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"value": "discoverIE is a leading international designer and manufacturer of niche, customised electronics for industrial applications. We create innovative electronics that deliver value to our customers, whilst making positive impacts on the environment, society and people\u2019s lives.NOTES TO THE GROUP CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 MARCH 20251. Reporting entity and authorisation of Financial StatementsThe consolidated Financial Statements, which comprise the results of discoverIE Group plc (\u201cthe Company\u201d) and its subsidiaries (collectively referred to as \u201cthe Group\u201d), for the year ended 31 March 2025 were authorised for issue by the Board of Directors on 3 June 2025. discoverIE Group plc is a public limited company incorporated and domiciled in England, UK and the registered office is disclosed on page 212. The Company\u2019s ordinary shares are traded on the London Stock Exchange.The material accounting policies adopted by the Group are set out in note 2 and have been applied consistently to all years presented in these consolidated Financial Statements.2. Accounting policiesStatement of complianceThe Group\u2019s consolidated Financial Statements have been prepared and approved by the Directors in accordance with UK-adopted International Accounting Standards (\u201cUK-adopted IAS\u201d) in conformity with the requirements of the Companies Act 2006 and the disclosure guidance and transparency rules sourcebook of the United Kingdom\u2019s Financial Conduct Authority.The separate Financial Statements of the Company have been prepared and approved by the Directors in accordance with Financial Reporting Standard 101 \u2018Reduced Disclosure Framework\u2019 (\u201cFRS 101\u201d). On publishing the Company\u2019s Financial Statements here together with the Group\u2019s Financial Statements, the Company is taking advantage of the exemption in section 408 of the Companies Act 2006 not to present its individual Statement of Profit or Loss and related notes that form a part of these approved Financial Statements.The following exemptions from the requirements of the UK-adopted IAS have been applied in the preparation of the Company\u2019s Financial Statements, in accordance with FRS 101: \u25a0 Cash Flow Statement and respective disclosures and information; \u25a0 Disclosures in relation to capital management; \u25a0 Disclosures in relation to financial instruments; \u25a0 Disclosures in respect of the compensation of key management personnel; and \u25a0 Disclosures in respect of transactions between two or more members of the Group.For the following disclosures, as the Group\u2019s consolidated Financial Statements include the equivalent disclosures, the Company has taken the exemptions available under FRS 101: \u25a0 IFRS 2 \u2018Share-based payments\u2019 in respect of Group equity-settled share-based payments; \u25a0 Certain disclosures required by IFRS 13 \u2018Fair Value Measurement\u2019.Basis of preparationThe Group\u2019s consolidated Financial Statements and the Company\u2019s Financial Statements are prepared under the historical cost convention, unless otherwise stated.The Group\u2019s and Company\u2019s Financial Statements are presented in Pounds Sterling and all values are rounded to the nearest hundred thousand except as otherwise indicated. The Group has engaged in an ongoing review of expected climate change impacts on the business and its assets and liabilities to establish any adjustments required and any reporting necessary in its consolidated Financial Statements for the year ended 31 March 2025. The ongoing risk assessment is detailed within the climate-related risks and opportunities section on page 74 of the Risk Management section and in the TCFD Report on pages 53 to 67 in the Strategic Report.The process has involved a review of all balance sheet line items and future cash flows, to identify if any of these items is expected to be materially impacted in a negative or positive way by weather, legislative, societal or revenue/cost changes.The conclusion of the review was that, whilst there will undoubtedly be impacts on the Group, the highly disaggregated nature of the operations of the Group and the target markets the Group operates in, significantly reduces the risk profile of the Group to impacts from weather-related changes. The changes necessary to achieve the Group\u2019s net-zero by 2040 commitment is not expected to have a materially adverse impact on the cash flows of the Group and indeed, warmer climates may present enhanced opportunities in our target markets as disclosed on pages 16 to 19 and 56 to 61 of this report. Societal and legislative impacts are not considered to have a material impact on any one segment such that we need to report in a different way to previous years. Judgements are not considered to be significant, although clearly understanding of climate change is developing with time. The area with the most judgement is goodwill impairment testing and a description is given in note 18 of the incremental processes undertaken to assess the climate change impact on the valuations. Management review has concluded that there is no material impact and that no further disclosure is required.Going concernIn line with IAS 1 \u2018Presentation of Financial Statements\u2019 and revised guidance on risk management, internal control and related financial and business reporting, management has taken into account all available information about the future for a period of at least, but not limited to, 12 months from the date of approval of the Financial Statements when assessing the Group\u2019s and Company\u2019s ability to continue as a going concern.The Group\u2019s business activities, together with factors which may adversely impact its future development, performance and position, are set out in the Strategic Report on pages 20 to 27. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the Finance Review section of the Strategic Report on pages 28 to 33. The Group\u2019s forecasts and projections, taking account of the sensitivity analysis of changes in trading performance, show that the Group is well placed to operate within its current debt facilities of \u00a3240m committed up to the end of August 2027. The Viability Base Case, as stated on pages 79 to 80 has been subjected to sensitivity analysis involving flexing a number of the underlying key assumptions, both individually and in conjunction. The sensitivities take into account the principal risks and uncertainties set out on pages 73 to 78, notably instability in the economic environment, underperformance of acquired businesses, climate-related risks, loss of key customers and suppliers, major business disruption, liquidity restriction, debt covenants, interest rate increases, the impact of US tariffs and counter tariffs and adverse foreign currency movements. The most severe but plausible downside scenario assumes a worsening of the economic environment caused by a number of factors including geo-political events, the impact of US tariffs and counter tariffs and significant reduction in consumer demand due to continuing inflationary pressures and elevated interest rates. This downside scenario results in a significant decline in the second half sales of FY 2025/26, with FY 2026/27 sales flat on the reduced FY 2025/26 level, and modest growth in FY 2027/28. Additionally, gross margin was reduced, working capital materially increased, significant one-off expenditures included (product liability, major customer insolvency or litigation, climate change, cyber-security incident, inventory obsolescence), interest rates increased and the Group effective tax rate increased.After factoring in these significant additional downsides to the Viability Base Case, there remains good headroom both in terms of liquidity and our debt covenants. This is supported by the fact that the Group sells a wide portfolio of different products across a diverse set of industries and geographies, has low customer / supplier concentration, a global supply chain network, diverse manufacturing capacity, and has well-established relationships with its customers. These factors are considered important in mitigating many of the risks that could affect the long-term viability of the Group. As a consequence, the Directors believe that the Group is well placed to manage its principal risks and uncertainties as disclosed on pages 73 to 78 of the Strategic Report.Reverse stress testing has also been applied to the most plausible downside scenario to determine the level of additional downside that would be required before the Group would breach its debt covenants or current liquidity headroom during the assessment period. The reverse stress test was conducted on the basis that certain mitigating actions would be undertaken to reduce overheads and capital expenditure during the period as sales declined and, on that basis, a fall in adjusted operating margin to below 6.7% in FY 2025/26 would be required before such a breach occurred. The Board considers the possibility of such a scenario to be remote and further mitigation, such as hiring freezes, pay and bonus reductions, headcount reductions, reduction in planned capital expenditure, equity raises and suspension of dividend payments, would be available if future trading conditions indicated that such an outcome were possible.The Company acts as a holding company for investments in the subsidiaries and does not engage in any trading activities directly and thus is dependent on the trading activities of its subsidiaries. The Company holds sufficient net current assets as at 31 March 2025 to continue as a going concern. The Directors are confident that the Company and the Group have sufficient resources to continue in operational existence for at least 12 months from the date of approval of the Financial Statements. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and Financial Statements.Basis of consolidation The Group\u2019s consolidated Financial Statements consolidate the results of discoverIE Group plc and entities controlled by the Company (its subsidiaries).The consolidated Financial Statements comprise the Financial Statements of the Group and its subsidiaries for the year ended 31 March 2025. Subsidiaries are entities controlled by the Group. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its control over it. In assessing control, the Group takes into account: (i) the power over the investee (i.e. existing rights that give it the current ability to direct its relevant activities); (ii) exposure, or rights, to variable returns from its involvement with the investee; and (iii) the ability to use its power over the investee to affect its returns.The Group reassesses whether or not it controls a subsidiary if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control and ceases when the Group loses control of the subsidiary. Assets, liabilities, profits and losses of a subsidiary acquired or disposed of during the year are included in the consolidated Financial Statements from the date control commences until the date control ceases.When necessary, adjustments are made to the Financial Statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value and the amount of any non-controlling interest in the acquiree.When the Group acquires a business, it assesses the financial assets acquired and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and relevant conditions at the acquisition date. Any contingent consideration payable to the vendor is measured and recognised at fair value through profit and loss (\u201cFVTPL\u201d) at the acquisition date. Subsequent changes to the fair value of the contingent consideration are recognised in accordance with IFRS 9 \u2018Financial Instruments: Classification and measurement\u2019 in the consolidated Statement of Profit or Loss. Goodwill is initially measured at cost, being the excess of the aggregate of the acquisition-date fair value of the consideration transferred and the amount recognised for the non-controlling interest over the net identifiable amounts of the fair value of assets acquired and the liabilities assumed in exchange for the business combination. Assets acquired and liabilities assumed in transactions separate to the business combinations, such as the settlement of pre-existing relationships or post-acquisition remuneration arrangements, are accounted for separately from the business combination in accordance with their nature and applicable standard. Identifiable intangible assets, meeting either the contractual-legal or separability criterion are recognised separately from goodwill. Contingent liabilities representing a present obligation are recognised if the acquisition-date fair value can be measured reliably.After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s four sub-divisions. Within each of these sub-divisions are aggregated business units (cash-generating units (\u201cCGUs\u201d) with similar characteristics) that are expected to benefit from the business combination. Each sub-division to which goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes and shall not be larger than any of the Group\u2019s operating segment. Where goodwill forms part of a CGU, and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the portion of the CGU retained.Non-current assets held for saleAn asset or liability is classified as held for sale if it is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets and that it is highly probable the asset will be sold within one year from the date of classification. Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the consolidated Statement of Financial Position. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the consolidated Statement of Financial Position. Additional disclosures are provided in note 12.Investments (Company only)Investments in subsidiary and associated undertakings are stated initially at cost, being the fair value of the consideration given and including directly attributable transaction costs. The carrying values are reviewed for impairment if events or changes in circumstances indicate the carrying values may not be recoverable. Intangible assets \u2013 otherOther intangible assets that are separately acquired by the Group are stated at cost less accumulated amortisation and impairment losses. Other intangible assets acquired through a business combination are recognised at fair value at the date of acquisition less accumulated amortisation and impairment losses from the date of acquisition. Amortisation is charged to the Statement of Profit or Loss within operating costs on a straight-line basis over the useful economic lives of the intangible assets. The estimated useful economic lives are as follows: (a) Software (implementation costs of IT systems) 3 to 10 years(b) Acquired intangible assets: \u2013 Customer relationships 5 to 12 years\u2013 Patents Patent term(c) Intangible assets \u2013 research and developmentExpenditure on research activities is recognised as an expense in the period in which it is incurred. An internally generated intangible asset arising from the Group\u2019s development activities is capitalised only if all of the following conditions are met: (a) an asset is created that can be identified; (b) it is probable that the asset created will generate future economic benefits; and (c) the development cost of the asset can be measured reliably. Internally generated intangible assets are amortised ona straight-line basis over their useful lives between five and ten years and charged to the Statement of Profit or Loss. The Group only capitalises costs relating to the configuration and customisation of Software-as-a-service arrangements (\u201cSaaS\u201d) as intangible assets where control of the asset exists. Costs that are paid to SaaS suppliers in advance of the service provided are recognised in prepayments and amortised over the service period.All other development expenditure is written off in the accounting period in which it is incurred. Property, plant and equipment Items of owned property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Cost consists of all those elements which are directly attributable to bringing the asset into working condition for its intended use. Where there has been an indication of impairment in value such that the recoverable amount of an asset falls below its net book value, provision is made for such impairment. Wherever possible, individual assets are tested for impairment. However, impairment can often be tested only for groups of assets because the cash flows upon which the calculation is based do not arise from the use of a single asset. In these cases, impairment is measured for the smallest group of assets (\u201cCGU\u201d) that produces a largely independent income stream. The cost of property, plant and equipment is charged to the Statement of Profit or Loss on a straight-line basis over the assets\u2019 estimated useful economic lives, taking into account their estimated residual value. The principal annual rates of depreciation are: Land and buildings Freehold property 2% to 4% per annumLeasehold buildings Shorter of lease term and useful lifeLand Not depreciatedLeasehold improvements 10% to 20% per annum or over the life of the lease if shorterPlant and equipment 5% to 33% per annumImpairment of non-financial assetsThe carrying amounts of the Group\u2019s assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If such an indication exists, the asset\u2019s recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of the asset or its cash generating unit exceeds its recoverable amount. Impairment losses are recognised in the Statement of Profit or Loss.The recoverable amount of assets is the greater of their net selling price and value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the CGU to which the asset belongs. A CGU is the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. When estimating the future cash flows for the value-in-use calculation, the Group includes projections of cash outflows including central costs that are necessarily incurred to generate the cash inflows and that can be directly attributed or allocated on a reasonable and consistent basis to each CGU.Impairment losses recognised in respect of CGUs are allocated first against the carrying value of any goodwill allocated to that unit, and then against the carrying values of other assets in the unit, on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, an impairment loss is reversed when there is an indication that the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount.Financial instrumentsFinancial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument. Unconditional receivables and payables are recognised as assets or liabilities when the Group becomes a party to the contract and, as a consequence, has a legal right to receive or a legal obligation to pay cash. However, recognition of financial assets to be acquired and financial liabilities to be incurred as a result of a firm commitment to purchase or sell goods or services, such as trade receivables and trade payables, is usually delayed until at least one of the parties has performed under the agreement and the ordered goods or services have been shipped, delivered or rendered. A forward contract that is within the scope of IFRS 9, such as a forward foreign exchange contract, is recognised as an asset or a liability on the commitment date at which point the fair value of the right and obligation are usually equal and the net fair value of the forward contract on initial recognition is zero. If the net fair value of the right and obligation is not zero, the contract is recognised as an asset or liability. The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risk and rewards of ownership of the financial asset are transferred, or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or have expired. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid is recognised in the Statement of Profit or Loss.Offsetting financial instruments Financial assets and liabilities are only offset, and the net amount reported in the Statement of Financial Position, when there is a legally enforceable right to offset and there is an intention to settle on a net basis or realise the asset and the liability simultaneously.Allowance for expected credit losses The Group measures loss allowances for financial assets, including trade receivables, at an amount equal to lifetime expected credit losses (\u201cECL\u201d). This requires consideration of both historical and forward-looking information when considering potential impairment of trade receivables. A provision matrix is used to calculate the expected credit loss, which is based upon historical observed default rates adjusted for forward-looking information to create an adjusted default rate, which is applied to the outstanding invoices at the balance sheet date.Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. Credit-impaired financial assetsAt each reporting date the Group assesses whether financial assets carried at amortised cost are credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred, such as a significant change in the credit risk profile of a customer, a debt has become significantly overdue or a contract default.Write-off of financial assets The gross carrying amount of a financial asset is written down to its recoverable amount when the Group has no reasonable expectation of recovering a financial asset in its entirety or a portion thereof.Derivative financial instrumentsThe Group uses derivative financial instruments to hedge its exposure to foreign exchange risks arising from operational activities. It principally employs forward foreign exchange contracts to hedge the risks associated with foreign currency fluctuations relating to certain firm commitments and highly probable forecast transactions. The fair value of derivative foreign exchange instruments is determined on initial recognition at forward market exchange rates at inception of the contract and subsequently remeasured based on forward market exchange rates at the balance sheet date.Inventories Inventories comprise finished goods, goods held for resale, raw materials and work in progress and are stated at the lower of cost and net realisable value after making allowance for any obsolete or slow-moving items. Cost comprises direct materials, inward carriage and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Cash and cash equivalents Cash and cash equivalents comprise cash balances and short-term deposits with an original maturity of three months or less. Bank overdrafts represent short-term borrowings repayable on demand and are shown within other financial liabilities in the Statement of Financial Position.The cash balances are separately presented gross in the consolidated Statement of Financial Position, rather than netted off against overdrafts held either by the same entity, or other Group entities, with the same bank. Refer to note 22.BorrowingsBorrowings are recognised initially at fair value less directly attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the Statement of Profit or Loss over the period of the borrowings on an effective interest basis. ProvisionsA provision is recognised when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. Where the effect is material, provisions are discounted to present value. The unwinding of the discount is recognised as a finance cost in the Statement of Profit or Loss.A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and the restructuring has either commenced or has been publicly announced. Future operating costs are not provided for. The Group also recognises provisions for dilapidation, warranty, retirement indemnity and severance.LeasingThe Group assesses at contract inception whether a contract is, or contains, a lease, that is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Separating components of a contract Contracts usually combine different kinds of obligation of the supplier, which may be formed by lease components or lease and non-lease components, such as maintenance or services. The Group identifies the lease and non-lease components and accounts for those separately, applying the relevant standard to each one. Consideration is allocated to each lease component on the basis of the relative standalone price of the lease component and the aggregate standalone price of the non-lease component.Lease term The Group considers the lease term as the non-cancellable period of the lease plus periods covered by an option to extend or an option to terminate if the lessee is reasonably certain to exercise the extension option or not exercise the termination option.i) Right of use assets The Group recognises right of use assets at the commencement date of the lease. Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes the amount of lease liabilities recognised, initial direct costs incurred, any lease payments made at or before the commencement date, provision for decommissioning the asset at the end of the contract, less any lease incentives received. Right of use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.ii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees, where applicable.The lease payments also include, when applicable, the exercise price of a purchase option which is reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are usually recognised as expenses in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is a combination of country-specific government bond yields, used as a proxy for a risk-free rate, calculated over various periods linked to existing lease terms. This rate is adjusted for borrowing costs and risks specific to each entity of the Group.After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, such as a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. Any adjustment of the lease liability is reflected as an adjustment to the right of use asset. If the carrying amount of the right of use asset has already been reduced to zero, the remaining remeasurement is recognised in the Statement of Profit or Loss.The Group has adopted the practical expedient under IFRS 16 not to recognise right of use assets and lease liabilities for short-term leases, with a lease term of 12 months or less, and leases in which the underlying asset is of low value. Lease payments relating to these leases are expensed to the Statement of Profit or Loss on a straight-line basis over the lease term.Borrowing costsBorrowing costs are recognised as an expense in the period in which they are incurred, in accordance with the effective interest rate method.Pensions Payments to defined contribution pension schemes are charged as an expense as they fall due. In respect of defined benefit pension schemes, the position recognised in the consolidated Statement of Financial Position represents the present value of the defined benefit obligation, reduced by the fair value of the scheme assets. Obligations to provide future benefits to employees earned through prior service are estimated and discounted to present value. Plan assets are measured at fair value. The cost of providing benefits under the defined benefit plans is determined by actuarial valuation, using the projected unit credit method.Any pension asset surplus would be fully recoverable by the Group in line with the rules of the scheme. Therefore, the IAS 19 surplus is recognised in full under current accounting standards.Actuarial remeasurement of the net defined benefit asset or liability comprises (a) actuarial gains and losses, (b) the return on plan assets in excess of the amount included in net interest on the net defined benefit asset or liability, and (c) any change in the effect of the asset ceiling (where applicable), excluding any amount included in net interest on the net defined benefit asset or liability; and is recognised immediately in the Statement of Financial Position with a corresponding entry in retained earnings through Other Comprehensive Income in the period in which it occurs. Remeasurement gains or losses are not reclassified to profit or loss in subsequent periods.Share-based paymentsCertain employees of the Group receive remuneration in the form of share-based payments, whereby employees render services as a consideration for equity instruments (equity-settled transactions). The Group operates a \u201cLong-Term Incentive Plan\u201c\u2013 (\u201cLTIP\u201d) and an \u201cApproved and unapproved executive share option scheme\u201d \u2013 (\u201cCSOP\u201d).The cost of equity-settled transactions with employees is measured by reference to the fair value at the date the grant is made, calculated using an option pricing model, and is recognised as an expense over the three-year vesting period, which ends on the date on which the relevant employees become fully entitled to the award. In valuing equity-settled transactions, no account is taken of non-market vesting conditions.For the LTIP, at each reporting date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management\u2019s best estimate of the achievement or otherwise of non-market conditions and hence the number of equity instruments that will ultimately vest, also taking into consideration the impact of forfeitures and cancellations during the year. The movement in cumulative expense since the previous reporting date is recognised in the Statement of Profit or Loss, with a corresponding entry in equity.The CSOP awards are subject only to continuing service of the employee. At each reporting date, the cumulative expense, calculated on a straight-line basis over the three-year vesting period, and taking into consideration forfeitures and cancellations during the year, is recognised in the Statement of Profit or Loss, with a corresponding entry in equity.The issuance by the Company to its subsidiaries\u2019 employees of a grant of options over the Company\u2019s shares represents additional capital contributions by the Company in its subsidiaries. The additional capital contribution is based on the fair value of the grant issued, allocated over the underlying grant\u2019s vesting period. Taxation Income tax comprises current tax and deferred tax. Current tax is the amount of income taxes payable/(recoverable) in respect of the taxable profit/(taxable loss) for a period and any adjustments to tax payable in respect of previous years. Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted by the reporting date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.Deferred tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Financial Statements, with the following exceptions: \u25a0 where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss; \u25a0 in respect of taxable temporary differences associated with investments in subsidiaries and associates, where the timing of the reversal of the temporary differences can be controlled by the Group and it is probable that the temporary differences will not reverse in the foreseeable future; and \u25a0 deferred tax assets are recognised only to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, carried forward tax credits or tax losses can be utilised. Deferred tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the related asset is realised or liability is settled, based on tax rates and laws enacted or substantively enacted at the reporting date.Income tax is charged or credited directly to equity or Other Comprehensive Income if it relates to items that are credited or charged to equity or Other Comprehensive Income respectively. Otherwise, income tax is recognised in the Statement of Profit or Loss.The Group has performed an assessment of its potential exposure to income taxes arising under Pillar Two legislation. The Group\u2019s annual revenue does not meet the relevant \u20ac750m threshold, therefore no Pillar Two disclosures have been included.Foreign currency translationTransactions in foreign currencies are initially recorded in the functional currency at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date and gains or losses on translation are included in the Statement of Profit or Loss. The Group recognises currency gains and losses arising from the retranslation of the opening net assets of foreign operations as a movement on reserves, net of tax. The differences that arise from translating the results of overseas businesses at average rates of exchange, and their assets and liabilities at closing rates, are dealt with in a separate currency translation reserve. All other currency gains and losses are dealt with in the consolidated Statement of Profit or Loss.Revenue recognitionThe Group realises revenue from its principal activities through the sale of highly differentiated electronic products into five target markets: renewable energy, transportation, medical, industrial & connectivity and security. Revenue is recognised in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services, excluding value added tax and other sales related taxes. Transaction price is allocated to each performance obligation on the basis of the relative standalone selling prices of each distinct good or service promised in the contract. If a standalone selling price is not observable, the Group estimates it. The transaction price may include a discount or a variable amount of consideration that relates to all or part of the contract. The Group will review the requirements and specify when the variable amount should be allocated to one or more, but not all, performance obligations in the contract.Control of a good or service is obtained when the customer has the ability to direct the use of and obtain substantially all the benefits from the good or service. The Group recognises revenue from product sales at a point in time on shipment, on delivery or when goods are accepted by the customer, depending on the Incoterm used for the sale transaction.Product support and maintenance services are recognised over the period of the service delivery as the customer receives the benefit of the service over time; progress is measured by reference to service periods.When another party is involved in providing goods or services to the customer, the Group determines whether the nature of its promise is a performance obligation to provide the specified goods or services itself (principal) or to arrange for those goods or services to be provided by the other party (agent) and recognises revenue accordingly.Contract balancesReceivablesReceivables are billed under the terms of the contract for delivered goods and services that are not conditional on anything other than the passage of time. They are recognised initially at the amount of consideration that is unconditional and are subsequently measured at amortised cost using the effective interest method, less loss allowance. These assets are classified as trade receivables.Certain businesses participate in receivables working capital programmes and have the ability to choose whether to receive payment earlier than the normal due date, for specific customers on a non-recourse basis. As at 31 March 2025, eligible receivables under these programmes have been factored and derecognised in line with the derecognition criteria of IFRS 9 \u2018Financial Instruments\u2019.Contract liabilitiesContract liabilities represent the Group\u2019s unsatisfied obligation(s) for the transfer of goods or services to the customer for which consideration has been received from the customer; and/or advance payments received from a customer in consideration of future performance obligations. Segment reportingOperating segments are reported in a manner consistent with internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board.Dividends paidDividends are recognised when they meet the criteria for recognition as a liability. In relation to final dividends, this is when the dividend is approved by the Shareholders in the Annual General Meeting, and in relation to interim dividends, when paid.Dividend incomeDividend income is recognised in the Statement of Profit or Loss on the date on which the Group\u2019s right to receive payment is established.ReservesShare premium: Proceeds received in excess of the nominal value of shares issued, net of any transaction costs.Merger reserve: Relates to historic equity transactions.Currency translation reserve: Gains and losses arising on re-translating net assets of overseas operations into sterling.Retained earnings: All other net gains and losses and transactions with owners not recognised elsewhere.Critical accounting judgements and key sources of estimation uncertaintyThe preparation of Financial Statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other applicable factors, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are reviewed on an ongoing basis. Actual results may differ from these estimates and any revisions to estimates are recognised prospectively.Information about judgements, assumptions and estimation uncertainties as at 31 March 2025 that could result in a material adjustment to the carrying amount of assets and liabilities in the next financial year is addressed as follows: Key sources of estimation uncertainties \u25a0 Fair value of contingent consideration in a business combination (Group only): Estimates are made in the assessment of the fair value of the contingent consideration for its initial recognition and its subsequent measurement. Estimates used include discount rate and trading forecasts. Note 28 provides details on sensitivity of contingent consideration. 3. New accounting standards and financial reporting requirements New standards appliedThe Group has applied the following standards and amendments for the first time for its annual reporting period commencing 1 April 2024: \u25a0 IAS 1 Presentation of Financial Statements: Non-current Liabilities with Covenants and classification of liabilities as current or non-current \u2013 Amendment \u25a0 IFRS 16 Leases: Lease liability in a Sale and Leaseback \u2013 Amendment \u25a0 IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosures: Supplier Finance Arrangements \u2013 AmendmentThese and other amendments, changes and improvements to IFRS issued by the International Accounting Standard Board (\u201cIASB\u201d) have had no material impact on the Group and Company\u2019s current financial results or financial position.New standards not yet appliedCertain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for the 31 March 2025 reporting period and have not been early adopted by the Group. The impact of IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 is currently being assessed and it is not yet practicable to quantify the effect. IFRS 18 will be applicable for the Group for the year ending 31 March 2028.4. RevenueGroup revenue is analysed below:20252024\u00a3m\u00a3mSale of goods 417.7 431.4Rendering of services 5.2 5.6Total revenue 422.9 437.05. Operating segment informationThe Reportable Operating Segments of the Group include two distinct divisions, Magnetics & Controls (\u201cM&C\u201d) and Sensing & Connectivity (\u201cS&C\u201d). Within each of these reportable operating segments are aggregated business units with similar characteristics such as the nature of customers, products, risk profile and economic characteristics.Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is reported and evaluated based on operating profit or loss earned by each segment. Unallocated costs relate to central head office administration costs that are not directly attributable to the Operating Segments.Segment revenue and resultsMagnetics Sensing & UnallocatedTotal& ControlsConnectivityCosts2025\u00a3m\u00a3m\u00a3m\u00a3mRevenue 247.4 175.5 \u2013 422.9ResultAdjusted operating profit/(loss) 36.3 36.0 (11.8) 60.5Net acquisition and disposal expenses 0.5 (2.4) \u2013 (1.9)Amortisation of acquired intangible assets (6.3) (9.9) \u2013 (16.2)Operating profit/(loss) 30.5 23.7 (11.8) 42.4Magnetics Sensing & UnallocatedTotal& ControlsConnectivityCosts2024\u00a3m\u00a3m\u00a3m\u00a3mRevenue 265.1 171.9 \u2013 437.0ResultAdjusted operating profit/(loss) 40.6 28.9 (12.3) 57.2Net acquisition and disposal expenses (2.2) (7.6) \u2013 (9.8)Amortisation of acquired intangible assets (6.6) (9.6) \u2013 (16.2)Operating profit/(loss) 31.8 11.7 (12.3) 31.2Segment assets and liabilitiesFor the purposes of monitoring segment performance and allocating resources between segments, the Directors monitor the net assets attributable to each segment. Assets and liabilities are allocated to reportable segments, with the exception of the pension liability/asset, tax assets and liabilities, cash, borrowings and overdrafts, central assets (Head Office assets) and central liabilities (Head Office liabilities), as shown below:Magnetics Sensing & 2025& ControlsConnectivityUnallocatedTotal Assets and liabilities\u00a3m\u00a3m\u00a3m\u00a3mSegment assets (excluding goodwill and other intangible assets) 119.1 85.0 204.1Goodwill and other intangible assets 138.6 197.8 336.4257.7 282.8 540.5Central assets 3.6 3.6Cash and cash equivalents 139.3 139.3Current and deferred tax assets 11.6 11.6Total assets 257.7 282.8 154.5 695.0Segment liabilities (64.4) (45.4) (109.8)Central liabilities (13.9) (13.9)Pension liability (0.5) (0.5)Loans and borrowings (233.6) (233.6)Current and deferred tax liabilities (29.2) (29.2)Total liabilities (64.4) (45.4) (277.2) (387.0)Net assets/(liabilities) 193.3 237.4 (122.7) 308.0Magnetics Sensing & 2024& ControlsConnectivityUnallocatedTotal Assets and liabilities\u00a3m\u00a3m\u00a3m\u00a3mSegment assets (excluding goodwill and other intangible assets) 124.7 74.4 199.1Goodwill and other intangible assets 146.7 182.8 329.5271.4 257.2 528.6Central assets 11.1 11.1Cash and cash equivalents 110.8 110.8Pension asset 0.3 0.3Current and deferred tax assets 11.2 11.2Assets classified as held for sale 6.7 6.7Total assets 271.4 263.9 133.4 668.7Segment liabilities (65.2) (45.2) (110.4)Central liabilities (10.6) (10.6)Loans and borrowings (214.8) (214.8)Current and deferred tax liabilities (31.3) (31.3)Total liabilities (65.2) (45.2) (256.7) (367.1)Net assets/(liabilities) 206.2 218.7 (123.3) 301.6Other segment informationDepreciation and Additions to non-current 12assetsamortisation2025202420252024\u00a3m\u00a3m\u00a3m\u00a3mMagnetics & Controls 13.2 12.8 12.0 42.2Sensing & Connectivity 14.8 14.7 37.4 54.0Central 0.4 0.3 0.1 0.128.4 27.8 49.5 96.31 Includes depreciation and amortisation of right of use assets, property, plant and equipment and intangibles.2 Magnetics & Controls additions to non-current assets comprised intangible assets \u00a30.5m (2024: \u00a315.8m), goodwill \u00a3nil (2024: 20.0m), right of use assets \u00a37.7m (2024: 3.2m) and tangible assets \u00a33.8m (2024: \u00a33.2m). Sensing & Connectivity additions to non-current assets comprised intangible assets \u00a311.9m (2024: \u00a317.1m), goodwill \u00a315.5m (2024: \u00a329.3m), right of use assets \u00a36.8m (2024: \u00a35.3m) and tangible assets \u00a33.2m (2024: \u00a32.3m). Central additions to non-current assets comprised right of use assets of \u00a30.1m (2024: \u00a30.1m).Geographical informationThe Group\u2019s revenue from external customers based on customer locations and information about its segment assets (excluding pension asset) by geographical location are detailed below:Revenue from external Non-currentcustomersassets2025202420252024\u00a3m\u00a3m\u00a3m\u00a3mUK 52.8 52.5 137.0 140.1Europe 199.4 206.1 135.5 115.9North America, Asia and Rest of world 170.7 178.4 124.4 124.7422.9 437.0 396.9 380.7In the year ended 31 March 2025, the Group had no customer that represented 10% or more of total Group revenue (2024: no customer).6. Adjusted performance measures These Financial Statements include adjusted performance measures that are not prepared in accordance with IFRS. These alternative performance measures have been selected by management to assist them in making operating decisions as they represent the underlying operating performance of the Group and facilitate internal comparisons of performance over time.Adjusted performance measures are presented in these Financial Statements as management believe they provide investors with a means of evaluating performance of the Group on a consistent basis, similar to the way in which management evaluates performance, that is not otherwise apparent on an IFRS basis, given that certain strategic non-recurring and acquisition-related items that management does not believe are indicative of the underlying operating performance of the Group are included when preparing financial measures under IFRS. The trading results of acquired businesses are included in adjusted performance.The Directors consider there to be the following key adjusted performance measures:Adjusted operating profit\u201cAdjusted operating profit\u201d is defined as operating profit excluding acquisition and disposal related costs (namely amortisation of acquired intangible assets and acquisition and disposal expenses).Acquisition and disposal expenses comprise transaction costs relating to acquisitions and disposals, contingent consideration relating to the retention of former owners of acquired businesses, adjustments to previously estimated contingent consideration, costs related to integration of acquired businesses into the Group and restructuring costs and expenses incurred in relation to the disposal of the Santon solar business unit, including its losses incurred following the announcement of its closure.Adjusted EBITDA\u201cAdjusted EBITDA\u201d is defined as adjusted operating profit with depreciation, amortisation, equity-settled share-based payment expense and IAS 19 pension cost added back.Adjusted operating margin\u201cAdjusted operating margin\u201d is defined as adjusted operating profit divided by revenue.Adjusted profit before tax\u201cAdjusted profit before tax\u201d is defined as profit before tax excluding acquisition and disposal related costs (namely amortisation of acquired intangible assets and acquisition and disposal expenses).Adjusted tax charge / Adjusted effective tax rate (\u201cETR\u201d)\u201cAdjusted tax charge\u201d is defined as the tax charge adjusted for the tax effect of the acquisition and disposal related costs (namely amortisation of acquired intangible assets and acquisition and disposal expenses).\u201cAdjusted ETR\u201d is defined as adjusted tax charge divided by adjusted profit before tax.Adjusted profit after tax\u201cAdjusted profit after tax\u201d is defined as adjusted profit before tax less adjusted tax charge.Adjusted earnings per share\u201cAdjusted earnings per share - diluted\u201d is calculated as adjusted profit before tax reduced by the adjusted tax charge, divided by the weighted average number of ordinary shares (for diluted earnings per share purposes) in issue during the year. \u201cAdjusted earnings per share - basic\u201d is calculated as adjusted profit before tax reduced by the adjusted tax charge, divided by the weighted average number of ordinary shares (for basic earnings per share purposes) in issue during the year. Adjusted operating cash flow / Adjusted operating cash conversion\u201cAdjusted operating cash flow\u201d is defined as adjusted EBITDA, plus/minus the investment in, or release of, working capital and less the cash cost of capital expenditure and lease payments.\u201cAdjusted operating cash conversion\u201d is defined as adjusted operating cash flow divided by adjusted operating profit.Free cash flow / Free cash flow conversion\u201cFree cash flow\u201d is defined as net cash flow before dividend payments, the cost of acquisitions and proceeds from business disposals.\u201cFree cash flow conversion\u201d is free cash flow divided by adjusted profit after tax.Return on capital employed (\u201cROCE\u201d) / Return on tangible capital employed (\u201cROTCE\u201d)\u201cROCE\u201d is defined as adjusted operating profit, including the annualisation of profits of acquired businesses, as a percentage of net assets excluding net debt, deferred consideration related to discontinued operations, assets held for sale and legacy defined benefit pension asset/(liability).\u201cROTCE\u201d is defined as ROCE excluding the value of acquired goodwill and intangibles, lease liabilities, provisions and tax balances.Organic and CER revenue growth\u201cCER revenue growth\u201d is defined as growth rates at constant exchange rates.\u201cOrganic revenue growth\u201d is defined as CER revenue growth adjusted for the effect of acquisitions in the last 12 months and excluding last year\u2019s announced disposal of the Santon solar business unit. Gearing ratioGearing ratio is defined as net debt divided by adjusted EBITDA, including the annualisation of acquired businesses, excluding lease payments.The tables below show the reconciliation to the IFRS reporting measures, for the main adjusted performance measures used by the Group.Adjusted operating profit / Adjusted EBITDAAdjusted operating profit and EBITDA are calculated as follows:20252024 \u00a3m\u00a3mOperating profit 42.4 31.2Add back Net acquisition and disposal expenses (a) 1.9 9.8 Amortisation of acquired intangibles 16.2 16.2Adjusted operating profit 60.5 57.2Add back Depreciation and amortisation 12.4 12.5 Share-based payment and IAS 19 pension cost 2.7 3.4Adjusted EBITDA 75.6 73.1a. Net acquisition and disposal expenses comprise \u00a31.4m of transaction costs in relation to the acquisition of Burster, Hivolt and ongoing transactions and \u00a33.1m of integration and restructuring expenses related to the establishment of our operating clusters mainly associated with removing duplicate positions in our Magnetics and Sensing clusters, offset by \u00a30.5m credit relating to the movement in fair value of contingent consideration and assets acquired on past acquisitions and \u00a32.1m gain on disposal of the Santon solar business as announced in the prior year. During the prior year, net acquisition and disposal expenses of \u00a39.8m comprised \u00a33.1m of transaction costs in relation to the acquisition of Silvertel, 2J, Shape, DTI, IKN and ongoing transactions, \u00a30.8m charge relating to the movement in fair value of contingent consideration and assets acquired on past acquisitions and \u00a35.9m of costs in relation to the disposal of the Santon solar business unit.Adjusted profit before taxAdjusted profit before tax is calculated as follows:20252024 \u00a3m\u00a3mProfit before tax 32.0 22.2Add back Net acquisition and disposal expenses 1.9 9.8 Amortisation of acquired intangible assets 16.2 16.2Adjusted profit before tax 50.1 48.2Adjusted effective tax rateAdjusted effective tax rate (\u201cETR\u201d) is calculated as follows:20252024 \u00a3m\u00a3mAdjusted profit before tax 50.1 48.2Total tax charge 7.4 6.7Add back tax effect of net acquisition and disposal expenses and amortisation of acquired intangible assets 4.6 5.3Adjusted tax charge 12.0 12.0Adjusted effective tax rate 24.0% 24.9%Adjusted profit after tax / Adjusted earnings per shareAdjusted profit after tax and earnings per share are calculated as follows:20252024 \u00a3m\u00a3mProfit for the year 24.6 15.5Add back Net acquisition and disposal expenses 1.9 9.8 Amortisation of acquired intangible assets 16.2 16.2Tax charge relating to the above adjustments (4.6) (5.3)Adjusted profit after tax 38.1 36.220252024NumberNumberWeighted average number of shares for basic earnings per share 96,028,934 95,835,775Effect of dilution \u2013 share options 2,398,601 2,450,593Adjusted weighted average number of shares for diluted earnings per share 98,427,535 98,286,368Adjusted earnings per share - diluted 38.7p 36.8pAdjusted earnings per share - basic 39.7p 37.8pAdjusted operating cash flow / Free cash flow20252024\u00a3m \u00a3mAdjusted EBITDA 75.6 73.1Lease payments (7.5) (6.8)EBITDA (incl. lease payments) 68.1 66.3Changes in working capital 0.3 (2.2)Capital expenditure (6.1) (4.9)Adjusted operating cash flow 62.3 59.2Net interest paid (9.0) (7.7)Tax payments (10.6) (12.5)Legacy pension scheme funding (2.3) (2.0)Free cash flow 40.4 37.0ROCE / ROTCEROCE and ROTCE are calculated as follows:20252024 \u00a3m\u00a3mNet assets 308.0 301.6Less Deferred consideration in relation to disposed businesses (0.3) (6.3) Net debt 94.3 104.0 IAS 19 pension liability/(asset) 0.5 (0.3) Assets held for sale \u2013 (6.7)Capital employed 402.5 392.3Less Goodwill (244.2) (231.7) Acquired intangible assets (90.4) (96.2) Deferred tax assets and liabilities 10.9 13.1 Current tax assets and liabilities 6.7 7.0 Lease liabilities 27.4 20.1 Provisions 9.0 8.8Trading capital employed 121.9 113.4Adjusted operating profit 60.5 57.2Add Annualisation of acquired businesses 3.0 4.2Annualised operating profit 63.5 61.4ROCE 15.8% 15.7%ROTCE 51.7% 54.1%Organic and CER revenue growthOrganic and CER revenue growth are calculated as follows:20252024 `\u00a3m\u00a3mRevenue 422.9 437.0FX translation impact \u2013 (7.4)Adjusted (CER) revenue 422.9 429.6Acquisitions and disposals (34.6) (13.7)Organic revenue 388.3 415.9Organic growth for the Group compared with last year is calculated at constant exchange rates (\u201cCER\u201d) and is shown excluding the first 12 months of acquisitions post completion (Silvertel in August 2023, 2J Antennas Group (\u201c2J\u201d) in September 2023, Shape, DTI and IKN in Q4 2023/24, Hivolt in August 2024 and Burster in January 2025) and the results of last year\u2019s announced disposal of the Santon solar business unit. Gearing ratioGearing ratio is calculated as follows:20252024\u00a3m \u00a3mNet debt 94.3 104.0Adjusted EBITDA 75.6 73.1Lease payments (7.5) (6.8)Annualisation of acquired businesses 3.0 4.2Covenant EBITDA 71.1 70.5Gearing ratio 1.3 1.57. Operating profit20252024\u00a3m\u00a3mRevenue 422.9 437.0Direct materials/direct labour (236.8) (255.0)Other cost of goods sold (4.6) (5.0)Selling and distribution costs (40.9) (41.0)Administrative expenses (98.2) (104.8)Operating profit 42.4 31.2Operating costs are as follows:20252024\u00a3m\u00a3mEmployee costs (note 8) 118.8 114.7Depreciation of property, plant and equipment (note 15) 4.5 4.7Depreciation of right of use assets (note 16) 7.3 6.6Amortisation of other intangible assets (note 19) 16.6 16.5(Gain)/costs related to disposal group (note 6) (2.1) 5.9Expected credit losses (note 21) 0.2 0.4Net foreign exchange differences (0.4) 0.8Inventories: Cost of inventories 196.0 218.6 Write-down of inventories to net realisable value 0.5 0.4Other expenses 39.1 37.2Operating costs 380.5 405.820252024\u00a3m\u00a3mOperating costs 380.5 405.8Less Net acquisition and disposal expenses (1.9) (9.8) Amortisation of acquired intangibles (16.2) (16.2)Adjusted operating costs 362.4 379.88. Employee costs and Directors\u2019 emoluments20252024\u00a3m\u00a3mWages and salaries 99.6 97.2Social security costs 13.1 11.2Other pension costs 4.1 3.7Share-based payments (note 31) 2.0 2.6 118.8 114.7The average monthly number of employees (including Executive Directors) during the year was as follows:2025 2024Sales and marketing 389 349Manufacturing and services 3,559 3,630Administration 447 462 4,395 4,441At 31 March 2025 the Group had 4,497 employees (2024: 4,543).20252024Directors\u2019 emoluments\u00a3\u00a3Aggregate emoluments in respect of qualifying services 1,580,707 1,675,544Aggregate employer contribution to a defined contribution pension scheme and pay in lieu of pension for two directors 70,165 70,164 1,650,872 1,745,708Highest paid DirectorEmoluments in respect of qualifying services 985,059 1,042,670Employer contribution to a defined contribution pension scheme and pay in lieu of pension 42,407 42,406 1,027,466 1,085,076Aggregate emoluments for the Non-Executive Directors were \u00a3415,325 (2024: \u00a3428,450). Further details of all Directors\u2019 emoluments are provided in the Remuneration Report on pages 110 to 133. 9. Finance income/(costs)20252024\u00a3m\u00a3mInterest receivable and similar income 3.7 3.9Finance income 3.7 3.9Finance costs on bank loans and overdrafts (12.5) (11.6)Finance costs on lease liabilities (1.0) (0.7)Amortisation of borrowing costs (0.6) (0.6)Finance costs (14.1) (12.9)10. Tax expenseThe major components of the corporation tax expense are summarised below:20252024\u00a3m\u00a3mCurrent taxation:UK adjustments in respect of prior years (0.5) (0.3) (0.5) (0.3)Overseas tax 11.3 10.8Overseas adjustments in respect of prior years (0.6) (1.3) 10.7 9.5Total current taxation expense 10.2 9.2Deferred taxationOrigination and reversal of temporary differences within the UK (0.4) (0.8)Origination and reversal of temporary differences overseas (1.9) (1.9)Adjustment in respect of prior years (0.2) 0.3Increased recognition of historical losses (0.5) (0.1)Impact of tax rate changes 0.2 \u2013Total deferred taxation credit (2.8) (2.5)Tax expense reported in the consolidated Statement of Profit or Loss 7.4 6.720252024Tax recognised in other comprehensive expense\u00a3m\u00a3mDecrease in deferred tax liability on pension 1.2 0.3Tax reported in other comprehensive expense 1.2 0.320252024Tax recognised in equity\u00a3m\u00a3mDecrease in deferred tax asset on share-based payments (1.3) (0.3)Tax reported in equity (1.3) (0.3)The effective rate of taxation for the year is lower (2024: higher) than the standard rate of taxation in the UK of 25% (2024: 25%). A reconciliation of the tax expense applicable to the profit before tax, at the statutory tax rate, to the actual tax expense at the Group\u2019s effective tax rate for the years ended 31 March 2025 and 31 March 2024 respectively is presented below:20252024\u00a3m\u00a3mProfit before tax 32.0 22.2Profit before taxation multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%) 8.0 5.6Effect of:Differences in overseas tax rates (0.2) 0.3Tax losses not recognised (0.1) 0.5Non-deductible expenses 1.3 1.7Increased recognition of historical losses (0.5) (0.1)Impact of tax rate changes on deferred tax 0.2 \u2013Adjustments to deferred taxation expense in respect of prior years (0.2) 0.3Adjustments to current taxation expense in respect of prior years (1.1) (1.6)Total tax reported in the consolidated Statement of Profit or Loss 7.4 6.7Deferred tax 20252024Deferred tax liabilities\u00a3m\u00a3mAccelerated capital allowances (0.7) (0.5)Intangibles (17.5) (20.2)Pensions \u2013 (0.1)Other temporary differences (2.8) (2.2)Gross deferred tax liabilities (21.0) (23.0)Deferred tax assetsDecelerated capital allowances 0.2 \u2013Pensions 0.6 0.5Tax losses 0.9 1.8Share-based payment plans 3.0 4.2Other temporary differences 5.4 3.4Gross deferred tax assets 10.1 9.9\u00a35.0m of deferred tax assets (2024: \u00a35.1m) and \u00a34.9m of deferred tax liabilities (2024: \u00a34.8m) are expected to be recovered or settled no more than 12 months after the reporting period. \u00a35.1m of deferred tax assets (2024: \u00a34.8m) and \u00a316.1m of deferred tax liabilities (2024: \u00a318.2m) are expected to be recovered or settled more than 12 months after the reporting period. Movements in deferred taxAccelerated Share-Other capital Tax based temporary allowancesIntangiblesPensionslossespaymentsdifferencesTotal\u00a3m\u00a3m\u00a3m \u00a3m\u00a3m\u00a3m\u00a3mAt 1 April 2023 (0.4) (18.3) (0.1) 3.2 4.4 1.3 (9.9)(Charged)/credited- to profit and loss (0.1) 3.8 0.2 (1.4) 0.1 (0.1) 2.5- to other comprehensive income \u2013 \u2013 0.3 \u2013 \u2013 \u2013 0.3- directly to equity \u2013 \u2013 \u2013 \u2013 (0.3) \u2013 (0.3)Exchange differences on translation of foreign subsidiaries \u2013 0.3 \u2013 \u2013 \u2013 \u2013 0.3Acquisition-related movements \u2013 (6.0) \u2013 \u2013 \u2013 \u2013 (6.0)At 31 March 2024 (0.5) (20.2) 0.4 1.8 4.2 1.2 (13.1)(Charged)/credited- to profit and loss \u2013 3.1 (1.0) (0.9) 0.1 1.5 2.8- to other comprehensive income \u2013 \u2013 1.2 \u2013 \u2013 \u2013 1.2- directly to equity \u2013 \u2013 \u2013 \u2013 (1.3) \u2013 (1.3)Exchange differences on translation of foreign subsidiaries \u2013 0.3 \u2013 \u2013 \u2013 (0.1) 0.2Acquisition-related movements \u2013 (0.7) \u2013 \u2013 \u2013 \u2013 (0.7)At 31 March 2025 (0.5) (17.5) 0.6 0.9 3.0 2.6 (10.9)At 31 March 2025, \u00a3nil (2024: \u00a31.4m) of the deferred tax asset in respect of tax losses relates to tax jurisdictions in which tax losses were incurred in the current or preceding period. The recognition of the deferred tax asset is supported by forecasts of sufficient future taxable profits in the relevant jurisdictions. At 31 March 2025, the Group had not recognised any deferred tax asset in respect of tax losses of approximately \u00a323.2m (2024: \u00a326.1m). Deferred tax assets are not recognised where there is insufficient evidence that losses will be utilised.At 31 March 2025, a \u00a31.8m deferred tax liability (2024: \u00a31.3m) has been recognised for withholding taxes payable on the remittance of certain of the Group\u2019s overseas subsidiaries\u2019 unremitted earnings. The aggregate amount of unremitted earnings on which deferred tax has not been recognised is \u00a321.4m (2024: \u00a319.9m). No deferred tax has been recognised on this amount as the Group is able to control the timing of these distributions and is not expecting to distribute these profits in the foreseeable future.11. Business combinationsAcquisitions in the year ended 31 March 2025Acquisition of HivoltOn 1 August 2024, the Group completed the acquisition of 100% of the outstanding ordinary shares of Hivolt Capacitors Limited (\u201cHivolt\u201d), a company incorporated in the United Kingdom. Hivolt is a designer and manufacturer of custom-built capacitors for specialised applications involving high voltages and the acquisition is set to strengthen the Group\u2019s position in the electronics market and enhance its offering across key target sectors, including medical and transportation.Hivolt was acquired for an initial consideration of \u00a33.8m on a cash free, debt free basis, before expenses, funded from the Group\u2019s existing debt facilities. The cash consideration paid of \u00a38.5m includes cash acquired of \u00a35.0m net of deductions for accrued tax and other liabilities and adjustments of \u00a30.3m. In addition, a contingent payment of up to \u00a30.9m will be payable subject to Hivolt achieving certain financial performance conditions over the period between 1 April 2024 and 31 March 2025.The fair value of the identifiable assets and liabilities of Hivolt at the date of acquisition was:Fair value recognised at acquisition\u00a3mIntangible assets \u2013 other (incl. customer relationships) 2.6Property, plant and equipment 0.1Right of use assets 0.2Inventories 0.6Trade and other receivables 0.2Cash acquired 5.0Trade and other payables (0.4)Current tax liabilities (0.1)Deferred tax liabilities (0.7)Lease liabilities (0.2)Total identifiable net assets 7.3Goodwill arising on acquisition 2.1Total investment 9.4Discharged byInitial cash consideration 8.5Contingent consideration 0.99.4Net cash outflows in respect of the acquisition comprise:Total\u00a3mCash consideration 8.5 1Transaction costs (included in operating cash flows)0.1Net cash acquired (5.0)3.61 Acquisition costs of \u00a30.1m were expensed as incurred in the period ended 31 March 2025. These were included within operating costs.Included in cash flow from investing activities is the cash consideration of \u00a38.5m, offset by the net cash acquired of \u00a35.0m.From the date of acquisition to 31 March 2025, Hivolt contributed \u00a32.0m to revenue and a profit of \u00a30.3m to profit after tax of the Group. If the business combination had taken place at the beginning of the year, the consolidated revenue for the Group would have been \u00a3423.9m and the consolidated profit after tax for the Group would have been \u00a324.7m.The goodwill is attributable to the workforce and the high profitability of the acquired business. It will not be deductible for tax purposes. Included in the \u00a32.1m of goodwill recognised above are certain intangible assets that cannot be individually separated and reliably measured, due to their nature. These include the value of expected operational benefits. All the acquired receivables are expected to be collected.Acquisition of BursterOn 15 January 2025, the Group completed the acquisition of the Burster Group (\u201cBurster\u201d), by acquiring the limited partnership interest in burster pr\u00e4zisionsmesstechnik GmbH & Co. KG. Burster is a German-based designer and manufacturer of specialist sensors.Burster was acquired for an initial consideration of \u00a325.6m on a cash free, debt free basis, before expenses, funded from the Group\u2019s existing debt facilities. The cash consideration paid of \u00a325.5m includes cash acquired of \u00a31.3m net of deductions for accrued tax and other liabilities and adjustments of \u00a31.4m. In addition, a contingent payment of up to \u00a310.5m (\u20ac12.4m) will be payable subject to Burster achieving certain financial performance conditions in its year ending 31 December 2025. The fair value of the identifiable assets and liabilities of Burster at the date of acquisition was:Fair value recognised at acquisition\u00a3mIntangible assets \u2013 other (incl. customer relationships) 9.1Property, plant and equipment 1.5Right of use assets 2.8Inventories 6.8Trade and other receivables 0.9Cash acquired 1.3Trade and other payables (1.3)Current tax liabilities (0.4)Lease liabilities (2.8)Total identifiable net assets 17.9Goodwill arising on acquisition 13.4Total investment 31.3Discharged byInitial cash consideration 25.5Contingent consideration 5.831.3Net cash outflows in respect of the acquisition comprise:Total\u00a3mCash consideration 25.5 1Transaction costs (included in operating cash flows)0.7Net cash acquired (1.3)24.91 Acquisition costs of \u00a30.7m were expensed as incurred in the period ended 31 March 2025. These were included within operating costs.Included in cash flow from investing activities is the cash consideration of \u00a325.5m, offset by the net cash acquired of \u00a31.3m.From the date of acquisition to 31 March 2025, Burster contributed \u00a34.8m to revenue and a loss of \u00a30.9m to profit after tax of the Group. If the business combination had taken place at the beginning of the year, the consolidated revenue for the Group would have been \u00a3435.4m and the consolidated profit after tax for the Group would have been \u00a324.5m.The goodwill is attributable to the workforce and the high profitability of the acquired business. It will be deductible for tax purposes. Included in the \u00a313.4m of goodwill recognised above are certain intangible assets that cannot be individually separated and reliably measured, due to their nature. These include the value of expected operational benefits. All the acquired receivables are expected to be collected.Acquisitions in the year ended 31 March 2024There have been no changes to the provisional fair values of the assets and liabilities acquired in the prior year.Acquisition of SilvertelOn 30 August 2023, the Group completed the acquisition of Silver Telecom Limited (\u201cSilvertel\u201d), a company incorporated in the United Kingdom by acquiring 100% of the shares of its parent company SLV Holdings Limited. Silvertel is a designer and manufacturer of differentiated, high-performance Power-over-Ethernet (\u201cPoE\u201d) modules and complementary products for global industrial electronic connectivity markets.Silvertel was acquired for an initial cash consideration of \u00a323.0m before expenses, funded from the Group\u2019s existing debt facilities. In addition, contingent payments of up to \u00a323.0m will be payable subject to Silvertel\u2019s EBIT performance over the next four years. This includes up to \u00a34.0m payable subject to continuous employment during the performance period.The fair value of the identifiable assets and liabilities of Silvertel at the date of acquisition was:Fair value recognised at acquisition\u00a3mIntangible assets \u2013 other (incl. customer relationships) 9.3Property, plant and equipment 0.1Right of use assets 0.2Inventories 2.6Trade and other receivables 1.4Net cash 1.6Trade and other payables (0.9)Current tax liabilities (0.4)Deferred tax liabilities (2.4)Lease liabilities (0.2)Total identifiable net assets 11.3Goodwill arising on acquisition 14.5Total investment 25.8Discharged byInitial cash consideration 23.0Contingent consideration 2.825.8Net cash outflows in respect of the acquisition comprise:Total\u00a3mCash consideration 23.0 1Transaction costs (included in operating cash flows)0.6Net cash acquired (1.6)22.01 Acquisition costs of \u00a30.6m were expensed as incurred in the period ended 31 March 2024. These were included within operating costs.Included in cash flow from investing activities for the year ended 31 March 2024 is the cash consideration of \u00a323.0m and the pre-acquisition tax settled of \u00a30.3m, offset by the net cash acquired of \u00a31.6m.The contingent consideration of \u00a32.8m recognised on acquisition has been subsequently measured and released based on latest forecast performance of the business.From the date of acquisition to 31 March 2024, Silvertel contributed \u00a33.5m to revenue and a loss of \u00a30.9m to profit after tax of the Group. If the business combination had taken place at the beginning of the year, the consolidated revenue for the Group would have been \u00a3440.0m and the consolidated profit after tax for the Group would have been \u00a315.5m.The goodwill was attributable to the workforce and the high profitability of the acquired business. It will not be deductible for tax purposes. Included in the \u00a314.5m of goodwill recognised above were certain intangible assets that cannot be individually separated and reliably measured, due to their nature. These include the value of expected operational benefits. Acquisition of 2J AntennasOn 12 September 2023, the Group completed the acquisition of 2J Antennas Group (\u201c2J\u201d), by acquiring 100% equity and voting rights of 2J Antennas, s.r.o. (Slovakia), 2J Antennas UK Limited and 2J Antennas USA Corp. 2J is a leading designer and manufacturer of high-performance antennas for industrial electronic connectivity applications. 2J was acquired for an initial cash consideration of \u00a344.9m (\u20ac52.4m), before expenses, funded from the Group\u2019s existing debt facilities. The fair value of the identifiable assets and liabilities of 2J at the date of acquisition was:Fair value recognised at acquisition\u00a3mIntangible assets \u2013 other (incl. customer relationships) 16.2Property, plant and equipment 0.5Right of use assets 0.2Inventories 2.8Trade and other receivables 1.9Cash and cash equivalents 1.3Overdraft (0.4)Trade and other payables (1.1)Current tax (1.6)Deferred tax liabilities (3.4)Lease liabilities (0.2)Total identifiable net assets 16.2Goodwill arising on acquisition 28.7Total investment 44.9Discharged byCash 44.9Net cash outflows in respect of the acquisition comprise:Total\u00a3mCash consideration 44.9 1Transaction costs (included in operating cash flows)1.0Net cash acquired (0.9)45.01 Acquisition costs of \u00a31.0m were expensed as incurred in the period ended 31 March 2024. These were included within operating costs.Included in cash flow from investing activities for the year ended 31 March 2024 is the cash consideration of \u00a344.9m and settlement of pre-acquisition tax liabilities of \u00a30.1m, offset by the net cash acquired of \u00a30.9m.From the date of acquisition to 31 March 2024, 2J contributed \u00a37.5m to revenue and loss of \u00a31.0m to profit after tax of the Group. If the business combination had taken place at the beginning of the year, the consolidated revenue for the Group would have been \u00a3442.2m and the consolidated profit after tax for the Group would have been \u00a315.1m.The goodwill was attributable to the workforce and the high profitability of the acquired business. It will not be deductible for tax purposes. Included in the \u00a328.7m of goodwill recognised above were certain intangible assets that cannot be individually separated and reliably measured, due to their nature. These include the value of expected operational benefits. Other acquisitionsShapeOn 24 January 2024, the Group completed the acquisition of Shape LLC (\u201cShape\u201d), a company incorporated in the US, by acquiring 100% of the membership interests of Shape LLC.Shape is a US-based designer and manufacturer of specialty transformer equipment. Shape was acquired for an initial cash consideration of \u00a37.9m ($10.0m), before expenses, funded from the Group\u2019s existing debt facilities. DTIOn 6 March 2024, the Group completed the acquisition of Diamond Technologies, Inc. (\u201cDTI\u201d), a company incorporated in the US, by acquiring 100% of DTI shares.DTI specialises in customised data collection products geared primarily to original equipment manufacturers (\u201cOEM\u201d), including OEM focused embedded barcode, RFID, vision and embedded gateway and controller solutions. DTI was acquired for an initial cash consideration of \u00a36.6m ($8.4m), before expenses, funded from the Group\u2019s existing debt facilities. In addition, a contingent payment of up to \u00a33.2m will be payable subject to DTI\u2019s financial performance over the next three years, subject to the seller\u2019s continuous employment during the performance period.IKNOn 16 March 2024, the Group completed the acquisition of IKN AS (\u201cIKN\u201d), a company incorporated in Norway, by acquiring 100% of IKN AS shares.IKN specialises in products and services for data centres, networking and cabling systems. IKN was acquired for an initial cash consideration of \u00a32.5m (NOK 33.6m), before expenses, funded from the Group\u2019s existing debt facilities. In addition, a contingent payment of up to \u00a30.3m (NOK 3.4m) will be payable subject to IKN\u2019s revenue performance over the period ending 31 December 2024 and subject to IKN achieving certain integration targets. The combined fair value of the identifiable assets and liabilities of the three acquisitions above, at the date of acquisition was:Fair value recognised at acquisition\u00a3mIntangible assets \u2013 other (incl. customer relationships) 7.3Property, plant and equipment 0.1Right of use assets 1.1Inventories 2.8Trade and other receivables 2.4Net cash 0.8Trade and other payables (2.1)Current tax liabilities (0.1)Deferred tax liabilities (0.2)Lease liabilities (1.1)Total identifiable net assets 11.0Goodwill arising on acquisition 6.3Total investment 17.3Discharged byInitial cash consideration 17.2Contingent consideration 0.117.3Net cash outflows in respect of the acquisition comprise:Total\u00a3mCash consideration 17.2Transaction related bonuses 0.8 1Transaction costs (included in operating cash flows)0.9Net cash acquired (0.8)18.11 Acquisition costs of \u00a30.9m were expensed as incurred in the period ended 31 March 2024. These were included within operating costs.Included in cash flow from investing activities in the year ended 31 March 2024 is the cash consideration of \u00a317.0m and the transaction bonus of \u00a30.8m, offset by the net cash acquired of \u00a30.8m. An additional \u00a30.2m related to an adjustment of the purchase price for the IKN acquisition was paid and a credit of \u00a30.2m received for the DTI acquisition by the Group during the year. These were included in the cash flow from investing activities for the year ended 31 March 2025.From the date of acquisition to 31 March 2024, IKN, DTI and Shape contributed \u00a32.1m to revenue and profit of \u00a30.1m to profit after tax of the Group. If the business combination had taken place at the beginning of the year, the consolidated revenue for the Group would have been \u00a3453.2m and the consolidated profit after tax for the Group would have been \u00a315.8m.The goodwill was attributable to the workforce and the high profitability of the acquired businesses. It will not be deductible for tax purposes. Included in the \u00a36.1m of goodwill recognised above were certain intangible assets that cannot be individually separated and reliably measured, due to their nature. These include the value of expected operational benefits. 12. Business disposedDuring the year ended 31 March 2025, the Group completed the disposal of its Santon solar business unit (the \u201cdisposal group\u201d) based in the Netherlands, which was previously classified as held for sale, for consideration of \u00a32.6m. In conjunction with this disposal, the Group also completed the sale of its manufacturing facility in the Netherlands for a total consideration of \u00a35.0m. The overall loss on disposal was \u00a33.8m, of which \u00a32.1m gain was recognised in the year and \u00a35.9m loss in the prior year.The disposals of both the solar business unit and the manufacturing facility generated a net cash inflow of \u00a37.2m after costs.The disposal group is not considered to be a major line of operation. Accordingly, its results are not presented as a discontinued operation for the years ended 31 March 2025 and 31 March 2024.13. Dividends20252024Dividends recognised in equity as distributions to equity holders in the year:\u00a3m\u00a3mEquity dividends on ordinary shares:Final dividend for the year ended 31 March 2024 of 8.25p (2023: 7.90p) 7.9 7.6Interim dividend for the year ended 31 March 2025 of 3.90p (2024: 3.75p) 3.8 3.6Total amounts recognised as equity distributions during the year 11.7 11.220252024Proposed for approval at AGM:\u00a3m\u00a3mEquity dividends on ordinary shares:Final dividend for the year ended 31 March 2025 of 8.60p (2024: 8.25p) 8.3 7.9SummaryDividends per share declared in respect of the year 12.50p 12.00pDividends per share paid in the year 12.15p 11.65pDividends paid in the year \u00a311.7m \u00a311.2m14. Earnings per shareBasic earnings per share is calculated by dividing the net profit for the year attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares outstanding during the year.Diluted earnings per share is the basic earnings per share after allowing for the dilutive effect of the conversion into ordinary shares of the weighted average number of options outstanding during the year. The following reflects the income and share data used in the basic and diluted earnings per share calculations.20252024\u00a3m\u00a3mProfit after tax for the year 24.6 15.520252024NumberNumberWeighted average number of shares for basic earnings per share 96,028,934 95,835,775Effect of dilution \u2013 share options 2,398,601 2,450,593Adjusted weighted average number of shares for diluted earnings per share 98,427,535 98,286,368Basic earnings per share 25.6p 16.2pDiluted earnings per share 25.0p 15.8pAt the year-end, there were 2,648,415 ordinary share options in issue that could potentially dilute adjusted earnings per share in the future, of which 2,398,601 are currently dilutive (2024: 2,713,941 in issue and 2,450,593 dilutive).15. Property, plant and equipmentLand and Leasehold Plant and buildingsimprovementsequipmentTotal\u00a3m\u00a3m\u00a3m\u00a3mCostAt 1 April 2023 9.4 4.1 43.1 56.6Additions 0.9 0.3 3.6 4.8Disposals \u2013 \u2013 (1.2) (1.2)Business acquired (note 11) \u2013 \u2013 0.7 0.71Assets held for sale (note 12) restated(3.1) \u2013 (2.8) (5.9)1Exchange adjustments restated0.1 0.8 (2.1) (1.2)1At 31 March 2024 restated7.3 5.2 41.3 53.8Additions 0.5 1.3 3.6 5.4Disposals \u2013 \u2013 (2.4) (2.4)Business acquired (note 11) \u2013 \u2013 1.6 1.6Exchange adjustments (0.5) \u2013 (0.8) (1.3)At 31 March 2025 7.3 6.5 43.3 57.1Accumulated depreciationAt 1 April 2023 3.1 1.9 26.4 31.4Charge for the year 0.3 0.5 3.9 4.71Assets held for sale (note 12) restated(0.6) \u2013 (0.7) (1.3)Disposals \u2013 \u2013 (1.0) (1.0)1Exchange adjustments restated0.6 \u2013 (1.1) (0.5)1At 31 March 2024 restated3.4 2.4 27.5 33.3Charge for the year 0.3 0.6 3.6 4.5Disposals \u2013 \u2013 (2.4) (2.4)Exchange adjustments (0.5) \u2013 (0.8) (1.3)At 31 March 2025 3.2 3.0 27.9 34.1Net book value at 31 March 2025 4.1 3.5 15.4 23.0Net book value at 31 March 2024 3.9 2.8 13.8 20.51 Prior year cost and accumulated depreciation have been re-presented from \u00a355.2m to \u00a353.8m and \u00a334.7m to \u00a333.3m, respectively, to reflect the correct positions for the Assets held for sale, which had previously been presented net. There were no changes to the net book value at 31 March 2024.Land and buildings includes land with a cost of \u00a31.0m (2024: \u00a30.8m) that is not subject to depreciation.At 31 March 2025 the Group had contractual capital expenditure commitments for plant and equipment and leasehold improvements of \u00a30.4m (2024: \u00a30.2m) for which no provision has been made.16. Leases 16.1 Leasing arrangementsThe Group leases manufacturing and warehousing facilities, offices and various items of plant, machinery, equipment and vehicles.Manufacturing and warehouse facilities generally have lease terms between three and ten years. Lease contracts generally include extension and termination options.16.2 Carrying value of right of use assetsSet out below are the carrying amounts of right of use assets recognised and movements during the year:Land and Plant and buildingsmachineryTotal\u00a3m\u00a3m\u00a3mAt 1 April 2023 17.1 2.1 19.2Exchange adjustments (0.5) 0.1 (0.4)Additions/modifications 5.9 1.2 7.1Depreciation charge (5.4) (1.2) (6.6)Terminations (0.2) \u2013 (0.2)Business acquired (note 11) 1.3 0.2 1.5At 31 March 2024 18.2 2.4 20.6Exchange adjustments (0.1) \u2013 (0.1)Additions/modifications 10.6 1.0 11.6Depreciation charge (6.2) (1.1) (7.3)Terminations (0.1) (0.3) (0.4)Business acquired (note 11) 2.9 0.1 3.0At 31 March 2025 25.3 2.1 27.416.3 Carrying value of lease liabilitiesSet out below are the carrying amounts of lease liabilities and the movements during the year:Total\u00a3mAt 1 April 2023 (18.8)Exchange adjustments 0.5Additions/modifications (6.6)Interest for the year (0.7)Lease payments 6.8Terminations 0.2Business acquired (note 11) (1.5)At 31 March 2024 (20.1)Exchange adjustments 0.2Additions/modifications (11.4)Interest for the year (1.0)Lease payments 7.5Terminations 0.4Business acquired (note 11) (3.0)At 31 March 2025 (27.4)20252024\u00a3m\u00a3mCurrent liabilities 6.2 5.7Non-current liabilities 21.2 14.427.4 20.1Payment of lease liabilities is shown under Financing Activities in the consolidated Statement of Cash Flows.16.4 Amounts recognised in the consolidated Statement of Profit or Loss20252024\u00a3m \u00a3mDepreciation of right of use assets 7.3 6.6Interest expense (included in finance costs) 1.0 0.78.3 7.3During the year ended 31 March 2025, a total of \u00a30.1m was recognised in the consolidated Statement of Profit or Loss relating to payments under short-term and low-value leases (2024: \u00a30.2m).16.5 Extension and termination optionsExtension and termination options are included in a number of property and equipment leases across the Group. These terms are used to maximise operational flexibility in terms of managing contracts. Extension and termination options which are reasonably certain not to be exercised are included in the measurement of the lease liability and right of use asset. There are no lease contracts in place as at 31 March 2025 which include variable lease payments (2024: none).17. Intangible assets \u2013 goodwillCost \u00a3m At 1 April 2023 188.1Business acquired (note 11) 49.3Exchange adjustments (4.0)At 31 March 2024 233.4Business acquired (note 11) 15.5Disposal (1.7)Exchange adjustments (3.0)At 31 March 2025 244.2Impairment \u00a3mAt 31 March 2024 (1.7)Disposal 1.7At 31 March 2025 \u2013Net book value at 31 March 2025 244.2Net book value at 31 March 2024 231.718. Impairment testing of goodwillThe Group\u2019s operations are organised into two distinct divisions, Magnetics & Controls (\u201cM&C\u201d) and Sensing & Connectivity (\u201cS&C\u201d). Each of these divisions comprises two sub-divisions. Within each sub-division are aggregated business units (\u201cCGUs\u201d) that share similar characteristics such as the nature of customers, products, risk profile and economic characteristics.With the increased number of acquisitions and the anticipated synergies across the Group\u2019s businesses in particular within a sub-division, the Group\u2019s management has transitioned from monitoring individual CGUs separately to aggregating the performance outputs of each of the four sub-divisions. This approach is adopted to facilitate the assessment of performance, resource allocation, and strategic decision-making. For the year ended 31 March 2025, the Group\u2019s management has determined that the lowest level within the Group at which the goodwill is monitored for internal management purposes consists of the four sub-divisions, each comprising a number of CGUs. Therefore, according to IAS 36.82, goodwill is tested for impairment at the level that reflects the way the Group manages its operations and with which the goodwill would naturally be associated.The carrying value of goodwill is analysed as follows:1Restated20252024\u00a3m\u00a3mMagnetics & Controls 104.9 106.4 Magnetics 38.2 38.5 Controls 66.7 67.9Sensing & Connectivity 139.3 125.3 Sensing 73.0 60.2 Connectivity 66.3 65.1Total 244.2 231.71 Prior year restated to change presentation from individual CGUs to the four sub-divisions after changes to the way goodwill is tested for impairment as described above.The movement in goodwill compared to prior year relates mainly to the movement in foreign exchange rates and to Hivolt and Burster which were acquired in the year into the Sensing & Connectivity division (note 11).The recoverable amount of each sub-division is based on value-in-use calculations. The key assumptions used in these calculations relate to future revenue growth (being the five-year sales Compound Annual Growth Rate \u2013 \u201cCAGR\u201d), discount rates and long-term growth rates beyond the first five years. Cash flow forecasts for the five-year period from the reporting date are based on the FY 2025/26 Board approved budget and management projections thereon, which are based on historical experience and market outlook.Cash flow projections included in the impairment review models include management\u2019s view of the impact of climate change, including costs related to the effects of climate change, as well as the future costs of the Group\u2019s commitment to achieve a 90% reduction in Scope 1 and 2 carbon emissions by 2030. A long-term growth rate (\u201cLTGR\u201d) beyond the five-year period of 2% has been applied consistently in the value-in-use calculations (2024: 2%) and is based on the average long-term inflation targets.Discount rates reflect the current market assessment of the risks specific to each of the four sub-divisions and were estimated based on the average percentage weighted average cost of capital for the industry and then further adjusted for country-specific risk.The table below discloses the discount rates and growth rates:Pre-tax discount rate 5-year sales CAGR11RestatedRestated2025202420252024%%%%Magnetics 13.0 12.8 5.5 4.4Controls 12.3 12.7 8.3 3.2Sensing 12.5 12.7 7.6 4.8Connectivity 12.4 12.3 6.9 8.51 Prior year restated to change presentation from individual CGUs to the four sub-divisions after changes to the way goodwill is tested for impairment as described above.Sensitivity to changes in assumptionsThe Group\u2019s forecast is based on a range of assumptions to determine the value of expected future cash flows. Deviations against those plans and assumptions in terms of revenue and margin projections, operating and capital costs and successful achievement of strategic objectives are all inherently uncertain. Headroom in the impairment test for each of the four sub-divisions has been tested for sensitivity to reasonably possible adverse changes in forecast cash flows, discount rates and long-term growth rates. Adequate headroom is available against material impairment risk. 19. Intangible assets \u2013 otherAcquired intangiblesSoftware & CustomerPatents & developmentrelationshipsbrandsTotal\u00a3m \u00a3m\u00a3m\u00a3mCost At 1 April 2023 4.7 144.1 5.7 154.5Business acquired (note 11) 0.6 32.2 \u2013 32.8Additions 0.1 \u2013 \u2013 0.1Disposals (0.3) \u2013 \u2013 (0.3)2Assets held for sale (note 12) restated\u2013 (2.2) (2.6) (4.8)2Exchange adjustment restated(0.2) (3.2) 0.6 (2.8)2At 31 March 2024 restated4.9 170.9 3.7 179.5Business acquired (note 11) \u2013 11.7 \u2013 11.7Additions 0.7 \u2013 \u2013 0.7Disposals (0.2) \u2013 \u2013 (0.2)Exchange adjustment (0.1) (2.2) (0.1) (2.4)At 31 March 2025 5.3 180.4 3.6 189.3Accumulated amortisation At 1 April 2023 3.5 64.0 3.1 70.6Charge for the year 0.3 15.8 0.4 16.51Impairment charge\u2013 0.3 0.7 1.02Assets held for sale (note 12) restated\u2013 (2.2) (2.3) (4.5)Disposals (0.3) \u2013 \u2013 (0.3)2Exchange adjustment restated(0.2) (2.0) 0.6 (1.6)2At 31 March 2024 restated3.3 75.9 2.5 81.7Charge for the year 0.4 15.8 0.4 16.6Disposals (0.1) \u2013 \u2013 (0.1)Exchange adjustment (0.1) (0.9) (0.1) (1.1)At 31 March 2025 3.5 90.8 2.8 97.1Net book value at 31 March 2025 1.8 89.6 0.8 92.22Net book value at 31 March 2024 restated1.6 95.0 1.2 97.81 Write-down of acquired intangibles related to the disposal group (note 12).2 Prior year cost and accumulated amortisation have been re-presented from \u00a3184.2m to \u00a3179.5m and \u00a386.4m to \u00a381.7m, respectively, to reflect the correct positions for the Assets held for sale, which had previously been presented net. There were no changes to the net book value at 31 March 2024.20. Inventories20252024\u00a3m\u00a3mFinished goods and goods for resale 29.2 27.9Raw materials and work in progress 53.7 52.2Total inventories 82.9 80.1At 31 March 2025, the provision for realisable value included within total inventories was \u00a311.5m (2024: \u00a38.5m). 21. Trade and other receivables20252024Current\u00a3m\u00a3mTrade receivables 63.5 69.3Other receivables 5.1 13.1VAT receivable 3.0 2.6Prepayments 2.8 3.8 74.4 88.8Trade receivables are non-interest bearing; are generally on 30 to 60 days\u2019 terms and are shown net of expected credit losses. Current year other receivables includes \u00a30.3m (2024: \u00a36.1m) related to the current portion of the deferred consideration receivable for the disposal of the Vertec Scientific business. All of the Group\u2019s trade and other receivables are regularly reviewed for indicators of impairment. The credit risk exposure inherent in the Group\u2019s trade receivables is measured and recognised as an impairment provision on initial recognition, based on the expected credit loss method, as required by IFRS 9. Specific provision for impairment may also be required where a specific increase in credit risk is identified, or a credit event has occurred. Provisions for general credit risk exposure is measured with reference to the age of a receivable as debts which are overdue present a specific impairment risk indicator regarding recoverability.In total, the Group has recognised impairment provisions of \u00a32.2m (2024: \u00a32.3m), against trade receivables. This includes a total of \u00a31.4m (2024: \u00a31.2m) of specific provisions for impairment due to increased default risk and unresolved disputes, as well as a provision for expected credit losses of \u00a30.8m (2024: \u00a31.1m). Across the Group, general expected credit loss risk has been assessed to be low due to the size, nature and diversification of customers across the divisions. The small decrease during the year is mainly attributable to macro-economic factors such as decrease in interest rates, which are incorporated in the assessment of the Group\u2019s expected credit losses performed annually.The movements in the impairment provisions for trade receivables during the year were as follows:20252024\u00a3m\u00a3mAt 1 April 2.3 2.2Charge for the year 0.2 0.4Exchange adjustments (0.3) (0.3)At 31 March 2.2 2.3Details of the net trade receivables ageing are set out below:OverdueTotalNot yet due<30 days30\u201360 days60\u201390 days90\u2013120 days>120 days \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m2025Gross 65.7 54.0 6.3 3.0 0.7 0.2 1.5Provision (2.2) (0.2) \u2013 \u2013 (0.3) (0.2) (1.5)Net 63.5 53.8 6.3 3.0 0.4 \u2013 \u20132024Gross 71.6 59.1 8.5 1.5 0.7 0.4 1.4Provision (2.3) (0.5) \u2013 (0.1) (0.1) (0.2) (1.4)Net 69.3 58.6 8.5 1.4 0.6 0.2 \u2013Non-Current20252024\u00a3m\u00a3mOther receivables \u2013 0.2Other receivables amount to \u00a3nil (2024: \u00a30.2m). The \u00a30.2m for the year ended 31 March 2024 was deferred consideration receivable in relation to the disposal of Vertec Scientific SA Proprietary Limited, disclosed under current other receivables for the year ended 31 March 2025.22. Cash and cash equivalents20252024\u00a3m\u00a3mCash at bank and in hand 139.3 110.8The cash balances are separately presented gross in the consolidated Statement of Financial Position, rather than netted off against overdrafts held either by the same entity, or other Group entities, with the same bank. The net cash position as at 31 March 2025 after netting off against overdrafts is \u00a343.7m (2024: \u00a331.5m). Refer to note 24 and analysis of movements.Cash at bank earns interest at floating rates, based on daily bank deposit rates. The Group only deposits cash surpluses with major banks of high credit standing (\u00a3118.8m with financial institutions with credit rating of AA- (2024: \u00a389.8m), \u00a313.0m with financial institutions with credit rating of A+ (2024: \u00a312.1m), and the remaining balance of \u00a37.5m with various financial institutions with credit rating of A- or higher (2024: \u00a38.9m)) in line with its treasury policy. The fair value of cash and cash equivalents is \u00a3139.3m (2024: \u00a3110.8m).23. Other financial liabilitiesCurrent Non-currentEffective interest 2025 202420252024rate % Maturity\u00a3m\u00a3m\u00a3m\u00a3mBank overdrafts Variable On demand 95.6 79.3 \u2013 \u2013Unsecured bank loans Variable \u2013 \u2013 0.1 0.1Revolving Credit Facility (\u201cRCF\u201d) Variable \u2013 \u2013 139.3 137.4Capitalised debt costs (0.6) (0.6) (0.8) (1.4)Loans and borrowings 95.0 78.7 138.6 136.1Lease liabilities 6.2 5.7 21.2 14.4Trade and other payables (note 29) 70.7 73.8 6.2 4.6Total other financial liabilities 171.9 158.2 166.0 155.1Interest on overdrafts is based on floating rates linked to SONIA, SOFR and EURIBOR.Included in unsecured bank loans is a Euro-denominated loan of \u00a30.1m (2024: \u00a30.1m). At 31 March 2025, the RCF drawdowns of \u00a3139.3m (2024: \u00a3137.4m) were denominated in Sterling, US Dollar and Euro which bear interest based on SONIA, SOFR and EURIBOR, plus a facility margin. Trade and other payables above include only contractual obligations.The maturity of the gross contractual financial liabilities is as follows:Within2\u20135>51 yearyearsyearsTotalAt 31 March 2025\u00a3m\u00a3m\u00a3m\u00a3mFloating rate 95.0 138.6 \u2013 233.6Lease liabilities 7.2 16.1 8.5 31.8Trade and other payables 70.7 6.2 \u2013 76.9172.9 160.9 8.5 342.3Within2\u20135>51 yearyearsyearsTotalAt 31 March 2024 \u00a3m\u00a3m\u00a3m\u00a3mFloating rate 78.7 136.1 \u2013 214.8Lease liabilities 6.4 12.2 4.1 22.7Trade and other payables 73.8 4.6 \u2013 78.4158.9 152.9 4.1 315.9The carrying amount of the Group\u2019s other financial liabilities excluding lease liabilities is denominated in the following currencies:20252024\u00a3m\u00a3mSterling 98.7 86.0Euro 116.8 93.3US Dollar 65.6 82.4Other currencies 29.4 31.5310.5 293.224. Movements in cash and net debt1 AprilNon-cash 31 March2024Cash flowchanges2025Year to 31 March 2025\u00a3m\u00a3m\u00a3m\u00a3mBank loans over one year (137.5) (4.3) 2.4 (139.4)Capitalised debt costs 2.0 \u2013 (0.6) 1.4Lease liability (20.1) 7.5 (14.8) (27.4)Liabilities arising from financing activities (155.6) 3.2 (13.0) (165.4)Cash and cash equivalents 110.8 29.6 (1.1) 139.3Bank overdrafts (79.3) (16.4) 0.1 (95.6)Net cash 31.5 13.2 (1.0) 43.7Net debt (incl. lease liability) (124.1) 16.4 (14.0) (121.7)Remove: lease liability 20.1 (7.5) 14.8 27.41Net debt(104.0) 8.9 0.8 (94.3)1 Net debt is an alternative performance measure as it is not defined in IFRS. The most directly comparable IFRS measure is the aggregate of loans and borrowings (current and non-current) and cash and cash equivalents.Bank loans over one year above include \u00a3139.3m (2024: \u00a3137.4m) drawn down against the Group\u2019s revolving credit facility.Bank overdrafts reflect the aggregated gross overdrawn balances of Group companies (even if those companies have other positive cash balances). The overdrafts and cash and cash equivalents are held with the Group\u2019s relationship banks. 1 AprilNon-cash 31 March2023Cash flowchanges2024Year to 31 March 2024\u00a3m\u00a3m\u00a3m\u00a3mBank loans over one year (88.1) (51.1) 1.7 (137.5)Capitalised debt costs 2.0 0.6 (0.6) 2.0Lease liability (18.8) 6.8 (8.1) (20.1)Liabilities arising from financing activities (104.9) (43.7) (7.0) (155.6)Cash and cash equivalents 83.9 29.2 (2.3) 110.8Bank overdrafts (40.5) (38.6) (0.2) (79.3)Net cash 43.4 (9.4) (2.5) 31.5Net debt (incl. lease liability) (61.5) (53.1) (9.5) (124.1)Remove: lease liability 18.8 (6.8) 8.1 20.1Net debt (42.7) (59.9) (1.4) (104.0)25. Reconciliation of cash flows from operating activities20252024\u00a3m\u00a3mProfit for the year 24.6 15.5Tax expense 7.4 6.7Net finance costs 10.4 9.0Depreciation of property, plant and equipment 4.5 4.7Depreciation of right of use assets 7.3 6.6Amortisation of intangible assets \u2013 other 16.6 16.5Write-down of assets related to disposal group \u2013 other intangible assets \u2013 1.0Write-down of asset related to disposal group \u2013 goodwill \u2013 1.7Loss on disposal of property, plant and equipment \u2013 0.2Loss on disposal of intangible assets 0.1 \u2013Change in provisions 0.1 2.6Pension scheme funding (2.3) (2.0)IAS 19 pension charge 0.7 0.8Gain on disposal of business (2.1) \u2013Associated taxes on LTIPs \u2013 (0.3)Impact of equity-settled share-based payment expense and associated taxes 2.0 2.6Operating cash flows before changes in working capital 69.3 65.6Decrease in inventories 5.4 14.5Decrease/(Increase) in trade and other receivables 5.8 (3.0)Decrease in trade and other payables (10.0) (11.1)Decrease in working capital 1.2 0.4Cash generated from operations 70.5 66.0Interest paid (12.5) (11.6)Interest paid on lease liabilities (1.0) (0.7)Income taxes paid (10.6) (12.5)Net cash flow from operating activities 46.4 41.220252024\u00a3m\u00a3mNet cash flow from operating activities 46.4 41.2Working capital 1.0 7.5Gain/(loss) on disposal 2.1 (4.6)Payment of lease liabilities (6.5) (6.1)Capital expenditure (6.1) (4.9)Interest received 3.5 3.9Free cash flow 40.4 37.026. ProvisionsRetirement and severance indemnityDilapidationOtherTotal\u00a3m\u00a3m\u00a3m\u00a3mAt 1 April 2023 2.0 2.7 1.2 5.9Arising during the year 0.4 0.5 2.5 3.4Arising from business combinations 0.1 0.1 0.1 0.3Utilised / released (0.1) \u2013 (0.4) (0.5)Exchange difference (0.3) \u2013 \u2013 (0.3)At 31 March 2024 2.1 3.3 3.4 8.8Arising during the year 0.5 0.2 1.6 2.3Arising from business combinations 0.6 \u2013 0.2 0.8Utilised / released (0.6) \u2013 (2.2) (2.8)Exchange difference (0.1) \u2013 \u2013 (0.1)At 31 March 2025 2.5 3.5 3.0 9.020252024Analysis of total provisions:\u00a3m\u00a3mCurrent 5.0 5.2Non-Current 4.0 3.69.0 8.8The retirement indemnity provision of \u00a32.4m (2024: \u00a32.0m), relates to retirement and leaving indemnity schemes in Sri Lanka \u00a30.9m (2024: \u00a30.9m), India \u00a30.6m (2024: \u00a30.6m), France \u00a30.2m (2024: \u00a30.2m), Germany \u00a30.6m (2024: \u00a30.1m), Denmark \u00a30.1m (2024: \u00a30.1m) and Slovakia \u00a3nil (2024: \u00a30.1m). The schemes are unfunded. The service cost, representing deferred salaries accruing to employees, is included as an operating expense and determined by reference to local laws and actuarial assumptions where applicable.The key actuarial assumptions used in relation to valuation of the Sri Lankan scheme comprise of mortality rates, staff turnover (16% up to age of 54 and zero thereafter) (2024: 16% up to the age of 54 and zero thereafter), retirement age (60 years) (2024: 60 years), discount rate (11% p.a.) (2024: 12% p.a.) and salary increases (9% p.a.) (2024: 10% p.a.).The severance provision of \u00a30.1m (2024: \u00a30.1m) relates to severance costs payable to employees.The dilapidation provision of \u00a33.5m (2024: \u00a33.3m) relates to exit costs to be incurred at the end of leasehold contracts for properties within the Group.Other provisions relates primarily to warranty provisions \u00a30.9m (2024: \u00a30.4m), restructuring provisions of \u00a31.3m (2024: \u00a31.9m) and other provisions of \u00a30.8m (2024: \u00a31.1m). The provisions greater than one year are expected to be utilised within one to three years. 27. Financial risk controlsManagement of financial riskThe main financial risks faced by the Group are credit risk, liquidity risk and market risk, which include interest rate risk and currency risk. The Board regularly reviews these risks and has approved written policies covering the use of financial instruments to manage these risks.The Group Finance Director retains the overall responsibility and management of financial risk for the Group. Most of the Group\u2019s financing and interest rate and foreign currency risk management is carried out centrally at Group head office. The Board approves policies and procedures setting out permissible funding and hedging instruments, exposure limits and a system of authorities for the approval of transactions.Management of interest rate riskThe Group has exposure to interest rate risk arising principally from changes in Euro, Sterling and US Dollar interest rates. The Group does not have any hedges in place at the year-end against exposure to interest rate risk.A 1% decrease in interest rates on the Group\u2019s debt position during the year ended 31 March 2025, would have increased the Group\u2019s profit before tax by approximately \u00a31.3m (2024: \u00a31.3m).Management of foreign exchange riskThe Group\u2019s Shareholders\u2019 equity, earnings and cash flows are exposed to foreign exchange risks, due to the mismatch between the currencies in which it purchases inventory and the final currency of sale to its customers. It is Group policy to hedge identified significant foreign exchange exposure on its committed operating cash flows. This is carried out centrally based on forecast orders and sales. The US Dollar and Euro represent the main foreign exchange translational exposures for the Group. The following table demonstrates the sensitivity of the Group\u2019s profit before tax to a 10% strengthening in Sterling against US Dollar and Euro. 20252024Profit before tax \u2013 gain/(loss)\u00a3m\u00a3m10% strengthening in Sterling against Euro (1.9) (0.5)10% strengthening in Sterling against US Dollar (1.1) (1.1)Management of credit risk Credit risk exists in relation to customers, banks and insurers. Exposure to credit risk is mitigated by maintaining credit control procedures across a wide customer base.The Group is exposed to credit risk that is primarily attributable to its trade and other receivables. This is minimised by dealing with recognised creditworthy third parties who have been through a credit verification process. The maximum exposure to credit risk is limited to the carrying value of trade and other receivables. As well as credit risk exposures inherent within the Group\u2019s outstanding receivables, the Group is exposed to counterparty credit risk arising from the placing of deposits and entering into derivative financial instrument contracts with banks and financial institutions. The Group manages exposure to this credit risk by entering into financial instrument contracts only with highly credit-rated authorised counterparties which are reviewed and approved annually by the Board. Counterparties\u2019 positions are monitored on a regular basis to ensure that they are within the approved limits and that there are no significant concentrations of credit risks. The Group\u2019s largest customer is approximately 7% (2024: 7%) of Group sales.Management of liquidity riskThe Group manages its exposure to liquidity risk and maximises its flexibility in meeting changing business needs through the cash generation of its operations, combined with bank borrowings and access to long-term debt. In its funding strategy, the Group\u2019s objective is to maintain a balance between the continuity of funding and flexibility through the use of overdrafts, bank loans and facilities.At 31 March 2025, the Group had net cash of \u00a343.7m (2024: \u00a331.5m). The Group had total working capital facilities available of \u00a3245.6m (2024: \u00a3246.8m) with a number of major UK and overseas banks, of which \u00a3240m (2024: \u00a3240m) were committed facilities. The Group had drawn \u00a3139.3m against total facilities at 31 March 2025 (2024: \u00a3137.4m). In addition, the Group has an \u00a380m accordion facility that it can use to extend the total facility up to \u00a3320m. The syndicated facility is available both for acquisitions and for working capital purposes. The facilities are subject to certain financial covenants, which had significant headroom at 31 March 2025.Management of capitalThe 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 with a view to providing strong returns to Shareholders. In order to maintain or adjust the capital structure, the Group increases bank borrowings, issues new shares or changes the amount of dividends paid to Shareholders. In respect of this objective, the Group has a target gearing range of between 1.5 and 2.0 times. Gearing at 31 March 2025 was at the bottom of the range at 1.3 times (2024: 1.5). The capital structure of the Group consists of debt, which includes the borrowings disclosed in note 23, cash and cash equivalents in note 22 and equity attributable to Shareholders.28. Financial assets and liabilitiesFair values The Group\u2019s principal non-derivative financial instruments comprise bank loans and overdrafts, cash and short-term borrowings. The Group also holds other financial instruments such as trade receivables and trade payables that arise directly from the Group\u2019s trading operations.Derivative financial instruments are represented by short-term foreign currency forward contracts placed by the Group with external banks as part of the Group\u2019s cash management and foreign currency risk management activities. The fair value of derivative foreign exchange instruments is determined on initial recognition at forward market exchange rates at inception of the contract and subsequently remeasured based on forward market exchange rates at the balance sheet date. As at 31 March 2025, the gross cash inflows/outflows for foreign exchange forward contracts was \u00a331.9m, mainly in Euro and US Dollar. The fair value of these derivatives included within trade and other payables was \u00a30.2m (2024: \u00a3nil). The carrying values of the Group\u2019s trade and other receivables, trade and other payables and assets held for sale are disclosed in notes 21, 29 and 12. The carrying value of these items approximates book value due to the short maturity of these instruments. The carrying values of the Group\u2019s other financial assets and financial liabilities are set out below by category. Carrying values for all financial assets and liabilities are equivalent to fair values.Carrying FairCarrying Fairamount valueamount value2025202520242024\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at amortised costCash at bank and in hand 139.3 139.3 110.8 110.8Deferred consideration 0.3 0.3 6.3 6.3Financial liabilities at amortised costBank overdrafts and short-term borrowings (95.6) (95.6) (79.3) (79.3)Non-current interest-bearing loans and borrowings: Floating rate borrowings (138.0) (138.0) (135.5) (135.5)Lease liabilities (27.4) (27.4) (20.1) (20.1)Financial liabilities at fair value through profit and loss (\u201cFVTPL\u201d)Contingent consideration (9.3) (9.3) (6.7) (6.7)The methods and assumptions used to determine the fair value of financial assets and liabilities are set out below. All material changes in fair value of financial instruments as at the balance sheet date have been recognised in the consolidated Statement of Profit or Loss. Impairment reviews did not identify any material impairment of financial assets from carrying values as reported at the balance sheet date and, as such, no material impairments are included in the consolidated Statement of Profit or Loss.Fair value methods and assumptionsForward foreign exchange contracts (forwards) \u2013 the fair value of forward foreign currency contracts is determined with reference to observable yield curves and foreign exchange rates at the reporting date. The FX contracts outstanding with banks at the year-end had a maturity of one year or less.Loans and borrowings \u2013 the fair value of loans and borrowings has been calculated by discounting future cash flows, where material, at prevailing market interest rates.Fair Value HierarchyFor financial assets and financial liabilities measured at fair value, as set out in the tables above, the fair value measurement techniques are based upon applying unadjusted, quoted market rates or prices or inputs other than quoted prices that are observable for the assets or liability either directly or indirectly. IFRS 13 \u2018Financial Instruments: Disclosures\u2019 requires financial instruments measured at fair value to be analysed into a fair value hierarchy based upon the valuation technique used to determine fair value. The highest level in this hierarchy is Level 3 within which inputs that are not based on observable market data for the asset or liability are applied. The valuation techniques used by the Group for the measurement of derivative financial instruments, loans and deferred consideration are considered to be within Level 2, which includes inputs other than quoted prices included within Level 1 that are observable either directly or indirectly.Contingent consideration is included in Level 3 of the fair value hierarchy. The fair value is determined considering the expected payment, discounted to present value using a risk-adjusted discount rate. The expected payment is determined separately in respect of each individual earn-out agreement taking into consideration the expected level of profitability of each acquisition. The unobservable inputs are the projected forecast measures that are assessed on an annual basis. Changes in the fair value of contingent consideration relating to updated projected forecast performance measures are recognised in the consolidated Statement of Profit or Loss in the period that the change occurs.Reconciliation of Level 3 fair value of contingent consideration payable on acquisitions:20252024\u00a3m\u00a3mAt 1 April 6.7 4.1Contingent consideration arising from current year acquisitions payable in future years 6.7 3.0Contingent consideration paid in the current year relating to previous years\u2019 acquisitions (2.3) \u2013Costs charged to the consolidated Statement of Profit or Loss: Subsequent adjustments on acquisitions (1.7) (0.3) Exchange difference 0.1 (0.1)At 31 March 9.3 6.7Subsequent adjustments on acquisitions of \u00a31.7m credit (2024: \u00a30.3m credit) and exchange differences of \u00a30.1m (2024: \u00a30.1m) are included within operating costs.Contingent consideration is sensitive to forecast operating profits of the relevant acquired businesses. At 31 March 2025, the estimated fair value of contingent consideration payable on acquisitions would increase by \u00a35.0m (2024: \u00a32.4m) if projected forecast profits were higher and decrease by \u00a35.7m (2024: \u00a32.4m) if projected forecast were lower by c.20%.29. Trade and other payablesCurrent20252024\u00a3m\u00a3mTrade payables 42.3 44.7Other payables 26.7 27.9Accrued expenses and contract liabilities 12.1 14.981.1 87.5Trade payables are non-interest bearing and are settled in accordance with credit terms. Other payables and accrued expenses are non-interest bearing and are settled throughout the year. Included in current year other payables is contingent consideration of \u00a33.1m relating to acquisitions in the current and prior years (2024: \u00a32.2m), employee-related payable of \u00a313.5m (2024: \u00a314.7m), VAT payable of \u00a34.2m (2024: \u00a34.0m), a total of \u00a33.5m of customers deposits (2024: \u00a33.6m) and \u00a32.4m other payables (2024: \u00a33.4m). Contract liabilities relate to contracts with customers, recognised and measured in accordance with the requirements of IFRS 15, and relate to either advance payments received for goods to be delivered in the future or amounts invoiced in respect of performance obligations which are not yet satisfied in full and due to be satisfied within a period of 12 months from the reporting date. Contract liabilities as at 31 March 2025 amounted to \u00a31.7m (2024: \u00a31.2m). Revenue recognised in the reporting period that was included in the contract liability balance at the beginning of the period amounted to \u00a31.3m (2024: \u00a31.0m).Certain businesses in the Group participate in supply chain finance arrangements whereby suppliers may elect to receive early payment of their invoices from a bank by factoring their receivable from discoverIE entities. Under this arrangement, the term of invoices payable by the Group can be extended by 30-45 days from the original invoice due date, which impacts the timing of payment but does not alter the value of the recognised liability. Included within trade payables is \u00a32.1m (2024: \u00a32.0m) subject to such an arrangement. Non-Current20252024\u00a3m\u00a3mOther payables 6.2 4.6Included in non-current trade and other payables is \u00a36.2m contingent consideration relating to acquisitions in the current and prior years (2024: \u00a34.5m). 30. Share capital 2025202520242024Allotted, called up and fully paidNumber\u00a3mNumber\u00a3mOrdinary shares of 5p each 96,356,109 4.8 96,356,109 4.8During the year to 31 March 2025, no shares were issued to the Group\u2019s Employee Benefit Trust (2024: nil). At 31 March 2025 the Trust held 299,219 shares (2024: 414,600). During the year to 31 March 2025, employees exercised 115,381 share options under the terms of the various share option schemes (2024: 275,492). 31. Share-based payment plansThe Group operates various share-based payment plans. The various schemes are explained below and have been separated into two separate disclosures. The charge to the consolidated Statement of Profit or Loss in respect of each of these schemes is:20252024\u00a3m\u00a3ma) discoverIE Group plc long-term incentive plan (\u201cthe LTIP\u201d) 2.0 2.6b) Approved and unapproved executive share option schemes \u2013 \u20132.0 2.6a) The LTIPThe LTIP involves a conditional award of shares on a grant of a nil-cost option. The award of shares to Executive Directors and senior management is recommended by the Remuneration Committee on the basis of various factors such as their contribution to the Group\u2019s success. The LTIPs are equity-settled and there are no cash-settled alternatives. The vesting of an award is dependent on the individual\u2019s continued employment for a three-year period from the date of grant and the satisfaction by the Company of certain performance conditions. The exercise of the awards is also subject to a two-year holding period from the date of vesting.For awards made in the year ended 31 March 2025, the performance conditions are as follows: \u25a0 45% of the award is based on the Company\u2019s comparative total shareholder return (\u201cTSR\u201d) against a comparator group made up of the constituents of the FTSE250 Index; \u25a0 45% of the award is based on the Company\u2019s absolute earnings per share (\u201cEPS\u201d) performance; \u25a0 10% of the award is subject to the Company\u2019s ESG performance (\u201cESG\u201d), based on the Company\u2019s reduction in carbon emissions; \u25a0 For certain operational management, 25% of the award is based on the Company\u2019s absolute earnings per share (\u201cEPS\u201d) performance and 75% of the award is based on local earnings targets.Awards are valued using the Monte Carlo model and Black-Scholes model. No non-market performance conditions were included in the fair value calculations. The fair value per award granted and the assumptions used in the calculation are as follows:Awards granted in the year ended 31 March 2025:12 June12 June12 June12 June2024202420242024Grant date TSR EPS ESGEPS/LocalShare price at grant date \u00a37.17 \u00a37.17 \u00a37.17 \u00a37.17Exercise price nil nil nil nilNumber of employees 15 15 15 36Shares under option 235,229 235,229 52,273 178,744Vesting period (years) 3 3 3 3Expected volatility 39.36% 39.36% 39.36% 39.36%Option life (years) 10 10 10 10Expected life (years) 5 5 5 5Risk-free rate of return 4.37% 4.37% 4.37% 4.37%Expected dividend yield nil nil nil nilFair value \u00a33.81 \u00a36.56 \u00a36.56 \u00a36.72Awards granted in the year ended 31 March 2024:14 June14 June14 June14 June2023202320232023Grant date TSR EPS ESG EPS/LocalShare price at grant date \u00a39.38 \u00a39.38 \u00a39.38 \u00a39.38Exercise price nil nil nil nilNumber of employees 15 15 15 22Shares under option 184,082 184,082 40,907 82,637Vesting period (years) 3 3 3 3Expected volatility 40.83% 40.83% 40.83% 40.83%Option life (years) 10 10 10 10Expected life (years) 5 5 5 5Risk-free rate of return 4.72% 4.72% 4.72% 4.72%Expected dividend yield nil nil nil nilFair value \u00a36.49 \u00a38.90 \u00a38.90 \u00a38.91The expected volatility is based on historical volatility over the period of time commensurate with the expected term immediately prior to the date of grant. The expected life is the average expected period to exercise. The risk-free rate of return used in the valuation is the rate of interest obtainable from government securities over a period commensurate with the expected term of the equity incentive. The total charge for the year relating to the LTIP schemes was \u00a32.0m (2024: \u00a32.6m). Outstanding LTIPA summary of the awards that have been granted under the LTIP and remain outstanding is given below:At 31 March 2025Outstanding at Granted Forfeited ExercisedOutstanding at Exercise1 April 2024during the yearduring the yearduring the year31 March 2025dates5,500 \u2013 \u2013 (5,500) \u2013 2022\u20132026452,990 \u2013 \u2013 \u2013 452,990 2023\u20132027312,508 \u2013 \u2013 \u2013 312,508 2023\u20132028614,531 \u2013 \u2013 (103,877) 510,654 2024\u20132029506,328 \u2013 (2,619) (679) 503,030 2025\u20132030358,925 \u2013 (72,456) (345) 286,124 2026\u20132031574,015 \u2013 (13,560) \u2013 560,455 2027\u20132032488,500 \u2013 (10,867) \u2013 477,633 2028\u20132033\u2013 701,475 \u2013 \u2013 701,475 2029\u201320343,313,297 701,475 (99,502) (110,401) 3,804,869At 31 March 2024Outstanding at Granted Forfeited Exercised Outstanding at Exercise 1 April 2023during the yearduring the yearduring the year31 March 2024dates5,500 \u2013 \u2013 \u2013 5,500 2022\u20132026629,140 \u2013 \u2013 (176,150) 452,990 2023\u20132027390,924 \u2013 (3,834) (74,582) 312,508 2023\u20132028620,943 \u2013 (6,412) \u2013 614,531 2024\u20132029547,867 \u2013 (41,539) \u2013 506,328 2025\u20132030371,739 \u2013 (12,814) \u2013 358,925 2026\u20132031592,086 \u2013 (18,071) \u2013 574,015 2027\u20132032\u2013 491,708 (3,208) \u2013 488,500 2028\u201320333,158,199 491,708 (85,878) (250,732) 3,313,297The weighted average remaining contractual life for the share options outstanding at 31 March 2025 is 5.9 years (2024: 6.2 years) and the weighted average share price for the exercises during the year ended 31 March 2025 was \u00a36.85 (2024: \u00a38.07).The range of exercise prices for options outstanding at the end of the year was \u00a3nil (2024: \u00a3nil).b) Approved and unapproved executive share option schemesThe Group operates an approved and an unapproved executive share option scheme, the rules of which are similar in all material respects. The grant of options to senior management is recommended by the Remuneration Committee on the basis of their contribution to the Group\u2019s success. The options vest after three years. The exercise price of the options is equal to the closing mid-market price of the shares on the trading day prior to the date of the grant. Exercise of all options is subject to continued employment. The life of each option granted is ten years. There are no cash settlement alternatives.Options are valued using the Black-Scholes model. No non-market performance conditions were included in the fair value calculations. The fair value per option granted during the year and the assumptions used in the calculation are as follows:12 June 14 June Grant date20242023 Share price at grant date \u00a37.17 \u00a39.38Exercise price \u00a37.24 \u00a39.18Number of employees 11 10Shares under option 28,285 19,011Vesting period (years) 3 3Expected volatility 37.80% 37.51%Option life (years) 10 10Expected life (years) 6.5 6.5Risk-free rate of return 4.37% 4.72%Expected dividends expressed as a dividend yield 1.67% 1.22%Fair value \u00a32.67 \u00a33.82The expected volatility is based on historical volatility over the period of time commensurate with the expected term immediately prior to the date of grant. The expected life is the average expected period to exercise. The risk-free rate of return used in the valuation is the rate of interest obtainable from government securities over a period commensurate with the expected term of the equity incentive. The total charge for the year relating to the approved and unapproved share option schemes was \u00a335,000 (2024: \u00a339,000). Outstanding share options under the executive share option schemesA summary of the options over ordinary shares that have been granted under the approved and unapproved executive share option schemes and remain outstanding is given below:At 31 March 2025Granted Forfeited Exercised Outstanding at during the during the during the Outstanding at Exercise price Exercise 1 April 2024yearyearyear31 March 2025(pence)dates6,144 \u2013 \u2013 \u2013 6,144 421.17 2022\u2013202911,374 \u2013 (4,792) \u2013 6,582 603.60 2023\u2013203011,731 \u2013 (6,548) \u2013 5,183 803.00 2024\u2013203113,855 \u2013 (5,474) \u2013 8,381 686.80 2025\u2013203217,882 \u2013 (5,678) \u2013 12,204 918.00 2026\u20132033\u2013 28,285 (7,730) \u2013 20,555 724.00 2027\u2013203460,986 28,285 (30,222) \u2013 59,049At 31 March 2024Granted Forfeited Exercised Outstanding at during the during the during the Outstanding at Exercise price Exercise 1 April 2023yearyearyear31 March 2024(pence)dates1,691 \u2013 \u2013 (1,691) \u2013 219.50 2020\u201320279,580 \u2013 \u2013 (9,580) \u2013 402.00 2021\u2013202810,693 \u2013 \u2013 (4,549) 6,144 421.17 2022\u2013202911,374 \u2013 \u2013 \u2013 11,374 603.60 2023\u2013203011,731 \u2013 \u2013 \u2013 11,731 803.00 2024\u2013203115,179 \u2013 (1,324) \u2013 13,855 686.80 2025\u20132032\u2013 19,011 (1,129) \u2013 17,882 918.00 2026\u2013203360,248 19,011 (2,453) (15,820) 60,986Changes in share optionsA reconciliation of option movements over the year to 31 March 2025 is shown below:2025 2024Weighted Weighted average average exercise exercise Number price Number price Outstanding at 1 April 60,986 \u00a37.35 60,248 \u00a35.88Granted 28,285 \u00a37.24 19,011 \u00a39.18Exercised \u2013 \u2013 (15,820) \u00a33.88Forfeited (30,222) \u00a37.52 (2,453) \u00a37.93Outstanding at 31 March 59,049 \u00a37.21 60,986 \u00a37.35Exercisable at 31 March 29,249 \u00a35.99 17,518 \u00a35.40The weighted average remaining contractual life for the share options outstanding at 31 March 2025 is 7.5 years (2024: 7.7 years).The range of exercise prices for options outstanding at the end of the year was \u00a34.21 to \u00a39.18 (2024: \u00a34.21 to \u00a39.18).32. Pension Defined contribution schemesThe Group makes payments to various defined contribution pension schemes, the assets of which are held in separately administered funds. In the United Kingdom, the main scheme is the discoverIE Group plc Employee Pension Scheme (\u201cthe discoverIE scheme\u201d). Contributions by both employees and Group companies are held in externally invested trustee-administered funds.The Group contributes a specified percentage of earnings for members of the discoverIE scheme, and thereafter has no further obligations in relation to the discoverIE scheme. At 31 March 2025, 99 employees were active members of the discoverIE scheme (2024: 94). The total cost charged to the consolidated Statement of Profit or Loss in relation to the UK-based discoverIE scheme was \u00a3491,000 (2024: \u00a3459,000). Employer contributions in respect of other UK-based schemes and overseas pension schemes were \u00a3906,000 (2024: \u00a3650,000) and \u00a32,673,000 (2024: \u00a32,812,000) respectively. Total contributions payable in the next financial year are expected to be at rates broadly similar to those in FY 2024/25 but based on actual salary levels in FY 2025/26.Defined benefit schemesThe acquisition of the Sedgemoor Group in June 1999 brought with it certain defined benefit pension schemes, together \u201cthe Sedgemoor Scheme\u201d. The Sedgemoor Scheme is funded by the Group, provides retirement benefits based on final pensionable salary and its assets are held in a separate trustee-administered fund. Following the acquisition of the Sedgemoor Group, the Sedgemoor Scheme was closed to new members. Shortly thereafter, employees were given the opportunity to join the discoverIE scheme and future service benefits ceased to accrue to members under the Sedgemoor Scheme. Contributions to the Sedgemoor Scheme are determined in accordance with the advice of independent, professionally qualified actuaries and are set based upon funding valuations carried out every three years.On 21 January 2025, the Trustee entered into a bulk annuity \u201cbuy-in\u201d policy with an insurance company. This policy covers all known current members of the Scheme and its fair value matches the present value of the benefits insured. To fund the premium, the Group paid cash contributions to the Scheme of \u00a34.5m in 2025, of which \u00a33.0m came from an escrow account set up to the benefit of the Trustee.Other than the Trustee bank account, the buy-in policy is the only asset now held by the Trustee as part of the Scheme\u2019s investment strategy. Under the terms of the policy, the Trustee will receive income equal to the pension benefits that have been insured. This largely removes exposure to the Group from pension scheme investment, inflation and longevity risks. Residual differences between the benefits currently insured under the buy-in policy and those paid out by the Fund are allowed for within the IAS19 figures.Based upon the results of the triennial funding valuation at 31 March 2024, the Sedgemoor Scheme\u2019s Trustee agreed with Sedgemoor Limited on behalf of the participating employers to make regular payments totalling \u00a30.4m over the year to 31 March 2026, with subsequent contributions of \u00a30.4m p.a. increasing by 3% each April payable over the period to May 2030. These contributions, payable monthly, will continue to be paid into an escrow account to the benefit of the Trustee unless and until the scheme is wound up. In addition, 12 payments of \u00a350k will be paid monthly from June 2025 to May 2026 directly to the Scheme. Additional payments to either the Scheme or the escrow account will also be made to cover any back payments due to members following completion of the data cleansing and GMP equalisation projects, currently estimated to be \u00a30.9m and are due to be paid in instalments from Q4 calendar 2025 to Q2 calendar 2026. For the year ended 31 March 2025, a total of \u00a30.8m (2024: \u00a32.0m) was paid into the escrow account and \u00a31.5m was paid directly into the Scheme (2024: \u00a3nil).The main actuarial assumptions used are set out as follows:2025 2024Rate of increase of pensions in payment 2.4% 2.5%Discount rate 5.6% 4.8%Inflation assumption \u2013 RPI 3.3% 3.4%Inflation assumption \u2013 CPI* 2.2% 2.3%*3.2% from 2030The discount rate is based on the yields on AA grade sterling corporate bonds at the reporting date. Pensioner mortality assumptions are based on 110% of the rates in the \u2018S4NA\u2019 table, projected from 2013 and with long-term improvement rates in line with CMI 2023 projections based on each member\u2019s actual date of birth with a long-term annual rate of improvement of 1.25% pa. These projections are the \u201ccore\u201d projections released by the CMI, other than allowing for a 20% weighting of 2022 and 2023 mortality data reflecting our best estimate impact on long term mortality trends.The weighted average duration of the defined benefit obligation at 31 March 2025 was 9 years (2024: 10 years).The Directors consider that were a pension asset to be realised in respect of this scheme after all member benefits have been paid and after the scheme is wound up, this would be fully recoverable by the Group in line with the rules of the scheme.The charges recognised in the consolidated Statement of Profit or Loss in respect of defined benefit schemes are as follows:20252024\u00a3m\u00a3mPension charge (recognised in operating costs) 0.7 0.9Past service costThe charges recognised in the consolidated Statement of Comprehensive Income are as follows:20252024Remeasurement (losses)/gains:\u00a3m\u00a3mReturn on plan assets (excluding amounts included in net interest expense) (7.6) (1.4)Actuarial changes arising from changes in actuarial assumptions 2.9 0.2Actuarial loss recorded in the consolidated Statement of Comprehensive Income (4.7) (1.2)There was \u00a3nil additional actuarial loss relating to the unfunded retirement and leaving indemnity schemes (note 26) recorded in the consolidated Statement of Comprehensive Income.The fair value of assets and expected rates of return used to determine the amounts recognised in the consolidated Statement of Financial Position are as follows:20252024\u00a3m\u00a3mBonds \u2013 6.9Cash 0.2 5.9Liability-driven investments \u2013 6.3Asset-backed security \u2013 9.0Bulk annuity policy 23.3 \u2013Fair value of scheme assets 23.5 28.1Present value of funded defined benefit obligations (24.0) (27.8)(Liability)/asset recognised in the consolidated Statement of Financial Position (0.5) 0.3Over the year to 31 March 2025, the surplus reduced from \u00a30.3m to \u00a30.5m deficit. The movement related to pension administration costs of \u00a30.7m (2024: \u00a30.8m) and actuarial losses of \u00a34.7m (2024: \u00a31.2m) recognised in the consolidated Statement of Comprehensive Income.Changes in the present value of the defined benefit obligation are as follows:20252024\u00a3m\u00a3mOpening defined benefit obligations 27.8 28.6Net interest cost 1.3 1.3Actuarial losses/(gains) due to: Experience on benefit obligation (0.7) 0.1 Changes in financial assumptions (1.9) (0.1) Changes in demographic assumptions (0.4) (0.2)Benefits paid (2.1) (1.9)Closing defined benefit obligations 24.0 27.8Changes in the fair value of the scheme assets are as follows:20252024\u00a3m\u00a3mOpening fair value of scheme assets 28.1 30.9Interest on scheme assets 1.3 1.4Actual return on plan assets less interest on plan assets (7.6) (1.4)Pension administration costs (0.7) (0.9)Contributions 4.5 \u2013Benefits paid (2.1) (1.9)Closing fair value of scheme assets 23.5 28.1SensitivitiesThe sensitivity of the 2025 pension liabilities to changes in assumptions are as follows:Increase in scheme deficitAssumption Change in assumption\u00a3mDiscount rate Decrease by 0.5% 1.1Inflation Increase by 0.5% 0.4Life expectancy Increase by 1 year 1.1Following the buy-in, any such changes above would result in a corresponding change in the asset and no net impact on the balance sheet position.33. Auditors\u2019 remunerationDuring the year the Group paid fees for the following services from auditors:20252024\u00a3m\u00a3mAuditors\u2019 remuneration: Audit of the Group Financial Statements (including the Company) 0.7 0.8 Audit of local subsidiary Financial Statements 0.8 1.0Total audit fee 1.5 1.8Audit-related assurance services:Review of the half year interim statement 0.1 0.1Audit fees 1.6 1.9The fee for non-audit services was \u00a383,500 (2024: \u00a3123,000), of which \u00a380,000 (2024: \u00a3112,000) relates to interim review and \u00a33,500 (2024: \u00a311,000) relates to reporting required by regulators in overseas countries.34. Related party disclosuresAs at 31 March 2025 the Group\u2019s subsidiaries are set out below. Unless otherwise stated, the Group holds (directly or indirectly) 100% of the total voting rights of all subsidiaries.Except where noted, all material subsidiaries have a 31 March year-end and the shares carry the same voting rights as their effective interest. UK-registered subsidiaries that qualify to take the statutory audit exemption as set out within section 479A of the Companies Act 2006 for the year ended 31 March 2025 are listed below. discoverIE Group plc will guarantee the debts and liabilities of those companies at the balance sheet date in accordance with section 479C of the Companies Act 2006.Audit exempt entities within section 479A of Companies Act 2006Name Company NumberCDT 123 Limited 09637514Contour Holdings Limited 06846542Cursor Controls Holdings Limited 09472278CustomDesignTechnologies Limited 03207845discoverIE Electronics Limited 06556285discoverIE Nordic Holdings Limited 09056483Herga Technology Limited 00533707SLV Holdings Limited 09943868Santon Switchgear Limited 03207845Variohm Holdings Limited 05783452Xi-Tech Limited 07068708 Sens-Tech Limited 00668759Contour Electronics Limited 02773976Cursor Controls Limited 04105605Variohm-Eurosensor Limited 02736925discoverIE Management Services Ltd 02036196discoverIE Holdings Ltd 01618416Noratel UK Limited 04136659Vertec Scientific Limited 01677833Silver Telecom Limited 03434576Hivolt Capacitors Limited NI0298512J Antennas UK Limited 08356756Antenova Limited 03835617Stortech Electronics Limited 02217300With the exception of Hivolt Capacitors Limited, the country of incorporation and registration for the entities above is England and Wales and the registered address is 2 Chancellor Court, Occam Road, Surrey Research Park, Guildford, Surrey, GU2 7AH. The country of incorporation and registration for Hivolt Capacitors Limited is Northern Ireland and the registered address is Maydown Industrial Estate, Derry, BT47 6UQ. Country of incorporation Name and nature of business Registered address and registrationManagement Services - Head OfficediscoverIE Management Services Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHOperating Companies 2J Antennas s.r.o \u0160tef\u00e1nikova 61, 085 01 Bardejov Slovakia2J Antennas UK Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AH2J Antennas USA Corporation 2020 W Guadalupe Rd, Suite 8, Gilbert, Arizona, 85233 USACountry of incorporation Name and nature of business Registered address and registrationAntenova Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHburster Inc. 50207 Hayes Road, Shelby Township, MI 48315 USAburster pr\u00e4zisionsmesstechnik Nymphenburger Str. 3, c/o McDermott Will & Emery GermanyGmbH & Co KGLawyers Tax Consultants LLP, 80335 MunichCalculagraph Company (trading as Control 280 Ridgedale Avenue, East Hanover, New Jersey 07936 USAProducts Inc)2Coil-Tran de Mexico, S.A. DE C. V.Calle Matamoros 124, Colonia Centro, Municipio MexicoAgualeguas, Nuevo Leon, CP 65800Coil-Tran LLC (trading as Hobart 160 South Illinois Street, Hobart, Indiana, 46342-4512 USAElectronics and Noratel US)Contour Electronics Asia Limited Room 601, 6/F Shing Yip Industrial Building, 19-21 Shing Hong KongYip Street, Kwun Teng, KowloonContour Electronics Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHCursor Controls Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHCustomDesignTechnologies Ltd 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHDanselbud Noratel Transformator sp. z o.o. ul. Szczecinska 1K, Dobra Szczecinska PL-72-003 PolandDiamond Technologies Inc. 43 Broad Street, Unit C103, Hudson, MA 01749 USA1EMC Innovation LimitedWoolim Lions Valley B-909 & 910, 283 Bupyeong-daero, South KoreaBupyeong-gu, IncheonFlux A/S Industrivangen 5, 4550 Asnaes DenmarkFlux International Limited 41/27, 23 Village No. 6, Phuncharoen Lane, Bangna-Trad ThailandK.M. 16.5 Road, Bang Chalong Sub-district, Bang Phli District, Samut Prakan Province, 105401Foshan Noratel Electric Co Limited10, Plainvim (Foshan Nanhai) International Intelligent ChinaIndustrial Park, 12-1 Huasha Road, Shishan, Nanhai Foshan, Guangdong ProvinceFoss Fiberoptisk Systemsalg AS Dansrudveien 45, N-3036 Drammen Norway Foss Fibre Optics s.r.o Odbor\u00e1rska 52, 831 02 Bratislava SlovakiaHectronic AB \u00c5karegatan 2, 754 54 Uppsala SwedenHivolt Capacitors Limited Maydown Industrial Estate, Derry, BT47 6UQ Northern IrelandLimitor GmbH Dieselstra\u00dfe 22, 73660 Urbach GermanyLimitor Hungaria Kft P\u00e9cs, Makay Istv\u00e1n \u00fat 13/b, 7634 HungaryLimitor Solutions GmbH Dieselstra\u00dfe 22, 73660 Urbach GermanyLogic PD, Inc. (trading as Beacon 6201 Bury Drive, Eden Prairie, MN 55346 USAEmbedded Works)Magnasphere Corporation 850 New Burton Road, Suite 201, Dover, DE 19904 USAMTC Micro Tech Components GmbH Josef-Kr\u00e4tz-Strasse 13, 89407 Dillingen a.d. Donau GermanyMyrra Deutschland GmbH Marie \u2013 Curie \u2013 Str. 4/1, D \u2013 71083 Herrenberg GermanyMyrra Hong Kong Limited 42/F Central Plaza,18 Harbour Road, Wanchai Hong KongMyrra Power sp. z o.o. Ul Warszawska 1, 05-310 Kaluszyn PolandMyrra SAS 2 Boulevard de La Haye, 77600 Bussy-Saint-Georges FranceNoratel AS Elektroveien 7, 3300 Hokksund NorwayNoratel Canada Inc 267 Matheson Boulevard East, Unit 2, Mississauga, ON CanadaL4Z 1X8Noratel Denmark A/S Metalvej 7F, 4000 Roskilde DenmarkCountry of incorporation Name and nature of business Registered address and registrationNoratel Finland OY Kiertokatu 5, PB 11, 24280 Salo, Helsinki FinlandNoratel Germany AG Elsenthal 53, DE-94481 Grafenau, Bremen GermanyNoratel India Power Components Pvt Nila Technopark, Trivandrum, Kerala, 695581 IndiaLimitedNoratel International (Private) Limited P.O Box 15, Phase II, KEPZ, Katunayake Sri LankaNoratel Power Engineering LLC 3780 Kilroy Airport Way, Suite 200, Long Beach, CA 90822 USANoratel Sp. z o.o. ul. Szczecinska 1K, Dobra Szczecinska, PL-72-003 PolandNoratel Sweden AB Lars Lindahlsv\u00e4g 2, Box 108, Lax\u00e5 69522 SwedenNoratel UK Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AH NSI bvba Kapittelstraat 18, 3740 Bilzen BelgiumSanton Circuit Breaker Services B.V. Hekendorpstraat 69, 3079 DX Rotterdam NetherlandsSanton GmbH Oberstrasse 1, Altes Rathaus Hinsbeck, Postfach 5217, Germany41334 NettetalSanton Group B.V. Hekendorpstraat 69, 3079 DX Rotterdam NetherlandsSanton Holland B.V. Hekendorpstraat 69, 3079 DX Rotterdam NetherlandsSanton International B.V. Hekendorpstraat 69, 3079 DX Rotterdam NetherlandsSens-Tech Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHShape LLC 850 New Burton Road, Suite 201, Dover DE 19904 USASilver Telecom Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHStortech Electronics Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHVariohm-Eurosensor Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHVertec Scientific Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AH1Zhongshan Myrra Electronic Co Limited39-2 Industrial Road, Xiaolan Industrial Park, Xiaolan ChinaTown, 528400, Zhongshan, Guandong ProvinceHolding CompaniesAramys SAS 2 Boulevard de la Haye, Parc Gustave Eiffel, 77600 Bussy-FranceSaint-GeorgesCDT 123 Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHContour Holdings Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHCursor Controls Holdings Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHdiscoverIE Electronics Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHdiscoverIE Europe Holding BV Hekendorpstraat 69, 3079 DX Rotterdam NetherlandsdiscoverIE France Holdings SAS 2 Boulevard de la Haye, Parc Gustave Eiffel, 77600 Bussy-FranceSaint-GeorgesdiscoverIE General Partner GmbH Talstra\u00dfe 1 \u2013 5, 76593 Gernsbach Germany1discoverIE German Acquisition GmbHTalstra\u00dfe 1 \u2013 5, 76593 Gernsbach GermanydiscoverIE German Holdings GmbH Nymphenburger Str. 3, c/o McDermott Will & Emery GermanyLawyers Tax Consultants LLP, 80335 MunichdiscoverIE Holdings Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHCountry of incorporation Name and nature of business Registered address and registrationdiscoverIE Nordic Holdings Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHdiscoverIE US Holdings Inc. 850 New Burton Road, Suite 201, Dover, DE 19904 USAEWAC Holding B.V. Hekendorpstraat 69, 3079 DX Rotterdam NetherlandsSedgemoor Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHSLV Holdings Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHTrafo Holding AS Elektroveien 7, 3300 Hokksund NorwayVariohm Holdings Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHXi-Tech Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHDormant CompaniesAcal Electronics Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHACTECH Holdings Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHAdvanced Crystal Technology Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHAmega Electronics Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHBosunmark Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHGothic Crellon Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHHeason Technology Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHRadiatron Components Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHRadiatron Holdings Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHSedgemoor Group Pension Trustees Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHSedgemoor Group Supplementary Pension 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesTrustees LimitedGuildford, Surrey, GU2 7AHSedgemoor Holdings Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHTownsend-Coates Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHCoil-Mag LLC (trading as IMAG Electronics) 160 South Illinois Street, Hobart, Indiana, 46342-4512 USAHerga Technology Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHSanton Hekendorpstraat B.V. Hekendorpstraat 69, 3079 DX Rotterdam NetherlandsSanton Switchgear Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AH1 Zhongshan Myrra Electronic Co Limited, Foshan Noratel Electric Co Limited and EMC Innovation Limited have 31 December year-ends.2 15% of Coil-Tran de Mexico SA de CV is owned by local management.Related partiesRemuneration of key management personnelThe Group considers key management personnel as defined in IAS 24 \u2018Related Party Disclosures\u2019 to be the members of the Group Management Committee as set out on page 93. Remuneration is set out below in aggregate. The charge for share-based payments of \u00a31.8m (2024: \u00a32.3m) relates to the Group\u2019s LTIP as detailed in note 31.20252024\u00a3m\u00a3mShort-term employee benefits 4.6 4.7Pension benefits 0.2 0.2Share-based payments 1.8 2.36.6 7.2Terms and conditions of transactions with related partiesAll transactions with related parties were on an arm\u2019s length basis. Outstanding balances at year-end are unsecured and settlement occurs in cash.Transactions with other related partiesThere were no transactions with Directors (other than the payment of salaries and fees and the provision of employee benefits as outlined in the Remuneration Report) during the year.35. Exchange ratesThe profit and loss accounts of overseas subsidiaries are translated into Sterling at average rates of exchange for the year and consolidated Statements of Financial Position are translated at year-end rates. The main currencies are the US Dollar, the Euro and the Norwegian Krone. Details of the exchange rates used are as follows:Year to 31 March 2025 Year to 31 March 2024Closing Average Closing Average raterateRaterateUS Dollar 1.2947 1.2754 1.2643 1.2566Euro 1.1971 1.1883 1.1695 1.1585Norwegian Krone 13.6624 13.8861 13.6814 13.352436. Event after the reporting dateThere were no matters arising, between the balance sheet date and the date on which these Financial Statements were approved by the Board of Directors, requiring adjustment in accordance with IAS 10 \u201cEvents after the Reporting Period\u201d. The following important non-adjusting events should be noted:DividendsA final dividend of 8.60p per share (2024: 8.25p), amounting to a dividend of \u00a38.3m (2024: \u00a37.9m) and bringing the total dividend for the year to 12.50p (2024: 12.0p), was declared by the Board on 3 June 2025. The Group Financial Statements do not reflect this dividend.",
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"value": "2. Accounting policiesStatement of complianceThe Group\u2019s consolidated Financial Statements have been prepared and approved by the Directors in accordance with UK-adopted International Accounting Standards (\u201cUK-adopted IAS\u201d) in conformity with the requirements of the Companies Act 2006 and the disclosure guidance and transparency rules sourcebook of the United Kingdom\u2019s Financial Conduct Authority.The separate Financial Statements of the Company have been prepared and approved by the Directors in accordance with Financial Reporting Standard 101 \u2018Reduced Disclosure Framework\u2019 (\u201cFRS 101\u201d). On publishing the Company\u2019s Financial Statements here together with the Group\u2019s Financial Statements, the Company is taking advantage of the exemption in section 408 of the Companies Act 2006 not to present its individual Statement of Profit or Loss and related notes that form a part of these approved Financial Statements.The following exemptions from the requirements of the UK-adopted IAS have been applied in the preparation of the Company\u2019s Financial Statements, in accordance with FRS 101: \u25a0 Cash Flow Statement and respective disclosures and information; \u25a0 Disclosures in relation to capital management; \u25a0 Disclosures in relation to financial instruments; \u25a0 Disclosures in respect of the compensation of key management personnel; and \u25a0 Disclosures in respect of transactions between two or more members of the Group.For the following disclosures, as the Group\u2019s consolidated Financial Statements include the equivalent disclosures, the Company has taken the exemptions available under FRS 101: \u25a0 IFRS 2 \u2018Share-based payments\u2019 in respect of Group equity-settled share-based payments; \u25a0 Certain disclosures required by IFRS 13 \u2018Fair Value Measurement\u2019.Basis of preparationThe Group\u2019s consolidated Financial Statements and the Company\u2019s Financial Statements are prepared under the historical cost convention, unless otherwise stated.The Group\u2019s and Company\u2019s Financial Statements are presented in Pounds Sterling and all values are rounded to the nearest hundred thousand except as otherwise indicated. The Group has engaged in an ongoing review of expected climate change impacts on the business and its assets and liabilities to establish any adjustments required and any reporting necessary in its consolidated Financial Statements for the year ended 31 March 2025. The ongoing risk assessment is detailed within the climate-related risks and opportunities section on page 74 of the Risk Management section and in the TCFD Report on pages 53 to 67 in the Strategic Report.The process has involved a review of all balance sheet line items and future cash flows, to identify if any of these items is expected to be materially impacted in a negative or positive way by weather, legislative, societal or revenue/cost changes.The conclusion of the review was that, whilst there will undoubtedly be impacts on the Group, the highly disaggregated nature of the operations of the Group and the target markets the Group operates in, significantly reduces the risk profile of the Group to impacts from weather-related changes. The changes necessary to achieve the Group\u2019s net-zero by 2040 commitment is not expected to have a materially adverse impact on the cash flows of the Group and indeed, warmer climates may present enhanced opportunities in our target markets as disclosed on pages 16 to 19 and 56 to 61 of this report. Societal and legislative impacts are not considered to have a material impact on any one segment such that we need to report in a different way to previous years. Judgements are not considered to be significant, although clearly understanding of climate change is developing with time. The area with the most judgement is goodwill impairment testing and a description is given in note 18 of the incremental processes undertaken to assess the climate change impact on the valuations. Management review has concluded that there is no material impact and that no further disclosure is required.Going concernIn line with IAS 1 \u2018Presentation of Financial Statements\u2019 and revised guidance on risk management, internal control and related financial and business reporting, management has taken into account all available information about the future for a period of at least, but not limited to, 12 months from the date of approval of the Financial Statements when assessing the Group\u2019s and Company\u2019s ability to continue as a going concern.The Group\u2019s business activities, together with factors which may adversely impact its future development, performance and position, are set out in the Strategic Report on pages 20 to 27. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the Finance Review section of the Strategic Report on pages 28 to 33. The Group\u2019s forecasts and projections, taking account of the sensitivity analysis of changes in trading performance, show that the Group is well placed to operate within its current debt facilities of \u00a3240m committed up to the end of August 2027. The Viability Base Case, as stated on pages 79 to 80 has been subjected to sensitivity analysis involving flexing a number of the underlying key assumptions, both individually and in conjunction. The sensitivities take into account the principal risks and uncertainties set out on pages 73 to 78, notably instability in the economic environment, underperformance of acquired businesses, climate-related risks, loss of key customers and suppliers, major business disruption, liquidity restriction, debt covenants, interest rate increases, the impact of US tariffs and counter tariffs and adverse foreign currency movements. The most severe but plausible downside scenario assumes a worsening of the economic environment caused by a number of factors including geo-political events, the impact of US tariffs and counter tariffs and significant reduction in consumer demand due to continuing inflationary pressures and elevated interest rates. This downside scenario results in a significant decline in the second half sales of FY 2025/26, with FY 2026/27 sales flat on the reduced FY 2025/26 level, and modest growth in FY 2027/28. Additionally, gross margin was reduced, working capital materially increased, significant one-off expenditures included (product liability, major customer insolvency or litigation, climate change, cyber-security incident, inventory obsolescence), interest rates increased and the Group effective tax rate increased.After factoring in these significant additional downsides to the Viability Base Case, there remains good headroom both in terms of liquidity and our debt covenants. This is supported by the fact that the Group sells a wide portfolio of different products across a diverse set of industries and geographies, has low customer / supplier concentration, a global supply chain network, diverse manufacturing capacity, and has well-established relationships with its customers. These factors are considered important in mitigating many of the risks that could affect the long-term viability of the Group. As a consequence, the Directors believe that the Group is well placed to manage its principal risks and uncertainties as disclosed on pages 73 to 78 of the Strategic Report.Reverse stress testing has also been applied to the most plausible downside scenario to determine the level of additional downside that would be required before the Group would breach its debt covenants or current liquidity headroom during the assessment period. The reverse stress test was conducted on the basis that certain mitigating actions would be undertaken to reduce overheads and capital expenditure during the period as sales declined and, on that basis, a fall in adjusted operating margin to below 6.7% in FY 2025/26 would be required before such a breach occurred. The Board considers the possibility of such a scenario to be remote and further mitigation, such as hiring freezes, pay and bonus reductions, headcount reductions, reduction in planned capital expenditure, equity raises and suspension of dividend payments, would be available if future trading conditions indicated that such an outcome were possible.The Company acts as a holding company for investments in the subsidiaries and does not engage in any trading activities directly and thus is dependent on the trading activities of its subsidiaries. The Company holds sufficient net current assets as at 31 March 2025 to continue as a going concern. The Directors are confident that the Company and the Group have sufficient resources to continue in operational existence for at least 12 months from the date of approval of the Financial Statements. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and Financial Statements.Basis of consolidation The Group\u2019s consolidated Financial Statements consolidate the results of discoverIE Group plc and entities controlled by the Company (its subsidiaries).The consolidated Financial Statements comprise the Financial Statements of the Group and its subsidiaries for the year ended 31 March 2025. Subsidiaries are entities controlled by the Group. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its control over it. In assessing control, the Group takes into account: (i) the power over the investee (i.e. existing rights that give it the current ability to direct its relevant activities); (ii) exposure, or rights, to variable returns from its involvement with the investee; and (iii) the ability to use its power over the investee to affect its returns.The Group reassesses whether or not it controls a subsidiary if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control and ceases when the Group loses control of the subsidiary. Assets, liabilities, profits and losses of a subsidiary acquired or disposed of during the year are included in the consolidated Financial Statements from the date control commences until the date control ceases.When necessary, adjustments are made to the Financial Statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value and the amount of any non-controlling interest in the acquiree.When the Group acquires a business, it assesses the financial assets acquired and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and relevant conditions at the acquisition date. Any contingent consideration payable to the vendor is measured and recognised at fair value through profit and loss (\u201cFVTPL\u201d) at the acquisition date. Subsequent changes to the fair value of the contingent consideration are recognised in accordance with IFRS 9 \u2018Financial Instruments: Classification and measurement\u2019 in the consolidated Statement of Profit or Loss. Goodwill is initially measured at cost, being the excess of the aggregate of the acquisition-date fair value of the consideration transferred and the amount recognised for the non-controlling interest over the net identifiable amounts of the fair value of assets acquired and the liabilities assumed in exchange for the business combination. Assets acquired and liabilities assumed in transactions separate to the business combinations, such as the settlement of pre-existing relationships or post-acquisition remuneration arrangements, are accounted for separately from the business combination in accordance with their nature and applicable standard. Identifiable intangible assets, meeting either the contractual-legal or separability criterion are recognised separately from goodwill. Contingent liabilities representing a present obligation are recognised if the acquisition-date fair value can be measured reliably.After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s four sub-divisions. Within each of these sub-divisions are aggregated business units (cash-generating units (\u201cCGUs\u201d) with similar characteristics) that are expected to benefit from the business combination. Each sub-division to which goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes and shall not be larger than any of the Group\u2019s operating segment. Where goodwill forms part of a CGU, and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the portion of the CGU retained.Non-current assets held for saleAn asset or liability is classified as held for sale if it is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets and that it is highly probable the asset will be sold within one year from the date of classification. Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the consolidated Statement of Financial Position. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the consolidated Statement of Financial Position. Additional disclosures are provided in note 12.Investments (Company only)Investments in subsidiary and associated undertakings are stated initially at cost, being the fair value of the consideration given and including directly attributable transaction costs. The carrying values are reviewed for impairment if events or changes in circumstances indicate the carrying values may not be recoverable. Intangible assets \u2013 otherOther intangible assets that are separately acquired by the Group are stated at cost less accumulated amortisation and impairment losses. Other intangible assets acquired through a business combination are recognised at fair value at the date of acquisition less accumulated amortisation and impairment losses from the date of acquisition. Amortisation is charged to the Statement of Profit or Loss within operating costs on a straight-line basis over the useful economic lives of the intangible assets. The estimated useful economic lives are as follows: (a) Software (implementation costs of IT systems) 3 to 10 years(b) Acquired intangible assets: \u2013 Customer relationships 5 to 12 years\u2013 Patents Patent term(c) Intangible assets \u2013 research and developmentExpenditure on research activities is recognised as an expense in the period in which it is incurred. An internally generated intangible asset arising from the Group\u2019s development activities is capitalised only if all of the following conditions are met: (a) an asset is created that can be identified; (b) it is probable that the asset created will generate future economic benefits; and (c) the development cost of the asset can be measured reliably. Internally generated intangible assets are amortised ona straight-line basis over their useful lives between five and ten years and charged to the Statement of Profit or Loss. The Group only capitalises costs relating to the configuration and customisation of Software-as-a-service arrangements (\u201cSaaS\u201d) as intangible assets where control of the asset exists. Costs that are paid to SaaS suppliers in advance of the service provided are recognised in prepayments and amortised over the service period.All other development expenditure is written off in the accounting period in which it is incurred. Property, plant and equipment Items of owned property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Cost consists of all those elements which are directly attributable to bringing the asset into working condition for its intended use. Where there has been an indication of impairment in value such that the recoverable amount of an asset falls below its net book value, provision is made for such impairment. Wherever possible, individual assets are tested for impairment. However, impairment can often be tested only for groups of assets because the cash flows upon which the calculation is based do not arise from the use of a single asset. In these cases, impairment is measured for the smallest group of assets (\u201cCGU\u201d) that produces a largely independent income stream. The cost of property, plant and equipment is charged to the Statement of Profit or Loss on a straight-line basis over the assets\u2019 estimated useful economic lives, taking into account their estimated residual value. The principal annual rates of depreciation are: Land and buildings Freehold property 2% to 4% per annumLeasehold buildings Shorter of lease term and useful lifeLand Not depreciatedLeasehold improvements 10% to 20% per annum or over the life of the lease if shorterPlant and equipment 5% to 33% per annumImpairment of non-financial assetsThe carrying amounts of the Group\u2019s assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If such an indication exists, the asset\u2019s recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of the asset or its cash generating unit exceeds its recoverable amount. Impairment losses are recognised in the Statement of Profit or Loss.The recoverable amount of assets is the greater of their net selling price and value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the CGU to which the asset belongs. A CGU is the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. When estimating the future cash flows for the value-in-use calculation, the Group includes projections of cash outflows including central costs that are necessarily incurred to generate the cash inflows and that can be directly attributed or allocated on a reasonable and consistent basis to each CGU.Impairment losses recognised in respect of CGUs are allocated first against the carrying value of any goodwill allocated to that unit, and then against the carrying values of other assets in the unit, on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, an impairment loss is reversed when there is an indication that the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount.Financial instrumentsFinancial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument. Unconditional receivables and payables are recognised as assets or liabilities when the Group becomes a party to the contract and, as a consequence, has a legal right to receive or a legal obligation to pay cash. However, recognition of financial assets to be acquired and financial liabilities to be incurred as a result of a firm commitment to purchase or sell goods or services, such as trade receivables and trade payables, is usually delayed until at least one of the parties has performed under the agreement and the ordered goods or services have been shipped, delivered or rendered. A forward contract that is within the scope of IFRS 9, such as a forward foreign exchange contract, is recognised as an asset or a liability on the commitment date at which point the fair value of the right and obligation are usually equal and the net fair value of the forward contract on initial recognition is zero. If the net fair value of the right and obligation is not zero, the contract is recognised as an asset or liability. The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risk and rewards of ownership of the financial asset are transferred, or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or have expired. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid is recognised in the Statement of Profit or Loss.Offsetting financial instruments Financial assets and liabilities are only offset, and the net amount reported in the Statement of Financial Position, when there is a legally enforceable right to offset and there is an intention to settle on a net basis or realise the asset and the liability simultaneously.Allowance for expected credit losses The Group measures loss allowances for financial assets, including trade receivables, at an amount equal to lifetime expected credit losses (\u201cECL\u201d). This requires consideration of both historical and forward-looking information when considering potential impairment of trade receivables. A provision matrix is used to calculate the expected credit loss, which is based upon historical observed default rates adjusted for forward-looking information to create an adjusted default rate, which is applied to the outstanding invoices at the balance sheet date.Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. Credit-impaired financial assetsAt each reporting date the Group assesses whether financial assets carried at amortised cost are credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred, such as a significant change in the credit risk profile of a customer, a debt has become significantly overdue or a contract default.Write-off of financial assets The gross carrying amount of a financial asset is written down to its recoverable amount when the Group has no reasonable expectation of recovering a financial asset in its entirety or a portion thereof.Derivative financial instrumentsThe Group uses derivative financial instruments to hedge its exposure to foreign exchange risks arising from operational activities. It principally employs forward foreign exchange contracts to hedge the risks associated with foreign currency fluctuations relating to certain firm commitments and highly probable forecast transactions. The fair value of derivative foreign exchange instruments is determined on initial recognition at forward market exchange rates at inception of the contract and subsequently remeasured based on forward market exchange rates at the balance sheet date.Inventories Inventories comprise finished goods, goods held for resale, raw materials and work in progress and are stated at the lower of cost and net realisable value after making allowance for any obsolete or slow-moving items. Cost comprises direct materials, inward carriage and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Cash and cash equivalents Cash and cash equivalents comprise cash balances and short-term deposits with an original maturity of three months or less. Bank overdrafts represent short-term borrowings repayable on demand and are shown within other financial liabilities in the Statement of Financial Position.The cash balances are separately presented gross in the consolidated Statement of Financial Position, rather than netted off against overdrafts held either by the same entity, or other Group entities, with the same bank. Refer to note 22.BorrowingsBorrowings are recognised initially at fair value less directly attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the Statement of Profit or Loss over the period of the borrowings on an effective interest basis. ProvisionsA provision is recognised when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. Where the effect is material, provisions are discounted to present value. The unwinding of the discount is recognised as a finance cost in the Statement of Profit or Loss.A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and the restructuring has either commenced or has been publicly announced. Future operating costs are not provided for. The Group also recognises provisions for dilapidation, warranty, retirement indemnity and severance.LeasingThe Group assesses at contract inception whether a contract is, or contains, a lease, that is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Separating components of a contract Contracts usually combine different kinds of obligation of the supplier, which may be formed by lease components or lease and non-lease components, such as maintenance or services. The Group identifies the lease and non-lease components and accounts for those separately, applying the relevant standard to each one. Consideration is allocated to each lease component on the basis of the relative standalone price of the lease component and the aggregate standalone price of the non-lease component.Lease term The Group considers the lease term as the non-cancellable period of the lease plus periods covered by an option to extend or an option to terminate if the lessee is reasonably certain to exercise the extension option or not exercise the termination option.i) Right of use assets The Group recognises right of use assets at the commencement date of the lease. Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes the amount of lease liabilities recognised, initial direct costs incurred, any lease payments made at or before the commencement date, provision for decommissioning the asset at the end of the contract, less any lease incentives received. Right of use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.ii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees, where applicable.The lease payments also include, when applicable, the exercise price of a purchase option which is reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are usually recognised as expenses in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is a combination of country-specific government bond yields, used as a proxy for a risk-free rate, calculated over various periods linked to existing lease terms. This rate is adjusted for borrowing costs and risks specific to each entity of the Group.After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, such as a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. Any adjustment of the lease liability is reflected as an adjustment to the right of use asset. If the carrying amount of the right of use asset has already been reduced to zero, the remaining remeasurement is recognised in the Statement of Profit or Loss.The Group has adopted the practical expedient under IFRS 16 not to recognise right of use assets and lease liabilities for short-term leases, with a lease term of 12 months or less, and leases in which the underlying asset is of low value. Lease payments relating to these leases are expensed to the Statement of Profit or Loss on a straight-line basis over the lease term.Borrowing costsBorrowing costs are recognised as an expense in the period in which they are incurred, in accordance with the effective interest rate method.Pensions Payments to defined contribution pension schemes are charged as an expense as they fall due. In respect of defined benefit pension schemes, the position recognised in the consolidated Statement of Financial Position represents the present value of the defined benefit obligation, reduced by the fair value of the scheme assets. Obligations to provide future benefits to employees earned through prior service are estimated and discounted to present value. Plan assets are measured at fair value. The cost of providing benefits under the defined benefit plans is determined by actuarial valuation, using the projected unit credit method.Any pension asset surplus would be fully recoverable by the Group in line with the rules of the scheme. Therefore, the IAS 19 surplus is recognised in full under current accounting standards.Actuarial remeasurement of the net defined benefit asset or liability comprises (a) actuarial gains and losses, (b) the return on plan assets in excess of the amount included in net interest on the net defined benefit asset or liability, and (c) any change in the effect of the asset ceiling (where applicable), excluding any amount included in net interest on the net defined benefit asset or liability; and is recognised immediately in the Statement of Financial Position with a corresponding entry in retained earnings through Other Comprehensive Income in the period in which it occurs. Remeasurement gains or losses are not reclassified to profit or loss in subsequent periods.Share-based paymentsCertain employees of the Group receive remuneration in the form of share-based payments, whereby employees render services as a consideration for equity instruments (equity-settled transactions). The Group operates a \u201cLong-Term Incentive Plan\u201c\u2013 (\u201cLTIP\u201d) and an \u201cApproved and unapproved executive share option scheme\u201d \u2013 (\u201cCSOP\u201d).The cost of equity-settled transactions with employees is measured by reference to the fair value at the date the grant is made, calculated using an option pricing model, and is recognised as an expense over the three-year vesting period, which ends on the date on which the relevant employees become fully entitled to the award. In valuing equity-settled transactions, no account is taken of non-market vesting conditions.For the LTIP, at each reporting date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management\u2019s best estimate of the achievement or otherwise of non-market conditions and hence the number of equity instruments that will ultimately vest, also taking into consideration the impact of forfeitures and cancellations during the year. The movement in cumulative expense since the previous reporting date is recognised in the Statement of Profit or Loss, with a corresponding entry in equity.The CSOP awards are subject only to continuing service of the employee. At each reporting date, the cumulative expense, calculated on a straight-line basis over the three-year vesting period, and taking into consideration forfeitures and cancellations during the year, is recognised in the Statement of Profit or Loss, with a corresponding entry in equity.The issuance by the Company to its subsidiaries\u2019 employees of a grant of options over the Company\u2019s shares represents additional capital contributions by the Company in its subsidiaries. The additional capital contribution is based on the fair value of the grant issued, allocated over the underlying grant\u2019s vesting period. Taxation Income tax comprises current tax and deferred tax. Current tax is the amount of income taxes payable/(recoverable) in respect of the taxable profit/(taxable loss) for a period and any adjustments to tax payable in respect of previous years. Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted by the reporting date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.Deferred tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Financial Statements, with the following exceptions: \u25a0 where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss; \u25a0 in respect of taxable temporary differences associated with investments in subsidiaries and associates, where the timing of the reversal of the temporary differences can be controlled by the Group and it is probable that the temporary differences will not reverse in the foreseeable future; and \u25a0 deferred tax assets are recognised only to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, carried forward tax credits or tax losses can be utilised. Deferred tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the related asset is realised or liability is settled, based on tax rates and laws enacted or substantively enacted at the reporting date.Income tax is charged or credited directly to equity or Other Comprehensive Income if it relates to items that are credited or charged to equity or Other Comprehensive Income respectively. Otherwise, income tax is recognised in the Statement of Profit or Loss.The Group has performed an assessment of its potential exposure to income taxes arising under Pillar Two legislation. The Group\u2019s annual revenue does not meet the relevant \u20ac750m threshold, therefore no Pillar Two disclosures have been included.Foreign currency translationTransactions in foreign currencies are initially recorded in the functional currency at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date and gains or losses on translation are included in the Statement of Profit or Loss. The Group recognises currency gains and losses arising from the retranslation of the opening net assets of foreign operations as a movement on reserves, net of tax. The differences that arise from translating the results of overseas businesses at average rates of exchange, and their assets and liabilities at closing rates, are dealt with in a separate currency translation reserve. All other currency gains and losses are dealt with in the consolidated Statement of Profit or Loss.Revenue recognitionThe Group realises revenue from its principal activities through the sale of highly differentiated electronic products into five target markets: renewable energy, transportation, medical, industrial & connectivity and security. Revenue is recognised in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services, excluding value added tax and other sales related taxes. Transaction price is allocated to each performance obligation on the basis of the relative standalone selling prices of each distinct good or service promised in the contract. If a standalone selling price is not observable, the Group estimates it. The transaction price may include a discount or a variable amount of consideration that relates to all or part of the contract. The Group will review the requirements and specify when the variable amount should be allocated to one or more, but not all, performance obligations in the contract.Control of a good or service is obtained when the customer has the ability to direct the use of and obtain substantially all the benefits from the good or service. The Group recognises revenue from product sales at a point in time on shipment, on delivery or when goods are accepted by the customer, depending on the Incoterm used for the sale transaction.Product support and maintenance services are recognised over the period of the service delivery as the customer receives the benefit of the service over time; progress is measured by reference to service periods.When another party is involved in providing goods or services to the customer, the Group determines whether the nature of its promise is a performance obligation to provide the specified goods or services itself (principal) or to arrange for those goods or services to be provided by the other party (agent) and recognises revenue accordingly.Contract balancesReceivablesReceivables are billed under the terms of the contract for delivered goods and services that are not conditional on anything other than the passage of time. They are recognised initially at the amount of consideration that is unconditional and are subsequently measured at amortised cost using the effective interest method, less loss allowance. These assets are classified as trade receivables.Certain businesses participate in receivables working capital programmes and have the ability to choose whether to receive payment earlier than the normal due date, for specific customers on a non-recourse basis. As at 31 March 2025, eligible receivables under these programmes have been factored and derecognised in line with the derecognition criteria of IFRS 9 \u2018Financial Instruments\u2019.Contract liabilitiesContract liabilities represent the Group\u2019s unsatisfied obligation(s) for the transfer of goods or services to the customer for which consideration has been received from the customer; and/or advance payments received from a customer in consideration of future performance obligations. Segment reportingOperating segments are reported in a manner consistent with internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board.Dividends paidDividends are recognised when they meet the criteria for recognition as a liability. In relation to final dividends, this is when the dividend is approved by the Shareholders in the Annual General Meeting, and in relation to interim dividends, when paid.Dividend incomeDividend income is recognised in the Statement of Profit or Loss on the date on which the Group\u2019s right to receive payment is established.ReservesShare premium: Proceeds received in excess of the nominal value of shares issued, net of any transaction costs.Merger reserve: Relates to historic equity transactions.Currency translation reserve: Gains and losses arising on re-translating net assets of overseas operations into sterling.Retained earnings: All other net gains and losses and transactions with owners not recognised elsewhere.Critical accounting judgements and key sources of estimation uncertaintyThe preparation of Financial Statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other applicable factors, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are reviewed on an ongoing basis. Actual results may differ from these estimates and any revisions to estimates are recognised prospectively.Information about judgements, assumptions and estimation uncertainties as at 31 March 2025 that could result in a material adjustment to the carrying amount of assets and liabilities in the next financial year is addressed as follows: Key sources of estimation uncertainties \u25a0 Fair value of contingent consideration in a business combination (Group only): Estimates are made in the assessment of the fair value of the contingent consideration for its initial recognition and its subsequent measurement. Estimates used include discount rate and trading forecasts. Note 28 provides details on sensitivity of contingent consideration.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__15": {
"value": "Statement of complianceThe Group\u2019s consolidated Financial Statements have been prepared and approved by the Directors in accordance with UK-adopted International Accounting Standards (\u201cUK-adopted IAS\u201d) in conformity with the requirements of the Companies Act 2006 and the disclosure guidance and transparency rules sourcebook of the United Kingdom\u2019s Financial Conduct Authority.The separate Financial Statements of the Company have been prepared and approved by the Directors in accordance with Financial Reporting Standard 101 \u2018Reduced Disclosure Framework\u2019 (\u201cFRS 101\u201d). On publishing the Company\u2019s Financial Statements here together with the Group\u2019s Financial Statements, the Company is taking advantage of the exemption in section 408 of the Companies Act 2006 not to present its individual Statement of Profit or Loss and related notes that form a part of these approved Financial Statements.The following exemptions from the requirements of the UK-adopted IAS have been applied in the preparation of the Company\u2019s Financial Statements, in accordance with FRS 101: \u25a0 Cash Flow Statement and respective disclosures and information; \u25a0 Disclosures in relation to capital management; \u25a0 Disclosures in relation to financial instruments; \u25a0 Disclosures in respect of the compensation of key management personnel; and \u25a0 Disclosures in respect of transactions between two or more members of the Group.For the following disclosures, as the Group\u2019s consolidated Financial Statements include the equivalent disclosures, the Company has taken the exemptions available under FRS 101: \u25a0 IFRS 2 \u2018Share-based payments\u2019 in respect of Group equity-settled share-based payments; Certain disclosures required by IFRS 13 \u2018Fair Value Measurement\u2019.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__16": {
"value": "Basis of preparationThe Group\u2019s consolidated Financial Statements and the Company\u2019s Financial Statements are prepared under the historical cost convention, unless otherwise stated.The Group\u2019s and Company\u2019s Financial Statements are presented in Pounds Sterling and all values are rounded to the nearest hundred thousand except as otherwise indicated. The Group has engaged in an ongoing review of expected climate change impacts on the business and its assets and liabilities to establish any adjustments required and any reporting necessary in its consolidated Financial Statements for the year ended 31 March 2025. The ongoing risk assessment is detailed within the climate-related risks and opportunities section on page 74 of the Risk Management section and in the TCFD Report on pages 53 to 67 in the Strategic Report.The process has involved a review of all balance sheet line items and future cash flows, to identify if any of these items is expected to be materially impacted in a negative or positive way by weather, legislative, societal or revenue/cost changes.The conclusion of the review was that, whilst there will undoubtedly be impacts on the Group, the highly disaggregated nature of the operations of the Group and the target markets the Group operates in, significantly reduces the risk profile of the Group to impacts from weather-related changes. The changes necessary to achieve the Group\u2019s net-zero by 2040 commitment is not expected to have a materially adverse impact on the cash flows of the Group and indeed, warmer climates may present enhanced opportunities in our target markets as disclosed on pages 16 to 19 and 56 to 61 of this report. Societal and legislative impacts are not considered to have a material impact on any one segment such that we need to report in a different way to previous years. Judgements are not considered to be significant, although clearly understanding of climate change is developing with time. The area with the most judgement is goodwill impairment testing and a description is given in note 18 of the incremental processes undertaken to assess the climate change impact on the valuations. Management review has concluded that there is no material impact and that no further disclosure is required.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__17": {
"value": "Going concernIn line with IAS 1 \u2018Presentation of Financial Statements\u2019 and revised guidance on risk management, internal control and related financial and business reporting, management has taken into account all available information about the future for a period of at least, but not limited to, 12 months from the date of approval of the Financial Statements when assessing the Group\u2019s and Company\u2019s ability to continue as a going concern.The Group\u2019s business activities, together with factors which may adversely impact its future development, performance and position, are set out in the Strategic Report on pages 20 to 27. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the Finance Review section of the Strategic Report on pages 28 to 33. The Group\u2019s forecasts and projections, taking account of the sensitivity analysis of changes in trading performance, show that the Group is well placed to operate within its current debt facilities of \u00a3240m committed up to the end of August 2027. The Viability Base Case, as stated on pages 79 to 80 has been subjected to sensitivity analysis involving flexing a number of the underlying key assumptions, both individually and in conjunction. The sensitivities take into account the principal risks and uncertainties set out on pages 73 to 78, notably instability in the economic environment, underperformance of acquired businesses, climate-related risks, loss of key customers and suppliers, major business disruption, liquidity restriction, debt covenants, interest rate increases, the impact of US tariffs and counter tariffs and adverse foreign currency movements. The most severe but plausible downside scenario assumes a worsening of the economic environment caused by a number of factors including geo-political events, the impact of US tariffs and counter tariffs and significant reduction in consumer demand due to continuing inflationary pressures and elevated interest rates. This downside scenario results in a significant decline in the second half sales of FY 2025/26, with FY 2026/27 sales flat on the reduced FY 2025/26 level, and modest growth in FY 2027/28. Additionally, gross margin was reduced, working capital materially increased, significant one-off expenditures included (product liability, major customer insolvency or litigation, climate change, cyber-security incident, inventory obsolescence), interest rates increased and the Group effective tax rate increased.After factoring in these significant additional downsides to the Viability Base Case, there remains good headroom both in terms of liquidity and our debt covenants. This is supported by the fact that the Group sells a wide portfolio of different products across a diverse set of industries and geographies, has low customer / supplier concentration, a global supply chain network, diverse manufacturing capacity, and has well-established relationships with its customers. These factors are considered important in mitigating many of the risks that could affect the long-term viability of the Group. As a consequence, the Directors believe that the Group is well placed to manage its principal risks and uncertainties as disclosed on pages 73 to 78 of the Strategic Report.Reverse stress testing has also been applied to the most plausible downside scenario to determine the level of additional downside that would be required before the Group would breach its debt covenants or current liquidity headroom during the assessment period. The reverse stress test was conducted on the basis that certain mitigating actions would be undertaken to reduce overheads and capital expenditure during the period as sales declined and, on that basis, a fall in adjusted operating margin to below 6.7% in FY 2025/26 would be required before such a breach occurred. The Board considers the possibility of such a scenario to be remote and further mitigation, such as hiring freezes, pay and bonus reductions, headcount reductions, reduction in planned capital expenditure, equity raises and suspension of dividend payments, would be available if future trading conditions indicated that such an outcome were possible.The Company acts as a holding company for investments in the subsidiaries and does not engage in any trading activities directly and thus is dependent on the trading activities of its subsidiaries. The Company holds sufficient net current assets as at 31 March 2025 to continue as a going concern. The Directors are confident that the Company and the Group have sufficient resources to continue in operational existence for at least 12 months from the date of approval of the Financial Statements. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and Financial Statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__18": {
"value": "Basis of consolidation The Group\u2019s consolidated Financial Statements consolidate the results of discoverIE Group plc and entities controlled by the Company (its subsidiaries).The consolidated Financial Statements comprise the Financial Statements of the Group and its subsidiaries for the year ended 31 March 2025. Subsidiaries are entities controlled by the Group. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its control over it. In assessing control, the Group takes into account: (i) the power over the investee (i.e. existing rights that give it the current ability to direct its relevant activities); (ii) exposure, or rights, to variable returns from its involvement with the investee; and (iii) the ability to use its power over the investee to affect its returns.The Group reassesses whether or not it controls a subsidiary if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control and ceases when the Group loses control of the subsidiary. Assets, liabilities, profits and losses of a subsidiary acquired or disposed of during the year are included in the consolidated Financial Statements from the date control commences until the date control ceases.When necessary, adjustments are made to the Financial Statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__19": {
"value": "Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value and the amount of any non-controlling interest in the acquiree.When the Group acquires a business, it assesses the financial assets acquired and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and relevant conditions at the acquisition date. Any contingent consideration payable to the vendor is measured and recognised at fair value through profit and loss (\u201cFVTPL\u201d) at the acquisition date. Subsequent changes to the fair value of the contingent consideration are recognised in accordance with IFRS 9 \u2018Financial Instruments: Classification and measurement\u2019 in the consolidated Statement of Profit or Loss. Goodwill is initially measured at cost, being the excess of the aggregate of the acquisition-date fair value of the consideration transferred and the amount recognised for the non-controlling interest over the net identifiable amounts of the fair value of assets acquired and the liabilities assumed in exchange for the business combination. Assets acquired and liabilities assumed in transactions separate to the business combinations, such as the settlement of pre-existing relationships or post-acquisition remuneration arrangements, are accounted for separately from the business combination in accordance with their nature and applicable standard. Identifiable intangible assets, meeting either the contractual-legal or separability criterion are recognised separately from goodwill. Contingent liabilities representing a present obligation are recognised if the acquisition-date fair value can be measured reliably.After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s four sub-divisions. Within each of these sub-divisions are aggregated business units (cash-generating units (\u201cCGUs\u201d) with similar characteristics) that are expected to benefit from the business combination. Each sub-division to which goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes and shall not be larger than any of the Group\u2019s operating segment. Where goodwill forms part of a CGU, and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the portion of the CGU retained.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__20": {
"value": "Non-current assets held for saleAn asset or liability is classified as held for sale if it is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets and that it is highly probable the asset will be sold within one year from the date of classification. Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the consolidated Statement of Financial Position. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the consolidated Statement of Financial Position. Additional disclosures are provided in note 12.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__21": {
"value": "Intangible assets \u2013 otherOther intangible assets that are separately acquired by the Group are stated at cost less accumulated amortisation and impairment losses. Other intangible assets acquired through a business combination are recognised at fair value at the date of acquisition less accumulated amortisation and impairment losses from the date of acquisition. Amortisation is charged to the Statement of Profit or Loss within operating costs on a straight-line basis over the useful economic lives of the intangible assets. The estimated useful economic lives are as follows: (a) Software (implementation costs of IT systems) 3 to 10 years(b) Acquired intangible assets: \u2013 Customer relationships 5 to 12 years\u2013 Patents Patent term(c) Intangible assets \u2013 research and developmentExpenditure on research activities is recognised as an expense in the period in which it is incurred. An internally generated intangible asset arising from the Group\u2019s development activities is capitalised only if all of the following conditions are met: (a) an asset is created that can be identified; (b) it is probable that the asset created will generate future economic benefits; and (c) the development cost of the asset can be measured reliably. Internally generated intangible assets are amortised ona straight-line basis over their useful lives between five and ten years and charged to the Statement of Profit or Loss. The Group only capitalises costs relating to the configuration and customisation of Software-as-a-service arrangements (\u201cSaaS\u201d) as intangible assets where control of the asset exists. Costs that are paid to SaaS suppliers in advance of the service provided are recognised in prepayments and amortised over the service period.All other development expenditure is written off in the accounting period in which it is incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__22": {
"value": "Property, plant and equipment Items of owned property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Cost consists of all those elements which are directly attributable to bringing the asset into working condition for its intended use. Where there has been an indication of impairment in value such that the recoverable amount of an asset falls below its net book value, provision is made for such impairment. Wherever possible, individual assets are tested for impairment. However, impairment can often be tested only for groups of assets because the cash flows upon which the calculation is based do not arise from the use of a single asset. In these cases, impairment is measured for the smallest group of assets (\u201cCGU\u201d) that produces a largely independent income stream. The cost of property, plant and equipment is charged to the Statement of Profit or Loss on a straight-line basis over the assets\u2019 estimated useful economic lives, taking into account their estimated residual value. The principal annual rates of depreciation are: Land and buildings Freehold property 2% to 4% per annumLeasehold buildings Shorter of lease term and useful lifeLand Not depreciatedLeasehold improvements 10% to 20% per annum or over the life of the lease if shorterPlant and equipment 5% to 33% per annum",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__23": {
"value": "Impairment of non-financial assetsThe carrying amounts of the Group\u2019s assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If such an indication exists, the asset\u2019s recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of the asset or its cash generating unit exceeds its recoverable amount. Impairment losses are recognised in the Statement of Profit or Loss.The recoverable amount of assets is the greater of their net selling price and value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the CGU to which the asset belongs. A CGU is the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. When estimating the future cash flows for the value-in-use calculation, the Group includes projections of cash outflows including central costs that are necessarily incurred to generate the cash inflows and that can be directly attributed or allocated on a reasonable and consistent basis to each CGU.Impairment losses recognised in respect of CGUs are allocated first against the carrying value of any goodwill allocated to that unit, and then against the carrying values of other assets in the unit, on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, an impairment loss is reversed when there is an indication that the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__24": {
"value": "Financial instrumentsFinancial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument. Unconditional receivables and payables are recognised as assets or liabilities when the Group becomes a party to the contract and, as a consequence, has a legal right to receive or a legal obligation to pay cash. However, recognition of financial assets to be acquired and financial liabilities to be incurred as a result of a firm commitment to purchase or sell goods or services, such as trade receivables and trade payables, is usually delayed until at least one of the parties has performed under the agreement and the ordered goods or services have been shipped, delivered or rendered. A forward contract that is within the scope of IFRS 9, such as a forward foreign exchange contract, is recognised as an asset or a liability on the commitment date at which point the fair value of the right and obligation are usually equal and the net fair value of the forward contract on initial recognition is zero. If the net fair value of the right and obligation is not zero, the contract is recognised as an asset or liability. The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risk and rewards of ownership of the financial asset are transferred, or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or have expired. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid is recognised in the Statement of Profit or Loss.Offsetting financial instruments Financial assets and liabilities are only offset, and the net amount reported in the Statement of Financial Position, when there is a legally enforceable right to offset and there is an intention to settle on a net basis or realise the asset and the liability simultaneously.Allowance for expected credit losses The Group measures loss allowances for financial assets, including trade receivables, at an amount equal to lifetime expected credit losses (\u201cECL\u201d). This requires consideration of both historical and forward-looking information when considering potential impairment of trade receivables. A provision matrix is used to calculate the expected credit loss, which is based upon historical observed default rates adjusted for forward-looking information to create an adjusted default rate, which is applied to the outstanding invoices at the balance sheet date.Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. Credit-impaired financial assetsAt each reporting date the Group assesses whether financial assets carried at amortised cost are credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred, such as a significant change in the credit risk profile of a customer, a debt has become significantly overdue or a contract default.Write-off of financial assets The gross carrying amount of a financial asset is written down to its recoverable amount when the Group has no reasonable expectation of recovering a financial asset in its entirety or a portion thereof.Derivative financial instrumentsThe Group uses derivative financial instruments to hedge its exposure to foreign exchange risks arising from operational activities. It principally employs forward foreign exchange contracts to hedge the risks associated with foreign currency fluctuations relating to certain firm commitments and highly probable forecast transactions. The fair value of derivative foreign exchange instruments is determined on initial recognition at forward market exchange rates at inception of the contract and subsequently remeasured based on forward market exchange rates at the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__25": {
"value": "Inventories Inventories comprise finished goods, goods held for resale, raw materials and work in progress and are stated at the lower of cost and net realisable value after making allowance for any obsolete or slow-moving items. Cost comprises direct materials, inward carriage and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__26": {
"value": "Cash and cash equivalents Cash and cash equivalents comprise cash balances and short-term deposits with an original maturity of three months or",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__27": {
"value": "borrowings repayable on demand and are shown within other financial liabilities in the Statement of Financial Position.The cash balances are separately presented gross in the consolidated Statement of Financial Position, rather than netted off against overdrafts held either by the same entity, or other Group entities, with the same bank. Refer to note 22.BorrowingsBorrowings are recognised initially at fair value less directly attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the Statement of Profit or Loss over the period of the borrowings on an effective interest basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__28": {
"value": "ProvisionsA provision is recognised when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. Where the effect is material, provisions are discounted to present value. The unwinding of the discount is recognised as a finance cost in the Statement of Profit or Loss.A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and the restructuring has either commenced or has been publicly announced. Future operating costs are not provided for. The Group also recognises provisions for dilapidation, warranty, retirement indemnity and severance.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__29": {
"value": "LeasingThe Group assesses at contract inception whether a contract is, or contains, a lease, that is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Separating components of a contract Contracts usually combine different kinds of obligation of the supplier, which may be formed by lease components or lease and non-lease components, such as maintenance or services. The Group identifies the lease and non-lease components and accounts for those separately, applying the relevant standard to each one. Consideration is allocated to each lease component on the basis of the relative standalone price of the lease component and the aggregate standalone price of the non-lease component.Lease term The Group considers the lease term as the non-cancellable period of the lease plus periods covered by an option to extend or an option to terminate if the lessee is reasonably certain to exercise the extension option or not exercise the termination option.i) Right of use assets The Group recognises right of use assets at the commencement date of the lease. Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes the amount of lease liabilities recognised, initial direct costs incurred, any lease payments made at or before the commencement date, provision for decommissioning the asset at the end of the contract, less any lease incentives received. Right of use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.ii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees, where applicable.The lease payments also include, when applicable, the exercise price of a purchase option which is reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are usually recognised as expenses in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is a combination of country-specific government bond yields, used as a proxy for a risk-free rate, calculated over various periods linked to existing lease terms. This rate is adjusted for borrowing costs and risks specific to each entity of the Group.After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, such as a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. Any adjustment of the lease liability is reflected as an adjustment to the right of use asset. If the carrying amount of the right of use asset has already been reduced to zero, the remaining remeasurement is recognised in the Statement of Profit or Loss.The Group has adopted the practical expedient under IFRS 16 not to recognise right of use assets and lease liabilities for short-term leases, with a lease term of 12 months or less, and leases in which the underlying asset is of low value. Lease payments relating to these leases are expensed to the Statement of Profit or Loss on a straight-line basis over the lease term.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__30": {
"value": "Borrowing costsBorrowing costs are recognised as an expense in the period in which they are incurred, in accordance with the effective interest rate method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__31": {
"value": "Share-based paymentsCertain employees of the Group receive remuneration in the form of share-based payments, whereby employees render services as a consideration for equity instruments (equity-settled transactions). The Group operates a \u201cLong-Term Incentive Plan\u201c\u2013 (\u201cLTIP\u201d) and an \u201cApproved and unapproved executive share option scheme\u201d \u2013 (\u201cCSOP\u201d).The cost of equity-settled transactions with employees is measured by reference to the fair value at the date the grant is made, calculated using an option pricing model, and is recognised as an expense over the three-year vesting period, which ends on the date on which the relevant employees become fully entitled to the award. In valuing equity-settled transactions, no account is taken of non-market vesting conditions.For the LTIP, at each reporting date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management\u2019s best estimate of the achievement or otherwise of non-market conditions and hence the number of equity instruments that will ultimately vest, also taking into consideration the impact of forfeitures and cancellations during the year. The movement in cumulative expense since the previous reporting date is recognised in the Statement of Profit or Loss, with a corresponding entry in equity.The CSOP awards are subject only to continuing service of the employee. At each reporting date, the cumulative expense, calculated on a straight-line basis over the three-year vesting period, and taking into consideration forfeitures and cancellations during the year, is recognised in the Statement of Profit or Loss, with a corresponding entry in equity.The issuance by the Company to its subsidiaries\u2019 employees of a grant of options over the Company\u2019s shares represents additional capital contributions by the Company in its subsidiaries. The additional capital contribution is based on the fair value of the grant issued, allocated over the underlying grant\u2019s vesting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__32": {
"value": "Taxation Income tax comprises current tax and deferred tax. Current tax is the amount of income taxes payable/(recoverable) in respect of the taxable profit/(taxable loss) for a period and any adjustments to tax payable in respect of previous years. Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted by the reporting date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.Deferred tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Financial Statements, with the following exceptions: \u25a0 where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss; \u25a0 in respect of taxable temporary differences associated with investments in subsidiaries and associates, where the timing of the reversal of the temporary differences can be controlled by the Group and it is probable that the temporary differences will not reverse in the foreseeable future; and \u25a0 deferred tax assets are recognised only to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, carried forward tax credits or tax losses can be utilised. Deferred tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the related asset is realised or liability is settled, based on tax rates and laws enacted or substantively enacted at the reporting date.Income tax is charged or credited directly to equity or Other Comprehensive Income if it relates to items that are credited or charged to equity or Other Comprehensive Income respectively. Otherwise, income tax is recognised in the Statement of Profit or Loss.The Group has performed an assessment of its potential exposure to income taxes arising under Pillar Two legislation. The Group\u2019s annual revenue does not meet the relevant \u20ac750m threshold, therefore no Pillar Two disclosures have been included.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__33": {
"value": "Foreign currency translationTransactions in foreign currencies are initially recorded in the functional currency at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date and gains or losses on translation are included in the Statement of Profit or Loss. The Group recognises currency gains and losses arising from the retranslation of the opening net assets of foreign operations as a movement on reserves, net of tax. The differences that arise from translating the results of overseas businesses at average rates of exchange, and their assets and liabilities at closing rates, are dealt with in a separate currency translation reserve. All other currency gains and losses are dealt with in the consolidated Statement of Profit or Loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__38": {
"value": "reserves, net of tax. The differences that arise from translating the results of overseas businesses at average rates of exchange, and their assets and liabilities at closing rates, are dealt with in a separate currency translation reserve. All other currency gains and losses are dealt with in the consolidated Statement of Profit or Loss.Revenue recognitionThe Group realises revenue from its principal activities through the sale of highly differentiated electronic products into five target markets: renewable energy, transportation, medical, industrial & connectivity and security. Revenue is recognised in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services, excluding value added tax and other sales related taxes. Transaction price is allocated to each performance obligation on the basis of the relative standalone selling prices of each distinct good or service promised in the contract. If a standalone selling price is not observable, the Group estimates it. The transaction price may include a discount or a variable amount of consideration that relates to all or part of the contract. The Group will review the requirements and specify when the variable amount should be allocated to one or more, but not all, performance obligations in the contract.Control of a good or service is obtained when the customer has the ability to direct the use of and obtain substantially all the benefits from the good or service. The Group recognises revenue from product sales at a point in time on shipment, on delivery or when goods are accepted by the customer, depending on the Incoterm used for the sale transaction.Product support and maintenance services are recognised over the period of the service delivery as the customer receives the benefit of the service over time; progress is measured by reference to service periods.When another party is involved in providing goods or services to the customer, the Group determines whether the nature of its promise is a performance obligation to provide the specified goods or services itself (principal) or to arrange for those goods or services to be provided by the other party (agent) and recognises revenue accordingly.Contract balancesReceivablesReceivables are billed under the terms of the contract for delivered goods and services that are not conditional on anything other than the passage of time. They are recognised initially at the amount of consideration that is unconditional and are subsequently measured at amortised cost using the effective interest method, less loss allowance. These assets are classified as trade receivables.Certain businesses participate in receivables working capital programmes and have the ability to choose whether to receive payment earlier than the normal due date, for specific customers on a non-recourse basis. As at 31 March 2025, eligible receivables under these programmes have been factored and derecognised in line with the derecognition criteria of IFRS 9 \u2018Financial Instruments\u2019.Contract liabilitiesContract liabilities represent the Group\u2019s unsatisfied obligation(s) for the transfer of goods or services to the customer for which consideration has been received from the customer; and/or advance payments received from a customer in consideration of future performance obligations. Segment reportingOperating segments are reported in a manner consistent with internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board.Dividends paidDividends are recognised when they meet the criteria for recognition as a liability. In relation to final dividends, this is when the dividend is approved by the Shareholders in the Annual General Meeting, and in relation to interim dividends, when paid.Dividend incomeDividend income is recognised in the Statement of Profit or Loss on the date on which the Group\u2019s right to receive payment is established.ReservesShare premium: Proceeds received in excess of the nominal value of shares issued, net of any transaction costs.Merger reserve: Relates to historic equity transactions.Currency translation reserve: Gains and losses arising on re-translating net assets of overseas operations into sterling.Retained earnings: All other net gains and losses and transactions with owners not recognised elsewhere.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__34": {
"value": "Revenue recognitionThe Group realises revenue from its principal activities through the sale of highly differentiated electronic products into five target markets: renewable energy, transportation, medical, industrial & connectivity and security. Revenue is recognised in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services, excluding value added tax and other sales related taxes. Transaction price is allocated to each performance obligation on the basis of the relative standalone selling prices of each distinct good or service promised in the contract. If a standalone selling price is not observable, the Group estimates it. The transaction price may include a discount or a variable amount of consideration that relates to all or part of the contract. The Group will review the requirements and specify when the variable amount should be allocated to one or more, but not all, performance obligations in the contract.Control of a good or service is obtained when the customer has the ability to direct the use of and obtain substantially all the benefits from the good or service. The Group recognises revenue from product sales at a point in time on shipment, on delivery or when goods are accepted by the customer, depending on the Incoterm used for the sale transaction.Product support and maintenance services are recognised over the period of the service delivery as the customer receives the benefit of the service over time; progress is measured by reference to service periods.When another party is involved in providing goods or services to the customer, the Group determines whether the nature of its promise is a performance obligation to provide the specified goods or services itself (principal) or to arrange for those goods or services to be provided by the other party (agent) and recognises revenue accordingly.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__35": {
"value": "Contract balancesReceivablesReceivables are billed under the terms of the contract for delivered goods and services that are not conditional on anything other than the passage of time. They are recognised initially at the amount of consideration that is unconditional and are subsequently measured at amortised cost using the effective interest method, less loss allowance. These assets are classified as trade receivables.Certain businesses participate in receivables working capital programmes and have the ability to choose whether to receive payment earlier than the normal due date, for specific customers on a non-recourse basis. As at 31 March 2025, eligible receivables under these programmes have been factored and derecognised in line with the derecognition criteria of IFRS 9 \u2018Financial Instruments\u2019.Contract liabilitiesContract liabilities represent the Group\u2019s unsatisfied obligation(s) for the transfer of goods or services to the customer for which consideration has been received from the customer; and/or advance payments received from a customer in consideration of future performance obligations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__36": {
"value": "Segment reportingOperating segments are reported in a manner consistent with internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__37": {
"value": "Dividends paidDividends are recognised when they meet the criteria for recognition as a liability. In relation to final dividends, this is when the dividend is approved by the Shareholders in the Annual General Meeting, and in relation to interim dividends, when paid.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__39": {
"value": "Critical accounting judgements and key sources of estimation uncertaintyThe preparation of Financial Statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other applicable factors, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are reviewed on an ongoing basis. Actual results may differ from these estimates and any revisions to estimates are recognised prospectively.Information about judgements, assumptions and estimation uncertainties as at 31 March 2025 that could result in a material adjustment to the carrying amount of assets and liabilities in the next financial year is addressed as follows: Key sources of estimation uncertainties \u25a0 Fair value of contingent consideration in a business combination (Group only): Estimates are made in the assessment of the fair value of the contingent consideration for its initial recognition and its subsequent measurement. Estimates used include discount rate and trading forecasts. Note 28 provides details on sensitivity of contingent consideration.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__41": {
"value": "4. RevenueGroup revenue is analysed below:20252024\u00a3m\u00a3mSale of goods 417.7 431.4Rendering of services 5.2 5.6Total revenue 422.9 437.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__42": {
"value": "5. Operating segment informationThe Reportable Operating Segments of the Group include two distinct divisions, Magnetics & Controls (\u201cM&C\u201d) and Sensing & Connectivity (\u201cS&C\u201d). Within each of these reportable operating segments are aggregated business units with similar characteristics such as the nature of customers, products, risk profile and economic characteristics.Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is reported and evaluated based on operating profit or loss earned by each segment. Unallocated costs relate to central head office administration costs that are not directly attributable to the Operating Segments.Segment revenue and resultsMagnetics Sensing & UnallocatedTotal& ControlsConnectivityCosts2025\u00a3m\u00a3m\u00a3m\u00a3mRevenue 247.4 175.5 \u2013 422.9ResultAdjusted operating profit/(loss) 36.3 36.0 (11.8) 60.5Net acquisition and disposal expenses 0.5 (2.4) \u2013 (1.9)Amortisation of acquired intangible assets (6.3) (9.9) \u2013 (16.2)Operating profit/(loss) 30.5 23.7 (11.8) 42.4Magnetics Sensing & UnallocatedTotal& ControlsConnectivityCosts2024\u00a3m\u00a3m\u00a3m\u00a3mRevenue 265.1 171.9 \u2013 437.0ResultAdjusted operating profit/(loss) 40.6 28.9 (12.3) 57.2Net acquisition and disposal expenses (2.2) (7.6) \u2013 (9.8)Amortisation of acquired intangible assets (6.6) (9.6) \u2013 (16.2)Operating profit/(loss) 31.8 11.7 (12.3) 31.2Segment assets and liabilitiesFor the purposes of monitoring segment performance and allocating resources between segments, the Directors monitor the net assets attributable to each segment. Assets and liabilities are allocated to reportable segments, with the exception of the pension liability/asset, tax assets and liabilities, cash, borrowings and overdrafts, central assets (Head Office assets) and central liabilities (Head Office liabilities), as shown below:Magnetics Sensing & 2025& ControlsConnectivityUnallocatedTotal Assets and liabilities\u00a3m\u00a3m\u00a3m\u00a3mSegment assets (excluding goodwill and other intangible assets) 119.1 85.0 204.1Goodwill and other intangible assets 138.6 197.8 336.4257.7 282.8 540.5Central assets 3.6 3.6Cash and cash equivalents 139.3 139.3Current and deferred tax assets 11.6 11.6Total assets 257.7 282.8 154.5 695.0Segment liabilities (64.4) (45.4) (109.8)Central liabilities (13.9) (13.9)Pension liability (0.5) (0.5)Loans and borrowings (233.6) (233.6)Current and deferred tax liabilities (29.2) (29.2)Total liabilities (64.4) (45.4) (277.2) (387.0)Net assets/(liabilities) 193.3 237.4 (122.7) 308.0Magnetics Sensing & 2024& ControlsConnectivityUnallocatedTotal Assets and liabilities\u00a3m\u00a3m\u00a3m\u00a3mSegment assets (excluding goodwill and other intangible assets) 124.7 74.4 199.1Goodwill and other intangible assets 146.7 182.8 329.5271.4 257.2 528.6Central assets 11.1 11.1Cash and cash equivalents 110.8 110.8Pension asset 0.3 0.3Current and deferred tax assets 11.2 11.2Assets classified as held for sale 6.7 6.7Total assets 271.4 263.9 133.4 668.7Segment liabilities (65.2) (45.2) (110.4)Central liabilities (10.6) (10.6)Loans and borrowings (214.8) (214.8)Current and deferred tax liabilities (31.3) (31.3)Total liabilities (65.2) (45.2) (256.7) (367.1)Net assets/(liabilities) 206.2 218.7 (123.3) 301.6Other segment informationDepreciation and Additions to non-current 1assetsamortisation2025202420252024\u00a3m\u00a3m\u00a3m\u00a3mMagnetics & Controls 13.2 12.8 12.0 42.2Sensing & Connectivity 14.8 14.7 37.4 54.0Central 0.4 0.3 0.1 0.128.4 27.8 49.5 96.31 Includes depreciation and amortisation of right of use assets, property, plant and equipment and intangibles.2 Magnetics & Controls additions to non-current assets comprised intangible assets \u00a30.5m (2024: \u00a315.8m), goodwill \u00a3nil (2024: 20.0m), right of use assets \u00a37.7m (2024: 3.2m) and tangible assets \u00a33.8m (2024: \u00a33.2m). Sensing & Connectivity additions to non-current assets comprised intangible assets \u00a311.9m (2024: \u00a317.1m), goodwill \u00a315.5m (2024: \u00a329.3m), right of use assets \u00a36.8m (2024: \u00a35.3m) and tangible assets \u00a33.2m (2024: \u00a32.3m). Central additions to non-current assets comprised right of use assets of \u00a30.1m (2024: \u00a30.1m).Geographical informationThe Group\u2019s revenue from external customers based on customer locations and information about its segment assets (excluding pension asset) by geographical location are detailed below:Revenue from external Non-currentcustomersassets2025202420252024\u00a3m\u00a3m\u00a3m\u00a3mUK 52.8 52.5 137.0 140.1Europe 199.4 206.1 135.5 115.9North America, Asia and Rest of world 170.7 178.4 124.4 124.7422.9 437.0 396.9 380.7In the year ended 31 March 2025, the Group had no customer that represented 10% or more of total Group revenue (2024: no customer).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__43": {
"value": "7. Operating profit20252024\u00a3m\u00a3mRevenue 422.9 437.0Direct materials/direct labour (236.8) (255.0)Other cost of goods sold (4.6) (5.0)Selling and distribution costs (40.9) (41.0)Administrative expenses (98.2) (104.8)Operating profit 42.4 31.2Operating costs are as follows:20252024\u00a3m\u00a3mEmployee costs (note 8) 118.8 114.7Depreciation of property, plant and equipment (note 15) 4.5 4.7Depreciation of right of use assets (note 16) 7.3 6.6Amortisation of other intangible assets (note 19) 16.6 16.5(Gain)/costs related to disposal group (note 6) (2.1) 5.9Expected credit losses (note 21) 0.2 0.4Net foreign exchange differences (0.4) 0.8Inventories: Cost of inventories 196.0 218.6 Write-down of inventories to net realisable value 0.5 0.4Other expenses 39.1 37.2Operating costs 380.5 405.820252024\u00a3m\u00a3mOperating costs 380.5 405.8Less Net acquisition and disposal expenses (1.9) (9.8) Amortisation of acquired intangibles (16.2) (16.2)Adjusted operating costs 362.4 379.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__44": {
"value": "Depreciation of property, plant and equipment (note 15) 4.5 4.7Depreciation of right of use assets (note 16) 7.3 6.6Amortisation of other intangible assets (note 19) 16.6 16.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__47": {
"value": "8. Employee costs and Directors\u2019 emoluments20252024\u00a3m\u00a3mWages and salaries 99.6 97.2Social security costs 13.1 11.2Other pension costs 4.1 3.7Share-based payments (note 31) 2.0 2.6 118.8 114.7The average monthly number of employees (including Executive Directors) during the year was as follows:2025 2024Sales and marketing 389 349Manufacturing and services 3,559 3,630Administration 447 462 4,395 4,441At 31 March 2025 the Group had 4,497 employees (2024: 4,543).20252024Directors\u2019 emoluments\u00a3\u00a3Aggregate emoluments in respect of qualifying services 1,580,707 1,675,544Aggregate employer contribution to a defined contribution pension scheme and pay in lieu of pension for two directors 70,165 70,164 1,650,872 1,745,708Highest paid DirectorEmoluments in respect of qualifying services 985,059 1,042,670Employer contribution to a defined contribution pension scheme and pay in lieu of pension 42,407 42,406 1,027,466 1,085,076Aggregate emoluments for the Non-Executive Directors were \u00a3415,325 (2024: \u00a3428,450). Further details of all Directors\u2019 emoluments are provided in the Remuneration Report on pages 110 to 133.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__46": {
"value": "8. Employee costs and Directors\u2019 emoluments20252024\u00a3m\u00a3mWages and salaries 99.6 97.2Social security costs 13.1 11.2Other pension costs 4.1 3.7Share-based payments (note 31) 2.0 2.6 118.8 114.7The average monthly number of employees (including Executive Directors) during the year was as follows:2025 2024Sales and marketing 389 349Manufacturing and services 3,559 3,630Administration 447 462 4,395 4,441At 31 March 2025 the Group had 4,497 employees (2024: 4,543).20252024Directors\u2019 emoluments\u00a3\u00a3Aggregate emoluments in respect of qualifying services 1,580,707 1,675,544Aggregate employer contribution to a defined contribution pension scheme and pay in lieu of pension for two directors 70,165 70,164 1,650,872 1,745,708Highest paid DirectorEmoluments in respect of qualifying services 985,059 1,042,670Employer contribution to a defined contribution pension scheme and pay in lieu of pension 42,407 42,406 1,027,466 1,085,076Aggregate emoluments for the Non-Executive Directors were \u00a3415,325 (2024: \u00a3428,450). Further details of all Directors\u2019 emoluments are provided in the Remuneration Report on pages 110 to 133.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__48": {
"value": "Interest receivable and similar income 3.7 3.9Finance income 3.7 3.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__49": {
"value": "Finance costs on bank loans and overdrafts (12.5) (11.6)Finance costs on lease liabilities (1.0) (0.7)Amortisation of borrowing costs (0.6) (0.6)Finance costs (14.1) (12.9)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__50": {
"value": "(0.6)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__51": {
"value": "10. Tax expenseThe major components of the corporation tax expense are summarised below:20252024\u00a3m\u00a3mCurrent taxation:UK adjustments in respect of prior years (0.5) (0.3) (0.5) (0.3)Overseas tax 11.3 10.8Overseas adjustments in respect of prior years (0.6) (1.3) 10.7 9.5Total current taxation expense 10.2 9.2Deferred taxationOrigination and reversal of temporary differences within the UK (0.4) (0.8)Origination and reversal of temporary differences overseas (1.9) (1.9)Adjustment in respect of prior years (0.2) 0.3Increased recognition of historical losses (0.5) (0.1)Impact of tax rate changes 0.2 \u2013Total deferred taxation credit (2.8) (2.5)Tax expense reported in the consolidated Statement of Profit or Loss 7.4 6.720252024Tax recognised in other comprehensive expense\u00a3m\u00a3mDecrease in deferred tax liability on pension 1.2 0.3Tax reported in other comprehensive expense 1.2 0.320252024Tax recognised in equity\u00a3m\u00a3mDecrease in deferred tax asset on share-based payments (1.3) (0.3)Tax reported in equity (1.3) (0.3)The effective rate of taxation for the year is lower (2024: higher) than the standard rate of taxation in the UK of 25% (2024: 25%). A reconciliation of the tax expense applicable to the profit before tax, at the statutory tax rate, to the actual tax expense at the Group\u2019s effective tax rate for the years ended 31 March 2025 and 31 March 2024 respectively is presented below:20252024\u00a3m\u00a3mProfit before tax 32.0 22.2Profit before taxation multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%) 8.0 5.6Effect of:Differences in overseas tax rates (0.2) 0.3Tax losses not recognised (0.1) 0.5Non-deductible expenses 1.3 1.7Increased recognition of historical losses (0.5) (0.1)Impact of tax rate changes on deferred tax 0.2 \u2013Adjustments to deferred taxation expense in respect of prior years (0.2) 0.3Adjustments to current taxation expense in respect of prior years (1.1) (1.6)Total tax reported in the consolidated Statement of Profit or Loss 7.4 6.7Deferred tax 20252024Deferred tax liabilities\u00a3m\u00a3mAccelerated capital allowances (0.7) (0.5)Intangibles (17.5) (20.2)Pensions \u2013 (0.1)Other temporary differences (2.8) (2.2)Gross deferred tax liabilities (21.0) (23.0)Deferred tax assetsDecelerated capital allowances 0.2 \u2013Pensions 0.6 0.5Tax losses 0.9 1.8Share-based payment plans 3.0 4.2Other temporary differences 5.4 3.4Gross deferred tax assets 10.1 9.9\u00a35.0m of deferred tax assets (2024: \u00a35.1m) and \u00a34.9m of deferred tax liabilities (2024: \u00a34.8m) are expected to be recovered or settled no more than 12 months after the reporting period. \u00a35.1m of deferred tax assets (2024: \u00a34.8m) and \u00a316.1m of deferred tax liabilities (2024: \u00a318.2m) are expected to be recovered or settled more than 12 months after the reporting period. Movements in deferred taxAccelerated Share-Other capital Tax based temporary allowancesIntangiblesPensionslossespaymentsdifferencesTotal\u00a3m\u00a3m\u00a3m \u00a3m\u00a3m\u00a3m\u00a3mAt 1 April 2023 (0.4) (18.3) (0.1) 3.2 4.4 1.3 (9.9)(Charged)/credited- to profit and loss (0.1) 3.8 0.2 (1.4) 0.1 (0.1) 2.5- to other comprehensive income \u2013 \u2013 0.3 \u2013 \u2013 \u2013 0.3- directly to equity \u2013 \u2013 \u2013 \u2013 (0.3) \u2013 (0.3)Exchange differences on translation of foreign subsidiaries \u2013 0.3 \u2013 \u2013 \u2013 \u2013 0.3Acquisition-related movements \u2013 (6.0) \u2013 \u2013 \u2013 \u2013 (6.0)At 31 March 2024 (0.5) (20.2) 0.4 1.8 4.2 1.2 (13.1)(Charged)/credited- to profit and loss \u2013 3.1 (1.0) (0.9) 0.1 1.5 2.8- to other comprehensive income \u2013 \u2013 1.2 \u2013 \u2013 \u2013 1.2- directly to equity \u2013 \u2013 \u2013 \u2013 (1.3) \u2013 (1.3)Exchange differences on translation of foreign subsidiaries \u2013 0.3 \u2013 \u2013 \u2013 (0.1) 0.2Acquisition-related movements \u2013 (0.7) \u2013 \u2013 \u2013 \u2013 (0.7)At 31 March 2025 (0.5) (17.5) 0.6 0.9 3.0 2.6 (10.9)At 31 March 2025, \u00a3nil (2024: \u00a31.4m) of the deferred tax asset in respect of tax losses relates to tax jurisdictions in which tax losses were incurred in the current or preceding period. The recognition of the deferred tax asset is supported by forecasts of sufficient future taxable profits in the relevant jurisdictions. At 31 March 2025, the Group had not recognised any deferred tax asset in respect of tax losses of approximately \u00a323.2m (2024: \u00a326.1m). Deferred tax assets are not recognised where there is insufficient evidence that losses will be utilised.At 31 March 2025, a \u00a31.8m deferred tax liability (2024: \u00a31.3m) has been recognised for withholding taxes payable on the remittance of certain of the Group\u2019s overseas subsidiaries\u2019 unremitted earnings. The aggregate amount of unremitted earnings on which deferred tax has not been recognised is \u00a321.4m (2024: \u00a319.9m). No deferred tax has been recognised on this amount as the Group is able to control the timing of these distributions and is not expecting to distribute these profits in the foreseeable future.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__52": {
"value": "Deferred tax liabilities\u00a3m\u00a3mAccelerated capital allowances (0.7) (0.5)Intangibles (17.5) (20.2)Pensions \u2013 (0.1)Other temporary differences (2.8) (2.2)Gross deferred tax liabilities (21.0) (23.0)Deferred tax assetsDecelerated capital allowances 0.2 \u2013Pensions 0.6 0.5Tax losses 0.9 1.8Share-based payment plans 3.0 4.2Other temporary differences 5.4 3.4Gross deferred tax assets 10.1 9.9\u00a35.0m of deferred tax assets (2024: \u00a35.1m) and \u00a34.9m of deferred tax liabilities (2024: \u00a34.8m) are expected to be recovered or settled no more than 12 months after the reporting period. \u00a35.1m of deferred tax assets (2024: \u00a34.8m) and \u00a316.1m of deferred tax liabilities (2024: \u00a318.2m) are expected to be recovered or settled more than 12 months after the reporting period. Movements in deferred taxAccelerated Share-Other capital Tax based temporary allowancesIntangiblesPensionslossespaymentsdifferencesTotal\u00a3m\u00a3m\u00a3m \u00a3m\u00a3m\u00a3m\u00a3mAt 1 April 2023 (0.4) (18.3) (0.1) 3.2 4.4 1.3 (9.9)(Charged)/credited- to profit and loss (0.1) 3.8 0.2 (1.4) 0.1 (0.1) 2.5- to other comprehensive income \u2013 \u2013 0.3 \u2013 \u2013 \u2013 0.3- directly to equity \u2013 \u2013 \u2013 \u2013 (0.3) \u2013 (0.3)Exchange differences on translation of foreign subsidiaries \u2013 0.3 \u2013 \u2013 \u2013 \u2013 0.3Acquisition-related movements \u2013 (6.0) \u2013 \u2013 \u2013 \u2013 (6.0)At 31 March 2024 (0.5) (20.2) 0.4 1.8 4.2 1.2 (13.1)(Charged)/credited- to profit and loss \u2013 3.1 (1.0) (0.9) 0.1 1.5 2.8- to other comprehensive income \u2013 \u2013 1.2 \u2013 \u2013 \u2013 1.2- directly to equity \u2013 \u2013 \u2013 \u2013 (1.3) \u2013 (1.3)Exchange differences on translation of foreign subsidiaries \u2013 0.3 \u2013 \u2013 \u2013 (0.1) 0.2Acquisition-related movements \u2013 (0.7) \u2013 \u2013 \u2013 \u2013 (0.7)At 31 March 2025 (0.5) (17.5) 0.6 0.9 3.0 2.6 (10.9)At 31 March 2025, \u00a3nil (2024: \u00a31.4m) of the deferred tax asset in respect of tax losses relates to tax jurisdictions in which tax losses were incurred in the current or preceding period. The recognition of the deferred tax asset is supported by forecasts of sufficient future taxable profits in the relevant jurisdictions. At 31 March 2025, the Group had not recognised any deferred tax asset in respect of tax losses of approximately \u00a323.2m (2024: \u00a326.1m). Deferred tax assets are not recognised where there is insufficient evidence that losses will be utilised.At 31 March 2025, a \u00a31.8m deferred tax liability (2024: \u00a31.3m) has been recognised for withholding taxes payable on the remittance of certain of the Group\u2019s overseas subsidiaries\u2019 unremitted earnings. The aggregate amount of unremitted earnings on which deferred tax has not been recognised is \u00a321.4m (2024: \u00a319.9m). No deferred tax has been recognised on this amount as the Group is able to control the timing of these distributions and is not expecting to distribute these profits in the foreseeable future.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__53": {
"value": "11. Business combinationsAcquisitions in the year ended 31 March 2025Acquisition of HivoltOn 1 August 2024, the Group completed the acquisition of 100% of the outstanding ordinary shares of Hivolt Capacitors Limited (\u201cHivolt\u201d), a company incorporated in the United Kingdom. Hivolt is a designer and manufacturer of custom-built capacitors for specialised applications involving high voltages and the acquisition is set to strengthen the Group\u2019s position in the electronics market and enhance its offering across key target sectors, including medical and transportation.Hivolt was acquired for an initial consideration of \u00a33.8m on a cash free, debt free basis, before expenses, funded from the Group\u2019s existing debt facilities. The cash consideration paid of \u00a38.5m includes cash acquired of \u00a35.0m net of deductions for accrued tax and other liabilities and adjustments of \u00a30.3m. In addition, a contingent payment of up to \u00a30.9m will be payable subject to Hivolt achieving certain financial performance conditions over the period between 1 April 2024 and 31 March 2025.The fair value of the identifiable assets and liabilities of Hivolt at the date of acquisition was:Fair value recognised at acquisition\u00a3mIntangible assets \u2013 other (incl. customer relationships) 2.6Property, plant and equipment 0.1Right of use assets 0.2Inventories 0.6Trade and other receivables 0.2Cash acquired 5.0Trade and other payables (0.4)Current tax liabilities (0.1)Deferred tax liabilities (0.7)Lease liabilities (0.2)Total identifiable net assets 7.3Goodwill arising on acquisition 2.1Total investment 9.4Discharged byInitial cash consideration 8.5Contingent consideration 0.99.4Net cash outflows in respect of the acquisition comprise:Total\u00a3mCash consideration 8.5 1Transaction costs (included in operating cash flows)0.1Net cash acquired (5.0)3.61 Acquisition costs of \u00a30.1m were expensed as incurred in the period ended 31 March 2025. These were included within operating costs.Included in cash flow from investing activities is the cash consideration of \u00a38.5m, offset by the net cash acquired of \u00a35.0m.From the date of acquisition to 31 March 2025, Hivolt contributed \u00a32.0m to revenue and a profit of \u00a30.3m to profit after tax of the Group. If the business combination had taken place at the beginning of the year, the consolidated revenue for the Group would have been \u00a3423.9m and the consolidated profit after tax for the Group would have been \u00a324.7m.The goodwill is attributable to the workforce and the high profitability of the acquired business. It will not be deductible for tax purposes. Included in the \u00a32.1m of goodwill recognised above are certain intangible assets that cannot be individually separated and reliably measured, due to their nature. These include the value of expected operational benefits. All the acquired receivables are expected to be collected.Acquisition of BursterOn 15 January 2025, the Group completed the acquisition of the Burster Group (\u201cBurster\u201d), by acquiring the limited partnership interest in burster pr\u00e4zisionsmesstechnik GmbH & Co. KG. Burster is a German-based designer and manufacturer of specialist sensors.Burster was acquired for an initial consideration of \u00a325.6m on a cash free, debt free basis, before expenses, funded from the Group\u2019s existing debt facilities. The cash consideration paid of \u00a325.5m includes cash acquired of \u00a31.3m net of deductions for accrued tax and other liabilities and adjustments of \u00a31.4m. In addition, a contingent payment of up to \u00a310.5m (\u20ac12.4m) will be payable subject to Burster achieving certain financial performance conditions in its year ending 31 December 2025. The fair value of the identifiable assets and liabilities of Burster at the date of acquisition was:Fair value recognised at acquisition\u00a3mIntangible assets \u2013 other (incl. customer relationships) 9.1Property, plant and equipment 1.5Right of use assets 2.8Inventories 6.8Trade and other receivables 0.9Cash acquired 1.3Trade and other payables (1.3)Current tax liabilities (0.4)Lease liabilities (2.8)Total identifiable net assets 17.9Goodwill arising on acquisition 13.4Total investment 31.3Discharged byInitial cash consideration 25.5Contingent consideration 5.831.3Net cash outflows in respect of the acquisition comprise:Total\u00a3mCash consideration 25.5 1Transaction costs (included in operating cash flows)0.7Net cash acquired (1.3)24.91 Acquisition costs of \u00a30.7m were expensed as incurred in the period ended 31 March 2025. These were included within operating costs.Included in cash flow from investing activities is the cash consideration of \u00a325.5m, offset by the net cash acquired of \u00a31.3m.From the date of acquisition to 31 March 2025, Burster contributed \u00a34.8m to revenue and a loss of \u00a30.9m to profit after tax of the Group. If the business combination had taken place at the beginning of the year, the consolidated revenue for the Group would have been \u00a3435.4m and the consolidated profit after tax for the Group would have been \u00a324.5m.The goodwill is attributable to the workforce and the high profitability of the acquired business. It will be deductible for tax purposes. Included in the \u00a313.4m of goodwill recognised above are certain intangible assets that cannot be individually separated and reliably measured, due to their nature. These include the value of expected operational benefits. All the acquired receivables are expected to be collected.Acquisitions in the year ended 31 March 2024There have been no changes to the provisional fair values of the assets and liabilities acquired in the prior year.Acquisition of SilvertelOn 30 August 2023, the Group completed the acquisition of Silver Telecom Limited (\u201cSilvertel\u201d), a company incorporated in the United Kingdom by acquiring 100% of the shares of its parent company SLV Holdings Limited. Silvertel is a designer and manufacturer of differentiated, high-performance Power-over-Ethernet (\u201cPoE\u201d) modules and complementary products for global industrial electronic connectivity markets.Silvertel was acquired for an initial cash consideration of \u00a323.0m before expenses, funded from the Group\u2019s existing debt facilities. In addition, contingent payments of up to \u00a323.0m will be payable subject to Silvertel\u2019s EBIT performance over the next four years. This includes up to \u00a34.0m payable subject to continuous employment during the performance period.The fair value of the identifiable assets and liabilities of Silvertel at the date of acquisition was:Fair value recognised at acquisition\u00a3mIntangible assets \u2013 other (incl. customer relationships) 9.3Property, plant and equipment 0.1Right of use assets 0.2Inventories 2.6Trade and other receivables 1.4Net cash 1.6Trade and other payables (0.9)Current tax liabilities (0.4)Deferred tax liabilities (2.4)Lease liabilities (0.2)Total identifiable net assets 11.3Goodwill arising on acquisition 14.5Total investment 25.8Discharged byInitial cash consideration 23.0Contingent consideration 2.825.8Net cash outflows in respect of the acquisition comprise:Total\u00a3mCash consideration 23.0 1Transaction costs (included in operating cash flows)0.6Net cash acquired (1.6)22.01 Acquisition costs of \u00a30.6m were expensed as incurred in the period ended 31 March 2024. These were included within operating costs.Included in cash flow from investing activities for the year ended 31 March 2024 is the cash consideration of \u00a323.0m and the pre-acquisition tax settled of \u00a30.3m, offset by the net cash acquired of \u00a31.6m.The contingent consideration of \u00a32.8m recognised on acquisition has been subsequently measured and released based on latest forecast performance of the business.From the date of acquisition to 31 March 2024, Silvertel contributed \u00a33.5m to revenue and a loss of \u00a30.9m to profit after tax of the Group. If the business combination had taken place at the beginning of the year, the consolidated revenue for the Group would have been \u00a3440.0m and the consolidated profit after tax for the Group would have been \u00a315.5m.The goodwill was attributable to the workforce and the high profitability of the acquired business. It will not be deductible for tax purposes. Included in the \u00a314.5m of goodwill recognised above were certain intangible assets that cannot be individually separated and reliably measured, due to their nature. These include the value of expected operational benefits. Acquisition of 2J AntennasOn 12 September 2023, the Group completed the acquisition of 2J Antennas Group (\u201c2J\u201d), by acquiring 100% equity and voting rights of 2J Antennas, s.r.o. (Slovakia), 2J Antennas UK Limited and 2J Antennas USA Corp. 2J is a leading designer and manufacturer of high-performance antennas for industrial electronic connectivity applications. 2J was acquired for an initial cash consideration of \u00a344.9m (\u20ac52.4m), before expenses, funded from the Group\u2019s existing debt facilities. The fair value of the identifiable assets and liabilities of 2J at the date of acquisition was:Fair value recognised at acquisition\u00a3mIntangible assets \u2013 other (incl. customer relationships) 16.2Property, plant and equipment 0.5Right of use assets 0.2Inventories 2.8Trade and other receivables 1.9Cash and cash equivalents 1.3Overdraft (0.4)Trade and other payables (1.1)Current tax (1.6)Deferred tax liabilities (3.4)Lease liabilities (0.2)Total identifiable net assets 16.2Goodwill arising on acquisition 28.7Total investment 44.9Discharged byCash 44.9Net cash outflows in respect of the acquisition comprise:Total\u00a3mCash consideration 44.9 1Transaction costs (included in operating cash flows)1.0Net cash acquired (0.9)45.01 Acquisition costs of \u00a31.0m were expensed as incurred in the period ended 31 March 2024. These were included within operating costs.Included in cash flow from investing activities for the year ended 31 March 2024 is the cash consideration of \u00a344.9m and settlement of pre-acquisition tax liabilities of \u00a30.1m, offset by the net cash acquired of \u00a30.9m.From the date of acquisition to 31 March 2024, 2J contributed \u00a37.5m to revenue and loss of \u00a31.0m to profit after tax of the Group. If the business combination had taken place at the beginning of the year, the consolidated revenue for the Group would have been \u00a3442.2m and the consolidated profit after tax for the Group would have been \u00a315.1m.The goodwill was attributable to the workforce and the high profitability of the acquired business. It will not be deductible for tax purposes. Included in the \u00a328.7m of goodwill recognised above were certain intangible assets that cannot be individually separated and reliably measured, due to their nature. These include the value of expected operational benefits. Other acquisitionsShapeOn 24 January 2024, the Group completed the acquisition of Shape LLC (\u201cShape\u201d), a company incorporated in the US, by acquiring 100% of the membership interests of Shape LLC.Shape is a US-based designer and manufacturer of specialty transformer equipment. Shape was acquired for an initial cash consideration of \u00a37.9m ($10.0m), before expenses, funded from the Group\u2019s existing debt facilities. DTIOn 6 March 2024, the Group completed the acquisition of Diamond Technologies, Inc. (\u201cDTI\u201d), a company incorporated in the US, by acquiring 100% of DTI shares.DTI specialises in customised data collection products geared primarily to original equipment manufacturers (\u201cOEM\u201d), including OEM focused embedded barcode, RFID, vision and embedded gateway and controller solutions. DTI was acquired for an initial cash consideration of \u00a36.6m ($8.4m), before expenses, funded from the Group\u2019s existing debt facilities. In addition, a contingent payment of up to \u00a33.2m will be payable subject to DTI\u2019s financial performance over the next three years, subject to the seller\u2019s continuous employment during the performance period.IKNOn 16 March 2024, the Group completed the acquisition of IKN AS (\u201cIKN\u201d), a company incorporated in Norway, by acquiring 100% of IKN AS shares.IKN specialises in products and services for data centres, networking and cabling systems. IKN was acquired for an initial cash consideration of \u00a32.5m (NOK 33.6m), before expenses, funded from the Group\u2019s existing debt facilities. In addition, a contingent payment of up to \u00a30.3m (NOK 3.4m) will be payable subject to IKN\u2019s revenue performance over the period ending 31 December 2024 and subject to IKN achieving certain integration targets. The combined fair value of the identifiable assets and liabilities of the three acquisitions above, at the date of acquisition was:Fair value recognised at acquisition\u00a3mIntangible assets \u2013 other (incl. customer relationships) 7.3Property, plant and equipment 0.1Right of use assets 1.1Inventories 2.8Trade and other receivables 2.4Net cash 0.8Trade and other payables (2.1)Current tax liabilities (0.1)Deferred tax liabilities (0.2)Lease liabilities (1.1)Total identifiable net assets 11.0Goodwill arising on acquisition 6.3Total investment 17.3Discharged byInitial cash consideration 17.2Contingent consideration 0.117.3Net cash outflows in respect of the acquisition comprise:Total\u00a3mCash consideration 17.2Transaction related bonuses 0.8 1Transaction costs (included in operating cash flows)0.9Net cash acquired (0.8)18.11 Acquisition costs of \u00a30.9m were expensed as incurred in the period ended 31 March 2024. These were included within operating costs.Included in cash flow from investing activities in the year ended 31 March 2024 is the cash consideration of \u00a317.0m and the transaction bonus of \u00a30.8m, offset by the net cash acquired of \u00a30.8m. An additional \u00a30.2m related to an adjustment of the purchase price for the IKN acquisition was paid and a credit of \u00a30.2m received for the DTI acquisition by the Group during the year. These were included in the cash flow from investing activities for the year ended 31 March 2025.From the date of acquisition to 31 March 2024, IKN, DTI and Shape contributed \u00a32.1m to revenue and profit of \u00a30.1m to profit after tax of the Group. If the business combination had taken place at the beginning of the year, the consolidated revenue for the Group would have been \u00a3453.2m and the consolidated profit after tax for the Group would have been \u00a315.8m.The goodwill was attributable to the workforce and the high profitability of the acquired businesses. It will not be deductible for tax purposes. Included in the \u00a36.1m of goodwill recognised above were certain intangible assets that cannot be individually separated and reliably measured, due to their nature. These include the value of expected operational benefits.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__54": {
"value": "12. Business disposedDuring the year ended 31 March 2025, the Group completed the disposal of its Santon solar business unit (the \u201cdisposal group\u201d) based in the Netherlands, which was previously classified as held for sale, for consideration of \u00a32.6m. In conjunction with this disposal, the Group also completed the sale of its manufacturing facility in the Netherlands for a total consideration of \u00a35.0m. The overall loss on disposal was \u00a33.8m, of which \u00a32.1m gain was recognised in the year and \u00a35.9m loss in the prior year.The disposals of both the solar business unit and the manufacturing facility generated a net cash inflow of \u00a37.2m after costs.The disposal group is not considered to be a major line of operation. Accordingly, its results are not presented as a discontinued operation for the years ended 31 March 2025 and 31 March 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__55": {
"value": "13. Dividends20252024Dividends recognised in equity as distributions to equity holders in the year:\u00a3m\u00a3mEquity dividends on ordinary shares:Final dividend for the year ended 31 March 2024 of 8.25p (2023: 7.90p) 7.9 7.6Interim dividend for the year ended 31 March 2025 of 3.90p (2024: 3.75p) 3.8 3.6Total amounts recognised as equity distributions during the year 11.7 11.220252024Proposed for approval at AGM:\u00a3m\u00a3mEquity dividends on ordinary shares:Final dividend for the year ended 31 March 2025 of 8.60p (2024: 8.25p) 8.3 7.9SummaryDividends per share declared in respect of the year 12.50p 12.00pDividends per share paid in the year 12.15p 11.65pDividends paid in the year \u00a311.7m \u00a311.2m",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__56": {
"value": "12.5",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"f1__s8__6__57": {
"value": "14. Earnings per shareBasic earnings per share is calculated by dividing the net profit for the year attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares outstanding during the year.Diluted earnings per share is the basic earnings per share after allowing for the dilutive effect of the conversion into ordinary shares of the weighted average number of options outstanding during the year. The following reflects the income and share data used in the basic and diluted earnings per share calculations.20252024\u00a3m\u00a3mProfit after tax for the year 24.6 15.520252024NumberNumberWeighted average number of shares for basic earnings per share 96,028,934 95,835,775Effect of dilution \u2013 share options 2,398,601 2,450,593Adjusted weighted average number of shares for diluted earnings per share 98,427,535 98,286,368Basic earnings per share 25.6p 16.2pDiluted earnings per share 25.0p 15.8pAt the year-end, there were 2,648,415 ordinary share options in issue that could potentially dilute adjusted earnings per share in the future, of which 2,398,601 are currently dilutive (2024: 2,713,941 in issue and 2,450,593 dilutive).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__58": {
"value": "15. Property, plant and equipmentLand and Leasehold Plant and buildingsimprovementsequipmentTotal\u00a3m\u00a3m\u00a3m\u00a3mCostAt 1 April 2023 9.4 4.1 43.1 56.6Additions 0.9 0.3 3.6 4.8Disposals \u2013 \u2013 (1.2) (1.2)Business acquired (note 11) \u2013 \u2013 0.7 0.71Assets held for sale (note 12) restated(3.1) \u2013 (2.8) (5.9)1Exchange adjustments restated0.1 0.8 (2.1) (1.2)1At 31 March 2024 restated7.3 5.2 41.3 53.8Additions 0.5 1.3 3.6 5.4Disposals \u2013 \u2013 (2.4) (2.4)Business acquired (note 11) \u2013 \u2013 1.6 1.6Exchange adjustments (0.5) \u2013 (0.8) (1.3)At 31 March 2025 7.3 6.5 43.3 57.1Accumulated depreciationAt 1 April 2023 3.1 1.9 26.4 31.4Charge for the year 0.3 0.5 3.9 4.71Assets held for sale (note 12) restated(0.6) \u2013 (0.7) (1.3)Disposals \u2013 \u2013 (1.0) (1.0)1Exchange adjustments restated0.6 \u2013 (1.1) (0.5)1At 31 March 2024 restated3.4 2.4 27.5 33.3Charge for the year 0.3 0.6 3.6 4.5Disposals \u2013 \u2013 (2.4) (2.4)Exchange adjustments (0.5) \u2013 (0.8) (1.3)At 31 March 2025 3.2 3.0 27.9 34.1Net book value at 31 March 2025 4.1 3.5 15.4 23.0Net book value at 31 March 2024 3.9 2.8 13.8 20.51 Prior year cost and accumulated depreciation have been re-presented from \u00a355.2m to \u00a353.8m and \u00a334.7m to \u00a333.3m, respectively, to reflect the correct positions for the Assets held for sale, which had previously been presented net. There were no changes to the net book value at 31 March 2024.Land and buildings includes land with a cost of \u00a31.0m (2024: \u00a30.8m) that is not subject to depreciation.At 31 March 2025 the Group had contractual capital expenditure commitments for plant and equipment and leasehold improvements of \u00a30.4m (2024: \u00a30.2m) for which no provision has been made.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__59": {
"value": "16. Leases 16.1 Leasing arrangementsThe Group leases manufacturing and warehousing facilities, offices and various items of plant, machinery, equipment and vehicles.Manufacturing and warehouse facilities generally have lease terms between three and ten years. Lease contracts generally include extension and termination options.16.2 Carrying value of right of use assetsSet out below are the carrying amounts of right of use assets recognised and movements during the year:Land and Plant and buildingsmachineryTotal\u00a3m\u00a3m\u00a3mAt 1 April 2023 17.1 2.1 19.2Exchange adjustments (0.5) 0.1 (0.4)Additions/modifications 5.9 1.2 7.1Depreciation charge (5.4) (1.2) (6.6)Terminations (0.2) \u2013 (0.2)Business acquired (note 11) 1.3 0.2 1.5At 31 March 2024 18.2 2.4 20.6Exchange adjustments (0.1) \u2013 (0.1)Additions/modifications 10.6 1.0 11.6Depreciation charge (6.2) (1.1) (7.3)Terminations (0.1) (0.3) (0.4)Business acquired (note 11) 2.9 0.1 3.0At 31 March 2025 25.3 2.1 27.416.3 Carrying value of lease liabilitiesSet out below are the carrying amounts of lease liabilities and the movements during the year:Total\u00a3mAt 1 April 2023 (18.8)Exchange adjustments 0.5Additions/modifications (6.6)Interest for the year (0.7)Lease payments 6.8Terminations 0.2Business acquired (note 11) (1.5)At 31 March 2024 (20.1)Exchange adjustments 0.2Additions/modifications (11.4)Interest for the year (1.0)Lease payments 7.5Terminations 0.4Business acquired (note 11) (3.0)At 31 March 2025 (27.4)20252024\u00a3m\u00a3mCurrent liabilities 6.2 5.7Non-current liabilities 21.2 14.427.4 20.1Payment of lease liabilities is shown under Financing Activities in the consolidated Statement of Cash Flows.16.4 Amounts recognised in the consolidated Statement of Profit or Loss20252024\u00a3m \u00a3mDepreciation of right of use assets 7.3 6.6Interest expense (included in finance costs) 1.0 0.78.3 7.3During the year ended 31 March 2025, a total of \u00a30.1m was recognised in the consolidated Statement of Profit or Loss relating to payments under short-term and low-value leases (2024: \u00a30.2m).16.5 Extension and termination optionsExtension and termination options are included in a number of property and equipment leases across the Group. These terms are used to maximise operational flexibility in terms of managing contracts. Extension and termination options which are reasonably certain not to be exercised are included in the measurement of the lease liability and right of use asset. There are no lease contracts in place as at 31 March 2025 which include variable lease payments (2024: none).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__60": {
"value": "17. Intangible assets \u2013 goodwillCost \u00a3m At 1 April 2023 188.1Business acquired (note 11) 49.3Exchange adjustments (4.0)At 31 March 2024 233.4Business acquired (note 11) 15.5Disposal (1.7)Exchange adjustments (3.0)At 31 March 2025 244.2Impairment \u00a3mAt 31 March 2024 (1.7)Disposal 1.7At 31 March 2025 \u2013Net book value at 31 March 2025 244.2Net book value at 31 March 2024 231.7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__61": {
"value": "19. Intangible assets \u2013 otherAcquired intangiblesSoftware & CustomerPatents & developmentrelationshipsbrandsTotal\u00a3m \u00a3m\u00a3m\u00a3mCost At 1 April 2023 4.7 144.1 5.7 154.5Business acquired (note 11) 0.6 32.2 \u2013 32.8Additions 0.1 \u2013 \u2013 0.1Disposals (0.3) \u2013 \u2013 (0.3)2Assets held for sale (note 12) restated\u2013 (2.2) (2.6) (4.8)2Exchange adjustment restated(0.2) (3.2) 0.6 (2.8)2At 31 March 2024 restated4.9 170.9 3.7 179.5Business acquired (note 11) \u2013 11.7 \u2013 11.7Additions 0.7 \u2013 \u2013 0.7Disposals (0.2) \u2013 \u2013 (0.2)Exchange adjustment (0.1) (2.2) (0.1) (2.4)At 31 March 2025 5.3 180.4 3.6 189.3Accumulated amortisation At 1 April 2023 3.5 64.0 3.1 70.6Charge for the year 0.3 15.8 0.4 16.51Impairment charge\u2013 0.3 0.7 1.02Assets held for sale (note 12) restated\u2013 (2.2) (2.3) (4.5)Disposals (0.3) \u2013 \u2013 (0.3)2Exchange adjustment restated(0.2) (2.0) 0.6 (1.6)2At 31 March 2024 restated3.3 75.9 2.5 81.7Charge for the year 0.4 15.8 0.4 16.6Disposals (0.1) \u2013 \u2013 (0.1)Exchange adjustment (0.1) (0.9) (0.1) (1.1)At 31 March 2025 3.5 90.8 2.8 97.1Net book value at 31 March 2025 1.8 89.6 0.8 92.22Net book value at 31 March 2024 restated1.6 95.0 1.2 97.81 Write-down of acquired intangibles related to the disposal group (note 12).2 Prior year cost and accumulated amortisation have been re-presented from \u00a3184.2m to \u00a3179.5m and \u00a386.4m to \u00a381.7m, respectively, to reflect the correct positions for the Assets held for sale, which had previously been presented net. There were no changes to the net book value at 31 March 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__62": {
"value": "20. Inventories20252024\u00a3m\u00a3mFinished goods and goods for resale 29.2 27.9Raw materials and work in progress 53.7 52.2Total inventories 82.9 80.1At 31 March 2025, the provision for realisable value included within total inventories was \u00a311.5m (2024: \u00a38.5m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__63": {
"value": "21. Trade and other receivables20252024Current\u00a3m\u00a3mTrade receivables 63.5 69.3Other receivables 5.1 13.1VAT receivable 3.0 2.6Prepayments 2.8 3.8 74.4 88.8Trade receivables are non-interest bearing; are generally on 30 to 60 days\u2019 terms and are shown net of expected credit losses. Current year other receivables includes \u00a30.3m (2024: \u00a36.1m) related to the current portion of the deferred consideration receivable for the disposal of the Vertec Scientific business. All of the Group\u2019s trade and other receivables are regularly reviewed for indicators of impairment. The credit risk exposure inherent in the Group\u2019s trade receivables is measured and recognised as an impairment provision on initial recognition, based on the expected credit loss method, as required by IFRS 9. Specific provision for impairment may also be required where a specific increase in credit risk is identified, or a credit event has occurred. Provisions for general credit risk exposure is measured with reference to the age of a receivable as debts which are overdue present a specific impairment risk indicator regarding recoverability.In total, the Group has recognised impairment provisions of \u00a32.2m (2024: \u00a32.3m), against trade receivables. This includes a total of \u00a31.4m (2024: \u00a31.2m) of specific provisions for impairment due to increased default risk and unresolved disputes, as well as a provision for expected credit losses of \u00a30.8m (2024: \u00a31.1m). Across the Group, general expected credit loss risk has been assessed to be low due to the size, nature and diversification of customers across the divisions. The small decrease during the year is mainly attributable to macro-economic factors such as decrease in interest rates, which are incorporated in the assessment of the Group\u2019s expected credit losses performed annually.The movements in the impairment provisions for trade receivables during the year were as follows:20252024\u00a3m\u00a3mAt 1 April 2.3 2.2Charge for the year 0.2 0.4Exchange adjustments (0.3) (0.3)At 31 March 2.2 2.3Details of the net trade receivables ageing are set out below:OverdueTotalNot yet due<30 days30\u201360 days60\u201390 days90\u2013120 days>120 days \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m2025Gross 65.7 54.0 6.3 3.0 0.7 0.2 1.5Provision (2.2) (0.2) \u2013 \u2013 (0.3) (0.2) (1.5)Net 63.5 53.8 6.3 3.0 0.4 \u2013 \u20132024Gross 71.6 59.1 8.5 1.5 0.7 0.4 1.4Provision (2.3) (0.5) \u2013 (0.1) (0.1) (0.2) (1.4)Net 69.3 58.6 8.5 1.4 0.6 0.2 \u2013Non-Current20252024\u00a3m\u00a3mOther receivables \u2013 0.2Other receivables amount to \u00a3nil (2024: \u00a30.2m). The \u00a30.2m for the year ended 31 March 2024 was deferred consideration receivable in relation to the disposal of Vertec Scientific SA Proprietary Limited, disclosed under current other receivables for the year ended 31 March 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__64": {
"value": "5.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__65": {
"value": "2.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__66": {
"value": "-",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__67": {
"value": " a provision for expected credit losses of \u00a30.8m (2024: \u00a31.1m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__68": {
"value": "22. Cash and cash equivalents20252024\u00a3m\u00a3mCash at bank and in hand 139.3 110.8The cash balances are separately presented gross in the consolidated Statement of Financial Position, rather than netted off against overdrafts held either by the same entity, or other Group entities, with the same bank. The net cash position as at 31 March 2025 after netting off against overdrafts is \u00a343.7m (2024: \u00a331.5m). Refer to note 24 and analysis of movements.Cash at bank earns interest at floating rates, based on daily bank deposit rates. The Group only deposits cash surpluses with major banks of high credit standing (\u00a3118.8m with financial institutions with credit rating of AA- (2024: \u00a389.8m), \u00a313.0m with financial institutions with credit rating of A+ (2024: \u00a312.1m), and the remaining balance of \u00a37.5m with various financial institutions with credit rating of A- or higher (2024: \u00a38.9m)) in line with its treasury policy. The fair value of cash and cash equivalents is \u00a3139.3m (2024: \u00a3110.8m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__69": {
"value": "23. Other financial liabilitiesCurrent Non-currentEffective interest 2025 202420252024rate % Maturity\u00a3m\u00a3m\u00a3m\u00a3mBank overdrafts Variable On demand 95.6 79.3 \u2013 \u2013Unsecured bank loans Variable \u2013 \u2013 0.1 0.1Revolving Credit Facility (\u201cRCF\u201d) Variable \u2013 \u2013 139.3 137.4Capitalised debt costs (0.6) (0.6) (0.8) (1.4)Loans and borrowings 95.0 78.7 138.6 136.1Lease liabilities 6.2 5.7 21.2 14.4Trade and other payables (note 29) 70.7 73.8 6.2 4.6Total other financial liabilities 171.9 158.2 166.0 155.1Interest on overdrafts is based on floating rates linked to SONIA, SOFR and EURIBOR.Included in unsecured bank loans is a Euro-denominated loan of \u00a30.1m (2024: \u00a30.1m). At 31 March 2025, the RCF drawdowns of \u00a3139.3m (2024: \u00a3137.4m) were denominated in Sterling, US Dollar and Euro which bear interest based on SONIA, SOFR and EURIBOR, plus a facility margin. Trade and other payables above include only contractual obligations.The maturity of the gross contractual financial liabilities is as follows:Within2\u20135>51 yearyearsyearsTotalAt 31 March 2025\u00a3m\u00a3m\u00a3m\u00a3mFloating rate 95.0 138.6 \u2013 233.6Lease liabilities 7.2 16.1 8.5 31.8Trade and other payables 70.7 6.2 \u2013 76.9172.9 160.9 8.5 342.3Within2\u20135>51 yearyearsyearsTotalAt 31 March 2024 \u00a3m\u00a3m\u00a3m\u00a3mFloating rate 78.7 136.1 \u2013 214.8Lease liabilities 6.4 12.2 4.1 22.7Trade and other payables 73.8 4.6 \u2013 78.4158.9 152.9 4.1 315.9The carrying amount of the Group\u2019s other financial liabilities excluding lease liabilities is denominated in the following currencies:20252024\u00a3m\u00a3mSterling 98.7 86.0Euro 116.8 93.3US Dollar 65.6 82.4Other currencies 29.4 31.5310.5 293.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__70": {
"value": "25. Reconciliation of cash flows from operating activities20252024\u00a3m\u00a3mProfit for the year 24.6 15.5Tax expense 7.4 6.7Net finance costs 10.4 9.0Depreciation of property, plant and equipment 4.5 4.7Depreciation of right of use assets 7.3 6.6Amortisation of intangible assets \u2013 other 16.6 16.5Write-down of assets related to disposal group \u2013 other intangible assets \u2013 1.0Write-down of asset related to disposal group \u2013 goodwill \u2013 1.7Loss on disposal of property, plant and equipment \u2013 0.2Loss on disposal of intangible assets 0.1 \u2013Change in provisions 0.1 2.6Pension scheme funding (2.3) (2.0)IAS 19 pension charge 0.7 0.8Gain on disposal of business (2.1) \u2013Associated taxes on LTIPs \u2013 (0.3)Impact of equity-settled share-based payment expense and associated taxes 2.0 2.6Operating cash flows before changes in working capital 69.3 65.6Decrease in inventories 5.4 14.5Decrease/(Increase) in trade and other receivables 5.8 (3.0)Decrease in trade and other payables (10.0) (11.1)Decrease in working capital 1.2 0.4Cash generated from operations 70.5 66.0Interest paid (12.5) (11.6)Interest paid on lease liabilities (1.0) (0.7)Income taxes paid (10.6) (12.5)Net cash flow from operating activities 46.4 41.220252024\u00a3m\u00a3mNet cash flow from operating activities 46.4 41.2Working capital 1.0 7.5Gain/(loss) on disposal 2.1 (4.6)Payment of lease liabilities (6.5) (6.1)Capital expenditure (6.1) (4.9)Interest received 3.5 3.9Free cash flow 40.4 37.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__71": {
"value": "26. ProvisionsRetirement and severance indemnityDilapidationOtherTotal\u00a3m\u00a3m\u00a3m\u00a3mAt 1 April 2023 2.0 2.7 1.2 5.9Arising during the year 0.4 0.5 2.5 3.4Arising from business combinations 0.1 0.1 0.1 0.3Utilised / released (0.1) \u2013 (0.4) (0.5)Exchange difference (0.3) \u2013 \u2013 (0.3)At 31 March 2024 2.1 3.3 3.4 8.8Arising during the year 0.5 0.2 1.6 2.3Arising from business combinations 0.6 \u2013 0.2 0.8Utilised / released (0.6) \u2013 (2.2) (2.8)Exchange difference (0.1) \u2013 \u2013 (0.1)At 31 March 2025 2.5 3.5 3.0 9.020252024Analysis of total provisions:\u00a3m\u00a3mCurrent 5.0 5.2Non-Current 4.0 3.69.0 8.8The retirement indemnity provision of \u00a32.4m (2024: \u00a32.0m), relates to retirement and leaving indemnity schemes in Sri Lanka \u00a30.9m (2024: \u00a30.9m), India \u00a30.6m (2024: \u00a30.6m), France \u00a30.2m (2024: \u00a30.2m), Germany \u00a30.6m (2024: \u00a30.1m), Denmark \u00a30.1m (2024: \u00a30.1m) and Slovakia \u00a3nil (2024: \u00a30.1m). The schemes are unfunded. The service cost, representing deferred salaries accruing to employees, is included as an operating expense and determined by reference to local laws and actuarial assumptions where applicable.The key actuarial assumptions used in relation to valuation of the Sri Lankan scheme comprise of mortality rates, staff turnover (16% up to age of 54 and zero thereafter) (2024: 16% up to the age of 54 and zero thereafter), retirement age (60 years) (2024: 60 years), discount rate (11% p.a.) (2024: 12% p.a.) and salary increases (9% p.a.) (2024: 10% p.a.).The severance provision of \u00a30.1m (2024: \u00a30.1m) relates to severance costs payable to employees.The dilapidation provision of \u00a33.5m (2024: \u00a33.3m) relates to exit costs to be incurred at the end of leasehold contracts for properties within the Group.Other provisions relates primarily to warranty provisions \u00a30.9m (2024: \u00a30.4m), restructuring provisions of \u00a31.3m (2024: \u00a31.9m) and other provisions of \u00a30.8m (2024: \u00a31.1m). The provisions greater than one year are expected to be utilised within one to three years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__72": {
"value": "Management of financial riskThe main financial risks faced by the Group are credit risk, liquidity risk and market risk, which include interest rate risk and currency risk. The Board regularly reviews these risks and has approved written policies covering the use of financial instruments to manage these risks.The Group Finance Director retains the overall responsibility and management of financial risk for the Group. Most of the Group\u2019s financing and interest rate and foreign currency risk management is carried out centrally at Group head office. The Board approves policies and procedures setting out permissible funding and hedging instruments, exposure limits and a system of authorities for the approval of transactions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__73": {
"value": "The US Dollar and Euro represent the main foreign exchange translational exposures for the Group. The following table demonstrates the sensitivity of the Group\u2019s profit before tax to a 10% strengthening in Sterling against US Dollar and Euro. 20252024Profit before tax \u2013 gain/(loss)\u00a3m\u00a3m10% strengthening in Sterling against Euro (1.9) (0.5)10% strengthening in Sterling against US Dollar (1.1) (1.1)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__74": {
"value": "Management of credit risk Credit risk exists in relation to customers, banks and insurers. Exposure to credit risk is mitigated by maintaining credit control procedures across a wide customer base.The Group is exposed to credit risk that is primarily attributable to its trade and other receivables. This is minimised by dealing with recognised creditworthy third parties who have been through a credit verification process. The maximum exposure to credit risk is limited to the carrying value of trade and other receivables. As well as credit risk exposures inherent within the Group\u2019s outstanding receivables, the Group is exposed to counterparty credit risk arising from the placing of deposits and entering into derivative financial instrument contracts with banks and financial institutions. The Group manages exposure to this credit risk by entering into financial instrument contracts only with highly credit-rated authorised counterparties which are reviewed and approved annually by the Board. Counterparties\u2019 positions are monitored on a regular basis to ensure that they are within the approved limits and that there are no significant concentrations of credit risks. The Group\u2019s largest customer is approximately 7% (2024: 7%) of Group sales.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__75": {
"value": "Management of capitalThe 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 with a view to providing strong returns to Shareholders. In order to maintain or adjust the capital structure, the Group increases bank borrowings, issues new shares or changes the amount of dividends paid to Shareholders. In respect of this objective, the Group has a target gearing range of between 1.5 and 2.0 times. Gearing at 31 March 2025 was at the bottom of the range at 1.3 times (2024: 1.5). The capital structure of the Group consists of debt, which includes the borrowings disclosed in note 23, cash and cash equivalents in note 22 and equity attributable to Shareholders.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__77": {
"value": "derivative financial instruments comprise bank loans and overdrafts, cash and short-term borrowings. The Group also holds other financial instruments such as trade receivables and trade payables that arise directly from the Group\u2019s trading operations.Derivative financial instruments are represented by short-term foreign currency forward contracts placed by the Group with external banks as part of the Group\u2019s cash management and foreign currency risk management activities. The fair value of derivative foreign exchange instruments is determined on initial recognition at forward market exchange rates at inception of the contract and subsequently remeasured based on forward market exchange rates at the balance sheet date. As at 31 March 2025, the gross cash inflows/outflows for foreign exchange forward contracts was \u00a331.9m, mainly in Euro and US Dollar. The fair value of these derivatives included within trade and other payables was \u00a30.2m (2024: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__79": {
"value": " The fair value of derivative foreign exchange instruments is determined on initial recognition at forward market exchange rates at inception of the contract and subsequently remeasured based on forward market exchange rates at the balance sheet date. As at 31 March 2025, the gross cash inflows/outflows for foreign exchange forward contracts was \u00a331.9m, mainly in Euro and US Dollar. The fair value of these derivatives included within trade and other payables was \u00a30.2m (2024: \u00a3nil). The carrying values of the Group\u2019s trade and other receivables, trade and other payables and assets held for sale are disclosed in notes 21, 29 and 12. The carrying value of these items approximates book value due to the short maturity of these instruments. The carrying values of the Group\u2019s other financial assets and financial liabilities are set out below by category. Carrying values for all financial assets and liabilities are equivalent to fair values.Carrying FairCarrying Fairamount valueamount value2025202520242024\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at amortised costCash at bank and in hand 139.3 139.3 110.8 110.8Deferred consideration 0.3 0.3 6.3 6.3Financial liabilities at amortised costBank overdrafts and short-term borrowings (95.6) (95.6) (79.3) (79.3)Non-current interest-bearing loans and borrowings: Floating rate borrowings (138.0) (138.0) (135.5) (135.5)Lease liabilities (27.4) (27.4) (20.1) (20.1)Financial liabilities at fair value through profit and loss (\u201cFVTPL\u201d)Contingent consideration (9.3) (9.3) (6.7) (6.7)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__78": {
"value": "The carrying values of the Group\u2019s other financial assets and financial liabilities are set out below by category. Carrying values for all financial assets and liabilities are equivalent to fair values.Carrying FairCarrying Fairamount valueamount value2025202520242024\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at amortised costCash at bank and in hand 139.3 139.3 110.8 110.8Deferred consideration 0.3 0.3 6.3 6.3Financial liabilities at amortised costBank overdrafts and short-term borrowings (95.6) (95.6) (79.3) (79.3)Non-current interest-bearing loans and borrowings: Floating rate borrowings (138.0) (138.0) (135.5) (135.5)Lease liabilities (27.4) (27.4) (20.1) (20.1)Financial liabilities at fair value through profit and loss (\u201cFVTPL\u201d)Contingent consideration (9.3) (9.3) (6.7) (6.7)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__76": {
"value": "28. Financial assets and liabilitiesFair values The Group\u2019s principal non-derivative financial instruments comprise bank loans and overdrafts, cash and short-term borrowings. The Group also holds other financial instruments such as trade receivables and trade payables that arise directly from the Group\u2019s trading operations.Derivative financial instruments are represented by short-term foreign currency forward contracts placed by the Group with external banks as part of the Group\u2019s cash management and foreign currency risk management activities. The fair value of derivative foreign exchange instruments is determined on initial recognition at forward market exchange rates at inception of the contract and subsequently remeasured based on forward market exchange rates at the balance sheet date. As at 31 March 2025, the gross cash inflows/outflows for foreign exchange forward contracts was \u00a331.9m, mainly in Euro and US Dollar. The fair value of these derivatives included within trade and other payables was \u00a30.2m (2024: \u00a3nil). The carrying values of the Group\u2019s trade and other receivables, trade and other payables and assets held for sale are disclosed in notes 21, 29 and 12. The carrying value of these items approximates book value due to the short maturity of these instruments. The carrying values of the Group\u2019s other financial assets and financial liabilities are set out below by category. Carrying values for all financial assets and liabilities are equivalent to fair values.Carrying FairCarrying Fairamount valueamount value2025202520242024\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at amortised costCash at bank and in hand 139.3 139.3 110.8 110.8Deferred consideration 0.3 0.3 6.3 6.3Financial liabilities at amortised costBank overdrafts and short-term borrowings (95.6) (95.6) (79.3) (79.3)Non-current interest-bearing loans and borrowings: Floating rate borrowings (138.0) (138.0) (135.5) (135.5)Lease liabilities (27.4) (27.4) (20.1) (20.1)Financial liabilities at fair value through profit and loss (\u201cFVTPL\u201d)Contingent consideration (9.3) (9.3) (6.7) (6.7)The methods and assumptions used to determine the fair value of financial assets and liabilities are set out below. All material changes in fair value of financial instruments as at the balance sheet date have been recognised in the consolidated Statement of Profit or Loss. Impairment reviews did not identify any material impairment of financial assets from carrying values as reported at the balance sheet date and, as such, no material impairments are included in the consolidated Statement of Profit or Loss.Fair value methods and assumptionsForward foreign exchange contracts (forwards) \u2013 the fair value of forward foreign currency contracts is determined with reference to observable yield curves and foreign exchange rates at the reporting date. The FX contracts outstanding with banks at the year-end had a maturity of one year or less.Loans and borrowings \u2013 the fair value of loans and borrowings has been calculated by discounting future cash flows, where material, at prevailing market interest rates.Fair Value HierarchyFor financial assets and financial liabilities measured at fair value, as set out in the tables above, the fair value measurement techniques are based upon applying unadjusted, quoted market rates or prices or inputs other than quoted prices that are observable for the assets or liability either directly or indirectly. IFRS 13 \u2018Financial Instruments: Disclosures\u2019 requires financial instruments measured at fair value to be analysed into a fair value hierarchy based upon the valuation technique used to determine fair value. The highest level in this hierarchy is Level 3 within which inputs that are not based on observable market data for the asset or liability are applied. The valuation techniques used by the Group for the measurement of derivative financial instruments, loans and deferred consideration are considered to be within Level 2, which includes inputs other than quoted prices included within Level 1 that are observable either directly or indirectly.Contingent consideration is included in Level 3 of the fair value hierarchy. The fair value is determined considering the expected payment, discounted to present value using a risk-adjusted discount rate. The expected payment is determined separately in respect of each individual earn-out agreement taking into consideration the expected level of profitability of each acquisition. The unobservable inputs are the projected forecast measures that are assessed on an annual basis. Changes in the fair value of contingent consideration relating to updated projected forecast performance measures are recognised in the consolidated Statement of Profit or Loss in the period that the change occurs.Reconciliation of Level 3 fair value of contingent consideration payable on acquisitions:20252024\u00a3m\u00a3mAt 1 April 6.7 4.1Contingent consideration arising from current year acquisitions payable in future years 6.7 3.0Contingent consideration paid in the current year relating to previous years\u2019 acquisitions (2.3) \u2013Costs charged to the consolidated Statement of Profit or Loss: Subsequent adjustments on acquisitions (1.7) (0.3) Exchange difference 0.1 (0.1)At 31 March 9.3 6.7Subsequent adjustments on acquisitions of \u00a31.7m credit (2024: \u00a30.3m credit) and exchange differences of \u00a30.1m (2024: \u00a30.1m) are included within operating costs.Contingent consideration is sensitive to forecast operating profits of the relevant acquired businesses. At 31 March 2025, the estimated fair value of contingent consideration payable on acquisitions would increase by \u00a35.0m (2024: \u00a32.4m) if projected forecast profits were higher and decrease by \u00a35.7m (2024: \u00a32.4m) if projected forecast were lower by c.20%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__80": {
"value": "Reconciliation of Level 3 fair value of contingent consideration payable on acquisitions:20252024\u00a3m\u00a3mAt 1 April 6.7 4.1Contingent consideration arising from current year acquisitions payable in future years 6.7 3.0Contingent consideration paid in the current year relating to previous years\u2019 acquisitions (2.3) \u2013Costs charged to the consolidated Statement of Profit or Loss: Subsequent adjustments on acquisitions (1.7) (0.3) Exchange difference 0.1 (0.1)At 31 March 9.3 6.7Subsequent adjustments on acquisitions of \u00a31.7m credit (2024: \u00a30.3m credit) and exchange differences of \u00a30.1m (2024: \u00a30.1m) are included within operating costs.Contingent consideration is sensitive to forecast operating profits of the relevant acquired businesses. At 31 March 2025, the estimated fair value of contingent consideration payable on acquisitions would increase by \u00a35.0m (2024: \u00a32.4m) if projected forecast profits were higher and decrease by \u00a35.7m (2024: \u00a32.4m) if projected forecast were lower by c.20%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__81": {
"value": "29. Trade and other payablesCurrent20252024\u00a3m\u00a3mTrade payables 42.3 44.7Other payables 26.7 27.9Accrued expenses and contract liabilities 12.1 14.981.1 87.5Trade payables are non-interest bearing and are settled in accordance with credit terms. Other payables and accrued expenses are non-interest bearing and are settled throughout the year. Included in current year other payables is contingent consideration of \u00a33.1m relating to acquisitions in the current and prior years (2024: \u00a32.2m), employee-related payable of \u00a313.5m (2024: \u00a314.7m), VAT payable of \u00a34.2m (2024: \u00a34.0m), a total of \u00a33.5m of customers deposits (2024: \u00a33.6m) and \u00a32.4m other payables (2024: \u00a33.4m). Contract liabilities relate to contracts with customers, recognised and measured in accordance with the requirements of IFRS 15, and relate to either advance payments received for goods to be delivered in the future or amounts invoiced in respect of performance obligations which are not yet satisfied in full and due to be satisfied within a period of 12 months from the reporting date. Contract liabilities as at 31 March 2025 amounted to \u00a31.7m (2024: \u00a31.2m). Revenue recognised in the reporting period that was included in the contract liability balance at the beginning of the period amounted to \u00a31.3m (2024: \u00a31.0m).Certain businesses in the Group participate in supply chain finance arrangements whereby suppliers may elect to receive early payment of their invoices from a bank by factoring their receivable from discoverIE entities. Under this arrangement, the term of invoices payable by the Group can be extended by 30-45 days from the original invoice due date, which impacts the timing of payment but does not alter the value of the recognised liability. Included within trade payables is \u00a32.1m (2024: \u00a32.0m) subject to such an arrangement. Non-Current20252024\u00a3m\u00a3mOther payables 6.2 4.6Included in non-current trade and other payables is \u00a36.2m contingent consideration relating to acquisitions in the current and prior years (2024: \u00a34.5m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__82": {
"value": "26.7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__83": {
"value": "12.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__84": {
"value": "6.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__85": {
"value": "30. Share capital 2025202520242024Allotted, called up and fully paidNumber\u00a3mNumber\u00a3mOrdinary shares of 5p each 96,356,109 4.8 96,356,109 4.8During the year to 31 March 2025, no shares were issued to the Group\u2019s Employee Benefit Trust (2024: nil). At 31 March 2025 the Trust held 299,219 shares (2024: 414,600). During the year to 31 March 2025, employees exercised 115,381 share options under the terms of the various share option schemes (2024: 275,492).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f1__s8__6__86": {
"value": "31. Share-based payment plansThe Group operates various share-based payment plans. The various schemes are explained below and have been separated into two separate disclosures. The charge to the consolidated Statement of Profit or Loss in respect of each of these schemes is:20252024\u00a3m\u00a3ma) discoverIE Group plc long-term incentive plan (\u201cthe LTIP\u201d) 2.0 2.6b) Approved and unapproved executive share option schemes \u2013 \u20132.0 2.6a) The LTIPThe LTIP involves a conditional award of shares on a grant of a nil-cost option. The award of shares to Executive Directors and senior management is recommended by the Remuneration Committee on the basis of various factors such as their contribution to the Group\u2019s success. The LTIPs are equity-settled and there are no cash-settled alternatives. The vesting of an award is dependent on the individual\u2019s continued employment for a three-year period from the date of grant and the satisfaction by the Company of certain performance conditions. The exercise of the awards is also subject to a two-year holding period from the date of vesting.For awards made in the year ended 31 March 2025, the performance conditions are as follows: \u25a0 45% of the award is based on the Company\u2019s comparative total shareholder return (\u201cTSR\u201d) against a comparator group made up of the constituents of the FTSE250 Index; \u25a0 45% of the award is based on the Company\u2019s absolute earnings per share (\u201cEPS\u201d) performance; \u25a0 10% of the award is subject to the Company\u2019s ESG performance (\u201cESG\u201d), based on the Company\u2019s reduction in carbon emissions; \u25a0 For certain operational management, 25% of the award is based on the Company\u2019s absolute earnings per share (\u201cEPS\u201d) performance and 75% of the award is based on local earnings targets.Awards are valued using the Monte Carlo model and Black-Scholes model. No non-market performance conditions were included in the fair value calculations. The fair value per award granted and the assumptions used in the calculation are as follows:Awards granted in the year ended 31 March 2025:12 June12 June12 June12 June2024202420242024Grant date TSR EPS ESGEPS/LocalShare price at grant date \u00a37.17 \u00a37.17 \u00a37.17 \u00a37.17Exercise price nil nil nil nilNumber of employees 15 15 15 36Shares under option 235,229 235,229 52,273 178,744Vesting period (years) 3 3 3 3Expected volatility 39.36% 39.36% 39.36% 39.36%Option life (years) 10 10 10 10Expected life (years) 5 5 5 5Risk-free rate of return 4.37% 4.37% 4.37% 4.37%Expected dividend yield nil nil nil nilFair value \u00a33.81 \u00a36.56 \u00a36.56 \u00a36.72Awards granted in the year ended 31 March 2024:14 June14 June14 June14 June2023202320232023Grant date TSR EPS ESG EPS/LocalShare price at grant date \u00a39.38 \u00a39.38 \u00a39.38 \u00a39.38Exercise price nil nil nil nilNumber of employees 15 15 15 22Shares under option 184,082 184,082 40,907 82,637Vesting period (years) 3 3 3 3Expected volatility 40.83% 40.83% 40.83% 40.83%Option life (years) 10 10 10 10Expected life (years) 5 5 5 5Risk-free rate of return 4.72% 4.72% 4.72% 4.72%Expected dividend yield nil nil nil nilFair value \u00a36.49 \u00a38.90 \u00a38.90 \u00a38.91The expected volatility is based on historical volatility over the period of time commensurate with the expected term immediately prior to the date of grant. The expected life is the average expected period to exercise. The risk-free rate of return used in the valuation is the rate of interest obtainable from government securities over a period commensurate with the expected term of the equity incentive. The total charge for the year relating to the LTIP schemes was \u00a32.0m (2024: \u00a32.6m). Outstanding LTIPA summary of the awards that have been granted under the LTIP and remain outstanding is given below:At 31 March 2025Outstanding at Granted Forfeited ExercisedOutstanding at Exercise1 April 2024during the yearduring the yearduring the year31 March 2025dates5,500 \u2013 \u2013 (5,500) \u2013 2022\u20132026452,990 \u2013 \u2013 \u2013 452,990 2023\u20132027312,508 \u2013 \u2013 \u2013 312,508 2023\u20132028614,531 \u2013 \u2013 (103,877) 510,654 2024\u20132029506,328 \u2013 (2,619) (679) 503,030 2025\u20132030358,925 \u2013 (72,456) (345) 286,124 2026\u20132031574,015 \u2013 (13,560) \u2013 560,455 2027\u20132032488,500 \u2013 (10,867) \u2013 477,633 2028\u20132033\u2013 701,475 \u2013 \u2013 701,475 2029\u201320343,313,297 701,475 (99,502) (110,401) 3,804,869At 31 March 2024Outstanding at Granted Forfeited Exercised Outstanding at Exercise 1 April 2023during the yearduring the yearduring the year31 March 2024dates5,500 \u2013 \u2013 \u2013 5,500 2022\u20132026629,140 \u2013 \u2013 (176,150) 452,990 2023\u20132027390,924 \u2013 (3,834) (74,582) 312,508 2023\u20132028620,943 \u2013 (6,412) \u2013 614,531 2024\u20132029547,867 \u2013 (41,539) \u2013 506,328 2025\u20132030371,739 \u2013 (12,814) \u2013 358,925 2026\u20132031592,086 \u2013 (18,071) \u2013 574,015 2027\u20132032\u2013 491,708 (3,208) \u2013 488,500 2028\u201320333,158,199 491,708 (85,878) (250,732) 3,313,297The weighted average remaining contractual life for the share options outstanding at 31 March 2025 is 5.9 years (2024: 6.2 years) and the weighted average share price for the exercises during the year ended 31 March 2025 was \u00a36.85 (2024: \u00a38.07).The range of exercise prices for options outstanding at the end of the year was \u00a3nil (2024: \u00a3nil).b) Approved and unapproved executive share option schemesThe Group operates an approved and an unapproved executive share option scheme, the rules of which are similar in all material respects. The grant of options to senior management is recommended by the Remuneration Committee on the basis of their contribution to the Group\u2019s success. The options vest after three years. The exercise price of the options is equal to the closing mid-market price of the shares on the trading day prior to the date of the grant. Exercise of all options is subject to continued employment. The life of each option granted is ten years. There are no cash settlement alternatives.Options are valued using the Black-Scholes model. No non-market performance conditions were included in the fair value calculations. The fair value per option granted during the year and the assumptions used in the calculation are as follows:12 June 14 June Grant date20242023 Share price at grant date \u00a37.17 \u00a39.38Exercise price \u00a37.24 \u00a39.18Number of employees 11 10Shares under option 28,285 19,011Vesting period (years) 3 3Expected volatility 37.80% 37.51%Option life (years) 10 10Expected life (years) 6.5 6.5Risk-free rate of return 4.37% 4.72%Expected dividends expressed as a dividend yield 1.67% 1.22%Fair value \u00a32.67 \u00a33.82The expected volatility is based on historical volatility over the period of time commensurate with the expected term immediately prior to the date of grant. The expected life is the average expected period to exercise. The risk-free rate of return used in the valuation is the rate of interest obtainable from government securities over a period commensurate with the expected term of the equity incentive. The total charge for the year relating to the approved and unapproved share option schemes was \u00a335,000 (2024: \u00a339,000). Outstanding share options under the executive share option schemesA summary of the options over ordinary shares that have been granted under the approved and unapproved executive share option schemes and remain outstanding is given below:At 31 March 2025Granted Forfeited Exercised Outstanding at during the during the during the Outstanding at Exercise price Exercise 1 April 2024yearyearyear31 March 2025(pence)dates6,144 \u2013 \u2013 \u2013 6,144 421.17 2022\u2013202911,374 \u2013 (4,792) \u2013 6,582 603.60 2023\u2013203011,731 \u2013 (6,548) \u2013 5,183 803.00 2024\u2013203113,855 \u2013 (5,474) \u2013 8,381 686.80 2025\u2013203217,882 \u2013 (5,678) \u2013 12,204 918.00 2026\u20132033\u2013 28,285 (7,730) \u2013 20,555 724.00 2027\u2013203460,986 28,285 (30,222) \u2013 59,049At 31 March 2024Granted Forfeited Exercised Outstanding at during the during the during the Outstanding at Exercise price Exercise 1 April 2023yearyearyear31 March 2024(pence)dates1,691 \u2013 \u2013 (1,691) \u2013 219.50 2020\u201320279,580 \u2013 \u2013 (9,580) \u2013 402.00 2021\u2013202810,693 \u2013 \u2013 (4,549) 6,144 421.17 2022\u2013202911,374 \u2013 \u2013 \u2013 11,374 603.60 2023\u2013203011,731 \u2013 \u2013 \u2013 11,731 803.00 2024\u2013203115,179 \u2013 (1,324) \u2013 13,855 686.80 2025\u20132032\u2013 19,011 (1,129) \u2013 17,882 918.00 2026\u2013203360,248 19,011 (2,453) (15,820) 60,986Changes in share optionsA reconciliation of option movements over the year to 31 March 2025 is shown below:2025 2024Weighted Weighted average average exercise exercise Number price Number price Outstanding at 1 April 60,986 \u00a37.35 60,248 \u00a35.88Granted 28,285 \u00a37.24 19,011 \u00a39.18Exercised \u2013 \u2013 (15,820) \u00a33.88Forfeited (30,222) \u00a37.52 (2,453) \u00a37.93Outstanding at 31 March 59,049 \u00a37.21 60,986 \u00a37.35Exercisable at 31 March 29,249 \u00a35.99 17,518 \u00a35.40The weighted average remaining contractual life for the share options outstanding at 31 March 2025 is 7.5 years (2024: 7.7 years).The range of exercise prices for options outstanding at the end of the year was \u00a34.21 to \u00a39.18 (2024: \u00a34.21 to \u00a39.18).",
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"value": "33. Auditors\u2019 remunerationDuring the year the Group paid fees for the following services from auditors:20252024\u00a3m\u00a3mAuditors\u2019 remuneration: Audit of the Group Financial Statements (including the Company) 0.7 0.8 Audit of local subsidiary Financial Statements 0.8 1.0Total audit fee 1.5 1.8Audit-related assurance services:Review of the half year interim statement 0.1 0.1Audit fees 1.6 1.9The fee for non-audit services was \u00a383,500 (2024: \u00a3123,000), of which \u00a380,000 (2024: \u00a3112,000) relates to interim review and \u00a33,500 (2024: \u00a311,000) relates to reporting required by regulators in overseas countries.",
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"value": "34. Related party disclosuresAs at 31 March 2025 the Group\u2019s subsidiaries are set out below. Unless otherwise stated, the Group holds (directly or indirectly) 100% of the total voting rights of all subsidiaries.Except where noted, all material subsidiaries have a 31 March year-end and the shares carry the same voting rights as their effective interest. UK-registered subsidiaries that qualify to take the statutory audit exemption as set out within section 479A of the Companies Act 2006 for the year ended 31 March 2025 are listed below. discoverIE Group plc will guarantee the debts and liabilities of those companies at the balance sheet date in accordance with section 479C of the Companies Act 2006.Audit exempt entities within section 479A of Companies Act 2006Name Company NumberCDT 123 Limited 09637514Contour Holdings Limited 06846542Cursor Controls Holdings Limited 09472278CustomDesignTechnologies Limited 03207845discoverIE Electronics Limited 06556285discoverIE Nordic Holdings Limited 09056483Herga Technology Limited 00533707SLV Holdings Limited 09943868Santon Switchgear Limited 03207845Variohm Holdings Limited 05783452Xi-Tech Limited 07068708 Sens-Tech Limited 00668759Contour Electronics Limited 02773976Cursor Controls Limited 04105605Variohm-Eurosensor Limited 02736925discoverIE Management Services Ltd 02036196discoverIE Holdings Ltd 01618416Noratel UK Limited 04136659Vertec Scientific Limited 01677833Silver Telecom Limited 03434576Hivolt Capacitors Limited NI0298512J Antennas UK Limited 08356756Antenova Limited 03835617Stortech Electronics Limited 02217300With the exception of Hivolt Capacitors Limited, the country of incorporation and registration for the entities above is England and Wales and the registered address is 2 Chancellor Court, Occam Road, Surrey Research Park, Guildford, Surrey, GU2 7AH. The country of incorporation and registration for Hivolt Capacitors Limited is Northern Ireland and the registered address is Maydown Industrial Estate, Derry, BT47 6UQ. Country of incorporation Name and nature of business Registered address and registrationManagement Services - Head OfficediscoverIE Management Services Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHOperating Companies 2J Antennas s.r.o \u0160tef\u00e1nikova 61, 085 01 Bardejov Slovakia2J Antennas UK Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AH2J Antennas USA Corporation 2020 W Guadalupe Rd, Suite 8, Gilbert, Arizona, 85233 USACountry of incorporation Name and nature of business Registered address and registrationAntenova Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHburster Inc. 50207 Hayes Road, Shelby Township, MI 48315 USAburster pr\u00e4zisionsmesstechnik Nymphenburger Str. 3, c/o McDermott Will & Emery GermanyGmbH & Co KGLawyers Tax Consultants LLP, 80335 MunichCalculagraph Company (trading as Control 280 Ridgedale Avenue, East Hanover, New Jersey 07936 USAProducts Inc)2Coil-Tran de Mexico, S.A. DE C. V.Calle Matamoros 124, Colonia Centro, Municipio MexicoAgualeguas, Nuevo Leon, CP 65800Coil-Tran LLC (trading as Hobart 160 South Illinois Street, Hobart, Indiana, 46342-4512 USAElectronics and Noratel US)Contour Electronics Asia Limited Room 601, 6/F Shing Yip Industrial Building, 19-21 Shing Hong KongYip Street, Kwun Teng, KowloonContour Electronics Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHCursor Controls Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHCustomDesignTechnologies Ltd 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHDanselbud Noratel Transformator sp. z o.o. ul. Szczecinska 1K, Dobra Szczecinska PL-72-003 PolandDiamond Technologies Inc. 43 Broad Street, Unit C103, Hudson, MA 01749 USA1EMC Innovation LimitedWoolim Lions Valley B-909 & 910, 283 Bupyeong-daero, South KoreaBupyeong-gu, IncheonFlux A/S Industrivangen 5, 4550 Asnaes DenmarkFlux International Limited 41/27, 23 Village No. 6, Phuncharoen Lane, Bangna-Trad ThailandK.M. 16.5 Road, Bang Chalong Sub-district, Bang Phli District, Samut Prakan Province, 105401Foshan Noratel Electric Co Limited10, Plainvim (Foshan Nanhai) International Intelligent ChinaIndustrial Park, 12-1 Huasha Road, Shishan, Nanhai Foshan, Guangdong ProvinceFoss Fiberoptisk Systemsalg AS Dansrudveien 45, N-3036 Drammen Norway Foss Fibre Optics s.r.o Odbor\u00e1rska 52, 831 02 Bratislava SlovakiaHectronic AB \u00c5karegatan 2, 754 54 Uppsala SwedenHivolt Capacitors Limited Maydown Industrial Estate, Derry, BT47 6UQ Northern IrelandLimitor GmbH Dieselstra\u00dfe 22, 73660 Urbach GermanyLimitor Hungaria Kft P\u00e9cs, Makay Istv\u00e1n \u00fat 13/b, 7634 HungaryLimitor Solutions GmbH Dieselstra\u00dfe 22, 73660 Urbach GermanyLogic PD, Inc. (trading as Beacon 6201 Bury Drive, Eden Prairie, MN 55346 USAEmbedded Works)Magnasphere Corporation 850 New Burton Road, Suite 201, Dover, DE 19904 USAMTC Micro Tech Components GmbH Josef-Kr\u00e4tz-Strasse 13, 89407 Dillingen a.d. Donau GermanyMyrra Deutschland GmbH Marie \u2013 Curie \u2013 Str. 4/1, D \u2013 71083 Herrenberg GermanyMyrra Hong Kong Limited 42/F Central Plaza,18 Harbour Road, Wanchai Hong KongMyrra Power sp. z o.o. Ul Warszawska 1, 05-310 Kaluszyn PolandMyrra SAS 2 Boulevard de La Haye, 77600 Bussy-Saint-Georges FranceNoratel AS Elektroveien 7, 3300 Hokksund NorwayNoratel Canada Inc 267 Matheson Boulevard East, Unit 2, Mississauga, ON CanadaL4Z 1X8Noratel Denmark A/S Metalvej 7F, 4000 Roskilde DenmarkCountry of incorporation Name and nature of business Registered address and registrationNoratel Finland OY Kiertokatu 5, PB 11, 24280 Salo, Helsinki FinlandNoratel Germany AG Elsenthal 53, DE-94481 Grafenau, Bremen GermanyNoratel India Power Components Pvt Nila Technopark, Trivandrum, Kerala, 695581 IndiaLimitedNoratel International (Private) Limited P.O Box 15, Phase II, KEPZ, Katunayake Sri LankaNoratel Power Engineering LLC 3780 Kilroy Airport Way, Suite 200, Long Beach, CA 90822 USANoratel Sp. z o.o. ul. Szczecinska 1K, Dobra Szczecinska, PL-72-003 PolandNoratel Sweden AB Lars Lindahlsv\u00e4g 2, Box 108, Lax\u00e5 69522 SwedenNoratel UK Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AH NSI bvba Kapittelstraat 18, 3740 Bilzen BelgiumSanton Circuit Breaker Services B.V. Hekendorpstraat 69, 3079 DX Rotterdam NetherlandsSanton GmbH Oberstrasse 1, Altes Rathaus Hinsbeck, Postfach 5217, Germany41334 NettetalSanton Group B.V. Hekendorpstraat 69, 3079 DX Rotterdam NetherlandsSanton Holland B.V. Hekendorpstraat 69, 3079 DX Rotterdam NetherlandsSanton International B.V. Hekendorpstraat 69, 3079 DX Rotterdam NetherlandsSens-Tech Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHShape LLC 850 New Burton Road, Suite 201, Dover DE 19904 USASilver Telecom Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHStortech Electronics Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHVariohm-Eurosensor Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHVertec Scientific Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AH1Zhongshan Myrra Electronic Co Limited39-2 Industrial Road, Xiaolan Industrial Park, Xiaolan ChinaTown, 528400, Zhongshan, Guandong ProvinceHolding CompaniesAramys SAS 2 Boulevard de la Haye, Parc Gustave Eiffel, 77600 Bussy-FranceSaint-GeorgesCDT 123 Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHContour Holdings Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHCursor Controls Holdings Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHdiscoverIE Electronics Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHdiscoverIE Europe Holding BV Hekendorpstraat 69, 3079 DX Rotterdam NetherlandsdiscoverIE France Holdings SAS 2 Boulevard de la Haye, Parc Gustave Eiffel, 77600 Bussy-FranceSaint-GeorgesdiscoverIE General Partner GmbH Talstra\u00dfe 1 \u2013 5, 76593 Gernsbach Germany1discoverIE German Acquisition GmbHTalstra\u00dfe 1 \u2013 5, 76593 Gernsbach GermanydiscoverIE German Holdings GmbH Nymphenburger Str. 3, c/o McDermott Will & Emery GermanyLawyers Tax Consultants LLP, 80335 MunichdiscoverIE Holdings Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHCountry of incorporation Name and nature of business Registered address and registrationdiscoverIE Nordic Holdings Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHdiscoverIE US Holdings Inc. 850 New Burton Road, Suite 201, Dover, DE 19904 USAEWAC Holding B.V. Hekendorpstraat 69, 3079 DX Rotterdam NetherlandsSedgemoor Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHSLV Holdings Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHTrafo Holding AS Elektroveien 7, 3300 Hokksund NorwayVariohm Holdings Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHXi-Tech Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHDormant CompaniesAcal Electronics Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHACTECH Holdings Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHAdvanced Crystal Technology Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHAmega Electronics Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHBosunmark Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHGothic Crellon Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHHeason Technology Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHRadiatron Components Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHRadiatron Holdings Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHSedgemoor Group Pension Trustees Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHSedgemoor Group Supplementary Pension 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesTrustees LimitedGuildford, Surrey, GU2 7AHSedgemoor Holdings Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHTownsend-Coates Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHCoil-Mag LLC (trading as IMAG Electronics) 160 South Illinois Street, Hobart, Indiana, 46342-4512 USAHerga Technology Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHSanton Hekendorpstraat B.V. Hekendorpstraat 69, 3079 DX Rotterdam NetherlandsSanton Switchgear Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AH1 Zhongshan Myrra Electronic Co Limited, Foshan Noratel Electric Co Limited and EMC Innovation Limited have 31 December year-ends.2 15% of Coil-Tran de Mexico SA de CV is owned by local management.Related partiesRemuneration of key management personnelThe Group considers key management personnel as defined in IAS 24 \u2018Related Party Disclosures\u2019 to be the members of the Group Management Committee as set out on page 93. Remuneration is set out below in aggregate. The charge for share-based payments of \u00a31.8m (2024: \u00a32.3m) relates to the Group\u2019s LTIP as detailed in note 31.20252024\u00a3m\u00a3mShort-term employee benefits 4.6 4.7Pension benefits 0.2 0.2Share-based payments 1.8 2.36.6 7.2Terms and conditions of transactions with related partiesAll transactions with related parties were on an arm\u2019s length basis. Outstanding balances at year-end are unsecured and settlement occurs in cash.Transactions with other related partiesThere were no transactions with Directors (other than the payment of salaries and fees and the provision of employee benefits as outlined in the Remuneration Report) during the year.",
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"f1__s8__6__89": {
"value": "As at 31 March 2025 the Group\u2019s subsidiaries are set out below. Unless otherwise stated, the Group holds (directly or indirectly) 100% of the total voting rights of all subsidiaries.Except where noted, all material subsidiaries have a 31 March year-end and the shares carry the same voting rights as their effective interest. UK-registered subsidiaries that qualify to take the statutory audit exemption as set out within section 479A of the Companies Act 2006 for the year ended 31 March 2025 are listed below. discoverIE Group plc will guarantee the debts and liabilities of those companies at the balance sheet date in accordance with section 479C of the Companies Act 2006.Audit exempt entities within section 479A of Companies Act 2006Name Company NumberCDT 123 Limited 09637514Contour Holdings Limited 06846542Cursor Controls Holdings Limited 09472278CustomDesignTechnologies Limited 03207845discoverIE Electronics Limited 06556285discoverIE Nordic Holdings Limited 09056483Herga Technology Limited 00533707SLV Holdings Limited 09943868Santon Switchgear Limited 03207845Variohm Holdings Limited 05783452Xi-Tech Limited 07068708 Sens-Tech Limited 00668759Contour Electronics Limited 02773976Cursor Controls Limited 04105605Variohm-Eurosensor Limited 02736925discoverIE Management Services Ltd 02036196discoverIE Holdings Ltd 01618416Noratel UK Limited 04136659Vertec Scientific Limited 01677833Silver Telecom Limited 03434576Hivolt Capacitors Limited NI0298512J Antennas UK Limited 08356756Antenova Limited 03835617Stortech Electronics Limited 02217300With the exception of Hivolt Capacitors Limited, the country of incorporation and registration for the entities above is England and Wales and the registered address is 2 Chancellor Court, Occam Road, Surrey Research Park, Guildford, Surrey, GU2 7AH. The country of incorporation and registration for Hivolt Capacitors Limited is Northern Ireland and the registered address is Maydown Industrial Estate, Derry, BT47 6UQ. Country of incorporation Name and nature of business Registered address and registrationManagement Services - Head OfficediscoverIE Management Services Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHOperating Companies 2J Antennas s.r.o \u0160tef\u00e1nikova 61, 085 01 Bardejov Slovakia2J Antennas UK Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AH2J Antennas USA Corporation 2020 W Guadalupe Rd, Suite 8, Gilbert, Arizona, 85233 USACountry of incorporation Name and nature of business Registered address and registrationAntenova Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHburster Inc. 50207 Hayes Road, Shelby Township, MI 48315 USAburster pr\u00e4zisionsmesstechnik Nymphenburger Str. 3, c/o McDermott Will & Emery GermanyGmbH & Co KGLawyers Tax Consultants LLP, 80335 MunichCalculagraph Company (trading as Control 280 Ridgedale Avenue, East Hanover, New Jersey 07936 USAProducts Inc)2Coil-Tran de Mexico, S.A. DE C. V.Calle Matamoros 124, Colonia Centro, Municipio MexicoAgualeguas, Nuevo Leon, CP 65800Coil-Tran LLC (trading as Hobart 160 South Illinois Street, Hobart, Indiana, 46342-4512 USAElectronics and Noratel US)Contour Electronics Asia Limited Room 601, 6/F Shing Yip Industrial Building, 19-21 Shing Hong KongYip Street, Kwun Teng, KowloonContour Electronics Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHCursor Controls Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHCustomDesignTechnologies Ltd 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHDanselbud Noratel Transformator sp. z o.o. ul. Szczecinska 1K, Dobra Szczecinska PL-72-003 PolandDiamond Technologies Inc. 43 Broad Street, Unit C103, Hudson, MA 01749 USA1EMC Innovation LimitedWoolim Lions Valley B-909 & 910, 283 Bupyeong-daero, South KoreaBupyeong-gu, IncheonFlux A/S Industrivangen 5, 4550 Asnaes DenmarkFlux International Limited 41/27, 23 Village No. 6, Phuncharoen Lane, Bangna-Trad ThailandK.M. 16.5 Road, Bang Chalong Sub-district, Bang Phli District, Samut Prakan Province, 105401Foshan Noratel Electric Co Limited10, Plainvim (Foshan Nanhai) International Intelligent ChinaIndustrial Park, 12-1 Huasha Road, Shishan, Nanhai Foshan, Guangdong ProvinceFoss Fiberoptisk Systemsalg AS Dansrudveien 45, N-3036 Drammen Norway Foss Fibre Optics s.r.o Odbor\u00e1rska 52, 831 02 Bratislava SlovakiaHectronic AB \u00c5karegatan 2, 754 54 Uppsala SwedenHivolt Capacitors Limited Maydown Industrial Estate, Derry, BT47 6UQ Northern IrelandLimitor GmbH Dieselstra\u00dfe 22, 73660 Urbach GermanyLimitor Hungaria Kft P\u00e9cs, Makay Istv\u00e1n \u00fat 13/b, 7634 HungaryLimitor Solutions GmbH Dieselstra\u00dfe 22, 73660 Urbach GermanyLogic PD, Inc. (trading as Beacon 6201 Bury Drive, Eden Prairie, MN 55346 USAEmbedded Works)Magnasphere Corporation 850 New Burton Road, Suite 201, Dover, DE 19904 USAMTC Micro Tech Components GmbH Josef-Kr\u00e4tz-Strasse 13, 89407 Dillingen a.d. Donau GermanyMyrra Deutschland GmbH Marie \u2013 Curie \u2013 Str. 4/1, D \u2013 71083 Herrenberg GermanyMyrra Hong Kong Limited 42/F Central Plaza,18 Harbour Road, Wanchai Hong KongMyrra Power sp. z o.o. Ul Warszawska 1, 05-310 Kaluszyn PolandMyrra SAS 2 Boulevard de La Haye, 77600 Bussy-Saint-Georges FranceNoratel AS Elektroveien 7, 3300 Hokksund NorwayNoratel Canada Inc 267 Matheson Boulevard East, Unit 2, Mississauga, ON CanadaL4Z 1X8Noratel Denmark A/S Metalvej 7F, 4000 Roskilde DenmarkCountry of incorporation Name and nature of business Registered address and registrationNoratel Finland OY Kiertokatu 5, PB 11, 24280 Salo, Helsinki FinlandNoratel Germany AG Elsenthal 53, DE-94481 Grafenau, Bremen GermanyNoratel India Power Components Pvt Nila Technopark, Trivandrum, Kerala, 695581 IndiaLimitedNoratel International (Private) Limited P.O Box 15, Phase II, KEPZ, Katunayake Sri LankaNoratel Power Engineering LLC 3780 Kilroy Airport Way, Suite 200, Long Beach, CA 90822 USANoratel Sp. z o.o. ul. Szczecinska 1K, Dobra Szczecinska, PL-72-003 PolandNoratel Sweden AB Lars Lindahlsv\u00e4g 2, Box 108, Lax\u00e5 69522 SwedenNoratel UK Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AH NSI bvba Kapittelstraat 18, 3740 Bilzen BelgiumSanton Circuit Breaker Services B.V. Hekendorpstraat 69, 3079 DX Rotterdam NetherlandsSanton GmbH Oberstrasse 1, Altes Rathaus Hinsbeck, Postfach 5217, Germany41334 NettetalSanton Group B.V. Hekendorpstraat 69, 3079 DX Rotterdam NetherlandsSanton Holland B.V. Hekendorpstraat 69, 3079 DX Rotterdam NetherlandsSanton International B.V. Hekendorpstraat 69, 3079 DX Rotterdam NetherlandsSens-Tech Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHShape LLC 850 New Burton Road, Suite 201, Dover DE 19904 USASilver Telecom Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHStortech Electronics Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHVariohm-Eurosensor Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHVertec Scientific Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AH1Zhongshan Myrra Electronic Co Limited39-2 Industrial Road, Xiaolan Industrial Park, Xiaolan ChinaTown, 528400, Zhongshan, Guandong ProvinceHolding CompaniesAramys SAS 2 Boulevard de la Haye, Parc Gustave Eiffel, 77600 Bussy-FranceSaint-GeorgesCDT 123 Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHContour Holdings Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHCursor Controls Holdings Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHdiscoverIE Electronics Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHdiscoverIE Europe Holding BV Hekendorpstraat 69, 3079 DX Rotterdam NetherlandsdiscoverIE France Holdings SAS 2 Boulevard de la Haye, Parc Gustave Eiffel, 77600 Bussy-FranceSaint-GeorgesdiscoverIE General Partner GmbH Talstra\u00dfe 1 \u2013 5, 76593 Gernsbach Germany1discoverIE German Acquisition GmbHTalstra\u00dfe 1 \u2013 5, 76593 Gernsbach GermanydiscoverIE German Holdings GmbH Nymphenburger Str. 3, c/o McDermott Will & Emery GermanyLawyers Tax Consultants LLP, 80335 MunichdiscoverIE Holdings Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHCountry of incorporation Name and nature of business Registered address and registrationdiscoverIE Nordic Holdings Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHdiscoverIE US Holdings Inc. 850 New Burton Road, Suite 201, Dover, DE 19904 USAEWAC Holding B.V. Hekendorpstraat 69, 3079 DX Rotterdam NetherlandsSedgemoor Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHSLV Holdings Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHTrafo Holding AS Elektroveien 7, 3300 Hokksund NorwayVariohm Holdings Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHXi-Tech Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHDormant CompaniesAcal Electronics Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHACTECH Holdings Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHAdvanced Crystal Technology Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHAmega Electronics Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHBosunmark Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHGothic Crellon Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHHeason Technology Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHRadiatron Components Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHRadiatron Holdings Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHSedgemoor Group Pension Trustees Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHSedgemoor Group Supplementary Pension 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesTrustees LimitedGuildford, Surrey, GU2 7AHSedgemoor Holdings Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHTownsend-Coates Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHCoil-Mag LLC (trading as IMAG Electronics) 160 South Illinois Street, Hobart, Indiana, 46342-4512 USAHerga Technology Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AHSanton Hekendorpstraat B.V. Hekendorpstraat 69, 3079 DX Rotterdam NetherlandsSanton Switchgear Limited 2 Chancellor Court, Occam Road, Surrey Research Park, England & WalesGuildford, Surrey, GU2 7AH1 Zhongshan Myrra Electronic Co Limited, Foshan Noratel Electric Co Limited and EMC Innovation Limited have 31 December year-ends.2 15% of Coil-Tran de Mexico SA de CV is owned by local management.",
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"language": "en",
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"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
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"f1__s8__6__92": {
"value": "2 Chancellor Court, Occam Road, Surrey Research",
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"f1__s8__6__90": {
"value": "Remuneration of key management personnelThe Group considers key management personnel as defined in IAS 24 \u2018Related Party Disclosures\u2019 to be the members of the Group Management Committee as set out on page 93. Remuneration is set out below in aggregate. The charge for share-based payments of \u00a31.8m (2024: \u00a32.3m) relates to the Group\u2019s LTIP as detailed in note 31.20252024\u00a3m\u00a3mShort-term employee benefits 4.6 4.7Pension benefits 0.2 0.2Share-based payments 1.8 2.36.6 7.2",
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"value": "36. Event after the reporting dateThere were no matters arising, between the balance sheet date and the date on which these Financial Statements were approved by the Board of Directors, requiring adjustment in accordance with IAS 10 \u201cEvents after the Reporting Period\u201d. The following important non-adjusting events should be noted:DividendsA final dividend of 8.60p per share (2024: 8.25p), amounting to a dividend of \u00a38.3m (2024: \u00a37.9m) and bringing the total dividend for the year to 12.50p (2024: 12.0p), was declared by the Board on 3 June 2025. The Group Financial Statements do not reflect this dividend.",
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"entity": "scheme:213800BMDLQU1VEEAN68",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
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