{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "gpe": "http://greatportlandestatesplc.com/xbrl/2026", "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2024-03-27/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://greatportlandestatesplc.com/xbrl/2026/213800JMEDD2Q4N1MC42-2026-03-31.xsd" ] }, "facts": { "fact-1": { "value": "Our purpose is to unlock potential, creating premium sustainable space for London to thrive. In setting our purpose, we believe our role relates not only to our buildings, but also to the people who live and work there and what and how we contribute to the wider public realm, community and environment. The Board sets our strategy and strategic priorities to align with our purpose, which informs our decisions regarding our acquisition, repositioning, operation or sale of properties. Our purpose is underpinned by our values and behaviours, which encapsulate who we are and how we do business. At GPE, everyone is accountable for living by our shared set of behaviours, which form an important part of our workforce policies and remuneration processes.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-23": { "value": "117900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-24": { "value": "94200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-25": { "value": "49300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-26": { "value": "35100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-27": { "value": "68600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-28": { "value": "59100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-29": { "value": "44200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-30": { "value": "40000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-31": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-32": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-33": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ImpairmentLossOnFinancialAssets", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-34": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ImpairmentLossOnFinancialAssets", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-35": { "value": "24300000.0", "decimals": -5, "dimensions": { "concept": "gpe:OperatingProfitBeforeSurplusDeficitFromInvestmentPropertyRevaluationMovementsAndResultsOfJointVentures", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-36": { "value": "19500000.0", "decimals": -5, "dimensions": { "concept": "gpe:OperatingProfitBeforeSurplusDeficitFromInvestmentPropertyRevaluationMovementsAndResultsOfJointVentures", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-37": { "value": "99400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnFairValueAdjustmentInvestmentProperty", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-38": { "value": "83200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnFairValueAdjustmentInvestmentProperty", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-39": { "value": "400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-40": { "value": "-400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-41": { "value": "33300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-42": { "value": "21800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-43": { "value": "157400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-44": { "value": "124100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-45": { "value": "6000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-46": { "value": "7200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-47": { "value": "10900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-48": { "value": "13100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-49": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-50": { "value": "-400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-51": { "value": "152500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-52": { "value": "117800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-53": { "value": "-2000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-54": { "value": "1800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-55": { "value": "154500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-56": { "value": "116000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-57": { "value": "0.383", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-58": { "value": "0.302", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-59": { "value": "0.381", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-60": { "value": "0.301", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-61": { "value": "0.086", "decimals": 3, "dimensions": { "concept": "gpe:BasicEPRAEarningsPerShare", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-62": { "value": "0.053", "decimals": 3, "dimensions": { "concept": "gpe:BasicEPRAEarningsPerShare", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-63": { "value": "0.085", "decimals": 3, "dimensions": { "concept": "gpe:DilutedEPRAEarningsPerShare", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-64": { "value": "0.052", "decimals": 3, "dimensions": { "concept": "gpe:DilutedEPRAEarningsPerShare", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-65": { "value": "154500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-66": { "value": "116000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-67": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-68": { "value": "-800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-69": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-70": { "value": "-200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-71": { "value": "154600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-72": { "value": "115400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-73": { "value": "2512200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentProperty", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-74": { "value": "2455500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentProperty", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-75": { "value": "537500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-76": { "value": "507200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-77": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-78": { "value": "900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-79": { "value": "5000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedAssetsDefinedBenefitPlan", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-80": { "value": "4800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedAssetsDefinedBenefitPlan", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-81": { "value": "3600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-82": { "value": "2800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-83": { "value": "3058600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-84": { "value": "2971200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-85": { "value": "36000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-86": { "value": "20700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-87": { "value": "22700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-88": { "value": "36900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-89": { "value": "58700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-90": { "value": "57600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-91": { "value": "3117300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-92": { "value": "3028800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-93": { "value": "107600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-94": { "value": "85500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-95": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilitiesCurrent", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-96": { "value": "2600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilitiesCurrent", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-97": { "value": "107600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-98": { "value": "88100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-99": { "value": "793400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-100": { "value": "848000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-101": { "value": "84600000.0", "decimals": -5, "dimensions": { "concept": "gpe:NoncurrentHeadLeaseObligations", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-102": { "value": "87000000.0", "decimals": -5, "dimensions": { "concept": "gpe:NoncurrentHeadLeaseObligations", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-103": { "value": "2000000.0", "decimals": -5, "dimensions": { "concept": "gpe:NoncurrentDeferredConsideration", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-104": { "value": "2000000.0", "decimals": -5, "dimensions": { "concept": "gpe:NoncurrentDeferredConsideration", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-105": { "value": "3000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermWarrantyProvision", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-106": { "value": "3000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermWarrantyProvision", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-107": { "value": "883000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-108": { "value": "940000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-109": { "value": "990600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-110": { "value": "1028100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-111": { "value": "2126700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-112": { "value": "2000700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-113": { "value": "62000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-114": { "value": "62000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-115": { "value": "358300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-116": { "value": "358300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-117": { "value": "326700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CapitalRedemptionReserve", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-118": { "value": "326700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CapitalRedemptionReserve", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-119": { "value": "1380000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-120": { "value": "1251900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-121": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TreasuryShares", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-122": { "value": "-1800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TreasuryShares", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-123": { "value": "2126700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-124": { "value": "2000700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-125": { "value": "5.24", "decimals": 2, "dimensions": { "concept": "gpe:BasicNetAssetsPerShareDiluted", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-126": { "value": "4.94", "decimals": 2, "dimensions": { "concept": "gpe:BasicNetAssetsPerShareDiluted", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-127": { "value": "5.24", "decimals": 2, "dimensions": { "concept": "gpe:EPRANTADiluted", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-128": { "value": "4.94", "decimals": 2, "dimensions": { "concept": "gpe:EPRANTADiluted", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-325": { "value": "
Approved by the Board on 20 May 2026 and signed on its behalf by:
Toby Courtauld
Chief Executive
Jayne Cottam
Chief Financial Officer
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-129": { "value": "157400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-130": { "value": "124100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-131": { "value": "-129600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsToReconcileProfitLossOtherThanChangesInWorkingCapital", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-132": { "value": "-98400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsToReconcileProfitLossOtherThanChangesInWorkingCapital", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-133": { "value": "-15300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-134": { "value": "3800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-135": { "value": "5000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-136": { "value": "6200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-137": { "value": "17500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-138": { "value": "35700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-139": { "value": "48400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-140": { "value": "40900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-141": { "value": "400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-142": { "value": "1500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-143": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-144": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-145": { "value": "-31100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-146": { "value": "-4000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-147": { "value": "37600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToRelatedParties", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-148": { "value": "11600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToRelatedParties", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-149": { "value": "29000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAdvancesAndLoansMadeToRelatedParties", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-150": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAdvancesAndLoansMadeToRelatedParties", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-151": { "value": "400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-152": { "value": "800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-153": { "value": "288300000.0", "decimals": -5, "dimensions": { "concept": "gpe:DevelopmentOfInvestmentPropertyClassifiedAsInvestingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-154": { "value": "247500000.0", "decimals": -5, "dimensions": { "concept": "gpe:DevelopmentOfInvestmentPropertyClassifiedAsInvestingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-155": { "value": "75200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfInvestmentProperty", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-156": { "value": "147300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfInvestmentProperty", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-157": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-158": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-159": { "value": "460400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfInvestmentProperty", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-160": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfInvestmentProperty", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-161": { "value": "104900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-162": { "value": "-384600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-163": { "value": "361000000.0", "decimals": -5, "dimensions": { "concept": "gpe:FirstRevolvingCreditFacilityRepaidClassifiedAsFinancingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-164": { "value": "339000000.0", "decimals": -5, "dimensions": { "concept": "gpe:FirstRevolvingCreditFacilityRepaidClassifiedAsFinancingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-165": { "value": "211000000.0", "decimals": -5, "dimensions": { "concept": "gpe:FirstRevolvingCreditFacilityDrawnClassifiedAsFinancingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-166": { "value": "442000000.0", "decimals": -5, "dimensions": { "concept": "gpe:FirstRevolvingCreditFacilityDrawnClassifiedAsFinancingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-167": { "value": "30000000.0", "decimals": -5, "dimensions": { "concept": "gpe:SecondRevolvingCreditFacilityRepaidClassifiedAsFinancingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-168": { "value": "2000000.0", "decimals": -5, "dimensions": { "concept": "gpe:SecondRevolvingCreditFacilityRepaidClassifiedAsFinancingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-169": { "value": "23000000.0", "decimals": -5, "dimensions": { "concept": "gpe:SecondRevolvingCreditFacilityDrawnClassifiedAsFinancingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-170": { "value": "108300000.0", "decimals": -5, "dimensions": { "concept": "gpe:SecondRevolvingCreditFacilityDrawnClassifiedAsFinancingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-171": { "value": "445000000.0", "decimals": -5, "dimensions": { "concept": "gpe:ThirdRevolvingCreditFacilityRepaidClassifiedAsFinancingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-172": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "gpe:ThirdRevolvingCreditFacilityRepaidClassifiedAsFinancingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-173": { "value": "620200000.0", "decimals": -5, "dimensions": { "concept": "gpe:ThirdRevolvingCreditFacilityDrawnClassifiedAsFinancingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-174": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "gpe:ThirdRevolvingCreditFacilityDrawnClassifiedAsFinancingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-175": { "value": "75000000.0", "decimals": -5, "dimensions": { "concept": "gpe:TermLoanRepaidClassifiedAsFinancingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-176": { "value": "175000000.0", "decimals": -5, "dimensions": { "concept": "gpe:TermLoanRepaidClassifiedAsFinancingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-177": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBondsNotesAndDebentures", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-178": { "value": "175000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBondsNotesAndDebentures", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-179": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-180": { "value": "246200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-181": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-182": { "value": "350300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-183": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsForShareIssueCosts", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-184": { "value": "14700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsForShareIssueCosts", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-185": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-186": { "value": "5700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-187": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-188": { "value": "1000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-189": { "value": "31200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-190": { "value": "31800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-191": { "value": "-88000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-192": { "value": "402600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-193": { "value": "-14200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-194": { "value": "14000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-195": { "value": "36900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-196": { "value": "22900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-197": { "value": "22700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-198": { "value": "36900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-199": { "value": "62000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-200": { "value": "358300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-201": { "value": "326700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-202": { "value": "1251900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-203": { "value": "1800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-204": { "value": "2000700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-205": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-206": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-207": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-208": { "value": "154500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-209": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-210": { "value": "154500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-211": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-212": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-213": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-214": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-215": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-216": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-217": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-218": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-219": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-220": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-221": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-222": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-223": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-224": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-225": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-226": { "value": "154600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-227": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-228": { "value": "154600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-229": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-230": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-231": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-232": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-233": { "value": "3300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-234": { "value": "3300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-235": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-236": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-237": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-238": { "value": "31900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-239": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-240": { "value": "31900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-241": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-242": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-243": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-244": { "value": "5400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-245": { "value": "-5400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-246": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-247": { "value": "62000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-248": { "value": "358300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-249": { "value": "326700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-250": { "value": "1380000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-251": { "value": "-300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-252": { "value": "2126700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-253": { "value": "38700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-254": { "value": "46000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-255": { "value": "326700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-256": { "value": "1166000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-257": { "value": "5600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-258": { "value": "1583000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-259": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-260": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-261": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-262": { "value": "116000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-263": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-264": { "value": "116000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-265": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-266": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-267": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-268": { "value": "-800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-269": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-270": { "value": "-800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-271": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-272": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-273": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-274": { "value": "-200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-275": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-276": { "value": "-200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-277": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-278": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-279": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-280": { "value": "115400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-281": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-282": { "value": "115400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-283": { "value": "23300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-284": { "value": "327000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-285": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-286": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-287": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-288": { "value": "350300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-289": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-290": { "value": "14700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-291": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-292": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-293": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-294": { "value": "14700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-295": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-296": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-297": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-298": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-299": { "value": "4200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-300": { "value": "4200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-301": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-302": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-303": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-304": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-305": { "value": "5700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-306": { "value": "5700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-307": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-308": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-309": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-310": { "value": "31800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-311": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-312": { "value": "31800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-313": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-314": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-315": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-316": { "value": "2300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-317": { "value": "-2300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-318": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-319": { "value": "62000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-320": { "value": "358300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-321": { "value": "326700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-322": { "value": "1251900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-323": { "value": "1800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-324": { "value": "2000700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-2": { "value": "1 Material accounting policies Basis of preparation Great Portland Estates plc is a public company limited by shares incorporated and domiciled in the United Kingdom (England and Wales) . The address of the registered office is given on page 195. The financial statements have been prepared in accordance with United Kingdom adopted international accounting standards and the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The financial statements have been prepared on the historical cost basis, except for the revaluation of properties and certain financial instruments which are held at fair value. The consolidated financial statements, including the results and financial position, are expressed in sterling (\u00a3), which is the presentation currency of the Group. The Directors have considered the appropriateness of adopting the going concern basis in preparing the financial statements for the period ended 31 March 2026, with particular focus on the impact of the macroeconomic conditions in which the Group is operating. The Directors\u2019 assessment is based on the next 12 months of the Group\u2019s financial forecasts, including a severe but plausible downside scenario which included the following key assumptions: \u2022 a 13.1% decline in the valuation of the property portfolio; and \u2022 an increase in EPRA earnings due to the delivery and letting of the 30 Duke Street development and recent Fully Managed refurbishments. The severe but plausible downside scenario demonstrates that over the next 12 months: \u2022 the Group has sufficient liquidity to fund its ongoing operations; \u2022 the Group is operating with significant headroom above its Group debt financing covenants; \u2022 property values would have to fall by 18.5% before breach (or 45.2% from 31 March 2026 values); \u2022 the Group does not project any breaches of its interest cover ratio, with minimum coverage of 3.18x (vs 1.35x covenant) throughout the going concern period; and \u2022 the Group has no debt maturities other than set out above. The Directors conducted extensive stress testing, sensitising the potential impact of climate change, as detailed further in the viability statement as well as the impact of removing non-committed capital expenditure and sensitising potential disposal proceeds. Based on these considerations, together with available market information and the Directors\u2019 knowledge and experience of the Group\u2019s property portfolio and markets, the Directors have adopted the going concern basis in preparing the accounts for the year ended 31 March 2026. The Group has adopted a number of alternative performance measures; see note 9 for further detail. Critical accounting judgements and key sources of estimation uncertainty In the process of preparing the financial statements, the Directors are required to make certain judgements, assumptions and estimates. Not all of the Group\u2019s accounting policies require the Directors to make difficult, subjective or complex judgements or estimates. Any estimates and judgements made are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the Directors\u2019 best knowledge of the amount, event or actions, actual results may differ from those estimates. No critical judgements have been made. The following is intended to provide an understanding of the estimates that management consider critical because of the level of complexity, judgement or estimation involved in their application and their material impact on the financial statements. Key source of estimation uncertainty: investment property portfolio valuation The valuation to determine the fair value of the Group\u2019s investment properties is prepared by its external valuer. The valuation is based upon a number of assumptions and estimations, including future rental income, anticipated capital expenditure, including future development costs and an appropriate discount rate. The valuer also makes reference to market evidence of transaction prices for similar properties. Information about the valuation techniques, significant assumptions and associated key unobservable inputs sensitivity disclosures are disclosed in note 10. An adjustment to any of these assumptions could lead to a material change in the property valuation. For the current year and prior year, the Directors adopted the valuation without adjustment \u2013 further information is provided in the accounting policy for investment property and note 10. New accounting standards In the current year, the Group has applied a number of amendments to IFRSs that are mandatorily effective for an accounting period that begins on or after 1 January 2025. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. These new standards and amendments are listed below: \u2022 Amendments to IAS 21 \u2013 Lack of Exchangeability. At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRSs that have been issued but are not yet effective: \u2022 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements; \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Contracts Referencing Nature-dependent Electricity; \u2022 Annual improvements to IFRS \u2013 Volume 11; \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to the Classification and Measurement of Financial Instruments; \u2022 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures; \u2022 Amendments to IAS 21 \u2013 Translation to a Hyperinflationary Presentation Currency; and \u2022 Amendments to IFRS 10 and IAS 28 \u2013 Sale or contribution of assets between an investor and its associate or joint venture. With the exception of IFRS 18, the Directors do not expect that the adoption of the standards listed above will have a material impact on the financial statements of the Group in future periods. 1 Material accounting policies continued IFRS 18 will introduce new requirements to improve comparability of the financial performance of similar entities. IFRS 18 will not impact the recognition or measurement of items in the financial statements but it will impact presentation and disclosure. Management is currently assessing the detailed implications of applying the new standard to the financial statements. From the high-level preliminary assessment performed, the following potential impacts have been identified: \u2022 the line items presented on the primary financial statements may change as a result of the application of the concept of \u2018useful structured summary\u2019 and the enhanced principles on aggregation and disaggregation. However, the Group does not expect there to be a significant change in the information that is currently disclosed in the notes; \u2022 new disclosures will be required for certain management- defined performance measures; \u2022 a breakdown of the nature of certain expenses will be required for line items presented by function in the operating category of the statement of profit or loss, and share of results of joint ventures will be classified in the investing category, outside of operating profit; \u2022 for the first annual period of application, a reconciliation between the restated amounts presented under IFRS 18 and the amounts previously presented applying IAS 1; \u2022 in the statement of cash flows, interest paid will be presented as financing cash flows and interest received as investing cash flows, rather than both being included within operating cash flows as they are currently; and \u2022 retrospective application is required, and so the comparative information for the financial year ending 31 March 2027 will be restated in accordance with IFRS 18. Basis of consolidation The Group\u2019s financial statements consolidate the financial statements of the Company and all its subsidiary undertakings for the year ended 31 March 2026. Subsidiary undertakings are those entities controlled by the Group. Control exists when the Company is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the investee. Revenue Gross rental income comprises rental income and premiums on lease surrenders on investment properties for the year, exclusive of service charges receivable, on a straight-line basis. Initial direct costs incurred in arranging a lease are added to the carrying value of investment properties and are subsequently recognised as an expense over the lease term on the same basis as the lease income. Lease incentives, including rent-free periods and payments to customers, are allocated to the income statement on a straight- line basis over the lease term or on another systematic basis, if applicable. The value of resulting accrued rental income is included within the respective property, with the aggregate cost of the incentive recognised as a reduction in rental income on a straight-line basis over the term of the lease. Revenue from Fully Managed spaces is split between an amount attributable to the rent on a fitted basis and services income as set out in the lease agreement, which is based on standalone selling prices. Where the lease agreement does not provide an attribution, the Group splits the revenue based on the ERV of the fitted rent, which represents the standalone selling price. The rent is recognised in gross rental income (see above) and the services income is recorded over the period when the services are provided and benefit the customer. The Group\u2019s Flex Partnerships represent leases with third-party operators where the rent payable is calculated by reference to the profitability of the space under management. The rent is recognised in gross rental income (see above). Service charge income is recorded over the period when the services are provided and benefit the customer. Cost of sales Service charge expenses represent the costs of operating the Group\u2019s portfolio and are expensed as incurred. Fully Managed service costs represent the costs of operating the Group\u2019s Fully Managed spaces and are expensed as incurred. Other property expenses represent irrecoverable running costs directly attributable to specific properties within the Group\u2019s portfolio. Costs incurred in the improvement of the portfolio which, in the opinion of the Directors, are not of a capital nature are written-off to the income statement as incurred. Administration expenses Costs not directly attributable to individual properties are treated as administration expenses. Share-based payments The cost of granting share-based payments to employees and Directors is recognised within administration expenses in the income statement. The fair value of the RSP is based on the share price at grant date. The resulting fair value is amortised through the income statement over the vesting period. The charge is recognised over the vesting period and reversed if it is likely that any non-market-based performance or service criteria will not be met. Any cost in respect of share-based payments relating to the employees of a subsidiary company is recharged accordingly. Investment property Both leasehold and freehold investment properties and investment properties under development are professionally valued on a fair value basis by qualified external valuers, and the Directors must ensure that they are satisfied that the valuation of the Group\u2019s properties is appropriate for inclusion in the accounts without adjustment. The valuation of the property portfolio reflects its fair value taking into account the market view of all relevant factors, including the climate-related risks associated with the properties. This includes the impact of expected regulatory changes. The valuations have been prepared in accordance with the current versions of the RICS Valuation \u2013 Global Standards (incorporating the International Valuation Standards (IVS)) and the UK national supplement (the Red Book) and have been primarily derived using comparable recent market transactions on arm\u2019s length terms. For investment property, this approach involves applying market- derived capitalisation yields to current and market-derived future income streams with appropriate adjustments for income voids arising from vacancies or rent-free periods. These capitalisation yields and future income streams are derived from comparable property and leasing transactions and are considered to be the key inputs in the valuation. Other factors that are taken into account in the valuations include the tenure of the property, tenancy details, non-payment of rent, planning, building and environmental factors that might affect the property. 1 Material accounting policies continued An investment property will be classified as held for sale where it is available for immediate sale in its present condition and the sale is highly probable. In the case of investment property under development, the approach applied is the \u2018residual method\u2019 of valuation, which is the investment method of valuation as described above with a deduction for the costs necessary to complete the development, together with an allowance for the remaining risk. The Group recognises sales and purchases of property when control passes on completion of the contract. Gains or losses on the sale of properties are calculated by reference to the carrying value at the end of the previous year, adjusted for subsequent capital expenditure. Capitalisation of interest Interest associated with direct expenditure on investment and trading properties under development and refurbishment is capitalised. Direct expenditure includes the purchase cost of a site if it has been purchased with the specific intention to redevelop, but does not include the original book cost of a site where no intention existed. Interest is capitalised from the start of the development work until the date of practical completion. The rate used is the Group\u2019s weighted average cost of borrowings or, if appropriate, the rate on specific associated borrowings. Lease obligations Where the Group is a lessee, a right of use asset and lease liability are recognised at the outset of the lease. The lease liability is initially measured at the present value of the lease payments based on the Group\u2019s expectations of the likelihood of the lease term. The lease liability is subsequently adjusted to reflect an imputed finance charge, payments made to the lessor and any lease modifications. The right of use asset is initially measured at cost, which comprises the amount of the lease liability and direct costs incurred, less any lease incentives received by the Group. The Group has two categories of right of use assets: those in respect of head leases related to its leasehold properties; and an occupational lease for its head office. The right of use asset in respect of head leases is classified as investment property and is added to the carrying value of the leasehold investment property. The right of use asset in respect of its occupational leases is classified as property, plant and equipment and is subsequently depreciated over the length of the lease. No depreciation is provided in respect of freehold investment properties and leasehold investment properties. Plant and equipment is held at cost less accumulated depreciation. Depreciation is provided on plant and equipment, at rates calculated to write off the cost, less residual value prevailing at the balance sheet date of each asset evenly over its expected useful life, as follows: Fixtures and fittings \u2013 over three to five years. Leasehold improvements \u2013 over the term of the lease . Joint ventures Joint ventures are accounted for under the equity method where, in the Directors\u2019 judgement, the Group has joint control of the entity. The Group\u2019s level of control in its joint ventures is driven both by the individual agreements which set out how control is shared by the partners and how that control is exercised in practice. The Group balance sheet contains the Group\u2019s share of the net assets of its joint ventures. Balances with partners owed to or from the Group by joint ventures are included within investments. The Group\u2019s share of joint venture profits and losses are included in the Group income statement in a single line. All of the Group\u2019s joint ventures adopt the accounting policies of the Group for inclusion in the Group financial statements. There have been no new joint ventures during the year and no changes to any of the agreements in place. Income tax Current tax is the amount payable on the taxable income for the year and any adjustment in respect of previous years. Deferred tax is provided in full on temporary differences between the tax base of an asset or liability and its carrying amount in the balance sheet. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the asset is realised or the liability is settled. Deferred tax assets are recognised when it is probable that taxable profits will be available against which the deferred tax assets can be utilised. No provision is made for temporary differences arising on the initial recognition of assets or liabilities that affect neither accounting nor taxable profit, with the exception of leases. Tax is included in the income statement except when it relates to items recognised directly in other comprehensive income or equity, in which case the related tax is also recognised directly in other comprehensive income or equity. Pension benefits The Group contributes to a defined benefit pension plan which is funded with assets held separately from those of the Group. The full value of the net assets or liabilities of the pension fund is brought onto the balance sheet at each balance sheet date. Actuarial gains and losses are taken to other comprehensive income; all other movements are taken to the income statement. Other investments Other investments comprise investments in Pi Labs European PropTech venture capital fund, which is measured at fair value, based on the net assets of the fund; this is a Level 3 valuation as defined by IFRS 13. Changes in fair value are recognised in profit or loss . Financial instruments i Borrowings The Group\u2019s borrowings in the form of its debentures, private placement notes and bank loans are recognised initially at fair value, after taking account of any discount or premium on issue and attributable transaction costs. Subsequently, borrowings are held at amortised cost, with any discounts, premiums and attributable costs charged to the income statement using the effective interest rate method. ii Cash and cash equivalents Cash and cash equivalents comprise cash in hand, demand deposits and other short-term highly liquid investments that are readily convertible into a known amount of cash and are subject to insignificant risk of changes in value. 1 Material accounting policies continued iii Trade receivables and payables Trade receivables are initially measured at the transaction price, and are subsequently measured at amortised cost using the effective interest rate method. See note 13 for further information on trade receivables and associated expected credit losses. Trade payables are initially measured at fair value and subsequently measured at amortised cost. The Group uses derivatives (principally interest rate caps) in managing interest rate risk, and does not use them for trading. They are recorded, and subsequently revalued, at fair value, with revaluation gains or losses being immediately taken to the income statement. Derivatives with a maturity of less than 12 months or that expect to be settled within 12 months of the balance sheet date are presented as current assets or liabilities. Other derivatives are presented as non-current assets or liabilities .", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-381": { "value": "Basis of preparation Great Portland Estates plc is a public company limited by shares incorporated and domiciled in the United Kingdom (England and Wales) . The address of the registered office is given on page 195. The financial statements have been prepared in accordance with United Kingdom adopted international accounting standards and the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The financial statements have been prepared on the historical cost basis, except for the revaluation of properties and certain financial instruments which are held at fair value. The consolidated financial statements, including the results and financial position, are expressed in sterling (\u00a3), which is the presentation currency of the Group. The Directors have considered the appropriateness of adopting the going concern basis in preparing the financial statements for the period ended 31 March 2026, with particular focus on the impact of the macroeconomic conditions in which the Group is operating. The Directors\u2019 assessment is based on the next 12 months of the Group\u2019s financial forecasts, including a severe but plausible downside scenario which included the following key assumptions: \u2022 a 13.1% decline in the valuation of the property portfolio; and \u2022 an increase in EPRA earnings due to the delivery and letting of the 30 Duke Street development and recent Fully Managed refurbishments. The severe but plausible downside scenario demonstrates that over the next 12 months: \u2022 the Group has sufficient liquidity to fund its ongoing operations; \u2022 the Group is operating with significant headroom above its Group debt financing covenants; \u2022 property values would have to fall by 18.5% before breach (or 45.2% from 31 March 2026 values); \u2022 the Group does not project any breaches of its interest cover ratio, with minimum coverage of 3.18x (vs 1.35x covenant) throughout the going concern period; and \u2022 the Group has no debt maturities other than set out above. The Directors conducted extensive stress testing, sensitising the potential impact of climate change, as detailed further in the viability statement as well as the impact of removing non-committed capital expenditure and sensitising potential disposal proceeds. Based on these considerations, together with available market information and the Directors\u2019 knowledge and experience of the Group\u2019s property portfolio and markets, the Directors have adopted the going concern basis in preparing the accounts for the year ended 31 March 2026. The Group has adopted a number of alternative performance measures; see note 9 for further detail. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-389": { "value": "Great Portland Estates plc is a public company limited by shares incorporated and domiciled in the United Kingdom (England and Wales) . The address of the registered office is given on page 195. The financial statements have been prepared in accordance with United Kingdom adopted international accounting standards and the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The financial statements have been prepared on the historical cost basis, except for the revaluation of properties and certain financial instruments which are held at fair value. The consolidated financial statements, including the results and financial position, are expressed in sterling (\u00a3), which is the presentation currency of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-326": { "value": "Great Portland Estates plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-327": { "value": "a public company limited by shares ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-362": { "value": "United Kingdom (England and Wales) ", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-328": { "value": "United Kingdom (England and Wales) ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-329": { "value": "
The financial statements have been prepared in accordance with
United Kingdom adopted international accounting standards and
the requirements of the Companies Act 2006 as applicable to
companies reporting under those standards.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-330": { "value": " The consolidated financial statements, including the results and financial position, are expressed in sterling (\u00a3), which is the presentation currency of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-331": { "value": "
The Directors have considered the appropriateness of adopting the
going concern basis in preparing the financial statements for the
period ended 31 March 2026, with particular focus on the impact of
the macroeconomic conditions in which the Group is operating. The
Directors\u2019 assessment is based on the next 12 months of the Group\u2019s
financial forecasts, including a severe but plausible downside
scenario which included the following key assumptions:
\u2022 a 13.1% decline in the valuation of the property portfolio; and
\u2022 an increase in EPRA earnings due to the delivery and letting of
the 30 Duke Street development and recent Fully Managed
refurbishments.
The severe but plausible downside scenario demonstrates that
over the next 12 months:
\u2022 the Group has sufficient liquidity to fund its ongoing operations;
\u2022 the Group is operating with significant headroom above its
Group debt financing covenants;
\u2022 property values would have to fall by 18.5% before breach
(or 45.2% from 31 March 2026 values);
\u2022 the Group does not project any breaches of its interest cover
ratio, with minimum coverage of 3.18x (vs 1.35x covenant)
throughout the going concern period; and
\u2022 the Group has no debt maturities other than set out above.
The Directors conducted extensive stress testing, sensitising the
potential impact of climate change, as detailed further in the viability
statement as well as the impact of removing non-committed capital
expenditure and sensitising potential disposal proceeds. Based on
these considerations, together with available market information and
the Directors\u2019 knowledge and experience of the Group\u2019s property
portfolio and markets, the Directors have adopted the going concern
basis in preparing the accounts for the year ended 31 March 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-332": { "value": "
Critical accounting judgements and key sources of
estimation uncertainty
In the process of preparing the financial statements, the Directors
are required to make certain judgements, assumptions and
estimates. Not all of the Group\u2019s accounting policies require the
Directors to make difficult, subjective or complex judgements
or estimates.
Any estimates and judgements made are continually evaluated
and are based on historical experience and other factors, including
expectations of future events that are believed to be reasonable
under the circumstances. Although these estimates are based on
the Directors\u2019 best knowledge of the amount, event or actions,
actual results may differ from those estimates.
No critical judgements have been made.
The following is intended to provide an understanding of the
estimates that management consider critical because of the
level of complexity, judgement or estimation involved in their
application and their material impact on the financial statements.
Key source of estimation uncertainty:
investment property portfolio valuation
The valuation to determine the fair value of the Group\u2019s investment
properties is prepared by its external valuer. The valuation is based
upon a number of assumptions and estimations, including future
rental income, anticipated capital expenditure, including future
development costs and an appropriate discount rate. The valuer
also makes reference to market evidence of transaction prices for
similar properties. Information about the valuation techniques,
significant assumptions and associated key unobservable inputs
sensitivity disclosures are disclosed in note 10. An adjustment to
any of these assumptions could lead to a material change in the
property valuation. For the current year and prior year, the
Directors adopted the valuation without adjustment \u2013 further
information is provided in the accounting policy for investment
property and note 10.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-333": { "value": "
New accounting standards
In the current year, the Group has applied a number of
amendments to IFRSs that are mandatorily effective for an
accounting period that begins on or after 1 January 2025. Their
adoption has not had any material impact on the disclosures or
on the amounts reported in these financial statements. These new
standards and amendments are listed below:
\u2022 Amendments to IAS 21 \u2013 Lack of Exchangeability.
At the date of authorisation of these financial statements, the
Group has not applied the following new and revised IFRSs that
have been issued but are not yet effective:
\u2022 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements;
\u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Contracts Referencing
Nature-dependent Electricity;
\u2022 Annual improvements to IFRS \u2013 Volume 11;
\u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to the
Classification and Measurement of Financial Instruments;
\u2022 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures;
\u2022 Amendments to IAS 21 \u2013 Translation to a Hyperinflationary
Presentation Currency; and
\u2022 Amendments to IFRS 10 and IAS 28 \u2013 Sale or contribution of
assets between an investor and its associate or joint venture.
With the exception of IFRS 18, the Directors do not expect that the
adoption of the standards listed above will have a material impact
on the financial statements of the Group in future periods.
IFRS 18 will introduce new requirements to improve comparability
of the financial performance of similar entities. IFRS 18 will not
impact the recognition or measurement of items in the financial
statements but it will impact presentation and disclosure.
Management is currently assessing the detailed implications of
applying the new standard to the financial statements. From the
high-level preliminary assessment performed, the following
potential impacts have been identified:
\u2022 the line items presented on the primary financial statements
may change as a result of the application of the concept of
\u2018useful structured summary\u2019 and the enhanced principles on
aggregation and disaggregation. However, the Group does not
expect there to be a significant change in the information that is
currently disclosed in the notes;
\u2022 new disclosures will be required for certain management-
defined performance measures;
\u2022 a breakdown of the nature of certain expenses will be required
for line items presented by function in the operating category of
the statement of profit or loss, and share of results of joint
ventures will be classified in the investing category, outside of
operating profit;
\u2022 for the first annual period of application, a reconciliation
between the restated amounts presented under IFRS 18 and the
amounts previously presented applying IAS 1;
\u2022 in the statement of cash flows, interest paid will be presented
as financing cash flows and interest received as investing cash
flows, rather than both being included within operating cash
flows as they are currently; and
\u2022 retrospective application is required, and so the comparative
information for the financial year ending 31 March 2027 will be
restated in accordance with IFRS 18.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-363": { "value": "New accounting standards In the current year, the Group has applied a number of amendments to IFRSs that are mandatorily effective for an accounting period that begins on or after 1 January 2025. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. These new standards and amendments are listed below: \u2022 Amendments to IAS 21 \u2013 Lack of Exchangeability. At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRSs that have been issued but are not yet effective: \u2022 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements; \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Contracts Referencing Nature-dependent Electricity; \u2022 Annual improvements to IFRS \u2013 Volume 11; \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to the Classification and Measurement of Financial Instruments; \u2022 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures; \u2022 Amendments to IAS 21 \u2013 Translation to a Hyperinflationary Presentation Currency; and \u2022 Amendments to IFRS 10 and IAS 28 \u2013 Sale or contribution of assets between an investor and its associate or joint venture. With the exception of IFRS 18, the Directors do not expect that the adoption of the standards listed above will have a material impact on the financial statements of the Group in future periods. IFRS 18 will introduce new requirements to improve comparability of the financial performance of similar entities. IFRS 18 will not impact the recognition or measurement of items in the financial statements but it will impact presentation and disclosure. Management is currently assessing the detailed implications of applying the new standard to the financial statements. From the high-level preliminary assessment performed, the following potential impacts have been identified: \u2022 the line items presented on the primary financial statements may change as a result of the application of the concept of \u2018useful structured summary\u2019 and the enhanced principles on aggregation and disaggregation. However, the Group does not expect there to be a significant change in the information that is currently disclosed in the notes; \u2022 new disclosures will be required for certain management- defined performance measures; \u2022 a breakdown of the nature of certain expenses will be required for line items presented by function in the operating category of the statement of profit or loss, and share of results of joint ventures will be classified in the investing category, outside of operating profit; \u2022 for the first annual period of application, a reconciliation between the restated amounts presented under IFRS 18 and the amounts previously presented applying IAS 1; \u2022 in the statement of cash flows, interest paid will be presented as financing cash flows and interest received as investing cash flows, rather than both being included within operating cash flows as they are currently; and \u2022 retrospective application is required, and so the comparative information for the financial year ending 31 March 2027 will be restated in accordance with IFRS 18. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-334": { "value": "
Basis of consolidation
The Group\u2019s financial statements consolidate the financial
statements of the Company and all its subsidiary undertakings for
the year ended 31 March 2026. Subsidiary undertakings are those
entities controlled by the Group. Control exists when the Company
is exposed, or has rights, to variable returns from its involvement
with the entity and has the ability to affect those returns through
its power over the investee.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-335": { "value": "
Revenue
Gross rental income comprises rental income and premiums on
lease surrenders on investment properties for the year, exclusive of
service charges receivable, on a straight-line basis. Initial direct
costs incurred in arranging a lease are added to the carrying value
of investment properties and are subsequently recognised as an
expense over the lease term on the same basis as the lease income.
Lease incentives, including rent-free periods and payments to
customers, are allocated to the income statement on a straight-
line basis over the lease term or on another systematic basis,
if applicable. The value of resulting accrued rental income is
included within the respective property, with the aggregate cost
of the incentive recognised as a reduction in rental income on a
straight-line basis over the term of the lease.
Revenue from Fully Managed spaces is split between an amount
attributable to the rent on a fitted basis and services income as set out
in the lease agreement, which is based on standalone selling prices.
Where the lease agreement does not provide an attribution, the Group
splits the revenue based on the ERV of the fitted rent, which represents
the standalone selling price. The rent is recognised in gross rental
income (see above) and the services income is recorded over the
period when the services are provided and benefit the customer.
The Group\u2019s Flex Partnerships represent leases with third-party
operators where the rent payable is calculated by reference to
the profitability of the space under management. The rent is
recognised in gross rental income (see above).
Service charge income is recorded over the period when the
services are provided and benefit the customer.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-336": { "value": "
Cost of sales
Service charge expenses represent the costs of operating the
Group\u2019s portfolio and are expensed as incurred.
Fully Managed service costs represent the costs of operating the
Group\u2019s Fully Managed spaces and are expensed as incurred.
Other property expenses represent irrecoverable running costs
directly attributable to specific properties within the Group\u2019s
portfolio. Costs incurred in the improvement of the portfolio which,
in the opinion of the Directors, are not of a capital nature are
written-off to the income statement as incurred.
Administration expenses
Costs not directly attributable to individual properties are treated
as administration expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-337": { "value": "
Share-based payments
The cost of granting share-based payments to employees and
Directors is recognised within administration expenses in the
income statement. The fair value of the RSP is based on the share
price at grant date. The resulting fair value is amortised through
the income statement over the vesting period. The charge is
recognised over the vesting period and reversed if it is likely that
any non-market-based performance or service criteria will not be
met. Any cost in respect of share-based payments relating to the
employees of a subsidiary company is recharged accordingly.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-338": { "value": "
Investment property
Both leasehold and freehold investment properties and investment
properties under development are professionally valued on a fair
value basis by qualified external valuers, and the Directors must
ensure that they are satisfied that the valuation of the Group\u2019s
properties is appropriate for inclusion in the accounts without
adjustment. The valuation of the property portfolio reflects its fair
value taking into account the market view of all relevant factors,
including the climate-related risks associated with the properties.
This includes the impact of expected regulatory changes.
The valuations have been prepared in accordance with the current
versions of the RICS Valuation \u2013 Global Standards (incorporating
the International Valuation Standards (IVS)) and the UK national
supplement (the Red Book) and have been primarily derived using
comparable recent market transactions on arm\u2019s length terms.
For investment property, this approach involves applying market-
derived capitalisation yields to current and market-derived future
income streams with appropriate adjustments for income voids
arising from vacancies or rent-free periods.
These capitalisation yields and future income streams are derived
from comparable property and leasing transactions and are
considered to be the key inputs in the valuation. Other factors that
are taken into account in the valuations include the tenure of the
property, tenancy details, non-payment of rent, planning, building
and environmental factors that might affect the property.
An investment property will be classified as held for sale where it is
available for immediate sale in its present condition and the sale is
highly probable.
In the case of investment property under development, the
approach applied is the \u2018residual method\u2019 of valuation, which is
the investment method of valuation as described above with a
deduction for the costs necessary to complete the development,
together with an allowance for the remaining risk.
The Group recognises sales and purchases of property when control
passes on completion of the contract. Gains or losses on the sale of
properties are calculated by reference to the carrying value at the
end of the previous year, adjusted for subsequent capital expenditure.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-339": { "value": "
Capitalisation of interest
Interest associated with direct expenditure on investment and
trading properties under development and refurbishment is
capitalised. Direct expenditure includes the purchase cost of a site
if it has been purchased with the specific intention to redevelop,
but does not include the original book cost of a site where no
intention existed. Interest is capitalised from the start of the
development work until the date of practical completion. The rate
used is the Group\u2019s weighted average cost of borrowings or, if
appropriate, the rate on specific associated borrowings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-390": { "value": "Capitalisation of interest Interest associated with direct expenditure on investment and trading properties under development and refurbishment is capitalised. Direct expenditure includes the purchase cost of a site if it has been purchased with the specific intention to redevelop, but does not include the original book cost of a site where no intention existed. Interest is capitalised from the start of the development work until the date of practical completion. The rate used is the Group\u2019s weighted average cost of borrowings or, if appropriate, the rate on specific associated borrowings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-382": { "value": "Capitalisation of interest Interest associated with direct expenditure on investment and trading properties under development and refurbishment is capitalised. Direct expenditure includes the purchase cost of a site if it has been purchased with the specific intention to redevelop, but does not include the original book cost of a site where no intention existed. Interest is capitalised from the start of the development work until the date of practical completion. The rate used is the Group\u2019s weighted average cost of borrowings or, if appropriate, the rate on specific associated borrowings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-364": { "value": "Capitalisation of interest Interest associated with direct expenditure on investment and trading properties under development and refurbishment is capitalised. Direct expenditure includes the purchase cost of a site if it has been purchased with the specific intention to redevelop, but does not include the original book cost of a site where no intention existed. Interest is capitalised from the start of the development work until the date of practical completion. The rate used is the Group\u2019s weighted average cost of borrowings or, if appropriate, the rate on specific associated borrowings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-340": { "value": "
Lease obligations
Where the Group is a lessee, a right of use asset and lease liability
are recognised at the outset of the lease. The lease liability is initially
measured at the present value of the lease payments based on the
Group\u2019s expectations of the likelihood of the lease term. The lease
liability is subsequently adjusted to reflect an imputed finance
charge, payments made to the lessor and any lease modifications.
The right of use asset is initially measured at cost, which comprises the
amount of the lease liability and direct costs incurred, less any lease
incentives received by the Group. The Group has two categories of
right of use assets: those in respect of head leases related to its
leasehold properties; and an occupational lease for its head office.
The right of use asset in respect of head leases is classified as
investment property and is added to the carrying value of the
leasehold investment property. The right of use asset in respect of its
occupational leases is classified as property, plant and equipment
and is subsequently depreciated over the length of the lease.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-365": { "value": "
No depreciation is provided in respect of freehold investment
properties and leasehold investment properties. Plant and
equipment is held at cost less accumulated depreciation.
Depreciation is provided on plant and equipment, at rates
calculated to write off the cost, less residual value prevailing at
the balance sheet date of each asset evenly over its expected
useful life, as follows:
Fixtures and fittings \u2013 over three to five years.
Leasehold improvements \u2013 over the term of the lease .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-341": { "value": "No depreciation is provided in respect of freehold investment properties and leasehold investment properties. Plant and equipment is held at cost less accumulated depreciation. Depreciation is provided on plant and equipment, at rates calculated to write off the cost, less residual value prevailing at the balance sheet date of each asset evenly over its expected useful life, as follows: Fixtures and fittings \u2013 over three to five years. Leasehold improvements \u2013 over the term of the lease ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-342": { "value": "
Joint ventures
Joint ventures are accounted for under the equity method where, in
the Directors\u2019 judgement, the Group has joint control of the entity.
The Group\u2019s level of control in its joint ventures is driven both by the
individual agreements which set out how control is shared by the
partners and how that control is exercised in practice. The Group
balance sheet contains the Group\u2019s share of the net assets of its joint
ventures. Balances with partners owed to or from the Group by joint
ventures are included within investments. The Group\u2019s share of joint
venture profits and losses are included in the Group income
statement in a single line. All of the Group\u2019s joint ventures adopt the
accounting policies of the Group for inclusion in the Group financial
statements. There have been no new joint ventures during the year
and no changes to any of the agreements in place.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-366": { "value": "Joint ventures Joint ventures are accounted for under the equity method where, in the Directors\u2019 judgement, the Group has joint control of the entity. The Group\u2019s level of control in its joint ventures is driven both by the individual agreements which set out how control is shared by the partners and how that control is exercised in practice. The Group balance sheet contains the Group\u2019s share of the net assets of its joint ventures. Balances with partners owed to or from the Group by joint ventures are included within investments. The Group\u2019s share of joint venture profits and losses are included in the Group income statement in a single line. All of the Group\u2019s joint ventures adopt the accounting policies of the Group for inclusion in the Group financial statements. There have been no new joint ventures during the year and no changes to any of the agreements in place. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-343": { "value": "
Income tax
Current tax is the amount payable on the taxable income for the
year and any adjustment in respect of previous years. Deferred tax
is provided in full on temporary differences between the tax base
of an asset or liability and its carrying amount in the balance sheet.
Deferred tax is determined using tax rates that have been enacted
or substantively enacted by the balance sheet date and are
expected to apply when the asset is realised or the liability is
settled. Deferred tax assets are recognised when it is probable
that taxable profits will be available against which the deferred
tax assets can be utilised. No provision is made for temporary
differences arising on the initial recognition of assets or liabilities
that affect neither accounting nor taxable profit, with the
exception of leases. Tax is included in the income statement except
when it relates to items recognised directly in other comprehensive
income or equity, in which case the related tax is also recognised
directly in other comprehensive income or equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-367": { "value": "Deferred tax is determined using tax rates that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the asset is realised or the liability is settled. Deferred tax assets are recognised when it is probable that taxable profits will be available against which the deferred tax assets can be utilised. No provision is made for temporary differences arising on the initial recognition of assets or liabilities that affect neither accounting nor taxable profit, with the exception of leases. Tax is included in the income statement except when it relates to items recognised directly in other comprehensive income or equity, in which case the related tax is also recognised directly in other comprehensive income or equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-344": { "value": "
Pension benefits
The Group contributes to a defined benefit pension plan which
is funded with assets held separately from those of the Group.
The full value of the net assets or liabilities of the pension fund
is brought onto the balance sheet at each balance sheet date.
Actuarial gains and losses are taken to other comprehensive
income; all other movements are taken to the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-369": { "value": "
Other investments
Other investments comprise investments in Pi Labs European
PropTech venture capital fund, which is measured at fair value, based
on the net assets of the fund; this is a Level 3 valuation as defined by
IFRS 13. Changes in fair value are recognised in profit or loss .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-345": { "value": "Other investments Other investments comprise investments in Pi Labs European PropTech venture capital fund, which is measured at fair value, based on the net assets of the fund; this is a Level 3 valuation as defined by IFRS 13. Changes in fair value are recognised in profit or loss ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-346": { "value": "
Financial instruments
i Borrowings The Group\u2019s borrowings in the form of its debentures,
private placement notes and bank loans are recognised initially
at fair value, after taking account of any discount or premium on
issue and attributable transaction costs. Subsequently, borrowings
are held at amortised cost, with any discounts, premiums and
attributable costs charged to the income statement using the
effective interest rate method.
ii Cash and cash equivalents Cash and cash equivalents comprise
cash in hand, demand deposits and other short-term highly liquid
investments that are readily convertible into a known amount of
cash and are subject to insignificant risk of changes in value.
iii Trade receivables and payables Trade receivables are
initially measured at the transaction price, and are subsequently
measured at amortised cost using the effective interest rate method.
See note 13 for further information on trade receivables and associated
expected credit losses. Trade payables are initially measured at fair
value and subsequently measured at amortised cost.
The Group uses derivatives
(principally interest rate caps) in managing interest rate risk,
and does not use them for trading. They are recorded, and
subsequently revalued, at fair value, with revaluation gains or
losses being immediately taken to the income statement.
Derivatives with a maturity of less than 12 months or that expect
to be settled within 12 months of the balance sheet date are
presented as current assets or liabilities. Other derivatives are
presented as non-current assets or liabilities .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-383": { "value": "Financial instruments i Borrowings The Group\u2019s borrowings in the form of its debentures, private placement notes and bank loans are recognised initially at fair value, after taking account of any discount or premium on issue and attributable transaction costs. Subsequently, borrowings are held at amortised cost, with any discounts, premiums and attributable costs charged to the income statement using the effective interest rate method. ii Cash and cash equivalents Cash and cash equivalents comprise cash in hand, demand deposits and other short-term highly liquid investments that are readily convertible into a known amount of cash and are subject to insignificant risk of changes in value. iii Trade receivables and payables Trade receivables are initially measured at the transaction price, and are subsequently measured at amortised cost using the effective interest rate method. See note 13 for further information on trade receivables and associated expected credit losses. Trade payables are initially measured at fair value and subsequently measured at amortised cost. The Group uses derivatives (principally interest rate caps) in managing interest rate risk, and does not use them for trading. They are recorded, and subsequently revalued, at fair value, with revaluation gains or losses being immediately taken to the income statement. Derivatives with a maturity of less than 12 months or that expect to be settled within 12 months of the balance sheet date are presented as current assets or liabilities. Other derivatives are presented as non-current assets or liabilities .", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-368": { "value": "Financial instruments i Borrowings The Group\u2019s borrowings in the form of its debentures, private placement notes and bank loans are recognised initially at fair value, after taking account of any discount or premium on issue and attributable transaction costs. Subsequently, borrowings are held at amortised cost, with any discounts, premiums and attributable costs charged to the income statement using the effective interest rate method. ii Cash and cash equivalents Cash and cash equivalents comprise cash in hand, demand deposits and other short-term highly liquid investments that are readily convertible into a known amount of cash and are subject to insignificant risk of changes in value. iii Trade receivables and payables Trade receivables are initially measured at the transaction price, and are subsequently measured at amortised cost using the effective interest rate method. See note 13 for further information on trade receivables and associated expected credit losses. Trade payables are initially measured at fair value and subsequently measured at amortised cost. The Group uses derivatives (principally interest rate caps) in managing interest rate risk, and does not use them for trading. They are recorded, and subsequently revalued, at fair value, with revaluation gains or losses being immediately taken to the income statement. Derivatives with a maturity of less than 12 months or that expect to be settled within 12 months of the balance sheet date are presented as current assets or liabilities. Other derivatives are presented as non-current assets or liabilities .", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-391": { "value": "i Borrowings The Group\u2019s borrowings in the form of its debentures, private placement notes and bank loans are recognised initially at fair value, after taking account of any discount or premium on issue and attributable transaction costs. Subsequently, borrowings are held at amortised cost, with any discounts, premiums and attributable costs charged to the income statement using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-392": { "value": "ii Cash and cash equivalents Cash and cash equivalents comprise cash in hand, demand deposits and other short-term highly liquid investments that are readily convertible into a known amount of cash and are subject to insignificant risk of changes in value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-393": { "value": "iii Trade receivables and payables Trade receivables are initially measured at the transaction price, and are subsequently measured at amortised cost using the effective interest rate method. See note 13 for further information on trade receivables and associated expected credit losses. Trade payables are initially measured at fair value and subsequently measured at amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-401": { "value": "iii Trade receivables and payables Trade receivables are initially measured at the transaction price, and are subsequently measured at amortised cost using the effective interest rate method. See note 13 for further information on trade receivables and associated expected credit losses. Trade payables are initially measured at fair value and subsequently measured at amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-394": { "value": " The Group uses derivatives (principally interest rate caps) in managing interest rate risk, and does not use them for trading. They are recorded, and subsequently revalued, at fair value, with revaluation gains or losses being immediately taken to the income statement. Derivatives with a maturity of less than 12 months or that expect to be settled within 12 months of the balance sheet date are presented as current assets or liabilities. Other derivatives are presented as non-current assets or liabilities ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-400": { "value": " The Group uses derivatives (principally interest rate caps) in managing interest rate risk, and does not use them for trading. They are recorded, and subsequently revalued, at fair value, with revaluation gains or losses being immediately taken to the income statement. Derivatives with a maturity of less than 12 months or that expect to be settled within 12 months of the balance sheet date are presented as current assets or liabilities. Other derivatives are presented as non-current assets or liabilities .", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-402": { "value": " The Group uses derivatives (principally interest rate caps) in managing interest rate risk, and does not use them for trading. They are recorded, and subsequently revalued, at fair value, with revaluation gains or losses being immediately taken to the income statement. Derivatives with a maturity of less than 12 months or that expect to be settled within 12 months of the balance sheet date are presented as current assets or liabilities. Other derivatives are presented as non-current assets or liabilities .", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-3": { "value": "2 Segmental analysis IFRS 8 Operating Segments requires the identification of operating segments based on internal financial reports detailing components of the Group regularly reviewed by the chief operating decision makers (the Group\u2019s Executive Committee) in order to allocate resources to the segments and to assess their performance. The Directors have concluded, based on the level of information provided to the Executive Committee, that its Fully Managed operations is an operating segment as defined by IFRS 8. Furthermore, given the revenue is in excess of 10% of wider Group revenue, the segment should be separately reported from the remainder of the Group\u2019s activities. The remainder of the Group\u2019s components are managed together, with their operating results reviewed on an aggregated basis. All of the Group\u2019s revenue is generated from investment properties located in a small radius within central London. The properties are managed as a single portfolio by a Portfolio Management team whose responsibilities are not segregated by location or type but are managed on an asset-by-asset basis. The majority of the Group\u2019s assets are mixed-use, therefore the office, retail and any residential space are managed together. The Directors have considered the nature of the business, how the business is managed and how they review performance, and in their judgement, the Group has only two reportable segments. The Executive Committee reviews the performance of its Fully Managed offer based on gross revenue (including Fully Managed services income) net of cost of sales on a proportionally consolidated basis (including the Group\u2019s joint ventures at share). Total assets and liabilities are not monitored by segment. Segmental analysis for the year ended 31 March 2026
Fully Managed Group Fully
offices including Joint Managed Remainder Total
joint ventures ventures offices of portfolio 2026
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
44.5
(1.7)
42.8
75.1
117.9
Cost of sales
(25.3)
0.5
(24.8)
(24.5)
(49.3)
Net result
19.2
(1.2)
18.0
50.6
68.6
Group Fully Managed revenue includes \u00a30.8 million (2025: \u00a30.3 million) in respect of spreading of rental income lease incentives. Segmental analysis for the year ended 31 March 2025
Fully Managed Group Fully
offices including Joint Managed Remainder Total
joint ventures ventures offices of portfolio 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
20.6
(1.8)
18.8
75.4
94.2
Cost of sales
(11.3)
0.5
(10.8)
(24.3)
(35.1)
Net result
9.3
(1.3)
8.0
51.1
59.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-4": { "value": "3 Revenue
2026 2025
\u00a3m \u00a3m
Gross rental income
72.4
69.4
Spreading of lease incentives \u2013 rental income
0.2
(1.4)
Service charge income
15.4
12.8
Fully Managed services income
24.5
10.5
Spreading of lease incentives \u2013 Fully Managed services income
1.2
0.4
Joint venture fee income
4.2
2.5
117.9
94.2
3 Revenue continued The table below sets out the Group\u2019s gross rental income split between types of space provided:
2026 2025
\u00a3m \u00a3m
Ready to Fit
31.4
36.4
Retail
15.1
11.8
Fitted
6.1
7.9
Fully Managed
16.3
7.6
Flex Partnerships
2.7
3.0
Hotel
0.8
2.7
72.4
69.4
The table below sets out the Group\u2019s net rental income, which is an alternative performance measure (see note 9):
2026 2025
\u00a3m \u00a3m
Gross rental income
72.4
69.4
Expected credit loss
(0.1)
(0.1)
Rental income
72.3
69.3
Spreading of lease incentives
0.2
(1.4)
Ground rent
(1.2)
(0.6)
Net rental income
71.3
67.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-347": { "value": "
4 Cost of sales
2026 2025
\u00a3m \u00a3m
Service charge expenses
18.5
16.5
Fully Managed service expenses
24.8
10.8
Other property expenses
4.8
7.2
Ground rent
1.2
0.6
49.3
35.1
The table below sets out the Group\u2019s property costs, which is an alternative performance measure (see note 9):
2026 2025
\u00a3m \u00a3m
Service charge income
(15.4)
(12.8)
Service charge expenses
18.5
16.5
Fully Managed services income (including spreading of services incentives)
(25.7)
(10.9)
Fully Managed services expenses
24.8
10.8
Other property expenses
4.8
7.2
Expected credit loss
\u2013
0.1
Property costs
7.0
10.9
5 Administration expenses
2026 2025
\u00a3m \u00a3m
Employee costs
31.7
29.7
IT transformation costs
1.8
0.2
Depreciation
0.8
1.7
Other head office costs
9.9
8.4
44.2
40.0
5 Administration expenses continued
Included within employee costs is an accounting charge for the Restricted Share Plan and deferred bonus shares of \u00a33.3 million
(2025: \u00a34.2 million). Employee costs, including those of Directors, comprise the following:
2026 2025
\u00a3m \u00a3m
Wages and salaries (including annual bonuses)
26.7
24.2
Share-based payments
3.4
4.0
Social security costs
4.2
4.0
Other pension costs
2.4
2.1
36.7
34.3
Less: recovered through service charges
(2.0)
(2.0)
Less: capitalised into development projects
(2.4)
(2.1)
Less: Fully Managed staff costs
(0.6)
(0.5)
31.7
29.7
Key management compensation
The emoluments and pension benefits of the Directors are set out in detail within the Directors\u2019 remuneration report on pages 114 to 130.
The Directors and the Executive Committee are considered to be key management for the purposes of IAS 24 \u2013 Related Party Transactions
with their aggregate compensation set out below:
2026 2025
\u00a3m \u00a3m
Wages and salaries (including annual bonuses)
7.2
6.4
Share-based payments
1.7
1.9
Social security costs
1.2
1.1
Other pension costs
0.5
0.4
10.6
9.8
The number of people considered key management totalled 17 (2025: 15). The Group had loans to key management of \u00a35,039 (2025: \u00a3nil)
outstanding at 31 March 2026. The Group\u2019s key management, its pension plan and joint ventures are the Group\u2019s only related parties.
Employee information
The monthly average number of employees of the Group, including Directors, was:
2026 2025
Number Number
Head office and property management
170
158
Auditor\u2019s remuneration
2026 2025
\u00a3000 \u00a3000
Audit of the Group and Company\u2019s annual accounts
378
345
Audit of subsidiaries
146
111
524
456
Audit-related assurance services, including the interim review
65
63
Reporting accountant fees \u2013 rights issue and issue of \u00a3250.0 million sustainable sterling bond
\u2013
308
Sustainability assurance
75
73
Auditor\u2019s remuneration
664
900
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-5": { "value": "4 Cost of sales
2026 2025
\u00a3m \u00a3m
Service charge expenses
18.5
16.5
Fully Managed service expenses
24.8
10.8
Other property expenses
4.8
7.2
Ground rent
1.2
0.6
49.3
35.1
The table below sets out the Group\u2019s property costs, which is an alternative performance measure (see note 9):
2026 2025
\u00a3m \u00a3m
Service charge income
(15.4)
(12.8)
Service charge expenses
18.5
16.5
Fully Managed services income (including spreading of services incentives)
(25.7)
(10.9)
Fully Managed services expenses
24.8
10.8
Other property expenses
4.8
7.2
Expected credit loss
\u2013
0.1
Property costs
7.0
10.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-6": { "value": "5 Administration expenses
2026 2025
\u00a3m \u00a3m
Employee costs
31.7
29.7
IT transformation costs
1.8
0.2
Depreciation
0.8
1.7
Other head office costs
9.9
8.4
44.2
40.0
5 Administration expenses continued Included within employee costs is an accounting charge for the Restricted Share Plan and deferred bonus shares of \u00a33.3 million (2025: \u00a34.2 million). Employee costs, including those of Directors, comprise the following:
2026 2025
\u00a3m \u00a3m
Wages and salaries (including annual bonuses)
26.7
24.2
Share-based payments
3.4
4.0
Social security costs
4.2
4.0
Other pension costs
2.4
2.1
36.7
34.3
Less: recovered through service charges
(2.0)
(2.0)
Less: capitalised into development projects
(2.4)
(2.1)
Less: Fully Managed staff costs
(0.6)
(0.5)
31.7
29.7
Key management compensation The emoluments and pension benefits of the Directors are set out in detail within the Directors\u2019 remuneration report on pages 114 to 130. The Directors and the Executive Committee are considered to be key management for the purposes of IAS 24 \u2013 Related Party Transactions with their aggregate compensation set out below:
2026 2025
\u00a3m \u00a3m
Wages and salaries (including annual bonuses)
7.2
6.4
Share-based payments
1.7
1.9
Social security costs
1.2
1.1
Other pension costs
0.5
0.4
10.6
9.8
The number of people considered key management totalled 17 (2025: 15). The Group had loans to key management of \u00a35,039 (2025: \u00a3nil) outstanding at 31 March 2026. The Group\u2019s key management, its pension plan and joint ventures are the Group\u2019s only related parties. Employee information The monthly average number of employees of the Group, including Directors, was:
2026 2025
Number Number
Head office and property management
170
158
Auditor\u2019s remuneration
2026 2025
\u00a3000 \u00a3000
Audit of the Group and Company\u2019s annual accounts
378
345
Audit of subsidiaries
146
111
524
456
Audit-related assurance services, including the interim review
65
63
Reporting accountant fees \u2013 rights issue and issue of \u00a3250.0 million sustainable sterling bond
\u2013
308
Sustainability assurance
75
73
Auditor\u2019s remuneration
664
900
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-371": { "value": "Included within employee costs is an accounting charge for the Restricted Share Plan and deferred bonus shares of \u00a33.3 million (2025: \u00a34.2 million). Employee costs, including those of Directors, comprise the following:
2026 2025
\u00a3m \u00a3m
Wages and salaries (including annual bonuses)
26.7
24.2
Share-based payments
3.4
4.0
Social security costs
4.2
4.0
Other pension costs
2.4
2.1
36.7
34.3
Less: recovered through service charges
(2.0)
(2.0)
Less: capitalised into development projects
(2.4)
(2.1)
Less: Fully Managed staff costs
(0.6)
(0.5)
31.7
29.7
Key management compensation The emoluments and pension benefits of the Directors are set out in detail within the Directors\u2019 remuneration report on pages 114 to 130. The Directors and the Executive Committee are considered to be key management for the purposes of IAS 24 \u2013 Related Party Transactions with their aggregate compensation set out below:
2026 2025
\u00a3m \u00a3m
Wages and salaries (including annual bonuses)
7.2
6.4
Share-based payments
1.7
1.9
Social security costs
1.2
1.1
Other pension costs
0.5
0.4
10.6
9.8
The number of people considered key management totalled 17 (2025: 15). The Group had loans to key management of \u00a35,039 (2025: \u00a3nil) outstanding at 31 March 2026. The Group\u2019s key management, its pension plan and joint ventures are the Group\u2019s only related parties. Employee information The monthly average number of employees of the Group, including Directors, was:
2026 2025
Number Number
Head office and property management
170
158
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-395": { "value": "Key management compensation The emoluments and pension benefits of the Directors are set out in detail within the Directors\u2019 remuneration report on pages 114 to 130. The Directors and the Executive Committee are considered to be key management for the purposes of IAS 24 \u2013 Related Party Transactions with their aggregate compensation set out below:
2026 2025
\u00a3m \u00a3m
Wages and salaries (including annual bonuses)
7.2
6.4
Share-based payments
1.7
1.9
Social security costs
1.2
1.1
Other pension costs
0.5
0.4
10.6
9.8
The number of people considered key management totalled 17 (2025: 15). The Group had loans to key management of \u00a35,039 (2025: \u00a3nil) outstanding at 31 March 2026. The Group\u2019s key management, its pension plan and joint ventures are the Group\u2019s only related parties. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-384": { "value": "Key management compensation The emoluments and pension benefits of the Directors are set out in detail within the Directors\u2019 remuneration report on pages 114 to 130. The Directors and the Executive Committee are considered to be key management for the purposes of IAS 24 \u2013 Related Party Transactions with their aggregate compensation set out below:
2026 2025
\u00a3m \u00a3m
Wages and salaries (including annual bonuses)
7.2
6.4
Share-based payments
1.7
1.9
Social security costs
1.2
1.1
Other pension costs
0.5
0.4
10.6
9.8
The number of people considered key management totalled 17 (2025: 15). The Group had loans to key management of \u00a35,039 (2025: \u00a3nil) outstanding at 31 March 2026. The Group\u2019s key management, its pension plan and joint ventures are the Group\u2019s only related parties. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-370": { "value": "Auditor\u2019s remuneration
2026 2025
\u00a3000 \u00a3000
Audit of the Group and Company\u2019s annual accounts
378
345
Audit of subsidiaries
146
111
524
456
Audit-related assurance services, including the interim review
65
63
Reporting accountant fees \u2013 rights issue and issue of \u00a3250.0 million sustainable sterling bond
\u2013
308
Sustainability assurance
75
73
Auditor\u2019s remuneration
664
900
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-348": { "value": "
6 Finance income
2026 2025
\u00a3m \u00a3m
Interest income on joint venture balances
5.6
5.7
Interest on cash deposits
0.4
1.5
6.0
7.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-385": { "value": "6 Finance income
2026 2025
\u00a3m \u00a3m
Interest income on joint venture balances
5.6
5.7
Interest on cash deposits
0.4
1.5
6.0
7.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-372": { "value": "6 Finance income
2026 2025
\u00a3m \u00a3m
Interest income on joint venture balances
5.6
5.7
Interest on cash deposits
0.4
1.5
6.0
7.2
7 Finance costs
2026 2025
\u00a3m \u00a3m
Interest on revolving credit facilities
20.3
7.3
Interest on term loan
2.9
12.8
Interest on private placement notes
7.1
7.6
Interest on sustainable sterling bond
13.9
7.2
Interest on debenture stock
1.2
1.2
Interest on obligations under head leases
3.2
3.1
Other
\u2013
0.4
Gross finance costs
48.6
39.6
Less: capitalised interest
(37.7)
(26.5)
10.9
13.1
The Group capitalised interest on certain developments with specific associated borrowings at 6.6% (2025: 6.9%), with the remainder at the Group\u2019s weighted average cost of non-specific borrowings of 4.9% (2025: 4.6%).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-7": { "value": "6 Finance income
2026 2025
\u00a3m \u00a3m
Interest income on joint venture balances
5.6
5.7
Interest on cash deposits
0.4
1.5
6.0
7.2
7 Finance costs
2026 2025
\u00a3m \u00a3m
Interest on revolving credit facilities
20.3
7.3
Interest on term loan
2.9
12.8
Interest on private placement notes
7.1
7.6
Interest on sustainable sterling bond
13.9
7.2
Interest on debenture stock
1.2
1.2
Interest on obligations under head leases
3.2
3.1
Other
\u2013
0.4
Gross finance costs
48.6
39.6
Less: capitalised interest
(37.7)
(26.5)
10.9
13.1
The Group capitalised interest on certain developments with specific associated borrowings at 6.6% (2025: 6.9%), with the remainder at the Group\u2019s weighted average cost of non-specific borrowings of 4.9% (2025: 4.6%).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-349": { "value": "
7 Finance costs
2026 2025
\u00a3m \u00a3m
Interest on revolving credit facilities
20.3
7.3
Interest on term loan
2.9
12.8
Interest on private placement notes
7.1
7.6
Interest on sustainable sterling bond
13.9
7.2
Interest on debenture stock
1.2
1.2
Interest on obligations under head leases
3.2
3.1
Other
\u2013
0.4
Gross finance costs
48.6
39.6
Less: capitalised interest
(37.7)
(26.5)
10.9
13.1
The Group capitalised interest on certain developments with specific associated borrowings at 6.6% (2025: 6.9%), with the remainder at
the Group\u2019s weighted average cost of non-specific borrowings of 4.9% (2025: 4.6%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-396": { "value": "7 Finance costs
2026 2025
\u00a3m \u00a3m
Interest on revolving credit facilities
20.3
7.3
Interest on term loan
2.9
12.8
Interest on private placement notes
7.1
7.6
Interest on sustainable sterling bond
13.9
7.2
Interest on debenture stock
1.2
1.2
Interest on obligations under head leases
3.2
3.1
Other
\u2013
0.4
Gross finance costs
48.6
39.6
Less: capitalised interest
(37.7)
(26.5)
10.9
13.1
The Group capitalised interest on certain developments with specific associated borrowings at 6.6% (2025: 6.9%), with the remainder at the Group\u2019s weighted average cost of non-specific borrowings of 4.9% (2025: 4.6%).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-386": { "value": "7 Finance costs
2026 2025
\u00a3m \u00a3m
Interest on revolving credit facilities
20.3
7.3
Interest on term loan
2.9
12.8
Interest on private placement notes
7.1
7.6
Interest on sustainable sterling bond
13.9
7.2
Interest on debenture stock
1.2
1.2
Interest on obligations under head leases
3.2
3.1
Other
\u2013
0.4
Gross finance costs
48.6
39.6
Less: capitalised interest
(37.7)
(26.5)
10.9
13.1
The Group capitalised interest on certain developments with specific associated borrowings at 6.6% (2025: 6.9%), with the remainder at the Group\u2019s weighted average cost of non-specific borrowings of 4.9% (2025: 4.6%).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-8": { "value": "8 Tax
2026 2025
\u00a3m \u00a3m
Current tax
UK corporation tax \u2013 current period
\u2013
1.6
UK corporation tax \u2013 prior periods
(2.0)
\u2013
Total current tax
(2.0)
1.6
\u2013
0.2
Tax (credit)/charge for the year
(2.0)
1.8
The effective rate of tax is lower (2025: lower) than the standard rate of tax. The difference arises from the items set out below:
2026 2025
\u00a3m \u00a3m
Profit before tax
152.5
117.8
Tax charge on profit at standard rate of 25% (2025: 25%)
38.1
29.5
REIT tax exempt rental profits and gains
(12.6)
(7.9)
Changes in fair value of properties not subject to tax
(28.9)
(24.5)
Other
3.4
4.7
Prior periods\u2019 adjustments
(2.0)
\u2013
Tax (credit)/charge for the year
(2.0)
1.8
The Group complied with all the requirements necessary to maintain its REIT status throughout the year. The current tax credit of \u00a32.0 million comprises prior period adjustments, including a credit of \u00a31.6 million relating to the operation of the REIT interest cover test. During the year, \u00a3nil (2025: \u00a30.2 million) of deferred tax was credited directly to equity. The Group recognised a net deferred tax asset at 31 March 2026 of \u00a3nil (2025: \u00a3nil). This consists of deferred tax assets of \u00a31.5 million (2025: \u00a31.4 million) and deferred tax liabilities of \u00a31.5 million (2025: \u00a31.4 million). Deferred tax is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. 8 Tax continued Movement in deferred tax
Recognised
At 1 April in the income Recognised
At 31 March
2025 statement
in equity
2026
\u00a3m \u00a3m
\u00a3m
\u00a3m
Net deferred tax (liability)/asset in respect of other temporary differences
\u2013
\u2013
\u2013
\u2013
The Group has not recognised further deferred tax assets in respect of gross temporary differences arising from the following items, because it is uncertain whether future taxable profits will arise against which these assets can be utilised:
2026 2025
\u00a3m \u00a3m
Revenue losses
42.3
32.4
Share-based payments
5.5
7.8
Other
0.9
1.5
48.7
41.7
As a REIT, the majority of rental profits and chargeable gains from the Group\u2019s property rental business are exempt from UK corporation tax. The Group is otherwise subject to corporation tax. In particular, the Group\u2019s REIT exemption does not extend to either profits arising from the sale of trading properties or gains arising from the sale of investment properties in respect of which a major redevelopment has completed within the preceding three years. In order to ensure that the Group is able to both retain its status as a REIT and avoid financial charges being imposed, a number of tests (including a minimum distribution test) must be met by both Great Portland Estates plc and by the Group as a whole on an ongoing basis. These conditions are detailed in the Corporation Tax Act 2010. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-350": { "value": "
During the year, \u00a3nil (2025: \u00a30.2 million) of deferred tax was credited directly to equity. The Group recognised a net deferred tax asset at
31 March 2026 of \u00a3nil (2025: \u00a3nil). This consists of deferred tax assets of \u00a31.5 million (2025: \u00a31.4 million) and deferred tax liabilities of
\u00a31.5 million (2025: \u00a31.4 million). Deferred tax is calculated using tax rates that have been enacted or substantively enacted at the balance
sheet date.
Movement in deferred tax
Recognised
At 1 April in the income Recognised
At 31 March
2025 statement
in equity
2026
\u00a3m \u00a3m
\u00a3m
\u00a3m
Net deferred tax (liability)/asset in respect of other temporary differences
\u2013
\u2013
\u2013
\u2013
The Group has not recognised further deferred tax assets in respect of gross temporary differences arising from the following items,
because it is uncertain whether future taxable profits will arise against which these assets can be utilised:
2026 2025
\u00a3m \u00a3m
Revenue losses
42.3
32.4
Share-based payments
5.5
7.8
Other
0.9
1.5
48.7
41.7
As a REIT, the majority of rental profits and chargeable gains from the Group\u2019s property rental business are exempt from UK corporation
tax. The Group is otherwise subject to corporation tax. In particular, the Group\u2019s REIT exemption does not extend to either profits arising
from the sale of trading properties or gains arising from the sale of investment properties in respect of which a major redevelopment has
completed within the preceding three years.
In order to ensure that the Group is able to both retain its status as a REIT and avoid financial charges being imposed, a number of tests
(including a minimum distribution test) must be met by both Great Portland Estates plc and by the Group as a whole on an ongoing basis.
These conditions are detailed in the Corporation Tax Act 2010.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-351": { "value": "
9 Earnings per share, alternative performance measures and EPRA metrics
As is usual practice in our sector, we use alternative performance measures (APMs) to help explain the performance of the business.
These include quoting a number of measures on a proportionally consolidated basis to include joint ventures, as it best describes how
we manage the portfolio, and using measures prescribed by the European Public Real Estate Association (EPRA). The measures defined
by EPRA are designed to enhance transparency and comparability across the European real estate sector in accordance with its Best
Practice Recommendations (BPR). The Directors consider these EPRA metrics, and the other metrics provided, to be the most appropriate
method of reporting the value and performance of the business. A summary of our EPRA measures is on page 35. EPRA capital expenditure
and EPRA NIY are included in note 10, and EPRA vacancy is set out on page 192.
Earnings per share
Weighted average number of ordinary shares
2026
Number of
shares
2025
Number of
shares
Issued ordinary share capital at 1 April
406,188,658
253,867,911
Rights issue
\u2013
132,033,365
Investment in own shares
(2,790,705)
(1,816,870)
Weighted average number of ordinary shares at 31 March \u2013 basic
403,397,953
384,084,406
9 Earnings per share, alternative performance measures and EPRA metrics continued
Basic and diluted earnings per share (EPS)
Profit Number Earnings Profit Number Earnings
after tax of shares per share after tax of shares per share
2026 2026 2026 2025 2025 2025
\u00a3m million pence \u00a3m million pence
Basic
154.5
403.4
38.3
116.0
384.1
30.2
Dilutive effect of RSP shares
\u2013
1.8
(0.2)
\u2013
0.9
(0.1)
Diluted
154.5
405.2
38.1
116.0
385.0
30.1
Basic and diluted EPRA EPS
Profit Number of Earnings Profit Number of Earnings
after tax shares per share after tax shares per share
2026 2026 2026 2025 2025 2025
\u00a3m million pence \u00a3m million pence
Basic
154.5
403.4
38.3
116.0
384.1
30.2
Surplus from investment property (note 10)
(99.4)
\u2013
(24.6)
(83.2)
\u2013
(21.6)
Surplus from joint venture investment property
(note 11)
(22.5)
\u2013
(5.6)
(14.5)
\u2013
(3.7)
Debt cancellation costs (note 15)
0.5
\u2013
0.1
0.7
\u2013
0.2
Deficit on revaluation of derivatives (note 16)
\u2013
\u2013
\u2013
0.4
\u2013
0.1
(Surplus)/deficit on revaluation of other
investments (note 12)
(0.4)
\u2013
(0.1)
0.4
\u2013
0.1
Deferred tax in respect of adjustments (note 8)
\u2013
\u2013
\u2013
0.2
\u2013
\u2013
Exceptional item: IT transformation costs
1.8
\u2013
0.5
0.2
\u2013
\u2013
Basic EPRA earnings
34.5
403.4
8.6
20.2
384.1
5.3
Dilutive effect of RSP shares (note 19)
\u2013
1.8
(0.1)
\u2013
0.9
(0.1)
Diluted EPRA earnings
34.5
405.2
8.5
20.2
385.0
5.2
In the prior year, the Group commenced an IT transformation project to replace the Group\u2019s finance and property management system.
The cost of this project has been excluded from EPRA EPS in accordance with the EPRA Best Practices Recommendations September 2024.
Cash earnings per share
Profit Number of Earnings Profit Number of Earnings
after tax shares per share after tax shares per share
2026 2026 2026 2025 2025 2025
\u00a3m million pence \u00a3m million pence
Diluted EPRA earnings
34.5
405.2
8.5
20.2
385.0
5.2
Capitalised interest
(37.7)
\u2013
(9.3)
(26.5)
\u2013
(6.9)
Spreading of lease incentives
(1.4)
\u2013
(0.4)
1.0
\u2013
0.3
Spreading of lease incentives in joint ventures
1.3
\u2013
0.3
2.4
\u2013
0.7
Capitalised interest in joint ventures
(0.7)
\u2013
(0.1)
(0.2)
\u2013
(0.1)
Employee incentive plan charges
3.3
\u2013
0.8
4.2
\u2013
1.1
Cash earnings per share
(0.7)
405.2
(0.2)
1.1
385.0
0.3
Net assets per share
The Group has adopted EPRA\u2019s Best Practice Recommendations for Net Asset Value (NAV) metrics. The recommendations include three
NAV metrics: EPRA Net Tangible Assets (NTA), Net Reinvestment Value (NRV) and Net Disposal Value (NDV). We consider EPRA NTA to be
the most relevant measure for the Group and the primary measure of IFRS net asset value; definitions are included in the glossary.
Number of ordinary shares
2026 2025
Number of Number of
shares shares
Issued ordinary share capital
406,188,658
253,867,911
Rights issue
\u2013
152,320,747
Investment in own shares
(2,778,924)
(2,893,542)
Number of shares \u2013 basic
403,409,734
403,295,116
Dilutive effect of RSP shares
2,306,747
1,472,577
Number of shares \u2013 diluted
405,716,481
404,767,693
9 Earnings per share, alternative performance measures and EPRA metrics continued
EPRA net assets per share at 31 March 2026
IFRS EPRA NTA EPRA NDV EPRA NRV
\u00a3m \u00a3m \u00a3m \u00a3m
IFRS basic and diluted net assets
2,126.7
2,126.7
2,126.7
2,126.7
Fair value of financial liabilities (note 16)
\u2013
\u2013
45.8
\u2013
Real estate transfer tax
\u2013
\u2013
\u2013
215.7
Net assets used in per share calculations
2,126.7
2,126.7
2,172.5
2,342.4
IFRS EPRA NTA EPRA NDV EPRA NRV
pence pence pence pence
Net assets per share (pence)
527
527
539
581
Diluted net assets per share (pence)
524
524
535
577
EPRA net assets per share at 31 March 2025
IFRS EPRA NTA EPRA NDV EPRA NRV
\u00a3m \u00a3m \u00a3m \u00a3m
IFRS basic and diluted net assets
2,000.7
2,000.7
2,000.7
2,000.7
Fair value of derivative financial instruments
\u2013
\u2013
\u2013
\u2013
Fair value of financial liabilities (note 16)
\u2013
\u2013
46.5
\u2013
Real estate transfer tax
\u2013
\u2013
\u2013
209.3
Net assets used in per share calculations
2,000.7
2,000.7
2,047.2
2,210.0
IFRS EPRA NTA EPRA NDV EPRA NRV
pence pence pence pence
Net assets per share (pence)
496
496
508
548
Diluted net assets per share (pence)
494
494
506
546
Total Accounting Return (TAR)
2026 2025
\u00a3m \u00a3m
Opening EPRA net assets
2.000.7
1,582.6
Adjusted for rights issue
\u2013
335.6
Restated opening EPRA net assets (A)
2,000.7
1,918.2
Closing net assets
2,126.7
2,000.7
Increase in net assets
126.0
82.5
Ordinary dividends paid in the year
31.9
31.8
Total return (B)
157.9
114.3
Total Accounting Return (B/A)
7.9%
6.0%
Net gearing
2026 2025
\u00a3m \u00a3m
Nominal value of interest-bearing loans and borrowings (see note 15)
801.9
853.9
Less: cash and cash equivalents (unrestricted) (note 20)
(2.2)
(18.2)
Adjusted net debt (A)
799.7
835.7
Net assets
2,126.7
2,000.7
Pension scheme asset (note 24)
(5.0)
(4.8)
Adjusted net equity (B)
2,121.7
1,995.9
Net gearing (A/B)
37.7%
41.9%
9 Earnings per share, alternative performance measures and EPRA metrics continued
EPRA loan-to-property value and net debt
We consider loan-to-property value, including our share of joint ventures, to be the best measure of the Group\u2019s risk from financial
leverage. We also present net gearing as it is a key covenant on our loan facilities (see note 16).
2026 2025
\u00a3m \u00a3m
21.9
21.9
\u00a3525.0 million revolving credit facility
180.0
\u2013
\u00a3450.0 million revolving credit facility
\u2013
150.0
\u00a3150.0 million revolving credit facility
100.0
107.0
\u00a375.0 million term loan 2027 (2025: \u00a375.0 million)
\u2013
75.0
\u00a3250.0 million 5.375% sustainable sterling bond 2031
250.0
250.0
Private placement notes
250.0
250.0
Less: cash and cash equivalents
(22.7)
(36.9)
Group net debt
779.2
817.0
Net payables (including customer rent deposits)
76.6
72.4
Group net debt including net payables
855.8
889.4
Joint venture net payables (at share)
7.0
9.5
Less: joint venture cash and cash equivalents (at share)
(16.3)
(15.9)
Net debt including joint ventures (A)
846.5
883.0
Group properties at market value
2,427.6
2,368.5
Joint venture properties at market value (at share)
528.2
500.8
Property portfolio at market value including joint ventures (B)
2,955.8
2,869.3
EPRA loan-to-property value (A/B)
28.6%
30.8%
Group cash and cash equivalents includes customer rent deposits held in separate designated bank accounts of \u00a320.5 million
(2025: \u00a318.7 million); the use of the deposits is subject to restrictions as set out in the customer\u2019s lease agreement and therefore not
available for general use by the Group.
EPRA cost ratio (including share of joint ventures)
2026 2025
\u00a3m \u00a3m
Administration expenses
44.2
40.0
Net property costs (excluding Fully Managed services income and costs)
7.9
11.0
Joint venture management fee income (note 3)
(4.2)
(2.5)
Joint venture property and administration costs (excluding Fully Managed services income and costs, note 11)
2.0
3.1
EPRA costs (including direct vacancy costs) (A)
49.9
51.6
Direct vacancy costs
(4.3)
(6.9)
Joint venture direct vacancy costs
(2.1)
(1.3)
EPRA costs (excluding direct vacancy costs) (B)
43.5
43.4
Net rental income (note 3)
71.3
67.3
Joint venture net rental income (note 11)
18.0
15.9
Gross rental income (C)
89.3
83.2
Portfolio at fair value including joint ventures (D)
2,955.8
2,869.3
Cost ratio (including direct vacancy costs) (A/C)
55.9%
62.0%
Cost ratio (excluding direct vacancy costs) (B/C)
48.7%
52.1%
Cost ratio (by portfolio value) (A/D)
1.7%
1.8%
", "dimensions": { "concept": "gpe:DisclosureOfEarningsPerShareAlternativePerformanceMeasuresAndEPRAMetricsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-9": { "value": "9 Earnings per share, alternative performance measures and EPRA metrics As is usual practice in our sector, we use alternative performance measures (APMs) to help explain the performance of the business. These include quoting a number of measures on a proportionally consolidated basis to include joint ventures, as it best describes how we manage the portfolio, and using measures prescribed by the European Public Real Estate Association (EPRA). The measures defined by EPRA are designed to enhance transparency and comparability across the European real estate sector in accordance with its Best Practice Recommendations (BPR). The Directors consider these EPRA metrics, and the other metrics provided, to be the most appropriate method of reporting the value and performance of the business. A summary of our EPRA measures is on page 35. EPRA capital expenditure and EPRA NIY are included in note 10, and EPRA vacancy is set out on page 192. Earnings per share Weighted average number of ordinary shares 2026 Number of shares 2025
Number of
shares
Issued ordinary share capital at 1 April
406,188,658
253,867,911
Rights issue
\u2013
132,033,365
Investment in own shares
(2,790,705)
(1,816,870)
Weighted average number of ordinary shares at 31 March \u2013 basic
403,397,953
384,084,406
9 Earnings per share, alternative performance measures and EPRA metrics continued Basic and diluted earnings per share (EPS)
Profit Number Earnings Profit Number Earnings
after tax of shares per share after tax of shares per share
2026 2026 2026 2025 2025 2025
\u00a3m million pence \u00a3m million pence
Basic
154.5
403.4
38.3
116.0
384.1
30.2
Dilutive effect of RSP shares
\u2013
1.8
(0.2)
\u2013
0.9
(0.1)
Diluted
154.5
405.2
38.1
116.0
385.0
30.1
Basic and diluted EPRA EPS
Profit Number of Earnings Profit Number of Earnings
after tax shares per share after tax shares per share
2026 2026 2026 2025 2025 2025
\u00a3m million pence \u00a3m million pence
Basic
154.5
403.4
38.3
116.0
384.1
30.2
Surplus from investment property (note 10)
(99.4)
\u2013
(24.6)
(83.2)
\u2013
(21.6)
Surplus from joint venture investment property
(note 11)
(22.5)
\u2013
(5.6)
(14.5)
\u2013
(3.7)
Debt cancellation costs (note 15)
0.5
\u2013
0.1
0.7
\u2013
0.2
Deficit on revaluation of derivatives (note 16)
\u2013
\u2013
\u2013
0.4
\u2013
0.1
(Surplus)/deficit on revaluation of other
investments (note 12)
(0.4)
\u2013
(0.1)
0.4
\u2013
0.1
Deferred tax in respect of adjustments (note 8)
\u2013
\u2013
\u2013
0.2
\u2013
\u2013
Exceptional item: IT transformation costs
1.8
\u2013
0.5
0.2
\u2013
\u2013
Basic EPRA earnings
34.5
403.4
8.6
20.2
384.1
5.3
Dilutive effect of RSP shares (note 19)
\u2013
1.8
(0.1)
\u2013
0.9
(0.1)
Diluted EPRA earnings
34.5
405.2
8.5
20.2
385.0
5.2
In the prior year, the Group commenced an IT transformation project to replace the Group\u2019s finance and property management system. The cost of this project has been excluded from EPRA EPS in accordance with the EPRA Best Practices Recommendations September 2024. Cash earnings per share
Profit Number of Earnings Profit Number of Earnings
after tax shares per share after tax shares per share
2026 2026 2026 2025 2025 2025
\u00a3m million pence \u00a3m million pence
Diluted EPRA earnings
34.5
405.2
8.5
20.2
385.0
5.2
Capitalised interest
(37.7)
\u2013
(9.3)
(26.5)
\u2013
(6.9)
Spreading of lease incentives
(1.4)
\u2013
(0.4)
1.0
\u2013
0.3
Spreading of lease incentives in joint ventures
1.3
\u2013
0.3
2.4
\u2013
0.7
Capitalised interest in joint ventures
(0.7)
\u2013
(0.1)
(0.2)
\u2013
(0.1)
Employee incentive plan charges
3.3
\u2013
0.8
4.2
\u2013
1.1
Cash earnings per share
(0.7)
405.2
(0.2)
1.1
385.0
0.3
Net assets per share The Group has adopted EPRA\u2019s Best Practice Recommendations for Net Asset Value (NAV) metrics. The recommendations include three NAV metrics: EPRA Net Tangible Assets (NTA), Net Reinvestment Value (NRV) and Net Disposal Value (NDV). We consider EPRA NTA to be the most relevant measure for the Group and the primary measure of IFRS net asset value; definitions are included in the glossary. Number of ordinary shares
2026 2025
Number of Number of
shares shares
Issued ordinary share capital
406,188,658
253,867,911
Rights issue
\u2013
152,320,747
Investment in own shares
(2,778,924)
(2,893,542)
Number of shares \u2013 basic
403,409,734
403,295,116
Dilutive effect of RSP shares
2,306,747
1,472,577
Number of shares \u2013 diluted
405,716,481
404,767,693
9 Earnings per share, alternative performance measures and EPRA metrics continued EPRA net assets per share at 31 March 2026
IFRS EPRA NTA EPRA NDV EPRA NRV
\u00a3m \u00a3m \u00a3m \u00a3m
IFRS basic and diluted net assets
2,126.7
2,126.7
2,126.7
2,126.7
Fair value of financial liabilities (note 16)
\u2013
\u2013
45.8
\u2013
Real estate transfer tax
\u2013
\u2013
\u2013
215.7
Net assets used in per share calculations
2,126.7
2,126.7
2,172.5
2,342.4
IFRS EPRA NTA EPRA NDV EPRA NRV
pence pence pence pence
Net assets per share (pence)
527
527
539
581
Diluted net assets per share (pence)
524
524
535
577
EPRA net assets per share at 31 March 2025
IFRS EPRA NTA EPRA NDV EPRA NRV
\u00a3m \u00a3m \u00a3m \u00a3m
IFRS basic and diluted net assets
2,000.7
2,000.7
2,000.7
2,000.7
Fair value of derivative financial instruments
\u2013
\u2013
\u2013
\u2013
Fair value of financial liabilities (note 16)
\u2013
\u2013
46.5
\u2013
Real estate transfer tax
\u2013
\u2013
\u2013
209.3
Net assets used in per share calculations
2,000.7
2,000.7
2,047.2
2,210.0
IFRS EPRA NTA EPRA NDV EPRA NRV
pence pence pence pence
Net assets per share (pence)
496
496
508
548
Diluted net assets per share (pence)
494
494
506
546
Total Accounting Return (TAR)
2026 2025
\u00a3m \u00a3m
Opening EPRA net assets
2.000.7
1,582.6
Adjusted for rights issue
\u2013
335.6
Restated opening EPRA net assets (A)
2,000.7
1,918.2
Closing net assets
2,126.7
2,000.7
Increase in net assets
126.0
82.5
Ordinary dividends paid in the year
31.9
31.8
Total return (B)
157.9
114.3
Total Accounting Return (B/A)
7.9%
6.0%
Net gearing
2026 2025
\u00a3m \u00a3m
Nominal value of interest-bearing loans and borrowings (see note 15)
801.9
853.9
Less: cash and cash equivalents (unrestricted) (note 20)
(2.2)
(18.2)
Adjusted net debt (A)
799.7
835.7
Net assets
2,126.7
2,000.7
Pension scheme asset (note 24)
(5.0)
(4.8)
Adjusted net equity (B)
2,121.7
1,995.9
Net gearing (A/B)
37.7%
41.9%
9 Earnings per share, alternative performance measures and EPRA metrics continued EPRA loan-to-property value and net debt We consider loan-to-property value, including our share of joint ventures, to be the best measure of the Group\u2019s risk from financial leverage. We also present net gearing as it is a key covenant on our loan facilities (see note 16).
2026 2025
\u00a3m \u00a3m
21.9
21.9
\u00a3525.0 million revolving credit facility
180.0
\u2013
\u00a3450.0 million revolving credit facility
\u2013
150.0
\u00a3150.0 million revolving credit facility
100.0
107.0
\u00a375.0 million term loan 2027 (2025: \u00a375.0 million)
\u2013
75.0
\u00a3250.0 million 5.375% sustainable sterling bond 2031
250.0
250.0
Private placement notes
250.0
250.0
Less: cash and cash equivalents
(22.7)
(36.9)
Group net debt
779.2
817.0
Net payables (including customer rent deposits)
76.6
72.4
Group net debt including net payables
855.8
889.4
Joint venture net payables (at share)
7.0
9.5
Less: joint venture cash and cash equivalents (at share)
(16.3)
(15.9)
Net debt including joint ventures (A)
846.5
883.0
Group properties at market value
2,427.6
2,368.5
Joint venture properties at market value (at share)
528.2
500.8
Property portfolio at market value including joint ventures (B)
2,955.8
2,869.3
EPRA loan-to-property value (A/B)
28.6%
30.8%
Group cash and cash equivalents includes customer rent deposits held in separate designated bank accounts of \u00a320.5 million (2025: \u00a318.7 million); the use of the deposits is subject to restrictions as set out in the customer\u2019s lease agreement and therefore not available for general use by the Group. EPRA cost ratio (including share of joint ventures)
2026 2025
\u00a3m \u00a3m
Administration expenses
44.2
40.0
Net property costs (excluding Fully Managed services income and costs)
7.9
11.0
Joint venture management fee income (note 3)
(4.2)
(2.5)
Joint venture property and administration costs (excluding Fully Managed services income and costs, note 11)
2.0
3.1
EPRA costs (including direct vacancy costs) (A)
49.9
51.6
Direct vacancy costs
(4.3)
(6.9)
Joint venture direct vacancy costs
(2.1)
(1.3)
EPRA costs (excluding direct vacancy costs) (B)
43.5
43.4
Net rental income (note 3)
71.3
67.3
Joint venture net rental income (note 11)
18.0
15.9
Gross rental income (C)
89.3
83.2
Portfolio at fair value including joint ventures (D)
2,955.8
2,869.3
Cost ratio (including direct vacancy costs) (A/C)
55.9%
62.0%
Cost ratio (excluding direct vacancy costs) (B/C)
48.7%
52.1%
Cost ratio (by portfolio value) (A/D)
1.7%
1.8%
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-373": { "value": "Net assets per share The Group has adopted EPRA\u2019s Best Practice Recommendations for Net Asset Value (NAV) metrics. The recommendations include three NAV metrics: EPRA Net Tangible Assets (NTA), Net Reinvestment Value (NRV) and Net Disposal Value (NDV). We consider EPRA NTA to be the most relevant measure for the Group and the primary measure of IFRS net asset value; definitions are included in the glossary. Number of ordinary shares
2026 2025
Number of Number of
shares shares
Issued ordinary share capital
406,188,658
253,867,911
Rights issue
\u2013
152,320,747
Investment in own shares
(2,778,924)
(2,893,542)
Number of shares \u2013 basic
403,409,734
403,295,116
Dilutive effect of RSP shares
2,306,747
1,472,577
Number of shares \u2013 diluted
405,716,481
404,767,693
EPRA net assets per share at 31 March 2026
IFRS EPRA NTA EPRA NDV EPRA NRV
\u00a3m \u00a3m \u00a3m \u00a3m
IFRS basic and diluted net assets
2,126.7
2,126.7
2,126.7
2,126.7
Fair value of financial liabilities (note 16)
\u2013
\u2013
45.8
\u2013
Real estate transfer tax
\u2013
\u2013
\u2013
215.7
Net assets used in per share calculations
2,126.7
2,126.7
2,172.5
2,342.4
IFRS EPRA NTA EPRA NDV EPRA NRV
pence pence pence pence
Net assets per share (pence)
527
527
539
581
Diluted net assets per share (pence)
524
524
535
577
EPRA net assets per share at 31 March 2025
IFRS EPRA NTA EPRA NDV EPRA NRV
\u00a3m \u00a3m \u00a3m \u00a3m
IFRS basic and diluted net assets
2,000.7
2,000.7
2,000.7
2,000.7
Fair value of derivative financial instruments
\u2013
\u2013
\u2013
\u2013
Fair value of financial liabilities (note 16)
\u2013
\u2013
46.5
\u2013
Real estate transfer tax
\u2013
\u2013
\u2013
209.3
Net assets used in per share calculations
2,000.7
2,000.7
2,047.2
2,210.0
IFRS EPRA NTA EPRA NDV EPRA NRV
pence pence pence pence
Net assets per share (pence)
496
496
508
548
Diluted net assets per share (pence)
494
494
506
546
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-10": { "value": "10 Investment property Investment property
Freehold Leasehold Total
\u00a3m \u00a3m \u00a3m
Book value at 1 April 2024
885.1
792.3
1,677.4
Costs capitalised
55.3
53.5
108.8
Movement in lease incentives
0.3
(0.9)
(0.6)
Interest capitalised
2.4
3.5
5.9
Acquisitions (restated)
31.5
148.7
180.2
Disposals
\u2013
(0.5)
(0.5)
Net valuation surplus on investment property
36.7
42.5
79.2
Book value at 31 March 2025 (restated)
1,011.3
1,039.1
2,050.4
Costs capitalised
26.7
44.6
71.3
Movement in lease incentives
1.6
0.6
2.2
Interest capitalised
1.1
4.8
5.9
Acquisitions
\u2013
81.1
81.1
Disposals
(452.6)
\u2013
(452.6)
Transfers to investment property under development
\u2013
(67.1)
(67.1)
Transfers from investment property under development
\u2013
383.8
383.8
Net valuation surplus on investment property
7.0
12.4
19.4
Book value at 31 March 2026 (A)
595.1
1,499.3
2,094.4
Investment property under development
Freehold Leasehold Total
\u00a3m \u00a3m \u00a3m
Book value at 1 April 2024
50.1
183.5
233.6
Costs capitalised
23.6
123.0
146.6
Interest capitalised
4.7
15.9
20.6
Net valuation (deficit)/surplus on investment property under development
(8.3)
12.6
4.3
Book value at 31 March 2025
70.1
335.0
405.1
Costs capitalised
44.9
179.6
224.5
Interest capitalised
7.0
24.8
31.8
Transfers to investment property
\u2013
(383.8)
(383.8)
Transfers from investment property
\u2013
67.1
67.1
Net valuation surplus on investment property under development
22.5
50.6
73.1
Book value at 31 March 2026 (B)
144.5
273.3
417.8
Book value of investment property and investment property under development (A+B)
739.6
1,772.6
2,512.2
The book value of investment property includes \u00a384.6 million (2025: \u00a387.0 million) in respect of the present value of future ground rents. The market value of the portfolio (excluding these amounts) is \u00a32,427.6 million. The total portfolio value including joint venture properties of \u00a3528.2 million (see note 11) was \u00a32,955.8 million. The prior year acquisition has been restated by \u00a325.8 million to correct the classification of an acquisition from freehold to leasehold. At 31 March 2026, property with a carrying value of \u00a3132.0 million (2025: \u00a3114.8 million) was secured under the first mortgage debenture stock (see note 15). Surplus from investment property
2026 2025
\u00a3m \u00a3m
Net valuation surplus on investment property
92.5
83.5
Profit/(loss) on sale of investment properties
6.9
(0.3)
99.4
83.2
10 Investment property continued The Group\u2019s investment properties, including those held in joint ventures (note 11), were valued on the basis of fair value by CBRE Limited (CBRE), external valuers, as at 31 March 2026. The valuations have been prepared in accordance with the current versions of the RICS Valuation \u2013 Global Standards (incorporating the International Valuation Standards (IVS)) and the UK national supplement (the Red Book) and have been primarily derived using comparable recent market transactions on arm\u2019s length terms. In accordance with the updated RICS UK supplement of its \u2018Red Book\u2019, which introduces a mandatory rotation cycle for its valuers, CBRE has rotated off following their final valuation of the portfolio at 31 March 2026. Knight Frank has been selected as CBRE\u2019s successor, with the first valuation for the Group to be carried out at 30 September 2026. The total fees, including the fixed fee for this assignment, earned by CBRE (or other companies forming part of the same group of companies within the UK) from the Group are less than 5.0% of its total UK revenues. CBRE has carried out valuation instructions, agency and professional services on behalf of the Group for in excess of 20 years. Real estate valuations are complex and derived using comparable market transactions which are not publicly available and involve an element of judgement. Therefore, we have classified the valuation of the property portfolio as Level 3 as defined by IFRS 13; this is in line with EPRA guidance. There were no transfers between levels during the year. Inputs to the valuation, including capitalisation yields (typically the true equivalent yield) and rental values, are defined as \u2018unobservable\u2019 as defined by IFRS 13. Everything else being equal, there is a positive relationship between rental values and the property valuation, such that an increase in rental values will increase the valuation of a property and a decrease in rental values will reduce the valuation of the property. Any percentage movement in rental values will translate into approximately the same percentage movement in the property valuation. However, due to the long-term nature of leases, where the passing rent is fixed and often subject to upwards-only rent reviews, the impact will not be immediate and will be recognised over a number of years. The relationship between capitalisation yields and the property valuation is negative and more immediate; therefore, an increase in capitalisation yields will reduce the valuation of a property and a reduction will increase its valuation. There is a negative relationship between development costs and the property valuation, such that an increase in estimated development costs will decrease the valuation of a property under development and a decrease in estimated development costs will increase the valuation of a property under development. There are interrelationships between these inputs as they are determined by market conditions, and the valuation movement in any one period depends on the balance between them. If these inputs move in opposite directions (i.e. rental values increase and yields decrease), valuation movements can be amplified, whereas if they move in the same direction, they may offset, reducing the overall net valuation movement. An increase of 10% on the capital expenditure on the Group\u2019s three HQ development schemes and two Fully Managed conversion schemes, which the Directors believe is a reasonable variance to budgeted costs based on industry experience, would reduce the valuation by \u00a319.8 million (31 March 2025: \u00a335.7 million), with a decrease of 10% increasing the valuation by \u00a319.8 million (31 March 2025: \u00a335.7 million). A decrease in the capitalisation yield by 25 basis points would result in an increase in the fair value of the Group\u2019s investment property by \u00a3111.4 million (\u00a3137.6 million including a share of joint ventures) compared with a \u00a3112.1 million increase based on a 25 basis point movement at 31 March 2025. A 25 basis point increase would reduce the fair value by \u00a3102.0 million (\u00a3125.9 million including a share of joint ventures) compared with a \u00a3102.4 million decrease based on a 25 basis point movement at 31 March 2025. A movement of 11 basis points was shown across the portfolio over the last 12 months and a 25 basis point movement is therefore considered to be a reasonably possible change. Given there is only a marginal difference in the overall yields for office and retail and the movement in year, we feel this sensitivity to be appropriate for the portfolio as a whole. The valuation of the property portfolio reflects its fair value taking into account the climate-related risks associated with the properties. This includes the impact of expected regulatory changes, and we estimate that the investment required to upgrade our existing buildings to the new minimum EPC B rating by 2030 is less than \u00a310 million (\u00a310 million including share of joint ventures (2025: less than \u00a310 million and \u00a310 million respectively)), over and above specific refurbishment and development assumptions included in the valuation. During the year, the Group capitalised \u00a32.3 million (2025: \u00a32.1 million) of employee costs in respect of its development team into investment properties under development. The Group and its joint ventures have contingent liabilities in respect of legal claims, guarantees and warranties arising in the ordinary course of business. It is not anticipated that any material liabilities will arise from these contingent liabilities. At 31 March 2026, the Group had capital commitments of \u00a3212.0 million (2025: \u00a3359.7 million). Key inputs to the valuation (by building and location) at 31 March 2026
ERV
True equivalent yield
Average Range Average Range
\u00a3 per sq ft \u00a3 per sq ft % %
North of Oxford Street
Office
141
56 \u2013 240
5.9
5.0 \u2013 7.9
Retail
46
20 \u2013 100
6.0
4.6 \u2013 10.8
Rest of West End
Office
162
72 \u2013 285
5.2
4.5 \u2013 7.6
Retail
89
15 \u2013 332
5.0
4.5 \u2013 6.8
City, Midtown and Southwark
Office
100
49 \u2013 200
6.0
5.6 \u2013 7.2
Retail
34
28 \u2013 75
5.9
5.7 \u2013 6.3
10 Investment property continued Key inputs to the valuation (by building and location) at 31 March 2025
ERV
True equivalent yield
Average Range Average Range
\u00a3 per sq ft \u00a3 per sq ft % %
North of Oxford Street
Office
117
56 \u2013 221
5.6
4.9 \u2013 7.7
Retail
67
34 \u2013 150
5.3
4.6 \u2013 10.6
Rest of West End
Office
162
70 \u2013 267
5.2
4.5 \u2013 7.6
Retail
109
15 \u2013 323
4.9
4.5 \u2013 6.8
City, Midtown and Southwark
Office
89
35 \u2013 197
5.8
5.0 \u2013 7.3
Retail
30
26 \u2013 36
5.6
5.0 \u2013 6.5
EPRA capital expenditure (alternative performance measure)
2026 2025
\u00a3m \u00a3m
Group
Acquisitions (note 10)
81.1
180.2
Developments (note 10)
224.5
146.6
Interest capitalised (note 7)
37.7
26.5
Investment properties: incremental lettable space
\u2013
\u2013
Investment properties: no incremental lettable space (note 10)
71.3
108.8
Movement in lease incentives (note 10)
2.2
(0.6)
Group total
416.8
461.5
Joint ventures (at share, note 11)
Developments
\u2013
\u2013
Interest capitalised (note 9)
0.7
0.2
Investment properties: incremental lettable space
\u2013
\u2013
Investment properties: no incremental lettable space
31.0
11.5
Movement in lease incentives
(1.0)
(1.5)
Total capital expenditure
447.5
471.7
Conversion from accrual to cash basis
(17.0)
(7.7)
Total capital expenditure on a cash basis
430.5
464.0
EPRA net initial yield (NIY) and topped-up NIY (alternative performance measure)
2026 2025
\u00a3m \u00a3m
Properties at fair value including joint ventures
2,955.8
2,869.3
Less: properties under development including joint ventures
(402.3)
(372.9)
Less: residential properties
(6.6)
(6.8)
Like-for-like investment property portfolio, proposed and completed developments
2,546.9
2,489.6
Plus: estimated purchasers\u2019 costs
185.8
181.6
Grossed-up completed property portfolio valuation (B)
2,732.7
2,671.2
Annualised cash passing rental income
1
89.9
84.7
Net service charge expense including joint ventures
(5.0)
(4.9)
Other irrecoverable property costs including joint ventures
(4.4)
(8.9)
Annualised net rents (A)
80.5
70.9
Plus: rent-free periods and other lease incentives including joint ventures
40.0
16.0
Topped-up annualised net rents (C)
120.5
86.9
EPRA net initial yield (A/B)
2.9%
2.7%
EPRA topped-up initial yield (C/B)
4.4%
3.3%
1. Annualised passing rental income as calculated by the Group\u2019s external valuers including joint ventures at share. See note 9 for further detail on EPRA metrics which are Alternative Performance Metrics.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-352": { "value": "
During the year, the Group capitalised \u00a32.3 million (2025: \u00a32.1 million) of employee costs in respect of its development team into investment
properties under development. The Group and its joint ventures have contingent liabilities in respect of legal claims, guarantees and
warranties arising in the ordinary course of business. It is not anticipated that any material liabilities will arise from these contingent
liabilities. At 31 March 2026, the Group had capital commitments of \u00a3212.0 million (2025: \u00a3359.7 million).
At 31 March 2026, the Group had \u00a3nil contingent liabilities arising in its joint ventures (2025: \u00a3nil). At 31 March 2026, the Group had capital
commitments in respect of its joint ventures of \u00a312.3 million (2025: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-387": { "value": "During the year, the Group capitalised \u00a32.3 million (2025: \u00a32.1 million) of employee costs in respect of its development team into investment properties under development. The Group and its joint ventures have contingent liabilities in respect of legal claims, guarantees and warranties arising in the ordinary course of business. It is not anticipated that any material liabilities will arise from these contingent liabilities. At 31 March 2026, the Group had capital commitments of \u00a3212.0 million (2025: \u00a3359.7 million). At 31 March 2026, the Group had \u00a3nil contingent liabilities arising in its joint ventures (2025: \u00a3nil). At 31 March 2026, the Group had capital commitments in respect of its joint ventures of \u00a312.3 million (2025: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-374": { "value": "During the year, the Group capitalised \u00a32.3 million (2025: \u00a32.1 million) of employee costs in respect of its development team into investment properties under development. The Group and its joint ventures have contingent liabilities in respect of legal claims, guarantees and warranties arising in the ordinary course of business. It is not anticipated that any material liabilities will arise from these contingent liabilities. At 31 March 2026, the Group had capital commitments of \u00a3212.0 million (2025: \u00a3359.7 million). At 31 March 2026, the Group had \u00a3nil contingent liabilities arising in its joint ventures (2025: \u00a3nil). At 31 March 2026, the Group had capital commitments in respect of its joint ventures of \u00a312.3 million (2025: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-397": { "value": "
11 Investment in joint ventures
The Group has the following investments in joint ventures:
Balances
with 2026 2025
Equity partners Total Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
299.6
207.6
507.2
491.3
Movement on joint venture balances
\u2013
(3.0)
(3.0)
(5.9)
Additions
\u2013
\u2013
\u2013
\u2013
Share of profit of joint ventures
10.8
\u2013
10.8
7.3
Loss on sale of investment properties
(0.6)
\u2013
(0.6)
\u2013
Share of revaluation surplus of joint ventures
23.1
\u2013
23.1
14.5
Share of results of joint ventures
33.3
\u2013
33.3
21.8
Distributions
\u2013
\u2013
\u2013
\u2013
At 31 March
332.9
204.6
537.5
507.2
All of the Group\u2019s joint ventures operate solely in the United Kingdom and comprise the following:
2026 2025
Country of registration Ownership Ownership
The GHS Limited Partnership
Jersey
50%
50%
The Great Ropemaker Partnership
United Kingdom
50%
50%
The Great Victoria Partnerships
United Kingdom
50%
50%
The Group\u2019s share in the assets and liabilities, revenues and expenses for the joint ventures is set out below:
The GHS The Great The Great
Limited Ropemaker Victoria 2026 2026 2025
Partnership Partnership Partnerships Total At share At share
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance sheets
Investment property
725.0
251.8
79.7
1,056.5
528.2
505.9
Current assets
0.8
4.3
0.3
5.4
2.7
2.1
Cash and cash equivalents
13.8
4.1
14.6
32.5
16.3
15.9
Balances from partners
(188.1)
(148.1)
(73.1)
(409.3)
(204.6)
(207.6)
Current liabilities
(9.4)
(8.9)
(1.1)
(19.4)
(9.7)
(11.6)
Obligations under head leases
\u2013
\u2013
\u2013
\u2013
\u2013
(5.1)
Net assets
542.1
103.2
20.4
665.7
332.9
299.6
The GHS The Great The Great
Limited Ropemaker Victoria 2026 2026 2025
Partnership Partnership Partnerships Total At share At share
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Income statements
Revenue
30.0
15.3
8.0
53.3
26.6
23.4
Net rental income
22.6
9.6
3.9
36.1
18.0
15.9
Other income
2.0
\u2013
1.1
3.1
1.6
\u2013
Property and administration costs
(1.3)
(5.2)
(1.2)
(7.7)
(3.9)
(3.4)
Net finance costs
(7.7)
(2.5)
0.3
(9.9)
(4.9)
(5.2)
Share of profit from joint ventures
15.6
1.9
4.1
21.6
10.8
7.3
Loss on sale of investment properties
\u2013
(1.2)
\u2013
(1.2)
(0.6)
\u2013
Revaluation of investment property
60.5
(8.1)
(6.2)
46.2
23.1
14.5
Results of joint ventures
76.1
(7.4)
(2.1)
66.6
33.3
21.8
At 31 March 2026 and 31 March 2025, the joint ventures had no external debt facilities.
Transactions during the year between the Group and its joint ventures, which are related parties, are disclosed below:
2026 2025
\u00a3m \u00a3m
Movement on joint venture balances during the year
3.0
5.9
Balances receivable at the year end from joint ventures
(204.6)
(207.6)
Interest on balances with partners (see note 6)
5.6
5.7
Distributions
\u2013
\u2013
Joint venture fees paid (see note 3)
4.2
2.5
11 Investment in joint ventures continued The joint venture balances are repayable on demand and bear interest as follows: the GHS Limited Partnership at 4.0% and the Great Ropemaker Partnership at 2.0%. In measuring expected credit losses of the balances receivable at the year end from joint ventures under IFRS 9, the ability of each joint venture to repay the loan at the reporting date if demanded by the Group is assumed to be through the sale of the investment properties held by the joint venture. Investment properties are held at fair value at each reporting date as described in note 10. Therefore, the net asset value of the joint venture is considered to be a reasonable approximation of the available assets that could be realised to recover the loan balance and the requirement to recognise expected credit losses. The investment properties include \u00a3nil million (2025: \u00a35.1 million) in respect of the present value of future ground rents; net of these amounts, the market value of our share of the total joint venture properties is \u00a3528.2 million. The Group earns fee income from its joint ventures for the provision of management services. All of the above transactions are made on terms equivalent to those that prevail in arm\u2019s length transactions. See notes 10, 13 and 16 for more information on the valuation of investment properties and expected credit losses in joint ventures. At 31 March 2026, the Group had \u00a3nil contingent liabilities arising in its joint ventures (2025: \u00a3nil). At 31 March 2026, the Group had capital commitments in respect of its joint ventures of \u00a312.3 million (2025: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-11": { "value": "11 Investment in joint ventures The Group has the following investments in joint ventures:
Balances
with 2026 2025
Equity partners Total Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
299.6
207.6
507.2
491.3
Movement on joint venture balances
\u2013
(3.0)
(3.0)
(5.9)
Additions
\u2013
\u2013
\u2013
\u2013
Share of profit of joint ventures
10.8
\u2013
10.8
7.3
Loss on sale of investment properties
(0.6)
\u2013
(0.6)
\u2013
Share of revaluation surplus of joint ventures
23.1
\u2013
23.1
14.5
Share of results of joint ventures
33.3
\u2013
33.3
21.8
Distributions
\u2013
\u2013
\u2013
\u2013
At 31 March
332.9
204.6
537.5
507.2
All of the Group\u2019s joint ventures operate solely in the United Kingdom and comprise the following:
2026 2025
Country of registration Ownership Ownership
The GHS Limited Partnership
Jersey
50%
50%
The Great Ropemaker Partnership
United Kingdom
50%
50%
The Great Victoria Partnerships
United Kingdom
50%
50%
The Group\u2019s share in the assets and liabilities, revenues and expenses for the joint ventures is set out below:
The GHS The Great The Great
Limited Ropemaker Victoria 2026 2026 2025
Partnership Partnership Partnerships Total At share At share
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance sheets
Investment property
725.0
251.8
79.7
1,056.5
528.2
505.9
Current assets
0.8
4.3
0.3
5.4
2.7
2.1
Cash and cash equivalents
13.8
4.1
14.6
32.5
16.3
15.9
Balances from partners
(188.1)
(148.1)
(73.1)
(409.3)
(204.6)
(207.6)
Current liabilities
(9.4)
(8.9)
(1.1)
(19.4)
(9.7)
(11.6)
Obligations under head leases
\u2013
\u2013
\u2013
\u2013
\u2013
(5.1)
Net assets
542.1
103.2
20.4
665.7
332.9
299.6
The GHS The Great The Great
Limited Ropemaker Victoria 2026 2026 2025
Partnership Partnership Partnerships Total At share At share
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Income statements
Revenue
30.0
15.3
8.0
53.3
26.6
23.4
Net rental income
22.6
9.6
3.9
36.1
18.0
15.9
Other income
2.0
\u2013
1.1
3.1
1.6
\u2013
Property and administration costs
(1.3)
(5.2)
(1.2)
(7.7)
(3.9)
(3.4)
Net finance costs
(7.7)
(2.5)
0.3
(9.9)
(4.9)
(5.2)
Share of profit from joint ventures
15.6
1.9
4.1
21.6
10.8
7.3
Loss on sale of investment properties
\u2013
(1.2)
\u2013
(1.2)
(0.6)
\u2013
Revaluation of investment property
60.5
(8.1)
(6.2)
46.2
23.1
14.5
Results of joint ventures
76.1
(7.4)
(2.1)
66.6
33.3
21.8
At 31 March 2026 and 31 March 2025, the joint ventures had no external debt facilities. Transactions during the year between the Group and its joint ventures, which are related parties, are disclosed below:
2026 2025
\u00a3m \u00a3m
Movement on joint venture balances during the year
3.0
5.9
Balances receivable at the year end from joint ventures
(204.6)
(207.6)
Interest on balances with partners (see note 6)
5.6
5.7
Distributions
\u2013
\u2013
Joint venture fees paid (see note 3)
4.2
2.5
11 Investment in joint ventures continued The joint venture balances are repayable on demand and bear interest as follows: the GHS Limited Partnership at 4.0% and the Great Ropemaker Partnership at 2.0%. In measuring expected credit losses of the balances receivable at the year end from joint ventures under IFRS 9, the ability of each joint venture to repay the loan at the reporting date if demanded by the Group is assumed to be through the sale of the investment properties held by the joint venture. Investment properties are held at fair value at each reporting date as described in note 10. Therefore, the net asset value of the joint venture is considered to be a reasonable approximation of the available assets that could be realised to recover the loan balance and the requirement to recognise expected credit losses. The investment properties include \u00a3nil million (2025: \u00a35.1 million) in respect of the present value of future ground rents; net of these amounts, the market value of our share of the total joint venture properties is \u00a3528.2 million. The Group earns fee income from its joint ventures for the provision of management services. All of the above transactions are made on terms equivalent to those that prevail in arm\u2019s length transactions. See notes 10, 13 and 16 for more information on the valuation of investment properties and expected credit losses in joint ventures. At 31 March 2026, the Group had \u00a3nil contingent liabilities arising in its joint ventures (2025: \u00a3nil). At 31 March 2026, the Group had capital commitments in respect of its joint ventures of \u00a312.3 million (2025: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-12": { "value": "12 Other investments
2026 2025
\u00a3m \u00a3m
At 1 April
2.8
2.4
Acquisitions
0.4
0.8
Surplus/(deficit) on revaluation
0.4
(0.4)
At 31 March
3.6
2.8
In January 2020, the Group entered into a commitment of up to \u00a35.0 million to invest in the Pi Labs European PropTech venture capital fund. At 31 March 2026, the Group had made net investments of \u00a33.7 million. Launched in 2014, Pi Labs is Europe\u2019s longest-standing PropTech VC, and this third fund has a primary focus to invest in early stage PropTech start-ups across Europe and the UK that use technology solutions to enhance any stage of the real estate value chain. The valuation of the fund is based on the net assets of its investments; therefore, given these are not readily traded, we have classified the valuation of the investments as Level 3 as defined by IFRS 13. Key areas of focus for the fund include sustainability, future of work, future of retail, commercial real estate technologies, construction technology and smart cities. 13 Trade and other receivables
2026 2025
\u00a3m \u00a3m
Trade receivables
5.4
3.8
Expected credit loss allowance
\u2013
(0.1)
5.4
3.7
Prepayments
1.1
0.1
Other taxes
23.2
8.4
Other receivables
6.3
8.5
36.0
20.7
Trade receivables consist of rent and service charge monies, which are typically due on the quarter day with no credit period. Interest is charged on trade receivables in accordance with the terms of the customer\u2019s lease. Trade receivables are provided for based on the expected credit loss, which uses a lifetime expected loss allowance for all trade receivables based on an assessment of each individual customer\u2019s circumstances. This assessment reviews the outstanding balances of each individual customer and makes an assessment of the likelihood of recovery, based on an evaluation of their financial situation. Where the expected credit loss relates to revenue already recognised, this has been recognised immediately in the income statement. Of the gross trade receivables of \u00a35.4 million, \u00a31.7 million (2025: \u00a31.6 million) was past due, of which \u00a31.6 million was over 30 days (2025: \u00a31.2 million).
2026 2025
\u00a3m \u00a3m
Movements in expected credit loss allowance
Balance at the beginning of the year
(0.1)
(0.3)
Expected credit loss allowance during the year
(0.1)
(0.2)
Amounts written-off as uncollectable
0.2
0.4
\u2013
(0.1)
The expected credit loss for the year represents 4% (2025: 3%) of the net trade receivables balance at the balance sheet date.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-353": { "value": "
Trade receivables consist of rent and service charge monies, which are typically due on the quarter day with no credit period. Interest is
charged on trade receivables in accordance with the terms of the customer\u2019s lease. Trade receivables are provided for based on the
expected credit loss, which uses a lifetime expected loss allowance for all trade receivables based on an assessment of each individual
customer\u2019s circumstances. This assessment reviews the outstanding balances of each individual customer and makes an assessment of
the likelihood of recovery, based on an evaluation of their financial situation. Where the expected credit loss relates to revenue already
recognised, this has been recognised immediately in the income statement.
Of the gross trade receivables of \u00a35.4 million, \u00a31.7 million (2025: \u00a31.6 million) was past due, of which \u00a31.6 million was over 30 days
(2025: \u00a31.2 million).
2026 2025
\u00a3m \u00a3m
Movements in expected credit loss allowance
Balance at the beginning of the year
(0.1)
(0.3)
Expected credit loss allowance during the year
(0.1)
(0.2)
Amounts written-off as uncollectable
0.2
0.4
\u2013
(0.1)
The expected credit loss for the year represents 4% (2025: 3%) of the net trade receivables balance at the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-375": { "value": "Trade receivables consist of rent and service charge monies, which are typically due on the quarter day with no credit period. Interest is charged on trade receivables in accordance with the terms of the customer\u2019s lease. Trade receivables are provided for based on the expected credit loss, which uses a lifetime expected loss allowance for all trade receivables based on an assessment of each individual customer\u2019s circumstances. This assessment reviews the outstanding balances of each individual customer and makes an assessment of the likelihood of recovery, based on an evaluation of their financial situation. Where the expected credit loss relates to revenue already recognised, this has been recognised immediately in the income statement. Of the gross trade receivables of \u00a35.4 million, \u00a31.7 million (2025: \u00a31.6 million) was past due, of which \u00a31.6 million was over 30 days (2025: \u00a31.2 million).
2026 2025
\u00a3m \u00a3m
Movements in expected credit loss allowance
Balance at the beginning of the year
(0.1)
(0.3)
Expected credit loss allowance during the year
(0.1)
(0.2)
Amounts written-off as uncollectable
0.2
0.4
\u2013
(0.1)
The expected credit loss for the year represents 4% (2025: 3%) of the net trade receivables balance at the balance sheet date.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-13": { "value": "14 Trade and other payables
2026 2025
\u00a3m \u00a3m
Rents received in advance
16.8
15.9
Accrued capital expenditure
42.5
26.0
Payables in respect of customer rent deposits
20.5
18.7
Other accruals
22.1
20.7
Other payables
5.7
4.2
107.6
85.5
The Directors consider that the carrying amount of trade payables approximates their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-14": { "value": "15 Interest-bearing loans and borrowings
2026 2025
\u00a3m \u00a3m
Non-current liabilities at amortised cost
Secured
21.9
21.9
Unsecured
\u00a3525.0 million revolving credit facility 2030
175.6
\u2013
\u00a3450.0 million revolving credit facility 2025
\u2013
149.4
\u00a3150.0 million revolving credit facility 2028
99.6
106.4
\u00a375.0 million term loan 2027
\u2013
74.7
\u00a3250.0 million 5.375% sustainable sterling bond 2031
247.0
246.5
\u00a340.0 million 2.70% private placement notes 2028
40.0
40.0
\u00a330.0 million 2.79% private placement notes 2030
30.0
29.9
\u00a330.0 million 2.93% private placement notes 2033
29.9
29.9
\u00a325.0 million 2.75% private placement notes 2032
24.9
24.9
\u00a3125.0 million 2.77% private placement notes 2035
124.5
124.4
Total interest-bearing loans and borrowings
793.4
848.0
The Group\u2019s \u00a3450 million unsecured revolving credit facility (RCF), which would have matured in January 2027, carried a floating rate of SONIA plus a headline margin of 90 basis points, adjustable by \u00b12.5 basis points subject to ESG-linked targets. This facility was replaced in October 2025 by a new \u00a3525 million ESG-linked unsecured RCF with a headline margin of 105 basis points over SONIA, also subject to ESG performance adjustments. The new facility has an initial five-year term, extendable to seven years at the Group\u2019s request and subject to lender consent. In addition, the Group has a separate \u00a3150 million ESG-linked RCF with a headline margin of 90 basis points over SONIA. This facility was extended by one year in October 2025, now maturing in October 2028, and may be extended by a further year, subject to bank lender consent. The Group\u2019s \u00a375 million unsecured term loan, which had a margin of 175 basis points over SONIA and was due to mature in September 2026, was repaid in full in October 2025. The \u00a3200 million interest rate cap, designed to mitigate rising rates while retaining the benefit of any reductions, also expired in October 2025. At 31 March 2026, the Group has committed cash and undrawn credit facilities of \u00a3397.2 million (31 March 2025: \u00a3361.2 million). At 31 March 2026, properties with a carrying value of \u00a3132.0 million (31 March 2025: \u00a3114.8 million) were secured under the Group\u2019s debenture stock. At 31 March 2026, the nominal value of the Group\u2019s interest-bearing loans and borrowing was \u00a3801.9 million (2025: \u00a3853.9 million), and the Group had \u00a3395.0 million (2025: \u00a3343.0 million) of undrawn credit facilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-15": { "value": "16 Financial instruments
Amounts Amounts
recognised in recognised in
Carrying income Gain/(loss) Carrying income Gain/(loss)
amount statement to equity amount statement to equity
2026 2026 2026 2025 2025 2025
Categories of financial instrument \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Other investments
3.6
0.4
\u2013
2.8
(0.4)
\u2013
Interest rate cap
\u2013
\u2013
\u2013
\u2013
(0.4)
\u2013
Assets at fair value
3.6
0.4
\u2013
2.8
(0.8)
\u2013
Balances with joint ventures
204.6
5.6
\u2013
207.6
5.7
\u2013
Trade receivables
34.9
(0.1)
\u2013
20.6
(0.2)
\u2013
Cash and cash equivalents
22.7
0.4
\u2013
36.9
1.5
\u2013
Assets at amortised cost
262.2
5.9
\u2013
265.1
7.0
\u2013
Trade and other payables
(5.7)
\u2013
\u2013
(4.2)
\u2013
\u2013
Payables in respect of customer rent deposits
(20.5)
\u2013
\u2013
(18.7)
\u2013
\u2013
Interest-bearing loans and borrowings
(793.4)
(7.7)
\u2013
(848.0)
(9.6)
\u2013
Obligations under finance leases
(84.6)
(3.2)
\u2013
(87.0)
(3.1)
\u2013
Liabilities at amortised cost
(904.2)
(10.9)
\u2013
(957.9)
(12.7)
\u2013
Total financial instruments
(638.4)
(4.6)
\u2013
(690.0)
(6.5)
\u2013
Financial risk management objectives Capital risk The Group manages its capital to ensure that entities in the Group will be able to operate on a going concern basis, and as such it aims to maintain an appropriate mix of debt and equity financing. The current capital structure of the Group consists of a mix of equity and debt. Equity comprises issued share capital, reserves and retained earnings as disclosed in the Group statement of changes in equity. Debt comprises long-term debenture stock, private placement notes and drawings against committed revolving credit facilities from banks. The Group aims to maintain a loan-to-property value of between 10% and 35% (see note 9). The Group operates solely in the United Kingdom, and its operating profits and net assets are sterling denominated. As a result, the Group\u2019s policy is to have no unhedged assets or liabilities denominated in foreign currencies. Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has a policy of reviewing the financial information of prospective customers and only dealing with those that are creditworthy and obtaining sufficient rental cash deposits or third-party guarantees to mitigate financial loss from defaults. The concentration of credit risk is limited due to the large and diverse customer base, with no one customer providing more than 20% of the Group\u2019s rental income. Details of the Group\u2019s receivables, and the associated expected credit loss, are summarised in notes 11 and 13 of these financial statements. The Directors believe that there is no further expected credit loss required in excess of that provided. The carrying amount of financial assets recorded in these financial statements, which is net of impairment losses, represents the Group\u2019s maximum exposure to credit risk. The Group\u2019s cash deposits are placed with a diversified range of investment grade banks, and strict counterparty limits ensure the Group\u2019s exposure to bank failure is minimised. Liquidity risk The Group operates a framework for the management of its short-, medium- and long-term funding requirements. Cash flow and funding needs are regularly monitored to ensure sufficient undrawn facilities are in place. The Group\u2019s funding sources are diversified across a range of bank and bond markets and strict counterparty limits are operated on deposits. The Group meets its day-to-day working capital requirements through the utilisation of its two revolving credit facilities. The availability of these facilities depends on the Group complying with a number of key financial covenants; these covenants and the Group\u2019s compliance with them are set out in the table below:
March 2026
Key covenants
Covenant
actuals
Group
Net gearing (see note 9)
<125%
37.7%
Inner borrowing (unencumbered asset value/unsecured borrowings)
>1.66x
2.93x
Interest cover
>1.35x
22.82x
The interest rate payable on the Group\u2019s revolving credit facilities can vary dependent on its performance against a number of ESG covenants. These covenants and performance against them are set out on page 62 of this report. The Group has undrawn credit facilities of \u00a3395.0 million and has substantial headroom above all of its key covenants. As a result, the Directors consider the Group to have adequate liquidity to be able to fund the ongoing operations of the business. Under the requirements of IAS 1, given this substantial headroom on all its key covenants, the Directors consider none of the non-current liabilities are at risk of being repayable in the next 12 months from the result of a covenant breach. 16 Financial instruments continued The following tables detail the Group\u2019s remaining contractual maturity on its financial instruments and have been drawn up based on the undiscounted cash flows of financial liabilities, including associated interest payments, based on the earliest date on which the Group is required to pay, and conditions existing at the balance sheet date:
Carrying Contractual Less than One to Two to More than
amount cash flows one year two years five years five years
At 31 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
21.9
25.3
1.2
1.2
22.9
\u2013
\u00a3525.0 million revolving credit facility
175.6
224.2
9.7
9.7
204.8
\u2013
\u00a3150.0 million revolving credit facility
99.6
112.4
4.8
4.8
102.8
\u2013
\u00a3250.0 million 5.375% sterling bond 2031
247.0
323.6
13.4
13.4
40.2
256.6
Private placement notes
249.3
300.5
7.0
7.0
87.3
199.2
793.4
986.0
36.1
36.1
458.0
455.8
Carrying Contractual Less than One to Two to More than
amount cash flows one year two years five years five years
At 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
21.9
26.6
1.2
1.2
24.2
\u2013
\u00a3450.0 million revolving credit facility
149.4
166.5
9.0
157.5
\u2013
\u2013
\u00a3150.0 million revolving credit facility
106.4
122.2
5.9
5.9
110.4
\u2013
\u00a375.0 million term loan 2026
74.7
82.0
4.7
77.3
\u2013
\u2013
\u00a3250.0 million 5.375% sterling bond 2031
246.5
323.7
13.4
13.4
40.3
256.6
Private placement notes
249.1
307.2
7.0
7.0
58.9
234.3
Interest rate cap
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
848.0
1,028.2
41.2
262.3
233.8
490.9
The maturity of lease obligations is set out in note 17. Interest rate risk Interest rate risk arises from the Group\u2019s use of interest-bearing financial instruments. It is the risk that future cash flows arising from a financial instrument will fluctuate due to changes in interest rates. It is the Group\u2019s policy to reduce interest rate risk in respect of the cash flows arising from its debt finance, either through the use of fixed-rate debt or through the use of interest rate derivatives such as swaps, caps and floors. It is the Group\u2019s usual policy to maintain the proportion of floating interest rate exposure to between 20% and 40% of forecast total debt. However, this target is flexible, and may not be adhered to at all times depending on, for example, the Group\u2019s view of future interest rate movements. Interest rate caps Interest rate caps protect the Group from rises in short-term interest rates by making a payment to the Group when the underlying interest rate exceeds a specified rate (the \u2018cap rate\u2019) on a notional value. If the underlying rate exceeds the cap rate, the payment is based upon the difference between the two rates, ensuring the Group only pays the maximum of the cap rate. Interest rate sensitivity The sensitivity analysis below has been determined based on the exposure to interest rates for financial instruments at the balance sheet date, and represents management\u2019s assessment of possible changes in interest rates based on historical trends. For the floating rate liabilities, the analysis is prepared assuming the amount of the liability at 31 March 2026 was outstanding for the whole year:
Impact on profit/(loss)
Impact on equity
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Increase of 50 basis points
(1.4)
(1.7)
(1.4)
(1.7)
Increase of 25 basis points
(0.7)
(0.8)
(0.7)
(0.8)
Decrease of 25 basis points
0.7
0.8
0.7
0.8
Decrease of 50 basis points
1.4
1.7
1.4
1.7
16 Financial instruments continued Fair value of interest-bearing loans and borrowings
Book value Fair value Book value Fair value
2026 2026 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Items not carried at fair value
21.9
21.8
21.9
21.8
\u00a3450.0 million revolving credit facility
\u2013
\u2013
149.4
149.4
\u00a3525.0 million revolving credit facility
175.6
175.6
\u2013
\u2013
\u00a3150.0 million revolving credit facility
99.6
99.6
106.4
106.4
\u00a375.0 million term loan 2027
\u2013
\u2013
74.7
74.7
\u00a3250.0 million 5.375% sustainable sterling bond 2031
247.0
248.3
246.5
244.5
Private placement notes
249.3
202.3
249.1
204.7
793.4
747.6
848.0
801.5
The fair values of the Group\u2019s private placement notes were determined by comparing the discounted future cash flows using the contracted yields with those of the reference gilts plus the implied margins, representing Level 2 fair value measurements as defined by IFRS 13 \u2013 Fair Value Measurement. The fair value of the Group\u2019s outstanding interest rate cap has been estimated by calculating the present value of future cash flows, using appropriate market discount rates, representing Level 2 fair value measurements as defined by IFRS 13. The fair values of the Group\u2019s cash and cash equivalents and trade payables and receivables are not materially different from those at which they are carried in the financial statements. The following table details the principal amounts and remaining terms of interest rate derivatives outstanding:
Average contracted Notional principal Fair value
fixed interest rate amount asset
2026 2025 2026 2025 2026 2025
% % \u00a3m \u00a3m \u00a3m \u00a3m
Cash flow hedges
Interest rate cap
\u2013
5.094%
\u2013
200.0
\u2013
\u2013
The Group\u2019s \u00a3200 million interest rate cap expired in October 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-354": { "value": "
Financial risk management objectives
Capital risk
The Group manages its capital to ensure that entities in the Group will be able to operate on a going concern basis, and as such it aims to
maintain an appropriate mix of debt and equity financing. The current capital structure of the Group consists of a mix of equity and debt.
Equity comprises issued share capital, reserves and retained earnings as disclosed in the Group statement of changes in equity. Debt
comprises long-term debenture stock, private placement notes and drawings against committed revolving credit facilities from banks.
The Group aims to maintain a loan-to-property value of between 10% and 35% (see note 9). The Group operates solely in the United
Kingdom, and its operating profits and net assets are sterling denominated. As a result, the Group\u2019s policy is to have no unhedged assets
or liabilities denominated in foreign currencies.
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The
Group has a policy of reviewing the financial information of prospective customers and only dealing with those that are creditworthy and
obtaining sufficient rental cash deposits or third-party guarantees to mitigate financial loss from defaults. The concentration of credit
risk is limited due to the large and diverse customer base, with no one customer providing more than 20% of the Group\u2019s rental income.
Details of the Group\u2019s receivables, and the associated expected credit loss, are summarised in notes 11 and 13 of these financial
statements. The Directors believe that there is no further expected credit loss required in excess of that provided. The carrying amount of
financial assets recorded in these financial statements, which is net of impairment losses, represents the Group\u2019s maximum exposure to
credit risk. The Group\u2019s cash deposits are placed with a diversified range of investment grade banks, and strict counterparty limits ensure
the Group\u2019s exposure to bank failure is minimised.
Liquidity risk
The Group operates a framework for the management of its short-, medium- and long-term funding requirements. Cash flow and funding
needs are regularly monitored to ensure sufficient undrawn facilities are in place. The Group\u2019s funding sources are diversified across a
range of bank and bond markets and strict counterparty limits are operated on deposits.
The Group meets its day-to-day working capital requirements through the utilisation of its two revolving credit facilities. The availability
of these facilities depends on the Group complying with a number of key financial covenants; these covenants and the Group\u2019s
compliance with them are set out in the table below:
March 2026
Key covenants
Covenant
actuals
Group
Net gearing (see note 9)
<125%
37.7%
Inner borrowing (unencumbered asset value/unsecured borrowings)
>1.66x
2.93x
Interest cover
>1.35x
22.82x
The interest rate payable on the Group\u2019s revolving credit facilities can vary dependent on its performance against a number of ESG
covenants. These covenants and performance against them are set out on page 62 of this report.
The Group has undrawn credit facilities of \u00a3395.0 million and has substantial headroom above all of its key covenants. As a result,
the Directors consider the Group to have adequate liquidity to be able to fund the ongoing operations of the business. Under the
requirements of IAS 1, given this substantial headroom on all its key covenants, the Directors consider none of the non-current liabilities
are at risk of being repayable in the next 12 months from the result of a covenant breach.
The following tables detail the Group\u2019s remaining contractual maturity on its financial instruments and have been drawn up based on the
undiscounted cash flows of financial liabilities, including associated interest payments, based on the earliest date on which the Group is
required to pay, and conditions existing at the balance sheet date:
Carrying Contractual Less than One to Two to More than
amount cash flows one year two years five years five years
At 31 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
21.9
25.3
1.2
1.2
22.9
\u2013
\u00a3525.0 million revolving credit facility
175.6
224.2
9.7
9.7
204.8
\u2013
\u00a3150.0 million revolving credit facility
99.6
112.4
4.8
4.8
102.8
\u2013
\u00a3250.0 million 5.375% sterling bond 2031
247.0
323.6
13.4
13.4
40.2
256.6
Private placement notes
249.3
300.5
7.0
7.0
87.3
199.2
793.4
986.0
36.1
36.1
458.0
455.8
Carrying Contractual Less than One to Two to More than
amount cash flows one year two years five years five years
At 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
21.9
26.6
1.2
1.2
24.2
\u2013
\u00a3450.0 million revolving credit facility
149.4
166.5
9.0
157.5
\u2013
\u2013
\u00a3150.0 million revolving credit facility
106.4
122.2
5.9
5.9
110.4
\u2013
\u00a375.0 million term loan 2026
74.7
82.0
4.7
77.3
\u2013
\u2013
\u00a3250.0 million 5.375% sterling bond 2031
246.5
323.7
13.4
13.4
40.3
256.6
Private placement notes
249.1
307.2
7.0
7.0
58.9
234.3
Interest rate cap
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
848.0
1,028.2
41.2
262.3
233.8
490.9
The maturity of lease obligations is set out in note 17.
Interest rate risk
Interest rate risk arises from the Group\u2019s use of interest-bearing financial instruments. It is the risk that future cash flows arising from a
financial instrument will fluctuate due to changes in interest rates. It is the Group\u2019s policy to reduce interest rate risk in respect of the cash
flows arising from its debt finance, either through the use of fixed-rate debt or through the use of interest rate derivatives such as swaps,
caps and floors. It is the Group\u2019s usual policy to maintain the proportion of floating interest rate exposure to between 20% and 40% of
forecast total debt. However, this target is flexible, and may not be adhered to at all times depending on, for example, the Group\u2019s view of
future interest rate movements.
Interest rate caps
Interest rate caps protect the Group from rises in short-term interest rates by making a payment to the Group when the underlying
interest rate exceeds a specified rate (the \u2018cap rate\u2019) on a notional value. If the underlying rate exceeds the cap rate, the payment is
based upon the difference between the two rates, ensuring the Group only pays the maximum of the cap rate.
Interest rate sensitivity
The sensitivity analysis below has been determined based on the exposure to interest rates for financial instruments at the balance sheet
date, and represents management\u2019s assessment of possible changes in interest rates based on historical trends. For the floating rate
liabilities, the analysis is prepared assuming the amount of the liability at 31 March 2026 was outstanding for the whole year:
Impact on profit/(loss)
Impact on equity
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Increase of 50 basis points
(1.4)
(1.7)
(1.4)
(1.7)
Increase of 25 basis points
(0.7)
(0.8)
(0.7)
(0.8)
Decrease of 25 basis points
0.7
0.8
0.7
0.8
Decrease of 50 basis points
1.4
1.7
1.4
1.7
Fair value of interest-bearing loans and borrowings
Book value Fair value Book value Fair value
2026 2026 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Items not carried at fair value
21.9
21.8
21.9
21.8
\u00a3450.0 million revolving credit facility
\u2013
\u2013
149.4
149.4
\u00a3525.0 million revolving credit facility
175.6
175.6
\u2013
\u2013
\u00a3150.0 million revolving credit facility
99.6
99.6
106.4
106.4
\u00a375.0 million term loan 2027
\u2013
\u2013
74.7
74.7
\u00a3250.0 million 5.375% sustainable sterling bond 2031
247.0
248.3
246.5
244.5
Private placement notes
249.3
202.3
249.1
204.7
793.4
747.6
848.0
801.5
The fair values of the Group\u2019s private placement notes were determined by comparing the discounted future cash flows using the
contracted yields with those of the reference gilts plus the implied margins, representing Level 2 fair value measurements as defined by
IFRS 13 \u2013 Fair Value Measurement. The fair value of the Group\u2019s outstanding interest rate cap has been estimated by calculating the
present value of future cash flows, using appropriate market discount rates, representing Level 2 fair value measurements as defined by
IFRS 13. The fair values of the Group\u2019s cash and cash equivalents and trade payables and receivables are not materially different from
those at which they are carried in the financial statements.
The following table details the principal amounts and remaining terms of interest rate derivatives outstanding:
Average contracted Notional principal Fair value
fixed interest rate amount asset
2026 2025 2026 2025 2026 2025
% % \u00a3m \u00a3m \u00a3m \u00a3m
Cash flow hedges
Interest rate cap
\u2013
5.094%
\u2013
200.0
\u2013
\u2013
The Group\u2019s \u00a3200 million interest rate cap expired in October 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-376": { "value": "Capital risk The Group manages its capital to ensure that entities in the Group will be able to operate on a going concern basis, and as such it aims to maintain an appropriate mix of debt and equity financing. The current capital structure of the Group consists of a mix of equity and debt. Equity comprises issued share capital, reserves and retained earnings as disclosed in the Group statement of changes in equity. Debt comprises long-term debenture stock, private placement notes and drawings against committed revolving credit facilities from banks. The Group aims to maintain a loan-to-property value of between 10% and 35% (see note 9). The Group operates solely in the United Kingdom, and its operating profits and net assets are sterling denominated. As a result, the Group\u2019s policy is to have no unhedged assets or liabilities denominated in foreign currencies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-377": { "value": "Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has a policy of reviewing the financial information of prospective customers and only dealing with those that are creditworthy and obtaining sufficient rental cash deposits or third-party guarantees to mitigate financial loss from defaults. The concentration of credit risk is limited due to the large and diverse customer base, with no one customer providing more than 20% of the Group\u2019s rental income. Details of the Group\u2019s receivables, and the associated expected credit loss, are summarised in notes 11 and 13 of these financial statements. The Directors believe that there is no further expected credit loss required in excess of that provided. The carrying amount of financial assets recorded in these financial statements, which is net of impairment losses, represents the Group\u2019s maximum exposure to credit risk. The Group\u2019s cash deposits are placed with a diversified range of investment grade banks, and strict counterparty limits ensure the Group\u2019s exposure to bank failure is minimised. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-378": { "value": "Liquidity risk The Group operates a framework for the management of its short-, medium- and long-term funding requirements. Cash flow and funding needs are regularly monitored to ensure sufficient undrawn facilities are in place. The Group\u2019s funding sources are diversified across a range of bank and bond markets and strict counterparty limits are operated on deposits. The Group meets its day-to-day working capital requirements through the utilisation of its two revolving credit facilities. The availability of these facilities depends on the Group complying with a number of key financial covenants; these covenants and the Group\u2019s compliance with them are set out in the table below:
March 2026
Key covenants
Covenant
actuals
Group
Net gearing (see note 9)
<125%
37.7%
Inner borrowing (unencumbered asset value/unsecured borrowings)
>1.66x
2.93x
Interest cover
>1.35x
22.82x
The interest rate payable on the Group\u2019s revolving credit facilities can vary dependent on its performance against a number of ESG covenants. These covenants and performance against them are set out on page 62 of this report. The Group has undrawn credit facilities of \u00a3395.0 million and has substantial headroom above all of its key covenants. As a result, the Directors consider the Group to have adequate liquidity to be able to fund the ongoing operations of the business. Under the requirements of IAS 1, given this substantial headroom on all its key covenants, the Directors consider none of the non-current liabilities are at risk of being repayable in the next 12 months from the result of a covenant breach. The following tables detail the Group\u2019s remaining contractual maturity on its financial instruments and have been drawn up based on the undiscounted cash flows of financial liabilities, including associated interest payments, based on the earliest date on which the Group is required to pay, and conditions existing at the balance sheet date:
Carrying Contractual Less than One to Two to More than
amount cash flows one year two years five years five years
At 31 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
21.9
25.3
1.2
1.2
22.9
\u2013
\u00a3525.0 million revolving credit facility
175.6
224.2
9.7
9.7
204.8
\u2013
\u00a3150.0 million revolving credit facility
99.6
112.4
4.8
4.8
102.8
\u2013
\u00a3250.0 million 5.375% sterling bond 2031
247.0
323.6
13.4
13.4
40.2
256.6
Private placement notes
249.3
300.5
7.0
7.0
87.3
199.2
793.4
986.0
36.1
36.1
458.0
455.8
Carrying Contractual Less than One to Two to More than
amount cash flows one year two years five years five years
At 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
21.9
26.6
1.2
1.2
24.2
\u2013
\u00a3450.0 million revolving credit facility
149.4
166.5
9.0
157.5
\u2013
\u2013
\u00a3150.0 million revolving credit facility
106.4
122.2
5.9
5.9
110.4
\u2013
\u00a375.0 million term loan 2026
74.7
82.0
4.7
77.3
\u2013
\u2013
\u00a3250.0 million 5.375% sterling bond 2031
246.5
323.7
13.4
13.4
40.3
256.6
Private placement notes
249.1
307.2
7.0
7.0
58.9
234.3
Interest rate cap
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
848.0
1,028.2
41.2
262.3
233.8
490.9
The maturity of lease obligations is set out in note 17. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-379": { "value": "Interest rate risk Interest rate risk arises from the Group\u2019s use of interest-bearing financial instruments. It is the risk that future cash flows arising from a financial instrument will fluctuate due to changes in interest rates. It is the Group\u2019s policy to reduce interest rate risk in respect of the cash flows arising from its debt finance, either through the use of fixed-rate debt or through the use of interest rate derivatives such as swaps, caps and floors. It is the Group\u2019s usual policy to maintain the proportion of floating interest rate exposure to between 20% and 40% of forecast total debt. However, this target is flexible, and may not be adhered to at all times depending on, for example, the Group\u2019s view of future interest rate movements. Interest rate caps Interest rate caps protect the Group from rises in short-term interest rates by making a payment to the Group when the underlying interest rate exceeds a specified rate (the \u2018cap rate\u2019) on a notional value. If the underlying rate exceeds the cap rate, the payment is based upon the difference between the two rates, ensuring the Group only pays the maximum of the cap rate. Interest rate sensitivity The sensitivity analysis below has been determined based on the exposure to interest rates for financial instruments at the balance sheet date, and represents management\u2019s assessment of possible changes in interest rates based on historical trends. For the floating rate liabilities, the analysis is prepared assuming the amount of the liability at 31 March 2026 was outstanding for the whole year:
Impact on profit/(loss)
Impact on equity
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Increase of 50 basis points
(1.4)
(1.7)
(1.4)
(1.7)
Increase of 25 basis points
(0.7)
(0.8)
(0.7)
(0.8)
Decrease of 25 basis points
0.7
0.8
0.7
0.8
Decrease of 50 basis points
1.4
1.7
1.4
1.7
Fair value of interest-bearing loans and borrowings
Book value Fair value Book value Fair value
2026 2026 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Items not carried at fair value
21.9
21.8
21.9
21.8
\u00a3450.0 million revolving credit facility
\u2013
\u2013
149.4
149.4
\u00a3525.0 million revolving credit facility
175.6
175.6
\u2013
\u2013
\u00a3150.0 million revolving credit facility
99.6
99.6
106.4
106.4
\u00a375.0 million term loan 2027
\u2013
\u2013
74.7
74.7
\u00a3250.0 million 5.375% sustainable sterling bond 2031
247.0
248.3
246.5
244.5
Private placement notes
249.3
202.3
249.1
204.7
793.4
747.6
848.0
801.5
The fair values of the Group\u2019s private placement notes were determined by comparing the discounted future cash flows using the contracted yields with those of the reference gilts plus the implied margins, representing Level 2 fair value measurements as defined by IFRS 13 \u2013 Fair Value Measurement. The fair value of the Group\u2019s outstanding interest rate cap has been estimated by calculating the present value of future cash flows, using appropriate market discount rates, representing Level 2 fair value measurements as defined by IFRS 13. The fair values of the Group\u2019s cash and cash equivalents and trade payables and receivables are not materially different from those at which they are carried in the financial statements. The following table details the principal amounts and remaining terms of interest rate derivatives outstanding:
Average contracted Notional principal Fair value
fixed interest rate amount asset
2026 2025 2026 2025 2026 2025
% % \u00a3m \u00a3m \u00a3m \u00a3m
Cash flow hedges
Interest rate cap
\u2013
5.094%
\u2013
200.0
\u2013
\u2013
The Group\u2019s \u00a3200 million interest rate cap expired in October 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-398": { "value": "Fair value of interest-bearing loans and borrowings
Book value Fair value Book value Fair value
2026 2026 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Items not carried at fair value
21.9
21.8
21.9
21.8
\u00a3450.0 million revolving credit facility
\u2013
\u2013
149.4
149.4
\u00a3525.0 million revolving credit facility
175.6
175.6
\u2013
\u2013
\u00a3150.0 million revolving credit facility
99.6
99.6
106.4
106.4
\u00a375.0 million term loan 2027
\u2013
\u2013
74.7
74.7
\u00a3250.0 million 5.375% sustainable sterling bond 2031
247.0
248.3
246.5
244.5
Private placement notes
249.3
202.3
249.1
204.7
793.4
747.6
848.0
801.5
The fair values of the Group\u2019s private placement notes were determined by comparing the discounted future cash flows using the contracted yields with those of the reference gilts plus the implied margins, representing Level 2 fair value measurements as defined by IFRS 13 \u2013 Fair Value Measurement. The fair value of the Group\u2019s outstanding interest rate cap has been estimated by calculating the present value of future cash flows, using appropriate market discount rates, representing Level 2 fair value measurements as defined by IFRS 13. The fair values of the Group\u2019s cash and cash equivalents and trade payables and receivables are not materially different from those at which they are carried in the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-388": { "value": "Fair value of interest-bearing loans and borrowings
Book value Fair value Book value Fair value
2026 2026 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Items not carried at fair value
21.9
21.8
21.9
21.8
\u00a3450.0 million revolving credit facility
\u2013
\u2013
149.4
149.4
\u00a3525.0 million revolving credit facility
175.6
175.6
\u2013
\u2013
\u00a3150.0 million revolving credit facility
99.6
99.6
106.4
106.4
\u00a375.0 million term loan 2027
\u2013
\u2013
74.7
74.7
\u00a3250.0 million 5.375% sustainable sterling bond 2031
247.0
248.3
246.5
244.5
Private placement notes
249.3
202.3
249.1
204.7
793.4
747.6
848.0
801.5
The fair values of the Group\u2019s private placement notes were determined by comparing the discounted future cash flows using the contracted yields with those of the reference gilts plus the implied margins, representing Level 2 fair value measurements as defined by IFRS 13 \u2013 Fair Value Measurement. The fair value of the Group\u2019s outstanding interest rate cap has been estimated by calculating the present value of future cash flows, using appropriate market discount rates, representing Level 2 fair value measurements as defined by IFRS 13. The fair values of the Group\u2019s cash and cash equivalents and trade payables and receivables are not materially different from those at which they are carried in the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-399": { "value": "The following table details the principal amounts and remaining terms of interest rate derivatives outstanding:
Average contracted Notional principal Fair value
fixed interest rate amount asset
2026 2025 2026 2025 2026 2025
% % \u00a3m \u00a3m \u00a3m \u00a3m
Cash flow hedges
Interest rate cap
\u2013
5.094%
\u2013
200.0
\u2013
\u2013
The Group\u2019s \u00a3200 million interest rate cap expired in October 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-16": { "value": "17 Head lease obligations Head lease obligations in respect of the Group\u2019s leasehold properties are payable as follows: Minimum Minimum lease Principal lease Principal payments Interest payments payments Interest payments 2026 2026 2026 2025 2025 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Less than one year 3.7 (3.7) \u2013 3.5 (3.5) \u2013 Between one and five years 14.7 (14.6) 0.1 14.2 (14.0) 0.2 More than five years 457.6 (373.1) 84.5 427.4 (340.6) 86.8 476.0 (391.4) 84.6 445.1 (358.1) 87. 23 Lease receivables Future aggregate minimum rentals receivable under non-cancellable leases are:
2026 2025
\u00a3m \u00a3m
The Group as a lessor
Less than one year
79.8
76.6
Between one and two years
42.3
55.7
Between two and three years
27.9
40.7
Between three and four years
37.5
29.5
Between four and five years
31.6
21.2
More than five years
390.9
65.8
610.0
289.5
The Group leases its investment properties under operating leases. The weighted average length of lease at 31 March 2026 was 5.9 years (2025: 3.0 years). All investment properties, except those under development, generated rental income, and \u00a3nil contingent rents were recognised in the year (2025: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-355": { "value": "
18 Share capital
2026 2026 2025 2025
Number \u00a3m Number \u00a3m
At 1 April
406,188,658
62.0
253,867,911
38.7
Issue of ordinary shares \u2013 rights issue
\u2013
\u2013
152,320,747
23.3
31 March
406,188,658
62.0
406,188,658
62.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-17": { "value": "18 Share capital
2026 2026 2025 2025
Number \u00a3m Number \u00a3m
At 1 April
406,188,658
62.0
253,867,911
38.7
Issue of ordinary shares \u2013 rights issue
\u2013
\u2013
152,320,747
23.3
31 March
406,188,658
62.0
406,188,658
62.0
19 Investment in own shares
2026 2025
\u00a3m \u00a3m
At 1 April
(1.8)
(5.6)
Employee share-based incentive charges
(3.3)
(4.2)
Shares purchased in year
\u2013
5.7
Transfer to retained earnings
5.4
2.3
At 31 March
0.3
(1.8)
The investment in the Company\u2019s own shares is held at cost and comprises 2,778,924 shares (2025: 2,893,542 shares) held by the Great Portland Estates plc Employee Share Trust, which will vest for certain senior employees of the Group if performance conditions are met. During the year, 76,577 shares (2025: 25,912 shares) vested to the Directors in respect of the 2022 Annual Bonus Plan and no additional shares were acquired by the Trust (2025: 2,032,295 shares). The fair value of shares awarded and outstanding at 31 March 2026 was \u00a311.0 million (2025: \u00a312.0 million). Details of the outstanding Restricted Share Plans are set out below:
Lapsed/ At 31 March
At 1 April 2025 Granted Vested forfeit 2026
Date of Grant/Fair value (pence) No. of shares No. of shares No. of shares No. of shares
No. of shares
Vesting dates
Long Term Incentive Plan
27 May 2022/645p
2,158,753
\u2013
\u2013
(2,158,753)
\u2013
26 May 2025
Restricted Share Plan
7 July 2023/422p
1,313,944
\u2013
\u2013
(231,021)
1,082,923
6 July 2026
24 November 2023/408p
12,401
\u2013
\u2013
(12,401)
\u2013
23 Nov 2026
20 June 2024/341p
1,383,675
\u2013
\u2013
(331,720)
1,051,955
19 June 2027
30 May 2025/331p
\u2013
1,475,011
\u2013
(324,467)
1,150,544
29 May 2028
4,868,773
1,475,011
\u2013
(3,058,362)
3,285,422
25 Reserves The following describes the nature and purpose of each reserve within equity: Share capital: Share premium: Amount subscribed for share capital in excess of nominal value, less directly attributable issue costs. Capital redemption reserve: Amount equivalent to the nominal value of the Company\u2019s own shares acquired as a result of share buyback programmes. Retained earnings: Cumulative net gains and losses recognised in the Group income statement together with other items such as dividends. Investment in own shares: Amount paid to acquire the Company\u2019s own shares for its Employee Long Term Incentive Plan less accounting charges.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-356": { "value": "
19 Investment in own shares
2026 2025
\u00a3m \u00a3m
At 1 April
(1.8)
(5.6)
Employee share-based incentive charges
(3.3)
(4.2)
Shares purchased in year
\u2013
5.7
Transfer to retained earnings
5.4
2.3
At 31 March
0.3
(1.8)
The investment in the Company\u2019s own shares is held at cost and comprises 2,778,924 shares (2025: 2,893,542 shares) held by the Great
Portland Estates plc Employee Share Trust, which will vest for certain senior employees of the Group if performance conditions are met.
During the year, 76,577 shares (2025: 25,912 shares) vested to the Directors in respect of the 2022 Annual Bonus Plan and no additional
shares were acquired by the Trust (2025: 2,032,295 shares). The fair value of shares awarded and outstanding at 31 March 2026 was
\u00a311.0 million (2025: \u00a312.0 million).
Details of the outstanding Restricted Share Plans are set out below:
Lapsed/ At 31 March
At 1 April 2025 Granted Vested forfeit 2026
Date of Grant/Fair value (pence) No. of shares No. of shares No. of shares No. of shares
No. of shares
Vesting dates
Long Term Incentive Plan
27 May 2022/645p
2,158,753
\u2013
\u2013
(2,158,753)
\u2013
26 May 2025
Restricted Share Plan
7 July 2023/422p
1,313,944
\u2013
\u2013
(231,021)
1,082,923
6 July 2026
24 November 2023/408p
12,401
\u2013
\u2013
(12,401)
\u2013
23 Nov 2026
20 June 2024/341p
1,383,675
\u2013
\u2013
(331,720)
1,051,955
19 June 2027
30 May 2025/331p
\u2013
1,475,011
\u2013
(324,467)
1,150,544
29 May 2028
4,868,773
1,475,011
\u2013
(3,058,362)
3,285,422
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-380": { "value": "19 Investment in own shares
2026 2025
\u00a3m \u00a3m
At 1 April
(1.8)
(5.6)
Employee share-based incentive charges
(3.3)
(4.2)
Shares purchased in year
\u2013
5.7
Transfer to retained earnings
5.4
2.3
At 31 March
0.3
(1.8)
The investment in the Company\u2019s own shares is held at cost and comprises 2,778,924 shares (2025: 2,893,542 shares) held by the Great Portland Estates plc Employee Share Trust, which will vest for certain senior employees of the Group if performance conditions are met. During the year, 76,577 shares (2025: 25,912 shares) vested to the Directors in respect of the 2022 Annual Bonus Plan and no additional shares were acquired by the Trust (2025: 2,032,295 shares). The fair value of shares awarded and outstanding at 31 March 2026 was \u00a311.0 million (2025: \u00a312.0 million). Details of the outstanding Restricted Share Plans are set out below:
Lapsed/ At 31 March
At 1 April 2025 Granted Vested forfeit 2026
Date of Grant/Fair value (pence) No. of shares No. of shares No. of shares No. of shares
No. of shares
Vesting dates
Long Term Incentive Plan
27 May 2022/645p
2,158,753
\u2013
\u2013
(2,158,753)
\u2013
26 May 2025
Restricted Share Plan
7 July 2023/422p
1,313,944
\u2013
\u2013
(231,021)
1,082,923
6 July 2026
24 November 2023/408p
12,401
\u2013
\u2013
(12,401)
\u2013
23 Nov 2026
20 June 2024/341p
1,383,675
\u2013
\u2013
(331,720)
1,051,955
19 June 2027
30 May 2025/331p
\u2013
1,475,011
\u2013
(324,467)
1,150,544
29 May 2028
4,868,773
1,475,011
\u2013
(3,058,362)
3,285,422
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-357": { "value": "
20 Cash and cash equivalents
2026 2025
\u00a3m \u00a3m
Cash held at bank (unrestricted)
2.2
18.2
Amounts held in respect of customer rent deposits (restricted)
20.5
18.7
22.7
36.9
Amounts held in respect of customer rent deposits are subject to restrictions as set out in the customer\u2019s lease agreement and therefore
not available for general use by the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-19": { "value": "20 Cash and cash equivalents
2026 2025
\u00a3m \u00a3m
Cash held at bank (unrestricted)
2.2
18.2
Amounts held in respect of customer rent deposits (restricted)
20.5
18.7
22.7
36.9
Amounts held in respect of customer rent deposits are subject to restrictions as set out in the customer\u2019s lease agreement and therefore not available for general use by the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-18": { "value": "21 Notes to the Group statement of cash flows Reconciliation of financing liabilities
Other
1 April Cash non-cash 31 March
2025 movements movements 2026
\u00a3m \u00a3m \u00a3m \u00a3m
Long-term interest-bearing loans and borrowings
848.0
(56.8)
2.2
793.4
Obligations under leases
87.0
5.9
(8.3)
84.6
935.0
(50.9)
(6.1)
878.0
21 Notes to the Group statement of cash flows continued
Other
1 April Cash non-cash 31 March
2024 movements movements 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Long-term interest-bearing loans and borrowings
565.4
280.5
2.1
848.0
Short-term interest-bearing loans and borrowings
175.0
(175.0)
\u2013
\u2013
Obligations under leases
75.1
9.8
2.1
87.0
815.5
115.3
4.2
935.0
Adjustment for non-cash items Adjustments for non-cash items used in the reconciliation of cash generated from/(used in) operations in the Group statement of cash flows is disclosed below:
2026 2025
\u00a3m \u00a3m
Surplus from investment property
(99.4)
(83.2)
(Surplus)/deficit on revaluation of other investments
(0.4)
0.4
Employee share-based incentive charge
3.3
4.2
Spreading of lease incentives
(0.8)
1.0
Share of results of joint ventures
(33.3)
(21.8)
Depreciation
0.8
1.7
Other
0.2
(0.7)
Adjustments for non-cash items
(129.6)
(98.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-20": { "value": " 2026 \u00a3m 2025 \u00a3m
Interim dividend for the year ended 31 March 2026 of 2.9 pence per share
11.7
\u2013
Final dividend for the year ended 31 March 2025 of 5. 0 pence per share
20 .2
\u2013
Interim dividend for the year ended 31 March 2025 of 2.9 pence per share
\u2013
11.8
Final dividend for the year ended 31 March 2024 of 7.9 pence per share
\u2013
20.0
31.9
31.8
A final dividend of 5 . 3 pence per share was approved by the Board on 20 May 2026 and, subject to shareholder approval, will be paid on 10 July 2026 to shareholders on the register on 5 June 2026. The dividend is not recognised as a liability at 31 March 2026. The 2025 final dividend and the 2025 interim dividend are included within the Group statement of changes in equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-359": { "value": "0.05", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-360": { "value": "20200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-358": { "value": "0.053", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-21": { "value": "24 Employee benefits The Group operates a UK-funded approved defined contribution plan. The Group\u2019s contribution for the year was \u00a32.5 million (2025: \u00a32.0 million). The Group also contributes to a defined benefit final salary pension plan (the Plan), the assets of which are held and managed by trustees separately from the assets of the Group. The Plan assets held in trusts are governed by local regulation and practice. The Plan has been closed to new entrants since April 2002, and closed to further accrual from 1 April 2025. The duration of the Plan is 13 years. The most recent actuarial valuation of the Plan was conducted at 1 April 2023 by a qualified independent actuary using the projected unit method. The Plan was valued using the following key actuarial assumptions:
2026 2025
% %
Discount rate
6.20
5.80
Expected rate of salary increases
4.30
4.10
RPI inflation
3.30
3.10
Rate of future pension increases
3.00
2.90
Life expectancy assumptions:
2026 2025
Years Years
Retiring today age 65 \u2013 male:female
23:25
23:25
Retiring in 25 years (age 40 today) \u2013 male:female
25:27
25:27
Changes in the present value of the pension obligation are as follows:
2026 2025
\u00a3m \u00a3m
Defined benefit obligation at 1 April
23.6
25.9
Service cost
\u2013
0.2
Past service cost
\u2013
(0.4)
Interest cost
1.3
1.2
Effect of changes in demographic assumptions
\u2013
0.5
Effect of changes in financial assumptions
(0.9)
(2.7)
Effect of experience adjustments
0.2
\u2013
Benefits paid
(1.8)
(1.1)
Present value of defined benefit obligation at 31 March
22.4
23.6
Changes to the fair value of the Plan assets are as follows:
2026 2025
\u00a3m \u00a3m
Fair value of the Plan assets at 1 April
28.4
30.8
Interest income
1.5
1.5
Actuarial loss
(0.6)
(3.1)
Expenses paid from plan assets
(0.1)
\u2013
Employer contributions
\u2013
0.3
Benefits paid
(1.8)
(1.1)
Fair value of the Plan assets at 31 March
27.4
28.4
Net pension asset
5.0
4.8
The gain recognised immediately in the Group statement of comprehensive income was \u00a30.1 million (2025: \u00a30.8 million loss). The amount recognised in the balance sheet in respect of the Plan is as follows:
2026 2025
\u00a3m \u00a3m
Present value of unfunded obligations
(22.4)
(23.6)
Fair value of the Plan assets
27.4
28.4
Pension asset
5.0
4.8
24 Employee benefits continued Amounts recognised as administration expenses in the income statement are as follows:
2026 2025
\u00a3m \u00a3m
Service cost
\u2013
(0.2)
Past service cost
\u2013
0.4
Net interest income
0.3
0.3
0.3
0.5
All equity and debt instruments have quoted prices in active markets. The fair value of the Plan assets at the balance sheet date is analysed as follows:
2026 2025
\u00a3m \u00a3m
Cash
0.2
0.1
Equities
1.5
1.2
Bonds
24.2
25.8
Other
1.5
1.3
27.4
28.4
Other than market and demographic risks, which are common to all retirement benefit schemes, there are no specific risks in the relevant benefit schemes which the Group considers to be significant or unusual. Details on two of the more specific risks are below: Changes in bond yields Falling bond yields tend to increase the funding and accounting liabilities. However, the investment in corporate and government bonds offers a degree of matching, i.e. the movement in assets arising from changes in bond yields partially matches the movement in the funding or accounting liabilities. In this way, the exposure to movements in bond yields is reduced. Life expectancy The majority of the obligations are to provide a pension for the life of the member on retirement, so increases in life expectancy will result in an increase in the liabilities. The inflation-linked nature of the majority of benefit payments increases the sensitivity of the liabilities to changes in life expectancy. The effect on the defined benefit obligation of changing the key assumptions, calculated using approximate methods based on historical trends, is set out below:
2026 2025
\u00a3m \u00a3m
Discount rate -0.25%
23.8
25.2
Discount rate +0.25%
21.1
22.3
RPI inflation -0.25%
22.1
23.4
RPI inflation +0.25%
22.7
24.0
Post-retirement mortality assumption \u2013 one year age rating
23.2
24.6
Given the Plan surplus, the Group has agreed to pause contributions to the Plan. Accordingly, the Group expects to contribute \u00a3nil (2025: \u00a3nil) to the Plan in the year ending 31 March 2027. The expected total benefit payments for the year ending 31 March 2027 is \u00a32.0 million, rising to around \u00a32.2 million per annum over the next five years. A total of around \u00a313.1 million is expected to be paid over the subsequent five-year period.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-361": { "value": "
25 Reserves
The following describes the nature and purpose of each reserve within equity:
Share capital:
Share premium: Amount subscribed for share capital in excess of nominal value, less directly attributable issue costs.
Capital redemption reserve: Amount equivalent to the nominal value of the Company\u2019s own shares acquired as a result of share buyback
programmes.
Retained earnings: Cumulative net gains and losses recognised in the Group income statement together with other items such as
dividends.
Investment in own shares: Amount paid to acquire the Company\u2019s own shares for its Employee Long Term Incentive Plan less accounting
charges.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-22": { "value": "33 Cavendish Square, London W1G 0PW", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } } } }