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The financial report for the year ended 31 December 2025 has been prepared in accordance with the historical cost convention and with international accounting standards in conformity with the requirements of the Companies Act 2006 and with UK adopted International Financial Reporting Standards (IFRSs). The Financial Statements have been prepared on a going concern basis. This is discussed within the Directors\u2019 Report on pages 126 to 127. The principal accounting policies of the Group are summarised below and have been applied consistently in all aspects throughout the current year and preceding year. The Financial Statements have been presented in UK Pounds Sterling, the functional currency of the Company. (a) Basis of consolidation The Group Financial Statements consolidate the Financial Statements of Robert Walters plc and its subsidiary undertakings (investees) drawn up to 31 December each year. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. (b) Goodwill Goodwill arising on the acquisition of subsidiary undertakings, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is not amortised but reviewed for impairment at least annually. Any impairment is recognised in the Consolidated Income Statement and is not subsequently reversed. Goodwill arising on acquisitions before the date of transition to IFRSs has been retained at the net 1 January 2004 Pounds Sterling UK GAAP amounts, subject to being tested for impairment at that date. On disposal the attributable amount of goodwill is included in determining the profit or loss on disposal. (c) Taxation Current taxation, including UK corporation taxation and foreign taxation, is provided at amounts expected to be paid (or recovered) using the tax rates and tax laws that have been enacted or substantively enacted at the balance sheet date. Deferred taxation is accounted for using the balance sheet liability method and on an undiscounted basis. Deferred tax liabilities are generally recognised for all taxable temporary differences (except unremitted earnings from overseas entities which the Group cannot control timing), 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. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred taxation is reviewed at each balance sheet date and is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised, based on tax rates that have been enacted or substantially enacted by the end of the reporting period. Current and deferred taxation is recognised in the income statement except when the taxation relates to items charged or credited directly to equity, in which case the taxation is also recognised in equity. Deferred taxation is posted as a credit to the Consolidated Income Statement up to the value of the tax impact of the share-based payment charge, with any excess deferred taxation being posted as a credit to equity. IFRIC Interpretation 23 uncertainty over Income Tax Treatment The Group operates in many countries therefore is subject to tax laws in a number of different tax jurisdictions. Management applies judgement in identifying uncertainties over income tax treatments based on interpretations of tax statute and case law, taking into account professional advice and prior experience. (d) Employee share schemes The cost of awards made under the Group\u2019s employee share schemes is based on the fair value of the shares at the time of grant and is charged to the Consolidated Income Statement on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that will eventually vest. Fair value is measured by use of a stochastic model. The expected life used in the model has been adjusted, based on management\u2019s best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations. (e) Revenue from contracts with customers Revenue comprises the value of services, net of VAT and other sales-related taxes, provided in the normal course of business. Any expected credit loss provision that may be deemed necessary is treated as an administrative expense. The Group provides a breadth of services to clients with revenue generated by all service offerings, including recruitment process outsourcing, primarily due to the placement of permanent and temporary candidates. There are occasions where the Group will manage the recruitment supply chain on behalf of a client and in such cases a fee is received in respect of the work performed managing a supply chain. This is in accordance with IFRS 15 and is not considered a matter of judgement. Revenue from the placement of permanent staff on non-retained assignments is recognised at the point in time when a candidate accepts a position and a start date is determined. An earned but not invoiced provision is made for the cancellation of placements prior to or shortly after the commencement of employment based on past experience of this occurring. For retained assignments revenue is recognised in line with completion of defined stages of work and as such the invoice is raised at the time of recognition and a provision is therefore not required. Revenue from temporary placements represents the amounts billed for the services of temporary staff including the salary costs of those staff. This is recognised as the service is provided, to the extent that the Group is acting as a principal. Where the Group is not considered to act as a principal, the salary costs of the temporary staff are excluded from revenue and only the net margin is recognised as revenue. Revenue in respect of outsourcing and consultancy is recognised as the service is provided, over time. Robert Walters is acting as a principal for both its permanent and its temporary/interim business and as such presents its revenue gross (i.e. the whole amount collected from the clients) and then it presents its net fee income as gross profit. Recruitment outsourcing is seen as an agent where it does not make a direct placement (i.e. for temporary and put through) and as such presents its revenue net in the Financial Statements in relation to indirect placements with revenue recognised over time. Revenue from other rechargeable services (e.g. advertising and advisory services) is recognised when the service is provided. (f) Gross profit (net fee income) Gross profit is the total placement fees of permanent candidates, the margin earned on the placement of contract candidates and advertising margin. It also includes the outsourcing and consultancy margin earned by recruitment outsourcing. (g) Operating (loss) profit Operating (loss) profit is the total revenue less the total associated costs incurred in the production of revenue. The only items that are excluded from operating profit are finance costs (including foreign exchange), investment income and expenditure and taxation. (h) Finance income and finance costs Interest received is recorded as finance income in the Consolidated Income Statement and included under investing activities in the Consolidated Cash Flow Statement, in the period in which it is receivable. Interest paid includes interest payable on bank loans and the net unwinding of lease receivables and liabilities, it is recorded as finance costs in the Consolidated Income Statement and is included as part of financing activities in the Consolidated Cash Flow Statement in the period in which it is paid. (i) Foreign currency Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date, with any gain or loss that may arise as a result being included in net profit or loss for the period. The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and the results of overseas operations are dealt with through other comprehensive income and reserves, and recognised as income or as expenses in the period in which an operation is disposed of. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. The Group has elected to treat goodwill and fair value adjustments arising on acquisitions before the date of transition to IFRSs as Pounds Sterling denominated assets and liabilities. (j) Property, plant and equipment and computer software Property, plant and equipment and computer software are stated at cost, net of depreciation and amortisation. Depreciation and amortisation are provided on all property, plant and equipment and computer software at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows: \u2022 Leasehold improvements and right-of-use assets: the shorter of estimated useful life and the period of the lease; \u2022 Motor vehicles: 17.5%; \u2022 Fixtures, fittings and office equipment: 10% to 33.3%; and \u2022 Computer equipment and computer software: 10% to 33.3%. Depreciation and amortisation are recognised in administrative expenses. (k) Leases The Group reviews contracts at inception to identify if the contract is or contains a lease, ensuring that the contract conveys the right to control an identified asset for an agreed period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of the right of use asset includes the lease liability value recognised, directly associated costs in setting up the lease, and contractual costs relating to make good and dilapidation commitments. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. The right-of-use assets are also subject to impairment. Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments are discounted at an incremental borrowing rate, determined by the average of the risk free rate and property yields for the relevant location, if undisclosed within the lease contract. The lease payments include fixed payments less any lease incentives receivable, variable lease payments where the rate is defined in the lease agreement, and amounts expected to be paid under residual value guarantees. Variable lease payments that depend on an inflation or undefined rate are recognised as expenses in the period in which the event or condition that triggers the payment occurs. The Group also includes lease payments that will fall due under reasonable certain extension options in the initial measurement of the liability. When the Group renegotiates the contractual terms of a lease with the lessor, the accounting depends on the nature of the modification. Where the renegotiated lease increases the scope of the lease (whether that is an extension to the lease term, or one or more additional assets being leased), the lease liability is remeasured using the discount rate applicable on the modification date, with the right-of-use asset being adjusted by the same amount. Lease receivables Leases for which the Group is a lessor for sub-letting part of its office space are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. The Group recognises lease receivables at the commencement date of the lease with a third party and is measured at the present value of the lease receivable amount due over the lease term, discounted using the rate from the head lease. Where the right to use the asset transfers to the third party, the Group derecognises the underlying right-of- use asset and updates the future depreciation charge accordingly, with any difference between the net book value of the right-of-use asset and the lease receivable recognised is recognised in the Consolidated Income Statement on the commencement date of the sub-lease. The lease income includes fixed receivable amounts less any lease incentives payable, variable lease income where the rate is fixed in the contract, and amounts expected to be received under residual value guarantees. Variable lease income that does not depend on a predetermined rate are recognised as income in the period in which the event or condition that triggers the income occurs. Lease income to be received under reasonable certain extension options are also included in the measurement of the asset. The finance income relating to sublet properties, is included as part of finance costs, such that the net cost of the head lease is presented in the Consolidated Income Statement. Short-term leases and leases of low-value assets For short-term leases (lease term of 12 months or less) and leases of low-value assets (less than \u00a33,000), the Group has opted to recognise a lease expense on a straight-line basis as permitted by IFRS 16. (l) Financial instruments \u2013 initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets (i) Investments Investments are shown at cost, less provision for impairment where appropriate. (ii) Receivables Impairment provisions for trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix to determine the lifetime expected credit losses. To measure expected credit losses on a collective basis, trade receivables are grouped based on similar credit risk and ageing. The expected loss rates are based on the Group\u2019s historical credit losses experienced over the three-year period prior to the period end. The historical loss rates are then adjusted for current and forward-looking information on factors affecting the Group\u2019s clients. For trade receivables, which are reported net; such provisions are recorded in a separate provision account with the movement in the expected loss being recognised within administrative expenses in the Consolidated Income Statement. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. (iii) Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. (iv) Derecognition of financial assets The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. Financial liabilities (v) Other financial liabilities Other financial liabilities, including borrowings, are measured at fair value, net of transaction costs and subsequently held at amortised cost. (vi) Pensions The Group currently contributes to the money purchase pension plans of certain individual Directors and employees. Contributions payable in respect of the year are charged to the Consolidated Income Statement. (vii) Provisions A provision is recognised when the Group has a present legal or contractual obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and when the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects the current market assessments of the time value of money and the risks specific to the liability. (viii) Derecognition of financial liabilities The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled, or they expire. (m) Employee Benefit Trust Own shares are held by an Employee Benefit Trust (EBT) to satisfy the potential share obligations of the Group. Own shares are recorded at cost and deducted from equity. As the Company is deemed to have control of its EBT, it is treated as a subsidiary and consolidated for the purposes of the consolidated Financial Statements. The EBT\u2019s assets (other than investments in the Company\u2019s shares), liabilities, income and expenses are included on a line-by-line basis in the consolidated Financial Statements. New standards, interpretations and amendments adopted from 1 January 2025 There were no new and revised relevant IFRSs that the Group has applied during the year. Developments in accounting standards/IFRSs At the date of authorisation of these Financial Statements, the Group has not applied the following new and revised relevant IFRSs that have been issued but are not yet effective. The Group is assessing the impact and only expects there to be a presentational impact to the Group\u2019s financial statements to arise from the below developments:
IFRS 18
Presentation and Disclosure in Financial Statements
IFRS 9 and IFRS 7 (amendments) Amendments to the Classification and Measurement
of Financial Instruments
IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 Presentation and Disclosure in Financial Statements, issued by the IASB, replaces IAS 1 Presentation of Financial Statements. IFRS 18 sets out significant new requirements for how financial statements are presented, with particular focus on the statement of profit or loss, including requirements for mandatory sub-totals to be presented, aggregation and disaggregation of information, as well as disclosures related to management-defined performance measures. Although IFRS 18 introduces significant changes to financial statement presentation, there are some requirements of IAS 1 brought forward into IFRS 18 without significant changes including: what constitutes a complete set of financial statements; frequency of reporting; comparative information; offsetting criteria; most statements of financial position requirements; classification of assets and liabilities as current vs non-current; statement of comprehensive income requirements; statement of changes in equity and cash flow requirements; and capital disclosures. The areas of significant change introduced by IFRS 18 are: \u2022 Classifies income and expenses into five categories including operating, investing, financing, income tax, discontinued operations. The operating category being the residual category if income and expenses are not classified into other categories. \u2022 Introduces two new mandatory subtotals in the statement of profit or loss including operating profit/loss and profit/loss before financing and income tax. \u2022 Introduces requirements to improve labelling, aggregation and disaggregation including new disclosure requirements for operating expenses. \u2022 Introduces the concept of Management-defined Performance Measures (MPMs) and will require certain disclosures about MPMs in the financial statements. IFRS 18 has also resulted in certain consequential amendments to IAS 7 Statements of Cash Flows as below: \u2022 Uses operating profit or loss as the starting point for the indirect method of reporting cash flows from operating activities. \u2022 Eliminates the accounting policy choice for interest and dividend received and expects companies to classify interest and dividend cash inflows as investing activities, except for companies with specified main business activities. \u2022 Eliminates the accounting policy choice for interest paid and will expect entities to classify interest cash outflows as financing activities, except for entities with specified main business activities. \u2022 Eliminates the accounting policy choice for dividend paid. Companies are expected to classify dividend paid as financing activities. The standard will be effective for annual reporting periods beginning on or after 1 January 2027 with restatement of the comparative period being required. Earlier application is permitted provided that this fact is disclosed. Consequential amendments to IAS 34 will require an entity to present each of the required headings and subtotals prescribed for the statement of profit or loss in its condensed interim financial statements in the first year of applying IFRS 18. IFRS 9 and IFRS 7 (amendments) - Amendments to the Classification and Measurement of Financial Instruments The IASB issued Amendments to the Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7 as response to the matters identified during the post-implementation review of the classification and measurement requirements of IFRS 9 Financial Instruments. The Amendments address the following: \u2022 The classification of financial assets: \u2013 Provide guidance on the assessment of whether contractual cash flows are consistent with a basic lending arrangement. It is primarily to address stakeholder concerns on the classification of financial assets with environmental, social and corporate governance (ESG) and similar features. \u2013 Financial assets with non-recourse features: Clarify for a financial asset has non-recourse features if an entity\u2019s ultimate right to receive cash flows is contractually limited to the cash flows generated by specified assets. \u2013 Contractually linked instruments: Clarify the characteristics of contractually linked instruments and some transactions that may contain multiple debt instruments and appear to have the characteristics of contractually linked instruments are in fact lending arrangements structured to provide enhanced credit protection to the creditor. \u2022 Derecognition of liabilities settled through electronic payment systems: When settling a financial liability in cash using an electronic payment system, it is permitted that an entity to deem the financial liability to be discharged before the settlement date if it meets certain specified criteria. \u2022 Disclosures: \u2013 Amend IFRS 7 Financial Instruments: Disclosures to introduce disclosure requirements related to investments in equity instruments designated at fair value through other comprehensive income and contractual terms that could change the amount of contractual cash flows. \u2013 The Amendments are effective for annual reporting periods beginning on or after 1 January 2026, with earlier application permitted. The early application is only permitted to the amendments related to classification of financial assets. Key sources of estimation uncertainty Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances. Due to inherent uncertainty involved in making estimates and assumptions, actual outcomes could differ from those assumptions and estimates. \u2022 Revenue recognition: revenue from the placement of permanent staff is recognised when a candidate accepts a position and a start date is determined. A provision is made by management, based on historical evidence, for the proportion of those placements where the candidate is expected to reverse their acceptance prior to the start date. As disclosed in note 12, the provision made in 2025 is \u00a31.2m (2024: \u00a31.3m). The Group does not expect changes to the provision to have a material impact on the Financial Statements of the Group, but it has been disclosed due to the large estimate. \u2022 Revenue from temporary placements, which is the amount billed for the services of temporary staff, is recognised when the service has been provided. Rate cards are used, particularly in the recruitment outsourcing business, to determine the temporary worker rates and to calculate the amounts to be billed. An estimate is made by management where it is believed that temporary staff have provided the service before year-end, but where no timesheet has been received. Based on historical experience, the Group would not expect changes to the actual outcome to have a material impact on the Financial Statements of the Group. \u2022 Expected credit losses: the Group applies a risk rating based on industry and market trends and a probability of default to its trade receivables and contract assets. A provision is then made by management, based on historical evidence and the risk assessment. As disclosed in note 17, the provision made in 2025 is \u00a32.8m (2024: \u00a32.9m). The Group does not expect movement in the provision to have a material impact on the Financial Statements of the Group, but it has been disclosed as it is a large estimate. Critical accounting judgements Management has identified the timing of revenue recognition, deferred tax assets, lease terms and goodwill impairment as critical judgements in arriving at the amounts recognised in the Group\u2019s Financial Statements. \u2022 Revenue recognition: revenue in respect of permanent placements is deemed to be earned when a candidate accepts a position and a start date is agreed, but prior to employment commencing. In making this judgement, management considered that at the point of acceptance and a start date being agreed, the control is transferred to the client for onboarding of the candidate and therefore the performance obligations are satisfied at that point in time. \u2022 Deferred tax assets: deferred tax assets are recognised to the extent that their utilisation is probable. The utilisation of deferred tax assets will depend on whether it is possible to generate sufficient taxable income in the respective tax type and jurisdiction, taking into account any legal restrictions on the length of the loss-carry forward period. Various factors are used to assess the probability of the future utilisation of deferred tax assets, including past operating results, operational plans, loss-carry forward periods, and tax planning strategies. In making this judgement, management reviewed the recoverable amount of the deferred tax assets carried by certain tax entities with significant tax loss carry forwards. \u2022 Determining the lease term of contracts with renewal and termination options: the Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. \u2022 Goodwill impairment: Goodwill arising on the acquisition of subsidiary undertakings, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is tested at least annually for impairment. In undertaking the assessment, the Directors have utilised estimated cash flow forecasts within the value in use models, which are derived from the Group\u2019s most recent financial budget for the current year, together with estimates for future net fee income and cost growth rates. There was no impairment required under the scenarios, however, the assumptions surrounding the growth rates to calculate the value in use and perpetuity value, includes significant judgements. If the outcomes were different to those included in the forecast, there is a risk that an impairment would be required in the future. Further details are disclosed in note 8.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-324": { "value": "
Robert Walters plc is a public company limited by shares, incorporated and domiciled in the United Kingdom under
the Companies Act.
The financial report for the year ended 31 December 2025 has been prepared in accordance with the historical cost
convention and with international accounting standards in conformity with the requirements of the Companies Act
2006 and with UK adopted International Financial Reporting Standards (IFRSs).
The Financial Statements have been prepared on a going concern basis. This is discussed within the Directors\u2019
Report on pages 126 to 127.
The principal accounting policies of the Group are summarised below and have been applied consistently in all
aspects throughout the current year and preceding year.
The Financial Statements have been presented in UK Pounds Sterling, the functional currency of the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "Robert Walters plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-314": { "value": "Robert Walters plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-313": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-361": { "value": "The financial report for the year ended 31 December 2025 has been prepared in accordance with the historical cost convention and with international accounting standards in conformity with the requirements of the Companies Act 2006 and with UK adopted International Financial Reporting Standards (IFRSs). ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-362": { "value": "The Financial Statements have been presented in UK Pounds Sterling, the functional currency of the Company. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-325": { "value": "
(a) Basis of consolidation
The Group Financial Statements consolidate the Financial Statements of Robert Walters plc and its subsidiary
undertakings (investees) drawn up to 31 December each year. Control is achieved when the Group is exposed, or has
rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its
power over the investee.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-326": { "value": "
(b) Goodwill
Goodwill arising on the acquisition of subsidiary undertakings, representing any excess of the fair value of the consideration
given over the fair value of the identifiable assets and liabilities acquired, is not amortised but reviewed for impairment at
least annually. Any impairment is recognised in the Consolidated Income Statement and is not subsequently reversed.
Goodwill arising on acquisitions before the date of transition to IFRSs has been retained at the net 1 January 2004 Pounds
Sterling UK GAAP amounts, subject to being tested for impairment at that date. On disposal the attributable amount of
goodwill is included in determining the profit or loss on disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-363": { "value": "(b) Goodwill Goodwill arising on the acquisition of subsidiary undertakings, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is not amortised but reviewed for impairment at least annually. Any impairment is recognised in the Consolidated Income Statement and is not subsequently reversed. Goodwill arising on acquisitions before the date of transition to IFRSs has been retained at the net 1 January 2004 Pounds Sterling UK GAAP amounts, subject to being tested for impairment at that date. On disposal the attributable amount of goodwill is included in determining the profit or loss on disposal. (j) Property, plant and equipment and computer software Property, plant and equipment and computer software are stated at cost, net of depreciation and amortisation. Depreciation and amortisation are provided on all property, plant and equipment and computer software at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows: \u2022 Leasehold improvements and right-of-use assets: the shorter of estimated useful life and the period of the lease; \u2022 Motor vehicles: 17.5%; \u2022 Fixtures, fittings and office equipment: 10% to 33.3%; and \u2022 Computer equipment and computer software: 10% to 33.3%. Depreciation and amortisation are recognised in administrative expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-406": { "value": "(b) Goodwill Goodwill arising on the acquisition of subsidiary undertakings, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is not amortised but reviewed for impairment at least annually. Any impairment is recognised in the Consolidated Income Statement and is not subsequently reversed. Goodwill arising on acquisitions before the date of transition to IFRSs has been retained at the net 1 January 2004 Pounds Sterling UK GAAP amounts, subject to being tested for impairment at that date. On disposal the attributable amount of goodwill is included in determining the profit or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-327": { "value": "
(c) Taxation
Current taxation, including UK corporation taxation and foreign taxation, is provided at amounts expected to be paid (or
recovered) using the tax rates and tax laws that have been enacted or substantively enacted at the balance sheet date.
Deferred taxation is accounted for using the balance sheet liability method and on an undiscounted basis. Deferred tax
liabilities are generally recognised for all taxable temporary differences (except unremitted earnings from overseas
entities which the Group cannot control timing), 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. Deferred tax
liabilities are recognised for taxable temporary differences arising on investments in subsidiaries except where the
Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not
reverse in the foreseeable future.
The carrying amount of deferred taxation is reviewed at each balance sheet date and is calculated at the tax rates that
are expected to apply in the period when the liability is settled or the asset is realised, based on tax rates that have been
enacted or substantially enacted by the end of the reporting period.
Current and deferred taxation is recognised in the income statement except when the taxation relates to items charged
or credited directly to equity, in which case the taxation is also recognised in equity.
Deferred taxation is posted as a credit to the Consolidated Income Statement up to the value of the tax impact of the
share-based payment charge, with any excess deferred taxation being posted as a credit to equity.
IFRIC Interpretation 23 uncertainty over Income Tax Treatment
The Group operates in many countries therefore is subject to tax laws in a number of different tax jurisdictions.
Management applies judgement in identifying uncertainties over income tax treatments based on interpretations of
tax statute and case law, taking into account professional advice and prior experience.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-364": { "value": "(c) Taxation Current taxation, including UK corporation taxation and foreign taxation, is provided at amounts expected to be paid (or recovered) using the tax rates and tax laws that have been enacted or substantively enacted at the balance sheet date. Deferred taxation is accounted for using the balance sheet liability method and on an undiscounted basis. Deferred tax liabilities are generally recognised for all taxable temporary differences (except unremitted earnings from overseas entities which the Group cannot control timing), 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. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred taxation is reviewed at each balance sheet date and is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised, based on tax rates that have been enacted or substantially enacted by the end of the reporting period. Current and deferred taxation is recognised in the income statement except when the taxation relates to items charged or credited directly to equity, in which case the taxation is also recognised in equity. Deferred taxation is posted as a credit to the Consolidated Income Statement up to the value of the tax impact of the share-based payment charge, with any excess deferred taxation being posted as a credit to equity. IFRIC Interpretation 23 uncertainty over Income Tax Treatment The Group operates in many countries therefore is subject to tax laws in a number of different tax jurisdictions. Management applies judgement in identifying uncertainties over income tax treatments based on interpretations of tax statute and case law, taking into account professional advice and prior experience. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-328": { "value": "
(d) Employee share schemes
The cost of awards made under the Group\u2019s employee share schemes is based on the fair value of the shares at the
time of grant and is charged to the Consolidated Income Statement on a straight-line basis over the vesting period,
based on the Group\u2019s estimate of shares that will eventually vest.
Fair value is measured by use of a stochastic model. The expected life used in the model has been adjusted, based
on management\u2019s best estimate, for the effects of non-transferability, exercise restrictions and behavioural
considerations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-329": { "value": "
(e) Revenue from contracts with customers
Revenue comprises the value of services, net of VAT and other sales-related taxes, provided in the normal course of business.
Any expected credit loss provision that may be deemed necessary is treated as an administrative expense. The Group
provides a breadth of services to clients with revenue generated by all service offerings, including recruitment process
outsourcing, primarily due to the placement of permanent and temporary candidates. There are occasions where the
Group will manage the recruitment supply chain on behalf of a client and in such cases a fee is received in respect of the work
performed managing a supply chain. This is in accordance with IFRS 15 and is not considered a matter of judgement.
Revenue from the placement of permanent staff on non-retained assignments is recognised at the point in time when a
candidate accepts a position and a start date is determined. An earned but not invoiced provision is made for the cancellation
of placements prior to or shortly after the commencement of employment based on past experience of this occurring. For
retained assignments revenue is recognised in line with completion of defined stages of work and as such the invoice is raised
at the time of recognition and a provision is therefore not required.
Revenue from temporary placements represents the amounts billed for the services of temporary staff including the salary
costs of those staff. This is recognised as the service is provided, to the extent that the Group is acting as a principal. Where
the Group is not considered to act as a principal, the salary costs of the temporary staff are excluded from revenue and only
the net margin is recognised as revenue. Revenue in respect of outsourcing and consultancy is recognised as the service is
provided, over time.
Robert Walters is acting as a principal for both its permanent and its temporary/interim business and as such presents its
revenue gross (i.e. the whole amount collected from the clients) and then it presents its net fee income as gross profit.
Recruitment outsourcing is seen as an agent where it does not make a direct placement (i.e. for temporary and put through)
and as such presents its revenue net in the Financial Statements in relation to indirect placements with revenue recognised
over time.
Revenue from other rechargeable services (e.g. advertising and advisory services) is recognised when the service is provided.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-330": { "value": "
(f) Gross profit (net fee income)
Gross profit is the total placement fees of permanent candidates, the margin earned on the placement of contract
candidates and advertising margin. It also includes the outsourcing and consultancy margin earned by recruitment
outsourcing.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-332": { "value": "
(g) Operating (loss) profit
Operating (loss) profit is the total revenue less the total associated costs incurred in the production of revenue. The only
items that are excluded from operating profit are finance costs (including foreign exchange), investment income and
expenditure and taxation.
", "dimensions": { "concept": "robertwaltersplc:DescriptionOfAccountingPolicyForOperatingLossProfit", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-331": { "value": "
(h) Finance income and finance costs
Interest received is recorded as finance income in the Consolidated Income Statement and included under investing
activities in the Consolidated Cash Flow Statement, in the period in which it is receivable.
Interest paid includes interest payable on bank loans and the net unwinding of lease receivables and liabilities, it is recorded
as finance costs in the Consolidated Income Statement and is included as part of financing activities in the Consolidated
Cash Flow Statement in the period in which it is paid.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-365": { "value": "(h) Finance income and finance costs Interest received is recorded as finance income in the Consolidated Income Statement and included under investing activities in the Consolidated Cash Flow Statement, in the period in which it is receivable. Interest paid includes interest payable on bank loans and the net unwinding of lease receivables and liabilities, it is recorded as finance costs in the Consolidated Income Statement and is included as part of financing activities in the Consolidated Cash Flow Statement in the period in which it is paid. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-387": { "value": "(h) Finance income and finance costs Interest received is recorded as finance income in the Consolidated Income Statement and included under investing activities in the Consolidated Cash Flow Statement, in the period in which it is receivable. Interest paid includes interest payable on bank loans and the net unwinding of lease receivables and liabilities, it is recorded as finance costs in the Consolidated Income Statement and is included as part of financing activities in the Consolidated Cash Flow Statement in the period in which it is paid. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-333": { "value": "
(i) Foreign currency
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary
assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange
prevailing at that date, with any gain or loss that may arise as a result being included in net profit or loss for the period.
The results of overseas operations are translated at the average rates of exchange during the period and their balance
sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net
assets and the results of overseas operations are dealt with through other comprehensive income and reserves, and
recognised as income or as expenses in the period in which an operation is disposed of.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of
the foreign entity and translated at the closing rate. The Group has elected to treat goodwill and fair value adjustments
arising on acquisitions before the date of transition to IFRSs as Pounds Sterling denominated assets and liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-334": { "value": "
(j) Property, plant and equipment and computer software
Property, plant and equipment and computer software are stated at cost, net of depreciation and amortisation.
Depreciation and amortisation are provided on all property, plant and equipment and computer software at rates
calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful
life, as follows:
\u2022 Leasehold improvements and right-of-use assets: the shorter of estimated useful life and the period of the lease;
\u2022 Motor vehicles: 17.5%;
\u2022 Fixtures, fittings and office equipment: 10% to 33.3%; and
\u2022 Computer equipment and computer software: 10% to 33.3%.
Depreciation and amortisation are recognised in administrative expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-388": { "value": "(j) Property, plant and equipment and computer software Property, plant and equipment and computer software are stated at cost, net of depreciation and amortisation. Depreciation and amortisation are provided on all property, plant and equipment and computer software at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows: \u2022 Leasehold improvements and right-of-use assets: the shorter of estimated useful life and the period of the lease; \u2022 Motor vehicles: 17.5%; \u2022 Fixtures, fittings and office equipment: 10% to 33.3%; and \u2022 Computer equipment and computer software: 10% to 33.3%. Depreciation and amortisation are recognised in administrative expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-407": { "value": "(j) Property, plant and equipment and computer software Property, plant and equipment and computer software are stated at cost, net of depreciation and amortisation. Depreciation and amortisation are provided on all property, plant and equipment and computer software at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows: \u2022 Leasehold improvements and right-of-use assets: the shorter of estimated useful life and the period of the lease; \u2022 Motor vehicles: 17.5%; \u2022 Fixtures, fittings and office equipment: 10% to 33.3%; and \u2022 Computer equipment and computer software: 10% to 33.3%. Depreciation and amortisation are recognised in administrative expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-335": { "value": "
(k) Leases
The Group reviews contracts at inception to identify if the contract is or contains a lease, ensuring that the contract
conveys the right to control an identified asset for an agreed period of time in exchange for consideration.
The Group applies a single recognition and measurement approach for all leases, except for short-term leases and
leases of low-value assets.
Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is
available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses,
and adjusted for any remeasurement of lease liabilities. The cost of the right of use asset includes the lease liability value
recognised, directly associated costs in setting up the lease, and contractual costs relating to make good and dilapidation
commitments. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the
estimated useful lives of the assets. The right-of-use assets are also subject to impairment.
Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease
payments to be made over the lease term. The lease payments are discounted at an incremental borrowing rate,
determined by the average of the risk free rate and property yields for the relevant location, if undisclosed within the
lease contract.
The lease payments include fixed payments less any lease incentives receivable, variable lease payments where the
rate is defined in the lease agreement, and amounts expected to be paid under residual value guarantees. Variable
lease payments that depend on an inflation or undefined rate are recognised as expenses in the period in which the
event or condition that triggers the payment occurs. The Group also includes lease payments that will fall due under
reasonable certain extension options in the initial measurement of the liability.
When the Group renegotiates the contractual terms of a lease with the lessor, the accounting depends on the nature
of the modification. Where the renegotiated lease increases the scope of the lease (whether that is an extension to
the lease term, or one or more additional assets being leased), the lease liability is remeasured using the discount
rate applicable on the modification date, with the right-of-use asset being adjusted by the same amount.
Lease receivables
Leases for which the Group is a lessor for sub-letting part of its office space are classified as finance or operating
leases. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee,
the contract is classified as a finance lease. All other leases are classified as operating leases.
The Group recognises lease receivables at the commencement date of the lease with a third party and is measured
at the present value of the lease receivable amount due over the lease term, discounted using the rate from the head
lease. Where the right to use the asset transfers to the third party, the Group derecognises the underlying right-of-
use asset and updates the future depreciation charge accordingly, with any difference between the net book value
of the right-of-use asset and the lease receivable recognised is recognised in the Consolidated Income Statement on
the commencement date of the sub-lease.
The lease income includes fixed receivable amounts less any lease incentives payable, variable lease income where
the rate is fixed in the contract, and amounts expected to be received under residual value guarantees. Variable
lease income that does not depend on a predetermined rate are recognised as income in the period in which the
event or condition that triggers the income occurs. Lease income to be received under reasonable certain extension
options are also included in the measurement of the asset.
The finance income relating to sublet properties, is included as part of finance costs, such that the net cost of the
head lease is presented in the Consolidated Income Statement.
Short-term leases and leases of low-value assets
For short-term leases (lease term of 12 months or less) and leases of low-value assets (less than \u00a33,000), the Group
has opted to recognise a lease expense on a straight-line basis as permitted by IFRS 16.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-336": { "value": "
(l) Financial instruments \u2013 initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity
instrument of another entity.
Financial assets
(i) Investments
Investments are shown at cost, less provision for impairment where appropriate.
(ii) Receivables
Impairment provisions for trade receivables are recognised based on the simplified approach within IFRS 9 using a
provision matrix to determine the lifetime expected credit losses. To measure expected credit losses on a collective basis,
trade receivables are grouped based on similar credit risk and ageing. The expected loss rates are based on the Group\u2019s
historical credit losses experienced over the three-year period prior to the period end. The historical loss rates are then
adjusted for current and forward-looking information on factors affecting the Group\u2019s clients. For trade receivables,
which are reported net; such provisions are recorded in a separate provision account with the movement in the expected
loss being recognised within administrative expenses in the Consolidated Income Statement. On confirmation that the
trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision.
(iii) Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, and other short-term highly liquid investments
that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
(iv) Derecognition of financial assets
The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or
when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity.
If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the
transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may
have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the
Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.
Financial liabilities
(v) Other financial liabilities
Other financial liabilities, including borrowings, are measured at fair value, net of transaction costs and subsequently
held at amortised cost.
(vi) Pensions
The Group currently contributes to the money purchase pension plans of certain individual Directors and employees.
Contributions payable in respect of the year are charged to the Consolidated Income Statement.
(vii) Provisions
A provision is recognised when the Group has a present legal or contractual obligation as a result of a past event for
which it is probable that an outflow of resources will be required to settle the obligation and when the amount can be
reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at a
pre-tax rate that reflects the current market assessments of the time value of money and the risks specific to the liability.
(viii) Derecognition of financial liabilities
The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled, or
they expire.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-366": { "value": "Financial assets (i) Investments Investments are shown at cost, less provision for impairment where appropriate. (ii) Receivables Impairment provisions for trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix to determine the lifetime expected credit losses. To measure expected credit losses on a collective basis, trade receivables are grouped based on similar credit risk and ageing. The expected loss rates are based on the Group\u2019s historical credit losses experienced over the three-year period prior to the period end. The historical loss rates are then adjusted for current and forward-looking information on factors affecting the Group\u2019s clients. For trade receivables, which are reported net; such provisions are recorded in a separate provision account with the movement in the expected loss being recognised within administrative expenses in the Consolidated Income Statement. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. (iii) Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. (iv) Derecognition of financial assets The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-389": { "value": "(i) Investments Investments are shown at cost, less provision for impairment where appropriate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-390": { "value": "(ii) Receivables Impairment provisions for trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix to determine the lifetime expected credit losses. To measure expected credit losses on a collective basis, trade receivables are grouped based on similar credit risk and ageing. The expected loss rates are based on the Group\u2019s historical credit losses experienced over the three-year period prior to the period end. The historical loss rates are then adjusted for current and forward-looking information on factors affecting the Group\u2019s clients. For trade receivables, which are reported net; such provisions are recorded in a separate provision account with the movement in the expected loss being recognised within administrative expenses in the Consolidated Income Statement. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-391": { "value": "(iii) Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-392": { "value": "(iv) Derecognition of financial assets The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. (viii) Derecognition of financial liabilities The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled, or they expire. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-367": { "value": "Financial liabilities (v) Other financial liabilities Other financial liabilities, including borrowings, are measured at fair value, net of transaction costs and subsequently held at amortised cost. (vi) Pensions The Group currently contributes to the money purchase pension plans of certain individual Directors and employees. Contributions payable in respect of the year are charged to the Consolidated Income Statement. (vii) Provisions A provision is recognised when the Group has a present legal or contractual obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and when the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects the current market assessments of the time value of money and the risks specific to the liability. (viii) Derecognition of financial liabilities The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled, or they expire. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-393": { "value": "(vi) Pensions The Group currently contributes to the money purchase pension plans of certain individual Directors and employees. Contributions payable in respect of the year are charged to the Consolidated Income Statement. (m) Employee Benefit Trust Own shares are held by an Employee Benefit Trust (EBT) to satisfy the potential share obligations of the Group. Own shares are recorded at cost and deducted from equity. As the Company is deemed to have control of its EBT, it is treated as a subsidiary and consolidated for the purposes of the consolidated Financial Statements. The EBT\u2019s assets (other than investments in the Company\u2019s shares), liabilities, income and expenses are included on a line-by-line basis in the consolidated Financial Statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-394": { "value": "(vii) Provisions A provision is recognised when the Group has a present legal or contractual obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and when the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects the current market assessments of the time value of money and the risks specific to the liability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-337": { "value": "
(m) Employee Benefit Trust
Own shares are held by an Employee Benefit Trust (EBT) to satisfy the potential share obligations of the Group. Own
shares are recorded at cost and deducted from equity. As the Company is deemed to have control of its EBT, it is
treated as a subsidiary and consolidated for the purposes of the consolidated Financial Statements. The EBT\u2019s assets
(other than investments in the Company\u2019s shares), liabilities, income and expenses are included on a line-by-line basis in
the consolidated Financial Statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-338": { "value": "
New standards, interpretations and amendments adopted from 1 January 2025
There were no new and revised relevant IFRSs that the Group has applied during the year.
Developments in accounting standards/IFRSs
At the date of authorisation of these Financial Statements, the Group has not applied the following new and revised
relevant IFRSs that have been issued but are not yet effective. The Group is assessing the impact and only expects there
to be a presentational impact to the Group\u2019s financial statements to arise from the below developments:
IFRS 18
Presentation and Disclosure in Financial Statements
IFRS 9 and IFRS 7 (amendments) Amendments to the Classification and Measurement
of Financial Instruments
IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 Presentation and Disclosure in Financial Statements, issued by the IASB, replaces IAS 1 Presentation of
Financial Statements.
IFRS 18 sets out significant new requirements for how financial statements are presented, with particular focus on the statement
of profit or loss, including requirements for mandatory sub-totals to be presented, aggregation and disaggregation of
information, as well as disclosures related to management-defined performance measures.
Although IFRS 18 introduces significant changes to financial statement presentation, there are some requirements of IAS 1
brought forward into IFRS 18 without significant changes including: what constitutes a complete set of financial statements;
frequency of reporting; comparative information; offsetting criteria; most statements of financial position requirements;
classification of assets and liabilities as current vs non-current; statement of comprehensive income requirements; statement of
changes in equity and cash flow requirements; and capital disclosures.
The areas of significant change introduced by IFRS 18 are:
\u2022 Classifies income and expenses into five categories including operating, investing, financing, income tax,
discontinued operations. The operating category being the residual category if income and expenses are not
classified into other categories.
\u2022 Introduces two new mandatory subtotals in the statement of profit or loss including operating profit/loss and
profit/loss before financing and income tax.
\u2022 Introduces requirements to improve labelling, aggregation and disaggregation including new disclosure
requirements for operating expenses.
\u2022 Introduces the concept of Management-defined Performance Measures (MPMs) and will require certain
disclosures about MPMs in the financial statements.
IFRS 18 has also resulted in certain consequential amendments to IAS 7 Statements of Cash Flows as below:
\u2022 Uses operating profit or loss as the starting point for the indirect method of reporting cash flows from
operating activities.
\u2022 Eliminates the accounting policy choice for interest and dividend received and expects companies to classify interest
and dividend cash inflows as investing activities, except for companies with specified main business activities.
\u2022 Eliminates the accounting policy choice for interest paid and will expect entities to classify interest cash outflows as
financing activities, except for entities with specified main business activities.
\u2022 Eliminates the accounting policy choice for dividend paid. Companies are expected to classify dividend paid as
financing activities.
The standard will be effective for annual reporting periods beginning on or after 1 January 2027 with restatement of the
comparative period being required. Earlier application is permitted provided that this fact is disclosed.
Consequential amendments to IAS 34 will require an entity to present each of the required headings and subtotals prescribed
for the statement of profit or loss in its condensed interim financial statements in the first year of applying IFRS 18.
IFRS 9 and IFRS 7 (amendments) - Amendments to the Classification and Measurement of Financial Instruments
The IASB issued Amendments to the Classification and Measurement of Financial Instruments - Amendments to IFRS
9 and IFRS 7 as response to the matters identified during the post-implementation review of the classification and
measurement requirements of IFRS 9 Financial Instruments.
The Amendments address the following:
\u2022 The classification of financial assets:
\u2013 Provide guidance on the assessment of whether contractual cash flows are consistent with a basic lending
arrangement. It is primarily to address stakeholder concerns on the classification of financial assets with
environmental, social and corporate governance (ESG) and similar features.
\u2013 Financial assets with non-recourse features: Clarify for a financial asset has non-recourse features if an entity\u2019s
ultimate right to receive cash flows is contractually limited to the cash flows generated by specified assets.
\u2013 Contractually linked instruments: Clarify the characteristics of contractually linked instruments and some transactions
that may contain multiple debt instruments and appear to have the characteristics of contractually linked instruments
are in fact lending arrangements structured to provide enhanced credit protection to the creditor.
\u2022 Derecognition of liabilities settled through electronic payment systems:
When settling a financial liability in cash using an electronic payment system, it is permitted that an entity to deem the
financial liability to be discharged before the settlement date if it meets certain specified criteria.
\u2022 Disclosures:
\u2013 Amend IFRS 7 Financial Instruments: Disclosures to introduce disclosure requirements related to investments in
equity instruments designated at fair value through other comprehensive income and contractual terms that could
change the amount of contractual cash flows.
\u2013 The Amendments are effective for annual reporting periods beginning on or after 1 January 2026, with earlier
application permitted. The early application is only permitted to the amendments related to classification of
financial assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-369": { "value": "New standards, interpretations and amendments adopted from 1 January 2025 There were no new and revised relevant IFRSs that the Group has applied during the year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-368": { "value": "Developments in accounting standards/IFRSs At the date of authorisation of these Financial Statements, the Group has not applied the following new and revised relevant IFRSs that have been issued but are not yet effective. The Group is assessing the impact and only expects there to be a presentational impact to the Group\u2019s financial statements to arise from the below developments:
IFRS 18
Presentation and Disclosure in Financial Statements
IFRS 9 and IFRS 7 (amendments) Amendments to the Classification and Measurement
of Financial Instruments
IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 Presentation and Disclosure in Financial Statements, issued by the IASB, replaces IAS 1 Presentation of Financial Statements. IFRS 18 sets out significant new requirements for how financial statements are presented, with particular focus on the statement of profit or loss, including requirements for mandatory sub-totals to be presented, aggregation and disaggregation of information, as well as disclosures related to management-defined performance measures. Although IFRS 18 introduces significant changes to financial statement presentation, there are some requirements of IAS 1 brought forward into IFRS 18 without significant changes including: what constitutes a complete set of financial statements; frequency of reporting; comparative information; offsetting criteria; most statements of financial position requirements; classification of assets and liabilities as current vs non-current; statement of comprehensive income requirements; statement of changes in equity and cash flow requirements; and capital disclosures. The areas of significant change introduced by IFRS 18 are: \u2022 Classifies income and expenses into five categories including operating, investing, financing, income tax, discontinued operations. The operating category being the residual category if income and expenses are not classified into other categories. \u2022 Introduces two new mandatory subtotals in the statement of profit or loss including operating profit/loss and profit/loss before financing and income tax. \u2022 Introduces requirements to improve labelling, aggregation and disaggregation including new disclosure requirements for operating expenses. \u2022 Introduces the concept of Management-defined Performance Measures (MPMs) and will require certain disclosures about MPMs in the financial statements. IFRS 18 has also resulted in certain consequential amendments to IAS 7 Statements of Cash Flows as below: \u2022 Uses operating profit or loss as the starting point for the indirect method of reporting cash flows from operating activities. \u2022 Eliminates the accounting policy choice for interest and dividend received and expects companies to classify interest and dividend cash inflows as investing activities, except for companies with specified main business activities. \u2022 Eliminates the accounting policy choice for interest paid and will expect entities to classify interest cash outflows as financing activities, except for entities with specified main business activities. \u2022 Eliminates the accounting policy choice for dividend paid. Companies are expected to classify dividend paid as financing activities. The standard will be effective for annual reporting periods beginning on or after 1 January 2027 with restatement of the comparative period being required. Earlier application is permitted provided that this fact is disclosed. Consequential amendments to IAS 34 will require an entity to present each of the required headings and subtotals prescribed for the statement of profit or loss in its condensed interim financial statements in the first year of applying IFRS 18. IFRS 9 and IFRS 7 (amendments) - Amendments to the Classification and Measurement of Financial Instruments The IASB issued Amendments to the Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7 as response to the matters identified during the post-implementation review of the classification and measurement requirements of IFRS 9 Financial Instruments. The Amendments address the following: \u2022 The classification of financial assets: \u2013 Provide guidance on the assessment of whether contractual cash flows are consistent with a basic lending arrangement. It is primarily to address stakeholder concerns on the classification of financial assets with environmental, social and corporate governance (ESG) and similar features. \u2013 Financial assets with non-recourse features: Clarify for a financial asset has non-recourse features if an entity\u2019s ultimate right to receive cash flows is contractually limited to the cash flows generated by specified assets. \u2013 Contractually linked instruments: Clarify the characteristics of contractually linked instruments and some transactions that may contain multiple debt instruments and appear to have the characteristics of contractually linked instruments are in fact lending arrangements structured to provide enhanced credit protection to the creditor. \u2022 Derecognition of liabilities settled through electronic payment systems: When settling a financial liability in cash using an electronic payment system, it is permitted that an entity to deem the financial liability to be discharged before the settlement date if it meets certain specified criteria. \u2022 Disclosures: \u2013 Amend IFRS 7 Financial Instruments: Disclosures to introduce disclosure requirements related to investments in equity instruments designated at fair value through other comprehensive income and contractual terms that could change the amount of contractual cash flows. \u2013 The Amendments are effective for annual reporting periods beginning on or after 1 January 2026, with earlier application permitted. The early application is only permitted to the amendments related to classification of financial assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-339": { "value": "
Key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including
expectation of future events that are believed to be reasonable under the circumstances. Due to inherent uncertainty involved in
making estimates and assumptions, actual outcomes could differ from those assumptions and estimates.
\u2022 Revenue recognition: revenue from the placement of permanent staff is recognised when a candidate accepts
a position and a start date is determined. A provision is made by management, based on historical evidence, for
the proportion of those placements where the candidate is expected to reverse their acceptance prior to the
start date. As disclosed in note 12, the provision made in 2025 is \u00a31.2m (2024: \u00a31.3m). The Group does not expect
changes to the provision to have a material impact on the Financial Statements of the Group, but it has been
disclosed due to the large estimate.
\u2022 Revenue from temporary placements, which is the amount billed for the services of temporary staff, is recognised
when the service has been provided. Rate cards are used, particularly in the recruitment outsourcing business,
to determine the temporary worker rates and to calculate the amounts to be billed. An estimate is made by
management where it is believed that temporary staff have provided the service before year-end, but where no
timesheet has been received. Based on historical experience, the Group would not expect changes to the actual
outcome to have a material impact on the Financial Statements of the Group.
\u2022 Expected credit losses: the Group applies a risk rating based on industry and market trends and a probability of
default to its trade receivables and contract assets. A provision is then made by management, based on historical
evidence and the risk assessment. As disclosed in note 17, the provision made in 2025 is \u00a32.8m (2024: \u00a32.9m).
The Group does not expect movement in the provision to have a material impact on the Financial Statements of
the Group, but it has been disclosed as it is a large estimate.
Critical accounting judgements
Management has identified the timing of revenue recognition, deferred tax assets, lease terms and goodwill impairment
as critical judgements in arriving at the amounts recognised in the Group\u2019s Financial Statements.
\u2022 Revenue recognition: revenue in respect of permanent placements is deemed to be earned when a candidate accepts
a position and a start date is agreed, but prior to employment commencing. In making this judgement, management
considered that at the point of acceptance and a start date being agreed, the control is transferred to the client for
onboarding of the candidate and therefore the performance obligations are satisfied at that point in time.
\u2022 Deferred tax assets: deferred tax assets are recognised to the extent that their utilisation is probable. The utilisation
of deferred tax assets will depend on whether it is possible to generate sufficient taxable income in the respective tax
type and jurisdiction, taking into account any legal restrictions on the length of the loss-carry forward period. Various
factors are used to assess the probability of the future utilisation of deferred tax assets, including past operating
results, operational plans, loss-carry forward periods, and tax planning strategies. In making this judgement,
management reviewed the recoverable amount of the deferred tax assets carried by certain tax entities with
significant tax loss carry forwards.
\u2022 Determining the lease term of contracts with renewal and termination options: the Group determines the lease term
as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is
reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably
certain not to be exercised.
\u2022 Goodwill impairment:
Goodwill arising on the acquisition of subsidiary undertakings, representing any excess of the fair value of the
consideration given over the fair value of the identifiable assets and liabilities acquired, is tested at least annually
for impairment. In undertaking the assessment, the Directors have utilised estimated cash flow forecasts within
the value in use models, which are derived from the Group\u2019s most recent financial budget for the current year,
together with estimates for future net fee income and cost growth rates. There was no impairment required under
the scenarios, however, the assumptions surrounding the growth rates to calculate the value in use and perpetuity
value, includes significant judgements. If the outcomes were different to those included in the forecast, there is a
risk that an impairment would be required in the future. Further details are disclosed in note 8.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-370": { "value": "
1. Segmental information
(i) Segment analysis by geography
Gross profit Operating
(net fee profit
Revenue income) (loss)
\u00a3 millions \u00a3 millions \u00a3 millions
2025
Asia Pacific
375.0
121.2
0.8
UK
180.6
47.4
(7.5)
Europe
194.5
81.9
(3.0)
Rest of World
31.0
23.7
(5.2)
781.1
274.2
(14.9)
2024
Asia Pacific
396.5
138.8
6.0
UK
211.3
50.4
(1.4)
Europe
248.5
105.7
5.5
Rest of World
35.8
26.5
(4.9)
892.1
321.4
5.2
Non
Property, plant current Lease
& equipment Intangibles Right-of-use assets liabilities
\u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions
2025
Asia Pacific
3.2
8.1
19.1
37.0
(21.3)
UK
1.9
30.2
10.4
45.2
(14.5)
Europe
3.8
-
27.2
31.4
(31.0)
Rest of World
0.4
-
0.9
1.8
(1.2)
9.3
38.3
57.6
115.4
(68.0)
2024
Asia Pacific
4.0
8.2
18.4
36.5
(20.8)
UK
2.5
30.0
12.4
51.8
(17.1)
Europe
4.4
-
28.2
33.9
(31.8)
Rest of World
0.6
-
2.0
3.3
(2.7)
11.5
38.2
61.0
125.5
(72.4)
The analysis of revenue by destination is not materially different to the analysis by origin and the analysis of finance
income and costs are not significant.
The Group is divided into geographical areas for management purposes, and it is on this basis that the segmental
information has been prepared.
(ii) Segment analysis by service line
2025 2024
\u00a3 millions \u00a3 millions
Revenue:
Specialist professional recruitment
609.8
705.4
Recruitment outsourcing
171.3
186.7
781.1
892.1
(iii) Segment analysis by revenue type
2025 2024
\u00a3 millions \u00a3 millions
Revenue:
Permanent
169.8
197.0
Temporary
465.6
521.9
Interim
104.3
128.5
Other
41.4
44.7
781.1
892.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-340": { "value": "1. Segmental information (i) Segment analysis by geography
Gross profit Operating
(net fee profit
Revenue income) (loss)
\u00a3 millions \u00a3 millions \u00a3 millions
2025
Asia Pacific
375.0
121.2
0.8
UK
180.6
47.4
(7.5)
Europe
194.5
81.9
(3.0)
Rest of World
31.0
23.7
(5.2)
781.1
274.2
(14.9)
2024
Asia Pacific
396.5
138.8
6.0
UK
211.3
50.4
(1.4)
Europe
248.5
105.7
5.5
Rest of World
35.8
26.5
(4.9)
892.1
321.4
5.2
Non
Property, plant current Lease
& equipment Intangibles Right-of-use assets liabilities
\u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions
2025
Asia Pacific
3.2
8.1
19.1
37.0
(21.3)
UK
1.9
30.2
10.4
45.2
(14.5)
Europe
3.8
-
27.2
31.4
(31.0)
Rest of World
0.4
-
0.9
1.8
(1.2)
9.3
38.3
57.6
115.4
(68.0)
2024
Asia Pacific
4.0
8.2
18.4
36.5
(20.8)
UK
2.5
30.0
12.4
51.8
(17.1)
Europe
4.4
-
28.2
33.9
(31.8)
Rest of World
0.6
-
2.0
3.3
(2.7)
11.5
38.2
61.0
125.5
(72.4)
The analysis of revenue by destination is not materially different to the analysis by origin and the analysis of finance income and costs are not significant. The Group is divided into geographical areas for management purposes, and it is on this basis that the segmental information has been prepared.
(ii) Segment analysis by service line
2025 2024
\u00a3 millions \u00a3 millions
Revenue:
Specialist professional recruitment
609.8
705.4
Recruitment outsourcing
171.3
186.7
781.1
892.1
(iii) Segment analysis by revenue type
2025 2024
\u00a3 millions \u00a3 millions
Revenue:
Permanent
169.8
197.0
Temporary
465.6
521.9
Interim
104.3
128.5
Other
41.4
44.7
781.1
892.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-395": { "value": "1. Segmental information (i) Segment analysis by geography
Gross profit Operating
(net fee profit
Revenue income) (loss)
\u00a3 millions \u00a3 millions \u00a3 millions
2025
Asia Pacific
375.0
121.2
0.8
UK
180.6
47.4
(7.5)
Europe
194.5
81.9
(3.0)
Rest of World
31.0
23.7
(5.2)
781.1
274.2
(14.9)
2024
Asia Pacific
396.5
138.8
6.0
UK
211.3
50.4
(1.4)
Europe
248.5
105.7
5.5
Rest of World
35.8
26.5
(4.9)
892.1
321.4
5.2
Non
Property, plant current Lease
& equipment Intangibles Right-of-use assets liabilities
\u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions
2025
Asia Pacific
3.2
8.1
19.1
37.0
(21.3)
UK
1.9
30.2
10.4
45.2
(14.5)
Europe
3.8
-
27.2
31.4
(31.0)
Rest of World
0.4
-
0.9
1.8
(1.2)
9.3
38.3
57.6
115.4
(68.0)
2024
Asia Pacific
4.0
8.2
18.4
36.5
(20.8)
UK
2.5
30.0
12.4
51.8
(17.1)
Europe
4.4
-
28.2
33.9
(31.8)
Rest of World
0.6
-
2.0
3.3
(2.7)
11.5
38.2
61.0
125.5
(72.4)
The analysis of revenue by destination is not materially different to the analysis by origin and the analysis of finance income and costs are not significant. The Group is divided into geographical areas for management purposes, and it is on this basis that the segmental information has been prepared. (ii) Segment analysis by service line
2025 2024
\u00a3 millions \u00a3 millions
Revenue:
Specialist professional recruitment
609.8
705.4
Recruitment outsourcing
171.3
186.7
781.1
892.1
(iii) Segment analysis by revenue type
2025 2024
\u00a3 millions \u00a3 millions
Revenue:
Permanent
169.8
197.0
Temporary
465.6
521.9
Interim
104.3
128.5
Other
41.4
44.7
781.1
892.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-408": { "value": "1. Segmental information (i) Segment analysis by geography
Gross profit Operating
(net fee profit
Revenue income) (loss)
\u00a3 millions \u00a3 millions \u00a3 millions
2025
Asia Pacific
375.0
121.2
0.8
UK
180.6
47.4
(7.5)
Europe
194.5
81.9
(3.0)
Rest of World
31.0
23.7
(5.2)
781.1
274.2
(14.9)
2024
Asia Pacific
396.5
138.8
6.0
UK
211.3
50.4
(1.4)
Europe
248.5
105.7
5.5
Rest of World
35.8
26.5
(4.9)
892.1
321.4
5.2
Non
Property, plant current Lease
& equipment Intangibles Right-of-use assets liabilities
\u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions
2025
Asia Pacific
3.2
8.1
19.1
37.0
(21.3)
UK
1.9
30.2
10.4
45.2
(14.5)
Europe
3.8
-
27.2
31.4
(31.0)
Rest of World
0.4
-
0.9
1.8
(1.2)
9.3
38.3
57.6
115.4
(68.0)
2024
Asia Pacific
4.0
8.2
18.4
36.5
(20.8)
UK
2.5
30.0
12.4
51.8
(17.1)
Europe
4.4
-
28.2
33.9
(31.8)
Rest of World
0.6
-
2.0
3.3
(2.7)
11.5
38.2
61.0
125.5
(72.4)
The analysis of revenue by destination is not materially different to the analysis by origin and the analysis of finance income and costs are not significant. The Group is divided into geographical areas for management purposes, and it is on this basis that the segmental information has been prepared. (ii) Segment analysis by service line
2025 2024
\u00a3 millions \u00a3 millions
Revenue:
Specialist professional recruitment
609.8
705.4
Recruitment outsourcing
171.3
186.7
781.1
892.1
(iii) Segment analysis by revenue type
2025 2024
\u00a3 millions \u00a3 millions
Revenue:
Permanent
169.8
197.0
Temporary
465.6
521.9
Interim
104.3
128.5
Other
41.4
44.7
781.1
892.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-341": { "value": "
2. Finance costs
2025 2024
Note \u00a3 millions \u00a3 millions
Interest on financing facilities
1.9
1.2
Lease interest (net)
10
3.2
3.4
Total borrowing costs
5.1
4.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-371": { "value": "2. Finance costs
2025 2024
Note \u00a3 millions \u00a3 millions
Interest on financing facilities
1.9
1.2
Lease interest (net)
10
3.2
3.4
Total borrowing costs
5.1
4.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-396": { "value": "2. Finance costs
2025 2024
Note \u00a3 millions \u00a3 millions
Interest on financing facilities
1.9
1.2
Lease interest (net)
10
3.2
3.4
Total borrowing costs
5.1
4.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-409": { "value": "2. Finance costs
2025 2024
Note \u00a3 millions \u00a3 millions
Interest on financing facilities
1.9
1.2
Lease interest (net)
10
3.2
3.4
Total borrowing costs
5.1
4.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-342": { "value": "
3. (Loss) profit before taxation
2025 2024
\u00a3 millions \u00a3 millions
(Loss) profit is stated after charging:
Auditor\u2019s remuneration \u2013 BDO LLP (as auditor)
- Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts 0.1 0.1
- The audit of the Company\u2019s subsidiaries pursuant to legislation 0.8 1.0
Total audit fees 0.9 1.1
- Audit related assurance services - -
- Other services supplied pursuant to legislation 0.1 0.1
Total non-audit fees 0.1 0.1
Total fees 1.0 1.2
Depreciation and amortisation of assets - owned 8.2 8.6
Depreciation of right-of-use assets 14.3 14.4
Profit on disposal of property, plant and equipment and computer software - -
Impairment of trade receivables (net) 0.3 0.3
Expense relating to short-term leases 1.2 1.8
Foreign exchange loss 0.1 0.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-372": { "value": "3. (Loss) profit before taxation
2025 2024
\u00a3 millions \u00a3 millions
(Loss) profit is stated after charging:
Auditor\u2019s remuneration \u2013 BDO LLP (as auditor)
- Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts 0.1 0.1
- The audit of the Company\u2019s subsidiaries pursuant to legislation 0.8 1.0
Total audit fees 0.9 1.1
- Audit related assurance services - -
- Other services supplied pursuant to legislation 0.1 0.1
Total non-audit fees 0.1 0.1
Total fees 1.0 1.2
Depreciation and amortisation of assets - owned 8.2 8.6
Depreciation of right-of-use assets 14.3 14.4
Profit on disposal of property, plant and equipment and computer software - -
Impairment of trade receivables (net) 0.3 0.3
Expense relating to short-term leases 1.2 1.8
Foreign exchange loss 0.1 0.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-397": { "value": "3. (Loss) profit before taxation
2025 2024
\u00a3 millions \u00a3 millions
(Loss) profit is stated after charging:
Auditor\u2019s remuneration \u2013 BDO LLP (as auditor)
- Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts 0.1 0.1
- The audit of the Company\u2019s subsidiaries pursuant to legislation 0.8 1.0
Total audit fees 0.9 1.1
- Audit related assurance services - -
- Other services supplied pursuant to legislation 0.1 0.1
Total non-audit fees 0.1 0.1
Total fees 1.0 1.2
Depreciation and amortisation of assets - owned 8.2 8.6
Depreciation of right-of-use assets 14.3 14.4
Profit on disposal of property, plant and equipment and computer software - -
Impairment of trade receivables (net) 0.3 0.3
Expense relating to short-term leases 1.2 1.8
Foreign exchange loss 0.1 0.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-410": { "value": "3. (Loss) profit before taxation
2025 2024
\u00a3 millions \u00a3 millions
(Loss) profit is stated after charging:
Auditor\u2019s remuneration \u2013 BDO LLP (as auditor)
- Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts 0.1 0.1
- The audit of the Company\u2019s subsidiaries pursuant to legislation 0.8 1.0
Total audit fees 0.9 1.1
- Audit related assurance services - -
- Other services supplied pursuant to legislation 0.1 0.1
Total non-audit fees 0.1 0.1
Total fees 1.0 1.2
Depreciation and amortisation of assets - owned 8.2 8.6
Depreciation of right-of-use assets 14.3 14.4
Profit on disposal of property, plant and equipment and computer software - -
Impairment of trade receivables (net) 0.3 0.3
Expense relating to short-term leases 1.2 1.8
Foreign exchange loss 0.1 0.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-414": { "value": "3. (Loss) profit before taxation
2025 2024
\u00a3 millions \u00a3 millions
(Loss) profit is stated after charging:
Auditor\u2019s remuneration \u2013 BDO LLP (as auditor)
- Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts 0.1 0.1
- The audit of the Company\u2019s subsidiaries pursuant to legislation 0.8 1.0
Total audit fees 0.9 1.1
- Audit related assurance services - -
- Other services supplied pursuant to legislation 0.1 0.1
Total non-audit fees 0.1 0.1
Total fees 1.0 1.2
Depreciation and amortisation of assets - owned 8.2 8.6
Depreciation of right-of-use assets 14.3 14.4
Profit on disposal of property, plant and equipment and computer software - -
Impairment of trade receivables (net) 0.3 0.3
Expense relating to short-term leases 1.2 1.8
Foreign exchange loss 0.1 0.8
8. Intangible assets
Computer
Goodwill software Total
\u00a3 millions \u00a3 millions \u00a3 millions
Cost:
At 1 January 2024
8.0
35.6
43.6
Additions
-
8.3
8.3
Disposals
-
(0.8)
(0.8)
Foreign currency translation differences
-
(0.1)
(0.1)
At 31 December 2024
8.0
43.0
51.0
Additions
-
4.5
4.5
Disposals
-
(2.4)
(2.4)
Foreign currency translation differences
-
(0.1)
(0.1)
At 31 December 2025
8.0
45.0
53.0
Accumulated amortisation:
At 1 January 2024
-
9.8
9.8
Charge for the year
-
3.9
3.9
Disposals
-
(0.8)
(0.8)
Foreign currency translation differences
-
(0.1)
(0.1)
At 31 December 2024
-
12.8
12.8
Charge for the year
-
4.4
4.4
Disposals
-
(2.4)
(2.4)
Foreign currency translation differences
-
(0.1)
(0.1)
At 31 December 2025
-
14.7
14.7
Carrying value:
At 1 January 2024
8.0
25.8
33.8
At 31 December 2024
8.0
30.2
38.2
At 31 December 2025
8.0
30.3
38.3
Goodwill Impairment Review The intangible assets consist of goodwill and computer software, of which \u00a38.0m relates to goodwill as at 31 December 2025 (31 December 2024: \u00a38.0m). The carrying value of goodwill primarily relates to the acquisitions of the Dunhill Group in Australia in 2001 (\u00a36,848,000) and Talent Spotter in China in 2008 (\u00a31,119,000). Goodwill is tested annually for impairment, or more frequently if there are indications that goodwill might be impaired. The recoverable amount of goodwill is based on value-in-use in perpetuity, the cash generating units (CGUs) to which goodwill is assigned being Australia and China. The key assumptions in the value-in-use (VIU) models are those regarding expected changes to cash flow during the period, growth rates, discount rates and the impact of uncertainty in the macro-economic environment. At the end of the year, the Directors have undertaken an impairment assessment, reflecting the recent decline in trading in the two CGUs, and market conditions more widely across the industry. As referenced in the Operational Review, in light of the recent decline in trading, the Directors have taken decisive action to reduce the cost base, through reduction in headcount and cutting discretionary spending. In undertaking the assessment, the Directors have utilised estimated cash flow forecasts within the VIU models, which are derived from the Group\u2019s most recent financial budget for the current year, together with estimates for future net fee income and cost growth rates. Consequently, the forecast for revenue and costs approved by the Board for the purposes of undertaking the impairment assessment, reflect the full year results in 2025, the impact of uncertainty in the macro- economic environment, and expectations based on past experience of fluctuations in the level of activity in hiring markets. The base case forecast for the five-year period was reviewed in detail as part of the budget process to reflect the level of activity expected in 2026, with costs increasing year on year starting in 2027 by 2% for both Australia and China. In the base case scenario, no impairment was noted in both CGUs. The value of the cash flows from these forecasts is then discounted at a post-tax rate of 11.4% (pre-tax rate of 16.3%) for Australia (31 December 2024: post tax rate 11.8%, pre tax rate; 16.9%) and 11.6% (pre-tax rate of 15.5%) for China (31 December 2024: post tax rate 12.1%, pre tax rate; 16.1%), based on the Group\u2019s estimated weighted average cost of capital. The discount rate for the forecast from year five onwards has also been adjusted for a terminal growth rate of 2.3% for Australia (2.1% in 2024) and 4.5% for China (4.6% in 2024). In both the Australia and China CGUs, the Directors have undertaken a sensitivity analysis, taking into consideration the impact of potential variations in key assumptions. This included: \u2022 Scenario 1; delaying the market recovery to after 2030, which means no growth on the 2025 results for the next five years; and, \u2022 Scenario 2; reducing the NFI by a further 10% in 2026, with NFI then forecast to remain at this reduced level in financial years 2027 to 2030. Note that with the scenarios above, no additional cost savings have been included in the model, however the Directors are satisfied that additional cost savings are available, and consider further action is possible despite action taken during 2025. In both scenarios above, although the headroom has reduced from the base case for both CGUs, there is still sufficient headroom to support the carrying value of the goodwill in both Australia and China. In addition, the Directors\u2019 have considered the level of performance at which the goodwill is impaired for each of Australia and China - a reverse stress test - and concluded that the 2026 cash flow for Australia would need to reduce by 15.4%, and for China it would need to reduce by 19.8%, with no growth assumed in 2027 or beyond. For the purposes of this reverse stress test, no further action was assumed with regards to reducing the cost base in response to the lower level of activity. As evidenced in both 2024 and 2025, operating costs would be reduced in response to reduced activity, indicating an even greater reduction in activity would need to be experienced to result in the goodwill being impaired. The Group is starting to see some preliminary signs of recovery in these jurisdictions, and the Directors are continually and actively monitoring results and the impact of cost measures already implemented; and will continue to do so for the foreseeable future. 9. Property, plant and equipment
Fixtures,
fittings and
Leasehold office Computer
improvements equipment equipment Total
\u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions
Cost:
At 1 January 2024
6.7
23.7
12.2
42.6
Additions
0.3
0.7
0.6
1.6
Disposals
(0.8)
(1.7)
(1.4)
(3.9)
Foreign currency translation differences
(0.3)
(1.1)
(0.4)
(1.8)
At 31 December 2024
5.9
21.6
11.0
38.5
Additions
0.4
0.6
0.4
1.4
Disposals
(0.3)
(0.4)
(1.2)
(1.9)
Foreign currency translation differences
(0.2)
0.1
(0.1)
(0.2)
At 31 December 2025
5.8
21.9
10.1
37.8
Accumulated depreciation and impairment:
At 1 January 2024
5.1
12.4
9.8
27.3
Charge for the year
0.6
2.3
1.8
4.7
Disposals
(0.8)
(1.7)
(1.4)
(3.9)
Foreign currency translation differences
(0.2)
(0.6)
(0.3)
(1.1)
At 31 December 2024
4.7
12.4
9.9
27.0
Charge for the year
0.6
2.1
1.1
3.8
Disposals
(0.3)
(0.3)
(1.2)
(1.8)
Foreign currency translation differences
(0.3)
-
(0.2)
(0.5)
At 31 December 2025
4.7
14.2
9.6
28.5
Carrying value:
At 1 January 2024
1.6
11.3
2.4
15.3
At 31 December 2024
1.2
9.2
1.1
11.5
At 31 December 2025
1.1
7.7
0.5
9.3
Buildings Vehicles Total
Right-of-use assets \u00a3 millions \u00a3 millions \u00a3 millions
At 1 January 2024
63.8
3.7
67.5
Additions
3.0
1.8
4.8
Lease modification
5.5
-
5.5
Depreciation charge for the year
(12.5)
(1.9)
(14.4)
Disposal
-
-
-
Foreign currency translation differences
(2.3)
(0.1)
(2.4)
At 31 December 2024
57.5
3.5
61.0
Additions
3.2
1.2
4.4
Lease modification
5.9
-
5.9
Depreciation charge for the year
(12.4)
(1.9)
(14.3)
Disposal
(0.1)
-
(0.1)
Foreign currency translation differences
0.6
0.1
0.7
At 31 December 2025
54.7
2.9
57.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-416": { "value": "3. (Loss) profit before taxation
2025 2024
\u00a3 millions \u00a3 millions
(Loss) profit is stated after charging:
Auditor\u2019s remuneration \u2013 BDO LLP (as auditor)
- Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts 0.1 0.1
- The audit of the Company\u2019s subsidiaries pursuant to legislation 0.8 1.0
Total audit fees 0.9 1.1
- Audit related assurance services - -
- Other services supplied pursuant to legislation 0.1 0.1
Total non-audit fees 0.1 0.1
Total fees 1.0 1.2
Depreciation and amortisation of assets - owned 8.2 8.6
Depreciation of right-of-use assets 14.3 14.4
Profit on disposal of property, plant and equipment and computer software - -
Impairment of trade receivables (net) 0.3 0.3
Expense relating to short-term leases 1.2 1.8
Foreign exchange loss 0.1 0.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-343": { "value": "4. Staff costs
2025 2024
Number Number
The average monthly number of employees of the Group
(including Executive Directors) during the year was:
Group employees
3 ,088
3,619
The Group\u2019s closing headcount at 31 December 2025 was 2,888 (2024: 3,294).
2025 2024
\u00a3 millions \u00a3 millions
Their aggregate remuneration comprised:
Wages and salaries
186.6
207.7
Social security costs
22.8
23.0
Other pension costs
6.2
8.4
Cost of employee share options and awards
2.2
1.7
217.8
240.8
1 The gain made on share options by the Directors during the year was nil (2024: nil). Full details of the Directors\u2019 remuneration are given in the Report of the Remuneration Committee on page 106.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-344": { "value": "5. Taxation
2025 2024
\u00a3 millions \u00a3 millions
Current tax charge
Corporation tax \u2013 UK
-
-
Corporation tax \u2013 Overseas
4.0
7.3
Adjustments in respect of prior years
Corporation tax \u2013 UK
-
-
Corporation tax \u2013 Overseas
(0.1)
(1.0)
3.9
6.3
Deferred tax
Deferred tax \u2013 UK
0.3
(1.5)
Deferred tax \u2013 Overseas
2.2
(0.1)
Adjustments in respect of prior years
Deferred tax \u2013 UK
0.6
0.3
Deferred tax \u2013 Overseas
0.2
1.5
3.3
0.2
Total tax charge for the year
7.2
6.5
(Loss) profit before taxation
(19.6)
0.5
Tax at standard UK corporation tax rate of 25.0% (2024: 25.0%)
(4.9)
0.1
Effects of:
Unrelieved losses
11.1
3.9
Tax exempt income and other expenses not deductible
0.4
0.1
Other timing difference
(1.3)
1.0
Overseas earnings taxed at different rates
1.2
0.5
Adjustments to tax charges in previous years
0.6
0.8
Impact of tax rate change
0.1
0.1
Total tax charge for the year
7.2
6.5
Tax recognised directly in equity
Tax on share-based payment transactions
0.5
0.1
For the year ended 31 December 2025, the Group was subject to UK corporation tax at a rate of 25% (2024: 25%). The effective tax rate of the Group is higher than the standard UK rate of 25% primarily due to the mix of losses and profits during the year (with profits made in countries with higher tax rates such as in Japan), the impact of adjustments to accounting profits in the tax calculation, and unrecognised current year losses, for which no deferred tax asset has been recognised. No deferred tax asset is recognised on the unremitted earnings of overseas subsidiaries when no distribution of the earnings have been committed. Income tax expense comprises current tax and deferred tax. It is recognised in profit or loss in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes except to the extent that it relates to items recognised directly in equity. The Global Anti-Base Erosion rules, namely the Pillar Two model rules, which implement the global minimum effective tax regime is effective for the Group\u2019s financial year beginning 1 January 2024. As the Group is in scope of the legislation, it has assessed its potential exposure to Pillar Two income taxes by performing a review based on recent Group Consolidated financial statements and Country by Country Reporting, covering periods ending 31 December 2024 and on draft numbers for the year ending 31 December 2025. Based on the preliminary assessment, the Pillar Two effective tax rates in most jurisdictions in which the Group operates are above 16% (2024: 15%) or the transitional safe harbour relief is expected to apply. As a result, no deferred tax has been recognised under the Pillar Two model rules in 2025 (2024: nil). 15. Deferred taxation The following are the major tax assets (liabilities) recognised by the Group and the movements during the current and prior year.
Accelerated Share-based Accruals and
depreciation Tax losses payment provisions Total
\u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions
At 1 January 2024
(1.2)
6.8
1.2
4.8
11.6
Charge to income
(1.1)
0.1
0.2
0.6
(0.2)
Credit to equity
-
-
(0.1)
-
(0.1)
Foreign currency translation differences
-
(0.1)
-
(0.4)
(0.5)
At 31 December 2024
(2.3)
6.8
1.3
5.0
10.8
Charge to income
(0.1)
(3.0)
-
(0.2)
(3.3)
Credit to equity
-
-
(0.5)
-
(0.5)
Foreign currency translation differences
-
-
-
(0.1)
(0.1)
At 31 December 2025
(2.4)
3.8
0.8
4.7
6.9
Certain deferred tax assets and liabilities have been offset. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
2025 2025 2024 2024
Group Group \u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions
Deferred tax assets
7.0
11.1
Deferred tax liabilities
(0.1)
(0.3)
6.9
10.8
The deferred tax included in the balance sheet is as follows:
2025
2024 2024
Net DTA Net DTA
Gross DTA
Gross DTL Gross DTL Net DTA Net DTA Gross DTA Gross DTA Gross DTL Gross DTL
(debtors)
(debtors)
(creditors) (creditors) (debtors) (debtors) (debtors) (debtors) (creditors) (creditors)
\u00a3 millions
\u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions
Included in debtors
6.9
7.0
(0.1)
10.8
11.1
(0.3)
Accelerated depreciation
(0.1)
(0.1)
-
(1.1)
(1.1)
-
Tax losses
(3.0)
(3.0)
-
-
-
-
Share based payments
(0.5)
(0.5)
-
0.1
0.1
-
Accruals and provisions
(0.3)
1.1
(1.4)
0.2
0.3
(0.1)
Provision for deferred tax
(3.9)
(2.5)
(1.4)
(0.8)
(0.7)
(0.1)
As at 1 January
10.8
11.1
(0.3)
11.6
11.8
(0.2)
Deferred tax charge in consolidated
(3.3)
(3.5)
0.2
(0.2)
(0.1)
(0.1)
income statement
Deferred tax charge in equity
(0.5)
(0.5)
-
(0.1)
(0.1)
-
Foreign currency translation differences
(0.1)
(0.1)
-
(0.5)
(0.5)
-
As at 31 December
6.9
7.0
(0.1)
10.8
11.1
(0.3)
At 31 December 2025, no deferred tax liability is recognised on temporary differences of \u00a322.6m (2024: \u00a330.8m) relating to the unremitted earnings of overseas subsidiaries as the Group is able to control the timing and reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future. Where a reversal is foreseeable, deferred tax liabilities are provided for using the relevant tax rate applicable on distributed profits. Deferred tax assets of \u00a33.8m (2024: \u00a36.8m) have been recognised in respect of carried forward losses and latest forecasts show that these are expected to be recovered against future profit streams. The Group has total unrecognised deferred tax assets relating to tax losses of \u00a342.9m (2024: \u00a320.9m) of which \u00a340.9m (2024: \u00a320.0m) have no time restriction over when they can be utilised, and the remaining \u00a32.0m (2024: \u00a30.9m) are time restricted, for which the weighted average period over which they can be utilised is seven years.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-373": { "value": "
The Global Anti-Base Erosion rules, namely the Pillar Two model rules, which implement the global minimum effective tax
regime is effective for the Group\u2019s financial year beginning 1 January 2024. As the Group is in scope of the legislation, it has
assessed its potential exposure to Pillar Two income taxes by performing a review based on recent Group Consolidated
financial statements and Country by Country Reporting, covering periods ending 31 December 2024 and on draft
numbers for the year ending 31 December 2025. Based on the preliminary assessment, the Pillar Two effective tax rates in
most jurisdictions in which the Group operates are above 16% (2024: 15%) or the transitional safe harbour relief is expected
to apply. As a result, no deferred tax has been recognised under the Pillar Two model rules in 2025 (2024: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-345": { "value": "
6. Dividends
2025 2024
\u00a3 millions \u00a3 millions
Amounts recognised as distributions to equity holders in the year:
Interim dividend paid of nil p per share (2024: 6.5p)
-
4.3
Final dividend for 2024 of 17 .0p per share (2023: 17.0 p)
11.2
11.2
11.2
15.5
Proposed final dividend for 2025 of nil p per share (2024: 17 .0p)
-
11.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-318": { "value": "0.17", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-320": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-319": { "value": "0.17", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-322": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-321": { "value": "11200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-346": { "value": "7. Loss per share The calculation of loss per share is based on the loss for the year attributable to equity holders of the Parent and the weighted average number of shares of the Company.
2025 2024
Number Number
of shares of shares
Weighted average number of shares:
Shares in issue throughout the year
76,431,699
76,429,714
Shares issued in the year
-
1,512
Treasury and own shares held
(10,652,721)
(10,677,080)
For basic earnings per share
65,778,978
65,754,146
Dilutive impact of outstanding share options
-
-
For diluted earnings per share
65,778,978
65,754,146
The total number of options in issue is disclosed in note 19.
2025 2024
\u00a3 millions \u00a3 millions
Loss for the year attributable to equity holders of the Parent
(26.8)
(6.0)
Loss per share (pence):
2025
2024
Basic
(40.7)
(9.1)
Diluted
(40.7)
(9.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-374": { "value": "
8. Intangible assets
Computer
Goodwill software Total
\u00a3 millions \u00a3 millions \u00a3 millions
Cost:
At 1 January 2024
8.0
35.6
43.6
Additions
-
8.3
8.3
Disposals
-
(0.8)
(0.8)
Foreign currency translation differences
-
(0.1)
(0.1)
At 31 December 2024
8.0
43.0
51.0
Additions
-
4.5
4.5
Disposals
-
(2.4)
(2.4)
Foreign currency translation differences
-
(0.1)
(0.1)
At 31 December 2025
8.0
45.0
53.0
Accumulated amortisation:
At 1 January 2024
-
9.8
9.8
Charge for the year
-
3.9
3.9
Disposals
-
(0.8)
(0.8)
Foreign currency translation differences
-
(0.1)
(0.1)
At 31 December 2024
-
12.8
12.8
Charge for the year
-
4.4
4.4
Disposals
-
(2.4)
(2.4)
Foreign currency translation differences
-
(0.1)
(0.1)
At 31 December 2025
-
14.7
14.7
Carrying value:
At 1 January 2024
8.0
25.8
33.8
At 31 December 2024
8.0
30.2
38.2
At 31 December 2025
8.0
30.3
38.3
Goodwill Impairment Review
The intangible assets consist of goodwill and computer software, of which \u00a38.0m relates to goodwill as at 31 December
2025 (31 December 2024: \u00a38.0m).
The carrying value of goodwill primarily relates to the acquisitions of the Dunhill Group in Australia in 2001 (\u00a36,848,000)
and Talent Spotter in China in 2008 (\u00a31,119,000).
Goodwill is tested annually for impairment, or more frequently if there are indications that goodwill might be impaired.
The recoverable amount of goodwill is based on value-in-use in perpetuity, the cash generating units (CGUs) to which
goodwill is assigned being Australia and China.
The key assumptions in the value-in-use (VIU) models are those regarding expected changes to cash flow during the
period, growth rates, discount rates and the impact of uncertainty in the macro-economic environment.
At the end of the year, the Directors have undertaken an impairment assessment, reflecting the recent decline in trading in
the two CGUs, and market conditions more widely across the industry.
As referenced in the Operational Review, in light of the recent decline in trading, the Directors have taken decisive action
to reduce the cost base, through reduction in headcount and cutting discretionary spending.
In undertaking the assessment, the Directors have utilised estimated cash flow forecasts within the VIU models, which are
derived from the Group\u2019s most recent financial budget for the current year, together with estimates for future net fee
income and cost growth rates. Consequently, the forecast for revenue and costs approved by the Board for the purposes
of undertaking the impairment assessment, reflect the full year results in 2025, the impact of uncertainty in the macro-
economic environment, and expectations based on past experience of fluctuations in the level of activity in hiring markets.
The base case forecast for the five-year period was reviewed in detail as part of the budget process to reflect the level
of activity expected in 2026, with costs increasing year on year starting in 2027 by 2% for both Australia and China. In
the base case scenario, no impairment was noted in both CGUs. The value of the cash flows from these forecasts is then
discounted at a post-tax rate of 11.4% (pre-tax rate of 16.3%) for Australia (31 December 2024: post tax rate 11.8%, pre tax
rate; 16.9%) and 11.6% (pre-tax rate of 15.5%) for China (31 December 2024: post tax rate 12.1%, pre tax rate; 16.1%), based
on the Group\u2019s estimated weighted average cost of capital. The discount rate for the forecast from year five onwards has
also been adjusted for a terminal growth rate of 2.3% for Australia (2.1% in 2024) and 4.5% for China (4.6% in 2024).
In both the Australia and China CGUs, the Directors have undertaken a sensitivity analysis, taking into consideration the
impact of potential variations in key assumptions. This included:
\u2022 Scenario 1; delaying the market recovery to after 2030, which means no growth on the 2025 results for the next
five years; and,
\u2022 Scenario 2; reducing the NFI by a further 10% in 2026, with NFI then forecast to remain at this reduced level in
financial years 2027 to 2030.
Note that with the scenarios above, no additional cost savings have been included in the model, however the Directors are
satisfied that additional cost savings are available, and consider further action is possible despite action taken during 2025.
In both scenarios above, although the headroom has reduced from the base case for both CGUs, there is still sufficient
headroom to support the carrying value of the goodwill in both Australia and China.
In addition, the Directors\u2019 have considered the level of performance at which the goodwill is impaired for each of Australia
and China - a reverse stress test - and concluded that the 2026 cash flow for Australia would need to reduce by 15.4%, and
for China it would need to reduce by 19.8%, with no growth assumed in 2027 or beyond. For the purposes of this reverse
stress test, no further action was assumed with regards to reducing the cost base in response to the lower level of activity.
As evidenced in both 2024 and 2025, operating costs would be reduced in response to reduced activity, indicating an even
greater reduction in activity would need to be experienced to result in the goodwill being impaired.
The Group is starting to see some preliminary signs of recovery in these jurisdictions, and the Directors are continually
and actively monitoring results and the impact of cost measures already implemented; and will continue to do so for the
foreseeable future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-347": { "value": "8. Intangible assets
Computer
Goodwill software Total
\u00a3 millions \u00a3 millions \u00a3 millions
Cost:
At 1 January 2024
8.0
35.6
43.6
Additions
-
8.3
8.3
Disposals
-
(0.8)
(0.8)
Foreign currency translation differences
-
(0.1)
(0.1)
At 31 December 2024
8.0
43.0
51.0
Additions
-
4.5
4.5
Disposals
-
(2.4)
(2.4)
Foreign currency translation differences
-
(0.1)
(0.1)
At 31 December 2025
8.0
45.0
53.0
Accumulated amortisation:
At 1 January 2024
-
9.8
9.8
Charge for the year
-
3.9
3.9
Disposals
-
(0.8)
(0.8)
Foreign currency translation differences
-
(0.1)
(0.1)
At 31 December 2024
-
12.8
12.8
Charge for the year
-
4.4
4.4
Disposals
-
(2.4)
(2.4)
Foreign currency translation differences
-
(0.1)
(0.1)
At 31 December 2025
-
14.7
14.7
Carrying value:
At 1 January 2024
8.0
25.8
33.8
At 31 December 2024
8.0
30.2
38.2
At 31 December 2025
8.0
30.3
38.3
Goodwill Impairment Review The intangible assets consist of goodwill and computer software, of which \u00a38.0m relates to goodwill as at 31 December 2025 (31 December 2024: \u00a38.0m). The carrying value of goodwill primarily relates to the acquisitions of the Dunhill Group in Australia in 2001 (\u00a36,848,000) and Talent Spotter in China in 2008 (\u00a31,119,000). Goodwill is tested annually for impairment, or more frequently if there are indications that goodwill might be impaired. The recoverable amount of goodwill is based on value-in-use in perpetuity, the cash generating units (CGUs) to which goodwill is assigned being Australia and China. The key assumptions in the value-in-use (VIU) models are those regarding expected changes to cash flow during the period, growth rates, discount rates and the impact of uncertainty in the macro-economic environment. At the end of the year, the Directors have undertaken an impairment assessment, reflecting the recent decline in trading in the two CGUs, and market conditions more widely across the industry. As referenced in the Operational Review, in light of the recent decline in trading, the Directors have taken decisive action to reduce the cost base, through reduction in headcount and cutting discretionary spending. In undertaking the assessment, the Directors have utilised estimated cash flow forecasts within the VIU models, which are derived from the Group\u2019s most recent financial budget for the current year, together with estimates for future net fee income and cost growth rates. Consequently, the forecast for revenue and costs approved by the Board for the purposes of undertaking the impairment assessment, reflect the full year results in 2025, the impact of uncertainty in the macro- economic environment, and expectations based on past experience of fluctuations in the level of activity in hiring markets. The base case forecast for the five-year period was reviewed in detail as part of the budget process to reflect the level of activity expected in 2026, with costs increasing year on year starting in 2027 by 2% for both Australia and China. In the base case scenario, no impairment was noted in both CGUs. The value of the cash flows from these forecasts is then discounted at a post-tax rate of 11.4% (pre-tax rate of 16.3%) for Australia (31 December 2024: post tax rate 11.8%, pre tax rate; 16.9%) and 11.6% (pre-tax rate of 15.5%) for China (31 December 2024: post tax rate 12.1%, pre tax rate; 16.1%), based on the Group\u2019s estimated weighted average cost of capital. The discount rate for the forecast from year five onwards has also been adjusted for a terminal growth rate of 2.3% for Australia (2.1% in 2024) and 4.5% for China (4.6% in 2024). In both the Australia and China CGUs, the Directors have undertaken a sensitivity analysis, taking into consideration the impact of potential variations in key assumptions. This included: \u2022 Scenario 1; delaying the market recovery to after 2030, which means no growth on the 2025 results for the next five years; and, \u2022 Scenario 2; reducing the NFI by a further 10% in 2026, with NFI then forecast to remain at this reduced level in financial years 2027 to 2030. Note that with the scenarios above, no additional cost savings have been included in the model, however the Directors are satisfied that additional cost savings are available, and consider further action is possible despite action taken during 2025. In both scenarios above, although the headroom has reduced from the base case for both CGUs, there is still sufficient headroom to support the carrying value of the goodwill in both Australia and China. In addition, the Directors\u2019 have considered the level of performance at which the goodwill is impaired for each of Australia and China - a reverse stress test - and concluded that the 2026 cash flow for Australia would need to reduce by 15.4%, and for China it would need to reduce by 19.8%, with no growth assumed in 2027 or beyond. For the purposes of this reverse stress test, no further action was assumed with regards to reducing the cost base in response to the lower level of activity. As evidenced in both 2024 and 2025, operating costs would be reduced in response to reduced activity, indicating an even greater reduction in activity would need to be experienced to result in the goodwill being impaired. The Group is starting to see some preliminary signs of recovery in these jurisdictions, and the Directors are continually and actively monitoring results and the impact of cost measures already implemented; and will continue to do so for the foreseeable future. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-398": { "value": "8. Intangible assets
Computer
Goodwill software Total
\u00a3 millions \u00a3 millions \u00a3 millions
Cost:
At 1 January 2024
8.0
35.6
43.6
Additions
-
8.3
8.3
Disposals
-
(0.8)
(0.8)
Foreign currency translation differences
-
(0.1)
(0.1)
At 31 December 2024
8.0
43.0
51.0
Additions
-
4.5
4.5
Disposals
-
(2.4)
(2.4)
Foreign currency translation differences
-
(0.1)
(0.1)
At 31 December 2025
8.0
45.0
53.0
Accumulated amortisation:
At 1 January 2024
-
9.8
9.8
Charge for the year
-
3.9
3.9
Disposals
-
(0.8)
(0.8)
Foreign currency translation differences
-
(0.1)
(0.1)
At 31 December 2024
-
12.8
12.8
Charge for the year
-
4.4
4.4
Disposals
-
(2.4)
(2.4)
Foreign currency translation differences
-
(0.1)
(0.1)
At 31 December 2025
-
14.7
14.7
Carrying value:
At 1 January 2024
8.0
25.8
33.8
At 31 December 2024
8.0
30.2
38.2
At 31 December 2025
8.0
30.3
38.3
Goodwill Impairment Review The intangible assets consist of goodwill and computer software, of which \u00a38.0m relates to goodwill as at 31 December 2025 (31 December 2024: \u00a38.0m). The carrying value of goodwill primarily relates to the acquisitions of the Dunhill Group in Australia in 2001 (\u00a36,848,000) and Talent Spotter in China in 2008 (\u00a31,119,000). Goodwill is tested annually for impairment, or more frequently if there are indications that goodwill might be impaired. The recoverable amount of goodwill is based on value-in-use in perpetuity, the cash generating units (CGUs) to which goodwill is assigned being Australia and China. The key assumptions in the value-in-use (VIU) models are those regarding expected changes to cash flow during the period, growth rates, discount rates and the impact of uncertainty in the macro-economic environment. At the end of the year, the Directors have undertaken an impairment assessment, reflecting the recent decline in trading in the two CGUs, and market conditions more widely across the industry. As referenced in the Operational Review, in light of the recent decline in trading, the Directors have taken decisive action to reduce the cost base, through reduction in headcount and cutting discretionary spending. In undertaking the assessment, the Directors have utilised estimated cash flow forecasts within the VIU models, which are derived from the Group\u2019s most recent financial budget for the current year, together with estimates for future net fee income and cost growth rates. Consequently, the forecast for revenue and costs approved by the Board for the purposes of undertaking the impairment assessment, reflect the full year results in 2025, the impact of uncertainty in the macro- economic environment, and expectations based on past experience of fluctuations in the level of activity in hiring markets. The base case forecast for the five-year period was reviewed in detail as part of the budget process to reflect the level of activity expected in 2026, with costs increasing year on year starting in 2027 by 2% for both Australia and China. In the base case scenario, no impairment was noted in both CGUs. The value of the cash flows from these forecasts is then discounted at a post-tax rate of 11.4% (pre-tax rate of 16.3%) for Australia (31 December 2024: post tax rate 11.8%, pre tax rate; 16.9%) and 11.6% (pre-tax rate of 15.5%) for China (31 December 2024: post tax rate 12.1%, pre tax rate; 16.1%), based on the Group\u2019s estimated weighted average cost of capital. The discount rate for the forecast from year five onwards has also been adjusted for a terminal growth rate of 2.3% for Australia (2.1% in 2024) and 4.5% for China (4.6% in 2024). In both the Australia and China CGUs, the Directors have undertaken a sensitivity analysis, taking into consideration the impact of potential variations in key assumptions. This included: \u2022 Scenario 1; delaying the market recovery to after 2030, which means no growth on the 2025 results for the next five years; and, \u2022 Scenario 2; reducing the NFI by a further 10% in 2026, with NFI then forecast to remain at this reduced level in financial years 2027 to 2030. Note that with the scenarios above, no additional cost savings have been included in the model, however the Directors are satisfied that additional cost savings are available, and consider further action is possible despite action taken during 2025. In both scenarios above, although the headroom has reduced from the base case for both CGUs, there is still sufficient headroom to support the carrying value of the goodwill in both Australia and China. In addition, the Directors\u2019 have considered the level of performance at which the goodwill is impaired for each of Australia and China - a reverse stress test - and concluded that the 2026 cash flow for Australia would need to reduce by 15.4%, and for China it would need to reduce by 19.8%, with no growth assumed in 2027 or beyond. For the purposes of this reverse stress test, no further action was assumed with regards to reducing the cost base in response to the lower level of activity. As evidenced in both 2024 and 2025, operating costs would be reduced in response to reduced activity, indicating an even greater reduction in activity would need to be experienced to result in the goodwill being impaired. The Group is starting to see some preliminary signs of recovery in these jurisdictions, and the Directors are continually and actively monitoring results and the impact of cost measures already implemented; and will continue to do so for the foreseeable future. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-348": { "value": "
9. Property, plant and equipment
Fixtures,
fittings and
Leasehold office Computer
improvements equipment equipment Total
\u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions
Cost:
At 1 January 2024
6.7
23.7
12.2
42.6
Additions
0.3
0.7
0.6
1.6
Disposals
(0.8)
(1.7)
(1.4)
(3.9)
Foreign currency translation differences
(0.3)
(1.1)
(0.4)
(1.8)
At 31 December 2024
5.9
21.6
11.0
38.5
Additions
0.4
0.6
0.4
1.4
Disposals
(0.3)
(0.4)
(1.2)
(1.9)
Foreign currency translation differences
(0.2)
0.1
(0.1)
(0.2)
At 31 December 2025
5.8
21.9
10.1
37.8
Accumulated depreciation and impairment:
At 1 January 2024
5.1
12.4
9.8
27.3
Charge for the year
0.6
2.3
1.8
4.7
Disposals
(0.8)
(1.7)
(1.4)
(3.9)
Foreign currency translation differences
(0.2)
(0.6)
(0.3)
(1.1)
At 31 December 2024
4.7
12.4
9.9
27.0
Charge for the year
0.6
2.1
1.1
3.8
Disposals
(0.3)
(0.3)
(1.2)
(1.8)
Foreign currency translation differences
(0.3)
-
(0.2)
(0.5)
At 31 December 2025
4.7
14.2
9.6
28.5
Carrying value:
At 1 January 2024
1.6
11.3
2.4
15.3
At 31 December 2024
1.2
9.2
1.1
11.5
At 31 December 2025
1.1
7.7
0.5
9.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-349": { "value": "10. Leases Amounts recognised in the balance sheet The balance sheet shows the following amounts relating to leases where the Group is a lessee:
Buildings Vehicles Total
Right-of-use assets \u00a3 millions \u00a3 millions \u00a3 millions
At 1 January 2024
63.8
3.7
67.5
Additions
3.0
1.8
4.8
Lease modification
5.5
-
5.5
Depreciation charge for the year
(12.5)
(1.9)
(14.4)
Disposal
-
-
-
Foreign currency translation differences
(2.3)
(0.1)
(2.4)
At 31 December 2024
57.5
3.5
61.0
Additions
3.2
1.2
4.4
Lease modification
5.9
-
5.9
Depreciation charge for the year
(12.4)
(1.9)
(14.3)
Disposal
(0.1)
-
(0.1)
Foreign currency translation differences
0.6
0.1
0.7
At 31 December 2025
54.7
2.9
57.6
During the year the Group entered into a sublet arrangement for its office in Canada. On signing of the leases, the Group had transferred the rights to use the office space over to a third party, as such the Group derecognised the right of use asset relating to the space accordingly and recognised a lease receivable for the income due from the lessees. The lease receivable was discounted at the incremental borrowing rate for the head lease. Any differences arising from the derecognition of the right-of-use asset and the value of the lease receivable was recognised as an impairment in the Consolidated Income Statement for the year ended 31 December 2025. The lease modifications in the year of \u00a35.9m (2024: \u00a35.5m) relates to changes as a result of variable lease payments and extensions of existing office leases that were negotiated and signed in the year. There were disposals of buildings and vehicle assets during the year relating to the completion of the lease, as such the Group has returned the assets to the lessor during the year. There is no change in the net book value of the asset in relation to these transactions. For impairment reviews, where an asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash generating unit (CGU) to which the asset belongs. With respect to leases, as a talent solutions provider, cash inflows cannot be attributed solely and independently to the lease so the lowest identifiable CGU would be the business unit as a whole. As such the recoverable amount of the CGU is based on value in use in perpetuity and is not limited to the lease period. The key assumptions in the value-in-use are those regarding expected changes to cash flow during the period, growth rates and discount rates. Estimated cash flow forecasts are derived from the most recent financial budgets and an assumed average growth rate of between 2% and 5% for years two and three (2024: between 10% and 15% for years two and three). The forecast for revenue and costs as approved by the Board reflect the latest industry forecasts and managements expectations based on past experience. The discount rate for year four onwards has been adjusted for a terminal growth rate, between 0-5% depending on location (2024: between 0-5%). The value of the cash flows is then discounted at a post-tax rate range of 12.4% and 18.5% (pre-tax rate range of 9.0% and 11.7%) (2024: 12.5% and 17.4% (pre-tax rate range of 9.9% and 12.1%)), based on the CGU\u2019s estimated weighted average cost of capital and risk adjusted depending on the location of the right-of-use asset. Management has undertaken sensitivity analysis taking into consideration the impact in key assumptions. This included reducing the cash flow growth from year two onwards by 0%, and 10% in absolute terms. The sensitivity analysis shows no impairment charge would arise under each scenario. Lease receivables and lease liabilities
2025 2024
Lease Receivables \u00a3 millions \u00a3 millions
Current
0.7
0.9
Non-current
1
3.2
3.7
At 31 December
3.9
4.6
1. Of the non-current lease receivable, \u00a32.8m relates to receivables between 2 and 5 years (2024: \u00a32.8m). In 2023, the Group entered into financing lease arrangements as a lessor to sublet office space from the UK and USA operations. During the year, the Group entered into financing lease arrangements as a lessor to sublet office space from the Canada operations. These lease contracts contain extension and early termination options.
2025 2024
Lease Liabilities \u00a3 millions \u00a3 millions
Current
(17.2)
(18.2)
Non-current
1
(50.8)
(54.2)
At 31 December
(68.0)
(72.4)
1. Of the non-current liability \u00a341.6m relates to liabilities between 2 and 5 years (2024: \u00a342.9m). Amounts recognised in the Consolidated Income Statement The statement of profit or loss shows the following amounts relating to leases:
2025 2024
\u00a3 millions \u00a3 millions
Depreciation charge of right-of-use assets
14.3
14.4
Interest expense (included in finance cost)
3.3
3.6
Interest receivable (included in finance cost)
(0.1)
(0.2)
Expense relating to short-term leases (included in administrative expenses)
1.2
1.8
Total charges in relation to leases
18.7
19.6
The total cash outflow for leases in 2025 was \u00a318.5m (2024: \u00a318.0m). The total cash inflow for leases in 2025 was \u00a30.9m (2024: \u00a30.8m). The Group\u2019s leasing activities and how these are accounted for The leases held by the Group primarily relate to offices, equipment and vehicles. Rental contracts are typically made for fixed periods of four months to ten years. The Group sometimes negotiates break clauses and extension options into the rental contracts. This allows the Group to manage its risk arising from lease contracts and maximise the operational flexibility in terms of managing the assets used in the Group\u2019s operations. Approximately 30% of the Group\u2019s leases contain extension options of a two to five year period. The lease receivable relates to offices subsequently sublet to a third party. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments, less any lease incentives receivable; and \u2022 variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date. Lease receivables include the net present value of the following lease income receivable: \u2022 fixed income, less any lease incentives payable; and \u2022 variable lease income receivable that are based on an index or a rate, initially measured using the index or rate as at the commencement date. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. Lease receivables to be secured under reasonably certain extension options are also included in the measurement of the asset. On renegotiation of an existing lease, the Group will recognise any movement in the lease depending on the nature of the modification. Further details can be found in the accounting policies on pages 143 to 144. The group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease income and payments are allocated between principal and finance cost. The finance cost is charged to consolidated income statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. The right-of-use assets are also subject to impairment. For short-term leases (lease term of 12 months or less) and leases of low-value-assets (less than \u00a33,000), the Group has opted to recognise a lease expense on a straight-line basis as permitted by IFRS 16.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-375": { "value": "
Buildings Vehicles Total
Right-of-use assets \u00a3 millions \u00a3 millions \u00a3 millions
At 1 January 2024
63.8
3.7
67.5
Additions
3.0
1.8
4.8
Lease modification
5.5
-
5.5
Depreciation charge for the year
(12.5)
(1.9)
(14.4)
Disposal
-
-
-
Foreign currency translation differences
(2.3)
(0.1)
(2.4)
At 31 December 2024
57.5
3.5
61.0
Additions
3.2
1.2
4.4
Lease modification
5.9
-
5.9
Depreciation charge for the year
(12.4)
(1.9)
(14.3)
Disposal
(0.1)
-
(0.1)
Foreign currency translation differences
0.6
0.1
0.7
At 31 December 2025
54.7
2.9
57.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-350": { "value": "11. Group investments Effective Subsidiary ownership of Principal undertaking ordinary shares activity Robert Walters Pty Limited 100%Recruitment consultancy Robert Walters Australia Pty Limited 100%Recruitment consultancy Resource Solutions Corporation Pty Limited 100% HR outsourcing services Robert Walters SA 100%Recruitment consultancy Robert Walters People Solutions SA 100%Recruitment consultancy Robert Walters Brazil Limitada 100%Recruitment consultancy Robert Walters Canada Inc 100%Recruitment consultancy Robert Walters Chile SpA 100%Recruitment consultancy Walters People Chile Empresa de Servicios Transitorios SpA 100%Recruitment consultancy Robert Walters Business Consulting (Shanghai) Ltd Company1 100%Recruitment consultancy Robert Walters Talent China Limited 100%Recruitment consultancy RS Resourcing S.r.o 100% HR outsourcing services Robert Walters SAS 100%Recruitment consultancy Walters People SAS 100%Recruitment consultancy Robert Walters Germany GMBH 100%Recruitment consultancy RS Resource Solutions GMBH 100% HR outsourcing services Resource Solutions Consulting (Hong Kong) Limited 100% HR outsourcing services Robert Walters (Hong Kong) Limited 100%Recruitment consultancy Resource Solutions India Private Limited 100% HR outsourcing services Resource Solutions Consulting Private Limited 100% HR outsourcing services PT. Robert Walters Indonesia2 49%Recruitment consultancy Robert Walters Limited 100%Recruitment consultancy Robert Walters Italy s.r.l. 100%Recruitment consultancy Robert Walters Japan KK 100%Recruitment consultancy Resource Solutions Japan KK 100% HR outsourcing services Robert Walters Resource Solutions Sdn Bhd 100% HR outsourcing services Agensi Pekerjaan Walters Sdn Bhd2 49%Recruitment consultancy Robert Walters Mauritius Limited 100%Recruitment consultancy Robert Walters Mexico S. de R.L. de C.V. 100%Recruitment consultancy Walters People BV 100%Recruitment consultancy Robert Walters BV 100%Recruitment consultancy SAI Holdings BV3 100% Holding Company Robert Walters New Zealand Limited 100%Recruitment consultancy Resource Solutions Global Service Centre (Philippines), Inc. 100% HR outsourcing services Resource Solutions sp. z o.o. 100% HR outsourcing services 1. This subsidiary has ceased operations during the year. 2. The holdings for Agensi Pekerjaan Walters Sdn Bhd and PT. Robert Walters Indonesia are 49%, however they are deemed 100% controlled. 3. Direct holdings of Robert Walters plc.
Country of Registered
incorporation address
Robert Walters Pty Limited 100% Recruitment consultancy Australia
Level 23, Queen & Collins Tower, 376-390 Collins Street, Melbourne VIC 3000, Australia
Robert Walters Australia Pty Limited 100% Recruitment consultancy Australia
Level 23, Queen & Collins Tower, 376-390 Collins Street, Melbourne VIC 3000, Australia
Resource Solutions Corporation Pty Limited 100% HR outsourcing services Australia
Level 23, Queen & Collins Tower, 376-390 Collins Street, Melbourne VIC 3000, Australia
Robert Walters SA 100% Recruitment consultancy Belgium
Avenue Louise 326, 10th Floor, Brussels, 1050, Belgium
Robert Walters People Solutions SA 100% Recruitment consultancy Belgium
Avenue Louise 326, 10th Floor, Brussels, 1050, Belgium
Robert Walters Brazil Limitada 100% Recruitment consultancy Brazil Estado de Sao Paulo, na Rua do R\u00f3cio, n\u00ba 350, Edificio Atrium IX,
Conjunto n\u00ba 41, 4\u00ba Andar, CEP 04552-000
Robert Walters Canada Inc 100% Recruitment consultancy Canada
145
King Street West, Suite 720, Toronto, Ontario M5X
Robert Walters Chile SpA 100% Recruitment consultancy Chile
Av. El Bosque Central 92, piso 6, Las Condes, Santiago, Chile
Walters People Chile Empresa de Servicios Transitorios SpA 100% Recruitment consultancy Chile
Av. El Bosque Central 92, piso 6, Las Condes, Santiago, Chile
100% Recruitment consultancy China
Unit 2207A, No. 1601 West Nanjing Road, Jing\u2019an District, Shanghai, PRC
Robert Walters Talent China Limited 100% Recruitment consultancy China
2301,
302A,
Suhe Centre, No. 99 North Shanxi Road,
Jing\u2019an District, Shanghai, PRC
RS Resourcing S.r.o 100% HR outsourcing services Czech Republic
N\u00e1dra\u017en\u00ed 344/23, Sm\u00edchov 150 00 Prague 5, Czech Republic
Robert Walters SAS 100% Recruitment consultancy France
6-8 rue Pergol\u00e8se,
75116,
Paris, France
Walters People SAS 100% Recruitment consultancy France
6-8 rue Pergol\u00e8se,
75116,
Paris, France
Robert Walters Germany GMBH 100% Recruitment consultancy Germany
Fuerstenwall 172, 40217 Dusseldorf, Germany
RS Resource Solutions GMBH 100% HR outsourcing services Germany
Main Tower, Neue Mainzer Str. 52-58, 60311, Frankfurt am Main, Germany
Resource Solutions Consulting (Hong Kong) Limited 100% HR outsourcing services Hong Kong
Unit 2001,
20/F, Nexxus Building, 41 Connaught Road Central, Hong Kong
Robert Walters (Hong Kong) Limited 100% Recruitment consultancy Hong Kong
Unit
2001,
20/F, Nexxus Building, 41 Connaught Road Central, Hong Kong
12th Floor, My Home Twitza, Plot Nos, 30/A, Survey No,83/1,APIIC
Resource Solutions India Private Limited 100% HR outsourcing services India Hyderabad knowledge City, Raidurg(Panmaqtha)Village,
Seriligampally Mandal, Ranga Reddy Dist., Hyderabad, Telangana \u2013 500081
12th Floor, My Home Twitza, Plot Nos, 30/A, Survey No,83/1,APIIC
Resource Solutions Consulting Private Limited 100% HR outsourcing services India Hyderabad knowledge City, Raidurg(Panmaqtha)Village,
Seriligampally Mandal, Ranga Reddy Dist., Hyderabad, Telangana \u2013 500081
49% Recruitment consultancy Indonesia
World Trade Centre 3, 18th Floor, Jl. Jend. Sudirman Kav. 29-31 Jakarta 12920, Indonesia
Robert Walters Limited 100% Recruitment consultancy Ireland
2 Dublin Landings, North Wall Quay, Dublin 1 Dublin, D D01 V4A3, Ireland
Robert Walters Italy s.r.l. 100% Recruitment consultancy Italy
Via Giuseppe Mazzini 9, CAP 20123, Milano, Italy
Robert Walters Japan KK 100% Recruitment consultancy Japan
Shibuya Minami Tokyu Building, 14th Floor 3-12-18 Shibuya, Shibuya-ku, Tokyo, 150-0002
Resource Solutions Japan KK 100% HR outsourcing services Japan
Ebisu Garden Place, 16th Floor, 4-20-3 Ebisu, Shibuya-ku, Tokyo 150-6018
Robert Walters Resource Solutions Sdn Bhd 100% HR outsourcing services Malaysia
Suite 1005,
10th Floor Wisma Hamzah-Kwong Hing, No. 1 Leboh Ampang 50100 Kuala Lumpur,
W.P. Kuala Lumpur, Malaysia
49% Recruitment consultancy Malaysia
Suite 1005,
10th Floor Wisma Hamzah-Kwong Hing, No. 1 Leboh Ampang 50100 Kuala Lumpur,
W.P. Kuala Lumpur, Malaysia
Robert Walters Mauritius Limited 100% Recruitment consultancy Mauritius
Chemin Vingt Pieds, 5th Floor, La Croisette Grand Bay Mauritius
Robert Walters Mexico S. de R.L. de C.V. 100% Recruitment consultancy Mexico Bosque de Duraznos 69 Torre A 1101-C, Bosque de las Lomas,
Miguel Hidalgo, Ciudad de M\u00e9xico, Mexico
Walters People BV 100% Recruitment consultancy Netherlands
WTC, TowerTen, Strawinskylaan 1057, Amsterdam, 1077 XX
Robert Walters BV 100% Recruitment consultancy Netherlands
WTC, TowerTen, Strawinskylaan 1057, Amsterdam, 1077 XX
100% Holding Company Netherlands
Herikerberweg 283, 1101CM, Amsterdam, The Netherlands
Robert Walters New Zealand Limited 100% Recruitment consultancy New Zealand
Level 15, 2 Hunter Street Wellington 6011
Resource Solutions Global Service Centre (Philippines), Inc. 100% HR outsourcing services Philippines
37/F Philamlife Tower, 8767 Paseo De Roxas Makati City, Manila 1226
Resource Solutions sp. z o.o. 100% HR outsourcing services Poland
Grzybowska 2/29, 00-131 Warszawa, Poland
Robert Walters Business Consulting (Shanghai) Ltd Company
1
PT. Robert Walters Indonesia
2
Agensi Pekerjaan Walters Sdn Bhd
2
SAI Holdings BV
3
Effective Subsidiary ownership of Principal undertaking ordinary shares activity Robert Walters Portugal Unipessoal Lda 100%Recruitment consultancy Robert Walters Arabia for Business Services 100% Advisory Services Resource Solutions Consulting (Singapore) Pte Ltd 100% HR outsourcing services Robert Walters (Singapore) Pte Ltd 100%Recruitment consultancy Robert Walters South Africa Proprietary Limited 100%Recruitment consultancy K2018112216 (South Africa) (Pty) Ltd (t/a Resource Solutions 100%Recruitment consultancy South Africa) Robert Walters Korea Limited 100%Recruitment consultancy Robert Walters Holding SAS Sucursal En Espana 100%Recruitment consultancy Walters People Sociedad Limitada Empresa 100%Recruitment consultancy de Trabajo Temporal Robert Walters Switzerland AG 100%Recruitment consultancy Robert Walters Company Limited (Taiwan) 100%Recruitment consultancy Robert Walters (Eastern Seaboard) Ltd1 100%Recruitment consultancy Robert Walters Recruitment (Thailand) Ltd 100%Recruitment consultancy Robert Walters Holdings (Thailand) Limited 100% Holding company Robert Walters Middle East Limited 100%Recruitment consultancy Robert Walters Dubai Ltd4 100%Recruitment consultancy Robert Walters Operations Limited 100%Recruitment consultancy Robert Walters Consultancy Limited5 100%Recruitment consultancy Resource Solutions Limited 100% HR outsourcing services Resource Solutions Europe Limited4 100% HR outsourcing services Resource Solutions Europe Limited External Profit Company 100% HR outsourcing services Resource Solutions Workforce Management Limited4 100%Recruitment consultancy Robert Walters Holdings Limited3,6 100% Holding Company Walters Interim Limited3 100%Recruitment consultancy Resource Solutions Inc (Delaware) 100% HR outsourcing services Resource Solutions Inc (Florida) 100% HR outsourcing services Robert Walters Associates Inc. 100%Recruitment consultancy Robert Walters Associates California Inc. 100%Recruitment consultancy Robert Walters Holdings North America Inc. 100%Recruitment consultancy Robert Walters Texas Inc. 100%Recruitment consultancy Robert Walters Vietnam Company Limited 100%Recruitment consultancy 1. This subsidiary has ceased operations during the year. 2. The holdings for Agensi Pekerjaan Walters Sdn Bhd and PT. Robert Walters Indonesia are 49%, however they are deemed 100% controlled. 3. Direct holdings of Robert Walters plc. 4. These companies qualify for an exemption to audit for non-dormant entities under the requirements of s479A of the Companies Act 2006. As such, no audit has been conducted for these companies in the current financial year. The registered numbers of the audit exempt subsidiaries are No. 07412854, No. 02086796 and No. 03542052. 5. These subsidiaries, all of which are incorporated in England and Wales, are exempt from the requirements of the UK Companies Act 2006 relating to the individual accounts by virtue of section 394A of that Act. 6. Robert Walters Holdings Limited has branch operations in South Africa. Country of Registered incorporation address Portugal Avenida da Liberdade 190 3\u00baB, 1269-046, Lisboa, Portugal Saudi Arabia 3141 Anas Ibn Malik, 8292 Al Malqa District, 13521, Riyadh, Kingdom of Saudi Arabia Singapore 6 Battery Road #09-01 Singapore 049909 Singapore 6 Battery Road #09-01 Singapore 049909 South Africa 19th Floor, GreenPark Corner, Cnr West Road South and Lower Road, Morningside, Sandton, Johannesburg, 2196 South Africa South Africa 19th Floor, GreenPark Corner, Cnr West Road South and Lower Road, Morningside, Sandton, Johannesburg, 2196 South Africa South Korea 21F East Center, Center 1 Building, 26 Euljiro 5 gil, Jung-gu, Seoul 04539 Spain Paseo de Recoletos 7-9, 6a planta, 28004 Madrid, Spain Spain Paseo de Recoletos 7-9, 6a planta, 28004 Madrid, Spain Switzerland Claridenstrasse 41, Zurich 8002, Switzerland Taiwan Room F, 10th Floor, No. 1 Songzhi Road, Xin-Yi District, Taipei, Taiwan Thailand Level 12, Room No. 1259-1260, Harbor Mall office, 4/222 Moo 10, Sukhumvit Road, Thungsukhla, Sriracha, Chonburi 20230 Thailand Thailand Q House Lumpini, 17th Floor, Unit 1702, 1 South Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, Thailand Thailand 175 Sathorn City Tower, Level 18/1, South Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120 UAE WeWork Hub 71 Al Khatem Tower, ADGM, Abu Dhabi, UAE United Kingdom 11 Slingsby Place, St Martin\u2019s Courtyard, London WC2E 9AB United Kingdom 11 Slingsby Place, St Martin\u2019s Courtyard, London WC2E 9AB United Kingdom 11 Slingsby Place, St Martin\u2019s Courtyard, London WC2E 9AB United Kingdom 11 Slingsby Place, St Martin\u2019s Courtyard, London WC2E 9AB United Kingdom 11 Slingsby Place, St Martin\u2019s Courtyard, London WC2E 9AB United Kingdom 11 Slingsby Place, St Martin\u2019s Courtyard, London WC2E 9AB United Kingdom 11 Slingsby Place, St Martin\u2019s Courtyard, London WC2E 9AB United Kingdom 11 Slingsby Place, St Martin\u2019s Courtyard, London WC2E 9AB United Kingdom 11 Slingsby Place, St Martin\u2019s Courtyard, London WC2E 9AB USA 7 Times Square, Suite 4301, New York NY 10036 USA 11 Slingsby Place, St Martin\u2019s Courtyard, London WC2E 9AB USA 7 Times Square, Suite 4301, New York NY 10036 USA 520 Broadway, Suite 200, Santa Monica, CA, 90401, USA USA 7 Times Square, Suite 4301, New York NY 10036 USA 310 Comal Street, 2nd Floor, 271, Austin, TX 78702 Vietnam Unit 1, Level 9, The Metropolitan, 235 Dong Khoi Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-376": { "value": "11. Group investments Effective Subsidiary ownership of Principal undertaking ordinary shares activity Robert Walters Pty Limited 100%Recruitment consultancy Robert Walters Australia Pty Limited 100%Recruitment consultancy Resource Solutions Corporation Pty Limited 100% HR outsourcing services Robert Walters SA 100%Recruitment consultancy Robert Walters People Solutions SA 100%Recruitment consultancy Robert Walters Brazil Limitada 100%Recruitment consultancy Robert Walters Canada Inc 100%Recruitment consultancy Robert Walters Chile SpA 100%Recruitment consultancy Walters People Chile Empresa de Servicios Transitorios SpA 100%Recruitment consultancy Robert Walters Business Consulting (Shanghai) Ltd Company1 100%Recruitment consultancy Robert Walters Talent China Limited 100%Recruitment consultancy RS Resourcing S.r.o 100% HR outsourcing services Robert Walters SAS 100%Recruitment consultancy Walters People SAS 100%Recruitment consultancy Robert Walters Germany GMBH 100%Recruitment consultancy RS Resource Solutions GMBH 100% HR outsourcing services Resource Solutions Consulting (Hong Kong) Limited 100% HR outsourcing services Robert Walters (Hong Kong) Limited 100%Recruitment consultancy Resource Solutions India Private Limited 100% HR outsourcing services Resource Solutions Consulting Private Limited 100% HR outsourcing services PT. Robert Walters Indonesia2 49%Recruitment consultancy Robert Walters Limited 100%Recruitment consultancy Robert Walters Italy s.r.l. 100%Recruitment consultancy Robert Walters Japan KK 100%Recruitment consultancy Resource Solutions Japan KK 100% HR outsourcing services Robert Walters Resource Solutions Sdn Bhd 100% HR outsourcing services Agensi Pekerjaan Walters Sdn Bhd2 49%Recruitment consultancy Robert Walters Mauritius Limited 100%Recruitment consultancy Robert Walters Mexico S. de R.L. de C.V. 100%Recruitment consultancy Walters People BV 100%Recruitment consultancy Robert Walters BV 100%Recruitment consultancy SAI Holdings BV3 100% Holding Company Robert Walters New Zealand Limited 100%Recruitment consultancy Resource Solutions Global Service Centre (Philippines), Inc. 100% HR outsourcing services Resource Solutions sp. z o.o. 100% HR outsourcing services 1. This subsidiary has ceased operations during the year. 2. The holdings for Agensi Pekerjaan Walters Sdn Bhd and PT. Robert Walters Indonesia are 49%, however they are deemed 100% controlled. 3. Direct holdings of Robert Walters plc. Country of Registered incorporation address Australia Level 23, Queen & Collins Tower, 376-390 Collins Street, Melbourne VIC 3000, Australia Australia Level 23, Queen & Collins Tower, 376-390 Collins Street, Melbourne VIC 3000, Australia Australia Level 23, Queen & Collins Tower, 376-390 Collins Street, Melbourne VIC 3000, Australia Belgium Avenue Louise 326, 10th Floor, Brussels, 1050, Belgium Belgium Avenue Louise 326, 10th Floor, Brussels, 1050, Belgium Brazil Estado de Sao Paulo, na Rua do R\u00f3cio, n\u00ba 350, Edificio Atrium IX, Conjunto n\u00ba 41, 4\u00ba Andar, CEP 04552-000 Canada 145 King Street West, Suite 720, Toronto, Ontario M5X Chile Av. El Bosque Central 92, piso 6, Las Condes, Santiago, Chile Chile Av. El Bosque Central 92, piso 6, Las Condes, Santiago, Chile China Unit 2207A, No. 1601 West Nanjing Road, Jing\u2019an District, Shanghai, PRC China 2301, 302A, Suhe Centre, No. 99 North Shanxi Road, Jing\u2019an District, Shanghai, PRC Czech Republic N\u00e1dra\u017en\u00ed 344/23, Sm\u00edchov 150 00 Prague 5, Czech Republic France 6-8 rue Pergol\u00e8se, 75116, Paris, France France 6-8 rue Pergol\u00e8se, 75116, Paris, France Germany Fuerstenwall 172, 40217 Dusseldorf, Germany Germany Main Tower, Neue Mainzer Str. 52-58, 60311, Frankfurt am Main, Germany Hong Kong Unit 2001, 20/F, Nexxus Building, 41 Connaught Road Central, Hong Kong Hong Kong Unit 2001, 20/F, Nexxus Building, 41 Connaught Road Central, Hong Kong 12th Floor, My Home Twitza, Plot Nos, 30/A, Survey No,83/1,APIIC India Hyderabad knowledge City, Raidurg(Panmaqtha)Village, Seriligampally Mandal, Ranga Reddy Dist., Hyderabad, Telangana \u2013 500081 12th Floor, My Home Twitza, Plot Nos, 30/A, Survey No,83/1,APIIC India Hyderabad knowledge City, Raidurg(Panmaqtha)Village, Seriligampally Mandal, Ranga Reddy Dist., Hyderabad, Telangana \u2013 500081 Indonesia World Trade Centre 3, 18th Floor, Jl. Jend. Sudirman Kav. 29-31 Jakarta 12920, Indonesia Ireland 2 Dublin Landings, North Wall Quay, Dublin 1 Dublin, D D01 V4A3, Ireland Italy Via Giuseppe Mazzini 9, CAP 20123, Milano, Italy Japan Shibuya Minami Tokyu Building, 14th Floor 3-12-18 Shibuya, Shibuya-ku, Tokyo, 150-0002 Japan Ebisu Garden Place, 16th Floor, 4-20-3 Ebisu, Shibuya-ku, Tokyo 150-6018 Malaysia Suite 1005, 10th Floor Wisma Hamzah-Kwong Hing, No. 1 Leboh Ampang 50100 Kuala Lumpur, W.P. Kuala Lumpur, Malaysia Malaysia Suite 1005, 10th Floor Wisma Hamzah-Kwong Hing, No. 1 Leboh Ampang 50100 Kuala Lumpur, W.P. Kuala Lumpur, Malaysia Mauritius Chemin Vingt Pieds, 5th Floor, La Croisette Grand Bay Mauritius Mexico Bosque de Duraznos 69 Torre A 1101-C, Bosque de las Lomas, Miguel Hidalgo, Ciudad de M\u00e9xico, Mexico Netherlands WTC, TowerTen, Strawinskylaan 1057, Amsterdam, 1077 XX Netherlands WTC, TowerTen, Strawinskylaan 1057, Amsterdam, 1077 XX Netherlands Herikerberweg 283, 1101CM, Amsterdam, The Netherlands New Zealand Level 15, 2 Hunter Street Wellington 6011 Philippines 37/F Philamlife Tower, 8767 Paseo De Roxas Makati City, Manila 1226 Poland Grzybowska 2/29, 00-131 Warszawa, Poland Effective Subsidiary ownership of Principal undertaking ordinary shares activity Robert Walters Portugal Unipessoal Lda 100%Recruitment consultancy Robert Walters Arabia for Business Services 100% Advisory Services Resource Solutions Consulting (Singapore) Pte Ltd 100% HR outsourcing services Robert Walters (Singapore) Pte Ltd 100%Recruitment consultancy Robert Walters South Africa Proprietary Limited 100%Recruitment consultancy K2018112216 (South Africa) (Pty) Ltd (t/a Resource Solutions 100%Recruitment consultancy South Africa) Robert Walters Korea Limited 100%Recruitment consultancy Robert Walters Holding SAS Sucursal En Espana 100%Recruitment consultancy Walters People Sociedad Limitada Empresa 100%Recruitment consultancy de Trabajo Temporal Robert Walters Switzerland AG 100%Recruitment consultancy Robert Walters Company Limited (Taiwan) 100%Recruitment consultancy Robert Walters (Eastern Seaboard) Ltd1 100%Recruitment consultancy Robert Walters Recruitment (Thailand) Ltd 100%Recruitment consultancy Robert Walters Holdings (Thailand) Limited 100% Holding company Robert Walters Middle East Limited 100%Recruitment consultancy Robert Walters Dubai Ltd4 100%Recruitment consultancy Robert Walters Operations Limited 100%Recruitment consultancy Robert Walters Consultancy Limited5 100%Recruitment consultancy Resource Solutions Limited 100% HR outsourcing services Resource Solutions Europe Limited4 100% HR outsourcing services Resource Solutions Europe Limited External Profit Company 100% HR outsourcing services Resource Solutions Workforce Management Limited4 100%Recruitment consultancy Robert Walters Holdings Limited3,6 100% Holding Company Walters Interim Limited3 100%Recruitment consultancy Resource Solutions Inc (Delaware) 100% HR outsourcing services Resource Solutions Inc (Florida) 100% HR outsourcing services Robert Walters Associates Inc. 100%Recruitment consultancy Robert Walters Associates California Inc. 100%Recruitment consultancy Robert Walters Holdings North America Inc. 100%Recruitment consultancy Robert Walters Texas Inc. 100%Recruitment consultancy Robert Walters Vietnam Company Limited 100%Recruitment consultancy 1. This subsidiary has ceased operations during the year. 2. The holdings for Agensi Pekerjaan Walters Sdn Bhd and PT. Robert Walters Indonesia are 49%, however they are deemed 100% controlled. 3. Direct holdings of Robert Walters plc. 4. These companies qualify for an exemption to audit for non-dormant entities under the requirements of s479A of the Companies Act 2006. As such, no audit has been conducted for these companies in the current financial year. The registered numbers of the audit exempt subsidiaries are No. 07412854, No. 02086796 and No. 03542052. 5. These subsidiaries, all of which are incorporated in England and Wales, are exempt from the requirements of the UK Companies Act 2006 relating to the individual accounts by virtue of section 394A of that Act. 6. Robert Walters Holdings Limited has branch operations in South Africa. Country of Registered incorporation address Portugal Avenida da Liberdade 190 3\u00baB, 1269-046, Lisboa, Portugal Saudi Arabia 3141 Anas Ibn Malik, 8292 Al Malqa District, 13521, Riyadh, Kingdom of Saudi Arabia Singapore 6 Battery Road #09-01 Singapore 049909 Singapore 6 Battery Road #09-01 Singapore 049909 South Africa 19th Floor, GreenPark Corner, Cnr West Road South and Lower Road, Morningside, Sandton, Johannesburg, 2196 South Africa South Africa 19th Floor, GreenPark Corner, Cnr West Road South and Lower Road, Morningside, Sandton, Johannesburg, 2196 South Africa South Korea 21F East Center, Center 1 Building, 26 Euljiro 5 gil, Jung-gu, Seoul 04539 Spain Paseo de Recoletos 7-9, 6a planta, 28004 Madrid, Spain Spain Paseo de Recoletos 7-9, 6a planta, 28004 Madrid, Spain Switzerland Claridenstrasse 41, Zurich 8002, Switzerland Taiwan Room F, 10th Floor, No. 1 Songzhi Road, Xin-Yi District, Taipei, Taiwan Thailand Level 12, Room No. 1259-1260, Harbor Mall office, 4/222 Moo 10, Sukhumvit Road, Thungsukhla, Sriracha, Chonburi 20230 Thailand Thailand Q House Lumpini, 17th Floor, Unit 1702, 1 South Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, Thailand Thailand 175 Sathorn City Tower, Level 18/1, South Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120 UAE WeWork Hub 71 Al Khatem Tower, ADGM, Abu Dhabi, UAE United Kingdom 11 Slingsby Place, St Martin\u2019s Courtyard, London WC2E 9AB United Kingdom 11 Slingsby Place, St Martin\u2019s Courtyard, London WC2E 9AB United Kingdom 11 Slingsby Place, St Martin\u2019s Courtyard, London WC2E 9AB United Kingdom 11 Slingsby Place, St Martin\u2019s Courtyard, London WC2E 9AB United Kingdom 11 Slingsby Place, St Martin\u2019s Courtyard, London WC2E 9AB United Kingdom 11 Slingsby Place, St Martin\u2019s Courtyard, London WC2E 9AB United Kingdom 11 Slingsby Place, St Martin\u2019s Courtyard, London WC2E 9AB United Kingdom 11 Slingsby Place, St Martin\u2019s Courtyard, London WC2E 9AB United Kingdom 11 Slingsby Place, St Martin\u2019s Courtyard, London WC2E 9AB USA 7 Times Square, Suite 4301, New York NY 10036 USA 11 Slingsby Place, St Martin\u2019s Courtyard, London WC2E 9AB USA 7 Times Square, Suite 4301, New York NY 10036 USA 520 Broadway, Suite 200, Santa Monica, CA, 90401, USA USA 7 Times Square, Suite 4301, New York NY 10036 USA 310 Comal Street, 2nd Floor, 271, Austin, TX 78702 Vietnam Unit 1, Level 9, The Metropolitan, 235 Dong Khoi Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-399": { "value": "11. Group investments Effective Subsidiary ownership of Principal undertaking ordinary shares activity Robert Walters Pty Limited 100%Recruitment consultancy Robert Walters Australia Pty Limited 100%Recruitment consultancy Resource Solutions Corporation Pty Limited 100% HR outsourcing services Robert Walters SA 100%Recruitment consultancy Robert Walters People Solutions SA 100%Recruitment consultancy Robert Walters Brazil Limitada 100%Recruitment consultancy Robert Walters Canada Inc 100%Recruitment consultancy Robert Walters Chile SpA 100%Recruitment consultancy Walters People Chile Empresa de Servicios Transitorios SpA 100%Recruitment consultancy Robert Walters Business Consulting (Shanghai) Ltd Company1 100%Recruitment consultancy Robert Walters Talent China Limited 100%Recruitment consultancy RS Resourcing S.r.o 100% HR outsourcing services Robert Walters SAS 100%Recruitment consultancy Walters People SAS 100%Recruitment consultancy Robert Walters Germany GMBH 100%Recruitment consultancy RS Resource Solutions GMBH 100% HR outsourcing services Resource Solutions Consulting (Hong Kong) Limited 100% HR outsourcing services Robert Walters (Hong Kong) Limited 100%Recruitment consultancy Resource Solutions India Private Limited 100% HR outsourcing services Resource Solutions Consulting Private Limited 100% HR outsourcing services PT. Robert Walters Indonesia2 49%Recruitment consultancy Robert Walters Limited 100%Recruitment consultancy Robert Walters Italy s.r.l. 100%Recruitment consultancy Robert Walters Japan KK 100%Recruitment consultancy Resource Solutions Japan KK 100% HR outsourcing services Robert Walters Resource Solutions Sdn Bhd 100% HR outsourcing services Agensi Pekerjaan Walters Sdn Bhd2 49%Recruitment consultancy Robert Walters Mauritius Limited 100%Recruitment consultancy Robert Walters Mexico S. de R.L. de C.V. 100%Recruitment consultancy Walters People BV 100%Recruitment consultancy Robert Walters BV 100%Recruitment consultancy SAI Holdings BV3 100% Holding Company Robert Walters New Zealand Limited 100%Recruitment consultancy Resource Solutions Global Service Centre (Philippines), Inc. 100% HR outsourcing services Resource Solutions sp. z o.o. 100% HR outsourcing services 1. This subsidiary has ceased operations during the year. 2. The holdings for Agensi Pekerjaan Walters Sdn Bhd and PT. Robert Walters Indonesia are 49%, however they are deemed 100% controlled. 3. Direct holdings of Robert Walters plc. Country of Registered incorporation address Australia Level 23, Queen & Collins Tower, 376-390 Collins Street, Melbourne VIC 3000, Australia Australia Level 23, Queen & Collins Tower, 376-390 Collins Street, Melbourne VIC 3000, Australia Australia Level 23, Queen & Collins Tower, 376-390 Collins Street, Melbourne VIC 3000, Australia Belgium Avenue Louise 326, 10th Floor, Brussels, 1050, Belgium Belgium Avenue Louise 326, 10th Floor, Brussels, 1050, Belgium Brazil Estado de Sao Paulo, na Rua do R\u00f3cio, n\u00ba 350, Edificio Atrium IX, Conjunto n\u00ba 41, 4\u00ba Andar, CEP 04552-000 Canada 145 King Street West, Suite 720, Toronto, Ontario M5X Chile Av. El Bosque Central 92, piso 6, Las Condes, Santiago, Chile Chile Av. El Bosque Central 92, piso 6, Las Condes, Santiago, Chile China Unit 2207A, No. 1601 West Nanjing Road, Jing\u2019an District, Shanghai, PRC China 2301, 302A, Suhe Centre, No. 99 North Shanxi Road, Jing\u2019an District, Shanghai, PRC Czech Republic N\u00e1dra\u017en\u00ed 344/23, Sm\u00edchov 150 00 Prague 5, Czech Republic France 6-8 rue Pergol\u00e8se, 75116, Paris, France France 6-8 rue Pergol\u00e8se, 75116, Paris, France Germany Fuerstenwall 172, 40217 Dusseldorf, Germany Germany Main Tower, Neue Mainzer Str. 52-58, 60311, Frankfurt am Main, Germany Hong Kong Unit 2001, 20/F, Nexxus Building, 41 Connaught Road Central, Hong Kong Hong Kong Unit 2001, 20/F, Nexxus Building, 41 Connaught Road Central, Hong Kong 12th Floor, My Home Twitza, Plot Nos, 30/A, Survey No,83/1,APIIC India Hyderabad knowledge City, Raidurg(Panmaqtha)Village, Seriligampally Mandal, Ranga Reddy Dist., Hyderabad, Telangana \u2013 500081 12th Floor, My Home Twitza, Plot Nos, 30/A, Survey No,83/1,APIIC India Hyderabad knowledge City, Raidurg(Panmaqtha)Village, Seriligampally Mandal, Ranga Reddy Dist., Hyderabad, Telangana \u2013 500081 Indonesia World Trade Centre 3, 18th Floor, Jl. Jend. Sudirman Kav. 29-31 Jakarta 12920, Indonesia Ireland 2 Dublin Landings, North Wall Quay, Dublin 1 Dublin, D D01 V4A3, Ireland Italy Via Giuseppe Mazzini 9, CAP 20123, Milano, Italy Japan Shibuya Minami Tokyu Building, 14th Floor 3-12-18 Shibuya, Shibuya-ku, Tokyo, 150-0002 Japan Ebisu Garden Place, 16th Floor, 4-20-3 Ebisu, Shibuya-ku, Tokyo 150-6018 Malaysia Suite 1005, 10th Floor Wisma Hamzah-Kwong Hing, No. 1 Leboh Ampang 50100 Kuala Lumpur, W.P. Kuala Lumpur, Malaysia Malaysia Suite 1005, 10th Floor Wisma Hamzah-Kwong Hing, No. 1 Leboh Ampang 50100 Kuala Lumpur, W.P. Kuala Lumpur, Malaysia Mauritius Chemin Vingt Pieds, 5th Floor, La Croisette Grand Bay Mauritius Mexico Bosque de Duraznos 69 Torre A 1101-C, Bosque de las Lomas, Miguel Hidalgo, Ciudad de M\u00e9xico, Mexico Netherlands WTC, TowerTen, Strawinskylaan 1057, Amsterdam, 1077 XX Netherlands WTC, TowerTen, Strawinskylaan 1057, Amsterdam, 1077 XX Netherlands Herikerberweg 283, 1101CM, Amsterdam, The Netherlands New Zealand Level 15, 2 Hunter Street Wellington 6011 Philippines 37/F Philamlife Tower, 8767 Paseo De Roxas Makati City, Manila 1226 Poland Grzybowska 2/29, 00-131 Warszawa, Poland Effective Subsidiary ownership of Principal undertaking ordinary shares activity Robert Walters Portugal Unipessoal Lda 100%Recruitment consultancy Robert Walters Arabia for Business Services 100% Advisory Services Resource Solutions Consulting (Singapore) Pte Ltd 100% HR outsourcing services Robert Walters (Singapore) Pte Ltd 100%Recruitment consultancy Robert Walters South Africa Proprietary Limited 100%Recruitment consultancy K2018112216 (South Africa) (Pty) Ltd (t/a Resource Solutions 100%Recruitment consultancy South Africa) Robert Walters Korea Limited 100%Recruitment consultancy Robert Walters Holding SAS Sucursal En Espana 100%Recruitment consultancy Walters People Sociedad Limitada Empresa 100%Recruitment consultancy de Trabajo Temporal Robert Walters Switzerland AG 100%Recruitment consultancy Robert Walters Company Limited (Taiwan) 100%Recruitment consultancy Robert Walters (Eastern Seaboard) Ltd1 100%Recruitment consultancy Robert Walters Recruitment (Thailand) Ltd 100%Recruitment consultancy Robert Walters Holdings (Thailand) Limited 100% Holding company Robert Walters Middle East Limited 100%Recruitment consultancy Robert Walters Dubai Ltd4 100%Recruitment consultancy Robert Walters Operations Limited 100%Recruitment consultancy Robert Walters Consultancy Limited5 100%Recruitment consultancy Resource Solutions Limited 100% HR outsourcing services Resource Solutions Europe Limited4 100% HR outsourcing services Resource Solutions Europe Limited External Profit Company 100% HR outsourcing services Resource Solutions Workforce Management Limited4 100%Recruitment consultancy Robert Walters Holdings Limited3,6 100% Holding Company Walters Interim Limited3 100%Recruitment consultancy Resource Solutions Inc (Delaware) 100% HR outsourcing services Resource Solutions Inc (Florida) 100% HR outsourcing services Robert Walters Associates Inc. 100%Recruitment consultancy Robert Walters Associates California Inc. 100%Recruitment consultancy Robert Walters Holdings North America Inc. 100%Recruitment consultancy Robert Walters Texas Inc. 100%Recruitment consultancy Robert Walters Vietnam Company Limited 100%Recruitment consultancy 1. This subsidiary has ceased operations during the year. 2. The holdings for Agensi Pekerjaan Walters Sdn Bhd and PT. Robert Walters Indonesia are 49%, however they are deemed 100% controlled. 3. Direct holdings of Robert Walters plc. 4. These companies qualify for an exemption to audit for non-dormant entities under the requirements of s479A of the Companies Act 2006. As such, no audit has been conducted for these companies in the current financial year. The registered numbers of the audit exempt subsidiaries are No. 07412854, No. 02086796 and No. 03542052. 5. These subsidiaries, all of which are incorporated in England and Wales, are exempt from the requirements of the UK Companies Act 2006 relating to the individual accounts by virtue of section 394A of that Act. 6. Robert Walters Holdings Limited has branch operations in South Africa. Country of Registered incorporation address Portugal Avenida da Liberdade 190 3\u00baB, 1269-046, Lisboa, Portugal Saudi Arabia 3141 Anas Ibn Malik, 8292 Al Malqa District, 13521, Riyadh, Kingdom of Saudi Arabia Singapore 6 Battery Road #09-01 Singapore 049909 Singapore 6 Battery Road #09-01 Singapore 049909 South Africa 19th Floor, GreenPark Corner, Cnr West Road South and Lower Road, Morningside, Sandton, Johannesburg, 2196 South Africa South Africa 19th Floor, GreenPark Corner, Cnr West Road South and Lower Road, Morningside, Sandton, Johannesburg, 2196 South Africa South Korea 21F East Center, Center 1 Building, 26 Euljiro 5 gil, Jung-gu, Seoul 04539 Spain Paseo de Recoletos 7-9, 6a planta, 28004 Madrid, Spain Spain Paseo de Recoletos 7-9, 6a planta, 28004 Madrid, Spain Switzerland Claridenstrasse 41, Zurich 8002, Switzerland Taiwan Room F, 10th Floor, No. 1 Songzhi Road, Xin-Yi District, Taipei, Taiwan Thailand Level 12, Room No. 1259-1260, Harbor Mall office, 4/222 Moo 10, Sukhumvit Road, Thungsukhla, Sriracha, Chonburi 20230 Thailand Thailand Q House Lumpini, 17th Floor, Unit 1702, 1 South Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, Thailand Thailand 175 Sathorn City Tower, Level 18/1, South Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120 UAE WeWork Hub 71 Al Khatem Tower, ADGM, Abu Dhabi, UAE United Kingdom 11 Slingsby Place, St Martin\u2019s Courtyard, London WC2E 9AB United Kingdom 11 Slingsby Place, St Martin\u2019s Courtyard, London WC2E 9AB United Kingdom 11 Slingsby Place, St Martin\u2019s Courtyard, London WC2E 9AB United Kingdom 11 Slingsby Place, St Martin\u2019s Courtyard, London WC2E 9AB United Kingdom 11 Slingsby Place, St Martin\u2019s Courtyard, London WC2E 9AB United Kingdom 11 Slingsby Place, St Martin\u2019s Courtyard, London WC2E 9AB United Kingdom 11 Slingsby Place, St Martin\u2019s Courtyard, London WC2E 9AB United Kingdom 11 Slingsby Place, St Martin\u2019s Courtyard, London WC2E 9AB United Kingdom 11 Slingsby Place, St Martin\u2019s Courtyard, London WC2E 9AB USA 7 Times Square, Suite 4301, New York NY 10036 USA 11 Slingsby Place, St Martin\u2019s Courtyard, London WC2E 9AB USA 7 Times Square, Suite 4301, New York NY 10036 USA 520 Broadway, Suite 200, Santa Monica, CA, 90401, USA USA 7 Times Square, Suite 4301, New York NY 10036 USA 310 Comal Street, 2nd Floor, 271, Austin, TX 78702 Vietnam Unit 1, Level 9, The Metropolitan, 235 Dong Khoi Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-377": { "value": "
12. Trade and other receivables
2025 2024
\u00a3 millions \u00a3 millions
Receivables due within one year:
Trade receivables
71.5
95.7
Other receivables
8.3
9.8
Prepayments
7.3
6.4
Accrued income
39.3
45.6
126.4
157.5
Included within accrued income is a provision against the cancellation of placements where a candidate may reverse
their acceptance prior to the start date.
The value of this provision as of 31 December 2025 is \u00a31.2m (31 December 2024: \u00a31.3m). The movement in the provision during
the year is a credit to the income statement of \u00a3100,000 (2024: credit of \u00a3130,000). Accrued income, representing contract
assets and earned but not invoiced revenue, are expected to convert into contract receivables within four months of recognition.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-351": { "value": "12. Trade and other receivables
2025 2024
\u00a3 millions \u00a3 millions
Receivables due within one year:
Trade receivables
71.5
95.7
Other receivables
8.3
9.8
Prepayments
7.3
6.4
Accrued income
39.3
45.6
126.4
157.5
Included within accrued income is a provision against the cancellation of placements where a candidate may reverse their acceptance prior to the start date. The value of this provision as of 31 December 2025 is \u00a31.2m (31 December 2024: \u00a31.3m). The movement in the provision during the year is a credit to the income statement of \u00a3100,000 (2024: credit of \u00a3130,000). Accrued income, representing contract assets and earned but not invoiced revenue, are expected to convert into contract receivables within four months of recognition.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-400": { "value": "12. Trade and other receivables
2025 2024
\u00a3 millions \u00a3 millions
Receivables due within one year:
Trade receivables
71.5
95.7
Other receivables
8.3
9.8
Prepayments
7.3
6.4
Accrued income
39.3
45.6
126.4
157.5
Included within accrued income is a provision against the cancellation of placements where a candidate may reverse their acceptance prior to the start date. The value of this provision as of 31 December 2025 is \u00a31.2m (31 December 2024: \u00a31.3m). The movement in the provision during the year is a credit to the income statement of \u00a3100,000 (2024: credit of \u00a3130,000). Accrued income, representing contract assets and earned but not invoiced revenue, are expected to convert into contract receivables within four months of recognition.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-411": { "value": "12. Trade and other receivables
2025 2024
\u00a3 millions \u00a3 millions
Receivables due within one year:
Trade receivables
71.5
95.7
Other receivables
8.3
9.8
Prepayments
7.3
6.4
Accrued income
39.3
45.6
126.4
157.5
Included within accrued income is a provision against the cancellation of placements where a candidate may reverse their acceptance prior to the start date. The value of this provision as of 31 December 2025 is \u00a31.2m (31 December 2024: \u00a31.3m). The movement in the provision during the year is a credit to the income statement of \u00a3100,000 (2024: credit of \u00a3130,000). Accrued income, representing contract assets and earned but not invoiced revenue, are expected to convert into contract receivables within four months of recognition.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-412": { "value": "
13. Trade payables and other payables: amounts falling due within one year
2025 2025 2024 2024
\u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions
Trade payables
6.3
8.3
Other taxation and social security
20.8
28.8
Other payables
1
19.6
22.1
Accruals
2
48.3
62.3
95.0
121.5
1. Other payables includes amounts owing to employees, contractor and benefit providers.
2. Accruals includes bonus accruals, holiday pay and temporary contractor costs that will be paid out in the following year.
There were no contract liabilities in the year (2024: nil). There is no material difference between the fair value and
the carrying value of the Group\u2019s trade and other payables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-352": { "value": "13. Trade payables and other payables: amounts falling due within one year
2025 2025 2024 2024
\u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions
Trade payables
6.3
8.3
Other taxation and social security
20.8
28.8
Other payables
1
19.6
22.1
Accruals
2
48.3
62.3
95.0
121.5
1. Other payables includes amounts owing to employees, contractor and benefit providers. 2. Accruals includes bonus accruals, holiday pay and temporary contractor costs that will be paid out in the following year. There were no contract liabilities in the year (2024: nil). There is no material difference between the fair value and the carrying value of the Group\u2019s trade and other payables. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-378": { "value": "13. Trade payables and other payables: amounts falling due within one year
2025 2025 2024 2024
\u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions
Trade payables
6.3
8.3
Other taxation and social security
20.8
28.8
Other payables
1
19.6
22.1
Accruals
2
48.3
62.3
95.0
121.5
1. Other payables includes amounts owing to employees, contractor and benefit providers. 2. Accruals includes bonus accruals, holiday pay and temporary contractor costs that will be paid out in the following year. There were no contract liabilities in the year (2024: nil). There is no material difference between the fair value and the carrying value of the Group\u2019s trade and other payables. 14. Bank overdrafts and borrowings
2025 2024
\u00a3 millions \u00a3 millions
Bank overdrafts and borrowings: current
22.9
15.6
22.9
15.6
The borrowings are repayable as follows:
Within one year
22.9
15.6
22.9
15.6
During the year the Group had a \u00a360.0m invoice discount facility in the UK, which enabled the UK business to discount a proportion of the amounts due from its clients. As at 31 December 2025, \u00a311.7m (31 December 2024: \u00a315.6m) was drawn down under this facility, being the maximum amount possible at that time. Subsequent to the year end, the Group extended the facility to March 2029 and reduced it to \u00a335.0m, with all other operational terms broadly unchanged. The extended facility contains a tangible net worth covenant, which will be tested quarterly, and applies to the UK entities party to the facility (excluding Robert Walters plc). The expected compliance with this covenant has been reviewed as part of the going concern assessment, and no potential breaches have been identified. The Group arranged a \u00a320.0m overdraft in the UK during the year, which was subsequently extended to 31 July 2026. The overdraft tapers from \u00a320m to \u00a310m by 31 March 2026, before expiring on 31 July 2026. The Group does not currently envisage a requirement to seek renewal. At 31 December 2025, \u00a311.2m (2024: nil) was drawn down under this facility. The Group continues to manage its liquidity requirements in the UK via the above facilities, together with the transfer of cash from overseas businesses principally via management recharges, dividends and inter-company loans. The Group has not entered into any reverse factoring arrangements during the year ended 31 December 2025 (2024: none). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-417": { "value": "13. Trade payables and other payables: amounts falling due within one year
2025 2025 2024 2024
\u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions
Trade payables
6.3
8.3
Other taxation and social security
20.8
28.8
Other payables
1
19.6
22.1
Accruals
2
48.3
62.3
95.0
121.5
1. Other payables includes amounts owing to employees, contractor and benefit providers. 2. Accruals includes bonus accruals, holiday pay and temporary contractor costs that will be paid out in the following year. There were no contract liabilities in the year (2024: nil). There is no material difference between the fair value and the carrying value of the Group\u2019s trade and other payables. 14. Bank overdrafts and borrowings
2025 2024
\u00a3 millions \u00a3 millions
Bank overdrafts and borrowings: current
22.9
15.6
22.9
15.6
The borrowings are repayable as follows:
Within one year
22.9
15.6
22.9
15.6
During the year the Group had a \u00a360.0m invoice discount facility in the UK, which enabled the UK business to discount a proportion of the amounts due from its clients. As at 31 December 2025, \u00a311.7m (31 December 2024: \u00a315.6m) was drawn down under this facility, being the maximum amount possible at that time. Subsequent to the year end, the Group extended the facility to March 2029 and reduced it to \u00a335.0m, with all other operational terms broadly unchanged. The extended facility contains a tangible net worth covenant, which will be tested quarterly, and applies to the UK entities party to the facility (excluding Robert Walters plc). The expected compliance with this covenant has been reviewed as part of the going concern assessment, and no potential breaches have been identified. The Group arranged a \u00a320.0m overdraft in the UK during the year, which was subsequently extended to 31 July 2026. The overdraft tapers from \u00a320m to \u00a310m by 31 March 2026, before expiring on 31 July 2026. The Group does not currently envisage a requirement to seek renewal. At 31 December 2025, \u00a311.2m (2024: nil) was drawn down under this facility. The Group continues to manage its liquidity requirements in the UK via the above facilities, together with the transfer of cash from overseas businesses principally via management recharges, dividends and inter-company loans. The Group has not entered into any reverse factoring arrangements during the year ended 31 December 2025 (2024: none). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-401": { "value": "
14. Bank overdrafts and borrowings
2025 2024
\u00a3 millions \u00a3 millions
Bank overdrafts and borrowings: current
22.9
15.6
22.9
15.6
The borrowings are repayable as follows:
Within one year
22.9
15.6
22.9
15.6
During the year the Group had a \u00a360.0m invoice discount facility in the UK, which enabled the UK business to discount
a proportion of the amounts due from its clients. As at 31 December 2025, \u00a311.7m (31 December 2024: \u00a315.6m) was
drawn down under this facility, being the maximum amount possible at that time. Subsequent to the year end, the Group
extended the facility to March 2029 and reduced it to \u00a335.0m, with all other operational terms broadly unchanged. The
extended facility contains a tangible net worth covenant, which will be tested quarterly, and applies to the UK entities party
to the facility (excluding Robert Walters plc). The expected compliance with this covenant has been reviewed as part of the
going concern assessment, and no potential breaches have been identified.
The Group arranged a \u00a320.0m overdraft in the UK during the year, which was subsequently extended to 31 July 2026. The
overdraft tapers from \u00a320m to \u00a310m by 31 March 2026, before expiring on 31 July 2026. The Group does not currently
envisage a requirement to seek renewal. At 31 December 2025, \u00a311.2m (2024: nil) was drawn down under this facility.
The Group continues to manage its liquidity requirements in the UK via the above facilities, together with the transfer
of cash from overseas businesses principally via management recharges, dividends and inter-company loans.
The Group has not entered into any reverse factoring arrangements during the year ended 31 December 2025 (2024: none).
(vi) Financial liabilities The Group financed its operations during the year through a mixture of retained earnings, a four-year committed Pounds Sterling sales financing facility, expiring in March 2027, and an overdraft facility, expiring in May 2026, which has subsequently been renewed, as disclosed within note 14. The average effective interest rate for 2025 on the sales financing facility approximates to 5.70% and is determined upon the lenders\u2019 published rate plus 1.45%. As the rates are floating, the Group is exposed to cash flow risk. Further details in respect of these loans are disclosed in note 14 to the accounts. Trade and other payables are settled within normal terms of business and are payable in less than 120 days. The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored within the Group\u2019s treasury function.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-323": { "value": "14. Bank overdrafts and borrowings
2025 2024
\u00a3 millions \u00a3 millions
Bank overdrafts and borrowings: current
22.9
15.6
22.9
15.6
The borrowings are repayable as follows:
Within one year
22.9
15.6
22.9
15.6
During the year the Group had a \u00a360.0m invoice discount facility in the UK, which enabled the UK business to discount a proportion of the amounts due from its clients. As at 31 December 2025, \u00a311.7m (31 December 2024: \u00a315.6m) was drawn down under this facility, being the maximum amount possible at that time. Subsequent to the year end, the Group extended the facility to March 2029 and reduced it to \u00a335.0m, with all other operational terms broadly unchanged. The extended facility contains a tangible net worth covenant, which will be tested quarterly, and applies to the UK entities party to the facility (excluding Robert Walters plc). The expected compliance with this covenant has been reviewed as part of the going concern assessment, and no potential breaches have been identified. The Group arranged a \u00a320.0m overdraft in the UK during the year, which was subsequently extended to 31 July 2026. The overdraft tapers from \u00a320m to \u00a310m by 31 March 2026, before expiring on 31 July 2026. The Group does not currently envisage a requirement to seek renewal. At 31 December 2025, \u00a311.2m (2024: nil) was drawn down under this facility. The Group continues to manage its liquidity requirements in the UK via the above facilities, together with the transfer of cash from overseas businesses principally via management recharges, dividends and inter-company loans. The Group has not entered into any reverse factoring arrangements during the year ended 31 December 2025 (2024: none). 17. Financial risk management The Group\u2019s financial instruments comprise cash and liquid resources and various items, such as trade receivables, trade payables, etc. that arise directly from its operations. The main purpose of these financial instruments is to finance the Group\u2019s operations. The Group has not entered into derivative transactions and no gains or losses on hedges have been incurred. The main risks arising from the Group\u2019s financial instruments are foreign currency risk, liquidity risk and interest rate risk. (i) Financial assets Surplus cash balances are invested in financial institutions with favourable credit ratings that offer competitive rates of return, while still providing the Group with flexibility in its cash management.
2025 2024
Cash \u00a3 millions \u00a3 millions
Euros
12.5
21.2
Japanese Yen
6.5
8.5
Australian Dollars
4.1
3.6
Hong Kong Dollars
3.8
6.9
New Zealand Dollars
3.4
4.5
Chinese Renminbi
3.0
3.1
US Dollars
2.4
1.4
Singapore Dollars
1.7
3.1
South Korean Won
1.6
2.5
Taiwan Dollar
1.4
2.0
Malaysian Ringgit
1.3
1.8
Chilean Peso
1.3
1.3
Swiss Franc
1.2
0.7
Great British Pounds Sterling
0.7
1.5
Other
4.2
6.0
49.1
68.1
All financial assets, as detailed above, are at floating rate. There is no material difference between the fair value and the carrying value of the financial assets. (ii) Currency exposures The main currencies of the Group are Pounds Sterling, the Euro, Australian Dollar and Yen. The Group does not have material transactional exposures because in the local entities, revenues and costs are in their functional currencies. There are no material net foreign exchange exposures to monetary assets and monetary liabilities. The Group has translation exposure in accounting for overseas operations and its policy is not to hedge against this exposure. (iii) Liquidity risk The Group\u2019s overall objective is to ensure that at all times it is able to meet its financial commitments as and when they fall due. Surplus funds are invested on short-term deposit. Short-term flexibility is achieved by overdraft facilities, if appropriate. The capital structure of the Group consists of net cash of \u00a326.2m and equity of the Group, comprising issued share capital, reserves and retained earnings as disclosed in notes 18 to 20. (iv) Interest rate risk The Group manages its cash funds through its London head office and does not actively manage its exposure to interest rate fluctuations. Surplus funds in the UK earn interest at a rate linked to the Bank of England base rate. Surplus funds in other countries earn interest based on a number of different indices, varying from country to country. (v) Credit risk The Group\u2019s principal financial assets are bank balances and cash, trade and other receivables and investments. The Group\u2019s credit risk is primarily in respect of trade receivables. Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has adopted a policy of only dealing with counterparties that are deemed creditworthy and obtaining sufficient collateral where appropriate, as a means of mitigating the risk of financial loss from defaults. The Group transacts with entities that are considered to have adequate credit ratings. This information is supplied by independent rating agencies where available and if not available the Group uses other publicly available financial information and its own trading records to rate its major customers. The Group\u2019s exposure and the credit ratings of its counterparties are regularly monitored. Credit exposure is controlled by counterparty limits that are reviewed and approved by management. Trade receivables consist of a large number of customers, spread across industry sectors and geographical locations. In a number of territories in which the Group operates, particularly in the contract and interim businesses, invoices are contractually payable on demand. Ongoing credit evaluation is performed on the financial condition of accounts receivable and, if considered appropriate, credit guarantee insurance cover is purchased. The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables and contract assets. To measure expected credit losses on a collective basis, trade receivables and contract assets are grouped based on similar credit risk and ageing. The contract assets have similar risk characteristics to the trade receivables for similar types of contracts. The expected credit losses are estimated using a provision matrix and applying a probability of default. Probability of default is an estimate of the likelihood of default over a given time horizon, the calculation of which includes historical data, assumptions and expectations of future conditions and the impact of uncertainty in the macro-economic environment. The expected loss rates are based on the Group\u2019s historical credit losses experienced over the three-year period prior to the period end. When measuring expected credit losses the Group uses reasonable and supportable forward-looking information, adjusting for factors that are specific to the debtors and general economic conditions of the industry in which the debtors operate.
31 - 60 days 61 - 90 days More than 91
Current past due past due
days past due
Total
31 December 2025
Expected loss rate
0.3%
1.5%
1.1%
51.2%
3.8%
Trade receivables (\u00a3\u2019millions)
28.6
32.7
8.9
4.1
74.3
Bad debt provision (\u00a3\u2019millions)
0.1
0.5
0.1
2.1
2.8
31 - 60 days 61 - 90 days More than 91
Current past due past due
days past due
Total
31 December 2024
Expected loss rate
0.3%
1.7%
1.3%
42.2%
2.9%
Trade receivables (\u00a3\u2019millions)
36.1
42.0
16.0
4.5 98.6
Bad debt provision (\u00a3\u2019millions)
0.1
0.7
0.2
1.9
2.9
(vi) Financial liabilities The Group financed its operations during the year through a mixture of retained earnings, a four-year committed Pounds Sterling sales financing facility, expiring in March 2027, and an overdraft facility, expiring in May 2026, which has subsequently been renewed, as disclosed within note 14. The average effective interest rate for 2025 on the sales financing facility approximates to 5.70% and is determined upon the lenders\u2019 published rate plus 1.45%. As the rates are floating, the Group is exposed to cash flow risk. Further details in respect of these loans are disclosed in note 14 to the accounts. Trade and other payables are settled within normal terms of business and are payable in less than 120 days. The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored within the Group\u2019s treasury function.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-413": { "value": "14. Bank overdrafts and borrowings
2025 2024
\u00a3 millions \u00a3 millions
Bank overdrafts and borrowings: current
22.9
15.6
22.9
15.6
The borrowings are repayable as follows:
Within one year
22.9
15.6
22.9
15.6
During the year the Group had a \u00a360.0m invoice discount facility in the UK, which enabled the UK business to discount a proportion of the amounts due from its clients. As at 31 December 2025, \u00a311.7m (31 December 2024: \u00a315.6m) was drawn down under this facility, being the maximum amount possible at that time. Subsequent to the year end, the Group extended the facility to March 2029 and reduced it to \u00a335.0m, with all other operational terms broadly unchanged. The extended facility contains a tangible net worth covenant, which will be tested quarterly, and applies to the UK entities party to the facility (excluding Robert Walters plc). The expected compliance with this covenant has been reviewed as part of the going concern assessment, and no potential breaches have been identified. The Group arranged a \u00a320.0m overdraft in the UK during the year, which was subsequently extended to 31 July 2026. The overdraft tapers from \u00a320m to \u00a310m by 31 March 2026, before expiring on 31 July 2026. The Group does not currently envisage a requirement to seek renewal. At 31 December 2025, \u00a311.2m (2024: nil) was drawn down under this facility. The Group continues to manage its liquidity requirements in the UK via the above facilities, together with the transfer of cash from overseas businesses principally via management recharges, dividends and inter-company loans. The Group has not entered into any reverse factoring arrangements during the year ended 31 December 2025 (2024: none). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-415": { "value": "14. Bank overdrafts and borrowings
2025 2024
\u00a3 millions \u00a3 millions
Bank overdrafts and borrowings: current
22.9
15.6
22.9
15.6
The borrowings are repayable as follows:
Within one year
22.9
15.6
22.9
15.6
During the year the Group had a \u00a360.0m invoice discount facility in the UK, which enabled the UK business to discount a proportion of the amounts due from its clients. As at 31 December 2025, \u00a311.7m (31 December 2024: \u00a315.6m) was drawn down under this facility, being the maximum amount possible at that time. Subsequent to the year end, the Group extended the facility to March 2029 and reduced it to \u00a335.0m, with all other operational terms broadly unchanged. The extended facility contains a tangible net worth covenant, which will be tested quarterly, and applies to the UK entities party to the facility (excluding Robert Walters plc). The expected compliance with this covenant has been reviewed as part of the going concern assessment, and no potential breaches have been identified. The Group arranged a \u00a320.0m overdraft in the UK during the year, which was subsequently extended to 31 July 2026. The overdraft tapers from \u00a320m to \u00a310m by 31 March 2026, before expiring on 31 July 2026. The Group does not currently envisage a requirement to seek renewal. At 31 December 2025, \u00a311.2m (2024: nil) was drawn down under this facility. The Group continues to manage its liquidity requirements in the UK via the above facilities, together with the transfer of cash from overseas businesses principally via management recharges, dividends and inter-company loans. The Group has not entered into any reverse factoring arrangements during the year ended 31 December 2025 (2024: none). ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-379": { "value": "
15. Deferred taxation
The following are the major tax assets (liabilities) recognised by the Group and the movements during the current
and prior year.
Accelerated Share-based Accruals and
depreciation Tax losses payment provisions Total
\u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions
At 1 January 2024
(1.2)
6.8
1.2
4.8
11.6
Charge to income
(1.1)
0.1
0.2
0.6
(0.2)
Credit to equity
-
-
(0.1)
-
(0.1)
Foreign currency translation differences
-
(0.1)
-
(0.4)
(0.5)
At 31 December 2024
(2.3)
6.8
1.3
5.0
10.8
Charge to income
(0.1)
(3.0)
-
(0.2)
(3.3)
Credit to equity
-
-
(0.5)
-
(0.5)
Foreign currency translation differences
-
-
-
(0.1)
(0.1)
At 31 December 2025
(2.4)
3.8
0.8
4.7
6.9
Certain deferred tax assets and liabilities have been offset. The following is the analysis of the deferred tax balances
(after offset) for financial reporting purposes:
2025 2025 2024 2024
Group Group \u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions
Deferred tax assets
7.0
11.1
Deferred tax liabilities
(0.1)
(0.3)
6.9
10.8
The deferred tax included in the balance sheet is as follows:
2025
2024 2024
Net DTA Net DTA
Gross DTA
Gross DTL Gross DTL Net DTA Net DTA Gross DTA Gross DTA Gross DTL Gross DTL
(debtors)
(debtors)
(creditors) (creditors) (debtors) (debtors) (debtors) (debtors) (creditors) (creditors)
\u00a3 millions
\u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions
Included in debtors
6.9
7.0
(0.1)
10.8
11.1
(0.3)
Accelerated depreciation
(0.1)
(0.1)
-
(1.1)
(1.1)
-
Tax losses
(3.0)
(3.0)
-
-
-
-
Share based payments
(0.5)
(0.5)
-
0.1
0.1
-
Accruals and provisions
(0.3)
1.1
(1.4)
0.2
0.3
(0.1)
Provision for deferred tax
(3.9)
(2.5)
(1.4)
(0.8)
(0.7)
(0.1)
As at 1 January
10.8
11.1
(0.3)
11.6
11.8
(0.2)
Deferred tax charge in consolidated
(3.3)
(3.5)
0.2
(0.2)
(0.1)
(0.1)
income statement
Deferred tax charge in equity
(0.5)
(0.5)
-
(0.1)
(0.1)
-
Foreign currency translation differences
(0.1)
(0.1)
-
(0.5)
(0.5)
-
As at 31 December
6.9
7.0
(0.1)
10.8
11.1
(0.3)
At 31 December 2025, no deferred tax liability is recognised on temporary differences of \u00a322.6m (2024: \u00a330.8m)
relating to the unremitted earnings of overseas subsidiaries as the Group is able to control the timing and reversal of
these temporary differences and it is probable that they will not reverse in the foreseeable future.
Where a reversal is foreseeable, deferred tax liabilities are provided for using the relevant tax rate applicable on
distributed profits.
Deferred tax assets of \u00a33.8m (2024: \u00a36.8m) have been recognised in respect of carried forward losses and latest forecasts
show that these are expected to be recovered against future profit streams.
The Group has total unrecognised deferred tax assets relating to tax losses of \u00a342.9m (2024: \u00a320.9m) of which \u00a340.9m
(2024: \u00a320.0m) have no time restriction over when they can be utilised, and the remaining \u00a32.0m (2024: \u00a30.9m) are time
restricted, for which the weighted average period over which they can be utilised is seven years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-402": { "value": "15. Deferred taxation The following are the major tax assets (liabilities) recognised by the Group and the movements during the current and prior year.
Accelerated Share-based Accruals and
depreciation Tax losses payment provisions Total
\u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions
At 1 January 2024
(1.2)
6.8
1.2
4.8
11.6
Charge to income
(1.1)
0.1
0.2
0.6
(0.2)
Credit to equity
-
-
(0.1)
-
(0.1)
Foreign currency translation differences
-
(0.1)
-
(0.4)
(0.5)
At 31 December 2024
(2.3)
6.8
1.3
5.0
10.8
Charge to income
(0.1)
(3.0)
-
(0.2)
(3.3)
Credit to equity
-
-
(0.5)
-
(0.5)
Foreign currency translation differences
-
-
-
(0.1)
(0.1)
At 31 December 2025
(2.4)
3.8
0.8
4.7
6.9
Certain deferred tax assets and liabilities have been offset. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
2025 2025 2024 2024
Group Group \u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions
Deferred tax assets
7.0
11.1
Deferred tax liabilities
(0.1)
(0.3)
6.9
10.8
The deferred tax included in the balance sheet is as follows:
2025
2024 2024
Net DTA Net DTA
Gross DTA
Gross DTL Gross DTL Net DTA Net DTA Gross DTA Gross DTA Gross DTL Gross DTL
(debtors)
(debtors)
(creditors) (creditors) (debtors) (debtors) (debtors) (debtors) (creditors) (creditors)
\u00a3 millions
\u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions
Included in debtors
6.9
7.0
(0.1)
10.8
11.1
(0.3)
Accelerated depreciation
(0.1)
(0.1)
-
(1.1)
(1.1)
-
Tax losses
(3.0)
(3.0)
-
-
-
-
Share based payments
(0.5)
(0.5)
-
0.1
0.1
-
Accruals and provisions
(0.3)
1.1
(1.4)
0.2
0.3
(0.1)
Provision for deferred tax
(3.9)
(2.5)
(1.4)
(0.8)
(0.7)
(0.1)
As at 1 January
10.8
11.1
(0.3)
11.6
11.8
(0.2)
Deferred tax charge in consolidated
(3.3)
(3.5)
0.2
(0.2)
(0.1)
(0.1)
income statement
Deferred tax charge in equity
(0.5)
(0.5)
-
(0.1)
(0.1)
-
Foreign currency translation differences
(0.1)
(0.1)
-
(0.5)
(0.5)
-
As at 31 December
6.9
7.0
(0.1)
10.8
11.1
(0.3)
At 31 December 2025, no deferred tax liability is recognised on temporary differences of \u00a322.6m (2024: \u00a330.8m) relating to the unremitted earnings of overseas subsidiaries as the Group is able to control the timing and reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future. Where a reversal is foreseeable, deferred tax liabilities are provided for using the relevant tax rate applicable on distributed profits. Deferred tax assets of \u00a33.8m (2024: \u00a36.8m) have been recognised in respect of carried forward losses and latest forecasts show that these are expected to be recovered against future profit streams. The Group has total unrecognised deferred tax assets relating to tax losses of \u00a342.9m (2024: \u00a320.9m) of which \u00a340.9m (2024: \u00a320.0m) have no time restriction over when they can be utilised, and the remaining \u00a32.0m (2024: \u00a30.9m) are time restricted, for which the weighted average period over which they can be utilised is seven years.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-353": { "value": "
16. Provisions
Total
\u00a3 millions
At 1 January 2024
2.8
Additional provisions charged to income statement
1.5
Provision released
(0.5)
Utilisation of provisions
(0.1)
Foreign exchange movements
(0.1)
At 31 December 2024
3.6
Additional provisions charged to income statement
2.4
Provision released
(0.8)
Utilisation of provisions
(0.4)
Foreign exchange movements
-
At 31 December 2025
4.8
Analysis of total provision:
Current
2.8
Non-current
2.0
4.8
The provisions comprise of dilapidation provisions.
The payment of non-current provision (\u00a32.0m) (2024: \u00a32.0m) is expected to occur between two and five years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-380": { "value": "16. Provisions
Total
\u00a3 millions
At 1 January 2024
2.8
Additional provisions charged to income statement
1.5
Provision released
(0.5)
Utilisation of provisions
(0.1)
Foreign exchange movements
(0.1)
At 31 December 2024
3.6
Additional provisions charged to income statement
2.4
Provision released
(0.8)
Utilisation of provisions
(0.4)
Foreign exchange movements
-
At 31 December 2025
4.8
Analysis of total provision:
Current
2.8
Non-current
2.0
4.8
The provisions comprise of dilapidation provisions. The payment of non-current provision (\u00a32.0m) (2024: \u00a32.0m) is expected to occur between two and five years.
24. Contingent liabilities
Each member of the Robert Walters plc Group is party to joint and several guarantees in respect of banking facilities
granted to Robert Walters plc.
The Group has no other contingent liabilities as at 31 December 2025 (2024: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-354": { "value": "17. Financial risk management The Group\u2019s financial instruments comprise cash and liquid resources and various items, such as trade receivables, trade payables, etc. that arise directly from its operations. The main purpose of these financial instruments is to finance the Group\u2019s operations. The Group has not entered into derivative transactions and no gains or losses on hedges have been incurred. The main risks arising from the Group\u2019s financial instruments are foreign currency risk, liquidity risk and interest rate risk. (i) Financial assets Surplus cash balances are invested in financial institutions with favourable credit ratings that offer competitive rates of return, while still providing the Group with flexibility in its cash management.
2025 2024
Cash \u00a3 millions \u00a3 millions
Euros
12.5
21.2
Japanese Yen
6.5
8.5
Australian Dollars
4.1
3.6
Hong Kong Dollars
3.8
6.9
New Zealand Dollars
3.4
4.5
Chinese Renminbi
3.0
3.1
US Dollars
2.4
1.4
Singapore Dollars
1.7
3.1
South Korean Won
1.6
2.5
Taiwan Dollar
1.4
2.0
Malaysian Ringgit
1.3
1.8
Chilean Peso
1.3
1.3
Swiss Franc
1.2
0.7
Great British Pounds Sterling
0.7
1.5
Other
4.2
6.0
49.1
68.1
All financial assets, as detailed above, are at floating rate. There is no material difference between the fair value and the carrying value of the financial assets. (ii) Currency exposures The main currencies of the Group are Pounds Sterling, the Euro, Australian Dollar and Yen. The Group does not have material transactional exposures because in the local entities, revenues and costs are in their functional currencies. There are no material net foreign exchange exposures to monetary assets and monetary liabilities. The Group has translation exposure in accounting for overseas operations and its policy is not to hedge against this exposure. (iii) Liquidity risk The Group\u2019s overall objective is to ensure that at all times it is able to meet its financial commitments as and when they fall due. Surplus funds are invested on short-term deposit. Short-term flexibility is achieved by overdraft facilities, if appropriate. The capital structure of the Group consists of net cash of \u00a326.2m and equity of the Group, comprising issued share capital, reserves and retained earnings as disclosed in notes 18 to 20. (iv) Interest rate risk The Group manages its cash funds through its London head office and does not actively manage its exposure to interest rate fluctuations. Surplus funds in the UK earn interest at a rate linked to the Bank of England base rate. Surplus funds in other countries earn interest based on a number of different indices, varying from country to country. (v) Credit risk The Group\u2019s principal financial assets are bank balances and cash, trade and other receivables and investments. The Group\u2019s credit risk is primarily in respect of trade receivables. Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has adopted a policy of only dealing with counterparties that are deemed creditworthy and obtaining sufficient collateral where appropriate, as a means of mitigating the risk of financial loss from defaults. The Group transacts with entities that are considered to have adequate credit ratings. This information is supplied by independent rating agencies where available and if not available the Group uses other publicly available financial information and its own trading records to rate its major customers. The Group\u2019s exposure and the credit ratings of its counterparties are regularly monitored. Credit exposure is controlled by counterparty limits that are reviewed and approved by management. Trade receivables consist of a large number of customers, spread across industry sectors and geographical locations. In a number of territories in which the Group operates, particularly in the contract and interim businesses, invoices are contractually payable on demand. Ongoing credit evaluation is performed on the financial condition of accounts receivable and, if considered appropriate, credit guarantee insurance cover is purchased. The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables and contract assets. To measure expected credit losses on a collective basis, trade receivables and contract assets are grouped based on similar credit risk and ageing. The contract assets have similar risk characteristics to the trade receivables for similar types of contracts. The expected credit losses are estimated using a provision matrix and applying a probability of default. Probability of default is an estimate of the likelihood of default over a given time horizon, the calculation of which includes historical data, assumptions and expectations of future conditions and the impact of uncertainty in the macro-economic environment. The expected loss rates are based on the Group\u2019s historical credit losses experienced over the three-year period prior to the period end. When measuring expected credit losses the Group uses reasonable and supportable forward-looking information, adjusting for factors that are specific to the debtors and general economic conditions of the industry in which the debtors operate.
31 - 60 days 61 - 90 days More than 91
Current past due past due
days past due
Total
31 December 2025
Expected loss rate
0.3%
1.5%
1.1%
51.2%
3.8%
Trade receivables (\u00a3\u2019millions)
28.6
32.7
8.9
4.1
74.3
Bad debt provision (\u00a3\u2019millions)
0.1
0.5
0.1
2.1
2.8
31 - 60 days 61 - 90 days More than 91
Current past due past due
days past due
Total
31 December 2024
Expected loss rate
0.3%
1.7%
1.3%
42.2%
2.9%
Trade receivables (\u00a3\u2019millions)
36.1
42.0
16.0
4.5 98.6
Bad debt provision (\u00a3\u2019millions)
0.1
0.7
0.2
1.9
2.9
(vi) Financial liabilities The Group financed its operations during the year through a mixture of retained earnings, a four-year committed Pounds Sterling sales financing facility, expiring in March 2027, and an overdraft facility, expiring in May 2026, which has subsequently been renewed, as disclosed within note 14. The average effective interest rate for 2025 on the sales financing facility approximates to 5.70% and is determined upon the lenders\u2019 published rate plus 1.45%. As the rates are floating, the Group is exposed to cash flow risk. Further details in respect of these loans are disclosed in note 14 to the accounts. Trade and other payables are settled within normal terms of business and are payable in less than 120 days. The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored within the Group\u2019s treasury function.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-381": { "value": "
(i) Financial assets
Surplus cash balances are invested in financial institutions with favourable credit ratings that offer competitive rates of
return, while still providing the Group with flexibility in its cash management.
2025 2024
Cash \u00a3 millions \u00a3 millions
Euros
12.5
21.2
Japanese Yen
6.5
8.5
Australian Dollars
4.1
3.6
Hong Kong Dollars
3.8
6.9
New Zealand Dollars
3.4
4.5
Chinese Renminbi
3.0
3.1
US Dollars
2.4
1.4
Singapore Dollars
1.7
3.1
South Korean Won
1.6
2.5
Taiwan Dollar
1.4
2.0
Malaysian Ringgit
1.3
1.8
Chilean Peso
1.3
1.3
Swiss Franc
1.2
0.7
Great British Pounds Sterling
0.7
1.5
Other
4.2
6.0
49.1
68.1
All financial assets, as detailed above, are at floating rate. There is no material difference between the fair value and
the carrying value of the financial assets.
(ii) Currency exposures
The main currencies of the Group are Pounds Sterling, the Euro, Australian Dollar and Yen. The Group does not have
material transactional exposures because in the local entities, revenues and costs are in their functional currencies.
There are no material net foreign exchange exposures to monetary assets and monetary liabilities.
The Group has translation exposure in accounting for overseas operations and its policy is not to hedge against this exposure.
(iv) Interest rate risk
The Group manages its cash funds through its London head office and does not actively manage its exposure to
interest rate fluctuations.
Surplus funds in the UK earn interest at a rate linked to the Bank of England base rate.
Surplus funds in other countries earn interest based on a number of different indices, varying from country to country.
(vi) Financial liabilities
The Group financed its operations during the year through a mixture of retained earnings, a four-year committed
Pounds Sterling sales financing facility, expiring in March 2027, and an overdraft facility, expiring in May 2026, which has
subsequently been renewed, as disclosed within note 14. The average effective interest rate for 2025 on the sales financing
facility approximates to 5.70% and is determined upon the lenders\u2019 published rate plus 1.45%. As the rates are floating, the
Group is exposed to cash flow risk. Further details in respect of these loans are disclosed in note 14 to the accounts.
Trade and other payables are settled within normal terms of business and are payable in less than 120 days.
The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored within the
Group\u2019s treasury function.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-403": { "value": "(i) Financial assets Surplus cash balances are invested in financial institutions with favourable credit ratings that offer competitive rates of return, while still providing the Group with flexibility in its cash management.
2025 2024
Cash \u00a3 millions \u00a3 millions
Euros
12.5
21.2
Japanese Yen
6.5
8.5
Australian Dollars
4.1
3.6
Hong Kong Dollars
3.8
6.9
New Zealand Dollars
3.4
4.5
Chinese Renminbi
3.0
3.1
US Dollars
2.4
1.4
Singapore Dollars
1.7
3.1
South Korean Won
1.6
2.5
Taiwan Dollar
1.4
2.0
Malaysian Ringgit
1.3
1.8
Chilean Peso
1.3
1.3
Swiss Franc
1.2
0.7
Great British Pounds Sterling
0.7
1.5
Other
4.2
6.0
49.1
68.1
All financial assets, as detailed above, are at floating rate. There is no material difference between the fair value and the carrying value of the financial assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-382": { "value": "
(iii) Liquidity risk
The Group\u2019s overall objective is to ensure that at all times it is able to meet its financial commitments as and when
they fall due.
Surplus funds are invested on short-term deposit. Short-term flexibility is achieved by overdraft facilities, if appropriate.
The capital structure of the Group consists of net cash of \u00a326.2m and equity of the Group, comprising issued share
capital, reserves and retained earnings as disclosed in notes 18 to 20.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-383": { "value": "
(v) Credit risk
The Group\u2019s principal financial assets are bank balances and cash, trade and other receivables and investments.
The Group\u2019s credit risk is primarily in respect of trade receivables.
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group.
The Group has adopted a policy of only dealing with counterparties that are deemed creditworthy and obtaining
sufficient collateral where appropriate, as a means of mitigating the risk of financial loss from defaults. The Group
transacts with entities that are considered to have adequate credit ratings. This information is supplied by independent
rating agencies where available and if not available the Group uses other publicly available financial information and its
own trading records to rate its major customers.
The Group\u2019s exposure and the credit ratings of its counterparties are regularly monitored. Credit exposure is controlled
by counterparty limits that are reviewed and approved by management.
Trade receivables consist of a large number of customers, spread across industry sectors and geographical locations.
In a number of territories in which the Group operates, particularly in the contract and interim businesses, invoices
are contractually payable on demand. Ongoing credit evaluation is performed on the financial condition of accounts
receivable and, if considered appropriate, credit guarantee insurance cover is purchased.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit
loss provision for trade receivables and contract assets. To measure expected credit losses on a collective basis, trade
receivables and contract assets are grouped based on similar credit risk and ageing. The contract assets have similar
risk characteristics to the trade receivables for similar types of contracts.
The expected credit losses are estimated using a provision matrix and applying a probability of default. Probability of
default is an estimate of the likelihood of default over a given time horizon, the calculation of which includes historical data,
assumptions and expectations of future conditions and the impact of uncertainty in the macro-economic environment.
The expected loss rates are based on the Group\u2019s historical credit losses experienced over the three-year period prior
to the period end.
When measuring expected credit losses the Group uses reasonable and supportable forward-looking information, adjusting
for factors that are specific to the debtors and general economic conditions of the industry in which the debtors operate.
31 - 60 days 61 - 90 days More than 91
Current past due past due
days past due
Total
31 December 2025
Expected loss rate
0.3%
1.5%
1.1%
51.2%
3.8%
Trade receivables (\u00a3\u2019millions)
28.6
32.7
8.9
4.1
74.3
Bad debt provision (\u00a3\u2019millions)
0.1
0.5
0.1
2.1
2.8
31 - 60 days 61 - 90 days More than 91
Current past due past due
days past due
Total
31 December 2024
Expected loss rate
0.3%
1.7%
1.3%
42.2%
2.9%
Trade receivables (\u00a3\u2019millions)
36.1
42.0
16.0
4.5 98.6
Bad debt provision (\u00a3\u2019millions)
0.1
0.7
0.2
1.9
2.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-404": { "value": "(v) Credit risk The Group\u2019s principal financial assets are bank balances and cash, trade and other receivables and investments. The Group\u2019s credit risk is primarily in respect of trade receivables. Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has adopted a policy of only dealing with counterparties that are deemed creditworthy and obtaining sufficient collateral where appropriate, as a means of mitigating the risk of financial loss from defaults. The Group transacts with entities that are considered to have adequate credit ratings. This information is supplied by independent rating agencies where available and if not available the Group uses other publicly available financial information and its own trading records to rate its major customers. The Group\u2019s exposure and the credit ratings of its counterparties are regularly monitored. Credit exposure is controlled by counterparty limits that are reviewed and approved by management. Trade receivables consist of a large number of customers, spread across industry sectors and geographical locations. In a number of territories in which the Group operates, particularly in the contract and interim businesses, invoices are contractually payable on demand. Ongoing credit evaluation is performed on the financial condition of accounts receivable and, if considered appropriate, credit guarantee insurance cover is purchased. The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables and contract assets. To measure expected credit losses on a collective basis, trade receivables and contract assets are grouped based on similar credit risk and ageing. The contract assets have similar risk characteristics to the trade receivables for similar types of contracts. The expected credit losses are estimated using a provision matrix and applying a probability of default. Probability of default is an estimate of the likelihood of default over a given time horizon, the calculation of which includes historical data, assumptions and expectations of future conditions and the impact of uncertainty in the macro-economic environment. The expected loss rates are based on the Group\u2019s historical credit losses experienced over the three-year period prior to the period end. When measuring expected credit losses the Group uses reasonable and supportable forward-looking information, adjusting for factors that are specific to the debtors and general economic conditions of the industry in which the debtors operate.
31 - 60 days 61 - 90 days More than 91
Current past due past due
days past due
Total
31 December 2025
Expected loss rate
0.3%
1.5%
1.1%
51.2%
3.8%
Trade receivables (\u00a3\u2019millions)
28.6
32.7
8.9
4.1
74.3
Bad debt provision (\u00a3\u2019millions)
0.1
0.5
0.1
2.1
2.8
31 - 60 days 61 - 90 days More than 91
Current past due past due
days past due
Total
31 December 2024
Expected loss rate
0.3%
1.7%
1.3%
42.2%
2.9%
Trade receivables (\u00a3\u2019millions)
36.1
42.0
16.0
4.5 98.6
Bad debt provision (\u00a3\u2019millions)
0.1
0.7
0.2
1.9
2.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-355": { "value": "
18. Share capital
2025 2024 2025 2024
Number Number \u00a3 millions \u00a3 millions
Authorised
Ordinary shares of 20p each
Allotted, called-up and fully paid
200,000,000
200,000,000
40.0
40.0
Ordinary shares of 20p each
76,431,699
76,431,699
15.3
15.3
There was no movement in the called-up share capital of the Company during the year.
Share capital includes shares held in treasury and in the employee benefit trust (EBT), as disclosed in note 20.
The Company has one class of ordinary shares which carry no right to fixed income.
20. Reserves The other reserves of the Group include a merger reserve of \u00a383,379,000 (2024: \u00a383,379,000), offset by a capital reserve of \u00a39,301,000 (2024: \u00a39,301,000), capital redemption reserve of \u00a33,123,000 (2024: \u00a33,123,000) and a capital contribution reserve of \u00a344,000 (2024: \u00a344,000). The own shares are held by an Employee Benefit Trust (EBT) to satisfy the potential share obligations of the Group. The Company also has an obligation to make regular contributions to the EBT to enable it to meet its financing costs. Rights to dividends on shares held by the EBT have been waived by the trustees. Charges of \u00a326,000 (2024: \u00a328,000) have been reflected in the Consolidated Income Statement in respect of the EBT. The number and market value of own shares held at 31 December 2025 was 6,578,559 (2024: 6,582,767) and \u00a38.9m (2024: \u00a320.7m). The number and market value of treasury shares held at 31 December 2025 was 4,074,000 (2024: 4,074,000) and \u00a35.5m (2024: \u00a312.8m).", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-384": { "value": "18. Share capital
2025 2024 2025 2024
Number Number \u00a3 millions \u00a3 millions
Authorised
Ordinary shares of 20p each
Allotted, called-up and fully paid
200,000,000
200,000,000
40.0
40.0
Ordinary shares of 20p each
76,431,699
76,431,699
15.3
15.3
There was no movement in the called-up share capital of the Company during the year. Share capital includes shares held in treasury and in the employee benefit trust (EBT), as disclosed in note 20. The Company has one class of ordinary shares which carry no right to fixed income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-356": { "value": "19. Share options Equity-settled share option plan As at 31 December 2025 the following options had been granted and remained outstanding in respect of the Company\u2019s ordinary shares of 20p each under the Company\u2019s Executive Share Option Scheme and SAYE Option Scheme:
Exercisable
Share Price
options granted
granted
(p)
From
To
Executive Options
50,000
299
March 2019
March 2026
Executive Options
112,000
400
March 2020
March 2027
Executive Options
14,500
501
March 2026
March 2033
SAYE
112,701
291
November 2026
May 2027
SAYE
59,134
284
September 2027
March 2028
SAYE
925,115
127
November 2028
May 2029
1,273,450
The movements within the balance of share options are indicated below, as well as a calculation of the respective weighted averages for each category of movement and the opening and closing balances.
2025
2024
Weighted Weighted
average average
exercise exercise
Options
price (\u00a3)
Options
price (\u00a3)
At 1 January
937, 274
3.34
1,292,120
3.54
Granted during the year
973,879
1.27
212,889
2.84
Forfeited during the year
(600,453)
3.02
(400,013)
3.45
Lapsed during the year
(37,250)
5.77
(80,250)
4.69
Exercised during the year
-
n/a
(87,472)
3.29
At 31 December
1,273,450
1.84
937,274
3.34
The fair value of share options granted during the year was nil (2024: nil). The weighted average share price at the date of exercise for share options exercised during the period was nil (2024: \u00a33.29). The options outstanding at 31 December 2025 had a weighted average remaining contractual life of three years (2024: two years) and a weighted value of \u00a31.84 (2024: \u00a33.34). There were 162,000 (2024: 204,000) options already exercisable at the end of the year, with a weighted exercise price of \u00a33.69 (2024: \u00a33.63). The inputs into the stochastic model are as follows:
SAYE options
Executive Options
2025
2024
2023
2025
2024
2023
2022
Weighted average share price
\u00a31.27
\u00a32.84
\u00a32.91
n/a
n/a
\u00a35.60
\u00a35.77
Weighted average exercise price
\u00a31.27
\u00a32.84
\u00a32.91
n/a
n/a
\u00a35.01
\u00a35.77
Expected volatility
36.5%
34.1%
34.5%
n/a
n/a
34.5%
34.5%
Expected life
3.32
3.25
3.25
n/a
n/a
6
6
Risk free rate
4.0%
4.0%
3.5%
n/a
n/a
3.5%
1.3%
Expected dividend yield
0.0%
7.1%
4.2%
n/a
n/a
4.2%
3.5%
Expected volatility has been calculated over the period of time commensurate with the expected award term immediately prior to the date of grant. The expected life used in the model has been adjusted, based upon management\u2019s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations. Exercise of the Executive Share Options is subject to the achievement of a percentage increase in earnings per share which exceeds the percentage increase in inflation by at least an average 8% per annum, over a period of three financial years of the Group. On satisfaction of these performance targets, 33.33% of the options vest. Vesting then increases progressively with the Executive Share Options fully vesting where earnings per share growth matches the UK retail price index plus an average of 14% per annum. The SAYE Option Scheme enables UK permanent employees to use the proceeds of a related SAYE contract to acquire options over ordinary shares of the Company at a discount of up to 20% of their market price. Options granted under the scheme can normally be exercised during a period of six months starting on the third anniversary of the start of the relevant SAYE contract. Exercise of an option is subject to continued employment. Equity-settled Performance Share Plan (PSP) As at 31 December 2025 the following share awards had been granted and remained outstanding in respect of the Company\u2019s ordinary shares of 20p each under the Company\u2019s Executive PSP Scheme: The movements within the balances of share awards and co-investment awards are indicated below.
2025
2024
Share Co-investment Share Co-investment
awards
awards
Total
awards
awards
Total
At 1 January
3,277,495
729,037
4,006,532
3,020,226
708,638
3,728,864
Granted during the year
2,989,633
-
2,989,633
1,618,819
261,666
1,880,485
Vested and exercised
-
-
-
-
-
-
during the year
Lapsed during the year
(736,662)
(238,007)
(974,669)
(1,075,654)
(150,552)
(1,226,206)
Forfeited during the year
(306,148)
(66,424)
(372,572)
(285,896)
(90,715)
(376,611)
At 31 December
5,224,318
424,606
5,648,924
3,277,495
729,037
4,006,532
The fair value of share awards and co-investment awards granted during the year was \u00a35,013,000 (2024: \u00a36,327,000). The awards outstanding at 31 December 2025 had a weighted average remaining contractual life of 19 months (2024: 17 months). No awards expired during the year (2024: none). The inputs into the stochastic model are as follows:
2025
2024
2023
2022
Weighted average share price
\u00a32.20
\u00a34.07
\u00a35.24
\u00a36.65
Weighted average exercise price
nil
nil
nil
nil
Expected volatility
33.0%
34.7%
34.5%
36.6%
Expected life
3
3
3
3
Risk free rate
4.0%
4.1%
3.6%
1.4%
Expected dividend yield
nil
nil
4.6%
3.5%
Expected volatility has been calculated over the period of time commensurate with the remainder of the performance period immediately prior to the date of grant. The expected life used in the model has been adjusted, based upon management\u2019s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations. Under the terms of the PSP, the number of shares receivable by Executive Directors for a nominal value is dependent upon achieving a number of criteria as set out in the Remuneration Committee section on page 111 over the three- year period from the initial date of grant. As such it is not possible to determine the interests of the individual Directors prior to the completion of the vesting period. The Group recognised an expense of \u00a32.2m (2024: \u00a31.7m) during the year in respect of equity-settled share-based payment transactions and \u00a3nil (2024: \u00a3nil) in respect of cash-settled share-based payment transactions.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-385": { "value": "
20. Reserves
The other reserves of the Group include a merger reserve of \u00a383,379,000 (2024: \u00a383,379,000), offset by a capital
reserve of \u00a39,301,000 (2024: \u00a39,301,000), capital redemption reserve of \u00a33,123,000 (2024: \u00a33,123,000) and a capital
contribution reserve of \u00a344,000 (2024: \u00a344,000).
The own shares are held by an Employee Benefit Trust (EBT) to satisfy the potential share obligations of the Group.
The Company also has an obligation to make regular contributions to the EBT to enable it to meet its financing costs.
Rights to dividends on shares held by the EBT have been waived by the trustees. Charges of \u00a326,000 (2024: \u00a328,000)
have been reflected in the Consolidated Income Statement in respect of the EBT.
The number and market value of own shares held at 31 December 2025 was 6,578,559 (2024: 6,582,767) and \u00a38.9m
(2024: \u00a320.7m). The number and market value of treasury shares held at 31 December 2025 was 4,074,000 (2024:
4,074,000) and \u00a35.5m (2024: \u00a312.8m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-357": { "value": "21. Subsequent events During the year the Group had a \u00a360.0m invoice discount facility in the UK, which enabled the UK business to discount a proportion of the amounts due from its clients. As at 31 December 2025, \u00a311.7m (31 December 2024: \u00a315.6m) was drawn down under this facility, being the maximum amount possible at that time. Subsequent to the year end, the Group extended the facility to March 2029 and reduced it to \u00a335.0m, with all other terms broadly unchanged. Further details are disclosed within note 14.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-358": { "value": "
22. Reconciliation of net cash and debt position
Bank Cash and cash
borrowings equivalents Leases Total
\u00a3 millions \u00a3 millions \u00a3 millions \u00a3 millions
Net cash (debt) as at 1 January 2024
(15.8)
95.7
(79.2)
0.7
Cash flows
1.4
(23.5)
18.0
(4.1)
Non cash flows:
New leases
-
-
(4.8)
(4.8)
Interest
(1.2)
-
(3.6)
(4.8)
Foreign exchange adjustments
-
(4.1)
2.7
(1.4)
Other changes
1
-
-
(5.5)
(5.5)
Net cash (debt) as at 1 January 2025
(15.6)
68.1
(72.4)
(19.9)
Cash flows (5.4)
(18.5)
17.6
(6.3)
Non cash flows:
New leases -
-
(4.4)
(4.4)
Interest (1.9)
-
(3.3)
(5.2)
Foreign exchange adjustments -
(0.5)
0.4
(0.1)
Other changes
1
-
-
(5.9)
(5.9)
Net cash (debt) as at 31 December 2025 (22.9)
49.1
(68.0)
(41.8)
1. The other changes for leases totalling \u00a35.9m in 2025 (2024: \u00a35.5m), relate to lease modifications, further details can be found in note 10.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-386": { "value": "
23. Related party transactions
Transactions between Robert Walters plc and its subsidiaries, which are related parties, have been eliminated on
consolidation and are not disclosed in this note. The remuneration of key management personnel who are deemed to be
Directors has been disclosed in the Report of the Remuneration Committee on pages 106 and below.
2025 2024
Total Total
\u00a3\u2019000s \u00a3\u2019000s
Short-term employee benefits
40.0
40.0
Post-employment benefits
-
-
Other long-term benefits
50.0
50.0
Termination benefits
-
-
Share-based payment
-
-
Total
90.0
90.0
During the year, there were no related party transactions included within administrative expenses (2024: nil).
There were no outstanding balances at the 31 December 2025 (2024: nil).
All transactions were undertaken on an arms-length basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-359": { "value": "23. Related party transactions Transactions between Robert Walters plc and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. The remuneration of key management personnel who are deemed to be Directors has been disclosed in the Report of the Remuneration Committee on pages 106 and below.
2025 2024
Total Total
\u00a3\u2019000s \u00a3\u2019000s
Short-term employee benefits
40.0
40.0
Post-employment benefits
-
-
Other long-term benefits
50.0
50.0
Termination benefits
-
-
Share-based payment
-
-
Total
90.0
90.0
During the year, there were no related party transactions included within administrative expenses (2024: nil). There were no outstanding balances at the 31 December 2025 (2024: nil). All transactions were undertaken on an arms-length basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-315": { "value": "Robert Walters plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-360": { "value": "24. Contingent liabilities Each member of the Robert Walters plc Group is party to joint and several guarantees in respect of banking facilities granted to Robert Walters plc. The Group has no other contingent liabilities as at 31 December 2025 (2024: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-405": { "value": "24. Contingent liabilities Each member of the Robert Walters plc Group is party to joint and several guarantees in respect of banking facilities granted to Robert Walters plc. The Group has no other contingent liabilities as at 31 December 2025 (2024: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-316": { "value": "11 Slingsby Place St Martin\u2019s Courtyard London WC2E 9AB ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "11 Slingsby Place St Martin\u2019s Courtyard London WC2E 9AB", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800LIE15BDEN3VW43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }