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Oxford Instruments plc (the 'company') 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
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 macroeconomic 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 09 to 41.
The financial position of the Group, its cash flows, and borrowing facilities are described
in the Finance Review on pages 42 to 50. In addition, Note 25 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. 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 on a pre-IFRS 16 basis and 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
\u00a3106.9m. The Group also had bank overdrafts of \u00a312.4m and other small loan balances that
totalled \u00a30.5m. This resulted in a net cash position of \u00a394.0m, an increase of \u00a39.6m from the
\u00a384.4m net cash position at 31 March 2025.
The Group has prepared and reviewed cash flow forecasts for the period to 30 June 2027
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 2027.
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 95 and 96 in the Viability Statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-471": { "value": "Oxford Instruments plc (the 'company') 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 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 macroeconomic 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 09 to 41. The financial position of the Group, its cash flows, and borrowing facilities are described in the Finance Review on pages 42 to 50. In addition, Note 25 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. 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 on a pre-IFRS 16 basis and 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 \u00a3106.9m. The Group also had bank overdrafts of \u00a312.4m and other small loan balances that totalled \u00a30.5m. This resulted in a net cash position of \u00a394.0m, an increase of \u00a39.6m from the \u00a384.4m net cash position at 31 March 2025. The Group has prepared and reviewed cash flow forecasts for the period to 30 June 2027 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 2027. 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 95 and 96 in the Viability Statement. (a)\u2002Changes in accounting standards Standards, interpretations and amendments that became effective in the current financial year have not had a material impact on the consolidated Group financial statements. The Group has not applied any standards, interpretations or amendments that have been issued but are not yet effective. 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 income statement. The process of assessing the financial impact on the Consolidated Financial Statements will continue during 2026. Other standards, interpretations and amendments issued but not yet effective are not expected to have a material impact on the consolidated Group financial statements. (b)\u2002Significant 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. Adjusting items The Group introduced a new adjusting items policy during the year to add clarity on income or expense items that should be excluded from statutory profit measures because they are not reflective of normal, ongoing operations. 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. 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. One key area where estimates have been used and assumptions applied have been identified as follows: 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. The carrying amount of inventories subject to estimation uncertainty is \u00a366.4m (2025: \u00a365.7m). A 5% increase in the provision as a percentage of gross inventory (before provisions) which, based on management\u2019s judgement, represents a reasonably possible change, would result in a \u00a34.2m (2025: \u00a34.3m) decrease in the carrying amount of inventories. (c)\u2002Basis 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)\u2002Consideration 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 Task-force on Climate-Related Financial Disclosures (TCFD) disclosure on pages 60 to 68 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)\u2002Financial instruments at fair value 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 'fair value through profit and loss' 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. (f)\u2002Property, 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 'Plant and equipment' subheading in Note 14. 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)\u2002Intangible 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 straight-line basis over the short of the estimated useful economic life (determined on an asset-by-asset) basis or underlying contractual life. The estimated useful economic lives are 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)\u2002Trade 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. Lifetime expected credit losses are calculated by assessing historic credit loss experience, which is then updated for any reasonable and supportable forward-looking information and expectations. The charges or reversals in the provision are recognised as part of administrative and shared services within the Consolidated Statement of Income. (i)\u2002Inventories 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)\u2002Cash 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)\u2002Impairment 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 CGU's 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)\u2002Employee 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)\u2002Provisions 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)\u2002Customer 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)\u2002Interest-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)\u2002Revenue 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. 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)\u2002Income 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)\u2002Leases 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)\u2002Segment 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-7": { "value": "Oxford Instruments plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-469": { "value": "Oxford Instruments plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-8": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-470": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-517": { "value": "Going concern 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 macroeconomic 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 09 to 41. The financial position of the Group, its cash flows, and borrowing facilities are described in the Finance Review on pages 42 to 50. In addition, Note 25 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. 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 on a pre-IFRS 16 basis and 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 \u00a3106.9m. The Group also had bank overdrafts of \u00a312.4m and other small loan balances that totalled \u00a30.5m. This resulted in a net cash position of \u00a394.0m, an increase of \u00a39.6m from the \u00a384.4m net cash position at 31 March 2025. The Group has prepared and reviewed cash flow forecasts for the period to 30 June 2027 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 2027. 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 95 and 96 in the Viability Statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-473": { "value": "
(a)\u2002Changes in accounting standards
Standards, interpretations and amendments that became effective in the current financial
year have not had a material impact on the consolidated Group financial statements. The
Group has not applied any standards, interpretations or amendments that have been issued
but are not yet effective.
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 income statement. The process of assessing the financial impact on the
Consolidated Financial Statements will continue during 2026.
Other standards, interpretations and amendments issued but not yet effective are not
expected to have a material impact on the consolidated Group financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-518": { "value": "(a)\u2002Changes in accounting standards Standards, interpretations and amendments that became effective in the current financial year have not had a material impact on the consolidated Group financial statements. The Group has not applied any standards, interpretations or amendments that have been issued but are not yet effective. 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 income statement. The process of assessing the financial impact on the Consolidated Financial Statements will continue during 2026. Other standards, interpretations and amendments issued but not yet effective are not expected to have a material impact on the consolidated Group financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-474": { "value": "
(b)\u2002Significant 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.
Adjusting items
The Group introduced a new adjusting items policy during the year to add clarity on income or
expense items that should be excluded from statutory profit measures because they are not
reflective of normal, ongoing operations. 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.
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. One key area where estimates have been
used and assumptions applied have been identified as follows:
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.
The carrying amount of inventories subject to estimation uncertainty is \u00a366.4m (2025: \u00a365.7m).
A 5% increase in the provision as a percentage of gross inventory (before provisions) which,
based on management\u2019s judgement, represents a reasonably possible change, would result
in a \u00a34.2m (2025: \u00a34.3m) decrease in the carrying amount of inventories.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-475": { "value": "
(c)\u2002Basis 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-519": { "value": "(c)\u2002Basis 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-476": { "value": "
(d)\u2002Consideration 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 Task-force on Climate-Related
Financial Disclosures (TCFD) disclosure on pages 60 to 68 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-477": { "value": "
(e)\u2002Financial instruments at fair value
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 'fair value through profit and loss' 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.
(o)\u2002Interest-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:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-556": { "value": "(e)\u2002Financial instruments at fair value 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 'fair value through profit and loss' 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. (o)\u2002Interest-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:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-520": { "value": "(e)\u2002Financial instruments at fair value 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 'fair value through profit and loss' 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-478": { "value": "
(f)\u2002Property, 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
'Plant and equipment' subheading in Note 14.
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-521": { "value": "(f)\u2002Property, 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 'Plant and equipment' subheading in Note 14. 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-479": { "value": "
(g)\u2002Intangible 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 straight-line basis over the short of the estimated useful economic life (determined on an
asset-by-asset) basis or underlying contractual life. The estimated useful economic lives are
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-522": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-557": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-523": { "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 straight-line basis over the short of the estimated useful economic life (determined on an asset-by-asset) basis or underlying contractual life. The estimated useful economic lives are 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-480": { "value": "
(h)\u2002Trade 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. Lifetime expected credit losses
are calculated by assessing historic credit loss experience, which is then updated for any
reasonable and supportable forward-looking information and expectations. The charges or
reversals in the provision are recognised as part of administrative and shared services within
the Consolidated Statement of Income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-481": { "value": "
(i)\u2002Inventories
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-482": { "value": "
(j)\u2002Cash 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-483": { "value": "
(k)\u2002Impairment 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
CGU's 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-484": { "value": "
(l)\u2002Employee 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-524": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-485": { "value": "
(m)\u2002Provisions
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-486": { "value": "
(n)\u2002Customer 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-525": { "value": "(o)\u2002Interest-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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-487": { "value": "
(p)\u2002Revenue
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.
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-488": { "value": "
(q)\u2002Income 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-526": { "value": "(q)\u2002Income 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-489": { "value": "
(r)\u2002Leases
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-490": { "value": "
(s)\u2002Segment 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-491": { "value": "
1\u2002Segment information
As required by IFRS 8 Operating Segments, the segmental structure reflects the current
internal reporting provided to the Chief Operating Decision Maker (deemed to be the
Executive Directors).
The Group is organised into two segments:
\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 and X-ray tubes.
Discrete financial information is available for each segment and used by the Executive
Directors for decisions on resource allocation and to assess performance. The Group\u2019s
internal management structure and financial reporting systems differentiate the two
operating segments.
The NanoScience business is classified as a discontinued operation and is not included in
the segment results, further information can be found in Note 13. It was previously reported
within the Advanced Technologies segment. The reported segment results are from
continuing operations.
Revenue by segment is further disaggregated between product revenue recognised at a
point in time and service revenue recognised over time.
Results
Imaging & Advanced
Analysis Technologies Total
Year ended 31 March 2026 \u00a3m \u00a3m \u00a3m
External product revenue
253.0
90.9
343.9
External service revenue
61.7
17.6
79.3
Total segment revenue
314.7
108.5
423.2
Segment adjusted operating profit
70.9
2.8
73.7
Imaging & Advanced
Analysis Technologies Total
Year ended 31 March 2025 as restated
1
\u00a3m \u00a3m \u00a3m
External product revenue
270.1
94.4
364.5
External service revenue
60.4
18.5
78.9
Total segment revenue
330.5
112.9
443.4
Segment adjusted operating profit
73.2
6.3
79.5
1 Comparative information has been restated to present the results of the disposed business as discontinued
operations. Detailed information can be found in Note 13.
No individual customer accounts for more than 10% of revenue.
As at 31 March 2026, the Group had unfulfilled performance obligations under IFRS 15 of
\u00a3225.4m (2025: \u00a3262.6m). It is anticipated that \u00a3225.4m (2025: \u00a3261.9m) of this balance will be
satisfied within one year.
Reconciliation of reportable segment profit
Imaging & Advanced Unallocated
Analysis Technologies Group items Total
Year ended 31 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m
Segment adjusted operating profit
70.9
2.8
\u2013
73.7
Defined benefit pension scheme buy-in costs
\u2013
\u2013
(0.9)
(0.9)
Transaction-related costs
(0.3)
\u2013
\u2013
(0.3)
Restructuring costs and charges
associated with management changes
(4.3)
(4.5)
(1.1)
(9.9)
Profit on disposal of assets
\u2013
3.7
\u2013
3.7
Amortisation of acquired intangibles
(7.3)
\u2013
\u2013
(7.3)
Fair value movement on financial derivatives
\u2013
\u2013
(1.0)
(1.0)
Financial income
\u2013
\u2013
3.1
3.1
Financial expenditure
\u2013
\u2013
(2.6)
(2.6)
Profit/(loss) before income tax
59.0
2.0
(2.5)
58.5
Imaging & Advanced Unallocated
Analysis Technologies Group items Total
Year ended 31 March 2025 as restated
1
\u00a3m \u00a3m \u00a3m \u00a3m
Segment adjusted operating profit
73.2
6.3
\u2013
79.5
Transaction-related costs
(0.7)
\u2013
\u2013
(0.7)
Restructuring costs and charges associated
with management changes
(1.8)
(5.4)
(0.6)
(7.8)
Impairment of goodwill
(26.0)
\u2013
\u2013
(26.0)
Amortisation 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
37.8
0.7
(0.3)
38.2
1 Comparative information has been restated to present the results of the disposed business as discontinued
operations. Detailed information can be found in Note 13.
Carrying amount of Carrying amount of
segment assets segment liabilities
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Imaging & Analysis
267.4
249.5
(77.2)
(78.9)
Advanced Technologies
136.9
136.0
(65.7)
(52.9)
Unallocated Group items
13.2
13.2
(35.3)
(35.5)
NanoScience assets and liabilities classed
as discontinued operations
\u2013
64.9
\u2013
(27.5)
Total segment assets and liabilities
417.5
463.6
(178.2)
(194.8)
Cash and borrowings
106.9
94.1
(12.9)
(9.7)
Derivative financial instruments
2.1
2.2
(1.0)
(0.6)
Retirement benefits
9.2
24.4
(1.2)
(0.9)
Taxation
16.4
20.5
(18.6)
(22.7)
Consolidated total assets and liabilities
552.1
604.8
(211.9)
(228.7)
Imaging & Advanced Unallocated
Analysis Technologies Group items Total
Year ended 31 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m
Capital expenditure
(2.2)
(4.7)
(0.5)
(7.4)
Depreciation of property, plant and equipment
(2.6)
(3.5)
(0.5)
(6.6)
Amortisation of right-of-use assets
(2.1)
(1.2)
(2.0)
(5.3)
Amortisation and impairment of intangibles
(7.3)
(0.1)
(0.3)
(7.7)
Capitalised development expenditure
(1.4)
(1.0)
\u2013
(2.4)
Imaging & Advanced Unallocated
Analysis Technologies Group items Total
Year ended 31 March 2025 as restated
1
\u00a3m \u00a3m \u00a3m \u00a3m
Capital expenditure
(3.9)
(9.4)
(0.3)
(13.6)
Depreciation of property, plant and equipment
(2.9)
(1.7)
(0.6)
(5.2)
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)
(0.1)
\u2013
(0.9)
The Group\u2019s revenue by destination of the end user is as follows:
2025 as
2026
restated
1
Revenue \u00a3m \u00a3m
UK
15.2
15.9
China
95.0
103.1
Japan
44.7
44.7
USA
103.9
111.4
Germany
34.9
38.3
Rest of Europe
62.7
46.4
Rest of Asia
49.1
62.4
Rest of World
17.7
21.4
423.2
443.6
1 Comparative information has been restated to present the results of the disposed business as discontinued
operations. Detailed information can be found in Note 13.
2026 2025
Non-current assets (excluding deferred tax) \u00a3m \u00a3m
UK
141.2
172.3
China
2.2
2.0
Japan
4.3
5.4
USA
12.6
11.2
Germany
27.0
30.0
Rest of Europe
42.7
41.4
Rest of Asia
0.6
0.5
Rest of World
0.2
0.2
230.8
263.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-527": { "value": "1\u2002Segment information As required by IFRS 8 Operating Segments, the segmental structure reflects the current internal reporting provided to the Chief Operating Decision Maker (deemed to be the Executive Directors). The Group is organised into two segments: \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 and X-ray tubes. Discrete financial information is available for each segment and used by the Executive Directors for decisions on resource allocation and to assess performance. The Group\u2019s internal management structure and financial reporting systems differentiate the two operating segments. The NanoScience business is classified as a discontinued operation and is not included in the segment results, further information can be found in Note 13. It was previously reported within the Advanced Technologies segment. The reported segment results are from continuing operations. Revenue by segment is further disaggregated between product revenue recognised at a point in time and service revenue recognised over time. Results
Imaging & Advanced
Analysis Technologies Total
Year ended 31 March 2026 \u00a3m \u00a3m \u00a3m
External product revenue
253.0
90.9
343.9
External service revenue
61.7
17.6
79.3
Total segment revenue
314.7
108.5
423.2
Segment adjusted operating profit
70.9
2.8
73.7
Imaging & Advanced
Analysis Technologies Total
Year ended 31 March 2025 as restated
1
\u00a3m \u00a3m \u00a3m
External product revenue
270.1
94.4
364.5
External service revenue
60.4
18.5
78.9
Total segment revenue
330.5
112.9
443.4
Segment adjusted operating profit
73.2
6.3
79.5
1 Comparative information has been restated to present the results of the disposed business as discontinued operations. Detailed information can be found in Note 13. No individual customer accounts for more than 10% of revenue. As at 31 March 2026, the Group had unfulfilled performance obligations under IFRS 15 of \u00a3225.4m (2025: \u00a3262.6m). It is anticipated that \u00a3225.4m (2025: \u00a3261.9m) of this balance will be satisfied within one year. Reconciliation of reportable segment profit
Imaging & Advanced Unallocated
Analysis Technologies Group items Total
Year ended 31 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m
Segment adjusted operating profit
70.9
2.8
\u2013
73.7
Defined benefit pension scheme buy-in costs
\u2013
\u2013
(0.9)
(0.9)
Transaction-related costs
(0.3)
\u2013
\u2013
(0.3)
Restructuring costs and charges
associated with management changes
(4.3)
(4.5)
(1.1)
(9.9)
Profit on disposal of assets
\u2013
3.7
\u2013
3.7
Amortisation of acquired intangibles
(7.3)
\u2013
\u2013
(7.3)
Fair value movement on financial derivatives
\u2013
\u2013
(1.0)
(1.0)
Financial income
\u2013
\u2013
3.1
3.1
Financial expenditure
\u2013
\u2013
(2.6)
(2.6)
Profit/(loss) before income tax
59.0
2.0
(2.5)
58.5
Imaging & Advanced Unallocated
Analysis Technologies Group items Total
Year ended 31 March 2025 as restated
1
\u00a3m \u00a3m \u00a3m \u00a3m
Segment adjusted operating profit
73.2
6.3
\u2013
79.5
Transaction-related costs
(0.7)
\u2013
\u2013
(0.7)
Restructuring costs and charges associated
with management changes
(1.8)
(5.4)
(0.6)
(7.8)
Impairment of goodwill
(26.0)
\u2013
\u2013
(26.0)
Amortisation 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
37.8
0.7
(0.3)
38.2
1 Comparative information has been restated to present the results of the disposed business as discontinued operations. Detailed information can be found in Note 13.
