 | \u2014 | (1.8) | (1.8) | 113.4 |
Distribution expenses | (14.0) | \u2014 | \u2014 | \u2014 | (14.0) |
Administrative expenses | (69.6) | 4.0 | \u2014 | 4.0 | (65.6) |
Operating profit | 31.6 | 4.0 | (1.8) | 2.2 | 33.8 |
Finance expense/(income) | (6.9) | \u2014 | 0.9 | 0.9 | (6.0) |
Net finance expense | (6.9) | \u2014 | 0.9 | 0.9 | (6.0) |
Profit before tax | 24.7 | 4.0 | (0.9) | 3.1 | 27.8 |
Taxation | (4.4) | (0.9) | 0.1 | (0.8) | (5.2) |
Profit for the year | 20.3 | 3.1 | (0.8) | 2.3 | 22.6 |
| Amortisation of | |||||
| acquired intangibles | Re\u2011measurement | ||||
| and related | to fair value of | 2024 | 2024 | ||
\u00a3m | 2024 | acquisition costs 1 | hedging portfolio 2 | Adjustments | Adjusted |
Revenue | 242.5 | \u2014 | \u2014 | \u2014 | 242.5 |
Cost of sales | (145.0) | \u2014 | (0.3) | (0.3) | (145.3) |
Gross profit | 97. 5 | \u2014 | (0.3) | (0.3) | 97.2 |
Distribution expenses | (11.3) | \u2014 | \u2014 | \u2014 | (11.3) |
Administrative expenses | (63.0) | 6.1 | \u2014 | 6.1 | (56.9) |
Operating profit | 23.2 | 6.1 | (0.3) | 5.8 | 29.0 |
Finance expense/(income) | (4.3) | \u2014 | 0.2 | 0.2 | (4.1) |
Net finance expense | (4.3) | \u2014 | 0.2 | 0.2 | (4.1) |
Profit before tax | 18.9 | 6.1 | (0.1) | 6.0 | 24.9 |
Taxation | (4.3) | (1.4) | \u2014 | (1.4) | (5.7) |
Profit for the year | 14.6 | 4.7 | (0.1) | 4.6 | 19.2 |
\u00a3m | 2025 | 2024 |
Adjusted Operating Profit | 33.8 | 29.0 |
Adjusted Depreciation and Amortisation | 9.3 | 7.9 |
Adjusted EBITDA | 43.1 | 36.9 |
\u00a3m | 2025 | 2024 |
Adjusted EBITDA | 43.1 | 36.9 |
EBITDA from acquisitions from 1 January to the date of acquisition and share-based payment expense | 1.9 | 4.8 |
Bank EBITDA | 45.0 | 41.7 |
\u00a3m | 2025 | 2024 |
Cash from operations (from Consolidated Cash Flow Statement) | 49.6 | 21.0 |
| Adjustments to cash from operations (from Consolidated Cash | ||
Flow Statement) | \u2014 | 0.7 |
Adjusted Operating Cash Flow | 49.6 | 21.7 |
Adjusted Operating Profit | 33.8 | 29.0 |
Adjusted Operating Cash Conversion | 146.7% | 74.8% |
\u00a3m | 2025 | 2024 |
Adjusted Operating Cash Flow (see table opposite) | 49.6 | 21.7 |
Net cash used in investing activities excluding acquisitions and disposals (from Consolidated Cash Flow Statement) | (8.6) | (7.8) |
Interest paid (from Consolidated Cash Flow Statement) | (6.0) | (4.1) |
Tax paid (from Consolidated Cash Flow Statement) | (4.6) | (6.3) |
Adjusted Free Cash Flow | 30.4 | 3.5 |
Revenue | 271.4 | 242.5 |
Adjusted Free Cash Flow as % revenue | 11.2% | 1.4% |
\u00a3m | 2025 | 2024 |
Adjusted Free Cash Flow (see above) | 30.4 | 3.5 |
Purchase of own shares | (5.3) | (4.7) |
Dividends | (7.7) | (7.5) |
Adjusted Net Cash Flow | 17.4 | (8.7) |
Revenue | 271.4 | 242.5 |
Adjusted Net Cash Flow as % of revenue | 6.4% | (3.6%) |
\u00a3m | 2025 | 2024 |
Net assets | 103.9 | 95.8 |
Net debt (see note 16) | 59.9 | 75.1 |
Capital Invested | 163.8 | 170.9 |
Average Capital Invested (from last two years) | 167.4 | 143.8 |
Adjusted Operating Profit (from above) | 33.8 | 29.0 |
| Return on Capital Invested (Adjusted Operating Profit/ | ||
average Capital Invested) | 20.2% | 20.2% |
Effective date | New accounting standards or amendments |
1 January 2025 | Lack of Exchangeability \u2013 Amendments to IAS 21 |
Effective date | New accounting standards or amendments |
1 January 2026 | Classification and Measurement of Financial Instruments \u2013 |
| Amendments to IFRS 9 and IFRS 7 | |
1 January 2026 | Contracts Referencing Nature-dependent Electricity \u2013 |
| Amendments to IFRS 9 and IFRS 7 | |
1 January 2026 | Annual Improvements to IFRS Accounting Standards \u2013 |
| volume 11 | |
1 January 2027 | IFRS 18 Presentation and Disclosure in Financial Statements |
1 January 2027 | IFRS 19 Subsidiaries without Public Accountability: Disclosures |
| Amount (as a | |||
| percentage of | Timing of satisfaction of | ||
Segment | Nature of revenue | total revenue) | performance obligations |
| Wiring | Revenue from the supply | 48% | Largely when delivered to |
| Accessories | of goods in the form of | the customer for domestic | |
| Wiring Accessories to | customers. For Free On | ||
| trade and specialists. | Board (\u201cFOB\u201d) transactions, | ||
| obligations are when legal title | |||
| passes to the customer (when | |||
| the goods are on the ship). | |||
LED Lighting | Revenue from the | 29% | Largely when delivered to |
| supply of commercial | the customer for domestic | ||
| and domestic lighting | customers. For Free On | ||
| solutions. This includes | Board (\u201cFOB\u201d) transactions, | ||
| revenue from our DW | obligations are when legal title | ||
| Windsor LED business. | passes to the customer (when | ||
| the goods are on the ship). | |||
| Portable | Revenue from the supply | 23% | Largely when delivered to |
| Power | of goods in the form of | the customer for domestic | |
| Portable Power to retailers | customers. For Free On | ||
| and wholesalers and | Board (\u201cFOB\u201d) transactions, | ||
| EV chargers. Revenue | obligations are when legal title | ||
| from the supply of | passes to the customer (when | ||
| Ross\u2011branded audio\u2011visual | the goods are on the ship). | ||
| products and Sync Energy | |||
| and BG EV chargers. |
| Adjusted | Reported | Adjusted | Reported | |||
| \u00a3m | 2025 | Adjustments | 2025 | 2024 | Adjustments | 2024 |
| Revenue | ||||||
Wiring Accessories | 131.4 | \u2014 | 131.4 | 108.9 | \u2014 | 108.9 |
LED Lighting | 79.3 | \u2014 | 79.3 | 78.4 | \u2014 | 78.4 |
Portable Power | 60.7 | \u2014 | 60.7 | 55.2 | \u2014 | 55.2 |
271.4 | \u2014 | 271.4 | 242.5 | \u2014 | 242.5 | |
| Operating profit | ||||||
Wiring Accessories | 19.4 | (1.3) | 18.1 | 19.1 | (4.2) | 14.9 |
LED Lighting | 6.3 | (1.0) | 5.3 | 4.1 | (1.4) | 2.7 |
Portable Power | 8.1 | 0.1 | 8.2 | 5.8 | (0.2) | 5.6 |
33.8 | (2.2) | 31.6 | 29.0 | (5.8) | 23.2 |
2025 | 2024 | |||||
| Amortisation of | Re-measurement | Amortisation of | Re\u2011measurement | |||
| acquired intangibles | to fair value of | acquired intangibles | to fair value of | |||
\u00a3m | Total | and related costs 1 | hedging portfolio 2 | Total | and related costs 1 | hedging portfolio 2 |
| Cost of sales | ||||||
Wiring Accessories | 0.9 | \u2014 | 0.9 | 0.1 | \u2014 | 0.1 |
LED Lighting | 0.5 | \u2014 | 0.5 | 0.1 | \u2014 | 0.1 |
Portable Power | 0.4 | \u2014 | 0.4 | 0.1 | \u2014 | 0.1 |
Gross profit | 1.8 | \u2014 | 1.8 | 0.3 | \u2014 | 0.3 |
| Administrative expenses | ||||||
Wiring Accessories | (2.2) | (2.2) | \u2014 | (4.3) | (4.3) | \u2014 |
LED Lighting | (1.5) | (1.5) | \u2014 | (1.5) | (1.5) | \u2014 |
Portable Power | (0.3) | (0.3) | \u2014 | (0.3) | (0.3) | \u2014 |
Total | (4.0) | (4.0) | \u2014 | (6.1) | (6.1) | \u2014 |
| Operating profit | ||||||
Wiring Accessories | (1.3) | (2.2) | 0.9 | (4.2) | (4.3) | 0.1 |
LED Lighting | (1.0) | (1.5) | 0.5 | (1.4) | (1.5) | 0.1 |
Portable Power | 0.1 | (0.3) | 0.4 | (0.2) | (0.3) | 0.1 |
Operating profit | (2.2) | (4.0) | 1.8 | (5.8) | (6.1) | 0.3 |
\u00a3m | 2025 | 2024 |
UK | 214.6 | 184.2 |
Europe | 24.1 | 21.5 |
Americas | 20.1 | 22.5 |
Middle East and Africa | 9.4 | 10.3 |
Asia Pacific | 3.2 | 4.0 |
Total revenue | 271.4 | 242.5 |
\u00a3m | 2025 | 2024 |
UK | 81.5 | 86.4 |
China | 14.9 | 14.4 |
Other | 2.3 | 0.5 |
Non-current assets (excluding deferred tax) | 98.7 | 101.3 |
| Amount (as a | |||
| percentage of | Timing of satisfaction of | ||
Segment | Nature of revenue | total revenue) | performance obligations |
| Wiring | Revenue from the supply | 48% | Largely when delivered to |
| Accessories | of goods in the form of | the customer for domestic | |
| Wiring Accessories to | customers. For Free On | ||
| trade and specialists. | Board (\u201cFOB\u201d) transactions, | ||
| obligations are when legal title | |||
| passes to the customer (when | |||
| the goods are on the ship). | |||
LED Lighting | Revenue from the | 29% | Largely when delivered to |
| supply of commercial | the customer for domestic | ||
| and domestic lighting | customers. For Free On | ||
| solutions. This includes | Board (\u201cFOB\u201d) transactions, | ||
| revenue from our DW | obligations are when legal title | ||
| Windsor LED business. | passes to the customer (when | ||
| the goods are on the ship). | |||
| Portable | Revenue from the supply | 23% | Largely when delivered to |
| Power | of goods in the form of | the customer for domestic | |
| Portable Power to retailers | customers. For Free On | ||
| and wholesalers and | Board (\u201cFOB\u201d) transactions, | ||
| EV chargers. Revenue | obligations are when legal title | ||
| from the supply of | passes to the customer (when | ||
| Ross\u2011branded audio\u2011visual | the goods are on the ship). | ||
| products and Sync Energy | |||
| and BG EV chargers. |
| Adjusted | Reported | Adjusted | Reported | |||
| \u00a3m | 2025 | Adjustments | 2025 | 2024 | Adjustments | 2024 |
| Revenue | ||||||
Wiring Accessories | 131.4 | \u2014 | 131.4 | 108.9 | \u2014 | 108.9 |
LED Lighting | 79.3 | \u2014 | 79.3 | 78.4 | \u2014 | 78.4 |
Portable Power | 60.7 | \u2014 | 60.7 | 55.2 | \u2014 | 55.2 |
271.4 | \u2014 | 271.4 | 242.5 | \u2014 | 242.5 | |
| Operating profit | ||||||
Wiring Accessories | 19.4 | (1.3) | 18.1 | 19.1 | (4.2) | 14.9 |
LED Lighting | 6.3 | (1.0) | 5.3 | 4.1 | (1.4) | 2.7 |
Portable Power | 8.1 | 0.1 | 8.2 | 5.8 | (0.2) | 5.6 |
33.8 | (2.2) | 31.6 | 29.0 | (5.8) | 23.2 |
2025 | 2024 | |||||
| Amortisation of | Re-measurement | Amortisation of | Re\u2011measurement | |||
| acquired intangibles | to fair value of | acquired intangibles | to fair value of | |||
\u00a3m | Total | and related costs 1 | hedging portfolio 2 | Total | and related costs 1 | hedging portfolio 2 |
| Cost of sales | ||||||
Wiring Accessories | 0.9 | \u2014 | 0.9 | 0.1 | \u2014 | 0.1 |
LED Lighting | 0.5 | \u2014 | 0.5 | 0.1 | \u2014 | 0.1 |
Portable Power | 0.4 | \u2014 | 0.4 | 0.1 | \u2014 | 0.1 |
Gross profit | 1.8 | \u2014 | 1.8 | 0.3 | \u2014 | 0.3 |
| Administrative expenses | ||||||
Wiring Accessories | (2.2) | (2.2) | \u2014 | (4.3) | (4.3) | \u2014 |
LED Lighting | (1.5) | (1.5) | \u2014 | (1.5) | (1.5) | \u2014 |
Portable Power | (0.3) | (0.3) | \u2014 | (0.3) | (0.3) | \u2014 |
Total | (4.0) | (4.0) | \u2014 | (6.1) | (6.1) | \u2014 |
| Operating profit | ||||||
Wiring Accessories | (1.3) | (2.2) | 0.9 | (4.2) | (4.3) | 0.1 |
LED Lighting | (1.0) | (1.5) | 0.5 | (1.4) | (1.5) | 0.1 |
Portable Power | 0.1 | (0.3) | 0.4 | (0.2) | (0.3) | 0.1 |
Operating profit | (2.2) | (4.0) | 1.8 | (5.8) | (6.1) | 0.3 |
\u00a3m | 2025 | 2024 |
UK | 214.6 | 184.2 |
Europe | 24.1 | 21.5 |
Americas | 20.1 | 22.5 |
Middle East and Africa | 9.4 | 10.3 |
Asia Pacific | 3.2 | 4.0 |
Total revenue | 271.4 | 242.5 |
\u00a3m | 2025 | 2024 |
UK | 81.5 | 86.4 |
China | 14.9 | 14.4 |
Other | 2.3 | 0.5 |
Non-current assets (excluding deferred tax) | 98.7 | 101.3 |
| Amount (as a | |||
| percentage of | Timing of satisfaction of | ||
Segment | Nature of revenue | total revenue) | performance obligations |
| Wiring | Revenue from the supply | 48% | Largely when delivered to |
| Accessories | of goods in the form of | the customer for domestic | |
| Wiring Accessories to | customers. For Free On | ||
| trade and specialists. | Board (\u201cFOB\u201d) transactions, | ||
| obligations are when legal title | |||
| passes to the customer (when | |||
| the goods are on the ship). | |||
LED Lighting | Revenue from the | 29% | Largely when delivered to |
| supply of commercial | the customer for domestic | ||
| and domestic lighting | customers. For Free On | ||
| solutions. This includes | Board (\u201cFOB\u201d) transactions, | ||
| revenue from our DW | obligations are when legal title | ||
| Windsor LED business. | passes to the customer (when | ||
| the goods are on the ship). | |||
| Portable | Revenue from the supply | 23% | Largely when delivered to |
| Power | of goods in the form of | the customer for domestic | |
| Portable Power to retailers | customers. For Free On | ||
| and wholesalers and | Board (\u201cFOB\u201d) transactions, | ||
| EV chargers. Revenue | obligations are when legal title | ||
| from the supply of | passes to the customer (when | ||
| Ross\u2011branded audio\u2011visual | the goods are on the ship). | ||
| products and Sync Energy | |||
| and BG EV chargers. |
| Amount (as a | |||
| percentage of | Timing of satisfaction of | ||
Segment | Nature of revenue | total revenue) | performance obligations |
| Wiring | Revenue from the supply | 48% | Largely when delivered to |
| Accessories | of goods in the form of | the customer for domestic | |
| Wiring Accessories to | customers. For Free On | ||
| trade and specialists. | Board (\u201cFOB\u201d) transactions, | ||
| obligations are when legal title | |||
| passes to the customer (when | |||
| the goods are on the ship). | |||
LED Lighting | Revenue from the | 29% | Largely when delivered to |
| supply of commercial | the customer for domestic | ||
| and domestic lighting | customers. For Free On | ||
| solutions. This includes | Board (\u201cFOB\u201d) transactions, | ||
| revenue from our DW | obligations are when legal title | ||
| Windsor LED business. | passes to the customer (when | ||
| the goods are on the ship). | |||
| Portable | Revenue from the supply | 23% | Largely when delivered to |
| Power | of goods in the form of | the customer for domestic | |
| Portable Power to retailers | customers. For Free On | ||
| and wholesalers and | Board (\u201cFOB\u201d) transactions, | ||
| EV chargers. Revenue | obligations are when legal title | ||
| from the supply of | passes to the customer (when | ||
| Ross\u2011branded audio\u2011visual | the goods are on the ship). | ||
| products and Sync Energy | |||
| and BG EV chargers. |
\u00a3m | 2025 | 2024 |
UK | 214.6 | 184.2 |
Europe | 24.1 | 21.5 |
Americas | 20.1 | 22.5 |
Middle East and Africa | 9.4 | 10.3 |
Asia Pacific | 3.2 | 4.0 |
Total revenue | 271.4 | 242.5 |
\u00a3m | 2025 | 2024 |
UK | 81.5 | 86.4 |
China | 14.9 | 14.4 |
Other | 2.3 | 0.5 |
Non-current assets (excluding deferred tax) | 98.7 | 101.3 |
\u00a3m | 2025 | 2024 |
Research and development costs expensed as incurred | 3.6 | 3.2 |
Depreciation of property, plant and equipment and right-of-use assets | 7.5 | 6.5 |
Amortisation of intangible assets | 5.1 | 3.7 |
\u00a3m | 2025 | 2024 |
Audit of these financial statements | 0.7 | 0.6 |
| Amounts receivable by the auditor and its associates | ||
| in respect of: | ||
| Additional amounts in respect of the audit of prior year\u2019s | ||
financial statements | \u2014 | 0.1 |
| Audit-related assurance for covenant certificates and interim | ||
reviews | \u2014 | 0.1 |
Total | 0.7 | 0.8 |
\u00a3m | 2025 | 2024 |
Research and development costs expensed as incurred | 3.6 | 3.2 |
Depreciation of property, plant and equipment and right-of-use assets | 7.5 | 6.5 |
Amortisation of intangible assets | 5.1 | 3.7 |
\u00a3m | 2025 | 2024 |
Audit of these financial statements | 0.7 | 0.6 |
| Amounts receivable by the auditor and its associates | ||
| in respect of: | ||
| Additional amounts in respect of the audit of prior year\u2019s | ||
financial statements | \u2014 | 0.1 |
| Audit-related assurance for covenant certificates and interim | ||
reviews | \u2014 | 0.1 |
Total | 0.7 | 0.8 |
\u00a3m | 2025 | 2024 |
Research and development costs expensed as incurred | 3.6 | 3.2 |
Depreciation of property, plant and equipment and right-of-use assets | 7.5 | 6.5 |
Amortisation of intangible assets | 5.1 | 3.7 |
\u00a3m | 2025 | 2024 |
Research and development costs expensed as incurred | 3.6 | 3.2 |
Depreciation of property, plant and equipment and right-of-use assets | 7.5 | 6.5 |
Amortisation of intangible assets | 5.1 | 3.7 |
| Number of employees | ||
2025 | 2024 | |
Administration and support | 739 | 680 |
Production | 1,105 | 989 |
1,844 | 1,669 |
\u00a3m | 2025 | 2024 |
Wages and salaries | 45.2 | 41.0 |
Social security costs | 6.2 | 5.2 |
Other pension costs | 1.5 | 1.3 |
Share-based payment expense (note 22) | 1.9 | 1.5 |
Total staff costs | 54.8 | 49.0 |
| Number of employees | ||
2025 | 2024 | |
Administration and support | 739 | 680 |
Production | 1,105 | 989 |
1,844 | 1,669 |
\u00a3m | 2025 | 2024 |
| Finance expense: | ||
Interest on finance leases | (0.3) | (0.2) |
Interest on bank borrowings, interest swaps and refinancing | (6.6) | (4.1) |
Net finance expense | (6.9) | (4.3) |
\u00a3m | 2025 | 2024 |
| Finance expense: | ||
Interest on finance leases | (0.3) | (0.2) |
Interest on bank borrowings, interest swaps and refinancing | (6.6) | (4.1) |
Net finance expense | (6.9) | (4.3) |
\u00a3m | 2025 | 2024 |
| Finance expense: | ||
Interest on finance leases | (0.3) | (0.2) |
Interest on bank borrowings, interest swaps and refinancing | (6.6) | (4.1) |
Net finance expense | (6.9) | (4.3) |
\u00a3m | 2025 | 2024 |
| Finance expense: | ||
Interest on finance leases | (0.3) | (0.2) |
Interest on bank borrowings, interest swaps and refinancing | (6.6) | (4.1) |
Net finance expense | (6.9) | (4.3) |
\u00a3m | 2025 | 2024 |
| Finance expense: | ||
Interest on finance leases | (0.3) | (0.2) |
Interest on bank borrowings, interest swaps and refinancing | (6.6) | (4.1) |
Net finance expense | (6.9) | (4.3) |
\u00a3m | 2025 | 2024 |
| Finance expense: | ||
Interest on finance leases | (0.3) | (0.2) |
Interest on bank borrowings, interest swaps and refinancing | (6.6) | (4.1) |
Net finance expense | (6.9) | (4.3) |
\u00a3m | 2025 | 2024 |
| Current tax expense | ||
Current year \u2013 UK | 6.3 | 4.8 |
Current year \u2013 overseas | 0.6 | 0.2 |
Adjustment in respect of prior years | 0.3 | 0.1 |
Current tax expense | 7.2 | 5.1 |
| Deferred tax (credit)/expense | ||
Origination and reversal of temporary differences | (2.9) | (1.1) |
Foreign taxation | (0.1) | 0.3 |
Adjustment in respect of prior years | 0.2 | \u2014 |
Effect of tax rate change on opening balance | \u2014 | \u2014 |
Deferred tax credit | (2.8) | (0.8) |
Total tax expense | 4.4 | 4.3 |
\u00a3m | 2025 | 2024 |
Profit for the year | 20.3 | 14.6 |
Total tax expense | 4.4 | 4.3 |
Profit before taxation | 24.7 | 18.9 |
Tax using the UK corporation tax rate of 25% | 6.2 | 4.7 |
R&D tax credits | (0.5) | (0.5) |
Non-deductible expenses | 0.2 | 0.5 |
Adjustment in respect of previous periods | 0.5 | 0.1 |
Temporary differences | (1.6) | \u2014 |
Foreign tax differences in rates | (0.5) | (0.6) |
Deferred tax on share-based payments | 0.1 | (0.1) |
Acquisitions of entities | \u2014 | 0.2 |
Total tax expense | 4.4 | 4.3 |
Assets | Liabilities | Net | ||||
\u00a3m | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Property, plant and equipment | \u2014 | \u2014 | 2.6 | 2.5 | 2.6 | 2.5 |
Intangible assets | \u2014 | \u2014 | 2.9 | 4.0 | 2.9 | 4.0 |
Losses | (2.5) | (0.8) | \u2014 | \u2014 | (2.5) | (0.8) |
Share-based payments | (1.2) | (1.0) | \u2014 | \u2014 | (1.2) | (1.0) |
Financial assets and liabilities | (0.3) | (0.4) | \u2014 | \u2014 | (0.3) | (0.4) |
Deferred tax liability/(asset) | (4.0) | (2.2) | 5.5 | 6.5 | 1.5 | 4.3 |
| Acquired | |||||
| 1 January | during | Recognised | Recognised | 31 December | |
| \u00a3m | 2025 | the year | in income | in equity 2025 | |
Property, plant and equipment | 2.5 | \u2014 | 0.1 | \u2014 | 2.6 |
Intangible assets | 4.0 | \u2014 | (1.1) | \u2014 | 2.9 |
Losses | (0.8) | \u2014 | (1.7) | \u2014 | (2.5) |
Share-based payments | (1.0) | \u2014 | (0.2) | \u2014 | (1.2) |
Financial assets and liabilities | (0.4) | \u2014 | 0.1 | \u2014 | (0.3) |
4.3 | \u2014 | (2.8) | \u2014 | 1.5 |
| Acquired | |||||
| 1 January | during | Recognised | Recognised | 31 December | |
| \u00a3m | 2024 | the year | in income | in equity 2024 | |
Property, plant and equipment | 1.6 | 0.7 | 0.2 | \u2014 | 2.5 |
Intangible assets | 2.0 | 3.1 | (1.1) | \u2014 | 4.0 |
Losses | (1.1) | \u2014 | 0.3 | \u2014 | (0.8) |
Share-based payments | (1.0) | \u2014 | (0.2) | 0.2 | (1.0) |
Financial assets and liabilities | (0.4) | \u2014 | \u2014 | \u2014 | (0.4) |
1.1 | 3.8 | (0.8) | 0.2 | 4.3 |
\u00a3m | 2025 | 2024 |
Earnings for calculating basic earnings per share | 20.3 | 14.6 |
| Adjusted for (see note 1): | ||
| Amortisation of acquired intangibles and related acquisition | ||
costs | 4.0 | 6.1 |
Remeasurement to fair value of currency hedging portfolio | (1.8) | (0.3) |
| Remeasurement to fair value of interest swaps and refinancing | ||
fees | 0.9 | 0.2 |
Income tax on above items | (0.8) | (1.4) |
| Adjusted earnings for calculating Adjusted Basic Earnings | 22.6 | 19.2 |
| Per Share |
Number million | 2025 | 2024 |
| Weighted average number of ordinary shares | ||
Basic | 150.5 | 153.2 |
Dilutive effect of share options on potential ordinary shares | 0.9 | 0.9 |
Diluted | 151.4 | 154.1 |
Pence | 2025 | 2024 |
Basic earnings per share | 13.5 | 9.5 |
Diluted earnings per share | 13.4 | 9.5 |
Adjusted Basic Earnings Per Share | 15.0 | 12.5 |
Adjusted Diluted Earnings Per Share | 14.9 | 12.5 |
\u00a3m | 2025 | 2024 |
| Final dividend for the year ended 31 December 2024 of 3.3p | ||
(2023: 3.2p) per ordinary share | 5.0 | 4.9 |
| Interim dividend for the year ended 31 December 2025 of 1.8p | ||
(2024: 1.7p) per ordinary share | 2.7 | 2.6 |
Total dividend recognised during the year | 7.7 | 7. 5 |
\u00a3m | 2025 | 2024 |
| Final dividend for the year ended 31 December 2024 of 3.3p | ||
(2023: 3.2p) per ordinary share | 5.0 | 4.9 |
| Interim dividend for the year ended 31 December 2025 of 1.8p | ||
(2024: 1.7p) per ordinary share | 2.7 | 2.6 |
Total dividend recognised during the year | 7.7 | 7. 5 |
| Allotted, called up | Number of shares in issue | |||
| and fully paid | (thousands) | |||
| 2025 | 2024 | 2025 | 2024 | |
| \u00a3 | \u00a3 | Number | Number | |
At 1 January | 80,400 | 80,400 | 160,800 | 160,800 |
At 31 December | 80,400 | 80,400 | 160,800 | 160,800 |
| Land and | Plant and | Fixtures and | Motor | Work in | |||
| \u00a3m | buildings | equipment | fittings | vehicles | Tooling | progress | Total |
| Cost | |||||||
Balance at 1 January 2024 | 15.5 | 18.7 | 2.4 | 0.2 | 11.0 | 1.7 | 49.5 |
Acquired | 2.6 | 0.7 | 0.2 | \u2014 | 0.7 | 0.2 | 4.4 |
Additions | 1.8 | 1.5 | 0.3 | 0.1 | 1.3 | \u2014 | 5.0 |
Disposals | \u2014 | (0.2) | \u2014 | (0.1) | (0.3) | (0.1) | (0.7) |
Transfers | \u2014 | \u2014 | \u2014 | \u2014 | (0.5) | (0.1) | (0.6) |
Effect of movements in foreign exchange | (0.1) | (0.2) | \u2014 | \u2014 | (0.1) | \u2014 | (0.4) |
Balance at 31 December 2024 | 19.8 | 20.5 | 2.9 | 0.2 | 12.1 | 1.7 | 57.2 |
Additions | 0.7 | 2.1 | 0.5 | \u2014 | 2.4 | (0.1) | 5.6 |
Disposals | \u2014 | (0.4) | \u2014 | \u2014 | (0.2) | (0.1) | (0.7) |
Effect of movements in foreign exchange | (0.4) | (0.3) | \u2014 | \u2014 | (0.2) | \u2014 | (0.9) |
Balance at 31 December 2025 | 20.1 | 21.9 | 3.4 | 0.2 | 14.1 | 1.5 | 61.2 |
| Land and | Plant and | Fixtures and | Motor | Work in | |||
| \u00a3m | buildings | equipment | fittings | vehicles | Tooling | progress | Total |
| Depreciation | |||||||
Balance at 1 January 2024 | 6.1 | 12.3 | 2.1 | 0.2 | 8.8 | \u2014 | 29.5 |
Depreciation charge for the year | 0.6 | 1.8 | 0.1 | \u2014 | 1.3 | \u2014 | 3.8 |
Disposals | \u2014 | (0.2) | \u2014 | \u2014 | (0.2) | \u2014 | (0.4) |
Transfers | \u2014 | \u2014 | \u2014 | \u2014 | (0.1) | \u2014 | (0.1) |
Effect of movements in foreign exchange | (0.1) | (0.1) | \u2014 | \u2014 | (0.1) | \u2014 | (0.3) |
Balance at 31 December 2024 | 6.6 | 13.8 | 2.2 | 0.2 | 9.7 | \u2014 | 32.5 |
Depreciation charge for the year | 0.7 | 2.0 | 0.2 | \u2014 | 1.5 | \u2014 | 4.4 |
Disposals | \u2014 | (0.4) | \u2014 | \u2014 | (0.2) | \u2014 | (0.6) |
Effect of movements in foreign exchange | (0.1) | (0.2) | \u2014 | \u2014 | (0.2) | \u2014 | (0.5) |
Balance at 31 December 2025 | 7.2 | 15.2 | 2.4 | 0.2 | 10.8 | \u2014 | 35.8 |
| Net book value | |||||||
At 1 January 2024 | 9.4 | 6.4 | 0.3 | \u2014 | 2.2 | 1.7 | 20.0 |
At 31 December 2024 | 13.2 | 6.7 | 0.7 | \u2014 | 2.4 | 1.7 | 24.7 |
At 31 December 2025 | 12.9 | 6.7 | 1.0 | \u2014 | 3.3 | 1.5 | 25.4 |
| Land and | Plant and | Motor | ||
| \u00a3m | buildings | equipment | vehicles | Total |
| Cost | ||||
Balance at 1 January 2024 | 11.0 | 1.0 | 1.1 | 13.1 |
Acquired | 2.7 | 0.2 | 0.1 | 3.0 |
Additions | 1.5 | 0.2 | 0.2 | 1.9 |
Disposals | (0.2) | \u2014 | \u2014 | (0.2) |
Transfers | \u2014 | \u2014 | (0.1) | (0.1) |
| Effects of movements in foreign | ||||
exchange | (0.1) | \u2014 | \u2014 | (0.1) |
Balance at 31 December 2024 | 14.9 | 1.4 | 1.3 | 17.6 |
Additions | 4.4 | 0.1 | 0.3 | 4.8 |
Disposals | (3.1) | (0.1) | (0.3) | (3.5) |
Balance at 31 December 2025 | 16.2 | 1.4 | 1.3 | 18.9 |
| Land and | Plant and | Motor | ||
| \u00a3m | buildings | equipment | vehicles | Total |
| Depreciation | ||||
Balance at 1 January 2024 | 4.3 | 0.6 | 0.6 | 5.5 |
Depreciation charge for the year | 2.1 | 0.3 | 0.3 | 2.7 |
Disposals | (0.2) | \u2014 | (0.1) | (0.3) |
Balance at 31 December 2024 | 6.2 | 0.9 | 0.8 | 7.9 |
Depreciation charge for the year | 2.4 | 0.4 | 0.3 | 3.1 |
Disposals | (1.9) | (0.1) | (0.3) | (2.3) |
Balance at 31 December 2025 | 6.7 | 1.2 | 0.8 | 8.7 |
| Net book value | ||||
At 1 January 2024 | 6.7 | 0.4 | 0.5 | 7.6 |
At 31 December 2024 | 8.7 | 0.5 | 0.5 | 9.7 |
At 31 December 2025 | 9.5 | 0.2 | 0.5 | 10.2 |
| Development | Customer | Tradenames | |||||
\u00a3m | Goodwill | Patents | costs | relationships | Software | and brands | Total |
| Cost | |||||||
Balance at 1 January 2024 | 26.3 | 0.6 | 9.3 | 8.8 | \u2014 | 3.8 | 48.8 |
Acquisitions through business combinations | 14.0 | \u2014 | 2.1 | 7.0 | \u2014 | 2.6 | 25.7 |
Additions | \u2014 | \u2014 | 1.9 | \u2014 | 1.0 | \u2014 | 2.9 |
Disposals | \u2014 | \u2014 | (1.3) | \u2014 | \u2014 | \u2014 | (1.3) |
Transfers | \u2014 | \u2014 | 0.6 | \u2014 | \u2014 | \u2014 | 0.6 |
Balance at 31 December 2024 | 40.3 | 0.6 | 12.6 | 15.8 | 1.0 | 6.4 | 76.7 |
Additions | \u2014 | \u2014 | 2.7 | \u2014 | 0.4 | \u2014 | 3.1 |
Disposals | \u2014 | \u2014 | (0.6) | \u2014 | \u2014 | \u2014 | (0.6) |
Balance at 31 December 2025 | 40.3 | 0.6 | 14.7 | 15.8 | 1.4 | 6.4 | 79.2 |
| Amortisation | |||||||
Balance at 1 January 2024 | \u2014 | 0.5 | 3.4 | 3.8 | \u2014 | 1.0 | 8.7 |
Amortisation for the year | \u2014 | \u2014 | 2.0 | 1.1 | 0.1 | 0.5 | 3.7 |
Disposals | \u2014 | \u2014 | (0.9) | \u2014 | \u2014 | \u2014 | (0.9) |
Transfers | \u2014 | \u2014 | 0.1 | \u2014 | \u2014 | \u2014 | 0.1 |
Balance at 31 December 2024 | \u2014 | 0.5 | 4.6 | 4.9 | 0.1 | 1.5 | 11.6 |
Amortisation for the year | \u2014 | \u2014 | 2.4 | 2.0 | 0.1 | 0.6 | 5.1 |
Disposals | \u2014 | \u2014 | (0.6) | \u2014 | \u2014 | \u2014 | (0.6) |
Balance at 31 December 2025 | \u2014 | 0.5 | 6.4 | 6.9 | 0.2 | 2.1 | 16.1 |
| Net book value | |||||||
At 1 January 2024 | 26.3 | 0.1 | 5.9 | 5.0 | \u2014 | 2.8 | 40.1 |
At 31 December 2024 | 40.3 | 0.1 | 8.0 | 10.9 | 0.9 | 4.9 | 65.1 |
At 31 December 2025 | 40.3 | 0.1 | 8.3 | 8.9 | 1.2 | 4.3 | 63.1 |
| Goodwill | ||
\u00a3m | 2025 | 2024 |
Portable Power | 8.9 | 8.9 |
Wiring Accessories | 8.6 | 8.6 |
LED Lighting | 9.5 | 9.5 |
DW Windsor | 6.2 | 6.2 |
D-Line | 0.7 | 0.7 |
CMD | 6.4 | 6.4 |
40.3 | 40.3 |
% | 2025 | 2024 |
Portable Power | 13.1 | 12.5 |
Wiring Accessories | 13.4 | 12.7 |
LED Lighting | 13.3 | 12.5 |
DW Windsor | 13.4 | 12.7 |
D-Line | 13.4 | 12.7 |
CMD | 14.5 | \u2014 1 |
| Development | Customer | Tradenames | |||||
\u00a3m | Goodwill | Patents | costs | relationships | Software | and brands | Total |
| Cost | |||||||
Balance at 1 January 2024 | 26.3 | 0.6 | 9.3 | 8.8 | \u2014 | 3.8 | 48.8 |
Acquisitions through business combinations | 14.0 | \u2014 | 2.1 | 7.0 | \u2014 | 2.6 | 25.7 |
Additions | \u2014 | \u2014 | 1.9 | \u2014 | 1.0 | \u2014 | 2.9 |
Disposals | \u2014 | \u2014 | (1.3) | \u2014 | \u2014 | \u2014 | (1.3) |
Transfers | \u2014 | \u2014 | 0.6 | \u2014 | \u2014 | \u2014 | 0.6 |
Balance at 31 December 2024 | 40.3 | 0.6 | 12.6 | 15.8 | 1.0 | 6.4 | 76.7 |
Additions | \u2014 | \u2014 | 2.7 | \u2014 | 0.4 | \u2014 | 3.1 |
Disposals | \u2014 | \u2014 | (0.6) | \u2014 | \u2014 | \u2014 | (0.6) |
Balance at 31 December 2025 | 40.3 | 0.6 | 14.7 | 15.8 | 1.4 | 6.4 | 79.2 |
| Amortisation | |||||||
Balance at 1 January 2024 | \u2014 | 0.5 | 3.4 | 3.8 | \u2014 | 1.0 | 8.7 |
Amortisation for the year | \u2014 | \u2014 | 2.0 | 1.1 | 0.1 | 0.5 | 3.7 |
Disposals | \u2014 | \u2014 | (0.9) | \u2014 | \u2014 | \u2014 | (0.9) |
Transfers | \u2014 | \u2014 | 0.1 | \u2014 | \u2014 | \u2014 | 0.1 |
Balance at 31 December 2024 | \u2014 | 0.5 | 4.6 | 4.9 | 0.1 | 1.5 | 11.6 |
Amortisation for the year | \u2014 | \u2014 | 2.4 | 2.0 | 0.1 | 0.6 | 5.1 |
Disposals | \u2014 | \u2014 | (0.6) | \u2014 | \u2014 | \u2014 | (0.6) |
Balance at 31 December 2025 | \u2014 | 0.5 | 6.4 | 6.9 | 0.2 | 2.1 | 16.1 |
| Net book value | |||||||
At 1 January 2024 | 26.3 | 0.1 | 5.9 | 5.0 | \u2014 | 2.8 | 40.1 |
At 31 December 2024 | 40.3 | 0.1 | 8.0 | 10.9 | 0.9 | 4.9 | 65.1 |
At 31 December 2025 | 40.3 | 0.1 | 8.3 | 8.9 | 1.2 | 4.3 | 63.1 |
| Goodwill | ||
\u00a3m | 2025 | 2024 |
Portable Power | 8.9 | 8.9 |
Wiring Accessories | 8.6 | 8.6 |
LED Lighting | 9.5 | 9.5 |
DW Windsor | 6.2 | 6.2 |
D-Line | 0.7 | 0.7 |
CMD | 6.4 | 6.4 |
40.3 | 40.3 |
% | 2025 | 2024 |
Portable Power | 13.1 | 12.5 |
Wiring Accessories | 13.4 | 12.7 |
LED Lighting | 13.3 | 12.5 |
DW Windsor | 13.4 | 12.7 |
D-Line | 13.4 | 12.7 |
CMD | 14.5 | \u2014 1 |
| Development | Customer | Tradenames | |||||
\u00a3m | Goodwill | Patents | costs | relationships | Software | and brands | Total |
| Cost | |||||||
Balance at 1 January 2024 | 26.3 | 0.6 | 9.3 | 8.8 | \u2014 | 3.8 | 48.8 |
Acquisitions through business combinations | 14.0 | \u2014 | 2.1 | 7.0 | \u2014 | 2.6 | 25.7 |
Additions | \u2014 | \u2014 | 1.9 | \u2014 | 1.0 | \u2014 | 2.9 |
Disposals | \u2014 | \u2014 | (1.3) | \u2014 | \u2014 | \u2014 | (1.3) |
Transfers | \u2014 | \u2014 | 0.6 | \u2014 | \u2014 | \u2014 | 0.6 |
Balance at 31 December 2024 | 40.3 | 0.6 | 12.6 | 15.8 | 1.0 | 6.4 | 76.7 |
Additions | \u2014 | \u2014 | 2.7 | \u2014 | 0.4 | \u2014 | 3.1 |
Disposals | \u2014 | \u2014 | (0.6) | \u2014 | \u2014 | \u2014 | (0.6) |
Balance at 31 December 2025 | 40.3 | 0.6 | 14.7 | 15.8 | 1.4 | 6.4 | 79.2 |
| Amortisation | |||||||
Balance at 1 January 2024 | \u2014 | 0.5 | 3.4 | 3.8 | \u2014 | 1.0 | 8.7 |
Amortisation for the year | \u2014 | \u2014 | 2.0 | 1.1 | 0.1 | 0.5 | 3.7 |
Disposals | \u2014 | \u2014 | (0.9) | \u2014 | \u2014 | \u2014 | (0.9) |
Transfers | \u2014 | \u2014 | 0.1 | \u2014 | \u2014 | \u2014 | 0.1 |
Balance at 31 December 2024 | \u2014 | 0.5 | 4.6 | 4.9 | 0.1 | 1.5 | 11.6 |
Amortisation for the year | \u2014 | \u2014 | 2.4 | 2.0 | 0.1 | 0.6 | 5.1 |
Disposals | \u2014 | \u2014 | (0.6) | \u2014 | \u2014 | \u2014 | (0.6) |
Balance at 31 December 2025 | \u2014 | 0.5 | 6.4 | 6.9 | 0.2 | 2.1 | 16.1 |
| Net book value | |||||||
At 1 January 2024 | 26.3 | 0.1 | 5.9 | 5.0 | \u2014 | 2.8 | 40.1 |
At 31 December 2024 | 40.3 | 0.1 | 8.0 | 10.9 | 0.9 | 4.9 | 65.1 |
At 31 December 2025 | 40.3 | 0.1 | 8.3 | 8.9 | 1.2 | 4.3 | 63.1 |
| Goodwill | ||
\u00a3m | 2025 | 2024 |
Portable Power | 8.9 | 8.9 |
Wiring Accessories | 8.6 | 8.6 |
LED Lighting | 9.5 | 9.5 |
DW Windsor | 6.2 | 6.2 |
D-Line | 0.7 | 0.7 |
CMD | 6.4 | 6.4 |
40.3 | 40.3 |
% | 2025 | 2024 |
Portable Power | 13.1 | 12.5 |
Wiring Accessories | 13.4 | 12.7 |
LED Lighting | 13.3 | 12.5 |
DW Windsor | 13.4 | 12.7 |
D-Line | 13.4 | 12.7 |
CMD | 14.5 | \u2014 1 |
| Goodwill | ||
\u00a3m | 2025 | 2024 |
Portable Power | 8.9 | 8.9 |
Wiring Accessories | 8.6 | 8.6 |
LED Lighting | 9.5 | 9.5 |
DW Windsor | 6.2 | 6.2 |
D-Line | 0.7 | 0.7 |
CMD | 6.4 | 6.4 |
40.3 | 40.3 |
% | 2025 | 2024 |
Portable Power | 13.1 | 12.5 |
Wiring Accessories | 13.4 | 12.7 |
LED Lighting | 13.3 | 12.5 |
DW Windsor | 13.4 | 12.7 |
D-Line | 13.4 | 12.7 |
CMD | 14.5 | \u2014 1 |
Assets | Liabilities | Net | ||||
\u00a3m | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Property, plant and equipment | \u2014 | \u2014 | 2.6 | 2.5 | 2.6 | 2.5 |
Intangible assets | \u2014 | \u2014 | 2.9 | 4.0 | 2.9 | 4.0 |
Losses | (2.5) | (0.8) | \u2014 | \u2014 | (2.5) | (0.8) |
Share-based payments | (1.2) | (1.0) | \u2014 | \u2014 | (1.2) | (1.0) |
Financial assets and liabilities | (0.3) | (0.4) | \u2014 | \u2014 | (0.3) | (0.4) |
Deferred tax liability/(asset) | (4.0) | (2.2) | 5.5 | 6.5 | 1.5 | 4.3 |
| Acquired | |||||
| 1 January | during | Recognised | Recognised | 31 December | |
| \u00a3m | 2025 | the year | in income | in equity 2025 | |
Property, plant and equipment | 2.5 | \u2014 | 0.1 | \u2014 | 2.6 |
Intangible assets | 4.0 | \u2014 | (1.1) | \u2014 | 2.9 |
Losses | (0.8) | \u2014 | (1.7) | \u2014 | (2.5) |
Share-based payments | (1.0) | \u2014 | (0.2) | \u2014 | (1.2) |
Financial assets and liabilities | (0.4) | \u2014 | 0.1 | \u2014 | (0.3) |
4.3 | \u2014 | (2.8) | \u2014 | 1.5 |
| Acquired | |||||
| 1 January | during | Recognised | Recognised | 31 December | |
| \u00a3m | 2024 | the year | in income | in equity 2024 | |
Property, plant and equipment | 1.6 | 0.7 | 0.2 | \u2014 | 2.5 |
Intangible assets | 2.0 | 3.1 | (1.1) | \u2014 | 4.0 |
Losses | (1.1) | \u2014 | 0.3 | \u2014 | (0.8) |
Share-based payments | (1.0) | \u2014 | (0.2) | 0.2 | (1.0) |
Financial assets and liabilities | (0.4) | \u2014 | \u2014 | \u2014 | (0.4) |
1.1 | 3.8 | (0.8) | 0.2 | 4.3 |
Assets | Liabilities | Net | ||||
\u00a3m | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Property, plant and equipment | \u2014 | \u2014 | 2.6 | 2.5 | 2.6 | 2.5 |
Intangible assets | \u2014 | \u2014 | 2.9 | 4.0 | 2.9 | 4.0 |
Losses | (2.5) | (0.8) | \u2014 | \u2014 | (2.5) | (0.8) |
Share-based payments | (1.2) | (1.0) | \u2014 | \u2014 | (1.2) | (1.0) |
Financial assets and liabilities | (0.3) | (0.4) | \u2014 | \u2014 | (0.3) | (0.4) |
Deferred tax liability/(asset) | (4.0) | (2.2) | 5.5 | 6.5 | 1.5 | 4.3 |
| Acquired | |||||
| 1 January | during | Recognised | Recognised | 31 December | |
| \u00a3m | 2025 | the year | in income | in equity 2025 | |
Property, plant and equipment | 2.5 | \u2014 | 0.1 | \u2014 | 2.6 |
Intangible assets | 4.0 | \u2014 | (1.1) | \u2014 | 2.9 |
Losses | (0.8) | \u2014 | (1.7) | \u2014 | (2.5) |
Share-based payments | (1.0) | \u2014 | (0.2) | \u2014 | (1.2) |
Financial assets and liabilities | (0.4) | \u2014 | 0.1 | \u2014 | (0.3) |
4.3 | \u2014 | (2.8) | \u2014 | 1.5 |
| Acquired | |||||
| 1 January | during | Recognised | Recognised | 31 December | |
| \u00a3m | 2024 | the year | in income | in equity 2024 | |
Property, plant and equipment | 1.6 | 0.7 | 0.2 | \u2014 | 2.5 |
Intangible assets | 2.0 | 3.1 | (1.1) | \u2014 | 4.0 |
Losses | (1.1) | \u2014 | 0.3 | \u2014 | (0.8) |
Share-based payments | (1.0) | \u2014 | (0.2) | 0.2 | (1.0) |
Financial assets and liabilities | (0.4) | \u2014 | \u2014 | \u2014 | (0.4) |
1.1 | 3.8 | (0.8) | 0.2 | 4.3 |
\u00a3m | 2025 | 2024 |
Raw materials | 10.7 | 8.2 |
Work in progress | 1.8 | 1.2 |
Finished goods | 49.3 | 44.4 |
61.8 | 53.8 |
\u00a3m | 2025 | 2024 |
Trade receivables | 78.4 | 76.4 |
Prepayments and other receivables | 5.0 | 3.7 |
83.4 | 80.1 |
31 December 2025 | 1 January 2025 | |||||
| Loss rate | Gross debtor | Loss amount | Loss rate | Gross debtor | Loss amount | |
| Age overdue (days) | (%) | (\u00a3k) | (\u00a3k) | (%) | (\u00a3k) | (\u00a3k) |
Current | 0.50% | 71,520 | 358 | 1.05% | 68,705 | 721 |
0-30 | 0.32% | 5,961 | 19 | 2.45% | 7,109 | 174 |
30-60 | 0.25% | 1,703 | 4 | 2.27% | 2,193 | 50 |
60-90 | 0.25% | 341 | 1 | 6.95% | 66 | 5 |
90-120 | 3.85% | 537 | 21 | 6.46% | 753 | 49 |
120+ | 29.57% | 1,300 | 384 | 38.29% | 346 | 132 |
Total | 0.97% | 81,362 | 787 | 1.43% | 79,172 | 1,131 |
\u00a3m | 2025 | 2024 |
Trade receivables | 78.4 | 76.4 |
Prepayments and other receivables | 5.0 | 3.7 |
83.4 | 80.1 |
31 December 2025 | 1 January 2025 | |||||
| Loss rate | Gross debtor | Loss amount | Loss rate | Gross debtor | Loss amount | |
| Age overdue (days) | (%) | (\u00a3k) | (\u00a3k) | (%) | (\u00a3k) | (\u00a3k) |
Current | 0.50% | 71,520 | 358 | 1.05% | 68,705 | 721 |
0-30 | 0.32% | 5,961 | 19 | 2.45% | 7,109 | 174 |
30-60 | 0.25% | 1,703 | 4 | 2.27% | 2,193 | 50 |
60-90 | 0.25% | 341 | 1 | 6.95% | 66 | 5 |
90-120 | 3.85% | 537 | 21 | 6.46% | 753 | 49 |
120+ | 29.57% | 1,300 | 384 | 38.29% | 346 | 132 |
Total | 0.97% | 81,362 | 787 | 1.43% | 79,172 | 1,131 |
\u00a3m | 2025 | 2024 |
Current cash balances | 3.3 | 4.1 |
\u00a3m | 2025 | 2024 |
| Non-current liabilities | ||
Revolving credit facility | 51.3 | 70.5 |
Overdrafts | 3.9 | 1.5 |
55.2 | 72.0 |
| Carrying | Carrying | ||||||
| Nominal | Maturity | Face value 1 | amount 1 | Face value 1 | amount 1 | ||
\u00a3m | Currency | interest rate | date | 2025 | 2025 | 2024 | 2024 |
Revolving credit facility | GBP | 1.85% + SONIA | May 2028 | 51.3 | 51.3 | 70.5 | 70.5 |
Overdrafts | GBP | 1.85% + base rate | May 2028 | 3.9 | 3.9 | 1.5 | 1.5 |
55.2 | 55.2 | 72.0 | 72.0 |
\u00a3m | 2025 | 2024 |
| Net debt as at 31 December represented by: | ||
Revolving credit facility | 51.3 | 70.5 |
Overdrafts | 3.9 | 1.5 |
Cash and cash equivalents | (3.3) | (4.1) |
Finance leases \u2013 pre-IFRS 16 | 0.4 | 0.7 |
Bank Net Debt | 52.3 | 68.6 |
Finance leases \u2013 post-IFRS 16 | 7.6 | 6.5 |
Net debt | 59.9 | 75.1 |
| Finance | ||||
\u00a3m | Cash | Borrowings | leases | Total |
| Net debt movement: | ||||
As at 1 January 2025 | (4.1) | 72.0 | 7. 2 | 75.1 |
(Inflow)/outflow | 0.7 | (17.2) | (2.8) | (19.3) |
Non-cash movements | 0.1 | 0.4 | 3.6 | 4.1 |
As at 31 December 2025 | (3.3) | 55.2 | 8.0 | 59.9 |
| Finance | ||||
\u00a3m | Cash | Borrowings | leases | Total |
| Net debt movement: | ||||
As at 1 January 2024 | (4.6) | 22.3 | 5.1 | 22.8 |
Cash (in)/outflow | 0.4 | 49.5 | (2.7) | 47. 2 |
Non-cash movements | 0.1 | 0.2 | 4.8 | 5.1 |
As at 31 December 2024 | (4.1) | 72.0 | 7.2 | 75.1 |
| Acquisition | Warranty | |||
| Dilapidations | contingent | product | ||
| \u00a3m | provisions | provisions | provisions | Total |
As at 1 January 2025 | 2.4 | 0.8 | 0.8 | 4.0 |
Addition/(reduction) | \u2014 | (0.1) | \u2014 | (0.1) |
As at 31 December 2025 | 2.4 | 0.7 | 0.8 | 3.9 |
\u00a3m | 2025 | 2024 |
| Current liabilities | ||
Lease liabilities | 2.9 | 2.8 |
| Non-current liabilities | ||
Lease liabilities | 5.1 | 4.4 |
| Future minimum | Present value of minimum | |||||
lease payments | Interest | lease payments | ||||
\u00a3m | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Less than one year | 2.9 | 2.9 | \u2014 | (0.1) | 2.9 | 2.8 |
Between one and five years | 6.0 | 5.0 | (0.9) | (0.6) | 5.1 | 4.4 |
8.9 | 7.9 | (0.9) | (0.7) | 8.0 | 7.2 |
\u00a3m | 2025 | 2024 |
Interest paid from leases under IFRS 16 | 0.3 | 0.2 |
Interest paid excluding interest from leases under IFRS 16 | 5.7 | 3.9 |
Interest paid per cash flow | 6.0 | 4.1 |
| Carrying amount | ||
\u00a3m | 2025 | 2024 |
Trade receivables | 78.4 | 76.4 |
Cash and cash equivalents | 3.3 | 4.1 |
Financial assets measured at fair value through profit or loss | 1.1 | 0.4 |
82.8 | 80.9 |
| Carrying amount | ||
\u00a3m | 2025 | 2024 |
Europe | 68.6 | 67.0 |
Rest of World | 9.8 | 9.4 |
78.4 | 76.4 |
| Carrying | Within | 1-2 | 2-5 | |
| 31 December 2024 (\u00a3m) | amount | 1 year | years | years |
| Financial liabilities | ||||
Revolving credit facility | 70.5 | \u2014 | 70.5 | \u2014 |
Overdraft | 1.5 | \u2014 | 1.5 | \u2014 |
Financial liabilities measured at fair value through profit or loss | 1.4 | 1.2 | 0.2 | \u2014 |
Finance leases | 7.2 | 2.8 | 2.8 | 1.6 |
Trade payables | 27.6 | 27.6 | \u2014 | \u2014 |
108.2 | 31.6 | 75.0 | 1.6 |
| Carrying | Within | 1-2 | 2-5 | |
| 31 December 2025 (\u00a3m) | amount | 1 year | years | years |
| Financial liabilities | ||||
Revolving credit facility | 51.3 | \u2014 | \u2014 | 51.3 |
Overdraft | 3.9 | \u2014 | \u2014 | 3.9 |
Financial liabilities measured at fair value through profit or loss | 0.7 | 0.2 | \u2014 | 0.5 |
Finance leases | 8.0 | 2.9 | 2.1 | 3.0 |
Trade payables | 37.2 | 37.2 | \u2014 | \u2014 |
101.1 | 40.3 | 2.1 | 58.7 |
| Profit or loss | ||
| 100bps | 100bps | |
| \u00a3m | increase | decrease |
| 31 December 2025 | ||
Variable rate instruments | (0.3) | 0.3 |
Cash flow sensitivity (net) | (0.3) | 0.3 |
| 31 December 2024 | ||
Variable rate instruments | (0.2) | 0.2 |
Cash flow sensitivity (net) | (0.2) | 0.2 |
2025 | 2024 | |||||
\u00a3m | RMB | USD | EUR | RMB | USD | EUR |
Trade receivables | \u2014 | 21.2 | 2.4 | \u2014 | 24.3 | 2.2 |
Bank facilities | \u2014 | \u2014 | \u2014 | 1.4 | 0.3 | \u2014 |
Trade payables | (6.4) | (0.8) | (0.4) | (5.7) | (1.3) | (0.3) |
Net statement of financial position exposure | (6.4) | 20.4 | 2.0 | (4.3) | 23.3 | 1.9 |
Average rate | Reporting date spot rate | |||
\u00a3m | 2025 | 2024 | 2025 | 2024 |
USD | 1.32 | 1.28 | 1.35 | 1.25 |
EUR | 1.17 | 1.18 | 1.15 | 1.21 |
RMB | 9.47 | 9.20 | 9.41 | 9.15 |
\u00a3m | Equity | Profit/(loss) |
| 31 December 2025 | ||
GBP strengthens against the USD by 10% | (1.9) | (1.9) |
GBP strengthens against the EUR by 10% | (0.2) | (0.2) |
GBP strengthens against the RMB by 10% | 0.6 | 0.6 |
| 31 December 2024 | ||
GBP strengthens against the USD by 10% | (2.1) | (2.1) |
GBP strengthens against the EUR by 10% | (0.2) | (0.2) |
GBP strengthens against the RMB by 10% | 0.4 | 0.4 |
\u00a3m | 2025 | 2024 |
| Assets carried at amortised cost: | ||
Trade receivables | 78.4 | 76.4 |
Cash and cash equivalents | 3.3 | 4.1 |
| Assets carried at fair value: | ||
Financial assets measured at fair value through profit or loss | 1.1 | 0.4 |
Financial assets measured at fair value through OCI | \u2014 | 1.8 |
Financial assets | 82.8 | 82.7 |
| Liabilities carried at amortised cost: | ||
Revolving credit facility | 51.3 | 70.5 |
Overdrafts | 3.9 | 1.5 |
Finance leases | 8.0 | 7.2 |
Trade payables | 37.2 | 27.6 |
| Liabilities carried at fair value: | ||
Financial liabilities measured at fair value through profit or loss | 0.7 | 1.4 |
Financial liabilities | 101.1 | 108.2 |
| Fair value | |||
| \u00a3m | hierarchy | 2025 | 2024 |
Financial assets measured at fair value through OCI | Level 1 | \u2014 | 1.8 |
| Currency hedging financial assets/(liabilities) | |||
measured at fair value through profit or loss | Level 2 | 0.9 | (0.9) |
| Interest swaps financial (liabilities) measured | |||
at fair value through profit or loss | Level 2 | (0.5) | (0.1) |
\u00a3m | 2025 | 2024 |
| Non-current liabilities | ||
Revolving credit facility | 51.3 | 70.5 |
Overdrafts | 3.9 | 1.5 |
55.2 | 72.0 |
| Carrying | Carrying | ||||||
| Nominal | Maturity | Face value 1 | amount 1 | Face value 1 | amount 1 | ||
\u00a3m | Currency | interest rate | date | 2025 | 2025 | 2024 | 2024 |
Revolving credit facility | GBP | 1.85% + SONIA | May 2028 | 51.3 | 51.3 | 70.5 | 70.5 |
Overdrafts | GBP | 1.85% + base rate | May 2028 | 3.9 | 3.9 | 1.5 | 1.5 |
55.2 | 55.2 | 72.0 | 72.0 |
\u00a3m | 2025 | 2024 |
| Net debt as at 31 December represented by: | ||
Revolving credit facility | 51.3 | 70.5 |
Overdrafts | 3.9 | 1.5 |
Cash and cash equivalents | (3.3) | (4.1) |
Finance leases \u2013 pre-IFRS 16 | 0.4 | 0.7 |
Bank Net Debt | 52.3 | 68.6 |
Finance leases \u2013 post-IFRS 16 | 7.6 | 6.5 |
Net debt | 59.9 | 75.1 |
| Finance | ||||
\u00a3m | Cash | Borrowings | leases | Total |
| Net debt movement: | ||||
As at 1 January 2025 | (4.1) | 72.0 | 7. 2 | 75.1 |
(Inflow)/outflow | 0.7 | (17.2) | (2.8) | (19.3) |
Non-cash movements | 0.1 | 0.4 | 3.6 | 4.1 |
As at 31 December 2025 | (3.3) | 55.2 | 8.0 | 59.9 |
| Finance | ||||
\u00a3m | Cash | Borrowings | leases | Total |
| Net debt movement: | ||||
As at 1 January 2024 | (4.6) | 22.3 | 5.1 | 22.8 |
Cash (in)/outflow | 0.4 | 49.5 | (2.7) | 47. 2 |
Non-cash movements | 0.1 | 0.2 | 4.8 | 5.1 |
As at 31 December 2024 | (4.1) | 72.0 | 7.2 | 75.1 |
\u00a3m | 2025 | 2024 |
| Non-current liabilities | ||
Revolving credit facility | 51.3 | 70.5 |
Overdrafts | 3.9 | 1.5 |
55.2 | 72.0 |
\u00a3m | 2025 | 2024 |
| Current liabilities | ||
Lease liabilities | 2.9 | 2.8 |
| Non-current liabilities | ||
Lease liabilities | 5.1 | 4.4 |
| Carrying | Carrying | ||||||
| Nominal | Maturity | Face value 1 | amount 1 | Face value 1 | amount 1 | ||
\u00a3m | Currency | interest rate | date | 2025 | 2025 | 2024 | 2024 |
Revolving credit facility | GBP | 1.85% + SONIA | May 2028 | 51.3 | 51.3 | 70.5 | 70.5 |
Overdrafts | GBP | 1.85% + base rate | May 2028 | 3.9 | 3.9 | 1.5 | 1.5 |
55.2 | 55.2 | 72.0 | 72.0 |
\u00a3m | 2025 | 2024 |
| Net debt as at 31 December represented by: | ||
Revolving credit facility | 51.3 | 70.5 |
Overdrafts | 3.9 | 1.5 |
Cash and cash equivalents | (3.3) | (4.1) |
Finance leases \u2013 pre-IFRS 16 | 0.4 | 0.7 |
Bank Net Debt | 52.3 | 68.6 |
Finance leases \u2013 post-IFRS 16 | 7.6 | 6.5 |
Net debt | 59.9 | 75.1 |
| Finance | ||||
\u00a3m | Cash | Borrowings | leases | Total |
| Net debt movement: | ||||
As at 1 January 2025 | (4.1) | 72.0 | 7. 2 | 75.1 |
(Inflow)/outflow | 0.7 | (17.2) | (2.8) | (19.3) |
Non-cash movements | 0.1 | 0.4 | 3.6 | 4.1 |
As at 31 December 2025 | (3.3) | 55.2 | 8.0 | 59.9 |
| Finance | ||||
\u00a3m | Cash | Borrowings | leases | Total |
| Net debt movement: | ||||
As at 1 January 2024 | (4.6) | 22.3 | 5.1 | 22.8 |
Cash (in)/outflow | 0.4 | 49.5 | (2.7) | 47. 2 |
Non-cash movements | 0.1 | 0.2 | 4.8 | 5.1 |
As at 31 December 2024 | (4.1) | 72.0 | 7.2 | 75.1 |
| Acquisition | Warranty | |||
| Dilapidations | contingent | product | ||
| \u00a3m | provisions | provisions | provisions | Total |
As at 1 January 2025 | 2.4 | 0.8 | 0.8 | 4.0 |
Addition/(reduction) | \u2014 | (0.1) | \u2014 | (0.1) |
As at 31 December 2025 | 2.4 | 0.7 | 0.8 | 3.9 |
\u00a3m | 2025 | 2024 |
| Current liabilities | ||
Lease liabilities | 2.9 | 2.8 |
| Non-current liabilities | ||
Lease liabilities | 5.1 | 4.4 |
| Future minimum | Present value of minimum | |||||
lease payments | Interest | lease payments | ||||
\u00a3m | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Less than one year | 2.9 | 2.9 | \u2014 | (0.1) | 2.9 | 2.8 |
Between one and five years | 6.0 | 5.0 | (0.9) | (0.6) | 5.1 | 4.4 |
8.9 | 7.9 | (0.9) | (0.7) | 8.0 | 7.2 |
\u00a3m | 2025 | 2024 |
Interest paid from leases under IFRS 16 | 0.3 | 0.2 |
Interest paid excluding interest from leases under IFRS 16 | 5.7 | 3.9 |
Interest paid per cash flow | 6.0 | 4.1 |
| Acquisition | Warranty | |||
| Dilapidations | contingent | product | ||
| \u00a3m | provisions | provisions | provisions | Total |
As at 1 January 2025 | 2.4 | 0.8 | 0.8 | 4.0 |
Addition/(reduction) | \u2014 | (0.1) | \u2014 | (0.1) |
As at 31 December 2025 | 2.4 | 0.7 | 0.8 | 3.9 |
\u00a3m | 2025 | 2024 |
| Current liabilities | ||
Lease liabilities | 2.9 | 2.8 |
| Non-current liabilities | ||
Lease liabilities | 5.1 | 4.4 |
| Future minimum | Present value of minimum | |||||
lease payments | Interest | lease payments | ||||
\u00a3m | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Less than one year | 2.9 | 2.9 | \u2014 | (0.1) | 2.9 | 2.8 |
Between one and five years | 6.0 | 5.0 | (0.9) | (0.6) | 5.1 | 4.4 |
8.9 | 7.9 | (0.9) | (0.7) | 8.0 | 7.2 |
\u00a3m | 2025 | 2024 |
Interest paid from leases under IFRS 16 | 0.3 | 0.2 |
Interest paid excluding interest from leases under IFRS 16 | 5.7 | 3.9 |
Interest paid per cash flow | 6.0 | 4.1 |
| Acquisition | Warranty | |||
| Dilapidations | contingent | product | ||
| \u00a3m | provisions | provisions | provisions | Total |
As at 1 January 2025 | 2.4 | 0.8 | 0.8 | 4.0 |
Addition/(reduction) | \u2014 | (0.1) | \u2014 | (0.1) |
As at 31 December 2025 | 2.4 | 0.7 | 0.8 | 3.9 |
\u00a3m | 2025 | 2024 |
| Current liabilities | ||
Lease liabilities | 2.9 | 2.8 |
| Non-current liabilities | ||
Lease liabilities | 5.1 | 4.4 |
| Future minimum | Present value of minimum | |||||
lease payments | Interest | lease payments | ||||
\u00a3m | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Less than one year | 2.9 | 2.9 | \u2014 | (0.1) | 2.9 | 2.8 |
Between one and five years | 6.0 | 5.0 | (0.9) | (0.6) | 5.1 | 4.4 |
8.9 | 7.9 | (0.9) | (0.7) | 8.0 | 7.2 |
\u00a3m | 2025 | 2024 |
Interest paid from leases under IFRS 16 | 0.3 | 0.2 |
Interest paid excluding interest from leases under IFRS 16 | 5.7 | 3.9 |
Interest paid per cash flow | 6.0 | 4.1 |
\u00a3m | 2025 | 2024 |
| Current liabilities | ||
Lease liabilities | 2.9 | 2.8 |
| Non-current liabilities | ||
Lease liabilities | 5.1 | 4.4 |
| Future minimum | Present value of minimum | |||||
lease payments | Interest | lease payments | ||||
\u00a3m | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Less than one year | 2.9 | 2.9 | \u2014 | (0.1) | 2.9 | 2.8 |
Between one and five years | 6.0 | 5.0 | (0.9) | (0.6) | 5.1 | 4.4 |
8.9 | 7.9 | (0.9) | (0.7) | 8.0 | 7.2 |
\u00a3m | 2025 | 2024 |
Interest paid from leases under IFRS 16 | 0.3 | 0.2 |
Interest paid excluding interest from leases under IFRS 16 | 5.7 | 3.9 |
Interest paid per cash flow | 6.0 | 4.1 |
\u00a3m | 2025 | 2024 |
| Current liabilities | ||
Lease liabilities | 2.9 | 2.8 |
| Non-current liabilities | ||
Lease liabilities | 5.1 | 4.4 |
\u00a3m | 2025 | 2024 |
| Current liabilities | ||
Trade payables | 37.2 | 27.6 |
Accrued expenses 1 | 27.7 | 22.7 |
Other payables | 11.5 | 8.9 |
Trade and other payables | 76.4 | 59.2 |
\u00a3m | 2025 | 2024 |
| Current liabilities | ||
Trade payables | 37.2 | 27.6 |
Accrued expenses 1 | 27.7 | 22.7 |
Other payables | 11.5 | 8.9 |
Trade and other payables | 76.4 | 59.2 |
| Carrying amount | ||
\u00a3m | 2025 | 2024 |
Trade receivables | 78.4 | 76.4 |
Cash and cash equivalents | 3.3 | 4.1 |
Financial assets measured at fair value through profit or loss | 1.1 | 0.4 |
82.8 | 80.9 |
| Carrying amount | ||
\u00a3m | 2025 | 2024 |
Europe | 68.6 | 67.0 |
Rest of World | 9.8 | 9.4 |
78.4 | 76.4 |
| Carrying | Within | 1-2 | 2-5 | |
| 31 December 2024 (\u00a3m) | amount | 1 year | years | years |
| Financial liabilities | ||||
Revolving credit facility | 70.5 | \u2014 | 70.5 | \u2014 |
Overdraft | 1.5 | \u2014 | 1.5 | \u2014 |
Financial liabilities measured at fair value through profit or loss | 1.4 | 1.2 | 0.2 | \u2014 |
Finance leases | 7.2 | 2.8 | 2.8 | 1.6 |
Trade payables | 27.6 | 27.6 | \u2014 | \u2014 |
108.2 | 31.6 | 75.0 | 1.6 |
| Carrying | Within | 1-2 | 2-5 | |
| 31 December 2025 (\u00a3m) | amount | 1 year | years | years |
| Financial liabilities | ||||
Revolving credit facility | 51.3 | \u2014 | \u2014 | 51.3 |
Overdraft | 3.9 | \u2014 | \u2014 | 3.9 |
Financial liabilities measured at fair value through profit or loss | 0.7 | 0.2 | \u2014 | 0.5 |
Finance leases | 8.0 | 2.9 | 2.1 | 3.0 |
Trade payables | 37.2 | 37.2 | \u2014 | \u2014 |
101.1 | 40.3 | 2.1 | 58.7 |
| Profit or loss | ||
| 100bps | 100bps | |
| \u00a3m | increase | decrease |
| 31 December 2025 | ||
Variable rate instruments | (0.3) | 0.3 |
Cash flow sensitivity (net) | (0.3) | 0.3 |
| 31 December 2024 | ||
Variable rate instruments | (0.2) | 0.2 |
Cash flow sensitivity (net) | (0.2) | 0.2 |
2025 | 2024 | |||||
\u00a3m | RMB | USD | EUR | RMB | USD | EUR |
Trade receivables | \u2014 | 21.2 | 2.4 | \u2014 | 24.3 | 2.2 |
Bank facilities | \u2014 | \u2014 | \u2014 | 1.4 | 0.3 | \u2014 |
Trade payables | (6.4) | (0.8) | (0.4) | (5.7) | (1.3) | (0.3) |
Net statement of financial position exposure | (6.4) | 20.4 | 2.0 | (4.3) | 23.3 | 1.9 |
Average rate | Reporting date spot rate | |||
\u00a3m | 2025 | 2024 | 2025 | 2024 |
USD | 1.32 | 1.28 | 1.35 | 1.25 |
EUR | 1.17 | 1.18 | 1.15 | 1.21 |
RMB | 9.47 | 9.20 | 9.41 | 9.15 |
\u00a3m | Equity | Profit/(loss) |
| 31 December 2025 | ||
GBP strengthens against the USD by 10% | (1.9) | (1.9) |
GBP strengthens against the EUR by 10% | (0.2) | (0.2) |
GBP strengthens against the RMB by 10% | 0.6 | 0.6 |
| 31 December 2024 | ||
GBP strengthens against the USD by 10% | (2.1) | (2.1) |
GBP strengthens against the EUR by 10% | (0.2) | (0.2) |
GBP strengthens against the RMB by 10% | 0.4 | 0.4 |
\u00a3m | 2025 | 2024 |
| Assets carried at amortised cost: | ||
Trade receivables | 78.4 | 76.4 |
Cash and cash equivalents | 3.3 | 4.1 |
| Assets carried at fair value: | ||
Financial assets measured at fair value through profit or loss | 1.1 | 0.4 |
Financial assets measured at fair value through OCI | \u2014 | 1.8 |
Financial assets | 82.8 | 82.7 |
| Liabilities carried at amortised cost: | ||
Revolving credit facility | 51.3 | 70.5 |
Overdrafts | 3.9 | 1.5 |
Finance leases | 8.0 | 7.2 |
Trade payables | 37.2 | 27.6 |
| Liabilities carried at fair value: | ||
Financial liabilities measured at fair value through profit or loss | 0.7 | 1.4 |
Financial liabilities | 101.1 | 108.2 |
| Fair value | |||
| \u00a3m | hierarchy | 2025 | 2024 |
Financial assets measured at fair value through OCI | Level 1 | \u2014 | 1.8 |
| Currency hedging financial assets/(liabilities) | |||
measured at fair value through profit or loss | Level 2 | 0.9 | (0.9) |
| Interest swaps financial (liabilities) measured | |||
at fair value through profit or loss | Level 2 | (0.5) | (0.1) |
| Carrying amount | ||
\u00a3m | 2025 | 2024 |
Trade receivables | 78.4 | 76.4 |
Cash and cash equivalents | 3.3 | 4.1 |
Financial assets measured at fair value through profit or loss | 1.1 | 0.4 |
82.8 | 80.9 |
| Carrying amount | ||
\u00a3m | 2025 | 2024 |
Europe | 68.6 | 67.0 |
Rest of World | 9.8 | 9.4 |
78.4 | 76.4 |
| Carrying | Within | 1-2 | 2-5 | |
| 31 December 2024 (\u00a3m) | amount | 1 year | years | years |
| Financial liabilities | ||||
Revolving credit facility | 70.5 | \u2014 | 70.5 | \u2014 |
Overdraft | 1.5 | \u2014 | 1.5 | \u2014 |
Financial liabilities measured at fair value through profit or loss | 1.4 | 1.2 | 0.2 | \u2014 |
Finance leases | 7.2 | 2.8 | 2.8 | 1.6 |
Trade payables | 27.6 | 27.6 | \u2014 | \u2014 |
108.2 | 31.6 | 75.0 | 1.6 |
| Carrying | Within | 1-2 | 2-5 | |
| 31 December 2025 (\u00a3m) | amount | 1 year | years | years |
| Financial liabilities | ||||
Revolving credit facility | 51.3 | \u2014 | \u2014 | 51.3 |
Overdraft | 3.9 | \u2014 | \u2014 | 3.9 |
Financial liabilities measured at fair value through profit or loss | 0.7 | 0.2 | \u2014 | 0.5 |
Finance leases | 8.0 | 2.9 | 2.1 | 3.0 |
Trade payables | 37.2 | 37.2 | \u2014 | \u2014 |
101.1 | 40.3 | 2.1 | 58.7 |
| Carrying | Within | 1-2 | 2-5 | |
| 31 December 2024 (\u00a3m) | amount | 1 year | years | years |
| Financial liabilities | ||||
Revolving credit facility | 70.5 | \u2014 | 70.5 | \u2014 |
Overdraft | 1.5 | \u2014 | 1.5 | \u2014 |
Financial liabilities measured at fair value through profit or loss | 1.4 | 1.2 | 0.2 | \u2014 |
Finance leases | 7.2 | 2.8 | 2.8 | 1.6 |
Trade payables | 27.6 | 27.6 | \u2014 | \u2014 |
108.2 | 31.6 | 75.0 | 1.6 |
| Carrying | Within | 1-2 | 2-5 | |
| 31 December 2025 (\u00a3m) | amount | 1 year | years | years |
| Financial liabilities | ||||
Revolving credit facility | 51.3 | \u2014 | \u2014 | 51.3 |
Overdraft | 3.9 | \u2014 | \u2014 | 3.9 |
Financial liabilities measured at fair value through profit or loss | 0.7 | 0.2 | \u2014 | 0.5 |
Finance leases | 8.0 | 2.9 | 2.1 | 3.0 |
Trade payables | 37.2 | 37.2 | \u2014 | \u2014 |
101.1 | 40.3 | 2.1 | 58.7 |
| Carrying | Within | 1-2 | 2-5 | |
| 31 December 2024 (\u00a3m) | amount | 1 year | years | years |
| Financial liabilities | ||||
Revolving credit facility | 70.5 | \u2014 | 70.5 | \u2014 |
Overdraft | 1.5 | \u2014 | 1.5 | \u2014 |
Financial liabilities measured at fair value through profit or loss | 1.4 | 1.2 | 0.2 | \u2014 |
Finance leases | 7.2 | 2.8 | 2.8 | 1.6 |
Trade payables | 27.6 | 27.6 | \u2014 | \u2014 |
108.2 | 31.6 | 75.0 | 1.6 |
| Carrying | Within | 1-2 | 2-5 | |
| 31 December 2025 (\u00a3m) | amount | 1 year | years | years |
| Financial liabilities | ||||
Revolving credit facility | 51.3 | \u2014 | \u2014 | 51.3 |
Overdraft | 3.9 | \u2014 | \u2014 | 3.9 |
Financial liabilities measured at fair value through profit or loss | 0.7 | 0.2 | \u2014 | 0.5 |
Finance leases | 8.0 | 2.9 | 2.1 | 3.0 |
Trade payables | 37.2 | 37.2 | \u2014 | \u2014 |
101.1 | 40.3 | 2.1 | 58.7 |
| Profit or loss | ||
| 100bps | 100bps | |
| \u00a3m | increase | decrease |
| 31 December 2025 | ||
Variable rate instruments | (0.3) | 0.3 |
Cash flow sensitivity (net) | (0.3) | 0.3 |
| 31 December 2024 | ||
Variable rate instruments | (0.2) | 0.2 |
Cash flow sensitivity (net) | (0.2) | 0.2 |
2025 | 2024 | |||||
\u00a3m | RMB | USD | EUR | RMB | USD | EUR |
Trade receivables | \u2014 | 21.2 | 2.4 | \u2014 | 24.3 | 2.2 |
Bank facilities | \u2014 | \u2014 | \u2014 | 1.4 | 0.3 | \u2014 |
Trade payables | (6.4) | (0.8) | (0.4) | (5.7) | (1.3) | (0.3) |
Net statement of financial position exposure | (6.4) | 20.4 | 2.0 | (4.3) | 23.3 | 1.9 |
Average rate | Reporting date spot rate | |||
\u00a3m | 2025 | 2024 | 2025 | 2024 |
USD | 1.32 | 1.28 | 1.35 | 1.25 |
EUR | 1.17 | 1.18 | 1.15 | 1.21 |
RMB | 9.47 | 9.20 | 9.41 | 9.15 |
\u00a3m | Equity | Profit/(loss) |
| 31 December 2025 | ||
GBP strengthens against the USD by 10% | (1.9) | (1.9) |
GBP strengthens against the EUR by 10% | (0.2) | (0.2) |
GBP strengthens against the RMB by 10% | 0.6 | 0.6 |
| 31 December 2024 | ||
GBP strengthens against the USD by 10% | (2.1) | (2.1) |
GBP strengthens against the EUR by 10% | (0.2) | (0.2) |
GBP strengthens against the RMB by 10% | 0.4 | 0.4 |
\u00a3m | Equity | Profit/(loss) |
| 31 December 2025 | ||
GBP strengthens against the USD by 10% | (1.9) | (1.9) |
GBP strengthens against the EUR by 10% | (0.2) | (0.2) |
GBP strengthens against the RMB by 10% | 0.6 | 0.6 |
| 31 December 2024 | ||
GBP strengthens against the USD by 10% | (2.1) | (2.1) |
GBP strengthens against the EUR by 10% | (0.2) | (0.2) |
GBP strengthens against the RMB by 10% | 0.4 | 0.4 |
\u00a3m | 2025 | 2024 |
| Assets carried at amortised cost: | ||
Trade receivables | 78.4 | 76.4 |
Cash and cash equivalents | 3.3 | 4.1 |
| Assets carried at fair value: | ||
Financial assets measured at fair value through profit or loss | 1.1 | 0.4 |
Financial assets measured at fair value through OCI | \u2014 | 1.8 |
Financial assets | 82.8 | 82.7 |
| Liabilities carried at amortised cost: | ||
Revolving credit facility | 51.3 | 70.5 |
Overdrafts | 3.9 | 1.5 |
Finance leases | 8.0 | 7.2 |
Trade payables | 37.2 | 27.6 |
| Liabilities carried at fair value: | ||
Financial liabilities measured at fair value through profit or loss | 0.7 | 1.4 |
Financial liabilities | 101.1 | 108.2 |
| Fair value | |||
| \u00a3m | hierarchy | 2025 | 2024 |
Financial assets measured at fair value through OCI | Level 1 | \u2014 | 1.8 |
| Currency hedging financial assets/(liabilities) | |||
measured at fair value through profit or loss | Level 2 | 0.9 | (0.9) |
| Interest swaps financial (liabilities) measured | |||
at fair value through profit or loss | Level 2 | (0.5) | (0.1) |
\u00a3m | 2025 | 2024 |
| Assets carried at amortised cost: | ||
Trade receivables | 78.4 | 76.4 |
Cash and cash equivalents | 3.3 | 4.1 |
| Assets carried at fair value: | ||
Financial assets measured at fair value through profit or loss | 1.1 | 0.4 |
Financial assets measured at fair value through OCI | \u2014 | 1.8 |
Financial assets | 82.8 | 82.7 |
| Liabilities carried at amortised cost: | ||
Revolving credit facility | 51.3 | 70.5 |
Overdrafts | 3.9 | 1.5 |
Finance leases | 8.0 | 7.2 |
Trade payables | 37.2 | 27.6 |
| Liabilities carried at fair value: | ||
Financial liabilities measured at fair value through profit or loss | 0.7 | 1.4 |
Financial liabilities | 101.1 | 108.2 |
| Fair value | |||
| \u00a3m | hierarchy | 2025 | 2024 |
Financial assets measured at fair value through OCI | Level 1 | \u2014 | 1.8 |
| Currency hedging financial assets/(liabilities) | |||
measured at fair value through profit or loss | Level 2 | 0.9 | (0.9) |
| Interest swaps financial (liabilities) measured | |||
at fair value through profit or loss | Level 2 | (0.5) | (0.1) |
\u00a3m | 2025 | 2024 |
Bank EBITDA (see note 1) | 45.0 | 41.7 |
Bank Net Debt (see note 16) | 52.3 | 68.6 |
Bank Net Debt : Bank EBITDA | 1.2 | 1.6 |
\u00a3m | 2025 | 2024 |
Bank EBITDA (see note 1) | 45.0 | 41.7 |
Adjusted Net Finance Expense (see note 1) | 6.0 | 4.1 |
Bank EBITDA : Adjusted Net Finance Expense | 7.5 | 10.2 |
2025 year-end covenant | Covenant | 2025 actual | Headroom |
Bank Net Debt : Bank EBITDA | 3.0 : 1.0 | 1.2 : 1.0 | Bank Net Debt |
| headroom: \u00a368.7m | |||
| Adjusted EBITDA | |||
| headroom: \u00a327.6m | |||
| Bank EBITDA : Adjusted Net | 4.0 : 1.0 | 7.5 : 1.0 | Adjusted EBITDA |
| Finance Expense | headroom: \u00a321.0m | ||
| Adjusted Net Finance | |||
| Expense headroom: \u00a35.3m |
2025 | 2024 | |
Adjusted Earnings Per Share (pence) | 15.0 | 12.5 |
Bank Net Debt : Bank EBITDA (times) | 1.2 | 1.6 |
Adjusted Free Cash Flow (\u00a3m) | 30.4 | 3.5 |
| Number of partnership and | ||||
| Number of free shares | matching shares | |||
2025 | 2024 | 2025 | 2024 | |
Outstanding at 1 January | 24,313 | 25,787 | 1,777,490 | 1,371,272 |
Granted during the year | \u2014 | \u2014 | 850,494 | 628,236 |
Forfeited during the year | \u2014 | \u2014 | (67,592) | (48,686) |
Released during the year | (3,626) | (1,474) | (177,407) | (173,332) |
Outstanding at 31 December | 20,687 | 24,313 | 2,382,985 | 1,777,490 |
| Number of | ||
Executive Directors | Role | shares awarded |
John Hornby | Chief Executive Officer | 544,400 |
Will Hoy | Chief Financial Officer | 464,568 |
Directors\u2019 and employee share options LTIP awards | 2025 | 2024 |
| Three-day average share price before options were | ||
issued (pence) | 118.60p | 146.00p |
Fair value of share options | 98.89p | 126.37p |
Average expected volatility | 38.54% | 64.00% |
Expected life | 3 years | 3 years |
Risk\u2011free rate | 3.76% | 4.24% |
2025 | 2024 | |
Outstanding at 1 January | 6,779,995 | 8,214,967 |
Granted during the year | 2, 327,769 | 2,054,496 |
Forfeited during the year | (469,713) | (2,247,807) |
Exercised during the year | (295,091) | (1,200,963) |
Lapsed during the year | \u2014 | (40,698) |
Outstanding at 31 December | 8,342,960 | 6,779,995 |
| Allotted, called up | Number of shares in issue | |||
| and fully paid | (thousands) | |||
| 2025 | 2024 | 2025 | 2024 | |
| \u00a3 | \u00a3 | Number | Number | |
At 1 January | 80,400 | 80,400 | 160,800 | 160,800 |
At 31 December | 80,400 | 80,400 | 160,800 | 160,800 |
\u00a3m | 2025 | 2024 |
Remuneration (including benefits in kind) | 4.6 | 4.7 |
Element of share-based payments expense | 1.4 | 1.4 |
6.0 | 6.1 |
\u00a3m | 2025 | 2024 |
Remuneration (including benefits in kind) | 4.6 | 4.7 |
Element of share-based payments expense | 1.4 | 1.4 |
6.0 | 6.1 |
\u00a3m | 2025 | 2024 |
Remuneration (including benefits in kind) | 4.6 | 4.7 |
Element of share-based payments expense | 1.4 | 1.4 |
6.0 | 6.1 |
| Provisional fair value | |
| estimate on acquisition | |
| \u00a3m | |
| Intangible assets | |
(contract related and other intangibles arising on acquisition) | 2.8 |
Property, plant and equipment | 2.8 |
Inventories | 5.6 |
Trade and other receivables | 2.0 |
Cash | 0.8 |
Finance leases | (1.7) |
Corporation tax (liability) | (0.1) |
Deferred tax (liability) | (1.1) |
Provisions | (0.9) |
Trade and other payables | (2.2) |
Total | 8.0 |
Consideration \u2013 cash | 8.6 |
Contingent consideration | 0.8 |
Goodwill arising | 1.4 |
| Provisional fair value | |
| estimate on acquisition | |
| \u00a3m | |
| Intangible assets | |
(contract related and other intangibles arising on acquisition) | 8.9 |
Property, plant and equipment | 4.6 |
Inventories | 5.3 |
Trade and other receivables | 4.4 |
Cash | 0.1 |
Finance leases | (1.2) |
Corporation tax asset | 0.2 |
Deferred tax (liability) | (2.6) |
Provisions | \u2014 |
Trade and other payables | (2.5) |
Total | 17. 2 |
Consideration \u2013 cash | 29.8 |
Goodwill arising | 12.6 |