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"17400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:MergerReserve", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-289": { "value": "17400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:MergerReserve", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-290": { "value": "4400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CapitalRedemptionReserve", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-291": { "value": "4400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CapitalRedemptionReserve", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-292": { "value": "472200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-293": { "value": "624600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-294": { "value": "526200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-295": { "value": "678600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-2": { "value": "These consolidated financial statements on pages 113 to 153 were approved by the Board of directors and authorised for issue on 3 March 2026. They were signed on its behalf by: Piers North Darren Fisher Chief Executive Officer Chief Financial Officer ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-298": { "value": "1 General information Reach plc is a public company limited by shares and listed on the London Stock Exchange. The Company is incorporated and domiciled in England and Wales. The Company\u2019s registered number is 82548. The address of the registered office is One Canada Square, Canary Wharf, London E14 5AP . The principal activities of the Group are discussed in the Strategic Report on pages 1 to 53. These consolidated financial statements were approved for issue by the Board of directors on 3 March 2026. The Annual Report for the year ended 31 December 2025 will be available on the Company\u2019s website at www.reachplc.com and at the Company\u2019s registered office at One Canada Square, Canary Wharf, London E14 5AP before the end of March 2026 and will be sent to shareholders who have elected to receive a hard copy with the documents for the Annual General Meeting to be held on 6 May 2026. The Company presents the results on a statutory and adjusted basis and revenue trends on a statutory and where applicable, like-for-like basis as described in note 3. The presentational currency of the Group is sterling. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "Reach plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "public company limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-296": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "One Canada Square, Canary Wharf, London E14 5AP ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-355": { "value": "
The presentational currency of the Group is sterling.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-299": { "value": "
2 Adoption of new and revised standards
The following new standards and interpretations are effective for the year ended
31 December 2025, but have not had a material impact on the Group:
Lack of Exchangeability (Amendments to IAS 21).
The following standards and interpretations, which have not been applied and when
adopted are not expected to have a material impact on the Group, were in issue and
will be effective for the year ended 31 December 2026, unless stated below:
Classification and Measurement of Financial Instruments (Amendments to IFRS 9
Financial Instruments)
Additional disclosures related to Financial Instruments (Amendments to IFRS 7
Financial Instruments: Disclosures)
The following new standard, which has not been applied and for which the impact on
the Group is being assessed, is effective for the year ended 31 December 2027:
Presentation and Disclosure in Financial Statements (IFRS 18). The Group will apply this
new standard from its effective date and comparative information for the year ended
31 December 2026 will be restated in accordance with IFRS 18, where material.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-356": { "value": "The following new standards and interpretations are effective for the year ended 31 December 2025, but have not had a material impact on the Group: Lack of Exchangeability (Amendments to IAS 21). The following standards and interpretations, which have not been applied and when adopted are not expected to have a material impact on the Group, were in issue and will be effective for the year ended 31 December 2026, unless stated below: Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments) Additional disclosures related to Financial Instruments (Amendments to IFRS 7 Financial Instruments: Disclosures) ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-357": { "value": "The following new standard, which has not been applied and for which the impact on the Group is being assessed, is effective for the year ended 31 December 2027: Presentation and Disclosure in Financial Statements (IFRS 18). The Group will apply this new standard from its effective date and comparative information for the year ended 31 December 2026 will be restated in accordance with IFRS 18, where material. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-297": { "value": "
3 Material accounting policies
The principal accounting policies adopted in the preparation of these consolidated
financial statements are set out below. These policies have been consistently applied
to all years presented. The Group also opts to present cash flows relating to the use of
its revolving credit facility net where the loans drawn down through use of the facility
are repaid within three months of the initial draw down.
International Financial Reporting Standards (IFRS)
The consolidated financial statements have been prepared in accordance with UK-
adopted International Accounting Standards in conformity with the requirements of the
Companies Act 2006 and the disclosure guidance and transparency rules sourcebook
of the United Kingdom\u2019s Financial Conduct Authority.
The Group has adopted standards and interpretations issued by the International
Accounting Standards Board (IASB) and the IFRS Interpretations Committee of the IASB
applicable to companies reporting under UK-adopted International Accounting Standards.
The parent company financial statements of Reach plc for the year ended 31 December
2025, prepared in accordance with applicable law and UK Accounting Practice,
including FRS 101 \u2018Reduced Disclosure Framework\u2019, are presented on pages 154 to 170.
Going concern
The directors consider it appropriate to adopt the going concern basis of accounting
in the preparation of the Group\u2019s annual consolidated financial statements and the
Company\u2019s parent company financial statements.
In accordance with LR 9.8.6(3) of the Listing Rules, and in determining whether the
financial statements can be prepared on a going concern basis, the directors
considered all factors likely to affect its future development, performance and its
financial position, including cash flows, liquidity position and borrowing facilities
and the risks and uncertainties relating to its business activities.
The key factors considered by the directors were as follows:
The performance of the business in 2025 with a particular focus on the market-wide
decline in print volumes, the impact of actions of dominant platforms on referral
traffic and our yield performance. The Group undertakes regular forecasts and
projections of trading, identifying areas of focus for management to improve the
delivery of the Strategy and mitigate the impact of any deterioration in the economic
outlook;
The impact of the competitive environment within which the Group\u2019s businesses
operate;
The impact on our business of key suppliers (in particular newsprint) being unable
to meet their obligations to the Group;
The impact on our business of key customers being unable to meet their obligations
for services provided by the Group;
The deficit funding contributions to the defined benefit pension schemes and
payments in respect of historical legal issues; and
The available cash reserves and committed finance facilities available to the
Group. During the year, the Group has extended the expiry date of its \u00a3145.0m facility,
for a further year to 12 December 2029. The Group has drawn down \u00a344.5m on the
facility at the reporting date.
Having considered all the factors impacting the Group\u2019s businesses, including downside
sensitivities (relating to trading and cash flow), the directors are satisfied that the
Company and the Group will be able to operate within the terms and conditions
of the Group\u2019s financing facilities for the foreseeable future.
The directors have reasonable expectations that the Company and the Group have
adequate resources to continue in operational existence for the foreseeable future,
which comprises the period of at least 12 months from the date of approval of the
financial statements. Accordingly, they continue to adopt the going concern basis
in preparing the Group\u2019s annual consolidated financial statements and the Company\u2019s
parent company financial statements.
Basis of accounting
These consolidated financial statements have been prepared in accordance with UK-
adopted international accounting standards. The consolidated financial statements
have been prepared under the historical cost convention, except for the following:
assets held for sale \u2013 measured at the lower of carrying amount and fair value less
costs to sell; and
defined benefit pension schemes \u2013 plan assets measured at fair value.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of Reach
plc and all entities controlled by it for the year ended 31 December 2025. Control is
achieved where the Company has the power to govern the financial and operating
policies of the investee entity, has the rights to variable returns from its involvement
with the investee and has the ability to use its power to affect its returns. All intra-group
transactions, balances, income, and expenses are eliminated on consolidation.
On the acquisition of a business, including an interest in an associated undertaking or a
joint venture, fair values are attributed to the Group\u2019s share of the identifiable assets and
liabilities of the business existing at the date of acquisition and reflecting the conditions
as at that date. Where necessary, adjustments are made to the financial statements
of businesses acquired to bring their accounting policies in line with those used in the
preparation of the consolidated financial statements. Results of businesses are included
in the consolidated income statement from the effective date of acquisition and in
respect of disposals up to the effective date of relinquishing control.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of
acquisition over the Group\u2019s interest in the fair value of the identifiable assets and
liabilities of the entity recognised at the date of acquisition. Goodwill is initially
recognised as an asset at cost and is subsequently measured at cost less any
accumulated impairment losses. Negative goodwill arising on an acquisition is
recognised directly in the consolidated income statement upon acquisition. On
disposal of a subsidiary or associate, the remaining amount of goodwill is included
in the determination of the profit or loss on disposal.
Goodwill is reviewed for impairment either annually or more frequently if events or
changes in circumstances indicate a possible decline in the carrying value. For the
purpose of impairment testing, assets are grouped at the lowest levels for which
there are separately identifiable cash flows, known as cash-generating units. If the
recoverable amount of the cash-generating unit is less than the carrying amount of
the unit, the impairment loss is allocated first to reduce the carrying amount of any
goodwill allocated to the unit and then to the other assets of the unit, pro-rated on the
basis of the carrying amount of each asset in the unit, but subject to not reducing any
asset below its recoverable amount. An impairment loss recognised for goodwill is not
reversed in a subsequent period.
The Group has one cash-generating unit relating to Publishing.
Other intangible assets
Other intangible assets include acquired publishing rights and titles. On acquisition, the
fair value of the acquired publishing rights and titles is calculated based on forecast
discounted cash flows. On disposal, the carrying amount of the related other intangible
asset is de-recognised and the gain or loss arising from de-recognition, determined as
the difference between the net disposal proceeds, if any, and the carrying amount of
the item, is recognised in the consolidated income statement.
Publishing rights and titles are initially recognised as an asset at fair value with an
indefinite economic life. They are not subject to amortisation. For the purpose of
impairment testing, assets are grouped at the lowest levels for which there are
separately identifiable cash flows, known as cash-generating units. Where the asset
does not generate cash flows that are independent from other assets, value-in-use
estimates are made based on the cash flows of the cash-generating unit to which
the asset belongs. The publishing rights and titles are reviewed for impairment either
at each reporting date or more frequently when there is an indication that the
recoverable amount is less than the carrying amount. Recoverable amount is the
higher of fair value less costs to sell and value-in-use.
In assessing value-in-use the estimated future cash flows of the cash-generating unit
relating to the asset are discounted to their present value using a post-tax discount rate
that reflects current market assessments of the time value of money and risks specific
to the asset for which estimates of future cash flows have not been adjusted. Use of a
post-tax discount rate to discount the future post-tax cash flows is materially equivalent
to using a pre-tax discount rate to discount the future pre-tax cash flows.
The impairment conclusion remains the same on a pre- or post-tax basis. If the
recoverable amount of a cash-generating unit is estimated to be less than its carrying
amount, the carrying value of the cash-generating unit is reduced to its recoverable
amount. An impairment loss is recognised in the consolidated income statement in
the period in which it occurs and may be reversed in subsequent periods.
The Group has one cash-generating unit relating to Publishing.
The Group capitalises internally generated assets relating to software and website development costs. Costs incurred are only capitalised if the criteria specified in IAS 38 are met. Development costs have only been capitalised when the project is technically feasible, the intention is to complete the asset and use or sell it, the asset will generate future economic benefit and the development costs can be reliably measured. The development costs are costs directly attributable to the design and testing of software and website development. Expenditure which does not meet the criteria above is recognised in the period in which it is incurred. These assets are amortised using the straight-line method over their estimated useful lives (3-5 years). Amortisation is recognised in the consolidated income statement within cost of sales and administrative expenses. Investment in associates Associates are all entities over which the Group has significant influence but not control and are accounted for by the equity method of accounting, initially recognised at cost. The Group\u2019s share of associates\u2019 post-acquisition profits or losses after tax is recognised in the consolidated income statement and its share of other comprehensive income is recognised in the consolidated statement of comprehensive income. Revenue recognition Revenue is recognised in line with IFRS 15 and in accordance with the 5 Step model framework. Revenue primarily comprises sales of goods and services excluding sales taxes. Revenue is measured based on the consideration received, net of returns, applicable discounts and value added tax to which the Group expects to be entitled. The sources of revenue for the Group are circulation, print advertising (including digital classified which is predominantly upsold from print), printing (including third-party printing contracts), print other (contract publishing, syndication and events) and digital (display and transactional revenue streams). Revenue is recognised when the performance obligations identified in the contract are fulfilled, with revenue being measured as the transaction price allocated in respect of that performance obligation. Payment is received in line with the satisfaction of performance obligations. Where this is not the case, accrued or deferred revenue is recognised. The majority of customers are on a credit term of 25 to 60 days. The Group recognises revenue when it transfers control of a product or service to a customer. The following accounting policies are applied to the principal revenue generating activities in which the Group is engaged:
Circulation revenue
The Group sells newspapers and magazines through wholesalers on a sale and return
basis. Revenue is recognised when the performance obligation has been fulfilled, being
when the publication has been delivered to the wholesaler. Revenue is measured at
cover price less the contractual wholesaler and retailer margins. Due to the nature
and timing of returns, there is a low level of estimation required in the associated
year-end returns provision, which is immaterial.
Print advertising revenue
Print advertising revenue includes digital classified revenue which is predominantly upsold
from print advertising. Revenue comprises third-party clients and agency contracts. The
performance obligation is fulfilled, and revenue is recognised, on publication of the advert.
If an advertising campaign is over a period of time, revenue is recognised on a straight-
line basis over the period of the campaign reflecting the pattern in which the performance
obligation is fulfilled. Revenue is measured at the transaction price in the contract. Rebates
are recognised based on the level of third-party spend over the contract period. Rebates
are only recognised where the third party has a clear entitlement to the receipt of the
rebate and a reliable estimate can be made.
Printing revenue
Printing revenue mainly comprises third-party printing contracts. Printing revenue
is recognised at a point when the service is provided and the performance obligation
is fulfilled. Revenue is measured at the transaction price in the contract.
Print other revenue
Print other revenue includes contract publishing, syndication and events. Within print
other revenue, the performance obligation is fulfilled, and revenue is recognised, on
publication of the product or holding of the event, or when the goods have been
purchased by a reader or at a point when the service is provided and the performance
obligation is fulfilled. Revenue is measured at the transaction price in the contract.
Digital revenue
For digital display advertising revenue, the performance obligation is fulfilled, and
revenue is recognised, on publication of the advert. If an advertising campaign is over
a period of time, revenue is recognised over the period of the online campaign on
a straight-line basis or pages served basis reflecting the pattern in which the
performance obligation is fulfilled. For digital transaction revenue, which includes
ecommerce revenue, the performance obligation is fulfilled, and revenue is recognised,
when the service is provided. Revenue is measured at the transaction price in the
contract.
Leases
The Group as a lessee
Leases are recognised on the balance sheet as a right-of-use asset and corresponding
liability at the date at which a leased asset is made available for use by the Group,
except for short-term leases (defined as leases with a lease term of 12 months or less)
and leases of low-value assets. For these leases, the Group recognises the lease
payments as an operating expense on a straight-line basis over the term of the lease.
Right-of-use assets are tested for impairment if there are any indicators that the
carrying amount may not be recoverable. An impairment loss is recognised in the
consolidated income statement in the period in which it occurs and may be reversed
in subsequent periods.
The lease liability is initially measured at the present value of the lease payments that
are not paid at the commencement date, discounted by using the Group\u2019s weighted
average incremental borrowing rate and subsequently held at amortised cost in
accordance with IFRS 9. Finance costs are charged to the income statement over the
lease term, at a constant periodic rate of interest. Right-of-use assets are depreciated
over the lease term on a straight-line basis. Each lease payment is allocated between
the liability and finance cost.
The group does not act as a lessor.
Foreign currency
Transactions denominated in foreign currencies are translated at the rates of exchange
prevailing on the date of the transactions. At each reporting date, items denominated
in foreign currencies are retranslated at the rates prevailing on the reporting date.
Exchange differences arising on settlement and on retranslation are included in the
consolidated income statement for the period.
Retirement benefits
The Group operates a number of defined benefit pension schemes, all of which have
been set up under trusts that hold their financial assets independently from those of the
Group and are controlled by Trustees. The amount recognised in the balance sheet in
respect of defined benefit pension schemes is the present value of the defined benefit
obligation at the reporting date less the fair value of scheme assets. The resultant
liability or asset of each scheme is included in non-current liabilities or non-current
assets as appropriate.
Any surplus recognised is limited to the present value of any economic benefits
available in the form of refunds from the plans or reductions in future contributions.
Where surpluses are not recognised, a liability is recognised being the value of future
committed deficit contribution. The defined benefit obligation is calculated at each
reporting date by independent actuaries using the projected unit credit method. The
present value of the defined benefit obligation is determined by discounting the
estimated future cash outflows using interest rates of high-quality corporate
bonds approximating to the terms of the related pension liability.
The Group operates defined contribution pension schemes which are set up under
Trusts that hold the financial assets independently from those of the Group and
are controlled by Trustees. Payments to defined contribution pension schemes
are charged as an expense as they fall due.
Tax
The tax expense represents the sum of the corporation tax currently payable and
deferred tax.
The corporation tax currently payable is based on taxable profit for the period. Taxable
profit differs from profit before tax as reported in the consolidated income statement
because it excludes items of income or expense that are taxable or deductible in other
years and it further excludes items that are never taxable or deductible. The Group\u2019s
liability for tax is calculated using tax rates that have been enacted or substantively
enacted by the reporting date.
Deferred tax is the tax expected to be payable or recoverable on differences between
the carrying amounts of assets and liabilities in the consolidated financial statements
and the corresponding tax bases used in the computation of taxable profit and is
accounted for using the balance sheet liability method. Deferred tax is calculated
at the tax rates that are expected to apply in the period when the liability is settled
or the asset is realised. Deferred tax is charged or credited in the consolidated income
statement except when it relates to items charged or credited in the consolidated
statement of comprehensive income or items charged or credited directly to equity,
in which case the deferred tax is also dealt with in the consolidated statement of
comprehensive income and equity respectively.
Deferred tax liabilities are generally recognised for all taxable temporary differences
and deferred tax assets are recognised to the extent that it is probable that taxable
profits will be available against which deductible temporary differences can be utilised.
Deferred tax liabilities are recognised for taxable temporary differences arising on
investments in subsidiaries and associates, except where the Group is able to control
the reversal of the temporary difference and it is probable that the temporary
difference will not reverse in the foreseeable future. The carrying amount of deferred
tax assets is reviewed at each reporting date and reduced to the extent that it is no
longer probable that sufficient taxable profits will be available to allow all or part of
the asset to be recovered.
Property, plant and equipment
Property, plant and equipment are stated in the consolidated balance sheet at cost less
accumulated depreciation and impairment losses. Cost includes the purchase price
and all directly attributable costs of bringing the asset to its location and condition
necessary to operate as intended.
Depreciation is charged so as to write off the cost, other than freehold land and assets
under construction which are not depreciated, using the straight-line method over the
estimated useful lives of buildings (15\u201367 years) and plant and equipment (3\u201325 years).
Assets in the course of construction are carried at cost, less any recognised impairment
loss. Depreciation commences when the assets are ready for their intended use.
The gain or loss arising on the disposal or retirement of an asset is determined as the
difference between the sale proceeds and the carrying amount of the asset and is
recognised in the consolidated income statement.
Assets classified as held for sale
Non-current assets are classified as held for sale when their carrying amount is to
be recovered principally through a sale transaction and a sale is considered highly
probable. Assets held for sale are not depreciated and are stated at the lower of
carrying amount and fair value less costs to sell.
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is calculated
using the first in first out method.
Financial instruments
Financial assets and financial liabilities are recognised in the consolidated balance
sheet when the Group becomes a party to the contractual provisions of the instrument.
Trade receivables
Trade receivables do not carry any interest. Conversion to a readily known amount
of cash occurs over a short period and is subject to an insignificant risk of changes
in value. Therefore balances are initially recognised at fair value and subsequently
at amortised cost.
The Group recognises a loss allowance for expected credit losses (ECL) on trade
receivables and accrued income. The amount of expected credit losses is updated
at each reporting date to reflect changes in credit risk since initial recognition.
The Group recognises lifetime ECL for trade receivables and accrued income. The
expected credit losses on these financial assets are estimated using a provision matrix
based on the Group\u2019s historical credit loss experience, adjusted for factors that are
specific to the debtors, general economic conditions and an assessment of both
the current as well as the forecast direction of conditions at the reporting date.
Definition of default
The Group considers the following as constituting an event of default for internal credit
risk management purposes as historical experience indicates that financial assets that
meet the following criteria are generally not recoverable:
Information developed internally or obtained from external sources indicates that the
debtor is unlikely to pay its creditors, including the Group, in full.
Irrespective of the above analysis, the Group considers that default has occurred
when a financial asset is more than 120 days past due unless the Group has reasonable
and supportable information to demonstrate that a more lagging default criterion is
more appropriate.
Credit-impaired financial assets
A financial asset is credit-impaired when one or more events that have a detrimental
impact on the estimated future cash flows of that financial asset have occurred.
Evidence that a financial asset is credit-impaired includes observable data about
the following events:
(a) Significant financial difficulty of the debtor;
(b) A breach of contract, such as a default or past due event; and
(c) It is becoming probable that the debtor will enter bankruptcy or other financial
reorganisation.
Write-off policy
The Group writes off a financial asset when there is information indicating that the
debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g.
when the debtor has been placed under liquidation or has entered into bankruptcy
proceedings. Financial assets written off may still be subject to enforcement activities
under the Group\u2019s recovery procedures, taking into account legal advice where
appropriate. Any recoveries made are recognised in profit or loss.
Measurement and recognition of expected credit losses
The measurement of expected credit losses is a function of the probability of default,
loss given default (i.e. the magnitude of the loss if there is a default) and the exposure
at default. The assessment of the probability of default and loss given default is based
on historical data adjusted by forward-looking information as described above. The
expected credit loss is estimated as the difference between all contractual cash flows
that are due to the Group in accordance with the contract and all the cash flows that
the Group expects to receive.
The Group recognises an impairment gain or loss in profit or loss for all financial
instruments with a corresponding adjustment to their carrying amount through
a loss allowance account.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and short-term bank deposits
with an original maturity of one week or less.
Borrowings
Sterling interest-bearing loans and bank overdrafts are recorded at the proceeds
received, net of direct issue costs. Foreign currency interest-bearing loans are recorded
at the exchange rate at the reporting date. Finance charges, including premiums
payable on settlement or redemption and direct issue costs, are accounted for on
an accruals basis in the consolidated income statement using the effective interest
method and are added to the carrying amount of the instrument to the extent that they
are not settled in the period in which they arise. All other borrowing costs are recognised
in the consolidated income statement in the period in which they are incurred.
Trade payables
Trade payables are not interest-bearing. Payments occur over a short period and are
subject to an insignificant risk of changes in value. Therefore balances are stated at
their nominal value.
Credit risk
The Group\u2019s credit risk is primarily attributable to its trade receivables. The amounts
presented in the consolidated balance sheet are net of allowances for doubtful
receivables, estimated based on prior experience and assessment of the current
economic environment.
The credit risk on liquid funds and derivative financial instruments is limited because the
counterparties are banks with high credit ratings assigned by international credit-rating
agencies. The Group has no significant concentration of credit risk, with exposure
spread over a large number of counterparties and customers.
Provisions
Provisions are recognised when the Group has a present obligation as a result of a
past event, and it is probable that the Group will be required to settle that obligation.
Provisions are measured at the directors\u2019 best estimate of the expenditure required to
settle the obligation at the reporting date, and are discounted to present value where
the effect is material. Provisions are made for legal and other costs in respect of
historical litigation and other matters in progress and for estimated damages
where it is judged probable that damages will be payable.
Share-based payments
The Group issues equity-settled benefits to certain employees. Information relating
to these benefits is set out in note 31. These equity-settled share-based payments are
measured at fair value at the date of grant taking advice from third-party experts. The
fair value determined at the grant date is expensed on a straight-line basis over the
vesting period, based on the Group\u2019s estimate of shares that will eventually vest and
adjusted for the effect of non-market-based vesting conditions, with a corresponding
increase in equity.
Fair value is measured by use of a stochastic (Monte-Carlo binomial) model. The
expected life used in the model has been adjusted, based on the directors\u2019 best estimates,
for the effects of non-transferability, exercise restrictions and behavioural considerations.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the
issue of new shares or options are shown in equity as a deduction from the proceeds,
net of tax.
Where the Group\u2019s own shares are purchased, the consideration paid including any
directly attributable incremental costs, net of income taxes, is deducted from equity
attributable to the Group\u2019s equity holders until the shares are cancelled, reissued or
disposed of. Where such shares are cancelled, the nominal value of shares cancelled is
shown in the capital redemption reserve. Where such shares are subsequently reissued
or disposed of, any consideration received, net of any directly attributable incremental
transaction costs and the related income tax effects, is included in equity attributable
to the Group\u2019s equity holders.
Dividend distributions
Dividend distributions to the Company\u2019s shareholders are recognised as a liability in the
consolidated financial statements in the period in which the dividends are approved.
Alternative performance measures
The Company presents the results on a statutory and adjusted basis and revenue
trends on a statutory and where applicable, like-for-like basis. The Company believes
that the adjusted basis and like-for-like trends will provide investors with useful
supplemental information about the financial performance of the Group, enable
comparison of financial results between periods where certain items may vary
independent of business performance, and allow for greater transparency with respect
to key performance indicators used by management in operating the Group and
making decisions. Although management believes the adjusted basis is important in
evaluating the Group, it is not intended to be considered in isolation or as a substitute
for, or as superior to, financial information on a statutory basis. The alternative
performance measures are not recognised measures under IFRS and do not have
standardised meanings prescribed by IFRS and may be different to those used by other
companies, limiting the usefulness for comparison purposes. Note 34 sets out the
reconciliation between the statutory and adjusted results. An adjusted cash flow is
presented in note 35 which reconciles the adjusted operating profit to the net change in
cash and cash equivalents. Set out in note 36 is the reconciliation between the statutory
and adjusted cash flow.
Adjusting items
Adjusting items relate to costs or income that derive from events or transactions that
fall within the normal activities of the Group, but are excluded from the Group\u2019s adjusted
profit measures, individually or, if of a similar type in aggregate, due to their size and/or
nature in order to better reflect management\u2019s view of the performance of the Group.
The adjusted profit measures are not recognised profit measures under IFRS and may
not be directly comparable with adjusted profit measures used by other companies.
All operating adjusting items are recognised within administrative expenses. Details of
adjusting items are set out in note 34 with additional information in notes 8 and 21.
Key sources of estimation uncertainty
The key assumptions concerning the future and other key sources of estimation
uncertainty that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year are discussed below:
Historical legal issues (note 27)
The historical legal issues provision relates to the cost associated with resolving civil
claims in relation to historical phone hacking and unlawful information gathering.
The provision consists of known claims and the associated costs. The key uncertainties
in relation to this matter relate to how each claim progresses, the amount of any
settlement and the associated legal costs. Our assumptions have been based on
historical trends, our experience and the expected evolution of claims and costs.
In December 2023, a judgment was handed down in respect of four test claims and
as a result all claims issued after 31 October 2020 are now likely to be dismissed as
time barred, other than where individuals can demonstrate specific exceptional
circumstances. This significantly reduced the amounts that are expected to be paid out.
Whilst a large number of claimants have voluntarily discontinued their cases since the
2023 judgment, a further 5 test claims were argued in a trial of a preliminary issue in
January and February 2026, and the judgment on those claims has not yet been
handed down. There have been no changes to the provision other than settlements of
costs claims made during the period. The provision is expected to be utilised within the
next year.
Our view on the range of outcomes at the reporting date for the provision, applying
more and less favourable outcomes to all aspects of the provision is \u00a32m to \u00a38m (2024:
\u00a34m to \u00a316m). Despite making a best estimate, the timing of utilisation and ongoing
legal matters related to the provided-for claims could mean that the final outcome is
outside of the range of outcomes.
Retirement benefits (note 21)
Actuarial assumptions adopted and external factors can significantly impact the
surplus or deficit of defined benefit pension schemes. Valuations for funding and
accounting purposes are based on assumptions about future economic and
demographic variables. These result in risk of a volatile valuation deficit and the risk
that the ultimate cost of paying benefits is higher than the current assessed liability
value. Advice is sourced from independent and qualified actuaries in selecting suitable
assumptions at each reporting date.
Impairment review (note 16)
There is uncertainty in the value-in-use calculation. The most significant area of
uncertainty relates to expected future cash flows for the cash-generating unit.
Determining whether the carrying values of assets in a cash-generating unit are
impaired requires an estimation of the value-in-use of the cash-generating unit
to which these have been allocated.
The value-in-use calculation requires the Group to estimate the future cash flows
expected to arise from the cash-generating unit and a suitable discount rate in order
to calculate present value. Projections are based on both internal and external market
information and reflect past experience. The discount rate reflects the weighted
average cost of capital of the Group.
Property provisions (note 27)
Provisions are measured at the best estimate of the expenditure required to settle the
obligation based on the assessment of the related facts and circumstances at each
reporting date. There is uncertainty in relation to the size and period over which the
provision will be utilised and this is dependent on our ability to sublease the vacant
properties. We have assumed no subletting but if this were to change, there could
be a material impact on the provision.
Critical judgements in applying the Group\u2019s accounting policies
In the process of applying the Group\u2019s accounting policies, described above,
management has made the following judgements that have the most significant
effect on the amounts recognised in the financial statements:
Indefinite life assumption in respect of publishing rights and titles (note 16)
There is judgement required in continuing to adopt an indefinite life assumption in respect
of publishing rights and titles. The directors consider publishing rights and titles (with a
carrying amount of \u00a3657.9m) have indefinite economic lives due to the longevity of the
brands and the ability to evolve them in an ever-changing media landscape. The brands
are central to the delivery of the Strategy which is delivering digital revenue growth. At each
reporting date management review the suitability of this assumption.
A corresponding deferred tax liability is recognised attributable to these intangible
assets. This is included within the carrying amount for impairment assessment
purposes due to the intrinsic link between the asset and associated tax balance.
Identification of cash-generating units (note 16)
There is judgement required in determining the cash-generating unit relating to our
Publishing brands. At each reporting date management review the interdependency
of revenues across our portfolio of Publishing brands to determine the appropriate
cash-generating unit. The Group operates its Publishing brands such that a majority
of the revenues are interdependent and revenue would be materially lower if brands
operated in isolation. As such, management do not consider that an impairment
review at an individual brand level is appropriate or practical. As the Group continues
to centralise revenue generating functions and has moved to a matrix operating
structure over the past few years, all of the individual brands in Publishing have
increased revenue interdependency and are assessed for impairment as a single
Publishing cash-generating unit.
Historical legal issues (note 27)
Following the judgment handed down on 15 December 2023, all claims issued after
31 October 2020 are now likely to be considered time barred and subsequently
dismissed, other than where individuals can demonstrate there were exceptional
circumstances why they could not have been aware of their putative claims.
Whilst a large number of claimants have voluntarily discontinued their cases since the
2023 judgment, a further 5 test claims were argued in a trial of a preliminary issue in
January and February 2026, and the judgment on those claims has not yet been
handed down. The prospect of the outcome of these 5 test claims materially affecting
the provision is considered remote and as such no contingent liability has been
disclosed in the accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-300": { "value": "International Financial Reporting Standards (IFRS) The consolidated financial statements have been prepared in accordance with UK- adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006 and the disclosure guidance and transparency rules sourcebook of the United Kingdom\u2019s Financial Conduct Authority. The Group has adopted standards and interpretations issued by the International Accounting Standards Board (IASB) and the IFRS Interpretations Committee of the IASB applicable to companies reporting under UK-adopted International Accounting Standards. The parent company financial statements of Reach plc for the year ended 31 December 2025, prepared in accordance with applicable law and UK Accounting Practice, including FRS 101 \u2018Reduced Disclosure Framework\u2019, are presented on pages 154 to 170. Basis of accounting These consolidated financial statements have been prepared in accordance with UK- adopted international accounting standards. The consolidated financial statements have been prepared under the historical cost convention, except for the following: assets held for sale \u2013 measured at the lower of carrying amount and fair value less costs to sell; and defined benefit pension schemes \u2013 plan assets measured at fair value. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-301": { "value": "Going concern The directors consider it appropriate to adopt the going concern basis of accounting in the preparation of the Group\u2019s annual consolidated financial statements and the Company\u2019s parent company financial statements. In accordance with LR 9.8.6(3) of the Listing Rules, and in determining whether the financial statements can be prepared on a going concern basis, the directors considered all factors likely to affect its future development, performance and its financial position, including cash flows, liquidity position and borrowing facilities and the risks and uncertainties relating to its business activities. The key factors considered by the directors were as follows: The performance of the business in 2025 with a particular focus on the market-wide decline in print volumes, the impact of actions of dominant platforms on referral traffic and our yield performance. The Group undertakes regular forecasts and projections of trading, identifying areas of focus for management to improve the delivery of the Strategy and mitigate the impact of any deterioration in the economic outlook; The impact of the competitive environment within which the Group\u2019s businesses operate; The impact on our business of key suppliers (in particular newsprint) being unable to meet their obligations to the Group; The impact on our business of key customers being unable to meet their obligations for services provided by the Group; The deficit funding contributions to the defined benefit pension schemes and payments in respect of historical legal issues; and The available cash reserves and committed finance facilities available to the Group. During the year, the Group has extended the expiry date of its \u00a3145.0m facility, for a further year to 12 December 2029. The Group has drawn down \u00a344.5m on the facility at the reporting date. Having considered all the factors impacting the Group\u2019s businesses, including downside sensitivities (relating to trading and cash flow), the directors are satisfied that the Company and the Group will be able to operate within the terms and conditions of the Group\u2019s financing facilities for the foreseeable future. The directors have reasonable expectations that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future, which comprises the period of at least 12 months from the date of approval of the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the Group\u2019s annual consolidated financial statements and the Company\u2019s parent company financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-302": { "value": "Basis of consolidation The consolidated financial statements incorporate the financial statements of Reach plc and all entities controlled by it for the year ended 31 December 2025. Control is achieved where the Company has the power to govern the financial and operating policies of the investee entity, has the rights to variable returns from its involvement with the investee and has the ability to use its power to affect its returns. All intra-group transactions, balances, income, and expenses are eliminated on consolidation. On the acquisition of a business, including an interest in an associated undertaking or a joint venture, fair values are attributed to the Group\u2019s share of the identifiable assets and liabilities of the business existing at the date of acquisition and reflecting the conditions as at that date. Where necessary, adjustments are made to the financial statements of businesses acquired to bring their accounting policies in line with those used in the preparation of the consolidated financial statements. Results of businesses are included in the consolidated income statement from the effective date of acquisition and in respect of disposals up to the effective date of relinquishing control. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-386": { "value": "Goodwill Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identifiable assets and liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Negative goodwill arising on an acquisition is recognised directly in the consolidated income statement upon acquisition. On disposal of a subsidiary or associate, the remaining amount of goodwill is included in the determination of the profit or loss on disposal. Goodwill is reviewed for impairment either annually or more frequently if events or changes in circumstances indicate a possible decline in the carrying value. For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, known as cash-generating units. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit, pro-rated on the basis of the carrying amount of each asset in the unit, but subject to not reducing any asset below its recoverable amount. An impairment loss recognised for goodwill is not reversed in a subsequent period. The Group has one cash-generating unit relating to Publishing. Other intangible assets Other intangible assets include acquired publishing rights and titles. On acquisition, the fair value of the acquired publishing rights and titles is calculated based on forecast discounted cash flows. On disposal, the carrying amount of the related other intangible asset is de-recognised and the gain or loss arising from de-recognition, determined as the difference between the net disposal proceeds, if any, and the carrying amount of the item, is recognised in the consolidated income statement. Publishing rights and titles are initially recognised as an asset at fair value with an indefinite economic life. They are not subject to amortisation. For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, known as cash-generating units. Where the asset does not generate cash flows that are independent from other assets, value-in-use estimates are made based on the cash flows of the cash-generating unit to which the asset belongs. The publishing rights and titles are reviewed for impairment either at each reporting date or more frequently when there is an indication that the recoverable amount is less than the carrying amount. Recoverable amount is the higher of fair value less costs to sell and value-in-use. In assessing value-in-use the estimated future cash flows of the cash-generating unit relating to the asset are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and risks specific to the asset for which estimates of future cash flows have not been adjusted. Use of a post-tax discount rate to discount the future post-tax cash flows is materially equivalent to using a pre-tax discount rate to discount the future pre-tax cash flows. The impairment conclusion remains the same on a pre- or post-tax basis. If the recoverable amount of a cash-generating unit is estimated to be less than its carrying amount, the carrying value of the cash-generating unit is reduced to its recoverable amount. An impairment loss is recognised in the consolidated income statement in the period in which it occurs and may be reversed in subsequent periods. The Group has one cash-generating unit relating to Publishing. The Group capitalises internally generated assets relating to software and website development costs. Costs incurred are only capitalised if the criteria specified in IAS 38 are met. Development costs have only been capitalised when the project is technically feasible, the intention is to complete the asset and use or sell it, the asset will generate future economic benefit and the development costs can be reliably measured. The development costs are costs directly attributable to the design and testing of software and website development. Expenditure which does not meet the criteria above is recognised in the period in which it is incurred. These assets are amortised using the straight-line method over their estimated useful lives (3-5 years). Amortisation is recognised in the consolidated income statement within cost of sales and administrative expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-358": { "value": "Goodwill Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identifiable assets and liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Negative goodwill arising on an acquisition is recognised directly in the consolidated income statement upon acquisition. On disposal of a subsidiary or associate, the remaining amount of goodwill is included in the determination of the profit or loss on disposal. Goodwill is reviewed for impairment either annually or more frequently if events or changes in circumstances indicate a possible decline in the carrying value. For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, known as cash-generating units. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit, pro-rated on the basis of the carrying amount of each asset in the unit, but subject to not reducing any asset below its recoverable amount. An impairment loss recognised for goodwill is not reversed in a subsequent period. The Group has one cash-generating unit relating to Publishing. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-303": { "value": "Goodwill Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identifiable assets and liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Negative goodwill arising on an acquisition is recognised directly in the consolidated income statement upon acquisition. On disposal of a subsidiary or associate, the remaining amount of goodwill is included in the determination of the profit or loss on disposal. Goodwill is reviewed for impairment either annually or more frequently if events or changes in circumstances indicate a possible decline in the carrying value. For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, known as cash-generating units. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit, pro-rated on the basis of the carrying amount of each asset in the unit, but subject to not reducing any asset below its recoverable amount. An impairment loss recognised for goodwill is not reversed in a subsequent period. The Group has one cash-generating unit relating to Publishing.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-304": { "value": "Other intangible assets Other intangible assets include acquired publishing rights and titles. On acquisition, the fair value of the acquired publishing rights and titles is calculated based on forecast discounted cash flows. On disposal, the carrying amount of the related other intangible asset is de-recognised and the gain or loss arising from de-recognition, determined as the difference between the net disposal proceeds, if any, and the carrying amount of the item, is recognised in the consolidated income statement. Publishing rights and titles are initially recognised as an asset at fair value with an indefinite economic life. They are not subject to amortisation. For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, known as cash-generating units. Where the asset does not generate cash flows that are independent from other assets, value-in-use estimates are made based on the cash flows of the cash-generating unit to which the asset belongs. The publishing rights and titles are reviewed for impairment either at each reporting date or more frequently when there is an indication that the recoverable amount is less than the carrying amount. Recoverable amount is the higher of fair value less costs to sell and value-in-use. In assessing value-in-use the estimated future cash flows of the cash-generating unit relating to the asset are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and risks specific to the asset for which estimates of future cash flows have not been adjusted. Use of a post-tax discount rate to discount the future post-tax cash flows is materially equivalent to using a pre-tax discount rate to discount the future pre-tax cash flows. The impairment conclusion remains the same on a pre- or post-tax basis. If the recoverable amount of a cash-generating unit is estimated to be less than its carrying amount, the carrying value of the cash-generating unit is reduced to its recoverable amount. An impairment loss is recognised in the consolidated income statement in the period in which it occurs and may be reversed in subsequent periods. The Group has one cash-generating unit relating to Publishing.
The Group capitalises internally generated assets relating to software and website
development costs.
Costs incurred are only capitalised if the criteria specified in IAS 38 are met.
Development costs have only been capitalised when the project is technically feasible,
the intention is to complete the asset and use or sell it, the asset will generate future
economic benefit and the development costs can be reliably measured. The
development costs are costs directly attributable to the design and testing of software
and website development. Expenditure which does not meet the criteria above is
recognised in the period in which it is incurred. These assets are amortised using the
straight-line method over their estimated useful lives (3-5 years). Amortisation is
recognised in the consolidated income statement within cost of sales and
administrative expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-305": { "value": "
Investment in associates
Associates are all entities over which the Group has significant influence but not control
and are accounted for by the equity method of accounting, initially recognised at cost.
The Group\u2019s share of associates\u2019 post-acquisition profits or losses after tax is recognised
in the consolidated income statement and its share of other comprehensive income is
recognised in the consolidated statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-359": { "value": "Investment in associates Associates are all entities over which the Group has significant influence but not control and are accounted for by the equity method of accounting, initially recognised at cost. The Group\u2019s share of associates\u2019 post-acquisition profits or losses after tax is recognised in the consolidated income statement and its share of other comprehensive income is recognised in the consolidated statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-306": { "value": "
Revenue recognition
Revenue is recognised in line with IFRS 15 and in accordance with the 5 Step model
framework. Revenue primarily comprises sales of goods and services excluding sales
taxes. Revenue is measured based on the consideration received, net of returns,
applicable discounts and value added tax to which the Group expects to be entitled.
The sources of revenue for the Group are circulation, print advertising (including digital
classified which is predominantly upsold from print), printing (including third-party
printing contracts), print other (contract publishing, syndication and events) and
digital (display and transactional revenue streams). Revenue is recognised when
the performance obligations identified in the contract are fulfilled, with revenue being
measured as the transaction price allocated in respect of that performance obligation.
Payment is received in line with the satisfaction of performance obligations. Where this
is not the case, accrued or deferred revenue is recognised. The majority of customers
are on a credit term of 25 to 60 days.
The Group recognises revenue when it transfers control of a product or service to a
customer. The following accounting policies are applied to the principal revenue
generating activities in which the Group is engaged:
Circulation revenue The Group sells newspapers and magazines through wholesalers on a sale and return basis. Revenue is recognised when the performance obligation has been fulfilled, being when the publication has been delivered to the wholesaler. Revenue is measured at cover price less the contractual wholesaler and retailer margins. Due to the nature and timing of returns, there is a low level of estimation required in the associated year-end returns provision, which is immaterial. Print advertising revenue Print advertising revenue includes digital classified revenue which is predominantly upsold from print advertising. Revenue comprises third-party clients and agency contracts. The performance obligation is fulfilled, and revenue is recognised, on publication of the advert. If an advertising campaign is over a period of time, revenue is recognised on a straight- line basis over the period of the campaign reflecting the pattern in which the performance obligation is fulfilled. Revenue is measured at the transaction price in the contract. Rebates are recognised based on the level of third-party spend over the contract period. Rebates are only recognised where the third party has a clear entitlement to the receipt of the rebate and a reliable estimate can be made. Printing revenue Printing revenue mainly comprises third-party printing contracts. Printing revenue is recognised at a point when the service is provided and the performance obligation is fulfilled. Revenue is measured at the transaction price in the contract. Print other revenue Print other revenue includes contract publishing, syndication and events. Within print other revenue, the performance obligation is fulfilled, and revenue is recognised, on publication of the product or holding of the event, or when the goods have been purchased by a reader or at a point when the service is provided and the performance obligation is fulfilled. Revenue is measured at the transaction price in the contract. Digital revenue For digital display advertising revenue, the performance obligation is fulfilled, and revenue is recognised, on publication of the advert. If an advertising campaign is over a period of time, revenue is recognised over the period of the online campaign on a straight-line basis or pages served basis reflecting the pattern in which the performance obligation is fulfilled. For digital transaction revenue, which includes ecommerce revenue, the performance obligation is fulfilled, and revenue is recognised, when the service is provided. Revenue is measured at the transaction price in the contract.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-307": { "value": "Leases The Group as a lessee Leases are recognised on the balance sheet as a right-of-use asset and corresponding liability at the date at which a leased asset is made available for use by the Group, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low-value assets. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease. Right-of-use assets are tested for impairment if there are any indicators that the carrying amount may not be recoverable. An impairment loss is recognised in the consolidated income statement in the period in which it occurs and may be reversed in subsequent periods. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the Group\u2019s weighted average incremental borrowing rate and subsequently held at amortised cost in accordance with IFRS 9. Finance costs are charged to the income statement over the lease term, at a constant periodic rate of interest. Right-of-use assets are depreciated over the lease term on a straight-line basis. Each lease payment is allocated between the liability and finance cost. The group does not act as a lessor. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-309": { "value": "Foreign currency Transactions denominated in foreign currencies are translated at the rates of exchange prevailing on the date of the transactions. At each reporting date, items denominated in foreign currencies are retranslated at the rates prevailing on the reporting date. Exchange differences arising on settlement and on retranslation are included in the consolidated income statement for the period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-308": { "value": "Retirement benefits The Group operates a number of defined benefit pension schemes, all of which have been set up under trusts that hold their financial assets independently from those of the Group and are controlled by Trustees. The amount recognised in the balance sheet in respect of defined benefit pension schemes is the present value of the defined benefit obligation at the reporting date less the fair value of scheme assets. The resultant liability or asset of each scheme is included in non-current liabilities or non-current assets as appropriate. Any surplus recognised is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions. Where surpluses are not recognised, a liability is recognised being the value of future committed deficit contribution. The defined benefit obligation is calculated at each reporting date by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds approximating to the terms of the related pension liability. The Group operates defined contribution pension schemes which are set up under Trusts that hold the financial assets independently from those of the Group and are controlled by Trustees. Payments to defined contribution pension schemes are charged as an expense as they fall due. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-360": { "value": "Tax The tax expense represents the sum of the corporation tax currently payable and deferred tax. The corporation tax currently payable is based on taxable profit for the period. Taxable profit differs from profit before tax as reported in the consolidated income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the consolidated income statement except when it relates to items charged or credited in the consolidated statement of comprehensive income or items charged or credited directly to equity, in which case the deferred tax is also dealt with in the consolidated statement of comprehensive income and equity respectively. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-310": { "value": "Tax The tax expense represents the sum of the corporation tax currently payable and deferred tax. The corporation tax currently payable is based on taxable profit for the period. Taxable profit differs from profit before tax as reported in the consolidated income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the consolidated income statement except when it relates to items charged or credited in the consolidated statement of comprehensive income or items charged or credited directly to equity, in which case the deferred tax is also dealt with in the consolidated statement of comprehensive income and equity respectively. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-387": { "value": "Property, plant and equipment Property, plant and equipment are stated in the consolidated balance sheet at cost less accumulated depreciation and impairment losses. Cost includes the purchase price and all directly attributable costs of bringing the asset to its location and condition necessary to operate as intended. Depreciation is charged so as to write off the cost, other than freehold land and assets under construction which are not depreciated, using the straight-line method over the estimated useful lives of buildings (15\u201367 years) and plant and equipment (3\u201325 years). Assets in the course of construction are carried at cost, less any recognised impairment loss. Depreciation commences when the assets are ready for their intended use. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sale proceeds and the carrying amount of the asset and is recognised in the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-311": { "value": "Property, plant and equipment Property, plant and equipment are stated in the consolidated balance sheet at cost less accumulated depreciation and impairment losses. Cost includes the purchase price and all directly attributable costs of bringing the asset to its location and condition necessary to operate as intended. Depreciation is charged so as to write off the cost, other than freehold land and assets under construction which are not depreciated, using the straight-line method over the estimated useful lives of buildings (15\u201367 years) and plant and equipment (3\u201325 years). Assets in the course of construction are carried at cost, less any recognised impairment loss. Depreciation commences when the assets are ready for their intended use. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sale proceeds and the carrying amount of the asset and is recognised in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-361": { "value": "Assets classified as held for sale Non-current assets are classified as held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. Assets held for sale are not depreciated and are stated at the lower of carrying amount and fair value less costs to sell. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-312": { "value": "Assets classified as held for sale Non-current assets are classified as held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. Assets held for sale are not depreciated and are stated at the lower of carrying amount and fair value less costs to sell. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-313": { "value": "Inventories Inventories are stated at the lower of cost and net realisable value. Cost is calculated using the first in first out method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-388": { "value": "Financial instruments Financial assets and financial liabilities are recognised in the consolidated balance sheet when the Group becomes a party to the contractual provisions of the instrument. Borrowings Sterling interest-bearing loans and bank overdrafts are recorded at the proceeds received, net of direct issue costs. Foreign currency interest-bearing loans are recorded at the exchange rate at the reporting date. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis in the consolidated income statement using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. All other borrowing costs are recognised in the consolidated income statement in the period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-362": { "value": "Financial instruments Financial assets and financial liabilities are recognised in the consolidated balance sheet when the Group becomes a party to the contractual provisions of the instrument. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-314": { "value": "Financial instruments Financial assets and financial liabilities are recognised in the consolidated balance sheet when the Group becomes a party to the contractual provisions of the instrument. Borrowings Sterling interest-bearing loans and bank overdrafts are recorded at the proceeds received, net of direct issue costs. Foreign currency interest-bearing loans are recorded at the exchange rate at the reporting date. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis in the consolidated income statement using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. All other borrowing costs are recognised in the consolidated income statement in the period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-315": { "value": "Trade receivables Trade receivables do not carry any interest. Conversion to a readily known amount of cash occurs over a short period and is subject to an insignificant risk of changes in value. Therefore balances are initially recognised at fair value and subsequently at amortised cost. The Group recognises a loss allowance for expected credit losses (ECL) on trade receivables and accrued income. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition. The Group recognises lifetime ECL for trade receivables and accrued income. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date. Definition of default The Group considers the following as constituting an event of default for internal credit risk management purposes as historical experience indicates that financial assets that meet the following criteria are generally not recoverable: Information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the Group, in full. Irrespective of the above analysis, the Group considers that default has occurred when a financial asset is more than 120 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. Credit-impaired financial assets A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events: (a) Significant financial difficulty of the debtor; (b) A breach of contract, such as a default or past due event; and (c) It is becoming probable that the debtor will enter bankruptcy or other financial reorganisation. Write-off policy The Group writes off a financial asset when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or has entered into bankruptcy proceedings. Financial assets written off may still be subject to enforcement activities under the Group\u2019s recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognised in profit or loss. Measurement and recognition of expected credit losses The measurement of expected credit losses is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical data adjusted by forward-looking information as described above. The expected credit loss is estimated as the difference between all contractual cash flows that are due to the Group in accordance with the contract and all the cash flows that the Group expects to receive. The Group recognises an impairment gain or loss in profit or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-316": { "value": "Cash and cash equivalents Cash and cash equivalents comprise cash in hand and short-term bank deposits with an original maturity of one week or less. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-363": { "value": "Borrowings Sterling interest-bearing loans and bank overdrafts are recorded at the proceeds received, net of direct issue costs. Foreign currency interest-bearing loans are recorded at the exchange rate at the reporting date. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis in the consolidated income statement using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. All other borrowing costs are recognised in the consolidated income statement in the period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-317": { "value": "Trade payables Trade payables are not interest-bearing. Payments occur over a short period and are subject to an insignificant risk of changes in value. Therefore balances are stated at their nominal value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-318": { "value": "Credit risk The Group\u2019s credit risk is primarily attributable to its trade receivables. The amounts presented in the consolidated balance sheet are net of allowances for doubtful receivables, estimated based on prior experience and assessment of the current economic environment. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies. The Group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. ", "dimensions": { "concept": "reachplc:DescriptionOfAccountingPolicyForCreditRisk", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-319": { "value": "Provisions Provisions are recognised when the Group has a present obligation as a result of a past event, and it is probable that the Group will be required to settle that obligation. Provisions are measured at the directors\u2019 best estimate of the expenditure required to settle the obligation at the reporting date, and are discounted to present value where the effect is material. Provisions are made for legal and other costs in respect of historical litigation and other matters in progress and for estimated damages where it is judged probable that damages will be payable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-320": { "value": "Share-based payments The Group issues equity-settled benefits to certain employees. Information relating to these benefits is set out in note 31. These equity-settled share-based payments are measured at fair value at the date of grant taking advice from third-party experts. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions, with a corresponding increase in equity. Fair value is measured by use of a stochastic (Monte-Carlo binomial) model. The expected life used in the model has been adjusted, based on the directors\u2019 best estimates, for the effects of non-transferability, exercise restrictions and behavioural considerations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-321": { "value": "Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction from the proceeds, net of tax. Where the Group\u2019s own shares are purchased, the consideration paid including any directly attributable incremental costs, net of income taxes, is deducted from equity attributable to the Group\u2019s equity holders until the shares are cancelled, reissued or disposed of. Where such shares are cancelled, the nominal value of shares cancelled is shown in the capital redemption reserve. Where such shares are subsequently reissued or disposed of, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the Group\u2019s equity holders.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-322": { "value": "Dividend distributions Dividend distributions to the Company\u2019s shareholders are recognised as a liability in the consolidated financial statements in the period in which the dividends are approved. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-323": { "value": "Alternative performance measures The Company presents the results on a statutory and adjusted basis and revenue trends on a statutory and where applicable, like-for-like basis. The Company believes that the adjusted basis and like-for-like trends will provide investors with useful supplemental information about the financial performance of the Group, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key performance indicators used by management in operating the Group and making decisions. Although management believes the adjusted basis is important in evaluating the Group, it is not intended to be considered in isolation or as a substitute for, or as superior to, financial information on a statutory basis. The alternative performance measures are not recognised measures under IFRS and do not have standardised meanings prescribed by IFRS and may be different to those used by other companies, limiting the usefulness for comparison purposes. Note 34 sets out the reconciliation between the statutory and adjusted results. An adjusted cash flow is presented in note 35 which reconciles the adjusted operating profit to the net change in cash and cash equivalents. Set out in note 36 is the reconciliation between the statutory and adjusted cash flow. ", "dimensions": { "concept": "reachplc:DescriptionOfAccountingPolicyForAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-324": { "value": "Adjusting items Adjusting items relate to costs or income that derive from events or transactions that fall within the normal activities of the Group, but are excluded from the Group\u2019s adjusted profit measures, individually or, if of a similar type in aggregate, due to their size and/or nature in order to better reflect management\u2019s view of the performance of the Group. The adjusted profit measures are not recognised profit measures under IFRS and may not be directly comparable with adjusted profit measures used by other companies. All operating adjusting items are recognised within administrative expenses. Details of adjusting items are set out in note 34 with additional information in notes 8 and 21. ", "dimensions": { "concept": "reachplc:DescriptionOfAccountingPolicyForAdjustingItems", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-364": { "value": "Key sources of estimation uncertainty The key assumptions concerning the future and other key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below: Historical legal issues (note 27) The historical legal issues provision relates to the cost associated with resolving civil claims in relation to historical phone hacking and unlawful information gathering. The provision consists of known claims and the associated costs. The key uncertainties in relation to this matter relate to how each claim progresses, the amount of any settlement and the associated legal costs. Our assumptions have been based on historical trends, our experience and the expected evolution of claims and costs. In December 2023, a judgment was handed down in respect of four test claims and as a result all claims issued after 31 October 2020 are now likely to be dismissed as time barred, other than where individuals can demonstrate specific exceptional circumstances. This significantly reduced the amounts that are expected to be paid out. Whilst a large number of claimants have voluntarily discontinued their cases since the 2023 judgment, a further 5 test claims were argued in a trial of a preliminary issue in January and February 2026, and the judgment on those claims has not yet been handed down. There have been no changes to the provision other than settlements of costs claims made during the period. The provision is expected to be utilised within the next year. Our view on the range of outcomes at the reporting date for the provision, applying more and less favourable outcomes to all aspects of the provision is \u00a32m to \u00a38m (2024: \u00a34m to \u00a316m). Despite making a best estimate, the timing of utilisation and ongoing legal matters related to the provided-for claims could mean that the final outcome is outside of the range of outcomes. Retirement benefits (note 21) Actuarial assumptions adopted and external factors can significantly impact the surplus or deficit of defined benefit pension schemes. Valuations for funding and accounting purposes are based on assumptions about future economic and demographic variables. These result in risk of a volatile valuation deficit and the risk that the ultimate cost of paying benefits is higher than the current assessed liability value. Advice is sourced from independent and qualified actuaries in selecting suitable assumptions at each reporting date. Impairment review (note 16) There is uncertainty in the value-in-use calculation. The most significant area of uncertainty relates to expected future cash flows for the cash-generating unit. Determining whether the carrying values of assets in a cash-generating unit are impaired requires an estimation of the value-in-use of the cash-generating unit to which these have been allocated. The value-in-use calculation requires the Group to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value. Projections are based on both internal and external market information and reflect past experience. The discount rate reflects the weighted average cost of capital of the Group. Property provisions (note 27) Provisions are measured at the best estimate of the expenditure required to settle the obligation based on the assessment of the related facts and circumstances at each reporting date. There is uncertainty in relation to the size and period over which the provision will be utilised and this is dependent on our ability to sublease the vacant properties. We have assumed no subletting but if this were to change, there could be a material impact on the provision. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-325": { "value": "Key sources of estimation uncertainty The key assumptions concerning the future and other key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below: Historical legal issues (note 27) The historical legal issues provision relates to the cost associated with resolving civil claims in relation to historical phone hacking and unlawful information gathering. The provision consists of known claims and the associated costs. The key uncertainties in relation to this matter relate to how each claim progresses, the amount of any settlement and the associated legal costs. Our assumptions have been based on historical trends, our experience and the expected evolution of claims and costs. In December 2023, a judgment was handed down in respect of four test claims and as a result all claims issued after 31 October 2020 are now likely to be dismissed as time barred, other than where individuals can demonstrate specific exceptional circumstances. This significantly reduced the amounts that are expected to be paid out. Whilst a large number of claimants have voluntarily discontinued their cases since the 2023 judgment, a further 5 test claims were argued in a trial of a preliminary issue in January and February 2026, and the judgment on those claims has not yet been handed down. There have been no changes to the provision other than settlements of costs claims made during the period. The provision is expected to be utilised within the next year. Our view on the range of outcomes at the reporting date for the provision, applying more and less favourable outcomes to all aspects of the provision is \u00a32m to \u00a38m (2024: \u00a34m to \u00a316m). Despite making a best estimate, the timing of utilisation and ongoing legal matters related to the provided-for claims could mean that the final outcome is outside of the range of outcomes. Retirement benefits (note 21) Actuarial assumptions adopted and external factors can significantly impact the surplus or deficit of defined benefit pension schemes. Valuations for funding and accounting purposes are based on assumptions about future economic and demographic variables. These result in risk of a volatile valuation deficit and the risk that the ultimate cost of paying benefits is higher than the current assessed liability value. Advice is sourced from independent and qualified actuaries in selecting suitable assumptions at each reporting date. Impairment review (note 16) There is uncertainty in the value-in-use calculation. The most significant area of uncertainty relates to expected future cash flows for the cash-generating unit. Determining whether the carrying values of assets in a cash-generating unit are impaired requires an estimation of the value-in-use of the cash-generating unit to which these have been allocated. The value-in-use calculation requires the Group to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value. Projections are based on both internal and external market information and reflect past experience. The discount rate reflects the weighted average cost of capital of the Group. Property provisions (note 27) Provisions are measured at the best estimate of the expenditure required to settle the obligation based on the assessment of the related facts and circumstances at each reporting date. There is uncertainty in relation to the size and period over which the provision will be utilised and this is dependent on our ability to sublease the vacant properties. We have assumed no subletting but if this were to change, there could be a material impact on the provision. Critical judgements in applying the Group\u2019s accounting policies In the process of applying the Group\u2019s accounting policies, described above, management has made the following judgements that have the most significant effect on the amounts recognised in the financial statements: Indefinite life assumption in respect of publishing rights and titles (note 16) There is judgement required in continuing to adopt an indefinite life assumption in respect of publishing rights and titles. The directors consider publishing rights and titles (with a carrying amount of \u00a3657.9m) have indefinite economic lives due to the longevity of the brands and the ability to evolve them in an ever-changing media landscape. The brands are central to the delivery of the Strategy which is delivering digital revenue growth. At each reporting date management review the suitability of this assumption. A corresponding deferred tax liability is recognised attributable to these intangible assets. This is included within the carrying amount for impairment assessment purposes due to the intrinsic link between the asset and associated tax balance. Identification of cash-generating units (note 16) There is judgement required in determining the cash-generating unit relating to our Publishing brands. At each reporting date management review the interdependency of revenues across our portfolio of Publishing brands to determine the appropriate cash-generating unit. The Group operates its Publishing brands such that a majority of the revenues are interdependent and revenue would be materially lower if brands operated in isolation. As such, management do not consider that an impairment review at an individual brand level is appropriate or practical. As the Group continues to centralise revenue generating functions and has moved to a matrix operating structure over the past few years, all of the individual brands in Publishing have increased revenue interdependency and are assessed for impairment as a single Publishing cash-generating unit. Historical legal issues (note 27) Following the judgment handed down on 15 December 2023, all claims issued after 31 October 2020 are now likely to be considered time barred and subsequently dismissed, other than where individuals can demonstrate there were exceptional circumstances why they could not have been aware of their putative claims. Whilst a large number of claimants have voluntarily discontinued their cases since the 2023 judgment, a further 5 test claims were argued in a trial of a preliminary issue in January and February 2026, and the judgment on those claims has not yet been handed down. The prospect of the outcome of these 5 test claims materially affecting the provision is considered remote and as such no contingent liability has been disclosed in the accounts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-326": { "value": "
4 Segments
The performance of the Group is presented as a single reporting segment as this is the
basis of internal reports regularly reviewed by the Board and chief operating decision-
maker (executive directors) to allocate resources and to assess performance. The
Group\u2019s operations are primarily located in the UK and the Group is not subject to
significant seasonality during the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-327": { "value": "
5 Revenue
2025 2024
\u00a3m \u00a3m
Print
388.1
406.7
Circulation
288.4
298.5
Advertising
55.8
65.4
Printing
16.8
17.3
Other
27.1
25.5
Digital
128.9
130.0
Other
1.4
1.9
Total revenue
518.4
538.6
The Group\u2019s operations are located primarily in the UK. The Group\u2019s revenue by location
of customers is set out below:
2025 2024
\u00a3m \u00a3m
UK
489.6
510.9
Europe
23.8
25.2
Rest of World
5.0
2.5
Total revenue
518.4
538.6
The Group has two customers (representing over 80% of the circulation revenue) where
revenues represent more than 10% of total revenue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-365": { "value": "The Group\u2019s operations are located primarily in the UK. The Group\u2019s revenue by location of customers is set out below:
2025 2024
\u00a3m \u00a3m
UK
489.6
510.9
Europe
23.8
25.2
Rest of World
5.0
2.5
Total revenue
518.4
538.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-328": { "value": "
6 Operating profit/(loss)
2025 2024
\u00a3m \u00a3m
Operating profit/(loss) for the period is arrived at after
charging:
Staff costs (note 7)
(208.5)
(216.0)
Cost of inventories recognised as cost of sales
(46.8)
(49.8)
Amortisation of other intangible assets (note 16)
(8.7)
(7.4)
Depreciation of property, plant and equipment (note 17)
(8.3)
(9.4)
Depreciation of right-of-use assets (note 18)
(2.7)
(2.8)
Trade receivables impairment (note 23)
(0.6)
(0.8)
Net foreign exchange loss
(0.1)
(0.4)
Operating adjusted items (note 8)
\u2013 excluding associates
(262.7)
(26.8)
\u2013 share of associates
(2.1)
(1.3)
Auditors\u2019 remuneration:
Fees payable to the Company\u2019s auditors for the audit of the
Company\u2019s annual financial statements
(0.7)
(0.9)
Fees payable to the Company\u2019s auditors for the other services
to the Group:
\u2013 the audit of the Company\u2019s subsidiaries
(0.3)
(0.4)
Total audit fees
(1.0)
(1.3)
Non-audit fees payable to the Company\u2019s auditors for:
\u2013 audit-related assurance services
(0.2)
(0.2)
Total non-audit fees
(0.2)
(0.2)
Total fees
(1.2)
(1.5)
There are also \u00a32k of fees for other non-audit services during the year (2024: \u00a31k).
A description of the work of the Audit & Risk Committee is set out in the Audit & Risk
Committee Report on pages 74 to 81 and includes an explanation of how the objectivity
and independence of the auditors are safeguarded when non-audit services are
provided by the auditors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-413": { "value": "6 Operating profit/(loss)
2025 2024
\u00a3m \u00a3m
Operating profit/(loss) for the period is arrived at after
charging:
Staff costs (note 7)
(208.5)
(216.0)
Cost of inventories recognised as cost of sales
(46.8)
(49.8)
Amortisation of other intangible assets (note 16)
(8.7)
(7.4)
Depreciation of property, plant and equipment (note 17)
(8.3)
(9.4)
Depreciation of right-of-use assets (note 18)
(2.7)
(2.8)
Trade receivables impairment (note 23)
(0.6)
(0.8)
Net foreign exchange loss
(0.1)
(0.4)
Operating adjusted items (note 8)
\u2013 excluding associates
(262.7)
(26.8)
\u2013 share of associates
(2.1)
(1.3)
Auditors\u2019 remuneration:
Fees payable to the Company\u2019s auditors for the audit of the
Company\u2019s annual financial statements
(0.7)
(0.9)
Fees payable to the Company\u2019s auditors for the other services
to the Group:
\u2013 the audit of the Company\u2019s subsidiaries
(0.3)
(0.4)
Total audit fees
(1.0)
(1.3)
Non-audit fees payable to the Company\u2019s auditors for:
\u2013 audit-related assurance services
(0.2)
(0.2)
Total non-audit fees
(0.2)
(0.2)
Total fees
(1.2)
(1.5)
There are also \u00a32k of fees for other non-audit services during the year (2024: \u00a31k). A description of the work of the Audit & Risk Committee is set out in the Audit & Risk Committee Report on pages 74 to 81 and includes an explanation of how the objectivity and independence of the auditors are safeguarded when non-audit services are provided by the auditors. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-404": { "value": "6 Operating profit/(loss)
2025 2024
\u00a3m \u00a3m
Operating profit/(loss) for the period is arrived at after
charging:
Staff costs (note 7)
(208.5)
(216.0)
Cost of inventories recognised as cost of sales
(46.8)
(49.8)
Amortisation of other intangible assets (note 16)
(8.7)
(7.4)
Depreciation of property, plant and equipment (note 17)
(8.3)
(9.4)
Depreciation of right-of-use assets (note 18)
(2.7)
(2.8)
Trade receivables impairment (note 23)
(0.6)
(0.8)
Net foreign exchange loss
(0.1)
(0.4)
Operating adjusted items (note 8)
\u2013 excluding associates
(262.7)
(26.8)
\u2013 share of associates
(2.1)
(1.3)
Auditors\u2019 remuneration:
Fees payable to the Company\u2019s auditors for the audit of the
Company\u2019s annual financial statements
(0.7)
(0.9)
Fees payable to the Company\u2019s auditors for the other services
to the Group:
\u2013 the audit of the Company\u2019s subsidiaries
(0.3)
(0.4)
Total audit fees
(1.0)
(1.3)
Non-audit fees payable to the Company\u2019s auditors for:
\u2013 audit-related assurance services
(0.2)
(0.2)
Total non-audit fees
(0.2)
(0.2)
Total fees
(1.2)
(1.5)
There are also \u00a32k of fees for other non-audit services during the year (2024: \u00a31k). A description of the work of the Audit & Risk Committee is set out in the Audit & Risk Committee Report on pages 74 to 81 and includes an explanation of how the objectivity and independence of the auditors are safeguarded when non-audit services are provided by the auditors. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-366": { "value": "6 Operating profit/(loss)
2025 2024
\u00a3m \u00a3m
Operating profit/(loss) for the period is arrived at after
charging:
Staff costs (note 7)
(208.5)
(216.0)
Cost of inventories recognised as cost of sales
(46.8)
(49.8)
Amortisation of other intangible assets (note 16)
(8.7)
(7.4)
Depreciation of property, plant and equipment (note 17)
(8.3)
(9.4)
Depreciation of right-of-use assets (note 18)
(2.7)
(2.8)
Trade receivables impairment (note 23)
(0.6)
(0.8)
Net foreign exchange loss
(0.1)
(0.4)
Operating adjusted items (note 8)
\u2013 excluding associates
(262.7)
(26.8)
\u2013 share of associates
(2.1)
(1.3)
Auditors\u2019 remuneration:
Fees payable to the Company\u2019s auditors for the audit of the
Company\u2019s annual financial statements
(0.7)
(0.9)
Fees payable to the Company\u2019s auditors for the other services
to the Group:
\u2013 the audit of the Company\u2019s subsidiaries
(0.3)
(0.4)
Total audit fees
(1.0)
(1.3)
Non-audit fees payable to the Company\u2019s auditors for:
\u2013 audit-related assurance services
(0.2)
(0.2)
Total non-audit fees
(0.2)
(0.2)
Total fees
(1.2)
(1.5)
There are also \u00a32k of fees for other non-audit services during the year (2024: \u00a31k). A description of the work of the Audit & Risk Committee is set out in the Audit & Risk Committee Report on pages 74 to 81 and includes an explanation of how the objectivity and independence of the auditors are safeguarded when non-audit services are provided by the auditors. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-389": { "value": "
2025 2024
\u00a3m \u00a3m
Operating profit/(loss) for the period is arrived at after
charging:
Staff costs (note 7)
(208.5)
(216.0)
Cost of inventories recognised as cost of sales
(46.8)
(49.8)
Amortisation of other intangible assets (note 16)
(8.7)
(7.4)
Depreciation of property, plant and equipment (note 17)
(8.3)
(9.4)
Depreciation of right-of-use assets (note 18)
(2.7)
(2.8)
Trade receivables impairment (note 23)
(0.6)
(0.8)
Net foreign exchange loss
(0.1)
(0.4)
Operating adjusted items (note 8)
\u2013 excluding associates
(262.7)
(26.8)
\u2013 share of associates
(2.1)
(1.3)
Auditors\u2019 remuneration:
Fees payable to the Company\u2019s auditors for the audit of the
Company\u2019s annual financial statements
(0.7)
(0.9)
Fees payable to the Company\u2019s auditors for the other services
to the Group:
\u2013 the audit of the Company\u2019s subsidiaries
(0.3)
(0.4)
Total audit fees
(1.0)
(1.3)
Non-audit fees payable to the Company\u2019s auditors for:
\u2013 audit-related assurance services
(0.2)
(0.2)
Total non-audit fees
(0.2)
(0.2)
Total fees
(1.2)
(1.5)
17 Property, plant and equipment Freehold land and Plant and Asset under buildings equipment construction Total \u00a3m \u00a3m \u00a3m \u00a3m Cost At 1 January 2024 155.6 343.2 1.5 500.3 Additions \u2013 0.5 0.6 1.1 Reclassification \u2013 1.8 (1.8) \u2013 Transfer to assets classified as held for sale (10.3) \u2013 \u2013(10.3 At 31 December 2024 145.3 345.5 0.3 491.1 Additions \u2013 0.8 1.8 2.6 Disposals (9.0) (22.1) \u2013(31.1 Reclassification \u2013 0.8 (0.8) \u2013 At 31 December 2025 136.3 325.0 1.3 462.6 Accumulated depreciation and impairment At 1 January 2024 (75.6) (311.1) \u2013(386.7 Charge for the period (2.2) (7.2) \u2013 (9.4 Impairment (0.1) (0.3) \u2013 (0.4 Transfer to assets classified as held for sale 9.6 \u2013 \u2013 9.6 At 31 December 2024 (68.3) (318.6) \u2013(386.9 Charge for the period (2.2) (6.1) \u2013(8.3 Disposals 9.0 22.1 \u2013 31.1 Impairment (14.9) (4.5) \u2013(19.4 At 31 December 2025 (76.4) (307.1) \u2013(383.5 Carrying amount At 31 December 2024 77.0 26.9 0.3 104.2 At 31 December 2025 59.9 17.9 1.3 79.1 In 2025, an impairment of freehold land and buildings of \u00a314.9m and plant and equipment of \u00a34.5m was recognised as a result of the impairment review in respect of the Publishing cash-generating unit (note 16). In 2024, the impairment of vacant freehold property of \u00a30.1m (note 8) was as a result of the carrying value of certain Group properties being in excess of their market value at the reporting date. In 2024, plant and equipment was impaired by \u00a30.3m as no longer in use.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-329": { "value": "
7 Staff costs
The average monthly number of persons, including executive directors, employed by
the Group in the period was:
2025 2024
Number Number
Production and editorial
2,494
2,587
Sales and distribution
641
680
Administration
288
312
Total
3,423
3,579
The majority of employees are primarily employed in the UK. The above excludes
casual employees working for the Group during the period due to the impracticality
of determining an average.
Staff costs, including directors\u2019 emoluments, incurred during the period were:
2025 2024
\u00a3m \u00a3m
Wages and salaries
(168.5)
(176.0)
Social security costs
(22.3)
(21.7)
Share-based payments charge in the period (note 31)
(2.1)
(2.5)
Pension costs relating to defined contribution pension
schemes (note 21)
(15.6)
(15.8)
Total
(208.5)
(216.0)
Wages and salaries include bonuses payable in the period. Restructuring costs and
the National Insurance costs relating to share awards which are included in operating
adjusted items (note 8) are excluded from staff costs.
Disclosure of individual directors\u2019 remuneration, share awards, long-term incentive
schemes, pension contributions and pension entitlements required by the Companies
Act 2006 and those elements specified for audit by the Financial Conduct Authority are
shown in the tables in the Remuneration Report on pages 82 to 97 and form part of
these consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-330": { "value": "
8 Operating adjusted items
2025 2024
\u00a3m \u00a3m
Restructuring charges in respect of cost reduction measures
(note 27)
(22.9)
(8.0)
Defined benefit pension related costs (notes 21 and 34)
(12.9)
(16.3)
Impairment of goodwill, publishing rights and titles, internally
generated intangibles, property, plant and equipment and
right-of-use assets (notes 15, 16, 17 and 18)
(222.8)
\u2013
Property-related items (note 34)
(0.7)
1.1
Other items (note 34)
(3.4)
(3.6)
Operating adjusted items included in administrative
expenses
(262.7)
(26.8)
Operating adjusted items included in share of results of
associates (note 20)
(2.1)
(1.3)
Total operating adjusted items
(264.8)
(28.1)
Operating adjusted items relate to costs or income that derive from events or
transactions that fall within the normal activities of the Group, but are excluded from
the Group\u2019s adjusted profit measures, individually or, if of a similar type in aggregate,
due to their size and/or nature in order to better reflect management\u2019s view of the
performance of the Group. The adjusted profit measures are not recognised profit
measures under IFRS and may not be directly comparable with adjusted profit
measures used by other companies. Set out in note 34 is the reconciliation between
the statutory and adjusted results which includes descriptions of the items included
in adjusted items.
The Group estimates for historical legal issues are unchanged. As a result, there is no
change in the provision for historical legal issues relating to the cost associated with
dealing with and resolving civil claims in relation to historical phone hacking and
unlawful information gathering (2024: no change) (note 27).
Restructuring charges of \u00a322.9m (2024: \u00a38.0m) principally relate to in-year cost
management actions taken in the period.
Defined benefit pension scheme related costs of \u00a312.9m (2024: \u00a316.3m) comprise
external pension administrative expenses of \u00a35.4m (2024: \u00a34.7m) (note 21), internal
defined benefit pension administrative expenses of \u00a30.5m (2024: \u00a30.5m), adviser costs
of \u00a34.8m (2024: \u00a36.1m) and an additional one-off past service cost of \u00a32.2m
representing a Barber Window adjustment attributable to the Trinity Retirement Benefit
Scheme (the \u2018Trinity Scheme\u2019) (note 21). 2024 also included the \u00a35.0m one-off past
service cost within the West Ferry Printers Pension Scheme (the \u2018WF Scheme\u2019).
A non-cash impairment charge has been allocated to goodwill (\u00a335.9m), publishing
rights and titles (\u00a3120.6m which represents \u00a3160.8m offset by a credit to deferred tax of
\u00a340.2m), internally generated assets (\u00a35.2m), property, plant and equipment (\u00a319.4m)
and right-of-use assets (\u00a31.5m) (2024: nil).
Property-related items comprise the profit on sale of assets (\u00a31.4m), less vacant
freehold property-related costs (\u00a30.3m), and onerous lease and related costs (\u00a31.8m). In
2024 property-related items comprise the profit on sale of assets (\u00a35.5m) less vacant
freehold property-related costs (\u00a31.5m), onerous lease and related costs (\u00a32.8m) and
impairment of vacant freehold property (\u00a30.1m).
Other adjusted items comprise the Group\u2019s net legal fees in respect of historical legal
issues (\u00a31.6m), corporate simplification costs (\u00a30.6m), and other restructuring-related
project costs (\u00a31.8m) less a reduction in National Insurance costs relating to share
awards (\u00a30.6m). In 2024, other adjusted items comprise the Group\u2019s legal fees in
respect of historical legal issues (\u00a31.0m), corporate simplification costs (\u00a30.5m), and
other restructuring-related project costs (\u00a32.1m).
", "dimensions": { "concept": "reachplc:DisclosureOfOperatingAdjustedItems", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-331": { "value": "
9 Interest income
2025 2024
\u00a3m \u00a3m
Interest income on bank deposits
0.1
0.2
Interest income on other financial assets
0.1
\u2013
Interest income
0.2
0.2
10 Finance costs
2025 2024
\u00a3m \u00a3m
Interest and charges on borrowings
(4.1)
(4.0)
Interest on lease liabilities
(1.1)
(1.3)
Adjusted finance costs
(5.2)
(5.3)
Other interest costs (note 11)
\u2013
(2.9)
Finance costs
(5.2)
(8.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-405": { "value": "9 Interest income
2025 2024
\u00a3m \u00a3m
Interest income on bank deposits
0.1
0.2
Interest income on other financial assets
0.1
\u2013
Interest income
0.2
0.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-390": { "value": "9 Interest income
2025 2024
\u00a3m \u00a3m
Interest income on bank deposits
0.1
0.2
Interest income on other financial assets
0.1
\u2013
Interest income
0.2
0.2
10 Finance costs
2025 2024
\u00a3m \u00a3m
Interest and charges on borrowings
(4.1)
(4.0)
Interest on lease liabilities
(1.1)
(1.3)
Adjusted finance costs
(5.2)
(5.3)
Other interest costs (note 11)
\u2013
(2.9)
Finance costs
(5.2)
(8.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-367": { "value": "9 Interest income
2025 2024
\u00a3m \u00a3m
Interest income on bank deposits
0.1
0.2
Interest income on other financial assets
0.1
\u2013
Interest income
0.2
0.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-406": { "value": "10 Finance costs
2025 2024
\u00a3m \u00a3m
Interest and charges on borrowings
(4.1)
(4.0)
Interest on lease liabilities
(1.1)
(1.3)
Adjusted finance costs
(5.2)
(5.3)
Other interest costs (note 11)
\u2013
(2.9)
Finance costs
(5.2)
(8.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-368": { "value": "10 Finance costs
2025 2024
\u00a3m \u00a3m
Interest and charges on borrowings
(4.1)
(4.0)
Interest on lease liabilities
(1.1)
(1.3)
Adjusted finance costs
(5.2)
(5.3)
Other interest costs (note 11)
\u2013
(2.9)
Finance costs
(5.2)
(8.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-332": { "value": "
11 Tax credit/(charge)
2025 2024
\u00a3m \u00a3m
Corporation tax charge for the period
(1.3)
(2.1)
Prior period adjustment
0.3
0.6
Current tax charge
(1.0)
(1.5)
Deferred tax credit/(charge) for the period
34.3
(10.8)
Prior period adjustment
0.3
3.1
Deferred tax credit/(charge)
34.6
(7.7)
Tax credit/(charge)
33.6
(9.2)
2025 2024
Reconciliation of tax credit/(charge) \u00a3m \u00a3m
(Loss)/profit before tax
(165.9)
62.8
Standard rate of corporation tax of 25.0% (2024: 25.0%)
41.5
(15.7)
Variance in overseas tax rates
1.1
1.2
Tax effect of permanent items that are not included in
determining taxable profit
(12.9)
1.8
Deferred tax not recognised
(0.3)
(9.0)
Prior period adjustment
0.6
3.7
Capital loss on disposal of property
3.4
8.4
Tax effect of share of results of associates
0.2
0.4
Tax credit/(charge)
33.6
(9.2)
The standard rate of corporation tax for the period is 25.0% (2024: 25.0%). The current tax
receivable is \u00a33.9m (2024: \u00a36.6m). The reduction in the current tax receivable during the
period is primarily driven by the receipt of \u00a34.8m relating to residual overpayments
previously held with HMRC following the agreement of the deductibility of certain costs.
\u00a32.9m of related interest (note 10) was recognised in 2024 upon agreement of this
position, reducing the current tax receivable.
The tax on actuarial gains (2024: gains) on defined benefit pension schemes taken to
the consolidated statement of comprehensive income is a deferred tax debit of \u00a30.2m
(2024: debit of \u00a32.8m).
The amount taken to the consolidated income statement as a result of pension
contributions was \u00a312.8m (2024: \u00a311.6m).
28 Deferred tax assets and liabilities
The following are the major deferred tax assets and liabilities recognised by the Group and movements thereon:
Retirement
Accelerated tax Other short- benefit Share-based
depreciation Tax losses term timing Intangibles obligations payments Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
(20.6)
3.1
(4.1)
(204.7)
25.7
0.5
(200.1)
Credit/(charge) to consolidated income statement
5.8
(3.1)
0.9
\u2013
(11.6)
0.3
(7.7)
Charge to other comprehensive income statement
\u2013
\u2013
\u2013
\u2013
(2.8)
\u2013
(2.8)
Credit to statement of changes in equity
\u2013
\u2013
\u2013
\u2013
\u2013
0.3
0.3
At 31 December 2024
(14.8)
\u2013
(3.2)
(204.7)
11.3
1.1
(210.3)
(Charge)/credit to consolidated income statement
(0.3)
5.2
2.2
40.2
(12.8)
0.1
34.6
Charge to other comprehensive income statement
\u2013
\u2013
\u2013
\u2013
(0.2)
\u2013
(0.2)
Charge to statement of changes in equity
\u2013
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
At 31 December 2025
(15.1)
5.2
(1.0)
(164.5)
(1.7)
1.0
(176.1)
All deferred tax relates to the UK and therefore the Group has a legally enforceable right to offset the deferred tax assets and deferred tax liabilities. The Group has unrecognised
capital losses of \u00a397.4m (2024: \u00a380.6m), other unrecognised losses of \u00a31.7m and other temporary differences of nil (2024: \u00a34.3m) at the reporting date.
Certain deferred tax assets will unwind within 12 months of the year end. The following sets out the expected unwind profile:
Retirement
Accelerated tax Other short- benefit Share-based
depreciation Tax losses term timing Intangibles obligations payments Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Within one year
(0.3)
\u2013
(0.5)
\u2013
(0.9)
0.2
(1.5)
More than one year
(14.8)
5.2
(0.5)
(164.5)
(0.8)
0.8
(174.6)
At 31 December 2025
(15.1)
5.2
(1.0)
(164.5)
(1.7)
1.0
(176.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-391": { "value": "11 Tax credit/(charge)
2025 2024
\u00a3m \u00a3m
Corporation tax charge for the period
(1.3)
(2.1)
Prior period adjustment
0.3
0.6
Current tax charge
(1.0)
(1.5)
Deferred tax credit/(charge) for the period
34.3
(10.8)
Prior period adjustment
0.3
3.1
Deferred tax credit/(charge)
34.6
(7.7)
Tax credit/(charge)
33.6
(9.2)
2025 2024
Reconciliation of tax credit/(charge) \u00a3m \u00a3m
(Loss)/profit before tax
(165.9)
62.8
Standard rate of corporation tax of 25.0% (2024: 25.0%)
41.5
(15.7)
Variance in overseas tax rates
1.1
1.2
Tax effect of permanent items that are not included in
determining taxable profit
(12.9)
1.8
Deferred tax not recognised
(0.3)
(9.0)
Prior period adjustment
0.6
3.7
Capital loss on disposal of property
3.4
8.4
Tax effect of share of results of associates
0.2
0.4
Tax credit/(charge)
33.6
(9.2)
The standard rate of corporation tax for the period is 25.0% (2024: 25.0%). The current tax receivable is \u00a33.9m (2024: \u00a36.6m). The reduction in the current tax receivable during the period is primarily driven by the receipt of \u00a34.8m relating to residual overpayments previously held with HMRC following the agreement of the deductibility of certain costs. \u00a32.9m of related interest (note 10) was recognised in 2024 upon agreement of this position, reducing the current tax receivable. The tax on actuarial gains (2024: gains) on defined benefit pension schemes taken to the consolidated statement of comprehensive income is a deferred tax debit of \u00a30.2m (2024: debit of \u00a32.8m). The amount taken to the consolidated income statement as a result of pension contributions was \u00a312.8m (2024: \u00a311.6m). 28 Deferred tax assets and liabilities The following are the major deferred tax assets and liabilities recognised by the Group and movements thereon:
Retirement
Accelerated tax Other short- benefit Share-based
depreciation Tax losses term timing Intangibles obligations payments Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
(20.6)
3.1
(4.1)
(204.7)
25.7
0.5
(200.1)
Credit/(charge) to consolidated income statement
5.8
(3.1)
0.9
\u2013
(11.6)
0.3
(7.7)
Charge to other comprehensive income statement
\u2013
\u2013
\u2013
\u2013
(2.8)
\u2013
(2.8)
Credit to statement of changes in equity
\u2013
\u2013
\u2013
\u2013
\u2013
0.3
0.3
At 31 December 2024
(14.8)
\u2013
(3.2)
(204.7)
11.3
1.1
(210.3)
(Charge)/credit to consolidated income statement
(0.3)
5.2
2.2
40.2
(12.8)
0.1
34.6
Charge to other comprehensive income statement
\u2013
\u2013
\u2013
\u2013
(0.2)
\u2013
(0.2)
Charge to statement of changes in equity
\u2013
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
At 31 December 2025
(15.1)
5.2
(1.0)
(164.5)
(1.7)
1.0
(176.1)
All deferred tax relates to the UK and therefore the Group has a legally enforceable right to offset the deferred tax assets and deferred tax liabilities. The Group has unrecognised capital losses of \u00a397.4m (2024: \u00a380.6m), other unrecognised losses of \u00a31.7m and other temporary differences of nil (2024: \u00a34.3m) at the reporting date. Certain deferred tax assets will unwind within 12 months of the year end. The following sets out the expected unwind profile:
Retirement
Accelerated tax Other short- benefit Share-based
depreciation Tax losses term timing Intangibles obligations payments Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Within one year
(0.3)
\u2013
(0.5)
\u2013
(0.9)
0.2
(1.5)
More than one year
(14.8)
5.2
(0.5)
(164.5)
(0.8)
0.8
(174.6)
At 31 December 2025
(15.1)
5.2
(1.0)
(164.5)
(1.7)
1.0
(176.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-333": { "value": "
12 Dividends
2025 2024
Pence Pence
per share per share
Amounts recognised as distributions to equity holders in the
period
Dividends paid per share \u2013 prior year final dividend
4.46
4.46
Dividends paid per share \u2013 interim dividend
2.88
2.88
Total dividends paid per share
7.34
7.34
Dividend proposed per share but not paid nor included in the
accounting records
4.46
4.46
The Board proposes a final dividend for 2025 of 4.46 pence per share. An interim
dividend for 2025 of 2.88 pence per share was paid on 19 September 2025 bringing
the total dividend in respect of 2025 to 7.34 pence per share. The 2025 final dividend
payment is expected to amount to \u00a314.1m.
On 1 May 2025, the final dividend proposed for 2024 of 4.46 pence per share was
approved by shareholders at the Annual General Meeting and was paid on 30 May
2025.
Total dividends paid in 2025 were \u00a323.2m (2024 final dividend payment of \u00a314.1 m and
2025 interim dividend payment of \u00a39.1m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-369": { "value": "0.0734", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-370": { "value": "0.0734", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-372": { "value": "0.0446", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-371": { "value": "0.0446", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-334": { "value": "
13 Earnings per share
Basic earnings per share is calculated by dividing profit for the period attributable to
equity holders of the parent by the weighted average number of ordinary shares during
the period, and diluted earnings per share is calculated by adjusting the weighted
average number of ordinary shares in issue on the assumption of conversion of all
potentially dilutive ordinary shares.
2025 2024
Thousand Thousand
Weighted average number of ordinary shares for basic
earnings per share
315,782
315,352
Effect of potential dilutive ordinary shares in respect of share
awards
3,987
4,582
Weighted average number of ordinary shares for diluted
earnings per share
319,769
319,934
The weighted average number of potentially dilutive ordinary shares not currently
dilutive was 9,960,644 (2024: 7,625,633).
2025 2024
Statutory (loss)/earnings per share Pence Pence
(Loss)/earnings per share \u2013 basic
(41.9)
17.0
(Loss)/earnings per share \u2013 diluted
(41.4)
16.7
2025 2024
Adjusted earnings per share Pence Pence
Earnings per share \u2013 basic
26.8
25.3
Earnings per share \u2013 diluted
26.5
24.9
Set out in note 34 is the reconciliation between the statutory and adjusted results.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-335": { "value": "
14 Cash flows from operating activities
2025 2024
\u00a3m \u00a3m
Operating (loss)/profit
(160.1)
74.2
Depreciation of property, plant and equipment
8.3
9.4
Depreciation of right-of-use assets
2.7
2.8
Amortisation of other intangible assets
8.7
7.4
Impairment of goodwill
35.9
\u2013
Impairment of property, plant and equipment
19.4
0.4
Impairment of right-of-use assets
1.5
0.9
Impairment of other intangible assets
166.0
0.6
Profit on disposal of property, plant and equipment
(1.4)
(5.5)
Loss on disposal of intangible asset
0.5
\u2013
Profit on early termination of leases
\u2013
(0.3)
Share of results of associates
(0.6)
(1.5)
Share-based payments charge
2.1
2.5
Pension administrative expenses and past service costs
7.6
9.7
Operating cash flows before movements in working capital
90.6
100.6
Decrease in inventories
2.3
1.2
Decrease/(increase) in receivables
7.1
(2.6)
Decrease in payables and provisions
(16.8)
(9.7)
Cash flows from operating activities
83.2
89.5
35 Adjusted cash flow
2025 2024
\u00a3m \u00a3m
Adjusted operating profit
104.7
102.3
Depreciation and amortisation
19.7
19.6
Adjusted EBITDA
124.4
121.9
Working capital movements
0.1
4.4
Net capital expenditure
(13.6)
(11.8)
Net interest paid on leases
(1.1)
(1.3)
Repayment of obligation under leases
(5.5)
(6.0)
Other
1.9
2.9
Associates
(2.7)
(2.8)
Adjusted operating cash flow
103.5
107.3
Interest and charges payments and receipts
(4.6)
(3.7)
Income tax paid
(2.4)
(2.4)
Restructuring payments
(23.2)
(16.5)
Historical legal issues payments
(4.4)
(9.1)
Dividends paid
(23.2)
(23.2)
Purchase of own shares
(0.6)
(0.6)
Pension funding payments
(59.1)
(59.2)
Pension payments into escrow
(4.5)
(1.9)
Dividends received from associated undertakings
1.9
1.9
Legal fee payments in respect of historical legal issues
(0.7)
(0.8)
Adviser cost payments in relation to defined benefit schemes
(6.4)
(3.4)
Proceeds from disposal of property
4.0
14.6
Tax receipts of residual overpayments previously held with
HMRC
4.8
\u2013
Other adjusted items payments
(5.8)
(7.1)
Net cash flow
(20.7)
(4.1)
Bank facility drawdown
9.5
5.0
Net (decrease)/increase in cash and cash equivalents
(11.2)
0.9
36 Reconciliation of statutory to adjusted cash flow Statutory
2025 (a) (b)
Year ended 31 December 2025 \u00a3m \u00a3m \u00a3m
Cash flows from o
p
eratin
g
activities
Cash generated from operations
83.2
(20.2)
40.5 103.5 Adjusted operating cash flow
Pension deficit funding payments
(59.1)
\u2013
\u2013 (59.1) Pension funding payments
Pension payments into escrow
(4.5)
\u2013
\u2013 (4.5) Pension payments into escrow
\u2013
\u2013
(23.2) (23.2) Restructuring payments
\u2013
\u2013
(4.4) (4.4) Historical legal issues payments
\u2013
\u2013
(0.7) (0.7) Legal fee payments in respect of historical legal issues
\u2013
\u2013
(6.4) (6.4) Adviser cost payments in relation to defined benefit schemes
-
-
4.8 4.8 Tax receipts of residual overpayment previously held with HMRC
\u2013
\u2013
(5.8) (5.8) Other adjusted items payments
Income tax received/(paid)
2.4
\u2013
(4.8) (2.4) Income tax received /(paid)
Net cash inflow from operating activities 22.0
Investing activities
Interest received
0.1
\u2013
\u2013 0.1 Interest and charges payments and receipts
Dividends received from associated undertakings
1.9
\u2013
\u2013 1.9 Dividends received from associated undertakings
Proceeds on disposal of property, plant and equipment
4.0
\u2013
\u2013 4.0 Proceeds from disposal of property
Purchases of property, plant and equipment
(2.6)
2.6
\u2013 \u2013 Net capital expenditure
Expenditure on capitalised internally generated development
(11.0)
11.0
\u2013 \u2013 Net capital expenditure
Net cash used in investing activities (7.6)
Financing activities
Interest and charges paid on borrowings
(4.7)
\u2013
\u2013 (4.7) Interest and charges payments and receipts
Dividends paid
(23.2)
\u2013
\u2013 (23.2) Dividends paid
Interest paid on leases
(1.1)
1.1
\u2013 \u2013 Net interest paid on leases
Repayment of obligations under leases
(5.5)
5.5
\u2013 \u2013 Repayment of obligation under leases
Purchase of own shares
(0.6)
\u2013
\u2013 (0.6) Purchase of own shares
Adjusted
2025
\u00a3m
Drawdown of borrowings
9.5 \u2013 \u2013 9.5 Bank facility drawdown
Net cash used in financing activities
(25.6)
Net decrease in cash and cash equivalents (11.2) \u2013 \u2013 (11.2)
(a) Items included in the statutory cash flow on separate lines which for the adjusted cash flow are included in adjusted operating cash flow.
(b) Payments in respect of adjusted items are shown separately in the adjusted cash flow.
Statutory
2024 (a) (b)
Year ended 31 December 2024 \u00a3m \u00a3m \u00a3m
Cash flows from o
p
eratin
g
activities
Cash generated from operations
89.5
(19.1)
36.9 107.3 Adjusted operating cash flow
Pension deficit funding payments
(59.2)
\u2013
\u2013 (59.2) Pension funding payments
Pension payments into escrow
(1.9)
\u2013
\u2013 (1.9) Pension payments into escrow
\u2013
\u2013
(16.5) (16.5) Restructuring payments
\u2013
\u2013
(9.1) (9.1) Historical legal issues payments
\u2013
\u2013
(0.8) (0.8) Legal fee payments in respect of historical legal issues
\u2013
\u2013
(3.4) (3.4) Adviser cost payments in relation to defined benefit schemes
\u2013
\u2013
(7.1) (7.1) Other adjusted items payments
Income tax paid
(2.4)
\u2013
\u2013 (2.4) Income tax paid
Net cash inflow from operating activities
2 6 . 0
Investing activities
Interest received
0.2
\u2013
\u2013 0.2 Interest and charges payments and receipts
Dividends received from associated undertakings
1.9
\u2013
\u2013 1.9 Dividends received from associated undertakings
Proceeds on disposal of property, plant and equipment
14.6
\u2013
\u2013 14.6 Proceeds from disposal of property
Purchases of property, plant and equipment
(1.3)
1.3
\u2013 \u2013 Net capital expenditure
Expenditure on capitalised internally generated development
(10.5)
10.5
\u2013 \u2013 Net capital expenditure
Net cash generated from investing activities
4.9
Financing activities
Interest and charges paid on borrowings
(3.9)
\u2013
\u2013 (3.9) Interest and charges payments and receipts
Dividends paid
(23.2)
\u2013
\u2013 (23.2) Dividends paid
Interest paid on leases
(1.3)
1.3
\u2013 \u2013 Net interest paid on leases
Repayment of obligations under leases
(6.0)
6.0
\u2013 \u2013 Repayment of obligation under leases
Purchase of own shares
(0.6)
\u2013
\u2013 (0.6) Purchase of own shares
Drawdown of borrowings
5.0
\u2013
\u2013 5.0 Bank facility drawdown
Adjusted
2024
\u00a3m
Net cash used in financing activities (30.0)
Net increase in cash and cash equivalents 0.9 \u2013 \u2013 0.9
(a) Items included in the statutory cash flow on separate lines which for the adjusted cash flow are included in adjusted operating cash flow.
(b) Payments in respect of adjusted items are shown separately in the adjusted cash flow.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-336": { "value": "
15 Goodwill
Total
\u00a3m
Cost
At 1 January 2024
189.9
At 31 December 2024
189.9
At 31 December 2025
189.9
Accumulated impairment
At 1 January 2024
(154.0)
At 31 December 2024
(154.0)
Impairment (note 16)
(35.9)
At 31 December 2025
(189.9)
Carrying amount
At 31 December 2024
35.9
At 31 December 2025 \u2013
All goodwill at 2024 related to Publishing. Note 16 sets out the results of the impairment
review at the reporting date relating to Publishing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-373": { "value": "15 Goodwill
Total
\u00a3m
Cost
At 1 January 2024
189.9
At 31 December 2024
189.9
At 31 December 2025
189.9
Accumulated impairment
At 1 January 2024
(154.0)
At 31 December 2024
(154.0)
Impairment (note 16)
(35.9)
At 31 December 2025
(189.9)
Carrying amount
At 31 December 2024
35.9
At 31 December 2025 \u2013
All goodwill at 2024 related to Publishing. Note 16 sets out the results of the impairment review at the reporting date relating to Publishing.
16 Other intangible assets
Publishing Internally
rights and generated
titles assets Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 January 2024
2,100.3
29.5
2,129.8
Additions
\u2013
10.5
10.5
At 31 December 2024
2,100.3
40.0
2,140.3
Additions
\u2013
11.0
11.0
Disposals
\u2013
(1.9)
(1.9)
At 31 December 2025
2,100.3
49.1
2,149.4
Accumulated amortisation
At 1 January 2024
(1,281.6)
(7.4)
(1,289.0)
Charge for the period
\u2013
(7.4)
(7.4)
Impairment
\u2013
(0.6)
(0.6)
At 31 December 2024
(1,281.6)
(15.4)
(1,297.0)
Charge for the period
\u2013
(8.7)
(8.7)
Disposals
\u2013
1.4
1.4
Impairment
(160.8)
(5.2)
(166.0)
At 31 December 2025
(1,442.4)
(27.9)
(1,470.3)
Carrying amount
At 31 December 2024
818.7
24.6
843.3
At 31 December 2025
657.9
21.2
679.1
During the year, the Group capitalised internally generated assets relating to software and website development costs of \u00a311.0m (2024: \u00a310.5m). These assets are amortised using the straight-line method over their estimated useful lives (3-5 years). Publishing rights and titles are not amortised. There is judgement required in continuing to adopt an indefinite life assumption in respect of publishing rights and titles. The directors consider publishing rights and titles (with a carrying amount of \u00a3657.9m) have indefinite economic lives due to the longevity of the brands and the ability to evolve them in an ever-changing media landscape. The brands are central to the delivery of the Strategy which is delivering digital revenue growth. This, combined with our inbuilt and relentless focus on maximising efficiency, gives confidence that the delivery of sustainable growth in revenue, profit and cash flow is achievable in the future. There is judgement required in determining the cash-generating units. At each reporting date management review the interdependency of revenues across our Publishing brands to determine the appropriate cash-generating unit. The Group operates its Publishing brands such that a majority of the revenues are interdependent and revenue would be materially lower if brands operated in isolation. As such, management do not consider that an impairment review at an individual brand level is appropriate or practical. As the Group continues to centralise revenue generating functions and has moved to a matrix operating structure over the past few years, all of the individual brands in Publishing have increased revenue interdependency and are assessed for impairment as a single Publishing cash-generating unit. The Group tests the carrying value of assets at the cash-generating unit level for impairment annually or more frequently if there are indicators that assets might be impaired. The review is undertaken by assessing whether the carrying value of assets is supported by their value-in-use which is calculated as the net present value of future cash flows derived from those assets, using cash flow projections. If an impairment charge is required this is allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating unit and then to the other assets of the cash- generating unit but subject to not reducing any asset below its recoverable amount. At the reporting date we performed a full impairment review. We have reported lower digital revenues in 2025 and have lower digital revenue expectations for 2026 which is attributable to the decline in referral traffic, compounded by the impact of the continued challenging macroeconomic backdrop. This has in turn reduced our long term growth rate assumption used within our impairment assessment. Our three key strategic priorities are designed to address these challenges. The changes in these assumptions resulted in an impairment charge of \u00a3182.6m (\u00a3222.8m gross of deferred tax). The charge has been allocated to goodwill (\u00a335.9m), publishing rights and titles (\u00a3120.6m equating to \u00a3160.8m gross of deferred tax), internally generated assets (\u00a35.2m), property, plant and equipment (\u00a319.4m) and right- of-use assets (\u00a31.5m). For the impairment review, cash flows have been prepared based on the approved Budget for 2026 and projections for a further four years. The forecasts for 2027 to 2030 are internal projections. The underlying assumptions assume a continued decline in print revenues, growth in digital revenues and the associated change in the cost base as a result of the changing revenue mix, together with ongoing efficiency initiatives. These projections are used to develop the key assumption of EBITDA levels across the five-year period. The long-term growth rate applied beyond the forecast period for the purposes of the impairment assessment has been assessed at -2.3% (2024: -0.1%). This is based on the Board's view of being able to maintain EBITDA broadly at current levels over the forecast period. We continue to believe that there are significant longer-term benefits of the scale of our national and local digital audiences and there are opportunities to grow revenue and profit in the longer term. The discount rate reflects the weighted average cost of capital of the Group. The current post-tax and equivalent pre-tax discount rate used is 10.0% (2024: 10.3%) and 15.1% (2024: 15.2%) respectively. In respect of the values assigned by management to each of the above assumptions used to develop the key assumption of EBITDA, revenue is based on past performance and current trends, alongside management\u2019s planned pricing strategies and circulation volume trends experienced across the industry. Operating costs are based on management's forecasts for the current structure of the business, adjusting for inflationary increases, the transition of the cost base arising from the shift from print to digital and ongoing efficiencies. The long-term growth rate used to extrapolate cash flows beyond the forecast period is based on future anticipated growth opportunities, including consideration of industry forecasts. The discount rate reflects specific risks relating to the industry in which the Group operates. The impairment review is highly sensitive to reasonably possible changes in key assumptions used in the value-in-use calculations. In addition, the macro environment remains uncertain. The level of impairment within the assessment is \u00a3182.6m (\u00a3222.8m gross of deferred tax) (2024: \u00a349.7m headroom). Absent future savings programmes, which are not permitted under IAS 36 for the purposes of the impairment assessment, EBITDA shows a modest decline over the five year projection period. A decrease in EBITDA is a reasonably possible change, driven by changes such as print revenue declining at a faster rate than projected, digital revenue growth being lower than projected or the associated change in the cost base being different than projected. A 1% reduction in EBITDA per annum within the five-year projections would increase impairment to \u00a3189.3m (\u00a3231.3m gross of deferred tax) (2024: \u00a340.7m headroom). Alternatively, an increase of 0.5 percentage points in the post-tax discount rate from 10.0% to 10.5% would increase the impairment to \u00a3204.1m (\u00a3250.2m gross of deferred tax) (2024: 0.7 percentage points would have led to the removal of the headroom), and a 0.5% decrease in the long-term growth rate to -2.8% would increase the impairment to \u00a3196.7m (\u00a3240.7m gross of deferred tax). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-337": { "value": "16 Other intangible assets
Publishing Internally
rights and generated
titles assets Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 January 2024
2,100.3
29.5
2,129.8
Additions
\u2013
10.5
10.5
At 31 December 2024
2,100.3
40.0
2,140.3
Additions
\u2013
11.0
11.0
Disposals
\u2013
(1.9)
(1.9)
At 31 December 2025
2,100.3
49.1
2,149.4
Accumulated amortisation
At 1 January 2024
(1,281.6)
(7.4)
(1,289.0)
Charge for the period
\u2013
(7.4)
(7.4)
Impairment
\u2013
(0.6)
(0.6)
At 31 December 2024
(1,281.6)
(15.4)
(1,297.0)
Charge for the period
\u2013
(8.7)
(8.7)
Disposals
\u2013
1.4
1.4
Impairment
(160.8)
(5.2)
(166.0)
At 31 December 2025
(1,442.4)
(27.9)
(1,470.3)
Carrying amount
At 31 December 2024
818.7
24.6
843.3
At 31 December 2025
657.9
21.2
679.1
During the year, the Group capitalised internally generated assets relating to software
and website development costs of \u00a311.0m (2024: \u00a310.5m). These assets are amortised
using the straight-line method over their estimated useful lives (3-5 years).
Publishing rights and titles are not amortised. There is judgement required in continuing to
adopt an indefinite life assumption in respect of publishing rights and titles. The directors
consider publishing rights and titles (with a carrying amount of \u00a3657.9m) have indefinite
economic lives due to the longevity of the brands and the ability to evolve them in an
ever-changing media landscape. The brands are central to the delivery of the Strategy
which is delivering digital revenue growth. This, combined with our inbuilt and relentless
focus on maximising efficiency, gives confidence that the delivery of sustainable growth in
revenue, profit and cash flow is achievable in the future.
There is judgement required in determining the cash-generating units. At each
reporting date management review the interdependency of revenues across our
Publishing brands to determine the appropriate cash-generating unit. The Group
operates its Publishing brands such that a majority of the revenues are interdependent
and revenue would be materially lower if brands operated in isolation. As such,
management do not consider that an impairment review at an individual brand level
is appropriate or practical. As the Group continues to centralise revenue generating
functions and has moved to a matrix operating structure over the past few years, all
of the individual brands in Publishing have increased revenue interdependency and
are assessed for impairment as a single Publishing cash-generating unit.
The Group tests the carrying value of assets at the cash-generating unit level for
impairment annually or more frequently if there are indicators that assets might be
impaired. The review is undertaken by assessing whether the carrying value of assets
is supported by their value-in-use which is calculated as the net present value of future
cash flows derived from those assets, using cash flow projections. If an impairment
charge is required this is allocated first to reduce the carrying amount of any goodwill
allocated to the cash-generating unit and then to the other assets of the cash-
generating unit but subject to not reducing any asset below its recoverable amount.
At the reporting date we performed a full impairment review. We have reported lower
digital revenues in 2025 and have lower digital revenue expectations for 2026 which is
attributable to the decline in referral traffic, compounded by the impact of the
continued challenging macroeconomic backdrop. This has in turn reduced our long
term growth rate assumption used within our impairment assessment. Our three key
strategic priorities are designed to address these challenges.
The changes in these assumptions resulted in an impairment charge of \u00a3182.6m
(\u00a3222.8m gross of deferred tax). The charge has been allocated to goodwill (\u00a335.9m),
publishing rights and titles (\u00a3120.6m equating to \u00a3160.8m gross of deferred tax),
internally generated assets (\u00a35.2m), property, plant and equipment (\u00a319.4m) and right-
of-use assets (\u00a31.5m).
For the impairment review, cash flows have been prepared based on the approved
Budget for 2026 and projections for a further four years. The forecasts for 2027 to 2030
are internal projections. The underlying assumptions assume a continued decline in
print revenues, growth in digital revenues and the associated change in the cost base
as a result of the changing revenue mix, together with ongoing efficiency initiatives.
These projections are used to develop the key assumption of EBITDA levels across the
five-year period. The long-term growth rate applied beyond the forecast period for the
purposes of the impairment assessment has been assessed at -2.3% (2024: -0.1%). This
is based on the Board's view of being able to maintain EBITDA broadly at current levels
over the forecast period. We continue to believe that there are significant longer-term
benefits of the scale of our national and local digital audiences and there are
opportunities to grow revenue and profit in the longer term.
The discount rate reflects the weighted average cost of capital of the Group. The
current post-tax and equivalent pre-tax discount rate used is 10.0% (2024: 10.3%)
and 15.1% (2024: 15.2%) respectively.
In respect of the values assigned by management to each of the above assumptions
used to develop the key assumption of EBITDA, revenue is based on past performance
and current trends, alongside management\u2019s planned pricing strategies and circulation
volume trends experienced across the industry. Operating costs are based on
management's forecasts for the current structure of the business, adjusting for
inflationary increases, the transition of the cost base arising from the shift from print to
digital and ongoing efficiencies. The long-term growth rate used to extrapolate cash
flows beyond the forecast period is based on future anticipated growth opportunities,
including consideration of industry forecasts. The discount rate reflects specific risks
relating to the industry in which the Group operates.
The impairment review is highly sensitive to reasonably possible changes in key
assumptions used in the value-in-use calculations. In addition, the macro environment
remains uncertain. The level of impairment within the assessment is \u00a3182.6m (\u00a3222.8m
gross of deferred tax) (2024: \u00a349.7m headroom). Absent future savings programmes,
which are not permitted under IAS 36 for the purposes of the impairment assessment,
EBITDA shows a modest decline over the five year projection period. A decrease in
EBITDA is a reasonably possible change, driven by changes such as print revenue
declining at a faster rate than projected, digital revenue growth being lower than
projected or the associated change in the cost base being different than projected.
A 1% reduction in EBITDA per annum within the five-year projections would increase
impairment to \u00a3189.3m (\u00a3231.3m gross of deferred tax) (2024: \u00a340.7m headroom).
Alternatively, an increase of 0.5 percentage points in the post-tax discount rate from
10.0% to 10.5% would increase the impairment to \u00a3204.1m (\u00a3250.2m gross of deferred tax)
(2024: 0.7 percentage points would have led to the removal of the headroom), and a
0.5% decrease in the long-term growth rate to -2.8% would increase the impairment to
\u00a3196.7m (\u00a3240.7m gross of deferred tax).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-338": { "value": "17 Property, plant and equipment
Freehold
land and Plant and Asset under
buildings equipment construction Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2024
155.6
343.2
1.5
500.3
Additions
\u2013
0.5
0.6
1.1
Reclassification
\u2013
1.8
(1.8)
\u2013
Transfer to assets classified as held for sale
(10.3)
\u2013
\u2013
(10.3 )
At 31 December 2024
145.3
345.5
0.3
491.1
Additions
\u2013
0.8
1.8
2.6
Disposals
(9.0)
(22.1)
\u2013
(31.1 )
Reclassification
\u2013
0.8
(0.8)
\u2013
At 31 December 2025
136.3
325.0
1.3
462.6
Accumulated depreciation and
impairment
At 1 January 2024
(75.6)
(311.1)
\u2013
(386.7 )
Charge for the period
(2.2)
(7.2)
\u2013
(9.4 )
Impairment
(0.1)
(0.3)
\u2013
(0.4 )
Transfer to assets classified as held for sale
9.6
\u2013
\u2013
9.6
At 31 December 2024
(68.3)
(318.6)
\u2013
(386.9 )
Charge for the period
(2.2)
(6.1)
\u2013
(8.3 )
Disposals
9.0
22.1
\u2013
31.1
Impairment
(14.9)
(4.5)
\u2013
(19.4 )
At 31 December 2025
(76.4)
(307.1)
\u2013
(383.5 )
Carrying amount
At 31 December 2024
77.0
26.9
0.3
104.2
At 31 December 2025
59.9
17.9
1.3
79.1
In 2025, an impairment of freehold land and buildings of \u00a314.9m and plant and equipment of \u00a34.5m was recognised as a result of the impairment review in respect of the Publishing cash-generating unit (note 16). In 2024, the impairment of vacant freehold property of \u00a30.1m (note 8) was as a result of the carrying value of certain Group properties being in excess of their market value at the reporting date. In 2024, plant and equipment was impaired by \u00a30.3m as no longer in use.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-374": { "value": "
18 Right-of-use assets
Properties Vehicles Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 January 2024
28.1
3.6
31.7
Additions
\u2013
0.7
0.7
Other movements
(0.2)
\u2013
(0.2)
Derecognition at end of lease term
(1.8)
(1.0)
(2.8)
At 31 December 2024
26.1
3.3
29.4
Additions
-
0.4
0.4
Derecognition at end of lease term
-
(0.5)
(0.5)
At 31 December 2025
26.1
3.2
29.3
Accumulated depreciation and impairment
At 1 January 2024
(17.1)
(1.6)
(18.7)
Charge for the period
(1.9)
(0.9)
(2.8)
Impairment
(0.9)
\u2013
(0.9)
Other movements
0.1
\u2013
0.1
Derecognition at end of lease term
1.8
1.0
2.8
At 31 December 2024
(18.0)
(1.5)
(19.5)
Charge for the period
(1.9)
(0.8)
(2.7)
Derecognition at end of lease term
\u2013
0.5
0.5
Impairment
(1.2)
(0.3)
(1.5)
At 31 December 2025
(21.1)
(2.1)
(23.2)
Carrying amount
At 31 December 2024
8.1
1.8
9.9
At 31 December 2025
5.0
1.1
6.1
In 2025, an impairment of properties of \u00a31.2m and vehicles of \u00a30.3m was recognised as
a result of the impairment review in respect of the Publishing cash-generating unit
(note 16). In 2024, impairment of \u00a30.9m was recognised within onerous lease and
related costs (note 8). Other movements include the impact of changes in lease term
and rent reviews.
Amounts recognised in the consolidated income statement
The consolidated income statement includes the following amounts relating to leases:
2025 2024
\u00a3m \u00a3m
Depreciation of right-of-use assets
(2.7)
(2.8)
Impairment of right-of-use assets
(1.5)
(0.9)
Expenses relating to short-term leases
\u2013
(0.1)
Interest on lease liabilities (included in finance cost)
(1.1)
(1.3)
Total charged to the consolidated income statement
(5.3)
(5.1)
Amounts recognised in the consolidated cash flow statement
The total cash outflow for leases in 2025 was \u00a36.6m (2024: \u00a37.3m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-339": { "value": "18 Right-of-use assets
Properties Vehicles Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 January 2024
28.1
3.6
31.7
Additions
\u2013
0.7
0.7
Other movements
(0.2)
\u2013
(0.2)
Derecognition at end of lease term
(1.8)
(1.0)
(2.8)
At 31 December 2024
26.1
3.3
29.4
Additions
-
0.4
0.4
Derecognition at end of lease term
-
(0.5)
(0.5)
At 31 December 2025
26.1
3.2
29.3
Accumulated depreciation and impairment
At 1 January 2024
(17.1)
(1.6)
(18.7)
Charge for the period
(1.9)
(0.9)
(2.8)
Impairment
(0.9)
\u2013
(0.9)
Other movements
0.1
\u2013
0.1
Derecognition at end of lease term
1.8
1.0
2.8
At 31 December 2024
(18.0)
(1.5)
(19.5)
Charge for the period
(1.9)
(0.8)
(2.7)
Derecognition at end of lease term
\u2013
0.5
0.5
Impairment
(1.2)
(0.3)
(1.5)
At 31 December 2025
(21.1)
(2.1)
(23.2)
Carrying amount
At 31 December 2024
8.1
1.8
9.9
At 31 December 2025
5.0
1.1
6.1
In 2025, an impairment of properties of \u00a31.2m and vehicles of \u00a30.3m was recognised as a result of the impairment review in respect of the Publishing cash-generating unit (note 16). In 2024, impairment of \u00a30.9m was recognised within onerous lease and related costs (note 8). Other movements include the impact of changes in lease term and rent reviews. Amounts recognised in the consolidated income statement The consolidated income statement includes the following amounts relating to leases:
2025 2024
\u00a3m \u00a3m
Depreciation of right-of-use assets
(2.7)
(2.8)
Impairment of right-of-use assets
(1.5)
(0.9)
Expenses relating to short-term leases
\u2013
(0.1)
Interest on lease liabilities (included in finance cost)
(1.1)
(1.3)
Total charged to the consolidated income statement
(5.3)
(5.1)
Amounts recognised in the consolidated cash flow statement The total cash outflow for leases in 2025 was \u00a36.6m (2024: \u00a37.3m). 19 Leases Lease liabilities Lease liabilities represent rental obligations for office properties and motor vehicles.
Properties Vehicles Total
\u00a3m \u00a3m \u00a3m
At 1 January 2024
(31.0)
(2.2)
(33.2)
Additions
\u2013
(0.7)
(0.7)
Interest costs
(1.1)
(0.2)
(1.3)
Payments
6.4
0.9
7.3
Other movements
0.4
0.2
0.6
At 31 December 2024
(25.3)
(2.0)
(27.3)
Additions
\u2013
(0.4)
(0.4)
Interest costs
(1.0)
(0.1)
(1.1)
Payments
5.7
0.9
6.6
At 31 December 2025
(20.6)
(1.6)
(22.2)
Other movements include the impact of changes in lease term and rent reviews. The lease liabilities have been analysed between current and non-current as follows:
2025 2024
\u00a3m \u00a3m
Current
(4.3)
(4.3)
Non-current
(17.9)
(23.0)
(22.2)
(27.3)
The Group does not face significant liquidity risk in relation to its lease liabilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-392": { "value": "
20 Investment in associates
Details of the Group\u2019s associates at 31 December 2025 are set out on page 170.
The carrying value of investments in associates is set out below:
PA Media PA Media
2025 2024
\u00a3m \u00a3m
Opening balance
14.1
14.5
Dividends received
(1.9)
(1.9)
Share of results:
0.6
1.5
Results before adjusted items
2.7
2.8
Adjusted items
(2.1)
(1.3)
Closing balance
12.8
14.1
The share of total comprehensive income from associates recognised in 2025 is \u00a30.6m
(2024: income of \u00a31.5m).
Information on principal associate:
Country of Class of Accounting
Company incorporation shares Shareholding year end
PA Media Group Limited
UK
ordinary
25.41%
31 December
The table below provides summarised financial information for PA Media Group Limited
which is material to the Group. The information disclosed reflects the amounts
presented in the financial statements and management accounts of the associate
as amended to reflect adjustments made when using the equity method, including
fair value adjustments and modifications for differences in accounting policy.
2025 2024
\u00a3m \u00a3m
PA Media Group Limited
Non-current assets
44.0
46.4
Current assets
45.3
50.2
Total assets
89.3
96.6
Current liabilities
(33.0)
(39.1)
Non-current liabilities
(6.1)
(2.2)
Total liabilities
(39.1)
(41.3)
Net assets
50.2
55.3
Group\u2019s share of net assets
12.8
14.1
Revenue
115.9
116.4
Profit for the period
2.5
5.8
Group\u2019s share of profit for the period
0.6
1.5
The financial statements of PA Media Group Limited are made up to 31 December each year. For the purposes of applying the equity method of accounting, the audited financial statements of PA Media Group Limited for the year ended 31 December 2024 together with the management accounts up to the end of December 2025 have been used with appropriate year-end adjustments made. Included in the share of operating adjusted items of associates are after-tax restructuring charges of \u00a30.4m (2024: \u00a30.2m), after-tax onerous lease provision of \u00a30.6m (2024: nil) and after-tax amortisation charges of \u00a31.1m (2024: \u00a31.1m). The share of other comprehensive income is nil in the period (2024: nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-341": { "value": "20 Investment in associates Details of the Group\u2019s associates at 31 December 2025 are set out on page 170. The carrying value of investments in associates is set out below:
PA Media PA Media
2025 2024
\u00a3m \u00a3m
Opening balance
14.1
14.5
Dividends received
(1.9)
(1.9)
Share of results:
0.6
1.5
Results before adjusted items
2.7
2.8
Adjusted items
(2.1)
(1.3)
Closing balance
12.8
14.1
The share of total comprehensive income from associates recognised in 2025 is \u00a30.6m (2024: income of \u00a31.5m). Information on principal associate:
Country of Class of Accounting
Company incorporation shares Shareholding year end
PA Media Group Limited
UK
ordinary
25.41%
31 December
The table below provides summarised financial information for PA Media Group Limited which is material to the Group. The information disclosed reflects the amounts presented in the financial statements and management accounts of the associate as amended to reflect adjustments made when using the equity method, including fair value adjustments and modifications for differences in accounting policy.
2025 2024
\u00a3m \u00a3m
PA Media Group Limited
Non-current assets
44.0
46.4
Current assets
45.3
50.2
Total assets
89.3
96.6
Current liabilities
(33.0)
(39.1)
Non-current liabilities
(6.1)
(2.2)
Total liabilities
(39.1)
(41.3)
Net assets
50.2
55.3
Group\u2019s share of net assets
12.8
14.1
Revenue
115.9
116.4
Profit for the period
2.5
5.8
Group\u2019s share of profit for the period
0.6
1.5
The financial statements of PA Media Group Limited are made up to 31 December
each year. For the purposes of applying the equity method of accounting, the audited
financial statements of PA Media Group Limited for the year ended 31 December 2024
together with the management accounts up to the end of December 2025 have been
used with appropriate year-end adjustments made. Included in the share of operating
adjusted items of associates are after-tax restructuring charges of \u00a30.4m (2024: \u00a30.2m),
after-tax onerous lease provision of \u00a30.6m (2024: nil) and after-tax amortisation
charges of \u00a31.1m (2024: \u00a31.1m). The share of other comprehensive income is nil in the
period (2024: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-407": { "value": "20 Investment in associates Details of the Group\u2019s associates at 31 December 2025 are set out on page 170. The carrying value of investments in associates is set out below:
PA Media PA Media
2025 2024
\u00a3m \u00a3m
Opening balance
14.1
14.5
Dividends received
(1.9)
(1.9)
Share of results:
0.6
1.5
Results before adjusted items
2.7
2.8
Adjusted items
(2.1)
(1.3)
Closing balance
12.8
14.1
The share of total comprehensive income from associates recognised in 2025 is \u00a30.6m (2024: income of \u00a31.5m). Information on principal associate:
Country of Class of Accounting
Company incorporation shares Shareholding year end
PA Media Group Limited
UK
ordinary
25.41%
31 December
The table below provides summarised financial information for PA Media Group Limited which is material to the Group. The information disclosed reflects the amounts presented in the financial statements and management accounts of the associate as amended to reflect adjustments made when using the equity method, including fair value adjustments and modifications for differences in accounting policy.
2025 2024
\u00a3m \u00a3m
PA Media Group Limited
Non-current assets
44.0
46.4
Current assets
45.3
50.2
Total assets
89.3
96.6
Current liabilities
(33.0)
(39.1)
Non-current liabilities
(6.1)
(2.2)
Total liabilities
(39.1)
(41.3)
Net assets
50.2
55.3
Group\u2019s share of net assets
12.8
14.1
Revenue
115.9
116.4
Profit for the period
2.5
5.8
Group\u2019s share of profit for the period
0.6
1.5
The financial statements of PA Media Group Limited are made up to 31 December each year. For the purposes of applying the equity method of accounting, the audited financial statements of PA Media Group Limited for the year ended 31 December 2024 together with the management accounts up to the end of December 2025 have been used with appropriate year-end adjustments made. Included in the share of operating adjusted items of associates are after-tax restructuring charges of \u00a30.4m (2024: \u00a30.2m), after-tax onerous lease provision of \u00a30.6m (2024: nil) and after-tax amortisation charges of \u00a31.1m (2024: \u00a31.1m). The share of other comprehensive income is nil in the period (2024: nil). 37 Subsidiary undertakings A list of the subsidiary undertakings, all of which have been consolidated, is on pages 162 to 170. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-340": { "value": "
21 Retirement benefit schemes
Defined contribution pension schemes
The Group operates defined contribution pension schemes for qualifying employees,
where the assets of the schemes are held separately from those of the Group in funds
under the control of Trustees.
The current service cost charged to the consolidated income statement for the year of
\u00a315.6m (2024: \u00a315.8m) represents contributions paid by the Group at rates specified in
the scheme rules. All amounts that were due have been paid over to the schemes at all
reporting dates.
Defined benefit pension schemes
Background
The defined benefit pension schemes operated by the Group are all closed to future
accrual. At the reporting date, the Group has five defined benefit pension schemes:
the MGN Pension Scheme (the \u2018MGN Scheme\u2019), the Trinity Retirement Benefit Scheme
(the \u2018Trinity Scheme\u2019), the Midland Independent Newspapers Pension Scheme (the
\u2018MIN Scheme\u2019), the Express Newspapers 1988 Pension Fund (the \u2018EN88 Scheme\u2019), and
the WF Scheme.
the Express Newspapers Senior Management Pension Fund (the \u2018ENSM Scheme\u2019) was
wound up on 18 August 2025 following a full buy-out in February 2024.
Characteristics
The defined benefit pension schemes provide pensions to members, which are based
on their final pensionable salary, normally from age 65 (although some schemes have
some pensions normally payable from an earlier age) plus surviving spouses or
dependants\u2019 benefits following a member\u2019s death. Benefits increase both before and
after retirement either in line with statutory minimum requirements or in accordance
with the scheme rules if greater. Such increases are either at fixed rates or in line with
retail or consumer prices but subject to upper and lower limits. All of the schemes are
independent of the Group with assets held independently of the Group. They are
governed by Trustees who administer benefits in accordance with the scheme rules
and appropriate UK legislation. The schemes, each have a professional or experienced
independent Trustee as their Chair (or co-Chair) with generally at least half of the
remaining Trustees nominated by the members and the remainder by the Group.
Maturity profile and cash flow
Across all of the schemes, the uninsured liabilities related 60% to current pensioners and
their spouses or dependants and 40% to deferred pensioners. The average term from
the period end to payment of the remaining uninsured benefits is expected to be
around 10.5 years. Uninsured pension payments by the schemes in 2025, excluding lump
sums and transfer value payments, were \u00a370m and these payments by the schemes
are projected to rise to an annual peak in 2033 of \u00a380m and reduce thereafter.
Funding arrangements
The funding of the Group\u2019s schemes is subject to UK pension legislation as well as the
guidance and codes of practice issued by the Pensions Regulator. Funding targets are
agreed between each Trustee board and the Group and are reviewed and revised usually
every three years. The funding targets must include a margin for prudence above the
expected cost of paying the benefits and so are different from the liability value for IAS 19
purposes. The funding deficits revealed by these triennial valuations are removed over
time in accordance with an agreed recovery plan and schedule of contributions for each
scheme (where applicable). The latest valuation date for the schemes was 31 December
2025 and there is a 15 month statutory timeframe for the completion of the valuations.
The funding valuation of the MGN Scheme at 31 December 2022 was agreed on 9 October
2023. This showed a deficit of \u00a3219.0m. The Group paid contributions of \u00a346.0m to the MGN
Scheme in 2025 and the agreed schedule of contributions includes payments of \u00a346.0m
per annum (pa) from 2026 until January 2028. During 2024, the Trustees of the MGN
Scheme purchased a bulk annuity policy insuring 18% of the total liabilities of the scheme.
The funding valuation of the Trinity Scheme at 31 December 2022 was agreed on 28
March 2024. This showed a deficit of \u00a35.8m. The current schedule of contributions
includes payments of \u00a34.5m pa during 2026 and 2027, or earlier, if the Scheme has
reached 100% funding on the technical provisions basis. 100% funding on this basis was
confirmed during 2024 and contributions, totalling \u00a34.5m during 2025, have
subsequently been diverted into an escrow account which totals \u00a36.5m at the reporting
date. On 12 February 2026, the Trustees of the Trinity Scheme purchased an additional
bulk annuity insurance policy, insuring all the remaining members of the scheme. As a
consequence of the buy-in, no further contributions into the escrow account are
required. During 2025, the Trustee identified that a portion of members\u2019 early retirement
benefits were incorrectly calculated based on being payable from age 65, rather than
from age 60. The \u00a32.2m impact of the required adjustment has been recognised in the
consolidated income statement as a past service cost during 2025.
The funding valuation of the MIN Scheme at 31 December 2022 was agreed on 28 March
2024. This showed a deficit of \u00a353.3m. The Group paid contributions of \u00a39.7m to this
scheme in 2025 and the agreed schedule of contributions requires payments of \u00a310.6m
pa in 2026 and 2027 and \u00a311.4m in 2028.
The funding valuation of the EN88 Scheme at 31 December 2022 was agreed on 27
March 2024. This showed a surplus of \u00a32.0m. The 2022 valuation does not provide for
any deficit recovery contributions but instead payments are made to a separate bank
account of \u00a31.0m pa until 31 December 2027 or earlier, if the Scheme has attained full
funding on a long term basis. In 2025, \u00a31.0m of payments were made into the bank
account, the balance of the account totals \u00a33.5m at the reporting date. In certain
events the EN88 Scheme Trustee has the right to have the bank account balance
released to it; its purpose is to avoid future trapped surplus in the EN88 Scheme.
The funding valuation of the WF Scheme at 31 December 2022 was agreed on 27 March
2024. This showed neither surplus nor deficit. The company ceased deficit recovery
payments to the WF Scheme in 2021 which together with a one-off payment enabled the
Trustees to purchase a bulk annuity for all known remaining pension liabilities. During 2024,
as part of the due diligence to prepare the WF Scheme for buy-out, the Trustee identified a
required Barber Window equalisation adjustment dating back to 1990. The impact of the
required adjustment was recognised in the consolidated income statement in 2024 as a
past service cost. An additional \u00a33.4m of funding was paid to the scheme during 2025 to
cover this additional liability and the anticipated residual amount of \u00a31.0m is expected to
be settled during 2026. The total amount is \u00a30.6m less than the amount recognised during
2024, with the difference being recognised via an experience gain recognised within Other
Comprehensive Income. Following this no further funding is expected. On 22 January 2026
and 23 February 2026, the WF Scheme converted to a buy-out policy for all of its members
across the two dates. The process to wind up the WF Scheme is underway.
During 2024, the ENSM Scheme moved to buy-out and on 18 August 2025 the scheme
was wound up and all residual assets were removed from the Group balance sheet.
Group contributions in respect of the defined benefit pension schemes in the year were
\u00a359.1m (2024: \u00a359.2m).
At the reporting date, and based on the 31 December 2022 funding valuations, the
funding deficit in the schemes is expected to be removed by 2028 through a
combination of the contributions and asset returns. Contributions (which include
funding for pension administrative expenses) are payable monthly.
Contributions per the current schedule of contributions, based on the 31 December 2022
funding valuations, are \u00a362.1m pa in 2026 and 2027 (including \u00a31.0m for the EN88
scheme to a separate bank account and \u00a34.5m for the Trinity Scheme to the Escrow
account), and \u00a315.3m in 2028. Following the completion of the buy-in on 12 February in
respect of the Trinity Scheme, no further contributions are required to be made to the
Escrow account after January 2026.
The future deficit funding commitments are linked to the three-yearly actuarial
valuations. Although the funding commitments do not generally impact the IAS 19
position, IFRIC 14 guides companies to consider for IAS 19 disclosures whether any surplus
can be recognised as a balance sheet asset and whether any future funding
commitments in excess of the IAS 19 liability should be provisioned for. Based on its
interpretation of the rules for each of the defined benefit pension schemes, the Group
considers that it has an unconditional right to any potential surplus on the ultimate wind-
up after all benefits to members have been paid in respect of all of the schemes except
the WF Scheme. Under IFRIC 14 it is therefore appropriate to recognise any IAS 19 surpluses
which may emerge in the future and not to recognise any potential additional liabilities in
respect of future funding commitments of all of the schemes except for the WF Scheme.
The calculation of Guaranteed Minimum Pension (\u2018GMP\u2019) is set out in legislation and
members of pension schemes that were contracted out of the State Earnings-Related
Pension Scheme (\u2018SERPS\u2019) between 6 April 1978 and 5 April 1997 will have built up an
entitlement to a GMP.
GMPs were intended to broadly replicate the SERPS pension benefits but due to their
design they give rise to inequalities between men and women, in particular, the GMP for
a male comes into payment at age 65 whereas for a female it comes into payment at
the age of 60 and GMPs typically receive different levels of increase to non-GMP
benefits. On 26 October 2018, the High Court handed down its judgment in the Lloyds
Trustees vs Lloyds Bank plc and Others case relating to the equalisation of member
benefits for the gender effects of GMP equalisation. This judgment creates a precedent
for other UK defined benefit schemes with GMPs. The judgment confirmed that GMP
equalisation was required for the period 17 May 1990 to 5 April 1997 and provided some
clarification on legally acceptable methods for achieving equalisation. An allowance for
GMP equalisation was first included within liabilities at 30 December 2018 and was
recognised as a charge for past service costs in the income statement. In 2020 further
clarification was issued relating to GMP equalisation in respect of transfers out of
schemes and a further allowance for GMP equalisation was included within liabilities at
27 December 2020 and was recognised as a charge for past service costs in the
income statement. The estimate is subject to change as more detailed member
calculations are undertaken, as guidance is issued and/or as a result of future legal
judgments. The Trinity Scheme and the MIN Scheme made back payments for all
impacted members during 2025 and current pension payments were equalised from
December 2025.
Risks
Valuations for funding and accounting purposes are based on assumptions about
future economic and demographic variables. This results in the risk of a volatile
valuation deficit and the risk that the ultimate cost of paying benefits is higher than the
current assessed liability value.
The main sources of risk are:
investment risk: a reduction in asset returns (or assumed future asset returns);
inflation risk: an increase in benefit increases (or assumed future increases); and
longevity risk: an increase in average life spans (or assumed life expectancy).
These risks are managed by:
investing in insured annuity policies: the income from these policies exactly matches
the benefit payments for the members covered, removing all of the above risks. At the
reporting date the insured annuity policies covered 23% of total liabilities;
investing a proportion of assets in other classes such as Government and corporate
bonds and in liability-driven investments: changes in the values of the assets aim to
broadly match changes in the values of the uninsured liabilities, reducing the
investment risk, however some risk remains as the durations of the bonds are typically
shorter than those of the liabilities and so the values may still move differently. At the
reporting date non-equity assets amounted to 97% of assets excluding the insured
annuity policies;
investing a proportion of assets in equities: with the aim of achieving outperformance
and so reducing the deficits over the long term. At the reporting date this amounted
to 3% of assets excluding the insured annuity policies; and
the gradual sale of equities over time to purchase additional annuity policies or
liability-matching investments: to further reduce risk as the schemes, which are
closed to future accrual, mature.
Pension scheme accounting surpluses and deficits are snapshots at moments in time
and are not used by either the Group or Trustees to frame funding policy. The Group
and Trustees seek to be aligned in focusing on the long-term sustainability of the
funding policy which aims to balance the interests of the Group\u2019s shareholders and
members of the schemes. The Group and Trustees also seek to be aligned in reducing
pensions risk over the long term and at a pace which is affordable to the Group.
The Trinity Scheme and the EN88 Scheme both have an accounting surplus at the
reporting date. The WF Scheme was in deficit on the accounting basis at the reporting
date due to the Barber Window equalisation adjustment identified in 2024. Across the
MGN Scheme and the MIN Scheme, the invested assets are expected to be sufficient for
the schemes to pay the uninsured benefits due up to 2050, based on the reporting date
assumptions. The remaining uninsured benefit payments, payable from 2051, are due to
be funded by a combination of asset outperformance and the deficit contributions
currently scheduled to be paid up to 31 January 2028 for the MGN Scheme and 31
December 2028 for the MIN Scheme. For the MGN Scheme and MIN Scheme, actuarial
projections at the year-end reporting date show removal of the accounting deficit by
the end of 2026 due to scheduled contributions and asset returns at the current target
rate. From this point, the assets are projected to be sufficient to fully fund the liabilities on
the accounting basis.
The Group is not exposed to any unusual, entity-specific or scheme-specific risks. Other
than the current year impact of the Barber Window adjustment relating to the Trinity
Scheme, and the impact of the Barber Window adjustment relating to the WF scheme
together with the MGN Scheme purchase of a bulk annuity, both in 2024, there were no
plan amendments, settlements or curtailments in 2025 or 2024 which resulted in a
pension cost.
Results
For the purposes of the Group\u2019s consolidated financial statements, valuations have
been performed in accordance with the requirements of IAS 19 with scheme liabilities
calculated using a consistent projected unit valuation method and compared to the
estimated value of the scheme assets at 31 December 2025.
Based on actuarial advice, the assumptions used in calculating the scheme
liabilities are:
2025
2024
Financial assumptions (nominal % pa)
Discount rate
5.43
5.49
Retail price inflation rate
2.81
3.20
Consumer price inflation rate 1.0% pa 1.0% pa
lower than RPI lower than RPI
to 2030 and to 2030 and
equal equal
to RPI thereafter to RPI thereafter
Rate of pension increases in deferment
2.34
2.88
Rate of pension increases in payment
3.31
3.40
Mortality assumptions \u2013 future life expectancies
from age 65 (years)
Male currently aged 65
21.5
21.2
Female currently aged 65
23.3
23.3
Male currently aged 55
21.3
21.0
Female currently aged 55
24.2
24.2
The defined benefit pension liabilities are valued using actuarial assumptions about
future benefit increases and scheme member demographics, and the resulting
projected benefits are discounted to the reporting date at appropriate corporate bond
yields. For 2024 and 2025, the financial assumptions have been derived as a yield curve
with different rates per year, with the figures in the table above representing a weighted
average of these rates across all of the schemes. This is considered to be a more robust
and accurate approach to setting assumptions as it allows for each scheme\u2019s
individual circumstances, rather than considering the schemes in aggregate as has
been done in the past.
The discount rate should be chosen to be equal to the yield available on \u2018high-quality\u2019
corporate bonds of appropriate term and currency. For 2024 and 2025, the discount
rate has been set to reflect the full corporate bond yield curve.
The inflation assumptions are based on market expectations over the period of the
liabilities. For 2024 and 2025, the inflation assumptions have been set using the full
inflation curve. The RPI assumption is set based on the break-even RPI inflation curve
with a margin deducted. This margin, called an inflation risk premium, reflects the fact
that the RPI market-implied inflation curve can be affected by market distortions and as
a result it is thought to overstate the underlying market expectations for future RPI
inflation. Allowing for the extent of RPI linkage on the schemes\u2019 benefits pre and post
2030, the average inflation risk premium has been set at 0.2% per annum to 2030 and
0.4% per annum thereafter. The CPI assumption is set based on a margin deducted
from the RPI assumption, due to lack of market data on CPI expectations. Following the
UK Statistics Authority\u2019s announcement of the intention to align RPI with CPIH from 2030
the assumed gap between RPI and CPI inflation is 1.0% per annum up to 2030 and 0.0%
per annum beyond 2030.
The estimated impacts on the IAS 19 liabilities and on the IAS 19 deficit at the reporting
date, due to a reasonably possible change in key assumptions over the next year, are
set out in the table below:
Effect on Effect on
liabilities deficit
\u00a3m \u00a3m
Discount rate +/- 1.0% pa
-140/+165
-115/+135
Retail price inflation rate +/- 0.5% pa
+19/-18
+12/-12
Consumer price inflation rate +/- 0.5% pa
+17/-15
+15/-14
Life expectancy at age 65 +/- 1 year
+70/-70
+50/-50
The RPI sensitivity impacts the rate of increases in deferment for some of the pensions in
the EN88 Scheme and some of the pensions in payment for all schemes except the
MGN Scheme. The CPI sensitivity impacts the rate of increases in deferment for some of
the pensions in most schemes and the rate of increases in payment for some of the
pensions in payment for all schemes.
The effect on the deficit is usually lower than the effect on the liabilities due to the
matching impact on the value of the insurance contracts held in respect of some of the
liabilities. Each assumption variation represents a reasonably possible change in the
assumption over the next year but might not represent the actual effect because
assumption changes are unlikely to happen in isolation.
The estimated impact of the assumption variations makes no allowance for changes in
the values of invested assets that would arise if market conditions were to change in
order to give rise to the assumption variation. If allowance were made, the estimated
impact would likely be lower as the values of invested assets would normally change in
the same directions as the liability values.
The amounts included in the consolidated income statement, consolidated statement
of comprehensive income and consolidated balance sheet arising from the Group\u2019s
obligations in respect of its defined benefit pension schemes are as follows in the table
below.
Past service costs of \u00a32.2m relate to a Barber Window adjustment attributable to the
Trinity Scheme during the year (2024: \u00a35.0m Barber Window equalisation adjustment
identified by the Trustees of the WF Scheme).
2025 2024
Consolidated income statement \u00a3m \u00a3m
Pension administrative expenses
(5.4)
(4.7)
Past service costs
(2.2)
(5.0)
Pension finance charge
(0.8)
(3.4)
Defined benefit cost recognised in income statement
(8.4)
(13.1)
2025 2024
Consolidated statement of comprehensive income \u00a3m \u00a3m
Actuarial (loss)/gain due to liability experience
(7.9)
6.5
Actuarial gain due to liability assumption changes
12.6
173.3
Total liability actuarial gain
4.7
179.8
Returns on scheme assets less than discount rate
(3.2)
(168.6)
Impact of IFRIC 14
-
0.2
Total gain recognised in statement of
comprehensive income
1.5
11.4
2025 2024
Consolidated balance sheet \u00a3m \u00a3m
Present value of uninsured scheme liabilities
(1,220.5)
(1,240.5)
Present value of insured scheme liabilities
(365.7)
(375.8)
Total present value of scheme liabilities
(1,586.2)
(1,616.3)
Invested and cash assets at fair value
1,227.4
1,195.2
Value of liability-matching insurance contracts
365.7
375.8
Total fair value of scheme assets
1,593.1
1,571.0
Net scheme surplus/(deficit)
6.9
(45.3)
Non-current assets \u2013 retirement benefit assets
64.6
72.4
Non-current liabilities \u2013 retirement benefit obligations
(57.7)
(117.7)
Net scheme surplus/(deficit)
6.9
(45.3)
Net scheme surplus/(deficit) included in consolidated balance
sheet
6.9
(45.3)
Deferred tax included in consolidated balance sheet
(1.7)
11.3
Net scheme surplus/(deficit) after deferred tax
5.2
(34.0)
2025 2024
Movement in net scheme surplus/(deficit) \u00a3m \u00a3m
Opening net scheme deficit
(45.3)
(102.8)
Contributions
59.1
59.2
Consolidated income statement
(8.4)
(13.1)
Consolidated statement of comprehensive income
1.5
11.4
Closing net scheme surplus/(deficit)
6.9
(45.3)
2025 2024
Changes in the present value of scheme liabilities \u00a3m \u00a3m
Opening present value of scheme liabilities
(1,616.3)
(1,835.6)
Past service costs
(2.2)
(5.0)
Interest cost
(85.6)
(81.6)
Actuarial (loss)/gain \u2013 experience
(7.9)
6.5
Actuarial (loss)/gain \u2013 change to demographic assumptions
(4.6)
23.9
Actuarial gain \u2013 change to financial assumptions
17.2
149.4
Benefits paid
113.2
109.4
Bulk transfer due to buy-out
\u2013
16.7
Closing present value of scheme liabilities
(1,586.2)
(1,616.3)
2025 2024
Impact of IFRIC 14 \u00a3m \u00a3m
Opening impact of IFRIC 14
\u2013
(0.2)
Decrease in impact of IFRIC 14
\u2013
0.2
Closing impact of IFRIC 14
\u2013
\u2013
2025 2024
Changes in the fair value of scheme assets \u00a3m \u00a3m
Opening fair value of scheme assets
1,571.0
1,733.0
Interest income
84.8
78.2
Actual return on assets less than discount rate
(3.2)
(168.6)
Contributions by employer
59.1
59.2
Benefits paid
(113.2)
(109.4)
Administrative expenses
(5.4)
(4.7)
Bulk transfer due to buy-out
\u2013
(16.7)
Closing fair value of scheme assets
1,593.1
1,571.0
2025 2024
Fair value of scheme assets \u00a3m \u00a3m
UK equities
4.3
3.3
Other overseas equities
37.2
34.0
Property
27.1
27.2
Corporate bonds
192.1
250.0
Fixed interest gilts
5.8
1.5
Index linked gilts
0.5
\u2013
Liability-driven investment
897.3
779.9
Cash and other
63.1
99.3
Invested and cash assets at fair value
1,227.4
1,195.2
Value of insurance contracts
365.7
375.8
Fair value of scheme assets
1,593.1
1,571.0
The assets of the schemes are primarily held in pooled investment vehicles which are unquoted. The pooled investment vehicles hold both quoted and unquoted investments. Scheme assets include neither direct investments in the Company\u2019s ordinary shares nor any property assets occupied nor other assets used by the Group. When setting the investment strategy, the Trustees of the defined benefit pension schemes consider a wide range of asset classes for investment, taking account the expected returns and key individual risks associated with those asset classes as well as how these risks can be mitigated where appropriate. The assets of the individual schemes are held across matching and growth portfolios. Details regarding each scheme's approach to the allocation of the assets between these portfolios can be found on our website under pension scheme disclosure notices, https://www.reachplc.com/pension-scheme-disclosure-notices, included in the Statement of Investment Principles (SIP). The purpose of the assets in the matching portfolios is to generate cash flows to match the expected cash outflows arising from the pension obligations. The asset classes in the matching portfolios include, but are not limited to, asset-backed securities, short- duration buy and maintain credit, synthetic credit, bonds, gilts, swaps, liability-driven investment (LDI) and cash funds. The purpose of the assets in the growth portfolios is to generate consistent, absolute returns while managing downside risks and reducing the chance of large losses in stress situations. The asset classes in the growth portfolios include, but are not limited to, equities, bonds, diversified growth, multi-asset credit, emerging markets, inflation swaps, property, infrastructure and private credit funds. The MGN Scheme and the MIN Scheme also hold bulk annuity contracts to match the benefits payable to a portion of the scheme\u2019s pensioners. The Trinity Scheme and the WF Scheme hold bulk annuity contracts matching all the benefits payable to the scheme\u2019s members.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-375": { "value": "Defined contribution pension schemes The Group operates defined contribution pension schemes for qualifying employees, where the assets of the schemes are held separately from those of the Group in funds under the control of Trustees. The current service cost charged to the consolidated income statement for the year of \u00a315.6m (2024: \u00a315.8m) represents contributions paid by the Group at rates specified in the scheme rules. All amounts that were due have been paid over to the schemes at all reporting dates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-376": { "value": "Defined benefit pension schemes Background The defined benefit pension schemes operated by the Group are all closed to future accrual. At the reporting date, the Group has five defined benefit pension schemes: the MGN Pension Scheme (the \u2018MGN Scheme\u2019), the Trinity Retirement Benefit Scheme (the \u2018Trinity Scheme\u2019), the Midland Independent Newspapers Pension Scheme (the \u2018MIN Scheme\u2019), the Express Newspapers 1988 Pension Fund (the \u2018EN88 Scheme\u2019), and the WF Scheme. the Express Newspapers Senior Management Pension Fund (the \u2018ENSM Scheme\u2019) was wound up on 18 August 2025 following a full buy-out in February 2024. Characteristics The defined benefit pension schemes provide pensions to members, which are based on their final pensionable salary, normally from age 65 (although some schemes have some pensions normally payable from an earlier age) plus surviving spouses or dependants\u2019 benefits following a member\u2019s death. Benefits increase both before and after retirement either in line with statutory minimum requirements or in accordance with the scheme rules if greater. Such increases are either at fixed rates or in line with retail or consumer prices but subject to upper and lower limits. All of the schemes are independent of the Group with assets held independently of the Group. They are governed by Trustees who administer benefits in accordance with the scheme rules and appropriate UK legislation. The schemes, each have a professional or experienced independent Trustee as their Chair (or co-Chair) with generally at least half of the remaining Trustees nominated by the members and the remainder by the Group. Maturity profile and cash flow Across all of the schemes, the uninsured liabilities related 60% to current pensioners and their spouses or dependants and 40% to deferred pensioners. The average term from the period end to payment of the remaining uninsured benefits is expected to be around 10.5 years. Uninsured pension payments by the schemes in 2025, excluding lump sums and transfer value payments, were \u00a370m and these payments by the schemes are projected to rise to an annual peak in 2033 of \u00a380m and reduce thereafter. Funding arrangements The funding of the Group\u2019s schemes is subject to UK pension legislation as well as the guidance and codes of practice issued by the Pensions Regulator. Funding targets are agreed between each Trustee board and the Group and are reviewed and revised usually every three years. The funding targets must include a margin for prudence above the expected cost of paying the benefits and so are different from the liability value for IAS 19 purposes. The funding deficits revealed by these triennial valuations are removed over time in accordance with an agreed recovery plan and schedule of contributions for each scheme (where applicable). The latest valuation date for the schemes was 31 December 2025 and there is a 15 month statutory timeframe for the completion of the valuations. The funding valuation of the MGN Scheme at 31 December 2022 was agreed on 9 October 2023. This showed a deficit of \u00a3219.0m. The Group paid contributions of \u00a346.0m to the MGN Scheme in 2025 and the agreed schedule of contributions includes payments of \u00a346.0m per annum (pa) from 2026 until January 2028. During 2024, the Trustees of the MGN Scheme purchased a bulk annuity policy insuring 18% of the total liabilities of the scheme. The funding valuation of the Trinity Scheme at 31 December 2022 was agreed on 28 March 2024. This showed a deficit of \u00a35.8m. The current schedule of contributions includes payments of \u00a34.5m pa during 2026 and 2027, or earlier, if the Scheme has reached 100% funding on the technical provisions basis. 100% funding on this basis was confirmed during 2024 and contributions, totalling \u00a34.5m during 2025, have subsequently been diverted into an escrow account which totals \u00a36.5m at the reporting date. On 12 February 2026, the Trustees of the Trinity Scheme purchased an additional bulk annuity insurance policy, insuring all the remaining members of the scheme. As a consequence of the buy-in, no further contributions into the escrow account are required. During 2025, the Trustee identified that a portion of members\u2019 early retirement benefits were incorrectly calculated based on being payable from age 65, rather than from age 60. The \u00a32.2m impact of the required adjustment has been recognised in the consolidated income statement as a past service cost during 2025. The funding valuation of the MIN Scheme at 31 December 2022 was agreed on 28 March 2024. This showed a deficit of \u00a353.3m. The Group paid contributions of \u00a39.7m to this scheme in 2025 and the agreed schedule of contributions requires payments of \u00a310.6m pa in 2026 and 2027 and \u00a311.4m in 2028. The funding valuation of the EN88 Scheme at 31 December 2022 was agreed on 27 March 2024. This showed a surplus of \u00a32.0m. The 2022 valuation does not provide for any deficit recovery contributions but instead payments are made to a separate bank account of \u00a31.0m pa until 31 December 2027 or earlier, if the Scheme has attained full funding on a long term basis. In 2025, \u00a31.0m of payments were made into the bank account, the balance of the account totals \u00a33.5m at the reporting date. In certain events the EN88 Scheme Trustee has the right to have the bank account balance released to it; its purpose is to avoid future trapped surplus in the EN88 Scheme. The funding valuation of the WF Scheme at 31 December 2022 was agreed on 27 March 2024. This showed neither surplus nor deficit. The company ceased deficit recovery payments to the WF Scheme in 2021 which together with a one-off payment enabled the Trustees to purchase a bulk annuity for all known remaining pension liabilities. During 2024, as part of the due diligence to prepare the WF Scheme for buy-out, the Trustee identified a required Barber Window equalisation adjustment dating back to 1990. The impact of the required adjustment was recognised in the consolidated income statement in 2024 as a past service cost. An additional \u00a33.4m of funding was paid to the scheme during 2025 to cover this additional liability and the anticipated residual amount of \u00a31.0m is expected to be settled during 2026. The total amount is \u00a30.6m less than the amount recognised during 2024, with the difference being recognised via an experience gain recognised within Other Comprehensive Income. Following this no further funding is expected. On 22 January 2026 and 23 February 2026, the WF Scheme converted to a buy-out policy for all of its members across the two dates. The process to wind up the WF Scheme is underway. During 2024, the ENSM Scheme moved to buy-out and on 18 August 2025 the scheme was wound up and all residual assets were removed from the Group balance sheet. Group contributions in respect of the defined benefit pension schemes in the year were \u00a359.1m (2024: \u00a359.2m). At the reporting date, and based on the 31 December 2022 funding valuations, the funding deficit in the schemes is expected to be removed by 2028 through a combination of the contributions and asset returns. Contributions (which include funding for pension administrative expenses) are payable monthly. Contributions per the current schedule of contributions, based on the 31 December 2022 funding valuations, are \u00a362.1m pa in 2026 and 2027 (including \u00a31.0m for the EN88 scheme to a separate bank account and \u00a34.5m for the Trinity Scheme to the Escrow account), and \u00a315.3m in 2028. Following the completion of the buy-in on 12 February in respect of the Trinity Scheme, no further contributions are required to be made to the Escrow account after January 2026. The future deficit funding commitments are linked to the three-yearly actuarial valuations. Although the funding commitments do not generally impact the IAS 19 position, IFRIC 14 guides companies to consider for IAS 19 disclosures whether any surplus can be recognised as a balance sheet asset and whether any future funding commitments in excess of the IAS 19 liability should be provisioned for. Based on its interpretation of the rules for each of the defined benefit pension schemes, the Group considers that it has an unconditional right to any potential surplus on the ultimate wind- up after all benefits to members have been paid in respect of all of the schemes except the WF Scheme. Under IFRIC 14 it is therefore appropriate to recognise any IAS 19 surpluses which may emerge in the future and not to recognise any potential additional liabilities in respect of future funding commitments of all of the schemes except for the WF Scheme. The calculation of Guaranteed Minimum Pension (\u2018GMP\u2019) is set out in legislation and members of pension schemes that were contracted out of the State Earnings-Related Pension Scheme (\u2018SERPS\u2019) between 6 April 1978 and 5 April 1997 will have built up an entitlement to a GMP. GMPs were intended to broadly replicate the SERPS pension benefits but due to their design they give rise to inequalities between men and women, in particular, the GMP for a male comes into payment at age 65 whereas for a female it comes into payment at the age of 60 and GMPs typically receive different levels of increase to non-GMP benefits. On 26 October 2018, the High Court handed down its judgment in the Lloyds Trustees vs Lloyds Bank plc and Others case relating to the equalisation of member benefits for the gender effects of GMP equalisation. This judgment creates a precedent for other UK defined benefit schemes with GMPs. The judgment confirmed that GMP equalisation was required for the period 17 May 1990 to 5 April 1997 and provided some clarification on legally acceptable methods for achieving equalisation. An allowance for GMP equalisation was first included within liabilities at 30 December 2018 and was recognised as a charge for past service costs in the income statement. In 2020 further clarification was issued relating to GMP equalisation in respect of transfers out of schemes and a further allowance for GMP equalisation was included within liabilities at 27 December 2020 and was recognised as a charge for past service costs in the income statement. The estimate is subject to change as more detailed member calculations are undertaken, as guidance is issued and/or as a result of future legal judgments. The Trinity Scheme and the MIN Scheme made back payments for all impacted members during 2025 and current pension payments were equalised from December 2025. Risks Valuations for funding and accounting purposes are based on assumptions about future economic and demographic variables. This results in the risk of a volatile valuation deficit and the risk that the ultimate cost of paying benefits is higher than the current assessed liability value. The main sources of risk are: investment risk: a reduction in asset returns (or assumed future asset returns); inflation risk: an increase in benefit increases (or assumed future increases); and longevity risk: an increase in average life spans (or assumed life expectancy). These risks are managed by: investing in insured annuity policies: the income from these policies exactly matches the benefit payments for the members covered, removing all of the above risks. At the reporting date the insured annuity policies covered 23% of total liabilities; investing a proportion of assets in other classes such as Government and corporate bonds and in liability-driven investments: changes in the values of the assets aim to broadly match changes in the values of the uninsured liabilities, reducing the investment risk, however some risk remains as the durations of the bonds are typically shorter than those of the liabilities and so the values may still move differently. At the reporting date non-equity assets amounted to 97% of assets excluding the insured annuity policies; investing a proportion of assets in equities: with the aim of achieving outperformance and so reducing the deficits over the long term. At the reporting date this amounted to 3% of assets excluding the insured annuity policies; and the gradual sale of equities over time to purchase additional annuity policies or liability-matching investments: to further reduce risk as the schemes, which are closed to future accrual, mature. Pension scheme accounting surpluses and deficits are snapshots at moments in time and are not used by either the Group or Trustees to frame funding policy. The Group and Trustees seek to be aligned in focusing on the long-term sustainability of the funding policy which aims to balance the interests of the Group\u2019s shareholders and members of the schemes. The Group and Trustees also seek to be aligned in reducing pensions risk over the long term and at a pace which is affordable to the Group. The Trinity Scheme and the EN88 Scheme both have an accounting surplus at the reporting date. The WF Scheme was in deficit on the accounting basis at the reporting date due to the Barber Window equalisation adjustment identified in 2024. Across the MGN Scheme and the MIN Scheme, the invested assets are expected to be sufficient for the schemes to pay the uninsured benefits due up to 2050, based on the reporting date assumptions. The remaining uninsured benefit payments, payable from 2051, are due to be funded by a combination of asset outperformance and the deficit contributions currently scheduled to be paid up to 31 January 2028 for the MGN Scheme and 31 December 2028 for the MIN Scheme. For the MGN Scheme and MIN Scheme, actuarial projections at the year-end reporting date show removal of the accounting deficit by the end of 2026 due to scheduled contributions and asset returns at the current target rate. From this point, the assets are projected to be sufficient to fully fund the liabilities on the accounting basis. The Group is not exposed to any unusual, entity-specific or scheme-specific risks. Other than the current year impact of the Barber Window adjustment relating to the Trinity Scheme, and the impact of the Barber Window adjustment relating to the WF scheme together with the MGN Scheme purchase of a bulk annuity, both in 2024, there were no plan amendments, settlements or curtailments in 2025 or 2024 which resulted in a pension cost. Results For the purposes of the Group\u2019s consolidated financial statements, valuations have been performed in accordance with the requirements of IAS 19 with scheme liabilities calculated using a consistent projected unit valuation method and compared to the estimated value of the scheme assets at 31 December 2025. Based on actuarial advice, the assumptions used in calculating the scheme liabilities are:
2025
2024
Financial assumptions (nominal % pa)
Discount rate
5.43
5.49
Retail price inflation rate
2.81
3.20
Consumer price inflation rate 1.0% pa 1.0% pa
lower than RPI lower than RPI
to 2030 and to 2030 and
equal equal
to RPI thereafter to RPI thereafter
Rate of pension increases in deferment
2.34
2.88
Rate of pension increases in payment
3.31
3.40
Mortality assumptions \u2013 future life expectancies
from age 65 (years)
Male currently aged 65
21.5
21.2
Female currently aged 65
23.3
23.3
Male currently aged 55
21.3
21.0
Female currently aged 55
24.2
24.2
The defined benefit pension liabilities are valued using actuarial assumptions about future benefit increases and scheme member demographics, and the resulting projected benefits are discounted to the reporting date at appropriate corporate bond yields. For 2024 and 2025, the financial assumptions have been derived as a yield curve with different rates per year, with the figures in the table above representing a weighted average of these rates across all of the schemes. This is considered to be a more robust and accurate approach to setting assumptions as it allows for each scheme\u2019s individual circumstances, rather than considering the schemes in aggregate as has been done in the past. The discount rate should be chosen to be equal to the yield available on \u2018high-quality\u2019 corporate bonds of appropriate term and currency. For 2024 and 2025, the discount rate has been set to reflect the full corporate bond yield curve. The inflation assumptions are based on market expectations over the period of the liabilities. For 2024 and 2025, the inflation assumptions have been set using the full inflation curve. The RPI assumption is set based on the break-even RPI inflation curve with a margin deducted. This margin, called an inflation risk premium, reflects the fact that the RPI market-implied inflation curve can be affected by market distortions and as a result it is thought to overstate the underlying market expectations for future RPI inflation. Allowing for the extent of RPI linkage on the schemes\u2019 benefits pre and post 2030, the average inflation risk premium has been set at 0.2% per annum to 2030 and 0.4% per annum thereafter. The CPI assumption is set based on a margin deducted from the RPI assumption, due to lack of market data on CPI expectations. Following the UK Statistics Authority\u2019s announcement of the intention to align RPI with CPIH from 2030 the assumed gap between RPI and CPI inflation is 1.0% per annum up to 2030 and 0.0% per annum beyond 2030. The estimated impacts on the IAS 19 liabilities and on the IAS 19 deficit at the reporting date, due to a reasonably possible change in key assumptions over the next year, are set out in the table below:
Effect on Effect on
liabilities deficit
\u00a3m \u00a3m
Discount rate +/- 1.0% pa
-140/+165
-115/+135
Retail price inflation rate +/- 0.5% pa
+19/-18
+12/-12
Consumer price inflation rate +/- 0.5% pa
+17/-15
+15/-14
Life expectancy at age 65 +/- 1 year
+70/-70
+50/-50
The RPI sensitivity impacts the rate of increases in deferment for some of the pensions in the EN88 Scheme and some of the pensions in payment for all schemes except the MGN Scheme. The CPI sensitivity impacts the rate of increases in deferment for some of the pensions in most schemes and the rate of increases in payment for some of the pensions in payment for all schemes. The effect on the deficit is usually lower than the effect on the liabilities due to the matching impact on the value of the insurance contracts held in respect of some of the liabilities. Each assumption variation represents a reasonably possible change in the assumption over the next year but might not represent the actual effect because assumption changes are unlikely to happen in isolation. The estimated impact of the assumption variations makes no allowance for changes in the values of invested assets that would arise if market conditions were to change in order to give rise to the assumption variation. If allowance were made, the estimated impact would likely be lower as the values of invested assets would normally change in the same directions as the liability values. The amounts included in the consolidated income statement, consolidated statement of comprehensive income and consolidated balance sheet arising from the Group\u2019s obligations in respect of its defined benefit pension schemes are as follows in the table below. Past service costs of \u00a32.2m relate to a Barber Window adjustment attributable to the Trinity Scheme during the year (2024: \u00a35.0m Barber Window equalisation adjustment identified by the Trustees of the WF Scheme).
2025 2024
Consolidated income statement \u00a3m \u00a3m
Pension administrative expenses
(5.4)
(4.7)
Past service costs
(2.2)
(5.0)
Pension finance charge
(0.8)
(3.4)
Defined benefit cost recognised in income statement
(8.4)
(13.1)
2025 2024
Consolidated statement of comprehensive income \u00a3m \u00a3m
Actuarial (loss)/gain due to liability experience
(7.9)
6.5
Actuarial gain due to liability assumption changes
12.6
173.3
Total liability actuarial gain
4.7
179.8
Returns on scheme assets less than discount rate
(3.2)
(168.6)
Impact of IFRIC 14
-
0.2
Total gain recognised in statement of
comprehensive income
1.5
11.4
2025 2024
Consolidated balance sheet \u00a3m \u00a3m
Present value of uninsured scheme liabilities
(1,220.5)
(1,240.5)
Present value of insured scheme liabilities
(365.7)
(375.8)
Total present value of scheme liabilities
(1,586.2)
(1,616.3)
Invested and cash assets at fair value
1,227.4
1,195.2
Value of liability-matching insurance contracts
365.7
375.8
Total fair value of scheme assets
1,593.1
1,571.0
Net scheme surplus/(deficit)
6.9
(45.3)
Non-current assets \u2013 retirement benefit assets
64.6
72.4
Non-current liabilities \u2013 retirement benefit obligations
(57.7)
(117.7)
Net scheme surplus/(deficit)
6.9
(45.3)
Net scheme surplus/(deficit) included in consolidated balance
sheet
6.9
(45.3)
Deferred tax included in consolidated balance sheet
(1.7)
11.3
Net scheme surplus/(deficit) after deferred tax
5.2
(34.0)
2025 2024
Movement in net scheme surplus/(deficit) \u00a3m \u00a3m
Opening net scheme deficit
(45.3)
(102.8)
Contributions
59.1
59.2
Consolidated income statement
(8.4)
(13.1)
Consolidated statement of comprehensive income
1.5
11.4
Closing net scheme surplus/(deficit)
6.9
(45.3)
2025 2024
Changes in the present value of scheme liabilities \u00a3m \u00a3m
Opening present value of scheme liabilities
(1,616.3)
(1,835.6)
Past service costs
(2.2)
(5.0)
Interest cost
(85.6)
(81.6)
Actuarial (loss)/gain \u2013 experience
(7.9)
6.5
Actuarial (loss)/gain \u2013 change to demographic assumptions
(4.6)
23.9
Actuarial gain \u2013 change to financial assumptions
17.2
149.4
Benefits paid
113.2
109.4
Bulk transfer due to buy-out
\u2013
16.7
Closing present value of scheme liabilities
(1,586.2)
(1,616.3)
2025 2024
Impact of IFRIC 14 \u00a3m \u00a3m
Opening impact of IFRIC 14
\u2013
(0.2)
Decrease in impact of IFRIC 14
\u2013
0.2
Closing impact of IFRIC 14
\u2013
\u2013
2025 2024
Changes in the fair value of scheme assets \u00a3m \u00a3m
Opening fair value of scheme assets
1,571.0
1,733.0
Interest income
84.8
78.2
Actual return on assets less than discount rate
(3.2)
(168.6)
Contributions by employer
59.1
59.2
Benefits paid
(113.2)
(109.4)
Administrative expenses
(5.4)
(4.7)
Bulk transfer due to buy-out
\u2013
(16.7)
Closing fair value of scheme assets
1,593.1
1,571.0
2025 2024
Fair value of scheme assets \u00a3m \u00a3m
UK equities
4.3
3.3
Other overseas equities
37.2
34.0
Property
27.1
27.2
Corporate bonds
192.1
250.0
Fixed interest gilts
5.8
1.5
Index linked gilts
0.5
\u2013
Liability-driven investment
897.3
779.9
Cash and other
63.1
99.3
Invested and cash assets at fair value
1,227.4
1,195.2
Value of insurance contracts
365.7
375.8
Fair value of scheme assets
1,593.1
1,571.0
The assets of the schemes are primarily held in pooled investment vehicles which are unquoted. The pooled investment vehicles hold both quoted and unquoted investments. Scheme assets include neither direct investments in the Company\u2019s ordinary shares nor any property assets occupied nor other assets used by the Group. When setting the investment strategy, the Trustees of the defined benefit pension schemes consider a wide range of asset classes for investment, taking account the expected returns and key individual risks associated with those asset classes as well as how these risks can be mitigated where appropriate. The assets of the individual schemes are held across matching and growth portfolios. Details regarding each scheme's approach to the allocation of the assets between these portfolios can be found on our website under pension scheme disclosure notices, https://www.reachplc.com/pension-scheme-disclosure-notices, included in the Statement of Investment Principles (SIP). The purpose of the assets in the matching portfolios is to generate cash flows to match the expected cash outflows arising from the pension obligations. The asset classes in the matching portfolios include, but are not limited to, asset-backed securities, short- duration buy and maintain credit, synthetic credit, bonds, gilts, swaps, liability-driven investment (LDI) and cash funds. The purpose of the assets in the growth portfolios is to generate consistent, absolute returns while managing downside risks and reducing the chance of large losses in stress situations. The asset classes in the growth portfolios include, but are not limited to, equities, bonds, diversified growth, multi-asset credit, emerging markets, inflation swaps, property, infrastructure and private credit funds. The MGN Scheme and the MIN Scheme also hold bulk annuity contracts to match the benefits payable to a portion of the scheme\u2019s pensioners. The Trinity Scheme and the WF Scheme hold bulk annuity contracts matching all the benefits payable to the scheme\u2019s members.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-393": { "value": "
2025 2024
Consolidated balance sheet \u00a3m \u00a3m
Present value of uninsured scheme liabilities
(1,220.5)
(1,240.5)
Present value of insured scheme liabilities
(365.7)
(375.8)
Total present value of scheme liabilities
(1,586.2)
(1,616.3)
Invested and cash assets at fair value
1,227.4
1,195.2
Value of liability-matching insurance contracts
365.7
375.8
Total fair value of scheme assets
1,593.1
1,571.0
Net scheme surplus/(deficit)
6.9
(45.3)
Non-current assets \u2013 retirement benefit assets
64.6
72.4
Non-current liabilities \u2013 retirement benefit obligations
(57.7)
(117.7)
Net scheme surplus/(deficit)
6.9
(45.3)
Net scheme surplus/(deficit) included in consolidated balance
sheet
6.9
(45.3)
Deferred tax included in consolidated balance sheet
(1.7)
11.3
Net scheme surplus/(deficit) after deferred tax
5.2
(34.0)
2025 2024
Movement in net scheme surplus/(deficit) \u00a3m \u00a3m
Opening net scheme deficit
(45.3)
(102.8)
Contributions
59.1
59.2
Consolidated income statement
(8.4)
(13.1)
Consolidated statement of comprehensive income
1.5
11.4
Closing net scheme surplus/(deficit)
6.9
(45.3)
2025 2024
Changes in the present value of scheme liabilities \u00a3m \u00a3m
Opening present value of scheme liabilities
(1,616.3)
(1,835.6)
Past service costs
(2.2)
(5.0)
Interest cost
(85.6)
(81.6)
Actuarial (loss)/gain \u2013 experience
(7.9)
6.5
Actuarial (loss)/gain \u2013 change to demographic assumptions
(4.6)
23.9
Actuarial gain \u2013 change to financial assumptions
17.2
149.4
Benefits paid
113.2
109.4
Bulk transfer due to buy-out
\u2013
16.7
Closing present value of scheme liabilities
(1,586.2)
(1,616.3)
2025 2024
Impact of IFRIC 14 \u00a3m \u00a3m
Opening impact of IFRIC 14
\u2013
(0.2)
Decrease in impact of IFRIC 14
\u2013
0.2
Closing impact of IFRIC 14
\u2013
\u2013
2025 2024
Changes in the fair value of scheme assets \u00a3m \u00a3m
Opening fair value of scheme assets
1,571.0
1,733.0
Interest income
84.8
78.2
Actual return on assets less than discount rate
(3.2)
(168.6)
Contributions by employer
59.1
59.2
Benefits paid
(113.2)
(109.4)
Administrative expenses
(5.4)
(4.7)
Bulk transfer due to buy-out
\u2013
(16.7)
Closing fair value of scheme assets
1,593.1
1,571.0
2025 2024
Fair value of scheme assets \u00a3m \u00a3m
UK equities
4.3
3.3
Other overseas equities
37.2
34.0
Property
27.1
27.2
Corporate bonds
192.1
250.0
Fixed interest gilts
5.8
1.5
Index linked gilts
0.5
\u2013
Liability-driven investment
897.3
779.9
Cash and other
63.1
99.3
Invested and cash assets at fair value
1,227.4
1,195.2
Value of insurance contracts
365.7
375.8
Fair value of scheme assets
1,593.1
1,571.0
The assets of the schemes are primarily held in pooled investment vehicles which are unquoted. The pooled investment vehicles hold both quoted and unquoted investments. Scheme assets include neither direct investments in the Company\u2019s ordinary shares nor any property assets occupied nor other assets used by the Group. When setting the investment strategy, the Trustees of the defined benefit pension schemes consider a wide range of asset classes for investment, taking account the expected returns and key individual risks associated with those asset classes as well as how these risks can be mitigated where appropriate. The assets of the individual schemes are held across matching and growth portfolios. Details regarding each scheme's approach to the allocation of the assets between these portfolios can be found on our website under pension scheme disclosure notices, https://www.reachplc.com/pension-scheme-disclosure-notices, included in the Statement of Investment Principles (SIP). The purpose of the assets in the matching portfolios is to generate cash flows to match the expected cash outflows arising from the pension obligations. The asset classes in the matching portfolios include, but are not limited to, asset-backed securities, short- duration buy and maintain credit, synthetic credit, bonds, gilts, swaps, liability-driven investment (LDI) and cash funds. The purpose of the assets in the growth portfolios is to generate consistent, absolute returns while managing downside risks and reducing the chance of large losses in stress situations. The asset classes in the growth portfolios include, but are not limited to, equities, bonds, diversified growth, multi-asset credit, emerging markets, inflation swaps, property, infrastructure and private credit funds. The MGN Scheme and the MIN Scheme also hold bulk annuity contracts to match the benefits payable to a portion of the scheme\u2019s pensioners. The Trinity Scheme and the WF Scheme hold bulk annuity contracts matching all the benefits payable to the scheme\u2019s members.", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-408": { "value": "
2025 2024
Changes in the fair value of scheme assets \u00a3m \u00a3m
Opening fair value of scheme assets
1,571.0
1,733.0
Interest income
84.8
78.2
Actual return on assets less than discount rate
(3.2)
(168.6)
Contributions by employer
59.1
59.2
Benefits paid
(113.2)
(109.4)
Administrative expenses
(5.4)
(4.7)
Bulk transfer due to buy-out
\u2013
(16.7)
Closing fair value of scheme assets
1,593.1
1,571.0
2025 2024
Fair value of scheme assets \u00a3m \u00a3m
UK equities
4.3
3.3
Other overseas equities
37.2
34.0
Property
27.1
27.2
Corporate bonds
192.1
250.0
Fixed interest gilts
5.8
1.5
Index linked gilts
0.5
\u2013
Liability-driven investment
897.3
779.9
Cash and other
63.1
99.3
Invested and cash assets at fair value
1,227.4
1,195.2
Value of insurance contracts
365.7
375.8
Fair value of scheme assets
1,593.1
1,571.0
The assets of the schemes are primarily held in pooled investment vehicles which are unquoted. The pooled investment vehicles hold both quoted and unquoted investments. Scheme assets include neither direct investments in the Company\u2019s ordinary shares nor any property assets occupied nor other assets used by the Group. When setting the investment strategy, the Trustees of the defined benefit pension schemes consider a wide range of asset classes for investment, taking account the expected returns and key individual risks associated with those asset classes as well as how these risks can be mitigated where appropriate. The assets of the individual schemes are held across matching and growth portfolios. Details regarding each scheme's approach to the allocation of the assets between these portfolios can be found on our website under pension scheme disclosure notices, https://www.reachplc.com/pension-scheme-disclosure-notices, included in the Statement of Investment Principles (SIP). The purpose of the assets in the matching portfolios is to generate cash flows to match the expected cash outflows arising from the pension obligations. The asset classes in the matching portfolios include, but are not limited to, asset-backed securities, short- duration buy and maintain credit, synthetic credit, bonds, gilts, swaps, liability-driven investment (LDI) and cash funds. The purpose of the assets in the growth portfolios is to generate consistent, absolute returns while managing downside risks and reducing the chance of large losses in stress situations. The asset classes in the growth portfolios include, but are not limited to, equities, bonds, diversified growth, multi-asset credit, emerging markets, inflation swaps, property, infrastructure and private credit funds. The MGN Scheme and the MIN Scheme also hold bulk annuity contracts to match the benefits payable to a portion of the scheme\u2019s pensioners. The Trinity Scheme and the WF Scheme hold bulk annuity contracts matching all the benefits payable to the scheme\u2019s members.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfPlanAssetsExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-342": { "value": "
22 Inventories
2025 2024
\u00a3m \u00a3m
Raw materials and consumables
7.9
10.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-343": { "value": "
23 Trade and other receivables
2025 2024
Trade and other receivables \u00a3m \u00a3m
Gross trade receivables
54.8
55.7
Expected credit loss
(1.2)
(1.6)
Net trade receivables
53.6
54.1
Prepayments
11.0
12.1
Accrued income
11.1
14.6
Other receivables
4.1
6.8
79.8
87.6
Net trade receivables
Trade receivables net of expected credit loss at the reporting date amounted to \u00a353.6m
(2024: \u00a354.1m). The average credit period taken on sales is 39 days (2024: 38 days). No
interest is charged on the receivables.
Before accepting any new customers, the Group, where appropriate, uses an external
credit scoring system to assess the potential customer\u2019s credit quality and defines
credit limits by customer. Limits attributed to customers are reviewed during the period
where appropriate. There are two (2024: two) customers who individually represent
more than 10% of net trade receivables. Included in the net trade receivables balance
are debtors with a carrying amount of \u00a34.7m (2024: \u00a33.3m) which are past their due
date at the reporting date for which the Group has not provided as there has not been
a significant change in credit quality and the amounts are still considered recoverable.
The Group does not hold any collateral over these balances. The average age of these
receivables is 84 days (2024: 93 days).
2025 2024
Ageing of past due receivables \u00a3m \u00a3m
60\u201390 days
3.4
1.7
90\u2013120 days
1.2
0.9
120 days+
0.1
0.7
4.7
3.3
2025 2024
Movement in allowance for doubtful debts \u00a3m \u00a3m
Opening balance
1.6
1.0
Impairment losses recognised
0.6
0.8
Utilisation of provision
(1.0)
(0.2)
Closing balance
1.2
1.6
2025 2024
Ageing of impaired receivables \u00a3m \u00a3m
120+ days
1.2
1.6
1.2
1.6
The carrying amount of trade and other receivables approximates their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-414": { "value": "23 Trade and other receivables
2025 2024
Trade and other receivables \u00a3m \u00a3m
Gross trade receivables
54.8
55.7
Expected credit loss
(1.2)
(1.6)
Net trade receivables
53.6
54.1
Prepayments
11.0
12.1
Accrued income
11.1
14.6
Other receivables
4.1
6.8
79.8
87.6
Net trade receivables Trade receivables net of expected credit loss at the reporting date amounted to \u00a353.6m (2024: \u00a354.1m). The average credit period taken on sales is 39 days (2024: 38 days). No interest is charged on the receivables. Before accepting any new customers, the Group, where appropriate, uses an external credit scoring system to assess the potential customer\u2019s credit quality and defines credit limits by customer. Limits attributed to customers are reviewed during the period where appropriate. There are two (2024: two) customers who individually represent more than 10% of net trade receivables. Included in the net trade receivables balance are debtors with a carrying amount of \u00a34.7m (2024: \u00a33.3m) which are past their due date at the reporting date for which the Group has not provided as there has not been a significant change in credit quality and the amounts are still considered recoverable. The Group does not hold any collateral over these balances. The average age of these receivables is 84 days (2024: 93 days).
2025 2024
Ageing of past due receivables \u00a3m \u00a3m
60\u201390 days
3.4
1.7
90\u2013120 days
1.2
0.9
120 days+
0.1
0.7
4.7
3.3
2025 2024
Movement in allowance for doubtful debts \u00a3m \u00a3m
Opening balance
1.6
1.0
Impairment losses recognised
0.6
0.8
Utilisation of provision
(1.0)
(0.2)
Closing balance
1.2
1.6
2025 2024
Ageing of impaired receivables \u00a3m \u00a3m
120+ days
1.2
1.6
1.2
1.6
The carrying amount of trade and other receivables approximates their fair value. 28 Deferred tax assets and liabilities The following are the major deferred tax assets and liabilities recognised by the Group and movements thereon:
Retirement
Accelerated tax Other short- benefit Share-based
depreciation Tax losses term timing Intangibles obligations payments Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
(20.6)
3.1
(4.1)
(204.7)
25.7
0.5
(200.1)
Credit/(charge) to consolidated income statement
5.8
(3.1)
0.9
\u2013
(11.6)
0.3
(7.7)
Charge to other comprehensive income statement
\u2013
\u2013
\u2013
\u2013
(2.8)
\u2013
(2.8)
Credit to statement of changes in equity
\u2013
\u2013
\u2013
\u2013
\u2013
0.3
0.3
At 31 December 2024
(14.8)
\u2013
(3.2)
(204.7)
11.3
1.1
(210.3)
(Charge)/credit to consolidated income statement
(0.3)
5.2
2.2
40.2
(12.8)
0.1
34.6
Charge to other comprehensive income statement
\u2013
\u2013
\u2013
\u2013
(0.2)
\u2013
(0.2)
Charge to statement of changes in equity
\u2013
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
At 31 December 2025
(15.1)
5.2
(1.0)
(164.5)
(1.7)
1.0
(176.1)
All deferred tax relates to the UK and therefore the Group has a legally enforceable right to offset the deferred tax assets and deferred tax liabilities. The Group has unrecognised capital losses of \u00a397.4m (2024: \u00a380.6m), other unrecognised losses of \u00a31.7m and other temporary differences of nil (2024: \u00a34.3m) at the reporting date. Certain deferred tax assets will unwind within 12 months of the year end. The following sets out the expected unwind profile:
Retirement
Accelerated tax Other short- benefit Share-based
depreciation Tax losses term timing Intangibles obligations payments Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Within one year
(0.3)
\u2013
(0.5)
\u2013
(0.9)
0.2
(1.5)
More than one year
(14.8)
5.2
(0.5)
(164.5)
(0.8)
0.8
(174.6)
At 31 December 2025
(15.1)
5.2
(1.0)
(164.5)
(1.7)
1.0
(176.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-394": { "value": "23 Trade and other receivables
2025 2024
Trade and other receivables \u00a3m \u00a3m
Gross trade receivables
54.8
55.7
Expected credit loss
(1.2)
(1.6)
Net trade receivables
53.6
54.1
Prepayments
11.0
12.1
Accrued income
11.1
14.6
Other receivables
4.1
6.8
79.8
87.6
Net trade receivables Trade receivables net of expected credit loss at the reporting date amounted to \u00a353.6m (2024: \u00a354.1m). The average credit period taken on sales is 39 days (2024: 38 days). No interest is charged on the receivables. Before accepting any new customers, the Group, where appropriate, uses an external credit scoring system to assess the potential customer\u2019s credit quality and defines credit limits by customer. Limits attributed to customers are reviewed during the period where appropriate. There are two (2024: two) customers who individually represent more than 10% of net trade receivables. Included in the net trade receivables balance are debtors with a carrying amount of \u00a34.7m (2024: \u00a33.3m) which are past their due date at the reporting date for which the Group has not provided as there has not been a significant change in credit quality and the amounts are still considered recoverable. The Group does not hold any collateral over these balances. The average age of these receivables is 84 days (2024: 93 days).
2025 2024
Ageing of past due receivables \u00a3m \u00a3m
60\u201390 days
3.4
1.7
90\u2013120 days
1.2
0.9
120 days+
0.1
0.7
4.7
3.3
2025 2024
Movement in allowance for doubtful debts \u00a3m \u00a3m
Opening balance
1.6
1.0
Impairment losses recognised
0.6
0.8
Utilisation of provision
(1.0)
(0.2)
Closing balance
1.2
1.6
2025 2024
Ageing of impaired receivables \u00a3m \u00a3m
120+ days
1.2
1.6
1.2
1.6
The carrying amount of trade and other receivables approximates their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-377": { "value": "23 Trade and other receivables
2025 2024
Trade and other receivables \u00a3m \u00a3m
Gross trade receivables
54.8
55.7
Expected credit loss
(1.2)
(1.6)
Net trade receivables
53.6
54.1
Prepayments
11.0
12.1
Accrued income
11.1
14.6
Other receivables
4.1
6.8
79.8
87.6
Net trade receivables Trade receivables net of expected credit loss at the reporting date amounted to \u00a353.6m (2024: \u00a354.1m). The average credit period taken on sales is 39 days (2024: 38 days). No interest is charged on the receivables. Before accepting any new customers, the Group, where appropriate, uses an external credit scoring system to assess the potential customer\u2019s credit quality and defines credit limits by customer. Limits attributed to customers are reviewed during the period where appropriate. There are two (2024: two) customers who individually represent more than 10% of net trade receivables. Included in the net trade receivables balance are debtors with a carrying amount of \u00a34.7m (2024: \u00a33.3m) which are past their due date at the reporting date for which the Group has not provided as there has not been a significant change in credit quality and the amounts are still considered recoverable. The Group does not hold any collateral over these balances. The average age of these receivables is 84 days (2024: 93 days).
2025 2024
Ageing of past due receivables \u00a3m \u00a3m
60\u201390 days
3.4
1.7
90\u2013120 days
1.2
0.9
120 days+
0.1
0.7
4.7
3.3
2025 2024
Movement in allowance for doubtful debts \u00a3m \u00a3m
Opening balance
1.6
1.0
Impairment losses recognised
0.6
0.8
Utilisation of provision
(1.0)
(0.2)
Closing balance
1.2
1.6
2025 2024
Ageing of impaired receivables \u00a3m \u00a3m
120+ days
1.2
1.6
1.2
1.6
The carrying amount of trade and other receivables approximates their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-379": { "value": "
24 Net debt
The net debt for the Group is as follows:
IFRS 16 lease
liabilities
movement
31
1 January Cash Loan New December
2025 flow drawdown Interest leases 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Liabilities from financing
activities
Borrowings
(35.0)
\u2013
(9.5)
\u2013
\u2013
(44.5)
Lease liabilities
(27.3)
6.6
\u2013
(1.1)
(0.4)
(22.2)
(62.3)
6.6
(9.5)
(1.1)
(0.4)
(66.7)
Current assets
Cash and cash equivalents
20.8
(20.7)
9.5
\u2013
\u2013
9.6
Net debt less lease liabilities
(41.5)
(57.1)
Net debt
(14.2)
(20.7)
\u2013
\u2013
\u2013
(34.9)
IFRS 16 lease liabilities
movement
31
1 January Cash Loan New Other December
2024 flow drawdown Interest leases Movements 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Liabilities from
financing activities
Borrowings
(30.0)
\u2013
(5.0)
\u2013
\u2013
\u2013
(35.0)
Lease liabilities
(33.2)
7.3
\u2013
(1.3)
(0.7)
0.6
(27.3)
(63.2)
7.3
(5.0)
(1.3)
(0.7)
0.6
(62.3)
Current assets
Cash and cash
equivalents
19.9
(4.1)
5.0
\u2013
\u2013
\u2013
20.8
Net cash less lease
liabilities
(43.3)
(41.5)
Net cash/(debt)
(10.1)
(4.1)
\u2013
\u2013
\u2013
\u2013
(14.2)
Cash and cash equivalents comprise cash held by the Group and short-term bank deposits with an original maturity of one week or less. The carrying amount of these assets approximates their fair value. The cash and cash equivalents disclosed above and in the statement of cash flows include \u00a33.5m (2024: \u00a32.4m) of restricted cash relating to potential pension contributions to the EN88 Scheme if the funding is deemed required (note 21). This is not available for general use within the Group. In addition, whilst not classified as cash and cash equivalents, this is also true for \u00a36.5m (2024: \u00a31.9m) held in escrow in relation to the Trinity Scheme (note 21), which is recognised within Other financial assets on the Consolidated Balance Sheet. The Group has a revolving credit facility of \u00a3145.0m which was extended for a further year in 2025 and now expires on 12 December 2029. The Group had drawings of 44.5m, at the reporting date. The facility is subject to two covenants: Interest Cover and Net Debt to EBITDA, both of which were met at the reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-345": { "value": "24 Net debt The net debt for the Group is as follows:
IFRS 16 lease
liabilities
movement
31
1 January Cash Loan New December
2025 flow drawdown Interest leases 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Liabilities from financing
activities
Borrowings
(35.0)
\u2013
(9.5)
\u2013
\u2013
(44.5)
Lease liabilities
(27.3)
6.6
\u2013
(1.1)
(0.4)
(22.2)
(62.3)
6.6
(9.5)
(1.1)
(0.4)
(66.7)
Current assets
Cash and cash equivalents
20.8
(20.7)
9.5
\u2013
\u2013
9.6
Net debt less lease liabilities
(41.5)
(57.1)
Net debt
(14.2)
(20.7)
\u2013
\u2013
\u2013
(34.9)
IFRS 16 lease liabilities
movement
31
1 January Cash Loan New Other December
2024 flow drawdown Interest leases Movements 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Liabilities from
financing activities
Borrowings
(30.0)
\u2013
(5.0)
\u2013
\u2013
\u2013
(35.0)
Lease liabilities
(33.2)
7.3
\u2013
(1.3)
(0.7)
0.6
(27.3)
(63.2)
7.3
(5.0)
(1.3)
(0.7)
0.6
(62.3)
Current assets
Cash and cash
equivalents
19.9
(4.1)
5.0
\u2013
\u2013
\u2013
20.8
Net cash less lease
liabilities
(43.3)
(41.5)
Net cash/(debt)
(10.1)
(4.1)
\u2013
\u2013
\u2013
\u2013
(14.2)
Cash and cash equivalents comprise cash held by the Group and short-term bank
deposits with an original maturity of one week or less. The carrying amount of these
assets approximates their fair value. The cash and cash equivalents disclosed above
and in the statement of cash flows include \u00a33.5m (2024: \u00a32.4m) of restricted cash
relating to potential pension contributions to the EN88 Scheme if the funding is deemed
required (note 21). This is not available for general use within the Group. In addition,
whilst not classified as cash and cash equivalents, this is also true for \u00a36.5m (2024:
\u00a31.9m) held in escrow in relation to the Trinity Scheme (note 21), which is recognised
within Other financial assets on the Consolidated Balance Sheet.
The Group has a revolving credit facility of \u00a3145.0m which was extended for a further
year in 2025 and now expires on 12 December 2029. The Group had drawings of 44.5m,
at the reporting date. The facility is subject to two covenants: Interest Cover and Net
Debt to EBITDA, both of which were met at the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-378": { "value": "25 Assets classified as held for sale
2025 2024
\u00a3m \u00a3m
Opening balance
2.6
11.0
Classified as held for sale in the year (note 17)
-
0.7
Disposals
(2.6)
(9.1)
Closing balance
-
2.6
The two properties classified as held for sale at 31 December 2024 have been sold in the year. At 31 December 2025, no properties were recognised as assets classified as held for sale. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-344": { "value": "25 Assets classified as held for sale
2025 2024
\u00a3m \u00a3m
Opening balance
2.6
11.0
Classified as held for sale in the year (note 17)
-
0.7
Disposals
(2.6)
(9.1)
Closing balance
-
2.6
The two properties classified as held for sale at 31 December 2024 have been sold in the year. At 31 December 2025, no properties were recognised as assets classified as held for sale. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-346": { "value": "
26 Trade and other payables
2025 2024
Trade and other payables \u00a3m \u00a3m
Trade payables
(20.0)
(23.7)
Social security and other taxes
(6.2)
(6.1)
Accruals
(40.7)
(47.3)
Deferred income
(5.1)
(4.8)
Other payables
(19.7)
(23.4)
(91.7)
(105.3)
The trade and other payables have been analysed as current.
Trade payables principally comprise amounts outstanding for trade purchases and
ongoing costs. The average credit period taken for trade purchases is 30 days (2024: 36
days). For most suppliers no interest is charged on the trade payables for the first 60 days
from the date of the invoice. Thereafter, interest is charged on the outstanding balances
at various interest rates. The Group has financial risk management policies in place to
ensure that all payables are paid within the credit timeframe. The carrying amount of
trade payables approximates to their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-415": { "value": "26 Trade and other payables
2025 2024
Trade and other payables \u00a3m \u00a3m
Trade payables
(20.0)
(23.7)
Social security and other taxes
(6.2)
(6.1)
Accruals
(40.7)
(47.3)
Deferred income
(5.1)
(4.8)
Other payables
(19.7)
(23.4)
(91.7)
(105.3)
The trade and other payables have been analysed as current. Trade payables principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is 30 days (2024: 36 days). For most suppliers no interest is charged on the trade payables for the first 60 days from the date of the invoice. Thereafter, interest is charged on the outstanding balances at various interest rates. The Group has financial risk management policies in place to ensure that all payables are paid within the credit timeframe. The carrying amount of trade payables approximates to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-416": { "value": "26 Trade and other payables
2025 2024
Trade and other payables \u00a3m \u00a3m
Trade payables
(20.0)
(23.7)
Social security and other taxes
(6.2)
(6.1)
Accruals
(40.7)
(47.3)
Deferred income
(5.1)
(4.8)
Other payables
(19.7)
(23.4)
(91.7)
(105.3)
The trade and other payables have been analysed as current. Trade payables principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is 30 days (2024: 36 days). For most suppliers no interest is charged on the trade payables for the first 60 days from the date of the invoice. Thereafter, interest is charged on the outstanding balances at various interest rates. The Group has financial risk management policies in place to ensure that all payables are paid within the credit timeframe. The carrying amount of trade payables approximates to their fair value. 28 Deferred tax assets and liabilities The following are the major deferred tax assets and liabilities recognised by the Group and movements thereon:
Retirement
Accelerated tax Other short- benefit Share-based
depreciation Tax losses term timing Intangibles obligations payments Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
(20.6)
3.1
(4.1)
(204.7)
25.7
0.5
(200.1)
Credit/(charge) to consolidated income statement
5.8
(3.1)
0.9
\u2013
(11.6)
0.3
(7.7)
Charge to other comprehensive income statement
\u2013
\u2013
\u2013
\u2013
(2.8)
\u2013
(2.8)
Credit to statement of changes in equity
\u2013
\u2013
\u2013
\u2013
\u2013
0.3
0.3
At 31 December 2024
(14.8)
\u2013
(3.2)
(204.7)
11.3
1.1
(210.3)
(Charge)/credit to consolidated income statement
(0.3)
5.2
2.2
40.2
(12.8)
0.1
34.6
Charge to other comprehensive income statement
\u2013
\u2013
\u2013
\u2013
(0.2)
\u2013
(0.2)
Charge to statement of changes in equity
\u2013
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
At 31 December 2025
(15.1)
5.2
(1.0)
(164.5)
(1.7)
1.0
(176.1)
All deferred tax relates to the UK and therefore the Group has a legally enforceable right to offset the deferred tax assets and deferred tax liabilities. The Group has unrecognised capital losses of \u00a397.4m (2024: \u00a380.6m), other unrecognised losses of \u00a31.7m and other temporary differences of nil (2024: \u00a34.3m) at the reporting date. Certain deferred tax assets will unwind within 12 months of the year end. The following sets out the expected unwind profile:
Retirement
Accelerated tax Other short- benefit Share-based
depreciation Tax losses term timing Intangibles obligations payments Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Within one year
(0.3)
\u2013
(0.5)
\u2013
(0.9)
0.2
(1.5)
More than one year
(14.8)
5.2
(0.5)
(164.5)
(0.8)
0.8
(174.6)
At 31 December 2025
(15.1)
5.2
(1.0)
(164.5)
(1.7)
1.0
(176.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-409": { "value": "26 Trade and other payables
2025 2024
Trade and other payables \u00a3m \u00a3m
Trade payables
(20.0)
(23.7)
Social security and other taxes
(6.2)
(6.1)
Accruals
(40.7)
(47.3)
Deferred income
(5.1)
(4.8)
Other payables
(19.7)
(23.4)
(91.7)
(105.3)
The trade and other payables have been analysed as current. Trade payables principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is 30 days (2024: 36 days). For most suppliers no interest is charged on the trade payables for the first 60 days from the date of the invoice. Thereafter, interest is charged on the outstanding balances at various interest rates. The Group has financial risk management policies in place to ensure that all payables are paid within the credit timeframe. The carrying amount of trade payables approximates to their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-395": { "value": "26 Trade and other payables
2025 2024
Trade and other payables \u00a3m \u00a3m
Trade payables
(20.0)
(23.7)
Social security and other taxes
(6.2)
(6.1)
Accruals
(40.7)
(47.3)
Deferred income
(5.1)
(4.8)
Other payables
(19.7)
(23.4)
(91.7)
(105.3)
The trade and other payables have been analysed as current. Trade payables principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is 30 days (2024: 36 days). For most suppliers no interest is charged on the trade payables for the first 60 days from the date of the invoice. Thereafter, interest is charged on the outstanding balances at various interest rates. The Group has financial risk management policies in place to ensure that all payables are paid within the credit timeframe. The carrying amount of trade payables approximates to their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-380": { "value": "26 Trade and other payables
2025 2024
Trade and other payables \u00a3m \u00a3m
Trade payables
(20.0)
(23.7)
Social security and other taxes
(6.2)
(6.1)
Accruals
(40.7)
(47.3)
Deferred income
(5.1)
(4.8)
Other payables
(19.7)
(23.4)
(91.7)
(105.3)
The trade and other payables have been analysed as current. Trade payables principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is 30 days (2024: 36 days). For most suppliers no interest is charged on the trade payables for the first 60 days from the date of the invoice. Thereafter, interest is charged on the outstanding balances at various interest rates. The Group has financial risk management policies in place to ensure that all payables are paid within the credit timeframe. The carrying amount of trade payables approximates to their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-381": { "value": "
27 Provisions
Share-
based Historical
payments Property Restructuring legal issues Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2025
(0.7)
(18.4)
(4.2)
(9.1)
(2.9)
(35.3)
Charged to income
statement
(0.4)
(2.6)
(22.9)
\u2013
(0.8)
(26.7)
Released to income
statement
0.6
\u2013
\u2013
\u2013
0.3
0.9
Utilisation of provision
\u2013
1.9
23.2
4.4
0.6
30.1
At 31 December 2025
(0.5)
(19.1)
(3.9)
(4.7)
(2.8)
(31.0)
The provisions have been analysed between current and non-current as follows:
2025 2024
\u00a3m \u00a3m
Current
(14.5)
(13.8)
Non-current
(16.5)
(21.5)
(31.0)
(35.3)
The share-based payments provision relates to National Insurance obligations
attached to the future crystallisation of awards. This provision will be utilised over the
next three years.
The property provision relates to property-related onerous contracts and onerous committed costs related to vacant properties. The provision will be utilised over the remaining term of the leases or expected period of vacancy. The restructuring provision relates to restructuring charges incurred in the delivery of cost reduction measures. The net charge of \u00a322.9m principally relates to in-year cost management actions taken in the period (note 8). The restructuring provision is expected to be utilised within the next year. The historical legal issues provision relates to the cost associated with resolving civil claims in relation to historical phone hacking and unlawful information gathering. The provision consists of known claims and costs. The key uncertainties in relation to this matter relate to how each claim progresses, the amount of any settlement and the associated legal costs. Our assumptions have been based on historical trends, our experience and the expected evolution of claims and costs. The known and common costs provision is calculated using the most likely outcome method. At the period end, a provision of \u00a34.7m remains outstanding and this represents the current best estimate of the amount required to resolve this historical matter. The provision is expected to be utilised within the next year (2024: two years). Our view on the range of outcomes at the reporting date for the provision, applying more and less favourable outcomes to all aspects of the provision, is \u00a32m to \u00a38m (2024: \u00a34m to \u00a316m). Despite making a best estimate, the timing of utilisation and ongoing legal matters related to provided for claims could mean that the final outcome is outside of the range of outcomes. The other provision balance of \u00a32.8m at the period end relates to libel and other matters, \u00a31.3m of which is expected to be utilised over the next year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-347": { "value": "27 Provisions
Share-
based Historical
payments Property Restructuring legal issues Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2025
(0.7)
(18.4)
(4.2)
(9.1)
(2.9)
(35.3)
Charged to income
statement
(0.4)
(2.6)
(22.9)
\u2013
(0.8)
(26.7)
Released to income
statement
0.6
\u2013
\u2013
\u2013
0.3
0.9
Utilisation of provision
\u2013
1.9
23.2
4.4
0.6
30.1
At 31 December 2025
(0.5)
(19.1)
(3.9)
(4.7)
(2.8)
(31.0)
The provisions have been analysed between current and non-current as follows:
2025 2024
\u00a3m \u00a3m
Current
(14.5)
(13.8)
Non-current
(16.5)
(21.5)
(31.0)
(35.3)
The share-based payments provision relates to National Insurance obligations attached to the future crystallisation of awards. This provision will be utilised over the next three years.
The property provision relates to property-related onerous contracts and onerous
committed costs related to vacant properties. The provision will be utilised over the
remaining term of the leases or expected period of vacancy.
The restructuring provision relates to restructuring charges incurred in the delivery of
cost reduction measures. The net charge of \u00a322.9m principally relates to in-year cost
management actions taken in the period (note 8). The restructuring provision is
expected to be utilised within the next year.
The historical legal issues provision relates to the cost associated with resolving civil
claims in relation to historical phone hacking and unlawful information gathering. The
provision consists of known claims and costs. The key uncertainties in relation to this
matter relate to how each claim progresses, the amount of any settlement and the
associated legal costs. Our assumptions have been based on historical trends, our
experience and the expected evolution of claims and costs. The known and common
costs provision is calculated using the most likely outcome method.
At the period end, a provision of \u00a34.7m remains outstanding and this represents the
current best estimate of the amount required to resolve this historical matter. The
provision is expected to be utilised within the next year (2024: two years).
Our view on the range of outcomes at the reporting date for the provision, applying
more and less favourable outcomes to all aspects of the provision, is \u00a32m to \u00a38m (2024:
\u00a34m to \u00a316m). Despite making a best estimate, the timing of utilisation and ongoing
legal matters related to provided for claims could mean that the final outcome is
outside of the range of outcomes.
The other provision balance of \u00a32.8m at the period end relates to libel and other
matters, \u00a31.3m of which is expected to be utilised over the next year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-382": { "value": "28 Deferred tax assets and liabilities The following are the major deferred tax assets and liabilities recognised by the Group and movements thereon:
Retirement
Accelerated tax Other short- benefit Share-based
depreciation Tax losses term timing Intangibles obligations payments Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
(20.6)
3.1
(4.1)
(204.7)
25.7
0.5
(200.1)
Credit/(charge) to consolidated income statement
5.8
(3.1)
0.9
\u2013
(11.6)
0.3
(7.7)
Charge to other comprehensive income statement
\u2013
\u2013
\u2013
\u2013
(2.8)
\u2013
(2.8)
Credit to statement of changes in equity
\u2013
\u2013
\u2013
\u2013
\u2013
0.3
0.3
At 31 December 2024
(14.8)
\u2013
(3.2)
(204.7)
11.3
1.1
(210.3)
(Charge)/credit to consolidated income statement
(0.3)
5.2
2.2
40.2
(12.8)
0.1
34.6
Charge to other comprehensive income statement
\u2013
\u2013
\u2013
\u2013
(0.2)
\u2013
(0.2)
Charge to statement of changes in equity
\u2013
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
At 31 December 2025
(15.1)
5.2
(1.0)
(164.5)
(1.7)
1.0
(176.1)
All deferred tax relates to the UK and therefore the Group has a legally enforceable right to offset the deferred tax assets and deferred tax liabilities. The Group has unrecognised capital losses of \u00a397.4m (2024: \u00a380.6m), other unrecognised losses of \u00a31.7m and other temporary differences of nil (2024: \u00a34.3m) at the reporting date. Certain deferred tax assets will unwind within 12 months of the year end. The following sets out the expected unwind profile:
Retirement
Accelerated tax Other short- benefit Share-based
depreciation Tax losses term timing Intangibles obligations payments Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Within one year
(0.3)
\u2013
(0.5)
\u2013
(0.9)
0.2
(1.5)
More than one year
(14.8)
5.2
(0.5)
(164.5)
(0.8)
0.8
(174.6)
At 31 December 2025
(15.1)
5.2
(1.0)
(164.5)
(1.7)
1.0
(176.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-348": { "value": "
29 Share capital and reserves
Capital Retained
Share Merger redemption earnings and
capital reserve reserve other reserves Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
32.2
17.4
4.4
583.2
637.2
Total comprehensive income for the period
\u2013
\u2013
\u2013
62.2
62.2
Purchase of shares
\u2013
\u2013
\u2013
(0.6)
(0.6)
Credit to equity for equity-settled share-based payments
\u2013
\u2013
\u2013
2.5
2.5
Tax credit for equity-settled share-based payments
-
-
-
0.5
0.5
Dividends paid
\u2013
\u2013
\u2013
(23.2)
(23.2)
At 31 December 2024
32.2
17.4
4.4
624.6
678.6
Total comprehensive loss for the period
\u2013
\u2013
\u2013
(131.0)
(131.0)
Purchase of own shares
\u2013
\u2013
\u2013
(0.6)
(0.6)
Credit to equity for equity-settled share-based payments
\u2013
\u2013
\u2013
2.6
2.6
Tax charge for equity-settled share-based payments
\u2013
\u2013
\u2013
(0.2)
(0.2)
Dividends paid
\u2013
\u2013
\u2013
(23.2)
(23.2)
At 31 December 2025
32.2
17.4
4.4
472.2
526.2
The share capital comprises 322,085,269 (2024: 322,085,269) allotted, called up and fully
paid ordinary shares of 10p each.
The merger reserve comprises the premium on the shares allotted in relation to the
acquisition of Express & Star. The capital redemption reserve represents the nominal
value of the shares purchased and subsequently cancelled under share buy-back
programmes.
The Company holds 3,748,968 shares as Treasury shares (2024: 3,927,313 shares). In
2025, 178,345 shares were withdrawn from Treasury to satisfy the vesting of buy-out
awards granted in 2023.
Cumulative goodwill written off to retained earnings and other reserves in respect of
continuing businesses acquired prior to 1998 is \u00a325.9m (2024: \u00a325.9m). On transition to IFRS,
the revalued amounts of freehold properties were deemed to be the cost of the asset and
the revaluation reserve has been transferred to retained earnings and other reserves.
Shares purchased by the Trinity Mirror Employees\u2019 Benefit Trust are included in retained
earnings and other reserves at \u00a32.8m (2024: \u00a32.6m). During the year, the Trust purchased
866,929 shares (2024: 590,205 shares) for a cash consideration of \u00a30.6m (2024: \u00a30.6m).
The Trust received a payment of \u00a30.6m from the Company to purchase these shares.
During the year, 560,061 shares were released relating to grants made in prior years
(2024: 1,716,112).
30 Share capital
2025 2025 2024 2024
Number \u00a3m Number \u00a3m
Allotted, called up and fully paid
ordinary shares of 10 pence each
Opening balance and
closing balance
322,085,269
32.2
322,085,269
32.2
The Company has one class of share capital, being ordinary shares with a nominal
value of 10 pence each. The Company\u2019s ordinary shares give the shareholders equal
rights to vote, receive dividends and to the repayment of capital. There are no
restrictions on these shares in relation to the distribution of dividends and the
repayment of capital.
The lowest closing price of the shares during the year was 53.1 pence on 7 November
2025 (2024: 59.1 pence on 29 February 2024) and the highest closing price was 88.2
pence on 31 January 2025 (2024: 107.6 pence on 1 August 2024). The closing share price
as at the reporting date was 55.1 pence (2024: 83.3 pence).
Trinity Mirror Employees\u2019 Benefit Trust
The Trinity Mirror Employees\u2019 Benefit Trust (\u2018the Trust\u2019) is established in Jersey and is
administered by the Trustee Estera Trust (Jersey) Limited. The Trust holds shares of
the Company for subsequent transfer to employees under the terms of the Group\u2019s
share plans.
At the reporting date, the Trust held 2,814,330 shares (2024: 2,329,117 shares) with a
carrying value of \u00a32,761,149 (2024: \u00a32,611,543) and a market value of \u00a31,550,696 (2024:
\u00a31,940,154). In addition, the Trust holds cash to purchase future shares of \u00a34,758 (2024:
\u00a35,254). The costs associated with the Trust are included in the consolidated income
statement as they accrue. Shares held by the Trust have been excluded from the
weighted average number of shares used in the calculation of earnings per share.
TIH Employee Benefit Trust
An Employee Benefit Trust administered by the Trustee Zedra Trust Company
(Guernsey) Limited held shares of the Company for subsequent transfer to employees
under a Restricted Share Plan.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-396": { "value": "29 Share capital and reserves
Capital Retained
Share Merger redemption earnings and
capital reserve reserve other reserves Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
32.2
17.4
4.4
583.2
637.2
Total comprehensive income for the period
\u2013
\u2013
\u2013
62.2
62.2
Purchase of shares
\u2013
\u2013
\u2013
(0.6)
(0.6)
Credit to equity for equity-settled share-based payments
\u2013
\u2013
\u2013
2.5
2.5
Tax credit for equity-settled share-based payments
-
-
-
0.5
0.5
Dividends paid
\u2013
\u2013
\u2013
(23.2)
(23.2)
At 31 December 2024
32.2
17.4
4.4
624.6
678.6
Total comprehensive loss for the period
\u2013
\u2013
\u2013
(131.0)
(131.0)
Purchase of own shares
\u2013
\u2013
\u2013
(0.6)
(0.6)
Credit to equity for equity-settled share-based payments
\u2013
\u2013
\u2013
2.6
2.6
Tax charge for equity-settled share-based payments
\u2013
\u2013
\u2013
(0.2)
(0.2)
Dividends paid
\u2013
\u2013
\u2013
(23.2)
(23.2)
At 31 December 2025
32.2
17.4
4.4
472.2
526.2
The share capital comprises 322,085,269 (2024: 322,085,269) allotted, called up and fully paid ordinary shares of 10p each. The merger reserve comprises the premium on the shares allotted in relation to the acquisition of Express & Star. The capital redemption reserve represents the nominal value of the shares purchased and subsequently cancelled under share buy-back programmes. The Company holds 3,748,968 shares as Treasury shares (2024: 3,927,313 shares). In 2025, 178,345 shares were withdrawn from Treasury to satisfy the vesting of buy-out awards granted in 2023. Cumulative goodwill written off to retained earnings and other reserves in respect of continuing businesses acquired prior to 1998 is \u00a325.9m (2024: \u00a325.9m). On transition to IFRS, the revalued amounts of freehold properties were deemed to be the cost of the asset and the revaluation reserve has been transferred to retained earnings and other reserves. Shares purchased by the Trinity Mirror Employees\u2019 Benefit Trust are included in retained earnings and other reserves at \u00a32.8m (2024: \u00a32.6m). During the year, the Trust purchased 866,929 shares (2024: 590,205 shares) for a cash consideration of \u00a30.6m (2024: \u00a30.6m). The Trust received a payment of \u00a30.6m from the Company to purchase these shares. During the year, 560,061 shares were released relating to grants made in prior years (2024: 1,716,112). ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-383": { "value": "29 Share capital and reserves
Capital Retained
Share Merger redemption earnings and
capital reserve reserve other reserves Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
32.2
17.4
4.4
583.2
637.2
Total comprehensive income for the period
\u2013
\u2013
\u2013
62.2
62.2
Purchase of shares
\u2013
\u2013
\u2013
(0.6)
(0.6)
Credit to equity for equity-settled share-based payments
\u2013
\u2013
\u2013
2.5
2.5
Tax credit for equity-settled share-based payments
-
-
-
0.5
0.5
Dividends paid
\u2013
\u2013
\u2013
(23.2)
(23.2)
At 31 December 2024
32.2
17.4
4.4
624.6
678.6
Total comprehensive loss for the period
\u2013
\u2013
\u2013
(131.0)
(131.0)
Purchase of own shares
\u2013
\u2013
\u2013
(0.6)
(0.6)
Credit to equity for equity-settled share-based payments
\u2013
\u2013
\u2013
2.6
2.6
Tax charge for equity-settled share-based payments
\u2013
\u2013
\u2013
(0.2)
(0.2)
Dividends paid
\u2013
\u2013
\u2013
(23.2)
(23.2)
At 31 December 2025
32.2
17.4
4.4
472.2
526.2
The share capital comprises 322,085,269 (2024: 322,085,269) allotted, called up and fully paid ordinary shares of 10p each. The merger reserve comprises the premium on the shares allotted in relation to the acquisition of Express & Star. The capital redemption reserve represents the nominal value of the shares purchased and subsequently cancelled under share buy-back programmes. The Company holds 3,748,968 shares as Treasury shares (2024: 3,927,313 shares). In 2025, 178,345 shares were withdrawn from Treasury to satisfy the vesting of buy-out awards granted in 2023. Cumulative goodwill written off to retained earnings and other reserves in respect of continuing businesses acquired prior to 1998 is \u00a325.9m (2024: \u00a325.9m). On transition to IFRS, the revalued amounts of freehold properties were deemed to be the cost of the asset and the revaluation reserve has been transferred to retained earnings and other reserves. Shares purchased by the Trinity Mirror Employees\u2019 Benefit Trust are included in retained earnings and other reserves at \u00a32.8m (2024: \u00a32.6m). During the year, the Trust purchased 866,929 shares (2024: 590,205 shares) for a cash consideration of \u00a30.6m (2024: \u00a30.6m). The Trust received a payment of \u00a30.6m from the Company to purchase these shares. During the year, 560,061 shares were released relating to grants made in prior years (2024: 1,716,112). 30 Share capital
2025 2025 2024 2024
Number \u00a3m Number \u00a3m
Allotted, called up and fully paid
ordinary shares of 10 pence each
Opening balance and
closing balance
322,085,269
32.2
322,085,269
32.2
The Company has one class of share capital, being ordinary shares with a nominal value of 10 pence each. The Company\u2019s ordinary shares give the shareholders equal rights to vote, receive dividends and to the repayment of capital. There are no restrictions on these shares in relation to the distribution of dividends and the repayment of capital. The lowest closing price of the shares during the year was 53.1 pence on 7 November 2025 (2024: 59.1 pence on 29 February 2024) and the highest closing price was 88.2 pence on 31 January 2025 (2024: 107.6 pence on 1 August 2024). The closing share price as at the reporting date was 55.1 pence (2024: 83.3 pence). Trinity Mirror Employees\u2019 Benefit Trust The Trinity Mirror Employees\u2019 Benefit Trust (\u2018the Trust\u2019) is established in Jersey and is administered by the Trustee Estera Trust (Jersey) Limited. The Trust holds shares of the Company for subsequent transfer to employees under the terms of the Group\u2019s share plans. At the reporting date, the Trust held 2,814,330 shares (2024: 2,329,117 shares) with a carrying value of \u00a32,761,149 (2024: \u00a32,611,543) and a market value of \u00a31,550,696 (2024: \u00a31,940,154). In addition, the Trust holds cash to purchase future shares of \u00a34,758 (2024: \u00a35,254). The costs associated with the Trust are included in the consolidated income statement as they accrue. Shares held by the Trust have been excluded from the weighted average number of shares used in the calculation of earnings per share. TIH Employee Benefit Trust An Employee Benefit Trust administered by the Trustee Zedra Trust Company (Guernsey) Limited held shares of the Company for subsequent transfer to employees under a Restricted Share Plan. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-349": { "value": "
31 Share-based payments
The charge related to share-based payments during the period was \u00a32.1m (2024: \u00a32.5m).
Long Term Incentive Plan
Under these schemes, the Remuneration Committee can recommend the grant of
awards of shares to an eligible employee. Full details of how the schemes operate are
explained in the Remuneration Report on pages 82 to 97. The vesting period is three
years and is subject to continued employment of the participant. The Performance
Shares granted in 2024 and 2025 vest if targets measuring the Company\u2019s share price,
RPM and emissions reductions are met.
2025 2024
Number of Number of
Performance Performance
Shares Shares
Awards outstanding at start of period
11,790,630
9,047,686
Granted during the period
4,905,678
6,061,164
Dividend accrued granted during the period
\u2013
105,886
Lapsed during the period
(3,696,699)
(1,775,070)
Exercised during the period
(226,736)
(1,649,036)
Awards outstanding at end of period
12,772,873
11,790,630
During the year, awards relating to 1,452,408 shares were granted to executive directors
on a discretionary basis under the Long Term Incentive Plan (2024: 2,112,984). The exercise
price of each award is \u00a31 for each block of awards granted. The awards vest after three
years, subject to the continued employment of the participant and satisfaction of certain
performance conditions, and are required to be held for a further two years.
During the year, awards relating to 3,453,270 shares were granted to senior managers
on a discretionary basis under the Long Term Incentive Plan (2024: 3,948,180). The
exercise price of each award is \u00a31 for each block of awards granted. The awards vest
after three years, subject to the continued employment of the participant and
satisfaction of certain performance conditions.
The average exercise period of awards outstanding at the reporting date is 8 months
(2024: 9 months). The share price at the date of grant for the Performance Shares was
68.2 pence for 4,540,319 shares and 62.0 pence for 365,359 shares (2024: 85.0 pence for
6,032,910 shares and 95.3 pence for 28,254 shares). The weighted average share price
at the date of lapse for awards lapsed during the period was 70.9 pence (2024: 81.5
pence). The weighted average share price at the date of exercise for awards exercised
during the period was 72.8 pence (2024: 78.0 pence).
The estimated fair values at the date of grant of the shares awarded are as follows:
Awarded in Awarded in Awarded in Awarded in Awarded in
2025 2024 2023 2022 2021
\u00a3 \u00a3 \u00a3 \u00a3 \u00a3
Performance Shares
2,302,243
4,020,031
2,455,648
1,919,693
2,881,556
During 2023, awards relating to 394,666 shares were granted to an executive director
under the Long Term Incentive Plan representing a buy-out of awards that were
forfeited on joining the Group. The awards vest in line with the original vesting dates
of the forfeited awards, subject to the continued employment up to the relevant
vesting dates. 158,176 of these shares had a vesting date in 2025 (2024: 61,164 shares).
Save As You Earn Plan
In 2024, awards relating to 2,400,238 shares were granted to employees on a
discretionary basis under the Save As You Earn Plan. The exercise price of each award is
89.0 pence. The awards vest after three years, subject to the continued employment of
the participant. The estimated fair value of the options was \u00a3671,587.
In 2021, awards relating to 1,500,736 shares were granted to employees on a discretionary
basis under the Save As You Earn Plan. The exercise price of each award is 246.0 pence.
The awards vest after three years, subject to the continued employment of the participant.
The estimated fair value of the options was \u00a31,753,760. The share price on the vesting date
in 2024 was 99.7 pence, lower than the exercise price of each award, resulting in all of the
shares granted in 2021 lapsing.
The fair values for the Performance Shares and Save As You Earn Plan were calculated using a stochastic (Monte-Carlo binomial) model at the date of grant. The inputs to the model for awards from 2022 were as follows:
Performance Performance Save As You Performance Performance Performance Performance Performance Performance
Shares 2025 Shares 2025 Earn Plan 2024 Shares 2024 Shares 2024 Shares 2023 Shares 2023 Shares 2022 Shares 2022
15 October 10 April 24 September 17 October 8 May 12 October 13 April 12 October 11 April
2025 2025 2024 2024 2024 2023 2023 2022 2022
Expected volatility (%)
36.1
50.9
55.5
49.0
59.1
62.2
63.5
65.4
58.9
Expected life (years)
3.0
3.0
3.4
2.6
3.0
2.5
3.0
2.5
3.0
Risk-free (%)
3.9
3.9
3.9
3.8
4.3
4.5
3.5
4.1
1.7
Expected volatility has been determined by calculating the historical volatility of the
Company\u2019s share price over the three-year period prior to the grant date. The exercise
price used in the model is nil as the exercise price of the granted awards is \u00a31 for each
block of awards granted.
Restricted Share Plan
During the year, awards relating to 728,512 shares were granted to executive directors
under the Restricted Share Plan (2024: no shares).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-397": { "value": "The average exercise period of awards outstanding at the reporting date is 8 months (2024: 9 months). The share price at the date of grant for the Performance Shares was 68.2 pence for 4,540,319 shares and 62.0 pence for 365,359 shares (2024: 85.0 pence for 6,032,910 shares and 95.3 pence for 28,254 shares). The weighted average share price at the date of lapse for awards lapsed during the period was 70.9 pence (2024: 81.5 pence). The weighted average share price at the date of exercise for awards exercised during the period was 72.8 pence (2024: 78.0 pence). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-350": { "value": "
32 Financial instruments
Capital risk management
The Group manages its capital to ensure that entities in the Group will be able to
continue as a going concern while maximising the return to shareholders through an
optimal balance of bank debt and equity. The capital structure of the Group consists of:
bank debt and facilities (note 24);
cash and cash equivalents (note 24); and
equity attributable to equity holders of the parent comprising share capital and
reserves (note 29).
The Group\u2019s Dividend Policy is set out on page 103 of the Directors\u2019 Report.
The Group monitors its capital allocation and there are no changes from the
previous year.
The Board reviews the capital structure, including the level of gearing and interest cover,
as required. As part of this review, the Board considers the cost of capital and the risks
associated with each class of capital.
The Group has a revolving credit facility of \u00a3145.0m which expires on 12 December 2029.
The Group had drawings of \u00a344.5m at the reporting date. The facility is subject to two
covenants: Interest Cover and Net Debt to EBITDA. The Group was compliant with both
debt covenants as at 31 December 2025. The revolving credit facility is held by the
parent company.
Externally imposed capital requirement
The Group is subject to externally imposed capital requirements which are financial
covenants under the revolving credit facility, all of which were met at the reporting date.
The financial covenants are monitored on a monthly basis and formally reported on a
half-yearly basis.
Material accounting policies
Details of the material accounting policies and methods adopted, including the
criteria for recognition, the basis of measurement and the basis on which income
and expenses are recognised, in respect of each class of financial asset, financial
liability and equity instrument, are disclosed in note 3.
Categories of financial instruments
The Group recognises the following financial instruments on its balance sheet which are
held at amortised cost.
2025 2024
notes \u00a3m \u00a3m
Financial assets
Net trade receivables
23
53.6
54.1
Accrued income
23
11.1
14.6
Other receivables
23
4.1
6.8
Cash and cash equivalents
24
9.6
20.8
Other financial asset
21
6.5
1.9
84.9
98.2
Financial liabilities
Trade payables
26
(20.0)
(23.7)
Accruals
26
(40.7)
(47.3)
Other payables
26
(19.7)
(23.4)
Borrowings
24
(44.5)
(35.0)
Lease liabilities
19
(22.2)
(27.3)
(147.1)
(156.7)
Financial risk management objectives The Group\u2019s Treasury function provides services to the business, co-ordinates access to domestic and international financial markets and monitors and manages the financial risks relating to the operations of the Group through regular meetings with the Chief Financial Officer and by analysing exposures by degree and magnitude of risk. These risks include market risk (including currency risk, fair value interest rate risk and price risk), credit risk, liquidity risk and cash flow interest rate risk. The Group seeks to minimise the effects of these risks by using derivative financial instruments where appropriate to hedge these exposures. The use of financial derivatives is governed by policies approved by the Board, which provide written principles on foreign exchange risk, interest rate risk, credit risk, the use of financial derivatives and non-derivative financial instruments and the investment of excess liquidity. Compliance with policies and exposure limits is reviewed by the internal auditors on a continuous basis. The Group does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. The Group did not enter into any derivative financial instruments in 2025 (2024: none). The Group\u2019s Treasury function provides regular updates to the Board covering compliance with covenants and other Treasury-related matters. Market risk The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. Foreign currency risk management The Group undertakes certain transactions denominated in foreign currencies. Hence, exposures to exchange rate fluctuations arise. Exchange rate exposures are managed within approved policy parameters utilising forward exchange contracts where appropriate. The carrying amounts of the Group\u2019s foreign currency-denominated monetary assets and monetary liabilities at the reporting date are as follows:
Liabilities
Assets
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Euro
(0.6)
(0.7)
3.0
3.4
US dollar
(1.9)
(1.0)
1.3
2.0
Foreign currency sensitivity analysis
The Group is mainly exposed to the Euro and US dollar.
The Euro exposure arises on sales of newspapers in Europe and from costs relating
to our office in Dublin. The Euro and US dollar sales represent less than 5% and 1%
respectively (2024: less than 5% and 1%) of Group revenue. Euro and US dollar balances
are kept on deposit and used to fund Euro and US dollar costs. When Euros or US dollars
on deposit build to a target balance they are converted into sterling. The Group does
not hedge the Euro and US dollar income or deposits because the risk of foreign
exchange movements is not deemed to be significant.
The Group\u2019s sensitivity to a 10% increase and decrease in the sterling rate against the
Euro and US dollar impacts profit by \u00a30.2m (2024: \u00a30.4m) and equity by nil (2024: nil). A
10% movement in exchange rates based on the level of foreign currency denominated
monetary assets and liabilities represents the assessment of a reasonably possible
change in foreign exchange rates. The sensitivity analysis includes only outstanding
foreign currency-denominated monetary items.
Forward foreign exchange contracts
It is the policy of the Group to enter into forward foreign exchange contracts only
to cover specific foreign currency payments such as significant capital expenditure.
During the current and prior period no contracts were entered into.
Interest rate risk management
The Group is exposed to interest rate risk as it borrows funds at both fixed and floating
interest rates. The risk is managed by the Group by considering the appropriate mix
between fixed and floating rate borrowings and if appropriate, by the use of interest
rate swaps contracts and forward interest rate contracts. During the current and prior
period no contracts were entered into.
Hedging activities are evaluated regularly to align with interest rate views and defined
risk appetite, ensuring optimal hedging strategies are applied, by either positioning the
balance sheet or protecting interest expense through interest rate cycles.
The Group\u2019s exposures to interest rates on the financial assets and liabilities are detailed
in the liquidity risk management section of this note.
Interest rate sensitivity analysis The sensitivity analysis below has been determined based on the exposure to interest rates for both derivatives and non-derivative instruments at the reporting date. For floating rate liabilities, the analysis is prepared using the Group\u2019s monthly cash forecasting model. A 100bps increase in interest rates has been used and represents the assessment of a reasonably possible change. If interest rates had been 100bps higher/lower and all other variables were held constant, the Group\u2019s profit for the period would decrease/increase by \u00a30.8m (2024: \u00a30.7m). This is mainly attributable to the Group\u2019s exposure to interest rates on its variable rate borrowings. Other price risks The Group has no significant listed equity investments and is not directly exposed to equity price risk. The Group has indirect exposure through its defined benefit pension schemes. Credit risk management Credit risk refers to the risk that a counterparty with the Group will default on its contractual obligations resulting in financial loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties, with the exception of exceptional circumstances, such as the financial crisis in the past, and the Group only transacts with financial institutions that are rated the equivalent to investment grade and above. This information is supplied by independent rating agencies where available and, if not, the Group uses other publicly available financial information and its own trading records to rate its major customers. As a result the credit risk is deemed to be low. The Group\u2019s exposure and credit ratings of its counterparties are reviewed by the Chief Financial Officer and where material the Board at appropriate times and the aggregate value of transactions concluded is spread among approved counterparties. Trade receivables consist of a large number of customers spread across diverse sectors. Ongoing credit evaluation is performed on the financial condition of trade receivables. Other than two customers representing more than 10% of net trade debtors, the Group does not have any significant credit risk exposure to any single counterparty or any group of counterparties having similar characteristics.
The Group defines counterparties as having similar characteristics if they are
connected entities. Concentration of credit risk with a single counterparty is limited by
reference to the long-term credit ratings assigned for that counterparty by Standard &
Poor\u2019s. The credit risk on liquid funds is limited because the counterparties are banks
with high credit ratings assigned by international credit rating agencies.
The Group\u2019s cash and cash equivalents of \u00a39.6m (2024: \u00a320.8m) is held with
counterparties with a minimum Standard & Poor\u2019s credit-rating of A-. The Group
monitors the exposure and credit rating of its counterparties on a regular basis.
The carrying amount of financial assets recorded in the financial statements, which
is net of impairment losses, represents the Group\u2019s maximum exposure to credit risk.
Liquidity risk management
Liquidity risk results from having insufficient financial resources to meet day-to-day
fluctuations in working capital and cash flow. Ultimate responsibility for liquidity risk
management rests with the Board. The Group manages liquidity risk by maintaining
adequate reserves, banking facilities and reserve borrowing facilities, by continuously
monitoring forecast and actual cash flows and by matching the maturity profiles of
financial assets and liabilities.
Liquidity risk
At the reporting date the Group has a \u00a344.5m (2024: \u00a335.0m) sterling variable interest
rate bank drawing and has access to financial facilities of which the total unused
amount is \u00a3100.5m (2024: \u00a3110.0m). The Group has a \u00a3145.0m non-amortising revolving
credit facility which expires on 12 December 2029.
The Group expects to meet its obligations from cash held on deposit, operating cash
flows and its committed financing facilities.
The table below shows the maturity analysis of the undiscounted remaining contractual
cash flows of the Group\u2019s financial liabilities:
Between Greater
Less than one and than five
one year five years years Total
2025 non-derivative financial liabilities \u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
(20.0)
\u2013
\u2013
(20.0)
Accruals
(40.7)
\u2013
\u2013
(40.7)
Other payables
(19.7)
\u2013
\u2013
(19.7)
Borrowings
(44.5)
\u2013
\u2013
(44.5)
Lease liabilities
(5.2)
(12.7)
(7.6)
(25.5)
Total cash flows
(130.1)
(12.7)
(7.6)
(150.4)
Between Greater
Less than one and than five
one year five years years Total
2024 non-derivative financial liabilities \u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
(23.7)
\u2013
\u2013
(23.7)
Accruals
(47.3)
\u2013
\u2013
(47.3)
Other payables
(23.4)
\u2013
\u2013
(23.4)
Borrowings
(35.0)
\u2013
\u2013
(35.0)
Lease liabilities
(5.4)
(16.9)
(9.5)
(31.8)
Total cash flows
(134.8)
(16.9)
(9.5)
(161.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-384": { "value": "32 Financial instruments Capital risk management The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to shareholders through an optimal balance of bank debt and equity. The capital structure of the Group consists of: bank debt and facilities (note 24); cash and cash equivalents (note 24); and equity attributable to equity holders of the parent comprising share capital and reserves (note 29). The Group\u2019s Dividend Policy is set out on page 103 of the Directors\u2019 Report. The Group monitors its capital allocation and there are no changes from the previous year. The Board reviews the capital structure, including the level of gearing and interest cover, as required. As part of this review, the Board considers the cost of capital and the risks associated with each class of capital. The Group has a revolving credit facility of \u00a3145.0m which expires on 12 December 2029. The Group had drawings of \u00a344.5m at the reporting date. The facility is subject to two covenants: Interest Cover and Net Debt to EBITDA. The Group was compliant with both debt covenants as at 31 December 2025. The revolving credit facility is held by the parent company. Externally imposed capital requirement The Group is subject to externally imposed capital requirements which are financial covenants under the revolving credit facility, all of which were met at the reporting date. The financial covenants are monitored on a monthly basis and formally reported on a half-yearly basis. Material accounting policies Details of the material accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity instrument, are disclosed in note 3. Categories of financial instruments The Group recognises the following financial instruments on its balance sheet which are held at amortised cost.
2025 2024
notes \u00a3m \u00a3m
Financial assets
Net trade receivables
23
53.6
54.1
Accrued income
23
11.1
14.6
Other receivables
23
4.1
6.8
Cash and cash equivalents
24
9.6
20.8
Other financial asset
21
6.5
1.9
84.9
98.2
Financial liabilities
Trade payables
26
(20.0)
(23.7)
Accruals
26
(40.7)
(47.3)
Other payables
26
(19.7)
(23.4)
Borrowings
24
(44.5)
(35.0)
Lease liabilities
19
(22.2)
(27.3)
(147.1)
(156.7)
Financial risk management objectives
The Group\u2019s Treasury function provides services to the business, co-ordinates access to
domestic and international financial markets and monitors and manages the financial
risks relating to the operations of the Group through regular meetings with the Chief
Financial Officer and by analysing exposures by degree and magnitude of risk. These
risks include market risk (including currency risk, fair value interest rate risk and price
risk), credit risk, liquidity risk and cash flow interest rate risk.
The Group seeks to minimise the effects of these risks by using derivative financial
instruments where appropriate to hedge these exposures. The use of financial
derivatives is governed by policies approved by the Board, which provide written
principles on foreign exchange risk, interest rate risk, credit risk, the use of financial
derivatives and non-derivative financial instruments and the investment of excess
liquidity. Compliance with policies and exposure limits is reviewed by the internal
auditors on a continuous basis.
The Group does not enter into or trade financial instruments, including derivative
financial instruments, for speculative purposes. The Group did not enter into any
derivative financial instruments in 2025 (2024: none).
The Group\u2019s Treasury function provides regular updates to the Board covering
compliance with covenants and other Treasury-related matters.
Market risk
The Group\u2019s activities expose it primarily to the financial risks of changes in foreign
currency exchange rates and interest rates.
Foreign currency risk management
The Group undertakes certain transactions denominated in foreign currencies. Hence,
exposures to exchange rate fluctuations arise. Exchange rate exposures are managed
within approved policy parameters utilising forward exchange contracts where
appropriate.
The carrying amounts of the Group\u2019s foreign currency-denominated monetary assets
and monetary liabilities at the reporting date are as follows:
Liabilities
Assets
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Euro
(0.6)
(0.7)
3.0
3.4
US dollar
(1.9)
(1.0)
1.3
2.0
Foreign currency sensitivity analysis The Group is mainly exposed to the Euro and US dollar. The Euro exposure arises on sales of newspapers in Europe and from costs relating to our office in Dublin. The Euro and US dollar sales represent less than 5% and 1% respectively (2024: less than 5% and 1%) of Group revenue. Euro and US dollar balances are kept on deposit and used to fund Euro and US dollar costs. When Euros or US dollars on deposit build to a target balance they are converted into sterling. The Group does not hedge the Euro and US dollar income or deposits because the risk of foreign exchange movements is not deemed to be significant. The Group\u2019s sensitivity to a 10% increase and decrease in the sterling rate against the Euro and US dollar impacts profit by \u00a30.2m (2024: \u00a30.4m) and equity by nil (2024: nil). A 10% movement in exchange rates based on the level of foreign currency denominated monetary assets and liabilities represents the assessment of a reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency-denominated monetary items. Forward foreign exchange contracts It is the policy of the Group to enter into forward foreign exchange contracts only to cover specific foreign currency payments such as significant capital expenditure. During the current and prior period no contracts were entered into. Interest rate risk management The Group is exposed to interest rate risk as it borrows funds at both fixed and floating interest rates. The risk is managed by the Group by considering the appropriate mix between fixed and floating rate borrowings and if appropriate, by the use of interest rate swaps contracts and forward interest rate contracts. During the current and prior period no contracts were entered into. Hedging activities are evaluated regularly to align with interest rate views and defined risk appetite, ensuring optimal hedging strategies are applied, by either positioning the balance sheet or protecting interest expense through interest rate cycles. The Group\u2019s exposures to interest rates on the financial assets and liabilities are detailed in the liquidity risk management section of this note.
Interest rate sensitivity analysis
The sensitivity analysis below has been determined based on the exposure to interest
rates for both derivatives and non-derivative instruments at the reporting date. For
floating rate liabilities, the analysis is prepared using the Group\u2019s monthly cash
forecasting model. A 100bps increase in interest rates has been used and represents
the assessment of a reasonably possible change.
If interest rates had been 100bps higher/lower and all other variables were held
constant, the Group\u2019s profit for the period would decrease/increase by \u00a30.8m
(2024: \u00a30.7m). This is mainly attributable to the Group\u2019s exposure to interest rates
on its variable rate borrowings.
Other price risks
The Group has no significant listed equity investments and is not directly exposed to equity
price risk. The Group has indirect exposure through its defined benefit pension schemes.
Credit risk management
Credit risk refers to the risk that a counterparty with the Group will default on its
contractual obligations resulting in financial loss to the Group. The Group has adopted a
policy of only dealing with creditworthy counterparties, with the exception of exceptional
circumstances, such as the financial crisis in the past, and the Group only transacts with
financial institutions that are rated the equivalent to investment grade and above. This
information is supplied by independent rating agencies where available and, if not, the
Group uses other publicly available financial information and its own trading records to
rate its major customers. As a result the credit risk is deemed to be low. The Group\u2019s
exposure and credit ratings of its counterparties are reviewed by the Chief Financial
Officer and where material the Board at appropriate times and the aggregate value
of transactions concluded is spread among approved counterparties.
Trade receivables consist of a large number of customers spread across diverse
sectors. Ongoing credit evaluation is performed on the financial condition of trade
receivables. Other than two customers representing more than 10% of net trade debtors,
the Group does not have any significant credit risk exposure to any single counterparty
or any group of counterparties having similar characteristics.
The Group defines counterparties as having similar characteristics if they are connected entities. Concentration of credit risk with a single counterparty is limited by reference to the long-term credit ratings assigned for that counterparty by Standard & Poor\u2019s. The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. The Group\u2019s cash and cash equivalents of \u00a39.6m (2024: \u00a320.8m) is held with counterparties with a minimum Standard & Poor\u2019s credit-rating of A-. The Group monitors the exposure and credit rating of its counterparties on a regular basis. The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the Group\u2019s maximum exposure to credit risk. Liquidity risk management Liquidity risk results from having insufficient financial resources to meet day-to-day fluctuations in working capital and cash flow. Ultimate responsibility for liquidity risk management rests with the Board. The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows and by matching the maturity profiles of financial assets and liabilities. Liquidity risk At the reporting date the Group has a \u00a344.5m (2024: \u00a335.0m) sterling variable interest rate bank drawing and has access to financial facilities of which the total unused amount is \u00a3100.5m (2024: \u00a3110.0m). The Group has a \u00a3145.0m non-amortising revolving credit facility which expires on 12 December 2029. The Group expects to meet its obligations from cash held on deposit, operating cash flows and its committed financing facilities. The table below shows the maturity analysis of the undiscounted remaining contractual cash flows of the Group\u2019s financial liabilities:
Between Greater
Less than one and than five
one year five years years Total
2025 non-derivative financial liabilities \u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
(20.0)
\u2013
\u2013
(20.0)
Accruals
(40.7)
\u2013
\u2013
(40.7)
Other payables
(19.7)
\u2013
\u2013
(19.7)
Borrowings
(44.5)
\u2013
\u2013
(44.5)
Lease liabilities
(5.2)
(12.7)
(7.6)
(25.5)
Total cash flows
(130.1)
(12.7)
(7.6)
(150.4)
Between Greater
Less than one and than five
one year five years years Total
2024 non-derivative financial liabilities \u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
(23.7)
\u2013
\u2013
(23.7)
Accruals
(47.3)
\u2013
\u2013
(47.3)
Other payables
(23.4)
\u2013
\u2013
(23.4)
Borrowings
(35.0)
\u2013
\u2013
(35.0)
Lease liabilities
(5.4)
(16.9)
(9.5)
(31.8)
Total cash flows
(134.8)
(16.9)
(9.5)
(161.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-398": { "value": "Capital risk management The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to shareholders through an optimal balance of bank debt and equity. The capital structure of the Group consists of: bank debt and facilities (note 24); cash and cash equivalents (note 24); and equity attributable to equity holders of the parent comprising share capital and reserves (note 29). The Group\u2019s Dividend Policy is set out on page 103 of the Directors\u2019 Report. The Group monitors its capital allocation and there are no changes from the previous year. The Board reviews the capital structure, including the level of gearing and interest cover, as required. As part of this review, the Board considers the cost of capital and the risks associated with each class of capital. The Group has a revolving credit facility of \u00a3145.0m which expires on 12 December 2029. The Group had drawings of \u00a344.5m at the reporting date. The facility is subject to two covenants: Interest Cover and Net Debt to EBITDA. The Group was compliant with both debt covenants as at 31 December 2025. The revolving credit facility is held by the parent company. Externally imposed capital requirement The Group is subject to externally imposed capital requirements which are financial covenants under the revolving credit facility, all of which were met at the reporting date. The financial covenants are monitored on a monthly basis and formally reported on a half-yearly basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-400": { "value": "
2025 2024
notes \u00a3m \u00a3m
Financial assets
Net trade receivables
23
53.6
54.1
Accrued income
23
11.1
14.6
Other receivables
23
4.1
6.8
Cash and cash equivalents
24
9.6
20.8
Other financial asset
21
6.5
1.9
84.9
98.2
Financial liabilities
Trade payables
26
(20.0)
(23.7)
Accruals
26
(40.7)
(47.3)
Other payables
26
(19.7)
(23.4)
Borrowings
24
(44.5)
(35.0)
Lease liabilities
19
(22.2)
(27.3)
(147.1)
(156.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-410": { "value": "
2025 2024
notes \u00a3m \u00a3m
Financial assets
Net trade receivables
23
53.6
54.1
Accrued income
23
11.1
14.6
Other receivables
23
4.1
6.8
Cash and cash equivalents
24
9.6
20.8
Other financial asset
21
6.5
1.9
84.9
98.2
Financial liabilities
Trade payables
26
(20.0)
(23.7)
Accruals
26
(40.7)
(47.3)
Other payables
26
(19.7)
(23.4)
Borrowings
24
(44.5)
(35.0)
Lease liabilities
19
(22.2)
(27.3)
(147.1)
(156.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-399": { "value": "Market risk The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. Foreign currency risk management The Group undertakes certain transactions denominated in foreign currencies. Hence, exposures to exchange rate fluctuations arise. Exchange rate exposures are managed within approved policy parameters utilising forward exchange contracts where appropriate. The carrying amounts of the Group\u2019s foreign currency-denominated monetary assets and monetary liabilities at the reporting date are as follows:
Liabilities
Assets
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Euro
(0.6)
(0.7)
3.0
3.4
US dollar
(1.9)
(1.0)
1.3
2.0
Foreign currency sensitivity analysis The Group is mainly exposed to the Euro and US dollar. The Euro exposure arises on sales of newspapers in Europe and from costs relating to our office in Dublin. The Euro and US dollar sales represent less than 5% and 1% respectively (2024: less than 5% and 1%) of Group revenue. Euro and US dollar balances are kept on deposit and used to fund Euro and US dollar costs. When Euros or US dollars on deposit build to a target balance they are converted into sterling. The Group does not hedge the Euro and US dollar income or deposits because the risk of foreign exchange movements is not deemed to be significant. The Group\u2019s sensitivity to a 10% increase and decrease in the sterling rate against the Euro and US dollar impacts profit by \u00a30.2m (2024: \u00a30.4m) and equity by nil (2024: nil). A 10% movement in exchange rates based on the level of foreign currency denominated monetary assets and liabilities represents the assessment of a reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency-denominated monetary items. Forward foreign exchange contracts It is the policy of the Group to enter into forward foreign exchange contracts only to cover specific foreign currency payments such as significant capital expenditure. During the current and prior period no contracts were entered into. Interest rate risk management The Group is exposed to interest rate risk as it borrows funds at both fixed and floating interest rates. The risk is managed by the Group by considering the appropriate mix between fixed and floating rate borrowings and if appropriate, by the use of interest rate swaps contracts and forward interest rate contracts. During the current and prior period no contracts were entered into. Hedging activities are evaluated regularly to align with interest rate views and defined risk appetite, ensuring optimal hedging strategies are applied, by either positioning the balance sheet or protecting interest expense through interest rate cycles. The Group\u2019s exposures to interest rates on the financial assets and liabilities are detailed in the liquidity risk management section of this note. Interest rate sensitivity analysis The sensitivity analysis below has been determined based on the exposure to interest rates for both derivatives and non-derivative instruments at the reporting date. For floating rate liabilities, the analysis is prepared using the Group\u2019s monthly cash forecasting model. A 100bps increase in interest rates has been used and represents the assessment of a reasonably possible change. If interest rates had been 100bps higher/lower and all other variables were held constant, the Group\u2019s profit for the period would decrease/increase by \u00a30.8m (2024: \u00a30.7m). This is mainly attributable to the Group\u2019s exposure to interest rates on its variable rate borrowings. Other price risks The Group has no significant listed equity investments and is not directly exposed to equity price risk. The Group has indirect exposure through its defined benefit pension schemes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-411": { "value": "Foreign currency sensitivity analysis The Group is mainly exposed to the Euro and US dollar. The Euro exposure arises on sales of newspapers in Europe and from costs relating to our office in Dublin. The Euro and US dollar sales represent less than 5% and 1% respectively (2024: less than 5% and 1%) of Group revenue. Euro and US dollar balances are kept on deposit and used to fund Euro and US dollar costs. When Euros or US dollars on deposit build to a target balance they are converted into sterling. The Group does not hedge the Euro and US dollar income or deposits because the risk of foreign exchange movements is not deemed to be significant. The Group\u2019s sensitivity to a 10% increase and decrease in the sterling rate against the Euro and US dollar impacts profit by \u00a30.2m (2024: \u00a30.4m) and equity by nil (2024: nil). A 10% movement in exchange rates based on the level of foreign currency denominated monetary assets and liabilities represents the assessment of a reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency-denominated monetary items. Interest rate sensitivity analysis The sensitivity analysis below has been determined based on the exposure to interest rates for both derivatives and non-derivative instruments at the reporting date. For floating rate liabilities, the analysis is prepared using the Group\u2019s monthly cash forecasting model. A 100bps increase in interest rates has been used and represents the assessment of a reasonably possible change. If interest rates had been 100bps higher/lower and all other variables were held constant, the Group\u2019s profit for the period would decrease/increase by \u00a30.8m (2024: \u00a30.7m). This is mainly attributable to the Group\u2019s exposure to interest rates on its variable rate borrowings. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-401": { "value": "Credit risk management Credit risk refers to the risk that a counterparty with the Group will default on its contractual obligations resulting in financial loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties, with the exception of exceptional circumstances, such as the financial crisis in the past, and the Group only transacts with financial institutions that are rated the equivalent to investment grade and above. This information is supplied by independent rating agencies where available and, if not, the Group uses other publicly available financial information and its own trading records to rate its major customers. As a result the credit risk is deemed to be low. The Group\u2019s exposure and credit ratings of its counterparties are reviewed by the Chief Financial Officer and where material the Board at appropriate times and the aggregate value of transactions concluded is spread among approved counterparties. Trade receivables consist of a large number of customers spread across diverse sectors. Ongoing credit evaluation is performed on the financial condition of trade receivables. Other than two customers representing more than 10% of net trade debtors, the Group does not have any significant credit risk exposure to any single counterparty or any group of counterparties having similar characteristics. The Group defines counterparties as having similar characteristics if they are connected entities. Concentration of credit risk with a single counterparty is limited by reference to the long-term credit ratings assigned for that counterparty by Standard & Poor\u2019s. The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. The Group\u2019s cash and cash equivalents of \u00a39.6m (2024: \u00a320.8m) is held with counterparties with a minimum Standard & Poor\u2019s credit-rating of A-. The Group monitors the exposure and credit rating of its counterparties on a regular basis. The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the Group\u2019s maximum exposure to credit risk. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-402": { "value": "Liquidity risk management Liquidity risk results from having insufficient financial resources to meet day-to-day fluctuations in working capital and cash flow. Ultimate responsibility for liquidity risk management rests with the Board. The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows and by matching the maturity profiles of financial assets and liabilities. Liquidity risk At the reporting date the Group has a \u00a344.5m (2024: \u00a335.0m) sterling variable interest rate bank drawing and has access to financial facilities of which the total unused amount is \u00a3100.5m (2024: \u00a3110.0m). The Group has a \u00a3145.0m non-amortising revolving credit facility which expires on 12 December 2029. The Group expects to meet its obligations from cash held on deposit, operating cash flows and its committed financing facilities. The table below shows the maturity analysis of the undiscounted remaining contractual cash flows of the Group\u2019s financial liabilities:
Between Greater
Less than one and than five
one year five years years Total
2025 non-derivative financial liabilities \u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
(20.0)
\u2013
\u2013
(20.0)
Accruals
(40.7)
\u2013
\u2013
(40.7)
Other payables
(19.7)
\u2013
\u2013
(19.7)
Borrowings
(44.5)
\u2013
\u2013
(44.5)
Lease liabilities
(5.2)
(12.7)
(7.6)
(25.5)
Total cash flows
(130.1)
(12.7)
(7.6)
(150.4)
Between Greater
Less than one and than five
one year five years years Total
2024 non-derivative financial liabilities \u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
(23.7)
\u2013
\u2013
(23.7)
Accruals
(47.3)
\u2013
\u2013
(47.3)
Other payables
(23.4)
\u2013
\u2013
(23.4)
Borrowings
(35.0)
\u2013
\u2013
(35.0)
Lease liabilities
(5.4)
(16.9)
(9.5)
(31.8)
Total cash flows
(134.8)
(16.9)
(9.5)
(161.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-412": { "value": "The table below shows the maturity analysis of the undiscounted remaining contractual cash flows of the Group\u2019s financial liabilities:
Between Greater
Less than one and than five
one year five years years Total
2025 non-derivative financial liabilities \u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
(20.0)
\u2013
\u2013
(20.0)
Accruals
(40.7)
\u2013
\u2013
(40.7)
Other payables
(19.7)
\u2013
\u2013
(19.7)
Borrowings
(44.5)
\u2013
\u2013
(44.5)
Lease liabilities
(5.2)
(12.7)
(7.6)
(25.5)
Total cash flows
(130.1)
(12.7)
(7.6)
(150.4)
Between Greater
Less than one and than five
one year five years years Total
2024 non-derivative financial liabilities \u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
(23.7)
\u2013
\u2013
(23.7)
Accruals
(47.3)
\u2013
\u2013
(47.3)
Other payables
(23.4)
\u2013
\u2013
(23.4)
Borrowings
(35.0)
\u2013
\u2013
(35.0)
Lease liabilities
(5.4)
(16.9)
(9.5)
(31.8)
Total cash flows
(134.8)
(16.9)
(9.5)
(161.2)
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-351": { "value": "
33 Related party transactions
The parent and controlling party of the Group is Reach plc. Transactions between the
Company and its subsidiaries, which are related parties of the Company, have been
eliminated on consolidation and are not disclosed in this note. Transactions with the
retirement benefit schemes and employee benefit trusts are disclosed in notes 21
and 30 respectively. Details of other related party transactions are disclosed below.
Trading transactions
Sales of goods and services to related parties would be made at the Group\u2019s usual
list prices less average volume discounts. Purchases would be made at market prices
discounted to reflect volume purchase and the relationship between the parties. Any
outstanding amounts will be settled by cash payment.
PA Media Group Limited
The Group earned revenue of nil (2024: nil) and the Group incurred charges for
services received of \u00a34.2m (2024: \u00a33.5m) which is recognised in cost of sales. The
amount outstanding at the reporting date amounted to nil (2024: nil) owed to PA
Media Group Limited.
Compensation of key management personnel
Key management are the executive directors and non-executive directors.
The remuneration of the executive directors is determined by the Remuneration
Committee having regard to competitive market position and performance of
individuals. The remuneration of the non-executive directors is determined by the
Company Chairman and the executive directors. In 2025, the pension provision for the
CFO and the former CEO was a cash sum to use for pension purposes and accordingly
in 2025 neither of our CFO or former CEO participated in a Group defined contribution
pension plan. Our new CEO, Piers North is a participant in the Group\u2019s defined
contribution pension plan and in 2025 Piers North continued to participate in this plan.
None of our CEO, CFO or our former CEO was a participant in any of the Group\u2019s defined
benefit pension schemes in 2025. Key management personnel compensation is as
follows:
2025 2024
\u00a3m \u00a3m
Short-term employee benefits
2.3
2.0
Post-employment benefits
0.1
0.1
Share-based payment
0.5
0.8
2.9
2.9
Further information regarding the remuneration of the executive directors and non-
executive directors is provided in the Remuneration Report on pages 82 to 97.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-385": { "value": "33 Related party transactions The parent and controlling party of the Group is Reach plc. Transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. Transactions with the retirement benefit schemes and employee benefit trusts are disclosed in notes 21 and 30 respectively. Details of other related party transactions are disclosed below. Trading transactions Sales of goods and services to related parties would be made at the Group\u2019s usual list prices less average volume discounts. Purchases would be made at market prices discounted to reflect volume purchase and the relationship between the parties. Any outstanding amounts will be settled by cash payment. PA Media Group Limited The Group earned revenue of nil (2024: nil) and the Group incurred charges for services received of \u00a34.2m (2024: \u00a33.5m) which is recognised in cost of sales. The amount outstanding at the reporting date amounted to nil (2024: nil) owed to PA Media Group Limited. Compensation of key management personnel Key management are the executive directors and non-executive directors. The remuneration of the executive directors is determined by the Remuneration Committee having regard to competitive market position and performance of individuals. The remuneration of the non-executive directors is determined by the Company Chairman and the executive directors. In 2025, the pension provision for the CFO and the former CEO was a cash sum to use for pension purposes and accordingly in 2025 neither of our CFO or former CEO participated in a Group defined contribution pension plan. Our new CEO, Piers North is a participant in the Group\u2019s defined contribution pension plan and in 2025 Piers North continued to participate in this plan. None of our CEO, CFO or our former CEO was a participant in any of the Group\u2019s defined benefit pension schemes in 2025. Key management personnel compensation is as follows:
2025 2024
\u00a3m \u00a3m
Short-term employee benefits
2.3
2.0
Post-employment benefits
0.1
0.1
Share-based payment
0.5
0.8
2.9
2.9
Further information regarding the remuneration of the executive directors and non- executive directors is provided in the Remuneration Report on pages 82 to 97. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-403": { "value": "Compensation of key management personnel Key management are the executive directors and non-executive directors. The remuneration of the executive directors is determined by the Remuneration Committee having regard to competitive market position and performance of individuals. The remuneration of the non-executive directors is determined by the Company Chairman and the executive directors. In 2025, the pension provision for the CFO and the former CEO was a cash sum to use for pension purposes and accordingly in 2025 neither of our CFO or former CEO participated in a Group defined contribution pension plan. Our new CEO, Piers North is a participant in the Group\u2019s defined contribution pension plan and in 2025 Piers North continued to participate in this plan. None of our CEO, CFO or our former CEO was a participant in any of the Group\u2019s defined benefit pension schemes in 2025. Key management personnel compensation is as follows:
2025 2024
\u00a3m \u00a3m
Short-term employee benefits
2.3
2.0
Post-employment benefits
0.1
0.1
Share-based payment
0.5
0.8
2.9
2.9
Further information regarding the remuneration of the executive directors and non- executive directors is provided in the Remuneration Report on pages 82 to 97. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-352": { "value": "34 Reconciliation of statutory to adjusted results
Operating Pension
adjusted finance
Statutory items charge Adjusted
results (a) (b) results
Year ended 31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
518.4
\u2013
\u2013
518.4
Operating (loss)/profit
(160.1)
264.8
\u2013
104.7
(Loss)/profit before tax
(165.9)
264.8
0.8
99.7
(Loss)/profit after tax
(132.3)
216.2
0.8
84.7
Basic (loss)/earnings per share (p)
(41.9)
68.4
0.3
26.8
Operating Pension
adjusted finance Adjusted
Statutory items charge interest Adjusted
results (a) (b) (c) results
Year ended 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
538.6
\u2013
\u2013
\u2013
538.6
Operating profit
74.2
28.1
\u2013
\u2013
102.3
Profit before tax
62.8
28.1
3.4
2.9
97.2
Profit after tax
53.6
21.4
2.5
2.2
79.7
Basic earnings per
share (p)
17.0
6.8
0.8
0.7
25.3
(a) Operating adjusted items relate to the items charged or credited to operating profit as set out in note 8. (b) Pension finance charge relates to the defined benefit pension schemes as set out in note 21. (c) Adjusted interest relates to other interest costs as set out in note 11. Set out in note 3 is the rationale for the alternative performance measures adopted by the Group. The reconciliations in this note highlight the impact on the respective components of the income statement. Items are adjusted on the basis that they distort the underlying performance of the business where they relate to material items that can recur (including impairment, restructuring, tax rate changes and profit or loss on the sale of freehold buildings) or relate to historical liabilities (including historical legal and contractual issues, defined benefit pension schemes which are all closed to future accrual). Other items may be included in adjusted items if they are not expected to recur in future years, such as property rationalisation and items such as transaction and restructuring costs incurred on acquisitions or the profit or loss on the sale of subsidiaries or associates.
Impairments to non-current assets arise following impairment reviews or where a
decision is made to close or retire printing assets. These non-cash items are included
in adjusted items on the basis that they are material and vary considerably each year,
distorting the underlying performance of the business.
The opening deferred tax position is recalculated in the period in which a change in
the standard rate of corporation tax has been enacted or substantively enacted by
parliament. The impacts of the change in rates are included in adjusted items on the
basis that when they occur they are material, distorting the underlying performance
of the business.
Provision for historical legal issues relates to the cost associated with dealing with and
resolving civil claims for historical phone hacking and unlawful information gathering.
This is included in adjusted items as the amounts are material, it relates to historical
matters and movements in the provision can vary year to year.
The Group\u2019s defined benefit pension schemes are all closed to new members and
to future accrual and are therefore not related to the current business. The pension
administration expenses and the pension finance charge are included in adjusted items
as the amounts are significant and they relate to the historical pension commitment.
Also included in adjusted items in 2025 are vacant freehold property-related costs
(\u00a30.3m), onerous lease and related costs (\u00a31.8m), the Group\u2019s net legal fees in respect of
historical legal issues (\u00a31.6m), adviser costs in relation to the defined benefit pension
schemes (\u00a34.8m), internal pension administrative expenses (\u00a30.5m), corporate
simplification costs (\u00a30.6m), other restructuring-related project costs (\u00a31.8m), less a
reduction in National insurance costs relating to share awards (\u00a30.6m) and profit on
sale of assets (\u00a31.4m). These are included in adjusted items as they relate to historical
liabilities or are one-off items not expected to recur.
Also included in adjusted items in 2024 are vacant freehold property-related costs
(\u00a31.5m), onerous lease and related costs (\u00a32.8m), impairment of vacant freehold
property (\u00a30.1m), the Group\u2019s legal fees in respect of historical legal issues (\u00a31.0m),
adviser costs in relation to the defined benefit pension schemes (\u00a36.1m), internal
pension administrative expenses (\u00a30.5m), corporate simplification costs (\u00a30.5m), and
other restructuring-related project costs (\u00a32.1m) less the profit on sale of assets (\u00a35.5m).
These were included in adjusted items as they related to historical liabilities or are one-
off items not expected to recur.
", "dimensions": { "concept": "reachplc:DisclosureOfReconciliationOfStatutoryToAdjustedResults", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-353": { "value": "
37 Subsidiary undertakings
A list of the subsidiary undertakings, all of which have been consolidated, is on pages
162 to 170.
38 Subsidiaries exempt from audit
The following UK subsidiaries have taken advantage of the audit exemption set out
within Section 479A of the Companies Act 2006 for the year ending 31 December 2025:
Company number
Company name
1904765
Reach Work Limited
2191577
AMRA Limited
46946
Media Wales Limited
204478
NCJ Media Limited
01633971
Reach Magazines Publishing Limited
211184
Reach Printing Services (Midlands) Limited
1985909
Reach Southern Media Limited
4089434
Trinity Mirror Digital Limited
3906084
Trinity Mirror Digital Media Limited
SC005761
Scottish and Universal Newspaper Limited
No dormant subsidiaries have taken the exemption from preparing individual financial
statements by virtue of Section 394A of the Companies Act 2006.
No dormant subsidiaries have taken the exemption from filing with the registrar
individual financial statements by virtue of Section 448A of the Companies Act 2006.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-354": { "value": "
39 Events after the reporting period
On 10 February 2026, the Group announced plans to close two print sites, moving the
work they currently serve to the remaining print site and outsourcing any remaining
printing requirements during 2026.
The cost of change associated with these closures are estimated to be c.\u00a325m. We will
be able to provide more detail at the FY26 reporting dates when the overall financial
impact is more precise.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800GNI5XF3XOATR61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }