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"value": "Oxford Instruments plc (the \u201cCompany\u201d) is a company incorporated and domiciled in the UK. The Group Financial Statements have been prepared and approved by the Directors in accordance with UK adopted International Accounting Standards (IAS) and interpretations issued by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under UK adopted IFRS and in conformity with the requirements of the Companies Act 2006. The Company has elected to prepare its parent company Financial Statements in accordance with FRS 101; these are presented on pages 227 and 228. The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these Group Financial Statements. The Financial Statements have been prepared on a going concern basis based on the Directors\u2019 opinion, after making reasonable enquiries, that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Strategy section on pages 34 and 35. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the Finance Review on pages 82 to 93. The relatively diverse nature of the Group together with its current financial strength provides a solid foundation. The Directors have reviewed the Group\u2019s forecasts and flexed them to incorporate a number of potential scenarios relating to changes in trading performance and believe that the Group will be able to operate within its existing debt facilities which expire on 28 June 2025. This review also considered hedging arrangements in place. As a consequence, the Directors believe that the Group is well placed to manage its business risks successfully. Further information can be found in the Viability Statement on pages 102 to 104. The Financial Statements were authorised for issuance on 14 July 2023. ",
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"fact-417": {
"value": "Oxford Instruments plc (the \u201cCompany\u201d) is a company incorporated and domiciled in the UK. The Group Financial Statements have been prepared and approved by the Directors in accordance with UK adopted International Accounting Standards (IAS) and interpretations issued by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under UK adopted IFRS and in conformity with the requirements of the Companies Act 2006. The Company has elected to prepare its parent company Financial Statements in accordance with FRS 101; these are presented on pages 227 and 228. The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these Group Financial Statements. The Financial Statements have been prepared on a going concern basis based on the Directors\u2019 opinion, after making reasonable enquiries, that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Strategy section on pages 34 and 35. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the Finance Review on pages 82 to 93. The relatively diverse nature of the Group together with its current financial strength provides a solid foundation. The Directors have reviewed the Group\u2019s forecasts and flexed them to incorporate a number of potential scenarios relating to changes in trading performance and believe that the Group will be able to operate within its existing debt facilities which expire on 28 June 2025. This review also considered hedging arrangements in place. As a consequence, the Directors believe that the Group is well placed to manage its business risks successfully. Further information can be found in the Viability Statement on pages 102 to 104. The Financial Statements were authorised for issuance on 14 July 2023. (a) New accounting standards No new accounting standards materially affecting the Group\u2019s accounting policies have been adopted during the year. (b) Significant estimates and judgements The preparation of Financial Statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Significant judgements In the opinion of the Group there are no judgements made in the preparation of the Financial Statements in respect of which taking a different view would have a material impact on the Financial Statements. Significant estimates Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Two key areas where estimates have been used and assumptions applied have been identified as follows: Measurement of defined benefit scheme liabilities The Group recognises and measures costs relating to defined benefit pension schemes in accordance with IAS 19 (Revised) Employee Benefits. In applying IAS 19 (Revised) the costs are assessed in accordance with the advice of independent qualified actuaries. This requires certain estimates and assumptions in relation to future changes in salaries and inflation, as well as mortality rates, expected returns on plan assets and the selection of suitable discount rates. The factors affecting these assumptions are influenced by wider macro-economic factors that are largely outside of the Group\u2019s control. A sensitivity analysis is set out in Note 25. Provisions for IP-related claims Provisions for IP-related claims are recognised in the period when it becomes probable that there will be a future outflow of funds resulting from past expectations or events which can be reasonably estimated. The timing of recognition requires the application of judgement to existing facts and circumstances which can be subject to change. Amounts provided represent the Group\u2019s best estimate of exposure based on currently available information. Key assumptions surrounding estimation uncertainty relate to estimating potential royalty or profit sharing rates surrounding any product-related intellectual property claims (see Note 28). (c) Basis of preparation and consolidation The Financial Statements are presented in sterling, rounded to the nearest \u00a30.1m and are prepared on the historical cost basis except as described below under the heading \u2018(e) Financial instruments\u2019. The Group Financial Statements include the accounts of Oxford Instruments plc and its subsidiary companies adjusted to eliminate intra-Group balances and any unrealised gains and losses or income and expenses arising from intra-Group transactions. ACCOUNTING POLICIES Year ended 31 March 2023 Subsidiaries are entities controlled by the Group. Control exists
when the Group is exposed to or has rights to variable returns
from its investment with the investee and has the ability to
affect those returns through its power over the investee. In
assessing control, potential voting rights that are currently
exercisable or convertible are taken into account. The results
of subsidiary companies are included in the consolidated
Financial Statements from the date that control commences
until the date that control ceases. The acquisition method is
used to account for the acquisition of subsidiaries.
The assets and liabilities of foreign operations, including
goodwill and fair value adjustments arising on consolidation,
are translated into sterling at exchange rates ruling at the
end of the reporting period. Income statements and cash
flows of foreign operations are translated into sterling at
average monthly exchange rates which approximate foreign
exchange rates at the date of the transaction. Foreign
exchange differences arising on retranslation are recognised
through the Statement of Comprehensive Income.
(d) Foreign currency
An individual entity\u2019s transactions in foreign currencies are
translated at the foreign exchange rate ruling at the date of
the transaction. Monetary assets and liabilities denominated
in foreign currencies at the reporting date are translated
at the foreign exchange rate ruling at that date. Foreign
exchange differences arising on translation are recognised
in profit or loss. Non-monetary assets and liabilities that are
measured in terms of historical cost in a foreign currency
are translated using the exchange rate at the date of
the transaction.
(e) Financial instruments
Financial assets and liabilities are recognised in the Group\u2019s
Consolidated Statement of Financial Position when the
Group becomes a party to the contractual provisions of the
instrument. Derivative financial instruments of the Group are
used to hedge its exposure to foreign currency risks arising
from operational, financing and investment activities. The
Group does not hold or issue derivative financial instruments
for trading purposes. All derivatives are initially recognised
at fair value; attributable transaction costs are recognised
in profit or loss as incurred. Foreign exchange contracts are
classified as \u2018fair value through profit and loss\u2019 under IFRS 9.
Subsequent to initial recognition, derivatives are measured
at fair value and gains or losses on the settlement of such
derivatives are recognised in operating expenses. Where
such derivatives relate to the following year\u2019s exposure, any
gains or losses resulting from the change in fair value are
recognised as an adjusting item in operating expenses.
The fair value of forward exchange contracts is their market
price at the Consolidated Statement of Financial Position
date, being the present value of the forward price. The gain
or loss on remeasurement to fair value of forward exchange
contracts is recognised immediately in the Consolidated
Statement of Income.
Contingent purchase consideration is measured at fair value
at the date of acquisition and subsequently carried at fair
value, with movements recognised in the Consolidated
Statement of Income.
Interest-bearing borrowings are recognised initially at fair
value less attributable transaction costs. Subsequent to
initial recognition, interest-bearing borrowings are stated
at amortised cost with any difference between cost and
redemption value being recognised in the Consolidated
Statement of Income over the period of the borrowing on an
effective interest basis.
(f) Property, plant and equipment
Property, plant and equipment is stated at historical cost
less provisions for impairment (see accounting policy k)
and depreciation which, with the exception of freehold land
which is not depreciated and rental assets (see below), is
provided on a straight-line basis over each asset\u2019s estimated
economic life. Depreciation is provided based on historical
cost less estimated residual value. The principal estimated
economic lives used for this purpose are:
Freehold buildings, long leasehold
land and buildings 50 years
Furniture and fittings 10 years
Machinery and other equipment 5 to 10 years
Computer equipment 4 years
Vehicles 4 years
For leasehold improvements, where the length of the lease
is less than the principal estimated economic lives noted
above, the length of the lease is used.
Machinery and other equipment, computer equipment and
vehicles are included within the \u2018Plant and equipment\u2019 sub-
heading in Note 14.
(g) Intangible assets
(i) Goodwill
All business combinations are accounted for by applying the
acquisition method. Goodwill represents amounts arising on
acquisition of subsidiaries. In respect of business acquisitions
that have occurred since 31 March 2004, goodwill represents
the difference between the cost of the acquisition and the
fair value of the assets, liabilities and contingent liabilities
acquired. In respect of acquisitions prior to this date, goodwill
is included on the basis of its deemed cost, which represents
the amount recorded under previous GAAP.
The Group expenses transaction costs associated with
its acquisitions and movements in liabilities relating to
contingent consideration within the Consolidated Statement
of Income in conformity with IFRS 3.
Goodwill arising on acquisitions is stated at cost less any
accumulated impairment losses and allocated to cash
generating units that are anticipated to benefit from the
combination. It is not amortised but is tested annually for
impairment (see accounting policy k), or more frequently
when there is an indicator that the unit may be impaired.
(ii) Development costs
Research and Development costs are charged to the
Consolidated Statement of Income in the year in which they
are incurred unless development expenditure is applied to
a plan or design for the production of new or substantially
improved products, in which case they are capitalised.
The criteria for capitalisation include demonstration of
the technical feasibility of completing a new intangible
asset that will be available for sale and that the asset will
generate probable future economic benefits.
Where expenditure meets the criteria, development costs
are capitalised and amortised through the Consolidated
Statement of Income over their useful economic lives.
(iii) Acquired intangible assets
An intangible asset acquired with a subsidiary undertaking is
recognised as an intangible asset if it is separable from the
acquired business or arises from contractual or legal rights,
is expected to generate future economic benefits and its
fair value can be reliably measured. The asset is amortised
through the Consolidated Statement of Income over its
useful economic life.
(iv) Amortisation
Amortisation of intangible assets is charged to the
Consolidated Statement of Income on a systematic basis
in proportion to the use of the assets over their estimated
useful economic lives as follows:
Capitalised development costs 3 to 5 years
Technology-related acquired
intangibles 5 to 12 years
Customer-related acquired
intangibles 6 months to 15 years
Development costs acquired
intangibles 10 years
Software 10 years
Customer-related acquired intangible assets include a
number of different types of asset. For example, the shorter
end of the useful economic life relates to the order book of
acquired businesses, whilst the longer useful economic life
relates to assets such as trademarks.
(h) Trade and other receivables
Trade and other receivables are initially recognised at fair
value and subsequently stated at their amortised cost
less appropriate provision for impairment. The provision for
impairment of receivables is based on lifetime expected
credit losses, which is then updated for any reasonable and
supportable forward-looking information and expectations.
Lifetime expected credit losses are calculated by assessing
historic credit loss experience. The movement in the
provision is recognised in the Consolidated Statement
of Income.
(i) Inventories
Inventories are stated at the lower of cost and net realisable
value. Cost includes materials, direct labour, an attributable
proportion of production overheads based on normal
operating capacity and all other expenditure incurred in
acquiring the inventories and bringing them to their existing
location and condition. Net realisable value is the estimated
selling price in the ordinary course of business, less the
estimated costs of completion and selling expenses.
Provision is made for obsolete, slow moving and defective
stock where appropriate in light of recent usage, expected
future requirements, new product introduction plans and
likely realisable values.
As outlined in Note (r) below, the revenue associated with
both the sale and installation of certain complex products is
recognised at the time that the installation is completed.
The net realisable value associated with complex products
is included in finished goods inventories where the
installation has not yet been completed.
(j) Cash and cash equivalents
Cash and cash equivalents are carried in the Statement of
Financial Position at amortised cost.
Cash and cash equivalents comprise cash balances and call
deposits and are carried at amortised cost. Bank overdrafts
that are repayable on demand and form an integral part of
the Group\u2019s cash management are included as a component
of cash and cash equivalents for the purpose of the
Statement of Cash Flows.
(k) Impairment of non-current assets
All non-current assets are tested for impairment whenever
events or circumstances indicate that their carrying value
may be impaired. Additionally, goodwill is subject to an
annual impairment review.
For the purposes of impairment testing, assets are grouped
together into the smallest group of assets that generates
cash flows from continuing use that are largely independent
of the cash inflows from other groups of assets.
An impairment loss is recognised in the Consolidated
Statement of Income under the administration and shared
services heading, to the extent that an asset\u2019s carrying
value, or a cash generating unit\u2019s carrying value, exceeds
its recoverable amount, which represents the higher of its
net realisable value and its value in use. Value in use is
the present value of the future cash flows expected to be
derived from the asset or from the cash generating unit to
which it relates. The present value is calculated using a
discount rate that reflects the current market assessment
of the time value of money and the risks specific to the
asset concerned.
Impairment losses recognised in previous periods for an
asset other than goodwill are reversed if there has been
a change in estimates used to determine the asset\u2019s
recoverable amount, but only to the extent that the carrying
amount of the asset does not exceed its carrying amount
had the impairment loss not been recognised in previous
periods. Impairment losses in respect of goodwill are
not reversed.
Impairment losses recognised in respect of cash generating
units are allocated first to reduce the carrying amount of
any goodwill allocated to cash generating units and then to
reduce the carrying amount of the other assets in the unit.
(l) Employee benefits
The Group operates a number of defined benefit and defined
contribution plans which require contributions to be made to
independent trustee-administered funds.
(i) Defined contribution plans
Obligations for contributions to defined contribution pension
plans are recognised as an expense in the Consolidated
Statement of Income as incurred.
(ii) Defined benefit plans
The Group\u2019s net obligation in respect of defined benefit
pension plans is calculated separately for each plan by
estimating the amount of future benefit that current and past
employees have earned in return for their service in prior
periods. That benefit is discounted to determine its present
value and the fair value of any plan assets is deducted. The
calculation is performed by a qualified actuary using the
projected unit credit method.
All actuarial gains and losses in calculating the Group\u2019s net
obligation are recognised in the Consolidated Statement of
Comprehensive Income in the year.
The charge to the Consolidated Statement of Income reflects
the current service cost. The interest expense or income is
calculated on the net defined benefit liability by applying
the discount rate to the net defined benefit liability, and is
included within financial expenditure or financial income in
the Consolidated Statement of Income, respectively.
(iii) Share-based payment transactions
The fair value of equity settled share option programmes is
measured at grant date and charged to the Consolidated
Statement of Income, with a corresponding increase in
equity, on a straight-line basis over the period during which
the employees become unconditionally entitled to the
options. The fair value of the options granted is measured
using an option valuation model, taking into account the
terms and conditions upon which the options were granted.
The amount recognised as an expense is adjusted to reflect
the actual number of share options that vest, except where
forfeiture is only due to market performance conditions not
being met.
(iv) Own shares held by ESOP trust
Transactions of the Group-sponsored ESOP trust are treated
as being those of the Group and are therefore reflected in
the Group Financial Statements. In particular, the trust\u2019s
purchases and sales of shares in the Group are debited and
credited directly to equity.
(m) Provisions
A provision is recognised in the Consolidated Statement
of Financial Position when the Group has a present legal
or constructive obligation as a result of a past event and
it is probable that an outflow of economic benefits will be
required to settle the obligation. A provision for warranty
and product-related liability is recognised when the
underlying products are sold. A provision for restructuring is
recognised when the Group has approved a detailed and
formal restructuring plan and the restructuring has either
commenced or has been announced publicly.
A provision for onerous contracts is recognised when
the expected benefits to be derived by the Group from a
contract are lower than the unavoidable cost of meeting
its obligations under the contract. A provision for a claim
or dispute is made when it is considered probable that an
adverse outcome will occur and the amount of the loss can
be reasonably estimated.
Contractual and other provisions represent the Directors\u2019
best estimate of the cost of settling future obligations
where the Directors, taking into account professional advice
received, assess that it is more likely than not that such
proceedings may be successful.
If the effect is material, provisions are determined by
discounting the expected future cash flows at a pre-tax
rate that reflects current market assessments of the time
value of money and, where appropriate, the risks specific to
the liabilities.
(n) Trade and other payables
Trade and other payables are initially recognised at their fair
value and subsequently stated at amortised cost.
(o) Contractual liabilities
Customer deposits and deferred income are classified as
contract liabilities and included within trade and other
payables in the Statement of Financial Position:
\u2022 Customer deposits represent the cash payments received
from customers prior to the recognition of revenue in
respect of product sales; for example, deposits received
on order (and shipment in the case of complex products
where revenue is not recognised until installation).
\u2022 Deferred income represents the contract obligation of the
Group to provide services to customers where payment
has been received in advance, typically at inception of a
service or maintenance contract.
(p) Government grants
Grants from Governments are recognised at their fair
value where there is a reasonable assurance that the
grant will be received and the Group will comply with all
attached conditions.
Government grants relating to costs are deferred and
recognised in the Consolidated Statement of Income
over the period necessary to match them with the costs
they are intended to compensate. Government grants
relating to property, plant and equipment are deducted
from the carrying amount of the asset and are credited
to the Consolidated Statement of Income on a straight-
line basis over the expected useful economic lives of the
related assets.
(q) Interest-bearing borrowings
Interest-bearing borrowings are recognised initially at fair
value less attributable transaction costs. Subsequent to
initial recognition, interest-bearing borrowings are stated
at amortised cost with any difference between cost and
redemption value being recognised in the Consolidated
Statement of Income over the period of the borrowings on an
effective interest basis.
(r) Revenue
Revenue is recognised in the Consolidated Statement of
Income when the performance conditions in the contract
with the customer are met.
In most cases where the contract includes the sale of both
a product and installation then the sale of the product
and the related installation are treated as two separate
performance conditions. This is because the Group considers
that the customer is able to benefit from the product even
if the Group does not supply installation, i.e. it would be
possible for them to arrange installation by a third party.
In such situations, revenue in respect of the product is
recognised when control passes to the customer which is
normally upon shipment of the product. Revenue in respect
of the installation is recognised when the customer confirms
acceptance of the installation.
Revenue is allocated between the product and installation
based on the relative standalone selling prices of those
products and installation activities. Where it is difficult to
establish a standalone selling price by market comparator,
the standalone selling price is estimated, where required, by
applying the cost plus margin approach.
In the NanoScience business, which is part of the Research
& Discovery segment, certain contracts for the sale of
more complex systems are deemed to comprise just one
performance condition as customers are unable to realise
the economic benefit from having received the equipment
without the specialist installation. Given the highly
interdependent nature of the product and installation, this
performance condition is met, and the revenue recognised,
when the customer confirms acceptance of the installed
product at their premises.
In the Service & Healthcare segment, revenue for fixed
term maintenance and support contracts is recognised
using the output method by determining the proportion of
the elapsed time relative to the contract period. Where the
Service & Healthcare segment makes asset sales, similar
considerations as those set out for the other segments as
outlined above are applied.
Revenue excludes value added tax and similar sales-based
taxes and is stated before commission payable to agents
which is recognised in cost of sales.
(s) Income taxes
Income tax on the profit or loss for the year comprises
current and deferred tax. Income tax is recognised in profit or
loss except to the extent that it relates to items recognised
directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable
income for the year, using tax rates enacted or substantively
enacted at the reporting date, and any adjustment to tax
payable in respect of previous years.
Tax positions are reviewed to assess whether a provision
should be made based on prevailing circumstances.
Tax provisions are included within current taxation
liabilities. Deferred tax positions are measured on an
undiscounted basis.
Deferred tax is recognised in respect of temporary
differences between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts
used for taxation purposes. The following temporary
differences are not provided for: the initial recognition of
a deferred tax liability in respect of goodwill arising on a
business combination; the initial recognition of assets or
liabilities that affect neither accounting nor taxable profit;
and differences relating to investments in subsidiaries to the
extent that they will probably not reverse in the future.
The amount of deferred tax provided is based on the
expected manner of realisation or settlement of the carrying
amount of assets and liabilities, using tax rates enacted
or substantively enacted at the Statement of Financial
Position date.
A deferred tax asset is recognised only to the extent that it is
probable that future taxable profits will be available against
which the asset can be utilised. Deferred tax assets are
reduced to the extent that it is no longer probable that the
related tax benefit will be realised.
Additional income taxes that arise from the distribution of
dividends are recognised at the same time as the liability to
pay the related dividend.
Where there is uncertainty surrounding an income tax
position, consideration is given to whether the tax authority
(with full knowledge of the facts) would probably be
more or less likely to accept the uncertain tax position. If
the conclusion reached is that it is probable that the tax
authority would not accept a tax position a provision is
calculated either as the most likely outcome (where the
possible outcomes are binary or concentrated on one value)
or as the expected value (where there is a range of possible
outcomes) depending on which method would provide the
better prediction for the resolution of the uncertainty.
(t) Leases
The Group recognises a right-of-use asset and a lease
liability at the lease commencement date. The right-of-use
asset is initially measured at cost, which comprises the
initial amount of the lease liability adjusted for any lease
payments made at or before the commencement date, plus
any initial direct costs incurred and an estimate of costs to
dismantle and remove the underlying asset or to restore the
underlying asset or the site on which it is located, less any
lease incentives received.
The right-of-use asset is subsequently depreciated using the
straight-line method from the commencement date to the
earlier of the end of the useful life of the right-of-use asset or
the end of the lease term. The estimated useful lives of right-
of-use assets are determined on the same basis as those of
property and equipment. In addition, the right-of-use asset
is periodically reduced by impairment losses, if any, and
adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of
the lease payments that are not paid at the commencement
date, discounted using the interest rate implicit in the lease
or, if that rate cannot be readily determined, the lessee\u2019s
incremental borrowing rate. Generally, the Group uses its
incremental borrowing rate as the discount rate.
Lease payments included in the measurement of the lease
liability comprise fixed payments.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. If such remeasurement is required, it is performed using the original incremental borrowing rate, unless there is a change in estimated lease term; in which case it is performed using a new incremental borrowing rate. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Short-term leases and leases of low-value assets The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less and leases of low- value assets, including IT equipment. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. (u) Segment reporting An operating segment is a distinguishable component of the Group that engages in business activities from which it may earn revenues and incur expenses, including any revenues and expenses that relate to transactions with any of the Group\u2019s other components. Operating components are combined into aggregated operating segments to the extent that they have similar economic characteristics. Aggregated operating segments\u2019 operating results are reviewed regularly by the Group\u2019s Board of Directors to make decisions about resources to be allocated to the segment and to assess its performance, for which discrete financial information is available. Segment results that are reported to the Board include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. A reportable segment is an aggregated operating segment in respect of which revenue or profit exceeds 10% of the Group total. Discrete financial information is disclosed for each reportable segment. (v) Dividends Interim and final dividends are recognised as a liability when they are no longer at the discretion of the company. (w) New standards and interpretations not yet adopted There are no standards or amendments that are not yet effective and that would be expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions. (x) Prior year restatement The Directors concluded that separate value-added tax (VAT) receivable and payable balances, within the same VAT group, or within individual registrations, of group entities, held on the Consolidated Statement of Financial Position at 31 March 2022 and 31 March 2021 should have been netted off with one another, rather than presented gross. As a result, the Consolidated Statement of Financial Position as at 31 March 2022 and Consolidated Statement of Cash Flows for the year ended 31 March 2022 has been restated as follows: 2022 (as reported) \u00a3m Restatement \u00a3m 2022 (restated) \u00a3m Consolidated Statement of Financial Position Current assets Trade and other receivables 104.7 (9.9) 94.8 Current liabilities Trade and other payables (149.5) 9.9 (139.6) Consolidated Statement of Cash Flows Increase in receivables (21.6) 4.2 (17.4) Increase in payables and provisions 11.4 (4.2) 7.2 The restatement did not result in any change to reported profit, earnings per share, net assets or net cash from operating activities reported in the 2022 financial year. The impact on the opening Consolidated Statement of Financial Position as at 31 March 2021 is as follows: 2021 (as reported) \u00a3m Restatement \u00a3m 2021 (restated) \u00a3m Consolidated Statement of Financial Position Current assets Trade and other receivables 75.6 (5.7) 69.9 Current liabilities Trade and other payables (126.1) 5.7 (120.4) The restatement did not result in any change to reported consolidated profit, earnings per share, net assets or net cash from operating activities reported in the 2021 financial year. The Directors considered the requirement of IAS 1.40A, for inclusion of a third consolidated statement of financial position on the face of the primary statement, and determined that such presentation would not add further to the understanding of the user of the financial statements, than the 31 March 2021 information included in this note above. 1 Non-GAAP measures
In the preparation of adjusted numbers, the Directors exclude certain items in order to assist with comparability between
peers and to give what they consider to be a better indication of the underlying performance of the business. These adjusting
items are excluded in the calculation of adjusted operating profit, adjusted profit before tax, adjusted profit for the year from
continuing operations, adjusted EBITDA, adjusted EPS, adjusted cash conversion and adjusted effective tax rate. Details of
adjusting items are given below.
Adjusted EBITDA is calculated by adding back depreciation of property, plant and equipment, depreciation of right-of-use
assets and amortisation of intangible assets to adjusted operating profit, and can be found in the Consolidated Statement of
Cash Flows. The calculation of adjusted EPS can be found in Note 2. Adjusted effective tax rate is calculated by dividing the
share of tax attributable to adjusted profit before tax by adjusted profit before tax. The definition of cash conversion is set out
in the Finance Review.
Reconciliation between operating profit and profit before income tax and adjusted profit from
continuing operations
2023 2022
Operating
profit
\u00a3m
Profit before
income tax
\u00a3m
Operating
profit
\u00a3m
Profit before
income tax
\u00a3m
Statutory measure 72.4 73.5 48.3 47.6
Release of provision on disposal (0.4) (0.4) \u2013 \u2013
Acquisition-related costs \u2013 \u2013 0.4 0.4
WITec post-acquisition gross margin adjustment 0.5 0.5 1.7 1.7
Restructuring costs 0.4 0.4 \u2013 \u2013
Intellectual property litigation costs 0.5 0.5 \u2013 \u2013
Impairment of capitalised development costs 0.8 0.8 \u2013 \u2013
Amortisation and impairment of acquired intangibles 9.3 9.3 9.5 9.5
Fair value movement on financial derivatives (3.0) (3.0) 6.4 6.4
Unwind of discount in respect of contingent consideration 0.4 0.3
Total non-GAAP adjustments 8.1 8.5 18.0 18.3
Adjusted measure 80.5 82.0 66.3 65.9
Adjusted income tax expense (17.0) (11.7)
Adjusted profit for the year 80.5 65.0 66.3 54.2
Adjusted effective tax rates 20.7% 17. 8%
Release of provision on disposal
These represent the release of the provision on disposal of the OI Healthcare business in the US in 2020.
Acquisition-related costs
These represent the costs of one-off charges incurred at the balance sheet date relating to the acquisition of WITec
Wissenschaftliche Instrumente und Technologie GmbH (\u2018WITec\u2019).
WITec post-acquisition gross margin adjustment
The finished goods and work in progress inventories were revalued to fair value, based on selling price less costs to sell. The
adjustments in the current and prior periods relate to the gross margin which would have been earned on post-acquisition
sales to 31 March 2023, but which has been absorbed into the acquisition date fair value. This will not recur, as all such
inventory at the acquisition date had been delivered to customers by 31 March 2023.
Restructuring costs
These represent the costs of one-off restructuring charges within the Materials & Characterisation segment.
Intellectual property litigation costs
These represent one-off legal costs in the Research & Discovery segment to defend our intellectual property.
Impairment of capitalised development costs
During the year, the Group reviewed the capitalised development costs to ensure they remained directly related to targeted
product or software developments. The one-off non-cash impairment relates to delays in market launch of specific
development projects within the Materials & Characterisation segment.
Amortisation and impairment of acquired intangibles
Adjusted profit excludes the non-cash amortisation and impairment of acquired intangible assets and goodwill.
Fair value movement on financial derivatives
Under IFRS 9, all derivative financial instruments are recognised initially at fair value. Subsequent to initial recognition, they
are also measured at fair value. In respect of instruments used to hedge foreign exchange risk and interest rate risk, the Group
does not take advantage of the hedge accounting rules provided for in IFRS 9 since that standard requires certain stringent
criteria to be met in order to hedge account, which, in the particular circumstances of the Group, are considered by the Board
not to bring any significant economic benefit. Accordingly, the Group accounts for these derivative financial instruments at
fair value through profit or loss. To the extent that instruments are hedges of future transactions, adjusted profit for the year
is stated before changes in the valuation of these instruments so that the underlying performance of the Group can be more
clearly seen.
Unwind of discount in respect of contingent consideration
Adjusted profit excludes the unwind of the discount in respect of the contingent consideration on the acquisition of WITec.
Adjusted income tax expense
Adjusting items include the income tax on each of the items described above.
Reconciliation of changes in cash and cash equivalents to movement in net cash after borrowings
2023
\u00a3m
2022
\u00a3m
Net increase/(decrease) in cash and cash equivalents 13.5 (12.2)
Effect of exchange rate fluctuations on cash held 0.3 2.3
Movement in net cash in the year 13.8 (9.9)
Covid-19 loan at WiTec acquired \u2013 (1.8)
Repayment of borrowings 0.5 \u2013
Net cash after borrowings at the start of the year 85.9 97.6
Net cash after borrowings at the end of the year 100.2 85.9
Reconciliation of net cash to Statement of Financial Position
2023
\u00a3m
2022
\u00a3m
Covid-19 loan at WiTec (1.3) (1.8)
Overdrafts (11.2) (8.7)
Cash and cash equivalents 112.7 96.4
Net cash after borrowings at the end of the year 100.2 85.9
2 Earnings per share
Basic earnings per ordinary share (EPS) is calculated by dividing the profit attributable to equity shareholders of the parent
by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares held by the Employee
Share Ownership Trust, which have been treated as if they had been cancelled. The weighted average number of shares used
in the calculation is as follows:
2023
Shares
million
2022
Shares
million
Weighted average number of shares outstanding 57.7 57.7
Less: weighted average number of shares held by Employee Share Ownership Trust \u2013 (0.2)
Weighted average number of shares used in calculation of basic earnings per share 57.7 57.5
During the year, all shares were transferred out of the Employee Share Ownership Trust, and the trust was subsequently
closed. Therefore there are no shares held by the trust at 31 March 2023.
For the purposes of calculating diluted and diluted adjusted EPS, the weighted average number of ordinary shares is adjusted
to include the weighted average number of ordinary shares that would be issued on the conversion of all potentially dilutive
ordinary shares expected to vest, relating to the company\u2019s share-based payment plans. Potential ordinary shares are only
treated as dilutive when their conversion to ordinary shares would decrease EPS.
The following table shows the effect of share options on the calculation of diluted earnings per share:
2023
Shares
million
2022
Shares
million
Number of ordinary shares per basic earnings per share calculations 57.7 57.5
Effect of shares under option 0.7 0.8
Number of ordinary shares per diluted earnings per share calculations 58.4 58.3
Basic and diluted EPS are based on the profit for the period attributable to equity shareholders of the parent, as reported in
the condensed consolidated statement of income. Adjusted and diluted adjusted EPS are based on adjusted profit for the
period, as reported in Note 2:
2023 2022
\u00a3m Pence
\u00a3m Pence
Underlying profit attributable to equity shareholders of the
parent/underlying EPS 58.6 101.6 38.6 67.1
Total underlying adjustments to profit before tax (Note 2) 8.5 14.7 18.3 31.8
Related tax effects (2.1) (3.6) (2.7) (4.6)
Adjusted profit attributable to equity shareholders of the
parent/adjusted EPS 65.0 112.7 54.2 94.3
Diluted underlying EPS 100.3 66.2
Diluted adjusted EPS 111.3 93.0
3 Segment information
The Group has nine operating segments. These operating segments have been combined into three aggregated operating
segments to the extent that they have similar economic characteristics, with relevance to products and services, type and
class of customer, methods of sale and distribution and the regulatory environment in which they operate. Each of these three
aggregated operating segments is a reportable segment. The aggregated operating segments are as follows:
\u2022 the Materials & Characterisation segment comprises a group of businesses focusing on applied R&D and commercial
customers, enabling the fabrication and characterisation of materials and devices down to the atomic scale;
\u2022 the Research & Discovery segment comprises a group of businesses providing advanced solutions that create unique
environments and enable measurements down to the molecular and atomic level which are used in fundamental research;
and
\u2022 the Service & Healthcare segment provides customer service and support for the Group\u2019s products and the service of third-
party healthcare imaging systems.
The Group\u2019s internal management structure and financial reporting systems have been amended to differentiate the three
aggregated operating segments based on the economic characteristics discussed above.
Reportable segment results include items directly attributable to a segment as well as those which can be allocated on
a reasonable basis. The operating results of each are regularly reviewed by the Chief Operating Decision Maker, which is
deemed to be the Board of Directors. Discrete financial information is available for each segment and used by the Board of
Directors for decisions on resource allocation and to assess performance. No asset information is presented below as this
information is not presented in reporting to the Group\u2019s Board of Directors.
On 31 August 2021, the Group acquired 100% of the issued share capital of WITec which has been integrated into the
Materials & Characterisation segment.
Results
2023
Materials &
Characterisation
\u00a3m
Research &
Discovery
\u00a3m
Service &
Healthcare
\u00a3m
Total
\u00a3m
Total segment revenue 234.5 139.4 70.8 444.7
Segment adjusted operating profit 40.5 18.0 22.0 80.5
2022
Materials &
Characterisation
\u00a3m
Research &
Discovery
\u00a3m
Service &
Healthcare
\u00a3m
Total
\u00a3m
Total segment revenue 185.5 120.3 61.5 367. 3
Segment adjusted operating profit 26.1 21.3 18.9 66.3
Revenue in the Materials & Characterisation and Research & Discovery segments represents the sale of products. Revenue
in the Service & Healthcare segment relates to service income. No individual customer accounts for more than 10% of
total revenue.
As at 31 March 2023, the Group had unfulfilled performance obligations under IFRS 15 of \u00a3319.6m (2022: \u00a3260.2m). It is
anticipated that \u00a3303.0m (2022: \u00a3250.5m) of this balance will be satisfied within one year. The remainder is anticipated to be
satisfied in the following financial year.
Reconciliation of reportable segment profit
2023
Materials &
Characterisation
\u00a3m
Research &
Discovery
\u00a3m
Service &
Healthcare
\u00a3m
Unallocated
Group items
\u00a3m
Total
\u00a3m
Segment adjusted operating profit 40.5 18.0 22.0 \u2013 80.5
Restructuring costs (0.4) \u2013 \u2013 \u2013 (0.4)
Release of provision on disposal \u2013 \u2013 0.4 \u2013 0.4
Intellectual property litigation costs \u2013 (0.5) \u2013 \u2013 (0.5)
Impairment of capitalised development costs (0.8) \u2013 \u2013 \u2013 (0.8)
WITec post-acquisition gross margin adjustment (0.5) \u2013 \u2013 \u2013 (0.5)
Amortisation and impairment of acquired
intangibles (3.1) (6.2) \u2013 \u2013 (9.3)
Fair value movement on financial derivatives \u2013 \u2013 \u2013 3.0 3.0
Financial income \u2013 \u2013 \u2013 2.7 2.7
Financial expenditure \u2013 \u2013 \u2013 (1.6) (1.6)
Profit before income tax 35.7 11.3 22.4 4.1 73.5
2022
Materials &
Characterisation
\u00a3m
Research &
Discovery
\u00a3m
Service &
Healthcare
\u00a3m
Unallocated
Group items
\u00a3m
Total
\u00a3m
Segment adjusted operating profit 26.1 21.3 18.9 \u2013 66.3
Acquisition-related costs (0.4) \u2013 \u2013 \u2013 (0.4)
WITec post-acquisition gross margin adjustment (1.7) \u2013 \u2013 \u2013 (1.7)
Amortisation and impairment of acquired
intangibles (3.2) (6.3) \u2013 \u2013 (9.5)
Fair value movement on financial derivatives \u2013 \u2013 \u2013 (6.4) (6.4)
Financial income \u2013 \u2013 \u2013 0.5 0.5
Financial expenditure \u2013 \u2013 \u2013 (1.2) (1.2)
Profit/(loss) before income tax 20.8 15.0 18.9 (7.1) 47.6
Depreciation
2023
\u00a3m
2022
\u00a3m
Materials & Characterisation 5.1 3.8
Research & Discovery 1.7 1.5
Service & Healthcare \u2013 0.7
Unallocated Group items 2.6 1.5
9.4 7. 5
Capital expenditure
2023
\u00a3m
2022
\u00a3m
Materials & Characterisation 28.6 11.4
Research & Discovery 2.7 1.7
Service & Healthcare \u2013 0.1
Unallocated Group items 1.0 0.7
32.3 13.9
Amortisation and impairment
2023
\u00a3m
2022
\u00a3m
Materials & Characterisation 6.0 5.0
Research & Discovery 6.3 6.4
Service & Healthcare \u2013 \u2013
Unallocated Group items \u2013 \u2013
12.3 11.4
Capitalised development costs
2023
\u00a3m
2022
\u00a3m
Materials & Characterisation 0.4 0.7
Research & Discovery 0.2 \u2013
Service & Healthcare \u2013 \u2013
Unallocated Group items \u2013 \u2013
0.6 0.7
Revenue
2023
\u00a3m
2022
\u00a3m
UK 29.4 20.2
China 107.4 103.9
Japan 46.7 39.0
USA 121.2 79.9
Germany 32.1 28.1
Rest of Europe 43.4 40.7
Rest of Asia 47. 1 45.7
Rest of World 17.4 9.8
444.7 367.3
Non-current assets (excluding deferred tax)
2023
\u00a3m
2022
\u00a3m
UK 189.6 182.8
Germany 34.8 32.7
USA 13.9 14.2
Japan 1.9 2.4
China 2.9 1.8
Rest of Europe 6.5 7. 2
Rest of Asia 0.2 0.3
Rest of World 0.3 0.6
250.1 242.0
4 Auditor's remuneration
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Audit of these Financial Statements 250 210
Amounts received by the auditor and its associates in respect of:
\u2013 Audit of Financial Statement of subsidiaries pursuant to legislation 542 420
\u2013 Audit-related assurance services 47 44
\u2013 Other assurance services 8 10
Total fees payable to the auditor and its associates 847 684
5 Research and development (R&D)
The total research and development spend by the Group is as follows:
2023
Materials &
Characterisation
\u00a3m
Research &
Discovery
\u00a3m
Total
\u00a3m
R&D expense charged to the Consolidated Statement of Income 26.5 10.2 36.7
Less: depreciation of R&D-related fixed assets \u2013 (0.3) (0.3)
Less: amortisation and impairment of R&D costs previously capitalised as
intangibles (2.1) (0.1) (2.2)
Add: amounts capitalised as intangible assets 0.4 0.2 0.6
Total cash spent on R&D during the year 24.8 10.0 34.8
2022
Materials &
Characterisation
\u00a3m
Research &
Discovery
\u00a3m
Total
\u00a3m
R&D expense charged to the Consolidated Statement of Income 23.0 9.8 32.8
Less: depreciation of R&D-related fixed assets \u2013 (0.2) (0.2)
Add: amounts capitalised as fixed assets \u2013 0.3 0.3
Less: amortisation of R&D costs previously capitalised as intangibles (1.8) (0.1) (1.9)
Add: amounts capitalised as intangible assets 0.7 \u2013 0.7
Total cash spent on R&D during the year 21.9 9.8 31.7
6 Acquisition of WITec
On 31 August 2021, the Group acquired 100% of the issued share capital of WITec Wissenschaftliche Instrumente und
Technologie GmbH (\u2018WITec\u2019) on a cash-free, debt-free basis for consideration of \u20ac42m (\u00a336.0m), of which \u20ac5m (\u00a34.3m)
was conditional on trading performance over a period of 12 months from the acquisition. The conditions for the deferred
consideration were meeting certain revenue, order and margin thresholds. WITec is a leading designer and manufacturer
of Raman microscopy imaging solutions, based in Ulm, Germany. The business has been integrated into the Materials &
Characterisation segment.
Contingent consideration of \u00a34.8m was paid during January 2023 based on the performance of the WITec business in the
year to 31 August 2022. The difference of \u00a30.5m between contingent consideration provided at acquisition and that paid in
January 2023 was due to an adjustment to the net assets purchased.
Acquisition-related costs in the prior year of \u00a30.4m (2021: \u00a30.4m) were expensed to the Consolidated Statement of Income
as an adjusting item in the administration and shared services cost line. There were no acquisition-related costs in the
current year.
If the acquisition had occurred on the first day of the prior year the acquisition would have contributed revenue of \u00a314.3m,
adjusted operating profit of \u00a32.8m and a statutory loss before tax of \u00a30.3m to the Group\u2019s profit for the year ended
31 March 2022.
7 Financial income
2023
\u00a3m
2022
\u00a3m
Interest receivable 1.1 0.1
Interest credit on pension scheme net assets 1.6 0.4
2.7 0.5
8 Financial expenditure
2023
\u00a3m
2022
\u00a3m
Bank interest payable 0.7 0.6
Interest on lease liabilities 0.5 0.3
Unwind of discount on contingent consideration 0.4 0.3
1.6 1.2
9 Personnel costs
2023
\u00a3m
2022
\u00a3m
Wages and salaries 121.9 96.4
Social security costs 17. 1 12.2
Contributions to defined contribution plans (Note 25) 6.1 4.8
Defined benefit income (Note 25) (1.1) \u2013
Charge in respect of employee share options 2.4 2.1
146.4 115.5
Directors' emoluments are disclosed in the Remuneration Report on pages 144 to 173 of this Report and Financial Statements.
10 Employees
The average number of people employed by the Group (including Directors and temporary employees) during the year was
as follows:
2023
Number
2022
Number
Production 796 732
Sales and Marketing 495 467
Research and Development 456 430
Administration and Shared Services 280 249
2,027 1,878
11 Share option schemes
The Group operates three share option schemes:
All-employee Share Incentive Plan (\u2018SIP\u2019)
All UK employees are eligible to participate in the Group\u2019s HM Revenue and Customs-approved SIP. Participating employees
make a cash contribution to the plan each month. The Group contributes a further amount equal to 20% of the employee\u2019s
contribution. Independent trustees then purchase matching shares in the market on behalf of the employees. The matching
shares vest on the completion by the participating employee of a further three years\u2019 service and can be withdrawn from the
plan tax-free after five years\u2019 service.
Medium-Term Incentive Plan Scheme (\u2018MTIP\u2019)
Options awarded under the Medium-Term Incentive Plan are made annually to certain senior managers. The exercise prices
are \u00a3nil. Options have a life of ten years with vesting subject to achievement of performance targets and a vesting period of a
minimum of three years (but may be up to five years).
Performance Share Plan Scheme (\u2018PSP\u2019)
Under the Performance Share Plan awards of performance shares (or nil-cost options) are made annually to certain senior
managers. Awards have a life of ten years with vesting subject to achievement of performance targets and a vesting period of
a minimum of three years (but may be up to five years).
Share option schemes that have been discontinued but for which options were outstanding at the year end include
the following:
Executive Share Option Scheme (\u2018ESO\u2019)
Options awarded under the Executive Share Option Scheme were made annually to certain senior managers. The exercise
prices were determined according to the mid-market closing share price on the day before the date of grant. Options have a
life of ten years and a vesting period of three years.
Performance conditions
The ESO, MTIP and PSP schemes are or were subject to performance conditions which can be found in the Remuneration
Report on pages 163 to 166.
Administrative expenses include a charge of \u00a32.4m (2022: \u00a32.1m) in respect of the cost of providing share-based remuneration.
The cost of share options is calculated by estimating the fair value of the option at grant date and spreading that amount
over the vesting period after adjusting for an expectation of non-vesting.
Fair values are determined using an internal valuation model based on a modified Black-Scholes model. Expected volatility
has been based on historical volatility over a period of time of the same length as the expected option life and ending on the
grant date.
For options granted in the years ended 31 March 2023 and 2022, the fair value per option granted and the assumptions used
in the calculation are as follows:
Medium-Term
Incentive Plan
Scheme
June 2022
Performance
Share Plan
Scheme
June 2022
Medium-Term
Incentive Plan
Scheme
July 2021
Performance
Share Plan
Scheme
July 2021
Fair value at measurement date \u00a318.86 \u00a318.86 \u00a322.60 \u00a322.60
Share price at grant date \u00a319.40 \u00a319.40 \u00a323.10 \u00a323.10
Exercise price \u00a3nil \u00a3nil \u00a3nil \u00a3nil
Expected volatility 47. 3% 47. 3% 39.4% 39.4%
Expected option life (expressed as weighted average life used
in the modelling) 3 years 3 years 3 years 3 years
Expected dividend yield 0.9% 0.9% 0.7% 0.7%
Risk-free interest rate 2.1% 2.1% 0.5% 0.5%
The options existing at the year end were as follows:
2023 2022
Number of
shares Exercise Price Period when exercisable
Number of
shares
Options subsisting at the year end on unissued ordinary
shares:
Executive Share Option Schemes
June 2015 75,006 \u00a310.28 15/06/18 \u2013 14/06/25 82,875
June 2016 18,000 \u00a37. 38 21/06/19 \u2013 20/06/26 18,000
November 2016 32,663 \u00a36.27 29/11/19 \u2013 28/11/26 36,403
Total options subsisting on existing ordinary shares 125,669 137,278
Percentage of issued share capital 0.2% 0.2%
Medium-Term Incentive Plan
September 2017 22,253 \u00a30.05 25/09/20 \u2013 24/09/27 29,490
July 2018 28,239 \u00a30.05 03/07/21 \u2013 02/07/28 48,219
July 2019 32,622 \u00a30.05 15/07/22 \u2013 14/07/29 7 7,024
December 2019 1,098 \u00a30.05 02/12/22 \u2013 01/12/29 1,569
September 2020 69,010 \u00a30.05 23/09/23 \u2013 22/09/30 71,136
July 2021 56,388 \u00a30.05 02/07/24 \u2013 01/07/31 58,014
September 2021 5,394 \u00a30.05 01/09/24 \u2013 31/08/31 5,394
November 2021 2,373 \u00a30.05 11/11/24 \u2013 10/11/31 2,373
June 2022 92,015 \u00a30.05 20/06/25 \u2013 19/06/32 \u2013
Total options subsisting on existing ordinary shares 309,392 293,219
Percentage of issued share capital 0.5% 0.5%
Performance Share Plan
September 2017 116,853 \u00a30.05 25/09/20 \u2013 24/09/27 116,853
July 2018 115,043 \u00a30.05 03/07/21 \u2013 02/07/28 115,043
July 2019 86,032 \u00a30.05 15/07/22 \u2013 14/07/29 86,032
September 2020 74,815 \u00a30.05 23/09/23 \u2013 22/09/30 74,815
July 2021 55,806 \u00a30.05 02/07/24 \u2013 01/07/31 55,806
June 2022 70,435 \u00a30.05 20/06/25 \u2013 19/06/32 \u2013
Total options subsisting on existing ordinary shares 518,984 448,549
Percentage of issued share capital 0.9% 0.8%
The number and weighted average exercise prices of those options are as follows:
2023 2022
Weighted
average exercise
price
Number of
options
Weighted
exercise average
price
Number of
options
Outstanding at the beginning of the period \u00a31.41 879,046 \u00a32.04 1,069,983
Granted during the year \u00a30.03 163,687 \u2013 125,602
Forfeited during the year \u00a30.05 (4,989) \u2013 (27,003)
Exercised during the year \u00a31.23 (60,423) \u00a32.55 (236,875)
Lapsed during the year \u00a31.44 (23,276) \u00a36.88 (52,661)
Outstanding at the year end \u00a31.19 954,045 \u00a31.38 879,046
Exercisable at the year end \u00a32.14 527,809 \u00a32.71 446,883
The weighted average share price at the time of exercise of the options was \u00a322.03 (2022: \u00a323.29).
The weighted average remaining contractual life for the share options as at 31 March 2023 was one year (2022: one year).
The total consideration received from exercise of options in the year was \u00a30.1m (2022: \u00a30.1m).
2023
\u00a3m
2022
\u00a3m
Recognised in the Consolidated Statement of Income
Current tax expense
Current year 10.2 9.0
Adjustment in respect of prior years 0.3 (1.0)
10.5 8.0
Deferred tax expense
Origination and reversal of temporary differences 5.1 1.2
Adjustment in respect of prior years (0.7) (0.2)
4.4 1.0
Total tax expense 14.9 9.0
Reconciliation of effective tax rate
Profit before income tax 73.5 47.6
Income tax using the weighted average statutory tax rate of 21% (2022: 21%) 15.4 10.0
Effect of:
Tax rates other than the weighted average statutory rate 0.3 0.1
Change in rate at which deferred tax recognised 1.0 0.6
Non-taxable income and expenses (1.4) (0.3)
Tax incentives not recognised in the Consolidated Statement of Income \u2013 (0.2)
Adjustment in respect of prior years (0.4) (1.2)
Total tax expense 14.9 9.0
Taxation (credit)/charge recognised directly in other comprehensive income
Deferred tax \u2013 relating to employee benefits (9.7) 6.8
Taxation credit recognised directly in equity
Deferred tax \u2013 relating to share options (0.7) (0.2)
On 5 March 2021 it was announced that the rate of UK corporation tax would be increased to 25% from 1 April 2023. This
change was substantively enacted on 24 May 2021. As such, the UK deferred tax assets and liabilities have been calculated
based on the enacted rate of 25% as utilisation will occur after that date.
The Group carries tax provisions in relation to uncertain tax positions arising from the possible outcome of negotiations with
tax authorities. The provisions have been calculated based on the probable outcome of those negotiations from a range
of possibilities and assume that the tax authorities have full knowledge of the facts. Such provisions are a reflection of the
geographical spread of the Group\u2019s operations and the variety of jurisdictions in which it carries out its activities.
13 Dividends per share
The following dividends per share were paid by the Group:
2023
pence
2022
pence
Previous period interim dividend \u2013 4.1
Previous period final dividend 13.7 12.9
Current period interim dividend 4.6 4.4
18.3 21.4
The following dividends per share were proposed by the Group in respect of each accounting period presented:
2023
pence
2022
pence
Interim dividend 4.6 4.4
Final dividend 14.9 13.7
19.5 18.1
The final dividend for the year to 31 March 2022 of 13.7 pence per share was approved by shareholders at the Annual General
Meeting on 28 July 2022 and was paid on 23 August 2022. The interim dividend for the year to 31 March 2023 of 4.6 pence
was approved by a sub-committee of the Board on 7 November 2022 and was paid on 13 January 2023.
The proposed final dividend of 14.9 pence per share was not provided at the year end and is subject to shareholder approval
at the Annual General Meeting on 19 September 2023. It is expected to be paid on 12 October 2023, to shareholders on the
register on the record date of 4 August 2023, with an ex-dividend date of 3 August 2023 and with the last date of election for
the Dividend Reinvestment Plan (DRIP) being 21 September 2023.
14 Property, plant and equipment
Land and
buildings
\u00a3m
Plant and
equipment
\u00a3m
Fixtures
and fittings
\u00a3m
Total
\u00a3m
Cost
Balance at 1 April 2021 13.8 36.5 7.7 58.0
Additions \u2013 business combinations \u2013 0.2 \u2013 0.2
Additions \u2013 other 7.8 5.3 0.8 13.9
Disposals (0.2) (2.0) (0.3) (2.5)
Exchange differences 0.4 0.4 0.1 0.9
Balance at 31 March 2022 and 1 April 2022 21.8 40.4 8.3 70.5
Additions 24.2 6.0 2.1 32.3
Disposals (0.1) (3.7) (0.3) (4.1)
Exchange differences \u2013 0.4 0.1 0.5
Balance at 31 March 2023 45.9 43.1 10.2 99.2
Depreciation and impairment losses
Balance at 1 April 2021 5.4 25.6 5.9 36.9
Depreciation charge for the year 0.3 3.6 0.2 4.1
Disposals (0.2) (2.0) (0.2) (2.4)
Exchange differences \u2013 0.2 \u2013 0.2
Balance at 31 March 2022 and 1 April 2022 5.5 27.4 5.9 38.8
Depreciation charge for the year 0.4 4.0 0.4 4.8
Disposals \u2013 (3.7) (0.3) (4.0)
Exchange differences \u2013 0.3 \u2013 0.3
Balance at 31 March 2023 5.9 28.0 6.0 39.9
Carrying amounts
Balance at 1 April 2021 8.4 10.9 1.8 21.1
Balance at 31 March 2022 and
1 April 2022 16.3 13.0 2.4 31.7
Balance at 31 March 2023 40.0 15.1 4.2 59.3
15 Intangible assets
Goodwill
\u00a3m
Customer-
related
acquired
intangibles
\u00a3m
Technology-
related
acquired
intangibles
\u00a3m
Development
costs acquired
intangibles
\u00a3m
Development
costs internally
generated
\u00a3m
Software
\u00a3m
Total
\u00a3m
Cost
Balance at 1 April 2021 101.8 29.3 91.7 1.8 48.5 4.2 27 7.3
Additions \u2013 business
combinations 20.6 3.3 5.0 \u2013 \u2013 \u2013 28.9
Additions \u2013 internally
generated \u2013 \u2013 \u2013 \u2013 0.7 0.1 0.8
Exchange differences 0.2 0.5 1.5 \u2013 \u2013 \u2013 2.2
Balance at 31 March 2022
and 1 April 2022 122.6 33.1 98.2 1.8 49.2 4.3 309.2
Additions \u2013 internally
generated \u2013 \u2013 \u2013 \u2013 0.6 \u2013 0.6
Disposals \u2013 other \u2013 \u2013 \u2013 \u2013 (12.5) \u2013 (12.5)
Exchange differences 2.0 1.0 2.8 \u2013 \u2013 \u2013 5.8
Balance at 31 March 2023 124.6 34.1 101.0 1.8 37.3 4.3 303.1
Amortisation and
impairment losses
Balance at 1 April 2021 21.7 22.5 63.0 1.3 43.3 2.9 154.7
Amortisation and
impairment charged \u2013 1.8 7.5 0.2 1.9 \u2013 11.4
Exchange differences 0.5 0.5 1.4 \u2013 \u2013 \u2013 2.4
Balance at 31 March 2022
and 1 April 2022 22.2 24.8 71.9 1.5 45.2 2.9 168.5
Amortisation and
impairment charged \u2013 1.4 7.8 0.1 2.2 \u2013 11.5
Disposals \u2013 \u2013 \u2013 \u2013 (12.5) \u2013 (12.5)
Exchange differences 0.7 0.8 1.9 \u2013 \u2013 0.1 3.5
Balance at 31 March 2023 22.9 27.0 81.6 1.6 34.9 3.0 171.0
Carrying amounts
Balance at 1 April 2021 80.1 6.8 28.7 0.5 5.2 1.3 122.6
Balance at 31 March 2022
and 1 April 2022 100.4 8.3 26.3 0.3 4.0 1.4 140.7
Balance at 31 March 2023 101.7 7.1 19.4 0.2 2.4 1.3 132.1
During the year the Group made impairments of \u00a30.8m (2022: nil) in respect of capitalised development costs. Further
information can be found in the Finance Review section of the Strategic Report.
The following intangible assets are considered material by the Directors as they represent 97% (2022: 99%) of total acquired
intangible assets:
2023 2022
\u00a3m
Amortisation
period
years
Remaining
amortisation
period
years \u00a3m
Trademarks \u2013 Andor 4.7 15.0 5.8 5.6
Technology, know-how and patents \u2013 Andor:
\u2013 Product related 11.9 12.0 2.8 16.2
\u2013 Software related 0.9 10.0 0.8 2.0
Trademarks \u2013 WITec 2.3 10.0 8.6 2.5
Technology, know-how and patents \u2013 WITec 3.6 5.0 3.6 4.6
Technology, know-how and patents \u2013 Asylum 2.4 12.0 1.7 3.8
Goodwill acquired in a business combination is allocated, at acquisition, to the cash generating units (\u2018CGUs\u2019) that are
expected to benefit from that business combination. The carrying amount of goodwill was allocated to individual CGUs
as follows:
2023
\u00a3m
2022
\u00a3m
Materials & Characterisation
NanoAnalysis 10.0 9.8
Magnetic Resonance 2.3 2.3
WITec 21.5 20.3
Research & Discovery
Andor 61.2 61.3
NanoScience 6.7 6.7
101.7 100.4
The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired.
Accounting standards require an impairment test to be carried out by determining the recoverable amount of each CGU
which contains goodwill. The recoverable amount is calculated as the higher of the fair value less costs to sell or the value in
use of the CGU. In the Group\u2019s case, the recoverable amount is based on value in use calculations. Value in use is calculated
by discounting expected future cash flows and in particular Board-approved five-year cash flow forecasts, prepared by
the management of each CGU and reviewed and amended by Group management as necessary, together with 2.5% per
annum growth for the subsequent 20 years. This rate was considered to be at or below long-term market trends for the
Group\u2019s businesses.
Key assumptions
The key assumptions are those regarding discount rates and growth rates.
The growth rates are at or below the Group\u2019s view on long-term trends within its markets. Changes in selling prices and direct
costs are based on past practices and expectations of future changes in the market.
The post-tax weighted average costs of capital used for Materials & Characterisation and Research & Discovery in
impairment testing are 12.8%-13.3% (2022: 11.6%-12.1%) and 12.8%-13.3% (2021: 11.6%-12.1%) respectively, in line with the risk
associated with each of the business segments. Management has estimated these discount rates by reference to past
experience and an industry average weighted cost of capital as adjusted for appropriate risk factors reflecting current
economic circumstances and the risk profiles of each CGU.
Sensitivity analysis
The Group\u2019s estimate of impairments are most sensitive to changes in the discount rate and forecast growth rate. Sensitivity
analysis has been carried out by reference to both of these assumptions. This demonstrated that a 170 basis point increase
in the discount rate would be required in order to eliminate the headroom of \u00a312.3m in the recently acquired WITec business
\u2013 along with a 20% deterioration from the five-year forecast. Similarly, a reduction in the growth rate to -0.5% - again, along
with a 20% deterioration from the five-year forecast would be required in order to result in an impairment in that business. No
reasonably possible change in assumptions would result in an impairment in the other businesses.
16 Deferred tax
Property, plant
and equipment
\u00a3m
Inventory
\u00a3m
Employee
benefits
\u00a3m
Intangibles
assets
\u00a3m
Tax losses
\u00a3m
Other
\u00a3m
Total
\u00a3m
Balance at 1 April 2021 0.7 2.6 (0.1) (5.7) 6.8 3.9 8.2
Recognised in income (1.6) 1.3 (1.2) 0.6 (0.3) 0.2 (1.0)
Recognised in other
comprehensive income \u2013 \u2013 (6.8) \u2013 \u2013 \u2013 (6.8)
Recognised directly in equity \u2013 \u2013 0.2 \u2013 \u2013 \u2013 0.2
Acquired on business
combination \u2013 (0.7) 0.1 (1.9) \u2013 (0.1) (2.6)
Effect of movements in
foreign exchange rates \u2013 \u2013 \u2013 \u2013 0.2 0.1 0.3
Balance at 31 March 2022 (0.9) 3.2 (7. 8) (7.0) 6.7 4.1 (1.7)
Recognised in income (3.1) 0.4 (2.5) 2.0 (1.5) 0.3 (4.4)
Recognised in other
comprehensive income \u2013 \u2013 9.7 \u2013 \u2013 \u2013 9.7
Recognised directly in equity \u2013 \u2013 0.7 \u2013 \u2013 \u2013 0.7
Effect of movements in
foreign exchange rates \u2013 0.1 \u2013 \u2013 0.3 \u2013 0.4
Balance at 31 March 2023 (4.0) 3.7 0.1 (5.0) 5.5 4.4 4.7
Certain deferred tax assets and liabilities have been offset as follows:
Assets Liabilities Net
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Gross assets/(liabilities) 15.6 14.3 (10.9) (16.0) 4.7 (1.7)
Offset (3.1) (0.6) 3.1 0.6 \u2013 \u2013
Net assets/(liabilities) 12.5 13.7 (7.8) (15.4) 4.7 (1.7)
Deferred tax assets have not been recognised in respect of the following items:
2023
\u00a3m
2022
\u00a3m
Deductible temporary differences \u2013 \u2013
Tax losses 0.3 0.2
0.3 0.2
The tax losses and the deductible temporary differences do not expire under current tax legislation. Deferred tax assets
have not been recognised in respect of these items as it is not probable that future taxable profits will be available in the
subsidiaries concerned against which the Group can utilise the brought forward tax losses. Deferred tax is recognised on
provisions made against inventory on which tax relief has not yet been granted.
No deferred tax liability has been recognised in respect of \u00a365.3m (2022: \u00a356.0m) of undistributed earnings of overseas
subsidiaries since the majority of such distributions would not be taxable. In other cases the Group considers that it is able to
control the timing of remittances so that any tax is not expected to arise in the foreseeable future.
17 Inventories
2023
\u00a3m
2022
\u00a3m
Raw materials and consumables 39.8 28.6
Work in progress 23.5 23.2
Finished goods 18.1 13.5
81.4 65.3
The amount of inventory recognised as an expense was \u00a3172.8m (2022: \u00a3147.2m). In the ordinary course of business, the
Group makes impairment provisions for slow-moving, excess and obsolete inventory as appropriate. Inventory is stated after
charging impairments of \u00a31.3m in the current period (2022: \u00a30.7m). In the current year, \u00a3nil (2022: \u00a3nil) was reversed relating to
previous impairments. Impairments are included within gross profit.
Inventory carried at net realisable value is \u00a31.7m (2022: \u00a31.5m).
18 Trade and other receivables
2023
\u00a3m
2022
as restated
(1)
\u00a3m
Trade receivables 95.9 78.4
Less provision for impairment of receivables (3.5) (3.6)
Net trade receivables 92.4 74.8
Accrued Income 4.8 4.2
Prepayments 6.6 8.5
Other receivables 9.4 7.3
113.2 94.8
(1) Details of restatement of prior year numbers can be found in the accounting policies.
Trade receivables are non-interest-bearing. Standard credit terms provided to customers differ according to business and
country and are typically between 30 and 60 days.
The maximum exposure to credit risk for trade and other receivables plus accrued income, by geographic region, was:
2023
\u00a3m
2022
as restated
(1)
\u00a3m
UK 17. 5 9.3
China 16.2 19.9
Japan 15.8 11.8
USA 29.8 16.6
Germany 7.4 5.9
Rest of Europe 10.6 10.7
Rest of Asia 6.3 11.4
Rest of World 3.0 0.7
106.6 86.3
(1) Details of restatement of prior year numbers can be found in the accounting policies.
The ageing of financial assets comprising net trade receivables and other receivables plus accrued income at the reporting
date was:
2023
\u00a3m
2022
as restated
(1)
\u00a3m
Current (not overdue) 63.1 51.1
Less than 31 days overdue 18.8 13.5
More than 30 but less than 91 days overdue 10.8 11.2
More than 90 days overdue 13.9 10.5
106.6 86.3
(1) Details of restatement of prior year numbers can be found in the accounting policies.
In both periods presented the entire provision against trade receivables and other receivables plus accrued income relates to
balances more than 90 days overdue.
The movement of the Group\u2019s expected credit losses provision in respect of trade receivables and other receivables plus
accrued income are as follows:
2023
\u00a3m
2022
\u00a3m
Balance at start of year 3.6 2.2
Transferred in on acquisition of business \u2013 0.2
(Decrease)/increase in loss allowance recognised in the Consolidated Statement of Income
during the year (0.1) 1.2
Balance at end of year 3.5 3.6
The loss allowance is recognised in the administration and shared services line in the Consolidated Statement of Income.
19 Cash and cash equivalents
2023
\u00a3m
2022
\u00a3m
Cash balances 112.7 96.4
Bank overdrafts (11.2) (8.7)
Cash and cash equivalents in the Consolidated Statement of Cash Flows 101.5 87.7
20 Working capital movements
Reconciliation of movements in working capital
Inventories
\u00a3m
Receivables
(1)
\u00a3m
Payables and
provisions
(1)
\u00a3m
Customer
Deposits
\u00a3m
Total
\u00a3m
As at 1 April 2021 as restated
(2)
58.7 76.0 (87.9) (41.9) 4.9
Working capital movement as restated
(2)
0.1 17.4 (7. 2) 1.5 11.8
WITec-related flows 6.2 3.0 (6.7) (0.3) 2.2
Exchange differences 0.3 (0.6) 0.7 (0.6) (0.2)
FV movement on financial derivatives \u2013 \u2013 (6.4) \u2013 (6.4)
As at 31 March 2022 and 1 April 2022 as restated
(2)
65.3 95.8 (107.5) (41.3) 12.3
Working capital movement 15.6 19.6 (16.9) (9.2) 9.1
WITec-related flows \u2013 \u2013 5.3 \u2013 5.3
Exchange differences 0.5 0.3 \u2013 (1.6) (0.8)
FV movement on financial derivatives \u2013 \u2013 3.0 \u2013 3.0
As at 31 March 2023 81.4 115.7 (116.1) (52.1) 28.9
(1) Receivables and payables include derivative financial instruments.
(2) Details of restatement of prior year numbers can be found in the accounting policies.
21 Financial risk management
The Group\u2019s multinational operations and debt financing expose it to a variety of financial risks. In the course of its business,
the Group is exposed to foreign currency risk, interest rate risk, liquidity risk, commodity risk and credit risk. Financial risk
management policies are set by the Board of Directors. These policies are implemented by a central treasury function that
has formal procedures to manage foreign exchange risk, interest rate risk and liquidity risk, including, where appropriate, the
use of derivative financial instruments. Commodity risk is managed locally by the operating businesses. The Group has clearly
defined authority and approval limits.
In accordance with its Treasury Policy, the Group does not hold or use derivative financial instruments for trading or
speculative purposes. Such instruments are only used to manage the risks arising from operating or financial assets or
liabilities or highly probable future transactions.
The Group uses derivative financial instruments to hedge its exposure to fluctuations in foreign exchange rates. In common
with a number of other companies, the Group has decided that the additional costs of meeting the extensive documentation
requirements of IFRS 9 to apply hedge accounting to derivative financial instruments used for hedging exposure to
foreign currency and interest rate volatility cannot be justified. Accordingly, the Group does not use hedge accounting for
such derivatives.
Foreign currency risk
Foreign currency risk arises both where sale or purchase transactions are undertaken in currencies other than the respective
functional currencies of Group companies (transactional exposures) and where the results of overseas companies are
consolidated into the Group\u2019s reporting currency of sterling (translational exposures). The Group has operations around the
world which record their results in a variety of different local functional currencies. In countries where the Group does not have
operations, it invariably has some customers or suppliers that transact in a foreign currency. The Group is therefore exposed to
the changes in foreign currency exchange rates between a number of different currencies but the Group\u2019s primary exposures
relate to the US dollar, the euro and the Japanese yen. To reduce uncertainty, the Group maintains a rolling hedge of forward
contracts equivalent to 80% (2022: 80%) of the exposure expected to arise over the following 12 months. The remaining 20%
is sold on the spot market. The fair value of outstanding currency contracts recognised as a liability as at 31 March 2023
amount to \u00a31.2m (2022: \u00a31.4m) and those recognised as an asset amount to \u00a32.0m (2022: \u00a31.0m).
Movements in the fair value of derivative financial instruments are recognised in the Consolidated Statement of Income
immediately. However, in order to facilitate a more meaningful comparison of the Group\u2019s performance year-on-year,
the elements of these movements that relate to hedges in respect of future sales are treated as an adjusting item in the
calculation of adjusted earnings (Note 1).
The Group\u2019s translational exposures to foreign currency risks can relate both to the Consolidated Statement of Income and
net assets of overseas subsidiaries. The Group\u2019s policy is not to hedge the translational exposure that arises on consolidation
of the Consolidated Statements of Income of overseas subsidiaries.
Interest rate risk
Interest rate risk comprises both the interest rate price risk that results from borrowing at fixed rates of interest and also the
interest cash flow risk that results from borrowing at variable rates. The Group\u2019s policy is to use a mixture of revolving short
and medium-term floating rate debt underpinned by longer-term fixed rate debt. The short and medium-term floating rate
debt provides flexibility to reduce debt levels as appropriate. The longer-term fixed rate debt provides stability and cost
certainty to the Group\u2019s financing structure.
Liquidity risk
Liquidity risk represents the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s
approach to managing this risk is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities
when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the
Group\u2019s reputation. The Group manages this risk by maintaining adequate committed lines of funding from high-quality
lenders. The facilities committed to the Group as at 31 March 2023 are set out in Note 24.
Credit risk
Credit risk arises because a counterparty may fail to perform its obligations. The Group is exposed to credit risk on financial
assets such as cash balances, derivative financial instruments, accrued income, trade and other receivables. The Group\u2019s
credit risk is primarily attributable to its trade receivables and cash balances. The amounts recognised in the Consolidated
Statement of Financial Position are net of expected credit losses, which are estimated by the Group\u2019s management based
on the Group\u2019s historical experience of losses, along with consideration of any reasonably and supportable forward-looking
information and expectations. Due to its wide geographic base and large number of customers, the Group is not exposed
to material concentrations of credit risk on its trade receivables. The Group\u2019s experience of credit loss is minimal, which has
and continues to be mitigated through receiving payment in advance of delivery or using trade guarantees provided by the
Group\u2019s relationship banks. In the unusual event of a particular issue with a particular customer, a specific provision will be
made if appropriate. Trade receivables are subject to credit limits and control and approval procedures in the operating
companies. There has been no material change in the Group\u2019s experience of credit losses over the reporting period.
Credit risk associated with cash balances and derivative financial instruments is managed by transacting with financial
institutions with high quality credit rating. In particular, a Board-approved policy sets out guidelines for which categories of
institutions may be used and the maximum amount which may be invested with each institution within a particular category.
Accordingly, the Group\u2019s associated credit risk is limited. The Group has no significant concentration of credit risk. The Group\u2019s
maximum exposure to credit risk is represented by the carrying amount of each financial asset, including derivative financial
instruments, in the Group Consolidated Statement of Financial Position.
Exposure to credit risk
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk by
type of asset at 31 March 2023 is as shown below:
2023
\u00a3m
2022
as restated
(1)
\u00a3m
Long-term receivables 0.5 0.0
Trade receivables 92.4 74.8
Other receivables and accrued income 14.2 11.5
Cash and cash equivalents 112.7 96.4
Derivative financial instruments 2.0 1.0
221.8 183.7
(1) Details of restatement of prior year numbers can be found in the accounting policies.
The maximum exposure to credit risk for trade receivables is discussed in Note 18.
Other receivables include \u00a35.8m (2022: \u00a34.1m) in respect of VAT and similar taxes which are not past due date.
Capital management
The Board considers capital to comprise share capital, reserves and the net cash or net debt position of the company.
The company was in a net cash position at the year end. Total capital at the end of the current year totalled \u00a3243.8m
(2022: \u00a3230.5m).
The Board\u2019s long-term objective is to have an efficient capital structure by maintaining a balance between the higher returns
that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position.
This is monitored by reference to the ratio of net debt to earnings before interest, tax, depreciation and amortisation (EBITDA)
and the Board has set itself internal limits, which are well inside any covenants the Group has with lenders. The Group
maintains the right to purchase its own shares in the market; the timing of these purchases would depend on market prices.
Buy and sell decisions are made on a specific transaction basis by the Board.
Each year the Board carefully considers the appropriate level of dividend payments. In doing this, the Board looks to increase
dividends in line with underlying earnings, although the Board will also take into account other considerations in its decision-
making process. The Board does not have a policy to pay a fixed dividend yield or to maintain a fixed rate of dividend cover
but assesses both of these metrics in line with sustained earnings growth.
As set out in the Chief Executive\u2019s Review, the Group will actively manage its portfolio of businesses and products, selecting
those markets with long-term growth drivers where we can maintain or grow leading positions. We will focus on those
markets where nanotechnology has the potential to address some of the world\u2019s most complex and pressing challenges
and where we can deliver unique solutions and service excellence. In line with the objective of maintaining a balance
between borrowings and equity, the Group would seek to finance organic growth (e.g. through investment in research and
development) and smaller \u2018bolt-on\u2019 acquisitions from operating cash flow, thus maintaining balance sheet efficiency. Larger
acquisitions would be financed either by equity or a mixture of equity and debt so as to ensure the Group has a manageable
ratio of net debt to EBITDA.
The Board encourages employees to hold shares in the company. As well as various share option plans (full details of which
are given in Note 11), from April 2008 all UK employees have been offered the opportunity to take part in a Share Incentive
Plan (SIP). Under this plan, employees are able to invest up to \u00a31,800 each tax year in shares in the company. The company
awards one additional free share (a matching share) for every five shares bought by each employee.
There were no changes to the Group\u2019s approach to capital management during the year. Neither the company nor any of its
subsidiaries are subject to externally imposed capital requirements.
22 Financial instruments
Fair values of financial assets and liabilities
The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their
levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not
measured at fair value if the carrying amount is a reasonable approximation of fair value.
2023 2022 as restated
(1)
Fair value
hierarchy
Carrying
amount
\u00a3m
Fair value
\u00a3m
Carrying
amount
\u00a3m
Fair value
\u00a3m
Assets carried at amortised cost
Long-term receivables 0.5 \u2013
Trade receivables 92.4 74.8
Other receivables and accrued income 14.2 11.5
Cash and cash equivalents 112.7 96.4
Assets carried at fair value
Derivative financial instruments:
\u2013 Foreign currency contracts 2 2.0 2.0 1.0 1.0
Liabilities carried at fair value
Derivative financial instruments:
\u2013 Foreign currency contracts 2 (1.2) (1.2) (1.4) (1.4)
Liabilities carried at amortised cost
Trade and other payables (86.0) (7 7.1)
Bank overdrafts (11.2) (8.7)
Borrowings (1.3) (1.8)
Lease payables (31.4) (18.4)
(1) Details of restatement of prior year numbers can be found in the accounting policies.
The following summarises the major methods and assumptions used in estimating the fair values of financial instruments
reflected in the above table.
Derivative financial instruments
Derivative financial instruments are marked-to-market using market prices.
Fixed and floating rate borrowings
The fair value of fixed and floating rate borrowings is estimated by discounting the future contracted principal and interest
cash flows using the market rate of interest at the reporting date.
Trade and other receivables/payables
For receivables/payables with a remaining life of less than one year, the carrying amount is deemed to reflect the fair value.
All other receivables/payables are discounted to determine their fair value. Advances received are excluded from other
payables above as these are not considered to be financial liabilities.
Lease payables
The lease liability is measured at amortised cost using the effective interest method.
Fair value hierarchy
The table above gives details of the valuation method used in arriving at the fair value of financial instruments.
The different levels have been identified as follows:
\u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities;
\u2022 Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
\u2022 Level 3: inputs for the assets or liabilities that are not based on observable market data.
There have been no transfers between levels during the year.
Maturity of financial liabilities
2023
Carrying
amount
\u00a3m
Contractual
cash flows
\u00a3m
Due within
one year
\u00a3m
Due one to
five years
\u00a3m
Due more than
five years
\u00a3m
Foreign exchange contracts (1.2) 1.2 1.2 \u2013 \u2013
Trade and other payables (86.0) 86.0 86.0 \u2013 \u2013
Bank overdrafts (11.2) 11.2 11.2 \u2013 \u2013
Borrowings (1.3) 1.3 0.4 0.9 \u2013
Lease payables (31.4) 31.4 4.5 13.8 13.0
(131.1) 131.1 103.3 14.7 13.0
2022 as restated
(1)
Carrying
amount
\u00a3m
Contractual
cash flows
\u00a3m
Due within
one year
\u00a3m
Due one to
five years
\u00a3m
Due more than
five years
\u00a3m
Foreign exchange contracts (1.4) 1.4 1.1 0.3 \u2013
Trade and other payables (7 7.1) 77.1 7 7.1 \u2013 \u2013
Bank overdrafts (8.7) 8.7 8.7 \u2013 \u2013
Borrowings (1.8) 1.8 0.5 1.3 \u2013
Lease payables (18.4) 19.9 3.5 10.8 5.6
(107.4) 108.9 90.9 12.4 5.6
(1) Details of restatement of prior year numbers can be found in the accounting policies.
Carrying
amount
2023
\u00a3m
Carrying
amount
2022
\u00a3m
Variable rate instruments
Cash and cash equivalents 112.7 96.4
Financial liabilities (11.2) (8.7)
Fixed rate instruments
Financial assets \u2013 \u2013
Financial liabilities (1.3) (1.8)
Sensitivity analysis
The Group has estimated the impact on the Consolidated Statement of Income and on equity of the following changes in
market conditions at the balance sheet date:
\u2022 one percentage point increase in interest rates;
\u2022 ten percentage point weakening in the value of sterling against all currencies; and
\u2022 ten percentage point strengthening in the value of sterling against all currencies.
The sensitivities above represent the Directors\u2019 view of reasonably possible changes in each risk variable, not worst-case
scenarios or stress tests. The outputs from the sensitivity analysis are estimates of the impact of market risk assuming that the
specified changes occur at the year end and are applied to the risk exposures at that date. Accordingly, they show the impact
on the balance sheet of an instantaneous shock. The calculations include all hedges in place at the year end.
Actual results in the future may differ materially from these estimates due to commercial actions taken to mitigate
any potential losses from such rate movements, to the interaction of more than one sensitivity occurring and to further
developments in global financial markets. As such, this table should not be considered as a projection of likely future gains
and losses.
2023
1% increase in
interest rates
\u00a3m
10% weakening
in
sterling
\u00a3m
10%
strengthening
in
sterling
\u00a3m
Impact on adjusted profit (Note 1) 0.9 (10.2) 10.2
Impact on reported profit 0.9 (7.5) 7.5
Impact on equity 0.8 (6.1) 6.1
2022
1% increase in
interest rates
\u00a3m
10% weakening
in
sterling
\u00a3m
10%
strengthening in
sterling
\u00a3m
Impact on adjusted profit (Note 1) 0.9 (6.3) 6.3
Impact on reported profit 0.9 (4.3) 4.3
Impact on equity 0.8 (3.5) 3.5
23 Called up share capital
Issued and fully paid ordinary shares:
2023
Number of shares
2022
Number of shares
At the beginning of the year 57,654,455 57,461,453
Issued for cash 58,053 193,002
At the end of the year 57,712,508 57,654,455
2023 2022
Number of shares \u00a3m Number of shares \u00a3m
Allotted, called up and fully paid
Ordinary shares of 5 pence each 57,712,508 2.9 57,654,455 2.9
The holders of the ordinary shares are entitled to receive dividends as declared, a proportionate amount of capital on a
winding up of the company and one vote per share at meetings of the company.
24 Borrowings
Effective
interest rate Maturity date
2023
\u00a3m
2022
\u00a3m
Current
Covid-19 loan at WITec 1.00% May 2026 0.4 0.5
Bank overdrafts 11.2 8.7
At the end of the year 11.6 9.2
Effective
interest rate Maturity date
2023
\u00a3m
2022
\u00a3m
Non-current
Covid-19 loan at WITec 1.00% May 2026 0.9 1.3
At the end of the year 0.9 1.3
The Group\u2019s undrawn committed facilities available at 31 March 2023 were \u00a3108.4m, comprising the undrawn portion of the
Group\u2019s \u00a3108.4m revolving credit facilities. These facilities expire on 28 June 2025 and comprise an $80m and a \u20ac50m facility.
Bank overdrafts reflect the aggregated overdrawn balances of Group companies (even if those companies have other
positive cash balances). The overdrafts are held with the Group\u2019s relationship banks.
The Group\u2019s uncommitted overdraft facilities at 31 March 2023 were \u00a318.8m.
A reconciliation of the Group\u2019s borrowings balances is shown below.
2023
\u00a3m
2022
\u00a3m
Balance at the beginning of the year 10.5 30.4
Increase in borrowings (from acquisition of WITec) \u2013 1.9
Repayment of borrowings (cash flow from financing activities) (0.5) (0.1)
Increase/(decrease) in bank overdrafts 2.5 (21.7)
Interest charged 0.7 0.5
Interest paid (0.7) (0.5)
At the end of the year 12.5 10.5
25 Retirement benefit obligations
The Group operates a defined benefit plan in the UK. The plan offers pensions in retirement and death in service benefit to
members. Pension benefits are related to members\u2019 final salary at retirement and their length of service. The scheme has
been closed to new members since 2001 and closed to future accrual since 2010.
The amounts recognised in the Consolidated Statement of Financial Position are:
2023
\u00a3m
2022
\u00a3m
Present value of funded obligations 225.1 300.0
Fair value of plan assets (251.5) (351.7)
Recognised asset for defined benefit obligations (26.4) (51.7)
The reconciliation of the opening and closing balances of the present value of the defined benefit obligation is as follows:
2023
\u00a3m
2022
\u00a3m
Benefit obligation at the beginning of the year 300.0 323.9
Interest on defined benefit obligation 8.2 6.7
Benefits paid (12.3) (11.1)
Remeasurement (gain)/loss on obligation (70.8) (19.5)
Benefit obligation at the end of the year 225.1 300.0
The reconciliation of the opening and closing balances of the present value of the fair value of plan assets is as follows:
2023
\u00a3m
2022
\u00a3m
Fair value of plan assets at the beginning of the year 351.7 340.2
Interest on plan assets 9.8 7.1
Contributions by employer 12.2 8.0
Benefits paid (12.3) (11.1)
Administrative expenses (0.5) (0.4)
Actual return on assets excluding interest income (109.4) 7.9
Fair value of plan assets at the end of the year 251.5 351.7
The amounts recognised in respect of the defined benefit scheme in the Consolidated Statement of Income is:
2023
\u00a3m
2022
\u00a3m
Total defined benefit income (1.1) \u2013
Defined contribution schemes
In the UK, employees are offered participation in the defined contribution Oxford Instruments Stakeholder Plan. The company
contribution rate and employee contribution rate varies between grades and whether the individual had previously been in
the defined benefit scheme. The company contribution ranges between 4% and 14% of base salary. The Group also operates
a 401k defined distribution plan in the US. Details of pension schemes contributions made in respect of Directors can be found
in the Remuneration Report. The total defined contribution pension scheme cost for the year ended 31 March 2023 was \u00a36.2m
(2022 - \u00a34.8m).
Defined benefit and defined contribution pension costs are recorded in the following lines in the Consolidated Statement
of Income:
2023
\u00a3m
2022
\u00a3m
Cost of sales 1.7 1.7
Research and development 1.5 1.2
Selling and marketing costs 1.4 1.0
Administration and shared services 2.1 1.3
Financial income (1.6) (0.4)
5.1 4.8
The Group has agreed a basis for deficit recovery payments with the trustees of the UK pension scheme. The deficit recovery
payments are payable through to and including 2026 and will rise by approximately 3% per annum. The annual deficit
recovery payment was \u00a38.2m (2022: \u00a38.0m) for the financial year. In the current year, the Directors decided to make an
additional one-off payment of \u00a34.0m to the UK pension scheme to reduce the Group\u2019s exposure.
In 2018 the trustees of the UK defined benefit scheme, in consultation with the company, reduced its exposure to on-risk
assets (a portfolio of market-focused asset classes, the majority being equities) with a corresponding increase in its liability-
driven investments, with the objective of steering a more stable journey to being fully funded. The pension fund\u2019s gross
exposure to on-risk assets fell from 85% to 45%; the majority of transactions required to make this change were completed
in February 2018. As a result, the level of risk inherent in the investment strategy is now significantly lower than previously, in
addition to a substantial reduction in funding level volatility. Following investment outperformance and contributions made
by the Group in the year to 31 March 2022 the allocation to on-risk assets has been further reduced to 35%, with a view to
further reduction in funding level volatility.
The Group has considered the requirements of IFRIC 14. The terms of the scheme give the Group the right to recover any
surplus assets on the scheme upon wind-up and therefore management has concluded that there is no impact on the
amounts recognised in respect of retirement benefit obligations i.e. there is no need to apply the \u2018asset ceiling\u2019.
The Group expects to contribute approximately \u00a38.5m to the UK defined benefit plan in the next financial year.
Remeasurement gains and losses shown in the Consolidated Statement of Comprehensive Income:
2023
\u00a3m
2022
\u00a3m
Actual return on assets excluding interest income (109.4) 7.9
Experience loss on scheme obligations (10.3) (1.6)
Changes in assumptions underlying the present value of scheme obligations:
\u2013 Financial 78.3 23.5
\u2013 Demographic 2.8 (2.5)
Actuarial (losses)/gains recorded in the Consolidated Statement of Comprehensive Income (38.6) 27.3
The table below shows the sensitivity of the Consolidated Statement of Financial Position to changes in the significant
pension assumptions:
2023
\u00a3m
Discount rate
(-0.1% p.a.)
\u00a3m
Inflation rate
(+0.1% p.a.)
\u00a3m
Life expectancy
(+one year)
\u00a3m
Present value of funded obligations 225.1 228.2 227.6 231.2
Fair value of plan assets (251.5) (251.5) (251.5) (251.5)
Surplus (26.4) (23.3) (23.9) (20.3)
The valuation of defined benefit liabilities is most sensitive to changes in the discount rate, inflation rate and mortality rate.
The sensitivities have been calculated by running the liability calculations in full using the alternative assumptions. In each
case, only the indicated assumption has changed by the amount stated. For the inflation sensitivity, the impact on the
assumptions that are based on RPI inflation, such as CPI inflation and the inflation-linked pension increases, has been included.
Defined benefit scheme \u2013 UK
A full actuarial valuation of the UK plan was carried out as at 31 March 2021 which, for reporting purposes, has been updated
to 31 March 2023 by a qualified independent actuary.
The major assumptions used by the actuary for the purposes of IAS 19 were (in nominal terms):
2023
%
2022
%
Discount rate 4.8 2.8
Rate of increase in pensions in
payment (\u20183LPI\u2019) 2.3 2.6
Rate of increase in pensions in
payment (\u20185LPI\u2019) 3.0 3.4
Rate of inflation (\u2018CPI\u2019) 2.4 2.8
Rate of inflation (\u2018RPI\u2019) 3.2 3.5
Mortality \u2013 pre and post-retirement 97% of S2PA tables (99% for females)
future improvement in line with CMI
2021 with 1.25% long-term trend
91% of S2PA tables (93% for females)
future improvement in line with CMI 2021
with 1.25% long-term trend
As at 31 March 2023 the weighted average duration of the defined benefit obligations was 13.5 years (2022: 17 years).
The mortality assumptions imply the following expected future lifetime from age 65:
2023
years
2022
years
Pre-retirement \u2013 males 23.2 23.6
Pre-retirement \u2013 females 25.3 25.7
Post-retirement \u2013 males 21.9 22.3
Post-retirement \u2013 females 23.8 24.2
The assumptions have been chosen by the Directors from a range of possible actuarial assumptions, which, due to the
timescales covered, may not be borne out in practice.
The assets in the plan were:
2023
\u00a3m
2022
\u00a3m
Equities 62.9 61.0
Corporate and emerging market bonds 22.1 24.7
Gilts 113.5 198.8
Property 5.4 5.3
Insurance-linked funds 12.2 21.2
Credit and global loan funds 0.1 0.1
Hedge funds 25.5 31.3
Cash 9.8 9.3
251.5 351.7
Where assets have no observable market price a valuation will be provided by the fund manager. The scheme\u2019s investment
manager will accept that valuation if it is within the expected range of performance. Otherwise, the investment manager will
query the valuation with the fund manager. Complex financial instruments are valued by the scheme\u2019s investment manager
who uses financial models which take as their input the characteristics of the instrument and observable market data such as
swap rates.
The UK pension scheme implements a liability hedge strategy which is designed to protect the scheme\u2019s funding level from
changes in gilt yields and inflation expectations. The liability hedge strategy consists of a portfolio of gilts, gilt derivatives,
interest rate and inflation swaps. At 31 March 2019, the liability hedge strategy fully covered the scheme\u2019s liabilities from
changes in gilt yields and inflation expectations. However, this is not a precise match for the IAS 19 defined benefit obligation,
which is based on corporate bond yields rather than gilt yields.
26 Trade and other payables
2023
\u00a3m
2022
as restated
(1)
\u00a3m
Trade payables 30.3 29.3
Customer deposits 52.1 41.3
Social security and other taxes 6.1 5.0
Accrued expenses 44.9 35.1
Deferred income 21.3 21.2
Other payables 4.7 7.7
159.4 139.6
(1) Details of restatement of prior year numbers can be found in the accounting policies. \u00a31.3m of VAT payable balances, previously presented within Other
payables at 31 March 2022, have been reclassified within Social security and other taxes.
27 Contract assets and liabilities
2023 2022
Contract asset Contract liability Contract asset Contract liability
Accrued
income
\u00a3m
Customer
deposits
\u00a3m
Deferred
income
\u00a3m
Accrued
income
\u00a3m
Customer
deposits
\u00a3m
Deferred
income
\u00a3m
Balance at 1 April 4.2 (41.3) (21.2) 2.9 (41.9) (16.5)
Acquired balances \u2013 \u2013 \u2013 0.6 (0.3) (0.1)
Transfers in the period from contract assets to
trade receivables (4.2) \u2013 \u2013 (2.9) \u2013 \u2013
Amounts included in contract liabilities that were
recognised as revenue during the period \u2013 38.6 21.2 \u2013 31.8 16.5
Excess of revenue recognised over cash (or rights
to cash) being recognised during the period 4.8 \u2013 \u2013 3.6 \u2013 \u2013
Cash received in advance of performance and
not recognised as revenue during the period \u2013 (49.4) (21.3) \u2013 (30.9) (21.1)
Balance at 31 March 4.8 (52.1) (21.3) 4.2 (41.3) (21.2)
Contract assets end contract liabilities are included within trade and other receivables and trade and other payables,
respectively, on the face of the Consolidated Statement of Financial Position.
Payment terms for the sale of large goods typically require payment of a deposit on order, with the remaining payments due
on shipment, and in some cases installation. For lower value goods, payment is typically required at shipment. Maintenance
and service contracts are generally paid in full at inception. There is no financing component in the arrangements, and
contracts are for specified, pre-agreed amounts with no variable element.
28 Provisions for other liabilities and charges
Warranties
\u00a3m
IP-Related
claims
\u00a3m
Other
\u00a3m
Total
\u00a3m
Balance as at 1 April 2022 3.9 0.6 3.3 7.8
Provisions made during the year 2.9 \u2013 0.8 3.7
Provisions used during the year (1.4) \u2013 (0.7) (2.1)
Provisions released during the year (1.8) \u2013 \u2013 (1.8)
Effect of movement in foreign exchange \u2013 \u2013 \u2013 \u2013
Balance as at 31 March 2023 3.6 0.6 3.4 7.6
Amounts falling due before one year 3.6 0.6 3.4 7.6
Amounts falling due after more than one year \u2013 \u2013 \u2013 \u2013
Warranty provisions
Product warranty provisions reflect commitments made to customers on the sale of goods in the ordinary course of business
and included within the Group companies\u2019 standard terms and conditions. Warranty commitments typically apply for a 12
month period. The provision represents the Directors\u2019 best estimate of the Group\u2019s liability based on past experience.
Intellectual property-related claims
The company has on occasion been required to take legal or other actions to defend itself against proceedings brought by
other parties. Provisions are made for the expected costs associated with such matters, based on past experience of similar
items and other known factors, taking into account professional advice received, and represent the Directors\u2019 best estimate of
the likely outcome. The timing of utilisation of these provisions is frequently uncertain, reflecting the complexity of issues and
the outcome of various court proceedings and negotiations. Contractual and other provisions represent the Directors\u2019 best
estimate of the future cost of settling obligations arising from past activity and reflect the Directors\u2019 assessment of the likely
settlement method, which may change over time. However, no provision is made for proceedings which have been brought by
other parties against Group companies unless the Directors, taking into account professional advice received, assess that it
is more likely than not that such proceedings may be successful. In respect of the provision for IP-related claims the range of
possible outcomes is between \u00a3nil and \u00a30.6m.
Other provisions
Other provisions relate to various obligations including obligations in respect of onerous contracts, product-related liabilities,
dilapidation provisions and provisions for other claims. \u00a30.1m of other provisions fall due after more than one year and are
expected to fall due within the next seven years.
29 Leases
The Group leases a number of properties in the jurisdictions from which it operates. In some jurisdictions it is customary for
lease contracts to provide for payments to increase each year by inflation and in others to be reset periodically to market
rental rates. In some jurisdictions\u2019 property leases, the periodic rent is fixed over the lease term.
The Group also leases certain items of plant and equipment. In some contracts for services with distributors, those contracts
contain a lease of vehicles. Leases of plant, equipment and vehicles comprise only fixed payments over the lease terms.
The Group sometimes negotiates break clauses in its property leases. On a case-by-case basis, the Group will consider
whether the absence of a break clause would exposes the Group to excessive risk. Typically factors considered in deciding to
negotiate a break clause include:
\u2022 the length of the lease term;
\u2022 the economic stability of the environment in which the property is located; and
\u2022 whether the location represents a new area of operations for the Group.
The Group leases assets including land and buildings, vehicles and machinery. Information about leases for which the Group
is a lessee is presented below.
Right-of-use assets
Property leases
\u00a3m
Other leases
\u00a3m
Total
\u00a3m
Cost
Balance at 1 April 2021 13.3 1.9 15.2
Additions \u2013 business combinations 2.6 0.2 2.8
Additions \u2013 other 10.1 0.8 10.9
Disposals (1.7) (0.3) (2.0)
Exchange differences 0.7 \u2013 0.7
Balance at 31 March 2022 and 1 April 2022 25.0 2.6 27.6
Additions 17.4 0.8 18.2
Modifications (1.0) \u2013 (1.0)
Disposals \u2013 (0.5) (0.5)
Exchange differences 1.1 0.1 1.2
Balance at 31 March 2023 42.5 3.0 45.5
Depreciation and impairment losses
Balance at 1 April 2021 6.9 1.0 7.9
Depreciation charge for the year 2.9 0.5 3.4
Disposals (1.7) (0.2) (1.9)
Exchange differences 0.3 \u2013 0.3
Balance at 31 March 2022 and 1 April 2022 8.4 1.3 9.7
Depreciation charge for the year 4.1 0.5 4.6
Disposals \u2013 (0.5) (0.5)
Exchange differences 0.3 \u2013 0.3
Balance at 31 March 2023 12.8 1.3 14.1
Carrying amounts
Balance at 1 April 2021 6.4 0.9 7. 3
Balance at 31 March 2022 and 1 April 2022 16.6 1.3 17.9
Balance at 31 March 2023 29.7 1.7 31.4
Lease payables
2023
\u00a3m
2022
\u00a3m
Balance at beginning of year 18.4 7.5
Additions \u2013 business combinations \u2013 2.8
Additions \u2013 other 18.1 10.9
Modifications (1.0) \u2013
Payments made (cash flows from financing activities) (5.6) (3.4)
Interest charge 0.5 0.3
Effect of movements in foreign exchange rates 1.0 0.3
31.4 18.4
Amounts falling due after more than one year 26.2 14.9
Amounts falling due in less than one year 5.2 3.5
Amounts recognised in Consolidated Statement of Income
2023
\u00a3m
2022
\u00a3m
Interest on lease payables (0.5) (0.3)
Depreciation of right-of-use assets (4.6) (3.4)
Amounts recognised in Consolidated Statement of Cash Flows
2023
\u00a3m
2022
\u00a3m
Interest paid on lease payables (0.5) (0.3)
Repayment of lease payables (5.1) (3.4)
30 Capital commitments
Lease for new Plasma Technology site.
On 28 January 2021, the Group entered into an agreement for a lease in respect of a new site for its Plasma Technology
business. Practical completion occurred on 30 May 2022 and consequently the Group has entered into a 20-year lease. This
resulted in a right-of-use asset and corresponding lease liability of \u00a313.5m on this date.
Proposed lease for new Japan regional office
On 31 January 2023, the Group entered into an agreement for a lease in respect of a new office for its Japan regional office.
Practical completion is expected to occur on 1 August 2023 and consequently the Group will enter into a three-year lease.
31 Contingent liabilities
In an international group of companies, a variety of legal claims arise from time to time. The Board, having taken legal advice,
is of the opinion that any ongoing actions and investigations will not have a material impact on the Group\u2019s financial position.
32 Related parties
All transactions with related parties are conducted on an arm\u2019s length basis and in accordance with normal business terms.
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation
and are not disclosed in this note.
The remuneration of key management personnel is as follows:
2023
\u00a3m
2022
\u00a3m
Short-term employee benefits 4.2 3.7
Post-employment benefits 0.1 0.2
Share-based payment charges 1.8 1.6
Total 6.1 5.5
Key management personnel include the Executive Directors and the Management Board.
Short-term employee benefits comprise salary and benefits earned during the year and bonuses awarded for the year.
33 Exchange rates
The principal exchange rates to sterling used were:
Year-end rates 2023 2022
US dollar 1.24 1.32
Euro 1.14 1.18
Japanese yen 165 160
Average translation rates
2023 US dollar Euro Japanese yen
April 1.28 1.19 161
May 1.26 1.18 163
June 1.24 1.17 164
July 1.22 1.18 164
August 1.19 1.18 162
September 1.14 1.15 161
October 1.13 1.15 166
November 1.17 1.16 169
December 1.20 1.14 162
January 1.22 1.13 159
February 1.22 1.14 163
March 1.22 1.14 165
Average translation rates
2022 US dollar Euro Japanese yen
April 1.38 1.16 152
May 1.40 1.16 153
June 1.40 1.16 154
July 1.39 1.17 153
August 1.38 1.17 152
September 1.36 1.16 151
October 1.36 1.17 153
November 1.35 1.18 153
December 1.34 1.18 153
January 1.35 1.19 155
February 1.34 1.20 155
March 1.33 1.19 157
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-418": {
"value": "Oxford Instruments plc (the \u201cCompany\u201d) is a company incorporated and domiciled in the UK. The Group Financial Statements have been prepared and approved by the Directors in accordance with UK adopted International Accounting Standards (IAS) and interpretations issued by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under UK adopted IFRS and in conformity with the requirements of the Companies Act 2006. The Company has elected to prepare its parent company Financial Statements in accordance with FRS 101; these are presented on pages 227 and 228. The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these Group Financial Statements. The Financial Statements have been prepared on a going concern basis based on the Directors\u2019 opinion, after making reasonable enquiries, that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Strategy section on pages 34 and 35. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the Finance Review on pages 82 to 93. The relatively diverse nature of the Group together with its current financial strength provides a solid foundation. The Directors have reviewed the Group\u2019s forecasts and flexed them to incorporate a number of potential scenarios relating to changes in trading performance and believe that the Group will be able to operate within its existing debt facilities which expire on 28 June 2025. This review also considered hedging arrangements in place. As a consequence, the Directors believe that the Group is well placed to manage its business risks successfully. Further information can be found in the Viability Statement on pages 102 to 104. The Financial Statements were authorised for issuance on 14 July 2023. (a) New accounting standards No new accounting standards materially affecting the Group\u2019s accounting policies have been adopted during the year. (b) Significant estimates and judgements The preparation of Financial Statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Significant judgements In the opinion of the Group there are no judgements made in the preparation of the Financial Statements in respect of which taking a different view would have a material impact on the Financial Statements. Significant estimates Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Two key areas where estimates have been used and assumptions applied have been identified as follows: Measurement of defined benefit scheme liabilities The Group recognises and measures costs relating to defined benefit pension schemes in accordance with IAS 19 (Revised) Employee Benefits. In applying IAS 19 (Revised) the costs are assessed in accordance with the advice of independent qualified actuaries. This requires certain estimates and assumptions in relation to future changes in salaries and inflation, as well as mortality rates, expected returns on plan assets and the selection of suitable discount rates. The factors affecting these assumptions are influenced by wider macro-economic factors that are largely outside of the Group\u2019s control. A sensitivity analysis is set out in Note 25. Provisions for IP-related claims Provisions for IP-related claims are recognised in the period when it becomes probable that there will be a future outflow of funds resulting from past expectations or events which can be reasonably estimated. The timing of recognition requires the application of judgement to existing facts and circumstances which can be subject to change. Amounts provided represent the Group\u2019s best estimate of exposure based on currently available information. Key assumptions surrounding estimation uncertainty relate to estimating potential royalty or profit sharing rates surrounding any product-related intellectual property claims (see Note 28). (c) Basis of preparation and consolidation The Financial Statements are presented in sterling, rounded to the nearest \u00a30.1m and are prepared on the historical cost basis except as described below under the heading \u2018(e) Financial instruments\u2019. The Group Financial Statements include the accounts of Oxford Instruments plc and its subsidiary companies adjusted to eliminate intra-Group balances and any unrealised gains and losses or income and expenses arising from intra-Group transactions. ACCOUNTING POLICIES Year ended 31 March 2023 Subsidiaries are entities controlled by the Group. Control exists when the Group is exposed to or has rights to variable returns from its investment with the investee and has the ability to affect those returns through its power over the investee. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. The results of subsidiary companies are included in the consolidated Financial Statements from the date that control commences until the date that control ceases. The acquisition method is used to account for the acquisition of subsidiaries. The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated into sterling at exchange rates ruling at the end of the reporting period. Income statements and cash flows of foreign operations are translated into sterling at average monthly exchange rates which approximate foreign exchange rates at the date of the transaction. Foreign exchange differences arising on retranslation are recognised through the Statement of Comprehensive Income. (d) Foreign currency An individual entity\u2019s transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in profit or loss. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. (e) Financial instruments Financial assets and liabilities are recognised in the Group\u2019s Consolidated Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument. Derivative financial instruments of the Group are used to hedge its exposure to foreign currency risks arising from operational, financing and investment activities. The Group does not hold or issue derivative financial instruments for trading purposes. All derivatives are initially recognised at fair value; attributable transaction costs are recognised in profit or loss as incurred. Foreign exchange contracts are classified as \u2018fair value through profit and loss\u2019 under IFRS 9. Subsequent to initial recognition, derivatives are measured at fair value and gains or losses on the settlement of such derivatives are recognised in operating expenses. Where such derivatives relate to the following year\u2019s exposure, any gains or losses resulting from the change in fair value are recognised as an adjusting item in operating expenses. The fair value of forward exchange contracts is their market price at the Consolidated Statement of Financial Position date, being the present value of the forward price. The gain or loss on remeasurement to fair value of forward exchange contracts is recognised immediately in the Consolidated Statement of Income. Contingent purchase consideration is measured at fair value at the date of acquisition and subsequently carried at fair value, with movements recognised in the Consolidated Statement of Income. Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the Consolidated Statement of Income over the period of the borrowing on an effective interest basis. (f) Property, plant and equipment Property, plant and equipment is stated at historical cost less provisions for impairment (see accounting policy k) and depreciation which, with the exception of freehold land which is not depreciated and rental assets (see below), is provided on a straight-line basis over each asset\u2019s estimated economic life. Depreciation is provided based on historical cost less estimated residual value. The principal estimated economic lives used for this purpose are: Freehold buildings, long leasehold land and buildings 50 years Furniture and fittings 10 years Machinery and other equipment 5 to 10 years Computer equipment 4 years Vehicles 4 years For leasehold improvements, where the length of the lease is less than the principal estimated economic lives noted above, the length of the lease is used. Machinery and other equipment, computer equipment and vehicles are included within the \u2018Plant and equipment\u2019 sub- heading in Note 14. (g) Intangible assets (i) Goodwill All business combinations are accounted for by applying the acquisition method. Goodwill represents amounts arising on acquisition of subsidiaries. In respect of business acquisitions that have occurred since 31 March 2004, goodwill represents the difference between the cost of the acquisition and the fair value of the assets, liabilities and contingent liabilities acquired. In respect of acquisitions prior to this date, goodwill is included on the basis of its deemed cost, which represents the amount recorded under previous GAAP. The Group expenses transaction costs associated with its acquisitions and movements in liabilities relating to contingent consideration within the Consolidated Statement of Income in conformity with IFRS 3. Goodwill arising on acquisitions is stated at cost less any accumulated impairment losses and allocated to cash generating units that are anticipated to benefit from the combination. It is not amortised but is tested annually for impairment (see accounting policy k), or more frequently when there is an indicator that the unit may be impaired. (ii) Development costs Research and Development costs are charged to the Consolidated Statement of Income in the year in which they are incurred unless development expenditure is applied to a plan or design for the production of new or substantially improved products, in which case they are capitalised. The criteria for capitalisation include demonstration of the technical feasibility of completing a new intangible asset that will be available for sale and that the asset will generate probable future economic benefits. Where expenditure meets the criteria, development costs are capitalised and amortised through the Consolidated Statement of Income over their useful economic lives. (iii) Acquired intangible assets An intangible asset acquired with a subsidiary undertaking is recognised as an intangible asset if it is separable from the acquired business or arises from contractual or legal rights, is expected to generate future economic benefits and its fair value can be reliably measured. The asset is amortised through the Consolidated Statement of Income over its useful economic life. (iv) Amortisation Amortisation of intangible assets is charged to the Consolidated Statement of Income on a systematic basis in proportion to the use of the assets over their estimated useful economic lives as follows: Capitalised development costs 3 to 5 years Technology-related acquired intangibles 5 to 12 years Customer-related acquired intangibles 6 months to 15 years Development costs acquired intangibles 10 years Software 10 years Customer-related acquired intangible assets include a number of different types of asset. For example, the shorter end of the useful economic life relates to the order book of acquired businesses, whilst the longer useful economic life relates to assets such as trademarks. (h) Trade and other receivables Trade and other receivables are initially recognised at fair value and subsequently stated at their amortised cost less appropriate provision for impairment. The provision for impairment of receivables is based on lifetime expected credit losses, which is then updated for any reasonable and supportable forward-looking information and expectations. Lifetime expected credit losses are calculated by assessing historic credit loss experience. The movement in the provision is recognised in the Consolidated Statement of Income. (i) Inventories Inventories are stated at the lower of cost and net realisable value. Cost includes materials, direct labour, an attributable proportion of production overheads based on normal operating capacity and all other expenditure incurred in acquiring the inventories and bringing them to their existing location and condition. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. Provision is made for obsolete, slow moving and defective stock where appropriate in light of recent usage, expected future requirements, new product introduction plans and likely realisable values. As outlined in Note (r) below, the revenue associated with both the sale and installation of certain complex products is recognised at the time that the installation is completed. The net realisable value associated with complex products is included in finished goods inventories where the installation has not yet been completed. (j) Cash and cash equivalents Cash and cash equivalents are carried in the Statement of Financial Position at amortised cost. Cash and cash equivalents comprise cash balances and call deposits and are carried at amortised cost. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the Statement of Cash Flows. (k) Impairment of non-current assets All non-current assets are tested for impairment whenever events or circumstances indicate that their carrying value may be impaired. Additionally, goodwill is subject to an annual impairment review. For the purposes of impairment testing, assets are grouped together into the smallest group of assets that generates cash flows from continuing use that are largely independent of the cash inflows from other groups of assets. An impairment loss is recognised in the Consolidated Statement of Income under the administration and shared services heading, to the extent that an asset\u2019s carrying value, or a cash generating unit\u2019s carrying value, exceeds its recoverable amount, which represents the higher of its net realisable value and its value in use. Value in use is the present value of the future cash flows expected to be derived from the asset or from the cash generating unit to which it relates. The present value is calculated using a discount rate that reflects the current market assessment of the time value of money and the risks specific to the asset concerned. Impairment losses recognised in previous periods for an asset other than goodwill are reversed if there has been a change in estimates used to determine the asset\u2019s recoverable amount, but only to the extent that the carrying amount of the asset does not exceed its carrying amount had the impairment loss not been recognised in previous periods. Impairment losses in respect of goodwill are not reversed. Impairment losses recognised in respect of cash generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash generating units and then to reduce the carrying amount of the other assets in the unit. (l) Employee benefits The Group operates a number of defined benefit and defined contribution plans which require contributions to be made to independent trustee-administered funds. (i) Defined contribution plans Obligations for contributions to defined contribution pension plans are recognised as an expense in the Consolidated Statement of Income as incurred. (ii) Defined benefit plans The Group\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that current and past employees have earned in return for their service in prior periods. That benefit is discounted to determine its present value and the fair value of any plan assets is deducted. The calculation is performed by a qualified actuary using the projected unit credit method. All actuarial gains and losses in calculating the Group\u2019s net obligation are recognised in the Consolidated Statement of Comprehensive Income in the year. The charge to the Consolidated Statement of Income reflects the current service cost. The interest expense or income is calculated on the net defined benefit liability by applying the discount rate to the net defined benefit liability, and is included within financial expenditure or financial income in the Consolidated Statement of Income, respectively. (iii) Share-based payment transactions The fair value of equity settled share option programmes is measured at grant date and charged to the Consolidated Statement of Income, with a corresponding increase in equity, on a straight-line basis over the period during which the employees become unconditionally entitled to the options. The fair value of the options granted is measured using an option valuation model, taking into account the terms and conditions upon which the options were granted. The amount recognised as an expense is adjusted to reflect the actual number of share options that vest, except where forfeiture is only due to market performance conditions not being met. (iv) Own shares held by ESOP trust Transactions of the Group-sponsored ESOP trust are treated as being those of the Group and are therefore reflected in the Group Financial Statements. In particular, the trust\u2019s purchases and sales of shares in the Group are debited and credited directly to equity. (m) Provisions A provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. A provision for warranty and product-related liability is recognised when the underlying products are sold. A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan and the restructuring has either commenced or has been announced publicly. A provision for onerous contracts is recognised when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. A provision for a claim or dispute is made when it is considered probable that an adverse outcome will occur and the amount of the loss can be reasonably estimated. Contractual and other provisions represent the Directors\u2019 best estimate of the cost of settling future obligations where the Directors, taking into account professional advice received, assess that it is more likely than not that such proceedings may be successful. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liabilities. (n) Trade and other payables Trade and other payables are initially recognised at their fair value and subsequently stated at amortised cost. (o) Contractual liabilities Customer deposits and deferred income are classified as contract liabilities and included within trade and other payables in the Statement of Financial Position: \u2022 Customer deposits represent the cash payments received from customers prior to the recognition of revenue in respect of product sales; for example, deposits received on order (and shipment in the case of complex products where revenue is not recognised until installation). \u2022 Deferred income represents the contract obligation of the Group to provide services to customers where payment has been received in advance, typically at inception of a service or maintenance contract. (p) Government grants Grants from Governments are recognised at their fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions. Government grants relating to costs are deferred and recognised in the Consolidated Statement of Income over the period necessary to match them with the costs they are intended to compensate. Government grants relating to property, plant and equipment are deducted from the carrying amount of the asset and are credited to the Consolidated Statement of Income on a straight- line basis over the expected useful economic lives of the related assets. (q) Interest-bearing borrowings Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the Consolidated Statement of Income over the period of the borrowings on an effective interest basis. (r) Revenue Revenue is recognised in the Consolidated Statement of Income when the performance conditions in the contract with the customer are met. In most cases where the contract includes the sale of both a product and installation then the sale of the product and the related installation are treated as two separate performance conditions. This is because the Group considers that the customer is able to benefit from the product even if the Group does not supply installation, i.e. it would be possible for them to arrange installation by a third party. In such situations, revenue in respect of the product is recognised when control passes to the customer which is normally upon shipment of the product. Revenue in respect of the installation is recognised when the customer confirms acceptance of the installation. Revenue is allocated between the product and installation based on the relative standalone selling prices of those products and installation activities. Where it is difficult to establish a standalone selling price by market comparator, the standalone selling price is estimated, where required, by applying the cost plus margin approach. In the NanoScience business, which is part of the Research & Discovery segment, certain contracts for the sale of more complex systems are deemed to comprise just one performance condition as customers are unable to realise the economic benefit from having received the equipment without the specialist installation. Given the highly interdependent nature of the product and installation, this performance condition is met, and the revenue recognised, when the customer confirms acceptance of the installed product at their premises. In the Service & Healthcare segment, revenue for fixed term maintenance and support contracts is recognised using the output method by determining the proportion of the elapsed time relative to the contract period. Where the Service & Healthcare segment makes asset sales, similar considerations as those set out for the other segments as outlined above are applied. Revenue excludes value added tax and similar sales-based taxes and is stated before commission payable to agents which is recognised in cost of sales. (s) Income taxes Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is recognised in profit or loss except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Tax positions are reviewed to assess whether a provision should be made based on prevailing circumstances. Tax provisions are included within current taxation liabilities. Deferred tax positions are measured on an undiscounted basis. Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of a deferred tax liability in respect of goodwill arising on a business combination; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the Statement of Financial Position date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Additional income taxes that arise from the distribution of dividends are recognised at the same time as the liability to pay the related dividend. Where there is uncertainty surrounding an income tax position, consideration is given to whether the tax authority (with full knowledge of the facts) would probably be more or less likely to accept the uncertain tax position. If the conclusion reached is that it is probable that the tax authority would not accept a tax position a provision is calculated either as the most likely outcome (where the possible outcomes are binary or concentrated on one value) or as the expected value (where there is a range of possible outcomes) depending on which method would provide the better prediction for the resolution of the uncertainty. (t) Leases The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right- of-use assets are determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the lessee\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. Lease payments included in the measurement of the lease liability comprise fixed payments. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. If such remeasurement is required, it is performed using the original incremental borrowing rate, unless there is a change in estimated lease term; in which case it is performed using a new incremental borrowing rate. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Short-term leases and leases of low-value assets The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less and leases of low- value assets, including IT equipment. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. (u) Segment reporting An operating segment is a distinguishable component of the Group that engages in business activities from which it may earn revenues and incur expenses, including any revenues and expenses that relate to transactions with any of the Group\u2019s other components. Operating components are combined into aggregated operating segments to the extent that they have similar economic characteristics. Aggregated operating segments\u2019 operating results are reviewed regularly by the Group\u2019s Board of Directors to make decisions about resources to be allocated to the segment and to assess its performance, for which discrete financial information is available. Segment results that are reported to the Board include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. A reportable segment is an aggregated operating segment in respect of which revenue or profit exceeds 10% of the Group total. Discrete financial information is disclosed for each reportable segment. (v) Dividends Interim and final dividends are recognised as a liability when they are no longer at the discretion of the company. (w) New standards and interpretations not yet adopted There are no standards or amendments that are not yet effective and that would be expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions. (x) Prior year restatement The Directors concluded that separate value-added tax (VAT) receivable and payable balances, within the same VAT group, or within individual registrations, of group entities, held on the Consolidated Statement of Financial Position at 31 March 2022 and 31 March 2021 should have been netted off with one another, rather than presented gross. As a result, the Consolidated Statement of Financial Position as at 31 March 2022 and Consolidated Statement of Cash Flows for the year ended 31 March 2022 has been restated as follows: 2022 (as reported) \u00a3m Restatement \u00a3m 2022 (restated) \u00a3m Consolidated Statement of Financial Position Current assets Trade and other receivables 104.7 (9.9) 94.8 Current liabilities Trade and other payables (149.5) 9.9 (139.6) Consolidated Statement of Cash Flows Increase in receivables (21.6) 4.2 (17.4) Increase in payables and provisions 11.4 (4.2) 7.2 The restatement did not result in any change to reported profit, earnings per share, net assets or net cash from operating activities reported in the 2022 financial year. The impact on the opening Consolidated Statement of Financial Position as at 31 March 2021 is as follows: 2021 (as reported) \u00a3m Restatement \u00a3m 2021 (restated) \u00a3m Consolidated Statement of Financial Position Current assets Trade and other receivables 75.6 (5.7) 69.9 Current liabilities Trade and other payables (126.1) 5.7 (120.4) The restatement did not result in any change to reported consolidated profit, earnings per share, net assets or net cash from operating activities reported in the 2021 financial year. The Directors considered the requirement of IAS 1.40A, for inclusion of a third consolidated statement of financial position on the face of the primary statement, and determined that such presentation would not add further to the understanding of the user of the financial statements, than the 31 March 2021 information included in this note above. ",
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"fact-416": {
"value": "incorporated and domiciled in the UK. ",
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"fact-473": {
"value": "The Group Financial Statements have been prepared and approved by the Directors in accordance with UK adopted International Accounting Standards (IAS) and interpretations issued by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under UK adopted IFRS and in conformity with the requirements of the Companies Act 2006. The Company has elected to prepare its parent company Financial Statements in accordance with FRS 101; these are presented on pages 227 and 228. ",
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"fact-474": {
"value": "The Financial Statements have been prepared on a going concern basis based on the Directors\u2019 opinion, after making reasonable enquiries, that the Group has adequate resources to continue in operational existence for the foreseeable future. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
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"fact-475": {
"value": "The Financial Statements were authorised for issuance on 14 July 2023. ",
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"language": "en",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-476": {
"value": "(a) New accounting standards No new accounting standards materially affecting the Group\u2019s accounting policies have been adopted during the year. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
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"fact-420": {
"value": "(a) New accounting standards No new accounting standards materially affecting the Group\u2019s accounting policies have been adopted during the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"value": "(b) Significant estimates and judgements The preparation of Financial Statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Significant judgements In the opinion of the Group there are no judgements made in the preparation of the Financial Statements in respect of which taking a different view would have a material impact on the Financial Statements. Significant estimates Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Two key areas where estimates have been used and assumptions applied have been identified as follows: Measurement of defined benefit scheme liabilities The Group recognises and measures costs relating to defined benefit pension schemes in accordance with IAS 19 (Revised) Employee Benefits. In applying IAS 19 (Revised) the costs are assessed in accordance with the advice of independent qualified actuaries. This requires certain estimates and assumptions in relation to future changes in salaries and inflation, as well as mortality rates, expected returns on plan assets and the selection of suitable discount rates. The factors affecting these assumptions are influenced by wider macro-economic factors that are largely outside of the Group\u2019s control. A sensitivity analysis is set out in Note 25. Provisions for IP-related claims Provisions for IP-related claims are recognised in the period when it becomes probable that there will be a future outflow of funds resulting from past expectations or events which can be reasonably estimated. The timing of recognition requires the application of judgement to existing facts and circumstances which can be subject to change. Amounts provided represent the Group\u2019s best estimate of exposure based on currently available information. Key assumptions surrounding estimation uncertainty relate to estimating potential royalty or profit sharing rates surrounding any product-related intellectual property claims (see Note 28). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"value": "(c) Basis of preparation and consolidation The Financial Statements are presented in sterling, rounded to the nearest \u00a30.1m and are prepared on the historical cost basis except as described below under the heading \u2018(e) Financial instruments\u2019. The Group Financial Statements include the accounts of Oxford Instruments plc and its subsidiary companies adjusted to eliminate intra-Group balances and any unrealised gains and losses or income and expenses arising from intra-Group transactions. Subsidiaries are entities controlled by the Group. Control exists when the Group is exposed to or has rights to variable returns from its investment with the investee and has the ability to affect those returns through its power over the investee. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. The results of subsidiary companies are included in the consolidated Financial Statements from the date that control commences until the date that control ceases. The acquisition method is used to account for the acquisition of subsidiaries. The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated into sterling at exchange rates ruling at the end of the reporting period. Income statements and cash flows of foreign operations are translated into sterling at average monthly exchange rates which approximate foreign exchange rates at the date of the transaction. Foreign exchange differences arising on retranslation are recognised through the Statement of Comprehensive Income. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-477": {
"value": "(c) Basis of preparation and consolidation The Financial Statements are presented in sterling, rounded to the nearest \u00a30.1m and are prepared on the historical cost basis except as described below under the heading \u2018(e) Financial instruments\u2019. The Group Financial Statements include the accounts of Oxford Instruments plc and its subsidiary companies adjusted to eliminate intra-Group balances and any unrealised gains and losses or income and expenses arising from intra-Group transactions. Subsidiaries are entities controlled by the Group. Control exists when the Group is exposed to or has rights to variable returns from its investment with the investee and has the ability to affect those returns through its power over the investee. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. The results of subsidiary companies are included in the consolidated Financial Statements from the date that control commences until the date that control ceases. The acquisition method is used to account for the acquisition of subsidiaries. The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated into sterling at exchange rates ruling at the end of the reporting period. Income statements and cash flows of foreign operations are translated into sterling at average monthly exchange rates which approximate foreign exchange rates at the date of the transaction. Foreign exchange differences arising on retranslation are recognised through the Statement of Comprehensive Income. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
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"fact-423": {
"value": "(d) Foreign currency An individual entity\u2019s transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in profit or loss. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. ",
"dimensions": {
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"fact-501": {
"value": "(e) Financial instruments Financial assets and liabilities are recognised in the Group\u2019s Consolidated Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument. Derivative financial instruments of the Group are used to hedge its exposure to foreign currency risks arising from operational, financing and investment activities. The Group does not hold or issue derivative financial instruments for trading purposes. All derivatives are initially recognised at fair value; attributable transaction costs are recognised in profit or loss as incurred. Foreign exchange contracts are classified as \u2018fair value through profit and loss\u2019 under IFRS 9. Subsequent to initial recognition, derivatives are measured at fair value and gains or losses on the settlement of such derivatives are recognised in operating expenses. Where such derivatives relate to the following year\u2019s exposure, any gains or losses resulting from the change in fair value are recognised as an adjusting item in operating expenses. The fair value of forward exchange contracts is their market price at the Consolidated Statement of Financial Position date, being the present value of the forward price. The gain or loss on remeasurement to fair value of forward exchange contracts is recognised immediately in the Consolidated Statement of Income. Contingent purchase consideration is measured at fair value at the date of acquisition and subsequently carried at fair value, with movements recognised in the Consolidated Statement of Income. Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the Consolidated Statement of Income over the period of the borrowing on an effective interest basis. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-478": {
"value": "(e) Financial instruments Financial assets and liabilities are recognised in the Group\u2019s Consolidated Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument. Derivative financial instruments of the Group are used to hedge its exposure to foreign currency risks arising from operational, financing and investment activities. The Group does not hold or issue derivative financial instruments for trading purposes. All derivatives are initially recognised at fair value; attributable transaction costs are recognised in profit or loss as incurred. Foreign exchange contracts are classified as \u2018fair value through profit and loss\u2019 under IFRS 9. Subsequent to initial recognition, derivatives are measured at fair value and gains or losses on the settlement of such derivatives are recognised in operating expenses. Where such derivatives relate to the following year\u2019s exposure, any gains or losses resulting from the change in fair value are recognised as an adjusting item in operating expenses. The fair value of forward exchange contracts is their market price at the Consolidated Statement of Financial Position date, being the present value of the forward price. The gain or loss on remeasurement to fair value of forward exchange contracts is recognised immediately in the Consolidated Statement of Income. Contingent purchase consideration is measured at fair value at the date of acquisition and subsequently carried at fair value, with movements recognised in the Consolidated Statement of Income. Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the Consolidated Statement of Income over the period of the borrowing on an effective interest basis. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-424": {
"value": "(e) Financial instruments Financial assets and liabilities are recognised in the Group\u2019s Consolidated Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument. Derivative financial instruments of the Group are used to hedge its exposure to foreign currency risks arising from operational, financing and investment activities. The Group does not hold or issue derivative financial instruments for trading purposes. All derivatives are initially recognised at fair value; attributable transaction costs are recognised in profit or loss as incurred. Foreign exchange contracts are classified as \u2018fair value through profit and loss\u2019 under IFRS 9. Subsequent to initial recognition, derivatives are measured at fair value and gains or losses on the settlement of such derivatives are recognised in operating expenses. Where such derivatives relate to the following year\u2019s exposure, any gains or losses resulting from the change in fair value are recognised as an adjusting item in operating expenses. The fair value of forward exchange contracts is their market price at the Consolidated Statement of Financial Position date, being the present value of the forward price. The gain or loss on remeasurement to fair value of forward exchange contracts is recognised immediately in the Consolidated Statement of Income. Contingent purchase consideration is measured at fair value at the date of acquisition and subsequently carried at fair value, with movements recognised in the Consolidated Statement of Income. Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the Consolidated Statement of Income over the period of the borrowing on an effective interest basis. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
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"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-479": {
"value": "(f) Property, plant and equipment Property, plant and equipment is stated at historical cost less provisions for impairment (see accounting policy k) and depreciation which, with the exception of freehold land which is not depreciated and rental assets (see below), is provided on a straight-line basis over each asset\u2019s estimated economic life. Depreciation is provided based on historical cost less estimated residual value. The principal estimated economic lives used for this purpose are: Freehold buildings, long leasehold land and buildings 50 years Furniture and fittings 10 years Machinery and other equipment 5 to 10 years Computer equipment 4 years Vehicles 4 years For leasehold improvements, where the length of the lease is less than the principal estimated economic lives noted above, the length of the lease is used. Machinery and other equipment, computer equipment and vehicles are included within the \u2018Plant and equipment\u2019 sub- heading in Note 14. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-425": {
"value": "(g) Intangible assets (i) Goodwill All business combinations are accounted for by applying the acquisition method. Goodwill represents amounts arising on acquisition of subsidiaries. In respect of business acquisitions that have occurred since 31 March 2004, goodwill represents the difference between the cost of the acquisition and the fair value of the assets, liabilities and contingent liabilities acquired. In respect of acquisitions prior to this date, goodwill is included on the basis of its deemed cost, which represents the amount recorded under previous GAAP. The Group expenses transaction costs associated with its acquisitions and movements in liabilities relating to contingent consideration within the Consolidated Statement of Income in conformity with IFRS 3. Goodwill arising on acquisitions is stated at cost less any accumulated impairment losses and allocated to cash generating units that are anticipated to benefit from the combination. It is not amortised but is tested annually for impairment (see accounting policy k), or more frequently when there is an indicator that the unit may be impaired. (ii) Development costs Research and Development costs are charged to the Consolidated Statement of Income in the year in which they are incurred unless development expenditure is applied to a plan or design for the production of new or substantially improved products, in which case they are capitalised. The criteria for capitalisation include demonstration of the technical feasibility of completing a new intangible asset that will be available for sale and that the asset will generate probable future economic benefits. Where expenditure meets the criteria, development costs are capitalised and amortised through the Consolidated Statement of Income over their useful economic lives. (iii) Acquired intangible assets An intangible asset acquired with a subsidiary undertaking is recognised as an intangible asset if it is separable from the acquired business or arises from contractual or legal rights, is expected to generate future economic benefits and its fair value can be reliably measured. The asset is amortised through the Consolidated Statement of Income over its useful economic life. (iv) Amortisation Amortisation of intangible assets is charged to the Consolidated Statement of Income on a systematic basis in proportion to the use of the assets over their estimated useful economic lives as follows: Capitalised development costs 3 to 5 years Technology-related acquired intangibles 5 to 12 years Customer-related acquired intangibles 6 months to 15 years Development costs acquired intangibles 10 years Software 10 years Customer-related acquired intangible assets include a number of different types of asset. For example, the shorter end of the useful economic life relates to the order book of acquired businesses, whilst the longer useful economic life relates to assets such as trademarks. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-480": {
"value": "(i) Goodwill All business combinations are accounted for by applying the acquisition method. Goodwill represents amounts arising on acquisition of subsidiaries. In respect of business acquisitions that have occurred since 31 March 2004, goodwill represents the difference between the cost of the acquisition and the fair value of the assets, liabilities and contingent liabilities acquired. In respect of acquisitions prior to this date, goodwill is included on the basis of its deemed cost, which represents the amount recorded under previous GAAP. The Group expenses transaction costs associated with its acquisitions and movements in liabilities relating to contingent consideration within the Consolidated Statement of Income in conformity with IFRS 3. Goodwill arising on acquisitions is stated at cost less any accumulated impairment losses and allocated to cash generating units that are anticipated to benefit from the combination. It is not amortised but is tested annually for impairment (see accounting policy k), or more frequently when there is an indicator that the unit may be impaired. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-502": {
"value": "(ii) Development costs Research and Development costs are charged to the Consolidated Statement of Income in the year in which they are incurred unless development expenditure is applied to a plan or design for the production of new or substantially improved products, in which case they are capitalised. The criteria for capitalisation include demonstration of the technical feasibility of completing a new intangible asset that will be available for sale and that the asset will generate probable future economic benefits. Where expenditure meets the criteria, development costs are capitalised and amortised through the Consolidated Statement of Income over their useful economic lives. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-481": {
"value": "(ii) Development costs Research and Development costs are charged to the Consolidated Statement of Income in the year in which they are incurred unless development expenditure is applied to a plan or design for the production of new or substantially improved products, in which case they are capitalised. The criteria for capitalisation include demonstration of the technical feasibility of completing a new intangible asset that will be available for sale and that the asset will generate probable future economic benefits. Where expenditure meets the criteria, development costs are capitalised and amortised through the Consolidated Statement of Income over their useful economic lives. (iii) Acquired intangible assets An intangible asset acquired with a subsidiary undertaking is recognised as an intangible asset if it is separable from the acquired business or arises from contractual or legal rights, is expected to generate future economic benefits and its fair value can be reliably measured. The asset is amortised through the Consolidated Statement of Income over its useful economic life. (iv) Amortisation Amortisation of intangible assets is charged to the Consolidated Statement of Income on a systematic basis in proportion to the use of the assets over their estimated useful economic lives as follows: Capitalised development costs 3 to 5 years Technology-related acquired intangibles 5 to 12 years Customer-related acquired intangibles 6 months to 15 years Development costs acquired intangibles 10 years Software 10 years Customer-related acquired intangible assets include a number of different types of asset. For example, the shorter end of the useful economic life relates to the order book of acquired businesses, whilst the longer useful economic life relates to assets such as trademarks. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-426": {
"value": "(h) Trade and other receivables Trade and other receivables are initially recognised at fair value and subsequently stated at their amortised cost less appropriate provision for impairment. The provision for impairment of receivables is based on lifetime expected credit losses, which is then updated for any reasonable and supportable forward-looking information and expectations. Lifetime expected credit losses are calculated by assessing historic credit loss experience. The movement in the provision is recognised in the Consolidated Statement of Income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-427": {
"value": "(i) Inventories Inventories are stated at the lower of cost and net realisable value. Cost includes materials, direct labour, an attributable proportion of production overheads based on normal operating capacity and all other expenditure incurred in acquiring the inventories and bringing them to their existing location and condition. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. Provision is made for obsolete, slow moving and defective stock where appropriate in light of recent usage, expected future requirements, new product introduction plans and likely realisable values. As outlined in Note (r) below, the revenue associated with both the sale and installation of certain complex products is recognised at the time that the installation is completed. The net realisable value associated with complex products is included in finished goods inventories where the installation has not yet been completed. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-428": {
"value": "(j) Cash and cash equivalents Cash and cash equivalents are carried in the Statement of Financial Position at amortised cost. Cash and cash equivalents comprise cash balances and call deposits and are carried at amortised cost. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the Statement of Cash Flows. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-429": {
"value": "(k) Impairment of non-current assets All non-current assets are tested for impairment whenever events or circumstances indicate that their carrying value may be impaired. Additionally, goodwill is subject to an annual impairment review. For the purposes of impairment testing, assets are grouped together into the smallest group of assets that generates cash flows from continuing use that are largely independent of the cash inflows from other groups of assets. An impairment loss is recognised in the Consolidated Statement of Income under the administration and shared services heading, to the extent that an asset\u2019s carrying value, or a cash generating unit\u2019s carrying value, exceeds its recoverable amount, which represents the higher of its net realisable value and its value in use. Value in use is the present value of the future cash flows expected to be derived from the asset or from the cash generating unit to which it relates. The present value is calculated using a discount rate that reflects the current market assessment of the time value of money and the risks specific to the asset concerned. Impairment losses recognised in previous periods for an asset other than goodwill are reversed if there has been a change in estimates used to determine the asset\u2019s recoverable amount, but only to the extent that the carrying amount of the asset does not exceed its carrying amount had the impairment loss not been recognised in previous periods. Impairment losses in respect of goodwill are not reversed. Impairment losses recognised in respect of cash generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash generating units and then to reduce the carrying amount of the other assets in the unit. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-430": {
"value": "(l) Employee benefits The Group operates a number of defined benefit and defined contribution plans which require contributions to be made to independent trustee-administered funds. (i) Defined contribution plans Obligations for contributions to defined contribution pension plans are recognised as an expense in the Consolidated Statement of Income as incurred. (ii) Defined benefit plans The Group\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that current and past employees have earned in return for their service in prior periods. That benefit is discounted to determine its present value and the fair value of any plan assets is deducted. The calculation is performed by a qualified actuary using the projected unit credit method. All actuarial gains and losses in calculating the Group\u2019s net obligation are recognised in the Consolidated Statement of Comprehensive Income in the year. The charge to the Consolidated Statement of Income reflects the current service cost. The interest expense or income is calculated on the net defined benefit liability by applying the discount rate to the net defined benefit liability, and is included within financial expenditure or financial income in the Consolidated Statement of Income, respectively. (iii) Share-based payment transactions The fair value of equity settled share option programmes is measured at grant date and charged to the Consolidated Statement of Income, with a corresponding increase in equity, on a straight-line basis over the period during which the employees become unconditionally entitled to the options. The fair value of the options granted is measured using an option valuation model, taking into account the terms and conditions upon which the options were granted. The amount recognised as an expense is adjusted to reflect the actual number of share options that vest, except where forfeiture is only due to market performance conditions not being met. (iv) Own shares held by ESOP trust Transactions of the Group-sponsored ESOP trust are treated as being those of the Group and are therefore reflected in the Group Financial Statements. In particular, the trust\u2019s purchases and sales of shares in the Group are debited and credited directly to equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-482": {
"value": "(iii) Share-based payment transactions The fair value of equity settled share option programmes is measured at grant date and charged to the Consolidated Statement of Income, with a corresponding increase in equity, on a straight-line basis over the period during which the employees become unconditionally entitled to the options. The fair value of the options granted is measured using an option valuation model, taking into account the terms and conditions upon which the options were granted. The amount recognised as an expense is adjusted to reflect the actual number of share options that vest, except where forfeiture is only due to market performance conditions not being met. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-431": {
"value": "(m) Provisions A provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. A provision for warranty and product-related liability is recognised when the underlying products are sold. A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan and the restructuring has either commenced or has been announced publicly. A provision for onerous contracts is recognised when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. A provision for a claim or dispute is made when it is considered probable that an adverse outcome will occur and the amount of the loss can be reasonably estimated. Contractual and other provisions represent the Directors\u2019 best estimate of the cost of settling future obligations where the Directors, taking into account professional advice received, assess that it is more likely than not that such proceedings may be successful. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-432": {
"value": "(n) Trade and other payables Trade and other payables are initially recognised at their fair value and subsequently stated at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-433": {
"value": "(o) Contractual liabilities Customer deposits and deferred income are classified as contract liabilities and included within trade and other payables in the Statement of Financial Position: \u2022 Customer deposits represent the cash payments received from customers prior to the recognition of revenue in respect of product sales; for example, deposits received on order (and shipment in the case of complex products where revenue is not recognised until installation). \u2022 Deferred income represents the contract obligation of the Group to provide services to customers where payment has been received in advance, typically at inception of a service or maintenance contract. ",
"dimensions": {
"concept": "oxfordinstrumentplc:DescriptionOfAccountingPolicyForContractualLiabilities",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-434": {
"value": "(p) Government grants Grants from Governments are recognised at their fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions. Government grants relating to costs are deferred and recognised in the Consolidated Statement of Income over the period necessary to match them with the costs they are intended to compensate. Government grants relating to property, plant and equipment are deducted from the carrying amount of the asset and are credited to the Consolidated Statement of Income on a straight- line basis over the expected useful economic lives of the related assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-435": {
"value": "(q) Interest-bearing borrowings Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the Consolidated Statement of Income over the period of the borrowings on an effective interest basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-436": {
"value": "(r) Revenue Revenue is recognised in the Consolidated Statement of Income when the performance conditions in the contract with the customer are met. In most cases where the contract includes the sale of both a product and installation then the sale of the product and the related installation are treated as two separate performance conditions. This is because the Group considers that the customer is able to benefit from the product even if the Group does not supply installation, i.e. it would be possible for them to arrange installation by a third party. In such situations, revenue in respect of the product is recognised when control passes to the customer which is normally upon shipment of the product. Revenue in respect of the installation is recognised when the customer confirms acceptance of the installation. Revenue is allocated between the product and installation based on the relative standalone selling prices of those products and installation activities. Where it is difficult to establish a standalone selling price by market comparator, the standalone selling price is estimated, where required, by applying the cost plus margin approach. In the NanoScience business, which is part of the Research & Discovery segment, certain contracts for the sale of more complex systems are deemed to comprise just one performance condition as customers are unable to realise the economic benefit from having received the equipment without the specialist installation. Given the highly interdependent nature of the product and installation, this performance condition is met, and the revenue recognised, when the customer confirms acceptance of the installed product at their premises. In the Service & Healthcare segment, revenue for fixed term maintenance and support contracts is recognised using the output method by determining the proportion of the elapsed time relative to the contract period. Where the Service & Healthcare segment makes asset sales, similar considerations as those set out for the other segments as outlined above are applied. Revenue excludes value added tax and similar sales-based taxes and is stated before commission payable to agents which is recognised in cost of sales. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-483": {
"value": "(s) Income taxes Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is recognised in profit or loss except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Tax positions are reviewed to assess whether a provision should be made based on prevailing circumstances. Tax provisions are included within current taxation liabilities. Deferred tax positions are measured on an undiscounted basis. Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of a deferred tax liability in respect of goodwill arising on a business combination; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the Statement of Financial Position date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Additional income taxes that arise from the distribution of dividends are recognised at the same time as the liability to pay the related dividend. Where there is uncertainty surrounding an income tax position, consideration is given to whether the tax authority (with full knowledge of the facts) would probably be more or less likely to accept the uncertain tax position. If the conclusion reached is that it is probable that the tax authority would not accept a tax position a provision is calculated either as the most likely outcome (where the possible outcomes are binary or concentrated on one value) or as the expected value (where there is a range of possible outcomes) depending on which method would provide the better prediction for the resolution of the uncertainty. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-437": {
"value": "(s) Income taxes Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is recognised in profit or loss except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Tax positions are reviewed to assess whether a provision should be made based on prevailing circumstances. Tax provisions are included within current taxation liabilities. Deferred tax positions are measured on an undiscounted basis. Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of a deferred tax liability in respect of goodwill arising on a business combination; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the Statement of Financial Position date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Additional income taxes that arise from the distribution of dividends are recognised at the same time as the liability to pay the related dividend. Where there is uncertainty surrounding an income tax position, consideration is given to whether the tax authority (with full knowledge of the facts) would probably be more or less likely to accept the uncertain tax position. If the conclusion reached is that it is probable that the tax authority would not accept a tax position a provision is calculated either as the most likely outcome (where the possible outcomes are binary or concentrated on one value) or as the expected value (where there is a range of possible outcomes) depending on which method would provide the better prediction for the resolution of the uncertainty. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-438": {
"value": "(t) Leases The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right- of-use assets are determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the lessee\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. Lease payments included in the measurement of the lease liability comprise fixed payments. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. If such remeasurement is required, it is performed using the original incremental borrowing rate, unless there is a change in estimated lease term; in which case it is performed using a new incremental borrowing rate. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Short-term leases and leases of low-value assets The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less and leases of low- value assets, including IT equipment. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-439": {
"value": "(u) Segment reporting An operating segment is a distinguishable component of the Group that engages in business activities from which it may earn revenues and incur expenses, including any revenues and expenses that relate to transactions with any of the Group\u2019s other components. Operating components are combined into aggregated operating segments to the extent that they have similar economic characteristics. Aggregated operating segments\u2019 operating results are reviewed regularly by the Group\u2019s Board of Directors to make decisions about resources to be allocated to the segment and to assess its performance, for which discrete financial information is available. Segment results that are reported to the Board include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. A reportable segment is an aggregated operating segment in respect of which revenue or profit exceeds 10% of the Group total. Discrete financial information is disclosed for each reportable segment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-440": {
"value": "(v) Dividends Interim and final dividends are recognised as a liability when they are no longer at the discretion of the company. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-441": {
"value": "(w) New standards and interpretations not yet adopted There are no standards or amendments that are not yet effective and that would be expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-442": {
"value": "(x) Prior year restatement The Directors concluded that separate value-added tax (VAT) receivable and payable balances, within the same VAT group, or within individual registrations, of group entities, held on the Consolidated Statement of Financial Position at 31 March 2022 and 31 March 2021 should have been netted off with one another, rather than presented gross. As a result, the Consolidated Statement of Financial Position as at 31 March 2022 and Consolidated Statement of Cash Flows for the year ended 31 March 2022 has been restated as follows: 2022 (as reported) \u00a3m Restatement \u00a3m 2022 (restated) \u00a3m Consolidated Statement of Financial Position Current assets Trade and other receivables 104.7 (9.9) 94.8 Current liabilities Trade and other payables (149.5) 9.9 (139.6) Consolidated Statement of Cash Flows Increase in receivables (21.6) 4.2 (17.4) Increase in payables and provisions 11.4 (4.2) 7.2 The restatement did not result in any change to reported profit, earnings per share, net assets or net cash from operating activities reported in the 2022 financial year. The impact on the opening Consolidated Statement of Financial Position as at 31 March 2021 is as follows: 2021 (as reported) \u00a3m Restatement \u00a3m 2021 (restated) \u00a3m Consolidated Statement of Financial Position Current assets Trade and other receivables 75.6 (5.7) 69.9 Current liabilities Trade and other payables (126.1) 5.7 (120.4) The restatement did not result in any change to reported consolidated profit, earnings per share, net assets or net cash from operating activities reported in the 2021 financial year. The Directors considered the requirement of IAS 1.40A, for inclusion of a third consolidated statement of financial position on the face of the primary statement, and determined that such presentation would not add further to the understanding of the user of the financial statements, than the 31 March 2021 information included in this note above. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-443": {
"value": "1 Non-GAAP measures In the preparation of adjusted numbers, the Directors exclude certain items in order to assist with comparability between peers and to give what they consider to be a better indication of the underlying performance of the business. These adjusting items are excluded in the calculation of adjusted operating profit, adjusted profit before tax, adjusted profit for the year from continuing operations, adjusted EBITDA, adjusted EPS, adjusted cash conversion and adjusted effective tax rate. Details of adjusting items are given below. Adjusted EBITDA is calculated by adding back depreciation of property, plant and equipment, depreciation of right-of-use assets and amortisation of intangible assets to adjusted operating profit, and can be found in the Consolidated Statement of Cash Flows. The calculation of adjusted EPS can be found in Note 2. Adjusted effective tax rate is calculated by dividing the share of tax attributable to adjusted profit before tax by adjusted profit before tax. The definition of cash conversion is set out in the Finance Review. Reconciliation between operating profit and profit before income tax and adjusted profit from continuing operations 2023 2022 Operating profit \u00a3m Profit before income tax \u00a3m Operating profit \u00a3m Profit before income tax \u00a3m Statutory measure 72.4 73.5 48.3 47.6 Release of provision on disposal (0.4) (0.4) \u2013 \u2013 Acquisition-related costs \u2013 \u2013 0.4 0.4 WITec post-acquisition gross margin adjustment 0.5 0.5 1.7 1.7 Restructuring costs 0.4 0.4 \u2013 \u2013 Intellectual property litigation costs 0.5 0.5 \u2013 \u2013 Impairment of capitalised development costs 0.8 0.8 \u2013 \u2013 Amortisation and impairment of acquired intangibles 9.3 9.3 9.5 9.5 Fair value movement on financial derivatives (3.0) (3.0) 6.4 6.4 Unwind of discount in respect of contingent consideration 0.4 0.3 Total non-GAAP adjustments 8.1 8.5 18.0 18.3 Adjusted measure 80.5 82.0 66.3 65.9 Adjusted income tax expense (17.0) (11.7) Adjusted profit for the year 80.5 65.0 66.3 54.2 Adjusted effective tax rates 20.7% 17. 8% Release of provision on disposal These represent the release of the provision on disposal of the OI Healthcare business in the US in 2020. Acquisition-related costs These represent the costs of one-off charges incurred at the balance sheet date relating to the acquisition of WITec Wissenschaftliche Instrumente und Technologie GmbH (\u2018WITec\u2019). WITec post-acquisition gross margin adjustment The finished goods and work in progress inventories were revalued to fair value, based on selling price less costs to sell. The adjustments in the current and prior periods relate to the gross margin which would have been earned on post-acquisition sales to 31 March 2023, but which has been absorbed into the acquisition date fair value. This will not recur, as all such inventory at the acquisition date had been delivered to customers by 31 March 2023. Restructuring costs These represent the costs of one-off restructuring charges within the Materials & Characterisation segment. Intellectual property litigation costs These represent one-off legal costs in the Research & Discovery segment to defend our intellectual property. Impairment of capitalised development costs During the year, the Group reviewed the capitalised development costs to ensure they remained directly related to targeted product or software developments. The one-off non-cash impairment relates to delays in market launch of specific development projects within the Materials & Characterisation segment. Amortisation and impairment of acquired intangibles Adjusted profit excludes the non-cash amortisation and impairment of acquired intangible assets and goodwill. Fair value movement on financial derivatives Under IFRS 9, all derivative financial instruments are recognised initially at fair value. Subsequent to initial recognition, they are also measured at fair value. In respect of instruments used to hedge foreign exchange risk and interest rate risk, the Group does not take advantage of the hedge accounting rules provided for in IFRS 9 since that standard requires certain stringent criteria to be met in order to hedge account, which, in the particular circumstances of the Group, are considered by the Board not to bring any significant economic benefit. Accordingly, the Group accounts for these derivative financial instruments at fair value through profit or loss. To the extent that instruments are hedges of future transactions, adjusted profit for the year is stated before changes in the valuation of these instruments so that the underlying performance of the Group can be more clearly seen. Unwind of discount in respect of contingent consideration Adjusted profit excludes the unwind of the discount in respect of the contingent consideration on the acquisition of WITec. Adjusted income tax expense Adjusting items include the income tax on each of the items described above. Reconciliation of changes in cash and cash equivalents to movement in net cash after borrowings 2023 \u00a3m 2022 \u00a3m Net increase/(decrease) in cash and cash equivalents 13.5 (12.2) Effect of exchange rate fluctuations on cash held 0.3 2.3 Movement in net cash in the year 13.8 (9.9) Covid-19 loan at WiTec acquired \u2013 (1.8) Repayment of borrowings 0.5 \u2013 Net cash after borrowings at the start of the year 85.9 97.6 Net cash after borrowings at the end of the year 100.2 85.9 Reconciliation of net cash to Statement of Financial Position 2023 \u00a3m 2022 \u00a3m Covid-19 loan at WiTec (1.3) (1.8) Overdrafts (11.2) (8.7) Cash and cash equivalents 112.7 96.4 Net cash after borrowings at the end of the year 100.2 85.9 ",
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"value": "2 Earnings per share Basic earnings per ordinary share (EPS) is calculated by dividing the profit attributable to equity shareholders of the parent by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares held by the Employee Share Ownership Trust, which have been treated as if they had been cancelled. The weighted average number of shares used in the calculation is as follows: 2023 Shares million 2022 Shares million Weighted average number of shares outstanding 57.7 57.7 Less: weighted average number of shares held by Employee Share Ownership Trust \u2013 (0.2) Weighted average number of shares used in calculation of basic earnings per share 57.7 57.5 During the year, all shares were transferred out of the Employee Share Ownership Trust, and the trust was subsequently closed. Therefore there are no shares held by the trust at 31 March 2023. For the purposes of calculating diluted and diluted adjusted EPS, the weighted average number of ordinary shares is adjusted to include the weighted average number of ordinary shares that would be issued on the conversion of all potentially dilutive ordinary shares expected to vest, relating to the company\u2019s share-based payment plans. Potential ordinary shares are only treated as dilutive when their conversion to ordinary shares would decrease EPS. The following table shows the effect of share options on the calculation of diluted earnings per share: 2023 Shares million 2022 Shares million Number of ordinary shares per basic earnings per share calculations 57.7 57.5 Effect of shares under option 0.7 0.8 Number of ordinary shares per diluted earnings per share calculations 58.4 58.3 Basic and diluted EPS are based on the profit for the period attributable to equity shareholders of the parent, as reported in the condensed consolidated statement of income. Adjusted and diluted adjusted EPS are based on adjusted profit for the period, as reported in Note 2: 2023 2022 \u00a3m Pence \u00a3m Pence Underlying profit attributable to equity shareholders of the parent/underlying EPS 58.6 101.6 38.6 67.1 Total underlying adjustments to profit before tax (Note 2) 8.5 14.7 18.3 31.8 Related tax effects (2.1) (3.6) (2.7) (4.6) Adjusted profit attributable to equity shareholders of the parent/adjusted EPS 65.0 112.7 54.2 94.3 Diluted underlying EPS 100.3 66.2 Diluted adjusted EPS 111.3 93.0 ",
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"fact-445": {
"value": "3 Segment information The Group has nine operating segments. These operating segments have been combined into three aggregated operating segments to the extent that they have similar economic characteristics, with relevance to products and services, type and class of customer, methods of sale and distribution and the regulatory environment in which they operate. Each of these three aggregated operating segments is a reportable segment. The aggregated operating segments are as follows: \u2022 the Materials & Characterisation segment comprises a group of businesses focusing on applied R&D and commercial customers, enabling the fabrication and characterisation of materials and devices down to the atomic scale; \u2022 the Research & Discovery segment comprises a group of businesses providing advanced solutions that create unique environments and enable measurements down to the molecular and atomic level which are used in fundamental research; and \u2022 the Service & Healthcare segment provides customer service and support for the Group\u2019s products and the service of third- party healthcare imaging systems. The Group\u2019s internal management structure and financial reporting systems have been amended to differentiate the three aggregated operating segments based on the economic characteristics discussed above. Reportable segment results include items directly attributable to a segment as well as those which can be allocated on a reasonable basis. The operating results of each are regularly reviewed by the Chief Operating Decision Maker, which is deemed to be the Board of Directors. Discrete financial information is available for each segment and used by the Board of Directors for decisions on resource allocation and to assess performance. No asset information is presented below as this information is not presented in reporting to the Group\u2019s Board of Directors. On 31 August 2021, the Group acquired 100% of the issued share capital of WITec which has been integrated into the Materials & Characterisation segment. Results 2023 Materials & Characterisation \u00a3m Research & Discovery \u00a3m Service & Healthcare \u00a3m Total \u00a3m Total segment revenue 234.5 139.4 70.8 444.7 Segment adjusted operating profit 40.5 18.0 22.0 80.5 2022 Materials & Characterisation \u00a3m Research & Discovery \u00a3m Service & Healthcare \u00a3m Total \u00a3m Total segment revenue 185.5 120.3 61.5 367. 3 Segment adjusted operating profit 26.1 21.3 18.9 66.3 Revenue in the Materials & Characterisation and Research & Discovery segments represents the sale of products. Revenue in the Service & Healthcare segment relates to service income. No individual customer accounts for more than 10% of total revenue. As at 31 March 2023, the Group had unfulfilled performance obligations under IFRS 15 of \u00a3319.6m (2022: \u00a3260.2m). It is anticipated that \u00a3303.0m (2022: \u00a3250.5m) of this balance will be satisfied within one year. The remainder is anticipated to be satisfied in the following financial year. Reconciliation of reportable segment profit 2023 Materials & Characterisation \u00a3m Research & Discovery \u00a3m Service & Healthcare \u00a3m Unallocated Group items \u00a3m Total \u00a3m Segment adjusted operating profit 40.5 18.0 22.0 \u2013 80.5 Restructuring costs (0.4) \u2013 \u2013 \u2013 (0.4) Release of provision on disposal \u2013 \u2013 0.4 \u2013 0.4 Intellectual property litigation costs \u2013 (0.5) \u2013 \u2013 (0.5) Impairment of capitalised development costs (0.8) \u2013 \u2013 \u2013 (0.8) WITec post-acquisition gross margin adjustment (0.5) \u2013 \u2013 \u2013 (0.5) Amortisation and impairment of acquired intangibles (3.1) (6.2) \u2013 \u2013 (9.3) Fair value movement on financial derivatives \u2013 \u2013 \u2013 3.0 3.0 Financial income \u2013 \u2013 \u2013 2.7 2.7 Financial expenditure \u2013 \u2013 \u2013 (1.6) (1.6) Profit before income tax 35.7 11.3 22.4 4.1 73.5 2022 Materials & Characterisation \u00a3m Research & Discovery \u00a3m Service & Healthcare \u00a3m Unallocated Group items \u00a3m Total \u00a3m Segment adjusted operating profit 26.1 21.3 18.9 \u2013 66.3 Acquisition-related costs (0.4) \u2013 \u2013 \u2013 (0.4) WITec post-acquisition gross margin adjustment (1.7) \u2013 \u2013 \u2013 (1.7) Amortisation and impairment of acquired intangibles (3.2) (6.3) \u2013 \u2013 (9.5) Fair value movement on financial derivatives \u2013 \u2013 \u2013 (6.4) (6.4) Financial income \u2013 \u2013 \u2013 0.5 0.5 Financial expenditure \u2013 \u2013 \u2013 (1.2) (1.2) Profit/(loss) before income tax 20.8 15.0 18.9 (7.1) 47.6 Depreciation 2023 \u00a3m 2022 \u00a3m Materials & Characterisation 5.1 3.8 Research & Discovery 1.7 1.5 Service & Healthcare \u2013 0.7 Unallocated Group items 2.6 1.5 9.4 7. 5 Capital expenditure 2023 \u00a3m 2022 \u00a3m Materials & Characterisation 28.6 11.4 Research & Discovery 2.7 1.7 Service & Healthcare \u2013 0.1 Unallocated Group items 1.0 0.7 32.3 13.9 Amortisation and impairment 2023 \u00a3m 2022 \u00a3m Materials & Characterisation 6.0 5.0 Research & Discovery 6.3 6.4 Service & Healthcare \u2013 \u2013 Unallocated Group items \u2013 \u2013 12.3 11.4 Capitalised development costs 2023 \u00a3m 2022 \u00a3m Materials & Characterisation 0.4 0.7 Research & Discovery 0.2 \u2013 Service & Healthcare \u2013 \u2013 Unallocated Group items \u2013 \u2013 0.6 0.7 Revenue 2023 \u00a3m 2022 \u00a3m UK 29.4 20.2 China 107.4 103.9 Japan 46.7 39.0 USA 121.2 79.9 Germany 32.1 28.1 Rest of Europe 43.4 40.7 Rest of Asia 47. 1 45.7 Rest of World 17.4 9.8 444.7 367.3 Non-current assets (excluding deferred tax) 2023 \u00a3m 2022 \u00a3m UK 189.6 182.8 Germany 34.8 32.7 USA 13.9 14.2 Japan 1.9 2.4 China 2.9 1.8 Rest of Europe 6.5 7. 2 Rest of Asia 0.2 0.3 Rest of World 0.3 0.6 250.1 242.0 ",
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"value": "4 Auditor's remuneration 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Audit of these Financial Statements 250 210 Amounts received by the auditor and its associates in respect of: \u2013 Audit of Financial Statement of subsidiaries pursuant to legislation 542 420 \u2013 Audit-related assurance services 47 44 \u2013 Other assurance services 8 10 Total fees payable to the auditor and its associates 847 684 ",
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"value": "5 Research and development (R&D) The total research and development spend by the Group is as follows: 2023 Materials & Characterisation \u00a3m Research & Discovery \u00a3m Total \u00a3m R&D expense charged to the Consolidated Statement of Income 26.5 10.2 36.7 Less: depreciation of R&D-related fixed assets \u2013 (0.3) (0.3) Less: amortisation and impairment of R&D costs previously capitalised as intangibles (2.1) (0.1) (2.2) Add: amounts capitalised as intangible assets 0.4 0.2 0.6 Total cash spent on R&D during the year 24.8 10.0 34.8 2022 Materials & Characterisation \u00a3m Research & Discovery \u00a3m Total \u00a3m R&D expense charged to the Consolidated Statement of Income 23.0 9.8 32.8 Less: depreciation of R&D-related fixed assets \u2013 (0.2) (0.2) Add: amounts capitalised as fixed assets \u2013 0.3 0.3 Less: amortisation of R&D costs previously capitalised as intangibles (1.8) (0.1) (1.9) Add: amounts capitalised as intangible assets 0.7 \u2013 0.7 Total cash spent on R&D during the year 21.9 9.8 31.7 ",
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"value": "6 Acquisition of WITec On 31 August 2021, the Group acquired 100% of the issued share capital of WITec Wissenschaftliche Instrumente und Technologie GmbH (\u2018WITec\u2019) on a cash-free, debt-free basis for consideration of \u20ac42m (\u00a336.0m), of which \u20ac5m (\u00a34.3m) was conditional on trading performance over a period of 12 months from the acquisition. The conditions for the deferred consideration were meeting certain revenue, order and margin thresholds. WITec is a leading designer and manufacturer of Raman microscopy imaging solutions, based in Ulm, Germany. The business has been integrated into the Materials & Characterisation segment. Contingent consideration of \u00a34.8m was paid during January 2023 based on the performance of the WITec business in the year to 31 August 2022. The difference of \u00a30.5m between contingent consideration provided at acquisition and that paid in January 2023 was due to an adjustment to the net assets purchased. Acquisition-related costs in the prior year of \u00a30.4m (2021: \u00a30.4m) were expensed to the Consolidated Statement of Income as an adjusting item in the administration and shared services cost line. There were no acquisition-related costs in the current year. If the acquisition had occurred on the first day of the prior year the acquisition would have contributed revenue of \u00a314.3m, adjusted operating profit of \u00a32.8m and a statutory loss before tax of \u00a30.3m to the Group\u2019s profit for the year ended 31 March 2022. ",
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"value": "7 Financial income 2023 \u00a3m 2022 \u00a3m Interest receivable 1.1 0.1 Interest credit on pension scheme net assets 1.6 0.4 2.7 0.5 ",
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"value": "7 Financial income 2023 \u00a3m 2022 \u00a3m Interest receivable 1.1 0.1 Interest credit on pension scheme net assets 1.6 0.4 2.7 0.5 8 Financial expenditure 2023 \u00a3m 2022 \u00a3m Bank interest payable 0.7 0.6 Interest on lease liabilities 0.5 0.3 Unwind of discount on contingent consideration 0.4 0.3 1.6 1.2 ",
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"fact-485": {
"value": "8 Financial expenditure 2023 \u00a3m 2022 \u00a3m Bank interest payable 0.7 0.6 Interest on lease liabilities 0.5 0.3 Unwind of discount on contingent consideration 0.4 0.3 1.6 1.2 ",
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"value": "9 Personnel costs 2023 \u00a3m 2022 \u00a3m Wages and salaries 121.9 96.4 Social security costs 17. 1 12.2 Contributions to defined contribution plans (Note 25) 6.1 4.8 Defined benefit income (Note 25) (1.1) \u2013 Charge in respect of employee share options 2.4 2.1 146.4 115.5 Directors' emoluments are disclosed in the Remuneration Report on pages 144 to 173 of this Report and Financial Statements. 10 Employees The average number of people employed by the Group (including Directors and temporary employees) during the year was as follows: 2023 Number 2022 Number Production 796 732 Sales and Marketing 495 467 Research and Development 456 430 Administration and Shared Services 280 249 2,027 1,878 ",
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"fact-451": {
"value": "11 Share option schemes The Group operates three share option schemes: All-employee Share Incentive Plan (\u2018SIP\u2019) All UK employees are eligible to participate in the Group\u2019s HM Revenue and Customs-approved SIP. Participating employees make a cash contribution to the plan each month. The Group contributes a further amount equal to 20% of the employee\u2019s contribution. Independent trustees then purchase matching shares in the market on behalf of the employees. The matching shares vest on the completion by the participating employee of a further three years\u2019 service and can be withdrawn from the plan tax-free after five years\u2019 service. Medium-Term Incentive Plan Scheme (\u2018MTIP\u2019) Options awarded under the Medium-Term Incentive Plan are made annually to certain senior managers. The exercise prices are \u00a3nil. Options have a life of ten years with vesting subject to achievement of performance targets and a vesting period of a minimum of three years (but may be up to five years). Performance Share Plan Scheme (\u2018PSP\u2019) Under the Performance Share Plan awards of performance shares (or nil-cost options) are made annually to certain senior managers. Awards have a life of ten years with vesting subject to achievement of performance targets and a vesting period of a minimum of three years (but may be up to five years). Share option schemes that have been discontinued but for which options were outstanding at the year end include the following: Executive Share Option Scheme (\u2018ESO\u2019) Options awarded under the Executive Share Option Scheme were made annually to certain senior managers. The exercise prices were determined according to the mid-market closing share price on the day before the date of grant. Options have a life of ten years and a vesting period of three years. Performance conditions The ESO, MTIP and PSP schemes are or were subject to performance conditions which can be found in the Remuneration Report on pages 163 to 166. Administrative expenses include a charge of \u00a32.4m (2022: \u00a32.1m) in respect of the cost of providing share-based remuneration. The cost of share options is calculated by estimating the fair value of the option at grant date and spreading that amount over the vesting period after adjusting for an expectation of non-vesting. Fair values are determined using an internal valuation model based on a modified Black-Scholes model. Expected volatility has been based on historical volatility over a period of time of the same length as the expected option life and ending on the grant date. For options granted in the years ended 31 March 2023 and 2022, the fair value per option granted and the assumptions used in the calculation are as follows: Medium-Term Incentive Plan Scheme June 2022 Performance Share Plan Scheme June 2022 Medium-Term Incentive Plan Scheme July 2021 Performance Share Plan Scheme July 2021 Fair value at measurement date \u00a318.86 \u00a318.86 \u00a322.60 \u00a322.60 Share price at grant date \u00a319.40 \u00a319.40 \u00a323.10 \u00a323.10 Exercise price \u00a3nil \u00a3nil \u00a3nil \u00a3nil Expected volatility 47. 3% 47. 3% 39.4% 39.4% Expected option life (expressed as weighted average life used in the modelling) 3 years 3 years 3 years 3 years Expected dividend yield 0.9% 0.9% 0.7% 0.7% Risk-free interest rate 2.1% 2.1% 0.5% 0.5% The options existing at the year end were as follows: 2023 2022 Number of shares Exercise Price Period when exercisable Number of shares Options subsisting at the year end on unissued ordinary shares: Executive Share Option Schemes June 2015 75,006 \u00a310.28 15/06/18 \u2013 14/06/25 82,875 June 2016 18,000 \u00a37. 38 21/06/19 \u2013 20/06/26 18,000 November 2016 32,663 \u00a36.27 29/11/19 \u2013 28/11/26 36,403 Total options subsisting on existing ordinary shares 125,669 137,278 Percentage of issued share capital 0.2% 0.2% Medium-Term Incentive Plan September 2017 22,253 \u00a30.05 25/09/20 \u2013 24/09/27 29,490 July 2018 28,239 \u00a30.05 03/07/21 \u2013 02/07/28 48,219 July 2019 32,622 \u00a30.05 15/07/22 \u2013 14/07/29 7 7,024 December 2019 1,098 \u00a30.05 02/12/22 \u2013 01/12/29 1,569 September 2020 69,010 \u00a30.05 23/09/23 \u2013 22/09/30 71,136 July 2021 56,388 \u00a30.05 02/07/24 \u2013 01/07/31 58,014 September 2021 5,394 \u00a30.05 01/09/24 \u2013 31/08/31 5,394 November 2021 2,373 \u00a30.05 11/11/24 \u2013 10/11/31 2,373 June 2022 92,015 \u00a30.05 20/06/25 \u2013 19/06/32 \u2013 Total options subsisting on existing ordinary shares 309,392 293,219 Percentage of issued share capital 0.5% 0.5% Performance Share Plan September 2017 116,853 \u00a30.05 25/09/20 \u2013 24/09/27 116,853 July 2018 115,043 \u00a30.05 03/07/21 \u2013 02/07/28 115,043 July 2019 86,032 \u00a30.05 15/07/22 \u2013 14/07/29 86,032 September 2020 74,815 \u00a30.05 23/09/23 \u2013 22/09/30 74,815 July 2021 55,806 \u00a30.05 02/07/24 \u2013 01/07/31 55,806 June 2022 70,435 \u00a30.05 20/06/25 \u2013 19/06/32 \u2013 Total options subsisting on existing ordinary shares 518,984 448,549 Percentage of issued share capital 0.9% 0.8% The number and weighted average exercise prices of those options are as follows: 2023 2022 Weighted average exercise price Number of options Weighted exercise average price Number of options Outstanding at the beginning of the period \u00a31.41 879,046 \u00a32.04 1,069,983 Granted during the year \u00a30.03 163,687 \u2013 125,602 Forfeited during the year \u00a30.05 (4,989) \u2013 (27,003) Exercised during the year \u00a31.23 (60,423) \u00a32.55 (236,875) Lapsed during the year \u00a31.44 (23,276) \u00a36.88 (52,661) Outstanding at the year end \u00a31.19 954,045 \u00a31.38 879,046 Exercisable at the year end \u00a32.14 527,809 \u00a32.71 446,883 The weighted average share price at the time of exercise of the options was \u00a322.03 (2022: \u00a323.29). The weighted average remaining contractual life for the share options as at 31 March 2023 was one year (2022: one year). The total consideration received from exercise of options in the year was \u00a30.1m (2022: \u00a30.1m). ",
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"value": "12 Income tax expense 2023 \u00a3m 2022 \u00a3m Recognised in the Consolidated Statement of Income Current tax expense Current year 10.2 9.0 Adjustment in respect of prior years 0.3 (1.0) 10.5 8.0 Deferred tax expense Origination and reversal of temporary differences 5.1 1.2 Adjustment in respect of prior years (0.7) (0.2) 4.4 1.0 Total tax expense 14.9 9.0 Reconciliation of effective tax rate Profit before income tax 73.5 47.6 Income tax using the weighted average statutory tax rate of 21% (2022: 21%) 15.4 10.0 Effect of: Tax rates other than the weighted average statutory rate 0.3 0.1 Change in rate at which deferred tax recognised 1.0 0.6 Non-taxable income and expenses (1.4) (0.3) Tax incentives not recognised in the Consolidated Statement of Income \u2013 (0.2) Adjustment in respect of prior years (0.4) (1.2) Total tax expense 14.9 9.0 Taxation (credit)/charge recognised directly in other comprehensive income Deferred tax \u2013 relating to employee benefits (9.7) 6.8 Taxation credit recognised directly in equity Deferred tax \u2013 relating to share options (0.7) (0.2) On 5 March 2021 it was announced that the rate of UK corporation tax would be increased to 25% from 1 April 2023. This change was substantively enacted on 24 May 2021. As such, the UK deferred tax assets and liabilities have been calculated based on the enacted rate of 25% as utilisation will occur after that date. The Group carries tax provisions in relation to uncertain tax positions arising from the possible outcome of negotiations with tax authorities. The provisions have been calculated based on the probable outcome of those negotiations from a range of possibilities and assume that the tax authorities have full knowledge of the facts. Such provisions are a reflection of the geographical spread of the Group\u2019s operations and the variety of jurisdictions in which it carries out its activities. ",
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},
"fact-453": {
"value": "13 Dividends per share The following dividends per share were paid by the Group: 2023 pence 2022 pence Previous period interim dividend \u2013 4.1 Previous period final dividend 13.7 12.9 Current period interim dividend 4.6 4.4 18.3 21.4 The following dividends per share were proposed by the Group in respect of each accounting period presented: 2023 pence 2022 pence Interim dividend 4.6 4.4 Final dividend 14.9 13.7 19.5 18.1 The final dividend for the year to 31 March 2022 of 13.7 pence per share was approved by shareholders at the Annual General Meeting on 28 July 2022 and was paid on 23 August 2022. The interim dividend for the year to 31 March 2023 of 4.6 pence was approved by a sub-committee of the Board on 7 November 2022 and was paid on 13 January 2023. The proposed final dividend of 14.9 pence per share was not provided at the year end and is subject to shareholder approval at the Annual General Meeting on 19 September 2023. It is expected to be paid on 12 October 2023, to shareholders on the register on the record date of 4 August 2023, with an ex-dividend date of 3 August 2023 and with the last date of election for the Dividend Reinvestment Plan (DRIP) being 21 September 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-454": {
"value": "14 Property, plant and equipment Land and buildings \u00a3m Plant and equipment \u00a3m Fixtures and fittings \u00a3m Total \u00a3m Cost Balance at 1 April 2021 13.8 36.5 7.7 58.0 Additions \u2013 business combinations \u2013 0.2 \u2013 0.2 Additions \u2013 other 7.8 5.3 0.8 13.9 Disposals (0.2) (2.0) (0.3) (2.5) Exchange differences 0.4 0.4 0.1 0.9 Balance at 31 March 2022 and 1 April 2022 21.8 40.4 8.3 70.5 Additions 24.2 6.0 2.1 32.3 Disposals (0.1) (3.7) (0.3) (4.1) Exchange differences \u2013 0.4 0.1 0.5 Balance at 31 March 2023 45.9 43.1 10.2 99.2 Depreciation and impairment losses Balance at 1 April 2021 5.4 25.6 5.9 36.9 Depreciation charge for the year 0.3 3.6 0.2 4.1 Disposals (0.2) (2.0) (0.2) (2.4) Exchange differences \u2013 0.2 \u2013 0.2 Balance at 31 March 2022 and 1 April 2022 5.5 27.4 5.9 38.8 Depreciation charge for the year 0.4 4.0 0.4 4.8 Disposals \u2013 (3.7) (0.3) (4.0) Exchange differences \u2013 0.3 \u2013 0.3 Balance at 31 March 2023 5.9 28.0 6.0 39.9 Carrying amounts Balance at 1 April 2021 8.4 10.9 1.8 21.1 Balance at 31 March 2022 and 1 April 2022 16.3 13.0 2.4 31.7 Balance at 31 March 2023 40.0 15.1 4.2 59.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-503": {
"value": "15 Intangible assets Goodwill \u00a3m Customer- related acquired intangibles \u00a3m Technology- related acquired intangibles \u00a3m Development costs acquired intangibles \u00a3m Development costs internally generated \u00a3m Software \u00a3m Total \u00a3m Cost Balance at 1 April 2021 101.8 29.3 91.7 1.8 48.5 4.2 27 7.3 Additions \u2013 business combinations 20.6 3.3 5.0 \u2013 \u2013 \u2013 28.9 Additions \u2013 internally generated \u2013 \u2013 \u2013 \u2013 0.7 0.1 0.8 Exchange differences 0.2 0.5 1.5 \u2013 \u2013 \u2013 2.2 Balance at 31 March 2022 and 1 April 2022 122.6 33.1 98.2 1.8 49.2 4.3 309.2 Additions \u2013 internally generated \u2013 \u2013 \u2013 \u2013 0.6 \u2013 0.6 Disposals \u2013 other \u2013 \u2013 \u2013 \u2013 (12.5) \u2013 (12.5) Exchange differences 2.0 1.0 2.8 \u2013 \u2013 \u2013 5.8 Balance at 31 March 2023 124.6 34.1 101.0 1.8 37.3 4.3 303.1 Amortisation and impairment losses Balance at 1 April 2021 21.7 22.5 63.0 1.3 43.3 2.9 154.7 Amortisation and impairment charged \u2013 1.8 7.5 0.2 1.9 \u2013 11.4 Exchange differences 0.5 0.5 1.4 \u2013 \u2013 \u2013 2.4 Balance at 31 March 2022 and 1 April 2022 22.2 24.8 71.9 1.5 45.2 2.9 168.5 Amortisation and impairment charged \u2013 1.4 7.8 0.1 2.2 \u2013 11.5 Disposals \u2013 \u2013 \u2013 \u2013 (12.5) \u2013 (12.5) Exchange differences 0.7 0.8 1.9 \u2013 \u2013 0.1 3.5 Balance at 31 March 2023 22.9 27.0 81.6 1.6 34.9 3.0 171.0 Carrying amounts Balance at 1 April 2021 80.1 6.8 28.7 0.5 5.2 1.3 122.6 Balance at 31 March 2022 and 1 April 2022 100.4 8.3 26.3 0.3 4.0 1.4 140.7 Balance at 31 March 2023 101.7 7.1 19.4 0.2 2.4 1.3 132.1 During the year the Group made impairments of \u00a30.8m (2022: nil) in respect of capitalised development costs. Further information can be found in the Finance Review section of the Strategic Report. The following intangible assets are considered material by the Directors as they represent 97% (2022: 99%) of total acquired intangible assets: 2023 2022 \u00a3m Amortisation period years Remaining amortisation period years \u00a3m Trademarks \u2013 Andor 4.7 15.0 5.8 5.6 Technology, know-how and patents \u2013 Andor: \u2013 Product related 11.9 12.0 2.8 16.2 \u2013 Software related 0.9 10.0 0.8 2.0 Trademarks \u2013 WITec 2.3 10.0 8.6 2.5 Technology, know-how and patents \u2013 WITec 3.6 5.0 3.6 4.6 Technology, know-how and patents \u2013 Asylum 2.4 12.0 1.7 3.8 Goodwill acquired in a business combination is allocated, at acquisition, to the cash generating units (\u2018CGUs\u2019) that are expected to benefit from that business combination. The carrying amount of goodwill was allocated to individual CGUs as follows: 2023 \u00a3m 2022 \u00a3m Materials & Characterisation NanoAnalysis 10.0 9.8 Magnetic Resonance 2.3 2.3 WITec 21.5 20.3 Research & Discovery Andor 61.2 61.3 NanoScience 6.7 6.7 101.7 100.4 The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. Accounting standards require an impairment test to be carried out by determining the recoverable amount of each CGU which contains goodwill. The recoverable amount is calculated as the higher of the fair value less costs to sell or the value in use of the CGU. In the Group\u2019s case, the recoverable amount is based on value in use calculations. Value in use is calculated by discounting expected future cash flows and in particular Board-approved five-year cash flow forecasts, prepared by the management of each CGU and reviewed and amended by Group management as necessary, together with 2.5% per annum growth for the subsequent 20 years. This rate was considered to be at or below long-term market trends for the Group\u2019s businesses. Key assumptions The key assumptions are those regarding discount rates and growth rates. The growth rates are at or below the Group\u2019s view on long-term trends within its markets. Changes in selling prices and direct costs are based on past practices and expectations of future changes in the market. The post-tax weighted average costs of capital used for Materials & Characterisation and Research & Discovery in impairment testing are 12.8%-13.3% (2022: 11.6%-12.1%) and 12.8%-13.3% (2021: 11.6%-12.1%) respectively, in line with the risk associated with each of the business segments. Management has estimated these discount rates by reference to past experience and an industry average weighted cost of capital as adjusted for appropriate risk factors reflecting current economic circumstances and the risk profiles of each CGU. Sensitivity analysis The Group\u2019s estimate of impairments are most sensitive to changes in the discount rate and forecast growth rate. Sensitivity analysis has been carried out by reference to both of these assumptions. This demonstrated that a 170 basis point increase in the discount rate would be required in order to eliminate the headroom of \u00a312.3m in the recently acquired WITec business \u2013 along with a 20% deterioration from the five-year forecast. Similarly, a reduction in the growth rate to -0.5% - again, along with a 20% deterioration from the five-year forecast would be required in order to result in an impairment in that business. No reasonably possible change in assumptions would result in an impairment in the other businesses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-486": {
"value": "15 Intangible assets Goodwill \u00a3m Customer- related acquired intangibles \u00a3m Technology- related acquired intangibles \u00a3m Development costs acquired intangibles \u00a3m Development costs internally generated \u00a3m Software \u00a3m Total \u00a3m Cost Balance at 1 April 2021 101.8 29.3 91.7 1.8 48.5 4.2 27 7.3 Additions \u2013 business combinations 20.6 3.3 5.0 \u2013 \u2013 \u2013 28.9 Additions \u2013 internally generated \u2013 \u2013 \u2013 \u2013 0.7 0.1 0.8 Exchange differences 0.2 0.5 1.5 \u2013 \u2013 \u2013 2.2 Balance at 31 March 2022 and 1 April 2022 122.6 33.1 98.2 1.8 49.2 4.3 309.2 Additions \u2013 internally generated \u2013 \u2013 \u2013 \u2013 0.6 \u2013 0.6 Disposals \u2013 other \u2013 \u2013 \u2013 \u2013 (12.5) \u2013 (12.5) Exchange differences 2.0 1.0 2.8 \u2013 \u2013 \u2013 5.8 Balance at 31 March 2023 124.6 34.1 101.0 1.8 37.3 4.3 303.1 Amortisation and impairment losses Balance at 1 April 2021 21.7 22.5 63.0 1.3 43.3 2.9 154.7 Amortisation and impairment charged \u2013 1.8 7.5 0.2 1.9 \u2013 11.4 Exchange differences 0.5 0.5 1.4 \u2013 \u2013 \u2013 2.4 Balance at 31 March 2022 and 1 April 2022 22.2 24.8 71.9 1.5 45.2 2.9 168.5 Amortisation and impairment charged \u2013 1.4 7.8 0.1 2.2 \u2013 11.5 Disposals \u2013 \u2013 \u2013 \u2013 (12.5) \u2013 (12.5) Exchange differences 0.7 0.8 1.9 \u2013 \u2013 0.1 3.5 Balance at 31 March 2023 22.9 27.0 81.6 1.6 34.9 3.0 171.0 Carrying amounts Balance at 1 April 2021 80.1 6.8 28.7 0.5 5.2 1.3 122.6 Balance at 31 March 2022 and 1 April 2022 100.4 8.3 26.3 0.3 4.0 1.4 140.7 Balance at 31 March 2023 101.7 7.1 19.4 0.2 2.4 1.3 132.1 During the year the Group made impairments of \u00a30.8m (2022: nil) in respect of capitalised development costs. Further information can be found in the Finance Review section of the Strategic Report. The following intangible assets are considered material by the Directors as they represent 97% (2022: 99%) of total acquired intangible assets: 2023 2022 \u00a3m Amortisation period years Remaining amortisation period years \u00a3m Trademarks \u2013 Andor 4.7 15.0 5.8 5.6 Technology, know-how and patents \u2013 Andor: \u2013 Product related 11.9 12.0 2.8 16.2 \u2013 Software related 0.9 10.0 0.8 2.0 Trademarks \u2013 WITec 2.3 10.0 8.6 2.5 Technology, know-how and patents \u2013 WITec 3.6 5.0 3.6 4.6 Technology, know-how and patents \u2013 Asylum 2.4 12.0 1.7 3.8 Goodwill acquired in a business combination is allocated, at acquisition, to the cash generating units (\u2018CGUs\u2019) that are expected to benefit from that business combination. The carrying amount of goodwill was allocated to individual CGUs as follows: 2023 \u00a3m 2022 \u00a3m Materials & Characterisation NanoAnalysis 10.0 9.8 Magnetic Resonance 2.3 2.3 WITec 21.5 20.3 Research & Discovery Andor 61.2 61.3 NanoScience 6.7 6.7 101.7 100.4 The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. Accounting standards require an impairment test to be carried out by determining the recoverable amount of each CGU which contains goodwill. The recoverable amount is calculated as the higher of the fair value less costs to sell or the value in use of the CGU. In the Group\u2019s case, the recoverable amount is based on value in use calculations. Value in use is calculated by discounting expected future cash flows and in particular Board-approved five-year cash flow forecasts, prepared by the management of each CGU and reviewed and amended by Group management as necessary, together with 2.5% per annum growth for the subsequent 20 years. This rate was considered to be at or below long-term market trends for the Group\u2019s businesses. Key assumptions The key assumptions are those regarding discount rates and growth rates. The growth rates are at or below the Group\u2019s view on long-term trends within its markets. Changes in selling prices and direct costs are based on past practices and expectations of future changes in the market. The post-tax weighted average costs of capital used for Materials & Characterisation and Research & Discovery in impairment testing are 12.8%-13.3% (2022: 11.6%-12.1%) and 12.8%-13.3% (2021: 11.6%-12.1%) respectively, in line with the risk associated with each of the business segments. Management has estimated these discount rates by reference to past experience and an industry average weighted cost of capital as adjusted for appropriate risk factors reflecting current economic circumstances and the risk profiles of each CGU. Sensitivity analysis The Group\u2019s estimate of impairments are most sensitive to changes in the discount rate and forecast growth rate. Sensitivity analysis has been carried out by reference to both of these assumptions. This demonstrated that a 170 basis point increase in the discount rate would be required in order to eliminate the headroom of \u00a312.3m in the recently acquired WITec business \u2013 along with a 20% deterioration from the five-year forecast. Similarly, a reduction in the growth rate to -0.5% - again, along with a 20% deterioration from the five-year forecast would be required in order to result in an impairment in that business. No reasonably possible change in assumptions would result in an impairment in the other businesses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-455": {
"value": "15 Intangible assets Goodwill \u00a3m Customer- related acquired intangibles \u00a3m Technology- related acquired intangibles \u00a3m Development costs acquired intangibles \u00a3m Development costs internally generated \u00a3m Software \u00a3m Total \u00a3m Cost Balance at 1 April 2021 101.8 29.3 91.7 1.8 48.5 4.2 27 7.3 Additions \u2013 business combinations 20.6 3.3 5.0 \u2013 \u2013 \u2013 28.9 Additions \u2013 internally generated \u2013 \u2013 \u2013 \u2013 0.7 0.1 0.8 Exchange differences 0.2 0.5 1.5 \u2013 \u2013 \u2013 2.2 Balance at 31 March 2022 and 1 April 2022 122.6 33.1 98.2 1.8 49.2 4.3 309.2 Additions \u2013 internally generated \u2013 \u2013 \u2013 \u2013 0.6 \u2013 0.6 Disposals \u2013 other \u2013 \u2013 \u2013 \u2013 (12.5) \u2013 (12.5) Exchange differences 2.0 1.0 2.8 \u2013 \u2013 \u2013 5.8 Balance at 31 March 2023 124.6 34.1 101.0 1.8 37.3 4.3 303.1 Amortisation and impairment losses Balance at 1 April 2021 21.7 22.5 63.0 1.3 43.3 2.9 154.7 Amortisation and impairment charged \u2013 1.8 7.5 0.2 1.9 \u2013 11.4 Exchange differences 0.5 0.5 1.4 \u2013 \u2013 \u2013 2.4 Balance at 31 March 2022 and 1 April 2022 22.2 24.8 71.9 1.5 45.2 2.9 168.5 Amortisation and impairment charged \u2013 1.4 7.8 0.1 2.2 \u2013 11.5 Disposals \u2013 \u2013 \u2013 \u2013 (12.5) \u2013 (12.5) Exchange differences 0.7 0.8 1.9 \u2013 \u2013 0.1 3.5 Balance at 31 March 2023 22.9 27.0 81.6 1.6 34.9 3.0 171.0 Carrying amounts Balance at 1 April 2021 80.1 6.8 28.7 0.5 5.2 1.3 122.6 Balance at 31 March 2022 and 1 April 2022 100.4 8.3 26.3 0.3 4.0 1.4 140.7 Balance at 31 March 2023 101.7 7.1 19.4 0.2 2.4 1.3 132.1 During the year the Group made impairments of \u00a30.8m (2022: nil) in respect of capitalised development costs. Further information can be found in the Finance Review section of the Strategic Report. The following intangible assets are considered material by the Directors as they represent 97% (2022: 99%) of total acquired intangible assets: 2023 2022 \u00a3m Amortisation period years Remaining amortisation period years \u00a3m Trademarks \u2013 Andor 4.7 15.0 5.8 5.6 Technology, know-how and patents \u2013 Andor: \u2013 Product related 11.9 12.0 2.8 16.2 \u2013 Software related 0.9 10.0 0.8 2.0 Trademarks \u2013 WITec 2.3 10.0 8.6 2.5 Technology, know-how and patents \u2013 WITec 3.6 5.0 3.6 4.6 Technology, know-how and patents \u2013 Asylum 2.4 12.0 1.7 3.8 Goodwill acquired in a business combination is allocated, at acquisition, to the cash generating units (\u2018CGUs\u2019) that are expected to benefit from that business combination. The carrying amount of goodwill was allocated to individual CGUs as follows: 2023 \u00a3m 2022 \u00a3m Materials & Characterisation NanoAnalysis 10.0 9.8 Magnetic Resonance 2.3 2.3 WITec 21.5 20.3 Research & Discovery Andor 61.2 61.3 NanoScience 6.7 6.7 101.7 100.4 The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. Accounting standards require an impairment test to be carried out by determining the recoverable amount of each CGU which contains goodwill. The recoverable amount is calculated as the higher of the fair value less costs to sell or the value in use of the CGU. In the Group\u2019s case, the recoverable amount is based on value in use calculations. Value in use is calculated by discounting expected future cash flows and in particular Board-approved five-year cash flow forecasts, prepared by the management of each CGU and reviewed and amended by Group management as necessary, together with 2.5% per annum growth for the subsequent 20 years. This rate was considered to be at or below long-term market trends for the Group\u2019s businesses. Key assumptions The key assumptions are those regarding discount rates and growth rates. The growth rates are at or below the Group\u2019s view on long-term trends within its markets. Changes in selling prices and direct costs are based on past practices and expectations of future changes in the market. The post-tax weighted average costs of capital used for Materials & Characterisation and Research & Discovery in impairment testing are 12.8%-13.3% (2022: 11.6%-12.1%) and 12.8%-13.3% (2021: 11.6%-12.1%) respectively, in line with the risk associated with each of the business segments. Management has estimated these discount rates by reference to past experience and an industry average weighted cost of capital as adjusted for appropriate risk factors reflecting current economic circumstances and the risk profiles of each CGU. Sensitivity analysis The Group\u2019s estimate of impairments are most sensitive to changes in the discount rate and forecast growth rate. Sensitivity analysis has been carried out by reference to both of these assumptions. This demonstrated that a 170 basis point increase in the discount rate would be required in order to eliminate the headroom of \u00a312.3m in the recently acquired WITec business \u2013 along with a 20% deterioration from the five-year forecast. Similarly, a reduction in the growth rate to -0.5% - again, along with a 20% deterioration from the five-year forecast would be required in order to result in an impairment in that business. No reasonably possible change in assumptions would result in an impairment in the other businesses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-456": {
"value": "16 Deferred tax Property, plant and equipment \u00a3m Inventory \u00a3m Employee benefits \u00a3m Intangibles assets \u00a3m Tax losses \u00a3m Other \u00a3m Total \u00a3m Balance at 1 April 2021 0.7 2.6 (0.1) (5.7) 6.8 3.9 8.2 Recognised in income (1.6) 1.3 (1.2) 0.6 (0.3) 0.2 (1.0) Recognised in other comprehensive income \u2013 \u2013 (6.8) \u2013 \u2013 \u2013 (6.8) Recognised directly in equity \u2013 \u2013 0.2 \u2013 \u2013 \u2013 0.2 Acquired on business combination \u2013 (0.7) 0.1 (1.9) \u2013 (0.1) (2.6) Effect of movements in foreign exchange rates \u2013 \u2013 \u2013 \u2013 0.2 0.1 0.3 Balance at 31 March 2022 (0.9) 3.2 (7. 8) (7.0) 6.7 4.1 (1.7) Recognised in income (3.1) 0.4 (2.5) 2.0 (1.5) 0.3 (4.4) Recognised in other comprehensive income \u2013 \u2013 9.7 \u2013 \u2013 \u2013 9.7 Recognised directly in equity \u2013 \u2013 0.7 \u2013 \u2013 \u2013 0.7 Effect of movements in foreign exchange rates \u2013 0.1 \u2013 \u2013 0.3 \u2013 0.4 Balance at 31 March 2023 (4.0) 3.7 0.1 (5.0) 5.5 4.4 4.7 Certain deferred tax assets and liabilities have been offset as follows: Assets Liabilities Net 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Gross assets/(liabilities) 15.6 14.3 (10.9) (16.0) 4.7 (1.7) Offset (3.1) (0.6) 3.1 0.6 \u2013 \u2013 Net assets/(liabilities) 12.5 13.7 (7.8) (15.4) 4.7 (1.7) Deferred tax assets have not been recognised in respect of the following items: 2023 \u00a3m 2022 \u00a3m Deductible temporary differences \u2013 \u2013 Tax losses 0.3 0.2 0.3 0.2 The tax losses and the deductible temporary differences do not expire under current tax legislation. Deferred tax assets have not been recognised in respect of these items as it is not probable that future taxable profits will be available in the subsidiaries concerned against which the Group can utilise the brought forward tax losses. Deferred tax is recognised on provisions made against inventory on which tax relief has not yet been granted. No deferred tax liability has been recognised in respect of \u00a365.3m (2022: \u00a356.0m) of undistributed earnings of overseas subsidiaries since the majority of such distributions would not be taxable. In other cases the Group considers that it is able to control the timing of remittances so that any tax is not expected to arise in the foreseeable future. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-457": {
"value": "17 Inventories 2023 \u00a3m 2022 \u00a3m Raw materials and consumables 39.8 28.6 Work in progress 23.5 23.2 Finished goods 18.1 13.5 81.4 65.3 The amount of inventory recognised as an expense was \u00a3172.8m (2022: \u00a3147.2m). In the ordinary course of business, the Group makes impairment provisions for slow-moving, excess and obsolete inventory as appropriate. Inventory is stated after charging impairments of \u00a31.3m in the current period (2022: \u00a30.7m). In the current year, \u00a3nil (2022: \u00a3nil) was reversed relating to previous impairments. Impairments are included within gross profit. Inventory carried at net realisable value is \u00a31.7m (2022: \u00a31.5m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-458": {
"value": "18 Trade and other receivables 2023 \u00a3m 2022 as restated (1) \u00a3m Trade receivables 95.9 78.4 Less provision for impairment of receivables (3.5) (3.6) Net trade receivables 92.4 74.8 Accrued Income 4.8 4.2 Prepayments 6.6 8.5 Other receivables 9.4 7.3 113.2 94.8 (1) Details of restatement of prior year numbers can be found in the accounting policies. Trade receivables are non-interest-bearing. Standard credit terms provided to customers differ according to business and country and are typically between 30 and 60 days. The maximum exposure to credit risk for trade and other receivables plus accrued income, by geographic region, was: 2023 \u00a3m 2022 as restated (1) \u00a3m UK 17. 5 9.3 China 16.2 19.9 Japan 15.8 11.8 USA 29.8 16.6 Germany 7.4 5.9 Rest of Europe 10.6 10.7 Rest of Asia 6.3 11.4 Rest of World 3.0 0.7 106.6 86.3 (1) Details of restatement of prior year numbers can be found in the accounting policies. The ageing of financial assets comprising net trade receivables and other receivables plus accrued income at the reporting date was: 2023 \u00a3m 2022 as restated (1) \u00a3m Current (not overdue) 63.1 51.1 Less than 31 days overdue 18.8 13.5 More than 30 but less than 91 days overdue 10.8 11.2 More than 90 days overdue 13.9 10.5 106.6 86.3 (1) Details of restatement of prior year numbers can be found in the accounting policies. In both periods presented the entire provision against trade receivables and other receivables plus accrued income relates to balances more than 90 days overdue. The movement of the Group\u2019s expected credit losses provision in respect of trade receivables and other receivables plus accrued income are as follows: 2023 \u00a3m 2022 \u00a3m Balance at start of year 3.6 2.2 Transferred in on acquisition of business \u2013 0.2 (Decrease)/increase in loss allowance recognised in the Consolidated Statement of Income during the year (0.1) 1.2 Balance at end of year 3.5 3.6 The loss allowance is recognised in the administration and shared services line in the Consolidated Statement of Income. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-459": {
"value": "19 Cash and cash equivalents 2023 \u00a3m 2022 \u00a3m Cash balances 112.7 96.4 Bank overdrafts (11.2) (8.7) Cash and cash equivalents in the Consolidated Statement of Cash Flows 101.5 87.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-460": {
"value": "20 Working capital movements Reconciliation of movements in working capital Inventories \u00a3m Receivables(1) \u00a3m Payables and provisions (1) \u00a3m Customer Deposits \u00a3m Total \u00a3m As at 1 April 2021 as restated(2) 58.7 76.0 (87.9) (41.9) 4.9 Working capital movement as restated(2) 0.1 17.4 (7. 2) 1.5 11.8 WITec-related flows 6.2 3.0 (6.7) (0.3) 2.2 Exchange differences 0.3 (0.6) 0.7 (0.6) (0.2) FV movement on financial derivatives \u2013 \u2013 (6.4) \u2013 (6.4) As at 31 March 2022 and 1 April 2022 as restated (2) 65.3 95.8 (107.5) (41.3) 12.3 Working capital movement 15.6 19.6 (16.9) (9.2) 9.1 WITec-related flows \u2013 \u2013 5.3 \u2013 5.3 Exchange differences 0.5 0.3 \u2013 (1.6) (0.8) FV movement on financial derivatives \u2013 \u2013 3.0 \u2013 3.0 As at 31 March 2023 81.4 115.7 (116.1) (52.1) 28.9 (1) Receivables and payables include derivative financial instruments. (2) Details of restatement of prior year numbers can be found in the accounting policies. ",
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"fact-461": {
"value": "21 Financial risk management The Group\u2019s multinational operations and debt financing expose it to a variety of financial risks. In the course of its business, the Group is exposed to foreign currency risk, interest rate risk, liquidity risk, commodity risk and credit risk. Financial risk management policies are set by the Board of Directors. These policies are implemented by a central treasury function that has formal procedures to manage foreign exchange risk, interest rate risk and liquidity risk, including, where appropriate, the use of derivative financial instruments. Commodity risk is managed locally by the operating businesses. The Group has clearly defined authority and approval limits. In accordance with its Treasury Policy, the Group does not hold or use derivative financial instruments for trading or speculative purposes. Such instruments are only used to manage the risks arising from operating or financial assets or liabilities or highly probable future transactions. The Group uses derivative financial instruments to hedge its exposure to fluctuations in foreign exchange rates. In common with a number of other companies, the Group has decided that the additional costs of meeting the extensive documentation requirements of IFRS 9 to apply hedge accounting to derivative financial instruments used for hedging exposure to foreign currency and interest rate volatility cannot be justified. Accordingly, the Group does not use hedge accounting for such derivatives. Foreign currency risk Foreign currency risk arises both where sale or purchase transactions are undertaken in currencies other than the respective functional currencies of Group companies (transactional exposures) and where the results of overseas companies are consolidated into the Group\u2019s reporting currency of sterling (translational exposures). The Group has operations around the world which record their results in a variety of different local functional currencies. In countries where the Group does not have operations, it invariably has some customers or suppliers that transact in a foreign currency. The Group is therefore exposed to the changes in foreign currency exchange rates between a number of different currencies but the Group\u2019s primary exposures relate to the US dollar, the euro and the Japanese yen. To reduce uncertainty, the Group maintains a rolling hedge of forward contracts equivalent to 80% (2022: 80%) of the exposure expected to arise over the following 12 months. The remaining 20% is sold on the spot market. The fair value of outstanding currency contracts recognised as a liability as at 31 March 2023 amount to \u00a31.2m (2022: \u00a31.4m) and those recognised as an asset amount to \u00a32.0m (2022: \u00a31.0m). Movements in the fair value of derivative financial instruments are recognised in the Consolidated Statement of Income immediately. However, in order to facilitate a more meaningful comparison of the Group\u2019s performance year-on-year, the elements of these movements that relate to hedges in respect of future sales are treated as an adjusting item in the calculation of adjusted earnings (Note 1). The Group\u2019s translational exposures to foreign currency risks can relate both to the Consolidated Statement of Income and net assets of overseas subsidiaries. The Group\u2019s policy is not to hedge the translational exposure that arises on consolidation of the Consolidated Statements of Income of overseas subsidiaries. Interest rate risk Interest rate risk comprises both the interest rate price risk that results from borrowing at fixed rates of interest and also the interest cash flow risk that results from borrowing at variable rates. The Group\u2019s policy is to use a mixture of revolving short and medium-term floating rate debt underpinned by longer-term fixed rate debt. The short and medium-term floating rate debt provides flexibility to reduce debt levels as appropriate. The longer-term fixed rate debt provides stability and cost certainty to the Group\u2019s financing structure. Liquidity risk Liquidity risk represents the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing this risk is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The Group manages this risk by maintaining adequate committed lines of funding from high-quality lenders. The facilities committed to the Group as at 31 March 2023 are set out in Note 24. Credit risk Credit risk arises because a counterparty may fail to perform its obligations. The Group is exposed to credit risk on financial assets such as cash balances, derivative financial instruments, accrued income, trade and other receivables. The Group\u2019s credit risk is primarily attributable to its trade receivables and cash balances. The amounts recognised in the Consolidated Statement of Financial Position are net of expected credit losses, which are estimated by the Group\u2019s management based on the Group\u2019s historical experience of losses, along with consideration of any reasonably and supportable forward-looking information and expectations. Due to its wide geographic base and large number of customers, the Group is not exposed to material concentrations of credit risk on its trade receivables. The Group\u2019s experience of credit loss is minimal, which has and continues to be mitigated through receiving payment in advance of delivery or using trade guarantees provided by the Group\u2019s relationship banks. In the unusual event of a particular issue with a particular customer, a specific provision will be made if appropriate. Trade receivables are subject to credit limits and control and approval procedures in the operating companies. There has been no material change in the Group\u2019s experience of credit losses over the reporting period. Credit risk associated with cash balances and derivative financial instruments is managed by transacting with financial institutions with high quality credit rating. In particular, a Board-approved policy sets out guidelines for which categories of institutions may be used and the maximum amount which may be invested with each institution within a particular category. Accordingly, the Group\u2019s associated credit risk is limited. The Group has no significant concentration of credit risk. The Group\u2019s maximum exposure to credit risk is represented by the carrying amount of each financial asset, including derivative financial instruments, in the Group Consolidated Statement of Financial Position. Exposure to credit risk The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk by type of asset at 31 March 2023 is as shown below: 2023 \u00a3m 2022 as restated (1) \u00a3m Long-term receivables 0.5 0.0 Trade receivables 92.4 74.8 Other receivables and accrued income 14.2 11.5 Cash and cash equivalents 112.7 96.4 Derivative financial instruments 2.0 1.0 221.8 183.7 (1) Details of restatement of prior year numbers can be found in the accounting policies. The maximum exposure to credit risk for trade receivables is discussed in Note 18. Other receivables include \u00a35.8m (2022: \u00a34.1m) in respect of VAT and similar taxes which are not past due date. Capital management The Board considers capital to comprise share capital, reserves and the net cash or net debt position of the company. The company was in a net cash position at the year end. Total capital at the end of the current year totalled \u00a3243.8m (2022: \u00a3230.5m). The Board\u2019s long-term objective is to have an efficient capital structure by maintaining a balance between the higher returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position. This is monitored by reference to the ratio of net debt to earnings before interest, tax, depreciation and amortisation (EBITDA) and the Board has set itself internal limits, which are well inside any covenants the Group has with lenders. The Group maintains the right to purchase its own shares in the market; the timing of these purchases would depend on market prices. Buy and sell decisions are made on a specific transaction basis by the Board. Each year the Board carefully considers the appropriate level of dividend payments. In doing this, the Board looks to increase dividends in line with underlying earnings, although the Board will also take into account other considerations in its decision- making process. The Board does not have a policy to pay a fixed dividend yield or to maintain a fixed rate of dividend cover but assesses both of these metrics in line with sustained earnings growth. As set out in the Chief Executive\u2019s Review, the Group will actively manage its portfolio of businesses and products, selecting those markets with long-term growth drivers where we can maintain or grow leading positions. We will focus on those markets where nanotechnology has the potential to address some of the world\u2019s most complex and pressing challenges and where we can deliver unique solutions and service excellence. In line with the objective of maintaining a balance between borrowings and equity, the Group would seek to finance organic growth (e.g. through investment in research and development) and smaller \u2018bolt-on\u2019 acquisitions from operating cash flow, thus maintaining balance sheet efficiency. Larger acquisitions would be financed either by equity or a mixture of equity and debt so as to ensure the Group has a manageable ratio of net debt to EBITDA. The Board encourages employees to hold shares in the company. As well as various share option plans (full details of which are given in Note 11), from April 2008 all UK employees have been offered the opportunity to take part in a Share Incentive Plan (SIP). Under this plan, employees are able to invest up to \u00a31,800 each tax year in shares in the company. The company awards one additional free share (a matching share) for every five shares bought by each employee. There were no changes to the Group\u2019s approach to capital management during the year. Neither the company nor any of its subsidiaries are subject to externally imposed capital requirements. ",
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"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-487": {
"value": "Foreign currency risk Foreign currency risk arises both where sale or purchase transactions are undertaken in currencies other than the respective functional currencies of Group companies (transactional exposures) and where the results of overseas companies are consolidated into the Group\u2019s reporting currency of sterling (translational exposures). The Group has operations around the world which record their results in a variety of different local functional currencies. In countries where the Group does not have operations, it invariably has some customers or suppliers that transact in a foreign currency. The Group is therefore exposed to the changes in foreign currency exchange rates between a number of different currencies but the Group\u2019s primary exposures relate to the US dollar, the euro and the Japanese yen. To reduce uncertainty, the Group maintains a rolling hedge of forward contracts equivalent to 80% (2022: 80%) of the exposure expected to arise over the following 12 months. The remaining 20% is sold on the spot market. The fair value of outstanding currency contracts recognised as a liability as at 31 March 2023 amount to \u00a31.2m (2022: \u00a31.4m) and those recognised as an asset amount to \u00a32.0m (2022: \u00a31.0m). Movements in the fair value of derivative financial instruments are recognised in the Consolidated Statement of Income immediately. However, in order to facilitate a more meaningful comparison of the Group\u2019s performance year-on-year, the elements of these movements that relate to hedges in respect of future sales are treated as an adjusting item in the calculation of adjusted earnings (Note 1). The Group\u2019s translational exposures to foreign currency risks can relate both to the Consolidated Statement of Income and net assets of overseas subsidiaries. The Group\u2019s policy is not to hedge the translational exposure that arises on consolidation of the Consolidated Statements of Income of overseas subsidiaries. Interest rate risk Interest rate risk comprises both the interest rate price risk that results from borrowing at fixed rates of interest and also the interest cash flow risk that results from borrowing at variable rates. The Group\u2019s policy is to use a mixture of revolving short and medium-term floating rate debt underpinned by longer-term fixed rate debt. The short and medium-term floating rate debt provides flexibility to reduce debt levels as appropriate. The longer-term fixed rate debt provides stability and cost certainty to the Group\u2019s financing structure. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-488": {
"value": "Liquidity risk Liquidity risk represents the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing this risk is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The Group manages this risk by maintaining adequate committed lines of funding from high-quality lenders. The facilities committed to the Group as at 31 March 2023 are set out in Note 24. ",
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"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
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"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-489": {
"value": "Credit risk Credit risk arises because a counterparty may fail to perform its obligations. The Group is exposed to credit risk on financial assets such as cash balances, derivative financial instruments, accrued income, trade and other receivables. The Group\u2019s credit risk is primarily attributable to its trade receivables and cash balances. The amounts recognised in the Consolidated Statement of Financial Position are net of expected credit losses, which are estimated by the Group\u2019s management based on the Group\u2019s historical experience of losses, along with consideration of any reasonably and supportable forward-looking information and expectations. Due to its wide geographic base and large number of customers, the Group is not exposed to material concentrations of credit risk on its trade receivables. The Group\u2019s experience of credit loss is minimal, which has and continues to be mitigated through receiving payment in advance of delivery or using trade guarantees provided by the Group\u2019s relationship banks. In the unusual event of a particular issue with a particular customer, a specific provision will be made if appropriate. Trade receivables are subject to credit limits and control and approval procedures in the operating companies. There has been no material change in the Group\u2019s experience of credit losses over the reporting period. Credit risk associated with cash balances and derivative financial instruments is managed by transacting with financial institutions with high quality credit rating. In particular, a Board-approved policy sets out guidelines for which categories of institutions may be used and the maximum amount which may be invested with each institution within a particular category. Accordingly, the Group\u2019s associated credit risk is limited. The Group has no significant concentration of credit risk. The Group\u2019s maximum exposure to credit risk is represented by the carrying amount of each financial asset, including derivative financial instruments, in the Group Consolidated Statement of Financial Position. Exposure to credit risk The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk by type of asset at 31 March 2023 is as shown below: 2023 \u00a3m 2022 as restated (1) \u00a3m Long-term receivables 0.5 0.0 Trade receivables 92.4 74.8 Other receivables and accrued income 14.2 11.5 Cash and cash equivalents 112.7 96.4 Derivative financial instruments 2.0 1.0 221.8 183.7 (1) Details of restatement of prior year numbers can be found in the accounting policies. The maximum exposure to credit risk for trade receivables is discussed in Note 18. Other receivables include \u00a35.8m (2022: \u00a34.1m) in respect of VAT and similar taxes which are not past due date. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-490": {
"value": "Capital management The Board considers capital to comprise share capital, reserves and the net cash or net debt position of the company. The company was in a net cash position at the year end. Total capital at the end of the current year totalled \u00a3243.8m (2022: \u00a3230.5m). The Board\u2019s long-term objective is to have an efficient capital structure by maintaining a balance between the higher returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position. This is monitored by reference to the ratio of net debt to earnings before interest, tax, depreciation and amortisation (EBITDA) and the Board has set itself internal limits, which are well inside any covenants the Group has with lenders. The Group maintains the right to purchase its own shares in the market; the timing of these purchases would depend on market prices. Buy and sell decisions are made on a specific transaction basis by the Board. Each year the Board carefully considers the appropriate level of dividend payments. In doing this, the Board looks to increase dividends in line with underlying earnings, although the Board will also take into account other considerations in its decision- making process. The Board does not have a policy to pay a fixed dividend yield or to maintain a fixed rate of dividend cover but assesses both of these metrics in line with sustained earnings growth. As set out in the Chief Executive\u2019s Review, the Group will actively manage its portfolio of businesses and products, selecting those markets with long-term growth drivers where we can maintain or grow leading positions. We will focus on those markets where nanotechnology has the potential to address some of the world\u2019s most complex and pressing challenges and where we can deliver unique solutions and service excellence. In line with the objective of maintaining a balance between borrowings and equity, the Group would seek to finance organic growth (e.g. through investment in research and development) and smaller \u2018bolt-on\u2019 acquisitions from operating cash flow, thus maintaining balance sheet efficiency. Larger acquisitions would be financed either by equity or a mixture of equity and debt so as to ensure the Group has a manageable ratio of net debt to EBITDA. The Board encourages employees to hold shares in the company. As well as various share option plans (full details of which are given in Note 11), from April 2008 all UK employees have been offered the opportunity to take part in a Share Incentive Plan (SIP). Under this plan, employees are able to invest up to \u00a31,800 each tax year in shares in the company. The company awards one additional free share (a matching share) for every five shares bought by each employee. There were no changes to the Group\u2019s approach to capital management during the year. Neither the company nor any of its subsidiaries are subject to externally imposed capital requirements. ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-462": {
"value": "22 Financial instruments Fair values of financial assets and liabilities The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. 2023 2022 as restated(1) Fair value hierarchy Carrying amount \u00a3m Fair value \u00a3m Carrying amount \u00a3m Fair value \u00a3m Assets carried at amortised cost Long-term receivables 0.5 \u2013 Trade receivables 92.4 74.8 Other receivables and accrued income 14.2 11.5 Cash and cash equivalents 112.7 96.4 Assets carried at fair value Derivative financial instruments: \u2013 Foreign currency contracts 2 2.0 2.0 1.0 1.0 Liabilities carried at fair value Derivative financial instruments: \u2013 Foreign currency contracts 2 (1.2) (1.2) (1.4) (1.4) Liabilities carried at amortised cost Trade and other payables (86.0) (7 7.1) Bank overdrafts (11.2) (8.7) Borrowings (1.3) (1.8) Lease payables (31.4) (18.4) (1) Details of restatement of prior year numbers can be found in the accounting policies. The following summarises the major methods and assumptions used in estimating the fair values of financial instruments reflected in the above table. Derivative financial instruments Derivative financial instruments are marked-to-market using market prices. Fixed and floating rate borrowings The fair value of fixed and floating rate borrowings is estimated by discounting the future contracted principal and interest cash flows using the market rate of interest at the reporting date. Trade and other receivables/payables For receivables/payables with a remaining life of less than one year, the carrying amount is deemed to reflect the fair value. All other receivables/payables are discounted to determine their fair value. Advances received are excluded from other payables above as these are not considered to be financial liabilities. Lease payables The lease liability is measured at amortised cost using the effective interest method. Fair value hierarchy The table above gives details of the valuation method used in arriving at the fair value of financial instruments. The different levels have been identified as follows: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities; \u2022 Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2022 Level 3: inputs for the assets or liabilities that are not based on observable market data. There have been no transfers between levels during the year. Maturity of financial liabilities 2023 Carrying amount \u00a3m Contractual cash flows \u00a3m Due within one year \u00a3m Due one to five years \u00a3m Due more than five years \u00a3m Foreign exchange contracts (1.2) 1.2 1.2 \u2013 \u2013 Trade and other payables (86.0) 86.0 86.0 \u2013 \u2013 Bank overdrafts (11.2) 11.2 11.2 \u2013 \u2013 Borrowings (1.3) 1.3 0.4 0.9 \u2013 Lease payables (31.4) 31.4 4.5 13.8 13.0 (131.1) 131.1 103.3 14.7 13.0 2022 as restated(1) Carrying amount \u00a3m Contractual cash flows \u00a3m Due within one year \u00a3m Due one to five years \u00a3m Due more than five years \u00a3m Foreign exchange contracts (1.4) 1.4 1.1 0.3 \u2013 Trade and other payables (7 7.1) 77.1 7 7.1 \u2013 \u2013 Bank overdrafts (8.7) 8.7 8.7 \u2013 \u2013 Borrowings (1.8) 1.8 0.5 1.3 \u2013 Lease payables (18.4) 19.9 3.5 10.8 5.6 (107.4) 108.9 90.9 12.4 5.6 (1) Details of restatement of prior year numbers can be found in the accounting policies. Carrying amount 2023 \u00a3m Carrying amount 2022 \u00a3m Variable rate instruments Cash and cash equivalents 112.7 96.4 Financial liabilities (11.2) (8.7) Fixed rate instruments Financial assets \u2013 \u2013 Financial liabilities (1.3) (1.8) Sensitivity analysis The Group has estimated the impact on the Consolidated Statement of Income and on equity of the following changes in market conditions at the balance sheet date: \u2022 one percentage point increase in interest rates; \u2022 ten percentage point weakening in the value of sterling against all currencies; and \u2022 ten percentage point strengthening in the value of sterling against all currencies. The sensitivities above represent the Directors\u2019 view of reasonably possible changes in each risk variable, not worst-case scenarios or stress tests. The outputs from the sensitivity analysis are estimates of the impact of market risk assuming that the specified changes occur at the year end and are applied to the risk exposures at that date. Accordingly, they show the impact on the balance sheet of an instantaneous shock. The calculations include all hedges in place at the year end. Actual results in the future may differ materially from these estimates due to commercial actions taken to mitigate any potential losses from such rate movements, to the interaction of more than one sensitivity occurring and to further developments in global financial markets. As such, this table should not be considered as a projection of likely future gains and losses. 2023 1% increase in interest rates \u00a3m 10% weakening in sterling \u00a3m 10% strengthening in sterling \u00a3m Impact on adjusted profit (Note 1) 0.9 (10.2) 10.2 Impact on reported profit 0.9 (7.5) 7.5 Impact on equity 0.8 (6.1) 6.1 2022 1% increase in interest rates \u00a3m 10% weakening in sterling \u00a3m 10% strengthening in sterling \u00a3m Impact on adjusted profit (Note 1) 0.9 (6.3) 6.3 Impact on reported profit 0.9 (4.3) 4.3 Impact on equity 0.8 (3.5) 3.5 ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-491": {
"value": "Fair values of financial assets and liabilities The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. 2023 2022 as restated(1) Fair value hierarchy Carrying amount \u00a3m Fair value \u00a3m Carrying amount \u00a3m Fair value \u00a3m Assets carried at amortised cost Long-term receivables 0.5 \u2013 Trade receivables 92.4 74.8 Other receivables and accrued income 14.2 11.5 Cash and cash equivalents 112.7 96.4 Assets carried at fair value Derivative financial instruments: \u2013 Foreign currency contracts 2 2.0 2.0 1.0 1.0 Liabilities carried at fair value Derivative financial instruments: \u2013 Foreign currency contracts 2 (1.2) (1.2) (1.4) (1.4) Liabilities carried at amortised cost Trade and other payables (86.0) (7 7.1) Bank overdrafts (11.2) (8.7) Borrowings (1.3) (1.8) Lease payables (31.4) (18.4) (1) Details of restatement of prior year numbers can be found in the accounting policies. The following summarises the major methods and assumptions used in estimating the fair values of financial instruments reflected in the above table. ",
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"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-492": {
"value": "Derivative financial instruments Derivative financial instruments are marked-to-market using market prices. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-493": {
"value": "Fair value hierarchy The table above gives details of the valuation method used in arriving at the fair value of financial instruments. The different levels have been identified as follows: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities; \u2022 Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2022 Level 3: inputs for the assets or liabilities that are not based on observable market data. There have been no transfers between levels during the year. ",
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"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-494": {
"value": "23 Called up share capital Issued and fully paid ordinary shares: 2023 Number of shares 2022 Number of shares At the beginning of the year 57,654,455 57,461,453 Issued for cash 58,053 193,002 At the end of the year 57,712,508 57,654,455 2023 2022 Number of shares \u00a3m Number of shares \u00a3m Allotted, called up and fully paid Ordinary shares of 5 pence each 57,712,508 2.9 57,654,455 2.9 The holders of the ordinary shares are entitled to receive dividends as declared, a proportionate amount of capital on a winding up of the company and one vote per share at meetings of the company. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-463": {
"value": "23 Called up share capital Issued and fully paid ordinary shares: 2023 Number of shares 2022 Number of shares At the beginning of the year 57,654,455 57,461,453 Issued for cash 58,053 193,002 At the end of the year 57,712,508 57,654,455 2023 2022 Number of shares \u00a3m Number of shares \u00a3m Allotted, called up and fully paid Ordinary shares of 5 pence each 57,712,508 2.9 57,654,455 2.9 The holders of the ordinary shares are entitled to receive dividends as declared, a proportionate amount of capital on a winding up of the company and one vote per share at meetings of the company. ",
"dimensions": {
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"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-464": {
"value": "24 Borrowings Effective interest rate Maturity date 2023 \u00a3m 2022 \u00a3m Current Covid-19 loan at WITec 1.00% May 2026 0.4 0.5 Bank overdrafts 11.2 8.7 At the end of the year 11.6 9.2 Effective interest rate Maturity date 2023 \u00a3m 2022 \u00a3m Non-current Covid-19 loan at WITec 1.00% May 2026 0.9 1.3 At the end of the year 0.9 1.3 The Group\u2019s undrawn committed facilities available at 31 March 2023 were \u00a3108.4m, comprising the undrawn portion of the Group\u2019s \u00a3108.4m revolving credit facilities. These facilities expire on 28 June 2025 and comprise an $80m and a \u20ac50m facility. Bank overdrafts reflect the aggregated overdrawn balances of Group companies (even if those companies have other positive cash balances). The overdrafts are held with the Group\u2019s relationship banks. The Group\u2019s uncommitted overdraft facilities at 31 March 2023 were \u00a318.8m. A reconciliation of the Group\u2019s borrowings balances is shown below. 2023 \u00a3m 2022 \u00a3m Balance at the beginning of the year 10.5 30.4 Increase in borrowings (from acquisition of WITec) \u2013 1.9 Repayment of borrowings (cash flow from financing activities) (0.5) (0.1) Increase/(decrease) in bank overdrafts 2.5 (21.7) Interest charged 0.7 0.5 Interest paid (0.7) (0.5) At the end of the year 12.5 10.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-465": {
"value": "25 Retirement benefit obligations The Group operates a defined benefit plan in the UK. The plan offers pensions in retirement and death in service benefit to members. Pension benefits are related to members\u2019 final salary at retirement and their length of service. The scheme has been closed to new members since 2001 and closed to future accrual since 2010. The amounts recognised in the Consolidated Statement of Financial Position are: 2023 \u00a3m 2022 \u00a3m Present value of funded obligations 225.1 300.0 Fair value of plan assets (251.5) (351.7) Recognised asset for defined benefit obligations (26.4) (51.7) The reconciliation of the opening and closing balances of the present value of the defined benefit obligation is as follows: 2023 \u00a3m 2022 \u00a3m Benefit obligation at the beginning of the year 300.0 323.9 Interest on defined benefit obligation 8.2 6.7 Benefits paid (12.3) (11.1) Remeasurement (gain)/loss on obligation (70.8) (19.5) Benefit obligation at the end of the year 225.1 300.0 The reconciliation of the opening and closing balances of the present value of the fair value of plan assets is as follows: 2023 \u00a3m 2022 \u00a3m Fair value of plan assets at the beginning of the year 351.7 340.2 Interest on plan assets 9.8 7.1 Contributions by employer 12.2 8.0 Benefits paid (12.3) (11.1) Administrative expenses (0.5) (0.4) Actual return on assets excluding interest income (109.4) 7.9 Fair value of plan assets at the end of the year 251.5 351.7 The amounts recognised in respect of the defined benefit scheme in the Consolidated Statement of Income is: 2023 \u00a3m 2022 \u00a3m Total defined benefit income (1.1) \u2013 Defined contribution schemes In the UK, employees are offered participation in the defined contribution Oxford Instruments Stakeholder Plan. The company contribution rate and employee contribution rate varies between grades and whether the individual had previously been in the defined benefit scheme. The company contribution ranges between 4% and 14% of base salary. The Group also operates a 401k defined distribution plan in the US. Details of pension schemes contributions made in respect of Directors can be found in the Remuneration Report. The total defined contribution pension scheme cost for the year ended 31 March 2023 was \u00a36.2m (2022 - \u00a34.8m). Defined benefit and defined contribution pension costs are recorded in the following lines in the Consolidated Statement of Income: 2023 \u00a3m 2022 \u00a3m Cost of sales 1.7 1.7 Research and development 1.5 1.2 Selling and marketing costs 1.4 1.0 Administration and shared services 2.1 1.3 Financial income (1.6) (0.4) 5.1 4.8 The Group has agreed a basis for deficit recovery payments with the trustees of the UK pension scheme. The deficit recovery payments are payable through to and including 2026 and will rise by approximately 3% per annum. The annual deficit recovery payment was \u00a38.2m (2022: \u00a38.0m) for the financial year. In the current year, the Directors decided to make an additional one-off payment of \u00a34.0m to the UK pension scheme to reduce the Group\u2019s exposure. In 2018 the trustees of the UK defined benefit scheme, in consultation with the company, reduced its exposure to on-risk assets (a portfolio of market-focused asset classes, the majority being equities) with a corresponding increase in its liability- driven investments, with the objective of steering a more stable journey to being fully funded. The pension fund\u2019s gross exposure to on-risk assets fell from 85% to 45%; the majority of transactions required to make this change were completed in February 2018. As a result, the level of risk inherent in the investment strategy is now significantly lower than previously, in addition to a substantial reduction in funding level volatility. Following investment outperformance and contributions made by the Group in the year to 31 March 2022 the allocation to on-risk assets has been further reduced to 35%, with a view to further reduction in funding level volatility. The Group has considered the requirements of IFRIC 14. The terms of the scheme give the Group the right to recover any surplus assets on the scheme upon wind-up and therefore management has concluded that there is no impact on the amounts recognised in respect of retirement benefit obligations i.e. there is no need to apply the \u2018asset ceiling\u2019. The Group expects to contribute approximately \u00a38.5m to the UK defined benefit plan in the next financial year. Remeasurement gains and losses shown in the Consolidated Statement of Comprehensive Income: 2023 \u00a3m 2022 \u00a3m Actual return on assets excluding interest income (109.4) 7.9 Experience loss on scheme obligations (10.3) (1.6) Changes in assumptions underlying the present value of scheme obligations: \u2013 Financial 78.3 23.5 \u2013 Demographic 2.8 (2.5) Actuarial (losses)/gains recorded in the Consolidated Statement of Comprehensive Income (38.6) 27.3 The table below shows the sensitivity of the Consolidated Statement of Financial Position to changes in the significant pension assumptions: 2023 \u00a3m Discount rate (-0.1% p.a.) \u00a3m Inflation rate (+0.1% p.a.) \u00a3m Life expectancy (+one year) \u00a3m Present value of funded obligations 225.1 228.2 227.6 231.2 Fair value of plan assets (251.5) (251.5) (251.5) (251.5) Surplus (26.4) (23.3) (23.9) (20.3) The valuation of defined benefit liabilities is most sensitive to changes in the discount rate, inflation rate and mortality rate. The sensitivities have been calculated by running the liability calculations in full using the alternative assumptions. In each case, only the indicated assumption has changed by the amount stated. For the inflation sensitivity, the impact on the assumptions that are based on RPI inflation, such as CPI inflation and the inflation-linked pension increases, has been included. Defined benefit scheme \u2013 UK A full actuarial valuation of the UK plan was carried out as at 31 March 2021 which, for reporting purposes, has been updated to 31 March 2023 by a qualified independent actuary. The major assumptions used by the actuary for the purposes of IAS 19 were (in nominal terms): 2023 % 2022 % Discount rate 4.8 2.8 Rate of increase in pensions in payment (\u20183LPI\u2019) 2.3 2.6 Rate of increase in pensions in payment (\u20185LPI\u2019) 3.0 3.4 Rate of inflation (\u2018CPI\u2019) 2.4 2.8 Rate of inflation (\u2018RPI\u2019) 3.2 3.5 Mortality \u2013 pre and post-retirement 97% of S2PA tables (99% for females) future improvement in line with CMI 2021 with 1.25% long-term trend 91% of S2PA tables (93% for females) future improvement in line with CMI 2021 with 1.25% long-term trend As at 31 March 2023 the weighted average duration of the defined benefit obligations was 13.5 years (2022: 17 years). The mortality assumptions imply the following expected future lifetime from age 65: 2023 years 2022 years Pre-retirement \u2013 males 23.2 23.6 Pre-retirement \u2013 females 25.3 25.7 Post-retirement \u2013 males 21.9 22.3 Post-retirement \u2013 females 23.8 24.2 The assumptions have been chosen by the Directors from a range of possible actuarial assumptions, which, due to the timescales covered, may not be borne out in practice. The assets in the plan were: 2023 \u00a3m 2022 \u00a3m Equities 62.9 61.0 Corporate and emerging market bonds 22.1 24.7 Gilts 113.5 198.8 Property 5.4 5.3 Insurance-linked funds 12.2 21.2 Credit and global loan funds 0.1 0.1 Hedge funds 25.5 31.3 Cash 9.8 9.3 251.5 351.7 Where assets have no observable market price a valuation will be provided by the fund manager. The scheme\u2019s investment manager will accept that valuation if it is within the expected range of performance. Otherwise, the investment manager will query the valuation with the fund manager. Complex financial instruments are valued by the scheme\u2019s investment manager who uses financial models which take as their input the characteristics of the instrument and observable market data such as swap rates. The UK pension scheme implements a liability hedge strategy which is designed to protect the scheme\u2019s funding level from changes in gilt yields and inflation expectations. The liability hedge strategy consists of a portfolio of gilts, gilt derivatives, interest rate and inflation swaps. At 31 March 2019, the liability hedge strategy fully covered the scheme\u2019s liabilities from changes in gilt yields and inflation expectations. However, this is not a precise match for the IAS 19 defined benefit obligation, which is based on corporate bond yields rather than gilt yields. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-495": {
"value": "Defined contribution schemes In the UK, employees are offered participation in the defined contribution Oxford Instruments Stakeholder Plan. The company contribution rate and employee contribution rate varies between grades and whether the individual had previously been in the defined benefit scheme. The company contribution ranges between 4% and 14% of base salary. The Group also operates a 401k defined distribution plan in the US. Details of pension schemes contributions made in respect of Directors can be found in the Remuneration Report. The total defined contribution pension scheme cost for the year ended 31 March 2023 was \u00a36.2m (2022 - \u00a34.8m). Defined benefit and defined contribution pension costs are recorded in the following lines in the Consolidated Statement of Income: 2023 \u00a3m 2022 \u00a3m Cost of sales 1.7 1.7 Research and development 1.5 1.2 Selling and marketing costs 1.4 1.0 Administration and shared services 2.1 1.3 Financial income (1.6) (0.4) 5.1 4.8 The Group has agreed a basis for deficit recovery payments with the trustees of the UK pension scheme. The deficit recovery payments are payable through to and including 2026 and will rise by approximately 3% per annum. The annual deficit recovery payment was \u00a38.2m (2022: \u00a38.0m) for the financial year. In the current year, the Directors decided to make an additional one-off payment of \u00a34.0m to the UK pension scheme to reduce the Group\u2019s exposure. In 2018 the trustees of the UK defined benefit scheme, in consultation with the company, reduced its exposure to on-risk assets (a portfolio of market-focused asset classes, the majority being equities) with a corresponding increase in its liability- driven investments, with the objective of steering a more stable journey to being fully funded. The pension fund\u2019s gross exposure to on-risk assets fell from 85% to 45%; the majority of transactions required to make this change were completed in February 2018. As a result, the level of risk inherent in the investment strategy is now significantly lower than previously, in addition to a substantial reduction in funding level volatility. Following investment outperformance and contributions made by the Group in the year to 31 March 2022 the allocation to on-risk assets has been further reduced to 35%, with a view to further reduction in funding level volatility. The Group has considered the requirements of IFRIC 14. The terms of the scheme give the Group the right to recover any surplus assets on the scheme upon wind-up and therefore management has concluded that there is no impact on the amounts recognised in respect of retirement benefit obligations i.e. there is no need to apply the \u2018asset ceiling\u2019. The Group expects to contribute approximately \u00a38.5m to the UK defined benefit plan in the next financial year. Remeasurement gains and losses shown in the Consolidated Statement of Comprehensive Income: 2023 \u00a3m 2022 \u00a3m Actual return on assets excluding interest income (109.4) 7.9 Experience loss on scheme obligations (10.3) (1.6) Changes in assumptions underlying the present value of scheme obligations: \u2013 Financial 78.3 23.5 \u2013 Demographic 2.8 (2.5) Actuarial (losses)/gains recorded in the Consolidated Statement of Comprehensive Income (38.6) 27.3 The table below shows the sensitivity of the Consolidated Statement of Financial Position to changes in the significant pension assumptions: 2023 \u00a3m Discount rate (-0.1% p.a.) \u00a3m Inflation rate (+0.1% p.a.) \u00a3m Life expectancy (+one year) \u00a3m Present value of funded obligations 225.1 228.2 227.6 231.2 Fair value of plan assets (251.5) (251.5) (251.5) (251.5) Surplus (26.4) (23.3) (23.9) (20.3) The valuation of defined benefit liabilities is most sensitive to changes in the discount rate, inflation rate and mortality rate. The sensitivities have been calculated by running the liability calculations in full using the alternative assumptions. In each case, only the indicated assumption has changed by the amount stated. For the inflation sensitivity, the impact on the assumptions that are based on RPI inflation, such as CPI inflation and the inflation-linked pension increases, has been included. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-496": {
"value": "Defined benefit scheme \u2013 UK A full actuarial valuation of the UK plan was carried out as at 31 March 2021 which, for reporting purposes, has been updated to 31 March 2023 by a qualified independent actuary. The major assumptions used by the actuary for the purposes of IAS 19 were (in nominal terms): 2023 % 2022 % Discount rate 4.8 2.8 Rate of increase in pensions in payment (\u20183LPI\u2019) 2.3 2.6 Rate of increase in pensions in payment (\u20185LPI\u2019) 3.0 3.4 Rate of inflation (\u2018CPI\u2019) 2.4 2.8 Rate of inflation (\u2018RPI\u2019) 3.2 3.5 Mortality \u2013 pre and post-retirement 97% of S2PA tables (99% for females) future improvement in line with CMI 2021 with 1.25% long-term trend 91% of S2PA tables (93% for females) future improvement in line with CMI 2021 with 1.25% long-term trend As at 31 March 2023 the weighted average duration of the defined benefit obligations was 13.5 years (2022: 17 years). The mortality assumptions imply the following expected future lifetime from age 65: 2023 years 2022 years Pre-retirement \u2013 males 23.2 23.6 Pre-retirement \u2013 females 25.3 25.7 Post-retirement \u2013 males 21.9 22.3 Post-retirement \u2013 females 23.8 24.2 The assumptions have been chosen by the Directors from a range of possible actuarial assumptions, which, due to the timescales covered, may not be borne out in practice. The assets in the plan were: 2023 \u00a3m 2022 \u00a3m Equities 62.9 61.0 Corporate and emerging market bonds 22.1 24.7 Gilts 113.5 198.8 Property 5.4 5.3 Insurance-linked funds 12.2 21.2 Credit and global loan funds 0.1 0.1 Hedge funds 25.5 31.3 Cash 9.8 9.3 251.5 351.7 Where assets have no observable market price a valuation will be provided by the fund manager. The scheme\u2019s investment manager will accept that valuation if it is within the expected range of performance. Otherwise, the investment manager will query the valuation with the fund manager. Complex financial instruments are valued by the scheme\u2019s investment manager who uses financial models which take as their input the characteristics of the instrument and observable market data such as swap rates. The UK pension scheme implements a liability hedge strategy which is designed to protect the scheme\u2019s funding level from changes in gilt yields and inflation expectations. The liability hedge strategy consists of a portfolio of gilts, gilt derivatives, interest rate and inflation swaps. At 31 March 2019, the liability hedge strategy fully covered the scheme\u2019s liabilities from changes in gilt yields and inflation expectations. However, this is not a precise match for the IAS 19 defined benefit obligation, which is based on corporate bond yields rather than gilt yields. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-466": {
"value": "26 Trade and other payables 2023 \u00a3m 2022 as restated (1) \u00a3m Trade payables 30.3 29.3 Customer deposits 52.1 41.3 Social security and other taxes 6.1 5.0 Accrued expenses 44.9 35.1 Deferred income 21.3 21.2 Other payables 4.7 7.7 159.4 139.6 (1) Details of restatement of prior year numbers can be found in the accounting policies. \u00a31.3m of VAT payable balances, previously presented within Other payables at 31 March 2022, have been reclassified within Social security and other taxes. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-467": {
"value": "27 Contract assets and liabilities 2023 2022 Contract asset Contract liability Contract asset Contract liability Accrued income \u00a3m Customer deposits \u00a3m Deferred income \u00a3m Accrued income \u00a3m Customer deposits \u00a3m Deferred income \u00a3m Balance at 1 April 4.2 (41.3) (21.2) 2.9 (41.9) (16.5) Acquired balances \u2013 \u2013 \u2013 0.6 (0.3) (0.1) Transfers in the period from contract assets to trade receivables (4.2) \u2013 \u2013 (2.9) \u2013 \u2013 Amounts included in contract liabilities that were recognised as revenue during the period \u2013 38.6 21.2 \u2013 31.8 16.5 Excess of revenue recognised over cash (or rights to cash) being recognised during the period 4.8 \u2013 \u2013 3.6 \u2013 \u2013 Cash received in advance of performance and not recognised as revenue during the period \u2013 (49.4) (21.3) \u2013 (30.9) (21.1) Balance at 31 March 4.8 (52.1) (21.3) 4.2 (41.3) (21.2) Contract assets end contract liabilities are included within trade and other receivables and trade and other payables, respectively, on the face of the Consolidated Statement of Financial Position. Payment terms for the sale of large goods typically require payment of a deposit on order, with the remaining payments due on shipment, and in some cases installation. For lower value goods, payment is typically required at shipment. Maintenance and service contracts are generally paid in full at inception. There is no financing component in the arrangements, and contracts are for specified, pre-agreed amounts with no variable element. ",
"dimensions": {
"concept": "oxfordinstrumentplc:DisclosureOfContractAssetsAndLiabilities",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-468": {
"value": "28 Provisions for other liabilities and charges Warranties \u00a3m IP-Related claims \u00a3m Other \u00a3m Total \u00a3m Balance as at 1 April 2022 3.9 0.6 3.3 7.8 Provisions made during the year 2.9 \u2013 0.8 3.7 Provisions used during the year (1.4) \u2013 (0.7) (2.1) Provisions released during the year (1.8) \u2013 \u2013 (1.8) Effect of movement in foreign exchange \u2013 \u2013 \u2013 \u2013 Balance as at 31 March 2023 3.6 0.6 3.4 7.6 Amounts falling due before one year 3.6 0.6 3.4 7.6 Amounts falling due after more than one year \u2013 \u2013 \u2013 \u2013 Warranty provisions Product warranty provisions reflect commitments made to customers on the sale of goods in the ordinary course of business and included within the Group companies\u2019 standard terms and conditions. Warranty commitments typically apply for a 12 month period. The provision represents the Directors\u2019 best estimate of the Group\u2019s liability based on past experience. Intellectual property-related claims The company has on occasion been required to take legal or other actions to defend itself against proceedings brought by other parties. Provisions are made for the expected costs associated with such matters, based on past experience of similar items and other known factors, taking into account professional advice received, and represent the Directors\u2019 best estimate of the likely outcome. The timing of utilisation of these provisions is frequently uncertain, reflecting the complexity of issues and the outcome of various court proceedings and negotiations. Contractual and other provisions represent the Directors\u2019 best estimate of the future cost of settling obligations arising from past activity and reflect the Directors\u2019 assessment of the likely settlement method, which may change over time. However, no provision is made for proceedings which have been brought by other parties against Group companies unless the Directors, taking into account professional advice received, assess that it is more likely than not that such proceedings may be successful. In respect of the provision for IP-related claims the range of possible outcomes is between \u00a3nil and \u00a30.6m. Other provisions Other provisions relate to various obligations including obligations in respect of onerous contracts, product-related liabilities, dilapidation provisions and provisions for other claims. \u00a30.1m of other provisions fall due after more than one year and are expected to fall due within the next seven years. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-469": {
"value": "29 Leases The Group leases a number of properties in the jurisdictions from which it operates. In some jurisdictions it is customary for lease contracts to provide for payments to increase each year by inflation and in others to be reset periodically to market rental rates. In some jurisdictions\u2019 property leases, the periodic rent is fixed over the lease term. The Group also leases certain items of plant and equipment. In some contracts for services with distributors, those contracts contain a lease of vehicles. Leases of plant, equipment and vehicles comprise only fixed payments over the lease terms. The Group sometimes negotiates break clauses in its property leases. On a case-by-case basis, the Group will consider whether the absence of a break clause would exposes the Group to excessive risk. Typically factors considered in deciding to negotiate a break clause include: \u2022 the length of the lease term; \u2022 the economic stability of the environment in which the property is located; and \u2022 whether the location represents a new area of operations for the Group. The Group leases assets including land and buildings, vehicles and machinery. Information about leases for which the Group is a lessee is presented below. Right-of-use assets Property leases \u00a3m Other leases \u00a3m Total \u00a3m Cost Balance at 1 April 2021 13.3 1.9 15.2 Additions \u2013 business combinations 2.6 0.2 2.8 Additions \u2013 other 10.1 0.8 10.9 Disposals (1.7) (0.3) (2.0) Exchange differences 0.7 \u2013 0.7 Balance at 31 March 2022 and 1 April 2022 25.0 2.6 27.6 Additions 17.4 0.8 18.2 Modifications (1.0) \u2013 (1.0) Disposals \u2013 (0.5) (0.5) Exchange differences 1.1 0.1 1.2 Balance at 31 March 2023 42.5 3.0 45.5 Depreciation and impairment losses Balance at 1 April 2021 6.9 1.0 7.9 Depreciation charge for the year 2.9 0.5 3.4 Disposals (1.7) (0.2) (1.9) Exchange differences 0.3 \u2013 0.3 Balance at 31 March 2022 and 1 April 2022 8.4 1.3 9.7 Depreciation charge for the year 4.1 0.5 4.6 Disposals \u2013 (0.5) (0.5) Exchange differences 0.3 \u2013 0.3 Balance at 31 March 2023 12.8 1.3 14.1 Carrying amounts Balance at 1 April 2021 6.4 0.9 7. 3 Balance at 31 March 2022 and 1 April 2022 16.6 1.3 17.9 Balance at 31 March 2023 29.7 1.7 31.4 Lease payables 2023 \u00a3m 2022 \u00a3m Balance at beginning of year 18.4 7.5 Additions \u2013 business combinations \u2013 2.8 Additions \u2013 other 18.1 10.9 Modifications (1.0) \u2013 Payments made (cash flows from financing activities) (5.6) (3.4) Interest charge 0.5 0.3 Effect of movements in foreign exchange rates 1.0 0.3 31.4 18.4 Amounts falling due after more than one year 26.2 14.9 Amounts falling due in less than one year 5.2 3.5 Amounts recognised in Consolidated Statement of Income 2023 \u00a3m 2022 \u00a3m Interest on lease payables (0.5) (0.3) Depreciation of right-of-use assets (4.6) (3.4) Amounts recognised in Consolidated Statement of Cash Flows 2023 \u00a3m 2022 \u00a3m Interest paid on lease payables (0.5) (0.3) Repayment of lease payables (5.1) (3.4) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-497": {
"value": "Right-of-use assets Property leases \u00a3m Other leases \u00a3m Total \u00a3m Cost Balance at 1 April 2021 13.3 1.9 15.2 Additions \u2013 business combinations 2.6 0.2 2.8 Additions \u2013 other 10.1 0.8 10.9 Disposals (1.7) (0.3) (2.0) Exchange differences 0.7 \u2013 0.7 Balance at 31 March 2022 and 1 April 2022 25.0 2.6 27.6 Additions 17.4 0.8 18.2 Modifications (1.0) \u2013 (1.0) Disposals \u2013 (0.5) (0.5) Exchange differences 1.1 0.1 1.2 Balance at 31 March 2023 42.5 3.0 45.5 Depreciation and impairment losses Balance at 1 April 2021 6.9 1.0 7.9 Depreciation charge for the year 2.9 0.5 3.4 Disposals (1.7) (0.2) (1.9) Exchange differences 0.3 \u2013 0.3 Balance at 31 March 2022 and 1 April 2022 8.4 1.3 9.7 Depreciation charge for the year 4.1 0.5 4.6 Disposals \u2013 (0.5) (0.5) Exchange differences 0.3 \u2013 0.3 Balance at 31 March 2023 12.8 1.3 14.1 Carrying amounts Balance at 1 April 2021 6.4 0.9 7. 3 Balance at 31 March 2022 and 1 April 2022 16.6 1.3 17.9 Balance at 31 March 2023 29.7 1.7 31.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-498": {
"value": "30 Capital commitments Lease for new Plasma Technology site. On 28 January 2021, the Group entered into an agreement for a lease in respect of a new site for its Plasma Technology business. Practical completion occurred on 30 May 2022 and consequently the Group has entered into a 20-year lease. This resulted in a right-of-use asset and corresponding lease liability of \u00a313.5m on this date. Proposed lease for new Japan regional office On 31 January 2023, the Group entered into an agreement for a lease in respect of a new office for its Japan regional office. Practical completion is expected to occur on 1 August 2023 and consequently the Group will enter into a three-year lease. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-470": {
"value": "30 Capital commitments Lease for new Plasma Technology site. On 28 January 2021, the Group entered into an agreement for a lease in respect of a new site for its Plasma Technology business. Practical completion occurred on 30 May 2022 and consequently the Group has entered into a 20-year lease. This resulted in a right-of-use asset and corresponding lease liability of \u00a313.5m on this date. Proposed lease for new Japan regional office On 31 January 2023, the Group entered into an agreement for a lease in respect of a new office for its Japan regional office. Practical completion is expected to occur on 1 August 2023 and consequently the Group will enter into a three-year lease. 31 Contingent liabilities In an international group of companies, a variety of legal claims arise from time to time. The Board, having taken legal advice, is of the opinion that any ongoing actions and investigations will not have a material impact on the Group\u2019s financial position. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-499": {
"value": "31 Contingent liabilities In an international group of companies, a variety of legal claims arise from time to time. The Board, having taken legal advice, is of the opinion that any ongoing actions and investigations will not have a material impact on the Group\u2019s financial position. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-504": {
"value": "32 Related parties All transactions with related parties are conducted on an arm\u2019s length basis and in accordance with normal business terms. Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. The remuneration of key management personnel is as follows: 2023 \u00a3m 2022 \u00a3m Short-term employee benefits 4.2 3.7 Post-employment benefits 0.1 0.2 Share-based payment charges 1.8 1.6 Total 6.1 5.5 Key management personnel include the Executive Directors and the Management Board. Short-term employee benefits comprise salary and benefits earned during the year and bonuses awarded for the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-500": {
"value": "32 Related parties All transactions with related parties are conducted on an arm\u2019s length basis and in accordance with normal business terms. Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. The remuneration of key management personnel is as follows: 2023 \u00a3m 2022 \u00a3m Short-term employee benefits 4.2 3.7 Post-employment benefits 0.1 0.2 Share-based payment charges 1.8 1.6 Total 6.1 5.5 Key management personnel include the Executive Directors and the Management Board. Short-term employee benefits comprise salary and benefits earned during the year and bonuses awarded for the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-471": {
"value": "32 Related parties All transactions with related parties are conducted on an arm\u2019s length basis and in accordance with normal business terms. Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. The remuneration of key management personnel is as follows: 2023 \u00a3m 2022 \u00a3m Short-term employee benefits 4.2 3.7 Post-employment benefits 0.1 0.2 Share-based payment charges 1.8 1.6 Total 6.1 5.5 Key management personnel include the Executive Directors and the Management Board. Short-term employee benefits comprise salary and benefits earned during the year and bonuses awarded for the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-472": {
"value": "33 Exchange rates The principal exchange rates to sterling used were: Year-end rates 2023 2022 US dollar 1.24 1.32 Euro 1.14 1.18 Japanese yen 165 160 Average translation rates 2023 US dollar Euro Japanese yen April 1.28 1.19 161 May 1.26 1.18 163 June 1.24 1.17 164 July 1.22 1.18 164 August 1.19 1.18 162 September 1.14 1.15 161 October 1.13 1.15 166 November 1.17 1.16 169 December 1.20 1.14 162 January 1.22 1.13 159 February 1.22 1.14 163 March 1.22 1.14 165 Average translation rates 2022 US dollar Euro Japanese yen April 1.38 1.16 152 May 1.40 1.16 153 June 1.40 1.16 154 July 1.39 1.17 153 August 1.38 1.17 152 September 1.36 1.16 151 October 1.36 1.17 153 November 1.35 1.18 153 December 1.34 1.18 153 January 1.35 1.19 155 February 1.34 1.20 155 March 1.33 1.19 157",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800J364EZD6UCE231",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
}
}
}