Carrying amount of Carrying amount of
segment assets segment liabilities
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Imaging & Analysis
267.4
249.5
(77.2)
(78.9)
Advanced Technologies
136.9
136.0
(65.7)
(52.9)
Unallocated Group items
13.2
13.2
(35.3)
(35.5)
NanoScience assets and liabilities classed
as discontinued operations
\u2013
64.9
\u2013
(27.5)
Total segment assets and liabilities
417.5
463.6
(178.2)
(194.8)
Cash and borrowings
106.9
94.1
(12.9)
(9.7)
Derivative financial instruments
2.1
2.2
(1.0)
(0.6)
Retirement benefits
9.2
24.4
(1.2)
(0.9)
Taxation
16.4
20.5
(18.6)
(22.7)
Consolidated total assets and liabilities
552.1
604.8
(211.9)
(228.7)
Imaging & Advanced Unallocated
Analysis Technologies Group items Total
Year ended 31 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m
Capital expenditure
(2.2)
(4.7)
(0.5)
(7.4)
Depreciation of property, plant and equipment
(2.6)
(3.5)
(0.5)
(6.6)
Amortisation of right-of-use assets
(2.1)
(1.2)
(2.0)
(5.3)
Amortisation and impairment of intangibles
(7.3)
(0.1)
(0.3)
(7.7)
Capitalised development expenditure
(1.4)
(1.0)
\u2013
(2.4)
Imaging & Advanced Unallocated
Analysis Technologies Group items Total
Year ended 31 March 2025 as restated
1
\u00a3m \u00a3m \u00a3m \u00a3m
Capital expenditure
(3.9)
(9.4)
(0.3)
(13.6)
Depreciation of property, plant and equipment
(2.9)
(1.7)
(0.6)
(5.2)
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)
(0.1)
\u2013
(0.9)
The Group\u2019s revenue by destination of the end user is as follows:
2025 as
2026
restated
1
Revenue \u00a3m \u00a3m
UK
15.2
15.9
China
95.0
103.1
Japan
44.7
44.7
USA
103.9
111.4
Germany
34.9
38.3
Rest of Europe
62.7
46.4
Rest of Asia
49.1
62.4
Rest of World
17.7
21.4
423.2
443.6
1 Comparative information has been restated to present the results of the disposed business as discontinued operations. Detailed information can be found in Note 13.
2026 2025
Non-current assets (excluding deferred tax) \u00a3m \u00a3m
UK
141.2
172.3
China
2.2
2.0
Japan
4.3
5.4
USA
12.6
11.2
Germany
27.0
30.0
Rest of Europe
42.7
41.4
Rest of Asia
0.6
0.5
Rest of World
0.2
0.2
230.8
263.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-492": { "value": "
2\u2002Alternative Performance Measures (APMs)
The Group uses Alternative Performance Measures (APMs) which are not defined or
specified under IFRS. These measures are used by management and the Board to monitor
the performance of the business, in addition to statutory financial measures.
APMs should not be considered as a substitute for, or superior to, measures prepared in
accordance with IFRS. Definitions and reconciliations to the nearest IFRS statutory measures
are provided below.
a)\u2002Adjusting Items
Adjusting items are those which management consider should be disclosed separately due
to their size, nature or incidence and that excluding them from certain statutory financial
measures provides stakeholders with additional useful information when comparing across
reporting periods or between industry peers.
These adjusting items are excluded in the calculation of adjusted operating profit, adjusted
profit before tax, adjusted profit for the period, adjusted EPS, adjusted cash conversion and
adjusted effective tax rate. Details of adjusting items are given below.
2026 2025
\u00a3m \u00a3m
Defined benefit pension scheme buy-in costs
0.9
\u2013
Transaction-related costs
0.3
0.7
Impairment of goodwill
\u2013
26.0
Restructuring costs and charges associated with management
changes
9.9
7.8
Profit on disposal of assets
(3.7)
\u2013
Amortisation of acquired intangibles
7.3
9.2
Fair value movement on financial derivatives
1.0
0.3
Release of contingent consideration
\u2013
(2.1)
Total adjusting items to operating profit
15.7
41.9
Unwind of discount in respect of contingent consideration
0.8
0.6
2026 2025
\u00a3m \u00a3m
Total adjusting items to profit before tax
16.5
42.5
Tax effect of adjusting items
(3.6)
(4.4)
Total adjusting items to profit from continuing operations
12.9
38.1
Gain on disposal of NanoScience net of transaction costs and tax
(6.8)
1.1
Total adjusting items to profit for the year
6.1
39.2
Defined benefit pension scheme buy-in costs
In the current year, these represent the costs of one-off charges incurred in the buy-in of the
defined benefit pension scheme.
Transaction-related costs
In the current and prior year, these represent the costs of one-off charges incurred at the
Statement of Financial Position date relating to the acquisitions of FemtoTools.
Impairment of goodwill
In the prior year, 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 which have improved performance and the outlook for the
business, and no further impairment has been deemed necessary in the current year. Further
information can be found in Note 15.
Restructuring costs and charges associated with management changes
Costs incurred of \u00a39.9m (2025: \u00a37.8m) relating to restructuring and management changes,
as well as to the relocation of semiconductor equipment production to a new facility in
Severn Beach.
Profit on disposal of assets
In the current year, this represents the profit on disposal of the Yatton site following the
relocation of our semiconductor equipment production to a new facility in Severn Beach.
Amortisation and impairment of acquired intangibles
Adjusted profit excludes the non-cash amortisation and impairment of acquired
intangible assets, consistent with prior periods and peers.
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 core trading performance of the Group can be more clearly seen.
Release of contingent consideration
In the prior year, this represents the release of the earn-out provision in respect of the
acquisition of First Light Imaging.
Unwind of discount in respect of contingent consideration
There is an adjustment for the unwind of the discount in respect of the contingent
consideration on the acquisition of FemtoTools (Note 12).
Adjusted income tax expense
Statutory income tax is adjusted for the income tax impact on the adjusting items
described above.
Gain on disposal of NanoScience net of transaction costs and tax
Consideration receivable on disposal of the NanoScience business, less the carrying value
of net assets disposed, transaction costs and associated tax.
b)\u2002Adjusted operating profit
Adjusted operating profit is the Group\u2019s statutory operating profit excluding amortisation of
acquired intangibles and other adjusting items to operating profit listed in a) above.
2026 2025
\u00a3m \u00a3m
Statutory operating profit
58.0
37.6
Adjusting items to operating profit per a) above
15.7
41.9
Adjusted operating profit
73.7
79.5
c)\u2002Adjusted profit before tax and adjusted profit
The adjustments in calculating adjusted profit before tax are consistent with those in calculating
adjusted operating profit as above. There is a further adjustment for the unwind of the discount
in respect of the contingent consideration on the acquisition of FemtoTools (Note 8).
Statutory income tax is adjusted for the income tax impact of these items to arrive at
adjusted profit.
2026 2025
\u00a3m \u00a3m
Statutory profit before tax
58.5
38.2
Adjusting items to operating profit per a) above
15.7
41.9
Unwind of discount in respect of contingent consideration
0.8
0.6
Total adjusting items to profit before tax
16.5
42.5
Adjusted profit before tax
75.0
80.7
Adjusted income tax expense
(17.6)
(17.4)
Adjusted profit from continuing operations
57.4
63.3
Adjusted effective tax rates
23.5%
21.6%
d)\u2002Adjusted Basic and Diluted Earnings Per Share (EPS)
Adjusted basic EPS from continuing operations is calculated using adjusted profit from
continuing operations and dividing by the weighted average number of shares in issue.
Adjusted profit from continuing operations is calculated as follows:
2026 2025
\u00a3m \u00a3m
Profit for the period from continuing operations
44.5
25.2
Adjusting items (from a) above)
16.5
42.5
Tax effect on adjusting items
(3.6)
(4.4)
Adjusted profit for the period from continuing operations
57.4
63.3
Weighted average shares in issue
57.0
58.0
Effect of shares under option
0.6
0.7
Number of ordinary shares per diluted earnings
per share calculation
57.6
58.7
Basic adjusted EPS
100.7p
109.1p
Diluted adjusted EPS
99.7p
107.8p
Adjusted diluted EPS from continuing operations is calculated using the adjusted profit from
continuing operations and dividing by the weighted average number of shares in issue,
augmented by an assumed conversion value of all potentially dilutive ordinary shares.
Adjusted basic EPS from discontinued operations is calculated in the same way but using
adjusted profit/(loss) from discontinued operations.
Adjusted profit/(loss) from discontinued operations is calculated as follows:
2026 2025
\u00a3m \u00a3m
Profit/(loss) for the period from discontinued operations
3.7
0.8
Adjusting items:
Gain on disposal before transaction costs
(15.8)
\u2013
Transaction related costs related to the sale of NanoScience
business
5.7
1.1
Tax effect on adjusting items
3.3
\u2013
Adjusted profit for the period from discontinued operations
(3.1)
1.9
Adjusted basic EPS
(5.4p)
3.3p
Adjusted diluted EPS
(5.4p)
3.2p
Adjusted EPS for the Group is the sum of the adjusted EPS for continuing operations and
discontinued operations.
e)\u2002Organic constant currency (OCC)
OCC is used to assess performance between reporting periods excluding the impact of
new acquisitions, disposals and movements in exchange rates. The prior year results are
translated at the current reporting year\u2019s average exchange rates. Results from acquisitions
are not included until the prior year includes a full year of performance. Disposals are always
excluded from the current and prior year.
Revenue and adjusted operating profit are reconciled to OCC results as follows:
Group performance
OCC
\u00a3'm
FY25
FX
Acquisitions
OCC
FY26
change
Change
Orders
423.4
(8.7)
2.0
33.7
450.4
+8.0%
+6.4%
Revenue
443.4
(8.1)
1.4
(13.5)
423.2
(3.1%)
(4.6%)
Adjusted operating profit
79.5
(4.6)
0.1
(1.3)
73.7
(1.6%)
( 7.3%)
Adjusted operating margin
17.9%
18.2%
17.4%
+30 bps
(50) bps
Imaging and Analysis division performance
OCC
\u00a3'm
FY25
FX
Acquisitions
OCC
FY26
change
Change
Orders
318.6
(7.6)
2.0
4.3
317.3
+1.3%
(0.4%)
Revenue
330.5
(7.3)
1.4
(9.9)
314.7
(3.0%)
(4.8%)
Adjusted operating profit
73.2
(4.1)
0.1
1.7
70.9
2.3%
(3.1%)
Adjusted operating margin
22.1%
23.3%
22.5%
+120bps
+40bps
Advanced Technologies division performance
OCC
\u00a3'm
FY25
FX
Acquisitions
OCC
FY26
change
Change
Orders
104.8
(1.1)
\u2013
29.4
133.1
+28.1%
+27.0%
Revenue
112.9
(0.8)
\u2013
(3.6)
108.5
(3.2%)
(3.9%)
Adjusted operating profit
6.3
(0.5)
\u2013
(3.0)
2.8
(47.6%)
(55.6%)
Adjusted operating margin
5.6%
3.0%
2.6%
(260) bps
(300) bps
f)\u2002Cash conversion
Cash conversion is calculated as adjusted cash generated from operations as a percentage
of adjusted operating profit.
Reconciliation of cash generated from operations 2026 2025
to adjusted operating cash flow \u00a3m \u00a3m
Cash from operations
62.8
80.3
Add back:
Pension scheme payment above charge to operating profit
3.8
7.9
Non-recurring items
11.1
5.1
Capitalised development expenditure
(2.4)
(1.0)
Net proceeds/(expenditure) on tangible and intangible assets
(2.6)
(11.3)
Payments made in respect of lease liabilities
(5.2)
(5.4)
Adjusted cash from operations
67.5
75.6
Adjusted operating profit
73.7
79.5
Cash conversion %
92%
95%
Normalised cash conversion excludes certain large investments, typically related to property,
plant and equipment, where these investments are not deemed to be operational in nature.
The items excluded from adjusted cash from operations to determine normalised cash
conversion are as follows:
2026 2025
\u00a3m \u00a3m
Adjusted cash from operations
67.5
75.6
Add back:
Capital expenditure related to completion of the Severn Beach facility
1.5
5.3
Capital expenditure relating to the purchase of a new building
in High Wycombe
1.3
\u2013
Net proceeds on the sale of the Yatton facility
(4.8)
\u2013
Normalised adjusted cash from operations
65.5
80.9
Adjusted operating profit
73.7
79.5
Normalised cash conversion %
89%
102%
g)\u2002Free cash flow
Free cash flow (FCF) is calculated as net operating cash flow cash flow after deducting cash
outflows (or adding cash inflows) for interest income, taxation, capitalised development
expenditure, expenditure on intangible and tangible fixed assets and payments made with
respect to finance leases. FCF represents cash available to the Group to service debt, return
capital to shareholders, through dividends or share buybacks, or invest in other corporate
development activity such as acquisitions. The priorities for deploying free cash flow are
guided by the Group\u2019s capital allocation priorities.
2025 as
2026
restated
(1)
\u00a3m \u00a3m
Adjusted operating profit
73.7
79.5
Depreciation and amortisation
12.4
11.9
Adjusted EBITDA
86.1
91.4
Working capital movement
(12.1)
2.0
(Profit)/loss on disposal of plant, property and equipment
(3.7)
1.3
Non-recurring items
(7.4)
(6.4)
Equity settled share schemes
3.7
(0.1)
Pension scheme payment above charge to operating profit
(3.8)
(7.9)
Cash generated by operations
62.8
80.3
Add/(deduct):
Interest income
0.4
1.0
Tax paid
(11.1)
(19.8)
Capitalised development expenditure
(2.4)
(1.0)
Expenditure on tangible and intangible assets
(2.6)
(11.3)
Payments made in respect of finance leases
(5.2)
(5.4)
Free Cash Flow (FCF)
41.9
43.8
The reconciliation to net increase in cash and cash equivalents is as follows:
Free Cash Flow (FCF)
41.9
43.8
Acquisition of subsidiaries, net of cash acquired
\u2013
(15.4)
Net cash flow on disposal of business
42.4
\u2013
Share buyback
(62.2)
\u2013
Dividends paid
(13.0)
(12.1)
Proceeds from issue of share capital and exercise of share options
0.1
\u2013
Decrease in borrowings
(0.4)
(0.8)
Net increase in cash and cash equivalents from continuing
operations
8.8
15.5
Net decrease in cash and cash equivalents from discontinued
operations
0.7
(12.2)
Net increase in cash and cash equivalents
9.5
3.3
Effect of exchange rate fluctuations on cash held
(0.3)
(3.5)
Closing cash
94.5
85.3
Borrowings
(0.5)
(0.9)
Net cash
94.0
84.4
h)\u2002Return on Capital Employed (ROCE)
The return on capital employed ratio is used by management to help ensure that capital
is used efficiently. It is calculated by dividing adjusted operating profit after amortisation of
acquired intangibles, divided by the average of capital employed in the current and the prior
annual reporting periods.
ROCE in FY26 excludes discontinued operations from both adjusted operating profit and from
average capital employed.
2026 2025
\u00a3m \u00a3m
Adjusted operating profit
73.7
82.2
Amortisation of acquired intangible assets
(7.3)
(9.2)
Adjusted operating profit after amortisation
of acquired intangible assets
66.4
73.0
Property, plant and equipment
76.4
85.6
Right-of-use assets
29.9
29.9
Intangible assets
112.7
121.8
Long-term receivables
1.0
1.0
Inventories
72.5
99.1
Trade and other receivables
125.0
126.2
Lease liabilities
(27.8)
(26.7)
Provisions
(1.2)
(1.3)
Trade and other payables
(137.6)
(153.7)
Contingent consideration
(4.7)
(4.0)
Lease liabilities
(3.8)
(4.5)
Provisions
(3.1)
(4.6)
Capital employed
239.3
268.8
Capital employed for continuing operations 2025
231.4
Average capital employed
235.4
269.0
Return on capital employed (ROCE)
28.2%
27.1%
i)\u2002Return on Invested Capital (ROIC)
ROIC is an alternative metric used for assessing how efficiently capital is deployed in the
company. It is calculated by dividing adjusted operating profit after tax by average invested
capital across the current and prior years. Invested capital is defined as total equity, less net
cash and lease liabilities.
ROIC in FY26 excludes discontinued operations from both adjusted operating profit and from
average capital employed.
2026 2025
\u00a3m \u00a3m
Adjusted operating profit
73.7
82.2
Taxation
(17.6)
(17.4)
Adjusted operating profit after taxation
56.1
64.8
Total equity
340.2
376.1
Less: net cash and lease liabilities
(62.4)
(53.2)
Invested capital
27 7.8
322.9
Invested capital for continuing operations 2025
285.5
Average invested capital
281.7
319.1
Return on invested capital (ROIC)
19.9%
20.3%
APMs have limitations as analytical tools and should be considered alongside statutory
results. They may not be comparable to similarly titled measures used by other companies.
", "dimensions": { "concept": "oxfordinstrumentplc:DisclosureOfAlternativePerformanceMeasuresAPMs", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-493": { "value": "
3\u2002Profit for the year
Statutory profit for the year has been determined after charging/(crediting):
2026 2025
\u00a3m \u00a3m
Foreign exchange gain
(1.7)
(0.5)
Research and development
37. 1
38.7
Depreciation of property, plant and equipment
6.7
5.1
(Profit)/loss on disposal of plant, property and equipment
(3.7)
1.3
Amortisation of right-of-use assets
5.3
5.4
Amortisation of acquired intangibles
7.7
7.7
Impairment of goodwill
\u2013
26.0
Cost of inventories recognised as an expense
146.1
190.9
Write downs of inventories recognised as an expense
0.2
0.6
Contributions to defined contribution plans
5.5
6.8
Defined benefit income (Note 25)
\u2013
(0.1)
Charge/(credit) in respect of employee share options
3.7
(0.1)
Loss allowance on trade receivables
0.6
1.1
4\u2002Research and development (R&D)
The total R&D spend by the Group as part of continuing operations is as follows:
Imaging & Advanced
Analysis Technologies Total
Year ended 31 March 2026 \u00a3m \u00a3m \u00a3m
R&D expense charged to the Consolidated Statement
of Income
23.7
13.4
37.1
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
\u2013
(0.1)
(0.1)
Add: amounts capitalised as intangible assets
1.4
1.0
2.4
Total cash spent on R&D during the year
24.9
14.3
39.2
Imaging & Advanced
Analysis Technologies Total
Year ended 31 March 2025 \u00a3m \u00a3m \u00a3m
R&D expense charged to the Consolidated Statement
of Income
24.8
13.9
38.7
Less: depreciation of R&D-related fixed assets
(0.2)
\u2013
(0.2)
Less: amortisation of R&D costs previously capitalised
as intangibles
(0.6)
(0.3)
(0.9)
Add: amounts capitalised as intangible assets
0.8
0.1
0.9
Total cash spent on R&D during the year
24.8
13.7
38.5
6\u2002Auditor's remuneration
2026 2025
\u00a3'000 \u00a3'000
Audit of these Financial Statements
1,044
381
Amounts received by the auditor and its associates in respect of:
\u2013 Audit of Financial Statements of subsidiaries pursuant to legislation
345
809
\u2013 Audit-related assurance services
\u2013
53
\u2013 Other non-audit services
24
8
Total fees payable to the auditor and its associates
1,413
1,251
The other non-audit services comprise of regulatory tax return preparation and VAT advice in a limited number of jurisdictions, completed prior to the audit tender. For further details please refer to the Audit and Risk Committee Report on pages 127 to 136, and the Independent Auditor's Report on pages 241 to 249.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-558": { "value": "3\u2002Profit for the year Statutory profit for the year has been determined after charging/(crediting):
2026 2025
\u00a3m \u00a3m
Foreign exchange gain
(1.7)
(0.5)
Research and development
37. 1
38.7
Depreciation of property, plant and equipment
6.7
5.1
(Profit)/loss on disposal of plant, property and equipment
(3.7)
1.3
Amortisation of right-of-use assets
5.3
5.4
Amortisation of acquired intangibles
7.7
7.7
Impairment of goodwill
\u2013
26.0
Cost of inventories recognised as an expense
146.1
190.9
Write downs of inventories recognised as an expense
0.2
0.6
Contributions to defined contribution plans
5.5
6.8
Defined benefit income (Note 25)
\u2013
(0.1)
Charge/(credit) in respect of employee share options
3.7
(0.1)
Loss allowance on trade receivables
0.6
1.1
14\u2002Property, plant and equipment
Land and Plant and Fixtures and
buildings equipment fittings Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
Balance at 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 and 1 April 2025
68.1
53.0
12.7
133.8
Additions
3.1
3.5
0.8
7.4
Disposals \u2013 sale of business
(6.0)
(8.1)
(1.0)
(15.1)
Disposals
(1.4)
(8.5)
(0.7)
(10.6)
Exchange differences
\u2013
\u2013
(0.1)
(0.1)
Balance at 31 March 2026
63.8
39.9
11.7
115.4
Depreciation and impairment losses
Balance at 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 and 1 April 2025
6.5
34.9
6.8
48.2
Depreciation charge for the year
1.8
4.3
0.6
6.7
Disposals \u2013 sale of business
(2.3)
(4.1)
(0.7)
(7. 1)
Disposals
(0.6)
(7.5)
(0.5)
(8.6)
Exchange differences
\u2013
(0.2)
\u2013
(0.2)
Balance at 31 March 2026
5.4
27.4
6.2
39.0
Land and Plant and Fixtures and
buildings equipment fittings Total
\u00a3m \u00a3m \u00a3m \u00a3m
Carrying amounts
Balance at 1 April 2024
55.6
19.9
5.0
80.5
Balance at 31 March 2025 and 1 April 2025
61.6
18.1
5.9
85.6
Balance at 31 March 2026
58.4
12.5
5.5
76.4
Included within plant and equipment are assets under construction with additions in the year of \u00a31.4m (2025: \u00a35.8m) and a carrying amount of \u00a31.4m (2025: \u00a339.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-528": { "value": "3\u2002Profit for the year Statutory profit for the year has been determined after charging/(crediting):
2026 2025
\u00a3m \u00a3m
Foreign exchange gain
(1.7)
(0.5)
Research and development
37. 1
38.7
Depreciation of property, plant and equipment
6.7
5.1
(Profit)/loss on disposal of plant, property and equipment
(3.7)
1.3
Amortisation of right-of-use assets
5.3
5.4
Amortisation of acquired intangibles
7.7
7.7
Impairment of goodwill
\u2013
26.0
Cost of inventories recognised as an expense
146.1
190.9
Write downs of inventories recognised as an expense
0.2
0.6
Contributions to defined contribution plans
5.5
6.8
Defined benefit income (Note 25)
\u2013
(0.1)
Charge/(credit) in respect of employee share options
3.7
(0.1)
Loss allowance on trade receivables
0.6
1.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-529": { "value": "4\u2002Research and development (R&D) The total R&D spend by the Group as part of continuing operations is as follows:
Imaging & Advanced
Analysis Technologies Total
Year ended 31 March 2026 \u00a3m \u00a3m \u00a3m
R&D expense charged to the Consolidated Statement
of Income
23.7
13.4
37.1
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
\u2013
(0.1)
(0.1)
Add: amounts capitalised as intangible assets
1.4
1.0
2.4
Total cash spent on R&D during the year
24.9
14.3
39.2
Imaging & Advanced
Analysis Technologies Total
Year ended 31 March 2025 \u00a3m \u00a3m \u00a3m
R&D expense charged to the Consolidated Statement
of Income
24.8
13.9
38.7
Less: depreciation of R&D-related fixed assets
(0.2)
\u2013
(0.2)
Less: amortisation of R&D costs previously capitalised
as intangibles
(0.6)
(0.3)
(0.9)
Add: amounts capitalised as intangible assets
0.8
0.1
0.9
Total cash spent on R&D during the year
24.8
13.7
38.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-494": { "value": "
5\u2002Employee information
Personnel costs incurred during the year were as follows:
2026 2025
\u00a3m \u00a3m
Wages and salaries
133.4
143.0
Social security costs
18.1
17.0
Contributions to defined contribution plans (Note 25)
5.5
6.8
Defined benefit income (Note 25)
\u2013
(0.1)
Charge/(credit) in respect of employee share options
3.7
(0.1)
160.7
166.6
Included in the total above is \u00a313.1m (2025: \u00a316.1m) relating to discontinued operations.
Directors' remuneration during the year was as follows:
2026 2025
\u00a3m \u00a3m
Short-term benefits
2.1
2.4
Post-employment benefits
0.1
0.1
Charge in respect of share options
0.6
0.2
2.8
2.7
Further details of Directors' remuneration are disclosed in the Remuneration Report on pages
156 to 171 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:
2026 2025
number number
Production
837
912
Sales and Marketing
636
620
Research and Development
418
474
Administration and Shared Services
295
328
2,186
2,334
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-530": { "value": "
6\u2002Auditor's remuneration
2026 2025
\u00a3'000 \u00a3'000
Audit of these Financial Statements
1,044
381
Amounts received by the auditor and its associates in respect of:
\u2013 Audit of Financial Statements of subsidiaries pursuant to legislation
345
809
\u2013 Audit-related assurance services
\u2013
53
\u2013 Other non-audit services
24
8
Total fees payable to the auditor and its associates
1,413
1,251
The other non-audit services comprise of regulatory tax return preparation and VAT advice in
a limited number of jurisdictions, completed prior to the audit tender. For further details please
refer to the Audit and Risk Committee Report on pages 127 to 136, and the Independent
Auditor's Report on pages 241 to 249.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-495": { "value": "
7\u2002Financial income
2026 2025
\u00a3m \u00a3m
Interest receivable
1.6
1.6
Interest credit on pension scheme net assets
1.5
1.0
3.1
2.6
8\u2002Financial expenditure
2026 2025
\u00a3m \u00a3m
Bank interest payable
1.2
0.8
Interest on lease liabilities
0.6
0.6
Unwind of discount on contingent consideration
0.8
0.6
2.6
2.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-567": { "value": "7\u2002Financial income
2026 2025
\u00a3m \u00a3m
Interest receivable
1.6
1.6
Interest credit on pension scheme net assets
1.5
1.0
3.1
2.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-559": { "value": "7\u2002Financial income
2026 2025
\u00a3m \u00a3m
Interest receivable
1.6
1.6
Interest credit on pension scheme net assets
1.5
1.0
3.1
2.6
8\u2002Financial expenditure
2026 2025
\u00a3m \u00a3m
Bank interest payable
1.2
0.8
Interest on lease liabilities
0.6
0.6
Unwind of discount on contingent consideration
0.8
0.6
2.6
2.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-531": { "value": "7\u2002Financial income
2026 2025
\u00a3m \u00a3m
Interest receivable
1.6
1.6
Interest credit on pension scheme net assets
1.5
1.0
3.1
2.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-568": { "value": "8\u2002Financial expenditure
2026 2025
\u00a3m \u00a3m
Bank interest payable
1.2
0.8
Interest on lease liabilities
0.6
0.6
Unwind of discount on contingent consideration
0.8
0.6
2.6
2.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-532": { "value": "8\u2002Financial expenditure
2026 2025
\u00a3m \u00a3m
Bank interest payable
1.2
0.8
Interest on lease liabilities
0.6
0.6
Unwind of discount on contingent consideration
0.8
0.6
2.6
2.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-496": { "value": "
9\u2002Taxation
Income tax expense
2026 2025
\u00a3m \u00a3m
Recognised in the Consolidated Statement of Income
Current tax expense
Current year
14.6
12.6
Adjustment in respect of prior years
0.3
(2.5)
14.9
10.1
Deferred tax expense
Origination and reversal of temporary differences
(0.8)
3.7
Adjustment in respect of prior years
(0.1)
\u2013
(0.9)
3.7
Total tax expense
14.0
13.8
Reconciliation of effective tax rate
Profit before income tax
58.5
38.2
Income tax using the weighted average statutory tax rate of 26%
(2025: 25%)
14.9
9.5
Tax rates other than the weighted average statutory rate
0.5
1.1
Change in rate at which deferred tax recognised
(0.9)
(0.9)
Transaction costs, deferred consideration and impairments not
deductible for tax
0.7
7.0
Non-taxable income
(0.7)
(0.2)
Non-deductible expenses
1.0
0.3
Tax incentives \u2013 technology-related
(2.1)
(1.1)
Movement in unrecognised deferred tax
0.4
0.2
Adjustment in respect of prior years
0.2
(2.5)
Total tax expense
14.0
13.4
2026 2025
\u00a3m \u00a3m
Taxation credit recognised directly in other comprehensive income
Current tax \u2013 relating to employee benefits
(1.3)
(0.1)
Deferred tax \u2013 relating to employee benefits
(3.9)
(0.1)
Taxation (credit)/charge recognised directly in equity
Current tax \u2013 relating to share options
(0.1)
(0.3)
Deferred tax \u2013 relating to share options
(0.1)
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 Tax
equipment Inventory benefits assets losses Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 April 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)
Recognised in income
0.2
0.7
(0.2)
0.7
0.5
(1.8)
0.1
Recognised in other
comprehensive income
\u2013
\u2013
3.9
\u2013
\u2013
\u2013
3.9
Recognised directly in
equity
\u2013
\u2013
0.1
\u2013
\u2013
\u2013
0.1
Disposals of business
1.3
(0.3)
\u2013
\u2013
(0.2)
(0.1)
0.7
Effect of movements in
foreign exchange rates
\u2013
\u2013
\u2013
(0.3)
\u2013
\u2013
(0.3)
Balance at
31 March 2026
(7.6)
5.2
3.0
(5.4)
1.6
2.1
(1.1)
The deferred tax category of 'Other' 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
2026 2025 2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Gross assets/(liabilities)
12.8
16.5
(13.9)
(22.1)
(1.1)
(5.6)
Offset
(2.8)
(5.4)
2.8
5.4
\u2013
\u2013
Net assets/(liabilities)
10.0
11.1
(11.1)
(16.7)
(1.1)
(5.6)
Deferred tax assets have not been recognised in respect of the following items:
2026 2025
\u00a3m \u00a3m
Tax losses
0.8
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 \u00a33.2m (2025: \u00a31.7m), 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 \u00a349.4m (2025: \u00a352.3m) 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-560": { "value": "Deferred tax
Property,
plant and Employee Intangible Tax
equipment Inventory benefits assets losses Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 April 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)
Recognised in income
0.2
0.7
(0.2)
0.7
0.5
(1.8)
0.1
Recognised in other
comprehensive income
\u2013
\u2013
3.9
\u2013
\u2013
\u2013
3.9
Recognised directly in
equity
\u2013
\u2013
0.1
\u2013
\u2013
\u2013
0.1
Disposals of business
1.3
(0.3)
\u2013
\u2013
(0.2)
(0.1)
0.7
Effect of movements in
foreign exchange rates
\u2013
\u2013
\u2013
(0.3)
\u2013
\u2013
(0.3)
Balance at
31 March 2026
(7.6)
5.2
3.0
(5.4)
1.6
2.1
(1.1)
The deferred tax category of 'Other' 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
2026 2025 2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Gross assets/(liabilities)
12.8
16.5
(13.9)
(22.1)
(1.1)
(5.6)
Offset
(2.8)
(5.4)
2.8
5.4
\u2013
\u2013
Net assets/(liabilities)
10.0
11.1
(11.1)
(16.7)
(1.1)
(5.6)
Deferred tax assets have not been recognised in respect of the following items:
2026 2025
\u00a3m \u00a3m
Tax losses
0.8
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 \u00a33.2m (2025: \u00a31.7m), 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 \u00a349.4m (2025: \u00a352.3m) 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-533": { "value": "Deferred tax
Property,
plant and Employee Intangible Tax
equipment Inventory benefits assets losses Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 April 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)
Recognised in income
0.2
0.7
(0.2)
0.7
0.5
(1.8)
0.1
Recognised in other
comprehensive income
\u2013
\u2013
3.9
\u2013
\u2013
\u2013
3.9
Recognised directly in
equity
\u2013
\u2013
0.1
\u2013
\u2013
\u2013
0.1
Disposals of business
1.3
(0.3)
\u2013
\u2013
(0.2)
(0.1)
0.7
Effect of movements in
foreign exchange rates
\u2013
\u2013
\u2013
(0.3)
\u2013
\u2013
(0.3)
Balance at
31 March 2026
(7.6)
5.2
3.0
(5.4)
1.6
2.1
(1.1)
The deferred tax category of 'Other' 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
2026 2025 2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Gross assets/(liabilities)
12.8
16.5
(13.9)
(22.1)
(1.1)
(5.6)
Offset
(2.8)
(5.4)
2.8
5.4
\u2013
\u2013
Net assets/(liabilities)
10.0
11.1
(11.1)
(16.7)
(1.1)
(5.6)
Deferred tax assets have not been recognised in respect of the following items:
2026 2025
\u00a3m \u00a3m
Tax losses
0.8
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 \u00a33.2m (2025: \u00a31.7m), 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 \u00a349.4m (2025: \u00a352.3m) 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-497": { "value": "
10\u2002Dividends
The following dividends per share were paid by the Group:
2026 2025
pence pence
Previous period final dividend
17.1
15.9
Current period interim dividend
5.4
5.1
22.5
21.0
The following dividends per share were proposed by the Group in respect of each accounting
period presented:
2026 2025
pence pence
Interim dividend
5.4
5.1
Final dividend
18.2
17.1
23.6
22. 2
The final dividend for the year to 31 March 2025 of 17.1p per share was approved by
shareholders at the Annual General Meeting on 28 July 2025 and paid on 19 August 2025.
