{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "avon": "http://www.avontechnologiesplc.com/20250930", "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://www.avontechnologiesplc.com/xbrl/2025/213800JM1AN62REBWA71-2025-09-30.xsd" ] }, "facts": { "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00297": { "value": "Avon Technologies plc is a military and law enforcement personal protection equipment (PPE) specialist: integrating protective solutions including head protection and chemical, biological, radiological and nuclear (CBRN) protection systems.Team Wendy specialises in superior helmet systems. We engineer cutting-edge ballistic and impact protection helmets, helmet liners and retention systems using our unique composite material science, precision moulding and traumatic brain injury research.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00359": { "value": "Role and composition of the
Remuneration Committee
The Board is ultimately accountable for executive remuneration
and delegates this responsibility to the Remuneration Committee.
The Remuneration Committee is responsible for developing and
implementing a Remuneration Policy that supports the Group\u2019s strategy
and for determining the Executive Directors\u2019 individual packages
and terms of service together with those of the other members of
the Executive Committee. When setting the remuneration terms for
Executive Directors, the Committee reviews and has regard to workforce
remuneration and related policies and takes close account of the UK
Corporate Governance Code requirements for clarity, simplicity, risk
mitigation, predictability, proportionality and alignment to culture.
The Remuneration Committee\u2019s terms of reference are available on
the Company\u2019s website and include:
\u2022 determining and agreeing with the Board the policy for the
remuneration of the Company\u2019s CEO, CFO, Chair and Company Secretary
and such other members of the senior management team as it chooses
to consider or is designated to consider (currently the Executive
Committee), having regard to remuneration trends across the Group;
\u2022 putting in place a remuneration structure that supports strategy
and promotes long-term sustainable success \u2013 with executive
remuneration aligned to Company purpose and values and clearly
linked to the successful delivery of the Company\u2019s long-term strategy \u2013
and which attracts, retains and motivates executive management of
the quality required to run the Company successfully without paying
more than is necessary, having regard to views of shareholders and
other stakeholders;
\u2022 reviewing the pay arrangements put in place for the broader workforce;
\u2022 within the terms of the agreed policy, determining the total
individual remuneration package of each Executive Director including,
where appropriate, bonuses, incentive payments, share options and
pension arrangements;
\u2022 determining the targets for the performance-related bonus schemes for
the Executive Directors and the Group Executive management team;
\u2022 reviewing the design of all share incentive plans for approval by the
Board and shareholders;
\u2022 for any such discretionary plans, determining each year whether awards
will be made, the overall amount of such awards, the individual awards
to Executive Directors and the Group Executive management team
(and others) and the performance targets to be used; and
\u2022 agreeing termination arrangements for senior executives.
The Committee currently comprises Victor Chavez (Chair),
Bruce Thompson, Bindi Foyle and Maggie Brereton.
By invitation of the Committee, meetings are also attended by the
CEO, CFO, Company Secretary (who acts as secretary to the Committee)
and Group HR Director, who are consulted on matters discussed by the
Committee, unless those matters relate to their own remuneration.
Advice or information is also sought directly from other employees
where the Committee feels that such additional contributions will
assist the decision-making process.
The Committee is authorised to take such internal and external advice
as it considers appropriate in connection with carrying out its duties,
including the appointment of its own external remuneration advisors.
During the period, the Committee was assisted in its work by FIT
Remuneration Consultants LLP (\u2018FIT\u2019). FIT was appointed in December
2019 and has provided advice in relation to general remuneration matters
and the review of the Remuneration Policy. Fees paid to FIT in relation to
advice provided to the Committee during the current year were \u00a356,998
(excluding VAT), charged on a time/cost basis. FIT also provided advice to
the Company in relation to Non-Executive Director fees and on technical
share plan implementation matters, but other than this did not provide
any other services to the Company.
FIT is a member of the Remuneration Consultants Group and, as such,
voluntarily operates under the Code of Conduct in relation to executive
remuneration consulting in the UK. The Committee is satis\ufb01ed that the
advice it received from FIT was objective and independent.
The Committee addressed the following main topics during the
\ufb01nancial period. It:
\u2022 assessed whether our remuneration framework is appropriately aligned
with our culture and values and motivates our leaders to achieve the
Group\u2019s strategic objectives;
\u2022 reviewed guidance from investor bodies and institutional shareholders;
\u2022 reviewed and approved the remuneration packages for our current
Executive Directors;
\u2022 approved the annual bonus outcome for the 2024 \ufb01nancial period and
received updates on the 2025 bonus scheme (\ufb01nancial performance and
strategic measures);
\u2022 reviewed and con\ufb01rmed the performance outcomes of the LTIP awards;
\u2022 monitored the performance of the outstanding awards against their
performance targets; and
\u2022 approved restricted stock awards for a select group of key employees as
a retention tool.
Since the end of the 2025 \ufb01nancial period, the Committee has:
\u2022 approved annual bonus outcomes for the Executive Directors and
the Executive Board, following completion of the external audit in
November 2025;
\u2022 agreed the annual bonus structure for the year ending 30 September
2026; and
\u2022 agreed the LTIP metric and targets for awards to be granted in the 2026
\ufb01nancial period.
The information that follows has been audited (where indicated) by the
Company\u2019s auditor, KPMG LLP.
Single total \ufb01gure of remuneration for Directors for the year ended 30 September 2025 (audited)
\n
Directors\u2019 single total \ufb01gures of remuneration for the year ended 30 September 2025 were as follows:
\n\n \n
Fixed
Variable
Basic salary
Other
remuneration
Annual
remuneration
Total
and fees
Pension
1
bene\ufb01ts
2
sub-total
bonus
LTIP
6
sub-total
remuneration
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Current Executive Directors
Jos Sclater
2025
572
43
17
632
715
869
5
1,584
2,216
2024
550
41
16
607
688
\u2013
688
1,295
Rich Cashin
2025
390
29
16
435
487
507
5
994
1,429
2024
375
28
16
419
469
237
7
706
1,125
Non-Executive Directors
Bruce Thompson
2025
190
\u2013
\u2013
190
\u2013
\u2013
\u2013
190
2024
183
\u2013
\u2013
183
\u2013
\u2013
\u2013
183
Chloe Ponsonby
3
2025
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2024
34
\u2013
\u2013
34
\u2013
\u2013
\u2013
34
Bindi Foyle
2025
71
\u2013
\u2013
71
\u2013
\u2013
\u2013
71
2024
65
\u2013
\u2013
65
\u2013
\u2013
\u2013
65
Victor Chavez
2025
65
\u2013
\u2013
65
\u2013
\u2013
\u2013
65
2024
57
\u2013
\u2013
57
\u2013
\u2013
\u2013
57
Maggie Brereton
4
2025
54
\u2013
\u2013
54
\u2013
\u2013
\u2013
54
2024
26
\u2013
\u2013
26
\u2013
\u2013
\u2013
26
\n
Notes to total \ufb01gure of remuneration table
\n
1.
Rich Cashin was a member of the Group\u2019s money purchase scheme in FY25. Contributions to the scheme were \u00a310k. Remaining pension contributions for Rich Cashin and Jos Sclater were paid as
\n
a salary supplement.
\n
2.
Bene\ufb01ts for FY25 included a car allowance, the cost of private health insurance, critical illness cover and executive medical.
\n
3.
Chloe Ponsonby stepped down from the Board on 31 March 2024.
\n
4.
Maggie Brereton joined the Board as Non-Executive Director on 1 April 2024.
\n
5.
Based on an assessment undertaken to 11 November 2025, the TSR performance is tracking at 100% vesting (or 50% of the whole award) and is re\ufb02ected in the above table. Jos Sclater and Rich Cashin\u2019s
\n
LTIP \ufb01gure in the single \ufb01gure table re\ufb02ects the provisional TSR vesting outcome and has been valued using a share price of \u00a320.54, being the three-month average share price to 30 September 2025.
\n
6.
The notional non-cash IFRS 2 equity settled share-based payment expense in respect of the Directors was \u00a31,370k (2024: \u00a3754k).
\n
7.
The LTIP \ufb01gure for 2024 has been updated from the prior year Remuneration Report to re\ufb02ect the actual level of vesting and the value of vested shares using the share price on 10 March 2025 (\u00a314.21),
\n
rather than the estimated values provided previously. The \ufb01gure includes the value of dividend equivalents that accrued on vested awards.
\n
Annual bonus for the year ended 30 September 2025 (audited)
\n
The annual bonus opportunity for Executive Directors for FY25 was 125% of salary and this was based on absolute Group operating pro\ufb01t (50%),
\n
average working capital turns (30%) and strategic objectives (20%).
\n
The targets applying to each measure and performance against them are set out in the table below:
\n\n \n
Threshold
Target
Stretch
Actual/
%
Bonus payable
(0% payable)
(50% payable)
(100% payable)
reported
achievement
(% of maximum)
Group adjusted operating pro\ufb01t (50%)
$31.5m
$35.0m
$36.8m
$40.3m
100%
50%
Average working capital turns (30%)
4.28
4.76
5.00
5.19
100%
30%
Strategic objectives (20%)
Set out in more detail below
100%
20%
Total
100%
\n
\u2022 Group adjusted operating pro\ufb01t as de\ufb01ned in the Adjusted Performance Measures section of the 2025 Annual Report.
\n
\u2022 Average Group working capital turns means the ratio of the 12-month average month end working capital (de\ufb01ned as the total of inventory, receivables
\n
and payables excluding lease liabilities) to revenue as de\ufb01ned in the Adjusted Performance Measures section of the 2025 Annual Report.
The strategic element of the bonus for FY25 was based on the following broad categories, with objectives assigned to each. The categories and
achievements are set out in the table below:
\n \n
Strengthen through
We developed our own Strengthen System and trained all employees to increase capability. We also
continuous improvement
developed experts in the Strengthen System through intensive training in Japan. Year-on-year average
productivity increased 8%, inventory turns rose 8% and scrap reduced 24%. Revenue per utilised square foot
increased 43%.
Transform to free up resource and
We successfully closed our Californian factory ahead of the original plan and ramped up production in
cash to invest into future growth and
Cleveland. All factories developed and implemented new layouts to optimise \ufb02ow and productivity.
drive margin improvement
Advance by building the foundations
The closing order book increased by 16% year on year. The pipeline of opportunities also increased
for medium-term growth through
signi\ufb01cantly, with new products such as chemically resistant suits, MITR, a new Voice Projection Unit,
increased order book and pipeline
Ri\ufb02etech, Epic and the MCM rebreather all positioned to drive future growth.
Ensure the long-term future of the
We won funding from the DoW to develop MITR for DoW, Special Forces and Federal use and to develop an
Group by developing new products
integrated head protection system. We also continued to work on a funded development programme to
reduce traumatic brain injury.
Outmanage peers by ensuring
A new STAR Academy has been developed to increase internal capability. Employee engagement increased
excellent strategy execution
to 76%. We upskilled our people in commercial excellence and ensured full alignment of objectives.
Based on the above assessment, a bonus of 100% of maximum (or 125% of salary) was earned. The Committee believes this is an appropriate outcome
and re\ufb02ects underlying business performance during the year. In line with the Policy, one quarter of the bonus will be deferred in shares for two years.
Incentive awards vesting (audited)
Awards granted in FY23
LTIP awards held by Jos Sclater (granted 18 January 2023) and Rich Cashin (granted 21 December 2022) were based on three-year performance targets.
Half of the award was subject to a relative TSR condition (measuring performance against the constituents of the FTSE 250 excluding investment trusts)
and the other half was subject to EPS growth targets.
The TSR measurement period will end on the three-year anniversary of the grant dates, with the Company\u2019s TSR performance determined at this point.
The Company delivered an adjusted basic EPS of 91.2c, which was below the threshold growth target. Therefore, this element of the award will lapse.
\n \n
Weighting
Threshold
Maximum
Actual performance
% vesting
TSR
50%
Median
Upper quintile
Above upper quintile
100%
(estimated)
Adjusted basic EPS
50%
100c
150c
91.2c
0%
Based on an assessment undertaken to 31 October 2025, the TSR performance is tracking at 100% vesting and is re\ufb02ected in the above table.
Jos Sclater\u2019s and Rich Cashin\u2019s 2025 LTIP \ufb01gures in the single \ufb01gure table re\ufb02ect the provisional TSR vesting outcome of 100% and the actual EPS
vesting outcome of 0%. Figures are based on a share price of \u00a320.54, being the three-month average share price to 30 September 2025.
Awards granted in FY22
Awards granted on 1 February 2022 to the former CEO Paul McDonald and on 8 March 2022 to CFO Rich Cashin were based on three-year performance
targets. Half of the award was subject to a relative TSR condition (measuring performance against the constituents of the FTSE 250 excluding investment
trusts) and the other half was subject to EPS growth targets. The EPS element of the award lapsed in full based on FY24 performance as described in the
prior year Remuneration Committee Report.
The TSR measurement period ended on 31 January 2025, with the Company\u2019s TSR performance determined at this point.
\n \n
Weighting
Threshold
Maximum
Actual performance
% vesting
TSR
50%
Median:
Upper quintile:
26.0% TSR
92.29%
(13.9%) TSR
33.4% TSR
Rich Cashin\u2019s 2024 LTIP \ufb01gure in the single \ufb01gure table re\ufb02ects the value of vested and exercised awards, including dividend equivalents that accrued on
vesting, at the share price on 10 March 2025 (\u00a314.21). As the options have an exercise price of \u00a3nil, the gain on exercise of share options for Directors in the
year is equal to the amount reported in the single \ufb01gure table for the 2024 LTIP (as those options reported last year were all exercised in the current year).
LTIP awards granted in the year ended 30 September 2025 (audited)
The table below provides details of share awards granted to Jos Sclater and Rich Cashin on 26 November 2024:
\n \n
Face value of
End of
Number of shares
Award percentage
award
performance
Type of award
Basis of award
under award
1
of salary
\u00a3\u2019000
period
Jos Sclater
Nil cost option
Normal LTIP
72,575
175%
1,001
30 September 2027
Rich Cashin
Nil cost option
Normal LTIP
42,379
150%
585
30 September 2027
1.
The total number of shares under the award was determined by dividing the face value of the award by \u00a313.80 (the average of the closing prices for the \ufb01ve dealing days preceding the grant date).
Directors\u2019 shareholdings and share interests and position under shareholding guidelines (audited)
Bene\ufb01cial interests of Directors, their families and trusts in ordinary shares of the Company at 30 September 2025 were as follows.
Other than monthly purchases by Jos Sclater and Rich Cashin under the Share Incentive Plan, there have been no changes between the year end and
date of signing this report.
\n \n
Number of shares owned
Deferred shares held
Unvested shares
Shareholding %
outright (including
under annual bonus
subject to performance
of salary at
Shareholding guidelines
connected persons)
scheme requirements
1
Total shareholding
conditions
2
30 September 2025
(200% of salary) met?
Jos Sclater
72,368
8,157
80,525
391,897
299%
Yes
Rich Cashin
56,328
5,990
62,318
251,688
340%
Yes
Bruce Thompson
41,000
\u2013
\u2013
\u2013
N/A
N/A
Bindi Foyle
2,000
\u2013
\u2013
\u2013
N/A
N/A
Victor Chavez
3,048
\u2013
\u2013
\u2013
N/A
N/A
Maggie Brereton
1,565
\u2013
\u2013
\u2013
N/A
N/A
1.
Includes shares deferred as nil cost options, net of expected taxes.
2.
Unvested LTIP awards.
Outstanding LTIP awards (audited)
\n \n
Award held at
Granted in
Vested in
Lapsed in
Outstanding awards at
Award date
1 October 2024
the period
the period
the period
30 September 2025
Jos Sclater
26 November 2024
\u2013
72,575
\u2013
\u2013
72,575
26 January 2024
234,715
\u2013
\u2013
\u2013
234,715
18 January 2023
84,607
\u2013
\u2013
\u2013
84,607
Rich Cashin
26 November 2024
\u2013
42,379
\u2013
\u2013
42,379
26 January 2024
159,903
\u2013
\u2013
\u2013
159,903
21 December 2022
49,406
\u2013
\u2013
\u2013
49,406
08 March 2022
32,686
\u2013
(15,082)
1
(17,604)
\u2013
1.
1,571 additional shares were awarded on vesting for dividend equivalents.
The awards granted in 2022 and 2023 are subject to two performance
criteria. Half the awards are subject to a relative TSR measure and the
other half are subject to an EPS growth condition. The 2024 one-o\ufb00
matching awards are subject to EPS and ROIC conditions as set out
earlier in this report.
Dilution
The Company reviews the awards of shares made under the all-employee
and executive share plans in terms of their e\ufb00ect on dilution limits in any
rolling ten-year period. In respect of the 10% limits recommended by the
Investment Association, in the ten years ending on 30 September 2025,
the Company has not issued any new shares in this period.
It remains the Company\u2019s practice to use an Employee Share Ownership
Trust (ESOT) in order to meet its liability for shares awarded under the LTIP.
At 30 September 2025 there were 944,810 shares held in the ESOT,
which will either be used to satisfy awards granted under the LTIP
to date, or in connection with future awards. A hedging committee
ensures that the ESOT holds su\ufb03cient shares to satisfy existing and
future awards made under the LTIP by buying shares in the market or
recommending the Company issues new shares. Shares held in the
ESOT do not receive dividends.
As at 30 September 2025, the market price of Avon Technologies plc
shares was \u00a321.25 (2024: \u00a312.20). During the year ended 30 September
2025 the highest and lowest daily closing market prices were \u00a321.80
and \u00a312.06 respectively.
Share Incentive Plan
The Company currently operates the Avon Technologies plc Share
Incentive Plan (SIP), approved by shareholders at the AGM in February
2012. All UK tax resident employees of the Company and its subsidiaries
are entitled to participate. Under the SIP, participants purchase shares
in the Company monthly using deductions from their pre-tax pay.
Jos Sclater and Rich Cashin each purchased 117 shares under the SIP
during the period. The maximum contribution each month under
the SIP is currently \u00a3150, a sum which is set by the government.
Payments to past Directors, including payments
for loss of o\ufb03ce (audited)
Paul McDonald stepped down from the Board and his role as CEO on
30 September 2022. As a good leaver, Paul was allowed to keep his
unvested LTIP awards subject to achievement of performance criteria
and a time pro-rata reduction. The EPS portion of the LTIP award granted
to Paul on 1 February 2022 failed to meet the threshold performance
conditions and this element of the award lapsed. The performance period
for the TSR element ended on 31 January 2025 with 92.29% vesting as
described under the Incentive awards vesting section. Vesting shares
had a value of \u00a3143k at the vesting date.
There were no other payments to past Directors, including payments for
loss of o\ufb03ce, during the year to 30 September 2025.
Service contracts and letters of appointment
\n
The table below summarises key details in respect of each Executive
\n
Director\u2019s contract.
\n\n \n
Company
Executive
Contract date
notice period
notice period
Jos Sclater
17 October 2022
12 months
12 months
Rich Cashin
6 January 2022
12 months
12 months
\n
The date of each Non-Executive appointment is set out below, together
\n
with the date of their last re-election by shareholders.
\n\n \n
Date of initial
Date of last
appointment
re-election
Maggie Brereton
1 April 2024
31 January 2025
Bruce Thompson
1 March 2020
31 January 2025
Bindi Foyle
1 May 2020
31 January 2025
Victor Chavez
1 December 2020
31 January 2025
\n
All service contracts and letters of appointment are available for
\n
inspection at the Company\u2019s registered o\ufb03ce.
\n
Other appointments
\n
Jos Sclater remains a Director of two secure companies within the
\n
Ultra Group which were established to safeguard technology critical
\n
to UK national security as part of the acquisition by Cobham in 2021.
\n
Jos Sclater does not receive any remuneration for these services.
\n
Chief Executive O\ufb03cer\u2019s remuneration
\n
The total remuneration \ufb01gures, including annual bonus and vested LTIP
\n
awards (shown as a percentage of the maximum that could have been
\n
achieved), for the CEO for each of the last ten \ufb01nancial periods are shown
\n
in the table below. 2025 long-term incentive vesting is an estimate as
\n
described in the Incentive awards vesting section.
\n
Peter Slabbert retired on 30 September 2015. Rob Rennie stood down
\n
from the Board and was replaced by Paul McDonald on 15 February 2017.
\n
Paul McDonald stepped down as CEO on 30 September 2022 and was
\n
replaced by Jos Sclater on 16 January 2023.
\n\n \n
Annual bonus
CEO single
pay-out
\ufb01gure of total
against
Long-term
Financial
remuneration
maximum
incentive
period
CEO
\u00a3\u2019000
opportunity
vesting
2025
Jos Sclater
2,216
100%
50%
2
2024
Jos Sclater
1,295
100%
\u2013
2023
Jos Sclater
510
20%
\u2013
2022
Paul McDonald
873
44%
0%
2021
Paul McDonald
819
0%
50%
2020
Paul McDonald
1,686
66%
100%
2019
Paul McDonald
928
55%
80%
2018
Paul McDonald
734
80%
84%
2017
Paul McDonald
1
663
81%
99%
2017
Rob Rennie
213
57%
\u2013
2016
Rob Rennie
484
52%
\u2013
2015
Peter Slabbert
1,676
91%
100%
2014
Peter Slabbert
1,529
91%
96%
\n
1.
Includes remuneration received in the period prior to his appointment as Director in 2017.
\n
2.
Estimate. Final TSR vesting to be con\ufb01rmed.
\n\n\n\n
Total shareholder return performance graph
\n
The following graph illustrates the total return, in terms of share price growth and dividends, on a notional investment of \u00a3100 in the Company over
\n
the last ten years relative to the FTSE Small Cap Index (excluding investment trusts), the FTSE 250 Index (excluding investment trusts) and the FTSE
\n
All- Share Index (excluding investment trusts). These indices were chosen by the Remuneration Committee as a competitive indicator of general
\n
UK market performance for companies of a broadly similar current and past size.
\n
Sep 2025
Sep 2024
Sep 2023
Sep 2022
Sep 2021
Sep 2020
Sep 2019
Sep 2018
Sep 2017
Sep 2016
Sep 2015
\n
FTSE Small Cap Ex. Inv. Trusts
FTSE All-Share Ex. Inv. Trusts
FTSE 250 Ex. Inv. Trusts
Avon Technologies plc
\n
0
\n
100
\n
200
\n
300
\n
400
\n
500
\n
600
\n
Source: Datastream (a Re\ufb01nitiv product).
Percentage change in remuneration of Directors compared with other employees
\n
The following table shows the percentage change in each Executive and Non-Executive Director\u2019s remuneration compared with the average change for
\n
all employees of the Company for the past \ufb01ve years.
\n\n \n
Salary/fee
Pension and other bene\ufb01ts
Annual bonus
2025
2024
2023
2022
2021
2025
2024
2023
2022
2021
2025
2024
2023
2022
12
2021
Current Directors
Jos Sclater
1
4.0%
46.3%
\u2013
\u2013
\u2013
4.6%
40.7%
\u2013
\u2013
\u2013
4.0%
639.8%
\u2013
\u2013
\u2013
Rich Cashin
2
4.0%
4.5%
80.4%
\u2013
\u2013
3.0%
5.8% 105.0%
\u2013
\u2013
4.0%
421.1%
(15.1)%
\u2013
\u2013
Bruce Thompson
3
4.0%
4.5%
0.0%
13.6%
541.7%
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Bindi Foyle
4
8.2%
8.9%
0.0%
5.3% 235.3%
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Victor Chavez
5
13.5%
14.9%
0.0%
19.0%
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Maggie Brereton
6
108.0%
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Past Directors
Paul McDonald
7
\u2013
\u2013
(33.3)%
2.8%
22.0%
\u2013
\u2013
(45.3)%
(17.6)%
15.2%
\u2013
\u2013
(100.0)%
\u2013
(100.0)%
Nick Keveth
8
\u2013
\u2013
\u2013
(48.6)%
22.8%
\u2013
\u2013
\u2013
(44.8)%
13.6%
\u2013
\u2013
\u2013
\u2013
(100.0)%
Pim Vervaat
9
\u2013
\u2013
\u2013
\u2013
(58.9)%
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
David Evans
9
\u2013
\u2013
\u2013
\u2013
(82.9)%
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Chloe Ponsonby
10
\u2013
(47.8)%
0.0%
(3.0)%
19.6%
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
All employees
11
6.7%
11.3%
5.3%
3.2%
4.7%
6.7%
10.8%
11.2%
3.9%
6.8%
451.3%
17.3%
(36.8)%
N/A
(100.0)%
\n
1.
Jos Sclater joined the Board on 16 January 2023.
\n
2.
Rich Cashin joined the Board on 31 March 2022.
\n
3.
Bruce Thompson was appointed as Chair on 2 December 2020.
\n
4.
Bindi Foyle was appointed to the Board as Non-Executive Director with e\ufb00ect from 1 May 2020, she took over as Chair of the Audit Committee on 29 January 2021 and was appointed Senior Independent
\n
Director from 1 April 2024.
\n
5.
Victor Chavez was appointed to the Board with e\ufb00ect from 1 December 2020 and took over as Chair of the Remuneration Committee on 1 April 2024.
\n
6.
Maggie Brereton joined the Board on 1 April 2024.
\n
7.
Paul McDonald stepped o\ufb00 the Board on 30 September 2022.
\n
8.
Nick Keveth stepped o\ufb00 the Board on 31 March 2022.
\n
9.
Pim Vervaat and David Evans stepped o\ufb00 the Board on 29 January 2021 and 2 December 2020 respectively.
\n
10. Chloe Ponsonby stepped o\ufb00 the Board on 31 March 2024.
\n
11. As the only Avon Technologies plc employees are the CEO and the CFO, comparative \ufb01gures for all UK employees of the Group have been set out on a voluntary basis. To aid comparison, the group of employees
\n
selected are those full-time UK employees who were employed over the complete period.
\n
12. In 2021 no bonuses were payable to Directors or employees, meaning percentage changes are not applicable for 2022.
\n
Chief Executive O\ufb03cer to employee pay ratio
\n
The table below sets out the ratio between the total remuneration of
\n
the CEO and the total remuneration of the employees at the 25th, 50th
\n
(median) and 75th percentiles of the UK workforce.
\n
The reward policies and practices across the Group are considered
\n
by the Committee in the design process and implementation of the
\n
Remuneration Policy each year for the Executive Directors. The Committee
\n
is satis\ufb01ed that the median pay ratio for FY25 is consistent with the
\n
pay, reward and progression policies for UK employees. Year-on-year
\n
movements in the CEO pay ratio are likely to be volatile due to the
\n
wide range of incentive outcomes for the CEO single \ufb01gure, but the
\n
Remuneration Committee does note the ratio and will monitor
\n
long-term trends.
\n
The increase in 2025 ratios is mainly due to the CEO\u2019s LTIP outcome.
\n
This bene\ufb01ted from signi\ufb01cant share price appreciation above the grant
\n
price, re\ufb02ecting value generated for all stakeholders.
\n\n \n
Financial
period
Method
25th percentile
Median
75th percentile
2025
A
71:1
58:1
35:1
2024
A
43:1
36:1
20:1
2023
A
26:1
21:1
13:1
2022
A
36:1
28:1
19:1
2021
A
36:1
29:1
20:1
\n
The 25th, 50th and 75th percentile-ranked individuals have been identi\ufb01ed
\n
using Option A in accordance with the reporting regulations, selected
\n
on the basis that this provides the most robust and statistically accurate
\n
means of identifying the relevant employees. The day by reference to
\n
which the 25th, 50th and 75th percentile employees were determined was
\n
30 September 2025. The CEO pay \ufb01gure is the total remuneration \ufb01gure
\n
as set out in the single \ufb01gure table and then annualised and equivalent
\n
\ufb01gures (on a full-time equivalent basis) have been calculated for the
\n
relevant 25th, 50th and 75th percentile employees.
\n
The total remuneration \ufb01gures used to calculate the ratios for each of the
\n
25th percentile, median and 75th percentile employees are set out below:
\n\n \n
Financial period
25th percentile
Median
75th percentile
2025
\u00a331,387
\u00a339,870
\u00a365,021
\n
The salary element (including overtime and other pay allowances) for each
\n
of these \ufb01gures is set out below:
\n\n \n
Financial period
25th percentile
Median
75th percentile
2025
\u00a330,083
\u00a337,226
\u00a359,125
The reward policies and practices across the Group are considered
\n
by the Committee in the design process and implementation of the
\n
Remuneration Policy each year for the Executive Directors. The Committee
\n
is satis\ufb01ed that the median pay ratio for FY25 is consistent with the
\n
pay, reward and progression policies for UK employees. Year-on-year
\n
movements in the CEO pay ratio are likely to be volatile due to the
\n
wide range of incentive outcomes for the CEO single \ufb01gure, but the
\n
Remuneration Committee does note the ratio and will monitor
\n
long-term trends.
\n
The Committee is satis\ufb01ed that CEO remuneration is reasonable and
\n
consistent with the Company\u2019s wider policies on employee pay,
\n
reward and progression.
\n
Relative importance of spend on pay
\n
The following table shows the change in Group expenditure between
\n
the current and previous \ufb01nancial periods on remuneration and
\n
associated costs for all employees globally, set against distributions to
\n
shareholders and other uses of pro\ufb01t or cash \ufb02ow, being pro\ufb01ts retained
\n
within the business, investments in research and development, and other
\n
capital expenditure.
\n\n \n
2025
2024
%
$m
$m
change
Overall expenditure on
pay (note 6.1)
99.1
90.7
9.3%
Dividends paid
7.2
6.8
5.9%
Pro\ufb01t/(loss) retained
(pro\ufb01t/loss for the
period less dividends)
3.1
(3.8)
N/A
Total R&D expenditure
13.5
11.4
18.4%
Other capital expenditure
(excluding capitalised
development costs)
7.1
11.2
(36.6%)
\n
Implementation of Policy for the year ended
\n
30 September 2026
\n
Basic salary
\n
Salaries have been increased by 3.5% for Jos Sclater and Rich Cashin.
\n
This is in line with the average increase across the wider UK workforce.
\n\n \n
2026
2025
\u00a3
\u00a3
Jos Sclater
592,333
572,302
Rich Cashin
403,536
389,889
\n
Non-Executive Director fees
\n
Fees have been increased by 3.5% for the Non-Executive Directors.
\n
This is in line with the average increase across the wider UK workforce.
\n\n \n
2026
2025
\u00a3
\u00a3
Chair
196,847
190,190
Non-Executive Director
56,242
54,340
Committee Chair
11,248
10,868
Senior Independent Director
11,248
10,868
\n
Bene\ufb01ts
\n
Bene\ufb01ts remain unchanged and include a car allowance, the cost of
\n
private health insurance, life insurance, critical illness insurance and
\n
executive medical.
\n
Pension
\n
The Executive Directors receive a contribution towards pension of 7.5%
\n
of basic salary, paid either as a non-pensionable salary supplement or
\n
delivered through the Group\u2019s money purchase scheme. This contribution
\n
rate is in line with the UK workforce rate.
\n
Annual bonus
\n
For the FY26 \ufb01nancial period, the maximum opportunity under the annual
\n
bonus plan will be 125% of base salary for both Executive Directors. 25% of
\n
the total bonus payment will be deferred into shares for two years.
\n
Bonuses will be based on absolute Group adjusted operating pro\ufb01t
\n
(50%), Group average inventory turns (30%) and strategic objectives
\n
(20%). The actual targets are commercially sensitive and will be disclosed
\n
on a retrospective basis.
\n
FY26 LTIP awards
\n
LTIP awards will be made to senior executives in FY26 with a face value of
\n
175% of salary for the CEO and 150% for the CFO.
\n
For the FY26 LTIP awards, the measures will be based 50% on EPS, 30%
\n
on ROIC and 20% on absolute TSR. The EPS and ROIC targets will relate to
\n
performance for the year ending 30 September 2028.
\n
In determining the targets for the FY26 LTIP, the Committee has sought to
\n
include an appropriate degree of stretch to ensure that there would only
\n
be a full pay-out if excellent performance is delivered. The table below
\n
sets out the targets for the FY26 LTIP and how they compare with targets
\n
attached to last year\u2019s awards.
Proposal for the FY26 LTIP structure
\n \n
Normal LTIP
FY26
FY25
(maximum 175% of salary)
LTIP
2
LTIP
Adjusted EPS
Weighting
50%
50%
Threshold
130c
100c
Maximum
160c
140c
ROIC
Weighting
30%
30%
Threshold
20%
18%
Maximum
24%
22%
Absolute TSR
1
Weighting
20%
20%
Threshold
\u00a322.00
\u00a316.00
Maximum
\u00a326.00
\u00a320.00
1.
For the FY26 LTIP the absolute TSR metric will be measured by reference to the three-month average share price for the period 1 July 2028 to 30 September 2028. Any ordinary dividends paid over the three-year
performance period (1 October 2025 to 30 September 2028) will be added to the three-month average share price.
2.
The Committee retains discretion to adjust the targets or outcomes in the event of share buyback, special dividends and/or M&A.
The Committee believes the EPS, ROIC and absolute TSR targets for 2026 are stretching when considered against actual performance for 2025 and internal
forecasts and relative to market consensus.
Statement of shareholder voting on the Remuneration Report
The shareholder vote on the Remuneration Report for the year ended 30 September 2024 at the AGM which took place on 31 January 2025 was
as follows:
\n \n
Total (excluding
Votes for
Votes against
withheld and
(including
(excluding
third party
Resolution
discretionary)
% for
withheld)
% against
discretionary)
Withheld
Approval of the Directors\u2019 Remuneration Report
21,345,471
99.76%
52,048
0.24%
21,397,519
5,676
This Remuneration Report has been approved by the Board of Directors and signed on its behalf by:
Victor Chavez CBE
Chair of the Remuneration Committee
11 November 2025 6.1 Employees
Total remuneration and associated costs for the period were:
\n \n
2025
2024
$m
$m
Wages and salaries
76.3
71.3
Social security costs
7.9
7.3
Other pension costs
3.0
3.0
US healthcare costs
5.9
5.8
Share-based payments (note 6.3)
6.0
3.3
99.1
90.7
Detailed disclosures of Directors\u2019 remuneration and share options, including disclosure of the highest-paid Director, are given on page 101.
The average monthly number of employees (including Executive Directors) during the period was:
\n \n
2025
2024
number
number
Avon Protection
442
452
Team Wendy
469
463
911
915
The total number of employees (including Executive Directors) at the end of the reporting period was:
\n \n
2025
2024
number
number
Avon Protection
462
436
Team Wendy
520
481
982
917
Central employees that are not speci\ufb01cally related to an individual business have been allocated to Avon Protection and Team Wendy based on an
average of relative net assets, payroll costs and revenues.
Key management compensation
The key management compensation below includes the Executive Directors plus seven (2024: four) others who were active members of the
Group Executive team during the year. It also includes the Non-Executive Directors.
\n \n
2025
2024
$m
$m
Salaries and other employee bene\ufb01ts
6.3
5.9
Post-employment bene\ufb01ts
0.2
0.2
6.5
6.1
The value of LTIP share awards held by key management that vested during the year was $0.6m (2024: $nil). The notional non-cash IFRS 2 equity settled
share-based payment expense in respect of the key management was $2.4m (2024: $1.7m).
6.2 Pensions and other retirement bene\ufb01ts
De\ufb01ned contribution pension scheme
The charge in respect of de\ufb01ned contribution pension schemes was $3.0m (2024: $3.0m).
De\ufb01ned bene\ufb01t pension scheme
Retirement bene\ufb01t assets and liabilities can be analysed as follows:
\n \n
2025
2024
$m
$m
Net pension liability
13.8
17.2
The Group operated a contributory de\ufb01ned bene\ufb01t plan to provide pension and death bene\ufb01ts for the employees of Avon Technologies plc and its
Group undertakings in the UK employed prior to 31 January 2003. The plan was closed to future accrual of bene\ufb01t on 1 October 2009 and has a weighted
average maturity of approximately 11 years. The assets of the plan are held in separate trustee-administered funds and are invested by professional
investment managers. The trustee is Avon Rubber Pension Trust Limited, the Directors of which are members of the plan. Five Directors are appointed by
the Company and two are elected by the members. The plan exposes the Group to actuarial risks such as longevity risk, in\ufb02ation risk and investment risk.
The funding of the plan is based on regular actuarial valuations. The most recent full actuarial valuation of the plan was carried out at 31 March 2022
when the market value of the plan\u2019s assets was \u00a3337.5m. The fair value of those assets represented 91% of the value of the bene\ufb01ts which had accrued to
members, after allowing for future increase in pensions. The next triennial valuation at 31 March 2025 is now underway, with the outcome of the process
expected mid-FY26.
During the year the Group made payments of $6.0m to the plan (2024: $9.1m) in respect of scheme expenses and de\ufb01cit recovery plan payments.
In accordance with the de\ufb01cit recovery plan agreed following the 31 March 2022 actuarial valuation, the Group will make payments in FY26 of \u00a34.7m,
FY27 of \u00a35.1m and FY28 of \u00a35.6m in respect of de\ufb01cit recovery and scheme expenses.
The Directors have con\ufb01rmed no additional liability is required to be recognised as a consequence of minimum funding requirements. The trustees
have no rights to wind up the scheme or improve bene\ufb01ts without Company consent.
An updated actuarial valuation for IAS 19 (revised) purposes was carried out by an independent team from the actuary (Aon) for the year end using
the projected unit credit method. In the second half of FY24 the actuarial valuation provider was changed to Aon, having previously been a separate
third party. This change facilitated the use of detailed member-by-member calculations to estimate de\ufb01ned bene\ufb01t obligations, as applied during
full actuarial valuations. This approach re\ufb01ned roll-forward methodology used previously and is considered a change in accounting estimate under
IAS 8. The change is estimated to have reduced de\ufb01ned bene\ufb01t obligations by $13.4m, included in 2024 other comprehensive income under actuarial
experience adjustments.
The net pension liability for the scheme amounted to $13.8m as at 30 September 2025 (2024: $17.2m).
Movement in net de\ufb01ned bene\ufb01t liability
\n\n \n
De\ufb01ned bene\ufb01t obligation
De\ufb01ned bene\ufb01t asset
Net de\ufb01ned bene\ufb01t liability
2025
2024
2025
2024
2025
2024
$m
$m
$m
$m
$m
$m
At the beginning of the year
(329.3)
(321.7)
312.1
281.5
(17.2)
(40.2)
Included in pro\ufb01t or loss
Administrative expenses
\u2013
\u2013
(0.9)
(1.1)
(0.9)
(1.1)
Net interest cost
(15.7)
(17.7)
15.0
15.6
(0.7)
(2.1)
(15.7)
(17.7)
14.1
14.5
(1.6)
(3.2)
Included in other comprehensive income
Remeasurement gain/(loss):
\u2013 Actuarial gain/(loss) arising from:
\u2013 Demographic assumptions
1.4
7.3
\u2013
\u2013
1.4
7.3
\u2013 Financial assumptions
28.0
(11.6)
\u2013
\u2013
28.0
(11.6)
\u2013 Experience adjustment
(3.8)
21.1
\u2013
\u2013
(3.8)
21.1
\u2013 Return on plan assets excluding interest income
\u2013
\u2013
(26.5)
2.8
(26.5)
2.8
25.6
16.8
(26.5)
2.8
(0.9)
19.6
Other
Contributions by the employer
\u2013
\u2013
6.0
9.1
6.0
9.1
Net bene\ufb01ts paid out
22.5
22.0
(22.5)
(22.0)
\u2013
\u2013
FX gain/(loss)
(0.3)
(28.7)
0.2
26.2
(0.1)
(2.5)
At the end of the year
(297.2)
(329.3)
283.4
312.1
(13.8)
(17.2)
\n
Plan assets
\n
The fair value of the assets of the pension scheme analysed by asset category is shown below:
\n\n \n
2025
2024
$m
$m
Equities and other securities
115.6
96.2
Liability Driven Investment
113.0
138.2
Infrastructure fund
48.9
46.9
Other receivable
\u2013
26.1
Cash and cash equivalents
5.9
4.7
Total fair value of assets
283.4
312.1
\n
At the prior year end, a portion of infrastructure fund asset had been redeemed but the cash had not yet been received and therefore this was classi\ufb01ed
\n
as an other receivable.
\n
Equity securities are valued using quoted prices in active markets where available. The Liability Driven Investment (LDI) comprises an investment in a level
\n
2 pooled investment vehicle, which combines a series of variable interest-earning cash deposits with contracts, that is designed to hedge the majority of
\n
the interest rate and in\ufb02ation risks associated with the scheme\u2019s obligations. The LDI is valued using a net asset value.
\n
$104.6m (2024: $114.2m) of the remaining investments is classi\ufb01ed as level 3 within the fair value hierarchy. Holdings in unquoted securities are valued
\n
at fair value, which is typically the net asset value provided by the fund administrator at the most recent quarter end. Holdings in the infrastructure fund
\n
are valued by an independent valuer using a model-based valuation such as a discounted cash \ufb02ow approach.
\n
The signi\ufb01cant assumptions used in the valuation are the discount rate and the expected cash \ufb02ows, both of which are subject to estimation uncertainty.
\n
Changes in assumptions relating to these variables could positively or negatively impact the reported fair value of these instruments.
\n
The de\ufb01ned bene\ufb01t pension scheme has an investment strategy which is targeted at maximising investment returns with a low-risk strategy, which
\n
still represents a prudent approach to meeting the plan\u2019s liabilities and ensuring that members\u2019 bene\ufb01ts are protected. The strategy considers the
\n
need for appropriate asset class diversi\ufb01cation to balance the risks and rewards across a range of alternative asset classes. The investments held by
\n
the pension scheme include both quoted and unquoted securities, the latter of which by their nature involve assumptions and estimates to determine
\n
their fair value. Where there is not an active market for the unquoted securities, the fair value of these assets is estimated by the pension trustees
\n
based on advice received from the investment manager while also using any available market evidence of any recent transactions for an identical asset.
\n
The target weightings under the current asset allocation strategy are 45% to matching investments, 45% to cash-\ufb02ow-driven investments and 10% to
\n
return-seeking investments.
Actuarial assumptions
The main \ufb01nancial assumptions used by the independent quali\ufb01ed actuaries to calculate the liabilities under IAS 19 (revised) are set out below:
\n \n
2025
2024
% p.a.
% p.a.
In\ufb02ation (RPI)
2.90
3.10
In\ufb02ation (CPI)
2.55
2.70
Pension increases post-August 2005
2.05
2.15
Pension increases pre-August 2005
2.75
2.90
Discount rate for scheme liabilities
5.80
5.05
Base mortality
Deferred members: 114% of S3PA tables
Deferred members: 114% of S3PA tables
Pensioners: 104% of S3PA tables based
Pensioners: 104% of S3PA tables based
on members\u2019 year of birth
on members\u2019 year of birth
Future improvements in longevity
CMI 2023 projections with a long-term
CMI 2023 projections with a long-term
trend of 1.00% p.a
trend of 1.25% p.a.
RPI in\ufb02ation has been set in line with market breakeven expectations less an in\ufb02ation risk premium of 0.3% (2024: 0.3%). Sensitivity analysis for in\ufb02ation is
disclosed on the following page.
The long-term trend in future longevity improvements has been reduced from 1.25% to 1.00%, re\ufb02ecting observed experience in recent years. CMI 2023
has continued to been adopted in the current year, while consideration of actuarial factors is undertaken as part of the ongoing triennial valuation.
Core CMI 2023 mortality assumptions include an adjustment for the impact of COVID-19. This was based on 15% of the higher mortality rates experienced
in England and Wales in calendar years 2022 and 2023.
Mortality rate
Assumptions regarding future mortality experience are set based on advice, published statistics and experience. The average life expectancy in years
of a pensioner retiring at age 65 on the balance sheet date is as follows:
\n \n
2025
2024
Male
21.0
21.1
Female
23.6
23.6
The average life expectancy in years of a pensioner retiring at age 65, 20 years after the balance sheet date, is as follows:
\n \n
2025
2024
Male
21.3
21.6
Female
24.0
24.4
Sensitivity analysis
\n \n
De\ufb01ned bene\ufb01t
De\ufb01ned bene\ufb01t
obligation
obligation
increase/
increase/
(decrease)
(decrease)
2025
2024
$m
$m
In\ufb02ation (0.25% increase)
5.1
5.7
In\ufb02ation (0.25% decrease)
(4.4)
(5.6)
Discount rate for scheme liabilities (0.25% increase)
(7.5)
(8.7)
Discount rate for scheme liabilities (0.25% decrease)
7.9
9.3
Future mortality (one-year increase)
11.9
11.7
The above sensitivity analysis shows the impact on the de\ufb01ned bene\ufb01t obligation only, not the net pension liability, as it does not take into account any
impact on the asset valuation. Each sensitivity analysis disclosed in this note is based on changing one assumption while holding all other assumptions
constant. In practice, this is unlikely to occur. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00362": { "value": "Incentive awards vesting (audited)
Awards granted in FY23
LTIP awards held by Jos Sclater (granted 18 January 2023) and Rich Cashin (granted 21 December 2022) were based on three-year performance targets.
Half of the award was subject to a relative TSR condition (measuring performance against the constituents of the FTSE 250 excluding investment trusts)
and the other half was subject to EPS growth targets.
The TSR measurement period will end on the three-year anniversary of the grant dates, with the Company\u2019s TSR performance determined at this point.
The Company delivered an adjusted basic EPS of 91.2c, which was below the threshold growth target. Therefore, this element of the award will lapse.
\n \n
Weighting
Threshold
Maximum
Actual performance
% vesting
TSR
50%
Median
Upper quintile
Above upper quintile
100%
(estimated)
Adjusted basic EPS
50%
100c
150c
91.2c
0%
Based on an assessment undertaken to 31 October 2025, the TSR performance is tracking at 100% vesting and is re\ufb02ected in the above table.
Jos Sclater\u2019s and Rich Cashin\u2019s 2025 LTIP \ufb01gures in the single \ufb01gure table re\ufb02ect the provisional TSR vesting outcome of 100% and the actual EPS
vesting outcome of 0%. Figures are based on a share price of \u00a320.54, being the three-month average share price to 30 September 2025.
Awards granted in FY22
Awards granted on 1 February 2022 to the former CEO Paul McDonald and on 8 March 2022 to CFO Rich Cashin were based on three-year performance
targets. Half of the award was subject to a relative TSR condition (measuring performance against the constituents of the FTSE 250 excluding investment
trusts) and the other half was subject to EPS growth targets. The EPS element of the award lapsed in full based on FY24 performance as described in the
prior year Remuneration Committee Report.
The TSR measurement period ended on 31 January 2025, with the Company\u2019s TSR performance determined at this point.
\n \n
Weighting
Threshold
Maximum
Actual performance
% vesting
TSR
50%
Median:
Upper quintile:
26.0% TSR
92.29%
(13.9%) TSR
33.4% TSR
Rich Cashin\u2019s 2024 LTIP \ufb01gure in the single \ufb01gure table re\ufb02ects the value of vested and exercised awards, including dividend equivalents that accrued on
vesting, at the share price on 10 March 2025 (\u00a314.21). As the options have an exercise price of \u00a3nil, the gain on exercise of share options for Directors in the
year is equal to the amount reported in the single \ufb01gure table for the 2024 LTIP (as those options reported last year were all exercised in the current year).
LTIP awards granted in the year ended 30 September 2025 (audited)
The table below provides details of share awards granted to Jos Sclater and Rich Cashin on 26 November 2024:
\n \n
Face value of
End of
Number of shares
Award percentage
award
performance
Type of award
Basis of award
under award
1
of salary
\u00a3\u2019000
period
Jos Sclater
Nil cost option
Normal LTIP
72,575
175%
1,001
30 September 2027
Rich Cashin
Nil cost option
Normal LTIP
42,379
150%
585
30 September 2027
1.
The total number of shares under the award was determined by dividing the face value of the award by \u00a313.80 (the average of the closing prices for the \ufb01ve dealing days preceding the grant date).
Directors\u2019 shareholdings and share interests and position under shareholding guidelines (audited)
Bene\ufb01cial interests of Directors, their families and trusts in ordinary shares of the Company at 30 September 2025 were as follows.
Other than monthly purchases by Jos Sclater and Rich Cashin under the Share Incentive Plan, there have been no changes between the year end and
date of signing this report.
\n \n
Number of shares owned
Deferred shares held
Unvested shares
Shareholding %
outright (including
under annual bonus
subject to performance
of salary at
Shareholding guidelines
connected persons)
scheme requirements
1
Total shareholding
conditions
2
30 September 2025
(200% of salary) met?
Jos Sclater
72,368
8,157
80,525
391,897
299%
Yes
Rich Cashin
56,328
5,990
62,318
251,688
340%
Yes
Bruce Thompson
41,000
\u2013
\u2013
\u2013
N/A
N/A
Bindi Foyle
2,000
\u2013
\u2013
\u2013
N/A
N/A
Victor Chavez
3,048
\u2013
\u2013
\u2013
N/A
N/A
Maggie Brereton
1,565
\u2013
\u2013
\u2013
N/A
N/A
1.
Includes shares deferred as nil cost options, net of expected taxes.
2.
Unvested LTIP awards.
Outstanding LTIP awards (audited)
\n \n
Award held at
Granted in
Vested in
Lapsed in
Outstanding awards at
Award date
1 October 2024
the period
the period
the period
30 September 2025
Jos Sclater
26 November 2024
\u2013
72,575
\u2013
\u2013
72,575
26 January 2024
234,715
\u2013
\u2013
\u2013
234,715
18 January 2023
84,607
\u2013
\u2013
\u2013
84,607
Rich Cashin
26 November 2024
\u2013
42,379
\u2013
\u2013
42,379
26 January 2024
159,903
\u2013
\u2013
\u2013
159,903
21 December 2022
49,406
\u2013
\u2013
\u2013
49,406
08 March 2022
32,686
\u2013
(15,082)
1
(17,604)
\u2013
1.
1,571 additional shares were awarded on vesting for dividend equivalents.
The awards granted in 2022 and 2023 are subject to two performance
criteria. Half the awards are subject to a relative TSR measure and the
other half are subject to an EPS growth condition. The 2024 one-o\ufb00
matching awards are subject to EPS and ROIC conditions as set out
earlier in this report.
Dilution
The Company reviews the awards of shares made under the all-employee
and executive share plans in terms of their e\ufb00ect on dilution limits in any
rolling ten-year period. In respect of the 10% limits recommended by the
Investment Association, in the ten years ending on 30 September 2025,
the Company has not issued any new shares in this period.
It remains the Company\u2019s practice to use an Employee Share Ownership
Trust (ESOT) in order to meet its liability for shares awarded under the LTIP.
At 30 September 2025 there were 944,810 shares held in the ESOT,
which will either be used to satisfy awards granted under the LTIP
to date, or in connection with future awards. A hedging committee
ensures that the ESOT holds su\ufb03cient shares to satisfy existing and
future awards made under the LTIP by buying shares in the market or
recommending the Company issues new shares. Shares held in the
ESOT do not receive dividends.
As at 30 September 2025, the market price of Avon Technologies plc
shares was \u00a321.25 (2024: \u00a312.20). During the year ended 30 September
2025 the highest and lowest daily closing market prices were \u00a321.80
and \u00a312.06 respectively.
Share Incentive Plan
The Company currently operates the Avon Technologies plc Share
Incentive Plan (SIP), approved by shareholders at the AGM in February
2012. All UK tax resident employees of the Company and its subsidiaries
are entitled to participate. Under the SIP, participants purchase shares
in the Company monthly using deductions from their pre-tax pay.
Jos Sclater and Rich Cashin each purchased 117 shares under the SIP
during the period. The maximum contribution each month under
the SIP is currently \u00a3150, a sum which is set by the government.
Payments to past Directors, including payments
for loss of o\ufb03ce (audited)
Paul McDonald stepped down from the Board and his role as CEO on
30 September 2022. As a good leaver, Paul was allowed to keep his
unvested LTIP awards subject to achievement of performance criteria
and a time pro-rata reduction. The EPS portion of the LTIP award granted
to Paul on 1 February 2022 failed to meet the threshold performance
conditions and this element of the award lapsed. The performance period
for the TSR element ended on 31 January 2025 with 92.29% vesting as
described under the Incentive awards vesting section. Vesting shares
had a value of \u00a3143k at the vesting date.
There were no other payments to past Directors, including payments for
loss of o\ufb03ce, during the year to 30 September 2025.6.3 Share-based payments
The Group operates a share-based Performance Share Plan (PSP). Details of the plan are set out in the Remuneration Report \u2018Long-Term Incentive Plan\u2019
section on page 102. An expense of $6.0m (2024: $3.3m) was recognised in the period relating to share-based payments. $4.1m (2024: $3.3m) related to
equity-settled transactions and $1.9m (2024: nil) related to cash-settled transactions.
The cash-settled transaction expense includes provision for social security charges based on the applicable employer tax rate applied to the number of
share awards which are expected to vest, valued with reference to the year-end share price. $0.2m related to cash-settled transactions was paid during
the year.
The table below summarises the movements in the number of share options outstanding for the Group, all of which are nil cost options:
\n \n
Number of
Number of
options
options
2025
2024
\u2018000
\u2018000
Outstanding at the beginning of the year
1,254
533
Forfeited and cancelled during the year
(50)
(161)
Lapsed in the year
(84)
(84)
Exercised during the year
(97)
(8)
Granted during the year
299
974
Outstanding at the end of the year
1,322
1,254
The weighted average remaining contractual life of outstanding share options is 17 months (2024: 22 months). Share options that were exercised in the
year vested at share prices between \u00a314.15 and \u00a321.00 (2024: vested at a share price of \u00a313.08).
A Monte Carlo simulation was used to calculate the fair value of awards granted that are subject to a total shareholder return performance condition.
The fair value of other awards was calculated as the market price of the shares at the date of grant reduced by the present value of the dividends
expected to be paid over the vesting period. Volatility and risk-free rate are not applicable to awards granted prior year as they only have non-market
conditions. Other principal assumptions used to value awards each period were on average:
\n \n
Key assumptions
2025
2024
Weighted average fair value (\u00a3)
12.3
8.3
Closing share price at date of grant (\u00a3)
13.9
8.5
Expected volatility (%)
43.3%
N/A
Risk-free interest rate (%)
4.2%
N/A
Expected option term, including holding period where applicable (years)
3.8
3.6
Dividend yield (%) \u2013 awards eligible to receive dividend equivalents
\u2013
\u2013
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"ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00262": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00255": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00256": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00259": { "value": "4100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00260": { "value": "4100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00268": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00267": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00274": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00273": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00272": { "value": "2000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00271": { "value": "2000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00283": { "value": "50300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JM1AN62REBWA71", "period": "2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00284": { "value": "54300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JM1AN62REBWA71", "period": "2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00285": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JM1AN62REBWA71", "period": "2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00286": { "value": "-15200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JM1AN62REBWA71", "period": "2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00279": { "value": "77300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JM1AN62REBWA71", "period": "2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00280": { "value": "166700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JM1AN62REBWA71", "period": "2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "StatementOfChangesInEquityParenthetical_Label_00287": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CapitalRedemptionReserve", "entity": "scheme:213800JM1AN62REBWA71", "period": "2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "StatementOfChangesInEquityParenthetical_Label_00288": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CapitalRedemptionReserve", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "StatementOfChangesInEquityParenthetical_Label_00289": { "value": "-15800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:213800JM1AN62REBWA71", "period": "2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "StatementOfChangesInEquityParenthetical_Label_00290": { "value": "-16300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00299": { "value": "Section 1 \u2013 Accounting policies
The principal accounting policies adopted in the preparation of these
\ufb01nancial statements are set out below. These policies have been
consistently applied to all the periods presented, unless otherwise stated.
Basis of preparation
Avon Technologies plc is a public limited company incorporated and
domiciled in England and Wales and its ordinary shares are traded on
the London Stock Exchange.
The \ufb01nancial period presents the year ended
30 September 2025
(prior \ufb01nancial period: year ended 30 September 2024).
The \ufb01nancial statements have been prepared in accordance with
UK-adopted International Accounting Standards. The \ufb01nancial statements
have been prepared under the historical cost convention except for
certain items held at fair value.
Going concern
The Directors have prepared a going concern assessment covering the
12-month period from the date of approval of these \ufb01nancial statements.
The assessment indicates that the Group will have su\ufb03cient funds to
meet its liabilities as they fall due for that period.
The Group has committed RCF facilities of $137m to May 2028. Related
loan covenants include a limit of 3.0 times for the ratio of net debt,
excluding lease liabilities, to bank-determined adjusted EBITDA (leverage),
and a minimum limit of 3.5 times for the ratio of bank-determined
adjusted EBITDA to interest payable on bank loans and overdrafts.
At 30 September 2025 leverage was 0.86 times (2024: 0.91 times).
Bank-determined adjusted EBITDA is calculated excluding certain items.
As part of the going concern assessment, the Directors considered
sensitivity of \ufb01nancial covenants and liquidity headroom to a reverse
stress test to determine the deterioration against the base case forecast
required to break even with covenant levels. This demonstrated substantial
headroom, with the downside movement required not considered
plausible given the secured order book and mitigating actions available
to reduce future cash out\ufb02ows or expenses within management\u2019s control.
On this basis, the Directors are con\ufb01dent that the Group and Company
will have su\ufb03cient funds to continue to meet their liabilities as they fall
due for at least 12 months from the approval of these \ufb01nancial statements.
Accordingly the Group and Company continue to adopt the going
concern basis in preparing their \ufb01nancial statements.
Basis of consolidation
The consolidated \ufb01nancial statements incorporate the \ufb01nancial results
and position of the Group and its subsidiaries.
Subsidiaries are those entities over which the Group has power, exposure
or rights to variable returns from its involvement with the entity and
the ability to use its power to a\ufb00ect the amount of the Group\u2019s returns.
Subsidiaries are fully consolidated from the date on which control is
transferred to the Group until the date that control ceases. Inter-group
transactions, balances and unrealised gains and losses on transactions
between Group companies are eliminated.
Revision to IFRS not applicable in 2025
Standards and interpretations issued by the IASB are only applicable if
endorsed by the UK. The Group does not consider that any of the below
standards, amendments or interpretations issued by the IASB, but not
yet applicable, will have a material impact on the consolidated \ufb01nancial
statements. E\ufb00ective dates are for annual periods beginning on or after
the dates stated.
\u2022 Amendments to IAS 21 The E\ufb00ects of Changes in Foreign Exchange
Rates: lack of exchangeability (e\ufb00ective 1 January 2025)
\u2022 Amendments to IFRS 9 and IFRS 7 Classi\ufb01cation and Measurement
of Financial Instruments (e\ufb00ective 1 January 2026)
\u2022 IFRS 18 Presentation and Disclosure in Financial Statements
(e\ufb00ective 1 January 2027)
\u2022 BEPS: UK legislation on international tax system reform.
Foreign currencies
The results and \ufb01nancial position of all subsidiaries and associates that
have a functional currency di\ufb00erent from US dollars are translated into
US dollars as follows:
\u2022 assets and liabilities are translated at the closing rate at the balance sheet
date; and
\u2022 income and expenses are translated at an average exchange rate for the
month where the relevant rate approximates to the foreign exchange
rates ruling at the dates of the transactions.
All resulting exchange di\ufb00erences are recognised as a separate
component of equity.
On consolidation, exchange di\ufb00erences arising from the translation of the
net investment in entities with a functional currency other than US dollars,
and of borrowings and other currency instruments designated as hedges
of such investments, are taken to shareholders\u2019 equity. When an entity
with a functional currency other than US dollars is sold, the cumulative
amount of such exchange di\ufb00erence is recognised in the Consolidated
Statement of Comprehensive Income as part of the gain or loss on sale.
Foreign currency transactions are initially recorded in an entity\u2019s
functional currency accounts at the exchange rate ruling at the date
of the transaction. Foreign exchange gains and losses resulting from
settlement of such transactions and from the translation at exchange
rates ruling at the balance sheet date of monetary assets or liabilities
denominated in foreign currencies are recognised in the Consolidated
Statement of Comprehensive Income, except when deferred in equity
as qualifying hedges.
Business combinations
Business combinations are accounted for using the acquisition accounting
method. Identi\ufb01able assets and liabilities acquired are measured at fair
value at acquisition date. Costs related to the acquisition, other than
those associated with the issue of debt or equity securities, are expensed
as incurred. Any contingent consideration payable is recognised at fair
value at the acquisition date. If the contingent consideration is classi\ufb01ed
as equity, it is not remeasured and settlement is accounted for within
equity. Otherwise, subsequent changes to the fair value of the contingent
consideration are recognised in pro\ufb01t or loss. Unwinding of discount on
contingent consideration is included within \ufb01nance costs. Changes to the
fair value arising from changes in the contingent element, for example
expected cash to be paid or timing of when payments will be made,
are included in general and administrative expenses.
Revenue
Revenue is measured at the fair value of the consideration which is
expected to be received in exchange for goods and services provided,
net of trade discounts and sales-related taxes. The Group acts as a
principal in all sales of goods and services.
Revenue is recognised when all of the following conditions are satis\ufb01ed:
\u2022 a contract exists with a customer;
\u2022 the performance obligations within the contract have been identi\ufb01ed;
\u2022 the transaction price has been determined;
\u2022 the transaction price has been allocated to the performance obligations
within the contract; and
\u2022 revenue is recognised as or when a performance obligation is satis\ufb01ed.
Sale of goods \u2013 point in time
Revenue from the sale of goods is recognised at a point in time when
control of the goods has transferred to the customer, usually when
the goods have been shipped to the customer in accordance with the
contracted shipping terms or upon acceptance by the end customer.
Sale of goods \u2013 over time
The Group has determined that for certain made-to-order military
contracts performance obligations are satis\ufb01ed over time, depicting the
transfer of goods to the customer.
This is because, under those contracts, products are made to a customer\u2019s
speci\ufb01cation with no alternative use and if a contract is terminated by
the customer, then the Group is entitled to reimbursement of costs
incurred to date plus a reasonable pro\ufb01t margin.
A single method of measuring progress is selected for each related
performance obligation and applied consistently, with an output-based
method used to measure progress based on units certi\ufb01ed by the end
customer as a proportion of total units.
Provision of services
Revenue from a contract to provide services, for example externally
commissioned technical reports, funded research and development or
training, is recognised over time as those services are provided. The Group
recognises the amount of revenue from the services provided under
a contract with reference to the costs incurred as a proportion of total
expected costs.
Contract assets and liabilities
Assets and liabilities arising from contracts with customers are separately
identi\ufb01ed. Contract assets relate to consideration recognised for work
completed but not billed at the balance sheet date. Contract liabilities
relate to consideration received but not recognised as revenue at the
balance sheet date.
Segment reporting
Segments are identi\ufb01ed based on how management monitors the
business. An operating segment is a component of an entity:
\u2022 that engages in business activities from which it may earn revenues
and incur expenses (including revenues and expenses relating to
transactions with other components of the same entity);
\u2022 whose operating results are regularly reviewed by the entity\u2019s Chief
Operating Decision Maker (CODM) to make decisions about resources
to be allocated to the segment and assess its performance; and
\u2022 for which discrete \ufb01nancial information is available.
The Group Executive team, being the Chief Operating Decision Maker,
assesses the performance of operating segments based on adjusted
measures of EBITDA, operating pro\ufb01t, net \ufb01nance costs, taxation and
earnings per share, as well as other measures not de\ufb01ned under IFRS
listed in the Adjusted Performance Measures section.
Operating segments are aggregated into a single reportable segment
only when the segments have similar economic characteristics, and the
segments are similar in each of the following respects:
\u2022 the nature of the products and services;
\u2022 the nature of the production processes;
\u2022 the type or class of customer for their products and services;
\u2022 the methods used to distribute their products or provide their
services; and
\u2022 the nature of the regulatory environment.
The Group has two operating and reportable segments: Avon Protection
and Team Wendy. These have responsibility and empowerment to
deliver their own speci\ufb01c strategic objectives, with resourcing, internal
performance management and CODM reporting structures fully in place.
Adjusting items
Transactions are classi\ufb01ed as adjusting where they relate to an event that
falls outside of the underlying trading activities of the business and where
individually or in aggregate the Directors consider they have a material
impact on the \ufb01nancial statements.
Employee bene\ufb01ts
Pension obligations and post-retirement bene\ufb01ts
The Group has both de\ufb01ned bene\ufb01t and de\ufb01ned contribution plans.
The de\ufb01ned bene\ufb01t plan\u2019s asset or liability is the present value of the
de\ufb01ned bene\ufb01t obligation at the balance sheet date less the fair value
of plan assets. The de\ufb01ned bene\ufb01t obligation is calculated annually
by independent actuaries using the projected unit credit method.
The present value of the de\ufb01ned bene\ufb01t obligation is determined
by discounting the estimated cash out\ufb02ows using interest rates of
high-quality corporate bonds that are denominated in the currency
in which the bene\ufb01ts will be paid and that have terms to maturity
approximating to the terms of the related pension liability. Actuarial gains
and losses arising from experience adjustments and changes in actuarial
assumptions are recognised in full in the period in which they occur,
as part of other comprehensive income. Costs associated with investment
management are deducted from the return on plan assets. Other
expenses are recognised in the income statement as incurred. Net
interest is determined by multiplying the de\ufb01ned bene\ufb01t obligation
by the high-quality corporate bond rate.
For the de\ufb01ned contribution plans, the Group pays contributions
to publicly or privately administered pension insurance plans on
a mandatory, contractual or voluntary basis. Contributions are
expensed as incurred.
Share-based compensation
Employees (including Directors) of the Group receive part of their
remuneration in the form of share-based payments, whereby, depending
on the scheme, employees render services in exchange for rights over
shares (\u2018equity-settled transactions\u2019) or entitlement to a future cash
payment (\u2018cash-settled transactions\u2019), the amount of which is determined
with reference to the Company\u2019s share price.
The fair value of the employee service received in exchange for the grant
of equity-settled transactions is recognised as an expense. The total
amount to be expensed is determined by reference to the fair value of
the options granted:
\u2022 including any market-based performance conditions;
\u2022 excluding the impact of any service and non-market performance
vesting conditions (for example, pro\ufb01tability, sales growth targets and
remaining an employee of the entity over a speci\ufb01ed time period); and
\u2022 including the impact of any non-vesting conditions (for example, the
requirement for employees to save).
Non-market vesting conditions are included in assumptions over number
of options expected to vest. The total expense is recognised over the
vesting period, which is the period over which all of the speci\ufb01ed vesting
conditions are to be satis\ufb01ed. At the end of each reporting period, the
entity revises its estimates of the number of options that are expected to
vest based on the non-market vesting conditions. It recognises the impact
of the revision to original estimates, if any, in the Consolidated Statement
of Comprehensive Income, with a corresponding adjustment to equity.
The cost of cash-settled transactions is measured with reference to the
fair value of the liability, which is taken to be the closing price of the
Company\u2019s shares. Until the liability is settled it is remeasured at the end
of each reporting period and at the date of settlement, with any changes
in the fair value being recognised in the income statement.
Intangible assets
Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair
value of the Group\u2019s share of the identi\ufb01able net assets of the acquired
subsidiary at the date of acquisition. Identi\ufb01able net assets include
intangible assets other than goodwill. Any such intangible assets are
amortised over their expected future lives unless they are regarded
as having an inde\ufb01nite life, in which case they are not amortised but
subjected to annual impairment testing in a similar manner to goodwill.
Since the transition to IFRS, goodwill arising from acquisitions of
subsidiaries after 3 October 1998 is included in intangible assets. It is not
amortised but is tested annually for impairment and carried at cost less
accumulated impairment losses. Gains and losses on the disposal of an
entity include the carrying amount of goodwill relating to the entity
sold. Goodwill arising from acquisitions of subsidiaries before 3 October
1998, which was set against reserves in the period of acquisition under
UK GAAP, has not been reinstated and is not included in determining any
subsequent pro\ufb01t or loss on disposal of the related entity.
Goodwill is tested for impairment at least annually or whenever there
is an indication that the asset may be impaired. Goodwill is allocated
to cash-generating units for the purpose of impairment testing. The
allocation is made to those cash-generating units or groups of cash-
generating units that are expected to bene\ufb01t from the business
combination in which the goodwill arose. Any impairment is recognised
immediately in the Consolidated Statement of Comprehensive Income.
Subsequent reversals of impairment losses for goodwill are
not recognised.
Development expenditure
Expenditure in respect of product development is capitalised where a
positive outcome is assessed as being reasonably certain, taking account
of commercial viability and technical feasibility. Assessment of commercial
viability includes review of whether future economic bene\ufb01ts are probable
for speci\ufb01c projects. Greater weight is placed on external market evidence
as part of this assessment, including the existence of committed orders,
and previous sales within an overall product category. Technical feasibility
includes assessment of the ability to develop and scale production.
Subsequently capitalised costs are amortised over the expected useful
lives of the related products (typically between \ufb01ve and ten years),
representing the estimated period of sales. Amortisation begins when
a development project is substantively complete and the related product
is available for sale. Expenditure that does not meet these criteria is
expensed as incurred. Development costs capitalised are tested for
impairment annually or whenever there is an indication that the asset
may be impaired. Any impairment, or subsequent reversal, is recognised
immediately in the Consolidated Statement of Comprehensive Income.
External customer contributions to development projects are presented
in revenue under the provision of services accounting policy, with related
costs classi\ufb01ed in cost of sales.
Computer software
Computer software comprises costs that are directly associated with the
production of identi\ufb01able software products controlled by the Group
and are capable of producing future economic bene\ufb01ts. Capitalised
costs include employee costs and directly attributable overheads.
Costs associated with maintaining software programs are recognised
as an expense when they are incurred. Amortisation is charged to the
Consolidated Statement of Comprehensive Income on a straight-line basis
over the estimated useful life from the date the software is available for
use, generally between three and ten years.
Costs associated with con\ufb01guration and customisation of cloud
computing arrangements are expensed as incurred.
Other intangible assets
Other intangible assets that are acquired by the Group as part of business
combinations are stated at cost less accumulated amortisation and
impairment losses. The useful lives take account of the di\ufb00ering natures
of each of the assets acquired. The lives used are:
\u2022 brands and trademarks \u2013 four to \ufb01fteen years;
\u2022 customer relationships \u2013 three to fourteen years; and
\u2022 technology and licence agreements \u2013 two to ten years.
Amortisation is charged on a straight-line basis over the estimated useful
lives of the assets through general and administrative expenses.
Property, plant and equipment
Property, plant and equipment is stated at historical cost or deemed
cost where IFRS 1 exemptions have been applied, less accumulated
depreciation and any recognised impairment losses.
Costs include the original purchase price of the asset and the costs
attributable to bringing the asset to its working condition for its intended
use including any qualifying \ufb01nance expenses.
Land is not depreciated. Depreciation is provided on other assets
estimated to write down the depreciable amount of relevant assets by
equal annual instalments over their estimated useful lives.
In general, the lives used are:
\u2022 freehold \u2013 40 years;
\u2022 leasehold property \u2013 over the period of the lease; and
\u2022 plant and machinery:
> computer hardware \u2013 three years;
> presses \u2013 15 years; and
> other plant and machinery \u2013 \ufb01ve to ten years.
Residual values and useful lives of the assets are reviewed, and adjusted
if appropriate, at each balance sheet date.
An asset\u2019s carrying amount is written down immediately to its recoverable
amount if its carrying amount is greater than its estimated net realisable
value. Gains and losses on disposal are determined by comparing
proceeds with carrying amounts. These are included in the Consolidated
Statement of Comprehensive Income.
Leases
Right of use assets and lease liabilities are recognised at the
commencement date of the contract for all leases conveying the
right to control the associated asset for a period of time.
Right of use assets are initially measured at cost, which comprises initial
measurement of the lease liability plus an estimate of dilapidation
provisions where required. Subsequently right of use assets are measured
at cost less accumulated depreciation and any accumulated impairment
losses and adjusted for any remeasurement of the lease liability.
Depreciation is calculated on a straight-line basis over the life of the lease.
The lease liability is initially measured at the present value of the lease
payments due over the life of the lease. Lease payments are discounted
at the rate implicit in the lease or if that is not readily determined using
the Group\u2019s incremental borrowing rate.
The lease term is determined with reference to any non-cancellable period
of lease contracts plus any periods covered by an option to extend/
terminate the lease if it is considered reasonably certain that the option
will/will not be exercised. In concluding whether or not it is reasonably
certain an option will be exercised, management has considered the
strategic outlook for the Group and other operational factors.
Subsequently the lease liability is measured by increasing the carrying
value to re\ufb02ect interest on the liability and reducing the carrying value
to re\ufb02ect lease payments made.
Finance leases
The Group acts as an intermediate lessor for certain legacy commercial
premises where they are no longer required for operations and accounts
for its interests in corresponding head leases and subleases separately.
Lease classi\ufb01cation of the sublease between \ufb01nance and operating
is assessed with reference to the right of use asset arising from the
head lease.
Following the sublet of additional properties in the period, \ufb01nance
lease assets have been transferred from right of use assets to a speci\ufb01c
\ufb01nance lease balance sheet classi\ufb01cation as they are now considered
collectively material.
Finance lease assets are initially measured at the present value of the lease
receipts due over the life of the lease. Receipts are discounted at the rate
implicit in the sublease or the corresponding head lease liability if the
implicit rate cannot be readily determined.
Inventories
Inventories are stated at the lower of cost, including all relevant overhead
expenditure, and net realisable value. Inventory cost is valued using the
most appropriate method based on the business use of inventory. In the
majority of cases this is standard cost. The cost of \ufb01nished goods and
work in progress comprises raw materials, direct labour, other direct costs
and related production overheads (based on normal operating capacity).
It excludes borrowing costs. Net realisable value is the estimated selling
price in the ordinary course of business, less applicable incremental selling
expenses. Provisions are generally based on ageing of inventory and
forecast demand. Speci\ufb01c adjustments are made for obsolete or damaged
items where appropriate.
Financial instruments
Recognition and initial measurement
Trade receivables are initially recognised when they are originated and
measured at the transaction price.
Trade payables are obligations to pay for goods or services that have been
acquired in the ordinary course of business from suppliers and are initially
recognised at fair value. All other \ufb01nancial assets and \ufb01nancial liabilities
are initially recognised when the Company becomes a party to the
contractual provisions of the instrument and measured at fair value.
Classi\ufb01cation and subsequent measurement
Trade and other receivables and trade and other payables are classi\ufb01ed
as measured at amortised cost. The Group recognises loss allowances for
expected credit losses (ECLs) on \ufb01nancial assets measured at amortised
cost and contract assets (as de\ufb01ned in IFRS 15). Loss allowances for trade
receivables and contract assets are always measured at an amount equal
to lifetime ECL.
Accounts payable are classi\ufb01ed as current liabilities if payment is due
within one year or less (or in the normal operating cycle of the business
if longer). If not, they are presented as non-current liabilities.
Cash and cash equivalents include cash at bank and in hand and highly
liquid interest-bearing securities with maturities of three months or less.
Bank overdrafts are shown within borrowings in current liabilities on the
balance sheet.
Derivative \ufb01nancial instruments and hedging
The Group classi\ufb01es outstanding forward exchange contracts, interest rate
swaps and corresponding hedged items as cash \ufb02ow hedges and states
them at fair value through the Consolidated Statement of Comprehensive
Income. Any ine\ufb00ective portion of the hedge is recognised immediately in
the income statement.
Impairment
At each reporting date, the Company assesses whether \ufb01nancial assets
carried at amortised cost are credit impaired. A \ufb01nancial asset is \u2018credit
impaired\u2019 when one or more events that have a detrimental impact on
the estimated future cash \ufb02ows of the \ufb01nancial asset have occurred.
The gross carrying amount of a \ufb01nancial asset is written o\ufb00 (either partially
or in full) to the extent that there is no realistic prospect of recovery.
Provisions
Provisions are recognised when the Group has a legal or constructive
obligation as a result of a past event, it is probable that an out\ufb02ow of
resources will be required to settle the obligation and the amount can
be reliably estimated. Provisions are measured at the present value of
the expenditures expected to be required to settle the obligation.
Where there are a number of similar obligations, for example where a
warranty has been given, the likelihood that an out\ufb02ow will be required
in settlement is determined by considering the class of obligations as
a whole. A provision is recognised even if the likelihood of an out\ufb02ow
with respect to any one item included in the same class of obligation
may be small.
If the provision is for a single item, for example a legal claim, costs
associated with the most likely outcome are used as a best estimate.
Restructuring provisions are recognised when the Group has developed
a detailed formal plan for the restructuring and has raised a valid
expectation in those a\ufb00ected that it will carry out the restructuring by
starting to implement the plan or announcing its main features to those
a\ufb00ected by it. The measurement of a restructuring provision includes only
the direct expenditures arising from the restructuring, which are those
amounts that are both necessarily entailed by the restructuring and not
associated with the ongoing activities of the entity.
Taxation
Income tax on the pro\ufb01t or loss for the period comprises current and
deferred tax.
Taxable pro\ufb01t di\ufb00ers from accounting pro\ufb01t because it excludes certain
items of income and expense that are recognised in the \ufb01nancial
statements but are treated di\ufb00erently for tax purposes. Current tax is
the amount of tax expected to be payable or receivable on the taxable
pro\ufb01t or loss for the current period. This amount is then amended for
any adjustments in respect of prior periods.
Current tax is calculated using tax rates that have been written into
law (enacted) or irrevocably announced/committed by the respective
government (substantively enacted) at the period end date. Current tax
receivable (assets) and payable (liabilities) are o\ufb00set only when there is
a legal right to settle them net and the entity intends to do so. This is
generally true when the taxes are levied by the same tax authority.
Because of the di\ufb00erences between accounting and taxable pro\ufb01ts and
losses reported in each period, temporary di\ufb00erences arise on the amount
certain assets and liabilities are carried at for accounting purposes and
their respective tax values. Deferred tax is the amount of tax payable or
recoverable on these temporary di\ufb00erences.
Deferred tax liabilities arise where the carrying amount of an asset is
higher than the tax value. This can happen where the Group invests in
capital assets, as governments often encourage investment by allowing
tax depreciation to be recognised faster than accounting depreciation.
This reduces the tax value of the asset relative to its accounting carrying
amount. Deferred tax liabilities are generally provided on all taxable
temporary di\ufb00erences. The periods over which such temporary di\ufb00erences
reverse will vary depending on the life of the related asset or liability.
Deferred tax assets arise where the carrying amount of an asset is lower
than the tax value. This can happen where the Group has trading losses
which cannot be o\ufb00set in the current period but can be carried forward.
Deferred tax assets are recognised only where the Group considers it
probable that it will be able to use such losses by o\ufb00setting them against
future taxable pro\ufb01ts.
However, the deferred income tax is not accounted for if it arises from
initial recognition of an asset or liability in a transaction other than
a business combination that at the time of the transaction a\ufb00ects
neither accounting nor taxable pro\ufb01t or loss.
Taxable temporary di\ufb00erences can also arise on investments in foreign
subsidiaries. Where the Group is able to control the reversal of these
di\ufb00erences and it is probable that these will not reverse in the foreseeable
future, then no deferred tax is provided. Deferred tax is calculated using
the enacted or substantively enacted rates that are expected to apply
when the asset is realised or the liability is settled. Similarly to current taxes,
deferred tax assets and liabilities are o\ufb00set only when there is a legal right
to settle them net and the entity intends to do so. This normally requires
both assets and liabilities to have arisen in the same country.
Income tax expense reported in the \ufb01nancial statements comprises
current tax as well as the e\ufb00ects of changes in deferred tax assets and
liabilities. Tax expense/credits are generally recognised in the same place
as the items to which they relate. For example, the tax associated with
a gain on disposal is recognised in the income statement, in line with
the gain on disposal. Equally, the tax associated with pension obligation
actuarial gains and losses is recognised in other comprehensive income,
in line with the actuarial gains and losses.
Borrowings
Borrowings are recognised initially at fair value, net of transaction costs
incurred, and subsequently stated at amortised cost. Borrowing costs
are expensed using the e\ufb00ective interest method.
Dividends
Final dividends are recognised as a liability in the Group\u2019s \ufb01nancial
statements in the period in which the dividends are approved by
shareholders, while interim dividends are recognised in the period in
which the dividends are paid.
Share capital
Ordinary shares are classi\ufb01ed as equity. Incremental costs directly
attributable to the issue of new shares or options are shown in equity
as a deduction, net of tax, from the proceeds.
Where any Group company purchases the Company equity share
capital (treasury shares), the consideration paid, including any directly
attributable incremental costs (net of income taxes), is deducted from
equity attributable to the Company\u2019s equity holders until the shares are
cancelled, reissued or disposed of. Where such shares are subsequently
sold or reissued, any consideration received, net of any directly attributable
incremental transaction costs and the related income tax e\ufb00ects,
is included in equity attributable to the Company\u2019s equity holders.
Consideration of climate change
In preparing the \ufb01nancial statements, the Directors have considered
the impact of climate change, particularly in context of the risks and
opportunities identi\ufb01ed in the TCFD disclosures. There has been no
material impact identi\ufb01ed on the \ufb01nancial 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; and
\u2022 cash \ufb02ow forecasts used in the impairment assessments of non-current
assets including goodwill and development costs.
Signi\ufb01cant accounting judgements and estimates
The preparation of \ufb01nancial statements requires the use of estimates and
assumptions that a\ufb00ect the reported amounts of assets and liabilities,
income and expenses. It also requires management to exercise its
judgement in the process of applying the Group\u2019s accounting policies.
The key areas where assumptions and estimates are signi\ufb01cant to the
\ufb01nancial statements are disclosed below.
Goodwill \u2013 impairment
Goodwill is tested for impairment at least annually or whenever there is
an indication that the asset may be impaired. Goodwill is allocated to
CGUs for the purpose of impairment testing.
Discounted cash \ufb02ow projections and related assumptions for impairment
testing of goodwill and related CGU asset groupings are a signi\ufb01cant
estimate that could result in future material adjustments to asset-carrying
amounts. The calculation of the recoverable amount for CGUs is sensitive
to changes in certain key assumptions, considered to be revenue growth
and the discount rate. Further information on key assumptions, including
sensitivities, is provided in note 3.1.
For the FY25 Team Wendy CGU impairment review, it has been
determined that there are no reasonably possible changes to the
assumptions that would result in a material impairment. Detailed
sensitivity disclosures in the note have been provided due to the
signi\ufb01cance of the Team Wendy CGU carrying amount and in context
of the previous FY23 impairment. Although it does not meet the formal
IAS 1 de\ufb01nition, the impairment test has also been treated as a signi\ufb01cant
accounting estimate, re\ufb02ecting the attention given to the review
by management, the Audit Committee and the external auditor.
This approach will be monitored in future years.
Estimating the de\ufb01ned bene\ufb01t pension scheme assets and obligations
Measurement of de\ufb01ned bene\ufb01t pension obligations requires estimation
of future changes in in\ufb02ation and mortality rates and the selection of
a suitable discount rate.
An updated actuarial valuation for IAS 19 (revised) purposes was carried
out by an independent team from the actuary (Aon) for year end
using the projected unit credit method (note 6.2). In the second half
of FY24 the actuarial valuation provider was changed to Aon, having
previously been a separate third party. This change facilitated the use of
detailed member-by-member calculations to estimate de\ufb01ned bene\ufb01t
obligations, as applied during full actuarial valuations. This approach
re\ufb01ned roll-forward methodology used previously and was considered
a change in accounting estimate under IAS 8.
The investments held by the pension scheme include both quoted
and unquoted securities, the latter of which by their nature involve
assumptions and estimates to determine their fair value. Where there
is not an active market for the unquoted securities the fair value of these
assets is estimated by the pension trustees based on advice received
from the investment manager while also using any available market
evidence of any recent transactions for an identical asset. The assumptions
used in valuing unquoted investments are a\ufb00ected by current market
conditions and trends which could result in changes in fair value after
the measurement date.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00300": { "value": "Basis of preparation
Avon Technologies plc is a public limited company incorporated and
domiciled in England and Wales and its ordinary shares are traded on
the London Stock Exchange.
The \ufb01nancial period presents the year ended
30 September 2025
(prior \ufb01nancial period: year ended 30 September 2024).
The \ufb01nancial statements have been prepared in accordance with
UK-adopted International Accounting Standards. The \ufb01nancial statements
have been prepared under the historical cost convention except for
certain items held at fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00291": { "value": "Avon Technologies plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00295": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00296": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00292": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00293": { "value": "2025-09-30", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00301": { "value": "The \ufb01nancial statements have been prepared in accordance with
UK-adopted International Accounting Standards. The \ufb01nancial statements
have been prepared under the historical cost convention except for
certain items held at fair value.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00302": { "value": "Going concern
The Directors have prepared a going concern assessment covering the
12-month period from the date of approval of these \ufb01nancial statements.
The assessment indicates that the Group will have su\ufb03cient funds to
meet its liabilities as they fall due for that period.
The Group has committed RCF facilities of $137m to May 2028. Related
loan covenants include a limit of 3.0 times for the ratio of net debt,
excluding lease liabilities, to bank-determined adjusted EBITDA (leverage),
and a minimum limit of 3.5 times for the ratio of bank-determined
adjusted EBITDA to interest payable on bank loans and overdrafts.
At 30 September 2025 leverage was 0.86 times (2024: 0.91 times).
Bank-determined adjusted EBITDA is calculated excluding certain items.
As part of the going concern assessment, the Directors considered
sensitivity of \ufb01nancial covenants and liquidity headroom to a reverse
stress test to determine the deterioration against the base case forecast
required to break even with covenant levels. This demonstrated substantial
headroom, with the downside movement required not considered
plausible given the secured order book and mitigating actions available
to reduce future cash out\ufb02ows or expenses within management\u2019s control.
On this basis, the Directors are con\ufb01dent that the Group and Company
will have su\ufb03cient funds to continue to meet their liabilities as they fall
due for at least 12 months from the approval of these \ufb01nancial statements.
Accordingly the Group and Company continue to adopt the going
concern basis in preparing their \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00303": { "value": "Basis of consolidation
The consolidated \ufb01nancial statements incorporate the \ufb01nancial results
and position of the Group and its subsidiaries.
Subsidiaries are those entities over which the Group has power, exposure
or rights to variable returns from its involvement with the entity and
the ability to use its power to a\ufb00ect the amount of the Group\u2019s returns.
Subsidiaries are fully consolidated from the date on which control is
transferred to the Group until the date that control ceases. Inter-group
transactions, balances and unrealised gains and losses on transactions
between Group companies are eliminated. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00305": { "value": "Revision to IFRS not applicable in 2025 Standards and interpretations issued by the IASB are only applicable if endorsed by the UK. The Group does not consider that any of the below standards, amendments or interpretations issued by the IASB, but not yet applicable, will have a material impact on the consolidated \ufb01nancial statements. E\ufb00ective dates are for annual periods beginning on or after the dates stated. \u2022 Amendments to IAS 21 The E\ufb00ects of Changes in Foreign Exchange Rates: lack of exchangeability (e\ufb00ective 1 January 2025) \u2022 Amendments to IFRS 9 and IFRS 7 Classi\ufb01cation and Measurement of Financial Instruments (e\ufb00ective 1 January 2026) \u2022 IFRS 18 Presentation and Disclosure in Financial Statements (e\ufb00ective 1 January 2027) \u2022 BEPS: UK legislation on international tax system reform. ", "dimensions": { "concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00304": { "value": "Revision to IFRS not applicable in 2025
Standards and interpretations issued by the IASB are only applicable if
endorsed by the UK. The Group does not consider that any of the below
standards, amendments or interpretations issued by the IASB, but not
yet applicable, will have a material impact on the consolidated \ufb01nancial
statements. E\ufb00ective dates are for annual periods beginning on or after
the dates stated.
\u2022 Amendments to IAS 21 The E\ufb00ects of Changes in Foreign Exchange
Rates: lack of exchangeability (e\ufb00ective 1 January 2025)
\u2022 Amendments to IFRS 9 and IFRS 7 Classi\ufb01cation and Measurement
of Financial Instruments (e\ufb00ective 1 January 2026)
\u2022 IFRS 18 Presentation and Disclosure in Financial Statements
(e\ufb00ective 1 January 2027)
\u2022 BEPS: UK legislation on international tax system reform. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00374": { "value": "Foreign currencies
The results and \ufb01nancial position of all subsidiaries and associates that
have a functional currency di\ufb00erent from US dollars are translated into
US dollars as follows:
\u2022 assets and liabilities are translated at the closing rate at the balance sheet
date; and
\u2022 income and expenses are translated at an average exchange rate for the
month where the relevant rate approximates to the foreign exchange
rates ruling at the dates of the transactions.
All resulting exchange di\ufb00erences are recognised as a separate
component of equity.
On consolidation, exchange di\ufb00erences arising from the translation of the
net investment in entities with a functional currency other than US dollars,
and of borrowings and other currency instruments designated as hedges
of such investments, are taken to shareholders\u2019 equity. When an entity
with a functional currency other than US dollars is sold, the cumulative
amount of such exchange di\ufb00erence is recognised in the Consolidated
Statement of Comprehensive Income as part of the gain or loss on sale.
Foreign currency transactions are initially recorded in an entity\u2019s
functional currency accounts at the exchange rate ruling at the date
of the transaction. Foreign exchange gains and losses resulting from
settlement of such transactions and from the translation at exchange
rates ruling at the balance sheet date of monetary assets or liabilities
denominated in foreign currencies are recognised in the Consolidated
Statement of Comprehensive Income, except when deferred in equity
as qualifying hedges.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00373": { "value": "Foreign currencies
The results and \ufb01nancial position of all subsidiaries and associates that
have a functional currency di\ufb00erent from US dollars are translated into
US dollars as follows:
\u2022 assets and liabilities are translated at the closing rate at the balance sheet
date; and
\u2022 income and expenses are translated at an average exchange rate for the
month where the relevant rate approximates to the foreign exchange
rates ruling at the dates of the transactions.
All resulting exchange di\ufb00erences are recognised as a separate
component of equity.
On consolidation, exchange di\ufb00erences arising from the translation of the
net investment in entities with a functional currency other than US dollars,
and of borrowings and other currency instruments designated as hedges
of such investments, are taken to shareholders\u2019 equity. When an entity
with a functional currency other than US dollars is sold, the cumulative
amount of such exchange di\ufb00erence is recognised in the Consolidated
Statement of Comprehensive Income as part of the gain or loss on sale.
Foreign currency transactions are initially recorded in an entity\u2019s
functional currency accounts at the exchange rate ruling at the date
of the transaction. Foreign exchange gains and losses resulting from
settlement of such transactions and from the translation at exchange
rates ruling at the balance sheet date of monetary assets or liabilities
denominated in foreign currencies are recognised in the Consolidated
Statement of Comprehensive Income, except when deferred in equity
as qualifying hedges.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00376": { "value": "Business combinations
Business combinations are accounted for using the acquisition accounting
method. Identi\ufb01able assets and liabilities acquired are measured at fair
value at acquisition date. Costs related to the acquisition, other than
those associated with the issue of debt or equity securities, are expensed
as incurred. Any contingent consideration payable is recognised at fair
value at the acquisition date. If the contingent consideration is classi\ufb01ed
as equity, it is not remeasured and settlement is accounted for within
equity. Otherwise, subsequent changes to the fair value of the contingent
consideration are recognised in pro\ufb01t or loss. Unwinding of discount on
contingent consideration is included within \ufb01nance costs. Changes to the
fair value arising from changes in the contingent element, for example
expected cash to be paid or timing of when payments will be made,
are included in general and administrative expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00375": { "value": "Business combinations
Business combinations are accounted for using the acquisition accounting
method. Identi\ufb01able assets and liabilities acquired are measured at fair
value at acquisition date. Costs related to the acquisition, other than
those associated with the issue of debt or equity securities, are expensed
as incurred. Any contingent consideration payable is recognised at fair
value at the acquisition date. If the contingent consideration is classi\ufb01ed
as equity, it is not remeasured and settlement is accounted for within
equity. Otherwise, subsequent changes to the fair value of the contingent
consideration are recognised in pro\ufb01t or loss. Unwinding of discount on
contingent consideration is included within \ufb01nance costs. Changes to the
fair value arising from changes in the contingent element, for example
expected cash to be paid or timing of when payments will be made,
are included in general and administrative expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00377": { "value": "Revenue
Revenue is measured at the fair value of the consideration which is
expected to be received in exchange for goods and services provided,
net of trade discounts and sales-related taxes. The Group acts as a
principal in all sales of goods and services.
Revenue is recognised when all of the following conditions are satis\ufb01ed:
\u2022 a contract exists with a customer;
\u2022 the performance obligations within the contract have been identi\ufb01ed;
\u2022 the transaction price has been determined;
\u2022 the transaction price has been allocated to the performance obligations
within the contract; and
\u2022 revenue is recognised as or when a performance obligation is satis\ufb01ed.
Sale of goods \u2013 point in time
Revenue from the sale of goods is recognised at a point in time when
control of the goods has transferred to the customer, usually when
the goods have been shipped to the customer in accordance with the
contracted shipping terms or upon acceptance by the end customer.
Sale of goods \u2013 over time
The Group has determined that for certain made-to-order military
contracts performance obligations are satis\ufb01ed over time, depicting the
transfer of goods to the customer.
This is because, under those contracts, products are made to a customer\u2019s
speci\ufb01cation with no alternative use and if a contract is terminated by
the customer, then the Group is entitled to reimbursement of costs
incurred to date plus a reasonable pro\ufb01t margin.
A single method of measuring progress is selected for each related
performance obligation and applied consistently, with an output-based
method used to measure progress based on units certi\ufb01ed by the end
customer as a proportion of total units.
Provision of services
Revenue from a contract to provide services, for example externally
commissioned technical reports, funded research and development or
training, is recognised over time as those services are provided. The Group
recognises the amount of revenue from the services provided under
a contract with reference to the costs incurred as a proportion of total
expected costs.
Contract assets and liabilities
Assets and liabilities arising from contracts with customers are separately
identi\ufb01ed. Contract assets relate to consideration recognised for work
completed but not billed at the balance sheet date. Contract liabilities
relate to consideration received but not recognised as revenue at the
balance sheet date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00378": { "value": "Segment reporting
Segments are identi\ufb01ed based on how management monitors the
business. An operating segment is a component of an entity:
\u2022 that engages in business activities from which it may earn revenues
and incur expenses (including revenues and expenses relating to
transactions with other components of the same entity);
\u2022 whose operating results are regularly reviewed by the entity\u2019s Chief
Operating Decision Maker (CODM) to make decisions about resources
to be allocated to the segment and assess its performance; and
\u2022 for which discrete \ufb01nancial information is available.
The Group Executive team, being the Chief Operating Decision Maker,
assesses the performance of operating segments based on adjusted
measures of EBITDA, operating pro\ufb01t, net \ufb01nance costs, taxation and
earnings per share, as well as other measures not de\ufb01ned under IFRS
listed in the Adjusted Performance Measures section.
Operating segments are aggregated into a single reportable segment
only when the segments have similar economic characteristics, and the
segments are similar in each of the following respects:
\u2022 the nature of the products and services;
\u2022 the nature of the production processes;
\u2022 the type or class of customer for their products and services;
\u2022 the methods used to distribute their products or provide their
services; and
\u2022 the nature of the regulatory environment.
The Group has two operating and reportable segments: Avon Protection
and Team Wendy. These have responsibility and empowerment to
deliver their own speci\ufb01c strategic objectives, with resourcing, internal
performance management and CODM reporting structures fully in place.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00386": { "value": "Adjusting items
Transactions are classi\ufb01ed as adjusting where they relate to an event that
falls outside of the underlying trading activities of the business and where
individually or in aggregate the Directors consider they have a material
impact on the \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00379": { "value": "Employee bene\ufb01ts
Pension obligations and post-retirement bene\ufb01ts
The Group has both de\ufb01ned bene\ufb01t and de\ufb01ned contribution plans.
The de\ufb01ned bene\ufb01t plan\u2019s asset or liability is the present value of the
de\ufb01ned bene\ufb01t obligation at the balance sheet date less the fair value
of plan assets. The de\ufb01ned bene\ufb01t obligation is calculated annually
by independent actuaries using the projected unit credit method.
The present value of the de\ufb01ned bene\ufb01t obligation is determined
by discounting the estimated cash out\ufb02ows using interest rates of
high-quality corporate bonds that are denominated in the currency
in which the bene\ufb01ts will be paid and that have terms to maturity
approximating to the terms of the related pension liability. Actuarial gains
and losses arising from experience adjustments and changes in actuarial
assumptions are recognised in full in the period in which they occur,
as part of other comprehensive income. Costs associated with investment
management are deducted from the return on plan assets. Other
expenses are recognised in the income statement as incurred. Net
interest is determined by multiplying the de\ufb01ned bene\ufb01t obligation
by the high-quality corporate bond rate.
For the de\ufb01ned contribution plans, the Group pays contributions
to publicly or privately administered pension insurance plans on
a mandatory, contractual or voluntary basis. Contributions are
expensed as incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00380": { "value": "Share-based compensation
Employees (including Directors) of the Group receive part of their
remuneration in the form of share-based payments, whereby, depending
on the scheme, employees render services in exchange for rights over
shares (\u2018equity-settled transactions\u2019) or entitlement to a future cash
payment (\u2018cash-settled transactions\u2019), the amount of which is determined
with reference to the Company\u2019s share price.
The fair value of the employee service received in exchange for the grant
of equity-settled transactions is recognised as an expense. The total
amount to be expensed is determined by reference to the fair value of
the options granted:
\u2022 including any market-based performance conditions;
\u2022 excluding the impact of any service and non-market performance
vesting conditions (for example, pro\ufb01tability, sales growth targets and
remaining an employee of the entity over a speci\ufb01ed time period); and
\u2022 including the impact of any non-vesting conditions (for example, the
requirement for employees to save).
Non-market vesting conditions are included in assumptions over number
of options expected to vest. The total expense is recognised over the
vesting period, which is the period over which all of the speci\ufb01ed vesting
conditions are to be satis\ufb01ed. At the end of each reporting period, the
entity revises its estimates of the number of options that are expected to
vest based on the non-market vesting conditions. It recognises the impact
of the revision to original estimates, if any, in the Consolidated Statement
of Comprehensive Income, with a corresponding adjustment to equity.
The cost of cash-settled transactions is measured with reference to the
fair value of the liability, which is taken to be the closing price of the
Company\u2019s shares. Until the liability is settled it is remeasured at the end
of each reporting period and at the date of settlement, with any changes
in the fair value being recognised in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00381": { "value": "Intangible assets
Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair
value of the Group\u2019s share of the identi\ufb01able net assets of the acquired
subsidiary at the date of acquisition. Identi\ufb01able net assets include
intangible assets other than goodwill. Any such intangible assets are
amortised over their expected future lives unless they are regarded
as having an inde\ufb01nite life, in which case they are not amortised but
subjected to annual impairment testing in a similar manner to goodwill.
Since the transition to IFRS, goodwill arising from acquisitions of
subsidiaries after 3 October 1998 is included in intangible assets. It is not
amortised but is tested annually for impairment and carried at cost less
accumulated impairment losses. Gains and losses on the disposal of an
entity include the carrying amount of goodwill relating to the entity
sold. Goodwill arising from acquisitions of subsidiaries before 3 October
1998, which was set against reserves in the period of acquisition under
UK GAAP, has not been reinstated and is not included in determining any
subsequent pro\ufb01t or loss on disposal of the related entity.
Goodwill is tested for impairment at least annually or whenever there
is an indication that the asset may be impaired. Goodwill is allocated
to cash-generating units for the purpose of impairment testing. The
allocation is made to those cash-generating units or groups of cash-
generating units that are expected to bene\ufb01t from the business
combination in which the goodwill arose. Any impairment is recognised
immediately in the Consolidated Statement of Comprehensive Income.
Subsequent reversals of impairment losses for goodwill are
not recognised.
Development expenditure
Expenditure in respect of product development is capitalised where a
positive outcome is assessed as being reasonably certain, taking account
of commercial viability and technical feasibility. Assessment of commercial
viability includes review of whether future economic bene\ufb01ts are probable
for speci\ufb01c projects. Greater weight is placed on external market evidence
as part of this assessment, including the existence of committed orders,
and previous sales within an overall product category. Technical feasibility
includes assessment of the ability to develop and scale production.
Subsequently capitalised costs are amortised over the expected useful
lives of the related products (typically between \ufb01ve and ten years),
representing the estimated period of sales. Amortisation begins when
a development project is substantively complete and the related product
is available for sale. Expenditure that does not meet these criteria is
expensed as incurred. Development costs capitalised are tested for
impairment annually or whenever there is an indication that the asset
may be impaired. Any impairment, or subsequent reversal, is recognised
immediately in the Consolidated Statement of Comprehensive Income.
External customer contributions to development projects are presented
in revenue under the provision of services accounting policy, with related
costs classi\ufb01ed in cost of sales.
Computer software
Computer software comprises costs that are directly associated with the
production of identi\ufb01able software products controlled by the Group
and are capable of producing future economic bene\ufb01ts. Capitalised
costs include employee costs and directly attributable overheads.
Costs associated with maintaining software programs are recognised
as an expense when they are incurred. Amortisation is charged to the
Consolidated Statement of Comprehensive Income on a straight-line basis
over the estimated useful life from the date the software is available for
use, generally between three and ten years.
Costs associated with con\ufb01guration and customisation of cloud
computing arrangements are expensed as incurred.
Other intangible assets
Other intangible assets that are acquired by the Group as part of business
combinations are stated at cost less accumulated amortisation and
impairment losses. The useful lives take account of the di\ufb00ering natures
of each of the assets acquired. The lives used are:
\u2022 brands and trademarks \u2013 four to \ufb01fteen years;
\u2022 customer relationships \u2013 three to fourteen years; and
\u2022 technology and licence agreements \u2013 two to ten years.
Amortisation is charged on a straight-line basis over the estimated useful
lives of the assets through general and administrative expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00382": { "value": "Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair
value of the Group\u2019s share of the identi\ufb01able net assets of the acquired
subsidiary at the date of acquisition. Identi\ufb01able net assets include
intangible assets other than goodwill. Any such intangible assets are
amortised over their expected future lives unless they are regarded
as having an inde\ufb01nite life, in which case they are not amortised but
subjected to annual impairment testing in a similar manner to goodwill.
Since the transition to IFRS, goodwill arising from acquisitions of
subsidiaries after 3 October 1998 is included in intangible assets. It is not
amortised but is tested annually for impairment and carried at cost less
accumulated impairment losses. Gains and losses on the disposal of an
entity include the carrying amount of goodwill relating to the entity
sold. Goodwill arising from acquisitions of subsidiaries before 3 October
1998, which was set against reserves in the period of acquisition under
UK GAAP, has not been reinstated and is not included in determining any
subsequent pro\ufb01t or loss on disposal of the related entity.
Goodwill is tested for impairment at least annually or whenever there
is an indication that the asset may be impaired. Goodwill is allocated
to cash-generating units for the purpose of impairment testing. The
allocation is made to those cash-generating units or groups of cash-
generating units that are expected to bene\ufb01t from the business
combination in which the goodwill arose. Any impairment is recognised
immediately in the Consolidated Statement of Comprehensive Income.
Subsequent reversals of impairment losses for goodwill are
not recognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00372": { "value": "Development expenditure
Expenditure in respect of product development is capitalised where a
positive outcome is assessed as being reasonably certain, taking account
of commercial viability and technical feasibility. Assessment of commercial
viability includes review of whether future economic bene\ufb01ts are probable
for speci\ufb01c projects. Greater weight is placed on external market evidence
as part of this assessment, including the existence of committed orders,
and previous sales within an overall product category. Technical feasibility
includes assessment of the ability to develop and scale production.
Subsequently capitalised costs are amortised over the expected useful
lives of the related products (typically between \ufb01ve and ten years),
representing the estimated period of sales. Amortisation begins when
a development project is substantively complete and the related product
is available for sale. Expenditure that does not meet these criteria is
expensed as incurred. Development costs capitalised are tested for
impairment annually or whenever there is an indication that the asset
may be impaired. Any impairment, or subsequent reversal, is recognised
immediately in the Consolidated Statement of Comprehensive Income.
External customer contributions to development projects are presented
in revenue under the provision of services accounting policy, with related
costs classi\ufb01ed in cost of sales. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00371": { "value": "Development expenditure
Expenditure in respect of product development is capitalised where a
positive outcome is assessed as being reasonably certain, taking account
of commercial viability and technical feasibility. Assessment of commercial
viability includes review of whether future economic bene\ufb01ts are probable
for speci\ufb01c projects. Greater weight is placed on external market evidence
as part of this assessment, including the existence of committed orders,
and previous sales within an overall product category. Technical feasibility
includes assessment of the ability to develop and scale production.
Subsequently capitalised costs are amortised over the expected useful
lives of the related products (typically between \ufb01ve and ten years),
representing the estimated period of sales. Amortisation begins when
a development project is substantively complete and the related product
is available for sale. Expenditure that does not meet these criteria is
expensed as incurred. Development costs capitalised are tested for
impairment annually or whenever there is an indication that the asset
may be impaired. Any impairment, or subsequent reversal, is recognised
immediately in the Consolidated Statement of Comprehensive Income.
External customer contributions to development projects are presented
in revenue under the provision of services accounting policy, with related
costs classi\ufb01ed in cost of sales.
Computer software
Computer software comprises costs that are directly associated with the
production of identi\ufb01able software products controlled by the Group
and are capable of producing future economic bene\ufb01ts. Capitalised
costs include employee costs and directly attributable overheads.
Costs associated with maintaining software programs are recognised
as an expense when they are incurred. Amortisation is charged to the
Consolidated Statement of Comprehensive Income on a straight-line basis
over the estimated useful life from the date the software is available for
use, generally between three and ten years.
Costs associated with con\ufb01guration and customisation of cloud
computing arrangements are expensed as incurred.
Other intangible assets
Other intangible assets that are acquired by the Group as part of business
combinations are stated at cost less accumulated amortisation and
impairment losses. The useful lives take account of the di\ufb00ering natures
of each of the assets acquired. The lives used are:
\u2022 brands and trademarks \u2013 four to \ufb01fteen years;
\u2022 customer relationships \u2013 three to fourteen years; and
\u2022 technology and licence agreements \u2013 two to ten years.
Amortisation is charged on a straight-line basis over the estimated useful
lives of the assets through general and administrative expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00384": { "value": "Property, plant and equipment
Property, plant and equipment is stated at historical cost or deemed
cost where IFRS 1 exemptions have been applied, less accumulated
depreciation and any recognised impairment losses.
Costs include the original purchase price of the asset and the costs
attributable to bringing the asset to its working condition for its intended
use including any qualifying \ufb01nance expenses.
Land is not depreciated. Depreciation is provided on other assets
estimated to write down the depreciable amount of relevant assets by
equal annual instalments over their estimated useful lives.
In general, the lives used are:
\u2022 freehold \u2013 40 years;
\u2022 leasehold property \u2013 over the period of the lease; and
\u2022 plant and machinery:
> computer hardware \u2013 three years;
> presses \u2013 15 years; and
> other plant and machinery \u2013 \ufb01ve to ten years.
Residual values and useful lives of the assets are reviewed, and adjusted
if appropriate, at each balance sheet date.
An asset\u2019s carrying amount is written down immediately to its recoverable
amount if its carrying amount is greater than its estimated net realisable
value. Gains and losses on disposal are determined by comparing
proceeds with carrying amounts. These are included in the Consolidated
Statement of Comprehensive Income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00383": { "value": "Property, plant and equipment
Property, plant and equipment is stated at historical cost or deemed
cost where IFRS 1 exemptions have been applied, less accumulated
depreciation and any recognised impairment losses.
Costs include the original purchase price of the asset and the costs
attributable to bringing the asset to its working condition for its intended
use including any qualifying \ufb01nance expenses.
Land is not depreciated. Depreciation is provided on other assets
estimated to write down the depreciable amount of relevant assets by
equal annual instalments over their estimated useful lives.
In general, the lives used are:
\u2022 freehold \u2013 40 years;
\u2022 leasehold property \u2013 over the period of the lease; and
\u2022 plant and machinery:
> computer hardware \u2013 three years;
> presses \u2013 15 years; and
> other plant and machinery \u2013 \ufb01ve to ten years.
Residual values and useful lives of the assets are reviewed, and adjusted
if appropriate, at each balance sheet date.
An asset\u2019s carrying amount is written down immediately to its recoverable
amount if its carrying amount is greater than its estimated net realisable
value. Gains and losses on disposal are determined by comparing
proceeds with carrying amounts. These are included in the Consolidated
Statement of Comprehensive Income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00385": { "value": "Leases
Right of use assets and lease liabilities are recognised at the
commencement date of the contract for all leases conveying the
right to control the associated asset for a period of time.
Right of use assets are initially measured at cost, which comprises initial
measurement of the lease liability plus an estimate of dilapidation
provisions where required. Subsequently right of use assets are measured
at cost less accumulated depreciation and any accumulated impairment
losses and adjusted for any remeasurement of the lease liability.
Depreciation is calculated on a straight-line basis over the life of the lease.
The lease liability is initially measured at the present value of the lease
payments due over the life of the lease. Lease payments are discounted
at the rate implicit in the lease or if that is not readily determined using
the Group\u2019s incremental borrowing rate.
The lease term is determined with reference to any non-cancellable period
of lease contracts plus any periods covered by an option to extend/
terminate the lease if it is considered reasonably certain that the option
will/will not be exercised. In concluding whether or not it is reasonably
certain an option will be exercised, management has considered the
strategic outlook for the Group and other operational factors.
Subsequently the lease liability is measured by increasing the carrying
value to re\ufb02ect interest on the liability and reducing the carrying value
to re\ufb02ect lease payments made. Finance leases
The Group acts as an intermediate lessor for certain legacy commercial
premises where they are no longer required for operations and accounts
for its interests in corresponding head leases and subleases separately.
Lease classi\ufb01cation of the sublease between \ufb01nance and operating
is assessed with reference to the right of use asset arising from the
head lease.
Following the sublet of additional properties in the period, \ufb01nance
lease assets have been transferred from right of use assets to a speci\ufb01c
\ufb01nance lease balance sheet classi\ufb01cation as they are now considered
collectively material.
Finance lease assets are initially measured at the present value of the lease
receipts due over the life of the lease. Receipts are discounted at the rate
implicit in the sublease or the corresponding head lease liability if the
implicit rate cannot be readily determined. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00387": { "value": "Inventories
Inventories are stated at the lower of cost, including all relevant overhead
expenditure, and net realisable value. Inventory cost is valued using the
most appropriate method based on the business use of inventory. In the
majority of cases this is standard cost. The cost of \ufb01nished goods and
work in progress comprises raw materials, direct labour, other direct costs
and related production overheads (based on normal operating capacity).
It excludes borrowing costs. Net realisable value is the estimated selling
price in the ordinary course of business, less applicable incremental selling
expenses. Provisions are generally based on ageing of inventory and
forecast demand. Speci\ufb01c adjustments are made for obsolete or damaged
items where appropriate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00388": { "value": "Financial instruments
Recognition and initial measurement
Trade receivables are initially recognised when they are originated and
measured at the transaction price.
Trade payables are obligations to pay for goods or services that have been
acquired in the ordinary course of business from suppliers and are initially
recognised at fair value. All other \ufb01nancial assets and \ufb01nancial liabilities
are initially recognised when the Company becomes a party to the
contractual provisions of the instrument and measured at fair value.
Classi\ufb01cation and subsequent measurement
Trade and other receivables and trade and other payables are classi\ufb01ed
as measured at amortised cost. The Group recognises loss allowances for
expected credit losses (ECLs) on \ufb01nancial assets measured at amortised
cost and contract assets (as de\ufb01ned in IFRS 15). Loss allowances for trade
receivables and contract assets are always measured at an amount equal
to lifetime ECL.
Accounts payable are classi\ufb01ed as current liabilities if payment is due
within one year or less (or in the normal operating cycle of the business
if longer). If not, they are presented as non-current liabilities.
Cash and cash equivalents include cash at bank and in hand and highly
liquid interest-bearing securities with maturities of three months or less.
Bank overdrafts are shown within borrowings in current liabilities on the
balance sheet.
Derivative \ufb01nancial instruments and hedging
The Group classi\ufb01es outstanding forward exchange contracts, interest rate
swaps and corresponding hedged items as cash \ufb02ow hedges and states
them at fair value through the Consolidated Statement of Comprehensive
Income. Any ine\ufb00ective portion of the hedge is recognised immediately in
the income statement.
Impairment
At each reporting date, the Company assesses whether \ufb01nancial assets
carried at amortised cost are credit impaired. A \ufb01nancial asset is \u2018credit
impaired\u2019 when one or more events that have a detrimental impact on
the estimated future cash \ufb02ows of the \ufb01nancial asset have occurred.
The gross carrying amount of a \ufb01nancial asset is written o\ufb00 (either partially
or in full) to the extent that there is no realistic prospect of recovery. Borrowings
Borrowings are recognised initially at fair value, net of transaction costs
incurred, and subsequently stated at amortised cost. Borrowing costs
are expensed using the e\ufb00ective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00390": { "value": "Trade receivables are initially recognised when they are originated and measured at the transaction price. Trade and other receivables and trade and other payables are classi\ufb01ed
as measured at amortised cost. The Group recognises loss allowances for
expected credit losses (ECLs) on \ufb01nancial assets measured at amortised
cost and contract assets (as de\ufb01ned in IFRS 15). Loss allowances for trade
receivables and contract assets are always measured at an amount equal
to lifetime ECL.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00389": { "value": "Trade payables are obligations to pay for goods or services that have been
acquired in the ordinary course of business from suppliers and are initially
recognised at fair value. All other \ufb01nancial assets and \ufb01nancial liabilities
are initially recognised when the Company becomes a party to the
contractual provisions of the instrument and measured at fair value.
Classi\ufb01cation and subsequent measurement
Trade and other receivables and trade and other payables are classi\ufb01ed
as measured at amortised cost. The Group recognises loss allowances for
expected credit losses (ECLs) on \ufb01nancial assets measured at amortised
cost and contract assets (as de\ufb01ned in IFRS 15). Loss allowances for trade
receivables and contract assets are always measured at an amount equal
to lifetime ECL.
Accounts payable are classi\ufb01ed as current liabilities if payment is due
within one year or less (or in the normal operating cycle of the business
if longer). If not, they are presented as non-current liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00391": { "value": "Cash and cash equivalents include cash at bank and in hand and highly
liquid interest-bearing securities with maturities of three months or less.
Bank overdrafts are shown within borrowings in current liabilities on the
balance sheet.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00394": { "value": "Derivative \ufb01nancial instruments and hedging
The Group classi\ufb01es outstanding forward exchange contracts, interest rate
swaps and corresponding hedged items as cash \ufb02ow hedges and states
them at fair value through the Consolidated Statement of Comprehensive
Income. Any ine\ufb00ective portion of the hedge is recognised immediately in
the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00393": { "value": "Derivative \ufb01nancial instruments and hedging
The Group classi\ufb01es outstanding forward exchange contracts, interest rate
swaps and corresponding hedged items as cash \ufb02ow hedges and states
them at fair value through the Consolidated Statement of Comprehensive
Income. Any ine\ufb00ective portion of the hedge is recognised immediately in
the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00392": { "value": "Derivative \ufb01nancial instruments and hedging
The Group classi\ufb01es outstanding forward exchange contracts, interest rate
swaps and corresponding hedged items as cash \ufb02ow hedges and states
them at fair value through the Consolidated Statement of Comprehensive
Income. Any ine\ufb00ective portion of the hedge is recognised immediately in
the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00396": { "value": "Impairment
At each reporting date, the Company assesses whether \ufb01nancial assets
carried at amortised cost are credit impaired. A \ufb01nancial asset is \u2018credit
impaired\u2019 when one or more events that have a detrimental impact on
the estimated future cash \ufb02ows of the \ufb01nancial asset have occurred.
The gross carrying amount of a \ufb01nancial asset is written o\ufb00 (either partially
or in full) to the extent that there is no realistic prospect of recovery. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00395": { "value": "Impairment
At each reporting date, the Company assesses whether \ufb01nancial assets
carried at amortised cost are credit impaired. A \ufb01nancial asset is \u2018credit
impaired\u2019 when one or more events that have a detrimental impact on
the estimated future cash \ufb02ows of the \ufb01nancial asset have occurred.
The gross carrying amount of a \ufb01nancial asset is written o\ufb00 (either partially
or in full) to the extent that there is no realistic prospect of recovery. Goodwill \u2013 impairment
Goodwill is tested for impairment at least annually or whenever there is
an indication that the asset may be impaired. Goodwill is allocated to
CGUs for the purpose of impairment testing.
Discounted cash \ufb02ow projections and related assumptions for impairment
testing of goodwill and related CGU asset groupings are a signi\ufb01cant
estimate that could result in future material adjustments to asset-carrying
amounts. The calculation of the recoverable amount for CGUs is sensitive
to changes in certain key assumptions, considered to be revenue growth
and the discount rate. Further information on key assumptions, including
sensitivities, is provided in note 3.1.
For the FY25 Team Wendy CGU impairment review, it has been
determined that there are no reasonably possible changes to the
assumptions that would result in a material impairment. Detailed
sensitivity disclosures in the note have been provided due to the
signi\ufb01cance of the Team Wendy CGU carrying amount and in context
of the previous FY23 impairment. Although it does not meet the formal
IAS 1 de\ufb01nition, the impairment test has also been treated as a signi\ufb01cant
accounting estimate, re\ufb02ecting the attention given to the review
by management, the Audit Committee and the external auditor.
This approach will be monitored in future years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00399": { "value": "Provisions
Provisions are recognised when the Group has a legal or constructive
obligation as a result of a past event, it is probable that an out\ufb02ow of
resources will be required to settle the obligation and the amount can
be reliably estimated. Provisions are measured at the present value of
the expenditures expected to be required to settle the obligation.
Where there are a number of similar obligations, for example where a
warranty has been given, the likelihood that an out\ufb02ow will be required
in settlement is determined by considering the class of obligations as
a whole. A provision is recognised even if the likelihood of an out\ufb02ow
with respect to any one item included in the same class of obligation
may be small.
If the provision is for a single item, for example a legal claim, costs
associated with the most likely outcome are used as a best estimate.
Restructuring provisions are recognised when the Group has developed
a detailed formal plan for the restructuring and has raised a valid
expectation in those a\ufb00ected that it will carry out the restructuring by
starting to implement the plan or announcing its main features to those
a\ufb00ected by it. The measurement of a restructuring provision includes only
the direct expenditures arising from the restructuring, which are those
amounts that are both necessarily entailed by the restructuring and not
associated with the ongoing activities of the entity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00401": { "value": "Taxation
Income tax on the pro\ufb01t or loss for the period comprises current and
deferred tax.
Taxable pro\ufb01t di\ufb00ers from accounting pro\ufb01t because it excludes certain
items of income and expense that are recognised in the \ufb01nancial
statements but are treated di\ufb00erently for tax purposes. Current tax is
the amount of tax expected to be payable or receivable on the taxable
pro\ufb01t or loss for the current period. This amount is then amended for
any adjustments in respect of prior periods.
Current tax is calculated using tax rates that have been written into
law (enacted) or irrevocably announced/committed by the respective
government (substantively enacted) at the period end date. Current tax
receivable (assets) and payable (liabilities) are o\ufb00set only when there is
a legal right to settle them net and the entity intends to do so. This is
generally true when the taxes are levied by the same tax authority.
Because of the di\ufb00erences between accounting and taxable pro\ufb01ts and
losses reported in each period, temporary di\ufb00erences arise on the amount
certain assets and liabilities are carried at for accounting purposes and
their respective tax values. Deferred tax is the amount of tax payable or
recoverable on these temporary di\ufb00erences.
Deferred tax liabilities arise where the carrying amount of an asset is
higher than the tax value. This can happen where the Group invests in
capital assets, as governments often encourage investment by allowing
tax depreciation to be recognised faster than accounting depreciation.
This reduces the tax value of the asset relative to its accounting carrying
amount. Deferred tax liabilities are generally provided on all taxable
temporary di\ufb00erences. The periods over which such temporary di\ufb00erences
reverse will vary depending on the life of the related asset or liability.
Deferred tax assets arise where the carrying amount of an asset is lower
than the tax value. This can happen where the Group has trading losses
which cannot be o\ufb00set in the current period but can be carried forward.
Deferred tax assets are recognised only where the Group considers it
probable that it will be able to use such losses by o\ufb00setting them against
future taxable pro\ufb01ts.
However, the deferred income tax is not accounted for if it arises from
initial recognition of an asset or liability in a transaction other than
a business combination that at the time of the transaction a\ufb00ects
neither accounting nor taxable pro\ufb01t or loss.
Taxable temporary di\ufb00erences can also arise on investments in foreign
subsidiaries. Where the Group is able to control the reversal of these
di\ufb00erences and it is probable that these will not reverse in the foreseeable
future, then no deferred tax is provided. Deferred tax is calculated using
the enacted or substantively enacted rates that are expected to apply
when the asset is realised or the liability is settled. Similarly to current taxes,
deferred tax assets and liabilities are o\ufb00set only when there is a legal right
to settle them net and the entity intends to do so. This normally requires
both assets and liabilities to have arisen in the same country.
Income tax expense reported in the \ufb01nancial statements comprises
current tax as well as the e\ufb00ects of changes in deferred tax assets and
liabilities. Tax expense/credits are generally recognised in the same place
as the items to which they relate. For example, the tax associated with
a gain on disposal is recognised in the income statement, in line with
the gain on disposal. Equally, the tax associated with pension obligation
actuarial gains and losses is recognised in other comprehensive income,
in line with the actuarial gains and losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00400": { "value": "Taxation
Income tax on the pro\ufb01t or loss for the period comprises current and
deferred tax.
Taxable pro\ufb01t di\ufb00ers from accounting pro\ufb01t because it excludes certain
items of income and expense that are recognised in the \ufb01nancial
statements but are treated di\ufb00erently for tax purposes. Current tax is
the amount of tax expected to be payable or receivable on the taxable
pro\ufb01t or loss for the current period. This amount is then amended for
any adjustments in respect of prior periods.
Current tax is calculated using tax rates that have been written into
law (enacted) or irrevocably announced/committed by the respective
government (substantively enacted) at the period end date. Current tax
receivable (assets) and payable (liabilities) are o\ufb00set only when there is
a legal right to settle them net and the entity intends to do so. This is
generally true when the taxes are levied by the same tax authority.
Because of the di\ufb00erences between accounting and taxable pro\ufb01ts and
losses reported in each period, temporary di\ufb00erences arise on the amount
certain assets and liabilities are carried at for accounting purposes and
their respective tax values. Deferred tax is the amount of tax payable or
recoverable on these temporary di\ufb00erences.
Deferred tax liabilities arise where the carrying amount of an asset is
higher than the tax value. This can happen where the Group invests in
capital assets, as governments often encourage investment by allowing
tax depreciation to be recognised faster than accounting depreciation.
This reduces the tax value of the asset relative to its accounting carrying
amount. Deferred tax liabilities are generally provided on all taxable
temporary di\ufb00erences. The periods over which such temporary di\ufb00erences
reverse will vary depending on the life of the related asset or liability.
Deferred tax assets arise where the carrying amount of an asset is lower
than the tax value. This can happen where the Group has trading losses
which cannot be o\ufb00set in the current period but can be carried forward.
Deferred tax assets are recognised only where the Group considers it
probable that it will be able to use such losses by o\ufb00setting them against
future taxable pro\ufb01ts.
However, the deferred income tax is not accounted for if it arises from
initial recognition of an asset or liability in a transaction other than
a business combination that at the time of the transaction a\ufb00ects
neither accounting nor taxable pro\ufb01t or loss.
Taxable temporary di\ufb00erences can also arise on investments in foreign
subsidiaries. Where the Group is able to control the reversal of these
di\ufb00erences and it is probable that these will not reverse in the foreseeable
future, then no deferred tax is provided. Deferred tax is calculated using
the enacted or substantively enacted rates that are expected to apply
when the asset is realised or the liability is settled. Similarly to current taxes,
deferred tax assets and liabilities are o\ufb00set only when there is a legal right
to settle them net and the entity intends to do so. This normally requires
both assets and liabilities to have arisen in the same country.
Income tax expense reported in the \ufb01nancial statements comprises
current tax as well as the e\ufb00ects of changes in deferred tax assets and
liabilities. Tax expense/credits are generally recognised in the same place
as the items to which they relate. For example, the tax associated with
a gain on disposal is recognised in the income statement, in line with
the gain on disposal. Equally, the tax associated with pension obligation
actuarial gains and losses is recognised in other comprehensive income,
in line with the actuarial gains and losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00403": { "value": "Borrowings
Borrowings are recognised initially at fair value, net of transaction costs
incurred, and subsequently stated at amortised cost. Borrowing costs
are expensed using the e\ufb00ective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00402": { "value": "Borrowings
Borrowings are recognised initially at fair value, net of transaction costs
incurred, and subsequently stated at amortised cost. Borrowing costs
are expensed using the e\ufb00ective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00404": { "value": "Dividends
Final dividends are recognised as a liability in the Group\u2019s \ufb01nancial
statements in the period in which the dividends are approved by
shareholders, while interim dividends are recognised in the period in
which the dividends are paid. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00405": { "value": "Share capital
Ordinary shares are classi\ufb01ed as equity. Incremental costs directly
attributable to the issue of new shares or options are shown in equity
as a deduction, net of tax, from the proceeds.
Where any Group company purchases the Company equity share
capital (treasury shares), the consideration paid, including any directly
attributable incremental costs (net of income taxes), is deducted from
equity attributable to the Company\u2019s equity holders until the shares are
cancelled, reissued or disposed of. Where such shares are subsequently
sold or reissued, any consideration received, net of any directly attributable
incremental transaction costs and the related income tax e\ufb00ects,
is included in equity attributable to the Company\u2019s equity holders.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00406": { "value": "Consideration of climate change
In preparing the \ufb01nancial statements, the Directors have considered
the impact of climate change, particularly in context of the risks and
opportunities identi\ufb01ed in the TCFD disclosures. There has been no
material impact identi\ufb01ed on the \ufb01nancial 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; and
\u2022 cash \ufb02ow forecasts used in the impairment assessments of non-current
assets including goodwill and development costs.", "dimensions": { "concept": "avon:DescriptionOfAccountingPolicyForConsiderationOfClimateChange", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00306": { "value": "Signi\ufb01cant accounting judgements and estimates
The preparation of \ufb01nancial statements requires the use of estimates and
assumptions that a\ufb00ect the reported amounts of assets and liabilities,
income and expenses. It also requires management to exercise its
judgement in the process of applying the Group\u2019s accounting policies.
The key areas where assumptions and estimates are signi\ufb01cant to the
\ufb01nancial statements are disclosed below.
Goodwill \u2013 impairment
Goodwill is tested for impairment at least annually or whenever there is
an indication that the asset may be impaired. Goodwill is allocated to
CGUs for the purpose of impairment testing.
Discounted cash \ufb02ow projections and related assumptions for impairment
testing of goodwill and related CGU asset groupings are a signi\ufb01cant
estimate that could result in future material adjustments to asset-carrying
amounts. The calculation of the recoverable amount for CGUs is sensitive
to changes in certain key assumptions, considered to be revenue growth
and the discount rate. Further information on key assumptions, including
sensitivities, is provided in note 3.1.
For the FY25 Team Wendy CGU impairment review, it has been
determined that there are no reasonably possible changes to the
assumptions that would result in a material impairment. Detailed
sensitivity disclosures in the note have been provided due to the
signi\ufb01cance of the Team Wendy CGU carrying amount and in context
of the previous FY23 impairment. Although it does not meet the formal
IAS 1 de\ufb01nition, the impairment test has also been treated as a signi\ufb01cant
accounting estimate, re\ufb02ecting the attention given to the review
by management, the Audit Committee and the external auditor.
This approach will be monitored in future years.
Estimating the de\ufb01ned bene\ufb01t pension scheme assets and obligations
Measurement of de\ufb01ned bene\ufb01t pension obligations requires estimation
of future changes in in\ufb02ation and mortality rates and the selection of
a suitable discount rate.
An updated actuarial valuation for IAS 19 (revised) purposes was carried
out by an independent team from the actuary (Aon) for year end
using the projected unit credit method (note 6.2). In the second half
of FY24 the actuarial valuation provider was changed to Aon, having
previously been a separate third party. This change facilitated the use of
detailed member-by-member calculations to estimate de\ufb01ned bene\ufb01t
obligations, as applied during full actuarial valuations. This approach
re\ufb01ned roll-forward methodology used previously and was considered
a change in accounting estimate under IAS 8.
The investments held by the pension scheme include both quoted
and unquoted securities, the latter of which by their nature involve
assumptions and estimates to determine their fair value. Where there
is not an active market for the unquoted securities the fair value of these
assets is estimated by the pension trustees based on advice received
from the investment manager while also using any available market
evidence of any recent transactions for an identical asset. The assumptions
used in valuing unquoted investments are a\ufb00ected by current market
conditions and trends which could result in changes in fair value after
the measurement date.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00410": { "value": "Goodwill \u2013 impairment
Goodwill is tested for impairment at least annually or whenever there is
an indication that the asset may be impaired. Goodwill is allocated to
CGUs for the purpose of impairment testing.
Discounted cash \ufb02ow projections and related assumptions for impairment
testing of goodwill and related CGU asset groupings are a signi\ufb01cant
estimate that could result in future material adjustments to asset-carrying
amounts. The calculation of the recoverable amount for CGUs is sensitive
to changes in certain key assumptions, considered to be revenue growth
and the discount rate. Further information on key assumptions, including
sensitivities, is provided in note 3.1.
For the FY25 Team Wendy CGU impairment review, it has been
determined that there are no reasonably possible changes to the
assumptions that would result in a material impairment. Detailed
sensitivity disclosures in the note have been provided due to the
signi\ufb01cance of the Team Wendy CGU carrying amount and in context
of the previous FY23 impairment. Although it does not meet the formal
IAS 1 de\ufb01nition, the impairment test has also been treated as a signi\ufb01cant
accounting estimate, re\ufb02ecting the attention given to the review
by management, the Audit Committee and the external auditor.
This approach will be monitored in future years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00307": { "value": "2.1 Operating segments
The Group Executive Committee is responsible for allocating resources and assessing performance of the operating segments. Operating segments
are therefore reported in a manner consistent with the internal reporting provided to the Group Executive Committee.
The Group has two di\ufb00erent continuing operating and reportable segments: Avon Protection and Team Wendy.
\n \n
Year ended 30 September 2025
Avon Protection
Team Wendy
Total
Adjustments
1
Total
$m
$m
$m
$m
$m
Revenue
168.8
145.1
313.9
\u2013
313.9
Operating pro\ufb01t/(loss)
33.6
6.7
40.3
(21.1)
19.2
Finance costs
(5.4)
(0.7)
(6.1)
Pro\ufb01t/(loss) before taxation
34.9
(21.8)
13.1
Taxation
(8.0)
5.2
(2.8)
Pro\ufb01t/(loss) for the year
26.9
(16.6)
10.3
Basic earnings per share (cents)
91.2c
(56.3c)
34.9c
Diluted earnings per share (cents)
87.7c
(54.1c)
33.6c
\n \n
Year ended 30 September 2024
Team Wendy
Total
Adjustments
1
Total
Avon Protection $m
$m
$m
$m
$m
Revenue
145.6
129.4
275.0
\u2013
275.0
Operating pro\ufb01t/(loss)
26.6
5.0
31.6
(20.9)
10.7
Finance costs
(6.3)
(2.1)
(8.4)
Pro\ufb01t/(loss) before taxation
25.3
(23.0)
2.3
Taxation
(4.4)
5.1
0.7
Pro\ufb01t/(loss) for the year
20.9
(17.9)
3.0
Basic earnings per share (cents)
69.9c
(59.9c)
10.0c
Diluted earnings per share (cents)
67.6c
(57.9c)
9.7c
1.
Refer to Adjusted Performance Measures section for a full breakdown of adjusted measures.
Revenue analysed by geographic origin
\n \n
2025
2024
$m
$m
Europe
60.7
42.0
US
253.2
233.0
Total
313.9
275.0
Revenue by line of business
\n \n
Year ended 30 September 2025
Year ended 30 September 2024
Avon Protection
Team Wendy
Total
Avon Protection
Team Wendy
Total
$m
$m
$m
$m
$m
$m
US DoW
34.8
95.9
130.7
39.6
83.1
122.7
Commercial Americas
31.3
34.7
66.0
40.9
30.2
71.1
UK and International
102.7
14.5
117.2
65.1
16.1
81.2
168.8
145.1
313.9
145.6
129.4
275.0
US DoW revenue, sold directly and through indirect channels, represents the only customer which individually contributes more than 10% to Group revenue.
Revenue by nature of performance obligation
\n \n
2025
2024
$m
$m
Sale of goods \u2013 point in time recognition
260.9
225.3
Sale of goods \u2013 over time recognition
49.7
47.6
Provision of services \u2013 over time recognition
3.3
2.1
313.9
275.0
Revenue from the sale of goods is recognised at a point in time when control of the goods has transferred to the customer, usually when the goods have
been shipped to the customer in accordance with the contracted shipping terms.
The Group has determined that for certain made-to-order military good contracts performance obligations are satis\ufb01ed over time, depicting the transfer
of goods to the customer. A single method of measuring progress is selected for each related performance obligation and applied consistently. In the
current \ufb01nancial period, over time recognition applied to a single contract, with an output-based method used to measure progress based on customer
acceptance of product.
Revenue from provision of services is recognised over time as those services are provided. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00309": { "value": "Revenue analysed by geographic origin \n \n
2025
2024
$m
$m
Europe
60.7
42.0
US
253.2
233.0
Total
313.9
275.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00308": { "value": "Revenue analysed by geographic origin \n \n
2025
2024
$m
$m
Europe
60.7
42.0
US
253.2
233.0
Total
313.9
275.0
Revenue by line of business
\n \n
Year ended 30 September 2025
Year ended 30 September 2024
Avon Protection
Team Wendy
Total
Avon Protection
Team Wendy
Total
$m
$m
$m
$m
$m
$m
US DoW
34.8
95.9
130.7
39.6
83.1
122.7
Commercial Americas
31.3
34.7
66.0
40.9
30.2
71.1
UK and International
102.7
14.5
117.2
65.1
16.1
81.2
168.8
145.1
313.9
145.6
129.4
275.0
US DoW revenue, sold directly and through indirect channels, represents the only customer which individually contributes more than 10% to Group revenue.
Revenue by nature of performance obligation
\n \n
2025
2024
$m
$m
Sale of goods \u2013 point in time recognition
260.9
225.3
Sale of goods \u2013 over time recognition
49.7
47.6
Provision of services \u2013 over time recognition
3.3
2.1
313.9
275.0
Revenue from the sale of goods is recognised at a point in time when control of the goods has transferred to the customer, usually when the goods have
been shipped to the customer in accordance with the contracted shipping terms.
The Group has determined that for certain made-to-order military good contracts performance obligations are satis\ufb01ed over time, depicting the transfer
of goods to the customer. A single method of measuring progress is selected for each related performance obligation and applied consistently. In the
current \ufb01nancial period, over time recognition applied to a single contract, with an output-based method used to measure progress based on customer
acceptance of product.
Revenue from provision of services is recognised over time as those services are provided.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00310": { "value": "2.2 Earnings per share
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares
in issue during the period, excluding those held in the Employee Share Ownership Trust. The Company has dilutive potential ordinary shares in respect of
the Performance Share Plan.
Reconciliations of the earnings and weighted average number of shares used in the calculations are set out below.
\n \n
Weighted average number of shares
2025
2024
Weighted average number of ordinary shares in issue used in basic calculations (\u2018000)
29.488
29,895
Potentially dilutive shares (weighted average) (\u2018000)
1,169
1,022
Diluted number of ordinary shares (weighted average) (\u2018000)
30,657
30,917
\n \n
2025
2024
Earnings
$m
$m
Basic
10.3
3.0
\n \n
2025
2024
Earnings per share
$ cents
$ cents
Basic
34.9c
10.0c
Diluted
33.6c
9.7c
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00312": { "value": "2.3 Expenses by nature \n \n
2025
2024
$m
$m
Employee and other sta\ufb00 costs
100.8
94.5
Legal and professional fees
11.7
8.7
Depreciation and amortisation charges (notes 3.1 and 3.2)
20.8
20.2
Impairment charges \u2013 non-current assets
\u2013
1.7
Foreign exchange gains
(0.1)
(1.0)
Transportation expenses
6.6
4.7
Material costs
96.6
82.9
Transformational costs
11.5
10.8
Other expenses
46.8
41.8
Total cost of sales, selling and marketing expenses, research and development costs,
and general and administrative expenses
294.7
264.3
\n \n
2025
2024
Services provided to the Group (including its overseas subsidiaries) by the Company\u2019s auditor:
$m
$m
Audit fees in respect of the audit of the accounts of the Group including subsidiaries
1.0
1.0
Audit fees in respect of the audit of the accounts of the Parent Company
0.2
0.2
Other assurance services
0.1
0.1
Total fees
1.3
1.3
Other assurance services comprise the audit of the de\ufb01ned bene\ufb01t pension scheme accounts and review of the Group\u2019s half-yearly \ufb01nancial report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00311": { "value": "2.3 Expenses by nature \n \n
2025
2024
$m
$m
Employee and other sta\ufb00 costs
100.8
94.5
Legal and professional fees
11.7
8.7
Depreciation and amortisation charges (notes 3.1 and 3.2)
20.8
20.2
Impairment charges \u2013 non-current assets
\u2013
1.7
Foreign exchange gains
(0.1)
(1.0)
Transportation expenses
6.6
4.7
Material costs
96.6
82.9
Transformational costs
11.5
10.8
Other expenses
46.8
41.8
Total cost of sales, selling and marketing expenses, research and development costs,
and general and administrative expenses
294.7
264.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00313": { "value": "\n \n
2025
2024
$m
$m
Employee and other sta\ufb00 costs
100.8
94.5
Legal and professional fees
11.7
8.7
Depreciation and amortisation charges (notes 3.1 and 3.2)
20.8
20.2
Impairment charges \u2013 non-current assets
\u2013
1.7
Foreign exchange gains
(0.1)
(1.0)
Transportation expenses
6.6
4.7
Material costs
96.6
82.9
Transformational costs
11.5
10.8
Other expenses
46.8
41.8
Total cost of sales, selling and marketing expenses, research and development costs,
and general and administrative expenses
294.7
264.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00314": { "value": "2.4 Pro\ufb01t before taxation \n \n
2025
2024
Pro\ufb01t before taxation is shown after charging:
$m
$m
Loss on disposal of property, plant and equipment
\u2013
\u2013
Repairs and maintenance of property, plant and equipment
8.4
4.1
Impairment of trade receivables (note 5.4)
0.1
\u2013
\n \n
2025
2024
Services provided to the Group (including its overseas subsidiaries) by the Company\u2019s auditor:
$m
$m
Audit fees in respect of the audit of the accounts of the Group including subsidiaries
1.0
1.0
Audit fees in respect of the audit of the accounts of the Parent Company
0.2
0.2
Other assurance services
0.1
0.1
Total fees
1.3
1.3
Other assurance services comprise the audit of the de\ufb01ned bene\ufb01t pension scheme accounts and review of the Group\u2019s half-yearly \ufb01nancial report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00315": { "value": "\n \n
2025
2024
Services provided to the Group (including its overseas subsidiaries) by the Company\u2019s auditor:
$m
$m
Audit fees in respect of the audit of the accounts of the Group including subsidiaries
1.0
1.0
Audit fees in respect of the audit of the accounts of the Parent Company
0.2
0.2
Other assurance services
0.1
0.1
Total fees
1.3
1.3
Other assurance services comprise the audit of the de\ufb01ned bene\ufb01t pension scheme accounts and review of the Group\u2019s half-yearly \ufb01nancial report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00316": { "value": "2.5 Taxation \n \n
2025
2024
$m
$m
UK current tax
\u2013
\u2013
UK adjustment in respect of previous periods
\u2013
(0.2)
Overseas current tax
0.4
\u2013
Total current tax charge/(credit)
0.4
(0.2)
Deferred tax \u2013 current period
2.6
(0.2)
Deferred tax \u2013 adjustment in respect of previous periods
(0.2)
(0.3)
Total deferred tax charge/(credit)
2.4
(0.5)
Total tax charge/(credit)
2.8
(0.7)
The tax on the Group\u2019s pro\ufb01t before taxation di\ufb00ers from the theoretical amount that would arise using the standard UK tax rate applicable to pro\ufb01ts of
the consolidated entities as follows:
\n \n
2025
2024
$m
$m
Pro\ufb01t before taxation
13.1
2.3
Taxation at the standard rate of 25.0% (2024: 25.0%)
3.3
0.6
Other timing di\ufb00erences
\u2013
(0.2)
Permanent di\ufb00erences
0.1
(0.7)
Di\ufb00erences in overseas tax rates
(0.4)
0.1
Adjustment in respect of previous periods
(0.2)
(0.5)
Total tax charge/(credit)
2.8
(0.7)
The deferred tax credited directly to other comprehensive income during the year was $0.6m (2024: charge of $3.5m). The deferred tax charged directly
to equity during the year was $2.0m (2024: $0.3m).
Deferred tax
Net deferred tax assets and liabilities of $31.4m have been o\ufb00set in the 30 September 2025 Statement of Financial Position as the Group has a right to set
o\ufb00 current and deferred tax balances levied by tax authorities in relevant taxable jurisdictions. Deferred tax related to lease assets and liabilities has been
presented on a gross basis.
Deferred tax liabilities
\n \n
Right of
Accelerated
use assets
capital allowances
Total
$m
$m
$m
At 30 September 2023
\u2013
6.2
6.2
Charged to pro\ufb01t for the year
\u2013
0.7
0.7
Transfer from deferred tax assets
1.5
\u2013
1.5
At 30 September 2024
1.5
6.9
8.4
Credited to pro\ufb01t for the year
(0.4)
(0.7)
(1.1)
At 30 September 2025
1.1
6.2
7.3
Deferred tax assets
Deferred tax assets have been recognised in respect of temporary di\ufb00erences giving rise to deferred tax assets where it is probable that these assets will
be recovered.
\n \n
Retirement
Other
bene\ufb01t
Share
Pension
Lease
Right of use
temporary
obligation
options
Tax losses
spreading
Intangibles
liabilities
assets
Interest
di\ufb00erences
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
At 30 September 2023
10.1
0.2
6.9
0.7
8.2
3.8
(0.9)
5.7
5.4
40.1
(Charged)/credited against
pro\ufb01t for the period
(1.5)
0.8
(2.6)
1.3
0.2
0.2
(0.6)
1.9
1.5
1.2
(Charged)/credited to other
comprehensive income
(5.0)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.3
(4.7)
Exchange di\ufb00erences o\ufb00set
in reserves
0.7
0.1
0.1
0.2
\u2013
\u2013
\u2013
\u2013
\u2013
1.1
Credited to equity
\u2013
0.3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.3
Transfer to deferred tax liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1.5
\u2013
\u2013
1.5
At 30 September 2024
4.3
1.4
4.4
2.2
8.4
4.0
\u2013
7.6
7.2
39.5
(Charged)/credited against
pro\ufb01t for the period
(1.1)
1.0
(0.3)
(1.0)
(0.1)
(0.7)
\u2013
(0.5)
(0.8)
(3.5)
(Charged)/credited to other
comprehensive income
0.2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.3
0.5
Exchange di\ufb00erences o\ufb00set
in reserves
\u2013
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
Credited to equity
2.0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2.0
At 30 September 2025
3.4
4.5
4.1
1.2
8.3
3.3
\u2013
7.1
6.7
38.7
The Group has unrecognised deferred tax assets of $4.6m (2024: $4.5m) in respect of capital losses where it is not considered that there will be su\ufb03cient
available future pro\ufb01ts to utilise these losses. The gross amount of unrecognised deferred tax assets is $18.5m and has no expiry date.
Deferred tax on pension spreading relates to excess pension contributions made in the current and previous periods for which tax relief is spread across
four years.
Su\ufb03cient future pro\ufb01ts are forecast to support recognition of deferred tax assets, including accumulated tax losses and other temporary di\ufb00erences.
$3.3m (2024: $5.0m) of the deferred tax asset within other temporary di\ufb00erences relates to inventory reserves and di\ufb00ering cost capitalisation rules for
accounting and tax purposes, with the remainder of other temporary di\ufb00erences relating to a number of smaller timing di\ufb00erences between the tax
and accounting treatment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00318": { "value": "Deferred tax
Net deferred tax assets and liabilities of $31.4m have been o\ufb00set in the 30 September 2025 Statement of Financial Position as the Group has a right to set
o\ufb00 current and deferred tax balances levied by tax authorities in relevant taxable jurisdictions. Deferred tax related to lease assets and liabilities has been
presented on a gross basis.
Deferred tax liabilities
\n \n
Right of
Accelerated
use assets
capital allowances
Total
$m
$m
$m
At 30 September 2023
\u2013
6.2
6.2
Charged to pro\ufb01t for the year
\u2013
0.7
0.7
Transfer from deferred tax assets
1.5
\u2013
1.5
At 30 September 2024
1.5
6.9
8.4
Credited to pro\ufb01t for the year
(0.4)
(0.7)
(1.1)
At 30 September 2025
1.1
6.2
7.3
Deferred tax assets
Deferred tax assets have been recognised in respect of temporary di\ufb00erences giving rise to deferred tax assets where it is probable that these assets will
be recovered.
\n \n
Retirement
Other
bene\ufb01t
Share
Pension
Lease
Right of use
temporary
obligation
options
Tax losses
spreading
Intangibles
liabilities
assets
Interest
di\ufb00erences
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
At 30 September 2023
10.1
0.2
6.9
0.7
8.2
3.8
(0.9)
5.7
5.4
40.1
(Charged)/credited against
pro\ufb01t for the period
(1.5)
0.8
(2.6)
1.3
0.2
0.2
(0.6)
1.9
1.5
1.2
(Charged)/credited to other
comprehensive income
(5.0)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.3
(4.7)
Exchange di\ufb00erences o\ufb00set
in reserves
0.7
0.1
0.1
0.2
\u2013
\u2013
\u2013
\u2013
\u2013
1.1
Credited to equity
\u2013
0.3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.3
Transfer to deferred tax liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1.5
\u2013
\u2013
1.5
At 30 September 2024
4.3
1.4
4.4
2.2
8.4
4.0
\u2013
7.6
7.2
39.5
(Charged)/credited against
pro\ufb01t for the period
(1.1)
1.0
(0.3)
(1.0)
(0.1)
(0.7)
\u2013
(0.5)
(0.8)
(3.5)
(Charged)/credited to other
comprehensive income
0.2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.3
0.5
Exchange di\ufb00erences o\ufb00set
in reserves
\u2013
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
Credited to equity
2.0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2.0
At 30 September 2025
3.4
4.5
4.1
1.2
8.3
3.3
\u2013
7.1
6.7
38.7
The Group has unrecognised deferred tax assets of $4.6m (2024: $4.5m) in respect of capital losses where it is not considered that there will be su\ufb03cient
available future pro\ufb01ts to utilise these losses. The gross amount of unrecognised deferred tax assets is $18.5m and has no expiry date.
Deferred tax on pension spreading relates to excess pension contributions made in the current and previous periods for which tax relief is spread across
four years.
Su\ufb03cient future pro\ufb01ts are forecast to support recognition of deferred tax assets, including accumulated tax losses and other temporary di\ufb00erences.
$3.3m (2024: $5.0m) of the deferred tax asset within other temporary di\ufb00erences relates to inventory reserves and di\ufb00ering cost capitalisation rules for
accounting and tax purposes, with the remainder of other temporary di\ufb00erences relating to a number of smaller timing di\ufb00erences between the tax
and accounting treatment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00317": { "value": "Deferred tax
Net deferred tax assets and liabilities of $31.4m have been o\ufb00set in the 30 September 2025 Statement of Financial Position as the Group has a right to set
o\ufb00 current and deferred tax balances levied by tax authorities in relevant taxable jurisdictions. Deferred tax related to lease assets and liabilities has been
presented on a gross basis.
Deferred tax liabilities
\n \n
Right of
Accelerated
use assets
capital allowances
Total
$m
$m
$m
At 30 September 2023
\u2013
6.2
6.2
Charged to pro\ufb01t for the year
\u2013
0.7
0.7
Transfer from deferred tax assets
1.5
\u2013
1.5
At 30 September 2024
1.5
6.9
8.4
Credited to pro\ufb01t for the year
(0.4)
(0.7)
(1.1)
At 30 September 2025
1.1
6.2
7.3
Deferred tax assets
Deferred tax assets have been recognised in respect of temporary di\ufb00erences giving rise to deferred tax assets where it is probable that these assets will
be recovered.
\n \n
Retirement
Other
bene\ufb01t
Share
Pension
Lease
Right of use
temporary
obligation
options
Tax losses
spreading
Intangibles
liabilities
assets
Interest
di\ufb00erences
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
At 30 September 2023
10.1
0.2
6.9
0.7
8.2
3.8
(0.9)
5.7
5.4
40.1
(Charged)/credited against
pro\ufb01t for the period
(1.5)
0.8
(2.6)
1.3
0.2
0.2
(0.6)
1.9
1.5
1.2
(Charged)/credited to other
comprehensive income
(5.0)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.3
(4.7)
Exchange di\ufb00erences o\ufb00set
in reserves
0.7
0.1
0.1
0.2
\u2013
\u2013
\u2013
\u2013
\u2013
1.1
Credited to equity
\u2013
0.3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.3
Transfer to deferred tax liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1.5
\u2013
\u2013
1.5
At 30 September 2024
4.3
1.4
4.4
2.2
8.4
4.0
\u2013
7.6
7.2
39.5
(Charged)/credited against
pro\ufb01t for the period
(1.1)
1.0
(0.3)
(1.0)
(0.1)
(0.7)
\u2013
(0.5)
(0.8)
(3.5)
(Charged)/credited to other
comprehensive income
0.2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.3
0.5
Exchange di\ufb00erences o\ufb00set
in reserves
\u2013
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
Credited to equity
2.0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2.0
At 30 September 2025
3.4
4.5
4.1
1.2
8.3
3.3
\u2013
7.1
6.7
38.7
The Group has unrecognised deferred tax assets of $4.6m (2024: $4.5m) in respect of capital losses where it is not considered that there will be su\ufb03cient
available future pro\ufb01ts to utilise these losses. The gross amount of unrecognised deferred tax assets is $18.5m and has no expiry date.
Deferred tax on pension spreading relates to excess pension contributions made in the current and previous periods for which tax relief is spread across
four years.
Su\ufb03cient future pro\ufb01ts are forecast to support recognition of deferred tax assets, including accumulated tax losses and other temporary di\ufb00erences.
$3.3m (2024: $5.0m) of the deferred tax asset within other temporary di\ufb00erences relates to inventory reserves and di\ufb00ering cost capitalisation rules for
accounting and tax purposes, with the remainder of other temporary di\ufb00erences relating to a number of smaller timing di\ufb00erences between the tax
and accounting treatment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00322": { "value": "3.1 Intangible assets \n \n
Acquired
Development
Computer
Goodwill
intangibles
expenditure
software
Total
$m
$m
$m
$m
$m
Year ended 30 September 2024
Opening net book amount
65.4
45.8
20.2
7.8
139.2
Exchange di\ufb00erences
\u2013
\u2013
0.1
\u2013
0.1
Additions
\u2013
\u2013
\u2013
0.6
0.6
Impairments
\u2013
\u2013
(1.2)
\u2013
(1.2)
Reclassi\ufb01cation
\u2013
\u2013
(0.3)
0.3
\u2013
Amortisation
\u2013
(6.2)
(3.1)
(3.0)
(12.3)
Closing net book amount
65.4
39.6
15.7
5.7
126.4
At 30 September 2024
Cost
88.8
98.2
69.6
15.6
272.2
Accumulated amortisation and impairment
(23.4)
(58.6)
(53.9)
(9.9)
(145.8)
Net book amount
65.4
39.6
15.7
5.7
126.4
Year ended 30 September 2025
Opening net book amount
65.4
39.6
15.7
5.7
126.4
Exchange di\ufb00erences
\u2013
\u2013
0.1
\u2013
0.1
Additions
\u2013
\u2013
1.5
\u2013
1.5
Amortisation
\u2013
(5.7)
(3.2)
(3.7)
(12.6)
Closing net book amount
65.4
33.9
14.1
2.0
115.4
At 30 September 2025
Cost
88.8
98.2
71.2
15.6
273.8
Accumulated amortisation and impairment
(23.4)
(64.3)
(57.1)
(13.6)
(158.4)
Net book amount
65.4
33.9
14.1
2.0
115.4
The development expenditure has a remaining useful economic life of up to ten years.
Impairment review of goodwill
Goodwill is tested for impairment annually and whenever there is an indication of impairment at the level of the CGU to which it is allocated.
The total carrying value of each CGU is tested for impairment against corresponding recoverable amounts. CGU carrying values include associated
goodwill, other intangible assets, property, plant and equipment, and attributable working capital.
Goodwill has been allocated to Team Wendy and Avon Protection CGUs. Team Wendy includes goodwill from the Ceradyne and Team Wendy
acquisitions. Avon Protection goodwill is related to three legacy acquisitions that completed in 2016 and earlier \ufb01nancial periods.
In FY23, the recoverable amount of the Team Wendy CGU was less than the carrying amount of the associated net assets, resulting in an impairment
to goodwill of $23.4m.
\n \n
Cost
Impairment
Net book amount
Allocation of goodwill by CGU
$m
$m
$m
Avon Protection
2.5
\u2013
2.5
Team Wendy
86.3
(23.4)
62.9
Total goodwill
88.8
(23.4)
65.4
The recoverable amount of the CGUs has been determined based on value in use calculations, using discounted cash \ufb02ow projections for a \ufb01ve-year
period plus a terminal value based upon a long-term perpetuity growth rate of 2.5% (2024: 1.5%). The rate was selected as appropriate based on expected
growth for the protection market.
Value in use calculations are based on the Group\u2019s Board-approved risk-adjusted \ufb01ve-year plan, which has been amended to exclude the impact of capital
\n
expenditure considered expansionary and certain linked earnings and cash \ufb02ows. Excluded expansionary items relate to new helmet programmes
\n
which, although speci\ufb01cally identi\ufb01ed and planned, have yet to incur signi\ufb01cant capital expenditure. Risk-adjusted \ufb01ve-year plan cash \ufb02ows incorporate
\n
a balanced view of risks and opportunities speci\ufb01c to each CGU. Central costs in the \ufb01ve-year plan are allocated to Avon Protection and Team Wendy
\n
CGUs based on an average of relative net assets, payroll costs and revenues. Central costs include Board, Finance, IT, HR, Legal and Communications
\n
where these are not directly attributable to an individual CGU.
\n
It is considered appropriate to extrapolate cash \ufb02ows into perpetuity as the \ufb01fth year represents a reasonable estimate of steady state business operations,
\n
excluding expansionary items. The post-tax discount rates applied were 10.9% for Avon Protection and 10.5% for Team Wendy (2024: 12.5% for Avon
\n
Protection and 12.0% for Team Wendy). Equivalent pre-tax rates were 14.7% and 13.3% (2024: 16.1% and 14.7%). Post-tax discount rates were derived by
\n
external experts taking into consideration current market conditions and assumptions including: the risk-free rate, the expected market return and the
\n
industry beta.
\n
The Group\u2019s Board-approved \ufb01ve-year plan includes management\u2019s estimate of revenue, and other \ufb01nancial assumptions. These consolidate risk-adjusted
\n
granular forecasts for individual products or initiatives that consider market opportunities, execution risk, past experience and other relevant factors.
\n
As set out in the TCFD section, the Group has assessed the potential impact of climate change for the next \ufb01ve years to be low and has therefore not
\n
included climate-related impacts in the value in use calculation. Beyond 2030, although there are potential costs associated with climate change,
\n
these are balanced with signi\ufb01cant opportunity for increased demand for protective products in a changing global security environment. Given this
\n
balanced view, no climate-related risk adjustments have been made to long-term projections beyond \ufb01ve years.
\n
Team Wendy CGU
\n
In the current year the recoverable amount of the Team Wendy CGU of $271.0m was $97.8m higher than the carrying amount of associated CGU net
\n
assets (2024: recoverable value of $202.5m, $29.8m higher than the carrying amount of associated net assets).
\n
The calculation of the recoverable amount for the Team Wendy CGU is sensitive to changes in certain key assumptions, considered to be revenue growth
\n
and the discount rate. The Group has carried out sensitivity analysis on the Team Wendy CGU impairment test, using reasonably plausible scenarios
\n
focused on changes to key assumptions applied in the value in use calculations. The table below provides the expected revenue growth rate included
\n
in the current year calculation. Annual growth is expected to be higher in earlier years of the \ufb01ve-year plan. The compound annual growth rate in revenue
\n
from 2023/24 to 2028/29 assumed in the prior year impairment review was 4%.
\n\n \n
Compound annual growth rate in revenue from 2024/25 to 2029/30
6%
\n
Annual growth in revenue excludes items considered expansionary as required by IAS 36. These items form a key part of the Group\u2019s long-term
\n
commercial forecasts and growth strategy.
\n
If the compound annual revenue growth rate (CAGR) over the \ufb01rst \ufb01ve years of the forecast was reduced from 6% to 5%, with the impact on the \ufb01fth
\n
year extrapolated in calculating terminal value, the current year value in use of the Team Wendy CGU would be reduced by $23.9m. A reduction in
\n
revenue CAGR to 1.5% would result in the recoverable amount being equal to Team Wendy CGU net assets. There are many individual product revenue
\n
assumptions which are included in the forecasts, with the impact of a 1% change in revenue growth rate disclosed. The level of uncertainty associated
\n
with revenue growth for each product varies depending on factors such as the current order book, forecast customer demand, execution risk, underlying
\n
market growth and competitive positioning. A 1.0% change in overall revenue growth rate demonstrates the impact that could arise from changes in
\n
these underlying product-level assumptions.
\n
Sensitivity to a reasonably plausible change in the post-tax discount rate is as follows:
\n\n \n
Reduction to
2025 Team Wendy
CGU value in use
$m
Post-tax discount rate increased by 1.5%
37.6
\n
While keeping other assumptions constant, a post-tax discount rate increase of 5.5% would result in the recoverable amount being equal to Team Wendy
\n
CGU net assets.
Avon Protection CGU
Value in use for the Avon Protection CGU was substantially greater than its carrying amount in the current and prior periods. Sensitivity analysis has
been performed which shows there are no reasonable changes in assumptions that would result in an impairment to goodwill and other net assets
associated with the CGU.
Impairment review of development costs
Development assets are grouped into the smallest identi\ufb01able group of assets generating future cash \ufb02ows largely independent from other assets,
known as cash-generating units (CGU). Included in CGUs are development expenditure, tangible assets and inventory related to the product group.
CGUs are tested for impairment annually and whenever there is an indication of impairment. The CGUs have been tested against their recoverable
amount calculated through value in use cash \ufb02ows. Cash \ufb02ows were discounted using post-tax rates of 10.4\u201311.8% (2024: 10.9\u201312.5%). Equivalent pre-tax
rates were 21.0\u201323.0% (2024: 16.1\u201319.5%). Cash \ufb02ows were adjusted to incorporate risks speci\ufb01c to each CGU.
In the prior year review, the $4.1m carrying amount of the boots and gloves product range CGU was impaired through adjusting items by $1.7m
($1.2m fully impairing associated development expenditure, $0.5m plant and machinery), leaving a remaining carrying amount of $2.4m. The impairment
was a result of changes in forecast cash \ufb02ows based on latest costing and revenue assumptions.
In the current year review, value in use cash \ufb02ows support a carrying value of $2.4m, equivalent to the post-impairment CGU asset balance. There is no
dependency on expansionary capital expenditure.
Acquired intangibles
\n \n
At 30 September
At 30 September
At 30 September
2023
2024
2025
Net book amount
Amortisation
Net book amount
Amortisation
Net book amount
$m
$m
$m
$m
$m
Brand
9.3
(1.2)
8.1
(1.1)
7.0
Customer relationships
22.4
(3.0)
19.4
(2.5)
16.9
Other intangibles
14.1
(2.0)
12.1
(2.1)
10.0
Total acquired intangibles
45.8
(6.2)
39.6
(5.7)
33.9
Customer relationships
The net book value of customer relationships includes one individually material contract with the National Industries for the Blind, which was acquired
through the acquisition of Team Wendy at a fair value of $14.9m. At 30 September 2025, this had a carrying value of $8.2m and a remaining amortisation
period of six years. Other customer relationships had a carrying value of $8.7m at the end of the period, and a remaining amortisation period of nine years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00321": { "value": "3.1 Intangible assets \n \n
Acquired
Development
Computer
Goodwill
intangibles
expenditure
software
Total
$m
$m
$m
$m
$m
Year ended 30 September 2024
Opening net book amount
65.4
45.8
20.2
7.8
139.2
Exchange di\ufb00erences
\u2013
\u2013
0.1
\u2013
0.1
Additions
\u2013
\u2013
\u2013
0.6
0.6
Impairments
\u2013
\u2013
(1.2)
\u2013
(1.2)
Reclassi\ufb01cation
\u2013
\u2013
(0.3)
0.3
\u2013
Amortisation
\u2013
(6.2)
(3.1)
(3.0)
(12.3)
Closing net book amount
65.4
39.6
15.7
5.7
126.4
At 30 September 2024
Cost
88.8
98.2
69.6
15.6
272.2
Accumulated amortisation and impairment
(23.4)
(58.6)
(53.9)
(9.9)
(145.8)
Net book amount
65.4
39.6
15.7
5.7
126.4
Year ended 30 September 2025
Opening net book amount
65.4
39.6
15.7
5.7
126.4
Exchange di\ufb00erences
\u2013
\u2013
0.1
\u2013
0.1
Additions
\u2013
\u2013
1.5
\u2013
1.5
Amortisation
\u2013
(5.7)
(3.2)
(3.7)
(12.6)
Closing net book amount
65.4
33.9
14.1
2.0
115.4
At 30 September 2025
Cost
88.8
98.2
71.2
15.6
273.8
Accumulated amortisation and impairment
(23.4)
(64.3)
(57.1)
(13.6)
(158.4)
Net book amount
65.4
33.9
14.1
2.0
115.4
The development expenditure has a remaining useful economic life of up to ten years.
Impairment review of goodwill
Goodwill is tested for impairment annually and whenever there is an indication of impairment at the level of the CGU to which it is allocated.
The total carrying value of each CGU is tested for impairment against corresponding recoverable amounts. CGU carrying values include associated
goodwill, other intangible assets, property, plant and equipment, and attributable working capital.
Goodwill has been allocated to Team Wendy and Avon Protection CGUs. Team Wendy includes goodwill from the Ceradyne and Team Wendy
acquisitions. Avon Protection goodwill is related to three legacy acquisitions that completed in 2016 and earlier \ufb01nancial periods.
In FY23, the recoverable amount of the Team Wendy CGU was less than the carrying amount of the associated net assets, resulting in an impairment
to goodwill of $23.4m.
\n \n
Cost
Impairment
Net book amount
Allocation of goodwill by CGU
$m
$m
$m
Avon Protection
2.5
\u2013
2.5
Team Wendy
86.3
(23.4)
62.9
Total goodwill
88.8
(23.4)
65.4
The recoverable amount of the CGUs has been determined based on value in use calculations, using discounted cash \ufb02ow projections for a \ufb01ve-year
period plus a terminal value based upon a long-term perpetuity growth rate of 2.5% (2024: 1.5%). The rate was selected as appropriate based on expected
growth for the protection market.
\n\n\n\n\n\n\n
Value in use calculations are based on the Group\u2019s Board-approved risk-adjusted \ufb01ve-year plan, which has been amended to exclude the impact of capital
\n
expenditure considered expansionary and certain linked earnings and cash \ufb02ows. Excluded expansionary items relate to new helmet programmes
\n
which, although speci\ufb01cally identi\ufb01ed and planned, have yet to incur signi\ufb01cant capital expenditure. Risk-adjusted \ufb01ve-year plan cash \ufb02ows incorporate
\n
a balanced view of risks and opportunities speci\ufb01c to each CGU. Central costs in the \ufb01ve-year plan are allocated to Avon Protection and Team Wendy
\n
CGUs based on an average of relative net assets, payroll costs and revenues. Central costs include Board, Finance, IT, HR, Legal and Communications
\n
where these are not directly attributable to an individual CGU.
\n
It is considered appropriate to extrapolate cash \ufb02ows into perpetuity as the \ufb01fth year represents a reasonable estimate of steady state business operations,
\n
excluding expansionary items. The post-tax discount rates applied were 10.9% for Avon Protection and 10.5% for Team Wendy (2024: 12.5% for Avon
\n
Protection and 12.0% for Team Wendy). Equivalent pre-tax rates were 14.7% and 13.3% (2024: 16.1% and 14.7%). Post-tax discount rates were derived by
\n
external experts taking into consideration current market conditions and assumptions including: the risk-free rate, the expected market return and the
\n
industry beta.
\n
The Group\u2019s Board-approved \ufb01ve-year plan includes management\u2019s estimate of revenue, and other \ufb01nancial assumptions. These consolidate risk-adjusted
\n
granular forecasts for individual products or initiatives that consider market opportunities, execution risk, past experience and other relevant factors.
\n
As set out in the TCFD section, the Group has assessed the potential impact of climate change for the next \ufb01ve years to be low and has therefore not
\n
included climate-related impacts in the value in use calculation. Beyond 2030, although there are potential costs associated with climate change,
\n
these are balanced with signi\ufb01cant opportunity for increased demand for protective products in a changing global security environment. Given this
\n
balanced view, no climate-related risk adjustments have been made to long-term projections beyond \ufb01ve years.
\n
Team Wendy CGU
\n
In the current year the recoverable amount of the Team Wendy CGU of $271.0m was $97.8m higher than the carrying amount of associated CGU net
\n
assets (2024: recoverable value of $202.5m, $29.8m higher than the carrying amount of associated net assets).
\n
The calculation of the recoverable amount for the Team Wendy CGU is sensitive to changes in certain key assumptions, considered to be revenue growth
\n
and the discount rate. The Group has carried out sensitivity analysis on the Team Wendy CGU impairment test, using reasonably plausible scenarios
\n
focused on changes to key assumptions applied in the value in use calculations. The table below provides the expected revenue growth rate included
\n
in the current year calculation. Annual growth is expected to be higher in earlier years of the \ufb01ve-year plan. The compound annual growth rate in revenue
\n
from 2023/24 to 2028/29 assumed in the prior year impairment review was 4%.
\n\n \n
Compound annual growth rate in revenue from 2024/25 to 2029/30
6%
\n
Annual growth in revenue excludes items considered expansionary as required by IAS 36. These items form a key part of the Group\u2019s long-term
\n
commercial forecasts and growth strategy.
\n
If the compound annual revenue growth rate (CAGR) over the \ufb01rst \ufb01ve years of the forecast was reduced from 6% to 5%, with the impact on the \ufb01fth
\n
year extrapolated in calculating terminal value, the current year value in use of the Team Wendy CGU would be reduced by $23.9m. A reduction in
\n
revenue CAGR to 1.5% would result in the recoverable amount being equal to Team Wendy CGU net assets. There are many individual product revenue
\n
assumptions which are included in the forecasts, with the impact of a 1% change in revenue growth rate disclosed. The level of uncertainty associated
\n
with revenue growth for each product varies depending on factors such as the current order book, forecast customer demand, execution risk, underlying
\n
market growth and competitive positioning. A 1.0% change in overall revenue growth rate demonstrates the impact that could arise from changes in
\n
these underlying product-level assumptions.
\n
Sensitivity to a reasonably plausible change in the post-tax discount rate is as follows:
\n\n \n
Reduction to
2025 Team Wendy
CGU value in use
$m
Post-tax discount rate increased by 1.5%
37.6
\n
While keeping other assumptions constant, a post-tax discount rate increase of 5.5% would result in the recoverable amount being equal to Team Wendy
\n
CGU net assets.
Avon Protection CGU
Value in use for the Avon Protection CGU was substantially greater than its carrying amount in the current and prior periods. Sensitivity analysis has
been performed which shows there are no reasonable changes in assumptions that would result in an impairment to goodwill and other net assets
associated with the CGU.
Impairment review of development costs
Development assets are grouped into the smallest identi\ufb01able group of assets generating future cash \ufb02ows largely independent from other assets,
known as cash-generating units (CGU). Included in CGUs are development expenditure, tangible assets and inventory related to the product group.
CGUs are tested for impairment annually and whenever there is an indication of impairment. The CGUs have been tested against their recoverable
amount calculated through value in use cash \ufb02ows. Cash \ufb02ows were discounted using post-tax rates of 10.4\u201311.8% (2024: 10.9\u201312.5%). Equivalent pre-tax
rates were 21.0\u201323.0% (2024: 16.1\u201319.5%). Cash \ufb02ows were adjusted to incorporate risks speci\ufb01c to each CGU.
In the prior year review, the $4.1m carrying amount of the boots and gloves product range CGU was impaired through adjusting items by $1.7m
($1.2m fully impairing associated development expenditure, $0.5m plant and machinery), leaving a remaining carrying amount of $2.4m. The impairment
was a result of changes in forecast cash \ufb02ows based on latest costing and revenue assumptions.
In the current year review, value in use cash \ufb02ows support a carrying value of $2.4m, equivalent to the post-impairment CGU asset balance. There is no
dependency on expansionary capital expenditure.
Acquired intangibles
\n \n
At 30 September
At 30 September
At 30 September
2023
2024
2025
Net book amount
Amortisation
Net book amount
Amortisation
Net book amount
$m
$m
$m
$m
$m
Brand
9.3
(1.2)
8.1
(1.1)
7.0
Customer relationships
22.4
(3.0)
19.4
(2.5)
16.9
Other intangibles
14.1
(2.0)
12.1
(2.1)
10.0
Total acquired intangibles
45.8
(6.2)
39.6
(5.7)
33.9
Customer relationships
The net book value of customer relationships includes one individually material contract with the National Industries for the Blind, which was acquired
through the acquisition of Team Wendy at a fair value of $14.9m. At 30 September 2025, this had a carrying value of $8.2m and a remaining amortisation
period of six years. Other customer relationships had a carrying value of $8.7m at the end of the period, and a remaining amortisation period of nine years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00320": { "value": "3.1 Intangible assets \n \n
Acquired
Development
Computer
Goodwill
intangibles
expenditure
software
Total
$m
$m
$m
$m
$m
Year ended 30 September 2024
Opening net book amount
65.4
45.8
20.2
7.8
139.2
Exchange di\ufb00erences
\u2013
\u2013
0.1
\u2013
0.1
Additions
\u2013
\u2013
\u2013
0.6
0.6
Impairments
\u2013
\u2013
(1.2)
\u2013
(1.2)
Reclassi\ufb01cation
\u2013
\u2013
(0.3)
0.3
\u2013
Amortisation
\u2013
(6.2)
(3.1)
(3.0)
(12.3)
Closing net book amount
65.4
39.6
15.7
5.7
126.4
At 30 September 2024
Cost
88.8
98.2
69.6
15.6
272.2
Accumulated amortisation and impairment
(23.4)
(58.6)
(53.9)
(9.9)
(145.8)
Net book amount
65.4
39.6
15.7
5.7
126.4
Year ended 30 September 2025
Opening net book amount
65.4
39.6
15.7
5.7
126.4
Exchange di\ufb00erences
\u2013
\u2013
0.1
\u2013
0.1
Additions
\u2013
\u2013
1.5
\u2013
1.5
Amortisation
\u2013
(5.7)
(3.2)
(3.7)
(12.6)
Closing net book amount
65.4
33.9
14.1
2.0
115.4
At 30 September 2025
Cost
88.8
98.2
71.2
15.6
273.8
Accumulated amortisation and impairment
(23.4)
(64.3)
(57.1)
(13.6)
(158.4)
Net book amount
65.4
33.9
14.1
2.0
115.4
The development expenditure has a remaining useful economic life of up to ten years.
Impairment review of goodwill
Goodwill is tested for impairment annually and whenever there is an indication of impairment at the level of the CGU to which it is allocated.
The total carrying value of each CGU is tested for impairment against corresponding recoverable amounts. CGU carrying values include associated
goodwill, other intangible assets, property, plant and equipment, and attributable working capital.
Goodwill has been allocated to Team Wendy and Avon Protection CGUs. Team Wendy includes goodwill from the Ceradyne and Team Wendy
acquisitions. Avon Protection goodwill is related to three legacy acquisitions that completed in 2016 and earlier \ufb01nancial periods.
In FY23, the recoverable amount of the Team Wendy CGU was less than the carrying amount of the associated net assets, resulting in an impairment
to goodwill of $23.4m.
\n \n
Cost
Impairment
Net book amount
Allocation of goodwill by CGU
$m
$m
$m
Avon Protection
2.5
\u2013
2.5
Team Wendy
86.3
(23.4)
62.9
Total goodwill
88.8
(23.4)
65.4
The recoverable amount of the CGUs has been determined based on value in use calculations, using discounted cash \ufb02ow projections for a \ufb01ve-year
period plus a terminal value based upon a long-term perpetuity growth rate of 2.5% (2024: 1.5%). The rate was selected as appropriate based on expected
growth for the protection market.
\n\n\n\n\n\n\n
Value in use calculations are based on the Group\u2019s Board-approved risk-adjusted \ufb01ve-year plan, which has been amended to exclude the impact of capital
\n
expenditure considered expansionary and certain linked earnings and cash \ufb02ows. Excluded expansionary items relate to new helmet programmes
\n
which, although speci\ufb01cally identi\ufb01ed and planned, have yet to incur signi\ufb01cant capital expenditure. Risk-adjusted \ufb01ve-year plan cash \ufb02ows incorporate
\n
a balanced view of risks and opportunities speci\ufb01c to each CGU. Central costs in the \ufb01ve-year plan are allocated to Avon Protection and Team Wendy
\n
CGUs based on an average of relative net assets, payroll costs and revenues. Central costs include Board, Finance, IT, HR, Legal and Communications
\n
where these are not directly attributable to an individual CGU.
\n
It is considered appropriate to extrapolate cash \ufb02ows into perpetuity as the \ufb01fth year represents a reasonable estimate of steady state business operations,
\n
excluding expansionary items. The post-tax discount rates applied were 10.9% for Avon Protection and 10.5% for Team Wendy (2024: 12.5% for Avon
\n
Protection and 12.0% for Team Wendy). Equivalent pre-tax rates were 14.7% and 13.3% (2024: 16.1% and 14.7%). Post-tax discount rates were derived by
\n
external experts taking into consideration current market conditions and assumptions including: the risk-free rate, the expected market return and the
\n
industry beta.
\n
The Group\u2019s Board-approved \ufb01ve-year plan includes management\u2019s estimate of revenue, and other \ufb01nancial assumptions. These consolidate risk-adjusted
\n
granular forecasts for individual products or initiatives that consider market opportunities, execution risk, past experience and other relevant factors.
\n
As set out in the TCFD section, the Group has assessed the potential impact of climate change for the next \ufb01ve years to be low and has therefore not
\n
included climate-related impacts in the value in use calculation. Beyond 2030, although there are potential costs associated with climate change,
\n
these are balanced with signi\ufb01cant opportunity for increased demand for protective products in a changing global security environment. Given this
\n
balanced view, no climate-related risk adjustments have been made to long-term projections beyond \ufb01ve years.
\n
Team Wendy CGU
\n
In the current year the recoverable amount of the Team Wendy CGU of $271.0m was $97.8m higher than the carrying amount of associated CGU net
\n
assets (2024: recoverable value of $202.5m, $29.8m higher than the carrying amount of associated net assets).
\n
The calculation of the recoverable amount for the Team Wendy CGU is sensitive to changes in certain key assumptions, considered to be revenue growth
\n
and the discount rate. The Group has carried out sensitivity analysis on the Team Wendy CGU impairment test, using reasonably plausible scenarios
\n
focused on changes to key assumptions applied in the value in use calculations. The table below provides the expected revenue growth rate included
\n
in the current year calculation. Annual growth is expected to be higher in earlier years of the \ufb01ve-year plan. The compound annual growth rate in revenue
\n
from 2023/24 to 2028/29 assumed in the prior year impairment review was 4%.
\n\n \n
Compound annual growth rate in revenue from 2024/25 to 2029/30
6%
\n
Annual growth in revenue excludes items considered expansionary as required by IAS 36. These items form a key part of the Group\u2019s long-term
\n
commercial forecasts and growth strategy.
\n
If the compound annual revenue growth rate (CAGR) over the \ufb01rst \ufb01ve years of the forecast was reduced from 6% to 5%, with the impact on the \ufb01fth
\n
year extrapolated in calculating terminal value, the current year value in use of the Team Wendy CGU would be reduced by $23.9m. A reduction in
\n
revenue CAGR to 1.5% would result in the recoverable amount being equal to Team Wendy CGU net assets. There are many individual product revenue
\n
assumptions which are included in the forecasts, with the impact of a 1% change in revenue growth rate disclosed. The level of uncertainty associated
\n
with revenue growth for each product varies depending on factors such as the current order book, forecast customer demand, execution risk, underlying
\n
market growth and competitive positioning. A 1.0% change in overall revenue growth rate demonstrates the impact that could arise from changes in
\n
these underlying product-level assumptions.
\n
Sensitivity to a reasonably plausible change in the post-tax discount rate is as follows:
\n\n \n
Reduction to
2025 Team Wendy
CGU value in use
$m
Post-tax discount rate increased by 1.5%
37.6
\n
While keeping other assumptions constant, a post-tax discount rate increase of 5.5% would result in the recoverable amount being equal to Team Wendy
\n
CGU net assets.
Avon Protection CGU
Value in use for the Avon Protection CGU was substantially greater than its carrying amount in the current and prior periods. Sensitivity analysis has
been performed which shows there are no reasonable changes in assumptions that would result in an impairment to goodwill and other net assets
associated with the CGU.
Impairment review of development costs
Development assets are grouped into the smallest identi\ufb01able group of assets generating future cash \ufb02ows largely independent from other assets,
known as cash-generating units (CGU). Included in CGUs are development expenditure, tangible assets and inventory related to the product group.
CGUs are tested for impairment annually and whenever there is an indication of impairment. The CGUs have been tested against their recoverable
amount calculated through value in use cash \ufb02ows. Cash \ufb02ows were discounted using post-tax rates of 10.4\u201311.8% (2024: 10.9\u201312.5%). Equivalent pre-tax
rates were 21.0\u201323.0% (2024: 16.1\u201319.5%). Cash \ufb02ows were adjusted to incorporate risks speci\ufb01c to each CGU.
In the prior year review, the $4.1m carrying amount of the boots and gloves product range CGU was impaired through adjusting items by $1.7m
($1.2m fully impairing associated development expenditure, $0.5m plant and machinery), leaving a remaining carrying amount of $2.4m. The impairment
was a result of changes in forecast cash \ufb02ows based on latest costing and revenue assumptions.
In the current year review, value in use cash \ufb02ows support a carrying value of $2.4m, equivalent to the post-impairment CGU asset balance. There is no
dependency on expansionary capital expenditure.
Acquired intangibles
\n \n
At 30 September
At 30 September
At 30 September
2023
2024
2025
Net book amount
Amortisation
Net book amount
Amortisation
Net book amount
$m
$m
$m
$m
$m
Brand
9.3
(1.2)
8.1
(1.1)
7.0
Customer relationships
22.4
(3.0)
19.4
(2.5)
16.9
Other intangibles
14.1
(2.0)
12.1
(2.1)
10.0
Total acquired intangibles
45.8
(6.2)
39.6
(5.7)
33.9
Customer relationships
The net book value of customer relationships includes one individually material contract with the National Industries for the Blind, which was acquired
through the acquisition of Team Wendy at a fair value of $14.9m. At 30 September 2025, this had a carrying value of $8.2m and a remaining amortisation
period of six years. Other customer relationships had a carrying value of $8.7m at the end of the period, and a remaining amortisation period of nine years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00319": { "value": "3.1 Intangible assets \n \n
Acquired
Development
Computer
Goodwill
intangibles
expenditure
software
Total
$m
$m
$m
$m
$m
Year ended 30 September 2024
Opening net book amount
65.4
45.8
20.2
7.8
139.2
Exchange di\ufb00erences
\u2013
\u2013
0.1
\u2013
0.1
Additions
\u2013
\u2013
\u2013
0.6
0.6
Impairments
\u2013
\u2013
(1.2)
\u2013
(1.2)
Reclassi\ufb01cation
\u2013
\u2013
(0.3)
0.3
\u2013
Amortisation
\u2013
(6.2)
(3.1)
(3.0)
(12.3)
Closing net book amount
65.4
39.6
15.7
5.7
126.4
At 30 September 2024
Cost
88.8
98.2
69.6
15.6
272.2
Accumulated amortisation and impairment
(23.4)
(58.6)
(53.9)
(9.9)
(145.8)
Net book amount
65.4
39.6
15.7
5.7
126.4
Year ended 30 September 2025
Opening net book amount
65.4
39.6
15.7
5.7
126.4
Exchange di\ufb00erences
\u2013
\u2013
0.1
\u2013
0.1
Additions
\u2013
\u2013
1.5
\u2013
1.5
Amortisation
\u2013
(5.7)
(3.2)
(3.7)
(12.6)
Closing net book amount
65.4
33.9
14.1
2.0
115.4
At 30 September 2025
Cost
88.8
98.2
71.2
15.6
273.8
Accumulated amortisation and impairment
(23.4)
(64.3)
(57.1)
(13.6)
(158.4)
Net book amount
65.4
33.9
14.1
2.0
115.4
The development expenditure has a remaining useful economic life of up to ten years.
Impairment review of goodwill
Goodwill is tested for impairment annually and whenever there is an indication of impairment at the level of the CGU to which it is allocated.
The total carrying value of each CGU is tested for impairment against corresponding recoverable amounts. CGU carrying values include associated
goodwill, other intangible assets, property, plant and equipment, and attributable working capital.
Goodwill has been allocated to Team Wendy and Avon Protection CGUs. Team Wendy includes goodwill from the Ceradyne and Team Wendy
acquisitions. Avon Protection goodwill is related to three legacy acquisitions that completed in 2016 and earlier \ufb01nancial periods.
In FY23, the recoverable amount of the Team Wendy CGU was less than the carrying amount of the associated net assets, resulting in an impairment
to goodwill of $23.4m.
\n \n
Cost
Impairment
Net book amount
Allocation of goodwill by CGU
$m
$m
$m
Avon Protection
2.5
\u2013
2.5
Team Wendy
86.3
(23.4)
62.9
Total goodwill
88.8
(23.4)
65.4
The recoverable amount of the CGUs has been determined based on value in use calculations, using discounted cash \ufb02ow projections for a \ufb01ve-year
period plus a terminal value based upon a long-term perpetuity growth rate of 2.5% (2024: 1.5%). The rate was selected as appropriate based on expected
growth for the protection market.
\n\n\n\n\n\n\n
Value in use calculations are based on the Group\u2019s Board-approved risk-adjusted \ufb01ve-year plan, which has been amended to exclude the impact of capital
\n
expenditure considered expansionary and certain linked earnings and cash \ufb02ows. Excluded expansionary items relate to new helmet programmes
\n
which, although speci\ufb01cally identi\ufb01ed and planned, have yet to incur signi\ufb01cant capital expenditure. Risk-adjusted \ufb01ve-year plan cash \ufb02ows incorporate
\n
a balanced view of risks and opportunities speci\ufb01c to each CGU. Central costs in the \ufb01ve-year plan are allocated to Avon Protection and Team Wendy
\n
CGUs based on an average of relative net assets, payroll costs and revenues. Central costs include Board, Finance, IT, HR, Legal and Communications
\n
where these are not directly attributable to an individual CGU.
\n
It is considered appropriate to extrapolate cash \ufb02ows into perpetuity as the \ufb01fth year represents a reasonable estimate of steady state business operations,
\n
excluding expansionary items. The post-tax discount rates applied were 10.9% for Avon Protection and 10.5% for Team Wendy (2024: 12.5% for Avon
\n
Protection and 12.0% for Team Wendy). Equivalent pre-tax rates were 14.7% and 13.3% (2024: 16.1% and 14.7%). Post-tax discount rates were derived by
\n
external experts taking into consideration current market conditions and assumptions including: the risk-free rate, the expected market return and the
\n
industry beta.
\n
The Group\u2019s Board-approved \ufb01ve-year plan includes management\u2019s estimate of revenue, and other \ufb01nancial assumptions. These consolidate risk-adjusted
\n
granular forecasts for individual products or initiatives that consider market opportunities, execution risk, past experience and other relevant factors.
\n
As set out in the TCFD section, the Group has assessed the potential impact of climate change for the next \ufb01ve years to be low and has therefore not
\n
included climate-related impacts in the value in use calculation. Beyond 2030, although there are potential costs associated with climate change,
\n
these are balanced with signi\ufb01cant opportunity for increased demand for protective products in a changing global security environment. Given this
\n
balanced view, no climate-related risk adjustments have been made to long-term projections beyond \ufb01ve years.
\n
Team Wendy CGU
\n
In the current year the recoverable amount of the Team Wendy CGU of $271.0m was $97.8m higher than the carrying amount of associated CGU net
\n
assets (2024: recoverable value of $202.5m, $29.8m higher than the carrying amount of associated net assets).
\n
The calculation of the recoverable amount for the Team Wendy CGU is sensitive to changes in certain key assumptions, considered to be revenue growth
\n
and the discount rate. The Group has carried out sensitivity analysis on the Team Wendy CGU impairment test, using reasonably plausible scenarios
\n
focused on changes to key assumptions applied in the value in use calculations. The table below provides the expected revenue growth rate included
\n
in the current year calculation. Annual growth is expected to be higher in earlier years of the \ufb01ve-year plan. The compound annual growth rate in revenue
\n
from 2023/24 to 2028/29 assumed in the prior year impairment review was 4%.
\n\n \n
Compound annual growth rate in revenue from 2024/25 to 2029/30
6%
\n
Annual growth in revenue excludes items considered expansionary as required by IAS 36. These items form a key part of the Group\u2019s long-term
\n
commercial forecasts and growth strategy.
\n
If the compound annual revenue growth rate (CAGR) over the \ufb01rst \ufb01ve years of the forecast was reduced from 6% to 5%, with the impact on the \ufb01fth
\n
year extrapolated in calculating terminal value, the current year value in use of the Team Wendy CGU would be reduced by $23.9m. A reduction in
\n
revenue CAGR to 1.5% would result in the recoverable amount being equal to Team Wendy CGU net assets. There are many individual product revenue
\n
assumptions which are included in the forecasts, with the impact of a 1% change in revenue growth rate disclosed. The level of uncertainty associated
\n
with revenue growth for each product varies depending on factors such as the current order book, forecast customer demand, execution risk, underlying
\n
market growth and competitive positioning. A 1.0% change in overall revenue growth rate demonstrates the impact that could arise from changes in
\n
these underlying product-level assumptions.
\n
Sensitivity to a reasonably plausible change in the post-tax discount rate is as follows:
\n\n \n
Reduction to
2025 Team Wendy
CGU value in use
$m
Post-tax discount rate increased by 1.5%
37.6
\n
While keeping other assumptions constant, a post-tax discount rate increase of 5.5% would result in the recoverable amount being equal to Team Wendy
\n
CGU net assets.
Avon Protection CGU
Value in use for the Avon Protection CGU was substantially greater than its carrying amount in the current and prior periods. Sensitivity analysis has
been performed which shows there are no reasonable changes in assumptions that would result in an impairment to goodwill and other net assets
associated with the CGU.
Impairment review of development costs
Development assets are grouped into the smallest identi\ufb01able group of assets generating future cash \ufb02ows largely independent from other assets,
known as cash-generating units (CGU). Included in CGUs are development expenditure, tangible assets and inventory related to the product group.
CGUs are tested for impairment annually and whenever there is an indication of impairment. The CGUs have been tested against their recoverable
amount calculated through value in use cash \ufb02ows. Cash \ufb02ows were discounted using post-tax rates of 10.4\u201311.8% (2024: 10.9\u201312.5%). Equivalent pre-tax
rates were 21.0\u201323.0% (2024: 16.1\u201319.5%). Cash \ufb02ows were adjusted to incorporate risks speci\ufb01c to each CGU.
In the prior year review, the $4.1m carrying amount of the boots and gloves product range CGU was impaired through adjusting items by $1.7m
($1.2m fully impairing associated development expenditure, $0.5m plant and machinery), leaving a remaining carrying amount of $2.4m. The impairment
was a result of changes in forecast cash \ufb02ows based on latest costing and revenue assumptions.
In the current year review, value in use cash \ufb02ows support a carrying value of $2.4m, equivalent to the post-impairment CGU asset balance. There is no
dependency on expansionary capital expenditure.
Acquired intangibles
\n \n
At 30 September
At 30 September
At 30 September
2023
2024
2025
Net book amount
Amortisation
Net book amount
Amortisation
Net book amount
$m
$m
$m
$m
$m
Brand
9.3
(1.2)
8.1
(1.1)
7.0
Customer relationships
22.4
(3.0)
19.4
(2.5)
16.9
Other intangibles
14.1
(2.0)
12.1
(2.1)
10.0
Total acquired intangibles
45.8
(6.2)
39.6
(5.7)
33.9
Customer relationships
The net book value of customer relationships includes one individually material contract with the National Industries for the Blind, which was acquired
through the acquisition of Team Wendy at a fair value of $14.9m. At 30 September 2025, this had a carrying value of $8.2m and a remaining amortisation
period of six years. Other customer relationships had a carrying value of $8.7m at the end of the period, and a remaining amortisation period of nine years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00323": { "value": "3.2 Property, plant and equipment \n \n
Right of use lease
Plant and
Leasehold
Freeholds
assets
machinery
improvements
Total
$m
$m
$m
$m
$m
Year ended 30 September 2024
Opening net book amount
1.5
8.5
23.5
2.3
35.8
Exchange di\ufb00erences
\u2013
0.3
0.6
\u2013
0.9
Additions
\u2013
4.8
8.0
2.6
15.4
Impairments
\u2013
\u2013
(0.5)
\u2013
(0.5)
Depreciation charge
(0.1)
(2.7)
(4.5)
(0.6)
(7.9)
Closing net book amount
1.4
10.9
27.1
4.3
43.7
At 30 September 2024
Cost
3.0
46.8
94.6
6.3
150.7
Accumulated depreciation and impairment
(1.6)
(35.9)
(67.5)
(2.0)
(107.0)
Net book amount
1.4
10.9
27.1
4.3
43.7
Year ended 30 September 2025
Opening net book amount
1.4
10.9
27.1
4.3
43.7
Exchange di\ufb00erences
\u2013
\u2013
\u2013
\u2013
\u2013
Additions
\u2013
\u2013
7.0
0.1
7.1
Lease term adjustments
\u2013
(0.3)
\u2013
\u2013
(0.3)
Depreciation charge
(0.1)
(2.5)
(5.2)
(0.4)
(8.2)
Closing net book amount
1.3
8.1
28.9
4.0
42.3
At 30 September 2025
Cost
3.0
46.5
101.6
6.4
157.5
Accumulated depreciation and impairment
(1.7)
(38.4)
(72.7)
(2.4)
(115.2)
Net book amount
1.3
8.1
28.9
4.0
42.3
The $0.5m impairment to plant and machinery in the prior year relates to boots and gloves (note 3.1).
Property, plant and equipment with a net book amount of $33.8m is located within the United States of America (2024: $35.6m). The balance is located in
the United Kingdom.
$5.7m (2024: $3.1m) of expenditure included in the carrying value of plant and machinery relates to assets under construction.
In the prior year, right of use assets increased by $4.8m to recognise extension options considered reasonably certain. In FY25 these extension options
were all exercised. Some of the agreed extensions included revised commercial terms, resulting in a reduction in right of use assets, and corresponding
lease liabilities (note 5.1), of $0.3m.
2025 additions are shown net of $1.0m grant funding. This was outstanding for payment at the year end. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00325": { "value": "3.3 Finance leases \n \n
Finance leases
$m
At 30 September 2023
6.2
Additions
0.2
Interest income
0.4
Payments received
(1.4)
At 30 September 2024
5.4
Interest income
0.4
Payments received
(1.3)
At 30 September 2025
4.5
The Group subleases commercial premises where they are no longer required for operations, resulting in lease assets being held on the balance sheet.
Expected credit losses on \ufb01nance lease assets are less than $0.1m and have been considered immaterial. Payments received include $0.3m interest and
$1.0m capital receipts (2024: $0.4m interest and $1.0m capital receipts). Annual undiscounted lease payments for FY26 to FY30 are between $0.7m and
$0.9m. Total undiscounted lease payments for FY31 and beyond are in aggregate $1.8m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00324": { "value": "3.3 Finance leases \n \n
Finance leases
$m
At 30 September 2023
6.2
Additions
0.2
Interest income
0.4
Payments received
(1.4)
At 30 September 2024
5.4
Interest income
0.4
Payments received
(1.3)
At 30 September 2025
4.5
The Group subleases commercial premises where they are no longer required for operations, resulting in lease assets being held on the balance sheet.
Expected credit losses on \ufb01nance lease assets are less than $0.1m and have been considered immaterial. Payments received include $0.3m interest and
$1.0m capital receipts (2024: $0.4m interest and $1.0m capital receipts). Annual undiscounted lease payments for FY26 to FY30 are between $0.7m and
$0.9m. Total undiscounted lease payments for FY31 and beyond are in aggregate $1.8m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00326": { "value": "4.1 Inventories \n \n
2025
2024
$m
$m
Raw materials
32.0
27.9
Work in progress
12.0
20.6
Finished goods
22.2
19.7
Inventory \u2013 gross
66.2
68.2
Inventory provisions
(10.7)
(13.3)
Inventory \u2013 net
55.5
54.9
The cost of inventories recognised as an expense and included in cost of sales amounted to $96.6m (2024: $82.9m). The amount of inventory carried as
fair value less costs to sell is $nil (2024: $nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00327": { "value": "4.2 Trade and other receivables \n \n
2025
2024
$m
$m
Trade receivables
46.0
32.6
Less: provision for impairment of receivables
(0.7)
(0.3)
Trade receivables \u2013 net
45.3
32.3
Prepayments
4.2
3.4
Other receivables
2.4
1.2
51.9
36.9
The Group has no contract assets in the current or prior period.
See note 5.4 (i) Credit risk for further details in relation to the Group provision for impairment of receivables. Changes in provisions for impaired receivables
are included within general and administrative expenses in the Consolidated Statement of Comprehensive Income.(i) Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its contractual obligations, and arises
principally from the Group\u2019s receivables from customers and monies on deposit with \ufb01nancial institutions.
The Group recognises loss allowances for expected credit losses (ECLs) on \ufb01nancial assets measured at amortised cost and contract assets (as de\ufb01ned in
IFRS 15). ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the di\ufb00erence
between the cash \ufb02ows due to the entity in accordance with the contract and the cash \ufb02ows that the Company expects to receive). ECLs are discounted
at the e\ufb00ective interest rate of the \ufb01nancial asset. Loss allowances for trade receivables and contract assets are always measured at an amount equal to
lifetime ECL.
When determining whether the credit risk of a \ufb01nancial asset has increased signi\ufb01cantly since initial recognition and when estimating ECL, the Company
considers reasonable and supportable information that is relevant and available without undue cost or e\ufb00ort. This includes both quantitative and
qualitative information and analysis, based on the Company\u2019s historical experience and informed credit assessment and including forward-looking
information. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a \ufb01nancial instrument.
The carrying amount of \ufb01nancial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
Carrying amount of \ufb01nancial assets
\n \n
2025
2024
$m
$m
Trade receivables \u2013 net
45.3
32.3
Other receivables
2.4
1.2
Cash and cash equivalents
13.4
14.0
61.1
47.5
The maximum exposure to credit risk for \ufb01nancial assets at the reporting date by currency was:
\n \n
2025
2024
Carrying amount of \ufb01nancial assets
$m
$m
Pound sterling
5.7
4.4
US dollar
51.6
42.5
Euro
3.7
0.4
Other currencies
0.1
0.2
61.1
47.5
The ageing of trade receivables and associated provision for impairment at the reporting date was:
\n \n
Gross
Provision
Net
Gross
Provision
Net
2025
2025
2025
2024
2024
2024
$m
$m
$m
$m
$m
$m
Not past due
39.6
\u2013
39.6
28.6
\u2013
28.6
Past due 0\u201330 days
3.6
\u2013
3.6
3.0
\u2013
3.0
Past due 31\u201360 days
0.4
\u2013
0.4
0.5
\u2013
0.5
Past due 61\u201390 days
1.2
\u2013
1.2
0.2
\u2013
0.2
Past due 91 days
1.2
(0.7)
0.5
0.3
(0.3)
\u2013
46.0
(0.7)
45.3
32.6
(0.3)
32.3
The total past due receivables, net of provisions, is $5.5m (2024: $3.7m).
Individually impaired receivables relate to a small number of speci\ufb01c customers. Provisions for impairment are based on expected credit losses and are
estimated based on knowledge of customers and historical experience of losses. A portion of these receivables is expected to be recovered.
Movements on the Group provision for impairment of trade receivables are as follows:
\n \n
2025
2024
$m
$m
At the beginning of the period
0.3
0.5
Provision for impairment of trade receivables
0.4
(0.2)
At the end of the period
0.7
0.3
The only signi\ufb01cant concentration of credit risk is with the US Government Department of War. At the balance sheet date, outstanding trade receivables
for this customer were $19.5m (2024: $1.2m).
The credit risk in relation to trade receivables is managed via credit evaluations for all non-government customers requiring credit above a certain
threshold, with required approval levels dependent on the value of sales. Where possible, letters of credit or payments in advance are received for
signi\ufb01cant export sales. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00328": { "value": "\n \n
2025
2024
$m
$m
Trade receivables
46.0
32.6
Less: provision for impairment of receivables
(0.7)
(0.3)
Trade receivables \u2013 net
45.3
32.3
Prepayments
4.2
3.4
Other receivables
2.4
1.2
51.9
36.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00329": { "value": "4.3 Trade and other payables \n \n
2025
2024
$m
$m
Trade payables
20.2
16.2
Contract liabilities
2.1
0.9
Other taxation and social security
1.5
0.6
Accruals
17.9
18.7
41.7
36.4
Contract liabilities represent amounts invoiced under contracts with customers but not recognised as revenue at the balance sheet date and cash
received in advance. $0.9m (2024: $1.3m) of the balance in contract liabilities at the start of the period was recognised as revenue in the current period.
The outstanding balance at the end of the period is expected to be recognised within the next 12 months.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00330": { "value": "\n \n
2025
2024
$m
$m
Trade payables
20.2
16.2
Contract liabilities
2.1
0.9
Other taxation and social security
1.5
0.6
Accruals
17.9
18.7
41.7
36.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00332": { "value": "4.4 Cash and cash equivalents \n \n
2025
2024
$m
$m
Cash and cash equivalents
13.4
14.0
Cash and cash equivalents are denominated in US dollars, New Zealand dollars, pounds sterling and euros and earn interest based on central bank rates.
\n \n
2025
2024
$m
$m
Continuing operations
Pro\ufb01t for the year
10.3
3.0
Taxation
2.8
(0.7)
Depreciation
8.2
7.9
Amortisation of intangible assets
12.6
12.3
Impairment of other non-current assets
\u2013
1.7
De\ufb01ned bene\ufb01t pension scheme cost
0.9
1.1
Net \ufb01nance costs
6.1
8.4
Fair value of share-based payments
5.8
3.3
Transformation costs expensed
11.5
10.8
(Increase)/decrease in inventories
(0.6)
0.3
Decrease/(increase) in receivables
(14.1)
17.2
Increase/(decrease) in payables and provisions
3.0
3.2
Cash \ufb02ows from continuing operations before adjusting items
46.5
68.5
Transformational costs paid
(13.1)
(9.7)
Cash \ufb02ows from continuing operations
33.4
58.8
\n \n
2025
2024
$m
$m
Discontinued operations
Pro\ufb01t for the period
\u2013
\u2013
Taxation
\u2013
\u2013
Decrease in receivables
\u2013
5.1
Decrease in payables and provisions
\u2013
(0.2)
Cash \ufb02ows from discontinued operations
\u2013
4.9
Cash \ufb02ows from operations
\u2013
63.7
Cash \ufb02ows from discontinued operations relate to \ufb01nal working capital receipts and payments for the Armour business, which closed in FY23.
The balance sheet change in inventories is reconciled as follows:
\n \n
2025
2024
$m
$m
Change in inventories \u2013 continuing operations cash \ufb02ows
(0.6)
(0.3)
Non-cash foreign exchange translation
\u2013
0.8
Balance sheet inventories movement (note 4.1)
(0.6)
0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00331": { "value": "4.4 Cash and cash equivalents \n \n
2025
2024
$m
$m
Cash and cash equivalents
13.4
14.0
Cash and cash equivalents are denominated in US dollars, New Zealand dollars, pounds sterling and euros and earn interest based on central bank rates.
\n \n
2025
2024
$m
$m
Continuing operations
Pro\ufb01t for the year
10.3
3.0
Taxation
2.8
(0.7)
Depreciation
8.2
7.9
Amortisation of intangible assets
12.6
12.3
Impairment of other non-current assets
\u2013
1.7
De\ufb01ned bene\ufb01t pension scheme cost
0.9
1.1
Net \ufb01nance costs
6.1
8.4
Fair value of share-based payments
5.8
3.3
Transformation costs expensed
11.5
10.8
(Increase)/decrease in inventories
(0.6)
0.3
Decrease/(increase) in receivables
(14.1)
17.2
Increase/(decrease) in payables and provisions
3.0
3.2
Cash \ufb02ows from continuing operations before adjusting items
46.5
68.5
Transformational costs paid
(13.1)
(9.7)
Cash \ufb02ows from continuing operations
33.4
58.8
\n \n
2025
2024
$m
$m
Discontinued operations
Pro\ufb01t for the period
\u2013
\u2013
Taxation
\u2013
\u2013
Decrease in receivables
\u2013
5.1
Decrease in payables and provisions
\u2013
(0.2)
Cash \ufb02ows from discontinued operations
\u2013
4.9
Cash \ufb02ows from operations
\u2013
63.7
Cash \ufb02ows from discontinued operations relate to \ufb01nal working capital receipts and payments for the Armour business, which closed in FY23.
The balance sheet change in inventories is reconciled as follows:
\n \n
2025
2024
$m
$m
Change in inventories \u2013 continuing operations cash \ufb02ows
(0.6)
(0.3)
Non-cash foreign exchange translation
\u2013
0.8
Balance sheet inventories movement (note 4.1)
(0.6)
0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00334": { "value": "5.1 Borrowings \n \n
2025
2024
$m
$m
Current
Lease liabilities
2.8
3.9
Non-current
Bank loans
63.5
57.5
Lease liabilities
15.1
18.0
78.6
75.5
Total Group borrowings
81.4
79.4
Bank loans comprise drawings under the revolving credit facility (RCF).
The Group had the following committed facilities at the balance sheet date:
\n \n
2025
2024
$m
$m
Overdraft facility
3.0
3.0
Total undrawn committed borrowing facilities
73.5
79.5
Bank loans utilised
63.5
57.5
Total Group facilities
140.0
140.0
On 14 May 2024 the Group signed a $137m RCF, together with a $50m accordion replacing the previous facility. The RCF was agreed with a syndicate of
four lenders and is available until May 2028, having been extended during the year (previously until May 2027). The RCF has a further one-year extension
option to May 2029 subject to lender approval.
The RCF is subject to \ufb01nancial covenants measured on a biannual basis. These include a limit of 3.0 times for the ratio of net debt, excluding lease
liabilities, to bank-de\ufb01ned adjusted EBITDA (leverage). The Group was in compliance with all \ufb01nancial covenants during the current and prior years.
The RCF is drawn in short- to medium-term tranches of debt which are repayable within 12 months of drawdown. These tranches of debt can be
rolled over provided certain conditions are met, including covenant compliance. The Group considers that it is highly unlikely it would be unable to
exercise its right to roll over the debt based on forecast covenant compliance. Even in a severe downside scenario, there are mitigating actions within
the control of the Group that could be taken to maintain compliance with these conditions, including future covenant requirements. The Directors
therefore believe that the Group has the ability and the intent to roll over the drawn RCF amounts when due and consequently has presented the
RCF as a non-current liability.
The RCF is \ufb02oating rate priced on the Secured Overnight Financing Rate (SOFR) plus a margin depending on leverage. The Group has provided the
lenders with a negative pledge in respect of certain shares in Group companies.
In addition to the RCF the Group\u2019s US operations have access to a $3.0m overdraft facility that is renewed annually and used to manage short-term
liquidity requirements.
The table below presents the maturity analysis in respect of lease liabilities and bank loans:
\n \n
2025
2024
$m
$m
In one year or less, or on demand
2.8
3.9
Two to \ufb01ve years
74.1
68.2
More than \ufb01ve years
4.5
7.3
Total Group borrowings
81.4
79.4
Lease liabilities relate to land and buildings (right of use assets) leased by the Group for its o\ufb03ce space and manufacturing facilities. The leases typically
run for a period of \ufb01ve to ten years. Many leases include an option to renew the lease for an additional period after the end of the contract term. Where
commercial, the Group seeks to include extension options in new leases to provide operational \ufb02exibility. The extension options held are exercisable
only by the Group and not by the lessors. The Group assesses at lease commencement, and if there is a signi\ufb01cant change in circumstances, whether it is
reasonably certain to exercise the extension options.
In the prior year lease liabilities increased by $4.8m to recognise extension options considered reasonably certain. In FY25 these extension options were
all exercised. Some of the agreed extensions included revised commercial terms, resulting in a reduction to lease liabilities and corresponding right of use
assets (note 3.2) of $0.3m.
Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in the income statement.
Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT and other equipment.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00338": { "value": "5.2 Net \ufb01nance costs \n \n
2025
2024
$m
$m
Interest payable on bank loans and overdrafts
(4.2)
(5.4)
Interest payable in respect of leases
(1.1)
(0.9)
Amortisation of \ufb01nance fees
(0.4)
(0.7)
UK de\ufb01ned bene\ufb01t pension scheme net interest expense (note 6.2)
(0.7)
(2.1)
Other interest payable
(0.2)
\u2013
Bank interest income
0.2
0.3
Finance lease interest
0.3
0.4
Net \ufb01nance costs
(6.1)
(8.4)
The e\ufb00ective interest rates at the balance sheet dates were as follows:
\n \n
2025
2024
Sterling
Dollar
Sterling
Dollar
%
%
%
%
Bank loans (interest payable on drawn facilities)
\u2013
5.70%
\u2013
6.89%
Lease liabilities
7.70%
2.80%
7.70%
2.80%
Floating interest on bank loans has been hedged using interest rate swaps as described in note 5.4 (iv). Finance costs paid in respect of bank loans and
overdrafts in the consolidated cash \ufb02ow statement is shown net of cash receipts from interest rate swaps.
Movement analysis for interest due on bank loans and interest rate swaps
\n \n
At 30 September
Cash \ufb02ow paid/
Non-cash
Exchange
At 30 September
2024
(received)
movements
movements
2025
$m
$m
$m
$m
$m
Interest due on bank loans
\u2013
4.6
(4.6)
\u2013
\u2013
Interest rate swaps
\u2013
(0.4)
0.4
\u2013
\u2013
Other interest payable
\u2013
0.1
(0.2)
\u2013
(0.1)
\n \n
At 30 September
Cash \ufb02ow paid/
Non-cash
Exchange
At 30 September
2023
(received)
movements
movements
2024
$m
$m
$m
$m
$m
Interest due on bank loans
\u2013
6.1
(6.1)
\u2013
\u2013
Interest rate swaps
0.9
(0.7)
(0.2)
\u2013
\u2013
In addition to net cash \ufb02ows of $4.2m (2024: $5.4m) disclosed above for interest on bank loans and interest rate swaps, during the year the Group paid
$0.3m for the one-year extension to the RCF (2024: $1.1m in RCF arrangement fees and other directly attributable upfront costs). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00340": { "value": "5.2 Net \ufb01nance costs \n \n
2025
2024
$m
$m
Interest payable on bank loans and overdrafts
(4.2)
(5.4)
Interest payable in respect of leases
(1.1)
(0.9)
Amortisation of \ufb01nance fees
(0.4)
(0.7)
UK de\ufb01ned bene\ufb01t pension scheme net interest expense (note 6.2)
(0.7)
(2.1)
Other interest payable
(0.2)
\u2013
Bank interest income
0.2
0.3
Finance lease interest
0.3
0.4
Net \ufb01nance costs
(6.1)
(8.4)
The e\ufb00ective interest rates at the balance sheet dates were as follows:
\n \n
2025
2024
Sterling
Dollar
Sterling
Dollar
%
%
%
%
Bank loans (interest payable on drawn facilities)
\u2013
5.70%
\u2013
6.89%
Lease liabilities
7.70%
2.80%
7.70%
2.80%
Floating interest on bank loans has been hedged using interest rate swaps as described in note 5.4 (iv). Finance costs paid in respect of bank loans and
overdrafts in the consolidated cash \ufb02ow statement is shown net of cash receipts from interest rate swaps.
Movement analysis for interest due on bank loans and interest rate swaps
\n \n
At 30 September
Cash \ufb02ow paid/
Non-cash
Exchange
At 30 September
2024
(received)
movements
movements
2025
$m
$m
$m
$m
$m
Interest due on bank loans
\u2013
4.6
(4.6)
\u2013
\u2013
Interest rate swaps
\u2013
(0.4)
0.4
\u2013
\u2013
Other interest payable
\u2013
0.1
(0.2)
\u2013
(0.1)
\n \n
At 30 September
Cash \ufb02ow paid/
Non-cash
Exchange
At 30 September
2023
(received)
movements
movements
2024
$m
$m
$m
$m
$m
Interest due on bank loans
\u2013
6.1
(6.1)
\u2013
\u2013
Interest rate swaps
0.9
(0.7)
(0.2)
\u2013
\u2013
In addition to net cash \ufb02ows of $4.2m (2024: $5.4m) disclosed above for interest on bank loans and interest rate swaps, during the year the Group paid
$0.3m for the one-year extension to the RCF (2024: $1.1m in RCF arrangement fees and other directly attributable upfront costs). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00339": { "value": "5.2 Net \ufb01nance costs \n \n
2025
2024
$m
$m
Interest payable on bank loans and overdrafts
(4.2)
(5.4)
Interest payable in respect of leases
(1.1)
(0.9)
Amortisation of \ufb01nance fees
(0.4)
(0.7)
UK de\ufb01ned bene\ufb01t pension scheme net interest expense (note 6.2)
(0.7)
(2.1)
Other interest payable
(0.2)
\u2013
Bank interest income
0.2
0.3
Finance lease interest
0.3
0.4
Net \ufb01nance costs
(6.1)
(8.4)
The e\ufb00ective interest rates at the balance sheet dates were as follows:
\n \n
2025
2024
Sterling
Dollar
Sterling
Dollar
%
%
%
%
Bank loans (interest payable on drawn facilities)
\u2013
5.70%
\u2013
6.89%
Lease liabilities
7.70%
2.80%
7.70%
2.80%
Floating interest on bank loans has been hedged using interest rate swaps as described in note 5.4 (iv). Finance costs paid in respect of bank loans and
overdrafts in the consolidated cash \ufb02ow statement is shown net of cash receipts from interest rate swaps.
Movement analysis for interest due on bank loans and interest rate swaps
\n \n
At 30 September
Cash \ufb02ow paid/
Non-cash
Exchange
At 30 September
2024
(received)
movements
movements
2025
$m
$m
$m
$m
$m
Interest due on bank loans
\u2013
4.6
(4.6)
\u2013
\u2013
Interest rate swaps
\u2013
(0.4)
0.4
\u2013
\u2013
Other interest payable
\u2013
0.1
(0.2)
\u2013
(0.1)
\n \n
At 30 September
Cash \ufb02ow paid/
Non-cash
Exchange
At 30 September
2023
(received)
movements
movements
2024
$m
$m
$m
$m
$m
Interest due on bank loans
\u2013
6.1
(6.1)
\u2013
\u2013
Interest rate swaps
0.9
(0.7)
(0.2)
\u2013
\u2013
In addition to net cash \ufb02ows of $4.2m (2024: $5.4m) disclosed above for interest on bank loans and interest rate swaps, during the year the Group paid
$0.3m for the one-year extension to the RCF (2024: $1.1m in RCF arrangement fees and other directly attributable upfront costs). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00337": { "value": "5.2 Net \ufb01nance costs \n \n
2025
2024
$m
$m
Interest payable on bank loans and overdrafts
(4.2)
(5.4)
Interest payable in respect of leases
(1.1)
(0.9)
Amortisation of \ufb01nance fees
(0.4)
(0.7)
UK de\ufb01ned bene\ufb01t pension scheme net interest expense (note 6.2)
(0.7)
(2.1)
Other interest payable
(0.2)
\u2013
Bank interest income
0.2
0.3
Finance lease interest
0.3
0.4
Net \ufb01nance costs
(6.1)
(8.4)
The e\ufb00ective interest rates at the balance sheet dates were as follows:
\n \n
2025
2024
Sterling
Dollar
Sterling
Dollar
%
%
%
%
Bank loans (interest payable on drawn facilities)
\u2013
5.70%
\u2013
6.89%
Lease liabilities
7.70%
2.80%
7.70%
2.80%
Floating interest on bank loans has been hedged using interest rate swaps as described in note 5.4 (iv). Finance costs paid in respect of bank loans and
overdrafts in the consolidated cash \ufb02ow statement is shown net of cash receipts from interest rate swaps.
Movement analysis for interest due on bank loans and interest rate swaps
\n \n
At 30 September
Cash \ufb02ow paid/
Non-cash
Exchange
At 30 September
2024
(received)
movements
movements
2025
$m
$m
$m
$m
$m
Interest due on bank loans
\u2013
4.6
(4.6)
\u2013
\u2013
Interest rate swaps
\u2013
(0.4)
0.4
\u2013
\u2013
Other interest payable
\u2013
0.1
(0.2)
\u2013
(0.1)
\n \n
At 30 September
Cash \ufb02ow paid/
Non-cash
Exchange
At 30 September
2023
(received)
movements
movements
2024
$m
$m
$m
$m
$m
Interest due on bank loans
\u2013
6.1
(6.1)
\u2013
\u2013
Interest rate swaps
0.9
(0.7)
(0.2)
\u2013
\u2013
In addition to net cash \ufb02ows of $4.2m (2024: $5.4m) disclosed above for interest on bank loans and interest rate swaps, during the year the Group paid
$0.3m for the one-year extension to the RCF (2024: $1.1m in RCF arrangement fees and other directly attributable upfront costs). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00336": { "value": "5.2 Net \ufb01nance costs \n \n
2025
2024
$m
$m
Interest payable on bank loans and overdrafts
(4.2)
(5.4)
Interest payable in respect of leases
(1.1)
(0.9)
Amortisation of \ufb01nance fees
(0.4)
(0.7)
UK de\ufb01ned bene\ufb01t pension scheme net interest expense (note 6.2)
(0.7)
(2.1)
Other interest payable
(0.2)
\u2013
Bank interest income
0.2
0.3
Finance lease interest
0.3
0.4
Net \ufb01nance costs
(6.1)
(8.4)
The e\ufb00ective interest rates at the balance sheet dates were as follows:
\n \n
2025
2024
Sterling
Dollar
Sterling
Dollar
%
%
%
%
Bank loans (interest payable on drawn facilities)
\u2013
5.70%
\u2013
6.89%
Lease liabilities
7.70%
2.80%
7.70%
2.80%
Floating interest on bank loans has been hedged using interest rate swaps as described in note 5.4 (iv). Finance costs paid in respect of bank loans and
overdrafts in the consolidated cash \ufb02ow statement is shown net of cash receipts from interest rate swaps.
Movement analysis for interest due on bank loans and interest rate swaps
\n \n
At 30 September
Cash \ufb02ow paid/
Non-cash
Exchange
At 30 September
2024
(received)
movements
movements
2025
$m
$m
$m
$m
$m
Interest due on bank loans
\u2013
4.6
(4.6)
\u2013
\u2013
Interest rate swaps
\u2013
(0.4)
0.4
\u2013
\u2013
Other interest payable
\u2013
0.1
(0.2)
\u2013
(0.1)
\n \n
At 30 September
Cash \ufb02ow paid/
Non-cash
Exchange
At 30 September
2023
(received)
movements
movements
2024
$m
$m
$m
$m
$m
Interest due on bank loans
\u2013
6.1
(6.1)
\u2013
\u2013
Interest rate swaps
0.9
(0.7)
(0.2)
\u2013
\u2013
In addition to net cash \ufb02ows of $4.2m (2024: $5.4m) disclosed above for interest on bank loans and interest rate swaps, during the year the Group paid
$0.3m for the one-year extension to the RCF (2024: $1.1m in RCF arrangement fees and other directly attributable upfront costs). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00335": { "value": "5.2 Net \ufb01nance costs \n \n
2025
2024
$m
$m
Interest payable on bank loans and overdrafts
(4.2)
(5.4)
Interest payable in respect of leases
(1.1)
(0.9)
Amortisation of \ufb01nance fees
(0.4)
(0.7)
UK de\ufb01ned bene\ufb01t pension scheme net interest expense (note 6.2)
(0.7)
(2.1)
Other interest payable
(0.2)
\u2013
Bank interest income
0.2
0.3
Finance lease interest
0.3
0.4
Net \ufb01nance costs
(6.1)
(8.4)
The e\ufb00ective interest rates at the balance sheet dates were as follows:
\n \n
2025
2024
Sterling
Dollar
Sterling
Dollar
%
%
%
%
Bank loans (interest payable on drawn facilities)
\u2013
5.70%
\u2013
6.89%
Lease liabilities
7.70%
2.80%
7.70%
2.80%
Floating interest on bank loans has been hedged using interest rate swaps as described in note 5.4 (iv). Finance costs paid in respect of bank loans and
overdrafts in the consolidated cash \ufb02ow statement is shown net of cash receipts from interest rate swaps.
Movement analysis for interest due on bank loans and interest rate swaps
\n \n
At 30 September
Cash \ufb02ow paid/
Non-cash
Exchange
At 30 September
2024
(received)
movements
movements
2025
$m
$m
$m
$m
$m
Interest due on bank loans
\u2013
4.6
(4.6)
\u2013
\u2013
Interest rate swaps
\u2013
(0.4)
0.4
\u2013
\u2013
Other interest payable
\u2013
0.1
(0.2)
\u2013
(0.1)
\n \n
At 30 September
Cash \ufb02ow paid/
Non-cash
Exchange
At 30 September
2023
(received)
movements
movements
2024
$m
$m
$m
$m
$m
Interest due on bank loans
\u2013
6.1
(6.1)
\u2013
\u2013
Interest rate swaps
0.9
(0.7)
(0.2)
\u2013
\u2013
In addition to net cash \ufb02ows of $4.2m (2024: $5.4m) disclosed above for interest on bank loans and interest rate swaps, during the year the Group paid
$0.3m for the one-year extension to the RCF (2024: $1.1m in RCF arrangement fees and other directly attributable upfront costs). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00341": { "value": "5.3 Analysis of net cash/(debt) \n \n
At 30 September
Non-cash
Exchange
At 30 September
2024
Cash \ufb02ow
movements
movements
2025
$m
$m
$m
$m
$m
Cash and cash equivalents
14.0
(0.6)
\u2013
\u2013
13.4
Bank loans
(57.5)
(6.0)
\u2013
\u2013
(63.5)
Net debt excluding lease liabilities
(43.5)
(6.6)
\u2013
\u2013
(50.1)
Lease liabilities
(21.9)
5.0
(1.0)
\u2013
(17.9)
Net debt
(65.4)
(1.6)
(1.0)
\u2013
(68.0)
On re\ufb01nancing in the prior year the Group repaid borrowings under the previous RCF of $71.5m and drew borrowings under the new RCF of $72.9m.
A reconciliation of prior year gross cash \ufb02ows for bank loans is provided as follows:
\n \n
Prior RCF
New RCF initial
repayment on
Other loan
drawdown
Other drawdown
cancellation
repayments
proceeds
proceeds
Total cash \ufb02ow
$m
$m
$m
$m
$m
Bank loans
71.5
49.2
(72.9)
(27.6)
20.2
\n \n
At 30 September
Non-cash
Exchange
At 30 September
2023
Cash \ufb02ow
movements
movements
2024
$m
$m
$m
$m
$m
Cash and cash equivalents
13.2
0.7
\u2013
0.1
14.0
Bank loans
(77.7)
20.2
\u2013
\u2013
(57.5)
Net debt excluding lease liabilities
(64.5)
20.9
\u2013
0.1
(43.5)
Lease liabilities
(20.9)
5.2
(5.7)
(0.5)
(21.9)
Net debt
(85.4)
26.1
(5.7)
(0.4)
(65.4)
Cash \ufb02ows against lease liabilities were as follows:
\n \n
2025
2024
$m
$m
Repayment of lease liability
3.9
4.3
Finance costs paid in respect of leases
1.1
0.9
Total lease cash \ufb02ows
5.0
5.2
", "dimensions": { "concept": "avon:DisclosureOfAnalysisOfNetCashDebt", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00333": { "value": "5.4 Financial instruments
Financial instruments by category
Trade and other receivables (excluding prepayments) and cash and cash equivalents are classi\ufb01ed as \u2018\ufb01nancial assets\u2019. Borrowings and trade and other
payables are classi\ufb01ed as \u2018other \ufb01nancial liabilities at amortised cost\u2019. Both categories are initially measured at fair value and subsequently held at
amortised cost.
Derivatives (interest rate swaps) are classi\ufb01ed as \u2018derivatives used for hedging\u2019 and accounted for at fair value with gains and losses taken to reserves
through the Consolidated Statement of Comprehensive Income.
Financial risk and treasury policies
The Group\u2019s \ufb01nance team monitors liquidity, manages relations with the Group\u2019s bankers, identi\ufb01es and manages risk, and provides a treasury
service to the Group\u2019s businesses. Treasury dealings such as investments, borrowings and foreign exchange are conducted only to support underlying
business transactions.
(i) Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its contractual obligations, and arises
principally from the Group\u2019s receivables from customers and monies on deposit with \ufb01nancial institutions.
The Group recognises loss allowances for expected credit losses (ECLs) on \ufb01nancial assets measured at amortised cost and contract assets (as de\ufb01ned in
IFRS 15). ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the di\ufb00erence
between the cash \ufb02ows due to the entity in accordance with the contract and the cash \ufb02ows that the Company expects to receive). ECLs are discounted
at the e\ufb00ective interest rate of the \ufb01nancial asset. Loss allowances for trade receivables and contract assets are always measured at an amount equal to
lifetime ECL.
When determining whether the credit risk of a \ufb01nancial asset has increased signi\ufb01cantly since initial recognition and when estimating ECL, the Company
considers reasonable and supportable information that is relevant and available without undue cost or e\ufb00ort. This includes both quantitative and
qualitative information and analysis, based on the Company\u2019s historical experience and informed credit assessment and including forward-looking
information. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a \ufb01nancial instrument.
The carrying amount of \ufb01nancial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
Carrying amount of \ufb01nancial assets
\n \n
2025
2024
$m
$m
Trade receivables \u2013 net
45.3
32.3
Other receivables
2.4
1.2
Cash and cash equivalents
13.4
14.0
61.1
47.5
The maximum exposure to credit risk for \ufb01nancial assets at the reporting date by currency was:
\n \n
2025
2024
Carrying amount of \ufb01nancial assets
$m
$m
Pound sterling
5.7
4.4
US dollar
51.6
42.5
Euro
3.7
0.4
Other currencies
0.1
0.2
61.1
47.5
The ageing of trade receivables and associated provision for impairment at the reporting date was:
\n \n
Gross
Provision
Net
Gross
Provision
Net
2025
2025
2025
2024
2024
2024
$m
$m
$m
$m
$m
$m
Not past due
39.6
\u2013
39.6
28.6
\u2013
28.6
Past due 0\u201330 days
3.6
\u2013
3.6
3.0
\u2013
3.0
Past due 31\u201360 days
0.4
\u2013
0.4
0.5
\u2013
0.5
Past due 61\u201390 days
1.2
\u2013
1.2
0.2
\u2013
0.2
Past due 91 days
1.2
(0.7)
0.5
0.3
(0.3)
\u2013
46.0
(0.7)
45.3
32.6
(0.3)
32.3
The total past due receivables, net of provisions, is $5.5m (2024: $3.7m).
Individually impaired receivables relate to a small number of speci\ufb01c customers. Provisions for impairment are based on expected credit losses and are
estimated based on knowledge of customers and historical experience of losses. A portion of these receivables is expected to be recovered.
Movements on the Group provision for impairment of trade receivables are as follows:
\n \n
2025
2024
$m
$m
At the beginning of the period
0.3
0.5
Provision for impairment of trade receivables
0.4
(0.2)
At the end of the period
0.7
0.3
The only signi\ufb01cant concentration of credit risk is with the US Government Department of War. At the balance sheet date, outstanding trade receivables
for this customer were $19.5m (2024: $1.2m).
The credit risk in relation to trade receivables is managed via credit evaluations for all non-government customers requiring credit above a certain
threshold, with required approval levels dependent on the value of sales. Where possible, letters of credit or payments in advance are received for
signi\ufb01cant export sales.
(ii) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its \ufb01nancial obligations as they fall due. The Group\u2019s approach to managing liquidity
is to ensure, as far as possible, that it will always have su\ufb03cient 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 uses weekly cash \ufb02ow forecasts to monitor cash requirements and to optimise its borrowing position. Typically the Group ensures that it has
su\ufb03cient borrowing facilities to meet foreseeable operational expenses.
The following shows the contractual maturities of \ufb01nancial liabilities, including interest payments, where applicable, and excluding the impact of netting
agreements and on an undiscounted basis:
\n \n
Carrying
Contractual cash
Less than
amount
\ufb02ows
12 months
2\u20135 years
After 5 years
Analysis of contractual cash \ufb02ow maturities
$m
$m
$m
$m
$m
30 September 2025
Bank loans and overdrafts
(63.5)
(68.6)
(3.1)
(65.5)
\u2013
Trade and other payables
(38.1)
(38.1)
(38.1)
\u2013
\u2013
Lease liabilities
(17.9)
(23.2)
(3.8)
(12.4)
(7.0)
Derivatives
\u2013
\u2013
\u2013
\u2013
\u2013
(119.5)
(129.9)
(45.0)
(77.9)
(7.0)
\n \n
Carrying
Contractual cash
Less than
amount
\ufb02ows
12 months
2\u20135 years
After 5 years
Analysis of contractual cash \ufb02ow maturities
$m
$m
$m
$m
$m
30 September 2024
Bank loans and overdrafts
(57.5)
(65.9)
(4.0)
(61.9)
\u2013
Trade and other payables
(34.9)
(34.9)
(34.9)
\u2013
\u2013
Lease liabilities
(21.9)
(28.7)
(5.0)
(13.7)
(10.0)
Derivatives
\u2013
\u2013
0.2
(0.2)
\u2013
(114.3)
(129.5)
(43.7)
(75.8)
(10.0)
(iii) Currency risk
The Group is exposed to transactional foreign exchange risk to the extent that there is a mismatch between the currencies in which sales and purchases
are denominated and the respective functional currencies of Group companies. The functional currencies of Group companies are sterling and US dollars.
Transactional risk is minimised through natural hedging of sales and purchase currencies at a Company level. The Group monitors net transactional
exposure and can utilise forward foreign exchange contracts to hedge the remaining currency risk. These contracts are generally designated as cash
\ufb02ow hedges. At the end of the reporting period there were no forward contracts outstanding (2024: $nil).
The Group is also exposed to translational foreign exchange risk arising when the results of sterling-denominated companies are consolidated into the
Group presentational currency, US dollars. Group policy is not to hedge translational foreign exchange risk.
In respect of monetary assets and liabilities that are not denominated in Company functional currencies, the Group regularly reviews net exposure and
ensures this is kept to an acceptable level by monitoring intercompany funding structures and buying or selling foreign currencies where necessary to
address short-term imbalances.
Sensitivity analysis
It is estimated that, with all other variables held equal (in particular other exchange rates), a 1c increase in the value of the US dollar against sterling
would have increased the Group\u2019s pro\ufb01t before interest and tax by $0.3m (2024: $0.2m), increased the Group\u2019s pro\ufb01t after tax by $0.3m (2024: $0.2m)
and increased shareholders\u2019 funds by $0.3m (2024: $0.2m).
The following signi\ufb01cant exchange rates applied during the period:
\n \n
Average rate 2025
Closing rate 2025
Average rate 2024
Closing rate 2024
Pound sterling
0.7653
0.7440
0.7887
0.7469
(iv) Interest rate risk
\n \n
2025
2024
Derivative \ufb01nancial instruments \u2013 interest rate swaps
$m
$m
Current
\u2013
0.2
Non-current
\u2013
(0.2)
\u2013
\u2013
The RCF is \ufb02oating rate priced using the Secured Overnight Financing Rate (SOFR). Under Group hedging policy, interest rate swaps are used to \ufb01x
a portion of SOFR \ufb02oating rate interest. The notional value of active interest rate swaps at 30 September 2025 was $20.0m, expiring on 8 September 2026
(2024: $20.0m). In the prior year the Group also had additional interest rate swaps in place with a notional value of $30.0m which expired on 8 September
2025. As at 30 September 2025, the value of the Group\u2019s interest rate swaps was less than $0.1m.
After taking account of hedging, a 1.0% increase in SOFR would have increased interest payable on bank loans by $0.3m (2024: $0.4m).
(v) Fair values
The fair values of \ufb01nancial assets and liabilities, together with the carrying amounts shown in the balance sheet, are as follows:
\n \n
Carrying amount
Fair value
Carrying amount
Fair value
2025
2025
2024
2024
$m
$m
$m
$m
Trade receivables \u2013 net
45.3
45.3
32.3
32.3
Other receivables
2.4
2.4
1.2
1.2
Derivatives
\u2013
\u2013
\u2013
\u2013
Cash and cash equivalents
13.4
13.4
14.0
14.0
Bank loans
(63.5)
(63.5)
(57.5)
(57.5)
Trade and other payables
(40.2)
(40.2)
(35.8)
(35.8)
Basis for determining fair value
The following summarises the signi\ufb01cant methods and assumptions used in estimating the fair values of \ufb01nancial instruments re\ufb02ected in the
table above.
Derivatives
The Group\u2019s interest rate swaps are not traded in active markets. These have been fair valued using observable interest rates. The e\ufb00ects of
non-observable inputs are not signi\ufb01cant for interest rate swaps.
Counterparty banks perform valuations of interest rate swaps for \ufb01nancial reporting purposes, determined by discounting the future cash \ufb02ows
at rates determined by year end yield curves.
Secured loans
As the loans are \ufb02oating rate borrowings, amortised cost is deemed to re\ufb02ect fair value.
Trade and other receivables/payables
As the majority of receivables/payables have a remaining life of less than one year, the notional amount is deemed to re\ufb02ect the fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00342": { "value": "Financial risk and treasury policies
The Group\u2019s \ufb01nance team monitors liquidity, manages relations with the Group\u2019s bankers, identi\ufb01es and manages risk, and provides a treasury
service to the Group\u2019s businesses. Treasury dealings such as investments, borrowings and foreign exchange are conducted only to support underlying
business transactions.
(i) Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its contractual obligations, and arises
principally from the Group\u2019s receivables from customers and monies on deposit with \ufb01nancial institutions.
The Group recognises loss allowances for expected credit losses (ECLs) on \ufb01nancial assets measured at amortised cost and contract assets (as de\ufb01ned in
IFRS 15). ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the di\ufb00erence
between the cash \ufb02ows due to the entity in accordance with the contract and the cash \ufb02ows that the Company expects to receive). ECLs are discounted
at the e\ufb00ective interest rate of the \ufb01nancial asset. Loss allowances for trade receivables and contract assets are always measured at an amount equal to
lifetime ECL.
When determining whether the credit risk of a \ufb01nancial asset has increased signi\ufb01cantly since initial recognition and when estimating ECL, the Company
considers reasonable and supportable information that is relevant and available without undue cost or e\ufb00ort. This includes both quantitative and
qualitative information and analysis, based on the Company\u2019s historical experience and informed credit assessment and including forward-looking
information. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a \ufb01nancial instrument.
The carrying amount of \ufb01nancial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
Carrying amount of \ufb01nancial assets
\n \n
2025
2024
$m
$m
Trade receivables \u2013 net
45.3
32.3
Other receivables
2.4
1.2
Cash and cash equivalents
13.4
14.0
61.1
47.5
The maximum exposure to credit risk for \ufb01nancial assets at the reporting date by currency was:
\n \n
2025
2024
Carrying amount of \ufb01nancial assets
$m
$m
Pound sterling
5.7
4.4
US dollar
51.6
42.5
Euro
3.7
0.4
Other currencies
0.1
0.2
61.1
47.5
The ageing of trade receivables and associated provision for impairment at the reporting date was:
\n \n
Gross
Provision
Net
Gross
Provision
Net
2025
2025
2025
2024
2024
2024
$m
$m
$m
$m
$m
$m
Not past due
39.6
\u2013
39.6
28.6
\u2013
28.6
Past due 0\u201330 days
3.6
\u2013
3.6
3.0
\u2013
3.0
Past due 31\u201360 days
0.4
\u2013
0.4
0.5
\u2013
0.5
Past due 61\u201390 days
1.2
\u2013
1.2
0.2
\u2013
0.2
Past due 91 days
1.2
(0.7)
0.5
0.3
(0.3)
\u2013
46.0
(0.7)
45.3
32.6
(0.3)
32.3
The total past due receivables, net of provisions, is $5.5m (2024: $3.7m).
Individually impaired receivables relate to a small number of speci\ufb01c customers. Provisions for impairment are based on expected credit losses and are
estimated based on knowledge of customers and historical experience of losses. A portion of these receivables is expected to be recovered.
Movements on the Group provision for impairment of trade receivables are as follows:
\n \n
2025
2024
$m
$m
At the beginning of the period
0.3
0.5
Provision for impairment of trade receivables
0.4
(0.2)
At the end of the period
0.7
0.3
The only signi\ufb01cant concentration of credit risk is with the US Government Department of War. At the balance sheet date, outstanding trade receivables
for this customer were $19.5m (2024: $1.2m).
The credit risk in relation to trade receivables is managed via credit evaluations for all non-government customers requiring credit above a certain
threshold, with required approval levels dependent on the value of sales. Where possible, letters of credit or payments in advance are received for
signi\ufb01cant export sales.
(ii) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its \ufb01nancial obligations as they fall due. The Group\u2019s approach to managing liquidity
is to ensure, as far as possible, that it will always have su\ufb03cient 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 uses weekly cash \ufb02ow forecasts to monitor cash requirements and to optimise its borrowing position. Typically the Group ensures that it has
su\ufb03cient borrowing facilities to meet foreseeable operational expenses.
The following shows the contractual maturities of \ufb01nancial liabilities, including interest payments, where applicable, and excluding the impact of netting
agreements and on an undiscounted basis:
\n \n
Carrying
Contractual cash
Less than
amount
\ufb02ows
12 months
2\u20135 years
After 5 years
Analysis of contractual cash \ufb02ow maturities
$m
$m
$m
$m
$m
30 September 2025
Bank loans and overdrafts
(63.5)
(68.6)
(3.1)
(65.5)
\u2013
Trade and other payables
(38.1)
(38.1)
(38.1)
\u2013
\u2013
Lease liabilities
(17.9)
(23.2)
(3.8)
(12.4)
(7.0)
Derivatives
\u2013
\u2013
\u2013
\u2013
\u2013
(119.5)
(129.9)
(45.0)
(77.9)
(7.0)
\n \n
Carrying
Contractual cash
Less than
amount
\ufb02ows
12 months
2\u20135 years
After 5 years
Analysis of contractual cash \ufb02ow maturities
$m
$m
$m
$m
$m
30 September 2024
Bank loans and overdrafts
(57.5)
(65.9)
(4.0)
(61.9)
\u2013
Trade and other payables
(34.9)
(34.9)
(34.9)
\u2013
\u2013
Lease liabilities
(21.9)
(28.7)
(5.0)
(13.7)
(10.0)
Derivatives
\u2013
\u2013
0.2
(0.2)
\u2013
(114.3)
(129.5)
(43.7)
(75.8)
(10.0)
(iii) Currency risk
The Group is exposed to transactional foreign exchange risk to the extent that there is a mismatch between the currencies in which sales and purchases
are denominated and the respective functional currencies of Group companies. The functional currencies of Group companies are sterling and US dollars.
Transactional risk is minimised through natural hedging of sales and purchase currencies at a Company level. The Group monitors net transactional
exposure and can utilise forward foreign exchange contracts to hedge the remaining currency risk. These contracts are generally designated as cash
\ufb02ow hedges. At the end of the reporting period there were no forward contracts outstanding (2024: $nil).
The Group is also exposed to translational foreign exchange risk arising when the results of sterling-denominated companies are consolidated into the
Group presentational currency, US dollars. Group policy is not to hedge translational foreign exchange risk.
In respect of monetary assets and liabilities that are not denominated in Company functional currencies, the Group regularly reviews net exposure and
ensures this is kept to an acceptable level by monitoring intercompany funding structures and buying or selling foreign currencies where necessary to
address short-term imbalances.
Sensitivity analysis
It is estimated that, with all other variables held equal (in particular other exchange rates), a 1c increase in the value of the US dollar against sterling
would have increased the Group\u2019s pro\ufb01t before interest and tax by $0.3m (2024: $0.2m), increased the Group\u2019s pro\ufb01t after tax by $0.3m (2024: $0.2m)
and increased shareholders\u2019 funds by $0.3m (2024: $0.2m).
The following signi\ufb01cant exchange rates applied during the period:
\n \n
Average rate 2025
Closing rate 2025
Average rate 2024
Closing rate 2024
Pound sterling
0.7653
0.7440
0.7887
0.7469
(iv) Interest rate risk
\n \n
2025
2024
Derivative \ufb01nancial instruments \u2013 interest rate swaps
$m
$m
Current
\u2013
0.2
Non-current
\u2013
(0.2)
\u2013
\u2013
The RCF is \ufb02oating rate priced using the Secured Overnight Financing Rate (SOFR). Under Group hedging policy, interest rate swaps are used to \ufb01x
a portion of SOFR \ufb02oating rate interest. The notional value of active interest rate swaps at 30 September 2025 was $20.0m, expiring on 8 September 2026
(2024: $20.0m). In the prior year the Group also had additional interest rate swaps in place with a notional value of $30.0m which expired on 8 September
2025. As at 30 September 2025, the value of the Group\u2019s interest rate swaps was less than $0.1m.
After taking account of hedging, a 1.0% increase in SOFR would have increased interest payable on bank loans by $0.3m (2024: $0.4m).
(v) Fair values
The fair values of \ufb01nancial assets and liabilities, together with the carrying amounts shown in the balance sheet, are as follows:
\n \n
Carrying amount
Fair value
Carrying amount
Fair value
2025
2025
2024
2024
$m
$m
$m
$m
Trade receivables \u2013 net
45.3
45.3
32.3
32.3
Other receivables
2.4
2.4
1.2
1.2
Derivatives
\u2013
\u2013
\u2013
\u2013
Cash and cash equivalents
13.4
13.4
14.0
14.0
Bank loans
(63.5)
(63.5)
(57.5)
(57.5)
Trade and other payables
(40.2)
(40.2)
(35.8)
(35.8)
Basis for determining fair value
The following summarises the signi\ufb01cant methods and assumptions used in estimating the fair values of \ufb01nancial instruments re\ufb02ected in the
table above.
Derivatives
The Group\u2019s interest rate swaps are not traded in active markets. These have been fair valued using observable interest rates. The e\ufb00ects of
non-observable inputs are not signi\ufb01cant for interest rate swaps.
Counterparty banks perform valuations of interest rate swaps for \ufb01nancial reporting purposes, determined by discounting the future cash \ufb02ows
at rates determined by year end yield curves.
Secured loans
As the loans are \ufb02oating rate borrowings, amortised cost is deemed to re\ufb02ect fair value.
Trade and other receivables/payables
As the majority of receivables/payables have a remaining life of less than one year, the notional amount is deemed to re\ufb02ect the fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00344": { "value": "(i) Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its contractual obligations, and arises
principally from the Group\u2019s receivables from customers and monies on deposit with \ufb01nancial institutions.
The Group recognises loss allowances for expected credit losses (ECLs) on \ufb01nancial assets measured at amortised cost and contract assets (as de\ufb01ned in
IFRS 15). ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the di\ufb00erence
between the cash \ufb02ows due to the entity in accordance with the contract and the cash \ufb02ows that the Company expects to receive). ECLs are discounted
at the e\ufb00ective interest rate of the \ufb01nancial asset. Loss allowances for trade receivables and contract assets are always measured at an amount equal to
lifetime ECL.
When determining whether the credit risk of a \ufb01nancial asset has increased signi\ufb01cantly since initial recognition and when estimating ECL, the Company
considers reasonable and supportable information that is relevant and available without undue cost or e\ufb00ort. This includes both quantitative and
qualitative information and analysis, based on the Company\u2019s historical experience and informed credit assessment and including forward-looking
information. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a \ufb01nancial instrument.
The carrying amount of \ufb01nancial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
Carrying amount of \ufb01nancial assets
\n \n
2025
2024
$m
$m
Trade receivables \u2013 net
45.3
32.3
Other receivables
2.4
1.2
Cash and cash equivalents
13.4
14.0
61.1
47.5
The maximum exposure to credit risk for \ufb01nancial assets at the reporting date by currency was:
\n \n
2025
2024
Carrying amount of \ufb01nancial assets
$m
$m
Pound sterling
5.7
4.4
US dollar
51.6
42.5
Euro
3.7
0.4
Other currencies
0.1
0.2
61.1
47.5
The ageing of trade receivables and associated provision for impairment at the reporting date was:
\n \n
Gross
Provision
Net
Gross
Provision
Net
2025
2025
2025
2024
2024
2024
$m
$m
$m
$m
$m
$m
Not past due
39.6
\u2013
39.6
28.6
\u2013
28.6
Past due 0\u201330 days
3.6
\u2013
3.6
3.0
\u2013
3.0
Past due 31\u201360 days
0.4
\u2013
0.4
0.5
\u2013
0.5
Past due 61\u201390 days
1.2
\u2013
1.2
0.2
\u2013
0.2
Past due 91 days
1.2
(0.7)
0.5
0.3
(0.3)
\u2013
46.0
(0.7)
45.3
32.6
(0.3)
32.3
The total past due receivables, net of provisions, is $5.5m (2024: $3.7m).
Individually impaired receivables relate to a small number of speci\ufb01c customers. Provisions for impairment are based on expected credit losses and are
estimated based on knowledge of customers and historical experience of losses. A portion of these receivables is expected to be recovered.
Movements on the Group provision for impairment of trade receivables are as follows:
\n \n
2025
2024
$m
$m
At the beginning of the period
0.3
0.5
Provision for impairment of trade receivables
0.4
(0.2)
At the end of the period
0.7
0.3
The only signi\ufb01cant concentration of credit risk is with the US Government Department of War. At the balance sheet date, outstanding trade receivables
for this customer were $19.5m (2024: $1.2m).
The credit risk in relation to trade receivables is managed via credit evaluations for all non-government customers requiring credit above a certain
threshold, with required approval levels dependent on the value of sales. Where possible, letters of credit or payments in advance are received for
signi\ufb01cant export sales. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00343": { "value": "(i) Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its contractual obligations, and arises
principally from the Group\u2019s receivables from customers and monies on deposit with \ufb01nancial institutions.
The Group recognises loss allowances for expected credit losses (ECLs) on \ufb01nancial assets measured at amortised cost and contract assets (as de\ufb01ned in
IFRS 15). ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the di\ufb00erence
between the cash \ufb02ows due to the entity in accordance with the contract and the cash \ufb02ows that the Company expects to receive). ECLs are discounted
at the e\ufb00ective interest rate of the \ufb01nancial asset. Loss allowances for trade receivables and contract assets are always measured at an amount equal to
lifetime ECL.
When determining whether the credit risk of a \ufb01nancial asset has increased signi\ufb01cantly since initial recognition and when estimating ECL, the Company
considers reasonable and supportable information that is relevant and available without undue cost or e\ufb00ort. This includes both quantitative and
qualitative information and analysis, based on the Company\u2019s historical experience and informed credit assessment and including forward-looking
information. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a \ufb01nancial instrument.
The carrying amount of \ufb01nancial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
Carrying amount of \ufb01nancial assets
\n \n
2025
2024
$m
$m
Trade receivables \u2013 net
45.3
32.3
Other receivables
2.4
1.2
Cash and cash equivalents
13.4
14.0
61.1
47.5
The maximum exposure to credit risk for \ufb01nancial assets at the reporting date by currency was:
\n \n
2025
2024
Carrying amount of \ufb01nancial assets
$m
$m
Pound sterling
5.7
4.4
US dollar
51.6
42.5
Euro
3.7
0.4
Other currencies
0.1
0.2
61.1
47.5
The ageing of trade receivables and associated provision for impairment at the reporting date was:
\n \n
Gross
Provision
Net
Gross
Provision
Net
2025
2025
2025
2024
2024
2024
$m
$m
$m
$m
$m
$m
Not past due
39.6
\u2013
39.6
28.6
\u2013
28.6
Past due 0\u201330 days
3.6
\u2013
3.6
3.0
\u2013
3.0
Past due 31\u201360 days
0.4
\u2013
0.4
0.5
\u2013
0.5
Past due 61\u201390 days
1.2
\u2013
1.2
0.2
\u2013
0.2
Past due 91 days
1.2
(0.7)
0.5
0.3
(0.3)
\u2013
46.0
(0.7)
45.3
32.6
(0.3)
32.3
The total past due receivables, net of provisions, is $5.5m (2024: $3.7m).
Individually impaired receivables relate to a small number of speci\ufb01c customers. Provisions for impairment are based on expected credit losses and are
estimated based on knowledge of customers and historical experience of losses. A portion of these receivables is expected to be recovered.
Movements on the Group provision for impairment of trade receivables are as follows:
\n \n
2025
2024
$m
$m
At the beginning of the period
0.3
0.5
Provision for impairment of trade receivables
0.4
(0.2)
At the end of the period
0.7
0.3
The only signi\ufb01cant concentration of credit risk is with the US Government Department of War. At the balance sheet date, outstanding trade receivables
for this customer were $19.5m (2024: $1.2m).
The credit risk in relation to trade receivables is managed via credit evaluations for all non-government customers requiring credit above a certain
threshold, with required approval levels dependent on the value of sales. Where possible, letters of credit or payments in advance are received for
signi\ufb01cant export sales. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00345": { "value": "(ii) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its \ufb01nancial obligations as they fall due. The Group\u2019s approach to managing liquidity
is to ensure, as far as possible, that it will always have su\ufb03cient 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 uses weekly cash \ufb02ow forecasts to monitor cash requirements and to optimise its borrowing position. Typically the Group ensures that it has
su\ufb03cient borrowing facilities to meet foreseeable operational expenses.
The following shows the contractual maturities of \ufb01nancial liabilities, including interest payments, where applicable, and excluding the impact of netting
agreements and on an undiscounted basis:
\n \n
Carrying
Contractual cash
Less than
amount
\ufb02ows
12 months
2\u20135 years
After 5 years
Analysis of contractual cash \ufb02ow maturities
$m
$m
$m
$m
$m
30 September 2025
Bank loans and overdrafts
(63.5)
(68.6)
(3.1)
(65.5)
\u2013
Trade and other payables
(38.1)
(38.1)
(38.1)
\u2013
\u2013
Lease liabilities
(17.9)
(23.2)
(3.8)
(12.4)
(7.0)
Derivatives
\u2013
\u2013
\u2013
\u2013
\u2013
(119.5)
(129.9)
(45.0)
(77.9)
(7.0)
\n \n
Carrying
Contractual cash
Less than
amount
\ufb02ows
12 months
2\u20135 years
After 5 years
Analysis of contractual cash \ufb02ow maturities
$m
$m
$m
$m
$m
30 September 2024
Bank loans and overdrafts
(57.5)
(65.9)
(4.0)
(61.9)
\u2013
Trade and other payables
(34.9)
(34.9)
(34.9)
\u2013
\u2013
Lease liabilities
(21.9)
(28.7)
(5.0)
(13.7)
(10.0)
Derivatives
\u2013
\u2013
0.2
(0.2)
\u2013
(114.3)
(129.5)
(43.7)
(75.8)
(10.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00346": { "value": "(iii) Currency risk
The Group is exposed to transactional foreign exchange risk to the extent that there is a mismatch between the currencies in which sales and purchases
are denominated and the respective functional currencies of Group companies. The functional currencies of Group companies are sterling and US dollars.
Transactional risk is minimised through natural hedging of sales and purchase currencies at a Company level. The Group monitors net transactional
exposure and can utilise forward foreign exchange contracts to hedge the remaining currency risk. These contracts are generally designated as cash
\ufb02ow hedges. At the end of the reporting period there were no forward contracts outstanding (2024: $nil).
The Group is also exposed to translational foreign exchange risk arising when the results of sterling-denominated companies are consolidated into the
Group presentational currency, US dollars. Group policy is not to hedge translational foreign exchange risk.
In respect of monetary assets and liabilities that are not denominated in Company functional currencies, the Group regularly reviews net exposure and
ensures this is kept to an acceptable level by monitoring intercompany funding structures and buying or selling foreign currencies where necessary to
address short-term imbalances.
Sensitivity analysis
It is estimated that, with all other variables held equal (in particular other exchange rates), a 1c increase in the value of the US dollar against sterling
would have increased the Group\u2019s pro\ufb01t before interest and tax by $0.3m (2024: $0.2m), increased the Group\u2019s pro\ufb01t after tax by $0.3m (2024: $0.2m)
and increased shareholders\u2019 funds by $0.3m (2024: $0.2m).
The following signi\ufb01cant exchange rates applied during the period:
\n \n
Average rate 2025
Closing rate 2025
Average rate 2024
Closing rate 2024
Pound sterling
0.7653
0.7440
0.7887
0.7469
(iv) Interest rate risk
\n \n
2025
2024
Derivative \ufb01nancial instruments \u2013 interest rate swaps
$m
$m
Current
\u2013
0.2
Non-current
\u2013
(0.2)
\u2013
\u2013
The RCF is \ufb02oating rate priced using the Secured Overnight Financing Rate (SOFR). Under Group hedging policy, interest rate swaps are used to \ufb01x
a portion of SOFR \ufb02oating rate interest. The notional value of active interest rate swaps at 30 September 2025 was $20.0m, expiring on 8 September 2026
(2024: $20.0m). In the prior year the Group also had additional interest rate swaps in place with a notional value of $30.0m which expired on 8 September
2025. As at 30 September 2025, the value of the Group\u2019s interest rate swaps was less than $0.1m.
After taking account of hedging, a 1.0% increase in SOFR would have increased interest payable on bank loans by $0.3m (2024: $0.4m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00347": { "value": "Sensitivity analysis
It is estimated that, with all other variables held equal (in particular other exchange rates), a 1c increase in the value of the US dollar against sterling
would have increased the Group\u2019s pro\ufb01t before interest and tax by $0.3m (2024: $0.2m), increased the Group\u2019s pro\ufb01t after tax by $0.3m (2024: $0.2m)
and increased shareholders\u2019 funds by $0.3m (2024: $0.2m).
The following signi\ufb01cant exchange rates applied during the period:
\n \n
Average rate 2025
Closing rate 2025
Average rate 2024
Closing rate 2024
Pound sterling
0.7653
0.7440
0.7887
0.7469
(iv) Interest rate risk
\n \n
2025
2024
Derivative \ufb01nancial instruments \u2013 interest rate swaps
$m
$m
Current
\u2013
0.2
Non-current
\u2013
(0.2)
\u2013
\u2013
The RCF is \ufb02oating rate priced using the Secured Overnight Financing Rate (SOFR). Under Group hedging policy, interest rate swaps are used to \ufb01x
a portion of SOFR \ufb02oating rate interest. The notional value of active interest rate swaps at 30 September 2025 was $20.0m, expiring on 8 September 2026
(2024: $20.0m). In the prior year the Group also had additional interest rate swaps in place with a notional value of $30.0m which expired on 8 September
2025. As at 30 September 2025, the value of the Group\u2019s interest rate swaps was less than $0.1m.
After taking account of hedging, a 1.0% increase in SOFR would have increased interest payable on bank loans by $0.3m (2024: $0.4m). ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00348": { "value": "\n \n
2025
2024
Derivative \ufb01nancial instruments \u2013 interest rate swaps
$m
$m
Current
\u2013
0.2
Non-current
\u2013
(0.2)
\u2013
\u2013
The RCF is \ufb02oating rate priced using the Secured Overnight Financing Rate (SOFR). Under Group hedging policy, interest rate swaps are used to \ufb01x
a portion of SOFR \ufb02oating rate interest. The notional value of active interest rate swaps at 30 September 2025 was $20.0m, expiring on 8 September 2026
(2024: $20.0m). In the prior year the Group also had additional interest rate swaps in place with a notional value of $30.0m which expired on 8 September
2025. As at 30 September 2025, the value of the Group\u2019s interest rate swaps was less than $0.1m.
After taking account of hedging, a 1.0% increase in SOFR would have increased interest payable on bank loans by $0.3m (2024: $0.4m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00350": { "value": "(v) Fair values
The fair values of \ufb01nancial assets and liabilities, together with the carrying amounts shown in the balance sheet, are as follows:
\n \n
Carrying amount
Fair value
Carrying amount
Fair value
2025
2025
2024
2024
$m
$m
$m
$m
Trade receivables \u2013 net
45.3
45.3
32.3
32.3
Other receivables
2.4
2.4
1.2
1.2
Derivatives
\u2013
\u2013
\u2013
\u2013
Cash and cash equivalents
13.4
13.4
14.0
14.0
Bank loans
(63.5)
(63.5)
(57.5)
(57.5)
Trade and other payables
(40.2)
(40.2)
(35.8)
(35.8)
Basis for determining fair value
The following summarises the signi\ufb01cant methods and assumptions used in estimating the fair values of \ufb01nancial instruments re\ufb02ected in the
table above.
Derivatives
The Group\u2019s interest rate swaps are not traded in active markets. These have been fair valued using observable interest rates. The e\ufb00ects of
non-observable inputs are not signi\ufb01cant for interest rate swaps.
Counterparty banks perform valuations of interest rate swaps for \ufb01nancial reporting purposes, determined by discounting the future cash \ufb02ows
at rates determined by year end yield curves.
Secured loans
As the loans are \ufb02oating rate borrowings, amortised cost is deemed to re\ufb02ect fair value.
Trade and other receivables/payables
As the majority of receivables/payables have a remaining life of less than one year, the notional amount is deemed to re\ufb02ect the fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00349": { "value": "(v) Fair values
The fair values of \ufb01nancial assets and liabilities, together with the carrying amounts shown in the balance sheet, are as follows:
\n \n
Carrying amount
Fair value
Carrying amount
Fair value
2025
2025
2024
2024
$m
$m
$m
$m
Trade receivables \u2013 net
45.3
45.3
32.3
32.3
Other receivables
2.4
2.4
1.2
1.2
Derivatives
\u2013
\u2013
\u2013
\u2013
Cash and cash equivalents
13.4
13.4
14.0
14.0
Bank loans
(63.5)
(63.5)
(57.5)
(57.5)
Trade and other payables
(40.2)
(40.2)
(35.8)
(35.8)
Basis for determining fair value
The following summarises the signi\ufb01cant methods and assumptions used in estimating the fair values of \ufb01nancial instruments re\ufb02ected in the
table above.
Derivatives
The Group\u2019s interest rate swaps are not traded in active markets. These have been fair valued using observable interest rates. The e\ufb00ects of
non-observable inputs are not signi\ufb01cant for interest rate swaps.
Counterparty banks perform valuations of interest rate swaps for \ufb01nancial reporting purposes, determined by discounting the future cash \ufb02ows
at rates determined by year end yield curves.
Secured loans
As the loans are \ufb02oating rate borrowings, amortised cost is deemed to re\ufb02ect fair value.
Trade and other receivables/payables
As the majority of receivables/payables have a remaining life of less than one year, the notional amount is deemed to re\ufb02ect the fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00351": { "value": "5.5 Equity
Share capital
\n \n
Number
Ordinary shares
Share premium
Number
Ordinary shares
Share premium
of shares
2025
2025
of shares
2024
2024
2025
$m
$m
2024
$m
$m
Called up allotted and fully paid ordinary
shares of \u00a31 each
At the beginning of the period
31,023,292
50.3
54.3
31,023,292
50.3
54.3
At the end of the period
31,023,292
50.3
54.3
31,023,292
50.3
54.3
Ordinary shareholders are entitled to receive dividends and to vote at meetings of the Company.
Own shares held \u2013 Long-Term Incentive Plan
\n \n
2025
2024
Number of shares
Number of shares
Opening balance
555,205
261,714
Acquired in the period
494,650
301,947
Disposed of on exercise of options
(105,045)
(8,456)
Closing balance
944,810
555,205
Own shares held \u2013 Share Buyback Programme
\n \n
2025
2024
Number of shares
Number of shares
Opening balance
765,098
765,098
Acquired in the period
\u2013
\u2013
Closing balance
765,098
765,098
These shares are held in trust in respect of awards made under the Group\u2019s Long-Term Incentive Plan. Dividends on the shares have been waived.
The market value of shares held in trust at 30 September 2025 was $27.0m (30 September 2024: $9.1m). The shares are held at cost as treasury shares
and deducted from shareholders\u2019 equity.
During 2025 the trust acquired 494,650 (2024: 301,947) shares at a cost of $9.1m (2024: $5.0m).
In 2022 the Group completed a \u00a39.25m ($12.4m) Share Buyback Programme, purchasing 765,098 ordinary shares. Dividends on these shares have been
waived. Purchased shares under the programme are held at cost as treasury shares and deducted from shareholders\u2019 equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00352": { "value": "5.5 Equity
Share capital
\n \n
Number
Ordinary shares
Share premium
Number
Ordinary shares
Share premium
of shares
2025
2025
of shares
2024
2024
2025
$m
$m
2024
$m
$m
Called up allotted and fully paid ordinary
shares of \u00a31 each
At the beginning of the period
31,023,292
50.3
54.3
31,023,292
50.3
54.3
At the end of the period
31,023,292
50.3
54.3
31,023,292
50.3
54.3
Ordinary shareholders are entitled to receive dividends and to vote at meetings of the Company. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00353": { "value": "Own shares held \u2013 Long-Term Incentive Plan \n \n
2025
2024
Number of shares
Number of shares
Opening balance
555,205
261,714
Acquired in the period
494,650
301,947
Disposed of on exercise of options
(105,045)
(8,456)
Closing balance
944,810
555,205
Own shares held \u2013 Share Buyback Programme
\n \n
2025
2024
Number of shares
Number of shares
Opening balance
765,098
765,098
Acquired in the period
\u2013
\u2013
Closing balance
765,098
765,098
These shares are held in trust in respect of awards made under the Group\u2019s Long-Term Incentive Plan. Dividends on the shares have been waived.
The market value of shares held in trust at 30 September 2025 was $27.0m (30 September 2024: $9.1m). The shares are held at cost as treasury shares
and deducted from shareholders\u2019 equity.
During 2025 the trust acquired 494,650 (2024: 301,947) shares at a cost of $9.1m (2024: $5.0m).
In 2022 the Group completed a \u00a39.25m ($12.4m) Share Buyback Programme, purchasing 765,098 ordinary shares. Dividends on these shares have been
waived. Purchased shares under the programme are held at cost as treasury shares and deducted from shareholders\u2019 equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00354": { "value": "5.6 Dividends
On 31 January 2025, the shareholders approved a \ufb01nal dividend of 16.1c per qualifying ordinary share in respect of the year ended 30 September 2024.
This was paid on 7 March 2025 utilising $4.9m of shareholders\u2019 funds.
The Board of Directors declared an interim dividend of 7.6c (2024: 7.2c) per qualifying ordinary share in respect of the year ended 30 September 2025.
This was paid on 5 September 2025 utilising $2.3m (2024: $2.2m) of shareholders\u2019 funds.
The Board is recommending a \ufb01nal dividend of 17.0c per share (2024: 16.1c), which together with the 7.6c interim dividend gives a total dividend
of
24.6
c (2024:
23.3
c). The \ufb01nal dividend will be paid on 6 March 2026 to shareholders on the register at 6 February 2026 with an ex-dividend date
of 5 February 2026.
Dividend cover
\n \n
2025
2024
$ cents
$ cents
Interim dividend
7.6c
7.2c
Final dividend
17.0c
16.1c
Total dividend
24.6c
23.3c
Basic earnings per share
34.9c
10.0c
Dividend cover ratio
1.4 times
0.4 times
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00356": { "value": "0.246", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00355": { "value": "0.233", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800JM1AN62REBWA71", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00357": { "value": "6.1 Employees
Total remuneration and associated costs for the period were:
\n \n
2025
2024
$m
$m
Wages and salaries
76.3
71.3
Social security costs
7.9
7.3
Other pension costs
3.0
3.0
US healthcare costs
5.9
5.8
Share-based payments (note 6.3)
6.0
3.3
99.1
90.7
Detailed disclosures of Directors\u2019 remuneration and share options, including disclosure of the highest-paid Director, are given on page 101.
The average monthly number of employees (including Executive Directors) during the period was:
\n \n
2025
2024
number
number
Avon Protection
442
452
Team Wendy
469
463
911
915
The total number of employees (including Executive Directors) at the end of the reporting period was:
\n \n
2025
2024
number
number
Avon Protection
462
436
Team Wendy
520
481
982
917
Central employees that are not speci\ufb01cally related to an individual business have been allocated to Avon Protection and Team Wendy based on an
average of relative net assets, payroll costs and revenues.
Key management compensation
The key management compensation below includes the Executive Directors plus seven (2024: four) others who were active members of the
Group Executive team during the year. It also includes the Non-Executive Directors.
\n \n
2025
2024
$m
$m
Salaries and other employee bene\ufb01ts
6.3
5.9
Post-employment bene\ufb01ts
0.2
0.2
6.5
6.1
The value of LTIP share awards held by key management that vested during the year was $0.6m (2024: $nil). The notional non-cash IFRS 2 equity settled
share-based payment expense in respect of the key management was $2.4m (2024: $1.7m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00358": { "value": "Key management compensation
The key management compensation below includes the Executive Directors plus seven (2024: four) others who were active members of the
Group Executive team during the year. It also includes the Non-Executive Directors.
\n \n
2025
2024
$m
$m
Salaries and other employee bene\ufb01ts
6.3
5.9
Post-employment bene\ufb01ts
0.2
0.2
6.5
6.1
The value of LTIP share awards held by key management that vested during the year was $0.6m (2024: $nil). The notional non-cash IFRS 2 equity settled
share-based payment expense in respect of the key management was $2.4m (2024: $1.7m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00360": { "value": "De\ufb01ned contribution pension scheme The charge in respect of de\ufb01ned contribution pension schemes was $3.0m (2024: $3.0m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00361": { "value": "De\ufb01ned bene\ufb01t pension scheme
Retirement bene\ufb01t assets and liabilities can be analysed as follows:
\n \n
2025
2024
$m
$m
Net pension liability
13.8
17.2
The Group operated a contributory de\ufb01ned bene\ufb01t plan to provide pension and death bene\ufb01ts for the employees of Avon Technologies plc and its
Group undertakings in the UK employed prior to 31 January 2003. The plan was closed to future accrual of bene\ufb01t on 1 October 2009 and has a weighted
average maturity of approximately 11 years. The assets of the plan are held in separate trustee-administered funds and are invested by professional
investment managers. The trustee is Avon Rubber Pension Trust Limited, the Directors of which are members of the plan. Five Directors are appointed by
the Company and two are elected by the members. The plan exposes the Group to actuarial risks such as longevity risk, in\ufb02ation risk and investment risk.
The funding of the plan is based on regular actuarial valuations. The most recent full actuarial valuation of the plan was carried out at 31 March 2022
when the market value of the plan\u2019s assets was \u00a3337.5m. The fair value of those assets represented 91% of the value of the bene\ufb01ts which had accrued to
members, after allowing for future increase in pensions. The next triennial valuation at 31 March 2025 is now underway, with the outcome of the process
expected mid-FY26.
During the year the Group made payments of $6.0m to the plan (2024: $9.1m) in respect of scheme expenses and de\ufb01cit recovery plan payments.
In accordance with the de\ufb01cit recovery plan agreed following the 31 March 2022 actuarial valuation, the Group will make payments in FY26 of \u00a34.7m,
FY27 of \u00a35.1m and FY28 of \u00a35.6m in respect of de\ufb01cit recovery and scheme expenses.
The Directors have con\ufb01rmed no additional liability is required to be recognised as a consequence of minimum funding requirements. The trustees
have no rights to wind up the scheme or improve bene\ufb01ts without Company consent.
An updated actuarial valuation for IAS 19 (revised) purposes was carried out by an independent team from the actuary (Aon) for the year end using
the projected unit credit method. In the second half of FY24 the actuarial valuation provider was changed to Aon, having previously been a separate
third party. This change facilitated the use of detailed member-by-member calculations to estimate de\ufb01ned bene\ufb01t obligations, as applied during
full actuarial valuations. This approach re\ufb01ned roll-forward methodology used previously and is considered a change in accounting estimate under
IAS 8. The change is estimated to have reduced de\ufb01ned bene\ufb01t obligations by $13.4m, included in 2024 other comprehensive income under actuarial
experience adjustments.
The net pension liability for the scheme amounted to $13.8m as at 30 September 2025 (2024: $17.2m).
\n\n\n\n
Movement in net de\ufb01ned bene\ufb01t liability
\n\n \n
De\ufb01ned bene\ufb01t obligation
De\ufb01ned bene\ufb01t asset
Net de\ufb01ned bene\ufb01t liability
2025
2024
2025
2024
2025
2024
$m
$m
$m
$m
$m
$m
At the beginning of the year
(329.3)
(321.7)
312.1
281.5
(17.2)
(40.2)
Included in pro\ufb01t or loss
Administrative expenses
\u2013
\u2013
(0.9)
(1.1)
(0.9)
(1.1)
Net interest cost
(15.7)
(17.7)
15.0
15.6
(0.7)
(2.1)
(15.7)
(17.7)
14.1
14.5
(1.6)
(3.2)
Included in other comprehensive income
Remeasurement gain/(loss):
\u2013 Actuarial gain/(loss) arising from:
\u2013 Demographic assumptions
1.4
7.3
\u2013
\u2013
1.4
7.3
\u2013 Financial assumptions
28.0
(11.6)
\u2013
\u2013
28.0
(11.6)
\u2013 Experience adjustment
(3.8)
21.1
\u2013
\u2013
(3.8)
21.1
\u2013 Return on plan assets excluding interest income
\u2013
\u2013
(26.5)
2.8
(26.5)
2.8
25.6
16.8
(26.5)
2.8
(0.9)
19.6
Other
Contributions by the employer
\u2013
\u2013
6.0
9.1
6.0
9.1
Net bene\ufb01ts paid out
22.5
22.0
(22.5)
(22.0)
\u2013
\u2013
FX gain/(loss)
(0.3)
(28.7)
0.2
26.2
(0.1)
(2.5)
At the end of the year
(297.2)
(329.3)
283.4
312.1
(13.8)
(17.2)
\n
Plan assets
\n
The fair value of the assets of the pension scheme analysed by asset category is shown below:
\n\n \n
2025
2024
$m
$m
Equities and other securities
115.6
96.2
Liability Driven Investment
113.0
138.2
Infrastructure fund
48.9
46.9
Other receivable
\u2013
26.1
Cash and cash equivalents
5.9
4.7
Total fair value of assets
283.4
312.1
\n
At the prior year end, a portion of infrastructure fund asset had been redeemed but the cash had not yet been received and therefore this was classi\ufb01ed
\n
as an other receivable.
\n
Equity securities are valued using quoted prices in active markets where available. The Liability Driven Investment (LDI) comprises an investment in a level
\n
2 pooled investment vehicle, which combines a series of variable interest-earning cash deposits with contracts, that is designed to hedge the majority of
\n
the interest rate and in\ufb02ation risks associated with the scheme\u2019s obligations. The LDI is valued using a net asset value.
\n
$104.6m (2024: $114.2m) of the remaining investments is classi\ufb01ed as level 3 within the fair value hierarchy. Holdings in unquoted securities are valued
\n
at fair value, which is typically the net asset value provided by the fund administrator at the most recent quarter end. Holdings in the infrastructure fund
\n
are valued by an independent valuer using a model-based valuation such as a discounted cash \ufb02ow approach.
\n
The signi\ufb01cant assumptions used in the valuation are the discount rate and the expected cash \ufb02ows, both of which are subject to estimation uncertainty.
\n
Changes in assumptions relating to these variables could positively or negatively impact the reported fair value of these instruments.
\n
The de\ufb01ned bene\ufb01t pension scheme has an investment strategy which is targeted at maximising investment returns with a low-risk strategy, which
\n
still represents a prudent approach to meeting the plan\u2019s liabilities and ensuring that members\u2019 bene\ufb01ts are protected. The strategy considers the
\n
need for appropriate asset class diversi\ufb01cation to balance the risks and rewards across a range of alternative asset classes. The investments held by
\n
the pension scheme include both quoted and unquoted securities, the latter of which by their nature involve assumptions and estimates to determine
\n
their fair value. Where there is not an active market for the unquoted securities, the fair value of these assets is estimated by the pension trustees
\n
based on advice received from the investment manager while also using any available market evidence of any recent transactions for an identical asset.
\n
The target weightings under the current asset allocation strategy are 45% to matching investments, 45% to cash-\ufb02ow-driven investments and 10% to
\n
return-seeking investments.
Actuarial assumptions
The main \ufb01nancial assumptions used by the independent quali\ufb01ed actuaries to calculate the liabilities under IAS 19 (revised) are set out below:
\n \n
2025
2024
% p.a.
% p.a.
In\ufb02ation (RPI)
2.90
3.10
In\ufb02ation (CPI)
2.55
2.70
Pension increases post-August 2005
2.05
2.15
Pension increases pre-August 2005
2.75
2.90
Discount rate for scheme liabilities
5.80
5.05
Base mortality
Deferred members: 114% of S3PA tables
Deferred members: 114% of S3PA tables
Pensioners: 104% of S3PA tables based
Pensioners: 104% of S3PA tables based
on members\u2019 year of birth
on members\u2019 year of birth
Future improvements in longevity
CMI 2023 projections with a long-term
CMI 2023 projections with a long-term
trend of 1.00% p.a
trend of 1.25% p.a.
RPI in\ufb02ation has been set in line with market breakeven expectations less an in\ufb02ation risk premium of 0.3% (2024: 0.3%). Sensitivity analysis for in\ufb02ation is
disclosed on the following page.
The long-term trend in future longevity improvements has been reduced from 1.25% to 1.00%, re\ufb02ecting observed experience in recent years. CMI 2023
has continued to been adopted in the current year, while consideration of actuarial factors is undertaken as part of the ongoing triennial valuation.
Core CMI 2023 mortality assumptions include an adjustment for the impact of COVID-19. This was based on 15% of the higher mortality rates experienced
in England and Wales in calendar years 2022 and 2023.
Mortality rate
Assumptions regarding future mortality experience are set based on advice, published statistics and experience. The average life expectancy in years
of a pensioner retiring at age 65 on the balance sheet date is as follows:
\n \n
2025
2024
Male
21.0
21.1
Female
23.6
23.6
The average life expectancy in years of a pensioner retiring at age 65, 20 years after the balance sheet date, is as follows:
\n \n
2025
2024
Male
21.3
21.6
Female
24.0
24.4
Sensitivity analysis
\n \n
De\ufb01ned bene\ufb01t
De\ufb01ned bene\ufb01t
obligation
obligation
increase/
increase/
(decrease)
(decrease)
2025
2024
$m
$m
In\ufb02ation (0.25% increase)
5.1
5.7
In\ufb02ation (0.25% decrease)
(4.4)
(5.6)
Discount rate for scheme liabilities (0.25% increase)
(7.5)
(8.7)
Discount rate for scheme liabilities (0.25% decrease)
7.9
9.3
Future mortality (one-year increase)
11.9
11.7
The above sensitivity analysis shows the impact on the de\ufb01ned bene\ufb01t obligation only, not the net pension liability, as it does not take into account any
impact on the asset valuation. Each sensitivity analysis disclosed in this note is based on changing one assumption while holding all other assumptions
constant. In practice, this is unlikely to occur. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00363": { "value": "7.1 Provisions for liabilities and charges \n \n
Property
Warranty
Legal
obligations
Restructuring
O\ufb00set
Other
Total
$m
$m
$m
$m
$m
$m
$m
Balance at 30 September 2023
1.8
\u2013
4.2
\u2013
2.4
\u2013
8.4
Transferred from accruals
during the period
\u2013
0.5
\u2013
\u2013
\u2013
\u2013
0.5
Created/(released)
during the period
2.6
0.8
0.6
1.7
(0.9)
0.4
5.2
Cash payments
(0.5)
\u2013
\u2013
(0.3)
(0.5)
\u2013
(1.3)
Foreign exchange movements
0.1
\u2013
0.3
\u2013
\u2013
\u2013
0.4
Balance at 30 September 2024
4.0
1.3
5.1
1.4
1.0
0.4
13.2
Created/(released)
during the period
(0.4)
(0.4)
1.2
0.5
\u2013
0.4
1.3
Cash payments
(0.4)
(0.1)
(0.7)
(1.7)
\u2013
(0.4)
(3.3)
Foreign exchange movements
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Balance at 30 September 2025
3.2
0.8
5.6
0.2
1.0
0.4
11.2
\n \n
2025
2024
Analysis of total provisions
$m
$m
Current
6.3
6.6
Non-current
4.9
6.6
11.2
13.2
Warranty provisions cover expected costs under guarantees provided with certain products.
Legal provisions relate to speci\ufb01c claims against the Group. In the prior year legal provisions were transferred from accruals to provisions for liabilities
and charges, this being considered a more appropriate categorisation.
Property obligations relate to leased premises of the Group which are subject to dilapidation risks and are expected to be utilised within the next
ten years. Property obligations are discounted where the impact is considered material.
Restructuring provisions relate to costs associated with the closure of the Irvine, California, facility and other transformational programmes.
O\ufb00set provisions relate to the Group\u2019s estimated obligations under programmes to generate economic value for speci\ufb01c countries. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00364": { "value": "7.1 Provisions for liabilities and charges \n \n
Property
Warranty
Legal
obligations
Restructuring
O\ufb00set
Other
Total
$m
$m
$m
$m
$m
$m
$m
Balance at 30 September 2023
1.8
\u2013
4.2
\u2013
2.4
\u2013
8.4
Transferred from accruals
during the period
\u2013
0.5
\u2013
\u2013
\u2013
\u2013
0.5
Created/(released)
during the period
2.6
0.8
0.6
1.7
(0.9)
0.4
5.2
Cash payments
(0.5)
\u2013
\u2013
(0.3)
(0.5)
\u2013
(1.3)
Foreign exchange movements
0.1
\u2013
0.3
\u2013
\u2013
\u2013
0.4
Balance at 30 September 2024
4.0
1.3
5.1
1.4
1.0
0.4
13.2
Created/(released)
during the period
(0.4)
(0.4)
1.2
0.5
\u2013
0.4
1.3
Cash payments
(0.4)
(0.1)
(0.7)
(1.7)
\u2013
(0.4)
(3.3)
Foreign exchange movements
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Balance at 30 September 2025
3.2
0.8
5.6
0.2
1.0
0.4
11.2
\n \n
2025
2024
Analysis of total provisions
$m
$m
Current
6.3
6.6
Non-current
4.9
6.6
11.2
13.2
Warranty provisions cover expected costs under guarantees provided with certain products.
Legal provisions relate to speci\ufb01c claims against the Group. In the prior year legal provisions were transferred from accruals to provisions for liabilities
and charges, this being considered a more appropriate categorisation.
Property obligations relate to leased premises of the Group which are subject to dilapidation risks and are expected to be utilised within the next
ten years. Property obligations are discounted where the impact is considered material.
Restructuring provisions relate to costs associated with the closure of the Irvine, California, facility and other transformational programmes.
O\ufb00set provisions relate to the Group\u2019s estimated obligations under programmes to generate economic value for speci\ufb01c countries. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00366": { "value": "7.2 Other \ufb01nancial commitments \n \n
2025
2024
$m
$m
Capital expenditure committed
0.6
1.5
Capital expenditure committed represents the amount contracted in respect of property, plant and equipment at the end of the \ufb01nancial period for
which no provision has been made in the \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00365": { "value": "7.2 Other \ufb01nancial commitments \n \n
2025
2024
$m
$m
Capital expenditure committed
0.6
1.5
Capital expenditure committed represents the amount contracted in respect of property, plant and equipment at the end of the \ufb01nancial period for
which no provision has been made in the \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00368": { "value": "7.3 Group undertakings \n \n
Country in which
Held by Parent Company
Registered o\ufb03ce address
Activity
incorporated
Avon Polymer
Hampton Park West, Melksham SN12 6NB, UK
The manufacture and distribution of
UK
Products Limited
respiratory protection systems
Avon Protection
Hampton Park West, Melksham SN12 6NB, UK
Investment holding company
UK
Holdings Limited
Avon Rubber Pension
Hampton Park West, Melksham SN12 6NB, UK
Pension fund trustee
UK
Trust Limited
Held by Group undertakings
Avon Protection
503 8th St, Cadillac, MI 49601, United States
The manufacture and distribution of
US
Systems, Inc.
respiratory and ballistic protection systems
Avon Rubber & Plastics, Inc.
503 8th St, Cadillac, MI 49601, United States
Investment holding company
US
Avon Protection
7 Industrial Way, Units 5A & 6, Salem, NH 03079,
The manufacture and distribution of ballistic
US
Ceradyne LLC
United States
protection systems
Team Wendy LLC
17000 St Clair Ave, Cleveland, OH 44110,
The manufacture and distribution of
US
United States
helmet systems
Avon Protection Limited
Hampton Park West, Melksham SN12 6NB, UK
Dormant company
UK
Avon Protection UK Limited
Hampton Park West, Melksham SN12 6NB, UK
Dormant company
UK
Shareholdings are ordinary shares and all undertakings are wholly owned by the Group and operate primarily in their country of incorporation.
All companies have the same \ufb01nancial year end. Avon Polymer Products Limited and Avon Protection Holdings Limited are exempt from the requirement
to \ufb01le audited accounts by virtue of section 479A of the Companies Act 2006 (\u2018the Act\u2019). All remaining UK subsidiaries are exempt from the requirement
to \ufb01le audited accounts by virtue of section 480 of the Act. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00367": { "value": "7.3 Group undertakings \n \n
Country in which
Held by Parent Company
Registered o\ufb03ce address
Activity
incorporated
Avon Polymer
Hampton Park West, Melksham SN12 6NB, UK
The manufacture and distribution of
UK
Products Limited
respiratory protection systems
Avon Protection
Hampton Park West, Melksham SN12 6NB, UK
Investment holding company
UK
Holdings Limited
Avon Rubber Pension
Hampton Park West, Melksham SN12 6NB, UK
Pension fund trustee
UK
Trust Limited
Held by Group undertakings
Avon Protection
503 8th St, Cadillac, MI 49601, United States
The manufacture and distribution of
US
Systems, Inc.
respiratory and ballistic protection systems
Avon Rubber & Plastics, Inc.
503 8th St, Cadillac, MI 49601, United States
Investment holding company
US
Avon Protection
7 Industrial Way, Units 5A & 6, Salem, NH 03079,
The manufacture and distribution of ballistic
US
Ceradyne LLC
United States
protection systems
Team Wendy LLC
17000 St Clair Ave, Cleveland, OH 44110,
The manufacture and distribution of
US
United States
helmet systems
Avon Protection Limited
Hampton Park West, Melksham SN12 6NB, UK
Dormant company
UK
Avon Protection UK Limited
Hampton Park West, Melksham SN12 6NB, UK
Dormant company
UK
Shareholdings are ordinary shares and all undertakings are wholly owned by the Group and operate primarily in their country of incorporation.
All companies have the same \ufb01nancial year end. Avon Polymer Products Limited and Avon Protection Holdings Limited are exempt from the requirement
to \ufb01le audited accounts by virtue of section 479A of the Companies Act 2006 (\u2018the Act\u2019). All remaining UK subsidiaries are exempt from the requirement
to \ufb01le audited accounts by virtue of section 480 of the Act. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00370": { "value": "7.4 Related party transactions
Except in respect of the de\ufb01ned bene\ufb01t pension scheme, internal transactions between Group companies and compensation of key management
personnel, there were no related party transactions during the period or outstanding at the end of the period (2024: $nil). Transactions with the
de\ufb01ned bene\ufb01t pension scheme are disclosed in note 6.2. Key management compensation is disclosed in note 6.1.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00369": { "value": "7.4 Related party transactions
Except in respect of the de\ufb01ned bene\ufb01t pension scheme, internal transactions between Group companies and compensation of key management
personnel, there were no related party transactions during the period or outstanding at the end of the period (2024: $nil). Transactions with the
de\ufb01ned bene\ufb01t pension scheme are disclosed in note 6.2. Key management compensation is disclosed in note 6.1.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00294": { "value": "Hampton Park West, Semington Road, Melksham, Wiltshire SN12 6NB, England", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800JM1AN62REBWA71", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } } } }