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1. Accounting policies
Basis of preparation
The Group\u2019s consolidated financial statements have been prepared in accordance with UK-adopted
international accounting standards (UK-adopted IAS) and with the requirements of the Companies
Act 2006 as applicable to companies reporting under those standards.
The consolidated financial statements have been prepared under the historical cost convention,
except for business combinations, other financial liabilities, share based payments, and derivative
financial instruments measured at fair value, as referred to in the respective accounting policies below.
The consolidated financial statements are presented in GBP, being the functional currency of the
parent company. All values are rounded to the nearest 0.1 million (\u00a30.0), except as otherwise indicated.
Change in accounting policy
The accounting policy for treasury shares has been revised to transfer amounts out of the treasury
share reserve on exercise rather than on vesting which the Group believes provides users with more
relevant information. The only impact of this accounting policy change is within reserves, and the
classification of balances between treasury shares and retained earnings. The full impact can be
seen in the consolidated statement of changes in equity from 1 August 2024.
Basis of consolidation
The consolidated financial statements comprise the financial statements of the Company and its
subsidiaries as at 31 July 2026. Control is achieved when the Group is exposed, or has rights, to
variable returns from its involvement with the investee and has the ability to affect those returns
through its power over the investee.
The Group re-assesses whether or not it controls an investee if there are changes to the facts and
circumstances that indicate there are changes to one or more of the three elements of control. The
financial statements of subsidiaries are prepared for the same reporting periods using consistent
accounting policies. All intercompany transactions and balances, including unrealised profits arising
from intra-group transactions, have been eliminated on consolidation.
Going concern
The financial position of the Group, its cash flows and liquidity position are set out in the financial
statements. Furthermore, note 27 to the consolidated financial statements includes the Group\u2019s
objectives and policies for managing its capital, its financial risk management objectives, details
of its financial instruments and its exposure to credit and liquidity risk.
The financial statements have been prepared on a going concern basis. In adopting the going concern
basis, the Directors have considered external factors, including potential scenarios arising from the
political and macroeconomic uncertainty that has arisen in recent years, most recently from the conflict
involving Iran and America in the Middle East, and from the Group\u2019s other principal risks set out on pages
44 to 52. Under a severe but plausible downside scenario, the Group remains comfortably within its debt
facilities and the associated financial covenants within the period of assessment to 31 January 2028.
The Directors therefore believe, at the time of approving the financial statements, that the Company is
well placed to manage its business risks successfully and remains a going concern. The key facts and
assumptions in reaching this determination are summarised below.
Our financial position remains robust, with the new debt facilities of \u00a3340 million and an accordion of a
further \u00a3150 million, both maturing in September 2029. The financial covenants on these facilities are for
leverage (net debt/adjusted EBITDA) of not more than 3x and for interest cover (adjusted EBITDA/net
finance charges) of not less than 4x. As at 31 July 2026, leverage was 1.5 (31 July 2025: 1.2) and interest
cover was 10.8 (31 July 2025: 13.6).
Our base case scenario has been prepared using robust forecasts from each of our operating
companies, with each considering the risks and opportunities the businesses face.
We have then applied a severe but plausible downside scenario, based on a more severe downturn
than seen during the financial crisis and Covid-19 pandemic, in order to model the potential concurrent
impact of:
\u2022 a general economic slowdown reducing revenue by 15% compared with forecast, with a
corresponding reduction in variable cost base; and
\u2022 supply chain difficulties or input price increases reducing gross profit margin by 10%.
A reverse stress test scenario has also been modelled which shows a revenue contraction of c.19%
against the base case with no mitigations would be required to breach covenants. The likelihood of
this scenario occurring is considered extremely remote. Mitigations available within the control of
management include reducing discretionary capex and discretionary indirect costs.
Over the short period of our climate change assessment (aligned to our going concern assessment),
we have concluded that there is no material adverse impact of climate change and hence have not
included any impacts in either our base case or downside scenarios of our going concern assessment.
We have not experienced material adverse disruption during periods of adverse or extreme weather in
recent years, and we would not expect this to occur to a material level over the period of our going
concern assessment.
The Directors have concluded that the results of the scenario testing, combined with the significant
liquidity profile available under the revolving credit facility, confirm that the Group remains a going concern.
Foreign currencies
For the purpose of presenting consolidated financial information, the assets and liabilities of the Group\u2019s
foreign operations are expressed in GBP using exchange rates prevailing at the end of the reporting period.
Income and expenses are translated at the average exchange rate for the period. Exchange differences
arising are classified as other comprehensive income and are allocated to the foreign currency translation
reserve. All other translation differences are taken to profit and loss with the exception of differences on
foreign currency borrowings to the extent that they are used to finance or provide a hedge against Group
equity investments in foreign operations, in which case they are taken to other comprehensive income
together with the exchange difference on the net investment in these operations.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the Group\u2019s accounting policies, management is required to make judgements,
estimates and assumptions about the carrying amounts of assets and liabilities that are not readily
apparent from other sources.
The key judgement, apart from any involving estimations, that has the most significant effect on the
amounts recognised in the financial statements is the identification of the Group\u2019s cash generating
units (CGUs) and the grouping of those CGUs for goodwill impairment testing purposes. This
judgement could have a significant impact on the carrying value of goodwill and other intangible
assets in the financial statements. Hence, the Directors have concluded that this is a key judgement
under the scope of paragraph 122 of IAS 1. Further details can be found in note 13 (impairment
assessment of goodwill).
Valuation of ACI acquisition \u2013 customer relationships intangible and contingent consideration
financial liability
The material estimates relevant to the current financial year relate to inputs into the valuation of ACI
acquired customer relationships intangibles at acquisition date and contingent consideration liability.
Reasonably possible changes to key estimates in the valuation of these assets would have a material
impact on the carrying value of acquired customer relationships and hence the Directors have
concluded that this is a material accounting estimate. Further details can be found in note 15
(business combinations) and note 21 (other financial liabilities).
The Directors have concluded that there are no additional major sources of estimation uncertainty
that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and
liabilities within the next financial year.
Other judgements and estimates, which the Directors do not believe to be critical accounting
judgements or key sources of estimation uncertainty under the scope of paragraph 122 or 125 of IAS 1,
but for which additional disclosures have been made in the relevant notes, include estimates and
assumptions made related to: impairment assessment of goodwill (note 13), and assumptions relating
to future performance of recent acquisitions in the valuation of various contingent financial liabilities
(excluding ACI) (note 21).
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the revision affects only that period,
or in the period of the revision and future periods if the revision affects both current and future periods.
Separately disclosed items
The Group discloses some items on the face of the consolidated statement of comprehensive income
by virtue of their nature, size or incidence to allow a better understanding of the underlying trading
performance of the Group. These separately disclosed items include, but are not limited to, significant
restructuring costs and significant business combination and related integration and earn-out costs.
Revenue from contracts with customers (note 3)
Sale of products
Revenue from the sale of products is recognised at the point in time when control of the asset
is transferred to the buyer, usually on the delivery of the goods.
The Group considers whether there are other promises in the contract that are separate performance
obligations to which a portion of the transaction price needs to be allocated (e.g. warranties and
volume rebates). In determining the transaction price for the sale of ventilation products, the Group
considers the effects of variable consideration (if any).
Volume rebates
The Group provides retrospective volume rebates to certain customers once the quantity of products
purchased during the period exceeds a threshold specified in the contract.
Before including any amount of variable consideration in the transaction price, the Group considers
whether the amount of variable consideration is constrained. The Group determined that the estimates
of variable consideration are not constrained, other than with respect to volume rebates, based on its
historical experience, business forecasts and the current economic conditions. In addition, the
uncertainty on the variable consideration will be resolved within a short timeframe.
At the reporting date, the Directors make estimates of the amount of rebate that will become payable by
the Group under these agreements; to estimate the variable consideration for the expected future rebates,
the Group applies the expected value method for contracts with more than one volume threshold. Where
the respective customer has been engaged with the Group for a number of years, historical settlement
trends are also used to assist in ensuring an appropriate estimate is recorded at the reporting date and that
appropriate internal approvals and reviews take place before rebates are recorded.
The sales rebate provision is recognised within refund liabilities, rather than trade receivables, as a significant
proportion of the agreements across the Group do not provide for credit notes to be raised against receivable
balances. Rather, cash payment of the rebate amount due is expected. Furthermore, the majority of rebate
agreements do not contain a clause which provides a legally enforceable right to offset invoiced amounts.
Installation services
The Group provides installation services that are bundled together with the sale of equipment to a customer.
Contracts for bundled sales of equipment and installation services comprise two performance
obligations because the promises to transfer equipment and provide installation services are capable
of being distinct and separately identifiable. Accordingly, the Group allocates the transaction price
based on an estimate of the relative standalone selling prices of the equipment and the residual
approach for installation services.
The Group recognises revenue from installation services at a point in time after the service has been
performed; this is because installation of the ventilation equipment is generally over a small timeframe,
usually around one to two days.
Contract balances
There are no material contract assets or liabilities included within the statement of financial position, as
invoicing closely aligns with point of revenue recognition.
Segmental analysis (note 4)
The method of identifying reporting segments is based on internal management reporting information
that is regularly reviewed by the Chief Operating Decision-Maker, which is considered to be the Chief
Executive Officer of the Group.
In identifying its operating segments, management follows the Group\u2019s market sectors. These are UK,
Continental Europe (Nordics and Central Europe) and Australasia.
The measure of revenue reported to the Chief Operating Decision-Maker to assess performance is
total revenue for each operating segment. The measure of profit reported to the Chief Operating
Decision-Maker to assess performance is adjusted operating profit (see note 33 for definition) for
each operating segment. Gross profit and the analysis below segment profit is additional voluntary
information and not \u2018segment information\u2019 prepared in accordance with IFRS 8.
Finance revenue and costs are not allocated to individual operating segments as the underlying
instruments are managed on a Group basis.
Total assets and liabilities are not disclosed as this information is not provided by operating segment
to the Chief Operating Decision-Maker on a regular basis.
Finance income and costs (note 5)
Net financing costs comprise interest income on funds invested, changes in the fair value of financial
instruments and interest expense on borrowings. Interest income and expense is recognised as
it accrues in the statement of comprehensive income using the effective interest method.
Staff costs (note 6)
Pension
Contributions to defined contribution schemes are recognised in the statement of comprehensive
income in the period they become payable. The cost charged to the statement of comprehensive
income of providing retirement pensions for employees represents the amounts paid by the Group
to various defined contribution pension schemes operated by the Group in the financial period.
Income tax (note 9)
Current income tax assets and liabilities are measured at the amount expected to be recovered from,
or payable to, the taxation authorities. The tax rates and tax laws used to compute the amount are
those that are enacted at the reporting date. The Group\u2019s deferred tax policy is disclosed separately
later in this note.
Property, plant and equipment (note 11)
Property, plant and equipment is stated at cost, net of accumulated depreciation and impairment
losses, if any. Such cost includes the cost of replacing part of the property, plant and equipment; when
significant parts of property, plant and equipment are required to be replaced at intervals, the Group
recognises such parts as individual assets with specific useful lives and depreciates them accordingly.
All other repair and maintenance costs are recognised in the statement of comprehensive income
as incurred.
Depreciation is charged so as to write off the cost or valuation of assets, except freehold land, over
their estimated useful lives using the straight-line method.
Tangible assets arising from a business combination are recognised initially at fair value at the date
of acquisition.
The estimated useful lives, residual values and depreciation methods are reviewed at each year-end,
with the effect of any changes in estimates accounted for on a prospective basis.
The following useful lives are used in the calculation of depreciation:
Freehold buildings \u2013 30\u201350 years
Plant and machinery \u2013 5\u201310 years
Fixtures, fittings, tools, equipment and vehicles \u2013 4\u201310 years
Depreciation is charged to either cost of sales or administrative expenses based on how the asset is
used within the business.
Goodwill (note 12)
Goodwill is initially recognised at cost, being the excess of the aggregate of the consideration
transferred over the net identifiable assets acquired and liabilities assumed. During the measurement
period (12 months from the date of acquisition), adjustments could be made to goodwill as a result of
new information relating to events or circumstances relating to the acquisition date.
Following initial recognition, goodwill is measured at cost less any accumulated impairment losses.
Impairment assessment of goodwill (note 13)
Goodwill is required to be tested annually for impairment. An impairment loss is recognised for the
amount by which the asset\u2019s carrying amount exceeds its recoverable amount, where the recoverable
amount is the higher of the asset\u2019s fair value less costs of disposal and value-in-use.
Goodwill acquired through business combinations has been allocated, for impairment testing purposes,
to a group of CGUs. These grouped CGUs are the UK, Central Europe, Nordics and Australasia. This is
also the level at which management is monitoring the value of goodwill for internal management
purposes. The identification of the Group\u2019s CGUs used for impairment testing is considered a critical
judgement within the scope of paragraph 122 of IAS 1.
The Group\u2019s value-in-use calculation is based on a discounted cash flow model.
Intangible assets \u2013 other (note 14)
Intangible assets acquired in a business combination
Intangible assets acquired in a business combination are identified and recognised separately from
goodwill where they satisfy the definition of an intangible asset and their fair values can be measured
reliably. The cost of such intangible assets is their fair value at the business combination date.
The fair value of patents, trademarks and customer base acquired and recognised as part of a
business combination is determined using the relief from royalty method or multi-period excess
earnings method.
Research and development
Research costs are expensed as incurred. Development expenditure on an individual project is
recognised as an intangible asset when the Company can demonstrate: the technical feasibility
of completing the intangible asset so that it will be available for use or sale; its intention to complete and
its ability to use or sell the asset; how the asset will generate future economic benefits; the availability of
resources to complete the asset; and the ability to reliably measure the expenditure during development.
Software costs
Software that is not integral to an item of property, plant or equipment is recognised separately as an
intangible asset.
Subsequent measurement of intangible assets
Intangible assets with a finite life are amortised on a straight-line basis over their estimated useful lives
as follows:
Development costs 10 years
Software costs 5\u201310 years
Customer base 5\u201315 years
Trademarks 10\u201325 years
Patents/technology 5\u201320 years
The estimated useful life and amortisation methods are reviewed at the end of each reporting period,
with the effect of any changes in estimate being accounted for on a prospective basis.
Impairment of other non-current assets excluding goodwill
Assets that are subject to amortisation are reviewed for impairment whenever events or circumstances
indicate that the carrying amount may not be recoverable. At each reporting date, the Group
completes an assessment of indicators of impairment impacting non-current assets excluding
goodwill. If any such indication exists, the recoverable amount of the asset is estimated in order to
determine the extent of the impairment loss, if any.
Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates
the recoverable amount of the CGU to which the asset belongs. Where a reasonable and consistent
basis of allocation can be identified, corporate assets are also allocated to individual CGUs, or
otherwise they are allocated to the smallest group of CGUs for which a reasonable and consistent
allocation basis can be identified.
Business combinations (note 15)
Business combinations are accounted for using the acquisition method. The cost of the business
combination is measured as the aggregate of the consideration transferred, measured at fair value
on the date of the business combination. The business combination costs incurred are expensed.
When the Group acquires a business, it assesses the financial assets and liabilities assumed for
appropriate classification and designation in accordance with the contractual terms, economic
circumstances and pertinent conditions at the business combination date.
Contingent and/or deferred consideration (note 21) resulting from business combinations is accounted
for at fair value at the acquisition date as part of the business combination, and it is subsequently
re-measured to fair value at each reporting date, with changes in fair value recognised in profit or loss.
The key estimates and assumptions used in determining the discounted cash flows take into
consideration the probability of meeting each performance target and a discount factor.
Payment of contingent and deferred consideration is classified in the consolidated statement of cash
flows as investing activities up to the value of consideration liability initially recognised on acquisition.
To the extent that the payment is greater than the liability value booked at the acquisition date, any
excess value is presented within operating cash flows for contingent consideration and within financing
cash flows for deferred consideration.
Inventories (note 16)
Inventories are stated at the lower of cost and net realisable value.
The cost of work in progress and finished goods includes the cost of direct raw materials and labour
and an appropriate portion of fixed and variable overhead expenses based on normal operating
capacity but excludes borrowing costs. The cost of raw materials is purchase cost valued using a
first-in, first-out basis.
Finished goods and work in progress inventories acquired as part of business combinations is valued
at fair value less cost to sell. Fair value is estimated using a top down method, based on estimated
product sales prices, costs to complete and estimated selling/disposal costs.
Net realisable value represents the estimated selling price for inventories less all estimated costs
of completion and costs to sell.
Provisions are made to write down slow-moving, excess and obsolete items to net realisable value,
based on an assessment of technological and market developments and on an analysis of historical
and projected usage with regard to quantities on hand.
Financial instruments
The Group measures its financial assets either at amortised cost or at fair value through profit and loss,
depending on the purpose for which the asset was acquired. Financial assets held at amortised cost
include trade and other receivables and cash and cash equivalents. Financial assets held at fair value
through profit and loss include in the money forward exchange forward contracts.
The Group measures its financial liabilities either at amortised cost or at fair value through profit and
loss, depending on the purpose for which the liability was acquired. Financial liabilities held at
amortised costs include trade payables and accruals, lease liabilities, interest bearing bank loans and
provisions. Financial liabilities held at fair value through profit and loss include contingent and deferred
consideration and out of the money forward exchange contracts.
Trade and other receivables (note 17)
Trade and other receivables are carried at original invoice or contract amount less any provisions for
discounts and expected credit losses (ECLs).
The Group applies a simplified approach in calculating ECLs. Receivables are categorised by
common risk characteristics that are representative of the customers\u2019 abilities to pay all amounts
due in accordance with the contractual terms, including number of days past receivable due date.
The expected loss rates are calculated using the provision matrix approach. The provision matrix is
determined based on historical observed default rates over the expected life of the receivables and
is adjusted for forward-looking estimates.
Cash and cash equivalents (note 18)
Cash and short-term deposits comprise cash at banks and in hand and short-term deposits with an
original maturity of three months or less. Some regions of the Group have cash pooling arrangements
which offsets bank overdrafts against cash balances.
Trade payables and accruals (note 19)
Trade payables and accruals principally comprise amounts outstanding for trade purchases and
ongoing costs. These are recognised at the amounts expected to be paid.
Leases (note 20)
The Group leases a range of assets including property, plant and equipment and vehicles. The Group\u2019s
lease liabilities are included in interest-bearing loans and borrowings on the statement of financial position.
At the commencement date of the lease, the Group measures lease liabilities at the present value of
lease payments to be made over the lease term. The lease payments include fixed payments (including
in-substance fixed payments) less any lease incentives receivable. The lease payments also include the
exercise price of a purchase option reasonably certain to be exercised by the Group and payments of
penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate.
Leases are measured to the end of the lease term, including any extension options within Group
control, unless it is considered reasonably certain that the lease will be exited at an earlier available
break date.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the
lease commencement date where the interest rate implicit in the lease is not readily determinable.
Right-of-use assets are measured based on the value of corresponding lease liability, plus any lease
payments made at or before the commencement date, less any lease incentives received, any initial
direct costs, and any provision for restoration costs.
The carrying amount of lease liabilities and right-of-use assets are re-measured if there is a
modification or reassessment of lease terms, including a change in the contractual or assessed lease
term, a change in the lease payments or a change in the assessment of an option to purchase the
underlying asset.
Right-of-use assets are depreciated on a straight-line basis over the shorter of their estimated useful
life and the lease term.
Freehold buildings \u2013 up to 20 years
Plant and machinery \u2013 3\u20136 years
Fixtures, fittings, tools, equipment and vehicles \u2013 2\u20135 years
Depreciation charge is split between cost of sales and administrative expenses based on estimated
split of property usage between production and sales and administrative functions.
The Group applies the short-term lease recognition exemption to its short-term leases (i.e. those leases
that have a lease term of 12 months or less from the commencement date and do not contain a
purchase option). It also applies the lease of low-value assets recognition exemption to leases that are
considered to be low value. Lease payments on short-term leases and leases of low-value assets are
recognised as expense on a straight-line basis over the lease term.
Derivative financial instruments (note 21)
The Group enters into derivative financial instruments to manage its exposure to foreign exchange rate
risk. Instruments used are principally foreign exchange forward contracts. No derivative contracts have
been designated as hedges for accounting purposes.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are
subsequently re-measured to their fair value at the reporting date. The resulting gain or loss is
immediately recognised in the statement of comprehensive income.
Interest-bearing loans and borrowings (note 22)
Borrowings and other financial liabilities, including loans, are initially measured at fair value, net of
transaction costs.
Borrowings and other financial liabilities are subsequently measured at amortised cost using the
effective interest method. Finance cost includes the amortisation of initial transaction costs as well
as any interest payable while the liability is outstanding.
Provisions for warranties and property dilapidations (note 23)
Provisions for warranties are made with reference to the warranty period, recent trading history and
historical warranty claim information, and the view of management as to whether warranty claims are
expected.
Dilapidation provisions relate to estimated contractual restoration costs expected to be paid on exit
of the lease, discounted to present value.
Deferred tax (note 25)
Deferred tax is recognised on all temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current
tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income
taxes levied by the same taxation authority on either the same taxable entity or different taxable
entities and there is an intention to settle the balances on a net basis.
The carrying amount of deferred tax assets is reviewed at each reporting date.
Deferred tax is charged or credited to other comprehensive income if it relates to items that are
charged or credited to other comprehensive income. Similarly, deferred tax is charged or credited
directly to equity if it relates to items that are credited or charged directly to equity.
Management judgement is required to determine the amount of deferred tax assets that can be
recognised, based on the likely timing and level of future taxable profits together with an assessment
of the effect of future tax planning strategies. Uncertainties exist with respect to the interpretation of
complex tax regulations, changes in tax laws and the amount and timing of future taxable income.
Given the wide range of international business relationships and the long-term nature and
complexity of existing contractual agreements, differences arising between the actual results
and the assumptions made, or future changes to such assumptions, could necessitate future
adjustments to tax income and expense already recorded.
Dividends paid and proposed (note 26)
Dividends are recognised when they meet the criteria for recognition as a liability or when they
are paid.
Share-based payments (note 31)
Equity-settled transactions
The Group enters into equity-settled share-based payment transactions with its employees,
in particular as part of the Volution Long-term Incentive Plan.
The cost of equity-settled transactions is determined by the fair value at the date when the grant
is made using the valuation model detailed within note 31 and incorporates an assessment of relevant
performance conditions. The cost is recognised in employee benefits expense (note 6), together with
a corresponding increase in equity (share-based payment reserve), over the vesting period in which
the service and performance conditions are fulfilled. The amount to be expensed over the vesting
period is adjusted at each balance sheet date to reflect the number of awards for which conditions
are expected to be met, such that the amount ultimately recognised as an expense is based on the
number of awards that meet the conditions at the vesting date. The impact of the revision of original
estimates, if any, is recognised in the income statement with a corresponding adjustment to equity.
Treasury shares
The treasury shares reserve represents the cost of shares in Volution Group plc purchased in the
market and held by the Volution Employee Benefit Trust to satisfy obligations under the Group\u2019s share
incentive schemes. Treasury shares are recognised at cost and deducted from equity. No gain or loss
is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity
instruments. Any difference between the carrying amount and the consideration, if reissued, is
recognised in share premium. Shares are transferred out of treasury share reserve upon exercise of
awards under share incentive plans. Previously, shares were transferred out on vesting of awards and
the impact of this accounting policy change is presented as an immaterial change in the consolidated
statement of changes in equity.
Capital reserve
The capital reserve is the difference in share capital and reserves arising from the use of the pooling of
interest method for preparation of the financial statements in 2014. This is a non-distributable reserve.
Share-based payment reserve
The share-based payment reserve is used to recognise the value of equity-settled share-based
payments provided to key management personnel, as part of their remuneration. Refer to note 31
for further detail of these plans.
Foreign currency translation reserve
For the purpose of presenting consolidated financial information, the assets and liabilities of the
Group\u2019s foreign operations are expressed in GBP using exchange rates prevailing at the end of the
reporting period. Income and expenses are translated at the average exchange rate for the period.
Exchange differences arising are classified as other comprehensive income and are transferred to the
foreign currency translation reserve. All other translation differences are taken to profit and loss with
the exception of differences on foreign currency borrowings to the extent that they are used to finance
or provide a hedge against Group equity investments in foreign operations, in which case they are
taken to other comprehensive income together with the exchange difference on the net investment
in these operations.
New standards or interpretations
There are no standards or interpretations that have become effective since 1 August 2025 for annual
periods beginning on or after 1 January 2025 which have had a material impact on these consolidated
financial statements.
At the date of authorisation of these consolidated financial statements, the Group has not early
adopted the following new and revised IFRS Standards that have been issued but are not yet effective:
\u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to the classification and measurement of financial
instruments (effective after 1 January 2026).
\u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Contracts referencing nature-dependent electricity (effective
after 1 January 2026).
\u2022 IFRS 18 \u2018Presentation and disclosure in financial statements\u2019 (effective after 1 January 2027).
The Directors do not expect that the adoption of the standards listed above will have a material impact
on the reported performance measures within the consolidated financial statements of the Group in
future periods, other than presentational changes required under IFRS 18, the impact of which is still
being assessed. IFRS 18 will impact the presentation of the consolidated primary statements and
associated notes; the Directors are in the process of assessing the most appropriate format.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-373": { "value": "Basis of preparation The Group\u2019s consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards (UK-adopted IAS) and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The consolidated financial statements have been prepared under the historical cost convention, except for business combinations, other financial liabilities, share based payments, and derivative financial instruments measured at fair value, as referred to in the respective accounting policies below. The consolidated financial statements are presented in GBP, being the functional currency of the parent company. All values are rounded to the nearest 0.1 million (\u00a30.0), except as otherwise indicated. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-425": { "value": "The Group\u2019s consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards (UK-adopted IAS) and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The consolidated financial statements have been prepared under the historical cost convention, except for business combinations, other financial liabilities, share based payments, and derivative financial instruments measured at fair value, as referred to in the respective accounting policies below. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-426": { "value": "The consolidated financial statements are presented in GBP, being the functional currency of the parent company. All values are rounded to the nearest 0.1 million (\u00a30.0), except as otherwise indicated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-375": { "value": "Change in accounting policy The accounting policy for treasury shares has been revised to transfer amounts out of the treasury share reserve on exercise rather than on vesting which the Group believes provides users with more relevant information. The only impact of this accounting policy change is within reserves, and the classification of balances between treasury shares and retained earnings. The full impact can be seen in the consolidated statement of changes in equity from 1 August 2024. New standards or interpretations There are no standards or interpretations that have become effective since 1 August 2025 for annual periods beginning on or after 1 January 2025 which have had a material impact on these consolidated financial statements. At the date of authorisation of these consolidated financial statements, the Group has not early adopted the following new and revised IFRS Standards that have been issued but are not yet effective: \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to the classification and measurement of financial instruments (effective after 1 January 2026). \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Contracts referencing nature-dependent electricity (effective after 1 January 2026). \u2022 IFRS 18 \u2018Presentation and disclosure in financial statements\u2019 (effective after 1 January 2027). The Directors do not expect that the adoption of the standards listed above will have a material impact on the reported performance measures within the consolidated financial statements of the Group in future periods, other than presentational changes required under IFRS 18, the impact of which is still being assessed. IFRS 18 will impact the presentation of the consolidated primary statements and associated notes; the Directors are in the process of assessing the most appropriate format.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-374": { "value": "Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at 31 July 2026. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Group re-assesses whether or not it controls an investee if there are changes to the facts and circumstances that indicate there are changes to one or more of the three elements of control. The financial statements of subsidiaries are prepared for the same reporting periods using consistent accounting policies. All intercompany transactions and balances, including unrealised profits arising from intra-group transactions, have been eliminated on consolidation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-376": { "value": "Going concern The financial position of the Group, its cash flows and liquidity position are set out in the financial statements. Furthermore, note 27 to the consolidated financial statements includes the Group\u2019s objectives and policies for managing its capital, its financial risk management objectives, details of its financial instruments and its exposure to credit and liquidity risk. The financial statements have been prepared on a going concern basis. In adopting the going concern basis, the Directors have considered external factors, including potential scenarios arising from the political and macroeconomic uncertainty that has arisen in recent years, most recently from the conflict involving Iran and America in the Middle East, and from the Group\u2019s other principal risks set out on pages 44 to 52. Under a severe but plausible downside scenario, the Group remains comfortably within its debt facilities and the associated financial covenants within the period of assessment to 31 January 2028. The Directors therefore believe, at the time of approving the financial statements, that the Company is well placed to manage its business risks successfully and remains a going concern. The key facts and assumptions in reaching this determination are summarised below. Our financial position remains robust, with the new debt facilities of \u00a3340 million and an accordion of a further \u00a3150 million, both maturing in September 2029. The financial covenants on these facilities are for leverage (net debt/adjusted EBITDA) of not more than 3x and for interest cover (adjusted EBITDA/net finance charges) of not less than 4x. As at 31 July 2026, leverage was 1.5 (31 July 2025: 1.2) and interest cover was 10.8 (31 July 2025: 13.6). Our base case scenario has been prepared using robust forecasts from each of our operating companies, with each considering the risks and opportunities the businesses face. We have then applied a severe but plausible downside scenario, based on a more severe downturn than seen during the financial crisis and Covid-19 pandemic, in order to model the potential concurrent impact of: \u2022 a general economic slowdown reducing revenue by 15% compared with forecast, with a corresponding reduction in variable cost base; and \u2022 supply chain difficulties or input price increases reducing gross profit margin by 10%. A reverse stress test scenario has also been modelled which shows a revenue contraction of c.19% against the base case with no mitigations would be required to breach covenants. The likelihood of this scenario occurring is considered extremely remote. Mitigations available within the control of management include reducing discretionary capex and discretionary indirect costs. Over the short period of our climate change assessment (aligned to our going concern assessment), we have concluded that there is no material adverse impact of climate change and hence have not included any impacts in either our base case or downside scenarios of our going concern assessment. We have not experienced material adverse disruption during periods of adverse or extreme weather in recent years, and we would not expect this to occur to a material level over the period of our going concern assessment. The Directors have concluded that the results of the scenario testing, combined with the significant liquidity profile available under the revolving credit facility, confirm that the Group remains a going concern. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-377": { "value": "Foreign currencies For the purpose of presenting consolidated financial information, the assets and liabilities of the Group\u2019s foreign operations are expressed in GBP using exchange rates prevailing at the end of the reporting period. Income and expenses are translated at the average exchange rate for the period. Exchange differences arising are classified as other comprehensive income and are allocated to the foreign currency translation reserve. All other translation differences are taken to profit and loss with the exception of differences on foreign currency borrowings to the extent that they are used to finance or provide a hedge against Group equity investments in foreign operations, in which case they are taken to other comprehensive income together with the exchange difference on the net investment in these operations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-427": { "value": "Critical accounting judgements and key sources of estimation uncertainty In the application of the Group\u2019s accounting policies, management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The key judgement, apart from any involving estimations, that has the most significant effect on the amounts recognised in the financial statements is the identification of the Group\u2019s cash generating units (CGUs) and the grouping of those CGUs for goodwill impairment testing purposes. This judgement could have a significant impact on the carrying value of goodwill and other intangible assets in the financial statements. Hence, the Directors have concluded that this is a key judgement under the scope of paragraph 122 of IAS 1. Further details can be found in note 13 (impairment assessment of goodwill). Valuation of ACI acquisition \u2013 customer relationships intangible and contingent consideration financial liability The material estimates relevant to the current financial year relate to inputs into the valuation of ACI acquired customer relationships intangibles at acquisition date and contingent consideration liability. Reasonably possible changes to key estimates in the valuation of these assets would have a material impact on the carrying value of acquired customer relationships and hence the Directors have concluded that this is a material accounting estimate. Further details can be found in note 15 (business combinations) and note 21 (other financial liabilities). The Directors have concluded that there are no additional major sources of estimation uncertainty that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Other judgements and estimates, which the Directors do not believe to be critical accounting judgements or key sources of estimation uncertainty under the scope of paragraph 122 or 125 of IAS 1, but for which additional disclosures have been made in the relevant notes, include estimates and assumptions made related to: impairment assessment of goodwill (note 13), and assumptions relating to future performance of recent acquisitions in the valuation of various contingent financial liabilities (excluding ACI) (note 21). The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Separately disclosed items The Group discloses some items on the face of the consolidated statement of comprehensive income by virtue of their nature, size or incidence to allow a better understanding of the underlying trading performance of the Group. These separately disclosed items include, but are not limited to, significant restructuring costs and significant business combination and related integration and earn-out costs. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-378": { "value": "Critical accounting judgements and key sources of estimation uncertainty In the application of the Group\u2019s accounting policies, management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The key judgement, apart from any involving estimations, that has the most significant effect on the amounts recognised in the financial statements is the identification of the Group\u2019s cash generating units (CGUs) and the grouping of those CGUs for goodwill impairment testing purposes. This judgement could have a significant impact on the carrying value of goodwill and other intangible assets in the financial statements. Hence, the Directors have concluded that this is a key judgement under the scope of paragraph 122 of IAS 1. Further details can be found in note 13 (impairment assessment of goodwill). Valuation of ACI acquisition \u2013 customer relationships intangible and contingent consideration financial liability The material estimates relevant to the current financial year relate to inputs into the valuation of ACI acquired customer relationships intangibles at acquisition date and contingent consideration liability. Reasonably possible changes to key estimates in the valuation of these assets would have a material impact on the carrying value of acquired customer relationships and hence the Directors have concluded that this is a material accounting estimate. Further details can be found in note 15 (business combinations) and note 21 (other financial liabilities). The Directors have concluded that there are no additional major sources of estimation uncertainty that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Other judgements and estimates, which the Directors do not believe to be critical accounting judgements or key sources of estimation uncertainty under the scope of paragraph 122 or 125 of IAS 1, but for which additional disclosures have been made in the relevant notes, include estimates and assumptions made related to: impairment assessment of goodwill (note 13), and assumptions relating to future performance of recent acquisitions in the valuation of various contingent financial liabilities (excluding ACI) (note 21). The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Separately disclosed items The Group discloses some items on the face of the consolidated statement of comprehensive income by virtue of their nature, size or incidence to allow a better understanding of the underlying trading performance of the Group. These separately disclosed items include, but are not limited to, significant restructuring costs and significant business combination and related integration and earn-out costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-379": { "value": "Revenue from contracts with customers (note 3) Sale of products Revenue from the sale of products is recognised at the point in time when control of the asset is transferred to the buyer, usually on the delivery of the goods. The Group considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated (e.g. warranties and volume rebates). In determining the transaction price for the sale of ventilation products, the Group considers the effects of variable consideration (if any). Volume rebates The Group provides retrospective volume rebates to certain customers once the quantity of products purchased during the period exceeds a threshold specified in the contract. Before including any amount of variable consideration in the transaction price, the Group considers whether the amount of variable consideration is constrained. The Group determined that the estimates of variable consideration are not constrained, other than with respect to volume rebates, based on its historical experience, business forecasts and the current economic conditions. In addition, the uncertainty on the variable consideration will be resolved within a short timeframe. At the reporting date, the Directors make estimates of the amount of rebate that will become payable by the Group under these agreements; to estimate the variable consideration for the expected future rebates, the Group applies the expected value method for contracts with more than one volume threshold. Where the respective customer has been engaged with the Group for a number of years, historical settlement trends are also used to assist in ensuring an appropriate estimate is recorded at the reporting date and that appropriate internal approvals and reviews take place before rebates are recorded. The sales rebate provision is recognised within refund liabilities, rather than trade receivables, as a significant proportion of the agreements across the Group do not provide for credit notes to be raised against receivable balances. Rather, cash payment of the rebate amount due is expected. Furthermore, the majority of rebate agreements do not contain a clause which provides a legally enforceable right to offset invoiced amounts. Installation services The Group provides installation services that are bundled together with the sale of equipment to a customer. Contracts for bundled sales of equipment and installation services comprise two performance obligations because the promises to transfer equipment and provide installation services are capable of being distinct and separately identifiable. Accordingly, the Group allocates the transaction price based on an estimate of the relative standalone selling prices of the equipment and the residual approach for installation services. The Group recognises revenue from installation services at a point in time after the service has been performed; this is because installation of the ventilation equipment is generally over a small timeframe, usually around one to two days. Contract balances There are no material contract assets or liabilities included within the statement of financial position, as invoicing closely aligns with point of revenue recognition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-428": { "value": "Volume rebates The Group provides retrospective volume rebates to certain customers once the quantity of products purchased during the period exceeds a threshold specified in the contract. Before including any amount of variable consideration in the transaction price, the Group considers whether the amount of variable consideration is constrained. The Group determined that the estimates of variable consideration are not constrained, other than with respect to volume rebates, based on its historical experience, business forecasts and the current economic conditions. In addition, the uncertainty on the variable consideration will be resolved within a short timeframe. At the reporting date, the Directors make estimates of the amount of rebate that will become payable by the Group under these agreements; to estimate the variable consideration for the expected future rebates, the Group applies the expected value method for contracts with more than one volume threshold. Where the respective customer has been engaged with the Group for a number of years, historical settlement trends are also used to assist in ensuring an appropriate estimate is recorded at the reporting date and that appropriate internal approvals and reviews take place before rebates are recorded. The sales rebate provision is recognised within refund liabilities, rather than trade receivables, as a significant proportion of the agreements across the Group do not provide for credit notes to be raised against receivable balances. Rather, cash payment of the rebate amount due is expected. Furthermore, the majority of rebate agreements do not contain a clause which provides a legally enforceable right to offset invoiced amounts. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-380": { "value": "Segmental analysis (note 4) The method of identifying reporting segments is based on internal management reporting information that is regularly reviewed by the Chief Operating Decision-Maker, which is considered to be the Chief Executive Officer of the Group. In identifying its operating segments, management follows the Group\u2019s market sectors. These are UK, Continental Europe (Nordics and Central Europe) and Australasia. The measure of revenue reported to the Chief Operating Decision-Maker to assess performance is total revenue for each operating segment. The measure of profit reported to the Chief Operating Decision-Maker to assess performance is adjusted operating profit (see note 33 for definition) for each operating segment. Gross profit and the analysis below segment profit is additional voluntary information and not \u2018segment information\u2019 prepared in accordance with IFRS 8. Finance revenue and costs are not allocated to individual operating segments as the underlying instruments are managed on a Group basis. Total assets and liabilities are not disclosed as this information is not provided by operating segment to the Chief Operating Decision-Maker on a regular basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-458": { "value": "Finance income and costs (note 5) Net financing costs comprise interest income on funds invested, changes in the fair value of financial instruments and interest expense on borrowings. Interest income and expense is recognised as it accrues in the statement of comprehensive income using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-429": { "value": "Finance income and costs (note 5) Net financing costs comprise interest income on funds invested, changes in the fair value of financial instruments and interest expense on borrowings. Interest income and expense is recognised as it accrues in the statement of comprehensive income using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-381": { "value": "Finance income and costs (note 5) Net financing costs comprise interest income on funds invested, changes in the fair value of financial instruments and interest expense on borrowings. Interest income and expense is recognised as it accrues in the statement of comprehensive income using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-382": { "value": "Staff costs (note 6) Pension Contributions to defined contribution schemes are recognised in the statement of comprehensive income in the period they become payable. The cost charged to the statement of comprehensive income of providing retirement pensions for employees represents the amounts paid by the Group to various defined contribution pension schemes operated by the Group in the financial period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-383": { "value": "Income tax (note 9) Current income tax assets and liabilities are measured at the amount expected to be recovered from, or payable to, the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted at the reporting date. The Group\u2019s deferred tax policy is disclosed separately later in this note. Deferred tax (note 25) Deferred tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities and there is an intention to settle the balances on a net basis. The carrying amount of deferred tax assets is reviewed at each reporting date. Deferred tax is charged or credited to other comprehensive income if it relates to items that are charged or credited to other comprehensive income. Similarly, deferred tax is charged or credited directly to equity if it relates to items that are credited or charged directly to equity. Management judgement is required to determine the amount of deferred tax assets that can be recognised, based on the likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies. Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws and the amount and timing of future taxable income. Given the wide range of international business relationships and the long-term nature and complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and expense already recorded. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-430": { "value": "Property, plant and equipment (note 11) Property, plant and equipment is stated at cost, net of accumulated depreciation and impairment losses, if any. Such cost includes the cost of replacing part of the property, plant and equipment; when significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognises such parts as individual assets with specific useful lives and depreciates them accordingly. All other repair and maintenance costs are recognised in the statement of comprehensive income as incurred. Depreciation is charged so as to write off the cost or valuation of assets, except freehold land, over their estimated useful lives using the straight-line method. Tangible assets arising from a business combination are recognised initially at fair value at the date of acquisition. The estimated useful lives, residual values and depreciation methods are reviewed at each year-end, with the effect of any changes in estimates accounted for on a prospective basis. The following useful lives are used in the calculation of depreciation: Freehold buildings \u2013 30\u201350 years Plant and machinery \u2013 5\u201310 years Fixtures, fittings, tools, equipment and vehicles \u2013 4\u201310 years Depreciation is charged to either cost of sales or administrative expenses based on how the asset is used within the business. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-384": { "value": "Property, plant and equipment (note 11) Property, plant and equipment is stated at cost, net of accumulated depreciation and impairment losses, if any. Such cost includes the cost of replacing part of the property, plant and equipment; when significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognises such parts as individual assets with specific useful lives and depreciates them accordingly. All other repair and maintenance costs are recognised in the statement of comprehensive income as incurred. Depreciation is charged so as to write off the cost or valuation of assets, except freehold land, over their estimated useful lives using the straight-line method. Tangible assets arising from a business combination are recognised initially at fair value at the date of acquisition. The estimated useful lives, residual values and depreciation methods are reviewed at each year-end, with the effect of any changes in estimates accounted for on a prospective basis. The following useful lives are used in the calculation of depreciation: Freehold buildings \u2013 30\u201350 years Plant and machinery \u2013 5\u201310 years Fixtures, fittings, tools, equipment and vehicles \u2013 4\u201310 years Depreciation is charged to either cost of sales or administrative expenses based on how the asset is used within the business. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-459": { "value": "Goodwill (note 12) Goodwill is initially recognised at cost, being the excess of the aggregate of the consideration transferred over the net identifiable assets acquired and liabilities assumed. During the measurement period (12 months from the date of acquisition), adjustments could be made to goodwill as a result of new information relating to events or circumstances relating to the acquisition date. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Intangible assets \u2013 other (note 14) Intangible assets acquired in a business combination Intangible assets acquired in a business combination are identified and recognised separately from goodwill where they satisfy the definition of an intangible asset and their fair values can be measured reliably. The cost of such intangible assets is their fair value at the business combination date. The fair value of patents, trademarks and customer base acquired and recognised as part of a business combination is determined using the relief from royalty method or multi-period excess earnings method. Research and development Research costs are expensed as incurred. Development expenditure on an individual project is recognised as an intangible asset when the Company can demonstrate: the technical feasibility of completing the intangible asset so that it will be available for use or sale; its intention to complete and its ability to use or sell the asset; how the asset will generate future economic benefits; the availability of resources to complete the asset; and the ability to reliably measure the expenditure during development. Software costs Software that is not integral to an item of property, plant or equipment is recognised separately as an intangible asset. Subsequent measurement of intangible assets Intangible assets with a finite life are amortised on a straight-line basis over their estimated useful lives as follows: Development costs 10 years Software costs 5\u201310 years Customer base 5\u201315 years Trademarks 10\u201325 years Patents/technology 5\u201320 years The estimated useful life and amortisation methods are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Impairment of other non-current assets excluding goodwill Assets that are subject to amortisation are reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. At each reporting date, the Group completes an assessment of indicators of impairment impacting non-current assets excluding goodwill. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the CGU to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual CGUs, or otherwise they are allocated to the smallest group of CGUs for which a reasonable and consistent allocation basis can be identified. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-431": { "value": "Goodwill (note 12) Goodwill is initially recognised at cost, being the excess of the aggregate of the consideration transferred over the net identifiable assets acquired and liabilities assumed. During the measurement period (12 months from the date of acquisition), adjustments could be made to goodwill as a result of new information relating to events or circumstances relating to the acquisition date. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Business combinations (note 15) Business combinations are accounted for using the acquisition method. The cost of the business combination is measured as the aggregate of the consideration transferred, measured at fair value on the date of the business combination. The business combination costs incurred are expensed. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions at the business combination date. Contingent and/or deferred consideration (note 21) resulting from business combinations is accounted for at fair value at the acquisition date as part of the business combination, and it is subsequently re-measured to fair value at each reporting date, with changes in fair value recognised in profit or loss. The key estimates and assumptions used in determining the discounted cash flows take into consideration the probability of meeting each performance target and a discount factor. Payment of contingent and deferred consideration is classified in the consolidated statement of cash flows as investing activities up to the value of consideration liability initially recognised on acquisition. To the extent that the payment is greater than the liability value booked at the acquisition date, any excess value is presented within operating cash flows for contingent consideration and within financing cash flows for deferred consideration. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-385": { "value": "Goodwill (note 12) Goodwill is initially recognised at cost, being the excess of the aggregate of the consideration transferred over the net identifiable assets acquired and liabilities assumed. During the measurement period (12 months from the date of acquisition), adjustments could be made to goodwill as a result of new information relating to events or circumstances relating to the acquisition date. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-386": { "value": "Impairment assessment of goodwill (note 13) Goodwill is required to be tested annually for impairment. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount, where the recoverable amount is the higher of the asset\u2019s fair value less costs of disposal and value-in-use. Goodwill acquired through business combinations has been allocated, for impairment testing purposes, to a group of CGUs. These grouped CGUs are the UK, Central Europe, Nordics and Australasia. This is also the level at which management is monitoring the value of goodwill for internal management purposes. The identification of the Group\u2019s CGUs used for impairment testing is considered a critical judgement within the scope of paragraph 122 of IAS 1. The Group\u2019s value-in-use calculation is based on a discounted cash flow model. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-432": { "value": "Intangible assets \u2013 other (note 14) Intangible assets acquired in a business combination Intangible assets acquired in a business combination are identified and recognised separately from goodwill where they satisfy the definition of an intangible asset and their fair values can be measured reliably. The cost of such intangible assets is their fair value at the business combination date. The fair value of patents, trademarks and customer base acquired and recognised as part of a business combination is determined using the relief from royalty method or multi-period excess earnings method. Research and development Research costs are expensed as incurred. Development expenditure on an individual project is recognised as an intangible asset when the Company can demonstrate: the technical feasibility of completing the intangible asset so that it will be available for use or sale; its intention to complete and its ability to use or sell the asset; how the asset will generate future economic benefits; the availability of resources to complete the asset; and the ability to reliably measure the expenditure during development. Software costs Software that is not integral to an item of property, plant or equipment is recognised separately as an intangible asset. Subsequent measurement of intangible assets Intangible assets with a finite life are amortised on a straight-line basis over their estimated useful lives as follows: Development costs 10 years Software costs 5\u201310 years Customer base 5\u201315 years Trademarks 10\u201325 years Patents/technology 5\u201320 years The estimated useful life and amortisation methods are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Impairment of other non-current assets excluding goodwill Assets that are subject to amortisation are reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. At each reporting date, the Group completes an assessment of indicators of impairment impacting non-current assets excluding goodwill. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the CGU to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual CGUs, or otherwise they are allocated to the smallest group of CGUs for which a reasonable and consistent allocation basis can be identified. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-387": { "value": "Research and development Research costs are expensed as incurred. Development expenditure on an individual project is recognised as an intangible asset when the Company can demonstrate: the technical feasibility of completing the intangible asset so that it will be available for use or sale; its intention to complete and its ability to use or sell the asset; how the asset will generate future economic benefits; the availability of resources to complete the asset; and the ability to reliably measure the expenditure during development. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-388": { "value": "Business combinations (note 15) Business combinations are accounted for using the acquisition method. The cost of the business combination is measured as the aggregate of the consideration transferred, measured at fair value on the date of the business combination. The business combination costs incurred are expensed. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions at the business combination date. Contingent and/or deferred consideration (note 21) resulting from business combinations is accounted for at fair value at the acquisition date as part of the business combination, and it is subsequently re-measured to fair value at each reporting date, with changes in fair value recognised in profit or loss. The key estimates and assumptions used in determining the discounted cash flows take into consideration the probability of meeting each performance target and a discount factor. Payment of contingent and deferred consideration is classified in the consolidated statement of cash flows as investing activities up to the value of consideration liability initially recognised on acquisition. To the extent that the payment is greater than the liability value booked at the acquisition date, any excess value is presented within operating cash flows for contingent consideration and within financing cash flows for deferred consideration. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-389": { "value": "Inventories (note 16) Inventories are stated at the lower of cost and net realisable value. The cost of work in progress and finished goods includes the cost of direct raw materials and labour and an appropriate portion of fixed and variable overhead expenses based on normal operating capacity but excludes borrowing costs. The cost of raw materials is purchase cost valued using a first-in, first-out basis. Finished goods and work in progress inventories acquired as part of business combinations is valued at fair value less cost to sell. Fair value is estimated using a top down method, based on estimated product sales prices, costs to complete and estimated selling/disposal costs. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs to sell. Provisions are made to write down slow-moving, excess and obsolete items to net realisable value, based on an assessment of technological and market developments and on an analysis of historical and projected usage with regard to quantities on hand. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-390": { "value": "Financial instruments The Group measures its financial assets either at amortised cost or at fair value through profit and loss, depending on the purpose for which the asset was acquired. Financial assets held at amortised cost include trade and other receivables and cash and cash equivalents. Financial assets held at fair value through profit and loss include in the money forward exchange forward contracts. The Group measures its financial liabilities either at amortised cost or at fair value through profit and loss, depending on the purpose for which the liability was acquired. Financial liabilities held at amortised costs include trade payables and accruals, lease liabilities, interest bearing bank loans and provisions. Financial liabilities held at fair value through profit and loss include contingent and deferred consideration and out of the money forward exchange contracts. Derivative financial instruments (note 21) The Group enters into derivative financial instruments to manage its exposure to foreign exchange rate risk. Instruments used are principally foreign exchange forward contracts. No derivative contracts have been designated as hedges for accounting purposes. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently re-measured to their fair value at the reporting date. The resulting gain or loss is immediately recognised in the statement of comprehensive income. Interest-bearing loans and borrowings (note 22) Borrowings and other financial liabilities, including loans, are initially measured at fair value, net of transaction costs. Borrowings and other financial liabilities are subsequently measured at amortised cost using the effective interest method. Finance cost includes the amortisation of initial transaction costs as well as any interest payable while the liability is outstanding. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-391": { "value": "Trade and other receivables (note 17) Trade and other receivables are carried at original invoice or contract amount less any provisions for discounts and expected credit losses (ECLs). The Group applies a simplified approach in calculating ECLs. Receivables are categorised by common risk characteristics that are representative of the customers\u2019 abilities to pay all amounts due in accordance with the contractual terms, including number of days past receivable due date. The expected loss rates are calculated using the provision matrix approach. The provision matrix is determined based on historical observed default rates over the expected life of the receivables and is adjusted for forward-looking estimates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-392": { "value": "Cash and cash equivalents (note 18) Cash and short-term deposits comprise cash at banks and in hand and short-term deposits with an original maturity of three months or less. Some regions of the Group have cash pooling arrangements which offsets bank overdrafts against cash balances. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-393": { "value": "Trade payables and accruals (note 19) Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. These are recognised at the amounts expected to be paid. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-394": { "value": "Leases (note 20) The Group leases a range of assets including property, plant and equipment and vehicles. The Group\u2019s lease liabilities are included in interest-bearing loans and borrowings on the statement of financial position. At the commencement date of the lease, the Group measures lease liabilities at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. Leases are measured to the end of the lease term, including any extension options within Group control, unless it is considered reasonably certain that the lease will be exited at an earlier available break date. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date where the interest rate implicit in the lease is not readily determinable. Right-of-use assets are measured based on the value of corresponding lease liability, plus any lease payments made at or before the commencement date, less any lease incentives received, any initial direct costs, and any provision for restoration costs. The carrying amount of lease liabilities and right-of-use assets are re-measured if there is a modification or reassessment of lease terms, including a change in the contractual or assessed lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. Right-of-use assets are depreciated on a straight-line basis over the shorter of their estimated useful life and the lease term. Freehold buildings \u2013 up to 20 years Plant and machinery \u2013 3\u20136 years Fixtures, fittings, tools, equipment and vehicles \u2013 2\u20135 years Depreciation charge is split between cost of sales and administrative expenses based on estimated split of property usage between production and sales and administrative functions. The Group applies the short-term lease recognition exemption to its short-term leases (i.e. those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-460": { "value": "Derivative financial instruments (note 21) The Group enters into derivative financial instruments to manage its exposure to foreign exchange rate risk. Instruments used are principally foreign exchange forward contracts. No derivative contracts have been designated as hedges for accounting purposes. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently re-measured to their fair value at the reporting date. The resulting gain or loss is immediately recognised in the statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-433": { "value": "Derivative financial instruments (note 21) The Group enters into derivative financial instruments to manage its exposure to foreign exchange rate risk. Instruments used are principally foreign exchange forward contracts. No derivative contracts have been designated as hedges for accounting purposes. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently re-measured to their fair value at the reporting date. The resulting gain or loss is immediately recognised in the statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-461": { "value": "Interest-bearing loans and borrowings (note 22) Borrowings and other financial liabilities, including loans, are initially measured at fair value, net of transaction costs. Borrowings and other financial liabilities are subsequently measured at amortised cost using the effective interest method. Finance cost includes the amortisation of initial transaction costs as well as any interest payable while the liability is outstanding. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-434": { "value": "Interest-bearing loans and borrowings (note 22) Borrowings and other financial liabilities, including loans, are initially measured at fair value, net of transaction costs. Borrowings and other financial liabilities are subsequently measured at amortised cost using the effective interest method. Finance cost includes the amortisation of initial transaction costs as well as any interest payable while the liability is outstanding. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-395": { "value": "Provisions for warranties and property dilapidations (note 23) Provisions for warranties are made with reference to the warranty period, recent trading history and historical warranty claim information, and the view of management as to whether warranty claims are expected. Dilapidation provisions relate to estimated contractual restoration costs expected to be paid on exit of the lease, discounted to present value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-435": { "value": "Deferred tax (note 25) Deferred tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities and there is an intention to settle the balances on a net basis. The carrying amount of deferred tax assets is reviewed at each reporting date. Deferred tax is charged or credited to other comprehensive income if it relates to items that are charged or credited to other comprehensive income. Similarly, deferred tax is charged or credited directly to equity if it relates to items that are credited or charged directly to equity. Management judgement is required to determine the amount of deferred tax assets that can be recognised, based on the likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies. Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws and the amount and timing of future taxable income. Given the wide range of international business relationships and the long-term nature and complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and expense already recorded. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-396": { "value": "Dividends paid and proposed (note 26) Dividends are recognised when they meet the criteria for recognition as a liability or when they are paid. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-397": { "value": "Share-based payments (note 31) Equity-settled transactions The Group enters into equity-settled share-based payment transactions with its employees, in particular as part of the Volution Long-term Incentive Plan. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using the valuation model detailed within note 31 and incorporates an assessment of relevant performance conditions. The cost is recognised in employee benefits expense (note 6), together with a corresponding increase in equity (share-based payment reserve), over the vesting period in which the service and performance conditions are fulfilled. The amount to be expensed over the vesting period is adjusted at each balance sheet date to reflect the number of awards for which conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that meet the conditions at the vesting date. The impact of the revision of original estimates, if any, is recognised in the income statement with a corresponding adjustment to equity. Treasury shares The treasury shares reserve represents the cost of shares in Volution Group plc purchased in the market and held by the Volution Employee Benefit Trust to satisfy obligations under the Group\u2019s share incentive schemes. Treasury shares are recognised at cost and deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognised in share premium. Shares are transferred out of treasury share reserve upon exercise of awards under share incentive plans. Previously, shares were transferred out on vesting of awards and the impact of this accounting policy change is presented as an immaterial change in the consolidated statement of changes in equity. Capital reserve The capital reserve is the difference in share capital and reserves arising from the use of the pooling of interest method for preparation of the financial statements in 2014. This is a non-distributable reserve. Share-based payment reserve The share-based payment reserve is used to recognise the value of equity-settled share-based payments provided to key management personnel, as part of their remuneration. Refer to note 31 for further detail of these plans. Foreign currency translation reserve For the purpose of presenting consolidated financial information, the assets and liabilities of the Group\u2019s foreign operations are expressed in GBP using exchange rates prevailing at the end of the reporting period. Income and expenses are translated at the average exchange rate for the period. Exchange differences arising are classified as other comprehensive income and are transferred to the foreign currency translation reserve. All other translation differences are taken to profit and loss with the exception of differences on foreign currency borrowings to the extent that they are used to finance or provide a hedge against Group equity investments in foreign operations, in which case they are taken to other comprehensive income together with the exchange difference on the net investment in these operations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-436": { "value": "Treasury shares The treasury shares reserve represents the cost of shares in Volution Group plc purchased in the market and held by the Volution Employee Benefit Trust to satisfy obligations under the Group\u2019s share incentive schemes. Treasury shares are recognised at cost and deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognised in share premium. Shares are transferred out of treasury share reserve upon exercise of awards under share incentive plans. Previously, shares were transferred out on vesting of awards and the impact of this accounting policy change is presented as an immaterial change in the consolidated statement of changes in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-462": { "value": "New standards or interpretations There are no standards or interpretations that have become effective since 1 August 2025 for annual periods beginning on or after 1 January 2025 which have had a material impact on these consolidated financial statements. At the date of authorisation of these consolidated financial statements, the Group has not early adopted the following new and revised IFRS Standards that have been issued but are not yet effective: \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to the classification and measurement of financial instruments (effective after 1 January 2026). \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Contracts referencing nature-dependent electricity (effective after 1 January 2026). \u2022 IFRS 18 \u2018Presentation and disclosure in financial statements\u2019 (effective after 1 January 2027). The Directors do not expect that the adoption of the standards listed above will have a material impact on the reported performance measures within the consolidated financial statements of the Group in future periods, other than presentational changes required under IFRS 18, the impact of which is still being assessed. IFRS 18 will impact the presentation of the consolidated primary statements and associated notes; the Directors are in the process of assessing the most appropriate format.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-437": { "value": "New standards or interpretations There are no standards or interpretations that have become effective since 1 August 2025 for annual periods beginning on or after 1 January 2025 which have had a material impact on these consolidated financial statements. At the date of authorisation of these consolidated financial statements, the Group has not early adopted the following new and revised IFRS Standards that have been issued but are not yet effective: \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to the classification and measurement of financial instruments (effective after 1 January 2026). \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Contracts referencing nature-dependent electricity (effective after 1 January 2026). \u2022 IFRS 18 \u2018Presentation and disclosure in financial statements\u2019 (effective after 1 January 2027). The Directors do not expect that the adoption of the standards listed above will have a material impact on the reported performance measures within the consolidated financial statements of the Group in future periods, other than presentational changes required under IFRS 18, the impact of which is still being assessed. IFRS 18 will impact the presentation of the consolidated primary statements and associated notes; the Directors are in the process of assessing the most appropriate format.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-398": { "value": "
2. Adjusted earnings
The Board and key management use some alternative performance measures (APMs) to track and
assess the underlying performance of the business. These measures include adjusted operating profit
and adjusted profit before tax. These measures are deemed helpful as they remove items that do not
reflect the day-to-day trading operations of the business and therefore their exclusion is relevant to an
assessment of the day-to-day trading operations, as opposed to overall annual business performance.
Such APMs are not defined terms under IFRS and may not be comparable with similar measures
disclosed by other companies. Likewise, these measures are not a substitute for IFRS measures of
profit. A reconciliation of these measures of performance to the corresponding reported figure is
shown below. For definitions of terms referred to, see note 33.
2026 2025
\u00a3m \u00a3m
Profit after tax
62.5
41.5
Add back:
Fair value movement in contingent consideration (note 21)
1.4
4.7
Cost of business combinations (note 15)
1.1
3.1
Unwinding of discounting on future consideration (note 21)
0.8
3.2
Amortisation of acquired inventory fair value adjustment (note 15)
0.6
7.1
Net (gain)/loss on financial instruments at fair value (note 5)
(0.2)
\u2013
Amortisation of intangible assets acquired through business
combinations (note 14)
13.4
11.3
Tax effect of the above
(3.8)
(5.3)
Adjusted profit after tax
75.8
65.6
Add back:
Adjusted tax charge
23.4
18.3
Adjusted profit before tax
99.2
83.9
Add back:
Interest payable on bank loans, lease liabilities and amortisation of
financing costs (note 5)
13.6
9.4
Re-measurement of financial liabilities (note 21)
\u2013
0.5
Other finance income (note 5)
(0.4)
(0.3)
Adjusted operating profit
112.4
93.5
Add back:
Depreciation of property, plant and equipment (note 11)
5.6
4.7
Depreciation of right-of-use assets (note 20)
7.9
6.0
Amortisation of development costs, software and patents (note 14)
2.2
2.1
Adjusted EBITDA
128.1
106.3
", "dimensions": { "concept": "volutiongroupplc:DisclsoureOfAdjustedEarnings", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-399": { "value": "
3. Revenue from contracts with customers
Revenue recognised in the statement of comprehensive income is analysed below:
2026 2025
\u00a3m \u00a3m
Sale of goods
478.6
414.0
Installation services
6.2
5.1
Total revenue from contracts with customers
484.8
419.1
2026 2025
Market sectors \u00a3m \u00a3m
UK
Residential
11 7.7
115.2
Commercial
27.2
30.1
Export
16.9
15.7
OEM
14.5
15.1
Total UK
176.3
176.1
Nordics
52.0
46.0
Central Europe
98.3
90.6
Total Continental Europe
150.3
136.6
Residential
74.5
62.1
Commercial
83.7
44.3
Total Australasia
1
158.2
106.4
Total revenue from contracts with customers
484.8
419.1
2026 2025
Refund liabilities \u00a3m \u00a3m
Arising from retrospective volume rebates
12.8
12.3
Arising from rights of return
0.5
0.6
Refund liabilities
13.3
12.9
Note
1. Included in the Australasia revenue is \u00a346.1 million of inorganic revenue from the business combinations of ACI
and Fantech (2025: \u00a356.2 million of inorganic revenue from the business combination of Fantech).
Of the total rebates, approximately \u00a35.4 million (2025: \u00a35.6 million) is non-coterminous with the
year-end and is based on actual revenue recorded to 31 July 2026 and an estimate of the total revenue
for the rebate period.
Geographic information
The Group operates in several geographical locations and sells on to external customers in all parts of
the world. No individual country amounts to more than 5% of revenue, other than those noted below.
The following is an analysis of revenue from continuing operations by geographical destination:
2026 2025
Revenue from external customers by customer destination \u00a3m \u00a3m
United Kingdom
153.1
155.1
Netherlands
39.2
32.7
Sweden
25.0
22.3
Australia
119.2
74.6
New Zealand
36.2
31.7
Rest of the world
112.1
102.7
Total revenue from contracts with customers
484.8
419.1
Information about major customers
The annual revenue from no individual customer accounts for more than 10% of Group revenue in
either the current or prior year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-438": { "value": "3. Revenue from contracts with customers Revenue recognised in the statement of comprehensive income is analysed below:
2026 2025
\u00a3m \u00a3m
Sale of goods
478.6
414.0
Installation services
6.2
5.1
Total revenue from contracts with customers
484.8
419.1
2026 2025
Market sectors \u00a3m \u00a3m
UK
Residential
11 7.7
115.2
Commercial
27.2
30.1
Export
16.9
15.7
OEM
14.5
15.1
Total UK
176.3
176.1
Nordics
52.0
46.0
Central Europe
98.3
90.6
Total Continental Europe
150.3
136.6
Residential
74.5
62.1
Commercial
83.7
44.3
Total Australasia
1
158.2
106.4
Total revenue from contracts with customers
484.8
419.1
2026 2025
Refund liabilities \u00a3m \u00a3m
Arising from retrospective volume rebates
12.8
12.3
Arising from rights of return
0.5
0.6
Refund liabilities
13.3
12.9
Note 1. Included in the Australasia revenue is \u00a346.1 million of inorganic revenue from the business combinations of ACI and Fantech (2025: \u00a356.2 million of inorganic revenue from the business combination of Fantech). Of the total rebates, approximately \u00a35.4 million (2025: \u00a35.6 million) is non-coterminous with the year-end and is based on actual revenue recorded to 31 July 2026 and an estimate of the total revenue for the rebate period. Geographic information The Group operates in several geographical locations and sells on to external customers in all parts of the world. No individual country amounts to more than 5% of revenue, other than those noted below. The following is an analysis of revenue from continuing operations by geographical destination:
2026 2025
Revenue from external customers by customer destination \u00a3m \u00a3m
United Kingdom
153.1
155.1
Netherlands
39.2
32.7
Sweden
25.0
22.3
Australia
119.2
74.6
New Zealand
36.2
31.7
Rest of the world
112.1
102.7
Total revenue from contracts with customers
484.8
419.1
Information about major customers The annual revenue from no individual customer accounts for more than 10% of Group revenue in either the current or prior year.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-463": { "value": "Geographic information The Group operates in several geographical locations and sells on to external customers in all parts of the world. No individual country amounts to more than 5% of revenue, other than those noted below. The following is an analysis of revenue from continuing operations by geographical destination:
2026 2025
Revenue from external customers by customer destination \u00a3m \u00a3m
United Kingdom
153.1
155.1
Netherlands
39.2
32.7
Sweden
25.0
22.3
Australia
119.2
74.6
New Zealand
36.2
31.7
Rest of the world
112.1
102.7
Total revenue from contracts with customers
484.8
419.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-464": { "value": "Information about major customers The annual revenue from no individual customer accounts for more than 10% of Group revenue in either the current or prior year.", "dimensions": { "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-400": { "value": "
4. Segmental analysis
The Group\u2019s reportable segments are described below. The segmental regional structure reflects the
current internal reporting provided to the Chief Operating Decision-Maker (considered to be the CEO
of the Group) on a regular basis.
The segmental results include an allocation of central head office costs, where the costs are
attributable to a segment. Costs of running the parent company are reported separately as
central costs.
Continental Eliminations/
UK Europe Australasia central costs Total
Year ended 31 July 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue from contracts with
external customers
176.3
150.3
158.21
\u2013
484.8
Cost of sales (excluding amortisation
of acquired inventory fair value
adjustment)
(83.5)
(69.7)
(81.8)
\u2013
(235.0)
Adjusted gross profit
92.8
80.6
76.4
\u2013
249.8
Adjusted segment EBITDA
55.6
41.1
39.9
(8.5)
128.1
Depreciation and amortisation
of development costs,
software and patents
(5.7)
(4.6)
(4.8)
(0.6)
(15.7)
Adjusted operating profit/(loss)
49.9
36.5
35.1
(9.1)
112.4
Amortisation of intangible
assets acquired through business
combinations
(1.8)
(5.4)
(6.2)
\u2013
(13.4)
Amortisation of acquired inventory
fair value adjustment
\u2013
\u2013
(0.6)
\u2013
(0.6)
Fair value movement on contingent
consideration
\u2013
\u2013
\u2013
(1.4)
(1.4)
Business combination-related
operating costs
\u2013
\u2013
\u2013
(1.1)
(1.1)
Operating profit/(loss)
48.1
31.1
28.3
(11.6)
95.9
Unallocated expenses
Net finance cost
\u2013
\u2013
\u2013
(13.0)
(13.0)
Unwinding of discounting on future
consideration
\u2013
\u2013
\u2013
(0.8)
(0.8)
Profit/(loss) before tax
48.1
31.1
28.3
(25.4)
82.1
Continental Eliminations/
UK Europe Australasia central costs Total
Year ended 31 July 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue from contracts with
external customers
176.1
136.6
106.41
\u2013
419.1
Cost of sales (excluding amortisation
of acquired inventory fair value
adjustment)2
(86.2)
(63.2)
(57.0)
\u2013
(206.4)
Adjusted gross profit
89.9
73.4
49.4
\u2013
212.7
Adjusted segment EBITDA
50.8
36.8
25.3
(6.6)
106.3
Depreciation and amortisation
of development costs,
software and patents
(4.9)
(3.9)
(3.4)
(0.6)
(12.8)
Adjusted operating profit/(loss)
45.9
32.9
21.9
(7.2)
93.5
Amortisation of intangible
assets acquired through business
combinations
(1.9)
(5.6)
(3.8)
\u2013
(11.3)
Amortisation of acquired inventory
fair value adjustment
\u2013
\u2013
(7.1)
\u2013
(7.1)
Fair value movement on contingent
consideration
(4.7)
(4.7)
Business combination-related
operating costs
\u2013
\u2013
\u2013
(3.1)
(3.1)
Operating profit/(loss)
44.0
27.3
11.0
(15.0)
67.3
Unallocated expenses
Net finance cost
\u2013
\u2013
\u2013
(9.1)
(9.1)
Unwinding of discounting on future
consideration
\u2013
\u2013
\u2013
(3.2)
(3.2)
Re-measurement of financial liabilities
\u2013
\u2013
\u2013
(0.5)
(0.5)
Profit/(loss) before tax
44.0
27.3
11.0
(27.8)
54.5
Note
1. Included in the Australasia revenue is \u00a346.1 million of inorganic revenue from the business combinations of ACI
and Fantech (2025: \u00a356.2 million of inorganic revenue from the business combination of Fantech).
2. Prior year cost of sales (excluding amortisation of acquired inventory fair value adjustment) has been updated to
correct an immaterial misallocation of intercompany cost elimination. The impact is to increase UK costs and
decrease Continental Europe costs by \u00a33.3 million.
Non-current asset information
The non-current assets are disclosed below based on the Group\u2019s segments:
2026 2025
Non-current assets excluding deferred tax \u00a3m \u00a3m
United Kingdom
108.9
111.9
Europe (excluding United Kingdom)
135.8
139.5
Australasia
288.2
183.5
Total
532.9
434.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-401": { "value": "
5. Finance income and costs
2026 2025
\u00a3m \u00a3m
Finance income
Net gain on financial instruments at fair value
0.2
\u2013
Interest receivable
0.4
0.3
Total finance income
0.6
0.3
Finance costs
Interest payable on bank loans
(10.5)
(7.4)
Amortisation of finance arrangement costs
(0.8)
(0.5)
Lease interest
(2.1)
(1.3)
Other interest
(0.2)
(0.2)
Total finance costs
(13.6)
(9.4)
Net finance costs
(13.0)
(9.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-486": { "value": "5. Finance income and costs
2026 2025
\u00a3m \u00a3m
Finance income
Net gain on financial instruments at fair value
0.2
\u2013
Interest receivable
0.4
0.3
Total finance income
0.6
0.3
Finance costs
Interest payable on bank loans
(10.5)
(7.4)
Amortisation of finance arrangement costs
(0.8)
(0.5)
Lease interest
(2.1)
(1.3)
Other interest
(0.2)
(0.2)
Total finance costs
(13.6)
(9.4)
Net finance costs
(13.0)
(9.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-484": { "value": "5. Finance income and costs
2026 2025
\u00a3m \u00a3m
Finance income
Net gain on financial instruments at fair value
0.2
\u2013
Interest receivable
0.4
0.3
Total finance income
0.6
0.3
Finance costs
Interest payable on bank loans
(10.5)
(7.4)
Amortisation of finance arrangement costs
(0.8)
(0.5)
Lease interest
(2.1)
(1.3)
Other interest
(0.2)
(0.2)
Total finance costs
(13.6)
(9.4)
Net finance costs
(13.0)
(9.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-478": { "value": "5. Finance income and costs
2026 2025
\u00a3m \u00a3m
Finance income
Net gain on financial instruments at fair value
0.2
\u2013
Interest receivable
0.4
0.3
Total finance income
0.6
0.3
Finance costs
Interest payable on bank loans
(10.5)
(7.4)
Amortisation of finance arrangement costs
(0.8)
(0.5)
Lease interest
(2.1)
(1.3)
Other interest
(0.2)
(0.2)
Total finance costs
(13.6)
(9.4)
Net finance costs
(13.0)
(9.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-465": { "value": "5. Finance income and costs
2026 2025
\u00a3m \u00a3m
Finance income
Net gain on financial instruments at fair value
0.2
\u2013
Interest receivable
0.4
0.3
Total finance income
0.6
0.3
Finance costs
Interest payable on bank loans
(10.5)
(7.4)
Amortisation of finance arrangement costs
(0.8)
(0.5)
Lease interest
(2.1)
(1.3)
Other interest
(0.2)
(0.2)
Total finance costs
(13.6)
(9.4)
Net finance costs
(13.0)
(9.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-439": { "value": "5. Finance income and costs
2026 2025
\u00a3m \u00a3m
Finance income
Net gain on financial instruments at fair value
0.2
\u2013
Interest receivable
0.4
0.3
Total finance income
0.6
0.3
Finance costs
Interest payable on bank loans
(10.5)
(7.4)
Amortisation of finance arrangement costs
(0.8)
(0.5)
Lease interest
(2.1)
(1.3)
Other interest
(0.2)
(0.2)
Total finance costs
(13.6)
(9.4)
Net finance costs
(13.0)
(9.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-402": { "value": "
6. Staff costs
Employee costs, including Directors\u2019 remuneration, comprise:
2026 2025
\u00a3m \u00a3m
Staff costs
Wages and salaries
99.1
86.0
Social security costs
11.8
9.3
Defined contribution pension costs
6.9
4.2
Share-based payment charge (see note 31)
1.9
2.2
119.7
101.7
Total contributions payable in the next financial year are expected to be at rates broadly similar to
those in 2025/26 but based on actual salary levels in 2026/27.
Average monthly number of employees in the year
2026 2025
Number Number
Production
1,149
1,173
Sales and administration
1,169
820
2,318
1,993
Directors\u2019 remuneration
2026 2025
\u00a3m \u00a3m
Amounts paid in respect of qualifying services
Directors\u2019 remuneration
4.7
4.3
Non-Executive Directors\u2019 remuneration
0.5
0.5
Directors\u2019 cash payment in lieu of employer\u2019s pension contribution
0.1
0.1
Directors\u2019 pension scheme contributions
\u2013
\u2013
The number of Directors accruing benefits under Group money purchase pension arrangements was
nil (2025: nil).
The aggregate amount of gains made by the Directors on the exercise of share options was \u00a31.8 million
(2025: \u00a31.3 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-440": { "value": "6. Staff costs Employee costs, including Directors\u2019 remuneration, comprise:
2026 2025
\u00a3m \u00a3m
Staff costs
Wages and salaries
99.1
86.0
Social security costs
11.8
9.3
Defined contribution pension costs
6.9
4.2
Share-based payment charge (see note 31)
1.9
2.2
119.7
101.7
Total contributions payable in the next financial year are expected to be at rates broadly similar to those in 2025/26 but based on actual salary levels in 2026/27. Average monthly number of employees in the year
2026 2025
Number Number
Production
1,149
1,173
Sales and administration
1,169
820
2,318
1,993
Directors\u2019 remuneration
2026 2025
\u00a3m \u00a3m
Amounts paid in respect of qualifying services
Directors\u2019 remuneration
4.7
4.3
Non-Executive Directors\u2019 remuneration
0.5
0.5
Directors\u2019 cash payment in lieu of employer\u2019s pension contribution
0.1
0.1
Directors\u2019 pension scheme contributions
\u2013
\u2013
The number of Directors accruing benefits under Group money purchase pension arrangements was nil (2025: nil). The aggregate amount of gains made by the Directors on the exercise of share options was \u00a31.8 million (2025: \u00a31.3 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-403": { "value": "
7. Other operating expenses
Cost of sales, distribution costs and administrative expenses include the following:
2026 2025
\u00a3m \u00a3m
Cost of sales
Cost of inventories recognised as expenses
179.4
163.7
Depreciation of property, plant and equipment
3.0
2.7
Depreciation of right-of-use assets
3.9
3.6
Amortisation of intangible assets
0.2
0.2
Administrative and distribution expenses
Research and development costs
7.1
6.2
Depreciation of property, plant and equipment
2.6
2.0
Depreciation of right-of-use assets
4.0
2.5
Amortisation of intangible assets
15.4
13.3
Net foreign exchange differences
(0.1)
0.2
Loss/(gain) on disposal of property, plant and equipment and intangible
assets \u2013 other
0.1
(0.2)
8. Auditor\u2019s remuneration
The Group paid the following amounts to its Auditor, PwC, and its member firms in respect of the audit
of the financial statements and for other services provided to the Group.
2026 2025
\u00a3m \u00a3m
Audit services
Fees for the audit of the parent and Group financial statements
0.9
0.8
Fees for local statutory audits of subsidiaries
0.1
0.1
Non-audit services
Fees payable for interim review
0.1
0.1
Total
1.1
1.0
In addition to the above, in 2025, tax compliance services were provided by PwC to Fantech in the
3-month transition window post acquisition. The cost of these services, of \u00a36,000, was borne by the
previous owners of Fantech and is therefore not included in the table above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-488": { "value": "7. Other operating expenses Cost of sales, distribution costs and administrative expenses include the following:
2026 2025
\u00a3m \u00a3m
Cost of sales
Cost of inventories recognised as expenses
179.4
163.7
Depreciation of property, plant and equipment
3.0
2.7
Depreciation of right-of-use assets
3.9
3.6
Amortisation of intangible assets
0.2
0.2
Administrative and distribution expenses
Research and development costs
7.1
6.2
Depreciation of property, plant and equipment
2.6
2.0
Depreciation of right-of-use assets
4.0
2.5
Amortisation of intangible assets
15.4
13.3
Net foreign exchange differences
(0.1)
0.2
Loss/(gain) on disposal of property, plant and equipment and intangible
assets \u2013 other
0.1
(0.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-487": { "value": "7. Other operating expenses Cost of sales, distribution costs and administrative expenses include the following:
2026 2025
\u00a3m \u00a3m
Cost of sales
Cost of inventories recognised as expenses
179.4
163.7
Depreciation of property, plant and equipment
3.0
2.7
Depreciation of right-of-use assets
3.9
3.6
Amortisation of intangible assets
0.2
0.2
Administrative and distribution expenses
Research and development costs
7.1
6.2
Depreciation of property, plant and equipment
2.6
2.0
Depreciation of right-of-use assets
4.0
2.5
Amortisation of intangible assets
15.4
13.3
Net foreign exchange differences
(0.1)
0.2
Loss/(gain) on disposal of property, plant and equipment and intangible
assets \u2013 other
0.1
(0.2)
11. Property, plant and equipment
Fixtures,
fittings, tools,
Freehold land Plant and equipment
and buildings machinery and vehicles Total
2026 \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 August 2024
18.3
20.7
16.1
55.1
On business combinations
\u2013
0.8
0.6
1.4
Additions
1.2
2.0
3.4
6.6
Transfer from leased assets
\u2013
\u2013
0.5
0.5
Disposals
(0.1)
(0.8)
(2.3)
(3.2)
Net foreign currency exchange differences
0.4
0.2
0.3
0.9
At 31 July 2025
19.8
22.9
18.6
61.3
On business combinations
\u2013
0.6
\u2013
0.6
Additions
0.9
3.4
2.3
6.6
Transfer from leased assets
\u2013
\u2013
2.6
2.6
Disposals
\u2013
(0.3)
(0.7)
(1.0)
Net foreign currency exchange differences
(0.1)
(0.3)
1.0
0.6
At 31 July 2026
20.6
26.3
23.8
70.7
Accumulated depreciation
At 1 August 2024
5.9
9.5
9.5
24.9
Charge for the year
0.6
1.9
2.2
4.7
Transfer from leased assets
\u2013
\u2013
0.2
0.2
Disposals
(0.1)
(0.7)
(2.2)
(3.0)
Net foreign currency exchange differences
0.1
0.2
0.2
0.5
At 31 July 2025
6.5
10.9
9.9
27.3
Charge for the year
0.6
2.2
2.8
5.6
Transfer from leased assets
\u2013
\u2013
1.5
1.5
Disposals
\u2013
(0.3)
(0.5)
(0.8)
Net foreign currency exchange differences
\u2013
(0.1)
0.8
0.7
At 31 July 2026
7.1
12.7
14.5
34.3
Net book value
At 31 July 2025
13.3
12.0
8.7
34.0
At 31 July 2026
13.5
13.6
9.3
36.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-485": { "value": "7. Other operating expenses Cost of sales, distribution costs and administrative expenses include the following:
2026 2025
\u00a3m \u00a3m
Cost of sales
Cost of inventories recognised as expenses
179.4
163.7
Depreciation of property, plant and equipment
3.0
2.7
Depreciation of right-of-use assets
3.9
3.6
Amortisation of intangible assets
0.2
0.2
Administrative and distribution expenses
Research and development costs
7.1
6.2
Depreciation of property, plant and equipment
2.6
2.0
Depreciation of right-of-use assets
4.0
2.5
Amortisation of intangible assets
15.4
13.3
Net foreign exchange differences
(0.1)
0.2
Loss/(gain) on disposal of property, plant and equipment and intangible
assets \u2013 other
0.1
(0.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-479": { "value": "7. Other operating expenses Cost of sales, distribution costs and administrative expenses include the following:
2026 2025
\u00a3m \u00a3m
Cost of sales
Cost of inventories recognised as expenses
179.4
163.7
Depreciation of property, plant and equipment
3.0
2.7
Depreciation of right-of-use assets
3.9
3.6
Amortisation of intangible assets
0.2
0.2
Administrative and distribution expenses
Research and development costs
7.1
6.2
Depreciation of property, plant and equipment
2.6
2.0
Depreciation of right-of-use assets
4.0
2.5
Amortisation of intangible assets
15.4
13.3
Net foreign exchange differences
(0.1)
0.2
Loss/(gain) on disposal of property, plant and equipment and intangible
assets \u2013 other
0.1
(0.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-466": { "value": "7. Other operating expenses Cost of sales, distribution costs and administrative expenses include the following:
2026 2025
\u00a3m \u00a3m
Cost of sales
Cost of inventories recognised as expenses
179.4
163.7
Depreciation of property, plant and equipment
3.0
2.7
Depreciation of right-of-use assets
3.9
3.6
Amortisation of intangible assets
0.2
0.2
Administrative and distribution expenses
Research and development costs
7.1
6.2
Depreciation of property, plant and equipment
2.6
2.0
Depreciation of right-of-use assets
4.0
2.5
Amortisation of intangible assets
15.4
13.3
Net foreign exchange differences
(0.1)
0.2
Loss/(gain) on disposal of property, plant and equipment and intangible
assets \u2013 other
0.1
(0.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-441": { "value": "7. Other operating expenses Cost of sales, distribution costs and administrative expenses include the following:
2026 2025
\u00a3m \u00a3m
Cost of sales
Cost of inventories recognised as expenses
179.4
163.7
Depreciation of property, plant and equipment
3.0
2.7
Depreciation of right-of-use assets
3.9
3.6
Amortisation of intangible assets
0.2
0.2
Administrative and distribution expenses
Research and development costs
7.1
6.2
Depreciation of property, plant and equipment
2.6
2.0
Depreciation of right-of-use assets
4.0
2.5
Amortisation of intangible assets
15.4
13.3
Net foreign exchange differences
(0.1)
0.2
Loss/(gain) on disposal of property, plant and equipment and intangible
assets \u2013 other
0.1
(0.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-442": { "value": "8. Auditor\u2019s remuneration The Group paid the following amounts to its Auditor, PwC, and its member firms in respect of the audit of the financial statements and for other services provided to the Group.
2026 2025
\u00a3m \u00a3m
Audit services
Fees for the audit of the parent and Group financial statements
0.9
0.8
Fees for local statutory audits of subsidiaries
0.1
0.1
Non-audit services
Fees payable for interim review
0.1
0.1
Total
1.1
1.0
In addition to the above, in 2025, tax compliance services were provided by PwC to Fantech in the 3-month transition window post acquisition. The cost of these services, of \u00a36,000, was borne by the previous owners of Fantech and is therefore not included in the table above.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-404": { "value": "
9. Income tax
(a) Income tax charges against profit for the year
2026 2025
\u00a3m \u00a3m
Current income tax
Current UK income tax expense
10.9
6.6
Current foreign income tax expense
15.6
11.7
Tax credit relating to the prior year
(2.5)
(0.8)
Total current tax
24.0
17.5
Deferred tax
Origination and reversal of temporary differences
(4.0)
(5.0)
Effect of changes in the tax rate
\u2013
(0.1)
Tax (credit)/charge relating to the prior year
(0.4)
0.6
Total deferred tax
(4.4)
(4.5)
Net tax charge reported in the consolidated statement of
comprehensive income
19.6
13.0
(b) Income tax recognised in equity for the year
2026 2025
\u00a3m \u00a3m
Decrease/(increase) in deferred tax asset on share-based payments
0.6
(0.5)
Translation differences
1.3
0.1
Net tax (credit)/charge reported in equity
1.9
(0.4)
(c) Reconciliation of total tax
2026 2025
\u00a3m \u00a3m
Profit before tax
82.1
54.5
Profit before tax multiplied by the standard rate of corporation
tax in the UK of 25.00% (2025: 25.00%)
20.5
13.6
Adjustment in respect of previous years
(2.9)
(0.2)
Expenses not deductible for tax purposes
0.9
0.8
Effect of changes in the tax rate
\u2013
(0.1)
Effect of overseas tax rates
0.7
0.9
Patent-related tax relief
\u2013
(0.9)
Share exercise
(1.0)
(1.2)
Other
Net tax charge reported in the consolidated statement
1.4
0.1
of comprehensive income
19.6
13.0
Our reported effective tax rate for the period was 23.8% (2025: 23.8%). Our underlying effective tax
rate, on adjusted profit before tax, was 23.6% (2025: 21.8%).
The effect of overseas tax rates relates to the Group\u2019s profits from subsidiaries which are subject to tax
jurisdictions with a blended lower average rate of tax compared with the standard rate of corporation
tax in the UK (see note 29 for subsidiary locations).
We expect our medium-term reported effective tax rate to be in the range of 25% to 30% of the
Group\u2019s reported profit before tax and our underlying effective tax rate to be in the range of 22%
to 25% of the Group\u2019s adjusted profit before tax.
Enacted UK legislation introduced a global minimum tax rate of 15% via the Multinational Top-up Tax
and Domestic Top-up Tax with effect for accounting periods commencing on or after 31 December
2023. These rules apply to groups with consolidated global turnover exceeding \u20ac750 million. During
the year ended 31 July 2026, the Group\u2019s consolidated revenue remained below the \u20ac750 million
threshold. Management continues to monitor the Group's consolidated revenue levels alongside
future legislative developments to evaluate any potential future compliance requirements should the
Group exceed the threshold.
25. Deferred tax liabilities
Charged/ On
1 August (credited) Credited Translation business 31 July
2025 to income to equity difference combinations 2026
2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Temporary differences
Depreciation in advance
of capital allowances
3.1
\u2013
\u2013
\u2013
\u2013
3.1
Fair value movements of
derivative financial
instruments
(0.1)
0.1
\u2013
\u2013
\u2013
\u2013
Development costs,
customer base, trademark
and patents
29.7
(3.4)
\u2013
1.6
12.0
39.9
Other temporary
differences
(2.2)
(0.7)
\u2013
(0.3)
(0.2)
(3.4)
Share-based payments
(4.3)
(0.4)
0.6
\u2013
\u2013
(4.1)
Deferred tax liabilities
26.2
(4.4)
0.6
1.3
11.8
35.5
Charged/ On
1 August (credited) Credited Translation business 31 July
2024 to income to equity difference combinations 2025
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Temporary differences
Depreciation in advance
of capital allowances
2.8
0.3
\u2013
\u2013
\u2013
3.1
Fair value movements of
derivative financial
instruments
(0.1)
\u2013
\u2013
\u2013
\u2013
(0.1)
Development costs,
customer base, trademark
and patents
14.3
(2.4)
\u2013
(1.0)
18.8
29.7
Unutilised tax losses
(0.1)
0.1
\u2013
\u2013
\u2013
\u2013
Other temporary
differences
(1.3)
(1.7)
\u2013
0.1
0.7
(2.2)
Share-based payments
(3.0)
(0.8)
(0.5)
\u2013
\u2013
(4.3)
Deferred tax liabilities
12.6
(4.5)
(0.5)
(0.9)
19.5
26.2
At 31 July 2026, the Group had not recognised a deferred tax asset in respect of gross tax losses
of \u00a35.2 million (2025: \u00a35.2 million) relating to management expenses, capital losses of \u00a34.1 million
(2025: \u00a34.1 million) arising in UK subsidiaries and overseas gross tax losses of \u00a3nil (2025: \u00a3nil), as there is
insufficient evidence that the losses will be utilised. These losses are available to be carried indefinitely.
The unremitted earnings associated with investments in subsidiaries, for which a deferred tax liability
has not been recognised, aggregate to \u00a3133.9m (2025: \u00a3143.3m). As the Group does not foresee a
distribution of unremitted earnings from these subsidiaries which would result in a reversal of deferred
tax, no deferred tax has been recognised. The quantum of the unrecognised deferred tax liability is not
significant in the context of the group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-405": { "value": "
10. Earnings per share (EPS)
The following reflects the income and share data used in the basic and diluted earnings per
share computations:
2026 2025
\u00a3m \u00a3m
Statutory profit attributable to ordinary equity holders
62.5
41.5
Adjusted profit attributable to ordinary equity holders
75.8
65.6
Number
Number
Weighted average number of ordinary shares for basic earnings per share
198,177,865
197,962,762
Effect of dilution from:
Share options
3,032,293
2,712,502
Weighted average number of ordinary shares for diluted earnings per share
201,210,158
200,675,264
Earnings per share
Basic
31.5p
21.0p
Diluted
31.1p
20.7p
Adjusted earnings per share
Basic
38.2p
33.1p
Diluted
37.7p
32.7p
The weighted average number of ordinary shares has increased as a result of a reduction in the
treasury shares held by the Volution Employee Benefit Trust (EBT) during the year (see note 24 for
details). The shares are excluded when calculating the reported and adjusted EPS.
Adjusted profit attributable to ordinary equity holders has been reconciled in note 2, Adjusted
earnings. See note 33, Glossary of terms, for an explanation of the adjusted basic and diluted
earnings per share calculation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-406": { "value": "
11. Property, plant and equipment
Fixtures,
fittings, tools,
Freehold land Plant and equipment
and buildings machinery and vehicles Total
2026 \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 August 2024
18.3
20.7
16.1
55.1
On business combinations
\u2013
0.8
0.6
1.4
Additions
1.2
2.0
3.4
6.6
Transfer from leased assets
\u2013
\u2013
0.5
0.5
Disposals
(0.1)
(0.8)
(2.3)
(3.2)
Net foreign currency exchange differences
0.4
0.2
0.3
0.9
At 31 July 2025
19.8
22.9
18.6
61.3
On business combinations
\u2013
0.6
\u2013
0.6
Additions
0.9
3.4
2.3
6.6
Transfer from leased assets
\u2013
\u2013
2.6
2.6
Disposals
\u2013
(0.3)
(0.7)
(1.0)
Net foreign currency exchange differences
(0.1)
(0.3)
1.0
0.6
At 31 July 2026
20.6
26.3
23.8
70.7
Accumulated depreciation
At 1 August 2024
5.9
9.5
9.5
24.9
Charge for the year
0.6
1.9
2.2
4.7
Transfer from leased assets
\u2013
\u2013
0.2
0.2
Disposals
(0.1)
(0.7)
(2.2)
(3.0)
Net foreign currency exchange differences
0.1
0.2
0.2
0.5
At 31 July 2025
6.5
10.9
9.9
27.3
Charge for the year
0.6
2.2
2.8
5.6
Transfer from leased assets
\u2013
\u2013
1.5
1.5
Disposals
\u2013
(0.3)
(0.5)
(0.8)
Net foreign currency exchange differences
\u2013
(0.1)
0.8
0.7
At 31 July 2026
7.1
12.7
14.5
34.3
Net book value
At 31 July 2025
13.3
12.0
8.7
34.0
At 31 July 2026
13.5
13.6
9.3
36.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-407": { "value": "
12. Intangible assets \u2013 goodwill
Goodwill
\u00a3m
Cost and net book value
At 1 August 2024
171.4
On the business combination of Fantech
66.6
Net foreign currency exchange differences
(2.2)
At 31 July 2025
235.8
On the business combination of ACI
49.4
Net foreign currency exchange differences
5.2
At 31 July 2026
290.4
14. Intangible assets \u2013 other
Development Software Customer Patents/
costs costs base Trademarks technology Other Total
2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 August 2024
14.0
10.8
162.2
59.5
3.4
1.0
250.9
Additions
1.5
0.5
\u2013
\u2013
\u2013
\u2013
2.0
On business combinations
\u2013
\u2013
41.1
21.6
\u2013
\u2013
62.7
Disposals
\u2013
(0.8)
\u2013
\u2013
\u2013
(1.0)
(1.8)
Net foreign currency exchange differences
0.3
0.1
(0.7)
(0.5)
0.1
\u2013
(0.7)
At 31 July 2025
15.8
10.6
202.6
80.6
3.5
\u2013
313.1
Additions
1.4
0.5
\u2013
\u2013
\u2013
\u2013
1.9
On business combinations
\u2013
\u2013
33.6
5.7
0.4
\u2013
39.7
Disposals
(0.3)
\u2013
\u2013
(1.6)
\u2013
\u2013
(1.9)
Net foreign currency exchange differences
\u2013
0.6
1.6
1.4
\u2013
\u2013
3.6
At 31 July 2026
16.9
11.7
237.8
86.1
3.9
\u2013
356.4
Accumulated amortisation
At 1 August 2024
3.9
8.3
133.0
25.4
2.6
1.0
174.2
Charge for the year
1.1
1.1
7.4
3.7
0.2
\u2013
13.5
Disposals
(0.1)
(0.7)
\u2013
\u2013
\u2013
(1.0)
(1.8)
Net foreign currency exchange differences
0.5
0.1
1.1
0.3
\u2013
\u2013
2.0
At 31 July 2025
5.4
8.8
141.5
29.4
2.8
\u2013
187.9
Charge for the year
1.3
0.9
9.5
3.7
0.2
\u2013
15.6
Disposals
\u2013
\u2013
\u2013
(1.6)
\u2013
\u2013
(1.6)
Net foreign currency exchange differences
0.1
0.6
(2.1)
\u2013
\u2013
\u2013
(1.4)
At 31 July 2026
6.8
10.3
148.9
31.5
3.0
\u2013
200.5
Net book value
At 31 July 2025
10.4
1.8
61.1
51.2
0.7
\u2013
125.2
At 31 July 2026
10.1
1.4
88.9
54.6
0.9
\u2013
155.9
The Group has the following individually material intangible assets with definite useful lives:
Remaining
Carrying amortisation
amount period
2026 2026
\u00a3m Years
Customer base
ERI
6.6
5
ACI
33.5
15
Fantech
37.2
13
Trademark
ACI
5.8
25
Volution Holdings Limited and its subsidiaries
9.1
11
Fantech
20.5
23
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-467": { "value": "12. Intangible assets \u2013 goodwill
Goodwill
\u00a3m
Cost and net book value
At 1 August 2024
171.4
On the business combination of Fantech
66.6
Net foreign currency exchange differences
(2.2)
At 31 July 2025
235.8
On the business combination of ACI
49.4
Net foreign currency exchange differences
5.2
At 31 July 2026
290.4
13. Impairment assessment of goodwill
Central
UK Nordics Europe Australasia
31 July 2026 \u00a3m \u00a3m \u00a3m \u00a3m
Carrying value of goodwill
61.0
19.0
63.5
146.9
CGU value-in-use headroom
1
345.3
119.4
108.7
80.5
Central
UK Nordics Europe Australasia
31 July 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Carrying value of goodwill
61.0
19.0
64.3
91.5
CGU value-in-use headroom
1
332.9
115.0
104.4
45.0
Note: 1. Headroom is shown at the date of impairment testing, and is calculated by comparing the value-in-use of a group of CGUs with the carrying amount of its asset, which includes the net book value of fixed assets (tangible and intangible), goodwill and operating working capital (current assets and liabilities). Impairment review Under IAS 36 \u2018Impairment of assets\u2019, the Group is required to complete an impairment review of goodwill at least annually. The recoverable amounts for each CGU group are based on value-in-use, which has been derived from discounted cash flow (DCF) calculations. The value-in-use headroom for each CGU group has been set out above; in all CGUs, it was concluded that the value in use was in excess of the carrying amount and all CGUs had positive headroom. When assessing for impairment of goodwill, we have considered the impact of climate change, particularly in the context of the risks and opportunities identified on pages 70 to 71 of the Annual Report. We have not identified any material short-term and medium-term impacts from climate change that would impact the carrying value of goodwill. Over the long term, the risks and opportunities are more uncertain, and we will continue to assess these risks at each reporting period. Assumptions in the value-in-use calculation The calculation of value-in-use for all CGUs is most sensitive to the following assumptions: \u2022 Cash flow projections based on financial budgets approved by the Board covering the next financial period. \u2022 Cash flows beyond the budget period are extrapolated over years 2\u20135 using specific growth rates. Growth rates for each of the CGU groups are based on historical growth rates, market expectations and the stated Group strategic goals. \u2022 Long-term growth rates of 2% (2025: 2%) for all CGUs have been applied to the period beyond which budgets and forecasts do not exist, based on historical macroeconomic performance and projections for the geographies in which the CGUs operate. \u2022 Discount rates are calculated based on the CGU weighted average cost of capital and reflect the current market assessment of the risks specific to each operation. The pre-tax discount rates used for each CGU are: \u2022 UK: 13.9% (2025: 13.5%); \u2022 Nordics: 11.8% (2025: 11.3%); \u2022 Central Europe: 13.6% (2025: 13.4%); and \u2022 Australasia: 14.7% (2025: 14.3%). We have tested the sensitivity of our headroom calculations in relation to the above assumptions, including severe performance downside scenarios aligned with the Group going concern assessment, and the Group does not consider that reasonably possible changes in these assumptions could cause the carrying value of the CGUs to materially exceed their recoverable value.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-443": { "value": "12. Intangible assets \u2013 goodwill
Goodwill
\u00a3m
Cost and net book value
At 1 August 2024
171.4
On the business combination of Fantech
66.6
Net foreign currency exchange differences
(2.2)
At 31 July 2025
235.8
On the business combination of ACI
49.4
Net foreign currency exchange differences
5.2
At 31 July 2026
290.4
14. Intangible assets \u2013 other
Development Software Customer Patents/
costs costs base Trademarks technology Other Total
2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 August 2024
14.0
10.8
162.2
59.5
3.4
1.0
250.9
Additions
1.5
0.5
\u2013
\u2013
\u2013
\u2013
2.0
On business combinations
\u2013
\u2013
41.1
21.6
\u2013
\u2013
62.7
Disposals
\u2013
(0.8)
\u2013
\u2013
\u2013
(1.0)
(1.8)
Net foreign currency exchange differences
0.3
0.1
(0.7)
(0.5)
0.1
\u2013
(0.7)
At 31 July 2025
15.8
10.6
202.6
80.6
3.5
\u2013
313.1
Additions
1.4
0.5
\u2013
\u2013
\u2013
\u2013
1.9
On business combinations
\u2013
\u2013
33.6
5.7
0.4
\u2013
39.7
Disposals
(0.3)
\u2013
\u2013
(1.6)
\u2013
\u2013
(1.9)
Net foreign currency exchange differences
\u2013
0.6
1.6
1.4
\u2013
\u2013
3.6
At 31 July 2026
16.9
11.7
237.8
86.1
3.9
\u2013
356.4
Accumulated amortisation
At 1 August 2024
3.9
8.3
133.0
25.4
2.6
1.0
174.2
Charge for the year
1.1
1.1
7.4
3.7
0.2
\u2013
13.5
Disposals
(0.1)
(0.7)
\u2013
\u2013
\u2013
(1.0)
(1.8)
Net foreign currency exchange differences
0.5
0.1
1.1
0.3
\u2013
\u2013
2.0
At 31 July 2025
5.4
8.8
141.5
29.4
2.8
\u2013
187.9
Charge for the year
1.3
0.9
9.5
3.7
0.2
\u2013
15.6
Disposals
\u2013
\u2013
\u2013
(1.6)
\u2013
\u2013
(1.6)
Net foreign currency exchange differences
0.1
0.6
(2.1)
\u2013
\u2013
\u2013
(1.4)
At 31 July 2026
6.8
10.3
148.9
31.5
3.0
\u2013
200.5
Net book value
At 31 July 2025
10.4
1.8
61.1
51.2
0.7
\u2013
125.2
At 31 July 2026
10.1
1.4
88.9
54.6
0.9
\u2013
155.9
The Group has the following individually material intangible assets with definite useful lives:
Remaining
Carrying amortisation
amount period
2026 2026
\u00a3m Years
Customer base
ERI
6.6
5
ACI
33.5
15
Fantech
37.2
13
Trademark
ACI
5.8
25
Volution Holdings Limited and its subsidiaries
9.1
11
Fantech
20.5
23
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-408": { "value": "13. Impairment assessment of goodwill
Central
UK Nordics Europe Australasia
31 July 2026 \u00a3m \u00a3m \u00a3m \u00a3m
Carrying value of goodwill
61.0
19.0
63.5
146.9
CGU value-in-use headroom
1
345.3
119.4
108.7
80.5
Central
UK Nordics Europe Australasia
31 July 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Carrying value of goodwill
61.0
19.0
64.3
91.5
CGU value-in-use headroom
1
332.9
115.0
104.4
45.0
Note: 1. Headroom is shown at the date of impairment testing, and is calculated by comparing the value-in-use of a group of CGUs with the carrying amount of its asset, which includes the net book value of fixed assets (tangible and intangible), goodwill and operating working capital (current assets and liabilities). Impairment review Under IAS 36 \u2018Impairment of assets\u2019, the Group is required to complete an impairment review of goodwill at least annually. The recoverable amounts for each CGU group are based on value-in-use, which has been derived from discounted cash flow (DCF) calculations. The value-in-use headroom for each CGU group has been set out above; in all CGUs, it was concluded that the value in use was in excess of the carrying amount and all CGUs had positive headroom. When assessing for impairment of goodwill, we have considered the impact of climate change, particularly in the context of the risks and opportunities identified on pages 70 to 71 of the Annual Report. We have not identified any material short-term and medium-term impacts from climate change that would impact the carrying value of goodwill. Over the long term, the risks and opportunities are more uncertain, and we will continue to assess these risks at each reporting period. Assumptions in the value-in-use calculation The calculation of value-in-use for all CGUs is most sensitive to the following assumptions: \u2022 Cash flow projections based on financial budgets approved by the Board covering the next financial period. \u2022 Cash flows beyond the budget period are extrapolated over years 2\u20135 using specific growth rates. Growth rates for each of the CGU groups are based on historical growth rates, market expectations and the stated Group strategic goals. \u2022 Long-term growth rates of 2% (2025: 2%) for all CGUs have been applied to the period beyond which budgets and forecasts do not exist, based on historical macroeconomic performance and projections for the geographies in which the CGUs operate. \u2022 Discount rates are calculated based on the CGU weighted average cost of capital and reflect the current market assessment of the risks specific to each operation. The pre-tax discount rates used for each CGU are: \u2022 UK: 13.9% (2025: 13.5%); \u2022 Nordics: 11.8% (2025: 11.3%); \u2022 Central Europe: 13.6% (2025: 13.4%); and \u2022 Australasia: 14.7% (2025: 14.3%). We have tested the sensitivity of our headroom calculations in relation to the above assumptions, including severe performance downside scenarios aligned with the Group going concern assessment, and the Group does not consider that reasonably possible changes in these assumptions could cause the carrying value of the CGUs to materially exceed their recoverable value.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-409": { "value": "
15. Business combinations
Business combinations in the year ended 31 July 2026
AC Industries
On 2 February 2026, Volution Group acquired AC Industries ('ACI'), a leading manufacturer and
supplier of underground ducting ventilation systems in Australia and overseas markets. The acquisition
of ACI is in line with the Group\u2019s strategy to grow by selectively acquiring value-adding businesses in
new and existing markets and geographies.
Total consideration for the purchase of ACI is valued at AUD 167.6 million (\u00a384.8 million). Initial
consideration was AUD 152.5 million (\u00a377.1 million), inclusive of working capital adjustments, on a
debt-free, cash-free basis. Further contingent consideration of up to AUD 28.9 million (\u00a314.7 million)
is payable based on performance of the business for the year ending 31 July 2027 and the year ending
31 July 2029, valued and discounted to present value at acquisition, based on estimated performance
at AUD 15.1 million (\u00a37.7 million). Refer to note 21 for further details on the valuation inputs and
sensitivities relevant to the acquisition and year-end valuation of this contingent consideration.
Transaction costs relating to professional fees associated with the business combination in the period
ended 31 July 2026 were \u00a31.0 million and have been expensed as cost of business combinations
separately disclosed on the face of the consolidated statement of comprehensive income above
operating profit.
The fair values of the acquired assets and liabilities recognised in our financial statements are
provisional, as they are based on the information available at the acquisition date; adjustments may be
required if additional relevant information becomes available within the measurement period, which
extends up to 12 months from the acquisition date.
The fair value of the net assets acquired is set out below:
Book Fair value Fair
value adjustments value
\u00a3m \u00a3m \u00a3m
Intangible assets
0.4
39.3
39.7
Property, plant and equipment
0.6
\u2013
0.6
Right-of-use assets
8.6
0.7
9.3
Inventory
3.5
0.6
4.1
Trade and other receivables
4.4
\u2013
4.4
Trade and other payables
(2.0)
\u2013
(2.0)
Lease liabilities
(8.5)
(0.7)
(9.2)
Income tax
(0.4)
\u2013
(0.4)
Provisions
(0.2)
\u2013
(0.2)
Deferred tax
\u2013
(12.0)
(12.0)
Debt
(0.2)
\u2013
(0.2)
Cash and cash equivalents
1.3
\u2013
1.3
Total identifiable net assets
35.4
Goodwill on the business combination
49.4
Discharged by:
Cash consideration
77.1
Contingent consideration
7.7
Goodwill of \u00a349.4 million reflects certain intangibles that cannot be individually separated and reliably
measured due to their nature. These items include the value of expected synergies arising from the
business combination and the experience and skill of the acquired workforce.
The fair value of the acquired trademarks and customer relationships was identified and included in
intangible assets.
Assumptions in the intangibles valuation calculation
The valuation of ACI acquired intangible assets involved a number of estimates and assumptions.
Customer relationships were valued using the multi-period excess earnings method and trademarks
using a relief from royalty method. These estimates are inherently uncertain and changes in
assumptions used in the valuation of customer relationships could materially impact the carrying
values of intangible assets, goodwill and amortisation expenses.
Key inputs where reasonably possible changes would materially impact the valuation of ACI customer
relationships intangible asset are:
\u2022 business forecasts, including expected revenue and profit growth rates; and
\u2022 attrition rate 6.7%.
An increase of 1% to the attrition rate would decrease the customer relationships asset valuation by
\u00a32.8 million; a decrease of 1% would increase the value by \u00a33.1 million. Restricting forecast growth to the
minimum growth and profit scenario would reduce the value of the asset by \u00a33.8 million. Combining a
reduction in forecast performance with an increase in attrition rate would reduce the value of the asset
by \u00a36.3 million.
All of the trade receivables are expected to be collected in full.
ACI generated revenue of \u00a315.3 million and generated a profit before tax of \u00a34.7 million in the period
from acquisition to 31 July 2026.
If the combination had taken place at 1 August 2025, the Group\u2019s revenue would have been \u00a313.3 million
higher and profit before tax from continuing operations would have been \u00a34.2 million higher than reported.
Business combination cash outflows
Cash outflows arising from completed acquisitions are as follows:
2026 2025
\u00a3m \u00a3m
ACI
Cash consideration
7 7.1
\u2013
Less cash acquired with the business
(1.3)
\u2013
Fantech
Deferred consideration 29.6 \u2013
Cash consideration \u2013 112.7
Less cash acquired with the business \u2013 (5.3)
ClimaRad
Contingent consideration \u2013 20.9
ERI
Contingent consideration \u2013 4.6
Total
105.4
132.9
Cash outflows arising from cost of business combinations are as follows:
2026 2025
\u00a3m \u00a3m
ACI
1.0
\u2013
Fantech
\u2013
2.4
ClimaRad
\u2013
0.1
Other potential or aborted business combinations
0.1
0.6
Total
1.1
3.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-410": { "value": "
16. Inventories
2026 2025
\u00a3m \u00a3m
Raw materials and consumables
29.0
25.3
Work in progress
3.1
2.4
Finished goods and goods for resale
48.8
43.6
80.9
71.3
During 2026, \u00a31.6 million (2025: \u00a31.5 million) was recognised as cost of sales for inventories written off
in the year.
Inventories are stated net of an allowance for excess, obsolete or slow-moving items, which totalled
\u00a38.5 million (2025: \u00a38.6 million). This provision was split amongst the three categories: \u00a35.4 million
(2025: \u00a35.7 million) for raw materials and consumables; \u00a30.2 million (2025: \u00a30.2 million) for work in
progress; and \u00a32.9 million (2025: \u00a32.7 million) for finished goods and goods for resale.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-411": { "value": "
17. Trade and other receivables
2026 2025
\u00a3m \u00a3m
Trade receivables
73.5
68.6
Allowance for expected credit loss
(0.5)
(0.4)
73.0
68.2
Other debtors
2.8
2.1
Prepayments
5.7
7.2
Total
81.5
77.5
Movement in the allowance for expected credit losses is set out below:
2026 2025
\u00a3m \u00a3m
At the start of the year
(0.4)
(0.5)
On business combinations
\u2013
(0.1)
(Charge)/credit for the year
(0.1)
0.2
Amounts utilised
0.1
\u2013
Foreign currency adjustment
(0.1)
\u2013
At the end of the year
(0.5)
(0.4)
Net trade receivables are aged as follows:
2026 2025
\u00a3m \u00a3m
Current
62.2
58.1
Past due
Overdue 0\u201330 days
9.3
8.0
Overdue 31\u201360 days
1.0
1.2
Overdue 61\u201390 days
0.2
0.2
Overdue more than 90 days
0.3
0.7
Total
73.0
68.2
The credit quality of trade receivables that are neither past due nor impaired is assessed by reference
to external credit ratings where available; otherwise, historical information relating to counterparty
default rates are used. The Group continually assesses the recoverability of trade receivables and
the level of provisioning required.
Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days.
Gross trade receivables are denominated in the following currencies:
2026 2025
\u00a3m \u00a3m
Sterling
27.7
28.0
Euro
12.7
12.1
Swedish Krona
3.2
3.3
New Zealand Dollar
4.3
4.6
Australian Dollar
23.7
18.1
Other
1.9
2.5
Total
73.5
68.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-444": { "value": "17. Trade and other receivables
2026 2025
\u00a3m \u00a3m
Trade receivables
73.5
68.6
Allowance for expected credit loss
(0.5)
(0.4)
73.0
68.2
Other debtors
2.8
2.1
Prepayments
5.7
7.2
Total
81.5
77.5
Movement in the allowance for expected credit losses is set out below:
2026 2025
\u00a3m \u00a3m
At the start of the year
(0.4)
(0.5)
On business combinations
\u2013
(0.1)
(Charge)/credit for the year
(0.1)
0.2
Amounts utilised
0.1
\u2013
Foreign currency adjustment
(0.1)
\u2013
At the end of the year
(0.5)
(0.4)
Net trade receivables are aged as follows:
2026 2025
\u00a3m \u00a3m
Current
62.2
58.1
Past due
Overdue 0\u201330 days
9.3
8.0
Overdue 31\u201360 days
1.0
1.2
Overdue 61\u201390 days
0.2
0.2
Overdue more than 90 days
0.3
0.7
Total
73.0
68.2
The credit quality of trade receivables that are neither past due nor impaired is assessed by reference to external credit ratings where available; otherwise, historical information relating to counterparty default rates are used. The Group continually assesses the recoverability of trade receivables and the level of provisioning required. Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days. Gross trade receivables are denominated in the following currencies:
2026 2025
\u00a3m \u00a3m
Sterling
27.7
28.0
Euro
12.7
12.1
Swedish Krona
3.2
3.3
New Zealand Dollar
4.3
4.6
Australian Dollar
23.7
18.1
Other
1.9
2.5
Total
73.5
68.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-468": { "value": "
2026 2025
\u00a3m \u00a3m
Trade receivables
73.5
68.6
Allowance for expected credit loss
(0.5)
(0.4)
73.0
68.2
Other debtors
2.8
2.1
Prepayments
5.7
7.2
Total
81.5
77.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-480": { "value": "Movement in the allowance for expected credit losses is set out below:
2026 2025
\u00a3m \u00a3m
At the start of the year
(0.4)
(0.5)
On business combinations
\u2013
(0.1)
(Charge)/credit for the year
(0.1)
0.2
Amounts utilised
0.1
\u2013
Foreign currency adjustment
(0.1)
\u2013
At the end of the year
(0.5)
(0.4)
Trade receivables Customer credit risk is managed by each business unit subject to the Group\u2019s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables and contract assets are regularly monitored and any shipments to major customers are generally covered by credit insurance obtained from reputable banks and other financial institutions. An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e. by geographical region, product type, customer type and rating, and coverage by credit insurance). The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, trade receivables are written off if past due for more than one year and are not subject to enforcement activity. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial asset disclosed in note 17. The Group does not hold collateral as security. The credit insurance is considered an integral part of trade receivables and considered in the calculation of impairment. Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables and contract assets using a provision matrix:
<30 30\u201360 61\u201390 >91
Current days days days days Total
31 July 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
0.3%
\u2013
\u2013
33%
40%
Estimated total gross
carrying amount at default
62.4
9.3
1.0
0.3
0.5
73.5
Expected credit loss
0.2
\u2013
\u2013
0.1
0.2
0.5
<30 30\u201360 61\u201390 >91
Current days days days days Total
31 July 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
0.1%
0.8%
5.2%
10.4%
21.7%
Estimated total gross
carrying amount at default
58.1
8.1
1.2
0.3
0.9
68.6
Expected credit loss
0.0
0.1
0.0
0.1
0.2
0.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-469": { "value": "
2026 2025
\u00a3m \u00a3m
Current
62.2
58.1
Past due
Overdue 0\u201330 days
9.3
8.0
Overdue 31\u201360 days
1.0
1.2
Overdue 61\u201390 days
0.2
0.2
Overdue more than 90 days
0.3
0.7
Total
73.0
68.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-412": { "value": "
18. Cash and cash equivalents
2026 2025
\u00a3m \u00a3m
Cash and cash equivalents
21.9
18.7
Cash and cash equivalents are denominated in the following currencies:
2026 2025
\u00a3m \u00a3m
Sterling
3.6
4.1
Australian Dollar
5.8
2.7
Euro
8.3
7.8
US Dollar
3.0
2.9
Swedish Krona
(2.8)
(4.1)
New Zealand Dollar
2.1
2.2
Other
1.9
3.1
Total
21.9
18.7
The Swedish Krona overdraft balance above is presented within the cash balance as it is offset by
other currency balances within the same entity under a master pooling arrangement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-413": { "value": "
19. Trade and other payables
2026 2025
\u00a3m \u00a3m
Trade payables
41.4
39.8
Social security and staff welfare costs
2.3
2.0
Sales tax payable
6.1
5.8
Accrued expenses and advance payments
29.8
24.1
Total
79.6
71.7
Trade payables are non-interest bearing and are normally settled on 60-day terms.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-481": { "value": "19. Trade and other payables
2026 2025
\u00a3m \u00a3m
Trade payables
41.4
39.8
Social security and staff welfare costs
2.3
2.0
Sales tax payable
6.1
5.8
Accrued expenses and advance payments
29.8
24.1
Total
79.6
71.7
Trade payables are non-interest bearing and are normally settled on 60-day terms.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-470": { "value": "19. Trade and other payables
2026 2025
\u00a3m \u00a3m
Trade payables
41.4
39.8
Social security and staff welfare costs
2.3
2.0
Sales tax payable
6.1
5.8
Accrued expenses and advance payments
29.8
24.1
Total
79.6
71.7
Trade payables are non-interest bearing and are normally settled on 60-day terms.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-445": { "value": "19. Trade and other payables
2026 2025
\u00a3m \u00a3m
Trade payables
41.4
39.8
Social security and staff welfare costs
2.3
2.0
Sales tax payable
6.1
5.8
Accrued expenses and advance payments
29.8
24.1
Total
79.6
71.7
Trade payables are non-interest bearing and are normally settled on 60-day terms.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-414": { "value": "
20. Leases
Fixtures,
fittings, tools,
Land and equipment
Right-of-use assets buildings and vehicles Total
2026 \u00a3m \u00a3m \u00a3m
Cost
At 1 August 2024
35.1
4.7
39.8
Additions
1.7
1.2
2.9
On business combinations
12.1
0.7
12.8
Modifications and other
6.6
\u2013
6.6
Expiration and disposal of leases
(5.3)
(0.4)
(5.7)
Transferred to owned assets
\u2013
(0.5)
(0.5)
Net foreign currency exchange differences
(0.6)
\u2013
(0.6)
At 31 July 2025
49.6
5.7
55.3
Additions
2.3
1.1
3.4
On business combinations
9.2
0.1
9.3
Modifications and other
5.7
\u2013
5.7
Expiration and disposal of leases
(1.4)
(0.3)
(1.7)
Transferred to owned assets
\u2013
(2.8)
(2.8)
Net foreign currency exchange differences
1.3
0.2
1.5
At 31 July 2026
66.7
4.0
70.7
Accumulated depreciation
At 1 August 2024
12.7
2.2
14.9
Charge for the period
5.0
1.1
6.1
Expiration and disposal of leases
(4.9)
(0.3)
(5.2)
Transferred to owned assets
\u2013
(0.2)
(0.2)
Net foreign currency exchange differences
(0.2)
\u2013
(0.2)
At 31 July 2025
12.6
2.8
15.4
Charge for the period
6.9
1.0
7.9
Expiration and disposal of leases
(1.2)
(0.2)
(1.4)
Transferred to owned assets
\u2013
(1.7)
(1.7)
Net foreign currency exchange differences
0.4
(0.1)
0.3
At 31 July 2026
18.7
1.8
20.5
Net book value
At 31 July 2025
37.0
2.9
39.9
At 31 July 2026
48.0
2.2
50.2
Fixtures,
fittings, tools,
Land and equipment
Lease liabilities buildings and vehicles Total
2026 \u00a3m \u00a3m \u00a3m
At 1 August 2024
24.5
1.4
25.9
Additions
1.7
1.1
2.8
On business combinations
12.1
0.9
13.0
Modifications and other
4.5
\u2013
4.5
Disposal
(0.3)
\u2013
(0.3)
Interest expense
1.2
0.1
1.3
Lease payments
(5.8)
(1.4)
(7.2)
Foreign exchange movements
(0.4)
0.1
(0.3)
At 31 July 2025
37.5
2.2
39.7
Additions
2.1
1.1
3.2
On business combinations
9.2
\u2013
9.2
Modifications and other
5.7
\u2013
5.7
Disposal
(0.1)
\u2013
(0.1)
Interest expense
2.0
0.1
2.1
Lease payments
(7.5)
(1.6)
(9.1)
Foreign exchange movements
0.8
0.1
0.9
At 31 July 2026
49.7
1.9
51.6
Analysis
Current
5.4
1.0
6.4
Non-current
32.1
1.2
33.3
At 31 July 2025
37.5
2.2
39.7
Current
5.8
1.0
6.8
Non-current
43.9
0.9
44.8
At 31 July 2026
49.7
1.9
51.6
The following are amounts recognised in the statement of comprehensive income:
2026 2025
\u00a3m \u00a3m
Right-of-use asset depreciation charged to cost of sales
3.9
3.6
Right-of-use asset depreciation charged to administrative expenses
4.0
2.5
Interest expense
2.1
1.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-446": { "value": "20. Leases
Fixtures,
fittings, tools,
Land and equipment
Right-of-use assets buildings and vehicles Total
2026 \u00a3m \u00a3m \u00a3m
Cost
At 1 August 2024
35.1
4.7
39.8
Additions
1.7
1.2
2.9
On business combinations
12.1
0.7
12.8
Modifications and other
6.6
\u2013
6.6
Expiration and disposal of leases
(5.3)
(0.4)
(5.7)
Transferred to owned assets
\u2013
(0.5)
(0.5)
Net foreign currency exchange differences
(0.6)
\u2013
(0.6)
At 31 July 2025
49.6
5.7
55.3
Additions
2.3
1.1
3.4
On business combinations
9.2
0.1
9.3
Modifications and other
5.7
\u2013
5.7
Expiration and disposal of leases
(1.4)
(0.3)
(1.7)
Transferred to owned assets
\u2013
(2.8)
(2.8)
Net foreign currency exchange differences
1.3
0.2
1.5
At 31 July 2026
66.7
4.0
70.7
Accumulated depreciation
At 1 August 2024
12.7
2.2
14.9
Charge for the period
5.0
1.1
6.1
Expiration and disposal of leases
(4.9)
(0.3)
(5.2)
Transferred to owned assets
\u2013
(0.2)
(0.2)
Net foreign currency exchange differences
(0.2)
\u2013
(0.2)
At 31 July 2025
12.6
2.8
15.4
Charge for the period
6.9
1.0
7.9
Expiration and disposal of leases
(1.2)
(0.2)
(1.4)
Transferred to owned assets
\u2013
(1.7)
(1.7)
Net foreign currency exchange differences
0.4
(0.1)
0.3
At 31 July 2026
18.7
1.8
20.5
Net book value
At 31 July 2025
37.0
2.9
39.9
At 31 July 2026
48.0
2.2
50.2
The following are amounts recognised in the statement of comprehensive income:
2026 2025
\u00a3m \u00a3m
Right-of-use asset depreciation charged to cost of sales
3.9
3.6
Right-of-use asset depreciation charged to administrative expenses
4.0
2.5
Interest expense
2.1
1.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-415": { "value": "
21. Other financial liabilities
Foreign
exchange Contingent Deferred Contingent Contingent
forward consideration consideration consideration consideration
contracts ACI Fantech DVS ERI Total
2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 August 2025
0.2
\u2013
28.8
2.6
1.5
33.1
Additional liabilities
\u2013
7.7
\u2013
\u2013
7.7
Fair value
movement
\u2013
\u2013
\u2013
1.4
\u2013
1.4
Unwinding of
discount
\u2013
0.3
0.4
0.1
0.8
Consideration paid
\u2013
\u2013
(29.6)
\u2013
\u2013
(29.6)
Fair value
adjustment
(0.2)
\u2013
\u2013
\u2013
\u2013
(0.2)
Foreign exchange
\u2013
0.4
0.4
\u2013
\u2013
0.8
At 31 July 2026
\u2013
8.4
\u2013
4.0
1.6
14.0
Analysis
Current
\u2013
\u2013
\u2013
4.0
\u2013
4.0
Non-current
\u2013
8.4
\u2013
\u2013
1.6
10.0
Total
\u2013
8.4
\u2013
4.0
1.6
14.0
Foreign Contingent
exchange Deferred Contingent consideration Contingent
forward consideration consideration ClimaRad consideration
contracts Fantech DVS BV ERI Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 August 2024
0.2
\u2013
\u2013
16.3
5.5
22.0
Additional liabilities
\u2013
29.6
\u2013
\u2013
\u2013
29.6
Re-measurement of
financial liabilities
\u2013
\u2013
\u2013
0.5
\u2013
0.5
Fair value
movement
\u2013
\u2013
2.6
2.1
0.1
4.7
Unwinding of
discount
\u2013
0.7
\u2013
2.0
0.4
3.2
Consideration paid
\u2013
\u2013
\u2013
(20.9)
(4.6)
(25.5)
Foreign exchange
\u2013
(1.5)
\u2013
\u2013
0.1
(1.4)
At 31 July 2025
0.2
28.8
2.6
\u2013
1.5
33.1
Analysis
Current
0.2
28.8
2.6
\u2013
\u2013
31.6
Non-current
\u2013
\u2013
\u2013
\u2013
1.5
1.5
Total
0.2
28.8
2.6
\u2013
1.5
33.1
Consideration liabilities
The fair value of contingent consideration is calculated by estimating the future cash flows for the
acquired company. These estimates are based on management\u2019s knowledge of the business and how
the current economic environment is likely to impact performance. The relevant future cash flows are
dependent on the specific terms of the sale and purchase agreement.
ACI
Contingent consideration relating to the February 2026 acquisition of ACI is payable up to \u00a314.7 million
(AUD 28.9 million). The terms of the ACI earn-out are as follows:
\u2022 Year ending 31 July 2027 \u2013 Consideration of up to AUD 8.9 million for EBITDA performance in this
period over AUD 19.9 million, increasing pro-rata up to AUD 23.6 million.
\u2022 Year ending 31 July 2029 \u2013 Consideration of up to AUD 20 million for EBITDA performance in this
period over AUD 27 million, increasing pro-rata up to AUD 30 million.
The acquisition and year-end fair value of ACI contingent consideration liability is based on our best
estimate of future performance and discounted to present value using the estimated short-term
weighted average cost of capital. Our estimate is based on the Board approved financial budget for
ACI for the year-ending 31 July 2027, as well as Board approved revenue and operating profit annual
growth rates for the following two years to 31 July 2029.
The valuation of contingent consideration at acquisition and at year-end has been identified as a
material estimate: the calculation of expected performance in the earn-out year is most sensitive to
reductions in budgeted EBITDA for the year-ending 31 July 2027. There can be no material variation
in the year-end valuation as a result of changes in the annual growth rates, applied revenue and
operating costs to the year-ending 31 July 2029.
A reduction in expected EBITDA performance in the year-ending 31 July 2027 of over 5% would
materially reduce the year-end present value: a 5% reduction would reduce discounted present value
by \u00a34.8 million, whereas a 10% reduction would trigger a reduction of \u00a36.5 million.
The maximum present value of ACI contingent consideration is \u00a312.2 million and therefore there can
be no material variation to the value of the year-end liability as a result of increases in EBITDA
performance in the measurement period.
ERI
In December 2024, the original contingent consideration from the acquisition of ERI was extended to
include a potential payment of \u20ac0 to \u20ac6.0 million based on EBITDA performance for the year ending
31 December 2029, with the threshold set at \u20ac10.0 million and the maximum payable at \u20ac11.0 million.
Based on current expectations, a liability of \u00a31.6 million (2025: \u00a31.5 million) has been recognised based
on estimated EBITDA performance in the assessment period, discounted to present value. The
maximum present value of ERI contingent consideration is \u00a34.5 million and therefore there can be no
material variation to the value of the year-end liability as a result of fluctuations in EBITDA performance.
DVS
Contingent consideration for this period ranges from NZD 0 to NZD 9 million based on an EBITDA range
of NZD 3.5 million to NZD 4.0 million for the year ended 31 March 2026. This earn-out was achieved in
full during the year and therefore the liability reflects the maximum present value of DVS contingent
consideration of \u00a34.0 million (2025: \u00a32.6 million) and there is no remaining estimation uncertainty. The
fair value movement of \u00a31.4 million expensed in the year reflects the improved performance compared
with the forecast as at 31 July 2025. This liability was paid in September 2026.
Fantech
Fantech deferred consideration was paid in December 2025 at a value of \u00a329.6 million (AUD 60.0 million)
in relation to the prior year acquisition. The change in value since 31 July 2025 of \u00a30.8 million reflects the
unwinding of the discount amount to present value and changes in foreign exchange rates between
31 July 2025 and the payment date.
Foreign exchange forward contract liabilities
The foreign exchange forward contracts are carried at their fair value, with the gain or loss being
recognised in the Group\u2019s consolidated statement of comprehensive income. Refer to note 27 for
the fair value hierarchy the Group uses to determine the fair value of financial instruments.
22. Interest-bearing loans and borrowings
2026
2025
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Unsecured \u2013 at amortised cost
Borrowings under the revolving credit
facility (maturing 9 September 2028)
\u2013
206.1
\u2013
144.7
Cost of arranging bank loan
\u2013
(1.4)
\u2013
(1.3)
\u2013
204.7
\u2013
143.4
Other loans
0.2
\u2013
\u2013
0.3
Total
0.2
204.7
\u2013
143.7
Revolving credit facility \u2013 at 31 July 2026
Amount
outstanding Termination Repayment
Currency \u00a3m date
frequency
Rate %
GBP
\u2013
9 September 2028
One payment
SONIA + margin%
Euro
65.2
9 September 2028
One payment
EURIBOR + margin%
Australian Dollar
125.3
9 September 2028
One payment
AUD-BBSY + margin%
Swedish Krona
15.6
9 September 2028
One payment
STIBOR + margin%
Total
206.1
Revolving credit facility \u2013 at 31 July 2025
Amount
outstanding Termination Repayment
Currency \u00a3m date
frequency
Rate %
GBP
\u2013
9 September 2027
One payment
SONIA + margin%
Euro
66.0
9 September 2027
One payment
EURIBOR + margin%
Australian Dollar
63.2
9 September 2027
One payment
AUD-BBSY + margin%
Swedish Krona
15.5
9 September 2027
One payment
STIBOR + margin%
Total
144.7
The interest rate on borrowings includes a margin that is dependent on the consolidated leverage
level of the Group in respect of the most recently completed reporting period. For the year ended
31 July 2026, Group leverage was 1.5:1 and the margin rate was 1.5% (31 July 2025: Group leverage was
below 1.2:1 with the margin at 1.5%). The Group remained comfortably within its banking covenants,
which are tested semi-annually.
As at 31 July 2026, the multiple of EBITDA to net finance charges was 10.8 (31 July 2025: 13.6), against a
covenant minimum ratio of 4.0, and the multiple of net borrowings to EBITDA (leverage) was 1.5 (31 July
2025: 1.2), against a covenant maximum ratio of 3.0.
In August 2025, the Group took the option to extend its multi-currency \u2018Sustainability Linked Revolving
Credit Facility\u2019 of \u00a3230 million, together with an accordion of up to \u00a370 million, by a period of
12 months, revising the maturity date from September 2027 to September 2028. On 9 January 2026,
the Group increased the facility from \u00a3230 million to \u00a3270 million, with a remaining accordion facility
of \u00a330.0 million.
At the year-end, the Group had a Sustainability Linked Revolving Credit Facility of \u00a3270 million,
together with an accordion of up to \u00a330 million maturing in September 2028, with the option of
extending for a further one year.
At 31 July 2026, the Group had \u00a363.9 million (2025: \u00a385.3 million) of its multi-currency revolving credit
facility unutilised, plus an unutilised accordion of up to \u00a330.0 million (2025: \u00a370.0 million).
Post the balance sheet date, on 18 September 2026 we concluded an exercise to increase and extend
the maturity of the facility, which now stands at \u00a3340 million plus a further \u00a3150 million accordion
facility. This new and increased facility matures in September 2029, with two further one-year optional
extensions out to September 2031.
Changes in liabilities arising from financing activities
Foreign
1 August Cash exchange New/ Interest 31 July
2025 flows movement other payable 2026
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest-bearing loans and borrowings
143.4
42.8
8.0
\u2013
10.5
204.7
Debt acquired in business
combinations
0.3
(0.5)
\u2013
0.2
0.2
0.2
Lease liabilities (note 20)
39.7
(9.1)
0.9
18.0
2.1
51.6
Total liabilities from financing
activities
183.4
33.2
8.9
18.2
12.8
256.5
Foreign
1 August Cash exchange New/ 31 July
2024 flows movement other Interest 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest-bearing loans and borrowings
49.8
90.1
(3.2)
(0.5)
7.2
143.4
Debt acquired in business
combinations
0.6
(0.2)
(0.1)
\u2013
\u2013
0.3
Lease liabilities (note 20)
25.9
(7.2)
(0.3)
20.0
1.3
39.7
ClimaRad vendor loan
9.6
(9.7)
(0.1)
\u2013
0.2
\u2013
Total liabilities from financing
activities
85.9
73.0
(3.7)
19.5
8.7
183.4
27. Risk management As a result of entering into financial instruments, the Group is exposed to market risk, credit risk, foreign exchange risk and liquidity risk. The Group\u2019s principal financial instruments are: \u2022 interest-bearing loans and borrowings; \u2022 trade and other receivables, trade and other payables, cash and short-term deposits; and \u2022 foreign exchange forward contracts. Derivative financial instruments The Group uses forward foreign currency contracts to reduce exposure to foreign exchange risk. Forward foreign currency contracts The Group\u2019s purchases in foreign currencies, net of Group sales in those currencies, represent approximately 15% (2025: 16%) of total material and component purchases. Each quarter, the Group enters into forward exchange contracts for the purchase of the budgeted monthly net expenditure in US Dollars for the following rolling 12\u201315 months. Hedge accounting is not applied for these derivatives. The Group\u2019s criteria for entering into a forward foreign currency contract would require that the instrument must: \u2022 be related to anticipated foreign currency commitment; \u2022 involve the same currency as the foreign currency commitment; and \u2022 reduce the risk of foreign currency exchange movements on the Group\u2019s operations. Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risks, such as equity price risk and commodity risk. The Group\u2019s exposure is primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Group enters into derivative financial instruments to manage its exposure to these risks when appropriate. At 31 July 2026, the Group had commitments under forward foreign exchange contracts with varying settlement dates to 6 July 2027 (2025: 6 July 2026). See note 21 for fair values. Sensitivity analysis The Group recognises that movements in certain risk variables (such as interest rates or foreign exchange rates) might affect the value of its derivatives and also the amounts recorded in its equity in the overseas entities and its statement of comprehensive income for the period. Therefore, the Group has assessed: \u2022 what would be reasonably possible changes in the risk variables at the end of the reporting period; and \u2022 the effects on profit or loss and equity if such changes in the risk variables were to occur.
Interest rate risk
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on
the Group\u2019s floating rate loans and borrowings which at the relevant reporting dates are not hedged.
With all other variables being constant, the Group\u2019s profit before tax is affected through the impact on
floating rate borrowings as follows. There is only an immaterial impact on the Group\u2019s equity.
Effect on
profit
Increase in before tax
basis points \u00a3m
31 July 2026
Sterling
+25
\u2013
Swedish Krona
+25
\u2013
Australian Dollar
+25
(0.3)
Euro
+25
(0.2)
Effect on
profit
Increase in before tax
basis points \u00a3m
31 July 2025
Sterling
+25
\u2013
Swedish Krona
+25
\u2013
Australian Dollar
+25
(0.2)
Euro
+25
(0.2)
The assigned movement in basis points for interest rate sensitivity analysis is based upon the currently
observable market environment.
The Group\u2019s cash balances are held in bank current accounts and earn immaterial levels of interest.
Management has concluded that any changes in the SONIA and STIBOR rates will have an immaterial
impact on interest income earned on the Group\u2019s cash balances. No interest rate sensitivity has been
included in relation to the Group\u2019s cash balances.
Foreign currency risk
The Group\u2019s exposure to foreign exchange risk primarily arises when revenue and expenses are
denominated in a different currency from the Group\u2019s presentational currency and translated into GBP
for consolidation into the Group\u2019s results. Foreign exchange risk also arises when the individual entities
enter into transactions that are not denominated in their functional currency. Transactional foreign
currency risk is not considered material to Group operations.
Hedge of net investments in foreign operations
The Euro, Swedish Krona and Australian Dollar denominated loans at 31 July 2026, which can be found
in note 22, have been designated as a hedge of the net investments in the subsidiaries in Nordics,
Europe and Australia. The borrowing is being used to hedge the Group\u2019s exposure to the foreign
exchange risk on these investments. Gains or losses on the retranslation of this borrowing are
transferred to other comprehensive income to offset any gains or losses on translation of the net
investments in the subsidiaries.
There is an economic relationship between the hedged items and the hedging instrument as the net
investments create a translation risk that will match the foreign exchange risk on the borrowing. The
underlying risk of the hedging instrument is identical to the hedged risk component. The hedging gain
recognised in other comprehensive income before tax is equal to the change in fair value used for
measuring effectiveness. There is no ineffectiveness recognised in profit or loss, and we do not expect
there to be any.
Liquidity risk
Liquidity risk for the Group arises from the management of working capital commitments and meeting
its financial obligations as they fall due. The Group\u2019s policy is to regularly review cash flow forecasts/
projections as well as information regarding cash balances to ensure that it has significant cash to
allow it to meet its liabilities when they become due.
The Group reviews its long-term funding requirements in parallel with its long-term strategy, with an
objective of aligning both in a timely manner. At the reporting date, forecasts indicate that the Group
is expected to have sufficient liquidity to meet its financial obligations for at least the next three years.
The table below summarises the maturity profile of the Group\u2019s significant undiscounted financial
liabilities at 31 July 2026:
Less than Between one More than
one year and five years five years Total
At 31 July 2026 \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Interest-bearing loans and borrowings
(excluding interest and lease liabilities)
\u2013
206.1
\u2013
206.1
Lease liabilities
8.9
28.1
26.4
63.4
Forward foreign currency exchange outflow
1 7.8
\u2013
\u2013
1 7.8
Forward foreign currency exchange inflow
(17.8)
\u2013
\u2013
(17.8)
Contingent consideration \u2013 ACI
2.1
8.3
\u2013
10.4
Contingent consideration \u2013 DVS
4.0
\u2013
\u2013
4.0
Contingent consideration \u2013 ERI
\u2013
1.8
\u2013
1.8
Trade and other payables and other accrued
expenses
69.0
\u2013
\u2013
69.0
84.0
244.3
26.4
354.7
The table below summarises the maturity profile of the Group\u2019s significant undiscounted financial
liabilities at 31 July 2025:
Less than Between one More than
one year and five years five years Total
At 31 July 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Interest-bearing loans and borrowings
(excluding interest and lease liabilities)
\u2013
144.7
\u2013
144.7
Lease liabilities
7.9
21.5
18.0
47.4
Forward foreign currency exchange outflow
18.2
\u2013
\u2013
18.2
Forward foreign currency exchange inflow
(18.0)
\u2013
\u2013
(18.0)
Deferred consideration \u2013 Fantech
29.2
\u2013
\u2013
29.2
Contingent consideration \u2013 DVS
4.0
\u2013
\u2013
4.0
Contingent consideration \u2013 ERI
\u2013
1.8
\u2013
1.8
Trade and other payables and other accrued
expenses
63.9
\u2013
\u2013
63.9
105.2
168.0
18.0
291.2
Fair values of financial assets and financial liabilities
There are no material differences between the book values and fair values for any of the Group\u2019s
financial instruments carried at amortised cost. Derivative financial instruments have been valued
using other techniques, for which all inputs that have a significant effect on the recorded fair value are
observable, either directly or indirectly.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty fails to meet its
contractual obligations under a financial instrument or customer contract, leading to a financial loss.
The Group is mainly exposed to credit risk from its operating activities (primarily for trade receivables
\u2013 credit sales) and from cash and cash equivalents and deposits with banks and financial institutions
and other financial instruments.
Trade receivables
Customer credit risk is managed by each business unit subject to the Group\u2019s established policy,
procedures and control relating to customer credit risk management. Credit quality of a customer
is assessed based on an extensive credit rating scorecard and individual credit limits are defined in
accordance with this assessment. Outstanding customer receivables and contract assets are regularly
monitored and any shipments to major customers are generally covered by credit insurance obtained
from reputable banks and other financial institutions.
An impairment analysis is performed at each reporting date using a provision matrix to measure
expected credit losses. The provision rates are based on days past due for groupings of various
customer segments with similar loss patterns (i.e. by geographical region, product type, customer
type and rating, and coverage by credit insurance). The calculation reflects the probability-weighted
outcome, the time value of money and reasonable and supportable information that is available at the
reporting date about past events, current conditions and forecasts of future economic conditions.
Generally, trade receivables are written off if past due for more than one year and are not subject to
enforcement activity. The maximum exposure to credit risk at the reporting date is the carrying value
of each class of financial asset disclosed in note 17. The Group does not hold collateral as security.
The credit insurance is considered an integral part of trade receivables and considered in the
calculation of impairment.
Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables and
contract assets using a provision matrix:
<30 30\u201360 61\u201390 >91
Current days days days days Total
31 July 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
0.3%
\u2013
\u2013
33%
40%
Estimated total gross
carrying amount at default
62.4
9.3
1.0
0.3
0.5
73.5
Expected credit loss
0.2
\u2013
\u2013
0.1
0.2
0.5
<30 30\u201360 61\u201390 >91
Current days days days days Total
31 July 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
0.1%
0.8%
5.2%
10.4%
21.7%
Estimated total gross
carrying amount at default
58.1
8.1
1.2
0.3
0.9
68.6
Expected credit loss
0.0
0.1
0.0
0.1
0.2
0.4
Financial instruments and cash deposits
Credit risk from balances with banks and financial institutions is managed in accordance with the
Group\u2019s policy. The Group deposits cash with reputable financial institutions, from which management
believes the possibilities of loss to be remote. The Group\u2019s maximum exposure to credit risk for the
components of the statement of financial position at 31 July 2026 and 2025 is the carrying amount.
The Group\u2019s maximum exposure to derivative financial instruments is noted in either note 21 or in the
liquidity tables included under liquidity risk.
Capital risk management
The primary objective of the Group\u2019s capital management policy is to ensure that it has the capital
required to operate and grow the business at a reasonable cost of capital without incurring undue
financial risks. The Board periodically reviews its capital structure to ensure it meets changing business
needs. The Group defines its capital as its share capital (excluding treasury shares), share premium
account, foreign currency translation reserves and retained earnings. In addition, the Directors consider
the management of debt to be an important element in controlling the capital structure of the Group.
The Group may carry significant levels of long-term structural and subordinated debt to fund acquisitions
and has arranged debt facilities to allow for fluctuations in working capital requirements. There have
been no changes to the capital management policy in the current period. Management manages capital
on an ongoing basis to ensure that covenant requirements on third party debt are met.
Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of financial
instruments by valuation technique:
\u2022 Level 1 \u2013 quoted (unadjusted) prices in active markets for identical assets or liabilities;
\u2022 Level 2 \u2013 other techniques for which all inputs that have a significant effect on the recorded fair
value are observable, either directly or indirectly; and
\u2022 Level 3 \u2013 techniques which use inputs which have a significant effect on the recorded fair value that
are not based on observable market data.
Financial instruments carried at fair value comprise the derivative financial instruments in note 21 and
the contingent consideration in notes 15 and 21.
For hierarchy purposes derivative financial instruments are deemed to be Level 2 as external valuers are
involved in the valuation of these contracts. Their fair value is measured using valuation techniques
including the DCF model. Inputs to this calculation include the expected cash flows in relation to these
derivative contracts and relevant discount rates. Contingent consideration is deemed to be Level 3, with
the unobservable inputs being forecast future performance; see note 21 for details on the valuation
techniques used to measure the fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-447": { "value": "21. Other financial liabilities
Foreign
exchange Contingent Deferred Contingent Contingent
forward consideration consideration consideration consideration
contracts ACI Fantech DVS ERI Total
2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 August 2025
0.2
\u2013
28.8
2.6
1.5
33.1
Additional liabilities
\u2013
7.7
\u2013
\u2013
7.7
Fair value
movement
\u2013
\u2013
\u2013
1.4
\u2013
1.4
Unwinding of
discount
\u2013
0.3
0.4
0.1
0.8
Consideration paid
\u2013
\u2013
(29.6)
\u2013
\u2013
(29.6)
Fair value
adjustment
(0.2)
\u2013
\u2013
\u2013
\u2013
(0.2)
Foreign exchange
\u2013
0.4
0.4
\u2013
\u2013
0.8
At 31 July 2026
\u2013
8.4
\u2013
4.0
1.6
14.0
Analysis
Current
\u2013
\u2013
\u2013
4.0
\u2013
4.0
Non-current
\u2013
8.4
\u2013
\u2013
1.6
10.0
Total
\u2013
8.4
\u2013
4.0
1.6
14.0
Foreign Contingent
exchange Deferred Contingent consideration Contingent
forward consideration consideration ClimaRad consideration
contracts Fantech DVS BV ERI Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 August 2024
0.2
\u2013
\u2013
16.3
5.5
22.0
Additional liabilities
\u2013
29.6
\u2013
\u2013
\u2013
29.6
Re-measurement of
financial liabilities
\u2013
\u2013
\u2013
0.5
\u2013
0.5
Fair value
movement
\u2013
\u2013
2.6
2.1
0.1
4.7
Unwinding of
discount
\u2013
0.7
\u2013
2.0
0.4
3.2
Consideration paid
\u2013
\u2013
\u2013
(20.9)
(4.6)
(25.5)
Foreign exchange
\u2013
(1.5)
\u2013
\u2013
0.1
(1.4)
At 31 July 2025
0.2
28.8
2.6
\u2013
1.5
33.1
Analysis
Current
0.2
28.8
2.6
\u2013
\u2013
31.6
Non-current
\u2013
\u2013
\u2013
\u2013
1.5
1.5
Total
0.2
28.8
2.6
\u2013
1.5
33.1
Consideration liabilities The fair value of contingent consideration is calculated by estimating the future cash flows for the acquired company. These estimates are based on management\u2019s knowledge of the business and how the current economic environment is likely to impact performance. The relevant future cash flows are dependent on the specific terms of the sale and purchase agreement. ACI Contingent consideration relating to the February 2026 acquisition of ACI is payable up to \u00a314.7 million (AUD 28.9 million). The terms of the ACI earn-out are as follows: \u2022 Year ending 31 July 2027 \u2013 Consideration of up to AUD 8.9 million for EBITDA performance in this period over AUD 19.9 million, increasing pro-rata up to AUD 23.6 million. \u2022 Year ending 31 July 2029 \u2013 Consideration of up to AUD 20 million for EBITDA performance in this period over AUD 27 million, increasing pro-rata up to AUD 30 million. The acquisition and year-end fair value of ACI contingent consideration liability is based on our best estimate of future performance and discounted to present value using the estimated short-term weighted average cost of capital. Our estimate is based on the Board approved financial budget for ACI for the year-ending 31 July 2027, as well as Board approved revenue and operating profit annual growth rates for the following two years to 31 July 2029. The valuation of contingent consideration at acquisition and at year-end has been identified as a material estimate: the calculation of expected performance in the earn-out year is most sensitive to reductions in budgeted EBITDA for the year-ending 31 July 2027. There can be no material variation in the year-end valuation as a result of changes in the annual growth rates, applied revenue and operating costs to the year-ending 31 July 2029. A reduction in expected EBITDA performance in the year-ending 31 July 2027 of over 5% would materially reduce the year-end present value: a 5% reduction would reduce discounted present value by \u00a34.8 million, whereas a 10% reduction would trigger a reduction of \u00a36.5 million. The maximum present value of ACI contingent consideration is \u00a312.2 million and therefore there can be no material variation to the value of the year-end liability as a result of increases in EBITDA performance in the measurement period. ERI In December 2024, the original contingent consideration from the acquisition of ERI was extended to include a potential payment of \u20ac0 to \u20ac6.0 million based on EBITDA performance for the year ending 31 December 2029, with the threshold set at \u20ac10.0 million and the maximum payable at \u20ac11.0 million. Based on current expectations, a liability of \u00a31.6 million (2025: \u00a31.5 million) has been recognised based on estimated EBITDA performance in the assessment period, discounted to present value. The maximum present value of ERI contingent consideration is \u00a34.5 million and therefore there can be no material variation to the value of the year-end liability as a result of fluctuations in EBITDA performance. DVS Contingent consideration for this period ranges from NZD 0 to NZD 9 million based on an EBITDA range of NZD 3.5 million to NZD 4.0 million for the year ended 31 March 2026. This earn-out was achieved in full during the year and therefore the liability reflects the maximum present value of DVS contingent consideration of \u00a34.0 million (2025: \u00a32.6 million) and there is no remaining estimation uncertainty. The fair value movement of \u00a31.4 million expensed in the year reflects the improved performance compared with the forecast as at 31 July 2025. This liability was paid in September 2026. Fantech Fantech deferred consideration was paid in December 2025 at a value of \u00a329.6 million (AUD 60.0 million) in relation to the prior year acquisition. The change in value since 31 July 2025 of \u00a30.8 million reflects the unwinding of the discount amount to present value and changes in foreign exchange rates between 31 July 2025 and the payment date. Foreign exchange forward contract liabilities The foreign exchange forward contracts are carried at their fair value, with the gain or loss being recognised in the Group\u2019s consolidated statement of comprehensive income. Refer to note 27 for the fair value hierarchy the Group uses to determine the fair value of financial instruments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-448": { "value": "22. Interest-bearing loans and borrowings
2026
2025
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Unsecured \u2013 at amortised cost
Borrowings under the revolving credit
facility (maturing 9 September 2028)
\u2013
206.1
\u2013
144.7
Cost of arranging bank loan
\u2013
(1.4)
\u2013
(1.3)
\u2013
204.7
\u2013
143.4
Other loans
0.2
\u2013
\u2013
0.3
Total
0.2
204.7
\u2013
143.7
Revolving credit facility \u2013 at 31 July 2026
Amount
outstanding Termination Repayment
Currency \u00a3m date
frequency
Rate %
GBP
\u2013
9 September 2028
One payment
SONIA + margin%
Euro
65.2
9 September 2028
One payment
EURIBOR + margin%
Australian Dollar
125.3
9 September 2028
One payment
AUD-BBSY + margin%
Swedish Krona
15.6
9 September 2028
One payment
STIBOR + margin%
Total
206.1
Revolving credit facility \u2013 at 31 July 2025
Amount
outstanding Termination Repayment
Currency \u00a3m date
frequency
Rate %
GBP
\u2013
9 September 2027
One payment
SONIA + margin%
Euro
66.0
9 September 2027
One payment
EURIBOR + margin%
Australian Dollar
63.2
9 September 2027
One payment
AUD-BBSY + margin%
Swedish Krona
15.5
9 September 2027
One payment
STIBOR + margin%
Total
144.7
The interest rate on borrowings includes a margin that is dependent on the consolidated leverage level of the Group in respect of the most recently completed reporting period. For the year ended 31 July 2026, Group leverage was 1.5:1 and the margin rate was 1.5% (31 July 2025: Group leverage was below 1.2:1 with the margin at 1.5%). The Group remained comfortably within its banking covenants, which are tested semi-annually. As at 31 July 2026, the multiple of EBITDA to net finance charges was 10.8 (31 July 2025: 13.6), against a covenant minimum ratio of 4.0, and the multiple of net borrowings to EBITDA (leverage) was 1.5 (31 July 2025: 1.2), against a covenant maximum ratio of 3.0. In August 2025, the Group took the option to extend its multi-currency \u2018Sustainability Linked Revolving Credit Facility\u2019 of \u00a3230 million, together with an accordion of up to \u00a370 million, by a period of 12 months, revising the maturity date from September 2027 to September 2028. On 9 January 2026, the Group increased the facility from \u00a3230 million to \u00a3270 million, with a remaining accordion facility of \u00a330.0 million. At the year-end, the Group had a Sustainability Linked Revolving Credit Facility of \u00a3270 million, together with an accordion of up to \u00a330 million maturing in September 2028, with the option of extending for a further one year. At 31 July 2026, the Group had \u00a363.9 million (2025: \u00a385.3 million) of its multi-currency revolving credit facility unutilised, plus an unutilised accordion of up to \u00a330.0 million (2025: \u00a370.0 million). Post the balance sheet date, on 18 September 2026 we concluded an exercise to increase and extend the maturity of the facility, which now stands at \u00a3340 million plus a further \u00a3150 million accordion facility. This new and increased facility matures in September 2029, with two further one-year optional extensions out to September 2031. Changes in liabilities arising from financing activities
Foreign
1 August Cash exchange New/ Interest 31 July
2025 flows movement other payable 2026
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest-bearing loans and borrowings
143.4
42.8
8.0
\u2013
10.5
204.7
Debt acquired in business
combinations
0.3
(0.5)
\u2013
0.2
0.2
0.2
Lease liabilities (note 20)
39.7
(9.1)
0.9
18.0
2.1
51.6
Total liabilities from financing
activities
183.4
33.2
8.9
18.2
12.8
256.5
Foreign
1 August Cash exchange New/ 31 July
2024 flows movement other Interest 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest-bearing loans and borrowings
49.8
90.1
(3.2)
(0.5)
7.2
143.4
Debt acquired in business
combinations
0.6
(0.2)
(0.1)
\u2013
\u2013
0.3
Lease liabilities (note 20)
25.9
(7.2)
(0.3)
20.0
1.3
39.7
ClimaRad vendor loan
9.6
(9.7)
(0.1)
\u2013
0.2
\u2013
Total liabilities from financing
activities
85.9
73.0
(3.7)
19.5
8.7
183.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-416": { "value": "
23. Provisions
Product Property
warranties dilapidations Total
2026 \u00a3m \u00a3m \u00a3m
At 1 August 2025
2.1
0.7
2.8
On business combinations
0.1
0.1
0.2
Arising during the year
2.4
0.2
2.6
Utilised
(1.8)
(0.3)
(2.1)
Foreign currency adjustment
0.1
\u2013
0.1
At 31 July 2026
2.9
0.7
3.6
Analysis
Current
2.9
\u2013
2.9
Non-current
\u2013
0.7
0.7
Total
2.9
0.7
3.6
Product Property
warranties dilapidations Total
2025 \u00a3m \u00a3m \u00a3m
At 1 August 2024
1.8
0.4
2.2
On business combinations
0.2
\u2013
0.2
Arising during the year
1.7
0.3
2.0
Utilised
(1.5)
\u2013
(1.5)
Foreign currency adjustment
(0.1)
\u2013
(0.1)
At 31 July 2025
2.1
0.7
2.8
Analysis
Current
1.8
0.3
2.1
Non-current
0.3
0.4
0.7
Total
2.1
0.7
2.8
Product warranties
A provision is recognised for warranty costs expected to be incurred in the following 12 months on
products sold during the year and in prior years. Product warranties are typically one to two years;
however, based on management\u2019s knowledge of the products, claims in relation to warranties after
more than 12 months are rare and highly immaterial.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-449": { "value": "23. Provisions
Product Property
warranties dilapidations Total
2026 \u00a3m \u00a3m \u00a3m
At 1 August 2025
2.1
0.7
2.8
On business combinations
0.1
0.1
0.2
Arising during the year
2.4
0.2
2.6
Utilised
(1.8)
(0.3)
(2.1)
Foreign currency adjustment
0.1
\u2013
0.1
At 31 July 2026
2.9
0.7
3.6
Analysis
Current
2.9
\u2013
2.9
Non-current
\u2013
0.7
0.7
Total
2.9
0.7
3.6
Product Property
warranties dilapidations Total
2025 \u00a3m \u00a3m \u00a3m
At 1 August 2024
1.8
0.4
2.2
On business combinations
0.2
\u2013
0.2
Arising during the year
1.7
0.3
2.0
Utilised
(1.5)
\u2013
(1.5)
Foreign currency adjustment
(0.1)
\u2013
(0.1)
At 31 July 2025
2.1
0.7
2.8
Analysis
Current
1.8
0.3
2.1
Non-current
0.3
0.4
0.7
Total
2.1
0.7
2.8
Product warranties A provision is recognised for warranty costs expected to be incurred in the following 12 months on products sold during the year and in prior years. Product warranties are typically one to two years; however, based on management\u2019s knowledge of the products, claims in relation to warranties after more than 12 months are rare and highly immaterial.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-417": { "value": "
24. Authorised and issued share capital and reserves
Number of
ordinary shares Ordinary Share
issued and fully shares premium
paid \u00a3m \u00a3m
At 31 July 2025 and 31 July 2026
200,000,000
2.0
11.5
The 200,000,000 authorised ordinary shares were issued at \u00a30.01 each.
At 31 July 2026, a total of 1,959,349 (2025: 2,012,770) ordinary shares in Volution Group plc were held
by the Volution EBT, all of which were unallocated and available for transfer to participants of the
Long-term Incentive Plan, Deferred Share Bonus Plan and Sharesave Plan on exercise. During the year,
380,000 ordinary shares in Volution Group plc were purchased by the trustees (2025: 515,000) and
433,421 (2025: 653,444) were released by the trustees at \u00a32.8 million (2025: \u00a33.7 million). The market
value of the shares held by the Volution EBT at 31 July 2026 was \u00a312.1 million (2025: \u00a313.5 million).
The Volution EBT has agreed to waive its rights to dividends.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-450": { "value": "24. Authorised and issued share capital and reserves
Number of
ordinary shares Ordinary Share
issued and fully shares premium
paid \u00a3m \u00a3m
At 31 July 2025 and 31 July 2026
200,000,000
2.0
11.5
The 200,000,000 authorised ordinary shares were issued at \u00a30.01 each. At 31 July 2026, a total of 1,959,349 (2025: 2,012,770) ordinary shares in Volution Group plc were held by the Volution EBT, all of which were unallocated and available for transfer to participants of the Long-term Incentive Plan, Deferred Share Bonus Plan and Sharesave Plan on exercise. During the year, 380,000 ordinary shares in Volution Group plc were purchased by the trustees (2025: 515,000) and 433,421 (2025: 653,444) were released by the trustees at \u00a32.8 million (2025: \u00a33.7 million). The market value of the shares held by the Volution EBT at 31 July 2026 was \u00a312.1 million (2025: \u00a313.5 million). The Volution EBT has agreed to waive its rights to dividends.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-451": { "value": "25. Deferred tax liabilities
Charged/ On
1 August (credited) Credited Translation business 31 July
2025 to income to equity difference combinations 2026
2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Temporary differences
Depreciation in advance
of capital allowances
3.1
\u2013
\u2013
\u2013
\u2013
3.1
Fair value movements of
derivative financial
instruments
(0.1)
0.1
\u2013
\u2013
\u2013
\u2013
Development costs,
customer base, trademark
and patents
29.7
(3.4)
\u2013
1.6
12.0
39.9
Other temporary
differences
(2.2)
(0.7)
\u2013
(0.3)
(0.2)
(3.4)
Share-based payments
(4.3)
(0.4)
0.6
\u2013
\u2013
(4.1)
Deferred tax liabilities
26.2
(4.4)
0.6
1.3
11.8
35.5
Charged/ On
1 August (credited) Credited Translation business 31 July
2024 to income to equity difference combinations 2025
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Temporary differences
Depreciation in advance
of capital allowances
2.8
0.3
\u2013
\u2013
\u2013
3.1
Fair value movements of
derivative financial
instruments
(0.1)
\u2013
\u2013
\u2013
\u2013
(0.1)
Development costs,
customer base, trademark
and patents
14.3
(2.4)
\u2013
(1.0)
18.8
29.7
Unutilised tax losses
(0.1)
0.1
\u2013
\u2013
\u2013
\u2013
Other temporary
differences
(1.3)
(1.7)
\u2013
0.1
0.7
(2.2)
Share-based payments
(3.0)
(0.8)
(0.5)
\u2013
\u2013
(4.3)
Deferred tax liabilities
12.6
(4.5)
(0.5)
(0.9)
19.5
26.2
At 31 July 2026, the Group had not recognised a deferred tax asset in respect of gross tax losses of \u00a35.2 million (2025: \u00a35.2 million) relating to management expenses, capital losses of \u00a34.1 million (2025: \u00a34.1 million) arising in UK subsidiaries and overseas gross tax losses of \u00a3nil (2025: \u00a3nil), as there is insufficient evidence that the losses will be utilised. These losses are available to be carried indefinitely. The unremitted earnings associated with investments in subsidiaries, for which a deferred tax liability has not been recognised, aggregate to \u00a3133.9m (2025: \u00a3143.3m). As the Group does not foresee a distribution of unremitted earnings from these subsidiaries which would result in a reversal of deferred tax, no deferred tax has been recognised. The quantum of the unrecognised deferred tax liability is not significant in the context of the group.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-418": { "value": "
26. Dividends paid and proposed
2026 2025
\u00a3m \u00a3m
Cash dividends on ordinary shares declared and paid
Interim dividend for 2026: 4.0 pence per share (2025: 3.40 pence)
7.9
6.7
Proposed dividends on ordinary shares
Final dividend for 2026: 8 .8 0 pence per share (2025: 7.40 pence)
1 7.4
14.7
An interim dividend payment of \u00a37.9 million is included in the consolidated statement of cash flows
(2025: \u00a36.7 million).
A final dividend payment of \u00a314.7 million is included in the consolidated statement of cash flows
relating to 2025 (2025: \u00a312.3 million relating to 2024).
Total dividend payments of \u00a322.6 million are included in the consolidated statement of cash flows
(2025: \u00a319.0 million).
The proposed final dividend on ordinary shares is subject to approval at the Annual General Meeting
and is not recognised as a liability at 31 July 2026.
There are no income tax consequences attached to the payment of dividends in either 2026 or 2025
by the Group to its shareholders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-453": { "value": "0.088", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-454": { "value": "0.074", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800EPT84EQCDHO768", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-452": { "value": "
27. Risk management
As a result of entering into financial instruments, the Group is exposed to market risk, credit risk,
foreign exchange risk and liquidity risk.
The Group\u2019s principal financial instruments are:
\u2022 interest-bearing loans and borrowings;
\u2022 trade and other receivables, trade and other payables, cash and short-term deposits; and
\u2022 foreign exchange forward contracts.
Derivative financial instruments
The Group uses forward foreign currency contracts to reduce exposure to foreign exchange risk.
Forward foreign currency contracts
The Group\u2019s purchases in foreign currencies, net of Group sales in those currencies, represent
approximately 15% (2025: 16%) of total material and component purchases. Each quarter, the Group
enters into forward exchange contracts for the purchase of the budgeted monthly net expenditure in
US Dollars for the following rolling 12\u201315 months. Hedge accounting is not applied for these derivatives.
The Group\u2019s criteria for entering into a forward foreign currency contract would require that the
instrument must:
\u2022 be related to anticipated foreign currency commitment;
\u2022 involve the same currency as the foreign currency commitment; and
\u2022 reduce the risk of foreign currency exchange movements on the Group\u2019s operations.
Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate
because of changes in market prices. Market risk comprises three types of risk: interest rate risk,
currency risk and other price risks, such as equity price risk and commodity risk.
The Group\u2019s exposure is primarily to the financial risks of changes in foreign currency exchange rates
and interest rates. The Group enters into derivative financial instruments to manage its exposure to
these risks when appropriate.
At 31 July 2026, the Group had commitments under forward foreign exchange contracts with varying
settlement dates to 6 July 2027 (2025: 6 July 2026). See note 21 for fair values.
Sensitivity analysis
The Group recognises that movements in certain risk variables (such as interest rates or foreign
exchange rates) might affect the value of its derivatives and also the amounts recorded in its equity in
the overseas entities and its statement of comprehensive income for the period. Therefore, the Group
has assessed:
\u2022 what would be reasonably possible changes in the risk variables at the end of the reporting
period; and
\u2022 the effects on profit or loss and equity if such changes in the risk variables were to occur.
Interest rate risk The following table demonstrates the sensitivity to a reasonably possible change in interest rates on the Group\u2019s floating rate loans and borrowings which at the relevant reporting dates are not hedged. With all other variables being constant, the Group\u2019s profit before tax is affected through the impact on floating rate borrowings as follows. There is only an immaterial impact on the Group\u2019s equity.
Effect on
profit
Increase in before tax
basis points \u00a3m
31 July 2026
Sterling
+25
\u2013
Swedish Krona
+25
\u2013
Australian Dollar
+25
(0.3)
Euro
+25
(0.2)
Effect on
profit
Increase in before tax
basis points \u00a3m
31 July 2025
Sterling
+25
\u2013
Swedish Krona
+25
\u2013
Australian Dollar
+25
(0.2)
Euro
+25
(0.2)
The assigned movement in basis points for interest rate sensitivity analysis is based upon the currently observable market environment. The Group\u2019s cash balances are held in bank current accounts and earn immaterial levels of interest. Management has concluded that any changes in the SONIA and STIBOR rates will have an immaterial impact on interest income earned on the Group\u2019s cash balances. No interest rate sensitivity has been included in relation to the Group\u2019s cash balances. Foreign currency risk The Group\u2019s exposure to foreign exchange risk primarily arises when revenue and expenses are denominated in a different currency from the Group\u2019s presentational currency and translated into GBP for consolidation into the Group\u2019s results. Foreign exchange risk also arises when the individual entities enter into transactions that are not denominated in their functional currency. Transactional foreign currency risk is not considered material to Group operations. Hedge of net investments in foreign operations The Euro, Swedish Krona and Australian Dollar denominated loans at 31 July 2026, which can be found in note 22, have been designated as a hedge of the net investments in the subsidiaries in Nordics, Europe and Australia. The borrowing is being used to hedge the Group\u2019s exposure to the foreign exchange risk on these investments. Gains or losses on the retranslation of this borrowing are transferred to other comprehensive income to offset any gains or losses on translation of the net investments in the subsidiaries. There is an economic relationship between the hedged items and the hedging instrument as the net investments create a translation risk that will match the foreign exchange risk on the borrowing. The underlying risk of the hedging instrument is identical to the hedged risk component. The hedging gain recognised in other comprehensive income before tax is equal to the change in fair value used for measuring effectiveness. There is no ineffectiveness recognised in profit or loss, and we do not expect there to be any. Liquidity risk Liquidity risk for the Group arises from the management of working capital commitments and meeting its financial obligations as they fall due. The Group\u2019s policy is to regularly review cash flow forecasts/ projections as well as information regarding cash balances to ensure that it has significant cash to allow it to meet its liabilities when they become due. The Group reviews its long-term funding requirements in parallel with its long-term strategy, with an objective of aligning both in a timely manner. At the reporting date, forecasts indicate that the Group is expected to have sufficient liquidity to meet its financial obligations for at least the next three years. The table below summarises the maturity profile of the Group\u2019s significant undiscounted financial liabilities at 31 July 2026:
Less than Between one More than
one year and five years five years Total
At 31 July 2026 \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Interest-bearing loans and borrowings
(excluding interest and lease liabilities)
\u2013
206.1
\u2013
206.1
Lease liabilities
8.9
28.1
26.4
63.4
Forward foreign currency exchange outflow
1 7.8
\u2013
\u2013
1 7.8
Forward foreign currency exchange inflow
(17.8)
\u2013
\u2013
(17.8)
Contingent consideration \u2013 ACI
2.1
8.3
\u2013
10.4
Contingent consideration \u2013 DVS
4.0
\u2013
\u2013
4.0
Contingent consideration \u2013 ERI
\u2013
1.8
\u2013
1.8
Trade and other payables and other accrued
expenses
69.0
\u2013
\u2013
69.0
84.0
244.3
26.4
354.7
The table below summarises the maturity profile of the Group\u2019s significant undiscounted financial liabilities at 31 July 2025:
Less than Between one More than
one year and five years five years Total
At 31 July 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Interest-bearing loans and borrowings
(excluding interest and lease liabilities)
\u2013
144.7
\u2013
144.7
Lease liabilities
7.9
21.5
18.0
47.4
Forward foreign currency exchange outflow
18.2
\u2013
\u2013
18.2
Forward foreign currency exchange inflow
(18.0)
\u2013
\u2013
(18.0)
Deferred consideration \u2013 Fantech
29.2
\u2013
\u2013
29.2
Contingent consideration \u2013 DVS
4.0
\u2013
\u2013
4.0
Contingent consideration \u2013 ERI
\u2013
1.8
\u2013
1.8
Trade and other payables and other accrued
expenses
63.9
\u2013
\u2013
63.9
105.2
168.0
18.0
291.2
Fair values of financial assets and financial liabilities There are no material differences between the book values and fair values for any of the Group\u2019s financial instruments carried at amortised cost. Derivative financial instruments have been valued using other techniques, for which all inputs that have a significant effect on the recorded fair value are observable, either directly or indirectly. Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty fails to meet its contractual obligations under a financial instrument or customer contract, leading to a financial loss. The Group is mainly exposed to credit risk from its operating activities (primarily for trade receivables \u2013 credit sales) and from cash and cash equivalents and deposits with banks and financial institutions and other financial instruments. Trade receivables Customer credit risk is managed by each business unit subject to the Group\u2019s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables and contract assets are regularly monitored and any shipments to major customers are generally covered by credit insurance obtained from reputable banks and other financial institutions. An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e. by geographical region, product type, customer type and rating, and coverage by credit insurance). The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, trade receivables are written off if past due for more than one year and are not subject to enforcement activity. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial asset disclosed in note 17. The Group does not hold collateral as security. The credit insurance is considered an integral part of trade receivables and considered in the calculation of impairment. Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables and contract assets using a provision matrix:
<30 30\u201360 61\u201390 >91
Current days days days days Total
31 July 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
0.3%
\u2013
\u2013
33%
40%
Estimated total gross
carrying amount at default
62.4
9.3
1.0
0.3
0.5
73.5
Expected credit loss
0.2
\u2013
\u2013
0.1
0.2
0.5
<30 30\u201360 61\u201390 >91
Current days days days days Total
31 July 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
0.1%
0.8%
5.2%
10.4%
21.7%
Estimated total gross
carrying amount at default
58.1
8.1
1.2
0.3
0.9
68.6
Expected credit loss
0.0
0.1
0.0
0.1
0.2
0.4
Financial instruments and cash deposits Credit risk from balances with banks and financial institutions is managed in accordance with the Group\u2019s policy. The Group deposits cash with reputable financial institutions, from which management believes the possibilities of loss to be remote. The Group\u2019s maximum exposure to credit risk for the components of the statement of financial position at 31 July 2026 and 2025 is the carrying amount. The Group\u2019s maximum exposure to derivative financial instruments is noted in either note 21 or in the liquidity tables included under liquidity risk. Capital risk management The primary objective of the Group\u2019s capital management policy is to ensure that it has the capital required to operate and grow the business at a reasonable cost of capital without incurring undue financial risks. The Board periodically reviews its capital structure to ensure it meets changing business needs. The Group defines its capital as its share capital (excluding treasury shares), share premium account, foreign currency translation reserves and retained earnings. In addition, the Directors consider the management of debt to be an important element in controlling the capital structure of the Group. The Group may carry significant levels of long-term structural and subordinated debt to fund acquisitions and has arranged debt facilities to allow for fluctuations in working capital requirements. There have been no changes to the capital management policy in the current period. Management manages capital on an ongoing basis to ensure that covenant requirements on third party debt are met. Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: \u2022 Level 1 \u2013 quoted (unadjusted) prices in active markets for identical assets or liabilities; \u2022 Level 2 \u2013 other techniques for which all inputs that have a significant effect on the recorded fair value are observable, either directly or indirectly; and \u2022 Level 3 \u2013 techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. Financial instruments carried at fair value comprise the derivative financial instruments in note 21 and the contingent consideration in notes 15 and 21. For hierarchy purposes derivative financial instruments are deemed to be Level 2 as external valuers are involved in the valuation of these contracts. Their fair value is measured using valuation techniques including the DCF model. Inputs to this calculation include the expected cash flows in relation to these derivative contracts and relevant discount rates. Contingent consideration is deemed to be Level 3, with the unobservable inputs being forecast future performance; see note 21 for details on the valuation techniques used to measure the fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-471": { "value": "Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risks, such as equity price risk and commodity risk. The Group\u2019s exposure is primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Group enters into derivative financial instruments to manage its exposure to these risks when appropriate. At 31 July 2026, the Group had commitments under forward foreign exchange contracts with varying settlement dates to 6 July 2027 (2025: 6 July 2026). See note 21 for fair values. Sensitivity analysis The Group recognises that movements in certain risk variables (such as interest rates or foreign exchange rates) might affect the value of its derivatives and also the amounts recorded in its equity in the overseas entities and its statement of comprehensive income for the period. Therefore, the Group has assessed: \u2022 what would be reasonably possible changes in the risk variables at the end of the reporting period; and \u2022 the effects on profit or loss and equity if such changes in the risk variables were to occur. Interest rate risk The following table demonstrates the sensitivity to a reasonably possible change in interest rates on the Group\u2019s floating rate loans and borrowings which at the relevant reporting dates are not hedged. With all other variables being constant, the Group\u2019s profit before tax is affected through the impact on floating rate borrowings as follows. There is only an immaterial impact on the Group\u2019s equity.
Effect on
profit
Increase in before tax
basis points \u00a3m
31 July 2026
Sterling
+25
\u2013
Swedish Krona
+25
\u2013
Australian Dollar
+25
(0.3)
Euro
+25
(0.2)
Effect on
profit
Increase in before tax
basis points \u00a3m
31 July 2025
Sterling
+25
\u2013
Swedish Krona
+25
\u2013
Australian Dollar
+25
(0.2)
Euro
+25
(0.2)
The assigned movement in basis points for interest rate sensitivity analysis is based upon the currently observable market environment. The Group\u2019s cash balances are held in bank current accounts and earn immaterial levels of interest. Management has concluded that any changes in the SONIA and STIBOR rates will have an immaterial impact on interest income earned on the Group\u2019s cash balances. No interest rate sensitivity has been included in relation to the Group\u2019s cash balances. Foreign currency risk The Group\u2019s exposure to foreign exchange risk primarily arises when revenue and expenses are denominated in a different currency from the Group\u2019s presentational currency and translated into GBP for consolidation into the Group\u2019s results. Foreign exchange risk also arises when the individual entities enter into transactions that are not denominated in their functional currency. Transactional foreign currency risk is not considered material to Group operations. Hedge of net investments in foreign operations The Euro, Swedish Krona and Australian Dollar denominated loans at 31 July 2026, which can be found in note 22, have been designated as a hedge of the net investments in the subsidiaries in Nordics, Europe and Australia. The borrowing is being used to hedge the Group\u2019s exposure to the foreign exchange risk on these investments. Gains or losses on the retranslation of this borrowing are transferred to other comprehensive income to offset any gains or losses on translation of the net investments in the subsidiaries. There is an economic relationship between the hedged items and the hedging instrument as the net investments create a translation risk that will match the foreign exchange risk on the borrowing. The underlying risk of the hedging instrument is identical to the hedged risk component. The hedging gain recognised in other comprehensive income before tax is equal to the change in fair value used for measuring effectiveness. There is no ineffectiveness recognised in profit or loss, and we do not expect there to be any. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-482": { "value": "Sensitivity analysis The Group recognises that movements in certain risk variables (such as interest rates or foreign exchange rates) might affect the value of its derivatives and also the amounts recorded in its equity in the overseas entities and its statement of comprehensive income for the period. Therefore, the Group has assessed: \u2022 what would be reasonably possible changes in the risk variables at the end of the reporting period; and \u2022 the effects on profit or loss and equity if such changes in the risk variables were to occur. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-472": { "value": "Liquidity risk Liquidity risk for the Group arises from the management of working capital commitments and meeting its financial obligations as they fall due. The Group\u2019s policy is to regularly review cash flow forecasts/ projections as well as information regarding cash balances to ensure that it has significant cash to allow it to meet its liabilities when they become due. The Group reviews its long-term funding requirements in parallel with its long-term strategy, with an objective of aligning both in a timely manner. At the reporting date, forecasts indicate that the Group is expected to have sufficient liquidity to meet its financial obligations for at least the next three years. The table below summarises the maturity profile of the Group\u2019s significant undiscounted financial liabilities at 31 July 2026:
Less than Between one More than
one year and five years five years Total
At 31 July 2026 \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Interest-bearing loans and borrowings
(excluding interest and lease liabilities)
\u2013
206.1
\u2013
206.1
Lease liabilities
8.9
28.1
26.4
63.4
Forward foreign currency exchange outflow
1 7.8
\u2013
\u2013
1 7.8
Forward foreign currency exchange inflow
(17.8)
\u2013
\u2013
(17.8)
Contingent consideration \u2013 ACI
2.1
8.3
\u2013
10.4
Contingent consideration \u2013 DVS
4.0
\u2013
\u2013
4.0
Contingent consideration \u2013 ERI
\u2013
1.8
\u2013
1.8
Trade and other payables and other accrued
expenses
69.0
\u2013
\u2013
69.0
84.0
244.3
26.4
354.7
The table below summarises the maturity profile of the Group\u2019s significant undiscounted financial liabilities at 31 July 2025:
Less than Between one More than
one year and five years five years Total
At 31 July 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Interest-bearing loans and borrowings
(excluding interest and lease liabilities)
\u2013
144.7
\u2013
144.7
Lease liabilities
7.9
21.5
18.0
47.4
Forward foreign currency exchange outflow
18.2
\u2013
\u2013
18.2
Forward foreign currency exchange inflow
(18.0)
\u2013
\u2013
(18.0)
Deferred consideration \u2013 Fantech
29.2
\u2013
\u2013
29.2
Contingent consideration \u2013 DVS
4.0
\u2013
\u2013
4.0
Contingent consideration \u2013 ERI
\u2013
1.8
\u2013
1.8
Trade and other payables and other accrued
expenses
63.9
\u2013
\u2013
63.9
105.2
168.0
18.0
291.2
Fair values of financial assets and financial liabilities There are no material differences between the book values and fair values for any of the Group\u2019s financial instruments carried at amortised cost. Derivative financial instruments have been valued using other techniques, for which all inputs that have a significant effect on the recorded fair value are observable, either directly or indirectly. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-483": { "value": "Fair values of financial assets and financial liabilities There are no material differences between the book values and fair values for any of the Group\u2019s financial instruments carried at amortised cost. Derivative financial instruments have been valued using other techniques, for which all inputs that have a significant effect on the recorded fair value are observable, either directly or indirectly. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-473": { "value": "Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty fails to meet its contractual obligations under a financial instrument or customer contract, leading to a financial loss. The Group is mainly exposed to credit risk from its operating activities (primarily for trade receivables \u2013 credit sales) and from cash and cash equivalents and deposits with banks and financial institutions and other financial instruments. Trade receivables Customer credit risk is managed by each business unit subject to the Group\u2019s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables and contract assets are regularly monitored and any shipments to major customers are generally covered by credit insurance obtained from reputable banks and other financial institutions. An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e. by geographical region, product type, customer type and rating, and coverage by credit insurance). The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, trade receivables are written off if past due for more than one year and are not subject to enforcement activity. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial asset disclosed in note 17. The Group does not hold collateral as security. The credit insurance is considered an integral part of trade receivables and considered in the calculation of impairment. Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables and contract assets using a provision matrix:
<30 30\u201360 61\u201390 >91
Current days days days days Total
31 July 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
0.3%
\u2013
\u2013
33%
40%
Estimated total gross
carrying amount at default
62.4
9.3
1.0
0.3
0.5
73.5
Expected credit loss
0.2
\u2013
\u2013
0.1
0.2
0.5
<30 30\u201360 61\u201390 >91
Current days days days days Total
31 July 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
0.1%
0.8%
5.2%
10.4%
21.7%
Estimated total gross
carrying amount at default
58.1
8.1
1.2
0.3
0.9
68.6
Expected credit loss
0.0
0.1
0.0
0.1
0.2
0.4
Financial instruments and cash deposits Credit risk from balances with banks and financial institutions is managed in accordance with the Group\u2019s policy. The Group deposits cash with reputable financial institutions, from which management believes the possibilities of loss to be remote. The Group\u2019s maximum exposure to credit risk for the components of the statement of financial position at 31 July 2026 and 2025 is the carrying amount. The Group\u2019s maximum exposure to derivative financial instruments is noted in either note 21 or in the liquidity tables included under liquidity risk. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-474": { "value": "Capital risk management The primary objective of the Group\u2019s capital management policy is to ensure that it has the capital required to operate and grow the business at a reasonable cost of capital without incurring undue financial risks. The Board periodically reviews its capital structure to ensure it meets changing business needs. The Group defines its capital as its share capital (excluding treasury shares), share premium account, foreign currency translation reserves and retained earnings. In addition, the Directors consider the management of debt to be an important element in controlling the capital structure of the Group. The Group may carry significant levels of long-term structural and subordinated debt to fund acquisitions and has arranged debt facilities to allow for fluctuations in working capital requirements. There have been no changes to the capital management policy in the current period. Management manages capital on an ongoing basis to ensure that covenant requirements on third party debt are met. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-475": { "value": "Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: \u2022 Level 1 \u2013 quoted (unadjusted) prices in active markets for identical assets or liabilities; \u2022 Level 2 \u2013 other techniques for which all inputs that have a significant effect on the recorded fair value are observable, either directly or indirectly; and \u2022 Level 3 \u2013 techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. Financial instruments carried at fair value comprise the derivative financial instruments in note 21 and the contingent consideration in notes 15 and 21. For hierarchy purposes derivative financial instruments are deemed to be Level 2 as external valuers are involved in the valuation of these contracts. Their fair value is measured using valuation techniques including the DCF model. Inputs to this calculation include the expected cash flows in relation to these derivative contracts and relevant discount rates. Contingent consideration is deemed to be Level 3, with the unobservable inputs being forecast future performance; see note 21 for details on the valuation techniques used to measure the fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-419": { "value": "
28. Related party transactions
Transactions between Volution Group plc and its subsidiaries, and transactions between subsidiaries,
are eliminated on consolidation and are not disclosed in this note. A breakdown of transactions
between the Group and its related parties is disclosed below.
No related party loan note balances exist at 31 July 2026 or 31 July 2025.
There were no material transactions or balances between the Company and its key management
personnel or members of their close family other than the compensation shown below. At the end
of the period, key management personnel did not owe the Company any amounts.
The Companies Act 2006 and the Directors\u2019 Remuneration Report Regulations 2013 require certain
disclosures of Directors\u2019 remuneration. The details of the Directors\u2019 total remuneration are provided
in the Annual Report on Remuneration (see pages 123 to 132).
Compensation of key management personnel
2026 2025
\u00a3m \u00a3m
Short-term employee benefits
5.9
4.8
Share-based payment charge (see note 31)
1.0
1.0
Non-Executive Directors\u2019 remuneration
0.5
0.5
Total
7.4
6.3
Key management personnel is defined as the CEO, the CFO and the ten (2025: ten) individuals who
report directly to the CEO, as well as Non-Executive Directors.
The Group incurred fees and expenses of \u00a30.5 million (2025: \u00a30.5 million) in respect of Amanda Mellor,
Nigel Lingwood, Jonathan Davis, Celia Baxter and Emmanuelle Dubu for their services as Non-Executive
Directors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-455": { "value": "28. Related party transactions Transactions between Volution Group plc and its subsidiaries, and transactions between subsidiaries, are eliminated on consolidation and are not disclosed in this note. A breakdown of transactions between the Group and its related parties is disclosed below. No related party loan note balances exist at 31 July 2026 or 31 July 2025. There were no material transactions or balances between the Company and its key management personnel or members of their close family other than the compensation shown below. At the end of the period, key management personnel did not owe the Company any amounts. The Companies Act 2006 and the Directors\u2019 Remuneration Report Regulations 2013 require certain disclosures of Directors\u2019 remuneration. The details of the Directors\u2019 total remuneration are provided in the Annual Report on Remuneration (see pages 123 to 132). Compensation of key management personnel
2026 2025
\u00a3m \u00a3m
Short-term employee benefits
5.9
4.8
Share-based payment charge (see note 31)
1.0
1.0
Non-Executive Directors\u2019 remuneration
0.5
0.5
Total
7.4
6.3
Key management personnel is defined as the CEO, the CFO and the ten (2025: ten) individuals who report directly to the CEO, as well as Non-Executive Directors. The Group incurred fees and expenses of \u00a30.5 million (2025: \u00a30.5 million) in respect of Amanda Mellor, Nigel Lingwood, Jonathan Davis, Celia Baxter and Emmanuelle Dubu for their services as Non-Executive Directors.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-476": { "value": "Compensation of key management personnel
2026 2025
\u00a3m \u00a3m
Short-term employee benefits
5.9
4.8
Share-based payment charge (see note 31)
1.0
1.0
Non-Executive Directors\u2019 remuneration
0.5
0.5
Total
7.4
6.3
Key management personnel is defined as the CEO, the CFO and the ten (2025: ten) individuals who report directly to the CEO, as well as Non-Executive Directors. The Group incurred fees and expenses of \u00a30.5 million (2025: \u00a30.5 million) in respect of Amanda Mellor, Nigel Lingwood, Jonathan Davis, Celia Baxter and Emmanuelle Dubu for their services as Non-Executive Directors.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-420": { "value": "
29. Group structure details
At 31 July 2026, Volution Group plc held 100% of the voting shares of the following subsidiaries:
Country of
Group company
Principal activity
incorporation
Direct
Windmill Topco Limited
1
Dormant
England
Volution Holdings Limited
1
Intermediate holding company
England
Energy Technique Limited
1
Dormant
England
Indirect
Windmill Midco Limited
1
Dormant
England
Windmill Cleanco Limited
1
Dormant
England
Windmill Bidco Limited
1
Dormant
England
Manrose Manufacturing Limited
1
Non-trading
England
Volution Ventilation Group Limited
1
Intermediate holding company
England
Torin-Sifan Limited
1
Original equipment manufacturer
England
Anda Products Limited
1
Non-trading
England
Axia Fans Limited
1
Non-trading
England
Roof Units Limited
1
Non-trading
England
Torin Limited
1
Non-trading
England
Vent-Axia Limited
1
Non-trading
England
Vent-Axia Clean Air Systems Limited
1
Non-trading
England
Vent-Axia Group Limited
1
HR services to Group
England
ET Environmental Limited
1
Non-trading
England
Diffusion Environmental Systems Limited
1
Non-trading
England
NVA Services Limited
1
Non-trading
England
SW National Ventilation Limited
1
Non-trading
England
Airtech Humidity Controls Limited
1
Non-trading
England
Sens-Air Limited
1
Non-trading
England
Breathing Buildings Limited
1
Non-trading
England
Volution Ventilation UK Limited
1
Ventilation products
England
Volution Holdings Sweden AB
2
Intermediate holding company
Sweden
Volution Sweden AB
2
Ventilation products
Sweden
VoltAir System AB
3
Ventilation products
Sweden
Volution Norge AS
4
Ventilation products
Norway
inVENTer GmbH
5
Ventilation products
Germany
Volution Management Holdings GmbH
5
Intermediate holding company
Germany
Country of
Group company
Principal activity
incorporation
Volution Deutschland Real Estate GmbH
5
Property holding company
Germany
Ventilair Group International
6
Intermediate holding company
Belgium
Ventilair Group Belgium BVBA
6
Ventilation products
Belgium
Vent-Axia B.V.
7
Ventilation products
Netherlands
Simx Limited
8
Ventilation products
New Zealand
Volution Ventilation New Zealand Limited
8
Intermediate holding company
New Zealand
Oy Pamon Ab
9
Ventilation products
Finland
Air Connection ApS
10
Ventilation products
Denmark
Ventair Pty Limited
11
Ventilation products
Australia
Volution Ventilation Australia Limited
11
Ventilation products
Australia
Volution Ventilation Holdings B.V
12
Intermediate holding company
Netherlands
ClimaRad Holding B.V
12
Intermediate holding company
Netherlands
ClimaRad BV
12
Ventilation products
Netherlands
ClimaRad d.o.o
13
Ventilation products
Bosnia
ERI Corporation DOO Bitola
13
Ventilation products
North Macedonia
ERI Corporation SRL
14
Ventilation products
Italy
Energy Recovery Industries Trading SLU
15
Ventilation products
Spain
Energy Recovery Industries Corporation Limited
1
Ventilation products
England
Ventilairsec
16
Ventilation products
France
Neosfair
17
Ventilation products
France
I-VENT doo
18
Ventilation products
Slovenia
I-VENT d.o.o (formerly Lunos Hrvatska d.o.o)
19
Ventilation products
Croatia
DVS
8
Ventilation products
New Zealand
Les Creux Australia Pty
20
Intermediate holding company
Australia
Fantech Group Pty Ltd
20
Intermediate holding company
Australia
The Ventilation Warehouse Pty Ltd
20
Non-trading
Australia
Idealair Group Pty Ltd
20
Ventilation products
Australia
FanShack Pty Ltd
20
Non-trading
Australia
Major Air Pty Ltd
20
Non-trading
Australia
NCS Acoustics Ltd
21
Ventilation products
New Zealand
The Ventilation Warehouse (NZ) Ltd
22
Non-trading
New Zealand
Fantech (NZ) Ltd
22
Ventilation products
New Zealand
Burra Sheetmetal Pty Ltd
20
Ventilation products
Australia
Systemaire Pty Ltd
20
Non-trading
Australia
Country of
Group company
Principal activity
incorporation
Fantech Pty Ltd
20
Ventilation products
Australia
Air Design Pty
20
Non-trading
Australia
Fantech Services Pty
20
Ventilation products
Australia
Dunlop Family Investments Pty Limited
23
Intermediate holding company
Australia
AC Industries Nominees Pty Ltd
23
Intermediate holding company
Australia
ACI Trust
23
Intermediate holding trust
Australia
AC Industries Holdings Pty Ltd
23
Intermediate holding company
Australia
AC Industries Pty Ltd
23
Ventilation ducting products
Australia
AC Industries HR Pty Ltd
23
Non-trading
Australia
Registered offices
1. Fleming Way, Crawley, West Sussex RH10 9YX.
2. Gransholmsv\u00e4gen 136, 35599 Gemla, Sweden.
3. Box 7033, 12107 Stockholm-Globen, Sweden.
4. Professor Birkelands vei 24B, 1081 Oslo, Norway.
5. inVENTer-Stra\u00dfe 1, 07751 L\u00f6bersch\u00fctz, Germany.
6. Pieter Verhaeghestraat 8, 8520 Kuurne, Belgium.
7. Kerver 16, 5521 DB Eersel, the Netherlands.
8. 1 Haliday Place, East Tamaki, Auckland, 2013, New Zealand.
9. Keskikankaantie 17, 15680 Hollola, Finland.
10. Rude Havvej 17B, DK-8300 Odder, Denmark.
11. 4 Capital Pl, Carrum Downs VIC 3201, Australia.
12. L\u00fcbeckstraat 25, 7575 EE Oldenzaal, the Netherlands.
13. Kamenolom 10, 71215 Blazuj, Sarajevo, Bosnia and Herzegovina.
14. BURSA 124 7000, Bitola, North Macedonia.
15. Via Modigliani 90 81031 Aversa, Italy.
16. Calle Pere Dezcallar I Net 11 Planta 2, 07003 Palma De Mallorca Illes Balears, Spain.
17. 16 Rue des Imprimeurs, 44220 Cou\u00ebron, France.
18. Robbova ulica 2, 1000 Ljubljana, Slovenia.
19. Zagreb (Grad Zagreb), Samoborska cesta 153A, Croatia.
20. 63 Vision Street Dandenong South Vic 3175, Australia.
21. 112 Takanini School Road, Takanini, 2105, New Zealand.
22. 7 Lovell Court, Rosedale, Auckland, 0632, New Zealand.
23. KDA GROUP 367\u2013371 Bong Bong Street, Bowral NSW 2576, Australia.
During the year, indirect holding company subsidiaries Ventilair Group Netherlands B.V. and Hawthorns
Newco Limited were dissolved.
During the prior year, Volution Group plc acquired the remaining 24.35% of the voting shares of
Volution Ventilation Holdings B.V and its subsidiaries.
Torin-Sifan Limited, Volution Holdings Limited, Volution Ventilation Group Limited, Vent-Axia Group
Limited and Energy Recovery Industries Corporation Limited are exempt from the requirements of the
Companies Act 2006 relating to the audit of individual accounts by virtue of section 479A of that Act.
In accordance with section 479C of the Companies Act 2006, the Company has provided guarantees
in respect of the liabilities of these companies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-456": { "value": "29. Group structure details At 31 July 2026, Volution Group plc held 100% of the voting shares of the following subsidiaries:
Country of
Group company
Principal activity
incorporation
Direct
Windmill Topco Limited
1
Dormant
England
Volution Holdings Limited
1
Intermediate holding company
England
Energy Technique Limited
1
Dormant
England
Indirect
Windmill Midco Limited
1
Dormant
England
Windmill Cleanco Limited
1
Dormant
England
Windmill Bidco Limited
1
Dormant
England
Manrose Manufacturing Limited
1
Non-trading
England
Volution Ventilation Group Limited
1
Intermediate holding company
England
Torin-Sifan Limited
1
Original equipment manufacturer
England
Anda Products Limited
1
Non-trading
England
Axia Fans Limited
1
Non-trading
England
Roof Units Limited
1
Non-trading
England
Torin Limited
1
Non-trading
England
Vent-Axia Limited
1
Non-trading
England
Vent-Axia Clean Air Systems Limited
1
Non-trading
England
Vent-Axia Group Limited
1
HR services to Group
England
ET Environmental Limited
1
Non-trading
England
Diffusion Environmental Systems Limited
1
Non-trading
England
NVA Services Limited
1
Non-trading
England
SW National Ventilation Limited
1
Non-trading
England
Airtech Humidity Controls Limited
1
Non-trading
England
Sens-Air Limited
1
Non-trading
England
Breathing Buildings Limited
1
Non-trading
England
Volution Ventilation UK Limited
1
Ventilation products
England
Volution Holdings Sweden AB
2
Intermediate holding company
Sweden
Volution Sweden AB
2
Ventilation products
Sweden
VoltAir System AB
3
Ventilation products
Sweden
Volution Norge AS
4
Ventilation products
Norway
inVENTer GmbH
5
Ventilation products
Germany
Volution Management Holdings GmbH
5
Intermediate holding company
Germany
Country of
Group company
Principal activity
incorporation
Volution Deutschland Real Estate GmbH
5
Property holding company
Germany
Ventilair Group International
6
Intermediate holding company
Belgium
Ventilair Group Belgium BVBA
6
Ventilation products
Belgium
Vent-Axia B.V.
7
Ventilation products
Netherlands
Simx Limited
8
Ventilation products
New Zealand
Volution Ventilation New Zealand Limited
8
Intermediate holding company
New Zealand
Oy Pamon Ab
9
Ventilation products
Finland
Air Connection ApS
10
Ventilation products
Denmark
Ventair Pty Limited
11
Ventilation products
Australia
Volution Ventilation Australia Limited
11
Ventilation products
Australia
Volution Ventilation Holdings B.V
12
Intermediate holding company
Netherlands
ClimaRad Holding B.V
12
Intermediate holding company
Netherlands
ClimaRad BV
12
Ventilation products
Netherlands
ClimaRad d.o.o
13
Ventilation products
Bosnia
ERI Corporation DOO Bitola
13
Ventilation products
North Macedonia
ERI Corporation SRL
14
Ventilation products
Italy
Energy Recovery Industries Trading SLU
15
Ventilation products
Spain
Energy Recovery Industries Corporation Limited
1
Ventilation products
England
Ventilairsec
16
Ventilation products
France
Neosfair
17
Ventilation products
France
I-VENT doo
18
Ventilation products
Slovenia
I-VENT d.o.o (formerly Lunos Hrvatska d.o.o)
19
Ventilation products
Croatia
DVS
8
Ventilation products
New Zealand
Les Creux Australia Pty
20
Intermediate holding company
Australia
Fantech Group Pty Ltd
20
Intermediate holding company
Australia
The Ventilation Warehouse Pty Ltd
20
Non-trading
Australia
Idealair Group Pty Ltd
20
Ventilation products
Australia
FanShack Pty Ltd
20
Non-trading
Australia
Major Air Pty Ltd
20
Non-trading
Australia
NCS Acoustics Ltd
21
Ventilation products
New Zealand
The Ventilation Warehouse (NZ) Ltd
22
Non-trading
New Zealand
Fantech (NZ) Ltd
22
Ventilation products
New Zealand
Burra Sheetmetal Pty Ltd
20
Ventilation products
Australia
Systemaire Pty Ltd
20
Non-trading
Australia
Country of
Group company
Principal activity
incorporation
Fantech Pty Ltd
20
Ventilation products
Australia
Air Design Pty
20
Non-trading
Australia
Fantech Services Pty
20
Ventilation products
Australia
Dunlop Family Investments Pty Limited
23
Intermediate holding company
Australia
AC Industries Nominees Pty Ltd
23
Intermediate holding company
Australia
ACI Trust
23
Intermediate holding trust
Australia
AC Industries Holdings Pty Ltd
23
Intermediate holding company
Australia
AC Industries Pty Ltd
23
Ventilation ducting products
Australia
AC Industries HR Pty Ltd
23
Non-trading
Australia
Registered offices 1. Fleming Way, Crawley, West Sussex RH10 9YX. 2. Gransholmsv\u00e4gen 136, 35599 Gemla, Sweden. 3. Box 7033, 12107 Stockholm-Globen, Sweden. 4. Professor Birkelands vei 24B, 1081 Oslo, Norway. 5. inVENTer-Stra\u00dfe 1, 07751 L\u00f6bersch\u00fctz, Germany. 6. Pieter Verhaeghestraat 8, 8520 Kuurne, Belgium. 7. Kerver 16, 5521 DB Eersel, the Netherlands. 8. 1 Haliday Place, East Tamaki, Auckland, 2013, New Zealand. 9. Keskikankaantie 17, 15680 Hollola, Finland. 10. Rude Havvej 17B, DK-8300 Odder, Denmark. 11. 4 Capital Pl, Carrum Downs VIC 3201, Australia. 12. L\u00fcbeckstraat 25, 7575 EE Oldenzaal, the Netherlands. 13. Kamenolom 10, 71215 Blazuj, Sarajevo, Bosnia and Herzegovina. 14. BURSA 124 7000, Bitola, North Macedonia. 15. Via Modigliani 90 81031 Aversa, Italy. 16. Calle Pere Dezcallar I Net 11 Planta 2, 07003 Palma De Mallorca Illes Balears, Spain. 17. 16 Rue des Imprimeurs, 44220 Cou\u00ebron, France. 18. Robbova ulica 2, 1000 Ljubljana, Slovenia. 19. Zagreb (Grad Zagreb), Samoborska cesta 153A, Croatia. 20. 63 Vision Street Dandenong South Vic 3175, Australia. 21. 112 Takanini School Road, Takanini, 2105, New Zealand. 22. 7 Lovell Court, Rosedale, Auckland, 0632, New Zealand. 23. KDA GROUP 367\u2013371 Bong Bong Street, Bowral NSW 2576, Australia. During the year, indirect holding company subsidiaries Ventilair Group Netherlands B.V. and Hawthorns Newco Limited were dissolved. During the prior year, Volution Group plc acquired the remaining 24.35% of the voting shares of Volution Ventilation Holdings B.V and its subsidiaries. Torin-Sifan Limited, Volution Holdings Limited, Volution Ventilation Group Limited, Vent-Axia Group Limited and Energy Recovery Industries Corporation Limited are exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts by virtue of section 479A of that Act. In accordance with section 479C of the Companies Act 2006, the Company has provided guarantees in respect of the liabilities of these companies.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-421": { "value": "
30. Commitments and contingencies
Commitments for the acquisition of property, plant and equipment as of 31 July 2026 are \u00a31.4 million
(2025: \u00a30.4 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-477": { "value": "30. Commitments and contingencies Commitments for the acquisition of property, plant and equipment as of 31 July 2026 are \u00a31.4 million (2025: \u00a30.4 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-457": { "value": "30. Commitments and contingencies Commitments for the acquisition of property, plant and equipment as of 31 July 2026 are \u00a31.4 million (2025: \u00a30.4 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-422": { "value": "
31. Share-based payments
The Company operates a share-based incentive scheme for Directors and key employees, known as
the Volution Long-term Incentive Plan (LTIP). Share options are granted each year, with the latest share
options being granted in October 2025; these nil-cost options normally vest after three years assuming
continuing employment with the Company. The extent to which the options will vest is dependent
upon the Company\u2019s performance over a three-year period set at the date of grant. The vesting of the
awards will be determined by the Company\u2019s relative total shareholder return (TSR) performance,
environmental, social and governance (ESG) performance and EPS growth. A Return on Invested
Capital (ROIC) underpin applies from FY25. The TSR element of the options granted has been valued
using the Group\u2019s share price volatility, the correlation between the share price movements of TSR
comparators and the relevant vesting schedule.
2026
2025
Outstanding at 1 August
3,210,415
3,232,977
Granted during the year
496,934
491,917
Dividend equivalent added on vesting
33,958
15,244
Exercised during the year
(350,372)
(419,901)
Lapsed during the year
(140,826)
(109,822)
Outstanding at 31 July
3,250,109
3,210,415
Vested and exercisable
1,707,831
1,441,144
The weighted average share price at the date of exercise of vested shares during the year was \u00a36.52
(2025: \u00a35.65).
The weighted average exercise price for all options is \u00a3nil.
The weighted average fair value of each option granted during the year was \u00a35.51 (2025: \u00a34.41).
The weighted average remaining contractual life for the share options outstanding as at 31 July 2026
was 6.3 years (2025: 6.7 years).
The following information is relevant in the determination of the fair value of options granted during the
year under the LTIP:
2026
Option pricing model used
Monte Carlo
Weighted average share price at grant date (\u00a3)
6.67
Exercise price (\u00a3)
nil
Expected dividend yield (\u00a3)
nil
Expected life (years)
2.5
Expected volatility
29.2%
Risk-free interest rate
3.8%
The volatility assumption, measured at the standard deviation of expected share price returns, is based
on a statistical analysis of share prices over a period commensurate with the expected life of the option.
The share-based remuneration expense comprises:
2026 2025
\u00a3m \u00a3m
Equity-settled schemes
1.9
2.2
1.9
2.2
The Group did not enter into any share-based payment transactions with parties other than employees
during the current or previous periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-423": { "value": "
32. Events after the reporting period
On 18 September 2026 we concluded an exercise to increase and extend the maturity of the
sustainability linked facility, which now stands at \u00a3340 million plus a further \u00a3150 million accordion
facility. This new and increased facility matures in September 2029, with two further one-year optional
extensions out to September 2031.
On 3 August 2026, Volution Group acquired 100% of the issued shareholding of getAir GmbH (getAir).
Based in Germany, getAir is a leading provider of decentralised residential heat recovery ventilation
systems to a wide range of primarily German and European OEM customers. This acquisition is in line
with the Group\u2019s acquisition strategy and further strengthens Volution\u2019s leadership in the European
residential decentralised heat recovery ventilation market. getAir will be included within the Group\u2019s
Continental Europe segment.
Total cash consideration for the acquisition on a cash- and debt-free basis is \u20ac40 million (approximately
\u00a334 million) funded from the Group\u2019s existing debt facilities.
Due to the proximity of this acquisition and authorisation of these financial statements, the Group has
not yet completed the process of determining the fair value of the net identifiable assets of getAir.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-424": { "value": "
33. Glossary of terms relating to adjusted performance measures
Adjusted basic and diluted EPS: calculated by dividing the adjusted profit/(loss) for the period
attributable to ordinary equity holders of the parent by the weighted average number of ordinary
shares outstanding during the period.
Diluted earnings per share amounts are calculated by dividing the adjusted net profit/(loss) attributable
to ordinary equity holders of the parent by the weighted average number of ordinary shares
outstanding during the period plus the weighted average number of ordinary shares that would be
issued on conversion of any dilutive potential ordinary shares into ordinary shares.
Adjusted EBITDA: adjusted operating profit before depreciation and amortisation.
Adjusted finance costs: finance costs before net gains or losses on financial instruments at fair
value and the exceptional write-off of unamortised loan issue costs upon refinancing.
Adjusted gross profit: adjusted statutory gross profit excluding amortisation of acquired inventory fair
value adjustment.
Adjusted operating cash flow: adjusted EBITDA plus or minus movements in operating working
capital, less net investments in property, plant and equipment and intangible assets.
Adjusted operating profit: statutory operating profit before exceptional operating costs, fair value
movement on contingent consideration and amortisation of assets acquired through business
combinations.
Adjusted profit after tax: statutory profit after tax before exceptional operating costs, fair value
movement on contingent consideration, unwinding of discounting on contingent consideration
exceptional write-off of unamortised loan issue costs upon refinancing, net gains or losses on financial
instruments at fair value, amortisation of assets acquired through business combinations and the tax
effect on these items.
Adjusted profit before tax: reported profit before tax before exceptional operating costs, fair value
movement on contingent consideration, unwinding of discounting on contingent consideration,
exceptional write-off of unamortised loan issue costs upon refinancing, net gains or losses on financial
instruments at fair value and amortisation of assets acquired through business combinations.
Adjusted tax charge: the reported tax charge less the tax effect on the adjusted items.
CAGR: compound annual growth rate.
Adjusted operating cash conversion: calculated by dividing adjusted operating cash flow by
adjusted EBITA.
Constant currency: to determine values expressed as being at constant currency, we have converted
the income statement of our foreign operating companies for the year ended 31 July 2026 at the
average exchange rate for the year ended 31 July 2025.
EBITDA: profit before net finance costs, tax, depreciation and amortisation.
Net debt: bank borrowings and lease liabilities less cash and cash equivalents.
Net debt excluding lease liabilities: bank borrowings less cash and cash equivalents.
Operating cash flow: EBITDA plus or minus movements in operating working capital, less share-based
payment expense, less net investments in property, plant and equipment and intangible assets.
Organic revenue: statutory revenue excluding revenue generated by newly acquired businesses for
twelve months post acquisition. Organic revenue and organic revenue growth is used internally to
measure performance on a comparable basis to the previous period, by excluding the impact of new
acquisitions.
ROIC: measured as adjusted operating profit for the year divided by average adjusted invested capital.
Adjusted invested capital is calculated as statutory net assets excluding deferred and contingent
consideration financial liabilities, net debt excluding lease liabilities, historic goodwill and intangibles
resulting from the 2012 leveraged buyout and acquisition-related intangible amortisation charges (net
of the associated deferred tax). The average is calculated using the current year, the previous half year
and the prior year end. Acquisition related intangibles refers to customer relationships, trademarks and
patents (note 14).
31 July 2026 31 January 2026 31 July 2025
\u00a3m \u00a3m ** \u00a3m
Net Assets
309.8
287.8
270.0
Deferred and contingent consideration liabilities (note
21)
14.0
5.6
33.1
Net debt (excluding lease liabilities) (page 21)
184.2
142.7
126
Brought forward amortisation on acquisition intangibles
144.0
144.0
Movement in amortisation on the acquired assets,
including translation movements (note 14)
9.7
5.9
Deferred tax liability credit and translation movement
on acquired intangibles (note 25)
(1.8)
(1.7)
Cumulative amortisation charge on acquisition
intangibles carried forward
151.9
148.2
144.0
Less 2012 buyout goodwill and intangibles*
(162.9)
(162.9)
(162.9)
Adjusted invested capital
497.0
421.4
410.2
Average adjusted invested capital
442.8
371.0
Adjusted operating profit (note 2)
112.4
93.5
ROIC
25.4%
25.2%
* Calculated from historical data not identifiable within the FY26 ARA.
** 31 January 2026 data is unaudited and not identifiable within the FY26 ARA.
", "dimensions": { "concept": "volutiongroupplc:DisclosureOfTermsRelatingToAdjustedPerformanceMeasures", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-3": { "value": "Volution Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-370": { "value": "Volution Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-4": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-5": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-371": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-6": { "value": "Fleming Way, Crawley, West Sussex RH10 9YX", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800EPT84EQCDHO768", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } } } }