| Critical accounting judgments are those judgments, apart from those involving estimations, that have been made in the process |
| of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in the financial |
| statements. Key assumptions and sources of estimation uncertainty are those that have a significant risk of resulting in a material |
| adjustment to the carrying amounts of the Group\u2019s assets and liabilities within the next financial year. |
| Management considers there to be a critical accounting judgment in respect of revenue recognition, as detailed below, and no key |
| assumptions and sources of estimation uncertainty. |
| Critical accounting judgments |
| Revenue |
For most of its product line, the Group operates a \u2018drop-ship\u2019 business model, whereby suppliers hold blank inventory, imprint the product and ship directly to customers. In order to determine the amount of revenue to recognise, it is necessary for the Group to make a judgment to assess if it is acting as principal or an agent in fulfilling the performance obligations and promises to customers |
| for these transactions. |
| The Group has full discretion to accept orders, agrees artwork with the customer, sets the transaction price, selects the suppliers |
| used to fulfil orders, and considers its customer satisfaction promises (\u2018on-time or free\u2019, price and quality guarantees) to be integral |
| to meeting its performance obligations. |
| Accordingly, the Group is of the opinion that it acts as principal in providing goods to customers and recognises the gross amount |
| of consideration as revenue. |
| Other areas of judgment and accounting estimates |
| The consolidated financial statements include other areas of judgment and accounting estimates. Whilst these areas do not meet |
| the IAS 1 definition of critical accounting judgments or significant accounting estimates, the recognition and measurement of certain |
| material assets and liabilities are based on assumptions and/or uncertainties. The other areas of judgment and accounting estimates |
| include the estimation of the future cash flows of subsidiary companies and the determination of appropriate discount rates, growth |
| rates, and probability of default rates necessary for undertaking impairment reviews and assessing the recoverability of assets (refer |
| to notes 10 and 11 for further information on the impairment review process), and levels of provisions required in relation to trade |
| and other receivables (refer to note 14) and inventories (refer to note 13). |
| Other material accounting policy information |
| Revenue |
| The activity from which the Group derives revenue is the sale and delivery of promotional products. |
The Group primarily operates a \u2018drop-ship\u2019 model, in which it acts as principal as it has control over the goods and services before transfer to the customer. The Group also acts as principal for apparel goods that are decorated within the Group\u2019s facilities and shipped directly to the customer. The Group recognises the gross amount of consideration as revenue in both instances. |
It is common for a customer order to include several different product lines. Individual order lines are separately priced, have separately agreed delivery dates, and are capable of being used or enjoyed by the customer on their own, separately from any other order lines included in the overall customer order. The Group, therefore, considers each order line to constitute a separate |
performance obligation. Revenue is recognised at a point in time upon delivery and acceptance by the customer as this is when control of the goods has transferred. |
The price for each order line is fixed at the time of order, inclusive of any discounts given for that order line. Revenue is shown net of discounts, credits, refunds, VAT and sales tax. The value of provisions for credits and refunds is determined using the expected value |
| methodology based upon historical experience of credits/refunds issued and levels of revenue. |
| Payment terms vary by customer but are generally either payment with order or within 30 days of delivery. |
| Supplier rebates |
Amounts due under rebate agreements are recognised based on volumes of products purchased during the period to which the rebates relate at the relevant rebate rates, per supplier agreements. Amounts are credited to the cost of purchase of goods |
for resale and any accrued income is included in other receivables. Provision is made against such receivables to the extent it is considered that the amounts are not recoverable. |
| Segmental reporting |
The reporting requirements of IFRS 8 require operating segments to be identified based on internal reports about components of the Group that are regularly reviewed by the chief operating decision maker to allocate resources to the segments and to assess |
their performance. The chief operating decision maker has been identified as the Board of Directors and the segmental analysis is based on the Group\u2019s internal reporting to the Board. |
| 2025 | 2024 | |
| Revenue from external customers | $m | $m |
North America | 1,321.5 | 1,342.7 |
UK & Ireland | 25.3 | 25.2 |
Total Group revenue | 1,346.8 | 1, 367.9 |
| 2025 | 2024 | |
| Profit | $m | $m |
North America | 151.9 | 153.6 |
UK & Ireland | (0.1) | (0.4) |
Operating profit from Direct Marketing operations | 151.8 | 153.2 |
Head Office costs | (6.6) | (5.1) |
Operating profit | 145.2 | 148.1 |
Net finance income (note 3) | 5.6 | 6.3 |
Profit before tax | 150.8 | 154.4 |
| North | UK & | Head | ||
| America | Ireland | Office | Total | |
| 2025 | $m | $m | $m | $m |
Cost of sales | (893.7) | (17.1) | \u2013 | (910.8) |
Marketing costs | (165.5) | (5.9) | \u2013 | (171.4) |
Depreciation and amortisation | (6.6) | \u2013 | (0.3) | (6.9) |
Assets | 122.0 | 3.3 | 137.0 | 262.3 |
Liabilities | (94.4) | (3.6) | (1.0) | (99.0) |
Additions to intangible assets and property, plant and equipment | 4.9 | \u2013 | \u2013 | 4.9 |
| North | UK & | Head | ||
| America | Ireland | Office | Total | |
| 2024 | $m | $m | $m | $m |
Cost of sales | (915.0) | (17.5) | \u2013 | (932.5) |
Marketing costs | (167.7) | (6.0) | \u2013 | (173.7) |
Depreciation and amortisation | (6.7) | \u2013 | (0.1) | (6.8) |
Assets | 132.4 | 3.1 | 152.0 | 287.5 |
Liabilities | (98.0) | (3.1) | (1.3) | (102.4) |
Additions to intangible assets and property, plant and equipment | 19.6 | \u2013 | \u2013 | 19.6 |
| North | All other | |||
| America | UK | countries | Total | |
| 2025 | $m | $m | $m | $m |
Total revenue by destination | 1,321.6 | 24.3 | 0.9 | 1,346.8 |
Goodwill and intangible assets | 1.2 | \u2013 | \u2013 | 1.2 |
Property, plant and equipment | 48.2 | 0.8 | \u2013 | 49.0 |
Right-of-use assets | 2.6 | \u2013 | \u2013 | 2.6 |
| North | All other | |||
| America | UK | countries | Total | |
| 2024 | $m | $m | $m | $m |
Total revenue by destination | 1,342.8 | 24.2 | 0.9 | 1,367.9 |
Goodwill and intangible assets | 1.3 | \u2013 | \u2013 | 1.3 |
Property, plant and equipment | 48.5 | 0.8 | \u2013 | 49.3 |
Right-of-use assets | 3.9 | 0.3 | \u2013 | 4.2 |
| 2025 | 2024 | |
| Revenue from external customers | $m | $m |
North America | 1,321.5 | 1,342.7 |
UK & Ireland | 25.3 | 25.2 |
Total Group revenue | 1,346.8 | 1, 367.9 |
| 2025 | 2024 | |
| Profit | $m | $m |
North America | 151.9 | 153.6 |
UK & Ireland | (0.1) | (0.4) |
Operating profit from Direct Marketing operations | 151.8 | 153.2 |
Head Office costs | (6.6) | (5.1) |
Operating profit | 145.2 | 148.1 |
Net finance income (note 3) | 5.6 | 6.3 |
Profit before tax | 150.8 | 154.4 |
| North | UK & | Head | ||
| America | Ireland | Office | Total | |
| 2025 | $m | $m | $m | $m |
Cost of sales | (893.7) | (17.1) | \u2013 | (910.8) |
Marketing costs | (165.5) | (5.9) | \u2013 | (171.4) |
Depreciation and amortisation | (6.6) | \u2013 | (0.3) | (6.9) |
Assets | 122.0 | 3.3 | 137.0 | 262.3 |
Liabilities | (94.4) | (3.6) | (1.0) | (99.0) |
Additions to intangible assets and property, plant and equipment | 4.9 | \u2013 | \u2013 | 4.9 |
| North | UK & | Head | ||
| America | Ireland | Office | Total | |
| 2024 | $m | $m | $m | $m |
Cost of sales | (915.0) | (17.5) | \u2013 | (932.5) |
Marketing costs | (167.7) | (6.0) | \u2013 | (173.7) |
Depreciation and amortisation | (6.7) | \u2013 | (0.1) | (6.8) |
Assets | 132.4 | 3.1 | 152.0 | 287.5 |
Liabilities | (98.0) | (3.1) | (1.3) | (102.4) |
Additions to intangible assets and property, plant and equipment | 19.6 | \u2013 | \u2013 | 19.6 |
| North | All other | |||
| America | UK | countries | Total | |
| 2025 | $m | $m | $m | $m |
Total revenue by destination | 1,321.6 | 24.3 | 0.9 | 1,346.8 |
Goodwill and intangible assets | 1.2 | \u2013 | \u2013 | 1.2 |
Property, plant and equipment | 48.2 | 0.8 | \u2013 | 49.0 |
Right-of-use assets | 2.6 | \u2013 | \u2013 | 2.6 |
| North | All other | |||
| America | UK | countries | Total | |
| 2024 | $m | $m | $m | $m |
Total revenue by destination | 1,342.8 | 24.2 | 0.9 | 1,367.9 |
Goodwill and intangible assets | 1.3 | \u2013 | \u2013 | 1.3 |
Property, plant and equipment | 48.5 | 0.8 | \u2013 | 49.3 |
Right-of-use assets | 3.9 | 0.3 | \u2013 | 4.2 |
| 2025 | 2024 | |
| Revenue from external customers | $m | $m |
North America | 1,321.5 | 1,342.7 |
UK & Ireland | 25.3 | 25.2 |
Total Group revenue | 1,346.8 | 1, 367.9 |
| 2025 | 2024 | |
| Profit | $m | $m |
North America | 151.9 | 153.6 |
UK & Ireland | (0.1) | (0.4) |
Operating profit from Direct Marketing operations | 151.8 | 153.2 |
Head Office costs | (6.6) | (5.1) |
Operating profit | 145.2 | 148.1 |
Net finance income (note 3) | 5.6 | 6.3 |
Profit before tax | 150.8 | 154.4 |
| North | UK & | Head | ||
| America | Ireland | Office | Total | |
| 2025 | $m | $m | $m | $m |
Cost of sales | (893.7) | (17.1) | \u2013 | (910.8) |
Marketing costs | (165.5) | (5.9) | \u2013 | (171.4) |
Depreciation and amortisation | (6.6) | \u2013 | (0.3) | (6.9) |
Assets | 122.0 | 3.3 | 137.0 | 262.3 |
Liabilities | (94.4) | (3.6) | (1.0) | (99.0) |
Additions to intangible assets and property, plant and equipment | 4.9 | \u2013 | \u2013 | 4.9 |
| North | UK & | Head | ||
| America | Ireland | Office | Total | |
| 2024 | $m | $m | $m | $m |
Cost of sales | (915.0) | (17.5) | \u2013 | (932.5) |
Marketing costs | (167.7) | (6.0) | \u2013 | (173.7) |
Depreciation and amortisation | (6.7) | \u2013 | (0.1) | (6.8) |
Assets | 132.4 | 3.1 | 152.0 | 287.5 |
Liabilities | (98.0) | (3.1) | (1.3) | (102.4) |
Additions to intangible assets and property, plant and equipment | 19.6 | \u2013 | \u2013 | 19.6 |
| North | All other | |||
| America | UK | countries | Total | |
| 2025 | $m | $m | $m | $m |
Total revenue by destination | 1,321.6 | 24.3 | 0.9 | 1,346.8 |
Goodwill and intangible assets | 1.2 | \u2013 | \u2013 | 1.2 |
Property, plant and equipment | 48.2 | 0.8 | \u2013 | 49.0 |
Right-of-use assets | 2.6 | \u2013 | \u2013 | 2.6 |
| North | All other | |||
| America | UK | countries | Total | |
| 2024 | $m | $m | $m | $m |
Total revenue by destination | 1,342.8 | 24.2 | 0.9 | 1,367.9 |
Goodwill and intangible assets | 1.3 | \u2013 | \u2013 | 1.3 |
Property, plant and equipment | 48.5 | 0.8 | \u2013 | 49.3 |
Right-of-use assets | 3.9 | 0.3 | \u2013 | 4.2 |
| 2025 | 2024 | ||
| Notes | $m | $m | |
Bank and other interest receivable | 5.8 | 6.7 | |
Lease interest charge | 12 | (0.2) | (0.4) |
5.6 | 6.3 |
| 2025 | 2024 | ||
| Notes | $m | $m | |
Bank and other interest receivable | 5.8 | 6.7 | |
Lease interest charge | 12 | (0.2) | (0.4) |
5.6 | 6.3 |
| 2025 | 2024 | ||
| Notes | $m | $m | |
Bank and other interest receivable | 5.8 | 6.7 | |
Lease interest charge | 12 | (0.2) | (0.4) |
5.6 | 6.3 |
| 2025 | 2024 | ||
| Notes | $m | $m | |
Bank and other interest receivable | 5.8 | 6.7 | |
Lease interest charge | 12 | (0.2) | (0.4) |
5.6 | 6.3 |
| 2025 | 2024 | ||
| Notes | $m | $m | |
Bank and other interest receivable | 5.8 | 6.7 | |
Lease interest charge | 12 | (0.2) | (0.4) |
5.6 | 6.3 |
| 2025 | 2024 | ||
| Notes | $m | $m | |
Bank and other interest receivable | 5.8 | 6.7 | |
Lease interest charge | 12 | (0.2) | (0.4) |
5.6 | 6.3 |
| 2025 | 2024 | ||
Staff costs | Notes | $m | $m |
Wages and salaries | 107.3 | 101.9 | |
Social security costs | 8.4 | 8.1 | |
Pension costs \u2013 defined contribution plans | 6 | 3.7 | 3.5 |
Share-based payment expense | 5 | 3.0 | 1.6 |
122.4 | 115.1 |
| 2025 | 2024 | |
| Average monthly number of people (including Executive Directors) employed | Number | Number |
Distribution and production | 746 | 722 |
Sales and marketing | 636 | 647 |
Administration | 286 | 285 |
1 ,668 | 1,654 |
| 2025 | 2024 | |
| Key management compensation | $m | $m |
Salaries, fees and short-term employee benefits | 1.9 | 1.8 |
Social security costs | 0.1 | 0.1 |
Share-based payments expense | 0.9 | 0.2 |
2.9 | 2.1 |
| 2025 | 2024 | |
| Directors\u2019 remuneration | $m | $m |
Aggregate emoluments | 1.9 | 1.8 |
| 2025 | 2024 | |
| Key management compensation | $m | $m |
Salaries, fees and short-term employee benefits | 1.9 | 1.8 |
Social security costs | 0.1 | 0.1 |
Share-based payments expense | 0.9 | 0.2 |
2.9 | 2.1 |
| 2025 | 2024 | |
| Directors\u2019 remuneration | $m | $m |
Aggregate emoluments | 1.9 | 1.8 |
2025 | 2024 | |
| Grant date | 26/03/25 | 09/12/24 |
Awards granted | 56,334 | 36,855 |
Weighted average fair value at grant date | \u00a334.44 | \u00a349.89 |
| Assumptions used: | ||
Share price | \u00a339.60 | \u00a350.80 |
Expected volatility (for TSR awards) | 40% | \u2013 |
Expected award life (years) | 3.0 | 0.4\u20132.5 |
Expected dividends expressed as a dividend yield | 3.0% | 3.0% |
Risk-free interest rate | 4.2% | 4.1\u20134.5% |
| 2025 | 2024 | |
| Number of | Number of | |
| awards | awards | |
Outstanding at the start of the period | 36,855 | \u2013 |
Granted during the period 1 | 64,297 | 36,855 |
Exercised during the period | (7,368) | \u2013 |
Expired during the period | (3,668) | \u2013 |
Outstanding at the end of the period | 90,116 | 36,855 |
| 2025 | 2024 | |
| Number of | Number of | |
| awards | awards | |
Outstanding at the start of the period | 46,321 | 42,631 |
Granted during the period | 6,060 | 26,057 |
Exercised during the period | (7,304) | (22,367) |
Outstanding at the end of the period | 45,077 | 46,321 |
2025 | 2024 | |||
| Weighted | Weighted | |||
| average | average | |||
| Number of | exercise price | Number of | exercise price | |
| options | (\u00a3) | options | (\u00a3) | |
Outstanding at the start of the period | 82,559 | 40.52 | 89,661 | 40.05 |
Forfeited during the period | (1,841) | 38.76 | (2,911) | 39.96 |
Exercised during the period | (200) | 38.76 | (309) | 39.96 |
Expired during the period | (73,122) | 38.82 | (3,882) | 39.96 |
Outstanding at the end of the period | 7,396 | 39.90 | 82,559 | 40.52 |
Exercisable at the end of the period | \u2013 | \u2013 | \u2013 | \u2013 |
2025 | Number | 2024 | Number | |
| Exercise prices | of options | of options | ||
\u00a339.90 | 7,396 | 10,956 | ||
$51.08 | \u2013 | 71,603 | ||
7,396 | 82,559 | |||
Weighted average share price at the date of exercise (\u00a3) | 55.95 | 60.50 | ||
Weighted average remaining contractual life (years) | 0.93 | 1.08 |
| North | All other | |||
| America | UK | countries | Total | |
| 2025 | $m | $m | $m | $m |
Total revenue by destination | 1,321.6 | 24.3 | 0.9 | 1,346.8 |
Goodwill and intangible assets | 1.2 | \u2013 | \u2013 | 1.2 |
Property, plant and equipment | 48.2 | 0.8 | \u2013 | 49.0 |
Right-of-use assets | 2.6 | \u2013 | \u2013 | 2.6 |
| North | All other | |||
| America | UK | countries | Total | |
| 2024 | $m | $m | $m | $m |
Total revenue by destination | 1,342.8 | 24.2 | 0.9 | 1,367.9 |
Goodwill and intangible assets | 1.3 | \u2013 | \u2013 | 1.3 |
Property, plant and equipment | 48.5 | 0.8 | \u2013 | 49.3 |
Right-of-use assets | 3.9 | 0.3 | \u2013 | 4.2 |
| 2025 | 2024 | ||
| Notes | $m | $m | |
Cost of inventories recognised as an expense 1 | 747.4 | 771.7 | |
Increase in provision for inventory | 13 | \u2013 | 0.3 |
Shipping costs 1 | 64.3 | 66.3 | |
Impairment loss on trade receivables | 14 | 0.8 | 1.3 |
Staff costs | 4 | 122.4 | 115.1 |
Marketing expenditure (excluding staff costs) | 161.6 | 164.4 | |
Depreciation of property, plant and equipment | 11 | 5.2 | 4.9 |
Amortisation of intangible assets | 10 | 0.1 | 0.2 |
Depreciation of right-of-use assets | 12 | 1.6 | 1.7 |
Short-term and low-value operating lease payments | 12 | 0.2 | \u2013 |
Defined benefit pension plan administration costs | 6 | 0.5 | 0.4 |
Net exchange losses/(gains) | 0.1 | (0.2) | |
Other operating expenses 2 | 97.4 | 93.7 | |
1,201.6 | 1,219.8 | ||
Cost of sales | 910.8 | 932.5 | |
Operating expenses | 290.8 | 287.3 |
| 2025 | 2024 | |
| $m | $m | |
| Fees payable to the Company\u2019s auditor for the audit of the Company | ||
and consolidated financial statements | 0.7 | 0.6 |
| 2025 | 2024 | ||
| Notes | $m | $m | |
Cost of inventories recognised as an expense 1 | 747.4 | 771.7 | |
Increase in provision for inventory | 13 | \u2013 | 0.3 |
Shipping costs 1 | 64.3 | 66.3 | |
Impairment loss on trade receivables | 14 | 0.8 | 1.3 |
Staff costs | 4 | 122.4 | 115.1 |
Marketing expenditure (excluding staff costs) | 161.6 | 164.4 | |
Depreciation of property, plant and equipment | 11 | 5.2 | 4.9 |
Amortisation of intangible assets | 10 | 0.1 | 0.2 |
Depreciation of right-of-use assets | 12 | 1.6 | 1.7 |
Short-term and low-value operating lease payments | 12 | 0.2 | \u2013 |
Defined benefit pension plan administration costs | 6 | 0.5 | 0.4 |
Net exchange losses/(gains) | 0.1 | (0.2) | |
Other operating expenses 2 | 97.4 | 93.7 | |
1,201.6 | 1,219.8 | ||
Cost of sales | 910.8 | 932.5 | |
Operating expenses | 290.8 | 287.3 |
| 2025 | 2024 | |
| $m | $m | |
| Fees payable to the Company\u2019s auditor for the audit of the Company | ||
and consolidated financial statements | 0.7 | 0.6 |
| 2025 | 2024 | ||
| Notes | $m | $m | |
Cost of inventories recognised as an expense 1 | 747.4 | 771.7 | |
Increase in provision for inventory | 13 | \u2013 | 0.3 |
Shipping costs 1 | 64.3 | 66.3 | |
Impairment loss on trade receivables | 14 | 0.8 | 1.3 |
Staff costs | 4 | 122.4 | 115.1 |
Marketing expenditure (excluding staff costs) | 161.6 | 164.4 | |
Depreciation of property, plant and equipment | 11 | 5.2 | 4.9 |
Amortisation of intangible assets | 10 | 0.1 | 0.2 |
Depreciation of right-of-use assets | 12 | 1.6 | 1.7 |
Short-term and low-value operating lease payments | 12 | 0.2 | \u2013 |
Defined benefit pension plan administration costs | 6 | 0.5 | 0.4 |
Net exchange losses/(gains) | 0.1 | (0.2) | |
Other operating expenses 2 | 97.4 | 93.7 | |
1,201.6 | 1,219.8 | ||
Cost of sales | 910.8 | 932.5 | |
Operating expenses | 290.8 | 287.3 |
| 2025 | 2024 | |
| $m | $m | |
| Fees payable to the Company\u2019s auditor for the audit of the Company | ||
and consolidated financial statements | 0.7 | 0.6 |
| 2025 | 2024 | ||
| Notes | $m | $m | |
Cost of inventories recognised as an expense 1 | 747.4 | 771.7 | |
Increase in provision for inventory | 13 | \u2013 | 0.3 |
Shipping costs 1 | 64.3 | 66.3 | |
Impairment loss on trade receivables | 14 | 0.8 | 1.3 |
Staff costs | 4 | 122.4 | 115.1 |
Marketing expenditure (excluding staff costs) | 161.6 | 164.4 | |
Depreciation of property, plant and equipment | 11 | 5.2 | 4.9 |
Amortisation of intangible assets | 10 | 0.1 | 0.2 |
Depreciation of right-of-use assets | 12 | 1.6 | 1.7 |
Short-term and low-value operating lease payments | 12 | 0.2 | \u2013 |
Defined benefit pension plan administration costs | 6 | 0.5 | 0.4 |
Net exchange losses/(gains) | 0.1 | (0.2) | |
Other operating expenses 2 | 97.4 | 93.7 | |
1,201.6 | 1,219.8 | ||
Cost of sales | 910.8 | 932.5 | |
Operating expenses | 290.8 | 287.3 |
| 2025 | 2024 | ||
| Notes | $m | $m | |
Cost of inventories recognised as an expense 1 | 747.4 | 771.7 | |
Increase in provision for inventory | 13 | \u2013 | 0.3 |
Shipping costs 1 | 64.3 | 66.3 | |
Impairment loss on trade receivables | 14 | 0.8 | 1.3 |
Staff costs | 4 | 122.4 | 115.1 |
Marketing expenditure (excluding staff costs) | 161.6 | 164.4 | |
Depreciation of property, plant and equipment | 11 | 5.2 | 4.9 |
Amortisation of intangible assets | 10 | 0.1 | 0.2 |
Depreciation of right-of-use assets | 12 | 1.6 | 1.7 |
Short-term and low-value operating lease payments | 12 | 0.2 | \u2013 |
Defined benefit pension plan administration costs | 6 | 0.5 | 0.4 |
Net exchange losses/(gains) | 0.1 | (0.2) | |
Other operating expenses 2 | 97.4 | 93.7 | |
1,201.6 | 1,219.8 | ||
Cost of sales | 910.8 | 932.5 | |
Operating expenses | 290.8 | 287.3 |
| 2025 | 2024 | |
| $m | $m | |
| Fees payable to the Company\u2019s auditor for the audit of the Company | ||
and consolidated financial statements | 0.7 | 0.6 |
| 2025 | 2024 | |
| $m | $m | |
Defined contribution plans \u2013 employers\u2019 contributions (note 4) | 3.7 | 3.5 |
2025 | 2024 | |||
$m | % | $m | % | |
Buy-in policy | 21.5 | 98.6 | 20.6 | 98.5 |
Cash | 0.3 | 1.4 | 0.3 | 1.5 |
21.8 | 100.0 | 20.9 | 100.0 |
| 2025 | 2024 | |
| % | % | |
Rate of increase in pensions in payment | 2.86 | 3.08 |
Rate of increase in deferred pensions | 2.29 | 2.51 |
Discount rate | 5.57 | 5.52 |
Inflation assumption \u2013 RPI | 2.94 | 3.21 |
\u2013 CPI | 2.29 | 2.51 |
| 2025 | 2024 | |
| Years | Years | |
Male currently aged 45 | 21.8 | 21.9 |
Female currently aged 45 | 23.8 | 23.9 |
Male currently aged 65 | 20.6 | 20.6 |
Female currently aged 65 | 22.3 | 22.5 |
Change in assumption | Change in defined benefit obligation | |
Discount rate | Decrease of 1.0% | +11.2% |
Rate of inflation | Increase of 1.0% | +5.0% |
Rate of mortality | Increase in life expectancy of one year | +3.1% |
| 2025 | 2024 | |
| $m | $m | |
Administration costs paid by the Plan | 0.1 | \u2013 |
Administration costs paid by the Company | 0.4 | 0.4 |
Total defined benefit pension charge | 0.5 | 0.4 |
| 2025 | 2024 | |
| $m | $m | |
Present value of liabilities | (21.5) | (20.9) |
Fair value of assets | 21.8 | 20.9 |
Net retirement benefit asset | 0.3 | \u2013 |
| Present value | Fair value of | ||
| of liabilities | assets | Net asset | |
| $m | $m | $m | |
At 31 December 2023 | (23.3) | 23.3 | \u2013 |
Interest (expense)/income | (1.0) | 1.0 | \u2013 |
Return on Plan assets (excluding interest income) | \u2013 | (2.2) | (2.2) |
Remeasurement gains due to changes in experience | 0.1 | \u2013 | 0.1 |
Remeasurement losses due to changes in demographic assumptions | (0.1) | \u2013 | (0.1) |
Remeasurement gains due to changes in financial assumptions | 2.2 | \u2013 | 2.2 |
Benefits paid | 1.0 | (1.0) | \u2013 |
Exchange gain/(loss) | 0.2 | (0.2) | \u2013 |
At 28 December 2024 | (20.9) | 20.9 | \u2013 |
Administration costs paid by the Plan | \u2013 | (0.1) | (0.1) |
Interest (expense)/income | (1.2) | 1.2 | \u2013 |
Return on Plan assets (excluding interest income) | \u2013 | (0.2) | (0.2) |
Remeasurement gains due to changes in demographic assumptions | 0.1 | \u2013 | 0.1 |
Remeasurement gains due to changes in financial assumptions | 0.4 | \u2013 | 0.4 |
Benefits paid | 1.5 | (1.5) | \u2013 |
Exchange (loss)/gain | (1.4) | 1.5 | 0.1 |
At 27 December 2025 | (21.5) | 21.8 | 0.3 |
| 2025 | 2024 | |
| $m | $m | |
Defined contribution plans \u2013 employers\u2019 contributions (note 4) | 3.7 | 3.5 |
2025 | 2024 | |||
$m | % | $m | % | |
Buy-in policy | 21.5 | 98.6 | 20.6 | 98.5 |
Cash | 0.3 | 1.4 | 0.3 | 1.5 |
21.8 | 100.0 | 20.9 | 100.0 |
| 2025 | 2024 | |
| % | % | |
Rate of increase in pensions in payment | 2.86 | 3.08 |
Rate of increase in deferred pensions | 2.29 | 2.51 |
Discount rate | 5.57 | 5.52 |
Inflation assumption \u2013 RPI | 2.94 | 3.21 |
\u2013 CPI | 2.29 | 2.51 |
| 2025 | 2024 | |
| Years | Years | |
Male currently aged 45 | 21.8 | 21.9 |
Female currently aged 45 | 23.8 | 23.9 |
Male currently aged 65 | 20.6 | 20.6 |
Female currently aged 65 | 22.3 | 22.5 |
Change in assumption | Change in defined benefit obligation | |
Discount rate | Decrease of 1.0% | +11.2% |
Rate of inflation | Increase of 1.0% | +5.0% |
Rate of mortality | Increase in life expectancy of one year | +3.1% |
| 2025 | 2024 | |
| $m | $m | |
Administration costs paid by the Plan | 0.1 | \u2013 |
Administration costs paid by the Company | 0.4 | 0.4 |
Total defined benefit pension charge | 0.5 | 0.4 |
| 2025 | 2024 | |
| $m | $m | |
Present value of liabilities | (21.5) | (20.9) |
Fair value of assets | 21.8 | 20.9 |
Net retirement benefit asset | 0.3 | \u2013 |
| Present value | Fair value of | ||
| of liabilities | assets | Net asset | |
| $m | $m | $m | |
At 31 December 2023 | (23.3) | 23.3 | \u2013 |
Interest (expense)/income | (1.0) | 1.0 | \u2013 |
Return on Plan assets (excluding interest income) | \u2013 | (2.2) | (2.2) |
Remeasurement gains due to changes in experience | 0.1 | \u2013 | 0.1 |
Remeasurement losses due to changes in demographic assumptions | (0.1) | \u2013 | (0.1) |
Remeasurement gains due to changes in financial assumptions | 2.2 | \u2013 | 2.2 |
Benefits paid | 1.0 | (1.0) | \u2013 |
Exchange gain/(loss) | 0.2 | (0.2) | \u2013 |
At 28 December 2024 | (20.9) | 20.9 | \u2013 |
Administration costs paid by the Plan | \u2013 | (0.1) | (0.1) |
Interest (expense)/income | (1.2) | 1.2 | \u2013 |
Return on Plan assets (excluding interest income) | \u2013 | (0.2) | (0.2) |
Remeasurement gains due to changes in demographic assumptions | 0.1 | \u2013 | 0.1 |
Remeasurement gains due to changes in financial assumptions | 0.4 | \u2013 | 0.4 |
Benefits paid | 1.5 | (1.5) | \u2013 |
Exchange (loss)/gain | (1.4) | 1.5 | 0.1 |
At 27 December 2025 | (21.5) | 21.8 | 0.3 |
| 2025 | 2024 | |
| $m | $m | |
| Current tax | ||
Overseas tax | 36.5 | 35.8 |
Total current tax | 36.5 | 35.8 |
| Deferred tax | ||
Origination and reversal of temporary differences | 0.7 | 1.4 |
Total deferred tax | 0.7 | 1.4 |
Taxation | 37.2 | 37.2 |
| 2025 | 2024 | |
| $m | $m | |
Profit before tax | 150.8 | 154.4 |
Profit before tax for each country of operation multiplied by rate of corporation tax applicable in the respective countries | 37. 3 | 37.7 |
| Effects of: | ||
Expenses not deductible for tax and non-taxable income | 0.4 | (0.2) |
UK tax losses utilised in the period | (0.9) | (0.8) |
UK tax losses recognised for deferred tax | 0.7 | 0.6 |
Other differences | (0.3) | (0.1) |
Taxation | 37.2 | 37.2 |
| 2025 | 2024 | |
| $m | $m | |
Deferred tax relating to UK tax losses | 0.6 | 0.4 |
| 2025 | 2024 | |
| $m | $m | |
Deferred tax relating to UK tax losses | 0.1 | 0.1 |
Deferred tax relating to share-based payment schemes | (0.1) | (0.1) |
\u2013 | \u2013 |
| Depreciation/ | Net tax | |||
| capital | UK tax | assets/ | ||
| allowances | losses | Other | (liabilities) | |
| $m | $m | $m | $m | |
At 31 December 2023 | (3.6) | 3.8 | 2.0 | 2.2 |
Charge to income statement | (0.4) | (0.9) | (0.1) | (1.4) |
Credit to other comprehensive income | \u2013 | 0.4 | \u2013 | 0.4 |
Credit/(charge) to equity | \u2013 | 0.1 | (0.1) | \u2013 |
Exchange differences | \u2013 | (0.1) | \u2013 | (0.1) |
At 28 December 2024 | (4.0) | 3.3 | 1.8 | 1.1 |
Charge to income statement | 0.1 | (1.0) | 0.2 | (0.7) |
Credit to other comprehensive income | \u2013 | 0.6 | \u2013 | 0.6 |
Credit/(charge) to equity | \u2013 | 0.1 | (0.1) | \u2013 |
Exchange differences | 0.1 | 0.4 | \u2013 | 0.5 |
At 27 December 2025 | (3.8) | 3.4 | 1.9 | 1.5 |
| 2025 | 2024 | |
| $m | $m | |
Deferred tax assets | 3.4 | 3.2 |
Deferred tax liabilities | (1.9) | (2.1) |
1.5 | 1.1 |
| 2025 | 2024 | |
| $m | $m | |
Trade receivables \u2013 gross | 37.0 | 42.4 |
Provision for credits | (1.8) | (2.1) |
Provision for impairment of trade receivables | (1.1) | (1.3) |
Trade receivables \u2013 net | 34.1 | 39.0 |
Other receivables | 17.4 | 17.7 |
Prepayments | 6.2 | 7.7 |
57.7 | 64.4 |
| 2025 | 2024 | |
| Time past due date | $m | $m |
Up to 3 months | 9.2 | 10.8 |
3 to 6 months | 0.4 | 0.7 |
Over 6 months | \u2013 | 0.1 |
9.6 | 11.6 |
| 2025 | 2024 | |
| Time past due date | $m | $m |
Current | 0.4 | 0.6 |
Up to 3 months | 0.6 | 0.6 |
3 to 6 months | 0.1 | 0.1 |
1.1 | 1.3 |
2025 | 2024 | |||
| Amount | Provision | Amount | Provision | |
| Age of trade receivable | $m | % | $m | % |
Current | 24.9 | 1.6 | 28.0 | 2.1 |
31 \u2013 60 days | 8.2 | 4.9 | 8.9 | 4.5 |
61 \u2013 90 days | 1.6 | 12.5 | 2.5 | 8.0 |
91 \u2013 180 days | 0.5 | 20.0 | 0.8 | 12.5 |
181 \u2013 365 days | \u2013 | \u2013 | 0.1 | \u2013 |
| 2025 | 2024 | |
| $m | $m | |
Sterling | 2.7 | 2.9 |
US dollars | 52.5 | 59.5 |
Canadian dollars | 2.5 | 2.0 |
57.7 | 64.4 |
| 2025 | 2024 | |
| $m | $m | |
At the start of the period | 1.3 | 2.6 |
Utilised | (1.0) | (2.6) |
Provided | 0.8 | 1.3 |
At the end of the period | 1.1 | 1.3 |
| 2025 | 2024 | |
| $m | $m | |
Other financial assets \u2013 bank deposits | 27.0 | 94.3 |
| 2025 | 2024 | |
| $m | $m | |
Cash at bank and in hand | 105.8 | 53.3 |
| 2025 | 2024 | |
| Number | Number | |
| \u2018000 | \u2018000 | |
Weighted average number of shares | 28,093 | 28,155 |
Dilutive effect of share-based payments | 74 | 65 |
Diluted weighted average number of shares | 28,167 | 28,220 |
Basic earnings per share | 404.4c | 416.3c |
Diluted earnings per share | 403.3c | 415.3c |
| 2025 | 2024 | ||
| Equity dividends \u2013 ordinary shares | $m | $m | |
Interim paid: | 80.0c (2024: 80.0c) | 22.9 | 23.4 |
Final paid: | 160.0c (2024: 150.0c) | 46.8 | 42.1 |
Special paid: | 250.0c (2024: nil) | 73.1 | \u2013 |
142.8 | 65.5 |
| 2025 | 2024 | |
| $m | $m | |
Deferred tax relating to UK tax losses | 0.6 | 0.4 |
| 2025 | 2024 | |
| $m | $m | |
Deferred tax relating to UK tax losses | 0.1 | 0.1 |
Deferred tax relating to share-based payment schemes | (0.1) | (0.1) |
\u2013 | \u2013 |
| Depreciation/ | Net tax | |||
| capital | UK tax | assets/ | ||
| allowances | losses | Other | (liabilities) | |
| $m | $m | $m | $m | |
At 31 December 2023 | (3.6) | 3.8 | 2.0 | 2.2 |
Charge to income statement | (0.4) | (0.9) | (0.1) | (1.4) |
Credit to other comprehensive income | \u2013 | 0.4 | \u2013 | 0.4 |
Credit/(charge) to equity | \u2013 | 0.1 | (0.1) | \u2013 |
Exchange differences | \u2013 | (0.1) | \u2013 | (0.1) |
At 28 December 2024 | (4.0) | 3.3 | 1.8 | 1.1 |
Charge to income statement | 0.1 | (1.0) | 0.2 | (0.7) |
Credit to other comprehensive income | \u2013 | 0.6 | \u2013 | 0.6 |
Credit/(charge) to equity | \u2013 | 0.1 | (0.1) | \u2013 |
Exchange differences | 0.1 | 0.4 | \u2013 | 0.5 |
At 27 December 2025 | (3.8) | 3.4 | 1.9 | 1.5 |
| 2025 | 2024 | |
| $m | $m | |
Deferred tax assets | 3.4 | 3.2 |
Deferred tax liabilities | (1.9) | (2.1) |
1.5 | 1.1 |
| Depreciation/ | Net tax | |||
| capital | UK tax | assets/ | ||
| allowances | losses | Other | (liabilities) | |
| $m | $m | $m | $m | |
At 31 December 2023 | (3.6) | 3.8 | 2.0 | 2.2 |
Charge to income statement | (0.4) | (0.9) | (0.1) | (1.4) |
Credit to other comprehensive income | \u2013 | 0.4 | \u2013 | 0.4 |
Credit/(charge) to equity | \u2013 | 0.1 | (0.1) | \u2013 |
Exchange differences | \u2013 | (0.1) | \u2013 | (0.1) |
At 28 December 2024 | (4.0) | 3.3 | 1.8 | 1.1 |
Charge to income statement | 0.1 | (1.0) | 0.2 | (0.7) |
Credit to other comprehensive income | \u2013 | 0.6 | \u2013 | 0.6 |
Credit/(charge) to equity | \u2013 | 0.1 | (0.1) | \u2013 |
Exchange differences | 0.1 | 0.4 | \u2013 | 0.5 |
At 27 December 2025 | (3.8) | 3.4 | 1.9 | 1.5 |
| 2025 | 2024 | |
| $m | $m | |
Deferred tax assets | 3.4 | 3.2 |
Deferred tax liabilities | (1.9) | (2.1) |
1.5 | 1.1 |
| Plant, | ||||
| machinery, | ||||
| Land and | fixtures and | Computer | ||
| buildings | fittings | hardware | Total | |
| $m | $m | $m | $m | |
| Cost | ||||
At 31 December 2023 | 24.9 | 30.6 | 3.6 | 59.1 |
Additions | 14.5 | 4.2 | 0.9 | 19.6 |
Disposals | (0.1) | (1.4) | (0.4) | (1.9) |
At 28 December 2024 | 39.3 | 33.4 | 4.1 | 76.8 |
Additions | 2.3 | 1.5 | 1.1 | 4.9 |
Disposals | \u2013 | (0.3) | (0.5) | (0.8) |
At 27 December 2025 | 41.6 | 34.6 | 4.7 | 80.9 |
| Depreciation | ||||
At 31 December 2023 | 5.0 | 17.1 | 2.3 | 24.4 |
Charge for the period | 0.9 | 3.2 | 0.8 | 4.9 |
Disposals | (0.1) | (1.3) | (0.4) | (1.8) |
At 28 December 2024 | 5.8 | 19.0 | 2.7 | 27.5 |
Charge for the period | 1.3 | 3.0 | 0.9 | 5.2 |
Disposals | \u2013 | (0.3) | (0.5) | (0.8) |
At 27 December 2025 | 7.1 | 21.7 | 3.1 | 31.9 |
| Net book value | ||||
At 27 December 2025 | 34.5 | 12.9 | 1.6 | 49.0 |
At 28 December 2024 | 33.5 | 14.4 | 1.4 | 49.3 |
| Computer | |||
| Goodwill | software | Total | |
| $m | $m | $m | |
| Cost | |||
At 31 December 2023 | 1.0 | 1.9 | 2.9 |
Disposals | \u2013 | (0.4) | (0.4) |
At 28 December 2024 | 1.0 | 1.5 | 2.5 |
Disposals | \u2013 | (0.4) | (0.4) |
At 27 December 2025 | 1.0 | 1.1 | 2.1 |
| Amortisation | |||
At 31 December 2023 | \u2013 | 1.4 | 1.4 |
Charge for the period | \u2013 | 0.2 | 0.2 |
Disposals | \u2013 | (0.4) | (0.4) |
At 28 December 2024 | \u2013 | 1.2 | 1.2 |
Charge for the period | \u2013 | 0.1 | 0.1 |
Disposals | \u2013 | (0.4) | (0.4) |
At 27 December 2025 | \u2013 | 0.9 | 0.9 |
| Net book value | |||
At 27 December 2025 | 1.0 | 0.2 | 1.2 |
At 28 December 2024 | 1.0 | 0.3 | 1.3 |
| Computer | |||
| Goodwill | software | Total | |
| $m | $m | $m | |
| Cost | |||
At 31 December 2023 | 1.0 | 1.9 | 2.9 |
Disposals | \u2013 | (0.4) | (0.4) |
At 28 December 2024 | 1.0 | 1.5 | 2.5 |
Disposals | \u2013 | (0.4) | (0.4) |
At 27 December 2025 | 1.0 | 1.1 | 2.1 |
| Amortisation | |||
At 31 December 2023 | \u2013 | 1.4 | 1.4 |
Charge for the period | \u2013 | 0.2 | 0.2 |
Disposals | \u2013 | (0.4) | (0.4) |
At 28 December 2024 | \u2013 | 1.2 | 1.2 |
Charge for the period | \u2013 | 0.1 | 0.1 |
Disposals | \u2013 | (0.4) | (0.4) |
At 27 December 2025 | \u2013 | 0.9 | 0.9 |
| Net book value | |||
At 27 December 2025 | 1.0 | 0.2 | 1.2 |
At 28 December 2024 | 1.0 | 0.3 | 1.3 |
| Computer | |||
| Goodwill | software | Total | |
| $m | $m | $m | |
| Cost | |||
At 31 December 2023 | 1.0 | 1.9 | 2.9 |
Disposals | \u2013 | (0.4) | (0.4) |
At 28 December 2024 | 1.0 | 1.5 | 2.5 |
Disposals | \u2013 | (0.4) | (0.4) |
At 27 December 2025 | 1.0 | 1.1 | 2.1 |
| Amortisation | |||
At 31 December 2023 | \u2013 | 1.4 | 1.4 |
Charge for the period | \u2013 | 0.2 | 0.2 |
Disposals | \u2013 | (0.4) | (0.4) |
At 28 December 2024 | \u2013 | 1.2 | 1.2 |
Charge for the period | \u2013 | 0.1 | 0.1 |
Disposals | \u2013 | (0.4) | (0.4) |
At 27 December 2025 | \u2013 | 0.9 | 0.9 |
| Net book value | |||
At 27 December 2025 | 1.0 | 0.2 | 1.2 |
At 28 December 2024 | 1.0 | 0.3 | 1.3 |
| 2025 | 2024 | |
| $m | $m | |
Finished goods and goods for resale | 14.7 | 17.1 |
| 2025 | 2024 | |
| $m | $m | |
Trade receivables \u2013 gross | 37.0 | 42.4 |
Provision for credits | (1.8) | (2.1) |
Provision for impairment of trade receivables | (1.1) | (1.3) |
Trade receivables \u2013 net | 34.1 | 39.0 |
Other receivables | 17.4 | 17.7 |
Prepayments | 6.2 | 7.7 |
57.7 | 64.4 |
| 2025 | 2024 | |
| Time past due date | $m | $m |
Up to 3 months | 9.2 | 10.8 |
3 to 6 months | 0.4 | 0.7 |
Over 6 months | \u2013 | 0.1 |
9.6 | 11.6 |
| 2025 | 2024 | |
| Time past due date | $m | $m |
Current | 0.4 | 0.6 |
Up to 3 months | 0.6 | 0.6 |
3 to 6 months | 0.1 | 0.1 |
1.1 | 1.3 |
2025 | 2024 | |||
| Amount | Provision | Amount | Provision | |
| Age of trade receivable | $m | % | $m | % |
Current | 24.9 | 1.6 | 28.0 | 2.1 |
31 \u2013 60 days | 8.2 | 4.9 | 8.9 | 4.5 |
61 \u2013 90 days | 1.6 | 12.5 | 2.5 | 8.0 |
91 \u2013 180 days | 0.5 | 20.0 | 0.8 | 12.5 |
181 \u2013 365 days | \u2013 | \u2013 | 0.1 | \u2013 |
| 2025 | 2024 | |
| $m | $m | |
Sterling | 2.7 | 2.9 |
US dollars | 52.5 | 59.5 |
Canadian dollars | 2.5 | 2.0 |
57.7 | 64.4 |
| 2025 | 2024 | |
| $m | $m | |
At the start of the period | 1.3 | 2.6 |
Utilised | (1.0) | (2.6) |
Provided | 0.8 | 1.3 |
At the end of the period | 1.1 | 1.3 |
| 2025 | 2024 | |
| $m | $m | |
Trade receivables \u2013 gross | 37.0 | 42.4 |
Provision for credits | (1.8) | (2.1) |
Provision for impairment of trade receivables | (1.1) | (1.3) |
Trade receivables \u2013 net | 34.1 | 39.0 |
Other receivables | 17.4 | 17.7 |
Prepayments | 6.2 | 7.7 |
57.7 | 64.4 |
| 2025 | 2024 | |
| Time past due date | $m | $m |
Up to 3 months | 9.2 | 10.8 |
3 to 6 months | 0.4 | 0.7 |
Over 6 months | \u2013 | 0.1 |
9.6 | 11.6 |
| 2025 | 2024 | |
| Time past due date | $m | $m |
Current | 0.4 | 0.6 |
Up to 3 months | 0.6 | 0.6 |
3 to 6 months | 0.1 | 0.1 |
1.1 | 1.3 |
2025 | 2024 | |||
| Amount | Provision | Amount | Provision | |
| Age of trade receivable | $m | % | $m | % |
Current | 24.9 | 1.6 | 28.0 | 2.1 |
31 \u2013 60 days | 8.2 | 4.9 | 8.9 | 4.5 |
61 \u2013 90 days | 1.6 | 12.5 | 2.5 | 8.0 |
91 \u2013 180 days | 0.5 | 20.0 | 0.8 | 12.5 |
181 \u2013 365 days | \u2013 | \u2013 | 0.1 | \u2013 |
| 2025 | 2024 | |
| $m | $m | |
Sterling | 2.7 | 2.9 |
US dollars | 52.5 | 59.5 |
Canadian dollars | 2.5 | 2.0 |
57.7 | 64.4 |
| 2025 | 2024 | |
| $m | $m | |
At the start of the period | 1.3 | 2.6 |
Utilised | (1.0) | (2.6) |
Provided | 0.8 | 1.3 |
At the end of the period | 1.1 | 1.3 |
| Leasehold land | |
| and buildings | |
| $m | |
At 31 December 2023 | 11.4 |
Additions | 0.4 |
Remeasurement of lease liability | (5.9) |
Depreciation charge for the period | (1.7) |
At 28 December 2024 | 4.2 |
Depreciation charge for the period | (1.6) |
At 27 December 2025 | 2.6 |
| 2025 | 2024 | |
| $m | $m | |
At the start of the period | 5.3 | 12.3 |
Additions | \u2013 | 0.4 |
Remeasurement of lease liability | \u2013 | (5.9) |
Interest charge | 0.2 | 0.4 |
Payments | (2.1) | (1.9) |
At the end of the period | 3.4 | 5.3 |
Current | 1.5 | 1.9 |
Non-current | 1.9 | 3.4 |
| 2025 | 2024 | |
| $m | $m | |
| Included in cash flows from operating activities | ||
Expense relating to leases of low-value assets, excluding short-term leases of low-value assets | 0.2 | \u2013 |
Lease interest | 0.2 | 0.4 |
| Included in cash flows from financing activities | ||
Capital element of lease payments | 1.9 | 1.5 |
2.3 | 1.9 |
| 2025 | 2024 | |
| $m | $m | |
Trade payables | 67.7 | 69.5 |
Other tax and social security payable | 4.4 | 4.3 |
Other payables | 1.4 | 0.5 |
Contract liabilities | 6.5 | 6.9 |
Accruals | 13.7 | 13.8 |
93.7 | 95.0 |
| 2025 | 2024 | |
| $m | $m | |
Trade payables | 67.7 | 69.5 |
Other tax and social security payable | 4.4 | 4.3 |
Other payables | 1.4 | 0.5 |
Contract liabilities | 6.5 | 6.9 |
Accruals | 13.7 | 13.8 |
93.7 | 95.0 |
| 2025 | 2024 | |
| $m | $m | |
Trade payables | 67.7 | 69.5 |
Other tax and social security payable | 4.4 | 4.3 |
Other payables | 1.4 | 0.5 |
Contract liabilities | 6.5 | 6.9 |
Accruals | 13.7 | 13.8 |
93.7 | 95.0 |
| 2025 | 2024 | |
| $m | $m | |
Trade payables | 67.7 | 69.5 |
Other tax and social security payable | 4.4 | 4.3 |
Other payables | 1.4 | 0.5 |
Contract liabilities | 6.5 | 6.9 |
Accruals | 13.7 | 13.8 |
93.7 | 95.0 |
| 2025 | 2024 | |
| Borrowing facilities | $m | $m |
Expiring in more than one year | 20.0 | 20.0 |
| 2025 | 2024 | |
| Borrowing facilities | $m | $m |
Expiring in more than one year | 20.0 | 20.0 |
| 2025 | 2024 | |
| $m | $m | |
Other financial assets \u2013 bank deposits | 27.0 | 94.3 |
| 2025 | 2024 | |
| $m | $m | |
Cash at bank and in hand | 105.8 | 53.3 |
| 2025 | 2024 | |
| $m | $m | |
| Financial assets at amortised cost | ||
Trade and other receivables (excluding prepayments) (note 14) | 51.5 | 56.7 |
Other financial assets \u2013 bank deposits (note 15) | 27.0 | 94.3 |
Cash and cash equivalents (note 15) | 105.8 | 53.3 |
| Financial liabilities at amortised cost | ||
Trade and other payables (excluding non-financial liabilities) (note 16) | (87.2) | (88.1) |
| 2025 | 2024 | |||
| 2025 | Deposit | 2024 | Deposit | |
| Rating | $m | Rating | $m | |
Lloyds Bank plc | Aa3 | 34.5 | Aa3 | 98.3 |
JPMorgan Chase Bank, N.A. | Aa1 | 98.3 | Aa1 | 49.3 |
132.8 | 147.6 |
| 2025 | 2024 | |
| $m | $m | |
| Financial assets at amortised cost | ||
Trade and other receivables (excluding prepayments) (note 14) | 51.5 | 56.7 |
Other financial assets \u2013 bank deposits (note 15) | 27.0 | 94.3 |
Cash and cash equivalents (note 15) | 105.8 | 53.3 |
| Financial liabilities at amortised cost | ||
Trade and other payables (excluding non-financial liabilities) (note 16) | (87.2) | (88.1) |
| 2025 | 2024 | |||
| 2025 | Deposit | 2024 | Deposit | |
| Rating | $m | Rating | $m | |
Lloyds Bank plc | Aa3 | 34.5 | Aa3 | 98.3 |
JPMorgan Chase Bank, N.A. | Aa1 | 98.3 | Aa1 | 49.3 |
132.8 | 147.6 |
| 2025 | 2024 | |
| $m | $m | |
Due within one year | 1.6 | 2.1 |
Due in two to three years | 0.7 | 2.0 |
Due in four to five years | 0.8 | 0.7 |
Due over five years | 0.7 | 1.0 |
3.8 | 5.8 |
| 2025 | 2024 | |
| $m | $m | |
| Financial assets at amortised cost | ||
Trade and other receivables (excluding prepayments) (note 14) | 51.5 | 56.7 |
Other financial assets \u2013 bank deposits (note 15) | 27.0 | 94.3 |
Cash and cash equivalents (note 15) | 105.8 | 53.3 |
| Financial liabilities at amortised cost | ||
Trade and other payables (excluding non-financial liabilities) (note 16) | (87.2) | (88.1) |
| 2025 | 2024 | |||
| 2025 | Deposit | 2024 | Deposit | |
| Rating | $m | Rating | $m | |
Lloyds Bank plc | Aa3 | 34.5 | Aa3 | 98.3 |
JPMorgan Chase Bank, N.A. | Aa1 | 98.3 | Aa1 | 49.3 |
132.8 | 147.6 |
| 2025 | 2024 | |
| $m | $m | |
Other financial assets \u2013 bank deposits | 27.0 | 94.3 |
| 2025 | 2024 | |
| $m | $m | |
Cash at bank and in hand | 105.8 | 53.3 |
| 2025 | 2024 | |
| $m | $m | |
Other financial assets \u2013 bank deposits | 27.0 | 94.3 |
| 2025 | 2024 | |
| $m | $m | |
Cash at bank and in hand | 105.8 | 53.3 |
| 2025 | 2024 | |||
| 2025 | Deposit | 2024 | Deposit | |
| Rating | $m | Rating | $m | |
Lloyds Bank plc | Aa3 | 34.5 | Aa3 | 98.3 |
JPMorgan Chase Bank, N.A. | Aa1 | 98.3 | Aa1 | 49.3 |
132.8 | 147.6 |
| Share premium | ||||
| Number of | Share capital | reserve | Total | |
| shares | $m | $m | $m | |
Issued and fully paid ordinary shares of 38 6 / 13 p each: | ||||
At 27 December 2025 and 28 December 2024 | 28,172,530 | 18.9 | 70.8 | 89.7 |
| Capital | Cumulative | ||
| redemption | translation | ||
| reserve | differences | Total | |
| $m | $m | $m | |
At 31 December 2023 | 0.4 | 5.4 | 5.8 |
Currency translation differences | \u2013 | (1.1) | (1.1) |
At 28 December 2024 | 0.4 | 4.3 | 4.7 |
Currency translation differences | \u2013 | 8.9 | 8.9 |
At 27 December 2025 | 0.4 | 13.2 | 13.6 |
| Share premium | ||||
| Number of | Share capital | reserve | Total | |
| shares | $m | $m | $m | |
Issued and fully paid ordinary shares of 38 6 / 13 p each: | ||||
At 27 December 2025 and 28 December 2024 | 28,172,530 | 18.9 | 70.8 | 89.7 |
| Capital | Cumulative | ||
| redemption | translation | ||
| reserve | differences | Total | |
| $m | $m | $m | |
At 31 December 2023 | 0.4 | 5.4 | 5.8 |
Currency translation differences | \u2013 | (1.1) | (1.1) |
At 28 December 2024 | 0.4 | 4.3 | 4.7 |
Currency translation differences | \u2013 | 8.9 | 8.9 |
At 27 December 2025 | 0.4 | 13.2 | 13.6 |
| 2025 | 2024 | |
| $m | $m | |
Due within one year | 1.6 | 2.1 |
Due in two to three years | 0.7 | 2.0 |
Due in four to five years | 0.8 | 0.7 |
Due over five years | 0.7 | 1.0 |
3.8 | 5.8 |
| 2025 | 2024 | |
| $m | $m | |
Profit before tax | 150.8 | 154.4 |
| Adjustments for: | ||
Depreciation of property, plant and equipment | 5.2 | 4.9 |
Amortisation of intangible assets | 0.1 | 0.2 |
Depreciation of right-of-use assets | 1.6 | 1.7 |
Share-based payment expense | 3.0 | 1.6 |
Net finance income | (5.6) | (6.3) |
Defined benefit pension administration costs paid by the Plan | 0.1 | \u2013 |
| Changes in working capital: | ||
Decrease/(increase) in inventories | 2.4 | (3.5) |
Decrease in trade and other receivables | 6.9 | 3.8 |
(Decrease)/increase in trade and other payables | (2.6) | 5.3 |
Cash generated from operations | 161.9 | 162.1 |