The interim dividend for the year to 31 March 2026 of 5.4p per share was approved by a sub-
committee of the Board on 10 November 2025 and was paid on 9 January 2026.
The proposed final dividend for the year ended 31 March 2026 of 18.2p per share was not
provided at the year end and is subject to shareholder approval at the Annual General
Meeting on 23 July 2026. It is expected to be paid on 18 August 2026, to shareholders on the
register on the record date of 10 July 2026, with an ex-dividend date of 9 July 2026 and with
the last date of election for the Dividend Reinvestment Plan (DRIP) being 28 July 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-534": { "value": "0.236", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-535": { "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-498": { "value": "
11\u2002Earnings 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
as restated
2026 (Note 13)
shares shares
million million
Weighted average number of shares outstanding
57.0
58.0
Effect of shares under option
0.6
0.7
Number of ordinary shares per diluted earnings per share calculations
57.6
58.7
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 3:
2026
2025 as restated (Note 13)
\u00a3m
Pence
\u00a3m
Pence
Profit for the period from continuing
operations
44.5
78.1
25.2
43.4
Profit from discontinued operations after tax
3.7
6.5
0.8
1.4
Profit attributable to equity shareholders
of the parent/Basic EPS
48.2
84.6
26.0
44.8
Total underlying adjustments to profit before
tax (Note 2)
16.5
28.9
42.5
73.3
Total underlying adjustments to profit before
tax on discontinued operations (Note 13)
(6.8)
(11.9)
1.1
1.9
Related tax effects
(3.6)
(6.3)
(4.4)
(7.6)
Adjusted profit/(loss) attributable to
equity shareholders of the parent/
adjusted EPS
54.3
95.3
65.2
112.4
Adjusted profit/(loss) attributable to
equity shareholders of the parent/
adjusted EPS:
Continuing operations
57.4
100.7
63.3
109.1
Discontinued operations
(3.1)
(5.4)
1.9
3.3
Total adjusted profit
54.3
95.3
65.2
112.4
Diluted basic EPS
83.7
44.3
Diluted adjusted EPS
94.3
111.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-499": { "value": "
12\u2002Acquisitions
Prior year acquisition of FemtoTools
On 28 June 2024, the Group acquired 100% of the issued share capital of FemtoTools AG
('FemtoTools') 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 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.
There were no acquisition-related costs in the current period in relation to this acquisition.
The acquisition contributed revenue of \u00a35.9m, adjusted operating profit of \u00a31.5m and a
statutory profit before tax of \u00a31.5m in the prior year.
If the acquisition had occurred on the first day of the prior 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 prior year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-500": { "value": "
13\u2002Disposal of subsidiary and discontinued operations
On 2 January 2026, the Group disposed of its NanoScience business for a final consideration
of \u00a355.4m.
Effect of disposal on the financial position of the Group
NanoScience
2026
\u00a3m
Acquired intangible assets
\u2013
Other intangible assets
(7.6)
Property, plant and equipment
(9.4)
Inventory
(26.6)
Trade and other receivables
(14.9)
Cash and cash equivalents
(7.3)
Trade and other payables
25.0
Provisions
1.1
Tax balances
0.8
Net assets divested
(38.9)
Net cash inflow on disposal of business
NanoScience
2026
\u00a3m
Consideration received, satisfied in cash
55.4
Cash disposed of
(7.3)
Transaction costs
(5.7)
Net cash inflow
42.4
Gain on disposal of business
Consideration receivable
54.7
Carrying value of net assets disposed of
(38.9)
Transaction costs
(5.7)
Gain on disposal
10.1
Income tax on transaction costs
0.1
Tax charge on gain on disposal
(3.4)
Gain on disposal net of tax
6.8
Cash received included estimated amounts for cash, debt, and working capital of the business
at the disposal date. The final cash and debt balances, determined at the Statement of
Financial Position date, were \u00a30.7m lower than initially estimated. Accordingly, consideration
receivable has been reduced by \u00a30.7m, with a corresponding liability recognised within trade
and other payables.
The final working capital position at the disposal date had not been agreed by the Statement
of Financial Position date. As a result, no adjustment has been recognised in respect of
working capital in the current year.
Discontinued operations
In the year to 31 March 2026 the Group\u2019s NanoScience business was classified as a
discontinued operation.
The 2025 Financial Statements have been re-presented to reflect the classification of the
NanoScience business as a discontinued operation.
Year ended Year ended
31 March 31 March
2026 2025
Results of discontinued operations \u00a3m \u00a3m
Revenue
32.7
57.2
Expenses
(36.7)
(54.5)
Income tax credit
0.9
(0.8)
Adjusted (loss)/profit after tax
(3.1)
1.9
Adjusting items:
Transaction related costs related to sale of NanoScience business
(5.7)
(1.1)
Income tax on adjusting items
0.1
\u2013
(Loss)/profit after tax
(8.7)
0.8
Gain on disposal before transaction related costs
15.8
\u2013
Tax on gain on disposal
(3.4)
\u2013
Profit from discontinued operations after tax
3.7
0.8
Year ended Year ended
31 March 31 March
2026 2025
Earnings per share from discontinued operations pence pence
Adjusted basic earnings per share
(5.4)p
3.3p
Adjusted diluted earnings per share
(5.4)p
3.2p
Total basic earnings per share
6.5p
1.4p
Total diluted earnings per share
6.4p
1.4p
Year ended Year ended
31 March 31 March
2026 2025
Cash flows from discontinued operations \u00a3m \u00a3m
Net cash generated/(used in) from operating activities
2.7
(10.8)
Net cash generated/(used in) investing activities
(2.0)
(1.3)
Net cash used in financing activities
\u2013
(0.1)
Net cash flows
0.7
(12.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-536": { "value": "On 2 January 2026, the Group disposed of its NanoScience business for a final consideration of \u00a355.4m. Effect of disposal on the financial position of the Group
NanoScience
2026
\u00a3m
Acquired intangible assets
\u2013
Other intangible assets
(7.6)
Property, plant and equipment
(9.4)
Inventory
(26.6)
Trade and other receivables
(14.9)
Cash and cash equivalents
(7.3)
Trade and other payables
25.0
Provisions
1.1
Tax balances
0.8
Net assets divested
(38.9)
Net cash inflow on disposal of business
NanoScience
2026
\u00a3m
Consideration received, satisfied in cash
55.4
Cash disposed of
(7.3)
Transaction costs
(5.7)
Net cash inflow
42.4
Gain on disposal of business
Consideration receivable
54.7
Carrying value of net assets disposed of
(38.9)
Transaction costs
(5.7)
Gain on disposal
10.1
Income tax on transaction costs
0.1
Tax charge on gain on disposal
(3.4)
Gain on disposal net of tax
6.8
Cash received included estimated amounts for cash, debt, and working capital of the business at the disposal date. The final cash and debt balances, determined at the Statement of Financial Position date, were \u00a30.7m lower than initially estimated. Accordingly, consideration receivable has been reduced by \u00a30.7m, with a corresponding liability recognised within trade and other payables. The final working capital position at the disposal date had not been agreed by the Statement of Financial Position date. As a result, no adjustment has been recognised in respect of working capital in the current year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-537": { "value": "Discontinued operations In the year to 31 March 2026 the Group\u2019s NanoScience business was classified as a discontinued operation. The 2025 Financial Statements have been re-presented to reflect the classification of the NanoScience business as a discontinued operation.
Year ended Year ended
31 March 31 March
2026 2025
Results of discontinued operations \u00a3m \u00a3m
Revenue
32.7
57.2
Expenses
(36.7)
(54.5)
Income tax credit
0.9
(0.8)
Adjusted (loss)/profit after tax
(3.1)
1.9
Adjusting items:
Transaction related costs related to sale of NanoScience business
(5.7)
(1.1)
Income tax on adjusting items
0.1
\u2013
(Loss)/profit after tax
(8.7)
0.8
Gain on disposal before transaction related costs
15.8
\u2013
Tax on gain on disposal
(3.4)
\u2013
Profit from discontinued operations after tax
3.7
0.8
Year ended Year ended
31 March 31 March
2026 2025
Earnings per share from discontinued operations pence pence
Adjusted basic earnings per share
(5.4)p
3.3p
Adjusted diluted earnings per share
(5.4)p
3.2p
Total basic earnings per share
6.5p
1.4p
Total diluted earnings per share
6.4p
1.4p
Year ended Year ended
31 March 31 March
2026 2025
Cash flows from discontinued operations \u00a3m \u00a3m
Net cash generated/(used in) from operating activities
2.7
(10.8)
Net cash generated/(used in) investing activities
(2.0)
(1.3)
Net cash used in financing activities
\u2013
(0.1)
Net cash flows
0.7
(12.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-501": { "value": "
14\u2002Property, plant and equipment
Land and Plant and Fixtures and
buildings equipment fittings Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
Balance at 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 and 1 April 2025
68.1
53.0
12.7
133.8
Additions
3.1
3.5
0.8
7.4
Disposals \u2013 sale of business
(6.0)
(8.1)
(1.0)
(15.1)
Disposals
(1.4)
(8.5)
(0.7)
(10.6)
Exchange differences
\u2013
\u2013
(0.1)
(0.1)
Balance at 31 March 2026
63.8
39.9
11.7
115.4
Depreciation and impairment losses
Balance at 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 and 1 April 2025
6.5
34.9
6.8
48.2
Depreciation charge for the year
1.8
4.3
0.6
6.7
Disposals \u2013 sale of business
(2.3)
(4.1)
(0.7)
(7. 1)
Disposals
(0.6)
(7.5)
(0.5)
(8.6)
Exchange differences
\u2013
(0.2)
\u2013
(0.2)
Balance at 31 March 2026
5.4
27.4
6.2
39.0
Land and Plant and Fixtures and
buildings equipment fittings Total
\u00a3m \u00a3m \u00a3m \u00a3m
Carrying amounts
Balance at 1 April 2024
55.6
19.9
5.0
80.5
Balance at 31 March 2025 and 1 April 2025
61.6
18.1
5.9
85.6
Balance at 31 March 2026
58.4
12.5
5.5
76.4
Included within plant and equipment are assets under construction with additions in the year
of \u00a31.4m (2025: \u00a35.8m) and a carrying amount of \u00a31.4m (2025: \u00a339.0m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-502": { "value": "
15\u2002Intangible assets
Customer- Technology- Development Development
related related costs costs
acquired acquired acquired internally
Goodwill intangibles intangibles intangibles generated Software Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Balance at 1 April 2024
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 and 1 April 2025
138.0
34.3
117.7
1.8
36.9
3.5
332.2
Additions \u2013 external
\u2013
\u2013
0.5
\u2013
\u2013
\u2013
0.5
Additions \u2013 internally generated
\u2013
\u2013
\u2013
\u2013
2.4
\u2013
2.4
Disposals \u2013 sale of businesses
(6.6)
(1.0)
(6.9)
\u2013
(5.1)
(0.1)
(19.7)
Effect of movements in foreign exchange rates
1.7
0.4
1.5
\u2013
\u2013
\u2013
3.6
Balance at 31 March 2026
133.1
33.7
112.8
1.8
34.2
3.4
319.0
Amortisation and impairment losses
Balance at 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 and 1 April 2025
48.4
28.6
95.4
1.4
33.9
2.7
210.4
Amortisation and impairment charged
\u2013
1.3
5.8
0.2
0.2
0.2
7.7
Disposals \u2013 sale of businesses
\u2013
(1.0)
(6.9)
\u2013
(4.1)
(0.1)
(12.1)
Effect of movements in foreign exchange rates
(0.3)
0.2
0.4
\u2013
\u2013
\u2013
0.3
Balance at 31 March 2026
48.1
29.1
94.7
1.6
30.0
2.8
206.3
Carrying amounts
Balance at 1 April 2024
106.9
6.1
20.9
0.5
2.4
1.4
138.2
Balance at 31 March 2025 and 1 April 2025
89.6
5.7
22.3
0.4
3.0
0.8
121.8
Balance at 31 March 2026
85.0
4.6
18.1
0.2
4.2
0.6
112.7
During the year the Group made impairments of \u00a3nil (2025: \u00a30.2m) in respect of capitalised
development costs.
The following intangible assets are considered material by the Directors as they represent 89%
(2025: 77%) of total acquired intangible assets:
2026
2025
Remaining
Net book Amortisation amortisation Net book
value period period value
Acquisition
Type
\u00a3m years years \u00a3m
Andor
Trademarks
1.9
15.0
2.8
2.6
WITec
Trademarks
1.5
10.0
5.6
1.7
First Light Imaging
Technology, know-how
and patents, C-RED
8.4
14.0
11.8
8.6
FemtoTools
Technology, know-how
and patents
8.6
11.0
9.3
8.8
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:
2026 2025
\u00a3m \u00a3m
Imaging & Analysis
NanoAnalysis
10.0
9.8
Magnetic Resonance
2.3
2.3
Andor
41.1
40.9
WITec
21.4
20.6
FemtoTools
10.2
9.4
Advanced Technologies
NanoScience
\u2013
6.6
85.0
89.6
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 four 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 of 2.0% (2025: 2.0\u20132.5%). 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 pre-tax discount rate used for Imaging & Analysis and Advanced Technologies in
impairment testing is between 8.8% and 15.7% (2025: 13.7% to 14.3%), 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.
The pre-tax weighted average cost of capital used for each CGU are as follows:
2026 2025
\u00a3m \u00a3m
Imaging & Analysis
NanoAnalysis
15.1%
14.2%
Magnetic Resonance
14.7%
13.7%
Andor
15.7%
14.3%
WITec
13.5%
14.2%
FemtoTools
8.8%
14.2%
Advanced Technologies
Plasma Technology
13.4%
14.2%
NanoScience
\u2013
14.2%
Result of impairment assessment In the prior year, the impairment review for Andor Technology concluded the carrying values of the business exceeded their recoverable amounts of \u00a3105.9m and accordingly an impairment charge of \u00a326.0m was recognised. Restructuring actions and efficiency initiatives were implemented in the current year to improve business performance, and consequently there is no further impairment charge to be recognised and no impairment when considering a reasonable possible change in key assumption 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", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-561": { "value": "15\u2002Intangible assets
Customer- Technology- Development Development
related related costs costs
acquired acquired acquired internally
Goodwill intangibles intangibles intangibles generated Software Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Balance at 1 April 2024
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 and 1 April 2025
138.0
34.3
117.7
1.8
36.9
3.5
332.2
Additions \u2013 external
\u2013
\u2013
0.5
\u2013
\u2013
\u2013
0.5
Additions \u2013 internally generated
\u2013
\u2013
\u2013
\u2013
2.4
\u2013
2.4
Disposals \u2013 sale of businesses
(6.6)
(1.0)
(6.9)
\u2013
(5.1)
(0.1)
(19.7)
Effect of movements in foreign exchange rates
1.7
0.4
1.5
\u2013
\u2013
\u2013
3.6
Balance at 31 March 2026
133.1
33.7
112.8
1.8
34.2
3.4
319.0
Amortisation and impairment losses
Balance at 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 and 1 April 2025
48.4
28.6
95.4
1.4
33.9
2.7
210.4
Amortisation and impairment charged
\u2013
1.3
5.8
0.2
0.2
0.2
7.7
Disposals \u2013 sale of businesses
\u2013
(1.0)
(6.9)
\u2013
(4.1)
(0.1)
(12.1)
Effect of movements in foreign exchange rates
(0.3)
0.2
0.4
\u2013
\u2013
\u2013
0.3
Balance at 31 March 2026
48.1
29.1
94.7
1.6
30.0
2.8
206.3
Carrying amounts
Balance at 1 April 2024
106.9
6.1
20.9
0.5
2.4
1.4
138.2
Balance at 31 March 2025 and 1 April 2025
89.6
5.7
22.3
0.4
3.0
0.8
121.8
Balance at 31 March 2026
85.0
4.6
18.1
0.2
4.2
0.6
112.7
During the year the Group made impairments of \u00a3nil (2025: \u00a30.2m) in respect of capitalised development costs. The following intangible assets are considered material by the Directors as they represent 89% (2025: 77%) of total acquired intangible assets:
2026
2025
Remaining
Net book Amortisation amortisation Net book
value period period value
Acquisition
Type
\u00a3m years years \u00a3m
Andor
Trademarks
1.9
15.0
2.8
2.6
WITec
Trademarks
1.5
10.0
5.6
1.7
First Light Imaging
Technology, know-how
and patents, C-RED
8.4
14.0
11.8
8.6
FemtoTools
Technology, know-how
and patents
8.6
11.0
9.3
8.8
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:
2026 2025
\u00a3m \u00a3m
Imaging & Analysis
NanoAnalysis
10.0
9.8
Magnetic Resonance
2.3
2.3
Andor
41.1
40.9
WITec
21.4
20.6
FemtoTools
10.2
9.4
Advanced Technologies
NanoScience
\u2013
6.6
85.0
89.6
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 four 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 of 2.0% (2025: 2.0\u20132.5%). 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 pre-tax discount rate used for Imaging & Analysis and Advanced Technologies in impairment testing is between 8.8% and 15.7% (2025: 13.7% to 14.3%), 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. The pre-tax weighted average cost of capital used for each CGU are as follows:
2026 2025
\u00a3m \u00a3m
Imaging & Analysis
NanoAnalysis
15.1%
14.2%
Magnetic Resonance
14.7%
13.7%
Andor
15.7%
14.3%
WITec
13.5%
14.2%
FemtoTools
8.8%
14.2%
Advanced Technologies
Plasma Technology
13.4%
14.2%
NanoScience
\u2013
14.2%
Result of impairment assessment In the prior year, the impairment review for Andor Technology concluded the carrying values of the business exceeded their recoverable amounts of \u00a3105.9m and accordingly an impairment charge of \u00a326.0m was recognised. Restructuring actions and efficiency initiatives were implemented in the current year to improve business performance, and consequently there is no further impairment charge to be recognised and no impairment when considering a reasonable possible change in key assumption 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-538": { "value": "15\u2002Intangible assets
Customer- Technology- Development Development
related related costs costs
acquired acquired acquired internally
Goodwill intangibles intangibles intangibles generated Software Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Balance at 1 April 2024
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 and 1 April 2025
138.0
34.3
117.7
1.8
36.9
3.5
332.2
Additions \u2013 external
\u2013
\u2013
0.5
\u2013
\u2013
\u2013
0.5
Additions \u2013 internally generated
\u2013
\u2013
\u2013
\u2013
2.4
\u2013
2.4
Disposals \u2013 sale of businesses
(6.6)
(1.0)
(6.9)
\u2013
(5.1)
(0.1)
(19.7)
Effect of movements in foreign exchange rates
1.7
0.4
1.5
\u2013
\u2013
\u2013
3.6
Balance at 31 March 2026
133.1
33.7
112.8
1.8
34.2
3.4
319.0
Amortisation and impairment losses
Balance at 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 and 1 April 2025
48.4
28.6
95.4
1.4
33.9
2.7
210.4
Amortisation and impairment charged
\u2013
1.3
5.8
0.2
0.2
0.2
7.7
Disposals \u2013 sale of businesses
\u2013
(1.0)
(6.9)
\u2013
(4.1)
(0.1)
(12.1)
Effect of movements in foreign exchange rates
(0.3)
0.2
0.4
\u2013
\u2013
\u2013
0.3
Balance at 31 March 2026
48.1
29.1
94.7
1.6
30.0
2.8
206.3
Carrying amounts
Balance at 1 April 2024
106.9
6.1
20.9
0.5
2.4
1.4
138.2
Balance at 31 March 2025 and 1 April 2025
89.6
5.7
22.3
0.4
3.0
0.8
121.8
Balance at 31 March 2026
85.0
4.6
18.1
0.2
4.2
0.6
112.7
During the year the Group made impairments of \u00a3nil (2025: \u00a30.2m) in respect of capitalised development costs. The following intangible assets are considered material by the Directors as they represent 89% (2025: 77%) of total acquired intangible assets:
2026
2025
Remaining
Net book Amortisation amortisation Net book
value period period value
Acquisition
Type
\u00a3m years years \u00a3m
Andor
Trademarks
1.9
15.0
2.8
2.6
WITec
Trademarks
1.5
10.0
5.6
1.7
First Light Imaging
Technology, know-how
and patents, C-RED
8.4
14.0
11.8
8.6
FemtoTools
Technology, know-how
and patents
8.6
11.0
9.3
8.8
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:
2026 2025
\u00a3m \u00a3m
Imaging & Analysis
NanoAnalysis
10.0
9.8
Magnetic Resonance
2.3
2.3
Andor
41.1
40.9
WITec
21.4
20.6
FemtoTools
10.2
9.4
Advanced Technologies
NanoScience
\u2013
6.6
85.0
89.6
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 four 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 of 2.0% (2025: 2.0\u20132.5%). 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 pre-tax discount rate used for Imaging & Analysis and Advanced Technologies in impairment testing is between 8.8% and 15.7% (2025: 13.7% to 14.3%), 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. The pre-tax weighted average cost of capital used for each CGU are as follows:
2026 2025
\u00a3m \u00a3m
Imaging & Analysis
NanoAnalysis
15.1%
14.2%
Magnetic Resonance
14.7%
13.7%
Andor
15.7%
14.3%
WITec
13.5%
14.2%
FemtoTools
8.8%
14.2%
Advanced Technologies
Plasma Technology
13.4%
14.2%
NanoScience
\u2013
14.2%
Result of impairment assessment
In the prior year, the impairment review for Andor Technology concluded the carrying
values of the business exceeded their recoverable amounts of \u00a3105.9m and accordingly an
impairment charge of \u00a326.0m was recognised. Restructuring actions and efficiency initiatives
were implemented in the current year to improve business performance, and consequently
there is no further impairment charge to be recognised and no impairment when considering
a reasonable possible change in key assumption
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-503": { "value": "
16\u2002Leases
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
leases Other leases Total
\u00a3m \u00a3m \u00a3m
Cost
Balance at 1 April 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
Additions
4.7
0.6
5.3
Disposals \u2013 sale of businesses
\u2013
(0.1)
(0.1)
Disposals
(2.9)
(0.7)
(3.6)
Exchange differences
(0.2)
\u2013
(0.2)
Balance at 31 March 2026
49.1
2.5
51.6
Amortisation and impairment losses
Balance at 1 April 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
Amortisation charge for the year
4.7
0.6
5.3
Disposals \u2013 sale of businesses
\u2013
(0.1)
(0.1)
Disposals
(3.0)
(0.7)
(3.7)
Exchange differences
(0.2)
\u2013
(0.2)
Balance at 31 March 2026
20.3
1.4
21.7
Carrying amounts
Balance at 1 April 2024
31.2
1.2
32.4
Balance at 31 March 2025 and 1 April 2025
28.8
1.1
29.9
Balance at 31 March 2026
28.8
1.1
29.9
Lease liabilities
2026 2025
\u00a3m \u00a3m
Balance at beginning of year
31.2
33.4
Additions \u2013 business combinations
\u2013
\u2013
Additions
5.3
2.9
Disposals
(0.1)
(0.3)
Payments made (cash flows from financing activities)
(5.2)
(5.5)
Interest charge
0.6
0.6
Effect of movements in foreign exchange rates
(0.2)
0.1
31.6
31.2
Amounts falling due after more than one year
27.8
26.7
Amounts falling due in less than one year
3.8
4.5
Amounts recognised in Consolidated Statement of Income
2026 2025
\u00a3m \u00a3m
Interest on lease liabilities
(0.6)
(0.6)
Amortisation of right-of-use assets
(5.3)
(5.4)
Repayments of lease liabilities of \u00a35.2m (2025: \u00a35.5m) have been recognised in the
Consolidated Statement of Cash Flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-539": { "value": "Right-of-use assets
Property
leases Other leases Total
\u00a3m \u00a3m \u00a3m
Cost
Balance at 1 April 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
Additions
4.7
0.6
5.3
Disposals \u2013 sale of businesses
\u2013
(0.1)
(0.1)
Disposals
(2.9)
(0.7)
(3.6)
Exchange differences
(0.2)
\u2013
(0.2)
Balance at 31 March 2026
49.1
2.5
51.6
Amortisation and impairment losses
Balance at 1 April 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
Amortisation charge for the year
4.7
0.6
5.3
Disposals \u2013 sale of businesses
\u2013
(0.1)
(0.1)
Disposals
(3.0)
(0.7)
(3.7)
Exchange differences
(0.2)
\u2013
(0.2)
Balance at 31 March 2026
20.3
1.4
21.7
Carrying amounts
Balance at 1 April 2024
31.2
1.2
32.4
Balance at 31 March 2025 and 1 April 2025
28.8
1.1
29.9
Balance at 31 March 2026
28.8
1.1
29.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-504": { "value": "
17\u2002Inventories
2026 2025
\u00a3m \u00a3m
Raw materials and consumables
32.9
52.5
Work in progress
19.1
28.0
Finished goods
20.5
18.6
72.5
99.1
The amount of inventory recognised as an expense was \u00a3146.1m (2025: \u00a3190.9m). 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 \u00a30.2m
in the current period (2025: \u00a30.6m). In the current year, \u00a3nil (2025: \u00a3nil) was reversed relating to
previous impairments. Impairments are included within gross profit.
Inventory carried at net realisable value is \u00a30.2m (2025: \u00a33.2m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-505": { "value": "
18\u2002Trade and other receivables
2026 2025
\u00a3m \u00a3m
Trade receivables
104.8
102.2
Less provision for impairment of receivables
(5.1)
(4.7)
Net trade receivables
99.7
97.5
Accrued income
6.2
12.2
Prepayments
9.5
9.9
Other receivables
4.0
2.3
Other taxation receivable
5.6
4.3
125.0
126.2
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:
2026 2025
\u00a3m \u00a3m
UK
7.0
7.9
China
15.5
9.4
Japan
11.0
15.6
USA
32.1
42.5
Germany
10.2
6.7
Rest of Europe
21.2
13.5
Rest of Asia
8.2
8.9
Rest of World
4.7
7.5
109.9
112.0
The ageing of financial assets comprising net trade receivables and other receivables plus
accrued income at the reporting date was:
2026 2025
\u00a3m \u00a3m
Current (not overdue)
61.4
81.5
Less than 31 days overdue
28.0
11.7
More than 30 but less than 91 days overdue
8.4
8.2
More than 90 days overdue
12.1
10.6
109.9
112.0
In the current year \u00a30.7m (2025: \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's expected credit losses provision in respect of trade receivables
and other receivables plus accrued income are as follows:
2026 2025
\u00a3m \u00a3m
Balance at start of year
4.7
3.6
Transferred out on disposal of business
(0.2)
\u2013
Increase in loss allowance recognised in the
Consolidated Statement of Income during the year
0.6
1.1
Balance at end of year
5.1
4.7
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-562": { "value": "18\u2002Trade and other receivables
2026 2025
\u00a3m \u00a3m
Trade receivables
104.8
102.2
Less provision for impairment of receivables
(5.1)
(4.7)
Net trade receivables
99.7
97.5
Accrued income
6.2
12.2
Prepayments
9.5
9.9
Other receivables
4.0
2.3
Other taxation receivable
5.6
4.3
125.0
126.2
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:
2026 2025
\u00a3m \u00a3m
UK
7.0
7.9
China
15.5
9.4
Japan
11.0
15.6
USA
32.1
42.5
Germany
10.2
6.7
Rest of Europe
21.2
13.5
Rest of Asia
8.2
8.9
Rest of World
4.7
7.5
109.9
112.0
The ageing of financial assets comprising net trade receivables and other receivables plus accrued income at the reporting date was:
2026 2025
\u00a3m \u00a3m
Current (not overdue)
61.4
81.5
Less than 31 days overdue
28.0
11.7
More than 30 but less than 91 days overdue
8.4
8.2
More than 90 days overdue
12.1
10.6
109.9
112.0
In the current year \u00a30.7m (2025: \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's expected credit losses provision in respect of trade receivables and other receivables plus accrued income are as follows:
2026 2025
\u00a3m \u00a3m
Balance at start of year
4.7
3.6
Transferred out on disposal of business
(0.2)
\u2013
Increase in loss allowance recognised in the
Consolidated Statement of Income during the year
0.6
1.1
Balance at end of year
5.1
4.7
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-540": { "value": "18\u2002Trade and other receivables
2026 2025
\u00a3m \u00a3m
Trade receivables
104.8
102.2
Less provision for impairment of receivables
(5.1)
(4.7)
Net trade receivables
99.7
97.5
Accrued income
6.2
12.2
Prepayments
9.5
9.9
Other receivables
4.0
2.3
Other taxation receivable
5.6
4.3
125.0
126.2
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:
2026 2025
\u00a3m \u00a3m
UK
7.0
7.9
China
15.5
9.4
Japan
11.0
15.6
USA
32.1
42.5
Germany
10.2
6.7
Rest of Europe
21.2
13.5
Rest of Asia
8.2
8.9
Rest of World
4.7
7.5
109.9
112.0
The ageing of financial assets comprising net trade receivables and other receivables plus accrued income at the reporting date was:
2026 2025
\u00a3m \u00a3m
Current (not overdue)
61.4
81.5
Less than 31 days overdue
28.0
11.7
More than 30 but less than 91 days overdue
8.4
8.2
More than 90 days overdue
12.1
10.6
109.9
112.0
In the current year \u00a30.7m (2025: \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's expected credit losses provision in respect of trade receivables and other receivables plus accrued income are as follows:
2026 2025
\u00a3m \u00a3m
Balance at start of year
4.7
3.6
Transferred out on disposal of business
(0.2)
\u2013
Increase in loss allowance recognised in the
Consolidated Statement of Income during the year
0.6
1.1
Balance at end of year
5.1
4.7
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-506": { "value": "
19\u2002Contract assets and liabilities
2026
2025
Contract Contract
asset
Contract liability
asset
Contract liability
Accrued Customer Deferred Accrued Customer Deferred
income deposits income income deposits income
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 April
12.2
(46.4)
(24.6)
11.7
(58.4)
(22.9)
Transferred out on disposal of
business
(3.6)
18.8
1.1
\u2013
\u2013
\u2013
Transfers in the period from
contract assets to trade
receivables
(12.2)
\u2013
\u2013
(11.7)
\u2013
\u2013
Amounts included in contract
liabilities that were recognised as
revenue during the period
\u2013
46.4
24.6
\u2013
57.3
22.9
Excess of revenue recognised
over cash (or rights to cash) being
recognised during the period
9.8
\u2013
\u2013
12.2
\u2013
\u2013
Cash received or consideration due
in advance of performance and
not recognised as revenue during
the period
\u2013
(54.9)
(26.0)
\u2013
(45.3)
(24.6)
Balance at 31 March
6.2
(36.1)
(24.9)
12.2
(46.4)
(24.6)
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-507": { "value": "
20\u2002Cash and cash equivalents
2026 2025
\u00a3m \u00a3m
Cash balances
78.9
90.9
Cash equivalents
28.0
3.2
Bank overdrafts (Note 19)
(12.4)
(8.8)
Cash and cash equivalents in the
Consolidated Statement of Financial Position
94.5
85.3
Bank loans at First Light Imaging
(0.4)
(0.4)
Covid-19 loan at WITec
(0.1)
(0.5)
Net cash after borrowings at the end of the year
94.0
84.4
Cash and cash equivalents at 31 March 2026 includes \u00a30.4m (2025: \u00a30.9m) 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 variable term 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
2026 2025
\u00a3m \u00a3m
Net increase in cash and cash equivalents
9.5
3.3
Effect of exchange rate fluctuations on cash held
(0.3)
(3.5)
Movement in net cash in the year
9.2
(0.2)
Repayment of borrowings
0.4
0.8
Net cash after borrowings at the start of the year
84.4
83.8
Net cash after borrowings at the end of the year
94.0
84.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-508": { "value": "
21\u2002Borrowings
2026 2025
\u00a3m \u00a3m
Current
Bank loans at First Light Imaging
0.2
\u2013
Covid-19 loan at WITec
0.1
0.4
Bank overdrafts
12.4
8.8
At the end of the year
12.7
9.2
2026 2025
\u00a3m \u00a3m
Non-current
Bank loans at First Light Imaging
0.2
0.4
Covid-19 loan at WITec
\u2013
0.1
At the end of the year
0.2
0.5
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 2026 were \u00a3195.4m,
comprising the undrawn portion of the Group\u2019s \u00a3195.4m 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 2026 were \u00a318.0m (2025: \u00a318.0m),
comprising of an \u00a311m facility, a $5m facility, a \u20ac1.5m facility and a 400m Japanese yen facility.
A reconciliation of the Group\u2019s borrowings balances is shown below.
2026 2025
\u00a3m \u00a3m
Balance at the beginning of the year
9.7
14.0
Repayment of borrowings (cash flow from financing activities)
(0.4)
(0.8)
Increase/(decrease) in bank overdrafts
3.6
(3.5)
Interest charged
1.2
1.4
Interest paid
(1.2)
(1.4)
At the end of the year
12.9
9.7
Changes in liabilities arising from financing activities
The table below details changes in the Group's liabilities arising from financing activities,
including both cash and non-cash changes. Liabilities arising from financing activities
are those for which cash flows were, or future cash flows will be, classified in the Group's
Consolidated Statement of Cash Flows as cash flow from financing activities.
Effect of
changes
As at Other in foreign As at
31 March Financing New non-cash exchange 31 March
\u00a3m 2025 cash flows leases movement rates 2026
Bank loans
0.9
(0.4)
\u2013
\u2013
\u2013
0.5
Total borrowings
0.9
(0.4)
\u2013
\u2013
\u2013
0.5
Lease liabilities
31.2
(4.6)
5.3
(0.1)
(0.2)
31.6
Total liabilities from
financing activities
32.1
(5.0)
5.3
(0.1)
(0.2)
32.1
Effect of
changes
As at Other in foreign As at
31 March Financing New non-cash exchange 31 March
\u00a3m 2024 cash flows leases movement rates 2025
Bank loans
1.7
(0.8)
\u2013
\u2013
\u2013
0.9
Total borrowings
1.7
(0.8)
\u2013
\u2013
\u2013
0.9
Lease liabilities
33.4
(4.8)
2.9
(0.4)
0.1
31.2
Total liabilities from
financing activities
35.1
(5.6)
2.9
(0.4)
0.1
32.1
24\u2002Financial instruments
Fair values and categories 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 2026
As at 31 March 2025
Fair value Carrying Carrying
hierarchy amount Fair value amount Fair value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets measured at fair value
Derivative financial assets:
\u2013 Foreign currency contracts
2
2.1
2.1
2.2
2.2
Financial assets measured at amortised cost
Long-term receivables
1.0
1.0
Trade receivables
99.7
97.5
Other receivables and accrued income
10.2
14.5
Cash and cash equivalents
2
106.9
94.1
Financial liabilities measured at fair value
Derivative financial liabilities:
\u2013 Foreign currency contracts
2
(1.0)
(1.0)
(0.6)
(0.6)
\u2013 Contingent consideration
3
(4.7)
(4.7)
(4.0)
(4.0)
Financial liabilities measured at amortised cost
Trade and other payables
(68.2)
(76.8)
Bank overdrafts
2
(12.4)
(8.8)
Borrowings
2
(0.5)
(0.9)
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.
The level 3 fair value of contingent consideration is determined by considering the
performance expectations of the acquired entity whilst applying the entity-specific discount
rates. The unobservable inputs are the projected forecast measures that are assessed on
an annual basis. Changes in the fair value of contingent consideration relating to updated
projected forecast performance measures are recognised in the Consolidated Statement of
Income within administrative expenses in the Consolidated Statement of Income in the period
that the change occurs. Contingent consideration relates entirely to financial (2026: \u00a34.7m,
2025: \u00a34.0m) conditions on prior year acquisitions. The financial conditions for the contingent
consideration are meeting certain revenue, order and margin thresholds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-541": { "value": "21\u2002Borrowings
2026 2025
\u00a3m \u00a3m
Current
Bank loans at First Light Imaging
0.2
\u2013
Covid-19 loan at WITec
0.1
0.4
Bank overdrafts
12.4
8.8
At the end of the year
12.7
9.2
2026 2025
\u00a3m \u00a3m
Non-current
Bank loans at First Light Imaging
0.2
0.4
Covid-19 loan at WITec
\u2013
0.1
At the end of the year
0.2
0.5
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 2026 were \u00a3195.4m, comprising the undrawn portion of the Group\u2019s \u00a3195.4m 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 2026 were \u00a318.0m (2025: \u00a318.0m), comprising of an \u00a311m facility, a $5m facility, a \u20ac1.5m facility and a 400m Japanese yen facility. A reconciliation of the Group\u2019s borrowings balances is shown below.
2026 2025
\u00a3m \u00a3m
Balance at the beginning of the year
9.7
14.0
Repayment of borrowings (cash flow from financing activities)
(0.4)
(0.8)
Increase/(decrease) in bank overdrafts
3.6
(3.5)
Interest charged
1.2
1.4
Interest paid
(1.2)
(1.4)
At the end of the year
12.9
9.7
Changes in liabilities arising from financing activities The table below details changes in the Group's liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group's Consolidated Statement of Cash Flows as cash flow from financing activities.
Effect of
changes
As at Other in foreign As at
31 March Financing New non-cash exchange 31 March
\u00a3m 2025 cash flows leases movement rates 2026
Bank loans
0.9
(0.4)
\u2013
\u2013
\u2013
0.5
Total borrowings
0.9
(0.4)
\u2013
\u2013
\u2013
0.5
Lease liabilities
31.2
(4.6)
5.3
(0.1)
(0.2)
31.6
Total liabilities from
financing activities
32.1
(5.0)
5.3
(0.1)
(0.2)
32.1
Effect of
changes
As at Other in foreign As at
31 March Financing New non-cash exchange 31 March
\u00a3m 2024 cash flows leases movement rates 2025
Bank loans
1.7
(0.8)
\u2013
\u2013
\u2013
0.9
Total borrowings
1.7
(0.8)
\u2013
\u2013
\u2013
0.9
Lease liabilities
33.4
(4.8)
2.9
(0.4)
0.1
31.2
Total liabilities from
financing activities
35.1
(5.6)
2.9
(0.4)
0.1
32.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-542": { "value": "
22\u2002Trade and other payables
2025 as
2026
restated
1
\u00a3m \u00a3m
Trade payables
27.8
31.4
Customer deposits
36.1
46.4
Social security and other taxes
8.3
5.9
Accrued expenses
35.8
40.9
Deferred income
24.9
24.6
Other payables
4.6
4.5
137.5
153.7
1 Previously, contingent consideration has been included within trade and other payables. This balance is now
disclosed separately on the Consolidated Statement of Financial Position and so is no longer included within
this note.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-509": { "value": "22\u2002Trade and other payables
2025 as
2026
restated
1
\u00a3m \u00a3m
Trade payables
27.8
31.4
Customer deposits
36.1
46.4
Social security and other taxes
8.3
5.9
Accrued expenses
35.8
40.9
Deferred income
24.9
24.6
Other payables
4.6
4.5
137.5
153.7
1 Previously, contingent consideration has been included within trade and other payables. This balance is now disclosed separately on the Consolidated Statement of Financial Position and so is no longer included within this note. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-569": { "value": "22\u2002Trade and other payables
2025 as
2026
restated
1
\u00a3m \u00a3m
Trade payables
27.8
31.4
Customer deposits
36.1
46.4
Social security and other taxes
8.3
5.9
Accrued expenses
35.8
40.9
Deferred income
24.9
24.6
Other payables
4.6
4.5
137.5
153.7
1 Previously, contingent consideration has been included within trade and other payables. This balance is now disclosed separately on the Consolidated Statement of Financial Position and so is no longer included within this note. 23\u2002Provisions for other liabilities and charges
Warranties Other Total
\u00a3m \u00a3m \u00a3m
Balance as at 1 April 2025
3.6
2.3
5.9
Effect of disposal of business
(0.8)
\u2013
(0.8)
Provisions made during the year
1.5
0.8
2.3
Provisions used during the year
(1.5)
(0.6)
(2.1)
Provisions released during the year
(0.5)
(0.4)
(0.9)
Exchange differences
\u2013
(0.1)
(0.1)
Balance as at 31 March 2026
2.3
2.0
4.3
Amounts falling due before one year
2.3
0.9
3.2
Amounts falling due after more than one year
\u2013
1.1
1.1
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. Other provisions Other provisions relate to various obligations, including obligations in respect of onerous contracts, product-related liabilities, dilapidation provisions, provisions for retirement allowances and provisions for other claims. The economic outflows for the dilapidation provisions and provisions for retirement allowances are not expected to occur within the next financial year and so have been classed as non-current liabilities falling due after more than one year.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-563": { "value": "22\u2002Trade and other payables
2025 as
2026
restated
1
\u00a3m \u00a3m
Trade payables
27.8
31.4
Customer deposits
36.1
46.4
Social security and other taxes
8.3
5.9
Accrued expenses
35.8
40.9
Deferred income
24.9
24.6
Other payables
4.6
4.5
137.5
153.7
1 Previously, contingent consideration has been included within trade and other payables. This balance is now disclosed separately on the Consolidated Statement of Financial Position and so is no longer included within this note. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-510": { "value": "
23\u2002Provisions for other liabilities and charges
Warranties Other Total
\u00a3m \u00a3m \u00a3m
Balance as at 1 April 2025
3.6
2.3
5.9
Effect of disposal of business
(0.8)
\u2013
(0.8)
Provisions made during the year
1.5
0.8
2.3
Provisions used during the year
(1.5)
(0.6)
(2.1)
Provisions released during the year
(0.5)
(0.4)
(0.9)
Exchange differences
\u2013
(0.1)
(0.1)
Balance as at 31 March 2026
2.3
2.0
4.3
Amounts falling due before one year
2.3
0.9
3.2
Amounts falling due after more than one year
\u2013
1.1
1.1
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.
Other provisions
Other provisions relate to various obligations, including obligations in respect of onerous
contracts, product-related liabilities, dilapidation provisions, provisions for retirement
allowances and provisions for other claims. The economic outflows for the dilapidation
provisions and provisions for retirement allowances are not expected to occur within the
next financial year and so have been classed as non-current liabilities falling due after
more than one year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-543": { "value": "23\u2002Provisions for other liabilities and charges
Warranties Other Total
\u00a3m \u00a3m \u00a3m
Balance as at 1 April 2025
3.6
2.3
5.9
Effect of disposal of business
(0.8)
\u2013
(0.8)
Provisions made during the year
1.5
0.8
2.3
Provisions used during the year
(1.5)
(0.6)
(2.1)
Provisions released during the year
(0.5)
(0.4)
(0.9)
Exchange differences
\u2013
(0.1)
(0.1)
Balance as at 31 March 2026
2.3
2.0
4.3
Amounts falling due before one year
2.3
0.9
3.2
Amounts falling due after more than one year
\u2013
1.1
1.1
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. Other provisions Other provisions relate to various obligations, including obligations in respect of onerous contracts, product-related liabilities, dilapidation provisions, provisions for retirement allowances and provisions for other claims. The economic outflows for the dilapidation provisions and provisions for retirement allowances are not expected to occur within the next financial year and so have been classed as non-current liabilities falling due after more than one year.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-544": { "value": "24\u2002Financial instruments Fair values and categories 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 2026
As at 31 March 2025
Fair value Carrying Carrying
hierarchy amount Fair value amount Fair value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets measured at fair value
Derivative financial assets:
\u2013 Foreign currency contracts
2
2.1
2.1
2.2
2.2
Financial assets measured at amortised cost
Long-term receivables
1.0
1.0
Trade receivables
99.7
97.5
Other receivables and accrued income
10.2
14.5
Cash and cash equivalents
2
106.9
94.1
Financial liabilities measured at fair value
Derivative financial liabilities:
\u2013 Foreign currency contracts
2
(1.0)
(1.0)
(0.6)
(0.6)
\u2013 Contingent consideration
3
(4.7)
(4.7)
(4.0)
(4.0)
Financial liabilities measured at amortised cost
Trade and other payables
(68.2)
(76.8)
Bank overdrafts
2
(12.4)
(8.8)
Borrowings
2
(0.5)
(0.9)
The following summarises the major methods and assumptions used in estimating the fair values of financial instruments reflected in the above table. 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. The level 3 fair value of contingent consideration is determined by considering the performance expectations of the acquired entity whilst applying the entity-specific discount rates. The unobservable inputs are the projected forecast measures that are assessed on an annual basis. Changes in the fair value of contingent consideration relating to updated projected forecast performance measures are recognised in the Consolidated Statement of Income within administrative expenses in the Consolidated Statement of Income in the period that the change occurs. Contingent consideration relates entirely to financial (2026: \u00a34.7m, 2025: \u00a34.0m) conditions on prior year acquisitions. The financial conditions for the contingent consideration are meeting certain revenue, order and margin thresholds.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-564": { "value": "Fair values and categories 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 2026
As at 31 March 2025
Fair value Carrying Carrying
hierarchy amount Fair value amount Fair value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets measured at fair value
Derivative financial assets:
\u2013 Foreign currency contracts
2
2.1
2.1
2.2
2.2
Financial assets measured at amortised cost
Long-term receivables
1.0
1.0
Trade receivables
99.7
97.5
Other receivables and accrued income
10.2
14.5
Cash and cash equivalents
2
106.9
94.1
Financial liabilities measured at fair value
Derivative financial liabilities:
\u2013 Foreign currency contracts
2
(1.0)
(1.0)
(0.6)
(0.6)
\u2013 Contingent consideration
3
(4.7)
(4.7)
(4.0)
(4.0)
Financial liabilities measured at amortised cost
Trade and other payables
(68.2)
(76.8)
Bank overdrafts
2
(12.4)
(8.8)
Borrowings
2
(0.5)
(0.9)
The following summarises the major methods and assumptions used in estimating the fair values of financial instruments reflected in the above table. 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. The level 3 fair value of contingent consideration is determined by considering the performance expectations of the acquired entity whilst applying the entity-specific discount rates. The unobservable inputs are the projected forecast measures that are assessed on an annual basis. Changes in the fair value of contingent consideration relating to updated projected forecast performance measures are recognised in the Consolidated Statement of Income within administrative expenses in the Consolidated Statement of Income in the period that the change occurs. Contingent consideration relates entirely to financial (2026: \u00a34.7m, 2025: \u00a34.0m) conditions on prior year acquisitions. The financial conditions for the contingent consideration are meeting certain revenue, order and margin thresholds.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-545": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-511": { "value": "
25\u2002Financial 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% (2025: 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 2026 amount to
\u00a31.0m (2025: \u00a30.6m) and those recognised as an asset amount to \u00a32.1m (2025: \u00a32.2m).
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.
At the reporting date the interest rate profile of the Group's interest-bearing financial
instruments was:
Carrying Carrying
amount amount
2026 2025
\u00a3m \u00a3m
Variable rate instruments
Cash and cash equivalents
106.9
94.1
Bank overdrafts
(12.4)
(8.8)
Fixed rate instruments
Bank loans
(0.5)
(0.9)
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 2026 are set out in Note 21.
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 policy-compliant partners. 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 2026 is as shown below:
2026 2025
\u00a3m \u00a3m
Long-term receivables
1.0
1.0
Trade receivables
99.7
97.5
Other receivables and accrued income
10.2
14.5
Cash and cash equivalents
106.9
94.1
Derivative financial instruments
2.1
2.2
219.9
209.3
The maximum exposure to credit risk for trade receivables is discussed in Note 17.
Capital management
The Group's objectives when managing capital are to safeguard the Group's 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 28), 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
Carrying Contractual Due within Due one to Due more than
amount cash flows one year five years five years
2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Foreign exchange contracts
(1.0)
1.0
0.8
0.2
\u2013
Contingent consideration
(4.7)
5.2
5.2
\u2013
\u2013
Trade and other payables
(68.2)
68.2
68.2
\u2013
\u2013
Bank overdrafts
(12.4)
12.4
12.4
\u2013
\u2013
Borrowings
(0.5)
0.5
0.2
0.3
\u2013
Lease liabilities
(31.6)
35.5
5.1
16.7
13.7
(118.4)
122.9
92.0
17.2
13.7
Carrying Contractual Due within Due one to Due more than
amount cash flows one year five years five 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
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.
10% 10%
1% increase in weakening in strengthening
interest rates sterling in sterling
2026 \u00a3m \u00a3m \u00a3m
Impact on adjusted profit (Note 2)
0.9
1.2
(1.2)
Impact on reported profit
0.9
(19.0)
19.0
Impact on equity
0.6
(14.3)
14.3
10% 10%
1% increase in weakening in strengthening
interest rates 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-546": { "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% (2025: 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 2026 amount to \u00a31.0m (2025: \u00a30.6m) and those recognised as an asset amount to \u00a32.1m (2025: \u00a32.2m). 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. At the reporting date the interest rate profile of the Group's interest-bearing financial instruments was:
Carrying Carrying
amount amount
2026 2025
\u00a3m \u00a3m
Variable rate instruments
Cash and cash equivalents
106.9
94.1
Bank overdrafts
(12.4)
(8.8)
Fixed rate instruments
Bank loans
(0.5)
(0.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-548": { "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 2026 are set out in Note 21. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-547": { "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 policy-compliant partners. 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 2026 is as shown below:
2026 2025
\u00a3m \u00a3m
Long-term receivables
1.0
1.0
Trade receivables
99.7
97.5
Other receivables and accrued income
10.2
14.5
Cash and cash equivalents
106.9
94.1
Derivative financial instruments
2.1
2.2
219.9
209.3
The maximum exposure to credit risk for trade receivables is discussed in Note 17. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-549": { "value": "Capital management The Group's objectives when managing capital are to safeguard the Group's 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 28), 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-512": { "value": "
26\u2002Retirement 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.
In December 2025 the Trustee of the Scheme completed the purchase of a bulk annuity policy
(buy-in) with Royal London covering the whole of the Scheme's membership. The bulk annuity
policy is in the name of the Trustee and is an asset of the Scheme. The purchase price of
the bulk annuity policy was set by Royal London. Following the purchase of the bulk annuity
policy, and in accordance with IAS 19 accounting standards, the value of the policy as an
asset of the Scheme is set to the same value as the Scheme liabilities covered by the policy,
calculated using the current IAS 19 actuarial assumptions for the DBO. As the purchase price
of the bulk annuity policy was higher than the value of the corresponding Scheme liabilities
calculated using the IAS assumptions, there was an immediate reduction in the value of the
Scheme's assets following the purchase of the bulk annuity policy. The company views the
bulk annuity policy as an asset of the Scheme and a change in investment strategy and so the
reduction in the value of the assets resulting from the bulk annuity purchase is attributed as
an experience loss in the Statement of Other Comprehensive Income (SOCI).
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:
2026 2025
\u00a3m \u00a3m
Total defined benefit income
\u2013
(0.1)
Contributions to defined contribution schemes
5.8
6.8
5.8
6.7
Pension costs are recorded in the following lines in the Consolidated Statement of Income:
2026 2025
\u00a3m \u00a3m
Cost of sales
1.7
2.0
Research and development
0.9
1.2
Selling and marketing costs
0.6
1.4
Administration and shared services
4.1
3.1
Financial income
(1.5)
(1.0)
5.8
6.7
Remeasurement gains and losses shown in the Consolidated Statement of
Comprehensive Income:
2026 2025
\u00a3m \u00a3m
Actual return on assets excluding interest income
(20.0)
(28.7)
Experience (loss)/gain on scheme obligations
(3.5)
1.6
Changes in assumptions underlying the present value of scheme
obligations:
\u2013 Financial
2.3
25.3
\u2013 Demographic
0.4
0.7
Actuarial losses recorded in the Statement of Comprehensive Income
(20.8)
(1.1)
The amounts recognised in the Consolidated Statement of Financial Position are:
2026
2025
UK Switzerland Total UK Switzerland Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Present value of funded
obligations
194.9
4.1
199.0
194.8
2.9
197.7
Fair value of plan assets
(204.1)
(2.9)
(207.0)
(219.2)
(2.0)
(221.2)
Recognised (asset)/
liability for defined benefit
obligations
(9.2)
1.2
(8.0)
(24.4)
0.9
(23.5)
The reconciliation of the opening and closing balances of the present value of the defined
benefit obligation is as follows:
2026
2025
UK Switzerland Total UK Switzerland Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Benefit obligation at the
beginning of the year
194.8
2.9
197.7
223.6
\u2013
223.6
Pension obligations acquired
on acquisition of FemtoTools
\u2013
\u2013
\u2013
\u2013
1.9
1.9
Administrative expenses
\u2013
0.2
0.2
\u2013
0.1
0.1
Contributions by employees
\u2013
0.2
0.2
\u2013
\u2013
\u2013
Interest on defined benefit
obligation
11.0
\u2013
11.0
10.5
\u2013
10.5
Benefits paid
(11.3)
0.3
(11.0)
(11.1)
0.3
(10.8)
Remeasurement gain on
obligation
0.4
0.3
0.7
(28.2)
0.6
(27.6)
Exchange rate adjustment
\u2013
0.2
0.2
\u2013
\u2013
\u2013
Benefit obligation at the
end of the year
194.9
4.1
199.0
194.8
2.9
197.7
The reconciliation of the opening and closing balances of the present value of the fair value of
plan assets is as follows:
2026
2025
UK Switzerland Total UK Switzerland Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fair value of plan assets at
the beginning of the year
219.2
2.0
221.2
239.7
\u2013
239.7
Pension assets acquired on
acquisition of FemtoTools
\u2013
\u2013
\u2013
\u2013
1.6
1.6
Interest on plan assets
12.5
\u2013
12.5
11.5
\u2013
11.5
Contributions by employees
\u2013
0.2
0.2
\u2013
\u2013
\u2013
Contributions by employer
5.3
0.2
5.5
8.7
0.1
8.8
Benefits paid
(11.3)
0.3
(11.0)
(11.1)
0.3
(10.8)
Administrative expenses
(1.5)
\u2013
(1.5)
(0.9)
\u2013
(0.9)
Actual return on assets
excluding interest income
(20.1)
0.1
(20.0)
(28.7)
\u2013
(28.7)
Exchange rate adjustment
\u2013
0.1
\u2013
\u2013
\u2013
\u2013
Fair value of plan assets at
the end of the year
204.1
2.9
207.0
219.2
2.0
221.2
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 2026 by a qualified independent actuary.
The major assumptions used by the actuary for the purposes of IAS 19 were (in nominal terms):
2026 2025
% %
Discount rate
6.1
5.8
Rate of increase in pensions in
payment ('3LPI')
2.3
2.2
Rate of increase in pensions in
payment ('5LPI')
3.0
2.8
Rate of inflation ('CPI')
2.6
2.3
Rate of inflation ('RPI')
3.1
2.9
Mortality \u2013 pre- and post-retirement
107% of S4PA 'Light' tables
107% of S4PA 'Light' tables
(101% for females) future (101% for females) future
improvement in line improvement in line
with CMI 2024 with 1.25% with CMI 2023 with 1.25%
long-term trend long-term trend
As at 31 March 2026 the weighted average duration of the defined benefit obligations was
11 years (2025: 11 years).
The mortality assumptions imply the following expected future lifetime from age 65:
2026 2025
years years
Pre-retirement \u2013 males
23.6
23.3
Pre-retirement \u2013 females
25.6
25.5
Post-retirement \u2013 males
22.4
22.1
Post-retirement \u2013 females
24.2
24.1
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:
2026 2025
\u00a3m \u00a3m
Equities
\u2013
1.6
Corporate and emerging market bonds
\u2013
22.9
Gilts
\u2013
163.0
Insurance-linked funds
1.4
2.7
Credit and global loan funds
\u2013
12.3
Cash
8.0
16.7
Insurance policy
194.7
\u2013
204.1
219.2
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 made deficit recovery payments to the UK pension scheme up until November
2025. The annual deficit recovery payment was \u00a35.3m (2025: \u00a38.7m) for the financial year.
No annual deficit recovery payments will be made after the year ended 31 March 2026.
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 'asset ceiling'.
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
2026 (-0.1% pa) (+0.1% pa) (+one year)
\u00a3m \u00a3m \u00a3m \u00a3m
Present value of funded obligations
194.9
197.0
196.7
201.1
Fair value of plan assets
(204.1)
(206.2)
(205.9)
(210.3)
Surplus
(9.2)
(9.2)
(9.2)
(9.2)
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 2026.
The major assumptions used by the actuary for the purposes of IAS 19 were (in nominal terms):
2026 2025
% %
Discount rate
1.2
1.2
Rate of increase in pensions in payment
3.0
2.5
Rate of inflation
1.0
1.0
Mortality \u2013 pre- and post-retirement
BVG 2020
BVG 2020
The assets in the plan were:
2026 2025
\u00a3m \u00a3m
Equities
1.0
0.6
Corporate and emerging market bonds
0.8
0.6
Property
0.4
0.3
Infrastructure
0.3
0.2
Alternative investments
0.4
0.3
2.9
2.0
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 DWP has announced that it will introduce legislation to allow retrospective confirmation
of historic benefit changes. This announcement should significantly reduce the impact on
pension schemes. 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 2026.
28\u2002Share 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' 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.
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 (MTIP). 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\u2013Scholes 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-
Scholes 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 156 to 171.
Administrative expenses include a charge of \u00a33.7m (2025: credit of \u00a30.1m) 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 2026, the fair value and the assumptions used
in the calculation are as follows:
LTIP:
Conditional
LTIP CEO LTIP CFO LTIP: Options Shares
June 2025 June 2025 June 2025 June 2025
Weighted average fair value of
options granted
\u00a312.93
\u00a312.93
\u00a314.65
\u00a316.88
Share price at grant date
\u00a317.56
\u00a317.56
\u00a317.56
\u00a317.56
Exercise price
\u00a30.05
\u00a30.05
\u00a30.05
\u00a30.05
Expected volatility
29.3%
29.3%
29.5%
N/A
Expected option life
3 years
3 years
3 years
3 years
Expected dividend yield
\u2013
\u2013
1.2%
1.2%
Risk-free interest rate
4.0%
4.0%
3.7%
N/A
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 LTIP: Options
July 2024 July 2024 July 2024 July 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
Movements in the share option schemes during the year were as follows:
Executive Share Option Scheme
Performance Share Plan
Long-Term Incentive Plan
Weighted Weighted Weighted
Number of average Number of average Number of average
shares exercise price shares exercise price shares exercise price
Outstanding at 1
April 2024
98,729
\u00a38.68
622,507
\u00a30.05
200,572
\u00a30.05
Granted
\u2013
\u2013
\u2013
\u2013
154,874
\u00a30.05
Forfeited
\u2013
\u2013
(9,125)
\u00a30.05
(20,001)
\u2013
Exercised
(18,986)
\u00a39.79
(201,744)
\u00a30.05
\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
329,595
\u00a30.05
Granted
\u2013
\u2013
293
\u00a30.05
224,007
\u00a30.05
Forfeited
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exercised
(36,789)
\u00a38.00
(202,895)
\u00a30.05
(25,529)
\u2013
Lapsed
(21,842)
\u00a39.51
(92,614)
\u00a30.05
(59,880)
\u00a30.05
Outstanding at
31 March 2026
11,234
\u00a36.27
108,568
\u00a30.05
468,193
\u00a30.05
Exercisable at
31 March 2026
69,865
\u00a36.27
108,568
\u00a30.05
\u2013
\u00a30.05
Exercisable at
31 March 2025
69,865
\u00a38.20
265,829
\u00a30.05
43,213
\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 \u00a320.72
(2025: \u00a321.86).
The weighted average remaining contractual life for the share options as at 31 March 2026
was one year (2025: one year).
The total consideration received from exercise of options in the year was \u00a30.1m (2025: \u00a30.0m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-550": { "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:
2026 2025
\u00a3m \u00a3m
Total defined benefit income
\u2013
(0.1)
Contributions to defined contribution schemes
5.8
6.8
5.8
6.7
Pension costs are recorded in the following lines in the Consolidated Statement of Income:
2026 2025
\u00a3m \u00a3m
Cost of sales
1.7
2.0
Research and development
0.9
1.2
Selling and marketing costs
0.6
1.4
Administration and shared services
4.1
3.1
Financial income
(1.5)
(1.0)
5.8
6.7
Remeasurement gains and losses shown in the Consolidated Statement of Comprehensive Income:
2026 2025
\u00a3m \u00a3m
Actual return on assets excluding interest income
(20.0)
(28.7)
Experience (loss)/gain on scheme obligations
(3.5)
1.6
Changes in assumptions underlying the present value of scheme
obligations:
\u2013 Financial
2.3
25.3
\u2013 Demographic
0.4
0.7
Actuarial losses recorded in the Statement of Comprehensive Income
(20.8)
(1.1)
The amounts recognised in the Consolidated Statement of Financial Position are:
2026
2025
UK Switzerland Total UK Switzerland Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Present value of funded
obligations
194.9
4.1
199.0
194.8
2.9
197.7
Fair value of plan assets
(204.1)
(2.9)
(207.0)
(219.2)
(2.0)
(221.2)
Recognised (asset)/
liability for defined benefit
obligations
(9.2)
1.2
(8.0)
(24.4)
0.9
(23.5)
The reconciliation of the opening and closing balances of the present value of the defined benefit obligation is as follows:
2026
2025
UK Switzerland Total UK Switzerland Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Benefit obligation at the
beginning of the year
194.8
2.9
197.7
223.6
\u2013
223.6
Pension obligations acquired
on acquisition of FemtoTools
\u2013
\u2013
\u2013
\u2013
1.9
1.9
Administrative expenses
\u2013
0.2
0.2
\u2013
0.1
0.1
Contributions by employees
\u2013
0.2
0.2
\u2013
\u2013
\u2013
Interest on defined benefit
obligation
11.0
\u2013
11.0
10.5
\u2013
10.5
Benefits paid
(11.3)
0.3
(11.0)
(11.1)
0.3
(10.8)
Remeasurement gain on
obligation
0.4
0.3
0.7
(28.2)
0.6
(27.6)
Exchange rate adjustment
\u2013
0.2
0.2
\u2013
\u2013
\u2013
Benefit obligation at the
end of the year
194.9
4.1
199.0
194.8
2.9
197.7
The reconciliation of the opening and closing balances of the present value of the fair value of plan assets is as follows:
2026
2025
UK Switzerland Total UK Switzerland Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fair value of plan assets at
the beginning of the year
219.2
2.0
221.2
239.7
\u2013
239.7
Pension assets acquired on
acquisition of FemtoTools
\u2013
\u2013
\u2013
\u2013
1.6
1.6
Interest on plan assets
12.5
\u2013
12.5
11.5
\u2013
11.5
Contributions by employees
\u2013
0.2
0.2
\u2013
\u2013
\u2013
Contributions by employer
5.3
0.2
5.5
8.7
0.1
8.8
Benefits paid
(11.3)
0.3
(11.0)
(11.1)
0.3
(10.8)
Administrative expenses
(1.5)
\u2013
(1.5)
(0.9)
\u2013
(0.9)
Actual return on assets
excluding interest income
(20.1)
0.1
(20.0)
(28.7)
\u2013
(28.7)
Exchange rate adjustment
\u2013
0.1
\u2013
\u2013
\u2013
\u2013
Fair value of plan assets at
the end of the year
204.1
2.9
207.0
219.2
2.0
221.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-551": { "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 2026 by a qualified independent actuary. The major assumptions used by the actuary for the purposes of IAS 19 were (in nominal terms):
2026 2025
% %
Discount rate
6.1
5.8
Rate of increase in pensions in
payment ('3LPI')
2.3
2.2
Rate of increase in pensions in
payment ('5LPI')
3.0
2.8
Rate of inflation ('CPI')
2.6
2.3
Rate of inflation ('RPI')
3.1
2.9
Mortality \u2013 pre- and post-retirement
107% of S4PA 'Light' tables
107% of S4PA 'Light' tables
(101% for females) future (101% for females) future
improvement in line improvement in line
with CMI 2024 with 1.25% with CMI 2023 with 1.25%
long-term trend long-term trend
As at 31 March 2026 the weighted average duration of the defined benefit obligations was 11 years (2025: 11 years). The mortality assumptions imply the following expected future lifetime from age 65:
2026 2025
years years
Pre-retirement \u2013 males
23.6
23.3
Pre-retirement \u2013 females
25.6
25.5
Post-retirement \u2013 males
22.4
22.1
Post-retirement \u2013 females
24.2
24.1
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:
2026 2025
\u00a3m \u00a3m
Equities
\u2013
1.6
Corporate and emerging market bonds
\u2013
22.9
Gilts
\u2013
163.0
Insurance-linked funds
1.4
2.7
Credit and global loan funds
\u2013
12.3
Cash
8.0
16.7
Insurance policy
194.7
\u2013
204.1
219.2
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 made deficit recovery payments to the UK pension scheme up until November 2025. The annual deficit recovery payment was \u00a35.3m (2025: \u00a38.7m) for the financial year. No annual deficit recovery payments will be made after the year ended 31 March 2026. 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 'asset ceiling'. 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
2026 (-0.1% pa) (+0.1% pa) (+one year)
\u00a3m \u00a3m \u00a3m \u00a3m
Present value of funded obligations
194.9
197.0
196.7
201.1
Fair value of plan assets
(204.1)
(206.2)
(205.9)
(210.3)
Surplus
(9.2)
(9.2)
(9.2)
(9.2)
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 2026. The major assumptions used by the actuary for the purposes of IAS 19 were (in nominal terms):
2026 2025
% %
Discount rate
1.2
1.2
Rate of increase in pensions in payment
3.0
2.5
Rate of inflation
1.0
1.0
Mortality \u2013 pre- and post-retirement
BVG 2020
BVG 2020
The assets in the plan were:
2026 2025
\u00a3m \u00a3m
Equities
1.0
0.6
Corporate and emerging market bonds
0.8
0.6
Property
0.4
0.3
Infrastructure
0.3
0.2
Alternative investments
0.4
0.3
2.9
2.0
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 DWP has announced that it will introduce legislation to allow retrospective confirmation of historic benefit changes. This announcement should significantly reduce the impact on pension schemes. 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 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-552": { "value": "
27\u2002Capital and reserves
Issued and fully paid ordinary shares:
2026 2025
number of number of
shares shares
At the beginning of the year
58,134,773
57,913 ,792
Issued for cash
267,353
220,981
Cancelled on buyback
1
(3,000,620)
\u2013
At the end of the year
55,401,506
58,134,773
2026
2025
Number of Number of
shares
\u00a3m
shares
\u00a3m
Allotted, called up and fully paid
Ordinary shares of 5p each
55,401,506
2.7
58,134,773
2.9
1 During the year ended 31 March 2026, 3,000,620 ordinary shares were repurchased and cancelled by the Group
as part of the first and second tranches of the up to \u00a3100m share buyback programme, resulting in a cash outflow
of \u00a362.2m. No liability was recognised on the 31 March 2026 Statement of Financial Position for the remaining
amounts to be repurchased under Tranche 2 as the agreement can be terminated with immediate effect. The
remaining amount of share buyback is expected to complete in the first half of the year ended 31 March 2027.
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's net investments in foreign subsidiaries
into sterling.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-513": { "value": "27\u2002Capital and reserves Issued and fully paid ordinary shares:
2026 2025
number of number of
shares shares
At the beginning of the year
58,134,773
57,913 ,792
Issued for cash
267,353
220,981
Cancelled on buyback
1
(3,000,620)
\u2013
At the end of the year
55,401,506
58,134,773
2026
2025
Number of Number of
shares
\u00a3m
shares
\u00a3m
Allotted, called up and fully paid
Ordinary shares of 5p each
55,401,506
2.7
58,134,773
2.9
1 During the year ended 31 March 2026, 3,000,620 ordinary shares were repurchased and cancelled by the Group as part of the first and second tranches of the up to \u00a3100m share buyback programme, resulting in a cash outflow of \u00a362.2m. No liability was recognised on the 31 March 2026 Statement of Financial Position for the remaining amounts to be repurchased under Tranche 2 as the agreement can be terminated with immediate effect. The remaining amount of share buyback is expected to complete in the first half of the year ended 31 March 2027. 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's net investments in foreign subsidiaries into sterling.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-553": { "value": "28\u2002Share 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' 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. 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 (MTIP). 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\u2013Scholes 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- Scholes 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 156 to 171. Administrative expenses include a charge of \u00a33.7m (2025: credit of \u00a30.1m) 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 2026, the fair value and the assumptions used in the calculation are as follows:
LTIP:
Conditional
LTIP CEO LTIP CFO LTIP: Options Shares
June 2025 June 2025 June 2025 June 2025
Weighted average fair value of
options granted
\u00a312.93
\u00a312.93
\u00a314.65
\u00a316.88
Share price at grant date
\u00a317.56
\u00a317.56
\u00a317.56
\u00a317.56
Exercise price
\u00a30.05
\u00a30.05
\u00a30.05
\u00a30.05
Expected volatility
29.3%
29.3%
29.5%
N/A
Expected option life
3 years
3 years
3 years
3 years
Expected dividend yield
\u2013
\u2013
1.2%
1.2%
Risk-free interest rate
4.0%
4.0%
3.7%
N/A
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 LTIP: Options
July 2024 July 2024 July 2024 July 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
Movements in the share option schemes during the year were as follows:
Executive Share Option Scheme
Performance Share Plan
Long-Term Incentive Plan
Weighted Weighted Weighted
Number of average Number of average Number of average
shares exercise price shares exercise price shares exercise price
Outstanding at 1
April 2024
98,729
\u00a38.68
622,507
\u00a30.05
200,572
\u00a30.05
Granted
\u2013
\u2013
\u2013
\u2013
154,874
\u00a30.05
Forfeited
\u2013
\u2013
(9,125)
\u00a30.05
(20,001)
\u2013
Exercised
(18,986)
\u00a39.79
(201,744)
\u00a30.05
\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
329,595
\u00a30.05
Granted
\u2013
\u2013
293
\u00a30.05
224,007
\u00a30.05
Forfeited
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exercised
(36,789)
\u00a38.00
(202,895)
\u00a30.05
(25,529)
\u2013
Lapsed
(21,842)
\u00a39.51
(92,614)
\u00a30.05
(59,880)
\u00a30.05
Outstanding at
31 March 2026
11,234
\u00a36.27
108,568
\u00a30.05
468,193
\u00a30.05
Exercisable at
31 March 2026
69,865
\u00a36.27
108,568
\u00a30.05
\u2013
\u00a30.05
Exercisable at
31 March 2025
69,865
\u00a38.20
265,829
\u00a30.05
43,213
\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 \u00a320.72 (2025: \u00a321.86). The weighted average remaining contractual life for the share options as at 31 March 2026 was one year (2025: one year). The total consideration received from exercise of options in the year was \u00a30.1m (2025: \u00a30.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-514": { "value": "
29\u2002Working capital movements
Reconciliation of movements in working capital
Payables and Customer
Inventories
Receivables
1
provisions
1
deposits Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
As at 1 April 2024
108.1
118.5
(114.3)
(58.4)
53.9
Working capital movement
(8.8)
10.0
(1.1)
11.1
11.2
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)
Net movement on financial
derivatives
\u2013
\u2013
(0.3)
\u2013
(0.3)
As at 31 March 2025
and 1 April 2025
99.1
129.4
(117.8)
(46.4)
64.3
Working capital movement
1.6
20.9
(3.4)
(7.0)
12.1
NanoScience related flows
(28.3)
(20.8)
9.9
17.6
(21.6)
Exchange differences
0.1
(1.3)
0.2
(0.3)
(1.3)
Net movement on financial
derivatives
\u2013
(0.1)
(0.4)
\u2013
(0.5)
As at 31 March 2026
72.5
128.1
(111.5)
(36.1)
53.0
1 Receivables and payables include derivative financial instruments.
", "dimensions": { "concept": "oxfordinstrumentplc:DisclosureOfWorkingCapitalMovements", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-515": { "value": "
30\u2002Commitments and contingencies
The Group has entered into agreements in respect of the new Severn Beach site for its Plasma
Technology business. At 31 March 2026 commitments for future expenditure are \u00a30.4m (2025:
\u00a30.4m) and include capital expenditure, fit-out costs, plant and machinery, furniture and
computer equipment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-565": { "value": "30\u2002Commitments and contingencies The Group has entered into agreements in respect of the new Severn Beach site for its Plasma Technology business. At 31 March 2026 commitments for future expenditure are \u00a30.4m (2025: \u00a30.4m) and include capital expenditure, fit-out costs, plant and machinery, furniture and computer equipment.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-555": { "value": "30\u2002Commitments and contingencies The Group has entered into agreements in respect of the new Severn Beach site for its Plasma Technology business. At 31 March 2026 commitments for future expenditure are \u00a30.4m (2025: \u00a30.4m) and include capital expenditure, fit-out costs, plant and machinery, furniture and computer equipment.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-554": { "value": "
31\u2002Related parties
All transactions with related parties are conducted on an arm\u2019s length basis and in
accordance with normal business terms. Transactions between the Group and its subsidiaries,
which are related parties, have been eliminated on consolidation and are not disclosed in this
note. The Group has related party relationships with its Executive Directors and members of
the Senior Leadership Team.
The remuneration of key management personnel is as follows:
2026 2025
\u00a3m \u00a3m
Short-term employee benefits
5.1
4.1
Post-employment benefits
0.2
0.1
Share-based payment charges
1.5
0.9
Total
6.8
5.1
In accordance with IAS 24 \u2018Related Party Disclosures\u2019, key management personnel are those
having authority and responsibility for planning, directing and controlling the activities of the
Group, directly or indirectly. Key management personnel comprise the Directors and the other
members of the Senior Leadership Team.
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-516": { "value": "31\u2002Related parties All transactions with related parties are conducted on an arm\u2019s length basis and in accordance with normal business terms. Transactions between the Group and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. The Group has related party relationships with its Executive Directors and members of the Senior Leadership Team. The remuneration of key management personnel is as follows:
2026 2025
\u00a3m \u00a3m
Short-term employee benefits
5.1
4.1
Post-employment benefits
0.2
0.1
Share-based payment charges
1.5
0.9
Total
6.8
5.1
In accordance with IAS 24 \u2018Related Party Disclosures\u2019, key management personnel are those having authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly. Key management personnel comprise the Directors and the other members of the Senior Leadership Team. 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-566": { "value": "The remuneration of key management personnel is as follows:
2026 2025
\u00a3m \u00a3m
Short-term employee benefits
5.1
4.1
Post-employment benefits
0.2
0.1
Share-based payment charges
1.5
0.9
Total
6.8
5.1
In accordance with IAS 24 \u2018Related Party Disclosures\u2019, key management personnel are those having authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly. Key management personnel comprise the Directors and the other members of the Senior Leadership Team. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800J364EZD6UCE231", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } } } }