| Timing of satisfaction of performance | |||||
| obligations and significant payment | Revenue recognition policies, including determination of transaction | ||||
Revenue stream | Nature | terms | price and rationale | ||
| Cyber Security | |||||
| Managed | These services provide | The customer will benefit from | The amount of revenue recognised in relation to the | ||
| Services (MS) | operational cyber defence, | the services over the period of | software licence(s) depends on whether the Group acts as | ||
| scanning, simulation and | the contract. | an agent or as a principal. | |||
| managed security operations | However, the type of contract | The Group acts as principal when the Group controls | |||
| centres (SOCs). | |||||
| will depend on how the | the specified software licence or service prior to transfer | ||||
| Services are typically for an | customer benefits from the | (MSP model). | |||
| extended delivery duration, with | software licence(s). | When the Group acts as a principal the revenue recorded | |||
| contract lengths varying up to a | Where an MSP model is | is the gross amount billed. The transaction price is | |||
| maximum of five years. | |||||
| selected by the customer, the | determined by a contract price (cost plus mark-up). The | ||||
| The proposition often provides | Group generally recognises | transaction price for the overall service is outlined within | |||
| the customer with the software | three performance obligations: | the customer contract. In certain scenarios, the contract | |||
| licence(s) to enable these | \u2022 | Set-up fees | will outline the price for each performance obligation, | ||
| services to occur. | which is considered to be the standalone selling price of | ||||
| \u2022 | Combined monitoring cyber | the services/goods, and the transaction price is allocated | |||
| On this basis, the Group | and licence service | to each performance obligation on this basis. Where the | |||
| operates two types | |||||
| of contracts: | \u2022 | Post-go-live fees | contract does not stipulate the price per performance | ||
| Where the licence and | obligation, management determines the relative | ||||
| \u2022 | A Managed Service Provider | monitoring services terms are | standalone selling price for each performance obligation | ||
| (MSP) model whereby the | not coterminous, they are | based on the residual approach. This is assessed by | |||
| customer is supplied with | treated as separate | reference to the total transaction price less the sum of the | |||
| one complete integrated | performance obligations. | observable standalone selling prices of the other services | |||
| service including the | promised in the contract. The contract transaction price is | ||||
| software licence(s) | The MSP model is considered | allocated to each performance obligation in proportion to | |||
| \u2022 | A reseller model whereby the | to be under a principal | those standalone selling prices. | ||
| Group sources the software | arrangement whereby the | Under a reseller model, the Group\u2019s responsibility is to | |||
| licence(s) on behalf of the | Group controls the service | arrange for a third party to provide a specified software | |||
| customer and provides the | prior to transfer. | licence(s) to the customer. In these cases, the Group is | |||
| Managed Detection and | Where a reseller model is | acting as an agent, and the Group does not control the | |||
| Response services | selected by the customer, the | relevant licence(s) before it is transferred to the customer. | |||
| These services will also include | Group recognises four | In particular, the Group does not have inventory risk, have | |||
| set-up fees. Set-up fees | performance obligations: | access to its source code or hold the IP rights. | |||
| represent workshops, design | \u2022 | Sourced software licence(s) | When the Group is acting as an agent, the revenue is | ||
| and configuration to create a | \u2022 | Set-up fees | recorded at the net amount retained (commission) at a | ||
| \u201cconnection\u201d between systems. | \u2022 | Monitoring cyber service | point in time as the customer receives immediate benefit | ||
| The Group also provides a | from access to the licence and the Group does not have | ||||
| certain level of professional | \u2022 | Post-go-live fees | any further obligations in relation to the provision of the | ||
| service consultancy days | The reseller model is | licence. The commission transaction value represents the | |||
| (including post-go-live fees) | considered to be under an | mark-up on the licence provided. | |||
| based on day rates. | agency arrangement whereby | The majority of set-up fees relate to the MSP model. | |||
| the customer receives the | Set-up fees are recognised over time of the set-up. The | ||||
| benefit and control of the | set-up activities are completed by a separate deployment | ||||
| licence on delivery. | team that typically spans a period of one to four months. | ||||
| Invoices are raised based on | The set-up activities do not customise the licence provided | ||||
| an agreed invoicing profile with | by the third party but only allow a link between the client\u2019s | ||||
| the customer. | infrastructure and the software to allow monitoring | ||||
| Invoices are usually payable | services to be provided by the Group once the set-up | ||||
| within 30 days. | process is completed. On this basis, the client can benefit | ||||
| from each of the goods and services either on their own or | |||||
| Where the Group provides | together with the other goods and services that are readily | ||||
| professional services, the | available and the promise to transfer the goods or service | ||||
| timing of satisfaction of | is distinct. | ||||
| performance obligations | |||||
| (including payment terms) is | |||||
| the same as described within | |||||
| the TAS and C&I revenue | |||||
| recognition policy. |
| Timing of satisfaction of performance | |||
| obligations and significant payment | Revenue recognition policies, including determination of transaction | ||
Revenue stream | Nature | terms | price and rationale |
| Cyber Security continued | |||
| Managed | The set-up fees are based on day rates incurred (defined | ||
| Services (MS) | by an in-house day rate sales pricing matrix). Accordingly, | ||
| continued | the charge out rates are recognised and allocated to these | ||
| tasks when performed akin to technical professional day | |||
| rate services. These rates are considered to be the | |||
| standalone selling prices and are not discounted or | |||
| reduced for other services. | |||
| Post-go-live fees are recognised on delivery of | |||
| consultancy services over time as the customer obtains | |||
| incremental benefit from the hours provided. Revenue is | |||
| recognised on an input basis (day rates) to measure the | |||
| satisfaction of performance obligations over time. | |||
| Transaction price is determined by fixed contract rates | |||
| based upon day rates and number of post-go-live | |||
| consultancy days. | |||
| Where one performance obligation, being a combined | |||
| monitoring cyber and licence service, is identified in relation | |||
| to the MSP model monitoring service, revenue is recognised | |||
| over the contract length as the software and monitoring | |||
| process is an overall service, whereby the Group retains | |||
| control of the licence and provides a complete monitoring | |||
| service to the customer. If the customer cancels the | |||
| contract, the Group will retain control of the licence. | |||
| Where separate performance obligations are identified for | |||
| monitoring services and the licence, revenue is recognised | |||
| over the period the respective services are offered, in line | |||
| with the underlying contract. | |||
| The customer benefits from a 24/7 monitoring service | |||
| whereby benefit is obtained daily and therefore revenue is | |||
| recognised on straight-line basis as the performance | |||
| obligation is satisfied over time. | |||
| The transaction price is determined by fixed contract rates | |||
| for the services. | |||
| Revenue in relation to the reseller model monitoring | |||
| service is recognised over the contract length on a | |||
| straight-line basis as the performance obligation is | |||
| satisfied over time. The customer benefits from a 24/7 | |||
| monitoring service whereby benefit is obtained daily on | |||
| straight-line basis. | |||
| Where the Group provides professional services, the | |||
| revenue recognition (including the determination of | |||
| transaction prices) is the same as described within the | |||
| TAS and C&I revenue recognition policy. | |||
| Digital Forensics | DFIR services provide rapid | The provision of DFIR services | The transaction price is the fixed retainer fee, which is |
| and Incident | global support during and after | on a retainer basis constitutes | predetermined within the contract, based on its standalone |
| Response (DFIR) | cyber attacks, minimising | a series of distinct services | selling price and spread evenly over the contract duration. |
| disruption, containing threats, | that are substantially the same | Revenue is recognised over time, consistent with the | |
| protecting data and enabling | and have the same pattern | nature of the performance obligation. The entity satisfies | |
| swift recovery. | of transfer to the customer. | its obligation by standing ready to provide DFIR services | |
| DFIR contracts are generally | One performance obligation | over the contract term. | |
| structured on a retainer basis, | is identified. | Accordingly, revenue is recognised on a straight-line basis | |
| providing customers with | The customer will benefit from | over the contractual period. | |
| access to DFIR services over a | the services over the period of | ||
| defined contractual period. | the contract. | ||
| Invoices are raised based on | |||
| an agreed invoicing profile with | |||
| the customer. | |||
| Invoices are usually payable | |||
| within 30 days. |
| Timing of satisfaction of performance | ||||
| obligations and significant payment | Revenue recognition policies, including determination of transaction | |||
Revenue stream | Nature | terms | price and rationale | |
| Cyber Security continued | ||||
| Technical | These revenue streams | For annuities, the customer | For annuities, revenue is recognised on a straight-line | |
| Assurance | represent the Group\u2019s core | simultaneously receives the | basis over the contract term, reflecting the continuous | |
| Services (TAS) | consulting services, delivered | benefits of the services | provision of security services. The customer receives | |
| and | by consultants providing Cyber | provided by the Group over the | benefits evenly over time. | |
| Consulting and | Security services to customers | contract term and one promise | The transaction price is predetermined within the contract, | |
| Implementation | either over time or based on | (performance obligation) is | based on its standalone selling price and spread evenly | |
| (C&I) | specific deliverables. Namely: | identified. The performance | over the contract duration. | |
| \u2022 | TAS provides proactive | obligation is satisfied evenly | For fixed price contracts, revenue is recognised over time | |
| defence of digital assets | over the length of the contract. | based on an input method that measures progress towards | ||
| through vulnerability | For fixed price contracts, the | fulfilling the performance obligation. This is calculated | ||
| assessments, penetration | customer simultaneously | using the percentage of project days completed \u2013 | ||
| testing, adversary simulation, | receives and consumes the | comparing the number of days actually worked to the total | ||
| training, third party | benefits over time as services | estimated days required to satisfy the obligation. Since the | ||
| assurance and ongoing | provided by the Group are | work is performed daily (for example, conducting a | ||
| security monitoring. | delivered, and one performance | security assessment of a customer\u2019s environment), | ||
| \u2022 | C&I services deliver | obligation is identified. This is | revenue recognition aligns with the ongoing daily effort. | |
| collaboration to assess security | done according to the number | |||
| needs, develop tailored | of days worked, in comparison | The transaction price is fixed upfront, based on agreed- | ||
| strategies, and execute | to the expected total | upon day rates that reflect the standalone selling price. | ||
| solutions that strengthen | number of days to fulfil the | For time and materials contracts, revenue is recognised on | ||
| organisational security | performance obligation. | an input basis by multiplying the actual days delivered by | ||
| posture and protect critical | For time and materials | agreed daily rates. The customer benefits daily as services | ||
| assets from potential threats. | contracts (based upon | are performed. | ||
| Contracts with multiple services | consultants\u2019 time and | The transaction price varies with actual days worked and is | ||
| identify each as a separate | expenses), the customer | based on day rates (defined by an in-house day rate sales | ||
| performance obligation, and | simultaneously receives the | pricing matrix), reflective of the standalone selling price. | ||
| the transaction price allocated | benefits of the services | It is considered that, as the customer benefits over time | ||
| to each of these is determined | provided by the Group in the | based on consultants\u2019 time, the input method faithfully | ||
| using a fixed contract rate | period over which the work is | depicts the Group\u2019s performance towards complete | ||
| based upon day rates, being | performed and one promise | satisfaction of the single performance obligation. | ||
| the relative standalone selling | (performance obligation) is | |||
| price basis. | identified. Work is performed | Invoices in relation to any abortive revenue will be | ||
| Each revenue stream (TAS and | on a daily basis. | recognised when aborted. | ||
| C&I) can include the following | For all product types referenced | |||
| product types: | above, invoices are raised | |||
| based on an agreed invoicing | ||||
| \u2022 | Annuity contracts performed | profile with the customer. | ||
| over a fixed contract period | Invoices are usually payable | |||
| \u2022 | Fixed price contracts based | within 30 days. | ||
| on a fixed contract value | ||||
| (derived from day rates) | No material discounts or | |||
| retrospective rebates | ||||
| \u2022 | Time and materials contracts | are provided. | ||
| based on actual days incurred | ||||
| and agreed day rates | ||||
| In certain situations the Group | ||||
| operates on agreed customer | ||||
| terms, which allow the Group to | ||||
| recover any abortive revenue | ||||
| from its customer in the event | ||||
| that a customer terminates a | ||||
| contract before the contract or | ||||
| deliverable is complete. | ||||
| Other services | This revenue represents the | The customer only benefits | Revenue is recognised when control of the product is | |
| sale of own manufactured and/ | from the products on delivery. | transferred to the customer. This occurs upon delivery | ||
| or resale of third party products | Invoices are raised based on | under the contractual terms. | ||
| with no connection to other | an agreed invoicing profile with | On certain sales of third party products, the control of the | ||
| Group services. | ||||
| the customer. | product is considered to pass from the vendor to the end | |||
| Invoices are usually payable | customer and in these cases the Group acts as an agent, | |||
| within 30 days. | and hence only records a commission on sale as opposed | |||
| to gross revenue and costs of sale. |
| Timing of satisfaction of performance | |||
| obligations and significant payment | Revenue recognition policies, including determination of transaction | ||
Revenue stream | Nature | terms | price and rationale |
| Escode | |||
| Escrow contract | These services securely | The customer benefits from the | Revenue is recognised over time on a straight-line basis |
| services | maintain in \u201cescrow\u201d the | escrow service evenly over a | representing the service delivery agreement. The nature |
| long-term availability of | contract period, usually at least | of the agreement gives rise to the customer having the | |
| business-critical software and | a year and potentially up to | benefit of Escode if and when required over the contract | |
| applications while protecting | three years. | period. Revenue is recognised on a straight-line basis | |
| the intellectual property rights | The service represents one | as the pattern of benefit to the customer as well as the | |
| (IPR) of technology partners. | performance obligation. | Group\u2019s efforts to fulfil the contract are generally even | |
| The service will include set-up | Invoices are raised based on | throughout the period. | |
| time, which is administrative | an agreed invoicing profile with | The transaction price is determined by a contract price. | |
| in nature. | |||
| the customer. | Set-up time is not considered distinct or a separate | ||
| Invoices are usually payable | performance obligation due to the administrative nature | ||
| and therefore is recognised over the period of the contract. | |||
| within 30 days. | |||
| Verification | These services verify source | The customer benefits from | Revenue is recognised on completion of the |
| services | code based upon an agreed | the verification service on | verification services. |
| scope between all parties and | completion because the source | Transaction price is determined by fixed contract rates | |
| provide a fully managed secure | code will only have been fully | based upon day rates and number of verification days. | |
| service and result validation, | verified/validated at that point. | ||
| typically delivered over a short | The service represents one | ||
| period of time (days). | |||
| performance obligation. | |||
| These include SaaS services | Invoices are raised monthly or | ||
| and ICANN services. | |||
| based on an agreed invoicing | |||
| profile with the customer. | |||
| Invoices are usually payable | |||
| within 30 days. |
| Timing of satisfaction of performance | |||||
| obligations and significant payment | Revenue recognition policies, including determination of transaction | ||||
Revenue stream | Nature | terms | price and rationale | ||
| Cyber Security | |||||
| Managed | These services provide | The customer will benefit from | The amount of revenue recognised in relation to the | ||
| Services (MS) | operational cyber defence, | the services over the period of | software licence(s) depends on whether the Group acts as | ||
| scanning, simulation and | the contract. | an agent or as a principal. | |||
| managed security operations | However, the type of contract | The Group acts as principal when the Group controls | |||
| centres (SOCs). | |||||
| will depend on how the | the specified software licence or service prior to transfer | ||||
| Services are typically for an | customer benefits from the | (MSP model). | |||
| extended delivery duration, with | software licence(s). | When the Group acts as a principal the revenue recorded | |||
| contract lengths varying up to a | Where an MSP model is | is the gross amount billed. The transaction price is | |||
| maximum of five years. | |||||
| selected by the customer, the | determined by a contract price (cost plus mark-up). The | ||||
| The proposition often provides | Group generally recognises | transaction price for the overall service is outlined within | |||
| the customer with the software | three performance obligations: | the customer contract. In certain scenarios, the contract | |||
| licence(s) to enable these | \u2022 | Set-up fees | will outline the price for each performance obligation, | ||
| services to occur. | which is considered to be the standalone selling price of | ||||
| \u2022 | Combined monitoring cyber | the services/goods, and the transaction price is allocated | |||
| On this basis, the Group | and licence service | to each performance obligation on this basis. Where the | |||
| operates two types | |||||
| of contracts: | \u2022 | Post-go-live fees | contract does not stipulate the price per performance | ||
| Where the licence and | obligation, management determines the relative | ||||
| \u2022 | A Managed Service Provider | monitoring services terms are | standalone selling price for each performance obligation | ||
| (MSP) model whereby the | not coterminous, they are | based on the residual approach. This is assessed by | |||
| customer is supplied with | treated as separate | reference to the total transaction price less the sum of the | |||
| one complete integrated | performance obligations. | observable standalone selling prices of the other services | |||
| service including the | promised in the contract. The contract transaction price is | ||||
| software licence(s) | The MSP model is considered | allocated to each performance obligation in proportion to | |||
| \u2022 | A reseller model whereby the | to be under a principal | those standalone selling prices. | ||
| Group sources the software | arrangement whereby the | Under a reseller model, the Group\u2019s responsibility is to | |||
| licence(s) on behalf of the | Group controls the service | arrange for a third party to provide a specified software | |||
| customer and provides the | prior to transfer. | licence(s) to the customer. In these cases, the Group is | |||
| Managed Detection and | Where a reseller model is | acting as an agent, and the Group does not control the | |||
| Response services | selected by the customer, the | relevant licence(s) before it is transferred to the customer. | |||
| These services will also include | Group recognises four | In particular, the Group does not have inventory risk, have | |||
| set-up fees. Set-up fees | performance obligations: | access to its source code or hold the IP rights. | |||
| represent workshops, design | \u2022 | Sourced software licence(s) | When the Group is acting as an agent, the revenue is | ||
| and configuration to create a | \u2022 | Set-up fees | recorded at the net amount retained (commission) at a | ||
| \u201cconnection\u201d between systems. | \u2022 | Monitoring cyber service | point in time as the customer receives immediate benefit | ||
| The Group also provides a | from access to the licence and the Group does not have | ||||
| certain level of professional | \u2022 | Post-go-live fees | any further obligations in relation to the provision of the | ||
| service consultancy days | The reseller model is | licence. The commission transaction value represents the | |||
| (including post-go-live fees) | considered to be under an | mark-up on the licence provided. | |||
| based on day rates. | agency arrangement whereby | The majority of set-up fees relate to the MSP model. | |||
| the customer receives the | Set-up fees are recognised over time of the set-up. The | ||||
| benefit and control of the | set-up activities are completed by a separate deployment | ||||
| licence on delivery. | team that typically spans a period of one to four months. | ||||
| Invoices are raised based on | The set-up activities do not customise the licence provided | ||||
| an agreed invoicing profile with | by the third party but only allow a link between the client\u2019s | ||||
| the customer. | infrastructure and the software to allow monitoring | ||||
| Invoices are usually payable | services to be provided by the Group once the set-up | ||||
| within 30 days. | process is completed. On this basis, the client can benefit | ||||
| from each of the goods and services either on their own or | |||||
| Where the Group provides | together with the other goods and services that are readily | ||||
| professional services, the | available and the promise to transfer the goods or service | ||||
| timing of satisfaction of | is distinct. | ||||
| performance obligations | |||||
| (including payment terms) is | |||||
| the same as described within | |||||
| the TAS and C&I revenue | |||||
| recognition policy. |
| Timing of satisfaction of performance | |||
| obligations and significant payment | Revenue recognition policies, including determination of transaction | ||
Revenue stream | Nature | terms | price and rationale |
| Cyber Security continued | |||
| Managed | The set-up fees are based on day rates incurred (defined | ||
| Services (MS) | by an in-house day rate sales pricing matrix). Accordingly, | ||
| continued | the charge out rates are recognised and allocated to these | ||
| tasks when performed akin to technical professional day | |||
| rate services. These rates are considered to be the | |||
| standalone selling prices and are not discounted or | |||
| reduced for other services. | |||
| Post-go-live fees are recognised on delivery of | |||
| consultancy services over time as the customer obtains | |||
| incremental benefit from the hours provided. Revenue is | |||
| recognised on an input basis (day rates) to measure the | |||
| satisfaction of performance obligations over time. | |||
| Transaction price is determined by fixed contract rates | |||
| based upon day rates and number of post-go-live | |||
| consultancy days. | |||
| Where one performance obligation, being a combined | |||
| monitoring cyber and licence service, is identified in relation | |||
| to the MSP model monitoring service, revenue is recognised | |||
| over the contract length as the software and monitoring | |||
| process is an overall service, whereby the Group retains | |||
| control of the licence and provides a complete monitoring | |||
| service to the customer. If the customer cancels the | |||
| contract, the Group will retain control of the licence. | |||
| Where separate performance obligations are identified for | |||
| monitoring services and the licence, revenue is recognised | |||
| over the period the respective services are offered, in line | |||
| with the underlying contract. | |||
| The customer benefits from a 24/7 monitoring service | |||
| whereby benefit is obtained daily and therefore revenue is | |||
| recognised on straight-line basis as the performance | |||
| obligation is satisfied over time. | |||
| The transaction price is determined by fixed contract rates | |||
| for the services. | |||
| Revenue in relation to the reseller model monitoring | |||
| service is recognised over the contract length on a | |||
| straight-line basis as the performance obligation is | |||
| satisfied over time. The customer benefits from a 24/7 | |||
| monitoring service whereby benefit is obtained daily on | |||
| straight-line basis. | |||
| Where the Group provides professional services, the | |||
| revenue recognition (including the determination of | |||
| transaction prices) is the same as described within the | |||
| TAS and C&I revenue recognition policy. | |||
| Digital Forensics | DFIR services provide rapid | The provision of DFIR services | The transaction price is the fixed retainer fee, which is |
| and Incident | global support during and after | on a retainer basis constitutes | predetermined within the contract, based on its standalone |
| Response (DFIR) | cyber attacks, minimising | a series of distinct services | selling price and spread evenly over the contract duration. |
| disruption, containing threats, | that are substantially the same | Revenue is recognised over time, consistent with the | |
| protecting data and enabling | and have the same pattern | nature of the performance obligation. The entity satisfies | |
| swift recovery. | of transfer to the customer. | its obligation by standing ready to provide DFIR services | |
| DFIR contracts are generally | One performance obligation | over the contract term. | |
| structured on a retainer basis, | is identified. | Accordingly, revenue is recognised on a straight-line basis | |
| providing customers with | The customer will benefit from | over the contractual period. | |
| access to DFIR services over a | the services over the period of | ||
| defined contractual period. | the contract. | ||
| Invoices are raised based on | |||
| an agreed invoicing profile with | |||
| the customer. | |||
| Invoices are usually payable | |||
| within 30 days. |
| Timing of satisfaction of performance | ||||
| obligations and significant payment | Revenue recognition policies, including determination of transaction | |||
Revenue stream | Nature | terms | price and rationale | |
| Cyber Security continued | ||||
| Technical | These revenue streams | For annuities, the customer | For annuities, revenue is recognised on a straight-line | |
| Assurance | represent the Group\u2019s core | simultaneously receives the | basis over the contract term, reflecting the continuous | |
| Services (TAS) | consulting services, delivered | benefits of the services | provision of security services. The customer receives | |
| and | by consultants providing Cyber | provided by the Group over the | benefits evenly over time. | |
| Consulting and | Security services to customers | contract term and one promise | The transaction price is predetermined within the contract, | |
| Implementation | either over time or based on | (performance obligation) is | based on its standalone selling price and spread evenly | |
| (C&I) | specific deliverables. Namely: | identified. The performance | over the contract duration. | |
| \u2022 | TAS provides proactive | obligation is satisfied evenly | For fixed price contracts, revenue is recognised over time | |
| defence of digital assets | over the length of the contract. | based on an input method that measures progress towards | ||
| through vulnerability | For fixed price contracts, the | fulfilling the performance obligation. This is calculated | ||
| assessments, penetration | customer simultaneously | using the percentage of project days completed \u2013 | ||
| testing, adversary simulation, | receives and consumes the | comparing the number of days actually worked to the total | ||
| training, third party | benefits over time as services | estimated days required to satisfy the obligation. Since the | ||
| assurance and ongoing | provided by the Group are | work is performed daily (for example, conducting a | ||
| security monitoring. | delivered, and one performance | security assessment of a customer\u2019s environment), | ||
| \u2022 | C&I services deliver | obligation is identified. This is | revenue recognition aligns with the ongoing daily effort. | |
| collaboration to assess security | done according to the number | |||
| needs, develop tailored | of days worked, in comparison | The transaction price is fixed upfront, based on agreed- | ||
| strategies, and execute | to the expected total | upon day rates that reflect the standalone selling price. | ||
| solutions that strengthen | number of days to fulfil the | For time and materials contracts, revenue is recognised on | ||
| organisational security | performance obligation. | an input basis by multiplying the actual days delivered by | ||
| posture and protect critical | For time and materials | agreed daily rates. The customer benefits daily as services | ||
| assets from potential threats. | contracts (based upon | are performed. | ||
| Contracts with multiple services | consultants\u2019 time and | The transaction price varies with actual days worked and is | ||
| identify each as a separate | expenses), the customer | based on day rates (defined by an in-house day rate sales | ||
| performance obligation, and | simultaneously receives the | pricing matrix), reflective of the standalone selling price. | ||
| the transaction price allocated | benefits of the services | It is considered that, as the customer benefits over time | ||
| to each of these is determined | provided by the Group in the | based on consultants\u2019 time, the input method faithfully | ||
| using a fixed contract rate | period over which the work is | depicts the Group\u2019s performance towards complete | ||
| based upon day rates, being | performed and one promise | satisfaction of the single performance obligation. | ||
| the relative standalone selling | (performance obligation) is | |||
| price basis. | identified. Work is performed | Invoices in relation to any abortive revenue will be | ||
| Each revenue stream (TAS and | on a daily basis. | recognised when aborted. | ||
| C&I) can include the following | For all product types referenced | |||
| product types: | above, invoices are raised | |||
| based on an agreed invoicing | ||||
| \u2022 | Annuity contracts performed | profile with the customer. | ||
| over a fixed contract period | Invoices are usually payable | |||
| \u2022 | Fixed price contracts based | within 30 days. | ||
| on a fixed contract value | ||||
| (derived from day rates) | No material discounts or | |||
| retrospective rebates | ||||
| \u2022 | Time and materials contracts | are provided. | ||
| based on actual days incurred | ||||
| and agreed day rates | ||||
| In certain situations the Group | ||||
| operates on agreed customer | ||||
| terms, which allow the Group to | ||||
| recover any abortive revenue | ||||
| from its customer in the event | ||||
| that a customer terminates a | ||||
| contract before the contract or | ||||
| deliverable is complete. | ||||
| Other services | This revenue represents the | The customer only benefits | Revenue is recognised when control of the product is | |
| sale of own manufactured and/ | from the products on delivery. | transferred to the customer. This occurs upon delivery | ||
| or resale of third party products | Invoices are raised based on | under the contractual terms. | ||
| with no connection to other | an agreed invoicing profile with | On certain sales of third party products, the control of the | ||
| Group services. | ||||
| the customer. | product is considered to pass from the vendor to the end | |||
| Invoices are usually payable | customer and in these cases the Group acts as an agent, | |||
| within 30 days. | and hence only records a commission on sale as opposed | |||
| to gross revenue and costs of sale. |
| Timing of satisfaction of performance | |||
| obligations and significant payment | Revenue recognition policies, including determination of transaction | ||
Revenue stream | Nature | terms | price and rationale |
| Escode | |||
| Escrow contract | These services securely | The customer benefits from the | Revenue is recognised over time on a straight-line basis |
| services | maintain in \u201cescrow\u201d the | escrow service evenly over a | representing the service delivery agreement. The nature |
| long-term availability of | contract period, usually at least | of the agreement gives rise to the customer having the | |
| business-critical software and | a year and potentially up to | benefit of Escode if and when required over the contract | |
| applications while protecting | three years. | period. Revenue is recognised on a straight-line basis | |
| the intellectual property rights | The service represents one | as the pattern of benefit to the customer as well as the | |
| (IPR) of technology partners. | performance obligation. | Group\u2019s efforts to fulfil the contract are generally even | |
| The service will include set-up | Invoices are raised based on | throughout the period. | |
| time, which is administrative | an agreed invoicing profile with | The transaction price is determined by a contract price. | |
| in nature. | |||
| the customer. | Set-up time is not considered distinct or a separate | ||
| Invoices are usually payable | performance obligation due to the administrative nature | ||
| and therefore is recognised over the period of the contract. | |||
| within 30 days. | |||
| Verification | These services verify source | The customer benefits from | Revenue is recognised on completion of the |
| services | code based upon an agreed | the verification service on | verification services. |
| scope between all parties and | completion because the source | Transaction price is determined by fixed contract rates | |
| provide a fully managed secure | code will only have been fully | based upon day rates and number of verification days. | |
| service and result validation, | verified/validated at that point. | ||
| typically delivered over a short | The service represents one | ||
| period of time (days). | |||
| performance obligation. | |||
| These include SaaS services | Invoices are raised monthly or | ||
| and ICANN services. | |||
| based on an agreed invoicing | |||
| profile with the customer. | |||
| Invoices are usually payable | |||
| within 30 days. |
Accounting area | Accounting judgement? | Accounting estimate? |
Carrying value of goodwill | No | Yes |
| Continuing | Discontinued | ||||
| operations | operations | ||||
| Central and | Cyber | ||||
| head office | Security | Sub-total | Escode | Group | |
| Segmental analysis for the year ended 30 September 2025 | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Revenue | \u2014 | 238.9 | 238.9 | 66.5 | 305.4 |
Cost of sales | \u2014 | (150.5) | (150.5) | (19.0) | (169.5) |
Gross profit | \u2014 | 88.4 | 88.4 | 47.5 | 135.9 |
Gross margin % | \u2014 | 37.0% | 37.0% | 71.4% | 44.5% |
Administrative expenses* | (11.2) | (68.4) | (79.6) | (9.6) | (89.2) |
Share-based payments | (2.6) | (0.2) | (2.8) | (0.2) | (3.0) |
Depreciation | (2.5) | (6.6) | (9.1) | (0.7) | (9.8) |
Amortisation of software and development costs | (0.6) | (1.2) | (1.8) | (0.3) | (2.1) |
Amortisation of acquired intangibles | (2.1) | (1.0) | (3.1) | (5.0) | (8.1) |
Individually Significant Items (Note 4) | (5.6) | (3.9) | (9.5) | \u2014 | (9.5) |
Total administrative expenses | (24.6) | (81.3) | (105.9) | (15.8) | (121.7) |
Profit on disposal of Fox Crypto | 11.4 | \u2014 | 11.4 | \u2014 | 11.4 |
Operating (loss)/profit | (13.2) | 7.1 | (6.1) | 31.7 | 25.6 |
Finance costs | (5.0) | ||||
Profit before taxation | 20.6 | ||||
Taxation | (3.5) | ||||
Profit for the year attributable to owners of the Company | 17.1 |
| Continuing | Discontinued | ||||
| operations | operations | ||||
| Central and | Cyber | ||||
| head office | Security | Sub-total | Escode | Group | |
| Segmental analysis for the period ended 30 September 2024 (restated) | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Revenue | \u2014 | 3 42.1 | 342.1 | 87. 4 | 429.5 |
Cost of sales | \u2014 | (224.1) | (224.1) | (26.7) | (250.8) |
Gross profit | \u2014 | 118 .0 | 118.0 | 60.7 | 178.7 |
Gross margin % | \u2014 | 34.5% | 34.5% | 69.5% | 41.6% |
Administrative expenses* | (13.0) | (97.3) | (110.3) | (14.5) | (124.8) |
Share-based payments | (2.0) | (0.1) | (2.1) | (0.2) | (2.3) |
Depreciation | (3.5) | (9.4) | (12.9) | (0.6) | (13.5) |
Amortisation of software and development costs | (1.8) | (1.5) | (3.3) | \u2014 | (3.3) |
Amortisation of acquired intangibles | (4.0) | (1.4) | (5.4) | ( 7.1) | (12.5) |
Individually Significant Items (Note 4) | \u2014 | (41.4) | (41.4) | (0.1) | (41.5) |
Total administrative expenses | (24.3) | (151.1) | (175.4) | (22.5) | (197.9) |
Operating (loss)/profit | (24.3) | (3 3.1) | (5 7.4) | 38.2 | (19.2) |
Finance costs | (8.3) | ||||
Loss before taxation | (27.5) | ||||
Taxation | (5.0) | ||||
Loss for the period attributable to owners of the Company | (32.5) |
| Continuing | Discontinued | ||||
| operations | operations | ||||
| Central and | Cyber | ||||
| head office | Security | Total | Escode | Group | |
| Segmental analysis as at 30 September 2025 | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Additions to non-current assets | 3.5 | 7.8 | 11.3 | 0.3 | 11.6 |
Reportable segment assets | 28.9 | 116.4 | 145.3 | 198.0 | 343.3 |
Reportable segment liabilities | (32.0) | (65.0) | (97.0) | (39.8) | (136.8) |
| Continuing | Discontinued | ||||
| operations | operations | ||||
| Central and | Cyber | ||||
| head office | Security | Total | Escode | Group | |
| Segmental analysis as at 30 September 2024 | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Additions to non-current assets | 4.0 | 12.6 | 16.6 | 1.6 | 18.2 |
Reportable segment assets | 37.5 | 183.8 | 221.3 | 198.8 | 42 0.1 |
Reportable segment liabilities | (113.0) | (77.2) | (190.2) | (24.7) | (214.9) |
| 30 September | 30 September | |
| 2025 | 2024 | |
| Continuing operations | \u00a3m | \u00a3m |
UK | 57. 5 | 57.5 |
APAC | 4.8 | 5.4 |
North America | 1.6 | 2.0 |
Europe | 11.3 | 8.6 |
Total non-current assets | 75.2 | 73.5 |
| 30 September | 30 September | |
| 2025 | 2024 | |
| Discontinued operations | \u00a3m | \u00a3m |
UK | 24.5 | 28.4 |
APAC | \u2014 | \u2014 |
North America | 156.4 | 162.3 |
Europe | 7.6 | 9.4 |
Total non-current assets* | 188.5 | 2 0 0.1 |
Continuing operations | Discontinued operations | |||||
| Cyber | Cyber | |||||
| Security | Security | Escode | Escode | 2025 | 2024 | |
| 2025 | 2024 | 2025 | 2024 | Total | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Revenue by originating country | ||||||
UK | 125.8 | 158.9 | 29.3 | 36.5 | 155.1 | 195.4 |
APAC | 8.6 | 14.4 | 0.1 | \u2014 | 8.7 | 14.4 |
North America | 56.7 | 90.7 | 32.9 | 45.5 | 89.6 | 136.2 |
Europe | 47.8 | 78 .1 | 4.2 | 5.4 | 52.0 | 83.5 |
Total revenue | 238.9 | 3 42.1 | 66.5 | 87.4 | 305.4 | 429.5 |
Continuing operations | Discontinued operations | |||||
| Cyber | Cyber | |||||
| Security | Security | Escode | Escode | 2025 | 2024 | |
| 2025 | 2024 | 2025 | 2024 | Total | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Revenue by category | ||||||
Services | 236.0 | 337.5 | 66.5 | 87.4 | 302.5 | 424.9 |
Products | 2.9 | 4.6 | \u2014 | \u2014 | 2.9 | 4.6 |
Total revenue | 238.9 | 3 42.1 | 66.5 | 87.4 | 305.4 | 429.5 |
Continuing operations | Discontinued operations | |||||
| Cyber | Cyber | |||||
| Security | Security | Escode | Escode | 2025 | 2024 | |
| 2025 | 2024 | 2025 | 2024 | Total | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Timing of revenue recognition | ||||||
Services and products transferred over time | 219.6 | 322.1 | 42.9 | 5 7.9 | 262.5 | 380.0 |
Services and products transferred at a point in time | 19.3 | 20.0 | 23.6 | 29.5 | 42.9 | 49.5 |
Total revenue | 238.9 | 3 42.1 | 66.5 | 87.4 | 305.4 | 429.5 |
| 2025 | 2024 | |
| Continuing operations | \u00a3m | \u00a3m |
Technical Assurance Services (TAS) | 88.4 | 141.4 |
Consulting and Implementation (C&I) | 48.5 | 55.2 |
Managed Services (MS) | 76.4 | 91.8 |
Digital Forensics and Incident Response (DFIR) | 13.1 | 20.6 |
Other services | 12.5 | 33.1 |
Total Cyber Security revenue | 238.9 | 3 42.1 |
| 30 September | 30 September | |
| 2025 | 2024 | |
| Continuing operations | \u00a3m | \u00a3m |
UK | 57. 5 | 57.5 |
APAC | 4.8 | 5.4 |
North America | 1.6 | 2.0 |
Europe | 11.3 | 8.6 |
Total non-current assets | 75.2 | 73.5 |
| 30 September | 30 September | |
| 2025 | 2024 | |
| Discontinued operations | \u00a3m | \u00a3m |
UK | 24.5 | 28.4 |
APAC | \u2014 | \u2014 |
North America | 156.4 | 162.3 |
Europe | 7.6 | 9.4 |
Total non-current assets* | 188.5 | 2 0 0.1 |
Continuing operations | Discontinued operations | |||||
| Cyber | Cyber | |||||
| Security | Security | Escode | Escode | 2025 | 2024 | |
| 2025 | 2024 | 2025 | 2024 | Total | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Revenue by originating country | ||||||
UK | 125.8 | 158.9 | 29.3 | 36.5 | 155.1 | 195.4 |
APAC | 8.6 | 14.4 | 0.1 | \u2014 | 8.7 | 14.4 |
North America | 56.7 | 90.7 | 32.9 | 45.5 | 89.6 | 136.2 |
Europe | 47.8 | 78 .1 | 4.2 | 5.4 | 52.0 | 83.5 |
Total revenue | 238.9 | 3 42.1 | 66.5 | 87.4 | 305.4 | 429.5 |
Continuing operations | Discontinued operations | |||||
| Cyber | Cyber | |||||
| Security | Security | Escode | Escode | 2025 | 2024 | |
| 2025 | 2024 | 2025 | 2024 | Total | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Revenue by originating country | ||||||
UK | 125.8 | 158.9 | 29.3 | 36.5 | 155.1 | 195.4 |
APAC | 8.6 | 14.4 | 0.1 | \u2014 | 8.7 | 14.4 |
North America | 56.7 | 90.7 | 32.9 | 45.5 | 89.6 | 136.2 |
Europe | 47.8 | 78 .1 | 4.2 | 5.4 | 52.0 | 83.5 |
Total revenue | 238.9 | 3 42.1 | 66.5 | 87.4 | 305.4 | 429.5 |
Continuing operations | Discontinued operations | |||||
| Cyber | Cyber | |||||
| Security | Security | Escode | Escode | 2025 | 2024 | |
| 2025 | 2024 | 2025 | 2024 | Total | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Revenue by category | ||||||
Services | 236.0 | 337.5 | 66.5 | 87.4 | 302.5 | 424.9 |
Products | 2.9 | 4.6 | \u2014 | \u2014 | 2.9 | 4.6 |
Total revenue | 238.9 | 3 42.1 | 66.5 | 87.4 | 305.4 | 429.5 |
Continuing operations | Discontinued operations | |||||
| Cyber | Cyber | |||||
| Security | Security | Escode | Escode | 2025 | 2024 | |
| 2025 | 2024 | 2025 | 2024 | Total | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Timing of revenue recognition | ||||||
Services and products transferred over time | 219.6 | 322.1 | 42.9 | 5 7.9 | 262.5 | 380.0 |
Services and products transferred at a point in time | 19.3 | 20.0 | 23.6 | 29.5 | 42.9 | 49.5 |
Total revenue | 238.9 | 3 42.1 | 66.5 | 87.4 | 305.4 | 429.5 |
| Group | Group | ||
| 2025 | 2024 | ||
| Note | \u00a3m | \u00a3m | |
Receivables, which are included in trade and other receivables | 14 | 14.1 | 17. 3 |
Contract assets \u2013 accrued income | 19.4 | 2 0.1 | |
Contract costs \u2013 costs to fulfil | 14 | 3.5 | \u2014 |
Contract costs \u2013 costs to obtain | 14 | 3.5 | 1.2 |
| Expected | Expected | |||||
| Gross | credit losses | Net | Gross | credit losses | Net | |
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | |
| Group | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Contract assets: | ||||||
Not past due | 20.1 | (0.7) | 19.4 | 21.1 | (1.0) | 20.1 |
Total | 20.1 | (0.7) | 19.4 | 21.1 | (1.0) | 20.1 |
| Expected | |
| credit loss | |
| provision | |
| \u00a3m | |
Balance at 1 June 2023 | (0.2) |
Charged to the Income Statement | (0.8) |
Balance at 30 September 2024 | (1.0) |
Provision utilised during the year | 0.3 |
Balance at 30 September 2025 | (0.7) |
| 2025 | 2024 | ||
| Reference | \u00a3m | \u00a3m | |
Fundamental reorganisation costs | a | 3.9 | 9.4 |
Costs associated with strategic review of Escode business | b | 3.8 | 0.1 |
Costs associated with strategic review of Cyber business | c | 1.8 | \u2014 |
Profit on disposal of DetACT/DDI | d | \u2014 | (1.5) |
North America Cyber Security goodwill impairment | e | \u2014 | 31.9 |
Transaction costs of Fox Crypto | f | \u2014 | 1.6 |
Total ISIs (excluding profit on disposal of Fox Crypto) | 9.5 | 41.5 | |
Profit on disposal of Fox Crypto | f | (11.4) | \u2014 |
Total ISIs | (1.9) | 41.5 |
| Group | |
| 2025 | |
| Auditor\u2019s remuneration | \u00a3m |
| Profit/(loss) before taxation is stated after charging: | |
| Amounts receivable by auditor and its associates in respect of: | |
Audit of the Parent and consolidated annual Financial Statements | 1.5 |
Audit of Financial Statements of subsidiaries pursuant to legislation | 0.1 |
Other assurance services (see Audit Committee Report on page 71 for further information) | 0.1 |
Total audit 1 | 1.7 |
| Continuing | Discontinued | ||
| operations | operations | Group | |
| 2025 | 2025 | 2025 | |
| \u00a3m | \u00a3m | \u00a3m | |
| Profit/(loss) before taxation is stated after charging/(crediting): | |||
Amortisation of software costs (Note 11) | 1.4 | \u2014 | 1.4 |
Amortisation of acquired intangibles (Note 11) | 3.1 | 5.0 | 8.1 |
Amortisation of development costs (Note 11) | 0.4 | 0.3 | 0.7 |
Depreciation of property, plant and equipment (Note 12) | 4.1 | 0.2 | 4.3 |
Depreciation of right-of-use assets (Note 13) | 5.0 | 0.5 | 5.5 |
Loss on disposal of non-current assets (Note 12) | 1.2 | \u2014 | 1.2 |
Other impairment charge of non-current assets (Note 13) | 0.3 | \u2014 | 0.3 |
Impairment reversal of non-current assets (Note 13) | (0.2) | \u2014 | (0.2) |
Profit on disposal of Fox Crypto B.V. (Note 4) | (11.4) | \u2014 | (11.4) |
Individually Significant Items (ISIs) (Note 4) | 9.5 | \u2014 | 9.5 |
Net impairment gains on financial and contract assets (Note 21) | (0.3) | \u2014 | (0.3) |
Foreign exchange losses | 2.7 | \u2014 | 2.7 |
Research and development UK tax credits | 0.4 | \u2014 | 0.4 |
Gain on disposal following derecognition of lease liabilities | (1.9) | \u2014 | (1.9) |
| Profit/(loss) before taxation is stated after charging/(crediting): | |||
Amortisation of development costs (Note 11) | 1.3 | \u2014 | 1.3 |
Amortisation of software costs (Note 11) | 2.0 | \u2014 | 2.0 |
Amortisation of acquired intangibles (Note 11) | 5.4 | 7.1 | 12.5 |
Depreciation of property, plant and equipment (Note 12) | 5.1 | 0.3 | 5.4 |
Depreciation of right-of-use assets (Note 13) | 7.8 | 0.3 | 8 .1 |
Other impairment charge of non-current assets | 0.5 | 0.4 | 0.9 |
Individually Significant Items (ISIs) (Note 4) | 41.4 | 0.1 | 41.5 |
Net impairment losses on financial and contract assets (Notes 14 and 21) | 0.4 | \u2014 | 0.4 |
Cost of inventories recognised as an expense | 0.8 | \u2014 | 0.8 |
Foreign exchange losses | 1.9 | \u2014 | 1.9 |
Research and development UK tax credits | (0.3) | (0.2) | (0.5) |
Profit on disposal of right-of-use assets | (0.1) | \u2014 | (0.1) |
| Group | |
| 2025 | |
| Auditor\u2019s remuneration | \u00a3m |
| Profit/(loss) before taxation is stated after charging: | |
| Amounts receivable by auditor and its associates in respect of: | |
Audit of the Parent and consolidated annual Financial Statements | 1.5 |
Audit of Financial Statements of subsidiaries pursuant to legislation | 0.1 |
Other assurance services (see Audit Committee Report on page 71 for further information) | 0.1 |
Total audit 1 | 1.7 |
| Continuing | Discontinued | ||
| operations | operations | Group | |
| 2025 | 2025 | 2025 | |
| \u00a3m | \u00a3m | \u00a3m | |
| Profit/(loss) before taxation is stated after charging/(crediting): | |||
Amortisation of software costs (Note 11) | 1.4 | \u2014 | 1.4 |
Amortisation of acquired intangibles (Note 11) | 3.1 | 5.0 | 8.1 |
Amortisation of development costs (Note 11) | 0.4 | 0.3 | 0.7 |
Depreciation of property, plant and equipment (Note 12) | 4.1 | 0.2 | 4.3 |
Depreciation of right-of-use assets (Note 13) | 5.0 | 0.5 | 5.5 |
Loss on disposal of non-current assets (Note 12) | 1.2 | \u2014 | 1.2 |
Other impairment charge of non-current assets (Note 13) | 0.3 | \u2014 | 0.3 |
Impairment reversal of non-current assets (Note 13) | (0.2) | \u2014 | (0.2) |
Profit on disposal of Fox Crypto B.V. (Note 4) | (11.4) | \u2014 | (11.4) |
Individually Significant Items (ISIs) (Note 4) | 9.5 | \u2014 | 9.5 |
Net impairment gains on financial and contract assets (Note 21) | (0.3) | \u2014 | (0.3) |
Foreign exchange losses | 2.7 | \u2014 | 2.7 |
Research and development UK tax credits | 0.4 | \u2014 | 0.4 |
Gain on disposal following derecognition of lease liabilities | (1.9) | \u2014 | (1.9) |
| Profit/(loss) before taxation is stated after charging/(crediting): | |||
Amortisation of development costs (Note 11) | 1.3 | \u2014 | 1.3 |
Amortisation of software costs (Note 11) | 2.0 | \u2014 | 2.0 |
Amortisation of acquired intangibles (Note 11) | 5.4 | 7.1 | 12.5 |
Depreciation of property, plant and equipment (Note 12) | 5.1 | 0.3 | 5.4 |
Depreciation of right-of-use assets (Note 13) | 7.8 | 0.3 | 8 .1 |
Other impairment charge of non-current assets | 0.5 | 0.4 | 0.9 |
Individually Significant Items (ISIs) (Note 4) | 41.4 | 0.1 | 41.5 |
Net impairment losses on financial and contract assets (Notes 14 and 21) | 0.4 | \u2014 | 0.4 |
Cost of inventories recognised as an expense | 0.8 | \u2014 | 0.8 |
Foreign exchange losses | 1.9 | \u2014 | 1.9 |
Research and development UK tax credits | (0.3) | (0.2) | (0.5) |
Profit on disposal of right-of-use assets | (0.1) | \u2014 | (0.1) |
| Group | |
| 2025 | |
| Auditor\u2019s remuneration | \u00a3m |
| Profit/(loss) before taxation is stated after charging: | |
| Amounts receivable by auditor and its associates in respect of: | |
Audit of the Parent and consolidated annual Financial Statements | 1.5 |
Audit of Financial Statements of subsidiaries pursuant to legislation | 0.1 |
Other assurance services (see Audit Committee Report on page 71 for further information) | 0.1 |
Total audit 1 | 1.7 |
| Continuing | Discontinued | ||
| operations | operations | Group | |
| 2025 | 2025 | 2025 | |
| \u00a3m | \u00a3m | \u00a3m | |
| Profit/(loss) before taxation is stated after charging/(crediting): | |||
Amortisation of software costs (Note 11) | 1.4 | \u2014 | 1.4 |
Amortisation of acquired intangibles (Note 11) | 3.1 | 5.0 | 8.1 |
Amortisation of development costs (Note 11) | 0.4 | 0.3 | 0.7 |
Depreciation of property, plant and equipment (Note 12) | 4.1 | 0.2 | 4.3 |
Depreciation of right-of-use assets (Note 13) | 5.0 | 0.5 | 5.5 |
Loss on disposal of non-current assets (Note 12) | 1.2 | \u2014 | 1.2 |
Other impairment charge of non-current assets (Note 13) | 0.3 | \u2014 | 0.3 |
Impairment reversal of non-current assets (Note 13) | (0.2) | \u2014 | (0.2) |
Profit on disposal of Fox Crypto B.V. (Note 4) | (11.4) | \u2014 | (11.4) |
Individually Significant Items (ISIs) (Note 4) | 9.5 | \u2014 | 9.5 |
Net impairment gains on financial and contract assets (Note 21) | (0.3) | \u2014 | (0.3) |
Foreign exchange losses | 2.7 | \u2014 | 2.7 |
Research and development UK tax credits | 0.4 | \u2014 | 0.4 |
Gain on disposal following derecognition of lease liabilities | (1.9) | \u2014 | (1.9) |
| Profit/(loss) before taxation is stated after charging/(crediting): | |||
Amortisation of development costs (Note 11) | 1.3 | \u2014 | 1.3 |
Amortisation of software costs (Note 11) | 2.0 | \u2014 | 2.0 |
Amortisation of acquired intangibles (Note 11) | 5.4 | 7.1 | 12.5 |
Depreciation of property, plant and equipment (Note 12) | 5.1 | 0.3 | 5.4 |
Depreciation of right-of-use assets (Note 13) | 7.8 | 0.3 | 8 .1 |
Other impairment charge of non-current assets | 0.5 | 0.4 | 0.9 |
Individually Significant Items (ISIs) (Note 4) | 41.4 | 0.1 | 41.5 |
Net impairment losses on financial and contract assets (Notes 14 and 21) | 0.4 | \u2014 | 0.4 |
Cost of inventories recognised as an expense | 0.8 | \u2014 | 0.8 |
Foreign exchange losses | 1.9 | \u2014 | 1.9 |
Research and development UK tax credits | (0.3) | (0.2) | (0.5) |
Profit on disposal of right-of-use assets | (0.1) | \u2014 | (0.1) |
| Group | |
| 2025 | |
| Auditor\u2019s remuneration | \u00a3m |
| Profit/(loss) before taxation is stated after charging: | |
| Amounts receivable by auditor and its associates in respect of: | |
Audit of the Parent and consolidated annual Financial Statements | 1.5 |
Audit of Financial Statements of subsidiaries pursuant to legislation | 0.1 |
Other assurance services (see Audit Committee Report on page 71 for further information) | 0.1 |
Total audit 1 | 1.7 |
| Continuing | Discontinued | ||
| operations | operations | Group | |
| 2025 | 2025 | 2025 | |
| \u00a3m | \u00a3m | \u00a3m | |
| Profit/(loss) before taxation is stated after charging/(crediting): | |||
Amortisation of software costs (Note 11) | 1.4 | \u2014 | 1.4 |
Amortisation of acquired intangibles (Note 11) | 3.1 | 5.0 | 8.1 |
Amortisation of development costs (Note 11) | 0.4 | 0.3 | 0.7 |
Depreciation of property, plant and equipment (Note 12) | 4.1 | 0.2 | 4.3 |
Depreciation of right-of-use assets (Note 13) | 5.0 | 0.5 | 5.5 |
Loss on disposal of non-current assets (Note 12) | 1.2 | \u2014 | 1.2 |
Other impairment charge of non-current assets (Note 13) | 0.3 | \u2014 | 0.3 |
Impairment reversal of non-current assets (Note 13) | (0.2) | \u2014 | (0.2) |
Profit on disposal of Fox Crypto B.V. (Note 4) | (11.4) | \u2014 | (11.4) |
Individually Significant Items (ISIs) (Note 4) | 9.5 | \u2014 | 9.5 |
Net impairment gains on financial and contract assets (Note 21) | (0.3) | \u2014 | (0.3) |
Foreign exchange losses | 2.7 | \u2014 | 2.7 |
Research and development UK tax credits | 0.4 | \u2014 | 0.4 |
Gain on disposal following derecognition of lease liabilities | (1.9) | \u2014 | (1.9) |
| Profit/(loss) before taxation is stated after charging/(crediting): | |||
Amortisation of development costs (Note 11) | 1.3 | \u2014 | 1.3 |
Amortisation of software costs (Note 11) | 2.0 | \u2014 | 2.0 |
Amortisation of acquired intangibles (Note 11) | 5.4 | 7.1 | 12.5 |
Depreciation of property, plant and equipment (Note 12) | 5.1 | 0.3 | 5.4 |
Depreciation of right-of-use assets (Note 13) | 7.8 | 0.3 | 8 .1 |
Other impairment charge of non-current assets | 0.5 | 0.4 | 0.9 |
Individually Significant Items (ISIs) (Note 4) | 41.4 | 0.1 | 41.5 |
Net impairment losses on financial and contract assets (Notes 14 and 21) | 0.4 | \u2014 | 0.4 |
Cost of inventories recognised as an expense | 0.8 | \u2014 | 0.8 |
Foreign exchange losses | 1.9 | \u2014 | 1.9 |
Research and development UK tax credits | (0.3) | (0.2) | (0.5) |
Profit on disposal of right-of-use assets | (0.1) | \u2014 | (0.1) |
| Group | |
| 2025 | |
| Auditor\u2019s remuneration | \u00a3m |
| Profit/(loss) before taxation is stated after charging: | |
| Amounts receivable by auditor and its associates in respect of: | |
Audit of the Parent and consolidated annual Financial Statements | 1.5 |
Audit of Financial Statements of subsidiaries pursuant to legislation | 0.1 |
Other assurance services (see Audit Committee Report on page 71 for further information) | 0.1 |
Total audit 1 | 1.7 |
| Continuing | Discontinued | ||
| operations | operations | Group | |
| 2025 | 2025 | 2025 | |
| \u00a3m | \u00a3m | \u00a3m | |
| Profit/(loss) before taxation is stated after charging/(crediting): | |||
Amortisation of software costs (Note 11) | 1.4 | \u2014 | 1.4 |
Amortisation of acquired intangibles (Note 11) | 3.1 | 5.0 | 8.1 |
Amortisation of development costs (Note 11) | 0.4 | 0.3 | 0.7 |
Depreciation of property, plant and equipment (Note 12) | 4.1 | 0.2 | 4.3 |
Depreciation of right-of-use assets (Note 13) | 5.0 | 0.5 | 5.5 |
Loss on disposal of non-current assets (Note 12) | 1.2 | \u2014 | 1.2 |
Other impairment charge of non-current assets (Note 13) | 0.3 | \u2014 | 0.3 |
Impairment reversal of non-current assets (Note 13) | (0.2) | \u2014 | (0.2) |
Profit on disposal of Fox Crypto B.V. (Note 4) | (11.4) | \u2014 | (11.4) |
Individually Significant Items (ISIs) (Note 4) | 9.5 | \u2014 | 9.5 |
Net impairment gains on financial and contract assets (Note 21) | (0.3) | \u2014 | (0.3) |
Foreign exchange losses | 2.7 | \u2014 | 2.7 |
Research and development UK tax credits | 0.4 | \u2014 | 0.4 |
Gain on disposal following derecognition of lease liabilities | (1.9) | \u2014 | (1.9) |
| Profit/(loss) before taxation is stated after charging/(crediting): | |||
Amortisation of development costs (Note 11) | 1.3 | \u2014 | 1.3 |
Amortisation of software costs (Note 11) | 2.0 | \u2014 | 2.0 |
Amortisation of acquired intangibles (Note 11) | 5.4 | 7.1 | 12.5 |
Depreciation of property, plant and equipment (Note 12) | 5.1 | 0.3 | 5.4 |
Depreciation of right-of-use assets (Note 13) | 7.8 | 0.3 | 8 .1 |
Other impairment charge of non-current assets | 0.5 | 0.4 | 0.9 |
Individually Significant Items (ISIs) (Note 4) | 41.4 | 0.1 | 41.5 |
Net impairment losses on financial and contract assets (Notes 14 and 21) | 0.4 | \u2014 | 0.4 |
Cost of inventories recognised as an expense | 0.8 | \u2014 | 0.8 |
Foreign exchange losses | 1.9 | \u2014 | 1.9 |
Research and development UK tax credits | (0.3) | (0.2) | (0.5) |
Profit on disposal of right-of-use assets | (0.1) | \u2014 | (0.1) |
| Group | |
| 2025 | |
| Auditor\u2019s remuneration | \u00a3m |
| Profit/(loss) before taxation is stated after charging: | |
| Amounts receivable by auditor and its associates in respect of: | |
Audit of the Parent and consolidated annual Financial Statements | 1.5 |
Audit of Financial Statements of subsidiaries pursuant to legislation | 0.1 |
Other assurance services (see Audit Committee Report on page 71 for further information) | 0.1 |
Total audit 1 | 1.7 |
| Continuing | Discontinued | ||
| operations | operations | Group | |
| 2025 | 2025 | 2025 | |
| \u00a3m | \u00a3m | \u00a3m | |
| Profit/(loss) before taxation is stated after charging/(crediting): | |||
Amortisation of software costs (Note 11) | 1.4 | \u2014 | 1.4 |
Amortisation of acquired intangibles (Note 11) | 3.1 | 5.0 | 8.1 |
Amortisation of development costs (Note 11) | 0.4 | 0.3 | 0.7 |
Depreciation of property, plant and equipment (Note 12) | 4.1 | 0.2 | 4.3 |
Depreciation of right-of-use assets (Note 13) | 5.0 | 0.5 | 5.5 |
Loss on disposal of non-current assets (Note 12) | 1.2 | \u2014 | 1.2 |
Other impairment charge of non-current assets (Note 13) | 0.3 | \u2014 | 0.3 |
Impairment reversal of non-current assets (Note 13) | (0.2) | \u2014 | (0.2) |
Profit on disposal of Fox Crypto B.V. (Note 4) | (11.4) | \u2014 | (11.4) |
Individually Significant Items (ISIs) (Note 4) | 9.5 | \u2014 | 9.5 |
Net impairment gains on financial and contract assets (Note 21) | (0.3) | \u2014 | (0.3) |
Foreign exchange losses | 2.7 | \u2014 | 2.7 |
Research and development UK tax credits | 0.4 | \u2014 | 0.4 |
Gain on disposal following derecognition of lease liabilities | (1.9) | \u2014 | (1.9) |
| Profit/(loss) before taxation is stated after charging/(crediting): | |||
Amortisation of development costs (Note 11) | 1.3 | \u2014 | 1.3 |
Amortisation of software costs (Note 11) | 2.0 | \u2014 | 2.0 |
Amortisation of acquired intangibles (Note 11) | 5.4 | 7.1 | 12.5 |
Depreciation of property, plant and equipment (Note 12) | 5.1 | 0.3 | 5.4 |
Depreciation of right-of-use assets (Note 13) | 7.8 | 0.3 | 8 .1 |
Other impairment charge of non-current assets | 0.5 | 0.4 | 0.9 |
Individually Significant Items (ISIs) (Note 4) | 41.4 | 0.1 | 41.5 |
Net impairment losses on financial and contract assets (Notes 14 and 21) | 0.4 | \u2014 | 0.4 |
Cost of inventories recognised as an expense | 0.8 | \u2014 | 0.8 |
Foreign exchange losses | 1.9 | \u2014 | 1.9 |
Research and development UK tax credits | (0.3) | (0.2) | (0.5) |
Profit on disposal of right-of-use assets | (0.1) | \u2014 | (0.1) |
| Number of colleagues | ||
2025 | 2024 | |
Operational | 1,642 | 1,733 |
Administration | 498 | 468 |
Total | 2 ,1 4 0 | 2,201 |
| 2025 | 2024 | |
| \u00a3m | \u00a3m | |
Wages and salaries | 177.2 | 247. 4 |
Share-based payments (Note 24) | 2.1 | 2.3 |
Social security costs | 16.6 | 25.9 |
Other pension costs (Note 28) | 7.4 | 8.0 |
Total payroll costs | 203.3 | 283.6 |
| 2024 | ||
| 2025 | Restated * | |
| Continuing operations | \u00a3m | \u00a3m |
Interest payable on bank loans and overdrafts | 3.8 | 6.6 |
Interest expense on lease liabilities * | 1.1 | 1.6 |
Total Finance costs | 4.9 | 8.2 |
| 2024 | ||
| 2025 | Restated * | |
| Continuing operations | \u00a3m | \u00a3m |
Interest payable on bank loans and overdrafts | 3.8 | 6.6 |
Interest expense on lease liabilities * | 1.1 | 1.6 |
Total Finance costs | 4.9 | 8.2 |
| 2024 | ||
| 2025 | Restated * | |
| Continuing operations | \u00a3m | \u00a3m |
Interest payable on bank loans and overdrafts | 3.8 | 6.6 |
Interest expense on lease liabilities * | 1.1 | 1.6 |
Total Finance costs | 4.9 | 8.2 |
| 2024 | ||
| 2025 | Restated * | |
| Continuing operations | \u00a3m | \u00a3m |
Interest payable on bank loans and overdrafts | 3.8 | 6.6 |
Interest expense on lease liabilities * | 1.1 | 1.6 |
Total Finance costs | 4.9 | 8.2 |
| 2024 | ||
| 2025 | Restated * | |
| \u00a3m | \u00a3m | |
| Current tax expense | ||
Current year/period | 1.7 | 1.6 |
Overseas current tax for the year/period | 2.5 | 6.0 |
Impact of prior period US R&D tax credits | (1.0) | (1.8) |
Adjustments in respect of prior periods | 1.0 | (2.6) |
Total current tax | 4.2 | 3.2 |
| Deferred tax expense | ||
Origination and reversal of temporary differences | (0.9) | (1.2) |
Impact of prior period US R&D tax credits | 0.3 | (0.2) |
Adjustment to tax expense in respect of prior periods | (0.1) | 3.2 |
Total deferred tax | (0.7) | 1.8 |
Total tax expense | 3.5 | 5.0 |
| Tax (credit)/expense is attributable to: | ||
Loss from continuing operations | (1.9) | 1.6 |
Profit from discontinued operations | 5.4 | 3.4 |
3.5 | 5.0 |
| 2024 | ||
| 2025 | R e s t a t e d * | |
| \u00a3m | \u00a3m | |
| Loss before taxation from continuing operations | (11.0) | (65.6) |
| Profit before taxation from discontinued operations | 31.6 | 38 .1 |
20.6 | (27. 5) | |
Current tax using the UK effective corporation tax rate of 25% (2024: 25%) | 5.2 | (6.9) |
| Effects of: | ||
| Items not deductible for tax purposes | 1.7 | 5.0 |
| Adjustment to tax charge in respect of prior periods | 0.9 | 0.6 |
| Impact of prior period US R&D tax credits | (0.7) | (2.0) |
| Impact of current year/period US R&D tax credits | (0.1) | 0.3 |
| Differences between overseas tax rates | 0.2 | (0.6) |
| Movements in temporary differences not recognised | (0.9) | 8.6 |
Profit on disposal of Fox Crypto | (2.8) | \u2014 |
Total tax expense | 3.5 | 5.0 |
| 2025 | ||||
| UK | US | Netherlands | Total | |
| Asset/(liability) | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Plant and equipment | \u2014 | \u2014 | 0.2 | 0.2 |
Short-term temporary differences | 0.4 | 6.3 | \u2014 | 6.7 |
IFRS 16 assets | \u2014 | \u2014 | 0.1 | 0.1 |
Intangible assets | (0.6) | (6.3) | (0.5) | (7.4) |
Share-based payments | 1.2 | \u2014 | \u2014 | 1.2 |
Tax losses | \u2014 | \u2014 | \u2014 | \u2014 |
Deferred tax asset/(liability) | 1.0 | \u2014 | (0.2) | 0.8 |
| Analysed as follows: | ||||
Non-current assets | 1.0 | \u2014 | \u2014 | 1.0 |
Non-current liabilities | \u2014 | \u2014 | (0.2) | (0.2) |
| 2024 | ||||
| UK | US | Netherlands | Total | |
| Asset/(liability) | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Plant and equipment | \u2014 | \u2014 | 0.3 | 0.3 |
Short-term temporary differences | 0.5 | 3.1 | \u2014 | 3.6 |
Intangible assets | (0.8) | (3.1) | (0.8) | (4.7) |
Share-based payments | 0.9 | \u2014 | \u2014 | 0.9 |
Tax losses | \u2014 | \u2014 | \u2014 | \u2014 |
Deferred tax asset/(liability) | 0.6 | \u2014 | (0.5) | 0.1 |
| Analysed as follows: | ||||
Non-current assets | 0.6 | \u2014 | \u2014 | 0.6 |
Non-current liabilities | \u2014 | \u2014 | (0.5) | (0.5) |
| Recognised | |||||
| 30 September | in Income | Exchange | Recognised | 30 September | |
| 2024 | Statement | differences | in equity 2025 | ||
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Plant and equipment | 0.3 | (0.1) | \u2014 | \u2014 | 0.2 |
Short-term temporary differences | 3.6 | 3 .1 | \u2014 | \u2014 | 6.7 |
IFRS 16 assets | \u2014 | 0.1 | \u2014 | \u2014 | 0.1 |
Intangible assets | (4.7) | (2.6) | (0.1) | \u2014 | (7.4) |
Share-based payments | 0.9 | 0.2 | \u2014 | 0.1 | 1.2 |
Total | 0.1 | 0.7 | (0.1) | 0.1 | 0.8 |
| Recognised | ||||||
| 1 June | in Income | Exchange | Recognised | 30 September | ||
| 2023 | Statement | differences | in equity | Acquisition | 2024 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Plant and equipment | 0.2 | 0.1 | \u2014 | \u2014 | \u2014 | 0.3 |
Short-term temporary differences | 9.1 | (5.7) | 0.2 | \u2014 | \u2014 | 3.6 |
IFRS 16 assets/(liabilities) | 0.5 | (0.5) | \u2014 | \u2014 | \u2014 | \u2014 |
Intangible assets | (10.7) | 5.8 | 0.2 | \u2014 | \u2014 | (4.7) |
Share-based payments | 0.5 | 0.4 | \u2014 | \u2014 | \u2014 | 0.9 |
Tax losses | 1.9 | (1.9) | \u2014 | \u2014 | \u2014 | \u2014 |
Total | 1.5 | (1.8) | 0.4 | \u2014 | \u2014 | 0.1 |
| 2025 | 2024 | |
| \u00a3m | \u00a3m | |
Plant and equipment | (0.1) | (0.2) |
Short-term temporary differences | (5.1) | (6.3) |
Intangible assets | (0.1) | \u2014 |
Share-based payments | (0.2) | (0.3) |
Tax losses | (5.3) | (4.1) |
Total | (10.8) | (10.9) |
| 2025 | 2024 | |
| \u00a3m | \u00a3m | |
Dividends paid and recognised in the year/period | 9.2 | 14.5 |
Dividends recognised but not paid in the year/period | \u2014 | 9.8 |
Dividends per share paid and recognised in the year/period | 3.0p | 4.65p |
Dividends per share recognised but not paid in the year/period | \u2014 | 3.15 p |
Dividends per share proposed but not recognised in the year/period | 3.15p | 1.50p |
| 2025 | 2024 | |
| \u00a3m | \u00a3m | |
Loss for the year/period from continuing operations | (9.1) | (67.2) |
Profit for the year/period from discontinued operations | 26.2 | 34.7 |
Profit/(loss) for the year/period attributable to owners of the Company | 17.1 | (32.5) |
| Number | Number | |
| of shares | of shares | |
| 2025 | 2024 | |
| m | m | |
Weighted average number of shares in issue | 314.8 | 313.3 |
Less: weighted average holdings by Group ESOT | (7.7) | (1.6) |
Basic weighted average number of shares in issue | 307.1 | 311.7 |
Dilutive effect of share options | 5.2 | 1.5 |
Diluted weighted average shares in issue | 312.3 | 313.2 |
| 2025 | 2024 | |
| Pence | Pence | |
| Basic (loss)/earnings per ordinary share | ||
From continuing operations attributable to the ordinary equity holders of the Company | (3.0) | (21.6) |
From discontinued operations attributable to the ordinary equity holders of the Company | 8.5 | 11.1 |
| 2025 | 2024 | |
| Pence | Pence | |
| Diluted (loss)/earnings per ordinary share | ||
From continuing operations attributable to the ordinary equity holders of the Company | (3.0) | (21.6) |
From discontinued operations attributable to the ordinary equity holders of the Company | 8.4 | 11.1 |
| Customer | ||||||
| Development | contracts and | Intangibles | ||||
| Goodwill | Software | costs | relationships | sub-total | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Cost | ||||||
At 1 June 2023 | 324.6 | 21.2 | 13.8 | 179.2 | 214.2 | 538.8 |
Additions | \u2014 | 1.4 | 1.0 | 0.2 | 2.6 | 2.6 |
Disposals (see Note 31) | (5.9) | (0.6) | (9.9) | \u2014 | (10.5) | (16.4) |
Assets classified as held for sale (Note 16) | (52.1) | \u2014 | (2.5) | \u2014 | (2.5) | (54.6) |
Effects of movements in exchange rates | (9.4) | (0.2) | (0.1) | (9.4) | (9.7) | (19.1) |
At 30 September 2024 | 257.2 | 21.8 | 2.3 | 170.0 | 19 4.1 | 451.3 |
Additions | \u2014 | 0.4 | \u2014 | \u2014 | 0.4 | 0.4 |
Reclassification | \u2014 | (0.8) | 0.2 | 0.6 | \u2014 | \u2014 |
Assets classified as held for sale (Note 16) | (110.2) | (3.8) | \u2014 | (95.1) | (98.9) | (209.1) |
Effects of movements in exchange rates | \u2014 | \u2014 | 0.6 | 1.0 | 1.6 | 1.6 |
At 30 September 2025 | 147.0 | 17.6 | 3.1 | 76.5 | 97.2 | 244.2 |
| Accumulated amortisation and impairment | ||||||
At 1 June 2023 | (68.8) | (14.5) | (11.1) | (77.7) | (103.3) | (172.1) |
Charge for period | \u2014 | (2.0) | (1.3) | (12.5) | (15.8) | (15.8) |
Impairment | (31.9) | \u2014 | \u2014 | \u2014 | \u2014 | (31.9) |
Disposals | \u2014 | \u2014 | 8.8 | \u2014 | 8.8 | 8.8 |
Assets classified as held for sale (Note 16) | \u2014 | \u2014 | 2.4 | \u2014 | 2.4 | 2.4 |
Effects of movements in exchange rates | \u2014 | \u2014 | 0.1 | 2.9 | 3.0 | 3.0 |
At 30 September 2024 | (100.7) | (16.5) | (1.1) | (87. 3) | (104.9) | (205.6) |
Charge for year | \u2014 | (1.4) | (0.7) | (8.1) | (10.2) | (10.2) |
Assets classified as held for sale (Note 16) | \u2014 | 1.8 | \u2014 | 21.0 | 22.8 | 22.8 |
Effects of movements in exchange rates | \u2014 | \u2014 | (0.4) | (0.9) | (1.3) | (1.3) |
At 30 September 2025 | (100.7) | (16.1) | (2.2) | (75.3) | (93.6) | (194.3) |
| Net book value | ||||||
At 30 September 2024 | 156.5 | 5.3 | 1.2 | 82.7 | 89.2 | 245.7 |
At 30 September 2025 | 46.3 | 1.5 | 0.9 | 1.2 | 3.6 | 49.9 |
| Goodwill | Goodwill | |
| 2025 | 2024 | |
| Cash generating units \u2013 continuing operations | \u00a3m | \u00a3m |
UK and APAC Cyber Security | 44.3 | 44.3 |
North America Cyber Security | \u2014 | \u2014 |
Europe Cyber Security | 2.0 | 2.2 |
Total Cyber Security | 46.3 | 46.5 |
| Goodwill | Goodwill | |
| 2025 | 2024 | |
| Cash generating units \u2013 discontinued operations | \u00a3m | \u00a3m |
UK Escode | 22.8 | 22.8 |
North America Escode | 80.0 | 8 0.1 |
Europe Escode | 7.4 | 7.1 |
Total Escode | 110. 2 | 110.0 |
| Decrease in gross margin | |
| of 0.5 percentage points | |
| CGU | \u00a3m |
North America Cyber Security | 2.9 |
| 5% increase | |
| in revenue | |
| CGU | \u00a3m |
Europe Cyber Security | 13.3 |
| Customer | ||||||
| Development | contracts and | Intangibles | ||||
| Goodwill | Software | costs | relationships | sub-total | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Cost | ||||||
At 1 June 2023 | 324.6 | 21.2 | 13.8 | 179.2 | 214.2 | 538.8 |
Additions | \u2014 | 1.4 | 1.0 | 0.2 | 2.6 | 2.6 |
Disposals (see Note 31) | (5.9) | (0.6) | (9.9) | \u2014 | (10.5) | (16.4) |
Assets classified as held for sale (Note 16) | (52.1) | \u2014 | (2.5) | \u2014 | (2.5) | (54.6) |
Effects of movements in exchange rates | (9.4) | (0.2) | (0.1) | (9.4) | (9.7) | (19.1) |
At 30 September 2024 | 257.2 | 21.8 | 2.3 | 170.0 | 19 4.1 | 451.3 |
Additions | \u2014 | 0.4 | \u2014 | \u2014 | 0.4 | 0.4 |
Reclassification | \u2014 | (0.8) | 0.2 | 0.6 | \u2014 | \u2014 |
Assets classified as held for sale (Note 16) | (110.2) | (3.8) | \u2014 | (95.1) | (98.9) | (209.1) |
Effects of movements in exchange rates | \u2014 | \u2014 | 0.6 | 1.0 | 1.6 | 1.6 |
At 30 September 2025 | 147.0 | 17.6 | 3.1 | 76.5 | 97.2 | 244.2 |
| Accumulated amortisation and impairment | ||||||
At 1 June 2023 | (68.8) | (14.5) | (11.1) | (77.7) | (103.3) | (172.1) |
Charge for period | \u2014 | (2.0) | (1.3) | (12.5) | (15.8) | (15.8) |
Impairment | (31.9) | \u2014 | \u2014 | \u2014 | \u2014 | (31.9) |
Disposals | \u2014 | \u2014 | 8.8 | \u2014 | 8.8 | 8.8 |
Assets classified as held for sale (Note 16) | \u2014 | \u2014 | 2.4 | \u2014 | 2.4 | 2.4 |
Effects of movements in exchange rates | \u2014 | \u2014 | 0.1 | 2.9 | 3.0 | 3.0 |
At 30 September 2024 | (100.7) | (16.5) | (1.1) | (87. 3) | (104.9) | (205.6) |
Charge for year | \u2014 | (1.4) | (0.7) | (8.1) | (10.2) | (10.2) |
Assets classified as held for sale (Note 16) | \u2014 | 1.8 | \u2014 | 21.0 | 22.8 | 22.8 |
Effects of movements in exchange rates | \u2014 | \u2014 | (0.4) | (0.9) | (1.3) | (1.3) |
At 30 September 2025 | (100.7) | (16.1) | (2.2) | (75.3) | (93.6) | (194.3) |
| Net book value | ||||||
At 30 September 2024 | 156.5 | 5.3 | 1.2 | 82.7 | 89.2 | 245.7 |
At 30 September 2025 | 46.3 | 1.5 | 0.9 | 1.2 | 3.6 | 49.9 |
| Goodwill | Goodwill | |
| 2025 | 2024 | |
| Cash generating units \u2013 continuing operations | \u00a3m | \u00a3m |
UK and APAC Cyber Security | 44.3 | 44.3 |
North America Cyber Security | \u2014 | \u2014 |
Europe Cyber Security | 2.0 | 2.2 |
Total Cyber Security | 46.3 | 46.5 |
| Goodwill | Goodwill | |
| 2025 | 2024 | |
| Cash generating units \u2013 discontinued operations | \u00a3m | \u00a3m |
UK Escode | 22.8 | 22.8 |
North America Escode | 80.0 | 8 0.1 |
Europe Escode | 7.4 | 7.1 |
Total Escode | 110. 2 | 110.0 |
| Decrease in gross margin | |
| of 0.5 percentage points | |
| CGU | \u00a3m |
North America Cyber Security | 2.9 |
| 5% increase | |
| in revenue | |
| CGU | \u00a3m |
Europe Cyber Security | 13.3 |
| Customer | ||||||
| Development | contracts and | Intangibles | ||||
| Goodwill | Software | costs | relationships | sub-total | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Cost | ||||||
At 1 June 2023 | 324.6 | 21.2 | 13.8 | 179.2 | 214.2 | 538.8 |
Additions | \u2014 | 1.4 | 1.0 | 0.2 | 2.6 | 2.6 |
Disposals (see Note 31) | (5.9) | (0.6) | (9.9) | \u2014 | (10.5) | (16.4) |
Assets classified as held for sale (Note 16) | (52.1) | \u2014 | (2.5) | \u2014 | (2.5) | (54.6) |
Effects of movements in exchange rates | (9.4) | (0.2) | (0.1) | (9.4) | (9.7) | (19.1) |
At 30 September 2024 | 257.2 | 21.8 | 2.3 | 170.0 | 19 4.1 | 451.3 |
Additions | \u2014 | 0.4 | \u2014 | \u2014 | 0.4 | 0.4 |
Reclassification | \u2014 | (0.8) | 0.2 | 0.6 | \u2014 | \u2014 |
Assets classified as held for sale (Note 16) | (110.2) | (3.8) | \u2014 | (95.1) | (98.9) | (209.1) |
Effects of movements in exchange rates | \u2014 | \u2014 | 0.6 | 1.0 | 1.6 | 1.6 |
At 30 September 2025 | 147.0 | 17.6 | 3.1 | 76.5 | 97.2 | 244.2 |
| Accumulated amortisation and impairment | ||||||
At 1 June 2023 | (68.8) | (14.5) | (11.1) | (77.7) | (103.3) | (172.1) |
Charge for period | \u2014 | (2.0) | (1.3) | (12.5) | (15.8) | (15.8) |
Impairment | (31.9) | \u2014 | \u2014 | \u2014 | \u2014 | (31.9) |
Disposals | \u2014 | \u2014 | 8.8 | \u2014 | 8.8 | 8.8 |
Assets classified as held for sale (Note 16) | \u2014 | \u2014 | 2.4 | \u2014 | 2.4 | 2.4 |
Effects of movements in exchange rates | \u2014 | \u2014 | 0.1 | 2.9 | 3.0 | 3.0 |
At 30 September 2024 | (100.7) | (16.5) | (1.1) | (87. 3) | (104.9) | (205.6) |
Charge for year | \u2014 | (1.4) | (0.7) | (8.1) | (10.2) | (10.2) |
Assets classified as held for sale (Note 16) | \u2014 | 1.8 | \u2014 | 21.0 | 22.8 | 22.8 |
Effects of movements in exchange rates | \u2014 | \u2014 | (0.4) | (0.9) | (1.3) | (1.3) |
At 30 September 2025 | (100.7) | (16.1) | (2.2) | (75.3) | (93.6) | (194.3) |
| Net book value | ||||||
At 30 September 2024 | 156.5 | 5.3 | 1.2 | 82.7 | 89.2 | 245.7 |
At 30 September 2025 | 46.3 | 1.5 | 0.9 | 1.2 | 3.6 | 49.9 |
| Goodwill | Goodwill | |
| 2025 | 2024 | |
| Cash generating units \u2013 continuing operations | \u00a3m | \u00a3m |
UK and APAC Cyber Security | 44.3 | 44.3 |
North America Cyber Security | \u2014 | \u2014 |
Europe Cyber Security | 2.0 | 2.2 |
Total Cyber Security | 46.3 | 46.5 |
| Goodwill | Goodwill | |
| 2025 | 2024 | |
| Cash generating units \u2013 discontinued operations | \u00a3m | \u00a3m |
UK Escode | 22.8 | 22.8 |
North America Escode | 80.0 | 8 0.1 |
Europe Escode | 7.4 | 7.1 |
Total Escode | 110. 2 | 110.0 |
| Decrease in gross margin | |
| of 0.5 percentage points | |
| CGU | \u00a3m |
North America Cyber Security | 2.9 |
| 5% increase | |
| in revenue | |
| CGU | \u00a3m |
Europe Cyber Security | 13.3 |
| Fixtures, | Assets | |||
| Computer | fittings and | under | ||
| equipment | equipment | construction | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Cost | ||||
At 1 June 2023 | 27. 5 | 20.4 | \u2014 | 47.9 |
Additions | 3.8 | 2.4 | \u2014 | 6.2 |
Disposals | (0.1) | (0.2) | \u2014 | (0.3) |
Assets classified as held for sale (Note 16) | (1.1) | (1.2) | \u2014 | (2.3) |
Movement in foreign exchange rates | (0.3) | (0.2) | \u2014 | (0.5) |
At 30 September 2024 | 29.8 | 21.2 | \u2014 | 51.0 |
Additions | 2.6 | 0.5 | 1.6 | 4.7 |
Disposals | \u2014 | (1.8) | \u2014 | (1.8) |
Assets classified as held for sale (Note 16) | (1.1) | (0.2) | \u2014 | (1.3) |
Movement in foreign exchange rates | (0.8) | \u2014 | \u2014 | (0.8) |
At 30 September 2025 | 30.5 | 19.7 | 1.6 | 51.8 |
| Accumulated depreciation | ||||
At 1 June 2023 | (23.0) | (12.4) | \u2014 | (35.4) |
Charge for period | (3.4) | (2.0) | \u2014 | (5.4) |
Impairment | \u2014 | (0.4) | \u2014 | (0.4) |
On disposals | 0.1 | 0.1 | \u2014 | 0.2 |
Assets classified as held for sale (Note 16) | 0.9 | 0.3 | \u2014 | 1.2 |
Movement in foreign exchange rates | 0.2 | 0.2 | \u2014 | 0.4 |
At 30 September 2024 | (25.2) | (14.2) | \u2014 | (39.4) |
Charge for year | (2.7) | (1.6) | \u2014 | (4.3) |
On disposals | \u2014 | 0.6 | \u2014 | 0.6 |
Assets classified as held for sale (Note 16) | 1.0 | 0.1 | \u2014 | 1.1 |
Movement in foreign exchange rates | 0.6 | 0.1 | \u2014 | 0.7 |
At 30 September 2025 | (26.3) | (15.0) | \u2014 | (41.3) |
| Net book value | ||||
At 30 September 2024 | 4.6 | 7.0 | \u2014 | 11.6 |
At 30 September 2025 | 4.2 | 4.7 | 1.6 | 10.5 |
| Land and | Motor | ||
| buildings | vehicles | Total | |
| \u00a3m | \u00a3m | \u00a3m | |
| Cost | |||
At 1 June 2023 | 36.3 | 6.0 | 42.3 |
Additions | 5.2 | 4.2 | 9.4 |
Disposals | \u2014 | (1.7) | (1.7) |
Impairment | (3.2) | \u2014 | (3.2) |
Assets classified as held for sale | \u2014 | (0.4) | (0.4) |
At 30 September 2024 | 38.3 | 8.1 | 46.4 |
Additions | 4.7 | 1.8 | 6.5 |
Disposals | (1.4) | (2.0) | (3.4) |
Impairment | (0.3) | \u2014 | (0.3) |
Reversal of impairment | 0.2 | \u2014 | 0.2 |
Assets classified as held for sale | (5.9) | (0.2) | (6.1) |
At 30 September 2025 | 35.6 | 7.7 | 43.3 |
| Accumulated depreciation | |||
At 1 June 2023 | (19.0) | (4.7) | (23.7) |
Charge for period | (5.6) | (2.5) | (8 .1) |
Disposals | \u2014 | 1.1 | 1.1 |
At 30 September 2024 | (24.6) | (6.1) | (30.7) |
Charge for year | (3.8) | (1.7) | (5.5) |
Disposals | 1.3 | 1.3 | 2.6 |
Assets classified as held for sale | 3.9 | 0.2 | 4.1 |
At 30 September 2025 | (23.2) | (6.3) | (29.5) |
| Net book value | |||
At 30 September 2024 | 13.7 | 2.0 | 15.7 |
At 30 September 2025 | 12.4 | 1.4 | 13.8 |
| Land and | Motor | ||
| buildings | vehicles | Total | |
| \u00a3m | \u00a3m | \u00a3m | |
At 1 June 2023 | 26.3 | 3.7 | 30.0 |
Additions | 4.7 | 4.2 | 8.9 |
Disposals | \u2014 | (0.7) | (0.7) |
Lease payments | (9.2) | (2.7) | (11.9) |
Interest expense | 1.3 | 0.4 | 1.7 |
Liabilities classified as held for sale | \u2014 | (0.4) | (0.4) |
At 30 September 2024 | 23 .1 | 4.5 | 27.6 |
Additions | 2.9 | 1.6 | 4.5 |
Disposals | (2.3) | (0.5) | (2.8) |
Lease payments | (5.8) | (2.1) | (7.9) |
Interest expense | 0.9 | 0.2 | 1.1 |
Liabilities classified as held for sale | (3.0) | \u2014 | (3.0) |
At 30 September 2025 | 15.8 | 3.7 | 19.5 |
| 2025 | 2024 | |
| \u00a3m | \u00a3m | |
Current | 4.1 | 5.7 |
Non-current | 15.4 | 21.9 |
| 2025 | 2024 | |
| \u00a3m | \u00a3m | |
Less than one year | 4.1 | 5.7 |
Two to five years | 11.0 | 16 .1 |
More than five years | 4.4 | 5.8 |
Total lease liabilities | 19.5 | 27.6 |
| Land and | Motor | ||
| buildings | vehicles | Total | |
| \u00a3m | \u00a3m | \u00a3m | |
| Cost | |||
At 1 June 2023 | 36.3 | 6.0 | 42.3 |
Additions | 5.2 | 4.2 | 9.4 |
Disposals | \u2014 | (1.7) | (1.7) |
Impairment | (3.2) | \u2014 | (3.2) |
Assets classified as held for sale | \u2014 | (0.4) | (0.4) |
At 30 September 2024 | 38.3 | 8.1 | 46.4 |
Additions | 4.7 | 1.8 | 6.5 |
Disposals | (1.4) | (2.0) | (3.4) |
Impairment | (0.3) | \u2014 | (0.3) |
Reversal of impairment | 0.2 | \u2014 | 0.2 |
Assets classified as held for sale | (5.9) | (0.2) | (6.1) |
At 30 September 2025 | 35.6 | 7.7 | 43.3 |
| Accumulated depreciation | |||
At 1 June 2023 | (19.0) | (4.7) | (23.7) |
Charge for period | (5.6) | (2.5) | (8 .1) |
Disposals | \u2014 | 1.1 | 1.1 |
At 30 September 2024 | (24.6) | (6.1) | (30.7) |
Charge for year | (3.8) | (1.7) | (5.5) |
Disposals | 1.3 | 1.3 | 2.6 |
Assets classified as held for sale | 3.9 | 0.2 | 4.1 |
At 30 September 2025 | (23.2) | (6.3) | (29.5) |
| Net book value | |||
At 30 September 2024 | 13.7 | 2.0 | 15.7 |
At 30 September 2025 | 12.4 | 1.4 | 13.8 |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Current | ||||
Trade receivables | 14.1 | 17.3 | \u2014 | \u2014 |
Prepayments | 9.7 | 12.6 | \u2014 | \u2014 |
Contract costs \u2013 costs to obtain (see Note 21) | 3.5 | 1.2 | \u2014 | \u2014 |
Contract costs \u2013 costs to fulfil (see Note 21) | 3.5 | \u2014 | \u2014 | \u2014 |
Other receivables | 1.0 | 1.1 | \u2014 | \u2014 |
| Non-current | ||||
Amounts owed by Group undertakings | \u2014 | \u2014 | 34.2 | 43.1 |
Total | 31.8 | 32.2 | 34.2 | 4 3.1 |
| Disclosed as follows: | ||||
Current assets | 31.8 | 32.2 | \u2014 | \u2014 |
Non-current assets | \u2014 | \u2014 | 34.2 | 4 3 .1 |
31.8 | 32.2 | 34.2 | 43 .1 |
| Expected | Gross | Expected | Net | |||
| Gross | credit losses | Net | 2024 | credit losses | 2024 | |
| 2025 | 2025 | 2025 | R e s t a t e d * | 2024 | Restated * | |
| Group | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Trade receivables: | ||||||
Not past due | 10.5 | \u2014 | 10.5 | 13.8 | \u2014 | 13.8 |
Past due 0\u201330 days | 2.1 | \u2014 | 2 .1 | 2.1 | \u2014 | 2.1 |
Past due 31\u201390 days | 0.9 | \u2014 | 0.9 | 0.7 | \u2014 | 0.7 |
Past due more than 90 days | 1.3 | (0.7) | 0.6 | 2.3 | (1.6) | 0.7 |
14.8 | (0.7) | 14.1 | 18.9 | (1.6) | 17.3 | |
| Other receivables: | ||||||
Not past due | 1.0 | \u2014 | 1.0 | 1.1 | \u2014 | 1.1 |
Total | 15.8 | (0.7) | 15.1 | 20.0 | (1.6) | 18.4 |
| Expected | |
| credit loss | |
| provision | |
| \u00a3m | |
Balance at 1 June 2023 | (2.0) |
Provision utilised during the period | 0.4 |
Balance at 30 September 2024 | (1.6) |
Transferred to assets held for sale | 0.9 |
Balance at 30 September 2025 | (0.7) |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Current | ||||
Trade receivables | 14.1 | 17.3 | \u2014 | \u2014 |
Prepayments | 9.7 | 12.6 | \u2014 | \u2014 |
Contract costs \u2013 costs to obtain (see Note 21) | 3.5 | 1.2 | \u2014 | \u2014 |
Contract costs \u2013 costs to fulfil (see Note 21) | 3.5 | \u2014 | \u2014 | \u2014 |
Other receivables | 1.0 | 1.1 | \u2014 | \u2014 |
| Non-current | ||||
Amounts owed by Group undertakings | \u2014 | \u2014 | 34.2 | 43.1 |
Total | 31.8 | 32.2 | 34.2 | 4 3.1 |
| Disclosed as follows: | ||||
Current assets | 31.8 | 32.2 | \u2014 | \u2014 |
Non-current assets | \u2014 | \u2014 | 34.2 | 4 3 .1 |
31.8 | 32.2 | 34.2 | 43 .1 |
| Expected | Gross | Expected | Net | |||
| Gross | credit losses | Net | 2024 | credit losses | 2024 | |
| 2025 | 2025 | 2025 | R e s t a t e d * | 2024 | Restated * | |
| Group | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Trade receivables: | ||||||
Not past due | 10.5 | \u2014 | 10.5 | 13.8 | \u2014 | 13.8 |
Past due 0\u201330 days | 2.1 | \u2014 | 2 .1 | 2.1 | \u2014 | 2.1 |
Past due 31\u201390 days | 0.9 | \u2014 | 0.9 | 0.7 | \u2014 | 0.7 |
Past due more than 90 days | 1.3 | (0.7) | 0.6 | 2.3 | (1.6) | 0.7 |
14.8 | (0.7) | 14.1 | 18.9 | (1.6) | 17.3 | |
| Other receivables: | ||||||
Not past due | 1.0 | \u2014 | 1.0 | 1.1 | \u2014 | 1.1 |
Total | 15.8 | (0.7) | 15.1 | 20.0 | (1.6) | 18.4 |
| Expected | |
| credit loss | |
| provision | |
| \u00a3m | |
Balance at 1 June 2023 | (2.0) |
Provision utilised during the period | 0.4 |
Balance at 30 September 2024 | (1.6) |
Transferred to assets held for sale | 0.9 |
Balance at 30 September 2025 | (0.7) |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Current | ||||
Trade receivables | 14.1 | 17.3 | \u2014 | \u2014 |
Prepayments | 9.7 | 12.6 | \u2014 | \u2014 |
Contract costs \u2013 costs to obtain (see Note 21) | 3.5 | 1.2 | \u2014 | \u2014 |
Contract costs \u2013 costs to fulfil (see Note 21) | 3.5 | \u2014 | \u2014 | \u2014 |
Other receivables | 1.0 | 1.1 | \u2014 | \u2014 |
| Non-current | ||||
Amounts owed by Group undertakings | \u2014 | \u2014 | 34.2 | 43.1 |
Total | 31.8 | 32.2 | 34.2 | 4 3.1 |
| Disclosed as follows: | ||||
Current assets | 31.8 | 32.2 | \u2014 | \u2014 |
Non-current assets | \u2014 | \u2014 | 34.2 | 4 3 .1 |
31.8 | 32.2 | 34.2 | 43 .1 |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Current | ||||
Trade receivables | 14.1 | 17.3 | \u2014 | \u2014 |
Prepayments | 9.7 | 12.6 | \u2014 | \u2014 |
Contract costs \u2013 costs to obtain (see Note 21) | 3.5 | 1.2 | \u2014 | \u2014 |
Contract costs \u2013 costs to fulfil (see Note 21) | 3.5 | \u2014 | \u2014 | \u2014 |
Other receivables | 1.0 | 1.1 | \u2014 | \u2014 |
| Non-current | ||||
Amounts owed by Group undertakings | \u2014 | \u2014 | 34.2 | 43.1 |
Total | 31.8 | 32.2 | 34.2 | 4 3.1 |
| Disclosed as follows: | ||||
Current assets | 31.8 | 32.2 | \u2014 | \u2014 |
Non-current assets | \u2014 | \u2014 | 34.2 | 4 3 .1 |
31.8 | 32.2 | 34.2 | 43 .1 |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Current | ||||
Trade receivables | 14.1 | 17.3 | \u2014 | \u2014 |
Prepayments | 9.7 | 12.6 | \u2014 | \u2014 |
Contract costs \u2013 costs to obtain (see Note 21) | 3.5 | 1.2 | \u2014 | \u2014 |
Contract costs \u2013 costs to fulfil (see Note 21) | 3.5 | \u2014 | \u2014 | \u2014 |
Other receivables | 1.0 | 1.1 | \u2014 | \u2014 |
| Non-current | ||||
Amounts owed by Group undertakings | \u2014 | \u2014 | 34.2 | 43.1 |
Total | 31.8 | 32.2 | 34.2 | 4 3.1 |
| Disclosed as follows: | ||||
Current assets | 31.8 | 32.2 | \u2014 | \u2014 |
Non-current assets | \u2014 | \u2014 | 34.2 | 4 3 .1 |
31.8 | 32.2 | 34.2 | 43 .1 |
| Expected | Gross | Expected | Net | |||
| Gross | credit losses | Net | 2024 | credit losses | 2024 | |
| 2025 | 2025 | 2025 | R e s t a t e d * | 2024 | Restated * | |
| Group | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Trade receivables: | ||||||
Not past due | 10.5 | \u2014 | 10.5 | 13.8 | \u2014 | 13.8 |
Past due 0\u201330 days | 2.1 | \u2014 | 2 .1 | 2.1 | \u2014 | 2.1 |
Past due 31\u201390 days | 0.9 | \u2014 | 0.9 | 0.7 | \u2014 | 0.7 |
Past due more than 90 days | 1.3 | (0.7) | 0.6 | 2.3 | (1.6) | 0.7 |
14.8 | (0.7) | 14.1 | 18.9 | (1.6) | 17.3 | |
| Other receivables: | ||||||
Not past due | 1.0 | \u2014 | 1.0 | 1.1 | \u2014 | 1.1 |
Total | 15.8 | (0.7) | 15.1 | 20.0 | (1.6) | 18.4 |
| Expected | |
| credit loss | |
| provision | |
| \u00a3m | |
Balance at 1 June 2023 | (2.0) |
Provision utilised during the period | 0.4 |
Balance at 30 September 2024 | (1.6) |
Transferred to assets held for sale | 0.9 |
Balance at 30 September 2025 | (0.7) |
| 2025 | ||||
| UK | US | Netherlands | Total | |
| Asset/(liability) | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Plant and equipment | \u2014 | \u2014 | 0.2 | 0.2 |
Short-term temporary differences | 0.4 | 6.3 | \u2014 | 6.7 |
IFRS 16 assets | \u2014 | \u2014 | 0.1 | 0.1 |
Intangible assets | (0.6) | (6.3) | (0.5) | (7.4) |
Share-based payments | 1.2 | \u2014 | \u2014 | 1.2 |
Tax losses | \u2014 | \u2014 | \u2014 | \u2014 |
Deferred tax asset/(liability) | 1.0 | \u2014 | (0.2) | 0.8 |
| Analysed as follows: | ||||
Non-current assets | 1.0 | \u2014 | \u2014 | 1.0 |
Non-current liabilities | \u2014 | \u2014 | (0.2) | (0.2) |
| 2024 | ||||
| UK | US | Netherlands | Total | |
| Asset/(liability) | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Plant and equipment | \u2014 | \u2014 | 0.3 | 0.3 |
Short-term temporary differences | 0.5 | 3.1 | \u2014 | 3.6 |
Intangible assets | (0.8) | (3.1) | (0.8) | (4.7) |
Share-based payments | 0.9 | \u2014 | \u2014 | 0.9 |
Tax losses | \u2014 | \u2014 | \u2014 | \u2014 |
Deferred tax asset/(liability) | 0.6 | \u2014 | (0.5) | 0.1 |
| Analysed as follows: | ||||
Non-current assets | 0.6 | \u2014 | \u2014 | 0.6 |
Non-current liabilities | \u2014 | \u2014 | (0.5) | (0.5) |
| Recognised | |||||
| 30 September | in Income | Exchange | Recognised | 30 September | |
| 2024 | Statement | differences | in equity 2025 | ||
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Plant and equipment | 0.3 | (0.1) | \u2014 | \u2014 | 0.2 |
Short-term temporary differences | 3.6 | 3 .1 | \u2014 | \u2014 | 6.7 |
IFRS 16 assets | \u2014 | 0.1 | \u2014 | \u2014 | 0.1 |
Intangible assets | (4.7) | (2.6) | (0.1) | \u2014 | (7.4) |
Share-based payments | 0.9 | 0.2 | \u2014 | 0.1 | 1.2 |
Total | 0.1 | 0.7 | (0.1) | 0.1 | 0.8 |
| Recognised | ||||||
| 1 June | in Income | Exchange | Recognised | 30 September | ||
| 2023 | Statement | differences | in equity | Acquisition | 2024 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Plant and equipment | 0.2 | 0.1 | \u2014 | \u2014 | \u2014 | 0.3 |
Short-term temporary differences | 9.1 | (5.7) | 0.2 | \u2014 | \u2014 | 3.6 |
IFRS 16 assets/(liabilities) | 0.5 | (0.5) | \u2014 | \u2014 | \u2014 | \u2014 |
Intangible assets | (10.7) | 5.8 | 0.2 | \u2014 | \u2014 | (4.7) |
Share-based payments | 0.5 | 0.4 | \u2014 | \u2014 | \u2014 | 0.9 |
Tax losses | 1.9 | (1.9) | \u2014 | \u2014 | \u2014 | \u2014 |
Total | 1.5 | (1.8) | 0.4 | \u2014 | \u2014 | 0.1 |
| 2025 | 2024 | |
| \u00a3m | \u00a3m | |
Plant and equipment | (0.1) | (0.2) |
Short-term temporary differences | (5.1) | (6.3) |
Intangible assets | (0.1) | \u2014 |
Share-based payments | (0.2) | (0.3) |
Tax losses | (5.3) | (4.1) |
Total | (10.8) | (10.9) |
| 2025 | ||||
| UK | US | Netherlands | Total | |
| Asset/(liability) | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Plant and equipment | \u2014 | \u2014 | 0.2 | 0.2 |
Short-term temporary differences | 0.4 | 6.3 | \u2014 | 6.7 |
IFRS 16 assets | \u2014 | \u2014 | 0.1 | 0.1 |
Intangible assets | (0.6) | (6.3) | (0.5) | (7.4) |
Share-based payments | 1.2 | \u2014 | \u2014 | 1.2 |
Tax losses | \u2014 | \u2014 | \u2014 | \u2014 |
Deferred tax asset/(liability) | 1.0 | \u2014 | (0.2) | 0.8 |
| Analysed as follows: | ||||
Non-current assets | 1.0 | \u2014 | \u2014 | 1.0 |
Non-current liabilities | \u2014 | \u2014 | (0.2) | (0.2) |
| 2024 | ||||
| UK | US | Netherlands | Total | |
| Asset/(liability) | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Plant and equipment | \u2014 | \u2014 | 0.3 | 0.3 |
Short-term temporary differences | 0.5 | 3.1 | \u2014 | 3.6 |
Intangible assets | (0.8) | (3.1) | (0.8) | (4.7) |
Share-based payments | 0.9 | \u2014 | \u2014 | 0.9 |
Tax losses | \u2014 | \u2014 | \u2014 | \u2014 |
Deferred tax asset/(liability) | 0.6 | \u2014 | (0.5) | 0.1 |
| Analysed as follows: | ||||
Non-current assets | 0.6 | \u2014 | \u2014 | 0.6 |
Non-current liabilities | \u2014 | \u2014 | (0.5) | (0.5) |
| Recognised | |||||
| 30 September | in Income | Exchange | Recognised | 30 September | |
| 2024 | Statement | differences | in equity 2025 | ||
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Plant and equipment | 0.3 | (0.1) | \u2014 | \u2014 | 0.2 |
Short-term temporary differences | 3.6 | 3 .1 | \u2014 | \u2014 | 6.7 |
IFRS 16 assets | \u2014 | 0.1 | \u2014 | \u2014 | 0.1 |
Intangible assets | (4.7) | (2.6) | (0.1) | \u2014 | (7.4) |
Share-based payments | 0.9 | 0.2 | \u2014 | 0.1 | 1.2 |
Total | 0.1 | 0.7 | (0.1) | 0.1 | 0.8 |
| Recognised | ||||||
| 1 June | in Income | Exchange | Recognised | 30 September | ||
| 2023 | Statement | differences | in equity | Acquisition | 2024 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Plant and equipment | 0.2 | 0.1 | \u2014 | \u2014 | \u2014 | 0.3 |
Short-term temporary differences | 9.1 | (5.7) | 0.2 | \u2014 | \u2014 | 3.6 |
IFRS 16 assets/(liabilities) | 0.5 | (0.5) | \u2014 | \u2014 | \u2014 | \u2014 |
Intangible assets | (10.7) | 5.8 | 0.2 | \u2014 | \u2014 | (4.7) |
Share-based payments | 0.5 | 0.4 | \u2014 | \u2014 | \u2014 | 0.9 |
Tax losses | 1.9 | (1.9) | \u2014 | \u2014 | \u2014 | \u2014 |
Total | 1.5 | (1.8) | 0.4 | \u2014 | \u2014 | 0.1 |
| 2025 | 2024 | |
| \u00a3m | \u00a3m | |
Plant and equipment | (0.1) | (0.2) |
Short-term temporary differences | (5.1) | (6.3) |
Intangible assets | (0.1) | \u2014 |
Share-based payments | (0.2) | (0.3) |
Tax losses | (5.3) | (4.1) |
Total | (10.8) | (10.9) |
| Year | 16 month | |
| ended | period ended | |
| 30 September | 30 September | |
| 2025 | 2024 | |
| Discontinued operations | \u00a3m | \u00a3m |
Revenue (Note 3) | 66.5 | 87.4 |
Cost of sales | (19.0) | (26.7) |
Gross profit | 47.5 | 60.7 |
| Administrative expenses | ||
Individually Significant Items | \u2014 | (0.1) |
Depreciation and amortisation | (6.0) | (7.7 ) |
Other administrative expenses | (9.8) | (14.7) |
Total administrative expenses | (15.8) | (22.5) |
Operating profit | 31.7 | 38.2 |
Finance costs | (0.1) | (0.1) |
Profit before taxation | 31.6 | 3 8 .1 |
Tax expense (Note 8) | (5.4) | (3.4) |
Profit for the year/period from discontinued operations | 26.2 | 34.7 |
Exchange differences on translation of discontinued operations | (0.1) | (10.2) |
Other comprehensive income from discontinued operations | 26.1 | 24.5 |
Net cash inflow from operating activities | 39.6 | 37.0 |
Net cash outflow from investing activities | (0.3) | (1.6) |
Net cash outflow from financing activities | (37.4) | (37. 0) |
Net increase/(decrease) in cash generated by the discontinued operations | 1.9 | (1.6) |
| 30 September | |
| 2025 | |
| \u00a3m | |
| Assets classified as held for sale: | |
Goodwill | 110. 2 |
Intangible fixed assets | 76.1 |
Tangible fixed assets | 0.2 |
Right-of-use assets | 2.0 |
Trade and other receivables | 5.1 |
Cash and cash equivalents | 3.9 |
Contract assets | 0.5 |
Total assets classified as held for sale | 198.0 |
| Liabilities associated with assets classified as held for sale: | |
Lease liabilities | (3.0) |
Trade and other payables | (6.2) |
Provisions | (0.3) |
Deferred revenue | (24.7) |
Current tax liability | (5.6) |
Total liabilities associated with assets classified as held for sale | (39.8) |
| 30 September | |
| 2024 | |
| \u00a3m | |
| Assets classified as held for sale: | |
Goodwill | 51.9 |
Intangible fixed assets | 0.1 |
Right-of-use assets | 0.4 |
Property, plant and equipment | 1.1 |
Inventories | 0.6 |
Trade and other receivables | 4.3 |
Contract assets | 3.1 |
Total assets classified as held for sale | 61.5 |
| Liabilities associated with assets classified as held for sale: | |
Trade and other payables | (1.4) |
Deferred revenue | (3 .1) |
Lease liabilities | (0.4) |
Provisions | (0.8) |
Total liabilities associated with assets classified as held for sale | (5.7) |
| Year | 16 month | |
| ended | period ended | |
| 30 September | 30 September | |
| 2025 | 2024 | |
| Discontinued operations | \u00a3m | \u00a3m |
Revenue (Note 3) | 66.5 | 87.4 |
Cost of sales | (19.0) | (26.7) |
Gross profit | 47.5 | 60.7 |
| Administrative expenses | ||
Individually Significant Items | \u2014 | (0.1) |
Depreciation and amortisation | (6.0) | (7.7 ) |
Other administrative expenses | (9.8) | (14.7) |
Total administrative expenses | (15.8) | (22.5) |
Operating profit | 31.7 | 38.2 |
Finance costs | (0.1) | (0.1) |
Profit before taxation | 31.6 | 3 8 .1 |
Tax expense (Note 8) | (5.4) | (3.4) |
Profit for the year/period from discontinued operations | 26.2 | 34.7 |
Exchange differences on translation of discontinued operations | (0.1) | (10.2) |
Other comprehensive income from discontinued operations | 26.1 | 24.5 |
Net cash inflow from operating activities | 39.6 | 37.0 |
Net cash outflow from investing activities | (0.3) | (1.6) |
Net cash outflow from financing activities | (37.4) | (37. 0) |
Net increase/(decrease) in cash generated by the discontinued operations | 1.9 | (1.6) |
| 30 September | |
| 2025 | |
| \u00a3m | |
| Assets classified as held for sale: | |
Goodwill | 110. 2 |
Intangible fixed assets | 76.1 |
Tangible fixed assets | 0.2 |
Right-of-use assets | 2.0 |
Trade and other receivables | 5.1 |
Cash and cash equivalents | 3.9 |
Contract assets | 0.5 |
Total assets classified as held for sale | 198.0 |
| Liabilities associated with assets classified as held for sale: | |
Lease liabilities | (3.0) |
Trade and other payables | (6.2) |
Provisions | (0.3) |
Deferred revenue | (24.7) |
Current tax liability | (5.6) |
Total liabilities associated with assets classified as held for sale | (39.8) |
| 30 September | |
| 2024 | |
| \u00a3m | |
| Assets classified as held for sale: | |
Goodwill | 51.9 |
Intangible fixed assets | 0.1 |
Right-of-use assets | 0.4 |
Property, plant and equipment | 1.1 |
Inventories | 0.6 |
Trade and other receivables | 4.3 |
Contract assets | 3.1 |
Total assets classified as held for sale | 61.5 |
| Liabilities associated with assets classified as held for sale: | |
Trade and other payables | (1.4) |
Deferred revenue | (3 .1) |
Lease liabilities | (0.4) |
Provisions | (0.8) |
Total liabilities associated with assets classified as held for sale | (5.7) |
| Year | 16 month | |
| ended | period ended | |
| 30 September | 30 September | |
| 2025 | 2024 | |
| Discontinued operations | \u00a3m | \u00a3m |
Revenue (Note 3) | 66.5 | 87.4 |
Cost of sales | (19.0) | (26.7) |
Gross profit | 47.5 | 60.7 |
| Administrative expenses | ||
Individually Significant Items | \u2014 | (0.1) |
Depreciation and amortisation | (6.0) | (7.7 ) |
Other administrative expenses | (9.8) | (14.7) |
Total administrative expenses | (15.8) | (22.5) |
Operating profit | 31.7 | 38.2 |
Finance costs | (0.1) | (0.1) |
Profit before taxation | 31.6 | 3 8 .1 |
Tax expense (Note 8) | (5.4) | (3.4) |
Profit for the year/period from discontinued operations | 26.2 | 34.7 |
Exchange differences on translation of discontinued operations | (0.1) | (10.2) |
Other comprehensive income from discontinued operations | 26.1 | 24.5 |
Net cash inflow from operating activities | 39.6 | 37.0 |
Net cash outflow from investing activities | (0.3) | (1.6) |
Net cash outflow from financing activities | (37.4) | (37. 0) |
Net increase/(decrease) in cash generated by the discontinued operations | 1.9 | (1.6) |
| 30 September | |
| 2025 | |
| \u00a3m | |
| Assets classified as held for sale: | |
Goodwill | 110. 2 |
Intangible fixed assets | 76.1 |
Tangible fixed assets | 0.2 |
Right-of-use assets | 2.0 |
Trade and other receivables | 5.1 |
Cash and cash equivalents | 3.9 |
Contract assets | 0.5 |
Total assets classified as held for sale | 198.0 |
| Liabilities associated with assets classified as held for sale: | |
Lease liabilities | (3.0) |
Trade and other payables | (6.2) |
Provisions | (0.3) |
Deferred revenue | (24.7) |
Current tax liability | (5.6) |
Total liabilities associated with assets classified as held for sale | (39.8) |
| 30 September | |
| 2024 | |
| \u00a3m | |
| Assets classified as held for sale: | |
Goodwill | 51.9 |
Intangible fixed assets | 0.1 |
Right-of-use assets | 0.4 |
Property, plant and equipment | 1.1 |
Inventories | 0.6 |
Trade and other receivables | 4.3 |
Contract assets | 3.1 |
Total assets classified as held for sale | 61.5 |
| Liabilities associated with assets classified as held for sale: | |
Trade and other payables | (1.4) |
Deferred revenue | (3 .1) |
Lease liabilities | (0.4) |
Provisions | (0.8) |
Total liabilities associated with assets classified as held for sale | (5.7) |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Trade payables | 4.6 | 4.6 | \u2014 | \u2014 |
Non-trade payables | 5.5 | 17.5 | \u2014 | 9.8 |
Accruals | 33.0 | 24.7 | \u2014 | \u2014 |
Amounts owed to Group companies | \u2014 | \u2014 | \u2014 | 0.1 |
Total | 43.1 | 46.8 | \u2014 | 9.9 |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Trade payables | 4.6 | 4.6 | \u2014 | \u2014 |
Non-trade payables | 5.5 | 17.5 | \u2014 | 9.8 |
Accruals | 33.0 | 24.7 | \u2014 | \u2014 |
Amounts owed to Group companies | \u2014 | \u2014 | \u2014 | 0.1 |
Total | 43.1 | 46.8 | \u2014 | 9.9 |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Trade payables | 4.6 | 4.6 | \u2014 | \u2014 |
Non-trade payables | 5.5 | 17.5 | \u2014 | 9.8 |
Accruals | 33.0 | 24.7 | \u2014 | \u2014 |
Amounts owed to Group companies | \u2014 | \u2014 | \u2014 | 0.1 |
Total | 43.1 | 46.8 | \u2014 | 9.9 |
| Onerous | ||||
| Loss-making | property | Other | ||
| contracts | costs | provisions | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Balance at 1 June 2023 | 1.0 | 1.4 | 0.3 | 2.7 |
Provisions created in the period | 0.3 | 3.0 | 0.1 | 3.4 |
Provisions released during the period | \u2014 | (0.2) | \u2014 | (0.2) |
Provisions utilised during the period | (0.5) | (1.0) | (0.3) | (1.8) |
Transferred to assets held for sale | (0.8) | \u2014 | \u2014 | (0.8) |
Balance at 30 September 2024 | \u2014 | 3.2 | 0.1 | 3.3 |
Provisions created in the year | \u2014 | 1.3 | \u2014 | 1.3 |
Provisions released during the year | \u2014 | (1.2) | \u2014 | (1.2) |
Provisions utilised during the year | \u2014 | (0.8) | (0.1) | (0.9) |
Transferred to assets held for sale | \u2014 | (0.3) | \u2014 | (0.3) |
Balance at 30 September 2025 | \u2014 | 2.2 | \u2014 | 2.2 |
| Analysed as follows (2025): | ||||
Current | \u2014 | 0.3 | \u2014 | 0.3 |
Non-current | \u2014 | 1.9 | \u2014 | 1.9 |
| Analysed as follows (2024): | ||||
Current | \u2014 | 1.3 | 0 .1 | 1.4 |
Non-current | \u2014 | 1.9 | \u2014 | 1.9 |
| Group | Group | |
| 2025 | 2024 | |
| \u00a3m | \u00a3m | |
| Analysed as follows: | ||
Current | 25.7 | 50.7 |
Non-current | 2.2 | 2.8 |
27.9 | 53.5 |
| Group | Group | ||
| 2025 | 2024 | ||
| Note | \u00a3m | \u00a3m | |
Receivables, which are included in trade and other receivables | 14 | 14.1 | 17. 3 |
Contract assets \u2013 accrued income | 19.4 | 2 0.1 | |
Contract costs \u2013 costs to fulfil | 14 | 3.5 | \u2014 |
Contract costs \u2013 costs to obtain | 14 | 3.5 | 1.2 |
| Expected | Expected | |||||
| Gross | credit losses | Net | Gross | credit losses | Net | |
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | |
| Group | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Contract assets: | ||||||
Not past due | 20.1 | (0.7) | 19.4 | 21.1 | (1.0) | 20.1 |
Total | 20.1 | (0.7) | 19.4 | 21.1 | (1.0) | 20.1 |
| Expected | |
| credit loss | |
| provision | |
| \u00a3m | |
Balance at 1 June 2023 | (0.2) |
Charged to the Income Statement | (0.8) |
Balance at 30 September 2024 | (1.0) |
Provision utilised during the year | 0.3 |
Balance at 30 September 2025 | (0.7) |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Cash and cash equivalents | 12.5 | 29.8 | \u2014 | 9.8 |
Bank overdraft | \u2014 | (13.6) | \u2014 | \u2014 |
Total cash at bank and in hand | 12.5 | 16.2 | \u2014 | 9.8 |
| Group | Group | Company | Company | ||
| 2025 | 2024 | 2025 | 2024 | ||
| Maturity | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Non-current liabilities | |||||
Revolving credit facility | 2029 | 3.3 | 61.5 | \u2014 | \u2014 |
Total borrowings | 3.3 | 61.5 | \u2014 | \u2014 |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Two to five years | 3.3 | 61.5 | \u2014 | \u2014 |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Non-current | ||||
| Variable rate: | ||||
Revolving credit facility | (3.3) | (61.5) | \u2014 | \u2014 |
Total loans and borrowings (excluding lease liabilities) | (3.3) | (61.5) | \u2014 | \u2014 |
| Current | ||||
Cash | 12.5 | 29.8 | \u2014 | 9.8 |
Bank overdraft | \u2014 | (13.6) | \u2014 | \u2014 |
Net cash/(debt) (excluding lease liabilities) 1 | 9.2 | (45.3) | \u2014 | 9.8 |
| Non-current | ||||
Lease liabilities | (15.4) | (21.9) | \u2014 | \u2014 |
| Current | ||||
Lease liabilities | (4.1) | (5.7) | \u2014 | \u2014 |
Net (debt)/cash 1 | (10.3) | (72.9) | \u2014 | 9.8 |
| 2025 | 2024 | |
| Group | \u00a3m | \u00a3m |
| Revolving credit facility/bank term loan: | ||
Drawdown on facility | 21.1 | 57.8 |
Repayment of facility | (80.3) | (75.0) |
Release of deferred arrangement fees | 0.2 | 0.6 |
Foreign exchange movement | 0.8 | (3.8) |
Movement in borrowings | (58.2) | (20.4) |
| IFRS 16 lease liability: | ||
New leases entered into | 4.5 | 8.9 |
Disposals | (2.8) | (0.7) |
Principal element of lease payments | (6.8) | (10.2) |
Lease liabilities held for sale (see Note 16) | (3.0) | (0.4) |
Movement in lease liabilities | (8.1) | (2.4) |
| 2025 | 2024 | |||||
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Financial liabilities at fair value through profit or loss | \u2014 | \u2014 | \u2014 | \u2014 | 0.8 | \u2014 |
Financial assets at fair value through profit or loss | \u2014 | 0.9 | \u2014 | \u2014 | \u2014 | \u2014 |
Total financial asset/liabilities | \u2014 | 0.9 | \u2014 | \u2014 | 0.8 | \u2014 |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Trade receivables | 14.1 | 17.3 | \u2014 | \u2014 |
Other receivables | 1.0 | 1.1 | \u2014 | \u2014 |
Amounts owed by Group undertakings | \u2014 | \u2014 | 34.2 | 43.1 |
Contract assets | 19.4 | 20.1 | \u2014 | \u2014 |
Cash and cash equivalents | 12.5 | 29.8 | \u2014 | 9.8 |
Total | 47.0 | 68.3 | 34.2 | 52.9 |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| Trade and other receivables by geographical segment | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
UK | 6.8 | 8.0 | \u2014 | \u2014 |
APAC | 0.7 | 1.1 | \u2014 | \u2014 |
North America | 5.1 | 4.9 | \u2014 | \u2014 |
Europe | 2.5 | 4.4 | \u2014 | \u2014 |
Total | 15.1 | 18.4 | \u2014 | \u2014 |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| Trade and other receivables by business segment | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Cyber Security | 14.8 | 15.7 | \u2014 | \u2014 |
Escode | \u2014 | 2.5 | \u2014 | \u2014 |
Central and head office | 0.3 | 0.2 | \u2014 | \u2014 |
Total | 15.1 | 18.4 | \u2014 | \u2014 |
| Carrying | Contractual | 1\u20132 | 2\u20135 | 5+ | ||
| amount | cash flows | <1 year | years | years | years | |
| At 30 September 2025 | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Borrowings | (3.3) | (6.1) | (0.3) | (0.3) | (5.5) | \u2014 |
Lease liabilities | (19.5) | (16.7) | (3.3) | (3.7) | (5.7) | (4.0) |
Trade and other payables | (43.1) | (43.1) | (43.1) | \u2014 | \u2014 | \u2014 |
| Carrying | Contractual | 1\u20132 | 2\u20135 | 5+ | ||
| amount | cash flows | <1 year | years | years | years | |
| At 30 September 2024 | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Borrowings | (61.5) | (73.9) | (3.8) | (3.8) | (66.3) | \u2014 |
Bank overdraft | (13.6) | (13.6) | (13.6) | \u2014 | \u2014 | \u2014 |
Lease liabilities | (27.6) | (32.5) | (8.0) | (6.6) | (13.6) | (4.3) |
Trade and other payables | (46.8) | (46.8) | (46.8) | \u2014 | \u2014 | \u2014 |
| 2025 | 2024 | |||||||||
| Sterling | EUR | USD | Other | Total | Sterling | EUR | USD | Other | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Trade receivables | 8.4 | 2.9 | 1.9 | 0.9 | 14.1 | 7. 6 | 2.0 | 7.4 | 0.3 | 17. 3 |
Other receivables | 1.0 | \u2014 | \u2014 | \u2014 | 1.0 | 1.1 | \u2014 | \u2014 | \u2014 | 1.1 |
Contract assets | 7.8 | 3.8 | 6.1 | 1.7 | 19.4 | 7.9 | 3.4 | 6.5 | 2.3 | 20.1 |
Cash and cash equivalents | 2.7 | 3.5 | 4.3 | 2.0 | 12.5 | 18.0 | 4.1 | 4.5 | 3.2 | 29.8 |
Bank overdraft | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (11.9) | \u2014 | (1.7) | \u2014 | (13.6) |
Borrowings | 1.9 | \u2014 | (5.2) | \u2014 | (3.3) | (19.0) | \u2014 | (42.5) | \u2014 | (61.5) |
Lease liabilities | (9.7) | (3.8) | (3.0) | (3.0) | (19.5) | (16.0) | (3.2) | (4.9) | (3.5) | (27. 6) |
Trade and other payables | (28.7) | (5.6) | (6.2) | (2.6) | (43.1) | (32.7) | (3.9) | (7.6) | (2.6) | (46.8) |
Total | (16.6) | 0.8 | (2.1) | (1.0) | (18.9) | (45.0) | 2.4 | (38.3) | (0.3) | (81.2) |
| 2025 | 2024 | |
| Group | \u00a3m | \u00a3m |
Sterling denominated financial assets | 2.7 | 18.0 |
Euro denominated financial assets | 3.5 | 4.1 |
US Dollar denominated financial assets | 4.3 | 4.5 |
Other denominated financial assets | 2.0 | 3.2 |
Total | 12.5 | 29.8 |
| 2025 | 2024 | |
| Company | \u00a3m | \u00a3m |
| Financial assets | ||
Sterling denominated financial assets | \u2014 | 9.8 |
Amounts owed by Group undertakings | 34.2 | 43.1 |
Total | 34.2 | 52.9 |
| Financial liabilities | ||
Sterling denominated financial liabilities | \u2014 | 9.8 |
Amounts owed to Group undertakings | \u2014 | 0.1 |
Total | \u2014 | 9.9 |
| 2025 | 2024 | |||||||||
| Sterling | EUR | USD | Other | Total | Sterling | EUR | USD | Other | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Less than one year | (30.4) | (6.3) | (7.3) | (3.2) | (47. 2) | (34.9) | (5.0) | (9.1) | (3.4) | (52.4) |
Two to five years | (3.2) | (1.8) | (7.1) | (2.2) | (14.3) | (28.6) | (2.1) | (46.0) | (2.8) | (79.5) |
More than five years | (3.0) | (1.3) | \u2014 | (0.1) | (4.4) | (4.0) | \u2014 | \u2014 | \u2014 | (4.0) |
Total | (36.6) | (9.4) | (14.4) | (5.5) | (65.9) | (67. 5) | ( 7.1) | (5 5.1) | (6.2) | (135.9) |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Cash and cash equivalents | 12.5 | 29.8 | \u2014 | 9.8 |
Bank overdraft | \u2014 | (13.6) | \u2014 | \u2014 |
Total cash at bank and in hand | 12.5 | 16.2 | \u2014 | 9.8 |
| Group | Group | Company | Company | ||
| 2025 | 2024 | 2025 | 2024 | ||
| Maturity | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Non-current liabilities | |||||
Revolving credit facility | 2029 | 3.3 | 61.5 | \u2014 | \u2014 |
Total borrowings | 3.3 | 61.5 | \u2014 | \u2014 |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Two to five years | 3.3 | 61.5 | \u2014 | \u2014 |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Non-current | ||||
| Variable rate: | ||||
Revolving credit facility | (3.3) | (61.5) | \u2014 | \u2014 |
Total loans and borrowings (excluding lease liabilities) | (3.3) | (61.5) | \u2014 | \u2014 |
| Current | ||||
Cash | 12.5 | 29.8 | \u2014 | 9.8 |
Bank overdraft | \u2014 | (13.6) | \u2014 | \u2014 |
Net cash/(debt) (excluding lease liabilities) 1 | 9.2 | (45.3) | \u2014 | 9.8 |
| Non-current | ||||
Lease liabilities | (15.4) | (21.9) | \u2014 | \u2014 |
| Current | ||||
Lease liabilities | (4.1) | (5.7) | \u2014 | \u2014 |
Net (debt)/cash 1 | (10.3) | (72.9) | \u2014 | 9.8 |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Cash and cash equivalents | 12.5 | 29.8 | \u2014 | 9.8 |
Bank overdraft | \u2014 | (13.6) | \u2014 | \u2014 |
Total cash at bank and in hand | 12.5 | 16.2 | \u2014 | 9.8 |
| Group | Group | Company | Company | ||
| 2025 | 2024 | 2025 | 2024 | ||
| Maturity | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Non-current liabilities | |||||
Revolving credit facility | 2029 | 3.3 | 61.5 | \u2014 | \u2014 |
Total borrowings | 3.3 | 61.5 | \u2014 | \u2014 |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Two to five years | 3.3 | 61.5 | \u2014 | \u2014 |
| 2025 | 2024 | |
| Group | \u00a3m | \u00a3m |
| Revolving credit facility/bank term loan: | ||
Drawdown on facility | 21.1 | 57.8 |
Repayment of facility | (80.3) | (75.0) |
Release of deferred arrangement fees | 0.2 | 0.6 |
Foreign exchange movement | 0.8 | (3.8) |
Movement in borrowings | (58.2) | (20.4) |
| IFRS 16 lease liability: | ||
New leases entered into | 4.5 | 8.9 |
Disposals | (2.8) | (0.7) |
Principal element of lease payments | (6.8) | (10.2) |
Lease liabilities held for sale (see Note 16) | (3.0) | (0.4) |
Movement in lease liabilities | (8.1) | (2.4) |
| 2025 | 2024 | |||||
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Financial liabilities at fair value through profit or loss | \u2014 | \u2014 | \u2014 | \u2014 | 0.8 | \u2014 |
Financial assets at fair value through profit or loss | \u2014 | 0.9 | \u2014 | \u2014 | \u2014 | \u2014 |
Total financial asset/liabilities | \u2014 | 0.9 | \u2014 | \u2014 | 0.8 | \u2014 |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Trade receivables | 14.1 | 17.3 | \u2014 | \u2014 |
Other receivables | 1.0 | 1.1 | \u2014 | \u2014 |
Amounts owed by Group undertakings | \u2014 | \u2014 | 34.2 | 43.1 |
Contract assets | 19.4 | 20.1 | \u2014 | \u2014 |
Cash and cash equivalents | 12.5 | 29.8 | \u2014 | 9.8 |
Total | 47.0 | 68.3 | 34.2 | 52.9 |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| Trade and other receivables by geographical segment | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
UK | 6.8 | 8.0 | \u2014 | \u2014 |
APAC | 0.7 | 1.1 | \u2014 | \u2014 |
North America | 5.1 | 4.9 | \u2014 | \u2014 |
Europe | 2.5 | 4.4 | \u2014 | \u2014 |
Total | 15.1 | 18.4 | \u2014 | \u2014 |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| Trade and other receivables by business segment | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Cyber Security | 14.8 | 15.7 | \u2014 | \u2014 |
Escode | \u2014 | 2.5 | \u2014 | \u2014 |
Central and head office | 0.3 | 0.2 | \u2014 | \u2014 |
Total | 15.1 | 18.4 | \u2014 | \u2014 |
| Carrying | Contractual | 1\u20132 | 2\u20135 | 5+ | ||
| amount | cash flows | <1 year | years | years | years | |
| At 30 September 2025 | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Borrowings | (3.3) | (6.1) | (0.3) | (0.3) | (5.5) | \u2014 |
Lease liabilities | (19.5) | (16.7) | (3.3) | (3.7) | (5.7) | (4.0) |
Trade and other payables | (43.1) | (43.1) | (43.1) | \u2014 | \u2014 | \u2014 |
| Carrying | Contractual | 1\u20132 | 2\u20135 | 5+ | ||
| amount | cash flows | <1 year | years | years | years | |
| At 30 September 2024 | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Borrowings | (61.5) | (73.9) | (3.8) | (3.8) | (66.3) | \u2014 |
Bank overdraft | (13.6) | (13.6) | (13.6) | \u2014 | \u2014 | \u2014 |
Lease liabilities | (27.6) | (32.5) | (8.0) | (6.6) | (13.6) | (4.3) |
Trade and other payables | (46.8) | (46.8) | (46.8) | \u2014 | \u2014 | \u2014 |
| 2025 | 2024 | |||||||||
| Sterling | EUR | USD | Other | Total | Sterling | EUR | USD | Other | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Trade receivables | 8.4 | 2.9 | 1.9 | 0.9 | 14.1 | 7. 6 | 2.0 | 7.4 | 0.3 | 17. 3 |
Other receivables | 1.0 | \u2014 | \u2014 | \u2014 | 1.0 | 1.1 | \u2014 | \u2014 | \u2014 | 1.1 |
Contract assets | 7.8 | 3.8 | 6.1 | 1.7 | 19.4 | 7.9 | 3.4 | 6.5 | 2.3 | 20.1 |
Cash and cash equivalents | 2.7 | 3.5 | 4.3 | 2.0 | 12.5 | 18.0 | 4.1 | 4.5 | 3.2 | 29.8 |
Bank overdraft | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (11.9) | \u2014 | (1.7) | \u2014 | (13.6) |
Borrowings | 1.9 | \u2014 | (5.2) | \u2014 | (3.3) | (19.0) | \u2014 | (42.5) | \u2014 | (61.5) |
Lease liabilities | (9.7) | (3.8) | (3.0) | (3.0) | (19.5) | (16.0) | (3.2) | (4.9) | (3.5) | (27. 6) |
Trade and other payables | (28.7) | (5.6) | (6.2) | (2.6) | (43.1) | (32.7) | (3.9) | (7.6) | (2.6) | (46.8) |
Total | (16.6) | 0.8 | (2.1) | (1.0) | (18.9) | (45.0) | 2.4 | (38.3) | (0.3) | (81.2) |
| 2025 | 2024 | |
| Group | \u00a3m | \u00a3m |
Sterling denominated financial assets | 2.7 | 18.0 |
Euro denominated financial assets | 3.5 | 4.1 |
US Dollar denominated financial assets | 4.3 | 4.5 |
Other denominated financial assets | 2.0 | 3.2 |
Total | 12.5 | 29.8 |
| 2025 | 2024 | |
| Company | \u00a3m | \u00a3m |
| Financial assets | ||
Sterling denominated financial assets | \u2014 | 9.8 |
Amounts owed by Group undertakings | 34.2 | 43.1 |
Total | 34.2 | 52.9 |
| Financial liabilities | ||
Sterling denominated financial liabilities | \u2014 | 9.8 |
Amounts owed to Group undertakings | \u2014 | 0.1 |
Total | \u2014 | 9.9 |
| 2025 | 2024 | |||||||||
| Sterling | EUR | USD | Other | Total | Sterling | EUR | USD | Other | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Less than one year | (30.4) | (6.3) | (7.3) | (3.2) | (47. 2) | (34.9) | (5.0) | (9.1) | (3.4) | (52.4) |
Two to five years | (3.2) | (1.8) | (7.1) | (2.2) | (14.3) | (28.6) | (2.1) | (46.0) | (2.8) | (79.5) |
More than five years | (3.0) | (1.3) | \u2014 | (0.1) | (4.4) | (4.0) | \u2014 | \u2014 | \u2014 | (4.0) |
Total | (36.6) | (9.4) | (14.4) | (5.5) | (65.9) | (67. 5) | ( 7.1) | (5 5.1) | (6.2) | (135.9) |
| 2025 | 2024 | |||||
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Financial liabilities at fair value through profit or loss | \u2014 | \u2014 | \u2014 | \u2014 | 0.8 | \u2014 |
Financial assets at fair value through profit or loss | \u2014 | 0.9 | \u2014 | \u2014 | \u2014 | \u2014 |
Total financial asset/liabilities | \u2014 | 0.9 | \u2014 | \u2014 | 0.8 | \u2014 |
| 2025 | 2024 | |||||
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Financial liabilities at fair value through profit or loss | \u2014 | \u2014 | \u2014 | \u2014 | 0.8 | \u2014 |
Financial assets at fair value through profit or loss | \u2014 | 0.9 | \u2014 | \u2014 | \u2014 | \u2014 |
Total financial asset/liabilities | \u2014 | 0.9 | \u2014 | \u2014 | 0.8 | \u2014 |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Trade receivables | 14.1 | 17.3 | \u2014 | \u2014 |
Other receivables | 1.0 | 1.1 | \u2014 | \u2014 |
Amounts owed by Group undertakings | \u2014 | \u2014 | 34.2 | 43.1 |
Contract assets | 19.4 | 20.1 | \u2014 | \u2014 |
Cash and cash equivalents | 12.5 | 29.8 | \u2014 | 9.8 |
Total | 47.0 | 68.3 | 34.2 | 52.9 |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| Trade and other receivables by geographical segment | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
UK | 6.8 | 8.0 | \u2014 | \u2014 |
APAC | 0.7 | 1.1 | \u2014 | \u2014 |
North America | 5.1 | 4.9 | \u2014 | \u2014 |
Europe | 2.5 | 4.4 | \u2014 | \u2014 |
Total | 15.1 | 18.4 | \u2014 | \u2014 |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| Trade and other receivables by business segment | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Cyber Security | 14.8 | 15.7 | \u2014 | \u2014 |
Escode | \u2014 | 2.5 | \u2014 | \u2014 |
Central and head office | 0.3 | 0.2 | \u2014 | \u2014 |
Total | 15.1 | 18.4 | \u2014 | \u2014 |
| Carrying | Contractual | 1\u20132 | 2\u20135 | 5+ | ||
| amount | cash flows | <1 year | years | years | years | |
| At 30 September 2025 | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Borrowings | (3.3) | (6.1) | (0.3) | (0.3) | (5.5) | \u2014 |
Lease liabilities | (19.5) | (16.7) | (3.3) | (3.7) | (5.7) | (4.0) |
Trade and other payables | (43.1) | (43.1) | (43.1) | \u2014 | \u2014 | \u2014 |
| Carrying | Contractual | 1\u20132 | 2\u20135 | 5+ | ||
| amount | cash flows | <1 year | years | years | years | |
| At 30 September 2024 | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Borrowings | (61.5) | (73.9) | (3.8) | (3.8) | (66.3) | \u2014 |
Bank overdraft | (13.6) | (13.6) | (13.6) | \u2014 | \u2014 | \u2014 |
Lease liabilities | (27.6) | (32.5) | (8.0) | (6.6) | (13.6) | (4.3) |
Trade and other payables | (46.8) | (46.8) | (46.8) | \u2014 | \u2014 | \u2014 |
| 2025 | 2024 | |||||||||
| Sterling | EUR | USD | Other | Total | Sterling | EUR | USD | Other | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Trade receivables | 8.4 | 2.9 | 1.9 | 0.9 | 14.1 | 7. 6 | 2.0 | 7.4 | 0.3 | 17. 3 |
Other receivables | 1.0 | \u2014 | \u2014 | \u2014 | 1.0 | 1.1 | \u2014 | \u2014 | \u2014 | 1.1 |
Contract assets | 7.8 | 3.8 | 6.1 | 1.7 | 19.4 | 7.9 | 3.4 | 6.5 | 2.3 | 20.1 |
Cash and cash equivalents | 2.7 | 3.5 | 4.3 | 2.0 | 12.5 | 18.0 | 4.1 | 4.5 | 3.2 | 29.8 |
Bank overdraft | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (11.9) | \u2014 | (1.7) | \u2014 | (13.6) |
Borrowings | 1.9 | \u2014 | (5.2) | \u2014 | (3.3) | (19.0) | \u2014 | (42.5) | \u2014 | (61.5) |
Lease liabilities | (9.7) | (3.8) | (3.0) | (3.0) | (19.5) | (16.0) | (3.2) | (4.9) | (3.5) | (27. 6) |
Trade and other payables | (28.7) | (5.6) | (6.2) | (2.6) | (43.1) | (32.7) | (3.9) | (7.6) | (2.6) | (46.8) |
Total | (16.6) | 0.8 | (2.1) | (1.0) | (18.9) | (45.0) | 2.4 | (38.3) | (0.3) | (81.2) |
| 2025 | 2024 | |
| Group | \u00a3m | \u00a3m |
Sterling denominated financial assets | 2.7 | 18.0 |
Euro denominated financial assets | 3.5 | 4.1 |
US Dollar denominated financial assets | 4.3 | 4.5 |
Other denominated financial assets | 2.0 | 3.2 |
Total | 12.5 | 29.8 |
| 2025 | 2024 | |
| Company | \u00a3m | \u00a3m |
| Financial assets | ||
Sterling denominated financial assets | \u2014 | 9.8 |
Amounts owed by Group undertakings | 34.2 | 43.1 |
Total | 34.2 | 52.9 |
| Financial liabilities | ||
Sterling denominated financial liabilities | \u2014 | 9.8 |
Amounts owed to Group undertakings | \u2014 | 0.1 |
Total | \u2014 | 9.9 |
| 2025 | 2024 | |||||||||
| Sterling | EUR | USD | Other | Total | Sterling | EUR | USD | Other | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Less than one year | (30.4) | (6.3) | (7.3) | (3.2) | (47. 2) | (34.9) | (5.0) | (9.1) | (3.4) | (52.4) |
Two to five years | (3.2) | (1.8) | (7.1) | (2.2) | (14.3) | (28.6) | (2.1) | (46.0) | (2.8) | (79.5) |
More than five years | (3.0) | (1.3) | \u2014 | (0.1) | (4.4) | (4.0) | \u2014 | \u2014 | \u2014 | (4.0) |
Total | (36.6) | (9.4) | (14.4) | (5.5) | (65.9) | (67. 5) | ( 7.1) | (5 5.1) | (6.2) | (135.9) |
| 2025 | ||||
| Expected term of | Exercisable | Exercise | Number | |
| Date of grant | options | between | price | outstanding |
August 2018 | 7 years | August 2021\u2013August 2028 | \u00a32.20 | \u2014 |
September 2019 | 7 years | September 2022\u2013September 2029 | \u00a31.79 | 10 6,136 |
| 2025 | ||||
| Expected term of | Exercisable | Exercise | Number | |
| Date of grant | options | between | price | outstanding |
May 2021 | 3 years | May 2024\u2013October 2024 | \u00a32.15 | \u2014 |
May 2021 | 3 years | May 2024\u2013October 2024 | \u00a32.15 | \u2014 |
May 2022 | 3 years | May 2025\u2013October 2025 | \u00a31.52 | 98,445 |
May 2022 | 3 years | May 2025\u2013October 2025 | \u00a31.52 | 227, 28 8 |
May 2023 | 3 years | June 2026\u2013November 2026 | \u00a31.26 | 99,093 |
May 2023 | 3 years | June 2026\u2013November 2026 | \u00a31.26 | 273,269 |
May 2024 | 3 years | June 2027\u2013November 2027 | \u00a30.99 | 264,400 |
May 2024 | 3 years | June 2027\u2013November 2027 | \u00a30.99 | 1,306,128 |
July 2025 | 3 years | August 2028\u2013January 2029 | \u00a31.14 | 168,854 |
July 2025 | 3 years | August 2028\u2013January 2029 | \u00a31.14 | 623,723 |
| 2025 | ||||
| Expected term of | Exercise | Number | ||
| Date of grant | options | Exercisable in | price | outstanding |
May 2024 | 1 year | May 2025 | \u00a31.09 | \u2014 |
July 2025 | 1 year | July 2026 | \u00a31.23 | 61,478 |
| 2025 | ||||
| Expected term of | Exercisable | Exercise | Number | |
| Date of grant | options | between | price | outstanding |
September 2019 | 7 years | September 2022\u2013September 2029 | \u00a31.82 | 16,482 |
| 2025 | ||||
| Expected term | Exercisable | Exercise | Number | |
| Date of grant | of options | between | price | outstanding |
March 2020 | 3 years | June 2022\u2013August 2024 | \u00a3nil | \u2014 |
May 2021 | 3 years | June 2023\u2013August 2025 | \u00a3nil | \u2014 |
November 2021 | 3 years | June 2024\u2013November 2031 | \u00a3nil | \u2014 |
October 2022 | 3 years | October 2025\u2013October 2032 | \u00a3nil | 677,916 |
November 2022 | 3 years | November 2025\u2013November 2032 | \u00a3nil | \u2014 |
October 2023 | 3 years | October 2026\u2013October 2033 | \u00a3nil | 1,606,795 |
February 2024 | 3 years | February 2027\u2013February 2034 | \u00a3nil | 65,412 |
June 2024 | 3 years | October 2027\u2013June 2034 | \u00a3nil | 2,839,374 |
January 2025 | 3 years | January 2028\u2013January 2035 | \u00a3nil | 78,185 |
| 2025 | ||||
| Expected term | Exercisable | Exercise | Number | |
| Date of grant | of options | between | price | outstanding |
May 2021 | 2/3 years | 50% exercisable August 2022 to August 2031, | \u00a3nil (\u00a30.01 in the | 16,500 |
| 50% exercisable August 2023 to August 2031 | US and Canada) | |||
November 2021 | 2/3 years | 50% exercisable October 2023 to August 2032, | \u00a3nil (\u00a30.01 in the | 52,950 |
| 50% exercisable October 2024 to August 2032 | US and Canada) | |||
October 2022 | 2/3 years | 50% exercisable October 2024 to October 2032, | \u00a3nil (\u00a30.01 in the | 197,776 |
| 50% exercisable October 2025 to October 2032 | US and Canada) | |||
November 2022 | 2/3 years | 50% exercisable November 2024 to November 2032, | \u00a3nil (\u00a30.01 in the | \u2014 |
| 50% exercisable November 2025 to November 2032 | US and Canada) | |||
October 2023 | 2/3 years | 50% exercisable September 2025 to September 2033, | \u00a3nil (\u00a30.01 in the | 1,128,278 |
| 50% exercisable September 2026 to September 2033 | US and Canada) | |||
February 2024 | 2/3 years | 50% exercisable February 2026 to February 2034, | \u00a3nil (\u00a30.01 in the | 42,636 |
| 50% exercisable February 2027 to February 2034 | US and Canada) | |||
January 2025 | 2/3 years | 50% exercisable January 2027 to February 2035, | \u00a3nil (\u00a30.01 in the | 1,647,182 |
| 50% exercisable January 2028 to February 2035 | US and Canada) | |||
July 2025 | 2/3 years | 50% exercisable July 2027 to July 2035, | \u00a3nil (\u00a30.01 in the | 145,132 |
| 50% exercisable July 2028 to July 2035 | US and Canada) |
| 2025 | ||||
| Expected term | Exercise | Number | ||
| Date of grant | of options | Exercisable in | price | outstanding |
October 2022 | 2 years | October 2024 | \u00a3nil | \u2014 |
October 2023 | 2 years | October 2025 | \u00a3nil | 12,207 |
August 2024 | 2 years | August 2026 | \u00a3nil | 174,434 |
December 2024 | 2 years | December 2026 | \u00a3nil | 92,559 |
| 2025 | ||||
| Expected term | Exercisable | Exercise | Number | |
| Date of grant | of options | between | price | outstanding |
July 2021 | 3 years | August 2022\u2013July 2031 | \u00a3nil | \u2014 |
November 2021 | 3 years | October 2023\u2013November 2031 | \u00a3nil | \u2014 |
January 2025 | 3 years | February 2026\u2013November 2035 | \u00a3nil | 9,776 |
| Option | Risk free | ||
Scheme | Grant date | expected term | interest rate |
CSOP scheme | August 2018\u2013September 2019 | 7 years | 0.35%\u20132.00% |
Sharesave scheme | May 2021\u2013July 2025 | 3 years | 0.13%\u20135.53% |
ESPP scheme | May 2024\u2013July 2025 | 1 year | 4.63%\u20135.53% |
ISO scheme | September 2019 | 7 years | 0.38% |
LTIP scheme | March 2020\u2013January 2025 | 3 years | 0.21% |
RSP scheme | May 2021\u2013July 2025 | 10 years | N/A |
Deferred shares | October 2022\u2013December 2024 | 2 years | N/A |
Phantom schemes | July 2021\u2013January 2025 | 3 years | 5.53% |
| Weighted average | ||||||
| Weighted average | Weighted average | fair value of options | ||||
| Fair value at | fair value at | Exercise | exercise value at | granted during the | ||
Scheme | Grant date | measurement date | measurement date | price | measurement date | year |
CSOP scheme | August 2018\u2013September 2019 | \u00a30.55\u2013\u00a30.63 | \u00a30.55 | \u00a31.79 \u2013 \u00a32.09 | \u00a31.79 | N/A |
Sharesave scheme | May 2021\u2013July 2025 | \u00a30.39\u2013\u00a30.86 | \u00a30.51 | \u00a30.9 9 \u2013 \u00a32.15 | \u00a31.12 | \u00a30.52 |
ESPP scheme | May 2024\u2013July 2025 | \u00a30.34\u2013\u00a30.37 | \u00a30.34 | \u00a31.09\u2013\u00a31.23 | \u00a31.23 | \u00a30.34 |
ISO scheme | September 2019 | \u00a30.54 | \u00a30.54 | \u00a31.82 | \u00a31.82 | N/A |
LTIP scheme | March 2020\u2013January 2025 | \u00a30.90\u2013\u00a32.31 | \u00a31.30 | \u00a3nil | \u00a3nil | \u00a31.30 |
RSP scheme | May 2021\u2013July 2025 | \u00a30.90\u2013\u00a32.85 | \u00a31.22 | \u00a3nil | \u00a3nil | \u00a31.29 |
Deferred shares | October 2022\u2013December 2024 | \u00a31.11\u2013 \u00a31.55 | \u00a31.46 | \u00a3nil | \u00a3nil | \u00a31.34 |
Phantom schemes | July 2021\u2013January 2025 | \u00a31.36 \u2013\u00a32.87 | \u00a31.36 | \u00a3nil | \u00a3nil | \u00a31.36 |
| 2025 | 2024 | |||
| Number | 2025 | Number | 2024 | |
| \u2019000 | WAEP | \u2019000 | WAEP | |
Outstanding at beginning of year/period | 13,562 | \u00a30.33 | 11, 2 20 | \u00a30.61 |
Granted during the year/period | 2,997 | \u00a30.34 | 10,474 | \u00a30.23 |
Exercised during the year/period | (1,156) | \u00a30.28 | (2,049) | \u00a30.23 |
Forfeited in the year/period | (3,371) | \u00a30.44 | (6,083) | \u00a30.70 |
Outstanding at end of year/period | 12,032 | \u00a30.31 | 13,562 | \u00a30.33 |
Exercisable at end of year/period | 1,356 | \u00a30.53 | 1,690 | \u00a30.48 |
| Number of | Number of | ||||
| instruments | Instruments | instruments | |||
| as at | granted | Options | as at | ||
| 1 October | during | exercised in | Forfeitures | 30 September | |
| Scheme | 2024 | the year | the year | in the year 2025 | |
CSOP schemes | 161,998 | \u2014 | \u2014 | (55,862) | 106,136 |
Sharesave/SAYE schemes | 3,142,015 | 824,011 | (75,537) | (829,289) | 3,061,200 |
ESPP schemes | 360,960 | 70,413 | (204,492) | (165,403) | 61,478 |
ISO schemes | 21,976 | \u2014 | \u2014 | (5,494) | 16,482 |
LTIP schemes | 7,011, 251 | 78,185 | (158,772) | (1,662,982) | 5,267,682 |
RSP scheme | 2,675,796 | 1,922,037 | (715,543) | (651,838) | 3,230,452 |
Deferred shares | 186,641 | 92,559 | \u2014 | \u2014 | 279,200 |
Phantom schemes | 1,500 | 9,776 | (1,500) | \u2014 | 9,776 |
13,562,137 | 2,996,981 | (1,155,844) | (3,370,868) | 12,032,406 |
| 2025 | 2024 | |||
| Number | Number | 2025 | 2024 | |
| Allotted, called up and fully paid | of shares | of shares | \u00a3m | \u00a3m |
Ordinary shares of 1p each at the beginning of the year/period | 314,524,630 | 312,128,892 | 3.1 | 3.1 |
Ordinary shares of 1p each issued in the year/period | 481,449 | 2,395,738 | \u2014 | \u2014 |
Ordinary shares of 1p each at the end of the year/period | 315,006,079 | 314,524,630 | 3.1 | 3.1 |
| 2025 | 2024 | |||
| Number | Number | 2025 | 2024 | |
| Allotted, called up and fully paid | of shares | of shares | \u00a3m | \u00a3m |
Ordinary shares of 1p each at the beginning of the year/period | 314,524,630 | 312,128,892 | 3.1 | 3.1 |
Ordinary shares of 1p each issued in the year/period | 481,449 | 2,395,738 | \u2014 | \u2014 |
Ordinary shares of 1p each at the end of the year/period | 315,006,079 | 314,524,630 | 3.1 | 3.1 |
| 2025 | 2024 | |||
| Number | Number | 2025 | 2024 | |
| Allotted, called up and fully paid | of shares | of shares | \u00a3m | \u00a3m |
Ordinary shares of 1p each at the beginning of the year/period | 314,524,630 | 312,128,892 | 3.1 | 3.1 |
Ordinary shares of 1p each issued in the year/period | 481,449 | 2,395,738 | \u2014 | \u2014 |
Ordinary shares of 1p each at the end of the year/period | 315,006,079 | 314,524,630 | 3.1 | 3.1 |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Salary costs (including bonus) | 2.2 | 2.7 | \u2014 | \u2014 |
Social security costs | 0.3 | 0.4 | \u2014 | \u2014 |
Share-based payments | \u2014 | 0.3 | \u2014 | \u2014 |
Total | 2.5 | 3.4 | \u2014 | \u2014 |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Salary costs (including bonus) | 2.2 | 2.7 | \u2014 | \u2014 |
Social security costs | 0.3 | 0.4 | \u2014 | \u2014 |
Share-based payments | \u2014 | 0.3 | \u2014 | \u2014 |
Total | 2.5 | 3.4 | \u2014 | \u2014 |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Salary costs (including bonus) | 2.2 | 2.7 | \u2014 | \u2014 |
Social security costs | 0.3 | 0.4 | \u2014 | \u2014 |
Share-based payments | \u2014 | 0.3 | \u2014 | \u2014 |
Total | 2.5 | 3.4 | \u2014 | \u2014 |
| Shares in Group | |
| undertakings | |
| Company | \u00a3m |
At 1 June 2023 | 279.1 |
Increase in subsidiary investment for share-based charges | 2.3 |
Increase in subsidiary investment for below market value loan arrangement | 9.7 |
At 30 September 2024 | 291.1 |
Increase in subsidiary investment for share-based charges | 2.1 |
At 30 September 2025 | 293.2 |
Subsidiary undertakings | Country of incorporation | Principal activity | Registered office | ||
NCC Group Holdings Limited | England and Wales | Holding company | XYZ Building, 2 Hardman Boulevard, | ||
| Spinningfields, Manchester, England | |||||
M3 3AQ (XYZ 1 ) | |||||
NCC Group (Solutions) Limited | England and Wales | Holding company | XYZ 1 | ||
NCC Group Corporate Limited | England and Wales | Corporate cost centre | XYZ 1 | ||
NCC Group Finance Limited | England and Wales | Financing company | XYZ 1 | ||
The National Computing Centre Limited | England and Wales | Dormant | XYZ 1 | ||
NCC Group Software Resilience Limited | England and Wales | Holding company | XYZ 1 | ||
NCC Group Software Resilience (UK) Limited | England and Wales | Holding company | XYZ 1 | ||
NCC Services Limited | England and Wales | Escode | XYZ 1 | ||
NCC Group Escrow Limited | England and Wales | Dormant | XYZ 1 | ||
NCC Group Software Resilience (Europe) B.V. | Netherlands | Holding company | Barbara Strozzilaan 201, 1083HN | ||
| Amsterdam, Netherlands | |||||
NCC Group GmbH | Germany | Escode | c/o Deloitte Legal | ||
| Rechtsanwaltsgesellschaft mbH, | |||||
| Rosenheimer Platz 6, 81669, Munich, | |||||
| Bavaria, Germany | |||||
NCC Group Deutschland GmbH | Germany | Cyber Security | Leopoldstrasse Business Centre GmbH, | ||
| Konrad-Zuse-Platz 8, 81829, Munich, | |||||
| Germany | |||||
NCC Group Escrow Europe B.V. | Netherlands | Escode | Barbara Strozzilaan 201, 1083HN | ||
| Amsterdam, Netherlands | |||||
NCC Group Escrow Europe (Switzerland) AG | Switzerland | Escode | Ibelweg 18A, 6300 Zug, Switzerland | ||
NCC Group Software Resilience (MEA-APAC) Limited | England and Wales | Holding company | XYZ 1 | ||
NCC Group FZ-LLC | United Arab Emirates | Escode | F01-004, Building 5, Dubai, Media City, | ||
| Dubai, United Arab Emirates | |||||
NCC Group Cyber Security Limited | England and Wales | Holding company | XYZ 1 | ||
NCC Group Cyber Security (UK) Limited | England and Wales | Holding company | XYZ 1 | ||
NCC Group Security Services Limited | England and Wales | Cyber Security | XYZ 1 | ||
NCC Group Audit Limited | England and Wales | Cyber Security | XYZ 1 | ||
ArmstrongAdams Limited | England and Wales | Cyber Security | XYZ 1 | ||
NCC Group Signify Solutions Limited | England and Wales | Cyber Security | XYZ 1 | ||
NCC Group Accumuli Security Limited | England and Wales | Cyber Security | XYZ 1 | ||
NCC Group Cyber Security (Europe) B.V. | Netherlands | Holding company | Olof Palmestraat 6, 2616 LM Delft, | ||
Netherlands (Fox-IT 3 ) | |||||
NCC Group A/S | Denmark | Cyber Security | Lautruph\u00f8j 1, 2750 Ballerup, Denmark | ||
NCC Group Cyber Portuguesa, Unipessoal, LDA | Portugal | Cyber Security | Av. Ant\u00f3nio Augusto de Aguiar n\u00ba 19 \u2013 | ||
| 4\u00ba, 1050-012 Lisboa, Portugal | |||||
NCC Group Security Services Espana SLU | Spain | Cyber Security | Plaza Manuel G\u00f3mez Moreno, n\u00famero 2, | ||
| Edificio Alfredo Mahou, planta 19\u00aa, letra | |||||
B, | 2802 | 0, Madrid, Spain |
Undertaking | % interest | Country of incorporation | Principal activity |
Deposit AB | 24% | Sweden | Escode |
Subsidiary undertakings | Country of incorporation | Principal activity | Registered office | ||||
Cyber Assurance Sweden AB | Sweden | Cyber Security | c/o Advokatfirman Delphi, P.O. Box | ||||
143 | 2, 111 84 Stockholm | ||||||
Fox-IT Holding B.V. | Netherlands | Holding company | Olof Palmestraat 6, 2616 LM Delft, | ||||
Netherlands (Fox-IT 3 ) | |||||||
Fox-IT Group B.V. | Netherlands | Holding company | Fox-IT 3 | ||||
Fox-IT B.V. | Netherlands | Cyber Security | Fox-IT 3 | ||||
NCC Group Cyber Security (APAC) Limited | England and Wales | Holding company | XYZ 1 | ||||
NCC Group Pte Limited | Singapore | Cyber Security | Unit #10-09 PLUS Building, 20 Cecil | ||||
| Street, Singapore (049705) | |||||||
NCC Group Pty Limited | Australia | Cyber Security | Suite 23.01, Level 23, 45 Clarence | ||||
| Street, Sydney, NSW 2000, Australia | |||||||
Escode Australia Pty Limited | Australia | Software Resilience | Suite 23.01, Level 23, 45 Clarence | ||||
| Street, Sydney, NSW 2000, Australia | |||||||
NCC Group Japan KK | Japan | Cyber Security | Level 18, Yesibu Garden Place Tower, | ||||
| 4-20-3 Ebisu Shibuya-Ku, Tokyo, Japan | |||||||
NCC Group (Americas) Inc. | USA | Holding company | 11 East Adams Street, Suite 400 | ||||
| Chicago | |||||||
IL | 6 | 0 | 603, USA | ||||
(North America HQ 2 ) | |||||||
NCC Group, LLC | USA | Escode and central/ | North America HQ 2 | ||||
| head office costs | |||||||
NCC Group Cyber Security (Americas), LLC | USA | Holding company | North America HQ 2 | ||||
NCC Group Security Services, Inc. | USA | Cyber Security | North America HQ 2 | ||||
NCC Group Secure Registrar, Inc. | USA | Domain services | North America HQ 2 | ||||
NCC Group Domain Services, Inc. | USA | Domain services | North America HQ 2 | ||||
NCC Group Security Services Corporation | Canada | Cyber Security | Suite | 270 | 0, The Stack, 1133 Melville St, | ||
| Vancouver, BC V6E 4E5, Canada | |||||||
Payment Software Company, Inc. | USA | Cyber Security | North America HQ 2 | ||||
Payment Software Company Limited | England and Wales | Cyber Security | XYZ 1 | ||||
NCC Group Software Resilience (Americas) LLC | USA | Holding company | North America HQ 2 | ||||
NCC Group Escrow Associates, LLC | USA | Escode | North America HQ 2 | ||||
NCC Group Software Resilience (NA), LLC | USA | Escode | North America HQ 2 | ||||
NCC Group Asia, Inc. | Philippines | Cyber Security | 37F Seven/NEO, 4th Avenue Bonifacio | ||||
| Global City, Taguig City, Metro Manila, | |||||||
1634, | Philippines |
| Shares in Group | |
| undertakings | |
| Company | \u00a3m |
At 1 June 2023 | 279.1 |
Increase in subsidiary investment for share-based charges | 2.3 |
Increase in subsidiary investment for below market value loan arrangement | 9.7 |
At 30 September 2024 | 291.1 |
Increase in subsidiary investment for share-based charges | 2.1 |
At 30 September 2025 | 293.2 |
Subsidiary undertakings | Country of incorporation | Principal activity | Registered office | ||
NCC Group Holdings Limited | England and Wales | Holding company | XYZ Building, 2 Hardman Boulevard, | ||
| Spinningfields, Manchester, England | |||||
M3 3AQ (XYZ 1 ) | |||||
NCC Group (Solutions) Limited | England and Wales | Holding company | XYZ 1 | ||
NCC Group Corporate Limited | England and Wales | Corporate cost centre | XYZ 1 | ||
NCC Group Finance Limited | England and Wales | Financing company | XYZ 1 | ||
The National Computing Centre Limited | England and Wales | Dormant | XYZ 1 | ||
NCC Group Software Resilience Limited | England and Wales | Holding company | XYZ 1 | ||
NCC Group Software Resilience (UK) Limited | England and Wales | Holding company | XYZ 1 | ||
NCC Services Limited | England and Wales | Escode | XYZ 1 | ||
NCC Group Escrow Limited | England and Wales | Dormant | XYZ 1 | ||
NCC Group Software Resilience (Europe) B.V. | Netherlands | Holding company | Barbara Strozzilaan 201, 1083HN | ||
| Amsterdam, Netherlands | |||||
NCC Group GmbH | Germany | Escode | c/o Deloitte Legal | ||
| Rechtsanwaltsgesellschaft mbH, | |||||
| Rosenheimer Platz 6, 81669, Munich, | |||||
| Bavaria, Germany | |||||
NCC Group Deutschland GmbH | Germany | Cyber Security | Leopoldstrasse Business Centre GmbH, | ||
| Konrad-Zuse-Platz 8, 81829, Munich, | |||||
| Germany | |||||
NCC Group Escrow Europe B.V. | Netherlands | Escode | Barbara Strozzilaan 201, 1083HN | ||
| Amsterdam, Netherlands | |||||
NCC Group Escrow Europe (Switzerland) AG | Switzerland | Escode | Ibelweg 18A, 6300 Zug, Switzerland | ||
NCC Group Software Resilience (MEA-APAC) Limited | England and Wales | Holding company | XYZ 1 | ||
NCC Group FZ-LLC | United Arab Emirates | Escode | F01-004, Building 5, Dubai, Media City, | ||
| Dubai, United Arab Emirates | |||||
NCC Group Cyber Security Limited | England and Wales | Holding company | XYZ 1 | ||
NCC Group Cyber Security (UK) Limited | England and Wales | Holding company | XYZ 1 | ||
NCC Group Security Services Limited | England and Wales | Cyber Security | XYZ 1 | ||
NCC Group Audit Limited | England and Wales | Cyber Security | XYZ 1 | ||
ArmstrongAdams Limited | England and Wales | Cyber Security | XYZ 1 | ||
NCC Group Signify Solutions Limited | England and Wales | Cyber Security | XYZ 1 | ||
NCC Group Accumuli Security Limited | England and Wales | Cyber Security | XYZ 1 | ||
NCC Group Cyber Security (Europe) B.V. | Netherlands | Holding company | Olof Palmestraat 6, 2616 LM Delft, | ||
Netherlands (Fox-IT 3 ) | |||||
NCC Group A/S | Denmark | Cyber Security | Lautruph\u00f8j 1, 2750 Ballerup, Denmark | ||
NCC Group Cyber Portuguesa, Unipessoal, LDA | Portugal | Cyber Security | Av. Ant\u00f3nio Augusto de Aguiar n\u00ba 19 \u2013 | ||
| 4\u00ba, 1050-012 Lisboa, Portugal | |||||
NCC Group Security Services Espana SLU | Spain | Cyber Security | Plaza Manuel G\u00f3mez Moreno, n\u00famero 2, | ||
| Edificio Alfredo Mahou, planta 19\u00aa, letra | |||||
B, | 2802 | 0, Madrid, Spain |
Undertaking | % interest | Country of incorporation | Principal activity |
Deposit AB | 24% | Sweden | Escode |
Subsidiary undertakings | Country of incorporation | Principal activity | Registered office | ||||
Cyber Assurance Sweden AB | Sweden | Cyber Security | c/o Advokatfirman Delphi, P.O. Box | ||||
143 | 2, 111 84 Stockholm | ||||||
Fox-IT Holding B.V. | Netherlands | Holding company | Olof Palmestraat 6, 2616 LM Delft, | ||||
Netherlands (Fox-IT 3 ) | |||||||
Fox-IT Group B.V. | Netherlands | Holding company | Fox-IT 3 | ||||
Fox-IT B.V. | Netherlands | Cyber Security | Fox-IT 3 | ||||
NCC Group Cyber Security (APAC) Limited | England and Wales | Holding company | XYZ 1 | ||||
NCC Group Pte Limited | Singapore | Cyber Security | Unit #10-09 PLUS Building, 20 Cecil | ||||
| Street, Singapore (049705) | |||||||
NCC Group Pty Limited | Australia | Cyber Security | Suite 23.01, Level 23, 45 Clarence | ||||
| Street, Sydney, NSW 2000, Australia | |||||||
Escode Australia Pty Limited | Australia | Software Resilience | Suite 23.01, Level 23, 45 Clarence | ||||
| Street, Sydney, NSW 2000, Australia | |||||||
NCC Group Japan KK | Japan | Cyber Security | Level 18, Yesibu Garden Place Tower, | ||||
| 4-20-3 Ebisu Shibuya-Ku, Tokyo, Japan | |||||||
NCC Group (Americas) Inc. | USA | Holding company | 11 East Adams Street, Suite 400 | ||||
| Chicago | |||||||
IL | 6 | 0 | 603, USA | ||||
(North America HQ 2 ) | |||||||
NCC Group, LLC | USA | Escode and central/ | North America HQ 2 | ||||
| head office costs | |||||||
NCC Group Cyber Security (Americas), LLC | USA | Holding company | North America HQ 2 | ||||
NCC Group Security Services, Inc. | USA | Cyber Security | North America HQ 2 | ||||
NCC Group Secure Registrar, Inc. | USA | Domain services | North America HQ 2 | ||||
NCC Group Domain Services, Inc. | USA | Domain services | North America HQ 2 | ||||
NCC Group Security Services Corporation | Canada | Cyber Security | Suite | 270 | 0, The Stack, 1133 Melville St, | ||
| Vancouver, BC V6E 4E5, Canada | |||||||
Payment Software Company, Inc. | USA | Cyber Security | North America HQ 2 | ||||
Payment Software Company Limited | England and Wales | Cyber Security | XYZ 1 | ||||
NCC Group Software Resilience (Americas) LLC | USA | Holding company | North America HQ 2 | ||||
NCC Group Escrow Associates, LLC | USA | Escode | North America HQ 2 | ||||
NCC Group Software Resilience (NA), LLC | USA | Escode | North America HQ 2 | ||||
NCC Group Asia, Inc. | Philippines | Cyber Security | 37F Seven/NEO, 4th Avenue Bonifacio | ||||
| Global City, Taguig City, Metro Manila, | |||||||
1634, | Philippines |
| 2025 | |
| \u00a3m | |
Attributable goodwill | (52.1) |
Intangible fixed assets | (0.1) |
Tangible fixed assets | (1.0) |
Right-of-use assets | (0.6) |
Inventories | (0.5) |
Trade and other receivables | (6.2) |
Contract assets | (2.2) |
Cash and cash equivalents | (4.2) |
Trade and other payables | 2.7 |
Deferred revenue | 2.8 |
Lease liabilities | 0.6 |
Provisions | 0.6 |
Cumulative currency translation adjustment | 7.9 |
Net assets disposed of | (52.3) |
Total consideration | 65.6 |
Transaction costs incurred in the year ended 30 September 2025 | (2.0) |
Gain on disposal \u2013 recognised as an Individually Significant Item (Note 4) | 11.3 |
Transaction costs incurred during the 16 month period ended 30 September 2024 | (1.5) |
Total transaction costs | (3.5) |
Overall gain on disposal (Note 4) | 9.8 |
| Satisfied by: | |
Cash and cash equivalents | 65.6 |
Total consideration | 65.6 |
| 2024 | |
| \u00a3m | |
Attributable goodwill | (5.9) |
Intangible fixed assets | (1.4) |
Trade and other receivables | (1.5) |
Trade and other payables | 0.1 |
Deferred revenue | 2.8 |
Deferred tax liability | 0.3 |
Net assets disposed of | (5.6) |
Consideration | 8.2 |
Transaction costs | (1.0) |
Gain on disposal \u2013 recognised as an Individually Significant Item (Note 4) | 1.6 |
| Satisfied by: | |
Cash and cash equivalents | 8.2 |
Total consideration | 8.2 |
Company name | Company registration no. |
NCC Group Software Resilience (MEA-APAC) Limited | 13295784 |
ArmstrongAdams Limited | 04270584 |
NCC Group Software Resilience Limited | 13247183 |
NCC Group Software Resilience (UK) Limited | 13298310 |
NCC Group Accumuli Security Limited | 03203561 |
NCC Group Audit Limited | 04323323 |
NCC Group Corporate Limited | 13247138 |
NCC Group Cyber Security limited | 13287219 |
NCC Group Cyber Security (APAC) Limited | 13294684 |
NCC Group Holdings Limited | 13325653 |
NCC Group Signify Solutions Limited | 03915262 |
NCC Group (Solutions) Limited | 03742757 |
Payment Software Company Limited | 10059024 |
NCC Group Finance Limited | 13350193 |
NCC Group Escrow Limited | 03081952 |
The National Computing Centre Limited | 04225835 |
NCC Group Cyber Security (UK) Limited | 13294277 |