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Oxford Instruments plc (the \u2018Company\u2019) is a public company limited by shares incorporated under
the Companies Act 2006 and domiciled in the United Kingdom.
The Group Financial Statements have been prepared in accordance with UK adopted International
Accounting Standards (IAS) in conformity with the requirements of the Companies Act 2006 and
interpretations issued by the IFRS Interpretations Committee (IFRIC) applicable to companies
reporting under UK-adopted IFRS.
The accounting policies set out below have, unless otherwise stated, been applied consistently to
all periods presented in these Group Financial Statements.
Going concern
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.
In determining the basis of preparation for the Consolidated Financial Statements, the Directors
have considered the Group\u2019s available resources, current business activities and factors likely
to impact on its future development and performance, including the impact of current macro-
economic factors, tariffs, and climate change on the Group, which are described in the Chief
Executive Officer\u2019s review and Finance review.
The Group\u2019s business activities, together with factors likely to affect its future development,
performance and financial position, are set out in the Strategic Report on pages 9 to 36. The financial
position of the Group, its cash flows, and borrowing facilities are described in the Finance review
on pages 37 to 44. In addition, Note 23 to the Financial Statements includes the Group\u2019s objectives,
policies and processes for managing its capital; its financial risk management objectives; details of
its financial instruments and hedging activities; and its exposure to credit risk and liquidity risk.
The Group finances its operations from retained earnings, and where needed, from third-party
borrowings. In the prior year, on 19 March 2024, the Group entered into a new multi-currency
revolving facility agreement, which is committed until March 2028 with 15-month and 12-month
extension options at the end of the first and second years respectively. The facility has been entered
into with four banks and comprises a euro-denominated multi-currency facility of \u20ac95m and a
US-dollar-denominated multi-currency facility of $150m.
The Group regularly monitors its financial position to ensure that it remains within the terms of its
financial covenants. Debt covenants are net debt to EBITDA less than 3.0 times and EBITDA to
interest greater than 4.0 times. At the date of approving these Financial Statements, the facility
remains undrawn.
In addition to the above, at year end, the Group had a cash and cash equivalents balance of
\u00a394.1m. The Group also had bank overdrafts of \u00a38.8m and other small loan balances that totalled
\u00a30.9m. This resulted in a net cash position of \u00a384.4m, an increase of \u00a30.6m from the \u00a383.8m net cash
position at 31 March 2024.
The Group has prepared and reviewed cash flow forecasts for the period to 30 June 2026 for the
Going Concern assessment, which reflect forecasted changes in operating profit, and operating
cash across its business. The Group\u2019s net cash position and undrawn credit facilities provide
substantial liquidity headroom that even under extreme stress scenarios, it would be able to meet
its obligations for well beyond the 12-month assessment period.
In its going concern assessment, the Directors considered not only its base case but also \u2018severe
but plausible\u2019 downside scenarios. These scenarios reflected a 25% reduction in Adjusted Operating
Profit, a 25% increase in working capital and a third scenario of incorporating both. In each scenario
the Group\u2019s cash balances remained positive, and the facility remains undrawn throughout the
going concern period to 30 June 2026.
Following this assessment, the Board of Directors are satisfied that the Group has sufficient
resources to continue in operation for a period of not less than 12 months from the date of this
report. Accordingly, they continue to adopt the going concern basis in relation to this conclusion and
preparing the Consolidated Financial Statements. Further information on the going concern of the
Group can be found on pages 79 to 80 in the Viability Statement.
(a) Changes in accounting standards
The International Accounting Standards Board (IASB) issued a new Standard, IFRS 18 Presentation
and Disclosure in Financial Statements, on 9 April 2024 that will replace IAS 1 Presentation of
Financial Statements. The purpose of the new standard is to provide more consistent presentation
of financial information across preparers as it is acknowledged that existing standards have
given flexibility to present information in different ways. IFRS 18 will not impact the recognition or
measurement of items in the Financial Statements. Many of the existing presentation principles
in IAS 1 are retained, but there are some more specific requirements that will require the Group to
make some changes in its future Annual Report and Interim Financial Statements.
The new Standard is not yet endorsed by the UK Endorsement Board (UKEB) but is expected to be
applicable for reporting periods beginning on or after 1 January 2027. Comparative information for
2026 will need to be restated when the 2027 Interim Financial Statements and Annual Report and
Accounts are published and early adoption is expected to be permitted.
The Group has started an initial review of the Standard and expects changes to the presentation
of the Consolidated Statement of Income. The process of assessing the financial impact on the
Consolidated Financial Statements will continue during 2025.
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.
(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 is one key judgement 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:
Recognition of Oxford Instruments NanoScience as not held for sale at 31 March 2025
On 10 June 2025, the Group entered a binding agreement to sell the trade and assets of Oxford
Instruments NanoScience (NS). IFRS 5 Non-current Assets Held-for-Sale and Discontinued
Operations sets out the conditions for an asset to be classified as held-for-sale. At 31 March 2025,
the Group had not received a binding offer or terms from prospective buyers and therefore actions
to complete the sale were highly uncertain. In addition, management were not committed to sell
and given the macro conditions prevailing at that time a successful sale remained highly uncertain.
As a result, the Directors consider that the IFRS 5 conditions were not fully met, and therefore the NS
assets are not classified as held-for-sale at 31 March 2025.
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. Four 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 macroeconomic factors that are largely
outside of the Group\u2019s control. A sensitivity analysis is set out in Note 24.
Provision for inventory
Provision is made for obsolete, slow-moving and defective stock where there is evidence of
impairment, to reduce the carrying value to its net realisable value. This requires consideration of
several factors including, but not limited to, recent usage, expected future demand, new product
introduction plans and likely realisable values to estimate the excess quantities and net realisable
value. The level of provisioning requires certain estimates regarding future demand and possible
design changes to identify excess quantities. Amounts provided represent in aggregate the Group\u2019s
best estimate of the levels of provisioning required.
Acquisition of FemtoTools AG (FemtoTools) and First Light Imaging SAS (First Light Imaging)
On the acquisition of a business, in order to comply with IFRS 3 (Revised) Business Combinations
it is necessary to reflect the assets and liabilities acquired at their fair value. This requires certain
estimates and assumptions in relation to, inter alia, the forecast performance of the acquired
business, the expected life of certain intangible assets and the likely future customer base of the
business. In order to assist in undertaking this fair value exercise, the Group appointed an external
firm of advisers. The fair value adjustments arising from this review are set out in Note 11.
Impairment of goodwill
The determination of whether goodwill and other indefinite life intangible assets should be impaired
requires the estimation of future cash flows and growth factors adopted by each cash generating
unit. Furthermore, discount rates applied to these cash flows are determined by reference to the
markets in which they operate and are risk adjusted to reflect risks and opportunities existing
for each cash generating unit. These factors are all affected by prevailing market and economic
factors outside the Group\u2019s control. Further information on this issue, including sensitivity analyses,
is included in Note 13.
(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 in accounting policy (e).
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.
(d) Consideration of climate change
In preparing the Financial Statements, the Directors have considered the impact of climate
change, particularly in the context of the risks identified in the TCFD disclosure on pages 52 to 60
this year. There has been no material impact identified on the financial reporting judgements and
estimates. In particular, the Directors considered the impact of climate change in respect of the
following areas:
\u2022 Going concern and viability of the Group.
\u2022 Cash flow forecasts used in the impairment assessments of non-current assets
including goodwill.
\u2022 Carrying value and useful economic lives of property, plant and equipment.
Whilst there is currently no medium-term impact expected from climate change, the Directors are
aware of the ever-changing risks attached to climate change and will regularly assess these risks
against judgements and estimates made in preparation of the Group\u2019s Financial Statements.
(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. Forward
foreign exchange contracts (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. The Group has
chosen not to apply hedge accounting in respect of these exposures. 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 \u201cfair value through profit and loss\u201d 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
Machinery and other equipment, computer equipment and vehicles are included within the
\u2018Plant and equipment\u2019 sub heading in Note 12.
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.
(g) Intangible assets
(i) Goodwill
All business combinations are accounted for by applying the acquisition method. Goodwill
represents amounts arising on acquisition of subsidiaries and is 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.
Goodwill arising on acquisitions is stated at cost less any accumulated impairment losses and
allocated to cash-generating units (CGUs) 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 14 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 (p) 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 include cash at bank and in hand, investments in money-market funds
and short-term deposits with a maturity of three months or less on inception. 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 CGUs 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 CGU 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 CGUs are allocated first to reduce the carrying amount
of any goodwill allocated to CGUs 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 is deducted from the fair value of any plan assets. Surpluses in schemes are recognised as
assets only if they represent economic benefits available to the Group in the future. 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 asset by applying the discount rate to
the net defined benefit asset, 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.
(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) Customer deposits
Customer deposits are classified as contract liabilities and included within trade and other payables
in the Statement of Financial Position.
Customer deposits represent the cash payments received or consideration due 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).
(o) 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.
(p) 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, ie 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 in respect of both product and
installation is recognised at a point when it is considered the performance conditions are met.
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 a market comparator, the standalone selling price is estimated, where required,
by applying the cost plus margin approach.
A receivable is recognised for products when control passes over to the customer, and for
installation when the customer confirms acceptance of the installation, since this is the point in
time that the consideration is unconditional because only the passage of time is required before the
payment is due.
In the case of fixed-price contracts, the customer pays the fixed amount based on a payment
schedule. If the performance obligations met by the Group exceed the payment, a contract asset
is recognised. If the payments exceed the performance obligation, a contract liability is recognised.
In the NanoScience business, which is part of the Advanced Technologies 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.
Sales of large quantum computing systems in the NanoScience business are recognised as
long-term contracts by reference to the progress towards completion of the performance obligation.
The performance towards this contract does not create an asset with an alternative use, and the
company has an enforceable right to payment for performance completed to date. As a result, per
IFRS 15, the company transfers control of the goods over time and, therefore, satisfies a performance
obligation and recognises revenue over time. Revenue is recognised using the cost input method which
best reflects the transfer of control to the customer.
Within service revenue, revenue for fixed-term maintenance and support contracts is recognised
over time using the output method by determining the proportion of the elapsed time relative to the
contract period.
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.
(q) Income taxes
Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is
recognised in the Consolidated Statement of Income 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 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 goodwill; 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. Deferred tax assets are
measured on an undiscounted basis.
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.
(r) 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.
(s) 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:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-393": { "value": "Oxford Instruments plc (the \u2018Company\u2019) is a public company limited by shares incorporated under the Companies Act 2006 and domiciled in the United Kingdom. The Group Financial Statements have been prepared in accordance with UK adopted International Accounting Standards (IAS) in conformity with the requirements of the Companies Act 2006 and interpretations issued by the IFRS Interpretations Committee (IFRIC) applicable to companies reporting under UK-adopted IFRS. The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these Group Financial Statements. Going concern 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. In determining the basis of preparation for the Consolidated Financial Statements, the Directors have considered the Group\u2019s available resources, current business activities and factors likely to impact on its future development and performance, including the impact of current macro- economic factors, tariffs, and climate change on the Group, which are described in the Chief Executive Officer\u2019s review and Finance review. The Group\u2019s business activities, together with factors likely to affect its future development, performance and financial position, are set out in the Strategic Report on pages 9 to 36. The financial position of the Group, its cash flows, and borrowing facilities are described in the Finance review on pages 37 to 44. In addition, Note 23 to the Financial Statements includes the Group\u2019s objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments and hedging activities; and its exposure to credit risk and liquidity risk. The Group finances its operations from retained earnings, and where needed, from third-party borrowings. In the prior year, on 19 March 2024, the Group entered into a new multi-currency revolving facility agreement, which is committed until March 2028 with 15-month and 12-month extension options at the end of the first and second years respectively. The facility has been entered into with four banks and comprises a euro-denominated multi-currency facility of \u20ac95m and a US-dollar-denominated multi-currency facility of $150m. The Group regularly monitors its financial position to ensure that it remains within the terms of its financial covenants. Debt covenants are net debt to EBITDA less than 3.0 times and EBITDA to interest greater than 4.0 times. At the date of approving these Financial Statements, the facility remains undrawn. In addition to the above, at year end, the Group had a cash and cash equivalents balance of \u00a394.1m. The Group also had bank overdrafts of \u00a38.8m and other small loan balances that totalled \u00a30.9m. This resulted in a net cash position of \u00a384.4m, an increase of \u00a30.6m from the \u00a383.8m net cash position at 31 March 2024. The Group has prepared and reviewed cash flow forecasts for the period to 30 June 2026 for the Going Concern assessment, which reflect forecasted changes in operating profit, and operating cash across its business. The Group\u2019s net cash position and undrawn credit facilities provide substantial liquidity headroom that even under extreme stress scenarios, it would be able to meet its obligations for well beyond the 12-month assessment period. In its going concern assessment, the Directors considered not only its base case but also \u2018severe but plausible\u2019 downside scenarios. These scenarios reflected a 25% reduction in Adjusted Operating Profit, a 25% increase in working capital and a third scenario of incorporating both. In each scenario the Group\u2019s cash balances remained positive, and the facility remains undrawn throughout the going concern period to 30 June 2026. Following this assessment, the Board of Directors are satisfied that the Group has sufficient resources to continue in operation for a period of not less than 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis in relation to this conclusion and preparing the Consolidated Financial Statements. Further information on the going concern of the Group can be found on pages 79 to 80 in the Viability Statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-6": { "value": "Oxford Instruments plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-390": { "value": "Oxford Instruments plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-7": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-391": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-439": { "value": "Going concern 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. In determining the basis of preparation for the Consolidated Financial Statements, the Directors have considered the Group\u2019s available resources, current business activities and factors likely to impact on its future development and performance, including the impact of current macro- economic factors, tariffs, and climate change on the Group, which are described in the Chief Executive Officer\u2019s review and Finance review. The Group\u2019s business activities, together with factors likely to affect its future development, performance and financial position, are set out in the Strategic Report on pages 9 to 36. The financial position of the Group, its cash flows, and borrowing facilities are described in the Finance review on pages 37 to 44. In addition, Note 23 to the Financial Statements includes the Group\u2019s objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments and hedging activities; and its exposure to credit risk and liquidity risk. The Group finances its operations from retained earnings, and where needed, from third-party borrowings. In the prior year, on 19 March 2024, the Group entered into a new multi-currency revolving facility agreement, which is committed until March 2028 with 15-month and 12-month extension options at the end of the first and second years respectively. The facility has been entered into with four banks and comprises a euro-denominated multi-currency facility of \u20ac95m and a US-dollar-denominated multi-currency facility of $150m. The Group regularly monitors its financial position to ensure that it remains within the terms of its financial covenants. Debt covenants are net debt to EBITDA less than 3.0 times and EBITDA to interest greater than 4.0 times. At the date of approving these Financial Statements, the facility remains undrawn. In addition to the above, at year end, the Group had a cash and cash equivalents balance of \u00a394.1m. The Group also had bank overdrafts of \u00a38.8m and other small loan balances that totalled \u00a30.9m. This resulted in a net cash position of \u00a384.4m, an increase of \u00a30.6m from the \u00a383.8m net cash position at 31 March 2024. The Group has prepared and reviewed cash flow forecasts for the period to 30 June 2026 for the Going Concern assessment, which reflect forecasted changes in operating profit, and operating cash across its business. The Group\u2019s net cash position and undrawn credit facilities provide substantial liquidity headroom that even under extreme stress scenarios, it would be able to meet its obligations for well beyond the 12-month assessment period. In its going concern assessment, the Directors considered not only its base case but also \u2018severe but plausible\u2019 downside scenarios. These scenarios reflected a 25% reduction in Adjusted Operating Profit, a 25% increase in working capital and a third scenario of incorporating both. In each scenario the Group\u2019s cash balances remained positive, and the facility remains undrawn throughout the going concern period to 30 June 2026. Following this assessment, the Board of Directors are satisfied that the Group has sufficient resources to continue in operation for a period of not less than 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis in relation to this conclusion and preparing the Consolidated Financial Statements. Further information on the going concern of the Group can be found on pages 79 to 80 in the Viability Statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-440": { "value": "(a) Changes in accounting standards The International Accounting Standards Board (IASB) issued a new Standard, IFRS 18 Presentation and Disclosure in Financial Statements, on 9 April 2024 that will replace IAS 1 Presentation of Financial Statements. The purpose of the new standard is to provide more consistent presentation of financial information across preparers as it is acknowledged that existing standards have given flexibility to present information in different ways. IFRS 18 will not impact the recognition or measurement of items in the Financial Statements. Many of the existing presentation principles in IAS 1 are retained, but there are some more specific requirements that will require the Group to make some changes in its future Annual Report and Interim Financial Statements. The new Standard is not yet endorsed by the UK Endorsement Board (UKEB) but is expected to be applicable for reporting periods beginning on or after 1 January 2027. Comparative information for 2026 will need to be restated when the 2027 Interim Financial Statements and Annual Report and Accounts are published and early adoption is expected to be permitted. The Group has started an initial review of the Standard and expects changes to the presentation of the Consolidated Statement of Income. The process of assessing the financial impact on the Consolidated Financial Statements will continue during 2025. 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:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-394": { "value": "(a) Changes in accounting standards The International Accounting Standards Board (IASB) issued a new Standard, IFRS 18 Presentation and Disclosure in Financial Statements, on 9 April 2024 that will replace IAS 1 Presentation of Financial Statements. The purpose of the new standard is to provide more consistent presentation of financial information across preparers as it is acknowledged that existing standards have given flexibility to present information in different ways. IFRS 18 will not impact the recognition or measurement of items in the Financial Statements. Many of the existing presentation principles in IAS 1 are retained, but there are some more specific requirements that will require the Group to make some changes in its future Annual Report and Interim Financial Statements. The new Standard is not yet endorsed by the UK Endorsement Board (UKEB) but is expected to be applicable for reporting periods beginning on or after 1 January 2027. Comparative information for 2026 will need to be restated when the 2027 Interim Financial Statements and Annual Report and Accounts are published and early adoption is expected to be permitted. The Group has started an initial review of the Standard and expects changes to the presentation of the Consolidated Statement of Income. The process of assessing the financial impact on the Consolidated Financial Statements will continue during 2025. 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:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-395": { "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 is one key judgement 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: Recognition of Oxford Instruments NanoScience as not held for sale at 31 March 2025 On 10 June 2025, the Group entered a binding agreement to sell the trade and assets of Oxford Instruments NanoScience (NS). IFRS 5 Non-current Assets Held-for-Sale and Discontinued Operations sets out the conditions for an asset to be classified as held-for-sale. At 31 March 2025, the Group had not received a binding offer or terms from prospective buyers and therefore actions to complete the sale were highly uncertain. In addition, management were not committed to sell and given the macro conditions prevailing at that time a successful sale remained highly uncertain. As a result, the Directors consider that the IFRS 5 conditions were not fully met, and therefore the NS assets are not classified as held-for-sale at 31 March 2025. 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. Four 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 macroeconomic factors that are largely outside of the Group\u2019s control. A sensitivity analysis is set out in Note 24. Provision for inventory Provision is made for obsolete, slow-moving and defective stock where there is evidence of impairment, to reduce the carrying value to its net realisable value. This requires consideration of several factors including, but not limited to, recent usage, expected future demand, new product introduction plans and likely realisable values to estimate the excess quantities and net realisable value. The level of provisioning requires certain estimates regarding future demand and possible design changes to identify excess quantities. Amounts provided represent in aggregate the Group\u2019s best estimate of the levels of provisioning required. Acquisition of FemtoTools AG (FemtoTools) and First Light Imaging SAS (First Light Imaging) On the acquisition of a business, in order to comply with IFRS 3 (Revised) Business Combinations it is necessary to reflect the assets and liabilities acquired at their fair value. This requires certain estimates and assumptions in relation to, inter alia, the forecast performance of the acquired business, the expected life of certain intangible assets and the likely future customer base of the business. In order to assist in undertaking this fair value exercise, the Group appointed an external firm of advisers. The fair value adjustments arising from this review are set out in Note 11. Impairment of goodwill The determination of whether goodwill and other indefinite life intangible assets should be impaired requires the estimation of future cash flows and growth factors adopted by each cash generating unit. Furthermore, discount rates applied to these cash flows are determined by reference to the markets in which they operate and are risk adjusted to reflect risks and opportunities existing for each cash generating unit. These factors are all affected by prevailing market and economic factors outside the Group\u2019s control. Further information on this issue, including sensitivity analyses, is included in Note 13. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-441": { "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 in accounting policy (e). 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-396": { "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 in accounting policy (e). 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-397": { "value": "(d) Consideration of climate change In preparing the Financial Statements, the Directors have considered the impact of climate change, particularly in the context of the risks identified in the TCFD disclosure on pages 52 to 60 this year. There has been no material impact identified on the financial reporting judgements and estimates. In particular, the Directors considered the impact of climate change in respect of the following areas: \u2022 Going concern and viability of the Group. \u2022 Cash flow forecasts used in the impairment assessments of non-current assets including goodwill. \u2022 Carrying value and useful economic lives of property, plant and equipment. Whilst there is currently no medium-term impact expected from climate change, the Directors are aware of the ever-changing risks attached to climate change and will regularly assess these risks against judgements and estimates made in preparation of the Group\u2019s Financial Statements. ", "dimensions": { "concept": "oxfordinstrumentplc:DescriptionOfAccountingPolicyForClimateChange", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-475": { "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. Forward foreign exchange contracts (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. The Group has chosen not to apply hedge accounting in respect of these exposures. 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 \u201cfair value through profit and loss\u201d 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": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-442": { "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. Forward foreign exchange contracts (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. The Group has chosen not to apply hedge accounting in respect of these exposures. 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 \u201cfair value through profit and loss\u201d 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": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-398": { "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. Forward foreign exchange contracts (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. The Group has chosen not to apply hedge accounting in respect of these exposures. 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 \u201cfair value through profit and loss\u201d 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": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-443": { "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
Machinery and other equipment, computer equipment and vehicles are included within the \u2018Plant and equipment\u2019 sub heading in Note 12. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-399": { "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
Machinery and other equipment, computer equipment and vehicles are included within the \u2018Plant and equipment\u2019 sub heading in Note 12. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-400": { "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 and is 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. Goodwill arising on acquisitions is stated at cost less any accumulated impairment losses and allocated to cash-generating units (CGUs) 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 14 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-444": { "value": "(i) Goodwill All business combinations are accounted for by applying the acquisition method. Goodwill represents amounts arising on acquisition of subsidiaries and is 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. Goodwill arising on acquisitions is stated at cost less any accumulated impairment losses and allocated to cash-generating units (CGUs) 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-476": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-445": { "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 14 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-401": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-402": { "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 (p) 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-403": { "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 include cash at bank and in hand, investments in money-market funds and short-term deposits with a maturity of three months or less on inception. 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-404": { "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 CGUs 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 CGU 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 CGUs are allocated first to reduce the carrying amount of any goodwill allocated to CGUs 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-405": { "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 is deducted from the fair value of any plan assets. Surpluses in schemes are recognised as assets only if they represent economic benefits available to the Group in the future. 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 asset by applying the discount rate to the net defined benefit asset, 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-446": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-406": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-407": { "value": "(n) Customer deposits Customer deposits are classified as contract liabilities and included within trade and other payables in the Statement of Financial Position. Customer deposits represent the cash payments received or consideration due 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). ", "dimensions": { "concept": "oxfordinstrumentplc:DescriptionOfAccountingPolicyForCustomerDeposits", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-408": { "value": "(o) 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-409": { "value": "(p) 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, ie 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 in respect of both product and installation is recognised at a point when it is considered the performance conditions are met. 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 a market comparator, the standalone selling price is estimated, where required, by applying the cost plus margin approach. A receivable is recognised for products when control passes over to the customer, and for installation when the customer confirms acceptance of the installation, since this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due. In the case of fixed-price contracts, the customer pays the fixed amount based on a payment schedule. If the performance obligations met by the Group exceed the payment, a contract asset is recognised. If the payments exceed the performance obligation, a contract liability is recognised. In the NanoScience business, which is part of the Advanced Technologies 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. Sales of large quantum computing systems in the NanoScience business are recognised as long-term contracts by reference to the progress towards completion of the performance obligation. The performance towards this contract does not create an asset with an alternative use, and the company has an enforceable right to payment for performance completed to date. As a result, per IFRS 15, the company transfers control of the goods over time and, therefore, satisfies a performance obligation and recognises revenue over time. Revenue is recognised using the cost input method which best reflects the transfer of control to the customer. Within service revenue, revenue for fixed-term maintenance and support contracts is recognised over time using the output method by determining the proportion of the elapsed time relative to the contract period. 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-447": { "value": "(q) Income taxes Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is recognised in the Consolidated Statement of Income 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 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 goodwill; 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. Deferred tax assets are measured on an undiscounted basis. 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-410": { "value": "(q) Income taxes Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is recognised in the Consolidated Statement of Income 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 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 goodwill; 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. Deferred tax assets are measured on an undiscounted basis. 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-411": { "value": "(r) 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-412": { "value": "(s) 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-413": { "value": "
1 Segment information
The Group\u2019s operating segments were previously combined into three aggregated operating
segments: Materials & Characterisation, Research & Discovery, and Service & Healthcare. From
1 April 2024, these have now been combined into two new 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 two aggregated operating segments is a reportable segment.
In the previous structure, service revenue for operating segments was reported within Service
& Healthcare, in the new structure service revenue is reported within each respective operating
segment. The aggregated operating segments are as follows:
\u2022 The Imaging & Analysis segment comprises a group of businesses focusing on microscopy,
cameras, analytical instruments and software.
\u2022 The Advanced Technologies segment comprises a group of businesses focusing on compound
semiconductor fabrication equipment, cryogenic and superconducting magnet technology and
X-ray tubes.
Prior year results have been adjusted to reflect the new operating segments.
The Group\u2019s internal management structure and financial reporting systems differentiate the two
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 Executive Directors. Discrete financial
information is available for each segment and used by the Executive 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 Executive Directors.
On 9 January 2024, the Group acquired 100% of the issued share capital of First Light Imaging which
has been integrated into the Imaging & Analysis segment. On 28 June 2024, the Group acquired
100% of the issued share capital of FemtoTools which has also been integrated into the Imaging
& Analysis segment. Further information can be found in Note 11.
Results
Imaging & Advanced
Analysis Technologies Total
2025 \u00a3m \u00a3m \u00a3m
External product revenue
270.1
146.0
416.1
External service revenue
60.4
24.1
84.5
Total external revenue
330.5
170.1
500.6
Inter-segment product revenue
\u2013
1.0
Total segment revenue
330.5
171.1
Segment adjusted operating profit
76.2
6.0
82.2
Imaging & Advanced
Analysis Technologies Total
2024 \u00a3m \u00a3m \u00a3m
External product revenue
272.8
121.5
394.3
External service revenue
55.3
20.8
76.1
Total external revenue
328.1
142.3
470.4
Inter-segment product revenue
0.2
0.3
Total segment revenue
328.3
142.6
Segment adjusted operating profit
79.0
1.3
80.3
No individual customer accounts for more than 10% of revenue.
As at 31 March 2025, the Group had unfulfilled performance obligations under IFRS 15 of \u00a3262.6m
(2024: \u00a3301.5m). It is anticipated that \u00a3261.9m (2024: \u00a3277.3m) 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
Imaging & Advanced Unallocated
Analysis Technologies Group items Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m
Segment adjusted operating profit
76.2
6.0
\u2013
82.2
Transaction-related costs
(0.7)
(1.1)
\u2013
(1.8)
Impairment of goodwill
(26.0)
\u2013
\u2013
(26.0)
Restructuring costs and charges associated
with management changes
(1.8)
(5.4)
(0.6)
( 7.8)
Amortisation and impairment of acquired
intangibles
(9.0)
(0.2)
\u2013
(9.2)
Fair value movement on financial derivatives
\u2013
\u2013
(0.3)
(0.3)
Financial income
\u2013
\u2013
2.6
2.6
Financial expenditure
\u2013
\u2013
(2.0)
(2.0)
Release of contingent consideration
2.1
\u2013
\u2013
2.1
Profit/(loss) before income tax
40.8
(0.7)
(0.3)
39.8
Imaging & Advanced Unallocated
Analysis Technologies Group items Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Segment adjusted operating profit
79.0
1.3
\u2013
80.3
Intellectual property litigation settlement
\u2013
3.3
\u2013
3.3
Adjustments relating to defined benefit
pension schemes
\u2013
\u2013
(0.4)
(0.4)
Transaction-related costs
(0.7)
(0.3)
\u2013
(1.0)
Restructuring costs and charges associated
with management changes
\u2013
(1.7)
(2.0)
(3.7)
Intellectual property litigation costs
\u2013
(0.4)
\u2013
(0.4)
Amortisation and impairment of acquired
intangibles
(9.1)
\u2013
\u2013
(9.1)
Fair value movement on financial derivatives
\u2013
\u2013
(0.7)
(0.7)
Financial income
\u2013
\u2013
4.7
4.7
Financial expenditure
\u2013
\u2013
(1.7)
(1.7)
Profit/(loss) before income tax
69.2
2.2
(0.1)
71.3
Imaging & Advanced Unallocated
Analysis Technologies Group items Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m
Capital expenditure
(3.9)
(10.2)
(0.3)
(14.4)
Depreciation of property, plant and equipment
(2.9)
(2.4)
(0.6)
(5.9)
Amortisation of right-of-use assets
(2.2)
(1.2)
(2.0)
(5.4)
Amortisation and impairment of intangibles
(35.6)
(0.5)
(0.5)
(36.6)
Capitalised development expenditure
(0.8)
(0.7)
\u2013
(1.5)
Imaging & Advanced Unallocated
Analysis Technologies Group items Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Capital expenditure
(18.1)
(6.6)
(2.3)
(27.0)
Depreciation of property, plant and equipment
(3.3)
(1.5)
(0.5)
(5.3)
Amortisation of right-of-use assets
(2.4)
(0.4)
(2.2)
(5.0)
Amortisation and impairment of intangibles
(9.5)
(0.3)
\u2013
(9.8)
Capitalised development expenditure
(0.2)
(0.5)
\u2013
(0.7)
The Group\u2019s revenue by destination of the end user is as follows:
2025 2024
Revenue \u00a3m \u00a3m
UK
20.4
30.4
China
107. 2
127.4
Japan
46.4
43.5
USA
142.3
111.6
Germany
41.4
35.5
Rest of Europe
54.0
50.3
Rest of Asia
66.3
50.6
Rest of World
22.6
21.1
500.6
470.4
2025 2024
Non-current assets (excluding deferred tax) \u00a3m \u00a3m
UK
172.3
191.0
China
2.0
4.0
Japan
5.4
6.2
USA
11.2
12.5
Germany
30.0
32.1
Rest of Europe
41.4
22.4
Rest of Asia
0.5
0.2
Rest of World
0.2
0.3
263.0
268.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-448": { "value": "1 Segment information The Group\u2019s operating segments were previously combined into three aggregated operating segments: Materials & Characterisation, Research & Discovery, and Service & Healthcare. From 1 April 2024, these have now been combined into two new 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 two aggregated operating segments is a reportable segment. In the previous structure, service revenue for operating segments was reported within Service & Healthcare, in the new structure service revenue is reported within each respective operating segment. The aggregated operating segments are as follows: \u2022 The Imaging & Analysis segment comprises a group of businesses focusing on microscopy, cameras, analytical instruments and software. \u2022 The Advanced Technologies segment comprises a group of businesses focusing on compound semiconductor fabrication equipment, cryogenic and superconducting magnet technology and X-ray tubes. Prior year results have been adjusted to reflect the new operating segments. The Group\u2019s internal management structure and financial reporting systems differentiate the two 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 Executive Directors. Discrete financial information is available for each segment and used by the Executive 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 Executive Directors. On 9 January 2024, the Group acquired 100% of the issued share capital of First Light Imaging which has been integrated into the Imaging & Analysis segment. On 28 June 2024, the Group acquired 100% of the issued share capital of FemtoTools which has also been integrated into the Imaging & Analysis segment. Further information can be found in Note 11. Results
Imaging & Advanced
Analysis Technologies Total
2025 \u00a3m \u00a3m \u00a3m
External product revenue
270.1
146.0
416.1
External service revenue
60.4
24.1
84.5
Total external revenue
330.5
170.1
500.6
Inter-segment product revenue
\u2013
1.0
Total segment revenue
330.5
171.1
Segment adjusted operating profit
76.2
6.0
82.2
Imaging & Advanced
Analysis Technologies Total
2024 \u00a3m \u00a3m \u00a3m
External product revenue
272.8
121.5
394.3
External service revenue
55.3
20.8
76.1
Total external revenue
328.1
142.3
470.4
Inter-segment product revenue
0.2
0.3
Total segment revenue
328.3
142.6
Segment adjusted operating profit
79.0
1.3
80.3
No individual customer accounts for more than 10% of revenue. As at 31 March 2025, the Group had unfulfilled performance obligations under IFRS 15 of \u00a3262.6m (2024: \u00a3301.5m). It is anticipated that \u00a3261.9m (2024: \u00a3277.3m) 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
Imaging & Advanced Unallocated
Analysis Technologies Group items Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m
Segment adjusted operating profit
76.2
6.0
\u2013
82.2
Transaction-related costs
(0.7)
(1.1)
\u2013
(1.8)
Impairment of goodwill
(26.0)
\u2013
\u2013
(26.0)
Restructuring costs and charges associated
with management changes
(1.8)
(5.4)
(0.6)
( 7.8)
Amortisation and impairment of acquired
intangibles
(9.0)
(0.2)
\u2013
(9.2)
Fair value movement on financial derivatives
\u2013
\u2013
(0.3)
(0.3)
Financial income
\u2013
\u2013
2.6
2.6
Financial expenditure
\u2013
\u2013
(2.0)
(2.0)
Release of contingent consideration
2.1
\u2013
\u2013
2.1
Profit/(loss) before income tax
40.8
(0.7)
(0.3)
39.8
Imaging & Advanced Unallocated
Analysis Technologies Group items Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Segment adjusted operating profit
79.0
1.3
\u2013
80.3
Intellectual property litigation settlement
\u2013
3.3
\u2013
3.3
Adjustments relating to defined benefit
pension schemes
\u2013
\u2013
(0.4)
(0.4)
Transaction-related costs
(0.7)
(0.3)
\u2013
(1.0)
Restructuring costs and charges associated
with management changes
\u2013
(1.7)
(2.0)
(3.7)
Intellectual property litigation costs
\u2013
(0.4)
\u2013
(0.4)
Amortisation and impairment of acquired
intangibles
(9.1)
\u2013
\u2013
(9.1)
Fair value movement on financial derivatives
\u2013
\u2013
(0.7)
(0.7)
Financial income
\u2013
\u2013
4.7
4.7
Financial expenditure
\u2013
\u2013
(1.7)
(1.7)
Profit/(loss) before income tax
69.2
2.2
(0.1)
71.3
Imaging & Advanced Unallocated
Analysis Technologies Group items Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m
Capital expenditure
(3.9)
(10.2)
(0.3)
(14.4)
Depreciation of property, plant and equipment
(2.9)
(2.4)
(0.6)
(5.9)
Amortisation of right-of-use assets
(2.2)
(1.2)
(2.0)
(5.4)
Amortisation and impairment of intangibles
(35.6)
(0.5)
(0.5)
(36.6)
Capitalised development expenditure
(0.8)
(0.7)
\u2013
(1.5)
Imaging & Advanced Unallocated
Analysis Technologies Group items Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Capital expenditure
(18.1)
(6.6)
(2.3)
(27.0)
Depreciation of property, plant and equipment
(3.3)
(1.5)
(0.5)
(5.3)
Amortisation of right-of-use assets
(2.4)
(0.4)
(2.2)
(5.0)
Amortisation and impairment of intangibles
(9.5)
(0.3)
\u2013
(9.8)
Capitalised development expenditure
(0.2)
(0.5)
\u2013
(0.7)
The Group\u2019s revenue by destination of the end user is as follows:
2025 2024
Revenue \u00a3m \u00a3m
UK
20.4
30.4
China
107. 2
127.4
Japan
46.4
43.5
USA
142.3
111.6
Germany
41.4
35.5
Rest of Europe
54.0
50.3
Rest of Asia
66.3
50.6
Rest of World
22.6
21.1
500.6
470.4
2025 2024
Non-current assets (excluding deferred tax) \u00a3m \u00a3m
UK
172.3
191.0
China
2.0
4.0
Japan
5.4
6.2
USA
11.2
12.5
Germany
30.0
32.1
Rest of Europe
41.4
22.4
Rest of Asia
0.5
0.2
Rest of World
0.2
0.3
263.0
268.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-414": { "value": "
2 Adjusting items
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. In determining whether an event or transaction is
an adjusting item, the Directors consider quantitative as well as qualitative factors such as the
frequency or predictability of occurrence.
These adjusting items are excluded in the calculation of adjusted operating profit, adjusted profit
before tax, adjusted profit for the period, adjusted EBITDA (defined as adjusted operating profit
before depreciation and amortisation of capitalised development costs), 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,
amortisation 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 10. 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
2025
2024
Operating Profit before Operating Profit before
profit income tax profit income tax
\u00a3m \u00a3m \u00a3m \u00a3m
Statutory measure
39.2
39.8
68.3
71.3
Intellectual property litigation settlement
\u2013
\u2013
(3.3)
(3.3)
Adjustments relating to defined benefit
pension schemes
\u2013
\u2013
0.4
0.4
Transaction-related costs
1.8
1.8
1.0
1.0
Impairment of goodwill
26.0
26.0
\u2013
\u2013
Restructuring costs and charges
associated with management changes
7. 8
7.8
3.7
3.7
Intellectual property litigation costs
\u2013
\u2013
0.4
0.4
Amortisation and impairment
of acquired intangibles
9.2
9.2
9.1
9.1
Fair value movement on financial
derivatives
0.3
0.3
0.7
0.7
Unwind of discount in respect
of contingent consideration
\u2013
0.6
\u2013
\u2013
Release of contingent consideration
(2.1)
(2.1)
\u2013
\u2013
Total adjusting items
43.0
43.6
12.0
12.0
Adjusted measure
82.2
83.4
80.3
83.3
Adjusted income tax expense
(18.2)
(20.3)
Adjusted profit
82.2
65.2
80.3
63.0
Adjusted effective tax rates
21.8%
24.4%
Intellectual property litigation settlement
The income in the prior year represents one-off settlement income in the Advanced Technologies
segment from defending our intellectual property.
Adjustments relating to defined benefit pension schemes
During the prior year, the Group recognised a one-off charge of \u00a30.4m in respect of removing the
pension increase exchange at retirement option for deferred members.
Transaction-related costs
These represent the costs of one-off charges incurred at the Statement of Financial Position date
relating to transactional work.
Impairment of goodwill
The Group\u2019s microscopy and scientific cameras business, Andor Technology, faced a challenging
trading period as a result of continued healthcare and life science market weakness, loss of
revenues in China, and operational challenges with certain product lines. Actions have been
put in place in to improve the performance of the business. These plans are in the early phases
of execution, and therefore forecasts at 31 March 2025 for expected future cash flows from the
business give greater weight to recent performance and reflect future uncertainty over the potential
outcomes of those plans. Based on these forecasts it was determined that Andor\u2019s expected future
cash flows at 31 March 2025 were not sufficient to support its full carrying value, resulting in a
partial impairment of the acquisition goodwill. Further information can be found in Note 13.
Restructuring costs and charges associated with management changes
In the current year, these represent \u00a35.0m of costs associated with the relocation of production
facilities within the semiconductor business and \u00a32.8m of one-off restructuring within the Group.
In the prior year, these represent \u00a31.7m of costs associated with the relocation of production facilities
within the semiconductor business and charges of \u00a32.0m incurred in respect of the recruitment of
the CEO and one-off dual-running costs associated with this appointment.
Intellectual property litigation costs
These represent one-off legal costs to defend our intellectual property.
Amortisation and impairment of acquired intangibles
Adjusted profit excludes the non-cash amortisation and impairment of acquired intangible assets.
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 period 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
This represents the unwind of the discount in respect of the contingent consideration on the
acquisition of FemtoTools (Note 11).
Release of contingent consideration
This represents the release of the earn-out provision in respect of the acquisition of First Light Imaging.
Adjusted income tax expense
Statutory income tax is adjusted for the income tax impact on the adjusting items described above.
", "dimensions": { "concept": "oxfordinstrumentplc:DisclosureOfAdjustingItems", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-415": { "value": "
3 Research and development (R&D)
The total research and development spend by the Group is as follows:
Imaging & Advanced
Analysis Technologies Total
2025 \u00a3m \u00a3m \u00a3m
R&D expense charged to the Consolidated Statement of Income
24.8
16.3
41.1
Less: depreciation of R&D-related fixed assets
(0.2)
\u2013
(0.2)
Less: amortisation and impairment of R&D costs previously
capitalised as intangibles
(0.6)
(0.3)
(0.9)
Add: amounts capitalised as intangible assets
0.8
0.7
1.5
Total cash spent on R&D during the year
24.8
16.7
41.5
Imaging & Advanced
Analysis Technologies Total
2024 \u00a3m \u00a3m \u00a3m
R&D expense charged to the Consolidated Statement of Income
24.9
14.2
39.1
Less: depreciation of R&D-related fixed assets
\u2013
(0.2)
(0.2)
Add: amounts capitalised as fixed assets
0.2
\u2013
0.2
Less: amortisation of R&D costs previously capitalised
as intangibles
(0.3)
(0.3)
(0.6)
Add: amounts capitalised as intangible assets
0.2
0.5
0.7
Total cash spent on R&D during the year
25.0
14.2
39.2
5 Auditor\u2019s remuneration
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Audit of these Financial Statements
381
345
Amounts received by the auditor and its associates in respect of:
\u2013 Audit of Financial Statement of subsidiaries pursuant to legislation
809
757
\u2013 Audit-related assurance services
53
50
\u2013 Other assurance services
8
8
Total fees payable to the auditor and its associates
1,251
1,160
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-449": { "value": "3 Research and development (R&D) The total research and development spend by the Group is as follows:
Imaging & Advanced
Analysis Technologies Total
2025 \u00a3m \u00a3m \u00a3m
R&D expense charged to the Consolidated Statement of Income
24.8
16.3
41.1
Less: depreciation of R&D-related fixed assets
(0.2)
\u2013
(0.2)
Less: amortisation and impairment of R&D costs previously
capitalised as intangibles
(0.6)
(0.3)
(0.9)
Add: amounts capitalised as intangible assets
0.8
0.7
1.5
Total cash spent on R&D during the year
24.8
16.7
41.5
Imaging & Advanced
Analysis Technologies Total
2024 \u00a3m \u00a3m \u00a3m
R&D expense charged to the Consolidated Statement of Income
24.9
14.2
39.1
Less: depreciation of R&D-related fixed assets
\u2013
(0.2)
(0.2)
Add: amounts capitalised as fixed assets
0.2
\u2013
0.2
Less: amortisation of R&D costs previously capitalised
as intangibles
(0.3)
(0.3)
(0.6)
Add: amounts capitalised as intangible assets
0.2
0.5
0.7
Total cash spent on R&D during the year
25.0
14.2
39.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-416": { "value": "
4 Employee information
Personnel costs incurred during the year were as follows:
2025 2024
\u00a3m \u00a3m
Wages and salaries
143.0
131.5
Social security costs
17.0
15.5
Contributions to defined contribution plans (Note 24)
6.8
6.4
Defined benefit income (Note 24)
(0.1)
(1.0)
(Credit)/charge in respect of employee share options
(0.1)
3.0
166.6
155.4
Directors\u2019 remuneration during the year was as follows:
2025 2024
\u00a3m \u00a3m
Short-term benefits
2.4
2.7
Post-employment benefits
0.1
0.1
Charge in respect of share options
0.2
1.1
2.7
3.9
Further details of Directors\u2019 remuneration are disclosed in the Remuneration Report on pages 122 to
139 of this Report and Financial Statements.
The average monthly number of people employed by the Group (including Directors and temporary
employees) during the year was as follows:
2025 2024
number number
Production
912
894
Sales and Marketing
620
555
Research and Development
474
487
Administration and Shared Services
328
308
2,334
2,244
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-450": { "value": "5 Auditor\u2019s remuneration
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Audit of these Financial Statements
381
345
Amounts received by the auditor and its associates in respect of:
\u2013 Audit of Financial Statement of subsidiaries pursuant to legislation
809
757
\u2013 Audit-related assurance services
53
50
\u2013 Other assurance services
8
8
Total fees payable to the auditor and its associates
1,251
1,160
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-417": { "value": "
6 Financial income
2025 2024
\u00a3m \u00a3m
Interest receivable
1.6
3.2
Interest credit on pension scheme net assets
1.0
1.5
2.6
4.7
7 Financial expenditure
2025 2024
\u00a3m \u00a3m
Bank interest payable
0.8
0.9
Interest on lease liabilities
0.6
0.8
Unwind of discount on contingent consideration
0.6
\u2013
2.0
1.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-482": { "value": "6 Financial income
2025 2024
\u00a3m \u00a3m
Interest receivable
1.6
3.2
Interest credit on pension scheme net assets
1.0
1.5
2.6
4.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-477": { "value": "6 Financial income
2025 2024
\u00a3m \u00a3m
Interest receivable
1.6
3.2
Interest credit on pension scheme net assets
1.0
1.5
2.6
4.7
7 Financial expenditure
2025 2024
\u00a3m \u00a3m
Bank interest payable
0.8
0.9
Interest on lease liabilities
0.6
0.8
Unwind of discount on contingent consideration
0.6
\u2013
2.0
1.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-451": { "value": "6 Financial income
2025 2024
\u00a3m \u00a3m
Interest receivable
1.6
3.2
Interest credit on pension scheme net assets
1.0
1.5
2.6
4.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-483": { "value": "7 Financial expenditure
2025 2024
\u00a3m \u00a3m
Bank interest payable
0.8
0.9
Interest on lease liabilities
0.6
0.8
Unwind of discount on contingent consideration
0.6
\u2013
2.0
1.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-452": { "value": "7 Financial expenditure
2025 2024
\u00a3m \u00a3m
Bank interest payable
0.8
0.9
Interest on lease liabilities
0.6
0.8
Unwind of discount on contingent consideration
0.6
\u2013
2.0
1.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-418": { "value": "
8 Taxation
Income tax expense
2025 2024
\u00a3m \u00a3m
Recognised in the Consolidated Statement of Income
Current tax expense
Current year
12.6
17.1
Adjustment in respect of prior years
(2.5)
1.1
10.1
18.2
Deferred tax expense
Origination and reversal of temporary differences
3.7
1.6
Adjustment in respect of prior years
\u2013
0.8
3.7
2.4
Total tax expense
13.8
20.6
Reconciliation of effective tax rate
Profit before income tax
39.8
71.3
Income tax using the weighted average statutory tax rate of 25%
(2024: 25%)
9.9
17.8
Effect of:
Tax rates other than the weighted average statutory rate
1.1
(0.2)
Change in rate at which deferred tax recognised
(0.9)
\u2013
Transaction costs, deferred consideration and impairments not
deductible for tax
7.0
0.4
Non-taxable income and non-deductible expenses
0.1
0.7
Tax incentives \u2013 technology-related
(1.1)
\u2013
Movement in unrecognised deferred tax
0.2
\u2013
Adjustment in respect of prior years
(2.5)
1.9
Total tax expense
13.8
20.6
2025 2024
\u00a3m \u00a3m
Taxation credit recognised directly in other comprehensive income
Current tax \u2013 relating to employee benefits
(0.1)
(2.1)
Deferred tax \u2013 relating to employee benefits
(0.1)
(2.7)
Taxation (credit)/charge recognised directly in equity
Current tax \u2013 relating to share options
(0.3)
(0.6)
Deferred tax \u2013 relating to share options
0.8
0.5
The UK deferred tax assets and liabilities have been calculated based on the enacted rate of 25%.
The Group carries tax provisions in relation to uncertain tax positions arising from the possible
outcome of negotiations with tax authorities. The provision is calculated using the expected value
method from a range of possibilities and assumes that the tax authorities have full knowledge of
the facts. Such provisions reflect the geographical spread of the Group\u2019s operations and the variety
of jurisdictions in which it carries out its activities.
Deferred tax
Property,
plant and Employee Intangible
equipment Inventory benefits assets Tax losses Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 April 2023
(4.0)
3.7
0.1
(5.0)
5.5
4.4
4.7
Recognised in income
(3.4)
0.7
1.0
1.4
(2.1)
\u2013
(2.4)
Recognised in other
comprehensive income
\u2013
\u2013
2.7
\u2013
\u2013
\u2013
2.7
Recognised directly in
equity
\u2013
\u2013
(1.1)
\u2013
\u2013
\u2013
(1.1)
Acquired on business
combination
\u2013
\u2013
\u2013
(2.5)
\u2013
\u2013
(2.5)
Effect of movements
in foreign exchange
rates
(0.1)
(0.1)
(0.3)
\u2013
\u2013
(0.1)
(0.6)
Balance at 31 March
2024
(7.5)
4.3
2.4
(6.1)
3.4
4.3
0.8
Recognised in income
(1.6)
0.4
(2.6)
2.3
(2.0)
(0.2)
(3.7)
Recognised in other
comprehensive income
\u2013
\u2013
0.1
\u2013
\u2013
\u2013
0.1
Recognised directly in
equity
\u2013
\u2013
(0.8)
\u2013
\u2013
\u2013
(0.8)
Acquired on business
combination
\u2013
\u2013
0.1
(2.1)
\u2013
\u2013
(2.0)
Effect of movements in
foreign exchange rates
\u2013
0.1
\u2013
0.1
(0.1)
(0.1)
\u2013
Balance at 31 March
2025
(9.1)
4.8
(0.8)
(5.8)
1.3
4.0
(5.6)
The deferred tax category of \u2018Other\u2019 includes deferred tax recognised on accounting general liability
accruals/provisions, deferred revenue and bad debts. Deferred tax is recognised on provisions
made against inventory on which tax relief has not yet been granted.
Certain deferred tax assets and liabilities have been offset as follows:
Assets
Liabilities
Net
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Gross assets/(liabilities)
16.5
15.6
(22.1)
(14.8)
(5.6)
0.8
Offset
(5.4)
(1.9)
5.4
1.9
\u2013
\u2013
Net assets/(liabilities)
11.1
13.7
(16.7)
(12.9)
(5.6)
0.8
Deferred tax assets have not been recognised in respect of the following items:
2025 2024
\u00a3m \u00a3m
Tax losses
0.5
0.5
The tax losses and the deductible temporary differences do not expire under current tax legislation.
Deferred tax assets have not been recognised on tax losses related to gross unrecognised losses
of \u00a31.7m (2024: \u00a32.3m), 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.
No deferred tax liability has been recognised in respect of \u00a352.3m (2024: \u00a359.2m) 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:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-478": { "value": "Deferred tax
Property,
plant and Employee Intangible
equipment Inventory benefits assets Tax losses Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 April 2023
(4.0)
3.7
0.1
(5.0)
5.5
4.4
4.7
Recognised in income
(3.4)
0.7
1.0
1.4
(2.1)
\u2013
(2.4)
Recognised in other
comprehensive income
\u2013
\u2013
2.7
\u2013
\u2013
\u2013
2.7
Recognised directly in
equity
\u2013
\u2013
(1.1)
\u2013
\u2013
\u2013
(1.1)
Acquired on business
combination
\u2013
\u2013
\u2013
(2.5)
\u2013
\u2013
(2.5)
Effect of movements
in foreign exchange
rates
(0.1)
(0.1)
(0.3)
\u2013
\u2013
(0.1)
(0.6)
Balance at 31 March
2024
(7.5)
4.3
2.4
(6.1)
3.4
4.3
0.8
Recognised in income
(1.6)
0.4
(2.6)
2.3
(2.0)
(0.2)
(3.7)
Recognised in other
comprehensive income
\u2013
\u2013
0.1
\u2013
\u2013
\u2013
0.1
Recognised directly in
equity
\u2013
\u2013
(0.8)
\u2013
\u2013
\u2013
(0.8)
Acquired on business
combination
\u2013
\u2013
0.1
(2.1)
\u2013
\u2013
(2.0)
Effect of movements in
foreign exchange rates
\u2013
0.1
\u2013
0.1
(0.1)
(0.1)
\u2013
Balance at 31 March
2025
(9.1)
4.8
(0.8)
(5.8)
1.3
4.0
(5.6)
The deferred tax category of \u2018Other\u2019 includes deferred tax recognised on accounting general liability accruals/provisions, deferred revenue and bad debts. Deferred tax is recognised on provisions made against inventory on which tax relief has not yet been granted. Certain deferred tax assets and liabilities have been offset as follows:
Assets
Liabilities
Net
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Gross assets/(liabilities)
16.5
15.6
(22.1)
(14.8)
(5.6)
0.8
Offset
(5.4)
(1.9)
5.4
1.9
\u2013
\u2013
Net assets/(liabilities)
11.1
13.7
(16.7)
(12.9)
(5.6)
0.8
Deferred tax assets have not been recognised in respect of the following items:
2025 2024
\u00a3m \u00a3m
Tax losses
0.5
0.5
The tax losses and the deductible temporary differences do not expire under current tax legislation. Deferred tax assets have not been recognised on tax losses related to gross unrecognised losses of \u00a31.7m (2024: \u00a32.3m), 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. No deferred tax liability has been recognised in respect of \u00a352.3m (2024: \u00a359.2m) 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:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-453": { "value": "Deferred tax
Property,
plant and Employee Intangible
equipment Inventory benefits assets Tax losses Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 April 2023
(4.0)
3.7
0.1
(5.0)
5.5
4.4
4.7
Recognised in income
(3.4)
0.7
1.0
1.4
(2.1)
\u2013
(2.4)
Recognised in other
comprehensive income
\u2013
\u2013
2.7
\u2013
\u2013
\u2013
2.7
Recognised directly in
equity
\u2013
\u2013
(1.1)
\u2013
\u2013
\u2013
(1.1)
Acquired on business
combination
\u2013
\u2013
\u2013
(2.5)
\u2013
\u2013
(2.5)
Effect of movements
in foreign exchange
rates
(0.1)
(0.1)
(0.3)
\u2013
\u2013
(0.1)
(0.6)
Balance at 31 March
2024
(7.5)
4.3
2.4
(6.1)
3.4
4.3
0.8
Recognised in income
(1.6)
0.4
(2.6)
2.3
(2.0)
(0.2)
(3.7)
Recognised in other
comprehensive income
\u2013
\u2013
0.1
\u2013
\u2013
\u2013
0.1
Recognised directly in
equity
\u2013
\u2013
(0.8)
\u2013
\u2013
\u2013
(0.8)
Acquired on business
combination
\u2013
\u2013
0.1
(2.1)
\u2013
\u2013
(2.0)
Effect of movements in
foreign exchange rates
\u2013
0.1
\u2013
0.1
(0.1)
(0.1)
\u2013
Balance at 31 March
2025
(9.1)
4.8
(0.8)
(5.8)
1.3
4.0
(5.6)
The deferred tax category of \u2018Other\u2019 includes deferred tax recognised on accounting general liability accruals/provisions, deferred revenue and bad debts. Deferred tax is recognised on provisions made against inventory on which tax relief has not yet been granted. Certain deferred tax assets and liabilities have been offset as follows:
Assets
Liabilities
Net
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Gross assets/(liabilities)
16.5
15.6
(22.1)
(14.8)
(5.6)
0.8
Offset
(5.4)
(1.9)
5.4
1.9
\u2013
\u2013
Net assets/(liabilities)
11.1
13.7
(16.7)
(12.9)
(5.6)
0.8
Deferred tax assets have not been recognised in respect of the following items:
2025 2024
\u00a3m \u00a3m
Tax losses
0.5
0.5
The tax losses and the deductible temporary differences do not expire under current tax legislation. Deferred tax assets have not been recognised on tax losses related to gross unrecognised losses of \u00a31.7m (2024: \u00a32.3m), 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. No deferred tax liability has been recognised in respect of \u00a352.3m (2024: \u00a359.2m) 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-419": { "value": "
9 Dividends
The following dividends per share were paid by the Group:
2025 2024
pence pence
Previous period final dividend
15.9
14.9
Current period interim dividend
5.1
4.9
21.0
19.8
The following dividends per share were proposed by the Group in respect of each accounting
period presented:
2025 2024
pence pence
Interim dividend
5.1
4.9
Final dividend
17. 1
15.9
22. 2
20. 8
The final dividend for the year to 31 March 2024 of 15.9p per share was approved by shareholders at
the Annual General Meeting on 25 July 2024 and was paid on 20 August 2024. The interim dividend
for the year to 31 March 2025 of 5.1p per share was approved by a sub-committee of the Board on
11 November 2024 and was paid on 10 January 2025.
The proposed final dividend for the year ended 31 March 2025 of 17.1p per share was not provided
at the year end and is subject to shareholder approval at the Annual General Meeting on 28 July
2025. It is expected to be paid on 19 August 2025, to shareholders on the register on the record date
of 11 July 2025, with an ex-dividend date of 10 July 2025 and with the last date of election for the
Dividend Reinvestment Plan (DRIP) being 29 July 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-454": { "value": "0.222", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-455": { "value": "0.208", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800J364EZD6UCE231", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-420": { "value": "
10 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
period, excluding ordinary shares held by the Employee Benefit Trust, which have been treated as
if they had been cancelled.
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 weighted average number of shares used in the calculation and the
effect of share options on the calculation of diluted earnings per share:
2025 2024
shares shares
million million
Weighted average number of shares outstanding
58.0
57.9
Less: weighted average number of shares held by Employee
Benefit Trust
\u2013
(0.1)
Weighted average number of shares used in calculation of basic
earnings per share
58.0
57. 8
Effect of shares under option
0.7
0.8
Number of ordinary shares per diluted earnings per share
calculations
58.7
58.6
Basic and diluted EPS are based on the profit for the period attributable to equity shareholders of
the parent, as reported in the Consolidated Statement of Income. Adjusted and diluted adjusted
EPS are based on adjusted profit for the period, as reported in Note 2:
2025
2024
\u00a3m
pence
\u00a3m
pence
Profit attributable to equity shareholders
of the parent/basic EPS
26.0
44.8
50.7
87.7
Total underlying adjustments to profit
before tax (Note 2)
43.6
75.2
12.0
20.8
Related tax effects
(4.4)
(7.6)
0.3
0.5
Adjusted profit attributable to equity
shareholders of the parent/adjusted EPS
65.2
112.4
63.0
109.0
Diluted basic EPS
44.3
86.5
Diluted adjusted EPS
111.1
107.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-421": { "value": "
11 Acquisitions
Acquisition of First Light Imaging
On 9 January 2024, the Group acquired 100% of the issued share capital of First Light Imaging
SAS (\u2018First Light Imaging\u2019) on a cash-free, debt-free basis for consideration of \u20ac19.3m (\u00a316.6m), of
which \u20ac3.0m (\u00a32.5m) was conditional on trading performance over a period of 12 months from the
acquisition. The conditions for the contingent consideration were meeting certain revenue, order and
margin thresholds. In the calculations below, it was assumed that these thresholds were to be met.
During the period, \u00a30.5m of deferred consideration in relation to a net asset adjustment was paid.
This is included within \u201cacquisition net of subsidiaries, net of cash acquired\u201d in the period in the
Consolidated Statement of Cash Flows.
The thresholds to pay the remaining contingent consideration were not met and the payable has
been released to the Consolidated Statement of Income (Note 2).
Acquisition-related costs in the period of \u00a30.1m were expensed to the Consolidated Statement of
Income as an adjusting item in the administration and shared services cost line. Acquisition-related
costs in the prior year of \u00a30.7m were expensed to the Consolidated Statement of Income as an
adjusting item in the administration and shared services cost line.
The acquisition contributed revenue of \u00a30.6m, adjusted operating loss of \u00a30.6m and a statutory loss
before tax of \u00a30.6m to the Group\u2019s profit for the prior year.
If the acquisition had occurred on the first day of the prior year the acquisition would have contributed
revenue of \u00a35.7m, adjusted operating profit of \u00a30.3m and a statutory profit before tax of \u00a30.3m for
the year ended 31 March 2024.
Retrospective adjustment for prior year business combination accounting
A restatement has been made in the prior year, in relation to a fair value adjustment to inventory at
acquisition of First Light Imaging.
In the Consolidated Financial Statements for the year ended 31 March 2024, provisional values for
the book and fair value of the assets and liabilities acquired were used because the initial acquisition
accounting was incomplete as at the date of the report. A fair value adjustment has been made to
the provisionally reported amounts, reducing inventory by \u00a30.3m with a corresponding increase in
goodwill. The book and fair value of the assets and liabilities acquired given in the table below, are
no longer provisional.
As a result, the Consolidated Statement of Financial Position as at 31 March 2024 has been restated
as follows:
2024
2024 Restatement (restated)
\u00a3m \u00a3m \u00a3m
Consolidated Statement of Financial Position
Non-current assets
Intangible assets
1 37.9
0.3
138.2
Current assets
Inventories
108.4
(0.3)
108.1
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 2024 full-year Financial Statements.
Acquisition of FemtoTools
On 28 June 2024, the Group acquired 100% of the issued share capital of FemtoTools AG
(\u2018FemtoTools\u2019) on a cash-free, debt-free basis for consideration of CHF 17.9m (\u00a315.8m), with a further
CHF 5.5m (\u00a34.8m) which was conditional on trading performance over a period of 33 months from the
acquisition. The conditions for the contingent consideration were meeting certain revenue, order and
margin thresholds. In the calculations below, it has been assumed that these thresholds will be met.
The book and fair value of the assets and liabilities acquired is given in the table below. Fair value
adjustments have been made to better align the accounting policies of the acquired business with
the Group accounting policies and to reflect the fair value of assets and liabilities acquired.
Book value Adjustments Fair value
\u00a3m \u00a3m \u00a3m
Intangible assets
\u2013
10.5
10.5
Property, plant and equipment
0.3
\u2013
0.3
Inventories
0.6
\u2013
0.6
Trade and other receivables
0.9
\u2013
0.9
Deferred tax
0.1
(2.1)
(2.0)
Trade and other payables
(0.9)
\u2013
(0.9)
Retirement benefit obligations
(0.3)
\u2013
(0.3)
Provisions
(0.1)
\u2013
(0.1)
Cash
1.1
\u2013
1.1
Net assets acquired
1.7
8.4
10.1
Goodwill
9.5
Total consideration
19.6
Net cash acquired
(1.1)
Contingent consideration after discounting to transaction
date
(3.6)
Net cash outflow relating to the acquisition
14.9
The goodwill arising is considered to represent the value of the acquired workforce and the value
of technology that has not been individually fair valued.
Acquisition-related costs in the year of \u00a30.7m 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 prior year in relation to this acquisition.
The acquisition contributed revenue of \u00a35.9m, adjusted operating profit of \u00a31.5m and a statutory loss
before tax of \u00a31.5m in the year.
If the acquisition had occurred on the first day of the year the acquisition would have contributed
revenue of \u00a37.2m, adjusted operating profit of \u00a31.3m and a statutory profit before tax of \u00a31.3m in
the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-422": { "value": "
12 Property, plant and equipment
Land and Plant and Fixtures and
buildings equipment fittings Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
Balance at 1 April 2023
45.9
43.1
10.2
99.2
Additions \u2013 business combinations
0.1
0.3
0.1
0.5
Additions
15.8
9.7
1.5
27.0
Disposals
(0.6)
(0.5)
(0.1)
(1.2)
Exchange differences
0.3
0.4
(0.2)
0.5
Balance at 31 March 2024 and 1 April 2024
61.5
53.0
11.5
126.0
Additions \u2013 business combinations
\u2013
0.3
\u2013
0.3
Additions
7.7
4.9
1.8
14.4
Disposals
(1.1)
(4.9)
(0.6)
(6.6)
Exchange differences
\u2013
(0.3)
\u2013
(0.3)
Balance at 31 March 2025
68.1
53.0
12.7
133.8
Depreciation and impairment losses
Balance at 1 April 2023
5.9
28.0
6.0
39.9
Depreciation charge for the year
0.5
4.2
0.6
5.3
Disposals
(0.5)
(0.5)
(0.1)
(1.1)
Exchange differences
\u2013
1.4
\u2013
1.4
Balance at 31 March 2024 and 1 April 2024
5.9
33.1
6.5
45.5
Depreciation charge for the year
0.6
4.7
0.6
5.9
Disposals
\u2013
(2.7)
(0.3)
(3.0)
Exchange differences
\u2013
(0.2)
\u2013
(0.2)
Balance at 31 March 2025
6.5
34.9
6.8
48.2
Land and Plant and Fixtures and
buildings equipment fittings Total
\u00a3m \u00a3m \u00a3m \u00a3m
Carrying amounts
Balance at 1 April 2023
40.0
15.1
4.2
59.3
Balance at 31 March 2024 and 1 April 2024
55.6
19.9
5.0
80.5
Balance at 31 March 2025
61.6
18.1
5.9
85.6
Included within land and buildings are assets under construction with additions in the year of \u00a35.8m
and a carrying amount of \u00a339.0m (2024: \u00a333.2m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-456": { "value": "12 Property, plant and equipment
Land and Plant and Fixtures and
buildings equipment fittings Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
Balance at 1 April 2023
45.9
43.1
10.2
99.2
Additions \u2013 business combinations
0.1
0.3
0.1
0.5
Additions
15.8
9.7
1.5
27.0
Disposals
(0.6)
(0.5)
(0.1)
(1.2)
Exchange differences
0.3
0.4
(0.2)
0.5
Balance at 31 March 2024 and 1 April 2024
61.5
53.0
11.5
126.0
Additions \u2013 business combinations
\u2013
0.3
\u2013
0.3
Additions
7.7
4.9
1.8
14.4
Disposals
(1.1)
(4.9)
(0.6)
(6.6)
Exchange differences
\u2013
(0.3)
\u2013
(0.3)
Balance at 31 March 2025
68.1
53.0
12.7
133.8
Depreciation and impairment losses
Balance at 1 April 2023
5.9
28.0
6.0
39.9
Depreciation charge for the year
0.5
4.2
0.6
5.3
Disposals
(0.5)
(0.5)
(0.1)
(1.1)
Exchange differences
\u2013
1.4
\u2013
1.4
Balance at 31 March 2024 and 1 April 2024
5.9
33.1
6.5
45.5
Depreciation charge for the year
0.6
4.7
0.6
5.9
Disposals
\u2013
(2.7)
(0.3)
(3.0)
Exchange differences
\u2013
(0.2)
\u2013
(0.2)
Balance at 31 March 2025
6.5
34.9
6.8
48.2
Land and Plant and Fixtures and
buildings equipment fittings Total
\u00a3m \u00a3m \u00a3m \u00a3m
Carrying amounts
Balance at 1 April 2023
40.0
15.1
4.2
59.3
Balance at 31 March 2024 and 1 April 2024
55.6
19.9
5.0
80.5
Balance at 31 March 2025
61.6
18.1
5.9
85.6
Included within land and buildings are assets under construction with additions in the year of \u00a35.8m and a carrying amount of \u00a339.0m (2024: \u00a333.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-423": { "value": "
13 Intangible assets
Customer- Technology- Development Development
related acquired related acquired costs acquired costs internally
Goodwill intangibles intangibles intangibles generated Software Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Balance at 1 April 2023
124.6
34.1
101.0
1.8
37. 3
4.3
303.1
Additions \u2013 business combinations as restated
1
5.7
0.2
10.1
\u2013
\u2013
0.1
16.1
Additions \u2013 internally generated
\u2013
\u2013
\u2013
\u2013
0.7
0.2
0.9
Disposals
\u2013
\u2013
\u2013
\u2013
(2.8)
\u2013
(2.8)
Effect of movements in foreign exchange rates
(0.8)
(0.4)
(1.3)
\u2013
\u2013
\u2013
(2.5)
Balance at 31 March 2024 and 1 April 2024 as restated
1
129.5
33.9
109.8
1.8
35.2
4.6
314.8
Additions \u2013 business combinations
9.5
0.9
9.6
\u2013
\u2013
\u2013
20.0
Additions \u2013 internally generated
\u2013
\u2013
\u2013
\u2013
1.5
\u2013
1.5
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(1.2)
(1.2)
Effect of movements in foreign exchange rates
(1.0)
(0.5)
(1.7)
\u2013
0.2
0.1
(2.9)
Balance at 31 March 2025
138.0
34.3
117.7
1.8
36.9
3.5
332.2
Amortisation and impairment losses
Balance at 1 April 2023
22.9
27.0
81.6
1.6
34.9
3.0
171.0
Amortisation and impairment charged
\u2013
1.2
7.9
\u2013
0.6
0.1
9.8
Disposals
\u2013
\u2013
\u2013
\u2013
(2.8)
\u2013
(2.8)
Effect of movements in foreign exchange rates
(0.3)
(0.4)
(0.6)
(0.3)
0.1
0.1
(1.4)
Balance at 31 March 2024 and 1 April 2024
22.6
27. 8
88.9
1.3
32.8
3.2
176.6
Amortisation and impairment charged
26.0
1.3
7.7
0.2
0.9
0.5
36.6
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(1.2)
(1.2)
Effect of movements in foreign exchange rates
(0.2)
(0.5)
(1.2)
(0.1)
0.2
0.2
(1.6)
Balance at 31 March 2025
48.4
28.6
95.4
1.4
33.9
2.7
210.4
Carrying amounts
Balance at 1 April 2023
101.7
7.1
19.4
0.2
2.4
1.3
132.1
Balance at 31 March 2024 and 1 April 2024 as restated
1
106.9
6.1
20.9
0.5
2.4
1.4
138.2
Balance at 31 March 2025
89.6
5.7
22.3
0.4
3.0
0.8
121.8
1. Details of the restatement of prior year numbers can be found in Note 11.
During the year the Group made impairments of \u00a30.2m (2024: \u00a3nil) in respect of capitalised
development costs, and \u00a326.0m (2024: \u00a3nil) in respect of goodwill.
The following intangible assets are considered material by the Directors as they represent
97% (2024: 96%) of total acquired intangible assets:
2024 as
2025
restated
1
Net book Remaining Net book
value Amortisation amortisation value
Acquisition
Type
\u00a3m period years period years \u00a3m
Andor
Trademarks
2.6
15.0
3.8
3.9
Andor
Technology, know-
how and patents
3.1
12.0
0.8
7.3
WITec
Trademarks
1.7
10.0
6.6
2.0
WITec
Technology, know-
how and patents
1.4
5.0
1.6
2.4
First Light Imaging
Trademarks
0.1
2.0
0.8
0.2
First Light Imaging
Technology, know-
how and patents:
\u2013 OCAM
0.3
12.0
10.8
0.3
\u2013 C-RED
8.6
14.0
12.8
9.3
Asylum
Technology, know-
how and patents
\u2013
12.0
\u2013
1.0
FemtoTools
Trademarks
0.8
7.0
6.3
\u2013
FemtoTools
Technology, know-
how and patents
8.8
11.0
10.3
\u2013
Goodwill acquired in a business combination is allocated, at acquisition, to the cash-generating
units (CGUs) that are expected to benefit from that business combination. The carrying amount of
goodwill was allocated to individual CGUs as follows:
2024 as
2025
restated
1
\u00a3m \u00a3m
Imaging & Analysis
NanoAnalysis
9.8
9.9
Magnetic Resonance
2.3
2.3
Andor
40.9
67.0
WITec
20.6
21.0
FemtoTools
9.4
\u2013
Advanced Technologies
NanoScience
6.6
6.7
89.6
106.9
1. Details of restatement of prior period numbers can be found in Note 11.
The Group tests goodwill annually for impairment, or more frequently if there are indications that
goodwill might be impaired.
Impairment tests on the carrying values of goodwill, which are the Group\u2019s only indefinite life
intangible assets, are performed by analysing the carrying value allocated to each significant CGU
against its value in use. Value in use is calculated for each CGU as the net present value of that unit\u2019s
discounted future cash flows. These cash flows are based on board approved budget cash flow
information for a period of one year and board approved strategic plans for the following 2 years,
both of which are prepared taking into account a range of factors including past experience, the
forecast future trading environment and macroeconomic conditions in the Group\u2019s key markets. The
cash flows beyond the strategic plan period use growth rates between 2.0% and 2.5%. This rate was
considered to be at or below long-term market trends for the Group\u2019s businesses. These forecasts
are also adjusted for more recent information where this is considered to have a material impact.
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 cost of capital used for Imaging & Analysis and Advanced
Technologies in impairment testing is between 13.38% and 13.98% (2024: 13.14% to 13.64%), 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.
Result of impairment assessment
Based on the methodology set out above, as explained in Note 2, the impairment review for
Andor Technology concluded that the carrying values of the business exceeded their recoverable
amounts and accordingly an impairment charge of \u00a326.0m has been recognised.
The Group\u2019s microscopy and scientific cameras business, Andor Technology, faced a challenging
trading period as a result of continued healthcare and life science market weakness, loss of
revenues in China, and operational challenges. Actions have been put in place in to improve the
performance of the business. These plans are in the early phases of execution, and therefore
forecasts at 31 March 2025 for expected future cash flows from the business give greater weight
to recent performance and reflect future uncertainty over the potential outcomes of those plans.
Based on these forecasts it was determined that Andor\u2019s expected future cash flows at
31 March 2025 were not sufficient to support its full carrying value, resulting in an impairment
of the Andor CGU.
Sensitivity analysis
The Group has applied sensitivities to assess whether any reasonable possible changes in
assumptions could cause an impairment of the goodwill in any CGU that would be material to
these Consolidated Financial Statements. The sensitivity analyses did not identify any potential
impairment for any CGU, with the exception of Andor Technology.
For Andor Technology, revenue growth, long-term adjusted operating profit growth, cash
conversion %, and the discount rate are the key assumptions to which the goodwill impairment
review is most sensitive.
The following table provides information of the impact on calculated headroom of various
independent scenarios for each of those key assumptions:
Additional
Sensitivity impairment
Input
Scenario
applied charge \u00a3m
Revenue growth rate FY27\u2013FY28
Base case
2.5%
\u2013
Sensitised
0.0%
(10.4)
Adjusted operating profit growth rate FY28 onwards
Base case
2.0%
\u2013
Sensitised
0.0%
(7.1 )
Cash conversion
Base case
86%
\u2013
Sensitised
80%
(7. 5)
Post-tax discount rate
Base case
13.98%
\u2013
Sensitised
15.48%
(7.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-479": { "value": "13 Intangible assets
Customer- Technology- Development Development
related acquired related acquired costs acquired costs internally
Goodwill intangibles intangibles intangibles generated Software Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Balance at 1 April 2023
124.6
34.1
101.0
1.8
37. 3
4.3
303.1
Additions \u2013 business combinations as restated
1
5.7
0.2
10.1
\u2013
\u2013
0.1
16.1
Additions \u2013 internally generated
\u2013
\u2013
\u2013
\u2013
0.7
0.2
0.9
Disposals
\u2013
\u2013
\u2013
\u2013
(2.8)
\u2013
(2.8)
Effect of movements in foreign exchange rates
(0.8)
(0.4)
(1.3)
\u2013
\u2013
\u2013
(2.5)
Balance at 31 March 2024 and 1 April 2024 as restated
1
129.5
33.9
109.8
1.8
35.2
4.6
314.8
Additions \u2013 business combinations
9.5
0.9
9.6
\u2013
\u2013
\u2013
20.0
Additions \u2013 internally generated
\u2013
\u2013
\u2013
\u2013
1.5
\u2013
1.5
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(1.2)
(1.2)
Effect of movements in foreign exchange rates
(1.0)
(0.5)
(1.7)
\u2013
0.2
0.1
(2.9)
Balance at 31 March 2025
138.0
34.3
117.7
1.8
36.9
3.5
332.2
Amortisation and impairment losses
Balance at 1 April 2023
22.9
27.0
81.6
1.6
34.9
3.0
171.0
Amortisation and impairment charged
\u2013
1.2
7.9
\u2013
0.6
0.1
9.8
Disposals
\u2013
\u2013
\u2013
\u2013
(2.8)
\u2013
(2.8)
Effect of movements in foreign exchange rates
(0.3)
(0.4)
(0.6)
(0.3)
0.1
0.1
(1.4)
Balance at 31 March 2024 and 1 April 2024
22.6
27. 8
88.9
1.3
32.8
3.2
176.6
Amortisation and impairment charged
26.0
1.3
7.7
0.2
0.9
0.5
36.6
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(1.2)
(1.2)
Effect of movements in foreign exchange rates
(0.2)
(0.5)
(1.2)
(0.1)
0.2
0.2
(1.6)
Balance at 31 March 2025
48.4
28.6
95.4
1.4
33.9
2.7
210.4
Carrying amounts
Balance at 1 April 2023
101.7
7.1
19.4
0.2
2.4
1.3
132.1
Balance at 31 March 2024 and 1 April 2024 as restated
1
106.9
6.1
20.9
0.5
2.4
1.4
138.2
Balance at 31 March 2025
89.6
5.7
22.3
0.4
3.0
0.8
121.8
1. Details of the restatement of prior year numbers can be found in Note 11. During the year the Group made impairments of \u00a30.2m (2024: \u00a3nil) in respect of capitalised development costs, and \u00a326.0m (2024: \u00a3nil) in respect of goodwill. The following intangible assets are considered material by the Directors as they represent 97% (2024: 96%) of total acquired intangible assets:
2024 as
2025
restated
1
Net book Remaining Net book
value Amortisation amortisation value
Acquisition
Type
\u00a3m period years period years \u00a3m
Andor
Trademarks
2.6
15.0
3.8
3.9
Andor
Technology, know-
how and patents
3.1
12.0
0.8
7.3
WITec
Trademarks
1.7
10.0
6.6
2.0
WITec
Technology, know-
how and patents
1.4
5.0
1.6
2.4
First Light Imaging
Trademarks
0.1
2.0
0.8
0.2
First Light Imaging
Technology, know-
how and patents:
\u2013 OCAM
0.3
12.0
10.8
0.3
\u2013 C-RED
8.6
14.0
12.8
9.3
Asylum
Technology, know-
how and patents
\u2013
12.0
\u2013
1.0
FemtoTools
Trademarks
0.8
7.0
6.3
\u2013
FemtoTools
Technology, know-
how and patents
8.8
11.0
10.3
\u2013
Goodwill acquired in a business combination is allocated, at acquisition, to the cash-generating units (CGUs) that are expected to benefit from that business combination. The carrying amount of goodwill was allocated to individual CGUs as follows:
2024 as
2025
restated
1
\u00a3m \u00a3m
Imaging & Analysis
NanoAnalysis
9.8
9.9
Magnetic Resonance
2.3
2.3
Andor
40.9
67.0
WITec
20.6
21.0
FemtoTools
9.4
\u2013
Advanced Technologies
NanoScience
6.6
6.7
89.6
106.9
1. Details of restatement of prior period numbers can be found in Note 11. The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. Impairment tests on the carrying values of goodwill, which are the Group\u2019s only indefinite life intangible assets, are performed by analysing the carrying value allocated to each significant CGU against its value in use. Value in use is calculated for each CGU as the net present value of that unit\u2019s discounted future cash flows. These cash flows are based on board approved budget cash flow information for a period of one year and board approved strategic plans for the following 2 years, both of which are prepared taking into account a range of factors including past experience, the forecast future trading environment and macroeconomic conditions in the Group\u2019s key markets. The cash flows beyond the strategic plan period use growth rates between 2.0% and 2.5%. This rate was considered to be at or below long-term market trends for the Group\u2019s businesses. These forecasts are also adjusted for more recent information where this is considered to have a material impact. 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 cost of capital used for Imaging & Analysis and Advanced Technologies in impairment testing is between 13.38% and 13.98% (2024: 13.14% to 13.64%), 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. Result of impairment assessment Based on the methodology set out above, as explained in Note 2, the impairment review for Andor Technology concluded that the carrying values of the business exceeded their recoverable amounts and accordingly an impairment charge of \u00a326.0m has been recognised. The Group\u2019s microscopy and scientific cameras business, Andor Technology, faced a challenging trading period as a result of continued healthcare and life science market weakness, loss of revenues in China, and operational challenges. Actions have been put in place in to improve the performance of the business. These plans are in the early phases of execution, and therefore forecasts at 31 March 2025 for expected future cash flows from the business give greater weight to recent performance and reflect future uncertainty over the potential outcomes of those plans. Based on these forecasts it was determined that Andor\u2019s expected future cash flows at 31 March 2025 were not sufficient to support its full carrying value, resulting in an impairment of the Andor CGU. Sensitivity analysis The Group has applied sensitivities to assess whether any reasonable possible changes in assumptions could cause an impairment of the goodwill in any CGU that would be material to these Consolidated Financial Statements. The sensitivity analyses did not identify any potential impairment for any CGU, with the exception of Andor Technology. For Andor Technology, revenue growth, long-term adjusted operating profit growth, cash conversion %, and the discount rate are the key assumptions to which the goodwill impairment review is most sensitive. The following table provides information of the impact on calculated headroom of various independent scenarios for each of those key assumptions:
Additional
Sensitivity impairment
Input
Scenario
applied charge \u00a3m
Revenue growth rate FY27\u2013FY28
Base case
2.5%
\u2013
Sensitised
0.0%
(10.4)
Adjusted operating profit growth rate FY28 onwards
Base case
2.0%
\u2013
Sensitised
0.0%
(7.1 )
Cash conversion
Base case
86%
\u2013
Sensitised
80%
(7. 5)
Post-tax discount rate
Base case
13.98%
\u2013
Sensitised
15.48%
(7.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-457": { "value": "13 Intangible assets
Customer- Technology- Development Development
related acquired related acquired costs acquired costs internally
Goodwill intangibles intangibles intangibles generated Software Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Balance at 1 April 2023
124.6
34.1
101.0
1.8
37. 3
4.3
303.1
Additions \u2013 business combinations as restated
1
5.7
0.2
10.1
\u2013
\u2013
0.1
16.1
Additions \u2013 internally generated
\u2013
\u2013
\u2013
\u2013
0.7
0.2
0.9
Disposals
\u2013
\u2013
\u2013
\u2013
(2.8)
\u2013
(2.8)
Effect of movements in foreign exchange rates
(0.8)
(0.4)
(1.3)
\u2013
\u2013
\u2013
(2.5)
Balance at 31 March 2024 and 1 April 2024 as restated
1
129.5
33.9
109.8
1.8
35.2
4.6
314.8
Additions \u2013 business combinations
9.5
0.9
9.6
\u2013
\u2013
\u2013
20.0
Additions \u2013 internally generated
\u2013
\u2013
\u2013
\u2013
1.5
\u2013
1.5
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(1.2)
(1.2)
Effect of movements in foreign exchange rates
(1.0)
(0.5)
(1.7)
\u2013
0.2
0.1
(2.9)
Balance at 31 March 2025
138.0
34.3
117.7
1.8
36.9
3.5
332.2
Amortisation and impairment losses
Balance at 1 April 2023
22.9
27.0
81.6
1.6
34.9
3.0
171.0
Amortisation and impairment charged
\u2013
1.2
7.9
\u2013
0.6
0.1
9.8
Disposals
\u2013
\u2013
\u2013
\u2013
(2.8)
\u2013
(2.8)
Effect of movements in foreign exchange rates
(0.3)
(0.4)
(0.6)
(0.3)
0.1
0.1
(1.4)
Balance at 31 March 2024 and 1 April 2024
22.6
27. 8
88.9
1.3
32.8
3.2
176.6
Amortisation and impairment charged
26.0
1.3
7.7
0.2
0.9
0.5
36.6
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(1.2)
(1.2)
Effect of movements in foreign exchange rates
(0.2)
(0.5)
(1.2)
(0.1)
0.2
0.2
(1.6)
Balance at 31 March 2025
48.4
28.6
95.4
1.4
33.9
2.7
210.4
Carrying amounts
Balance at 1 April 2023
101.7
7.1
19.4
0.2
2.4
1.3
132.1
Balance at 31 March 2024 and 1 April 2024 as restated
1
106.9
6.1
20.9
0.5
2.4
1.4
138.2
Balance at 31 March 2025
89.6
5.7
22.3
0.4
3.0
0.8
121.8
1. Details of the restatement of prior year numbers can be found in Note 11. During the year the Group made impairments of \u00a30.2m (2024: \u00a3nil) in respect of capitalised development costs, and \u00a326.0m (2024: \u00a3nil) in respect of goodwill. The following intangible assets are considered material by the Directors as they represent 97% (2024: 96%) of total acquired intangible assets:
2024 as
2025
restated
1
Net book Remaining Net book
value Amortisation amortisation value
Acquisition
Type
\u00a3m period years period years \u00a3m
Andor
Trademarks
2.6
15.0
3.8
3.9
Andor
Technology, know-
how and patents
3.1
12.0
0.8
7.3
WITec
Trademarks
1.7
10.0
6.6
2.0
WITec
Technology, know-
how and patents
1.4
5.0
1.6
2.4
First Light Imaging
Trademarks
0.1
2.0
0.8
0.2
First Light Imaging
Technology, know-
how and patents:
\u2013 OCAM
0.3
12.0
10.8
0.3
\u2013 C-RED
8.6
14.0
12.8
9.3
Asylum
Technology, know-
how and patents
\u2013
12.0
\u2013
1.0
FemtoTools
Trademarks
0.8
7.0
6.3
\u2013
FemtoTools
Technology, know-
how and patents
8.8
11.0
10.3
\u2013
Goodwill acquired in a business combination is allocated, at acquisition, to the cash-generating units (CGUs) that are expected to benefit from that business combination. The carrying amount of goodwill was allocated to individual CGUs as follows:
2024 as
2025
restated
1
\u00a3m \u00a3m
Imaging & Analysis
NanoAnalysis
9.8
9.9
Magnetic Resonance
2.3
2.3
Andor
40.9
67.0
WITec
20.6
21.0
FemtoTools
9.4
\u2013
Advanced Technologies
NanoScience
6.6
6.7
89.6
106.9
1. Details of restatement of prior period numbers can be found in Note 11. The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. Impairment tests on the carrying values of goodwill, which are the Group\u2019s only indefinite life intangible assets, are performed by analysing the carrying value allocated to each significant CGU against its value in use. Value in use is calculated for each CGU as the net present value of that unit\u2019s discounted future cash flows. These cash flows are based on board approved budget cash flow information for a period of one year and board approved strategic plans for the following 2 years, both of which are prepared taking into account a range of factors including past experience, the forecast future trading environment and macroeconomic conditions in the Group\u2019s key markets. The cash flows beyond the strategic plan period use growth rates between 2.0% and 2.5%. This rate was considered to be at or below long-term market trends for the Group\u2019s businesses. These forecasts are also adjusted for more recent information where this is considered to have a material impact. 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 cost of capital used for Imaging & Analysis and Advanced Technologies in impairment testing is between 13.38% and 13.98% (2024: 13.14% to 13.64%), 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. Result of impairment assessment Based on the methodology set out above, as explained in Note 2, the impairment review for Andor Technology concluded that the carrying values of the business exceeded their recoverable amounts and accordingly an impairment charge of \u00a326.0m has been recognised. The Group\u2019s microscopy and scientific cameras business, Andor Technology, faced a challenging trading period as a result of continued healthcare and life science market weakness, loss of revenues in China, and operational challenges. Actions have been put in place in to improve the performance of the business. These plans are in the early phases of execution, and therefore forecasts at 31 March 2025 for expected future cash flows from the business give greater weight to recent performance and reflect future uncertainty over the potential outcomes of those plans. Based on these forecasts it was determined that Andor\u2019s expected future cash flows at 31 March 2025 were not sufficient to support its full carrying value, resulting in an impairment of the Andor CGU. Sensitivity analysis The Group has applied sensitivities to assess whether any reasonable possible changes in assumptions could cause an impairment of the goodwill in any CGU that would be material to these Consolidated Financial Statements. The sensitivity analyses did not identify any potential impairment for any CGU, with the exception of Andor Technology. For Andor Technology, revenue growth, long-term adjusted operating profit growth, cash conversion %, and the discount rate are the key assumptions to which the goodwill impairment review is most sensitive. The following table provides information of the impact on calculated headroom of various independent scenarios for each of those key assumptions:
Additional
Sensitivity impairment
Input
Scenario
applied charge \u00a3m
Revenue growth rate FY27\u2013FY28
Base case
2.5%
\u2013
Sensitised
0.0%
(10.4)
Adjusted operating profit growth rate FY28 onwards
Base case
2.0%
\u2013
Sensitised
0.0%
(7.1 )
Cash conversion
Base case
86%
\u2013
Sensitised
80%
(7. 5)
Post-tax discount rate
Base case
13.98%
\u2013
Sensitised
15.48%
(7.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-424": { "value": "
14 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 expose 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 Other
leases leases Total
\u00a3m \u00a3m \u00a3m
Cost
Balance at 1 April 2023
42.5
3.0
45.5
Additions \u2013 business combinations
0.7
\u2013
0.7
Additions
5.8
0.2
6.0
Disposals
(1.1)
(0.2)
(1.3)
Exchange differences
(1.5)
(0.1)
(1.6)
Balance at 31 March 2024
46.4
2.9
49.3
Additions
2.4
0.5
2.9
Disposals
(0.7)
(0.7)
(1.4)
Exchange differences
(0.6)
\u2013
(0.6)
Balance at 31 March 2025
47.5
2.7
50.2
Amortisation and impairment losses
Balance at 1 April 2023
12.8
1.3
14.1
Amortisation charge for the year
4.5
0.5
5.0
Disposals
(1.6)
(0.1)
(1.7)
Exchange differences
(0.5)
\u2013
(0.5)
Balance at 31 March 2024
15.2
1.7
16.9
Amortisation charge for the year
4.8
0.6
5.4
Disposals
(1.0)
(0.7)
(1.7)
Exchange differences
(0.3)
\u2013
(0.3)
Balance at 31 March 2025
18.7
1.6
20.3
Carrying amounts
Balance at 1 April 2023
29.7
1.7
31.4
Balance at 31 March 2024 and 1 April 2024
31.2
1.2
32.4
Balance at 31 March 2025
28.8
1.1
29.9
Lease liabilities
2025 2024
\u00a3m \u00a3m
Balance at beginning of year
33.4
31.4
Additions \u2013 business combinations
\u2013
0.7
Additions
2.9
6.0
Disposals
(0.3)
\u2013
Payments made (cash flows from financing activities)
(5.5)
(4.8)
Interest charge
0.6
0.8
Effect of movements in foreign exchange rates
0.1
(0.7)
31.2
33.4
Amounts falling due after more than one year
26.7
28.6
Amounts falling due in less than one year
4.5
4.8
Amounts recognised in Consolidated Statement of Income
2025 2024
\u00a3m \u00a3m
Interest on lease liabilities
(0.6)
(0.8)
Amortisation of right-of-use assets
(5.4)
(5.0)
Repayments of lease liabilities of \u00a35.5m (2024: \u00a34.8m) have been recognised in the Consolidated
Statement of Cash Flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-458": { "value": "Right-of-use assets
Property Other
leases leases Total
\u00a3m \u00a3m \u00a3m
Cost
Balance at 1 April 2023
42.5
3.0
45.5
Additions \u2013 business combinations
0.7
\u2013
0.7
Additions
5.8
0.2
6.0
Disposals
(1.1)
(0.2)
(1.3)
Exchange differences
(1.5)
(0.1)
(1.6)
Balance at 31 March 2024
46.4
2.9
49.3
Additions
2.4
0.5
2.9
Disposals
(0.7)
(0.7)
(1.4)
Exchange differences
(0.6)
\u2013
(0.6)
Balance at 31 March 2025
47.5
2.7
50.2
Amortisation and impairment losses
Balance at 1 April 2023
12.8
1.3
14.1
Amortisation charge for the year
4.5
0.5
5.0
Disposals
(1.6)
(0.1)
(1.7)
Exchange differences
(0.5)
\u2013
(0.5)
Balance at 31 March 2024
15.2
1.7
16.9
Amortisation charge for the year
4.8
0.6
5.4
Disposals
(1.0)
(0.7)
(1.7)
Exchange differences
(0.3)
\u2013
(0.3)
Balance at 31 March 2025
18.7
1.6
20.3
Carrying amounts
Balance at 1 April 2023
29.7
1.7
31.4
Balance at 31 March 2024 and 1 April 2024
31.2
1.2
32.4
Balance at 31 March 2025
28.8
1.1
29.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-425": { "value": "
15 Inventories
2024 as
2025
restated
1
\u00a3m \u00a3m
Raw materials and consumables
52.5
59.0
Work in progress
28.0
27.3
Finished goods
18.6
21.8
99.1
108.1
1. Details of restatement of prior period numbers can be found in Note 11.
The amount of inventory recognised as an expense was \u00a3190.9m (2024: \u00a3182.4m). 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 \u00a30.6m in the
current period (2024: \u00a31.2m). In the current year, \u00a3nil (2024: \u00a3nil) was reversed relating to previous
impairments. Impairments are included within gross profit.
Inventory carried at net realisable value is \u00a33.2m (2024: \u00a30.2m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-426": { "value": "
16 Trade and other receivables
2025 2024
\u00a3m \u00a3m
Trade receivables
102.2
88.5
Less provision for impairment of receivables
(4.7)
(3.6)
Net trade receivables
97.5
84.9
Accrued income
12.2
11.7
Prepayments
9.9
9.9
Other receivables
2.3
3.4
Other taxation receivable
1
4.3
4.8
126.2
114.7
1. Other taxation receivable has been added as an additional line item in the current year. The prior year number in relation to
this balance was previously included in other receivables and has been separated out to show the comparison.
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:
2024 as
2025
restated
1
\u00a3m \u00a3m
UK
7.9
8.2
China
9.4
16.1
Japan
15.6
15.4
USA
42.5
24.2
Germany
6.7
5.4
Rest of Europe
13.5
15.9
Rest of Asia
8.9
10.4
Rest of World
7.5
4.4
112.0
100.0
1. Prior year numbers have been restated to exclude tax-related balances of \u00a34.8m from credit risk disclosures.
The ageing of financial assets comprising net trade receivables and other receivables plus accrued
income at the reporting date was:
2024 as
2025
restated
1
\u00a3m \u00a3m
Current (not overdue)
81.5
49.9
Less than 31 days overdue
11.7
20.5
More than 30 but less than 91 days overdue
8.2
15.2
More than 90 days overdue
10.6
14.4
112.0
100.0
1. Prior year numbers have been restated to exclude tax-related balances of \u00a34.8m from credit risk disclosures.
In the current year \u00a30.2m (2024: \u00a30.2m) of the provision against trade receivables and other
receivables plus accrued income relates to balances less than 90 days overdue. The remaining
balance 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:
2025 2024
\u00a3m \u00a3m
Balance at start of year
3.6
3.5
Increase in loss allowance recognised in the
Consolidated Statement of Income during the year
1.1
0.1
Balance at end of year
4.7
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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-484": { "value": "16 Trade and other receivables
2025 2024
\u00a3m \u00a3m
Trade receivables
102.2
88.5
Less provision for impairment of receivables
(4.7)
(3.6)
Net trade receivables
97.5
84.9
Accrued income
12.2
11.7
Prepayments
9.9
9.9
Other receivables
2.3
3.4
Other taxation receivable
1
4.3
4.8
126.2
114.7
1. Other taxation receivable has been added as an additional line item in the current year. The prior year number in relation to this balance was previously included in other receivables and has been separated out to show the comparison. 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:
2024 as
2025
restated
1
\u00a3m \u00a3m
UK
7.9
8.2
China
9.4
16.1
Japan
15.6
15.4
USA
42.5
24.2
Germany
6.7
5.4
Rest of Europe
13.5
15.9
Rest of Asia
8.9
10.4
Rest of World
7.5
4.4
112.0
100.0
1. Prior year numbers have been restated to exclude tax-related balances of \u00a34.8m from credit risk disclosures. The ageing of financial assets comprising net trade receivables and other receivables plus accrued income at the reporting date was:
2024 as
2025
restated
1
\u00a3m \u00a3m
Current (not overdue)
81.5
49.9
Less than 31 days overdue
11.7
20.5
More than 30 but less than 91 days overdue
8.2
15.2
More than 90 days overdue
10.6
14.4
112.0
100.0
1. Prior year numbers have been restated to exclude tax-related balances of \u00a34.8m from credit risk disclosures. In the current year \u00a30.2m (2024: \u00a30.2m) of the provision against trade receivables and other receivables plus accrued income relates to balances less than 90 days overdue. The remaining balance 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:
2025 2024
\u00a3m \u00a3m
Balance at start of year
3.6
3.5
Increase in loss allowance recognised in the
Consolidated Statement of Income during the year
1.1
0.1
Balance at end of year
4.7
3.6
The loss allowance is recognised in the administration and shared services line in the Consolidated Statement of Income.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-459": { "value": "The ageing of financial assets comprising net trade receivables and other receivables plus accrued income at the reporting date was:
2024 as
2025
restated
1
\u00a3m \u00a3m
Current (not overdue)
81.5
49.9
Less than 31 days overdue
11.7
20.5
More than 30 but less than 91 days overdue
8.2
15.2
More than 90 days overdue
10.6
14.4
112.0
100.0
1. Prior year numbers have been restated to exclude tax-related balances of \u00a34.8m from credit risk disclosures. In the current year \u00a30.2m (2024: \u00a30.2m) of the provision against trade receivables and other receivables plus accrued income relates to balances less than 90 days overdue. The remaining balance 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:
2025 2024
\u00a3m \u00a3m
Balance at start of year
3.6
3.5
Increase in loss allowance recognised in the
Consolidated Statement of Income during the year
1.1
0.1
Balance at end of year
4.7
3.6
The loss allowance is recognised in the administration and shared services line in the Consolidated Statement of Income.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-427": { "value": "17 Contract assets and liabilities 2025 2024 Contract Contract Contract Contract asset liability asset liability Accrued Customer Deferred Accrued Customer Deferred income deposits income income deposits income \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Balance at 1 April 11.7 (58.4) (22.9) 9.4 (52.1) (21.3) Acquired balances \u2013 \u2013 \u2013 \u2013 (0.4) (0.7) Transfers in the period from contract assets to trade receivables (11.7) \u2013 \u2013 (9.4) \u2013 \u2013 Amounts included in contract liabilities that were recognised as revenue during the period \u2013 57. 3 22.9 \u2013 48.5 21.3 Excess of revenue recognised over cash (or rights to cash) being recognised during the period 12.2 \u2013 \u2013 11.7 \u2013 \u2013 Cash received in advance of performance and not recognised as revenue during the period \u2013 (45.3) (24.6) \u2013 (54.4) (22.2) Balance at 31 March 12.2 (46.4) (24.6) 11.7 (58.4) (22.9) Contract assets and 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-428": { "value": "
18 Cash and cash equivalents
2025 2024
\u00a3m \u00a3m
Cash balances
94.1
97.8
Bank overdrafts (Note 19)
(8.8)
(12.3)
Cash and cash equivalents in the Consolidated Statement of Cash Flows
85.3
85.5
Bank loans at First Light Imaging
(0.4)
(0.8)
Covid-19 loan at WITec
(0.5)
(0.9)
Net cash after borrowings at the end of the year
84.4
83.8
Cash and cash equivalents at 31 March 2025 includes \u00a30.9m (2024: \u00a30.5m) that is not available for
general use by the Group. This balance relates to customer deposits received on orders by Oxford
Instruments India that are then placed into a fixed deposit account. The cash is released back to
Oxford Instruments India once the order is completed.
Reconciliation of changes in cash and cash equivalents to movement in net cash
after borrowings
2025 2024
\u00a3m \u00a3m
Net increase/(decrease) in cash and cash equivalents
3.3
(13.1)
Effect of exchange rate fluctuations on cash held
(3.5)
(2.9)
Movement in net cash in the year
(0.2)
(16.0)
Bank loans at First Light Imaging acquired
\u2013
(2.2)
Repayment of borrowings
0.8
1.8
Net cash after borrowings at the start of the year
83.8
100.2
Net cash after borrowings at the end of the year
84.4
83.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-429": { "value": "
19 Borrowings
2025 2024
\u00a3m \u00a3m
Current
Bank loans at First Light Imaging
\u2013
0.4
Covid-19 loan at WITec
0.4
0.4
Bank overdrafts
8.8
12.3
At the end of the year
9.2
13.1
2025 2024
\u00a3m \u00a3m
Non-current
Bank loans at First Light Imaging
0.4
0.4
Covid-19 loan at WITec
0.1
0.5
At the end of the year
0.5
0.9
In the prior year on 19 March 2024, the Group entered into a new multi-currency revolving facility
agreement, which is committed until March 2028 with 15-month and 12-month extension options at
the end of the first and second years respectively. The facility has been entered into with four banks
and comprises a euro-denominated multi-currency facility of \u20ac95m and a US-dollar-denominated
multi-currency facility of $150m. Debt covenants are net debt to EBITDA less than 3.0 times and
EBITDA to interest greater than 4.0 times.
The Group\u2019s undrawn committed facilities available at 31 March 2025 were \u00a3196.1m, comprising the
undrawn portion of the Group\u2019s \u00a3196.1m revolving credit facilities.
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 2025 were \u00a318.2m (2024: \u00a318.3m).
A reconciliation of the Group\u2019s borrowings balances is shown below:
2025 2024
\u00a3m \u00a3m
Balance at the beginning of the year
14.0
12.5
Increase in borrowings (from acquisition of First Light Imaging)
\u2013
2.2
Repayment of borrowings (cash flow from financing activities)
(0.8)
(1.8)
(Decrease)/increase in bank overdrafts
(3.5)
1.1
Interest charged
1.4
0.9
Interest paid
(1.4)
(0.9)
At the end of the year
9.7
14.0
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.
As at 31 March 2025
As at 31 March 2024
Carrying Carrying
Fair value amount Fair value amount Fair value
hierarchy \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets measured
at fair value
Derivative financial assets:
\u2013 Foreign currency contracts
2
2.2
2.2
2.5
2.5
Financial assets measured at
amortised cost
Long-term receivables
1.0
1.3
Trade receivables
97.5
84.9
Other receivables and accrued
income
14.5
15.1
Cash and cash equivalents
94.1
97.8
Financial liabilities measured
at fair value
Derivative financial liabilities:
\u2013 Foreign currency contracts
2
(0.6)
(0.6)
(0.1)
(0.1)
\u2013 Contingent consideration
3
(4.0)
(4.0)
(2.8)
(2.8)
Financial liabilities measured
at amortised cost
Trade and other payables
(76.8)
(75.8)
Bank overdrafts
(8.8)
(12.3)
Borrowings
(0.9)
(1.7)
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. Tax-related receivables and payables are excluded from the above table
as these are not considered to be financial assets and liabilities.
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 (ie as prices) or indirectly (ie derived from prices).
\u2022 Level 3: inputs for the asset or liability that are not based on observable market data.
There have been no transfers between levels during the period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-460": { "value": "19 Borrowings
2025 2024
\u00a3m \u00a3m
Current
Bank loans at First Light Imaging
\u2013
0.4
Covid-19 loan at WITec
0.4
0.4
Bank overdrafts
8.8
12.3
At the end of the year
9.2
13.1
2025 2024
\u00a3m \u00a3m
Non-current
Bank loans at First Light Imaging
0.4
0.4
Covid-19 loan at WITec
0.1
0.5
At the end of the year
0.5
0.9
In the prior year on 19 March 2024, the Group entered into a new multi-currency revolving facility agreement, which is committed until March 2028 with 15-month and 12-month extension options at the end of the first and second years respectively. The facility has been entered into with four banks and comprises a euro-denominated multi-currency facility of \u20ac95m and a US-dollar-denominated multi-currency facility of $150m. Debt covenants are net debt to EBITDA less than 3.0 times and EBITDA to interest greater than 4.0 times. The Group\u2019s undrawn committed facilities available at 31 March 2025 were \u00a3196.1m, comprising the undrawn portion of the Group\u2019s \u00a3196.1m revolving credit facilities. 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 2025 were \u00a318.2m (2024: \u00a318.3m). A reconciliation of the Group\u2019s borrowings balances is shown below:
2025 2024
\u00a3m \u00a3m
Balance at the beginning of the year
14.0
12.5
Increase in borrowings (from acquisition of First Light Imaging)
\u2013
2.2
Repayment of borrowings (cash flow from financing activities)
(0.8)
(1.8)
(Decrease)/increase in bank overdrafts
(3.5)
1.1
Interest charged
1.4
0.9
Interest paid
(1.4)
(0.9)
At the end of the year
9.7
14.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-430": { "value": "
20 Trade and other payables
2025 2024
\u00a3m \u00a3m
Trade payables
31.4
32.6
Customer deposits
46.4
58.4
Social security and other taxes
5.9
6.3
Accrued expenses
40.9
39.3
Deferred income
24.6
22.9
Other payables
8.5
6.7
157.7
166.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-485": { "value": "20 Trade and other payables
2025 2024
\u00a3m \u00a3m
Trade payables
31.4
32.6
Customer deposits
46.4
58.4
Social security and other taxes
5.9
6.3
Accrued expenses
40.9
39.3
Deferred income
24.6
22.9
Other payables
8.5
6.7
157.7
166.2
21 Provisions for other liabilities and charges
IP-related
Warranties claims Other Total
\u00a3m \u00a3m \u00a3m \u00a3m
Balance as at 1 April 2024
3.2
0.6
2.6
6.4
Provisions made during the year
3.1
\u2013
0.5
3.6
Provisions used during the year
(2.0)
\u2013
(0.8)
(2.8)
Provisions released during the year
(0.7)
(0.6)
\u2013
(1.3)
Balance as at 31 March 2025
3.6
\u2013
2.3
5.9
Amounts falling due before one year
3.6
\u2013
1.0
4.6
Amounts falling due after more than one year
\u2013
\u2013
1.3
1.3
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. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-461": { "value": "20 Trade and other payables
2025 2024
\u00a3m \u00a3m
Trade payables
31.4
32.6
Customer deposits
46.4
58.4
Social security and other taxes
5.9
6.3
Accrued expenses
40.9
39.3
Deferred income
24.6
22.9
Other payables
8.5
6.7
157.7
166.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-431": { "value": "
21 Provisions for other liabilities and charges
IP-related
Warranties claims Other Total
\u00a3m \u00a3m \u00a3m \u00a3m
Balance as at 1 April 2024
3.2
0.6
2.6
6.4
Provisions made during the year
3.1
\u2013
0.5
3.6
Provisions used during the year
(2.0)
\u2013
(0.8)
(2.8)
Provisions released during the year
(0.7)
(0.6)
\u2013
(1.3)
Balance as at 31 March 2025
3.6
\u2013
2.3
5.9
Amounts falling due before one year
3.6
\u2013
1.0
4.6
Amounts falling due after more than one year
\u2013
\u2013
1.3
1.3
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.
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-462": { "value": "21 Provisions for other liabilities and charges
IP-related
Warranties claims Other Total
\u00a3m \u00a3m \u00a3m \u00a3m
Balance as at 1 April 2024
3.2
0.6
2.6
6.4
Provisions made during the year
3.1
\u2013
0.5
3.6
Provisions used during the year
(2.0)
\u2013
(0.8)
(2.8)
Provisions released during the year
(0.7)
(0.6)
\u2013
(1.3)
Balance as at 31 March 2025
3.6
\u2013
2.3
5.9
Amounts falling due before one year
3.6
\u2013
1.0
4.6
Amounts falling due after more than one year
\u2013
\u2013
1.3
1.3
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. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-463": { "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.
As at 31 March 2025
As at 31 March 2024
Carrying Carrying
Fair value amount Fair value amount Fair value
hierarchy \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets measured
at fair value
Derivative financial assets:
\u2013 Foreign currency contracts
2
2.2
2.2
2.5
2.5
Financial assets measured at
amortised cost
Long-term receivables
1.0
1.3
Trade receivables
97.5
84.9
Other receivables and accrued
income
14.5
15.1
Cash and cash equivalents
94.1
97.8
Financial liabilities measured
at fair value
Derivative financial liabilities:
\u2013 Foreign currency contracts
2
(0.6)
(0.6)
(0.1)
(0.1)
\u2013 Contingent consideration
3
(4.0)
(4.0)
(2.8)
(2.8)
Financial liabilities measured
at amortised cost
Trade and other payables
(76.8)
(75.8)
Bank overdrafts
(8.8)
(12.3)
Borrowings
(0.9)
(1.7)
The following summarises the major methods and assumptions used in estimating the fair values of financial instruments reflected in the above table. 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 (ie as prices) or indirectly (ie derived from prices). \u2022 Level 3: inputs for the asset or liability that are not based on observable market data. There have been no transfers between levels during the period.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-480": { "value": "Fair value hierarchy The following summarises the major methods and assumptions used in estimating the fair values of financial instruments reflected in the above table. 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 (ie as prices) or indirectly (ie derived from prices). \u2022 Level 3: inputs for the asset or liability that are not based on observable market data. There have been no transfers between levels during the period.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-464": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-432": { "value": "
23 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 up to 80% (2024: 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 2025 amount to \u00a30.6m (2024: \u00a30.1m) and those recognised
as an asset amount to \u00a32.2m (2024: \u00a32.5m).
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 2).
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 2025 are set out in Note 19.
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 2025 is as shown below:
2025 2024
\u00a3m \u00a3m
Long-term receivables
1.0
1.3
Trade receivables
97.5
84.9
Other receivables and accrued income
14.5
15.1
Cash and cash equivalents
94.1
97. 8
Derivative financial instruments
2.2
2.5
209.3
201.6
The maximum exposure to credit risk for trade receivables is discussed in Note 16.
Capital management
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a
going concern in order to provide returns for shareholders and benefits for other stakeholders and to
maintain an optimal capital structure to reduce the cost of capital.
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 their 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.
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 26), 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.
Maturity of financial liabilities
Due more
Carrying Contractual Due within Due one to than five
amount cash flows one year five years years
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Foreign exchange contracts
(0.6)
0.6
0.6
\u2013
\u2013
Contingent consideration
(4.0)
4.8
\u2013
4.8
\u2013
Trade and other payables
(76.8)
76.8
76.8
\u2013
\u2013
Bank overdrafts
(8.8)
8.8
8.8
\u2013
\u2013
Borrowings
(0.9)
0.9
0.4
0.5
\u2013
Lease liabilities
(31.2)
36.2
5.3
14.8
16.1
(122.3)
128.1
91.9
20.1
16.1
Due more
Carrying Contractual Due within Due one to than five
amount cash flows one year five years years
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Foreign exchange contracts
(0.1)
0.1
0.1
\u2013
\u2013
Trade and other payables
(78.6)
78.6
78.6
\u2013
\u2013
Bank overdrafts
(12.3)
12.3
12.3
\u2013
\u2013
Borrowings
(1.7)
1.7
1.2
0.5
\u2013
Lease liabilities
(33.4)
36.8
5.3
17.3
14.2
(126.1)
129.5
97.5
17. 8
14.2
Carrying Carrying
amount amount
2025 2024
\u00a3m \u00a3m
Variable rate instruments
Cash and cash equivalents
94.1
97. 8
Bank overdrafts
(8.8)
(12.3)
Fixed rate instruments
Bank loans
(0.9)
(1.7)
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.
\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.
1% increase in 10% weakening 10% strengthening
interest rates in sterling in sterling
2025 \u00a3m \u00a3m \u00a3m
Impact on adjusted profit (Note 2)
0.9
1.7
(1.7)
Impact on reported profit
0.9
(15.6)
15.6
Impact on equity
0.6
(11.7)
11.7
1% increase in 10% weakening 10% strengthening
interest rates in sterling in sterling
2024 \u00a3m \u00a3m \u00a3m
Impact on adjusted profit (Note 2)
0.9
(15.4)
15.5
Impact on reported profit
0.9
(12.2)
12.2
Impact on equity
0.7
(11.6)
11.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-465": { "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 up to 80% (2024: 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 2025 amount to \u00a30.6m (2024: \u00a30.1m) and those recognised as an asset amount to \u00a32.2m (2024: \u00a32.5m). 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 2). 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-466": { "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 2025 are set out in Note 19. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-467": { "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 2025 is as shown below:
2025 2024
\u00a3m \u00a3m
Long-term receivables
1.0
1.3
Trade receivables
97.5
84.9
Other receivables and accrued income
14.5
15.1
Cash and cash equivalents
94.1
97. 8
Derivative financial instruments
2.2
2.5
209.3
201.6
The maximum exposure to credit risk for trade receivables is discussed in Note 16. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-468": { "value": "Capital management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. 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 their 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. 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 26), 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-433": { "value": "
24 Retirement benefit assets and 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.
On acquisition of FemtoTools AG on 28 June 2024, the Group now also operates a defined benefit
pension scheme in Switzerland.
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 expense recognised in the Consolidated Statement of Income is:
2025 2024
\u00a3m \u00a3m
Total defined benefit income
(0.1)
(1.0)
Contributions to defined contribution schemes
6.8
6.5
6.7
5.5
Pension costs are recorded in the following lines in the Consolidated Statement of Income:
2025 2024
\u00a3m \u00a3m
Cost of sales
2.0
2.1
Research and development
1.2
1.6
Selling and marketing costs
1.4
1.3
Administration and shared services
3.1
2.0
Financial income
(1.0)
(1.5)
6.7
5.5
Remeasurement gains and losses shown in the Consolidated Statement of Comprehensive Income:
2025 2024
\u00a3m \u00a3m
Actual return on assets excluding interest income
(28.7)
(20.8)
Experience gain/(loss) on scheme obligations
1.6
(5.4)
Changes in assumptions underlying the present value of scheme obligations:
\u2013 Financial
25.3
3.1
\u2013 Demographic
0.7
3.7
Actuarial losses recorded in the Statement of Comprehensive Income
(1.1)
(19.4)
The amounts recognised in the Consolidated Statement of Financial Position are:
2025
2024
UK Switzerland Total UK Switzerland Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Present value of funded
obligations
194.8
2.9
197.7
223.6
\u2013
223.6
Fair value of plan assets
(219.2)
(2.0)
(221.2)
(239.7)
\u2013
(239.7)
Recognised (asset)/liability
for defined benefit obligations
(24.4)
0.9
(23.5)
(16.1)
\u2013
(16.1)
The reconciliation of the opening and closing balances of the present value of the defined benefit
obligation is as follows:
2025
2024
UK Switzerland Total UK Switzerland Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Benefit obligation at the
beginning of the year
223.6
\u2013
223.6
225.1
\u2013
225.1
Pension obligations acquired
on acquisition of FemtoTools
\u2013
1.9
1.9
\u2013
\u2013
\u2013
Administrative expenses
\u2013
0.1
0.1
\u2013
\u2013
\u2013
Past service cost
\u2013
\u2013
\u2013
0.4
\u2013
0.4
Interest on defined
benefit obligation
10.5
\u2013
10.5
10.5
\u2013
10.5
Benefits paid
(11.1)
0.3
(10.8)
(11.0)
\u2013
(11.0)
Remeasurement
gain on obligation
(28.2)
0.6
(27.6)
(1.4)
\u2013
(1.4)
Benefit obligation
at the end of the year
194.8
2.9
197.7
223.6
\u2013
223.6
The reconciliation of the opening and closing balances of the present value of the fair value of plan
assets is as follows:
2025
2024
UK Switzerland Total UK Switzerland Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fair value of plan assets at
the beginning of the year
239.7
\u2013
239.7
251.5
\u2013
251.5
Pension assets acquired on
acquisition of FemtoTools
\u2013
1.6
1.6
\u2013
\u2013
\u2013
Interest on plan assets
11.5
\u2013
11.5
12.0
\u2013
12.0
Contributions by employer
8.7
0.1
8.8
8.5
\u2013
8.5
Benefits paid
(11.1)
0.3
(10.8)
(11.0)
\u2013
(11.0)
Administrative expenses
(0.9)
\u2013
(0.9)
(0.5)
\u2013
(0.5)
Actual return on assets
excluding interest income
(28.7)
\u2013
(28.7)
(20.8)
\u2013
(20.8)
Fair value of plan assets
at the end of the year
219.2
2.0
221.2
239.7
\u2013
239.7
Defined benefit scheme \u2013 UK
A full actuarial valuation of the UK plan was carried out as at 31 March 2024 which, for reporting
purposes, has been updated to 31 March 2025 by a qualified independent actuary.
The major assumptions used by the actuary for the purposes of IAS 19 were (in nominal terms):
2025 2024
% %
Discount rate
5.8
4.8
Rate of increase in pensions in
payment (\u20183LPI')
2.2
2.2
Rate of increase in pensions in
payment (\u20185LPI')
2.8
2.9
Rate of inflation (\u2018CPI')
2.3
2.3
Rate of inflation (\u2018RPI')
2.9
3.0
Mortality \u2013 pre-and post-retirement
107% of S4PA \u2018Light\u2019 tables
91% of S2PA tables
(101% for females) future (93% for females) future
improvement in line with improvement in line with
CMI 2023 with 1.25% CMI 2022 with 1.25%
long-term trend long-term trend
As at 31 March 2025 the weighted average duration of the defined benefit obligations was 11 years
(2024: 13 years).
The mortality assumptions imply the following expected future lifetime from age 65:
2025 2024
years years
Pre-retirement \u2013 males
23.3
23.2
Pre-retirement \u2013 females
25.5
25.3
Post-retirement \u2013 males
22.1
21.8
Post-retirement \u2013 females
24.1
23.8
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:
2025 2024
\u00a3m \u00a3m
Equities
1.6
7.5
Corporate and emerging market bonds
22.9
22.9
Gilts
163.0
174.3
Insurance-linked funds
2.7
5.8
Credit and global loan funds
12.3
0.1
Hedge funds
\u2013
24.3
Cash
16.7
4.8
219.2
239.7
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 investment strategy for the UK scheme is controlled by the trustee in consultation with the
Group. A de-risked investment strategy is in place to mitigate funding volatility.
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 2029. The annual
deficit recovery payment was \u00a38.7m (2024: \u00a38.5m) for the financial year. The annual deficit recovery
payment will be \u00a39.0m for the next financial year, then \u00a34.0m per annum until 2029.
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, ie there is no need to apply the \u2018asset ceiling\u2019.
The Group expects to contribute approximately \u00a39.0m to the UK defined benefit plan in the next
financial year.
The table below shows the sensitivity of the Consolidated Statement of Financial Position to
changes in the significant pension assumptions:
Discount rate Inflation rate Life expectancy
2025 (-0.1% pa) (+0.1% pa) (+one year)
\u00a3m \u00a3m \u00a3m \u00a3m
Present value of funded obligations
194.8
197.0
196.6
200.9
Fair value of plan assets
(219.2)
(219.2)
(219.2)
(219.2)
Surplus
(24.4)
(22.2)
(22.6)
(18.3)
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 Switzerland
A full actuarial valuation of the Swiss plan was carried out as at 31 March 2025.
The major assumptions used by the actuary for the purposes of IAS 19 were (in nominal terms):
2025 2024
% %
Discount rate
1.2
\u2013
Rate of increase in pensions in payment
2.5
\u2013
Rate of inflation
1.0
\u2013
Mortality \u2013 pre-and post-retirement
BVG 2020
N/A
The assets in the plan were:
2025 2024
\u00a3m \u00a3m
Equities
0.6
\u2013
Corporate and emerging market bonds
0.6
\u2013
Property
0.3
\u2013
Infrastructure
0.2
\u2013
Alternative investments
0.3
\u2013
2.0
\u2013
Virgin Media
The Group is aware of a UK High Court legal ruling that took place in June 2023 between Virgin
Media Limited and NTL Pension Trustees II Limited, which decided that certain historic rule
amendments were invalid if they were not accompanied by actuarial certifications. The ruling was
subject to an appeal with a judgement delivered on 25 July 2024. The Court of Appeal unanimously
upheld the decision of the High Court and concluded that the pre-April 2013 conditions applied to
amendments to both future and past service. Whilst this ruling was in respect of another scheme,
this judgement will need to be reviewed for its relevance to the Oxford Instruments Pension Scheme.
A high-level review has been undertaken of the scheme which concluded that there is a very low
risk of any historic plan amendments being found to be invalid. The company\u2019s pension advisers
have not completed detailed numerical analysis and no adjustments have been made to the
Consolidated Financial Statements at 31 March 2025. There is a separate legal case which is due
to be taken to the High Court in 2025, this is expected to provide further clarification on several
outstanding points of detail relevant to this case.
26 Share option schemes
Share Incentive Plan (SIP)
UK employees may be eligible to participate in the Group\u2019s HM Revenue and Customs-approved
SIP. Participating employees may make a cash contribution to the SIP of up to \u00a31,800 each year.
The Group contributes a further amount equal to 20% of the employee\u2019s contribution. Independent
trustees then purchase partnership and matching shares in the market on behalf of the employees.
Subject to the rules of the SIP, matching shares may be withdrawn without forfeiture after they have
been held for three years, provided the participant has remained an employee. On a similar basis,
shares can be withdrawn tax-free after five years\u2019 service.
Long-Term Incentive Plan Scheme (LTIP)
Under the LTIP awards of nominally priced options of \u00a30.05, conditional share awards or cash
conditional awards may be made annually to certain senior managers. Subject to vesting based on
the achievement of performance targets and the rules of the LTIP, options granted under the plan
may have a life of ten years, including a vesting period of three years. Subject to vesting based on
performance and the rules of the LTIP, conditional share awards and cash conditional awards will
vest appropriately three years after the award date. Awards were valued using the Black-Scholes
option pricing models with the exception of options relating to the total shareholder return tranche
which were valued using Stochastic option-pricing models. In the prior year under the LTIP, Richard
Tyson was granted two awards of nominally priced options of \u00a30.05, which comprised part of the
buy-out arrangements to replace the 2021 and 2022 LTIP awards from his previous employer, TT
Electronics plc, which lapsed in connection with his joining the company. Further information can be
found in the Directors\u2019 Remuneration Report on page 139.
Share option schemes that have been discontinued but for which options were outstanding at the
year end include the following:
Performance Share Plan Scheme (PSP)
Under the PSP, awards of nominally priced options of \u00a30.05 were made annually to certain senior
managers. The last grants were made under this scheme in 2022. Awards to persons other than the
Executive Directors may also be referred to as Medium-Term Incentive Plan awards (\u2018MTIP'). Subject
to vesting based on the achievement of performance targets and the rules of the PSP, awards may
have a life of ten years, including a vesting period of a minimum of three years. Options were valued
using the Black-Scholes option-pricing models.
Executive Share Option Scheme (ESO)
Under the ESO awards of approved options, unapproved options and share appreciation rights were
made annually to certain senior managers. The last grants were made under this scheme in 2016.
The exercise prices were determined according to the mid-market closing share price on the day
before the date of grant. Subject to vesting based on the achievement of performance targets and
the rules of the ESO, awards may have a life of ten years, including a vesting period of a minimum
of three years. Options were valued using the Black\u2013Scholes option-pricing models.
Performance conditions
Awards under the ESO, PSP and LTIP schemes may be or may have been subject to the
achievement of certain performance conditions. The performance conditions applicable for the
Executive Directors of Oxford Instruments plc, can be found in the Directors\u2019 Remuneration Report
on pages 122 to 139.
Administrative expenses include a credit of \u00a30.1m (2024: charge of \u00a33.0m) in respect of the cost of
providing share-based remuneration. The cost of share awards is calculated by estimating the fair
value of the award at grant date and spreading that amount over the vesting period after adjusting
for an expectation of non-vesting.
For options granted in the year ended 31 March 2025, the fair value and the assumptions used in
the calculation are as follows:
LTIP:
Conditional
LTIP CEO LTIP CFO LTIP: Options shares July LTIP: Options
July 2024 July 2024 July 2024 2024 March 2025
Weighted average fair value
of options granted
\u00a320.42
\u00a320.42
\u00a321.73
\u00a323.79
\u00a317.64
Share price at grant date
\u00a324.35
\u00a324.35
\u00a324.35
\u00a324.35
\u00a318.06
Exercise price
\u00a30.05
\u00a30.05
\u00a30.05
\u00a30.05
\u00a30.05
Expected volatility
29.1%
29.1%
29.1%
N/A
N/A
Expected option life
3 years
3 years
3 years
3 years
2.3 years
Expected dividend yield
\u2013
\u2013
0.9%
0.9%
0.9%
Risk-free interest rate
3.9%
3.9%
3.9%
N/A
N/A
For options granted in the year ended 31 March 2024, the fair value and the assumptions used in
the calculation are as follows:
LTIP CEO LTIP CEO LTIP:
buy-out buy-out LTIP: Conditional
LTIP CEO 2021 2022 LTIP CFO Options Shares
November November November September September September
2023 2023 2023 2023 2023 2023
Weighted average fair
value of options granted
\u00a316.99
\u00a311.04
\u00a313.38
\u00a318.19
\u00a319.09
\u00a321.16
Share price at grant date
\u00a320.55
\u00a320.55
\u00a320.55
\u00a321.75
\u00a321.75
\u00a321.75
Exercise price
\u00a30.05
\u00a30.05
\u00a30.05
\u00a30.05
\u00a30.05
\u00a30.05
Expected volatility
41.3%
31.5%
30.9%
40.5%
40.5%
N/A
Expected option life
3 years
0.5 years
1.5 years
3 years
3 years
3 years
Expected dividend yield
\u2013
\u2013
\u2013
\u2013
0.9%
0.9%
Risk-free interest rate
4.4%
5.3%
4.9%
4.4%
4.4%
N/A
Movements in the share option schemes during the year were as follows:
Executive Share Performance Long-Term
Option Scheme Share Plan Incentive Plan
Weighted Weighted Weighted
average average average
Number of exercise Number of exercise Number of exercise
shares price shares price shares price
Outstanding at 1 April 2023
125,669
\u00a38.82
828,376
\u00a30.05
\u2013
\u2013
\u2013 Granted
\u2013
\u2013
\u2013
\u2013
216,207
\u00a30.05
\u2013 Forfeited
\u2013
\u2013
(25,533)
\u00a30.05
\u2013
\u2013
\u2013 Exercised
(18,623)
\u00a38.93
(180,018)
\u00a30.05
\u2013
\u2013
\u2013 Lapsed
(8,317)
\u00a310.28
(318)
\u00a30.05
(15,635)
\u00a30.05
Outstanding at 31 March 2024
98,729
\u00a38.68
622,507
\u00a30.05
200,572
\u00a30.05
\u2013 Granted
\u2013
\u2013
\u2013
\u2013
191,905
\u00a30.05
\u2013 Forfeited
\u2013
\u2013
(9,125)
\u00a30.05
(20,001)
\u2013
\u2013 Exercised
(18,986)
\u00a39.79
(201,744)
\u00a30.05
\u2013
\u2013
\u2013 Lapsed
(9,878)
\u00a39.94
(7,854)
\u00a30.05
(5,850)
\u00a30.05
Outstanding at 31 March 2025
69,865
\u00a38.20
403,784
\u00a30.05
366,626
\u00a30.05
Exercisable at 31 March 2025
69,865
\u00a38.20
265,829
\u00a30.05
43,213
\u00a30.05
Exercisable at 31 March 2024
98,729
\u00a38.68
362,419
\u00a30.05
12,237
\u00a30.05
The number and weighted average exercise prices of those options are as follows:
The weighted average share price at the time of exercise of the options was \u00a321.86 (2024: \u00a323.42).
The weighted average remaining contractual life for the share options as at 31 March 2025 was one
year (2024: one year).
The total consideration received from exercise of options in the year was \u00a30.0m (2024: \u00a30.0m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-469": { "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 expense recognised in the Consolidated Statement of Income is:
2025 2024
\u00a3m \u00a3m
Total defined benefit income
(0.1)
(1.0)
Contributions to defined contribution schemes
6.8
6.5
6.7
5.5
Pension costs are recorded in the following lines in the Consolidated Statement of Income:
2025 2024
\u00a3m \u00a3m
Cost of sales
2.0
2.1
Research and development
1.2
1.6
Selling and marketing costs
1.4
1.3
Administration and shared services
3.1
2.0
Financial income
(1.0)
(1.5)
6.7
5.5
Remeasurement gains and losses shown in the Consolidated Statement of Comprehensive Income:
2025 2024
\u00a3m \u00a3m
Actual return on assets excluding interest income
(28.7)
(20.8)
Experience gain/(loss) on scheme obligations
1.6
(5.4)
Changes in assumptions underlying the present value of scheme obligations:
\u2013 Financial
25.3
3.1
\u2013 Demographic
0.7
3.7
Actuarial losses recorded in the Statement of Comprehensive Income
(1.1)
(19.4)
The amounts recognised in the Consolidated Statement of Financial Position are:
2025
2024
UK Switzerland Total UK Switzerland Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Present value of funded
obligations
194.8
2.9
197.7
223.6
\u2013
223.6
Fair value of plan assets
(219.2)
(2.0)
(221.2)
(239.7)
\u2013
(239.7)
Recognised (asset)/liability
for defined benefit obligations
(24.4)
0.9
(23.5)
(16.1)
\u2013
(16.1)
The reconciliation of the opening and closing balances of the present value of the defined benefit obligation is as follows:
2025
2024
UK Switzerland Total UK Switzerland Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Benefit obligation at the
beginning of the year
223.6
\u2013
223.6
225.1
\u2013
225.1
Pension obligations acquired
on acquisition of FemtoTools
\u2013
1.9
1.9
\u2013
\u2013
\u2013
Administrative expenses
\u2013
0.1
0.1
\u2013
\u2013
\u2013
Past service cost
\u2013
\u2013
\u2013
0.4
\u2013
0.4
Interest on defined
benefit obligation
10.5
\u2013
10.5
10.5
\u2013
10.5
Benefits paid
(11.1)
0.3
(10.8)
(11.0)
\u2013
(11.0)
Remeasurement
gain on obligation
(28.2)
0.6
(27.6)
(1.4)
\u2013
(1.4)
Benefit obligation
at the end of the year
194.8
2.9
197.7
223.6
\u2013
223.6
The reconciliation of the opening and closing balances of the present value of the fair value of plan assets is as follows:
2025
2024
UK Switzerland Total UK Switzerland Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fair value of plan assets at
the beginning of the year
239.7
\u2013
239.7
251.5
\u2013
251.5
Pension assets acquired on
acquisition of FemtoTools
\u2013
1.6
1.6
\u2013
\u2013
\u2013
Interest on plan assets
11.5
\u2013
11.5
12.0
\u2013
12.0
Contributions by employer
8.7
0.1
8.8
8.5
\u2013
8.5
Benefits paid
(11.1)
0.3
(10.8)
(11.0)
\u2013
(11.0)
Administrative expenses
(0.9)
\u2013
(0.9)
(0.5)
\u2013
(0.5)
Actual return on assets
excluding interest income
(28.7)
\u2013
(28.7)
(20.8)
\u2013
(20.8)
Fair value of plan assets
at the end of the year
219.2
2.0
221.2
239.7
\u2013
239.7
Movements in the share option schemes during the year were as follows:
Executive Share Performance Long-Term
Option Scheme Share Plan Incentive Plan
Weighted Weighted Weighted
average average average
Number of exercise Number of exercise Number of exercise
shares price shares price shares price
Outstanding at 1 April 2023
125,669
\u00a38.82
828,376
\u00a30.05
\u2013
\u2013
\u2013 Granted
\u2013
\u2013
\u2013
\u2013
216,207
\u00a30.05
\u2013 Forfeited
\u2013
\u2013
(25,533)
\u00a30.05
\u2013
\u2013
\u2013 Exercised
(18,623)
\u00a38.93
(180,018)
\u00a30.05
\u2013
\u2013
\u2013 Lapsed
(8,317)
\u00a310.28
(318)
\u00a30.05
(15,635)
\u00a30.05
Outstanding at 31 March 2024
98,729
\u00a38.68
622,507
\u00a30.05
200,572
\u00a30.05
\u2013 Granted
\u2013
\u2013
\u2013
\u2013
191,905
\u00a30.05
\u2013 Forfeited
\u2013
\u2013
(9,125)
\u00a30.05
(20,001)
\u2013
\u2013 Exercised
(18,986)
\u00a39.79
(201,744)
\u00a30.05
\u2013
\u2013
\u2013 Lapsed
(9,878)
\u00a39.94
(7,854)
\u00a30.05
(5,850)
\u00a30.05
Outstanding at 31 March 2025
69,865
\u00a38.20
403,784
\u00a30.05
366,626
\u00a30.05
Exercisable at 31 March 2025
69,865
\u00a38.20
265,829
\u00a30.05
43,213
\u00a30.05
Exercisable at 31 March 2024
98,729
\u00a38.68
362,419
\u00a30.05
12,237
\u00a30.05
The number and weighted average exercise prices of those options are as follows: The weighted average share price at the time of exercise of the options was \u00a321.86 (2024: \u00a323.42). The weighted average remaining contractual life for the share options as at 31 March 2025 was one year (2024: one year). The total consideration received from exercise of options in the year was \u00a30.0m (2024: \u00a30.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-470": { "value": "Defined benefit scheme \u2013 UK A full actuarial valuation of the UK plan was carried out as at 31 March 2024 which, for reporting purposes, has been updated to 31 March 2025 by a qualified independent actuary. The major assumptions used by the actuary for the purposes of IAS 19 were (in nominal terms):
2025 2024
% %
Discount rate
5.8
4.8
Rate of increase in pensions in
payment (\u20183LPI')
2.2
2.2
Rate of increase in pensions in
payment (\u20185LPI')
2.8
2.9
Rate of inflation (\u2018CPI')
2.3
2.3
Rate of inflation (\u2018RPI')
2.9
3.0
Mortality \u2013 pre-and post-retirement
107% of S4PA \u2018Light\u2019 tables
91% of S2PA tables
(101% for females) future (93% for females) future
improvement in line with improvement in line with
CMI 2023 with 1.25% CMI 2022 with 1.25%
long-term trend long-term trend
As at 31 March 2025 the weighted average duration of the defined benefit obligations was 11 years (2024: 13 years). The mortality assumptions imply the following expected future lifetime from age 65:
2025 2024
years years
Pre-retirement \u2013 males
23.3
23.2
Pre-retirement \u2013 females
25.5
25.3
Post-retirement \u2013 males
22.1
21.8
Post-retirement \u2013 females
24.1
23.8
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:
2025 2024
\u00a3m \u00a3m
Equities
1.6
7.5
Corporate and emerging market bonds
22.9
22.9
Gilts
163.0
174.3
Insurance-linked funds
2.7
5.8
Credit and global loan funds
12.3
0.1
Hedge funds
\u2013
24.3
Cash
16.7
4.8
219.2
239.7
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 investment strategy for the UK scheme is controlled by the trustee in consultation with the Group. A de-risked investment strategy is in place to mitigate funding volatility. 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 2029. The annual deficit recovery payment was \u00a38.7m (2024: \u00a38.5m) for the financial year. The annual deficit recovery payment will be \u00a39.0m for the next financial year, then \u00a34.0m per annum until 2029. 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, ie there is no need to apply the \u2018asset ceiling\u2019. The Group expects to contribute approximately \u00a39.0m to the UK defined benefit plan in the next financial year. The table below shows the sensitivity of the Consolidated Statement of Financial Position to changes in the significant pension assumptions:
Discount rate Inflation rate Life expectancy
2025 (-0.1% pa) (+0.1% pa) (+one year)
\u00a3m \u00a3m \u00a3m \u00a3m
Present value of funded obligations
194.8
197.0
196.6
200.9
Fair value of plan assets
(219.2)
(219.2)
(219.2)
(219.2)
Surplus
(24.4)
(22.2)
(22.6)
(18.3)
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 Switzerland A full actuarial valuation of the Swiss plan was carried out as at 31 March 2025. The major assumptions used by the actuary for the purposes of IAS 19 were (in nominal terms):
2025 2024
% %
Discount rate
1.2
\u2013
Rate of increase in pensions in payment
2.5
\u2013
Rate of inflation
1.0
\u2013
Mortality \u2013 pre-and post-retirement
BVG 2020
N/A
The assets in the plan were:
2025 2024
\u00a3m \u00a3m
Equities
0.6
\u2013
Corporate and emerging market bonds
0.6
\u2013
Property
0.3
\u2013
Infrastructure
0.2
\u2013
Alternative investments
0.3
\u2013
2.0
\u2013
Virgin Media The Group is aware of a UK High Court legal ruling that took place in June 2023 between Virgin Media Limited and NTL Pension Trustees II Limited, which decided that certain historic rule amendments were invalid if they were not accompanied by actuarial certifications. The ruling was subject to an appeal with a judgement delivered on 25 July 2024. The Court of Appeal unanimously upheld the decision of the High Court and concluded that the pre-April 2013 conditions applied to amendments to both future and past service. Whilst this ruling was in respect of another scheme, this judgement will need to be reviewed for its relevance to the Oxford Instruments Pension Scheme. A high-level review has been undertaken of the scheme which concluded that there is a very low risk of any historic plan amendments being found to be invalid. The company\u2019s pension advisers have not completed detailed numerical analysis and no adjustments have been made to the Consolidated Financial Statements at 31 March 2025. There is a separate legal case which is due to be taken to the High Court in 2025, this is expected to provide further clarification on several outstanding points of detail relevant to this case. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-434": { "value": "
25 Capital and reserves
Issued and fully paid ordinary shares:
2025 2024
number of number of
shares shares
At the beginning of the year
57,913,792
57,712,508
Issued for cash
220,981
201,284
At the end of the year
58,134,773
57,9
13 ,792
2025
2024
Number of Number of
shares
\u00a3m
shares
\u00a3m
Allotted, called up and fully paid
Ordinary shares of 5p each
58,134,773
2.9
57,913
,792
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.
Other reserves comprise the capital redemption reserve, which represents the nominal value of
shares repurchased and then cancelled during the year ended 31 March 1999.
The foreign exchange translation reserve comprises all foreign exchange differences arising since
1 April 2004 from the translation of the Group\u2019s net investments in foreign subsidiaries into sterling.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-471": { "value": "25 Capital and reserves Issued and fully paid ordinary shares:
2025 2024
number of number of
shares shares
At the beginning of the year
57,913,792
57,712,508
Issued for cash
220,981
201,284
At the end of the year
58,134,773
57,9
13 ,792
2025
2024
Number of Number of
shares
\u00a3m
shares
\u00a3m
Allotted, called up and fully paid
Ordinary shares of 5p each
58,134,773
2.9
57,913
,792
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. Other reserves comprise the capital redemption reserve, which represents the nominal value of shares repurchased and then cancelled during the year ended 31 March 1999. The foreign exchange translation reserve comprises all foreign exchange differences arising since 1 April 2004 from the translation of the Group\u2019s net investments in foreign subsidiaries into sterling.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-472": { "value": "26 Share option schemes Share Incentive Plan (SIP) UK employees may be eligible to participate in the Group\u2019s HM Revenue and Customs-approved SIP. Participating employees may make a cash contribution to the SIP of up to \u00a31,800 each year. The Group contributes a further amount equal to 20% of the employee\u2019s contribution. Independent trustees then purchase partnership and matching shares in the market on behalf of the employees. Subject to the rules of the SIP, matching shares may be withdrawn without forfeiture after they have been held for three years, provided the participant has remained an employee. On a similar basis, shares can be withdrawn tax-free after five years\u2019 service. Long-Term Incentive Plan Scheme (LTIP) Under the LTIP awards of nominally priced options of \u00a30.05, conditional share awards or cash conditional awards may be made annually to certain senior managers. Subject to vesting based on the achievement of performance targets and the rules of the LTIP, options granted under the plan may have a life of ten years, including a vesting period of three years. Subject to vesting based on performance and the rules of the LTIP, conditional share awards and cash conditional awards will vest appropriately three years after the award date. Awards were valued using the Black-Scholes option pricing models with the exception of options relating to the total shareholder return tranche which were valued using Stochastic option-pricing models. In the prior year under the LTIP, Richard Tyson was granted two awards of nominally priced options of \u00a30.05, which comprised part of the buy-out arrangements to replace the 2021 and 2022 LTIP awards from his previous employer, TT Electronics plc, which lapsed in connection with his joining the company. Further information can be found in the Directors\u2019 Remuneration Report on page 139. Share option schemes that have been discontinued but for which options were outstanding at the year end include the following: Performance Share Plan Scheme (PSP) Under the PSP, awards of nominally priced options of \u00a30.05 were made annually to certain senior managers. The last grants were made under this scheme in 2022. Awards to persons other than the Executive Directors may also be referred to as Medium-Term Incentive Plan awards (\u2018MTIP'). Subject to vesting based on the achievement of performance targets and the rules of the PSP, awards may have a life of ten years, including a vesting period of a minimum of three years. Options were valued using the Black-Scholes option-pricing models. Executive Share Option Scheme (ESO) Under the ESO awards of approved options, unapproved options and share appreciation rights were made annually to certain senior managers. The last grants were made under this scheme in 2016. The exercise prices were determined according to the mid-market closing share price on the day before the date of grant. Subject to vesting based on the achievement of performance targets and the rules of the ESO, awards may have a life of ten years, including a vesting period of a minimum of three years. Options were valued using the Black\u2013Scholes option-pricing models. Performance conditions Awards under the ESO, PSP and LTIP schemes may be or may have been subject to the achievement of certain performance conditions. The performance conditions applicable for the Executive Directors of Oxford Instruments plc, can be found in the Directors\u2019 Remuneration Report on pages 122 to 139. Administrative expenses include a credit of \u00a30.1m (2024: charge of \u00a33.0m) in respect of the cost of providing share-based remuneration. The cost of share awards is calculated by estimating the fair value of the award at grant date and spreading that amount over the vesting period after adjusting for an expectation of non-vesting. For options granted in the year ended 31 March 2025, the fair value and the assumptions used in the calculation are as follows:
LTIP:
Conditional
LTIP CEO LTIP CFO LTIP: Options shares July LTIP: Options
July 2024 July 2024 July 2024 2024 March 2025
Weighted average fair value
of options granted
\u00a320.42
\u00a320.42
\u00a321.73
\u00a323.79
\u00a317.64
Share price at grant date
\u00a324.35
\u00a324.35
\u00a324.35
\u00a324.35
\u00a318.06
Exercise price
\u00a30.05
\u00a30.05
\u00a30.05
\u00a30.05
\u00a30.05
Expected volatility
29.1%
29.1%
29.1%
N/A
N/A
Expected option life
3 years
3 years
3 years
3 years
2.3 years
Expected dividend yield
\u2013
\u2013
0.9%
0.9%
0.9%
Risk-free interest rate
3.9%
3.9%
3.9%
N/A
N/A
For options granted in the year ended 31 March 2024, the fair value and the assumptions used in the calculation are as follows:
LTIP CEO LTIP CEO LTIP:
buy-out buy-out LTIP: Conditional
LTIP CEO 2021 2022 LTIP CFO Options Shares
November November November September September September
2023 2023 2023 2023 2023 2023
Weighted average fair
value of options granted
\u00a316.99
\u00a311.04
\u00a313.38
\u00a318.19
\u00a319.09
\u00a321.16
Share price at grant date
\u00a320.55
\u00a320.55
\u00a320.55
\u00a321.75
\u00a321.75
\u00a321.75
Exercise price
\u00a30.05
\u00a30.05
\u00a30.05
\u00a30.05
\u00a30.05
\u00a30.05
Expected volatility
41.3%
31.5%
30.9%
40.5%
40.5%
N/A
Expected option life
3 years
0.5 years
1.5 years
3 years
3 years
3 years
Expected dividend yield
\u2013
\u2013
\u2013
\u2013
0.9%
0.9%
Risk-free interest rate
4.4%
5.3%
4.9%
4.4%
4.4%
N/A
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-435": { "value": "27 Working capital movements Reconciliation of movements in working capital Payables and Customer Inventories1Receivables2provisions2deposits Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m As at 1 April 2023 81.4 115.7 (116.1) (52.1)28.9 Working capital movement 26.3 2.7 2.8 ( 7.1 )24.7 First Light Imaging-related flows (as restated Note 11) 1.6 2.9 (5.0) (0.4)(0.9) Exchange differences (1.2) (2.8) 4.7 1.2 1.9 FV movement on financial derivatives \u2013 \u2013 (0.7) \u2013 (0.7) As at 31 March 2024 and 1 April 2024 (as restated Note 11)108.1 118.5 (114.3) (58.4)53.9 Working capital movement (8.8) 10.0 (1.1) 11.111.2 First Light Imaging-related flows \u2013 \u2013 2.8 \u2013 2.8 FemtoTools-related flows 0.6 0.9 (4.7) \u2013 (3.2) Exchange differences (0.8) \u2013 (0.2) 0.9 (0.1) FV movement on financial derivatives \u2013 \u2013 (0.3) \u2013 (0.3) As at 31 March 2025 99.1 129.4 (117.8) (46.4)64.3 1. Details of restatement of prior period numbers can be found in Note 11. 2. Receivables and payables include derivative financial instruments.", "dimensions": { "concept": "oxfordinstrumentplc:DisclosureOfWorkingCapitalMovements", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-436": { "value": "
28 Commitments and contingencies
The Group has entered into agreements in respect of the new Severn Beach site for its Plasma
Technology business. At 31 March 2025 commitments for future expenditure are \u00a30.4m (2024: \u00a38.0m)
and include capital expenditure, fit-out costs, plant and machinery, furniture and computer equipment.
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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-481": { "value": "28 Commitments and contingencies The Group has entered into agreements in respect of the new Severn Beach site for its Plasma Technology business. At 31 March 2025 commitments for future expenditure are \u00a30.4m (2024: \u00a38.0m) and include capital expenditure, fit-out costs, plant and machinery, furniture and computer equipment. 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-473": { "value": "28 Commitments and contingencies The Group has entered into agreements in respect of the new Severn Beach site for its Plasma Technology business. At 31 March 2025 commitments for future expenditure are \u00a30.4m (2024: \u00a38.0m) and include capital expenditure, fit-out costs, plant and machinery, furniture and computer equipment. 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:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-437": { "value": "
29 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:
2025 2024
\u00a3m \u00a3m
Short-term employee benefits
4.1
4.8
Post-employment benefits
0.1
0.2
Share-based payment charges
0.9
2.6
Total
5.1
7.6
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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-474": { "value": "29 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:
2025 2024
\u00a3m \u00a3m
Short-term employee benefits
4.1
4.8
Post-employment benefits
0.1
0.2
Share-based payment charges
0.9
2.6
Total
5.1
7.6
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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-438": { "value": "
30 Subsequent events
Disposal of Oxford Instruments NanoScience
On 10 June 2025, the Group entered into a binding agreement to sell the trade and assets of
the NanoScience business to Quantum Design International Inc for \u00a360m total consideration,
including up to \u00a33m of deferred consideration linked to performance of the business post-closing.
NanoScience is our Quantum business and a separately identifiable business within the
Oxford Instruments Nanotechnology Tools Limited legal entity. The disposal is expected to
complete during FY26.
In 2025, NanoScience generated approximately \u00a357.2m of revenue and \u00a31.1m of adjusted operating
profit. Non-recurring transaction-related costs are expected to be approximately \u00a32m\u2013 \u00a33m in
2026. At 31 March 2025, the business accounted for \u00a334.7m of net assets within the Advanced
Technologies segment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } } } }