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Company and currency details
Howden Joinery Group Plc (\u2018the Company\u2019) is a company incorporated in the United Kingdom under the Companies Act 2006.
Its registered office address is 105 Wigmore Street, London W1U 1QY. The nature of the Group\u2019s operations and principal activities
are set out in the Strategic Report.
These financial statements are presented in pounds sterling, the currency of the primary economic environment in which the
Group operates. Foreign operations are included on the basis set out below.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-314": { "value": "Howden Joinery Group Plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-4": { "value": "Plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-5": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-6": { "value": "105 Wigmore Street, London W1U 1QY", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-315": { "value": "
Foreign currency transactions
Transactions in foreign currency are translated at the exchange rate on the date of the transaction. Monetary assets and
liabilities denominated in foreign currencies at the balance sheet date are translated at the exchange rate at the balance sheet
date. Foreign exchange gains and losses are recognised in the income statement.
Foreign operations
The assets and liabilities of foreign operations are translated into sterling at foreign exchange rate at the balance sheet date.
The results and cash flows of overseas subsidiaries are translated into sterling on an average exchange rate basis, weighted by
the actual results of each month.
Exchange differences arising from the translation of the results and net assets of overseas subsidiaries are taken to equity via
the statement of comprehensive income.
Accounting period
The Group\u2019s accounting period covers the 52 weeks to 27 December 2025. The comparative period covered the 52 weeks to
28 December 2024.
Impairment of assets
The carrying amount of the Group\u2019s assets is reviewed at least annually to determine whether there is any indication of
impairment. If such an indication exists, the relevant asset\u2019s recoverable amount is estimated.
Apart from in the case of trade and other receivables, and inventories, an impairment loss is recognised for the amount by which
an asset\u2019s carrying amount exceeds its recoverable amount. Impairment losses are recognised in the income statement.
For trade and other receivables and inventories which are considered to be impaired, the carrying amount is reduced through
the use of an allowance for estimated irrecoverable amounts. Changes in the carrying value of this allowance are recognised
in the income statement.
Other significant accounting policies
These are presented as part of the related notes to these financial statements.
2 Revenue
Accounting policy
The Group recognises revenue when it has satisfied its performance obligations to the customer and the customer has obtained
control of the goods or services being transferred. Revenue from sales of goods will typically account for more than 95% of total
revenue, and is recognised on collection or delivery of the goods. Revenue from other services is a small percentage of total
revenue, and is recognised when the customer confirms that the services are complete.
We measure revenue at the fair value of the consideration received or receivable, excluding sales taxes and discounts.
We recognise interest income as it accrues and measure it using the effective interest rate method.
Accounting policy
Income tax
The tax expense represents the sum of current tax and deferred tax. It is recognised in profit or loss except to the extent
that it relates to a business combination, or items recognised directly in equity or in other comprehensive income.
Current tax
Current tax is based on taxable profit for the financial period and any adjustments to tax payable or receivable for prior years.
Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that
are taxable or deductible in other financial years as well as items that are never taxable or deductible.
It is calculated as the best estimate of the tax expected to be paid or received. It reflects any uncertainty related to income
taxes and is measured using tax rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on the temporary difference between the carrying amounts of
assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. It is accounted for using
the balance sheet liability method. It is calculated at the tax rates that are expected to apply in the period when the liability
is settled, or the asset realised, based on tax laws and rates that have been enacted or substantially enacted at the balance
sheet date.
Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised
to the extent that it is probable that taxable profits will be available against which deductible temporary differences can
be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial
recognition of other assets and liabilities in a transaction (other than in a business combination) that affects neither the
taxable profit nor the accounting profit.
The carrying amounts of deferred tax assets are reviewed at each balance sheet date and reduced to the extent that it is no
longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered.
Accounting policy Goodwill arising on a business combination represents the excess of the cost of acquisition over the share of the aggregate fair value of identifiable net assets (including intangible assets) of the acquired business at the date of acquisition. Goodwill is initially recognised as an asset and allocated to cash-generating units that are expected to benefit from the synergies of the business combination. Goodwill is not amortised, but is reviewed at least annually for impairment. Any impairment is recognised immediately in the income statement. Goodwill is stated in the balance sheet at cost less any provisions for impairment, if required.
Accounting policy
Directly attributable costs incurred for the development of computer software controlled by and for use within the business
are capitalised and written off over their estimated useful lives, which are reviewed annually. No amortisation is charged on
assets under construction.
Amounts paid to third parties for development of assets not controlled by the Group are expensed over the period where
the Group receives the benefit of the use of these assets. Licence fees for using third-party software are expensed over the
period the software is in use.
Intangible assets are amortised on a straight line basis over their useful lives, which range from 3 to 11 years.
Accounting policy
All property, plant and equipment is stated at cost (or deemed cost, as applicable) less accumulated depreciation and any
accumulated impairment losses.
Depreciation of property, plant and equipment is provided to write off the difference between their cost and their residual
value over their estimated lives on a straight-line basis. The current range of useful lives is as follows:
Freehold property 25 \u2013 50 years
Leasehold property improvements and fittings the period of the lease, or the individual asset\u2019s life, if shorter
Plant, machinery & vehicles 4 \u2013 25 years
Fixtures & fittings 4 \u2013 25 years
Capital work-in-progress and freehold land are not depreciated.
Residual values, remaining useful economic lives and depreciation periods and methods are reviewed regularly and
adjusted if appropriate.
Property, plant and equipment is assessed for impairment at least annually, with individual depots considered to be cash-
generating units for this purpose.
Gains and losses on disposals are determined by comparing proceeds with carrying amount and are recognised in the
income statement.
Accounting policy
We assess whether a lease exists at the inception of the related contract. If a lease exists, we recognise a right-of-use asset
and a corresponding lease liability with effect from the date the lease commences.
The lease liability
The lease liability is initially measured at the present value of the lease payments due. As the discount rate inherent in our
leases is not readily determinable, we use an estimate of the Group\u2019s incremental borrowing rate to discount the payments
and arrive at net present value.
The Group does not have a history of borrowing, and therefore it does not have a credit agency credit rating. Therefore,
we derive the incremental borrowing rate by a process of:
\u2022 discussion with our bankers to estimate a reasonable proxy credit rating for the Group;
\u2022 using an independent third-party borrowing rate curve, giving indicative costs of borrowing for companies with
a comparable credit rating over various durations, and
\u2022 selecting borrowing rates from the appropriate points on that curve to best match the duration of our lease portfolios.
Our leases are on relatively simple terms. Lease payments included in the measurement of the lease liability comprise
fixed lease payments, less any lease incentives. We do not have variable lease payments which depend on an index,
residual value guarantees, purchase options or termination penalties.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability
(using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.
We remeasure the lease liability (and make a corresponding adjustment to the related right-of-use asset) whenever:
\u2022 the lease term has changed, in which case the lease liability is remeasured by discounting the revised lease payments
using a revised discount rate; or
\u2022 the lease payments have changed as a result of a change in an index, or, as is common with property leases, to reflect
changes in market rental rates. In these cases, the lease liability is remeasured by discounting the revised lease payments
using the initial discount rate.
In any cases other than those described immediately above, where a lease contract is modified and the lease modification is
not accounted for as a separate lease, the lease liability is remeasured by discounting the revised remaining lease payments
using a revised discount rate.
The lease liability is presented as a separate item in the balance sheet and is split between current and non-current portions.
Accounting policy
Inventories are stated at the lower of cost and net realisable value. In the case of manufactured inventories, cost includes
an appropriate share of production overheads based on normal operating capacity, calculated using a standard cost which
is regularly updated to reflect average actual costs. An allowance is made for obsolete, slow-moving, or defective items
where appropriate.
Accounting policy
Trade receivables do not contain a significant financing component and are stated at their nominal value, reduced by an
allowance for expected credit losses. This approximates to their fair value.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses. This uses a lifetime expected loss
allowance for all trade receivables. To measure the expected credit losses trade receivables have been grouped based
on shared credit risk characteristics and the days past due.
To determine expected credit losses, the Group uses historical observed default rates for these different groups of receivables,
adjusted for forward-looking estimates. The default rates and forward-looking estimates are revised at each reporting date.
Accounting policy
Trade payables are not interest-bearing and are stated at their nominal value, which approximates to their fair value.
Accounting policy
Provisions are recognised when the Group has a present obligation as a result of a past event, it is probable that the Group
will be required to settle that obligation, and a reliable estimate can be made of the amount required to settle the obligation.
Provisions are measured at the best estimate of the expenditure required to settle the obligation at the balance sheet date,
taking into account the risks and uncertainties surrounding the obligation, and are discounted to present value where the
effect is material.
Accounting policy
Fees relating to borrowing facilities are recorded as prepayments and released over the life of the facility.
Accounting policies
Defined contribution pensions
Payments to defined contribution pension schemes are charged to the income statement as they fall due.
Defined benefit pensions
The calculation of the Group\u2019s net asset or obligation is performed by a qualified actuary using the projected unit method.
When the calculation results in a potential asset, the recognised asset is limited to the present value of economic benefits
available in the form of any future refunds from the plan or reductions in future contributions to the plan. To calculate the
present value of economic benefits, consideration is given to any applicable minimum funding requirements. The Group
considers that there are no restrictions caused by IFRIC 14 on recognising any pension surplus as the trustee does not have
the unilateral power to either enhance member benefits or to wind up the scheme and distribute any surplus to members and
therefore any surplus remaining once the final scheme benefits are paid to members would be returned to the Group under
scheme rules.
Scheme liabilities are calculated by estimating the amount of future benefit that employees have earned in return for
their service. That benefit is then discounted to determine its present value. The discount rate used is selected to closely
approximate the yield at the balance sheet date on AA-rated bonds that have maturity dates approximating to the terms
of the Group\u2019s obligations. This discount rate is also used to calculate the net pension scheme finance charge or credit.
Scheme assets are carried at fair value. More details are given in this note as part of the analysis of plan assets.
The Group determines the net interest on the net defined benefit liability/(asset) for the period by applying the discount rate
used to measure the defined benefit obligation at the beginning of the annual period to the net defined benefit liability/(asset).
Remeasurements arising from defined benefit plans comprise actuarial gains and losses, the return on plan assets (excluding
interest) and the effect of the asset ceiling (if any, excluding interest). The Group recognises them immediately in other
comprehensive income and all other expenses related to defined benefit plans in employee benefit expenses in profit or loss.
Accounting policy
The Group issues equity-settled share-based payments. They are measured at fair value at the date of grant. The fair value
is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that will eventually vest.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-317": { "value": "Foreign currency transactions Transactions in foreign currency are translated at the exchange rate on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the exchange rate at the balance sheet date. Foreign exchange gains and losses are recognised in the income statement. Foreign operations The assets and liabilities of foreign operations are translated into sterling at foreign exchange rate at the balance sheet date. The results and cash flows of overseas subsidiaries are translated into sterling on an average exchange rate basis, weighted by the actual results of each month. Exchange differences arising from the translation of the results and net assets of overseas subsidiaries are taken to equity via the statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-342": { "value": "Transactions in foreign currency are translated at the exchange rate on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the exchange rate at the balance sheet date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-318": { "value": "Impairment of assets The carrying amount of the Group\u2019s assets is reviewed at least annually to determine whether there is any indication of impairment. If such an indication exists, the relevant asset\u2019s recoverable amount is estimated. Apart from in the case of trade and other receivables, and inventories, an impairment loss is recognised for the amount by which an asset\u2019s carrying amount exceeds its recoverable amount. Impairment losses are recognised in the income statement. For trade and other receivables and inventories which are considered to be impaired, the carrying amount is reduced through the use of an allowance for estimated irrecoverable amounts. Changes in the carrying value of this allowance are recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-398": { "value": "Impairment of assets The carrying amount of the Group\u2019s assets is reviewed at least annually to determine whether there is any indication of impairment. If such an indication exists, the relevant asset\u2019s recoverable amount is estimated. Apart from in the case of trade and other receivables, and inventories, an impairment loss is recognised for the amount by which an asset\u2019s carrying amount exceeds its recoverable amount. Impairment losses are recognised in the income statement. For trade and other receivables and inventories which are considered to be impaired, the carrying amount is reduced through the use of an allowance for estimated irrecoverable amounts. Changes in the carrying value of this allowance are recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-385": { "value": "Impairment of assets The carrying amount of the Group\u2019s assets is reviewed at least annually to determine whether there is any indication of impairment. If such an indication exists, the relevant asset\u2019s recoverable amount is estimated. Apart from in the case of trade and other receivables, and inventories, an impairment loss is recognised for the amount by which an asset\u2019s carrying amount exceeds its recoverable amount. Impairment losses are recognised in the income statement. For trade and other receivables and inventories which are considered to be impaired, the carrying amount is reduced through the use of an allowance for estimated irrecoverable amounts. Changes in the carrying value of this allowance are recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-319": { "value": "
Statement of compliance and basis of preparation
The Group financial statements have been prepared in accordance with UK-adopted international accounting standards.
The financial statements have been prepared on the historical cost basis, modified for certain items carried at fair value,
as stated in the accounting policies.
These consolidated financial statements include the accounts of the Company and all entities controlled by the Company,
together referred to as \u2018the Group\u2019, from the date control commences until the date that control ceases.
\u2018Control\u2019 is defined as the Group having power over the subsidiary, exposure or rights to variable returns from the subsidiary,
and the ability to use its power to affect the amount of returns from the subsidiary. Further details of all subsidiaries are given in
the \u2018Additional Information\u2019 section at the back of this Annual Report. All subsidiaries are 100% owned and the Group considers
that it has control over them all.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-343": { "value": "The Group financial statements have been prepared in accordance with UK-adopted international accounting standards. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-386": { "value": "\u2018Control\u2019 is defined as the Group having power over the subsidiary, exposure or rights to variable returns from the subsidiary, and the ability to use its power to affect the amount of returns from the subsidiary. Further details of all subsidiaries are given in the \u2018Additional Information\u2019 section at the back of this Annual Report. All subsidiaries are 100% owned and the Group considers that it has control over them all.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-320": { "value": "
Going concern
The Directors have undertaken a robust assessment and concluded that it is appropriate to prepare the financial statements on
the going concern basis. They have not identified any material uncertainties and there were no significant judgements involved
in coming to this conclusion. Full details are set out in the strategic review, starting on page 62.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-321": { "value": "
Standards in issue but not yet effective
There were no new standards effective in the period that impacted the financial statements. At the date of authorisation of these
financial statements, the following standards, amendments to standards, and interpretations, were in issue but not yet effective
for the Group in these financial statements:
Amendments to IAS 21: Lack of Exchangeability
Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments
Annual Improvements to IFRS Accounting Standards\u2014Volume 11
Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity
IFRS 18 \u2013 Presentation and disclosure in financial statements
IFRS 19 \u2013 Subsidiaries without Public Accountability-Disclosures
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-361": { "value": "Standards in issue but not yet effective There were no new standards effective in the period that impacted the financial statements. At the date of authorisation of these financial statements, the following standards, amendments to standards, and interpretations, were in issue but not yet effective for the Group in these financial statements: Amendments to IAS 21: Lack of Exchangeability Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments Annual Improvements to IFRS Accounting Standards\u2014Volume 11 Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity IFRS 18 \u2013 Presentation and disclosure in financial statements IFRS 19 \u2013 Subsidiaries without Public Accountability-Disclosures", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-344": { "value": "Standards in issue but not yet effective There were no new standards effective in the period that impacted the financial statements. At the date of authorisation of these financial statements, the following standards, amendments to standards, and interpretations, were in issue but not yet effective for the Group in these financial statements: Amendments to IAS 21: Lack of Exchangeability Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments Annual Improvements to IFRS Accounting Standards\u2014Volume 11 Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity IFRS 18 \u2013 Presentation and disclosure in financial statements IFRS 19 \u2013 Subsidiaries without Public Accountability-Disclosures", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-409": { "value": "
Significant accounting judgements and major sources of estimation uncertainty
The Group recognises significant judgement and estimation uncertainty in connection with its defined benefit pension. It also
recognises estimation uncertainty over making allowances against the carrying value of inventory. More details are given in
the relevant notes.
Estimation uncertainty \u2013 allowances against the carrying values of inventories
In order to achieve the accounting objective that inventories are stated at the lower of cost and net realisable value, the Group
carries an allowance against products which it estimates may not sell at a price above cost, or where we may be holding levels
of product in excess of estimated future demand. The Group bases these estimates on regular reviews of stock levels, as well
as of product lifecycles, selling prices achieved in the market and historical sales profiles of products. These estimates are
regularly reviewed against actual experience, and revised to reflect any differences, but the accuracy of the estimates at any
point in time can be affected by the extent to which sales of current products may not follow historical patterns.
Both the gross inventory balance and the amount of the allowance against carrying value are material items and we would expect
this to remain the case as the Group grows in size, and as consumer demand for regular introductions of new product continues.
We derive our allowance against carrying value based on specific kitchen ranges and stock items where a decision has been
made to discontinue future sales or where our monitoring of current sales indicates that the rate of sales is in decline and
the product may be coming to the end of its life cycle. The level of judgement and estimation involved requires assessing the
obsolescence risk across a high volume of SKUs, which can have different risk profiles. As such, the allowance is specific in
nature and does not lend itself to meaningful sensitivity analysis in the same way as a figure which is derived by a general
formula. The potential range of reasonable outcomes could be material. In the analysis of the allowance below, we have
separately identified the aggregate gross value of stock against which an allowance has been made.
Once a decision is made to discontinue future sales of a product, it will still be available for sale in depots for a standard period
of time, after which any remaining units of that product will be removed from sale. Our stock allowance is calculated so that the
carrying value of any unsold units is progressively written down to nil over the period during which they are available for sale.
The rate at which the units are written down to nil is based on actual historical experience of realised selling prices for previous
similar products, and recognises that higher selling prices are typically achievable at the beginning of the period than at the
end of the period. Rates are reviewed regularly against historical experience and are adjusted if necessary.
Significant judgement and source of estimation uncertainty
There is significant judgement involved in selecting appropriate measurement bases for the actuarial assumptions used
to measure the pension liability.
There is also estimation uncertainty relating to the assumptions, as reasonable alternative assumptions could have led
to measurement at a materially different amount.
The key assumptions within this calculation are discount rate, inflation rates and mortality rates. These are set out below, together
with sensitivity analysis that shows the effect that these estimates can have on the carrying value of the pension deficit.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-410": { "value": "Significant accounting judgements and major sources of estimation uncertainty The Group recognises significant judgement and estimation uncertainty in connection with its defined benefit pension. It also recognises estimation uncertainty over making allowances against the carrying value of inventory. More details are given in the relevant notes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-322": { "value": "2 Revenue Accounting policy The Group recognises revenue when it has satisfied its performance obligations to the customer and the customer has obtained control of the goods or services being transferred. Revenue from sales of goods will typically account for more than 95% of total revenue, and is recognised on collection or delivery of the goods. Revenue from other services is a small percentage of total revenue, and is recognised when the customer confirms that the services are complete. We measure revenue at the fair value of the consideration received or receivable, excluding sales taxes and discounts. We recognise interest income as it accrues and measure it using the effective interest rate method. 3 Segmental reporting (a) Basis of segmentation, and other general information Information reported to the Group\u2019s Executive Committee, which is regarded as the chief operating decision maker, is focused on one operating segment, Howden Joinery. Thus, the information required in respect of profit or loss, assets and liabilities, can all be found in the relevant primary statements and notes to these consolidated financial statements. The Howden Joinery business derives its revenue from the sale of kitchens and joinery products, and related services. (b) Geographical information The Group\u2019s operations are mainly located in the UK, with a smaller presence in France, Belgium and the Republic of Ireland. The Group has depots in each of these locations. The number of depots in each location at the current and prior period ends is shown in the five year record which is located towards the back of this Annual Report. The Group\u2019s manufacturing and sourcing operations are located in the UK.
The following tables present the required information by geographical market on revenue and non-current assets.
52 weeks to 52 weeks to
27 December 2025 28 December 2024
Revenues from external customers \u00a3m \u00a3m
UK
2,333.2
2,247.4
France, Belgium and Ireland
84.8
74.7
2,418.0
2,322.1
27 December 2025 28 December 2024
Non-current assets (excluding non-current deferred tax) \u00a3m \u00a3m
UK
1,242.7
1,129.4
France, Belgium and Ireland
64.2
73.0
1,306.9
1,202.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-387": { "value": "Accounting policy The Group recognises revenue when it has satisfied its performance obligations to the customer and the customer has obtained control of the goods or services being transferred. Revenue from sales of goods will typically account for more than 95% of total revenue, and is recognised on collection or delivery of the goods. Revenue from other services is a small percentage of total revenue, and is recognised when the customer confirms that the services are complete. We measure revenue at the fair value of the consideration received or receivable, excluding sales taxes and discounts. We recognise interest income as it accrues and measure it using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-345": { "value": "3 Segmental reporting (a) Basis of segmentation, and other general information Information reported to the Group\u2019s Executive Committee, which is regarded as the chief operating decision maker, is focused on one operating segment, Howden Joinery. Thus, the information required in respect of profit or loss, assets and liabilities, can all be found in the relevant primary statements and notes to these consolidated financial statements. The Howden Joinery business derives its revenue from the sale of kitchens and joinery products, and related services. (b) Geographical information The Group\u2019s operations are mainly located in the UK, with a smaller presence in France, Belgium and the Republic of Ireland. The Group has depots in each of these locations. The number of depots in each location at the current and prior period ends is shown in the five year record which is located towards the back of this Annual Report. The Group\u2019s manufacturing and sourcing operations are located in the UK. The following tables present the required information by geographical market on revenue and non-current assets.
52 weeks to 52 weeks to
27 December 2025 28 December 2024
Revenues from external customers \u00a3m \u00a3m
UK
2,333.2
2,247.4
France, Belgium and Ireland
84.8
74.7
2,418.0
2,322.1
27 December 2025 28 December 2024
Non-current assets (excluding non-current deferred tax) \u00a3m \u00a3m
UK
1,242.7
1,129.4
France, Belgium and Ireland
64.2
73.0
1,306.9
1,202.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-362": { "value": "
(b) Geographical information
The Group\u2019s operations are mainly located in the UK, with a smaller presence in France, Belgium and the Republic of Ireland.
The Group has depots in each of these locations. The number of depots in each location at the current and prior period ends is
shown in the five year record which is located towards the back of this Annual Report. The Group\u2019s manufacturing and sourcing
operations are located in the UK.
The following tables present the required information by geographical market on revenue and non-current assets.
52 weeks to 52 weeks to
27 December 2025 28 December 2024
Revenues from external customers \u00a3m \u00a3m
UK
2,333.2
2,247.4
France, Belgium and Ireland
84.8
74.7
2,418.0
2,322.1
27 December 2025 28 December 2024
Non-current assets (excluding non-current deferred tax) \u00a3m \u00a3m
UK
1,242.7
1,129.4
France, Belgium and Ireland
64.2
73.0
1,306.9
1,202.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-323": { "value": "
4 Operating profit
Operating profit has been arrived at after (charging)/crediting:
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Cost of inventories recognised as an expense
(895.3)
(889.5)
Write down of inventories
(7.3)
(1.5)
Loss on disposal of fixed assets
(1.4)
(0.4)
Auditor's remuneration for audit services
(1.5)
(1.4)
All of the items above relate to continuing operations.
A more detailed analysis of auditor\u2019s total remuneration is given below:
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Audit services:
Fees paid to the Company's auditor for the audit of the Company's annual financial
statements
(0.3)
(0.3)
Fees paid to the Company's auditor and their associates for other services to the Group:
\u2013 the audit of the subsidiary companies pursuant to legislation
(1.2)
(1.1)
Total audit fees
(1.5)
(1.4)
Other services:
Audit-related assurance services
(0.1)
(0.1)
Non-audit-related assurance services
(0.1)
(0.1)
Total non-audit fees
(0.2)
(0.2)
Details of the Group\u2019s policy on the use of auditors for non-audit services, the reasons why the auditor was used rather than
Report. No services were provided pursuant to contingent fee arrangements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-380": { "value": "4 Operating profit Operating profit has been arrived at after (charging)/crediting:
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Cost of inventories recognised as an expense
(895.3)
(889.5)
Write down of inventories
(7.3)
(1.5)
Loss on disposal of fixed assets
(1.4)
(0.4)
Auditor's remuneration for audit services
(1.5)
(1.4)
All of the items above relate to continuing operations. A more detailed analysis of auditor\u2019s total remuneration is given below:
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Audit services:
Fees paid to the Company's auditor for the audit of the Company's annual financial
statements
(0.3)
(0.3)
Fees paid to the Company's auditor and their associates for other services to the Group:
\u2013 the audit of the subsidiary companies pursuant to legislation
(1.2)
(1.1)
Total audit fees
(1.5)
(1.4)
Other services:
Audit-related assurance services
(0.1)
(0.1)
Non-audit-related assurance services
(0.1)
(0.1)
Total non-audit fees
(0.2)
(0.2)
Details of the Group\u2019s policy on the use of auditors for non-audit services, the reasons why the auditor was used rather than Report. No services were provided pursuant to contingent fee arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-363": { "value": "4 Operating profit Operating profit has been arrived at after (charging)/crediting:
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Cost of inventories recognised as an expense
(895.3)
(889.5)
Write down of inventories
(7.3)
(1.5)
Loss on disposal of fixed assets
(1.4)
(0.4)
Auditor's remuneration for audit services
(1.5)
(1.4)
All of the items above relate to continuing operations. A more detailed analysis of auditor\u2019s total remuneration is given below:
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Audit services:
Fees paid to the Company's auditor for the audit of the Company's annual financial
statements
(0.3)
(0.3)
Fees paid to the Company's auditor and their associates for other services to the Group:
\u2013 the audit of the subsidiary companies pursuant to legislation
(1.2)
(1.1)
Total audit fees
(1.5)
(1.4)
Other services:
Audit-related assurance services
(0.1)
(0.1)
Non-audit-related assurance services
(0.1)
(0.1)
Total non-audit fees
(0.2)
(0.2)
Details of the Group\u2019s policy on the use of auditors for non-audit services, the reasons why the auditor was used rather than Report. No services were provided pursuant to contingent fee arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-346": { "value": "A more detailed analysis of auditor\u2019s total remuneration is given below:
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Audit services:
Fees paid to the Company's auditor for the audit of the Company's annual financial
statements
(0.3)
(0.3)
Fees paid to the Company's auditor and their associates for other services to the Group:
\u2013 the audit of the subsidiary companies pursuant to legislation
(1.2)
(1.1)
Total audit fees
(1.5)
(1.4)
Other services:
Audit-related assurance services
(0.1)
(0.1)
Non-audit-related assurance services
(0.1)
(0.1)
Total non-audit fees
(0.2)
(0.2)
Details of the Group\u2019s policy on the use of auditors for non-audit services, the reasons why the auditor was used rather than Report. No services were provided pursuant to contingent fee arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-324": { "value": "
5 Finance income
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Bank interest receivable
13.1
9.9
13.1
9.9
6 Finance costs
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Interest expense on lease liabilities
(23.4)
(20.7)
Other finance expense \u2013 pensions
(0.1)
(0.3)
Total finance costs
(23.5)
(21.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-381": { "value": "5 Finance income
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Bank interest receivable
13.1
9.9
13.1
9.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-364": { "value": "5 Finance income
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Bank interest receivable
13.1
9.9
13.1
9.9
6 Finance costs
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Interest expense on lease liabilities
(23.4)
(20.7)
Other finance expense \u2013 pensions
(0.1)
(0.3)
Total finance costs
(23.5)
(21.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-348": { "value": "5 Finance income
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Bank interest receivable
13.1
9.9
13.1
9.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-382": { "value": "6 Finance costs
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Interest expense on lease liabilities
(23.4)
(20.7)
Other finance expense \u2013 pensions
(0.1)
(0.3)
Total finance costs
(23.5)
(21.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-349": { "value": "6 Finance costs
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Interest expense on lease liabilities
(23.4)
(20.7)
Other finance expense \u2013 pensions
(0.1)
(0.3)
Total finance costs
(23.5)
(21.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-347": { "value": "7 Current and deferred tax Accounting policy Income tax The tax expense represents the sum of current tax and deferred tax. It is recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income. Current tax Current tax is based on taxable profit for the financial period and any adjustments to tax payable or receivable for prior years. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other financial years as well as items that are never taxable or deductible. It is calculated as the best estimate of the tax expected to be paid or received. It reflects any uncertainty related to income taxes and is measured using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax Deferred tax is the tax expected to be payable or recoverable on the temporary difference between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. It is accounted for using the balance sheet liability method. It is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset realised, based on tax laws and rates that have been enacted or substantially enacted at the balance sheet date. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction (other than in a business combination) that affects neither the taxable profit nor the accounting profit. The carrying amounts of deferred tax assets are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered. Current tax: (a) Tax in the income statement
52 weeks to 53 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Current tax:
Current year
67.5
60.5
Adjustments in respect of previous periods
(12.8)
(6.8)
Total current tax
54.7
53.7
Deferred tax:
Current year
13.6
21.2
Adjustments in respect of previous periods
8.9
3.9
Total deferred tax
22.5
25.1
Total tax charged in the income statement
77.2
78.8
UK Corporation tax is calculated at 25% (2024: 25%) of the estimated assessable profit for the period. Tax for other countries is calculated at the rates prevailing in the respective jurisdictions. (b) Tax relating to items of other comprehensive income or changes in equity
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Deferred tax (credit)/charge to other comprehensive income on
actuarial difference on pension scheme
(1.1)
3.2
Deferred tax credit to equity on share schemes
(0.4)
(0.1)
Current tax credit to equity on share schemes
(0.4)
(0.5)
Total credit to other comprehensive income or changes in equity
(1.9)
2.6
(c) Reconciliation of the total tax charge The total tax charge for the period can be reconciled to the result per the income statement as follows:
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Profit before tax
344.9
328.1
Tax at the UK corporation tax rate of 25.0% (2024: 25.0%)
86.2
82.0
IFRS2 share scheme charge
(0.9)
0.1
Expenses not deductible for tax purposes
1.4
1.7
Tax losses not recognised
6.3
6.3
Non-qualifying depreciation
1.8
1.6
Patent box claim
(13.7)
(10.0)
Other tax adjustments in respect of previous years
(3.9)
(2.9)
Total tax charged in the income statement
77.2
78.8
The Group\u2019s effective rate of tax is 22.4% (2024: 24.0%). Deferred tax: Analysis of deferred tax assets and liabilities, and the movements on them during the period.
Retirement Accelerated Company Other
benefit capital share temporary
obligations allowances schemes Leasing differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 30 December 2023
3.2
0.4
2.2
2.9
3.6
12.3
Credit/(charge) to income statement
0.5
(25.4)
(1.6)
(0.6)
2.0
(25.1)
(Charge)/credit outside the income statement
(3.2)
\u2013
0.1
\u2013
\u2013
(3.1)
At 28 December 2024
0.5
(25.0)
0.7
2.3
5.6
(15.9)
Credit/(charge) to income statement
0.4
(23.9)
1.4
(0.6)
0.2
(22.5)
Credit outside the income statement
1.1
\u2013
0.4
\u2013
\u2013
1.5
At 27 December 2025
2.0
(48.9)
2.5
1.7
5.8
(36.9)
Comprising:
Deferred tax asset
2.0
1.9
2.5
1.7
6.6
14.7
Deferred tax liability
\u2013
(50.8)
\u2013
\u2013
(0.8)
(51.6)
2.0
(48.9)
2.5
1.7
5.8
(36.9)
The deferred tax liability relating to accelerated capital allowances has increased due to 100% first-year capital allowances being claimed on qualifying capital expenditure. The presentation in the balance sheet is as follows:
27 December 2025 28 December 2024
\u00a3m \u00a3m
Deferred tax assets
14.7
10.5
Deferred tax liabilities
(51.6)
(26.4)
(36.9)
(15.9)
Deferred tax assets have not been recognised for the following items as it is not currently considered probable that future taxable profits will be available in the relevant company against which the unused losses can be utilised. All unrecognised losses may be carried forward indefinitely. It is possible that some of the losses may become accessible in the future depending on the outcome of discussions with the tax authorities.
27 December 2025 28 December 2024
\u00a3m \u00a3m
Total losses
235
229
Global minimum tax Legislation \u2013 Pillar Two The Group is subject to the global minimum top-up tax under Pillar Two tax legislation. The tax expense related to Pillar Two taxes for the period is nil. The Group has applied the temporary mandatory relief under IAS12 from accounting for deferred tax that arises under the Pillar Two rules meaning the Group is effectively exempt from providing for and disclosing deferred tax related to top-up tax. 8 Earnings per share
52 weeks to 27 December 2025
52 weeks to 28 December 2024
Weighted Weighted
average average
number of Earnings per number of Earnings per
Earnings shares share Earnings shares share
From continuing operations \u00a3m m p \u00a3m m p
Basic earnings per share
267.7
544.2
49.2
249.3
546.7
45.6
Effect of dilutive share options
\u2013
2.6
(0.2)
\u2013
2.1
(0.2)
Diluted earnings per share
267.7
546.8
49.0
249.3
548.8
45.4
The difference between the weighted average number of shares used in the calculation of basic earnings per share and the total number of shares in issue at the period end is due to the net effect of time-apportioned adjustments for shares held in treasury, shares held in trust which are not unconditionally vested, and shares bought back and cancelled in the period.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-325": { "value": "7 Current and deferred tax Accounting policy Income tax The tax expense represents the sum of current tax and deferred tax. It is recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income. Current tax Current tax is based on taxable profit for the financial period and any adjustments to tax payable or receivable for prior years. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other financial years as well as items that are never taxable or deductible. It is calculated as the best estimate of the tax expected to be paid or received. It reflects any uncertainty related to income taxes and is measured using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax Deferred tax is the tax expected to be payable or recoverable on the temporary difference between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. It is accounted for using the balance sheet liability method. It is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset realised, based on tax laws and rates that have been enacted or substantially enacted at the balance sheet date. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction (other than in a business combination) that affects neither the taxable profit nor the accounting profit. The carrying amounts of deferred tax assets are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered.
Current tax:
(a) Tax in the income statement
52 weeks to 53 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Current tax:
Current year
67.5
60.5
Adjustments in respect of previous periods
(12.8)
(6.8)
Total current tax
54.7
53.7
Deferred tax:
Current year
13.6
21.2
Adjustments in respect of previous periods
8.9
3.9
Total deferred tax
22.5
25.1
Total tax charged in the income statement
77.2
78.8
UK Corporation tax is calculated at 25% (2024: 25%) of the estimated assessable profit for the period. Tax for other countries is
calculated at the rates prevailing in the respective jurisdictions.
(b) Tax relating to items of other comprehensive income or changes in equity
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Deferred tax (credit)/charge to other comprehensive income on
actuarial difference on pension scheme
(1.1)
3.2
Deferred tax credit to equity on share schemes
(0.4)
(0.1)
Current tax credit to equity on share schemes
(0.4)
(0.5)
Total credit to other comprehensive income or changes in equity
(1.9)
2.6
(c) Reconciliation of the total tax charge
The total tax charge for the period can be reconciled to the result per the income statement as follows:
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Profit before tax
344.9
328.1
Tax at the UK corporation tax rate of 25.0% (2024: 25.0%)
86.2
82.0
IFRS2 share scheme charge
(0.9)
0.1
Expenses not deductible for tax purposes
1.4
1.7
Tax losses not recognised
6.3
6.3
Non-qualifying depreciation
1.8
1.6
Patent box claim
(13.7)
(10.0)
Other tax adjustments in respect of previous years
(3.9)
(2.9)
Total tax charged in the income statement
77.2
78.8
The Group\u2019s effective rate of tax is 22.4% (2024: 24.0%).
Deferred tax:
Analysis of deferred tax assets and liabilities, and the movements on them during the period.
Retirement Accelerated Company Other
benefit capital share temporary
obligations allowances schemes Leasing differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 30 December 2023
3.2
0.4
2.2
2.9
3.6
12.3
Credit/(charge) to income statement
0.5
(25.4)
(1.6)
(0.6)
2.0
(25.1)
(Charge)/credit outside the income statement
(3.2)
\u2013
0.1
\u2013
\u2013
(3.1)
At 28 December 2024
0.5
(25.0)
0.7
2.3
5.6
(15.9)
Credit/(charge) to income statement
0.4
(23.9)
1.4
(0.6)
0.2
(22.5)
Credit outside the income statement
1.1
\u2013
0.4
\u2013
\u2013
1.5
At 27 December 2025
2.0
(48.9)
2.5
1.7
5.8
(36.9)
Comprising:
Deferred tax asset
2.0
1.9
2.5
1.7
6.6
14.7
Deferred tax liability
\u2013
(50.8)
\u2013
\u2013
(0.8)
(51.6)
2.0
(48.9)
2.5
1.7
5.8
(36.9)
The deferred tax liability relating to accelerated capital allowances has increased due to 100% first-year capital allowances
being claimed on qualifying capital expenditure.
The presentation in the balance sheet is as follows:
27 December 2025 28 December 2024
\u00a3m \u00a3m
Deferred tax assets
14.7
10.5
Deferred tax liabilities
(51.6)
(26.4)
(36.9)
(15.9)
Deferred tax assets have not been recognised for the following items as it is not currently considered probable that future
taxable profits will be available in the relevant company against which the unused losses can be utilised. All unrecognised losses
may be carried forward indefinitely. It is possible that some of the losses may become accessible in the future depending on the
outcome of discussions with the tax authorities.
27 December 2025 28 December 2024
\u00a3m \u00a3m
Total losses
235
229
Global minimum tax Legislation \u2013 Pillar Two
The Group is subject to the global minimum top-up tax under Pillar Two tax legislation. The tax expense related to Pillar Two taxes
for the period is nil.
The Group has applied the temporary mandatory relief under IAS12 from accounting for deferred tax that arises under the Pillar
Two rules meaning the Group is effectively exempt from providing for and disclosing deferred tax related to top-up tax.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-388": { "value": "Accounting policy Income tax The tax expense represents the sum of current tax and deferred tax. It is recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income. Current tax Current tax is based on taxable profit for the financial period and any adjustments to tax payable or receivable for prior years. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other financial years as well as items that are never taxable or deductible. It is calculated as the best estimate of the tax expected to be paid or received. It reflects any uncertainty related to income taxes and is measured using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax Deferred tax is the tax expected to be payable or recoverable on the temporary difference between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. It is accounted for using the balance sheet liability method. It is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset realised, based on tax laws and rates that have been enacted or substantially enacted at the balance sheet date. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction (other than in a business combination) that affects neither the taxable profit nor the accounting profit. The carrying amounts of deferred tax assets are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-399": { "value": "Deferred tax Deferred tax is the tax expected to be payable or recoverable on the temporary difference between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. It is accounted for using the balance sheet liability method. It is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset realised, based on tax laws and rates that have been enacted or substantially enacted at the balance sheet date. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction (other than in a business combination) that affects neither the taxable profit nor the accounting profit. The carrying amounts of deferred tax assets are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-365": { "value": "Deferred tax: Analysis of deferred tax assets and liabilities, and the movements on them during the period.
Retirement Accelerated Company Other
benefit capital share temporary
obligations allowances schemes Leasing differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 30 December 2023
3.2
0.4
2.2
2.9
3.6
12.3
Credit/(charge) to income statement
0.5
(25.4)
(1.6)
(0.6)
2.0
(25.1)
(Charge)/credit outside the income statement
(3.2)
\u2013
0.1
\u2013
\u2013
(3.1)
At 28 December 2024
0.5
(25.0)
0.7
2.3
5.6
(15.9)
Credit/(charge) to income statement
0.4
(23.9)
1.4
(0.6)
0.2
(22.5)
Credit outside the income statement
1.1
\u2013
0.4
\u2013
\u2013
1.5
At 27 December 2025
2.0
(48.9)
2.5
1.7
5.8
(36.9)
Comprising:
Deferred tax asset
2.0
1.9
2.5
1.7
6.6
14.7
Deferred tax liability
\u2013
(50.8)
\u2013
\u2013
(0.8)
(51.6)
2.0
(48.9)
2.5
1.7
5.8
(36.9)
The deferred tax liability relating to accelerated capital allowances has increased due to 100% first-year capital allowances being claimed on qualifying capital expenditure. The presentation in the balance sheet is as follows:
27 December 2025 28 December 2024
\u00a3m \u00a3m
Deferred tax assets
14.7
10.5
Deferred tax liabilities
(51.6)
(26.4)
(36.9)
(15.9)
Deferred tax assets have not been recognised for the following items as it is not currently considered probable that future taxable profits will be available in the relevant company against which the unused losses can be utilised. All unrecognised losses may be carried forward indefinitely. It is possible that some of the losses may become accessible in the future depending on the outcome of discussions with the tax authorities.
27 December 2025 28 December 2024
\u00a3m \u00a3m
Total losses
235
229
Global minimum tax Legislation \u2013 Pillar Two The Group is subject to the global minimum top-up tax under Pillar Two tax legislation. The tax expense related to Pillar Two taxes for the period is nil. The Group has applied the temporary mandatory relief under IAS12 from accounting for deferred tax that arises under the Pillar Two rules meaning the Group is effectively exempt from providing for and disclosing deferred tax related to top-up tax. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-383": { "value": "Global minimum tax Legislation \u2013 Pillar Two The Group is subject to the global minimum top-up tax under Pillar Two tax legislation. The tax expense related to Pillar Two taxes for the period is nil. The Group has applied the temporary mandatory relief under IAS12 from accounting for deferred tax that arises under the Pillar Two rules meaning the Group is effectively exempt from providing for and disclosing deferred tax related to top-up tax. ", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-326": { "value": "
8 Earnings per share
52 weeks to 27 December 2025
52 weeks to 28 December 2024
Weighted Weighted
average average
number of Earnings per number of Earnings per
Earnings shares share Earnings shares share
From continuing operations \u00a3m m p \u00a3m m p
Basic earnings per share
267.7
544.2
49.2
249.3
546.7
45.6
Effect of dilutive share options
\u2013
2.6
(0.2)
\u2013
2.1
(0.2)
Diluted earnings per share
267.7
546.8
49.0
249.3
548.8
45.4
The difference between the weighted average number of shares used in the calculation of basic earnings per share and the total
number of shares in issue at the period end is due to the net effect of time-apportioned adjustments for shares held in treasury,
shares held in trust which are not unconditionally vested, and shares bought back and cancelled in the period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-327": { "value": "
9 Intangible assets
(a) Total amounts recognised in the balance sheet
27 December 2025 28 December 2024
\u00a3m \u00a3m
Goodwill \u2013 cost and carrying value
12.4
12.4
Software
50.2
45.7
62.6
58.1
(b) Goodwill
Accounting policy
Goodwill arising on a business combination represents the excess of the cost of acquisition over the share of the aggregate
fair value of identifiable net assets (including intangible assets) of the acquired business at the date of acquisition. Goodwill
is initially recognised as an asset and allocated to cash-generating units that are expected to benefit from the synergies
of the business combination. Goodwill is not amortised, but is reviewed at least annually for impairment. Any impairment
is recognised immediately in the income statement. Goodwill is stated in the balance sheet at cost less any provisions for
impairment, if required.
The goodwill shown above all arose on the acquisition of 100% of Sheridan Fabrications Ltd (\u2018SFL\u2019) in 2022. The trading activities
of SFL have been integrated into the Howden Joinery UK operations, to which we have allocated all of the related goodwill.
The Howden Joinery UK operations is a group of cash-generating units comprising smaller groups of assets (for example,
individual depots).
The recoverability of the goodwill is assessed by looking at the value in use of the Howden Joinery UK operations.
The Howden Joinery UK operations, as shown in the geographical analysis at note 3(b) to these financial statements, represent over 95% of the consolidated Group sales. This is reflected in their contribution to total Group profit and cashflow. Given the size and contribution of this cash-generating unit in comparison with the \u00a312.4m cost and carrying value of the allocated goodwill, it has not been considered necessary to look further ahead than the next 12 month forecast to verify that projected cashflows from the Howden Joinery UK operations are significantly in excess of the carrying value of the associated goodwill. (c) Software Accounting policy Directly attributable costs incurred for the development of computer software controlled by and for use within the business are capitalised and written off over their estimated useful lives, which are reviewed annually. No amortisation is charged on assets under construction. Amounts paid to third parties for development of assets not controlled by the Group are expensed over the period where the Group receives the benefit of the use of these assets. Licence fees for using third-party software are expensed over the period the software is in use. Intangible assets are amortised on a straight line basis over their useful lives, which range from 3 to 11 years.
Intangible assets Assets under
in use construction TOTAL
\u00a3m \u00a3m \u00a3m
Cost
At 30 December 2023
52.3
13.5
65.8
Exchange adjustments
(0.1)
\u2013
(0.1)
Additions
9.9
10.7
20.6
Disposals
(1.2)
\u2013
(1.2)
Reclassifications
9.0
(9.0)
\u2013
At 28 December 2024
69.9
15.2
85.1
Exchange adjustments
0.1
\u2013
0.1
Additions
11.0
1.7
12.7
Disposals
(7.3)
\u2013
(7.3)
Reclassifications
11.5
(11.5)
\u2013
At 27 December 2025
85.2
5.4
90.6
Accumulated depreciation
At 30 December 2023
(34.7)
\u2013
(34.7)
Charge for the period
(5.8)
\u2013
(5.8)
Disposals
1.1
\u2013
1.1
At 28 December 2024
(39.4)
\u2013
(39.4)
Exchange adjustments
(0.1)
\u2013
(0.1)
Charge for the period
(8.2)
\u2013
(8.2)
Disposals
7.3
\u2013
7.3
At 27 December 2025
(40.4)
\u2013
(40.4)
Net book value at 27 December 2025
44.8
5.4
50.2
Net book value at 28 December 2024
30.5
15.2
45.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-350": { "value": "9 Intangible assets (a) Total amounts recognised in the balance sheet
27 December 2025 28 December 2024
\u00a3m \u00a3m
Goodwill \u2013 cost and carrying value
12.4
12.4
Software
50.2
45.7
62.6
58.1
(b) Goodwill Accounting policy Goodwill arising on a business combination represents the excess of the cost of acquisition over the share of the aggregate fair value of identifiable net assets (including intangible assets) of the acquired business at the date of acquisition. Goodwill is initially recognised as an asset and allocated to cash-generating units that are expected to benefit from the synergies of the business combination. Goodwill is not amortised, but is reviewed at least annually for impairment. Any impairment is recognised immediately in the income statement. Goodwill is stated in the balance sheet at cost less any provisions for impairment, if required. The goodwill shown above all arose on the acquisition of 100% of Sheridan Fabrications Ltd (\u2018SFL\u2019) in 2022. The trading activities of SFL have been integrated into the Howden Joinery UK operations, to which we have allocated all of the related goodwill. The Howden Joinery UK operations is a group of cash-generating units comprising smaller groups of assets (for example, individual depots). The recoverability of the goodwill is assessed by looking at the value in use of the Howden Joinery UK operations. The Howden Joinery UK operations, as shown in the geographical analysis at note 3(b) to these financial statements, represent over 95% of the consolidated Group sales. This is reflected in their contribution to total Group profit and cashflow. Given the size and contribution of this cash-generating unit in comparison with the \u00a312.4m cost and carrying value of the allocated goodwill, it has not been considered necessary to look further ahead than the next 12 month forecast to verify that projected cashflows from the Howden Joinery UK operations are significantly in excess of the carrying value of the associated goodwill. (c) Software Accounting policy Directly attributable costs incurred for the development of computer software controlled by and for use within the business are capitalised and written off over their estimated useful lives, which are reviewed annually. No amortisation is charged on assets under construction. Amounts paid to third parties for development of assets not controlled by the Group are expensed over the period where the Group receives the benefit of the use of these assets. Licence fees for using third-party software are expensed over the period the software is in use. Intangible assets are amortised on a straight line basis over their useful lives, which range from 3 to 11 years.
Intangible assets Assets under
in use construction TOTAL
\u00a3m \u00a3m \u00a3m
Cost
At 30 December 2023
52.3
13.5
65.8
Exchange adjustments
(0.1)
\u2013
(0.1)
Additions
9.9
10.7
20.6
Disposals
(1.2)
\u2013
(1.2)
Reclassifications
9.0
(9.0)
\u2013
At 28 December 2024
69.9
15.2
85.1
Exchange adjustments
0.1
\u2013
0.1
Additions
11.0
1.7
12.7
Disposals
(7.3)
\u2013
(7.3)
Reclassifications
11.5
(11.5)
\u2013
At 27 December 2025
85.2
5.4
90.6
Accumulated depreciation
At 30 December 2023
(34.7)
\u2013
(34.7)
Charge for the period
(5.8)
\u2013
(5.8)
Disposals
1.1
\u2013
1.1
At 28 December 2024
(39.4)
\u2013
(39.4)
Exchange adjustments
(0.1)
\u2013
(0.1)
Charge for the period
(8.2)
\u2013
(8.2)
Disposals
7.3
\u2013
7.3
At 27 December 2025
(40.4)
\u2013
(40.4)
Net book value at 27 December 2025
44.8
5.4
50.2
Net book value at 28 December 2024
30.5
15.2
45.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-366": { "value": "(b) Goodwill Accounting policy Goodwill arising on a business combination represents the excess of the cost of acquisition over the share of the aggregate fair value of identifiable net assets (including intangible assets) of the acquired business at the date of acquisition. Goodwill is initially recognised as an asset and allocated to cash-generating units that are expected to benefit from the synergies of the business combination. Goodwill is not amortised, but is reviewed at least annually for impairment. Any impairment is recognised immediately in the income statement. Goodwill is stated in the balance sheet at cost less any provisions for impairment, if required. The goodwill shown above all arose on the acquisition of 100% of Sheridan Fabrications Ltd (\u2018SFL\u2019) in 2022. The trading activities of SFL have been integrated into the Howden Joinery UK operations, to which we have allocated all of the related goodwill. The Howden Joinery UK operations is a group of cash-generating units comprising smaller groups of assets (for example, individual depots). The recoverability of the goodwill is assessed by looking at the value in use of the Howden Joinery UK operations.
The Howden Joinery UK operations, as shown in the geographical analysis at note 3(b) to these financial statements, represent
over 95% of the consolidated Group sales. This is reflected in their contribution to total Group profit and cashflow. Given the size
and contribution of this cash-generating unit in comparison with the \u00a312.4m cost and carrying value of the allocated goodwill,
it has not been considered necessary to look further ahead than the next 12 month forecast to verify that projected cashflows from
the Howden Joinery UK operations are significantly in excess of the carrying value of the associated goodwill.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-404": { "value": "Accounting policy Goodwill arising on a business combination represents the excess of the cost of acquisition over the share of the aggregate fair value of identifiable net assets (including intangible assets) of the acquired business at the date of acquisition. Goodwill is initially recognised as an asset and allocated to cash-generating units that are expected to benefit from the synergies of the business combination. Goodwill is not amortised, but is reviewed at least annually for impairment. Any impairment is recognised immediately in the income statement. Goodwill is stated in the balance sheet at cost less any provisions for impairment, if required. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-400": { "value": "Accounting policy Goodwill arising on a business combination represents the excess of the cost of acquisition over the share of the aggregate fair value of identifiable net assets (including intangible assets) of the acquired business at the date of acquisition. Goodwill is initially recognised as an asset and allocated to cash-generating units that are expected to benefit from the synergies of the business combination. Goodwill is not amortised, but is reviewed at least annually for impairment. Any impairment is recognised immediately in the income statement. Goodwill is stated in the balance sheet at cost less any provisions for impairment, if required. Accounting policy Directly attributable costs incurred for the development of computer software controlled by and for use within the business are capitalised and written off over their estimated useful lives, which are reviewed annually. No amortisation is charged on assets under construction. Amounts paid to third parties for development of assets not controlled by the Group are expensed over the period where the Group receives the benefit of the use of these assets. Licence fees for using third-party software are expensed over the period the software is in use. Intangible assets are amortised on a straight line basis over their useful lives, which range from 3 to 11 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-389": { "value": "Accounting policy Goodwill arising on a business combination represents the excess of the cost of acquisition over the share of the aggregate fair value of identifiable net assets (including intangible assets) of the acquired business at the date of acquisition. Goodwill is initially recognised as an asset and allocated to cash-generating units that are expected to benefit from the synergies of the business combination. Goodwill is not amortised, but is reviewed at least annually for impairment. Any impairment is recognised immediately in the income statement. Goodwill is stated in the balance sheet at cost less any provisions for impairment, if required. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-367": { "value": "(c) Software Accounting policy Directly attributable costs incurred for the development of computer software controlled by and for use within the business are capitalised and written off over their estimated useful lives, which are reviewed annually. No amortisation is charged on assets under construction. Amounts paid to third parties for development of assets not controlled by the Group are expensed over the period where the Group receives the benefit of the use of these assets. Licence fees for using third-party software are expensed over the period the software is in use. Intangible assets are amortised on a straight line basis over their useful lives, which range from 3 to 11 years.
Intangible assets Assets under
in use construction TOTAL
\u00a3m \u00a3m \u00a3m
Cost
At 30 December 2023
52.3
13.5
65.8
Exchange adjustments
(0.1)
\u2013
(0.1)
Additions
9.9
10.7
20.6
Disposals
(1.2)
\u2013
(1.2)
Reclassifications
9.0
(9.0)
\u2013
At 28 December 2024
69.9
15.2
85.1
Exchange adjustments
0.1
\u2013
0.1
Additions
11.0
1.7
12.7
Disposals
(7.3)
\u2013
(7.3)
Reclassifications
11.5
(11.5)
\u2013
At 27 December 2025
85.2
5.4
90.6
Accumulated depreciation
At 30 December 2023
(34.7)
\u2013
(34.7)
Charge for the period
(5.8)
\u2013
(5.8)
Disposals
1.1
\u2013
1.1
At 28 December 2024
(39.4)
\u2013
(39.4)
Exchange adjustments
(0.1)
\u2013
(0.1)
Charge for the period
(8.2)
\u2013
(8.2)
Disposals
7.3
\u2013
7.3
At 27 December 2025
(40.4)
\u2013
(40.4)
Net book value at 27 December 2025
44.8
5.4
50.2
Net book value at 28 December 2024
30.5
15.2
45.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-405": { "value": "Accounting policy Directly attributable costs incurred for the development of computer software controlled by and for use within the business are capitalised and written off over their estimated useful lives, which are reviewed annually. No amortisation is charged on assets under construction. Amounts paid to third parties for development of assets not controlled by the Group are expensed over the period where the Group receives the benefit of the use of these assets. Licence fees for using third-party software are expensed over the period the software is in use. Intangible assets are amortised on a straight line basis over their useful lives, which range from 3 to 11 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-390": { "value": "Accounting policy Directly attributable costs incurred for the development of computer software controlled by and for use within the business are capitalised and written off over their estimated useful lives, which are reviewed annually. No amortisation is charged on assets under construction. Amounts paid to third parties for development of assets not controlled by the Group are expensed over the period where the Group receives the benefit of the use of these assets. Licence fees for using third-party software are expensed over the period the software is in use. Intangible assets are amortised on a straight line basis over their useful lives, which range from 3 to 11 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-351": { "value": "10 Property, plant and equipment Accounting policy All property, plant and equipment is stated at cost (or deemed cost, as applicable) less accumulated depreciation and any accumulated impairment losses. Depreciation of property, plant and equipment is provided to write off the difference between their cost and their residual value over their estimated lives on a straight-line basis. The current range of useful lives is as follows: Freehold property 25 \u2013 50 years Leasehold property improvements and fittings the period of the lease, or the individual asset\u2019s life, if shorter Plant, machinery & vehicles 4 \u2013 25 years Fixtures & fittings 4 \u2013 25 years Capital work-in-progress and freehold land are not depreciated. Residual values, remaining useful economic lives and depreciation periods and methods are reviewed regularly and adjusted if appropriate. Property, plant and equipment is assessed for impairment at least annually, with individual depots considered to be cash- generating units for this purpose. Gains and losses on disposals are determined by comparing proceeds with carrying amount and are recognised in the income statement.
Leasehold Plant, Assets
Freehold property machinery Fixtures & under
property improvements & vehicles fittings construction TOTAL
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 30 December 2023
77.0
121.8
231.1
307.2
61.4
798.5
Exchange adjustments
\u2013
(0.1)
(0.4)
(1.5)
(0.1)
(2.1)
Additions
3.3
13.9
15.2
42.0
22.5
96.9
Disposals
\u2013
(0.1)
(6.0)
(1.7)
\u2013
(7.8)
Reclassifications
0.8
\u2013
14.1
16.3
(31.2)
\u2013
At 28 December 2024
81.1
135.5
254.0
362.3
52.6
885.5
Exchange adjustments
\u2013
0.2
0.5
1.9
0.1
2.7
Additions
35.5
9.1
14.6
27.9
48.7
135.8
Disposals
\u2013
(0.8)
(10.4)
(3.5)
\u2013
(14.7)
Reclassifications
4.3
(5.2)
15.9
8.3
(23.3)
\u2013
At 27 December 2025
120.9
138.8
274.6
396.9
78.1
1,009.3
Accumulated depreciation
At 30 December 2023
(12.7)
(39.0)
(134.8)
(155.1)
\u2013
(341.6)
Exchange adjustments
\u2013
\u2013
0.2
0.4
\u2013
0.6
Charge for the period
(2.0)
(6.9)
(16.7)
(25.7)
\u2013
(51.3)
Disposals
\u2013
0.1
5.9
1.4
\u2013
7.4
Reclassifications
\u2013
\u2013
0.5
(0.5)
\u2013
\u2013
Leasehold Plant, Assets
Freehold property machinery Fixtures & under
property improvements & vehicles fittings construction TOTAL
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 28 December 2024
(14.7)
(45.8)
(144.9)
(179.5)
\u2013
(384.9)
Exchange adjustments
\u2013
\u2013
(0.3)
(0.7)
\u2013
(1.0)
Charge for the period
(2.1)
(7.9)
(18.5)
(29.2)
\u2013
(57.7)
Impairment charge
\u2013
\u2013
(0.5)
(2.2)
\u2013
(2.7)
Disposals
\u2013
0.7
10.0
2.4
\u2013
13.1
Reclassifications
(2.6)
2.8
(0.2)
\u2013
\u2013
(0.0)
At 27 December 2025
(19.4)
(50.2)
(154.4)
(209.2)
\u2013
(433.2)
Net book value at 27 December 2025
101.5
88.6
120.2
187.7
78.1
576.1
Net book value at 28 December 2024
66.4
89.7
109.1
182.8
52.6
500.6
Additions in 2025 includes \u00a331m spent on acquiring the freehold of our manufacturing site at Runcorn. The purchase was achieved by buying 100% of the shares in ARE S1 (Logistics V1) Limited (the previous owner of the freehold, and now a wholly- owned subsidiary, see page 214). In line with IFRS 3: Business combinations, this transaction was treated as an asset purchase and not as a business combination because substantially all of the value in the acquired company lay in the fair value of the freehold. Additions to assets under construction in the period relate mainly to investment in our manufacturing sites.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-328": { "value": "10 Property, plant and equipment Accounting policy All property, plant and equipment is stated at cost (or deemed cost, as applicable) less accumulated depreciation and any accumulated impairment losses. Depreciation of property, plant and equipment is provided to write off the difference between their cost and their residual value over their estimated lives on a straight-line basis. The current range of useful lives is as follows: Freehold property 25 \u2013 50 years Leasehold property improvements and fittings the period of the lease, or the individual asset\u2019s life, if shorter Plant, machinery & vehicles 4 \u2013 25 years Fixtures & fittings 4 \u2013 25 years Capital work-in-progress and freehold land are not depreciated. Residual values, remaining useful economic lives and depreciation periods and methods are reviewed regularly and adjusted if appropriate. Property, plant and equipment is assessed for impairment at least annually, with individual depots considered to be cash- generating units for this purpose. Gains and losses on disposals are determined by comparing proceeds with carrying amount and are recognised in the income statement.
Leasehold Plant, Assets
Freehold property machinery Fixtures & under
property improvements & vehicles fittings construction TOTAL
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 30 December 2023
77.0
121.8
231.1
307.2
61.4
798.5
Exchange adjustments
\u2013
(0.1)
(0.4)
(1.5)
(0.1)
(2.1)
Additions
3.3
13.9
15.2
42.0
22.5
96.9
Disposals
\u2013
(0.1)
(6.0)
(1.7)
\u2013
(7.8)
Reclassifications
0.8
\u2013
14.1
16.3
(31.2)
\u2013
At 28 December 2024
81.1
135.5
254.0
362.3
52.6
885.5
Exchange adjustments
\u2013
0.2
0.5
1.9
0.1
2.7
Additions
35.5
9.1
14.6
27.9
48.7
135.8
Disposals
\u2013
(0.8)
(10.4)
(3.5)
\u2013
(14.7)
Reclassifications
4.3
(5.2)
15.9
8.3
(23.3)
\u2013
At 27 December 2025
120.9
138.8
274.6
396.9
78.1
1,009.3
Accumulated depreciation
At 30 December 2023
(12.7)
(39.0)
(134.8)
(155.1)
\u2013
(341.6)
Exchange adjustments
\u2013
\u2013
0.2
0.4
\u2013
0.6
Charge for the period
(2.0)
(6.9)
(16.7)
(25.7)
\u2013
(51.3)
Disposals
\u2013
0.1
5.9
1.4
\u2013
7.4
Reclassifications
\u2013
\u2013
0.5
(0.5)
\u2013
\u2013
Leasehold Plant, Assets
Freehold property machinery Fixtures & under
property improvements & vehicles fittings construction TOTAL
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 28 December 2024
(14.7)
(45.8)
(144.9)
(179.5)
\u2013
(384.9)
Exchange adjustments
\u2013
\u2013
(0.3)
(0.7)
\u2013
(1.0)
Charge for the period
(2.1)
(7.9)
(18.5)
(29.2)
\u2013
(57.7)
Impairment charge
\u2013
\u2013
(0.5)
(2.2)
\u2013
(2.7)
Disposals
\u2013
0.7
10.0
2.4
\u2013
13.1
Reclassifications
(2.6)
2.8
(0.2)
\u2013
\u2013
(0.0)
At 27 December 2025
(19.4)
(50.2)
(154.4)
(209.2)
\u2013
(433.2)
Net book value at 27 December 2025
101.5
88.6
120.2
187.7
78.1
576.1
Net book value at 28 December 2024
66.4
89.7
109.1
182.8
52.6
500.6
Additions in 2025 includes \u00a331m spent on acquiring the freehold of our manufacturing site at Runcorn. The purchase was
achieved by buying 100% of the shares in ARE S1 (Logistics V1) Limited (the previous owner of the freehold, and now a wholly-
owned subsidiary, see page 214). In line with IFRS 3: Business combinations, this transaction was treated as an asset purchase
and not as a business combination because substantially all of the value in the acquired company lay in the fair value of the
freehold. Additions to assets under construction in the period relate mainly to investment in our manufacturing sites.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-401": { "value": "Accounting policy All property, plant and equipment is stated at cost (or deemed cost, as applicable) less accumulated depreciation and any accumulated impairment losses. Depreciation of property, plant and equipment is provided to write off the difference between their cost and their residual value over their estimated lives on a straight-line basis. The current range of useful lives is as follows: Freehold property 25 \u2013 50 years Leasehold property improvements and fittings the period of the lease, or the individual asset\u2019s life, if shorter Plant, machinery & vehicles 4 \u2013 25 years Fixtures & fittings 4 \u2013 25 years Capital work-in-progress and freehold land are not depreciated. Residual values, remaining useful economic lives and depreciation periods and methods are reviewed regularly and adjusted if appropriate. Property, plant and equipment is assessed for impairment at least annually, with individual depots considered to be cash- generating units for this purpose. Gains and losses on disposals are determined by comparing proceeds with carrying amount and are recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-391": { "value": "Accounting policy All property, plant and equipment is stated at cost (or deemed cost, as applicable) less accumulated depreciation and any accumulated impairment losses. Depreciation of property, plant and equipment is provided to write off the difference between their cost and their residual value over their estimated lives on a straight-line basis. The current range of useful lives is as follows: Freehold property 25 \u2013 50 years Leasehold property improvements and fittings the period of the lease, or the individual asset\u2019s life, if shorter Plant, machinery & vehicles 4 \u2013 25 years Fixtures & fittings 4 \u2013 25 years Capital work-in-progress and freehold land are not depreciated. Residual values, remaining useful economic lives and depreciation periods and methods are reviewed regularly and adjusted if appropriate. Property, plant and equipment is assessed for impairment at least annually, with individual depots considered to be cash- generating units for this purpose. Gains and losses on disposals are determined by comparing proceeds with carrying amount and are recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-352": { "value": "11 Lease right-of-use assets and lease liabilities Accounting policy We assess whether a lease exists at the inception of the related contract. If a lease exists, we recognise a right-of-use asset and a corresponding lease liability with effect from the date the lease commences. The lease liability The lease liability is initially measured at the present value of the lease payments due. As the discount rate inherent in our leases is not readily determinable, we use an estimate of the Group\u2019s incremental borrowing rate to discount the payments and arrive at net present value. The Group does not have a history of borrowing, and therefore it does not have a credit agency credit rating. Therefore, we derive the incremental borrowing rate by a process of: \u2022 discussion with our bankers to estimate a reasonable proxy credit rating for the Group; \u2022 using an independent third-party borrowing rate curve, giving indicative costs of borrowing for companies with a comparable credit rating over various durations, and \u2022 selecting borrowing rates from the appropriate points on that curve to best match the duration of our lease portfolios. Our leases are on relatively simple terms. Lease payments included in the measurement of the lease liability comprise fixed lease payments, less any lease incentives. We do not have variable lease payments which depend on an index, residual value guarantees, purchase options or termination penalties. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. We remeasure the lease liability (and make a corresponding adjustment to the related right-of-use asset) whenever: \u2022 the lease term has changed, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate; or \u2022 the lease payments have changed as a result of a change in an index, or, as is common with property leases, to reflect changes in market rental rates. In these cases, the lease liability is remeasured by discounting the revised lease payments using the initial discount rate. In any cases other than those described immediately above, where a lease contract is modified and the lease modification is not accounted for as a separate lease, the lease liability is remeasured by discounting the revised remaining lease payments using a revised discount rate. The lease liability is presented as a separate item in the balance sheet and is split between current and non-current portions. The lease right-of-use asset The right-of-use asset comprises the initial measurement of the corresponding lease liability and any initial direct costs of obtaining the lease. It is subsequently measured at cost less accumulated depreciation and any impairment losses. Whenever we incur an obligation for costs to restore a leased asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37. Right-of-use assets are depreciated over the lease term as this is always shorter than the useful life of the underlying asset. Depreciation starts at the commencement date of the lease. We do not have any leases that include purchase options or transfer ownership of the underlying asset. The right-of-use assets are presented as a separate line item in the balance sheet. Lease term It is uncommon for any of our leases to have extension options, although in the case of property leases it is common for us to enter into a new lease of the same property when the current lease expires. It is also uncommon for us to exit any leases before the end of their specified maximum term. Therefore we assume on inception that our leases will run to the maximum term in the lease agreement. Property leases treated as short-term leases when in the process of being renewed From time to time when renewing a property lease, the new lease may not be formally signed before the end date of the previous lease. In these circumstances, although both we and the landlord will have agreed our willingness to renew the lease in principle, and we may also have protection under property law which grants us the right to renew the lease, our interpretation of IFRS 16 is that there is no enforceable right to renew the lease until the new lease is formally signed. Therefore, we treat any lease payments made in this period between expiry and renewal as short-term lease payments under IFRS 16 and we expense them, taking advantage of the IFRS16 short-term lease exemption. Amounts treated as variable lease payments \u2013 rent reviews It is common for property leases to contain a clause whereby the rent is reviewed every five years and adjusted in line with prevailing market rates. The process of agreeing rent reviews can sometimes be a lengthy one, and some reviews are not agreed until after their effective date. In these cases we will continue to pay rent at the old rate until the rent review is agreed and neither the lease asset nor the lease liability is remeasured. If the new rent is agreed at a higher rate than the old rent, there will be a one-off payment to the lessor, covering the increase in rent for the period between the date from which the rent review was effective and the date on which the rent review was agreed This payment is treated as a variable lease payment and is not included in the remeasurement of the lease liability. The lease asset and liability are remeasured from the rent review agreement date, based on the future agreed cashflows at the new agreed rent. Nature of the Group\u2019s leasing activities Around 90% of our leases by value are for depot, warehouse, and office properties. A typical depot lease would be for a period of 10 to 15 years, with warehouse and factory leases being for significantly longer and typical office lease periods being shorter. We also lease other smaller assets such as fork lift trucks, our transport fleet, vans and cars, with typical lease periods ranging up to around 5 years. Amounts recognised in the balance sheet
27 December 2025 28 December 2024
Right-of-use assets \u00a3m \u00a3m
Property
600.2
589.3
Vehicles, plant & machinery
65.0
53.0
665.2
642.3
Additions to right-of-use assets in the period
158.9
96.6
27 December 2025 28 December 2024
Lease liabilities \u00a3m \u00a3m
Current
(97.0)
(89.3)
Non-current
(607.9)
(591.7)
(704.9)
(681.0)
During the current period, the Group derecognised a property lease asset of \u00a328.2m, and the associated lease liability of \u00a331.2m, on purchasing the company which owned the freehold of the leased property. Amounts recognised in the income statement
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Included in net operating expenses
Depreciation of right-of-use assets:
\u2013 property
80.5
76.5
\u2013 vehicles, plant & machinery
21.4
20.6
Impairment and net gain/(loss) on lease termination
0.3
(0.1)
Total \u2013 recognised in net operating costs
102.2
97.0
Expense relating to short-term leases
4.0
3.4
Variable lease payments, not included in the measurement of lease liabilities
4.5
2.7
Included in finance costs
Interest expense on lease liabilities
23.4
20.7
Cash flows and maturity analysis of lease liabilities
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Total cash outflow for leases
123.9
113.4
27 December 2025 28 December 2024
\u00a3m \u00a3m
Maturity analysis of lease liabilities
Contractual undiscounted cashflows due
\u2013 within 1 year
115.9
108.4
\u2013 1 to 5 years
335.4
329.5
\u2013 more than 5 years
343.1
371.6
794.4
809.5
Sublettings From time to time the Group has leases on properties which it no longer requires. The Group will sublease any such properties wherever possible.
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Sublease income recognised in the period
0.9
0.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-329": { "value": "11 Lease right-of-use assets and lease liabilities Accounting policy We assess whether a lease exists at the inception of the related contract. If a lease exists, we recognise a right-of-use asset and a corresponding lease liability with effect from the date the lease commences. The lease liability The lease liability is initially measured at the present value of the lease payments due. As the discount rate inherent in our leases is not readily determinable, we use an estimate of the Group\u2019s incremental borrowing rate to discount the payments and arrive at net present value. The Group does not have a history of borrowing, and therefore it does not have a credit agency credit rating. Therefore, we derive the incremental borrowing rate by a process of: \u2022 discussion with our bankers to estimate a reasonable proxy credit rating for the Group; \u2022 using an independent third-party borrowing rate curve, giving indicative costs of borrowing for companies with a comparable credit rating over various durations, and \u2022 selecting borrowing rates from the appropriate points on that curve to best match the duration of our lease portfolios. Our leases are on relatively simple terms. Lease payments included in the measurement of the lease liability comprise fixed lease payments, less any lease incentives. We do not have variable lease payments which depend on an index, residual value guarantees, purchase options or termination penalties. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. We remeasure the lease liability (and make a corresponding adjustment to the related right-of-use asset) whenever: \u2022 the lease term has changed, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate; or \u2022 the lease payments have changed as a result of a change in an index, or, as is common with property leases, to reflect changes in market rental rates. In these cases, the lease liability is remeasured by discounting the revised lease payments using the initial discount rate. In any cases other than those described immediately above, where a lease contract is modified and the lease modification is not accounted for as a separate lease, the lease liability is remeasured by discounting the revised remaining lease payments using a revised discount rate. The lease liability is presented as a separate item in the balance sheet and is split between current and non-current portions.
The lease right-of-use asset
The right-of-use asset comprises the initial measurement of the corresponding lease liability and any initial direct costs
of obtaining the lease. It is subsequently measured at cost less accumulated depreciation and any impairment losses.
Whenever we incur an obligation for costs to restore a leased asset to the condition required by the terms and conditions
of the lease, a provision is recognised and measured under IAS 37.
Right-of-use assets are depreciated over the lease term as this is always shorter than the useful life of the underlying asset.
Depreciation starts at the commencement date of the lease. We do not have any leases that include purchase options or
transfer ownership of the underlying asset.
The right-of-use assets are presented as a separate line item in the balance sheet.
Lease term
It is uncommon for any of our leases to have extension options, although in the case of property leases it is common for us to
enter into a new lease of the same property when the current lease expires. It is also uncommon for us to exit any leases before
the end of their specified maximum term. Therefore we assume on inception that our leases will run to the maximum term in
the lease agreement.
Property leases treated as short-term leases when in the process of being renewed
From time to time when renewing a property lease, the new lease may not be formally signed before the end date of the
previous lease. In these circumstances, although both we and the landlord will have agreed our willingness to renew the
lease in principle, and we may also have protection under property law which grants us the right to renew the lease, our
interpretation of IFRS 16 is that there is no enforceable right to renew the lease until the new lease is formally signed.
Therefore, we treat any lease payments made in this period between expiry and renewal as short-term lease payments
under IFRS 16 and we expense them, taking advantage of the IFRS16 short-term lease exemption.
Amounts treated as variable lease payments \u2013 rent reviews
It is common for property leases to contain a clause whereby the rent is reviewed every five years and adjusted in line with
prevailing market rates. The process of agreeing rent reviews can sometimes be a lengthy one, and some reviews are not
agreed until after their effective date.
In these cases we will continue to pay rent at the old rate until the rent review is agreed and neither the lease asset nor the
lease liability is remeasured. If the new rent is agreed at a higher rate than the old rent, there will be a one-off payment to the
lessor, covering the increase in rent for the period between the date from which the rent review was effective and the date
on which the rent review was agreed
This payment is treated as a variable lease payment and is not included in the remeasurement of the lease liability.
The lease asset and liability are remeasured from the rent review agreement date, based on the future agreed cashflows
at the new agreed rent.
Nature of the Group\u2019s leasing activities
Around 90% of our leases by value are for depot, warehouse, and office properties. A typical depot lease would be for a period
of 10 to 15 years, with warehouse and factory leases being for significantly longer and typical office lease periods being shorter.
We also lease other smaller assets such as fork lift trucks, our transport fleet, vans and cars, with typical lease periods ranging
up to around 5 years.
Amounts recognised in the balance sheet
27 December 2025 28 December 2024
Right-of-use assets \u00a3m \u00a3m
Property
600.2
589.3
Vehicles, plant & machinery
65.0
53.0
665.2
642.3
Additions to right-of-use assets in the period
158.9
96.6
27 December 2025 28 December 2024
Lease liabilities \u00a3m \u00a3m
Current
(97.0)
(89.3)
Non-current
(607.9)
(591.7)
(704.9)
(681.0)
During the current period, the Group derecognised a property lease asset of \u00a328.2m, and the associated lease liability of \u00a331.2m,
on purchasing the company which owned the freehold of the leased property.
Amounts recognised in the income statement
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Included in net operating expenses
Depreciation of right-of-use assets:
\u2013 property
80.5
76.5
\u2013 vehicles, plant & machinery
21.4
20.6
Impairment and net gain/(loss) on lease termination
0.3
(0.1)
Total \u2013 recognised in net operating costs
102.2
97.0
Expense relating to short-term leases
4.0
3.4
Variable lease payments, not included in the measurement of lease liabilities
4.5
2.7
Included in finance costs
Interest expense on lease liabilities
23.4
20.7
Cash flows and maturity analysis of lease liabilities
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Total cash outflow for leases
123.9
113.4
27 December 2025 28 December 2024
\u00a3m \u00a3m
Maturity analysis of lease liabilities
Contractual undiscounted cashflows due
\u2013 within 1 year
115.9
108.4
\u2013 1 to 5 years
335.4
329.5
\u2013 more than 5 years
343.1
371.6
794.4
809.5
Sublettings
From time to time the Group has leases on properties which it no longer requires. The Group will sublease any such properties
wherever possible.
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Sublease income recognised in the period
0.9
0.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-392": { "value": "Accounting policy We assess whether a lease exists at the inception of the related contract. If a lease exists, we recognise a right-of-use asset and a corresponding lease liability with effect from the date the lease commences. The lease liability The lease liability is initially measured at the present value of the lease payments due. As the discount rate inherent in our leases is not readily determinable, we use an estimate of the Group\u2019s incremental borrowing rate to discount the payments and arrive at net present value. The Group does not have a history of borrowing, and therefore it does not have a credit agency credit rating. Therefore, we derive the incremental borrowing rate by a process of: \u2022 discussion with our bankers to estimate a reasonable proxy credit rating for the Group; \u2022 using an independent third-party borrowing rate curve, giving indicative costs of borrowing for companies with a comparable credit rating over various durations, and \u2022 selecting borrowing rates from the appropriate points on that curve to best match the duration of our lease portfolios. Our leases are on relatively simple terms. Lease payments included in the measurement of the lease liability comprise fixed lease payments, less any lease incentives. We do not have variable lease payments which depend on an index, residual value guarantees, purchase options or termination penalties. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. We remeasure the lease liability (and make a corresponding adjustment to the related right-of-use asset) whenever: \u2022 the lease term has changed, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate; or \u2022 the lease payments have changed as a result of a change in an index, or, as is common with property leases, to reflect changes in market rental rates. In these cases, the lease liability is remeasured by discounting the revised lease payments using the initial discount rate. In any cases other than those described immediately above, where a lease contract is modified and the lease modification is not accounted for as a separate lease, the lease liability is remeasured by discounting the revised remaining lease payments using a revised discount rate. The lease liability is presented as a separate item in the balance sheet and is split between current and non-current portions. The lease right-of-use asset The right-of-use asset comprises the initial measurement of the corresponding lease liability and any initial direct costs of obtaining the lease. It is subsequently measured at cost less accumulated depreciation and any impairment losses. Whenever we incur an obligation for costs to restore a leased asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37. Right-of-use assets are depreciated over the lease term as this is always shorter than the useful life of the underlying asset. Depreciation starts at the commencement date of the lease. We do not have any leases that include purchase options or transfer ownership of the underlying asset. The right-of-use assets are presented as a separate line item in the balance sheet. Lease term It is uncommon for any of our leases to have extension options, although in the case of property leases it is common for us to enter into a new lease of the same property when the current lease expires. It is also uncommon for us to exit any leases before the end of their specified maximum term. Therefore we assume on inception that our leases will run to the maximum term in the lease agreement. Property leases treated as short-term leases when in the process of being renewed From time to time when renewing a property lease, the new lease may not be formally signed before the end date of the previous lease. In these circumstances, although both we and the landlord will have agreed our willingness to renew the lease in principle, and we may also have protection under property law which grants us the right to renew the lease, our interpretation of IFRS 16 is that there is no enforceable right to renew the lease until the new lease is formally signed. Therefore, we treat any lease payments made in this period between expiry and renewal as short-term lease payments under IFRS 16 and we expense them, taking advantage of the IFRS16 short-term lease exemption. Amounts treated as variable lease payments \u2013 rent reviews It is common for property leases to contain a clause whereby the rent is reviewed every five years and adjusted in line with prevailing market rates. The process of agreeing rent reviews can sometimes be a lengthy one, and some reviews are not agreed until after their effective date. In these cases we will continue to pay rent at the old rate until the rent review is agreed and neither the lease asset nor the lease liability is remeasured. If the new rent is agreed at a higher rate than the old rent, there will be a one-off payment to the lessor, covering the increase in rent for the period between the date from which the rent review was effective and the date on which the rent review was agreed This payment is treated as a variable lease payment and is not included in the remeasurement of the lease liability. The lease asset and liability are remeasured from the rent review agreement date, based on the future agreed cashflows at the new agreed rent. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-330": { "value": "12 Inventories ! Estimation uncertainty \u2013 allowances against the carrying values of inventories In order to achieve the accounting objective that inventories are stated at the lower of cost and net realisable value, the Group carries an allowance against products which it estimates may not sell at a price above cost, or where we may be holding levels of product in excess of estimated future demand. The Group bases these estimates on regular reviews of stock levels, as well as of product lifecycles, selling prices achieved in the market and historical sales profiles of products. These estimates are regularly reviewed against actual experience, and revised to reflect any differences, but the accuracy of the estimates at any point in time can be affected by the extent to which sales of current products may not follow historical patterns. Both the gross inventory balance and the amount of the allowance against carrying value are material items and we would expect this to remain the case as the Group grows in size, and as consumer demand for regular introductions of new product continues. We derive our allowance against carrying value based on specific kitchen ranges and stock items where a decision has been made to discontinue future sales or where our monitoring of current sales indicates that the rate of sales is in decline and the product may be coming to the end of its life cycle. The level of judgement and estimation involved requires assessing the obsolescence risk across a high volume of SKUs, which can have different risk profiles. As such, the allowance is specific in nature and does not lend itself to meaningful sensitivity analysis in the same way as a figure which is derived by a general formula. The potential range of reasonable outcomes could be material. In the analysis of the allowance below, we have separately identified the aggregate gross value of stock against which an allowance has been made. Once a decision is made to discontinue future sales of a product, it will still be available for sale in depots for a standard period of time, after which any remaining units of that product will be removed from sale. Our stock allowance is calculated so that the carrying value of any unsold units is progressively written down to nil over the period during which they are available for sale. The rate at which the units are written down to nil is based on actual historical experience of realised selling prices for previous similar products, and recognises that higher selling prices are typically achievable at the beginning of the period than at the end of the period. Rates are reviewed regularly against historical experience and are adjusted if necessary. Accounting policy Inventories are stated at the lower of cost and net realisable value. In the case of manufactured inventories, cost includes an appropriate share of production overheads based on normal operating capacity, calculated using a standard cost which is regularly updated to reflect average actual costs. An allowance is made for obsolete, slow-moving, or defective items where appropriate.
27 December 2025 28 December 2024
\u00a3m \u00a3m
Raw materials
25.0
25.9
Work in progress
10.9
9.5
Finished goods and goods for resale
422.6
400.2
Allowance against carrying value of inventories
(49.3)
(44.9)
409.2
390.7
The aggregate carrying amount of specific inventories against which allowances have been made is given below:
2025
2024
Gross value Allowance against Gross value Allowance against
of stock carrying value of stock carrying value
\u00a3m \u00a3m \u00a3m \u00a3m
Stock with no allowance against it
367.8
\u2013
351.9
\u2013
Stock with an allowance
90.7
(49.3)
83.7
(44.9)
458.5
(49.3)
435.6
(44.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-411": { "value": "Estimation uncertainty \u2013 allowances against the carrying values of inventories In order to achieve the accounting objective that inventories are stated at the lower of cost and net realisable value, the Group carries an allowance against products which it estimates may not sell at a price above cost, or where we may be holding levels of product in excess of estimated future demand. The Group bases these estimates on regular reviews of stock levels, as well as of product lifecycles, selling prices achieved in the market and historical sales profiles of products. These estimates are regularly reviewed against actual experience, and revised to reflect any differences, but the accuracy of the estimates at any point in time can be affected by the extent to which sales of current products may not follow historical patterns. Both the gross inventory balance and the amount of the allowance against carrying value are material items and we would expect this to remain the case as the Group grows in size, and as consumer demand for regular introductions of new product continues. We derive our allowance against carrying value based on specific kitchen ranges and stock items where a decision has been made to discontinue future sales or where our monitoring of current sales indicates that the rate of sales is in decline and the product may be coming to the end of its life cycle. The level of judgement and estimation involved requires assessing the obsolescence risk across a high volume of SKUs, which can have different risk profiles. As such, the allowance is specific in nature and does not lend itself to meaningful sensitivity analysis in the same way as a figure which is derived by a general formula. The potential range of reasonable outcomes could be material. In the analysis of the allowance below, we have separately identified the aggregate gross value of stock against which an allowance has been made. Once a decision is made to discontinue future sales of a product, it will still be available for sale in depots for a standard period of time, after which any remaining units of that product will be removed from sale. Our stock allowance is calculated so that the carrying value of any unsold units is progressively written down to nil over the period during which they are available for sale. The rate at which the units are written down to nil is based on actual historical experience of realised selling prices for previous similar products, and recognises that higher selling prices are typically achievable at the beginning of the period than at the end of the period. Rates are reviewed regularly against historical experience and are adjusted if necessary. Significant judgement and source of estimation uncertainty There is significant judgement involved in selecting appropriate measurement bases for the actuarial assumptions used to measure the pension liability. There is also estimation uncertainty relating to the assumptions, as reasonable alternative assumptions could have led to measurement at a materially different amount. The key assumptions within this calculation are discount rate, inflation rates and mortality rates. These are set out below, together with sensitivity analysis that shows the effect that these estimates can have on the carrying value of the pension deficit. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-393": { "value": "Accounting policy Inventories are stated at the lower of cost and net realisable value. In the case of manufactured inventories, cost includes an appropriate share of production overheads based on normal operating capacity, calculated using a standard cost which is regularly updated to reflect average actual costs. An allowance is made for obsolete, slow-moving, or defective items where appropriate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-368": { "value": "13 Trade and other receivables Accounting policy Trade receivables do not contain a significant financing component and are stated at their nominal value, reduced by an allowance for expected credit losses. This approximates to their fair value. The Group applies the IFRS 9 simplified approach to measuring expected credit losses. This uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses trade receivables have been grouped based on shared credit risk characteristics and the days past due. To determine expected credit losses, the Group uses historical observed default rates for these different groups of receivables, adjusted for forward-looking estimates. The default rates and forward-looking estimates are revised at each reporting date.
27 December 2025 28 December 2024
\u00a3m \u00a3m
Trade receivables (net of allowance)
218.6
217.1
Prepayments
49.6
39.1
Other receivables
10.6
8.4
278.8
264.6
An analysis of the Group\u2019s allowance for expected credit losses on debtors is as follows:
27 December 2025 28 December 2024
\u00a3m \u00a3m
Balance at start of period
16.9
18.0
(Decrease)/increase in allowance recognised in the income statement
(0.6)
(1.1)
Balance at end of period
16.3
16.9
Trade receivables \u2013 exposure to credit risk and allowance for expected credit losses We have no significant concentration of credit risk, as our exposure is spread over a large number of customer accounts. We charge interest at appropriate market rates on balances which are in litigation. Before accepting any new credit customer, we obtain a credit check from an external agency to assess the potential customer\u2019s credit quality, and then we set credit limits on a customer-by-customer basis. We review credit limits regularly, and adjust them if circumstances change. In the case of one-off customers, our policy is to require immediate payment at the point of sale, and not to offer credit terms. The historical level of customer default is low as a percentage of sales, and we consider the credit quality of period end trade receivables to be high. We regularly review trade receivables which are past due but not impaired, and we make an allowance against them based on any expected credit losses. We base our assessment both on past experience and also on whether there are any other likely significant future factors which might affect recoverability and influence our assessment of expected credit losses. We maintain regular contact with customers with overdue debts and, where necessary, we take legal action to recover the receivable. We wrote off \u00a39.0m of debts in the period (2024: \u00a39.8m). Included within our aggregate trade receivables balance are specific debtor balances with customers totalling \u00a345.7m before allowance for expected credit losses (2024: \u00a347.0m before allowance) which are past due as at the reporting date. We have assessed these balances for recoverability and we believe that their credit quality remains intact. An ageing analysis of these past due trade receivables is as follows:
27 December 2025 28 December 2024
\u00a3m \u00a3m
1\u201330 days past due
21.4
21.7
31\u201360 days past due
5.6
5.9
61\u201390 days past due
3.6
4.0
90+ days past due
15.1
15.4
Total overdue amounts, excluding allowance for doubtful receivables
45.7
47.0
The Group does not renegotiate credit terms. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-353": { "value": "13 Trade and other receivables Accounting policy Trade receivables do not contain a significant financing component and are stated at their nominal value, reduced by an allowance for expected credit losses. This approximates to their fair value. The Group applies the IFRS 9 simplified approach to measuring expected credit losses. This uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses trade receivables have been grouped based on shared credit risk characteristics and the days past due. To determine expected credit losses, the Group uses historical observed default rates for these different groups of receivables, adjusted for forward-looking estimates. The default rates and forward-looking estimates are revised at each reporting date.
27 December 2025 28 December 2024
\u00a3m \u00a3m
Trade receivables (net of allowance)
218.6
217.1
Prepayments
49.6
39.1
Other receivables
10.6
8.4
278.8
264.6
An analysis of the Group\u2019s allowance for expected credit losses on debtors is as follows:
27 December 2025 28 December 2024
\u00a3m \u00a3m
Balance at start of period
16.9
18.0
(Decrease)/increase in allowance recognised in the income statement
(0.6)
(1.1)
Balance at end of period
16.3
16.9
Trade receivables \u2013 exposure to credit risk and allowance for expected credit losses We have no significant concentration of credit risk, as our exposure is spread over a large number of customer accounts. We charge interest at appropriate market rates on balances which are in litigation. Before accepting any new credit customer, we obtain a credit check from an external agency to assess the potential customer\u2019s credit quality, and then we set credit limits on a customer-by-customer basis. We review credit limits regularly, and adjust them if circumstances change. In the case of one-off customers, our policy is to require immediate payment at the point of sale, and not to offer credit terms. The historical level of customer default is low as a percentage of sales, and we consider the credit quality of period end trade receivables to be high. We regularly review trade receivables which are past due but not impaired, and we make an allowance against them based on any expected credit losses. We base our assessment both on past experience and also on whether there are any other likely significant future factors which might affect recoverability and influence our assessment of expected credit losses. We maintain regular contact with customers with overdue debts and, where necessary, we take legal action to recover the receivable.
We wrote off \u00a39.0m of debts in the period (2024: \u00a39.8m). Included within our aggregate trade receivables balance are specific
debtor balances with customers totalling \u00a345.7m before allowance for expected credit losses (2024: \u00a347.0m before allowance)
which are past due as at the reporting date. We have assessed these balances for recoverability and we believe that their credit
quality remains intact.
An ageing analysis of these past due trade receivables is as follows:
27 December 2025 28 December 2024
\u00a3m \u00a3m
1\u201330 days past due
21.4
21.7
31\u201360 days past due
5.6
5.9
61\u201390 days past due
3.6
4.0
90+ days past due
15.1
15.4
Total overdue amounts, excluding allowance for doubtful receivables
45.7
47.0
The Group does not renegotiate credit terms.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-331": { "value": "13 Trade and other receivables Accounting policy Trade receivables do not contain a significant financing component and are stated at their nominal value, reduced by an allowance for expected credit losses. This approximates to their fair value. The Group applies the IFRS 9 simplified approach to measuring expected credit losses. This uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses trade receivables have been grouped based on shared credit risk characteristics and the days past due. To determine expected credit losses, the Group uses historical observed default rates for these different groups of receivables, adjusted for forward-looking estimates. The default rates and forward-looking estimates are revised at each reporting date.
27 December 2025 28 December 2024
\u00a3m \u00a3m
Trade receivables (net of allowance)
218.6
217.1
Prepayments
49.6
39.1
Other receivables
10.6
8.4
278.8
264.6
An analysis of the Group\u2019s allowance for expected credit losses on debtors is as follows:
27 December 2025 28 December 2024
\u00a3m \u00a3m
Balance at start of period
16.9
18.0
(Decrease)/increase in allowance recognised in the income statement
(0.6)
(1.1)
Balance at end of period
16.3
16.9
Trade receivables \u2013 exposure to credit risk and allowance for expected credit losses We have no significant concentration of credit risk, as our exposure is spread over a large number of customer accounts. We charge interest at appropriate market rates on balances which are in litigation. Before accepting any new credit customer, we obtain a credit check from an external agency to assess the potential customer\u2019s credit quality, and then we set credit limits on a customer-by-customer basis. We review credit limits regularly, and adjust them if circumstances change. In the case of one-off customers, our policy is to require immediate payment at the point of sale, and not to offer credit terms. The historical level of customer default is low as a percentage of sales, and we consider the credit quality of period end trade receivables to be high. We regularly review trade receivables which are past due but not impaired, and we make an allowance against them based on any expected credit losses. We base our assessment both on past experience and also on whether there are any other likely significant future factors which might affect recoverability and influence our assessment of expected credit losses. We maintain regular contact with customers with overdue debts and, where necessary, we take legal action to recover the receivable. We wrote off \u00a39.0m of debts in the period (2024: \u00a39.8m). Included within our aggregate trade receivables balance are specific debtor balances with customers totalling \u00a345.7m before allowance for expected credit losses (2024: \u00a347.0m before allowance) which are past due as at the reporting date. We have assessed these balances for recoverability and we believe that their credit quality remains intact. An ageing analysis of these past due trade receivables is as follows:
27 December 2025 28 December 2024
\u00a3m \u00a3m
1\u201330 days past due
21.4
21.7
31\u201360 days past due
5.6
5.9
61\u201390 days past due
3.6
4.0
90+ days past due
15.1
15.4
Total overdue amounts, excluding allowance for doubtful receivables
45.7
47.0
The Group does not renegotiate credit terms. 14 Trade and other payables Accounting policy Trade payables are not interest-bearing and are stated at their nominal value, which approximates to their fair value.
27 December 2025 28 December 2024
Current liabilities \u00a3m \u00a3m
Trade payables
158.4
178.6
Other tax and social security
81.5
77.4
Other payables
34.3
33.3
Accruals
109.8
97.5
384.0
386.8
The average credit taken for trade purchases during the period, based on total operations, was 49 days (2024: 52 days). The Group\u2019s policy on payment of creditors is to agree terms of payment prior to commencing trade with a supplier, and to abide by those terms on the timely submission of satisfactory invoices. 19 Borrowing facility Accounting policy Fees relating to borrowing facilities are recorded as prepayments and released over the life of the facility. At 27 December 2025, the Group had a \u00a3150m committed multi-currency revolving credit facility, due to expire in September 2029. The Group did not use the facility in the year. As at 28 December 2024, the full \u00a3150m of the facility was available in addition to the Group\u2019s cash as shown on the Balance Sheet. If the Group were to use the facility, it would carry interest at a rate of SONIA plus a margin of between 100 and 175 basis points, with the margin being dependent on the ratio of total net debt to EBITDA. The facility has two covenants, both of which are calculated on a 12 month rolling basis twice each year, at year end and then again at half year end. Under one covenant the ratio of net debt to EBITDA has to be less than 3:1, and under the other covenant the ratio of EBITDA to net finance charges has to be greater than 4:1. 20 Financial risk management (a) Capital risk management The Group manages its capital structure to maximise shareholder returns through its debt and equity balance, trading-off the benefits of financial leverage with the expected future costs of financial distress. The capital structure of the Group consists of cash and short term investments, the committed borrowing facility discussed further in note 19 \u2013 if needed \u2013 and equity attributable to equity holders of the parent (including issued share capital and reserves as disclosed in the Consolidated Statement of Changes in Equity, and in note 16). The Board of Directors reviews the capital structure regularly, including at the time of preparing annual budgets, preparing three-year corporate plans, and considering corporate transactions. As part of this review, the Board reviews the costs and the risks associated with each class of capital. The Group will balance its overall capital structure through the payment of dividends, new share issues and share buybacks, taking on or issuing new debt or repaying any existing debt. (b) Significant accounting policies Details of the significant accounting policies and methods adopted, including the 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 included in the relevant notes to the financial statements. An index to the notes is located between the cash flow statement and note 1.
(c) Categories of financial instruments
27 December 2025 28 December 2024
\u00a3m \u00a3m
Financial assets (current and non-current)
Trade receivables
218.6
217.1
Cash and cash equivalents
344.5
343.6
Financial liabilities (current and non-current)
Trade payables
158.4
178.6
Other payables
1
21.0
21.0
1
These balances are included in the total Other payables balances shown in note 14
(d) Financial risk management
General
The Group is exposed in varying degrees to a variety of financial instrument related risks. The Board has approved and monitors
the risk management processes, including documented treasury policies, counterparty limits, and controlling and reporting
structures. The types of risk exposure, the way in which these exposures are managed, and the quantification of the level of
exposure in the balance sheet is shown below (subcategorised into credit risk, liquidity risk and market risk). The Group is actively
engaged in the management of all of these financial risks in order to minimise their potential adverse impact on the Group\u2019s
financial performance.
The principles, practices and procedures governing the Group-wide financial risk management process have been approved
by the Board and are overseen by the Executive Committee. In turn, the Executive Committee delegates authority to a central
treasury function (\u2018Group Treasury\u2019) for the practical implementation of the financial risk management process across the
Group and for ensuring that the Group\u2019s entities adhere to specified financial risk management policies. Group Treasury regularly
reassesses and reports on the financial risk environment, identifying and evaluating financial risks. The Group does not take
positions on derivative contracts and only enters into contractual bank deposit or lending arrangements with counterparties that
have appropriate credit ratings, as detailed in section (e) below.
Cash and cash equivalents
Cash and cash equivalents comprises cash on hand, together with demand deposits and other short-term highly liquid deposits
that are readily convertible to a known amount of cash, and are subject to an insignificant risk of changes in value.
Arrangements are in place to ensure that cash is used most efficiently for the ongoing working capital needs of the Group\u2019s
operating units and to ensure that the Group earns competitive rates of interest. The prime consideration in the investment of
cash balances is the security of the asset, followed by liquidity and then yield.
Management of trade receivables is discussed in note 13.
(e) Credit risk
The Group\u2019s principal financial assets are cash, and trade and other receivables. We do not consider other receivables to carry
any significant credit risk. Our main credit risk is the risk of trade customers defaulting their debts. We have a policy of only
dealing with creditworthy counterparties in order to mitigate the risk of defaults.
We describe our policy on dealing with trade customers in note 13. Trade receivables are spread over a large number
of customers, and we do not have a significant exposure to any single counterparty.
We limit our exposure to credit risk on liquid funds and investments through adherence to a policy of minimum short-term
counterparty credit ratings assigned by international credit-rating agencies (Standard & Poor\u2019s A-1 and Moody\u2019s P-1). However,
when accounts are opened in new territories there may be instances where there is no appropriate partner which meets the
Group\u2019s credit rating conditions. In such circumstances, arrangements with a counterparty which does not meet the Group\u2019s
credit rating criteria can be made only at the specific approval of the Board and is subject to a maximum cash holding limit.
In addition, the Group Treasury function monitors counterparty risk through credit agency ratings.
Our maximum exposure to credit risk is presented in the following table:
27 December 2025 28 December 2024
\u00a3m \u00a3m
Trade receivables (net of allowance)
218.6
217.1
Cash
344.5
343.6
Total credit risk exposure
563.1
560.7
(f) Liquidity risk
Liquidity risk is the risk that the we could experience difficulties in meeting our commitments to creditors as financial liabilities
fall due for payment. The Group manages its liquidity risk by using reasonable and retrospectively-assessed assumptions
to forecast the future cash-generative capabilities and working capital requirements of the businesses it operates and by
maintaining sufficient cash and investment reserves, committed borrowing facilities and other credit lines as appropriate.
Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has agreed an appropriate
liquidity risk management framework for the management of the Group\u2019s short, medium and long-term funding and liquidity
management requirements.
The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities by
continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities as
far as is possible. Included in note 19 is a description of additional undrawn facilities that the Group has at its disposal to further
reduce liquidity risk. In addition, the Strategic Review contains a section describing the interaction of liquidity risk and the going
concern review.
Maturity profile of outstanding financial liabilities
Our only outstanding financial liabilities are our trade payables and an element of our other payables as shown in part (c) above.
These are capital liabilities, with no associated interest, and are payable within one year.
(g) Market risk
This is the risk that financial instrument fair values will fluctuate owing to changes in market prices. The significant market risks
to which we are exposed are foreign exchange risk, and interest rate risk. These are discussed further below:
Foreign exchange risk
We are exposed to foreign exchange risk, principally as a result of costs incurred in foreign currencies, and to a lesser extent,
from non-sterling revenues. Our policy is generally not to hedge such exposures. The exposure of the our financial and other
assets and liabilities to currency risk is as follows:
27 December 2025 28 December 2024
\u00a3m \u00a3m
Euro
Trade receivables
10.1
10.2
Other receivables
4.0
3.8
Cash and cash equivalents
20.4
17.8
Trade payables
(37.5)
(34.5)
Other payables
(9.5)
(8.5)
(12.5)
(11.2)
US Dollar
Other receivables
\u2013
0.5
Cash and cash equivalents
3.5
0.4
Trade payables
(0.9)
(0.3)
2.6
0.6
TOTAL
(9.9)
(10.6)
Interest rate risk
The Group does not have any significant exposure to interest rate risk.
(h) Financial instrument sensitivities
Financial instruments affected by market risk include deposits, trade receivables and trade payables. The following analysis,
required by IFRS 7, is intended to illustrate the sensitivity of the Group\u2019s financial instruments as at its year end to changes in
market variables, being exchange rates and interest rates. The sensitivity analysis has been prepared on the basis that the
components of net cash and the proportion of financial instruments in foreign currencies are all constant. For floating rate
instruments, the analysis is prepared assuming that the amount outstanding at the year end date was outstanding for the whole
year. As a consequence, this sensitivity analysis relates to the position as at the balance sheet date. The following assumptions
were made in calculating the sensitivity analysis:
\u2022 Deposits are carried at amortised cost and therefore carrying value does not change as interest rates move.
\u2022 No sensitivity is provided for accrued interest as accruals are based on pre-agreed interest rates and therefore are not
susceptible to further rate movements.
\u2022 Finance lease interest payments are fixed at the inception of the contract and are not subject to repricing. They have
therefore been excluded from this analysis.
\u2022 Translation of foreign subsidiaries and operations into the Group\u2019s presentation currency have been excluded from
the sensitivity.
Using the above assumptions, the following analyses show the illustrative effect on the income statement and equity that would
result from reasonably possible changes in the relevant foreign currency or interest rates:
Interest rate sensitivity The sensitivity analysis below has been determined based on the exposure to interest rates for floating rate non-derivative instruments at the balance sheet date. The Group holds no derivative financial instruments. Fixed rate instruments are not susceptible to changes in interest rates, and are omitted from the analysis below. For floating rate instruments, the analysis is prepared assuming the amount outstanding at the balance sheet date was outstanding for the whole year. A 50 basis points increase is used as this represents management\u2019s assessment of the possible change in interest rates. At the reporting date, if interest rates had been 50 basis points higher and all other variables were held constant, the Group\u2019s net profit and profit and loss reserve would increase by \u00a31.6m (2024: increase by \u00a31.6m). For a decrease of 50 basis points, the current year figures would decrease by \u00a31.6m (2024: decrease by \u00a31.6m). Exchange rate sensitivity As noted above, the Group is mainly exposed to movements in Euro and US dollar exchange rates. The following information details our sensitivity to a 10% weakening or strengthening in Sterling against the Euro and the US Dollar. These percentages are the rates used by management when assessing sensitivities internally and represent management\u2019s assessment of the possible change in foreign currency rates. The sensitivity analysis of our exposure to foreign currency risk at the reporting date has been determined based on the change taking place at the end of the financial period, and based on the outstanding foreign currency balances at the period end.
27 December 2025 28 December 2024
\u00a3m \u00a3m
10% weakening of Sterling to Euro
(1.4)
(1.2)
10% strengthening of Sterling to Euro
1.1
1.0
10% weakening of Sterling to US dollar
0.3
0.1
10% strengthening of Sterling to US dollar
(0.2)
(0.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-406": { "value": "Accounting policy Trade receivables do not contain a significant financing component and are stated at their nominal value, reduced by an allowance for expected credit losses. This approximates to their fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-402": { "value": "Accounting policy Trade receivables do not contain a significant financing component and are stated at their nominal value, reduced by an allowance for expected credit losses. This approximates to their fair value. The Group applies the IFRS 9 simplified approach to measuring expected credit losses. This uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses trade receivables have been grouped based on shared credit risk characteristics and the days past due. To determine expected credit losses, the Group uses historical observed default rates for these different groups of receivables, adjusted for forward-looking estimates. The default rates and forward-looking estimates are revised at each reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-394": { "value": "Accounting policy Trade receivables do not contain a significant financing component and are stated at their nominal value, reduced by an allowance for expected credit losses. This approximates to their fair value. The Group applies the IFRS 9 simplified approach to measuring expected credit losses. This uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses trade receivables have been grouped based on shared credit risk characteristics and the days past due. To determine expected credit losses, the Group uses historical observed default rates for these different groups of receivables, adjusted for forward-looking estimates. The default rates and forward-looking estimates are revised at each reporting date. Accounting policy Trade payables are not interest-bearing and are stated at their nominal value, which approximates to their fair value. Accounting policy Fees relating to borrowing facilities are recorded as prepayments and released over the life of the facility. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-384": { "value": "
Trade receivables \u2013 exposure to credit risk and allowance for expected credit losses
We have no significant concentration of credit risk, as our exposure is spread over a large number of customer accounts.
We charge interest at appropriate market rates on balances which are in litigation.
Before accepting any new credit customer, we obtain a credit check from an external agency to assess the potential customer\u2019s
credit quality, and then we set credit limits on a customer-by-customer basis. We review credit limits regularly, and adjust them if
circumstances change. In the case of one-off customers, our policy is to require immediate payment at the point of sale, and not
to offer credit terms.
The historical level of customer default is low as a percentage of sales, and we consider the credit quality of period end trade
receivables to be high. We regularly review trade receivables which are past due but not impaired, and we make an allowance
against them based on any expected credit losses. We base our assessment both on past experience and also on whether there
are any other likely significant future factors which might affect recoverability and influence our assessment of expected credit
losses. We maintain regular contact with customers with overdue debts and, where necessary, we take legal action to recover
the receivable.
We wrote off \u00a39.0m of debts in the period (2024: \u00a39.8m). Included within our aggregate trade receivables balance are specific debtor balances with customers totalling \u00a345.7m before allowance for expected credit losses (2024: \u00a347.0m before allowance) which are past due as at the reporting date. We have assessed these balances for recoverability and we believe that their credit quality remains intact. An ageing analysis of these past due trade receivables is as follows:
27 December 2025 28 December 2024
\u00a3m \u00a3m
1\u201330 days past due
21.4
21.7
31\u201360 days past due
5.6
5.9
61\u201390 days past due
3.6
4.0
90+ days past due
15.1
15.4
Total overdue amounts, excluding allowance for doubtful receivables
45.7
47.0
The Group does not renegotiate credit terms. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-369": { "value": "14 Trade and other payables Accounting policy Trade payables are not interest-bearing and are stated at their nominal value, which approximates to their fair value.
27 December 2025 28 December 2024
Current liabilities \u00a3m \u00a3m
Trade payables
158.4
178.6
Other tax and social security
81.5
77.4
Other payables
34.3
33.3
Accruals
109.8
97.5
384.0
386.8
The average credit taken for trade purchases during the period, based on total operations, was 49 days (2024: 52 days). The Group\u2019s policy on payment of creditors is to agree terms of payment prior to commencing trade with a supplier, and to abide by those terms on the timely submission of satisfactory invoices. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-354": { "value": "14 Trade and other payables Accounting policy Trade payables are not interest-bearing and are stated at their nominal value, which approximates to their fair value.
27 December 2025 28 December 2024
Current liabilities \u00a3m \u00a3m
Trade payables
158.4
178.6
Other tax and social security
81.5
77.4
Other payables
34.3
33.3
Accruals
109.8
97.5
384.0
386.8
The average credit taken for trade purchases during the period, based on total operations, was 49 days (2024: 52 days). The Group\u2019s policy on payment of creditors is to agree terms of payment prior to commencing trade with a supplier, and to abide by those terms on the timely submission of satisfactory invoices. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-403": { "value": "Accounting policy Trade payables are not interest-bearing and are stated at their nominal value, which approximates to their fair value. Accounting policy Fees relating to borrowing facilities are recorded as prepayments and released over the life of the facility. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-407": { "value": "Accounting policy Trade payables are not interest-bearing and are stated at their nominal value, which approximates to their fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-370": { "value": "15 Provisions Accounting policy Provisions are recognised when the Group has a present obligation as a result of a past event, it is probable that the Group will be required to settle that obligation, and a reliable estimate can be made of the amount required to settle the obligation. Provisions are measured at the best estimate of the expenditure required to settle the obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation, and are discounted to present value where the effect is material.
French post-
employment
Property Warranty Other benefits Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 30 December 2023
3.8
8.2
0.2
0.3
12.5
Additional provision in the period
0.7
7.7
0.1
\u2013
8.5
Provision released in the period
(1.1)
\u2013
\u2013
\u2013
(1.1)
Utilisation of provision in the period
(0.6)
(6.6)
(0.2)
\u2013
(7.4)
At 28 December 2024
2.8
9.3
0.1
0.3
12.5
Additional provision in the period
2.3
4.7
\u2013
\u2013
7.0
Provision released in the period
(0.5)
\u2013
\u2013
\u2013
(0.5)
Utilisation of provision in the period
(1.1)
(5.8)
(0.1)
\u2013
(7.0)
At 27 December 2025
3.5
8.2
\u2013
0.3
12.0
Presented as current liabilities
2.4
5.8
\u2013
\u2013
8.2
Presented as non-current liabilities
1.1
2.4
\u2013
0.3
3.8
At 27 December 2025
3.5
8.2
\u2013
0.3
12.0
Property provision The property provision covers obligations to make dilapidation payments to landlords of leased properties. Following the guidance in the IFRSs governing leases and provisions, our assessment is that, in general, the likelihood of a cash outflow for dilapidations at the time of signing a lease is remote, and therefore it would be unusual for us to recognise any costs relating to dilapidations at that time. The event which changes our assessment of the likelihood of a cash outflow for dilapidations from being remote to being probable, and which therefore triggers our recognition of a provision for that probable outflow, typically occurs as we come towards the end of a lease and we can assess the condition of the leased property and the likelihood of dilapidations being payable. The timing of any outflows from the provision is variable, and is dependent on the timing of dilapidations assessments and works. Although circumstances will differ from property to property, a typical pattern would be that the outflow would occur within 1-3 years of the provision being made. The amounts provided are specific to each property and are based on our best estimate of the cost of performing any required works or, in cases where we will not be directly contracting for the works to be done, our best estimate of the outflow required to settle any claim from the landlord. Where the amounts involved are significant, we would typically take advice on the likely costs from third-party property maintenance specialists. For the purposes of allocating this provision between current liabilities and non-current liabilities we have used our best estimate of when we would reasonably expect outflows to occur. Warranty provision The warranty provision relates to the estimated costs of product warranties. As products are sold, the Group makes provision for claims under warranties, based on actual sales and on historical average warranty costs incurred. As claims are made, the Group utilises the provision and then uses the latest claims data to periodically revise the rate used to estimate future warranty costs. For the purposes of allocating this provision between current liabilities and non-current liabilities we have used the historical data on timing and amount of claims to estimate the costs for the next 12 months and have classified this as a current liability. Other Other miscellaneous small amounts. French post-employment benefits provision This provision relates to a potential benefit, payable under French law to employees in our French subsidiary on retirement. It is a lump sum, not a recurring pension. There will only be an outflow from this provision if any eligible employees are employed at the time of their retirement. The provision represents our best estimate of the potential liability and is calculated based on several factors, mainly the age profile and salary details of the current workforce in France, and the current rate of staff turnover. The calculation to estimate the required provision is revised periodically by third-party specialists and our provision is adjusted if necessary. We have assumed that the whole of this provision is non-current.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-332": { "value": "15 Provisions Accounting policy Provisions are recognised when the Group has a present obligation as a result of a past event, it is probable that the Group will be required to settle that obligation, and a reliable estimate can be made of the amount required to settle the obligation. Provisions are measured at the best estimate of the expenditure required to settle the obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation, and are discounted to present value where the effect is material.
French post-
employment
Property Warranty Other benefits Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 30 December 2023
3.8
8.2
0.2
0.3
12.5
Additional provision in the period
0.7
7.7
0.1
\u2013
8.5
Provision released in the period
(1.1)
\u2013
\u2013
\u2013
(1.1)
Utilisation of provision in the period
(0.6)
(6.6)
(0.2)
\u2013
(7.4)
At 28 December 2024
2.8
9.3
0.1
0.3
12.5
Additional provision in the period
2.3
4.7
\u2013
\u2013
7.0
Provision released in the period
(0.5)
\u2013
\u2013
\u2013
(0.5)
Utilisation of provision in the period
(1.1)
(5.8)
(0.1)
\u2013
(7.0)
At 27 December 2025
3.5
8.2
\u2013
0.3
12.0
Presented as current liabilities
2.4
5.8
\u2013
\u2013
8.2
Presented as non-current liabilities
1.1
2.4
\u2013
0.3
3.8
At 27 December 2025
3.5
8.2
\u2013
0.3
12.0
Property provision The property provision covers obligations to make dilapidation payments to landlords of leased properties. Following the guidance in the IFRSs governing leases and provisions, our assessment is that, in general, the likelihood of a cash outflow for dilapidations at the time of signing a lease is remote, and therefore it would be unusual for us to recognise any costs relating to dilapidations at that time. The event which changes our assessment of the likelihood of a cash outflow for dilapidations from being remote to being probable, and which therefore triggers our recognition of a provision for that probable outflow, typically occurs as we come towards the end of a lease and we can assess the condition of the leased property and the likelihood of dilapidations being payable. The timing of any outflows from the provision is variable, and is dependent on the timing of dilapidations assessments and works. Although circumstances will differ from property to property, a typical pattern would be that the outflow would occur within 1-3 years of the provision being made. The amounts provided are specific to each property and are based on our best estimate of the cost of performing any required works or, in cases where we will not be directly contracting for the works to be done, our best estimate of the outflow required to settle any claim from the landlord. Where the amounts involved are significant, we would typically take advice on the likely costs from third-party property maintenance specialists. For the purposes of allocating this provision between current liabilities and non-current liabilities we have used our best estimate of when we would reasonably expect outflows to occur.
Warranty provision
The warranty provision relates to the estimated costs of product warranties. As products are sold, the Group makes provision for
claims under warranties, based on actual sales and on historical average warranty costs incurred. As claims are made, the Group
utilises the provision and then uses the latest claims data to periodically revise the rate used to estimate future warranty costs.
For the purposes of allocating this provision between current liabilities and non-current liabilities we have used the historical data
on timing and amount of claims to estimate the costs for the next 12 months and have classified this as a current liability.
Other
Other miscellaneous small amounts.
French post-employment benefits provision
This provision relates to a potential benefit, payable under French law to employees in our French subsidiary on retirement.
It is a lump sum, not a recurring pension. There will only be an outflow from this provision if any eligible employees are employed
at the time of their retirement.
The provision represents our best estimate of the potential liability and is calculated based on several factors, mainly the age
profile and salary details of the current workforce in France, and the current rate of staff turnover. The calculation to estimate
the required provision is revised periodically by third-party specialists and our provision is adjusted if necessary.
We have assumed that the whole of this provision is non-current.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-395": { "value": "Accounting policy Provisions are recognised when the Group has a present obligation as a result of a past event, it is probable that the Group will be required to settle that obligation, and a reliable estimate can be made of the amount required to settle the obligation. Provisions are measured at the best estimate of the expenditure required to settle the obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation, and are discounted to present value where the effect is material. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-333": { "value": "
16 Share capital and reserves
52 weeks to 52 weeks to
27 December 2025 28 December 2024 27 December 2025 28 December 2024
Ordinary shares of 10p each: No. No. \u00a3m \u00a3m
Allotted, called up and fully paid
Balance at the beginning of the period
553,591,720
553,591,720
55.4
55.4
Bought back and cancelled during the period
(12,074,517)
\u2013
(1.2)
\u2013
Balance at the end of the period
541,517,203
553,591,720
54.2
55.4
Share capital
The Company has one class of ordinary share that carries no right to fixed income. The holders of ordinary shares are entitled
to receive dividends as declared and are entitled to one vote per share at meetings of the Company. All shares rank equally with
regard to the Company\u2019s residual assets.
Shares bought back and cancelled
During the current period, the Company bought back and cancelled 12,074,517 shares at a total cost of \u00a3100.2m, completing the
share buyback programme announced in February 2025. No shares were bought back in the prior period.
Movements in Treasury share
During the current period, 286,110 shares were transferred from Treasury to the Group\u2019s share trust (2024: 1,074,044 shares)
for awarding to employees on the vesting of share-based long-term incentive plans. A further 1,078,530 shares (2024: nil) were
transferred direct to employees under the Group\u2019s Share Incentive Plan.
At the current period end there were 2,479,691 ordinary shares held in treasury, each with a nominal value of 10p (2024: 3,844,331
shares of 10p each).
Description of the nature and purpose of the other reserves shown in the balance sheet
The share premium represents the amounts above the nominal value received for shares sold. The capital redemption reserve
represents the nominal value of share capital bought back and cancelled. The ESOP reserve relates to share-based payments
and is explained at the foot of the consolidated statement of changes in equity. The treasury share reserve represents the cost
of shares bought from the market and held in treasury. The retained earnings reserve represents the Group\u2019s cumulative results.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-371": { "value": "16 Share capital and reserves
52 weeks to 52 weeks to
27 December 2025 28 December 2024 27 December 2025 28 December 2024
Ordinary shares of 10p each: No. No. \u00a3m \u00a3m
Allotted, called up and fully paid
Balance at the beginning of the period
553,591,720
553,591,720
55.4
55.4
Bought back and cancelled during the period
(12,074,517)
\u2013
(1.2)
\u2013
Balance at the end of the period
541,517,203
553,591,720
54.2
55.4
Share capital The Company has one class of ordinary share that carries no right to fixed income. The holders of ordinary shares are entitled to receive dividends as declared and are entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company\u2019s residual assets. Shares bought back and cancelled During the current period, the Company bought back and cancelled 12,074,517 shares at a total cost of \u00a3100.2m, completing the share buyback programme announced in February 2025. No shares were bought back in the prior period. Movements in Treasury share During the current period, 286,110 shares were transferred from Treasury to the Group\u2019s share trust (2024: 1,074,044 shares) for awarding to employees on the vesting of share-based long-term incentive plans. A further 1,078,530 shares (2024: nil) were transferred direct to employees under the Group\u2019s Share Incentive Plan. At the current period end there were 2,479,691 ordinary shares held in treasury, each with a nominal value of 10p (2024: 3,844,331 shares of 10p each). Description of the nature and purpose of the other reserves shown in the balance sheet The share premium represents the amounts above the nominal value received for shares sold. The capital redemption reserve represents the nominal value of share capital bought back and cancelled. The ESOP reserve relates to share-based payments and is explained at the foot of the consolidated statement of changes in equity. The treasury share reserve represents the cost of shares bought from the market and held in treasury. The retained earnings reserve represents the Group\u2019s cumulative results.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-355": { "value": "16 Share capital and reserves
52 weeks to 52 weeks to
27 December 2025 28 December 2024 27 December 2025 28 December 2024
Ordinary shares of 10p each: No. No. \u00a3m \u00a3m
Allotted, called up and fully paid
Balance at the beginning of the period
553,591,720
553,591,720
55.4
55.4
Bought back and cancelled during the period
(12,074,517)
\u2013
(1.2)
\u2013
Balance at the end of the period
541,517,203
553,591,720
54.2
55.4
Share capital The Company has one class of ordinary share that carries no right to fixed income. The holders of ordinary shares are entitled to receive dividends as declared and are entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company\u2019s residual assets. Shares bought back and cancelled During the current period, the Company bought back and cancelled 12,074,517 shares at a total cost of \u00a3100.2m, completing the share buyback programme announced in February 2025. No shares were bought back in the prior period. Movements in Treasury share During the current period, 286,110 shares were transferred from Treasury to the Group\u2019s share trust (2024: 1,074,044 shares) for awarding to employees on the vesting of share-based long-term incentive plans. A further 1,078,530 shares (2024: nil) were transferred direct to employees under the Group\u2019s Share Incentive Plan. At the current period end there were 2,479,691 ordinary shares held in treasury, each with a nominal value of 10p (2024: 3,844,331 shares of 10p each). Description of the nature and purpose of the other reserves shown in the balance sheet The share premium represents the amounts above the nominal value received for shares sold. The capital redemption reserve represents the nominal value of share capital bought back and cancelled. The ESOP reserve relates to share-based payments and is explained at the foot of the consolidated statement of changes in equity. The treasury share reserve represents the cost of shares bought from the market and held in treasury. The retained earnings reserve represents the Group\u2019s cumulative results.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-334": { "value": "
17 Dividends
Amounts recognised as distributions to equity holders in the period:
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Final dividend for the 53 weeks to 30 December 2023 \u2013 16.2p/share
\u2013
89.0
Interim dividend for the 52 weeks to 28 December 2024 \u2013 4.9p/share
\u2013
26.9
Final dividend for the 52 weeks to 28 December 2024 \u2013 16.3p/share
89.6
\u2013
Interim dividend for the 52 weeks to 27 December 2025 \u2013 5.0p/share
27.0
\u2013
116.6
115.9
Dividends proposed at the end of the period (but not recognised in the period):
52 weeks to
27 December 2025
\u00a3m
Proposed final dividend for the 52 weeks to 27 December 2025 \u2013 (16.9p/share)
90.9
The Directors propose a final dividend in respect of the 52 weeks to 27 December 2025 of 16.9 per share, payable to ordinary
shareholders who are on the register of shareholders on 10 April 2026, and payable on 22 May 2026.
The proposed final dividend for the current period is subject to the approval of the shareholders at the 2026 Annual General
Meeting, and has not been included as a liability in these financial statements.
Dividends have been waived indefinitely on all shares held by the Group\u2019s employee share trusts which have not yet been
awarded to employees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-335": { "value": "
18 Notes to the cash flow statement
(a) Cash and cash equivalents
Cash and cash equivalents comprises cash on hand, together with demand deposits and other short-term highly liquid deposits
that are readily convertible to a known amount of cash, and are subject to an insignificant risk of changes in value. The carrying
value of these assets approximates to their fair value.
(b) Notes to the cash flow statement
(i) Changes in liabilities arising from financing activities
The only liabilities which have changed due to financing activities are lease liabilities. The cash and non-cash changes in lease
liabilities are analysed below.
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Opening balance
(681.0)
(684.5)
Cash movement: repayment of principal on lease liabilities
100.5
92.7
Cash movement: lease interest paid
23.4
20.7
Non cash movement
(147.8)
(109.9)
Closing balance
(704.9)
(681.0)
(ii) Payments to acquire property, plant and equipment and intangible assets
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Additions to PPE
135.8
96.9
Additions to intangible assets
12.7
20.6
Total additions
148.5
117.5
Cash outflow on purchase of PPE
143.9
101.2
Cash outflow on purchase of intangible assets
12.6
20.8
Total cash outflow
156.5
122.0
The difference between total cash outflow and total additions is due to the difference between opening and closing capital
creditors and accruals.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-356": { "value": "(a) Cash and cash equivalents Cash and cash equivalents comprises cash on hand, together with demand deposits and other short-term highly liquid deposits that are readily convertible to a known amount of cash, and are subject to an insignificant risk of changes in value. The carrying value of these assets approximates to their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-357": { "value": "19 Borrowing facility Accounting policy Fees relating to borrowing facilities are recorded as prepayments and released over the life of the facility. At 27 December 2025, the Group had a \u00a3150m committed multi-currency revolving credit facility, due to expire in September 2029. The Group did not use the facility in the year. As at 28 December 2024, the full \u00a3150m of the facility was available in addition to the Group\u2019s cash as shown on the Balance Sheet. If the Group were to use the facility, it would carry interest at a rate of SONIA plus a margin of between 100 and 175 basis points, with the margin being dependent on the ratio of total net debt to EBITDA. The facility has two covenants, both of which are calculated on a 12 month rolling basis twice each year, at year end and then again at half year end. Under one covenant the ratio of net debt to EBITDA has to be less than 3:1, and under the other covenant the ratio of EBITDA to net finance charges has to be greater than 4:1. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-408": { "value": "Accounting policy Fees relating to borrowing facilities are recorded as prepayments and released over the life of the facility. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-358": { "value": "
20 Financial risk management
(a) Capital risk management
The Group manages its capital structure to maximise shareholder returns through its debt and equity balance, trading-off the
benefits of financial leverage with the expected future costs of financial distress.
The capital structure of the Group consists of cash and short term investments, the committed borrowing facility discussed
further in note 19 \u2013 if needed \u2013 and equity attributable to equity holders of the parent (including issued share capital and reserves
as disclosed in the Consolidated Statement of Changes in Equity, and in note 16).
The Board of Directors reviews the capital structure regularly, including at the time of preparing annual budgets, preparing
three-year corporate plans, and considering corporate transactions. As part of this review, the Board reviews the costs and the
risks associated with each class of capital. The Group will balance its overall capital structure through the payment of dividends,
new share issues and share buybacks, taking on or issuing new debt or repaying any existing debt.
(b) Significant accounting policies
Details of the significant accounting policies and methods adopted, including the 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 included in the relevant notes to the financial statements. An index to the notes is located between the cash flow
statement and note 1.
(c) Categories of financial instruments
27 December 2025 28 December 2024
\u00a3m \u00a3m
Financial assets (current and non-current)
Trade receivables
218.6
217.1
Cash and cash equivalents
344.5
343.6
Financial liabilities (current and non-current)
Trade payables
158.4
178.6
Other payables
1
21.0
21.0
1 These balances are included in the total Other payables balances shown in note 14 (d) Financial risk management General The Group is exposed in varying degrees to a variety of financial instrument related risks. The Board has approved and monitors the risk management processes, including documented treasury policies, counterparty limits, and controlling and reporting structures. The types of risk exposure, the way in which these exposures are managed, and the quantification of the level of exposure in the balance sheet is shown below (subcategorised into credit risk, liquidity risk and market risk). The Group is actively engaged in the management of all of these financial risks in order to minimise their potential adverse impact on the Group\u2019s financial performance. The principles, practices and procedures governing the Group-wide financial risk management process have been approved by the Board and are overseen by the Executive Committee. In turn, the Executive Committee delegates authority to a central treasury function (\u2018Group Treasury\u2019) for the practical implementation of the financial risk management process across the Group and for ensuring that the Group\u2019s entities adhere to specified financial risk management policies. Group Treasury regularly reassesses and reports on the financial risk environment, identifying and evaluating financial risks. The Group does not take positions on derivative contracts and only enters into contractual bank deposit or lending arrangements with counterparties that have appropriate credit ratings, as detailed in section (e) below. Cash and cash equivalents Cash and cash equivalents comprises cash on hand, together with demand deposits and other short-term highly liquid deposits that are readily convertible to a known amount of cash, and are subject to an insignificant risk of changes in value. Arrangements are in place to ensure that cash is used most efficiently for the ongoing working capital needs of the Group\u2019s operating units and to ensure that the Group earns competitive rates of interest. The prime consideration in the investment of cash balances is the security of the asset, followed by liquidity and then yield. Management of trade receivables is discussed in note 13. (e) Credit risk The Group\u2019s principal financial assets are cash, and trade and other receivables. We do not consider other receivables to carry any significant credit risk. Our main credit risk is the risk of trade customers defaulting their debts. We have a policy of only dealing with creditworthy counterparties in order to mitigate the risk of defaults. We describe our policy on dealing with trade customers in note 13. Trade receivables are spread over a large number of customers, and we do not have a significant exposure to any single counterparty. We limit our exposure to credit risk on liquid funds and investments through adherence to a policy of minimum short-term counterparty credit ratings assigned by international credit-rating agencies (Standard & Poor\u2019s A-1 and Moody\u2019s P-1). However, when accounts are opened in new territories there may be instances where there is no appropriate partner which meets the Group\u2019s credit rating conditions. In such circumstances, arrangements with a counterparty which does not meet the Group\u2019s credit rating criteria can be made only at the specific approval of the Board and is subject to a maximum cash holding limit. In addition, the Group Treasury function monitors counterparty risk through credit agency ratings. Our maximum exposure to credit risk is presented in the following table:
27 December 2025 28 December 2024
\u00a3m \u00a3m
Trade receivables (net of allowance)
218.6
217.1
Cash
344.5
343.6
Total credit risk exposure
563.1
560.7
(f) Liquidity risk Liquidity risk is the risk that the we could experience difficulties in meeting our commitments to creditors as financial liabilities fall due for payment. The Group manages its liquidity risk by using reasonable and retrospectively-assessed assumptions to forecast the future cash-generative capabilities and working capital requirements of the businesses it operates and by maintaining sufficient cash and investment reserves, committed borrowing facilities and other credit lines as appropriate. Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has agreed an appropriate liquidity risk management framework for the management of the Group\u2019s short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities as far as is possible. Included in note 19 is a description of additional undrawn facilities that the Group has at its disposal to further reduce liquidity risk. In addition, the Strategic Review contains a section describing the interaction of liquidity risk and the going concern review. Maturity profile of outstanding financial liabilities Our only outstanding financial liabilities are our trade payables and an element of our other payables as shown in part (c) above. These are capital liabilities, with no associated interest, and are payable within one year. (g) Market risk This is the risk that financial instrument fair values will fluctuate owing to changes in market prices. The significant market risks to which we are exposed are foreign exchange risk, and interest rate risk. These are discussed further below: Foreign exchange risk We are exposed to foreign exchange risk, principally as a result of costs incurred in foreign currencies, and to a lesser extent, from non-sterling revenues. Our policy is generally not to hedge such exposures. The exposure of the our financial and other assets and liabilities to currency risk is as follows:
27 December 2025 28 December 2024
\u00a3m \u00a3m
Euro
Trade receivables
10.1
10.2
Other receivables
4.0
3.8
Cash and cash equivalents
20.4
17.8
Trade payables
(37.5)
(34.5)
Other payables
(9.5)
(8.5)
(12.5)
(11.2)
US Dollar
Other receivables
\u2013
0.5
Cash and cash equivalents
3.5
0.4
Trade payables
(0.9)
(0.3)
2.6
0.6
TOTAL
(9.9)
(10.6)
Interest rate risk The Group does not have any significant exposure to interest rate risk. (h) Financial instrument sensitivities Financial instruments affected by market risk include deposits, trade receivables and trade payables. The following analysis, required by IFRS 7, is intended to illustrate the sensitivity of the Group\u2019s financial instruments as at its year end to changes in market variables, being exchange rates and interest rates. The sensitivity analysis has been prepared on the basis that the components of net cash and the proportion of financial instruments in foreign currencies are all constant. For floating rate instruments, the analysis is prepared assuming that the amount outstanding at the year end date was outstanding for the whole year. As a consequence, this sensitivity analysis relates to the position as at the balance sheet date. The following assumptions were made in calculating the sensitivity analysis: \u2022 Deposits are carried at amortised cost and therefore carrying value does not change as interest rates move. \u2022 No sensitivity is provided for accrued interest as accruals are based on pre-agreed interest rates and therefore are not susceptible to further rate movements. \u2022 Finance lease interest payments are fixed at the inception of the contract and are not subject to repricing. They have therefore been excluded from this analysis. \u2022 Translation of foreign subsidiaries and operations into the Group\u2019s presentation currency have been excluded from the sensitivity. Using the above assumptions, the following analyses show the illustrative effect on the income statement and equity that would result from reasonably possible changes in the relevant foreign currency or interest rates:
Interest rate sensitivity
The sensitivity analysis below has been determined based on the exposure to interest rates for floating rate non-derivative
instruments at the balance sheet date. The Group holds no derivative financial instruments. Fixed rate instruments are not
susceptible to changes in interest rates, and are omitted from the analysis below. For floating rate instruments, the analysis is
prepared assuming the amount outstanding at the balance sheet date was outstanding for the whole year. A 50 basis points
increase is used as this represents management\u2019s assessment of the possible change in interest rates.
At the reporting date, if interest rates had been 50 basis points higher and all other variables were held constant, the Group\u2019s
net profit and profit and loss reserve would increase by \u00a31.6m (2024: increase by \u00a31.6m).
For a decrease of 50 basis points, the current year figures would decrease by \u00a31.6m (2024: decrease by \u00a31.6m).
Exchange rate sensitivity
As noted above, the Group is mainly exposed to movements in Euro and US dollar exchange rates. The following information
details our sensitivity to a 10% weakening or strengthening in Sterling against the Euro and the US Dollar. These percentages
are the rates used by management when assessing sensitivities internally and represent management\u2019s assessment of the
possible change in foreign currency rates. The sensitivity analysis of our exposure to foreign currency risk at the reporting date
has been determined based on the change taking place at the end of the financial period, and based on the outstanding foreign
currency balances at the period end.
27 December 2025 28 December 2024
\u00a3m \u00a3m
10% weakening of Sterling to Euro
(1.4)
(1.2)
10% strengthening of Sterling to Euro
1.1
1.0
10% weakening of Sterling to US dollar
0.3
0.1
10% strengthening of Sterling to US dollar
(0.2)
(0.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-372": { "value": "20 Financial risk management (a) Capital risk management The Group manages its capital structure to maximise shareholder returns through its debt and equity balance, trading-off the benefits of financial leverage with the expected future costs of financial distress. The capital structure of the Group consists of cash and short term investments, the committed borrowing facility discussed further in note 19 \u2013 if needed \u2013 and equity attributable to equity holders of the parent (including issued share capital and reserves as disclosed in the Consolidated Statement of Changes in Equity, and in note 16). The Board of Directors reviews the capital structure regularly, including at the time of preparing annual budgets, preparing three-year corporate plans, and considering corporate transactions. As part of this review, the Board reviews the costs and the risks associated with each class of capital. The Group will balance its overall capital structure through the payment of dividends, new share issues and share buybacks, taking on or issuing new debt or repaying any existing debt. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-373": { "value": "(e) Credit risk The Group\u2019s principal financial assets are cash, and trade and other receivables. We do not consider other receivables to carry any significant credit risk. Our main credit risk is the risk of trade customers defaulting their debts. We have a policy of only dealing with creditworthy counterparties in order to mitigate the risk of defaults. We describe our policy on dealing with trade customers in note 13. Trade receivables are spread over a large number of customers, and we do not have a significant exposure to any single counterparty. We limit our exposure to credit risk on liquid funds and investments through adherence to a policy of minimum short-term counterparty credit ratings assigned by international credit-rating agencies (Standard & Poor\u2019s A-1 and Moody\u2019s P-1). However, when accounts are opened in new territories there may be instances where there is no appropriate partner which meets the Group\u2019s credit rating conditions. In such circumstances, arrangements with a counterparty which does not meet the Group\u2019s credit rating criteria can be made only at the specific approval of the Board and is subject to a maximum cash holding limit. In addition, the Group Treasury function monitors counterparty risk through credit agency ratings. Our maximum exposure to credit risk is presented in the following table:
27 December 2025 28 December 2024
\u00a3m \u00a3m
Trade receivables (net of allowance)
218.6
217.1
Cash
344.5
343.6
Total credit risk exposure
563.1
560.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-374": { "value": "(f) Liquidity risk Liquidity risk is the risk that the we could experience difficulties in meeting our commitments to creditors as financial liabilities fall due for payment. The Group manages its liquidity risk by using reasonable and retrospectively-assessed assumptions to forecast the future cash-generative capabilities and working capital requirements of the businesses it operates and by maintaining sufficient cash and investment reserves, committed borrowing facilities and other credit lines as appropriate. Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has agreed an appropriate liquidity risk management framework for the management of the Group\u2019s short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities as far as is possible. Included in note 19 is a description of additional undrawn facilities that the Group has at its disposal to further reduce liquidity risk. In addition, the Strategic Review contains a section describing the interaction of liquidity risk and the going concern review. Maturity profile of outstanding financial liabilities Our only outstanding financial liabilities are our trade payables and an element of our other payables as shown in part (c) above. These are capital liabilities, with no associated interest, and are payable within one year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-375": { "value": "(g) Market risk This is the risk that financial instrument fair values will fluctuate owing to changes in market prices. The significant market risks to which we are exposed are foreign exchange risk, and interest rate risk. These are discussed further below: Foreign exchange risk We are exposed to foreign exchange risk, principally as a result of costs incurred in foreign currencies, and to a lesser extent, from non-sterling revenues. Our policy is generally not to hedge such exposures. The exposure of the our financial and other assets and liabilities to currency risk is as follows:
27 December 2025 28 December 2024
\u00a3m \u00a3m
Euro
Trade receivables
10.1
10.2
Other receivables
4.0
3.8
Cash and cash equivalents
20.4
17.8
Trade payables
(37.5)
(34.5)
Other payables
(9.5)
(8.5)
(12.5)
(11.2)
US Dollar
Other receivables
\u2013
0.5
Cash and cash equivalents
3.5
0.4
Trade payables
(0.9)
(0.3)
2.6
0.6
TOTAL
(9.9)
(10.6)
Interest rate risk The Group does not have any significant exposure to interest rate risk. (h) Financial instrument sensitivities Financial instruments affected by market risk include deposits, trade receivables and trade payables. The following analysis, required by IFRS 7, is intended to illustrate the sensitivity of the Group\u2019s financial instruments as at its year end to changes in market variables, being exchange rates and interest rates. The sensitivity analysis has been prepared on the basis that the components of net cash and the proportion of financial instruments in foreign currencies are all constant. For floating rate instruments, the analysis is prepared assuming that the amount outstanding at the year end date was outstanding for the whole year. As a consequence, this sensitivity analysis relates to the position as at the balance sheet date. The following assumptions were made in calculating the sensitivity analysis: \u2022 Deposits are carried at amortised cost and therefore carrying value does not change as interest rates move. \u2022 No sensitivity is provided for accrued interest as accruals are based on pre-agreed interest rates and therefore are not susceptible to further rate movements. \u2022 Finance lease interest payments are fixed at the inception of the contract and are not subject to repricing. They have therefore been excluded from this analysis. \u2022 Translation of foreign subsidiaries and operations into the Group\u2019s presentation currency have been excluded from the sensitivity. Using the above assumptions, the following analyses show the illustrative effect on the income statement and equity that would result from reasonably possible changes in the relevant foreign currency or interest rates: Interest rate sensitivity The sensitivity analysis below has been determined based on the exposure to interest rates for floating rate non-derivative instruments at the balance sheet date. The Group holds no derivative financial instruments. Fixed rate instruments are not susceptible to changes in interest rates, and are omitted from the analysis below. For floating rate instruments, the analysis is prepared assuming the amount outstanding at the balance sheet date was outstanding for the whole year. A 50 basis points increase is used as this represents management\u2019s assessment of the possible change in interest rates. At the reporting date, if interest rates had been 50 basis points higher and all other variables were held constant, the Group\u2019s net profit and profit and loss reserve would increase by \u00a31.6m (2024: increase by \u00a31.6m). For a decrease of 50 basis points, the current year figures would decrease by \u00a31.6m (2024: decrease by \u00a31.6m). Exchange rate sensitivity As noted above, the Group is mainly exposed to movements in Euro and US dollar exchange rates. The following information details our sensitivity to a 10% weakening or strengthening in Sterling against the Euro and the US Dollar. These percentages are the rates used by management when assessing sensitivities internally and represent management\u2019s assessment of the possible change in foreign currency rates. The sensitivity analysis of our exposure to foreign currency risk at the reporting date has been determined based on the change taking place at the end of the financial period, and based on the outstanding foreign currency balances at the period end.
27 December 2025 28 December 2024
\u00a3m \u00a3m
10% weakening of Sterling to Euro
(1.4)
(1.2)
10% strengthening of Sterling to Euro
1.1
1.0
10% weakening of Sterling to US dollar
0.3
0.1
10% strengthening of Sterling to US dollar
(0.2)
(0.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-336": { "value": "
21 Staff costs and number of employees
The aggregate payroll costs of employees, including executive directors, were:
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Wages and salaries
(628.7)
(591.1)
Social security costs
(64.3)
(51.5)
Pension operating costs (note 22)
(46.1)
(45.4)
(739.1)
(688.0)
Wages and salaries includes a charge in respect of share-based payments of \u00a310.3m (2024: \u00a39.6m).
The average monthly number of persons (including executive directors) employed by the Group during the period was as follows:
52 weeks to 52 weeks to
27 December 2025 28 December 2024
No. No.
UK depots, support and administration
9,224
9,382
Manufacturing, sourcing and logistics
2,582
2,481
International
759
744
12,565
12,607
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-359": { "value": "22 Retirement benefit obligations ! Significant judgement and source of estimation uncertainty There is significant judgement involved in selecting appropriate measurement bases for the actuarial assumptions used to measure the pension liability. There is also estimation uncertainty relating to the assumptions, as reasonable alternative assumptions could have led to measurement at a materially different amount. The key assumptions within this calculation are discount rate, inflation rates and mortality rates. These are set out below, together with sensitivity analysis that shows the effect that these estimates can have on the carrying value of the pension deficit. Accounting policies Defined contribution pensions Payments to defined contribution pension schemes are charged to the income statement as they fall due. Defined benefit pensions The calculation of the Group\u2019s net asset or obligation is performed by a qualified actuary using the projected unit method. When the calculation results in a potential asset, the recognised asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. To calculate the present value of economic benefits, consideration is given to any applicable minimum funding requirements. The Group considers that there are no restrictions caused by IFRIC 14 on recognising any pension surplus as the trustee does not have the unilateral power to either enhance member benefits or to wind up the scheme and distribute any surplus to members and therefore any surplus remaining once the final scheme benefits are paid to members would be returned to the Group under scheme rules. Scheme liabilities are calculated by estimating the amount of future benefit that employees have earned in return for their service. That benefit is then discounted to determine its present value. The discount rate used is selected to closely approximate the yield at the balance sheet date on AA-rated bonds that have maturity dates approximating to the terms of the Group\u2019s obligations. This discount rate is also used to calculate the net pension scheme finance charge or credit. Scheme assets are carried at fair value. More details are given in this note as part of the analysis of plan assets. The Group determines the net interest on the net defined benefit liability/(asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined benefit liability/(asset). Remeasurements arising from defined benefit plans comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest). The Group recognises them immediately in other comprehensive income and all other expenses related to defined benefit plans in employee benefit expenses in profit or loss. (a) Overview of all retirement benefit arrangements Defined contribution plans The Group operates an auto-enrolment defined contribution plan for employees. Under the terms of this scheme, employees make pension contributions out of their salaries, and the Group also makes additional contributions. The total cost charged to income in respect of defined contribution pensions in the current period was \u00a344.7m (2024: \u00a343.5m) This represents the Group\u2019s contributions due and payable in respect of the period, as was also the case in the previous period. Defined benefit plan Characteristics and risks of the plan: The Group operates a funded pension plan which provides benefits based on the career average pensionable pay of participating employees. This plan was closed to new entrants from November 2012, and closed to future accrual on 31 March 2021. The assets of the plan are held separately from those of the Group, being held in a trustee-administered pension plan and invested with independent fund managers. The trustee directors of the plan comprise three member-elected trustees, one independent trustee, and four Group-appointed trustees. All trustees are required to act in the best interests of the plan beneficiaries. The plan exposes the Group to actuarial risks, such as longevity risk, interest rate risk, inflation risk and market (investment) risk. Longevity risk is the risk that members live for longer than is currently expected. That results in pensions being paid for longer than expected, thus costing schemes more money. Examples of interest rate risk are that a decrease in corporate bond yields increases the present value of the defined benefit obligations, or that a decrease in gilt yields results in a worsening in the Scheme\u2019s funding position. An example of inflation risk is that an increase in inflation results in higher benefit increases for members which in turn increases the Scheme\u2019s liabilities. Investment risk comes from three main sources: risk that the fund will fall in value, risk that the pension fund\u2019s returns will not keep pace with inflation (i.e. that real returns are negative), and risk that the pension fund does not perform well enough to keep pace with the growth in the cost of providing pension benefits. The plan invests in a range of investments to mitigate some of these risks. Accounting and actuarial valuation The present value of the defined benefit obligation is determined by a qualified actuary using the projected unit method. The most recent completed actuarial valuation was carried out at 31 March 2023 by the plan actuary. The actuary advising the Group has subsequently rolled forward the results of the 31 March 2023 valuation to 27 December 2025. This roll-forward exercise involves updating all the assumptions which are market-based (i.e. inflation, discount rate, rate of increase in pensions and rate of CARE revaluation) to values as at 27 December 2025. We are using CMI 2024 mortality tables, being the most recent tables available. The weighted average duration of the plan as at 27 December 2025 is 13 years (2024: 13 years). Funding and estimated contributions The Group\u2019s contributions in the current and prior periods are shown in the tables below. The Group bears the plan\u2019s administration costs. The Group also has an agreement with the pension plan trustees to make additional deficit contributions to the plan of \u00a31m per month until 31 May 2026 if the plan is underfunded on the Technical Provisions (\u2018TP\u2019) basis. Under the agreement, the scheme\u2019s funding position is monitored on a monthly basis and deficit contributions switch on if the funding falls below 98% as at the last working day of two consecutive months on a TP basis, and switch off if the funding level is above 102% on the last working day of two consecutive months. The main difference between the TP basis and the IAS 19 accounting basis used in these accounts is that the IAS 19 valuation requires \u2018best estimate\u2019 assumptions to be used whereas the TP basis uses \u2018prudent\u2019 assumptions. The TP basis funding percentage at the current period end is estimated at 101%, this estimate being based on an approximate roll-forward of the 2023 triennial funding valuation, updated for market conditions. No additional benefit contributions were paid in 2025, and the Group\u2019s estimated total cash contributions to the defined benefit plan in the 52 weeks ending 26 December 2026 are also nil. As noted above, additional deficit contributions may cease and recommence during the year, depending on the scheme\u2019s funding position. Virgin Media case In June 2023, the UK Court of Appeal upheld the High Court\u2019s ruling in the Virgin Media v NTL Pension Trustees II court case relating to amendments to benefits for contracted-out defined benefit schemes. The ruling confirmed the need for an actuarial certificate where such schemes made changes to benefits between 6 April 1997 and 5 April 2016, and that any amendments were void without an actuarial certificate. On 2 September 2025, the Government published draft amendments to the Pensions Scheme Bill which would give affected pension schemes the ability to retrospectively obtain actuarial certificates if required. The draft legislation will need to be agreed by both Houses of Parliament before it passes into law. Following the publication of draft legislation, the directors do not expect the Virgin Media ruling to give rise to any additional liabilities and so the defined benefit obligation has not been adjusted and continues to reflect the benefits currently being administered. (b) Total amounts charged in respect of pensions in the period
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Charged to the income statement:
Defined benefit plan \u2013 administration cost
1.4
1.9
Defined benefit plan \u2013 total service cost
1.4
1.9
Defined benefit plan \u2013 net finance charge
0.1
0.3
Defined contribution plans \u2013 total operating charge
44.7
43.5
Total net amount charged to profit before tax
46.2
45.7
Charged to equity:
Defined benefit plan \u2013 actuarial losses/(gains)
4.2
(12.7)
Total charge
50.4
33.0
(c) Other information \u2013 defined benefit pension plan Key assumptions used in the valuation of the plan
52 weeks to 52 weeks to
27 December 2025 28 December 2024
Discount rate
5.60%
5.50%
Inflation assumption \u2013 RPI
2.90%
3.15%
Inflation assumption \u2013 CPI
2.50%
2.75%
Rate of CARE revaluation capped at lower of RPI and 3%
2.20%
2.30%
Rate of increase of pensions in deferment capped at lower of CPI and 5%
2.50%
2.75%
Rate of increase of pensions in payment:
\u2013 pensions with increases capped at the lower of CPI and 3%
2.00%
2.15%
\u2013 pensions with increases capped at lower of CPI and 5%
2.45%
2.70%
\u2013 pensions with increases capped at lower of CPI and 5%, with a 3% minimum
3.45%
3.55%
\u2013 pensions with increases capped at the lower of LPI and 2.5%
1.95%
2.00%
Life expectancy (yrs): pensioner aged 65
\u2013 male
85.9
85.7
\u2013 female
88.0
88.0
Life expectancy (yrs): non\u2013pensioner aged 45
\u2013 male
86.8
86.7
\u2013 female
89.6
89.6
Sensitivities
Projected 2026 pension cost
Present value of
scheme liabilities at Net interest Net pension
27 December 2025 Total service cost (credit)/cost (credit)/expense
\u00a3m \u00a3m \u00a3m \u00a3m
Assumption
Current valuation, using the assumptions above
797
2.4
0.4
2.8
0.5% decrease in discount rate
849
2.4
3.0
5.4
0.5% increase in inflation
822
2.4
1.8
4.2
1 year increase in longevity
821
2.4
1.7
4.1
The sensitivities above are applied to the defined benefit obligation at the end of the reporting period, and the projected total service cost for 2026. Whilst the analysis does not take account of the full distribution of cash flows expected under the scheme, it does provide a reasonable approximation. The same amount of movement in the opposite direction would produce a broadly equal and opposite effect. We note that the effect on the discount rate and inflation sensitivities of flexing them down by 0.25% or up by 1% in a linear manner would give materially correct results. The net impact of changes in conditions would likely be offset in part by movements in the plan assets. Analysis of plan assets
27 December 2025
28 December 2024
No quoted market No quoted market
Quoted market price price in an active Quoted market price price in an active
in an active market market in an active market market
\u00a3m \u00a3m \u00a3m \u00a3m
LDI*
\u2013 fixed income (net of derivatives)
305.2
277.8
\u2013 investment fund
6.5
\u2013
\u2013
\u2013
\u2013 cash**
\u2013
1.1
\u2013
8.3
Alternative growth assets
\u2013 insurance-linked securities
\u2013
83.3
\u2013
78.9
Commercial property funds
\u2013
159.1
\u2013
210.2
Other secure income
69.4
82.7
113.9
107.0
Asset-backed securities
64.9
\u2013
0.5
\u2013
Cash and cash equivalents**
\u2013
17.4
\u2013
9.3
Total
446.0
343.6
392.2
413.7
The plan assets do not include any of the Group\u2019s own financial instruments nor any property occupied by, or other assets used by, the Group. * LDI \u2013 Liability Driven Investments \u2013 is a portfolio of investments chosen with the aim that its value is expected to move in line with movements in the value of the underlying liabilities. The LDI portfolio can include a variety of investments, the simplest being conventional and index-linked gilts with appropriate maturities. LDI portfolios often use a degree of leverage to achieve the same aim but to allow more return-seeking assets to be invested in at the same time. Derivatives and repurchase agreements are the main tools used to employ leverage. ** During the current year the Group concluded that it was more appropriate to show cash as an asset which has no quoted price in an active market and has re-presented cash on that basis in the prior year disclosure above. Valuation of plan assets Cash is stated at its nominal value and makes up 2.3% of total assets. All of the quoted assets have a daily price, and therefore are valued using market prices within one trading day of our Saturday year end date. Quoted assets make up 56.6% of total assets at the current year end. Unquoted investments are stated at values provided by the fund manager in accordance with relevant guidance. 7.6% of the total funds are unquoted and are valued at a date within 5 trading days of our year end date. Of the remaining unquoted funds, some are valued on a monthly basis and others are valued on a quarterly basis. Based on asset values at the current year end, 11.6% of total assets are valued at 28 or 30 November 2025, all of them being adjusted for cash movements and rolled forwards using a suitably-correlated index if one is available. The valuations for the remaining unquoted assets, which account for 21.9% of total assets, are not available until after these consolidated financial statements are approved and so the only available valuations for these funds at the current year is the 30 September 2025 valuations from the fund managers, which are adjusted for cash movements and rolled forward to our year end date using a suitably-correlated index where one is available. Asset-liability matching strategies The plan\u2019s strategy, as set out in the plan\u2019s most recent (September 2024) Statement of Investment Principles, is set out below: The Plan\u2019s asset allocation strategy was determined with regard to the characteristics of the Plan, in particular the funding level, the liability profile, the security offered by Howden Joinery Group plc to the Plan and the ability of Howden Joinery Group plc to meet the required contributions. The objective is to reduce risk as the funding level improves, using an approach based upon the expected returns (and risk) relative to the Plan\u2019s liabilities. This involves considering the Plan\u2019s assets as either \u2018return seeking\u2019 or \u2018risk-reducing\u2019. \u2018Return-seeking\u2019 assets target a higher expected return than that of risk reducing/matching assets and typically have a higher associated volatility, relative to liabilities. These assets would typically involve equities and could possibly include alternative asset classes such as different types of absolute return and hedge funds, infrastructure, property and illiquid credit approaches. Assets used to predominantly manage liquidity and cashflows within the Secure Income portfolio are also deemed \u2018Return-seeking\u2019. \u2018Risk-reducing\u2019 (or matching) assets have characteristics that are broadly similar in nature to the liabilities. These assets are predominantly government or corporate bonds and could also include other financial instruments such as interest rate and inflation swaps, credit default swaps and cash. The Risk-reducing assets currently target interest rate and inflation hedge ratios of c90% (as a proportion of funded liabilities), measured on the Plan\u2019s long term liability basis. This section of the portfolio also provides exposure to credit markets via credit default swaps. Balance sheet The amount included in the balance sheet arising from the Group\u2019s obligations in respect of defined benefit retirement benefit plan is as follows:
27 December 2025 28 December 2024
\u00a3m \u00a3m
Present value of defined benefit obligations
(797.4)
(808.0)
Fair value of scheme assets
789.6
805.9
Deficit in the scheme, recognised in the balance sheet
(7.8)
(2.1)
Movements in the present value of defined benefit obligations were as follows:
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Present value at start of period
808.0
913.6
Administration cost
1.4
1.9
Interest on obligation
43.2
40.6
Actuarial losses/(gains):
\u2013 changes in financial assumptions
(17.0)
(102.7)
\u2013 changes in demographic assumptions
1.7
(1.6)
\u2013 experience
3.8
0.3
Benefits paid, including expenses
(43.7)
(44.1)
Present value at end of period
797.4
808.0
Movements in the fair value of the plan\u2019s assets is as follows:
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Fair value at start of period
805.9
901.0
Interest income on plan assets
43.1
40.3
Employer contributions
\u2013
\u2013
Loss on assets excluding amounts included in net interest
(15.7)
(91.3)
Benefits paid, including expenses
(43.7)
(44.1)
Fair value at end of period
789.6
805.9
Movements in the deficit during the period are as follows:
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Deficit at start of period
(2.1)
(12.6)
Administration cost
(1.4)
(1.9)
Employer contributions
\u2013
\u2013
Other finance charge
(0.1)
(0.3)
Total remeasurements recognised in other comprehensive income
(4.2)
12.7
Deficit at end of period
(7.8)
(2.1)
Income statement Amounts recognised in the income statement arising from the Group\u2019s obligations in respect of the defined benefit plan are shown below. Amount charged to operating profit:
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Current service cost
\u2013
\u2013
Administration cost
1.4
1.9
Total pensions cost
1.4
1.9
The total pensions cost is included in Staff Costs (note 21). Amount credited to other finance charges:
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Interest income on plan assets
(43.1)
(40.3)
Interest cost on defined benefit obligation
43.2
40.6
Net charge
0.1
0.3
The actual return on plan assets was a gain of \u00a327.4m (52 weeks to 28 December 2024: loss of \u00a351.0m). Statement of comprehensive income Amounts taken to equity via the statement of comprehensive income in respect of the Group\u2019s defined benefit plan are shown below:
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Actuarial gain due to financial assumptions
17.0
102.7
Actuarial (loss)/gain due to demographic assumptions
(1.7)
1.6
Actuarial loss due to experience
(3.8)
(0.3)
Return on scheme assets less interest
(15.7)
(91.3)
Net actuarial (loss)/gain before associated deferred tax
(4.2)
12.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-337": { "value": "22 Retirement benefit obligations ! Significant judgement and source of estimation uncertainty There is significant judgement involved in selecting appropriate measurement bases for the actuarial assumptions used to measure the pension liability. There is also estimation uncertainty relating to the assumptions, as reasonable alternative assumptions could have led to measurement at a materially different amount. The key assumptions within this calculation are discount rate, inflation rates and mortality rates. These are set out below, together with sensitivity analysis that shows the effect that these estimates can have on the carrying value of the pension deficit. Accounting policies Defined contribution pensions Payments to defined contribution pension schemes are charged to the income statement as they fall due. Defined benefit pensions The calculation of the Group\u2019s net asset or obligation is performed by a qualified actuary using the projected unit method. When the calculation results in a potential asset, the recognised asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. To calculate the present value of economic benefits, consideration is given to any applicable minimum funding requirements. The Group considers that there are no restrictions caused by IFRIC 14 on recognising any pension surplus as the trustee does not have the unilateral power to either enhance member benefits or to wind up the scheme and distribute any surplus to members and therefore any surplus remaining once the final scheme benefits are paid to members would be returned to the Group under scheme rules. Scheme liabilities are calculated by estimating the amount of future benefit that employees have earned in return for their service. That benefit is then discounted to determine its present value. The discount rate used is selected to closely approximate the yield at the balance sheet date on AA-rated bonds that have maturity dates approximating to the terms of the Group\u2019s obligations. This discount rate is also used to calculate the net pension scheme finance charge or credit. Scheme assets are carried at fair value. More details are given in this note as part of the analysis of plan assets. The Group determines the net interest on the net defined benefit liability/(asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined benefit liability/(asset). Remeasurements arising from defined benefit plans comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest). The Group recognises them immediately in other comprehensive income and all other expenses related to defined benefit plans in employee benefit expenses in profit or loss. (a) Overview of all retirement benefit arrangements Defined contribution plans The Group operates an auto-enrolment defined contribution plan for employees. Under the terms of this scheme, employees make pension contributions out of their salaries, and the Group also makes additional contributions. The total cost charged to income in respect of defined contribution pensions in the current period was \u00a344.7m (2024: \u00a343.5m) This represents the Group\u2019s contributions due and payable in respect of the period, as was also the case in the previous period. Defined benefit plan Characteristics and risks of the plan: The Group operates a funded pension plan which provides benefits based on the career average pensionable pay of participating employees. This plan was closed to new entrants from November 2012, and closed to future accrual on 31 March 2021. The assets of the plan are held separately from those of the Group, being held in a trustee-administered pension plan and invested with independent fund managers. The trustee directors of the plan comprise three member-elected trustees, one independent trustee, and four Group-appointed trustees. All trustees are required to act in the best interests of the plan beneficiaries.
The plan exposes the Group to actuarial risks, such as longevity risk, interest rate risk, inflation risk and market (investment) risk.
Longevity risk is the risk that members live for longer than is currently expected. That results in pensions being paid for longer
than expected, thus costing schemes more money.
Examples of interest rate risk are that a decrease in corporate bond yields increases the present value of the defined benefit
obligations, or that a decrease in gilt yields results in a worsening in the Scheme\u2019s funding position.
An example of inflation risk is that an increase in inflation results in higher benefit increases for members which in turn increases
the Scheme\u2019s liabilities.
Investment risk comes from three main sources: risk that the fund will fall in value, risk that the pension fund\u2019s returns will not
keep pace with inflation (i.e. that real returns are negative), and risk that the pension fund does not perform well enough to keep
pace with the growth in the cost of providing pension benefits.
The plan invests in a range of investments to mitigate some of these risks.
Accounting and actuarial valuation
The present value of the defined benefit obligation is determined by a qualified actuary using the projected unit method.
The most recent completed actuarial valuation was carried out at 31 March 2023 by the plan actuary. The actuary advising
the Group has subsequently rolled forward the results of the 31 March 2023 valuation to 27 December 2025. This roll-forward
exercise involves updating all the assumptions which are market-based (i.e. inflation, discount rate, rate of increase in pensions
and rate of CARE revaluation) to values as at 27 December 2025. We are using CMI 2024 mortality tables, being the most recent
tables available. The weighted average duration of the plan as at 27 December 2025 is 13 years (2024: 13 years).
Funding and estimated contributions
The Group\u2019s contributions in the current and prior periods are shown in the tables below. The Group bears the plan\u2019s
administration costs. The Group also has an agreement with the pension plan trustees to make additional deficit contributions
to the plan of \u00a31m per month until 31 May 2026 if the plan is underfunded on the Technical Provisions (\u2018TP\u2019) basis. Under the
agreement, the scheme\u2019s funding position is monitored on a monthly basis and deficit contributions switch on if the funding falls
below 98% as at the last working day of two consecutive months on a TP basis, and switch off if the funding level is above 102%
on the last working day of two consecutive months.
The main difference between the TP basis and the IAS 19 accounting basis used in these accounts is that the IAS 19 valuation
requires \u2018best estimate\u2019 assumptions to be used whereas the TP basis uses \u2018prudent\u2019 assumptions. The TP basis funding
percentage at the current period end is estimated at 101%, this estimate being based on an approximate roll-forward of the 2023
triennial funding valuation, updated for market conditions.
No additional benefit contributions were paid in 2025, and the Group\u2019s estimated total cash contributions to the defined benefit
plan in the 52 weeks ending 26 December 2026 are also nil. As noted above, additional deficit contributions may cease and
recommence during the year, depending on the scheme\u2019s funding position.
Virgin Media case
In June 2023, the UK Court of Appeal upheld the High Court\u2019s ruling in the Virgin Media v NTL Pension Trustees II court case
relating to amendments to benefits for contracted-out defined benefit schemes. The ruling confirmed the need for an actuarial
certificate where such schemes made changes to benefits between 6 April 1997 and 5 April 2016, and that any amendments
were void without an actuarial certificate.
On 2 September 2025, the Government published draft amendments to the Pensions Scheme Bill which would give affected
pension schemes the ability to retrospectively obtain actuarial certificates if required. The draft legislation will need to be agreed
by both Houses of Parliament before it passes into law. Following the publication of draft legislation, the directors do not expect
the Virgin Media ruling to give rise to any additional liabilities and so the defined benefit obligation has not been adjusted and
continues to reflect the benefits currently being administered.
(b) Total amounts charged in respect of pensions in the period
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Charged to the income statement:
Defined benefit plan \u2013 administration cost
1.4
1.9
Defined benefit plan \u2013 total service cost
1.4
1.9
Defined benefit plan \u2013 net finance charge
0.1
0.3
Defined contribution plans \u2013 total operating charge
44.7
43.5
Total net amount charged to profit before tax
46.2
45.7
Charged to equity:
Defined benefit plan \u2013 actuarial losses/(gains)
4.2
(12.7)
Total charge
50.4
33.0
(c) Other information \u2013 defined benefit pension plan
Key assumptions used in the valuation of the plan
52 weeks to 52 weeks to
27 December 2025 28 December 2024
Discount rate
5.60%
5.50%
Inflation assumption \u2013 RPI
2.90%
3.15%
Inflation assumption \u2013 CPI
2.50%
2.75%
Rate of CARE revaluation capped at lower of RPI and 3%
2.20%
2.30%
Rate of increase of pensions in deferment capped at lower of CPI and 5%
2.50%
2.75%
Rate of increase of pensions in payment:
\u2013 pensions with increases capped at the lower of CPI and 3%
2.00%
2.15%
\u2013 pensions with increases capped at lower of CPI and 5%
2.45%
2.70%
\u2013 pensions with increases capped at lower of CPI and 5%, with a 3% minimum
3.45%
3.55%
\u2013 pensions with increases capped at the lower of LPI and 2.5%
1.95%
2.00%
Life expectancy (yrs): pensioner aged 65
\u2013 male
85.9
85.7
\u2013 female
88.0
88.0
Life expectancy (yrs): non\u2013pensioner aged 45
\u2013 male
86.8
86.7
\u2013 female
89.6
89.6
Sensitivities
Projected 2026 pension cost
Present value of
scheme liabilities at Net interest Net pension
27 December 2025 Total service cost (credit)/cost (credit)/expense
\u00a3m \u00a3m \u00a3m \u00a3m
Assumption
Current valuation, using the assumptions above
797
2.4
0.4
2.8
0.5% decrease in discount rate
849
2.4
3.0
5.4
0.5% increase in inflation
822
2.4
1.8
4.2
1 year increase in longevity
821
2.4
1.7
4.1
The sensitivities above are applied to the defined benefit obligation at the end of the reporting period, and the projected total
service cost for 2026. Whilst the analysis does not take account of the full distribution of cash flows expected under the scheme,
it does provide a reasonable approximation. The same amount of movement in the opposite direction would produce a broadly
equal and opposite effect.
We note that the effect on the discount rate and inflation sensitivities of flexing them down by 0.25% or up by 1% in a linear
manner would give materially correct results. The net impact of changes in conditions would likely be offset in part by
movements in the plan assets.
Analysis of plan assets
27 December 2025
28 December 2024
No quoted market No quoted market
Quoted market price price in an active Quoted market price price in an active
in an active market market in an active market market
\u00a3m \u00a3m \u00a3m \u00a3m
LDI*
\u2013 fixed income (net of derivatives)
305.2
277.8
\u2013 investment fund
6.5
\u2013
\u2013
\u2013
\u2013 cash**
\u2013
1.1
\u2013
8.3
Alternative growth assets
\u2013 insurance-linked securities
\u2013
83.3
\u2013
78.9
Commercial property funds
\u2013
159.1
\u2013
210.2
Other secure income
69.4
82.7
113.9
107.0
Asset-backed securities
64.9
\u2013
0.5
\u2013
Cash and cash equivalents**
\u2013
17.4
\u2013
9.3
Total
446.0
343.6
392.2
413.7
The plan assets do not include any of the Group\u2019s own financial instruments nor any property occupied by, or other assets used
by, the Group.
* LDI \u2013 Liability Driven Investments \u2013 is a portfolio of investments chosen with the aim that its value is expected to move in line with movements in the value of the
underlying liabilities. The LDI portfolio can include a variety of investments, the simplest being conventional and index-linked gilts with appropriate maturities.
LDI portfolios often use a degree of leverage to achieve the same aim but to allow more return-seeking assets to be invested in at the same time. Derivatives and
repurchase agreements are the main tools used to employ leverage.
** During the current year the Group concluded that it was more appropriate to show cash as an asset which has no quoted price in an active market and has
re-presented cash on that basis in the prior year disclosure above.
Valuation of plan assets
Cash is stated at its nominal value and makes up 2.3% of total assets. All of the quoted assets have a daily price, and therefore
are valued using market prices within one trading day of our Saturday year end date. Quoted assets make up 56.6% of total
assets at the current year end.
Unquoted investments are stated at values provided by the fund manager in accordance with relevant guidance. 7.6% of the
total funds are unquoted and are valued at a date within 5 trading days of our year end date. Of the remaining unquoted funds,
some are valued on a monthly basis and others are valued on a quarterly basis. Based on asset values at the current year end,
11.6% of total assets are valued at 28 or 30 November 2025, all of them being adjusted for cash movements and
rolled forwards using a suitably-correlated index if one is available. The valuations for the remaining unquoted assets, which
account for 21.9% of total assets, are not available until after these consolidated financial statements are approved and so
the only available valuations for these funds at the current year is the 30 September 2025 valuations from the fund managers,
which are adjusted for cash movements and rolled forward to our year end date using a suitably-correlated index where one
is available.
Asset-liability matching strategies
The plan\u2019s strategy, as set out in the plan\u2019s most recent (September 2024) Statement of Investment Principles, is set out below:
The Plan\u2019s asset allocation strategy was determined with regard to the characteristics of the Plan, in particular the funding level,
the liability profile, the security offered by Howden Joinery Group plc to the Plan and the ability of Howden Joinery Group plc to
meet the required contributions. The objective is to reduce risk as the funding level improves, using an approach based upon the
expected returns (and risk) relative to the Plan\u2019s liabilities. This involves considering the Plan\u2019s assets as either \u2018return seeking\u2019 or
\u2018risk-reducing\u2019.
\u2018Return-seeking\u2019 assets target a higher expected return than that of risk reducing/matching assets and typically have a
higher associated volatility, relative to liabilities. These assets would typically involve equities and could possibly include
alternative asset classes such as different types of absolute return and hedge funds, infrastructure, property and illiquid credit
approaches. Assets used to predominantly manage liquidity and cashflows within the Secure Income portfolio are also deemed
\u2018Return-seeking\u2019.
\u2018Risk-reducing\u2019 (or matching) assets have characteristics that are broadly similar in nature to the liabilities. These assets are
predominantly government or corporate bonds and could also include other financial instruments such as interest rate and
inflation swaps, credit default swaps and cash.
The Risk-reducing assets currently target interest rate and inflation hedge ratios of c90% (as a proportion of funded liabilities),
measured on the Plan\u2019s long term liability basis. This section of the portfolio also provides exposure to credit markets via credit
default swaps.
Balance sheet
The amount included in the balance sheet arising from the Group\u2019s obligations in respect of defined benefit retirement benefit
plan is as follows:
27 December 2025 28 December 2024
\u00a3m \u00a3m
Present value of defined benefit obligations
(797.4)
(808.0)
Fair value of scheme assets
789.6
805.9
Deficit in the scheme, recognised in the balance sheet
(7.8)
(2.1)
Movements in the present value of defined benefit obligations were as follows:
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Present value at start of period
808.0
913.6
Administration cost
1.4
1.9
Interest on obligation
43.2
40.6
Actuarial losses/(gains):
\u2013 changes in financial assumptions
(17.0)
(102.7)
\u2013 changes in demographic assumptions
1.7
(1.6)
\u2013 experience
3.8
0.3
Benefits paid, including expenses
(43.7)
(44.1)
Present value at end of period
797.4
808.0
Movements in the fair value of the plan\u2019s assets is as follows:
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Fair value at start of period
805.9
901.0
Interest income on plan assets
43.1
40.3
Employer contributions
\u2013
\u2013
Loss on assets excluding amounts included in net interest
(15.7)
(91.3)
Benefits paid, including expenses
(43.7)
(44.1)
Fair value at end of period
789.6
805.9
Movements in the deficit during the period are as follows:
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Deficit at start of period
(2.1)
(12.6)
Administration cost
(1.4)
(1.9)
Employer contributions
\u2013
\u2013
Other finance charge
(0.1)
(0.3)
Total remeasurements recognised in other comprehensive income
(4.2)
12.7
Deficit at end of period
(7.8)
(2.1)
Income statement
Amounts recognised in the income statement arising from the Group\u2019s obligations in respect of the defined benefit plan are
shown below.
Amount charged to operating profit:
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Current service cost
\u2013
\u2013
Administration cost
1.4
1.9
Total pensions cost
1.4
1.9
The total pensions cost is included in Staff Costs (note 21).
Amount credited to other finance charges:
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Interest income on plan assets
(43.1)
(40.3)
Interest cost on defined benefit obligation
43.2
40.6
Net charge
0.1
0.3
The actual return on plan assets was a gain of \u00a327.4m (52 weeks to 28 December 2024: loss of \u00a351.0m).
Statement of comprehensive income
Amounts taken to equity via the statement of comprehensive income in respect of the Group\u2019s defined benefit plan are
shown below:
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Actuarial gain due to financial assumptions
17.0
102.7
Actuarial (loss)/gain due to demographic assumptions
(1.7)
1.6
Actuarial loss due to experience
(3.8)
(0.3)
Return on scheme assets less interest
(15.7)
(91.3)
Net actuarial (loss)/gain before associated deferred tax
(4.2)
12.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-396": { "value": "Accounting policies Defined contribution pensions Payments to defined contribution pension schemes are charged to the income statement as they fall due. Defined benefit pensions The calculation of the Group\u2019s net asset or obligation is performed by a qualified actuary using the projected unit method. When the calculation results in a potential asset, the recognised asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. To calculate the present value of economic benefits, consideration is given to any applicable minimum funding requirements. The Group considers that there are no restrictions caused by IFRIC 14 on recognising any pension surplus as the trustee does not have the unilateral power to either enhance member benefits or to wind up the scheme and distribute any surplus to members and therefore any surplus remaining once the final scheme benefits are paid to members would be returned to the Group under scheme rules. Scheme liabilities are calculated by estimating the amount of future benefit that employees have earned in return for their service. That benefit is then discounted to determine its present value. The discount rate used is selected to closely approximate the yield at the balance sheet date on AA-rated bonds that have maturity dates approximating to the terms of the Group\u2019s obligations. This discount rate is also used to calculate the net pension scheme finance charge or credit. Scheme assets are carried at fair value. More details are given in this note as part of the analysis of plan assets. The Group determines the net interest on the net defined benefit liability/(asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined benefit liability/(asset). Remeasurements arising from defined benefit plans comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest). The Group recognises them immediately in other comprehensive income and all other expenses related to defined benefit plans in employee benefit expenses in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-376": { "value": "
Defined contribution plans
The Group operates an auto-enrolment defined contribution plan for employees. Under the terms of this scheme, employees
make pension contributions out of their salaries, and the Group also makes additional contributions.
The total cost charged to income in respect of defined contribution pensions in the current period was \u00a344.7m (2024: \u00a343.5m)
This represents the Group\u2019s contributions due and payable in respect of the period, as was also the case in the previous period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-377": { "value": "Sensitivities
Projected 2026 pension cost
Present value of
scheme liabilities at Net interest Net pension
27 December 2025 Total service cost (credit)/cost (credit)/expense
\u00a3m \u00a3m \u00a3m \u00a3m
Assumption
Current valuation, using the assumptions above
797
2.4
0.4
2.8
0.5% decrease in discount rate
849
2.4
3.0
5.4
0.5% increase in inflation
822
2.4
1.8
4.2
1 year increase in longevity
821
2.4
1.7
4.1
The sensitivities above are applied to the defined benefit obligation at the end of the reporting period, and the projected total service cost for 2026. Whilst the analysis does not take account of the full distribution of cash flows expected under the scheme, it does provide a reasonable approximation. The same amount of movement in the opposite direction would produce a broadly equal and opposite effect. We note that the effect on the discount rate and inflation sensitivities of flexing them down by 0.25% or up by 1% in a linear manner would give materially correct results. The net impact of changes in conditions would likely be offset in part by movements in the plan assets. Analysis of plan assets
27 December 2025
28 December 2024
No quoted market No quoted market
Quoted market price price in an active Quoted market price price in an active
in an active market market in an active market market
\u00a3m \u00a3m \u00a3m \u00a3m
LDI*
\u2013 fixed income (net of derivatives)
305.2
277.8
\u2013 investment fund
6.5
\u2013
\u2013
\u2013
\u2013 cash**
\u2013
1.1
\u2013
8.3
Alternative growth assets
\u2013 insurance-linked securities
\u2013
83.3
\u2013
78.9
Commercial property funds
\u2013
159.1
\u2013
210.2
Other secure income
69.4
82.7
113.9
107.0
Asset-backed securities
64.9
\u2013
0.5
\u2013
Cash and cash equivalents**
\u2013
17.4
\u2013
9.3
Total
446.0
343.6
392.2
413.7
The plan assets do not include any of the Group\u2019s own financial instruments nor any property occupied by, or other assets used by, the Group. * LDI \u2013 Liability Driven Investments \u2013 is a portfolio of investments chosen with the aim that its value is expected to move in line with movements in the value of the underlying liabilities. The LDI portfolio can include a variety of investments, the simplest being conventional and index-linked gilts with appropriate maturities. LDI portfolios often use a degree of leverage to achieve the same aim but to allow more return-seeking assets to be invested in at the same time. Derivatives and repurchase agreements are the main tools used to employ leverage. ** During the current year the Group concluded that it was more appropriate to show cash as an asset which has no quoted price in an active market and has re-presented cash on that basis in the prior year disclosure above. Valuation of plan assets Cash is stated at its nominal value and makes up 2.3% of total assets. All of the quoted assets have a daily price, and therefore are valued using market prices within one trading day of our Saturday year end date. Quoted assets make up 56.6% of total assets at the current year end. Unquoted investments are stated at values provided by the fund manager in accordance with relevant guidance. 7.6% of the total funds are unquoted and are valued at a date within 5 trading days of our year end date. Of the remaining unquoted funds, some are valued on a monthly basis and others are valued on a quarterly basis. Based on asset values at the current year end, 11.6% of total assets are valued at 28 or 30 November 2025, all of them being adjusted for cash movements and rolled forwards using a suitably-correlated index if one is available. The valuations for the remaining unquoted assets, which account for 21.9% of total assets, are not available until after these consolidated financial statements are approved and so the only available valuations for these funds at the current year is the 30 September 2025 valuations from the fund managers, which are adjusted for cash movements and rolled forward to our year end date using a suitably-correlated index where one is available. Asset-liability matching strategies The plan\u2019s strategy, as set out in the plan\u2019s most recent (September 2024) Statement of Investment Principles, is set out below: The Plan\u2019s asset allocation strategy was determined with regard to the characteristics of the Plan, in particular the funding level, the liability profile, the security offered by Howden Joinery Group plc to the Plan and the ability of Howden Joinery Group plc to meet the required contributions. The objective is to reduce risk as the funding level improves, using an approach based upon the expected returns (and risk) relative to the Plan\u2019s liabilities. This involves considering the Plan\u2019s assets as either \u2018return seeking\u2019 or \u2018risk-reducing\u2019. \u2018Return-seeking\u2019 assets target a higher expected return than that of risk reducing/matching assets and typically have a higher associated volatility, relative to liabilities. These assets would typically involve equities and could possibly include alternative asset classes such as different types of absolute return and hedge funds, infrastructure, property and illiquid credit approaches. Assets used to predominantly manage liquidity and cashflows within the Secure Income portfolio are also deemed \u2018Return-seeking\u2019. \u2018Risk-reducing\u2019 (or matching) assets have characteristics that are broadly similar in nature to the liabilities. These assets are predominantly government or corporate bonds and could also include other financial instruments such as interest rate and inflation swaps, credit default swaps and cash. The Risk-reducing assets currently target interest rate and inflation hedge ratios of c90% (as a proportion of funded liabilities), measured on the Plan\u2019s long term liability basis. This section of the portfolio also provides exposure to credit markets via credit default swaps. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-378": { "value": "Balance sheet The amount included in the balance sheet arising from the Group\u2019s obligations in respect of defined benefit retirement benefit plan is as follows:
27 December 2025 28 December 2024
\u00a3m \u00a3m
Present value of defined benefit obligations
(797.4)
(808.0)
Fair value of scheme assets
789.6
805.9
Deficit in the scheme, recognised in the balance sheet
(7.8)
(2.1)
Movements in the present value of defined benefit obligations were as follows:
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Present value at start of period
808.0
913.6
Administration cost
1.4
1.9
Interest on obligation
43.2
40.6
Actuarial losses/(gains):
\u2013 changes in financial assumptions
(17.0)
(102.7)
\u2013 changes in demographic assumptions
1.7
(1.6)
\u2013 experience
3.8
0.3
Benefits paid, including expenses
(43.7)
(44.1)
Present value at end of period
797.4
808.0
Movements in the fair value of the plan\u2019s assets is as follows:
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Fair value at start of period
805.9
901.0
Interest income on plan assets
43.1
40.3
Employer contributions
\u2013
\u2013
Loss on assets excluding amounts included in net interest
(15.7)
(91.3)
Benefits paid, including expenses
(43.7)
(44.1)
Fair value at end of period
789.6
805.9
Movements in the deficit during the period are as follows:
52 weeks to 52 weeks to
27 December 2025 28 December 2024
\u00a3m \u00a3m
Deficit at start of period
(2.1)
(12.6)
Administration cost
(1.4)
(1.9)
Employer contributions
\u2013
\u2013
Other finance charge
(0.1)
(0.3)
Total remeasurements recognised in other comprehensive income
(4.2)
12.7
Deficit at end of period
(7.8)
(2.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfPlanAssetsExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-338": { "value": "23 Share-based payments Accounting policy The Group issues equity-settled share-based payments. They are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that will eventually vest. 1) Details of each scheme The Group recognised a charge of \u00a310.3m (2024: charge of \u00a39.6m) in respect of share-based payments during the period. The Group has various share-based payment schemes, which are all equity-settled. The main details of all schemes which existed during the period are given below. Share Incentive Plan (\u2018SIP\u2019) This is an \u2018all-employee\u2019 share plan. Shares shown below as \u2018SIP (i)\u2019 represent free shares. Shares shown as \u2018SIP (ii)\u2019 are matching shares which are awarded to employees who choose to take part in the Group\u2019s buy as you earn arrangement, which allows employees to purchase Group shares from pre-tax salary. Both of these share awards have no performance conditions other than continued employment, and both have a three-year vesting period. Howden Joinery Group Long-Term Incentive Plan (\u2018LTIP\u2019) This is a discretionary employee share plan under which the Company may grant different types of award including options, conditional awards, and restricted share awards. Dividends are payable on (iv) awards and dividend equivalents may be payable on (i) and (iii) awards. The different types of awards are as follows: (i) Conditional Share Awards, which have a vesting period of three years, and no performance conditions other than continued employment. (ii) Market value options, Market value options, which have a vesting period of three years, and performance conditions based on growth in Group profits over the three financial years starting with the year during which they are awarded. The vesting conditions provide for a minimum level of performance, below which no shares will be awarded, as well as a maximum level of performance which must be achieved in order for the awards to vest fully. (iii) Performance Share Plan awards, which have a vesting period of three years, and performance conditions based on the three financial years starting with the year during which they are awarded. The vesting conditions for some of the awards depend solely on growth in Group profit, in the same way as described for the market value options above. For some other awards, the vesting conditions depend partly on growth in profit and partly on growth in total shareholder returns relative to comparator companies (\u2018TSR\u2019). For some other awards, the vesting conditions depend on a mixture of growth in profit, TSR, return on capital employed, and environmental measures based on carbon emissions reduction targets. Vesting under the various measures above is determined on a straight-line basis between threshold and maximum payout. Performance below threshold will result in no awards being granted. (iv) Restricted Share Awards, where the participant receives beneficial entitlement to shares upon grant of the award. The legal interest, however, is not transferred to the participant until the forfeiture provisions and restrictions applicable to the awards cease to apply. The shares are not subject to any performance conditions other than continued employment. Dividends are payable during the vesting period.
2) Movements in the period
SIP (i) LTIP (i) LTIP (iii) LTIP (iv)
52 weeks to 27 December 2025 Number Number Number Number
In issue at start of period
1,691,826
790,077
2,642,893
7,208
Granted in period
334,602
33,141
942,686
\u2013
Lapsed in period
(63,454)
(150,638)
(424,067)
\u2013
Exercised in period
(262,431)
(414,545)
(690,261)
(7,208)
In issue at end of period
1,700,543
258,035
2,471,251
\u2013
Exercisable at end of period
804,840
\u2013
\u2013
\u2013
Number of options in the closing balance
granted before 7 November 2002
8,517
\u2013
\u2013
\u2013
Weighted average share price for options
exercised during the period (\u00a3)
8.16
8.45
6.71
7.89
Weighted average life remaining for options
outstanding at the period end (yrs)
1.70
0.79
1.46
N/A
Weighted average fair value of options
granted during the period (\u00a3)
8.37
8.59
8.12
N/A
Exercise price for all options (\u00a3)
N/A
N/A
N/A
N/A
SIP (ii)
Number
In issue at beginning of period
121,972
Granted in period
56,742
Lapsed in period
(24,140)
Exercised in period
(5,204)
In issue at end of period
149,370
Exercisable at end of period
39,914
Number of options in the closing balance
granted before 7 November 2002
\u2013
Weighted average share price for options
exercised during the period (\u00a3)
8.24
Weighted average life remaining for options
outstanding at the period end (years)
1.72
Weighted average fair value of options
granted during the period (\u00a3)
8.19
Exercise price for all options (\u00a3)
N/A
SIP (i) LTIP (i) LTIP (iii) LTIP (iv)
52 weeks to 28 December 2024 Number Number Number Number
In issue at start of period
1,924,596
461,777
2,793,278
12,854
Granted in period
304,980
509,374
778,873
\u2013
Lapsed in period
(81,476)
(16,668)
(70,594)
\u2013
Exercised in period
(456,274)
(164,406)
(858,664)
(5,646)
In issue at end of period
1,691,826
790,077
2,642,893
7,208
Exercisable at end of period
805,491
\u2013
\u2013
\u2013
Number of options in the closing balance
granted before 7 November 2002
9,853
\u2013
\u2013
\u2013
Weighted average share price for options
exercised during the period (\u00a3)
8.80
8.42
8.70
8.24
Weighted average life remaining for options
outstanding at the period end (years)
1.59
1.02
1.30
0.01
Weighted average fair value of options
granted during the period (\u00a3)
9.51
7.94
8.47
N/A
Exercise price for all options (\u00a3)
N/A
N/A
N/A
N/A
LTIP (ii)
SIP (ii)
Number
WAEP (\u00a3)
Number
In issue at beginning of period
100,899
3.79
106,741
Granted in period
\u2013
N/A
48,617
Lapsed in period
\u2013
N/A
(30,438)
Exercised in period
(100,899)
3.79
(2,948)
In issue at end of period
\u2013
N/A
121,972
Exercisable at end of period
\u2013
N/A
9,269
Number of options in the closing balance
granted before 7 November 2002
N/A
N/A
\u2013
Weighted average share price for options
exercised during the period (\u00a3)
8.65
0.00
8.82
Weighted average life remaining for options
outstanding at the period end (years)
\u2013
N/A
1.57
Weighted average fair value of options
granted during the period (\u00a3)
N/A
N/A
8.81
Exercise price for all options (\u00a3)
N/A
\u2013
N/A
3) Fair value of options granted
The fair value of most of the share awards is considered to be the market value of the potential shares awarded, at market close
on the day before the grant of the award.
The fair value of the Performance Share Plan (\u2018LTIP\u2019 (iii) above) awards granted is estimated on the date of grant using a Monte
Carlo option valuation model.
The key assumptions used in this model were:
52 weeks to 52 weeks to
27 December 2025 28 December 2024
Dividend yield (%)
N/A
2.2 \u2013 5.9
Expected life of options (years)
2.4 \u2013 2.6
0 \u2013 3
Expected share price volatility (%)
24.8 \u2013 27.6
24.6 \u2013 29.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-397": { "value": "Accounting policy The Group issues equity-settled share-based payments. They are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that will eventually vest. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-339": { "value": "
24 Financial commitments
Capital commitments
27 December 2025 28 December 2024
\u00a3m \u00a3m
Contracted for, but not provided for in the financial statements:
\u2013 Tangible assets
32.3
16.2
\u2013 Intangible assets \u2013 software
\u2013
0.6
32.3
16.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-340": { "value": "
25 Related party transactions
Companies which are related parties
Transactions between Group companies, which are related parties, have been eliminated on consolidation and are not disclosed
in this note. All transactions between the Group and the Group\u2019s pension schemes have been disclosed in note 22.
Remuneration of key management personnel
Key management personnel comprise the Board of Directors (including non-executive directors) and the Executive Committee.
Details of the aggregate remuneration to these personnel is set out below. The figure disclosed for share-based payments
represents the gain realised on the exercise of share awards in the year, albeit that those options will have been granted in
previous periods. All figures include any related employer\u2019s National Insurance.
27 December 2025 28 December 2024
\u00a3m \u00a3m
Short-term employment benefits
10.5
6.9
Share-based payments
3.7
5.6
14.2
12.5
Other transactions with key management personnel
There were no other transactions with key management personnel.
Other transactions with persons closely related to key management personnel
The Group purchased services on an arms-length, commercial basis from a company run by a close family member of one of the
key management personnel. Total spend in the current period was less than \u00a30.1m (2024: spend of \u00a30.1m). At the current and
prior period end, there were no balances owing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-379": { "value": "25 Related party transactions Companies which are related parties Transactions between Group companies, which are related parties, have been eliminated on consolidation and are not disclosed in this note. All transactions between the Group and the Group\u2019s pension schemes have been disclosed in note 22. Remuneration of key management personnel Key management personnel comprise the Board of Directors (including non-executive directors) and the Executive Committee. Details of the aggregate remuneration to these personnel is set out below. The figure disclosed for share-based payments represents the gain realised on the exercise of share awards in the year, albeit that those options will have been granted in previous periods. All figures include any related employer\u2019s National Insurance.
27 December 2025 28 December 2024
\u00a3m \u00a3m
Short-term employment benefits
10.5
6.9
Share-based payments
3.7
5.6
14.2
12.5
Other transactions with key management personnel There were no other transactions with key management personnel. Other transactions with persons closely related to key management personnel The Group purchased services on an arms-length, commercial basis from a company run by a close family member of one of the key management personnel. Total spend in the current period was less than \u00a30.1m (2024: spend of \u00a30.1m). At the current and prior period end, there were no balances owing. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-360": { "value": "Remuneration of key management personnel Key management personnel comprise the Board of Directors (including non-executive directors) and the Executive Committee. Details of the aggregate remuneration to these personnel is set out below. The figure disclosed for share-based payments represents the gain realised on the exercise of share awards in the year, albeit that those options will have been granted in previous periods. All figures include any related employer\u2019s National Insurance.
27 December 2025 28 December 2024
\u00a3m \u00a3m
Short-term employment benefits
10.5
6.9
Share-based payments
3.7
5.6
14.2
12.5
Other transactions with key management personnel There were no other transactions with key management personnel. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } }, "fact-341": { "value": "
26 Alternative performance measures
Alternative performance measures (\u2018APMs\u2019) are measures which provide supplementary information to assist with the
understanding of the Group\u2019s financial results and with the evaluation of operating performance. APMs are not a measure of
financial performance under United Kingdom-adopted international accounting standards (\u2018UK IFRS\u2019) and should not
be considered as a substitute for measures determined in accordance with UK IFRS. As the Group\u2019s APMs are not defined
terms under UK IFRS they may therefore not be comparable with similarly titled measures reported by other companies.
A reconciliation of APMs to the most directly comparable measures reported in accordance with UK IFRS is provided below.
Same depot sales
Sales performance can be significantly affected by the number of depots opened in the period. The table below shows the
impact of sales of new depots opened in the last two years, compared to the sales of depots opened prior to the last two years,
referred to as \u2018same depot basis\u2019.
\u2018International\u2019 comprises Howdens\u2019 depots in France, Belgium and the Republic of Ireland.
52 weeks to 27 52 weeks to 28 Number of
Revenue
1
in \u00a3m (unless stated)
December 2025 December 2024 Change
depots 2025
3
\u00a3m \u00a3m \u00a3m % No.
UK \u2013 same depot basis
1
2,297.6
2,239.7
2.6%
839
\u2013 depots opened in previous two years
35.6
7.7
52
UK total
2,333.2
2,247.4
3.8%
891
International
84.8
74.7
13.5%
79
Group revenue
2,418.0
2,322.1
4.1%
970
52 weeks to 27 52 weeks to 28 Number of
December 2025 December 2024 Change
depots 2025
3
Local currency revenue
1
in \u20acm (unless stated)
\u20acm \u20acm % No.
international \u2013 same depot basis
2
94.2
86.2
9.3%
72
\u2013 depots opened in previous two years
4.8
1.9
7
99.0
88.1
12.4%
79
1 The information presented relates to the 52 weeks to the 27 December 2025 and the 52 weeks to the 28 December 2024 unless otherwise stated.
2 Same depot basis excludes depots opened in 2024 and 2025 and closed depots.
3 There was 1 depot closed in the UK in 2025. In International, 3 depots were opened in the Republic of Ireland and 2 depots were closed in France during 2025.
", "dimensions": { "concept": "howdenjoinerygroup:DisclosureOfAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800KC1LJOJTY3JP45", "period": "2024-12-29T00:00:00/2025-12-28T00:00:00" } } } }