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{ "concept": "ifrs-full:Equity", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2025-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-279": { "value": "
1\u2002General information
On the Beach Group plc is a public limited company which is listed on the London Stock
Exchange and is domiciled and incorporated in the United Kingdom under the Companies
Act 2006. The address of the registered office is given on page 186.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-4": { "value": "On the Beach Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-275": { "value": "On the Beach Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-277": { "value": "On the Beach Group plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-5": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-6": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-276": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-278": { "value": "2\u2002Accounting policies a)\u2002Basis of preparation The consolidated financial statements presented in this document have been prepared in accordance with UK adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006. The Company\u2019s financial statements have been prepared in accordance with Financial Reporting Standard 102 \u201cThe Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland\u201d (\u2018FRS 102\u2019) and as applied in accordance with the provisions of the Companies Act 2006. The Company has taken advantage of the exemption provided under section 408 of the Companies Act 2006 not to publish its individual income statement and related notes. These financial statements are presented in pounds sterling (\u00a3m) because that is the currency of the primary economic environment in which the Group operates. b)\u2002Going concern The Group covers its daily working capital requirements by means of cash and a Revolving Credit Facility (\u2018RCF\u2019). Previously, a facility was held for \u00a385m that was due to expire in December 2027 following an extension. For the year ending 30 September 2025, the Group has completed a refinancing with Lloyds, NatWest and HSBC, entering a revised four-year credit facility of \u00a3120m with an accordion of \u00a330m, expiring September 2029. At the point of refinancing there was nothing drawn down. The RCF has financial covenants in place which are tested semi-annually. As at 30 September 2025, Group cash (excluding cash held in trust which is ringfenced and not factored into the going concern assessment) was \u00a391.7m (30 September 2024: \u00a396.2m). Cash received from customers for bookings that have not yet travelled is held in a ringfenced trust account and is not withdrawn until the customer returns from their holiday unless allowable under trust scheme rules. Cash held in trust at 30 September 2025 was \u00a3142.9m (30 September 2024: \u00a3139.5m).
The Directors have assessed a going concern period through to 31 March 2027 and have
modelled a number of scenarios considering factors such as airline resilience, cost of living,
inflation, interest rates and customer behaviour/demand. The Group has performed an
assessment of the impact of climate risk, as part of the Directors\u2019 assessment of the Group\u2019s
ability to continue as a going concern. Detail of the Group\u2019s assessment of the impact of climate
risk is provided within the \u201cHere for the planet\u201d section of this report.
The Directors have modelled a remote possibility scenario to sensitise the base case as a
stress test. In this scenario the Directors have assessed the impact to cash and revenue in an
environment where bookings are 99% lower than the forecasted reduction for the remaining
going concern period; although profitability would be affected, the Group would be able to
continue operating.
In addition, the Directors have modelled sensitivity analysis on a reverse stress test that models
a substantial increase in bookings, to assess the potential impact on working capital and bank
facilities, as well as considering the sensitivity to booking volumes. Although in this scenario
headroom would be affected, the Group would be able to continue operating.
Given the assumptions above, the mitigating actions available and within the Group\u2019s control,
the Directors remain confident that the Group can continue to operate with sufficient resources
for the foreseeable future. Therefore, it is considered appropriate to continue to adopt the going
concern basis in preparing these financial statements.
c)\u2002New standards, amendments and interpretations
A number of new standards and amendments to standards are effective for annual periods
beginning after 1 January 2024; the following amended standards have been implemented,
however, they have not had a significant impact on the Group\u2019s consolidated financial statements:
\u2022 Amendment to IFRS 16 \u2013 Leases on sale and leaseback
\u2022 Amendment to IAS 7 and IFRS 7 \u2013 Supplier finance arrangements
\u2022 Interpretations of IFRS 8 Operating Segments \u2013 Paragraph 23
\u2022 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current and Non-current
Liabilities with Covenants
Standards issued but not yet effective Certain new financial reporting standards, amendments and interpretations have been published that are not mandatory for the 30 September 2025 reporting period, and have not been early adopted by the Group. The Group is currently assessing the impact of the following standards, amendments and interpretations: \u2022 Amendments to IAS 21 \u2013 Lack of Exchangeability \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Classification and Measurement of Financial Instruments and Contracts referencing nature-dependent Electricity \u2022 Annual Improvements to IFRS Accounting Standards\u2014Volume 11 \u2022 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements \u2022 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures d)\u2002Climate-related matters The Group considers climate-related matters in estimates and assumptions where appropriate, this includes areas such as: \u2022 Impairment of non-financial assets: The value-in-use may be impacted by the changes in climate-related regulations or a change in the demand of certain holiday destinations as a result of extreme weather or natural disasters. \u2022 Deferred tax asset recoverability: The forecasts used in assessing whether the Group has sufficient future taxable income could be impacted by climate-related regulation or change in consumer demand for travelling abroad. \u2022 Going concern: When forecasting future expected cashflows, the primary climate-related risk is extreme heat/weather due to wildfires, flooding or other extreme weather events in holiday destinations. While other risks have not materialised in the short term, we will continue to monitor them closely. The Group\u2019s business model allows for flexibility, through being asset-light; this means the Group can respond quickly to changes in customer demand for certain locations. The Group is closely monitoring changes and developments in both climate-related legislation and extreme weather events. e)\u2002Discontinued operations Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss. Additional disclosures are provided in note 10. All other notes to the financial statements include amounts for continuing operations, unless indicated otherwise.
f)\u2002Basis of consolidation
The Group\u2019s consolidated financial statements consolidate the financial statements of On the
Beach Group plc and all of its subsidiary undertakings.
i.\u2002Subsidiaries are entities controlled by the Company
Control exists when the Company has power over the investee, the Company is exposed, or
has rights to variable returns from its involvement with the subsidiary and the Company has the
ability to use its power of the investee to affect the amount of the investor\u2019s returns.
ii.\u2002Transactions eliminated on consolidation
Intragroup balances, and any gains and losses or income and expenses arising from intragroup
transactions, are eliminated in preparing the consolidated financial information. Gains arising
from transactions with jointly controlled entities are eliminated to the extent of the Group\u2019s
interest in the entity. Losses are eliminated in the same way as gains, but only to the extent that
there is no evidence of impairment.
g)\u2002Goodwill
Goodwill arising on the acquisition of subsidiary undertakings and trading assets represents
the excess of the cost of acquisition over the fair value of the identifiable assets and liabilities at
the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently
remeasured at cost less any accumulated impairment losses. Goodwill which is recognised as
an asset is reviewed for impairment at least annually. Any impairment is recognised immediately
in the income statement and is not subsequently reversed. On disposal of a subsidiary the
attributable amount of goodwill is included in the determination of the profit or loss on disposal.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units
expected to benefit from the combination. If the recoverable amount is less than the carrying
amount of the unit, the impairment loss is allocated to first reduce the amount of goodwill
allocated to the unit and then the other assets in the unit. An impairment loss recognised for
goodwill is not reversed in a subsequent period.
Impairment losses recognised for other assets is reversed only if the reasons for the impairment
have ceased to apply.
h)\u2002Foreign currency
Transactions in foreign currencies are translated to the respective functional currencies of
Group entities at the foreign exchange rate ruling at the date of the transaction. Monetary assets
and liabilities denominated in foreign currencies at the balance sheet date are retranslated to
the functional currency at the foreign exchange rate ruling at that date.
Foreign exchange differences arising on translation are recognised in the income statement.
i)\u2002Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a
financial liability or equity instrument of another entity.
i.\u2002Financial assets
Financial assets are classified, at initial recognition, and subsequently measured at amortised
cost, fair value through other comprehensive income (\u2018OCI\u2019), and fair value through profit or
loss. In order for a financial asset to be classified and measured at amortised cost, the financial
asset is under a \u201chold to collect\u201d business model and it needs to give rise to cash flows that
are \u201csolely payments of principal and interest\u201d (\u2018SPPI\u2019) on the principal amount outstanding. The
Group considers a financial asset in default when contractual payments are 90 days past due.
Trade and other receivables
Trade and other receivables are recognised initially at fair value. Subsequent to initial
recognition, they are measured at amortised cost using the effective interest method, less
any impairment losses. Gains and losses are recognised in profit or loss when the asset is
derecognised, modified or impaired. An expected credit loss is calculated using a provision
matrix which is initially based on the Group\u2019s historical observed default rates that is calibrated
for changes in the forward-looking estimates.
Cash at bank
Cash at bank comprises cash balances and call deposits. Bank overdrafts that are repayable
on demand and form an integral part of the Group\u2019s cash management are included as a
component of cash at bank.
Trust account
All ATOL protected customer monies are held in a trust account until after the provision of the
holiday service. The trust account is governed by a deed between the Group, the Civil Aviation
Authority Air Travel Trustees and independent trustees (Travel Trust Services Limited), which
determines the inflows and outflows from the account.
All ATOL protected customer receipts are paid into the trust account in full before the holiday
departure date. These payments are held in the trust account until the service is provided-
for flights on payment to the supplier and for hotels and ancillaries on the customer\u2019s return
from holiday. The Group therefore does not use customer prepayments to fund its business
operations. Due to the restrictions on accessing the funds in the trust account, customer monies
held in the trust account are presented separately to cash at bank.
ii.\u2002Financial liabilities
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through
profit or loss, loans and borrowings, payables, or as derivatives designated as hedging
instruments in an effective hedge, as appropriate.
Trade and other payables
Trade and other payables are recognised initially at fair value and net of directly attributable
transaction costs. Subsequent to initial recognition they are measured at amortised cost
using the effective interest method. Gains and losses are recognised in profit or loss
when the liabilities are derecognised as well as through the Effective Interest Rate (\u2018EIR\u2019)
amortisation process.
Revolving credit facility (\u2018RCF\u2019)
Borrowings from the RCF are recognised initially at fair value. After initial recognition, the RCF is
subsequently measured at amortised cost using the EIR method. The Group refinanced the RCF
in the year. Please see Note 19 for further details.
iii.\u2002Derivative financial instruments, including hedge accounting
The Group enters into forward foreign exchange contracts to manage exposure to foreign
exchange rate risk of trade payables.
Additionally, the Group acquires interest rate swaps in order to hedge the interest rate risk
associated with the interest received on the trust account. The movement associated with this is
recognised within finance income in the income statement.
Further details of these derivative financial instruments are disclosed in note 23 of these financial
statements. Such derivative financial instruments are initially recognised at fair value on the date
on which a derivative contract is entered into and are subsequently remeasured at fair value.
Fair value hedges
All derivative financial instruments are assessed against the hedge accounting criteria set out
in IFRS 9. On initial designation of the derivative as a hedging instrument, the Group formally
documents the relationship between the hedging instrument and hedged item, and the
Group elects to identify the spot-element of forward contracts as the hedging instrument. The
documentation also identifies the hedged item, the risk management objectives and strategy in
understanding the hedge transaction and the hedged risk, together with the methods that will
be used to assess the effectiveness of the hedging relationship.
The Group makes an assessment, both at the inception of the hedge relationship as well as
on an ongoing basis, of whether the hedging instruments are expected to be highly effective
in offsetting the changes in the fair value of the respective hedged items attributable to the
hedged risk.
Derivatives are initially recognised at the fair value on the date a derivative contract is entered into and are subsequently remeasured at each reporting date at their fair value. The change in the fair value of the hedging instrument is recognised in the statement of profit or loss as other expense. The change in the fair value of the hedged item attributable to the risk hedged is recorded as part of the carrying value of the hedged item and is also recognised in the statement of profit or loss as other expense. The change in the fair value of the forward element of the forward contracts is recognised in other comprehensive income. Cash flow hedges For derivatives that are designated as cash flow hedges and where the hedge accounting criteria are met, the effective portion of changes in the fair value is recognised in other comprehensive income. For the Group this is the interest rate swaps. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss as part of finance costs. Amounts accumulated in equity are recognised in profit or loss when the income or expense on the hedged item is recognised in profit or loss. j)\u2002Segment reporting IFRS 8 requires operating segments to be reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the management team, including the Chief Executive Officer and Chief Financial Officer. For management purposes, the Group is organised into segments based on the nature of products and services, and information is provided to the management team on these segments for the purposes of resource allocation and segment performance management and monitoring. Please see note 5 for more information on segmental reporting. On 23 September 2025, the Board made the decision to abandon the Classic Collection Holdings operation and to not attempt to sell the business. See note 10 for details of discontinued operations. Following the decision to abandon the Classic Collection Holdings operation, the management team considers there to be one reportable segment (see note 5 for details on segmental reporting): i.\u2002 \u201cOTB\u201d \u2013 activity via UK & Ireland as a B2C provider (www.onthebeach.co.uk, www.sunshine.co.uk and www.onthebeach.ie)
k)\u2002Revenue recognition
IFRS 15 Revenue from Contracts with Customers is a principle-based model of recognising
revenue from customer contracts. It has a five-step model that requires revenue to be
recognised when control over goods and services are transferred to the customer. The standard
requires the Group to exercise judgement, taking into consideration all of the relevant facts
and circumstances when applying each step of the model to contracts with their customers.
The following paragraphs describes the types of contracts, when performance obligations are
satisfied, and the timing of revenue recognition. Further details of the disaggregation of revenue
are disclosed in note 4 of these financial statements.
As agent:
The Group acts as agent when it is not the primary party responsible for providing the
components that make up the customer\u2019s booking and it does not control the components
before they are transferred to customers. Revenue comprises the fair value of the consideration
received or receivable in the form of commission. Service fees/commissions are earned through
purchases from customers of travel products such as flight tickets or hotel accommodation from
third-party suppliers. Revenue in the form of commission or service fees is recognised when
the performance obligation of arranging and facilitating the customer to enter into individual
contracts with suppliers is satisfied, usually on delivery of the booking confirmation.
Given the level of cancellations the Group has experienced, the commission is considered to
represent variable consideration and the transaction price of commission income determined
using the expected value method, such that revenue is recognised only to the extent that it
is highly probable that there will not be a significant reversal of revenue recognised in future
periods. The sum of the range of probabilities of cancellations in different scenarios based
on historical trends and best estimate of future expectations is used to calculate the extent
to which the variable consideration is reduced and a corresponding refund liability (presented
as a cancellation provision) is recognised in provisions. See note 17 for more information.
Revenue earned from sales through the OTB segment is stated net. Revenue earned from sales
through Classic Collection is stated net, with the commission payable to agents recognised in
the cost of sales. Following the cessation of operations for Classic Collection on 23 September
2025, all revenue from this segment for the year is recognised within discontinued operations.
See note 10 for more details.
l)\u2002Override income The Group has agreements with suppliers which give rise to rebate income. This income relates to segments where revenue is accounted for on an agent basis, therefore the income received from suppliers relates to reduction in cost of sales (corresponding increase in commission received), and as such is considered part of the Group\u2019s net revenue. For the year ended 30 September 2025 override income was \u00a312.4m (FY24: \u00a38.5m). The Group has some agreements whereby receipt of the income is conditional on the Group achieving agreed volume targets. For agreements not linked to volume targets, override income is recognised when earned by the Group, which occurs when all obligations conditional for earning income have been discharged, and the income can be measured reliably based on the terms of the contract, which is usually once the booking has been confirmed with the supplier. For agreements where volume targets are in place, income is recognised once the target has been achieved. For volume targets which span the year end, the Group is required to make estimates in determining the amount and timing of recognition of override. In determining the amount of volume-related allowances recognised in any period, management estimate the probability that the Group will meet contractual target volumes, based on current and forecast performance. Amounts due but not yet recovered relating to override income are recognised within trade and other receivables. m)\u2002Business combinations All business combinations are accounted for by applying the acquisition method. Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. For acquisitions, the Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the acquiree; plus \u2022 the fair value of the existing equity interest in the acquiree; less \u2022 the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not re- measured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in the income statement.
n)\u2002Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and
accumulated impairment losses.
Depreciation is charged to the income statement on a straight-line basis over the estimated
useful lives of each part of an item of property, plant and equipment. Land is not depreciated.
The estimated useful lives are as follows:
Fixtures, fittings and equipment: 3\u201310 years
Depreciation methods, useful lives and residual values are reviewed at each balance sheet date.
The gain or loss arising on the disposal or retirement of an asset is determined as the difference
between the sales proceeds and the carrying amount of the asset and is recognised in
administrative expenses.
o)\u2002Intangible assets
i.\u2002Research and development
Expenditure on research activities is recognised in the income statement as an expense as
incurred. Expenditure on development activities directly attributable to the design and testing
of identifiable and unique software products are capitalised if the product or process meet the
following criteria:
\u2022 the completion of the development is technically and commercially feasible to complete;
\u2022 adequate technical resources are sufficiently available to complete development;
\u2022 it can be demonstrated that future economic benefits are probable; and
\u2022 the expenditure attributable to the development can be measured reliably.
Development activities involve a plan or design for the production of new or substantially
improved products or processes. Directly attributable costs that are capitalised as part of the
software product, website or system include employee costs. Other development expenditures
that do not meet these criteria as well as ongoing maintenance are recognised as an expense
as incurred.
Development costs for software, websites and systems are carried at cost less accumulated
amortisation and are amortised over their useful lives at the point in which they come into use.
During the year, the Group revised the amortisation period of certain web development assets
from three to five years, based on updated assessments of their expected period of use. This
change has been applied prospectively from 1 October 2024 and decreased amortisation
expense by \u00a32.5m for the year ended 30 September 2025. All additions in the year are
amortised over a period of five years. Any assets not eligible for this change are still amortised
over three years. Amortisation has been recognised within operating expenses.
ii.\u2002Software licences and domain names
Acquired intangible assets are capitalised at the cost necessary to bring the asset to its
working condition. The Group has applied the guidance published by the IFRS Interpretations
Committee (\u2018IFRIC\u2019) in respect of cloud computing arrangements. The guidance requires that
cloud computing arrangements are reviewed to determine if they are within the scope of IAS
38 Intangible Assets, IFRS 16 Leases, or a service contract. This is to determine if the Group
has control of the software intangible asset. Control is assumed if the Group has the right to
take possession of the software and run it on its own or a third party\u2019s computer infrastructure
or if the Group has exclusive rights to use the software whereby the supplier cannot make the
software available to other customers.
Costs for software licences and domain names are carried at cost less accumulated amortisation
and are amortised over their useful lives at the point in which they come into use.
iii.\u2002Brand
Upon acquisition of the Group, the On the Beach brand was identified as a separately
identifiable asset. Acquisitions of Sunshine.co.uk and Classic Collection Holidays Limited
resulted in the brand of each being identified and recognised separately from goodwill at fair
value. Following the cessation of operations for Classic Collection on 23 September 2025, the
goodwill arising on the acquisition of Classic Collection Holidays Limited, as well as the brand
intangibles, have been written off, and are recognised within discontinued operations. See note
10 for more details.
iv.\u2002Amortisation
Amortisation is charged to the income statement on a straight-line basis over the estimated
useful lives of intangible assets unless such lives are indefinite. Intangible assets with an
indefinite useful life and goodwill are systematically tested for impairment at each balance
sheet date. Other intangible assets are amortised from the date they are available for use.
The estimated useful lives are as follows:
Website technology: 10 years
Website & development costs: 3\u20135 years
Brand: 10\u201315 years
Agent relationships: 15 years
Customer relationships: 5 years
v.\u2002Customer and agent relationships
Upon the acquisition of Classic Collection Holidays Limited, customer relationships were
identified as separately identifiable assets. Classic Collection\u2019s revenue is driven by a very high
volume of repeat customers due to its bespoke holiday packages and the target market. Repeat
customers are from two broad segments \u2013 independent travel agents and direct customers and
individuals booking directly. There is a defined margin and attrition profile differential between
the two customer groups and as such two separate assets were identified. Following the
cessation of operations for Classic Collection on 23 September 2025, the intangible assets are
considered to be impaired and are recognised within discontinued operations. See note 10 for
more details.
p)\u2002Impairment of non-financial assets
At each balance sheet date, the Group reviews the carrying amounts of its tangible and
intangible assets to determine whether there is any indication that those assets have suffered
an impairment loss. If any such indication exists, the recoverable amount of the asset is
estimated in order to determine the extent of the impairment loss (if any). Where the asset
does not generate cash flows that are independent from other assets, the Group estimates the
recoverable amount of the cash-generating unit to which the asset belongs. The recoverable
amount of an asset or cash-generating unit is the greater of its value in use and its fair value less
costs to sell.
Goodwill is required to be tested for impairment annually, or more frequently where there is an
indication that the goodwill may be impaired. The goodwill acquired in a business combination,
for the purpose of impairment testing, is allocated to cash-generating units, or (\u2018CGUs\u2019). Subject
to an operating segment ceiling test, for the purposes of goodwill impairment testing, CGUs
to which goodwill has been allocated are aggregated so that the level at which impairment is
tested reflects the lowest level at which goodwill is monitored for internal reporting purposes.
Goodwill acquired in a business combination is allocated to groups of CGUs that are expected
to benefit from the synergies of the combination.
In assessing value in use, the estimated future cash flows are discounted to their present
value using a pre-tax discount rate that reflects current market assessments of the time value
of money and the risks specific to the asset. For the purpose of impairment testing, assets
that cannot be tested individually are grouped together into the smallest group of assets that
generates cash inflows from continuing use that are largely independent of the cash inflows of
other assets or groups of assets (the \u201ccash-generating unit\u201d).
An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its
estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment
losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any
goodwill allocated to the units, and then to reduce the carrying amounts of the other assets in
the unit (group of units) on a pro rata basis.
q)\u2002Leases
The Group assesses at contract inception whether a contract is, or contains, a lease. That is,
if the contract conveys the right to control the use of an identified asset for a period of time in
exchange for consideration.
Group as a lessee
The Group applies a single recognition and measurement approach for all leases, except for
short-term leases and leases of low-value assets. The Group recognises lease liabilities to make
lease payments and right-of-use assets representing the right to use the underlying assets.
i.\u2002Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date
the underlying asset is available for use). Right-of-use assets are measured at cost, less any
accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease
liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised,
initial direct costs incurred, and lease payments made at or before the commencement date
less any lease incentives received. The recognised right-of-use assets are depreciated on a
straight-line basis over the shorter of the lease term and the estimated useful lives of the assets,
as follows:
Buildings: 10 years
IT equipment: 3\u20135 years
The right-of-use assets are also subject to impairment. The Group\u2019s right-of-use assets are
included as a separate category in property, plant and equipment.
ii.\u2002Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured
at the present value of lease payments to be made over the lease term. In calculating the
present value of lease payments, the Group uses the incremental borrowing rate at the lease
commencement date where the interest rate implicit in the lease is not readily determinable.
After the commencement date, the amount of lease liabilities is increased to reflect the
accretion of interest and reduced for the lease payments made. In addition, the carrying amount
of lease liabilities is remeasured if there is a modification, a change in the lease term, a change
in the lease payments (e.g. changes to future payments resulting from a change in an index or
rate used to determine such lease payments) or a change in the assessment of an option to
purchase the underlying asset.
The Group\u2019s lease liabilities are included in trade and other payables.
r)\u2002Employee benefits
i.\u2002Pension scheme
The Group operates a defined contribution pension scheme. A defined contribution scheme
is a post-employment benefit plan under which the Company pays fixed contributions into
a separate entity and will have no legal or constructive obligation to pay further amounts.
Obligations for contributions to defined contribution pension plans are recognised as
an expense in the income statement in the years during which services are rendered
by employees.
ii.\u2002Share-based payment transactions
Employees (including senior executives) of the Group receive remuneration in the form of share-
based payments, whereby employees render services as consideration for equity instruments
(equity-settled transactions).
Equity-settled transactions
The cost of equity-settled transactions is determined by the fair value at the date when the grant
is made using an appropriate valuation model, further details of which are given in note 24.
That cost is recognised in employee benefits expense (note 7a), together with a corresponding
increase in equity (other capital reserves), over the period in which the service and, where
applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense
recognised for equity-settled transactions at each reporting date until the vesting date reflects
the extent to which the vesting period has expired and the Group\u2019s best estimate of the number
of equity instruments that will ultimately vest. The expense or credit in the statement of profit
or loss for a period represents the movement in cumulative expense recognised as at the
beginning and end of that period.
No expense is recognised for awards that do not ultimately vest because service conditions
have not been met. Where awards include a market or non-vesting condition, the transactions
are treated as vested irrespective of whether the market or non-vesting condition is satisfied,
provided that all other performance and/or service conditions are satisfied.
The dilutive effect of outstanding options is reflected as additional share dilution in the
computation of diluted earnings per share (further details are given in note 11).
s)\u2002Financing income and expenses
Financing expenses comprises interest payable and interest on lease liabilities recognised in
profit or loss using the effective interest method, unwinding of the discount on provisions, and
net foreign exchange losses that are recognised in the income statement (see foreign currency
accounting policy). Additionally, the unwinding of the prepaid facility fee related to the RCF is
included within finance expenses. Financing income comprises interest receivable on funds
invested. Finance income is shown net of movements in the interest rate swaps and collars held.
Interest income and interest payable is recognised in profit or loss as it accrues, using the
effective interest method. Foreign currency gains and losses are reported on a net basis.
t)\u2002Exceptional items
Exceptional items are material items of income and expense which, because of the nature
and expected infrequency of events giving rise to them, merit separate presentation to allow
shareholders to understand better the elements of financial performance in the year, so as to
facilitate comparison with prior years and to assess better trends in financial performance.
u)\u2002Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in
the income statement except to the extent that it relates to items recognised directly in equity,
in which case it is recognised in equity.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year,
using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment
to tax payable in respect of previous years.
Deferred tax is provided on temporary differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the amounts used for taxation purposes.
The following temporary differences are not provided for: the initial recognition of goodwill; the
initial recognition of assets or liabilities that affect neither accounting nor taxable profit other
than in a business combination; and differences relating to investments in subsidiaries to the
extent that they will probably not reverse in the foreseeable future.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits
will be available against which the temporary difference can be utilised.
v)\u2002Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of
new shares are shown in equity as a deduction from the proceeds.
w)\u2002Share premium and other reserves
The amount subscribed for the ordinary shares in excess of the nominal value of these new
shares is recorded in \u201cshare premium\u201d. The amount subscribed for the preference shares in
excess of the nominal value of these new preference shares is recorded in \u201cother reserves\u201d.
Costs that directly relate to the issue of ordinary shares are deducted from share premium net
of corporation tax.
The merger reserve represents the amount subscribed for the ordinary shares in excess of the
nominal value of the shares issued in exchange for the acquisition of subsidiaries.
Treasury shares relate to the repurchase of shares. Where the Company purchases its own
equity share capital, the consideration paid is deducted from total shareholders\u2019 equity and
classified as treasury shares until they are cancelled or reissued. No gain or loss is recognised
in the income statement on the purchase, sale, issue or cancellation of treasury shares.
Where shares are cancelled following the repurchase of shares, the value of the Group\u2019s issued
share capital that is diminished must be transferred to the capital redemption reserve.
x)\u2002Earnings per share
The Group presents basic and diluted earnings per share (\u2018EPS\u2019) data for its ordinary shares.
Basic EPS is calculated by dividing the profit attributable to ordinary shareholders by the
weighted average number of ordinary shares outstanding during the period. For diluted EPS,
the weighted average number of ordinary shares is adjusted to assume conversion of all dilutive
potential ordinary shares.
y)\u2002Capital management
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue
as a going concern in order to provide returns for shareholders and benefits for other
stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order
to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
z)\u2002Provisions
A provision is recognised in the balance sheet when the Group has a present legal or
constructive obligation as a result of a past event, that can be reliably measured and it is
probable that an outflow of economic benefits will be required to settle the obligation.
The Group recognises a refund liability (presented as a cancellation provision) for the
commission that is considered to represent variable consideration due to the risk that a
booking may be cancelled (see note 2k).
aa)\u2002Non-statutory measures One of the Group\u2019s KPIs is adjusted profit before tax. When reviewing profitability, the Directors use an adjusted profit before taxation (\u2018PBT\u2019) in order to give a meaningful year-on-year comparison. Whilst we recognise that the measure is an alternative (non-Generally Accepted Accounting Principles (\u2018non-GAAP\u2019)) performance measure which is also not defined within IFRS, this measure is important and should be considered alongside the IFRS measures. Adjusted PBT is calculated by adjusting for material items of income and expenditure which, because of the nature and expected infrequency of events giving rise to them, merit separate presentation to allow shareholders a better understanding of the financial performance in the period. These adjustments include amortisation of acquired intangibles and exceptional items. In addition, share-based payments charge is excluded in order to provide comparability to prior periods due to fluctuations in the charge. ab) Employee Benefit Trust The Employee Benefit Trust (\u2018EBT\u2019) is treated as an extension of the group. Where the EBT purchases the company\u2019s equity share capital these are treated as treasury shares with the consideration paid deducted from equity attributable to the company\u2019s equity holders until the shares are cancelled or reissued.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-281": { "value": "
a)\u2002Basis of preparation
The consolidated financial statements presented in this document have been prepared
in accordance with UK adopted International Accounting Standards in conformity with the
requirements of the Companies Act 2006.
The Company\u2019s financial statements have been prepared in accordance with Financial
Reporting Standard 102 \u201cThe Financial Reporting Standard applicable in the United Kingdom
and the Republic of Ireland\u201d (\u2018FRS 102\u2019) and as applied in accordance with the provisions of the
Companies Act 2006. The Company has taken advantage of the exemption provided under
section 408 of the Companies Act 2006 not to publish its individual income statement and
related notes.
These financial statements are presented in pounds sterling (\u00a3m) because that is the currency
of the primary economic environment in which the Group operates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-330": { "value": "The consolidated financial statements presented in this document have been prepared in accordance with UK adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-331": { "value": "These financial statements are presented in pounds sterling (\u00a3m) because that is the currency of the primary economic environment in which the Group operates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-280": { "value": "
b)\u2002Going concern
The Group covers its daily working capital requirements by means of cash and a Revolving
Credit Facility (\u2018RCF\u2019). Previously, a facility was held for \u00a385m that was due to expire in
December 2027 following an extension.
For the year ending 30 September 2025, the Group has completed a refinancing with Lloyds,
NatWest and HSBC, entering a revised four-year credit facility of \u00a3120m with an accordion of
\u00a330m, expiring September 2029. At the point of refinancing there was nothing drawn down.
The RCF has financial covenants in place which are tested semi-annually.
As at 30 September 2025, Group cash (excluding cash held in trust which is ringfenced and
not factored into the going concern assessment) was \u00a391.7m (30 September 2024: \u00a396.2m).
Cash received from customers for bookings that have not yet travelled is held in a ringfenced
trust account and is not withdrawn until the customer returns from their holiday unless allowable
under trust scheme rules. Cash held in trust at 30 September 2025 was \u00a3142.9m (30 September
2024: \u00a3139.5m).
The Directors have assessed a going concern period through to 31 March 2027 and have modelled a number of scenarios considering factors such as airline resilience, cost of living, inflation, interest rates and customer behaviour/demand. The Group has performed an assessment of the impact of climate risk, as part of the Directors\u2019 assessment of the Group\u2019s ability to continue as a going concern. Detail of the Group\u2019s assessment of the impact of climate risk is provided within the \u201cHere for the planet\u201d section of this report. The Directors have modelled a remote possibility scenario to sensitise the base case as a stress test. In this scenario the Directors have assessed the impact to cash and revenue in an environment where bookings are 99% lower than the forecasted reduction for the remaining going concern period; although profitability would be affected, the Group would be able to continue operating. In addition, the Directors have modelled sensitivity analysis on a reverse stress test that models a substantial increase in bookings, to assess the potential impact on working capital and bank facilities, as well as considering the sensitivity to booking volumes. Although in this scenario headroom would be affected, the Group would be able to continue operating. Given the assumptions above, the mitigating actions available and within the Group\u2019s control, the Directors remain confident that the Group can continue to operate with sufficient resources for the foreseeable future. Therefore, it is considered appropriate to continue to adopt the going concern basis in preparing these financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-282": { "value": "c)\u2002New standards, amendments and interpretations A number of new standards and amendments to standards are effective for annual periods beginning after 1 January 2024; the following amended standards have been implemented, however, they have not had a significant impact on the Group\u2019s consolidated financial statements: \u2022 Amendment to IFRS 16 \u2013 Leases on sale and leaseback \u2022 Amendment to IAS 7 and IFRS 7 \u2013 Supplier finance arrangements \u2022 Interpretations of IFRS 8 Operating Segments \u2013 Paragraph 23 \u2022 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants
Standards issued but not yet effective
Certain new financial reporting standards, amendments and interpretations have been
published that are not mandatory for the 30 September 2025 reporting period, and have not
been early adopted by the Group. The Group is currently assessing the impact of the following
standards, amendments and interpretations:
\u2022 Amendments to IAS 21 \u2013 Lack of Exchangeability
\u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Classification and Measurement of Financial Instruments
and Contracts referencing nature-dependent Electricity
\u2022 Annual Improvements to IFRS Accounting Standards\u2014Volume 11
\u2022 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements
\u2022 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-332": { "value": "A number of new standards and amendments to standards are effective for annual periods beginning after 1 January 2024; the following amended standards have been implemented, however, they have not had a significant impact on the Group\u2019s consolidated financial statements: \u2022 Amendment to IFRS 16 \u2013 Leases on sale and leaseback \u2022 Amendment to IAS 7 and IFRS 7 \u2013 Supplier finance arrangements \u2022 Interpretations of IFRS 8 Operating Segments \u2013 Paragraph 23 \u2022 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-333": { "value": "Standards issued but not yet effective Certain new financial reporting standards, amendments and interpretations have been published that are not mandatory for the 30 September 2025 reporting period, and have not been early adopted by the Group. The Group is currently assessing the impact of the following standards, amendments and interpretations: \u2022 Amendments to IAS 21 \u2013 Lack of Exchangeability \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Classification and Measurement of Financial Instruments and Contracts referencing nature-dependent Electricity \u2022 Annual Improvements to IFRS Accounting Standards\u2014Volume 11 \u2022 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements \u2022 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-284": { "value": "
d)\u2002Climate-related matters
The Group considers climate-related matters in estimates and assumptions where appropriate,
this includes areas such as:
\u2022 Impairment of non-financial assets: The value-in-use may be impacted by the changes in
climate-related regulations or a change in the demand of certain holiday destinations as a
result of extreme weather or natural disasters.
\u2022 Deferred tax asset recoverability: The forecasts used in assessing whether the Group has
sufficient future taxable income could be impacted by climate-related regulation or change in
consumer demand for travelling abroad.
\u2022 Going concern: When forecasting future expected cashflows, the primary climate-related risk
is extreme heat/weather due to wildfires, flooding or other extreme weather events in holiday
destinations. While other risks have not materialised in the short term, we will continue to
monitor them closely.
The Group\u2019s business model allows for flexibility, through being asset-light; this means the
Group can respond quickly to changes in customer demand for certain locations. The Group is
closely monitoring changes and developments in both climate-related legislation and extreme
weather events.
", "dimensions": { "concept": "onthebeachgroupplc:DescriptionOfAccountingPolicyForClimateRelatedMatters", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-283": { "value": "
e)\u2002Discontinued operations
Discontinued operations are excluded from the results of continuing operations and are
presented as a single amount as profit or loss after tax from discontinued operations in the
statement of profit or loss. Additional disclosures are provided in note 10. All other notes to the
financial statements include amounts for continuing operations, unless indicated otherwise.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-334": { "value": "e)\u2002Discontinued operations Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss. Additional disclosures are provided in note 10. All other notes to the financial statements include amounts for continuing operations, unless indicated otherwise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-285": { "value": "f)\u2002Basis of consolidation The Group\u2019s consolidated financial statements consolidate the financial statements of On the Beach Group plc and all of its subsidiary undertakings. i.\u2002Subsidiaries are entities controlled by the Company Control exists when the Company has power over the investee, the Company is exposed, or has rights to variable returns from its involvement with the subsidiary and the Company has the ability to use its power of the investee to affect the amount of the investor\u2019s returns. ii.\u2002Transactions eliminated on consolidation Intragroup balances, and any gains and losses or income and expenses arising from intragroup transactions, are eliminated in preparing the consolidated financial information. Gains arising from transactions with jointly controlled entities are eliminated to the extent of the Group\u2019s interest in the entity. Losses are eliminated in the same way as gains, but only to the extent that there is no evidence of impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-335": { "value": "i.\u2002Subsidiaries are entities controlled by the Company Control exists when the Company has power over the investee, the Company is exposed, or has rights to variable returns from its involvement with the subsidiary and the Company has the ability to use its power of the investee to affect the amount of the investor\u2019s returns. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-371": { "value": "g)\u2002Goodwill Goodwill arising on the acquisition of subsidiary undertakings and trading assets represents the excess of the cost of acquisition over the fair value of the identifiable assets and liabilities at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently remeasured at cost less any accumulated impairment losses. Goodwill which is recognised as an asset is reviewed for impairment at least annually. Any impairment is recognised immediately in the income statement and is not subsequently reversed. On disposal of a subsidiary the attributable amount of goodwill is included in the determination of the profit or loss on disposal. For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the combination. If the recoverable amount is less than the carrying amount of the unit, the impairment loss is allocated to first reduce the amount of goodwill allocated to the unit and then the other assets in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period. Impairment losses recognised for other assets is reversed only if the reasons for the impairment have ceased to apply. o)\u2002Intangible assets i.\u2002Research and development Expenditure on research activities is recognised in the income statement as an expense as incurred. Expenditure on development activities directly attributable to the design and testing of identifiable and unique software products are capitalised if the product or process meet the following criteria: \u2022 the completion of the development is technically and commercially feasible to complete; \u2022 adequate technical resources are sufficiently available to complete development; \u2022 it can be demonstrated that future economic benefits are probable; and \u2022 the expenditure attributable to the development can be measured reliably. Development activities involve a plan or design for the production of new or substantially improved products or processes. Directly attributable costs that are capitalised as part of the software product, website or system include employee costs. Other development expenditures that do not meet these criteria as well as ongoing maintenance are recognised as an expense as incurred. Development costs for software, websites and systems are carried at cost less accumulated amortisation and are amortised over their useful lives at the point in which they come into use. During the year, the Group revised the amortisation period of certain web development assets from three to five years, based on updated assessments of their expected period of use. This change has been applied prospectively from 1 October 2024 and decreased amortisation expense by \u00a32.5m for the year ended 30 September 2025. All additions in the year are amortised over a period of five years. Any assets not eligible for this change are still amortised over three years. Amortisation has been recognised within operating expenses. ii.\u2002Software licences and domain names Acquired intangible assets are capitalised at the cost necessary to bring the asset to its working condition. The Group has applied the guidance published by the IFRS Interpretations Committee (\u2018IFRIC\u2019) in respect of cloud computing arrangements. The guidance requires that cloud computing arrangements are reviewed to determine if they are within the scope of IAS 38 Intangible Assets, IFRS 16 Leases, or a service contract. This is to determine if the Group has control of the software intangible asset. Control is assumed if the Group has the right to take possession of the software and run it on its own or a third party\u2019s computer infrastructure or if the Group has exclusive rights to use the software whereby the supplier cannot make the software available to other customers. Costs for software licences and domain names are carried at cost less accumulated amortisation and are amortised over their useful lives at the point in which they come into use. iii.\u2002Brand Upon acquisition of the Group, the On the Beach brand was identified as a separately identifiable asset. Acquisitions of Sunshine.co.uk and Classic Collection Holidays Limited resulted in the brand of each being identified and recognised separately from goodwill at fair value. Following the cessation of operations for Classic Collection on 23 September 2025, the goodwill arising on the acquisition of Classic Collection Holidays Limited, as well as the brand intangibles, have been written off, and are recognised within discontinued operations. See note 10 for more details. iv.\u2002Amortisation Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets unless such lives are indefinite. Intangible assets with an indefinite useful life and goodwill are systematically tested for impairment at each balance sheet date. Other intangible assets are amortised from the date they are available for use. The estimated useful lives are as follows: Website technology: 10 years Website & development costs: 3\u20135 years Brand: 10\u201315 years Agent relationships: 15 years Customer relationships: 5 years v.\u2002Customer and agent relationships Upon the acquisition of Classic Collection Holidays Limited, customer relationships were identified as separately identifiable assets. Classic Collection\u2019s revenue is driven by a very high volume of repeat customers due to its bespoke holiday packages and the target market. Repeat customers are from two broad segments \u2013 independent travel agents and direct customers and individuals booking directly. There is a defined margin and attrition profile differential between the two customer groups and as such two separate assets were identified. Following the cessation of operations for Classic Collection on 23 September 2025, the intangible assets are considered to be impaired and are recognised within discontinued operations. See note 10 for more details. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-336": { "value": "g)\u2002Goodwill Goodwill arising on the acquisition of subsidiary undertakings and trading assets represents the excess of the cost of acquisition over the fair value of the identifiable assets and liabilities at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently remeasured at cost less any accumulated impairment losses. Goodwill which is recognised as an asset is reviewed for impairment at least annually. Any impairment is recognised immediately in the income statement and is not subsequently reversed. On disposal of a subsidiary the attributable amount of goodwill is included in the determination of the profit or loss on disposal. For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the combination. If the recoverable amount is less than the carrying amount of the unit, the impairment loss is allocated to first reduce the amount of goodwill allocated to the unit and then the other assets in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period. Impairment losses recognised for other assets is reversed only if the reasons for the impairment have ceased to apply. m)\u2002Business combinations All business combinations are accounted for by applying the acquisition method. Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. For acquisitions, the Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the acquiree; plus \u2022 the fair value of the existing equity interest in the acquiree; less \u2022 the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not re- measured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-286": { "value": "g)\u2002Goodwill Goodwill arising on the acquisition of subsidiary undertakings and trading assets represents the excess of the cost of acquisition over the fair value of the identifiable assets and liabilities at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently remeasured at cost less any accumulated impairment losses. Goodwill which is recognised as an asset is reviewed for impairment at least annually. Any impairment is recognised immediately in the income statement and is not subsequently reversed. On disposal of a subsidiary the attributable amount of goodwill is included in the determination of the profit or loss on disposal. For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the combination. If the recoverable amount is less than the carrying amount of the unit, the impairment loss is allocated to first reduce the amount of goodwill allocated to the unit and then the other assets in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period. Impairment losses recognised for other assets is reversed only if the reasons for the impairment have ceased to apply. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-287": { "value": "h)\u2002Foreign currency Transactions in foreign currencies are translated to the respective functional currencies of Group entities at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-288": { "value": "i)\u2002Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. i.\u2002Financial assets Financial assets are classified, at initial recognition, and subsequently measured at amortised cost, fair value through other comprehensive income (\u2018OCI\u2019), and fair value through profit or loss. In order for a financial asset to be classified and measured at amortised cost, the financial asset is under a \u201chold to collect\u201d business model and it needs to give rise to cash flows that are \u201csolely payments of principal and interest\u201d (\u2018SPPI\u2019) on the principal amount outstanding. The Group considers a financial asset in default when contractual payments are 90 days past due. Trade and other receivables Trade and other receivables are recognised initially at fair value. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method, less any impairment losses. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. An expected credit loss is calculated using a provision matrix which is initially based on the Group\u2019s historical observed default rates that is calibrated for changes in the forward-looking estimates. Cash at bank Cash at bank comprises cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash at bank. Trust account All ATOL protected customer monies are held in a trust account until after the provision of the holiday service. The trust account is governed by a deed between the Group, the Civil Aviation Authority Air Travel Trustees and independent trustees (Travel Trust Services Limited), which determines the inflows and outflows from the account. All ATOL protected customer receipts are paid into the trust account in full before the holiday departure date. These payments are held in the trust account until the service is provided- for flights on payment to the supplier and for hotels and ancillaries on the customer\u2019s return from holiday. The Group therefore does not use customer prepayments to fund its business operations. Due to the restrictions on accessing the funds in the trust account, customer monies held in the trust account are presented separately to cash at bank. ii.\u2002Financial liabilities Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. Trade and other payables Trade and other payables are recognised initially at fair value and net of directly attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the Effective Interest Rate (\u2018EIR\u2019) amortisation process. Revolving credit facility (\u2018RCF\u2019) Borrowings from the RCF are recognised initially at fair value. After initial recognition, the RCF is subsequently measured at amortised cost using the EIR method. The Group refinanced the RCF in the year. Please see Note 19 for further details. iii.\u2002Derivative financial instruments, including hedge accounting The Group enters into forward foreign exchange contracts to manage exposure to foreign exchange rate risk of trade payables. Additionally, the Group acquires interest rate swaps in order to hedge the interest rate risk associated with the interest received on the trust account. The movement associated with this is recognised within finance income in the income statement. Further details of these derivative financial instruments are disclosed in note 23 of these financial statements. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Fair value hedges All derivative financial instruments are assessed against the hedge accounting criteria set out in IFRS 9. On initial designation of the derivative as a hedging instrument, the Group formally documents the relationship between the hedging instrument and hedged item, and the Group elects to identify the spot-element of forward contracts as the hedging instrument. The documentation also identifies the hedged item, the risk management objectives and strategy in understanding the hedge transaction and the hedged risk, together with the methods that will be used to assess the effectiveness of the hedging relationship. The Group makes an assessment, both at the inception of the hedge relationship as well as on an ongoing basis, of whether the hedging instruments are expected to be highly effective in offsetting the changes in the fair value of the respective hedged items attributable to the hedged risk. Derivatives are initially recognised at the fair value on the date a derivative contract is entered into and are subsequently remeasured at each reporting date at their fair value. The change in the fair value of the hedging instrument is recognised in the statement of profit or loss as other expense. The change in the fair value of the hedged item attributable to the risk hedged is recorded as part of the carrying value of the hedged item and is also recognised in the statement of profit or loss as other expense. The change in the fair value of the forward element of the forward contracts is recognised in other comprehensive income. Cash flow hedges For derivatives that are designated as cash flow hedges and where the hedge accounting criteria are met, the effective portion of changes in the fair value is recognised in other comprehensive income. For the Group this is the interest rate swaps. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss as part of finance costs. Amounts accumulated in equity are recognised in profit or loss when the income or expense on the hedged item is recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-337": { "value": "i.\u2002Financial assets Financial assets are classified, at initial recognition, and subsequently measured at amortised cost, fair value through other comprehensive income (\u2018OCI\u2019), and fair value through profit or loss. In order for a financial asset to be classified and measured at amortised cost, the financial asset is under a \u201chold to collect\u201d business model and it needs to give rise to cash flows that are \u201csolely payments of principal and interest\u201d (\u2018SPPI\u2019) on the principal amount outstanding. The Group considers a financial asset in default when contractual payments are 90 days past due. Trade and other receivables Trade and other receivables are recognised initially at fair value. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method, less any impairment losses. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. An expected credit loss is calculated using a provision matrix which is initially based on the Group\u2019s historical observed default rates that is calibrated for changes in the forward-looking estimates. Cash at bank Cash at bank comprises cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash at bank. Trust account All ATOL protected customer monies are held in a trust account until after the provision of the holiday service. The trust account is governed by a deed between the Group, the Civil Aviation Authority Air Travel Trustees and independent trustees (Travel Trust Services Limited), which determines the inflows and outflows from the account. All ATOL protected customer receipts are paid into the trust account in full before the holiday departure date. These payments are held in the trust account until the service is provided- for flights on payment to the supplier and for hotels and ancillaries on the customer\u2019s return from holiday. The Group therefore does not use customer prepayments to fund its business operations. Due to the restrictions on accessing the funds in the trust account, customer monies held in the trust account are presented separately to cash at bank. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-372": { "value": "Trade and other receivables Trade and other receivables are recognised initially at fair value. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method, less any impairment losses. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. An expected credit loss is calculated using a provision matrix which is initially based on the Group\u2019s historical observed default rates that is calibrated for changes in the forward-looking estimates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-373": { "value": "Cash at bank Cash at bank comprises cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash at bank. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-338": { "value": "ii.\u2002Financial liabilities Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. Trade and other payables Trade and other payables are recognised initially at fair value and net of directly attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the Effective Interest Rate (\u2018EIR\u2019) amortisation process. Revolving credit facility (\u2018RCF\u2019) Borrowings from the RCF are recognised initially at fair value. After initial recognition, the RCF is subsequently measured at amortised cost using the EIR method. The Group refinanced the RCF in the year. Please see Note 19 for further details. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-374": { "value": "Trade and other payables Trade and other payables are recognised initially at fair value and net of directly attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the Effective Interest Rate (\u2018EIR\u2019) amortisation process. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-388": { "value": "iii.\u2002Derivative financial instruments, including hedge accounting The Group enters into forward foreign exchange contracts to manage exposure to foreign exchange rate risk of trade payables. Additionally, the Group acquires interest rate swaps in order to hedge the interest rate risk associated with the interest received on the trust account. The movement associated with this is recognised within finance income in the income statement. Further details of these derivative financial instruments are disclosed in note 23 of these financial statements. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Fair value hedges All derivative financial instruments are assessed against the hedge accounting criteria set out in IFRS 9. On initial designation of the derivative as a hedging instrument, the Group formally documents the relationship between the hedging instrument and hedged item, and the Group elects to identify the spot-element of forward contracts as the hedging instrument. The documentation also identifies the hedged item, the risk management objectives and strategy in understanding the hedge transaction and the hedged risk, together with the methods that will be used to assess the effectiveness of the hedging relationship. The Group makes an assessment, both at the inception of the hedge relationship as well as on an ongoing basis, of whether the hedging instruments are expected to be highly effective in offsetting the changes in the fair value of the respective hedged items attributable to the hedged risk. Derivatives are initially recognised at the fair value on the date a derivative contract is entered into and are subsequently remeasured at each reporting date at their fair value. The change in the fair value of the hedging instrument is recognised in the statement of profit or loss as other expense. The change in the fair value of the hedged item attributable to the risk hedged is recorded as part of the carrying value of the hedged item and is also recognised in the statement of profit or loss as other expense. The change in the fair value of the forward element of the forward contracts is recognised in other comprehensive income. Cash flow hedges For derivatives that are designated as cash flow hedges and where the hedge accounting criteria are met, the effective portion of changes in the fair value is recognised in other comprehensive income. For the Group this is the interest rate swaps. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss as part of finance costs. Amounts accumulated in equity are recognised in profit or loss when the income or expense on the hedged item is recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-375": { "value": "iii.\u2002Derivative financial instruments, including hedge accounting The Group enters into forward foreign exchange contracts to manage exposure to foreign exchange rate risk of trade payables. Additionally, the Group acquires interest rate swaps in order to hedge the interest rate risk associated with the interest received on the trust account. The movement associated with this is recognised within finance income in the income statement. Further details of these derivative financial instruments are disclosed in note 23 of these financial statements. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Fair value hedges All derivative financial instruments are assessed against the hedge accounting criteria set out in IFRS 9. On initial designation of the derivative as a hedging instrument, the Group formally documents the relationship between the hedging instrument and hedged item, and the Group elects to identify the spot-element of forward contracts as the hedging instrument. The documentation also identifies the hedged item, the risk management objectives and strategy in understanding the hedge transaction and the hedged risk, together with the methods that will be used to assess the effectiveness of the hedging relationship. The Group makes an assessment, both at the inception of the hedge relationship as well as on an ongoing basis, of whether the hedging instruments are expected to be highly effective in offsetting the changes in the fair value of the respective hedged items attributable to the hedged risk. Derivatives are initially recognised at the fair value on the date a derivative contract is entered into and are subsequently remeasured at each reporting date at their fair value. The change in the fair value of the hedging instrument is recognised in the statement of profit or loss as other expense. The change in the fair value of the hedged item attributable to the risk hedged is recorded as part of the carrying value of the hedged item and is also recognised in the statement of profit or loss as other expense. The change in the fair value of the forward element of the forward contracts is recognised in other comprehensive income. Cash flow hedges For derivatives that are designated as cash flow hedges and where the hedge accounting criteria are met, the effective portion of changes in the fair value is recognised in other comprehensive income. For the Group this is the interest rate swaps. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss as part of finance costs. Amounts accumulated in equity are recognised in profit or loss when the income or expense on the hedged item is recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-339": { "value": "iii.\u2002Derivative financial instruments, including hedge accounting The Group enters into forward foreign exchange contracts to manage exposure to foreign exchange rate risk of trade payables. Additionally, the Group acquires interest rate swaps in order to hedge the interest rate risk associated with the interest received on the trust account. The movement associated with this is recognised within finance income in the income statement. Further details of these derivative financial instruments are disclosed in note 23 of these financial statements. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Fair value hedges All derivative financial instruments are assessed against the hedge accounting criteria set out in IFRS 9. On initial designation of the derivative as a hedging instrument, the Group formally documents the relationship between the hedging instrument and hedged item, and the Group elects to identify the spot-element of forward contracts as the hedging instrument. The documentation also identifies the hedged item, the risk management objectives and strategy in understanding the hedge transaction and the hedged risk, together with the methods that will be used to assess the effectiveness of the hedging relationship. The Group makes an assessment, both at the inception of the hedge relationship as well as on an ongoing basis, of whether the hedging instruments are expected to be highly effective in offsetting the changes in the fair value of the respective hedged items attributable to the hedged risk.
Derivatives are initially recognised at the fair value on the date a derivative contract is entered
into and are subsequently remeasured at each reporting date at their fair value. The change
in the fair value of the hedging instrument is recognised in the statement of profit or loss as
other expense. The change in the fair value of the hedged item attributable to the risk hedged
is recorded as part of the carrying value of the hedged item and is also recognised in the
statement of profit or loss as other expense. The change in the fair value of the forward element
of the forward contracts is recognised in other comprehensive income.
Cash flow hedges
For derivatives that are designated as cash flow hedges and where the hedge accounting
criteria are met, the effective portion of changes in the fair value is recognised in other
comprehensive income. For the Group this is the interest rate swaps. The gain or loss relating
to the ineffective portion is recognised immediately in profit or loss as part of finance costs.
Amounts accumulated in equity are recognised in profit or loss when the income or expense on
the hedged item is recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-289": { "value": "
j)\u2002Segment reporting
IFRS 8 requires operating segments to be reported in a manner consistent with the internal
reporting provided to the chief operating decision maker. The chief operating decision maker,
who is responsible for allocating resources and assessing performance of the operating
segments, has been identified as the management team, including the Chief Executive Officer
and Chief Financial Officer. For management purposes, the Group is organised into segments
based on the nature of products and services, and information is provided to the management
team on these segments for the purposes of resource allocation and segment performance
management and monitoring. Please see note 5 for more information on segmental reporting.
On 23 September 2025, the Board made the decision to abandon the Classic Collection
Holdings operation and to not attempt to sell the business. See note 10 for details of
discontinued operations.
Following the decision to abandon the Classic Collection Holdings operation, the management
team considers there to be one reportable segment (see note 5 for details on segmental reporting):
i.\u2002 \u201cOTB\u201d \u2013 activity via UK & Ireland as a B2C provider (www.onthebeach.co.uk,
www.sunshine.co.uk and www.onthebeach.ie)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-290": { "value": "k)\u2002Revenue recognition IFRS 15 Revenue from Contracts with Customers is a principle-based model of recognising revenue from customer contracts. It has a five-step model that requires revenue to be recognised when control over goods and services are transferred to the customer. The standard requires the Group to exercise judgement, taking into consideration all of the relevant facts and circumstances when applying each step of the model to contracts with their customers. The following paragraphs describes the types of contracts, when performance obligations are satisfied, and the timing of revenue recognition. Further details of the disaggregation of revenue are disclosed in note 4 of these financial statements. As agent: The Group acts as agent when it is not the primary party responsible for providing the components that make up the customer\u2019s booking and it does not control the components before they are transferred to customers. Revenue comprises the fair value of the consideration received or receivable in the form of commission. Service fees/commissions are earned through purchases from customers of travel products such as flight tickets or hotel accommodation from third-party suppliers. Revenue in the form of commission or service fees is recognised when the performance obligation of arranging and facilitating the customer to enter into individual contracts with suppliers is satisfied, usually on delivery of the booking confirmation. Given the level of cancellations the Group has experienced, the commission is considered to represent variable consideration and the transaction price of commission income determined using the expected value method, such that revenue is recognised only to the extent that it is highly probable that there will not be a significant reversal of revenue recognised in future periods. The sum of the range of probabilities of cancellations in different scenarios based on historical trends and best estimate of future expectations is used to calculate the extent to which the variable consideration is reduced and a corresponding refund liability (presented as a cancellation provision) is recognised in provisions. See note 17 for more information. Revenue earned from sales through the OTB segment is stated net. Revenue earned from sales through Classic Collection is stated net, with the commission payable to agents recognised in the cost of sales. Following the cessation of operations for Classic Collection on 23 September 2025, all revenue from this segment for the year is recognised within discontinued operations. See note 10 for more details. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-291": { "value": "
l)\u2002Override income
The Group has agreements with suppliers which give rise to rebate income. This income relates
to segments where revenue is accounted for on an agent basis, therefore the income received
from suppliers relates to reduction in cost of sales (corresponding increase in commission
received), and as such is considered part of the Group\u2019s net revenue. For the year ended
30 September 2025 override income was \u00a312.4m (FY24: \u00a38.5m). The Group has some agreements
whereby receipt of the income is conditional on the Group achieving agreed volume targets.
For agreements not linked to volume targets, override income is recognised when earned
by the Group, which occurs when all obligations conditional for earning income have been
discharged, and the income can be measured reliably based on the terms of the contract,
which is usually once the booking has been confirmed with the supplier.
For agreements where volume targets are in place, income is recognised once the target has
been achieved. For volume targets which span the year end, the Group is required to make
estimates in determining the amount and timing of recognition of override. In determining
the amount of volume-related allowances recognised in any period, management estimate
the probability that the Group will meet contractual target volumes, based on current and
forecast performance.
Amounts due but not yet recovered relating to override income are recognised within trade
and other receivables.
", "dimensions": { "concept": "onthebeachgroupplc:DescriptionOfAccountingPolicyForOverrideIncome", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-292": { "value": "
m)\u2002Business combinations
All business combinations are accounted for by applying the acquisition method. Business
combinations are accounted for using the acquisition method as at the acquisition date,
which is the date on which control is transferred to the Group.
For acquisitions, the Group measures goodwill at the acquisition date as:
\u2022 the fair value of the consideration transferred; plus
\u2022 the recognised amount of any non-controlling interests in the acquiree; plus
\u2022 the fair value of the existing equity interest in the acquiree; less
\u2022 the net recognised amount (generally fair value) of the identifiable assets acquired and
liabilities assumed.
Costs related to the acquisition, other than those associated with the issue of debt or equity
securities, are expensed as incurred. Any contingent consideration payable is recognised at fair
value at the acquisition date. If the contingent consideration is classified as equity, it is not re-
measured and settlement is accounted for within equity. Otherwise, subsequent changes to the
fair value of the contingent consideration are recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-340": { "value": "n)\u2002Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. Land is not depreciated. The estimated useful lives are as follows: Fixtures, fittings and equipment: 3\u201310 years Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in administrative expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-293": { "value": "n)\u2002Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. Land is not depreciated. The estimated useful lives are as follows: Fixtures, fittings and equipment: 3\u201310 years Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in administrative expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-294": { "value": "o)\u2002Intangible assets i.\u2002Research and development Expenditure on research activities is recognised in the income statement as an expense as incurred. Expenditure on development activities directly attributable to the design and testing of identifiable and unique software products are capitalised if the product or process meet the following criteria: \u2022 the completion of the development is technically and commercially feasible to complete; \u2022 adequate technical resources are sufficiently available to complete development; \u2022 it can be demonstrated that future economic benefits are probable; and \u2022 the expenditure attributable to the development can be measured reliably. Development activities involve a plan or design for the production of new or substantially improved products or processes. Directly attributable costs that are capitalised as part of the software product, website or system include employee costs. Other development expenditures that do not meet these criteria as well as ongoing maintenance are recognised as an expense as incurred. Development costs for software, websites and systems are carried at cost less accumulated amortisation and are amortised over their useful lives at the point in which they come into use. During the year, the Group revised the amortisation period of certain web development assets from three to five years, based on updated assessments of their expected period of use. This change has been applied prospectively from 1 October 2024 and decreased amortisation expense by \u00a32.5m for the year ended 30 September 2025. All additions in the year are amortised over a period of five years. Any assets not eligible for this change are still amortised over three years. Amortisation has been recognised within operating expenses. ii.\u2002Software licences and domain names Acquired intangible assets are capitalised at the cost necessary to bring the asset to its working condition. The Group has applied the guidance published by the IFRS Interpretations Committee (\u2018IFRIC\u2019) in respect of cloud computing arrangements. The guidance requires that cloud computing arrangements are reviewed to determine if they are within the scope of IAS 38 Intangible Assets, IFRS 16 Leases, or a service contract. This is to determine if the Group has control of the software intangible asset. Control is assumed if the Group has the right to take possession of the software and run it on its own or a third party\u2019s computer infrastructure or if the Group has exclusive rights to use the software whereby the supplier cannot make the software available to other customers. Costs for software licences and domain names are carried at cost less accumulated amortisation and are amortised over their useful lives at the point in which they come into use. iii.\u2002Brand Upon acquisition of the Group, the On the Beach brand was identified as a separately identifiable asset. Acquisitions of Sunshine.co.uk and Classic Collection Holidays Limited resulted in the brand of each being identified and recognised separately from goodwill at fair value. Following the cessation of operations for Classic Collection on 23 September 2025, the goodwill arising on the acquisition of Classic Collection Holidays Limited, as well as the brand intangibles, have been written off, and are recognised within discontinued operations. See note 10 for more details. iv.\u2002Amortisation Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets unless such lives are indefinite. Intangible assets with an indefinite useful life and goodwill are systematically tested for impairment at each balance sheet date. Other intangible assets are amortised from the date they are available for use. The estimated useful lives are as follows: Website technology: 10 years Website & development costs: 3\u20135 years Brand: 10\u201315 years Agent relationships: 15 years Customer relationships: 5 years v.\u2002Customer and agent relationships Upon the acquisition of Classic Collection Holidays Limited, customer relationships were identified as separately identifiable assets. Classic Collection\u2019s revenue is driven by a very high volume of repeat customers due to its bespoke holiday packages and the target market. Repeat customers are from two broad segments \u2013 independent travel agents and direct customers and individuals booking directly. There is a defined margin and attrition profile differential between the two customer groups and as such two separate assets were identified. Following the cessation of operations for Classic Collection on 23 September 2025, the intangible assets are considered to be impaired and are recognised within discontinued operations. See note 10 for more details. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-341": { "value": "i.\u2002Research and development Expenditure on research activities is recognised in the income statement as an expense as incurred. Expenditure on development activities directly attributable to the design and testing of identifiable and unique software products are capitalised if the product or process meet the following criteria: \u2022 the completion of the development is technically and commercially feasible to complete; \u2022 adequate technical resources are sufficiently available to complete development; \u2022 it can be demonstrated that future economic benefits are probable; and \u2022 the expenditure attributable to the development can be measured reliably. Development activities involve a plan or design for the production of new or substantially improved products or processes. Directly attributable costs that are capitalised as part of the software product, website or system include employee costs. Other development expenditures that do not meet these criteria as well as ongoing maintenance are recognised as an expense as incurred. Development costs for software, websites and systems are carried at cost less accumulated amortisation and are amortised over their useful lives at the point in which they come into use. During the year, the Group revised the amortisation period of certain web development assets from three to five years, based on updated assessments of their expected period of use. This change has been applied prospectively from 1 October 2024 and decreased amortisation expense by \u00a32.5m for the year ended 30 September 2025. All additions in the year are amortised over a period of five years. Any assets not eligible for this change are still amortised over three years. Amortisation has been recognised within operating expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-295": { "value": "p)\u2002Impairment of non-financial assets At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. Goodwill is required to be tested for impairment annually, or more frequently where there is an indication that the goodwill may be impaired. The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating units, or (\u2018CGUs\u2019). Subject to an operating segment ceiling test, for the purposes of goodwill impairment testing, CGUs to which goodwill has been allocated are aggregated so that the level at which impairment is tested reflects the lowest level at which goodwill is monitored for internal reporting purposes. Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies of the combination. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the \u201ccash-generating unit\u201d). An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the units, and then to reduce the carrying amounts of the other assets in the unit (group of units) on a pro rata basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-296": { "value": "q)\u2002Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. i.\u2002Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. The recognised right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows: Buildings: 10 years IT equipment: 3\u20135 years The right-of-use assets are also subject to impairment. The Group\u2019s right-of-use assets are included as a separate category in property, plant and equipment. ii.\u2002Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date where the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The Group\u2019s lease liabilities are included in trade and other payables. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-297": { "value": "r)\u2002Employee benefits i.\u2002Pension scheme The Group operates a defined contribution pension scheme. A defined contribution scheme is a post-employment benefit plan under which the Company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement in the years during which services are rendered by employees. ii.\u2002Share-based payment transactions Employees (including senior executives) of the Group receive remuneration in the form of share- based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions). Equity-settled transactions The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model, further details of which are given in note 24. That cost is recognised in employee benefits expense (note 7a), together with a corresponding increase in equity (other capital reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognised as at the beginning and end of that period. No expense is recognised for awards that do not ultimately vest because service conditions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share (further details are given in note 11). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-342": { "value": "ii.\u2002Share-based payment transactions Employees (including senior executives) of the Group receive remuneration in the form of share- based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions). Equity-settled transactions The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model, further details of which are given in note 24. That cost is recognised in employee benefits expense (note 7a), together with a corresponding increase in equity (other capital reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognised as at the beginning and end of that period. No expense is recognised for awards that do not ultimately vest because service conditions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share (further details are given in note 11). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-376": { "value": "s)\u2002Financing income and expenses Financing expenses comprises interest payable and interest on lease liabilities recognised in profit or loss using the effective interest method, unwinding of the discount on provisions, and net foreign exchange losses that are recognised in the income statement (see foreign currency accounting policy). Additionally, the unwinding of the prepaid facility fee related to the RCF is included within finance expenses. Financing income comprises interest receivable on funds invested. Finance income is shown net of movements in the interest rate swaps and collars held. Interest income and interest payable is recognised in profit or loss as it accrues, using the effective interest method. Foreign currency gains and losses are reported on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-343": { "value": "s)\u2002Financing income and expenses Financing expenses comprises interest payable and interest on lease liabilities recognised in profit or loss using the effective interest method, unwinding of the discount on provisions, and net foreign exchange losses that are recognised in the income statement (see foreign currency accounting policy). Additionally, the unwinding of the prepaid facility fee related to the RCF is included within finance expenses. Financing income comprises interest receivable on funds invested. Finance income is shown net of movements in the interest rate swaps and collars held. Interest income and interest payable is recognised in profit or loss as it accrues, using the effective interest method. Foreign currency gains and losses are reported on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-298": { "value": "s)\u2002Financing income and expenses Financing expenses comprises interest payable and interest on lease liabilities recognised in profit or loss using the effective interest method, unwinding of the discount on provisions, and net foreign exchange losses that are recognised in the income statement (see foreign currency accounting policy). Additionally, the unwinding of the prepaid facility fee related to the RCF is included within finance expenses. Financing income comprises interest receivable on funds invested. Finance income is shown net of movements in the interest rate swaps and collars held. Interest income and interest payable is recognised in profit or loss as it accrues, using the effective interest method. Foreign currency gains and losses are reported on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-299": { "value": "t)\u2002Exceptional items Exceptional items are material items of income and expense which, because of the nature and expected infrequency of events giving rise to them, merit separate presentation to allow shareholders to understand better the elements of financial performance in the year, so as to facilitate comparison with prior years and to assess better trends in financial performance. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-344": { "value": "u)\u2002Taxation Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-300": { "value": "u)\u2002Taxation Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-301": { "value": "v)\u2002Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-302": { "value": "w)\u2002Share premium and other reserves The amount subscribed for the ordinary shares in excess of the nominal value of these new shares is recorded in \u201cshare premium\u201d. The amount subscribed for the preference shares in excess of the nominal value of these new preference shares is recorded in \u201cother reserves\u201d. Costs that directly relate to the issue of ordinary shares are deducted from share premium net of corporation tax. The merger reserve represents the amount subscribed for the ordinary shares in excess of the nominal value of the shares issued in exchange for the acquisition of subsidiaries. Treasury shares relate to the repurchase of shares. Where the Company purchases its own equity share capital, the consideration paid is deducted from total shareholders\u2019 equity and classified as treasury shares until they are cancelled or reissued. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of treasury shares. Where shares are cancelled following the repurchase of shares, the value of the Group\u2019s issued share capital that is diminished must be transferred to the capital redemption reserve. ", "dimensions": { "concept": "onthebeachgroupplc:DescriptionOfAccountingPolicyForSharePremiumAndOtherReserves", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-303": { "value": "x)\u2002Earnings per share The Group presents basic and diluted earnings per share (\u2018EPS\u2019) data for its ordinary shares. Basic EPS is calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. For diluted EPS, the weighted average number of ordinary shares is adjusted to assume conversion of all dilutive potential ordinary shares. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-304": { "value": "y)\u2002Capital management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. ", "dimensions": { "concept": "onthebeachgroupplc:DescriptionOfAccountingPolicyForCapitalManagement", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-305": { "value": "z)\u2002Provisions A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. The Group recognises a refund liability (presented as a cancellation provision) for the commission that is considered to represent variable consideration due to the risk that a booking may be cancelled (see note 2k). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-306": { "value": "
aa)\u2002Non-statutory measures
One of the Group\u2019s KPIs is adjusted profit before tax. When reviewing profitability, the Directors
use an adjusted profit before taxation (\u2018PBT\u2019) in order to give a meaningful year-on-year
comparison. Whilst we recognise that the measure is an alternative (non-Generally Accepted
Accounting Principles (\u2018non-GAAP\u2019)) performance measure which is also not defined within IFRS,
this measure is important and should be considered alongside the IFRS measures.
Adjusted PBT is calculated by adjusting for material items of income and expenditure which,
because of the nature and expected infrequency of events giving rise to them, merit separate
presentation to allow shareholders a better understanding of the financial performance in the
period. These adjustments include amortisation of acquired intangibles and exceptional items.
In addition, share-based payments charge is excluded in order to provide comparability to prior
periods due to fluctuations in the charge.
ab) Employee Benefit Trust
The Employee Benefit Trust (\u2018EBT\u2019) is treated as an extension of the group. Where the EBT
purchases the company\u2019s equity share capital these are treated as treasury shares with the
consideration paid deducted from equity attributable to the company\u2019s equity holders until the
shares are cancelled or reissued.
", "dimensions": { "concept": "onthebeachgroupplc:DescriptionOfAccountingPolicyForNonStatutoryMeasures", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-307": { "value": "
3\u2002Critical accounting estimates and judgements
The Group\u2019s accounting policies have been set by management. The application of these
accounting policies to specific scenarios requires reasonable estimates and assumptions to be
made concerning the future. These are continually evaluated based on historical experience
and expectations of future events. The resulting accounting estimates will, by definition, seldom
equal the related actual results. Under IFRS, estimates or judgements are considered critical
where they involve a significant risk of causing a material adjustment to the carrying amounts
of assets and liabilities from period to period. This may be because the estimate or judgement
involves matters which are highly uncertain or because different estimation methods or
assumptions could reasonably have been used.
Critical accounting judgements
Revenue from contracts with customers
The Group applied the following key judgements on the agent vs principal status of each
segment as well as the number of performance objections in each.
Agent vs Principal
Determining whether an entity is acting as a principal or as an agent requires judgement and
has a significant effect on the timing and amount (gross or net basis) of revenue by the Group.
As an agent, revenue is recognised at the point of booking on a net basis. As a principal,
revenue is recognised on a gross basis over the duration of the holiday.
In accordance with IFRS 15, revenue for the OTB and Classic Collection segments is recognised
as an agent on the basis that the performance obligation is to arrange for another entity to
provide the goods or services. This assessment has given consideration that there is no
inventory risk and limited discretion in establishing prices.
Performance obligations
Revenue in the OTB and Classic Collection segments is recognised based on there being
a single performance obligation at the point of booking. This is to arrange and facilitate the
customer entering into individual contracts with principal suppliers providing holiday-related
services including flights, hotels and transfers. For the OTB and Classic Collection segments,
there is not a significant integration service and responsibility for providing the services remains
with the principal suppliers.
Following the cessation of operations for Classic Collection on 23 September 2025, all revenue
from this segment for the year is recognised within discontinued operations. See note 10 for
more details.
Capitalised website development costs
Determining the amounts to be capitalised involves judgement and is dependent upon the
nature of the related development; namely whether it is capital (as relating to the enhancement
of the website) or expenditure (as relating to the ongoing maintenance of the website) in nature.
In order to capitalise a project, the key judgement management have made is in determining
the project\u2019s ability to produce future economic benefits. Management have assessed each
project to determine whether the project is technically feasible, intended to be completed
and used, whether there is available resources to complete it and whether there is probable
economic benefits from each project. In the year ending 30 September 2025, the proportion
of development costs that have been capitalised has reduced from the prior year as the
development team have increased their time on planning and collaboration, to achieve key
strategic projects, that are built with longevity in mind. Management have reassessed the useful
life of capitalised web development assets based on the experience of assets\u2019 ongoing utility,
extending the amortisation period from three to five years for all capitalised web development
costs in FY25, as well as select projects from prior years that will be utilised over the Group\u2019s
Medium Term Ambition. This change in estimate has resulted in a decrease in amortisation
expense of \u00a32.5m.
Discontinued operations
On 23 September 2025, the Board made the decision to abandon the Classic Collection Holdings
operation and to not attempt to sell the business. Management determined that on abandonment
of Classic Collection Holdings on 23 September 2025, the operation should be presented as
a discontinued operation following the closure of the Classic Collection website. By presenting
Classic Collection Holdings as a discontinued operation, Management believes that the
presentation of the Income Statement is more aligned to the ongoing and anticipated recurring
cash flows and revenue recognised by the business in the restructured operating model.
The following factors were considered to classify the operation as discontinued:
\u2022 Key dates of decisions and actions taken in relation to abandoning the operation including
the redundancy of staff.
\u2022 The distinction between the OTB and Classic CGUs in terms of operating teams and
expected cash flows.
As noted above, Classic Collection Holidays has been classified as discontinued operations,
therefore as there is no future expected cash flows, the goodwill and intangibles of \u00a38.4m has
been written off.
Critical accounting estimates
Expected Credit Losses (\u2018ECL\u2019)
The Group\u2019s estimation of credit risk relating to customer repayments of debt is inherently
uncertain and subject to a degree of judgement. Further information on the Group\u2019s credit risk
management practices and risk exposures are outlined in the risk management section on
page 52.
The ECL provision is calculated using one year\u2019s historical default rates which is compared
with forecasted revenue projections to calculate an expected liability. One year is considered
to be a suitable period to use for estimation as this more accurately reflects current events
when compared to the period prior. These results are adjusted for the expected effect of cost
of living, as well as inflation. The calculation is updated at each reporting date. The origination,
measurement and release of material judgemental adjustments are subject to further analysis
and challenge through the Group\u2019s accounting judgement review process before ultimately
being presented to the Group\u2019s Audit Committee. The assumptions are discussed in note 23.
A 1% increase in non-payment would increase the expected credit loss allowance by \u00a30.2m.
Estimation uncertainty arises on the forecasted bookings, effects of the cost of living
and inflation adjustments. These estimations are subject to challenge by the Board of
Directors, as well as the Audit Committee to ensure that they most accurately reflect the
available information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-308": { "value": "
4\u2002Revenue
In line with IFRS 15, the Group is required to disaggregate its revenue to show the main drivers
of its revenue streams. Revenue is accounted for at the point the Group has satisfied its
performance obligations. Details of the revenue performance obligations are set out in note 2k
of these financial statements.
For the year ended 30 September 2025
OTB Total
\u00a3m \u00a3m
Total revenue
121.4
121.4
Restated for the year ended 30 September 2024*
OTB Total
\u00a3m \u00a3m
Revenue before exceptional items
Total revenue before exceptional items
114.6
114.6
Exceptional recoveries**
4.6
4.6
Total revenue
119.2
119.2
* Revenue for the year ended 30 September 2024 has been restated to exclude the results of discontinued operations
included in that period (note 10).
** Exceptional recoveries relate to refunds from airlines for cancelled flights during COVID-19. Previously, exceptional
cancellations related to these flights were provided for, which have now been released.
Details of receivables arising from contracts with customers are set out in note 15.
On 23 September 2025, the Board made the decision to abandon the Classic Collection
Holdings operation and to not attempt to sell the business. See note 10 for details of
discontinued operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-345": { "value": "4\u2002Revenue In line with IFRS 15, the Group is required to disaggregate its revenue to show the main drivers of its revenue streams. Revenue is accounted for at the point the Group has satisfied its performance obligations. Details of the revenue performance obligations are set out in note 2k of these financial statements.
For the year ended 30 September 2025
OTB Total
\u00a3m \u00a3m
Total revenue
121.4
121.4
Restated for the year ended 30 September 2024*
OTB Total
\u00a3m \u00a3m
Revenue before exceptional items
Total revenue before exceptional items
114.6
114.6
Exceptional recoveries**
4.6
4.6
Total revenue
119.2
119.2
* Revenue for the year ended 30 September 2024 has been restated to exclude the results of discontinued operations included in that period (note 10). ** Exceptional recoveries relate to refunds from airlines for cancelled flights during COVID-19. Previously, exceptional cancellations related to these flights were provided for, which have now been released. Details of receivables arising from contracts with customers are set out in note 15. On 23 September 2025, the Board made the decision to abandon the Classic Collection Holdings operation and to not attempt to sell the business. See note 10 for details of discontinued operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-309": { "value": "
5a) Segmental report
As explained in note 2j, the management team considers the reportable segment to be \u201cOTB\u201d.
All segment revenue, operating profit assets and liabilities are attributable to the Group from
its principal activities. The \u201cClassic Collection\u201d segment has been abandoned in the year, and
going forward there is only one reportable segment. Please see note 10 for further details.
OTB recognises revenue as an agent on a net basis.
The Group\u2019s Chief Operating Decision Maker (\u2018CODM\u2019) is its Executive Board and it monitors the
performance of these operating segments as well as deciding on the allocation of resources
to them based on divisional level financial reports. Segmental performance is monitored using
adjusted segment operating results.
On 23 September 2025, the Board made the decision to abandon the Classic Collection Holdings operation and to not attempt to sell the business. See note 10 for details of
discontinued operations.
Restated*
2025 2024
Total Total
\u00a3m \u00a3m
Revenue
Revenue
121.4
119.2
Exceptional recoveries**
\u2013
(4.6)
Fair value FX losses
\u2013
\u2013
Adjusted Revenue
121.4
114.6
Cost of sales
\u2013
\u2013
Expected credit losses
(2.5)
(1.7)
Adjusted gross profit
118.9
112.9
Marketing
(38.4)
(40.0)
Staff costs (excluding share-based payments)
(21.7)
(20.9)
Other administrative expenses
(18.5)
(15.7)
Adjusted EBITDA
40.3
36.3
Share-based charge
(3.6)
(2.2)
Exceptional items
(1.3)
0.4
EBITDA
35.4
34.5
Depreciation and amortisation
(12.5)
(14.4)
Group operating profit
22.9
20.1
Finance costs
(2.6)
(2.4)
Finance income
7.6
7.6
Profit before taxation
27.9
25.3
Non-current assets
Goodwill
31.6
31.6
Other intangible assets
25.1
25.5
Property, plant and equipment
2.6
3.6
* The results for the year ended 30 September 2024 have been restated to exclude the results of discontinued operations included in that period (note 10).
** Exceptional recoveries relate to refunds from airlines for cancelled flights during COVID-19. Previously, exceptional cancellations related to these flights were provided for, which have now been released.
5b)\u2002Geographic information
The Group operates primarily in two geographic locations. The following table presents
revenues from external customers and non-current assets by geographic location:
Revenues from
Geographic location
external customers
Non-current assets
United Kingdom (country of domicile)
120.3
59.3
Republic of Ireland
1.1
\u2013
Total
121.4
59.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-348": { "value": "5b)\u2002Geographic information The Group operates primarily in two geographic locations. The following table presents revenues from external customers and non-current assets by geographic location:
Revenues from
Geographic location
external customers
Non-current assets
United Kingdom (country of domicile)
120.3
59.3
Republic of Ireland
1.1
\u2013
Total
121.4
59.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-310": { "value": "
6\u2002Operating profit
a)\u2002Operating expenses from continuing operations
Expenses by nature including exceptional items, share-based payments and amortisation:
Restated*
2025 2024
\u00a3m \u00a3m
Marketing
38.4
40.0
Depreciation
1.7
2.0
Staff costs (including share-based payments)
25.3
23.2
IT hosting, licences and support
6.9
5.8
Office expenses
0.7
0.6
Credit/debit card charges
6.4
4.8
Insurance
2.3
1.9
Professional services
0.7
0.9
Other
Administrative expenses before exceptional items
1.3
1.6
and amortisation of intangible assets
83.7
80.8
Exceptional items
1.3
4.2
Amortisation of intangible assets
11.0
12.4
Exceptional items and amortisation
of intangible assets
12.3
16.6
Administrative expenses
96.0
97.4
* The prior period is restated for the effects of discontinued operations (see note 10).
Other expenses in the year ended 30 September 2025 include \u00a30.6m of bonding fees,
\u00a30.4m recruitment fees and \u00a30.3m of staff travel expenses. Other expenses in the year ended
30 September 2024 include \u00a30.4m of bonding fees, \u00a30.2m recruitment fees, \u00a30.2m of staff
training and \u00a30.4m of staff travel expenses.
b)\u2002Exceptional items Exceptional items in the year ended 30 September 2025 of \u00a31.3m represents \u00a30.3m of non- trade legal and professional fees relating to litigation, \u00a30.7m of restructuring costs and \u00a30.3m of fees for commission and stamp duty arising on the repurchase of shares, which derive from events or transactions that fall outside of the normal activities of the Group. Exceptional items in the year ended 30 September 2024 of \u00a34.2m represents \u00a33.9m of non- trade legal and professional fees relating to litigation and \u00a30.3m of restructuring costs which derive from events or transactions that fall outside of the normal activities of the Group. c)\u2002Services provided by the Company auditor During the year, the Group obtained the following services from the operating Company\u2019s auditor.
2025 2024
\u00a3m \u00a3m
Audit of the Parent Company financial statements
0.1
0.1
Amounts receivable by the Company\u2019s auditor
and its associated in respect of:
\u2013 Audit of financial statements of subsidiaries
pursuant to legislation
0.4
0.4
0.5
0.5
d)\u2002Adjusted profit before tax Management measures the overall performance of the Group by reference to adjusted profit before tax, a non-GAAP measure as it gives a meaningful year-on-year comparison of the Group\u2019s performance:
Restated*
2025 2024
\u00a3m \u00a3m
Profit before taxation
27.9
25.2
Exceptional items
1.3
(0.4)
Amortisation of acquired intangibles**
2.2
2.2
Share-based payments charge***
3.6
2.2
Adjusted profit before tax
35.0
29.2
* The prior period is restated for the effects of discontinued operations (see note 10). ** These charges relate to amortisation of brand, website technology and customer relationships recognised on the acquisition of subsidiaries and are added back as they are inherently linked to historical acquisitions of businesses. *** The share-based payment charge represents the expected cost of shares vesting under the Group\u2019s Long Term Incentive Plan. The share-based payment charge has increased to \u00a33.6m (2024 restated: \u00a32.2m). The increase in the NI rate (from 13.8% to 15% in April 2025) has made these charges significantly more material than in the prior period, warranting separate exceptional treatment. The year ending 30 September 2024 included a catch-up charge following the introduction of an underpin/minimum award. These charges are added back to provide comparability to prior periods due to fluctuations in the charges.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-401": { "value": "6\u2002Operating profit a)\u2002Operating expenses from continuing operations Expenses by nature including exceptional items, share-based payments and amortisation:
Restated*
2025 2024
\u00a3m \u00a3m
Marketing
38.4
40.0
Depreciation
1.7
2.0
Staff costs (including share-based payments)
25.3
23.2
IT hosting, licences and support
6.9
5.8
Office expenses
0.7
0.6
Credit/debit card charges
6.4
4.8
Insurance
2.3
1.9
Professional services
0.7
0.9
Other
Administrative expenses before exceptional items
1.3
1.6
and amortisation of intangible assets
83.7
80.8
Exceptional items
1.3
4.2
Amortisation of intangible assets
11.0
12.4
Exceptional items and amortisation
of intangible assets
12.3
16.6
Administrative expenses
96.0
97.4
* The prior period is restated for the effects of discontinued operations (see note 10). Other expenses in the year ended 30 September 2025 include \u00a30.6m of bonding fees, \u00a30.4m recruitment fees and \u00a30.3m of staff travel expenses. Other expenses in the year ended 30 September 2024 include \u00a30.4m of bonding fees, \u00a30.2m recruitment fees, \u00a30.2m of staff training and \u00a30.4m of staff travel expenses. b)\u2002Exceptional items Exceptional items in the year ended 30 September 2025 of \u00a31.3m represents \u00a30.3m of non- trade legal and professional fees relating to litigation, \u00a30.7m of restructuring costs and \u00a30.3m of fees for commission and stamp duty arising on the repurchase of shares, which derive from events or transactions that fall outside of the normal activities of the Group. Exceptional items in the year ended 30 September 2024 of \u00a34.2m represents \u00a33.9m of non- trade legal and professional fees relating to litigation and \u00a30.3m of restructuring costs which derive from events or transactions that fall outside of the normal activities of the Group. c)\u2002Services provided by the Company auditor During the year, the Group obtained the following services from the operating Company\u2019s auditor.
2025 2024
\u00a3m \u00a3m
Audit of the Parent Company financial statements
0.1
0.1
Amounts receivable by the Company\u2019s auditor
and its associated in respect of:
\u2013 Audit of financial statements of subsidiaries
pursuant to legislation
0.4
0.4
0.5
0.5
d)\u2002Adjusted profit before tax Management measures the overall performance of the Group by reference to adjusted profit before tax, a non-GAAP measure as it gives a meaningful year-on-year comparison of the Group\u2019s performance:
Restated*
2025 2024
\u00a3m \u00a3m
Profit before taxation
27.9
25.2
Exceptional items
1.3
(0.4)
Amortisation of acquired intangibles**
2.2
2.2
Share-based payments charge***
3.6
2.2
Adjusted profit before tax
35.0
29.2
* The prior period is restated for the effects of discontinued operations (see note 10). ** These charges relate to amortisation of brand, website technology and customer relationships recognised on the acquisition of subsidiaries and are added back as they are inherently linked to historical acquisitions of businesses. *** The share-based payment charge represents the expected cost of shares vesting under the Group\u2019s Long Term Incentive Plan. The share-based payment charge has increased to \u00a33.6m (2024 restated: \u00a32.2m). The increase in the NI rate (from 13.8% to 15% in April 2025) has made these charges significantly more material than in the prior period, warranting separate exceptional treatment. The year ending 30 September 2024 included a catch-up charge following the introduction of an underpin/minimum award. These charges are added back to provide comparability to prior periods due to fluctuations in the charges.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-400": { "value": "6\u2002Operating profit a)\u2002Operating expenses from continuing operations Expenses by nature including exceptional items, share-based payments and amortisation:
Restated*
2025 2024
\u00a3m \u00a3m
Marketing
38.4
40.0
Depreciation
1.7
2.0
Staff costs (including share-based payments)
25.3
23.2
IT hosting, licences and support
6.9
5.8
Office expenses
0.7
0.6
Credit/debit card charges
6.4
4.8
Insurance
2.3
1.9
Professional services
0.7
0.9
Other
Administrative expenses before exceptional items
1.3
1.6
and amortisation of intangible assets
83.7
80.8
Exceptional items
1.3
4.2
Amortisation of intangible assets
11.0
12.4
Exceptional items and amortisation
of intangible assets
12.3
16.6
Administrative expenses
96.0
97.4
* The prior period is restated for the effects of discontinued operations (see note 10). Other expenses in the year ended 30 September 2025 include \u00a30.6m of bonding fees, \u00a30.4m recruitment fees and \u00a30.3m of staff travel expenses. Other expenses in the year ended 30 September 2024 include \u00a30.4m of bonding fees, \u00a30.2m recruitment fees, \u00a30.2m of staff training and \u00a30.4m of staff travel expenses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-389": { "value": "6\u2002Operating profit a)\u2002Operating expenses from continuing operations Expenses by nature including exceptional items, share-based payments and amortisation:
Restated*
2025 2024
\u00a3m \u00a3m
Marketing
38.4
40.0
Depreciation
1.7
2.0
Staff costs (including share-based payments)
25.3
23.2
IT hosting, licences and support
6.9
5.8
Office expenses
0.7
0.6
Credit/debit card charges
6.4
4.8
Insurance
2.3
1.9
Professional services
0.7
0.9
Other
Administrative expenses before exceptional items
1.3
1.6
and amortisation of intangible assets
83.7
80.8
Exceptional items
1.3
4.2
Amortisation of intangible assets
11.0
12.4
Exceptional items and amortisation
of intangible assets
12.3
16.6
Administrative expenses
96.0
97.4
* The prior period is restated for the effects of discontinued operations (see note 10). Other expenses in the year ended 30 September 2025 include \u00a30.6m of bonding fees, \u00a30.4m recruitment fees and \u00a30.3m of staff travel expenses. Other expenses in the year ended 30 September 2024 include \u00a30.4m of bonding fees, \u00a30.2m recruitment fees, \u00a30.2m of staff training and \u00a30.4m of staff travel expenses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-349": { "value": "6\u2002Operating profit a)\u2002Operating expenses from continuing operations Expenses by nature including exceptional items, share-based payments and amortisation:
Restated*
2025 2024
\u00a3m \u00a3m
Marketing
38.4
40.0
Depreciation
1.7
2.0
Staff costs (including share-based payments)
25.3
23.2
IT hosting, licences and support
6.9
5.8
Office expenses
0.7
0.6
Credit/debit card charges
6.4
4.8
Insurance
2.3
1.9
Professional services
0.7
0.9
Other
Administrative expenses before exceptional items
1.3
1.6
and amortisation of intangible assets
83.7
80.8
Exceptional items
1.3
4.2
Amortisation of intangible assets
11.0
12.4
Exceptional items and amortisation
of intangible assets
12.3
16.6
Administrative expenses
96.0
97.4
* The prior period is restated for the effects of discontinued operations (see note 10). Other expenses in the year ended 30 September 2025 include \u00a30.6m of bonding fees, \u00a30.4m recruitment fees and \u00a30.3m of staff travel expenses. Other expenses in the year ended 30 September 2024 include \u00a30.4m of bonding fees, \u00a30.2m recruitment fees, \u00a30.2m of staff training and \u00a30.4m of staff travel expenses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-377": { "value": "6\u2002Operating profit a)\u2002Operating expenses from continuing operations Expenses by nature including exceptional items, share-based payments and amortisation:
Restated*
2025 2024
\u00a3m \u00a3m
Marketing
38.4
40.0
Depreciation
1.7
2.0
Staff costs (including share-based payments)
25.3
23.2
IT hosting, licences and support
6.9
5.8
Office expenses
0.7
0.6
Credit/debit card charges
6.4
4.8
Insurance
2.3
1.9
Professional services
0.7
0.9
Other
Administrative expenses before exceptional items
1.3
1.6
and amortisation of intangible assets
83.7
80.8
Exceptional items
1.3
4.2
Amortisation of intangible assets
11.0
12.4
Exceptional items and amortisation
of intangible assets
12.3
16.6
Administrative expenses
96.0
97.4
* The prior period is restated for the effects of discontinued operations (see note 10). Other expenses in the year ended 30 September 2025 include \u00a30.6m of bonding fees, \u00a30.4m recruitment fees and \u00a30.3m of staff travel expenses. Other expenses in the year ended 30 September 2024 include \u00a30.4m of bonding fees, \u00a30.2m recruitment fees, \u00a30.2m of staff training and \u00a30.4m of staff travel expenses. b)\u2002Exceptional items Exceptional items in the year ended 30 September 2025 of \u00a31.3m represents \u00a30.3m of non- trade legal and professional fees relating to litigation, \u00a30.7m of restructuring costs and \u00a30.3m of fees for commission and stamp duty arising on the repurchase of shares, which derive from events or transactions that fall outside of the normal activities of the Group. Exceptional items in the year ended 30 September 2024 of \u00a34.2m represents \u00a33.9m of non- trade legal and professional fees relating to litigation and \u00a30.3m of restructuring costs which derive from events or transactions that fall outside of the normal activities of the Group. c)\u2002Services provided by the Company auditor During the year, the Group obtained the following services from the operating Company\u2019s auditor.
2025 2024
\u00a3m \u00a3m
Audit of the Parent Company financial statements
0.1
0.1
Amounts receivable by the Company\u2019s auditor
and its associated in respect of:
\u2013 Audit of financial statements of subsidiaries
pursuant to legislation
0.4
0.4
0.5
0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-398": { "value": "a)\u2002Operating expenses from continuing operations Expenses by nature including exceptional items, share-based payments and amortisation:
Restated*
2025 2024
\u00a3m \u00a3m
Marketing
38.4
40.0
Depreciation
1.7
2.0
Staff costs (including share-based payments)
25.3
23.2
IT hosting, licences and support
6.9
5.8
Office expenses
0.7
0.6
Credit/debit card charges
6.4
4.8
Insurance
2.3
1.9
Professional services
0.7
0.9
Other
Administrative expenses before exceptional items
1.3
1.6
and amortisation of intangible assets
83.7
80.8
Exceptional items
1.3
4.2
Amortisation of intangible assets
11.0
12.4
Exceptional items and amortisation
of intangible assets
12.3
16.6
Administrative expenses
96.0
97.4
* The prior period is restated for the effects of discontinued operations (see note 10). Other expenses in the year ended 30 September 2025 include \u00a30.6m of bonding fees, \u00a30.4m recruitment fees and \u00a30.3m of staff travel expenses. Other expenses in the year ended 30 September 2024 include \u00a30.4m of bonding fees, \u00a30.2m recruitment fees, \u00a30.2m of staff training and \u00a30.4m of staff travel expenses. 13\u2002Property, plant and equipment
Right-of-use assets (note 18)
Freehold Fixtures, fittings
property* and equipment Head office IT Equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 October 2023
2.3
6.1
4.5
2.5
15.4
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals
\u2013
(0.8)
\u2013
\u2013
(0.8)
Assets held for sale
(2.3)
\u2013
\u2013
(2.3)
At 1 October 2024
\u2013
5.3
4.5
2.5
12.3
Lease modifications (note 18)
\u2013
\u2013
\u2013
0.7
0.7
At 30 September 2025
\u2013
5.3
4.5
3.2
13.0
Accumulated depreciation
At 1 October 2023
0.3
3.7
2.0
1.1
7.1
Charge for the year
\u2013
0.7
0.5
0.9
2.1
Disposals
\u2013
(0.2)
\u2013
\u2013
(0.2)
Assets held for sale
(0.3)
\u2013
\u2013
\u2013
(0.3)
At 1 October 2024
\u2013
4.2
2.5
2.0
8.7
Charge for the year
\u2013
0.4
0.5
0.8
1.7
At 30 September 2025
\u2013
4.6
3.0
2.8
10.4
Net book amount
At 30 September 2025
\u2013
0.7
1.5
0.4
2.6
At 30 September 2024
\u2013
1.1
2.0
0.5
3.6
* In the prior year, Classic Collection Holidays Limited discontinued its website, vacated the property used for operations, and made a number of redundancies, transferring all remaining assets to Classic Package Holidays Limited. Included within this was the freehold property owned by CCH, which was sold in the year ended 30 September 2025. The gain has been recognised within discontinued operations (note 10). There is no impairment recognised to date. The depreciation expense of \u00a31.7m for the year ended 30 September 2025 and the depreciation expense of \u00a32.1m for the year ended 30 September 2024 have been recognised within administrative expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-346": { "value": "
b)\u2002Exceptional items
Exceptional items in the year ended 30 September 2025 of \u00a31.3m represents \u00a30.3m of non-
trade legal and professional fees relating to litigation, \u00a30.7m of restructuring costs and \u00a30.3m
of fees for commission and stamp duty arising on the repurchase of shares, which derive from
events or transactions that fall outside of the normal activities of the Group.
Exceptional items in the year ended 30 September 2024 of \u00a34.2m represents \u00a33.9m of non-
trade legal and professional fees relating to litigation and \u00a30.3m of restructuring costs which
derive from events or transactions that fall outside of the normal activities of the Group.
", "dimensions": { "concept": "onthebeachgroupplc:DisclosureOfExceptionalItems", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-347": { "value": "
c)\u2002Services provided by the Company auditor
During the year, the Group obtained the following services from the operating Company\u2019s auditor.
2025 2024
\u00a3m \u00a3m
Audit of the Parent Company financial statements
0.1
0.1
Amounts receivable by the Company\u2019s auditor
and its associated in respect of:
\u2013 Audit of financial statements of subsidiaries
pursuant to legislation
0.4
0.4
0.5
0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-311": { "value": "
7\u2002Employees and Directors
a)\u2002Payroll costs
The aggregate payroll costs of these persons were as follows:
Restated*
2025 2024
\u00a3m \u00a3m
Wages and salaries
26.2
26.0
Defined contribution pension cost
1.1
0.8
Social security costs
3.4
2.8
Share-based payment charge
2.8
2.2
33.5
31.8
* The results for the year ended 30 September 2024 have been restated to exclude the results of discontinued
operations included in that period (note 10). Classic Collection\u2019s aggregate payroll costs were \u00a31.2m (2024: \u00a30.4m)
for the year ended 30 September 2025.
Staff costs above include \u00a39.0m (2024: \u00a38.8m) employee costs capitalised as part of
software development.
The share-based payment charge has increased to \u00a32.8m (2024: \u00a32.3m) as a result of an
increase in the number of options awarded.
b)\u2002Employee numbers
Average monthly number of people (including Executive Directors) employed:
Restated*
2025 2024
No. No.
UK
507
526
Total number of employees
507
526
* The results for the year ended 30 September 2024 have been restated to exclude the results of discontinued
operations included in that period (note 10). Classic Collection employed an average number of 44 (2024: 57)
people in the year ended 30 September 2025.
c)\u2002Directors\u2019 emoluments
The remuneration of Directors was as follows:
2025 2024
\u00a3m \u00a3m
Aggregate emoluments
1.8
1.5
Defined contribution pension
0.1
0.1
Share-based payment charges
0.9
0.9
Total Director remuneration
2.8
2.5
Remuneration was paid by On the Beach Limited, a subsidiary company of the Group. The
remuneration of the highest paid Director was as follows:
2025 2024
\u00a3m \u00a3m
Aggregate emoluments
0.7
0.6
Share-based payment charges
0.3
0.3
Total remuneration
1.0
0.9
d)\u2002Key management compensation
Key management comprised the eight members of the Executive team (2024: ten).
Remuneration of all key management (including Directors) was as follows:
2025 2024
\u00a3m \u00a3m
Wages and salaries
3.3
3.5
Short-term non-monetary benefits
0.1
0.1
Share-based payment charges
1.5
1.9
Total key management remuneration
4.9
5.5
e)\u2002Retirement benefits
Included in pension contributions payable by the Group of \u00a31.0m (2024: \u00a30.8m) is \u00a321,079
(2024: \u00a316,200) of contributions that the Group made to a personal pension scheme in relation
to one Executive Director.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-350": { "value": "d)\u2002Key management compensation Key management comprised the eight members of the Executive team (2024: ten). Remuneration of all key management (including Directors) was as follows:
2025 2024
\u00a3m \u00a3m
Wages and salaries
3.3
3.5
Short-term non-monetary benefits
0.1
0.1
Share-based payment charges
1.5
1.9
Total key management remuneration
4.9
5.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-351": { "value": "e)\u2002Retirement benefits Included in pension contributions payable by the Group of \u00a31.0m (2024: \u00a30.8m) is \u00a321,079 (2024: \u00a316,200) of contributions that the Group made to a personal pension scheme in relation to one Executive Director.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-378": { "value": "8\u2002Finance income and finance costs a)\u2002Finance costs
2025 2024
\u00a3m \u00a3m
Revolving credit facility interest/fees
2.5
2.3
Interest on lease liabilities
0.1
0.1
Finance costs
2.6
2.4
b)\u2002Finance income
Restated*
2025 2024
\u00a3m \u00a3m
Bank interest receivable
7.6
7.6
Loss on interest rate swaps
\u2013
(0.1)
Finance income
7.6
7.5
* The prior period is restated for the effects of discontinued operations (see note 10).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-314": { "value": "8\u2002Finance income and finance costs a)\u2002Finance costs
2025 2024
\u00a3m \u00a3m
Revolving credit facility interest/fees
2.5
2.3
Interest on lease liabilities
0.1
0.1
Finance costs
2.6
2.4
b)\u2002Finance income
Restated*
2025 2024
\u00a3m \u00a3m
Bank interest receivable
7.6
7.6
Loss on interest rate swaps
\u2013
(0.1)
Finance income
7.6
7.5
* The prior period is restated for the effects of discontinued operations (see note 10).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-352": { "value": "
a)\u2002Finance costs
2025 2024
\u00a3m \u00a3m
Revolving credit facility interest/fees
2.5
2.3
Interest on lease liabilities
0.1
0.1
Finance costs
2.6
2.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-391": { "value": "a)\u2002Finance costs
2025 2024
\u00a3m \u00a3m
Revolving credit facility interest/fees
2.5
2.3
Interest on lease liabilities
0.1
0.1
Finance costs
2.6
2.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-353": { "value": "
b)\u2002Finance income
Restated*
2025 2024
\u00a3m \u00a3m
Bank interest receivable
7.6
7.6
Loss on interest rate swaps
\u2013
(0.1)
Finance income
7.6
7.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-390": { "value": "b)\u2002Finance income
Restated*
2025 2024
\u00a3m \u00a3m
Bank interest receivable
7.6
7.6
Loss on interest rate swaps
\u2013
(0.1)
Finance income
7.6
7.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-313": { "value": "
9\u2002Taxation
Restated*
2025 2024
\u00a3m \u00a3m
Current tax on profit for the year
3.7
3.3
Adjustments in respect of prior years
\u2013
(0.1)
Total current tax
3.7
3.2
Deferred tax on profits for the year
Origination and reversal of temporary differences
(0.2)
3.3
Adjustments in respect of prior years
(0.2)
(0.2)
Total deferred tax
(0.4)
3.1
Total tax charge
3.3
6.3
* The prior period is restated for the effects of discontinued operations (see note 10).
The differences between the total taxation shown above and the amount calculated by applying
the standard UK corporation taxation rate to the profit before taxation on continuing operations
are as follows.
Restated*
2025 2024
\u00a3m \u00a3m
Profit on ordinary activities before tax
27.9
25.2
Profit on ordinary activities multiplied by the effective rate of
corporation tax of 25% (2024: 25%)
7.0
6.3
Effects of:
Impact of difference in current and deferred tax rates
\u2013
\u2013
Adjustments in respect of prior years
(0.2)
(0.3)
Expenses not deductible
0.5
\u2013
Losses (utilised from)/surrendered to discontinued operations
(4.0)
0.3
Total taxation charge
3.3
6.3
* The prior period is restated for the effects of discontinued operations (see note 10).
The tax charge for the year is based on the effective rate of corporation tax for the period of
25% (2024: 25%). An increase in the UK corporation rate from 19% to 25% (effective from 1 April
2024) was substantively enacted on 24 May 2021. The deferred tax assets and liabilities at
30 September 2025 have been calculated based on these rates.
20\u2002Deferred tax
Research and
Development Intangible Property, plant and Share based Losses and Tax assets/
Amortisation assets equipment payments unused tax relief (liabilities)
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2025
Assets
\u2013
\u2013
0.2
2.0
\u2013
2.2
Liabilities
(0.3)
(1.6)
\u2013
\u2013
\u2013
(1.9)
Total
(0.3)
(1.6)
0.2
2.0
\u2013
0.3
2024
Assets
\u2013
\u2013
0.2
0.8
1.9
2.9
Liabilities
\u2013
(3.3)
\u2013
\u2013
\u2013
(3.3)
Total
\u2013
(3.3)
0.2
0.8
1.9
(0.4)
Research and
Development Intangible Capital Acquired Share based Losses and
Amortisation assets allowances property payments unused tax relief Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
30 September 2023
\u2013
(4.0)
0.1
(0.2)
0.4
6.3
2.6
Recognised in income
\u2013
0.7
0.1
0.2
0.3
(4.4)
(3.1)
Recognised in equity
\u2013
\u2013
\u2013
\u2013
0.1
\u2013
0.1
30 September 2024
\u2013
(3.3)
0.2
\u2013
0.8
1.9
(0.4)
Recognised in income
(0.3)
1.7
\u2013
\u2013
0.8
(1.9)
0.3
Recognised in equity
\u2013
\u2013
\u2013
\u2013
0.4
\u2013
0.4
30 September 2025
(0.3)
(1.6)
0.2
\u2013
2.0
\u2013
0.3
The Group does not have carried forward losses (2024: \u00a31.9m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-312": { "value": "
10\u2002Loss from discontinued operations
Classic Collection
On 23 September 2025, the Board made the decision to abandon the Classic Collection
Holdings operation and to not attempt to sell the business. Management determined that on
abandonment of Classic Collection Holdings on 23 September 2025, the operation should
be presented as a discontinued operation following the closure of the Classic Collection
website. By presenting Classic Collection Holdings as a discontinued operation, Management
believes that the presentation of the Income Statement is more aligned to the ongoing and
anticipated recurring cash flows and revenue recognised by the business in the restructured
operating model.
The following factors were considered to classify the operation as discontinued:
\u2022 Classic Collection Holdings operation represented a separate major line of business and the
operation was distinct by offering holiday packages as an agent on a B2B basis.
\u2022 The abandonment was part of a single plan to cease the operations of a separate major line
of business.
On 11 March 2024, the Board made the decision to cease the Classic Collection Holidays
operation and to not attempt to sell the business. In prior year, Classic Collection Holidays
Limited discontinued its website, vacated the property used for operations, and made a number
of redundancies, transferring all remaining assets to Classic Package Holidays. Upon transfer,
operations were streamlined for Classic Collection Holidays and Classic Package Holidays to
operate under a single CGU, \u201cClassic Collection\u201d.
Classic Classic
Classic Collection Collection
Collection Holidays Holdings Total
2025 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Loss for the year from discontinued
operations
Revenue
6.2
46.6
9.0
55.6
Cost of sales
(4.9)
(41.4)
(4.8)
(46.2)
Gross profit
1.3
5.2
4.2
9.4
Administrative expenses
(9.7)
(7.8)
(3.1)
(10.9)
Profit on disposal of assets held for sale
0.6
\u2013
\u2013
Write off of goodwill and intangibles
(8.4)
(4.6)
\u2013
(4.6)
Net finance income
0.2
\u2013
0.2
0.2
(Loss)/profit before tax
(16.0)
(7.2)
1.3
(5.9)
Tax
\u2013
\u2013
\u2013
\u2013
(Loss)/profit from discontinued
operations
(16.0)
( 7. 2)
1.3
(5.9)
Earnings per share
Basic EPS
(10.2p)
(4.3p)
0.8p
(3.5p)
Diluted EPS
(9.8p)
(4.3p)
0.8p
(3.5p)
Cash flows from discontinued
operations
Net cash flows from operating activities
(7.2)
(2.4)
3.4
1.0
Net cash flows from investing activities
2.8
0.2
0.2
0.4
Net cash flows from discontinued
operations
(4.4)
(2.2)
3.6
1.4
There was no impact on cash flows from financing activities.
Disposal of discontinued operations
There was a loss on disposal, as the Group disposed of intangible assets with a \u00a30.1m net book
value (2024: \u00a3nil) and did not receive proceeds for these.
In the prior year, there was a loss on disposal of \u00a30.2m on intangible assets, with no proceeds
received for these. Assets relating to discontinued operations held for sale at 30 September
2024 were valued at \u00a32.0m.
In FY25, the asset relating to discontinued operations held for sale was disposed, recognising
a gain on sale of \u00a30.6m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-354": { "value": "10\u2002Loss from discontinued operations Classic Collection On 23 September 2025, the Board made the decision to abandon the Classic Collection Holdings operation and to not attempt to sell the business. Management determined that on abandonment of Classic Collection Holdings on 23 September 2025, the operation should be presented as a discontinued operation following the closure of the Classic Collection website. By presenting Classic Collection Holdings as a discontinued operation, Management believes that the presentation of the Income Statement is more aligned to the ongoing and anticipated recurring cash flows and revenue recognised by the business in the restructured operating model. The following factors were considered to classify the operation as discontinued: \u2022 Classic Collection Holdings operation represented a separate major line of business and the operation was distinct by offering holiday packages as an agent on a B2B basis. \u2022 The abandonment was part of a single plan to cease the operations of a separate major line of business. On 11 March 2024, the Board made the decision to cease the Classic Collection Holidays operation and to not attempt to sell the business. In prior year, Classic Collection Holidays Limited discontinued its website, vacated the property used for operations, and made a number of redundancies, transferring all remaining assets to Classic Package Holidays. Upon transfer, operations were streamlined for Classic Collection Holidays and Classic Package Holidays to operate under a single CGU, \u201cClassic Collection\u201d.
Classic Classic
Classic Collection Collection
Collection Holidays Holdings Total
2025 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Loss for the year from discontinued
operations
Revenue
6.2
46.6
9.0
55.6
Cost of sales
(4.9)
(41.4)
(4.8)
(46.2)
Gross profit
1.3
5.2
4.2
9.4
Administrative expenses
(9.7)
(7.8)
(3.1)
(10.9)
Profit on disposal of assets held for sale
0.6
\u2013
\u2013
Write off of goodwill and intangibles
(8.4)
(4.6)
\u2013
(4.6)
Net finance income
0.2
\u2013
0.2
0.2
(Loss)/profit before tax
(16.0)
(7.2)
1.3
(5.9)
Tax
\u2013
\u2013
\u2013
\u2013
(Loss)/profit from discontinued
operations
(16.0)
( 7. 2)
1.3
(5.9)
Earnings per share
Basic EPS
(10.2p)
(4.3p)
0.8p
(3.5p)
Diluted EPS
(9.8p)
(4.3p)
0.8p
(3.5p)
Cash flows from discontinued
operations
Net cash flows from operating activities
(7.2)
(2.4)
3.4
1.0
Net cash flows from investing activities
2.8
0.2
0.2
0.4
Net cash flows from discontinued
operations
(4.4)
(2.2)
3.6
1.4
There was no impact on cash flows from financing activities. Disposal of discontinued operations There was a loss on disposal, as the Group disposed of intangible assets with a \u00a30.1m net book value (2024: \u00a3nil) and did not receive proceeds for these. In the prior year, there was a loss on disposal of \u00a30.2m on intangible assets, with no proceeds received for these. Assets relating to discontinued operations held for sale at 30 September 2024 were valued at \u00a32.0m. In FY25, the asset relating to discontinued operations held for sale was disposed, recognising a gain on sale of \u00a30.6m.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-315": { "value": "
11\u2002Earnings per share
Basic earnings per share are calculated by dividing the profit attributable to equity holders of
On the Beach Group plc by the weighted average number of ordinary shares issued during
the year.
Diluted earnings per share are calculated by dividing the profit attributable to equity holders
of On the Beach Group plc by the weighted average number of Ordinary Shares issued during
the period plus the weighted average number of Ordinary Shares that would be issued on the
conversion of all dilutive potential ordinary shares into Ordinary Shares.
Adjusted basic earnings per share figures are calculated by dividing adjusted earnings after tax
for the year by the weighted average number of shares. Adjusted diluted earnings per share
figures are calculated by dividing adjusted earnings after tax for the year by the weighted
average number of shares plus the weighted average number of Ordinary Shares that would
be issued on the conversion of all dilutive potential ordinary shares into Ordinary Shares.
EPS for continuing operations
Basic weighted
average number of
Ordinary Shares Total earnings
(m)
\u00a3m
Pence per share
Year ended 30 September 2025
Basic EPS
157.3
24.6
15.6p
Diluted EPS
163.3
24.6
15.1p
Adjusted basic EPS
157.3
29.9
19.0p
Adjusted diluted EPS
163.3
29.9
18.3p
Restated year ended 30 September 2024*
Basic EPS
166.9
18.9
11.3p
Diluted EPS
169.8
18.9
11.1p
Adjusted basic EPS
166.9
21.9
13.1p
Adjusted diluted EPS
169.8
21.9
12.9p
* The prior period is restated for the effects of discontinued operations (see note 10).
EPS for total operations
Basic weighted
average number of
Ordinary Shares Total earnings
(m)
\u00a3m
Pence per share
Year ended 30 September 2025
Basic EPS
157.3
8.6
5.5p
Diluted EPS
163.3
8.6
5.3p
Restated year ended 30 September 2024*
Basic EPS
166.9
13.0
7.8p
Diluted EPS
169.8
13.0
7.7p
* The prior period is restated for the effects of discontinued operations (see note 10).
Adjusted earnings after tax is calculated using the Group\u2019s effective tax rate as follows:
2025
\u00a3m
2024
\u00a3m
Profit for the year after taxation
24.6
18.9
Adjustments (net of tax at the effective rate)*
Exceptional items
1.0
(0.3)
Amortisation of acquired intangibles
1.6
1.7
Share-based payment charges**
2.7
1.7
Adjusted earnings after tax
29.9
21.9
* The effective tax rate for the year ending 30 September 2025 was 25% (2024: 25%), see note 9 for details.
** The share-based payment charges are in relation to options which are not yet exercisable.
2025 2024
(m) (m)
Weighted average number of shares for
basic earnings per share
157.3
166.9
Dilution from share options
6.0
2.9
Weighted average number of shares for
diluted earnings per share
163.3
169.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-316": { "value": "
12\u2002Intangible assets
Website and Website Customer Agent
Brand Goodwill development costs technology relationships relationships Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 October 2023
35.9
40.2
42.7
22.8
2.1
4.4
148.1
Additions
\u2013
\u2013
10.3
\u2013
\u2013
\u2013
10.3
Disposals
\u2013
\u2013
(0.4)
\u2013
\u2013
\u2013
(0.4)
Impairment (note 10)
\u2013
(4.6)
\u2013
\u2013
\u2013
\u2013
(4.6)
At 30 September 2024
35.9
35.6
52.6
22.8
2.1
4.4
153.4
Additions
\u2013
\u2013
10.4
\u2013
\u2013
\u2013
10.4
Disposals
\u2013
\u2013
(0.8)
\u2013
\u2013
\u2013
(0.8)
Write off (note 10)
(4.6)
(4.0)
\u2013
\u2013
(2.1)
(4.4)
(15.1)
At 30 September 2025
31.3
31.6
62.2
22.8
\u2013
\u2013
147.9
Accumulated amortisation
At 1 October 2023
22.4
\u2013
25.5
22.8
2.1
1.6
74.4
Charge for the year
2.5
\u2013
10.2
\u2013
\u2013
0.3
13.0
Disposals
\u2013
\u2013
(0.2)
\u2013
\u2013
\u2013
(0.2)
At 30 September 2024
24.9
\u2013
35.5
22.8
2.1
1.9
87.2
Charge for the year
2.4
\u2013
8.7
\u2013
\u2013
0.3
11.4
Disposals
\u2013
\u2013
(0.7)
\u2013
\u2013
\u2013
(0.7)
Write off (note 10)
(2.4)
\u2013
\u2013
\u2013
(2.1)
(2.2)
(6.7)
At 30 September 2025
24.9
\u2013
43.5
22.8
\u2013
\u2013
91.2
Net book amount
At 30 September 2025
6.4
31.6
18.7
\u2013
\u2013
\u2013
56.7
At 30 September 2024
11.0
35.6
17.1
\u2013
\u2013
2.5
66.2
Brand The brand intangible assets consist of three brands which were separately identified as intangibles on the acquisition of the respective businesses. The carrying amount of the brand intangible assets is as follows:
At 30 September At 30 September
Remaining useful 2025 2024
Brand
economic life
Acquisition
\u00a3m \u00a3m
On the Beach
3
On the Beach Travel Limited
6.0
7.9
Sunshine.co.uk
3
Sunshine.co.uk Limited
0.4
0.5
Classic Collection*
0
Classic Collection Holidays Limited
\u2013
2.6
6.4
11.0
* Classic Collection ceased operations on 23 September 2025, and as a result the acquired Brand intangibles have been written off. See note 10 for details. Goodwill Goodwill acquired in a business combination is allocated on acquisition to the CGUs that are expected to benefit from that business combination. The carrying amount of goodwill has been allocated as follows:
At 30 September At 30 September
2025 2024
Reportable segment
CGU
Acquisitions
\u00a3m \u00a3m
OTB
OTB
On the Beach Travel Limited
21.5
21.5
OTB
OTB
Sunshine.co.uk Limited
10.1
10.1
N/A
Classic Collection*
Classic Collection Holidays Limited
\u2013
4.0
31.6
35.6
* Classic Collection ceased operations on 23 September 2025, and as a result the acquired goodwill was written off. See note 10 for details. Impairment of goodwill On the Beach and Sunshine are considered to be one reportable segment, as they are internally reported and managed as one entity. Goodwill acquired through Sunshine.co.uk has been allocated to the \u201cOTB\u201d cash-generating unit. Goodwill acquired through the acquisition of Classic Collection Holidays Limited is now considered to be impaired following the discontinuation of \u201cClassic Collection\u201d. Intangible assets acquired through the acquisition of Classic Collection Holidays relating to brand, agent and customer relationships are also considered to be impaired. See note 10 for further details on discontinued operations. The Group has written off the goodwill and intangibles for the discontinued operations of \u00a38.4m for the year ending 30 September 2025 (2024: \u00a34.6m). The Group believes that the recoverable amount for the CGU has been estimated to be \u00a3nil due to the cessation of operations. \u201cOTB\u201d CGU The Group performed its annual impairment test as at 30 September 2025 on the \u201cOTB\u201d cash- generating unit (\u2018CGU\u2019). The recoverable amount of the CGU has been determined based on the value in use calculations using cash flow projections derived from financial budgets and projections covering a five-year period. The forecasts are then extrapolated in perpetuity based on an estimated growth rate of 2% (2024: 2%), this being the Directors\u2019 best estimate of the future prospects of the business. This is deemed appropriate because the CGU is considered to be a long-term business. Management estimates discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to this CGU. The discount rate applied is 13.7% (2024: 13.5%). \u201cClassic Collection\u201d CGU On 23 September 2025, the Board made the decision to abandon the Classic Collection Holdings operation and to not attempt to sell the business. Management determined that on abandonment of Classic Collection Holdings on 23 September 2025, the operation should be presented as a discontinued operation following the closure of the Classic Collection website. By presenting Classic Collection Holdings as a discontinued operation, Management believes that the presentation of the Income Statement is more aligned to the ongoing and anticipated recurring cash flows and revenue recognised by the business in the restructured operating model. Administrative expenses are dependent upon the net costs to the business of purchasing services. Expenses are based on the current cost base of the Group adjusted for variable costs. Key assumptions used in value in use calculations and sensitivity to changes in assumptions The main assumptions on which the forecast cash flows used for OTB were based include: \u2022 Consumer demand \u2013 management considered historic performance as well as the size of the market, current market share, competitive pressure, consumer confidence and appetite under the cost of living crisis. The Directors have used their past experience of the business and its industry, together with their expectations of the market. \u2022 Impact of new marketing and planned improvements on booking conversion \u2013 whilst the spend on incentives and improvements is within the Group\u2019s control, the impact on increasing bookings requires assessment of consumer demand and competitive pressures using industry and market knowledge. The calculation of value in use for OTB is most sensitive to the following assumptions: \u2022 Revenue: the level of sales is based on expected customer demand, average booking values and booking conversion, however a material deterioration in consumer confidence can lead to reduced demand for holidays as well as disruption to a CGU\u2019s operations from unpredictable domestic and international events which can significantly impact the level of sales. A decrease in bookings of 20% for OTB would not result in an impairment. \u2022 Discount rates: Discount rates represent the current market assessment of the risks specific to OTB, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (\u2018WACC\u2019). A rise in the discount rate to 14.8% for OTB would not result in an impairment, and is considered to be implausible. \u2022 Growth rates used to extrapolate cash flows beyond the forecast period: the Group operates in a fast-moving marketplace so management recognises that the speed of technological change and the possibility of new entrants can have a significant impact on growth rate assumptions. A reduction in long-term growth rates by 10ppts for OTB would not result in an impairment. Sensitivity analysis has been completed in isolation and in combination. Management considers that no reasonably possible changes in assumptions would reduce OTB\u2019s headroom to nil. Impact of changes in customer behaviour The Group does not consider that OTB has been automatically impaired as a result of either the rising cost of living or changes in customer behaviour in respect of climate-related matters, with booking volumes increasing for the year ending 30 September in comparison to the prior year. OTB remains viable long-term trading assets, which the Group expects to continue to generate positive cash flows. Inherent in the impairment test and sensitivity analysis is the impact of customer demand being affected by either of these factors. The Group is satisfied that sufficient headroom exists to support the asset value. Website and development costs The Group capitalises development projects where they satisfy the requirements for capitalisation in accordance with IAS 38 and expense projects that relate to ongoing maintenance and support. Capitalised development costs are not treated as a realised loss for the purpose of determining the Company\u2019s distributable profits as the costs meet the conditions requiring them to be treated as an asset in accordance with IAS 38. Additions in the year relate to the development of software and the purchase of domain names. Domain names are amortised over ten years. During the year, the Group revised the amortisation period of certain web development assets from three to five years, based on updated assessments of their expected period of use. This change has been applied prospectively from 1 October 2024 and decreased amortisation expense by \u00a32.5m for the year ended 30 September 2025. All additions in the year are amortised over a period of five years. Any assets not eligible for this change are still amortised over three years. Amortisation has been recognised within operating expenses. Research and development costs that are not eligible for capitalisation have been recognised in administrative expenses in the period incurred; in 2025 this was \u00a31.6m (2024: \u00a31.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-379": { "value": "12\u2002Intangible assets
Website and Website Customer Agent
Brand Goodwill development costs technology relationships relationships Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 October 2023
35.9
40.2
42.7
22.8
2.1
4.4
148.1
Additions
\u2013
\u2013
10.3
\u2013
\u2013
\u2013
10.3
Disposals
\u2013
\u2013
(0.4)
\u2013
\u2013
\u2013
(0.4)
Impairment (note 10)
\u2013
(4.6)
\u2013
\u2013
\u2013
\u2013
(4.6)
At 30 September 2024
35.9
35.6
52.6
22.8
2.1
4.4
153.4
Additions
\u2013
\u2013
10.4
\u2013
\u2013
\u2013
10.4
Disposals
\u2013
\u2013
(0.8)
\u2013
\u2013
\u2013
(0.8)
Write off (note 10)
(4.6)
(4.0)
\u2013
\u2013
(2.1)
(4.4)
(15.1)
At 30 September 2025
31.3
31.6
62.2
22.8
\u2013
\u2013
147.9
Accumulated amortisation
At 1 October 2023
22.4
\u2013
25.5
22.8
2.1
1.6
74.4
Charge for the year
2.5
\u2013
10.2
\u2013
\u2013
0.3
13.0
Disposals
\u2013
\u2013
(0.2)
\u2013
\u2013
\u2013
(0.2)
At 30 September 2024
24.9
\u2013
35.5
22.8
2.1
1.9
87.2
Charge for the year
2.4
\u2013
8.7
\u2013
\u2013
0.3
11.4
Disposals
\u2013
\u2013
(0.7)
\u2013
\u2013
\u2013
(0.7)
Write off (note 10)
(2.4)
\u2013
\u2013
\u2013
(2.1)
(2.2)
(6.7)
At 30 September 2025
24.9
\u2013
43.5
22.8
\u2013
\u2013
91.2
Net book amount
At 30 September 2025
6.4
31.6
18.7
\u2013
\u2013
\u2013
56.7
At 30 September 2024
11.0
35.6
17.1
\u2013
\u2013
2.5
66.2
Brand The brand intangible assets consist of three brands which were separately identified as intangibles on the acquisition of the respective businesses. The carrying amount of the brand intangible assets is as follows:
At 30 September At 30 September
Remaining useful 2025 2024
Brand
economic life
Acquisition
\u00a3m \u00a3m
On the Beach
3
On the Beach Travel Limited
6.0
7.9
Sunshine.co.uk
3
Sunshine.co.uk Limited
0.4
0.5
Classic Collection*
0
Classic Collection Holidays Limited
\u2013
2.6
6.4
11.0
* Classic Collection ceased operations on 23 September 2025, and as a result the acquired Brand intangibles have been written off. See note 10 for details. Goodwill Goodwill acquired in a business combination is allocated on acquisition to the CGUs that are expected to benefit from that business combination. The carrying amount of goodwill has been allocated as follows:
At 30 September At 30 September
2025 2024
Reportable segment
CGU
Acquisitions
\u00a3m \u00a3m
OTB
OTB
On the Beach Travel Limited
21.5
21.5
OTB
OTB
Sunshine.co.uk Limited
10.1
10.1
N/A
Classic Collection*
Classic Collection Holidays Limited
\u2013
4.0
31.6
35.6
* Classic Collection ceased operations on 23 September 2025, and as a result the acquired goodwill was written off. See note 10 for details. Impairment of goodwill On the Beach and Sunshine are considered to be one reportable segment, as they are internally reported and managed as one entity. Goodwill acquired through Sunshine.co.uk has been allocated to the \u201cOTB\u201d cash-generating unit. Goodwill acquired through the acquisition of Classic Collection Holidays Limited is now considered to be impaired following the discontinuation of \u201cClassic Collection\u201d. Intangible assets acquired through the acquisition of Classic Collection Holidays relating to brand, agent and customer relationships are also considered to be impaired. See note 10 for further details on discontinued operations. The Group has written off the goodwill and intangibles for the discontinued operations of \u00a38.4m for the year ending 30 September 2025 (2024: \u00a34.6m). The Group believes that the recoverable amount for the CGU has been estimated to be \u00a3nil due to the cessation of operations. \u201cOTB\u201d CGU The Group performed its annual impairment test as at 30 September 2025 on the \u201cOTB\u201d cash- generating unit (\u2018CGU\u2019). The recoverable amount of the CGU has been determined based on the value in use calculations using cash flow projections derived from financial budgets and projections covering a five-year period. The forecasts are then extrapolated in perpetuity based on an estimated growth rate of 2% (2024: 2%), this being the Directors\u2019 best estimate of the future prospects of the business. This is deemed appropriate because the CGU is considered to be a long-term business. Management estimates discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to this CGU. The discount rate applied is 13.7% (2024: 13.5%). \u201cClassic Collection\u201d CGU On 23 September 2025, the Board made the decision to abandon the Classic Collection Holdings operation and to not attempt to sell the business. Management determined that on abandonment of Classic Collection Holdings on 23 September 2025, the operation should be presented as a discontinued operation following the closure of the Classic Collection website. By presenting Classic Collection Holdings as a discontinued operation, Management believes that the presentation of the Income Statement is more aligned to the ongoing and anticipated recurring cash flows and revenue recognised by the business in the restructured operating model. Administrative expenses are dependent upon the net costs to the business of purchasing services. Expenses are based on the current cost base of the Group adjusted for variable costs. Key assumptions used in value in use calculations and sensitivity to changes in assumptions The main assumptions on which the forecast cash flows used for OTB were based include: \u2022 Consumer demand \u2013 management considered historic performance as well as the size of the market, current market share, competitive pressure, consumer confidence and appetite under the cost of living crisis. The Directors have used their past experience of the business and its industry, together with their expectations of the market. \u2022 Impact of new marketing and planned improvements on booking conversion \u2013 whilst the spend on incentives and improvements is within the Group\u2019s control, the impact on increasing bookings requires assessment of consumer demand and competitive pressures using industry and market knowledge. The calculation of value in use for OTB is most sensitive to the following assumptions: \u2022 Revenue: the level of sales is based on expected customer demand, average booking values and booking conversion, however a material deterioration in consumer confidence can lead to reduced demand for holidays as well as disruption to a CGU\u2019s operations from unpredictable domestic and international events which can significantly impact the level of sales. A decrease in bookings of 20% for OTB would not result in an impairment. \u2022 Discount rates: Discount rates represent the current market assessment of the risks specific to OTB, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (\u2018WACC\u2019). A rise in the discount rate to 14.8% for OTB would not result in an impairment, and is considered to be implausible. \u2022 Growth rates used to extrapolate cash flows beyond the forecast period: the Group operates in a fast-moving marketplace so management recognises that the speed of technological change and the possibility of new entrants can have a significant impact on growth rate assumptions. A reduction in long-term growth rates by 10ppts for OTB would not result in an impairment. Sensitivity analysis has been completed in isolation and in combination. Management considers that no reasonably possible changes in assumptions would reduce OTB\u2019s headroom to nil. Impact of changes in customer behaviour The Group does not consider that OTB has been automatically impaired as a result of either the rising cost of living or changes in customer behaviour in respect of climate-related matters, with booking volumes increasing for the year ending 30 September in comparison to the prior year. OTB remains viable long-term trading assets, which the Group expects to continue to generate positive cash flows. Inherent in the impairment test and sensitivity analysis is the impact of customer demand being affected by either of these factors. The Group is satisfied that sufficient headroom exists to support the asset value. Website and development costs The Group capitalises development projects where they satisfy the requirements for capitalisation in accordance with IAS 38 and expense projects that relate to ongoing maintenance and support. Capitalised development costs are not treated as a realised loss for the purpose of determining the Company\u2019s distributable profits as the costs meet the conditions requiring them to be treated as an asset in accordance with IAS 38. Additions in the year relate to the development of software and the purchase of domain names. Domain names are amortised over ten years. During the year, the Group revised the amortisation period of certain web development assets from three to five years, based on updated assessments of their expected period of use. This change has been applied prospectively from 1 October 2024 and decreased amortisation expense by \u00a32.5m for the year ended 30 September 2025. All additions in the year are amortised over a period of five years. Any assets not eligible for this change are still amortised over three years. Amortisation has been recognised within operating expenses. Research and development costs that are not eligible for capitalisation have been recognised in administrative expenses in the period incurred; in 2025 this was \u00a31.6m (2024: \u00a31.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-355": { "value": "12\u2002Intangible assets
Website and Website Customer Agent
Brand Goodwill development costs technology relationships relationships Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 October 2023
35.9
40.2
42.7
22.8
2.1
4.4
148.1
Additions
\u2013
\u2013
10.3
\u2013
\u2013
\u2013
10.3
Disposals
\u2013
\u2013
(0.4)
\u2013
\u2013
\u2013
(0.4)
Impairment (note 10)
\u2013
(4.6)
\u2013
\u2013
\u2013
\u2013
(4.6)
At 30 September 2024
35.9
35.6
52.6
22.8
2.1
4.4
153.4
Additions
\u2013
\u2013
10.4
\u2013
\u2013
\u2013
10.4
Disposals
\u2013
\u2013
(0.8)
\u2013
\u2013
\u2013
(0.8)
Write off (note 10)
(4.6)
(4.0)
\u2013
\u2013
(2.1)
(4.4)
(15.1)
At 30 September 2025
31.3
31.6
62.2
22.8
\u2013
\u2013
147.9
Accumulated amortisation
At 1 October 2023
22.4
\u2013
25.5
22.8
2.1
1.6
74.4
Charge for the year
2.5
\u2013
10.2
\u2013
\u2013
0.3
13.0
Disposals
\u2013
\u2013
(0.2)
\u2013
\u2013
\u2013
(0.2)
At 30 September 2024
24.9
\u2013
35.5
22.8
2.1
1.9
87.2
Charge for the year
2.4
\u2013
8.7
\u2013
\u2013
0.3
11.4
Disposals
\u2013
\u2013
(0.7)
\u2013
\u2013
\u2013
(0.7)
Write off (note 10)
(2.4)
\u2013
\u2013
\u2013
(2.1)
(2.2)
(6.7)
At 30 September 2025
24.9
\u2013
43.5
22.8
\u2013
\u2013
91.2
Net book amount
At 30 September 2025
6.4
31.6
18.7
\u2013
\u2013
\u2013
56.7
At 30 September 2024
11.0
35.6
17.1
\u2013
\u2013
2.5
66.2
Brand
The brand intangible assets consist of three brands which were separately identified as intangibles on the acquisition of the respective businesses. The carrying amount of the brand intangible
assets is as follows:
At 30 September At 30 September
Remaining useful 2025 2024
Brand
economic life
Acquisition
\u00a3m \u00a3m
On the Beach
3
On the Beach Travel Limited
6.0
7.9
Sunshine.co.uk
3
Sunshine.co.uk Limited
0.4
0.5
Classic Collection*
0
Classic Collection Holidays Limited
\u2013
2.6
6.4
11.0
\u201cOTB\u201d CGU The Group performed its annual impairment test as at 30 September 2025 on the \u201cOTB\u201d cash- generating unit (\u2018CGU\u2019). The recoverable amount of the CGU has been determined based on the value in use calculations using cash flow projections derived from financial budgets and projections covering a five-year period. The forecasts are then extrapolated in perpetuity based on an estimated growth rate of 2% (2024: 2%), this being the Directors\u2019 best estimate of the future prospects of the business. This is deemed appropriate because the CGU is considered to be a long-term business. Management estimates discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to this CGU. The discount rate applied is 13.7% (2024: 13.5%). \u201cClassic Collection\u201d CGU On 23 September 2025, the Board made the decision to abandon the Classic Collection Holdings operation and to not attempt to sell the business. Management determined that on abandonment of Classic Collection Holdings on 23 September 2025, the operation should be presented as a discontinued operation following the closure of the Classic Collection website. By presenting Classic Collection Holdings as a discontinued operation, Management believes that the presentation of the Income Statement is more aligned to the ongoing and anticipated recurring cash flows and revenue recognised by the business in the restructured operating model. Administrative expenses are dependent upon the net costs to the business of purchasing services. Expenses are based on the current cost base of the Group adjusted for variable costs. Key assumptions used in value in use calculations and sensitivity to changes in assumptions The main assumptions on which the forecast cash flows used for OTB were based include: \u2022 Consumer demand \u2013 management considered historic performance as well as the size of the market, current market share, competitive pressure, consumer confidence and appetite under the cost of living crisis. The Directors have used their past experience of the business and its industry, together with their expectations of the market. \u2022 Impact of new marketing and planned improvements on booking conversion \u2013 whilst the spend on incentives and improvements is within the Group\u2019s control, the impact on increasing bookings requires assessment of consumer demand and competitive pressures using industry and market knowledge. The calculation of value in use for OTB is most sensitive to the following assumptions: \u2022 Revenue: the level of sales is based on expected customer demand, average booking values and booking conversion, however a material deterioration in consumer confidence can lead to reduced demand for holidays as well as disruption to a CGU\u2019s operations from unpredictable domestic and international events which can significantly impact the level of sales. A decrease in bookings of 20% for OTB would not result in an impairment. \u2022 Discount rates: Discount rates represent the current market assessment of the risks specific to OTB, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (\u2018WACC\u2019). A rise in the discount rate to 14.8% for OTB would not result in an impairment, and is considered to be implausible. \u2022 Growth rates used to extrapolate cash flows beyond the forecast period: the Group operates in a fast-moving marketplace so management recognises that the speed of technological change and the possibility of new entrants can have a significant impact on growth rate assumptions. A reduction in long-term growth rates by 10ppts for OTB would not result in an impairment. Sensitivity analysis has been completed in isolation and in combination. Management considers that no reasonably possible changes in assumptions would reduce OTB\u2019s headroom to nil. Impact of changes in customer behaviour The Group does not consider that OTB has been automatically impaired as a result of either the rising cost of living or changes in customer behaviour in respect of climate-related matters, with booking volumes increasing for the year ending 30 September in comparison to the prior year. OTB remains viable long-term trading assets, which the Group expects to continue to generate positive cash flows. Inherent in the impairment test and sensitivity analysis is the impact of customer demand being affected by either of these factors. The Group is satisfied that sufficient headroom exists to support the asset value. Website and development costs The Group capitalises development projects where they satisfy the requirements for capitalisation in accordance with IAS 38 and expense projects that relate to ongoing maintenance and support. Capitalised development costs are not treated as a realised loss for the purpose of determining the Company\u2019s distributable profits as the costs meet the conditions requiring them to be treated as an asset in accordance with IAS 38. Additions in the year relate to the development of software and the purchase of domain names. Domain names are amortised over ten years. During the year, the Group revised the amortisation period of certain web development assets from three to five years, based on updated assessments of their expected period of use. This change has been applied prospectively from 1 October 2024 and decreased amortisation expense by \u00a32.5m for the year ended 30 September 2025. All additions in the year are amortised over a period of five years. Any assets not eligible for this change are still amortised over three years. Amortisation has been recognised within operating expenses. Research and development costs that are not eligible for capitalisation have been recognised in administrative expenses in the period incurred; in 2025 this was \u00a31.6m (2024: \u00a31.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-392": { "value": "
Impairment of goodwill
On the Beach and Sunshine are considered to be one reportable segment, as they are internally reported and managed as one entity. Goodwill acquired through Sunshine.co.uk has been allocated
to the \u201cOTB\u201d cash-generating unit. Goodwill acquired through the acquisition of Classic Collection Holidays Limited is now considered to be impaired following the discontinuation of \u201cClassic
Collection\u201d. Intangible assets acquired through the acquisition of Classic Collection Holidays relating to brand, agent and customer relationships are also considered to be impaired. See note 10 for
further details on discontinued operations.
The Group has written off the goodwill and intangibles for the discontinued operations of \u00a38.4m for the year ending 30 September 2025 (2024: \u00a34.6m). The Group believes that the recoverable
amount for the CGU has been estimated to be \u00a3nil due to the cessation of operations.
\u201cOTB\u201d CGU
The Group performed its annual impairment test as at 30 September 2025 on the \u201cOTB\u201d cash-
generating unit (\u2018CGU\u2019). The recoverable amount of the CGU has been determined based on
the value in use calculations using cash flow projections derived from financial budgets and
projections covering a five-year period. The forecasts are then extrapolated in perpetuity based
on an estimated growth rate of 2% (2024: 2%), this being the Directors\u2019 best estimate of the
future prospects of the business. This is deemed appropriate because the CGU is considered
to be a long-term business. Management estimates discount rates using pre-tax rates that
reflect current market assessments of the time value of money and the risks specific to this
CGU. The discount rate applied is 13.7% (2024: 13.5%).
\u201cClassic Collection\u201d CGU
On 23 September 2025, the Board made the decision to abandon the Classic Collection
Holdings operation and to not attempt to sell the business. Management determined that on
abandonment of Classic Collection Holdings on 23 September 2025, the operation should
be presented as a discontinued operation following the closure of the Classic Collection
website. By presenting Classic Collection Holdings as a discontinued operation, Management
believes that the presentation of the Income Statement is more aligned to the ongoing and
anticipated recurring cash flows and revenue recognised by the business in the restructured
operating model.
Administrative expenses are dependent upon the net costs to the business of purchasing
services. Expenses are based on the current cost base of the Group adjusted for variable costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-393": { "value": "
Website and development costs
The Group capitalises development projects where they satisfy the requirements for
capitalisation in accordance with IAS 38 and expense projects that relate to ongoing
maintenance and support. Capitalised development costs are not treated as a realised loss for
the purpose of determining the Company\u2019s distributable profits as the costs meet the conditions
requiring them to be treated as an asset in accordance with IAS 38.
Additions in the year relate to the development of software and the purchase of domain
names. Domain names are amortised over ten years. During the year, the Group revised
the amortisation period of certain web development assets from three to five years, based
on updated assessments of their expected period of use. This change has been applied
prospectively from 1 October 2024 and decreased amortisation expense by \u00a32.5m for the year
ended 30 September 2025. All additions in the year are amortised over a period of five years.
Any assets not eligible for this change are still amortised over three years. Amortisation has
been recognised within operating expenses.
Research and development costs that are not eligible for capitalisation have been recognised in
administrative expenses in the period incurred; in 2025 this was \u00a31.6m (2024: \u00a31.0m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-317": { "value": "
13\u2002Property, plant and equipment
Right-of-use assets (note 18)
Freehold Fixtures, fittings
property* and equipment Head office IT Equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 October 2023
2.3
6.1
4.5
2.5
15.4
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals
\u2013
(0.8)
\u2013
\u2013
(0.8)
Assets held for sale
(2.3)
\u2013
\u2013
(2.3)
At 1 October 2024
\u2013
5.3
4.5
2.5
12.3
Lease modifications (note 18)
\u2013
\u2013
\u2013
0.7
0.7
At 30 September 2025
\u2013
5.3
4.5
3.2
13.0
Accumulated depreciation
At 1 October 2023
0.3
3.7
2.0
1.1
7.1
Charge for the year
\u2013
0.7
0.5
0.9
2.1
Disposals
\u2013
(0.2)
\u2013
\u2013
(0.2)
Assets held for sale
(0.3)
\u2013
\u2013
\u2013
(0.3)
At 1 October 2024
\u2013
4.2
2.5
2.0
8.7
Charge for the year
\u2013
0.4
0.5
0.8
1.7
At 30 September 2025
\u2013
4.6
3.0
2.8
10.4
Net book amount
At 30 September 2025
\u2013
0.7
1.5
0.4
2.6
At 30 September 2024
\u2013
1.1
2.0
0.5
3.6
* In the prior year, Classic Collection Holidays Limited discontinued its website, vacated the property used for operations, and made a number of redundancies, transferring all remaining assets to Classic Package Holidays Limited.
Included within this was the freehold property owned by CCH, which was sold in the year ended 30 September 2025. The gain has been recognised within discontinued operations (note 10). There is no impairment recognised to date.
The depreciation expense of \u00a31.7m for the year ended 30 September 2025 and the depreciation expense of \u00a32.1m for the year ended 30 September 2024 have been recognised within
administrative expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-356": { "value": "13\u2002Property, plant and equipment
Right-of-use assets (note 18)
Freehold Fixtures, fittings
property* and equipment Head office IT Equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 October 2023
2.3
6.1
4.5
2.5
15.4
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals
\u2013
(0.8)
\u2013
\u2013
(0.8)
Assets held for sale
(2.3)
\u2013
\u2013
(2.3)
At 1 October 2024
\u2013
5.3
4.5
2.5
12.3
Lease modifications (note 18)
\u2013
\u2013
\u2013
0.7
0.7
At 30 September 2025
\u2013
5.3
4.5
3.2
13.0
Accumulated depreciation
At 1 October 2023
0.3
3.7
2.0
1.1
7.1
Charge for the year
\u2013
0.7
0.5
0.9
2.1
Disposals
\u2013
(0.2)
\u2013
\u2013
(0.2)
Assets held for sale
(0.3)
\u2013
\u2013
\u2013
(0.3)
At 1 October 2024
\u2013
4.2
2.5
2.0
8.7
Charge for the year
\u2013
0.4
0.5
0.8
1.7
At 30 September 2025
\u2013
4.6
3.0
2.8
10.4
Net book amount
At 30 September 2025
\u2013
0.7
1.5
0.4
2.6
At 30 September 2024
\u2013
1.1
2.0
0.5
3.6
* In the prior year, Classic Collection Holidays Limited discontinued its website, vacated the property used for operations, and made a number of redundancies, transferring all remaining assets to Classic Package Holidays Limited. Included within this was the freehold property owned by CCH, which was sold in the year ended 30 September 2025. The gain has been recognised within discontinued operations (note 10). There is no impairment recognised to date. The depreciation expense of \u00a31.7m for the year ended 30 September 2025 and the depreciation expense of \u00a32.1m for the year ended 30 September 2024 have been recognised within administrative expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentIncludingRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-318": { "value": "
14\u2002Investments
The parent company, On the Beach Group plc, is incorporated in the UK and directly holds a
number of subsidiaries. The registered address for each subsidiary is Aeroworks, 5 Adair Street,
Manchester. The table below shows details of the wholly owned subsidiaries of the Group.
Proportion of ordinary
shares held by the
Subsidiary
Nature of business
Group
On The Beach Limited
Internet travel agent
100%
On The Beach Beds Limited
In-house bedbank
100%
On the Beach Travel Limited
Holding company
100%
On the Beach Trustees Limited
Employee trust
100%
Sunshine.co.uk Limited
Internet travel agent
100%
Sunshine Abroad Limited
Dormant
100%
Classic Collection Holidays Limited**
Tour operator
100%
Classic Collection Aviation Limited
Transport broker
100%
Saxon House Properties Limited
Property management
100%
Classic Collection Holdings Limited*
Travel agent
100%
* On 23 September 2025, the Board made the decision to abandon the Classic Collection Holdings operation and
to not attempt to sell the business. Management determined that on abandonment of Classic Collection Holdings
on 23 September 2025, the operation should be presented as a discontinued operation following the closure of the
Classic Collection website.
** On 30 June 2024 Classic Collection Holidays Limited transferred all trade and assets to Classic Collection Holdings
Limited, and operations were discontinued.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-394": { "value": "14\u2002Investments The parent company, On the Beach Group plc, is incorporated in the UK and directly holds a number of subsidiaries. The registered address for each subsidiary is Aeroworks, 5 Adair Street, Manchester. The table below shows details of the wholly owned subsidiaries of the Group.
Proportion of ordinary
shares held by the
Subsidiary
Nature of business
Group
On The Beach Limited
Internet travel agent
100%
On The Beach Beds Limited
In-house bedbank
100%
On the Beach Travel Limited
Holding company
100%
On the Beach Trustees Limited
Employee trust
100%
Sunshine.co.uk Limited
Internet travel agent
100%
Sunshine Abroad Limited
Dormant
100%
Classic Collection Holidays Limited**
Tour operator
100%
Classic Collection Aviation Limited
Transport broker
100%
Saxon House Properties Limited
Property management
100%
Classic Collection Holdings Limited*
Travel agent
100%
* On 23 September 2025, the Board made the decision to abandon the Classic Collection Holdings operation and to not attempt to sell the business. Management determined that on abandonment of Classic Collection Holdings on 23 September 2025, the operation should be presented as a discontinued operation following the closure of the Classic Collection website. ** On 30 June 2024 Classic Collection Holidays Limited transferred all trade and assets to Classic Collection Holdings Limited, and operations were discontinued.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-380": { "value": "14\u2002Investments The parent company, On the Beach Group plc, is incorporated in the UK and directly holds a number of subsidiaries. The registered address for each subsidiary is Aeroworks, 5 Adair Street, Manchester. The table below shows details of the wholly owned subsidiaries of the Group.
Proportion of ordinary
shares held by the
Subsidiary
Nature of business
Group
On The Beach Limited
Internet travel agent
100%
On The Beach Beds Limited
In-house bedbank
100%
On the Beach Travel Limited
Holding company
100%
On the Beach Trustees Limited
Employee trust
100%
Sunshine.co.uk Limited
Internet travel agent
100%
Sunshine Abroad Limited
Dormant
100%
Classic Collection Holidays Limited**
Tour operator
100%
Classic Collection Aviation Limited
Transport broker
100%
Saxon House Properties Limited
Property management
100%
Classic Collection Holdings Limited*
Travel agent
100%
* On 23 September 2025, the Board made the decision to abandon the Classic Collection Holdings operation and to not attempt to sell the business. Management determined that on abandonment of Classic Collection Holdings on 23 September 2025, the operation should be presented as a discontinued operation following the closure of the Classic Collection website. ** On 30 June 2024 Classic Collection Holidays Limited transferred all trade and assets to Classic Collection Holdings Limited, and operations were discontinued.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-357": { "value": "14\u2002Investments The parent company, On the Beach Group plc, is incorporated in the UK and directly holds a number of subsidiaries. The registered address for each subsidiary is Aeroworks, 5 Adair Street, Manchester. The table below shows details of the wholly owned subsidiaries of the Group.
Proportion of ordinary
shares held by the
Subsidiary
Nature of business
Group
On The Beach Limited
Internet travel agent
100%
On The Beach Beds Limited
In-house bedbank
100%
On the Beach Travel Limited
Holding company
100%
On the Beach Trustees Limited
Employee trust
100%
Sunshine.co.uk Limited
Internet travel agent
100%
Sunshine Abroad Limited
Dormant
100%
Classic Collection Holidays Limited**
Tour operator
100%
Classic Collection Aviation Limited
Transport broker
100%
Saxon House Properties Limited
Property management
100%
Classic Collection Holdings Limited*
Travel agent
100%
* On 23 September 2025, the Board made the decision to abandon the Classic Collection Holdings operation and to not attempt to sell the business. Management determined that on abandonment of Classic Collection Holdings on 23 September 2025, the operation should be presented as a discontinued operation following the closure of the Classic Collection website. ** On 30 June 2024 Classic Collection Holidays Limited transferred all trade and assets to Classic Collection Holdings Limited, and operations were discontinued.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-319": { "value": "
15\u2002Trade and other receivables
2025 2024
Amounts falling due within one year: \u00a3m \u00a3m
Trade receivables \u2013 net
161.1
162.8
Other receivables and prepayments
41.6
23.1
Other taxes and social security
1.8
2.5
204.5
188.4
For the year ended 30 September 2025, other receivables and prepayments includes \u00a33.2m in
respect of amounts due from airlines as a result of cancellations, \u00a318.9m of advanced payments
to suppliers, \u00a311.2m of overrides commissions and \u00a34.1m of rebates due from suppliers. The
expected credit losses in respect to these balances is not material.
For the year ended 30 September 2024, other receivables and prepayments includes \u00a35.4m in
respect of amounts due from airlines as a result of cancellations, \u00a34.0m of advanced payments
to suppliers, \u00a36.3m of overrides commissions and \u00a34.5m of rebates due from suppliers. The
expected credit losses in respect to these balances is not material.
Expected credit losses for trade receivables
Set out below is the movement in the allowance for expected credit losses of trade receivables:
2025 2024
\u00a3m \u00a3m
At 1 October
1.2
1.0
Provision for expected credit losses
2.5
1.7
Utilised in year
(2.0)
(1.5)
At 30 September
1.7
1.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-395": { "value": "15\u2002Trade and other receivables
2025 2024
Amounts falling due within one year: \u00a3m \u00a3m
Trade receivables \u2013 net
161.1
162.8
Other receivables and prepayments
41.6
23.1
Other taxes and social security
1.8
2.5
204.5
188.4
For the year ended 30 September 2025, other receivables and prepayments includes \u00a33.2m in respect of amounts due from airlines as a result of cancellations, \u00a318.9m of advanced payments to suppliers, \u00a311.2m of overrides commissions and \u00a34.1m of rebates due from suppliers. The expected credit losses in respect to these balances is not material. For the year ended 30 September 2024, other receivables and prepayments includes \u00a35.4m in respect of amounts due from airlines as a result of cancellations, \u00a34.0m of advanced payments to suppliers, \u00a36.3m of overrides commissions and \u00a34.5m of rebates due from suppliers. The expected credit losses in respect to these balances is not material. Expected credit losses for trade receivables Set out below is the movement in the allowance for expected credit losses of trade receivables:
2025 2024
\u00a3m \u00a3m
At 1 October
1.2
1.0
Provision for expected credit losses
2.5
1.7
Utilised in year
(2.0)
(1.5)
At 30 September
1.7
1.2
20\u2002Deferred tax
Research and
Development Intangible Property, plant and Share based Losses and Tax assets/
Amortisation assets equipment payments unused tax relief (liabilities)
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2025
Assets
\u2013
\u2013
0.2
2.0
\u2013
2.2
Liabilities
(0.3)
(1.6)
\u2013
\u2013
\u2013
(1.9)
Total
(0.3)
(1.6)
0.2
2.0
\u2013
0.3
2024
Assets
\u2013
\u2013
0.2
0.8
1.9
2.9
Liabilities
\u2013
(3.3)
\u2013
\u2013
\u2013
(3.3)
Total
\u2013
(3.3)
0.2
0.8
1.9
(0.4)
Research and
Development Intangible Capital Acquired Share based Losses and
Amortisation assets allowances property payments unused tax relief Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
30 September 2023
\u2013
(4.0)
0.1
(0.2)
0.4
6.3
2.6
Recognised in income
\u2013
0.7
0.1
0.2
0.3
(4.4)
(3.1)
Recognised in equity
\u2013
\u2013
\u2013
\u2013
0.1
\u2013
0.1
30 September 2024
\u2013
(3.3)
0.2
\u2013
0.8
1.9
(0.4)
Recognised in income
(0.3)
1.7
\u2013
\u2013
0.8
(1.9)
0.3
Recognised in equity
\u2013
\u2013
\u2013
\u2013
0.4
\u2013
0.4
30 September 2025
(0.3)
(1.6)
0.2
\u2013
2.0
\u2013
0.3
The Group does not have carried forward losses (2024: \u00a31.9m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-381": { "value": "15\u2002Trade and other receivables
2025 2024
Amounts falling due within one year: \u00a3m \u00a3m
Trade receivables \u2013 net
161.1
162.8
Other receivables and prepayments
41.6
23.1
Other taxes and social security
1.8
2.5
204.5
188.4
For the year ended 30 September 2025, other receivables and prepayments includes \u00a33.2m in respect of amounts due from airlines as a result of cancellations, \u00a318.9m of advanced payments to suppliers, \u00a311.2m of overrides commissions and \u00a34.1m of rebates due from suppliers. The expected credit losses in respect to these balances is not material. For the year ended 30 September 2024, other receivables and prepayments includes \u00a35.4m in respect of amounts due from airlines as a result of cancellations, \u00a34.0m of advanced payments to suppliers, \u00a36.3m of overrides commissions and \u00a34.5m of rebates due from suppliers. The expected credit losses in respect to these balances is not material. Expected credit losses for trade receivables Set out below is the movement in the allowance for expected credit losses of trade receivables:
2025 2024
\u00a3m \u00a3m
At 1 October
1.2
1.0
Provision for expected credit losses
2.5
1.7
Utilised in year
(2.0)
(1.5)
At 30 September
1.7
1.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-358": { "value": "15\u2002Trade and other receivables
2025 2024
Amounts falling due within one year: \u00a3m \u00a3m
Trade receivables \u2013 net
161.1
162.8
Other receivables and prepayments
41.6
23.1
Other taxes and social security
1.8
2.5
204.5
188.4
For the year ended 30 September 2025, other receivables and prepayments includes \u00a33.2m in respect of amounts due from airlines as a result of cancellations, \u00a318.9m of advanced payments to suppliers, \u00a311.2m of overrides commissions and \u00a34.1m of rebates due from suppliers. The expected credit losses in respect to these balances is not material. For the year ended 30 September 2024, other receivables and prepayments includes \u00a35.4m in respect of amounts due from airlines as a result of cancellations, \u00a34.0m of advanced payments to suppliers, \u00a36.3m of overrides commissions and \u00a34.5m of rebates due from suppliers. The expected credit losses in respect to these balances is not material. Expected credit losses for trade receivables Set out below is the movement in the allowance for expected credit losses of trade receivables:
2025 2024
\u00a3m \u00a3m
At 1 October
1.2
1.0
Provision for expected credit losses
2.5
1.7
Utilised in year
(2.0)
(1.5)
At 30 September
1.7
1.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-320": { "value": "16\u2002Trust account Trust accounts are restricted cash held separately and only accessible once the Trust rules are met as approved by our Trustees and the Civil Aviation Authority, this is at the point the customer has travelled or the booking is cancelled and refunded. For the year ended 30 September 2025, the Trust account is split between current and non- current assets. The split is achieved by recognising the earliest point that the cash can be recognised, as either the point of the customer travelling, or the cash being reclaimable under trust rules. Therefore, the non-current assets include cash received relating to bookings not yet travelled/not yet reclaimable, that are due to return from holiday beyond 30 September 2025", "dimensions": { "concept": "onthebeachgroupplc:DisclosureOfTrustAccount", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-382": { "value": "
17\u2002Trade, other payables and provisions
2025 2024
\u00a3m \u00a3m
Non-current
Lease liabilities (note 18)
1.0
2.1
Current
Trade payables
319.2
281.0
Accruals and other payables
20.8
22.3
Contract liabilities
\u2013
0.3
Lease liabilities (note 18)
1.2
0.7
Provision
2.2
0.4
344.4
306.8
Accruals and other payables includes \u00a39.6m (2024: \u00a313.2m) for products or services received
but not yet invoiced at the year-end date.
Contract balances
The Group acts as principal when it is the primary party responsible for providing the components
that make up the customer\u2019s booking and it controls the components before transferring to the
customer. Revenue represents amounts received or receivable for the sale of package holidays
and other services supplied to the customers. Revenue is recognised when the performance
obligation of delivering an integrated package holiday is satisfied, usually over the duration of
the holiday. Revenue is stated net of discounts, rebates, refunds and value added tax.
A contract liability is recognised if a payment is received from a customer before the Group
delivers its performance obligations. Contract liabilities are recognised as revenue when the
Group delivers its performance obligations.
All principal revenue relates to bookings made through Classic Collection Holidays Limited,
which was discontinued in the prior year (see note 10).
Set below is the amount of revenue recognised from:
2025 2024
\u00a3m \u00a3m
Amounts included in contract liabilities at the
beginning of the year
0.3
5.8
Performance obligations satisfied during previous years
0.3
1.0
Provisions
2025
2024
Discontinued
operations Cancellations Cancellations
Provisions \u00a3m \u00a3m \u00a3m
At 1 October
\u2013
0.4
0.4
Arising during the year
1.2
1.0
0.4
Utilised
\u2013
(0.4)
(0.3)
Unused amounts reversed
\u2013
\u2013
(0.1)
At 30 September
1.2
1.0
0.4
Current
1.2
1.0
0.4
Non-current
\u2013
\u2013
\u2013
Cancellations
A provision has been recognised in respect of expected future cancellations for supplier and
customer cancellations on the forward order book for future departures. The Group expects this
provision to be utilised over the next year. The provision is based on historical trends and best
estimates of future expectation. There is inherent uncertainty in terms of the level and timing of
future cancellations, which will depend on various factors including potential supplier disruption
and customer requested cancellations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-359": { "value": "17\u2002Trade, other payables and provisions
2025 2024
\u00a3m \u00a3m
Non-current
Lease liabilities (note 18)
1.0
2.1
Current
Trade payables
319.2
281.0
Accruals and other payables
20.8
22.3
Contract liabilities
\u2013
0.3
Lease liabilities (note 18)
1.2
0.7
Provision
2.2
0.4
344.4
306.8
Accruals and other payables includes \u00a39.6m (2024: \u00a313.2m) for products or services received but not yet invoiced at the year-end date. Contract balances The Group acts as principal when it is the primary party responsible for providing the components that make up the customer\u2019s booking and it controls the components before transferring to the customer. Revenue represents amounts received or receivable for the sale of package holidays and other services supplied to the customers. Revenue is recognised when the performance obligation of delivering an integrated package holiday is satisfied, usually over the duration of the holiday. Revenue is stated net of discounts, rebates, refunds and value added tax. A contract liability is recognised if a payment is received from a customer before the Group delivers its performance obligations. Contract liabilities are recognised as revenue when the Group delivers its performance obligations. All principal revenue relates to bookings made through Classic Collection Holidays Limited, which was discontinued in the prior year (see note 10). Set below is the amount of revenue recognised from:
2025 2024
\u00a3m \u00a3m
Amounts included in contract liabilities at the
beginning of the year
0.3
5.8
Performance obligations satisfied during previous years
0.3
1.0
Provisions
2025
2024
Discontinued
operations Cancellations Cancellations
Provisions \u00a3m \u00a3m \u00a3m
At 1 October
\u2013
0.4
0.4
Arising during the year
1.2
1.0
0.4
Utilised
\u2013
(0.4)
(0.3)
Unused amounts reversed
\u2013
\u2013
(0.1)
At 30 September
1.2
1.0
0.4
Current
1.2
1.0
0.4
Non-current
\u2013
\u2013
\u2013
Cancellations A provision has been recognised in respect of expected future cancellations for supplier and customer cancellations on the forward order book for future departures. The Group expects this provision to be utilised over the next year. The provision is based on historical trends and best estimates of future expectation. There is inherent uncertainty in terms of the level and timing of future cancellations, which will depend on various factors including potential supplier disruption and customer requested cancellations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-321": { "value": "17\u2002Trade, other payables and provisions
2025 2024
\u00a3m \u00a3m
Non-current
Lease liabilities (note 18)
1.0
2.1
Current
Trade payables
319.2
281.0
Accruals and other payables
20.8
22.3
Contract liabilities
\u2013
0.3
Lease liabilities (note 18)
1.2
0.7
Provision
2.2
0.4
344.4
306.8
Accruals and other payables includes \u00a39.6m (2024: \u00a313.2m) for products or services received but not yet invoiced at the year-end date. Contract balances The Group acts as principal when it is the primary party responsible for providing the components that make up the customer\u2019s booking and it controls the components before transferring to the customer. Revenue represents amounts received or receivable for the sale of package holidays and other services supplied to the customers. Revenue is recognised when the performance obligation of delivering an integrated package holiday is satisfied, usually over the duration of the holiday. Revenue is stated net of discounts, rebates, refunds and value added tax. A contract liability is recognised if a payment is received from a customer before the Group delivers its performance obligations. Contract liabilities are recognised as revenue when the Group delivers its performance obligations. All principal revenue relates to bookings made through Classic Collection Holidays Limited, which was discontinued in the prior year (see note 10). Set below is the amount of revenue recognised from:
2025 2024
\u00a3m \u00a3m
Amounts included in contract liabilities at the
beginning of the year
0.3
5.8
Performance obligations satisfied during previous years
0.3
1.0
Provisions
2025
2024
Discontinued
operations Cancellations Cancellations
Provisions \u00a3m \u00a3m \u00a3m
At 1 October
\u2013
0.4
0.4
Arising during the year
1.2
1.0
0.4
Utilised
\u2013
(0.4)
(0.3)
Unused amounts reversed
\u2013
\u2013
(0.1)
At 30 September
1.2
1.0
0.4
Current
1.2
1.0
0.4
Non-current
\u2013
\u2013
\u2013
Cancellations A provision has been recognised in respect of expected future cancellations for supplier and customer cancellations on the forward order book for future departures. The Group expects this provision to be utilised over the next year. The provision is based on historical trends and best estimates of future expectation. There is inherent uncertainty in terms of the level and timing of future cancellations, which will depend on various factors including potential supplier disruption and customer requested cancellations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-399": { "value": "17\u2002Trade, other payables and provisions
2025 2024
\u00a3m \u00a3m
Non-current
Lease liabilities (note 18)
1.0
2.1
Current
Trade payables
319.2
281.0
Accruals and other payables
20.8
22.3
Contract liabilities
\u2013
0.3
Lease liabilities (note 18)
1.2
0.7
Provision
2.2
0.4
344.4
306.8
Accruals and other payables includes \u00a39.6m (2024: \u00a313.2m) for products or services received but not yet invoiced at the year-end date. Contract balances The Group acts as principal when it is the primary party responsible for providing the components that make up the customer\u2019s booking and it controls the components before transferring to the customer. Revenue represents amounts received or receivable for the sale of package holidays and other services supplied to the customers. Revenue is recognised when the performance obligation of delivering an integrated package holiday is satisfied, usually over the duration of the holiday. Revenue is stated net of discounts, rebates, refunds and value added tax. A contract liability is recognised if a payment is received from a customer before the Group delivers its performance obligations. Contract liabilities are recognised as revenue when the Group delivers its performance obligations. All principal revenue relates to bookings made through Classic Collection Holidays Limited, which was discontinued in the prior year (see note 10). Set below is the amount of revenue recognised from:
2025 2024
\u00a3m \u00a3m
Amounts included in contract liabilities at the
beginning of the year
0.3
5.8
Performance obligations satisfied during previous years
0.3
1.0
Provisions
2025
2024
Discontinued
operations Cancellations Cancellations
Provisions \u00a3m \u00a3m \u00a3m
At 1 October
\u2013
0.4
0.4
Arising during the year
1.2
1.0
0.4
Utilised
\u2013
(0.4)
(0.3)
Unused amounts reversed
\u2013
\u2013
(0.1)
At 30 September
1.2
1.0
0.4
Current
1.2
1.0
0.4
Non-current
\u2013
\u2013
\u2013
Cancellations A provision has been recognised in respect of expected future cancellations for supplier and customer cancellations on the forward order book for future departures. The Group expects this provision to be utilised over the next year. The provision is based on historical trends and best estimates of future expectation. There is inherent uncertainty in terms of the level and timing of future cancellations, which will depend on various factors including potential supplier disruption and customer requested cancellations. 20\u2002Deferred tax
Research and
Development Intangible Property, plant and Share based Losses and Tax assets/
Amortisation assets equipment payments unused tax relief (liabilities)
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2025
Assets
\u2013
\u2013
0.2
2.0
\u2013
2.2
Liabilities
(0.3)
(1.6)
\u2013
\u2013
\u2013
(1.9)
Total
(0.3)
(1.6)
0.2
2.0
\u2013
0.3
2024
Assets
\u2013
\u2013
0.2
0.8
1.9
2.9
Liabilities
\u2013
(3.3)
\u2013
\u2013
\u2013
(3.3)
Total
\u2013
(3.3)
0.2
0.8
1.9
(0.4)
Research and
Development Intangible Capital Acquired Share based Losses and
Amortisation assets allowances property payments unused tax relief Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
30 September 2023
\u2013
(4.0)
0.1
(0.2)
0.4
6.3
2.6
Recognised in income
\u2013
0.7
0.1
0.2
0.3
(4.4)
(3.1)
Recognised in equity
\u2013
\u2013
\u2013
\u2013
0.1
\u2013
0.1
30 September 2024
\u2013
(3.3)
0.2
\u2013
0.8
1.9
(0.4)
Recognised in income
(0.3)
1.7
\u2013
\u2013
0.8
(1.9)
0.3
Recognised in equity
\u2013
\u2013
\u2013
\u2013
0.4
\u2013
0.4
30 September 2025
(0.3)
(1.6)
0.2
\u2013
2.0
\u2013
0.3
The Group does not have carried forward losses (2024: \u00a31.9m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-396": { "value": "17\u2002Trade, other payables and provisions
2025 2024
\u00a3m \u00a3m
Non-current
Lease liabilities (note 18)
1.0
2.1
Current
Trade payables
319.2
281.0
Accruals and other payables
20.8
22.3
Contract liabilities
\u2013
0.3
Lease liabilities (note 18)
1.2
0.7
Provision
2.2
0.4
344.4
306.8
Accruals and other payables includes \u00a39.6m (2024: \u00a313.2m) for products or services received but not yet invoiced at the year-end date. Contract balances The Group acts as principal when it is the primary party responsible for providing the components that make up the customer\u2019s booking and it controls the components before transferring to the customer. Revenue represents amounts received or receivable for the sale of package holidays and other services supplied to the customers. Revenue is recognised when the performance obligation of delivering an integrated package holiday is satisfied, usually over the duration of the holiday. Revenue is stated net of discounts, rebates, refunds and value added tax. A contract liability is recognised if a payment is received from a customer before the Group delivers its performance obligations. Contract liabilities are recognised as revenue when the Group delivers its performance obligations. All principal revenue relates to bookings made through Classic Collection Holidays Limited, which was discontinued in the prior year (see note 10). Set below is the amount of revenue recognised from:
2025 2024
\u00a3m \u00a3m
Amounts included in contract liabilities at the
beginning of the year
0.3
5.8
Performance obligations satisfied during previous years
0.3
1.0
Provisions
2025
2024
Discontinued
operations Cancellations Cancellations
Provisions \u00a3m \u00a3m \u00a3m
At 1 October
\u2013
0.4
0.4
Arising during the year
1.2
1.0
0.4
Utilised
\u2013
(0.4)
(0.3)
Unused amounts reversed
\u2013
\u2013
(0.1)
At 30 September
1.2
1.0
0.4
Current
1.2
1.0
0.4
Non-current
\u2013
\u2013
\u2013
Cancellations A provision has been recognised in respect of expected future cancellations for supplier and customer cancellations on the forward order book for future departures. The Group expects this provision to be utilised over the next year. The provision is based on historical trends and best estimates of future expectation. There is inherent uncertainty in terms of the level and timing of future cancellations, which will depend on various factors including potential supplier disruption and customer requested cancellations. b)\u2002Contingencies There are no contingencies held at 30 September 2025. In September 2010, proceedings were initiated against On the Beach Limited by Ryanair alleging infringement of, inter alia, its intellectual property rights. The amount of the claim was unquantified. In February 2024, On the Beach entered into a partnership with Ryanair and the legal proceedings in Ireland were placed on hold. In July 2025, On the Beach and Ryanair agreed to dispose of the proceedings permanently and all legal action has now been concluded.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-322": { "value": "
18\u2002Leases
The Group as a lessee
The Group has leases for its head office; the lease term for the building is ten years.
The Group also lease IT equipment, for which the contracts are between three and five years.
For the year ending 30 September 2025, the lease on IT equipment was due to expire, and
as such the lease has been extended into FY26. Before this expires, a separate lease for
IT equipment will begin, in order to make the transition smoother. Please see note 25 for
more information.
With the exception of short-term leases and leases of low-value underlying assets, each lease is
reflected on the balance sheet as a right-of-use asset and a lease liability. The Group classifies
its right-of-use assets in a consistent manner to its property, plant and equipment (see note 13).
Amounts recognised in profit or loss
The following lease-related expenses were recognised under IFRS 16 in the profit or loss:
2025 2024
\u00a3m \u00a3m
Depreciation expense of right-of-use assets
1.3
1.4
Interest expense on lease liabilities
0.1
0.1
Total amount recognised in profit or loss
1.4
1.5
Set out below are the carrying amounts of lease liabilities (including trade and other payables)
and the movements during the period:
2025 2024
\u00a3m \u00a3m
As at 1 October
2.8
4.5
Additions
\u2013
\u2013
Accretion of interest
0.1
0.1
Payments
(1.4)
(1.8)
Modification of lease
0.7
\u2013
As at 30 September
2.2
2.8
Current (note 17)
1.2
0.7
Non-current (note 17)
1.0
2.1
The Group had total cash outflows for leases of \u00a31.4m in 2025 (\u00a31.8m in 2024). The above table
satisfies the requirements of IAS 7.44A to present a net debt reconciliation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-323": { "value": "
19\u2002Borrowings
Bank facility
On 7 December 2022, the Group entered into a new facility for \u00a360m expiring in December
2025, opting to exercise the \u00a325m accordion to bring the total facility to \u00a385m. This was then
extended until December 2027.
For the year ending 30 September 2025, the Group has completed a refinancing with Lloyds,
NatWest and HSBC, entering a four-year credit facility of \u00a3120m with an accordion of \u00a330m,
expiring September 2029. The purpose of the facility is to meet the day-to-day working capital
requirements of the Group. At the point of refinancing there was nothing drawn down. Upon
refinancing, a new facility fee of \u00a30.6m was prepaid, being amortised over the new period. The
amortisation is recognised within finance expenses.
The total facility is \u00a3120m and has three elements as follows:
\u2022 \u00a340.0m facility with Lloyds
\u2022 \u00a340.0m facility with Natwest
\u2022 \u00a340.0m facility with HSBC
The interest rate payable is equal to SONIA plus a margin. The margin contained within the
facility is dependent on net leverage ratio and the rate per annum ranges from 1.4% to 2.4% for
the facility or any unpaid sum.
The terms of the facility include the following key financial covenants:
i. that the ratio of adjusted EBITDA to net finance charges in respect of any relevant period
shall not be less than 4:1; and
ii. that the ratio of total net debt to adjusted EBITDA shall not exceed 3.1.
The Group did not breach the covenants during the period.
The RCF is available for other credit uses including currency hedging liabilities and corporate
credit cards. At 30 September 2025, the liabilities recognised in trade and other payables for
the other credit uses was \u00a3nil (2024: \u00a312m), leaving \u00a3120m of the Lloyds/Natwest/HSBC facility
available for use. Card facilities with other providers remain available for use. The amount drawn
down in cash at 30 September 2025 was \u00a3nil (2024: \u00a3nil).
23\u2002Financial instruments
Details of material accounting policies and methods adopted, including criteria for recognition,
the basis of measurement and the basis on which income and expenses are recognised, in
respect of each class of financial asset, financial liability and equity instrument are disclosed in
note 2i the statement of accounting policies.
At the balance sheet date the Group held the following:
2025 2024
FV Level \u00a3m \u00a3m
Financial assets
Derivative financial assets designated as
hedging instruments
Forward exchange contracts
2
3.4
\u2013
Financial assets at amortised cost
Trust account
142.9
139.5
Cash at bank
91.7
96.2
Trade and other receivables (note 15)
185.6
184.3
Total financial assets
423.6
420.0
Financial liabilities
Derivatives designated as hedging
instruments
Forward exchange contracts
2
(0.8)
(5.2)
Interest rate swaps
\u2013
(0.1)
Interest rate collar
(0.1)
\u2013
Financial liabilities at amortised cost
Trade payables (note 17)
(319.2)
(281.0)
Accruals and other payables (note 17)
(20.8)
(22.3)
Contract liabilities (note 17)
\u2013
(0.3)
Lease liabilities (note 18)
(2.2)
(2.8)
Provisions
(2.2)
(0.4)
Total financial liabilities
(345.3)
(312.1)
Derivative financial instruments
The Group enters into derivative financial instruments with various financial institutions which
are valued using present value calculations. The valuation methods incorporate various inputs
including the foreign exchange spot and forward rates, yield curves of the respective currencies
and currency basis spreads between the respective currencies, as well as SONIA and other
interest rates.
Revolving credit facility
In order to fund seasonal working capital requirements the Group has a revolving credit facility
with Lloyds and NatWest Banks. The borrowing limit under the facility is \u00a3120m in aggregate,
subject to covenant compliance; at year end the facility was \u00a3nil (2024: \u00a3nil). For details of the
revolving credit facility, see note 19.
The following table provides the fair values of the Group\u2019s financial assets and liabilities:
2025 2024
FV Level \u00a3m \u00a3m
Forward exchange contracts
2
2.6
(5.2)
2025 2024
FV Level \u00a3m \u00a3m
Interest rate swaps
2
\u2013
(0.1)
2025 2024
FV Level \u00a3m \u00a3m
Interest rate collar
2
(0.1)
\u2013
There is no difference between the carrying value and fair value of cash and cash equivalents,
trade and other receivables, trade and other payables and the revolving credit facility.
Measurement of fair values
The table below analyses financial instruments carried at fair value, by valuation method.
The different levels have been defined as follows:
i. Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
ii. Level 2: inputs other than quoted prices included within Level 1 that are observable for the
asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and
iii. Level 3: inputs for the asset or liability that are not based on observable market data
(unobservable inputs).
Level 1 Level 2 Level 3
\u00a3m \u00a3m \u00a3m
Forward contracts
As at 30 September 2025
\u2013
2.6
\u2013
As at 30 September 2024
\u2013
(5.2)
\u2013
Interest rate swaps
As at 30 September 2025
\u2013
\u2013
\u2013
As at 30 September 2024
\u2013
(0.1)
\u2013
Interest rate collar
As at 30 September 2025
\u2013
(0.1)
\u2013
As at 30 September 2024
\u2013
\u2013
\u2013
The forward contracts have been fair valued at 30 September 2025 with reference to forward
exchange rates that are quoted in an active market, with the resulting value discounted back to
present value.
Interest rate swaps have been fair valued at 30 September 2025, being compared to SONIA,
quoted by the Bank of England. The resulting value is discounted back to present value.
Financial risk management
The Group\u2019s principal financial liabilities, other than derivatives, comprise the revolving credit
facility, and trade and other payables. The main purpose of these financial liabilities is to finance
the Group\u2019s operations. The Group\u2019s principal financial assets include trade receivables, and
cash at bank that derive directly from its operations.
In the course of its business the Group is exposed to market risk (including foreign exchange
risk and interest rate risk), credit risk, liquidity risk and technology risk. The Group\u2019s overall risk
management strategy is to minimise potential adverse effects on the financial performance and
net assets of the Group. These policies are set and reviewed by senior finance management
and all significant financing transactions are authorised by the Board of Directors.
Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will
fluctuate because of changes in market prices.
The Group\u2019s key financial market risks are in relation to foreign currency rates. Foreign currency
risk results from the substantial cross-border element of the Group\u2019s trading and arises on sales
and purchases that are denominated in a currency other than the functional currency of the
business. Group cash resources are matched with the net funding requirements sourced from
three sources, namely internally generated funds, loan facilities and bank funding arrangements.
The foreign currency risk is managed at Group level by the purchase of foreign currency
contracts for use as a commercial hedge. During the course of the period there have been no
changes to the market risk or manner in which the Group manages its exposure. The Group is
exposed to interest rate risk that arises principally through the Group\u2019s revolving credit facility.
Liquidity risk, credit risk and capital risk is considered below. The Executive team is responsible
for implementing the risk management strategy to ensure that an appropriate risk management
framework is operating effectively, embedding a risk mitigation culture throughout the
Group. The Board is provided with a consolidated view of the risk profile of the Group. All
major exposures are identified and mitigating controls identified and implemented. Regular
management reporting and assessment of the effectiveness of controls provide a balanced
assessment of the key risks and the effectiveness of controls.
The Group does not speculate with derivatives or other financial instruments.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument
will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk
of changes in market interest rates is through the revolving credit facility which is subject to
fluctuations in SONIA. The interest rate swaps and collar acquired are used to hedge this risk
and reduce the overall interest rate risk of the revolving credit facility.
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will
fluctuate because of changes in foreign exchange rates. The majority of the Group\u2019s purchases
are sourced from outside the United Kingdom and as such the Group is exposed to the
fluctuation in exchange rates (currencies are principally Sterling, US Dollar and Euro). The
Group places forward cover on the net foreign currency exposure of its purchases. The Group
foreign currency requirement is reviewed twice weekly and forward cover is purchased to cover
expected usage.
The carrying amount of the Group\u2019s foreign currency denominated monetary assets and
monetary liabilities at the reporting date are as follows:
2025 2024
Euro \u20acm \u20acm
Cash
13.4
37.4
Trade payables
(260.2)
(240.6)
Trade receivables
5.0
0.6
Forward exchange contracts
211.2
193.9
Prepayments
1.2
1.3
Balance sheet exposure
(29.4)
( 7.4)
2025 2024
US Dollar $m $m
Cash
3.3
3.4
Trade payables
(27.0)
(32.3)
Forward exchange contracts
32.5
27.3
Balance sheet exposure
8.8
(1.6)
2025 2024
Swedish Krona Kr m Kr m
Cash
0.7
0.7
Trade payables
\u2013
(9.7)
Balance sheet exposure
0.7
(9.0)
2025 2024
Norwegian Krona Kr m Kr m
Cash
0.2
0.2
Trade payables
\u2013
(1.0)
Balance sheet exposure
0.2
(0.8)
2025 2024
Moroccan Dirham MAD m MAD m
Cash
1.2
6.2
Trade payables
(0.5)
(6.3)
Forward exchange contracts
2.5
1.9
Balance sheet exposure
3.2
1.8
2025 2024
United Arab Emirates Dirham AED m AED m
Trade payables
(0.1)
(1.0)
Balance sheet exposure
(0.1)
(1.0)
2025 2024
Swiss Franc CHF m CHF m
Cash
\u2013
0.1
Balance sheet exposure
\u2013
0.1
2025 2024
Thai Baht THB m THB m
Trade payables
\u2013
(2.2)
Balance sheet exposure
\u2013
(2.2)
2025 2024
Malaysian Ringgit MYR m MYR m
Trade payables
\u2013
(1.1)
Balance sheet exposure
\u2013
(1.1)
2025 2024
South African Rand ZAR m ZAR m
Trade payables
\u2013
(0.7)
Balance sheet exposure
\u2013
(0.7)
Foreign currency sensitivity
The following table details the Group sensitivity to a percentage change in Pounds Sterling
against these currencies with regards to equity. The sensitivity analysis of the Group\u2019s
exposure to foreign currency risk at the reporting date has been determined based on a 10%
change taking place at the beginning of the financial period and held constant throughout the
reporting period:
2025 2024
\u00a3m \u00a3m
Euro
Weakening \u2013 10%
10.3
10.0
Strengthening \u2013 10%
(10.3)
(10.0)
US Dollar
Weakening \u2013 10%
1.7
1.0
Strengthening \u2013 10%
(1.7)
(1.0)
Moroccan Dirham
Weakening \u2013 10%
0.2
\u2013
Strengthening \u2013 10%
(0.2)
\u2013
The Group uses forward exchange contracts to hedge its foreign currency risk against Sterling.
The forward contracts have maturities of less than one year after the balance sheet date.
Hedge ineffectiveness can arise from differences in timing of cash flows of the hedged item
and hedging instrument, the counterparties\u2019 credit risk differently impacting the fair value
movements of the hedging instrument and hedged item.
As a matter of policy the Group does not enter into derivative contracts for speculative purposes. The details of such contracts at the year-end, by currency were:
2025
2024
Foreign Notional Carrying Foreign Notional Carrying
currency value amount currency value amount
EUR \u20acm \u00a3m \u00a3m \u20acm \u00a3m \u00a3m
30 September
Less than 3 months
116.2
99.9
1.5
97.4
83.7
(2.5)
3 to 6 months
23.4
20.2
0.2
19.7
17.0
(0.5)
6 to 12 months
70.7
62.0
0.4
72.6
62.4
(1.1)
12+ months
0.9
0.8
\u2013
4.2
3.6
(0.1)
Total
211.2
182.9
2.1
193.9
166.7
(4.2)
2025
2024
Foreign Notional Carrying Foreign Notional Carrying
currency value amount currency value amount
USD $m \u00a3m \u00a3m $m \u00a3m \u00a3m
30 September
Less than 3 months
19.0
14.5
0.4
14.3
11.2
(0.6)
3 to 6 months
6.0
4.5
0.1
5.3
4.1
(0.2)
6 to 12 months
7.5
5.6
\u2013
7.5
5.8
(0.2)
12+ months
\u2013
\u2013
\u2013
0.2
0.2
\u2013
Total
32.5
24.6
0.5
27.3
21.3
(1.0)
2025
2024
Foreign Notional Carrying Foreign Notional Carrying
currency value amount currency value amount
MAD MAD m \u00a3m \u00a3m MAD m \u00a3m \u00a3m
30 September
Less than 3 months
1.8
0.2
\u2013
1.7
0.1
\u2013
3 to 6 months
0.4
\u2013
\u2013
0.1
\u2013
\u2013
6 to 12 months
0.2
\u2013
\u2013
0.1
\u2013
\u2013
Total
2.4
0.2
\u2013
1.9
0.1
\u2013
The impact of the hedging instruments on the statement of financial position is as follows:
Notional Carrying Change in
amount amount Line in the statement fair value
\u00a3m \u00a3m of financial position \u00a3m
As at 30 September 2025
Foreign exchange forward contracts
207.6
2.6
Derivative financial instruments
8.5
Interest rate collar
80.0
(0.1)
Derivative financial instruments
(0.1)
Interest rate swaps
60.0
\u2013
Derivative financial instruments
0.1
As at 30 September 2024
Foreign exchange forward contracts
188.1
(5.2)
Derivative financial instruments
4.3
Interest rate swaps
60.0
(0.1)
Derivative financial instruments
(0.1)
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. Credit risk arises from cash balances and derivative financial
instruments, as well as credit exposures to customers, including outstanding receivables, financial guarantees and committed transactions. Credit risk is managed separately for treasury and
operating-related credit exposures. Customer credit risk is managed by the Group\u2019s business units which each have policies, procedures and controls relating to customer credit risk management.
Outstanding trade receivables balances are regularly reviewed to monitor any changes in credit risk with concentrations of credit risk considered to be limited given that the Group\u2019s customer base
is large and unrelated.
Trade receivables and other receivables
The ageing of trade receivables at the balance sheet date was:
Not past due Past due 0\u201390 days Past due >90 days Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 30 September 2025
160.7
0.3
0.1
161.1
At 30 September 2024
162.4
0.3
0.1
162.8
The ageing of other receivables at the balance sheet date was:
Not past due Past due 0\u201390 days Past due >90 days Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 30 September 2025
24.5
\u2013
\u2013
24.5
At 30 September 2024
21.5
\u2013
\u2013
21.5
In line with IFRS 9, the Group applies the simplified approach for the impairment of trade and other receivables and therefore does not track changes in credit risk, instead a loss allowance is
recognised based on lifetime expected credit losses at each reporting date. The Group uses a provision matrix to measure expected credit losses based on historical cancellation and recovery
rates and considers forward-looking factors, including the impact of rising cost of living and inflation rates.
Financial instruments and cash deposits
As part of credit risk, the Group is subject to counterparty risk in respect of the cash and cash equivalents held on deposit with banks and foreign currency financial instruments. The Group
generally deposits cash and undertakes currency transactions with highly rated banks. The Group considers that its cash and cash equivalents have low credit risk based on the external credit
ratings of the counterparties.
No collateral or credit enhancements are held in respect of any financial derivatives. The maximum exposure to credit risk at each reporting date is the fair value of financial assets and
trade receivables.
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. It is Group policy to maintain a balance of funds, borrowing, committed bank loans and other
facilities sufficient to meet anticipated short-term and long-term financial requirements. In applying the policy the Group continuously monitors forecast and actual cash flows against the maturity
profiles of financial assets and liabilities. It is Group policy to ensure that a specific level of committed facilities is always available based on forecast working capital requirements. Cash forecasts
identifying the Group\u2019s liquidity requirements are produced and are sensitised for different scenarios including, but not limited to, decreases in profit margins and weakening of sterling against
other functional currencies.
The following are the contractual maturities of financial liabilities:
Carrying Contractual
amount cash flows Within 1 year 1 to 5 years > 5 years
Financial liabilities at amortised cost \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
30 September 2025
Trade payables
319.2
319.2
319.2
\u2013
\u2013
Lease liabilities
2.2
2.2
1.2
1.0
\u2013
Contract liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
Other payables
20.8
20.8
20.8
\u2013
\u2013
342.2
341.2
341.2
1.0
\u2013
30 September 2024
Trade payables
281.0
281.0
281.0
\u2013
\u2013
Lease liabilities
2.8
2.9
1.1
1.8
\u2013
Contract liabilities
0.3
0.3
0.3
\u2013
\u2013
Other payables
22.3
22.3
22.3
\u2013
\u2013
306.4
306.5
304.7
1.8
\u2013
Capital management
It is the Group\u2019s policy to maintain an appropriate equity capital base so as to maintain investor, creditor and market confidence and to sustain the future development of the business. The capital
structure of the Group consists of the net cash (borrowings disclosed in note 19) and equity of the Group as disclosed in note 21.
The Group is not subject to any externally imposed capital requirements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-360": { "value": "19\u2002Borrowings Bank facility On 7 December 2022, the Group entered into a new facility for \u00a360m expiring in December 2025, opting to exercise the \u00a325m accordion to bring the total facility to \u00a385m. This was then extended until December 2027. For the year ending 30 September 2025, the Group has completed a refinancing with Lloyds, NatWest and HSBC, entering a four-year credit facility of \u00a3120m with an accordion of \u00a330m, expiring September 2029. The purpose of the facility is to meet the day-to-day working capital requirements of the Group. At the point of refinancing there was nothing drawn down. Upon refinancing, a new facility fee of \u00a30.6m was prepaid, being amortised over the new period. The amortisation is recognised within finance expenses. The total facility is \u00a3120m and has three elements as follows: \u2022 \u00a340.0m facility with Lloyds \u2022 \u00a340.0m facility with Natwest \u2022 \u00a340.0m facility with HSBC The interest rate payable is equal to SONIA plus a margin. The margin contained within the facility is dependent on net leverage ratio and the rate per annum ranges from 1.4% to 2.4% for the facility or any unpaid sum. The terms of the facility include the following key financial covenants: i. that the ratio of adjusted EBITDA to net finance charges in respect of any relevant period shall not be less than 4:1; and ii. that the ratio of total net debt to adjusted EBITDA shall not exceed 3.1. The Group did not breach the covenants during the period. The RCF is available for other credit uses including currency hedging liabilities and corporate credit cards. At 30 September 2025, the liabilities recognised in trade and other payables for the other credit uses was \u00a3nil (2024: \u00a312m), leaving \u00a3120m of the Lloyds/Natwest/HSBC facility available for use. Card facilities with other providers remain available for use. The amount drawn down in cash at 30 September 2025 was \u00a3nil (2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-383": { "value": "20\u2002Deferred tax
Research and
Development Intangible Property, plant and Share based Losses and Tax assets/
Amortisation assets equipment payments unused tax relief (liabilities)
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2025
Assets
\u2013
\u2013
0.2
2.0
\u2013
2.2
Liabilities
(0.3)
(1.6)
\u2013
\u2013
\u2013
(1.9)
Total
(0.3)
(1.6)
0.2
2.0
\u2013
0.3
2024
Assets
\u2013
\u2013
0.2
0.8
1.9
2.9
Liabilities
\u2013
(3.3)
\u2013
\u2013
\u2013
(3.3)
Total
\u2013
(3.3)
0.2
0.8
1.9
(0.4)
Research and
Development Intangible Capital Acquired Share based Losses and
Amortisation assets allowances property payments unused tax relief Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
30 September 2023
\u2013
(4.0)
0.1
(0.2)
0.4
6.3
2.6
Recognised in income
\u2013
0.7
0.1
0.2
0.3
(4.4)
(3.1)
Recognised in equity
\u2013
\u2013
\u2013
\u2013
0.1
\u2013
0.1
30 September 2024
\u2013
(3.3)
0.2
\u2013
0.8
1.9
(0.4)
Recognised in income
(0.3)
1.7
\u2013
\u2013
0.8
(1.9)
0.3
Recognised in equity
\u2013
\u2013
\u2013
\u2013
0.4
\u2013
0.4
30 September 2025
(0.3)
(1.6)
0.2
\u2013
2.0
\u2013
0.3
The Group does not have carried forward losses (2024: \u00a31.9m).", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-362": { "value": "20\u2002Deferred tax
Research and
Development Intangible Property, plant and Share based Losses and Tax assets/
Amortisation assets equipment payments unused tax relief (liabilities)
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2025
Assets
\u2013
\u2013
0.2
2.0
\u2013
2.2
Liabilities
(0.3)
(1.6)
\u2013
\u2013
\u2013
(1.9)
Total
(0.3)
(1.6)
0.2
2.0
\u2013
0.3
2024
Assets
\u2013
\u2013
0.2
0.8
1.9
2.9
Liabilities
\u2013
(3.3)
\u2013
\u2013
\u2013
(3.3)
Total
\u2013
(3.3)
0.2
0.8
1.9
(0.4)
Research and
Development Intangible Capital Acquired Share based Losses and
Amortisation assets allowances property payments unused tax relief Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
30 September 2023
\u2013
(4.0)
0.1
(0.2)
0.4
6.3
2.6
Recognised in income
\u2013
0.7
0.1
0.2
0.3
(4.4)
(3.1)
Recognised in equity
\u2013
\u2013
\u2013
\u2013
0.1
\u2013
0.1
30 September 2024
\u2013
(3.3)
0.2
\u2013
0.8
1.9
(0.4)
Recognised in income
(0.3)
1.7
\u2013
\u2013
0.8
(1.9)
0.3
Recognised in equity
\u2013
\u2013
\u2013
\u2013
0.4
\u2013
0.4
30 September 2025
(0.3)
(1.6)
0.2
\u2013
2.0
\u2013
0.3
The Group does not have carried forward losses (2024: \u00a31.9m).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-361": { "value": "
21\u2002Share capital
2025 2024
\u00a3m \u00a3m
Allotted, called up and fully paid
155,079,
777 ordinary shares @ \u00a30.01 each (2024: 166,991,435 ordinary shares @ \u00a30.01 each)
1.6
1.7
During the year ended 30 September 2025, the Group repurchased 15,311,161 shares with a nominal value of \u00a30.01, for a total consideration of \u00a333.0m. At year end, \u00a32.1m of this was unpaid, and
is included within trade payables. 10,906,616 shares have been cancelled, for a consideration of \u00a325.0m. The nominal value of \u00a30.1m was deducted from share capital and recognised within the
Capital Contribution Reserve, with \u00a325.0m being deducted from retained earnings. 4,387,357 treasury shares remain within equity at the period end, for a consideration value of \u00a37.4m.
On 23 September 2025 the Group entered into an agreement to commence a share buyback programme in respect of its ordinary shares of 1p each (\u201cOrdinary Shares\u201d) for up to a maximum
aggregate consideration of \u00a325 million (excluding any associated costs and stamp duty) from the date of this announcement (the \u201cShare Buyback Programme\u201d). The purchased Ordinary Shares
have been cancelled. Although described as non-discretionary and irrevocable, no liability has been recognised for the shares bought back following the end of the financial year.
22\u2002Reserves
The analysis of movements in reserves is shown in the statement of changes in equity.
Details of the amounts included in other reserves are set out below.
The merger reserve arose on the purchase of On the Beach TopCo Limited in the year ended
30 September 2015.
During the year ended 30 September 2018, the Group issued 607,747 shares with a nominal
value of \u00a30.01 each to form part of the acquisition of Classic. The consideration value of the
shares issued was \u00a32.6m. The excess above the nominal value of the shares was credited
to the merger reserve.
The capital contribution reserve arose as a result of the redemption of preference shares
in the year ended 30 September 2015.
Treasury shares relate to the repurchase of shares. Where the Company purchases its own
equity share capital, the consideration paid is deducted from total shareholders\u2019 equity and
classified as treasury shares until they are cancelled or reissued. No gain or loss is recognised
in the income statement on the purchase, sale, issue or cancellation of treasury shares.
Where shares are cancelled following the repurchase of shares, the value of the Group\u2019s
issued share capital that is diminished must be transferred to the capital redemption reserve.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-324": { "value": "21\u2002Share capital
2025 2024
\u00a3m \u00a3m
Allotted, called up and fully paid
155,079,
777 ordinary shares @ \u00a30.01 each (2024: 166,991,435 ordinary shares @ \u00a30.01 each)
1.6
1.7
During the year ended 30 September 2025, the Group repurchased 15,311,161 shares with a nominal value of \u00a30.01, for a total consideration of \u00a333.0m. At year end, \u00a32.1m of this was unpaid, and is included within trade payables. 10,906,616 shares have been cancelled, for a consideration of \u00a325.0m. The nominal value of \u00a30.1m was deducted from share capital and recognised within the Capital Contribution Reserve, with \u00a325.0m being deducted from retained earnings. 4,387,357 treasury shares remain within equity at the period end, for a consideration value of \u00a37.4m. On 23 September 2025 the Group entered into an agreement to commence a share buyback programme in respect of its ordinary shares of 1p each (\u201cOrdinary Shares\u201d) for up to a maximum aggregate consideration of \u00a325 million (excluding any associated costs and stamp duty) from the date of this announcement (the \u201cShare Buyback Programme\u201d). The purchased Ordinary Shares have been cancelled. Although described as non-discretionary and irrevocable, no liability has been recognised for the shares bought back following the end of the financial year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-325": { "value": "22\u2002Reserves The analysis of movements in reserves is shown in the statement of changes in equity. Details of the amounts included in other reserves are set out below. The merger reserve arose on the purchase of On the Beach TopCo Limited in the year ended 30 September 2015. During the year ended 30 September 2018, the Group issued 607,747 shares with a nominal value of \u00a30.01 each to form part of the acquisition of Classic. The consideration value of the shares issued was \u00a32.6m. The excess above the nominal value of the shares was credited to the merger reserve. The capital contribution reserve arose as a result of the redemption of preference shares in the year ended 30 September 2015. Treasury shares relate to the repurchase of shares. Where the Company purchases its own equity share capital, the consideration paid is deducted from total shareholders\u2019 equity and classified as treasury shares until they are cancelled or reissued. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of treasury shares. Where shares are cancelled following the repurchase of shares, the value of the Group\u2019s issued share capital that is diminished must be transferred to the capital redemption reserve.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-363": { "value": "Derivative financial instruments The Group enters into derivative financial instruments with various financial institutions which are valued using present value calculations. The valuation methods incorporate various inputs including the foreign exchange spot and forward rates, yield curves of the respective currencies and currency basis spreads between the respective currencies, as well as SONIA and other interest rates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-365": { "value": "Measurement of fair values The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: i. Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; ii. Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and iii. Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Level 1 Level 2 Level 3
\u00a3m \u00a3m \u00a3m
Forward contracts
As at 30 September 2025
\u2013
2.6
\u2013
As at 30 September 2024
\u2013
(5.2)
\u2013
Interest rate swaps
As at 30 September 2025
\u2013
\u2013
\u2013
As at 30 September 2024
\u2013
(0.1)
\u2013
Interest rate collar
As at 30 September 2025
\u2013
(0.1)
\u2013
As at 30 September 2024
\u2013
\u2013
\u2013
The forward contracts have been fair valued at 30 September 2025 with reference to forward exchange rates that are quoted in an active market, with the resulting value discounted back to present value. Interest rate swaps have been fair valued at 30 September 2025, being compared to SONIA, quoted by the Bank of England. The resulting value is discounted back to present value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-364": { "value": "Financial risk management The Group\u2019s principal financial liabilities, other than derivatives, comprise the revolving credit facility, and trade and other payables. The main purpose of these financial liabilities is to finance the Group\u2019s operations. The Group\u2019s principal financial assets include trade receivables, and cash at bank that derive directly from its operations. In the course of its business the Group is exposed to market risk (including foreign exchange risk and interest rate risk), credit risk, liquidity risk and technology risk. The Group\u2019s overall risk management strategy is to minimise potential adverse effects on the financial performance and net assets of the Group. These policies are set and reviewed by senior finance management and all significant financing transactions are authorised by the Board of Directors. Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. The Group\u2019s key financial market risks are in relation to foreign currency rates. Foreign currency risk results from the substantial cross-border element of the Group\u2019s trading and arises on sales and purchases that are denominated in a currency other than the functional currency of the business. Group cash resources are matched with the net funding requirements sourced from three sources, namely internally generated funds, loan facilities and bank funding arrangements. The foreign currency risk is managed at Group level by the purchase of foreign currency contracts for use as a commercial hedge. During the course of the period there have been no changes to the market risk or manner in which the Group manages its exposure. The Group is exposed to interest rate risk that arises principally through the Group\u2019s revolving credit facility. Liquidity risk, credit risk and capital risk is considered below. The Executive team is responsible for implementing the risk management strategy to ensure that an appropriate risk management framework is operating effectively, embedding a risk mitigation culture throughout the Group. The Board is provided with a consolidated view of the risk profile of the Group. All major exposures are identified and mitigating controls identified and implemented. Regular management reporting and assessment of the effectiveness of controls provide a balanced assessment of the key risks and the effectiveness of controls. The Group does not speculate with derivatives or other financial instruments. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates is through the revolving credit facility which is subject to fluctuations in SONIA. The interest rate swaps and collar acquired are used to hedge this risk and reduce the overall interest rate risk of the revolving credit facility. Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The majority of the Group\u2019s purchases are sourced from outside the United Kingdom and as such the Group is exposed to the fluctuation in exchange rates (currencies are principally Sterling, US Dollar and Euro). The Group places forward cover on the net foreign currency exposure of its purchases. The Group foreign currency requirement is reviewed twice weekly and forward cover is purchased to cover expected usage. The carrying amount of the Group\u2019s foreign currency denominated monetary assets and monetary liabilities at the reporting date are as follows:
2025 2024
Euro \u20acm \u20acm
Cash
13.4
37.4
Trade payables
(260.2)
(240.6)
Trade receivables
5.0
0.6
Forward exchange contracts
211.2
193.9
Prepayments
1.2
1.3
Balance sheet exposure
(29.4)
( 7.4)
2025 2024
US Dollar $m $m
Cash
3.3
3.4
Trade payables
(27.0)
(32.3)
Forward exchange contracts
32.5
27.3
Balance sheet exposure
8.8
(1.6)
2025 2024
Swedish Krona Kr m Kr m
Cash
0.7
0.7
Trade payables
\u2013
(9.7)
Balance sheet exposure
0.7
(9.0)
2025 2024
Norwegian Krona Kr m Kr m
Cash
0.2
0.2
Trade payables
\u2013
(1.0)
Balance sheet exposure
0.2
(0.8)
2025 2024
Moroccan Dirham MAD m MAD m
Cash
1.2
6.2
Trade payables
(0.5)
(6.3)
Forward exchange contracts
2.5
1.9
Balance sheet exposure
3.2
1.8
2025 2024
United Arab Emirates Dirham AED m AED m
Trade payables
(0.1)
(1.0)
Balance sheet exposure
(0.1)
(1.0)
2025 2024
Swiss Franc CHF m CHF m
Cash
\u2013
0.1
Balance sheet exposure
\u2013
0.1
2025 2024
Thai Baht THB m THB m
Trade payables
\u2013
(2.2)
Balance sheet exposure
\u2013
(2.2)
2025 2024
Malaysian Ringgit MYR m MYR m
Trade payables
\u2013
(1.1)
Balance sheet exposure
\u2013
(1.1)
2025 2024
South African Rand ZAR m ZAR m
Trade payables
\u2013
(0.7)
Balance sheet exposure
\u2013
(0.7)
Foreign currency sensitivity The following table details the Group sensitivity to a percentage change in Pounds Sterling against these currencies with regards to equity. The sensitivity analysis of the Group\u2019s exposure to foreign currency risk at the reporting date has been determined based on a 10% change taking place at the beginning of the financial period and held constant throughout the reporting period:
2025 2024
\u00a3m \u00a3m
Euro
Weakening \u2013 10%
10.3
10.0
Strengthening \u2013 10%
(10.3)
(10.0)
US Dollar
Weakening \u2013 10%
1.7
1.0
Strengthening \u2013 10%
(1.7)
(1.0)
Moroccan Dirham
Weakening \u2013 10%
0.2
\u2013
Strengthening \u2013 10%
(0.2)
\u2013
The Group uses forward exchange contracts to hedge its foreign currency risk against Sterling. The forward contracts have maturities of less than one year after the balance sheet date. Hedge ineffectiveness can arise from differences in timing of cash flows of the hedged item and hedging instrument, the counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instrument and hedged item. As a matter of policy the Group does not enter into derivative contracts for speculative purposes. The details of such contracts at the year-end, by currency were:
2025
2024
Foreign Notional Carrying Foreign Notional Carrying
currency value amount currency value amount
EUR \u20acm \u00a3m \u00a3m \u20acm \u00a3m \u00a3m
30 September
Less than 3 months
116.2
99.9
1.5
97.4
83.7
(2.5)
3 to 6 months
23.4
20.2
0.2
19.7
17.0
(0.5)
6 to 12 months
70.7
62.0
0.4
72.6
62.4
(1.1)
12+ months
0.9
0.8
\u2013
4.2
3.6
(0.1)
Total
211.2
182.9
2.1
193.9
166.7
(4.2)
2025
2024
Foreign Notional Carrying Foreign Notional Carrying
currency value amount currency value amount
USD $m \u00a3m \u00a3m $m \u00a3m \u00a3m
30 September
Less than 3 months
19.0
14.5
0.4
14.3
11.2
(0.6)
3 to 6 months
6.0
4.5
0.1
5.3
4.1
(0.2)
6 to 12 months
7.5
5.6
\u2013
7.5
5.8
(0.2)
12+ months
\u2013
\u2013
\u2013
0.2
0.2
\u2013
Total
32.5
24.6
0.5
27.3
21.3
(1.0)
2025
2024
Foreign Notional Carrying Foreign Notional Carrying
currency value amount currency value amount
MAD MAD m \u00a3m \u00a3m MAD m \u00a3m \u00a3m
30 September
Less than 3 months
1.8
0.2
\u2013
1.7
0.1
\u2013
3 to 6 months
0.4
\u2013
\u2013
0.1
\u2013
\u2013
6 to 12 months
0.2
\u2013
\u2013
0.1
\u2013
\u2013
Total
2.4
0.2
\u2013
1.9
0.1
\u2013
The impact of the hedging instruments on the statement of financial position is as follows:
Notional Carrying Change in
amount amount Line in the statement fair value
\u00a3m \u00a3m of financial position \u00a3m
As at 30 September 2025
Foreign exchange forward contracts
207.6
2.6
Derivative financial instruments
8.5
Interest rate collar
80.0
(0.1)
Derivative financial instruments
(0.1)
Interest rate swaps
60.0
\u2013
Derivative financial instruments
0.1
As at 30 September 2024
Foreign exchange forward contracts
188.1
(5.2)
Derivative financial instruments
4.3
Interest rate swaps
60.0
(0.1)
Derivative financial instruments
(0.1)
Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. Credit risk arises from cash balances and derivative financial instruments, as well as credit exposures to customers, including outstanding receivables, financial guarantees and committed transactions. Credit risk is managed separately for treasury and operating-related credit exposures. Customer credit risk is managed by the Group\u2019s business units which each have policies, procedures and controls relating to customer credit risk management. Outstanding trade receivables balances are regularly reviewed to monitor any changes in credit risk with concentrations of credit risk considered to be limited given that the Group\u2019s customer base is large and unrelated. Trade receivables and other receivables The ageing of trade receivables at the balance sheet date was:
Not past due Past due 0\u201390 days Past due >90 days Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 30 September 2025
160.7
0.3
0.1
161.1
At 30 September 2024
162.4
0.3
0.1
162.8
The ageing of other receivables at the balance sheet date was:
Not past due Past due 0\u201390 days Past due >90 days Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 30 September 2025
24.5
\u2013
\u2013
24.5
At 30 September 2024
21.5
\u2013
\u2013
21.5
In line with IFRS 9, the Group applies the simplified approach for the impairment of trade and other receivables and therefore does not track changes in credit risk, instead a loss allowance is recognised based on lifetime expected credit losses at each reporting date. The Group uses a provision matrix to measure expected credit losses based on historical cancellation and recovery rates and considers forward-looking factors, including the impact of rising cost of living and inflation rates. Financial instruments and cash deposits As part of credit risk, the Group is subject to counterparty risk in respect of the cash and cash equivalents held on deposit with banks and foreign currency financial instruments. The Group generally deposits cash and undertakes currency transactions with highly rated banks. The Group considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties. No collateral or credit enhancements are held in respect of any financial derivatives. The maximum exposure to credit risk at each reporting date is the fair value of financial assets and trade receivables. Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. It is Group policy to maintain a balance of funds, borrowing, committed bank loans and other facilities sufficient to meet anticipated short-term and long-term financial requirements. In applying the policy the Group continuously monitors forecast and actual cash flows against the maturity profiles of financial assets and liabilities. It is Group policy to ensure that a specific level of committed facilities is always available based on forecast working capital requirements. Cash forecasts identifying the Group\u2019s liquidity requirements are produced and are sensitised for different scenarios including, but not limited to, decreases in profit margins and weakening of sterling against other functional currencies. The following are the contractual maturities of financial liabilities:
Carrying Contractual
amount cash flows Within 1 year 1 to 5 years > 5 years
Financial liabilities at amortised cost \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
30 September 2025
Trade payables
319.2
319.2
319.2
\u2013
\u2013
Lease liabilities
2.2
2.2
1.2
1.0
\u2013
Contract liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
Other payables
20.8
20.8
20.8
\u2013
\u2013
342.2
341.2
341.2
1.0
\u2013
30 September 2024
Trade payables
281.0
281.0
281.0
\u2013
\u2013
Lease liabilities
2.8
2.9
1.1
1.8
\u2013
Contract liabilities
0.3
0.3
0.3
\u2013
\u2013
Other payables
22.3
22.3
22.3
\u2013
\u2013
306.4
306.5
304.7
1.8
\u2013
Capital management It is the Group\u2019s policy to maintain an appropriate equity capital base so as to maintain investor, creditor and market confidence and to sustain the future development of the business. The capital structure of the Group consists of the net cash (borrowings disclosed in note 19) and equity of the Group as disclosed in note 21. The Group is not subject to any externally imposed capital requirements.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-384": { "value": "Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. The Group\u2019s key financial market risks are in relation to foreign currency rates. Foreign currency risk results from the substantial cross-border element of the Group\u2019s trading and arises on sales and purchases that are denominated in a currency other than the functional currency of the business. Group cash resources are matched with the net funding requirements sourced from three sources, namely internally generated funds, loan facilities and bank funding arrangements. The foreign currency risk is managed at Group level by the purchase of foreign currency contracts for use as a commercial hedge. During the course of the period there have been no changes to the market risk or manner in which the Group manages its exposure. The Group is exposed to interest rate risk that arises principally through the Group\u2019s revolving credit facility. Liquidity risk, credit risk and capital risk is considered below. The Executive team is responsible for implementing the risk management strategy to ensure that an appropriate risk management framework is operating effectively, embedding a risk mitigation culture throughout the Group. The Board is provided with a consolidated view of the risk profile of the Group. All major exposures are identified and mitigating controls identified and implemented. Regular management reporting and assessment of the effectiveness of controls provide a balanced assessment of the key risks and the effectiveness of controls. The Group does not speculate with derivatives or other financial instruments. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates is through the revolving credit facility which is subject to fluctuations in SONIA. The interest rate swaps and collar acquired are used to hedge this risk and reduce the overall interest rate risk of the revolving credit facility. Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The majority of the Group\u2019s purchases are sourced from outside the United Kingdom and as such the Group is exposed to the fluctuation in exchange rates (currencies are principally Sterling, US Dollar and Euro). The Group places forward cover on the net foreign currency exposure of its purchases. The Group foreign currency requirement is reviewed twice weekly and forward cover is purchased to cover expected usage. The carrying amount of the Group\u2019s foreign currency denominated monetary assets and monetary liabilities at the reporting date are as follows:
2025 2024
Euro \u20acm \u20acm
Cash
13.4
37.4
Trade payables
(260.2)
(240.6)
Trade receivables
5.0
0.6
Forward exchange contracts
211.2
193.9
Prepayments
1.2
1.3
Balance sheet exposure
(29.4)
( 7.4)
2025 2024
US Dollar $m $m
Cash
3.3
3.4
Trade payables
(27.0)
(32.3)
Forward exchange contracts
32.5
27.3
Balance sheet exposure
8.8
(1.6)
2025 2024
Swedish Krona Kr m Kr m
Cash
0.7
0.7
Trade payables
\u2013
(9.7)
Balance sheet exposure
0.7
(9.0)
2025 2024
Norwegian Krona Kr m Kr m
Cash
0.2
0.2
Trade payables
\u2013
(1.0)
Balance sheet exposure
0.2
(0.8)
2025 2024
Moroccan Dirham MAD m MAD m
Cash
1.2
6.2
Trade payables
(0.5)
(6.3)
Forward exchange contracts
2.5
1.9
Balance sheet exposure
3.2
1.8
2025 2024
United Arab Emirates Dirham AED m AED m
Trade payables
(0.1)
(1.0)
Balance sheet exposure
(0.1)
(1.0)
2025 2024
Swiss Franc CHF m CHF m
Cash
\u2013
0.1
Balance sheet exposure
\u2013
0.1
2025 2024
Thai Baht THB m THB m
Trade payables
\u2013
(2.2)
Balance sheet exposure
\u2013
(2.2)
2025 2024
Malaysian Ringgit MYR m MYR m
Trade payables
\u2013
(1.1)
Balance sheet exposure
\u2013
(1.1)
2025 2024
South African Rand ZAR m ZAR m
Trade payables
\u2013
(0.7)
Balance sheet exposure
\u2013
(0.7)
Foreign currency sensitivity The following table details the Group sensitivity to a percentage change in Pounds Sterling against these currencies with regards to equity. The sensitivity analysis of the Group\u2019s exposure to foreign currency risk at the reporting date has been determined based on a 10% change taking place at the beginning of the financial period and held constant throughout the reporting period:
2025 2024
\u00a3m \u00a3m
Euro
Weakening \u2013 10%
10.3
10.0
Strengthening \u2013 10%
(10.3)
(10.0)
US Dollar
Weakening \u2013 10%
1.7
1.0
Strengthening \u2013 10%
(1.7)
(1.0)
Moroccan Dirham
Weakening \u2013 10%
0.2
\u2013
Strengthening \u2013 10%
(0.2)
\u2013
The Group uses forward exchange contracts to hedge its foreign currency risk against Sterling. The forward contracts have maturities of less than one year after the balance sheet date. Hedge ineffectiveness can arise from differences in timing of cash flows of the hedged item and hedging instrument, the counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instrument and hedged item. As a matter of policy the Group does not enter into derivative contracts for speculative purposes. The details of such contracts at the year-end, by currency were:
2025
2024
Foreign Notional Carrying Foreign Notional Carrying
currency value amount currency value amount
EUR \u20acm \u00a3m \u00a3m \u20acm \u00a3m \u00a3m
30 September
Less than 3 months
116.2
99.9
1.5
97.4
83.7
(2.5)
3 to 6 months
23.4
20.2
0.2
19.7
17.0
(0.5)
6 to 12 months
70.7
62.0
0.4
72.6
62.4
(1.1)
12+ months
0.9
0.8
\u2013
4.2
3.6
(0.1)
Total
211.2
182.9
2.1
193.9
166.7
(4.2)
2025
2024
Foreign Notional Carrying Foreign Notional Carrying
currency value amount currency value amount
USD $m \u00a3m \u00a3m $m \u00a3m \u00a3m
30 September
Less than 3 months
19.0
14.5
0.4
14.3
11.2
(0.6)
3 to 6 months
6.0
4.5
0.1
5.3
4.1
(0.2)
6 to 12 months
7.5
5.6
\u2013
7.5
5.8
(0.2)
12+ months
\u2013
\u2013
\u2013
0.2
0.2
\u2013
Total
32.5
24.6
0.5
27.3
21.3
(1.0)
2025
2024
Foreign Notional Carrying Foreign Notional Carrying
currency value amount currency value amount
MAD MAD m \u00a3m \u00a3m MAD m \u00a3m \u00a3m
30 September
Less than 3 months
1.8
0.2
\u2013
1.7
0.1
\u2013
3 to 6 months
0.4
\u2013
\u2013
0.1
\u2013
\u2013
6 to 12 months
0.2
\u2013
\u2013
0.1
\u2013
\u2013
Total
2.4
0.2
\u2013
1.9
0.1
\u2013
The impact of the hedging instruments on the statement of financial position is as follows:
Notional Carrying Change in
amount amount Line in the statement fair value
\u00a3m \u00a3m of financial position \u00a3m
As at 30 September 2025
Foreign exchange forward contracts
207.6
2.6
Derivative financial instruments
8.5
Interest rate collar
80.0
(0.1)
Derivative financial instruments
(0.1)
Interest rate swaps
60.0
\u2013
Derivative financial instruments
0.1
As at 30 September 2024
Foreign exchange forward contracts
188.1
(5.2)
Derivative financial instruments
4.3
Interest rate swaps
60.0
(0.1)
Derivative financial instruments
(0.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-397": { "value": "Foreign currency sensitivity The following table details the Group sensitivity to a percentage change in Pounds Sterling against these currencies with regards to equity. The sensitivity analysis of the Group\u2019s exposure to foreign currency risk at the reporting date has been determined based on a 10% change taking place at the beginning of the financial period and held constant throughout the reporting period:
2025 2024
\u00a3m \u00a3m
Euro
Weakening \u2013 10%
10.3
10.0
Strengthening \u2013 10%
(10.3)
(10.0)
US Dollar
Weakening \u2013 10%
1.7
1.0
Strengthening \u2013 10%
(1.7)
(1.0)
Moroccan Dirham
Weakening \u2013 10%
0.2
\u2013
Strengthening \u2013 10%
(0.2)
\u2013
The Group uses forward exchange contracts to hedge its foreign currency risk against Sterling. The forward contracts have maturities of less than one year after the balance sheet date. Hedge ineffectiveness can arise from differences in timing of cash flows of the hedged item and hedging instrument, the counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instrument and hedged item. As a matter of policy the Group does not enter into derivative contracts for speculative purposes. The details of such contracts at the year-end, by currency were:
2025
2024
Foreign Notional Carrying Foreign Notional Carrying
currency value amount currency value amount
EUR \u20acm \u00a3m \u00a3m \u20acm \u00a3m \u00a3m
30 September
Less than 3 months
116.2
99.9
1.5
97.4
83.7
(2.5)
3 to 6 months
23.4
20.2
0.2
19.7
17.0
(0.5)
6 to 12 months
70.7
62.0
0.4
72.6
62.4
(1.1)
12+ months
0.9
0.8
\u2013
4.2
3.6
(0.1)
Total
211.2
182.9
2.1
193.9
166.7
(4.2)
2025
2024
Foreign Notional Carrying Foreign Notional Carrying
currency value amount currency value amount
USD $m \u00a3m \u00a3m $m \u00a3m \u00a3m
30 September
Less than 3 months
19.0
14.5
0.4
14.3
11.2
(0.6)
3 to 6 months
6.0
4.5
0.1
5.3
4.1
(0.2)
6 to 12 months
7.5
5.6
\u2013
7.5
5.8
(0.2)
12+ months
\u2013
\u2013
\u2013
0.2
0.2
\u2013
Total
32.5
24.6
0.5
27.3
21.3
(1.0)
2025
2024
Foreign Notional Carrying Foreign Notional Carrying
currency value amount currency value amount
MAD MAD m \u00a3m \u00a3m MAD m \u00a3m \u00a3m
30 September
Less than 3 months
1.8
0.2
\u2013
1.7
0.1
\u2013
3 to 6 months
0.4
\u2013
\u2013
0.1
\u2013
\u2013
6 to 12 months
0.2
\u2013
\u2013
0.1
\u2013
\u2013
Total
2.4
0.2
\u2013
1.9
0.1
\u2013
The impact of the hedging instruments on the statement of financial position is as follows:
Notional Carrying Change in
amount amount Line in the statement fair value
\u00a3m \u00a3m of financial position \u00a3m
As at 30 September 2025
Foreign exchange forward contracts
207.6
2.6
Derivative financial instruments
8.5
Interest rate collar
80.0
(0.1)
Derivative financial instruments
(0.1)
Interest rate swaps
60.0
\u2013
Derivative financial instruments
0.1
As at 30 September 2024
Foreign exchange forward contracts
188.1
(5.2)
Derivative financial instruments
4.3
Interest rate swaps
60.0
(0.1)
Derivative financial instruments
(0.1)
", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-385": { "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. Credit risk arises from cash balances and derivative financial instruments, as well as credit exposures to customers, including outstanding receivables, financial guarantees and committed transactions. Credit risk is managed separately for treasury and operating-related credit exposures. Customer credit risk is managed by the Group\u2019s business units which each have policies, procedures and controls relating to customer credit risk management. Outstanding trade receivables balances are regularly reviewed to monitor any changes in credit risk with concentrations of credit risk considered to be limited given that the Group\u2019s customer base is large and unrelated. Trade receivables and other receivables The ageing of trade receivables at the balance sheet date was:
Not past due Past due 0\u201390 days Past due >90 days Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 30 September 2025
160.7
0.3
0.1
161.1
At 30 September 2024
162.4
0.3
0.1
162.8
The ageing of other receivables at the balance sheet date was:
Not past due Past due 0\u201390 days Past due >90 days Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 30 September 2025
24.5
\u2013
\u2013
24.5
At 30 September 2024
21.5
\u2013
\u2013
21.5
In line with IFRS 9, the Group applies the simplified approach for the impairment of trade and other receivables and therefore does not track changes in credit risk, instead a loss allowance is recognised based on lifetime expected credit losses at each reporting date. The Group uses a provision matrix to measure expected credit losses based on historical cancellation and recovery rates and considers forward-looking factors, including the impact of rising cost of living and inflation rates. Financial instruments and cash deposits As part of credit risk, the Group is subject to counterparty risk in respect of the cash and cash equivalents held on deposit with banks and foreign currency financial instruments. The Group generally deposits cash and undertakes currency transactions with highly rated banks. The Group considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties. No collateral or credit enhancements are held in respect of any financial derivatives. The maximum exposure to credit risk at each reporting date is the fair value of financial assets and trade receivables. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-386": { "value": "Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. It is Group policy to maintain a balance of funds, borrowing, committed bank loans and other facilities sufficient to meet anticipated short-term and long-term financial requirements. In applying the policy the Group continuously monitors forecast and actual cash flows against the maturity profiles of financial assets and liabilities. It is Group policy to ensure that a specific level of committed facilities is always available based on forecast working capital requirements. Cash forecasts identifying the Group\u2019s liquidity requirements are produced and are sensitised for different scenarios including, but not limited to, decreases in profit margins and weakening of sterling against other functional currencies. The following are the contractual maturities of financial liabilities:
Carrying Contractual
amount cash flows Within 1 year 1 to 5 years > 5 years
Financial liabilities at amortised cost \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
30 September 2025
Trade payables
319.2
319.2
319.2
\u2013
\u2013
Lease liabilities
2.2
2.2
1.2
1.0
\u2013
Contract liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
Other payables
20.8
20.8
20.8
\u2013
\u2013
342.2
341.2
341.2
1.0
\u2013
30 September 2024
Trade payables
281.0
281.0
281.0
\u2013
\u2013
Lease liabilities
2.8
2.9
1.1
1.8
\u2013
Contract liabilities
0.3
0.3
0.3
\u2013
\u2013
Other payables
22.3
22.3
22.3
\u2013
\u2013
306.4
306.5
304.7
1.8
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-387": { "value": "Capital management It is the Group\u2019s policy to maintain an appropriate equity capital base so as to maintain investor, creditor and market confidence and to sustain the future development of the business. The capital structure of the Group consists of the net cash (borrowings disclosed in note 19) and equity of the Group as disclosed in note 21. The Group is not subject to any externally imposed capital requirements.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-326": { "value": "
24\u2002Share-based payments
The following table illustrates the number of, and movements in, share options granted by the Group.
LTIP CSOP and RSA Total
No. of share options No. of share options No. of share options
(thousands) (thousands) (thousands)
Outstanding at the beginning of the year
5,519
592
6,111
Granted during the year
2,674
\u2013
2,674
Lapsed during the year
\u2013
\u2013
\u2013
Exercised during the year*
(225)
(180)
(405)
Forfeited during the year
(941)
(3)
(944)
Outstanding at the year end
7,027
409
7,436
Exercisable
389
409
798
* The weighted average share price at the date of exercise was \u00a31.933 (2024: \u00a31.502).
The weighted average remaining contractual life for the share options outstanding as at 30 September 2025 was 5.10 years (2024: 4.09 years). The exercise price for options outstanding at the
end of the year was \u00a3nil (2024: \u00a3nil).
LTIP
During the current and prior year, the Group awarded nil-cost options to certain key employees within the business. The vesting of these awards will be subject to continued employment. The fair
value of equity-settled share-based payments has been estimated as at date of grant using the Black\u2013Scholes model.
Share price at Expected Non-vesting Fair value at
No. of options grant date Exercise price volatility Option Life Risk free rate Dividend yield conditions grant date
Award date awarded (\u00a3) (\u00a3) (%) (years) (%) (%) (%) (\u00a3)
3 October 2023 (no conditions)
3,536,050
1.004
Nil
0%
3.0
4.54%
0.00%
0.0
1.004
3 October 2024 (no conditions)
2,602,677
1.348
Nil
0%
3.0
3.76%
0.00%
0.0
1.348
4 March 2025 (no conditions)
71,462
2.275
Nil
0%
3.0
3.76%
0.00%
0.0
1.348
Expected volatility is estimated by considering historic average share price volatility at the grant date.
Restricted Share Award (nil-cost option) and CSOP
There were no new RSA or CSOP awards in the current or prior year.
The following has been recognised in the income statement during the year:
2025 2024
\u00a3m \u00a3m
LTIP
2.8
2.2
RSA
\u2013
0.1
Total share scheme charge
2.8
2.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-328": { "value": "25\u2002Commitments and contingencies a)\u2002Capital commitments The Group has committed to an IT equipment lease commencing in November 2026 with a term of three years for a value of \u00a31.2m. At the date of commencement a right-of-use asset and equivalent lease liability will be recognised. b)\u2002Contingencies There are no contingencies held at 30 September 2025. In September 2010, proceedings were initiated against On the Beach Limited by Ryanair alleging infringement of, inter alia, its intellectual property rights. The amount of the claim was unquantified. In February 2024, On the Beach entered into a partnership with Ryanair and the legal proceedings in Ireland were placed on hold. In July 2025, On the Beach and Ryanair agreed to dispose of the proceedings permanently and all legal action has now been concluded.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-366": { "value": "
a)\u2002Capital commitments
The Group has committed to an IT equipment lease commencing in November 2026 with a
term of three years for a value of \u00a31.2m. At the date of commencement a right-of-use asset and
equivalent lease liability will be recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-370": { "value": "
b)\u2002Contingencies
There are no contingencies held at 30 September 2025.
In September 2010, proceedings were initiated against On the Beach Limited by Ryanair
alleging infringement of, inter alia, its intellectual property rights. The amount of the claim
was unquantified. In February 2024, On the Beach entered into a partnership with Ryanair
and the legal proceedings in Ireland were placed on hold. In July 2025, On the Beach and
Ryanair agreed to dispose of the proceedings permanently and all legal action has now
been concluded.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-367": { "value": "
26\u2002Related party transactions
During the year, the Company provided a standard indemnity for lost share certificate to its
registrar who received a corresponding indemnity from Simon Cooper, a Non-Executive Director,
in relation to the loss of a share certificate. The transaction was not significant in the context of
the Company\u2019s financial position and performance. No outstanding balances were due at the
end of the reporting period. Additionally, the Group made a loan of \u00a35m to the Employee Benefit
Trust (\u2018EBT\u2019) in order to acquire shares. The EBT is independent, and based in Jersey.
Transactions with key management personnel have been disclosed in note 7(d).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-329": { "value": "26\u2002Related party transactions During the year, the Company provided a standard indemnity for lost share certificate to its registrar who received a corresponding indemnity from Simon Cooper, a Non-Executive Director, in relation to the loss of a share certificate. The transaction was not significant in the context of the Company\u2019s financial position and performance. No outstanding balances were due at the end of the reporting period. Additionally, the Group made a loan of \u00a35m to the Employee Benefit Trust (\u2018EBT\u2019) in order to acquire shares. The EBT is independent, and based in Jersey. Transactions with key management personnel have been disclosed in note 7(d).", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-327": { "value": "
27\u2002Dividends paid
2025 2024
\u00a3m \u00a3m
Cash dividends on ordinary shares declared and paid
Interim dividend for FY25: 0.9p per share (FY24: 0.9p)
1.6
1.5
2025 2024
\u00a3m \u00a3m
Proposed dividends on ordinary shares
Final cash dividend for FY25: 4. 1p per share (FY24: 2. 1p)
4.7
3.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-368": { "value": "0.041", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-369": { "value": "0.021", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } } } }